1
Investor Presentation, 2018
Aklease
SabanciHolding, affiliated
institutions and individuals;
48.9%Free Float; 51.1%
Shareholder Structure
• Aklease was established as BNP-AK-Dresdner Leasing in November
1988, a joint venture between Akbank, Dresdner and BNP
• Akbank acquired the entirety of Aklease in 2005 and subsequently
renamed it Aklease
• Aklease is 99.985% owned by Akbank, with the remainder (0.015%)
owned by Sabanci Group affiliates
• Akbank elects all of Aklease’s directors
• One of the two largest multi-business enterprises in Turkey with total
assets of US$ 74 bn
• 8% of BIST capitalization with 12 public companies and the Holding
itself
• Controlled by Sabancı family who owns the 57.2% of shares
• Mainly operates in financial services, energy, retail, cement, industrial
businesses; market leader in cement and energy distribution.
• Joint-ventures with most established companies in the world including;
Ageas, Aviva, Bridgestone, Carrefour, E.ON, Heidelberg Cement,
Marubeni and Philip Morris
• Akbank is the flagship of the Sabancı Group with the highest share in
revenues and profitability of the Group
Sabanci Holding
& affiliates, 0.015%
Akbank, 99.985%
(1) As of February, 2019
Sabanci Group(1)History and Shareholding Structure(1)
2
Aklease at a Glance
• Established in 1988
• Aklease provides financial leases to
a diverse range of sectors:
transportation, production, textile,
steel and mining, energy and
natural resources
• Diversified assets: aircraft /
rotorcraft, manufacturing machinery
and equipment, commercial real
estate, wind turbines, solar power
plants, construction machinery
• Significanty increased its market
share in the Turkish leasing sector
since 2005 from 4.4% to 9.8% in
2018
• 99.9% owned by Akbank
(3) In accordance with IFRS
(4) Includes Debt Securities Issued
Key Financials(3) Profile(1)
#2Market player in Turkey by
net lease receivables(2)
(1) Source: Association of Financial Institutions
(2) As of 31 December 2018.
3
Income Statement
mn TL 2016 2017 2018
Impairment loss on finance lease
receivables -45 -137 -219
Operating Expenses -25 -34 -49
Net Income 104 63 -55
Balance Sheet
mn TL 2016 2017 2018
Net Finance Lease Receivables 5.007 5.813 5.917
Total Assets 5.389 6.610 6.657
Borrowings (4) 4.324 5.332 5.512
Total Equity 804 867 727
Key Performance Indicators
(%) 2016 2017 2018
Cost to Income 13,1 15,0 33,2
NPL 3,0 4,8 9,4
Cost to Assets 0,5 0,6 0,7
Cost of Credit 0,8 2,1 2,7
Equity to Gross Debt 18,6 16,3 13,2
Equity to Net Debt 19,9 18,3 14,2
RoA 2,1 1,0 -0,8
RoE 13,8 7,5 -6,8
Aklease Board of Directors
Management Team
CEO
Board of Directors
Legal
Counsel
Internal Control & Compliance
HR &
Administrative
Affairs
SVP, OperationsSVP, Financial
Coordination &
Support
Services
SVP, Credit
Monitoring &
Asset
Management
EVP, Sales and
Marketing
Yunus Emre Özben
Deputy Chairman
Eyüp Engin
Board Member
Mehmet Hakan Tugal
Chairman
Türker Tunalı
Board Member
Çetin Düz
Board Member and CEO,
Aklease
Mr.Tugal was appointed to
Aklease’s Board of Directors on
18 September 2017
He worked in Akbank as
Corporate Branch Manager and
Senior Vice President of
Commercial Banking since 2005
and was appointed as Executive
VP of Commercial Banking in
2017
Previously, he worked in various
roles at a private sector bank
Mr. Engin was appointed to
Aklease’s Board of Directors on 25
March 2010.
He joined Akbank in 1978 as an
Assistant Internal Auditor and was
appointed Head of Internal Audit in
July 2007
Mr Tunalı was appointed to
Aklease’s Board of Directors on 17
October 2017.
He joined Akbank iSeptember
2008 as Senior VP for Financial
Coordination and International
Reporting, and was later promoted
to Executive VP in charge of
Financial Coordination in October
2017. He was then appointed as
Executive VP (CFO) in charge of
Financial Coordination
Previously, he worked in various
roles since 1999
EVP, Credits SVP, Finance
Şebnem Muratoğlu
Board Member
Mrs. Muratoğlu was appointed to
Aklease’s Board of Directors on
29 March 2018
She joined Akbank as MT in
1995 and started working in the
Treasury. She moved to Risk
Management in 2002, became
Senior Vice President of Risk
Management in 2006 and was
appointed as Chief Risk Officer in
March 2017.
Organisational and Management Structure
4
Ege Gültekin
Board Member
Mr.Özben was appointed to
Aklease’s Board of Directors on
16 August 2018
After working at various
companies since 1996 joined
Akbank in October 2005 as
Assistant Manager in Project
Finance Division and promoted as
Senior Vice President in charge
of Investment Banking in March
2011. He was appointed as
Executive Vice President in
charge of Credit Allocation in
August 2018.
Mr. Düz was appointed as
General Manager of Aklease in
January 2019. Çetin Düz was
Executive Vice President of
Aklease since July 2015 as
responsible for Credits.
Prior to joining Aklease, Çetin
Düz was Deputy Head of Internal
Audit at Akbank for eleven years.
Çetin Düz has a BA degree in
Political Science and International
Relations from Boğaziçi
University, and an Executive MBA
degree from Sabancı University.
MMrs. Gültekin was appointed to
Aklease Board of Directors on 26
November 2018
She joined Akbank in February
2015 as EVP in charge of Credit
Monitoring and Follow Up of
Consumer, Corporate, Commercial
and SME Loans. Before joining
Akbank, Ege Gültekin held various
senior management positions at
different banks and asset
management companies
Key Strengths Will Help Realize Sustainable Growth
Strong Position in
Growing Market
with Low
Penetration
Fully owned by
Akbank – Most
Valuable Turkish
Banking Brand(1)
Resilient Business
Model with
Diversified Asset
Portfolio
Rating
by Fitch same
with the Parent
Bank
Prudent Risk
Management
Diversified
Funding Base
Strong
Profitability
Budget and ProjectionsKey Strenghts
5
%
Increase
Asset Size 6.657 6.898 4
Net Lease Receivables 5.917 6.110 3
Borrowings 5.512 5.183 -6
Shareholders Equity 727 931 28
Operating Expenses 49 32 -35
Gross Profit 72 101 40
Net Profit -55 79 -245
Key Performance Indicators
%
Change
RoE -6,8 9,2 16,1
NIM 2,3 3,4 1,1
CIR 33,2 12,9 -20,3
NPL 9,4 9,7 0,3
CoC 2,7 2,2 -0,6
#
Change
Employees 63 63 0
2018
2018
2019 Targetmn TL
(%) 2018 2019 Target
2019 Target#
Well Positioned in a Growing Market
Second Largest Player with circa 9.8% Market Share
Market Share based on Net Lease Receivables(%)
Financial Leasing Companies are mainly Bank Subsidiaries
Bank Subsidiaries;
94,5%
Other; 5,5%
Market Share by Net Lease Receivables (2018)
• There are 24 financial leasing companies
• Top ten companies are all bank subsidiaries.
• Non-bank financial institutions (leasing, factoring and finance
houses) constitute avg. 5% of the financial industry and leasing is the
biggest in terms of asset size within non-bank institutions.
• Albeit the leasing’s share is relatively small in financial industry,
companies strategies may differ from the parent bank in terms of
customer segment. Therefore leasing is perceived as a niche
business. For example, Aklease’s priority is focusing on corporate
and commercial segment, in peer group, some companies
appreciate small and micro sized customers and vendor channel as
a distribution network.
6
19,8
%
19,9
%
17,8
%
20,7
%
12,3
%
11,0
%
7,8% 8,
5%
10,9
%
11,3
%
9,5% 9,8%
8,9%
8,9%
7,6% 8,
8%
6,4%
6,3% 7,
1%
9,0%
2015 2016 2017 2018
Peer 1 Peer 2 Aklease Peer 3 Peer 4
Consumer and Private Banking
SME Banking
Commercial Banking
Corporate and Investment Banking
Treasury and International Banking
Synergies From Relationship with Akbank
Commitment to Aklease (*)
• TL 50 million in cash, capital
injection on 17 December 2013
• TL 50 million in cash, capital
injection on 21 March 2014
• TL 60 million in cash, capital
injection on 10 April 2015
(*) Subsequent event: TL 125 million
in cash capital injection on 22 March
2019
Extensive Branch Network
(1) Brand Finance- Banking 500, 2017 report
Başkent,
Ankara
Antalya
İzmir
Gaziante
p
Bursa
Kartal Başkent,
Ankara
Antalya
Bursa
Kartal
Gaziante
p
İzmir
Antalya
• Established in 1948
• Most valuable Turkish banking brand(1)
• Rated B2(Moody’s), B+ (Fitch)
~8%Market share by loans
~17.4 millionCustomers
• Aklease benefits from Akbank’s
around 780 domestic branches and
22 regional offices across Turkey as
representation channels
• Approx. 99% of Aklease’s net
financial lease receivables are from
Akbank customers
7
780+Branches
Aklease Strategy
Continue
Exploiting
Synergies with
Akbank and the
Sabancı Group
Take Advantage
of Growing
Lease Market
Further Diversify
Funding Base
Maintain High
Asset Quality &
Grow
Receivables
Strategic Priorities
• Focus on growth sectors in the economy such as:
– Renewable energy – Healthcare
– Transportation &Logistics
• Maintain mix of short and long-term funding
• Seek financing from diverse sources:
– Local banks – Foreign banks – ECAs
– Multilaterals – Domestic & international capital markets
• Healthy growth in lease receivables via:
– Conservative approach to asset quality and profitability
– Strong focus on risk management procedures
– Offer new products in line with customer needs
• Increase market share through customer referrals by Akbank
• Continued support from Akbank, especially Risk Management
and IT functions
• Develop specific synergies with AK Sigorta, insurance
subsidiary of the Sabanci Group
1
2
3
4
Maintain
Sustainable
Market Share
8
Source: Aklease
Geographical Distribution Driven by Client Size
*Other includes 70 other provinces of Turkey. None of them exceeds 2%
(2018)
NPL Ratio vs. Sector Average
Customer Geographic Distribution (2018)
Diversified Lease Portfolio
Asset Composition
Industry Breakdown
Lease Portfolio by Assets (2018)
Lease Portfolio by Industries (2018)
(1) Other includes: financial institutions, agriculture, automotive, wholesale & retail, petroleum and
chemistry, telecommunication, printing, and education . None of them exceeds 4%
9
Aircraft; 9%
Commercial Real Estate; 20%
Construction Machinery; 11%
Manufacturing Machinery and
Equipment; 33%
Medical Equipment; 3%
Metal Processing Machinery; 7%
Other; 10%
Textile Machinery; 6%
57%
13%
6% 5%3%
16%
Istanbul Ankara Gaziantep Kocaeli İzmir Other
Energy and Natural
Sources; 10%
Construction -Contractor;
13%
Construction -Investment;
8%
Production; 9%
Healthcare; 4%Transportation;
10%
Other; 21%
Steel processing and
mining; 9%
Textile; 8%
Food and beverage; 4%
Tourism; 4%
2,8% 3,1%
4,8%
8,4%
6,0% 6,3% 6,3% 7,4%
2015 2016 2017 2018
AKLease Turkish Leasing Sector
As per BRSA Financial statements
• With a continuous and rapid improvement within the last 10 years, Aklease supports all segments with different scales in the real
and service sectors
• Aklease provides high-quality, rapid and innovative leasing solutions to all segments’ financing needs for machine-equipment
investments or refinance of their current investments through its current 12 branches; as well as through Akbank’s around 780
domestic branches and 22 regional offices across Turkey as representation channels
• Serving all segments is possible through Aklease’s strong shareholding structure and capital, expert human resources, extensive
funding network and transparent management mentality
Lease Portfolio Structure by Segments
(2018)
Customer Segment Turnover
Outstanding Portfolio
as of 31.12.2018
TRYm
Corporate > 300 mio TRY 3.112,3
Commercial < 300 mio TRY
>120 mio TRY 2.313,2
SME
Large SMEs < 120 mio TRY
>40 mio TRY 405,6
Medium Size SME < 40 mio TRY
>10 mio TRY 195,2
Small Size SME <10 mio TRY
>1 mio TRY 176,7
Micro <1 mio TRY 100,1
Total 6.303,2
(2018)
10
*Gross Lease Receivables, including NPL
49%
37%
14%
Corporate Commercial SME & Micro
Prudent Risk Management
• Aklease co-ordinates its
risk management
policies and processes
with Akbank
• Risk parameters are
reported to Akbank’s
Risk Management
Division on a monthly
basis
Principal
Leasing RisksMitigants
Concentration Risk
• Diversified portfolio by sector and lease asset type
• Selected counterparties
• Focus on assets with relatively high second hand value
• Additional collateral
Credit Risk
• Detailed and thorough credit analysis, assesment,approval process
• Adequate level of additional collateral such as pledges on cash, shares,
vehicles and other equipment; assignments of receivables, mortgages on real
estate etc.
• Monitoring regularly the counterparties’ ability to pay, analyzing the financial
position of the lessees and condition of the leased assets
Market Risk
• Appropriate combination of fixed and floating rate borrowings and lease
receivables
• Funding mainly on a matched basis (borrowings vs. lease receivables) and
following a stringent currency risk parameter of FX position of max. 5 mio USD
• Use of interest rate swaps and currency swaps (for hedging purposes)
• Stress tests and gap analysis
Operational Risk
• Effective segregation of duties, access, authorisation and reconciliation
procedures, staff education and assessment procedures as well assessment
processes
11
Stable and Well Diversified Funding Base
Ongoing Funding DiversificationPioneer in Wholesale Funding
Funding by Source (%)• The first financial leasing company in Turkey to issue long-term TL
bonds in the capital markets
• The first leasing company in Turkey to issue short and long term FC
bonds in the capital markets
• 6% of Aklease's funding comes from Akbank
• The first financial leasing company in Turkey to receive 5-year multi-
tranche multi-currency market Syndicated deal (December 2017)
ECA Covered refers to loans obtained under coverage of Ex-Im Bank, Euler-Hermes, EDC
etc.
Multilateral refers to loans provided by the multilateral organizations such as EIB, GGF,
Proparco etc.
DCM refers to “ Debt Capital Markets” and includes Eurobond, Notes issued under GMTN
programme, and TL bonds..
Best green-line syndicated loan:
Aklease's US$110mn multi-currency loan
12
2017 2018
33%
16% 16%13%
10%8%
5%
DC
M
Fo
reig
n B
anks
Mu
ltila
tera
l
EC
A C
overe
d
Syndic
atio
n
Akbank
Dom
estic
Ba
nks
28%
21%
15%13%
11%
6% 6%
Fo
reig
n B
anks
Mu
ltila
tera
l
DC
M
EC
A C
overe
d
Syndic
atio
n
Akbank
Dom
estic
Ba
nks
38%
23%
21%
9%
10%
2020EUR60%
TL18%
USD22%
Leverage and Asset and Liability Management
Portfolio Maturity
Portfolio Currency Composition
Note: Avg. Maturity means the remaining average maturity
Equity to Debt and Capital Adequacy Ratios
Source: IFRS results
Source: IFRS results
Source: IFRS results
(2018)
(2018)
Funding Currency Breakdown
(2018)
Excluding equity. Swap contracts included.
Funding Maturity Breakdown
(2018)
13
20,1%
17,3% 16,0%
12,2%
22,0%19,9%
18,3%
14,2%
2015 2016 2017 2018
Capital Adequacy Equity to Net Debt
201732%
201825%
201919%
202011%
2021+13%
52%
28%
20%
TRY
USD
EUR
Avg. Maturity:
2.2 yrs
Avg. Maturity:
1.5 yrs
Avg. Maturity:
2.2 yrs
Efficiency and Profitability Highest Among Peers
According to BRSA results.
Return on Equity
Cost to Income Ratio
Net Interest Margin
Return on Assets
According to BRSA results
According to IFRS results.
According to BRSA results
14
2,10%2,29%
0,94%
-0,41%
2,10%1,90%
1,71%1,40%
-1,00%
-0,50%
0,00%
0,50%
1,00%
1,50%
2,00%
2,50%
2015 2016 2017 2018
Aklease Sector
14,6% 15,3%
6,8%
-3,3%
12,0% 11,4% 11,1%9,7%
-5,0%
0,0%
5,0%
10,0%
15,0%
20,0%
2015 2016 2017 2018
AKLease Turkish Leasing Sector
15,3%19,1%
33,6%
23,3% 23,8% 24,7%
2016 2017 2018
AKLease Turkish Leasing Sector
2016 2017 2018
NIM NIM (Swap Adj.)
• Aklease retains legal title of the asset until lease expiry – in case of default entitled to
re-possess asset
Supplier of AssetAklease Purchases
Asset
Lessee : End
User of Asset
Sale of Interest
Physical (but not
legal) transfer of
asset on leasing
Transfer of
ownership of
leased asset on
expiration of
finance lease
term
Typical Key Financial Leasing Transaction in Turkey
• Lease payments are made mostly on a monthly basis, allowing for regular credit
performance monitoring
Regulatory Bodies
Regulatory Framework
Turkish Financial Leasing Sector: Regulatory Framework and
Key Features
• Leasing activities in Turkey are regulated by the Financial Leasing, Factoring and
Financing Companies Law No. 6361 (the “Law No. 6361”), since 2012
• The new law introduces important changes to financial leasing agreements:
Execution of the Agreement & Property Rights
• Financial leasing companies as well as development banks, investment banks,
participation banks may act as lessors in a financial leasing agreement
• Anything that constitutes an asset may be leased under this agreement
• No minimum period for the termination of a leasing agreement
• Agreements are no longer required to be executed by a public notary
Rights & Obligations of the Parties
• The lessor and lessee undertake reciprocal obligation by entering into a
financial leasing agreement
Rights & Obligations of the Lessee
• The new law facilitates the transfer of possession of a leased good and also
permits a change of lessee
Rights & Obligations of the Lessor
• The new law removes a provision stating that the lessor shall be the insurer of
the leased good. Pursuant to the new provisions, the agreement shall specify
the party whose responsibility it is to insure the leased good
Termination of the Agreement
• The event of unsuccessful execution proceedings against the lessee is no
longer preserved as grounds for termination. However, the lessee may
terminate the agreement prior to its term in the event that the lessee or its
enterprise to which the leased good is allocated is in the process of liquidation,
unless the relevant financial lease agreement provides otherwise
• Further, provisions exist for termination on the grounds of non payment: If the
lessee fails to pay two consecutive payments or three payments in a year , the
lessor has the right to repossess, sell, re-lease the asset by submiting a bank
guarantee to the court.
Banking Regulation and Supervision Agency:
• Regulator of the financial sector in Turkey
Association of Financial Instiutions:
• Semi Public Authority, membership is required by all
Financial Leasing, Factoring and Consumer Finance
Companies.
Capital Markets Board of Turkey:
• Regulator for all ECM and DCM activities in Turkey 15
Evolution of Turkish Financial Leasing Industry
Milestones
Leaseurope
Membership
1985
Leasing was
introduced to the
Market with Law
No 3226
Accounting
Compliance with
International
Standarts
2003
BRSA Coverage
for Regulation
and Supervision
2005
Foundation and
Operating
Regulations
published
2006
VAT
Incentive
terminate
d
2011
VAT
incentive
was
reintroduce
d for certain
goods
2012
Extention of VAT
incentive
New leasing law
introduced;
-Sale&Leaseback
-Operating Lease
-Software Leasing
-Minimum leasing
period
enforcement
ended
2013 2015
BRSA
Provisioning
became
effective
2007 2008
Semi public
authority;
Association of
Financial
Institutions
founded.
Corporate Tax and
VAT exemption for
Sale&Leaseback
of immovable
assets were
introduced
2016
Extension of
Corporate Tax
and VAT
exemptions for
movable assets
Turkey Leasing Volumes, TRY bn Turkey Leasing Penetration and Leasing Volume/GDP
16
1214,4
11,1 10,715,1
17,2
2529,5
36,7
44
52
60,7
10,26,8
3,4 4,88,4
14,6 13,917,1 17,3 18,6
22,6 22,2
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Net Lease Receivables Leasing Volume
9,8%
6,6%
3,4% 3,7%4,7%
5,4%6,2% 5,8%
4,7% 5,0%5,5%
4,9%
1,2%0,7% 0,3% 0,4% 0,6% 0,6% 0,8% 0,8% 0,7% 0,7% 0,7% 0,6%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Penetration Leasing Volume/GDP
Lease Receivable Balances
Turkish Financial Leasing Sector: Attractive Growth Prospects
Driven by Low Penetration and Strong Fundamentals
Growth Expectations
Net Lease Receivables ,USD bn
Benefits of Financial Leasing
• Preferential VAT Rate (For ~70% volume, VAT is 1%)
• Corporate tax and VAT exemption for Sale&Leaseback of transactions
• Legal ownership is on the Lessor, Minimum collateral for the Lessee.
• Idle bank credit lines.
• Ease of back-office tasks (all local/import procurement operations are done by the Lessor)
• Up to 100% financing available
• Long-term flexible funding available
• ECA coverage is possible
17
5,9
10,19,3
7,36,8
7,9
10,0
11,5
12,7 12,6 12,5
13,8
11,5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
23 22
8
52
63
47
0
10
20
30
40
50
60
70
2017 2018 2019E
Leasing Volume (TL billion) Net Lease Receivables (TL billion)
Income Statement
Based on IFRS financials.18
mn TL 2016 2017 2018
Interest income from direct financial leases 337,2 419,7 512,9
Interest income on placements and transactions with banks 20,9 20,4 32,6
Total Interest Income 358,1 440,1 545,4
Interest expense on borrowings -121,6 -133,6 -204,5
Interest expense on debt securities issued -74,4 -133,3 -189,8
Net Interest Income 162,1 173,2 151,1
Foreign exchange gains, including net gains or losses from dealing in
foreign currency62,2 69,3 96,4
Net Interest Income after foreign exchange gains and losses 224,3 242,5 247,5
Net trading, hedging and fair value income/(loss) -32,7 -15,1 -105,6
Impairment loss on financial lease receivables -45,0 -136,6 -218,9
Recoveries from impaired lease receivables 7,7 19,5 48,3
Other income/(expenses), net 1,0 1,2 5,2
Operating expenses -25,3 -34,3 -48,8
Operating Profit 130,0 77,2 -72,3
Income before tax 130,0 77,2 -72,3
Taxation on income -26,3 -14,6 17,8
Net income for the year 103,7 62,6 -54,5
Other comprehensive income (cash flow hedge reserve) -1,0 0,2 -2,2
Total comprehensive income 102,7 62,7 -56,7
Balance Sheet
Based on IFRS financials.
19
mn TL 2016 2017 2018
Cash and cash equivalents 280,5 589,1 395,7
Financial lease receivables 5.006,6 5.813,1 5.917,3
Other assets and prepaid expenses 33,0 73,7 58,2
Assets held for sale 31,8 76,0 161,7
Property and equipment, net 0,5 0,4 1,4
Intangible assets, net 1,7 2,0 1,8
Derivative financial instruments 22,6 19,5 11,0
Income tax asset 0,0 0,0 11,9
Deferred tax asset, net 12,2 35,9 98,0
Total assets 5.388,9 6.609,7 6.657,0
Borrowings 2.696,1 3.559,9 4.610,6
Debt securities issued 1.627,6 1.771,6 901,6
Accounts payable 112,4 221,7 111,2
Advances from customers 22,1 49,7 82,7
Derivative financial instruments 107,5 121,5 210,1
Other liabilities 3,1 3,4 11,3
Provision for employment benefits 1,5 13,0 2,4
Income tax liability 14,6 2,2 0,0
Total liabilities 4.585,0 5.743,0 5.929,8
Total paid-in share capital 235,0 235,0 235,0
Legal reserves 41,8 50,1 57,7
Hedge reserves 0,0 0,2 -2,0
Retained earnings 423,5 518,9 491,0
Net profit /(loss) for current year 103,7 62,6 -54,5
Total equity 804,0 866,7 727,2
Total equity and liabilities 5.388,9 6.609,7 6.657,0
Disclaimer Statement
The information and opinions contained in this document have been compiled or arrived at by Aklease from sources believed
to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy,
completeness or correctness. All opinions and estimates contained in this document constitute the Company’s judgement as
of the date of this document and are subject to change without notice. The information contained in this document is
published for the assistance of recipients, but is not to be relied upon as authoritative or taken in substitution for the exercise
of judgement by any recipient. The Company does not accept any liability whatsoever for any direct or consequential loss
arising from any use of this document or its contents. This document is strictly confidential and may not be reproduced,
distributed or published for any purpose.
20