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