Full Year Results Analyst and Investor Presentation. Tuesday 19 November 2013

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1 Full Year Results Analyst and Investor Presentation Tuesday 19 November 2013

2 Introduction Carolyn McCall Chief Executive Officer

3 Continued strong performance Strong performance 17% ROCE 17.4% Platform for growth Efficient, low cost model 9.8% 11.3% Strong network and market positions easyjet.com and pan-european brand Strong balance sheet Management innovation & execution Cash returns to shareholders Special Ordinary 308m 196m m Deliver returns to shareholders 308m to be returned to shareholders through ordinary & special dividend (77.6p/share) 3

4 Financial review Chris Kennedy Chief Financial Officer 4

5 Strong performance in the year External factors largely favourable Benign competitor capacity Buoyant demand in UK Weather FX rate movements Cost increases at regulated airports Strong performance 51% rise in PBT 7/seat PBT 11% PBT margins 1 EPS 616m operating cashflow 17% ROCE Management action step change Profit progression (PBT /seat) Madrid base closure Allocated seating easyjet.com & Digital easyjet Lean A320 mix PBT/seat PBT / seat Margin % PBT margin % 12% 10% 8.2% % 8% 6% % %

6 Financial results m F '13 F '12 Change Change Total revenue 4,258 3, % Fuel (1,182) (1,149) (33) (2.9%) Operating costs excluding fuel (2,365) (2,174) (191) (8.8%) EBITDAR % Ownership costs (233) (214) (19) (8.6%) Profit before tax % EBITDAR Margin 16.7% 13.7% 3.0ppt Profit before tax margin 11.2% 8.2% 3.0ppt 6

7 Financial results: 1 EPS, 17% ROCE m F '13 F '12 Change Profit before tax % Tax charge (80) (62) (28.4%) Profit after tax % Effective tax rate 16.7% 19.6% 2.9ppt Earnings per share 101.3p 62.5p 62.1% Ordinary dividend per share 33.5p 21.5p 55.8% Special dividend per share 44.1p - - Return on capital employed 17.4% 11.3% 6.1ppt 7

8 Strong unit revenue growth m F '13 F '12 Change Passengers (m) % Load factor (%) 89.3% 88.7% +0.6ppt Seats (m) % Average sector length (km) 1,091 1,096 (0.5%) Total revenue ( m) 4,258 3, % Total revenue per seat ( ) constant currency ( ) % Source: Competitor capacity from OAG using an easyjet definition of overlapping markets. This excludes charter capacity. 8

9 RPS: strong growth in seat revenue per seat F '13 F '12 Change Gross seat revenue % Passenger taxes (7.02) (6.76) (3.9%) Net seat revenue % Non-seat revenue % Total revenue % 8.0% 9.2% 7.7% 6.1% 6.7% 6.3% 8.5% 7.1% 7.0% 3.9% Q1 Q2 Q3 Q4 FY RPS constant currency RPS Growth Reported 9

10 Timing of Euro: Sterling movement drove adverse fx GBP: Euro rates (spot) FY13 FY12 Impact of / rate on P&L m H1 H2 Rev (36) 31 Fuel 3 (2) Cost ex. Fuel 3 (36) Total (3 0) (7) 1.15 P&L impact shown after effects of hedging cashflows 1.10 Key booking period Peak expenditure 1.05 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Sharp decline in value of Sterling to Euro in January 2013 High level of forward bookings posted at above 1.20, cost incurred at lower rate 10

11 Currency impact Currency split total revenue Currency split total costs Euro 41% 48% Sterling USD 34% 35% Euro Other 3% 8% Swiss Franc 1% Other 5% Swiss Franc 25% Sterling F '13 currency impact favorable / (adverse) m EUR CHF USD Other Total Revenue (5) (3) 1 1 (6) Fuel Footer box on intersect of lines line h= and v=8.75 with font 10pt 1 Arial not bold - (5) - (4) Costs excluding fuel (33) (2) - 1 (34) Total (37) (5) (4) 2 (44) Average effective Euro rate for revenue for FY13 was 1.19 (FY12: 1.19) Average effective Euro rate for costs for FY13 was 1.19 (FY12: 1.22) 11

12 Impact of fuel F 13 F 12 Change B/(W) Fuel $ per metric tonne Market rate 992 1, Effective price US dollar rate Market rate (3 cents) Effective price (1 cent) Actual cost of fuel per metric tonne (1) Cost per metric tonne was broadly flat 12

13 Cost per seat excluding fuel - key drivers Favourable/ (Adverse) Airports and Ground Handling Cost per seat ex fuel var at constant currency % var at constant currency (1.14) (7.9%) Crew 6.68 (0.08) (1.1%) Navigation % Maintenance % Overhead 4.64 (0.08) (2.1%) Brand licence 0.16 (0.08) (108.2%) Drivers Significant increases in airport charges in Spain and Italy Increased de-icing related costs Increase in salaries, offset by higher proportion of A320s and shorter sector length Price increases more than offset by higher proportion of A320s and shorter sector length One-off items from last year not repeated, offset by above inflation price increases and increase in average fleet age Higher disruption-related costs including EU261 claims, relating to prolonged winter conditions and strike action Increase in performance related employee costs As per the amended brand license agreement, now fixed percentage of revenue Increased proportion of leased aircraft, following new leases and sale and leaseback Footer box on intersect of lines line h= and v=8.75 with font 10pt Arial not transactions bold Savings on interest cost from paying off high coupon debt Ownership 3.41 (0.05) (1.4%) Total CPS excluding fuel (1.41) (3.9%) 13

14 Management action taken to offset headwinds Cost per seat bridge Airports & Ground Handling 0.25 Fuel Maintenance Spain & Italy Other Airports Airports Inflation Disruption & de-icing Fuel Brand licence FX Before Management Action easyjet Lean A320 Mix Other 2013 External factors Management action 14

15 Increasing proportion of A320 s F '13 F '12 Change A319 (operating lease) A319 (owned / finance lease) (12) A319 Total (7) A320 (operating lease) A320 (owned / finance lease) (2) A320 Total Total fleet Operating lease 33% 26% 7ppt Percentage unencumbered 36% 32% 4ppt Percentage of A320s in fleet 29% 25% 4ppt 15

16 Strong balance sheet m F '13 F '12 Property, plant and equipment 2,280 2,395 Goodwill and other intangible assets Other assets Liabilities (excluding debt) (1,716) (1,544) 1,459 1,868 Debt Cash and money market deposits (1,237) (883) Net (cash) / debt (558) 74 Shareholders' equity 2,017 1,794 Capital employed 1,459 1,868 Gearing 7% 29% *Gearing defined as (debt + 7 x annual lease payments cash) divided by (shareholders equity + debt +7 x annual lease payments cash) 16

17 Flexibility in fleet planning Maximum, minimum and base case fleet size under new framework agreement FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 Base case Max Min Flexible fleet arrangements to respond to appropriately to market conditions 1. At the end of the relevant Financial Year 2. Based on fleet plan base case 3. Maximum fleet does not include the purchase rights 17

18 Cashflow m Self funding ordinary dividend and capex m , Sep 2012 * Operating Profit * Depn & Tax, net CAPEX Borrowings Sale & amort int & other Leaseback Net Working Capital Ordinary dividend paid Restricted Cash Other FX Sep 2013* * Includes money market deposits but excludes restricted cash 18

19 Progress against financial objectives and measures Objectives Measures Progress Return Targets Earn returns in excess of cost of capital through the cycle Invest in growth opportunities where returns are attractive Improve PBT per seat to 5 Post tax ROCE of 12% through the cycle* PBT improved by 2.22 to 7.03 ROCE of 17.4% (1) Capital Structure And Liquidity Ensure robust capital structure Return excess capital to shareholders Maintain sufficient level of liquidity to manage through the cycle and industry shocks Maximum gearing of 50% Minimum GBP 4m cash per aircraft Gearing 7% 5.7m cash per aircraft Special dividend of 44.1 pence a share or 175m Dividend Policy Target consistent and continuous payouts 3x cover, subject to meeting gearing and liquidity targets Annual payment based on full year PAT; introduced for FY 2011, payable 2012 Consider returns over x3 cover to reduce excess capital Ordinary dividend payment increased by +55.8% to 33.5 pence a share or 133m Aircraft Ownership Maintain flexibility around fleet deployment and size Target of 70% owned aircraft, 30% leased aircraft 33% leased (2) Hedging Insulate short term operating 65%-85% of the next 12 months performance against adverse anticipated requirements movements in fuel price and 45%-65% of the following 12 months exchange rates anticipated requirements In line with policy Delivering on financial objectives (1) ROCE including capitalised leases (2) Will fluctuate around 30% in the run up to the new generation fleet order 19

20 Fuel and foreign exchange hedging FY 14 Outlook Fuel requirement US dollar requirement Euro Surplus Half year ending 31 March 2014 $991/tonne $1.57/ 1.19/ Full year ending 30 September 2014 $982/tonne $1.57/ 1.20/ Full year ending 30 September 2015 $950/tonne $1.56/ 1.17/ Sensitivities $10 movement per metric tonne impacts F 14 PBT by $4.8 million One cent movement in /$ impacts F 14 PBT by 1.2 million One cent movement in / impacts F 14 PBT by 1.4 million Table data as of 13 November

21 Forward bookings: impact of Easter FY 14 Outlook H1 bookings in line with prior year % seats sold * 88% 89% Winter 12/13 Winter 13/14 49% 49% Oct Nov Dec Jan Feb Mar H1 Easter 2013: 31 March Easter 2014 : 20 April H1 (Oct 13 to Mar 14) as at 13 November 2013 Rates at 15 November 2013 /USD: ; /EUR: ; Jet USD per MT 21

22 Outlook FY 14 Outlook Capacity (seats flown) H1 c.+3.5% (before disruption) FY c.+5% (before disruption) Revenue per seat (constant currency) H1: very slightly up on the prior year (including 1.5 percentage point adverse YOY impact from timing of Easter and the 0.7 percentage point impact from the situation in Egypt) Cost per seat ex fuel (constant currency) FX H1 c.+2% (assuming normal disruption levels and constant load factors) FY c.+2% (assuming normal disruption levels and constant load factors) H1: c. 10 million adverse movement from foreign exchange rates FY: broadly neutral movement from foreign exchange rates Fuel H1: unit fuel costs up to 20 million adverse (assuming within $950 $1,050 MT range) FY: unit fuel costs up to 50 million adverse (assuming within $950 $1,050 MT range) easyjet will continue to deliver its strategy of offering its customers low fares to great destinations with friendly service so that it can continue to win in a more competitive market. This means easyjet is well placed to continue to deliver sustainable returns and growth for shareholders. Rates at 15 November 2013 /USD: ; /EUR: ; Jet USD per MT 22

23 Business review Carolyn McCall Chief Executive Officer

24 Delivering growing and sustainable returns Strategic objectives 1. Build strong number 1 and 2 network positions 2. Drive demand, conversion and yield across Europe 3. Maintain cost advantage 4. Disciplined use of capital Platform to deliver growing and sustainable returns 24

25 1. Less benign capacity environment this winter 1. Network Capacity growth H1 14 vs H1 13 (OAG) +6ppt 3% c.3.5% 2% +2ppt 1% +2ppt -1% -1% Winter 12/13-3% Winter 13/14-4% Capacity change - total SH market Capacity change - easyjet markets Competitors on easyjet markets easyjet capacity change Short haul market easyjet markets (city to city pairs) Overall capacity increase in total short-haul market. Competitor declines on easyjet routes Source: Market share data from OAG. easyjet routes based on internal easyjet definition. Based October download for the six months to 31 March Adjustments made to forward looking capacity to remove outliers and conform with easyjet and analyst views. 25

26 1. Continued opportunity for easyjet 1. Network Capacity growth H1 F 14 (OAG) Total capacity change - easyjet markets Competitors on easyjet markets easyjet capacity change 2% 0% 4% 2% 2% 4% 2% 3% 1% 3% -0% -2% -2% -4% -4% -4% -6% -9% % of easyjet capacity touching country UK France Italy S witzerland S pain Germany 33% Footer box on 13% intersect of lines line h= % 9 and v=8.75 with 10% font 10pt Arial not bold 9% 6% Taking advantage of competitor restructuring, improving network Source: Market share growth rates from OAG. easyjet routes based on internal easyjet definition. Based October download for the six months to 31 March Adjustment made to forward looking easyjet capacity to reflect the latest view of fleet growth. 26

27 1. Leading position in top market pairs 1. Network Presence in top 100 market pairs Presence in top 100 market pairs 1 Non primary airports Airports where easyjet has number 1 or 2 market share Number of market pairs operated between 2 primary airports Other 16m 24% No.1 31m 46% 3 easyjet Ryanair IAG Lufthansa Group Air France-KLM Norwegian Alitalia SAS Air Berlin-NIKI Vueling Airlines Turkish Airlines No. 2 21m 30% easyjet has a strong position across much of Europe on the top 100 markets From all the EU city pairs, the top 100 routes have a 24% capacity share Over 75% of our capacity is at airports where we have a leading position Source: OAG, easyjet 27

28 1. Further opportunities in core markets 1. Network Share of traffic at easyjet s top 20 airports Growth in existing markets easyjet has c. 22% share of capacity at its top 20 airports equating to around 46m seats Other low cost carriers (LCCs) have ~25% share Non-LCCs account for 53%, with 12% estimated to be for connections to long-haul flights 41% or 86m seats opportunity within easyjet s top 20 airports A further 41% or 86m seats opportunity within easyjet s top 20 airports Source: Market size sourced from OAG data based on easyjet definition of short-haul routes; estimates of transfer traffic obtained from airport and company external announcements. P2P = point to point; LCC = Low-cost carrier. 28

29 1. Seizing the opportunity 1. Network Overall c. 3.5% capacity growth over Winter 13/14 (before disruption) Edinburgh: +13% Manchester: +17% London: +6% Berlin: +3% Basel: +7% Geneva: +3% Regional France: +3% Milan:+4% Madrid: -22% Other Spain: +2% Source : Internal easyjet projection 29

30 2. Demand: Understanding evolving customer base 2. Demand Great service: consider flying easyjet again? 98% 97% 96% 95% 96% Increased proportion customers re-booking Customer Volumes 50% New Exising 55% 50% 45% UK France Italy Switzerland Germany Older passengers, higher disposable incomes Average age Italy 8% 34 FY 10 FY 11 FY 12 FY 13 UK Spain France Germany Italy Switzerland Portugal Netherlands FY'10 FY'13 Increasingly pan-european customer base FY 10 Other 26% S witzerland 7% France 12% UK 47% FY 13 Other 19% S witzerland 10% Italy 13% France 14% UK 44% Source: Great service: surveys conducted by Millward Brown & GfK for 12 months to end September 2013 Other data from internal easyjet systems 30

31 2. Drive demand: how we sell 2. Demand How we sell High volume Conversion focused e-commerce engine Areas of focus Network optimisation Brand awareness Demand based Pricing Model Digital / Web Revenue management system Proposition re-design and segmentation Demand based Pricing Model Proposition redesign Business Allocated seating Structured re-targetting customers and prospects Bag policy Mobile boarding On-line check-in 31

32 2. Drive demand: generation easyjet Proposition redesign 2. Demand 32

33 2. Allocated seating has been a success 2. Demand Most popular seats H2 performance Allocated seating Impact on revenue per seat c.62p increase % of RPS growth c.+1 percentage point Satisfaction with boarding experience +4.5 pp Now 73% Introduced variable pricing on allocated seating from start of November 33

34 2. Drive demand: Business travel 2. Demand Building blocks FY11 FY12 FY13 FY14 FY15 Proposition improve punctuality add new network points increase frequency Product launch & develop flexi fare deploy allocated seating / yield manage enable Fast Track Security launch Inclusive Fare Sales recruit pan European sales force negotiate TMC incentives deliver corporate fares Distribution agree new commercial terms with GDS standardise GDS booking process strengthen position on Self Booking Tools Consideration develop Business Sense campaign increase allocation of media weight Delivered Delivered Delivered Delivered Ongoing Ongoing Delivered Ongoing Delivered Delivered Delivered Ongoing Ongoing In progress Delivered 34

35 2. Business travel: industry response 2. Demand 35

36 12m end 31 Mar Lowest cost base on the routes we fly 3. Cost Advantage EBIT Cost per ASK (excl. fuel) (1) easyjet cost advantage easyjet 1.6 easyjet Lean Ryanair 0.8 Continued focus on on-time performance and asset utilisation Vueling Norwegian New fleet order new generation aircraft expected to reduce today s total cost per seat by 4-5% (2) IAG Air Berlin Difficulties with comparisons Airport mix: primary vs. secondary AF-KLM 4.4 Accounting treatment e.g. passenger airport charges (3,4) LHA (Group) Sector length 4.5 Staff, depreciation, maintenance, ownership, marketing, head office Airport, ground handling, navigation en-route charges months to end of March 2013; CASK data and definitions sourced from the Airline Analyst 2. Cost saving for new generation aircraft assumes fuel at $1,100 / MT, compares current generation A320 aircraft vs. new generation A320neo aircraft 3. Differences in accounting treatment of per passenger airport costs as per accounting standard 4. easyjet believes its current reporting appropriately reflects its business model in relation to the standard 36

37 3. easyjet Lean lowest cost for our network 3. Cost Advantage 1. Areas of focus for FY 14 Airports & ground handling Fuel efficiency Crew On-going delivery of key initiatives: Ground ops: ground handling & non-regulated airports Crew settlements & flexibility Sales and marketing easyjet Lean Engineering Engineering 2. Longer term programmes Plans in place for significant longer term deliverables: Fuel: sharklets, lightweight seats Ownership Navigation Other & Fixed Navigation Engineering Innovative thinking to drive long-term, sustainable savings, benchmarked against the best in class 37

38 3. Cost: Engineering and maintenance 3. Cost Advantage Already a source of competitive advantage to easyjet and continually improving through lean process management 95% of the annual easyjet E&M spend is up for re-tender by 2015 Opportunity to make a step change in maintenance costs, reviewing the full range of options available Full Insource Wholly owned subsidiary Partner or Franchise Mixed Mode Batch / Unbundled contracts Full Outsource 38

39 Returns 4. Disciplined use of capital 4. Capital Discipline FY13 route performance CPBH performance by route - FY 2013 Age of routes < 3 Years > 3 Years ROCE 12% Improved returns year on year CPBH FY12 CPBH FY13 0% ROCE FY13 Actions to improve returns Closing the Madrid base Culling under-performing routes 41 routes dropped (7%) Investing in routes with potential to drive future returns Growing capacity on high performing routes Routes Rigorous approach to capital allocation embedded throughout easyjet ROCE for this analysis defined as normalised profit after tax divided by average net debt plus average shareholders equity 39

40 PBT Margin 4. Balance sheet strength 4. Capital Discipline Gearing vs. PBT Margin (1) 20% 15% RYA 10% 5% EZJ LHA Vueling Norwegian - -20% - 20% 40% 60% 80% 100% 120% -5% IAG AF-KLM AirBerlin -10% Gearing easyjet in a good position to withstand industry shocks (1) Uses easyjet ROCE methodology with leases capitalised at 7x and using local enacted corporation tax rates Data to 31 March 2013 sourced via The Airline Analyst 40

41 Summary: strategy continues to deliver Strong performance Platform for growth Strategy delivering Strong unit revenue growth Controlling costs Capital discipline Improving returns Operational excellence Fleet order easyjet Lean Allocated seating FlyBe slots Business traveller Generation easyjet Sustainable and flexible growth Improved returns Tangible and regular cash returns via 3x cover dividend and special dividend Clear opportunity to continue to deliver growing and sustainable returns to shareholders 41

42 Q & A 42

43 APPENDIX 43

44 H2 margin growth m H2 '13 H2 '12 Change Total revenue 2,657 2, % Fuel (686) (666) (3.0%) Operating costs (1,323) (1,192) (11.0%) EBITDAR % Ownership costs (109) (102) (6.8%) Pre-tax profit % PBT margin 20.3% 18.0% 2.3ppt Seats (m) % Per Seat H2 '13 H2 '12 Change Total revenue % Fuel (18.04) (18.08) 0.2% Operating costs (34.76) (32.36) (7.5%) EBITDAR % Ownership costs (2.85) (2.75) (3.4%) Pre-tax profit % 44

45 Aircraft cashflows including overhauls Aircraft Number of aircraft deliveries 9 10 Cashflows (USD) $m Final delivery payments Pre delivery payments Heavy maintenance - owned fleet 43 9 Total Heavy maintenance - leased fleet Total cash flows Total cash flows (GBP) 301m 406m Figures based on contracted fleet commitments 45

46 ROCE Calculation including 7x lease adjustment Reported m F '13 F '12 Earnings before interest and tax reported Interest element of operating lease payments Earnings before interest and tax - adjusted Tax 23% 24% Normalised operating profit after tax (NOPAT) Average shareholders equity reported 1,906 1,750 Average net cash reported (242) (13) Opening capitalised leases Closing capitalised leases Average capitalised leases Average capital employed 2,354 2,451 Return on capital Footer employed box on intersect 7x of basis lines line h= and v=8.75 with font 10pt Arial not bold 17.4% 11.3% 46

47 ROCE Calculation NPV and Target liquidity Proforma m F '13 F '12 Earnings before interest and tax reported Interest element of operating lease payments Earnings before interest and tax - adjusted Tax 23% 24% Normalised operating profit after tax (NOPAT) Average shareholders equity reported 1,906 1,750 Adjustment to shareholders equity (27) (35) Average shareholder s equity adjusted 1,879 1,715 Average net cash reported (242) (13) Increase in debt associated with capitalising leases Target liquidity adjustment Average net debt adjusted 981 1,178 Average capital employed 2,855 2,893 Return on capital employed NPV basis 14.3% 9.3% 47

48 RASK and CASK F '13 F '12 Change Total revenue per seat % at constant currency % RASK at constant currency (pence) % Total cost per seat ex fuel % at constant currency (3.9%) CASK ex fuel at constant currency (pence) (4.4%) 48

49 Disclaimer Certain statements in this presentation constitute or may constitute forward-looking statements. Any statement in this presentation that is not a statement of historical fact including, without limitation, those regarding the Company s future expectations, operations, financial performance, financial condition and business is or may be a forward-looking statement. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forwardlooking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this presentation. As a result, you are cautioned not to place any reliance on such forward-looking statements. The forward-looking statements reflect knowledge and information available at the date of this presentation and the Company undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein. Nothing in this presentation should be construed as a profit forecast or profit estimate and no statement in this presentation should be interpreted to mean that the future earnings per share of the Company for current or future financial years will necessarily match or exceed the historical or published earnings per share of the Company. This communication is directed only at (i) persons having professional experience in matters relating to investments who fall within the definition of investment professionals in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001; or (ii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order Persons within the United Kingdom who receive this communication (other than those falling within (i) and (ii) above) should not rely on or act upon the contents of this communication. Nothing in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion contained in the Financial Services and Markets Act This presentation has been furnished to you solely for information and may not be reproduced, redistributed or passed on to any other person, nor may it be published in whole or in part, for any other purpose. This presentation does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of easyjet plc ( easyjet ) in any jurisdiction nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of easyjet. Without limitation to the foregoing, these materials do not constitute an offer of securities for sale in the United States. Securities may not be offered or sold into the United States absent registration under the US Securities Act of 1933 or an exemption there from. easyjet has not verified any of the information set out in this presentation. Without prejudice to the foregoing, neither easyjet nor its associates nor any officer, director, employee or representative of any of them accepts any liability whatsoever for any loss however arising, directly or indirectly, Footer from box on any intersect reliance of lines on this line presentation h= and v=8.75 or its contents. with font 10pt Arial not bold This presentation is not being issued, and is not for distribution in, the United States (with certain limited exceptions in accordance with the US Securities Act of 1933) or in any jurisdiction where such distribution is unlawful and is not for distribution to publications with a general circulation in the United States. By attending or reading this presentation you agree to be bound by the foregoing limitations. 49

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