Upload
vuongkhanh
View
215
Download
0
Embed Size (px)
Citation preview
Page 1
OVERVIEW
Quick Stats Change
from
Q4
16
Q1
16
Prices
Absorption
Kazakhstan is the largest country in Central Asia.
The relocation of the capital city functions to
Astana in 1998 offered long-term growth and
development opportunities.
According to information published by the
Statistics Agency of the Republic of Kazakhstan,
the population of Astana comprises ca. 872,655
people, with the “Almaly” district share being
44%, the “Esil” district – 16%, and the “Saryarka”
district – 41% of the total number.
The fixed capital investments in the period Jan-
Apr 2017 in Astana comprised KZT 195,399 Mln,
which represents a 31.4% increase compared to
the same period of 2016. The share of fixed
capital investment in Astana comprised 10.5% of
the total volume of capital investment in the
republic.
During the same period the investments in
residential construction in Astana comprised KZT
36,526, which represents a slight increase
compared to the same period of 2016. The share
of disbursed funds in housing construction
within the total volume of investment in fixed
capital comprised approximately 18%.
During the period Jan-Apr 2017 the total volume
of commissioned residential space in Kazakhstan
increased by 48.1% compared to the same
period of 2016, with the largest shares of
residential space commissioned in Astana
(30.41%), Almaty (18.8%) and Mangistau Province
(8.44%).
The total housing stock commissioned in the
same period in Astana comprised 2,256,920 sqm,
representing a 28.3% increase on a year-on-year
basis.
To date, the mood of market participants in
general is becoming more negative, due to
economic problems both domestically and
globally, such as decreasing global oil prices and
the significant correction of the national currency
exchange rate. A noticeable decrease of prices in
US Dollar terms can be observed on the
residential real estate market of the capital.
It is also necessary to note the considerably
increased demand and growth of the number of
sale-purchase transactions of apartments in new
buildings during the reported period, caused by
the fact that many developers kept prices in KZT
after the exchange rate correction, thus
noticeably decreasing prices in USD equivalent.
In addition, the "EXPO-2017" event may slightly
neutralize the negative effect on the market of
the capital in 2017.
Source: Kazakhstan Statistics Agency
Source: Kazakhstan Statistics Agency
Source: Kazakhstan Statistics Agency
Hot Topics
The correction of the
exchange rate of the Tenge
caused a decrease of prices in
USD terms in combination
with a growth of the number
of sale-purchase transactions;
Investments in housing
construction in Astana in the
period January-April 2017
comprised 36,526 Mln Tenge;
The total residential space
commissioned in the period
January-April 2017 in
Kazakhstan as a whole
comprised 1,115,966 square
meters, which represents a
48.1% increase compared to
the same period of 2016.
The average price levels on
the Astana primary and
secondary markets in Q1 2017
practically unchanged in
comparison with the same
period of 2016.
Astana Market View
Residential Q1 2017
Page 2
A new housing construction program - "Affordable Housing - 2020" –
was given a start during 2012 as a supplement to the already existing
housing construction program for the period 2011-2014, envisaging
the construction of affordable housing units for rent with subsequent
buy-out. This program is aimed at sustaining a volume of
construction of new residential space at the level of 6 Mln sqm per
year, and reaching 10 Mln sqm per year by 2020. According to
information from the city authorities, ca. 50,000 apartments are
planned to be constructed in Astana by 2020. A campaign for
purchasing of apartments under the “lease-with-subsequent-buyout”
scheme by all categories of the population has been actively
implemented in 2013.
This housing construction program was designed by the ‘Samruk Kazyna’
National Welfare Fund, and the basic requirement for its implementation
is that the developer would take part in the construction and sales of the
residential project. The program provides for 3 options of project
development:
via target deposit – i.e. the Fund allocates the money to banks, and
the banks – further to developers;
scheme, where Akimats provide land plots and infrastructure while the
‘Samruk Kazyna’ Real Estate Fund acts as the developer and investor;
partnership of the Fund and private companies.
The housing units constructed under this program will be distributed via
several schemes:
ordinary lease,
lease with subsequent purchase,
direct sale and sale by installments via Zhilstroysberbank.
In this relation, foreign and local investors and developers have started
considering the “economy” class residential market as a field for potential
investment, while during the pre-crisis period the construction of
“business” and “elite” class projects was dominating the residential
market. At the present moment, the majority of local and international
developers have adopted a wait-and-see attitude and are not involving in
activities on the Kazakhstan real estate market.
The "Affordable Housing 2020” program assumes two different types of
transferring the residential space to the population: direct sales and lease
with subsequent buyout. In this case, the lease-with-subsequent-buyout
Agreement may provide for the right of pre-term acquisition of the
residential property by the Lessee.
A brief analysis of the average price levels of residential projects in the
New City part of Astana showed that the most expensive apartments are
offered in such projects as ‘Green Village’, ‘Rixos Khan Shatyr Residences’,
‘Dolphin’, ‘Highvill’, ‘Nursaya’, ‘Europe Palace’, ‘Zhansaya’ ‘Gorodskoy
Romance’ and ‘Parizhskiy Kvartal’.
The most affordable units in the left-riverbank part of the city can be
found in the ‘Lesnaya Polyana’ residential project in the Kosshy
settlement, planned to be developed as a satellite town of Astana.
According to the Statistics Agency of the Republic of Kazakhstan, during
Q1 2017 the average selling price on the secondary residential market is
lower than the average selling price on the primary market in Astana, and
comprised USD 1,000 and USD 900 per 1 sqm respectively. At the same
time, we provide the following information on selling prices, which we
have obtained during the analysis of the supply on the residential market
of Astana during Q1 2017 (by class; in USD per 1 sqm):
Economy Business Elite
700- 1 000 1 200–2 000 2,500–4,000
Source: Scot Holland LLP
We have noted that residential selling prices have not
shown significant changes during Q1 2017.
At the same time, there is certain demand coming from
solvent property buyers, but this category prefers to study
closely all available options, and bargain actively when
making a purchase.
It should be noted that during the reported period many
second-tier banks suspended the issuing of mortgage loans.
The loan volumes stayed at fairly low levels, as most
mortgage lending programs have either been closed, or
continue to work under terms, restrictions and conditions
that most potential buyers find either unacceptable, or
financially unviable.
The analysis of residential rental rates in Astana shows that
the weighted average rates were decreasing in 2009,
however since then have been gradually increasing until
August 2015. The average rental rates of residential
premises in Astana city are shown below:
Type of apartment Average rental rate
(USD per month)
1-bedroom 330
2-bedroom 500
3-bedroom 700
4- and 4+ bedroom 1,200 and higher
Average Rental Rate 500
Source: Scot Holland LLP
Most leased apartments are traditionally offered on the
right riverbank. The most expensive housing for lease is
represented by apartments in newly-constructed Elite class
projects, where the rental rates are in the following brackets:
Type of apartment Average rental rate
(USD per month)
1-bedroom 800
2-bedroom 2,000
3-bedroom 3,000
Source: Scot Holland LLP
It should be noted that since the beginning of Q1 2017 in
Astana the construction of both ‘economy class’ residential
projects under the state “affordable housing program”, as
well as ‘business’ and ‘elite’ class projects by private
developers was commenced.
Currently the local population prefers buying apartments
either in fully completed and commissioned new buildings,
or in existing older buildings of reasonable quality. At the
same time, our observations show that apartments are often
purchased even when the residential project is still under
construction, due to the lower price compared to fully
completed and commissioned projects.
As mentioned earlier, as part of the plan to mitigate the
situation on the residential market, the Astana city
authorities have started the implementation of the ‘leased
housing’ system, widely spread in many Western countries.
The Real Estate Fund is in process of elaborating the rules of
the sale of residential properties. One of the mechanisms
provides for a lease of the residential units with a
subsequent buy-out option.
Page 3
Map of Astana Districts
Source: Google, Scot Holland LLP
Almaty - situated on the right bank of Esil river, comprises the eastern part of the ‘Old City’; total area 21,054 ha;
population 381,102; large and medium size industrial enterprises, residential properties, both prestigious and less so,
condominiums; basic retail facilities; open markets and bazaars, also some office space – in light blue on the map.
Esil – an administrative centre located on the left bank of Esil river, dividing Astana in East-West direction, total area
31,200 ha; population 137,826; the district includes residential microdistricts ‘Karaotkel’ and ‘Chubary’, as well as
‘Prigorodniy’, ‘Ilyinka’, ‘Komsomolskiy’, ‘Zarechniy’ and ‘Telmana’ village; business area comprises central governmental
institutions, agencies, ministries, and buildings of diplomatic missions – in green on the map.
Saryarka – situated on the right bank of Esil river, comprises the central part of the ‘Old City’; total area 19,202 ha;
population 353,727; 80 large and medium size industrial and construction enterprises, residential properties, both
prestigious and less so, condominiums; basic retail facilities and some office space – in yellow on the map.
Page 4
OVERVIEW
Quick Stats Change
from
Q4
16
Q1
16
Rental rates
Occupancy
The development of the office property segment
in Astana is driven by the current status of the city,
which, thanks to the relocation of the capital city
functions, has rapidly become the commercial
centre of the country with a constantly increasing
number of private / public enterprises and
agencies.
Since the beginning of 2012, the office market is
characterized by somewhat increased demand in
the business centres of higher grade, which is
cased by the increase of business activity. The
majority of class “A” and “B” Business centres have
occupancy rates close to 100%. The main reason
for 100% occupancy is because of at the moment
demand exceeds supply and not enough good
options are available on the market, especially on
the more preferred Left Bank, where new office
premises are leased quite fast. Many multinational
companies open their offices in Astana, and there
is also a tendency to relocate existing head offices
from Almaty.
At the same time, the volumes of newly-
commissioned business centres show sluggish
dynamics, and a number of projects are
suspended due to lack of financing.
In addition it should be noted that the
construction of the large-scale multifunctional
project ‘Abu Dhabi Plaza’ has been resumed. At
the same time, «Talan Towers» - an Elite-class
multifunctional project, is currently under quite
active construction, and during the current year
the construction of a class ‘B+’ business park
called ‘Smart Ville’ is planned to commence.
In addition, a significant volume of commercial
spaces are under construction in the structure of
the EXPO-2017 complex, which may lead to the
oversaturation of the local market in the medium
term.
It can be added that the Astana market is younger
and more ‘artificially’ expanded than the more
mature and better developed Almaty. In recent
years Astana had plenty of new ambitious office
and mixed-use projects in the pipeline, promoted
by the Government efforts to give the city a
completely new appearance and international
status. Most of these large-scale high-end
developments were designed by internationally
renowned architects.
However, the construction of a significant
proportion of these projects has been delayed
due to the unstable economic situation and the
correction of the exchange rate of the national
currency.
Despite that, office properties are still quite a
promising segment of the Astana real estate
market with good development perspectives in
the medium- to long-term.
Virtually all Class A and B offices in Astana were
constructed over the last decade. Nevertheless,
by mid-2005 the total available office space in
the capital city was rather limited, due to which a
certain shortage of office space could be
observed on the market.
In the period 2005-2006, the office market
gradually started to grow.
Thanks to the substantial number of newly
constructed business centres, the supply of office
space increased by 129% in 2005 and by 320% in
2006. Unfortunately, new class A business
centres were not commissioned during that
period in Astana.
In the longer term, the demand for office space
will be closely linked to the speed of recovery of
business activity and general macroeconomic
conditions in the city.
Rental rates of Class A offices maintain stability,
while at the same time many Class B building
owners are forced to quote prices in Tenge, due
to the inability of the tenants to cover the highly
increased rental amount.
Today the Astana office market is predominantly
represented by newly-built business centres.
There is also available office space in renovated
Soviet administrative buildings, as well as ground
floors of residential buildings converted to office
use.
In most cases, the offices announced as high-
grade premises, actually do not meet relevant
international requirements.
In addition, one may observe a significant spread
of rental rates, where the lowest and highest
rental rates of offices of similar class and level
may differ by 2-3 times. The active construction
of new business centres in Astana will lead to a
change of the market situation. The supply
volumes are increasing and Lessors are
becoming more loyal and flexible in the process
of negotiations with Tenants.
Hot Topics
The Astana market is
younger and more
‘artificially’ expanded than
the more mature Almaty real
estate market, which makes
it even more volatile in crisis
times;
Supply is mainly represented
by lower-class and smaller-
size administrative buildings
(class В and С);
The analysis of rental rates in
Class A business centres in
Astana has shown
insignificant changes during
Q1 2017, compared to the
same period of the previous
year, with an average range
of approximately USD 25-30
per 1 sqm per month.
The analysis of rental rates in
Class B business centers in
Astana has shown a slight
drop during Q1 2017, due to
the correction of the KZT
exchange rate.
Astana Market View
Offices Q1 2017
Page 5
Currently the range of office monthly rental rates in Astana is quite
wide and ranges from USD 15 to USD 35 per sqm per month.
For example, Class A business centres rental rates are in the range
USD 25-35 per sqm per month, with an average level of USD 25 per
sqm per month including VAT but excluding service and utility
charges, which range from USD 4 to USD 8per sqm per month.
The rental rates in Class B office buildings vary in the range USD 15-25
USD per sqm per month, with an average value of USD 15 per sqm
per month.
An analysis of rental rates in lower-class business centres in Astana
shows that they have remained practically unchanged in comparison
with Q4 2016.
Also, in the process of choosing office space, most potential tenants
consider only premises, which are already fine-finished at the expense
of the landlord (owner).
In rare cases, fit-out works can be carried out by the Lessee at its own
expense. In such cases the possibility of providing a rent-free period
for ca. 2 - 4 months depending on the leased area can be discussed.
For example, the ‘Saad’ Business Center offers a grace period of up to
6-7 months for completing all finishing works. Such rent-free periods
are provided mostly in cases, when the premises are leased in shell &
core condition. If the premises are leased in fully-finished condition,
the rent-free period is lower.
An analysis of the prices of Class A office projects offered for sale in
Astana during Q1 2017 shows that they vary widely, with an estimated
average of USD 1,000 – USD 4,000 per sqm on the left bank and USD
1,000 – USD 3,000 per sqm on the right bank part of the city. The
average office space selling price ranges have remained quite stable
and changed insignificantly since the last reported period. Sale of
office premises is extremely rare. It should be noted that the number
of requests for purchase of office premises received during Q1 2017
was rather limited.
The largest demand for office space in Astana is created by local
government-related and foreign companies. The typical tenants of
Class A offices are the companies operating in those industries which
allow rapid development and highest revenues.
Office premises with an area of 50 - 200 sqm in fully-finished
condition (to be further modified by tenants) still remain popular on
the local market.
At present the vacant office space accounts for not more than 15% of
the total office stock of Astana.
The vacancy rate in Class B+ and В business centres commissioned
prior to 2007 is approximately 5%, which evidences a quite high level
of demand for office premises with lower rental rates, despite the fact
that they may have a lower overall level of quality compared to Class
A premises.
A comparative analysis of prime office rents in the EMEA region
(Europe, Middle East and Africa) showed that despite the fact that
Almaty rental rates are lower than in other large cities like Moscow
and London, they are still above the prime rental rates in many large
cities of Eastern Europe and Asia.
Source: Scot Holland LLP
Page 6
Talking about business centres in the pipeline/under
construction, it should be noted that the overwhelming
majority of such projects classify themselves as Class A,
with an average area of 15,000 – 20,000 sqm, and an
average building height of 17 floors.
Class A and B Business Centres in Astana are
predominantly located in the new administrative centre
(the Left River Bank), but at the same time the ‘old centre’
is still popular with some companies. The main avenues
and streets connecting the ‘new’ and ‘old’ Centres of the
city were re-built or repaired, and now offer a more
developed roadside infrastructure of better quality.
The quality of construction depends on the facility,
customer and developer; however, lately most buildings
are characterized by a smaller gross area/usable area ratio,
due to the extensive use of internal partitions and dividing
walls.
In conclusion, we would like to note that, in our opinion, a
decrease of construction activity in Astana can already be
observed. However, the office estate market should
expand thanks to the construction of new objects as part
of the ‘EXPO – 2017’ event, which will be held in Astana.
Map of Market Zones in Astana
Source: Google, Scot Holland LLP
Market Zones
Riverside – mainly elite residential
projects with few business and
entertainment centres – in dark-blue on the
map;
Old centre – residential developments,
business centres, administrative buildings,
retail facilities, central part of the city – in
light-blue on the map;
Extended old centre – mainly
residential developments constructed in
1950-60’s, with few retail premises – in
purple on the map;
Microdistricts – predominantly
residential projects constructed in 1970-
80’s, with few retail facilities – in red on the
map;
Ak-Bulak – only new residential
developments, complexes of small
buildings, individual houses – in olive on
the map;
Energetic – residential area, individual
houses, both old and newly constructed –
in light-green on the map;
Chubary – residential area, individual
houses, both old and newly constructed –
in dark-green on the map;
Karaotkel – residential area, individual
houses, predominantly new – in yellow on
the map;
South-East – residential area, individual
houses, predominantly new – in orange on
the map;
Industrial Zone – industrial buildings
and few very low quality old residential
complexes – in black on the map.
Page 7
OVERVIEW
Quick Stats Change
from
Q4
16
Q1
16
Rental rates
Absorption
The total Astana retail turnover during the period
Jan-April 2017 comprised KZT 282,299 Mln.,
Compared with the same period of 2016 the total
volume of retail trade turnover at current prices
increased by 2.3% in comparable prices.
Source: Astana Statistics Department
The year 2011 was characterized by a process of
recovery of the retail sector thanks to a certain
increase of consumer demand and stabilization of
rental rates. The Retail market segment in Astana
sustained a noticeable increase of activity since the
beginning of 2013. Currently we observe increasing
interest from retailers for new projects in Astana,
after the devaluation of national currency in 2015.
Similar to Almaty, some international retail players
expressed interest in expanding their businesses in
Astana. However, at the moment, due to the fact
that rental rates are attached to the USD exchange
rate, the majority of tenants have found themselves
in an extremely disadvantageous position. From one
side, cash volumes are decreasing dramatically, and
from the other side rental rates are increasing
substantially. For the sake of keeping their tenants,
Shopping Center owners are becoming more loyal
and willing to compromise in order to improve the
rental conditions of the tenants.
Major trends on the Astana retail market include:
high competition, relatively low purchasing power
of the population, and poor marketing concept of
some existing shopping centres. There is also a
noticeable shortage of professional and ‘branded’
operators on the retail market of Astana.
Given the fact that more and more new retail and
entertainment facilities will appear in the near
future, the Astana retail market may face oversupply
in the next 3-5 years, and developers may have to
shift focus to the new formats of shopping centres.
Shopping and entertainment centres
currently under construction as
«Respublica Plaza» and «Silk Way» are
working under attracting international and
local retail brands.
In the short-term, it is expected that
newly-commissioned buildings will drive
out of the market the old ‘Soviet-type’
stores, where currently all ‘street retail’
format outlets are located. In fact,
opening a “street retail” outlet requires
much more investments, both during the
launch and follow-up operation periods,
due to the necessity to handle all day-to-
day issues and maintain the store and the
adjacent territory in good condition.
Also, the clear positioning of the shopping
& entertainment facilities, along with
competent professional management,
have become increasingly important in
the current conditions.
Historically, low population density along
with outdated and very poorly maintained
infrastructure across all regions of the
country, have made it logistically
challenging in terms of transporting
goods and providing services on a
nationwide basis, and have significantly
increased the overall business running
costs.
There is no doubt that the purchasing
power of the population in the pre-crisis
period was somewhat higher than today.
However, the effect produced by new
conceptual projects might override that
fact, as they attract a constant flow of
visitors to experience a new, modern and
conceptual shopping, entertainment and
leisure process for people with their
families, friends etc.
Shopping centres of the so-called ‘old’
format will inevitably suffer from a rapid
decrease of the levels of activity, closing
down of outlets and subsequent high and
increasing vacancy rates, as many tenants
relocate to newer and more modern
facilities.
Hot Topics
Decrease of the rental rates
practically in all Shopping &
Entertainment Centers;
Existing shopping centres, as
well as those under
construction still experience
difficulties attracting tenants;
Less successful shopping
centres face intensive
rotation of tenants and
subsequent increase of
vacancy rate levels.
Astana Market View
Retail Q1 2017
Page 8
The shopping centres will find it difficult to attract new
retail operators, and will therefore be forced to make
compromises regarding the lease terms and conditions for
potential tenants, in order to achieve an acceptable
occupancy level of the object.
At the same time some professional tenants who are
considered important for the shopping centres and
represented by well-established brands, work under the
scheme where the rental rate is calculated as percentage
of the monthly turnover.
Most modern retail facilities in Astana are concentrated on
the Left River Bank of the city, where the majority of
administrative buildings, governmental institutions and
authorities are located. The largest concentration of
‘expensive’ retail outlets is observed in the riverside area
and the Centre. The right river bank of the city is
represented predominantly by reconstructed and
overhauled older shopping centres and street retail
outlets.
Many existing shopping centres and other types of retail
facilities are of relatively poor quality and lack an efficient
concept, professional property management and
appropriate tenant mix.
As of today, ‘Khan Shatyr’, ‘Mega Astana’ and ‘Keruen’ can
still be classified as the most successful shopping &
entertainment facilities in Astana.
It should be noted that most owners of newly-
commissioned and planned shopping centres employ the
services of professional advisors, providing assistance
during the preliminary stages of development and
ensuring follow-up support of the commissioned projects.
In our opinion, this tendency helps the overall quality
improvement of the retail market, and leads to the
appearance of better-quality conceptual shopping centres
in Astana.
The table below shows the existing Retail stock in Astana,
as well as the expected/planned additions of
contemporary shopping centres (with TGA 5,000 sqm or
larger) during the period 2017-2018:
Existing popular and successful conceptual shopping centres
sustain high occupancy rates and even a waiting lists of
tenants, while poorly planned and maintained centres without
a concept are losing tenants and suffer from constantly
growing vacancy rates.
During Q1 2017, the range of rental rates in the retail
passages of conceptual shopping centres (without
considering the rates for anchor tenants) remained practically
unchanged and varied in the range USD 5 - 100 per sqm per
month. However, in many shopping centers the rental
amount in USD equivalent was decreased, and an increasing
number of landlords agree to charge a percentage of the
outlet’s sales instead of a fixed rental rate. Generally, rental
payments are made in advance on a monthly basis as agreed
between the tenant and the owner (landlord) of the retail
facility. As a rule VAT, operational and utility charges and
marketing costs are paid additionally.
At the same time it is worth mentioning that the rental rates
payable by large anchor tenants, such as cinema theatres,
supermarkets/hypermarkets, home appliance stores, family
entertainment centres, department stores etc. are significantly
lower and generally do not exceed USD 5-9 per sqm per
month.
The demand and selling prices of street retail premises
increased in the reporting period.
Currently 4 modern projects are under construction, and are
planned/announced for commissioning in the period 2017 -
2018. These are retail spaces in the “Talan Towers” and “Abu-
Dhabi Plaza” projects, a new shopping center under the
working name “Silk Way” with a TGA of 160,000 sqm, as well
as a new project on the «right» bank of the Esil river called
“Respublica Plaza”.
According to our estimates, and assuming that all the
planned facilities are commissioned during the period 2016-
2018, the total retail stock in modern shopping &
entertainment centres in Astana will reach approximately
480,000 sqm of Gross Leasable Area (GLA) by the end of
2017, beginning of 2018.
A comparison between the current GLA index per 1,000
persons in Astana and the same index in other large cities in
Kazakhstan, CEE and CIS is shown in the chart below:
Retail market indicators
Total existing stock in modern
shopping centers (GLA, sqm) 366,100
Retail stock additions during
Q3 of 2016 (GLA, sqm) 0
New retail facilities planned for
commissioning in 2017-2018
(GLA, sqm)
137,000
Average Vacancy Rate ca. 5-10%
Source: Scot Holland LLP Source: Scot Holland LLP
Page 9
The locations of large-size modern existing shopping centres in Astana are
indicated on the following map:
Source: Google, Scot Holland LLP
Map Legend:
Yellow pins – existing contemporary shopping centres (larger than 5,000 sqm of TGA).
For more information
regarding the Market
View, please contact:
Scot Holland LLP
Strategic Consulting
Eugene Dolbilin
Vice President
105, Dostyk Ave.,
3rd floor
Almaty, 050051
Kazakhstan
T: +7 (727) 258 1760
F: +7 (727) 258 1768
Peter Goranov
Director
Strategic Consulting and
Valuations
105, Dostyk Ave.,
3rd floor
Almaty, 050051
Kazakhstan
T: +7 (727) 258 1760
F: +7 (727) 258 1768
DISCLAIMER 2017 Scot Holland LLP The information herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we
have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to
independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are
for example only and do not represent the current or future performance of the market. This information is
designed exclusively for use by Scot Holland LLP clients, and cannot be reproduced without prior written permission
of Scot Holland LLP.