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2019 May
RATP second Green Bond
C2 - Internal Natixis
Contents
2
1. Company overview & link with the French State
2. RATP group core businesses: expert in urban mobility
3. Results & performance
4. Fundind strategy
5. An ambitious Corporate Social Responsability & strong achievements
6. A second benchmark Green Bond dedicated to the ecological and energy transition
7. Appendix
1. COMPANY OVERVIEW & LINK WITH THE FRENCH STATE
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4
RATP, a French public entity of an industrial and commercial character with autonomous management (EPIC* Status) created under Law dated 1948 Created to run, develop and maintain the public transportation system in the Greater Paris area (Region Ile-de-France) (infrastructure and rolling stock). Since 2010 authorized to operate beyond its original scope through subsidiaries
RATP Group is 100% owned by the French State
European regulation in 2007 asked for a gradual opening of the competition in the passenger transport sector. A French Law in 2009 stated that:
• RATP will remain the owner and sole manager of the existing rail network
• RATP will face operating opening to competition in 2025 for the bus network, 2030 for the tramway network and 2040 for the railway network
• Ile-de-France Mobilités (Greater Paris transport authority) becomes the legal owner of the rolling stock
* Etablissement Public Industriel et Commercial (“EPIC”)
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5
RATP group, a leading public transport operator in France & abroad 5th largest urban public transport operator in the world One of the most diversified multi-modal player
€ 200 million
net income in 2018
€ 5.6 billion consolidated revenues in
2018
16 million
passengers carried every day worldwide
61,000 employees
at 31 December 2018 (19% abroad)
€ 1.6 billion invested in 2018
in the Île-de-France Region
METRO RAIL TRAMWAY BUS CABLE CAR
6
Credit Ratings in line with the French state
RATP is rated the highest possible ratings, in line with the French State, on the basis of:
• Strategic importance as the owner and the only infrastructure manager of urban transport in Paris (by law)
• Strong support and control from the French State – 100% State-ownership
• As an EPIC, no subject to private sector bankruptcy law
• Resilient budgetary performance and medium-term debt stabilisation
7
A diversified Group organised around the EPIC RATP
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€ 1.2 billion
Contribution to Group revenue
8
RATP Dev, a success story 15 countries 4 continents
RATP Dev exported the Group’s expertise in operating and maintaining all modes of transport to new territories in France and abroad
RATP Dev is targeting markets that offer • profitability only
• size effect possible (UK, USA, Italy) and high added value (Saudi Arabia)
Thanks to RATP Dev, RATP is getting ready to the progressive opening to competition on its historical network in Region Ile-de-France
70% of turnover generated abroad in 2018
€ 2 billion
contracted for the Riyadh metro network
8,000 bus
operated worldwide
United Kingdom
RATP Dev’s biggest market
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Long-term trends favorable to the Group’s development
Urbanisation & emergence of megacities
• Urban share of the world population represented 50% in 2015 and should reach 70% in 2050
• In 2030 more than 100 cities with more than 5M inhabitants (15% world population)
Environmental awareness
• Cost of pollution 1.5% of French GDP
• Cost of congestion 2-4% of agglomeration's GDP - McKinsey 2017
200 km of new metro lines in the Greater Paris
• Grand Paris Express
• Call for tenders to operate new metro lines
• RATP exclusive maintainer of the infrastructure upon completion by law
2. RATP GROUP CORE BUSINESSES: EXPERT IN URBAN MOBILITY
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Operates metro lines all over the world
• 14 lines and 1 airport line in the Greater Paris area
• First foreign operator in Mumbai (India)
• Only private operator in Seoul (South Korea)
• Won the tender for the operation and maintenance of 2 new metro lines in Riyad (Saudi Arabia) and 1 new live in Doha (Qatar)
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World leader in automated metro
Unequalled advantages in transport systems, maintaining and engineering
Proven expertises:
• Installation of automated lines
• Management of automated lines extensions
• Automation of existing lines
Expertise deployed on 4 continents
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Operates Europe third largest network
In the Greater Paris area:
• 100 km of track (7 lines)
• Europe third largest network
• 276 millions passengers (+7.8%
Outside France
• Over 300 km of tracks
• Routes in China (Nanjing, Shenyang, Hong Kong)
• Routes in United States, Italy, Brasil, Morocco…
TRAMWAY
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Extremely diversified offer
• Extremely diversified offer: urban and intercity bus networks, school transports, sightseeing centre city
shuttle buses, on-demand transport…
• 8,000 buses around the world (excluding the Greater Paris area)
• 4,700 buses in the Greater Paris area, 50% electric – 30% biogas – 20% hybrid by 2025
• Over 1,000 buses in London
• Intercity routes in 18 states of America
• A sightseeing operator: Extrapolitan label
BUS
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Operates the world’s busiest urban line
In the Greater Paris area
• RER A: one of the world’s busiest lines (up to 1.2 million passengers per working day)
• RER B: almost 900,000 passengers per day
Outside France
• South Africa: Gautrain express, Africa’s fastest rail line
• Italy: 2 regional railway lines
RAIL
3. RESULTS & PERFORMANCE
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4343 4413 4322 4372 4352
914 1143 1126 1114 1211
17% 21% 21% 20%
22%
0%
5%
10%
15%
20%
25%
0
1000
2000
3000
4000
5000
6000
2014 2015 2016 2017 2018
%
EU
R m
illi
on
EPIC RATP RATP subsidiaries Contribution of subsidiaries (%)
€ 5 486 € 5 257
€ 5 556 € 5 448 € 5 563*
* First application of IFRS 15 17
Consolidated revenue in constant progress
Our goal for 2020:
• € 7 billion of revenues
• 30% of which generated by subsidiaries
• RATP Group's revenues increased regularly between 2014 and 2018
• Contribution of subsidiaries increased from 17% in 2014 to 22% in 2018
18
Financial results Highest level of profitability in Europe
839 786
954
786 817
846
519 516
629
382
448 476
293 298
437
171
339
200
0%
5%
10%
15%
20%
25%
0
200
400
600
800
1 000
1 200
2013 2014 2015 2016 2017 2018
EBITDA Operating income Net Income attributable to Group EBITDA margin Operating income margin€m
• Recurring Group's Net Income €290 million in 2018 vs 266 million in 2017 (demonstrates the strengthening of RATP’s operating performance)
• Recurring EBIT rose by €28 million over 2017 to €476 million, a clear improvement by both RATP and RATP DEV
• Consolidated total equity in constant scope increased: equity doubled between 2007 and 2018 to reach €4.9 billion
• Gearing improved from 1.13 in 2017 to 1.07 in 2018 (in line with our ratio target of 1.1 set for 2020)
19
Stable leverage
Group’s Net Debt over the years
• The EPIC’s net debt contracted by €45 million to €5.2 billion at the end of 2018 thanks to improved cash flow and the drive to improve Working Capital Requirement in operation and investment.
• Over the IDFM’s five-year term contract, debt will be stable despite significant investment program.
5 187 5 020 5 278
5 439 5 233 5 188
911 786 954 912 976 1 004
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
2013 2014 2015 2016 2017 2018
Net Debt Operating Cash Flow Net Debt/Operating Cash Flow (RHS) Leverage (RHS)€m
20
Focus on the RATP-IDFM 2016-2020 contract 8.5 billion record investments plan
• Operates public transports in Greater Paris area
• Manages infrastructures
• Bears industrial risk
• Establishes regional public transport services
• Defines new transport offers
• Sets up tariffs
• Bears most of the traffic risk
• IDFM is the sole transport authority responsible for Region Ile-de-France (Greater Paris area) on all modes of ground transports
• The relationship between IDFM and operators is based on multi-year contracts since 2000
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Investments in the Greater Paris area €1,579 million invested in 2018
Two main objectives :
• Develop the transport offering by providing new services and increasing existing transport capacity
• Prepare for the future by maintaining RATP’s heritage and developing new services
1 513 1 580
1 832 1 784
1 560 1 579
2013 2014 2015 2016 2017 2018
4. FUNDING STRATEGY
23
Caution and dynamic funding strategy RATP EPIC is a historical and regular borrower on Debt Capital Markets: expected annual issuance programme of EUR 500-600m targeting medium- to long-term tenors
EUR5.2bn Total Debt mainly through Bonds (90%)
(as of end of Dec 2018)
Strong Liquidity position EUR2.5bn Commercial paper program
No Foreign exchange risk: RATP systematically hedges foreign exchange risk on foreign currency’s issues using cross-currency swaps
Legal documentation
EUR6bn EMTN Programme (implemented in 1995)
Senior unsecured - RegS Dematerialised - Listing Paris – French Law
To complete existing EUR Curve
EUR500m+ Issue Size
Preference for medium to long tenors (7-15y)
Spread offered vs. French Government Curve (OAT)
Green Bond issuance in 2017
EUR30-50m equivalent min tickets can be considered
Any currency: JPY, AUD, USD, HKD, CHF…
Vanilla and lightly structured pay-offs
Tenors: 18mth-30y
Green Bond Private Placements possible
Public issuance Private placements
24
Debt Profile and Secondary Curve RATP offers to investors: (i) a well developed EUR credit curve, (ii) room for new issues at medium to long tenors and (iii) a spread pick-up versus French Government Curve
A smooth maturity profile:
Progressive construction of a smooth curve
No redemption peak: average redemption of €500m per year
Demonstrated access to the bond market:
11 bonds outstanding
7 EUR benchmarks with €450-650m size
2 latest bond issues:
June 2018: €200m 30y (private placement) June 2017: €500m 10y (Green Bond)
0M€
100M€
200M€
300M€
400M€
500M€
600M€
700M€
2019 2021 2023 2025 2027 2029 2031 2048
25
RATP investors’ profile RATP benefits from a strong demand from French Insurance and Asset managers. However, RATP is today eager to diversify its investor base
Source: RATP Finance Department – EUR2bn+ issued since 2008
France70%Germany
5%
Benelux6%
UK9%
Nordics2%
Switzerland3%
Asia1%
Others4%
Central Banks5%
Fund Managers43%
Insurance39%
Pension Funds8%
Private Banking2%
Others3%
Investors breakdown by Geographies Investor Breakdown by Types
26
Eur500 million 10-year inaugural Green Bond The Group commits to be a major player in sustainable mobility and sustainable city infrastructure to reduce its environmental footprint
Source: RATP Finance Department – EUR2bn+ issued since 2008
The transaction attracted an impressive and granular
orderbook of over EUR1.6bn (exc. JLM)
With this Green Bond, RATP encountered the largest and most geographically diversified orderbook they ever had on a transaction
5. AN AMBITIOUS CORPORATE SOCIAL RESPONSABILITY & STRONG ACHIEVEMENTS
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A long story with CSR
June 2017 inaugural Green Bond
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An external recognition in 2018: ISO 26000 The RATP 1st multimodal transport operator in the world labeled "Engaged CSR confirmed level" by Afnor Certification
• This label, recognized internationally and valid for a period of 3 years, was awarded following an evaluation of the company's CSR strategy through various criteria such as environmental policy, territorial development, social dialogue or governance.
• It shows an excellent performance especially in terms of human resources, territorial anchoring and sustainable production methods.
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A CSR policy with 3 directions & 9 strategic priorities
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A CSR policy worked out in consultation with The stakeholders
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A CSR policy with ambitious targets Public transport is by definition environmentally-friendly. We intend to be a leading player in this field.
-20% & -50% Consumption
reduction targets
Energy & greenhouse emissions per passenger km
between 2015 & 2025
100% ISO 14001-certified industrial
sites in 2020 (RATP)
BUS2025
RATP: 4,700 buses
The ambitious RATP plan for a 100% ecologically friendly fleet in Paris Region in 2025
Responsible purchases
inclusion of eco-design
criteria in contracts
Develop circular economy models
The Two-Bank district
“Quartier des deux rives” in Paris
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Ambitious and innovative projects Two significant examples
• Paris Habitat and the RATP recover the heat of the metro to supply a social housing building
• Quartier des deux rives « the two-bank district » in Paris : the circular economy on a scale of a parisian district
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3 Projects financed by the RATP inaugural Green Bond in 2017
Renewal of rolling stock of the RER A, the busiest regional train in Europe
Automation of Paris Metro line 4
Purchase of 100% electric maintenance RER shunter
€250 million financed by the bond
100% refinancing
€200 million financed by the bond
100% new financing
€50 million financed by the bond
100% new financing
1 TWh energy savings*
50,400 tCO2e saved
*See impact report June 2018
https://www.ratp.fr/en/en/la-ratp-et-les-green-bonds
140 GWh energy savings*
6,700 tCO2e saved
32 GWh energy savings*
14,000 tCO2e saved
6. A 2ND BENCHMARK GREEN BOND DEDICATED TO THE ECOLOGICAL AND ENERGY TRANSITION
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36
Rationale for the second benchmark RATP Green Bond
• An new RATP Green Bond to promote energy sobriety and low-carbon mobility
• An opportunity to emphasize the Group’s strategy in terms of sustainability and climate change mitigation
• A strong commitment to achieve environmental and other sustainability objectives
Overview of RATP Green Bond Framework
Use of proceeds Management of proceeds
Reporting
Process for Project Evaluation and Selection
• Public transport infrastructures maintenance and renovation
• Viacducts • Tramway lines • Automatic signals • Mechanic ventilation
• Public transport station and spaces modernization
• Station upgrades and modernization program
• LED projects
• Proceeds to be credited to the general funding account and used to finance, new projects and/or refinance existing projects up to two years prior to the issue date (share of refinancing: 50% approx.)
• Unallocated proceeds to be temporarily invested in accordance with RATP’s established investment guidelines
• RATP’s Control and Investment department in charge of tracking the investments of the proceeds allocated to Eligible Green Projects
Key selection criteria: • projects should be financed in equity • projects should not likely be the subject of major controversy (this risk is determined after a
consultation of the legal department) • projects should meet the environmental and sustainability objectives stated above
A dedicated Green Bond Committee to select Eligible Green Projects Validation of the Eligible Projects list by RATP Executive Committee
• Other public transport low-carbon vehicles
• Bus2025 Project
• Public transport rolling stock renovation and renewal
• New & renovated rolling stock • Electric traction locomotives
External Review
Second Party Opinion by Vigeo Eiris
37
Aligned with the Green Bond Principles
• Allocation report • At category level and Bond level • Provided on an annual basis, until the full allocation of the Green Bond proceeds • Published within the CSR annual report • Validated by external auditors
• Impact report
• Environmental impact metrics for carbon impact and energy efficiency, pollution reduction impact, waste and water management
• Other Sustainability impact metrics on network activity and usage, job creation and preservation
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3 major projects financed by the 2019 RATP green bond
BUS2025
The ambitious RATP plan for a 100% ecologically friendly fleet in Paris Region
Vaugirard Workshops
An industrial and urban project : an exemplary urban mix operation
New vehicules for Metro line 14
More ergonomic vehicles with more capacity for an extended line
€250 million financed by the bond
(bus & depots)
€100 million financed
by the bond (workshops)
€150 million financed by the bond
(vehicles)
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BUS2025 The ambitious RATP plan for a 100% ecologically friendly fleet in Paris Region
338 routes 12094 stops 1 billion passengers per year
179 million km/year
4700 buses
A 3 phases project
• 2015 : real life trials
• 2017 : first deployment with first huge bid to acquire electric buses
• 2019 : large scale deployment
The journey has already started with
• 950 hybrid buses
• 140 CNG buses
• 80 electric buses
An alignment for 100% electric buses to the EU taxonomy project
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BUS2025 The ambitious RATP plan for a 100% ecologically friendly fleet in Paris Region
A double challenge : Transformation of the depots & of the fleet
The depots must be transformed, and the minimization of the impact on the electric grid is taken into account
• Choice of recharging vehicles at night at depots to reduce the impact on the network and the need for fast charging: solicitation of the network, at most outside peak hours
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BUS2025 The ambitious RATP plan for a 100% ecologically friendly fleet in Paris Region
Impressive environmental impacts: less air pollution
Particles -80% Hydrocarbon -80%
NOx - 90% CO -45%
And less noise : positive driver & passenger feedback (real life trial results)
Social & societal impacts
Industrial challenge : Research & Innovation, support to the development of the vehicle manufacturer’s sector
A 50% reduction of greenhouse gas emissions
(-200,000 tCO2e over 10 years)
More information
https://www.ratp.fr/en/groupe-ratp/newsroom/sustainable-
mobility/bus-2025-ambitious-ratp-plan-100-ecologically-friendly
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Vaugirard workshops An industrial and urban project:
an exemplary urban mix operation
Birth of a new district with the creation of an urban road and:
• two maintenance workshops: rolling stock and equipments
• 400 housings (50% social housing)
• a day nursery for children, food shops
700 m2 dedicated to urban agriculture and the largest green roof in Paris with 15,000m2
February 2019: laying the first stone Delivery from 2022: social housing, private housing, equipment maintenance workshop Delivery 2023: private dwellings 2027: restructuring of the train maintenance workshop, other part of the housing units
More information (in french):
http://www.lesateliersvaugirard.fr/le-groupe-ratp-confie-la-
realisation-des-ensembles-immobiliers-prives-des-ateliers-
vaugirard-emerige
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Vaugirard workshops An industrial and urban project:
an exemplary urban mix operation
Positive impacts related to RATP proactive CSR policy
A division by 3 of energy consumption between the new RATP workshops and the old ones, ie avoided GHG emissions of around 580 tCO2e per year
• The entire project is part of an "Environmental approach to urban planning" (AEU2) implemented by the RATP group in partnership with the ADEME (French Agency for the Environment and Energy Management)
Housings are certified "habitat environment" and meet the requirements of eco-design, 50% social housing (dedicated to RATP staff )
• Thermic Regulation (RT 2012) : -30% targeted energy consumption for dwellings
Project that keeps the employment of blue-collar workers in dense areas and the urban mix
• And also 37,000 hours of integration into employment to help people who are unemployed, facing social and professional difficulties (long-term job seekers, young people without qualifications, social minima recipients…)
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News vehicules for metro line 14 More ergonomic vehicles with more capacity for an extended line
First large-capacity automatic metro line commissioned in the world in 1998
550000 passengers per day
Future backbone of the Grand Paris Express, on the occasion of the extension of line 14 to Mairie de St-Ouen in 2019, the rolling stock will be renewed on the entire line (First order 35 trains)
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News vehicules for metro line 14 More ergonomic vehicles with more capacity for an extended line
Energy savings
• Thanks to the new generation of energy recovery breaking system, and motors : 20% energy savings globally on the line (equivalent of the annual consumption of 1400 homes)
• Vehicles are internally Led lighted : 25% energy savings on lighting
Air quality : Thanks to the electrical breaking, particles emissions reduction
Social impacts & comfort
Each train will offer 48 seats for people with reduced mobility and 2 for wheelchairs, a totally accessible train (wide circulation areas, new ergonomic seats)
40% quieter: -2dB inside
Recyclability 95%
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Contacts
Maurice Jarlier Head of Treasury and Finance +33 1 58 78 23 01 [email protected]
Dominique Queguiner Assistant Head of Treasury and Finance +33 1 58 78 30 15 [email protected]
Sophie Mazoué Head of Sustainable Development + 33 1 58 76 87 65 [email protected]
Sophie Klein CSR & digital project manager + 33 6 32 31 73 24 [email protected]
www.ratp.fr
7. APPENDIX
48
RATP – IDFM – SGP
Existing RATP’s network
(buses, trams, metro, RER)
- Owner, maintainer and sole manager of rail infrastructure without time limit by law (loi ORTF)
- Until RATP’s operating network is opened to
competition (loi ORTF):
RATP sole operator of existing lines
Economic property of rolling stock Rolling stock co-finance by RATP and IDFM
- In 2024 (bus)/2029 (trams)/2039 (metro/RER) :
Operating opened to competition
- Determines transport service provision and ticket prices
- Until RATP’s operating network is opened to competition (loi ORTF):
legal property of rolling stock
operating contributions made to cover RATP’s investments in rolling stock (amortisation and financial fees)
- In 2024 (bus)/2029 (trams)/2039 (metro/RER) :
IDFM full ownership of rolling stock IDFM reimburses RATP’s investments in rolling
stock at net book value net of subventions Manages competitive bidding
-
Grand Paris Express (GPE)
- Exclusive maintainer of the infrastructure upon completion by law (except for the stations)
- Operating opened to competition
- Owner of the rolling stock
- Reimburses SGP for GPE’s rolling stock
- Determines transport service provision and ticket prices
- Manages competitive bidding
- Owner of infrastructure - Finances the infrastructure
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Le Grand Paris Express
200 km of automated metro, 90% underground network
Biggest urban project in Europe with a total capital investment of 35 billion €
RATP exclusive maintainer of the infrastructure upon completion by law
Calls for tenders to operate the lines
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Disclaimer
This document is being furnished to you solely for your information on a confidential basis and may not be reproduced, redistributed or passed
on, in whole or in part, to any other person. This document does not constitute or form part of any solicitation, offer or invitation to purchase or
subscribe for any securities issued by RATP and neither it nor any part of it shall form the basis of, or be relied upon in connection with, any
contract or commitment whatsoever. Accordingly, it is not directed to the specific investment objectives, financial situation or particular needs of
any recipient. You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that
you deem it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of an
investment in RATP securities) based upon your own judgment and advice from such advisers as you deem necessary and not upon any view
expressed in this document.
No representation or warranty, express or implied, is made as to, and no reliance may be placed for any purposes whatsoever on, the fairness,
accuracy, completeness or correctness of the information or opinions contained herein. None of RATP, or any of its affiliates, advisers or
representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its
contents or otherwise arising in connection with this document.
Certain statements in this document are forward-looking, including statements concerning RATP’s plans, objectives, goals, strategies, future
events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, business strategy and the trends RATP anticipates in the industries and the political and legal environment in which it operates
and other information that is not historical information. By their nature, forward-looking Statements involve inherent risks and uncertainties,
both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking Statements will not be achieved.
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and such forward-looking Statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or
standard scenario. Such forward-looking Statements speak only as of the date on which they are made. Any opinions expressed in this document
are subject to change without notice and RATP does not undertake any obligation to update or revise any forward looking Statement, whether as
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