Slide 1: Overseas Regulatory Announcement
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Slide 2: Annual Results 2023 Webcast Presentation
21 February 2024 HSBC HOLDINGS PLC ANNUAL RESULTS 2023 WEBCAST PRESENTATION HSBC will be holding a webcast presentation today for investors and analysts. The speakers will be Noel Quinn (Group Chief Executive) and Georges Elhedery (Group Chief Financial Officer). A copy of the presentation to invest
Slide 3: HSBC Holdings plc 4Q23 Results
HSBC Holdings plc 4Q23 Results Presentation to Investors and Analysts
Slide 4: Key messages
FY23 highlights 4Q23 results Strategy Appendix Key messages What we delivered in 2023 What we expect in 2024 Record reported PBT of $30.3bn Macro environment: Reported revenue of $66.1bn Interest rates to trend downwards, as efforts to combat Reported RoTE of 14.6%; 15.6% excluding strategic
Slide 5: 4Q23 Results
4Q23 Results Georges Elhedery Group Chief Financial Officer
Slide 6: Good underlying performance in 4Q23; PBT included notable items and Argentina
FY23 highlights 4Q23 results Strategy Appendix Good underlying performance in 4Q23; PBT included $(6.3)bn relating to notable items and Argentina hyperinflation $bn 4Q22 4Q23 Δ Revenue growth, primarily Banking NII, was offset by $(2.7)bn notable items booked in 4Q23, primarily two items guided to
Slide 7: 4Q23 revenue growth primarily driven by Banking NII
FY23 highlights 4Q23 results Strategy Appendix 4Q23 revenue growth primarily driven by Banking NII 1.5 14.6 (2.4) Primarily Banking NII, in particular a $1.2bn* increase in the revenue offset (0.7) 13.0 into non-NII from the central costs of funding GBM trading activity 4Q22 Net growth Notable items
Slide 8: Continued good Banking NII performance
FY23 highlights 4Q23 results Strategy Appendix Continued good Banking NII performance Banking NII, $bn * 4Q23 NII and Banking NII included $(0.8)bn from: $(0.5)bn Argentina hyperinflation1 +5% $(0.3)bn reclassification of cash flow hedge revenue between NII and non-NII, of which $(0.2)bn rela
Slide 9: Banking NII outlook
FY23 highlights 4Q23 results Strategy Appendix Banking NII outlook Rebase 4Q23 Banking NII of $10.7bn: Banking NII 1 year sensitivity* Add back $0.5bn to 4Q23 Banking NII for Argentina Currency hyperinflation1 and the reclassification of cash flow hedge $m revenue2 USD HKD GBP EUR Other Total +100
Slide 10: Non-NII
FY23 highlights 4Q23 results Strategy Appendix Non-NII 4Q22 to 4Q23 non-NII (reported FX), $bn 0.2 0.3 1.2 Included a $0.1bn (2.4) 5.6 increase in net fee income, primarily in 4.7 CMB (up 7%) and (0.2) WPB (up 4%) 4Q22 Trading offset Cash flow hedge Other growth Notable items Argentina 4Q23 income*
Slide 11: Non-NII: Wholesale Transaction Banking and Wealth
FY23 highlights 4Q23 results Strategy Appendix Non-NII: Wholesale Transaction Banking and Wealth Wholesale Transaction Banking non-NII: stable vs. 4Q22 Wealth non-NII: a strong 4Q23 performance in Asset Management and Private Banking was offset by corrections to historical $bn valuation estimates in
Slide 12: Credit performance
FY23 highlights 4Q23 results Strategy Appendix Credit performance ECL charge trend, $bn (55)bps (41)bps 4Q23 ECL charge $(1.0)bn: (35)bps (40)bps (17)bps $(0.7)bn Stage 3 charge in Wholesale, of which $(0.2)bn related to mainland China CRE (1.5) (0.9) (1.1) (1.0) $(0.3)bn Personal charge, prim
Slide 13: Mainland China commercial real estate update
FY23 highlights 4Q23 results Strategy Appendix Mainland China commercial real estate update Mainland China CRE exposures by booking location and credit quality At 31 December 2023 Memo: Hong Hong Mainland Rest of $bn Total Kong at 3Q23 Kong China Group Total 7.5 6.3 5.0 0.9 12.1 Strong 1.2 0.8 1.7 0
Slide 14: Target basis costs up (1)% vs. 3Q23 guidance due to higher levies
FY23 highlights 4Q23 results Strategy Appendix Target basis costs up (1)% vs. 3Q23 guidance due to higher-than-forecast levies Constant currency costs to target basis, $bn $bn FY22 FY23 ∆ Constant currency costs of $(32.1)bn, down $0.2bn (1%) vs. FY22, primarily due to lower restructuring costs Co
Slide 15: Costs outlook: expect growth in FY24 of approximately 5%
FY23 highlights 4Q23 results Strategy Appendix Costs outlook: expect growth in FY24 of approximately (5)% vs. FY23 on a target basis Baseline for FY24 cost target, $bn Reflects: Investment in growth and efficiency; and (32.1) (0.3) 0.2 Inflation, partly offset by cost management actions 0.7 0.3
Slide 16: Customer lending and deposits broadly stable vs. 3Q23
FY23 highlights 4Q23 results Strategy Appendix Customer lending and deposits broadly stable vs. 3Q23 Customer lending $bn (2)% 960 (17) 939 4 (5) (3) UK RFB +$2bn, Primarily weaker Elevated repayment of primarily mortgages market-wide loan loans demand in HK 3Q23 WPB: Sale of France retail WPB: Othe
Slide 17: Capital and distributions
FY23 highlights 4Q23 results Strategy Appendix Capital and distributions CET1 ratio1, % 0.6 0.0 14.9 (0.3) 0.3 14.8 (0.1) (0.4) (0.0) (0.2) No material impact from the impairment of BoCom due to a compensating release of threshold deductions CET1 ratio benefit from FVOCI mainly due 3Q23 Regulato
Slide 18: International revenue
International revenue
Slide 19: Our network enables us to serve wholesale clients with international needs
FY23 highlights 4Q23 results Strategy Appendix Our network enables us to serve wholesale clients with international needs 61% of wholesale client revenue is from multi-jurisdictional clients... …a majority of which is earned from activity outside the clients’ home market FY23 Wholesale client revenu
Slide 20: In WPB, we continue to develop our international proposition
FY23 highlights 4Q23 results Strategy Appendix In WPB, we continue to develop our international proposition to cater for the cross-border banking needs of our customers 40% of WPB customer revenue is from …delivering $10.2bn international customer revenues in 2023 international customers… FY23 WPB c
Slide 21: Strategic actions
Strategic actions Noel Quinn Group Chief Executive
Slide 22: Why we're here. Where we're going. How we'll get there.
FY23 highlights 4Q23 results Strategy Appendix Why we’re here. Where we’re going. How we’ll get there. What guides us. Our purpose, ambition, strategy and values give us clarity and direction. We call this page our ‘plan on a page’. Our purpose Opening up a world of opportunity Our ambition To be th
Slide 23: Focus: Wholesale – Double down on leadership in international connectivity
FY23 highlights 4Q23 results Strategy Appendix Focus: Wholesale – Double down on leadership in international connectivity Untapped opportunities from client Leveraging leadership in transaction Growing higher value wholesale base and macro environment banking to drive fee income growth international
Slide 24: Focus: WPB – Build our international and wealth proposition
FY23 highlights 4Q23 results Strategy Appendix Focus: WPB – Build our international and wealth proposition Macro environment and customer Investing to build fee income streams Growing higher value WPB international trends present opportunities in international and wealth revenues $84bn 2023 +41% $80
Slide 25: Focus: Leadership in scale markets
FY23 highlights 4Q23 results Strategy Appendix Focus: Leadership in scale markets Hong Kong: Continue to grow from our leadership position UK RFB: Capitalise on our leadership in CMB; grow WPB #1 in deposits1, assets1, card spend2, #1 in trade finance7, cash management8, insurance3, cash management4
Slide 26: Focus: Diversify our revenue in select markets
FY23 highlights 4Q23 results Strategy Appendix Focus: Diversify our revenue – Be a leader within international and wealth in select markets Mainland China India Singapore UAE Mexico #1 #1 #1 #1 #1 International FX House2 Cash management4 Best International Bank6 ECM and DCM in MENAT8 Trade finance9
Slide 27: Focus: Maintain cost discipline and reshape our portfolio
FY23 highlights 4Q23 results Strategy Appendix Focus: Maintain cost discipline and reshape our portfolio Maintain cost discipline whilst investing in select areas Continue to reshape portfolio through exits & bolt-on acquisitions SVB UK; thereafter launched HSBC Innovation Banking Modernising and si
Slide 28: Digitise: Investing to improve customer experience and efficiency
FY23 highlights 4Q23 results Strategy Appendix Digitise: Investing to improve customer experience, operational efficiency and drive business model innovation Driving growth from today’s business model and operations… Serving customers digitally: Improving operational efficiency and customer experien
Slide 29: Transition: Supporting the Net Zero Transition
FY23 highlights 4Q23 results Strategy Appendix Transition: Supporting the Net Zero Transition Supporting the transition Delivering on our ambitions Supporting our customers Net Zero Financed Transition Plan emissions targets Released our first Net Zero Set combined on-balance sheet financed Transiti
Slide 30: Energise: Inspiring a dynamic culture
FY23 highlights 4Q23 results Strategy Appendix Energise: Inspiring a dynamic culture Energising our colleagues Empowering our colleagues Inspiring leaders to drive performance and delivery 73% Of our employees see the positive impact of our strategy Unlocking our edge to enable success (+11pts vs. 2
Slide 31: Summary
FY23 highlights 4Q23 results Strategy Appendix Summary Selected FY24 guidance Strong performance in 2023 – record PBT of $30.3bn, RoTE of 14.6% (15.6% excluding strategic transactions and the impairment of BoCom) RoTE in the mid-teens2 Returned c.$19bn to shareholders by way of dividends and buy
Slide 32: Appendix
Appendix
Slide 33: Financial performance summary
FY23 highlights 4Q23 results Strategy Appendix Financial performance summary $m 4Q22 1Q23 2Q23 3Q23 4Q23 Δ 4Q22 FY22 FY23 Δ FY22 NII 8,918 8,825 9,023 9,001 8,284 (7)% 29,762 35,796 20 % Non-NII 5,731 11,256 7,346 6,886 4,737 (17)% 20,109 30,262 50 % Revenue 14,649 20,081 16,369 15,887 13,021 (11)%
Slide 34: Guidance summary
FY23 highlights 4Q23 results Strategy Appendix Guidance summary Banking NII At least $41bn in FY241 ECL FY24 ECL charge of around (40)bps2; through-the-cycle planning range of (30)-(40)bps3 Growth in FY24 of approximately (5)% vs. FY23 on a target basis, reflecting our current business plan for 2024
Slide 35: Banking NII
FY23 highlights 4Q23 results Strategy Appendix Banking NII Constant currency NII to Banking NII, $bn $bn 4Q22 1Q23 2Q23 3Q23 4Q23 ∆ 4Q22 FY22 FY23 ∆ FY22 Constant currency NII 8.9 8.8 9.0 9.0 8.3 (0.6) 29.8 35.8 6.0 FX translation 0.1 0.1 0.3 0.2 — — 0.6 — — Reported NII 9.0 9.0 9.3 9.2 8.3 (0.7) 30
Slide 36: Net interest margin
FY23 highlights 4Q23 results Strategy Appendix Net interest margin Quarterly NIM by key legal entity Key rates (quarter averages), bps Source: Bloomberg % 4Q23 % 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23 At 19 February 2024 NII AIEA The Hongkong and 526 533 533 Shanghai Banking 1.94% 1.83% 1.83% 1.85% 1.73% 48%
Slide 37: Interest rate stabilisation and structural hedge
FY23 highlights 4Q23 results Strategy Appendix Interest rate stabilisation and structural hedge Year 1 Banking NII sensitivity to a (100)bps down-shock,* $bn 30-Jun-22 31-Dec-23 (1.6) Banking NII sensitivity to a (100)bps down-shock of $(3.4)bn, down NII c.50% vs. 30 June 2022 (6.0) (1.8) $(3.4)bn
Slide 38: Wholesale client revenue
FY23 highlights 4Q23 results Strategy Appendix Wholesale client revenue FY23 Wholesale client revenue $20.4bn (61%) of wholesale client revenue is from clients we bank in multiple jurisdictions, of which $12.7bn is cross-border, i.e. earned outside the clients’ home market* $bn GBM: 91% of clien
Slide 39: WPB international revenue
FY23 highlights 4Q23 results Strategy Appendix WPB international revenue FY23 WPB customer revenue by type of customer $10.2bn (40%) of WPB customer revenue is from international customers $4.9bn (19%) is from resident foreigner and non-resident foreigner customers $5.3bn (21%) is from multi-j
Slide 40: ECL charge by legal entity
FY23 highlights 4Q23 results Strategy Appendix ECL charge by legal entity (constant currency basis) $m 4Q22 1Q23 2Q23 3Q23 4Q23 FY23 0 Asia (HBAP) (898) (64) (392) (749) (437) (1,641) o/w Hong Kong (766) (44) (451) (660) (375) (1,528) o/w mainland China CRE* (598) (62) (259) (503) (195) (1,019) UK R
Slide 41: Mainland China risk exposure
FY23 highlights 4Q23 results Strategy Appendix Mainland China risk exposure Mainland China risk exposure, $bn Mainland China drawn risk exposure is defined as lending booked in mainland China and wholesale lending booked offshore where the ultimate parent and beneficial owner is in mainland China
Slide 42: Global CRE exposures
FY23 highlights 4Q23 results Strategy Appendix Global CRE exposures Commercial real estate gross loans and advances, $m1 LTV analysis (fully collateralised exposure)2 FY23 2% FY22 FY23 Δ 5% 8% stage 3 % 9% Asia 66,350 58,121 (12)% 6 22% o/w Hong Kong* 50,021 42,462 (15)% 8 UK RFB 14,874 14,010 (6)%
Slide 43: FY23 cost target basis reconciliation
FY23 highlights 4Q23 results Strategy Appendix FY23 cost target basis reconciliation $m FY22 FY23 Reported (32,701) (32,070) Currency impact 399 — Constant currency (32,302) (32,070) Notable items 2,931 185 Impact of retranslating results of hyperinflationary (440) — economies at constant currency I
Slide 44: BoCom
FY23 highlights 4Q23 results Strategy Appendix BoCom We maintain a 19.03% interest in BoCom. Since our initial investment from 2004, BoCom has grown its business significantly to the extent that it has recently been designated as a global systemically important bank (‘GSIB’) For accounting purpo
Slide 45: Notable items (reported FX basis)
FY23 highlights 4Q23 results Strategy Appendix Notable items (reported FX basis) Notable items, $m 4Q22 1Q23 2Q23 3Q23 4Q23 FY22 FY23 Revenue (320) 3,577 (241) (268) (2,733) (3,602) 335 o/w: Disposals, acquisitions and related costs* (71) 3,562 (241) 310 (2,333) (2,737) 1,298 o/w: Fair value movemen
Slide 46: Argentina hyperinflation impacts
FY23 highlights 4Q23 results Strategy Appendix Argentina hyperinflation impacts $m 4Q22 4Q23 FY22 FY23 Argentina was a hyperinflationary economy for NII (19) (495) (3) (526) accounting purposes in FY23. As a consequence, IAS 29 ‘Financial Reporting in Hyperinflationary Non-NII* (100) (329) (377) (
Slide 47: EPS excluding material notable items and related impacts
FY23 highlights 4Q23 results Strategy Appendix EPS excluding material notable items and related impacts $m 1Q23 2Q23 3Q23 4Q23 FY23 PAOS 10,327 6,639 5,619 (153) 22,432 Provisional gain on acquisition of SVB UK (1,511) 4 (86) 44 (1,549) Impairment loss relating to the sale of our retail banking (1,6
Slide 48: Canada and France disposals
FY23 highlights 4Q23 results Strategy Appendix Canada and France disposals Banking business in Canada Our banking business in Canada remains in held-for-sale. We expect the transaction to complete in 1Q24 for a base cash consideration of CAD13.5bn HSBC Bank Canada and France retail selected financ
Slide 49: Balance sheet – customer lending
FY23 highlights 4Q23 results Strategy Appendix Balance sheet – customer lending Balances by global business, $bn Balances by entity Growth since 3Q23 $(4.4)bn 960 Asia (HBAP) $455bn 941 939 (1)% o/w: Hong $(2.9)bn 177 174 $280bn GBM 190 Kong (1)% $1.0bn UK RFB (HBUK) $270bn 0% 314 309 HSBC Bank plc
Slide 50: Balance sheet – customer accounts
FY23 highlights 4Q23 results Strategy Appendix Balance sheet – customer accounts Balances by global business, $bn Balances by entity Growth since 3Q23 $26.6bn Asia (HBAP) $801bn 1,598 1,599 1,612 3% o/w: Hong $13.8bn Kong $544bn GBM 332 319 331 3% $0.1bn UK RFB (HBUK) $340bn 0% HSBC Bank plc $(7.4)b
Slide 51: 4Q23 vs. 3Q23 equity drivers
FY23 highlights 4Q23 results Strategy Appendix 4Q23 vs. 3Q23 equity drivers Shareholders’ Tangible equity, TNAV per share, Basic number of ordinary equity, $bn $bn $ shares, millions At 30 September 2023 182.7 153.4 7.96 19,275 Profit attributable to: (0.0) 0.3 0.01 — Ordinary shareholders1 (0.2) 0.
Slide 52: FY23 vs. FY22 equity drivers
FY23 highlights 4Q23 results Strategy Appendix FY23 vs. FY22 equity drivers Shareholders’ Tangible equity, TNAV per share, Basic number of ordinary equity, $bn $bn $ shares, millions At 31 December 2022 177.8 146.9 7.44 19,739 Profit attributable to: 23.5 23.9 1.21 — Ordinary shareholders1 22.4 23.9
Slide 53: Total shareholders' equity to CET1 capital
FY23 highlights 4Q23 results Strategy Appendix Total shareholders’ equity to CET1 capital 4Q23 total equity to CET1 capital, $m Total equity to CET1 capital walk1, $m 2Q23 3Q23 4Q23 Total equity 192,610 Total equity (per balance sheet) 191,651 189,840 192,610 Non-controlling interests (7,481) (7,120
Slide 54: Balance sheet by currency
FY23 highlights 4Q23 results Strategy Appendix Balance sheet by currency $m USD GBP HKD EUR CNY Other Total Loans and advances to customers 170,274 284,261 213,079 68,655 49,594 152,672 938,535 Customer accounts 441,967 423,725 305,520 128,444 63,535 248,456 1,611,647 RWAs 202,697 155,231 135,701 69
Slide 55: Wealth and Personal Banking
FY23 highlights 4Q23 results Strategy Appendix Wealth and Personal Banking Revenue 4Q23 vs. 4Q22 $m 4Q22 3Q23 4Q23 vs. 4Q22 vs. 3Q23 Revenue down $(2.5)bn (37%) due to $(2.2)bn notable items (France impairment and Treasury disposal losses) and $(0.3)bn Argentina Wealth 1,797 1,877 1,709 (88) (5)%
Slide 56: Wealth and Personal Banking: Global invested assets
FY23 highlights 4Q23 results Strategy Appendix Wealth and Personal Banking: Global invested assets Global reported invested assets Asia reported invested assets Reported invested assets managed by AM $bn $bn $bn +17% +17% +15% 1,191 549 684 1,097 470 503 595 628 1,015 91 445 46 72 340 384 141 151 16
Slide 57: Insurance manufacturing
FY23 highlights 4Q23 results Strategy Appendix Insurance manufacturing $m FY22 FY23 vs. FY22 ANP, $m NB CSM, $m VNB, $m Revenue 1,201 1,287 86 7% +61% +52% +34% o/w NII 370 320 (50) (14)% o/w CSM unwind 902 1,094 192 21% 3,797 1,686 1,574 1,111 1,172 o/w Onerous contracts (128) (41) 87 68% 2,354 o/w
Slide 58: Commercial Banking
FY23 highlights 4Q23 results Strategy Appendix Commercial Banking Revenue 4Q23 vs. 4Q22 Revenue up $439m (9%), primarily due to growth in the UK and Asia $m 4Q22 3Q23 4Q23 vs. 4Q22 vs. 3Q23 GPS up $569m (22%) due to higher interest rates and fee Global Payments Solutions 2,646 3,140 3,215 569 22
Slide 59: Global Banking and Markets
FY23 highlights 4Q23 results Strategy Appendix Global Banking and Markets $m 4Q22 3Q23 4Q23 vs. 4Q22 vs. 3Q23 Commentary Revenue of $3.7bn, up $0.4bn (11%) vs. 4Q22 Securities Services 566 607 576 10 2% (31) (5)% MSS revenue of $2.1bn, up $0.2bn (9%): Global Debt Markets 165 157 77 (88) (53)% (80)
Slide 60: Corporate Centre
FY23 highlights 4Q23 results Strategy Appendix Corporate Centre $m 4Q22 3Q23 4Q23 vs. 4Q22 vs. 3Q23 4Q23 vs 4Q22 commentary Revenue up $91m, primarily reflected higher Central Treasury (12) 17 1 13 (16) revenue from our legacy portfolios, primarily due to Legacy Credit (173) 7 7 180 0 the non-recu
Slide 61: Hong Kong
FY23 highlights 4Q23 results Strategy Appendix Hong Kong FY23 performance Hong Kong loans and advances to Stage 3 loans as a % of total L&As to customers customers and banks and banks $bn FY22 FY23 Δ NII 8,005 9,960 24% 9% 4 Non-NII 7,012 9,987 42% 3.2% 3.4% 3.3% Revenue 15,017 19,947 33% 10% Corpor
Slide 62: UK ring-fenced bank
FY23 highlights 4Q23 results Strategy Appendix UK ring-fenced bank FY23 performance Personal gross lending balances Deposits by type, £bn £m FY22 FY23 Δ £bn FY21 FY22 FY23 9 NII 6,203 7,787 26% Mortgages 118.1 125.5 129.3 6 62 40 WPB current CMB savings Non-NII1 1,749 3,020 73% Credit cards 6.0 5.4
Slide 63: Transition
FY23 highlights 4Q23 results Strategy Appendix Transition Supporting our customers in the transition to net zero Becoming a net zero bank Ambition to provide and facilitate $750bn to $1tn of sustainable finance and Ambition to be net zero in our operations and supply chain by 2030, investment by 203
Slide 64: ESG supplementary detail
FY23 highlights 4Q23 results Strategy Appendix ESG supplementary detail Environmental Social Governance 3/6 WPB markets and 5/6 CMB Released our first Net Zero Our percentage of female leaders markets sustained top 3 rank Transition Plan to provide further was 34.1%, up 0.8ppts vs. FY22 and/or impro
Slide 65: Glossary
FY23 highlights 4Q23 results Strategy Appendix Glossary AIEA Average interest earning assets GFX Global Foreign Exchange ANP Annualised new business premiums GPB Global Private Banking Banking net interest income is an alternative performance measure, and is defined as GPS Global Payments Solutions
Slide 66: Glossary
FY23 highlights 4Q23 results Strategy Appendix Glossary NTB New-to-bank PAOS Profit attributable to ordinary shareholders PBT Profit before tax POCI Purchased originated credit impaired Ppt Percentage points PRP Performance related pay Resident foreigner (WPB Customers whose nationality, or country
Slide 67: Footnotes
FY23 highlights 4Q23 results Strategy Appendix Footnotes FY23 highlights Slide 9: Credit performance 1. Including held-for-sale balances Slide 1: Key messages 2. Expect our ECL charges to normalise towards a range of 30bps to 40bps of average loans over the medium to 1. Unless otherwise stated, regu
Slide 68: Footnotes
FY23 highlights 4Q23 results Strategy Appendix Footnotes Strategy of Corporate Cash Management. Based on 137 respondents for large Corporate Cash Management 9. Internal analysis based on 9M23 results for peer banks and HSBC. Peers include Santander UK, Barclays UK, Slide 20: Focus: Wholesale – Doubl
Slide 69: Footnotes
FY23 highlights 4Q23 results Strategy Appendix Footnotes Slide 28: Summary 3. The break-up of multi-jurisdictional revenue of $20.4bn is a managed view, i.e. a portion of this revenue is 1. Comprises $0.61 per share of announced dividends in respect of FY23, the $2bn buyback announced at 1Q23, booke
Slide 70: Footnotes
FY23 highlights 4Q23 results Strategy Appendix Footnotes Slide 54: Insurance manufacturing 1. 2022 Insurance net dividends excludes an additional investment made for the acquisition of AXA Singapore in 2022 2. Source: Hong Kong Insurance Authority 9M23. ANP is a measure of new business written in th
Slide 71: Disclaimer
FY23 highlights 4Q23 results Strategy Appendix Disclaimer Important notice The information, statements and opinions set out in this presentation and accompanying discussion (this “Presentation”) are for informational and reference purposes only and do not constitute a public offer for the purposes o
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