Addiko Bank Ag · VIE:ADKO
Addiko Bank — FY2025 Earnings Presentation
60 slides from Addiko Bank's earnings presentation, Mar 5, 2026
Slide 1: YE25 Results Presentation
YE25 Results Presentation Herbert Juranek (CEO) Edgar Flaggl (CFO) Tadej Krašovec (CRO) Ganesh Krishnamoorthi (CMO & CIO) 5 March 2026
Slide 2: Executive Summary & Business Update; Financials & Risk Update; Outlook & Wrap-Up
Executive Summary & Business Update Financials & Risk Update Outlook & Wrap-Up Additional Materials
Slide 3: Key Highlights 2025 (1/3)
Key Highlights 2025 (1/3) • Net profit of €44.0m (-3.1% vs 2024’s €45.4m), EPS at €2.28 − Profit for Q4 2025 after tax at €8.7m (1Q25: €14.5m, 2Q25: €9.5m, 3Q25: €11.3m) − Cost of Risk on net loans at -0.96% or €-35.2m (2024: -1.03% or €-36.0m) Earnings • Return on average Tangible Equity at 5.2% (2
Slide 4: Key Highlights 2025 (2/3)
Key Highlights 2025 (2/3) • Across several core markets, the year 2025 was impacted by new or announced regulatory measures directly affect pricing, interest income and fee income • Croatia: 40% debt-to-income cap for non-housing loans reduces the consumer-lending Regulatory market; from January 202
Slide 5: Key Highlights 2025 (3/3)
Key Highlights 2025 (3/3) Addiko • Addiko’s share price increased noticeably during 2025, closing the year at €22.50, and Share Price & recorded a further rise in 2026, while trading volumes remained persistently very low Market • Effective 1 April 2026, Addiko shares will be reclassified from the P
Slide 6: 2025 Broadly in Line with Guidance - Impacted by External Factors
2025 Broadly in Line with Guidance - Impacted by External Factors Income & Business Risk & Liquidity Profitability Loan Growth1 >6% ✓ CoR3 c.1.3% ✓ RoATE5 >4.5% ✓ CAGR 2024-2026 Outlook 2025 NIM2 >3.6% ✓ NPE Ratio4 <3% ✓ DPS6 Currently as guiding principle suspended (adjusted in 1H25) NBI2 Flat ✓ TC
Slide 7: Continued Growth in Focus
Continued Growth in Focus Focus portfolio development Gross performing loans (€m) • Total book (gross performing loans) rose by a Total Book 3,489 3,506 3,677 solid 5% YoY despite outperformance in YoY Consumer +7% • +7% YoY growth in focus book 3,365 • New business generation up 16% YoY 3,138 231
Slide 8: Visible Progress in Business with Consumer & SME Customers in CSEE
Visible Progress in Business with Consumer & SME Customers in CSEE Business Update Improving dynamics YoY YoY • Strong new business delivered (+20% YoY) with €m, YTD 1,557 1,800 +16% premium pricing 161 112 +45% • Good NCI growth (+12% YoY driven by accounts & 621 +4% packages, cards & bancassuran
Slide 9: Executive Summary & Business Update; Financials & Risk Update; Outlook & Wrap-Up
Executive Summary & Business Update Financials & Risk Update Outlook & Wrap-Up Additional Materials
Slide 10: Financial Performance 2025 at a Glance
Financial Performance 2025 at a Glance Financial Performance 2025 4Q24 1Q25 2Q25 3Q25 4Q25 YTD, €m 80.5 80.5 81.3 7.00% YE24 YoY 76.9 78.1 NCI 6.00% 19.4 18.2 19.1 20.5 +0.8% 20.7 Net Netinterest interestincome income 238.4 242.9 -1.8% 5.00% Net fee &Net commission fee & NIM 3.84% 3.70% 3.69% 3.73%
Slide 11: Capital Position Remains Strong
Capital Position Remains Strong Capital development (based on full-year changes) % CET1/TCR, YTD, RWA in €m Addiko Group 3,671 3,892 RWA 0.08% 1.20% - 1.34% 0.41% 22.0% 22.4% CET1/ TCR 2024: CRR2 2025: CRR3 2024 2024 OCI OCI YEYE25 2025 Reg. Reg.&&Equity Equity RWA RWA 2025 2025 changes changes prof
Slide 12: Balanced NPE Development Continues in 4Q25
Balanced NPE Development Continues in 4Q25 NPE volume1 & ratio development Quarterly NPE formation & exit €m, YTD €m, QTD 1Q25 2Q25 3Q25 4Q25 NPE ratio 2.9% 3.0% 2.9% 2.9% 2.5% (on-balance loans)2 Formation 19.5 25.7 21.7 21.4 NPE ratio 2.0% 2.1% 2.0% 2.0% 1.8% (GE based)3 0.5 0.4 0.5 0.9 12.7 5.4 9
Slide 13: Cost of Risk at a Glance
Cost of Risk at a Glance Expected credit loss expenses on financial assets 2025 YTD, €m, positive number for release • 2025 expected credit loss 6.4 (0.7) expenses of €-35.2m Impairments (negative) resulting in -0.96% cost of Releases (positive) (24.7) risk (on net loans): (34.4) (35.2) − Consumer:
Slide 14: Executive Summary & Business Update; Financials & Risk Update; Outlook & Wrap-Up
Executive Summary & Business Update Financials & Risk Update Outlook & Wrap-Up Additional Materials
Slide 15: Specialization Program 2026–2028
Specialization Program 2026–2028 • Program launch in 1Q26, running for three years (2026–2028) to support delivery of the Group’s specialist-banking vision Business Expansion • Ambition: Achieve the mid-term plan and unlock additional value through a targeted performance and Broaden Product transfor
Slide 16: Updated Guidance & Wrap-Up
Updated Guidance & Warp-Up Actuals Outlook Guidance Financial KPIs 2025 2026 2027 • Macro development in the CSEE region outperforms the euro Loan Growth1 €3.7b >6% CAGR 2025-2027 zone • Impediments for income Business 3.7% >3.6% Income NIM2 generation due to (new) & regulation or legislation NBI (Y
Slide 17: Additional Materials
Executive Summary & Business Update Financials & Risk Update Outlook & Wrap-Up Additional Materials
Slide 18: Management Team Since June 2021
Management Team Since June 2021 Herbert Juranek Edgar Flaggl Tadej Krašovec Ganesh Krishnamoorthi Chief Executive Officer Chief Financial Officer Chief Risk Officer Chief Market, IT & Digitalisation Officer Chair of the Management Board Member of the Management Board Member of the Management Board M
Slide 19: Addiko at a Glance
Addiko at a Glance Overview of Addiko Operating as one region - one bank 2025, % of Group Assets (rounded) ✓ Fully licensed bank with HQ in Austria, focused 100% on Central ✓ and South-Eastern Europe ✓ Addiko Bank AG is regulated by the Austrian Financial Market Austria ✓ (4%2) Authority (“FMA”)1 an
Slide 20: YE25 Shareholder Structure
YE25 Shareholder Structure S-Quad Handels- und Beteiligungs GmbH (Austria) 9.99% Gorenjska Banka (Slovenia), AIK Banka (Serbia) - AikGroup (CY) Ltd. Alta Group d.o.o. (Serbia) 9.69% 36.74% European Bank for Reconstruction and Development (EBRD) Dr. Jelitzka + Partner (Austria) 9.63% - Dr. Jelitzka +
Slide 21: Key Macroeconomic Assumptions
Key Macroeconomic Assumptions GDP forecasts (%, real growth) ∆ last year’s view 2025E 2026E 2027E Δ Δ 2024 Base Base Base 2025 2026 Slovenia 1.7% 0.5% 2.2% 2.2% -1.7% -0.4% Croatia 3.9% 3.0% 2.8% 2.7% +0.3% -0.2% Serbia 3.9% 2.0% 3.5% 4.0% -1.6% -0.1% Bosnia & 2.5% 2.3% 2.8% 3.2% -0.5% -0.2% Herzego
Slide 22: Addiko’s Commitment to the Sustainable Development Goals
Addiko’s Commitment to the Sustainable Development Goals ESG in Addiko - It is the little things that count Making ESG work through good Vision Carbon footprint reduction Committed to the good governance Addiko helps its employees and Mission Addiko supports social equality on Sound principles of go
Slide 23: Balance Sheet Composition
Balance Sheet Composition Assets Liabilities and Equity YE25, €b YE25, €b 6.4 6.4 Other 0.2 0.1 Liabilities ✓• Liquid balance sheet Other Assets 0.2 0.5 Due to Credit ✓• Strong deposit base - LCR ratio: 304% (YE24: 363%) Institutions Direct - Loan-deposit ratio Deposits (customer): 70.0% (YE24: ✓• L
Slide 24: Addiko Story Well Positioned for Strong Growth in Mid-Term
Addiko Story Well Positioned for Strong Growth in Mid-Term • We will turn Addiko into leading CSEE specialist bank for Consumer & SME customers Vision • We are focused and offer the best digital products to challenge universal banks • We will accelerate the bank’s transformation and generate value f
Slide 25: Acceleration of Growth in Focus Areas Consumer & SME
Acceleration of Growth in Focus Areas Consumer & SME Gross performing loans in focus segments Gross yield by segment1 Gross loans of focus segments as % of total gross performing loans 2025 YTD QTD QTD QTD QTD Full year 4Q25 3Q25 2Q25 1Q25 2024 yield yield yield yield yield Consumer 7.2% 7.0% 7.1% 7
Slide 26: Consumer and SME Lending Development
Consumer and SME Lending Development Consumer SME €m, YTD €m, YTD 2,015 2,058 1,877 1,919 1,962 1,803 1,846 1,706 1,752 1,535 1,342 1,312 1,389 1,310 1,322 1,332 1,301 1,261 1,266 1,286 1,279 1,307 1,188 1,059 1,040 1,057 Gross Performing Loans 2019 2020 2021 2022 2023 1Q24 1H24 3Q24 YE24 1Q25 1H25
Slide 27: New Business on a Monthly Basis
New Business on a Monthly Basis New business during 2025 €m 2025YTD: 1,018 100 91 93 91 86 85 85 85 84 73 69 76 77 74 80 76 74 69 78 70 Consumer 67 63 66 57 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 2025YTD: 782 80 77 77 72 71 SME 64 61 64 64 68 63 62 58 63 69 67 64 54 53 57 49 48 4
Slide 28: Run-Down of Non-Focus Completed in 2025
Run-Down of Non-Focus Completed in 2025 Non-Focus portfolio development Mortgages, Large Corp. & Public Fin. gross performing loans (€m) -15% -33% -31% -19% -21% -18% 1,252 Large Corp. & Public 613 841 307 582 469 147 369 Mortgages 105 303 639 62 45 535 435 364 307 258 2020 2021 2022 202
Slide 29: Consumer Customer Base
Consumer Customer Base Customer base1 Customers’ years of relationship with Addiko Number of clients (excl. NPE), ths. 2025 <1 Year 23% of customer base attracted over last 3 years 9% 792 803 777 14% 1-3 Years Total: 803 ths. 249 260 >6 Years 63% 14% 256 3-6 Years 2 Passive 77% of clients >3 years w
Slide 30: Focus in Consumer Remains on High-Margin Product Offering and Sales Finance
Focus in Consumer Remains on High-Margin Product Offering and Sales Finance Unsecured lending products for Consumer 2025 Fast cash loans Payroll loans Sales finance (POS) • Unsecured loan • Unsecured loan • Unsecured loan for financing goods and Description • Non payroll (salary account with Addiko
Slide 31: Growth in Consumer Lending
Growth in Consumer Lending Addiko market share – unsecured consumer loans (stock outstanding, YE25)1,2 Bosnia & Serbia Croatia Slovenia4 Montenegro Herzegovina Market Size, 10.2 13.6 5.5 5.4 1.6 €b Market Growth +16.2% +11.6% +8.9% +5.5% +18.9% (vs. YE24) • Overall, Consumer Flow YE25 3.6% 4.4% 5.1%
Slide 32: SME Customer Base
SME Customer Base Customer base Customers’ years of relationship with Addiko Number of clients (excl. NPE), ths. 2025 < 1 year 31% of customer base attracted 10% over last 3 years 39.8 40.2 40.3 Total: 21% 1-3 years Passive1 1.1 1.2 0.3 51% 40.3 ths. Medium Active2 1.1 0.3 0.2 >6 years 6.8 6.4 6.1 1
Slide 33: SME Lending: Optimizing Growth Beyond Our Small-Ticket Core
SME Lending: Optimizing Growth Beyond Our Small-Ticket Core Lending products for SME 2025 DLS1 Loans Non-DLS Loans • Standardized loans for financing working • Non-standardized loans for financing working Description capital capital and investments • Full digital origination • Digitally supported lo
Slide 34: Digital Transformation
Digital Transformation Digital capabilities YTD +17% YoY Registered Mobile Banking 150 188 230 258 291 314 367 Users (ths.)1 +16% YoY 373 323 301 273 246 210 177 Digital Users (ths.)1 2019 2020 2021 2022 2023 2024 2025 1 Updated figures with enhanced methodology for registered mobile banking users a
Slide 35: Financials: Financial Performance 2025 in Detail
Financials: Financial Performance 2025 in Detail Key financials P&L in €m YTD QTD •1 Operating result down 2.3% YoY to €109.8m: 4Q25 (YTD) 4Q24 (YTD) +/- PY 4Q25 (QTD) 3Q25 (QTD) +/- PQ Net interest income 238.4 242.9 -1.8% 60.6 60.0 1.0% − Net interest income down 1.8% YoY Net fee and commission in
Slide 36: Financials: Key Performance Drivers 2025
Financials: Key Performance Drivers 2025 Net interest income Net fee and commission income €m €m NIM 387bp 372bp 370bp 369bp 373bp 376bp % of 30% 33% 31% 32% 34% 34% -1.8% NII 242.9 238.4 +0.6% +1.6% +1.0% +7.6% +4.7% 7.7% +0.8% 73.0 78.5 58.7 59.1 60.0 60.6 18.2 19.1 20.5 20.7 YE24 (YTD) YE25 (YTD)
Slide 37: Financials: Interest Income Dynamics
Financials: Interest Income Dynamics Interest income by quarter1 Gross yield by quarter2 €m 78.6 75.7 74.5 73.6 72.6 4Q24 1Q25 2Q25 3Q25 4Q25 7.4% 7.4% 7.3% 7.1% 7.0% Other 21.4 20.2 Consumer 18.8 17.9 17.1 7.8% 7.2% 7.3% 7.1% 6.8% Public & new new new new new Large 0.9 business business business bu
Slide 38: Plain Vanilla Investment Portfolio
Plain Vanilla Investment Portfolio Evolution of Investment Portfolio1 Key highlights €m 1.476 1.465 22 24 113 87 • Investment portfolio at €1.5b as of YE25 1.179 9 10 Equity 19 • 58% of the portfolio is classified in the HTC (Hold Corporations Credit 114 12 to Collect) book, while 41% is measured at
Slide 39: Financials: Breakdown of Other Interest Income
Financials: Breakdown of Other Interest Income Treasury interest income by quarter €m Other interest 21.4 20.2 18.8 17.9 17.1 income (total) 17.9 17.1 15.7 14.9 HTC bond 14.3 6.8 portfolio 7.2 • HTC bond portfolio: Hold-to-Collect (HTC) strategy for HTC&S bond 8.3 portfolio 8.0 stable interest incom
Slide 40: Financials: Interest Expense Dynamics
Financials: Interest Expense Dynamics Interest expense by quarter Cost of funding by quarter1 €m 17.5 17.0 Treasury 4Q24 1Q25 2Q25 3Q25 4Q25 2.2 15.5 Deposits – 2.2 0.8 Deposits - Credit 0.7 1.9 13.6 0.87% 0.85% 0.78% 0.70% 0.62% Network Institutions 0.8 1.7 12.0 Direct 4.4 4.2 0.7 Direct Deposits 3
Slide 41: Financials: Perspective on Interest Rate Sensitivity
Financials: Perspective on Interest Rate Sensitivity Estimated impact on NII and NIM for parallel interest rate shifts Interest binding structure of customer deposits €m, calculated based on YE25 balance sheet % of customer deposits, calculated based on YE25 balance sheet Shift -75 bps -50 bps -25bp
Slide 42: Financials: Commission Income Dynamics
Financials: Commission Income Dynamics Net fee and commission income by quarter Key highlights €m 20.5 20.7 19.4 0.5 • Net fee and commission income increased, driven 19.1 1.1 0.6 18.2 by bancassurance, accounts and packages and card Non-Focus 0.9 and Other 0.7 transactions • Core fee streams (accou
Slide 43: Financials: Other Income & Other Result
Financials: Other Income & Other Result Other income breakdown (YTD) €m Higher deposit guarantee charges due to increased 2025 2025 2024 1 payment to the Slovenian Deposit Guarantee Fund and a 1 Deposit guarantee -7.9 -5.6 prior-year accrual release in Croatia 2 Bank levies and other taxes -7.3 -7.6
Slide 44: Financials: Development of General Administrative Expenses (OPEX)
Financials: Development of General Administrative Expenses (OPEX) OPEX development by quarter Other Administrative expenses €m 2025 YTD, €m 2024 YTD, €m Other1 8.8 12% 50.9 Advertising 9.6 49.3 49.0 14% 48.4 Total: 35.0 Total: 47.1 4.5 3.9 €70.4m 50% €71.0m 4.3 4.5 4.5 Legal & Advisory 6% Depreciati
Slide 45: Financials: Balance Sheet
Financials: Balance Sheet Detailed balance sheet overview (YTD) €m 2021 2022 2023 2024 2025 Cash reserves 1,361.7 1,382.9 1,254.5 1,251.4 1,057.2 Investment Portfolio 1,044.8 1,084.4 1,208.1 1,479.1 1,485.4 Financial assets held for trading 32.6 22.8 29.5 14.4 9.8 Investment securities 1,012.2 1,061
Slide 46: Financials: Income Statement
Financials: Income Statement Detailed income statement overview (YTD) €m 2021 2022 2023 2024 2025 Interest income 187.7 195.1 277.0 311.1 296.5 Interest expense (18.2) (18.7) (49.0) (68.3) (58.1) Net interest income 169.5 176.4 228.0 242.9 238.4 Fee and commission income 84.3 92.3 90.4 98.0 105.4 Fe
Slide 47: Financials: Breakdown by Entity
Financials: Breakdown by Entity 2025 YTD 4Q25 Addiko Bank d.d., Addiko Bank d.d., Addiko Bank d.d., Addiko Bank a.d., Addiko Bank a.d., Addiko Bank A.D., (€m, IFRS) Zagreb Ljubljana Banja Luka Sarajevo Beograd Podgorica Net interest income 78.5 57.6 23.5 22.6 42.8 12.6 Net commission income 24.5 17.
Slide 48: Risk: Strong Risk Management Framework
Risk: Strong Risk Management Framework Non-performing loan portfolio (YTD) NPE Volumes, €m 194 163 138 145 147 143 140 126 NPE Coverage Ratio1 71.9% 75.4% 80.9% 80.0% 80.9% 80.8% 82.2% 81.7% (Ex-Collateral) NPE Ratio 4.0% (on-balance loans)2 3.3% 2.9% 3.0% 2.9% 2.8% 2.9% 2.5% NPE Ratio (GE based)3 2
Slide 49: Risk: Robust Asset Quality in Portfolios
Risk: Robust Asset Quality in Portfolios Focus Non-Focus Consumer SME €m, rounded €m, rounded €m, rounded 2,259 2,305 2,207 47 > 90 2,165 49 69 > 90 50 days 55 90 days 77 61-90 87 days 61-90 days 1,835 1,851 1,847 1,874 31-60 31-60 47 46 36 days 46 32 36 43 35 days < 30 < 30 days days > 90 2,174 No
Slide 50: Risk: Provision Coverage Evolution
Risk: Provision Coverage Evolution Stage 1, 2 and 3 assets1 Business segments: Stage 1 & 2 (Performing) coverage1 €m 2025 (YTD) ECL coverage (YTD) 4,621 By Segment 3Q25 1H25 1Q25 2024 4,481 4,495 4,537 4,558 140 126 145 147 143 322 Focus 1.3% 1.4% 1.3% 1.4% 1.4% 334 321 351 335 Consumer 1.4% 1.6% 1.
Slide 51: Risk: NPE Formation and Exit Dynamics
Risk: NPE Formation and Exit Dynamics Quarterly NPE formation & exit - group level Consumer SME Mortgages Large Corporates Public Finance €m €m €m €m €m Net +5.5 -4.9 -0.3 -2.0 -1.4 +1.5 -1.1 -11.1 -0.4 -0.7 -0.6 -1.3 -0.5 -0.4 -0.5 0.0 -0.8 -0.1 -0.1 -0.1 13.3 12.6 11.9 12.5 12.7 0.8 0.0 0.1 9.3 8.
Slide 52: Risk: Low NPE Concentration, Well Provisioned and Carefully Managed
Risk: Low NPE Concentration, Well Provisioned and Carefully Managed Overview of Top 10 NPEs as of YE25 Group of Borrowers, €m Borrower Total Exposure Country Description Metal industry and mechanical NPE 1 7.7 Croatia engineering Coverage for Top 10 NPEs NPE 2 2.2 Croatia Construction industry Cover
Slide 53: Risk: NPE and Cost of Risk Development by Business Segment
Risk: NPE and Cost of Risk Development by Business Segment Consumer SME Mortgages Large Corporates Public Finance €m €m €m €m €m NPE Coverage Ratio1 80.8% 81.5% 81.0% 81.8% 77.6% 81.3% 82.0% 80.2% 81.8% 78.1% 84.1% 89.3% 73.2% 59.1% 50.2% 8.2% 7.1% 6.3% 6.2% 4.8% NPE Ratio2 3.5% 4.0% 3.0% 3.2% 2.8%
Slide 54: Risk: NPE and Cost of Risk Development
Risk: NPE and Cost of Risk Development Focus Non-Focus3 €m Consumer SME €m €m NPE Coverage Ratio (Excl. 80.8% 80.8% 81.5% 81.0% 81.8% 80.0% 80.0% 81.3% 79.9% 82.0% 82.0% 85.3% Collateral)1 5.4% 5.0% 4.4% 4.2% NPE Ratio2 3.0% 3.2% 3.0% 2.8% 2.8% 2.8% 2.3% 2.2% 2023 2024 3Q25 2025 2023 2024 3Q25 2025
Slide 55: Risk: CHF Loans Significantly Managed Down
Risk: CHF Loans Significantly Managed Down CHF portfolio overview CHF status across countries €m % of Total • 2022: multiple CHF-related legislative initiatives were rejected as 5.5% 4.4% 3.4% 2.0% 1.7% 1,3% 1,1% 0.9% 0.8% 0.7% Credit Risk unconstitutional and contrary to EU law; a draft CHF law ado
Slide 56: Capital: Capital Requirements & Guidance Going Forward
Capital: Capital Requirements & Guidance Going Forward Capital requirements as of 2025 (excluding P2G) • P2R: a 25bp increase to 3.50% applies P2R for the year 2026 22.4% 22.4% 22.4% (for 2026) • At least 56.25% of the P2R must be met with CET1 capital, and at least 75% with Tier 1 capital CBR inclu
Slide 57: Capital: Further Details
Capital: Further Details Breakdown of capital position1 YE25 reflect CRR3 (“Basel IV”) effective from 1 Jan. 2025: • RWA growth primarily driven by changes in risk-weighting 22.0% 21.7% 22.4% under Basel IV, as well as a new interpretation of EBA 21.3% 21.3% guideline on structural FX risk (EBA Q&A
Slide 58: Capital: Capital Position Remains Strong
Capital: Capital Position Remains Strong Capital development % CET1/TCR, YTD, RWAs in €m RWA 3,671 3,768 3,865 3,883 3,892 0.10% - 0.02% - 0.05% 0.11% - 0.57% 0.14% 0.01% - 0.55% 0.08% - 0.01% - 0.10% 0.06% 1.13% CET1/ TCR 22.0% 22.4% 21.7% 21.3% 21.3% 2024 OCI Reg. & Equity RWA 1Q251 OCI Reg. & Equ
Slide 59: Capital: Credit Risk RWA in Focus vs. Non-Focus
Capital: Credit Risk RWA in Focus vs. Non-Focus Risk weighting for focus portfolio is in line with overall contribution to loan book Credit risk RWA Credit risk RWA: breakdown by segment1 2025, €m 2025, €m Large Corporate & Public Finance Mortgages 3,272 85 149 Corporate 552 Center Consumer Total: 9
Slide 60: Disclaimer
Disclaimer THESE RESULTS AND STATEMENTS (HEREINAFTER REFERRED TO AS “MATERIALS”) WERE CAREFULLY PREPARED BY ADDIKO BANK AG. HOWEVER, THE MATERIALS HAVE NOT BEEN INDEPENDENTLY VERIFIED. THEREFORE, ADDIKO BANK AG MAKES NO REPRESENTATION AND GIVES NO WARRANTY, NEITHER IMPLIED NOR EXPRESSED, AND ASSUMES