1

Investor Presentation, 2016 Q2

• AKLease Business Overview

2

• AKLease At a Glance

Agenda

• Turkish Leasing Sector Overview

• AKLease Financial Highlights

3

AKLease at a Glance

• Established in 1988

• AKLease provides financial leases

to a diverse range of sectors:

transportation, production, textile,

steel and mining, energy and

natural resources

• Diversified assets: aircraft /

rotorcraft, manufacturing machinery

and equipment, commercial real

estate, wind turbines, construction

machinery

• Significanty increased its market

share in the Turkish leasing sector

since 2005 from 4.4% to 10.9% in

Q2 2016

• 99.9% owned by Akbank

(3) In accordance with IFRS

(4) Includes Debt Securities Issued

Key Financials(3) Profile(1)

#3Market player in Turkey by net

lease receivables(2)

#1 Market leader in Turkey of

financial leases for general

aviation , circa 40% market

share

BBB-Investment grade rating by Fitch,

in line with Akbank

(1) Source: Association of Financial Institutions

(2) As of 30 June 2016.

Income Statement(TRYm) 2013 2014 2015 2016 Q2

Impairment loss on

finance lease receivables (24) (20) (22) (12)

Operating Expenses (18) (17) (23) (12)

Net Income 43 80 95 64

Balance Sheet(TRYm) 2013 2014 2015 2016 Q2

Net Finance Lease

Receivables 3,315 3,800 4,034 4,200

Total Assets 3,537 3,956 4,479 4,593

Borrowings(4) 2,843 3,267 3,598 3,621

Total Equity 415 545 701 763

Key Performance

Indicators(%) 2013 2014 2015 2016 Q2

Cost to Income 24.7 14.9 16.2 13.1

NPL 1.6 2.1 2.8 2.8

Cost to Assets 0.6 0.5 0.5 0.5

Cost of Credit 0.8 0.4 0.4 0.3

Equity to Gross Debt 15 17 19 21

Equity to Net Debt 16 17 22 23

RoA 1.5 2.1 2.2 2.8

RoE 11.7 16.7 15.2 17.4

4

Shareholder Structure

• AKLease was established as BNP-AK-Dresdner Leasing in

November 1988, a joint venture between Akbank, Dresdner and BNP

• Akbank acquired the entirety of AKLease in 2005 and subsequently

renamed it AKLease

• AKLease is 99.985% owned by Akbank, with the remainder (0.015%)

owned by Sabanci Group affiliates

• Akbank elects all of AKLease’s directors

• One of the two largest multi-business enterprises in Turkey

• Composed of 69 companies, with total assets of US$ 94.1 bn

• 11% of ISE capitalization with 11 public companies and the Holding

itself

• Controlled by Sabancı family who owns the 57.7% shares

• Mainly operates in financial services, energy, retail, cement, industrial

businesses; market leader in cement and energy distribution.

• Joint-ventures with the most established companies in the world

including; Ageas, Aviva, Bridgestone, Carrefour, E.ON,

Heidelberg Cement, Marubeni and Philip Morris

• Akbank is the flagship of the Sabancı Group with the highest share in

revenues and profitability of the Group

Sabanci Holding & affiliates;

48.9%Free Float; 51.1%

Sabanci Holding

& affiliates, 0.015%Akbank,

99.985%

(1) As of June 2016

Sabanci Group(1)History and Shareholding Structure(1)

5

Organisational and Management StructureAKLease Board of Directors

Strong Management Team

CEO

EVP, Operation &

Financial Affairs

Board of Directors

Legal

Counsel

Internal Control

HR &

Administrative

Affairs

SVP, Head of

Finance

SVP, Head of

Financial

Coordination &

Support

Services

Credit Risk

Monitoring

EVP, Sales and

MarketingEVP, Credits

Ahmet Fuat Ayla

Deputy ChairmanEyüp Engin

Board Member

Cenk Kaan Gür

Chairman

Kemal Atıl Özus

Board Member

Şenol Altundaş

Board Member and CEO,

AKLease

• Mr.Gur was appointed to

AKLease’s Board of Directors on

27th January, 2011,

• He has been the chairman since

1st July, 2015.

• He joined Akbank as Executive

VP of SME Banking on 14th

January, 2011 and was re-

appointed as Executive VP of

Commercial Banking in 2013

• Previously, he worked in various

roles at a private sector bank

• Şenol Altundaş was appointed as

a board member and the Chief

Executive Officer of AKLease on

1 June 2015

• He started his banking career in

1996 at a private sector bank and

prior to joining AKLease, Şenol

Altundaş held senior positions at

Akbank Corporate and

Commercial Banking for 12

years.

• He has a degree in International

Relations from Marmara

University, and an Executive MBA

degree from Sabanci University.

• Mr. Ayla was appointed to

AKLease’s Board of Directors on

2nd July 2007

• He has been the deputy chairman

since 1st July, 2015.

• He joined Akbank as Corporate

Branch Manager in 2002,

becoming Senior VP in charge of

the Corporate and Commercial

Credits Approval Unit in 2005

• In 2007, he was appointed as

Executive VP in charge of

Corporate and Commercial

Credits Approval

• Mr. Engin was appointed to

AKLease’s Board of Directors on

25th March, 2010.

• He joined Akbank in 1978 as an

Assistant Internal Auditor and was

appointed Head of Internal Audit

in July 2007

• He also worked as the Head of

the Treasury Dept. and Executive

VP for International Banking at

Akbank

• Mr. Rota was appointed to

AKLease’s Board of Directors on

1st July, 2015.

• He has been with Akbank since

2010 as Executive Vice President

in charge of Treasury

• Before joining Akbank, he served

as Executive Vice President at

various different private sector

banks

• Mr. Ozus was appointed to

AKLease’s Board of Directors on

6th June 2007.

• He joined Akbank in November

2000 as VP for Financial Control

and Risk Management, and was

later promoted to Senior VP. In

December 2007,

• He was then appointed as

Executive VP (CFO) in charge of

Financial Coordination

Kerim Rota

Board Member

• AKLease At a Glance

6

•AKLease Business Overview

Agenda

• Turkish Leasing Sector Overview

• AKLease Financial Highlights

Key Strengths

7(1) Brand Finance – Banking 500 ,2015

Strong Position in Growing

Market with Low Penetration

Fully owned by Akbank – Most

Valuable Turkish Banking

Brand(1)

Resilient Business Model with

Diversified Asset Portfolio and

Highest Efficiency Among

Peers

Investment Grade Rating

by Fitch

Strong Asset

Quality and

Prudent Risk Management

Diversified Funding Base

Superior Profitability

Well Positioned in a Growing Market

88

Highest Growth Recorded in L4YThird Largest Player with circa 11% Market Share

Market Share (%) Net Lease Receivables (TLbn)

17

,30

%

17

,60

%

19

,80

%

19

,57

%

13

,60

%

12

,70

%

12

,30

%

11

,89

%13

,40

%

12

,80

%

10

,90

%

10

,91

%

8,8

0%

9,5

0%

8,9

0%

8,7

8%

7,4

0%

6,8

0%

6,4

0%

6,4

5%

2013 2014 2015 2016 Q2

Peer 1 Peer 2 Aklease Peer 3 Peer 4

4,3

5,2

7,37,5

3,33,7

4,5 4,5

3,3

3,84,0

4,2

2,2

2,8

3,3 3,4

1,82,0

2,32,5

24,6

29,4

36,7

38,2

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

40,0

45,0

0,0

2,0

4,0

6,0

8,0

10,0

12,0

2013 2014 2015 2016 Q2

Peer 1 Peer 2 Aklease Peer 3 Peer 4 Sector (RHS)

Consumer and Private Banking

SME Banking

Commercial Banking

Corporate and Investment Banking

Treasury and International Banking

9

Synergies From Relationship with Akbank

Commitment to AKLease

• TL 50 million in cash,

capital injection on 17

December 2013

• TL 50 million in cash,

capital injection on 21

March 2014

• TL 60 million in cash,

capital injection on 10

April 2015

Extensive Branch Network

• AKLease benefits from Akbank’s

over 900 domestic branches and 23

regional offices across Turkey as

representation channels

• Most of AKLease's customers are

customers from referrals through

Akbank

• Approx. 95% of AKLease’s net

financial lease receivables are from

Akbank customers

(1) Brand Finance- Banking 500, 2015 report

Başkent,

Ankara

Antalya

İzmir

Gaziante

p

Bursa

Kartal Başkent,

Ankara

Antalya

Bursa

Kartal

Gaziante

p

İzmir

Antalya

9.2%Market share by loans

15.4% Asset growth in 2015Q4ytd

14.9 millionCustomers

900+Branches

• Established in 1948

• Most valuable Turkish banking brand(1)

• Rated Baa3 (Moody’s), BBB- (Fitch)4,200+

ATMs

420,000+POS

AKLease Strategy

Continue

Exploiting

Synergies with

Akbank and the

Sabancı Group

10

Take Advantage

of Growing

Lease Market

Further Diversify

Funding Base

Maintain High

Asset Quality &

Grow

Receivables

Strategic Priorities

• Focus on growth sectors in the economy such as:

– Renewable energy – Healthcare

– Transportation & – Commercial real estate Logistics – Construction

• Maintain mix of short and long-term funding

• Seek financing from diverse sources:

– Local banks – Foreign banks – ECAs

– Multilaterals – Domestic & international capital markets

• Healthy growth in lease receivables via:

– Continued conservative approach to asset quality and profitability

– Strong focus on risk management procedures

• Increase market share through customer referrals by Akbank

• Continued support from Akbank, especially Risk Management

and IT functions

• Develop specific synergies with AK Sigorta, insurance

subsidiary of the Sabanci Group

• Develop sale-leaseback products

• Offer clients operating leases through strategic alliances with

reputable partners

New Products &

Clients

1

2

3

4

5

Maintain

Sustainable

Market

Leadership

Diversified Lease Portfolio And Strong Asset Quality

11(1) Other includes: financial institutions, agriculture, automotive, wholesale & retail, petroleum and

chemistry, telecommunication, printing, and education . None of them exceeds 4%

Asset Composition

Source: AKLease

Lease Portfolio by Assets (2016Q2)

Lease Portfolio by Industries (2016Q2)

Industry Breakdown

Geographical Distribution Driven by Client Size

Customer Geographic Distribution (2016Q2)

*Other includes 70 other provinces of Turkey. None of them exceeds 2%

(2016Q2)

NPL Ratio Consistently Below Sector Average

Aircraft; 12%

Commercial Real Estate;

37%

Construction Machinery; 4%

Manufacturing Machinery and

Equipment; 27%

Medical Equipment; 3%

Metal Processing Machinery; 4%

Other; 8%

Textile Machinery; 4%

57%

11%6% 5% 3%

18%

Istanbul Ankara Gaziantep Kocaeli İzmir Other

Energy and Natural

Sources; 4%Construction;

13%

Production; 4%

Healthcare; 6%

Transportation; 14%Other; 28%

Steel processing and mining;

8%

Textile; 9%

Food and beverage; 7%

Tourism; 7%

1,7%2,1%

2,8% 2,8%

6,5% 6,7%6,0%

6,5%

2013 2014 2015 2016Q2

AKLease Turkish Leasing Sector

12

Lease Portfolio Structure by Segments

(2016Q2)

36%

34%

30%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Corporate Commercial SME & Micro

Customer Segment TurnoverOutstanding Portfolio as of 30.06.2016TLm

Corporate > 300 mio TRY 1,499.2

Commercial < 300 mio TRY>120 mio TRY 1,429.0

SME

Large SMEs < 120 mio TRY>40 mio TRY 462.7

Medium Size SME < 40 mio TRY>10 mio TRY 377.7

Small Size SME <10 mio TRY>1 mio TRY 273.8

Micro <1 mio TRY 29.9

Retail90.6

Total 4,162.9

(2016Q2)

• With a continuous and rapid improvement within the last 10 years, Aklease supports all segments with different scales in the real

and service sectors

• Aklease provides high-quality, rapid and innovative leasing solutions to all segments’ financing needs for machine-equipment

investments or refinance of their current investments through its current 12 branches; as well as through Akbank’s over 900

domestic branches and 23 regional offices across Turkey as representation channels

• Serving all segments is possible through Aklease’s strong shareholding structure and capital, expert human resources, extensive

funding network and transparent management mentality

Prudent Risk Management

13

• AKLease co-ordinates

its risk management

policies and processes

with Akbank

• Risk parameters are

reported to Akbank’s

Risk Management

Division on a monthly

basis

Principal

Leasing RisksMitigants

Concentration Risk

• Diversified portfolio by sector and lease asset type

• Selected counterparties

• Focus on assets with relatively high second hand value

• Additional collateral

Credit Risk

• Detailed and thorough credit analysis, assesment,approval process

• Adequate level of additional collateral such as pledges on cash, shares,

vehicles and other equipment; assignments of receivables, mortgages on real

estate etc.

• Monitoring regularly the counterparties’ ability to pay, analyzing the financial

position of the lessees and condition of the leased assets

Market Risk

• Appropriate combination of fixed and floating rate borrowings and lease

receivables

• Funding mainly on a matched basis (borrowings vs. lease receivables) and

following a stringent currency risk parameter of FX position of max. 5 mio USD

• Use of interest rate swaps and currency swaps (for hedging purposes)

• Stress tests and gap analysis

Operational Risk

• Effective segregation of duties, access, authorisation and reconciliation

procedures, staff education and assessment procedures as well assessment

processes

Stable and Well Diversified Funding Base

14

Ongoing Funding Diversification

2011 2016 Q2

Akbank EIB refers to loans that Akbank obtained from EIB and on-lent to AKLease

ECA Covered refers to loans obtained under coverage of Ex-Im Bank, Euler-Hermes, EDC etc.

Multilateral refers to loans provided by the multilateral organizations such as Proparco and the ECO Trade and Development Bank

DCM refers to “ Debt Capital Markets” and includes Eurobond, Notes issued under GMTN programme, and TL bonds.

.

Pioneer in Wholesale Funding

Funding by Source (%)

11%

15%

32%

9%

31%

2%

Akbank

Akbank E

IB

Dom

estic B

anks

EC

A C

overe

d

Fo

reig

n B

anks

Mu

ltila

tera

l

• The first financial leasing company in Turkey to issue

long-term TL bonds in the capital markets (TL150 million

two-year bond in February 2012)

• The first financial leasing company in Turkey to issue

international bonds in the capital markets (U.S.$250 million

five-year bond in April 2013)

• The first bank subsidiary in Turkey to establish a GMTN

programme (December 2013, Eurobonds in an aggregate

amount of U.S. $284 million or equivalent in different

currencies as at 30 June 2016)

• Only 14% of AKLease's funding comes from Akbank

38%

13%

1%4%

15%17%

8%

4%

DC

M

Akbank

Akbank E

IB

Dom

estic B

anks

EC

A C

overe

d

Fo

reig

n B

anks

Mu

ltila

tera

l

Syndic

atio

n

EUR41%

TL27%

USD32%

Leverage and Asset and Liability Management

1515

Portfolio Maturity

Portfolio Currency Composition

Note: 1: Avg. Maturity means the remaining average maturity

Equity to Debt Ratios

Capital Adequacy Ratio

Source: IFRS results Source: IFRS results

Source: IFRS results

(2016Q2)

(2016Q2)

Avg. Maturity:

2.4 yrs

Avg. Maturity:

2.1 yrs

Avg. Maturity:

2.9 yrs14,4%

17,3%

20,1% 20,1%

2013 2014 2015 2016Q2

Capital Adequacy Ratio

14,4%

17,3%

20,1%

20,1%16% 17% 22%

23%

2013 2014 2015 2016Q2

Capital Adequacy Equity to Net Debt

201614%

201726%

201820%

201914%

2020+26%

0,8%

0,4% 0,4%

0,3%

2013 2014 2015 2016Q2

Cost of Credit

1,40%

2,00% 2,10%

2,80%

1,80% 1,70%

2,10%

2,41%

0,00%

0,50%

1,00%

1,50%

2,00%

2,50%

3,00%

2013 2014 2015 2016Q2

Aklease Sector

Efficiency and Profitability Highest Among Peers

16According to BRSA results.

Return on Equity

Cost to Income Ratio

Cost of Credit

Return on Assets

According to BRSA results

According to IRFS results.

24,7%

15,8% 16,9%

13,1%

34,8%36,3%

29,2%25,6%

2013 2014 2015 2016Q2

AKLease Turkish Leasing Sector

11,7%

15,9%14,6%

15,9%

8,8% 9,4%

12,0%

14,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

18,0%

2013 2014 2015 2016Q2

AKLease Turkish Leasing Sector

• AKLease At a Glance

17

• AKLease Business Overview

Agenda

• Turkish Leasing Sector Overview

• AKLease Financial Highlights

18

• AKLease retains legal title of the asset until lease expiry – in case of default entitled

to re-possess asset

Supplier of AssetAKLease Purchases

Asset

Lessee : End

User of Asset

Sale of Interest

Physical (but not

legal) transfer of

asset on leasing

Transfer of

ownership of

leased asset on

expiration of

finance lease

term

Typical Key Financial Leasing Transaction in Turkey

• Lease payments are made mostly on a monthly basis, allowing for regular credit

performance monitoring

Regulatory Bodies

Regulatory Framework

Turkish Financial Leasing Sector: Regulatory Framework and

Key Features

• Leasing activities in Turkey are regulated by the Financial Leasing, Factoring and

Financing Companies Law No. 6361 (the “Law No. 6361”), since 2012

• The new law introduces important changes to financial leasing agreements:

Execution of the Agreement & Property Rights

• Financial leasing companies as well as development banks, investment banks,

participation banks may act as lessors in a financial leasing agreement

• Anything that constitutes an asset may be leased under this agreement

• No minimum period for the termination of a leasing agreement

• Agreements are no longer required to be executed by a public notary

Rights & Obligations of the Parties

• The lessor and lessee undertake reciprocal obligation by entering into a

financial leasing agreement

Rights & Obligations of the Lessee

• The new law facilitates the transfer of possession of a leased good and also

permits a change of lessee

Rights & Obligations of the Lessor

• The new law removes a provision stating that the lessor shall be the insurer of

the leased good. Pursuant to the new provisions, the agreement shall specify

the party whose responsibility it is to insure the leased good

Termination of the Agreement

• The event of unsuccessful execution proceedings against the lessee is no

longer preserved as grounds for termination. However, the lessee may

terminate the agreement prior to its term in the event that the lessee or its

enterprise to which the leased good is allocated is in the process of liquidation,

unless the relevant financial lease agreement provides otherwise

• Further, provisions exist for termination on the grounds of non payment: If the

lessee fails to pay two consecutive payments or three payments in a year , the

lessor has the right to repossess, sell, re-lease the asset by submiting a bank

guarantee to the court.

Banking Regulation and Supervision Agency:

• Regulator of the financial sector in Turkey

Association of Financial Financial Instutions:

• Semi Public Authority, membership is required by all

Financial Leasing, Factoring and Consumer Finance

Companies.

Capital Markets Board of Turkey:

• Regulator for all ECM and DCM activities in Turkey

19

Financial Leasing Companies are mainly Bank Subsidiaries Machinery, Sale & Leaseback and Construction: Main Drivers

Bank Subsidiaries;

94,0%

Other; 6,0%

• There are 27 financial leasing companies

• Top ten companies (market share %84) are all bank subsidiaries.

• Albeit financial leasing companies are entitled to do operating lease

and software leasing within the same body, these 2 products constitute

less than 0.5% in the portfolio.

Lease Portfolio by Assets (2016Q2)Market Share by Net Lease Receivables (2016Q2)

Evolution of Turkish Financial Leasing Industry

Milestones

Leaseurope

Membership

1985

Leasing was

introduced to the

Market with Law

No 3226

Accounting

Compliance with

International

Standarts

2003

BRSA Coverage

for Regulation

and Supervision

2005

Foundation and

Operating

Regulations

published

2006

VAT

Incentive

terminated

2011

VAT

incentive

was

reintroduced

for certain

goods

2012

Extention of VAT

incentive

New leasing law

introduced;

-Sale&Leaseback

-Operating Lease

-Software Leasing

-Minimum leasing

period enforcement

ended

2013 2015

BRSA

Provisioning

became

effective

2007 2008

Semi public

authority;

Association of

Financial

Institutions founded.

Corporate Tax and

VAT exemption for

Sale&Leaseback of

immovable assets

were introduced

Machinery ; 41%

Commercial Real Estate (mainly

SLB); 25%

Construction Machinery; 18%

Aircrafts & Yachts; 3%

Other; 13%

2020

Strong Growth in the L5Y

Turkish Financial Leasing Sector: Attractive Growth Prospects

Driven by Low Penetration and Strong Fundamentals

Underpenetrated Market With Further Growth Potential

Source: Association of Financial Institutions

3,90%

4,70%

5,90%

6,90%

7,70% 7,50%8,00%

8,50%

2010 2011 2012 2013 2014 2015E 2016E 2017E

Penetration

Growth Expectations

17

2429

3440

37

45

53

63

74

2015 2016E 2017E 2018E 2019E

Leasing Volume (TL billion) Net Lease Receivables (TL billion)

4,3

5,9

10,19,3

7,3 6,87,9

10,0

11,512,7 12,6

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

CAGR (2005-2010) 9.5%

CAGR (2010-2015) 13.1%

Net Lease Receivables ,USD bn

Benefits of Financial Leasing

• Preferential VAT Rate (For ~70% volume, VAT is 1%)

• Corporate tax and VAT exemption for Sale&Leaseback of immovable assets

• Legal ownership is on the Lesssor, Minimum collateral for the Lessee.

• Idle bank credit lines.

• No currency restriction (3 of 4 leasing transactions are denominated in FX)

• Ease of back-office tasks (all local/import procurement operations are done by the

Lessor)

• Up to 100% financing available

• Long-term flexible funding available

• ECA coverage is possible

• AKLease At a Glance

21

• AKLease Financials Highlights

Agenda

• Turkish Leasing Sector Overview

• AKLease Business Overview

22

TLm 2013 2014 2015 2016Q2

Interest income from direct financial leases 195.9 245.6 304.5 156.1

Interest income on placements and transactions with banks 10.2 9.3 12.4 14.0

Total Interest Income 206.1 254.9 316.9 170.1

Interest expense on borrowings (94.5) (119.7) (116.3) (60.3)

Interest expense on debt securities issued (27.3) (41.8) (61.9) (30.1)

Net Interest Income 84.3 93.4 138.7 90.3

Foreign exchange gains, including net gains or losses from

dealing in foreign currency57.2 (18.0) 48.0 (7.6)

Net Interest Income after foreign exchange gains and

losses 141.5 75.3 186.8 72.2

Net trading, hedging and fair value income/(loss) (51.3) 49.9 (35.6) 20.5

Fee and commission income, net 3.0 6.5 5.6 4.5

Impairment loss on financial lease receivables (24.3) (19.9) (21.7) (12.4)

Recoveries from impaired lease receivables 2.5 5.2 4.2 5.9

Other income/(expenses), net 0.1 0.1 1.7 1.2

Operating expenses (17.6) (17.5) (22.8) (12.0)

Operating Profit 53.8 100.2 118.2 79.9

Income before tax 53.8 100.2 118.2 79.9

Taxation on income (10.8) (20.1) (23.4) (16.1)

Net income for the year 43.0 80.1 94.8 63.8

Other comprehensive income (cash flow hedge reserve) 0.1 - - -

Total comprehensive income 43.0 80.1 94.8 63.8

Income Statement

Based on IFRS financials.

23

Balance Sheet

TLm 2013 2014 2015 2016Q2

Cash and cash equivalents 171.7 132.7 405.3 358.5

Financial lease receivables 3,314.9 3,800.0 4,033.9 4,200

Other assets and prepaid expenses 17.8 13.9 26.8 26.3

Assets held for sale 24.7 0.4 0.3 0.8

Property and equipment, net 1.2 0.8 0.5 0.6

Intangible assets, net 0.6 0.6 0.6 0.9

Derivative financial instruments 0.3 7.6 6.7 5.1

Deferred tax asset, net 5.5 - 5.2 0.9

Total assets 3,536.6 3,955.9 4,479.3 4,593.2

Borrowings 2,158.4 2,216.4 2,415.9 2,384.6

Debt securities issued 684.7 1,051.1 1,182,4 1,236.4

Accounts payable 195.6 87.2 91.7 133.2

Advances from customers 22.5 19.2 22.7 34.9

Derivative financial instruments 52.6 12.2 56.6 34.2

Other liabilities 7.6 20.2 8.8 2.2

Deferred tax liability, net - 4.3 0.0 0.0

Total liabilities 3,121.3 3,410.5 3,778.0 3,830.4

Total paid-in share capital 125.0 175.0 235.0 235.0

Legal reserves 26.3 30.9 33.5 41.8

Retained earnings 264.0 339.5 431.7 487.2

Total equity 415.4 545.5 701.3 762.9

Total equity and liabilities 3,536.6 3,955.9 4,479.3 4,593.2

Based on IFRS financials.

24

Disclaimer Statement

The information and opinions contained in this document have been compiled or arrived at by Aklease from sources believed

to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy,

completeness or correctness. All opinions and estimates contained in this document constitute the Company’s judgement as

of the date of this document and are subject to change without notice. The information contained in this document is

published for the assistance of recipients, but is not to be relied upon as authoritative or taken in substitution for the exercise

of judgement by any recipient. The Company does not accept any liability whatsoever for any direct or consequential loss

arising from any use of this document or its contents. This document is strictly confidential and may not be reproduced,

distributed or published for any purpose.