Dr. Immo Querner, CFOFrankfurt, 22 January 2014
UniCredit KeplerCheuvreuxGerman Corporate Conference
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 20142
Talanx - Key Investment Highlights
Commitment to continuously fulfill a „AA“ capital requirement by Standard & Poor‘s
Focus on long-term increase in value by sustainable and profitable growth
Global insurance group with leading market positions and strong German roots
Target to further improve net income result in 2014
Dedication to pay-out 35-45% of IFRS earnings to shareholders
Dedication to focus on insurance rather than market risks
Leading and successful B2B insurer
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 20143
Appendix
II Outlook and targets
I Talanx in a nutshell
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 20144
Talanx in a nutshell – A global insurance player
Countries with local presence
Location overview in Primary and in Reinsurance
Global networks in Industrial Lines and Reinsurance. Leading positions in retail target markets
2000 9M 2013
Branch / office location Primary Insurance Branch / office location Reinsurance
GWP split (Primary/Reinsurance): 44% / 56%Employees (Germany/abroad): 4,539 / 1,511
GWP split (Primary/Reinsurance): 51% / 49%Employees (Germany/abroad): 11,012 / 10,341
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 20145
Talanx in a nutshell – Among the leading European insurance groups
99.2
84.6
69.6
52.0
39.9
36.9
28.0
26.7
26.4
24.7
Allianz
Axa
Generali
Munich Re
Zurich
GPE Prudential
Aviva
CNP
Swiss Re
European insurers by global GWP (2012, €bn)German insurers by global GWP (2012, €bn)
Listed insurers
1
2
2
Third-largest German insurance group with leading p osition in Europe and strong roots in Germany
1 Cumulated individual financial statements 2 Gross premiums earnedSource: SNL Financial, annual reports
Top 10 European insurersTop 10 German insurers
99.2
52.0
26.7
11.9
9.3
6.9
5.6
5.5
4.2
4.0
Allianz
Munich Re
R+V
Debeka
Vk Bayern
Signal Iduna
HUK
Gothaer
W&W
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 20146
Talanx in a nutshell - Shareholders and divisions
Industrial Lines Retail Germany Retail International Reinsurance
Life/HealthNon-Life
V.a.G.Free float
6.5 %79.0 %14.5 %1
� Lead insurer of choice
� Extremely strong home market position, i.e. lead mandates with most German DAX companies and strong position with German Mittelstand
� Bluechip client base in Europe
� Highly effective network of distribution partners
� Market leader in bancassurance
� Market leader in employee affinity business
� Leading provider of corporate pension solutions
� Hannover Re – world #3 reinsurer by GWP4
� Well diversified between life/non-life and geographically
� Consistently amongst sector leaders on profitability5
� Superior underwriting know-how
� Focused exposure to CEE and LatAm (#2 insurer in Poland2, #6 in Brazilian motor3)
� Attractive rates of organic growth
� Experienced underwriter in motor
� Focused M&A track record
1 including employee shares2 Combined ranking based on 2012 data of Polish regulator as per local GAAP 3 According to Siscorp based on local GAAP4 Based on A.M. Best ranking (September 2012)5 Based on S&P ranking by average RoE 2002-2010 and also number 1 by average RoE as per KPMG 2012
Integrated insurance group with leading market posi tions in all segments
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 20147
Talanx in a nutshell – Strategic group pillars
Profit target
� RoE1>∅ TOP20 European insurers
� RoE1≥risk-free interest rate2
+750bps
Capital management
� Fulfill S&P “AA”capital requirement
� Efficient use of available financing instruments
Risk management
� Generate positive annual earnings with a probability of 90%
� Sufficient capital to withstand at least an aggregated 3,000-year shock
� Investment risk ≤50%
Growth target
� 50% of primary GWP from foreign operations
� Selective profitable growth in Retail Germany and Reinsurance
Human resource policy
� Continuous development and promotion of own workforce
� Individual responsibility and entrepreneurial spirit
Focus of the Group is on long-term increase in value by sustainable and profitable gro wth
and vigorous implementation of our B2B-expertise
Group and divisional strategies define goals and ac tions to be taken
1 In accordance with IFRS2 Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 20148
Talanx in a nutshell – Target achievement after 9M 2013
10.0%9.8%10.0%
4.5%
11.8%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2009 2010 2011 2012 9M 2013
0
100
200
300
400
500
600
700
2009 2010 2011 2012 9M 2013
in mn €
0.0
5.0
10.0
15.0
20.0
25.0
30.0
2009 2010 2011 2012 9M 2013
in €bn
3.7%4.2% 4.0%
4.3%4.0%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
2009 2010 2011 2012 9M 2013
2013 Outlook Rol > 3.5%
2013 Outlook RoE ≥ 750 bps + risk-free1 2013 Outlook Net income ~€700m; pay-out ratio 35-45%
2013 Outlook GWP growth ≥4%
+12.6%
+7.7%+3.6%+9.3%
+10.1%
Return on Investment GWP growth
Return on Equity Net income and Payout
pay-outratio2012 42.1%(€1.05 p.s.)
485
216
515
630528
1 Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield (ROE target 2013: 9.8%)
target ROE
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 20149
Talanx in a nutshell - Industrial Lines
Key figures
Highlights
� A leading provider of industrial insurance capacity in Germany� Long standing and close relationships with European blue chips and major German “Mittelstand” companies� Highly experienced and long-term consistent management team� Lead insurer of choice and highly experienced leader of international programmes� Track record of 15 years successfully building an international network� Attractive cost structure� High profitability over the cycle
1 Based on total GWP adjusted for 50.2% share in Hannover Re2 Including income from interest on deposits
2012 geographic split (GWP)Share in 2012 group GWP 1
106.295.188.6104.1Combined ratio (net)2 in %
Key financials (€m) 2010 2011 2012 9M 2013
Gross written premium 3,076 3,138 3,572 3,128
Net premium earned 1,413 1,375 1,608 1,345
Net underwriting result (57) 155 79 (83)
Net investment income 231 204 247 167
Operating result (EBIT) 185 321 259 60
Return on Equity in % 8.8 12.4 8.5 2.5
Talanx is a leading European industrial lines insur er with global ambitions
Germany International
17%
83%
51%49%
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201410
Talanx in a nutshell - Retail Germany
2012 business mix (GWP)Share in 2012 group GWP 1
Key figures
Highlights
� Leading positions in German Life and P&C� Excellent customer access through innovative distribution strategy
– B2B focussed specialised distribution channels– Unrivalled client access in German bancassurance– Specialist know-how and market leader in employee affinity business– Superior access to leading brokers
101.6100.6101.6104.2Combined ratio (net)2 in %
Key financials (€m) 2010 2011 2012 9M 2013
Gross written premium 6,823 6,710 6,829 5,196
Net premium earned 5,502 5,461 5,501 4,036
Net underwriting result (1,631) (1,258) (1,423) (1,130)
Net investment income 1,577 1,530 1,621 1,319
Operating result (EBIT) (44) 110 98 111
Return on Equity in % -1.7 2.7 4.7 3.2
Strong German retail insurance business – more than 70% from B2B distribution channels
1 Based on total GWP adjusted for 50.2% share in Hannover Re2 Including interest income on funds withheld and contract deposits; net, property/casualty only
33% 78%22%
Life Non-life
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201411
Talanx in a nutshell - Retail International
Share in 2012 group GWP 1
Key figures
95.896.299.3105.2Combined ratio (net) in %
Key financials (€m) 2010 2011 2012 9M 2013
Gross written premium 2,233 2,482 3,260 3,133
Net premium earned 1,738 1,862 2,621 2,597
Net underwriting result (136) (42) 3 22
Net investment income 151 159 281 215
Operating result (EBIT) 273 54 107 157
Return on Equity in % -2.8 6.4 3.5 7.3
2012 business split (GWP)
2012 geographic split (GWP)
LatAm2
Western Europe2
CEE/CIS2
16%
71%
29%
Non-Life Life
43%
33%
24%
� In 2012 Retail International was active in 15 countries outside Germany with a focus on Latin America (LatAm) and CEE� P&C: strong growth with focus on growth driver motor insurance� Life: significant growth potential with focus on risk business� Strong growth pattern with organic GWP growth 2012 of 8% y/y in focus regions LatAm and CEE (LatAm: 14%; CEE: 5%)� Disciplined M&A track record� Export of the successful bancassurance model
Highlights
Focus on major growth markets in Latin America and CEE
1 Based on total GWP adjusted for 50.2% stake in Hannover Re2 CEE/CIS including Turkey and Russia; LatAm including Mexico; Western Europe including Italy, Austria, Liechtenstein and Luxembourg3 EBIT 2010 after income allowance from Talanx AG (before income allowance: EBIT 2010 = €-41m)
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201412
Talanx in a nutshell - Reinsurance
Key figures
Highlights
� Strong market positioning – Third-largest global reinsurer� Top rating (S&P: AA-; A.M. Best: A+) ensures attractive new business � Consistently among the most profitable reinsurers globally� Cost leader� Strong growth track record� Strong risk management both qualitative and quantitative� Conservative investment policy � Very good diversification (across business lines life / non-life as well as geographically)� Lower volatility due to improved diversification� Strong cash generation
n.m.n.m.n.m.95.095.8104.3Comb.Ratio2 in %
Key financials (€m)Non-life Life / health
2011 2012 9M 2013 2011 2012 9M 2013
Gross written premium 6,826 7,717 5,956 5,270 6,058 4,582
Net premium earned 5,961 6,854 5,093 4,789 5,426 4,024
Net investment income 845 945 600 513 685 460
Operating result (EBIT) 599 1,092 800 218 291 140
GWP development (total, €bn)Share in 2012 group GWP 1
11.4 12.113.8
2010 2011 2012
Hannover Re is one of the largest and most profitab le reinsurers globally
1 Based on total GWP adjusted for 50.2% share in Hannover Re2 Incl. expenses on funds withheld and contract deposits; net
34%
Reinsurance
14.816.614.2Return on Equity in %
9M 201320122011
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201413
Talanx in a nutshell – Sources for growth
� Growth through globalisation
� Increase retentionIndustrial Lines
� Elimination of cost disadvantages
� Intelligent products and B2B focusRetail Germany
� Focus on emerging markets (LatAM / CEE)
� Consolidation and integration of acquisitionsRetail International
� Efficient cycle management
� Expansion into emerging marketsReinsurance
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201414
Appendix
II Outlook and targets
I Talanx in a nutshell
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201415
Outlook and targets – Outlook 20131
Targets are subject to no large losses exceeding bu dget ( cat ), no turbulences on capital markets ( capital ), and no material currency fluctuations ( currency )
Gross written premium 2 ≥ +4%
Return on investment > 3.5%
Group net income ~ €700m
Return on equity ~ 10%
Dividend payout ratio 35-45% target range
1 The outlook is based on a remaining large loss budget of ~€180m
2 On divisional level, Talanx expects gross written premium growth of ~+4-6% in Industrial Lines, a flat development in RetailGermany, ~+17-20% in Retail International, ~+3-5% in Non-Life Reinsurance and ~+5-7% in Life and Health Reinsurance
Talanx Group
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201416
Outlook and targets – Targets 20141
Talanx Group
Targets are subject to no large losses exceeding bu dget ( cat ), no turbulences on capital markets ( capital ), and no material currency fluctuations ( currency )
Gross written premium 2 +2-3%
Return on investment ~ 3.4%
Group net income ≥ €700m
Return on equity ~ 10%
Dividend payout ratio 35-45% target range
1 The targets are based on an increased large loss budget of €185m (from €80m) in Primary Insurance and €670m (from €625m) in Reinsurance
2 On divisional level, Talanx expects gross written premium growth of +3-5% in Industrial Lines, -(1-2)% in Retail Germany, +4-8%in Retail International and a low single-digit growth rate in Reinsurance
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201417
Outlook and targets – Mid-term target matrix
1 Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield
2 Derived from actual asset duration. Currently ~ 6.5 years, therefore the minimum return is the 13-year average of 13-year German government bond yield. Annually rolling
Segments Key figures Strategic targets
GroupReturn on equity ≥ 750 bps above risk free1
Group net income growth ~ 10%
Dividend payout ratio 35 - 45%
Return on investment2 ≥ 3.5%
Industrial LinesGross premium growth3 3 - 5%
Combined ratio ≤ 96%
EBIT margin4 ≥ 10%
Retention rate 60 - 65%
Retail GermanyGross premium growth ≥ 0%
Combined ratio (non-life) ≤ 97%
New business margin (life) ≥ 2%
EBIT margin4 ≥ 4.5%
Retail InternationalGross premium growth3 ≥ 10%
Combined ratio (non-life) ≤ 96%
Value of New Business (VNB) growth 5 - 10%
EBIT margin4 ≥ 5%
Non-life reinsuranceGross premium growth 3 - 5%
Combined ratio ≤ 96%
EBIT margin4 ≥ 10%
Life & health reinsuranceGross premium growth3 5 - 7%
Value of New Business (VNB) growth ≥ 10%
EBIT margin4 financing and longevity business ≥ 2%
EBIT margin4 mortality and health business ≥ 6%
3 Organic growth only; currency neutral4 EBIT/net premium earned
Note: growth targets are on p.a. basis
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201418
Appendix
II Outlook and targets
I Talanx in a nutshell
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201419
Appendix - 9M 2013 results at a glance
Summary of 9M 2013
Diversification helps to digest nat cat losses on Gr oup level
€m, IFRS 9M 2013 9M 2012 ChangeGross written premium 21,380 19,847 +8 %Net premium earned 17,103 15,851 +8 %
Net underwriting result (1,242) (1,147) (8) %
Net investment income 2,814 2,817 (0) %Operating result (EBIT) 1,362 1,313 +4 %Net income after minorities 528 550 (4) %
Key ratios 9M 2013 9M 2012 ChangeCombined ratio non-lifeinsurance and reinsurance
97.5% 97.1% 0.4 %pts
Return on investment1 4.0% 4.3% (0.3)%pts
Balance sheet 9M 2013 FY 2012 ChangeInvestments underown management
86,070 84,052 +2 %
Goodwill 1,102 1,152 (4) %
Total assets 133,119 130,350 +2 %
Technical provisions 91,992 89,484 +3 %
Total shareholders' equity 10,902 11,309 (4) %
Shareholders' equity 6,985 7,153 (2) %
Comments
� 8% y/y growth in gross written premium (currency-adjusted +10%, organically +5%) and similar growth pace in net premium earned
� Combined ratio rises by just 0.4%pts despite the significantly higher loss burden of €668m in 9M 2013 vs. €243m in 9m 2012
� Return on investment slightly down, but still at 4.0% level. Net investment income virtually unchanged y/y
� EBIT increases by 4% y/y
� 2013 net income includes positive “Swiss Life”effect (€96m in H1 2013). On the contrary, negative base effect, mainly from capitalisation of deferred tax assets in Q3 2012. 9M 2013 tax rate of 26.0% compares with 18.6% in 9M 2012
� Shareholders’ equity up again to €6,985m, or €27.65 per share. Solvency I ratio at 212% (FY2012: 225%, 6M 2013: 206%)1 Annualised
2012 numbers in this presentation adjusted on the basis of IAS8
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201420
Appendix - Germany suffers from an exceptional nat cat year 2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
year
Mean (2002-2012 losses):€ 922m p.a. =100%
61%
≥220%
174%
67% 69%59%
69%
214%
114%
53%
111% 109%
- Elbe Flood- Storms, e.g.
„Jeanett“
Losses from nat cat events in residential property ( Germany)
Storm „Kyrill“
- Flood- Hailstorm„Andreas“
(Jan – Sep)
Q1 Q2 Q3 Q4
According to German Insurance Association (GDV) rec ord €7bn losses from nat cat in 2013
Source: Industry numbers from GDV (German Insurance Association)
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201421
Appendix - Solvency capital position
� Talanx has extensive experience in innovative capital management
� As of 30 September 2013, available funds include €1.7bn of subordinated debt2
� Goodwill of €1.1 bn as of 30 September 2013 (relative to shareholders’ equity excl. minorities of €7.0bn)
(€bn)
Solid solvency and high-quality capital with relati vely low goodwill supporting optimal balance sheet strength
1 Talanx Group based on the solvency of HDI V.a.G. (HDI V.a.G. is the relevant legal entity for the calculation of group solvency from a regulatory perspective)2 €1.7bn of the Group’s total subordinated debt (€3.1bn) are eligible for Solvency I capital (after accounting for minority interest and capped by regulatory thresholds)
CommentsSolvency I capital position
Solvency I margin1
197% 202% 225% 212%
6.46.8
7.9
3.2 3.4 3.7
2010 2011 2012 30/09/13
Available funds Solvency capital requirements
8.4
3.7
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201422
Appendix - Rating overview
Standard & Poor’s A. M. Best
12/06/13 16/05/13
Grade Outlook Grade Outlook
Talanx Group1 A Stable
Talanx Primary Group2 A+ Stable
Hannover Re subgroup3 AA– Stable A+ Stable
rating of Talanx Primary GroupCurrent financial strength ratings
Financial strength underpinned by S&P and A.M. Best ratings
1 The designation used by A. M. Best for the Group is “Talanx AG and its leading non-life direct insurance operation and its leading life insurance operation”2 This rating applies to the core members of Talanx Primary Group (the subgroup of primary insurers in Talanx Group)3 This rating applies to Hannover Re and its major core companies. The Hannover Re subgroup corresponds to the Talanx Reinsurance segment4 Insurance Industry and Country Risk Assessment
Business Risk Profile
Strong
Financial Risk Profile
Very Strong
ERM
Strong
Management & Governance
Satisfactory
Capital & Earnings
Very Strong
IICRA 4)
Intermediate Risk
Risk Position
Intermediate Risk
Competitive Position
Strong
Risk Position
Strong
Liquidity
Exceptional
Anchor rating a+ Modifiers
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201423
Appendix - Focus on insurance risk
Market risk 3
Non-life risk 2
Further life risk
Operational riskOther risk
� Total market risk of 39%, of solvency capital requirements, which is comfortably below the 50% limit
� Risk capacity priority for insurance risk
� Non-life is the dominating insurance risk category, comprising premium and reserve risk, NatCat and counterparty default risk
� Equities ~1% of investments under own management (Q3 2013)
� GIIPS sovereign exposure 0.9% of total assets (Q3 2013)39%
39%
16%
5%1%
Talanx Group
Market risk sensitivity (limited to less than 50% o f solvency capital requirement) is deliberately low
1 Figures show approximate risk categorisation, in terms of solvency capital requirements,of the Talanx Group after minorities, after tax, post diversification effects as of 2012
2 Includes premium and reserve risk (non-life), net NatCat and counterparty default risk3 Refers to the combined effects from market developments on assets and liabilities
CommentsRisk components of Talanx Group 1
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201424
Appendix – B2B distribution as a key differentiator
Brokers
Bancassurance
Automotive
Retail International
Retail GermanyIndustrial Lines
Reinsurance
Employee affinity
business
Retail Industrial
Brazil
Core value proposition:
B2B competence
B2B2C
B2B2C
Superior service of corporate relationships lies at heart of our value proposition
1 Samples of clients/partners
Excellence in B2B2C channels 1Linkage between different Group segments
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201425
Appendix - HDI V.a.G. history and structure
HistoryOverview V.a.G.
� HDI V.a.G. is a mutual insurance company and majority-owner of the holding company Talanx AG
� The organisational setup reflects the historic roots of HDI, an association of important companies of the German industry that offers mutual insurance cover
� Approx. 0.8m members of HDI V.a.G.
� Alignment of interests of HDI V.a.G. and Talanx Group through
- Providing efficient and reliable insurance to mutual members at market rates, often syndicate-based
- Same decision makers: Mr Haas, Dr Hinsch, Dr Querner
- HDI V.a.G. has no other investments besides Talanx and is interested to further strengthen and enable Talanx to provide stable insurance capacity to industrial clients
- Talanx and HDI V.a.G. committed to capital market oriented dividend policy
Foundation as ‘Haftpflichtverband derdeutschen Eisen- und Stahlindustrie‘ in Frankfurt
Relocation to Hannover
Companies of all industry sectors are able to contract insurance with HDI V.a.G.
Foundation of Hannover Rück-versicherungs AG
Diversification into life insurance
IPO of Hannover Rückversicherung AG
Renaming of HDI Beteiligungs AG to Talanx AG
Start transfer of insurance business from HDI V.a.G. to individual entities
Acquisition of Gerling insurance group by Talanx AG
IPO of Talanx AG
1903
1919
1953
1966
1991
1994
1998
2001
2006
2012
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201426
Talanx Investor Relations
Contact
Talanx AGRiethorst 230659 [email protected]
Carsten Werle, CFAPhone: +49 511 3747 [email protected]
Marcus Sander, CFAPhone: +49 511 3747 [email protected]
Wiebke ErlerPhone: +49 511 3747 [email protected]
Financial Calendar
24 March 2014Annual Report 2013
08 May 2014Annual General Meeting
15 May 2014Interim Report Q1 2014
26/27 June 2014Capital Markets Day (Warsaw)
14 August 2014Interim Report 6M 2014
13 November 2014Interim Report 9M 2014
UniCredit KeplerCheuvreux German Corporate Conference, Frankfurt, 22 January 201427
This presentation contains forward-looking statements which are based on certain assumptions, expectations and opinions of the management of Talanx AG (the "Company") or cited from third-party sources. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond the Company’s control, affect the Company’s business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialize, actual results, performance or achievements of the Company may vary materially from those expressed or implied as being expected, anticipated, intended, planned, believed, sought, estimated or projected.in the relevant forward-looking statement.
The Company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does the Company accept any responsibility for the the actual occurrence of the forecasted developments. The Company neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.Presentations of the company usually contain supplemental financial measures (e.g., return on investment, return on equity, gross/net combined ratios, solvency ratios) which the Company believes to be useful performance measures but which are not recognised as measures under International Financial Reporting Standards, as adopted by the European Union ("IFRS"). Therefore, such measures should be viewed as supplemental to, but not as substitute for, balance sheet, statement of income or cash flow statement data determined in accordance with IFRS. Since not allcompanies define such measures in the same way, the respective measures may not be comparable to similarly-titled measures used by other companies. This presentation is dated as of 20 January 2014. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This material is being delivered in conjunction with an oral presentation by the Company and should not be taken out of context.
Disclaimer