Sehr geehrte Damen und Herren,

Sehr geehrte Damen und Herren, für Rückfragen zu der beigefügten Publikation PwC IPO Centre Q1 2 Equity Capital Markets Briefing stehen Ihnen folgende Ansprechpartner gerne zur Verfügung: Nadja Picard nadja.picard@de.pwc.com Tel. +49 211 981-2978 Christoph Gruss christoph.gruss@de.pwc.com Tel. +49 69 98-34 Dirk Menker dirk.x.menker@de.pwc.com Tel. +49 89 79-86 Armin Slotta armin.slotta@de.pwc.com Tel. +49 69 98-122

PwC IPO Centre Q1 2 Equity Capital Markets Briefing PwC provides independent guidance to companies in the process of going public and to already listed companies in assessing their position in the equity capital markets. Martin Coenen martin.coenen@nl.pwc.com Clifford Tompsett clifford.tompsett@uk.pwc.com Nadja Picard nadja.picard@de.pwc.com Jan-Willem de Groot jan-willem.de.groot@nl.pwc.com

7.4 6.4.1 1.3 3.1 4. 17. 17.2 17.4 11.2 9.7 16. Overview Global Trends European Trends Summary & dashboard Global IPO activity cooled off a bit after record levels in 214 After global IPO issuance reached record levels at the end of 214, the IPO market cooled off a bit during Q1 2. Global IPO money raised stood at $41.4bn via 242 deals in Q1 2. Global money raised via Follow-ons (FOs) stood at $21.9bn via 824 deals in Q1 2. Europe as a key battle ground in Q1 2 In Q1 2, Europe saw 6 IPOs, raising $2.bn versus 4 IPOs raising $16.4bn during Q1 214. The ECB s QE programme is a major driver but the economic fundamentals in Europe are also strong. Whereas Asia saw more IPOs in Q1 2 (129) than in Q1 214 (12), the total amount of money raised stood at $13.3bn in Q1 2 versus $18.bn in Q1 214. The North American markets suffered from a first quarter lull with $7.bn raised via 42 deals in Q1 2 versus $13.9bn raised in Q1 214. Industrials is the most active sector in Q1 2 Driven by the IPO of Aena, which is the largest IPO to date, Industrials proved the most active sector in the first quarter of 2. The amount of IPO money raised stood at $1.bn via 49 IPOs. Financials (including Closed-End Funds and Real Estate), which was the leading sector in 214, saw $9.4bn raised via 4 IPOs. Pipeline continues to be robust On the back of supportive monetary conditions, including the recently implemented Quantitative Easing programme, healthy investor sentiment and high equity valuations, IPO activity is expected to remain robust in Europe. The solid performance of recent U.S. IPOs combined with a large active pipeline is expected to support U.S. IPO activity in the second quarter of 2. The Chinese regulator s continued acceleration of the IPO approval process and healthy pipelines in Hong Kong and Japan should support Asian IPO activity. 2 2 1 4 3 2 1 Money raised in Europe indexed on 1 year average IPO (1 = $4.7bn) 3 161 11 4 62 17 16 28 423 2 136 Oct Nov Dec Jan Feb Mar 214 2 128 Oct Nov Dec Jan Feb Mar 214 2 FO (1 = $.3bn) 2 2 1 2 1 43 Monthly averages ($bn) 38 144 128 72 63 83 112 22 17 Oct Nov Dec Jan Feb Mar 214 2 Money raised in Europe indexed on same month average (1 yr) IPO +28 +36 FO 168 193 Oct Nov Dec Jan Feb Mar 214 2 +12 The above March IPO index level of +28 implies an amount of money raised in Europe, which is 28% above the 1-year average Monthly averages ($bn) +93 Note: The two indices on top are based on the 1Y rolling monthly average capital raised in European IPOs ($4.7bn) and FOs ($.3bn). The two bottom indices are based on the same month rolling 1Y average capital raised in European IPOs ($4.bn on average for March) and FOs ($16.bn on average for March) Source: Dealogic as of 31 March, 2 3

Global capital market trends and developments Overview Global Trends European Trends IPO money raised in Q1 2 slightly below Q1 214 after record levels of IPO issuance late 214 Global Summary Data Initial Public Offerings (IPOs) and Follow-ons (FOs) Pricing Date Issuer Name Top Largest IPOs 2 Issuer Country Exchange Pricing 1 Money Raised ($bn) 1-Feb- Aena BME Top of range $4.8bn -Feb- Sunrise Communications SIX Swiss Exchange In range $2.bn 19-Mar- Auto Trader LSE In range $2.4bn 3-Feb- Jasmine Infrastr. Fund 2 SET Bottom of range $1.7bn 1-Mar- Orient Securities Shanghai SE In range $1.6bn Pricing Date Summary Statistics 213 214 Q1 214 Q1 2 March 214 March 2 Number of IPOs 83 1,147 239 242 89 97 Money Raised in IPOs $194.bn $272.3bn $.7bn $41.4bn $2.4bn $14.8bn Average Deal Size of IPOs $228.m $237.4m $212.2m $171.2m $229.m $2.3m Number of PE-backed IPOs 173 21 4 39 16 2 Value PE-Backed IPOs $9.2bn $8.7bn $17.2bn $14.2bn $7.8bn $6.7bn Number of FOs 3,3 3,16 846 824 363 36 Money Raised in FOs $86.1bn $612.2bn $137.8bn $21.9bn $63.bn $97.4bn Average Deal Size of FOs $193.1m $193.4m $162.9m $24.m $173.4m $273.7m Issuer Name Top Largest FOs 2 Issuer Country Exchange Deal Type Money Raised ($bn) 8-Jan- Santander BME Accelerated Bookbuild $8.9bn 27-Mar- Danske Bank NASDAQ C. Guaranteed Pref. Alloc. $.3bn 24-Feb- Actavis 3 NYSE Fully Marketed $4.2bn 2-Mar- Citizens Financial Group NYSE Fully Marketed $3.7bn 3-Jan- Coal India BSE, NSE Accelerated Bookbuild $3.7bn Highlights After record levels of global IPO issuance at the end of 214, the IPO market cooled off a bit during Q1 2 Despite the unrest in Greece and Ukraine, Europe was the most active region in terms of money raised in Q1 2, accounting for 48% of global money raised via IPOs As equity prices have shot up since the start of the year, many indices are at the highest level since 27. Distorted by this surge in equity prices, global IPO returns to date peaked with a median of 27.3% (average: 98.%) in Q1 2 Global equity indices (213 2YTD rebased to 1) 16 14 13 12 11 1 9 8 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan- FTSE1 Hang Seng Index S&P 1) IPOs are classified as In Range if the IPO is priced in the middle % of the price range. The top and bottom 2% are classified as Top of Range and Bottom of Range 2) The full name is Jasmine Broadband Internet Growth Infrastructure Fund 3) Issuer nationality is United States, but Actavis is incorporated in Ireland Source: Dealogic, Bloomberg as of 31 March, 2 4

IPOs and FOs in leading capital market regions Highlights Overview Global Trends European Trends General trends Investor sentiment and IPO activity are positively stimulated by the economic environment in Europe, which is characterized by the ECB s quantitative-easing programme, low oil prices and a relatively weak Euro. In Q1 2, Europe saw 6 IPOs, raising $2.bn with a number of headline-grabbing flotations. The Spanish government privatized airport operator Aena via an IPO on BME in a $4.8bn transaction, representing Europe s largest IPO in almost four years. After a record year in 214, the North American IPO market experienced the weakest first quarter of the year since 21. Although the year started strong with two IPOs with a first day performance over 1% (Shake Shack and Spark Therapeutics), the total amount of money raised stood at $7.bn via 42 IPOs. The largest IPO was the listing of Oil & Gas company Columbia Pipeline Partners on NYSE, raising a total of $1.2bn. Four of the world s ten largest IPOs in Q1 2 were executed in Asia, spread across the Stock Exchange of Thailand, the Shanghai Stock Exchange and HKEx. These include the listings of Jasmine Broadband Internet Growth Infrastructure Fund ($1.7bn), Orient Securities ($1.6bn), HKBN ($861m) and Dongxing Securities ($746m). Total IPO activity in Asia stood at $13.3bn raised via 129 IPOs in Q1 2, compared to $18.bn via 14 IPOs in Q1 214. North America Capital raising at IPOs and FOs Europe Asia 296 / 1,111 33 / 1,1 24 / 986 $2,8bn $23,6bn $222,8bn 42 / 343 $63,9bn $83,bn $,8bn $84,bn $7,bn 212 213 214 2YTD 23 / 66 146 / 79 83 / 482 $191,9bn $173,2bn 6 / 171 $1,1bn $9,9bn $69,2bn $,9bn $37,1bn $2,bn 212 213 214 2YTD 462 / 993 371 / 634 39 / 91 $9,6bn $13,1bn $139,bn 129 / 224 $1,3bn $48,1bn $66,1bn $46,6bn $13,3bn 212 213 214 2YTD Legend: the bars show the money raised ($bn) in IPOs and FOs ( FO IPO). The number of IPOs and FOs are shown as follows: number of IPOs / number of FOs Note: The location of the listing venue(s) denotes the region(s) of the IPO or FO Note: Several regions, such as Australasia, Middle East, Africa and Latin America are excluded from the analysis in the graphs Source: Dealogic as of 31 March, 2

Overview Global Trends European Trends The leading position of LSE reflects the relatively strong European IPO issuance during Q1 2 Industrials proved the most active sector in the first quarter of 2, just before Financials, which was the leading sector of 214 Exchange Split: 214 Exchange Split: 2YTD $1bn $8bn $277.bn 1 1,172 1 4 $bn $12bn $41.9bn 1 246 1 12 $6bn 3 $9bn 9 $4bn 2 $6bn 6 $2bn 1 $3bn 3 $bn NYSE LSE NASDAQ HKEx ASX Euronext Other $bn LSE Shanghai BME NASDAQ NYSE Euronext Other Sector Split: 214 Sector Split: 2YTD $1bn $8bn $272.3bn 1,147 3 28 $2bn $bn $41.4bn 242 6 4 $6bn $4bn 21 14 $1bn 3 $2bn 7 $bn $bn $bn 1) If IPOs or FOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges Note: Sector classification is based on the Industry Classification Benchmark (ICB) Note: LSE Group includes Borsa Italiana Source: Dealogic, Bloomberg as of 31 March, 2 6

Overview Global Trends European Trends The Financials sector maintained its global leadership position in terms of money raised via FO activity, accounting for 34.2% ($69.bn) of total money raised in Q1 2 The top three leading exchanges of 214 continued to dominate global FO activity in Q1 2 Exchange Split: 214 Exchange Split: 2YTD $3bn $24bn $641.8bn 1 Total no. of FOs: 3,39 1 12 $1bn $7bn $219.8bn 1 861 1 4 $18bn $12bn 9 6 $bn 3 2 $6bn 3 $2bn 1 $bn NYSE NASDAQ LSE HKEx TMX Group Euronext Other $bn NYSE NASDAQ LSE Euronext BME Shanghai SE Other Sector Split: 214 Sector Split: 2YTD $2bn $2bn $612.2bn Total no. of FOs: 3,16 1 8 $8bn $6bn $21.9bn Total no. of FOs: 824 2 2 $bn $1bn 6 4 $4bn 1 $bn 2 $2bn $bn $bn 1) If IPOs or FOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges Note: Sector classification is based on the Industry Classification Benchmark (ICB) Note: LSE Group includes Borsa Italiana Source: Dealogic, Bloomberg as of 31 March, 2 7

Money raised in PE-backed IPOs ($bn) European PE-backed IPO activity spurs in Q1 2 Overview Global Trends European Trends Global PE-backed IPOs (213 2YTD) 2 2 1 Oct 213: Plain GP ($2.9bn on NYSE) Dec 213: Hilton Worldwide (2.7bn on NYSE) Apr 214: Ally Financial ($2.6bn on NYSE) Jun 214: AA ($2.4bn on LSE) Jul 214: WH Group ($2.4bn on HKEx) Jul 214: Healthscope ($2.1bn on ASX) Feb 2: Grandvision ($1.3bn on Euronext A dam) Feb 2: Sunrise Communications ($2.bn on SIX) Mar 2: Auto Trader ($2.4bn on LSE) % 4% 3% 2% 1% PE-backed / total IPOs Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 213 214 2 Other regions Asia Europe North America Number of PE-backed IPOs of total (%) % Highlights Equity prices have shot up since the start of the year, causing many private equity firms to run dual-track sale processes, with public listings edging out private sales at the moment Total money raised via PE-backed IPOs in Q1 2 was down 17.4% relative to Q1 214, during which 4 PE-backed IPOs were executed raising $17.2bn Europe was the leading region in terms of PE-backed activity: via 22 transactions, a total of $11.1bn was raised (Q1 214: $7.bn via 14 deals) Money raised via PE-backed IPOs in North America slowed substantially from $7.bn via 2 deals in Q1 214 to $1.6bn via 8 transactions in Q1 2 PE-backed activity in Asia in 214 was characterised by more, but smaller deals as compared to Q1 214. In Q1 2, 8 PE-backed IPOs were executed raising $1.3bn Pricing Date Top PE-backed IPOs 2YTD Issuer Name Exchange Pricing 1 Raised Money ($m) -Feb- Sunrise Communications SIX Swiss Exchange In range 2,49 19-Mar- Auto Trader LSE In range 2,38 -Feb- GrandVision Euronext A dam In range 1,278 1-Feb- Elis Euronext Paris Bottom of range 966.8 -Mar- HKBN HKEx Top of range 86.6 Note: PE-backed IPOs include all IPOs backed by a financial sponsor Source: Dealogic as of 31 March, 2 8

Overview Global Trends European Trends The listing of Spanish airport operator Aena on BME in a $4.8bn transaction represents Europe s largest IPO since May 211 PE-backed activity continues to be an important contributor to European IPO activity as seven out of the top ten European IPOs were financial sponsor-backed Already four companies raised more than $1 billion via European IPOs in Q1 2 Pricing Date Issuer Name Issuer Country Exchange Price Range (local currency) Offer Price (Local currency) Pricing 1 Money Raised ($m) 1-Feb- Aena BME 43. -. 8. Above range 4,824 -Feb- Sunrise Communications SIX Swiss Exxchange 7. - 78. 68. In range 2,49 19-Mar- Auto Trader LSE 2. - 2. 2.3 In range 2,38 -Feb- GrandVision Euronext Amsterdam 17. - 21. 2. In range 1,278 1-Feb- Elis Euronext Paris 12. - 19. 13. Bottom of range 966.8 26-Mar- Refresco Gerber Euronext Amsterdam 13. - 16. 14. In range 6.1 22-Jan- Tele Columbus Deutsche Börse 8. - 12. 1. In range 9.9 13-Feb- Saeta Yield BME 1.4-12.2 1.4 Bottom of range 499.3 2-Feb- Wizz Air Holdings 2 LSE 1. - 12. 11. In range 47.8 2-Feb- OVS Borsa Italiana 4. -.4 4.1 Bottom of range 47. Pricing Date Issuer Name Issuer Country Largest 1 European IPOs in Q1 2 Largest 1 European FOs in Q1 2 Exchange Price Range (local currency) Offer Price (Local currency) Deal Type Money Raised ($m) 8-Jan- Santander BME 6.64-6.64 6.18 Accelerated Bookbuild 8,892 27-Mar- Danske Bank Nasdaq Copenhagen 176.8-176.8 177.27 Guaranteed Preferential Allocation,261 26-Feb- ENEL Borsa Italiana 4. - 4. 4. Accelerated Bookbuild 2,448 26-Mar- London Stock Exchange LSE 2.38-2.38 22. Accelerated Bookbuild 2,27 2-Feb- CRH Irish stock Exchange, LSE 16.3-16.3 16. Accelerated Bookbuild 1,833 2-Mar- Dassault Aviation Euronext Paris 1,24-1,24 1,3. Accelerated Bookbuild 1,792 12-Feb- BT Group LSE 4.6-4.6 4. Accelerated Bookbuild 1,39 26-Mar- Haversham Holdings LSE 1. - 1. 1. Cash Placing 1,34 17-Feb- NN Group Euronext Amsterdam 24.76-24.76 24. Accelerated Bookbuild 1,423 4-Mar- Abertis BME 17.17-17.17 16.4 Accelerated Bookbuild 1,237 1) IPOs are classified as In Range if the IPO is priced in the middle % of the price range. The top and bottom 2% are classified as Top of Range and Bottom of Range 2) Issuer nationality is Hungary, but Wizz Air Holdings is incorporated in Jersey Source: Dealogic, Bloomberg as of 31 March, 2 9

82 $,9bn 146 $37,1bn 23 $69,2bn 6 $2,bn 26 21 16 11 6 1-4 $6,6bn $21,1bn $27,9bn $,8bn 1 9 7 3 - -2 $2,9bn $,bn $9,1bn $2,bn 2 1 - - -1 $,7bn $4,bn $1,1bn 3 2 2 1 - -1 - -2 $1,1bn $,3bn $,bn $1,2bn $2,4bn $,bn $1,7bn $6,2bn $6,bn $2,bn $1,2bn $,3bn 3 2 2 1 - -1 - -2 3 2 2 1 - - -1 - -2 3 2 2 1 - - -1 - -2 Overview Global Trends European Trends After two years of drought, Spain saw strong IPO activity in 214, which is continued in 2 with 2 IPOs raising $.3bn European IPOs IPO activity in top 6 European countries based on money raised (212 Q1 2) Rank (#) 1. 2. 3. 4. Number of IPOs 37 77 112 22 19-Mar: Auto Trader ($2.4bn) 2-Feb: Wizz Air Holdings ($476m) 2 6 3 -Feb: GrandVision ($1.3bn) 26-Mar: Refresco Gerber ($6m) 2 7 6-Feb: Eltel ($348m) 2-Mar: Hoist Finance ($291m) 2 2 6 1 Top 1 -Feb: Sunrise Communications ($2.bn) Money raised ($bn) 26 1-Feb: Elis ($967m) 9 1 2-Mar: Cerenis Therapeutics ($8m) Rank ($) 1. 2. 3. 4. FY 212 FY 213 FY 214 Q1 2 8 2 1-Feb: Aena ($4.8bn) 13-Feb: Saeta Yield ($499m) Note: The vertical axis of the UK graph has a different scale compared to the other European countries Source: Dealogic as of 31 March, 2 1

482 $1,1bn 79 $173,2bn 664 $191,7bn 171 $9,9bn 6 4 3 2 - $31,bn 211 $42,4bn 229 $44,4bn 313 $,2bn 76 37 32 27 22 17 12 7 2-2 $1,1bn $22,8bn $19,6bn $9,4bn 9 7 3 1-1 -3 - $3,6bn $,2bn $,6bn $6,7bn 9 7 3 1-1 -3 - $14,4bn $9,9bn $,1bn $23,7bn $7,9bn $6,4bn $32,4bn $21,bn $19,6bn $,7bn $11,bn $3,8bn 9 7 3 1-1 -3-9 7 3 1-1 -3-9 7 3 1-1 -3 - The UK continues to dominate European FO activity Overview Global Trends European Trends Hugo Boss completed two FOs with a total value of approximately $2.bn within Q1 2 European FOs FO activity in top 6 European countries based on money raised (211 214) Rank (#) 1. 2. 3. 4. Number of FOs 26-Mar: London Stock Exchange Group ($2.bn) 2-Feb: CRH ($1.8bn) 26 4 22 2-Mar: Dassault Aviation ($1.8bn) 2-Mar : Accor ($1.2bn) 11 12 11 27-Mar: Danske Bank ($.3) 12-Mar: ISS ($1.1bn) 7 69 17 1-Feb: Hugo Boss ($1.bn) 17-Mar: Hugo Boss ($996bn) Money raised ($bn) 13 19 28 8 8-Jan: Santander ($8.9bn) 4-Mar: Abertis ($1.2bn) Rank ($) 1. 2. 3. 4. FY 212 FY 213 FY 214 Q1 2 12 23 28 8 26-Feb: ENEL ($2.4bn) 13-Feb: Mediaset ($427m) Note: The vertical axis of the UK graph has a different scale compared to the other European countries Source: Dealogic as of 31 March, 2 11

Overview Global Trends European Trends A broader distribution of IPOs across Europe can be observed LSE continues to be the dominant exchange with $6.3bn raised via 27 IPOs BME ranks second with two IPOs in the first quarter raising $.3bn, Euronext ranks third with 13 IPOs raising a total of $3.2bn Exchange Split: 214 Exchange Split: 2YTD $4bn $3bn $2bn $1bn $71.8bn 1 241 1 12 1 7 2 $8bn $6bn $4bn $2bn $2.bn 1 6 1 3 2 2 1 $bn LSE Euronext BME NASDAQ Deutsche Börse Oslo Other $bn LSE BME Euronext SIX Swiss Exchange NASDAQ Deutsche Börse Other Sector Split: 214 Sector Split: 2YTD $3bn $24bn $69.3bn 23 1 8 $8bn $6bn $2.bn 6 2 16 $18bn $12bn 6 4 $4bn 12 8 $6bn 2 $2bn 4 $bn $bn 1) if IPOs or FOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges Note: sector classification is based on the Industry Classification Benchmark (ICB) Note: LSE Group includes Borsa Italiana Source: Dealogic, Bloomberg as of 31 March, 2 12

Overview Global Trends European Trends Financials continue to dominate European FO activity by a wide margin, while Industrials rank second LSE, Euronext and BME are the leading European exchanges in terms of both IPO and FO activity Exchange Split: 214 Exchange Split: 2YTD $1bn $8bn $194.9bn 1 Total no. of FOs: 674 1 37 3 $2bn $16bn $61.7bn 1 Total no. of FOs: 173 1 1 8 $6bn 22 $12bn 6 $4bn $8bn 4 $2bn 7 $4bn 2 $bn LSE Euronext Deutsche Börse BME Athens NASDAQ Other $bn LSE Euronext BME NASDAQ Deutsche Börse Irish SE Other Sector Split: 214 Sector Split: 2YTD $1bn $8bn $191.9bn Total no. of FOs: 66 2 2 $3bn $24bn $9.9bn Total no. of FOs: 171 4 $6bn $18bn 3 $4bn 1 $12bn 2 $2bn $6bn 1 $bn $bn 1) if IPOs or FOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges Note: sector classification is based on the Industry Classification Benchmark (ICB) Note: LSE Group includes Borsa Italiana Source: Dealogic, Bloomberg as of 31 March, 2 13

Monthly number of European IPOs Monthly Money Raised in European IPOs ($m) After a turbulent start of the year, volatility decreased in February, which coincides with substantial European IPO activity Overall, higher volatility could be the new normal Overview Global Trends European Trends A correlation is observed between increased volatility indices and weak European IPO activity ($m) 2 2 1 Money Raised in European IPOs ($m) VStoxx Index (monthly average) VIX Index (monthly average) Window closed Jan-1 May-1 Sep-1 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan- 4 3 2 1 Volatility Indices which is also shown if we focus on the actual number of European IPOs 4 3 2 1 Monthly Number of European IPOs VStoxx Index (monthly average) VIX Index (monthly average) 4 3 2 1 Volatility Indices Jan-1 May-1 Sep-1 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan- Note: the VStoxx Index and the VIX Index are both volatility indices. The VStoxx is based on the Euro Stoxx Index and the VIX Index is the Chicago Board Options Exchange Volatility Index Source: Dealogic, Bloomberg as of 31 March, 2 14

Disclaimer 2 PricewaterhouseCoopers Accountants N.V. (341828) (hereinafter referred to as 'PwC'). All rights reserved. Not for further distribution without the permission of PwC. PwC refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm s professional judgment or bind another member firm or PwCIL in any way. PricewaterhouseCoopers Accountants N.V. is the author of this publication and has got the copyrights. Without written permission of PwC this publication may not be duplicated, copied, distributed or published. This publication has been prepared for information purposes and general guidance on matters of interest only, and does not constitute, or may not be interpreted as, professional advice or as a sale, buying or trading advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.