Contents 1. Introduction to QNB 2. Vision and Strategy 3. Business Overview 4. Corporate Governance 5. Financial Highlights 6. Corporate and Social Responsibility 2
Introduction to QNB
QNB at a glance Gateway to the Middle East and Africa (MEA) Africa and Europe Employees: 7,045 Locations: 267 ATMs: 500 Middle East Middle East Employees: 7,239 Employees: 7,239 Locations: 317 Locations: 317 ATMs: 836 ATMs: 836 Asia Employees: 999 Locations: 53 ATMs: 62 Above 25,000 touch points supported by over 15,200 employees Strategic partnership with Ecobank and Nedbank Leading bank in MEA QNB presence Presence through subsidiaries and associates Assets: USD 148 Bn Net profits: USD 3.1 Bn RoAE: 20.6% CAR: 16.3% Solid financial strength resulting in top-tier credit ratings Note: As at 31-Dec-2015; excluding Finansbank 4
Established in 1964 as the first Qatari-owned bank, QNB is the leading financial institution in MEA First Qatari-owned bank Acquired a stake in HBTF bank in Jordan Acquired a stake in CBI bank in UAE Acquired stakes in banks in Tunisia 1, Iraq and Libya Acquired a controlling stake in Bank Kesawan in Indonesia 2 1964 1973 1974 1976 1978 2007 2008 2010 2011 2013 2014 2015 Qatari Riyals introduced First branch outside Doha First overseas operation (London) Second overseas operation (Paris) Ranked as the World s Strongest Bank by Bloomberg Acquired a controlling stake in NSGB in Egypt 3 Acquired a stake in Ecobank Transnational Incorporated in Africa Entered into a definite agreement to acquire Finansbank in Turkey Became the leading MEA bank 1 Rebranded to QNB Tunisia 2 Rebranded to QNB Indonesia 3 Rebranded to QNB ALAHLI 5
QNB has consistently delivered double-digit growth in assets and net profit Historical growth of key financials (USD Bn) 1 Assets Net Profit % CAGR % CAGR +11% +16% +20% 100.8 121.8 133.6 147.9 +20% 2.06 2.29 2.60 2.87 3.10 82.9 0.0 0.00 1965 2011 2012 2013 2014 2015 1965 2011 2012 2013 2014 2015 1 Excluding Finansbank 6
QNB is the largest bank the MEA region across all financial metrics USD Bn (As at 31-Dec-2015) Assets 1 Loans Deposits Profit before tax #1 147.9 #1 106.7 #1 108.6 #1 3.1 #2 128.1 #2 73.7 #2 86.1 #2 2.4 #3 119.7 #3 69.6 #3 78.3 #3 2.2 #4 110.8 #4 67.0 #4 76.7 #4 2.2 #5 110.8 #5 64.0 #5 68.3 #5 2.0 #6 103.8 #6 60.6 #6 63.9 #6 1.9 #7 94.4 #7 60.2 #7 63.7 #7 1.6 #8 94.2 #8 56.1 #8 52.7 #8 1.5 #9 86.5 #9 56.1 #9 51.2 #9 1.5 #10 84.2 #10 52.6 #10 51.1 #10 1.3 1 Top ten ranking by assets; QNB excluding Finansbank Source: Financial Statements 7
QNB has maintained strong capital adequacy, well above Qatar Central Bank s Basel III requirements Evolution of total equity and capital adequacy ratio (as at 31-Dec-15) 1 Total equity 2 evolution (USD Bn) Capital adequacy ratio 10.7 11.7 12.8 14.1 16.0 22.0% 21.0% 16.6% 16.2% 16.3% 12.5% QCB Basel III 3 2011 2012 2013 2014 2015 2011 4 2012 4 2013 2014 2015 QNB s capital base has been regularly increased in line with the strong surge in the balance sheet Capital adequacy ratios have been consistently maintained above QCB and Basel II and III requirements 1 Excluding Finansbank 2 Total Equity excludes fair value reserve, proposed dividend and non-controlling interest 3 QCB Basel III minimum capital adequacy ratio including capital conservation buffer 4 Calculated using Basel II capital adequacy rules 8
Due to its capital strength, risk management and business expertise, QNB was awarded top-tier ratings from international rating institutions Current ratings (as at 31-Dec-16) Ratings Long Term A+ Short Term Outlook A-1 Stable Aa3 P-1 Stable QNB will continue to expand overseas, but maintain its marketleading asset quality and profitability, robust capitalisation, and strong earnings. reflects QNB's still strong post-acquisition capital and liquidity buffers, which continue to compare well with global peers AA- F1+ Stable July 9 th, 2015 January 25 th, 2016 AA- A1+ Stable QNB s ratings are a testament to its capital strength, risk management, business and operating model strong funding profile with sound liquidity and solid capital position January 18 th, 2016 Source: Credit Rating Agencies, Bloomberg and QNB Economics 9
QNB was ranked by Bloomberg as one of the World s Strongest Banks in 2015 2015 Ranking of Bloomberg s World s Strongest Banks Tier 1 capital ratio % Non performing assets Reserves ratio Loans to deposits ratio Efficiency ratio Global ranking of banks with assets over USD 100 Bn 1 2 3 4 5 6 7 8 9 10 Source: Bloomberg Markets Magazine 2015 World s Strongest Banks ranking 10
QNB is the leading MEA banking brand Brand ranking (as at 31-Dec-15) Top MEA banking brands #2 #2 #1 #1 #1 2011 2012 2013 2014 2015 Since 2013, QNB has been the most valuable bank brand in the Middle East and Africa Source: Brand Finance 11
QNB has the highest market cap among all MEA banking peers Market capitalisation (USD Bn as at 31-Dec-15) Top MEA banks by market capitalization 33.6 27.2 22.6 16.4 13.0 11.7 11.2 10.3 10.3 9.2 Source: Bloomberg 12
QNB s universal bank business model positively contributes to its growth Operating income by line of business (as at 31-Dec-15) Group Corporate Banking Group Asset and Wealth Management Group Consumer Banking 13
QNB s international footprint spans across three continents: Asia, Africa and Europe Africa and Europe Employees: 7,045 Locations: 267 ATMs: 500 Middle East Employees: 7,239 Locations: 317 ATMs: 836 Asia Employees: 999 Locations: 53 ATMs: 62 Branches and rep. offices Middle East 1 Qatar: 72 Branches Oman: 6 Branches Kuwait: 1 Branch Lebanon: 1 Branch Yemen: 1 Branch Iran: 1 Rep. office 2 Europe UK: 1 Branch France: 1 Branch Africa Sudan: 6 Branches South Sudan: 1 Branch Mauritania: 1 Branch Singapore: 1 Branch China: 1 Rep. office India: 1 Advisory office QNB presence Myanmar: 1 Rep. office Presence through subsidiaries and associates 4 Vietnam: 1 Rep. office 1 Received approval to operate in Saudi Arabia 2 Dormant 3 Ecobank share of 20.0%, as at 15 January 2015, includes ordinary shares and QNB s convertible preference shares 4 Employee, location and ATM figures excluding Finansbank, Asia Middle East Europe Africa Asia Subsidiaries and associates Entered into an agreement to acquire 99.8% stake in Finansbank Presence in Turkey 40.0% stake in CBI Presence in UAE 34.5% stake in HBTF Presence in Jordan, Palestine, Bahrain, Algeria, Syria, Libya, Iraq and UAE 50.8% stake in QNB Syria Presence in Syria 50.8% stake in Mansour Bank Presence in Iraq 100% stake in QNB BPS Presence in Switzerland 20.0% stake in Ecobank 3 Presence in 36 countries in Africa and with rep. offices/ branches in France, China, UAE and UK 49.0% stake in Bank of Commerce and Development Presence in Libya 97.1% stake in QNB ALAHLI Presence in Egypt 99.9% stake in QNB Tunisia Presence in Tunisia 82.59% stake in QNB Indonesia Presence in Indonesia 14
The tripartite strategic partnership with Ecobank and Nedbank uniquely positions QNB as a MEA gateway Presence in the Middle East and North Africa USD 148 Bn in assets 15,200 employees Complementary networks offering full coverage of MEA Presence in Western, Central and East Africa USD 24 Bn in assets 19,500 employees Presence in Southern Africa USD 60 Bn in assets 31,300 employees 15
QNB has been acknowledged for its innovative products, services and performance from internationally recognized institutions Selected awards EuroMoney: - Best Bank in the Middle East: 2014-2015 - Best Bank in Qatar: 1997-2004, 2007, 2009-2015 - Best Range of Advisory Service: 2014 - Best Net-Worth Specific Services for Super-Affluent Clients: 2014 The Banker: - Best Bank in the Middle East: 2013 - Bank of the Year in Qatar: 2005, 2007-2010 Global Finance: - One of The World s Top 50 Safest Commercial Banks: 2014-2015 - Best Bank in Qatar: 1999-2004, 2006-2009, 2013-2014 - One of The World s Best FX Providers (Middle East): 2004, 2006, 2007, 2009, 2014 - Best Trade Finance Provider in Qatar: 2006, 2009, 2016 Global Investor: - Regional Asset Manager of the Year: 2014 - Asset Manager of the Year in Qatar: 2013, 2015 JP Morgan awards: - Elite JPMorgan Quality Recognition Award: 2004, 2005, 2007, 2010, 2016 The Asian Banker: - Best Transaction Bank in the Middle East & Africa: 2015 - Best Direct Bank: 2015 Source: Press publications 16
Vision and Strategy
QNB aspires to become a MEA icon by 2017 and a global bank by 2030 Top MENA bank MEA icon Global bank ü ü 2030 Next 15 years 18
For QNB, being a MEA icon implies excellence across five key dimensions Becoming a MEA icon to meet our purpose 1 We are the leading facilitator of economic development 2 3 4 We are a key contributor to enhancing the societies in which we operate We are a beacon of responsible business and conduct well beyond the financial industry We have secured the respect of our stakeholders Our vision encompasses connecting and enabling growth across multiple, strategically selected regions as a Gateway to MEA creating sustainable value for individuals, institutions, countries and our shareholders 5 We are a business that leads in its core areas of operation 19
To realise the Group s vision, six mission statements were defined Stand out in terms of customer service Maintain a strong rating Be a leading brand Be a financial institution of choice Continue to have profitable, sustainable growth Be an employer of choice 20
Our guiding principles enable creating sustainable and meaningful value for our customers, partners, host communities and shareholders Strength We are a bank with robust financial stability, top-tier ratings and capital strength Trust We seek to align our goals to those of our employees, business partners, customers and host communities while operating in an atmosphere of mutual trust and teamwork Support Our products and services support individuals, institutions, countries and regions to fulfil their aspirations Growth We will continue to capture opportunities for sustainable growth, both in the products and service offerings to our customers, and in the expansion into new geographic territories 21
To realize the Group s vision, QNB has defined its strategy along two pillars: protect its dominant position in Qatar and accelerate international growth Protect dominant position in Qatar Accelerate international growth 2020 Strategy Significantly grow market share and profitability in the private commercial sector Grow profitability and contribution in the retail business Build a specialised international wholesale bank Expand asset and wealth management Significantly focus and scale-up current international footprint Selectively explore inorganic opportunities 22
Our guiding principles, strategy and competitive positioning enable us to deliver true value to our stakeholders A leading bank regionally with an Solid capital strength and ratings expanding international footprint By maintaining strong balance sheet, QNB is well positioned to take advantage of arising opportunities A strong credit rating enables us to access capital markets to facilitate our growth plans, and ensures QNB Group s partners and customers can trust the strength of our offering By maintaining and accelerating our regional dominance, we aim be the preferred choice for major corporations, institutions, SMEs and individuals As we expand our network, we are carving out a role for QNB as the financial gateway to MEA facilitating access to these exciting markets Brand recognition and consistency QNB has one of the strongest brands in the MEA region. In 2015, The Banker magazine ranked QNB as Best Bank Brand in the MEA This level of brand recognition is built on numerous achievements, mainly stemming from consistent delivery of strong returns and leading position across all financial metrics among MEA banks QNB QNB Group, with its top-tier ratings provides access to frontier and emerging markets across MEA 23
Business Overview
QNB is a universal bank offering a full spectrum of financial products and services Investment Banking Corporate and Institutional Banking Retail Banking Brokerage and Custody Treasury Asset Management Private Banking Islamic Banking outside Qatar 25
QNB offers a comprehensive Corporate and Retail value proposition Investment Banking Corporate and Institutional Banking Retail Banking Traditional wholesale and commercial banking products and services Structured finance, such as underwriting and distribution, project and ECA finance, asset-backed finance and RE International payments and global cash management Extensive correspondent banking network Transacting, financing, investing, saving and protecting solutions for individuals Customized offering for segments Brokerage and Custody Treasury Asset Management Private Banking Islamic Banking outside Qatar Short, medium and long term liability products (money market, certificates of deposits, euro medium term notes, etc.) Structured products and derivatives (FX, hedging, etc.) Tailored Shari'a-compliant products to customer s needs Fast time-to-market due to early alignment with Shari'a Board during product development Dedicated Islamic capabilities (processes and IT infrastructure) 26
QNB offers products and services along the entire Asset and Wealth management value chain, as well as advisory services through QNB Capital Advisory services covering all aspects of corporate finance and strategy: - Advisory services - Mergers and acquisitions - Equity and debt capital markets - Real estate management Comprehensive brokerage services, with access to MENA and Global equity and bond markets Research capability covering GCC companies First domestic bank to offer global custody services Investment Banking Corporate and Institutional Banking Retail Banking Fund management expertise in MENA markets Discretionary and non-discretionary portfolio management services Experienced fund management team with a proven track record Onshore and offshore proposition tailored to HNWI Specialized financing and global access to a wide range of investment solutions Trust/ estate planning and fiduciary services Bespoke services in Doha, Geneva, London and Paris Brokerage and Custody Asset Management Private Banking Islamic Banking outside Qatar Treasury 27
As part of its customer centric approach to enhance proximity, QNB Group has constantly been increasing its customer touch-points QNB Group employees Branches/ offices 14,439 15,239 Domestic 619 79 638 73 International 540 565 2014 2015 2014 2015 ATMs POS Domestic 1,320 1,398 359 395 Domestic 20,376 9,540 25,169 11,430 International 961 1,003 International 10,836 13,739 2014 2015 2014 2015 Note: Excluding Finansbank 28
Corporate Governance
QNB s corporate governance framework is based on four guiding principles and aims to prevent any principal-agent conflict of interest Corporate governance guiding principles and framework Corporate governance guiding principles Corporate governance framework Principals/ shareholders Fairness Accountability Guiding principles Transparency Governance Mission: Defining Relationships Responsibility Agents/ Executive Management Propose vision, strategic direction and report performance Approve vision, strategic direction and monitor performance Principal representatives Board of Directors Governance Committees QNB s governance framework ensures management decisions are taken in the best interests of shareholders 30
QNB s corporate governance architecture cascades from Board of Directors to Senior Management Committees Corporate governance architecture Board of Directors is composed of ten non-executive Directors of which five are independent Board of Directors Three Board Committees: Group Executive Committee Group Audit and Compliance Committee Group Policies, Governance, Development and Remuneration Committee CTO Executive Management Executive Management is composed of six executives: Group Chief Executive Officer Group Chief Business Officer Group Chief Operating Officer Group Chief Financial Officer Group Chief Risk Officer General Manager Group Strategy Senior Management Committees Several cross functional Senior Management Committees have been formed to ensure sound governance and effective execution: Group Risk Committee Group Credit Committee Group Assets and Liabilities Committee Group Strategy Committee Group Business Development Committee Group Information Technology Committee Group Operations and Services Committee Group Human Capital Committee Central Purchasing Committee 31
QNB s Board of Directors is composed of ten non-executive members of which five are independent Board of Directors (as at 31-Dec-15) H.E. Mr. Ali Shareef Al-Emadi Chairman of the Board of Directors Member since 2013 H.E. Sheikh Jassem Bin Abdulaziz Bin Jassem Bin Hamad Al-Thani Vice Chairman of the Board of Directors Member since 2004 H.E. Sheikh Khalid Bin Hamad Bin Khalifa Al-Thani Member of the Group Policies, Development, Governance, and Remuneration Committee Member since 2013 H.E. Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani Member Since 2015 H.E. Sheikh Hamad Bin Jaber Bin Jassim Al-Thani 1 Chairman of the Group Executive Committee; Member of the Group Policies, Governance, Development and Remuneration Committee Member since 2004 Mr. Bader Abdullah Darwish Fakhroo 1 Member of the Group Executive Committee Member since 2001 Mr. Rashid Misfer Al-Hajri 1 Chairman of the Group Audit and Compliance Committee Member since 1998 Mr. Ali Hussain Ali Al-Sada 1 Member of the Group Executive Committee Member since 1998 Mr. Fahad Mohammed Fahad Buzwair 1 Chairman of the Group Policies, Governance, Development and Remuneration Committee; Member of the Group Audit and Compliance Committee Member since 2001 Mr. Mansoor Ebrahim Al-Mahmoud Member of the Group Audit and Compliance Committee Member since 2004 1 Independent Directors 32
QNB is led by an experienced management team Mr. Ali Ahmed Al-Kuwari Group Chief Executive Officer Over 23 years at QNB Mr. Abdulla Mubarak Al-Khalifa Mr. Ali Rashid Al- Mohannadi Mr. Ramzi Mari Mr. Grant Lowen Mr. Christian Eichner Executive General Manager Group Chief Business Officer Over 18 years at QNB Executive General Manager Group Chief Operating Officer Over 18 years at QNB General Manager Group Chief Financial Officer Over 18 years at QNB and 25 years banking experience General Manager Group Chief Risk Officer Over 3 years at QNB and over 30 years financial sector experience General Manager Group Strategy Over 7 years at QNB and over 15 years financial sector experience 33
Financial Highlights
QNB continues to demonstrate sustainable, profitable growth Financial highlights (as at 31-Dec-15) 1 Profit 2 USD 3.1 billion net profit +8% Growth vs. December 2014 Net interest margin (NIM) 3 : 2.80% Cost to income ratio: 21.5% Earnings per Share USD 4.42 ROAA 2.20% Assets USD 147.9 billion assets USD 106.7 billion loans +11% +15% NPL (% of gross loans): 1.4% Coverage ratio: 127% Funding USD 108.6 billion deposits +11% Loans to deposits ratio: 98.3% Equity USD 17.0 billion equity +7% ROAE 4 : 20.6% Capital adequacy ratio (Basel III): 16.3% 1 Excluding Finansbank 2 Profit Attributable to Equity Holders of the Bank 3 Net interest margin calculated as net interest income over average earning assets 4 RoAE uses Average Equity which excludes fair value reserve, proposed dividend and non-controlling interest 35
maintaining the growth momentum of the previous years Income statement breakdown (USD Bn as at 31-Dec-15) 1 Net Profit 2 Operating Income 3 Net Interest Income % RoAE 3 4 % Cost to Income Ratio % Net Interest Margin 5 2.06 2.29 5 yrs: 15% 2.60 2.87 3.09 2.80 3.16 5 yrs: 16% 4.04 4.34 4.47 2.14 2.51 5 yrs: 18% 3.18 3.37 3.50 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 28.8 24.8 24.8 20.5 21.3 21.3 21.4 21.3 20.6 15.7 16.8 20.4 20.8 21.5 2.78 2.83 2.90 2.86 2.80 Net profit increased 8% from 2014 2010-2015 CAGR of 15% Operating income increased 3% from 2014 2010-2015 CAGR of 16% NII increased 4% from 2014 NIM decreased by 6 bps since 2014 as cost of funds increased 1 Excluding Finansbank; 2 Profit Attributable to Equity Holders of the Bank; 3 Operating Income includes Share of Results of Associates 4 RoAE uses Average Equity which excludes fair value reserve, proposed dividend and non-controlling interest 5 Net interest margin calculated as net interest income over average interest earning assets 36
Effective execution of the strategy has enabled QNB grow its loan and deposit base in 2015 Key balance sheet metrics (USD Bn as at 31-Dec-15) 1 Total assets Total customer deposits Total loans and advances 5 yrs: 19% 121.8 133.6 147.9 5 yrs: 19% 92.2 99.0 108.6 5 yrs: 25% 85.3 92.9 106.7 100.8 74.2 68.7 82.9 55.0 53.3 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 1 Excluding Finansbank 37
and increase international business contribution to QNB Geographical contribution (USD Bn as at 31-Dec 2015) 1 Domestic International Net profit Loans and advances Customer deposits 3.09 106.7 108.6 2.06 69% 76% 61% 53.3 55.0 81% 86% 70% 19% 31% 14% 24% 30% 39% 2011 2015 2011 2015 2011 2015 1 Excluding Finansbank 38
Corporate and Social Responsibility
QNB is committed to Corporate Social Responsibility (CSR) to develop the society Corporate Social Responsibility is one of the main pillars of a developing community. It constitutes one of the ways of producing responsible citizens, who are both aware of their individual and collective responsibilities and are conscious of the need to grow and develop the society around them to a meaningful degree H.E. Mr. Ali Shareef Al-Emadi Chairman of the Board of Directors QNB has implemented an adaptive CSR policy to effectively address needs that are of significance to the country in which it operates Domestically, as Qatar s leading financial institution, QNB s Vision includes a commitment to promote economic development for the country and personal development for all stakeholders and is aligned with the National Development Strategy 2011-2016 Internationally, QNB s CSR approach involves identifying priorities that address particular needs that are of significance to the respective countries in which it operates QNB annually publishes a CSR report along with its annual report providing an overview of the various initiatives and activities 40
QNB CSR initiatives at encompass six broad themes Culture and arts Economic and international affairs Health and the environment Supported Garangao, merging the Qatari heritage with modern technology Supported the Qatar camel race nation s cultural and sporting calendar Supported Qatar s National Day celebration Sponsored & hosted the meeting of the Institute of International finance (IIF) Sponsored the 55 th Annual Meeting of the World Federation of Exchanges Sponsored the inauguration of the Chinese Renminbi (RMB) Sponsored a clean the beaches and islands campaign in Qatar in cooperation with the Ministry of Municipality and Urban Planning Sponsored the first Qatar International Conference on Obesity and Metabolic Surgery in Kuwait Social and humanitarian affairs Sports Education and youth Sponsored the preparatory summit for youth participation in 2016 International Summit for Humanitarian Work to be held in Turkey Sponsored the World Autism Awareness Day organised by the Al-Shafllah Center Main sponsor for the 2015 Handball World Cup and sponsor of the Qatari and Tunisian Handball National teams Participated in the Qatari banks football championship Title sponsor of the Indonesia Super League Rolled out the QNB Money made easy programme Provided educational materials to low-income schools in Egypt and Tunisia Renovated 11 primary schools in different cities in Tunisia 41
Operating sustainably is an enabler of QNB s vision A lower hydrocarbon footprint due to our roots in Qatar SUSTAINABILITY Acting ethically Social responsibility towards our people and the communities we operate in 42
QNB s employees exhibited engagement levels above peers and receive best-in-class training QNB Group employees (#) Engagement score (%) 2015 Training (hours per person) 13,647 14,439 15,239 57 54 56 46 Retail 7 11,669 12,362 13,026 Corporate 5 Others 5 1,978 2,077 2,213 2013 2014 International 2015 Domestic 2012 2014 QNB GCC commercial banks Group Average 6 Note: Excluding Finansbank 43
A well diversified profile aiming at further development of nationals, women and younger employees will be the key pillar supporting QNB s growth Employees tenure with QNB (%) Education (%) > 10 years < 5 years 21% 46% 33% 5-10 years Without university degree 20% Qatarization 1 (%) 80% With university degree Gender (%) Qatari 51% 49% Non-Qatari Age (%) 30-40 years old Male 59% 41% Female 37% 40% <30 years old 6% 17% >50 years old 40-50 years old 1 In Qatar 44
Disclaimer By reading the presentation slides, you agree to be bound by the following limitations: These materials contain statements about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. Past performance cannot be relied on as a guide to future performance. The Bank assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. The opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. The Bank relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. 45