DEVELOPMENT SECURITIES PLC

INVESTOR DAY

23rd OCTOBER 2014 Agenda Presentations and tour Timings Arrivals and breakfast 7.30 – 8.00am

Introduction – Michael Marx 8.00 – 8.10am

Interim results overview – Marcus Shepherd 8.10 – 8.25am

Q&A 8.25 – 8.35am Introduction to Cathedral – Richard Upton 8.35 – 9.20am Current focus and opportunities – Matthew Weiner Q&A 9.20 – 9.30am Office development activity – Julian Barwick 9.30 – 9.50am

Site visits 10.00am – 12.30pm Telegraph Works The Project The MVMNT

Session close 12.30pm

2 INTRODUCTION MICHAEL MARX, CHIEF EXECUTIVE Market context

• UK GDP growth continues strongly

• Greater and South East continue to dominate GDP growth figures but investor confidence strengthening further in secondary/regional markets

• Opportunities for mixed-use urban regeneration projects are expanding

• Terms of trade remain advantageous

4 Overview – a diversified portfolio of real estate assets

Portfolio composition by book value:

Focus on prime commercial developments outside of core Central London (West End/Midtown/City) with reduced risk exposure Investment portfolio held for through institutional consistent cash yield and to forward-funding support overheads

Focus on long-term income opportunities with asset Diversified portfolio of projects management and including: repositioning potential, • Mixed-use regeneration notably food store-anchored • PPP schemes retail schemes and alternative • Trading opportunities assets Focus on Suburban London and South East England with growing presence in Dublin

Target project life cycles of three to four years with IRRs in excess of 20% p.a. 5 Our focus

• Continued focus on delivering development and trading gains from across our diversified portfolio

• We have an established pipeline of projects for the coming years and good visibility on further investment and development opportunities notably: ‒ Suburban London/South East mixed-use regeneration projects including PPP projects ‒ Dublin investment and development opportunities – a ‘mini Dev Secs’ ‒ Residential opportunities ‒ Commercial developments in locations of high demand outside of core Central London ‒ Trading activities

6 INTERIM RESULTS MARCUS SHEPHERD, FINANCE DIRECTOR Highlights

• Strong half year performance – high level of deal flow generates gains of £18.2m (31st Aug 2013: £13.3m) ‒ £179.4m of acquisitions since 28th Feb 2014 ‒ £127.2m of disposals since 28th Feb 2014

• Business approaching ‘critical mass’: ‒ Ability to generate gains of c.£50m per annum reinforced by Cathedral acquisition ‒ Significant cash generation due as existing projects mature ‒ Balance sheet efficiency improved with loan note restructure

• Significant increase in underlying performance of business: ‒ Profit before tax and exceptional items* of £18.0m (31st August 2013: pre-tax profit of £8.1m) ‒ Basic NAV of £335.5m increased by £15.2m (4.8%) (28th Feb 2014:£320.3m) ‒ EPRA NAV of £335.4m increased by £7.1m (2.2%) (28th Feb 2014:£328.3m)

• £5.3m increase in investment portfolio valuation including our share of JV assets (31st Aug 2013: £0.5m increase)

• Interim dividend of 2.4 pence per share declared (31st Aug 2013: 2.4 pence per share)

8 *Exceptional items of £10.6m relate to termination costs of cross currency swap (£7.9m) and acquisition costs of Cathedral Group (£2.7m) Increasing gains add to cash flow

FY TOTALS: £42.8m £50.4m £53.0m £61.1m

9 Headline numbers

Non-EPRA EPRA

31st 28th 31st Change in 31st 28th 31st Change August February August the half August February August in the 2014 2014 2013 year 2014 2014 2013 half year Profit before tax and £18.0m £19.5m £8.1m - £18.0m £19.5m £8.1m - exceptional items*

Profit before tax £7.4m £19.5m £8.1m - £7.4m £19.5m £8.1m -

Net Asset Value (NAV) £335.5m £320.3m £312.6m £15.2m £335.4m £328.3m £320.5m £7.1m

NAV per share 269p 262p 255p 7p 269p 269p 262p -

Earnings per share 6.7p+ 14.9p 5.9p - 6.5p+ 7.8p 5.1p -

Development and £18.2m £27.0m £13.3m - £18.2m £27.0m £13.3m - trading profits

Dividend 2.4p 5.6p 2.4p - 2.4p 5.6p 2.4p -

*Exceptional items relating only to termination costs of cross currency swap and acquisition costs of Cathedral Group total £10.6m in six months to 31st August 2014 10 + After exceptional items Results for the six months ended 31st August 2014

31st Aug 2014 31st Aug 2013 28th Feb 2014 £m £m £m Profit before revaluations, exceptional items interest & taxation 15.4 12.7 25.7 Net finance costs (3.2) (5.8) (11.9)

Profit before revaluations, exceptional items and tax 12.2 6.9 13.8 Exceptional items:

Cathedral acquisition costs (2.7) - - Termination of cross currency interest rate swap (7.9) - -

Swap mark-to-market valuations 0.5 0.7 0.9

Property revaluation gains (including joint ventures) 5.3 0.5 4.8

Profit before tax 7.4 8.1 19.5

Basic profit per share 6.7p 5.9p 14.9

Dividend per share 2.4p 2.4p 5.6p 11 Increase in basic NAV through the period

12 Good visibility on strong deal flow across a diversified portfolio

FY 2015 FY 2016 FY 2017 FY 2018+ FY 2015 FY 2016 FY 2017 FY 2018+ DEVELOPMENT AND TRADING PORTFOLIO MAJOR DEVELOPMENTS

Hale Barns X X Cambridge Science Park X X X Marsh Mills, Plymouth X 12 Hammersmith Grove X X Tollgate House and Market Place, 10 Hammersmith Grove X Romford X Harwell* X X X X Barnstable X Blue Living – Norwich X X X X Southwark X X Rembrandt House, Watford X Cambourne X X Robswall* X X Slough X X 399 Edgware Road X X X Burlington House* X Barwood X X X X Becket House* X Wind Farms X X X HDD X X X Cannock* X The Old Vinyl Factory, Hayes X X Deeley Freed* X X INVESTMENT N.London office portfolio X Colston Tower X Blue Living - Tilehurst X Wick Lane Wharf X Launceston X Luneside East X X Brentwood X Abbey Wood X Sidcup* X Shepherd's Bush Market X X Kensington Church Street X X CATHEDRAL* Percy Place X X X X X South Woodham Ferrers X Sevenoaks X Charlemont* X Woking X Axis Manchester X Ilford X Atlantic Park X Pembroke Road* X Lichfield X *New acquisitions made since 28th February 2014 Morden Wharf X 13 Investment portfolio - good performance against strengthening regional markets

Portfolio valuations increase and are set to recapture further value

• £4.1m increase in core portfolio value in the period representing 2.6% growth (31st Aug 2013: £1.0m decrease)

• £5.3m increase in portfolio value including share of joint ventures (31st Aug 2013: £0.5m increase)

Proactive asset management to extract maximum value from our assets

• Good momentum in new lettings – 51,600 sq. ft. of space let in the period representing £0.5m of income (31st Aug 2013: £0.4m/21,000 sq. ft.)

• Contracted rent at £13.7m (28th Feb 2014: £14.1m)

• Void rates at 7.0% (28th Feb 2014: 6.3%)

Annual rent % of contracted Top 5 occupiers as at 31st Aug 2014 £m rent 1 Waitrose 1.5 11.1% 2 J Sainsbury 0.5 3.6% 3 Sports World 0.3 2.5% 4 99p Stores 0.3 2.1% 5 Springhealth Leisure Ltd 0.3 1.9% 14

Direct investment portfolio – overview

31st Aug 2014 28th Feb 2014

Portfolio value £184.2m £202.1m

Number of assets 20 25

Contracted rent £13.7m £14.1m

Valuation yield* 7.6% 7.2%

Equivalent yield* 7.7% 7.7%

Voids* 7.0% 6.3%

15 *Relates to core direct portfolio only DEVELOPMENT SECURITIES & CATHEDRAL – A STRONGER PLATFORM FOR GROWTH RICHARD UPTON, EXECUTIVE DIRECTOR Cathedral overview

• An entrepreneurial developer specialising in mixed-use residential-led regeneration projects, founded in 1998 by Richard Upton and Barry Bennett

• Richard Upton and Barry Bennett had previously co-founded specialist residential developer, Mount Anvil in 1991. Richard Upton acquired Barry Bennett’s shareholding in 2008 and granted shares to Martin Wood (MD). Richard and Martin sold Cathedral to Development Securities in May 2014.

• Focus on Public Private Partnership schemes - regeneration projects with public sector bodies/local councils

• Considerable residential land bank (c. 3,000 units) and expertise in construction and delivery of residential product in mid-market space i.e. £300 - £800 psf Portfolio analysis (sq. ft.) • All projects in suburban London and South East 7.8% 3.6% 5.0% Residential Retail Office 20.1% Leisure 55.8% Student Accom Other 7.7%

17 Public Private Partnership model • Low risk development model with significant upside potential in partnership with Local Authorities

• Minimal or no payment for land in return for delivery of much needed public/community amenity e.g. library, council offices, educational facilities

• Unlocks latent potential within public authority’s land bank

• Focus on town centre mixed-use regeneration schemes in Suburban London and the South East

• Strong residential element to schemes, targetting the middle-market (£350 – 800 psf)

• Emphasis on placemaking in order to deliver maximum community value

• 2 schemes delivered over the past 6 years with a further 5 in the pipeline representing over £400m GDV (2 under construction, 1 with planning secured, 1 in planning process, 1 pre-planning)

• Shortlisted on 3 further PPP projects with c.£500m GDV

18

Clapham One • £80m regeneration project in partnership with Lambeth Council on two sites in Clapham Town Centre

• No land receipt required in return for delivery of new state of the art library and leisure centre

• 199 residential units delivered on remaining land

• £35m of funding secured to finance construction and over half of development pre-sold prior to construction starting – including 142 residential units sold in bulk

• 57 units sold in the open market at capital values psf 20% ahead of appraisal values

• Project realised profits of £13.7m

19 Clapham One

20 St.Mark’s Square, Bromley • Town centre mixed-use regeneration scheme in partnership with London Borough of Bromley (PPP project)

• £90m scheme comprising new residential and leisure quarter around a new public square including: • 200 apartments • 25,000 sq. ft. of cafes and restaurants (100% pre-let) • 130-bed hotel (pre-let to Premier Inn) • 9-screen cinema (pre-let to Vue)

• £55m of funding secured from Hermes to fund construction costs and £9.5m of funding from the Homes and Communities Agency

• 135 residential units pre-sold prior to starting construction

• 65 residential units remain: • 20 units to be sold ahead of practical completion • 45 residual units to be held back and sold after practical completion

• Scheme under construction with practical completion anticipated in Q3 2016

21

ST MARK’S SQUARE, BROMLEY St Mark’s, Bromley

22 An enhanced platform for growth

• An expanded pipeline:

• 9 projects added to the portfolio, predominantly residential-led mixed-use regeneration schemes

• Projects have potential to build increased profitability into the pipeline

• An enhanced team:

• Team of 27 brings greater capacity for delivery of more projects

• Senior management strengthened through addition of Richard Upton (Executive Director) and Barry Bennett (Non Executive Director)

• Marriage value:

• Benefits of a broader team with complementary areas of expertise

• Potential to generate greater profitability from within existing Development Securities portfolio through application of Cathedral expertise e.g. greater optionality on residential delivery

23

OPPORTUNITIES MATTHEW WEINER, EXECUTIVE DIRECTOR Greater London focus

• Focus on opportunities in well-connected Greater London/suburban London locations – across our whole portfolio:

‒ 5 projects in locations

‒ 12 projects in Underground Zones 2-6

• Central London exposure is planning-led (e.g. Kensington Church Street, Algarve House in Southwark and Becket House in Waterloo)

• Diversified portfolio of assets limits specific project risk

*includes Cathedral assets 25 Focus on suburban London*

*includes major developments pipeline 26 and Cathedral projects Residential - opportunities

• Significant residential land bank of up to 11,000 units including Cathedral schemes

• Cathedral’s added residential expertise provides greater optionality on the delivery of our residential land bank

• Wide range of options to monetise: ‒ Site sales ‒ Build out on our own balance sheet with bank debt ‒ Build out via pre-funding (for sale or PRS) with longer-term institutional/specialist capital partner(s)

• Within current residential land bank, good visibility on ability to deliver over 3,000 units over the next 5 years: ‒ 506 units under construction or on the market for sale ‒ 948 units to be built over the next 2-3 years ‒ 2094 units to be delivered over the medium-term (from 2015 onwards)

• Focus on mid-market product where demand is strong - £300 - £800psf sales values

• Emphasis on suburban London locations with strong transport links

• Portfolio is diverse with risk spread across a number of projects 27 Dublin – a rebounding economy

• Economy strengthening – GDP forecast to grow by c.5% in 2014 and 2015 (ERSI Autumn quarterly economic report)

• Inward investment continuing to pick up – UK and US are key trading partners

• Q3 2014 property investment turnover reached €1.15bn – a record volume of transactions and busiest in Irish commercial property history (Lisney)

• Pent up demand in residential and commercial sectors presents strong opportunities for delivery of new product

• We benefit from ‘early mover’ advantage in this market, lack of legacy issues and ability to access capital for development - offers us competitive advantage

28

Dublin – strong opportunities for commercial development

Quarterly prime office rents • Prime office market in Dublin strengthening: ‒ Prime rental levels increasing as demand increases and supply of new space is limited - Dublin city centre office rents increased by 24% per cent in past year (Lisney) ‒ Yield compression seen across prime office market – now at 5% (JP Morgan) ‒ Office vacancy rate in prime Dublin areas (2 and 4) fell to 1.91% in Oct 2014 (CBRE) ‒ Strong rental growth forecast (CBRE)

Prime Dublin office yields Source: CBRE • Strong opportunities to deliver prime commercial product into an undersupplied market

• Opportunities to harness our expertise in prime office development within this market and the ability to deliver now

Source: CBRE 29 Dublin – our focus

• Six real estate opportunities secured to date representing c.£15 million of equity invested and further opportunities under offer

• Focus on mixed-use regeneration opportunities and commercial developments as investment market feels ‘over priced’

• Residential pricing strengthening as demand continues to outstrip supply ‒ Robswall, Percy Place and Pembroke Road offer a total of 103 residential units for sale in the open market within the next 12 months

• NAMA disposals present large-scale mixed-use regeneration opportunities and build on our track record and relationship to date ‒ Project Wave – bidding on c.€250m/ 1 m sq. ft. urban regeneration project on a 2.35 acre site in Dublin’s docklands – one of four bidders

30

Dublin - Burlington House

• Acquired in June 2014 for €40.5m in JV with Colony Capital and established Dublin developers, Mr P McKillen and Mr J Ronan

• 1.7-acre site in Dublin’s prime commercial core with planning permission for 166,000 sq. ft. of office space

• Now on site with construction due to complete in Q4 2016

• Pipeline of new office space is limited over the next three years

• In early stages of securing speculative funding

31

Dublin – Robswall

• 85 residential units and a 9-acre development site acquired in July 2014 for €36.0m

• Popular residential area in the coastal town of Malahide, a short drive from Dublin

• 85 units form part of an existing residential development of 300-homes ‒ All let on assured shorthold tenancies with high occupancy rates ‒ Minor refurbishments underway on vacant units before selling on open market ‒ Planned exit of all units over next 18 months to 2 years ‒ Anticipated sales values of €300 - €500 psf ‒ Bank financing secured from AIB

32 MAJOR DEVELOPMENTS PIPELINE Focus on commercial hubs outside of traditional ‘core’ Central London markets

34 Becket House, Waterloo

• 146,000 sq. ft. office building acquired in June 2014 for £87.0m in JV with Proprium Capital Partners

• Income-producing asset yielding 5.1 per cent with a 12 year unexpired lease to EY, assigned to Canary Wharf Group – EY expected to vacate in September 2015

• Strong Central London location next to Waterloo station and within 500 metres of the River Thames

• Located within an area of significant development activity e.g. Urbannest Westminster bridge scheme, Elizabeth House office redevelopment, Shell centre regeneration

• Medium-term development optionality

35 BECKET HOUSE, WATERLOO

36 WATERLOO STATION

SHELL CENTRE SCHEME

URBANNEST

GUYS AND ST THOMAS’ BECKET HOUSE HOSPITAL

37 10/12 Hammersmith Grove 10 Hammersmith Grove • 110,000 sq. ft. of prime office space completed in Summer 2013

• Building fully let within a year

• Average rental levels of £48.0 psf, outperforming the market and achieving psf capital value 39% ahead of proforma

• Net profits of £6.7m delivered

12 Hammersmith Grove • 167,000 sq. ft. of prime office space to be delivered in Q1 2016

• Pre-let marketing to commence in Q1 2015

• Strong prospects for improved rental tones given limited supply of high quality new office stock – 12HG offers best new office space in Hammersmith

• Forward funded by SWIP Property Trust for £92m releasing profit of £2.7m from land sale

38

Hammersmith rental levels improving

New schemes redefine the prime rent in non-core sub-markets

• 10HG sets new benchmark for top Hammersmith rents Source: JLL

• Strong demand within Hammersmith market as Central London rents continue to increase

• Limited supply of brand new office space puts 12HG in pole position

• Top Hammersmith rents predicted to increase to £55 psf in 2016 (Source:JLL) 39 10/12 HAMMERSMITH GROVE

40 PROJECTS AND SITE VISITS Market Place/Tollgate House, Romford

• Acquired in July 2013 for £8.3m from LPA Receivers acting on behalf of Lloyds Banking Group

• Town centre mixed-use trading opportunity within close proximity to Romford station (future Crossrail connection)

• 104,400 sq. ft. including retail, office and leisure space plus 91 residential apartments of which 69 were sold off

• Development part-finished upon acquisition – refurbishment works and development works undertaken to complete development

• Bank financing secured from RBS – both senior and mezzanine for both investment and development (70 – 90% LTVs)

• Asset management and repositioning added significant value: ‒ Retail lettings completed prior to financial close adding £250k to Net Operating Income ‒ Majority of development sold to Henderson Global Investors for £12.3m in October 2014 ‒ 22 apartments refurbished and marketed for sale in Summer 2014 – all apartments under offer and 20 exchanged or completed. Total sales generate proceeds of £4.7m (against an underwrite of £3.9m) ‒ Remaining office building, Tollgate House, refurbished and now being marketed for sale ‒ Change of use secured on void space for 8 residential units – to be sold as a site

• Total estimated profit of up to £5.0m including sale of Tollgate House 42

Market Place/Tollgate House, Romford

43 ROMFORD – RESIDENTIAL

44 Romford – completed apartments

45 Cross Quarter, Abbey Wood

• 2.75-acre, vacant development site acquired in May 2011 from an LPA Receivers acting on behalf of Lloyds Banking Group

• Entered into a JV with Peabody Housing to include their adjacent 7.25 acre site for a larger development

• Planning consent secured in April 2013 for an £85m foodstore-anchored mixed-use regeneration scheme comprising: ‒ 220 private and affordable houses ‒ 80-bed hotel ‒ 5,000 sq. ft. of commercial space ‒ 81,000 sq. ft. food store (pre-let to J Sainsbury)

• £38.1m of funding secured from Canada Life in Feb 2014 for construction of food store releasing £1.6m of profit

• Building out 33 residential units on balance sheet for sale on open market – targeting capital values of c.£300- £350 psf

• Sale of remaining consented land is under negotiation with a Registered Social Landlord 46

Cross Quarter, Abbey Wood

47 CROSS QUARTER, ABBEY WOOD – UNDER CONSTRUCTION Construction shot abbey wood

48 North London office portfolio

• Portfolio of 5 office buildings in North London (total of 66,800 sq. ft. of office space) in Underground Zones 1 and 2 acquired for £17.5m in February 2014

• Permitted Development Rights secured on three properties for conversion from office to residential space

• 4 out of 5 properties sold to date generating profits of £6.2m

• Strong buying opportunity capitalising on ability to buy in bulk and sell assets individually - strength of demand far exceeded expectations

• Final building now under offer

49 North London office portfolio – asset locations

50 North London office portfolio

St Mark’s, Islington Bruges Place, Camden Town

Floral Place, Highbury & Islington Fitzpatrick building, King’s Cross 51 SITE VISITS Telegraph Works,

• £110m residential development on the Greenwich peninsula in close proximity to Morden Wharf (another mixed-use regeneration project within our portfolio)

• Planning permission granted in April 2014 for development of 272 residential units

• Site owned by telecommunications company, Alcatel-Lucent, who are consolidating their operation and using the land receipt to refurbish their factory

• Exploring options for residential delivery to generate optimum return on a risk adjusted basis

53 TELEGRAPH WORKS, GREENWICH TELEGRAPH WORKS, GREENWICH

54 TELEGRAPH WORKS, GREENWICH

55 TELEGRAPH WORKS, GREENWICH

56 The Deptford Project

• PPP mixed-use regeneration scheme in partnership with London Borough of

• Development will deliver a vibrant community on the site of formerly derelict railway sidings including:: ‒ 132 residential units ‒ 4,970 sq. ft. of retail space ‒ 7,000 sq. ft. of commercial space

• Project adjacent to Deptford railway station with direct trains into London Cannon Street

• 129 residential units pre-sold to IPG (a residential investment service based in Hong Kong) prior to start on site for £41.3m

• Scheme under construction with anticipated completion in Q4 2015

• Total estimated profit of £6.0m

57 The Deptford Deptford high project street

Deptford Station

58 THE DEPTFORD PROJECT

59 THE DEPTFORD PROJECT

60 The MVMNT, Greenwich

• Mixed-use regeneration scheme on a 2-acre site adjacent to Greenwich DLR

• Planning consent secured in April 2011 for £110m, 350,000 sq. ft. mixed-use regeneration scheme comprising: ‒ 181 residential units ‒ 358-bed student accommodation scheme ‒ 106-bed hotel ‒ 7,000 sq. ft. of business incubator units

• Plot sales completed to specialist delivery partners: ‒ Sale of residential element to Willmott Dixon for £16.2m (subsequently sold by housebuilder at £500 psf validating quality of location/product) ‒ Sale of land to McLaren for development of 358-bed student accommodation scheme for £9.0m ‒ Sale of incubator units to Greenwich Enterprise Board ‒ Funding secured for construction of 106-bed hotel (pre-let to Travelodge)

• Total profit of £5.8m realised

• Practical completion of whole project anticipated in Q3 2014

61 THE MVMNT, GREENWICH – VIEW NORTH EAST To Canary Wharf Greenwich peninsula

Greenwich Park Greenwich town centre To the City

Greenwich DLR station

THE MVMNT

62 THE MVMNT, GREENWICH

63 Disclaimer

This presentation has been prepared by Development Securities PLC (the “Company”). No representation or warranty (express or implied) of any nature is given nor is any responsibility or liability of any kind accepted by the Company or any of its directors, officers, employees, advisers, representatives or other agents, with respect to the truthfulness, completeness or accuracy of any information, projection, representation or warranty (expressed or implied), omissions, errors or misstatements in this presentation, or any other written or oral statement provided. In particular, no responsibility or liability is or will be accepted and no representation or warranty is or is authorised to be given as to the accuracy, reliability or reasonableness of any forward-looking statement, including any future projections, management targets, estimates or assessments of future prospects contained in this presentation, or of any assumption or estimate on the basis of which they have been given (which may be subject to significant business, economic or competitive uncertainties and contingencies beyond the control of the management of the Company). Any such forward-looking statements have not been independently audited, examined or otherwise reviewed or verified. All views expressed in this presentation are based on financial, economic, market and other conditions prevailing as of the date of this presentation. The Company does not undertake to provide access to any additional information or to update any future projections, management targets, estimates or assessment of future prospects or any other forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation, or to correct any inaccuracies in this presentation which may become apparent. Past performance is not indicative of future results and forward-looking statements are not guarantees of future performance. This presentation is for information purposes only and does not constitute an offering document or an offer of transferable securities to the public in the UK. This presentation is not intended to provide the basis for any credit or other evaluation of any securities of the Company and should not be considered as a recommendation that any investor should subscribe for, dispose of or purchase any such securities or enter into any other transaction with the Company or any other person. The merits and suitability of any investment action in relation to securities should be considered carefully and involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of such securities. This presentation is being communicated or distributed within the UK only to persons to whom it may lawfully be communicated, and has not been approved for the purposes of section 21 of the Financial Services and Markets Act 2000. It may not be reproduced (in whole or in part), distributed or transmitted to any other person without the prior written consent of the Company. In particular this presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Any recipients of this presentation outside the UK should inform themselves of and observe any applicable legal or regulatory requirements in their jurisdiction, and are treated as having represented that they are able to receive this presentation without contravention of any law or regulation in the jurisdiction in which they reside or conduct business.

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