A Further Step Upwards*

Central & Eastern European Mergers and Acquisitions Survey 2004 A further step upwards*

*connectedthinking

Preface

Welcome to the latest PricewaterhouseCoopers Global markets after several years of recession Central & Eastern European Mergers & and stagnation finally saw some recovery both in Acquisitions Survey. The aim of this Survey is to terms of numbers and values. A positive present an overview of M&A as well as economic climate paired with optimistic outlook for Privatisation activity in the region in 2004 and to the coming years, increased liquidity of acquisitive provide an analysis on the key trends and driving companies as well as favourable financing forces. conditions provided by banks all precipitated the increase in M&A activity worldwide. M&A value in 2004 in the region totalled more than USD 50 billion, significantly higher than in Positive global trends did have an impact on the 2003. This growth is primarily driven by an CEE region, such as in the form of increased increased value of transactions coupled with foreign investments, among others. But in light of a further increase in “mega” deals with values a global upturn in M&A activity growth in the CEE above USD 100 million, including some over USD region is modest. 1 billion. Despite robust increase in terms of value the number of transactions somewhat stablilised Considering previous years’ trends when in 2004. increases in the region outperformed global markets, it appears that growth in the region is becoming more and more consistent year-on-year.

We therefore believe that expansion of M&A markets of the region can be expected in the coming year. This will be fuelled by a number of factors such as increased interest of US and EU investors, consolidation in several industry segments, and better liquidity of leading local corporations leading to larger budgets for acquisitions.

Margaret Dezse Central & Eastern European Corporate Finance Leader

Central & Eastern European Survey 2004 1 I. Major findings

Market value exceeding A new wave of foreign investments Weighting of industry sectors nearly USD 50 billion unchanged Foreign investors were particularly Based on the review of publicly active during 2004 originating 477 The most active sectors in terms of disclosed private-sector transactions, transactions in the region accounting number of transactions remained PricewaterhouseCoopers estimates for 39% of all deals. This reflects Manufacturing and Financial Services. the value of all regional Mergers & a 30% growth compared to 2003. Activity in the Food & Beverages, Acquisition transactions to be over USD however, declined. 50 billion, 31% higher than in 2003. United States remains most active investor country Buoyant privatisation activity 1,219 private-sector deals The weakness of the dollar did not Privatisation activity increased In the nine countries that formed part deter US investors from investment compared to 2003 both in terms of of the research in 2004 the total activity, with 52 transactions during number, by 11%, and in terms of number of transactions was 1,219 2004, which is comparable to 48 deals value, by 20%, reaching a total or 4% more than in 2003. in 2003. Germany ranked second, estimated value USD 12.4 billion. Austria third with 49 and 48 Privatisation spending was the highest “Mega”-deals on the rise transactions, respectively. in Poland (USD 3.9 billion), Russia (USD 3.4 billion), and Romania (USD An unprecedented number of private 2.9 billion). sector transactions with values above USD 100 million, 56, occurred with a total disclosed value of USD 27.8 billion.

II. Overview

In the nine countries that Chart 1: M&A activity in Central and Eastern Europe, 2004 formed part of the research the total number of 35,000 500 transactions in 2004 was 450 1,219, 4% more than in 30,000 Estimated market value 2003. This increase is not 400 as significant as it was in 25,000 Number of transactions 350 2003 (10%), but continues 300 20,000 the rising trend in the 250 regional markets since 15,000 200 2001. USD million 10,000 150 Total estimated market 100 5,000 value increased by 31% 50 during 2004, exceeding 0 0 USD 50 billion. Considering Bulgaria Croatia Czech Hungary Poland Romania Russia Slovakia Slovenia that a sharper increase in Republic transaction value (118%) took place in 2003 in the region, and that the value One important factor for this above USD 100 million Russia representing almost of the USD weakened increase was the rise in reached 56 as opposed to 40% of total estimated against the Euro as well average disclosed value of 42 in 2003 and 28 in 2002 transaction spending alone as some local currencies transactions. In line with and accounted for 55% of in the whole region. in 2004 the growth in global trends blockbuster aggregate estimated M&A value is lower, however still deals were frequent. value in 2004. Out of these In addition, average values significant. Transactions with values “mega” deals 27 occurred in in deals among mid-sized

2 PricewaterhouseCoopers and small companies were Chart 2: M&A market to GDP higher than in the previous year. Average disclosed 5% values of transactions with values below USD 100 5% million increased from USD 4% 2002 2003 2004 11.8 million in 2003 to USD 4% 17.5 million in 2004. 3% 3% The growth is also apparent when looking at the size of 2% the transactions relative to 2% GDP at PPP in the region 1% which increased from 1.7% 1% in 2003 to 2.1%. Compared to Western European 0% levels, which are three to Bulgaria Croatia Czech Hungary Poland Romania Russia Slovakia Slovenia four times higher on Republic average, the difference is still considerable, but the Source: PwC estimates, EIU estimates gap is closing.

As mentioned above, The markets saw a ed market value of USD 3.3 percentage growth of the Russia’s outstanding growth recovery regarding the billion. However the number number of transactions, continued into 2004 in number of transactions in of transactions was down Slovakia ranked first in the terms of total M&A value. the Czech Republic with a by 10%. Total disclosed region with an unparalleled However, the growth in 13% rise compared to 2003. average deal size continued 39%. Average disclosed number of transactions Despite this the estimated to rise during 2004 value of a private sector slowed down to only 5% in total transaction value surpassing USD 38 million. deal was USD 60 million, 2004 in contrast with 52% dropped from USD 7.4 Large Hungarian a decline when compared achieved in 2003. Russian billion in 2003 to USD 6.2 corporations’ acquisitive with the 2003 average of companies’ increased billion in 2004. EU member attitude in the neighbouring USD 109 million activity in the region and countries’ acquisitions grew countries provided for some but similar to the 2004 worldwide was evidenced by 18% in 2004 accounting of the largest transactions in corresponding figures for by the number of outward for a major share (80%) of the country. Acquisitions by the nine CEE countries of transactions growing from all foreign investment in the foreign investors fuelled USD 52 million. The plunge 21 to 26 with the total country. Czech companies’ Hungarian markets, in average deal value disclosed value of such expansion in the region, accounting for 48% of all indicates a drop in large deals increasing from particularly in Poland and M&A activity, which is transactions such as the USD 471 million to USD 2 Russia was a key driving higher than the regional two telecom transactions billion. force behind the increasing average. completed in 2003. outward activity. Poland experienced robust In 2004, M&A activity in the Romania saw a very active M&A activity during 2004 The Hungarian market Slovak Republic increased year in terms of mergers & both in terms of volume with showed signs of modest to 85 publicly disclosed acquisitions. The number of an increase of 20% as well growth. M&A spending private sector deals, ahead transactions was up 27% as value which more than increased by 24% in 2004, of 61 in 2003 and 51 in reaching 42, and estimated doubled (119%). The United resulting in overall estimat- 2002. In terms of market value surpassed States became the top investor country, with 21 transactions completed in The largest transaction in Poland was the acquisition of 28 shopping centers by real Poland in 2004. The estate group Apollo Rida Retail Holdings Sp z o.o., a joint venture between US real Manufacturing and Financial estate investment companies Apollo Real Estate Advisors LP and Rida Development Services sectors continued Corporation, from Immopol GmbH & Co KG, a German property investment vehicle. to be most attractive. The total consideration was USD 840 million. The shopping centers are master-leased Transaction disclosure rate on a long-term basis to affiliates of Metro Group, one of the world’s largest diversified declined by 20%, but retailers. Debt financing of up to EUR 615 million has been provided by Eurohypo. Poland remains the CEE The transaction was the largest ever private deal in Poland. After this transaction, leader in this aspect. Apollo-Rida Poland became the leading player on Polish real estate market, as apart Further considerable growth from the 600,000 square meters purchased now, it owns an additional 200,000 square of the market in the future is meters of warehouse and office space in Warsaw. expected.

Central & Eastern European Mergers & Acquisitions Survey 2004 3 USD 1.4 billion, which is Total estimated M&A Similarly, overall M&A value Croatia experienced a more than twice the 2003 spending increased increased in Slovenia downturn in 2004 in terms value and six times the considerably in Bulgaria reaching USD 786 million. of number of transactions value of 2002. The two reaching USD 830 million This is significantly higher and of total estimated largest transactions in the compared to USD 317 than USD 249 million in market size. Croatian food Telecommunications and million in 2003. This can be 2003, however, it does not concern Agrokor continued Manufacturing sectors are partly attributed to the reach the record of USD 1.3 its expansion in the region considerable and reflect largest transaction of the billion in 2002. M&A activity with two acquisitions in foreign investors’ strong country in which a group of was characterised by fewer, Hungary. German and interest in the country which financial investors including but larger transactions in Austrian investors were is expected to remain ABN Amro, ING and a few 2004. The largest deal was especially acquisitive in the favourable in the light of Western European OMV’s acquisition of a 50% Pharmaceuticals and Romania’s anticipated investment funds bought a stake in its petrol retailing Chemicals sectors of the future accession to the strategic stake in mobile joint venture OMV Istrabenz country throughout the year. European Union and the operator MobilTel for USD in Slovenia. predicted growth of its 450 million. However, deal economy. number amounted to 26, only half of the 2003 figure.

III. The largest transactions

Table 1: Top 10 M&A transactions in the CEE region in 2004

Approx. Investor Target Ranking Bidder Target Value country country (USD m)

1. Baikal Finance Group Yuganskneftegaz (76.79%) Russia Russia 9,351

2. Basic Element Co Russian Aluminium (25%) Russia Russia 1,500 *

3. TNK–BP OAO Slavneft (50%) Russia Russia 1,400 * South 4. Norilsk Nickel OAO Gold Fields (20%) Russia Africa 1,160 United Financial Group (on Magnitogorsk Iron & Steel 5. behalf of existing management) Works OAO–MMK (17.1%) Russia Russia 870 Rida Development 6. Corporation 28 shopping centres in Poland Poland Poland 840 Vimpel-Communications 7. OAO–VimpelCom VimpelCom-Region OAO (44.7%) Russia Russia 802 *

8. France Telecom Telekomunikacja Polska (13.57%) France Poland 786 *, ** Unified Energy System of Russia 9. Gazprom OAO RAO–EES (5.3%+5.3%) Russia Russia 706/694 *, ** Central European Media United Czech 10. Enterprises (CME)TV Nova (85%) States Republic 652

* The bid value of the transaction has not been officially disclosed, thus reflect market sources estimates. ** The transaction took place in two separate phases.

4 PricewaterhouseCoopers IV Domestic and cross-border activity

Domestic deals Chart 3: Most active foreign investors per origin (based on no. of transactions) The proportion of domestic transactions in 2004 remained similar United States Austria France to levels in the previous year, 58% Germany United Kingdom Netherlands and 60% respectively. The growth in domestic deals (based on number of 55 transactions) prevailing in 2002 and 50 2003 came to an end in 2004. 45 The countries where the ratio of domestic deals was the highest 40 remained Russia (78%), Slovenia 35 (56%), and Poland (54%). 30 25 Inward investment 20 Foreign investors were particularly 15 active during 2004 originating 477 transactions in the region accounting 10 for 39% of all deals. This reflects a 2002 2003 2004 significant growth both in terms of number (30%) and share of all such as energy giant E.ON, CA-IB transactions in 2004 with 136 inward transactions compared to 2003, which Fund Management of Bayerische deals in 2004. The Czech Republic was also higher than 2002. Hypo- und Vereinsbank, and ranked second with 98 deals and Kampa-Haus (Germany’s largest Russia third with 73 transactions. The devaluation of the dollar against maker of prefabricated houses) have The largest ratio of inward transactions the Euro and some local currencies executed parallel acquisitions in targets to total transactions emerged in did not stop US investors from with very similarly profiles in more than Romania (76%), Croatia (57%), and investing in 52 one country of the CEE region. Slovakia (55%). transactions during 2004 compared to 48 deals in 2003. The group of countries that US bidders favoured the most remained the same in 2004. Poland ranked first with 21 US originated transactions indicating a major rebound compared with 2003. The largest of mostly Austrian investors followed closely Outward transactions strategic US investments in the country their German counterparts with 48 was the acquisition of a majority stake transactions, 29% up compared with In the nine countries surveyed a total in Polish pharmaceutical producer 2003. As usual, most targets were of 70 outbound transactions were Polfa Kutno for USD 153 million. located in the countries of the closed. This is significantly higher Russia ranked second with nine US former Austro-Hungarian empire: than in the year before with 43 such investments, followed by Hungary and Hungary (10), the Czech Republic deals, although the ratio compared to the Czech Republic with six (nine), and Slovakia (seven). the total number of deals did not transactions each. In addition, Polish and Romanian change significantly. companies were attractive to Austrian The generally good investment investors with seven transactions The most active investors of the climate also spurred German strategic each. Transactions originated by region were Russia with 26 and financial investors resulting in 49 Austrian companies were mostly of transactions followed by Slovakia with acquisitions with targets in the region, strategic type and took place across 11 transactions, Poland and Hungary mainly Poland (13), the Czech various industries. with 10, and by the Czech Republic Republic (12) and Hungary (nine), with eight transactions. Many of these which is very similar to previous years’ Poland was by far the most attractive transactions represented the rankings. Some German corporations country in terms of number of realisation of leading local

Central & Eastern European Mergers & Acquisitions Survey 2004 5 corporations’ growth strategies Slovakian investors. Slovakia however number of outward deals closed in the (strategic investors expanding itself was a target of nine transactions “developed” countries such as the horizontally as well as vertically). of various bidders of the region. United States, the United Kingdom, Further popular countries for Austria and even South Africa. These The most popular target country of inter-regional investments were were mainly generated by Russian these transactions was the Czech Hungary, Russia, Ukraine and Poland. metal conglomerates and Russian and Republic (11) attracting mainly A new feature of 2004 was the Hungarian oil giants.

The largest outbound transaction by CEE investors was Norilsk Nickel’s acquisition of a 20% stake in South African “Gold Fields” from Anglo American plc for USD 1.16 billion. Norilsk Nickel is Russia’s largest metals producer and the world leader in nickel and palladium. In 2001 the company decided on the diversification of its revenue base by moving into the gold business. As part of this strategy the company acquired several Russian players by way of trade sales or privatisations. In 2003 Norilsk Nickel also gained control of palladium extraction company Stillwater Mining Co. in the United States. In 2004 the company continued its expansion strategy with the acquisition of a 20% stake in Gold Fields, the fourth largest gold company worldwide. Norilsk Nickel paid USD 316 million in cash and borrowed USD 800 million from Citigroup. The company was later rumoured to be interested in bidding for further stakes and is now in talks over Gold Field’s potential merger with gold giant Harmony Gold.

V. Industry sectors

In line with past years’ trend the Transportation from 32 in 2003 to 54 in Bulgaria and in Pharmaceuticals largest numbers of transactions were in 2004 and in Services from 32 in & Chemicals in Hungary. concluded in Manufacturing: 289 2003 to 53 in 2004. At the same time deals representing a 25% share of all M&A activity declined in Food M&A activity breakdown to specific transactions. The number of & Beverages, from 149 in 2003 to 111 sectors by country showed more transactions in Financial Services in 2004. Activity in the Media and IT variety in 2004 than in the previous increased from 143 in 2003 to 162 in sector was also lower with regards to year. The share of Food & Beverages 2004 placing it as the second most the number of transactions. was higher in Romania and Croatia active sector in 2004. The third than in the entire region, Financial busiest sector was Utilities in which The largest transactions in terms of Services reported a large number of the number of deals increased by value occurred in the Energy transactions in Bulgaria and in 18% to 112. The number of & Utilities sector in Russia, Real Poland, and Manufacturing was transactions increased sharply in Estate in Poland, Telecommunications especially busy in Slovenia.

Chart 4: Share of industry sectors (based on no. of transactions) in 2004

4% 3% 4% Manufacturing Retail & Wholesale 4% 25% Financial Services Media 5% Energy & Utilities Services 5% Food & Beverages Transportation 5% Telecom IT 13% 6% Other Construction

Pharmaceuticals & Chemicals 8% 9% 9%

6 PricewaterhouseCoopers VI. Key factors affecting transactions

Global upturn in mergers and EU accession number of transactions increased by acquisitions only 5% in 2004. Nevertheless with In May 2004 five out of the nine multi-billion transactions on the rise The long awaited rebound in global countries surveyed, namely the Czech total market value increased by 28% M&A activity was experienced in 2004 Republic, Hungary, Poland, Slovakia to USD 30.3 billion during the year. with both the number and value of and Slovenia joined the European This is more than five times higher transactions jumping up. The number Union. In line with our previous than the value in 2001 and the growth of transactions in Europe increased by forecast the accession contributed to is expected to continue also in the 6.6% to 10,966 and the total value by the acceleration of inward investments future. 43.5% to USD 662 billion1. Positive in these counties. Both the number of economic outlook by chief executives inward transactions and their total as well as increased competition in the disclosed value increased significantly markets led to a surge in transactions throughout the year in the new “There are great possibilities by both strategic and financial member states. In addition in some for Private Equity investments investors. The number of mega-deals EU applicant countries such as in in the CEE region. In also rose globally. The acquisitive Romania inward investment grew Hungary, for example, since environment had its positive effects in sharply too. the start of this sector in the the Central-Eastern European Region. early 1990’s around 500-600 Local corporations’ regional expansion Favourable financing opportunities, investments occurred Private Equity Market leaders such as oil, banking representing approximately and metals giants located in the Private equity and venture capital USD 1.7-1.8 billion in value. countries that were surveyed in 2004 The funds that are currently activity rose in 2004 fuelling M&A continued their expansion in 2004, transactions worldwide. The total mostly in the countries of the region active in the country as well value of PE/VC investments grew resulting in a rise of regional as in the CEE region are significantly in 2004. In addition cross-border transactions. In many present with a total of EUR financing opportunities available to cases they acquired their counterparts 3-4 billion, but according to investors were also more favourable located in neigbouring counties. They due to increased competition of banks market estimates only around also tended to take over their previous 40-60% of that has been and lenders as well as a good suppliers or retail companies trading business climate. This resulted in an with their products. invested. The rest of the increased importance of Leveraged capital is looking for further Buyouts. Also, corporations benefiting Russian growth good opportunities in from previous cost-cutting activity Hungary as well as across had larger war chests to acquire their Since PricewaterhouseCoopers began potential targets. These foreign surveying transactions in Russia this the region.” investments and conditions also market showed a steady and sharp Julián Tzvetkov, President, fuelled acquisitions in the CEE increase. Following a 20% increase in Hungarian Venture Capital Association region. 2002 and a 52% increase in 2003 the

1 Source: Mergerstat VII. Privatisations

PricewaterhouseCoopers markets such as in Slovakia Overall estimated privatisa- (27%). Privatisation surveyed privatisation and in Hungary the tion spending amounted to spending was the highest in transactions in the region privatisation process has USD 12.4 billion, a 21% Poland (USD 3.9 billion), for the first time in 2003. come very close to its end, increase compared with Russia (USD 3.4 billion), Privatisations that started in but in other countries such 2003. This amount and Romania (USD 2.9 the early 1990’s in the CEE as in Poland, Romania and represents around 24% of billion). region continued into 2004 Bulgaria a new wave of all estimated M&A spend- representing a major market privatisations took place ing, which is somewhat Bulgaria ranked first with of these special type of throughout the year. lower than the ratio in 2003 regards to the number of disposals. In some of the

Central & Eastern European Mergers & Acquisitions Survey 2004 7 privatisations. Out of the Chart 5: Estimated total privatisation spending in the CEE region total 397 transactions that (USD million) closed in the region 143 occurred in this country. Privatisation activity was 5000 also buoyant in Poland (114 transactions), in Romania (53) and in Russia 4000 2003 2004 (50). Considering the whole region for privatisation, the 3000 number of deals was up 11% compared to 2003. 2000 Mega-sized privatisations with values above USD 1000 100 million again accounted for the majority (85%) of privatisation spending. 0 However, transaction values Bulgaria Croatia Czech Hungary Poland Romania Russia Slovakia Slovenia for smaller privatisations Republic (with values below USD 100 million) also increased slightly (from USD 7.1 million The largest average deal Russia, Romania and individual transactions in in 2003 to 7.4 million in 2004). sizes were generated in Hungary, and the largest Poland, Russia and Romania.

Table 2: Top 5 privatisations in the CEE region in 2004

Deal Business Ranking Bidder Nationality Target Nationality Value description (USD m) Commercial 1. Various (IPO) International PKO BP (37.7%) Poland Bank 2,172

2. ConocoPhillips United States Lukoil OAO (7.59%) Russia Oil company 1,988

3. OMV Austria SNP Petrom (51%) Romania Oil company 1,860 Polskie Huty Stali SA Steel 4. LNM Group United Kingdom (62.2%) Poland manufacturer 1,108 Existing Magnitogorsk Iron & Steel Iron & Steel 5. Management (MBO) Russia Works OAO–MMK (17.84%) Russia Works 791

Foreign buyers took the significant to note that at 2003 (45 and 43 including Bulgaria, Croatia, the lion’s share in 2004 the same time a large transactions, respectively). Czech Republic, Hungary, accounting for around 75% number of small When comparing the Poland, Romania, Russia, Slovakia and Slovenia. of the total estimated transactions representing structure of privatisations to Transactions are counted privatisation market. This 84% of all privatisations that of M&A transactions based on the nationality of the ratio is a major shift took place in the region the most apparent target. In the survey we include compared to a 56% ratio in involving domestic bidders. differences are the joint ventures, split-offs 2003. German, Austrian importance of the (if they represent 100% of the and French investors were Privatisation activity was the Construction sector and target’s shares), finance the most active throughout greatest in the fewer transactions in the raising. We exclude public offerings of private companies the year representing more Manufacturing sector with Financial Services sector as well as the transfer of than half of cross-border 35% of all transactions. among privatisations. ownership between a target investments in the region. Construction was the and acquirer that are either Czech investors were also second most active 100% government-owned or active with acquisitions in segment with a 14% share Approach: ultimately owned by the same Bulgaria (three) and in – double the ratio of 2003. parent at the completion In the frame of the research of the transfer. Slovakia (one), and The level of privatisation PricewaterhouseCoopers Privatisations are not eligible Ukrainian companies were activity in the Food & tracks publicly disclosed, for M&A activity since they are active in three privatisations Beverages segment private-sector transactions in tracked separately under across the region. It is remained similar to that of nine countries of the region “Privatisations”.

8 PricewaterhouseCoopers PricewaterhouseCoopers – Focusing on the factors that create value

In 2004 PricewaterhouseCoopers Transaction Services and Corporate Finance division provided support and advice to more than 300 assignments in the Central Eastern European region. Some of our key completed transactions include:

Financial advisors to Advent International in the acquisition of a 65% share in Bulgarian Telecommunications Company (BTC) for EUR 230 million. (Bulgaria)

Provided financial and tax due diligence for E.ON Energie in the acquisition of majority stakes in electricity distribution companies EDC Varna and EDC Gorna Oryahovitza for USD 174.3 million. (Bulgaria)

Buy side financial advisory services to KBC/CSOB throughout the privatisation of coal mine Sokolovska Uhelna. (Czech Republic)

Advised Trifid during its acquisition of a majority stake in logistics company C.S. Cargo. (Czech Republic)

Financial and tax assistance to Vienna Capital Partners throughout its acquisition of majority shares in chemical companies Dioki and Kemikalije for a total consideration of USD 22.45 million. (Croatia)

Due diligence services to Riviera holding throughout the acquisition of a majority stake in Babin Kuk Hotels for USD 35.5 million. (Croatia)

Lead financial advisors to the State Privatisation Agency (APV Rt.) throughout its USD 294 million privatisation of leading steel company Dunaferr Rt. (Hungary)

Financial and tax due diligence for OTP Bank during its USD 47.5 million acquisition of Robank in Romania. (Hungary)

Financial and tax due diligence as well as tax structuring for DB Real Estate in connection with their Euro 60 million acquisition of the Park Átrium property in Budapest. (Hungary)

Financial and tax due diligence for Hutchison Westports in relation to the acquisition of Wolny Obszar Gospodarczy SA. (Poland)

Financial and tax due diligence for CELSA in relation to the acquisition of Huta Ostrowiec SA. (Poland)

Provided financial and tax due diligence for OMV in the acquisition of majoriy stake in SNP Petrom for USD 1,860 million. (Romania)

Provided financial and tax due diligence for E.ON Ruhrgas in the acquisition of a majority stake of Distrigaz Nord for USD 400 million. (Romania)

Lead sell side advisory services to the Romanian Government during the privatisation of electricity distributor Electrica Muntenia Sud (on-going). (Romania)

Transaction services and due diligence to Altadis S.A. throughout its EUR 200 million acquisition of Balkan Star tobacco company. (Russia)

This publication includes information obtained or derived from a variety of publicly available sources. PricewaterhouseCoopers has not sought to establish the reliability of these sources or verified such information. PricewaterhouseCoopers does not give any representation or warranty of any kind (whether express or implied) as to the accuracy or completeness of this publication.

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