Project Title Or Company Name

Investing in the Real Estate & Hospitality Sector in Greece

Reliance Restricted 22 January 2019 22 January 2019

Dashboard 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Table of contents 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

Real Estate & Market Overview Market Overview Sources of Hospitality ... Properties & ... 1 2 3 4 Why EY? Commercial Real Estate Hospitality

Page 3 Page 8 Page 12 Page 15

Opportunities Recent Debt Financing Our Selected Transactions i ... Credentials 5 6 7 8

Page 18 Page 22 Page 25 Page 27

Appendix

9 Disclaimer

Page 31

Investing in the Real Estate & Hospitality Sector in Greece: | Page 2 of 31 1 Real Estate & Hospitality Practice

Why EY?

Investing in the Real Estate & Hospitality Sector in Greece: | Page 3 of 31 22 January 2019

1 Real Estate & Hospitality Practice 1 Real Estate & Hospitalit ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Global RE&H 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

EMEIA

► 7,000 Professionals ► Assurance – 4,500 ► Advisory – 630 ► TAS – 560 ► Tax – 1,400 Asia-Pacific incl. Japan ► 5,600 Professionals ► Assurance – 4,500 ► Advisory – 450 ► TAS – 230 ► Tax – 390

Americas

► 4,500 Professionals ► Assurance – 2,600 ► Advisory – 320 ► TAS – 230 ► Tax – 1,300 Our clients benefit from our practice in terms of:

We have about 17,000 Professionals Networks We have about 1,900 Partners/Principals Insight We have over 1,100 Senior Managers

We have over 1,700 Managers Quality

We have over 12,000 Seniors and Staff Execution

Investing in the Real Estate & Hospitality Sector in Greece: | Page 4 of 31 22 January 2019

1 Real Estate & Hospitality Practice 1 Real Estate & Hospitalit ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Greek RE&H 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

The Greek Real Estate and Hospitality practice is ► Real Estate & Hospitality Advisory Services composed of qualified professionals offering multidisciplinary services.

► Real Estate Strategic Advisory Services We serve all major property types including: • Hotels,

► Valuation Advisory Services • Office, • Retail,

► Real Estate Transaction Support Services • Industrial, • Residential. Our consultants are advisors and auditors recognized ► Due Diligence Services in the market. They possess knowledge confirmed by numerous certificates and licenses, including: ► Real Estate Mergers & Acquisitions Advisory Services • Licensed property valuers and members of The Royal Institution of Chartered Surveyors (RICS); • Chartered Accountants qualified by the Association ► Corporate Financial Risk Management of Chartered Certified Accountants (ACCA); • Chartered Financial Analysts qualified by the CFA Institute. ► Audit, Tax & Accounting Advisory Services

Investing in the Real Estate & Hospitality Sector in Greece: | Page 5 of 31 22 January 2019

Our real estate and hospitality transactions services help We may assist you achieve your critical goals, including: companies along the transaction lifecycle’s three stages: acquire, hold and exit. Market Analysis

Product Assessment Acquire: real estate property/portfolio due diligence, valuation and investment advice We support acquisitions by executing real estate due Competitiveness Assessment diligence, which helps clients determine acquisition price, timing, liabilities and other key issues. Risk Mitigation, Processes and Control

Hold: real estate value creation Strategic Planning We help you determine how to create value within a real estate portfolio and then assist in executing that plan. Cost Evaluation This often begins with a diagnostic assessment, which is based on interviews with clients in order to identify opportunities.

Exit: sell-side assistance We assist in preparing real estate for either a sale in whole or to carve out an entity for sale. Frequently, we perform a diagnostic assessment as a first step, to help determine the actions needed to prepare for an exit.

Investing in the Real Estate & Hospitality Sector in Greece: | Page 6 of 31 2 Market Overview

Commercial Real Estate

Investing in the Real Estate & Hospitality Sector in Greece: | Page 7 of 31 22 January 2019

2 Market Overview 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Real Estate Market Overview 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities Prices and Rents of Offices & Retail 6 Recent Transactions in ...

Indices of Prices - Offices Indices of Rents - Offices Annual % change of prices in Greece Annual % change of rents in Greece 10 10 7.2 5 5 2.4 1.6 1.2 0.2 0 0 -0.1 -0.3 -1.5 -3.5 -5 -5 -4.3 -7.5 -10 -7.1 -10 -9.9 -9.7 -9.6 -11.9 -15 -15 2011 2012 2013 2014 2015 2016 2017 *2018 2011 2012 2013 2014 2015 2016 2017 *2018

Indices of Prices - Retail Indices of Rents - Retail 10 5 Annual % change of prices in Greece Annual % change of rents in Greece 3.1 1.7 5 0.4 0 0 -1.8 -1.0 -0.6 -5 -3.5 -5 -1.8

-7.1 -7.3 -10 -10 -7.5 -8.8 -8.7 -9.9 -9.6 -11.1 -15 -15 2011 2012 2013 2014 2015 2016 2017 *2018 2011 2012 2013 2014 2015 2016 2017 *2018

* 2018 refers to the first six months of 2018 (Q2 2018) Source: Bank of Greece Investing in the Real Estate & Hospitality Sector in Greece: | Page 8 of 31 22 January 2019

MARKET INDICATORS Prime office rents – September 2018 MARKET OUTLOOK Location € € US$ Growth % SQ.M SQ.M SQ.FT 1YR 5YR Shortages of quality supply allied with higher Prime Rents: MTH YR YR CAGR demand are likely to fuel rent hikes. Athens (Syntagma Square) 18.5 222 24.1 8.8 -1.5 Athens (Kifissias Avenue) 16.5 198 21.5 10.0 1.3 The interest from local REICs remains strong. 13.0 16.9 8.3 Prime Yields: Room for slight yield compression, as investor Athens (Piraeus) 156 6.5 interest intensifies for quality schemes.

Supply under development expected to increase Supply: in the long term.

Demand will continue to trend in line with current Prime office yields – September 2018 Demand: levels. Location Current Last Last 10 Year (Figures are Gross, %) Q Q Y HIGH LOW Recent Performance Athens (Syntagma Square) 7.50 7.95 8.00 9.80 7.00 Athens (Kifisias Avenue) 7.75 7.95 8.00 9.80 7.00 Athens (Piraeus) 8.00 8.00 8.20 10.20 7.50

Source: Cushman & Wakefield: Greece – Office Market Snapshot – Q3 2018 Investing in the Real Estate & Hospitality Sector in Greece: | Page 9 of 31 22 January 2019

MARKET INDICATORS Prime retail rents – September 2018 MARKET OUTLOOK High Street Shops € € US$ Growth % SQ.M SQ.M SQ.FT 1YR 5YR Prime rents in some high street locations are Prime Rents: MTH YR YR CAGR expected to see further rental growth. Athens (Kolonaki - Tsakalof) 90 1,080 117 0.0 0.0 Athens (Ermou) 260 3,120 338 13.0 9.5 120 156 0.0 Prime Yields: Downward pressure in yields in certain locations. Athens (Glyfada – Metaxa) 1,440 3.7 Athens (Kifissia – Kolokotronj) 115 1,380 150 0.0 2.8 Athens (Piraeus – Sotiros) 80 960 104 6.7 9.9 Limited supply, with no new projects in the Supply: immediate development pipeline.

Occupier and investor demand is anticipated to Demand: improve in the medium term.

Prime retail yields – September 2018 Recent Performance High Street Shops Current Last Last 10 Year (Figures are Gross, %) Q Q Y HIGH LOW

Athens (Kolonaki – Tsakalof) 7.00 7.10 7.20 8.50 5.50 Athens (Ermou) 6.50 6.70 6.90 8.10 5.00 Athens (Glyfada – Metaxa) 7.20 7.20 7.20 8.60 5.50 Athens (Kifissia – Kolokotroni) 7.20 7.20 7.20 8.60 5.50 Athens (Piraeus – Sotiros) 7.25 7.40 7.50 8.60 6.00

Source: Cushman & Wakefield: Greece – Office Market Snapshot – Q3 2018 Investing in the Real Estate & Hospitality Sector in Greece: | Page 10 of 31 3 Market Overview

Hospitality

Investing in the Real Estate & Hospitality Sector in Greece: | Page 11 of 31 22 January 2019

3 Market Overview 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Real Estate Market Overview 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

International Arrivals (million passengers)

45 CAGR 7.25% 40 39 35 35 32 30 29 25 27 25 22 24 20 15 10 5 0 2014 2015 2016 2017 2018 2019 2020 2021

6,000 5,000 4,000 ) 3,000

2,000 1000

(x (x 1,000 0 Athens Thessaloniki Dodecanese Crete Ionian islands Cyclades Peloponnese Other

2017 2018 Source: Civil Aviation Authority (CAA) & Athens International Airport (AIA) – Processing: INSETE Intelligence

Investing in the Real Estate & Hospitality Sector in Greece: | Page 12 of 31 22 January 2019

International tourism, receipts for goods & services (€bn) Receipts per international visitor (€)

30 650 610 623 25 24 598 607 21 600 591 20 18 18 570 565 13 14 15 15 13 550 534 10 500 5

0 450 2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021

Occupancy rate (%)

100%

80%

60%

40% 52% 53% 54% 46% 47% 48% 49% 50% 20%

0% 2014 2015 2016 2017 2018 2019 2020 2021 Source: BMI, EY Analysis

Investing in the Real Estate & Hospitality Sector in Greece: | Page 13 of 31 4 Sources of Properties & Potential Investors

Investing in the Real Estate & Hospitality Sector in Greece: | Page 14 of 31 22 January 2019

4 Sources of Properties & Potential Investors 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Sources of Properties 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

Commercial Real Estate:

Banks: Real Estate Owned Portfolios (REOs)

Banks: Non-Performing Loans – individual assets, single-borrower portfolios, multi borrower portfolios

New Developments: Commercial, Office, Retail Hospitality:

Companies under restructuring: - downsizing - business streamlining Banks: Real Estate Owned Portfolios (REOs) - forced restructuring

Institutions: Non-profit, Church, etc. centrally located, Banks: Non-Performing Loans – individual assets, run-down, idling properties that are suitable for single-borrower portfolios, multi-borrower redevelopment portfolios

State & Municipalities: fiscal difficulties forcing Companies under strategic restructuring: mobilization of idling property portfolios - new CAPEX for growth - consolidations

Investing in the Real Estate & Hospitality Sector in Greece: | Page 15 of 31 22 January 2019

4 Sources of Properties & Potential Investors 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials The competition 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

Investors by investor type: The presence of non-domestic European investors, as well as investors from Indirect Investors  REICs overseas has increased substantially. Investors strive to diversify and benefit from Greek Listed Property Investment Companies (REICs) the variety of European real estate markets – from “core” to “core+” investment Institutional investors & asset managers  NPL opportunities. portfolios

Developers Investors by geography: Private Investors: Private Equity, Family Offices EMEIA

Russia

China

US & UK

Israel

Gulf

Investing in the Real Estate & Hospitality Sector in Greece: | Page 16 of 31 5 Opportunities

Investing in the Real Estate & Hospitality Sector in Greece: | Page 17 of 31 22 January 2019

5 Opportunities 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

Large multinational Group Greek Financial Institution Municipality of Athens

Mid-size commercial & hospitality SME / Corporate secured loan Mid-size portfolio (comprising assets portfolio. Development, re- portfolio. Total exposures ca. 250 assets) development, and income-producing properties. Required capital: €25-50 totaling ca. €4 bn An assortment of residential, retail, hospitality and land properties are being mil We are providing our Client financial Our Client owns ca. 2,500 operating and examined for the purpose of optimizing their advisory services (including data analysis, non-operating properties. We are advising economic value. It is envisioned that 3d stratification and remediation design) of an our Client on the most efficient way to party capital will be required for the SME / Corporate portfolio with exposures manage part of their extensive real estate redevelopment and repositioning of a totaling ca. €4bn and ca. 1,000 borrowers, portfolio comprising office, industrial, number of these properties. with the main purpose of preparing the hospitality and retail properties. portfolio for a future transaction. We are conducting a comprehensive study of the properties, the market, the investment Greek financial institution requirements for the optimization of the Large-scale residential properties, the possible partners that would HOTEL - A ca. 500-room resort and be interested to participate in this process, development expansion land located in Corfu as well as the tax and accounting ramifications of various scenarios examined Seaview development in Voula, HOTEL Greenfield Development – 600k with the goal of preparing the Client and the sq.m. prime beachfront land in Corfu portfolio for the eventual transaction(s). (Athens). Total land ca. 75,000 sq.m. with a capacity to develop Mixed Use Office & Commercial complex ca. 20,000 sq.m. ca. 60,000 sq.m. of upscale residential properties. Total investment ca. €160,000,000. Seeking development partners for part or all of the project. Investing in the Real Estate & Hospitality Sector in Greece: | Page 18 of 31 22 January 2019

5 Opportunities 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Real Estate Market Overview 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

The Hellinikon project: a total land area of 6,200,000 sq.m. - ca. 2,700,000 sq.m. building potential

► Promenade residential tower

► Marina residential tower

► Integrated resort

► 2mil sq.m. Metropolitan park

► The largest shopping centre in Greece

► An € 8 billion investment

► Aquarium

► Office Tower

► Hotel by the Mall

► Observation Tower

► A free-access beach

► Marina

Source: www.thehellinikon.com Investing in the Real Estate & Hospitality Sector in Greece: | Page 19 of 31 6 Recent Transactions in Greece

Investing in the Real Estate & Hospitality Sector in Greece: | Page 20 of 31 22 January 2019

6 Recent Transactions in Greece 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Real Estate Transactions 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ... 2019:

Grivalia Properties REIC: Golden Horizon Athens Sky Express Skyserv: Investments One: Announced the acquisition Acquired a 220-room, of the remaining 49% of Acquired of 100% of a 5-star beachfront hotel the shares of “PIRAEUS listed commercial property in Crete (€18 mil). PORT PLAZA 3”, in in the center of Athens, Piraeus, Greece (€5 mil). Greece (€5 mil). 2018:

Dromeus Capital Fund: Trastor REIC: NBG Pangaea REIC: Grivalia Properties REIC: Acquired two high-end Acquired a total of ten Acquired five Announced the acquisition commercial properties prime commercial commercial properties of the remaining 50% of the (store and office buildings) properties in Greece (€27 (hypermarkets) in Attica shares of “PIRAEUS PORT in Athens, Greece (€26 mil). and Peloponnese, PLAZA 1”, in Piraeus, mil). Greece (€71 mil). Greece (€4 mil).

NBG Pangaea REIC: Grivalia Properties Private Equity Grivalia Properties REIC: REIC: Investor: Acquired a complex Acquired a stand-alone comprising three Acquired a high-end Acquired a portfolio of multi-storey office building warehouses in commercial property in commercial properties in in the center of Athens Aspropyrgos, Attica (€13 Glyfada, Attica, Greece Greece (€25 mil). (€10 mil). mil). (€5 mil).

Investing in the Real Estate & Hospitality Sector in Greece: | Page 21 of 31 22 January 2019

6 Recent Transactions in Greece 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Hospitality Transactions 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

2018:

GRIVALIA Hospitality GRIVALIA Hospitality EVERGOLF SA: Hines SA: SA & Dolphin Capital SA: Partners: Acquired 70% of Golf Acquired the “Athens Acquired the “Meli Acquired 100% of Residences SA, owner of Ledra Hotel” on Syggrou Palace” hotel in Crete, Amanzoe, in Porto Heli, five luxury hotels in Crete, Avenue, Athens, Greece Greece (€13 mil). Greece (€82 mil). Greece (€ 100 mil). (€33 mil).

Lampsa Hellenic Hotels Lampsa Hellenic Hotels NBG Pangaea REIC: GRIVALIA Hospitality SA: SA: SA: Acquired 80% of Nafsika Acquired 100% of “King Leased for 30 years the Acquired 100% of “Lazart SA, holder of the long-term George Hotel”, in the 100% of an under- Hotel”, in Thessaloniki, lease of the “Asteria” center of Athens, Greece development hotel in Greece (€7 mil). Property in Glyfada, Attica, (€43 mil). Athens, Greece (€29 mil). Greece (€ 12 mil). 2017:

ASTERAS 2020 SA: GRIVALIA Hospitality SA: Acquired 100% of the landmark restaurant Acquired 100% of “Lito “Olympos Naoussa” to be Hotel”, in Myconos, converted to a boutique Greece (€17 mil). hotel, in Thessaloniki, Greece (€ 6 mil).

Investing in the Real Estate & Hospitality Sector in Greece: | Page 22 of 31 7 Debt Financing

Investing in the Real Estate & Hospitality Sector in Greece: | Page 23 of 31 22 January 2019

7 Debt Financing 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Banner name 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

Greek Banks Debt capital availability and terms • Alpha Bank • Availability: • Eurobank ✓ Yes, for well tenanted, mid-to-long-term • National Bank of Greece leased, income-producing properties • Piraeus Bank • Maybe, for greenfield development projects Multilateral banks • Terms: • EBRD ✓ Interest rates (Jan 2019): Euribor + 3,5% - 4% • Black Sea Trade & Development Bank ✓ LTV: 50% - 60% Foreign banks ✓ Term: 7- 10 Years ?? ✓ Preferred ownership structure: locally incorporated single-asset company

Investing in the Real Estate & Hospitality Sector in Greece: | Page 24 of 31 8 Our Selected Credentials

Investing in the Real Estate & Hospitality Sector in Greece: | Page 25 of 31 22 January 2019

8 Our Selected Credentials 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

Private Equity Investor: Large Systemic Bank: Large Systemic Bank: We have been exclusively We were engaged by a We were engaged by a engaged by a large large Greek Bank to large Greek Bank to Scandinavian real estate conduct Real Estate conduct Financial, Tax investor to advise and Analysis and and Commercial Vendor support in creating an  segmentation regarding Due Diligence, in  investment property sustainability for potential  connection with the sale portfolio with an initial enforcement and of 5 prominent target of ca. €100 mil. and subsequent re-sale of commercial buildings in current value of residential assets, Athens, Greece with a acquisitions of ca. € 25 development of REO value exceeding € 80 mil. mil. In addition, we advise organization and strategy. We were further engaged on the securing of relevant to conduct the valuation financing from Greek of the portfolio under sale banks.

Piraeus Bank: We were engaged by Piraeus Bank in connection with a project which entailed the sale of the AMOEBA secured NPL portfolio. We supported the Bank in the selection of the project perimeter, the evaluation of  loans and collaterals, and designed and project-managed valuation of all property collaterals which numbered approx. 1,500. In addition to the preparation of the portfolio for sale, we supported the Bank throughout the transaction process which was successfully concluded at a pricing which was very close to the price forecasted by our relevant models.

Investing in the Real Estate & Hospitality Sector in Greece: | Page 26 of 31 22 January 2019

Deutsche Bank: Two Large Hotel Groups: We were engaged by Deutsche Bank to provide Due Diligence and portfolio advisory services for the valuation services in support of  consolidation of two major  the sale of a 5-resort hotel open ended real estate funds portfolio in relation to the merger and valuation (purchase of two prominent hospitality price allocation) according to companies in Greece. IFRS.

Hellenic Corporation of Assets and Participations SA: We were engaged by the entity managing most of the properties belonging to the Greek State to advise them on the asset management strategy for their ca. 70,000 property portfolio which comprises properties of all asset types and sizes and dispersed throughout the country. We  segmented the portfolio on the basis of various pertinent criteria and we reviewed such segments in light of various goals and constraints related to both the specific character of the properties as publicly owned assets and the current and expected property market conditions. As part of our work we advised on the disposal of certain number of properties, and on the optimum transaction structure and process by type and other characteristics.

Investing in the Real Estate & Hospitality Sector in Greece: | Page 27 of 31 22 January 2019

8 Our Selected Credentials 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Our relevant credentials in Real Estate & Hospitality 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

Confidential client: KHBAG: We were appointed to We were engaged by conduct a buy-side financial KHBAG to perform a due diligence for the structured sales process of a  valuation of shares for 3  hotel and project large domestic malls (i.e. development portfolio as part The Athens Mall, Golden of the financial restructuring Hall, The Mediterranean of HypoAlpe Adria bank. Cosmos)

Mubadala Fund: Hyatt Regency SA: We were engaged to provide We were engaged to advisory services to a conduct a market demand  sovereign, hospitality and  and financial feasibility study real estate fund regarding its (including hotel, offices and investment in a global retail) in Athens for Hyatt lifestyle lodging company. Regency SA.

Investing in the Real Estate & Hospitality Sector in Greece: | Page 28 of 31 9 Appendix

Disclaimer

Investing in the Real Estate & Hospitality Sector in Greece: | Page 29 of 31 22 January 2019

9 Appendix 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Disclaimer 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ...

► In preparing this presentation (the “Presentation”), we have used information from public sources or proprietary databases. No responsibility is assumed for information furnished by others, and such information is believed to be reliable. EY has relied on such information pursuant to a limited survey and does not in any case represent or warrant that such data is adequate, accurate or complete.

► Our work does not intend to provide assurance on the achievability of the projections or on the assumptions underlying such statements. There are usually differences between projected and actual results because events and circumstances frequently do not occur as expected and those differences, if any, may be material.

► This Presentation should be viewed as a whole document.

About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US.