H Y S T E A D L I M I T E D South Eastern Europe site visit Investor information October 2017
Contents Portfolio overview Macroeconomic outlook Belgrade, Serbia Podgorica, Montenegro Skopje, Macedonia Sofia, Bulgaria 1 2 3 4 5 6 2 H Y S T E A D L I M I T E D
1 Czech Republic Austria Slovenia Portfolio overview Montenegro Hungary Croatia Bosnia & Herzegovina Italy Slovakia Adriatic Sea Poland Serbia Albania Romania Greece Ukraine Republic of Macedonia Bulgaria Moldova Black Sea Turkey Location Serbia Montenegro Macedonia Shopping centre Delta City, Belgrade Delta City, Podgorica Skopje City Mall Weighted average rental per m² ( /m²) GLA (m²) Date of acquisition Purchase price ( million) Valuation as at June 2017 ( million) 29.62 29 879 Apr 2016 127.8 130.0 22.54 23 718 Feb 2016 75.0 76.7 19.30 38 210 Oct 2016 92.0 93.2 Bulgaria The Mall 19.04 52 300 Oct 2017 155.0 155.0 Total 144 107 449.8 454.9 Belgrade, Serbia Geographic profile by rental income 1 29% 18% Podgorica, Montenegro Belgrade, Serbia Geographic profile by GLA 21% 17% Podgorica, Montenegro Sofia, Bulgaria 32% 21% Skopje, Macedonia Sofia, Bulgaria 35% 27% Skopje, Macedonia 3 Note: 1 Based on current rent rolls H Y S T E A D L I M I T E D
2 Macroeconomic outlook Key statistics per country Country Population (2016) GDP growth history for portfolio countries vs EU average and SA (%) GDP growth rate Final Ease of Unemployment per capita GDP Sovereign ratings (forecast %) Inflation consumption doing (%) expenditure business 2016 2017f 2018f rate (%) (USD) S&P Moody s Fitch growth (%) rank 2017 Serbia 7.1 million 2.8 3.0 3.5 16.5 5 348 2.5 1.1 47 th BB- (positive) Ba3 (stable) BB- (stable) Montenegro 0.6 million 2.5 3.3 3.0 17.5 6 701 2.8 3.7 51 st B+ (negative) Macedonia 2.1 million 2.4 2.8 3.3 22.6 5 237 1.9 3.6 10 th BB- (stable) - Bulgaria 7.1 million 3.4 2.9 3.3 8.0 7 351 1.4 1.9 39 th BB+ (positive) South Africa 55.9 million 0.3 0.5 1.1 25.9 5 274 4.8 0.9 74 th BB+ (negative) 5 4 3 2 1 0-1 -2-3 -4 2012 2013 2014 2015 2016 2017f 2018f Bulgaria Serbia Macedonia Montenegro B1 (negative) Baa2 (stable) Baa3 (negative) European Union (average) South Africa - BB (negative) BBB- (positive) BB+ (stable) 4 Source: Worldbank and IMF H Y S T E A D L I M I T E D
HYSTEAD LIMITED 3 Belgrade, Serbia 5 H Y S T E A D L I M I T E D
Belgrade / Serbia fact sheet Status Capital of Serbia City population (2016) 1.7 million EU membership is a strategic goal - full accession planned for 2020 Retail sales growth (June 2017 y-o-y) 4.1% Growth supported by steady progress towards EU membership One of the premier investment destinations in CEE due to being a gateway between Western European and Middle Eastern transport Qualified & cost effective labour force Key attractions: Kalemegdan Citadel Museum of Yugoslavia Maršal Tito's Grave Business friendly tax regime: corporate tax rate 15% Belgrade produces 40% of Serbia s GDP Nikola Tesla Museum Zepter Museum 6 Belgrade, Serbia Source: JLL and Hystead research
Belgrade retail market Delta City Belgrade Second largest shopping centre in Belgrade Modern and well-established, offering 124 stores High occupancy, large footfall and a balanced tenant mix Many international retailers have recently entered Belgrade or are looking to open flagship stores 610 000 people in the primary catchment area, many within walking distance. Surrounded by existing residential and commercial developments, with additional residential complexes under construction Existing shopping centres There is a limited supply of quality retail space available in Belgrade. Competition includes smaller, outdated shopping centres and bazaars. Shopping centre market maturity and density Shopping centre stock: 160 000m² GLA or 97m² per 1 000 residents Lowest retail stock density of any European city Prime rentals: 25-27/m²/month Vacancy rates: 12% Prime yields: 7.5% New supply Big Fashion opened early 2017 Rajićeva Shopping Mall opened September 2017 Various projects under construction Demand Improved market conditions and increased purchasing power boosting retail market Existing retailers continue to expand in Serbia 7 Belgrade, Serbia Source: JLL and Hystead research
Major shopping centres in Belgrade Existing: No. Scheme Opened GLA (m²) 1 Delta City (Hystead) 2007 30 000 5 2 6 3 2 Ušće 2009 47 000 3 Big Fashion 2017 32 300 1 4 Stadion Voždovac 2013 30 000 5 Mercator Center 2002 22 000 7 9 6 Rajićeva Shopping Mall 2017 15 300 4 New shopping centres: Scheme GLA (m²) Date / stage Ada Mall 34 000 2018 8 Trošarina Mall 28 000 Planning stage Napred Blok 41 34 000 Planning stage Delta Planet 80 000 Planning stage Delta Despota Stefana 35 000 Planning stage Big Fashion Vidikovac 70 000 2019 BW Galerija (phase 1) 93 000 2020 8 Belgrade, Serbia
HYSTEAD LIMITED Delta City, Belgrade 9
Delta City, Belgrade - exterior and interior 10 Belgrade, Serbia
Delta City, Belgrade - overview GLA 29 879m² Number of stores 122 No. of parking bays 1 135 Year opened 2007 Occupancy 100% Footfall data Annual trading density 3 673 per m² Rent to sales ratio 12.5% Catchment area Staff complement 18 WALE* More than 10 million visitors per year Average footfall 27 470 daily 610 000 people within 15 min drive 2 million people within 1 hour drive (in total) 4.1 years Czech Republic Austria Slovenia Croatia Italy Hungary Bosnia & Herzegovina Adriatic Sea Slovakia Poland Montenegro Serbia Albania Republic of Macedonia Greece Ukraine Romania Bulgaria Moldova Turkey Black Sea * Weighted average lease expiry (based on GLA) 11 Belgrade, Serbia
Delta City, Belgrade - location New Belgrade is the most densely populated municipality, with more than 200 000 people New Belgrade is close to the city centre (6km), airport (14km), and highway (1km) Residential and business areas in New Belgrade: Belville - over 5 000 residents, with 2 000 apartments A Blok - 137 000m² of residential and business area Airport City - 186 000m² of business space in 14 buildings West 65 - more than 500 apartments and 100 retail units 12 Belgrade, Serbia
Catchment area Catchment Population Driving time Primary 610 000 15 minutes Secondary 890 000 15-25 minutes Marginal 500 000 25-60 minutes Total 2 million 13 Belgrade, Serbia
Tenant mix % of leased area Key Tenants National 37% 19% 45% International franchise International direct Fashion - unisex 43% Sport 8% Fashion - women 5% Shoes 5% Supermarket 5% Toys 5% Entertainment 5% Food & beverage 4% Health & beauty 3% Home décor & household 3% Jewellery & watches 2% Kids 2% Services 2% Underwear 2% Accessories 2% Fashion - men 2% Books & media 1% Electronics 1% 14 Belgrade, Serbia
Growth and asset management opportunities Redevelopment of the 2 nd floor Several stores to be relocated, resized and reshaped Closing up voids to create more lettable area Strengthening of the tenant mix on the ground floor 330m² fashion space gained through relocation of Bookstore Vulkan Inditex brands extensions or new brands or introduction of new brands such as Ted Baker, Tezenis, Desigual, Under Armour, Nike, Victoria s Secret Closing of void on the first floor Closing the void above the main entrance creates space for a café, offering customers an open terrace Current space next to Bershka to be used as an additional café or sitting area (ca 70m²) - offered to Starbucks 15 Belgrade, Serbia
HYSTEAD LIMITED 4 Podgorica, Montenegro 16 H Y S T E A D L I M I T E D
Podgorica / Montenegro fact sheet Status Capital of Montenegro Montenegro seeking EU and NATO membership Granted official EU candidacy status Further integration into European structures ensure movement of labour, increased volumes of trade and improvement of democratic institutions Using the Euro as local currency One of the fastest growing Mediterranean tourist hotspots, offering three international airports and yacht-friendly legislation Tourism expansion and a large luxury marina project has attracted major foreign investment Stable democratic system with functioning market economy Making steady progress in structural reforms incl. reducing corruption Favourable economic climate corporate tax rate of 9% Investment is expected to grow and living standards have shown continued improvement Travel & Tourism comprises 11% of GDP City population (2016) 0.7 million Retail sales growth (June 2017 y-o-y) 3.3% Key attractions: Stara Varoš (City core 15 th to 19 th Century) Niagara Falls Cathedral of Christ s Resurrection Šipčanik wine cellar Petrović Palace (19 th Century) 17 Podgorica, Montenegro Source: JLL and Hystead research
Podgorica retail market Delta City Podgorica Delta City Podgorica is the first modern, quality shopping centre in Podgorica. Largest shopping centre in the country and dominant in the region Contemporary shopping with 80 shops including well-known international brands Located on the city s main boulevard - catchment area of over 210 000 people Features leisure and entertainment facilities, including multiplex cinema, cafes, bars and children's play areas Recognised as the most popular family oriented mall in the country Awaiting local authority approval for expansion, which would add circa 10 000m² (circa +40%) of GLA over the next two years Demand No vacancies at Delta City Podgorica due to limited number of quality shopping centres in Podgorica The majority of well-known international retailers have positioned themselves in Delta City Podgorica, whereas Podgorica s competition house mostly local retailers Existing shopping centres The country s commercial real estate is predominantly centred in Podgorica Majority of developers and investors focus on hotel and residential development Modern real estate schemes remain limited Shopping centre market maturity and density Shopping centre density: just over 400m² per 1 000 inhabitants Prime modern shopping centre rentals: 22/m²/month New supply No notable future shopping centres currently planned Construction activity reliant on delivery of tourism / residential projects 18 Podgorica, Montenegro Source: JLL and Hystead research
Major shopping centres in Podgorica 3 Existing: No. Scheme Opened GLA (m²) 1 Delta City (Hystead) 2008 24 000 4 2 Mall of Montenegro 2010 15 600 1 3 TC Bazaar 2012 15000 2 4 Capital Plaza 2015 14 000 5 City Mall 2016 15 000 19 Podgorica, Montenegro
HYSTEAD LIMITED Delta City, Podgorica 20 H Y S T E A D L I M I T E D
Delta City, Podgorica - exterior and interior 21 Podgorica, Montenegro
Delta City, Podgorica - overview GLA 23 718m² Number of stores 80 No. of parking bays 950 Year opened 2008 Occupancy 100% (30 June 2017) Footfall data Annual trading density 3 204 per m² Rent to sales ratio 11.5%0 Catchment area Staff complement 4 WALE* 5.8 million visitors per year Average footfall 16 140 daily 170 000 people within 15 min drive 406 000 people within 1 hour drive (in total) 4.4 years Czech Republic Austria Slovenia Croatia Montenegro Hungary Bosnia & Herzegovina Italy Adriatic Sea Slovakia Poland Albania Serbia Republic of Macedonia Greece Ukraine Romania Bulgaria Moldova Turkey Black Sea * Weighted average lease expiry (based on GLA) 22 Podgorica, Montenegro
Catchment area Catchment Population Driving time Primary 170 000 15 minutes 60 minutes Secondary 40 000 15-25 minutes 25 minutes Marginal 196 000 Up 60 minutes 15 minutes Total 406 000 23 Podgorica, Montenegro
Tenant mix % of leased area Key Tenants National 37% International franchise 23% 10% 30% Local International direct Fashion - unisex 36% Entertainment 9% Supermarket 8% Fashion - women 7% Sport 7% Food and Beverage 5% Fashion - men 5% Electronics 4% Shoes 4% Kids 3% Health and Beauty 3% Home décor/household 2% Underwear 2% Services 1% Accessories 1% Books and media 1% Toys 1% Jewellery and watches 1% 24 Podgorica, Montenegro
Growth and asset management opportunities Plans to expand the GLA by 9 000m² of retail space (growth of 37.5%) and 10 000m² of parking space Capitalise on Podgorica becoming a major regional shopping destination (foreign visitors increasing - primarily from Albania and other countries in the region) Special attention paid to the expansion s design, in order to retain and improve the node 25 Podgorica, Montenegro
Delta City, Podgorica - the future look of the mall 26 Podgorica, Montenegro
Delta City, Podgorica - the future look of the mall 27 Podgorica, Montenegro
HYSTEAD LIMITED 5 Skopje, Macedonia 28 H Y S T E A D L I M I T E D
Skopje / Macedonia fact sheet Status Capital of Macedonia European Union integration - candidate status has provided a strong incentive for priorities set by government A well situated transport hub between two pan-european corridors Local currency is pegged to the Euro Continued infrastructure development contributing to economic integration with the countries it connects to Highly skilled and well educated labour force with wages significantly lower than in Western Europe 10th in the World Bank s annual Ease of Doing Business report 2017 - higher than all but three EU member states Favourable tax regime with a flat corporate tax rate of 10% City population (2016) 0.6 million Retail sales growth (June 2017 y-o-y) 1.1% Key attractions: Čaršija - The Old Bazaar Archaeological Museum Tvrdina Kale Fortress National Gallery of Macedonia Main exports textiles and automotive parts, with interest in the IT sector growing Skopje is the largest city in Macedonia and produces 43% of Macedonia s GDP Ploštad Makedonija (Macedonia Square) 29 Skopje, Macedonia Source: JLL and Hystead research
Skopje retail market Existing shopping centres Estimated old retail space ~ 76 000m² Modern retail stock is limited and estimated at 80 000m², including smaller sized schemes and one larger mall (Skopje City Mall) Shopping centre market maturity and density Shopping centre density (prime and modern): 150m² per 1 000 inhabitants Prime modern shopping centre rentals: 15 to 22/m²/month Prime retail rent in Skopje City Mall: reaching 60/m²/month Vacancy rates in modern shopping centres: 0% due to limited supply New supply Supply is limited, with a few new projects planned - mostly mixed-use developments Demand Historically closed economy meant consumers have only recently become accustomed to modern retail and leisure variety, resulting in strong demand for well-known international fashion brands Market fundamentals expected to remain stable Skopje City Mall accessibility 3 minutes drive from Skopje city centre Richest municipality in Macedonia Surrounded by 3 boulevards with 50 000 cars and 125 000 people passing daily 9 bus stations with 16 public transport bus lines 30 Skopje, Macedonia Source: JLL and Hystead research
Major shopping centres in Skopje 31 Existing: 7 1 No. Scheme Opened GLA (m²) 1 Skopje City Mall (Hystead) 2012 37 000 2 Capitol Mall 2013 12 500 3 Ramstore Shopping Mall 2005 12 000 6 5 4 4 Vero Shopping Centre 2008 10 500 5 Soravia shopping gallery 2008 4 100 2 8 6 City Gallery 2007 3 000 New mixed use developments: 7 Scheme GLA (m²) Opening Developer Emporio business centre 6 000 On hold Transmet 8 Cevahir Mall 12 000 2019 Cevahir Holding 9 Limak project 30 000 2020 Limak Holding 31 Skopje, Macedonia
HYSTEAD LIMITED Skopje City Mall, Skopje 32
Skopje City Mall - exterior and interior 33 Skopje, Macedonia
Skopje City Mall - overview GLA 36 241m² Number of stores 135 No. of parking bays 920 Year opened 2012 Occupancy 100% Footfall data Annual trading density 3 084 per m² 8 million visitors per year Average footfall 22 400 daily Czech Republic Austria Slovenia Croatia Hungary Bosnia & Herzegovina Slovakia Poland Montenegro Serbia Ukraine Romania Bulgaria Moldova Black Sea Rent to sales ratio 10.1% Catchment area Staff complement 22 340 000 people within 15 min drive 2.2 million people within 1 hour drive (in total) Italy Adriatic Sea Albania Greece Turkey WALE* 6.0 years Republic of Macedonia * Weighted average lease expiry (based on GLA) 34 Skopje, Macedonia
Catchment area Catchment Population Driving time Primary 340 000 15 minutes Secondary 460 000 15-25 minutes Marginal 1.4 million 25-60 minutes 15 minutes 25 minutes Total 2.2 million 60 minutes 35 Skopje, Macedonia
Tenant mix % of leased area Key Tenants Fashion Unisex 27% Entertainment 13% Supermarket 13% National Electronics 6% International franchise 28% 11% 7% Local Home décor & Household 6% Sport 5% Food & Beverage 5% Fashion Men 4% Fashion Women 3% Kids 3% Shoes 3% 54% Health & Beauty 3% Accessories 2% Toys 2% International direct Services 2% Underwear 1% Books & Media 1% Jewellery & Watches 1% 36 Skopje, Macedonia
Growth and asset management opportunities Increasing GLA: Converting common area to leasing area, additional retail space ± 1 000m² Increase the Zara store and convert it into a flagship store Rent Growth: Steady turnover growth should boost turnover rent Double digit growth in rent reversions (both on new tenants and existing lease renewals)increasing GLA and improving tenant mix Tenant Mix improvement: Substitute poor performing tenants with high performing international brands Convert entertainment areas into fashion at higher rent Introduce LPP Group brands on 2 nd floor and Neptun Store Ramstore area reduced to introduce fashion anchor Reserved 37 Skopje, Macedonia
HYSTEAD LIMITED 6 Sofia, Bulgaria 38 H Y S T E A D L I M I T E D
Sofia / Bulgaria fact sheet Sofia The largest city in Bulgaria and the 14th largest city in the European Union Accounts for 39% of Bulgaria GDP and attracts half of the total foreign investment Concentration of highly qualified professionals Economy dominated by services sector (86% of the city s GDP) and the industrial sector (14%) One of the top 10 cities in the world to launch a start-up (Forbes, 2015) Major hub for domestic and international transport with good infrastructure Robust growth anticipated due to positive demographic trends Outsource destination for multinational companies such as IBM, Hewlett-Packard, SAP and Siemens Bulgaria An EU country Local currency pegged to the Euro 3rd in Europe and 10th worldwide for absolute number of certified IT specialists Favourable tax regime with corporate income tax at 10%, the lowest in the European Union One of the fastest internet connections in the world Presence of several investment funds Bridge between EU and rapidly growing markets in Middle East, Turkey, Russia and the CIS countries Status Capital of Bulgaria City population (2016) 1.32 million Retail sales growth (June 2017 y-o-y) 2.4% Key attractions: Aleksander Nevski Cathedral Sveta Sofia Church Boyana church Archaeological Museum Sveti Georgi Rotunda 39 Sofia, Bulgaria Source: JLL and Hystead research
Sofia retail market The Mall Dominant shopping centre in Sofia and one of the best in Bulgaria 200 tenants including the Inditex Group and other well-known international brands Large food court and entertainment area, a popular leisure destination in Sofia Strategically located on the busiest boulevard in Bulgaria, which connects the city centre with the Trakia Highway leading towards the centre of the country Surrounding node consists of numerous high-rise offices and residential complexes, with more development currently underway in the node Existing shopping centres Modern shopping centre retail space 791 760m² in Bulgaria and 406 660m² in Sofia The table on the next page shows major existing shopping centres in Sofia (GLA >20 000m²) Shopping centre market maturity and density Prime shopping centre density: 320m² per 1 000 inhabitants Prime shopping centre rentals:~ 38/m²/month Vacancy rates: 12% Prime yields: 7.0% - 7.5% New supply No new shopping centres in 2017 Plaza West shopping centre currently on hold A large-scale tourism and recreational complex (Garanti Koza) opening Jan 2018 Other future retail developments will mostly be multifunctional projects Demand Improved market conditions and purchasing power resulted in increased retail activity Retailers continue to expand throughout Bulgaria 40 Sofia, Bulgaria Source: JLL and Hystead research
Major shopping centres in Sofia 9 7 Existing: No. Scheme Opened GLA (m²) 1 The Mall (Hystead) 2010 52 000 5 4 2 Paradise Center (NepiRock) 2013 80 000 3 Sofia Ring Mall 2014 70 000 4 Serdika Center Sofia (NepiRock) 2010 51 000 8 5 Mall of Sofia 2006 24 000 6 2 1 6 Bulgaria Mall 2012 34 000 7 Mega Mall Sofia 2014 24 000 8 Park Center 2006 23 000 3 New: No. Scheme Format GLA (m²) Developer 9 Plaza West (on hold) Shopping Centre 25 500 Stirling Properties/ Marinopoulos Group - Grand Kanyon Mixed use Garanti Koza 41 Sofia, Bulgaria
HYSTEAD LIMITED The Mall, Sofia 42 H Y S T E A D L I M I T E D
The Mall, Sofia - exterior and interior 43 Sofia, Bulgaria
The Mall, Sofia - overview GLA Year opened 2010 52 000m² (redevelopment +12 600m²) Czech Republic Slovakia Poland Ukraine Number of stores 182 Parking bays 1 840 Vacancy 0.26% (as at 30 June 2017) Austria Slovenia Croatia Hungary Moldova Footfall data 8.7 million visitors per year Average footfall 24 012 daily Bosnia & Herzegovina Serbia Romania Annual trading density 1 692 per m² Rent to sales ratio 12.3% Catchment area Staff complement 23 510 000 people within 10 min drive 1.7 million people within 1 hour drive (in total) Italy Adriatic Sea Montenegro Albania Republic of Macedonia Greece Bulgaria Turkey Black Sea WALE* 5.0 years * Weighted average lease expiry (based on GLA) 44 Sofia, Bulgaria
The Mall, Sofia - location 5km from city centre and 6km from airport 400 meters of frontage Easy access by car and public transportation, and convenient proximity to Sofia International Airport, Central Business District and the Ring Road Average 7 000 cars per hour pass by the centre Residents of Mladost and Druzhba exceed 200 000 people Surrounding Offices ETC 72 000 m² Megapark 45 000 m² Grafix building (in development) 13 000 m² Goldline building (in development) 6 000 m² New office buildings in the pipeline >12 000 m² 45 Sofia, Bulgaria
Catchment area The catchment area of the property encompasses 900 000 people within 25 minutes drive 1.7 million people can reach The Mall in less than 60 minutes drive Catchment Population Driving time Primary 510 000 Less than 10 minutes Secondary 400 000 10-25 minutes Marginal 760 000 25-60 minutes 15 minutes 25 minutes 60 minutes Total 1.7 million 46 Sofia, Bulgaria
Tenant mix % of leased area Key Tenants National 43% 11% International franchise Fashion 43% Entertainment 15% Books, media and electronics 8% Food and drink 6% Shoes, leather and accessories 6% Sports 5% Health and beauty 4% Kids 3% 46% Home décor and furniture 3% Services 3% Lingerie 1% International direct Telecommunication services 1% Jewellery and watches 1% Gifts, flowers and tobacco 1% Bags and luggage <1% 47 Sofia, Bulgaria
Growth and asset management opportunities Redevelopment of the -2 level Exclusive rights to purchase the vacant and separately owned hypermarket space, formerly occupied by Carrefour, which forms part of the complex, adding approximately 12 146m² of GLA. This will increase the total size of the property by 23% to 64 600m² The refurbished new mall level will have 30 new stores, anchored by a 2 500m² supermarket and space for new international retail market entrants Planned renovations include an escalator connection to the back corridor of the ground floor to improve circulation Discussions with potential tenants at an advanced stage demand exceeding available space 48 Sofia, Bulgaria
Growth and asset management opportunities Rent growth Strong Projected GDP growth of 2.9% and 3.3% for 2017 and 2018 respectively Retail market improving, increasing turnover rents Strengthened position due to redevelopment of old Carrefour space and improved economic outlook will contribute to new leases being signed at higher base rentals. Tenancy mix management Strengthen presence of the anchoring Inditex brands by enlarging their units to match the group s latest concepts - one of the main traffic contributors for The Mall. Currently only one retail unit vacant equating to 0.26% of GLA, demonstrating the centre s trading strength As tenants are looking to maximize their units performance in terms of sales/m² the downsizing of certain large units is being explored to accommodate smaller units at higher rentals to new tenants 49 Sofia, Bulgaria
H Y S T E A D L I M I T E D Pieter Prinsloo Chief Executive Officer Hyprop Investments Yvette van der Merwe Chief Operating Officer Hystead Limited +27 11 447 0090 Pieter@hyprop.co.za +31 61 107 8073 yvette@balkanretail.nl Wilhelm Nauta Investment Executive Hyprop Investments +27 11 447 0090 Wilhelm@hyprop.co.za Thank You Contact Details This publication is the sole property of Hystead Limited ( Hystead ) and may not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Hystead. The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information. Please inform us of any inaccuracies so that we may correct them. Hystead does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication.