d to pure commercial advice. Client examples/targets EFTA00737448 Category 1 South Africa Qatar China, in time Category 2 Sberbank (Russia) Essar (India) Punj Lloyd (India) Universal Time Warner The information contained in this communication is confidential, may be attorney-client privile

ace in December (trading +0.77%) • Aryzta O1 revs shade below, reiterates FY guidance, to grow underlying EPS by double digits (trading +0.37%) • Essar H1 group revs improve, op EBITDA ahead, higher interest & depreciation costs (trading -6.1%) • Sevan Drilling O3 EBITDA misses, net loss vs net inc

nsolidation) - 10% EFTA_R1_0 1467933 EFTA02408255 CLIENTS examples/targets Cat I South Africa Qatar China, in time Cat 2 Sberbank (Russia) Essar (India) Punj Lloyd (India) Cat 3 Universal Time Warner EFTA_R1_0 1467934 EFTA02408256