india infoline group

IIFL Group’s Quarterly Results for Q1FY14

July 23, 2013

India Infoline Group

I: IIFL Group Performance review Q1FY14

II: IIFL (NBFC) Performance review

Annexure I: Corporate overview

III: IIFL Other Businesses review

Annexure II: Industry update

Financial performance yoy snapshot

Income at ` 676 Cr, up 16% yoy, PAT at ` 63 Cr up 21% yoy. Overall growth driven by financing, wealth management, life insurance products and broking remained flat

Financial performance qoq snapshot

Income down 8% qoq, PAT down 22% qoq. Q1 is seasonally slack whereas Q4 is peak quarter for financial services. Besides, NBFC’s NIM has fallen with significant fall in gold loan book

Financing and Investing

Loan book at `9,463 Cr in Q1FY14 up 29% yoy. Gold loan share has fallen from 41.3% to 29.6% yoy and mortgage/ LAP has risen from 36.8% to 37.8% yoy

Marketing and Distribution

Income at ` 68 Cr down 32% qoq and up 43% yoy. The business is growing steadily on a yoy basis and assets under advice stood at over ` 44,000 Cr

Capital Market and Related Fee

Cash market volumes remain flattish, continuing to put brokerage yield under pressure. Commodity and currency market volumes register a growth but likely to be impacted by CTT in commodity and RBI restriction on net open position in currency

Jun ’13 quarter profits up 21% yoy, income up 16% yoy

IIFL Group Consolidated Performance Review

IIFL Group’s performance showing healthy growth yoy

Return on Equity (%)

Networth (` Cr)


Before Minority

Quarterly annualised

After Minority interest

Profit after Tax (` Cr)

Total Income (` Cr)

Net of Intergroup

636

480 411

583

734 696

653 676

Q4 FY12

Q4 FY13

Q3 FY12

Q3 FY13

Q2 FY12

Q2 FY13

Q1 FY13

Q1 FY14

47

36

22

52

81 73

66 63

Q4 FY12

Q4 FY13

Q3 FY12

Q3 FY13

Q2 FY12

Q2 FY13

Q1 FY13

Q1 FY14

1,754 1,758 1,734

1,808

1,959 1,963

1,881

2,038

Q4 FY12

Q4 FY13

Q3 FY12

Q3 FY13

Q2 FY12

Q2 FY13

Q1 FY13

Q1 FY14

11.1

8.3

5.2

11.9

17.2 15.6

14.6 13.0

Q4 FY12

Q4 FY13

Q3 FY12

Q3 FY13

Q2 FY12

Q2 FY13

Q1 FY13

Q1 FY14

Rs Cr Q1FY14 Q4FY13 Q1FY13 YoY QoQ

Financing and Investing income 477.4 481.0 408.3 16.9% (0.7%)

Marketing and Distribution income 68.3 101.1 47.9 42.5% (32.4%)

Capital Market and Related Fee income 127.6 150.1 125.0 2.0% (15.0%)

Other income 3.1 1.6 1.4 125.9% 92.0%

Total Income 676.4 733.7 582.6 16.1% (7.8%)

A. Operating cost 89.6 91.1 73.1 22.6% (1.6%)

B. Employee cost 124.3 133.9 124.7 (0.3%) (7.1%)

C. Other expenses 86.3 116.1 92.7 (6.9%) (25.6%)

EBITDA 376.1 392.7 292.1 28.8% (4.2%)

Interest 266.1 259.6 190.9 39.4% 2.5%

Depreciation and amortization 17.5 17.1 19.1 (8.3%) 2.7%

Profit / (Loss) before tax 92.5 116.0 82.1 12.7% (20.3%)

Provision for taxation 27.7 31.8 29.3 (5.6%) (13.1%)

Profit/(Loss) after tax before minority 64.8 84.2 52.8 22.8% (23.0%)

Minority Interest 1.6 3.2 0.6 178.0% (50.7%)

Profit/(Loss) after tax 63.2 81.0 52.2 21.1% (21.9%)

IIFL Group consolidated quarterly results for Jun’13 compared qoq and yoy


Financial performance Income for the quarter was up 21% yoy and PAT was up 12% yoy. However income and PAT when compared qoq, were down 3% and 13% respectively. During the quarter, the asset mix was diversified further, impacting margins

Overall loan book Overall loan book was ` 9,463 Cr up 29% yoy and up 1% qoq. The loan book did not register any significant growth in the quarter but witnesses a change in mix. Medical equipment and commercial vehicles are new businesses, together accounting for 6% of loan book

Gold loan Gold loan share in financial assets has fallen from 41.3% to 29.6% on a yoy basis. This has impacted margins as seen in NIM and spread falling by 80 bps and 70 bps respectively on qoq basis. However, this has made the asset mix more stable and de-risked

Mortgage (Home loans/ LAP) Mortgages remains the thrust business segment for growth. The segment accounted for 37.8% of financial assets in Q1FY14. IIFL continues to focus on retail assets with stringent credit selection and monitoring process

NPAs NPAs have risen marginally, gross and net NPAs were 0.58% and 0.24% in the quarter as compared to 0.49% and 0.17% respectively in the previous quarter. The NPA levels compare very favorably with industry, indicating superior asset quality

IIFL NBFC Performance Review

NBFC’s Q1FY14 performance highlight Income up 21% yoy; PAT up 12% yoy

IIFL Finance consolidated results for quarter ended Jun’13

Rs Cr Q1FY14 Q4FY13 Q1FY13 YoY QoQ

Income from operations 433.7 436.7 378.4 14.6% (0.7%)

Other income 34.6 44.1 8.1 328.0% (21.4%)

Total Income 468.3 480.8 386.5 21.2% (2.6%)

A. Operating cost 43.8 52.4 38.2 14.9% (16.4%)

B. Employee cost 41.3 48.0 42.4 (2.5%) (14.0%)

C. Other expenses 48.2 46.0 49.4 (2.5%) 4.8%

EBITDA 335.0 334.4 256.6 30.5% 0.2%

Interest 262.0 249.7 192.4 36.2% 4.9%

Depreciation and amortization 9.9 10.2 5.0 99.3% (2.7%)

Profit / (Loss) before tax 63.0 74.5 59.2 6.4% (15.4%)

Provision for taxation 18.5 23.4 19.4 (4.7%) (21.1%)

Profit/(Loss) after tax 44.5 51.1 39.8 11.9% (12.8%)


• Loan portfolio in Q1FY14 steadily increased to ` 9,463 Cr as against ` 9,375 Cr in Q4FY13

• Loan book comprises entirely secured lending against tangible collaterals

• Gold loan relative share has been falling and was 29.6% in Q1FY14 as compared to 41.3% in Q1FY13

• Diversifying risk with multiple products against collaterals of mortgage, property, gold jewellery, medical equipment, commercial vehicles, shares etc

Loan book is diversified and growing steadily, relative share of Gold Loan has fallen


Changing mix of financial assets Financial assets as on Jun 30, 2013

Rs Cr

A Loan Book 9,463

B Securitised /assigned portfolio

362

C Other Financial Assets 1,585

D AUM (A+B) 9,825

E Total Financial Assets (A+C)

11,048

Other financial assets comprise cash, bank, fixed deposits , bonds, mutual funds investments etc

Gold loan as a % of financial assets

Q1FY14 assets breakup

41.3 38.4 36.9 35.5

29.6

Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14

Capital Market 13%

Gold Loan 30%

CV 2%

Mortgage Loan 38%

Medical Equipment

3%

Other Financial Assets 14%

• NIM and spread have fallen in last quarter, with decline in share of Gold Loans which enjoy higher NIM

• Cost of fund remained at similar level and was 11.8% on weighted average basis

• Cost to Income ratio rose marginally as loan book during the quarter was flattish

• IIFL plans to remain focussed on retail business and maintain healthy NIM

NIM and spread impacted by change in portfolio mix

NIM (%)

Spread (%)


6.9

8.4 8.8 8.5

7.2 6.5

Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14

8.7

10.2 10.5

9.2

7.9 7.1


Cost to Income (%)

64.7

58.4 52.8 51.1 48.6

53.8


• IIFL’s steadfast commitment to maintain high asset quality through superior credit processes is reflected in low NPA levels

• Although NPAs were a shade higher on qoq basis, they compare well with industry

• Capital adequacy continues to remain healthy

IIFL’s high asset quality is reflected in low NPAs and strong financials in robust capital adequacy

Capital Adequacy (%)

NPA (%)


Provision for the quarter ` Cr %

A Gross NPA 54.6 0.58%

B Non Standard Asset Provision 31.8 0.34%

C Net NPA (A-B) 22.8 0.24%

D Standard Asset Provision 23.9 0.25%

E Total Provision (B+E) 55.6

17.9 16.2

20.6 22.6

21.6 21.0


0.56 0.54 0.59

0.69

0.49

0.58

0.40 0.38 0.32

0.25

0.17 0.24


12

Customer Service

Collection

Prepayments/Closures Phone

Web

Visiting

Credit Bureau

Legal/Technical/ Appraisal

Credit & Property Insurance

Channels

Direct

DSA

Application

Credit Bureau

Credit HUB

Centralized Service Centre Collections

PDC/ECS Management

File Checking & Booking

Operation

Loan Execution

Data capture Underwriting

Operations HUB

Audit

CMS

Internal Information flow External information flow

Customer Contact Point Credit Processes Ops Process

Collections

Audit

Sourcing Risks: 1) High delinquency

sourcing channels 2) Risk

Concentration

Collateral Risks: 1) Over-valuation 2) Deficient legal documentation

Regulatory Risks: 1) Regulatory non-compliance 2) Incorrect payment authorization

Market/Credit Risk: 1) Increased prepayments 2) Increase in NPAs

Reputation Risk 1) Customer service issues

Verification Process

File review

People/Credit Risks: 1) Credit underwriter quality 2) Lack of approved policies

Retail mortgage process flow

13

Customer Service Complete file with

docs sent to OPS for storage

^Jewellery stored in the vault

Phone

Web

Visiting

NEFT or Chq printing instructions issued to

centralized OPS

Customer Service Post approval

Issuance of chq to customer or funds transferred electronically

Loan Execution

Central Operations HUB

Cash disbursal upto Rs. 15 Lac

Local Branch

Terms agreed with customer

Channels

Walk-In

Non salaried Professionals/

referrals

Sanction letter handed over to customer at branch

Customer walks into the branch with jewellery & docs

**Valuation done by two internal valuers

*Docs checked in branch & docket completed &

docs signed

Loan approval

OR

Customer Contact Point

Hub Processes Ops Process

Post approval activities

Sourcing Risk 1) Spurious Gold 2) Stolen Jewelry

People Risk 1) Fraudulent Employees 2) Untrained employees

Security Risk 1) Cash Management 2) Gold Storage

Credit Risk 1) Movement in

the Gold Prices

Regulatory Risk 1) Non compliance with

regulations

Gold loan process flow

14

Customer Service

Collection

Phone

Visiting EFT or Chq printing instructions issued

Customer Service Collections

Security PDC/ECS Management

Regional Operations HUB

Regional Hub

Loan Approval

Channels

Direct

Channel Partners

Application Verification Process Loan agreement & other

documents executed Asset hypothecated to

IIFL

Credit Bureau

100% Pre-Audit

Issuance of chq to customer or funds transferred electronically

Loan Execution

Customer Contact Point

Hub Processes Ops Process

Post approval activities

Audit

Sourcing Risks: 1) Risk

Concentration 2) Increased sourcing

from un-authorized dealerships

Collateral Risks: 1) Higher Invoicing / Over-valuation 2) No Delivery of equipment

Regulatory Risks: 1) Regulatory non-

compliance Credit Risk: 1) Increase in bounce rates

Reputation Risk 1) Customer service issues

Medical equipment process flow

II: IIFL Group Performance review Q1FY14

III: IIFL (NBFC) Performance review




• Assets under advice of over ` 44,000 Cr

• IIFL distributes mutual fund on open architecture. Mutual fund AUM mobilised by IIFL is close to ` 14,000 Cr

• Enhanced focus on discretionary managed accounts through the AIF platform, which offers clients unprecedented alignment of interests and superior regulatory compliance

• Updated the client proposition in compliance with the advisory guidelines issued by SEBI, to retain competitive edge and leadership position in the industry

Insurance, financial product distribution and wealth management business registers steady growth

Growth in net new money as a % of AUM

Industry APE growth YoY


(10) (16)

26

(4)

16 1

(17)

5

(7) (7) (6) (5) (8)

1 15

(3) (13)

28

(13) (26) (19) (17) (22) (27)

(53)

(28) (18) (25)

Mar

/12

Jun

/12

Sep

/12

Dec

/12

Mar

/13

(%)

Private Players LIC

16%

10%

7%

16%

10%

8%

Newly emerging Established emerging Traditional mature

Source: PWC research

Source: IRDA

• Average daily turnover was at ` 6,518 Cr in Q1FY14 up 19% qoq, up 44% yoy

• Average daily commodities turnover was at ` 1,701 Cr in Q1FY14, 5%up qoq and up 14% yoy

• Our in-depth, thematic research published

during the quarter include reports on

Economy, Telecom and IT

Despite challenging market conditions IIFL gains market share

Average daily turnover (` Cr)



Avg Cash TO Avg FAO TO Commodity TO

Highlights structural headwinds to growth and limited margin levers for Indian IT companies

The report argues that household consumption will sharply slow in the next 1-2 years

This report assesses the potential of mobile money and quantifies the possible upside to telcos in the next 3-5 years

II: IIFL Group Performance review Q1FY14

III: IIFL (NBFC) Performance review




Customer Strategy

2

Drive stickiness through high quality research & service

Maintain cutting-edge proprietary technology

Wide, multi-modal network serving as one-stop shop to customers

Business Strategy

1

Continuously assimilate, analyse and apply knowledge to power superior financial decisions

Focus on core competence in financial services

Ensure de-risked business through multiple products and diverse revenue streams

People Strategy

3

Attract exceptionally talented and driven people

Ensure conducive merit environment

Liberal ownership-sharing

Vision

“To become the Most Respected Company in the financial services space”

KNOWLEDE IS THE EDGE

Vision and Strategy

• Team with impeccable academic and professional credentials

• Open door, transparent and performance oriented culture

• Liberal employee ownership

Management team

Corporate Functions Verticals

Management Team

Chairman Nirmal Jain Managing Director R. Venkataraman

Institutional Equities

Investment Banking

Consumer Finance

PMS & Retail Broking

Wealth Management

International Operations

H. Nemkumar

Pratima Ram

Prasanth Prabhakaran

Karan Bhagat

Bharat Parajia

Finance

Compliance

Operations

Audit

Human Resources

Dhruv Jain

R Mohan

Narendra Jain

Kamal Ahuja

Pallab Mukherji

Offshore Asset Management Amit Shah

Insurance Distribution Mukesh Singh

Risk Upendra Jaiswal

Nipun Goel

Technology

Customer Service

Tejas Mehta

Loveena Khatwani

A K Purwar Independent Director

Former Chairman, State Bank of India

Nilesh Vikamsey Independent Director

Central Council Member, ICAI & Partner of M/s Khimji

Kunverji & Co.

Kranti Sinha Independent Director

Former Chief Executive Officer of LIC Housing

Finance

M N Singh Independent Director

IPS (Retd), Former Commissioner of Police,

Mumbai

Sunil Kaul Non Executive Director

Operating Partner, Carlyle Group

C Ratnaswami Non Executive Director

Managing Director of Hamblin Watsa (Fairfax Group,

Canada)

V K Chopra Independent Director Former Chairman &

Managing Director of Corporation Bank

Dr S Narayan Independent Director

IAS (Retd), Former Finance Secretary

R S Loona Independent Director

Former Executive Director (Law) of SEBI

A K Shukla Independent Director

Former Chairman of LIC

Homai Daruwala Independent Director Former Chairperson & Managing Director of Central Bank of India

P Pattanayak Independent Director

Former Managing Director of State Bank of Mysore

IIFL has attracted luminaries from the Indian financial world to guide the management

• Institutional equities

• Derivatives • Investment banking

• Corporate debt

• Wealth management

• Financial advisory

• Financing

Retail Affluent

Institutional Corporate

CUSTOMER SEGMENTS

Our service offerings

Equities

Insurance

Credit & finance

Wealth management

Asset management

Investment banking

• Equities, commodities broking

• Mutual funds distribution

• Insurance distribution

• Loans

Business model

How we differentiate ourselves

• Promoted by first generation professional entrepreneurs

• Highly qualified and experienced Management team Managerial depth

• Group networth of `2,038 Cr

• Significant unutilized capacity to leverage Well-capitalized

• Present at close to 4,000 business locations across more than 900 cities in India

• Global footprint covers Colombo, Dubai, New York, Mauritius and Singapore Distribution reach

• The top management is driven by pride and reward of ownership

• To think and work like an owner is part of organization’s DNA Owner-mindset

• Uniquely placed with proprietary front, mid and back office software

• Effectively harnessed technology to provide superior customer experience Technology edge

• De-risked and diversified business model across multiple revenue streams

• Multiple products across all segments of financial services De-risked

Recent awards and accolades received by IIFL

BEST WEALTH MANAGEMENT HOUSE – INDIA

2011 & 2012

BEST BROKING HOUSE WITH

GLOBAL PRESENCE 2011 & 2012

ENTREPRENEUR OF THE YEAR (MR

NIRMAL JAIN) 2012

TOP PERFORMER – EQUITY – FI

CATEGORY – 2012

BEST WEALTH MANAGEMENT

COMPANY IN INDIA (>50 EMPLOYEES)

2013

BEST CUSTOMER SERVICE IN FINANCIAL

MARKETS 2013

BEST MARKET ANALYST 2009 &

2012

BEST COMMODITIES

INVESTMENT 2012

BEST REAL ESTATE INVESTMENT 2013

BEST EQUITY PORTFOLIO

MANAGEMENT 2013

Over 53,000 students enrolled for Financial Literacy across the country. Students, who appeared for an objective-type evaluation were presented with certificates of participation and merit. Over 15,000

students have already evinced interest for the next batch.

FLAME (IIFL’s Financial Literacy Campaign) update

Macro economy Until recently, widening current account deficit

has generally meant faster growth

Monsoon is the key driver of near term growth

Growth may remain below trend

Near term Inflation is coming off due to base effect

(25)

(20)

(15)

(10)

(5)

0

5

(20)

(15)

(10)

(5)

0

5

10

15

20

20

06

20

07

20

08

20

09

20

10

20

11

20

12

(YoY

(%) Agri GDP growth (LHS)

Monsoon deviation from average (RHS)

6.7

8.6 9.3

6.2

5.0 5.4

FY09 FY10 FY11 FY12 FY13ii FY14ii

Real GDP growth (YoY)

Source: CMIE, IIFL Research, FY13 GDP data is Advance Estimate Source: CMIE, IIFL Research

Source: Bloomberg, IIFL Research Source: CMIE, FAO, Govt of India, NDDB, IMD, IIFL Research

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3% 2%

3%

4%

5%

6%

7%

8%

9%

10%

FY0

6

FY0

7

FY0

8

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

Real GDP growth (LHS) Current account deficit (RHS)

(3yr Cagr) (% of GDP, 3yr avg)

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

Dec

-07

Mar

-08

Jun

-08

Sep

-08

Dec

-08

Mar

-09

Jun

-09

Sep

-09

Dec

-09

Mar

-10

Jun

-10

Sep

-10

Dec

-10

Mar

-11

Jun

-11

Sep

-11

Dec

-11

Mar

-12

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

WPI - Overall WPI - Core inflation

YoY,

Credit and Finance Loan–deposit ratio has structurally moved up

Reserve ratios - CRR and SLR trend

Credit growth to nominal GDP has been relatively sluggish

PSU banks steadily losing market share in the credit market

2.7

1.7 1.4 1.4 1.1

1.1 1.1 1.2

FY0

6

FY0

7

FY0

8

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

Credit growth relative to nominal GDP Average

0

10

20

30

40

50

60

70

80

FY0

6

FY0

7

FY0

8

FY0

9

FY1

0

FY1

1

FY1

2

Market share in outstanding credit

PSUs

Private sector

Foreign

(%)

0

5

10

15

20

25

30

Jun

-1

0

Jun

-1

1

Jun

-1

2

Jun

-1

3

%

SL

CR

0

10

20

30

40

50

60

70

80

90

Jun

-05

Jun

-06

Jun

-07

Jun

-08

Jun

-09

Jun

-10

Jun

-11

Jun

-12

Jun

-13

(%)

Investment-deposit ratio

Loan-deposit ratio

Source: CMIE, RBI, World Bank, Bloomberg, IIFL Research

Capital raising and fund flows Crude Prices

(US$)

Gold price change

364 Day T-Bill yield (%)

Sensex movement

0

5,000

10,000

15,000

20,000

25,000

Jan-0

7

Jan-0

8

Fe

b-0

9

Mar-

10

Apr-

11

May-1

2

Jun-1

3

-10%

0%

10%

20%

30%

40%

50%

60%

Jun

-07

Se

p-0

7

Dec

-07

M

ar-0

8

Jun

-08

Se

p-0

8

Dec

-08

M

ar-0

9

Jun

-09

Se

p-0

9

Dec

-09

M

ar-1

0

Jun

-10

Se

p-1

0

Dec

-10

M

ar-1

1

Jun

-11

Se

p-1

1

Dec

-11

M

ar-1

2

Jun

-12

Se

p-1

2

Dec

-12

M

ar-1

3

Jun

-13

(YoY%, INR terms)

3

4

5

6

7

8

9

10

Jun

-07

Se

p-0

7

Dec

-07

M

ar-0

8

Jun

-08

Se

p-0

8

Dec

-08

M

ar-0

9

Jun

-09

Se

p-0

9

Dec

-09

M

ar-1

0

Jun

-10

Se

p-1

0

Dec

-10

M

ar-1

1

Jun

-11

Se

p-1

1

Dec

-11

M

ar-1

2

Jun

-12

Se

p-1

2

Dec

-12

M

ar-1

3

Jun

-13

(%

0 20 40 60 80

100 120 140 160

Mar

-07

Dec

-07

Sep

-08

Jul-

09

Ap

r-1

0

Feb

-11

No

v-1

1

Sep

-12

Jun

-13

WTI Brent US$/bbl

Insurance and Mutual funds

APE growth yoy (%)

AUM by asset class (Rs Bn)

Modest increase in non banking system

Average MF AUM (Rs bn)

15 16 15 15 15 15

6 4

6 5 4

5

FY08 FY09 FY10 FY11 FY12 FY13

Fixed income investments of insurance companies

Fixed income AUM of mutual funds

Source: IRDA

Source: AMFI Source: AMFI

Source: CMIE, RBI, World Bank, IIFL Research

35% 36% 27%

21% 18%

51% 49% 50% 56%

54%

13% 13% 14% 13%

20%

1% 2% 10% 9% 7%

0

100

200

300

400

500

600

700

800

900

0%

20%

40%

60%

80%

100%

FY10 FY11 FY12 FY13 Q1FY14

Tho

usa

nd

s

Equity Income Liquid Gilt & Others Total AUM

(10) (16)

26

(4)

16 1

(17)

5

(7) (7) (6) (5) (8)

1 15

(3) (13)

28

(13) (26)

(19)

(17) (22) (27)

(53)

(28) (18) (25)

Mar

/12

Jun

/12

Sep

/12

Dec

/12

Mar

/13

(%)

Private Players LIC

6,990 6,709

7,538 7,933 8,232 8,114


Thank you

Published in July 2013 © India Infoline Ltd 20013-14. India Infoline Ltd. All rights reserved. Regd. Off: IIFL House, Sun Infotech Park, Road No. 16V, Plot No.B-23, Thane Industrial Area, Wagle Estate, Thane – 400604. Tel.: +(91 22)4007 7000 Fax: 2685 0451. This report is for information purposes only and does not construe to be any investment, legal or taxation advice. It is not intended as an offer or solicitation for the purchase and sale of any financial instrument. Any action taken by you on the basis of the information contained herein is your responsibility alone and India Infoline Ltd (hereinafter referred as IIL) and its subsidiaries or its employees or directors, associates will not be liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of the information contained herein, but do not represent that it is accurate or complete. IIL or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this publication. The recipients of this report should rely on their own investigations. IIL and/or its subsidiaries and/or directors, employees or associates may have interests or positions, financial or otherwise in the securities mentioned in this report.

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