Slides
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Athens International Airport S.A. Η1 2026 Financial Results – Strategy Update Investors’ and Analysts’ Presentation 10 September 2026
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Agenda 2 Key Highlights Traffic & Business Developments Financial Performance Outlook
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Key Highlights 3
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119.9 103.7 62.4 64.8 182.3 168.5 H1 2025 H1 2026 -7.6% 230.5 219.2 77.7 80.4 308.2 299.6 H1 2025 H1 2026 Solid traffic growth with healthy profitability on target, in line with regulation and with resilient commercial segment Traffic Highlights ____________________ (1) 1st place among airports with over 20 million passengers for 2026. (2) Total revenue and other income for H1 2026 does not include the €24.8 million Revenue for Airport Expansion Program (AEP), in accordance with IFRIC 12 Service Concessio n Arrangements par. 14, which requires that revenue and costs relating to construction or upgrade services are recognised in accordance with IFRS 15. (3) Including the negative impact of the fixed portion of Grant of Rights fee of €7.5m for H1 2025 & H1 2026 . 4 +4.2% International Traffic 15.8m Pax H1 2026 +4.5% H1 ‘26 vs. H1 ‘25 Revenue and other income (€m)(2) Air Non- Air -2.8% Adjusted EBITDA (€m)(3) Air Non- Air 56.2% 59.2% 1st place 2026(1)
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1.8 1.8 2.2 2.7 3.1 3.5 3.8 3.9 2.0 2.0 2.3 2.7 3.2 3.5 3.9 4.0 8.6% 13.2% 3.8% 1.0% 3.7% 1.7% 4.7% 3.7% 00% 05% 10% 15% 20% 25% 30% 35% 40% 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 January February March April May June July August 2025 2026 Change %Passengers in million 4.2 4.5 10.8 11.3 15.1 15.8 H1 2025 H1 2026 14.0 15.1 17.8 18.9 31.9 34.0 2024 2025 Record-breaking passenger traffic in H1 2026 despite geopolitical disruptions from the Middle East conflict 5 October 2023 Routes 157 164 H2 H1 International Domestic +6.7% +4.5% Traffic Evolution ✓ H1 2026 vs H1 2025 +4.5% ✓ International passengers remained resilient amid elevated geopolitical tension ✓ Domestic passengers increase at +5.1% Passengers in million ✓ Strong winter season, healthy growth in peak summer months, further balancing seasonality ✓ Historical first: August 2026 becomes the first month to exceed the 4 million passenger threshold ✓ YTD August at 4.4% increase 4.2% 5.1% Passengers by month
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AIA at the top of European traffic and connectivity ranking 6 ✓ Athens Air Connectivity is expanding rapidly with the fastest growth in 2025 versus 2019 and 2024(3) ✓ 2nd most connected among mega airports ✓ Ranked 1st with the strongest rebound momentum (+33%) since 2019(1) across Europe ✓ Among top performers in H1 2026(2) ____________________ (1) Source: ACI EUROPE – Airport Traffic Report December 2025. European Mega airports (25 -40m passengers). (2) Source: ACI EUROPE – Airport Traffic Report June 2026 European Mega airports (25 -40m passengers). (3) Source: ACI EUROPE – Airport Industry Connectivity Report 2025. MEGA AIRPORTS (25 TO 40 MILLION PASSENGERS) CODE CITY RANK 2025 RANK 2019 VS. 2019 VS. 2024 ZRH Zurich 1 9 -7% 9% ATH Athens 2 21 33% 13% DUB Dublin 3 14 3% 8% LIS Lisbon 4 15 1% 6% CPH Copenhagen 5 13 -9% 3% 32.9% 6.4% 3.1% 5.6% AIA European airports 25-40 m passengers European airports >40 m passengers European airports total 4.5% 1.9% 0.8% 2.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% H1 2026 vs. H1 2025 32.9% 6.4% 3.1% 5.6% 2025 vs. 2019
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Business developments and achievements 7 Operational achievements solidifying AIA’s strong performance Airlines Commercial Develop- ment ✓ Further development of the “Best of Greece” offerings ✓ New concept openings and store upgrades ✓ Capitalization of improved passenger profile from key high-spending destinations New AirlinesHome Based Carriers ✓ +1 new destination for the Airport (Rotterdam) ✓ +2 new destinations (Paphos & Bari) for the Home-Based Carriers on existing routes Recent Awards Received ✓ network developments: +11 new destinations & +4 new airlines, including major Long-Haul routes: • New Delhi & Mumbai with IndiGo • Dallas with American Airlines • Cairo with Air Cairo • Other (Tallinn, Cluj, Timisoara, Gdansk, Varna & Verona) ROUTES EUROPE 2026 1st place among airports with over 20 million passengers ACI EUROPE 2025 Best Airport Award (1st place, 25-40 MILLION PASSENGERS CATEGORY) Change of status from "non-coordinated" to "schedule facilitated" for the summer periods of 2025 and 2026 to effectively address ATC related capacity constraints during peak hours; transition to “coordinated airport” status for the winter season 2026/27 to ensure efficient operations during maintenance works for runways’ upgrade ROUTES WORLD 2025 Overall Winner 1st place among all airports across all categories 1st place among airports with over 20 million passengers Upcoming route developments: Alaska Airlines to Seattle in 2027
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Other key developments 8 ▪ Strong shareholder participation in 2025 with 89.22% take up, generating €84.75m for Air Activities Capital effective from 16 May 2025, while in 2026 participation reached 87.64% resulting in €83.25m for Air Activities Capital effective from 15 May 2026 Scrip Dividend Program 2025-26 ▪ Successful debut in the international debt capital markets through the issuance on 24 June 2026 of a €500 million 7-year senior unsecured bond with a coupon of 3.75% ▪ Orders exceeded €2.6 billion during the bookbuilding process with oversubscription more than 5.2 times ▪ Net proceeds from the Bond were used by the Company for refinancing of existing indebtedness and general corporate purposes ▪ Company’s Credit Ratings BBB+ Outlook Stable Baa1 Outlook Stable International Debt Capital Markets
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Restructuring the 40MAP implementation towards more phased and modular approach, with immediate start of first phase of investments, assessing strategic opportunities for higher capacity 9 ▪ Traffic growth: Stronger-than-expected traffic supports additional capacity and creates optionality beyond 40 MAP ▪ Operational & commercial disruption: EES, ATC constraints and construction challenges identified through ECI ▪ Geopolitics: Continued uncertainty increases the value of flexibility before committing to large-scale CAPEX KEY DRIVERS FOR RESTRUCTURING STRATEGIC OBJECTIVES CAPACITY Support current and future demand with greater modularity and flexibility to develop beyond 40MAP EXECUTION RISK Reduce construction and execution risk before committing to major contracts OPERATIONS Protect airport operations and service quality throughout construction COMMERCIAL Protect passenger flows and commercial performance during delivery Deliver the near-term capacity required, while preserving maximum flexibility and strategic optionality for the Airport's longer-term development ✓ Discontinue the current ECI tender process ✓ Immediately launch an open construction tender for the first phase of the 40MAP program, comprising the South Main Terminal Pier, Satellite Terminal Expansion and works in associaeted areas, ensuring near-term capacity delivery is not delayed. ✓ Launch a thorough assessment of alternative expansion configurations and implementation strategies, including options offering additional capacity beyond 40MAP. ✓ Continue as planned the expansion works already underway, including the North-West Apron, Multi-Storey Car Park (MSP), VIP Terminal and associated apron works. ✓ Accelerate targeted capacity investments in passenger-processing facilities, including passport control and security-screening capacity. ✓ Launch in H2 2027 a new tender for the initial phase of North Terminal expansion, sized to address mid-term capacity requirements IMMEDIATE ACTIONS
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40MAP remains the reference plan, subject to improved strategic alternatives 10 North Oculus Immediate Actions: Tender Oct’26 ✓ South Pier (Main Terminal Building) ✓ Satellite Terminal Expansion ✓ Targeted capacity investments in passenger processing facilities Tender launch: H2’27 Existing Terminal Facilities North Wing Extension East Wing Expansion Part of 40MAP, subject to improved strategic alternatives Immediate implementation ✓ Immediate execution of capacity enhancements according to the current timeplan… ✓ …addressing short to mid term capacity needs with 60% increase of commercial space by 2030-31 and limited disruptions ✓ Approach aligned with HCAA
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11 Financial Performance
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505.2 504.9 230.5 219.2 160.3 170.7 77.7 80.4 665.5 675.6 308.2 299.6 2024 2025 H1 2025 H1 2026 € per passenger 15.3 5.2 13.9 5.1 15.9 5.0 14.9 5.0 -2.8% 1.5% Air Non-Air Solid commercial revenues despite geopolitical headwinds; softer Air Activities revenues as expected due to PTF discount until end of April 12 ____________________ (1) Total revenue and other income for H1 2026 does not include the €24.8 million Revenue for Airport Expansion Program (AEP), in accordance with IFRIC 12 Service Concession Arrangements par. 14, which requires that revenue and costs relating to construction or upgrade services are recognised in accordance with IFRS 15. Revenue & Other Income(1) (€m) ▪ Air Activities Revenue lower by 4.9%; Airport Charges adjustments reflecting: ✓ depletion of the Carry Forward Amount and ✓ Air Activities capital increase ▪ Non-Air Activities Revenue increased by 3.5% (marginally below traffic increase) reflecting: ✓ strong F&B and Specialty Retail performance, improved terms from renewed concession agreements and strong Exhibition Centre performance ✓ closure of the P1 Short-Term Parking area following MSP construction works commencement 3.5% -4.9% 12
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186.0 217.0 94.1 101.2 39.6 48.6 24.3 22.5 225.7 265.6 118.4 123.7 2024 2025 H1 2025 H1 2026 Opex / Pax Opex (excl. Grant of Rights Fee) / Pax (€) 7.85 7.85 6.24 6.42 7.81 6.38 7.08 5.84 31.6% 49.8% 4.4% 14.2% Continued investment in our operations to preserve quality of service 13 ▪ Operating Expenses3 increased by €7.1m or 7.5% compared to H1 2025: ✓ additional resources to support traffic volumes, service quality and manage effectively EES impact ✓ Inflationary pressures ✓ mandated increases in minimum wages under Greek legislation in April 2026, along with the full year impact of the minimum wage increases in April 2025 ✓ partly offset by lower utilities costs, resulting from “Route 2025” energy saving initiatives ▪ Lower Grant of Rights Fee (GoRF) driven by lower previous year’s profitability Operating Expenses(1) (€m) ____________________ (1) Operating expenses for H1 2026 do not include the €24.8m cost for Airport Expansion Program (AEP), in accordance with IFRIC 12 Service Concession Arrangements par. 14, which requ ires that revenue and costs relating to construction or upgrade services are recognised in accordance with IFRS 15. (2) Variable component only. (3) Excluding Variable portion of Grant of Rights Fee and AEP cost. Opex(3) Η1 2026 Breakdown Utility Expenses Other Operating Expenses Personnel Expenses Outsourcing Expenses Opex (excl. Grant of Rights Fee) Grant of Rights Fee(2) 7.5%
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145.0 111.8 49.8 37.4 90.9 95.5 42.3 44.1 235.9 207.3 92.2 81.4 2024 2025 H1 2025 H1 2026 Earnings per Share Air Non- Air 4.2% 293.2 256.3 119.9 103.7 131.6 138.6 62.4 64.8 424.8 394.9 182.3 168.5 2024 2025 H1 2025 H1 2026 % margin Air Non- Air Air Activities profits in line with regulation, higher Non-Air profitability 14 Adjusted EBITDA (1) (€m) Net Income (€m) ____________________ (1) Including Grant of Rights fee of €15m for 2024 and 2025 and €7.5m for H1 2025 & H1 2026 . 56.2%63.8% 58.5% 59.2% -7.6% -11.6% 0.79 0.68 3.7%
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145.5 83.3 22.4 2.6 16.0 2022 2023 2024 2025 H1 2026 474.4 523.7 541.7 556.2 568.9 84.8 85.5 83.2641.0 737.7 2022 2023 2024 2025 2026 Initial paid in capital Srip Dividend 2025 Srip Dividend 2026 Increased Air Activities Equity supported by Scrip Dividend; Carry Forward amount on 30 June at €16.0m 15 Inflated Equity (€m)(1) Carry Forward (€m) Well-Defined Regulatory Return Maximum Air Activity Revenue Air Activity Costs 15% Maximum Regulatory Return on Equity Carry Forward from Previous Periods (if any) ____________________ (1) Base Equity for the calculation of the 15% Regulatory RoE. Means the equity initially paid -in, equal to €300m, adjusted for inflation, as determined by the Harmonised Index of Consumer Prices (HICP) plus the additional Air Activities capital of €84.8m and €83.2m added through the Scrip Dividend Program 2025 and 2026. H1 2026 includes 1.5 month of the additional Air Activities capital through the Scrip 2026.
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262.8 320.3 391.8 233.9 92.3 127.5 2022 2023 2024 2025 H1 2025 H1 2026 % cash conversion (1) 649.7 623.1 614.0 690.8 250.0 300.0 350.0 400.0 450.0 500.0 550.0 600.0 650.0 700.0 750.0 2023 2024 2025 H1 2026 Net Debt / LTM Adj. EBITDA Leverage at 1.8x Net debt to LTM adj. EBITDA with 75.7% free cash flow conversion 16 Net Debt (€m) Free Cash Flow (€m) ▪ AIA’s principal sources of liquidity are cash from operating activities and bank loans. ▪ H1 2026 leverage of 1.8x Net Debt to LTM Adjusted EBITDA. ▪ Strong profitability accompanied with healthy Cash Flow generation. ▪ H1 2025 Free Cash Flow at €127.5m and 75.7% Cash Conversion ✓ Capex for H1 2025 at €90.0m. ▪ Company’s financial stability fully safeguarded through: ✓ secured debt financing, ✓ Scrip Dividend Program, and ✓ Company’s strong financial position. 1.8x1.8x 1.5x 75.7%83.6% 87.2% 92.2% 50.6%59.2% ____________________ (1) Including €2.8m reclassification. Please refer to section 5.30 of the Notes to the Financial Statements 2024. ➢ Capex at €41m 1.6x
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17 Outlook
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Outlook 18 Traffic forecasts ▪ Expect mid-single digit growth for passenger traffic during full year 2026 (revised upwards from low single-digit) ▪ Mid-to-long term traffic in low single digits Adj. EBITDA ▪ Adj. EBITDA margin ca. 100 bps below long-term 60% target reflecting continuous investment in operations to preserve level of service Airport Expansion Program ▪ 40 MAP restructuring towards a more phased and modular approach with flexibility to expand beyond 40MAP ▪ Reduce significantly construction risk, commercial and operational disruptions ▪ Total capital expenditure for capacity expansion until end of 2030 expected at €950 million FY 2026 & mid-term Guidance Performance Outlook Revenue ▪ Air Activities: Broadly stable yield per pax from Aeronautical Charges & ADF ▪ Annual Air Activities profitability will align with a 15% Return on Equity, supported by the multi-year Scrip Dividend ▪ Discontinue the current ECI tender process ▪ Launch tender for South Main Terminal Pier, Satellite Terminal Expansion and associated areas ▪ Launch a thorough assessment of options beyond 40MAP ▪ MSP, VIP Terminal and NWA in progress ▪ Accelerate targeted capacity investments in passenger-processing facilities ▪ Launch in H2’27 tender for North Terminal expansion Net Income ▪ Net income for 2026 at ca. €200 million ▪ Maintain commitment to dividend policy at 100% of available profits for distribution ▪ Non-Air Activities: Revenue per pax to remain broadly flat in 2026 ▪ Minimize disruptions during initial construction phase with expected delivery of ~60% additional space by 2030-31
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Strong fundamentals, continued execution and greater strategic flexibility for further capacity 19 Solid Traffic growth: traffic marked another historical record despite the geopolitical headwinds 1 Healthy financial performance according to our targets and in line with regulation Expansion continues: The first phase moves forward and projects already under way continue 40MAP remains the reference plan pending completion of the alternatives assessment Significant de-risking of investment: The modular approach reduces execution risk and protects operations and level of service Opportunities of long-term options : Alternative configurations will be pursued only if they demonstrate clear strategic and financial benefits and meet all technical, regulatory and approval requirements 2 3 4 5 7 Minimise disruptions in Commercial Activities: Revenue development is preserved, with material upside by 2030-31 6
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20 Thank you for your attention
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21 Appendix
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43.3% 12.9% 5.8% 11.6% 26.5% 11.7% 88.3% 17.2% 82.8% Well diversified traffic mix - limited exposure on business travel 22 ____________________ Note: Based on 2025 data. (1) Short & Medium/ Long haul as % of international scheduled passengers; long-haul are flights of over 1,700 nautical miles from AIA. Pax by Country of Residence Pax by Airport Use Business / Leisure Domestic / International Business Pax Leisure Pax Domestic Pax International Pax Transfer Pax O&D Pax Greece EU (excl. Greece) USA /Canada Rest of Europe Asia/ Pacific Africa South AmericaMiddle East International passengers accounting for 72% of the airport’s passengers✓ Traffic skewed towards resilient leisure traffic ✓ Dominant share of O&D (Origin & Destination) passengers ✓ Robust passenger base primarily from Greece and Europe✓ Diverse Mix of Low Cost, Hybrid and Full Services Airlines✓ Pax by Airline Ryanair Other LCCs Other Carriers Sky Express Transfer Pax Short & Medium / Long Haul (1) Aegean/ Olympic Group Long Haul Short & Medium Haul 36.2% 28.5% 13.0 % 11.0% 5.3% 4.2% 1.2% 0.6% 12.9% 87.1% 28.3% 71.7%
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` Net-zero carbon emissions from the beginning of 2026 23 Environment ▪ Until end 2025, CO2 emissions reduced by 60% (vs 2005) ▪ First airport in Europe to achieve 100% of electricity needs produced on-site from clean sources ▪ Carbon neutral since 2016, currently accredited at most ambitious level of ACA (Level 4+ “Transition”) towards Level 5 ▪ Minimise the exposure to volatility in energy cost Low Carbon Frontrunner – Athens International Airport’s Route 2025 Roadmap European Airports’ Net Zero Commitments 2023 2025 2030 2035 2040 2045 20502038 2033 (3) (4) (5) (6) 2024 ______________________________________ Sources: ACI Europe (1) Stockholm-Arlanda Airport (2) Helsinki Airport (3) Paris-Orly and Paris-Le Bourget airports (4) Paris-Charles de Gaulle Airport (5) 14 airports in Greece including Thessaloniki (6) Burgas and Varna airports (2)(1) 1. 35.5 MWp Photovoltaic (PV) and 82MWh Battery Energy Storage System (BESS) 2. Heat pumps and vehicles electrification
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Benign Dual-Till regulation providing for some downside protection and growth upside 24 Early Look Presentation October 2023 Comprehensive Concession Agreement Attractive Dual-Till Regulatory Framework ✓ Uncapped upside from non-air activity streams ✓ Strong revenue base from air activities allowing a 15% Annual Cumulative Regulatory RoE ✓ Stable regulation with no annual or periodic reviews 1 Clear Regulatory Framework ✓ 30 + 20-year concession granted until 2046 ✓ 23 years remaining concession period until 2046 ✓ Concession allows opportunity to pursue additional revenue streams ✓ Well-established and long-standing relationship with HCAA ✓ Transparent tariff framework, no material elements subject to negotiation ✓ Streamlined licensing approvals 2 Predictable Capex Program ✓ Well-defined trigger points for airport expansion ✓ Predictable capex program with air-activity investments recoverable at cost 3 Established Economic Regulatory Framework Sole responsible for levying, setting and changing airport charges (reviewed annually) Pay charges Outlines formula used to determine max. air activities revenue Oversees and enforces EU and national aviation legislation Airport Development Agreement Airlines Annual consultation process
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Dual-Till regulation provides downside protection to Athens International Airport along with an uncapped growth potential to Non-Air Activities 25 Well-Defined Regulatory Return ▪ Regulation not subject to annual reviews ▪ The Maximum Air Activity Revenue determines the maximum Athens International Airport is allowed to recover from airport charges levied on airlines and passengers (after accounting for all other air activities and revenue) ▪ It aims to cover all costs connected to air activities plus a 15% maximum cumulative annual regulatory return on equity(1) ▪ Unrealised profits can be carried forward to subsequent periods adjusted periodically by inflation (EU RPI) ▪ In the event that Athens International Airport’s actual compounded cumulative return exceeds 15.0%, in 3 out of any 4 consecutive financial periods, the Company is obliged to pay any excess return to the Greek State ▪ The expansion capex for air activities will only be recovered at cost and will not receive additional return Maximum Air Activity Revenue Air Activity Costs 15% Maximum Regulatory Return on Equity(1) Carry Forward from Previous Periods (if any) Tariff Mechanism Established Economic Regulatory Framework Air/Non-Air Activities Allocation based on whether activities fall under the profit cap on air activities as imposed by the regulator Air Activities Aeronautical charges (incl. landing, parking) Passenger charges (incl. security, pax charge) Airport Development Fund Ground handling, in-flight catering, cargo, fuel Regulated Terminal retail, concession activities, car parking, real estate Non-Air Activities Non-Regulated Rentals IT&T and Other Mixed Air and Non-Air Activities Mixed ____________________ Source: Law 2338-95. (1) Represents a 15% return on equity raised from ordinary shares in throughout 1996 -98 [1996: €232.5m, 1998: €67.5m] of €300m plus €84.75m from equity increase through the Scrip Dividend Program and is indexed annually by inflation (reported EU RPI).
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Allowed Airport Charges Build-up 26 Early Look Presentation Sources:CompanyInformation. Paid in Capital ADF HICP (indexed) Operating Expenses Depreciation & Amortization Net Financial Expenses Taxes % Operating Expense Allocation to Air Activities % Depreciation & Amortization Allocation to Air Activities % Financial Expenses Allocation to Air Activities % Taxes Allocation to Air Activities Centralized Infrastructure & Handling 15% Maximum Allowed RoE Rentals, IT&T and Other Net Income Operating Expenses Depreciation & Amortization Financial Expenses Total Recoverable Air Activities Revenue Annual Recoverable Airport Charges Carry Forward Maximum Allowed Airport Charges Actual Airport Charges Current Carry Forward Balance Taxes Air Activities Revenue excl. Airport Charges Revenue Net Income Allocated to Air Activities Previous Year’s Carry Forward Balance HICP Bottom-up Approach Calculations
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Non-Air Revenue: Solid, profitable agreements and proven long-term partnerships 27 October 2023 Retail Concession activities (1) ✓ Variable fee determined as % of turnover✓ ✓ MAG amount and cash or bank security guarantees✓ Car Rentals Other Services 550 Parking Spaces 6 Offices ✓ Currency exchange and baggage wrapping among others ✓ 76 Commercial Retail Stores 54 Food & Beverage Stores 26 Service Outlets 77 Agreements 162 outlets ____________________ (1) Figures represent 31.07.2026 status. Key Concessionaires Car Parking ManagementContract Short-Term 2 Car Parks 1,065Spaces Long-Term 1 Car Park 5,980Spaces Business/Valet 1 Car Park 350Spaces +500spacesin IKEAOverflow ▪ 7-storey multi-storey car park with 3,365 positions ▪ Construction commenced – expected in 2027 Land Concessions Retail Park ▪ 5-star hotel with 345 rooms ▪ Fully equipped conference/meeting facilities ▪ 2 restaurants+ 1 cafe ▪ Largest exhibition centre in Greece ▪ 4 expo halls + 2 conference venues No.1 consumer electronicsretailer in Greece(1) Globalhome furnishingbrand DIY home improvementand gardeningretailer Discountfashion mega store with 200+ brands ✓ IKEA building concept and store assortment; addition of Plaisio, Intersportand Holland & Barrett Retail Park Hotel & Exhibision center
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28 IMPORTANT: This document presents the Financial Results and the basic financial information of AIA for the first half of 2026 ended on 30 June 2026 and has been prepared, in all material aspects, in accordance with International Financial Reporting Standards (IFRS) and the basic accounting principles applied by AIA. This document also contains forward-looking statements that involve risks and uncertainties. These statements may generally, but not always, be identified by the use of words such as “outlook”, “guidance”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “target” and similar expressions to identify forward-looking statements. All statements other than statements of historical facts, including, among others, statements regarding the future financial position and results of AIA, the outlook for 2026 and future years as per AIA’s business strategy, the effects of global and local economic conditions, effective tax rates, dividend distribution, and Management initiatives regarding AIA’s business and financial conditions are forward-looking statements. Forward-looking statements and financial projections are not guarantees of future performance and involve numerous known and unknown risks, uncertainties, both generic and specific, and assumptions which are difficult to predict and outside of the control of the Company. We have based these assumptions on information currently available to us at the date the statements are made, and if any one or more of these assumptions turn out to be incorrect, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. While we do not know what impact any such differences may have on our business, if there are such differences, our future results of operations and financial condition could be materially adversely affected. Therefore, you should not place undue reliance on these forward-looking statements and financial projections. Although the Company believes that, as of the date of this document, the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity, performance or achievements will meet these expectations. Moreover, neither the Company’s directors, employees, advisors nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. After the date of this document, which includes audited financial figures, unless required by law to update these forward-looking statements, the Company will not necessarily update any of these forward-looking statements to adjust them either to actual results or to changes in expectations. Disclaimer