WISEWAY GROUP LIMITED — AGM Information 2022

Nov 21, 2022

Wiseway Group Limited (ASX:WWG) 2022 Annual General Meeting 22 November 2022, 10:00 am (AEDT)

Agenda

Chair Address Chief Executive Officer’s Address Formal business

3 17 27

==> picture [206 x 234] intentionally omitted <==

Chair Address Florence Tong

33

An experienced Board and Management team to drive future growth

==> picture [133 x 132] intentionally omitted <==

Florence Tong Executive Chair & Managing Director

==> picture [168 x 151] intentionally omitted <==

Roger Tong Chief Executive Officer

==> picture [141 x 136] intentionally omitted <==

Simon Yuen Chief Financial Officer

==> picture [143 x 143] intentionally omitted <==

Ken Tong Non-Executive Director

==> picture [142 x 142] intentionally omitted <==

Brandon Teo Independent Non-Executive Director

==> picture [143 x 136] intentionally omitted <==

Astrid Raetze Independent Non-Executive Director

4

==> picture [278 x 540] intentionally omitted <==

2022 – Key milestones and growth initiatives

==> picture [35 x 36] intentionally omitted <==

✓ Record revenue of $130.1 million, 3.3% growth vs pcp

==> picture [40 x 38] intentionally omitted <==

• ✓ 43% growth in revenue from non-traditional business segments

==> picture [39 x 39] intentionally omitted <==

• ✓ $4.2 million in revenue from new international locations, in less than 12 months of full operations

==> picture [56 x 63] intentionally omitted <==

• ✓ Acquisition of SEAIR, expanding presence in Southeast Asia with strategic access to its Air Operator Certificate (AOC)

• ✓ Signing of aircraft leasing agreement in preparation for the SEAIR investment operations

==> picture [53 x 97] intentionally omitted <==

• ✓ Opening of Chicago branch, alongside Los Angeles

✓ Successful and smooth integration of TAF

5

==> picture [244 x 540] intentionally omitted <==

Smooth and successful integration of TAF E-Logistics

Successful integration outcomes

Transaction completed in FY22

==> picture [259 x 186] intentionally omitted <==

----- Start of picture text -----

100%
Singapore
100%
----- End of picture text -----

==> picture [50 x 50] intentionally omitted <==

2 months

Between the completion of the acquisition and the conclusion of the integration process; smooth transition and full alignment between the two teams

==> picture [40 x 34] intentionally omitted <==

$2.3 million

Revenue from Singapore based on 10 months of operations

5

==> picture [40 x 46] intentionally omitted <==

==> picture [111 x 36] intentionally omitted <==

Team members across sales, operations, and finance, fully integrated within the Group’s global processes and operating platform

==> picture [45 x 43] intentionally omitted <==

Strategic

Network of clients and partnerships in Southeast Asia, supported by Brandon Teo’s regional expertise and valuable contribution to Wiseway Board

6

A diverse team of best-in-class experts, leading our high-growth segments

==> picture [124 x 146] intentionally omitted <==

==> picture [124 x 152] intentionally omitted <==

==> picture [124 x 151] intentionally omitted <==

==> picture [124 x 148] intentionally omitted <==

==> picture [124 x 146] intentionally omitted <==

Scott Higgins – National Perishables Manager

Ian Ebbink – Head of Imports

Song Yi – National Sea Freight Manager

Paul Halpin – Head of Wiseway Cargo Airlines – Flight Operations

Simon Zhang – National Transport Manager

• 36 years of logistics industry experience, mainly in perishables products

  • Leading the vital function of local and international road • Leading the project team to set up transportation within Wiseway’s Wiseway Cargo Airlines and integrated supply chain bringing the first aircraft, a Boeing

  • • B737-800SF, into service.

• •

• 20+ years experience in freight Built extensive relationships with forwarding, logistics and shipping lines in the sea freight import/export operations industry

• Leading a team of senior qualified perishables experts, with extensive experience in the requirements to import/export these products across borders

• • Driving the continuous operational optimisation of this critical high-potential offering on a domestic and global level

• •

• Leading the growth initiatives Experience with a wide range of within Wiseway’s import and dry products and perishable distribution division commodities

• Managing a Wiseway fleet of over 100 trucks to meet Australia’s • Extensive history in airline demand for interstate management and flight crew transportation from all states training. He holds Australian, New

• • Ensuring a lean resilient model, Zealand, UK and UAE Air connecting every stage of logistics Transport Pilot Licences. process, with uninterrupted operations during crises

• Growing the division’s team and providing training and relevant skills to meet the growing demands of the e-commerce industry

• Optimising division performance and managing a hybrid and agile cross-border team.

==> picture [168 x 112] intentionally omitted <==

==> picture [168 x 112] intentionally omitted <==

==> picture [164 x 112] intentionally omitted <==

----- Start of picture text -----

7
----- End of picture text -----

==> picture [167 x 112] intentionally omitted <==

==> picture [168 x 112] intentionally omitted <==

World-class rounded team leading our international operations and powering our global growth

• Wiseway US Wiseway China Wiseway Subsidiary Clark, Philippines

• Wiseway USA: Wiseway Singapore: Acting Michael Feist – National General Manager – Yusoff Operations Manager Merican • 15+ years of experience in • Extensive local and regional the freight forwarding experience in logistics, industry in North America setting up initial operations and the Asia Pacific and warehouses

• • Strong track record in • Leading the build-out of Wiseway New Zealand setting up new branch Wiseway’s Singapore operations, hiring qualified on-ground team, integrated teams, and obtaining operating platform and required approvals and technology infrastructure

• certifications

==> picture [108 x 143] intentionally omitted <==

• Wiseway New Zealand : Branch Manager – Iain Horneman • 23 years in the air and sea freight industry across Australia and New Zealand

• • Leading Wiseway NZ’s growth, especially across perishables and sea freight segments

==> picture [277 x 43] intentionally omitted <==

8

Essential functions safeguarding Wiseway’s culture, and values of innovation, safety, integrity and reliability

==> picture [96 x 128] intentionally omitted <==

Ivan Lim – CTO

• 25 years of diverse experience in the IT and Fintech sectors, including software development, testing and implementation.

• Significant digital transformation exposure in the logistics industry and leading Wiseway’s digital integration initiatives on that front.

• Successfully rolled out internal proprietary initiatives that improved productivity and enhanced customer experience.

==> picture [96 x 128] intentionally omitted <==

Mark Stevens – National Compliance & Safety Manager

• Safety and compliance expert within the logistics regulatory landscape, ensuring Wiseway’s 100% compliance with the industry's continuous requirements.

• Prioritising safety, ensuring wellbeing of staff and minimal disruption to business operations.

• Maintaining Group’s safety record, managing risk exposure, and minimising losses.

• Coaching and training the Wiseway team on best-practice compliance requirements and procedures.

Innovation

Safety

Integrity

Reliability

Deploy latest industry innovations and internal proprietary technologies that optimise operations and enhance customer experience

Provide a safe working environment that safeguards the physical and mental wellbeing of employees

Offer the highest levels of transparency in delivering logistics services stemming from a deep understanding of customer needs

Ensure sustainable and resilient operations providing customers with peace of mind

Strategic investment in SEAIR

10

==> picture [238 x 540] intentionally omitted <==

The ideal gateway bridging our presence between Southeast Asia and East Asia and ex andin our APAC covera e , p g g

267 million tonnes

Philippines logistics freight volume in 2021, 13% y-o-y growth[1]

==> picture [236 x 173] intentionally omitted <==

----- Start of picture text -----

Wiseway
China
Wiseway
Subsidiary
Wiseway
Singapore
----- End of picture text -----

16% CAGR

forecast e-commerce market growth by 2027 reaching US$38 billion and 53% user penetration rate[1]

8 of the Philippines’ top 10 trade partners are based in the APAC region[2]

20% CAGR[3]

Forecast growth in e- commerce logistics market between 2022 and 2026

Wiseway Headquarters

1 Statista Estimate, 2022.

2 Trade Map, 2022

3Technavio, 2022 Estimate.

11

A compelling investment in a well-established logistics player with strategic resources and strong connections to growth avenues

==> picture [4 x 6] intentionally omitted <==

==> picture [5 x 7] intentionally omitted <==

SEAIR Co-Founders

==> picture [92 x 107] intentionally omitted <==

Iréne Prosper Heinrich Dornier

• Airline transport pilot, aviation consultant and US flight instructor.

• Track record in business development of aircraft engineering businesses and complementary infrastructure to all fields of airline operations.

==> picture [89 x 100] intentionally omitted <==

Nick Gitsis

• Commercial rated pilot, accredited by Air Transportation Office (the Philippines) and Federal Aviation Administration (US).

• • Successful businessman and investor in the aviation and hospitality sectors.

==> picture [367 x 197] intentionally omitted <==

Clark International Airport

• Key logistics hub in Philippines and region with annual capacity of 8 million passengers

• Based in the Clark Civil Aviation Complex, a freeport Zone offering a business-friendly environment with strong tax incentives

• Regional base for some of the world’s largest cargo airlines and logistics service providers

==> picture [141 x 50] intentionally omitted <==

• ✓ Founded in 2011 by business partners Iréne Prosper Heinrich Dornier and Nick Gitsis, who both have long and established aviation careers in the Philippines

• ✓ Operates two B737-200 freighter aircraft out of the Clark Civil Aviation Complex

• ✓ Operates regular flights between Clark and Cebu

• ✓ Offers charter services for high-value, timecritical cargo, and other freight to major airports in the Philippines

==> picture [5 x 5] intentionally omitted <==

==> picture [8 x 6] intentionally omitted <==

==> picture [6 x 8] intentionally omitted <==

==> picture [8 x 4] intentionally omitted <==

==> picture [104 x 26] intentionally omitted <==

----- Start of picture text -----

Clark
----- End of picture text -----

==> picture [159 x 129] intentionally omitted <==

----- Start of picture text -----

Manila
Cebu City
----- End of picture text -----

==> picture [34 x 37] intentionally omitted <==

==> picture [8 x 17] intentionally omitted <==

==> picture [4 x 5] intentionally omitted <==

==> picture [9 x 8] intentionally omitted <==

==> picture [15 x 12] intentionally omitted <==

==> picture [5 x 5] intentionally omitted <==

==> picture [6 x 6] intentionally omitted <==

==> picture [8 x 7] intentionally omitted <==

==> picture [213 x 113] intentionally omitted <==

----- Start of picture text -----

Davao City
----- End of picture text -----

==> picture [53 x 48] intentionally omitted <==

12

Transaction structure

Nov 2022

==> picture [264 x 259] intentionally omitted <==

----- Start of picture text -----

Ownership structure
100%
51%
----- End of picture text -----

Purchase consideration US$ 3.1 million

US$ 1.6 million .

Capitalised advance payments, transaction fees, and expenses already incurred in relation to aircraft, such as deposit payments with aircraft manufacturers, acquired software, and other intangible assets.

US$ 1.5 million .

Additional cash to be injected by Wiseway into the business as working capital to be used solely to finance the establishment of Wiseway’s planned aircraft freight operations.

~~FY26~~ Long term options 1

Call option for Co-Founders to exchange their remaining stake for Wiseway Group shares at a pre-specified exercise price of US$0.50/share.

2

Put option for founders to sell their 49% remaining stake to Wiseway for US$ 3.5 million.

13

Leasing a new strategic and valuable asset, in connection with the SEAIR investment

Boeing 737-800SF Lease

Strategic long term value

15 December 2022

Estimated handover date

96 months Contract period

• ✓ Self sufficiency during periods of surging demand and disruptions, as suppliers face capacity pressures

• ✓ Ability to serve a broader group of customers, with larger and more complex logistics needs

• ✓ Enhanced cost control and well-managed competitive prices with customers

<$300k Monthly Leasing Fee

23 tonnes Payload Capacity

• ✓ Opportunity to improve margins in less elastic markets.

• ✓ Potential for supplementary income from subcontracting/charter to third parties during less busy periods

14

Step-change in global scale and reach – expansion in the US and APAC markets

==> picture [363 x 173] intentionally omitted <==

----- Start of picture text -----

Shanghai
Wiseway China Wiseway Branch
Guangzhou
Wiseway Branch
Wiseway Subsidiary
Clark, Philippines
----- End of picture text -----

==> picture [258 x 229] intentionally omitted <==

----- Start of picture text -----

Wiseway China
Wiseway Subsidiary
Clark, Philippines
Wiseway
Wiseway
Singapore
Headquarters
----- End of picture text -----

==> picture [168 x 215] intentionally omitted <==

----- Start of picture text -----

Chicago
Wiseway Branch
Los Angeles
Wiseway Branch
----- End of picture text -----

==> picture [35 x 8] intentionally omitted <==

----- Start of picture text -----

Darwin [1]
----- End of picture text -----

==> picture [238 x 99] intentionally omitted <==

----- Start of picture text -----

Brisbane
1 warehouse facility
Perth
1 warehouse facility Sydney Auckland
Adelaide 3 warehouse 1 warehouse
1 warehouse facilities facility
facility Melbourne
2 warehouse
facilities
----- End of picture text -----

Wiseway’s global footprint:A true globally diversified business

• ✓ Diversified business shipping to 100+ destinations.

• ✓ Wiseway US – expanded presence through Los Angeles and Chicago branches

• ✓ Wiseway Singapore and SEAIR serving Southeast Asian market and larger APAC region.

• ✓ Two branches in China (Shanghai and Guangzhou) with superior team capabilities.

15

The Way ForwardThe way forward

• Wiseway today is a global business with 160+ employees spread across five countries and 11 logistics hubs

• Agility and resilience supporting the business means Wiseway can weather recent disruptions and challenging economic environments

• Constant dedication to delivering innovative and reliable logistics solutions addressing growing and evolving customer needs.

• Enhanced diversification of our diversified business model outside of the traditional core business of dry outbound air freight

• Synergy opportunities and cost optimisation initiatives will drive sustainable long-term positive performance

• A very recent milestone is the acquisition of Philippines-based SEAIR, expanding Wiseway’s presence in Southeast Asia and offering additional utilisation of its aircraft fleet through SEAIR’s AOC

• An additional achievement is an eight-year leasing agreement for the exclusive use of a class-leading Boeing 737-800 Super Freighter, which will deliver greater efficiencies across our expanded network

• Prudent debt levels and a healthy balance sheet from which to support future growth initiatives

1616

==> picture [212 x 192] intentionally omitted <==

Chief Executive Officer’s Address Roger Tong

Integrated freight and logistics operator with diversified income streams

				Revenue growth driven by non-traditional business segments	Revenue growth driven by non-traditional business segments	Revenue growth driven by non-traditional business segments	Revenue growth driven by non-traditional business segments
				Export		Imports and Distribution	Road Transportation	GSA/CSA
	Dry cargo (air freight)			Perishables (air freight)	Sea freight	General cargo & e-commerce	Airtruck	Airnex
	• Serving e-commerc platforms, suppliers and parcel consolidators • Shipping infant milk formula, honey, win vitamins, and healt and skin-care products	e , e, h		• Fresh produce • Seasonal fruit • Seafood • Meat • Fresh milk and • General food commodities • Australian produce • Wine • General cargo imports clearance and delivery • E-commerce parcel imports and distribution • Interstate and road transport business • Servicing wholesalers, manufacturers and				• Representing seven airlines, selling cargo services to third-party freight forwarders. • Operating 20 flights per week (up to 100 in normal border conditions).
				dairy airlines 19.5 5.3 10.3 4.3 29.3 6.1 13.8 6.3 +50% +34% +17% +47%
				FY21 FY22

18

Diversification progress – driving our growth momentum

==> picture [189 x 88] intentionally omitted <==

----- Start of picture text -----

Revenue breakdown
by segment
----- End of picture text -----

==> picture [528 x 233] intentionally omitted <==

----- Start of picture text -----

FY19 FY22
23%
3%
2%
10%
92% 1% 40%
2% 5%
5%
7%
10%
Dry Air Freight Perishables Import and Distribution
Sea freight Road Transportation Airnex
Overseas Revenue
----- End of picture text -----

Cargo volume breakdown by destination

==> picture [470 x 162] intentionally omitted <==

----- Start of picture text -----

10%
13%
13%
95% 5% 34%
30%
China Southeast Asia Other Asia North America Other Int'l Dest.
----- End of picture text -----

19

==> picture [281 x 540] intentionally omitted <==

A diversified business across customers and geographies

23%

73%

FY22 revenue share from the Company’s top five customers, reflecting minimal concentration risk

FY22 share of perishable, import, and sea freight volume (from Australia) with fast growing Asian and global markets outside of China

==> picture [230 x 269] intentionally omitted <==

----- Start of picture text -----

16%
9%
15%
27%
33%
China Southeast Asia
Other Asia North America
Other Global
----- End of picture text -----

==> picture [224 x 188] intentionally omitted <==

----- Start of picture text -----

77%
23%
----- End of picture text -----

Diversified

customer base across economic sectors and essential industries, including global airlines, distributors, parcel express companies, importers and exporters

20

==> picture [275 x 540] intentionally omitted <==

Tangible initiatives to improve recent financial performance

Cost optimisation initiatives

FY22 financial performance

• ➢ Extended COVID-19 measures in China, and prolonged lockdowns

• ➢ Extraordinary rainfall and floods in both New South Wales and Queensland

• ➢ Enhancing internal mechanisms for monitoring financial performance on a division level, with the long-term objective of achieving standalone profitability within each division

• ➢ Further restraints on available air freight capacity

• ➢ Increasing margins in new markets with customers and markets with low elasticity

• ➢ Right sizing the number of drivers and trucks and maximising the utilisation of available resources

• ➢ Competitive margins offered in new markets to secure strategic customers and relationships

• ➢ Additional investments in growing the Company’s team in the USA, China and Singapore

• ➢ Relying more tactically on short-term workforce/contractor arrangements to address surging demand during peak periods

• ➢ Conservative estimate for doubtful debt provisions

• ➢ Consolidating contracted services and maximising benefits from strategic suppliers and service providers

• ➢ Strategic utilisation of available credit facilities, at favorable borrowing rates, to fund future growth initiatives

$0.2 $7 million million Net Loss EBITDA Loss After Tax

21

==> picture [275 x 540] intentionally omitted <==

A focused global growth strategy with disciplined execution

Integrate

==> picture [205 x 148] intentionally omitted <==

==> picture [203 x 65] intentionally omitted <==

==> picture [31 x 31] intentionally omitted <==

• Maintain lean, tech-enabled platform, with an enhanced focus on cost control and optimisation.

Expand

• Bring together strategically located warehousing, a modern transportation fleet, global team capabilities and established industry partnerships

==> picture [34 x 34] intentionally omitted <==

Diversify

• Build on expansion momentum in the US, Singapore and Philippines as a stepping stone into new markets in the US and Asia Pacific

• Invest in internal proprietary technologies and digital processes that optimise operations and enhance customers’ experiences

==> picture [35 x 33] intentionally omitted <==

  - Extend Wiseway’s capabilities, resources and expertise to the Company’s global operations.

• Smoothly integrate completed acquisitions and realise intended synergies and opportunities.

• Continue focusing on perishables, imports and distribution as key growth areas within diversification strategy

• Continue to evaluate opportunities for inorganic growth and M&A as they present themselves.

• Acquire and retain new customers seeking integrated logistics solutions

==> picture [424 x 77] intentionally omitted <==

22

==> picture [275 x 540] intentionally omitted <==

Expanding global addressable market led by the US and Asia Pacific regions

4.1%

US$1.6 trillion Market size of US logistics market by 2027[1]

57% Asia Pacific’s share of global e-commerce logistics growth over 2020-2025[3]

Annual growth in global freight forwarding market over 2021-2031 period [2]

US branches

Wiseway’s established US presence

✓ Two branches in Los Angeles and Chicago with 6 full-time team members on ground ✓ Secured Indirect Air Carrier (IAC) certificate awarded by the US Department of Homeland Security

• 1–Imarc’s North America Logistics Report -2022-2027.

2 Allied Market Research’s Freight forwarding Market: Global Opportunity Analysis and Industry Forecast 2021-2031;

• 3 McKinsey’s ‘’Asia: The Highway of value for global logistics’’, 2021

23

==> picture [273 x 540] intentionally omitted <==

Uniquely positioned to benefit from emerging industry trends

Expanding international trade industry with new free trade agreements and logistics companies becoming increasingly globalised

==> picture [32 x 132] intentionally omitted <==

Scale investment in global logistics infrastructure to meet growing demand and facilitate the industry’s operations

Growing impact of strategic partners like e-commerce platforms and e-tailing ecosystems with a large tech-savvy customer base

Increasing industry digitalisation with Internet of Things, cloud-based solutions, and warehouse automation giving tech-enabled logistics operators a competitive advantage.

Widening supply-demand gap in last-mile delivery, presenting expanded growth opportunities for road transportation and affiliated support services

Customers’ growing preference for better connectivity, enhanced transparency, and a more holistic digital experience.

==> picture [36 x 36] intentionally omitted <==

Evolving customer journey with higher demand for multi-channel services and end-to-end integrated logistics solutions

Continuous supply chain disruptions and fuel price surges, giving an edge to flexible business models built on “elastic logistics’’ and quick response to crisis events

24

==> picture [275 x 540] intentionally omitted <==

Summary and outlook

Summary

• Significant milestones achieved during 2022, with integration of TAF E-Logistics in Singapore, expanding US presence into Chicago, and strategic investment in Philippines-based SEAIR

• Access to AOC allows Wiseway to better utilise its recently leased aircraft and future air assets added to its fleet

• Continued diversification and focus on high-growth segments of perishables, imports, and road transportation

• Prudent working capital practices and strong balance sheet, allowing the Group to pursue strategic growth initiatives

Outlook

• Enhanced focus on cost-optimisation and realising integration efficiencies, to revert to sustainable long-term profitability

• Full commitment to realise the opportunities from expansion of our global network, through recent branch additions and cross-border acquisitions

• Maintain our lean and resilient business model, providing flexibility to weather global supply chain disruptions and uncertainties

• Strong commitment to providing ongoing support to customers and ensuring the safety and wellbeing of employees.

25

Thank you

Disclaimer

This presentation contains summary information about Wiseway Group Limited (Wiseway) and its subsidiaries and their activities. The information in this presentation does not purport to be complete. It should be read in conjunction with Wiseway’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au.

The information contained in this presentation is not investment or financial product advice and has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek independent professional advice appropriate to their jurisdiction and circumstances.

To the maximum extent permitted by law, no responsibility for any loss arising in any way from anyone acting or refraining from acting as a result of this information is accepted by Wiseway, any of its related bodies corporate or its directors, officers, employees, professional advisers and agents (Related Parties). No representation or warranty, express or implied, is made by any person, including Wiseway and its Related Parties, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation.

An investment in Wiseway securities is subject to investment and other known and unknown risks, some of which are beyond the control of Wiseway or its directors. Wiseway does not guarantee any particular rate of return or the performance of Wiseway securities.

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. This presentation contains certain forward ‐ looking statements with respect to the financial condition, results of operations and business of Wiseway and associated entities of Wiseway and certain plans and objectives of the management of Wiseway. Forward ‐ looking statements can be identified by the use of forward ‐ looking terminology, including, the terms “believes”, “estimates”, “anticipates”, “expects”, “predicts”, “intends”, “plans”, “goals”, “targets”, “aims”, “outlook”, “guidance”, “forecasts”, “may” or “will”, and similar expressions. These forward ‐ looking statements include all matters that are not historical facts. Such forward ‐ looking statements involve known and unknown risks, uncertainties and other factors which because of their nature may cause the actual results or ‐ performance of Wiseway to be materially different from the results or performance expressed or implied by such forward looking statements.

Such forward ‐ looking statements are based on numerous assumptions regarding Wiseway’s present and future business strategies and the political, regulatory and economic environment in which Wiseway will operate in the future, which may not be reasonable, and are not guarantees or predictions of future performance. No representation or warranty is made that any of these statements or forecasts (express or implied) will come to pass or that any forecast result will be achieved. Forward ‐ looking statements speak only as at the date of this presentation and to the maximum extent permitted by law, Wiseway and its Related Parties disclaim any obligation or undertaking to release any updates or revisions to information to reflect any change in any of the information contained in this presentation (including, any assumptions or expectations set out in this presentation).

All figures in this presentation are A$ unless stated otherwise and all market shares are estimates only. A number of figures, amounts, percentages, estimates, calculations of value and fractions are subject to the effect of rounding. Accordingly, the actual calculations of these figures may differ from figures set out in this presentation.

38