Earnings Preview

October 6, 2022

Ziad Itani, CFA

ziad.itani@arqaamcapital.com
+971 4 507 1722

Hani Zantout
Arqaam Capital Research Offshore
.

MEA Telecoms Q3 22e earnings preview

Top line growth to remain strong at +5.2% y/y while TMT Q3 22e top picks
FX/interest rates only marginally dent EPS (+3.9% y/y ACe).
• We pencil in a +5.2% y/y revenue growth for Telcos in Q3e driven by
Our top picks in Q3:
strong population growth, device sales, and ICT demand.
• We expect sector EPS to grow +3.9% y/y as top-line growth and reduced
Bloomberg code ORDS QD
DD&A offset pressure from i) higher finance costs and ii) FX devaluation.
Company name Ooredoo Group
• Our top picks for Q3 are ORDS QD and STC AB. We also expect strong Price target QAR 11
results from ZAIN KSA, VFQS QD, and DU UH. Rating Core Buy, 22% upside
We expect KSA telcos to benefit from a strong rebound in expats and recovery in the
Hajj season. We see Zain KSA as the top beneficiary, but only play STC AB: We see Bloomberg code STC AB
strong y/y growth for all 3 Telco players driven by i) recovery in expats (+11% y/y, with Company name STC
Zain KSA/STC as top beneficiaries), ii) Hajj seasonality (Zain), and iii) B2B/ICT (STC and Price target SAR 53.5
Mobily). We expect Zain KSA to outperform with top line climbing by 16% y/y ACe Rating Core Buy, 36% upside
further aided by handset sales (iPhone 14) and associated bundling (Black/Shabab),
with net income more than doubling (SAR 141m ACe) as lower depreciation from
towers held for sale (SAR 90m impact) offsets pressure from rising finance costs. We
Outperformers in Q3:
expect strong results for Mobily via B2B and contained DD&A (on limited 5G CAPEX).
We play STC on strong revenue/EBITDA growth (+6.6% y/y; +7.7% y/y) via ICT, device
Bloomberg code ZAINKSA AB
sales and FTTH, but expect limited EPS growth (+1% y/y) on 5G DD&A and potential
Company name Zain KSA
EoS costs, and despite reduced associate losses (Maxis post Q3 stock recovery). Price target SAR 14
In the UAE, DU should outperform on market size expansion and M/S gains. At the Rating Hold, 16% upside
same time, e& suffers from FX headwinds: We expect DU revenues to jump +9.4% y/y
driven by tourism/expat growth, and M/S gains on the fixed segment. We see EBITDA
climbing +16% y/y aided by an improved revenue mix (service) bolstering margins. EPS Bloomberg code VFQS QD
growth should be more contained at c.+8% y/y ACe on 5G DD&A and vs. one-off royalty Company name Vodafone Qatar
reversal (Q3 21A). We avoid e& as top line slips 2.2% y/y ACe, filtering down to EBITDA Price target QAR 1.8
(-1.5% y/y) on heavy FX pressure in international opcos: Morocco (-5.1% q/q, -14.6% Rating Hold, 20% upside
y/y), Egypt (-3.2% q/q -18% y/y) and Pakistan (-12.9% q/q, -26.5% y/y). EPS however
should remain flat y/y supported by Vodafone DPS.
We expect both Qatari Telcos to outperform in Q3e, but continue to play ORDS QD Bloomberg code DU UH
on better valuation, FCF/DPS potential and NT catalysts: The Qatari market is Company name DU
benefiting from improved mobility and ICT spend ahead of the World cup. VFQS should Price target AED 7.0
deliver a stellar c.+24% y/y revenue growth driven by i) mobile postpaid, ii) fixed data Rating Hold, 20% upside
(GigaHome; M/S gains) and iii) ICT. We expect EPS to jump +62% y/y. ORDS QD remains
our top pick in Qatar and we see net income more than tripling y/y to QAR 725m post
one-off losses in Q3 21A, further aided by organic operational growth, improved
profitability in ISAT post-merger, and reduced finance costs. FX pressure in
international opcos (DZD/TND/MMK) will only have a limited impact.
Kuwaiti operators remain aggressive on handset bundling while population recovery
continues to lag the rest of the GCC: We expect Zain KK group revenues to grow +12%
y/y ACe driven by international opcos KSA/Sudan. EPS growth however will likely be
limited (+2% y/y ACe) on frail operational margins and higher finance costs, despite
support from reduced DD&A (KSA towers). For STC KK, we see top line growth of +4.6%
y/y driven by B2B/device sales, while improved margins (cost optimisation as per
guidance) can offset 5G DD&A charges, leading to a c. +8% y/y EPS growth ACe.
Ooredoo KK faces FX headwinds in Algeria and Tunisia, but we still expect a strong
c.+36% y/y EPS recovery on domestic outperformance.
In Africa, we expect strong operational growth for TE but a flattish EPS: We expect
TE top line to jump c.+24% y/y aided by i) USD revenue streams (c.25% of total), ii) © Copyright 2022, Arqaam Capital Limited. All Rights Reserved.
strong demand for fixed data (consumer/enterprise), and iii) infrastructure See Important Notice.
monetisation (cable / wholesale). We, however, expect EPS to remain flat y/y on
higher DD&A/finance costs. Finally, we avoid MT on domestic/macro pressure.
 October 6, 2022
Telecommunication Services

Overview of Q3 reporting season for MEA telecoms

• Clean revenues to grow +5.2% y/y on population growth and ICT/iPhone 14 demand.
Reported revenues to exhibit minor growth (1% y/y) on ISAT deconsolidation (ORDS).
• Sanitized EBITDA to grow +3.9% y/y on top line base impact, with minor pressure on
margins from FX, rising inflation (utilities/wages), and ICT/device sales.
• Our Top picks for Q3 22e are ORDS QD and STC AB. We also expect strong results from
Zain KSA, VFQS QD, and DU UH.

Exhibit 1: We expect another strong quarter in Q3 for GCC Telcos

Q3 22e Q3 21A y/y Q2 22A q/q
Revenues 13,955 13,826 0.9% 13,923 0.2%
Adjusted Revenues* 13,955 13,271 5.2% 13,923 0.2%
EBITDA 5,808 5,863 (0.9%) 5,838 (0.5%)
Adjusted EBITDA* 5,808 5,587 3.9% 5,838 (0.5%)
EBIT 3,037 2,844 6.8% 3,069 (1.0%)
Net income 2,459 2,244 9.6% 2,225 10.5%
Adjusted Net income** 2,459 2,368 3.9% 2,454 0.2%

EBITDA margin (%) 41.6% 42.4% (78 bps) 41.9% (31 bps)
Adjusted EBITDA margin (%) 41.6% 42.1% (48 bps) 41.9% (31 bps)
EBIT margin (%) 21.8% 20.6% 120 bps 22.0% (28 bps)
Net margin (%) 17.6% 16.2% 139 bps 16.0% 164 bps
Adjusted Net margin (%) 17.6% 17.8% (22 bps) 17.6% (1 bps)
Source: Company Data, Arqaam Capital Research
NB: Stocks include ETISALAT UH, DU UH, ORDS QD, VFQS QD, ORDS OM, OTEL OM, STC KK, OOREDOO KK, ZAIN KK, STC AB, SOLUTION AB,
EEC AB, ZAINKSA AB, IAM MC, and ETEL EY. Numbers are adjusted for consolidations
* Excluding ISAT contribution to ORDS QD Revenue and EBITDA in Q3 21A.
** Adjusted for ORDS QD one-offs in Q3 21A and IAM MC fine in Q2 22A.

FX headwinds in Q3e to negatively impact e& the most, with a limited impact on ORDS QD: e& faces
strong FX headwinds across all of its international opcos via: i) a 26.5% y/y (-12.9% q/q) PKR devaluation
via PTCL impacting 6% and 4% of the group top line and EBITDA respectively, ii) an 18% y/y (-3.2% q/q)
devaluation in EGP impacting 9% and 8% of consolidated revenue and EBITDA respectively, and iii) MAD
devaluation of 14.6% y/y (-5.1% q/q) impacting MT (26% and 28% of group revenue and EBITDA). ORDS QD
faces FX pressure, but the combined impact is limited to <20% of the P&L via i) TND devaluation (-3.8% q/q,
-12.3% y/y) impacting c.5% of group revenues/EBITDA, ii) DZD (-5.4% y/y, but +1.3% q/q) impacting c.7%
of revenues/EBITDA, and iii) MMK (-6.7% q/q, -13.1 y/y) impacting c.7% of revenues/EBITDA.

Exhibit 2: Q3 22 average LC movements vs. USD in Q2 22 (q/q) Exhibit 3: Q3 22 average LC movements vs. USD in Q3 21 (y/y)
4% 5%

2% 1.3% 0.1% 0.0%

0%
0.0% 0.0% (0.2%)
0%
(2.3%)
(0.6%) (0.6%) (5%) (3.8%) (4.0%)
(2%) (5.4%)
(2.5%) (2.6%)
(4%)
(2.9%)
(3.2%) (10%) (8.6%)
(3.8%)
(11.7%)
(6%) (5.1%)
(5.4%) (5.4%)
(12.3%)
(15%) (13.1%)
(14.1%)(14.6%)(14.6%)(14.6%)
(6.7%)
(8%)
(7.9%) (18.0%)
(8.5%) (20%)
(10%)

(12%) (25%)
(26.5%)
(12.9%)
(14%) (30%)
SAR

MMK
BDT
AED

IQD

KES

EUR
DZD

BHD

QAR

ZAR
OMR

KWD
IDR

NGN
EGP
TND

XOF

PKR
MAD

SAR

BDT

MMK
AED
IQD

KES
QAR

BHD

IDR
OMR

KWD

NGN
DZD

ZAR
EUR

EGP
TND

XOF

PKR
MAD

Source: Bloomberg, Company Data Source: Bloomberg, Company Data

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 October 6, 2022
Telecommunication Services

Exhibit 4: Q3 22 results release timeline (Tentative dates in light blue)

Source: Bloomberg, Company Data, Arqaam Capital Research

Exhibit 5: MENA Telecoms valuation table

P/E EV/EBITDA FCF yield DVD yield
Company Name Ticker Rating FY 22e FY 23e FY 22e FY 23e FY 22e FY 23e FY 22e FY 23e
Saudi Telecom Co STC AB Core Buy 16.0x 14.9x 8.3x 7.8x 5.8% 6.4% 4.1% 4.1%
Ooredoo Group ORDS QD Core Buy 24.5x 22.3x 4.7x 4.7x 18.8% 10.5% 3.9% 4.4%
STC Solutions SOLUTION AB Core Buy 31.5x 29.1x 23.2x 21.9x 2.4% 2.7% 2.0% 2.4%
Telecom Egypt ETEL EY Buy 3.6x 3.5x 3.2x 3.1x (2.4%) 2.9% 4.4% 5.9%
Ooredoo Oman ORDS OM Buy 26.6x 22.6x 4.2x 4.2x 3.3% 12.1% 3.6% 3.6%
Ooredoo Kuwait OOREDOO KK Buy 22.9x 20.9x 2.7x 2.6x 16.0% 17.5% 2.8% 3.3%
DU DU UH Hold 21.0x 20.0x 8.3x 8.2x 5.1% 6.0% 4.0% 4.0%
Vodafone Qatar VFQS QD Hold 17.9x 16.7x 7.1x 6.9x 7.4% 8.0% 4.6% 5.2%
Zain Group ZAIN KK Hold 13.0x 12.0x 6.8x 6.6x 10.4% 10.8% 6.0% 6.0%
Oman Telecom OTEL OM Hold 16.2x 14.0x 5.0x 4.9x 15.8% 19.1% 6.1% 6.1%
Zain KSA ZAINKSA AB Hold 43.1x 36.8x 5.2x 5.1x 4.2% 5.1% 1.7% 2.1%
Mobily EEC AB Hold 23.4x 20.7x 6.7x 6.4x 4.4% 5.0% 2.8% 3.5%
Maroc Telecom IAM MC Hold 16.2x 15.9x 6.0x 5.9x 7.4% 7.9% 5.6% 6.3%
STC Kuwait STC KK Sell 15.6x 14.0x 6.0x 5.9x 8.1% 8.2% 6.1% 6.4%
Etisalat ETISALAT UH Sell 20.7x 19.7x 10.9x 10.7x 3.8% 4.3% 3.4% 4.3%
AVERAGE-Telecom 18.2x 17.1x 7.6x 7.4x 6.0% 6.2% 4.2% 4.3%
Source: Bloomberg, Arqaam Capital Research
Calculated as of October 3 2022

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 October 6, 2022
Telecommunication Services

Middle East Telecommunication sector

Exhibit 6: Q3 22e Arqaam Capital Middle East telecoms earnings estimates

Source: Arqaam Capital Research, Company Data

Telecommunication Services © Copyright 2022, Arqaam Capital Limited. All Rights Reserved. See Important Notice. 4
 October 6, 2022
Telecommunication Services

Middle East Telecommunication (continued)

Exhibit 7: Q3 22e Arqaam Capital Middle East telecoms earnings estimates

Source: Arqaam Capital Research, Company Data

Telecommunication Services © Copyright 2022, Arqaam Capital Limited. All Rights Reserved. See Important Notice. 5
 October 6, 2022
Telecommunication Services

North Africa Telecommunication

Exhibit 8: Q3 22e Arqaam Capital Africa telecoms earnings estimates

Source: Arqaam Capital Research, Company Data

Telecommunication Services © Copyright 2022, Arqaam Capital Limited. All Rights Reserved. See Important Notice. 6
 October 6, 2022
Telecommunication Services

Q3 22e: P&L growth

Exhibit 9: Q3 22e revenue growth q/q Exhibit 10: Q3 22e revenue growth y/y
6% 30%

4% 20%
2%
10%
0%
0%
(2%)
(10%)
(4%)

(6%) (20%)

(8%) (30%)
STCKK
VFQS

ZAINKK

STCKK
VFQS
STC
ZAIN

SOLUTION

ORDSOM

IAM
DU
OOREDOOKK
ORDS

OTEL
IAM

ORDSOM

EEC

STC
SOLUTION
DU
ETISALAT

OOREDOOKK

ORDS
OTEL

ETEL
EEC

ETISALAT
ETEL

ZAINKSA
ZAINKSA

Source: Arqaam Capital Research Source: Arqaam Capital Research

Exhibit 11: Q3 22e EBITDA growth q/q Exhibit 12: Q3 22e EBITDA growth y/y
6% 30%
5%
20%
4%
3% 10%
2%
1% 0%
0% (10%)
(1%)
(2%) (20%)
(3%)
(30%)
(4%)
(5%) (40%)
STCKK

ZAINKK
VFQS
STC

IAM
ZAIN

SOLUTION
STCKK

VFQS

STC
ORDSOM

IAM

SOLUTION
DU

OOREDOOKK

ORDS
ETISALAT
OTEL

ETEL
EEC

ORDSOM
DU

OOREDOOKK
ORDS

ETISALAT
ETEL

OTEL
EEC

ZAINKSA
ZAINKSA

Source: Arqaam Capital Research Source: Arqaam Capital Research

Exhibit 13: Q3 22e EPS growth q/q Exhibit 14: Q3 22e EPS growth y/y
10% 300%
5%
250%
0%
200%
(5%)
(10%) 150%

(15%) 100%
(20%)
50%
(25%)
0%
(30%)
(35%) (50%)
STCKK

ZAINKK
VFQS
STC

IAM
ZAIN

SOLUTION
STCKK

VFQS

EEC

STC
ORDSOM

SOLUTION
DU
OOREDOOKK
ORDS
ETISALAT
OTEL

ETEL
EEC

ORDSOM
DU

OOREDOOKK
ORDS

ETISALAT
OTEL

ETEL
ZAINKSA
ZAINKSA

Source: Arqaam Capital Research Source: Arqaam Capital Research

Telecommunication Services © Copyright 2022, Arqaam Capital Limited. All Rights Reserved. See Important Notice. 7
 October 6, 2022
Telecommunication Services

FY 22e Profitability and Returns

Exhibit 15: Q3 22e EBITDA margin (dark blue) vs. Q3 21A Exhibit 16: Q3 22e EBIT margin (dark blue) vs. Q3 21A
60% 35%

50% 30%

25%
40%
20%
30%
15%
20%
10%
10% 5%

0% 0%

STCKK
VFQS
IAM

STC
STC

ZAIN

SOLUTION
ZAIN

SOLUTION

DU

OOREDOOKK
STCKK

ORDS
VFQS

ORDSOM
ORDSOM

IAM

ETISALAT
ETISALAT

ETEL

OTEL
ETEL

OTEL

EEC
EEC
DU

OOREDOOKK
ORDS

ZAINKSA
ZAINKSA

Source: Arqaam Capital Research Source: Arqaam Capital Research

Exhibit 17: Q3 22e net margin (dark blue) vs. Q3 21A Exhibit 18: FY 22e RoA (dark blue) vs. FY 21A
30% 14%

12%
25%
10%
20%
8%
15%
6%
10%
4%
5%
2%

0%
0%
SOLUTION

ZAIN

STCKK
VFQS
IAM

ORDSOM
ETEL

OTEL
STC

EEC
DU

OOREDOOKK
ORDS
ETISALAT

ZAINKSA

ORDSOM

ORDS
SOLUTION

STC KK

ETEL

OTEL
STC

ETISALAT

DU

OOREDOOKK
IAM

EEC
VFQS

ZAIN

ZAINKSA
Source: Arqaam Capital Research Source: Arqaam Capital Research

Exhibit 19: FY 22e RoE (dark blue) vs. FY 21A

50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
VFQS
IAM

ZAIN
STC

EEC

ORDS
ORDSOM
STC KK

OOREDOOKK
SOLUTION

DU
ETEL

ETISALAT

OTEL
ZAINKSA

Source: Arqaam Capital Research

Telecommunication Services © Copyright 2022, Arqaam Capital Limited. All Rights Reserved. See Important Notice. 8
 October 6, 2022
Telecommunication Services

FY 22e: Current market valuation

Exhibit 20: FY 22e P/E (x) (bars) vs. 3-yr historical average Exhibit 21: FY 22e EV/EBITDA (x) vs. 3-yr historical average
(dots) (dots)
50x 25.0
45x
40x 20.0
35x
30x 15.0
25x
20x 10.0
15x
10x 5.0
5x
0x
0.0
STC KK

STC
SOLUTION

ZAIN
OOREDOOKK

VFQS
ORDSOM

IAM
ETISALAT

OTEL

ETEL
EEC

DU
ORDS
ZAINKSA

ZAIN
STC

VFQS

ORDS
IAM

ORDSOM
STC KK

OOREDOOKK
DU

OTEL
EEC
SOLUTION

ETISALAT

ETEL
ZAINKSA
Source: Bloomberg, Arqaam Capital Research Source: Bloomberg, Arqaam Capital Research

Exhibit 22: FY 22e Free cash flow yield vs. 3-yr historical Exhibit 23: FY 22e dividend yield vs. 3-yr historical average
average (dots) (dots)
35% 9%

30% 8%

7%
25%
6%
20%
5%
15%
4%
10%
3%
5%
2%
0% 1%

(5%) --%
IAM
ZAIN

VFQS
IAM
ZAIN
STC
ORDS

VFQS
OOREDOOKK

ORDSOM
STC KK

STC

EEC
ORDS
DU

ORDSOM
STC KK

OOREDOOKK

SOLUTION
DU
ETISALAT

ETEL

OTEL

ETEL

ETISALAT
EEC

SOLUTION
ZAINKSA

ZAINKSA
Source: Bloomberg, Arqaam Capital Research Source: Bloomberg, Arqaam Capital Research

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 October 6, 2022
Telecommunication Services

Exhibit 24: Q3 22A MENA Telecom News Bulletins

Date News
29-Sep Helios Towers Extends Long-Stop Date for Omantel's Tower Deal till Nov. 11
26-Sep Ooredoo Group hosts capital markets day
21-Sep B Investments approves fair value study for Giza Systems Stake
19-Sep Al Bawaba: Ooredoo signs MoU with Dell Technologies for Cloud, 5G and Edge solutions
16-Sep Vodafone Qatar named official technology provider of Microsoft for its cloud data center launch
15-Sep e& announced multi-year strategic collaboration as part of the F1 Etihad Airways Abu Dhabi Grand Prix
14-Sep STC showcases its most innovative digital solutions at the Global Artificial Intelligence Summit
14-Sep Indosat to raise 2.5T Rupiah in bonds, sukuk offering in October
13-Sep Ooredoo considers sale of telecom tower network: Reuters
12-Sep du and Injazat take fire protection to the next level
08-Sep Saudi PIF-led group's USD 807m deal to acquire Zain KSA's towers get regulator nod
08-Sep Ooredoo group announces the sale of its telecom business in Myanmar to Nine Communications Pte. Ltd
07-Sep ACRSD decides on class action filed against Mobily former executives
06-Sep Vodafone group will not oppose VF Egypt stake sale
06-Sep Vodafone Qatar granted first license for electronic payment services through iPay
06-Sep Zain Jordan sees USD 160m in savings from license extension
05-Sep Telecom Egypt: No formal offers for Vodafone Egypt stake
05-Sep QIA in talks to buy up to 25% stake in Vodafone Egypt
31-Aug Zawya: Saudi Telecom gets shareholder approval to raise capital by USD 8b
30-Aug Qatar Peninsula: Qatar central bank issues first license to provide digital payment service
16-Aug Zawya: Saudi's Solutions received go-ahead to buy stakes in Egyptian firms
09-Aug Telecom Egypt signs roaming services deal with Orange Egypt
31-Jul Ooredoo launches Microsoft Intune, a Cloud-based mobile device and application management service
27-Jul STC announces a new international undersea cable
07-Jul Market Chatter: Alibaba Cloud builds two data centers in Saudi
06-Jul Solutions by STC gets SAR 298m contract from STC
Source: Bloomberg, Arqaam Capital Research

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 October 6, 2022
Telecommunication Services

Important Notice
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and from the DIFC. Arqaam publishes and distributes (i.e. issues) all research.
Arqaam Capital Research Offshore s.a.l. is a specialist research centre in Beirut, Lebanon, which assists in the production of research issued by Arqaam.
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This document is provided for informational purposes only. Nothing contained in this document constitutes investment, legal, tax or other advice or guidance and should be disregarded when considering or making
investment decisions. In preparing this document, Arqaam did not take into account the investment objectives, financial situation and particular needs of any particular person. Accordingly, before acting on this document,
investors should independently evaluate the investments and strategies referred to herein and make their own determination of whether it is appropriate in light of their own financial circumstances and objectives.

3. Rating system
Arqaam investment research is based on the analysis of regional and country economics, industries and company fundamentals. Arqaam company research reflects a long-term (12-month) fair value target for a company
or stock. The ratings bands are:

Buy Total return >15%

Hold 0-15%

Sell Total return <0%

In certain circumstances, ratings may differ from those implied by a fair value target using the criteria above. Arqaam policy is to maintain up-to-date fair value targets on the companies under its coverage, reflecting any
material changes to the analyst’s outlook on a company. Share price volatility may cause a stock to move outside the rating range implied by Arqaam’s fair value target. Analysts may not necessarily change their ratings
if this happens, but are expected to disclose the rationale behind their view to Arqaam clients.

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should not be relied upon as such. Any mention of market rumours has been derived from the markets and is not purported to be fact or reflect our opinions. Arqaam has no obligation to update, modify or amend this
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this document. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this document.
7.2 Arqaam may have or seek investment banking or other business relationships for which it will receive compensation from the companies that are the subject of this document.
7.3 Facts and views presented in this document have not been reviewed by, and may not reflect information known to, professionals in other Arqaam business areas, including investment banking personnel.
7.4 Emirates NBD PJSC owns 8.32% of Arqaam.
8. No warranty
Arqaam makes no representations or warranties and, to the fullest extent permitted by applicable law, we hereby expressly disclaim any and all express, implied and statutory representations and warranties of any kind,
including, without limitation, any warranty as to accuracy, timeliness, completeness, merchantability, fitness for a particular purpose and/or non-infringement.
9. No liability
Arqaam will accept no liability in any event including (without limitation) negligence for any damages or loss of any kind, including (without limitation) direct, indirect, incidental, special or consequential damages, expenses
or losses arising out of, or in connection with your use or inability to use this document, or in connection with any error, omission, defect, computer virus or system failure, or loss of any profit, goodwill or reputation, even
if expressly advised of the possibility of such loss or damages, arising out of or in connection with your use of this document. We do not exclude our duties or liabilities under binding applicable law.
10. Copyright and Confidentiality
The entire content of this document is subject to copyright with all rights reserved and the information is private and confidential for your own personal use only. This document and the information contained herein may
not be reproduced, distributed or transmitted to any other person or incorporated in any way into another document or other material without our prior written consent.
11. Governing law
English law governs this document and these disclaimers and any dispute in relation thereto shall be exclusively referred to the English Courts.

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