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Intro Deck
Commercialising Green Hydrogen Technologies
NET
Rowan Logie & Greg [email protected], [email protected]
2
Alan FinkelAustralia’s Chief Scientist
Guide 1. Executive Summary & Business Model
2. Global Team with Energy & Commercialisation Expertise
3. Green Hydrogen Technology Solves Urgent Global Problem
4. High Growth Market for Decades to Come
5. First Hydrogen Technologies NET Seeks to Acquire & Help Commercialise
6. NET’s Business & Commercialisation Strategy
7. Financials: Pre-IPO/Seed: $5M in Feb 2021. IPO: $20M in late 2021
3
Letter of Invitation
Dear Investor
We are pleased to provide this introductory information inviting an investment in New Energy Technology Ltd ACN 645 447374 (“NET” or the “Company”).
New shares in the Company will be issued at a price of $0.10 per share.
NET’s business strategy is to acquire minority equity ownership in and commercialisation rights to a diversified portfolio of themost promising green hydrogen technology businesses and use its deep expertise to commercialise them globally. It seeksto then exit those technology businesses and cycle gains into its ongoing commercialisation portfolio.
NET is excited to announce that as a result of 15mths of research by a full-time team into more than 100 technology venturecandidates, rigorous due diligence, and negotiations, it has executed commercial terms to acquire shares in what it believesare the two most promising scalable green hydrogen fuel production technologies in the world.
NET is now raising the capital to close those transactions, help commercialise them, and prepare for the next ones.
NET is an Australian Unlisted Public Company run by a highly qualified and experienced team of experts in energy,technology, ventures, investments, intellectual property, and hydrogen.
Please note that an investment in NET is speculative and high risk. Some of the risks of an investment in NET aresummarized in Section 11 of this Information Memorandum. There is no set term of this investment.
Before investing in the Company, it is very important that you request and read NET’s Information Memorandum in itsentirety.
Yours faithfully
Rowan Logie & Greg Stace, Directors
4Alan Finkel Presentation. Bank of America Announcement. BP CEO Announcement. Bloomberg Forecast. International Energy Agency Outlook.
Green hydrogen will soon become a new multi-trillion dollar commodity sector and transform the energy
industry
Hydrogen is a core part of what we believe in
We see green fuels providing 25% of the world’s energy needs
Now is the time to scale up technologies and bring down costs to allow hydrogen to become widely used
The international market for green ammonia is likely to grow exponentially in the medium term Alan Finkel
Australia’s Chief Scientist
5
Executive Summary
$AUD eq. References: 1. European Commission, 2. Renew Economy Report. 3. Royal Society Report 4. Bloomberg Forecast. 5. Hydrogen Council Forecast. 6. Bank of America Forecast. 7. COAG Deloitte Report 8. International Energy Agency Outlook. 9. See slide 12. 10. Shell CEO. 11. See slides 16 & 18
NET seeks to acquire minority equity ownership in and commercialisationrights to a diversified portfolio of the most promising green hydrogen technologybusinesses from around the world and use its deep expertise to commercialisethem globally. It seeks to then exit those technology businesses and cyclegains into NET’s ongoing commercialisation portfolio.
NET is excited to announce that is has signed share acquisition terms with twoof the world’s most advanced green fuel production technologies. NET believesit has the right idea, right team, right time, and right technologies.
NET is Seeking $5M pre-IPO/seed between 1 February and 12 March
Use of funds: $4M to acquire equity in the first two technologybusinesses, $1M on commercialisation, operations & IPO
Planning for a $20M IPO in late 2021 to fund additional technologies for thecommercialisation portfolio
Right IdeaHydrogen-based green fuel is the missing piece of the net-zero puzzle1, theholy grail of energy2,3: CO2-free energy anywhere, any time, at any scale, formany uses.NET offers diversified active exposure to the high growth green fuels sector…
• Will meet 25% of the world’s energy needs by 2050 4
• $3 trillion 5 in annual revenue • $16 trillion 6 in building out the ecosystem• Equal to 150 times Australia’s entire power load, by 2050 7• Urgent need for tech that unlocks the hydrogen value chain1-10
• Green hydrogen tech needs capital and commercialization help
Right Team Global presence Special tech access Energy & hydrogen experts Ventures & commercialisation 4 full time, 4 part time
Right Time In 2020 The International Energy Agency wrote ‘now is the time to scale
fuel at scale 11up hydrogen’ 8 $100’s of billions in investments have been announced since 2019 M&A activity shows hydrogen tech is attracting a high premium 9 Shell CEO said today is, ‘ like the LNG moment’, only bigger 10
Many large industry players have committed to green hydrogen fuel 11
Right First TechnologiesStarfire – World’s most advanced green fuel production technology Produces green ammonia out of air, water and renewable power Fully compatible with intermittent renewable power sources Includes an ammonia ‘cracker’ to turn it back into pure hydrogenAtmonia World’s first green fuel production technology that works at room temp
and room pressure Supercomputer-generated electrochemical formula taken $9M and 9
years Starfire and Atmonia both offer modular, scalable solutions
Investments & divestments Finance & structuring Infrastructure & projects IP & R&D Green tech
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Business Concept
High confidence
green hydrogen
sector will be very large1-10
High uncertainty
which technologies will service that market
Acquire equity in and commercialisation rights to
critical green hydrogen technology businesses and help commercialise them,
Sell equity & cycle capital to next technology businesses
Horizon 1 - AcquireFind, DD, and acquire shares in and commercialisation rights to green hydrogen technology businesses
Horizon 2 -CommercialiseCommercial globally through pilot projects, brokering technology into mega-projects, subsidies JVs, channel partnerships, license deals
Horizon 3 – Exits & ProjectsSell equity, broker technologies into commercial projects, JV on green fuel mega-projects, M&A, re-invest in new technologies
Business model process for each technology
$AUD eq. References: 1. European Commission, 2. Renew Economy Report. 3. Royal Society Report 4. Bloomberg Forecast. 5. Hydrogen Council Forecast. 6. Bank of America Forecast. 7. COAG Deloitte Report 8. International Energy Agency Outlook. 9. See slide 12. 10. Shell CEO. 11. See slides 16 & 18
Exec
utiv
e Te
amIn
vest
men
t &
Com
mer
cial
isat
ion
Team
NET’s global team of experts have extensive experience in emerging energy technology, commercialisation, hydrogen, IP, infrastructure, finance, and investments/divestments
Chartered Accountant Western Gas: Founder & Exec DirGoshawk Energy: FounderFormer: Woodside: GM of Browse LNG Project
CEC Hydrogen Directorate: ChairEDL: Innovation ManagerAust. Inst. Energy: DirectorScience Ind. Adv. Comm: ChairNano-Nouvelle: CEOBallard Power: Product Dev Lead
Thales New Energy : Founder & MDH2X Energy: Founder & CEOFormer: Shell International: New Energies Strategic Advisor & Manager Business Development; Shell Australia New Energies; 20yrs in New Business & Exploration
Corrs Chambers Wesgarth: Special CounselFBR Ltd: Chief IP Counsel/General CounselClarion IP: DirectorNearmap: General CounselAmazon: Corporate CounselMLaws(LLM) in IP, BLaws (LLB). BSc
Andrew LeibovitchEnergy; M&A
Glynn EllisInvestments/Divestments
Jonathon Lawe-DaviesIP Law/Counsel
Stephani MorozHydrogen Tech Expert
Rowan LogieDirector, Commercialisation
Greg StaceDirector, Technology
Côme GeromeHead of Engineering
Xavi TaulerHead of Projects
AustraliaPhD cand., MA, BA PsychThe Growth Group: Founder & MDPowerMinder: Founder & MDOrange Energy: Co-Founder & MDClearTrace: Advisor & investorMatter: Co-Founder
SwitzerlandB.Engineering., GradDip Finance, BAEarthed: Founder & CEOEnernet Global: COOAvensol: FounderUBS Investment Bank: Client Dev. Man.Deloitte Consulting: Analyst
FranceMSc, Masters in Solar, Bsc.Earthed: CTO Enernet Global: Head EngineerAvensol: Technical DirectorAcquaSula: Founder
SpainMBA, Masters in Renewable Energy, BScEnvolta Energia: Co-FounderEarthed: Project DeveloperSunergic SA: Technical DirectorAccenture: Business Analyst
Fuel for Transport
Store Green Energy for later
Air
Produce Green Fuel
Make Electricity
8
Water
Transport & Store
Use intermittent renewable energy to turn air and water into energy-dense liquid fuel Includes hydrogen and ammonia (contains lots of hydrogen) Transport it, store it, use it as on-demand energy fuel for power generation or vehicles Zero carbon emissions, replaces fossil fuels Solves all the problems with renewable power generation by filling the availability gaps
Solving Net-Zero with green fuelIt’s the Holy Grail of energy: CO2-free energy anywhere, any time, at any scale, for many uses
Solving immature technology in two green fuel value chain choke points
Green Ammonia Production Tech
Infographic from 2020 Woodside Report9
Ammonia to Power Tech
Majors filling these spaces, hard to get exposure
O&G Majors, CO2 Intensive
Tens of Billions already committed
Well serviced market
Possible areas of interest
Global regulatory & infrastructure supports well
established Contains 48% more hydrogen
than liquid hydrogen does
Doesn’t require extreme cold or pressure, unlike liquid
hydrogen or LNG = much more economical
Better ‘hydrogen carrier’ than hydrogen
NET’s initial focus is on green ammonia, because its the best green fuel right now
“Green Ammonia is the key to meeting the twin challenges of the 21st century. People need food and energy, and it must be CO2-free”
– Siemens, 2020
10Sources: Green NH3 Market size USD: McKinsey, Ammonfuel, Argus, DNV GL & Monash University : A roadmap to the Ammonia Economy 2020. Projected H2 Consumption: Hydrogen Council.
Markets are pivoting to green fuel, driving huge demand for tech
18 Asian Governmentsannounce group target: 10million green fuelvehicles by 20306
Japan’s largest powergenerator is switching its68GW fossil fuel fleet to100% ammonia -Oct20201
World’s largest ammoniaproduction networkdecarbonising to be “at theforefront of cleanhydrogen supply” -Oct20202
International Maritime Organisation declares itsdecarbonisation commitments require zero emissionsfuels3. The Royal Society announce green Ammonia isthe fuel of the future for shipping4
1: JERA announcement. 2: CF Industries announcement. 3: IMO Announcement. 4: Royal Society Report. 5. Airbus Announcement. 6. Charging Stations Announcement
“Green hydrogen fuel willbe mandatory to bring zeroemission flying to reality” -Oct 20205
-
200
400
600
800
1,000
1,200
1,400
2020 2030 2040 2050
Green ammonia demand to 2050 $billion USD
Fertilizer Shipping Aviation Storage Electricity Generation
680B Tonnes Demand by 2050 (global LNG was 390B T in 2020)
The technology to deliver on these announcements is not ready
Green fuel today is “like the LNG Moment” 1. Only bigger.
PLAN TO PRODUCE AND EXPORT GREEN FUELS AT MEGA-SCALE
$20B Sun Cable, backed by Mike Cannon-Brookes’ Grok Ventures and Andrew Forrest’s Squadron Energy
BP doing a feasibility for commercial scale green ammonia production in Geraldton
$50B Asian Renewable Energy Hub, backed by Macquarie, CWP, Intercontinental Energy, and Vestas
FMG is developing 235GW of renewables (5xOz Load)
Pilot announced plans for a multi-GW scale WA renewables portfolio
ALL THESE PROJECTS NEED OUR TECHNOLOGY TO PRODUCE GREEN AMMONIA AT SCALE ECONOMICALLY
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We know these teams, have already discussed this with most of them, and they have a strong appetite for this technology. Some have expressed an
appetite to invest. And we are in discussions with many more projects across Asia, Africa and Europe who all need this technology
1. BP CEO Announcement
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Plug Powerup 1300%
Bloom Energyup 750%
Ballard Powerup 800%
$ TDK acquire 5% of Gencell on a $340M valuation, 2020
$ Weichai Power Co. and Zhongshan acquire 20% of Ballard Power Systems for $256M, on a $1.2B valuation, 2018
$ Cummins pays $406M to acquire majority of Hydrogenics Corporation, 2019
$ Linde acquire 19% o f ITM for $74M on a $370M valuation, 2019
$ Snam SpA pays $55M to acquire minority of ITM, 2020
$ MAN Energy Solutions acquires 40% of H-TEC Systems, 2019
$ Royal Vopak, Mitsubishi Corporation, Covestro, AP Ventures, and Winkelmann Group pay $34M for a stake in Hydrogenious LOHC Technologies, 2020
$ Toyota, Nysno, Nordea Investments, Daske Capital, CCB, & AP Ventures pay $20M for minority stake in ZEG Power, 2020
$ Accor, Thelam, & Monnoyeur pay $32M for stake in EODev, 2020
$AUD eq.
Market valuations of green fuel technology are rising rapidly
Technology #1 NET seeks to acquire a stake in and help commercialiseHighlights• Colorado-based green ammonia production technology business • Most advanced green ammonia production technology NET found globally• Produces 100% pure green ammonia from renewable power, water and air• Successfully produced 10kg/day of green fuel through 2020• DNVGL tech audit says current engineering can scale to industrial level• Any scale including industrial• Patent portfolio• $3.2M USD in non-dilutive government grants awarded, more coming• Multiple high technical barriers to entry for competitors
Revenue Vertical sales at 3 scales: Containerised 100kg/day; Commercial Modular
1t/day; and Custom Industrial 50T/day
Ammonia Production Process
Commercialisation Milestones
2016-2018Proof of Concept
3kg/day
2019Proof of Concept
10kg/day
Early 2021Proof of
Production 100kg/day
Late 2021First Sales of Modular Units
2022First Sales of Commercial
Plants
✓ ✓
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Late 2021Proof of Commercial
Production1T/day
2022Industrial
Production50T/day
Proven technology backed by Chevron, Govt., & a $500M H2 VC fund
Joe BeachCEO, CTO, Founder
Jennifer Beach COO, Co-Founder
John LoPortoAdvisor, Board Member
9 - person technical team
Starfire’s internal expert technical team with venture experience
Share Acquisition Terms
• $1.75M USD for 11% Equity
• 1/5 Board seats
• Non-dilutive holding, opportunity to increase % in late 2021
• NET is Coming in behind $520M fund AP Ventures who areleading this round putting in $2.25M on the same valuationas NET, alongside Chevron, who are putting in $2M
• Indicative rights to commercialise in Australia
Advanced Research
Projects Agency - Energy
$550M+ UK H2 VC Fund by
AngloAmercian & Mitsubishi
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Prof. of Research in Renewable Energy Materials; Experienced Project Manager; Experienced Commercial and Venture; 9x Technical staff
Commercial Terms for NET to acquire a minority equity stake in Starfire Energy – already signed
NET’s Commercialisation Strategy for Starfire
• Multiple Pilot project hosts identified up in Australia
• Broker Starfire tech into mega-projects - Australia, Asia, Europeand Africa
• Green fuel project developers have a critical need for thistechnology and have indicated strong enthusiasm for hostingpilot projects and scaling up industrial applications
Highlights• Iceland-based green ammonia production technology business• Award-winning multi-patented electrochemical process• Produces green ammonia from renewable electricity, water and air• 1st green ammonia production tech to work at room temperature• Major barrier to entry: Supercomputers and complex long science• €4.8M Euro in non-dilutive grants, €1.5M more submitted, 8yrs R&D• Any scale due to dual market approach
Revenue through JV/Channel Partners Catalyst included in new green ammonia production plants (industrial scale) Catalyst included in manufacturing and sales of the containerised green
ammonia production unit (commercial scale)
Electrocells with catalyst
Commercialisation Milestones
2012-2019Electrochemical Science Solved
2020Electrochemical Proof of Concept
Early 2021Electrochemical
Stability
Mid 2021Benchtop Prototype
Early 2022Proof of
Commercial Production
Late 2021Pilot Customers
Mid 2022Commercial
Sales
✓ ✓
Technology #2 NET seeks to acquire a stake in and help commercialise
Demonstrated technology backed by $1.5B VC fund
Atmonia’s highly qualified internal team
Share Acquisition Terms
• $1M USD for 8%
• 1/5 board seats
• Non-dilutive, strong opportunity to increase % in 2022
• Coming in behind $1.5B fund Eyrir Invest, who are leading thisround on matched terms with us – same investment, same %
• Indicative rights to commercialise in Australia
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Commercial Terms for NET to acquire a minority equity stake in Atmonia – already signed
NET’s Commercialisation Strategy for Atmonia
• Pilot project host already lined up – European utility
• Broker Starfire tech into mega-projects - Australia, Asia, Europeand Africa
• Green fuel project developers have a critical need for thistechnology and have indicated strong enthusiasm for hostingpilot projects and scaling up industrial applications.
Guðbjörg RistCEO
Egill SkulasonChairman,
CSO
Helga DöggFlosadóttir
CRO
Hákon ÖrnBirgisson
CBO
Magnús MárGuðnasonEngineer
OrnValdimarsson
Non-Exec
Canadian Angel Investor Group
in the Agriculture
Sector
$1.5B European Investment Fund
3xPhD’s and 5x MSc’s in materials science, physics, chemistry, molecular biology; 3x experienced commercial & venture; External venture support
17
Expert Selection & Acquisition of TechnologiesNET’s subject matter experts with decades of global experience in emerging clean energytechnologies, ventures, and markets are uniquely positioned to find, assess, negotiateand acquire the most promising green hydrogen fuel technologies.
Strong Commercialisation CapabilityNET team members have founded more than 20 ventures, run billions of dollars worth ofprojects, and commercialised and grown energy and technology businesses, including inhydrogen. NET intends to leverage this unique capability by bringing these technologiesfrom the lab to pilot to commercial sales and industrial scale applications.To ensure influence NET has terms to join the boards. NET intends to get involved in theirgrowth planning, play an active role in commercialisation, and get additional benefit forthat.In the unlikely case of a technology businesses struggling, the NET team will havevisibility early, and assist them to pivot with new partners, executives, finance, use casesand markets.
ExitsThe NET team will seek to utilise its extensive global network of investors and operators inthe energy sector to nurture exit discussion early and negotiate over time for premiumexits. NET anticipates the most likely exits will be trade sales to strategic majors, as wellas listings and secondaries markets.
NET is uniquely positioned to select, acquire, commercialise, & exit green fuel technologies
NET’s key commercialisation strategies will includeassisting with the activities that technical founders oftenstruggle with the most. NET will utilize it’s uniquecapabilities and networks to assist with:
1. Brokering technologies into green fuel mega-projects
2. Setting up, facilitating, de-risking, and financingPilot Projects
3. Entering global premium markets in diesel,shipping, & explosives
4. Securing off-take
5. JV Projects / OEM JV / Royalties
NET’s Commercialisation Strategy
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Deploy expert technical, commercial, legal and strategic capabilities to assistour portfolio technology businesses to go from lab to commercial and industrialscale globally.
NET has the capability to assist its technology businesses with: Off-takers Pilot projects Strategic planning Finance Grants Advisors Tech partners Manufacturers Supply chains Engineering & Design Risk & insurance Additional investors
Technology use case design & structuringSupport design and packaging of technologies into customer-ready solutionsfor new markets:• Niche high profit markets: Manufacturing industrials, Explosives & Diesel IPP• Seasonal Storage• Grid arbitrage• Shipping• Microgrids
NET’s CommercialisationStrategy
Pilot Projects & Industrial Infrastructure Projects
NET is uniquely positioned to assist with one of the hardest stagesof commercialisation – the first pilot projects. Years of working withemerging energy technologies into pilot project stage has resultedin NET accumulating risk structures, commercial models, andproject development mechanisms to unlock pilot success.
NET has a global ecosystem of working relationships that itwill seek to leverage to assist with commercialisation,including: Renewable energy developers and owners Green fuel mega-project developers Energy OEMs Solar and wind OEMs Technical advisors in clean energy EPCs with clean energy expertise Insurers & risk managers in clean energy Oil and gas, fuels producers & operators Banks, grant bodies & investors with appetite for clean
energy technology Universities, incubators & accelerators Other investment funds Infrastructure developers
NET will seek bespoke commercial terms with each technologybusinesses that provide rewards to NET for adding theseadditional types of assistance.
In particular, NET will seek selective exclusive rights tocommercialise its portfolio green fuel technologies into theAustralian market, where NET intends to participate in greenfuel production infrastructure projects as a partner.
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Hydrogen New Technology Ecosystem
NET is offering a way for investors to get diversified exposure to the technically complex, high growth, emerging hydrogen tech sector
Technical
Expert external partners with global expertise
Legal Research
Risk/Insurance Financial VCs
Financials: Seeking $5M pre-IPO/seed
Seeking $5M AUD pre-IPO/seed
• $4M for the first 2 tech equity acquisitions• $1M for commercialisation, operations and IPO• 10c per share pre-IPO• 20c IPO mid/late 2021
• $20M IPO - funds for expanding the portfolio of businesses and developing them through to production and value realisation
• Founders put in 15mths full-time sweat plus over $300K cash
• 6/8 team members will forego salary for 2021 or longer
• Value creation 2021-2022 by:• Cracking the Atmonia electrochemical stability formula• Proving 100kg/day and 1T/day Starfire production• Executing commercial contracts for Starfire pilots projects• Successful investment in 4-6 additional H2-based green fuels businesses• LOIs from majors for Atmonia catalyst off-take• Starfire end-to-end supply chain demonstrated• Atmonia channel partners for containerised solution manufacturing and
sales• Successful capital raise for Atmonia Q4 2021 at a valuation increase• Successful Series B raise for Starfire Q4 2021 at a valuation increase
Atmonia
Dev &Ops
Starfire
Use of Funds ($5M)
Atmonia
Starfire
NextBusinesses
Dev & Ops
Looking Ahead: Combined indicative pre-IPO & IPO ($25M) Use of Funds
Capital structure
Shares Price Cash
Post Seed fully
diluted
Post IPO Options Performance
Shares*
Post IPO fully
diluted
Existing Shareholders & Management 40,000,000 34% 21% 40,000,000 25%
Pre-IPO seed 50,000,000 $0.10 $ 5,000,000 66% 26% 25,000,000 25%
IPO 100,000,000 $0.20 $ 20,000,000 53% 50,000,000 50%
TOTAL Post IPO 190,000,000 $ 25,000,000
*Performance shares indicative vesting conditions (to be finalised prior to IPO):10m: 3x additional investment approved by independent committee and completed within 2yrs10m: 1 x asset monetisation within 5yrs10m: 30c share price10m: 50c share price
Aligned incentives tie founders to value creation for investors• 4 Full time Executive team members receive only 50% of their shares at seed round. Remaining 50% are aligned
to investors through ambitious performance vesting conditions including share price milestones• 4 part time Investment & Commercialisation team members receive only 20% of their shares at seed round.
Remaining 80% are aligned to investors through ambitious performance vesting conditions including share pricemilestones
• Directors will receive less than 10% of FTE salary during 2021, only slowly stepping up in 2022/2023
Investment summary
NET seeks to acquire minority equity stakes in andcommercialisation rights to a diversified portfolio ofthe most promising green hydrogen fuel technologybusinesses
Green fuel is the holy grail of net-zero energy andwill be central in the new energy landscape, withhuge demand forecasts
Green fuel technology needs capital andcommercialisation help to open the trillion-dollarhydrogen value chain
NET has successfully signed terms to acquireshares in the world’s two most exciting green fuelproduction technology businesses
NET’s highly qualified team with extensive emergingenergy technology experience is uniquely positionedto find, acquire, commercialise and exit hydrogentechnology businesses
NET offers investors expertly managed, active,diversified participation in the booming hydrogensector
IMPORTANT NOTICE
This Investment Memorandum (“Presentation”) is dated 1/2/2021. The Presentation has been prepared by New Energy Technology (“Company”). This Presentation is intended for the exclusive use of persons to evaluate investing in the opportunity which this Presentation outlines. This document may not be reproduced, used or given to any other person, in whole or in part, for any purpose other than that for which it is intended.
This Presentation is not a disclosure document for the purposes of the Corporations Act 2001 (Cth) and is not to be taken as a recommendation to enter into a transaction in respect of the proposed investment in the Company. Investments may only be accepted from persons to whom the Company is not required to give a prospectus or product disclosure statement under Part 6D or Part 7.9 of the Corporations Act.
This Presentation does not purport to be all-inclusive or to contain all information that a prospective investor may desire in an investigation of the proposed investment in the Company. The offer does not take into account the investment objectives, financial situation and particular needs of any potential investor. Recipients should read this Presentation in its entirety and seek their own independent legal, financial and taxation advice before applying for any securities in the Company. Nothing in this Presentation is a recommendation by any person concerning an investment in securities in the Company. No person, firm or corporation associated with the issue of this Presentation guarantees, warrants or underwrites the performance of the Company or any particular return or any tax treatment.
This Presentation contains certain forecasts and forward-looking statements. These have been prepared by the Company and represent the Company’s best estimates based on present circumstances. All projections and forward-looking statements and calculations in this Presentation are for illustrative purposes only using assumptions described herein. The calculations are based on certain assumptions, which may not be realised. In addition, such forward looking statements involve a number of risks and uncertainties. Actual results may be materially affected by changes in economic, taxation and other circumstances. The reliance the Recipient places upon the feasibility, projections, calculations and forward-looking statements in this Presentation is a matter for their own commercial judgment. No representation or warranty is made that any feasibility, projection, calculation, forward-looking statement, assumption or estimate contained in this Presentation should or will be achieved. Any recipient of this Presentation is deemed to accept the terms outlined above.
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