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November 2014
GoldBridges Global Resources Plc - A Growth Story Supported by
Independently Appraised Reserve Base
Introducing GoldBridges Global Resources Plc1
2
l Listed gold producer with assets in Kazakhstan
l Owns 100% of Sekisovskoye gold mine in East Kazakhstan with reserves of 2.26Moz
l Strategic turnaround delivered by major shareholder following acquisition of stake in December 2012
l Strategy to deliver transformational growth via higher grade underground mine targeting >100Koz production
l Identified growth opportunities beyond Sekisovskoye such as adjacent licence - Karasuyskoye field
l Application to move from AIM to LSE listing
1 GoldBridges Global Resources Plc was previously known as Hambledon Mining Plc. It changed its name after an offer was accepted by African Resources to acquire up to 60% of Hambledon shares.
Investment Highlights
3
Transformational growth from core
asset to 100Koz p.a.
l 6 year production track record via open pit at Sekisovskoye; 2013 production of 31Koz gold, 35Koz silver
l Move to large underground mine will transform Sekisovskoye output to 100Koz of gold by 2018
Scale, Independently Appraised Reserves
and Resources
l CPR published November 2014 appraising Sekisovskoye JORC reserves of 2.26Moz
l Validates both ore body and management strategy; estimates based on substantial drilling program > 170km
Low cost of production, robust
economics
l Targeted Sekisovskoye LoM operating costs of US$518/oz
l CPR appraised NPV of Sekisovskoye of US$287m at $1,273/oz and $19.65/oz gold and silver price
Growth beyond core asset
l Geological data for Karasuyskoye Goldfields (c.198km2), purchased in October 2013
l Adjacent to current operations, potential for synergistic open pit and underground development
l Management to continue to identify targets aligned to strategy of becoming regional gold leader
Supportive shareholder and
management team with proven delivery
track record
l Major shareholder a proven operator of gold mines in Kazakhstan; first stage of strategic turnaround delineated
l JORC report delivered, project development timeline clear, production growth achieved, cost based reduced
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1518
21 19 21
30
13
100
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100+
0
20
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2008A 2009A 2010A 2011A 2012A 2013A 2014E 2015E 2016E 2017E 2018E 2030E
Gol
d P
rod
uct
ion
(Koz
)
Transformational growth from core asset to 100Koz p.a. – Clear Development Path
4
1
[Source: VermynDeloitte Independent Competent Persons’ Report November 2014, Company data]
6 year production track record – open pit
African Gold Resources stake acquisition
Launch underground mine
Anticipated production > 100Koz for [22] years
Estimated Production CAGR
2013A-18E: c. 30%
Projected to deliver > 100Koz gold p.a. by 2017
1H ’14 -
5
Transformational growth from core asset to 100Koz p.a. - Sekisovskoye Underground- LOM Production Schedule
1
l From 2018 estimated gold production averages in excess of 100 koz per annum
Sekisovskoye - Production Results – Significant Improvements YoY
6
l Operating cash cost per ounce of US$903 a 15% reduction from US$1,046 in 2012. Now reduced to US$744/oz in H1 FY14;
l Positive FY13 contribution from underground mining of 7,157oz (2012: 3,347oz);
l Average FY13 underground grade of 3.5g/t vs 2.75g/t in 2012.
H1 FY14 FY13 FY12 YoY % change
Total ore milled (t) 333,490 701,361 628,731 12%
Gold grade (g/t) 1.42 1.61 1.37 18%
Recovery (%) 83.4 84.3 80.4 5%
Poured gold (oz) 12,694 30,670 22,470 37%
Poured silver (oz) 17,380 34,905 27,198 28%
1
Scale, Independently Appraised Reserves & Resources – Attractive Ore Body Validated by CPR
7
From -800m to -1,500masl
Exploration Targets
24,400 4.21 3.3
From -400m to -800masl
Inferred 14,700 4.21 1.99
Surface to -400masl
Probable Reserves
17,2501 4.09 2.26
Indicated 15,7002 5.32 2.67
Inferred 3,500 4.21 0.48
Surface (+350masl)
-400masl
-800masl
-1500masl
1Modifying Factors: Mining losses of 5.9% and mining dilution of 22.4%; an average mining extraction factor of 90% on all the shear zones have been accounted for at mineral reserve estimation; the average bulk density factor of 2.83t/m3 was applied to obtain the tonnages. [Probable reserves also contain c. 2.98Moz of silver at a grade of 5.37g/t] 2 Indicated Resources also contain c. 3,52Moz of silver at a grade of 6.99 g/t .3 Resources are stated inclusive of reserves
[Source: VermynDeloitte Independent Competent Persons’ Report November 2014, Company data]
Depth JORC classification3
Tonnes (kt)
Gold grade (g/t)
Contained gold (Moz)
2.26Moz reserves supporting 22 year mine life
Targeting drilling below -400masl to convert resources to reserves
Exploration potential below -800masl of additional 3.3Moz
Attractive Ore Body… Independently Appraised… With Clear Growth Potential…
2
Scale, Independently Appraised Reserves & Resources – Encouraging Results from 2014 Drilling Programme To-date, best holes drilled so far this year.
8
2
Hole Identification Number
Northing (m)
Easting (m)
RL (masl)
Azimuth (Degrees)
Hole Angle (Degrees)
Hole Length (m)
Intercept Start (m)
Intercept Finish (m)
Interval* (m)
Grade (g/t)
Best Drill Hole Results for the Near Term Mining Zones
EXP209 7,219.9 6,780.8 263.8 46.4 64.5 17.0 0.0 16.0 16.0 9.8
EXP210 7,219.4 6,780.2 263.9 46.4 85.5 15.0 0.0 8.0 8.0 13.1
EXP269 7,257.0 6,734.2 264.3 46.4 84.0 15.0 0.0 15.0 15.0 9.5
EXP263 7,251.1 6,736.3 264.9 46.4 41.0 12.0 0.0 11.0 11.0 11.0
Best Drill Hole Results for the Mid Term Mining Zones
D316 7,399.1 6,882.5 258.4 225.6 34.0 200.0 137.0 143.0 6.0 8.2
including 181.0 193.5 12.5 15.8
D315 7,399.1 6,882.5 258.1 227.3 42.6 207.0 194.0 207.0 13.0 7.0
D215 7,376.7 6,863.5 262.8 220.6 27.3 157.5 137.0 149.0 12.0 10.0
D226 7,376.7 6,863.5 262.8 235.3 17.1 171.0 153.0 163.2 10.2 13.3
The Best Drill Hole Result for the Deep Drilling
SK-9 7,766.6 6,845.9 0.6 226.4 77.0 645.0 219.0 258.0 39.0 5.5
273.0 285.0 12.0 4.6
567.0 612.0 45.0 6.1
618.0 624.0 6.0 10.8 * Not true widths
Low Cost of Production, Drives Robust Economics – Attractive LoM Cost Position
9 Note: Costs exclude MET revenue royalty (5%, metal in the ground)
Activity Cost (US$/oz) Cost (US$/t)
Underground Mining + Contingency 300 33.6
Sustaining/ Maint./ Environ. 72 8.1
Processing 129 14.4
Sales Expenses 2 0.2
G & A 15 1.7
Total Operating Costs 518 58.2
l Expected total operating cost of just US$518/oz (including operating contingency) making the underground operation of Sekisovskoye among the lowest cost in the region
3
Low Cost of Production, Drives Robust Economics -Sekisovskoye cost base ensure a resilient project
10
NPV sensitivity to key commodity prices l The Sekisovskoye Mine is still a strong investment at lower gold prices
Investment rationale
Discount Rate (%) 9.3
NPV (US$m) 287
IRR (%) 64
Capex- Initial 4 yrs ($USm) 130
Gold Price (US$m) Silver Price (US$m) NPV (US$m) 1400 21 326 1300 20 296 1273 19.65 287 1200 19 258 1050 18 203 900 17 135 750 15 55
3
Low Cost of Production, Drives Robust Economics – Robust Financial Position
11
(1) Includes a write back of US$9.3M of provisions in FY13 after the successful resolution of the fines imposed from the tailings dam 3 incident in 2011. Includes US$2m tax credit in H1 FY14
3
FY12 FY13 H1 FY13 H1 FY14
Revenue (US$m) 38.9 42.4 20.0 16.7
Operating profit (US$m) (20.5) 3.1 (2.1) 3.3
Net profit 1 (US$m) (22.1) 1.5 (2.3) 3.8
Total cash flow (US$m) 0.7 (0.4) (1.4) 16.4
Year end (31 Dec/30 June) cash position (US$m) 2.5 2.1 1.3 18.5
Year end (31 Dec/30 June) debt position (US$m) 10.1 10.9 10.0 10.0
Year end (31 Dec/30 June) net debt / (cash) (US$m) 7.6 8.8 8.7 (8.5)
Growth Beyond Core Asset – Karasuyskoye Goldfields
12
l Geological data purchased for US$27.5M in October 2013
l Adjacent to Sekisovskoye operations
l Managements internal estimates potential to contain resources
of 9Moz gold and 16Moz silver
l Covers an area of approximately 198 km2
l Potential for both open pit and underground mining
l Following approval of mining licence next steps will be:
Completion of limited additional verification work
Engagement of geological and mining consultant to undertake
CPR
Karasuyskoye provides synergistic production growth potential; combined with Sekisovskoye could deliver annual gold production of ~400Koz in the future
4
Ken Crichton is a mining engineer with over 27 years’ experience. He is currently the Chief Executive Officer of ASCOM Precious Metals Mining. Previously, he worked for 15 years with BHP Billiton in both Australia and Indonesia, including as the President Director of PT Billiton Indonesia. He is also a non-executive director of Kemin Resources
Ken Crichton, Executive Director
Aidar Assaubayev is an Executive Director of AltynGroup Kazakhstan. He was formerly Executive Vice Chairman of KazakhGold and formerly Vice President and a Board member of JSC MMC Kazakhaltyn, the gold exploration and development group. He has completed over $1billion in IPO and M&A transactions in recent years. He was educated at the Kazakh National Technical University, Almaty, and holds a degree in economics from the Institute of Systemic Analysis in Moscow
Aidar Assaubayev, CEO
Supportive shareholder and management team with proven delivery track record – Management and Board
13
5
Rajinder Basra qualified as a chartered accountant with BDO LLP in1990, leaving in 2002 to co-found a chartered accountancy practice. He has extensive experience advising companies within the natural resources sector, and has worked with a number of mining and exploration companies based in Kazakhstan. He has more recently been assisting and advising mining and oil companies preparing for IPO’s and other corporate transactions
Rajinder Basra, CFO and Company Secretary
Ashar Qureshi is a U.S. qualified lawyer is currently a partner in Freshfields Brukhaus Deringer and was previously a partner with international law firm Cleary Gottlieb Steen & Hamilton LLP. He is currently Executive Vice Chairman of Luminaire Films, a director of Hanson Asset Management and a partner of Naya Capital Management. He was educated at Harvard Law School and Harvard College and holds a Juris Doctor
Ashar Qureshi, Non-Executive Director
William Trew has over 32 years' experience in the mining industry and has served as a director of a number of mining companies. He holds a B.Eng. (Mech.) Hon. from the University of Wales Institute Science and Technology, and an M.Eng. from Rand Afrikaans University, Johannesburg
William Trew, Non-Executive Director
Alain Balian was a Deputy Governor of the Central Bank of Lebanon from 2003 - 2008. His earlier experience includes working at Kleinwort Wasserstein, ABN AMRO Corporate Finance, and Lebanon Invest in mergers and acquisitions, corporate finance, and private equity
Alain Balian, Non-Executive Director
Kanat Assaubayev is one of Kazakhstan's leading entrepreneurs with a wealth of experience in natural resources. The first Kazakh to get a doctorate in metallurgy, his early career was in academia where he rose to Chairman of the Metallurgy and Mining Department of the Kazakh National Polytechnic University. He began his business career in the 1990s and has led a number of natural resources enterprises to national and international success
Kanat Assaubayev, Chairman
14
Supportive shareholder and management team with proven delivery track record – Management and Board
5
Delivering on Our Promises and Setting Clear Targets
15
Validate Ore Body
l CPR published Oct 2014; >6x increase JORC reserves
Established Development
Strategy
l Clear path to move underground, attractive capital profile
Turnaround Cost profile l 15% reduction in operating cash costs
Focus on Governance
& Engagement
l New management team and Board in place
1
2
3
4
1. Deliver 100Koz p.a. - Production of >100Koz 2017-2030
2. Validate value within existing portfolio - Conversion of resources to reserves via
targeted drilling below -400m
3. Expand beyond core asset - Synergistic development of Karasuyskoye,
targeting >400Koz p.a.
4. Commitment to socially responsible development - Community relations - Corporate governance
5. Upgrade listing infrastructure - Application has been made to migrate
from AIM to a standard listing on LSE
5
Achievements to-date… Key Targets for Coming Years…
16
Appendix
Market Information
17
Share price (p/share) 2.8
Ticker GBGR LN
Issued capital (M) 2,211.30
Market capitalisation (£M) 50.3
3 month average daily volume 2,048,400
Cash (US$m) 18.5
Net cash (US$m) 8.8
Enterprise value (£m) 60.0
Shareholder Structure Share Price Chart
Trading Indicators • Current market capitalization of £50.3m
• The Company’s Nomad is Strand Hanson and Corporate Broker is Peat & Co
• African Resources is the largest shareholder of the Company holding 65.1% of total shares outstanding
African Resources,
65.1%
Blackwill Trade, 5.3%
Morstan Nominees,
5.2%
State Street Nominees,
3.5%
BBHISL Nominees,
2.3%
The Bank of NY Nominees,
1.4%Barclayshare
Nominees, 1.3%
020406080100120140160180
0.0
0.5
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2.5
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3.5
4.0
Oct
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Dec
-12
Feb
-13
Ap
r-13
Jun-
13
Aug
-13
Oct
-13
Dec
-13
Feb
-14
Ap
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Jun-
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Aug
-14
Volu
me (m
ln sh
aes)
Shar
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rice
(GB
p)
Volume (RHS) Share Price (LHS)
Near Term Drilling Results For 2014 Drilling Programme To Date
18
Hole Identification
Number Northing
(m) Easting
(m) RL
(masl) Azimuth (Degrees)
Hole Angle (Degrees)
Hole Length
(m)
Intercept Start (m)
Intercept Finish
(m) Interval
(m) Grade
(g/t)
EXP276 7,233.6 6,744.6 276.0 225.6 0 10.5 0 6 6 9.2
EXP226 7,224.8 6,764.4 263.9 46.4 81.0 15 0 15 15 5.9
EXP219 7,225.2 6,772.4 263.9 46.4 64.5 18 4 18 14 6.5
EXP209 7,219.9 6,780.8 263.8 46.4 64.5 17 0 16 16 9.8
EXP210 7,219.4 6,780.2 263.9 46.4 85.5 15 0 8 8 13.1
EXP259 7,248.1 6,738.6 264.2 46.4 57.5 18 1 10 9 6.9
EXP255 7,244.6 6,742.1 264.2 46.4 58.5 18 4 14 10 5.3
EXP240 7,234.4 6,753.0 264.4 46.4 81.5 16 0.5 5.1 4.6 24.1
EXP238 7,234.5 6,753.2 264.8 46.4 30.0 12 0 4 4 17.9
EXP231 7,228.1 6,761.5 263.9 46.4 83.0 14 0 14 14 4.5
EXP271 7,253.8 6,730.1 264.2 226.4 68.5 9 0 8 8 6.1
EXP268 7,257.2 6,734.4 264.7 46.4 53.0 19.5 0 9 9 5.8
EXP269 7,257.0 6,734.2 264.3 46.4 84.0 15 0 15 15 9.5
EXP265 7,251.1 6,736.2 264.2 226.4 89.0 15 0 15 15 4.7
EXP263 7,251.1 6,736.3 264.9 46.4 41.0 12 0 11 11 11.0
Mid Term Drilling Results For 2014 Drilling Programme To Date
19
Hole Identification
Number
Northing
(m) Easting
(m) RL
(masl) Azimuth (Degrees)
Hole Angle (Degrees)
Hole Length
(m)
Intercept Start (m)
Intercept Finish
(m) Interval
(m) Grade
(g/t)
D316 7,399.1 6,882.5 258.4 225.6 34.0 200 137 143 6 8.2
and 181 193.5 12.5 15.8
D315 7,399.1 6,882.5 258.1 227.3 42.6 207 194 207 13 7.0
D316A 7,399.1 6,884.5 258.4 226.0 34.6 200.5 182 198.2 16.2 4.4
D215 7,376.7 6,863.5 262.8 217.4 34.0 160.5 124.2 139 14.8 3.0
D215 7,376.7 6,863.5 262.8 220.6 27.3 157.5 137 149 12 10.0
D216 7,376.7 6,863.5 262.8 220.3 18.3 171 149 160 11 6.8
D217 7,376.7 6,863.5 262.8 225.5 48.6 180 169 180 11 5.2
D219 7,376.7 6,863.5 262.8 226.8 33.8 166.5 158 163.3 5.3 8.5
D226 7,376.7 6,863.5 262.8 235.3 17.1 171 153 163.2 10.2 13.3
D225 7,376.7 6,863.5 262.8 235.8 25.2 169.5 148 161.6 13.6 3.1
D223 7,376.7 6,863.5 262.8 235.9 31.9 175.5 154 169.7 15.7 6.4
2014 Deep Drilling
20
Hole Identification
Number Northing
(m) Easting
(m) RL
(masl) Azimuth (Degrees)
Hole Angle (Degrees)
Hole Length
(m)
Intercept Start (m)
Intercept Finish
(m) Interval
(m) Grade
(g/t)
SK-1 7,540.6 7,072.6 0.9 226.4 77.0 771.0 513.0 516.0 3.0 10.3 519.0 522.0 3.0 12.2 546.0 549.0 3.0 18.2 594.0 597.0 3.0 12.4 630.0 633.0 3.0 10.5 705.0 708.0 3.0 12.5 741.0 744.0 3.0 11.5
SK-3 7,596.4 7,015.2 0.8 226.4 77.0 828.0 237.0 240.0 3.0 12.5 258.0 261.0 3.0 14.1 270.0 273.0 3.0 11.2 309.0 312.0 3.0 13.1 336.0 342.0 6.0 9.7 369.0 372.0 3.0 16.3 387.0 390.0 3.0 13.4 399.0 402.0 3.0 10.5 429.0 432.0 3.0 12.5 450.0 453.0 3.0 13.4 477.0 480.0 3.0 11.5 504.0 510.0 6.0 7.8 558.0 561.0 3.0 13.3 591.0 594.0 3.0 10.1 642.0 645.0 3.0 12.7 672.0 675.0 3.0 17.6 702.0 705.0 3.0 14.3 774.0 777.0 3.0 11.6 813.0 816.0 3.0 12.2
SK-6 7,653.4 6,959.1 0.6 226.4 77.0 828.0 213.0 216.0 3.0 10.1 435.0 441.0 6.0 10.9 447.0 453.0 6.0 10.2 462.0 477.0 15.0 6.6 630.0 639.0 9.0 4.8 654.0 663.0 9.0 4.9
SK-9 7,766.6 6,845.9 0.6 226.4 77.0 645.0 219.0 258.0 39.0 5.5 273.0 285.0 12.0 4.6 567.0 612.0 45.0 6.1 618.0 624.0 6.0 10.8
Sekisovskoye – Geological understanding
8
Surface (+350masl)
-400masl
-800masl
-1500masl
l Mineralisation – hydrothermal gold deposition in veins and breccias.
l Gold found in:
Tabular orebodies Stockworks Veins and lenses
Sekisovskoye Underground – conceptual mine plan
22
Gold Processing – Proven Technology
19
l Metallurgy well understood - GBGR has 8 years experience at Sekisovskoye mine.
l Test work on the Sekisovskoye underground ore indicates 84% recovery for gold and 75% for silver, in line with recoveries achieved processing near surface ore
Environmental and Social Compliance all in Place
24
l All regulatory permits are currently in place to allow open pit and underground mines to operate at Sekisovskoye
l GBGR operates to the approved Environmental and Social Impact Assessment and reports performance quarterly to the authorities
Local consultancy group has been engaged to implement in collaboration with staff a suite of USO standards
l During the past year, a number of community health programmes have taken place: Commissioning a new, improved and expanded drinking water reticulation system for the village
of Sekisovska; Initiating and funding a village clean up programme; Provision of a garbage truck and bins for the local area; Installing refuse centres in the local village in co operation with the local municipality; and Providing anti fungicide treatment for local trees to assist in their preservation
l GBGR conducts consultative meetings with its external stakeholder when implementing new mining plans or changes to existing ones
l GBGR makes a 1% of operating costs contribution as required law for compliance with the Environmental laws in Kazakhstan
Contact us
25
Aidar Assaubayev, CEO Rajinder Basra, CFO Louise Wrathall, Investor Relations +44 (0) 207 932 2456 +44 (0) 7789 602 352 [email protected]
Important notice
26
The content of information contained in these slides (the “Presentation”) has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”). Reliance upon this Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. If any person is in any doubt as to the contents of this Presentation, they should seek independent advice from a person who is authorised for the purposes of FSMA and who specialises in advising in investments of this kind. This Presentation has been prepared by, and is the sole responsibility of, the directors of GoldBridges Global Resources Plc (the “Company”). Those directors have taken all reasonable care to ensure that the facts stated herein are true to the best of their knowledge, information and belief.
This Presentation does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied upon in connection with, or act as any inducement to enter into any contract therefore.
No undertaking, representation, warranty or other assurance, expressed or implied, is made or given by or on behalf of the Company or any of its respective directors, officers, partners, employees or advisers or any other person as to the accuracy, fairness or the completeness of the information or opinions contained herein, and to the extent permitted by law no responsibility or liability is accepted by any of them for any such information or opinions or any errors, misstatements in, or omission from, this Presentation or any direct or consequential loss however arising from any use of, or reliance on, this Presentation or otherwise in connection with it. Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any representation or warranty made fraudulently.
This Presentation may not be reproduced or redistributed, in whole or in part, to any other person, or published, in whole or in part, for any purpose without the prior consent of the Company. The contents of this Presentation are subject to updating, completion, revision, further verification and amendment without notice.
The Presentation is directed at authorised persons or exempt persons within the meaning of FSMA or any order made thereunder or to those persons falling within the following articles of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Financial Promotion Order”): Investment Professionals (as defined in Article 19(5)) and High Net Worth Companies (as defined in Article 49(2)). Persons who do not fall within any of these definitions should not rely on this Presentation nor take any action upon it.
This Presentation is exempt from the general restriction in section 21 of FSMA relating to the communication of invitations or inducements to engage in investment activity on the grounds that it is made only to certain categories of persons. Neither this Presentation nor any copy of it should be distributed, directly or indirectly, by any means (including electronic transmission) to any persons with addresses in the United States of America (or any of its territories or possessions) (together, the “US”), Canada, South Africa, Japan, Australia or the Republic of Ireland, or to any corporation, partnership or other entity created or organised under the laws thereof, or in any other country outside the United Kingdom where such distribution may lead to a breach of any legal or regulatory requirement. The recipients should inform themselves about and observe any such requirements or relationship. The Company’s ordinary shares have not been, and are not expected to be, registered under the United States Securities Act 1933, as amended, (the “US Securities Act”) or under the securities laws of any other jurisdiction, and are not being offered or sold, directly or indirectly, within or into the US, Canada, South Africa, Japan, Australia or the Republic of Ireland or to, or for the account or benefit of, any US persons or any national, citizen or resident of the US, Canada, South Africa, Japan, Australia or the Republic of Ireland, unless such offer or sale would qualify for an exemption from registration under the US Securities Act and/or any other applicable securities laws.
This Presentation or documents referred to in it contain forward-looking statements. These statements relate to the future prospects developments and business strategies of the Company and its subsidiaries (the “Group”). Forward-looking statements are identified by the use of such terms as “believe”, “could”, “envisage”, “estimate”, “potential”, “intend”, “may”, “plan”, “will” or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements contained in this Presentation are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions prove incorrect, the Group’s actual results may vary materially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking statements. These forward-looking statements speak only as at the date of this Presentation.
