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Presentation
by
Motherson Sumi
Systems Limited
a member of Samvardhana Motherson GroupNovember 2012
1
2
Integrated design and
manufacturing Group
providing full system
solutions to automotive
and other related
industries
Diversified Group, major
business areas –
polymers, rear-view vision
systems, wiring harnesses
and modules
Established in 1975 in
India, now a global Group
with presence in 5
continents
Global customer
base with supplies to
all the major
automotive OEMs
across the world
Technology driven
with in-house
research as well as
support from JV
partners
Group Turnover
0.33 0.48 0.62 0.65
1.692.08
4.14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
200
5-0
6
200
6-0
7
200
7-0
8
200
8-0
9
200
9-1
0
201
0-1
1
201
1-1
2
€B
illi
on
CAGR
(Last 6 Years)
46.86%
Wiring Harness 18.2%
Mirrors 24.1%
Modules, Polymer
Processing & Tooling49.2%
Elastomer Processing
1.2%
IT & Design0.4%
Metal Working1.2%
Manufacturing Support
0.4%Others
5.3%
Business Portfolio Share
Exterior rearview
mirrors
Globally
Exterior rearview mirrors
Europe
IP modules, door trims and
bumpers
Wiring harnesses for 2-
wheelers, earthmoving and
material handling equipment
Wiring harnesses for
passenger cars
India
CBN & PCD cutting tools
Rearview mirrors for passenger
cars
Moulded components and
modules
Plastic air intake manifolds
Cabins for large size dump trucks
Gear cutting tools
One of the largest
Samvardhana Motherson Group
3
Business Portfolio & Capabilities
MSSL Overview
Vision 2015
Update on Results of H1 FY 12-13
Customer Recognition
Vision & Mission
Vision
To be a Globally Preferred Solutions Provider
Ensure Customer Delight
Involve Employees as “Partners” in Progress
Enhance Shareholder Value
Set new standards in Good Corporate Citizenship
Mission
4
Shareholding Pattern
** As on 31.10.2012
Sumitomo Wiring Systems Ltd. (25.55%) :
Subsidiary of Sumitomo Electric Industries,
Japan
The second largest Manufacturer of wiring
harnesses in the world and the second largest in
Asia with current market share – more than 20%
in the world passenger car market
Sehgal Family & SMIL* (40.05%) :
Started Motherson Group in 1975
Started manufacturing Wiring Harness in technical
agreement with Tokai Electric Industries, Japan
(a part of Sumitomo Wiring Systems) in 1983
Established Motherson Sumi Systems Ltd. (MSSL)
in JV with Sumitomo Wiring Systems Ltd. (SWS) in
1986
Group Turnover approx USD 4.14 Billion (2011-12)#
5
SMFL36.12%
Sehgal Family
3.93%
SWS & HKWS25.55%
FII's & Mutual Funds
23.44%
Public &
others10.96%
# Full year of consolidation of Peguform
SMIL : Samvardhana Motherson International Ltd MSSL : Motherson Sumi Systems Ltd, SMR : Samvardhana Motherson Reflectec, SMP : Samvardhana Motherson Peguform
Journey so far….
Motherson Sumi Systems Limited (MSSL) formed as a
JV with Sumitomo Wiring Systems Ltd.
1975 Motherson established
1983Establishment of Motherson Auto P. Ltd. - technical assistance agreement
signed with Tokai Electric Wire Co. Ltd., now known as Sumitomo Wiring
Systems Ltd., Japan (SWS)
1986
1993
1995
Motherson Sumi Systems Limited listed on Stock Exchange
1st Public Issue at a premium of Rs. 15 per share
(issue size : Rs 46.25 millions )
Right Issue (1:5 rights issue) at a premium of Rs. 80 per share
(issue size Rs. 104.4 Million)
2005 FCCB Issue of Euro 50.30 Million (50,300 Bonds of Euro 1,000 each)
2010 Full conversion of FCCB in equity (Equity Dilution by 10%) consequently equity
enhanced to Rs. 38.75 crores
6
2012 SMIEL merged. Equity enhanced to Rs. 39.19 crores,
currently Rs.58.79 crores post bonus issue
MSSL Return to Shareholders
Investment on
100 shares was
Rs. 2500/-
100 150225
450
2,250
3,375
5,062
7,593
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
1993 1997-98 2000-01 2002-03 2003-04 2004-05 2005-06 2011-12
No
. o
f sh
are
sBonus
Issue
Bonus
Issue
Original
investment
Rs. 2,500
Par value
of Rs. 5 per
share
Par Value
of Rs. 1 per
share
Bonus
Issue
Bonus
Issue
Value*
Rs. 11.82 lacs
i.e.
473 times
Bonus Issue
Investment
Value
Dividend
in
recent 5
years
Original Listing
April 1993
Issue price
Rs. 10 at premium
of Rs.15/- per
share
Face value
Rs. 10/- per share
6,834 6,8348,859
13,92111,390
1.35 1.35
1.75
2.75
2.25
0.00
0.50
1.00
1.50
2.00
2.50
3.00
0
4000
8000
12000
16000
2007-08 2008-09 2009-10 2010-11 2011-12
Div
iden
d p
er
sh
are
Div
iden
d a
mo
un
t in
Rs.
* As on 31st Oct 2012
8
Business Portfolio & Capabilities
MSSL Overview
Vision 2015
Update on Results of H1 FY 12-13
Customer Recognition
Business Portfolio
Wiring Harnesses Rearview Mirrors
Polymer Processing &
Tool Manufacturing
Elastomer Processing
Modules
Precision Metal Machining
Full
System
Solutions
9
Global Presence
10
124manufacturing facilities
Global Customer BaseStrong presence in regions with key
customer concentration
Global Manufacturingincluding strategic low cost
manufacturing locations
Presence in
25 Countries
Plastic Molding
Wiring Harness
Mirrors Mirrors
Plastic Molding
Metal Machining
Representative Office
Wiring Harness
Plastic Molding
Injection Molding Tools
Silicon Rubber Injection Molding
Plastic Molding Design
Engineering
IRELAND UK GERMANY CZECH REPUBLIC
SHARJAH Mirrors
Rubber Extrusion
Waste Recycling
Systems
Representative
Office
Representative
Office
AUSTRIA
AUSTRALIAMAURITIUS
Strategic Sourcing
Wires
SINGAPORE
SRILANKA
Mirrors Plastic Molding
BRAZIL
Mirrors
USA
Mirrors
FRANCE
Mirrors Plastic Molding
SPAIN
MEXICO
Mirrors Plastic Molding Wiring Harness
Mirrors
HUNGARY
Mirrors Plastic Molding
CHINA
MirrorsSOUTH KOREA
Mirrors
Wiring Harness
JAPAN
SOUTH AFRICA Design
Engineering
ITALY
THAILAND Mirrors
Wiring Harness
Plastic Molding
PORTUGAL
Plastic Molding
SLOVAKIA
Being Established
Presence in India
NOIDA & NCR REGION
KANDLA
BANGALORE CHENNAI
PONDICHERRY
NASHIK
Wiring Harness Wires Fuse Boxes Tubes Plastic Molding & Assemblies Rubber Injection Molding IP, Door Trim & Bumpers Automotive Rearview Mirrors Design Engineering Components & HVAC
Rubber Injection Molding
Wiring Harness
Wiring Harness Plastic Molding &
Assemblies
Wiring Harness Wires Plastic Molding & Assemblies Metal Machining Automotive Rear View Mirrors
Wiring Harness Plastic Molding & Assemblies IP, Door Trim & Bumpers Automotive Rearview Mirrors Components & HVAC Rubber Molding
Design Engineering
Automotive Rear View
Mirrors
PUNE
Plastic Molding & Assemblies
Working with a philosophy of nearness to customers
MSSL has established facilities near major customer locations
11
HALDWANI
Wiring Harness
JAMSHEDPUR
Wiring Harness
LUCKNOW
Wiring Harness
PATHREDI
Wiring Harness
TAPUKARA Plastic Molding &
Assemblies
Providing Full Systems Solutions
Wiring Harness
Plastic Components
Rubber Components
Mirrors
Moulds
Complete Modules
Full System Solutions
Modules
Assemblies
Moulding & Manufacturing
Tool Manufacturing
Tool Design & Analysis
Prototyping
Product Design
Services
Machined Components
12
Wiring Harnesses
Market Leader – With over 65 % market share
of passenger car wiring harnesses in India
JV with Sumitomo Wiring Systems, Japan, the
2nd largest wiring harness manufacturer in the
in world (Partnership since 1983, JV since 1986)
Serving a global customer base
Strong presence in Europe Two-Wheeler &
Material Handling Equipment markets
Full Service Supplier with complete in-house
design capability
More than 30 Manufacturing Facilities
Vertical backward integration for critical wiring
harness components
Partners
Sumitomo
Wiring Systems,
Japan
Kyungshin
Industrial Co.,
S. Korea
13
Wiring Harness - Backward Integration
Backward integration for critical inputs for
wiring harnesses such as wires, connectors,
terminals, fuses and fuse boxes. Company
engaged in making components for wiring
harness is now merged with MSSL, which
further strengthens the backward integration.
Direct exports to the customers as well as
exporting back to collaborators
Over 13000 Types of Wiring Harness Produced
Annually
Over 45000 Types of Components Handled in
Manufacturing
Over 35 Million Wiring Harnesses Produced
Annually
Wiring
Harness
Design
Fuse Boxes
Caps & Sleeves
Clamps & Binders
Grommets & Seals
Applicators Jigs Assembly Boards
Circuit Boards
Material Handling
Process Engineering
Terminals
Connectors
Wires
Component Design
Tool Manufacturing
Component
Manufacturing
14
Polymer Processing through Division & Subsidiaries
One of the largest molded parts, assemblies & module
supplier to the Indian automotive industry through
polymer division Motherson Automotive Technologies &
Engineering (MATE)
Over 15 Manufacturing facilities in India, Sharjah (MTL),
Germany (MSP-G) & Czech Republic (MSP-CZE)
Over 900 machines of Injection, Gas, Compression and
Blow Molding
Injection Molding Machines from 5 Tons – 3200 Tons
(Hydraulic / Electric)
Complete In-house Post Processing Facilities including
Paint Shop
Robotic Trimming / Welding (Heat stake/ Ultrasonic/
Vibration) Operations
LPI Injection Molding
15
Elastomer Processing & HVAC Systems
Partners
HVAC Systems
for cars
Manufacturing HVAC
Systems for
passenger cars
Modules including
Body Control
Modules and Engine
Cooling Modules
Calsonic Kansei
Japan
16
Manufacturing processes include
Rubber Injection Molding
Silicon Injection Molding
Rubber Extrusion
Rubber Compounding
Supporting Collaborator with exports
from India
Manufacturing parts for the
Automotive, Measuring and Control,
Medical, White Goods and for other
Industrial applications
Five manufacturing Facilities spread
over India, U.A.E. and Australia
Woco Industrietechnik
GmbH, Germany
Elastomer
Rearview Mirrors*
Samvardhana Motherson Reflectec (SMR), which acquired global
rear view mirror business of Visiocorp in March 2009, is a leading
manufacturer of automotive rear view mirrors in the world
Presence in India since 1996 through initial JV with Britax which
later on became a part of Visiocorp
Supplying products to the Top Ten OEMs totalling more than 360
individual programs
20 manufacturing plants across the world in growing markets like
China, India, Korea, Japan & Mexico
Technology leader with over 500 patents and a history of
innovations
22% share of global passenger car rearview mirror market and a
53% share in India
Partners
Ningbo HuaXiang
Electronic Co.,Ltd.
China
50:50JV for China
Poong Jeong Ind
Co., Ltd
S.Korea
90:10 JV for Korea
17
* In Joint Venture with SMFL
First interior mirror with
multiple functions
(Mercedes-Benz)
Samvardhana Motherson Reflectec (SMR) –
History of Innovation and Technology Leadership
18
Tradition of ‘First to Markets’
SMR’s innovative solutions provide comfort, safety, styling, sustainability
and cost optimisation
1998 1999 2001 2005 2006 2007 2011 2012
Plastic glassFirst Turn signal in
exterior mirror
(Mercedes-Benz)
First Camera-based
blind spot detection
system (Volvo)
First LIN-bus-
system in exterior
mirror (Jaguar)
First Light guide
style turn signal
(Audi Q7)
Next generation
vision based sensor
technology
First Power
telescopic and
power folding
mirror (Ford)
First Side-looker-
LED turn signal
(Hyundai)
High performance /
Low cost
axis-free mirrors
Logo light
19
Acquired Peguform in November 2011 & renamed it as Samvardhana
Motherson Peguform (SMP)
Peguform , Originally Established in 1959 as Badische Plastikwerke, is
a leading full service supplier of differentiated high quality interior and
exterior products for the automotive and related industries, engaged
in development, manufacture and distribution of bumper systems,
plastic components for vehicle exteriors, vehicle cockpits, dashboards
and vehicle interior trims.
Key Customers of SMP are Volkswagen Group, BMW, Porsche, PSA
Peugeot Citoren, Renault Nissan, Daimler & GM.
SMP has a strong presence in Europe, supplying to major premium
German brands, 2nd largest supplier of door panels and the
3rd largest supplier of Instrument Panels in Germany.
The company is one of the market leaders of bumpers in Germany and
holds a market leader position in Cockpit Assemblies in Spain.
Over 200 injection molding machines, 25 facilities in 7 countries,
employs over 7000 employees and one of the largest paint shop
facilities in Europe.
Strength of the company lies in creating new applications of plastics
and engineering. The company has a strong history of innovations and
Firsts in the European Automotive Plastics industry. The company has
274 patents & 27 utility models registered to its name.
Acquisition of Peguform*
* In Joint Venture with SMFL
Samvardhana Motherson Peguform Products
20
Door Panels
Increasing Content per Car
* Depictive range only
B-Pillar Trim
Interior Lamp
A-Pillar Trim
Door Trim
Inside Handle
Cockpit
Fuse Box
HTC
Wiring Harness
Grommets
Connectors
Net Front Grill
Boot CV Joint
Bumper
HVAC Systems
Scuff Plate
Exterior Mirror
Outside Handle
Wheel Hub Cap
Exhaust
Suspension
Garnish
Fuel Filler Door
Steering Column
Cover
Spoiler
Roof Rail
C-Pillar Trim
Roof Handle
Pedal Box Assembly
Box Floor Console
Battery Tray
Air Cleaner Assy.
Headlight
Interior Mirror
Compressor
Back Light
21
22
Business Portfolio & Capabilities
MSSL Overview
Vision 2015
Update on Results of H1 FY 12-13
Customer Recognition
Setting Direction for 5 Years
2005
Target Achieved
Sales Rs1000 Cr Rs1029 Cr
ROCE 40% 39%
Single largest Customer’s
Contribution
< 25% 27%
Sales from Global
Customers
30% 29%
Dividend Payout Ratio 40% 43%
2010
Target Achieved
USD 1 Bn USD 1.5 Bn
40% 37% (Stand Alone)
22% (Consolidated)
< 20% 15%
60% 70%
40% 44% (Stand Alone)
32% (Consolidated)
Since year 2000 MSSL has set targets for 5 years and has delivered well on those targets. MSSL
has always focused on profitable growth, diversifying its customer base and creating more
value for its stakeholders
23
Targets for 2015
24
MSSL declared its targets for 2015 in its annual Report for 2009-10
Vision 2015
Sales
USD 5 Bn
ROCE
40%
Sales from
Global
Customers
70%
Dividend
Payout Ratio
40%
Global
Presence
26-27
Countries
25
Business Portfolio & Capabilities
MSSL Overview
Vision 2015
Update on Results of H1 FY 12-13
Customer Recognition
Together we make it happen
1 Crore = 10 million
1. Total revenues grew by 165% (28% without SMP) with growth in Profit After Tax(concern share) by 63%.
2. Domestic volumes and sales to customers outside India grew by healthy 27% and247% respectively
3. SMR posts healthy growth of 16% in Euro terms and 25% in Rupee terms. EBITDAimproves by 52% - maintains consistent EPS accretive trend, cumulatively for this yearalso now EPS accretive
4. SMP consistent improvements – despite drop in revenues due to Europe summerholidays, maintains healthy operations.
5. Standalone business posts healthy growth of 50% on exports from India and domesticsales grow by 29% in spite of difficult domestic market situation
6. Debt managed as on 30th Sep. 2012 similar to March 2012 levels.
All comparison w.r.t. H1 of FY 2011-12
Highlights on Performance of H1 FY 2012-13
Together we make it happen
MSSL Consolidated: H1 FY 2012-13
H1 FY 2012-13 vs H1 FY 2011-12
Revenue Growth
(Rs. in Crores)
1,704 2,159
2,858 3,680
-
6,239
4,562
12,078
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
H1 FY 2011-12 H1 FY 2012-13
Within India Outside India SMP Total
Sales EBIDTA* / % to Sales#
(#)The company acquired Peguform Group (now known as SMP) on 23rd
November 2011 and 2011-12 does not include SMP
Significant improvement in EBITDA (by 130 basis points) and profitability ofMSSL – SMP delivers consistent better performance
(*) Impact of MTM on Long Term Loans (not considered in EBITDA) is asfollows
158
279
89
146
-
50
100
150
200
250
300
H1 FY 2011-12 H1 FY 2012-13
PBT PAT
PBT & PAT
Within India Outside India with SMP
up up
27% 247%
(Rs. Crores) 2011-12 2012-13
Gain / (Loss) (59) (90)
63%
77%
165%
387
575
0
247
387
822
8.5%
9.8%
0%
2%
4%
6%
8%
10%
12%
0
100
200
300
400
500
600
700
800
900
H1 FY 2011-12 H1 FY 2012-13
EBITDA EBITDA SMP
% of Sales Total
Outside India without SMP
up
29%
Together we make it happen
MSSL Standalone : H1 FY 2012-13
Revenue Growth
(Rs. in Crores)
13291713
186
2791515
1992
0
500
1000
1500
2000
2500
H1 FY 2011-12 H1 FY 2012-13
Domestic Exports Total
Sales EBIDTA* / % to Sales
218
312
14.4%15.7%
0.0%
5.0%
10.0%
15.0%
20.0%
0
50
100
150
200
250
300
350
400
450
H1 FY 2011-12 H1 FY 2012-13
Improvement in EBITDA by 120 basis points
(*) Impact of MTM on Long Term Loans ( not considered in EBITDA ) is asfollows
135
239
97
174
0
50
100
150
200
250
300
H1 FY 2011-12 H1 FY 2012-13
PBT PAT
PBT & PAT
Domestic Exports
up up
29% 50%
(Rs. Crores) 2011-12 2012-13
Gain / (Loss) (43) (21)
78 %
79 %
H1 FY 2012-13 vs H1 FY 2011-12
31%
43%
Together we make it happen
SMR: H1 FY 2012-13
Revenue Growth
(Rs. in Crores)
131 144
2,426
3,045
2,557
3,189
-
500
1,000
1,500
2,000
2,500
3,000
3,500
H1 FY 2011-12 H1 FY 2012-13
Within India Outside India Total
Sales EBIDTA* / % to Sales
105
160
4.1%
5.0%
2.0%
4.0%
6.0%
8.0%
10.0%
0
20
40
60
80
100
120
140
160
180
H1 FY 2011-12 H1 FY 2012-13
EBITDA % of Sales
Improvement in performance contributed by utilisation of new facilities ,particularly at Hungary
(*) Impact of MTM on Long Term Loans ( not considered in EBITDA ) is asfollows
11
43
-15
4
-20
-10
0
10
20
30
40
50
H1 FY 2011-12 H1 FY 2012-13
PBT PAT
PBT & PAT
Within India Outside India
up up
10% 25%
(Rs. Crores) 2011-12 2012-13
Gain / (Loss) (16) (9)
289%
H1 FY 2012-13 vs H1 FY 2011-12
25%
52%
Together we make it happen
SMP: Q2 FY 2012-13
(Rs. in Crores)
3,285 2,954
-
500
1,000
1,500
2,000
2,500
3,000
3,500
Q1 FY 2012-13 Q2 FY 2012-13
Sales EBIDTA* / % to Sales
138
109
4.2%3.7%
0.0%
5.0%
-
20
40
60
80
100
120
140
160
Q1 FY 2012-13 Q2 FY 2012-13
EBITDA % of Sales
The company acquired Peguform Group (now known as SMP) on 23rd November 2011 and FY 2011-12 doesnot include SMP
SMP consistent improvements – despite drop in revenues due to Europe summer holidays, maintainshealthy operations – delivers cash positive results for July – September 12 quarter .
(*) Impact of MTM on Long Term Loans ( not considered in EBITDA ) is as follows
(94)
54
-67
8
(120)
(100)
(80)
(60)
(40)
(20)
-
20
40
60
80
Q1 FY 2012-13 Q2 FY 2012-13
PBT Concern Share
PBT
For the Quarter (Rs. Crores) Q1 2012-13 Q2 2012-13
Gain / (Loss) (117) 57
Q2 FY 2012-13 vs Q1 FY 2012-13
Together we make it happen
Consolidated Debt Position
MTM loss on long term loans booked in 12-13 Is Rs 90 crores.
Rate of consolidation used for translationfor Euro loans :
31.03.2012 - Rs 67.88
30-6-2012 – Rs 70 .39
30.09.2012 – Rs 67.96
Loans include loans taken at SPV of SMPLfor acquisition of Peguform , which areguaranteed by MSSL and SMIL – the loanguaranteed by SMIL as on 30-9-2012 isRs 667 crores.
41564436 4275
456
611608
4602
50474883
0
1000
2000
3000
4000
5000
6000
31.03.2012 30.06.2012 30.09.2012
Net Debt Cash & Bank Balance Total
(Rs. in Crores)Net Debt, Cash & Bank Balance
Customer Recognition
Incoming Quality
Improvement
2011-12
R&D Capability
Development
Award 2011-12
Overall Silver Award
2011-12
Special Support Award
2011-12
Warranty
improvement
Award
2011-12
Capacity
Enhancement
Award
2011-12
Kaizen Performance
Award
2011-12
Gold Award
Quality, Cost & Delivery
Spare Parts - 2012
Gold Award for Delivery
2012
Outstanding Performance Cost
2012
5S Gold Award
2012
Kaizen Winner Award
2012
Appreciation Award
Spare Parts - 2012
Supplier of the Year
Gold Award
2011
Supplier of the Year
President Gold
Award
2011
Industry Contribution
President Silver
Award
2011Good Cost Performance
2011-12Merit Award
2012
Outstanding
Performance
in FY 2011Silver Award in Quality
2010
Best in Class Performance in
Development
2010
Customer Recognition
Award for Excellence in
Quality 2010
Best Contribution
2012
Vendor Performance
Award
2012
Significant Contribution &
Overall Performance in
Wiring Harness Category
2009Best Supplier Award
2010
QCIDM Supplier
2012
Outstanding Support
In Design &
Development
JOHN
DEERE
Outstanding Delivery
Performance 2009 Excellent Award in
Safety Assessment
Certificate of
Appreciation
Customer Recognition
Gold Award
2012
Highest Export
Award 2012
Excellent Award in
Safety Assessment
Quality Commitment
2011
Safe Harbor
This presentation is strictly confidential and may not be copied, published, distributed or transmitted. The information in this presentation is being
provided by Motherson Sumi Systems Limited (the “Company”).
Any reference in this presentation to “Motherson Sumi Systems Limited” shall mean, collectively, the Company and its subsidiaries.
This presentation has been prepared for informational purposes only. This presentation does not constitute a prospectus, offering circular or offering
memorandum and is not an offer or invitation to buy or sell any securities, nor shall part, or all, of this presentation form the basis of, or be relied on in
connection with, any contract or investment decision in relation to any securities. Furthermore, this presentation is not an offer of securities for sale in
the United States, India or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from
registration. Any public offering in the United States may be made only by means of a prospectus that may be obtained from the Company and that
will contain detailed information about the Company and its management, as well as financial statements. Any offer or sale of securities in a given
jurisdiction is subject to the applicable laws of that jurisdiction.
This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company,
which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ
materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these
risks, uncertainties and other factors, recipients of this presentation are cautioned not to place undue reliance on these forward-looking statements.
The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.
The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect
to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The Company assumes no responsibility to
publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise.
Unless otherwise stated in this presentation, the information contained herein is based on management information and estimates. The information
contained herein is subject to change without notice and past performance is not indicative of future results. The Company may alter, modify or
otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.
By attending this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of
the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of
the business of the Company.
This presentation speaks as of November 2012. Neither the delivery of this presentation nor any further discussions of the Company with any of the
recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.
35
Thank You …
A Relationship Built on Trust
36
