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PT Pertamina (Persero)
Jln. Medan Merdeka Timur No.1A Jakarta 10110
Telp (62-21) 381 5111 Fax (62-21) 384 6865
http://www.pertamina.com
“Pertamina: the backbone of
national energy security”
Pertamina Energy Outlook 2015
By :
Ahmad Bambang Director,
PT Pertamina (Persero)
Jakarta, 3-4 December 2014
CONFIDENTIAL AND PROPRIETARY
Any use of this material without specific permission of Pertamina is strictly prohibited
Page 2
Agenda
2
3 Upstream Business
4
Pertamina’s Business Overview
Midstream Business
5 Downstream Business
1 Pertamina’s Energy Policy & Strategy
6 New & Renewable Energy Business
Page 3
Agenda
2
3 Upstream Business
4
Pertamina’s Business Overview
Midstream Business
5 Downstream Business
1 Pertamina’s Energy Policy & Strategy
6 New & Renewable Energy Business
Page 4
Full production
Banyu Urip di thn
2015. Produksi
PEPC pada RJPP
2012-2016 lebih
tinggi
dibandingkan
RJPP 2011-2015
karena
percepatan
produksi gas JTB,
Cendana, dan
Kedung Keris.
To be a world class national energy company
Mission
Clean, Competitive, Confident, Customer Focus, Commercial, Capable
Pertamina’s Corporate Vision, Mission and Values
Challenge to synchronize national energy security and energy commercialization
To carry out integrated core business in oil, gas, & renewables based on strong commercial principles
Vision
Values
Page 5
Pertamina’s Aspiration is To Be a Fortune 100 “Asian Energy Champion” by 2025 Aligned with national mission
Leadership in existing core Growth in new businesses Increase efficiency in PSO
“Asian Energy Champion” ‘Fortune 100’ position (Revenue ~$200b USD, EBITDA ~$40b USD)
Organization & Capability: Accountability and delivery; Employer of choice to attract and retain best talent
Project & Technology Center: Technology leader on CBM, Geothermal, EOR and deepwater; Strong project executor with delivery on time and within budget
Midstream gas Integrated gas champion with trans-Sumatera and trans-Jawa gas infra-structure
Refining Economically competitive refining capacity; Top quartile operating performance
Industrial fuels & lubes Maintain position of strength with over 50% market share, while sustaining profitability
Trading Optimize supply chain and improve profitability
E&P Leading Asian NOC: 2.2 mmboepd production with domestic leadership (50%) and int’l foot-print (~30% of own prodn.)
PetChem Largest petchem player in Indonesia with 35% market share, high margins through integration
Biofuels Serving mandate of 20% blend; upstream presence to reduce losses and supply risk
Power One of the largest Indonesian IPP player with ~ 3-5 GW capacity
Coal Leader in alternate technology (e.g. CBM, UCG) while maximizing coal production
Oil products Maintain position of strength with 60% market share; new service model through “New pasti pas” and NFR
Shipping Support own supply chain and also build third party service model
LPG Optimize supply chain and infrastructure
Page 6
Net Profit ( Billion USD )
In 2013, Pertamina was ranked 123 on the Fortune Global 500.
The only and the first time Indonesian company to be included in the Fortune Global 500 listing.
No. Company Revenues
($b)
1 Royal Dutch Shell 481,7
2 Wal-Mart Stores 469,2
3 Exxon Mobil 449,9
4 Sinopec Group 428,2
5 China National
Petroleum
408,6
…. …………….. …….
75 Petronas 94,3
…. ……………... …….
122 PERTAMINA 70,9
135 Unilever 66,0
144 ConocoPhillips 63,4
Total Revenue ( Billion USD )
FORTUNE 500 : Pertamina is Ranked 122 A reflection to be a global company
2013
67,30 70,92
38,87 48,65
2009 2011 2010 2012
71,10
1,72
2,40
2012 2011
3,06 2,76
2013
1,86
2010 2009
Page 7
0
50
100
150
200
250
0 5000 10000 15000 20000 25000 30000 35000 40000 45000
Energy consumption per capita
Million BTU per capita, 1970-2010
GDP per capita
Real $US PPP/Person
Historical range for energy consumption evolution
India
China
South Korea
Japan
Germany
France UK
Australia
USA
Thailand
Singapore
Indonesia 2030 projected
SOURCE: IEA; Global Insight; McKinsey
Indonesia’s Energy Overview Indonesia’s economy will demand more energy while entering a resource-intensive stage of development
Page 8
Agenda
2
3 Upstream Business
4
Pertamina’s Business Overview
Midstream Business
5 Downstream Business
1 Pertamina’s Energy Policy & Strategy
6 New & Renewable Energy Business
Page 9
Sales & Other Operating
Revenues EBITDA Net Income Geothermal Production
Crude Oil Production Gas Production Fuel Production Volume
(10 Main Products)
Fuel Product Sales
(10 Main Products)
2013
67.297 71.102
2012
70.924
47.559
2011
2010
2009
35.135
2013
6.657
5.592
2010
4.396
2009
3.541
2011
6.057
2012
2.405
2010
1.811
2009
1.547
2012
2.766
2011
2013
3.067
2010
67,1
2009
2013
67,5 68,8
2011
2012
68,1 67,7
2012
2013
71,8 70,0
2009
2010
70,6
2011
73,6
64,4
557,7
2010
2011
2009
2012
502,1 563,2
2013
532,9 558,6 249,9
239,0
2009
2011
2012
237,0
2013
2010
235,8 238,8
2011
58,5 59,8
2012
2010
2013
64,6 65,4
2009
64,9
Juta BBL Juta KL BSCF MMBO
Million USD Million Ton Million USD Million USD
Source: Pertamina’s Annual Report
Performance Highlight Pertamina securing the national interest while enhancing the corporate value
Page 10
Agenda
2
3 Upstream Business
4
Pertamina’s Business Overview
Midstream Business
5 Downstream Business
1 Pertamina’s Energy Policy & Strategy
5 New & Renewable Energy Business
Page 11
Source: McKinsey
Upstream Production Highlight In order to increase production, Pertamina focus on M&A, exploration, development, and also development of unconventional energy as an alternative to fulfill the gap between energy demand and conventional energy production
600
Total
~2,200
Int’l
expansion3
CBM &
Shale Gas
~200
Domestic
exploration
~150
Other
licenses2
~300
IP increase1
~50
Total Existing
fields
~900
EOR
~100
Existing &
own acreage
Exploration
~800
Pertamina
oil and gas
production,
2025
Kbpd
New exploration capex will be
~15 % of capex, relative to
~20% for Statoil and ~60% for
Petrobras
Page 12
Wilayah Kerja Migas Domestik – Eksplorasi & Produksi
Page 13
Wilayah Kerja Migas Domestik – Eksplorasi & Produksi
PT Pertamina Hulu Energi
Page 14
Wilayah Kerja Migas Domestik – Eksplorasi & Produksi
PT Pertamina EP Cepu PT Pertamina EP Cepu Alas Dara Kemuning
Page 15
MALAYSIA
VIETNAM
IRAQ
Block 10 & 11.2 Vietnam (10%)
Block SK-305 Malaysia (30%)
Under exploration Under development Under production International Asset 10 working areas
Block West Qurna 1 (10%)
ALGERIA
Block Menzel Lejmet (65%) El Merk Ourhoud Algeria
Expanding upstream operation globally Pertamina presence in around 8 countries….
Page 16
Wilayah Kerja Migas Luar Negeri – Eksplorasi & Produksi
PT Pertamina Hulu Energi Conocophillip Algeria
(Irak – West Qurna 1)
(PT Pertamina Internasional E&P
• Algeria & Irak are onshore production
• Blok Vietnam & SK-305 areOffshore;
vietnam under eksploration & SK 305
under ekspolartion/development.
Page 17
Agenda
2
3 Upstream Business
4
Pertamina’s Business Overview
Gas Business
5 Downstream Business
1 Pertamina’s Energy Policy & Strategy
6 New & Renewable Energy Business
Page 18
Daerah Defisit Gas
Daerah Surplus Gas PT Arun NGL Design Capacity : 12.5 MTPA No. of Train : 6 Trains
Arun LNG Receiving & Regas. Terminal Design Capacity : 3 MTPA (storage 12MTPA) Main Customer : PLN & Local Industries Akan diintegrasikan dengan Pipa Arun Belawan
FSRU Nusantara Regas Design Capacity : 3 MTPA Project Owner : PTM (60%),PGN (40%)
FSRU Jawa Tengah Design Capacity : 3 MTPA Project Owner : Pertamina (100%)
PT Badak NGL Design Capacity : 22.5 MTPA No. of Train : 8 Trains
Donggi Senoro LNG Plant Design Capacity : 2 MTPA Project Owner : Mitsubishi & KOGAS (59.9%), Pertamina (29%), Medco (11.1%)
Eksisting
Rencana
Pipa Gresik Semarang Project Owner : Pertamina (100%)
Semarang
Bulungan
Lhokseumawe
Jambi
Prabumulih
Palembang
Bekasi,
Cirebon,
Depok,
Bogor
Sidoarjo,
Surabaya
Tarakan
Bontang
Ogan Hilir
Subang
Blora
Existing
In progress
Rencana
JARGAS:
FSRU Cilacap Design Capacity : 1,5 MTPA Project Owner : Pertamina (100%)
Land Base Jabar Design Capacity : 2 MTPA Project Owner : Pertamina (100%)
Pipa Tegalgede – Muarakarang Project Owner : Pertamina (100%)
Gas Infrastructure Connecting supply and demand through Integrated Gas Infrastructure
Page 19
CNG Roadmap Another energy conversion program by developing CNG infrastructure for transport sector
CNG Infrastructure Development Plan
Pertamina has been assigned the Government to
develop and operate CNG stations to support the
conversion program
Conversion program will be implemented gradually in several
big cities in Indonesia.
Note: number of existing CNG station until 2014: 37 units
11197
857565
2019 2018 2017 2016 2015
unit cumulative
111 CNG
Station in
2019
Page 20
Development of City Gas for households
• Government (Ditjen Migas) has developed City Gas in 16 cities (a total of 57.857 households)
• City gas development is done in 2 cities (2009), 4 cities (2010), 5 cities (2011), 5 cities (2012)
• For the household sector , the Government will allocate 0.5 MMSCFD of gas in each city.
• The Government has appointed PT Pertamina (Persero) to operate city gas, currently in 3 cities (Jambi,
Prabumulih, and Sengkang)
• Initiation Jargas project can be used as a stimulus for further development of the pipeline in order to connect other areas not reached by the gas infrastructure (including to industrial areas)
Existing city gas
In progress city gas
Next city gas development
Lhokseumawe
Jambi
Prabumulih
Palembang
Ogan Hilir
Bekasi,
Cirebon,
Depok,
Bogor
Tarakan
Bontang
Bulungan
Sengkang
Sorong
Sidoarjo,
Surabaya
Buleleng Semarang
Blora
Subang
Page 21
LNG For Vehicle project in Java Expanding Integrated Gas Value Chain & Maximizing Downstream Opportunities
Project location and Onshore LNG Facilities issues
Onshore Storage Tank:
• Jakarta/Merak
• Semarang
• Tuban/Tanjung wangi
• Cilacap
LNG Refueling Station:
• Jakarta
• Cirebon
• Semarang
• Surabaya
Successful Pilot Project LNG Vehicle PT Badak NGL
Fuel conversion from
diesel to dual fuel
August 2012
Location : Pilot project at
PT Badak NGL, Bontang
East Kalimantan
LNG for Vehicle potential partner
LNG Refueling
Station*
LNG Mobile
Refueling Unit
LNG ISO Tank
Trailer
*) LNG Refueling Station: Storage tank, dispenser, facilities (cryogenic pump, piping facilities, etc
LNG demand profile
Gas Supply (x1000 metric ton)
2013 2014 2015 2016-2019 2020-2022
LNG for Vehicle Java
0.113 1.239 4.617 69.585 139.171
Page 22
LNG For Mining Expanding Integrated Gas Value Chain & Maximizing Downstream Opportunities
Trial Period: Nov 2013 – Mar 2014 – Deliver from LNG Badak by Trucks,
using Isotank 20 ft. – Maximum delivery 2 trucks 20 ft per
day. – LNG Loading/unloading at PT Badak – LNG Loading /unloading at KPC site to
trucks.
– Alternative 1: by LCT. • Deliver from Bontang by LCT est
400 isotanks (est for 50 mmsCFD) – Alternative 2: by mini LNG vessel +
Isotank – Need to have delivery trucks, isotanks
in KPC to accommodate the quantity
PILOT PROJECT : November 2013
Location : Pilot Project at PT Badak
NGL, Bontang East Kalimantan with
Indominco Mining.
Pilot Project LNG for Long Haul Vehicle at Indominco LNG supply scheme
LNG Storage
tank
modification
for LNG
fueling station
LNG Trailer
(head truck,
trailer, ISO
tank) with
capacity 20 m3
Delivery point
LNG for
hauling truck
LNG demand profile
Gas Supply (x1000 Metric Ton) *)
’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ‘22
0.08 112 451 566 615 669 727 789 857 931
*)LNG for Mining demand forecast profile including
Indominco and KPC (but it has not taking into account
other potential company such as Arutmin Indonesia,
Berau Coal, Adaro, and Antam).
Pilot Project LNG for Heavy Equipment at KPC
Fuel conversion from diesel to LNG fuel for
heavy duty vehicles in Indominco and KPC
(mining company) in East Kalimantan.
Page 23
Agenda
2
3 Upstream Business
4
Pertamina’s Business Overview
Midstream Business
5 Downstream Business
1 Pertamina’s Energy Policy & Strategy
6 New & Renewable Energy Business
Page 24
Refinery Unit II Dumai Capacity: 170 mbsd NCI: 7.5
Refinery Unit III Plaju Capacity: 135 mbsd NCI: 3.1
Refinery Unit VI Balongan Capacity: 135 mbsd NCI: 11.9
Refinery Unit IV Cilacap Capacity: 350 mbsd NCI: 3.98
Refinery Unit V Balikpapan Capacity: 260 mbsd NCI: 3.27
Refinery Unit VII Kasim Capacity: 10 mbsd NCI: 2.4
Refinery Development The objectives are to make the existing refineries competitive and expanding its capacity ..
New Grass Root Refinery in Tuban with partnership
scheme with Aramco
New Grass Root Refinery in Bontang
with PPP scheme (plan)
Page 25
Refining Development Master Plan (RDMP) Pertamina will transform its refining business by upgrading up to 5 major existing refineries…..
SOURCE: Pertamina
Crude flexibility
Sulfur handling limit from
0.4% to ~2% S
~2% S of crude flexibility
Crude quantity
From 820,000 BPD
to 1,610,000 BPD
x2 increased capacity
Product quality
EURO IV up from EURO II
Gasoline from 500 to <50 ppm S
Diesel from 3,500 to <50 ppm S
Complexity
8-9 NCI
Complexity improved
from 5 to 8-9
Dumai refinery
Balikpapan refinery
Plaju refinery
Balongan refinery
Cilacap refinery
Page 26
Grass Root Refinery (GRR) Building World-Class Refining Capacity for Indonesia’s Energy Needs….
SOURCE: Pertamina
Crude flexibility
Sulfur handling limit up to
~2% S
~2% S of crude flexibility
Crude quantity
Can be increased to 400,000
BPD
300,000 BPD
Product quality
EURO IV - V
Gasoline 10 - 50 ppm S
Diesel 10 - 50 ppm S
Complexity
10-12 NCI
World class Complexity
Bontang refinery
Tuban refinery
New Grass Root Refinery in Bontang
with PPP scheme (Government plan)
New Grass Root Refinery in Tuban B to B scheme with
Aramco
Page 27
Increasing demand leads infrastructures to be upgraded SABANG
KRUENG RAYA
LHOK SEUMAWE
INST. MEDAN GROUP
UP. II - DUMAI
SIAK
MEULABOH
SIBOLGA
TT. TLK. KABUNG
G. SITOLI
PULAU BAAI
JAMBI
PANJANG
UP. III - PLAJU
NATUNA GROUP
TT P. SAMBU
ISG
PENGAPON
CAMPLONG
MANGGIS
AMPENAN
BIMA BADAS REO
ENDE WAINGAPU
MAUMERE
L. TUKA
KALABAHI
ATAPUPU
DILI
KUPANG
UP. IV
CILACAP
TT. GEREM IJG
SIMEULUE SIANTAR KISARAN
TT TG. UBAN
KIJANG TEMBILAHAN
TANJUNG
PANDAN
PANGKAL
BALAM
LUBUK LINGGAU KERTAPATI
BATURAJA
LAHAT
CIKAMPEK
TEGAL
TT LOMANIS
TASIKMALAYA
PADALARANG
UJUNGBERUNG MAOS
CEPU
REWULU CILACAP TERAS
TUBAN
MALANG
TG. WANGI
BITUNG
SAUMLAKI
DOBO TUAL
FAK - FAK
NABIRE
MERAUKE
JAYAPURA
BIAK
SERUI
SORONG
BULA
MASOHI
LABUHA PONTIANAK SINTANG
SAMPIT PKL.BUN
PULANG PISAU
BANJARMASIN
BALIKPAPAN
SAMARINDA
TARAKAN
TOLI - TOLI
MOUTONG
PARIGI
POSO
GORONTALO
KOLONDALE
PALOPO
TAHUNA
KOTA BARU
PARE - PARE
LUWUK
KENDARI
KOLAKA
RAHA
BAU -BAU MAKASSAR
AMPANA
WAYAME
TOBELO
TERNATE
BANGGAI
SAUMLAKI
DOBO TUAL
SERUI
MANOKWARI UP. VII KASIM
BULA
NAMLEA
SANANA
KAIMANA
BALONGAN
TIMIKA
KETAPANG
BERAU
KSO Kabil
DONGGALA
Region I
Region II
Region III
Region IV Region V
Region VI
Region VII
Region VIII
Page 27
Additional Infrastructures needed towards 2025 …
3,6 mil KL
500 K Ton
# 32 Jetties
2,200 KL/hour
#31 vessels
Downstream – Marketing & Trading :
Page 28
Pertamina Operational Area Providing 5000+ gas station outlet to secure Indonesia fuel need…..
Source: Pertamina’s Annual Report
July 2014
Total Gas Stations
5,161
Downstream – Marketing & Trading :
Page 29
KUPANG
SIAK
MEULABOH
SIBOLGA
G. SITOLI
BENGKULU
JAMBI
PANJANG
P. NATUNA
P. BATAM
SEMARANG
SURABAYA
CAMPLONG
MENENG
AMPENAN BIMA
BADUNG
REO
ENDE
WAINGAPU
MAUMERE
L. TUKA
KALABAHI
ATAPUPU
DILI
SAUMLAKI
TUAL
FAK - FAK
MERAUKE
MANOKWARI
BULA
MASOHI
NAMLEA
PONTIANAK
SINTANG
SAMPIT CILIK RIWUT
PKL.BUN P. PISANG
BANJARMASIN
BALIKPAPAN
SAMARINDA
TARAKAN
TOLI - TOLI
MOUTONG
DONGGALA
PARIGI
POSO
GORONTALO
KOLONDALE
PALOPO
KOTA BARU
PARE - PARE
P. SAMBU
BONTANG
PLUMPANG
LUWUK
KENDARI
KOLEKA
RAHA
BAU -BAU
UJ. PANDANG
SUBUNG
BANGGAI
Pkl. Susu
Tj. Uban
Surabaya
Balikpapan
Ujung Pandang
Tj. Santan
TT. Manggis
Dumai
Jabung
Natuna
Palembang
Plaju
Medan
Padang
Bontang
Region I (SumUt, NAD, Riau, Kep. Riau dan
Sumbar)
Region VI (Sulawesi, Kalimantan excl West
Kalimantan, Maluku, Papua)
Region III (DKI, western of Java &
Pontianak)
Region IV (Central of Java & DIY)
Region V (East Java, Bali & Nusa Tenggara)
LPG Distribution Facilities LPG Depo/Terminal : 19
SPPBE/SPBE 3 kg : 323
SPPBE/SPBE/SPPEK 12&50 kg : 99
LPG 3 kg agents : 2639
LPG 12 & 50 kg agents : 608
Floating storage : 220,000 MT
Tanker VLGC (@44,000 MT) : 3
Tanker semi-ref. (@10,000 MT) : 6
Tanker pressurized (@1,800 MT) : 9
Skid tank : 938
Downstream – M&T : LPG Plants
Region II (Sumsel, Lampung,
Bengkulu, Jambi, Babel)
Page 30
Operational Area Marketing and Distribution in Indonesia Pertamina handles the most complex distribution in the world in delivering fuel products across the country…
: Refining Units
: Fuel Distribution Line
: Fuel Depot
: Transit Terminal
: Back Loading Terminal
BITUNG
SABANG
KRUENG RAYA
LHOK SEUMAWE
UP. I - PKL. BRANDAN
LAB. DELI
UP. II - DUMAI
SIAK
MEULABOH
SIBOLGA
G. SITOLI
TT. TLK. KABUNG
BENGKULU
JAMBI
PANJANG
UP. III - PLAJU
P. NATUNA
P. BATAM
SEMARANG
SURABAYA
CAMPLONG
MENENG
TT. TLK MANGGIS
AMPENAN BIMA
BADUNG
REO
ENDE
WAINGAPU
MAUMERE
L. TUKA
KALABAHI
ATAPUPU
DILI
KUPANG
SAUMLAKI
DOBO TUAL
FAK - FAK
NABIRE
MERAUKE
JAYAPURA
BIAK
SERUI
MANOKWARI
SORONG
BULA
MASOHI
NAMLEA
SANANA
PABUHA
UP. IV CILACAP
PONTIANAK
SINTANG
SAMPIT CILIK RIWUT
PKL.BUN P. PISANG
BANJARMASIN
BALIKPAPAN
SAMARINDA
TARAKAN
TOLI - TOLI
MOUTONG
DONGGALA
PARIGI
POSO
GORONTALO
KOLONDALE
PALOPO
TAHUNA
KOTA BARU
PARE - PARE
P. SAMBU
TT.
TG. GEREM/MERAK
BONTANG
PLUMPANG
UP.VI
BALONGAN
LUWUK
KENDARI
KOLEKA
RAHA
BAU -BAU
UJ. PANDANG
SUBUNG
TT. WAY AME
TOBELO
TERNATE
BANGGAI
KALBUT
IMPORT
IMPORT
TLK. SEMANGKA
5,161 unit Gas Stations, 603 APMS, 260 SPDN, 50 SPBN
113 Fuel Terminals, 3 Lube Oil Blending Plant
62 Aviations Depot
220 vessels (63 own, 157 chartered)
1,835 KM pipelines
: Ship to Ship
M&T UPDATE
Downstream – Marketing & Trading :
Page 31
Singapore
(SIN)
Hongkong
(HKG)
Bangkok (BKK)
Kuala
Lumpur
(KUL)
Jeddah
(JED)
Korea
Selatan
Bombay
Manila
Madina
Penang
Lubricant Aviation Fuel (AVTUR)
Bunker charging operation using a
third party by implementing the
concept of Conco Delco::
1. Singapura
2. Fujairah
3. Jepang
4. China
5. Jepang
Bunker
Sales Area 2008-2013
24 countries
Implementing the concept of Conco Delco, Pertamina
Aviation is at 10 international airports
Downstream – M&T : Expansion Lubricant, Aviation (Avtur), Bunker
Page 32
Agenda
2
3 Upstream Business
4
Pertamina’s Business Overview
Midstream Business
5 Downstream Business
1 Pertamina’s Energy Policy & Strategy
6 New & Renewable Energy Business
Page 33
New & Renewable Initiatives in line with Government interest in optimizing energy business, Pertamina enlarge the scope of activity by includeing new and renewable initiatives…
Indonesia’s Energy Mix 2025 **)
100% = 1,176 Mboe 100% = 2,785 Mboe
Indonesia’s Energy Mix 2011
*) New & Renewable Energy
**) Berdasarka Energy Mix ESDM “Primary Energy Mix 2025”
**) Source: MEMR Indonesia.
Environment Friendly Business to align with the Government Policy
• Geothermal
• Green Diesel
• Bioethanol
• Bioavtur
• Coal to
Ethanol
• Wind
• Waste to
Energy
• Hydro
PERTAMINA’S
RENEWABLE
ENERGY
PROJECTS
Oil
Gas
Coal
NRE *)
Oil
Gas Coal
NRE
Page 34
Thank You
These materials have been prepared by PT Pertamina (Persero) together with its subsidiaries, (the “Company”) and have not been independently verified. No representation or warranty, express or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented, contained or referred to in these materials. Neither the Company nor any of its affiliates, advisers or representatives accepts any liability whatsoever for any loss howsoever arising from any information presented, contained or referred to in these materials. The information presented, contained and referred to in these materials is subject to change without notice and its accuracy is not guaranteed.
These materials contain statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to, among other things, the operations, business, strategy, consolidated results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions and actual results may differ from those in the forward-looking statements as a result of various factors. Forward-looking statements contained herein that reference past trends or activities should not be taken as a representation that such trends or activities will necessarily continue in the future. The Company has no obligation and does not undertake to update or revise forward-looking statements to reflect future events or circumstances.
These materials are highly confidential, are being given solely for your information and for your use and may not be copied, reproduced or redistributed to any other person in any manner. Unauthorized copying, reproduction or redistribution of these materials into the U.S. or to any U.S. persons as defined in Regulations under the U.S. Securities Act of 1933, as amended or other third parties (including journalists) could result in a substantial delay to, or otherwise prejudice, the success of the offering. You agree to keep the contents of this presentation and these materials confidential and such presentation and materials form a part of confidential information.
Disclaimer