AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI
GAVIO GROUPGAVIO GROUP
MAY 2009
KEY FACTS
TOLL REVENUES IN LINE WITH 2007
NO ALLOWANCE FOR TARIFF INCREASE + GAP IN THE REMUNERATION OF CAPEX = LACK OF REVENUES BY APPROX. € 50 MIL.(1)
WRITE-DOWNS OF INVESTEMENTS BY € 43 MIL. (SIAS GROUP) AND BY € 63.5 MIL. (ASTM GROUP)
2008 ADDITIONAL CAPEX: € 295 MILLION
DECREE LAW N. 185 ISSUED ON NOVEMBER 29, 2008 POSTPONED THE 2009 TARIFF INCREASES TO MAY 1, 2009
“NEW” CONCESSION CONTRACTS OF SATAP (A4 AND A21), ATIVA AND CISA(2) ENACTED ON JUNE 2008 BY LAW(3)
THE CONCESSION CONTRACT OF “ASTI-CUNEO”, RECORDED BY AUDIT COURT, IS EFFECTIVE SINCE FEBRUARY 2008
(1) As at 31 December 2008, the remuneration of € 557 million capex was pending.
(2) An EU infringement procedure was opened upon the extension of the concession to 2031.
(3) For the remaing concession contracts, the re-negotiation with the Regulator is in progress. 2
2008 2009
TRAFFIC VOLUMES DOWN BY 8% (TOLL REVENUES: - € 16 MIL.)
NO TARIFF INCREASES (EXTIMATED LACK OF REVENUES BY APPROX. € 11 MIL.)
TARIFF INCREASES ON GROUP NETWORK
MAY 1, 2009
1Q 2009
AGREEMENT FOR THE ACQUISITION OF 3 CHILEAN MOTORWAYS (JOINTLY WITH ATLANTIA)
2008 ASTM-SIASFINANCIAL RESULTS - HIGHLIGHTS
(Eu mn unless otherwise stated)
(1) Includes the net effect of the write-downs of investments (37,9 Eu/mn) (2) Includes the net effect of the write-downs of investments (37,5 Eu/mn)
Revenues from motorway sectorOther sectors’ revenues
Total Revenues
EBITDAEBIT
Profit before taxesNet profit (after minorities)
Operating cash flow
Additional Capex (Motorway sector)
Net DebtNet Debt/EBITDANet Debt/Equity
Dividend per share (€) Interim FinalTotal
Pay out (on Group’s consolidated net profit)
ASTM
2008 2007 “pro-forma”
71487
801
44226416243
293
295
1.3893,1x
0,85x
0,200,050,25
50%
714109823
490327314112
330
400
1.1482,3x
0,69x
0,200,200,40
31%
SIAS
2008 2007 “pro-forma”
71477
791
43125616777
277
295
1.4983,5x
1,02x
0,1600,0400,200
59%
71498
812
477314302170
325
400
1.3232,8x
0,90x
0,1650,1600,325
44%
(1) (2)
3
1Q 2009 ASTM-SIASFINANCIAL RESULTS - HIGHLIGHTS
(Eu mn)
Revenues:Revenues from motorways sector
Other sectors’ revenuesTotal Revenues
Operating costs
Capitalization of internal construction costs
EBITDA
ASTM
1Q 2009 1Q 2008
150,719,3
170,0
(102,1)
13,9
81,8
165,121,6
186,7
(100,4)
17,4
103,7
SIAS
1Q 2009 1Q 2008
150,716,2
166,9
(94,5)
7,8
80,2
165,120,0
185,1
(94,1)
11,6
102,6
4
TRAFFIC BY QUARTER
Net of extraordinary events, we expect that traffic trends will fall by 3,5% in 2009
(1) Inclusive of the “leap year” effect (2) 6,85% taking out the “leap year” effect 5
1Q 2008 2Q 2008 3Q 2008 4Q 2008
+2,90%
-2,41%-1,74%
-3,13%
1Q 2009
(2)(1)FY 2008: - 1,21% -7,96%
AGENDA
GROUP STRUCTURE
FINANCIAL RESULTS
CONCLUSION
INTERNATIONAL DEVELOPMENT - CHILE
TARIFF INCREASES AND INVESTMENT PLAN
6
7
GROUP STRUCTURE
FINANCIAL RESULTS
CONCLUSION
INTERNATIONAL DEVELOPMENT - CHILE
TARIFF INCREASES AND INVESTMENT PLAN
8
Current Group Structure
Motorway Concessions Technological and tlc services towards motorway concession companies
Holding Companies Engineering, planning and infrastructure/maintenance
Costruction, planning, services, other (Non consolidated)
ASTM S.p.A.
Aurelia S.p.A. / Argo Finanziaria S.p.A.
51,00%
SIAS S.p.A.
SATAP
SAVATIVA
Road Link Holdings (UK)
65,1%41,2%
99,9%
ITINERA+Grassetto
Lavori
40,3%
Holding Piemonte e
Valle d'Aosta
20,0%
SITRASB
36,5%
SALTCISA
ADF
84,4% 87,4%
60,8%(39,01%)
CODELFA
SITAF
36,5%
6,2%
1,1%
100%
Pavimental
ASA(Costanera Norte - Cile)
45,0%
Market
Motorway Concessions Technological and tlc services towards motorway concession companies
Holding Companies Engineering, planning and infrastructure/maintenance
Costruction, planning, services, other (Non consolidated)
ASTM S.p.A.
Argo Finanziaria S.p.A.
SIAS S.p.A.
63,42%(SINA 1,72%)
SATAP
SAVATIVA
Road Link
65,1%41,2%
99,9%
Itinera
SINECOSINA
82,0%
Piemonte e
20,0%
99,5%
SITRASB
36,5%
SALTCISA
ADF
84,4% 87,4%
60,8%
58,05%
+ ARGO
50,0%
SITAF
6,2%59,7%
0,08%
100%
0,5%
CODELFA Pavimental
26,45%
18,0%
9,90%
(Costanera
45,0%
26,68%
1,4%
Market
Asti-CuneoAsti-Cuneo
65,0%(ITINERA 5%)
SINELEC
33,58%
(16,42%) + FPI
ABC
14,1%
32,4% 25,4%
28,1%
9
OWNERSHIP STRUCTUREHolding companies
TREASURY STOCKS
ASSICURAZIONI GENERALI GROUP
FREE FLOAT
GAVIO GROUP51,00%
28,57%
9,98%
2,85%
5,01%
FONDAZIONE CR-TO
LAZARD ASSETMANAGEMENT LLC.
ASSICURAZIONI GENERALI GROUP
4,99%
FREE FLOAT18,06%
GAVIO GROUP73,32%
3,63%
LAZARD ASSET MANAGEMENT LLC
2,59%
10
OWNERSHIP STRUCTUREMain motorway companies
AUTOCISA
%
PUBLIC AUTHORITIES
GROUP
MUNICIP
ALITIE
S
OTHER
PROVINCES
REGIONS
ANAS
OTHER
TOTAL
99,87
87
84
68
65
61
45
41
37
36
-
2
2
-
-
5
-
-
11
-
-
4
9
-
-
6
-
18
9
-
-
-
-
28
-
-
-
-
-
64
-
-
-
-
35
-
-
-
32
-
-
1
-
-
-
6
-
-
-
-
100
100
100
100
100
100
100
100
100
100
0,13
6
5
4
-
22
55
41
11
-
SUBSIDIARIES
Società Autostrada Asti-Cuneo S.p.A.
LxL
E.M.
E.M.
PROP.
SAVONASAVONA
VENTIMIGLIA
M. BIANCO
IVREAIVREA
TORINOTORINO
VOLTRIVOLTRI SESTRI L.SESTRI L.
PARMAPARMA
LA SPEZIAVIAREGGIO
PISA LUCCALUCCA
LIVORNO
ASASTITI
CUNEOCUNEO
AOSTAAOSTA
S. BERNARDO
ALESSANDRIAALESSANDRIA
MILANOMILANO
FREJUSPIACENZAPIACENZA
ROSIGNANO M.
CONCESSIONAIRE LENGHT KM
SUBSIDIARIESSATAP [A4] 130,3SATAP [A21] 167,7SALT 154,9
CISA 182,0(1)
SAV 59,5
AT-CN 90 (2)
ADF 113,2ATIVA 155,8
EQUITY INVESTMENTSSITAF [A32, T4] 94SITRASB 12,8
ROAD LINK (A69) – UK 84COSTANERA NORTE – CHILE (THROUGH ASA) 43
1.287,2
SIGNIFICANT INVESTMENTSMILANO SERRAVALLE – MILANO TANGENZIALISOCIETA’ AUTOSTRADA TIRRENICA
Current network managed by the SIAS Group
Inclusive of the planned 81 km stretch linking Parma to the Autostrada del BrenneroUnder construction
(1)(2) 11
12
SIAS Group motorway concessions
(1) An EU infringement procedure was opened upon the extension of the concession to 2031.(2) 23,5 years starting from the completion of the infrastructure
Status of the Concession/Financial Plan
Approved Ongoing negotiationfor renewal
ATIVA S.p.A. Torino ringroad, Torino-Quincinetto,
Ivrea-Santhià e Torino-Pinerolo 2016
Concession expiry
SATAP S.p.A. Torino-Milano 2026
SATAP S.p.A. Torino-Piacenza 2017
CISA S.p.A. La Spezia-Parma (and junction to
the Brennero motorway) 2031
ASTI-CUNEO
ADF S.p.A. Savona-Ventimiglia 2021
SALT S.p.A. Sestri Levante-Livorno, Viareggio-Lucca e
Fornola-La Spezia 2019
(2)
SAV S.p.A. Quincinetto-Aosta 2032
(1)
13
SIAS GROUP: comparison with main European players
SIAS
2025
1.287
800 736
431 54%
256 32%
77 (56) 10%
1.469 3.986 4.779 1.498 8.525
Average expiry of the motorway concessions
Network managed (km)
Key consolidated figures FY 2008
(€/mln):
Revenues
Ebitda % on Revenues
Ebit % on Revenues
Net Income% on Revenues
EquityNet debt
D/E 1,0x
Cintra
2040
2.800
522 71%
401 54%
-
n.av.
-
Abertis
2025
3.320
3.679
2.256 61%
1.448 39%
618 17%
14.059
2,9x
Atlantia
2037
3.413
3.477
2.115 61%
1.616 46%
735 21%
9.755
2,4x
BRISA
2032
686
483 70%
277 40%
152 22%
3.674
2,7x
ITINERE
n.av.
345
235 68%
159 46%
28 8%
3.313
9,0x
1.373
1.106 2.934
367
Debt/EBITDA (2008) 4,6X 3,5X 6,2X 16,3X 7,6X 14,1x
14
SIAS GROUP: comparison with main European players(1) (cont’d)
(1) Source: Equity research, factset as of May 2009
SIAS
1.081
2.781
6,2X
Equity value (€/mn)
Enterprise value – EV (€/mn)
EV/EBITDA (2009 E)
Atlantia
8.297
18.233
8,8X
Abertis
8.933
21.767
9,4X
Cintra
2.553
8.905
17,0X
BRISA
2.905
12,4X
5.784
ITINERE
2.851
15,0X
7.831
15
GROUP STRUCTURE
FINANCIAL RESULTS
CONCLUSION
INTERNATIONAL DEVELOPMENT - CHILE
TARIFF INCREASES INVESTMENT PLAN
16
94%94%
MOTORWAY SECTOR
ASTM – EBITDA BY SECTOR
CONSTRUCTION SECTOR1%1% TECHNOLOGICAL SECTOR 2%2%
ENGINEERING SECTOR 3%3%
2008EBITDA 442,1EBITDA margin 55%
1Q 2009EBITDA 81,8EBITDA margin 48%
17
ASTM – NET FINANCIAL INDEBTEDNESS(Eu mn)
Long-term indebtedness87,0%
Short-term indebtedness
13,0%
31/3/2009
Cash and cash equivalents
Long-term indebtedness
Including the NPV Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBTOF THE “CENTRAL GUARANTEE FUND” DEBTIncluding the NPV Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBTOF THE “CENTRAL GUARANTEE FUND” DEBT
Short-term indebtedness
NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS
Financial receivables
(1.741)(1.741)
258
-
(214)
(1.429)
31/3/2009
(1.385)(1.385)
208
-
(210)
(1.387)
(1.740)(1.740)
31/12/2008
(1.389)(1.389)
18
CONSTRUCTION SECTOR
97%97%
MOTORWAY SECTOR
SIAS EBITDA BY SECTOR
AUTOCISA
2%2%TECHNOLOGICAL SECTOR
14,3
6,0
5,7
15,818,3
11,2
25,7
1%1%
(1)
(1) ATIVA is consolidated on a “proportional basis” (41,17%)
A4 Stretch
A21 Stretch
2008EBITDA 431,1EBITDA margin 54%
1Q 2009EBITDA 80,2EBITDA margin 48%
%
%
%
%
%%
%
19
SIAS – NET FINANCIAL INDEBTEDNESS(Eu mn)
Long-term indebtedness87,6%
Short-term indebtedness
12,4%
31/3/2009
Cash and cash equivalents
Long-term indebtedness
Including the NPV Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBTOF THE “CENTRAL GUARANTEE FUND” DEBTIncluding the NPV Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBTOF THE “CENTRAL GUARANTEE FUND” DEBT
238
-
(214)
(1.520)
(1.852)(1.852)
Short-term indebtedness
NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS
Financial receivables
31/3/2009
(1.496)(1.496)
192
-
(212)
(1.478)
(1.849)(1.849)
31/12/2008
(1.498)(1.498)
20
SIAS – DEBT ANALYSIS BY MATURITY
2016-onward54,9% 2011 - 2015
29,2%
2009 - 201015,9%
. Debt at fixed rate/hedges : 50% of consolidated debt
. Debt at floating rate : 50% of consolidated debt (Euribor +35b.p.115b.p.)
21
ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds)
SIAS - BOND
INTEREST: 2,625%
CONVERSION RIGHT:
PAR VALUE: 10,50 Eu
DURATION: 12 yrs (2005 – 2017)
• FROM THE END OF THE 5TH YEAR
• 1:1 AT PAR
BONDS HELD BY THE GAVIO GROUP: N° 9,8 millions (31%)
22
GROUP STRUCTURE
FINANCIAL RESULTS
CONCLUSION
INTERNATIONAL DEVELOPMENT - CHILE
TARIFF INCREASES AND INVESTMENT PLAN
23
SIAS GROUP – TARIFF INCREASES (2009)
(1) Refers to “Productivity factor”
Inflation
(a)
Quality factor
(b)
Total
(a)+(b)=(c)
Past due increase
(d)
X factor2008(e)
X factor2009
(f)
K factor2009(g)
TOTAL TARIFF INCREASE(c)+(d)+(e)+(f)+(g)
SATAP A4 1,50 0,19 1,69 - 3,98 3,98 9,81 19,46
SATAP A21 1,50 0,16 1,66 - 2,92 2,92 5,13 12,63
ATIVA 1,50 -0,96 0,54 1,00 - - 5,03 6,57
CISA 1,50 0,11 1,61 - - - - 1,61
ASTI-CUNEO - - - 9,30 - - - 9,30
(1)
“NEW” CONCESSION AGREEMENTS
(%)
24
SIAS GROUP – TARIFF INCREASES (2009) cont’d
(1) The renewal of the concession agreements is expected by the end of June 2009(2) The company is consolidated with the “equity method”(3) Based on 1/5 – 31/12/2009 period (+7.5%: full year)
Inflation
(a)
Productivity factor
(b)
Quality factor
(c)
Past due increase
(d)
TOTAL TARIFF INCREASE
(a)+(b)+(c)+(d)
ADF 1,50 0,96 0,31 0,98 1,83
SALT 1,50 0,96 0,55 3,46 4,55
SAV 1,50 0,96 0,21 2,15 2,90
SITAF 1,50 0,96 1,48 2,55 4,57
CONCESSION AGREEMENTS CURRENTLY UNDER NEGOTIATION (1)
(2)
(%)
2009 Group average tariff increase : +5%(3)
25
SIAS GROUP – TARIFF INCREASES – KEY COMPONENTS (2010 – ONWARD)
FOR THE REMAING CONCESSION AGREEMENTS (ADF, SALT, SAV AND SITAF) NEGOTIATION ARE IN PROGRESS WITH THE REGULATOR (ANAS)
2010 2011 2012 2013 2014 2015 2016
SATAP A4 X factorK factor
3,989,8113,79
3,989,8113,79
3,989,8113,79
-13,7913,79
-13,7913,79
SATAP A21 X factorK factor
2,925,138,05
2,925,138,05
2,925,138,05
-8,058,05
-8,058,05
ATIVA K factor 5,18 5,18 5,18 5,18
CISA K factor 1,57 10,00 10,00 10,00 10,00 10,00 3,46
“NEW” CONCESSION AGREEMENTS
(%)
26
SIAS GROUP - INVESTMENT PLAN
(Eu bn) 2009 2010 2011 2012 2013 2014 2015 20162017-end of concession Totale
SATAP A4 0,07 0,19 0,27 0,15 0,03 0,71
SATAP A21 0,05 0,04 0,04 0,01 0,02 0,16
SAV 0,01 0,01 0,01 0,02 0,05
ATIVA 0,02 0,02 0,04 0,03 0,02 0,13
SALT 0,04 0,04 0,04 0,04 0,04 0,04 0,04 0,04 0,09 0,41
ADF 0,01 0,04 0,03 0,03 0,01 0,01 0,13
CISA 0,12 0,28 0,28 0,27 0,33 0,33 0,30 0,08 0,01 2,00
AT - CN 0,13 0,42 0,37 0,28 0,23 0,09 1,52
Totale 0,45 1,04 1,08 0,83 0,68 0,47 0,34 0,12 0,10 5,11
(1)
(1)
(1)
(3)
Open talks with EIB and Cassa Depositi e Prestiti for financing part the above investment programme
(2)
(1) Negotitian of the concession contracts is ongoing(2) The financial plan and the final amount of the investment will be reviewed upon approval of the “executive project”; terminal value of 1,6 bn is granted at the end of the concession (2031)(3) Inclusive of additional 0,5 bn currently under discussion with ANAS; the financial plan and the final amount of the investment will be reviewed upon approval of the “executive project”
27
GROUP STRUCTURE
FINANCIAL RESULTS
INTERNATIONAL DEVELOPMENT - CHILE
CONCLUSION
TARIFF INCREASES AND INVESTMENT PLAN
28
INTERNATIONAL DEVELOPMENT: CHILE
(1) Acquisition of the Spanish Itinere group’s investments in 3 Chilean motorway concessionaires
JOINT ACQUISITION WITH ATLANTIA
IN SANTIAGO AREA (1)
ACHIEVE CRITICAL MASS
PARTNERSHIP/CO-INVESTMENTS TO MINIMIZE BUSINESS RISK
BUSINESS CONSOLIDATION OPPORTUNITIES
29
Transaction Highlights
Potential synergies in the Santiago area leveraging on the existing operating platform
Rationale
SIAS will contibute assets of Santiago area in a new vehicle equally controlled with Atlantia indicatively financed with 50% equity/50% debt
Equity contribution: SIAS (approx. € 68 mil., inclusive of a share premium by € 41mil.) and Atlantia (approx. € 27 mil)
SIAS and Atlantia already hold a 45% interest each in Autostrade Sud America (ASA), which controls Costanera Norte, a 43 Km toll road in Santiago
The new vehicle will merge with ASA
I
II
III
IV
VRMVI
VII
VIII
IX
X
XI
XII
PuchuncaviNogales Los Andes
Colina
Santiago
Melipilla
San Antonio
Algarrobo
ValparaisoViña del Mar
V
VII
Santiago
VI
Area V
RM
Metropolitan Area of
Santiago
INTERNATIONAL DEVELOPMENT: CHILE
30
INTERNATIONAL DEVELOPMENT: CHILE
(1) Opened to traffic beginning of March 2009(2) 24.2x EV/EBITDA for Costanera Norte (EV/EBITDA multiple implied in the acquisition of the call option held by Impregilo
Group on 10% of the share capital of Costanera Norte’s parent company, Autopista do Pacifico)(3) Inclusive of transaction costs
Joint vehicle
SIAS / Atlantia
Vespucio Sur 50% 25 201 8.0x
Red Vial Litoral Central 50% 4 62 15.5.x 262
Nororiente 100% n.a.(1) 125 n.m. (1)
Assets in Santiago to be contributed in a new vehicle equally controlled by SIAS and Atlantia Combined EV/EBITDA 22.4x
New vehicle to merge with Costanera (2)
AssetStake
EBITDA2008
Net debt2008
Net debt/EBITDA
Equity value pre-leverage Remarks
(3)
31
INTERNATIONAL DEVELOPMENT: CHILE
Vespucio Sur
Red Vial Litoral Central
Nororiente• Minimum guaranteed income
• Committed Governement subsidies
Remarks
24
80
21
2002-2032
2001-2031
2009-2044
100% CPI + 3.5%
100% CPI
100% CPI + 3.5%
KmConcession
start-end
• Committed Governement subsidies
• Possible 8 year concession extension (1)
• Congestion pricing (2)
• Minimum guaranteed income
• Committed Governement subsidies
Tariff formula
(1) Alternative to the reimbursement by the Ministry of Public Works at the end of the concession (with matured interests) of the extra cost incurred during construction
(2) Tariffs may double when average speed is below 70 km/hour and may triple when average speed is below 50 km/hour
32
GROUP STRUCTURE
FINANCIAL RESULTS
CONCLUSION
INTERNATIONAL DEVELOPMENT - CHILE
TARIFF INCREASES AND INVESTMENT PLAN
33
OPERATIONS
DIVIDEND POLICY
INTERNATIONAL
DEVELOPMENT
REGULATION
FINANCIAL
STRATEGY
TRAFFIC RELATIVELY RESILIENT TO ECONOMIC SLOWDOWN
TARIFF INCREASES LINKED TO THE SIGNIFICANT ONGOING INVESTMENT PLAN
FINALLY, THE “NEW” CONCESSION AGREEMENTS FULLY DISPLAYED THE EFFECTS [e.g. TARIFF INCREASES]
NO LONGER COMPULSORY TO TENDER OUT WORKS UP TO 60% OF TOTAL VALUE (ART. 29 OF LAW DECREE NO. 207/2008)
FOCUS ON FEW SELECTED OPPORTUNITIES WITH LIMITED EQUITY COMMITMENT
INVOLVEMENT OF OTHER PARTNERS IN ACQUISITIONS OF NON MATURE OR HIGHLY LEVERED ASSETS
STABLE PAY-OUT DESPITE INVESTMENTS’ PEAK
LARGE SAFETY MARGIN IN TERM OF RE-FINANCING
ACCESS TO LONG-TERM SOURCES OF FUNDING [e.g. EIB]
CONCLUSION
Disclaimer
THIS DOCUMENT HAS BEEN PREPARED BY ASTM S.P.A. AND SIAS S.P.A. (THE “COMPANIES”) FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR ITS SUBSIDIARIES.
THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINED HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANIES NOR ANY OF ITS REPRESENTATIVES SHALL ACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THIS DOCUMENT. THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON.
THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE PRESENTATION MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANIES’ BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES AND PROJECTIONS, AND PROJECTS. HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANIES’ ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. THEREFORE, YOU SHOUD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS.
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