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Executing on priorities in pursuit of stakeholder value
DE HOEK SITE VISIT 24 SEPTEMBER 2018
SLURRY SITE VISIT 27 SEPTEMBER 2018
4
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
CONTENTS
SA OPERATING CONTEXT
page 3
DE HOEK SITE VISIT
page 10
SLURRY COMPLEX SITE VISIT
page 26
1. SA OPERATING CONTEXT
NJOMBO LEKULA – MD SA
CEMENT
6
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
1.1 SUPPLY DEMAND DYNAMICS
6
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
6 000
8 000
10 000
12 000
14 000
16 000
18 000
20 000
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
'00
0 t
on
ne
s
ANNUAL CEMENTITOUS SUPPLY AND DEMAND IN SOUTH AFRICA, BOTSWANA, LESOTHO & SWAZILAND
Industry demand Industry demand locally produced Industry Capacity (with SK9) Annual % change in demand
SK9 provides PPC with newest technology in the domestic industry
In 2020 an estimated 3mtpa of industry capacity will not meet emissions regulations
After 2020 the industry will be running at high capacity suggesting additional capacity will be required
New entrant
New entrant
PPC - Dwaalboom
PPC SK9
7
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
1.2 PLANTS IN SOUTH AFRICA | MODERNISED
7
Comment
• SK9 latest kiln technology
(2018)
• Capex – R1.9bn
• VRM technology
• Capex – R2.0bn
Capacity TechnologyComplex
2.0 mtpa
6 stage pre-
heater ILC and
grate cooler
Slurry
2.0 mtpa
6 stage pre-
heater ILC and
grate cooler
Dwaalboom +
Hercules
1.2 mtpa
4 stage pre-
heater and
grate cooler
DeHoek• Kiln upgrade
• Capex – R500m
Z A R 4 , 4 b n M O D E R N I S AT I O N C A P E X S P E N T I N S A I N T H E L A S T D E C A D E
P L A N T S I Z E A N D T E C H N O L O G Y M AT T E R – W E H AV E B O T H
P R I M E L O C AT I O N – P R O X I M I T Y T O M A R K E T, S T R AT E G I C R A W M AT E R I A L S
M A N U FA C T U R I N G F O O T P R I N T A N D E F F I C I E N C Y I N C L A LT E R N AT I V E F U E L T E C H N O L O G Y
Efficiency
8
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
1.3 THREE MEGA PLANT STRATEGY CAPITALISES ON OUR
FOOTPRINT
8
P P C H A S T H E M O S T D E S I R A B L E C E M E N T D E L I V E R Y F O O T P R I N T I N S O U T H A F R I C A
PPC footprint enables:
• I n t eg ra ted p lan t s and
depo t s t o se rve
k ey m ark e t s
• B lend ing f ac i l i t i es c l os e
t o t he m ark e t
• Por t f o l i o e f f ec t de l i ve r i ng
p ro f i t ab i l i t y
• Ab i l i t y t o de l i ve r a t l owes t
cos t t h rough op t im a l
s ourc ing
* Grinding plant only
Key
*cement capacity
PPCPPC Mega plant (3)
PPC Grinding plant (3)
Free State
Mpumalanga
North-West
GAUTENG
Pretoria
Stormill BlendingIsando Blending
Meyerton
Blending
and
milling
9
3
3
2
3
1
Botswana
Port Elizabeth
Polokwane
Lichtenburg
Cape Town
Saldanha
* Riebeeck
De Hoek
Richards Bay
Port Shepstone
East London
Durban
Newcastle
Gaborone
Nelspruit
*Johannesburg
1
2
3
9
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
1.4 PPC STRATEGIC RESPONSES TO MARKET FACTORS
9
18Mt
14Mt
1,0Mt
INDUSTRY CAPACITY
LOCALLY PRODUCED
INDUSTRY
DEMAND
IMPORTS
25% excess
capacity gap
29% excess
capacity gap
SOUTH AFRICA CEMENT DEMAND AND CAPACITY (2018e)*
18Mt
14Mt
*Estimated data from market and industry sources
• Cement imports
• Growth of third party blenders leading to
• Erosion of quality
• Detraction from market related pricing
• Value destruction for stakeholders
KEY CHALLENGES
PPC STRATEGIC RESPONSES
• Lobbying government to impose tariffs on
cement imports
• Driving efficiencies through cost leadership
and optimal sourcing
• Continued innovation in alternative building
technologies
• Enhanced product portfolio and route to
market strategy implementation
P P C C O N T I N U E S T O E N G A G E G O V E R N M E N T A N D R E G U L AT O R Y B O D I E S O N T H E S E
I S S U E S
10
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
90.00
95.00
100.00
105.00
Jan-1
5
Feb
-15
Ma
r-1
5
Apr-
15
Ma
y-1
5
Jun-1
5
Jul-1
5
Aug-1
5
Sep-1
5
Oct-
15
No
v-1
5
De
c-1
5
Jan-1
6
Feb
-16
Ma
r-1
6
Apr-
16
Ma
y-1
6
Jun-1
6
Jul-1
6
Aug-1
6
Sep-1
6
Oct-
16
No
v-1
6
De
c-1
6
Jan-1
7
Feb
-17
Ma
r-1
7
Apr-
17
Ma
y-1
7
Jun-1
7
Jul-1
7
Aug-1
7
Sep-1
7
Oct-
17
No
v-1
7
De
c-1
7
Jan-1
8
Feb
-18
Ma
r-1
8
Apr-
18
Ma
y-1
8
Jun-1
8
Jul-1
8
Aug-1
8
10
1.5 CONTINUED PRICE RECOVERY IN A CHALLENGING TRADING
ENVIRONMENT
AVERAGE SELLING PRICE (ASP) TRENDS
Source: PPC Research ASP indexed from January 2015
Pricing
bottomed
W E C O N T I N U E TO R E A L I S E E F F E C T I V E P R I C E I N C R E A S E S
11
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
1.6 NEW SURE RANGE OF PRODUCTS LAUNCHED
Cement for road
stabilisation
Premium
multipurpose
cement for
general building &
civil
Masonry cement
designed for
plaster & mortar
Early strength
cement designed
for concrete,
mortar, plaster &
bricks
High early strength
cement designed
for precast
products
Superior high
strength specialist
cement
F I T F O R P U R P O S E R A N G E O F C E M E N T S TO C AT E R TO A L L C U S TO M E R
N E E D S9
3. SLURRY COMPLEX SITE VISITFRIKKIE VAN ZYL – GM SLURRY
COMPLEX
29
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
3.1 SLURRY COMPLEX TEAM
GM Frikkie Van Zyl
Jannie De Witt
Despatch Manager
Patience Mosieleng
Admin Manager
Pieter Meyer
QA Manager
Tumisang Totong
SHE Manager
Sbonelo Zondo
HR Manager
Andre Niemand
Quarry Manager
Amos Mabetha
Engineering Manager
Lucian Slinger
Production Manager
E X P E R I E N C E D M A N A G E M E N T T E A M
29
30
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
3.2 SLURRY COMPLEX LOCATION AND MARKET
Botswana: 42%
North West: 32%
Gauteng: 8%
Mpumalanga: 8%
KwaZulu Natal: 8%
Rest: 2%
• PPC has a dedicated rail line used for delivery to Botswana
• Some limited product goes to the Eastern Cape and
Free State provinces
• Clinker transfers occur from Slurry to Jupiter with backhaul
of boiler ash and gypsum
• 387 unique customers
Slurry predominantly supplies product to 5 regions
9
3
3
2
3
1
Botswana
PolokwaneGaborone
Nelspruit
Johannesburg
Lichtenburg
30
31
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
3.3 SLURRY COMPLEX AERIAL VIEW
Village
Despatch We are here
31
32
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
3.4 SLURRY COMPLEX OVERVIEW | 2.0MTPA CAPACITY
32
New Old Old with
upgrades
Coal feeding system
Overhead crane
Coal,
clinker,
gypsum
storage
SK9
6 stage, pre-calciner,
grate cooler
Road and rail
Clinker dispatch
system upgrade
90kt
(3x30kt)
Clinker silos
3 kt
Clinker
dispatchFinishing
Mills
(4x mills)
Packing
Plant
2x rotary
packers
2x
palletisers
Cement
SK8 RM
4
2 x 60kt
limestone
Quarry
limestone,
shale
Blending
Bins
GCT
Water injection
upgrade on GCT to
work with bag filter
Raw meal
extraction system
Stacker and
Reclaimer sized for
the complex
Feeds both RM4 and
RM5 raw materials
feed per millNew limestone
reclaimer and new
limestone
New weighbridge for
raw materials
Bag filter
<30mg/Nm3
RM5
Proportioning
plant
Additive
material
storage
Raw material
receiving
station
Weigh
bridge
Limestone
Reclaimer
Raw
meal
9,5kt
3 000 tpd 891 ktpd
Total Clinker
1.6mtpa
2 400 tpd 713 ktpa
Shale conveying
system
T H E S L U R R Y C O M PLEX I S A B R OW N FI ELD S E XP A N SION W H IC H C O ST ~ U S $ 70 – U S $ 9 0 /TO N N E
33
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
3.5 SLURRY COMPLEX OVERVIEW | 2.0MTPA CAPACITY
33
THE SLURRY COMPLEX IS A BROW NFIELDS EXPANSION W HICH COST ~US$70 – US$90/TONNE
34
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
3.6 PRODUCTION PROCESS
Crushing plant Kiln feed preparation and blending Coal stockpile
Coal mill
raw mill
Finish milling & dispatchPre-heater, kiln line & cooler
Limestone mining
Clinker
storage
34
35
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
3.7 MINING OVERVIEW
35
LIMESTONE RESERVES CONFIRMED
FOR
41 YEARS
• Crushing Plant 1000 tph capacity
• Osborn Crushers
• Earthmoving equipment
• 2 X CAT 770 haul trucks
• 7 X Heavy Construction Vehicles
(Scania)
• 3 X CAT 988 Front end loaders
• Crusher material stored on stockpiles
• Then extracted into factory by conveyor
36
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
3.8 MOTHBALLED KILNS DRIVE EFFICIENCY
36
Thermal energy efficiency of
Efficient Capacity2015
2018
RUNNING
ONLY THE
MOST
EFFICIENT
KILNS
SK5
SK6
SK7
SK8
SK8
SK9
Weighted average
heat consumption
of 4.5 MJ/kg
Weighted average
heat consumption
of 3.4 MJ/kg
~24% reduction
in heat
consumption
37
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
3.9 CLINKER PRODUCTION AND FINISHING MILLS
CLINKER
• SK8 –Capacity: 780 ktpa
• 4 stage preheater kiln
• SK9 – Capacity: 1 mtpa
• 6 stage pre-calciner kiln
FINISHING MILLS
• 2 x 30 t/h Open circuit ball mill
• 1 x 30 t/h closed circuit ball mill
• 1 x 120 t/h Ball mill, upgraded to latest
high efficiency separator technology in
2013
37
38
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
3.10 BAGGED AND BULK PRODUCTS
38
SLURRY PRODUCES BULK AND BAGGED
PRODUCT
• Road bulk, rail bulk and palletised-covered options
• Slurry predominantly sends bagged cement by road
in South Africa (80% bagged)
• Cement in paper and woven polypropylene bags
PRODUCTS
• Suretech (CEM I 52.5 N)
• Surebuild (CEM II /A-L 42.5 R)
• Botcem, Sureroad, Surecem (CEM II/B-L
32.5N)
39
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
3.11 FOCUS ON ENVIRONMENTAL MANAGEMENT
Environmental
management system
including an
environmental policy
and procedures to
manage activities that
can interact with the
environment
*Aligned to group best
practice guidelines
Our integrated SHEQ
policy stipulates our
overall intentions and
direction related to our
performance and is
aligned to the Group
Environmental Policy
Conform to ISO 14 000
standards where
Internal and external
audits are conducted
on a regular basis
Follow limits as
prescribed in the AEL
as well as the National
Environmental
Management Air
Quality Act (Act no. 39
of 2004)
39
40
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
3.12 PPC ALIVE | SAFETY STATISTICS FOR FY 2018
Monthly Number of employees 275
Monthly Number of contractors 120
Hours worked 1.1 Million
Lost Days 0
Number of Lti’s 0
LTIFR 0
Safety of our
employee’s
our number one priority40
41
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
Development of our own employee’s
Creating Employment and employ from local community
Training of local community through ABET programme
Assisting local community through sponsorships
Involved in numerous projects over wide spectrum
Local schools (Mapetla, Onkgopotse Tiro)
Day care centers (Ramatlabama, Mapetla)
Feeding scheme, food gardens
Informal settlement roads and water upgrades
Water supply project
3.13 UPLIFTING OUR COMMUNITY | A SNAPSHOT
41
QUESTIONS
4. TECHNICAL SKILLS ACADEMY (TSA)LOUIS FOUCHE – MANAGER TECHNICAL TRAINING
44
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
CONTENT
Brief history
Training and Accommodation facilities & capacity
Program vision and focus
TSA customer footprint
Expansion support
45
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
TSA (GTC) HISTORY – SOME HIGHLIGHTS
• 1976: Built first training facility – current Electrical workshop
• 1982: Admin, accommodation & Mechanical workshops added
• 1994: Conduct 1st Trade Tests
• 2005: SABS - ISO 9001:2008 Certification
• 2006: Auditorium & Block C accommodation expansion
• 2008: GTC name change to TSA
• 2010: Upgrade of Kitchen / Dining facilities
• 2014: Expansion of skills, functional competence programs & short courses
• 2015: Upgrade of Block B accommodation & “on the job” assessment facilities
• 2018: Addition of Production training & assessment facilities (In progress)
46
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
TRAINING FACILITIES & CAPACITY
TSA Workshop Capacity
Electrical 15 - 20 learners
Fitter & Turner 15 - 20 learners
Plater / Welder 15 - 20 learners
Production 10 - 15 learners
Auditorium 60 candidates
Lecture rooms 4 x 10 + 1 x 30
Computer room 12 candidates
47
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
ACCOMMODATION FACILITIES & CAPACITY
On-site
Accommodation
• 62 rooms
• DSTV
• Laundry facilities
• Dining facilities
• Recreation facilities
48
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
VISION – Programs Technical Skills Academy (1)
Phased Technical Training Interventions per Functional Stream
• LOGISTICS *
• Warehousing
• Transport Road and Rail
• CHEMISTRY
TECHNICIAN*
• Chemical Laboratory
Analyst
• MINERAL
BENEFICIATION
PROCESS CONTROLLER
- CALCINING*
ARTISAN PROGRAMS:
• FITTING*
• ELECTICAL *
• PLATER WELDER*
• DIESEL MECHANIC*
• ROCK BREAKING*
• Blasting Operations*
• 60 Shifts
PROCESS ENGINEERS P&L SUPCHEMIST
LAB ANALYST
TECHNICIAN*
PLANT ENGINEERS
TECHNICAL ADVISOR
MINING
• XRF
• Competency Lists in Job
Profile
• Sales and Marketing
• Rail Legal
• Loco Operator
• Shunter
• Bricking and Monolithic
• Production Simulator
• Lubrication
• Artisan Functional
• Basic Instrumentation
• Advance Welding
• Resetting
• Etc.
• Blasting Certificate
• Fall of Ground
EN
ER
GY
SA
FE
TY
AN
D R
ISK
EN
VIR
ON
ME
NT
AL
Safety and Risk
FRONTLINE OPERATIONAL MANAGEMENT INITIATIVE
Root Cause
Facilitation
Team Operational Engagement
(InvoCom)
HR / FIN /
Procurement / etc.Environment
Asset Care
FundamentalsAssessor*
Generic Engineering*
Safety Programs: Conveyor Belt Authorization / Lock Out
• Milling
• Burning,
• Stockpiling
• Silo’s
• Chemical Laboratory Assistant
• Tester – Sampling
• LAB Equipment
• Unitizing
• Silo’s
• Packing
• Palletizing
• Tankers / Weighbridge
Artisan Aid Programs:
• Fitting*
• Electrical*
• Plater Welder*
• Diesel Mechanic*
• Examine Make Safe*
• Blasting Assistant*
• Crushing and Screening
• Mobile Equipment
• Silo’s
Monitor Operate Plant and Equipment*Specific Modules: Crushing and Screening / Milling / Unitizing / Preparation Sample
1. M
ININ
G S
TR
EA
M
2. P
RO
CE
SS
AN
D E
NE
RG
Y S
TR
EA
M
3. D
ES
PA
TC
H S
TR
EA
M
4. Q
UA
LIT
Y S
TR
EA
M
EN
ER
GY
6. E
NV
IRO
NM
EN
T
RIS
K
5. E
NG
INE
ER
ING
ST
RE
AM
ENGINEERINGDESPATCHMINING PROCESS AND ENERGY QUALITY
FUNCTIONAL
SHORT COURSES
FUNCTIONAL
LEARNERSHIPS
FUNCTIONAL
SKILLS
PROGRAMS
BASIC SKILLS
PROGRAMS
INTERNSHIP
PROGRAMS
DIP’s / GRAD’s
FRONTLINE
OPERATIONAL
MANAGEMENT
COURSES
49
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
VISION – Programs Technical Skills Academy (2)
Functional Specialist Programs
TARGETED
POSITIONS
• PLANT ENGINEERS
• TAE’s
• TAP’s
• EXP. FOREMAN
• TECHNICAL ADVISOR
MINING
• EXP. FOREMAN
• PRODUCTION SUP
• PROCESS ENGINEERS
• EXP. FOREMAN
• P&L SUP
• EXP. FOREMAN
• CHEMIST
• SR LAB ANALYST
• EXPERIENCED LAB
ANALYST
• Process Knowledge Non
Process Engineers
• Chemistry
• Production ‘GDP’
Modules
• Process Risk within Quarry
Operation
• Mining “GDP” Modules• Product Intro to Quality
• Product Application
Fundamentals
• Effective Data Analysis
• Warehousing
• Stock Management
• Inbound and Outbound
Logistics
• Introduction to
Maintenance Model
• Feeders Function / Belt
Conv /Fans / Blowers
• Electrical Flows
• Logistics Management
• Road Transport
• Rail Transport
• Laboratory Mastery
• Accurate Data Analysis
• Concrete Durability
• Cement Usage Properties
• BI Tableau Reports
• Raw Mix Optimisation
• Quarry Environmental and
Safety
• Grinding Technology Vertical
& Ball
• Refractory
• Kiln Process and Operation
• Environment Matters
• Mechanical Inspections
• Kiln Functions and
Components
• Crushers and Storage
• Electrical Motors and Drives
• Impact on Clinker
Reactivity
• Supplementary
Cementitious Material
• Basic XRD
• Sales and Marketing
• Rail Regulations
• Process Optimization
• Kiln Coach
• AF/ARM Processing
• Energy 101
• Project Management
• Kiln System Maintenance
Down Time Analysis
• Project Management
• KPI’s
• PLC
• Mining Plan
EN
ER
GY
MA
NA
GE
ME
NT
SA
FE
TY
AN
D R
ISK
MA
NA
GE
ME
NT
EN
VIR
ON
ME
NT
AL
MA
NA
GE
ME
NT
FUNCTIONAL SPECIFIC CONFERENCES, INTERNATIONAL TRAINING, INTERNATIONAL VISITS AND BENCHMARKING
(Cement Technology, Maintenance, Quality, Mining, FLS, VDZ, etc.)
Quarry
Management
FUNCTIONAL OPERATIONAL MANAGEMENT DEVELOPMENT (DIPLOMA’s @ UNISA)
Logistics
ManagementProduction Management
Environmental
Management
Maintenance
ManagementEngineering
ManagementRisk Management
ENGINEERINGDESPATCHMININGPROCESS AND
ENERGYQUALITY
ADVANCE LEVEL
PROGRAMS
INTERMEDIATE
LEVEL
PROGRAMS
BASIC LEVEL
PROGRAMS
OPERATIONAL
MANAGEMENT
COURSES
CONFERENCES
SPECIALIST
COURSES
• The Functional Streams as per previous plus,
• Different Specialist Programs per Functional Stream for higher level positions:
• Process Risk within Quarry Operation
• Energy Management
• Environmental Matters
• Process knowledge for Non Process Engineers
• Milling Audits
• Process Optimisation
• Chemistry
• Effective Data Analysis and Interpretation
50
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
SA Business
PPC Cement
PPC Lime
PPC Aggregates
Readymix
Ash
Rest of Africa
Zimbabwe
DRC
Rwanda
Ethiopia
CUSTOMER FOOTPRINT
51
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
EXPANSION SUPPORT
Various Rwanda & DRC training initiatives successfully completed in SA:
Process operator training, legal compliance training, etc.
Establishment of satellite training centres in support of Africa expansion projects:
DRC training centre.
Rwanda options being evaluated.
SK9 process operation competence development to align with new cement technology:
Elevating current competence and knowledge of process operators & shift supervisors.
Implemented a process operator internal learnership with chemical engineering students.
Subsidiaries:
On-boarding of subsidiaries (legal training, learning material alignment, train the trainer).
CSI project support (Ulula Ash initiative).
Harare:
Harare appointments ex Bulawayo or Colleen Bawn – sufficient skills to operate milling depot.
QUESTIONS
53
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
INVESTOR CONTACTS
Anashrin Pillay
Investor Relations
+27 11 386 9000
www.ppc.co.za
53
54
PPC SITE VISITS SLURRY AND DE HOEK – SEPTEMBER 2018
This document including, without limitation, those statements concerning the demand outlook,
PPC’s expansion projects and its capital resources and expenditure, contains certain forward-
looking statements and views. By their nature, forward-looking statements involve risk and
uncertainty and although PPC believes that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such expectations will prove to be
correct. Accordingly, results could differ materially from those set out in the forward-looking
statements as a result of, among other factors, changes in economic and market conditions,
success of business and operating initiatives, changes in the regulatory environment, other
government action and business and operational risk management.
Whilst PPC takes reasonable care to ensure the accuracy of the information presented, PPC
accepts no responsibility for any damages, be they consequential, indirect, special or
incidental, whether foreseeable or unforeseeable, based on claims arising out of
misrepresentation or negligence arising in connection with a forward-looking statement. This
document is not intended to contain any profit forecasts or profit estimates, and the
information published in this document is unaudited.
DISCLAIMER
54