Metlen Energy & Metals Plc · LSE:MTLN
Metlen Energy & Metals — Investor Day (April 2025)
74 slides from Metlen Energy & Metals's investor day presentation, Apr 28, 2025
Slide 1: Capital Markets Day 2025
Capital Markets Day2025 Monday 28 April
Slide 2: Opening Remarks
Opening Remarks Vivian Bouzali Chief Corporate Affairs & Communication Officer
Slide 3: Opening Remarks and agenda
Opening Remarks Speaker: Vivian Bouzali – Chief Corporate Affairs and Communication Officer 1| Introduction to METLEN’s Vision and Strategy Speaker: Evangelos Mytilineos – Chairman and CEO 2| Energy Speaker: Yiannis Kalafatas – Chief Executive Director, Energy 3| Metals Speaker: Dimitris Stefanidis
Slide 4: Today's Speakers
Today’s Today’sSpeakers Speakers Evangelos Mytilineos Chairman and CEO Yiannis Kalafatas Dimitris Stefanidis Dimitris Stefanidis DinosBenroubi Dinos Benroubi Eleftheria EleftheriaKontogianni Kontogianni Christos ChristosGavalas Gavalas ChiefChief Executive Executive Director Director, Energy Chief E
Slide 5: 1| Introduction to METLEN's Vision and Strategy
1| Introduction to METLEN’s Vision and Strategy Evangelos Mytilineos Chairman and CEO
Slide 6: Our Foundations, Our DNA
Our Foundations, Our DNA Focused on operational Constant alignment with critical excellence, cost competitiveness and continuous improvement across all our activities 1 2 market needs in an agile and proactive way METLEN Energy & Metals Home-grown synergetic set-up is Unwavering focus on generating
Slide 7: Operational Excellence and Leadership At the Core of Everything We Do
01| Operational Excellence and Leadership At the Core of Everything We Do Energy Metals Infrastructure & Concessions Sole Vertically Integrated Aluminium Producer Regional Integrated Utility in Southeast Europe in Europe (3) No 1 Most Efficient 1st Quartile Generation Asset Base in Greece Largest In
Slide 8: We are Constantly Ahead of the Market's Most Critical Needs in an Agile Way
02| We are Constantly Ahead of the Market’s Most Critical Needs in an Agile Way Macro Drivers & Market Needs Rising demand for Diversifying energy sources Increased push for Energy Rise in demand for Energy prices Growing Oversupply of stable, low- cost to meet green targets and ensure liberalizatio
Slide 9: Our Journey: From less than €10m EBITDA in 1995 to >€1bn Today
02| Our Journey Getting Here: From less than €10m EBITDA in 1995 Through Our Big One and Big Two Transformations to the >€1bn EBITDA of Today EBITDA Today 1995 2017 2022 2024 €822m €1.08bn <€10m (1) €306m Big Big ONE TWO Mytilineos Listing in the ATHEX Creation of a fully integrated industrial Strea
Slide 10: Big THREE Transformation Expected to Result in €2bn EBITDA
02| Our Journey Continues with… the Big THREE Transformation that is Expected to Result in €2bn EBITDA in the Medium Term Big THREE Medium Term Target (1) 2024 ~€2bn Strengthen Our Core Exploiting our know-how Organizational changes to expand in: to improve efficiencies in Energy and Metals by €1.08
Slide 11: Our Evolving Business Model, Combining Two Strategic Pillars
03| Our Evolving Business Model, Combining our Two Strategic Pillars, Energy & Metals, Enhanced by our Infrastructure & Concessions Expertise Integrated Energy Transition Integrated Aluminium Critical Metals Utility Platform Value Chain (Gallium) Circular Metals Established Integrated Utility in Gre
Slide 12: Strengthening Our Home-Grown Synergetic Set-up
03| …Strengthening Our Home-Grown Synergetic Set-up: We are Full of Energy and Made of Metals Energy Metals Power and Natural Gas supply Integrated Utility Energy Transition Platform Integrated Metallurgical Critical Metals Energy Aluminium Circular Metals Defense Supply & Energy Transition (Gallium
Slide 13: Creating Sustainable Value for our Shareholders
04| Our Journey Has Always Been About Creating Sustainable Value for our Shareholders… Total Shareholder Return (1) % Big Onset of Big Russia-Ukraine Big COVID-19 War ONE TWO THREE Accelerated Value Creation Since 2020 2017 2018 2019 2020 2021 2022 2023 2024 2025 Our Track Record of Shareholder Retu
Slide 14: Our London Listing will Mark the Next Chapter
04| …Our London Listing will Mark the Next Chapter in that Journey Our London Listing will be a Transformational Transaction Reflecting Our Size and Global Character A Global Business Brought Capital Markets Aligned Regulatory Framework to a Global Stage with Our Scale Fostering Growth • Matches our
Slide 15: 2| Energy
2| Energy Yiannis Kalafatas Chief Executive Director, Energy
Slide 16: Energy | Snapshot of Business Segment
Energy | Snapshot of Business Segment A Integrated Utility B Energy Transition Platform Energy Generation and Power Projects, Retail Supply & Trading Renewables Management Grids & Data Centers #1 Most Efficient Thermal Fleet in Greece 12.5GW Project Portfolio (1) Energy Management Presence Across 10
Slide 17: Navigating the Energy Megatrends: METLEN's Two Pillar Model
Navigating the Energy Megatrends: METLEN’s Two Pillar Model Built for What’s Next 7 Structural Megatrends Reshaping Global Energy Markets… … Demanding Flexibility, Resilience and Scale… Natural gas – natural gas to retain its critical role, underpinning flexible generation and system stability 1 Exp
Slide 18: Integrated Utility | Largest Independent Fully Integrated Utility in Greece
A. Integrated Utility | The Largest Independent Fully Integrated Utility in Greece, Expanding in Southeast Europe Integrated Utility Centered in Greece with Virtual Presence in 10 Interconnected Countries in Southeast Europe Through Energy Trading & Supply (1) Access to the most liquid markets Tradi
Slide 19: Integrated Utility | Natural Hedge Between Generation and Supply
A. Integrated Utility | Natural Hedge Between Generation and Supply and Technologically Diversified Asset Base Ensuring Resilience Over Time Technologically Diversified Generation Assets Capturing Superior Resilience and Ability to Perform in Market Volatility Margins in Different Market Environment
Slide 20: Integrated Utility | Track Record of Growth Across Generation and Supply
A. Integrated Utility | Track Record of Growth Across Generation and Supply Strengthening Our Electricity Generation Capabilities with the Most Expansion of Retail Presence and Customer Retention in Greece Efficient Thermal Fleet in Greece (1) Power Generation in Greece (TWh) Retail Market Share in
Slide 21: Integrated Utility | Scaling-Up Our Successful Model
A. Integrated Utility | Scaling-Up Our Successful Model and Further Solidifying Integration Going Forward Growing Integrated Position with Focus on Operational Flexibility in Volatile Environment Providing Natural Hedge and Delivering Resilience to the Business Model ELECTRICITY PORTFOLIO BALANCE (T
Slide 22: Expanding our Supply and Retail Footprint
A. Integrated Utility | Expanding our Supply and Retail Footprint, Covering Also the Increased Needs of Our Own Fleet Expansion of Our Retail Market Share and Enhancing Customer Loyalty Greek Electricity Retail Market Share (%) RETAIL STRATEGY KEY PILLARS OFFERING SERVICES BEYOND THE COMMODITY Balan
Slide 23: Energy Transition Platform | Global Platform for Energy Transition Solutions
B. Energy Transition Platform | Global Platform for Energy Transition Solutions, Integrated Across the Value Chain Expanded Range of Turn-Key Technologically Diversified Renewables Platform with Presence in Solutions Offered Across Attractive Markets Globally Different Technologies Operating RES (1,
Slide 24: Energy Transition Platform | Remarkable Track Record in Developing Assets
B. Energy Transition Platform | Remarkable Track Record in Developing Assets Supported by Agility and the Broader Utility Platform Proven Track Record in Crystalizing Value Over 20 Years of Global EPC Track Record RES Assets Sales 2020-2025 (1) Successful Sales to Reputable Partners Globally Complet
Slide 25: Mature Development Renewable Portfolio and EPC Backlog
B. Energy Transition Platform | Mature Development Renewable Portfolio of > 2GW and > €1.5bn EPC Signed Backlog to Capitalize on Electrification and AI Macro Trends Sizeable Backlog of Extensive Portfolio of Mature and Pipeline Projects Fuel the Asset Rotation Model (1) Energy Transition Projects (6
Slide 26: METLEN Energy Key Highlights
METLEN Energy Key Highlights Fully Integrated Utility With Path to Expand the Utility in Natural Hedge Between Southeast Europe and Generation And Supply and Strengthen its Integration Proven Resilience Over Time Global Energy Transition Highly Efficient Fleet of Flexible Platform with Track Record
Slide 27: 3| Metals
3| Metals Dimitris Stefanidis Chief Executive Director, Metals
Slide 28: Key Pillars Underlying METLEN's Metals Business
Key Pillars Underlying METLEN’s Metals Business Today and Tomorrow A Integrated Aluminium Value Chain B Critical Metals (Gallium) C Circular Metals D Metallurgical Defence Equipment Europe’s Only Fully Vertically Integrated Proprietary Technology to Unlock Metal Leveraging Existing Production Capabi
Slide 29: Integrated Aluminium Value Chain | Seamless Bauxite to Aluminium
A. Integrated Aluminium Value Chain | Seamless and Integrated Bauxite to Aluminium Production… Europe’s Only Fully Vertically Integrated Aluminium Producer(1) Bauxite Mining Alumina Refining and Aluminium Smelting Aluminium Recycling and Remelting Largest producer of bauxite in the EU(2) Integrated
Slide 30: Solid Green Aluminium Footprint Through Secondary Aluminium
A. Integrated Aluminium Value Chain | …With a Solid Green Aluminium Footprint Through our Secondary Aluminium Business Key Highlights Strong Growth Profile Exhibited and Expected for the Future Recycling & Remelting Capacity (ktpa)(1) 60 Remelting Recycling #1 Producer of secondary Diverse stream of
Slide 31: An Industry Leading Cost Position
A. Integrated Aluminium Value Chain | An Industry Leading Cost Position Europe’s Lowest Cost Alumina with the Second First Quartile Position on the Global Alumina and Aluminium Cost Curves Largest Production Volumes(3) 2024 Global Alumina Cash Cost Curve ($/tonne) 2024 Global Aluminium Cash Cost Cur
Slide 32: Strong Aluminium Outlook Supported by Attractive Fundamentals
A. Integrated Aluminium Value Chain | Strong Aluminium Outlook Supported by Attractive Fundamentals Across the Value Chain Strong Demand Growth for Primary and Secondary Aluminium Expected Aluminium Fundamentals Remain Strong Global Aluminium Demand (mt) Global Aluminium Market Balance (kt) 1500 CAG
Slide 33: Clear Roadmap for Bauxite and Alumina Expansion
A. Integrated Aluminium Value Chain | Clear Roadmap for Bauxite and Alumina Expansion… Integrated Value Chain Scale Up Through our €296m Investment Program Investment Highlights Greek Bauxite(1) (mt) Alumina (kt) Replicating our current successful 2.0mt 1,265kt business model for further growth 865k
Slide 34: Underpinned by Agreements with Leading Global Diversified Miners
A. Integrated Aluminium Value Chain | …Underpinned by Agreements with Leading Global Diversified Miners Two-Way Bauxite and Alumina Agreements Global Commodity 2.9mt 14.9mt Global Metals & Mining Trader Bauxite Bauxite Company (1) (2017-2024) (2027-2037) Global Commodity 2.3mt 3.9mt Global Metals &
Slide 35: Critical Metals (Gallium) | Bolstering European Critical Metals Autonomy
B. Critical Metals (Gallium) | Bolstering European Critical Metals Autonomy Through Expansion in Gallium Production Market Need for Gallium Gallium will be a Key Addition to METLEN’s Portfolio Investment Highlights Gallium is a key rare metal obtained as a Planned Growth in Gallium Production Signif
Slide 36: Circular Metals | Secondary Supply of Critical Raw Materials
C. Circular Metals | Secondary Supply of Critical Raw Materials is Increasingly Important Key Challenges Facing Mine Supply Today Circularity is of Critical Importance Solutions Lie in Currently Untreated Resources Decreasing Primary Resources EU Currently Processes Low Levels of Critical Raw Materi
Slide 37: Cost-Effective Proprietary Technology to Separate Metals from Residues
C. Circular Metals | METLEN has Developed a Cost-Effective and Waste-Minimizing Proprietary Technology to Separate Metals from Residues Significantly De-risked Through Successful Pilot Plant METLEN’s Technology Unlocks Key Steps Technology’s Highlights Highlights of Pilot Plant & Technology Simultan
Slide 38: Clear Production Expansion Path towards ~290ktpa
C. Circular Metals | Clear Production Expansion Path towards ~290ktpa Output Volumes in Medium Term Northern Greece (Pilot) Central Romania Central Romania (Expansion) Ownership 100% 100% 100% Location Greece Romania Romania Timeline Operating Medium Term Medium Term Target Input / Output volumes Me
Slide 39: Production Ramp-up Supporting EBITDA Expansion
C. Circular Metals | Production Ramp-up Supporting EBITDA Expansion Key Highlights Helping to Achieve Sizeable Output of Valuable Critical Raw Materials Strong Financial Contribution with Capex Light Structure Sizeable Feedstock Sizeable Amount Feedstock Secured and Volume Able to be Processed Input
Slide 40: Metallurgical Defence Equipment | Snapshot
D. Metallurgical Defence Equipment | Snapshot Building on a History of High-Performance Metals for Defence Applications… …To Deliver Quality Structures for Defence Applications Partnerships with Leading Defence OEMs Machining, welding, painting, coating, large sub-assembly for: From 2000 From 2000 F
Slide 41: European Defence Spending is Accelerating
D. Metallurgical Defence Equipment | European Defence Spending is Accelerating European Defence Industry Tangible Government Efforts to Entering Growth Cycle Unlock Defence Spending Greek Defence Spending to Increase Significantly Greek Defence Expenditures on New Equipment (€bn) Europe’s defence na
Slide 42: Significant Production Capacity Expansion through Three New Facilities
D. Metallurgical Defence Equipment | Significant Production Capacity Expansion through Three New Facilities Expansion in Production Capacity Ample EBITDA Accretion Across Core and Beyond Targeted EBITDA (€m) Today: 2 Plants Volos Plants Defence Core Estimated Capex of ~€150-180m(4) to reach envision
Slide 43: METLEN Metals Key Highlights
METLEN Metals Key Highlights Strategically Positioned to Europe’s Only Fully Vertically Supply Gallium to the European Integrated Aluminium Producer Market New Entrant to the Attractive Clear Roadmap for Bauxite and Metal Recovery Space with Alumina Growth Strategy Proprietary and Proven Technology
Slide 44: 4| Infrastructure & Concessions
4| Infrastructure & Concessions Dinos Benroubi Vice Chairman & CEO of METKA ATE, Infrastructure & Concessions
Slide 45: Closing the Infrastructure Gap in Greece
Closing the Infrastructure Gap in Greece Sizeable Total Infrastructure Investment Gap in Greece Since 2012 100 8% €83bn 80 6% 60 4% 40 20 2% 0 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Cumulative Greek Infrastructure Spend Gap (€bn) Greece Infrastructure GVA as % of GDP Eur
Slide 46: Infrastructure & Concessions | Who We are Today
Infrastructure & Concessions | Who We are Today Partner of Choice for Large-Scale Construction Projects in Greece, Partner of Choice for Strategic PPPs and High-Impact Backed by Unique Sector Expertise Concessions across Greece Increased Project Flow Road Railway LEED Certified Construction Construc
Slide 47: Selected Projects under Construction
Our Vision is to Lead our Sector by Delivering Multiple Projects Timely, Safely, with Engineering Excellence and Cost Efficiency Total Project METKA % Sector Project Signature Date Flyover Thessaloniki Size (€m) Consortium Chalkida Bypass & Psachna Bypass 156 2023 100% • 26-year operation period; 4-
Slide 48: Experience, Reputation and Reliability in the Greek Market
Experience, Reputation and Reliability have Allowed us to Establish our Presence in the Greek Market High Technical Scale, Flexibility Our Right Ability to Handle On Time and on Backed by METLEN Know-How of our & Operational Financial Strength to Win Complexity Budget Delivery Stamp and Reputation E
Slide 49: Well-Positioned to Capture Greece's Infrastructure Investment Wave
Well-Positioned to Capture a Significant Share of Greece’s Expected Infrastructure Investment Wave Additional Upside Capitalizing on Sizeable Greek Reliable, Backlog Platform for Public and Private Infrastructure Execution Concessions Project Wallet in the Medium Term Construction Backlog by Segment
Slide 50: 5| METLEN in Numbers
5| METLEN in Numbers Eleftheria Kontogianni Chief Finance Officer
Slide 51: The Pillars of Our Financial Strategy
The Pillars of Our Financial Strategy: Sustainable Growth and Shareholder Value Earnings Growth with Financial Resilience Achieving robust EBITDA growth while maintaining a strong balance sheet to support future opportunities Disciplined Capital Allocation Prioritizing high-return investments in ren
Slide 52: Robust Financial Performance Since 2016
Robust Financial Performance Since 2016 Strategic Consolidation Resilience Transformation and Value Creation Big ONE Big TWO 6,306 5,683 CAGR (2016-24) (€m) Revenues 5,492 2,664 1,246 1,527 1,527 2,256 1,899 21% 2016 2017 2018 2019 2020 2021 2022 2023 2024 18% 20% 19% 14% 17% 13% 13% 18% 19% CAGR (2
Slide 53: EBITDA Growth: Proven Track Record, Clear Outlook
EBITDA Growth: Proven Track Record, Clear Outlook EBITDA Evolution Over the Years EBITDA (€m) METLEN’s medium term organic growth(1) 17% 19% 1,900 - 2,080 5% 20% ~100 ~150 27% 35% 15% 16% ~520 ~820 1,080 ~360 40 (16) 50 161 297 580 ~1,110 315 10 753 136 173 (4) (20) 2020 Energy Metals Infrastructure
Slide 54: Capital Investment Outlook
Capital Investment Outlook Robust Capital Investment Programme Capex Breakdown (2025E-28E) Capex (€m) Segmental Split Infrastructure & Other Concessions 4% Four Year Capex Plan of ~€2.5bn 3% ~1,055 ~30 Metals 40% Energy ~20 ~€2.5bn 53% ~800 ~20 ~410 ~605 ~100 ~510 ~30 ~20 ~10 Maintenance Vs Growth M
Slide 55: Energy - Continued Expansion of Our Proven Business Model
Energy - Continued Expansion of Our Successful and Proven Business Model Disciplined, High Return Capex Program Capex Breakdown (2025E-28E) Capex (€m) Split by Activity Other 4% Maintenance Retail 13% 13% ~680 ~595 ~€1,305m ~655 ~305 ~565 ~225 ~180 ~230 ~170 ~170 ~25 ~75 ~30 ~55 ~10 RES (1) 2024A 20
Slide 56: Metals - Capacity Expansion and New Technology
Metals - Capacity Expansion, Leveraging our Unique Capabilities and New Technology for Next Stage of Growth Disciplined, High Return Capex Program Capex Breakdown (2025E-28E) Capex (€m) Split by Activity Maintenance & Other 17% ~410 ~340 Alumina Circular Expansion & Metals, ~€970m Gallium Plant, ~36
Slide 57: METLEN Has Proven its Ability to Succeed in Tough Market Conditions
METLEN Has Proven its Ability to Succeed in Tough Market Conditions First Order Tariff Impacts are Negligible for METLEN METLEN Has Found Opportunity In Previous Challenging Market Environments 2024 Revenue Geographical Split Greece Real GDP(1) and METLEN’s Cumulative TSR(2) % €bn 0% Revenue from th
Slide 58: 6| Treasury, Credit and Capital Markets for Global Reach
6| Treasury, Credit and Capital Markets for Global Reach Christos Gavalas Executive BoD Member, Chief Treasury & IR Officer
Slide 59: Disciplined Leverage Through Capex Cycles Driving Ratings Upgrades
Disciplined Leverage Through Capex Cycles Driving Ratings Upgrades Despite Continuous CAPEX Spending, Leverage Remains Well-Under Control Below the 2x Level, with Consecutive Credit Rating Improvements Expansion of International Funding Disciplined Leverage and Improvement Credit Rating Even in Time
Slide 60: Robust Liquidity to Fund Growth with Scalable Credit Capacity
Robust Liquidity to Fund Growth with Scalable Credit Capacity Scalable Credit Platform Built on Global Financial Market Trust Ample Liquidity to Fund Strategy Credit Lines Liquidity (1) €bn 43% 55% 11.5 0.6 4.7 Cash deposits Available Loan 1/3 €3bn + Facilities 3.6 0.2 2/3 1.3 6.2 2.1 2020 2024 Loan
Slide 61: Investor Confidence Evident in Bond Trading Levels
Investor Confidence Evident in Bond Trading Levels Well-Laddered Debt Structure Supporting Stability On Track to Investment Grade, Already Reflected in Our Trading Levels Debt Maturity Profile METLEN Bonds’ Current Trading Level €m Yield (%) 932 8.00 17 710 165 38 607 104 556 474 68 18 6.00 38 358 1
Slide 62: Strong Operational Performance Results in Robust Shareholder Returns
Strong Operational Performance Results in Robust Shareholder Returns Trading Volumes and Share Price Performance Reflect Investor Engagement Robust Value Creation Sourced Mainly from Organic Growth Share Price and Liquidity Evolution Dividend Distribution ADTV (1) (€m) Share Price €/Share 14.0 45 46
Slide 63: Research Coverage and International Shareholder Base
Growing Globally Allows us to Enhance our Research Coverage along with our International Shareholder base Global Coverage Indicating Significant Upside Robust Shareholder Base, Backed by Long-Term, Institutional Investors Global Coverage by 15+ Analysts (of which 6 International and 9 Greek) vs. Sha
Slide 64: A London Listing that Matches our International Profile
A London Listing that Matches our International Profile Before Key Transaction Details 1 Share Exchange Offer via UK ListCo Matches our Global Funding Footprint • Existing METLEN SA shareholders will be offered shares in METLEN Plc METLEN (a newly incorporated UK-listed company) (METLEN Plc) in exch
Slide 65: 7| We Have Done it Before… We Can Do it Again
7| We Have Done it Before… We Can Do it Again Evangelos Mytilineos Chairman and CEO
Slide 66: Our Differentiated Ingredients That Will Continue to Ensure Delivery
Our Differentiated Ingredients That Will Continue to Ensure Delivery of our Targets Experienced and 1 Committed Management Team at the Helm 4 Foresight And Ability 3 We Have Done it to Position Ahead of Before… Macro and Sector We Can Do it Again Trends Robust Governance 2 and ESG Standards 66
Slide 67: Experienced, Committed Management Team at the Helm
01| Experienced, Committed Management Team at the Helm Evangelos G. Mytilineos Chairman and CEO METLEN Energy & Metals 47+ Evangelos Chrisafis Dinos Benroubi Vivian Bouzali Sara Fideli Christos Gavalas Executive Vice Chairman of the BoD for Vice-Chairman & CEO of METKA Chief Corporate Affairs & Chie
Slide 68: Industry-leading Governance and ESG standards
02| Industry-leading Governance and ESG standards Firm Commitment to ESG with Robust Governance Key Achievements Top Class Board with Fit for Purpose Governance Corporate Governance at an Cabinet of the CEO Dow Jones executive level METLEN is the only Greece- based company in the DJ METLEN part of t
Slide 69: We Have Done it Before… We Can Do it Again
03| We Have Done it Before… We Can Do it Again …Evolving for What’s Next …Leading Positions Now… Bold Moves Then… Rapid acceleration of size and profitability of existing segments… A Leading Alumina and Aluminium Producer in Europe, in 1st Deepened Leadership in low-cost vertically integrated METKA
Slide 70: The New Transformation: Big THREE
04| The New Transformation… EBITDA Today EBITDA Medium Term Big THREE (€m) (1,2) MARKET NEEDS (€m)(2) Strengthen Our Core Resilience to Integrated Utility 367 ~590 Growing the businesses the energy price volatility market already knows Energy Green energy, grid expansion, Transition Platform 387 dat
Slide 71: Q&A
Q&A 71
Slide 72: METLEN's DNA has Four Unique Elements
METLEN’s DNA has Four Unique Elements 1 2 Operational Excellence, Cost Constant Alignment with Competitiveness and Critical Market Needs Continuous Improvement 3 Home-Grown Synergetic Set-up 4 Value Generation for our Shareholders 72
Slide 73: 73
73
Slide 74: Legal Disclaimer
Legal Disclaimer The information contained in this capital markets day presentation (the "CMD", and together with any oral presentation of the CMD, any question-and-answer session that follows the CMD, and any written or oral material discussed or distributed during, or in connection with the CMD, t