Capital Power Corporation · TSX:CPX

Capital Power — Investor Day (December 2013)

87 slides from Capital Power's investor day presentation, Dec 5, 2013

1. Slide 1: Capital Power Investor Day 2013

   CAPITAL POWER INVESTOR DAY 2013 December 5, 2013

2. Slide 2: Forward-looking information

   Forward-looking information Cautionary statement Certain information in today’s presentations and in responses to questions contains forward-looking information. Actual results could differ materially from conclusions, forecasts or projections in the forward-looking information, and certain material

3. Slide 3: Our management team

   Our management team Brian Vaasjo President & CEO Kate Todd Bryan Darcy Stuart Chisholm Gilchrist DeNeve Trufyn Lee SVP Legal & SVP Human SVP Corporate SVP Operations, SVP Finance External Resources, Development & Engineering & & CFO Relations Health, Safety Commercial Construction & Environment Serv

4. Slide 4: Agenda – "Top 12" questions from investors

   Agenda – “Top 12” questions from investors 8:30 – Introduction 8:40 am 1. How has Capital Power’s strategy evolved? (B. Vaasjo) 2. Why is AB considered to be the most attractive power market in North America? 8:40 – (B. DeNeve) 10:00 3. Why is Capital Power the preferred way to play the AB power mar

5. Slide 5: 1. How has Capital Power's strategy evolved?

   1. How has Capital Power’s strategy evolved? Brian Vaasjo President & CEO

6. Slide 6: Capital Power's vision

   Capital Power’s vision “To be recognized as one of North America’s most respected, reliable and competitive power generators” 6

7. Slide 7: Capital Power strategy

   Capital Power strategy  Operational excellence • Quality of assets and maintenance • Commodity management to achieve higher realized value and stability  Financial strategy • Maintaining an investment grade credit rating • Access to capital at a reasonable cost • Maintaining an appropriate level o

8. Slide 8: Power generation outlook

   Power generation outlook Regulatory Economic Coal Political Recovery Retirement Stability 2009 U.S. Today Alberta Today 8

9. Slide 9: 2009 Contracted/Merchant

   2009 Contracted/Merchant Contracted 9

10. Slide 10: 2011 Contracted/Merchant

    2011 Contracted/Merchant Contracted 10

11. Slide 11: Today Contracted/Merchant

    Today Contracted/Merchant Contracted 11

12. Slide 12: Results

    Results  Operational excellence • Great availability • Consistent and strong commodity management • Interests from 31 assets to 14 assets today • Younger fleet with fewer fuel types • Cost optimization and risk reduction  Financial strategy • Maintain investment grade credit rating • Strong and gr

13. Slide 13: Disciplined growth

    Disciplined growth  Development and/or construction of 7 assets totalling ~$3.4B  Net acquisition of 3 contracted assets for $0.3B  Sale of interests in 25 assets for ~$1.0B  Balance sheet has grown from $3.5B to $5.2B  Significant contribution to cash flow per share and lower risk profile from

14. Slide 14: 2. Why is Alberta the most attractive power market in North America?

    2. Why is Alberta considered to be the most attractive power market in North America? Bryan DeNeve SVP Corporate Development & Commercial Services

15. Slide 15: Overview of Alberta market

    Overview of Alberta market  Alberta has a competitive wholesale energy and ancillary services market with an installed generation capacity of ~14,000 MW  No capacity market – generators must recover all costs through revenue earned in Alberta’s energy and ancillary services market  Entire provinc

16. Slide 16: Desirable characteristics of Alberta electricity market

    Desirable characteristics of Alberta electricity market  Adequate price signals  Stable market design  Stable environmental policy  Significant supply retirements  Strong load growth 16

17. Slide 17: Average annual wholesale price reflects the cost of new generation

    Average annual wholesale price reflects the cost of new generation $100 $90 $90 $81 $81 $80 $76 $71 $70 $70 $67 $63 $64 $60 $55 $51 $/MWh $50 $48 $44 $40 $30 $20 $10 $0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 17

18. Slide 18: Stable market design has signalled the addition of 6 GW of new generation

    Stable market design has signalled the addition of 6 GW of new generation 1,200 30% 1,000 25% 800 20% Capacity Reserve 600 15% (MW) Margin 400 10% 200 5% 0 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 New capacity AESO's historical reserve margin 18

19. Slide 19: Alberta emissions regulations

    Alberta emissions regulations  GHG emissions  SO2 emissions  NOx emissions  Mercury  Particulate matter Certainty in air emissions regulations will provide for orderly retirements, development of replacement generation, and improving environmental outcomes 19

20. Slide 20: Expected coal unit retirements

    Expected coal unit retirements Total coal capacity (MW) CASA Financial Compliance 7,000 2019: Sundance 1&2 Capital Stock Turnover (576 MW); Battle River 3 (149 MW); H.R. Milner 6,000 (144 MW) 5,000 2025-29: Sundance 3-6 (1,563 MW); Battle River 4&5 (540 MW); Keephills 1&2 (790 MW) 4,000 3,000 2,000

21. Slide 21: Alberta demand outlook

    Alberta demand outlook Growth in total electricity sales (%) “Alberta’s future power 2012 to 2020(1) demand outlook is also fairly 25% robust, especially compared with that of most other 20% jurisdictions in North America, because of a 15% strong provincial economy; a growing population from 10% inw

22. Slide 22: Alberta market

    Alberta market Projected reserve margin signals the need for new capacity in the 2017-2020 timeframe(1,2) (1) Source: AESO and CPC estimates - Nov/13. (2) Coal retirements based on CASA End of Design Life Year (except units that have announced intentions to retrofit or run to Capital Stock Turnover)

23. Slide 23: Alberta market

    Alberta market (1) Alberta market design expected to continue to provide timely pricing signals for the addition of new supply (1) Source: AESO and CPC estimates - Nov/13. 23

24. Slide 24: Alberta market

    Alberta market “…analysis confirms that, from a resource adequacy and generation investment perspective, the Alberta electricity market is generally well functioning based on current market conditions and policies. The current market design should be able to address the identified resource adequacy

25. Slide 25: 3. Why is Capital Power the preferred way to play the Alberta power market?

    3. Why is Capital Power the preferred way to play the Alberta power market? Bryan DeNeve SVP Corporate Development & Commercial Services

26. Slide 26: Strengths of Capital Power in Alberta

    Strengths of Capital Power in Alberta  Alberta construction expertise  Stability and incremental value from active commodity portfolio management  Diversified assets  Emissions exposure management  Growing origination function  Young generation fleet 26

27. Slide 27: Industry leading project development and construction experience in Alberta

    Industry leading project development and construction experience in Alberta(1) 2,500 $6.0 $5.0B 2,250 $5.0 2,000 1,750 Total cost $4.0 1,500 $3.2B MWs $2.9B $B 1,250 $3.0 1,000 $2.0 750 $1.0B 500 $0.8B $1.0 250 0 $0.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Genesee 3 Clover Bar Keephi

28. Slide 28: Capturing upside from Alberta power prices

    Capturing upside from Alberta power prices  Hedging positions based primarily on generation from Genesee 3 and Keephills 3 baseload coal plants and output from the Sundance PPA  Actively trading throughout various time periods to minimize portfolio risks, create incremental value, and reduce volat

29. Slide 29: Diverse generation fleet in Alberta

    Diverse generation fleet in Alberta 2,355 MWs in 2015(1) Genesee 1 & 2 Joffre Cogen Genesee 3 & Clover Bar Energy Halkirk Wind Shepard Energy •860 MW low cost •192 MW capacity Keephills 3 Centre •Largest wind farm Centre baseload coal under from jointly-owned •506 MW merchant •Most responsive in Alb

30. Slide 30: 2015 Alberta power generation stack

    2015 Alberta power generation stack(1) 100% Other Gas peaking Capital Power 30% 90% Gas mid-merit Capital Power 34% 80% 70% Cogen 60% Capital Power 4% 50% 40% Coal 30% 20% Capital Power 20% 10% Hydro Wind 0% Capital Power 11% (1) Capital Power’s percentages reflect ownership interest and excludes Su

31. Slide 31: Proven ability to manage environmental commodity exposure

    Proven ability to manage environmental commodity exposure  Dedicated team of five focused on transforming environmental commodity risk into an opportunity – success in doing this has created a competitive advantage through lower compliance costs in Alberta  This competitive advantage will be stren

32. Slide 32: Renewables and emissions portfolio

    Renewables and emissions portfolio Unhedged vs hedged Capital Power Alberta SGER compliance costs 2013-2017 $50 $45 $40 $35 $30 Compliance Costs ($M) $25 Annual AB SGER cost savings for $20 Capital Power $15 $10 $5 $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Unhedged Hedged 32

33. Slide 33: Growing origination function

    Growing origination function Origination provides access to an alternative channel to the wholesale segment and serves three major functions  Development of the end-user market channel for Capital Power and support of competitive customer markets  Delivery of value through warehousing of end-user

34. Slide 34: Average age of Alberta coal fleet

    Average age of Alberta coal fleet Genesee 2 Genesee 1 Capital Power: 15 Years(1) Genesee 3 Keephills 3 Keephills 1 Keephills 2 Sundance 1 Sundance 2 TransAlta: 30 Years(1) Sundance 3 Sundance 4 Sundance 5 Sundance 6 Sheerness 2 Sheerness 1 ATCO: 32 Years(1) BR5 BR4 BR3 Maxim: 41 Years(1) H.R. Milner

35. Slide 35: 4. What is Capital Power doing to drive long term sustained operational excellence?

    4. What is Capital Power doing to drive long term sustained operational excellence? Darcy Trufyn SVP Operations, Engineering & Construction

36. Slide 36: Overview

    Overview Significant improvements implemented in 2013 within operations  Significant cost improvements made in 2013 without negatively impacting high Capital Power operating & maintenance (O&M) standards  Focus on Reliability Program – our proactive approach to improving availability  Fewer surpr

37. Slide 37: Bending the cost curve

    Bending the cost curve  Capital Power is committed to cost optimization at our facilities without sacrificing short or long term availability Results: 12% reduction from 2012 actual vs. 2014 budget non-fuel O&M(1)  Sustaining capital projects focus only on projects that improve safety or plant per

38. Slide 38: Fleet O&M and sustaining capital

    Fleet O&M and sustaining capital(1) The trend is towards more efficient use of resources in both O&M spending and sustaining capital program Total non-fuel O&M and CAPEX spending excluding planned outages 100% 80% 60% 40% 20% 0% 2012 2013T 2014T Adjusted O&M Adjusted CAPEX (1) Adjusted for current f

39. Slide 39: Fleet performance

    Fleet performance  Reliability program implemented with the intent of improving availability and reducing lost revenue opportunity over the next 5 years  Operational improvements implemented in 2013 to Maintenance Tools and RCA/MOC processes will improve availability and help to eliminate surprise

40. Slide 40: Benchmarking Genesee availability

    Benchmarking Genesee availability Unplanned Commercial Availability is the percentage of time that our units had the opportunity to generate revenue but were unable to due to a unplanned event  Genesee has maintained a consistent performance across the units to date  Genesee 3 (G3) has experienced

41. Slide 41: Southport & Roxboro – improvement journey

    Southport & Roxboro – improvement journey Major improvements made during 2013 at both Roxboro and Southport, North Carolina to improve output and cost effectiveness Improvements include:  Fuel handling  Fuel optimization  Boiler efficiencies/bag house  Wood storage capacity at Southport Results:

42. Slide 42: 5. Has the financial strategy changed?

    5. Has the financial strategy changed? Stuart Lee SVP, Finance & CFO

43. Slide 43: Financial strength

    Financial strength Committed to investment grade credit rating Financial strength  Investment grade credit ratings Agency Ratings Outlook  Debt-to-capital ratio of ~33% at 2014 S&P BBB- / P-3 Stable year-end remains below long-term DBRS BBB / Pfd-3 (low) Stable target of 40% - 50% Debt to total ca

44. Slide 44: Capital structure and access to capital

    Capital structure and access to capital Strong balance sheet(1)  Assets of ~$5.2B with ~$1.5B of third party debt  $1.2B in credit facilities, of which ~$1.0B available • Additional $300M accordion feature  Ample liquidity resulting in balance sheet strength and flexibility 100 Access to capital

45. Slide 45: Debt maturity schedule

    Debt maturity schedule(1)  Term on credit facilities extended to 5 years $400 $350 $314 $305 $300 $255 $250 US$230 ($M) $200 $179 $144 $150 $100 US$65 $50 $19 $15 $13 $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2026 EPCOR Debt Capital Markets Debt Bank Debt Well spread-out debt maturities are s

46. Slide 46: Credit metrics

    Credit metrics(1) Above DBRS financial criteria for current rating Adj. Cash flow/Adj. Debt EBITDA/Adj. Interest 25% 6.0 20% 5.0 4.0 15% 3.0 10% 2.0 5% 1.0 0% 0.0 2013T 2014T 2013T 2014T Above S&P financial criteria for investment grade rating Adj. FFO/Adj. Debt(2) Corporate Liquidity 25% 3.5 20% 3.

47. Slide 47: Corporate structure

    Corporate structure Current structure optimal to finance Alberta business  Hybrid contracted/merchant independent power producers (IPPs) not realizing value of contracted asset base in their stock valuations  Has led to several successful launches of yieldco’s in both the U.S. and Canada  Other U

48. Slide 48: Corporate structure

    Corporate structure  Our experience with Capital Power Income L.P. provides background for some of the longer term challenges  Simplification of our story should provide better visibility of contracted cash flow  Significant growth in contracted cash flow should provide basis for multiple expansi

49. Slide 49: Improving contracted cash flow

    Improving contracted cash flow(1,2) $400 $350 $300 $M $250 $200 $150 $100 $50 $0 2012A 2013T 2014T 2015T Genesee 1&2 Kingsbridge 1 North Carolina Island Generation Quality Wind Halkirk PD&N Shepard K2 Wind Substantial expansion of contracted operating margin from ~$225M to $375M from 2012 to 2015 (6

50. Slide 50: Development projects – CAPEX

    Development projects – CAPEX ($M) Prior to 2013 2013T 2014T Project total Port Dover & Nanticoke $68 $230 $17 $315 K2 Wind(1) $3 $26 $31 $291 Shepard Energy Centre(2) $50 $650 $121 $821 $121 $906 $169 $1,427 Continue strong execution of CAPEX program Port Dover & Nanticoke Shepard Energy Centre (1)

51. Slide 51: Cash flow and financing outlook

    Cash flow and financing outlook Sufficient sources of cash flow to meet dividends, development projects and sustaining CAPEX Sources of cash flow ($M) 2013T 2014T Funds from operations(1) $400 $380 Preferred share offering $200 - Net proceeds from sale of US Northeast assets $556 - Uses of cash flow

52. Slide 52: 6. What does the growth pipeline look like?

    6. What does the growth pipeline look like? Bryan DeNeve SVP Corporate Development & Commercial Services

53. Slide 53: Disciplined growth focused on contracted development assets

    Disciplined growth focused on contracted development assets Merchant Geography CBEC Keephills 3 Technology Financial Genesee 4&5 Shepard Flexibility Develop within Target Acquire Halkirk Zone K2 Wind Island Generation PD&N Quality Wind Contracted 53

54. Slide 54: Capital Power markets

    Capital Power markets Operating Plants Under Construction Natural Gas Wind Development Sites Natural Gas Wind Solar 54

55. Slide 55: Alberta outlook

    Alberta outlook Market opportunity:  Strong load growth – new supply needed in 2018 to 2020 timeframe  Certainty around coal fired retirements  Aging generating units resulting in declining availability  Stable market design  Appropriate market signals  Strong trading capabilities Growth pipel

56. Slide 56: Shepard Energy Centre

    Shepard Energy Centre  20-year tolling agreement on 50% of owned capacity with ENMAX  Additional 25% contracted for 2015, 2016 and 2017 which increases cash flow certainty during an expected period of low pool prices in Alberta  Additional cash flow certainty created by hedging Capital Power’s ex

57. Slide 57: Genesee 4&5

    Genesee 4&5  Capital Power will develop Genesee 4&5 in a 50/50 joint venture with ENMAX  Capital Power to lead construction and will be the operator  Definitive agreements will be completed in Q1, 2014  Genesee provides significant advantages for the development of a new combined cycle unit give

58. Slide 58: British Columbia

    British Columbia Market opportunity:  LNG expected to use gas drive technology versus electrical  BC Hydro expected to periodically issue a call for renewable power to meet government’s environmental objectives  Natural gas is gaining acceptance for electricity generation and gas opportunities wi

59. Slide 59: Pacific Northwest

    Pacific Northwest  Adjacent to the operational Frederickson 1 facility, Washington State  Strategically located for Puget Sound Energy (PSE) with direct- connecting to PSE’s system  Fully permitted for a 290 MW combined cycle gas turbine in 2008  PSE’s latest integrated resource plan identifies

60. Slide 60: US Southwest

    US Southwest Market opportunity:  Significant coal and nuclear retirements (San Juan 2&3, Navajo 3, SONGS)  Significant gas-fired peaking resources required  Fortune 100 firms looking to “green” energy consumption  Replacement of once-through-cooling plants in southern California  On-going rene

61. Slide 61: Ontario

    Ontario Market opportunity:  Nuclear refurbishment/replacement strategy becomes clearer with no plans for new incremental capacity  Peaking capacity needed with additional renewable resources  Minimal development of large scale renewables  Gas-fired generation opportunities with the retirement o

62. Slide 62: K2 Wind

    K2 Wind  K2 Wind is a joint partnership of Capital Power, Samsung and Pattern to build and own a 270 MW wind project  Hearings complete on Renewable Energy Approval appeal at Environment Review Tribunal (ERT) with decision expected by February 6, 2014  Received Ontario Energy Board decision grant

63. Slide 63: New York

    New York Market opportunity:  Contracted opportunities on Long Island in the short term  Potential contracted opportunities in the long term (2019 to 2020) if Long Island plants are not repowered to meet load growth  Contracted opportunities in the Hudson Valley as a result of transmission constr

64. Slide 64: U.S. East renewable

    U.S. East renewable Market opportunity:  19 states east of the Mississippi River have renewable portfolio standards (RPS) with limited indigenous resources to meet load  New transmission projects make import of wind cost competitive  We will pursue development sites in regions we believe long-ter

65. Slide 65: 7. What is the status of projects under construction?

    7. What is the status of projects under construction? Darcy Trufyn SVP Operations, Engineering & Constructions

66. Slide 66: Port Dover & Nanticoke wind farm

    Port Dover & Nanticoke wind farm  Scope: 58 Vestas V-100 WTGs(1) – 105 MW capacity  Location: Haldiman and Norfolk County, Ontario  Schedule: COD(2) attained on schedule – Nov 7, 2013  Cost: $340M budget. Forecast ~7% underrun  Safety: TRIF of 1.19(3) Another successful development and construc

67. Slide 67: Shepard Energy Center

    Shepard Energy Center  Scope: 800 MW, 2 on 1 combined cycle natural Progress gas power plant Overall project 85%  Ownership: 50/50 joint venture with ENMAX Engineering 90%  Schedule: Planned COD advanced to early 2015 Substation 100%  Cost: Capital Power’s portion of project budget Transmission

68. Slide 68: 8. What are the financial impacts from the Shepard and K2 Wind projects?

    8. What are the financial impacts from the Shepard and K2 Wind projects? Stuart Lee SVP, Finance & CFO

69. Slide 69: Shepard Energy Centre

    Shepard Energy Centre Modelling guidance $120 Assumptions $100  2015 price assumption $M based on current forward $80 price $60 $40  Expect to see power prices 2015 2016 2017 2018 recover through 2018 Adjusted EBITDA 100% Sensitivity 80% 60%  +$5/MWh change escalates 40% Adjusted EBITDA by ~$2M 2

70. Slide 70: K2 Wind

    K2 Wind Modelling guidance $50 Assumptions $40  2015 power price at $M $30 $149/MWh, escalating post $20 COD based on Feed-in-tariff $10 (FIT) contract $0 2015E 2016E 2017E 2018E  Adjusted EBITDA based on Adjusted EBITDA net capacity factor (NCF) of 43% $155 $153 $151 $/MWh $149 $147 $145 2015E 20

71. Slide 71: 9. What is Capital Power's cash flow outlook?

    9. What is Capital Power’s cash flow outlook? Stuart Lee SVP, Finance & CFO

72. Slide 72: Focus on contracted margins

    Focus on contracted margins  Sale of Northeast U.S. assets improves contracted operating margin relative to merchant operating margin  Focus on merchant operations in Alberta will provide upside as the Alberta supply-demand balance tightens over the longer term Contracted vs. Merchant mix Contract

73. Slide 73: Continued strong cash flow generation

    Continued strong cash flow generation Funds from operations (FFO) $400  Expect to exceed target of $385M- $415M in FFO in 2013 $350 ~37% ~39%  Target for 2014 expected to be $300 34% 35% lower due to low Alberta power ($M) prices $250  35%+ of 2011-2012 FFO is $200 ~27% 28% 31% ~22% discretionary

74. Slide 74: Accounting and accretion for wind projects

    Accounting and accretion for wind projects Port Dover & Nanticoke K2 Wind  COD Nov 7/13; forecast at $315M,  COD 2015, Capital Power’s equity significantly under $340M budget portion is $291M  20-year PPA at $144/MWh  20-year PPA at $149/MWh  Project is a capital lease and will  1/3 equity own

75. Slide 75: AFFO yield inconsistent with peers

    AFFO yield inconsistent with peers 2013E AFFO Yield1,2,3 Capstone Infrastructure Corp. 14.8% Enbridge Income Fund Holdings Inc. 8.3% Innergex Renewable Energy Inc. 9.7% Northland Power Inc. 7.4% AFFO yield average4= 9.8% Enbridge Inc. 6.5% Brookfield Renewable Energy Partners 6.7% Boralex Inc. 9.2%

76. Slide 76: Financial guidance

    Financial guidance  Targeting 2014 funds from operations of $360-$400M  Since the IPO in mid-2009, the complexity of our financial disclosure has reduced and analysts are generally modelling the company correctly • Current analyst consensus of cash flow and EPS is consistent with our internal view

77. Slide 77: 10. What is Capital Power's view on dividends?

    10. What is Capital Power’s view on dividends? Stuart Lee SVP, Finance & CFO

78. Slide 78: Dividends

    Dividends  Contracted cash flow base Contracted operating margin to supplemented with hedge position financial obligations(1) and dividends provide downside protection in lower 120% price environment 110%  >90% hedged in 2014. Minimum AB 100% power price of ~$11/MW for free cash 90% flow to meet d

79. Slide 79: 11. What are Capital Power's corporate priorities in 2014?

    11. What are Capital Power’s corporate priorities in 2014? Brian Vaasjo President & CEO

80. Slide 80: 2014 Corporate priorities

    2014 Corporate priorities Priority: Deliver strong operational performance from a young, well- maintained generation fleet Operational targets 95% Capacity-weighted plant availability (reflects planned turnarounds at Genesee 2 & 3) $85M Maintenance capital (plant maintenance capital and other capita

81. Slide 81: 2014 Corporate priorities

    2014 Corporate priorities Priority: Enhance value for shareholders by delivering accretive growth from new developments Development and construction targets On-time, on-budget and • Shepard Energy Centre project (complete safe development of construction with COD in early 2015) committed projects •

82. Slide 82: 2014 Corporate priorities

    2014 Corporate priorities Funds from operations of $360M to $400M is based on a forecasted average Alberta power price of $57/MWh Financial target 2013-14 year-over-year changes Funds from operations(1) $500  Reallocate proceeds from New $385 to $360 to England asset sale to Shepard $400 $415 $400

83. Slide 83: 12. Why invest in Capital Power?

    12. Why invest in Capital Power? Brian Vaasjo President & CEO

84. Slide 84: Why invest in Capital Power?

    Why invest in Capital Power?  Excellent assets in good markets  Very good operating and trading performance  Over the past year – reductions in risk, financial volatility and operating cost base  Best fleet in Alberta, the best power market in North America  Substantial growth in contracted cas

85. Slide 85: Q&A

    Q&A

86. Slide 86: Non-GAAP financial measures

    Non-GAAP financial measures Capital Power uses (i) adjusted EBITDA, (ii) funds from operations, and (iii) discretionary cash flow as financial performance measures. These terms are not defined financial measures according to generally accepted accounting principles (GAAP) and do not have standardize

87. Slide 87: Forward-looking information

    Forward-looking information Certain information in this Investor Day presentation is forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial and operating performance, events or strategies. The forward-looking information or statements are provided to in

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