Origin Energy Limited · ASX:ORG
Origin Energy — Investor Day (June 2005)
167 slides from Origin Energy's investor day presentation, Jun 16, 2005
Slide 1: ASX cover note: presentations
Origin energy To Company Announcements Office Facsimite 1300 300 021 Company Australian Stock Exchange Limited Date 16 June 2005 From Bill Hundy Pages 167 Subject PRESENTATIONS Please find attached a series of presentations to be made today at an Investor Briefing held by the Company. A copy of thes
Slide 2: Overview of Origin Energy: Key Strategic and Operational Issues
Overview of Origin Energy Key Strategic and Operational Issues June 2005
Slide 3: Welcome and Administrative Arrangements
Welcome and Administrative Arrangements Day One - Thursday, 16 June 2005 Day Two - Friday, 17 June 2005 10.30 am Registration and coffee 615 am Guests at Hotet InterContinential Sydney meet at 44-00 am Grant King: Introduction 6, 15am for shuttle bus te Hawker Terminat 14.30 am Karen Moses: Australi
Slide 4: Emergency evacuation information
Page 3 y 5 gual! os \ a - ae gy/eye ; A |hT womens Aae-—r | él f MEN'S He. wy, Talal i. Hh om) %, A 4 an \ Was ; , | fh | a ] os al ==" : a®& 928 ha e 8 9 10 In the event of an evacuation alarm «Move to the Emergency Assembly Area «Await instructions from Floor Wardens +f evacuation is necessary, pl
Slide 5: Overview of Origin Energy - Grant King
Overview of Origin Energy Key Strategic and Operational Issues Grant King - Managing Director oem eacnmarit here ee NN tpg jar Smet eae, June 2005
Slide 6: Origin's financial objectives and business strategies
Origin’s financial objectives and business strategies were established to respond to changes in the energy industry in the mid 90’s..., « Financial Objective ~ Steady and predictable cashflows - EPS growth of 10-15% pa on average « Business Strategy ~ Positioned in the competitive (rather than regul
Slide 7: Key strategic and operational issues for Origin
Key strategic and operational issues for Origin and the energy industry in Australia and New Zealand + Will the eastern Australian gas market require major new supplies of gas in the medium term? « When will major new power generation capacity be required and who will build it? « What will be the im
Slide 8: Executive Management Team reorganised
To address these issues the Executive Management Team of Origin has been reorganised..... Managing Director & CEO Grant King Chief Operating Officer Australia ‘Karen Moses: Exectitive General Manager Exploration Rob Willink Exectitive General Manager, Major Devetopment Projects Andrew Stock Chief Fi
Slide 9: Will the eastern Australian gas market require major new supplies?
Page 3 Will the eastern Australian gas market require major new supplies of gas in the medium term? Origin.
Slide 10: Commercialising gas is dependent on access to markets
Commercialising gas is dependent on access to markets ........ Gas Pipetine under development Markets (PJ/a) Approximate remaining 2P gas reserves (PJ} ....but most of Australia’s gas reserves are in remote locations Page > Hobart
Slide 11: Gas reserves table compiled in 2001
Origin first compiled this table in 2001 and while some estimates have changed substantial reserves are evident... Gas Reserves | Cooper | Gipps- | Bass / Coal | Totals | Reserves | Table compiled from (bef) (‘000) Basin & land Otway | Seam cover# | ABARE and Geoscience Qid Basin Gas (years) | Austr
Slide 12: Top four producers hold over 70% of reserves
The top four producers hold over 70% of reserves. An increasing number of small producers are adding reserves... 2,500 East Coast Reserve Qwnership by Company « Significant portion of reserves contracted by retailer/generators and large customers Gas reserves (PJ} ri ee + Additional gas discoveries
Slide 13: Upstream industry committed over $3 billion to new developments
Origin estimates the upstream industry has committed over $3 billion to new developments to supply these contracts... - Patricia/Baleen (producing) - Bream gas-cap development (producing) - Otway Basin onshore discoveries (producing) - Minerva (producing) - BassGas (under construction) ~ CSG fields
Slide 14: Nearly 90% of Origin's 2P reserves are natural gas
Nearly 90% of Origin’s Proved and Probable (2P) reserves are natural gas......... . Origin 2P Reserves (as at 1 July 04) 2220 PJe x) Gas Pipeline _ Gas Pipeline Aust Liquids under development {conventional} Basin outtine g% ‘| Aust Gas {conventional} 37% 2% 5% ue dopart a boat veseeeees .. and 47% o
Slide 15: Interconnection of eastern Australian gas markets
Origin completed interconnection of the eastern Australian gas markets by constructing the SEAGas pipeline and transacting the Cooper / Bowen Basin gas swap........... « While Origin’s CSG reserves are all in Queensland the growing interconnection and sophistication of the Eastern Australian Gas mar
Slide 16: Gas production growth increasingly driven by exports
Growth in gas production within Australia is increasingly driven by exports........ PJ per annum ABARE 2004 Australian forecast natural gas supply and use {including exports} 4,000 3,500 3,000 Year ending June 30 MResidential Other Commercial & industrial Electricity Generation i Mining, Metals, Min
Slide 17: Eastern Australian gas supply and demand analysis
Origin’s supply / demand analysis for eastern Australia in 2001 showed large uncontracted demand creating perceived shortfall in local supply...... Eastern Australian gas demand Origin Energy estimates 2001 [= Uncontracted 800 +| ME Total Contracted em Total Dearnnd Eastern Australian gas demand (P.
Slide 18: When will major new power generation capacity be required?
Page 7 When will major new power generation capacity be required and who will build it? Origin.
Slide 19: Forward curve gives no signal new capacity is required
Current forward curve for electricity gives no signal that new generation capacity is required......... [E35 Monthiy $70 : Average Spot i Price HA Victoria Electricity Price | New Entrant Costs = Rolling 365 $66 + aL 4: po - ~~~ day Average : i Spot Price ww 2008 Historical Forward Price wn wa Q L w
Slide 20: NEM supply/demand tightness over next 5-10 years
Over the next 5-10 years the NEM will move in to a period of supply/demand tightness not seen since the 1970s NEM Supply and Demand 60,000 50,000 40,000 30,000 MW Installed Capacity 20,000 10,000 & & BS & R 3 & 3s 8 8 2 & = = 2 4 a i a a a ° S oS oS S S a a i i= > > = ad =” a a a a ot a wy we ss ro]
Slide 21: Gas competes at base-load only with large discount
Gas can only compete at base-load with a large discount to current delivered gas prices......... . Comparison of LRMC for new generation - coal vs combined cycle gas turbine $48 « Assuming 90% base load run time, gas prices of around $2.10 per GJ will make gas $46 competitive against brown coal, or
Slide 22: Integrated players likely to drive next generation investment
Origin believes it is most likely that integrated players will drive the next round of investment in generation......... 150 125 Retailer risk - squeezed margins Feb-02 Jun-02 Oct-02 Feb-03 Jun-03 Oct-03 Feb-04 Jun-04 Oct-04 Feb-05 Or oo ~~ OD LY oO oO w Jun-01 Oct-01 ° 2 ¢ 3 “- Monthly Average Spot
Slide 23: Gas must reduce well head cost to compete with coal
If gas is to compete with coal it must reduce well head cost and transportation charges 250 Estimated fully absorbed cost ($/MWh) j 200 4 150 4 108 + 50 4 Estimated merit order of thermai plant - eastern Australia Capita! Costs : Fixed Costs mSRMC : ( e 1 ke $ g 5 B ra < @ £ & £ £ z 2 z g = & g z Fe
Slide 24: Impact of increasing retail competition
Page 23 What will be the impact of increasing retail competition on retail contributions? Origin.
Slide 25: Origin's growth driven by acquisitions and retail consolidation
Origin’s growth in the past few years has been driven by acquisitions in conjunction with consolidation of energy retailers Eastern Australia Eastern Australia Market share of customers: 1998 Market share of customers: 2004 Origin Energy 16% Origin HM Origin Energy Energy Listed Companies 4% [| Gove
Slide 26: Contestability introduced into Victoria, NSW and SA markets
Contestability has been progressively introduced into the Victorian, NSW and South Australian (SA) markets....... Mass Market Churn: Completed & Pending 40% voc VIC Elec sm Vic Gas 35% 7— NSW Elec "NSW Gas 30% 7] $A Elec mm SA Gas % Churn: Monthly data annualised Jun-05 vessenees with recent peaks i
Slide 27: Risk management processes for commodity and operational risks
Page 26 What are the risk management processes needed to manage commodity and operational risks? Origin.
Slide 28: Detailed risk management policies and systems
Origin has developed detailed risk management policies and systems which are approved by the Board and reviewed from time to time ¢« Accountabilities (Systems and System Owners) are defined « Exposure limits are set « Policy implementation is overseen by: - Contracts and Risk Management Committee in
Slide 29: Aggregate exposure limits and sub-limits
Aggregate exposure limits and sub-limits are set with regard to the following: « Maintenance of investment grade credit rating « No breach of any debt covenant ¢ Limit on profit impact in any 12 month period « Limit on balance sheet impact « Sub-limits take into account correlations between risks «
Slide 30: Exposure limits measured on worst case and PaR/VaR basis
Exposure Limits are measured on a Worst Case and Profit/Value at Risk Basis Conventional approach is to measure Value at Risk (PaR/VaR) - PaR/VaR typically tests a 95% event impact on Mark-to- Market - Provides signal to lock in a position however ignores competitive and corporate constraints - Insu
Slide 31: How will major development projects be managed?
Page 30 How will major development projects be managed? Origin.
Slide 32: Major Development Projects division sponsors capital projects
With Origin the Major Development Projects division sponsors & implements major capital projects supporting the company’s growth Page 31 ¢ Deliver large capital projects: - Safely, environmentally & community aware - On time & on budget - Fit for purpose «Identify and manage critical project risks «
Slide 33: Rising construction costs and skills shortages
Rising construction costs and skills shortages are placing pressure on a number of major projects across Australia...... Viekeria Paservarelas —— Hiloretses T BassGas | Pipetine— | secs sued i i i \ Cape Keraudren ike a age? Wilsons Promontory Gippstand/ | Tasmania Pipeline... LEGEND: 02) (EET) onie
Slide 34: Impact of a carbon cost on energy production and use
Page 33 What is the impact of a carbon cost being imposed upon energy production and use? Origin.
Slide 35: Carbon is now being valued internationally and domestically
Carbon is now being valued internationally and domestically, and plays a part in Origin’s investment decisions......... ¢ European carbon scheme ¢ NZ Carbon tax @ $15 per tonne ¢ In Australia various domestic schemes - NSW NGACs - Queensland GECs - Federal MRET - Discussion of carbon trading regime
Slide 36: Australia's 2020 greenhouse emission forecast
Australia’s 2020 greenhouse emission forecast shows significant growth - of which 90% comes from the stationary energy sector. “Business As Usual {BAU)” Australian emission projections ot goo L_-._________108% target likely withy, = ee “With Measures” Qid land clearing d legislation delivering rec u
Slide 37: Valuing carbon at $10 per tonne changes relative costs
Page 36 Valuing carbon at $10 per tonne changes the relative costs at base and intermediate loads, favouring CCGT...... Approximate long run marginal cost of generation by usage and fuel type $120 Carbon cost $10 / tonne @ Brown coal (Vic) Black coal (NSW and QLD} L| CCGT @OCGT $100 $80 4 $60 4 $40
Slide 38: A wide range of outcomes are foreseeable
A wide range of outcomes are foreseeable.... Potential Natural Gas Usage in East Coast Electricity Sector 600) ee ee ee ee | mmm Nat Gas demand with Carbon cost 4 40a === Nat Gas demand without Carbon cost |) OO) 2004 2005 2006 2007 2008 2005 2040 204 2012 ...by 2016 the volume range could be +200 P
Slide 39: Options for a carbon constrained world: renewables
Progress has been made on developing options for a carbon constrained world by investing in renewable technologies * Solar R&D success in Sliver Cell™ technology ~ 90% reduction in silicon and up to 30 times increase in silicon wafer productivity. Currently selecting site for pilot plant. « Origin E
Slide 40: Impact of tightening fuel position in NZ
Page 39 What is the impact of a tightening fuel position in NZ on energy supply and prices? Origin.
Slide 41: Gas the fuel of choice for new NZ generation
As hydro is largely fully exploited in NZ gas has been the fuel of choice for new investment in power generation..... Gas supply & demand (PJ/yr) Zaz Pohokura & Kupe Maui MM Other existing —— Dernand FS G& LC & YF é & FF FFF PHS FSS « Decline in Maui increases pressure for development of Pohokura an
Slide 42: Overview of Origin Energy - Grant King
Overview of Origin Energy Key Strategic and Operational Issues Grant King - Managing Director oem eacnmarit here ee NN tpg jar Smet eae, June 2005
Slide 43: Australian Operations - the value of integration
drigin energy Australian Operations - the value of integration Karen Moses - Chief Operating Office per Sinpeipengryescaause pir rae HONOR N eS aye spoomasiaong soins June 2005
Slide 44: Competitive advantages of Origin's Australian operations
The competitive advantages of Origin’s Australian operations were identified and strategies adopted to enhance them......... +Gas focussed I | «Market driven - first mover advantage I I .Local geoscience/operational expertise I “Scale | -Dual fuel capability | -Supply, risk management, & Expertise i
Slide 45: Australian Operations focussed on core operational capabilities
The Australian Operations group is focussed on core operational capabilities ... wie Wek Oke MD es ea weeha tr - Retail sales provide revenue certainty - Assets provide cost certainty .... and best opportunities to capture and increase value across the business Page 3 Origin.
Slide 46: Risk management framework requirements
These opportunities are not without risk. Our risk management framework requires s Page 4 Maintaining a strong focus on risk in relation to the operation and management of all Origin businesses Using a formal risk assessment process to identify and classify risk Assigning and communicating accountab
Slide 47: Commodity risk managed across whole business
Commodity Risk is managed across the whole business within tightly controlled exposure limits (~~ Eastern Austrafian gas demand Origin Energy estimates 2005 Long Term Supply/Demand Market Structure l* Assets vs Contracts Eastern Australisn gas demand (Pa) Price risk 2002 2004 2006 2008 210 2012 2014
Slide 48: Commodity Risk: Electricity - Price
Commodity Risk: Electricity - Price Price $/MWh Price vs Load Correlations 5,500 6,506 7,506 Victorian State Load MW 8,500 9,500 « Electricity exposure is created by electricity purchases exposed to price volatility of pool, and demand volatility - intra day, short term and long term while electrici
Slide 49: Commodity Risk: Electricity - Liquidity and Credit
Commodity Risk: Electricity -Liquidity and Credit NEM Contract Market Structure Availability Risk Risk Capacity Gen Gen Retail Capacity Contracts Retail Contracts O Mass Market Extreme Mi Mass Market Peak ml Mass Market Avg cal @ Smeiters O Peak @ intermediate @ Baseload Liquidity Generators limit t
Slide 50: Risk Control & Reporting Framework: Electricity Portfolio
Risk Control & Reporting Framework: Electricity Portfolio Short Term Exposure checked against Hard Limit on existing portfolio + new trade before the new trade is executed Reported Reported Reported Reported Reported Reported Reported Y > Backtesting of models against actual loads and prices Similar
Slide 51: Commodity Risk: Natural Gas - Volume
Commodity Risk: Natural Gas - Volume Victorian Gas Damand Profile — Forecast Daily Demand Extreme Daily Demand gs ee CC SS YF eer Ss ¥ « Retailers primarily purchase under long term contract « Management of demand volatility from winter to summer, and within day requires a mix of arrangements « Lega
Slide 52: Commodity Risk: Gas - Price
Commodity Risk: Gas - Price Victorian Gas Pool History 10 Gas price $/GJ . 1/01/00 1/07/00 - 1/01/01 + 1/07/01 + 1/01/02 5 1/07/02 + 1/01/03 + 1/07/03 + 1/01/04 + 1/07/04 + 1/01/05 + » Victorian gas pool creates similar exposures to electricity pool. Price cap is $800/Gj. Physical contracts and avai
Slide 53: Commodity Risk: Oil / LPG / Condensate
Commodity Risk: Oil / LPG / Condensate USD per Bb Page t1 Spot and Forward Price Performance Average Monthly Price History Liquid market allows hedging, provides earnings certainty and dampens volatility but limits upside ——Spot Tapis —— imFutures —— 6mFutures ~~ 12m Futures 2nd Year Ave Fwd 3rd Yea
Slide 54: Operational Risk under HSE Management System
Operational Risk is managed under the Health Safety & Environment Management System Operational Risk covers areas such as: « Plant & Equipment Failure « Exposing employees or contractors to potential harm « Reliability / Availability « Business Continuity and Disaster Recovery « Systems integrity Sa
Slide 55: Australian Operations focussed on core capabilities
The Australian Operations group is focussed on core operational capabilities ... - Retail sales provide revenue certainty - Assets provide cost certainty ... and best opportunities to capture and increase value across the business Page #3 Origin.
Slide 56: Large consumers drive gas production and generation investment
Large consumers are key driver for gas production and base load generation investment and mass market customers drive capacity investments Volume Customer Nos Industrial & A Commercial “"™ 1000 Lo 5 800 | = 600 r + 400 Mass =") Lo~N 200 | Lowe §=Market 04 a) 1&C core competency is Mass market core c
Slide 57: Natural Gas
Natural Gas file Hiiiiaaueaea i Saal hs Ato faci es Se A A tint TTS eR Oy ass a ! ay At 2 ui sg i ia Ba, ia sat oy “Spring Gully Page #5
Slide 58: Origin has a competitive gas supply portfolio
Origin has a competitive gas supply portfolio 25% Control of 2P Reserves 20% 5 @ Uncontracted Reserves i Other Purchases @ Purchases from ORG 15% 10% 4 5% 4 % of 2P Reserves in Eastern Australia 0% + Using the flexibility of this portfolio allows investment opportunities to be captured at the right
Slide 59: Privatisation in Victoria opened market to new opportunities
Privatisation in Victoria opened the market to bring forward new opportunities } Asie ra hiss | Sat Portland” KHometres Yasinarnta Further opportunities exist post 2008/9 with expiration of the Esso/BHP Gippsland contracts Page 7 * Origin’s retail and contract position in Victoria allowed BassGas an
Slide 60: Investment in Coal Seam Gas adds to near term growth
investment in Coal Seam Gas adds to near term growth.... ..and provides development flexibility across the Origin portfolio Page 1 * Initial CSG contracts underpinned by conventional resources and contracts * Spring Gully Development is underpinned by gas sale to AGL * Knowledge of market and portfo
Slide 61: Electricity Generation
Electricity Generation Page t9
Slide 62: Competitive electricity supply via wholesale contracts
Origin has a competitive electricity supply - primarily medium term wholesale contracts we 3 4,000 Energy Peak * Owned generation has been Demand Demand developed but only covers less than 10% of retail sales supply requirements ne wa 3,000 we ° Development sites in Victoria and Queensland high-grad
Slide 63: Ladbroke Grove Generation demonstrates integration
Ladbroke Grove Generation is a good demonstration of how integration works * Ladbroke Grove gas resource unsuited to retail sales « Generation allows gas to be monetised « Low cash cost of total investment allows plant to operate baseload « Retail electricity sales provides revenue certainty * With
Slide 64: Generation plants externally or internally contracted
Generation plants are either externally or internally contracted, focussing Generation group on plant availability and operational integrity Major Origin | Origin | Capacity | Type | Operation | Availability | Contracting Power Int. % MW ee - Party Plants Worsley 50 120 | Cogen | Base | 98% | Wester
Slide 65: Forward curve gives no signal new capacity is required
Current forward curve for electricity gives no signal that new generation capacity is required......... E=] Monthly Average Spot Price New Entrant Costs jm Rolling 365 -------- day Average Spot Price www 2008 Historical] Forward Price $70 Victoria Electricity Price uw a oO 4 T £ z iro $50 For qefe 4
Slide 66: So when is new capacity required?
.. So when is new capacity required? Generation capacity and demand (MW) Electricity supply and demand in the NEM* 45,000 Area of potential shortfali in 2010 40,0004 - 35,000 30,000 25,000 20,000 15,000 EZEEE] Renewables ME Coz Si Hydro. EZ===] Mothbalied omen Load curve 2005 ==Load curve 2010 : Gas
Slide 67: Integrated players likely to drive next generation investment
Origin believes it is most likely that integrated players will drive the next round of investment in generation......... Victorian monthly average pool prices and retail tariffs 150 —_— 125 [ ce Internalising / Retailer risk - ; risk 100 squeezed margins reduction cond provides z 75 potential Ss : v
Slide 68: Retail - Mass Market
Retail Mass Market Page 26 Origin.
Slide 69: Post privatisation consolidation and dual fuel
Post privatisation, scale economies and dual fuel drove the first round of consolidation Eastern Australia Eastern Australia Market share of customers: 1998 Market share of customers: 2003 Origin Energy 16% HH Origin Energy Energy Listed Companies 4% [7 Government owned Page 27
Slide 70: Gas and electricity integration has occurred
integration of gas and electricity has occurred. Retail and generation integration is increasing. 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 4 1,000,000 + Ov uso di) Va Weusaquy Anune3 XOBJ9UR Jamodg “Ju; ff PUE}Y say * Generation capability FURUS MOU DA BS Government owned entities are prima
Slide 71: Levels of churn reflect market structures
Levels of churn reflect the underlying market structures.... 40% Mass Market Churn: Completed & Pending ROME Lec 35% + 30% cos Sa Eee Vic Gas NSW Elec seme NSW Gas enone SA Gas n & e 20% & & 40% % Churn: Monthly data annualised ow e 2 e « Initial low levels of churn reflect low available margin «Inc
Slide 72: Customer contracting requires more sophisticated targeting
The extent of customer contracting means acquisition will require more sophisticated targeting and value propositions... Open to Switching Retained & Contracted Switched & Contracted aA Will not Switch .. requiring enhanced system functionality and a Origin rage COMpEtitive cost base
Slide 73: Improving systems and processes to reduce cost to serve
Origin has moved to improve systems and processes and thereby significantly reduce its cost to serve .... in-House evolution is ‘the preferred path forward Origin | Regerke: Team analysis
Slide 74: Focus on volume, margin and valuable customers
..and increasing focus on volume, margin and targeting valuable customers « Detailed market understanding - through data analysis, segmentation and product development, focussing on high volume / high margin customers « Be competition enabled in ali markets - ensure that we are able to compete when,
Slide 75: Market is now dual fuel
Market is now dual fuel with focus on simplicity and payment structure Origin. Page 33
Slide 76: LPG focus is on appliance penetration
LPG focus is on appliance penetration All products utilise the call centre for sales fulfilment Origin Page 34
Slide 77: New markets are becoming available
New markets are becoming available..... NSW Is now a State of Origin Origin.
Slide 78: Ability to differentiate products
.. and there is ability to differentiate products Page 36 Origin.
Slide 79: Green continues to develop as a core offering
“Green” continues to develop as a core offering t's behind the a Door * Only ~8% of Origin electricity base and ~1-2% of total VIC/SA/NSW electricity base currently on green. OE up-selling GreenEarth now to 1 in 3 customers moving home ..and complements our asset position Origin | Page 37
Slide 80: Margins sustained despite customer losses
Despite customer losses, with focus on customer segmentation and operating costs, margins have been sustained ..with value of having a diversified product and Product Gross Margin ($ million) {bars) 600 500 300 Retail Gross Margin ($) and EBIT Margin (%)} 2000 2004 2062 2003 2004 —_ Natural Gas GEE]
Slide 81: Slide 81
Slide 82: Slide 82
Slide 83: Slide 83
Slide 84: Slide 84
Slide 85: Slide 85
Slide 86: Slide 86
Slide 87: Slide 87
Slide 88: Slide 88
Slide 89: Slide 89
Slide 90: Slide 90
Slide 91: Slide 91
Slide 92: Slide 92
Slide 93: Slide 93
Slide 94: Slide 94
Slide 95: Slide 95
Slide 96: Slide 96
Slide 97: Slide 97
Slide 98: Slide 98
Slide 99: Slide 99
Slide 100: Slide 100
Slide 101: Slide 101
Slide 102: Slide 102
Slide 103: Slide 103
Slide 104: Slide 104
Slide 105: Slide 105
Slide 106: Slide 106
Slide 107: Slide 107
Slide 108: Slide 108
Slide 109: Slide 109
Slide 110: Slide 110
Slide 111: Slide 111
Slide 112: Slide 112
Slide 113: Slide 113
Slide 114: Slide 114
Slide 115: Slide 115
Slide 116: Slide 116
Slide 117: Slide 117
Slide 118: Slide 118
Slide 119: Slide 119
Slide 120: Slide 120
Slide 121: Slide 121
Slide 122: Slide 122
Slide 123: Slide 123
Slide 124: Slide 124
Slide 125: Slide 125
Slide 126: Slide 126
Slide 127: Slide 127
Slide 128: Slide 128
Slide 129: Slide 129
Slide 130: Slide 130
Slide 131: Slide 131
Slide 132: Slide 132
Slide 133: Slide 133
Slide 134: Slide 134
Slide 135: Slide 135
Slide 136: Slide 136
Slide 137: Slide 137
Slide 138: Slide 138
Slide 139: Slide 139
Slide 140: Slide 140
Slide 141: Slide 141
Slide 142: Slide 142
Slide 143: Slide 143
Slide 144: Slide 144
Slide 145: Slide 145
Slide 146: Slide 146
Slide 147: Slide 147
Slide 148: Slide 148
Slide 149: Slide 149
Slide 150: Slide 150
Slide 151: Slide 151
Slide 152: Slide 152
Slide 153: Slide 153
Slide 154: Slide 154
Slide 155: Slide 155
Slide 156: Slide 156
Slide 157: Slide 157
Slide 158: Slide 158
Slide 159: Slide 159
Slide 160: Slide 160
Slide 161: Slide 161
Slide 162: Slide 162
Slide 163: Slide 163
Slide 164: Slide 164
Slide 165: Slide 165
Slide 166: Slide 166
Slide 167: Slide 167