Nbcc (india) Limited · NSE:NBCC
Nbcc (india) — Investor Presentation (November 2023)
95 slides from Nbcc (india)'s investor presentation, Nov 3, 2023
Slide 1: NBCC (India) Limited Investors & Analyst Presentation 2023
3th Nov 2023 NBCC A Navratna CPSE NBCC (INDIA) LIMITED INVESTORS & ANALYST PRESENTATION 2023 Annexure-|
Slide 2: NBCC Journey So Far
NBCC JOURNEY SO FAR... eoeneien 1960 1977 1988 2012 2014 "2017" 2018 (2019 2021 |a0ee es re CONSOLIDATED INCORPORATION DIVERSIFIED INTO NAVRATNA RE too esr : | RECORD SALE OF REAL REAL ESTATE STATUS f ESTATE IN WORLD NEL TRADE CENTER, INCORPORATION usec NAUROJI NAGAR FOOTPRINTS IN anne IN acest STAR
Slide 3: Company Snapshot
COMPANY SNAPSHOT A Navratna CPSE ONE OF THE LARGEST CONSTRUCTION CPSE IN INDIA DEBT FREE, CASH SURPLUS & NEGATIVE WORKING CAPITAL © PAN INDIA & GLOBAL PRESENCE INTEGRATED OPERATIONS - PMC, EPC, REAL ESTATE UNIQUE BUSINESS MODEL - SELF REVENUE GENERATION LISTED COMPANY IN BOTH THE EXCHANGES STRONG GR
Slide 4: NBCC's Business Composition
NBCC’s BUSINESS COMPOSITION 4 EPC Institutional, Housing & Industrial SEGMENTAL REVENUE Buildings FY 2022-23 Redevelopment work of Govt. Colonies & Properties, Land Monetization mPMC BEPC @RE Roads, Hospitals, Medical 2% Colleges, Offices, Airports, Bridges Stressed Real Estate & Overseas Work Civil
Slide 5: PMC Business Model - Concept to Commissioning
PMC BUSINESS MODEL - CONCEPT TO COMMISSIONING Project Management Consultancy (PMC) Services: p sovonsczces CONCEPT TO COMMISSIONING. SOURCING PROJECT LEUSINESS poo eee eee eee eee eee +--+ * Institutional, Housing & Industrial Buildings ! * Re-development of Govt. Colonies & Govt. Properties, Land M
Slide 6: NBCC Consolidated Financial Performance
NBCC CONSOLIDATED FINANCIAL PERFORMANCE faaa A Navratna CPSE Total Income ( PBT Before Exception Ite 10000 600 788 7134 7500 Se 400 388 o iL! FINANCIAL YEAR TOTAL INCOME (Cr) PBT- Gross Profit (Cr) 2020-21 2021-22 2022-23
Slide 7: Subsidiaries & JVs
SUBSIDIARIES & JV's NBCC (INDIA) LTD SUBSIDIARY WHOLLY OWNED SUBSIDIARY vor d) af) afl A Navratna CPSE NBCC SERVICES LIMITED HSCC (INDIA) LTD . NBCC DWC- LLC (DUBAI) OTHER SUBSIDIARY HINDUSTAN STEELWORKS CONSTURCTION LIMITED : 51% REAL ESTATE DEVELOPMENT & CONSTRUCTION CORPORATION OF RAJASTHAN LIMIT
Slide 8: NBCC's Subsidiaries
NBCC's SUBSIDIARIES HSCC (INDIA) LIMITED AtieiRam ca. A Subsidiary of NBCC (India) Ltd * Specialized in Developing Hospitals & Medical Colleges ¢ NBCC acquired 100% stakes in HSCC from Ministry of Family & Health Welfare at cost of Rs. 285 Cr in the Year 2018. Heri * Specialized in Steel Plants & in
Slide 9: Order Book Status & Business Secured in 2023-24
ORDER BOOK STATUS & BUSINESS SECURED IN 2023-24 Standalone Order Book Summary as on 01.11.2023 (Cr) Seheeloht-miyelm 44,700 (approx.) Order Book Consolidated Order Book Consolidated New Order Secured in Current FY 2023-24: Rs. 7000 Cr (approx.) Rs. 55300 (approx.) Major Works Secured in FY 2023-24:
Slide 10: Manpower Details
MANPOWER DETAILS NBCC EMPLOYEE STREN NBCC EMPLOYEE STRENGTH 270 (20.3%)
Slide 11: List of Major Clients
LIST OF MAJOR CLIENTS OVERSEAS CLIENT > Republic of Mauritius > Republic of Maldives > Republic of Seychelles > Niger Govt. > Many more VVVVVVVVVVV IIMS IITs NITS CBI NIA CRPF BSF ESIC AIIMS cIc DDA VVVVVVV MOHUA MHA MOD MEA MoE MOT Many More STATE GOVT. Haryana North Eastern States West Bangal Delh
Slide 12: Major Executed Projects: Domestic
MAJOR EXECUTED PROJECTS: DOMESTIC A Navraina CPSE DOMESTIC MAJOR EXECUTED PROJECTS : DOMESTIC MAJOR EXECUTED PROJECTS : * Bharat Mandapam, New Delhi * Dr. Ambedkar International Centre For * Vanijya Bhawan Building Social Justice. * Kaushal bhawan Building * Pt. Deendayal Upadhaya Archaeology * Garv
Slide 13: Major On-Going Projects: Domestic
MAJOR ON-GOING PROJECTS: DOMESTIC DOMESTIC MAJOR ON-GOING PROJECTs Redevelopment of Nauroji Nagar, Sarojini Nagar And Netaji Nagar in Delhi Amrapali Projects Bharat Vandana Park Dwarka East Delhi Hub, Karkardooma AIIMS, Deoghar, Jharkhand IIM Sambalpur Campus IIM Visakhapatnam Campus A Navraina CPSE
Slide 14: Major Overseas On-Going & Executed Projects
MAJOR OVERSEAS ON-GOING & EXECUTED PROJECTS Boi dt af] ait A Navraina CPSE OVERSEAS MAJOR EXECUTED PROJECTS : OVERSEAS MAJOR PROJECT ON-GOING: * New Supreme Court Building, Mauritius * Construction of 2000 Social Housing * Social Housing Projects, Mauritius Units in Maldives * Mahatma Gandhi Convent
Slide 15: NBCC Redevelopment Business Overview
NBCC REDEVELOPMENT BUSINESS OVERVIEW
Slide 16: Self Sustainable Business Model - Re-Development
SELF SUSTAINABLE BUSINESS MODEL - RE-DEVELOPMENT WHY TO RE-DEVELOP PROPERTIES ? i | WHAT IS RE-DEVELOPMENT MODEL ? * High Repair and Maintenance Cost require for dilapidated Buildings . Demolishing prevailing old buildings. '« Constructed in Post Independence era - Govt. buildings / accommodations (
Slide 17: Self Sustainable Development - Financial Models
SELF SUSTAINABLE DEVELOPMENT - FINANCIAL MODELS ANaveatna CPSE Outright sale of part of land Model 2 Long term lease of part BUA 7) c o = roo 2 wo > o a w oc Model 3 Freehold Sale of part BUA. NBCC has expertise in PMC+ REAL ESTATE + MAINTENANCE. * Dedicated in-house Real Estate team for Sale & Mark
Slide 18: New Moti Bagh Project
ye N voi fl af afl NEW MOTI BAGH PROJECT * Pre- development Houses - 82 * Post development Value additions * Additional Houses Developed: 910 nos * Surplus Cash of 328 Crs. (Incl. Interest ) was handed over to Government. * 105 Acres Senior Govt. Officer complex (with villas & apartment). * Social I
Slide 19: East Kidwai Nagar Project
EAST KIDWAI NAGAR PROJECT ¢ Area - 86 acres land. ¢ Project Cost - Rs 5200 Cr (approx.) ¢ Fund Raised by Long term Lease Commercial /Residential Area * Plot Area is 86 Acres out of which 14 Acres is of Darya Khan Tomb, a protected monument. RESIDENTIAL BUILDINGS | OFFICE SOCIAL INFRASTRUCTURE BASEME
Slide 20: Kidwai Nagar (East) Project
KIDWAI NAGAR (EAST) PROJECT
Slide 21: Kidwai Nagar (East) Office cum Commercial Project
KIDWAI NAGAR (EAST) OFFICE CUM COMMERCIAL PROJECT
Slide 22: Redevelopment of GPRA Colonies
~ a voi dl ai e| NBCC | A Navratna CPSE REDEVELOPMENT OF 7 GPRA COLONIES NBCC NAUROJI NAGAR NETAJI NAGAR SAROJINI NAGAR CPWD KASTURBA NAGAR THYAGRAJ NAGAR SRINIVASPURI MOHAMMADPUR
Slide 23: Background
BACKGROUND * To address the acute shortage of Government Housing and Office in the NCR, Union Cabinet has approved Re-development of Seven (GPRA). * The cost of project comprising of GPRA, Social infrastructure & Commercial space and maintenance of GPRA for 30 years is to be met by sale of Commercia
Slide 24: World Trade Center Nauroji Nagar
WORLD TRADE CENTER NAUROJI NAGAR NEV BE
Slide 25: Progress Photographs (Nauroji Nagar)
Progress Photographs (Nauroji Nagar) i in ry a Vig 2 (ea “ a tay
Slide 26: Progress Photographs (Nauroji Nagar)
Progress Photographs (Nauroji Nagar)
Slide 27: Handing Over to Buyers (Nauroji Nagar)
HANDING OVER TO BUYERS (Nauroji Nagar)
Slide 28: Redevelopment of Sarojini Nagar (GPRA)
REDEVELOPMENT OF SAROJINI NAGAR (GPRA) * Total House Developed: 10,190 nos * Commercial Built up Area for Sale : 48.19 Lakh sft ¢ Estimated Commercial Value (Fund Realization): 20,000 Cr * Social Infra. : 8.90 Lakh sft * Completion Time : 5 Years Area under Development: Over 288.12 acres i q
Slide 29: Redevelopment of Netaji Nagar (GPRA)
Hl. REDEVELOPMENT OF NETAJI NAGAR (GPRA) Ura Ul — Ti 4 77 Area under Development: Over 110.88 acres Pre- development Houses — 2,886 nos Post Development Value Additions will be * Total House Developed: 4,737 nos * GPOA Office Accommodation : 23.20 Lakh sft * Social Infra. : 5.7 Lakh sft * Completion
Slide 30: Other Major Completed Projects
OTHER MAJOR COMPLETED PROJECTS
Slide 31: Bharat Mandapam - Pragati Maidan Development
> BHARAT MANDAPAM - PRAGATI MAIDAN DEVELOPMENT IECC (EXHIBITION AND CONVENTION CENTER) DEVELOPMENT * Project Cost: 2350 Cr §- Inaugurated by Hon'ble PM on July 26, 2023 a
Slide 32: Bharat Mandapam - Pragati Maidan Development
> BHARAT MANDAPAM - PRAGATI MAIDAN DEVELOPMENT The redeveloped ITPO complex will host India’s G20 Leaders meetings With a campus area of approximately 123 acres, the Complex proudly holds the title of India's largest MICE (Meetings, Incentives, Conferences, and Exhibitions) destination. Magnificent
Slide 33: Garvi Gujarat Sadan, New Delhi
> GARVI GUJARAT SADAN, NEW DELHI Project Cost: 131 core * Completion: 21 months (three months before the deadline) Inaugurated by Hon'ble PM on September 02, 2019. PM's Speech at inauguration
Slide 34: Garvi Gujarat Sadan, New Delhi
a SS vor [Nace > GARVI GUJARAT SADAN, NEW DELHI ANavratna CPSE
Slide 35: AIIMS Bilaspur Himachal Pradesh
> AIIMS BILASPUR HIMACHAL PRADESH * Project Cost: 1250 Cr & Spread over 247 acres * Inaugurated by Hon’ble Prime Minister of India on 05.10.2022 Hospital with 18 specialty & 17 super specialty departments, 18 modular operation theaters, 750 beds with 64 ICU beds.
Slide 36: All India Institute of Ayurveda (AIIA) Goa
> INDIA INSTITUTE OF AYURVEDA (AIIA) GOA co * Project Cost: 268 Cr * Inaugurated by Hon’ble Prime Minister of India on 11.12.2022 uuUd Vilaziavau By - Shri Narendra Modi 11" Dece mf AGLE 7 ANT "AYU uo Cart ay. i Institute consists of an academic block, a hostel, a convenience centre, a sports facili
Slide 37: Vanijya Bhawan Office Building
Construction of Office building (2 basement + Ground + 5 floors) including INAUGURATED BY HON BLE PM ON 23.06.2022 other Infrastructure, etc. PROJECT COST : RS. 210 Cr.
Slide 38: Kaushal Bhawan, Ministry of Skill Development
KAUSHAL BHAWAN , MINISTRY OF SKILL DEVELOPMENT & ENTREPRENEURSHIP (MOSDE) friges SE Construction of Office building (3 9 P DATE OF COMPLTION: 25.05.2023 basement + Ground + 7 floors) including Security & IT Infrastructure, etc. PROJECT COST: RS. 172 Cr.
Slide 39: Statue of Netaji Subhash Chandra - Installation & Illumination Work
STATUE OF NETAJI SUBHASH CHANDRA - INSTALLATION & ILLUMINATION WORK A Navratna CPSE Hon’ble Prime Minister unveiled a grand statue of Netaji Subhas Chandra Bose AT India Gate on 8‘ Sep, 2022. The 28 feet tall towering statue of Netaji is one of the tallest, monolithic, handmade sculptures in India.
Slide 40: Project Cost
% X 4 PROJECT COST : RS. 149 Cr.
Slide 41: Ispat PG Institute and Super Speciality Hospital, Rourkela
> ISPAT PG INSTITUTE AND SUPER SPECIALITY HOSPITAL AT RSP SAIL, ROURKELA Saal * Project Cost: 295 Cr ¢ Inaugurated by Hon’‘ble President of India on March 21, 2021. * 200 bed super-speciality hospitaL
Slide 42: National Police Memorial
NATIONAL POLICE MEMORIAL - INAUGURATED BY HON'BLE PRIME Great Challenge : 270 tonnes, 31 X 10 feet wide single ; piece of stone transported from Telangana, unloaded & Project Cost: 50 Crore erected with extreme precaution & technicalities. Date of Completion : 21.10.2018
Slide 43: Pt. Deendayal Upadhyaya Institute of Archaeology, Greater Noida
> PT. DEENDAYAL UPADHAYA INSTITUTE OF ARCHAEOLOGY, GREATER NOIDA Project Cost: 288 Crore * Inaugurated by Hon'ble PM on March 09, 2019. Mare | ORR vey anal +R ee (IRA MODE meee Wares sane fay tet
Slide 44: Dr. Ambedkar International Centre for Social Justice, New Delhi
DR. AMBEDKAR INTERNATIONAL CENTRE FOR SOCIAL JUSTICE, NEW DELHI Minis! I Gace sane: ermal | Inauguration ot ‘Dr. Ambedkar International Centr by Project Cost: 185 Crore Hon'ble PM stated that this is first time, he laid foundation & inaugurated also. + Inaugurated by Hon’ble PM Dec 08, 2017 44
Slide 45: 2400 Seater Auditorium Work, Kolkata
> 2400 SEATER AUDITORIUM WORK, KOLKATA Project Cost: 418 Cr Completed on April’2023 + IBC Awards to NBCC for execution of this iconic project.
Slide 46: 2400 Seater Auditorium Work, Kolkata
> 2400 SEATER AUDITORIUM WORK, KOLKATA The six-floor auditorium having a conch shape structure is 510 feet in length and 210 feet in width.
Slide 47: Indian Institute of Management (IIM) Ranchi
INDIAN INSTITUTE OF MANAGEMENT (IIM) RANCHI pryag ayaa in pea rer GEER AT Le @anegenay=" i se Tran eee ee ee eeeesk & GG Gi * Project Cost: 297 Cr ite x “i use ies) fe | ae ae el a Ee Res hy * Date of Completion: 28.02.2022
Slide 48: Corporate Office National Insurance Company Limited
CORPORATE OFFICE NATIONAL INSURANCE COMPANY LIMITED ahh =: Project Cost: 328 Cr PROPOSED MODEL * Date of Completion : July’2022
Slide 49: Jallianwala Bagh Renovation
> JALLIANWALA BAGH RENOVATION Project Cost: 23 Crore Inaugurated by Hon’ble PM on Aug 28, 2021.
Slide 50: Border Fencing Works
BORDER FENCING WORKS A Navratna CPSE Border Fencing works at Dampa Tiger Reserve, Mizoram * Project Cost:- Rs 597.00 Cr *Scope of Work:- Border Fencing with patrol road for 58 Kms stretch in Mizoram falling under Dampa Tiger Reserve. Indo-Pak Border Fencing Works in Gujarat * Project Cost:- Rs 763.2
Slide 51: Heritage Restoration - Purana Qila Restoration
HERITAGE RESTORATION - PURANA QILA RESTORATION UNDER ADOPT A HERITAGE Tiga | —= A Navra
Slide 52: Illuminating the Historic Lal Qila & Qutub Minar
ILLUMINATING THE HISTORIC LAL QILA & QUTUB MINAR t in A New Light This Independence Day, NBCC has partnered with the Archaeological Survey of India to illuminate the Red Fort with special facade lighting that details the Fort's architecture. This will enhance the monuments splendour after sunset. =
Slide 53: National Museum of Indian Cinema, Mumbai
NATIONAL MUSEUM OF INDIAN CINEMA, MUMBAI PROJECT COST : RS 135 Crs INAUGURATED ON 19 JANUARY, 2019. 53
Slide 54: Central Information Commission HQ, New Delhi
DB CENTRAL INFORMATION COMMISSION HQ, NEW DELHI INAUGURATED BY HON'BLE PRIME MINISTER - Rs. 55 Crore
Slide 55: NIA New Delhi
» NIA NEW DELHI ragaz INAUGURATED BY HON'BLE EX- HOME MINISTER: Rs. 35 Crore
Slide 56: ESIC Hospital, KK Nagar, Chennai
ESIC HOSPITAL, KK NAGAR, CHENNAI “SCOPE OF WORK: Medical college, OPD Block, 24X7 Block, Boys Hostel, Girls Hostel, Interns Hostel, PG Hostel, External Services «COST OF THE PROJECT: Rs.365 Cr 56 FRONT ELEVATION
Slide 57: Major Ongoing Projects
MAJOR ONGOING PROJECTS
Slide 58: Amrapali Projects
AMRAPALI PROJECTS In 2019, Hon'ble Supreme Court assigned this work to NBCC on PMC Basis A Navraima CPSE Total 25 nos. Projects in Noida & Gr. Noida @Execution Status as per Residential Units @Execution Status as per Value Pp Noofunits P| Project Value (Cr. Total no of Residential . . 46575 Total Pr
Slide 59: Amrapali Project Achievement
AMRAPALI PROJECT ACHIEVEMENT Financial Year Achievement (Cr) 2021-22 1166 Cr 2022-23 1734 Cr GOLF HOMES & KINGSWOOD, GREATER NOIDA
Slide 60: Amrapali Project - Sapphire, Noida
AMRAPALI PROJECT - SAPPHIRE, NOIDA ma A Navratna CPSE
Slide 61: Amrapali Project - Sample Flat, Leisure Park, Greater Noida
AMRAPALI PROJECT - SAMPLE FLAT, LEISURE PARK, GREATER NOIDA 2 MPLE FLAT | SA SAMPLE FLAT
Slide 62: Amrapali Project Dream Valley Phase-II, Greater Noida
Completed 25 storey Dream Valley Enchante building within 7 months. were jit lp cit Ky bred ke ——— AMRAPAL | PROJECT DREAM VALLEY PHASE-II, GREATER NOIDA
Slide 63: AIIMS, Deoghar, Jharkhand
AIIMS, DEOGHAR, JHARKHAND * Project Cost: 863 Cr * Progress: 97 % * Likely Date of Completion : December, 2023 ACADEMIC BUILDING AYUSH BLOCK
Slide 64: IIM Sambalpur
IIM SAMBALPUR A Navratna CPSE m Project Cost : Rs. 401.94 Cr. * Scope of work: Academic Block, Hostel Block, Admin Building, Mess & External Development. | Likely Date of Completion: November, 2023 * Progress Achieved — 100% * Client: IIM * All buildings in the project have been divided into 2 diffe
Slide 65: IIM Sambalpur
IIM SAMBALPUR Academic Block (Two Wings) Hostel Block
Slide 66: IIM Visakhapatnam
IIM VISAKHAPATNAM Project Brief: o Client: IIM o Academy Blocks-3Nos o Hostel Block-4Nos o Married Studio 1 Block etc. vot dl . fl ey A Navratna CPSE : Rs. 445 Cr. o Construction of Academy Blocks, Hostel Block and Married Studio Block etc. with allied services 15.04.2019 31.03.2024 \- Progress Achi
Slide 67: IIM Visakhapatnam
A Navratna CPSE IIM VISAKHAPATNAM my
Slide 68: IIT Bhubaneswar
IIT BHUBANESWAR * Client: IIT * Hostel Block * Housing Block * Lecture Theatre Complex * Project Cost : Rs. 560 Cr. z “a Scope of work: o Construction of Hostels, Housing block, Director Bungalow, Student Activity centre, o Lecture theatre complex, central workshop, o Commercial complex, auditorium
Slide 69: NIT, Patna, Bihar
NIT, PATNA, BIHAR * Project Cost: 525 Cr * Progress: 34% ¢ Likely Date of Completion : April, 2024
Slide 70: Bharat Vandana Park
BHARAT VANDANA PARK A Navratna CPSE Project owner Sanction Cost Completion Period Present Progress Likely Completion :DDA : Rs 560 Cr : 24 Months 255% : March’24 Plot area : 200 acres land at Dwarka, New Delhi, First of its kind in India being developed as a major tourist destination. Project aims f
Slide 71: Slide 71
Slide 72: East Delhi Hub - Karkardooma
EAST DELHI HUB- KARKADOOMA A Navratna CPSE Integrated Development Name of of East Delhi Hub, ( Work Karkardooma, New Delhi hr on TOD Norms YY yy Name of Delhi Development i}. Client Authority (DDA) 7. ; )} SS Approximate 3 yy Ss Cost of Rs. 1,168 .54Cr. Oo eS : Construction Se Ag drag 2 (iss a \ i S
Slide 73: East Delhi Hub - EWS Block
EAST DELHI HUB - EWS BLOCK- [asea]
Slide 74: Major Real Estate Projects
MAJOR REAL ESTATE PROJECTS 74
Slide 75: Real Estate Division Highlights
> REAL ESTATE DIVISION HIGHLIGHTS A Navratna CPSE © Started Real Estate Business in year 1988 Cc) Established brand with Govt. Support & Guidance @ First Central Public Sector Enterprise to enter into Real Estate 4 Navraina CPSE @ Experienced Management team with strong corporate governance CO Stron
Slide 76: Project Gallery - Real Estate Projects
PROJECT GALLERY - REAL ESTATE PROJECTS NBCC VALLEY VIEW, KOCHI NBCC TOWER, BAHADURPUR, PATNA
Slide 77: Project Gallery - Real Estate Projects
PROJECT GALLERY - REAL ESTATE PROJECTS : N CNET NBCC IMPERIA, BHUBANESWAR, ODISHA NBCC COMMERCIAL COMPLEX, LUCKNOW
Slide 78: Major EPC Projects
MAJOR EPC PROJECTS
Slide 79: EPC Sector Highlights
> EPC SECTOR HIGHLIGHTS A Navratna CPSE @ Established as an EPC company in 1960 CC) Specializes in Cooling Towers, Chimneys, other high rise structures pee en @ Executed - Roads, Bridges, Flyovers, Metro Stations, WTPs, STPs. NBCC A Navratna CPSE @ Technical & Experience Manpower for EPC work CO Spe
Slide 80: NDCT, Wanakbori, Gujarat
NDCT, WANAKBORI, GUJARAT Project Cost: 67 crore * Date of Completion : 31.01.2021
Slide 81: Major Overseas Projects
Slide 82: NBCC Overseas Presence
Slide 83: Inauguration of Construction of New Supreme Court Building - Mauritius
Slide 84: Slide 84
Slide 85: Mahatma Gandhi Convention Centre (MGCC) at Niamey Niger
Slide 86: Mahatma Gandhi Convention Centre (MGCC) at Niamey Niger
Slide 87: India Pavilion, World Expo, Dubai (Completed)
Slide 88: Photographs India Pavilion, World Expo, Dubai
Slide 89: Institute of Security & Law Enforcement at Maldives
Slide 90: Institute of Security & Law Enforcement at Maldives
Slide 91: 2000 Nos. Social Housing Units at Hulhumale, Maldives
Slide 92: Construction of 2000 Social Housing Units in Maldives
Slide 93: NBCC Services Limited - Facility & Maintenance Management
Slide 94: Recognitions
Slide 95: Thank You