Slide 1: Roadshow Presentation Q2 2021
Roadshow Presentation Q2 2021 Daimler AG Daimler AG Roadshow Presentation | Q2 2021 1
Slide 2: Agenda
AGENDA I. RESULTS Q2 2021 II. OUTLOOK FY 2021 III. STRATEGY 1. DAIMLER GROUP 2. MERCEDES-BENZ CARS & VANS 3. DAIMLER TRUCKS & BUSES 4. DAIMLER MOBILITY Daimler AG Roadshow Presentation | Q2 2021 2
Slide 3: Daimler: Key messages
Daimler: Key messages ▸ Good earnings momentum in all businesses. Strong results show improved resilience ▸ Comfortable level of Net Industrial Liquidity and Free Cash Flow supporting financial flexibility ▸ Continued strategy execution, ramp-up of EV portfolio in all divisions ▸ Project Focus: cont
Slide 4: Daimler key figures: Good operating business performance
Daimler key figures: Good operating business performance, positive impact from implemented cost measures and strong cash conversion Free Cash Net Industrial Sales Revenue EBIT EBIT adj. in thousand units in billion euros in billion euros in billion euros Flow (IB) Liquidity in billion euros in billi
Slide 5: Q2 2021: Strong Group EBIT
Daimler Q2 2021: Strong Group EBIT in million euros +617 +45 5,420 -235 5,185 +1,578 +3,888 Mercedes-Benz Cars & Vans: • Legal proceedings -107 • Restructuring measures -59 Daimler Trucks & Buses: • Restructuring measures -12 • Legal Daimler Mobility: proceedings +53 • Restructuring measures -6 • Re
Slide 6: Mercedes-Benz Cars: Highlights
Mercedes-Benz Cars: Highlights ▸ Mercedes-Benz: 511,000 cars sold (wholesale), new sales record in China, order intake on high level driven by new S-Class ▸ Sales significantly influenced by ongoing semiconductor shortages ▸ Global xEV sales at Mercedes-Benz Cars more than quadrupled in H1 2021, EV
Slide 7: Mercedes-Benz Cars: Fascinating products and a favourable mix
Mercedes-Benz Cars: Fascinating products and a favourable mix in thousand units BY REGIONS BY SEGMENT 521 521 smart 10 5 Sports Cars 81 Rest of world 409 409 Europe 4 57 120 5 246 excl. Germany SUVs 74 159 53 Germany 40 21 S-Class 68 United States 15 42 E-Class 73 73 75 C-Class 196 199 China 73 81 9
Slide 8: Mercedes-Benz Vans: Highlights
Mercedes-Benz Vans: Highlights ▸ Group sales up 37% driven by almost all regions, encouraging growth in China ▸ Group sales of electric vans increased more than eightfold ▸ Ongoing strong profitability supported by mix, pricing and cost focus ▸ World premiere of the Concept EQT ▸ Merger of Mercedes-
Slide 9: Mercedes-Benz Cars & Vans financials
Mercedes-Benz Cars & Vans financials: Strong performance in the top line Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in billion euros in billion euros 28.2 620 3.6 18.9 481 2.8 +29% +49% +3.9 +437% 0.5 -0.3 Q2 2020 Q2 2021 Q2 2020 Q2 2021 Q2 2020 Q2 2021 Q2 2020 Q2 2021 For
Slide 10: Mercedes-Benz Cars & Vans EBIT & RoS
Mercedes-Benz Cars & Vans EBIT & RoS: Favourable sales momentum translated in a significant increase in volume, structure and pricing Higher unit sales Favourable product mix in million euros Gross profit +4,461 Improved net pricing Higher expenses mainly due to positive short-time work effect in 20
Slide 11: Daimler Trucks & Buses: Highlights
MD Daimler Trucks & Buses: Highlights ▸ Increase of truck and bus sales in almost all regions due to improved market conditions ▸ Incoming truck and bus orders in all regions significantly above prior year’s quarter, but limited by available production capacity in 2021 ▸ Limited impact from semicond
Slide 12: Daimler Trucks: Significant growth in unit sales and incoming orders
Daimler Trucks: Significant growth in unit sales and incoming orders vs. burdened last year in thousand units UNIT SALES INCOMING ORDERS** 112 11 Rest of world 125 15 Rest of world 27 Asia 31 35 Asia 58 13 Latin America 4 57 14 Latin America 18 5 43 North America 6 19 29 North America 6 20 17 32 EU3
Slide 13: Daimler Trucks & Buses Financials
Daimler Trucks & Buses Financials: Strong sales despite semiconductor shortages Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in million euros in million euros 116.8 10.0 831 6.2 693 61.0 +91% +61% +1,578 +814 -747 -121 Q2 2020 Q2 2021 Q2 2020 Q2 2021 Q2 2020 Q2 2021 Q2 2020
Slide 14: Daimler Trucks & Buses EBIT & RoS
Daimler Trucks & Buses EBIT & RoS: Positive volume, structure and net pricing Increase of truck and bus sales in almost all regions due to improved market conditions Lower expenses for customer service Significantly higher contribution from aftermarket due to higher demand in million euros Gross pro
Slide 15: Daimler Mobility: Highlights
Daimler Mobility: Highlights ▸ Higher new business driven by strong customer loyalty, especially in Europe, and Covid-impact in previous year ▸ Strong growth of acquisitions for electric vehicles supporting EV sales ▸ Lower credit risk reserves and still low net credit losses reflecting high portfol
Slide 16: Daimler Mobility Financials
Daimler Mobility Financials: Significant increase in EBIT adj., driven also by non-recurring items New Contract EBIT adj. business volume in million euros in billion euros in billion euros 930 17.2 150.6 150.6 14.0 +23% 0% 313 +197% Q2 2020 Q2 2021 12/31/2020 6/30/2021 Q2 2020 Q2 2021 For more detai
Slide 17: Daimler Mobility: Continuously low net credit losses
Daimler Mobility: Continuously low net credit losses* 0.89% 0.83% 0.68% 0.61% 0.50% 0.51% 0.36% 0.43% 0.37% 0.34% 0.31% 0,33% 0.31% 0.24% 0.26% 0.26% 0.21% 0.19% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 06 * as a percentage of portfolio, subject t
Slide 18: Daimler Mobility EBIT & RoE
Daimler Mobility EBIT & RoE: Main impact from lower credit risk provisions and higher interest margins Lower credit risk reserve due to quick response to Covid-19 pandemic in 2020 Margin benefiting from lower refinancing costs in million euros Improved operative business performance at Mobility Serv
Slide 19: Agenda
AGENDA I. RESULTS Q2 2021 II. OUTLOOK FY 2021 III. STRATEGY 1. DAIMLER GROUP 2. MERCEDES-BENZ CARS & VANS 3. DAIMLER TRUCKS & BUSES 4. DAIMLER MOBILITY Roadshow Presentation | Q2 2021 19
Slide 20: Market Guidance 2021
Market Guidance 2021 ASSUMPTION Our expectations for the development of business in 2021 are based on the assumption of a gradual normalization of economic conditions in the markets that are important to us. In particular, we assume that the world economy will be able to recover from the pandemic-re
Slide 21: Group Guidance 2021
Daimler Group Guidance 2021 ASSUMPTION Our expectations for the development of business in 2021 are based on the assumption of a gradual normalization of economic conditions in the markets that are important to us. In particular, we assume that the world economy will be able to recover from the pand
Slide 22: Divisional Guidance 2021
Divisional Guidance 2021 ASSUMPTION Our expectations for the development of business in 2021 are based on the assumption of a gradual normalization of economic conditions in the markets that are important to us. In particular, we assume that the world economy will be able to recover from the pandemi
Slide 23: Agenda
AGENDA I. RESULTS Q2 2021 II. OUTLOOK FY 2021 III. STRATEGY 1. DAIMLER GROUP 2. MERCEDES-BENZ CARS & VANS 3. DAIMLER TRUCKS & BUSES 4. DAIMLER MOBILITY Roadshow Presentation | Q2 2021 23
Slide 24: Separation of Daimler into two pure-play companies
Daimler Group Separation of Daimler into two pure-play companies: Driving value creation, greater focus and financial discipline TODAY TOMORROW DAIMLER MERCEDES-BENZ DAIMLER TRUCK MERCEDES- DAIMLER DAIMLER BENZ TRUCK MOBILITY MERCEDES- FINANCIAL BENZ SERVICES MOBILITY Separate ▸ Capital Structure an
Slide 25: Structure of the planned transaction
Daimler Group Structure of the planned transaction Separate listing of Daimler Truck Distribution of Daimler Truck shares held by Daimler to existing Daimler shareholders Majority in free-float, Daimler ceases control over DT but intends to retain a minority shareholding No additional investment nee
Slide 26: Project Focus: Mercedes-Benz, the pre-eminent luxury car business
Daimler Group Project Focus: Mercedes-Benz, the pre-eminent luxury car business Mercedes-Benz Leading Global “pure play” OEM with unique brand recognition automotive “Ambition 2039” amplifying clear commitment to Sustainability as strategic priority luxury brand Attractive captive financial services
Slide 27: Project Focus: Daimler Truck unlocking the full potential
Daimler Group Project Focus: Daimler Truck unlocking the full potential Daimler Truck Global Global market presence with market-leading brands in triad markets #1 Ready to seize opportunities in emerging markets CV player Leverage existing global platforms to turn scale into profit Lead in Powertrai
Slide 28: Daimler Truck AG majority spin-off: transaction structure and details
Daimler Group Daimler Truck AG majority spin-off: Intended transaction structure and details Transfer of the majority of Daimler Truck to Daimler shareholders True independent governance of Attractive financial profiles Prime listing for Daimler Truck Daimler Truck for both companies Daimler Truck A
Slide 29: The listing of Daimler Truck is planned to be complete by year-end 2021
Daimler Group The listing of Daimler Truck is planned to be complete by year-end 2021 Decision & Extraordinary Listing of Announcement of Shareholder Meeting Daimler Truck Project Focus planned targeted February 3, 2021 May 20, 2021 Fall 2021 November 4, End of 2021 2021 Capital Market Update Capita
Slide 30: Agenda
AGENDA I. RESULTS Q2 2021 II. OUTLOOK FY 2021 III. STRATEGY 1. DAIMLER GROUP 2. MERCEDES-BENZ CARS & VANS 3. DAIMLER TRUCKS & BUSES 4. DAIMLER MOBILITY Roadshow Presentation | Q2 2021 30
Slide 31: With our Ambition 2039 we put a stake into the ground
Mercedes-Benz Cars With our Ambition 2039 we put a stake into the ground Our ambition: carbon-neutrality by 2039 Now it’s time to accelerate with the full and rapid electrification of our products Daimler AG Roadshow Presentation | Q2 2021 31
Slide 32: Our electric product rollout is running at full speed
Mercedes-Benz Cars Our electric product rollout is running at full speed Deliveries of PHEV and BEVs up 300% in H1, accounting for over 10% of overall sales 2021 EQA EQB In 2021 alone, we are introducing four new battery electric vehicles Next year we will present SUV versions of EQS EQE our EQS and
Slide 33: Electrifying our sub-brands: leveraging their full potential
Mercedes-Benz Cars Electrifying our sub-brands: leveraging their full potential Launch of a sophisticated luxury electric Mercedes-Maybach SUV in 2023 Launch of the fully electric G-Class in 2024 AMG will go electric and will redefine high performance with a completely new electric architecture Daim
Slide 34: At the end of the decade, our focus will be on BEV only
Mercedes-Benz Cars At the end of the decade, our focus will be on BEV only By 2025 our customers will be able to choose an all-electric alternative for every model we make It’s our ambition to drive the plug-in hybrid & BEV share up to 50% in 2025. By the end of the decade, we will be ready to go al
Slide 35: We will launch three EV-only architectures in 2025
Mercedes-Benz Cars We will launch three EV-only architectures in 2025 Following the launch of MMA, the compact “electric first” architecture in 2024, all new Mercedes-Benz vehicle MB.EA architectures will be electric only MB.EA: will cover all medium and large size cars. Scalable modular system as e
Slide 36: We will expand our activities in battery cells and systems
Mercedes-Benz Cars We will expand our activities in battery cells and systems Needed battery volume for all car lines We will install a capacity of more than 200 Gigawatt hours 200 Gwh We will set up 8 battery cell factories around the world: one in the U.S., four in Europe – with our existing strat
Slide 37: Our batteries will be highly standardized
Mercedes-Benz Cars Our batteries will be highly standardized Differentiating factors More than 90% of all future Mercedes-Benz vehicles will be based on a common battery platform Chemistry We are aiming for a modular battery system that consists of uniformly designed components and standard interfac
Slide 38: Developing the next generation battery cell technology
Mercedes-Benz Cars Developing the next generation battery cell technology High-Silicon Anode: increasing energy density Expected energy density by using silicon-carbon composite in the anode Solid-State: pushing energy density beyond limits Solid-State of conventional lithium-ion cell, doubling ener
Slide 39: In-house electric motors are a key part of our strategy
Mercedes-Benz Cars In-house electric motors are a key part of our strategy Ultra-high performance axial motors for our forthcoming AMGs. Axial flux technology allows for unmatched power density, performance, acceleration Electric motor and power electronics company YASA Ltd. will be a fully owned su
Slide 40: We are establishing a green and CO2 neutral supply chain
Mercedes-Benz Cars We are establishing a green and CO2 neutral supply chain Raw materials In the future, raw materials for battery components only from IRMA-certified mines Processed materials & components Recycling Intention to partner with lithium producer Albemarle for future lithium supply, lith
Slide 41: We want to provide a premium charging experience
Mercedes-Benz Cars We want to provide a premium charging experience Mercedes me Charge currently comprising more than 530,000 AC and DC charging points worldwide. We will expand and enhance our charging network with partners like Ionity and ChargePoint Mercedes-Benz customers will get enhanced acces
Slide 42: Vision EQXX: efficiency is the new currency
Mercedes-Benz Cars Vision EQXX: efficiency is the new currency Our Vision: a real range of over 1,000 kilometres with a compact car segment sized battery Our target: single digit kWh per 100 km Reducing consumption with extraordinary efficiency improvements in almost all areas. Integrating new techn
Slide 43: We are ready to accelerate EV production
Mercedes-Benz Cars We are ready to accelerate EV production Bremen Kamenz Ready to scale up: our largest plants in Beijing, Bremen, Stuttgart Jawor Kecskemét, Rastatt, Sindelfingen, and Tuscaloosa are all Sindelfingen Kecskemét capable of building EVs and are currently assembling 5 Rastatt different
Slide 44: Our new cooperation with GROB
Mercedes-Benz Cars Our new cooperation with GROB We plan to cooperate with GROB, a global leader in highly innovative battery production and automation systems Strengthening our battery production capacity and know-how Focus of cooperation on battery module assembly and pack assembly Daimler AG Road
Slide 45: Closing the loop: from value chain to value cycle
Mercedes-Benz Cars Closing the loop: from value chain to value cycle 2022: Carbon-neutral production at all Mercedes- Benz AG passenger car and battery assembly sites Establishing remanufacturing processes and repurpose of key components, e.g. batteries can be reused to help balance electricity grid
Slide 46: Re-shape Re-skill Re-charge
Mercedes-Benz Cars The transformation of our workforce Re-shape Re-skill Re-charge Streamlining Developing Meeting the our organization in a future-oriented Mercedes-Benz standard responsible way qualifications as an employer Continue effective process of cost reduction Ensure that motivated and qua
Slide 47: Our transition plan to go BEV-only
Mercedes-Benz Cars Our transition plan to go BEV-only What we told you 2025 BEV alternative Ready to go all-electric Faster ramp down PHEV transition for every model by end of decade of ICE vehicles technology What we are going to do New BEV architecture New BEV models New battery factories New coop
Slide 48: Revenue quality rising – driven by mix and pricing
Mercedes-Benz Cars Revenue quality rising – driven by mix and pricing Key levers Net revenue per unit* Net pricing performance Positive mix from high end electric vehicles Digital services revenue Direct sales model * schematic graph Daimler AG Roadshow Presentation | Q2 2021 48
Slide 49: BEV cost reduction focus
Mercedes-Benz Cars BEV cost reduction focus Key levers Variable costs per unit* Material and manufacturing cost reduction of 1% until 2025 Further cost reduction on electric drive train from 2025 to 2030 Decreasing cell costs and common battery platforms Scalable modular electric only architectures
Slide 50: Radical shift in capital allocation – from EV-first to EV-only
Mercedes-Benz Cars Radical shift in capital allocation – from EV-first to EV-only Key levers CAPEX and R&D investments* Additional investments for new BEV architecture MB.EA, AMG.EA, VAN.EA and intensified battery footprint Radically reduced non-BEV investments Capex share of investments decreasing
Slide 51: Fixed cost reduction targets stepped up
Mercedes-Benz Cars Fixed cost reduction targets stepped up Key levers Fixed cost development* Covid 2020: significant fixed cost reduction 2021: temporary effects replaced by permanent measures >20% fixed cost reduction until 2025 vs. 2019 2025ff: digitization of all business areas 2019 2025 2030 Af
Slide 52: Strategy Mercedes-Benz Vans
Mercedes-Benz Vans Strategy Mercedes-Benz Vans in electric premium on customers and operating drive and digital segments profitable grow recurrent costs solutions growth revenues Daimler AG Roadshow Presentation | Q2 2021 52
Slide 53: Full range supplier in the commercial segment
Mercedes-Benz Vans Full range supplier in the commercial segment Small Van - Citan Mid-Size Van - Vito Large Van - Sprinter from 1.8t GVWR. up to 3.2t GVWR. up to 5.5t GVWR. Daimler AG Roadshow Presentation | Q2 2021 53
Slide 54: Electrification of the vehicle fleet – for both private and commercial use
Mercedes-Benz Vans Electrification of the vehicle fleet – for both private and commercial use • Clear commitment to electric mobility • Consistent electrification of all van series • Development of innovative co-creation solutions with customers • Ultimate vision: to be the leader in electric mobili
Slide 55: The next generation of the eSprinter
Mercedes-Benz Cars Vans The next generation of the eSprinter Daimler AG Roadshow Presentation | Q2 2021 55
Slide 56: Strategic priority: Electrifying MB Vans
Mercedes-Benz Cars Vans Strategic priority: Electrifying MB Vans • We are fully committed and dedicated to electrification • Holistic Approach: From small over mid-size to large, we electrify every van segment EQV eCitan eVito Next Generation eSprinter Electric T-class eSprinter 1. Generation electr
Slide 57: Our financial ambitions for MB AG 2025
Mercedes-Benz AG Our financial ambitions for MB AG 2025 2021: On track towards double digit RoS despite supply constraints Market environment/revenues volume mix & pricing Contribution margin Profitable growth Fixed costs > -20% vs. 2019 > -20% vs. 2019 > -20% vs. 2019 on track CAPEX and R&D > -20%
Slide 58: We are committed to our margin target – also in the BEV world
Mercedes-Benz AG We are committed to our margin target – also in the BEV world Market environment/revenues Contribution margin Profitable growth Targets increased Fixed costs Target extended > -20% vs. 2019 > -20% vs. 2019 > -20% vs. 2019 CAPEX and R&D Target extended > -20% vs. 2019 > -20% vs. 2019
Slide 59: Agenda
AGENDA I. RESULTS Q2 2021 II. OUTLOOK FY 2021 III. STRATEGY 1. DAIMLER GROUP 2. MERCEDES-BENZ CARS & VANS 3. DAIMLER TRUCKS & BUSES 4. DAIMLER MOBILITY Roadshow Presentation | Q2 2021 59
Slide 60: Our mission as an independent company is clear
Daimler Trucks & Buses Our mission as an independent company is clear RESET PROFITABILITY LEAD THE WAY TO ZERO EMISSIONS ▸ Intense focus on fixing Europe ▸ Seek cost and performance leadership ▸ Target profit benchmarks in each region ▸ Dual-track BEV and FCEV strategy ▸ No excuses: every region mus
Slide 61: Reset profitability
Daimler Trucks & Buses Reset profitability Willing to take the hard decisions to create value for shareholders OUR STRATEGIC FINANCIAL GOALS LOWER TARGET REGIONAL FOCUS ON BREAKEVEN TO PROFIT HIGHEST RETURN MANAGE BENCHMARKS SEGMENTS CYCLICALITY SYSTEMATIC GROW NO EXCUSES: LOWERING OF SERVICES AND E
Slide 62: Lead the way to zero emissions
Daimler Trucks & Buses Lead the way to zero emissions: We are going ‘all in’ on zero- emission trucks to achieve technology leadership OUR STRATEGIC TECHNOLOGY GOALS TECHNOLOGY BUSINESS AMBITIOUS COST PATH SET ROADMAP FOR TARGETS FOR TO GET TO ZEV IN PLACE ZEV & TCO PARITY ZERO EMISSIONS IN-HOUSE TE
Slide 63: Grow services and raise profitability
Daimler Trucks & Buses Grow services and raise profitability: Leverage technology to grow recurring revenues and reduce cyclicality SERVICES TODAY SERVICES 2030 ~30% ~50% of Daimler Truck revenues of Daimler Truck revenues Reman Dynamic service On-site 24h guarantee Traditional Spare parts contracts
Slide 64: Our 2025 financial ambitions for Daimler Truck
Daimler Trucks & Buses Our 2025 financial ambitions for Daimler Truck Unlock potential; manage cyclicality; fully reward shareholders MARKET ENVIRONMENT FIXED COST -15% VS. 2019 CAPEX / R&D -15% VS. 2019 PROFITABILITY 6 - 7% 8 - 9% >10% CASH CONVERSION 0.8 - 1.0X FULL FINANCIAL TARGETS AND GUIDANCE
Slide 65: The transition to ZEV: High potential variability in timing
Daimler Trucks & Buses The transition to ZEV: High potential variability in timing – but we are ready for any outcome DT KEY 2030 ASSUMPTIONS TCO OUTCOMES UP TO 60% ZEV ▸ Governmental support incl. ▸ Parity for BEV 100% 100% carbon pricing & infrastructure possible after 2025 ICE ZEV ▸ Zero emission
Slide 66: Infrastructure requires a dual zero-emission strategy
Daimler Trucks & Buses Infrastructure requires a dual zero-emission strategy: Battery electric and fuel-cell electric – both technologies needed REVERSED SCALING EFFECTS ZEV PENETRATION LOW HIGH LEVERAGING REFUELING EFFICIENCY AND H2 EXISTING ENERGY CAPACITIES H2 PRODUCTION PLANNED HUB CHARGING FLEX
Slide 67: ZEV Technology: Both BEV and hydrogen will be needed
Daimler Trucks & Buses ZEV Technology: Both BEV and hydrogen will be needed Three key factors drive our dual strategy COST PER RANGE: ENERGY DENSITY/CHARGING: GLOBAL ENERGY ECOSYSTEM: “THESE LINES MUST CROSS” “THESE LINES NEVER CROSS” “WILL BE ESTABLISHED ANYWAY” BEV (cell volume) ENERGY 3-15 x COST
Slide 68: Operating system at the core of the vehicle: Software architecture
Daimler Trucks & Buses Operating system at the core of the vehicle: Software architecture as platform for our next generation trucks and service offerings WHAT BENEFITS BENEFITS WE DO FOR CUSTOMERS FOR US ▸ Uptime: less and more ▸ Drive service ▸ In-house development efficient workshop revenues and
Slide 69: Redundant Cascadia and autonomous driving technology
Daimler Trucks & Buses Redundant Cascadia and autonomous driving technology Clear target: industry leading autonomous technology with our dual- track strategy WHAT WE DO BENEFITS FOR CLIENTS BENEFITS FOR US ▸ Global partnership ▸ Waymo’s industry- ▸ Strengthening of market between industry leading a
Slide 70: Agenda
AGENDA I. RESULTS Q2 2021 II. OUTLOOK FY 2021 III. STRATEGY 1. DAIMLER GROUP 2. MERCEDES-BENZ CARS & VANS 3. DAIMLER TRUCKS & BUSES 4. DAIMLER MOBILITY Roadshow Presentation | Q2 2021 70
Slide 71: Strategy Daimler Mobility
Daimler Mobility Strategy Daimler Mobility Daimler AG Roadshow Presentation | Q2 2021 71
Slide 72: Daimler Mobility Our Role
Daimler Mobility Our Role We create demand for vehicles and services. We promote and ensure customer loyalty. We contribute to Daimler’s financial success. We open up new opportunities through mobility services. WE MO>E YOU Daimler AG Roadshow Presentation | Q2 2021 72
Slide 73: Daimler Q2 2021 Disclaimer
DAIMLER Q2 2021 DISCLAIMER This document contains forward-looking statements that reflect our current views about future events. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” “may,” ”can,” “could,” “plan,” “project,” “should” and similar expressions are used to identif