Capital Power Corporation · TSX:CPX
Capital Power — Investor Day (December 2010)
88 slides from Capital Power's investor day presentation, Dec 9, 2010
Slide 1: Investor Day 2010
INVESTOR DAY 2010 DECEMBER 9, 2010 1
Slide 2: Forward-looking Information
Forward-looking Information Cautionary statement Certain information in today’s presentations and in responses to questions contain forward-looking information. Actual results could differ materially from conclusions, forecasts or projections in the forward-looking information, and certain material
Slide 3: Today's Presenters
Today’s Presenters Brian Vaasjo Jim Oosterbaan Graham Brown Darcy Trufyn Stuart Lee President & SVP, Commercial SVP, Operations SVP, Construction, SVP, Finance & CEO Services Engineering & CFO Project Mgmt. 3
Slide 4: Investor Day Agenda
Investor Day Agenda 8:00 – 8:30 Continental Breakfast 8:30 – 8:35 Introduction Randy Mah 8:35 – 8:55 Strategic Overview Brian Vaasjo 8:55 – 9:40 Market Overview Jim Oosterbaan Portfolio Optimization & AB Power Market Business Development 9:40 – 10:00 Break 10:00 – 10:25 Operations Overview Graham Br
Slide 5: Strategy and Market Overview
STRATEGY AND MARKET OVERVIEW Brian Vaasjo President & CEO
Slide 6: Capital Power Overview
Capital Power Overview Canadian-based, growth-oriented independent power producer (IPP) operating in North America and trading on the TSX (CPX) Consistent strategy Business model: Generate Commitment to stable and maintain attractive growing cash dividend flows Vision: to be one of North Ameri
Slide 7: Corporate Strengths
Corporate Strengths by Solid platform si tts for sustainable ba a e aw s growth iv g et e cr 0 m Financial strength ac 00 with access to capital ly 0, nt 1 te to Combination of long-term is e ns siz contracts & merchant position c o le a rip on to t Young fleet with proven operating 20 l: and constr
Slide 8: Large, High Quality Generation Portfolio
Large, High Quality Generation Portfolio Interests in 32 facilities (nearly 3,800 MW)(1) Segmented owned capacity by MW(2) 30% 15% 35% 20% AB contracted AB commercial ON / BC contracted Capital Power Income L.P. (1) Capacity owned and /or operated; excludes Sundance PPA (371 MW) (2) Owned capacity o
Slide 9: Young Fleet
Young Fleet Young fleet with average facility age of only 13 years(1) 3 new projects (495 MW) with COD in 2011-12 Kingsbridge I is ~5 years old with expected life remaining of ~15 years Coal plants Current age Expected life remaining Genesee 2 2034 Genesee 1 2039 Genesee 3 2050 Keephills 3 205
Slide 10: Strong Operating History, Fleet Availability
Strong Operating History, Fleet Availability Forecast 12,000 95% 95% 91%(1) 94% 91% 94% 100% Generation 9,000 75% Plant (GWh)(2) Availability 6,000 50% 3,000 25% - 0% 2006 2007 2008 2009 2010 2011 CPC Generation Pro-rata CPILP Generation Availability(3) Proven operating performance history with high
Slide 11: Long-Term Contracts & Merchant Position
Long-Term Contracts & Merchant Position Contracted / merchant split by plant capacity(1) 3,000 2,500 695 943 943 2,000 As portfolio grows, maintain balance MW 1,500 between merchant and 1,175 1,175 1,422 contracted facilities 1,000 500 CPILP (Contracted) Contracted 459 459 459 Merchant - 2010 2011 2
Slide 12: Financial Strength with Access to Capital
Financial Strength with Access to Capital Strong balance sheet with BBB investment grade credit rating (S&P/DBRS) Continuous access to capital essential to sustainable growth and to increase shareholder value • Provides financial flexibility to capitalize on opportunities Successful issuances
Slide 13: Solid Platform For Sustainable Growth
Solid Platform For Sustainable Growth Consistent access to growth capital throughout business cycle Target 50% contracted cash flow provides solid platform: • Maintain investment grade credit rating • Commitment to maintain an attractive dividend De-consolidated cash flow(1) 3% Discretionary cas
Slide 14: North American Platform & Growth Strategy
North American Platform & Growth Strategy Significant growth through acquisitions and development Maintain discipline on: • Geography • Size • Fuel type • Economics Area where merchant or contracted assets could potentially be added Capital Power facilities Area where contracted Capital Power In
Slide 15: 2010 Growth Announcements
2010 Growth Announcements Commitment of approximately $1B into operating and development assets with long-term contracted cash flows Asset Location Capacity Fuel Capital Cost (MW) Type ($M) Island BC 275 Gas $207 Generation Port Dover & Ontario 105 Wind $340 Nanticoke Quality Wind BC 142 Wind $450
Slide 16: Execution Of Growth Strategy
Execution Of Growth Strategy Confirmed capacity growth 4,500 4,000 Since Capital Power’s IPO launch in mid-2009, 3,500 970 MW of new capacity 3,000 has been added or (MW) 2,500 placed into development 2,000 Significant growth 1,500 expected in 2011 with $1.5B committed capital 1,000 target 500 0 200
Slide 17: Environmental Strategy Overview
Environmental Strategy Overview Strategy for reducing emissions includes significant investments in new technology and the creation and acquisition of emission offsets • Research funding at universities, IGCC, Project Pioneer Pursue renewable development in the context of our growth strategy G
Slide 18: 2010 Highlights
2010 Highlights Growth highlights • Secured long term contracts for two wind development projects located in BC and Ontario • Acquired contracted natural gas plant in BC • Construction of Keephills 3 on-track to commence operations in Q2/11 Successful debt and equity financings Financial perfo
Slide 19: Market Overview
MARKET OVERVIEW Jim Oosterbaan SVP, Commercial Services
Slide 20: Market Observations
Market Observations Low and stable gas prices Low interest rates, vibrant capital markets Macroeconomic uncertainty • Pace and scope of recovery • U.S. power demand rebounding • State and Federal budget deficits/impacts on RPS targets Mixed public policy signals • Waning support for carbon t
Slide 21: Environment Landscape
Environment Landscape EPA regulations to impact thermal generation Source: NERC 2010 Special Reliability Scenario Assessment: Resource Adequacy Impacts of Potential U.S. Environmental Regulations 21
Slide 22: New England Market
New England Market Attractive long term supply dynamics Energy prices track natural gas Capacity prices will remain soft until Mass Hub Energy Prices market balance is restored 100 16 New England Capacity Prices Power 5.0 75 Natural Gas 12 $US/MMBtu 4.5 $US/MWh $US/kW‐month 50 8 4.0 3.5 25 4 3.0 His
Slide 23: New York Market
New York Market Environmental issues creating opportunities Energy prices track natural gas Capacity prices expected to remain weak in near term New York City Energy Prices 100 16 New York Seasonal Capacity Prices 16 Power NYC LI NYCA 14 75 Natural Gas 12 $US/MMBtu 12 $US/MWh $US/kW‐month 10 50 8 8
Slide 24: PJM Market
PJM Market East zones presents supply opportunities Energy prices track natural gas Capacity prices are higher in target market PJM West Hub Energy Prices PJM Capacity Prices 100 16 300 RTO MAAC SWMAAC EMAAC Power 250 $US/MW‐day 75 12 200 $US/MMBtu Natural Gas $US/MWh 150 50 8 100 50 25 4 0 Historic
Slide 25: California Market
California Market Transmission builds key to meeting the 33% RPS Energy prices track natural gas CAISO SP15 Energy Prices Renewable Portfolio Standards (RPS) will be the key driver of new builds in California 100 Power 16 Natural Gas • Expected to move to 33% by 2020 75 12 • Transmission builds an
Slide 26: Alberta Market
Alberta Market Positive long term supply dynamics Energy prices track natural gas Declining reserve margin as coal retires Alberta Energy Prices Alberta Effective Reserve Margin Power 100 16 20% Natural Gas 75 12 15% $/MMBtu $/MWh % 50 8 10% 25 4 5% Historical Forecast Historica Forwards 0% 0 0 2006
Slide 27: Portfolio Optimization & Alberta Power Market
PORTFOLIO OPTIMIZATION & ALBERTA POWER MARKET Jim Oosterbaan SVP, Commercial Services
Slide 28: Alberta Power Generation Stack
Alberta Power Generation Stack(1) 100% CPC Portion (29%) 90% 80% CPC Portion (4%) 70% 60% 50% CPC Portion (26%) 40% 30% Other 20% Gas Peaking Gas Mid-Merit 10% Coal/Baseload Hydro 0% Wind (1) CPC percentages reflect ownership interest and includes Keephills 3 and Sundance PPA 28
Slide 29: Alberta Generation Portfolio
Alberta Generation Portfolio Well balanced portfolio Generation vs. Load Obligation Challenges Baseload generation does not offset hourly load obligation Wholesale baseload and peak products do not offset hourly load obligation Unplanned baseload outages shorten the position and can lead to pr
Slide 30: Portfolio Optimization
Portfolio Optimization Commodity exposure and risk is consolidated, centrally managed and optimized by the Commodity Portfolio Management (CPM) team CPM uses non-specific contracts to position the portfolio CPM Approach • Disciplined approach to strategy execution • Competing on analytics • Le
Slide 31: Portfolio Optimization Value Creation
Portfolio Optimization Value Creation CPM historically has and will continue to create value through Portfolio Optimization $90 $81 $80 $70 $67 $66 $66 $60 $57 $54 $49 ($/MWh) $50 $46 $41 $40 $36 $30 $20 $10 $0 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Capital Power's captured price Alberta power average spot
Slide 32: Managing Alberta Market Exposures
Managing Alberta Market Exposures 2011 2012 2013 Baseload generation partially offset by supply Hedged Positions - % Contracted obligations ~65% ~30% ~15% Hedging program Contracted Price designed to manage risk Mid-$60/MWh Mid-$60/MWh High-$60/MWh Long-term portfolio Portfolio Optimization po
Slide 33: Business Development
BUSINESS DEVELOPMENT Jim Oosterbaan SVP, Commercial Services
Slide 34: Trends
Trends M&A activity has strongly rebounded in the US power sector in 2010 Traditional public utilities are focused on regulated assets and divesting merchant assets Current power prices have increased financial pressure on leveraged owners Private equity buyers see fundamental value above fo
Slide 35: Trends (Cont'd)
Trends (Cont’d) Significant number of merchant assets in the deregulated markets remain in the hands of financial owners who typically will not maintain a long-term position • 4,000 MW in New England ISO • 3,000 MW in New York ISO • 2,000 MW in PJM Gap between buyers’ offers and sellers’ expecta
Slide 36: Development Opportunities
Development Opportunities Presented at 2009 Investor Day Stage Project Size $M Fuel Status (MW) Dec, 2010 Most PDN 105 $260 Wind COD, 2012 Advanced Quality Wind 142 $500 Wind COD, 2012 Kingsbridge II 260 $800 Wind Bid Submitted Pioneer TBD Carbon Capture Underway and Storage Moderately BC Wind 500 $
Slide 37: 2010 BD Targets and Results
2010 BD Targets and Results 2010 target for committed capital of $500M Actual committed capital of $1B with acquisition of Island Generation facility and contract wins for Quality and PDN wind projects Entered into a JV with Greengate on the 150 MW Halkirk wind project located in central Alber
Slide 38: 2010 BD Activity
2010 BD Activity 50+ projects in target markets Disciplined and focused Active in all target markets 37 projects evaluated over 37 Projects the past 12 months -21 Projects Failed CPC investment criteria -7 Projects Indicative bid not accepted -3 Projects Final bid not accepted 3 Projects Pendi
Slide 39: 2011 BD Objectives
2011 BD Objectives 2011 target for committed capital is $1.5B Currently 12 projects in development pipeline, all in target markets Disciplined, rigorous approach Financial targets (unlevered, after-tax IRR) • 11% for uncontracted / merchant assets and 9% for contracted assets • Project retur
Slide 40: Growth Opportunities - 2011
Growth Opportunities - 2011 Stage Project Size (MW) $M Fuel Status Most Kingsbridge II 260 $800 Wind Bid Submitted Advanced Pioneer TBD Carbon Capture Underway and Storage BC Biomass 50 - 70 $250 Biomass Bid Submitted Halkirk 150 TBD Wind Underway Developing BC Wind 500 $1,100 Wind Sites Developed O
Slide 41: Break
Break 41
Slide 42: Operations Overview
OPERATIONS OVERVIEW Graham Brown Senior Vice President, Operations
Slide 43: Operating Results And Forecast
Operating Results And Forecast 2010 2010 2010 2010 2011 Budget Budget Forecast Forecast Forecast MWHrs Availability MWHrs Availability Availability Genesee 1&2 6,349,712 95% 6,335,524 96% 95% Genesee 3 1,731,944 89% 1,652,913 87% 98% Keephills 3 — — — — 96% Clover Bar 45,793 93% 382,462 69% 89% Joff
Slide 44: Genesee Update 2010
Genesee Update 2010 G2 & G3 planned outages G3 blade update 2011 G1 Outage 44
Slide 45: Genesee - Optimization & Maintenance
Genesee - Optimization & Maintenance Genesee has consistently been a top ten performer in the Canadian marketplace New computerized work management system – Mainsaver New historian and operational assessment tool – PI Genesee output increase 45
Slide 46: Clover Bar Energy Centre Update
Clover Bar Energy Centre Update Unit 2 outage LMS 100 fleet operation Economic value 46
Slide 47: Island Generation
Island Generation Acquisition completed on Oct 19/10 Alstom GT24B Successful integration process 47
Slide 48: Kingsbridge I
Kingsbridge I Excellent operating history Good working relationship with Vestas High availability (>98%) 48
Slide 49: Kingsbridge I
Kingsbridge I Historical Capacity Factor 60% 50% 40% 30% 20% 2010 2009 10% 2008 2007 0% JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Over the four years since COD, average capacity factor has exceeded 30% target and thus earned returns above expectations 49
Slide 50: CPILP Updates of Significance
CPILP Updates of Significance North Carolina enhancement project Oxnard repowering project 50
Slide 51: Key Takeaways
Key Takeaways Continual focus on high quality operating and maintenance philosophies Creating value through maximizing operating margin whilst maintaining long term asset integrity Effective asset integration processes in place to support future acquisitions 2011 fleet performance is expecte
Slide 52: Construction: From Core Competency to Competitive Advantage
CONSTRUCTION FROM CORE COMPETENCY TO COMPETITIVE ADVANTAGE Darcy Trufyn Senior Vice President, Construction, Engineering & Project Management
Slide 53: Proven Construction Capability
Proven Construction Capability Foundation of proven capability and processes in construction Capital Power (predecessor EPCOR Utilities Inc.) led construction of 7 facilities (1,560 MW) including Genesee 3 and Keephills 3 in past 10 years • Genesee 3, one of the very few large construction proje
Slide 54: Developing a Competitive Advantage
Developing a Competitive Advantage Things CPC is doing to create a competitive advantage: Reorganized • Additional expertise • Sustainable • “In house” capability Standardization • Specifications and details • Equipment selection Keephills 3 Turbine Hall • Project execution • Benchmarking Cata
Slide 55: Developing a Competitive Advantage (Cont'd)
Developing a Competitive Advantage (Cont’d) Value engineering • Continuous improvement • Better “mousetraps” Constructability • Incorporating construction ideas / savings into design Lessons learned • Feedback loop from construction & operations Construction of Keephills 3 Risk management •
Slide 56: Case Study – Quality Wind
Case Study – Quality Wind 142MW wind farm located in Northern B.C. Preliminary project development began in early 2008 using external engineering and estimating services During 2009, CPC construction organization realigned to start developing competitive advantage Under new CPC construction
Slide 57: Quality Wind Project Update
Quality Wind Project Update 142 MW (79 wind turbines @ 1.8 MW each) Located near Tumbler Ridge, BC Turbine supply contract awarded to Vestas Engineering Procurement Construction BOP lump sum contract awarded Extensive front-end development work completed Clearing and geotechnical work in
Slide 58: Port Dover & Nanticoke Project Update
Port Dover & Nanticoke Project Update 105 MW (58 wind turbines @ 1.8 MW each) Located in an area that covers the Ontario counties of Norfolk and Haldimand Rationalized land with other developers to improve effectiveness Turbine supply contract awarded to Vestas Completed revised layout and
Slide 59: Houston Biomass
Houston Biomass 68 MW biomass project located near Houston B.C. Bid submitted in Oct/10 in response to BC Hydro Bioenergy Phase 2 RFP BC Hydro expected to short-list proponents by Jan/11, aim to sign Electricity Purchase Agreement by Apr/11 Significant front-end engineering completed in 2008
Slide 60: Keephills 3 Project Update
Keephills 3 Project Update 495 MW coal-fired generating plant 50% partnership with TransAlta CPC responsible for construction TransAlta responsible for operations Costs within October 2009 forecast Project in commissioning phase August 2008 Major milestone of first fire planned for Dec
Slide 61: Key Takeaways
Key Takeaways Construction must be a core competency to successfully achieve growth vision of 10 X 20 Significant experience in the construction and operation of both thermal (coal, natural gas) and renewable (wind, biomass, small hydro) facilities Demonstrated success with construction of Kee
Slide 62: Financial Overview
FINANCIAL OVERVIEW Stuart Lee Senior Vice President & CFO
Slide 63: Financial Strategy
Financial Strategy Investment grade minimum BBB credit rating to access debt markets Stable dividend with growth over time Maintain economic discipline for growth and acquisitions (targeted unlevered, after-tax IRR) • 11% for uncontracted / merchant assets and 9% for contracted assets • Projec
Slide 64: Financial Ratio Targets
Financial Ratio Targets Debt to capital FFO to total debt Operating margin ratio(1) ratio Dividend split Target 40% - 50% Minimum 20% 60% - 70% long term 50% contracted vs. payout ratio merchant (consistent with peers) As of September 30, 2010 35% 24%(2) 82%(3) 49%(4,5) 51% Merchant & portfolio opti
Slide 65: Cash Flow – Trailing 12 Months
Cash Flow – Trailing 12 Months Generating significant discretionary cash flow net of dividends and maintenance capex • At bottom of commodity cycle and with 25% of our capital in construction projects • Substantial future cash flows from Keephills 3 in Q2/11 Funds From Operations of $256M(1) Divid
Slide 66: Strong Financial Base
Strong Financial Base Debt to capital ratio ~35% (non-consolidated basis) Consolidated assets of ~$5.0B with only ~$1.8B(1) in long-term debt Filed base shelf prospectus in Ap/10, positioning the Company to fund growth plans through the issuance of up to $1B in equity and $1B in debt • Issued
Slide 67: Liquidity & Debt Maturities
Liquidity & Debt Maturities $1.2 billion in credit facilities with terms out to 2013 with $0.9 billion available Debt maturity profile very manageable Asset base will support new issues of longer term debt Credit facilities(1) Debt maturity profile(2) $450 $1.2 $400 $1.0 $350 $300 $0.8 ($B) $0
Slide 68: Financing Growth Strategy
Financing Growth Strategy Acquisitions funded with an appropriate mix of debt and equity given the profile of the acquisition Development projects are assumed to be funded initially with short-term debt, then replaced with permanent financing (debt and equity) just prior to/during the first year
Slide 69: Capital Expenditures
Capital Expenditures 2011E Sustaining Capex $M 2011E Growth Capex $M Plant maintenance capex $25 Keephills 3 ~$25 Mine capex $12 Quality Wind ~$180 Information Technology $13 Port Dover Nanticoke ~$95 Other $20 Total sustaining capex $70 Quality Wind - Artist Rendering 69
Slide 70: Alberta Power Price Sensitivity
Alberta Power Price Sensitivity 2011 2012 2013 Hedged Positions - % Contracted ~65% ~30% ~15% Contracted Price Mid-$60/MWh Mid-$60/MWh High-$60/MWh Sensitivity analysis to +/- $1/MWh change in Alberta power prices • 2011: +/- $2M to operating margin • 2012: +/- $5M to operating margin • 2013: +/-
Slide 71: Financial Outlook
Financial Outlook Currently experiencing bottom of an economic cycle and expect this will continue through 2011 Expect significant upside as power prices recover in 2012 Announced acquisition and development projects in 2010 have long term contracts Maintenance of investment grade credit rat
Slide 72: Financial Outlook – 2011 vs. 2010
Financial Outlook – 2011 vs. 2010 One scheduled maintenance outage in 2011 for Genesee unit 1 versus two scheduled outages for Genesee 2 and 3 in 2010 Keephills 3 adds incremental cash flow post COD in Q2/11 65% of Alberta Commercial Portfolio sold forward in 2011 in the mid- $60/MWh range F
Slide 73: International Financial Reporting Standards (IFRS)
International Financial Reporting Standards (IFRS) Key changes compared to Canadian GAAP PP&E • Depreciation calculated on a component basis: leads to slightly higher depreciation • Major inspection and some overhaul costs will be capitalized and amortized to the next inspection or overhaul: reduc
Slide 74: IFRS (Cont'd)
IFRS (Cont’d) Asset Retirement Obligations • IFRS requires re-measurement at each reporting period; as discount rates change, expect to see more adjustments flow through financial statements • Liability does not have to be measured assuming 3rd party costs Asset Impairments • Only a one step tes
Slide 75: IFRS (Cont'd)
IFRS (Cont’d) Business Combinations • Non-controlling interests will be recorded at the fair value of assets acquired • IFRS does not permit the capitalization of acquisition costs Non-Controlling Interests • Still finalizing the treatment of non-controlling interests and purchase price allocati
Slide 76: Sample CPC Income Statement under IFRS
Continuing Operations Revenues – sale of goods $XXX Other income XX Energy purchases and fuel (XXX) Gross profit XXX Other raw materials and operating charges (XX) Staff costs and employee benefits expense (XX) Depreciation and amortization (XX) Other administrative expenses (XX) Sample CPC Income P
Slide 77: Key Takeaways
Key Takeaways Consistent financial strategy aligned with growth strategy Maintain strong financial base • Disciplined balance sheet metrics • Excellent operating liquidity • Strong cash flow generation Well positioned to finance company’s growth pipeline Cash flow outlook • Strong existing c
Slide 78: Building Momentum: 2011 Corporate Priorities
BUILDING MOMENTUM: 2011 CORPORATE PRIORITIES Brian Vaasjo President & CEO
Slide 79: Investment Highlights Summary
Investment Highlights Summary Large, high quality generation portfolio Solid Young fleet platform with proven for operating growth history Diversified Financial portfolio in strength with attractive North access to American capital Long-term markets contracts & merchant position provides stable cash
Slide 80: Recap: 2010 Performance Highlights
Recap: 2010 Performance Highlights Growth Exceeded development targets, with $1B committed to 522 MW of projects that meet or exceed target rates of return Milestone: December 2010 first fire at Keephills 3 Planning and construction on-track at Ontario and B.C. wind projects; Island Generation
Slide 81: Succession Planning & Senior Leadership Changes
Succession Planning & Senior Leadership Changes Effective January 2011 SVP Operations Graham Brown will retire after 35 years in the power industry. Graham will advise CPC through to at least July 2011, and remain on the Capital Power Income LP Board Current SVP Commercial Services Jim Oosterbaa
Slide 82: Comprehensive Management Performance System
Comprehensive Management Performance System Key Performance Indicators established for Capital Power’s management team in key areas including: Financial performance Safety Allocated capital Environment Investment performance and investor relations Operations Construction and developmen
Slide 83: 2011 Corporate Priorities
2011 Corporate Priorities Capital Power will publicly report progress towards the following targets on a quarterly basis 2011 Operational Targets ≥ 94% CPC capacity-weighted plant availability (one Genesee turnaround planned in 2011) ≤ $40M Maintenance capital (plant maintenance and Genesee mine e
Slide 84: 2011 Corporate Priorities (Cont'd)
2011 Corporate Priorities (Cont’d) 2011 Development and Construction Targets ≥ $1.5B Capital committed to acquisitions or developments that are in line with our target rates of return ≤ $955M CPC’s final costs for Keephills 3; COD Q2 2011 On time Development progress for Quality Wind and Port On bud
Slide 85: 2011 Corporate Priorities (Cont'd)
2011 Corporate Priorities (Cont’d) 2011 Financial Targets and Expectations 2011 normalized EPS guidance will be provided in Jan/11 2011 Funds From Operations guidance will be provided in Jan/11 Overall Investment Performance Capital Power seeks to deliver Total Shareholder Return that exceeds
Slide 86: Question & Answer Session
QUESTION & ANSWER SESSION
Slide 87: Forward Looking Information
Forward Looking Information Certain information in the Investor Day presentations are forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial and operating performance, events or strategies. When used in this context, words such as will, anticipate, beli
Slide 88: Forward Looking Information (Cont'd)
Forward Looking Information (Cont’d) Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Compan