PT Lippo Karawaci Tbk · IDX:LPKR
PT Lippo Karawaci Tbk — FY2015 Earnings Presentation
61 slides from PT Lippo Karawaci Tbk's earnings presentation, 2016
Slide 1: Right Place, Right Time, Right Company
Right Place, Right Time, Right Company PT Lippo Karawaci Tbk FY 2015 Indonesia’s Largest and Most Integrated Property Group Leaders in Integrated Developments, Hospitals, Retail Malls, Hotels and Asset Management
Slide 2: Contents
CONTENTS CORPORATE STRUCTURE 01 LARGEST & MOST INTEGRATED PROPERTY COMPANY 02 FOUR BUSINESS DIVISIONS 03 MOST RECENT FINANCIAL RESULTS 04 - 05 DIVERSIFIED LANDBANK & PROJECTS 06 - 07 MOST INTEGRATED BUSINESS MODEL 08 HIGHLY EXPERIENCED & PROFESSIONAL MANAGEMENT 09 GROWTH STRATEGIES 10 OUR PORTFOLIO
Slide 3: Corporate Structure
CORPORATE STRUCTURE LIPPO RELATED COMPANIES PUBLIC 26.54% 73.46% As of 31 Dec 2015 No. of Outstanding Shares : 23,077,689,619 Code : LPKR.JK ; LPKR IJ DEVELOPMENT REVENUE RECURRING REVENUE ASSET TOWNSHIPS LARGE INDUSTRIAL OFFICE HOSPITALS COMMERCIAL MANAGEMENT SCALE AND PROJECTS INTEGRATED COMMERCIA
Slide 4: Largest & Most Integrated Property Company
LARGEST & MOST INTEGRATED PROPERTY COMPANY Largest listed property Company by Revenue and Total Assets. Revenue and Total Assets for FY’2015: USD 646 million and USD 3 billion, respectively. Fastest growing Indonesian real estate group market cap grew by more than 9x to USD 1.7 billion1 since the me
Slide 5: Four Business Divisions
FOUR BUSINESS DIVISIONS RESIDENTIAL AND ASSET URBAN DEVELOPMENT HOSPITALS COMMERCIAL MANAGEMENT Development rights: 20 hospitals with more Malls: Manages 2 public than 4,800 beds capacity Own and/or manage listed REITs in SGX : 8,076 ha under the Siloam 43 malls First REIT & LMIRT Hospitals network.
Slide 6: Revenue & EBITDA Contribution
REVENUE & EBITDA CONTRIBUTION REVENUE EBITDA FY’15: Rp8.910 Trillion FY’15: Rp2.223 Trillion 38% 28% 47% 50% 11% 8% 11% 7% Residential & Urban Development Commercial Hospitals Asset Management Source : Company as of FY’2015 04
Slide 7: Income Statements: FY'2015 and FY'2014
INCOME STATEMENTS: FY’2015 AND FY’2014 REVENUE FY’15: RP 8.910 TRILLION EBITDA FY’15: RP 2.223 TRILLION REVENUE FY’14: RP 11.655 TRILLION EBITDA FY’14: RP 3.632 TRILLION Rp bn Rp bn 8.000 3.000 6.980 7.000 2.633 2.500 6.000 5.000 2.000 4.144 4.000 3.403 3.341 1.500 3.000 1.117 1.000 2.000 617 435 36
Slide 8: Diversified Landbank and Projects
DIVERSIFIED LANDBANK AND PROJECTS INDONESIA Grand Palladium Medan Sun Plaza Plaza Medan Fair Aryaduta Hotel Manado Lippo Plaza Medan Siloam Hospitals Manado Siloam Hospitals Medan Monaco Bay Binjai Supermall Holland Village Manado Aryaduta Hotel Medan Aryaduta Hotel Pekanbaru Siloam Hospitals Balikp
Slide 9: Diversified Landbank and Projects: Greater Jakarta
DIVERSIFIED LANDBANK AND PROJECTS PROJECTS IN GREATER JAKARTA Jakarta Population : 12 million1 N Greater Jakarta Population : 30 million1 JAVA SEA Pluit Village NORTH JAKARTA International Airport WEST JAKARTA Soekarno Hatta St. Moritz Gajah Mada Plaza Lippo Mall Puri Holland Village Metropolis Town
Slide 10: Most Integrated Business Model in Indonesian Property Sector
MOST INTEGRATED BUSINESS MODEL IN INDONESIAN PROPERTY SECTOR DEVELOPERS PROPERTY OPERATIONS Majority of Indonesian Developer, Operator and Majority of Indonesian Developers REIT & Portfolio Developers Managers REITs Integrated Projects Development Across Property Proven Experience & Income Value Cha
Slide 11: Highly Experienced & Professional Management
HIGHLY EXPERIENCED & PROFESSIONAL MANAGEMENT BOARD OF COMMISSIONERS: Theo L. Sambuaga Surjadi Soedirja Agum Gumelar Tanri Abeng Farid Harianto H. Sutiyoso Muladi Viven Sitiabudi Chairman Vice Chairman BOARD OF DIRECTORS: Ketut Budi Wijaya Johanes Jany * Tjokro Libianto Stephen Choo Jenny Kuistono Ra
Slide 12: Growth Strategies
GROWTH STRATEGIES RESIDENTIAL AND ASSET HOSPITALS COMMERCIAL URBAN DEVELOPMENT MANAGEMENT Enhance value of our Deliver as promised on our RETAIL MALLS hospital expansion program Deliver a significant landbank through various whilst further enhancing our Execute on planned pipeline growth in scale in
Slide 13: Residential & Urban Development: Lippo Village
RESIDENTIAL & URBAN DEVELOPMENT LIPPO VILLAGE AT KARAWACI, JAKARTA WEST Artist Impression Total Area Development Area Green Area Development Rights Land already acquired Landbank inventory 125 ha 132 ha 71 ha 3,066 ha 1,184 ha 284 ha Planned Development Development Period Residential Total Towers Bu
Slide 14: Residential & Urban Development: Lippo Cikarang
RESIDENTIAL & URBAN DEVELOPMENT LIPPO CIKARANG, JAKARTA EAST Glendale Park Westwood Suites (505 units) Pasadena Suites (435 units) (419 units) Burbank Suites (560 units) Irvine Suites (441 units) Burbank Suites (560 units) Artist Impression Development Rights Land already acquired Landbank inventory
Slide 15: Residential & Urban Development: Tanjung Bunga, San Diego Hills
RESIDENTIAL & URBAN DEVELOPMENT TANJUNG BUNGA, MAKASSAR, SOUTH SULAWESI SAN DIEGO HILLS MEMORIAL PARK AND FUNERAL HOME Development Rights Land already acquired Landbank inventory Master Plan Land already acquired Landbank inventory 1,500 ha 643 ha 295 ha 500 ha 125 ha 92 ha (+ 14 ha family center &
Slide 16: A Landmark Project – South Jakarta
A LANDMARK PROJECT – SOUTH JAKARTA THE COSMOPOLITAN THE INFINITY SOLD (AS OF 31 DECEMBER 2015) THE BLOOMINGTON THE THE INTERCON THE RITZ THE EMPIRE COSMOPOLITAN THE TIFFANY 98% 97% 97% Rp 438 bio Rp 388 bio Rp 338 bio THE RITZ 100% completion 100% completion 100% completion THE EMPIRE THE TIFFANY TH
Slide 17: Total Land Area: 11.4 Ha
TOTAL LAND AREA : 11.4 Ha PRESIDENTIAL SUITE (140 units) ROYAL SOLD (AS OF 31 DECEMBER 2015) AMBASSADOR SUITE SUITE NEW ROYAL (144 units) (231 units) SUITE PRESIDENTIAL AMBASSADOR (197 units) ROYAL SUITES NEW PRESIDENTIAL SUITES SUITES SUITE (159 units) 96% 94% 97% Rp 449 bio Rp 356 bio Rp 367 bio N
Slide 18: Projects Launched in 2015
PROJECTS LAUNCHED IN 2015 PASADENA SUITES MONACO BAY HOLLAND VILLAGE BURBANK GLENDALE PARK ORANGE COUNTY, LC MANADO, NORTH SULAWESI MANADO, NORTH SULAWESI ORANGE COUNTY, LC ORANGE COUNTY, LC Type : Apartments Type : Apartments Type : Landed Houses Type : Apartments Type : Apartments Location : Cikar
Slide 19: Pre-Sold Projects Under Construction (2011-2013)
PRE-SOLD PROJECTS UNDER CONSTRUCTION (LAUNCHED IN 2011- 2013) OFFICE TOWER THE NINE RESIDENCE PARK VIEW APARTMENTS HOLLAND VILLAGE LIPPO THAMRIN AT THE ST. MORITZ SOUTH JAKARTA SOUTH JAKARTA CENTRAL JAKARTA CENTRAL JAKARTA WEST JAKARTA 17
Slide 20: Pre-Sold Projects Under Construction (2014)
PRE-SOLD PROJECTS UNDER CONSTRUCTION (LAUNCHED IN 2014) ST. MORITZ PANAKUKANG EMBARCADERO BINTARO OFFICE TOWER AT HILLCREST+ FAIRVIEW MAKASSAR WESTERN WING, TANGERANG HOLLAND VILLAGE, JAKARTA LIPPO VILLAGE HOLLAND VILLAGE SECOND PHASE EMBARCADERO BINTARO IRVINE + WESTWOOD CENTRAL JAKARTA EASTERN WIN
Slide 21: Mature Hospitals
21 Mature Hospitals SILOAM HOSPITALS LIPPO VILLAGE SILOAM HOSPITALS CIKARANG TANGERANG (West of Jakarta) BEKASI (East of Jakarta) 308 Bed Capacity JCIA 114 Bed Capacity 274 Operational Beds 108 Operational Beds 233 GP and Specialists 95 GP and Specialists 435 Nurses 166 Nurses Centre of Excellence :
Slide 22: Developing Hospitals
22 Developing Hospitals SILOAM HOSPITALS MANADO SILOAM HOSPITALS PALEMBANG NORTH SULAWESI SOUTH SUMATERA 238 Bed Capacity 357 Bed Capacity 177 Operational Beds 135 Operational Beds 108 GP and Specialists 136 GP and Specialists 232 Nurses 184 Nurses Centre of Excellence : Emergency Centre of Excellen
Slide 23: New Hospitals
23 New Hospitals SILOAM HOSPITALS PURWAKARTA SILOAM HOSPITALS KUPANG WEST JAVA EAST NUSA TENGGARA 202 Bed Capacity 416 Bed Capacity 176 Operational Beds 100 Operational Beds 54 GP and Specialists 50 GP and Specialists 181 Nurses 148 Nurses Centre of Excellence : Emergency Centre of Excellence : Emer
Slide 24: Distinct Market Segment Hospitals
24 Distinct Market Segment Hospitals SILOAM GENERAL HOSPITAL (RSUS) BIMC KUTA TANGERANG (West of Jakarta) BALI 19 Bed Capacity 640 Bed Capacity 18 Operational Beds 300 Operational Beds 51 GP and Specialists 52 GP and Specialists 63 Nurses 256 Nurses Centre of Excellence : Treatment for tourists & Ce
Slide 25: Completed Hospital in Yogyakarta
25 Completed Hospital in Yogyakarta (in April 2015 awaiting license to operate) FAÇADE MAIN LOBBY FRONT OFFICE OUT PATIENT DEPARTMENT 23
Slide 26: Siloam Clinic
26 Siloam Clinic CYBER PARK KARAWACI FAÇADE RECEPTION GP’s CONSULTATION ROOM MERTANADI BALI FAÇADE RECEPTION GP’s CONSULTATION ROOM There are other 15 Siloam Clinics in operation 24
Slide 27: For Completion in 2016
27 For Completion in 2016 BANGKA BELITUNG JEMBER SORONG BAU-BAU LUBUK LINGGAU LABUAN BAJO* BOGOR * Labuan Bajo soft opening on 25 January 2016 25
Slide 28: For Completion in 2017
28 For Completion in 2017 AMBON PANAKUKANG MAKASSAR BANDUNG SEMARANG SRONDOL CEMPAKA PUTIH, JAKARTA 26
Slide 29: Siloam Medika Under Development
29 Siloam Medika Under Development BANJARMASIN GAJAH MADA PLAZA KUNINGAN TOWER PLUIT VILLAGE BEKASI GRAND MALL GUNUNG SAHARI LIPPO MALL BATU SAMARINDA SURABAYA CITO BLU PLAZA BEKASI KALIMALANG NINE RESIDENCE SEMARANG 27
Slide 30: Capacity Expansion of Existing Hospitals
30 Capacity Expansion of Existing Hospitals SILOAM HOSPITALS LIPPO VILLAGE MRCCC SILOAM SEMANGGI 5th Floor OPD Extension – Operational in December 2015 120 New Beds – Completion Q1 2016 9M2015 Current 9M2015 Current 9M2015 Current Current 9M2015 Current 9M2015 Current 28
Slide 31: Dominant Position in Retail Development & Property Management
DOMINANT POSITION IN RETAIL DEVELOPMENT & PROPERTY MANAGEMENT MANAGES 43 MALLS THROUGHOUT INDONESIA 3.1 million sqm GFA As of Dec 31, 2015 : Overall average occupancy 85% and 94% in LMIRT properties LIPPO MALL PURI PX PAVILLION LIPPO MALL KUTA MAXXBOX KARAWACI NEW MALLS IN THE PIPELINE: MAXXBOX
Slide 32: Manages 8 Hotels Throughout Indonesia
MANAGES 8 HOTELS THROUGHOUT INDONESIA As of Dec 31, 2015 : Overall average occupancy 68% HOTEL ARYADUTA HOTEL ARYADUTA HOTEL ARYADUTA HOTEL ARYADUTA HOTEL ARYADUTA LIPPO VILAGE (190 rooms) JAKARTA (302 rooms) MEDAN (197 rooms) PEKANBARU (158 rooms) MANADO (170 rooms) HOTELS UNDER ARYADUTA MANAGEME
Slide 33: Asset Management
ASSET MANAGEMENT UNIQUE FOR AN INDONESIAN PROPERTY COMPANY 100% 100% 100% 100% BOWSPRIT LMIR TRUST PT LIPPO MALLS PT ARYADUTA CAPITAL MANAGEMENT INDONESIA INTERNATIONAL CORPORATION 33.07% LTD 29.20% MANAGEMENT LTD MALL HOTEL REIT MANAGER Code : FIRT REIT MANAGER Code : LMRT MANAGEMENT OPERATOR SERVI
Slide 34: First REIT Portfolio
Managed by Bowsprit Capital Corporation Limited, First REIT’s portfolio consists of 17 properties located in Indonesia, Singapore and South Korea Manages 12 Siloam Hospitals and 2 Aryaduta Hotels in Indonesia As of Dec 31, 2015 : DPU : SGD 8.30 cents Dividend Yield (%) Share Price (SGD) Portfoli
Slide 35: LMIRT: Manages 19 Retail Malls and 7 Retail Spaces
MANAGES 19 RETAIL MALLS AND 7 RETAIL SPACES As of Dec 31, 2015 : DPU: SGD 3.1 cents Share Price (SGD) Dividend Yield (%) Portfolio Size (SGD mn) 0,6 12,0 2.000 0,53 1.841 1.830 0,51 1.800 1.753 0,49 10,0 9,7 0,5 1.600 1.545 0,42 1.412 8,4 8,1 1.400 7,83 0,4 8,0 7,5 0,34 1.200 0,32 1.082 6,0 0,3 1.
Slide 36: Financial Performance
@2LIPPO FINANCIAL PERFORMANCE
Slide 37: Balance Sheet
BALANCE SHEET AS OF 31 DECEMBER Rp Trillion 2015 2014 2013 2012 2011 TOTAL ASSET 41.327 37.773 31.303 24.869 18.259 TOTAL LIABILITIES 22.410 20.152 17.142 13.399 8.850 TOTAL EQUITY 16.394 15.588 12.784 10.656 8.834 TOTAL DEBT 12.365 9.997 7.808 6.014 3.753 CASH AND CASH EQUIVALENTS 1.839 3.529 1.855
Slide 38: Debt Maturity Profile
DEBT MATURITY PROFILE* USD million Coupon rate Coupon rate Coupon rate 7% pa 6.125% pa 7% pa 450 400 350 130.0 300 250 200 403,00 150 250 273.3 250,00 100 150,00 50 70.2 21.4 14.4 1.7 0 20.4 2016 2019 2020 2022 2023 ICBC : Rp 75 bn Bank Pembangunan Daerah Kalimantan Timur : Rp 24 bn Bonds BCA : Rp 8
Slide 39: Attractive Asset Value
ATTRACTIVE ASSET VALUE Ownership (%) Land Area (ha) Assets Value (Rp bn) URBAN DEVELOPMENT: Lippo Village 100 407 26.662 Lippo Cikarang 54,4 645 14.113 Tanjung Bunga 50,3 243 3.875 San Diego Hills 100 98 2.442 Micro Suburbs 100 20 297 SUB TOTAL1) 47.389 LARGE SCALE INTEGRATED DEVELOPMENT: City of To
Slide 40: Property Marketing Sales
PROPERTY MARKETING SALES (in Rp bn) FY 2014 FY 2015 Budget 2016 Residential 3.723 3.039 3.750 Low Rise 1.046 1.129 1.200 High Rise 2.677 1.910 2.550 Commercial 550 127 500 Industrial 734 279 550 Unique Product SDH 173 178 200 Retail Space Inventory 5 - - Total Property Sales 5.185 3.623 5.000 Assets
Slide 41: Appendices
@2LIPPO APPENDICES
Slide 42: Lippo Group
LIPPO GROUP REGIONAL PRESENCE IN CHINA, HONG KONG, An Indonesian Business Leader SINGAPORE, PHILIPPINES, KOREA, MACAU Growing in Stewardship – Impacting Lives INDONESIA RETAIL EDUCATION PROPERTY PT Matahari Putra Prima Tbk (MPPA.IJ) Yayasan Pelita Harapan PT Matahari Dept. Store Tbk (LPPF.IJ) PT Lip
Slide 43: Indonesia: Attractive Growing Market
INDONESIA: ATTRACTIVE GROWING MARKET Economic Indicators Size of Middle Class (in mn) 2016 2014 2015 Assumption Economic Growth (%) 5.0 4.8 5.3 Inflation Rate (%) 8.36 3.35 4.7 Exchange Rate (Rp/USD) 12,440 13,795 13,900 3-month SBI Rate (%) 7.75 7.5 7.0 Oil Price (USD/bbl) 60 50 50 Oil Lifting (k b
Slide 44: Indonesia Property Sector Has Room to Grow
INDONESIA PROPERTY SECTOR HAS ROOM TO GROW ASIA PACIFIC PROPERTY Rapid urbanisation Growing middle–class Strong savings and income growth PROPERTY PRICE (USD/SQM) Low mortgage penetration Property as investment HONGKONG 22.814 Improving regulatory environment SINGAPORE 15.251 Banking i
Slide 45: Property Foreign Ownership
PROPERTY FOREIGN OWNERSHIP LAND TITLES AVAILABLE : 1. Freehold : may be held by Indonesian citizens only (not even by fully Indonesian- owned companies). 2. Right to Build (renewable leasehold) : may be held by Indonesian citizens and any company established in Indonesia for an initial 30 years. 3.
Slide 46: Overview of Jakarta's Condominium Market
OVERVIEW OF JAKARTA’S CONDOMINIUM MARKET Source : Q3’2015 Market Review for Jakarta Jones Lang LaSalle Research 44
Slide 47: Overview of Jakarta's Retail Market
OVERVIEW OF JAKARTA’S RETAIL MARKET Source : Q3’2015 Market Review for Jakarta Jones Lang LaSalle Research 45
Slide 48: Overview of Jakarta's Office Market - CBD Area
OVERVIEW OF JAKARTA’S OFFICE MARKET - CBD AREA Source : Q3’ 2015 Market Review for Jakarta Jones Lang LaSalle Research 46
Slide 49: Overview of Jakarta's Office Market - Non CBD Area
OVERVIEW OF JAKARTA’S OFFICE MARKET – non CBD AREA Source : Q3 ‘2015 Market Review for Jakarta 47 Jones Lang LaSalle Research
Slide 50: Indonesia - Severely Underserved Healthcare Market
Indonesia - Severely Underserved Healthcare Market Beds and Doctors Beds Doctors /1,000 OECD Average = 4.93 /1,000 OECD Average = 3.14 population population 3,50 3,00 238,373 beds v. Global: Shortage of 229,491 beds (1) 70,655 doctors 2,79 v. OECD: Shortage of 977,189 beds (1) v. Global: Shortage of
Slide 51: Indonesia Healthcare Landscape
INDONESIA HEALTHCARE LANDSCAPE Population Growth Primary Care Accessibility Now = 240 Million 2040 = 360 Million Now = 8,300 2040 = 12,000 Universal Coverage Health Spend USD 20 Bn USD 640 Bn 58% 100% Coverage Coverage Now= 140 Million 2017 = 264 Million Now = 2.5% of GDP (USD 800 Bn) 2040 = 8% of G
Slide 52: Market Drivers & Restraints in Indonesia's Healthcare Sector
MARKET DRIVERS & RESTRAINTS IN INDONESIA’S HEALTHCARE SECTOR MARKET DRIVERS A large Longer life population expectancy The Universal base with a and a epidemiological health booming population transition has insurance 2015 economy, pyramid presented coverage would emerging increasing Indonesia’s give
Slide 53: Hospitals in Indonesia
HOSPITALS IN INDONESIA YEAR 2009 - 2015 No OWNER 31 Dec 09 31 Dec 10 31 Dec 11 31 Dec 12 31 Dec 13 31 Dec 14 31 Dec 15 1 MOH 31 31 32 32 33 34 36 2 PROVINCE 84 85 85 89 96 98 113 GOVERNMENT 3 MUNICIPAL 59 63 86 88 92 93 98 GOVERNMENT 4 DISTRICT GOVERNMENT 378 403 411 444 455 463 469 5 ARMY / POLICE
Slide 54: Comparison Health Statistics
COMPARISON HEALTH STATISTICS Indonesia Vietnam Malaysia Singapore South Korea India China Australia USA UK Hospital beds/ 10,000 9 20 19 20 103 7 38 39 29 29 Physician/10,000 2 12 12 20 21 7 15 33 25 28 Nurse & Midwife / 10,000 14 12 33 58 50 17 17 107 98 88 Life expectancy at birth (years) 71 76 74
Slide 55: Lippo Karawaci's Milestones
LIPPO KARAWACI’S MILESTONES Corporate Actions May October April November August Non Pre-emptive USD 100 mn bonds USD150 mn bonds LMIRT was listed Rights Issuance issuance, at the rate issuance, at the rate of February Stock Split 1 for 2 in SGX, sponsored of 1.45 bn new of 7% p.a. offered at May 7%
Slide 56: Lippo Karawaci's Milestones
LIPPO KARAWACI’S MILESTONES Corporate Developments August January July May January Launched St Moritz Opened Px Pavilion at St Launched Holland Panakukang, an Launched Village Office Started Moritz, as part of integrated development July Kemang Village, Tower in Central Lippo integrated development
Slide 57: Latest Awards
LATEST AWARDS Lippo Karawaci received Lippo Karawaci received two Lippo Cikarang received award: Top Property Award 2016 awards: Indonesia in Growth Lippo Karawaci received Consumer Winner 1H15 Best Financial in Recognition of Lippo Karawaci and Lippo Property Development and Choice Award 2015 for B
Slide 58: Share Price Performance
SHARE PRICE PERFORMANCE Closing Price (Rp) Volume (Shares) 1.800 1.000.000.000 1.700 1.600 900.000.000 1.500 1.400 800.000.000 1.300 700.000.000 1.200 1.100 600.000.000 1.000 900 500.000.000 800 700 400.000.000 600 500 300.000.000 400 200.000.000 300 200 100.000.000 100 - - Jan- Jun- Jan- Jun- Dec-
Slide 59: Top 20 Listed Companies by Trading Value
TOP 20 LISTED COMPANIES BY TRADING VALUE Period : January – December 2015 20 Most Active Stocks by Trading Value Total Trading Trading No. Listed Stocks Volum e Value (Rp) % Freq. (X) Days 1, Bank Rakyat Indonesia (Persero) Tbk. 8.365.882.632 92.492.029.442.252 6,58 1.263.777 244 2, Bank Mandiri (Pe
Slide 60: Investor Relations
INVESTOR RELATIONS Mark Wong (Executive Director) email :Mark.Wong@lippokarawaci.co.id Address : Menara Matahari, 22nd Floor 7 Boulevard Palem Raya Lippo Village Tangerang 15811 Banten – Indonesia telp.+62 21 25669000 fax. +62 21 25669098 website : www.lippokarawaci.co.id 58
Slide 61: Disclaimer
DISCLAIMER This presentation has been prepared by PT Lippo Karawaci Tbk (“LPKR”) and is circulated for the purpose of general information only. It is not intended for any specific person or purpose and does not constitute a recommendation regarding the securities of LPKR. No warranty (expressed or i