The Global Generic Medicines Market through an Investment Banker's - - PowerPoint PPT Presentation

The Global Generic Medicines Market through an Investment Banker's Crystal Ball

Vijay P. Karwal, CFA

Managing Director, Head of Industrials, Consumer and Healthcare, CIMB Investment Bank 5 December 2012

1

Should we trust investment bankers to read the future?

Development of market capitalization of investment banks - Jan 2007 to 2012YTD (USDbn)1

20 40 60 80 100 120 140 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 GS JMP BofA MS CS UBS Barclays RBS RBS:

• 76.2%

JPM:

• 5.3%

CS:

• 61.2%

MS:

• 66.6%

GS:

• 29.9%

BofA:

• 57.8%

Barclays:

• 51.9%

UBS:

• 52.3%

Sources: Factset as of 30 Nov 2012 Note 1) Market capitalization rebased to 100

2

Perhaps some are getting with the program!

+121%

Development of market capitalization of CIMB - Jan 2007 to 2012YTD (USDbn)

Sources: Factset as of 30 Nov 2012 Note 1) Market capitalization rebased to 100

50 100 150 200 250 300 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12

3

Following the acquisition of RBS assets, CIMB recently emerged as a leading Asia Pacific investment bank

CIMB’s core markets

India China

• S. Korea1

Taiwan Thailand Australia Sri Lanka Malaysia Philippines Singapore Indonesia Hong Kong

Extensive combined network across Asia Pacific

Sources: CIMB, Dealogic as of 30 Nov 2012 Note 1) New license applied for; 2) Excluding Chinese A shares, Japan, apportioned values

Top rated bookrunner of Asia Pacific IPO2 in 2012YTD

Rank Bookrunner No. USDm 1 CIMB (incl. RBS assets) 13 2,142 2 Deutsche Bank 11 1,425 3 UBS 10 1,141 4 Maybank 10 1,615 5 JP Morgan 10 1,266 Bank No. USDm 1 Goldman Sachs 61 83,453 2 CIMB (incl. RBS assets) 54 34,601 3 Credit Suisse 51 73,267 4 JP Morgan 46 56,327 5 Morgan Stanley 44 62,465

M&A ASEAN league table rankings 2011-12YTD by announced deals

Japan partnership with BTMU

Myanmar Vietnam Cambodia Japan

4

CIMB has been an active advisor to the APAC healthcare sector in 2012

Religare Health Trust

IPO Joint Global Coordinator, Bookrunner and Underwriter Coordinator SGD511 million 2012

IHH Healthcare Berhad

Concurrent Dual-Listing IPO Joint Principal Advisor, Joint Global Coordinator, Joint Bookrunner SGD2.5 billion 2012

Watson Pharmaceuticals

Acquisition of Ascent Pharmahealth Ltd from Strides Arcolab Sole Financial Advisor AUD375 million 2012

Alvogen

Acquisition of up to 67.0% shareholding in Kunwha Pharmaceuticals by Alvogen Korea Limited Financial Advisor KRW 75.7 billion 2012

Alvogen

Investment by IMM into Convertible Bonds and Redeemable Convertible Preference Shares of Alvogen Korea Limited Sole Financial Advisor KRW59.7 billion 2012

First entry of scale

into the APAC pharmaceutical market for Watson

Watson becomes a

top 5 player in the Australian generic market

Pre-empted a

planned broader auction process

Simultaneous

signing and closing

Alvogen’s first entry

into Asia

First ever cross-

border controlling stake acquisition in a Korean pharmaceutical company by a foreign investor

Quick execution

period of 2 months from kick-off to signing

CIMB introduced

IMM PE, a leading Korean private equity fund, to co- invest in Alvogen’s Asian platform

Demonstrated our

strong capabilities in executing complex transaction involving several stakeholders

Unprecedented

Business Trust structure with a portfolio of Indian healthcare assets

First ever

international listing

• f Indian healthcare

assets

Largest

international listing from India since 2007

Largest healthcare

sector IPO in Asia ever

3rd largest IPO

globally YTD 2012

CIMB successfully

secured more than 1/3 of cornerstone demand and allocations

5

Topics of today’s presentation

• 1. Long-term Concerns About Generic Industry
• 2. Drivers of Future Growth
• 3. Impact of Merger & Acquisition Activity
• 4. The Banker’s Crystal Ball: Competitive Outlook

6

Patent cliff raising long-term concerns about generic industry

Patent expirations 2005 through 2029

Brand sales value of Launches (US$m)

10,700 17,200 10,500 15,800 17,300 18,700 16,783 35,514 16,966 15,453 19,618 14,780 8,622 6,610 7,127 2,952 5,970 870 2,790 86 2,878 3,346 2,868 180 814 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Sources: CIMB, broker research

“Patent cliff”

7

Public market valuation of generic leaders at historic lows

Biotech, pharma and generic P/E multiples have diverged since the ‘09-’11 convergence

8.0x 12.0x 16.0x 20.0x 24.0x 28.0x 32.0x Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Biotech Pharma Generic Biotech: 17.3x Pharma: 12.8x Generic: 13.6x

Patent cliff driving optimism on generics, concern on pharma Convergence Concern about future generic growth, pharma pipelines recovering

Sources: Factset as of 30 Nov 2012 Note: Biotech index includes BIIB, AMGN, GILD, CELG, ALXN; Pharma index includes PFE, MRK, BMY, LLY, JNJ, ANT; Generic index includes WPI, MYL, TEVA, PRGO, HSP

8

Visibility on sources of future growth key to outlook

Industry concerns Growth alternatives

• Patent cliff
• US: growth outlook moderate with generic

penetration already over 80%

• Europe: impact of crisis on demand
• Increasing competition from lower cost

providers accelerating price erosion

• Global pricing pressures from governments,

payors, and increasingly concentrated customer channel

• GDUFA impact
• Evolving brand defense strategies
• Profit concentration in early launch
• pportunities increasing earnings volatility

9

Visibility on sources of future growth key to outlook

Industry concerns Growth alternatives

• 1. New growth markets

1

• 2. Niche formulations

2

• 3. Biosimilars

3

• 4. Branded drugs

4

• 5. Scale efficiencies

5

• Patent cliff
• US: growth outlook moderate with generic

penetration already over 80%

• Europe: impact of crisis on demand
• Increasing competition from lower cost

providers accelerating price erosion

• Global pricing pressures from governments,

payors, and increasingly concentrated customer channel

• GDUFA impact
• Evolving brand defense strategies
• Profit concentration in early launch
• pportunities increasing earnings volatility

10

New growth markets: growth moving away from developed markets

Global generics market breakdown by geography

41% 7% 6% 6% 5% 4% 4% 6% 3% 3% 15% US Germany Brazil France UK Japan Turkey Canada Italy Spain Others 25% 4% 13% 5% 3% 6% 5% 5% 4% 3% 27%

2010 generic market share 2020E generic market share 1

11

Illustration of global growth potential: generic utilization by region

Generic utilization (by prescription volume) 81% 75% 73% 71% 65% 59% 52% 51% 50% 46% 41% 40% 24% 89% 1

12

Asian Pharma market growing at double digit rates, driven by strong growth in generics

Total Asian pharma market size and growth (USDbn)

90 104 112 131 136 138 140 142 41 51 64 79 92 105 119 130 25 27 31 35 39 42 47 51 156 182 208 246 266 286 306 323 50 100 150 200 250 300 350 2008A 2009A 2010A 2011A 2012F 2013F 2014F 2015F OTC Generic drugs Patented drugs 54% 32% 14% Patented drugs Generic drugs OTC

2011 pharma market breakdown

Sources: BMI Note: Asian pharma market includes China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Vietnam, Philippines and Taiwan

CAGR 11.1% 10.8% 18.0% 6.7%

1

13

Asian pharma markets remain relatively fragmented

Market share of top 10 pharma companies by country (by value) 1

Sources: IMS Health, BMI, broker research

74% 50% 44% 41% 38% 37% 32% 25% 10%

14

ASEAN Harmonization – significant future single market opportunity

Association of Southeast Asian Nations (ASEAN) Harmonisation of process for pharmaceutical product approval

Brunei Myanmar Cambodia Philippines Indonesia Singapore Laos Thailand Malaysia Vietnam

Pharmaceutical Products Working Group

Approval times for generic MAs:

• ~15-18 months in Singapore, Malaysia and Vietnam
• ~18-24 months in Hong Kong, Thailand and Brunei

…'develop harmonization of pharmaceutical regulations of the Member Countries to complement and facilitate the

• bjective of AFTA (elimination of technical barriers to trade)

without compromising on drug quality, safety and efficacy’… Establishment of ASEAN 1999 1992 1967 ASEAN Free Trade Area (AFTA) Pharmaceutical Products Working Group Decentralized Procedure for medicinal products 2013 ASEAN Economic Community 2020 ASEAN Common Technical Document (A-CTO) Common Technical Requirements (A-CTR)

• without compromising on drug quality, safety and efficacy’
• –

– – – –

• Common

Technical Dossier (A-CTD)

1

15

Valuations reflect attractive outlook: multiples for Asian generic players well above developed market peers

5 10 15 20 25 30 35 40 45 50 55 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 May-11 Nov-11 May-12 Europe US Korea Japan India H-Share A-Share Indonesia

Source: Factset as of 28 Nov 2012

Note: Europe generic index includes KRKG. SAZ, HIK, RICHTER; US generic index includes WPI, MYL, TEVA, PRGO, HSP; Korea generic index includes Daewoong, Daehwa, Hanmi and Green Cross; Japan generic index includes Nichi-iko, Towa, Kaken and Sawai; India generic index includes Cipla, Ranbaxy, DRRD, Lupin and Sun Pharma; H-Share generic index includes Shanghai Pharma, China Shineway, Sino Biopharm, Guangzhou Pharma and Sihuan Pharma; A-share generic index includes CRC Sanjiu, Yunnan Baiyao, North China Pharma, Harbin Pharma and Shanghai Pharma; Indonesia generic index includes Kalbe Farma, Indofarma and Tempo Scan Pharma

1-Year forward P/E development in past 5 years

Europe: 10.2x US: 13.6x Japan: 13.9x H-Share: 15.0x India: 21.9x A-share: 22.4x Indonesia: 24.9x Korea: 26.3x 5-Year average: 17.8x

1

16

Global leaders adjusting focus to new geographies

Geographic sales (2008 vs. 2012E)

51% 28% 21% 56% 22% 22%

1

Sources: Company report, broker report, CIMB estimate Note 1) Include sales in other part of Americas; 2) Pro forma of acquisition of Actavis

1

2006: 2012E:

60% 24% 16% 65% 12% 23% 100% 75% 25% US EMEA Asia RoW

1

2

17

Niche formulations: injectables illustrative example

Limited competitors for generic injectables in the US Drug shortages driving demand and rapid approvals – US drug shortages by form type

20 40 60 80 1 2 3 4 5 6 7 8 9 10

• No. of companies

Injectables 82% Orals 15% Inserts/Implants 1% Rectals/Topical 1% Dermatology 1%

3.0 4.8 5.4 6.8 7.7 8.6 9.1 2008A 2010A 2011E 2013E 2015E 2017E 2019E Attractive market opportunity – Estimated US generic injectable sales 2

Sources: Broker research

• No. of products

18

Biosimilars: significant future opportunity but equally significant execution challenges

17 76 93 165 2009 2015E Off patent Patented

Off patent biologic sales to exceed $100 billion in 2020 3 Significant market opportunity

Sources: Broker research

Significant execution challenges

• Cost of manufacturing assets
• R&D capability in large molecules
• Clinical development capabilities
• Absence of clear regulatory pathway
• Need for active detailing in absence of true

bioequivalence rating

• Reimbursement and payor support

19

Diversifying product portfolio into branded drugs

Product Mix (2008 vs. 2012E)

Sources: Company report, broker report, CIMB estimate

2008: 2012E:

73% 22% 5% 51% 40% 9% 91% 9% 87% 12% 1% 58% 17% 25% 74% 8% 18%

Generic Branded Others 4

20

Scale efficiencies: big are getting bigger – emergence

• f oligopoly?

Revenue development for top 15 generic companies globally (USDbn)

16.5% 11.1 7.6 5.1 2.5 2.4 1.7 1.2 0.8 1.4 0.7 1.0 0.6 0.8 0.6 0.5 20.4 8.7 6.8 5.9 2.4 2.2 2.0 1.9 1.5 1.6 1.5 1.1 1.0 1.1 0.9 2008 2012E 3.5% 7.3% 23.5% 0.3% 6.2% 13.4% 22.8% 1.8% 24.2% 10.1% 17.3% 3.8% 17.5% 14.5% ‘08-’12 CAGR

5

Big getting bigger However significant fragmentation remains

21

Measuring size by value – global industry dominated by US listed companies

Combined market capitalization for key generic players (USDbn)

Source: Factset as of 28 Nov 2012

Note: Europe generic index includes KRKG. SAZ, HIK, RICHTER; US generic index includes WPI, MYL, TEVA, PRGO, HSP; Korea generic index includes Daewoong, Daehwa, Hanmi and Green Cross; Japan generic index includes Nichi-iko, Towa, Kaken and Sawai; India generic index includes Cipla, Ranbaxy, DRRD, Lupin and Sun Pharma; H-Share generic index includes Shanghai Pharma, China Shineway, Sino Biopharm, Guangzhou Pharma and Sihuan Pharma; A-share generic index includes CRC Sanjiu, Yunnan Baiyao, North China Pharma, Harbin Pharma and Shanghai Pharma; Indonesia generic index includes Kalbe Farma, Indofarma and Tempo Scan Pharma

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0

2010 2012 2010 2012 2010 2012 2010 2012 2010 2012 2010 2012 2010 2012 2010 2012

5

22

M&A has been the key strategic tool to pursue growth alternatives

Industry participants Growth alternatives

• Big pharma
• Generic majors
• Specialty generics
• Asian majors
• National / regional operators
• 1. New growth markets

1

• 2. Niche formulations

2

• 3. Biosimilars

3

• 4. Branded drugs

4

• 5. Scale efficiencies

5

M&A

23

Generic pharma industry has experienced a record wave of M&A in the past decade

(USDbn)

1.4 3.8 3.0 22.3 12.9 12.1 26.3 3.8 12.6 13.9 11.3 0.0 5.0 10.0 15.0 20.0 25.0 30.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012YTD

Generics transactions by value 2002-12YTD1

Sources: Mergermarket, Dealogic Note 1) Based on transaction announcement date

Emergence of global industry – positioning for patent opportunities Positioning for post patent cliff world

24

Major generic pharma players have spent over USD60bn on acquisitions in past 10 years

Key acquisitions done by major generic and specialty pharma players in past 10 years

Company Year Value (USD m) Barr 2008 8,766 IVAX 2006 8,128 Cephalon 2011 6,171 Ratiopharm 2010 4,933 Sicor 2003 3,419 Taiyo Pharma 2012 1,426 CoGenesys 2008 400 Theramex 2010 369 Bentley 2008 321 Procter & Gamble 2011 N/A Total 33,933 Company Year Value (USD m) Merck Generics 2007 6,625 Matrix 2006 723 Bioniche 2010 550 Total 7,898 Company Year Value (USD m) Actavis 2012 5,597 Arrow 2009 1,750 Andrx 2006 1,618 Specifar Pharma 2011 619 Ascent Pharma- health 2012 393 Total 9,977 Company Year Value (USD m) Agis Industries 2004 822 PBM Holdings 2010 808 Paddock Lab 2011 540 Sergeant’s Pet Care 2012 285 Total 2,455 Company Year Value (USD m) Medicis Pharma 2012 2,807 iNova 2011 700 Pharma- Swiss 2011 518 Sanitas 2011 457 OraPharma 2012 426 Ortho Derma- tologics 2011 345 Xcel Pharma 2005 324 Aton Pharma 2010 318 Total 5,895

25

Consolidation has still largely been focused on developed markets

Americas 44% Europe 37% Asia 11% Australia 6% Africa 2%

Geographic breakdown by target1

Sources: Mergermarket, Dealogic Note 1) For transactions of deal size over USD50m

26

The banker’s crystal ball

27

Future positioning of industry participants

Big Pharma



Generics a “Band-Aid” for absence of R&D driven growth?



Have entered and exited the industry before



More sustainable as cornerstone of emerging markets strategy



“Life cycle” strategy potentially less relevant after end of age of blockbusters



Convergence in biosimilars Generic Majors



“Mind the gap” – will fill in all white space from perspective of geography and formulations



Brand strategies important for sustainable top-line and margin growth Specialty Generics



Segment of players driven by technical excellence and /or therapeutic depth



Selective marketing strategies in different end-markets



Entrepreneurial vision - build for sale Asia Players



Will dominate commodity generics globally



Significant consolidation required to reach global scale



Pick the right battles National/Regional Operators



Lack scale and funding



Sustainable position may require local market leadership position



Unless differentiated, challenging position long-term

28

Positioning of Asian companies for future growth

India China ASEAN



First movers in globalizing their business



Achieved success as a block



However, largely lack scale or individual basis



Dominance in global API



First steps towards global FDF



Home market remains key focus



Lively to rival India in near decade – steep learning curve remaining



Generic or brand focus?



Some protection from strong home-market positions



Opportunity for regional strategy



Determine how to compete against globals

• utside home market

4% 9% 14% 19% 24% 2006 2007 2008 2009 2010 2011

Japan



Global generic strategy

• f majors less clear



National generic players lack international scale



Time to consider long term strategy US TRx market share for 9 leading India pharma

Sources: CIMB, IMS Health

29

Asian companies increasingly using overseas acquisitions to drive growth

Announcement Date Target Target Nationality Acquiror Acquiror Nationality Stake % EV (USDm) EV/ EBITDA EV / Sales LTM FY+1 LTM FY+1 Nov-12 DUSA Pharma Netherlands Sun Pharma India 100% 171 34.9x 20.9x 4.7x 3.8x Oct-12 OctoPlus US DRRD India 100% 45 n.m. n.m. 4.2x 4.5x Apr-12 URL Pharma US Takeda Japan 100% 800 n.a. n.a. 1.3x n.a. Nov-11 I’rom Pharma Japan Lupin India 100% n.a. n.a. n.a. n.a. n.a. Oct-11 Taro Pharmaceutical Israel Sun Pharmaceutical India 34% 1,665 10.8x n.a. 3.6x n.a. May-11 Nycomed (ex-derma. business) Switzerland Takeda Japan 100% 13,739 12.5x n.a. 3.4x 2.7x Dec-10 Ascent Pharmahealth Australia Strides India 40% 109 6.9x 4.5x 0.8x 0.7x Sept-09 BMS Indonesia Indonesia Taisho Japan 98% 310 11.9x n.a. 6.6x n.a. Jun-08 Ranbaxy India Daiichi Sankyo Japan 58% 8,802 27.8x n.a. 5.4x 0.3x Apr-08 Draxis Health Canada Jubilant Organosys India 100% 203 13.0x 10.1x 2.3x 2.4x Oct-07 Morton Grove US Wockhardt India 100% 38 n.a. n.a. n.a. n.a. Oct-07 Zenotech India Ranbaxy India 38% 150 32.5x 21.0x n.m. n.a. May-07 Negma - Labo Eur Pour Recherche France Wockhardt India 100% 265 9.7x n.a. 1.8x n.a. May-07 Taro Pharmaceutical Israel Sun Pharmaceutical India 100% 528 34.7x n.a. 1.8x 1.5x Dec-06 Be-Tabs South Africa Ranbaxy India 100% 70 7.7x n.a. 2.2x n.a. Mar-06 Terapia SA Cluj Napoca Romania Ranbaxy India 97% 335 12.0x n.a. 1.4x n.a. Feb-06 Betapharm Germany DRRD India 100% 578 15.2x n.a. n.a. n.a. Nov-05 Able Laboratories US Sun Pharmaceutical India 100% 23 0.7x n.a. 0.1x n.a. Dec-12 RPG Aventis France Ranbaxy India 100% n.a. n.a. n.a. n.a. n.a. Average 19.0x 17.0x 2.3x 1.4x Median 18.7x 17.0x 2.0x 1.4x

Asian outbound deals

30

However, foreign entry likely to pick up pace

Announcement Date Target Target Nationality Acquiror Acquiror Nationality Stake % EV (USDm) EV/ EBITDA EV / Sales LTM FY+1 LTM FY+1 Oct-12 Kunwha Pharma Korea Alvogen US 37% 69 13.2x n.a. 1.1x n.a. Mar-12 Ahlcon Parenterals India B Braun Melsungen Germany 75% 53 30.1x n.a. 5.7x n.a. Nov-11 iNova Pharma Australia Valeant Canada 100% 626 8.9x 7.8x 3.5x 3.1x Nov-11 Invida Singapore Menarini Italy 100% n.a. n.a. n.a. n.a. n.a. May-11 Taiyo Pharma Japan Teva US 100% 1,427 9.6x n.a. 2.7x n.a. Aug-10 Sigma (pharma division) Asutralia Aspen Pharmacare South Africa 100% 808 8.4x 7.5x 1.3x 1.4x May-10 Piramal Healthcare India Abbott US 100% 3,720 31.9x n.a. 8.8x n.a. Dec-09 Orchid (Generic injectable) India Hospira United States 100% 400 n.a. n.a. n.a. n.a. Sept-09 BMS Indonesia Indonesia Taisho Japan 98% 310 11.9x n.a. 6.6x n.a. Jun-08 Zenotech India Rabanxy India 38% 151 32.5x 21.0x n.m. n.m. Jun-08 Ranbaxy India Daiichi Sankyo Japan 58% 8,802 27.8x n.a. 5.4x 0.3x Apr-08 Dabur India Fresenius Germany 73% 356 11.3x n.a. 0.1x n.a. Apr-08 Strides (Asia and Australia business) India Genepharm Australia 100% 61 n.a. n.a. n.a. n.a. Oct-07 Kyowa Pharma Japan Lupin India 100% 60 n.a. n.a. n.a. n.a. Apr-07 Nippon Universal Japan Zydus India 100% n.a. n.a. n.a. n.a. n.a. Aug-06 Matrix India Mylan US 72% 1,222 24.0x 17.3x 3.9x 3.0x Nov-04 Agis Industries Israel Perrigo US 100% 851 14.2x 13.7x 2.0x 1.9x Average 18.7x 13.5x 3.7x 1.9x Median 13.7x 13.7x 3.5x 1.9x

Asian inbound deals

31

Relative firepower: Financing capacity of major pharma companies

Financing capacity as measured as 3x 2012E EBITDA minus current net debt (USDbn)

72 45 34 33 24 12 10 8 6 3 3 3 2 2 1 1 1 1 1 1 (0) (0) (2) (5)

• 5

10 15 20 25 70

32

Optimizing long-term strategic position – case study

• f Kunwha sale to Alvogen

Alvogen



Emerging specialty generic company



Focus on developing complex formulations



Objective to leverage global portfolio across generic frontier markets where can complete



Lead by former Actavis management team headed by Robert Wessman Kunwha



Transaction offers access to high value portfolio to support position in fragmented Korea market



Leverage global R&D capability



Internalize best practice sourcing and manufacturing capabilities



Opportunity to broaden market focus beyond Korea



Access deeper capital base Transaction positioned Kunwha for long-term competitiveness in Korea and across Asia

Alvogen

Acquisition of up to 67.0% shareholding in Kunwha Pharmaceuticals by Alvogen Korea Limited Financial Advisor KRW 75.7 billion 2012

33

Generics 2022



Highly differentiated strategies



3-5 global dominant players present in all markets



Majors will have diversified portfolios across complete range of formulations



Limited number of legacy generic players will participate in biosimilars but not dominate it



Convergence of brand and generics



Regional champions leveraging local knowledge and brand equity



Asia players dominate commodity generics



1-2 Asian players among globals?



Big pharma will ultimately remain R&D driven

34

ASEAN FOR YOU

35

Important Notice

This presentation has been prepared by CIMB Group exclusively for the benefit and internal use of the recipient to have a brief understanding of the background of the subject asset. This presentation has been prepared on the basis of information that is believed to be correct at the time the presentation was prepared, but has not been independently verified in any manner. No expressed or implied warranty is made as to the accuracy or completeness of any such information. The information provided may be subject to change without notice. Such information must not be relied upon for any investment decision purposes. Any reliance on the said information should be subject to detailed due diligence and analysis to be carried out. This presentation does not in any manner render any member of the provider of the information as acting as an advisor or agent to any person to whom this presentation is directed. This presentation is not a substitute for, and should not be regarded as, an independent evaluation and analysis of the subject company and does not purport to be all inclusive. The recipient should not treat the content of this presentation as advice relating to legal, accounting, taxation or investment matters and should consult their own advisers. The provider of the information or its affiliates may act as a principal

• r agent in any transaction that may be contemplated by this presentation, or any other transaction connected with any such transaction, and may as a

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