Post on 19-Oct-2020
1H 2019 ResultsInvestor Presentation
Sirio CafèAncona
1. Sirio at a Glance
2. Market
3. Business Units
4. Achievements
5. Financials
6. Strategy
Aeroporto MarconiBologna
Sirio is a leading operator in the Italian "hospital" commercial catering
market, where it manages directly snack/coffee bars for employees, visitors
and patients.
The company has successfully exported its scalable business models in
adjacent business units: motorways, airports, city centers, and fast food
through different formats.
The Company manages 83 PoS at September 30, 2019.
The company, headquartered in Ravenna with ca. 784 employees involved
in the company’s operations.
Sirio at Glance
3
Sirio Channels
Opera Dulcis, Imola
Caffè Pascucci Sky Terrace, Genoa
4
History
The current vice president Luciano Lomonaco
establishes Sirio, collecting his grandfather’s
inheritance, a pioneer in hospital catering
Stefania Atzori joins Sirio’s BoD
Opening of the motorway business with the first PoS in the
Brennero motorway
SIRIO is selected as partner for Burger King expansion
plan in Italy
Stefania Atzori takes the position of
President
PoS openings in Marconi Airport (Bologna) with the premium brand La Ghiotta
Entrance in the city segment
1992 201820122004
1998 20142006 2019
IPO Listing
€ 32 mln
€ 17 mln
€ 42 mln
€ 64 mln
Revenues CAGR 2007-2018 12.8%
2007 2010 2015 2018
Geographical presence
5
Tot 83* PoS
N° POS 30/06/2018 30/06/2019 30/09/2019Total PoS
Awarded**
Hospital 57 63 65 75
Motorway 7 7 5 7
Fast Food 2 4 4 4
City 2 3 3 5
Airport 4 4 6 7
TOTAL 72 81 83* 98
Notes: (*) At September 30, 2019(**) Year to date total of PoS already won by Sirio but not open
Latest Opening
Ancona Ancona Roma
Lonato (BS) Genova
PoS by Region *
Governance
6
Shareholding Structure Board of Directors
Stefania AtzoriCEO
Luciano Giuseppe LomonacoChairman
Gianni BertonIndependent Member
Mario RescaIndependent Member
Enrico SassoonIndependent Member
Gian Luigi CostanzoMember
Top Management
Stefania AtzoriCEO
Andrea MazzantiCFO
Luciano Giuseppe LomonacoChairman
A successful IPO
7
Stefania Atzori Chief Executive Officer of Sirio SpA commented: "The conclusion of this process,
finally reaching Borsa Italiana on June 10, makes me very satisfied with the team work carried
out by the company and by all the consultants involved in the operation, to which I send a
heartfelt thank you for the efforts made. Moreover,” continues Stefania Atzori, “the IPO
represents an important goal for SIRIO, but even more it represents the springboard for its future
growth. Growth, which we will achieve through new openings of points of sale in the hospital
and airport sector, through the development of franchising chains, and which will undergo an
important acceleration thanks to the use of proceeds deriving from the IPO”.
Share N. Pre – IPO 2.400.000
Shares coming from the capital increase 1.052.631
Shares offered for sale 40.969
Shares Outstanding Post-IPO 3.452.631
Market Segment AIMTicker SIOMarket Cap (€Mln) 39.4N° of share 3,452,631Share price (€) October 16, 2019 11.4
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
8
8.5
9
9.5
10
10.5
11
11.5
12
10-06-19 10-07-19 10-08-19 10-09-19 10-10-19
Volumes Close
1. Sirio at a Glance
2. Market
3. Business Units
4. Achievements
5. Financials
6. Strategy
Aeroporto Cristoforo Colombo Genova
9
9
# Hospital Point of Sales (2017) *
57
49
43
2016
12 11
64 4 3 2 1
Hospital commercial catering players
Source: PWC Report – Commercial foodservice market in Italy – Oct 2018
Leadership in the Italian Hospital commercial catering
Notes: (*) Not a homogenous comparison given that some figures include hospital mass catering different from the commercial catering.
Autogrill
CAMST
CIR Food
Dussmann
Sodexo
Elior
Gemeaz / Elior
Chef Express
Serenissima
La Cascina (Vivenda)
MyChef
Airest
Euroristorazione
Bauli Grill
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
-15% -10% -5% 0% 5% 10% 15% 20%
SirioFabbro
Punto Grill40%
60%
80%
100%
Hermes
65% 70%
Ave
rag
e**
CA
GR
R
even
ues
+3
.5%
Average** CAGR EBITDA+1.5%
€300M Turnover
Notes: (*) Elior Group; (**) weighted averages. Data not available for SarniSource: PWC Report - Commercial foodservice market in Italy - Oct 2018
(2015-2017, %)
Competitive arena – Revenues and EBITDA growth
10
Sirio stands out from competition for an outstanding revenues growth and high marginality
CA
GR
EB
ITD
A 2
01
5-2
01
7
CAGR Revenues 2015-2017
*
*
*
1. Sirio at a Glance
2. Market
3. Business Units
4. Achievements
5. Financials
6. Strategy
Policlinico Duilio Casula Cagliari
2
43
1
1
12
2016 2017 2018 2019
Concessions renewed Tenders lost
8
12 13
7
1
3 2
4
2016 2017 2018 2019
Tenders won Tenders lost
Hospital BU
Sirio is market leader in the Italian publichospital commercial catering business (bynumber of PoS), where it directly managesbars/eateries for employees, visitors andpatients
Sirio is strategically present in publichospitals
Sirio offers a wide range of services, fromsnack bar with gastronomy and is alsoinvolved in the management of vendingmachines
Signed framework agreement with Alice Pizzain July 2019 for the exclusive commercialdevelopment in the hospital channel
12
5751 61
33.3
41.644.6
22.125.0
2016 2017 2018 1H 2018 1H 2019
Revenues in the Hospital business (€M)
CAGR 16-18+15.8%
57 63
Hospitals tenders won and lost Hospital concession renewals
7
79%Avg. concession win rate (2013-2019) 76%
Avg. concession renewal rate (2013-2019)
#PoS
The 4 Tenders lost in 2019 refer to 2018. Without them, the 2019 winrate would be 100%
YoY %
+13%
Motorway and Airport BUs
13
10.1 10.5 10.7
5.0 5.2
2016 2017 2018 1H 2018 1H 2019
Revenues (€M)
CAGR 16-18+2.6%
#PoS 9 10 7
3.03.4
3.7
1.7 2.0
2016 2017 2018 1H 2018 1H 2019
CAGR 16-18+11.9%
#PoS 4 4 4
Sirio operates in motorway and road catering,
handling the management of service and rest areas,
with significant presence above all on the A22
Modena-Brennero motorway, offering an
innovative parking concept that is expressed in
attention to the customer, in the quality of the offer
and of the products and in the concept of the point
of sale.
Sirio, operates in airport through the brand "La
Ghiotta", manages 4 PoS inside the Marconi airport
of Bologna: a snack bar cafe in the Land Side area,
the other coffee bar with restaurant in the Extra-
Schengen area. presidia)
Furthermore, in the second half of 2019 Sirio won 2
concessions in the Genoa International Airport and
Naples Capodichino International Airport.
Motorway BU
7 7 4 4
Revenues (€M)
Airport BU
YoY %
+14%YoY %
+4%
Fast Food and City BUs
14
3.6 3.7 3.7
1.6
3.1
2016 2017 2018 1H 2018 1H 2019
CAGR 16-18+1.8%
3 3 3 2
Sirio was selected by Burger King Europe Gmbh
(BKE) - a Swiss company based in Zurich - as a
Partner, becoming a Franchisee, for the
development of an ambitious plan to expand the
"BK" system in Italy. The project started in 2012
and saw the inauguration, first in Jesolo Lido and
Venice. In December 2018, the Company opened a
new Burger King store in Ravenna and in the first
half of 2019 it opened a new restaurant in Ancona.
In 2018 Sirio started its activity in the new business
sector to develop quality catering in the city center. And
obtained the management of two historic restaurant in
the center of Imola: Opera Dulcis, and "Bacchilega"
always in the center of Imola. Furthermore, in this
business unit the first "Sirio Cafè" brand bars / corners
have been launched adjacent to the Burger Kings
managed by Sirio to expand the offer to customers. In
2019 Sirio started its business with the opening of the
first Sushi Bar under the brand name Zako.
32
Revenues (€M)
#PoS #PoS
Fast Food BU
Revenues (€M)
City BU
4
0.2
0.8
1H 2018 1H 2019
YoY %
+342%
YoY %
+97%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0% 20% 40% 60% 80% 100%
Re
ven
ue
s%
# Concessions %
€27.6M Concession revenues
1H 2019
Top 10 concessions account for the 40.8% of concession
revenues
80% of concession revenues is generated by 29 concessions
53 concessions
31.0%
47.1%
17.9%
4.0%
Expire <2023 2023<Expire<2026
Expire >2026 Extended
Well balanced concession portfolio
15
Concessions portfolio analysis
% of revenues
Sirio has put together an attractive portfolio of concessions, well balanced by expiration date, by channel, and by size. Concessions revenues were €27.6M in 1H19 (or 75% of total revenues)
1. Sirio at a Glance
2. Market
3. Business Units
4. Achievements
5. Financials
6. Strategy
ZakoAncona
Genova International Airport
17
14 June 2019Sirio won the concession to manage the bar service at the Genoa-Sestri "Cristoforo Colombo" international airport.
Duration: 5 years
PoS: 2 (116 sqm + 840 sqm terrace)
Offer: Sirio will be present with the concept "CaffèPascucci" - historic Italian brand born in 1883 thatafter more than a century still carries forward theculture of Made in Italy espresso - that is a single-brand Coffee Specialist that revolves around theartisan espresso coffee product with an Italian heartand essence. Furthermore, this sales point alsodiffers in terms of offering organic and fair-tradeproducts.
Cioccolatitaliani
18
14 June 2019Sirio signed with Gesa srl, a company that owns theCioccolatitaliani brand - the first Italian delivery formatcompletely dedicated to the world of chocolate - aFramework Agreement for Commercial Development.
Framework agreement• the opening of 5 points of sale on the Italian
territory• in the next 3 years, with a first scheduled as early as
2019
19 SeptemberSirio signed with Gesa srl the franchising agreement forthe opening and management of the firstCioccolatitaliani PoS at the "Il Leone Shopping Center”in Lonato (Brescia).
“Il Leone Shopping Center” located in Lonato -strategically located within a quadrilateral consisting ofthe cities of Brescia, Verona, Mantua and Cremona - hasa high ranking (AA rating, with over 6 million passes peryear), extends over an area of approximately 46,000square meters, with 100 stores, a commercial anchorthat serves a pool of over 130,000 users
Alice Pizza
19
22 July 2019Sirio signed a framework agreement for exclusive commercial development in the hospital channel with "Me & Alice srl", a company that owns the Alice Pizza brand.
Framework agreement • opening of 6 point of sales in the hospital channel • over the next 18 months.
The locations can be identified both in hospitals where Sirio is present due to bids already won - with corners dedicated to pizza - and in new sales points, always in the hospital channel.The individual points of sale that will be opened will be regulated by special agreements of commercial affiliation (franchising) with Sirio as a franchisee.
San Camillo hospitalSirio has already opened its first Alice Pizza PoS at the San Camillo hospital in Rome.
Torino - Molinette Hospital
20
20 September 2019Sirio won the concession for the management of the bar and restaurant service at the Molinette Hospital in Turin.
Value: € 9 million
Duration: 4.5 years
PoS: 2 (500 sqm)
Offer: Both points of sale are based on the concept ofethical catering that sees a “good, clean and fair”food as protagonist with an eye to the environmentand sustainability, in addition to the most diversifieddietary requirements, remaining faithful to the Turinand Piedmont culture as well as serving Slow FoodDOP or PGI Presidium products up to local culinarypreparations.
The Molinette Hospital Center (the largest in Piedmont and the third in Italy) is located within the complex "The City of Health and Science of Turin, the largest national and European health center, has about twelve thousand employees and guarantees third level diagnosis, treatment and healthcare in multiple care pathways.
Napoli - Capodichino International Airport
21
23 September 2019Sirio won the concession for the management of the barand restaurant service at the Naples - CapodichinoInternational Airport, the fifth Italian airport in terms ofannual passenger flows.
Value: € 6 million
Duration: 5 years
PoS: 1 (70 sqm)
Offer: Sirio will be present with the "Combine coffeestation" concept to create a place that combinestechnology and tradition, familiarity, experience andproduct. These elements will be offered,communicated and transferred to the customerthrough a process of customer engagement throughvarious correspondence channels activated by visualsounds and suggestions, digital kiosks, automaticpickup boxes offering an immersive and fast shoppingexperience where you can compose your own meals("Combo").
In 2018 annual passengers were about 10 million source- Italian Association of Airport Managers
Roma - Sant’Andrea Hospital
22
30 September 2019Sirio won the concession for the management of the barand restaurant service at the University HospitalSant'Andrea in Rome.
Value: € 10 million
Duration: 5 years (+2 year renewal possibility)
PoS: 1 (335 sqm)
Offer: The service that will be provided by Sirioincludes an assortment of hot cafeterias completewith drinks from the typical Italian bar, "bakery" (ovenbaking, but also fresh artisan products of famousRoman bakers), "healthy" (juices, centrifuged andextracted) , freshly prepared at the moment), a pizzacorner and a gourmet counter where you can enjoy acooked dish or buy fresh local products at retail.
The Sant’Andrea University Hospital of Rome representsan excellence and an academic reference point foremergency diagnosis (cardiovascular diseases), for theoncology clinic, and for surgery.
Roma - Spallanzani Hospital
23
9 October 2019Sirio won the concession for the management of the barand restaurant catering service at the "Lazzaro Spallanzani”National Institute of Infectious Diseases in Rome.
Value: € 3 million
Duration: 8 years
PoS: 1 (120 sqm)
Offer: The service will include an assortment of hot foodcafeterias complete with typical Italian coffee bar drinks,and "healthy" choices with particular attention given tovegetarian / vegan users and / or having particular food-related diseases (gluten intolerance, lactose intolerance,diabetics) and a Market service for the sale of packagedfood products including organic and fair trade labels.
The National Institute of Infectious Diseases L. Spallanzani isan Italian healthcare excellence, with an important socialrole in the management of all emergencies, particularly inhepatitis and drug addiction, and with a consolidatedhistory of health cooperation activities with groups ofpeople with limited economic resources, with their publicinstitutions and with local NGOs.
1. Sirio at a Glance
2. Market
3. Business Units
4. Achievements
5. Financials
6. Strategy & Achievements
Az. Ospedaliera Meyer Firenze
H1 2019 Highlights
25
Revenues
€36.7(+20%) *
€ mln
EBITDA
€3.8(+22%)
EBITDA margin
10.4%(+ 16 bps)
Net Profit
€1.5(+33%)
Net Debt
€8.5(+ €6 mln)
Revenues Distribution by BU
€36.7 M
Notes: (*) Figures in brackets refer to financial statements at June 30, 2018 for income statement data and financial statements at December 31, 2018 for balance sheet dataThe data reported have been adjusted excluding the impact of IFRS 16
Hospital 69%
Fast Food 9%
Motorway 14%
Airport 5%
City 2%
Income Statement
26
€ 0001H 2019
Ex IFRS 161H 2019 1H 2018
Revenues 36,372 36,372 30,227
Other revenues 369 369 373
Total revenues 36,742 36,742 30,600
Production (11,619) (11,619) (10,230)
Personnel (9,680) (9,680) (7,155)
Rents (8,224) (1,362) (7,581)
Other operating costs (3,390) (3,390) (2,494)
EBITDA 3,829 10,691 3,140
EBITDA margin 10.4% 29.1% 10.3%
Depreciation & Amoritzation (1,763) (7,007) (1,477)
EBIT 2,065 3,684 1,663
EBIT margin 5.6% 10.0% 5.4%
Net Financial income (377) (2,545) (240)
EBT 1,689 1,139 1,423
Taxes (236) (167) (330)
Net Result 1,453 972 1,092
Net Result margin 4.0% 2.6% 3.6%
Total Revenues amount to € 36.7 million(+20.1%) due essentially to the new openingsmade during the second half of the 2018 , atthe M. Bufalini Hospital in Cesena (2 points ofsale), the Santa Colomba Community Hospitalin Savignano Sul Rubicone (FC), the UmbertoParini Regional Hospital and the BeauregardHospital in Aosta; the entry into operation ofthe new Burger King in Ravenna, whose offer iscompleted by the adjacent "Sirio Café", and -at the opening of the new Burger King inAncona during the first half of 2019 whoseoffer is completed by the adjacent restaurantZako , - at the opening of the store at thePolyclinic Duilio Casula of Monserrato, and - atthe opening of the store at the Santo SpiritoHospital in Pescara.
EBITDA, € 3.8 million compared to € 3.1million in the first half of 2018, shows asignificant increase of 21.9%, thus theincidence on revenues (EBITDA margin), alsoimproving, at 10.4% compared to 10.3% in thefirst half of 2018, both are the result of theincrease in volumes, the consolidation ofmargins in the hospital sector and theimprovement in income performance in thepoints of sale of the other Business Units (BU)
The net profit closes at € 1.5 million comparedto € 1.1 million at 30 June 2018, reporting anincrease of 33.0%.
72
81
378
510
100
200
300
400
500
600
700
800
60
65
70
75
80
H1 2018 H1 2019
# PoS Average Revenue per PoS (€k)
27
Focus on revenues
Like-for-like * and new opening revenues
YoY %
+1.9%
26.2 26.7
4.510.1
1H 2018 1H 2019
Like for Like revenues New opening and renewed
30.636.7
7.9
8.8
€ 3.63
€ 3.77
3.0
3.2
3.4
3.6
3.8
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.0
H1 2018 H1 2019
Total transactions Average receipt
Total transactions and average receipt per PoS POS and average revenue per POS
(*) Note: Like for like revenues refer to 65 PoS and exclude an additional 3 PoS which due to exogenous factors have decreased in turnover. These exogenous factors should be solved in the short term.
YoY %
+3.9%YoY %
+35%
36.74
3.83
11.62
9.68
8.22
3.39
Total revenues Raw material costs Personnel costs Rents, royalties andconcessions
Other operating costs EBITDA
EBITDA and cost structure for H1 2019
28
EBITDA and Cost Structure (€M)
100%H1 2018
H1 2019
33.4% 23.4% 24.8% 8.1% 10.3%
Higher fixed costs absorption capacity and stronger negotiation power lead to top-of-the-class margins
100% 31.6% 26.3% 22.4% 9.2% 10.4%
Balance Sheet
29
4.8 4.2
15.213.04.2 5.4
(0.7)
4.5
2016 2017 2018 H1 2019
Non-current financial debt Current financial debt *
€ 00030-06-2019
Ex IFRS 1630-06-2019 31-12-2018
Fixed Assets 37,493 98,230 36,897
Working Capital (4,094) (4,094) (5,152)
Invested Capital 33,399 94,136 31,745
Other non current assets and liabilities (7,430) (7,430) (8,977)
Net Invested Capital 25,970 86,706 22,768
Shareholders' Equity (17,500) (16,950) (8,293)
Medium - long term financial position (13,006) (61,450) (15,212)
Short Term financial position 4,536 (8,305) 737
Net Financial Position (8,470) (69,756) (14,476)
Total Sources (25,970) (86,706) (22,768)
Non-current assets amount to € 37.5 million compared to € 36.9 million at December 31, 2018.
The net working capital is negative for € 4.1 million compared to the negative € 5.2 million at December 31, 2018.
Net invested capital of € 26.0 million compared with € 22.8 million at 31 December 2018, is financed by:- Shareholders' equity for € 17.5 million compared to € 8.3 million at December 31, 2018, the increase is essentially due to the IPO transaction concluded last June 2019- Net financial debt of € 8.5 million compared to € 14.5 million at 31 December 2018, essentially due to the IPO proceeds.
NFP bridge
30
(14.5)
3.8
(2.7)
0.4
(0.9)
(2.6)
10.0
(2.1) (8.5)
NFP 31-12-2018
EBITDA Ch. TWC Other nettrade
receivables
Interest &Taxes
CAPEX IPO Proceeds IPO Costs onEquity
NFP 30-06-2019
Net Financial Position Bridge (€M)
Cash in Cash out
0.9
1.9 1.9
0.6
1.3
3.3
4.5
2.0
2016 2017 2018 H1 2019
Intangible Capex Tangible capex
6.3 6.3 4.3 4.8
2.5 3.0 3.1
6.8
(12.2)(14.7)
(8.7) (10.3)
2016 2017 2018 H1 2019
Inventory Trade Receivables Trade Payables
Net working capital and capex analysis
31
Net trade working capital(€M)(*)
Notes: (*) 2018 post carve-out, 2016 and 2017 ante carve-out(**) TWC increase in H1 due to a higher impact of exclusive contractual contributions from suppliers
Post carve-out data
Optimal working capital due to moderate DSO and 60 days DPO on average
(1.3)
(5.4)
(3.4)
Investments(€M)
2.2
6.4
5.2
Investments more than doubled as a consequence of business growth
1.3**
2.6
1. Sirio at a Glance
2. Market
3. Business Units
4. Achievements
5. Financials
6. Strategy
Burger KingAncona
33
Strategy (1/2)
Leadership consolidation
in the Hospital Business
Framework agreement for the management of Alice Pizza at the San Camillo Forlanini Hospital in Rome
2 concessions for 2 PoS at the Molinette Hospital in Turin
Concession in the Sant’Andrea Hospital
Concession in the Spallanzani Hospital
LEADERSHIP IN THE HOSPITAL BUSINESS
STRATEGY
ACHIEVEMENTS
GOAL
# 110 tenders are expected in the next 2 years 2020-2021
Focused in Northern and Central Italy
Public hospital sector
Innovative service model (“Smart Hospital”)
34
Strategy (2/2)
Expansion in adjacent and already
existing BU thanks to scalable model
Concession at Genoa-Sestri InternationalAirport “Cristoforo Colombo”
3-year framework agreement with Cioccolatitaliani for the opening of 5 PoSin Italy.
Opened 1° Cioccolatitaliani PoS in the Leone Shopping Center
Concession at the Naples-CapodichinoInternational Airport
SCALABLE BUSINESS MODEL
STRATEGY
ACHIEVEMENTS
GOAL
High traffic flow in main Italian railways, airports andcity chains
Cross Selling (i.e. opening of PoS with Burger King)
Extended contract duration (> 12 yrs) with shortpayback period (< 4 yrs)
Higher Marginality (IRR > 20%)
35
Leadership in the Italian Hospital commercial catering2
Investment Highlights
3 Scalable business model successfully exported into other segments
1 History of outstanding growth and resilience
4 High visibility on future revenues
5 Well balanced concession portfolio
6 Strong competitive positioning
36
Contacts
Follow us:
IRAlessandra Fazzioliinvestor@siriospa.it
NOMADecm@mediolanum.it
IR ADVISORSilvia Di Rosasilvia.dirosa@cdr-communication.itAndrés Olivieriandres.olivieri@cdr-communication.it
Sede Legale e AmministrativaVia Filippo Re, 43-4548124
Fornace Zarattini Ravenna (RA) - Italy
Disclaimer
37
This document has been prepared by Sirio S.p.A. (the "Company") for use during meetings with investors andfinancial analysts and is solely for information purposes. The information set out herein has not been verified by anindependent audit company.Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the “Group”), as well asany of their directors, officers, employees, advisers or agents (the “Group Representatives”) accepts anyresponsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness orcompleteness of the information set out herein or any other related information regarding the Group, whetherwritten, oral or in visual or electronic form, transmitted or made available.This document may contain forward-looking statements about the Company and/or the Group based on currentexpectations and opinions developed by the Company, as well as based on current plans, estimates, projections andprojects of the Group. These forward-looking statements are subject to significant risks and uncertainties (many ofwhich are outside the control of the Company and/or the Group) which could cause a material difference betweenforward-looking information and actual future results.The information set out in this document is provided as of the date indicated herein. Except as required by applicablelaws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward-lookingstatements.Under no circumstances shall the Group and/or any of the Group Representatives be held liable (for negligence orotherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise inconnection with the document or the aforesaid forward-looking statements.This document does not constitute an offer to sell or a solicitation to buy or subscribe to Company shares and neitherthis entire document or a portion of it may constitute a recommendation to effect any transaction or to conclude anylegal act of any kind whatsoever.This document may not be reproduced or distributed, in whole or in part, by any person other than the Company.By viewing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations.