Kentz Corporation LimitedCapital Markets ForumLondon, 20 October 2010

Wednesday 20th October 2010

Today’s Agenda

Introduction

Market Overview Hugh O’Donnell

Specialist EPC James Moore

Construction Eoin Hurley

Technical Support Services Michael Murphy

Risk Management Adrian Griffin

Conclusion Hugh O’Donnell

Q&A

1

2

Dr. Hugh O’DonnellChief Executive Officer

Global Project Developments

3

Woodside to raise A$2.5bn for LNG projects Financial Times, Published: December 14 2009

2009

2010

May: Telecom Integrator Contract, Kearl Oil Sands, Canada

Jun: Gorgon Construction Village, Australia

Aug: Gorgon Telecoms Package, Australia

Sept: QP EPC Contract, Qatar

Oct: Pluto LNG Project, Australia

Dec: Shutdown Services and Operations Support, Sakhalin

Australia approves $42bn LNG project Financial Times. Published: August 26 2009

Jan: Moatize Coal Mine Project, Mozambique

Feb: Pluto LNG, Site Wide Specialist Instrumentation Contract, Australia

Jul: Papua New Guinea Contract

Aug: Iraq partnership with Dome

Chevron LNG field approvedFinancial Times, Published: August 27 2009

Iraq: The awakening of an economic giantFinancial Times, Published: September 15 2010

Exxon commits to Papua New GuineaFinancial Times, Published: December 9 2009

Shell takes first LNG delivery from Sakhalin-2 Financial Times, Published: April 1 2009

Mood upbeat in scramble for coalFinancial Times, Published: June 3 2010

Qatar remains undeterred on LNG projectsFinancial Times, Published: April 2009

4

Growth in Backlog and Revenues

232

544596

1,004

1,497

1,600

313370

545

643705

880

0

200

400

600

800

1000

1200

1400

1600

1800

2005 2006 2007 2008 2009 2010

US$m

Backlog 

Revenue

2010 Revenue is consensus from analysts

5

Group Pipeline US$7.72bn

866

582

154

Backlog

1893

1386

363

Current Prospects

2541

1007

532

Strategic Prospects

H1 2010 ...6-12 months …12-18 months

BacklogUS$1.6bn

As of end July trading position

Current ProspectsUS$3.64bn

As of end July trading position

Strategic ProspectsUS$4.08bn

As of end July trading position

Specialist EPC Construction Technical Support Services

The Americas

Countries where Kentz has worked

Americas US$675.5m

6

68%

14%18%

• TSS in North America• Canadian oils sands• Alaska opportunities• Target growth in the pipeline

Specialist EPC Construction Technical Support Services

Middle East

Countries where Kentz has worked 7

Yemen

Oman

Azerbaijan

Kazakhstan

IranIraq

Saudi Arabia

UAE

Jordan

Middle East Pipeline US$4,047.2m

70%

18%

12%

• Focus on EPC business• Construction less attractive• Still the largest part of pipeline

Specialist EPC Construction Technical Support Services

US$212bn Iraq Oil & Gas Spend

8

West Qurnah IILukoil (75%), Statoil (25%)Current Prod. zero, Plateau Prod1,800,000bpd Targets Early Prod.Facilities/ PMC support

Gharraf FieldPetronas (60%), Japex (40%)Current Prod. zero, Plateau Prod. 230,000bpd Targets Camp and Early Prod.Facilities

D

Halfaya FieldCNPC (50%), Petronas (25%), Total (25%)Current Prod. 3,100 bpd, Plateau Prod. 535,000 bpdTargets TBC

D

D

Majnun FieldShell (60%), Petronas (40%)Current Prod. 45,900bpd, Plateau Prod. 1,800,000bpd Targets Camp Facilities

D

West Qurnah IExxonMobil (80%), Shell (20%)Current Prod. 258,505bpd, Plateau Prod. 2,325,000bpd Targets Camp and Early Prod.Facilities/ PMC support

Rumaylah FieldBP (51%), CNPC (49%)Current Prod. 106,600bpd, Plateau Prod. 2,850,000bpd Targets Camp Facilities, Brownfield expansion

D

Southern Africa

Countries where Kentz has worked

African Pipeline US$1,105.5m

9

• Construction• Asset-based TSS contracts• Growth of mining and metals

Specialist EPC Construction Technical Support Services

60%30%

10%

FSU, Russia and Europe

Countries where Kentz has worked

FSU, Russia and Europe Pipeline US$369.6m

10

43%

33%

24%

• Natural growth in TSS contracts strong• Spot opportunities in Europe• Emerging Kazakhstan opportunities

Specialist EPC Construction Technical Support Services

Australasia

Countries where Kentz has worked

Australasia Pipeline US$1,518.3m

11

54%

44%

2%

• Global LNG hub• Other sectors; mining and metals• TSS opportunities untapped

Specialist EPC Construction Technical Support Services

12

2009 2010 2011 2012 2013 2014 2015 Upstream Downstream

Newcastle LNG project

AGL LNG project

Santos Gladstone LNG project

Queensland Curtis LNG project

Australian Pacific LNG project

Sunrise LNG project

Wheatstone LNG project

Ichthys LNG project (Inpex)

Woodside Browse LNG project

Pluto LNG project | Stage 2

Shell Australia LNG project

Pilbara LNG project

Australian LNG Project Opportunities

JVor

Top Ten Clients by Revenue

13

Pearl GTL, QatarKentz value in excess of US$400m

32 year working relationship. Sipchem Chevron & Kayan, Saudi Arabia.

Sakhalin I Project, Sakhalin Island.

Pluto LNG Project,Western Australia

Kentz value US$107m

Medupi Power Station Project,South Africa

Kentz value US$250m

30 year working relationship. Recently signed

Framework Agreement

Recently entered a five year Global Framework Continuing

Engineering Service Agreement

Ongoing participation on Construction services

in the Middle East

10 year working relationship. Multi-million dollar contract for

Engineering services

Onshore Production FacilitiesKentz value US$146m

Gorgon LNG Project, NPI and Telecomms Package, Australia

Combined Kentz value US$250m

Specialist EPC Construction Technical Support Services

14

James MooreChief Operating Officer, Specialist EPC

James joined Kentz in November 1993 following 13 years with Sasol, latterly as Project Manager. Whilst with Sasol he was involved with Sasol 2 and 3 and managed many large capital projects as part of their de-bottlenecking and expansion programmes. In 1989 he was the Project Manager responsible for the Sasol Polypropylene Project which won the International PMI Prize for Best Project in the large project section. Also while at Sasol he was co-author of a paper presented to The International Coal Management Institute on advanced automation of coal gasifiers. Since joining Kentz he has acted in several different senior management roles across the fields of engineering and project management in Ireland, Britain, Thailand, Malaysia and Qatar.

Engineering Procurement Construction• Pre-FEED (Front End Engineering Design) stage of large projects

• Recent project values range from US$50m to US$300m

• Fixed price, lump sum; managing scope changes key to margins

• Workforce c.1,700 people

• Global solutions to local challenges

15

16

South Hook LNG Terminal, Wales

Gorgon Construction Village, AustraliaGautrain Automation, South Africa

Shell Pearl GTL, QatarKearl Oil Sands Telecoms, Canada

Financial Breakdown

17

140

263.7

184.5 169.1

2006 2007 2008 2009

Revenue $m

866.0

2128.02507.5

Backlog (end July) Current prospects Strategic prospects

Visibility ($m)

Specialist EPCOnshore Modular Production Facilities

Non-process InfrastructureTurnkey Utilities and Offsite Facilities

Turnkey Port FacilitiesSmall Capital Project SolutionsControls and Automation (TSI*)Telecommunications SystemsPower Projects and Services

Onshore modular production

facilities, 19%

Non-process infrastructure,

20%

Utilities and offsites, 6%

Port facilities, 18%

Small capex projects, 14%

Controls and automations, 7%

Telecoms, 11%

Power projects and services, 5%

Specialist EPC Revenue by Service H1 2010

17.2%12.6% 11.4%

6.0% 4.4%

48.4%

Turnover by client (%)

0

50

100

150

200

250

300

IOC NOC EPC/M Other

Turnover by client type ($m)*

EPC

Group

EPC Clients

18* Full year 2009 Revenue

Other

AustraliaGorgon LNGNon-process infrastructure

South AfricaGautrainComplete turnkey EPC

EPC Global Footprint

19EPC current operations 10 countriesCountries where Kentz has worked

YemenOil processing facilityModular production facilities

Abu DhabiStorex Upgrade, ADNOCTotal systems integration

North AmericaKearl Oil Sands, CanadaTelecommunications

Evolution of EPC Business

20

1999 2000 2001 2002 2004 2006 2008 2009 2010

EPC Company setup in Qatar for small capex

projects

First EPC job in KSA for SipchemUS$30m

First major infrastructure project (QGII)

Qatar

Major EPC projects, AUSGorgon LNGAUD$375m

Major multiple GBU op (Hides

LNG)US$50m

EPC scope

Kentz wins first major EPC job

US$125mManjung PS,

Malaysia

First opp with GPS on

upstream facilities scope

Iraq

Major upstream facilities project (GPS) Yemen

US$175m

Kentz Global Established

Kentz JV Co. established in

Iraq

First multiple GBU projectPearl GTL

US$250m EPC scope

Kentz RSA gain EC Status with

SASOL

Leveraging Latent Potential

21

• Ongoing expansion of EPC capability and capacity

• Now have five engineering centres of excellence across three continents

• Strategically targeted niche packages expanding into process plant

• Financial, management and engineering capacity to take on projects in the $400 million range

29%

12%

59%

Engineers

Managers

Skilled and Unskilled

EPC workforce breakdown (1,700)

Proj

ect c

ompl

exity

Future Strategy

22

Small to MediumSize Projects

$50m to $300m

Competition local and regional

Mega EPC/EPCM* contracts $1bn upwards

Global project management companies, e.g. AMEC, Bechtel,

Fluor, KBR, TechnipGlobal oil, gas and petrochemicals projects

$500m +

Competition larger specialist contractors, e.g.

Aker, CBI, Petrofac, Snamprogetti

* EPCM: Engineering Procurement Construction Management

Project size

Maintain Niche focus moving into upstream process

Process EPC Opportunity

Onshore modular process plant expertise now in-house through Kentz Global Oil and Gas

Proven delivery model for logistically challenging and extreme locations

Project differentiators:- In-house engineering, fabrication and construction in all

disciplines- Strong modular process plant experience- Iraq and remote project experience- Brownfield modernisation experience- Strong partnering culture

Accessing IOC and NOC E&P budgets; c.US$70bn capex spend with top three IOC clients

23

Process Technology

Construction

Specialist EPC

Technical SupportServices

Process EPC Prospects

24

D

AlaskaEarly Production Facilities

D

D

IraqOnshore Production Facilities

Papua New GuineaLNG Facility

D

CanadaOil Sands

OmanGas treatment facility

D

UAEProduced water treatment

D

Process EPC ProspectsCountries where Kentz has worked

Onshore Modular Production Facilities Non-process Infrastructure

Turnkey Utilities and Offsite Facilities Turnkey Port Facilities

Small Capital Project Solutions Controls and Automation

Telecommunications Systems Power Projects and Services

Competition local and regional

Competitive Landscape

25

Outlook and Opportunities• EPC Business Unit positions Kentz for early entry to projects

• Australasia seeing significant growth in both LNG and mining sectors

• Expanding capability and capacity in South Africa with key clients

• Middle East buoyant with growing E&P expenditures

• Steady growth in brownfield upgrade projects in the Middle East

• New Process capability customer-led

26

27

Eoin HurleyChief Operating Officer, Construction

Eoin joined the Kentz Group in 1986 after spending some years working fora Consulting Engineering firm in Ireland. Eoin’s career in Engineering andConstruction spans 25 years. During this time, he has worked in Europe,the Middle East and predominately in Sub-Saharan Africa across manyindustry sectors. He spent much of his time in the field and worked inOperational and General Management roles, more recently, he held theposition of Managing Director of the Southern African Region based inJohannesburg Eoin was appointed Group Chief Operating Officer forConstruction in 2008.

Construction• Peak activity in the latter part of the project lifecycle

• Recent project values range from US$30m to US$300m

• Re-measurable work on unit rates, managing productivity and client deliverables is key to attaining margins

• Workforce c.6,500 people

• Successful where barriers to entry high; large complex plant facilities, remotelocations and technologically challenging

28

29Pluto LNG, AustraliaRio Tinto Wet Plant, Madagascar

OGD III, Abu DhabiMedupi Power Station, South Africa

Financial Breakdown

30

169.1 147.4

279.2

345.3

2006 2007 2008 2009

Revenue ($m)

580.5

1208.0 1141.0

Backlog (end July) Current prospects Strategic prospects

Visibility ($m)

Construction

Site wide Construction SolutionsStructural, Mechanical and Piping

Electrical and Instrumentation

Structural, mechanical and

piping 27%

Electrical and instrumentation

73%

Construction Revenue by Service H1 2010

23.3%

14.5%12.9%

7.5% 7.2%

34.7%

Other

Turnover by client ($m)

* Full year 2009 Revenue

Clients

31

0

50

100

150

200

250

300

IOC NOC EPC/M Other

Turnover by client type ($m)*

Construction

Group

MozambiqueMoatize Coal ProjectSMEIP

Construction Global Footprint

32Construction current operations 15 countriesCountries where Kentz has worked

South AfricaMedupi Power StationStructural, mechanical, piping

AustraliaPluto LNGElectrical & instrumentation

Middle EastPearl GTL, QatarElectrical & instrumentation

North AmericaKearl Oil Sands, CanadaElectrical & instrumentation

Dominican RepublicBarrick GoldElectrical & instrumentation

Differentiation for Kentz• Focus on higher value services for blue chip resource clients

• Excellent track record in safety; 13m man hours accumulated on the Shell project without any loss time injuries

• Extensive in-house developed construction management systems. Kentz owned plant and equipment

• Self-perform work, managing own risk to achieve goals and maximise opportunities

• Quality of people and retention

33

2% 4%

94%

EngineersManagersSkilled and Unskilled

Construction workforce breakdown (6,500)

Demand for Kentz Construction Services

34

Construction

Site wide Construction SolutionsStructural, Mechanical and Piping

Electrical and Instrumentation

E&I only focus as clear differentiator

e.g. Australia,Canada

Stronger competitione.g. Middle East

Full discipline service SMEIP

e.g. Sakhalin, Madagascar

Bar

riers

to e

ntry

Market maturity

Competitive LandscapeSouthern Africa

Middle East

Australia

35

Strategic Outlook • Capitalise on Kentz global spread; current construction operations in 17

countries

• Leverage sector diversification; new large scale investments in metals and mining in Australia, Southern Africa and Canada

• Focus on remote areas where we can bring in Skills Enhancement Training programmes and leverage our large multi-discipline construction capability

• Develop structural, mechanical and piping capabilities in areas where we have an electrical and instrumentation footprint

• Continuous development of safety processes

• Potential to develop pre-bid agreements with larger EPCM/PMC companies

36

37

Michael MurphyChief Operating Officer, Technical Support Services

Mike Murphy joined Kentz in 1987 and has worked in Project Managementand Business Development capacities on major projects across Benelux,Southern Africa and the Middle East. Mike headed up Kentz’s operations inThailand between 1992-1994 before establishing Kentz China in 1995. Thiswas followed by a period in Ireland and Puerto Rico running processcontrols and automation projects for the pharmaceuticals industry, then asGeneral Manager of the Caribbean. In 2005 Mike moved to Russia workingclosely with ExxonMobil in Sakhalin, which culminated in him heading theArctic Region for Kentz. Mike was appointed to his current role as COO ofthe Technical Support Services Global Business Unit in June 2009.

Technical Support Services• Contracts across the project lifecycle

• Recent project values range from US$5m to US$100m

• Higher margin, reimbursable

• Workforce c.1,600 people

• Responsive, solution driven

38

39Odoptu OPF, Far East RussiaEngen Clean Fuels, South Africa

Ras Laffan Olefins Complex, QatarSouth Hook LNG Terminal, Wales

26%

26%

27%

21%

TSS Revenue by Service H1 2010

Completions and commissioning

Financials

40

55.9

133.5

179.7 190.3

2006 2007 2008 2009

Revenue ($m)

149.4

305.0

426.5

Backlog (end July) Current prospects Strategic prospects

Visibility ($m)

Technical SupportServices

Pre-EPC award (FEED)Integrated Project Management

Arctic Construction ServicesCompletions and Commissioning

Maintenance and TurnaroundOffshore Services

Arctic construction services

Maintenance and turnaround

Integrated projectmanagement

23%

10% 8% 8% 7%

44%

Other

Turnover by client (%)*

0

50

100

150

200

250

300

IOC NOC EPC/M Other

Turnover by client type ($m)*

TSS

Group

* Full year 2009 Revenue

Clients

41

TSS current operations 19 countries

TSS Global Footprint

42Countries where Kentz has worked

Papua New GuineaPNG LNGProject management services

Far East RussiaSakhalin IArctic construction services

African RegionMadagascarCompletions & commissioning

Middle EastKuwait Oil CompanyIntegrated project support

North AmericaSyncrude CanadaCompletions & commissioning

Southern AfricaSasol, Petro SA & PetronasMaintenance & turnaround

Far East RussiaChayvoMaintenance & turnaround

Our People• High technical competency of core people

• Fluidity of workforce, client has flexibility

• Track record in remote locations

• Logistical solutions; movement, visas etc.

• People becoming easier to find

43

9%

8%

41%

41%

Engineers

Managers

Specialist Technicians

Skilled and Unskilled

TSS workforce breakdown (1,600)

The ‘Robinsons Barley’ effect

It's not your Wadi, it's MiWadi

Leveraging Business Solutions

a drop of

44

Across the Project Lifecycle

45

• Ideal entry for new locations, low risk

• Executing on the ground with client teams, build relationships

• Natural growth of contracts, early undefined scopes will create opportunities

• In the news flow and well-positioned for other additional contracts

Year one Year two Year three Year four Year five Year six Year seven SPECIALIST EPC

CONSTRUCTION

TECHNICAL SUPPORT SERVICES

Pre-FEED FEED

Government approvals

FID

Detailed Engineering Design and Procurement

Early works Construction

Pre Commissioningand Commissioning

Maintenance Start up

FEED: Front End Engineering Design FID: Final Investment Decision

Asset Enhancement Services• New strategic initiative

• Increasing number of contracts in completions and commissioning leading to asset enhancement opportunities

– Brownfield asset engineering services – Maintenance and turnaround– Operations support

• Longer term contracts, visibility of earnings

• TSS culture of sales, pricing contracts

46

Development of Integrated Project Mgmt

47

• Initial integration of Kentz into Client’s team

• Involvement in IPR to identify key challenges and strategies

• Involvement in CER to focus on specific systems

• Support execution plan with previous lessons learnt, IPR and CER

• Expand Kentz integrated team into Client’s team

Step-5 Staffing and Execute the Project

Step-4 Develop Execution Plan

Step-3 Execute Cold Eyes Review (CER)

Step-2 Execute Independent Project Review (IPR)

Step-1 Assign "Integrated A team“

ExxonMobil Case Study

48

ChayvoDekastri

Yuzhno YPO Olympia

Odoptu FSP Adriatic LNGSouth Hook

Cepu

Golden PassChayvo

Shutdown

2005 2006 2007 2008 2009 2010

SIGNEDGLOBAL

SERVICES AGREEMENT

0

100

2005 2006 2007 2008 2009 2010

TSS Revenue with ExxonMobil ($m)

IOC Services Agreements

49

Sakhalin, Phase 2 Lunskoye OPF Construction Services 2005Sakhalin, Phase 1 Lunskoye OPF Commissioning management and execution 2006Sakhalin, Phase 1, Karsakov LNG Completions and commissioning 2007Pearl GTL, Qatar Completions and commissioning 2008Sakhalin, Phase 1 Signing of Sakhalin services agreement 2009

Refining West Shut down and turnaround service agreement 2002Refining West Shut down and turnaround service agreement 2003Refining 5 year shutdown contract signed 2004Synthol Middle Train shutdown contract signed 2004Carbo-Tar shutdown services agreement signed 2005Phenolsolvents and CTF shutdown contract signed 2006FCC shutdown services agreement signed 2008PP2 shutdown agreement signed 2010

Maintenance and turnaround Arctic construction services

Completions and commissioning Integrated project management

Competitive Landscape

50

Outlook and Opportunities

• Expand full TSS service offering into existing client relationship base

– Integrated project management– Arctic construction – Completions and commissioning– Maintenance and turnaround

• Add new TSS offering in full asset enhancement services in production expenditure

51

Asset Enhancement

Brownfield engineering

services

Maintenance & turnaround

services

Operations support services

52

Adrian GriffinGroup Commercial Contract

& Risk Officer

* Executive Directors

Kentz Board and Senior Executives

53

Non-Executive Directors David Beldotti, Razali Abdul Rahman (Chairman), Hans Kraus, Hassan Abas, Brendan Lyons

Chief Executive OfficerHugh O’Donnell*

Group Project

Services Officer

Eamonn O’Hanlon

COO Construction Business Unit

Eoin Hurley

COO Technical Support Services

Business Unit

Mike Murphy

Group CommercialContract,

& Risk OfficerAdrian Griffin

COO Specialist EPC Business

Unit

James Moore

Group Development

Officer

Rory O’Donnell

Chief Financial OfficerEd Power*B

oard

of D

irect

ors

Man

agem

ent E

xecu

tive

Com

mitt

ee

Kentz Project Control Tools

54

Project Cost Management System (PMCS)

• Project set up• Accounts payable• Accounts receivable• Change management system

• Committed costs• Payments• Forecasting• Project overview

Document Management System (DMS)

• General set up• Kentz document control• Client document control• Vendor document control

• Correspondence management• Workflow• Timesheets

Construction & Completions Management System (CCMS)

• Material Catalogue (MatCat)• Material Management System (MMS)• Procurement Management System (PMS)• Warehouse Management System (WMS)

• Cable & Drum Tracking• Other Tracking Modules;• Commissioning• Reporting

Procurement & Materials ManagementSystem (PMMS)

Risk Management Overview

55

Board of Directors

Project Control Tools

Development Group Operational GBUs

Management Executive Committee

Risk Review Committee

IMS\RM Procedures IMS\RM Procedures

Action plansTender action

Pricing strategyQualifications

Action plansTender action

Pricing strategyQualifications

Action plansMitigationInsuranceControls

Action plansMitigationInsuranceControls

Action plansMitigationInsuranceControls

Risk Register 00

Risk Register 01

Risk Register 02

Risk Register 03

Risk Register 04

Action plansMitigationInsuranceControls

Risk Register 04

Development Tender preparation Engineering Procurement Construction Commissioning

& handover

Award

Award

Award

IMS: Integrated Management Systems RM: Risk Management

WORKFLOW

ConclusionsPre Award

• Early engagement of Risk Committee with pipeline opportunities

• Engender risk awareness culture

• Negotiate optimal contracting terms upfront

• Focus on key clients

Post Award

• Effective use of Project Control Tools

• Execution in line with IMS & Best Practise

• Continuous risk review

• Major projects reviewed by Management Executive and Risk Review Committees

56

57

Conclusion and Outlook

58

Conclusion and Outlook

• Significant growth achieved in backlog and pipeline

• Strategic opportunities developed with greater focus on IOCs

• Further organic development initiatives– Continued growth in EPC footprint– Construction opportunities in both mature and remote locations– TSS growth opportunities in asset management services

• Entry into upstream oil and gas sector achieved through Kentz Global

• Significant opportunities in Iraq and Australia across all business lines

• Organisational capacity in place

59

Questions and Answers

Legal Disclaimer

60

The information contained in this document has not been independently verified and no representation or warranty, express or implied, is made as to, and no relianceshould be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Except in the case of fraud, none of theCompany, shareholders or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any losshowsoever arising from any use of this document or its contents or otherwise arising in connection with the Presentation. Unless otherwise stated, all financialinformation contained herein is stated in accordance with international financial reporting standards.

This document does not constitute a prospectus or admission document and does not constitute an offer or invitation or recommendation to purchase or subscribe forany investments and neither it nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment or investment decisionwhatsoever. The information contained in this document is in draft form, is subject to updating and amending and may refer to events which have not yet taken place butwhich are expected to occur in due course.

Forward looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities willcontinue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, futureevents or otherwise. Undue reliance should not be placed on forward looking statements, which speak only as of the date of this document. The forward-lookinginformation contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect, and accordingly, actual results may vary. Inany event, the value of investments can go up as well as down and past performance is not a guide to future returns.

Recipients of the information contained in the Presentation are requested to afford an appropriate level of confidentiality to the content.