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TRANSCRIPT
TotalBrain – Confidential Document
October 2017
The Science of Wellbeing
Brain Resource Limited (ASX:BRC)
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• Problem: mental disorder epidemic and employee wellness deficiency is costing $210B to US employers and insurers
• Clients: 28 blue-chip clients - 3-yr license at $0.40/employee and 95% retention rate. Boeing Vendor of the Year 2016
• Employee Engagement: 51% of all employees complete Brain Assessment, 55% of those take on personalized Practice
• Client Results: medical claims 25%↓,absenteeism 50%↓, productivity 28%↑ (for 20% most at-risk population)
• Issue? BRC has been unable to scale (17 staff) and generate positive cash flow
• Plan: New management with deep SaaS expertise (TPG, Audible/AMZN, Monster) to reset the balance sheet, recapitalize (at no salary) and:
1. Improve and scale product/pricing/brand/platforms (Y1)
i. MyBrainSolutions (MBS) online product sold by BRC to be upgraded and rebranded as Total Brain
2. Accelerate revenue and become profitable (Y1+) by prioritizing low-hanging fruit with existing partners:
i. Activating Kaiser Permanente’s 20K business clients (11M people), who can use pre-paid credits to pay for MBS. TotalBrain meets its 3-year revenue target by converting 6% of KP’s clients
ii. Expanding AARP partnership to include TotalBrain into their basic subscription (40M members)
iii. Integrating into Cerner, DoD’s future EMR (also BRC client) as its 1st and only Mental Health Assessment
Executive SummaryBrain Resource Ltd (BRC) spent over $40M in neuroscientific R&D over a 16-year period to build
1st Digital Holistic Brain Assessment + Largest Standardized Neuroscientific Database in the world Raising $10M to evolve into the world’s 1st Brain Optimization Platform to be called TotalBrain
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Global Problem 4
Solution and Assets 5
Competitive Landscape 9
Business Model 10
Team 13
Investment Highlights 15
Appendix 1: Product Evolution, Roadmap, Risks 19
Appendix 2: Client Outcomes - Case Studies 23
Appendix 3: 16-year Scientific Journey 26
Table of Contents
User Experience 6
Go to Market 11
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We use our BRAIN to think, feel and regulate our very presence, every moment of our lives Valuable
Yet, we cannot assess, understand or optimize our brains, at an individual or group level Neglected
Related Stats:
20% of employees are affected by mental disorders(1) like Stress, Anxiety, and Depression which alone, costs $44B in healthcare, absenteeism, disengagement, productivity loss(2)
< 5% use Employee Assistance Programs (EAP)(3) 45% of disorders go untreated(4)
76% are disengaged from corporate wellness programs(5) that impact Mind and Body
Mental Health and Wellness cost $210B/year(6) in the US alone
1) National Institute of Mental Health, http://www.nimh.nih.gov/health/statistics/prevalence/any-mental-illness-ami-among-adults.shtml2) U.S. Centers for Disease Control & Prevention, https://www.cdc.gov/workplacehealthpromotion/health-strategies/depression/evaluation-measures/index.html3) National Business Group on Health, http://blog.businessgrouphealth.org/blog/eap-effectiveness/4) Gallup Research, http://www.gallup.com/businessjournal/168995/why-workplace-wellness-program-isn-working.aspx5) Mental Illness Policy Org., https://mentalillnesspolicy.org/consequences/percentage-mentally-ill-untreated.html6) HealthAffairs (May 2016), http://content.healthaffairs.org/content/early/2016/05/13/hlthaff.2015.1659.full.pdf+html; IBISWorld, https://www.ibisworld.com/industry/corporate-wellness-services.html (Calculated)
Global Problem
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Solution and Assets
ASSESS: Digital Holistic Brain Assessment (Intellect + Emotion + Feeling + Self-regulation) < 20 mins 5,000 norms validated with 386K assessments. 10 peer-reviewed publications.
Powered by $40M and 16 years of Neuroscience: our Assets
BENCHMARK/RISK: World’s Largest Standardized Neuroscientific Database (1M+ data sets) 200 brain studies at Stanford, NYU, MIT, Harvard, Oxford, Cambridge, etc. 300 peer-reviewed publications and 22 clinical trials (platform licensing)
Assess
Benchmark & Evaluate Risk
Get Personalized Digital Training
Habituate to Digital Training
• Brain Training (already developed in-house)
• Mind-Body Techniques (partner platform)
Step 1 Step 2
Step 3
REPEAT
1st Brain Optimization Platform
HABITUATE: Artificial Intelligence and Machine Learning constantly adapts to assessment and usage data
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Assess the Brain15 min. of Test/Puzzles
Predict Potential Risks7 Common Disorders
Benchmark the Brainvs. Multiple Groups of Your Choice
Prescribe PracticeBased on Strengths/Weaknesses
Check-up from the Neck up: 1st solution ever to quantify, benchmark and track the holistic brain and prescribe drug-free proven practices – ANONYMOUS
Your Thinking style is Novelty Engaged. This means you may be suited to working with others. Situations that rely on concentrating over long hours are probably not for you. Combined with your Nonconscious Intuition, Stress Mastery and Positive Orientation, you have the capacity to facilitate strong networks, and to keep them motivated. You are likely to be at your best working and learning in a team environment where connecting others is needed to get the job done.
User Experience - Assessment
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Make Practice a Habit with Calendar Integration / Alerts
Program Personalized & Dynamic Practice Sessions
Supply Practices withComplete tutorials
Supply Practices ThroughAudio-video Content
User Experience - Practice
Habit Creation Engine: 1st solution ever to deliver custom step-by-step practice based on availabilities and past behaviors
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Assessment Utilization
Practice Utilization
1103Practice Started
1002Practice
Completed
205Active
Sessions
Sessions per User Completion Rate Of Active Users
5.2 99% 98%
Corporate Dashboard Providing Unique, Aggregate Employee Brain and Mental Health Insights
Engagement KPIs
For all clients to-date:
51% of addressable employees take Assessment
55% of those take the Practice
Benefits - Case Studies*
Medical claims: -25%
Absenteeism: -50%
Productivity: +28%
* For 15% lowest-scoring employees
using v.1 Brain Trainings only
“Corporate / Group
Total Brain Tracking” for
management insights
(anonymized)
Unprecedented scale
for screening / referrals
of 7 most common
disorders (anonymized)
– ~ 80% accuracy rate
User Experience – B2B View
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$75M raised / $320M Valuation / Spectrum Equity
1. Public Markets Exposure to
Rapidly-growing Segment of US
Tech: Mental Health & Wellness
equity funding of $625M in 234
deals since 2013 (1)
2. Data + Full Integration:
Neuroscientific-Holistic-Digital
Brain Assessment + Mind-Body
Practice Optimization
3. Practice-Agnostic:
Practice can be fully-customized.
Can include a wide variety of
practice partners (Yoga, Tai Chi,
etc.)
4. Broad Userbase and
Monetization:
Individuals, insurers,
corporations and brands
Hard Science Foundation
Soft Science Foundation
Broad Product-Market FitB2B AND B2C
Narrow Product-Market FitB2B OR B2C
OUR DIFFERENTIATORSCompetitive Landscape
Note: Fundraising data sourced from Pitchbook and AngelList1) CB Insights, Mental Health & Wellness Tech, August 2017
$12M raised / Lerer Hippeau Ventures
$71M raised / $265M Valuation / Discovery
Communications
$47M raised / $150M Valuation / Google
Ventures
$14M raised / $20M Valuation / Safeguard
Scientifics
$26M raised / $72M Valuation / TT Capital
Partners
$15M raised / Angels
$11M raised / LFE Capital
$2M raised / $5M Valuation / DFJ
$30.5M PF Market Cap
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Assessment Module Practice Module
For Individuals: ALWAYS FREE (employer, insurer, 3rd party brand pays)
For Paying Employers or Brands: 3-yr Tiered License: $30 - $50 per person / year
For Paying Insurers and Integrated Health Systems: Tiered License: $3 - $5 per member / year Pay-for-Performance option available
For Individuals: FREE IF SPONSORED by Employer or Brand $0.50 / session* if not
For Paying Employers or Brands: Tiered License: $0.25 - $0.40 / session
For Paying Insurers and Integrated Health Systems: $0.05 / session
* A session is defined by 2-4 exercises completed in the same day (billed monthly)
Business Model
SaaS business that delivers significant compound annual revenue growth
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Corporations
Integrated Healthcare
Systems and Insurers
Benefits Consultants
Employees or Members
#1
High Network
Effect
Channel Partners Direct and Viral User Acquisition
#2 Employees can share the app for FREE. Assessment is always FREE for Individuals. Habituation is what
may be paid if not sponsored.
Friends and Family
Go to Market – Model
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7 Operational Channel Partners196M lives covered vs. 31K Monthly Active Users
Only 1 Account Manager currentlyMORE RESOURCE NEEDED
28 Existing Customers95% Retention Rate – 3yr license
Only 1 Salesperson + 1 Marketing currentlyMORE RESOURCE NEEDED
B2B (people reach)
B2C (people reach)
(46M)
(26M)
(13M)
(11M)
(5M)
(50M)
(40M)
Kaiser Permanente’s 20K clients employing 11M people can use
pre-paid credits to pay
Vendor of the Year 2016
EMR integration for DoD and VA –negotiations underway
270k accounts out of 40M addressableRequires activation-product attention
No marketing yet. Partner is very engaged.
8-year old account, big advocateBrought in Boeing
Go to Market – Results
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Team – Digital Business Talent (New)
Louis Gagnon, CEO
TPG (Ride) , Amazon, YodleHEC-Montreal, MSc in Marketing; Laval Univ., BBA
Matt Mund, Product & Marketing
Monster Worldwide, IBMNYU, MBA; Rutgers University, BS
Johann Berlin, Content Partner
TLEX Institute, Business Insider, HBRMaharishi University of Management, BA
Afsaneh Naimollah, BoD Candidate
XEN Partners, Marlin, Chela, Barclays CapitalNorthwestern, MS; Wisconsin, MBA; Milton, BA
Tim Yates, BoD Candidate
Monster, Symbol Technologies, Bankers TrustHarvard, MBA; Yale, BA
Marcel Legrand, Sales & Corp. Dev.
Vertical Knowledge, Blackfin Capital, MonsterColumbia, MS; Baruch, MBA; Hofstra, BA
Emil Vasilev, Finance & Operations
Ride, Corsair Capital, Barclays CapitalAmherst College, BA
Tom Aley, BoD Candidate
Position A, Reach Analytics, Reed Elsevier Ventures Northeastern, MBA; New Hampshire, BA
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Evian Gordon, MD, PhD, Chairman
Founder Brain Resource CompanyUniversity of Witwatersrand,
PhD, MBBCH, BSc Honors, BSc
Donna Palmer, PhD, CSO
Chief Science Officer Brain Resource CompanyPhD, University of Sydney
Steve Koslow, PhD, Board Member
Inaugural Director of the Human Brain Project at National Institute of Mental Health90 publications and 20 book chapters
University of Chicago, PhD; Columbia, BS
John Rush, MD, Advisor – iSPOT (Depression Publications)
Internationally-acclaimed depression psychiatrist One of the “World’s Most Influential Scientific Minds”
according to Thomson ReutersColumbia, MD; Princeton, BS
Glen Elliott, PhD, MD, Advisor – iSPOT (ADHD)
Child and adolescent psychiatrist at Stanford Principal Investigator in the largest study in
improving the diagnosis and treatment of ADHDStanford, PhD, MD; Michigan State, BS
David Whitehouse, Advisor – Mental Health
25 years of C-level experience in health care Former Chief Marketing and Medical Officer for Optum Health (part of United Insurance)
Harvard, ThD; UConn, MBA
Barbara Van Dahlen, PhD, Advisor – Mental Health
Founder/President of Give an HourTIME’s Magazine 100 Most Influential People in the World
PhD University of Maryland
Heidi Hanna, PhD, Advisor
Executive Director, American Institute of StressFeatured in Fortune
“Most Powerful Women in Business Summit”Clayton College, PhD; Penn State, BA
Team – Scientific/Advocacy Talent
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Investment Highlights
High-level Financial Information
Resetting balance sheet: Zero Debt (Pro Forma) with conversion of debt to equity
Raising $10M at a discount to current share price. Driving growth towards profitability.
Investment corner stoned by US investors including management and US tech execs
Publicly listed on ASX: BRC with FY-17 revenue $1.8M (primarily US-based)
Focus on low-hanging fruits
i. Activating Kaiser Permanente’s 20K business clients (11M people), who can use pre-paid credits to pay for current product. TotalBrain meets 3-year revenue target by converting 6% of KP’s clients
ii. Expanding AARP partnership to include TotalBrain into their basic subscription (40M members)
iii. Negotiating with Cerner, DoD’s future EMR as its 1st and only Mental Health Assessment
Execution-driven Opportunity Scientific and business assets have been under-exploited
New team intends to broaden value proposition, re-deploy product and activate / penetrate existing channels and customers
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Use of Proceeds
Category of Spending% of TotalProceeds
Use of Proceeds
Full-Time Employees by Business Function
% of Spend
Use of Proceeds
Year 1 Year 2 Year 3Total COGS 10% $1.0M
General & Administrative 16% $1.6M Current Team 24% $2.4M 17 17 17
Full-Time Employees 69% $6.9M New Dev./Engineering 15% $1.5M 10 15 20
Other SG&A (iSpot, etc.) 6% $0.6M New Management 15% $1.5M 4 4 4
Total 100% $10.0M New Sales 7% $0.7M 3 9 19
$3.1M to develop new product (estimated 8 months)
Costs: new development, product/UX, data science hires, allocation of overhead and management time (1)
$6.9M to monetize new product at scale
Costs: new sales, account management & marketing hires, allocation of overhead and management time (1)
New Product/UX 6% $0.6M 5 9 10
New Data Science 2% $0.2M 2 3 4
New Marketing 1% $0.1M 1 3 3
Total: 100% $6.9M 42 60 77
Note: Use of Proceeds analysis assumes a $10M capital raise that allows a runway of 14 months, conservatively excluding the positive impact of new product revenues any incremental growth in current business (1) For illustrative purposes, allocation of overhead costs, as well as time of management and current team at 50% for products development and scaling. Allocation of COGS at 100% to new product scaling. 16
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Notes: • The Recapitalisation including Placement will be subject to an EGM at which all resolutions relating to the recapitalisation will need to be passed
Indicative Transaction Timetable & PF Cap Table
Indicative Timetable
Roadshow 9-17 October
Books Close 24 October
Dispatch Allocation Confirmation: 24 October
Acceptance Due Back 24 October
EGM December (TBC)
Settlement & Allotment, Quotation EGM +3
Pro Forma for Recapitalisation Shares % Ownership
% Fully
Diluted
Och-Ziff (incl. Converted Bonds) 202,755,847 39.8% 26.4%
Institutional Holders 35,596,659 7.0% 4.6%
Other Holders 100,717,698 19.8% 13.1%
Board 3,070,000 0.6% 0.4%
Capital Raising 166,889,186 32.8% 21.7%
Shares Issued 509,029,390 100.0% 66.3%
Attaching Options (8c/1 Year) 55,629,729 7.2%
Och Ziff Options (10c/ 5 Years) 50,000,000 6.5%
ESOP (Subject to performance) 153,664,780 20.0%
Shares and Options (Fully Diluted) 768,323,898 100.0%
• The Recapitalisation, subject to shareholder approval,involves converting all outstanding convertible instrumentsto equity at 8c and a Placement to Sophisticated Investorsat 6c
• Pro forma debt: Zero
• Pro Forma Market Capitalisation at Issue Price: $30.5M
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Key Short Term Goals Status
Corporate
Appoint new CEO, COO, CRO, Dir Tech and 1 Advisor Completed
Build out new vision and business plan Completed
Merge new business plan with on-going business Completed
Appoint 3 additional Directors Q3-17
Restructure convertible debt Completed
Raise capital to execute new vision/business plan On-going
Sales
Rebuild sales processes and forecasting Completed
Rebuild account and channel management strategy Completed
Complete integrated bid with Cerner for DoD and VA EMR Completed
Activate AARP and sign 3 major accounts by EoY On-going
Systematically support Kaiser Permanente’s sales efforts Q4-17
Product/tech
Build scalable cloud-based software infrastructure Q4-17
Establish synchronized Product and GTM roadmaps Q3-17
Launch new brand with new sales materials Q4-17
Launch new product with disorder screening/new UX/Mind-Body practices Q2-18
Key Short-Term Goals
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Appendix 1: Product Evolution, Roadmap, Risks
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From MyBrainSolutions (current) to TotalBrain (upgraded)
MyBrainSolutions TotalBrain*
Holistic Digital Test (20 mins)
Rules-Based Practice Prescription
Predict Risk for 7 Mental Disorders
Assess and Benchmark the Brain + Predict Disorder Risks
Dynamic Practice Prescription
Process-Specific Assessments (2 - 4 mins)
Automated Referral for At-Risk Users1
Prescribe a Personalized Practice2
ASSESSMENT
Supply and Program Practices(Brain Training,)
1
Help Make Practice a Habit2
PRACTICE
Digital Mind-Body Practices (TLEX)
(Restorative Techniques, Knowledge, Self Inquiry)
Ai-Driven Habituation Platform
29 Digital Brain Trainings
Simple Gamification (Brain Points)
* New Brand/Features conditional to investment. To be launched throughout Q4-17 and 2018
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2019+2H 20181H 20182Q 2017 3Q 2017 4Q 2017
Global GTM PlaybookPartner Platform
Marketplace Platform
Self-sign-on / PaymentViral Components Globalization
Custom PracticesCorp. Brain Recommendations
Brand Sponsorship Globalization
Opportunity Evaluation: Edu, Gvt, Military, HR
Assessment & Practice Prescription
Practice Habituation & Optimization
Go - To - Market
Targeted Assessment Partner Admin tools
Lifecycle Management
TLEX Mind-Body Practices Ai Habituation UX
B2B dashboard
29 Brain Training Exercises RefreshMBS Mobile 2.0
Roadmap
MBS Mobile 2.0
Market approach is based on a Q3 2017 $10M (US) ivestment
New Dynamic Assessment UXNew Prescription Engine
Disorder Risk Flagging Automation
1+n Assessment Automation
v1 to v2 productExisting Channels Strategy
v2 productKP + AARP Channel FocusLarge Insurer Client Focus
v3 Product/New PriceSales/Channels Expansion Large Insurer Penetration
v4 Product/New PriceChannel Expansion (Viral)Inside Sales / eCommerce
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Key Risks
Low adoption of Practice Habituation (low monthly revenue)
Mitigant: Engagement with brain training through the current product is 28%. Consumers pay 2-3x more for Headspace, a meditation supermarket that has no habituation/knowledge components
Longer than expected product development cycle
Mitigant: Modelled revenue uplift within eight months of new funding
Longer than expected sales cycle and inactivity with channel partners / B2B2C clients
Mitigant: Plan to increase Sales/Account Management to 20 FTEs over 3 years. Model largely driven by increased penetration of existing channel partner accounts
Practice Content Partnership with TLEX
Mitigant: Close alignment with TLEX from the get-go. Exclusivity agreement on content. Alternative partner identification
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Appendix 2: Client Outcomes - Case Studies
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AfterBefore
Nu
mb
er
of
clai
ms
* p = 0.002 (1)
2.32
1.74
0
1
2
3
4
Our client witnessed a 25% reduction in the total number of pharmaceutical medical claims by a group of employees with low resilience who engaged with our product. Annual savings are estimated at $568 per active user
Large Healthcare Client Case Study:Published Employer Medical Claims Cost Savings and ROI Study
(1) Highly significant result (p<=0.01 means that there is a 1 in 100 chance this outcome would occur by chance alone)(2) MyBrainSolutions (MBS) is the current online product sold by BRC. It will be upgraded and rebranded to Total Brain
Medical Claims
Magnitude of Change 0.58 (-25%)
Sample Size (N) 208 (24% of total population)
Statistical Significance (1) p<0.01
• Employees with low resilience are defined as having a Resilience Score of less than 3.6 out of 10. For this client, they make up to 24% of total employee population.
• The analysis compared pharmaceutical claims (number of claims and cost), between the 2 months prior to registering for MBS(2), and the 2 months following MBS registration
• Control group = people who registered and did the assessment, but did not go on to use brain training exercises
• “Brain training” group = people who registered, completed the assessment and used the brain training exercises
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2.2%
6.2%
*
16.3%
***
10.4%
***
7.9%
*
22%
***
4.9%
*
16.4%
***
71.9%
***
29%
***
31.9%
*** 47.6%
***
17.6%
*** 22%
***
Thinking Emotion
Feeling Self Regulation
0
25
50
75
100
0
25
50
75
100
ProcessingSpeed
SustainedAttention
Flexibility Inhibition WorkingMemory
ExecutiveFunction
IdentifyingEmotions
EmotionBias
StressLevel
AnxietyLevel
DepressionMoodLevel
Positivity−NegativityBias
Resilience SocialCapacity
Perc
entile
Baseline Follow Up
Thinking Emotion Feeling Self Regulation
Large Healthcare Client Case Study:Improvements in Brain Health for Highly-stressed Employees
* = Significant at alpha = 0.05; ** = Significant at alpha = 0.01; *** = Significant at alpha = .0001; p=.01 means that there is a 1 in 100 chance this outcome would occur by chance alone
Looking at the bottom 16th percentile of its 4,128 employee population, our client saw the most significant percentile score improvements in FEELING markers: stress (+72%), depression mood (+32%) and anxiety (+29%)
Percentile Key
Clinical Borderline Average Superior
0-4% 4-16% 16-84% 84-100%
• Other positive impact:
• Cognition: Executive function (+22%), flexibility (+16%)
• Self-regulation: Negativity Bias (+48%), Social Capacity (+22%)
• Analysis compared employees who only took assessment with others who also exercised their brain for an average of 2 hours
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Appendix 3: 16-year Scientific Journey
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Story Behind Two Unique Neuroscientific Assets
Dr. Evian Gordon, PhD, MD led the world's top neuroscientists over a two-year period in standardizing how to define and measure core brain functions.
Standard: 4 Core Processes (Thinking + Emotion + Feeling + Self-regulation) can be measured by 17 markers.
Example: Thinking is measured by Memory (recall, working), Attention (sustained, controlled) and Executive Function.
Asset Created: Digitized the most valid “pen and paper” tests for each brain marker. 5,000 norms were validated over time from more than 386K assessments. A unique asset was created with no market equivalent. There has been 10 scientific publications on the digital assessment alone.
Digital assessment was part of a suite of standardized data collection tools used by 100s of laboratories and studies. These studies generated new assessments that fed the company’s proprietary standardized database.
Database Inputs:
200 brain studies at Harvard, NYU, MIT, Stanford, Oxford, Cambridge, etc. Subsequently generated 300 publications (licensing)
20 clinical trials of psychiatric drugs (licensing)
2 clinical trials predicting drug effectiveness for Depression and ADHD - FDA approval possible in 2018 (proprietary)
600K+ individual brain assessments / brain trainings through employers and clinics (proprietary)
Data Types:
312K CognitivePerformance
386K Questionnaires
237K Brain Training Results
2K Genomics
54K EEGs
542 Structural and Functional MRIs
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Standardized Digital Holistic Brain Assessment(2000 - 2003)
Standardized Neuroscientific Database(2004 - 2017)
1M standardized data sets: largest in the world and expected to grow 20% in 2017
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This presentation is issued by Brain Resource Limited (ASX: BRC) (“Brain Resource”, “MBS”, “the Company" or “we”) to you, is to be held confidentially by you and may not be shared by you with third parties. This presentation is general background information about the Company’s activities current as at the date of this presentation. The information is given in summary form and does not purport to be complete. This presentation is not an offer to sell, or any sale, of securities. Any offer and sale of securities would be done only pursuant to a written agreement between Brain Resource and its investors.
Brain Resource has made every effort to ensure that the information in this presentation is accurate. However, its accuracy, reliability or completeness cannot be assured. To the maximum extent permitted by law, we and our associates, respective officers, employees and agents, disclaim any liability for any error or omission or for any loss suffered as a result of others acting on the basis of the information contained in this document.
In particular this presentation includes forward looking statements (e.g. phrases with “will” “may”, “would”, “anticipate”, “expect” and other statements about future events, results or outcomes) regarding our belief, intent or expectations with respect to the Company’s businesses, market conditions and/or results of operations, and while our management believes reasonable assumptions have been made, the Company’s actual results may vary in a material and adverse manner, nothing herein is a guarantee of future performance and you are cautioned not to place undue reliance on such statements.
Except to the extent required by law, the Company has no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this presentation.
Any investment in the Company is subject to various risks, including but not limited to, our technology and science not meeting current expectations, intellectual property challenges, competition in the market, insufficient customer acquisition, legal and regulatory limitations in certain jurisdictions, privacy issues, among others.
Information in this presentation, including financial information, should not be considered as legal, financial or tax advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek your own independent financial, legal and tax advice.
Disclaimer
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