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Four-S Logistics Track

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Fortnightly newsletter on Indian Logistics sector

Fortnightly newsletter on Indian Logistics sector

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    Four-S Logistics Track Four-S Logistics Track Document Transcript

    • FOUR-S Consumer 14th Feb‘12 –27th Feb‘12 (Soft) Track LOGISTICS TRACK Fortnightly Update on Indian Logistics Industry News of the week Content Infrastructure Fund Of India Exits Logistics Firm Gati News of the week 1 Infrastructure Fund of India LLC, a private equity fund managed by AMP Capital Investors, exited its investment in logistics services provider Gati Ltd by selling nearly 6% Investment Activity 2 stake through the open market earlier this month. The stake was sold for an amount between ` 170mn and ` 210mn, according to estimates. AMP Capital invested in News Update 3 Gati in 2006, acquiring 12% stake for $15mn or ` 664mn. It also picked up additional stake from the markets in Event Update 4 2009. Loss-making Gati Ships, owns four container vessels, fetching a valuation of close to ` 2bn according to industry analysts. Bernard Schulte, which manages a fleet Global News Update 5 size of more than 650 vessels, operates in 25 countries. … in talks to sell stake in shipping arm to Bernhard Stock Market Updates 7 Schulte Hyderabad-based logistics major Gati is in talks with Peer Benchmarking 8 German ship-management company Bernhard Schulte to sell a strategic stake in its loss-making shipping business to raise cash to tide over the financial crisis. Bernhard About Four-S Services 9 Schulte will acquire significant stake in Gatis demerged shipping business, Gati Ships, helping it to charter container vessels to capitalise on the growing cargo trade emerging out of India. Founded in 1989, Gati has more Four-S India Logistics Report – 2012 Four-S is launching comprehensive report on than 3500 employees covering 622 out of the 626 Logistics Space. The report presents current industrys districts in India. It has over 4,500 vehicles on the road, trends and snapshot of all key segments in Logistics excluding its fleet of refrigerated vehicles, container & Supply Chain Industry along with profiles of shipping vessels and world class warehousing facilities interesting listed and unlisted players in the space. across India. The report is useful for Board members & Senior Management of Logistics companies, PE Fund Managers and other investors. To book your copy, please write to Seema Shukla at seema@four-s.com. Research Desk Four-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • Four-S Logistics TrackInvestment Activity PE Deals in 2011 Amount Date Investor Target Stake (%) Strategy ($ mn) 6-Jan India Equity Partners Foursee Infrastructure Equipments Ltd. NA 10.0 Growth 23-Mar Infrastructure India Holdings Fund LLC Aegis Logistics 6.4 15.1 PIPE 11-Apr Warburg Pincus Continental Warehousing Corporation NA 100.0 Late 22-Apr Fidelity Growth Partners Transpole Logistics NA 13.5 Growth 5-May Mumbai Angels MVS Efarms 25 NA Early 24-Jun IL&FS PE JICS Logistics NA 8.8 Growth 4-Jul Rajasthan VC Fund Leeway Logistics NA 3.3 Early 5-Jul Standard Chartered PE Redington India 10.0 81.1 PIPE 5-Jul ECL Finance Ltd. Redington India 2.0 16.2 PIPE 19-Aug Ascent Capital Karaikal Port NA 30.0 Growth 13-Dec India Equity Partners TNT Express NA NA Buyout Mergers & Acquisitions in 2011 Amount Date Investor Target Stake (%) Business ($ mn) 19-Jan TVS Logistics MESCO (US) 100 NA Logistics Services 16-Feb Infrastructure India Plc Vikram Logistics & Maritime Services 37.39 NA Tranportation 26-Apr Aqua Logistics Ltd Nikkos Logistics 70 NA Logistics Services 29-Apr SBS Holdings Atlas Logistics 80 33.3 Logistics Services 12-Jul Royal Vopak CRL Terminals 100 61.8 Liquid Storage 31-Oct Vikram Logistics ETA Engineering and its sub. Freightstar NA 14.4 Multimodal Logistics 12-Dec IL&FS Transportation Networks Ltd. Chongqing Yuhe Expressway Co Ltd. 49 NA Road Transport Infra 14-Dec Future Supply Chain Solutions Transmart India NA NA Warehousing PE Deals in 2012 Amount Date Investor Target Stake (%) Strategy ($ mn) 6-Jan General Atlantic Foursee Infrastructure Equipments Ltd. NA 20.8 Growth 23-Feb IDFC PE StarAgri Warehousing & Collateral Management NA 30.0 Growth 23-Feb Global Super Angels Chhotu.in (Santa Claus Couriers Pvt Ltd) NA NA Angel Mergers & Acquisitions in 2012 Amount Date Investor Target Stake (%) Business ($ mn) 1-Feb Oil Field Warehousing & Services (OWS) Raamns Shipping & Logistics NA NA Logistics Services Source: Four-S DatabaseAbout Four-S ServicesFour-S Services is Indias leading provider of Research, Financial Consulting and Investment Banking services with offices in Gurgaon, Mumbai andBangalore. We have a proven track record of consistently delivering high quality solutions, enabling our clients to improve the effectiveness of decisionmaking and acting as a catalyst in achieving business success. We have executed more than 120 mandates across diverse range of industries includingEducation, Financial Services, Infrastructure, M&E, IT-ITeS, Auto and Auto ancillaries, Retail, Real Estate and Textile etcOur Services:  Strategy Consulting  Research Support  Business Planning  Valuation Services  Investment Banking  Investor Relations & IPO ConsultingFor further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • Four-S Logistics TrackNews Update Logistics Company Chhotu.in Raises Funding From Global - activities such as development of ports, logistic hubs and Super Angels special economic zones. The third cluster will include its business of power generation and transmission. Santa Claus Couriers which operates the e-commerce logistics company Chhotu.in, has raised an undisclosed amount of TVS Logistics to sell motor factor funding from Global Super Angels. The company intends to use the money raised to expand its operations to more cities TVS Logistics, the parts warehousing and logistics business and hire more people. Started in Jan 2011, Chhotu.in is a owned by the TVS Group of India, has agreed the sale of its Delhi-based online logistics company which provides last mile Globe Transport Products. Globe is a commercial vehicle logistics for various e-commerce companies including manufacturer specialising in truck parts and components and HealthKart, LensKart, Zovi, UrbanTouch, Fashion And You, was launched in 2002 with a single branch in Oswestry. The 99labels.com, Myntra and Healthcar.com. It also provides business was purchased from its management by the other services like reverse logistics, Cash On Delivery and Multipart Group in 2009, and has since expanded with seven offline payment collection. The company claims to be branches located in Oswestry, Crick, Cardiff, Warrington, handling around 800 transactions on a daily basis, with a Birmingham, Sheffield and Avonmouth. Globe is being purchased by TVS Europe’s former chief executive, Chris monthly transaction size ranging from ` 7.5mn to ` 10mn. It Gateley. Gateley led the buyout of Multipart Group, including currently has more than 100 employees on board. Globe, from the Imperial Group and subsequently oversaw its acquisition by TVS in 2010. He stood down from his TVS role AllCargo Logistics begins corporate recast during 2011 and has since then been assisting the organisation with its European development plans. AllCargo Logistics Ltd has set in motion a corporate restructuring move aimed at de-merging its Indian and global Aegis Logistics looks at doubling Pipavav port investment businesses into two separate entities, each getting a true reflection of the business and standing in the market. The de- Aegis Logistics, a gas and liquid fuel logistics concern has plans merger, which may take four to five months to take shape, to increase its proposed investment in Gujarat Pipavav Port. will see the parent company retain its listing in India and the The company had delineated an investment of ` 4 bn in 2010 new entity, which will handle the global less-than-container- load (LCL) operations, get a new listing either in India or which it plans to enhance to ` 10 bn, driven by the growth overseas, but headquartered in India (Mumbai). The company potential in the port. The investment entails setting up of a spread wings globally after it acquired European firm, ECU tankage facility at the port that would span across a period of Line, in 2006, making it the second largest NVOCC (non-vessel 3-4 years. Capital expenditure by Aegis for the year 2013 owning common carrier) in the world. Essentially, the de- would be segregated into ` 650 mn at Haldia and ` 1.25 bn at merger will re-shape the ECU arm into a new entity. This business currently handles a throughput of 3.5mn cubic Pipavav for liquid facilities and another ` 250 mn for LPG metres, with 160 offices sprinkled across 60 countries and one facilities. The second part of the capex would be devoted to transhipment hub in each continent. It has 85 smaller LCL Phase II and III of Pipavav for its LPG facilities. In 2010, Aegis companies that AllCargo acquired over the years. had announced to develop 600,000 kilolitre (kl) oil terminal complex at an investment of ` 4 bn. It had entered into a Adani Group to consolidate under three verticals: resources, sublease deal with the operator of the port, APM Terminals logistics and energy Pipavav, to set up a global oil and petrochemical storage complex across 100 acre of land. This 100 acre storage Gujarat based diversified infrastructure player Adani Group is complex combined with potential of bigger ships calling at consolidating businesses under three verticals as it seeks to Pipavav port due to deeper draft given opportunity to gain a leaner structure to pursue global ambitions better. enhance tankage facility for Aegis. According to Gautam Adani chairman of Adani Group, which has grown to $6 bn size in the last 24 years the company Shipping Ministry Signs MoU with Ennore Port Limited needs to integrate by specifically laying out core areas of focus. The company would be bringing all its businesses under A Memorandum of Understanding (MoU) setting out the three main verticals or clusters: resources, logistics and performance targets for 2012-13 for Ennore Port was signed energy. While under resources, the group will house its coal between the Ministry of Shipping and Ennore Port Limited mining and oil & gas operations; under logistics it will have - (EPL). The MoU for 2012-13 has enhanced physical andResearch Desk financial targets for the company. The Cargo throughputFour-S Services is Indias leading provider of high-end research, financial consulting and has - target Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • Four-S Logistics Track - been set at 16 mn Tonnes and gross sales have been put at ` SITL 2012: Indian ports should be run like corporate entities 2.1bn for Excellent Grade. Having a paid up equity of ` 3bn, A delegation of transport and logistics industry veterans was against the authorized capital of ` 5bn, Ennore Port has been in Mumbai for SITL 2012. It was a three-day interactive consistently a profit making company and has paid a dividend of session-cum-seminar for the aforementioned industry during ` 74.1mn crores to the Government of India and ` 37.1mn to 23rd Feb to 25th Feb. According to European delegates, India has a long coastline and a number of ports, but they will Chennai Port Trust, who are its shareholders, for the year 2010- become a lot busier and be able to match up to international 11. standards only when the port authorities and the Ministry of Shipping start running them like corporate entities and not as Essar Shipping inducts new mini cape vessel mere infrastructure facilities. The semi-privatisation of ports has been taking place in Europe for a couple of decades now. The Ruias-owned Essar Shipping inducted its second mini-cape This is what India could learn from European experience. The vessel, as part of its on-going $1bn ship acquisition programme concerned ministry and the private sector should meet and in the next two years. The new vessel is the second in the series work out the modalities for public-private partnership in the of mini-cape bulk carriers that are being built for the company port sector. According to the knowledge partner KPMG, India at STX Dalian shipyard — the remaining four will join the Essar is an emerging logistics market with current size of $84bn fleet in the next four months. This relatively new category of which is estimated to touch $112bn in 2014. vessels, which is in between a cape size and supramax size ship, can be berthed at ports having relatively shallower drafts of about 13.7 metres, but with a higher cargo carrying capacity. Four Soft bags new deal from Flowerport Logistics Four Soft has announced that it has signed significant deal with Flowerport Logistics, a leading Netherlands based logistics solutions provider. As per the deal, Four Soft would offer its integrated freight forwarding solution, 4S eTrans SME. The contract was executed through Four Soft Netherlands BV, Dordrecht, a subsidiary of Four Soft, India.Global News Update Shipping group Moller-Maersk sees 2011 profit slide, grim Business of Sprint Logistics Acquired by Aperion outlook Management Denmark’s A.P. Moller-Maersk A/S, the world’s largest container Aperion Management, a New York-based middle-market carrier announced that that full-year profits fell 36% due to private equity firm, has acquired the municipal solid waste lower rates, particularly on Asia-Europe routes, and warned the transfer station management and transportation business of outlook was grim. The earnings dropped 36% to 18.1 bn kroner Sprint Logistics for an undisclosed amount. Established in ($3.3bn), despite a 2% rise in revenue to 322 bn kroner, as 1992, Sprint Logistics is a provider of transfer station lower freight rates offset the impact of higher container management and transportation services in the Houston, volumes. A.P. Moller-Maersk’s subsidiary Maersk Line is the Texas market. The company will be rebranded Stella world’s largest container carrier with a fleet of more than 500 Environmental Services. vessels. Roadrunner Transportation Systems acquires Capital Kerry Logistics obtains Spanish joint venture Transportation Logistics Kerry Logistics has completed its acquisition of Kerry Salvat Roadrunner Transportation Systems acquired all of the Logistics S.A., its former Spanish joint venture. The Hong-Kong outstanding capital stock of Capital Transportation Logistics, based 3PL procured the remaining shares of the firm from located in Nashua, N.H. The purchase price of $6.25 mn was partner Salvat Logistica, S.A.. Terms of the deal were not financed with borrowings under Roadrunners credit facility. disclosed. Spain has been a key market for Kerry Logistics since CTL is a non-asset based TMS provider offering primarily 2005. In addition to forwarding significant freight volumes transportation management solutions on less-than-truckload between Spain and Asia, Kerry has provided its Spanish freight, in addition to truckload brokerage and freight customers with the means to sell their goods in Asia.Research DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • Four-S Logistics Track -ght bill audit and payment services. CTL uses a Web-based system that allows clients to optimize carrier selection, dispatch and track shipments, generate invoices, create custom reports, and perform improvement analysis. Both are the US based companies inolved into supply chain management. In 2011, CTL generated net revenues of approximately $6 mn. Panalpina Appoints New CFO And Regional CEO Americas Panalpina announced two key executive hires. Robert Erni (45) is to become the new Chief Financial Officer of the Group. Ferdinand Kurt (59) is to become the new regional CEO for the Americas. Both have an extensive track record in the freight forwarding and logistics industry. Cold chain logistics company CryoPort secures $5m private placement US cold chain logistics company CryoPort has closed a private placement with various investors for $5m.Research DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • Four-S Logistics TrackStock Market Update As on 24th February 2012 Market Cap Price Percentage Change (%) (In ` mn) (In ` ) 1W 1M 3M 6M 12M Container Corporation of India 129,801 998.60 2.2% 11.1% 9.1% 6.6% -8.6% Blue Dart 45,139 1,902.35 7.5% 12.2% 29.3% 17.3% 90.7% Great Eastern Shipping 36,062 236.80 -12.7% 3.3% 9.9% 0.7% -3.4% Shipping Corporation of India 32,792 70.40 -8.6% 18.1% 20.0% -14.7% -29.4% Essar Ports Ltd. 27,008 65.80 -5.9% 2.8% -5.7% -9.6% - Allcargo Logistics 17,905 137.15 -3.6% -0.3% 11.9% -9.4% -3.5% Gateway Distriparks 16,180 149.50 3.3% 15.0% 18.1% 14.4% 30.0% Arshiya International 8,786 149.35 -7.9% 8.2% 2.7% 11.4% -19.2% Mercator Ltd. 6,759 27.60 -11.1% 21.1% 30.2% 10.8% -19.8% Aegis Logistics 5,513 165.05 -2.7% -1.7% 19.5% -10.9% -42.8% Transport Corporation of India 4,941 67.95 -5.5% 3.6% 7.9% -14.5% -28.3% Sical Logistics 3,812 68.55 -1.2% -0.5% -2.5% -4.6% -6.9% Aqua Logistics 3,735 12.45 4.2% -0.4% -12.9% -12.0% -28.0% SEAMEC Ltd. 3,143 92.70 -7.5% -0.3% -0.6% -7.0% -12.2% Gati 3,104 35.85 -10.3% 4.5% 31.6% -37.1% -30.6% Varun Shipping 2,873 19.15 -6.6% 3.8% 16.4% -3.5% -29.7% NSE Nifty - 5,429.30 -2.4% 5.9% 14.2% 11.1% 3.2% BSE Sensex - 17,605.82 2.0% 7.5% 9.4% 4.0% -6.0% ET Logistics Index - 16,729.41 -0.3% 10.6% -1.3% -5.4% -7.8% ET Shipping Index - 7,226.60 -6.3% 1.2% 13.7% 1.3% -3.4% Baltic Dry Index (BDIY:IND) - 718.00 0.1% -11.0% -60.4% -55.2% -42.2% Baltic Dry Index Source: Baltic Exchange Road Freight Index Source: Transport Corporation of IndiaResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • Four-S Logistics TrackResults Update – Last Quarter Ended 31st December 2011 All figures in ` mn Company Revenue EBITDA PAT Margins Q3 FY’12 Q3 FY’11 Q3 FY’12 YoY Q3 FY’11 Q3 FY’12 YoY Q3 FY’11 Q3 FY’12 YoY EBITDA NPM Aegis Logistics 7,314 11,026 51% 223 (687) - 122 (576) - -6% -5% Mercator Lines 7,777 11,001 41% 1,357 1,698 25% 16 234 1406% 15% 2% CONCOR 9,711 10,462 8% 2,807 2,774 -1% 2,285 2,412 6% 27% 23% Shipping Corp. of Ind. 8,889 9,789 10% 1,612 (1,291) -180% 1,231 741 -40% - 8% Allcargo 7,039 8,116 15% 781 1,048 34% 567 559 -1% 13% 7% GE Shipping 6,111 7,643 25% 2,574 2,852 11% 1,175 875 -26% 37% 11% TCI 4,444 4,644 5% 335 360 7% 118 135 14% 8% 3% Blue Dart 3,188 3,935 23% 397 311 -22% 240 224 -7% 8% 6% Arshiya 2,125 2,734 29% 423 702 66% 201 345 71% 26% 13% Essar Ports 8,192 2,719 -67% 2,988 2,145 -28% 276 450 63% 79% 17% Gati 2,252 2,361 5% 216 277 29% 32 53 65% 12% 2% Sical Logistics 1,777 1,802 1% 138 197 43% 24 26 7% 11% 1% Patel Integrated 1,070 1,111 4% 34 35 3% 6 4 -31% 3% 0% Aqua Logistics 1,329 868 -35% 129 61 -52% 76 13 -84% 7% 1% Varun Shipping 2,202 790 -64% 1,007 62 -94% 118 825 598% 8% 104% Shreyas Shipping 486 771 59% 86 42 -51% 45 3 -94% 5% 0% Gateway Distri. 520 563 8% 271 321 19% 230 207 -10% 57% 37% SEAMEC Ltd 247 308 25% (67) (230) - (99) (272) - - -Results Update – Annual Company Revenue EBITDA PAT Margins FY’11 FY10 FY’11 YoY FY10 FY’11 YoY FY10 FY’11 YoY EBITDA NPM CONCOR 37,057 38,266 3% 9,616 10,226 6% 7,867 8,301 6% 27% 22% Shipping Corp. of Ind. 34,631 35,434 2% 4,690 7,098 51% 3,769 5,674 51% 20% 16% Allcargo 26,329 28,613 9% 2,790 2,697 -3% 1,706 1,659 -3% 9% 6% Mercator Lines 18,436 28,069 52% 6,619 6,166 -7% 532 468 -12% 22% 2% GE Shipping 30,415 25,580 -16% 9,107 10,920 20% 5,128 4,732 -8% 43% 18% TCI 15,224 18,527 22% 1,146 1,400 22% 413 501 21% 8% 3% Aegis Logistics 3,057 18,121 493% 726 834 15% 430 471 9% 5% 3% Blue Dart 9,097 11,507 26% 1,065 1,556 46% 612 947 55% 14% 8% Varun Shipping 9,026 8,368 -7% 2,834 3,670 30% 126 147 17% 44% 2% Arshiya 5,259 8,188 56% 891 1,598 79% 594 746 26% 20% 9% Sical Logistics 7,260 7,711 6% 375 (1) - (357) (80) - - - Gati 6,303 7,512 19% 615 859 40% (151) 151 - 11% 2% Essar Ports 10,282 5,170 -50% 3,227 1,384 -57% 900 209 -77% 27% 4% Patel Integrated 3,467 4,268 23% 117 143 23% 46 35 -24% 3% 1% Aqua Logistics 3,220 3,810 18% 324 358 10% 205 224 9% 9% 6% Gateway Distri. 1,670 1,915 15% 882 1,014 15% 772 848 10% 53% 44% Shreyas Shipping 1,479 1,904 29% (2) 304 - (157) 128 - 16% 7% SEAMEC Ltd 4,248 1,024 -76% 2,237 (544) - 2,039 (668) - - - Note: Financial Year for Allcargo and Blue Dart is Jan-Dec and that for Gati is Jul-Jun Source: Company Websites, Four-S ResearchResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • Four-S Logistics TrackFour-S Services Pvt Ltd Founded in 2002, Four-S has a strong & successful track record of genuine, accurate and objective advice to top Indian & global companies & PE Firms. Four-S has already proven success in corporate finance, strategy consulting, fund-raising, investment banking and investor relations mandates with 100+ corporates and large PE fundsFour-S, trusted advisor to top Indian & Global Cos Offering comprehensive bouquet of services to SMEs, Corporates and PE Funds Equity FundsResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • Four-S Logistics TrackAbout Four-S ServicesFour-S Services provides customized business and financial research to organizations across the globe. Thecompany also provides Investor Relations consulting to corporate based on in-depth sectoral and companyresearch. The company has an impressive client profile and a team of senior analysts covering key sectorsincluding Finance & Banking, IT & Telecom, Retail, Media & Entertainment, Pharmaceuticals, Infrastructureand Manufacturing amongst others. For further information on the company please visit www.four-s.comDisclaimerThe information contained herein has been obtained from sources believed to be reliable but is notnecessarily complete and its accuracy cannot be guaranteed. No representation, warranty, guarantee orundertaking, express or implied, is made as to the fairness, accuracy or completeness of any information,projections or opinion contained in this document or upon which any such projections or opinions have beenbased. Four-S Services Pvt Ltd. will not accept any liability, whatsoever with respect to the use of thisdocument or its content. This document has been distributed for information purposes only and does notconstitute or form part of any offer or solicitation of any offer to buy or sell any securities. This documentshall not form the basis of and should not be relied upon in connection with any contract or commitmentwhatsoever. This document is not to be reported or copied or made available to others. The Company mayfrom time to time solicit from, or perform consulting, or other services for, any company mentioned in thisdocument.