ENVIRONMENTAL CLEAN TECHNOLOGIES LIMITED. — AGM Information 2009

Nov 17, 2009

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Presentation at the 2009 Annual General Meeting

18 November 2009: Environmental Clean Technologies Limited (ASX:ESI) is pleased to lodge the following presentation by the Chairman and Chief Executive at the 2009 Annual General Meeting held on Wednesday 18th November 2009 at 11:00 AM at Level 15, 485 Bourke Street, Melbourne.

For further information contact:

Chief Executive Kos Galtos +61 3 9684 0888

Level 8, 530 Little Collins Street, Melbourne Vic, 3000 Australia

Phone +613 9684 0888

CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Environmental Clean Technologies Limited

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Annual General Mee+ng – Corporate Presenta+on 18 November 2009

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Corporate Overview

Board and Execu+ves

Dave Woodall	Chairman
John Hutchinson	Non‐Execu:ve Director Deputy Chairman
Dennis Brockenshire	Non‐Execu:ve Director
Stephen Carter	Non‐Execu:ve Director
Kos Galtos	Chief Execu:ve
Ashley Moore	Business Manager – Coldry
Adam Giles	Manager – Technology Development

Strategic Partners

Deacons	Legal
PKF	Audi:ng
RSM Bird Cameron	Accoun:ng
Phillip Capital	Financial Advisory
Fortrend	Standby Subscrip:on Agreement
Radar Group	Rela:ons – Investor
Monsoon Communica:on	Rela:ons – Media
Markstone Group	Poli:cal Advisory

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Corporate Overview

Capital Structure

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ASX Code	ESI
Shares on Issue	584 million
Op:ons on Issue	490 million
Market Capitalisa:on (at AUD0.054/share)	AUD31.5 million (undiluted)
	AUD58.0 million (diluted)
Top 20 Shareholders	30.4% ownership

CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Our Core Business

Environmental Clean Technologies Limited is in the business of commercialising and selling disrup+ve technologies that have game‐changing poten+al within the energy and resources sector capable of delivering significant environmental and commercial benefits.

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Technology PorNolio

Core Technologies

Coldry – Unique Coal Drying and Water Recovery Technology

An economic method for dewatering lignite and sub‐bituminous coals, crea+ng an energy rich Black Coal Equivalent for local consump+on or transport to remote markets.

Matmor – Unique Iron Making Technology

A one‐step method for producing low‐carbon iron from abundant and low economic value brown and sub‐bituminous coals and metal bearing media.

Expanding the Technology PorNolio

Focused on advancing our two core porNolio of core game‐changing technologies enabling us to secure sustainable profits through licensing royal+es or other commercial mechanisms.

We will surround our core technologies with complementary technologies that expand market size, increase value created and captured, or enhance likelihood of adop+on.

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Our Core Business

Environmental Clean Technologies Limited is in the business of commercialising and selling disrup+ve technologies that have game‐changing poten+al within the energy and resources sector capable of delivering significant environmental and commercial benefits.

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: In Focus

1. Screening

Screening to remove foreign objects and addiHon of a small quanHty of water to the raw coal .

IniHaHng an exothermic chemical reacHon to expel water through aLriHoning. Extrusion under low pressure accelerates the chemical reacHon.

2.AWri+oning & Extruding 3.Condi+oning 4.Pack Bed Drying 5.Water recovery 6.Coldry Pellets Warm air toughening of extruded mixture on a condiHoning conveyer prior to delivery to the pack bed dryer. FormaHon of Coldry pellets and collecHon of moisture in the pack bed dryer. Storage of disHlled water ready for use or transport. Stockpiling of high‐energy Coldry pellets ready for use or transport. Country Patent Application No Filing Date Australia 767268 Sep 2004 Brazil, Canada, China (including Hong Kong), Europe, India, New Zealand, and USA PCT/AU2004/001319 Feb 2006 The Coldry process is covered by patents in all major markets with signifcant lignite deposits. Engagement with poten<al partners and customers will also be covered by standard legal agreements.	2.AWri+oning & Extruding 3.Condi+oning 4.Pack Bed Drying 5.Water recovery 6.Coldry Pellets Warm air toughening of extruded mixture on a condiHoning conveyer prior to delivery to the pack bed dryer. FormaHon of Coldry pellets and collecHon of moisture in the pack bed dryer. Storage of disHlled water ready for use or transport. Stockpiling of high‐energy Coldry pellets ready for use or transport. Country Patent Application No Filing Date Australia 767268 Sep 2004 Brazil, Canada, China (including Hong Kong), Europe, India, New Zealand, and USA PCT/AU2004/001319 Feb 2006 The Coldry process is covered by patents in all major markets with signifcant lignite deposits. Engagement with poten<al partners and customers will also be covered by standard legal agreements.	2.AWri+oning & Extruding 3.Condi+oning 4.Pack Bed Drying 5.Water recovery 6.Coldry Pellets Warm air toughening of extruded mixture on a condiHoning conveyer prior to delivery to the pack bed dryer. FormaHon of Coldry pellets and collecHon of moisture in the pack bed dryer. Storage of disHlled water ready for use or transport. Stockpiling of high‐energy Coldry pellets ready for use or transport. Country Patent Application No Filing Date Australia 767268 Sep 2004 Brazil, Canada, China (including Hong Kong), Europe, India, New Zealand, and USA PCT/AU2004/001319 Feb 2006 The Coldry process is covered by patents in all major markets with signifcant lignite deposits. Engagement with poten<al partners and customers will also be covered by standard legal agreements.	2.AWri+oning & Extruding 3.Condi+oning 4.Pack Bed Drying 5.Water recovery 6.Coldry Pellets Warm air toughening of extruded mixture on a condiHoning conveyer prior to delivery to the pack bed dryer. FormaHon of Coldry pellets and collecHon of moisture in the pack bed dryer. Storage of disHlled water ready for use or transport. Stockpiling of high‐energy Coldry pellets ready for use or transport. Country Patent Application No Filing Date Australia 767268 Sep 2004 Brazil, Canada, China (including Hong Kong), Europe, India, New Zealand, and USA PCT/AU2004/001319 Feb 2006 The Coldry process is covered by patents in all major markets with signifcant lignite deposits. Engagement with poten<al partners and customers will also be covered by standard legal agreements.
	Country	Patent Application No	Filing Date
	Australia	767268	Sep 2004
	Brazil, Canada, China (including Hong Kong), Europe, India, New Zealand, and USA	PCT/AU2004/001319	Feb 2006

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: In Focus

The Coldry Process High Gains Mechanical Low Heat Low Pressure Water Recovery Sensi+ve to the Environment

The Coldry Plant Design Immediately Deployable Flexible Scalable Cost Effec+ve Power Sta+on Integra+on Synergies

Coldry Black Coal Equivalent Stable Valuable Versa+le

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Using waste heat from a power sta+on. Co‐Located Coldry Consump+on Remote Coldry Consump+on

Coldry pellets can be used in local black coal power plants and transported to remote black coal power plants.

emissions reduc+on.

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.

CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: In Focus

Pilot Plant

The company’s Coldry Pilot Plant was established as a batch producHon facility in 2004.

conHnuous producHon and integraHon of its water recovery system.

Commercial‐scale Design

The Coldry Pilot Plant has informed the design of the commercial‐scale Coldry modules that will underpin commercial plants.

These modules have been designed to produce:

• 167,000 TPA of Coldry from 60% moisture coals,

• 220,000 TPA of Coldry from 50% moisture coals, or

• 300,000 TPA of Coldry 40% moisture coals.

Strategic Rela+onships

Environmental Clean Technologies Limited entered into strategic relaHonships with leading organisaHons in Australia to advance the Coldry technology in Australia:

ustralia:
Arup	Coldry Core Design Partner (Global) Coldry Design Engineer (Australia)
McConnell Dowell	Coldry Construc:on(Australia)
Transfeld Services	Coldry O&M(Australia)
Deloi]e	Coldry Financial Modelling (Australia)

Strategic rela:onships will underpin commercialisa:on in global markets.

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: Strategic Markets

Coldry BCE is a Cri+cal Fuel for Emerging Markets

• AnHcipated growth in coal‐based power exceeding 1300 GW by 2030, lead by demand growth from Asia.

• China and India underpin growth in demand for coal.

• Emerging economies of Thailand, Indonesia and Vietnam also have significant growth rates in coal based power (8‐10%).

• Uneven geographic supply and demand to drive further global trade in black coal and Black Coal Equivalents.

• Coal importers face both volaHle FOB prices and the extreme fluctuaHon of freight markets.

Markets for Coldry BCE

1. Export Biased	2. Export and	3. Domes+c	4. Import and	5. Import
	Domes+c	Biased	Domes+c	Biased
Australia	Indonesia	Germany	China	Vietnam
New Zealand	Pakistan	United States	India	Korea
	Poland			Japan

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: Strategic Markets – Focus on China

Import and Domes:c Market for Coldry BCE

World's largest producer and consumer of coal. China has shihed Qinhuangdao FOB Steam Coal Price (5500 kcal/kg NAR) from a net exporter to a net importer.

internaHonal coal price. At current internaHonal coal price levels, China’s coal imports are subsHtuHng some domesHc producHon.

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China’s coal imports are subsHtuHng some domesHc producHon. ~USD90‐95
6080 Kcal/kg NAR basis
From January to August of 2009, China imported 73.8 Mt black
coal and exported 14.83 Mt black coal.
Coal is a major energy security challenge for China. At current
levels of producHon, China’s current proven reserves will run out
Imports and Exports 2002 – 2009(e)
Australia BJ FOB Steam Coal Price (6080 kcal/kg NAR)
~USD70‐75
6080 Kcal/kg NAR basis
Unit: Mt
单位：百万吨
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From January to August of 2009, China imported 73.8 Mt black coal and exported 14.83 Mt black coal.

Coal is a major energy security challenge for China. At current levels of producHon, China’s current proven reserves will run out by 2050.

Sources: Coal Informa<on 2009, Shenhua ( 中国神华 )

CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: Strategic Markets – Focus on India

Import and Domes:c Market for Coldry BCE

Challenges Facing Power Sector

Challenges Facing Coal Sector

Growth in demand and the need to reHre current supply. CriHcally low coal stock levels creaHng parHal shut‐downs.

gap between coal supply and demand conHnuing to grow.

Coal is plen+ful – but of low quality

High ash content (up to 40‐50%) and ohen low heaHng values. SOx and NOx issues creaHng environmental hazards and polluHon.

Increasing dependence on coal imports.

Coal imports in 2009 projected to be approx 40 MTPA and growth to over 100 MTPA by 2013. Over‐reliance on imports creates new energy security risks.

29%, partly due to poor quality of coal.

Emissions

High costs associated with current scalable low‐emissions technology and fuel sources.

Private sector par+es involved in the coal sector have faced significant planning challenges.

Challenges of land acquisiHon and government approval resulHng in less than 20% of alloLees offered capHve coal blocks have managed to start producHon.

Development to realise growth

Public and private stakeholders will need to increase investment, develop and deploy newer technologies and enhance producHvity.

‘Thirty‐four out of 78 thermal power sta:ons in the country have a coal stock that barely can last a week. And in 12 of them, the posi:on is worse – the stock will suffice for less than four days. ’ ( Business Today , 26 July 2009)

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: Strategic Markets – Focus on Indonesia

Export and Domes:c Market for Coldry BCE

Leading Thermal Coal Exporter

Indonesia is the world’s leader in thermal coal exports, and is an export hub for supplies to Asia (86.9%).

Thermal coal demand from China and India will conHnue to drive Indonesian coal producHon and export capacity higher.

Domes+c vs Export Tension

Indonesia’s urbanisaHon and economic development driving strong increase in annual power demand. To support domesHc power demand the Government may limit coal exports to 150 MTPA in the future

Indonesia has enormous coal resources and an esHmated 15 billion tonnes are above 35% moisture.

Export Des+na+ons in 2008

Country	Quan+ty (Mt)
Japan	26.60
Chinese Taiwan	25.96
Korea	25.33
India	20.67
Hong Kong	12.65
China	11.46
Other Asia	25.88
Other World	22.40
Total Export	171.00

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Indonesian Coldry Domes+c Produc+on and Export Hub

Source: Ministry of Energy and Mineral Resources, Indonesia

CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: The Compelling Case

Coldry will fuel emerging markets – it supports the growing demand for energy at lower CO2 emissions than would be otherwise possible.

For both China and India strong domes+c black coal demand requires increased imports. Coldry will help them more efficiently use local lignite and reduce their dependence on black coal imports.

high‐moisture resources.

Other emerging markets, such as Bangladesh, Thailand, Vietnam and the Philippines , with planned growth coal based power are expected to require significant imports of coal over the next two decades.

Reduce coal transporta+on costs by shipping less water.

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: The Compelling Case

Indica+ve Produc+on Costs – Emerging Economies

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Assump+ons

Currency used is USD.

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30% capital cost reducHon from Australian esHmate 70% labour cost reducHon from Australian esHmate Equity 100% to enable compeHHve comparison Water sales: Value to be informed by local condiHons Raw coal based on indicaHve supply costs Maintenance: 2% of CapEx

Electricity cost of USD0.045 per KWh No DepreciaHon

Coldry sale price of $ 75 /t for payback period and ROI

CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: The Compelling Case

Comparison of Indica+ve Electricity Produc+on Costs

Lignite Feedstock	Lignite Feedstock		Electricity	Produc+on Costs
45% Moisture			(USD/KWh)
11.6 GJ/tonne
Mining Cost	Mining Cost	Lignite	Coldry	Black Coal	Black Coal
(Per Tonne)	(Per GJ)			No shipping	Incl shipping
$6.00	$.52 /GJ	$0.0328	$0.0361	$0.0508	$0.0579
$8.00	$.69 /GJ	$0.0346	$0.0373	$0.0508	$0.0579
$10.00	$.86 /GJ	$0.0364	$0.0384	$0.0508	$0.0579
$12.00	$1.03 /GJ	$0.0382	$0.0395	$0.0508	$0.0579
$14.00	$1.21 /GJ	$0.0401	$0.0407	$0.0508	$0.0579
$16.00	$1.38 /GJ	$0.0419	$0.0418	$0.0508	$0.0579
$18.00	$1.55 /GJ	$0.0437	$0.0430	$0.0508	$0.0579
$20.00	$1.72 /GJ	$0.0455	$0.0441	$0.0508	$0.0579

Assump+ons

Currency used is USD

black coal and lignite power generaHon*

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Lignite power generaHon at 34% efficiency Delivered black coal cost of USD75/tonne with a 24 GJ/tonne (5732 kcal/kg) calorific value Black coal shipping cost of USD20/tonne Coldry BCE with a 24 GJ/tonne (5732 kcal/kg) calorific value

Does not include anHcipated decreased drying Hme (and hence beLer project economics) for co‐located Coldry consumpHon Costs of carbon not included.

CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: Our Growth Strategy

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Stream 1: Advance Coldry in the Local Market
Advance Project Ongoing Coldry BCE
Commercial Scale
Feasibility with High Produc+on for Export
Plant Construc+on
Calibre Partner Markets
Stream 2: Advance Coldry Globally
Market‐specific goals
Focus on Advancing Coldry in and KPIs
Design Localisa+on and
Emerging Markets with High
Project Feasibili+es
Calibre Partners Marke:ng and Sales
Investment to Achieve
Growth Targets
POSITIVE CASH FLOW
2009 2010 2011 2012 2013 2014
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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: Advance in the Local Market

CommercialisaHon underpinned by commitments to Coldry Project FeasibiliHes.

ParHes have a keen interest in our domesHc market and select global markets.

CoordinaHon Agreement with TinCom (Vietnam): Produce Coldry from 2 MTPA to 20 MTPA over 10 years, and Produce 20 MTPA of Coldry over 50 years beyond this milestone.

Agreement provides ECT Limited with:

• AUD5/tonne royalty

• 10% free carry equity

Agreement provides TinCom with:

• The non‐exclusive right to construct and fund Coldry Plants in other Australian states, and

• The right to purchase up to 100 MTPA of Coldry product.

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: Advance Globally

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Key Elements of Go to Market Strategy
• Flagship projects
• Stakeholder engagement
• Structured engagement process
• ConHnuous improvement strategy
Markets for Coldry BCE
1. Export 2. Export and 3. Domes+c 4. Import and 5. Import
Biased Domes+c Biased Domes+c Biased
Australia Indonesia Germany China Vietnam
New Zealand Pakistan United States India Korea
Poland Japan
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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: Advance Flagship Projects

Flagship Projects demonstrate technical viability and present strategically and economically compelling returns to project parHcipants.

Typically, Flagship Projects will be linked to:

• Severe structural challenges,

• Growing populaHon,

• EscalaHng incomes,

• Strong demand,

• Plant proliferaHon,

• AcceleraHng exploitaHon of coal as a fuel source,

• Need to enhance plant performance, and

• Pressure to deliver environmentally responsible outcomes.

ECT will conHnue to work with credible partners to develop and commit to strong business cases.

Assist early movers in each growth market to gain a strong market posiHon and a compeHHve advantage.

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: Value Crea+on for Mul+ple Stakeholders

ECT’s business model delivers value to mulHple stakeholders:

• Asset Managers

• Carbon Credit Consultants and OriginaHon Firms

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Penetrate Growth
Markets
Consultant Route‐to‐Market
Engagement Channel Partner
Program Strategy
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• Coal Resource Suppliers

• Coal Traders

• Coldry Project Developers

• Community

• Constructors

• Consultants to Power Generators

• Design Engineers

• ECT Shareholders

• Environmental Groups

• Government and Regulators

• Operators and Infrastructure

• Owners of Power Generators

• Power Generators (As Coal Consumers)

• Power Generators (As Waste Heat Suppliers)

• Project Debt Capital Providers

• Project Equity Capital Investors

• Project Financiers and Financial Advisors

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: Engagement Process

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Indirect
Channel Manager
Direct & Indirect
Sales Manager
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Licensing,
Feasibility and
Fulfilment
Manager
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Client Manager

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• Selling Coldry Value ProposiHon

• Facilitate understanding of Coldry technology and economics  Secure interest to test available coal resources  IdenHfy and test suitable coal resources

Opportunity Screening and Pursuit

• Establish indicaHve producHon costs

• PresentaHon of Coldry business proposal

• Establish commitment to advance a project (LOI)

• Project Conceptualisa:on  IdenHfy availability of criHcal project elements and Technology Licence  Determine scale and stages of project Structuring  Licensing terms  Heads of Agreement

• 3 – 9 Months  Coordina+on Agreement

• Project Feasibility  Conduct Project‐specific Feasibility Study 3 ‐ 6 Months  Revised Project Capital Cost and Produc+on Cost Es+mate Project Structuring  Secure land rights 3 ‐ 12 Months  Secure government and regulatory approvals  Structure project vehicle  Finalise supply contracts

• Finalise Coldry licensing agreement

• Finalise EPC contract

• Determine risk allocaHon and guarantees (including government)

• Secure project financing  Final Investment Decision

• Construc:on and  Technology deployment Commissioning  Project management 24 ‐36 Months  Plant Commissioning Produc:on and Asset  Plant operaHons Management  Plant maintenance  Off‐take logisHcs (if relevant)  Ongoing regulaHon compliance  Con+nuous Improvement

CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: Con+nuous Improvement Strategy

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Incremental improvements in
efficiency and reliability across
global installed base
Increased TECHNOLOGY
innova:on ADVANCEMENT
Increased PROFITABLITY
Coldry Plant produc:vity (Royal:es)
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Coldry Plant Coldry Technology Centre, Victoria, Australia

Technology Centre and Con+nuous Improvement Strategy

Strong client engagement

Produc:on data sharing and benchmarking

Centralised service support

Ongoing R&D and Environmental design enhancement scanning

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Coldry: Sales Targets and Current Status

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Indirect
50 Channel Manager
Direct & Indirect
Sales Manager
30
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3

Licensing, Feasibility and Fulfilment Manager

PotenHal number of Coldry plants (3 MTPA capacity) in operaHon to supply growth in coal based power demand in the following regions and countries:

	2010 ‐	2015 ‐	2020 ‐
Region and Country	Forecast	Forecast	Forecast
Asia	0	6	30
North America	0	3	11
Europe	0	2	7
Oceania	0	1	2
Grand Total	0	12	51

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Client Manager
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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Matmor: In Focus

The Matmor Process

• Low cost lignite replaces expensive metallurgical coal

• RecirculaHon of waste gases minimises emissions

• Can reduce iron bearing waste such as mill scale and nickel tailings

• Small plant foot print

• Ideal product for foundry and steelmaking markets

Strategy for Matmor

• Review & Assessment of Current State of Development (completed)

• IdenHfy strategic partner to advance scale up

• Scale up through incremental steps:

• Pilot Plant

• Commercial Plant

• Reassess scalability of individual plant versus modular expansion based on target market

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Matmor: Next Steps

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Review &
Gap Analysis Status: Delivered
Assessment
Cost: $200k to
Implement Inform Detailed
Gap Closure $500k
RecommendaHons Design for Pilot
DuraHon: 6
Campaign & Test Plan Plant
months
Build Cost: $25M
to $40M
Detailed Design ‐ Outcome: 7,500
Pilot Plant
$500k DuraHon: 18 mtpa liquid metal
months
Commercial Build Cost: $TBA Outcome:
Detailed Design ‐
Plant $750k DuraHon: 18 Commercial Plant 100,000 mtpa
months
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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Environmental Clean Technologies Limited

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Annual General Mee+ng – Corporate Presenta+on 18 November 2009

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CORRPORATE PRESENTATION – ANNUAL GENERAL MEETING NOVEMBER 2009

Disclaimer

Environmental Clean Technologies Limited has taken all reasonable care in compiling and producing the informaHon contained in this presentaHon. The Company will not be responsible for any loss or damage arising from the use of the informaHon contained in this presentaHon. The informaHon provided should not be used as a subsHtute for seeking independent professional advice in making an investment decision involving Environmental Clean Technologies Limited. Environmental Clean Technologies Limited makes no representaHon or warranty, express or implied, as to the accuracy, reliability, or completeness of the informaHon provided. Environmental Clean Technologies Limited and its respecHve directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, informaHon, or maLers, express or implied arising out of, contained in or derived from, or any omissions from this presentaHon.

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