Investor Update
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August 2025 Investor Update
1
Benefits of
The Agency Model
The Agency offers a unique direct model with national
reach, enabling seamless client experiences and cross-
country referrals through a single workflow—whether in
Rockhampton, Sydney, or Perth.
Unlike franchise models restricted by postcodes and rigid
systems, our Property Partners can list and sell freely. They
Due to its scale, The Agency is able to offer all agents a gain immediate access to an integrated tech stack, expert
singular and consistent market leading technology resources, and a collaborative, performance-driven culture.
solution at every stage of the prospecting, listing and
Our proprietary data lake connects various SaaS platforms
selling stage of the buying and selling journey.
via API, creating consistent workflows that can't be
replicated with off-the-shelf solutions. Combined with our
nationwide agent support and end-to-end technology, The
Agency leads in delivering efficient, tech-driven real estate
success.
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3
The Agency Group: Exposure through a national corporate model to the Australian
residential market with access to the economic benefits of
Our Value Proposition scale via:
• Residential Sales
• Property Management
• Conveyancing/Settlements
• A truly National real estate business. Not a franchise model, so can
institute change when required and create positive culture.
• Large addressable national markets:
Sales Agents Nationally +A$7 billion Gross Commission Income (GCI) market:
Agent numbers at 30 June 2025 The Agency in FY25 $125.3 million GCI.
+A$8 billion Residential Property Management portfolio
market: The Agency PM rights portfolio valued at $37.41 million^
41 • Operational Cashflow now funding growth initiatives.
168 • Platform now in place so increased revenue drops to the bottom line.
• Strong balance sheet, operational cash flow positive.
193
• Experienced management team in place to execute the grow plan.
24
16
^For the year ended 30 June 2025, the Company obtained an independent professional valuation of the rent rolls which indicated the market value of these assets to be around $37.41 million.
As a result of the valuation, there is significant shareholder wealth held off balance sheet ($33.74 million), with only $3.67 million of the $37.41 million valuation being held on balance sheet.
3
Why be a The Agency’s Competitive Advantage
Shareholder of ▪ Flexible Model: Unlike traditional franchises constrained by rigid agreements
and the franchise code, The Agency operates a direct engagement model that
The Agency? is more adaptable to industry changes.
▪ Difficult to Replicate: Franchise brands face legal and operational hurdles to
shift models. The Agency already holds the necessary state-based licenses
and regulatory knowledge.
▪ National Scale: Strong leadership and operational infrastructure across
Australia, managing 440+ agents and ~12,000 properties.
• Strong Balance Sheet, cash flow positive.
▪ Financial Strength: Profits from sales and property management funding
• Large addressable national markets of +$7bn GCI & +$8bn PuM for growth into other territories.
The Agency to grow into, both in established states and expanding
states. ▪ Property Management Delivers Recurring Revenue: Year-on-Year increase
of ~15% in annual recurring revenue from a diversified portfolio valued at
• Opportunities for both the sales business and the property
$37.41M.
management business.
• Increasing revenue now funding growth and contributing to the ▪ Rent Roll Acquisition: Strategic partnership with Trilogy Funds ($2B FUM)
bottom line. has funded $40M+ in rent roll acquisitions.
• Our target of $200m GCI and 180 PM per manager will allow the
▪ New Growth Channel: Introducing a flexible model for independently branded
company to continue growing and potentially pay dividends.
offices.
• The only listed residential real estate investment opportunity.
4
FY2025 Key Takeaways In Focus
(Unaudited Numbers)
$1.12M $98.54M
Sales Business
Underlying EBITDA1 Combined Group Revenues ▪ Net Revenue4 (revenue retained by AU1 from sales
(FY2024: -$446k) (FY2024 : $87.97M) business after costs) of $23.2M for FY2025 ($20.6M:
FY2024)
▪ The Agency model helps agents perform better by
11,968 $35.87M increasing agent productivity by a minimum of 10%
▪ Net Rating score by vendors of over 80%
Properties Under Management - Estimated Net Assets - includes assets ▪ Reach a net revenue target of $37M on an initial Gross
(includes PuM owned by AU1 of 5,501 not on Balance Sheet of $33.41M2 Commission of $200m
30 June 2024: 5,256) (FY2024: $36.80M)
Property Management
$7.44B 6,663
▪ Due to economies of scale, increase properties managed
Gross Value of Properties Sold No. of Properties Sold by a Property Manager from current average of 165
(FY2024 : $6.48B) (FY2024 : 6,239) properties per PM to 180 properties per PM.
▪ Management rights of AU1 owned rental properties under
management were independently valued at $37.41M as
$ 125.27M 442 at 30 June 2025, up 2.4% on valuation of 30 June 2024.
GCI3 No of Agents
(FY2024 : $112.53M) (30 June 2024: 433)
1. Underlying adjusted for the impact of AASB16 Leasing Standard, Gain on Sale and other one off items. 5
2. Independent Valuation conducted by Pendium Advisory as at 8 July 2025.
3. Gross Commission Income (“GCI”) is the fees the vendor pays for the sale of a property.
4. Net Revenue refers to share of Revenue from Sales Business retained by The Agency after COGS and VPA.
Gross Commission Income (GCI^)
$140m $125.3m
Positive Jaws as GCI grows faster $120m
$100m $95.4m
$112.5m
+ 11.3%
than Operating Expenses $80m
$60m
+ 17.9%
$40m
$20m
$-
FY23 FY24 FY25
Operating Expenses (Pre AASB16)
Operating Expenses Grew at 4.9% in FY25 $35m
$30.01m
$31.49m
$30m
to $31.49m. This growth included strategic $25m
$26.25m
+ 4.9%
additional investments in recruitment, IT and $20m + 14.3%
Marketing. $15m
$10m
$5m
$-
FY23 FY24 FY25
^Gross Commission Income (“GCI”) is the fees the vendor pays for the sale of a property.
6
The Agency Business in Focus
7
Business In Focus - Segment Results
Real Estate Property Services Property Management Services
Residential Sales Conveyancing Revenue Property Management
FY25 Revenue Proportion
84% 2% 14%
FY25 Underlying EBITDA $11.1m $3.1m
(Post AASB16) Contribution1
Overview • Generates Revenue by charging the • Generates Revenue by charging vendors • Generates annuity style revenue through
vendors of residential property a or purchases a conveyancing fee to management of properties. Revenue
commission for the successful sale of a arrange the legal transaction of a generated includes management fees as a
property property (currently only services Western percentage of rent collected, leasing and
• 442 agents Australia) other ancillary fees, or service fee income
• 6,663 property sales • 8 Conveyancers for non AU1 owned portfolios.
• $7.44 billion value of property sales • 1,757 transactions • 68 Property Managers
• 5,501 Properties under Management
owned by AU1
• 6,467 externally owned property
management rights operated by AU1
under a service agreement
1: Excludes Unallocated Corporate Costs
8
Record transaction
volume underpins
The Agency’s growth
$7.4bn $125.3m
$112.5m
$6.5bn
11.4%
13.8%
$102.5m Increase
Increase
Y-o-Y
$5.9bn Y-o-Y
$95.4m
6,663 $5.3bn
6,239
The Agency historically bucked the downward national $4.8bn $80.7m
573,365584,641 5,709 5,734
trend in terms of properties sold, a clear validation of its 531,457
6.8%
resilient, agent-focused model. 508,610 4,964 Increase
Y-o-Y
468,218
A record 6,663 properties were sold in FY25 by The Agency 415,549 4.5%
Increase
Group. This represents 1.25% national market share of the Y-o-Y $2.9bn $47.9m
estimated 531,457 properties sold across Australia*. 3,147
Despite a 10% decrease in market volumes from FY22, The
Agency recorded a 16% increase in properties, underpinned
record Gross Sale Volume and Gross Commission Income
level.
Improved transaction contributions from East Coast states
Total Properties sold in No of Properties Sold by The Gross Sales Volume Gross Commission Income
assisted the growth in Gross Sales Volume.
Australia* Agency Group ($M)^
FY20 (COVID) FY21 FY22 FY23 (Interest Rate Increases) FY24 FY25 (unaudited)
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Track Record in
Gross Commission Income (GCI^)
Delivering Growth $250m
$200.0m
$200m
Current
run rate:
$137m $150.0m
GCI growth transferring $150m Agents:
442
Agents:
to bottom line Agents:
399 433
$125.3m
Agents: $112.5m
$102.5m 393
Platform now in place so increased GCI Agents:
$100m 308 $95.4m
drops to the bottom line.
Agents:
$80.7m
…
Agents: 283
GCI MILESTONES FOR AU1 272 $47.9m
$50m
$38.0m
Milestone 1 = $150M
Milestone 2 = $200M
$-
^ Gross Commission Income (“GCI”) is the fees the vendor pays for the sale of a property. 10
*GCI fell in FY23 primarily as a result of 10 consecutive interest rate rises during the financial year.
Sales
Business
FY25 Market
State #Agents Properties Sold Maturity of State Share by
State
Varying levels of state maturity provides an 30 June
FY25 FY24
opportunity for continued growth. 2025
5.72%
Having been founded in WA, Western Australia is the most mature state of (Perth #2
WA 168 3,833 3,907 Established
dollar value @
The Agency, with market share of 9.0% (by dollar of property sold) in Perth
9%)
and surrounding markets and 6.0% of overall WA state.
NSW 192 1,770 1,632 Established 1.30%
Inorganic entry into Tasmania in July 2022 has allowed an accelerated
QLD 41 443 373 Emerging 0.33%
maturity of the state. Following an initial entry into Launceston, in Q1 FY23.
The Agency grew organically into Hobart in Q1 FY25. VIC 24 370 176 Infancy 0.32%
TAS 16 238 146 Growing 3.54%
QLD and Victorian markets have the lowest maturity in the states we
operate. However, both increased their % of total Agency sales in FY25 ACT 1 8 5 Infancy 0.47%
showing momentum is gaining.
National 442 6,663 6,239 1.30%
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* Source: CoreLogic Market Scorecard.
Double Digit Income 11,968
Growth in Property 17.7%
Increase
Y-o-Y 13.8%
$13.5m
Management
10,168 Increase
10.4%
Y-o-Y $12.2m Increase
Y-o-Y
6,663
$9.8m $9.9m
$8.9m 9.5% $8.9m
Increase
Y-o-Y
5,978 $7.4m
5,501 $6.7m $6.9m
5,256
5,018
4.7%
Increase $5.3m
Y-o-Y
3,806
AU1 Owned Managements continue to grow, which 3,517 3,469 3,517
combined with average rental growth underpins strong
revenue growth.
On behalf of all landlords, The Agency collected $331m
of rental income in FY25. Our national footprint enables
Landlords with a geographically dispersed portfolio the
# of AU1 Owned Properties Total # of Properties Under AU1 Mgmt Fee Income Total Property Mgmt Income
opportunity to have all their properties managed by a
Under Mgmt Mgmt
single company. The increased portfolio scale enables
greater cost synergies across The Agency owned
FY20 (COVID) FY21 FY22 FY23 (Interest Rate Increases) FY24 FY25
portfolios.
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Properties
Under Management
PuM PuM Independent valuation
Property %
State Owned (30 Owned (30 of PuM Owned at June
Managers Change
June 25) June 24) 30 2025 ($m)
NSW 20 3,280 3,216 +2%
WA 6 848 660 +28%
11,968 investment properties QLD - - - -
managed by The Agency Group at 30 VIC 2 260 209 +24%
June 2025. TAS 7 1,113 1,171 -5%
Total AU1
35 5,501 5,256 5% $37.4
The management rights of AU1 owned rental properties under management Owned
were independently valued at $37.41M as at 30 June 2025. This represents Services
n/a 6,467 4,912 +32% n/a
a 2.4% increase on the independent valuation obtained on 30 June 2024 of Arrangement
$36.32 million and is based on the increase in PuM owned from 5,256 as at Total
30 June 2024 to 5,501 as at 30 June 2025. n/s 11,968 10,168 +18% n/a
National
Separate to AU1 owned management rights, The Agency has a further 6,467
(30 June 2024: 4,912) external management rights which operate under a
services arrangement, providing purchasing power benefits and efficiency of
scale for the AU1 portfolio.
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Leveraging our
Property Management Expertise Proven Model for Expansion
• MDC Trilogy partnership that owns ~6,000 managements showcases
our ability to integrate and grow third-party rent rolls under
management.
• AU1 manages additional portfolio of ~800 managements for other
owners.
• Similar service activities operate for agent owned portfolios.
AU1 Service Arrangement
manages a portfolio of PM assets Scalable, Repeatable Framework
for agents and external capital • Demonstrates how we can onboard and uplift performance of external
providers. portfolios efficiently.
• Maintains high service standards with minimal disruption.
Actively Pursuing Further Opportunities
• The Agency is seeking similar partnership arrangements.
• Well-positioned to support independent agencies, developers, and
aggregators looking to outsource or exit property management.
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The Agency Services
Growth
Initiatives • In 2023, a new brand Rightmove was created to transition
from SLP
• In 2024, a pilot with existing SLP agents was created to
test the market looking at recruiting individual agents and
also to attract offices that were looking to rebrand.
• At the end of 2024, the pilot expanded to NSW
• This was to be accompanied by a new tech platform,
including lead prospecting and marketing, admin support,
property management and trust accounting. Each service
Driving Recruitment was fully developed to offer end-to-end support, marrying
technology with a dedicated support team
• The Agency has invested into its recruitment • Services arrangement, focused on predominantly sales
business as part of a strategic initiative to drive only businesses that have a separate identity to The
growth by attracting and onboarding high- Agency brand.
performing agents and property managers. • Leveraging third-party software, The Agency Services
would deliver services via a proprietary advanced
• This targeted expenditure reflects the company’s dashboard accessible on PC or mobile device
commitment to strengthening its national agent • The key learnings were the development of an expanded
network with experienced professionals who can national robust platform and reporting systems and a focus
deliver superior service and results. on offices only
• A new strategy following the learnings of the pilot will be
launched by end of calendar year
15
Financial Highlights
16
14
Record GCI Result
Business Performance Update
FY2025 GCI of $125.3m was a record GCI for the company
After continued investment in recruitment activities, cost of doing
(previous record was $112.5m in FY2024
business ratio decreased 2.1% from FY2024 to FY2025
Continued efficiencies in the cost of doing business ratio is expected in Agent Mix and Increased Property
FY2026 as recruitment efforts continue to grow Gross Commission
Income.
Management Revenue Driving Revenue
Growth
During FY2025, a higher percentage of sales by employee
agents resulted in Revenue growth above GCI growth2.
UNDERLYING1 UNDERLYING1
Change
Property Management Revenue grew to $13.5m FY2025
($M) FY2025 FY2024 from $11.7m in FY2024, a 15.4% increase.
GCI 125.3 112.5 +11.3%
Investment in QLD & VIC Markets to build
87.97 +12.0%
Revenue2 98.54 market share
Gross Profit 32.06 29.0 +10.5%
Emerging states of Victoria and Queensland continue to
represent an increasing share of The Agency sale business.
Other Income 0.55 0.57 (3.5%)
These states sold a combined 12.2% of the FY2025
properties sold, an increase on the 8.8% contribution in
Operating Expenses (31.49) (30.02) +4.9%
FY2024. We hold around 0.33% market share in each of
these states and we continue to invest in these states to
Cost of Doing Business3 32.0% 34.1% (2.1%)
reach maturity of above 1.0% market share.
EBITDA 1.12 (0.45) +175%
1. Underlying adjusted for the impact of AASB16 Leasing Standard, Gain on Sale and other one- off items.
2. According to accounting standards, recognition of revenue is dependent on the engagement mechanism of the Agent. A sale by a payroll agent will result as revenue equal to GCI, with an agent commission expense 17
in Cost of Sales. A sale by a non payroll independent contractor agent, revenue is equal to The Agency share GCI. There is no cost of sale expense for a non payroll agent. As a general rule, Western Australia agents
are predominantly Payroll agents, while East Coast agents are predominantly non payroll agents.
3. Operating Expenses Pre AASB16 Leasing Standard as a percentage of revenue. n.m – not material
14
Statutory Statutory
($M) ^Unaudited figures
30 June 2025 30 June 2024 Change
Significant shareholder value 5.06 4.90 +3.3%
Cash at Bank
growing off Balance Sheet due to
14.66 14.74 -0.5%
amortisation of rent roll asset due Other Current Assets
to AASB accounting standards. Non Current Assets
28.53 27.31 +4.5%
48.25 46.96 +2.7%
Total Assets
(38.89) (27.76) -40.0%
Total current liabilities1
(6.91) (11.30) +38.8%
Total Non current liabilities
(45.80) (39.07) -17.2%
Total Liabilities
The value attached to internally generated Property
Management and remaining Mortgage book is not 2.46 7.89 -68.8%
Net Assets
recorded in the balance sheet.
33.41 28.91 +15.6%
Assets not on balance sheet2
Despite the value of the property management
portfolio increasing in the period, under the accounting 35.87 36.80 -2.5%
Estimated Shareholder Net Assets
standard rules, the Profit & Loss statement for the
twelve-month period includes an amortisation charge • The management rights of AU1 owned rental properties under management were
of the externally purchased property management
independently valued at $37.41M as at 30 June 2025.
assets held as an intangible asset.
This amortisation charge has resulted in a reduction • Only ~$4m of the property management value is held on the Balance Sheet as an intangible
of Statutory Net assets and results in an increase in asset as at 30 June 2025 ($7.4m as at 30 June 2024), leaving $33.41m of shareholder value
assets not recognised in the balance sheet. off balance sheet at 30 June 2025 ($28.91m at 30 June 2024).
• Adjusting for these off balance sheet assets, Estimated Shareholder Net Assets is $35.87m
($36.80m at 30 June 2024).
1: Total current liabilities includes $8.4 million relating to the debt with MBL. The debt was finalised post year end and pe r the accounting standards is required to be shown as current.
2: An independent valuation was undertaken at 30 June 2025 which valued the Property Management portfolio at $37.14m (30 June 2024 Independent Valuation: $36.32m). Only $3.67m of the property management value is held on the Balance Sheet as an intangible asset as at 30 June 2025 ($7.40m as at 30 June
2024), leaving $33.41m of shareholder value off balance sheet at 30 June 2025 ($28.91m at 30 June 2024).
Profit and Loss Statement
UNDERLYING1 STATUTORY
FY2025 FY2024 Change FY2025 FY2024 Change
($M)
Revenue 98.54 87.97 +12.0% 98.54 87.97 +12.0%
Cost of Sales (66.48) (58.97) +12.7% (66.48) (58.97) -12.7%
Gross Profit 32.06 29.00 +10.6% 32.06 29.00 +10.6%
Other Income 0.55 0.57 -3.5% 0.64 0.67 -4.5%
Operating Expenses (31.49) (30.01) +4.9% (28.94) (28.05) -3.2%
EBITDA 1.12 (0.44) +354.5% 3.76 1.61 +134%
Share of profit (loss) from equity 0.08 0.01 +700.0% 0.08 0.01 +700.0%
Depreciation and amortisation (4.48) (4.67) -4.1% (6.62) (6.43) -2.9%
Share based payments 0.00 (0.24) n.a. 0.00 (0.24) +100.0%
FV gain / (loss) on financial asset - - - 0.31 0.95 -67.4%
One off legal fees2 - - - 0.00 (0.33) +100.0%
Profit / loss on sale of asset 0.00 1.23 n.a. 0.05 1.23 -95.9%
Other costs (0.03) (0.04) n.m. (0.03) (0.04) +25.0%
EBIT (3.32) (4.15) +20.0% (2.46) (3.24) +24.1%
Net finance income (expenses) (1.31) (1.04) -25.5% (1.99) (1.39) -43.2%
ED non-cash finance gain (cost) - - - (0.99) (0.66) -50.0%
Net Profit Before Tax (4.62) (5.19) +10.9% (5.44) (5.29) -2.8%
Income tax - 0.40 -100.0% 0.00 0.40 -100.0%
Net Profit After Tax (4.62) (4.79) +3.5% (5.44) (4.89) -11.2%
1. Underlying adjusted for the impact of AASB16 Leasing Standard, Gain on Sale and other one off items.
2. Legal costs associated with The Agency Group’s intellectual property action against the company H.A.S. Real Estate, the registered owner of The North Agency.
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n.a – Not Applicable / n.m – Not Meaningful
Outlook
20
Expectation of strong What to watch for
growth underpinned by Increased number of quality agents
large addressable market
• Recruitment model in place and being expanded to
target growth in quality agents in $7 billion Gross
Commission national market
• Management structure in place to oversee agent
and EBITDA growth
The annual
The annual value
value of residential
of residential realcommissions
real estate estate is $7bn+.
Our operations in the nation’s second and third largest states for # of
commissions is $7bn+. Our operations in the nation’s • Strong office and infrastructure footprint across six
sales per annum are in their infancy and expected to contribute
second and
meaningful thirdin largest
growth states for # of sales per
coming years. states and territories
annum are inmodel
• Recruitment their ininfancy and expected to contribute
place and being expanded to target growth
meaningful growth
in quality agents inbillion
in $7 coming years.
Gross Commission national market • Partnership with external rent roll generator to build
• Management structure in place to oversee agent and EBITDA sales market share and GCI growth
growth
• Strong office and infrastructure footprint across six states and • Rationalising cost of doing business ratio
territories
• Partnership with external rent roll generator to build sales market • Increasing value of property management rent roll
share and GCI growth
as rents continue to increase across the country
• Rationalising cost of doing business ratio
• Increasing value of property management rent roll as rents
continue to increase across the country
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Corporate Structure Experienced Board
Key Metrics
Ticker ASX:AU1 Andrew Jensen – Chairman
Shares on Issue ~439.6M A highly experienced CFO with over 18 years in senior
Share price (at 23rd June 25) $0.021 finance and management roles across real estate, financial
services, telecommunications, and franchising, both in
Market Cap ~$9.2M Australia and internationally.
Cash & Cash Equivalents (at 31 st Dec 24) ~$4.9M
Substantial Shareholders Paul Niardone - Executive Director
Peters Investments Pty Ltd 31.27%
A Perth-based business executive and company director, Mr
Ben Collier 6.31% Niardone was the managing director and founder of ASX-listed
Ausnet Financial Services, which later became The Agency Group
Teldar Real Estate Pty Ltd 5.68% Australia in 2016. His past roles have included executive director
and founder of Professional Public Relations (WA), the largest PR
Convertible Note and communications firm in the State until he sold the business to
WPP.
Peters Investments Pty Ltd1 $4.38M
Adam Davey - Non-Executive Director
Primary Debt Facility
Macquarie Bank Limited (MBL) Facility 2 $10.0M Director of Wealth Management at Canaccord Genuity, Mr
Davey’s expertise spans over 25 years and includes capital
raising (both private and public), mergers and acquisition, ASX
AU1 Share Price Chart - 12 Month listings, asset sales and purchases, transaction due diligence
and director duties.
Dr. Michael Schaper - Non-Executive Director
Brings extensive regulatory and governance expertise to The Agency,
with over a decade as Deputy Chair of the ACCC, leadership roles in
financial product oversight, and board positions across government,
corporate, and not-for-profit sectors. Has experience in franchising
regulation, financial services, and corporate governance.
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Forward looking statements
Disclaimer Not an offer
This presentation is for information purposes
only. This presentation does not comprise a Certain statements contained in this presentation, including information as
prospectus, product disclosure statement or to the future financial or operating performance of the Company and its
other offering document under Australian law projects, are forward looking statements. Such forward looking statements:
(and will not be lodged with the Australian are necessarily based upon a number of estimates and assumptions that,
Securities and Investments Commission) or any while considered reasonable by the Company, are inherently subject to
other law. significant technical, business, economic, competitive, political and social
uncertainties and contingencies; involve known and unknown risks and
uncertainties that could cause actual events or results to differ materially
Summary information from estimated or anticipated events or results reflected in such forward
This presentation does not purport to be all looking statements; and may include, among other things, statements
inclusive or to contain all information about the regarding estimates and assumptions in respect of prices, costs, results
Company or any of the assets, current or future, and capital expenditure, and are or may be based on assumptions and
of the Company. This presentation contains estimates related to future technical, economic, market, political, social and
summary information about the Company and its other conditions.
activities which is current as at the date of this The Company disclaims any intent or obligation to publicly update any
presentation. The information in this presentation forward looking statements, whether as a result of new information, future
is of a general nature and does not purport to events or results or otherwise.
contain all the information which a prospective
The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”,
investor may require in evaluating a possible
“target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”,
investment in the Company.
“schedule” and similar expressions identify forward looking statements.
The Company does not undertake to provide
All forward looking statements contained in this Presentation are qualified
any additional or updated information whether
by the foregoing cautionary statements. Recipients are cautioned that
as a result of new information, future events
forward looking statements are not guarantees of future performance and
or results or otherwise.
accordingly recipients are cautioned not to put undue reliance on forward
looking statements due to the inherent uncertainty therein.
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