SIB Investor Presentation - Dec 2011 (FINAL Online)

8/2/2019 SIB Investor Presentation - Dec 2011 (FINAL Online)

http://slidepdf.com/reader/full/sib-investor-presentation-dec-2011-final-online 1/57

INVESTOR PRESENTATION

DEC 2011



South Indian Bank… At A Glance

2

• Number of years in banking business

83 Years

• Number of branches

674• Number of ATM’s

614

• Business as on Dec 2011-2012

` 58884 Cr

• Business Growth (Y – to – Y)

27%• Last 5 years business CAGR

25%

• Net Profit for the period ended Dec 2011-2012

`280 Cr

• Net Profit for the Q3 (2011-2012)

` 102 Cr

• Net Interest Margin (Dec 11)

3.05 %

• Capital Adequacy Ratio (Basel II –Dec 11)

12.03%

• Net Non-Performing Assets (Dec 11)

0.24%



3

History &

Background

Key Strength

Overview

Future Strategy



4



One of the oldest Banks in South India.

First among private sector Banks in Kerala tobecame a SCB in 1946.

Listed in NSE, BSE & CSE- IPO in 1998.

FPO In 2006

Incorporated on January 25, 1929.Head Office: Thrissur, Kerala

First private sector bank to open a NRI branch inNov,1992 & an IFB branch in March 1993

Successful QIP in Sept 2007

First bank among the Pvt sector banks in Kerala toopen an "Overseas Branch“, june,93.

History & Pioneering Initiatives

5



6



Shareholding Pattern – as on 31.12.2011

Diversified shareholding & tradition of good corporate governance practices

7

Individuals

39.46%

Corporates7.81%

Fis and Banks

6.60%

FII's

42.25%

Others

3.88%

Individuals

Corporates

Fis and Banks

FII's

Others



Vision & Mission

8

CORPORATE VISION

MISSION

To emerge as the most preferred bank in the country in terms of brand, values,principles with core competence in fostering customer aspirations, to build highquality assets leveraging on the strong and vibrant technology platform inpursuit of excellence and customer delight and to become a major contributorto the stable economic growth of the nation.

To provide a secure, agile, dynamic and conducive banking environment tocustomers with commitment to values and unshaken confidence, deploying thebest technology, standards, processes and procedures where customerconvenience is of significant importance and to increase the stakeholders’

value.



9



Healthy Fundamentals

Adequately Capitalised;

•12.03% CRAR & 9.61% Tier 1 ratio

Asset Quality;

• 0.94% GNPAs & 0.24% NNPAs

•75.18% NPA Coverage ratio

•17.51% ROE, 1.06% ROAA

•Over 85% secured loan book

Strong Growth

• One of the fastest growing banks in

India.

• 25% CAGR in business in last 5 years

•Constant growth in Business &

Profitability

Most advanced technology in all

spheres of banking operations &

delivery channels.

Key Competitive Advantage

• Fast expanding branch network

• High Asset Quality with well diversified

Loan portfolio

• 9% market share in Kerala’s NRI deposit

base.

•Strong boost to Income from high

yielding gold loans forming 26% of the

loan book.

Significant Turnaround

•Benchmarked HR Practices & Introduced

Performance Linked Incentive schemes,ESOP, Annual Performance contest-

Awards.

•Forward looking Human Capital

Management Strategy

•Highly skilled human capital- 46% of

human capital under age 30 withprofessional qualification

Key Strengh

10



Spread of Branches

11

Average Branch &

ATM networkgrowth @ 10% (forlast & current FY)

Vast and Rapidly Growing Branch Network



12

Rural, 124, 18%

Semi- Urban, 309,

46%

Urban, 142, 21%

Metro, 99, 15%

Rural

Semi- Urban

Urban

Metro

Branch Network – Category wise as in Dec 11



13

STATES No: of Branches STATES No: of Branches

KERALA 373 JHARKHAND 2

TAMIL NADU 117 MADHYA PRADESH 2

ANDHRA PRADESH 44 ORISSA 2

KARNATAKA 38 PONDICHERRY 2

MAHARASHTRA 24 RAJASTHAN 2

DELHI 21 ASSAM 2

WEST BENGAL 9 BIHAR 1

UTTAR PRADESH 8 CHANDIGARH 1

GUJARAT 6 JAMMU & KASHMIR 1

HARYANA 4 UTTARANCHAL 1

PUNJAB 4 TRIPURA 1

GOA 4 HIMACHAL PRADESH 1

CHATTISGARH 3 MEGHALAYA 1

State wise distribution of Branches – Category wise as in Dec 11



14

0

10

20

30

40

50

60

70

FY 07 FY 08 FY 09 FY 10 FY 11 FY 12

25 25

30

50

6160

N u m b e r o f B r a

n c h e s a d d e d

E s t i m a t e d

Network Expansion (Number of branches added)



15

N u m b e r o f

B r a n c h e s

475500

530580

641

701

0

100

200

300

400

500

600

700

800

FY 07 FY 08 FY 09 FY 10 FY 11 FY 12

E s t i m a t e d *

* No: of branches as on 31.12.2011 – 674

Branch Network



16

N u m b e r o f A

T M s a d d e d

0

20

40

60

80

100

120

140

FY 08 FY 09 FY 10 FY 11 FY 12

5055

93

116

136

E s t i m a t e d

Network Expansion (Number of ATMs added)



17

N u m b e r o

f A T M s

225

280

373

489

625

0

100

200

300

400

500

600

700

FY 08 FY 09 FY 10 FY 11 FY 12

E s t i m

a t e d *

* No: of ATM’s as on 31.12.2011 – 614

ATM Network



Project SIBERTECH- 100% Core Banking Solution (CBS) using FINACLE from Infosys.

Centralized Data Centre with most advanced technological platform in a new state of the art “Green” complied

building at Kochi, Kerala.

Emphasis on IT security & Risk Management - Disaster-recovery site at Bangalore for CBS & Regular IS Audits.

Member of INFINET & 614 On-line ATMs through NFS tie-up with other banks

A host of hi-tech products- International debit & credit cards, high speed & secure Internet & Mobile Banking forretail & corporate clients.

Online Value added services - Stock trading, ticket booking, mobile recharges, shopping, Utility payments, offerings.

SIB FINS Card -A smartcard based FI initiative in association with M/s Coromandel InfoTech India Ltd., Chennai, as thetechnology service provider.

Successfully implemented RTGS & NEFT in all branches.

Successfully launched Smart card at Christ University, Bangalore which works as Access card, Identity card, ATM cardand card for payment of fees in Christ College for around 10000 students.

Best-in-class IT products & solutions in all banking operations like Treasury, Risk Management, AML, CreditProcessing, HR, Audit & KYC.

18

EFFICIENT SERVICE LEVERAGING ON TECHNOLOGY



RANGE OF PRODUCTS

19

Loan Products Deposit products Other Products

Retail Business LoansHousing Loans/

Mortgages

Auto Loans

Personal Loans

Education Loans

Employee Group Loans

SME Loans

•Savings Bank Accounts

•Current Accounts

•Fixed/ Recurring

Deposits

•Depository Account

• Mutual Funds sales

• Life Insurance sales

• General Insurance sales

• Group Insurance sales

• E-payment

• Cash Management Services

• Online Foreign Inward Remittance• m-Commerce

• New Pension System

•Gold Coins/ingots

Commercial Banking

•Working Capital Loans

•Term Loans

•Wholesale Deposits

•Letters of Credit

•Banks Guarantees

• Bill Finance

RetailBanking

WholesaleBanking



20

Particulars March 10 March 11 Dec 11

Number of Business Correspondents (BCs)appointed 0 7 29

Number of villages with population above

2000 provided with banking facility (Rural

branches & BCs)

107 117 154

Number of rural households covered 2.46 Lakh 2.47 Lakh 3.58 Lakh

Number of ‘No-frills’ accounts (including

Students A/c)6.83 Lakh 10.26 Lakh 11.75 Lakh

No-frills accounts - amount 64.06 crore 102.72 crore 119.93 crore

We have been empanelled by UIDAI for opening ‘No-Frills account’ based on AADHAAR

enrollment in 26 districts & 39 villages already allotted for Financial Inclusion.

We have implemented the Smart Card model for FI as per the open standards and as recommended byIBA /IDRBT Technical Committee. Also planning for implementing the Smart Card model for Urban FI.

FINANCIAL INCLUSION



Life Insurance with LIC

General Insurance with Bajaj Allianz

Mutual funds –All the leading AMCs in India

Sri Lanka's Hatton National Bank (HNB)

• Improve the remittance flow to India and Sri Lanka

More than 30 exchange houses & banks in middle east

• Facilitating fast remittances for more than 2lakh NRI customers, mostly from Gulf countries

Providing managerial support to overseas exchange house - HADI exchange house

21

Strategic Tie Ups



Best Bank in Asset Quality (Pvt Sect or Bank) Award - Dun & Bradstreet 2011

Best Bank in Priority Sector Lending (Pvt Sect or Bank) Award - Dun & Bradstreet 2011

Technology Excellence Award in 2010 from IRDBT

India’s Best Bank 2010 Award – “Business world – Price Water House CoopersBest Banks Survey 2010”

Best Asian Banking Website - Asian Banking & Finance Magazine, Singapore.

Best Old Pvt Sector Bank - Financial Express India's Best Banks 2008-2009.

Best Pvt Sector bank in the Service quality segment Outlook Money - CFore Survey.

Best Website Award from Kerala Management Association

RECOGNITIONS

22



Business Performance

NIM

Net profit

Busniess.

23



24

Net

Profit

(Upto Dec)

280

211

NetProfit(Q3)

102

75

Business

58884

46186

Advance

25050

19188

Deposit

33834

26998

Net NPA

0.24%

0.39%

GrossNPA

0.94%

1.33%

Dec11

Dec 10

(` in Crores)

25%31%27%33% 36%

Financial Highlights – FY12 (Q3)



Profitability – FY12 (Q3)

25

• 25%Operating Profit

• 36%Net Profit

Year to Year Growth (Q3)

143

179

75

102

0

20

40

60

80

100

120

140

160

180

200

Q3 (FY 10-11) Q3 (FY 11-12)

Operating Profit

Net Profit



Profitability – FY12 (Period upto Dec)

26

• 31%Operating Profit

• 33%Net Profit

Year to Year Growth (Period upto Dec)

372

488

211

280

0

100

200

300

400

500

600

Q3 (FY 10-11) Q3 (FY 11-12)

Operating Profit

Net Profit



RoA coming mainly from Core Income

27

0.88

1.05

0.85

0.940.99

0.98

1.11

0.93

1.04 1.06

0.00

0.20

0.40

0.60

0.80

1.00

1.20

FY-08 FY-09 FY-10 FY-11 FY-12

ROA - Q3*

ROAA - Q3*

*Annualized

Improved Quality of Earnings



28

Total Business and Growth

Business grew over 2.4 times at CAGR of 25% in 5 years

(` in Crores)

24,504 27,78235,511

46,18658,884

62,000

78,000

100,000

0

20000

40000

60000

80000

100000

120000

FY-08 FY-09 FY-10 FY-11 FY-12 FY-12 Mar FY-13 Mar FY-14 Mar

P r o j e c t i o n

P r o j e c t i o n

P r o j e c t

i o n

Business Trend for the period upto Dec



29

Credit Deposit Ratio

66.75% 66.97%

70.28%69.83%

73.03%

63%

64%

65%

66%

67%

68%

69%70%

71%

72%

73%

74%

FY-08 FY-09 FY-10 FY-11 FY-12

Business Trend for the period upto Dec



30

Growth in Deposits

Deposits increased @ 24% CAGR

(` in Crores)

14,484

16,44220,643

26,998

33,834

0

5000

10000

15000

20000

25000

30000

35000

40000

FY-08 FY-09 FY-10 FY-11 FY-12

Deposits

Deposits for the period upto Dec



31

Low Cost deposits form 25% of total deposits.

Annual Trend in Low cost depositsComposition of Deposits(` in Crores)(` in Crores)

4023

4966

6058

976 1079 12221183

1019 831416

452459

0

1000

2000

3000

4000

5000

6000

7000

FY-10 FY-11 FY-12

SB Deposit CD Deposit NRE T-Deposit FCNR Dep

Deposits – Composition and Trend

SB Deposit,

6058, 18%

CD Deposit,

1222, 4%

Term

Deposit,

26554, 78%



Growth in Advances

Advances increased by 31% (Y-to- Y)

32

(` in Crores)

10020

1134014868

19188

25050

0

5000

10000

15000

20000

25000

30000

FY-08 FY-09 FY-10 FY-11 FY-12

Adavance

Advances for the period upto Dec



33

Sector Upto 5 Crores Above 5 Crores Total % to total

Agriculture 2226.74 326.78 2553.52 10.19%

MSME 1525.76 625.63 2151.39 8.59%

Large Scale Industries517.72 3833.92 4351.64

17.37%

Housing 1160.65 402.49 1563.14 6.24%

Commercial Real Estate 63.28 0.00 63.28 0.25%

NBFC 56.32 1111.01 1167.33 4.66%

Food Credit 0.00 431.08 431.08 1.72%

LC Bills 0.00 2965.71 2965.71 11.84%

Other 7098.09 2704.82 9802.91 39.13%

Total 12648.56 12401.44 25050.00 100.00%

Advances – Composition (Dec 2011)



34

Trend in Cost of Deposits

6.74%

7.15%

7.03%

6.40%

7.77%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

FY-08 FY-09 FY-10 FY-11 FY-12

10.70%

11.48%

11.39%

10.69%

12.30%

9.50%

10.00%

10.50%

11.00%

11.50%

12.00%

12.50%

FY-08 FY-09 FY-10 FY-11 FY-12

Trend in Yield on Advances

Trend in Cost & Yield (For the period upto Dec)



35

6.40%6.57%

7.60% 7.66%

7.77%

5%

6%

7%

8%

9%

Dec-10 Mar-11 Jun-11 Sep-11 Dec-11

10.69%

10.90%

11.75%

12.11%

12.30%

9.50%

10.00%

10.50%

11.00%

11.50%

12.00%

12.50%


Trend in Cost of Deposits Trend in Yield on Advances

Trend in Cost & Yield (Quarterly)



36

SLR & Non SLR Securities Composition of Investment Book

` in Crores

Category Amount Percentage

Held to Maturity 7229.90 86.67%

Held for Trading 98.33 1.18%

Available for Sale 1014.10 12.16%

Total 8342.34 100.00%

35383904

5129

6452

7952

6681177 1102

1570

390

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

FY-08 FY-09 FY-10 FY-11 FY-12

SLR Securities Non-SLR Securities

Investment Portfolio (Dec 2011)



37

Mar-11 Jun-11 Sep-11 Dec-11

Total Investment

Portfolio3.67 3.61 3.69 4.07

Total HM

Investment

Portfolio

4.81 4.68 4.61 4.55

Total HFT and

AFS together

InvestmentPortfolio

0.42 0.39 0.39 0.64

Duration of Investments

6.46%

7.04%

5.79%

6.35%

6.84%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

FY-08 FY-09 FY-10 FY-11 FY-12

Investment Portfolio (Dec -2011)

Yield on Investments



15.39

14.01

17.35

14.89

12.03

0

2

4

6

8

10

12

14

16

1820

FY-10 FY-11 FY-12

Yearly

Quarterly - Q3

38

The bank has CRAR in excess of the required minimum of 9%

stipulated by RBI.

CRAR – Basel 2

Adequately Capitalized



39

Strong Core Capital. Dependence on Capital Instruments low.

12.31%

11.27% 10.86% 10.80%

9.61%

2.58% 2.74% 2.65% 2.68% 2.42%

0%

2%

4%

6%

8%

10%

12%

14%


Tier 1 CRAR Tier 2 CRAR

Strong Core Capital (Tier 1 & Tier 2 CRAR)



40

RWA Tier 1 Capital Tier 2 Capital Total Capital

Mar 10 11377 1412 337 1749

Jun 10 11270 1476 326 1802

Sep 10 11861 1551 330 1881

Dec 10 13174 1622 340 1962

Mar 11 14647 1650 401 2051

Jun 11 15152 1645 401 2046Sep 11 15173 1643 408 2051

Dec 11 17069 1640 414 2054

( ` in crores)

Strong Core Capital (Trend)



41

Gross Annual income grew over 2.6 times in 5 years at CAGR 27%

Total Income

( ` in crores)

Trend in Expenses

Trend in Income & Expenses (For the period ended Dec)

8571071

1301

1506

2265

0

500

1000

1500

2000

2500

FY08 FY09 FY10 FY11 FY12

Int Exp Staff Exp Other Exp

1043

13341587

1879

2754

0

500

1000

1500

2000

2500

3000

FY08 FY09 FY10 FY11 FY12

Int on Adv Int on Inv Oth Int



42

Yield on Funds

8.54%

9.33%

8.98%

8.59%

9.85%

7.50%

8.00%

8.50%

9.00%

9.50%

10.00%

FY-08 FY-09 FY-10 FY-11 FY-12

Cost of Funds

6.05%6.45%

6.35%

5.78%

7.04%

0%

1%

2%

3%

4%

5%

6%

7%

8%

FY-08 FY-09 FY-10 FY-11 FY-12

Trend in Income (For the period ended Dec)



43

Particulars Period ended 31/12/2010 Period ended 31/12/2011

Commission, Exchange & Brokerage 25.39 24.89

Profit on sale of investment (Net) 25.12 31.83

Profit on sale of Land, Building & Other assets (Net) -0.01 0.06

Profit on Exchange Transactions (Net) 13.59 19.46

Miscellaneous Income

1. Processing Fees 9.94 11.68

2. Rent Received - -

3. Others (Folio charges, Locker Rent) 62.18 76.65

Total 136.21 164.57

( ` in crores)

Composition of Non-Interest Income



44

Net profit grew at CAGR of 27% (Y-Y) in last 5 years.

Net Interest margin (NIM) remains at satisfactory range.

Growth in Net Profit

107145 148

211

280

0

50

100

150

200

250

300

FY-08 FY-09 FY-10 FY-11 FY-12

2.80%

3.03%

3.05%

2.75%

2.80%

2.85%

2.90%

2.95%

3.00%

3.05%

3.10%

FY-10 FY-11 FY-12

Profitability for the period ended Dec

Net Interest Margin



45 45

Return on Average Asset

12.32%

14.76%

13.62%

16.50%17.51%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

FY-08 FY-09 FY-10 FY-11 FY-12

0.98%

1.11%

0.93%

1.04%

1.06%

0.80%

0.85%

0.90%

0.95%

1.00%

1.05%

1.10%

1.15%

FY-08 FY-09 FY-10 FY-11 FY-12

Efficiency for the period ended Dec

Return on Equity Return on Average Asset



46 46

(Amount in ̀ )

51.07%

45.68%

50.79%

47.28%45.83%

10%

20%

30%

40%

50%

60%

FY-08 FY-09 FY-10 FY-11 FY-12

1.571.71 1.74

2.48

3.29

0

1

1

2

2

3

3

4

FY-08 FY-09 FY-10 FY-11 FY-12

Efficiency for the period ended Dec

Cost / Income Ratio Earning Per Share (Annualized)



47 47

(` in Lakh)

Profit Per Employee

(` in Lakh)

514570

649

787

956

0

200

400

600

800

1,000

1,200

FY-08 FY-09 FY-10 FY-11 FY-12

3.42

4.234.04

5.39

6.64

0

1

2

3

4

5

6

7

FY-08 FY-09 FY-10 FY-11 FY-12

Productivity (for the period ended Dec)

Average Business Per Employee Profit Per Employee



48 48

(` in Crores) (` in Lakh)

44.27

50.32

55.78

67.10

79.90

0

10

20

30

40

50

60

70

80

90

FY-08 FY-09 FY-10 FY-11 FY-12

51.53

67.83 66.99

81.09

96.91

0

20

40

60

80

100

120

FY-08 FY-09 FY-10 FY-11 FY-12

Productivity (for the period ended Dec)

Average Business Per Branch Operating Profit Per Branch



49 49

2.53%

1.85%

1.46%

1.33%

0.94%

0.49%0.39% 0.39% 0.39%

0.24%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

FY-08 FY-09 FY-10 FY-11 FY-12

Gross NPA Net NPA

76.11%72.97% 74.27%

70.69%

75.18%

0%

10%

20%

30%

40%

50%

60%

70%

80%

FY-08 FY-09 FY-10 FY-11 FY-12

Asset Quality for the period ended Dec

Gross NPA & Net NPA(%) Provision Coverage



50

Asset Quality maintained at high level.

Provision coverage comfortable

(Amount in ` crore)

50

Change in Gross NPA &

Net NPA

Year ended

31/03/2010

Period

ended

31/12/2010

Year ended

31/03/2011

Period

ended

31/12/2011

Gross NPA 211 253 230 234

Gross NPA (%) 1.32% 1.33% 1.11% 0.94%

Net NPA 62 74 60 58

Net NPA (%) 0.39% 0.39% 0.29% 0.24%

Asset Quality



51 51

(` in Crore)

ParticularsYear ended

31/03/2010

Year ended

31/03/2011

Period ended

31/12/2010

Period ended

31/12/2011

For NPA advance 34.98 27.74 31.75 7.34

For Depreciation on

Investments

-40.94 9.37 0.38 24.48

For NPA investment 2.14 0.26 0.26 0.00

For standard assets 6.43 21.60 15.65 28.20

For income tax 133.55 152.94 107.92 141.94

For Restructured advances 7.58 -0.05 -0.04 3.34

General Provision 33 20 5 0

Other impaired assets 0.07 0.84 0.34 3.49

Total Provisions and

Contingencies176.81 232.7 161.26 208.79

Break-up of Provision



52 52

PerformanceHighlights

Mar-10 Jun-10 Sep-10 Dec-10

Year

ended

Mar-11

Jun-11 Sep-11 Dec-11

CRAR Basel 2 (%) 15.40% 15.99% 15.86% 14.89% 14.01% 13.51% 13.48% 12.03%

Return on Assets

(Annualised)1.07% 0.91% 1.03% 1.04% 1.05% 1.02% 1.05% 1.06%

NIM (%) 2.80% 2.80% 3.00% 3.00% 3.10% 2.80% 3.00% 3.05%

Gross NPA's 211 223 228 254 230 236 230 234

Net NPA 61 65 67 74 60 63 58 58

Gross NPA (%) 1.32% 1.33% 1.27% 1.33% 1.11% 1.07% 0.99% 0.94%

Net NPA (%) 0.39% 0.39% 0.38% 0.39% 0.29% 0.29% 0.25% 0.24%

Provision Coverage 70.50% 70.70% 70.10% 70.70% 73.64% 73.15% 74.70% 75.18%

CASA 5323 5852 5979 6045 6404 6790 7038 7280

CASA % 23.10% 25.10% 23.90% 22.40% 21.55% 21.47% 21.30% 21.51%

Deposits 23012 23331 25060 26998 29721 31622 33038 33834

Advances 16115 16728 18029 19188 20799 22151 23348 25050

Yield on advances 11.14% 10.77% 10.61% 10.69% 10.90% 11.75% 12.11% 12.30%

(` in Crore)

Performance Highlights



FUTURE STRATEGY

53



Way Forward

54

1

Enhancing income

from distribution of

third party

products

2

Ramping up low

cost as well as

retail liabilities

franchise

3

Enhancing

productivity per

branch/per

employee

54

Key Focus



Key Focus

Aims to open 60 branches & 120 ATMs this fiscal to boost network & take branch tally to

701 by March 2012.

Aims to increase total business mix to Rs 1.25 lakh crore by March 2015.

Enhancing income from distribution of third party products

Ramping up low cost as well as retail liabilities.

Enhancing productivity per branch/per employee

55

I N



IMPORTANT NOTICE

56

No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness,

accuracy, completeness or correctness of such information or opinions contained herein. The information containedin this presentation is only current as of its date. Certain statements made in this presentation may not be based on

historical information or facts and may be “forward looking statements”, including those relating to the Company’s

general business plans and strategy, its future financial condition and growth prospects, and future developments in

its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-

looking statements due to a number of factors, including future changes or developments in the Company’s business,

its competitive environment and political, economic, legal and social conditions in India. This communication is for

general information purpose only, without regard to specific objectives, financial situations and needs of any

particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any sharesin the Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or

commitment Important Notice whatsoever. The Company may alter, modify or otherwise change in any manner the

content of this presentation, without obligation to notify any person of such revision or changes. This presentation

can not be copied and/or disseminated in any manner.

56



THANK YOU

SIB Investor Presentation - Dec 2011 (FINAL Online)

Documents

Transcript of SIB Investor Presentation - Dec 2011 (FINAL Online)