Tgi conference call 3T13
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TGI and Calidda Results and Key Developments 3Q 2013 Investor Conference Call November 7th 2013
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Transcript of Tgi conference call 3T13
TGI and Calidda
Results and Key Developments
3Q 2013
Investor Conference Call
November 7th 2013
November 2013
Strictly Private and Confidential
TGI 3Q 2013 Results and Key Developments
3
Table of contents
1. TGI overview and history
2. Financial and operating highlights
3. Sizeable expansion projects are well underway
4. Questions and answers
Appendix
1. Economic, industry and regulatory environment
2. Shareholders and management team
3. EEB Overview
1. TGI overview and history
5
Overview
Stable and growing Colombian economy with sound investment environment
Constructive and stable regulatory framework
Largest natural gas pipeline system in Colombia
Stable and predictable cash flow generation, strongly indexed to the US Dollar
Strong and consistent financial performance
Experienced management team with solid track record in the sector
Expertise, financial strength and support of shareholders
Natural monopoly in a regulated environment
Strategically located pipeline network
Company history
TGI history Pipeline network
Natural gas reserves
City (population)
References
Highlights
Source: Company information and ANH.
2.11 tcf Center
1.89 tcf North
2.99 tcf
Eastern
Producers: Chevron Ecopetrol
Producers: Ecopetrol & Equion South
Valledupar (350k)
Currumaní (27k)
Bucaramanga (1.1mm)
Bogota (7.9mm)
Neiva (477k)
Cali (2.7mm)
Pereira (682k)
Manizales (430k)
Medellin (3.3mm)
0.02 tcf
Pipeline owned by TGI Pipeline owned by a third party
References
BOMT
Owns ~61% of the national pipeline network (3,957 km) and transports 48% of the gas consumed in the country
− Serves ~70% of Colombia’s population, reaching the most populated areas (Bogota, Cali, Medellin, Bucaramanga and the coffee region and Piedemonte Llanero, among others)
− Has access to the two main production regions, La Guajira and Cusiana/Cupiagua
25% interest in Contugas (Peru)
− 30-year concession for natural gas transportation and distribution
TGI was created as a result of the privatization of Ecogás and has experienced remarkable growth since then, under
the leadership of its controlling shareholders, EEB and CVCI
Villavicencio (384k)
6
Creation of Ecogas
1997
2005
Alienation of Ecogas assets
2006
Ecogás awarded to EEB
2007
Creation of TGI and bond issuance Transfer of 1st
BOMT (GBS) and pipelines exchange with Promigas
Transfer of 2nd BOMT (Centragas) and CVCI capitalization
Cusiana expansion phase I begins operations
Subordinated debt is refinanced.
2009
2008
TGI assumes the O&M of owned pipelines
2012
Refinancing of 2007 Bond issue
Cusiana expansion phase II begins operations (3Q)
TGI assumes the O&M of Compressor stations.
Moody´s and Fitch give investment grade rating to TGI
2011
2010
Source: Company information.
Ballena expansion begins Operations
TGI-Transcogas merger
2013
Standard & Poor’s gives investment grade rating to TGI
Headquarters relocation from Bucaramanga to Bogotá
Redesign of organizational structure
2. Financial and operating highlights
8
Solid operational performance
Source: Company information.
Network length
(km)
Capacity
(mmscfd)
Firm Contracted Capacity
(mmscfd)
Transported Volume Gas Losses Load factor
(mmscfd) (%) (%)
371 396
422 420 422 446
2008 2009 2010 2011 2012 20133Q
0.10%
0.20%
0.57% 0.54% 0.52%
0.24%
2008 2009 2010 2011 2012 20133Q
66.1% 69.1% 71.2%
57.6% 58.9% 60.3%
2008 2009 2010 2011 2012 20133Q
3,702
3,529
3,774 3,774
3,957 3,957
2008 2009 2010 2011 2012 20133Q
478 478 548
618
730 730
2008 2009 2010 2011 2012 20133Q
427 437 485
560 604 630
90% 92%
90% 92%
82,7% 88%
2008 2009 2010 2011 2012 20133Q
9
Source: UPME and Company information. (1) As of September 30, 2013. (2) 47,6% of market share of gas transported directly by TGI. Most of the 15% transported by “Others” is natural gas transported by TGI through the
TGI Pipeline System to other pipeline systems.
TGI is the largest natural gas transportation company in the country
− Holds 47.6%(2) market share in the Colombian natural gas transportation sector and owns ~61% of the pipeline network
TGI’s extensive pipeline network (3,957 km) allows the Company to take advantage of new business opportunities and participate in expansion projects in different regions
Other industry participants face high barriers of entry to access TGI’s gas transportation market in a cost-efficient manner
Natural gas transportation market share (1)
Natural gas transported volume (1)
(mmscfd)
(% of natural gas transported volume)
Largest natural gas pipeline system in Colombia
TGI has a dominant market position, holding a natural monopoly with high barriers of entry
Source: Natural gas transportation companies’ Electronic Bulletin of Operations
Source: Natural gas transportation companies’ Electronic Bulletin of Operations
TGI 47%
Promigas 38%
Others 15%
446.5
348.5
46.1 44.2 29.7 11.5 6.0
10
Stable and predictable cash flow generation
TGI’s revenues are highly predictable, with approximately 94% coming from regulated tariffs that are reviewed al least every 5 years, ensuring cash flow stability and attractive rates of return
Main sectors served by the Company (75(1)% of revenues) present stable consumption patterns (no seasonality)
The Company enjoys excellent contract quality
− 100% of TGI’s contracts are firm contracts with an average life of 8,3 years
− 83% of regulated revenues are fixed tariffs, not dependent on transported volume
− Extremely low sensitivity of EBITDA to changes in exchange rate
Revenues breakdown
(% of revenues)
Source: Company information. (1) Includes Distributors, Ecopetrol´s refinery and Natural gas for Vehicles. (2) TGI calculations (3) Ecopetrol accounts for most of this revenue.
TGI’s revenues are highly predictable as a result of regulated tariffs and stable consumption
Source: TGI as of September 30- 2013
Key financial data - Ebitda
US$ in millions )
196 198 224
261 289
350
2008 2009 2010 2011 2012 LTMSept. 13
Ecopetrol 16%
Gas Natural 23%
Gases de Occidente
16%
EPM 12%
Isagen 7%
Others 26%
By Client
Distributors 58%
Refinery 11%
Others 15%
Residential 5%
Vehicles 7%
Others 3%
By Sector
11
And long term firm contracts
Source: Company information. (1) Includes 32 clients.
TGI’s capacity is covered by firm contracts (average life of 8.3 years) with top-tier clients
(1)
In 2008, the Company contracted its capacity on a long term basis, with most of the contracts maturing 2021
TGI has in place a commercial strategy to ensure a timely rollover of the contracts
Retail distributors (regulated users), including Gas Natural, Gases de Occidente, EPM are forced by regulation to have their gas transport needs under firm contracts
-
100.000
200.000
300.000
400.000
500.000
600.000
700.000
800.000
oct
-13
ab
r-1
4
oct
-14
ab
r-1
5
oct
-15
ab
r-1
6
oct
-16
ab
r-1
7
oct
-17
ab
r-1
8
oct
-18
ab
r-1
9
oct
-19
ab
r-2
0
oct
-20
ab
r-2
1
oct
-21
ab
r-2
2
oct
-22
ab
r-2
3
oct
-23
ab
r-2
4
oct
-24
OTHERS
ISAGEN
GASES DEOCCIDENTE
EPM
ECOPETROL
GAS NATURAL
12
Strong and consistent financial performance
Revenues EBITDA and EBITDA margin
Funds from operations (1)
(US$ in millions)
Source: Company information
Historical Capex
(US$ in millions)
(US$ in millions) (US$ in millions)
(1)FFO calculated as net income plus depreciation, amortization and provisions, adjusted for effect from exchange rate and hedges.
On 2012 FFO includes the LM transaction premium~ USD 69 million (one time event)
196 198 224
261 289
350
81.7% 78.2% 76.2% 76.8%
74.0% 77.8%
2008 2009 2010 2011 2012 LTM Sept. 13
14
69
174
387
185
28
2008 2009 2010 2011 2012 Jan -Sept2013
84 96 108 117 133
254
2008 2009 2010 2011 2012 LTM Sept13
240 253
295
339
391
450
2008 2009 2010 2011 2012 LTM Sept13
13
Financial debt breakdown – Sept. 2013 (2)
Subordination Agreement
The lender is EEB (major shareholder)
No repayment of principal allowed before payment of senior debt
Interest can only be paid if there is no default or event of default and if the payment does not trigger any such scenario
Subordinated debt acceleration is not allowed until senior debt is not repaid
Source: Company information. Note: Ratios calculated in local currency (1) Interest coverage ratio calculated as EBITDA / Net Interest (2) Senior debt stands for the US$750 million Senior Unsecured Notes due 2022. Subordinated debt stands for intercompany loan with EEB.
Strong and consistent financial performance
Total Debt / EBITDA (x)
Total Senior Debt / EBITDA (x)
Interest coverage (1)
(x)
6.5 5.6 5.4
4.9 4.2
3.6
2008 2009 2010 2011 2012 LTMSept 13
4.4 3.8 3.7
3.4 2.9
2.5
2008 2009 2010 2011 2012 LTMSept 13
2.0 2.0 2.1 2.5
4.0
5.9
2008 2009 2010 2011 2012 LTMSept 13
Senior Debt 750 m; 60.8%
Sub Debt 370 m; 30.0%
Hedges 114 m; 9.2%
Release of the natural gas price set in the SNT Entry Point.
Through this resolution, gas price is released for the two main gas producing fields in the country, Ballena y Cusiana – Cupiagua.
CREG RESOLUTION 088 OF 2013
Establishes regulations for natural gas market.
Definition of contractual arrangements in the primary market.
Definition of marketing mechanisms.
Defines secondary market with its respective regulations.
Define marketing mechanisms and the different possible contractual arrangements.
Define new market participants with their respective selection mechanism:
Market Manager Market Promoter
Define compensation mechanisms and balance accounts to be applied in the market
The following reliability aspects in the Decree have not yet been defined by the Regulatory Commission:
The CREG will establish the reliability criteria which shall secure the demand coverage and must set the rules for the evaluation and remuneration of these investment projects.
The management of the operational and commercial information in the natural gas sector, is being defined through the implementation of a market manager.
DECREE 2100 OF 2011
Recent Regulatory Decisions
The regulatory framework for natural gas transportation in Colombia is in a stage of important definitions. The main recent regulatory decisions are:
CREG RESOLUTION 089 OF 2013
14
15
3. Sizeable expansion projects are well underway
16
Cusiana – Apiay – San Fernando Expansion La Sabana Compression Plant
Description: Critical to greater expansion of
service to Bogota and surrounding
areas, La Sabana uses MOPICO
technology within a new
compression station
Cost: ~$55mm
Effect: Increase transportation capacity
from 143 to 215 mmcf/d
Status: — Land acquired
— MOPICO compressor supply
contracted
— Environmentally permitted
— Contractor selected and has
initiated work
— Expected Completion: Begin
operations during August 2014
Description: TGI is preparing for the
construction of a 150 km 20” loop
between Cusiana and Apiay as
well as a 50 km 10” pipeline from
Apiay to the San Fernando
generation facilities. TGI’s client is
Ecopetrol
Cost: ~$247mm
Effect: Increase capacity by ~ 70 mmcf/d
Status: — Engineering and environmental
studies underway
— MOU with Ecopetrol signed
— Transportation contract
negotiation in process
— RFP for Construction contracts:
2014
— Expected Completion:
Commercial operation between
2015-2016
Sizeable expansion projects are well underway
17
Eje Cafetero Branches
Description: TGI will increase existing capacity
of Armenia and Chinchina
branches with the construction of
two new loops; Armenia Branch:
37.5 km 8” loop parallel to exiting
6” pipeline and Chinchina – Santa
Rosa – Dosquebradas Branch:
7.5km 3” loop parallel to existing
3” pipeline
Cost: ~$28mm
Effect: Additional revenues from pipeline
from Cusiana to this region.
Status: — Planning stage
— Expected Completion: 2015
Sizeable expansion projects are well underway
La Belleza – Vasconia Expansion
Description: Adapt compression stations in
Vasconia to increase maximum
transport capacity in La Belleza –
Vasconia segment by 230 mmcf/d
Cost: ~$14mm
Expected
Completion: 2014-2015
Adjustments for Venezuela Imports
Description: Adapt infrastructure at Ballena field
to connect the Ballena-
Barrancabermeja pipeline with
PDVSA’s cross-border natural gas
pipeline, enabling the transportation
of natural gas to come from
Venezuela to the central region of
Colombia
Cost: ~$5mm
Effect: Increase system reliability by
making Venezuela’s massive natural
gas reserves available to the largest
consumption centers in Colombia
Expected
Completion: 2014
Bucaramanga
Bogotá
Neiva
Cali
Medellin
2.99 tcf
0.02 tcf
2.11 tcf
EasternProducers:
EcopetrolEquion
Upper Magdalena Valley
1.89 tcf
Ballena
Cusiana
Barrancabermeja Refinery
Llanos Orientales
Sinu
Tumaco
Choco
Cordillera Oriental
Catatumbo
Guajira
Maracaibo
VenezuelaColombia
Cupiagua
Main Oil & Gas Basin
TGI Pipelines
Promigas Pipelines
PDVSA Pipelines
La Belleza – Vasconia Expansion
Description: Adapt compression stations,
delivery and receipt locations
along the Ballena -
Barrancabermeja pipeline so
that it can transport natural gas
in both directions, in order to
allow natural gas to be
transported from the central
region to the north
Cost: ~$20mm
Expected
Completion: 2016
Ballena
Barrancabermeja
18
4. Questions and answers
19
Investor Relations
For more information about TGI contact our Investor Relations team:
http://www.tgi.com.co
http://www.grupoenergiadebogota.com.co
Santiago Pardo de la Concha
CFO
+57 (1) 3138400 - ext 2320
Fabian Sánchez Aldana
Investor Relations Advisor GEB
+57 (1) 3268000 – ext 1897
Antonio Angarita
Investor Relations Officer GEB
+57 (1) 3268000 - ext 1546
Sergio Andrés Hernández Acosta
Finance Director
+57 (1) 3138400 - ext 2450
20
Appendix 1 – Economic and Industry Environment
21
Source: IMF, World Bank, Colombian Central Bank, National Administrative Department of Statistics and Bloomberg 1 2013E corresponds to the the average of the period January 2013 - September 2013.
Foreign Currency Reserves Increasing Foreign Direct Investments
High Real GDP Growth, Resilient to Global Setbacks Low Inflation & Country Risk Coupled with Strong Currency
1.7%
2.5%
3.9%
5.3%
4.7%
6.7% 6.9%
3.5%
1.7%
4.0%
6.6%
4.0% 4.1% 4.5%
0%
1%
2%
3%
4%
5%
6%
7%
8%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E
Re
al
GD
P G
row
th (
% c
hg
yo
y)
GDP per
Capita
(US$ ‘000)
2.4 2.4 2.3 2.8 3.4 3.7 4.7 5.5 5.2 6.3 7.3 7.9
7.7%
3.0%
602
153
$2,291
$1,900
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
0%
2%
4%
6%
8%
10%
12%
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
E
20
14
E
Inflation (EOP) EMBI+¹ (Avg) FX Rate (EOP)
21
$2 $3
$10
$7
$9
$11
$7 $7
$13
$16
1.8% 2.6%
7.0%
4.1% 4.4% 4.3% 3.0% 2.4%
4.0% 4.2%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Foreign Direct Investments (US$bn) FDI / GDP (%)
8.2 8.4
Colombia did not
enter into recession
during the last
global financial
crisis
Stable and growing Colombian economy with sound investment environment
9 10 11 11 14 15 15
21 24 25
28 32
37 41
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0
5
10
15
20
25
30
35
40
45
20002001200220032004200520062007200820092010201120122013(e)
International reserves Debt as % of GDP
Source: UPME, ANH, Concentra and 1994 & 2013 BP Statistical Review of World Energy 1 Mining and Energy Planning Unit. 2 National Hydrocarbons Agency.
Natural Gas is Replacing More Expensive and Less Environmentally-Friendly Fuel Sources
Growing Demand of Natural Gas Significant Availability of Natural Gas
Reserves mostly located
in the north and east
regions of the country
Key fields (Ballena,
Chuchupa, Cusiana and
Cupiagua) concentrate
virtually all of the natural
gas production
Long distances between
production and main
consumption areas
Minimal gas storage
capacity across the
country
Total
Domestic
Demand
(mmcf/d)
Expected
2012A-2016E
Growth by
Sector
1994 Total Fuel
Consumption: 26.2 mtoe
2012 Total Fuel
Consumption: 36.6 mtoe
22
Natural Gas in Colombia: Increasing Demand and Vast Reserves
(0.2)%
0.4% 2.8% 3.1%
10.5%
20.9%
Petro-chemical
Industrial Residential PowerGeneration
NGV Refinery
Bucaramanga
Bogotá
Cali
Medellín
2.99 tcf
0.02 tcf
2.11 tcf
Eastern
Producers:
Ecopetrol
Equion
Upper Magdalena Valley
Lower and Middle
Magdalena Valley
Northern
Producers:
Chevron
Ecopetrol References
Natural Gas Reserves
Main Oil & Gas Basins
City
1.89 tcf
Llanos
Orientales
Catatumbo
Guajira
Sinu
Tumaco
Choco
Valle Superior
Del Magdalena
Cordillera
Oriental
Valle Inferior
Del
Magdalena
Valle Medio
Del
Magdalena
11.7
7.0
0.4 0.3 0.1
Reserves perUPME¹
Reserves perANH²
2012 Production 2012 Demand 2012 Exports
tcf
Prospective Non-Conventional Prospective Conventional
Probable + Possible Proved
Oil34.7%
Hydroelectric29.5%
Natural Gas
24.3%
Coal10.9%
Renewables0.5%
Oil44.2%
Hydroelectric27.7%
Natural Gas
14.3%
Coal13.6%
Renewables0.3%
637 695 731 723810 860
783 819936
1012
2005 2006 2007 2008 2009 2010 2011 2012 2013E2016E
'05-'12 CAGR: 3.7%
'12-'16 CAGR: 5.4%
Regulatory framework established to attract private sector investment
Law 142 (1994) establishes system of open entry to the natural gas transportation sector − No term limitation for the provision
of the service − Assets used in the provision of the
service are not owned by the state but by the company providing such service
CREG required by law to seek input from market participants
CREG is an independent regulatory body that controls natural gas regulation − Sets tariffs, promotes competition
and monitors quality of service
Tariff calculation based on the principle of financial feasibility and economic efficiency
Tariffs are set in order to allow the service provider to: − Recover operational costs and
investments − Obtain a return on investment
comparable to what an efficient company would obtain in a sector of similar risk
Cost recovery, attractive regulated return on investment and protection against inflation
Transporters are given full recovery of operating and maintenance expenses − Adjusted by Colombian Price
Index (CPI) Dollar indexation of investment
remuneration tariff Different rates of return applied
when determining fixed and variable charges
Constructive and stable regulatory framework
Source: Company information.
The Colombian gas transportation regulatory framework was established to attract private sector investment and provide adequate cost recovery and regulated returns
Appendix 2 – Shareholders and management team
(68.1% of TGI)
Leading energy holding company with interests across the electricity and natural gas sectors in Colombia, Peru and Guatemala
Founded in 1896 and controlled by the City of Bogota (with a 76.28% ownership stake)
Participates in the electricity and natural gas sectors through controlling and non-controlling investments
− Controlling investments in electricity transmission (Energia de Bogota and Trecsa), electricity distribution (EEC), natural gas transportation (TGI) and natural gas distribution (Contugas and Calidda)
− Non-controlling investments in electricity transmission (REP Peru, CTM Peru and Isa), electricity generation (Emgesa and Isagen), electricity districution (Codensa and Electrificadora del Meta), natural gas transportation (Promigas) and natural gas distribution (gasNatural Fenosa)
US$ 840 Million EBITDA LTM (3Q 2013) and US$ 2.805.81 thousand (to september)
Leading private equity in emerging markets focused on companies with compelling growth prospects across India, China, Asia Pacific, Emerging Europe, Africa and Latin America
Founded in 2001
Focused on Latin America, Asia, Emerging Europe and other regions with strong growth potential
Participates in companies covering a broad range of industries in high-growth sectors and markets
CVCI currently manages over U.S.$7 billion in equity investments and committed capital
Contributes know-how and financial discipline to TGI
(31.92% of TGI)
Expertise, financial strength and support of shareholders
25
68.1%
25%
15.6%
Electricity
Transmission
40% 40%
1.8%
98.4%
Generation
51.5% *
2.5%
Distribution
51.5% *
16.2%
51%
82%
Distribution Transportation
Natural Gas
75%
60%
100%
*EEB is not the controlling
shareholder and is a party to
signed shareholder
agreements.
40%
25%
68.1%
TGI as part of the EEB Group:
100%
100%
26
TGI is run by an experienced and seasoned management team with a long tenure in the natural gas transportation industry
Name /
Position
Years of
Experience
23 Ricardo Roa Barragán
CEO
Mechanical Engineer (Universidad Nacional); post-graduate degree in Management Systems
Engineering (Pontificia Universidad Javeriana)
Over 23 years of experience in the private and public sectors (ESSA, ANDESCO, Superintendency
of Domestic Public Services, Poliobras, Organización Ardila Lulle)
Biography
Santiago Pardo
CFO
Economist (Universidad de Los Andes); MBA (Cornell University)
Over 21 years of experience in international finance and banking, with focus on energy and
infrastructure (Citi, Abacus Capital, Reficar)
Carlos Arturo Torres
Vice-President for
Legal and Regulatory
Affairs
Lawyer (Universidad de Los Andes); Business Law (Universidad de Los Andes)
Over 20 years of experience in the oil & gas industry. Former General Counsel at Petrobras
Colombia Limited.
Mauricio Montoya
Corporate Planning and
Business Development
(Senior Manager)
Civil Engineer (Universidad de Los Andes); Masters in Science in Construction Engineering and
Project Management (University of Texas at Austin) and Specialization Studies in Finance and
International Business (Universidad de La Sabana)
Over 12 years of experience, including 9 years in the natural gas transportation sector working for
Ecogas and TGI
David Riaño
Regulatory Affairs
(Manager)
Electrical Engineer (Universidad de La Salle); Masters in Industrial Engineering (Universidad de Los
Andes); Masters in Economics (Pontificia Universidad Javeriana)
Over 18 years of experience in technical and economic regulation of gas and electricity sector
(CREG, Colombian Electricity Generators Association, Superintendency of Energy and Gas,
Superintendency of Public Services)
21
20
12
18
Experienced management team with solid track record in the sector
Carlos Toledo Vice-President for
Administration and Public
Relations
Degree in Electrical Engineering and specialization in telecommunications from Universidad
Industrial de Santander Master’s degree in Applied Political Studies from FIIAPP. Master in Social
Cohesion from Universidad de Mendez Pelayo, España.
Over 7 years serving the public and private sectors
Vice-President for Administration and Public Relations since May 2012.
7
27
Appendix 3 – EEB Overview
EEB Strategy and Overview Strategy
Transportation and distribution
of energy
Key facts
More than 100 years’ experience in the sector; founded in 1896.
Regional leader in the energy sector; major player in the entire electricity
and natural gas value chains (except E&P); operations in Colombia,
Peru, and Guatemala.
Largest stockholder is the District of Bogota - 76.2%.
Stock listed on the Colombia stock exchange; EEB adheres to global
standards of corporate governance.
The EEB Group is one of the largest issuers of equity and debt in
Colombia
USD Million 3Q 13
Operating revenue 757
Operating income 279
EBITDA LTM 840
Net Income 869
Consolidated - Covenants 3Q 13
Leverage Ratio 1.6
Interest Coverage Ratio 9.1
68.1%
25%
15.6%
Electricity
Transmission
40% 40%
1.8%
98.4%
Generation
51.5% *
2.5%
Distribution
51.5% *
16.2%
51%
82%
Distribution Transportation
Natural Gas
75%
60%
100%
*EEB is not the controlling
shareholder and is a party to
signed shareholder
agreements.
40%
25%
100%
100%
Focus on
natural
monopolies
Ample access
to capital
markets
Ambitious
projects in
execution
Growth in
controlled
subsidiaries
Sound
regulatory
framework
Experienced
management
and partners
Disclaimer
This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are only predictions and are not guarantees of future performance. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of TGI, its consolidated subsidiaries and related companies to market risks and statements expressing management’ expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “objectives”, ”outlook”, “probably”, “project”, “will”, “seek”, “target”, “risks”, “goals”, “should” and similar terms and phrases. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Although TGI believes that the expectations and assumptions reflected in such forward-looking statements are reasonable based on information currently available to TGI’s management, such expectations and assumptions are necessarily speculative and subject to substantial uncertainty, and as a result, TGI cannot guarantee future results or events. TGI does not undertake any obligation to update any forward-looking statement or other information to reflect events or circumstances occurring after the date of this presentation or to reflect the occurrence of unanticipated events.
