-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Pgt6dmgvyNyU70NXJ72qUMWiOQUdrXtf1+4RD5Eo3V2cavotDo8liN3UzGwMv3RH IGmxElIerSUOgw0pjE0FkQ== 0000950123-01-002321.txt : 20010319 0000950123-01-002321.hdr.sgml : 20010319 ACCESSION NUMBER: 0000950123-01-002321 CONFORMED SUBMISSION TYPE: 425 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20010316 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN GENERAL CORP /TX/ CENTRAL INDEX KEY: 0000005103 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 740483432 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 425 SEC ACT: SEC FILE NUMBER: 001-07981 FILM NUMBER: 1569723 BUSINESS ADDRESS: STREET 1: 2929 ALLEN PKWY CITY: HOUSTON STATE: TX ZIP: 77019 BUSINESS PHONE: 7135221111 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN GENERAL CORP /TX/ CENTRAL INDEX KEY: 0000005103 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 740483432 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 425 BUSINESS ADDRESS: STREET 1: 2929 ALLEN PKWY CITY: HOUSTON STATE: TX ZIP: 77019 BUSINESS PHONE: 7135221111 425 1 y46544ee425.txt 425 1 Filed by: American General Corporation Pursuant to Rule 425 under the Securities Act of 1933 Subject Company: American General Corporation Commission File No: 001-07981 Prudential plc and American General Corporation (the "Company") will be filing a proxy statement/prospectus and other relevant documents concerning the proposed transaction with the SEC. INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ON THE PROPOSED TRANSACTION. Investors will be able to obtain the document free of charge at the SEC's website (www.sec.gov). In addition, documents filed with the SEC by the Company may be obtained free of charge by contacting the Company, 2929 Allen Parkway, Houston, Texas, 77019, Attention: Investor Relations (tel.: (713) 522-1111). INVESTORS SHOULD READ THE PROXY STATEMENT/PROSPECTUS CAREFULLY WHEN IT BECOMES AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION. The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Company shareholders. The directors and executive officers of the Company include: J. Evans Attwell, Brady F. Carruth, W. Lipscomb Davis Jr., J. Edward Easler II, Larry D. Horner, Richard J.V. Johnson, Morris J. Kramer, Michael E. Murphy, Michael J. Poulos, Robert E. Smittcamp, Anne M. Tatlock, Robert M. Devlin, Mark S. Berg, James P. Corcoran, David W. Entrekin, Frederick W. Geissinger, John A. Graf, John V. LaGrasse, Rodney O. Martin Jr., Nicholas R. Rasmussen, Gary D. Reddick and Richard W. Scott. Collectively, as of February 28, 2001, the directors and executive officers of the Company beneficially owned approximately 2% of the outstanding shares of the Company's common stock. Shareholders may obtain additional information regarding the interests of such participants by reading the proxy statement/prospectus when it becomes available. 2 AIFA - 26TH ANNUAL CONFERENCE - -------------------------------------------------------------------------------- [AMERICAN GENERAL FINANCIAL GROUP LOGO] John A. Graf Senior Vice Chairman San Diego, CA Asset Accumulation March 5, 2001 3 STRATEGY - PROVIDER OF LIFETIME SOLUTIONS - -------------------------------------------------------------------------------- [American General Financial Group CIRCLE GRAPHIC describing the Customer Financial Lifecycle] Customer Financial Lifecycle --------------------------- __ __ __ __ __ __ __ > Building __ __ __ __ __ __ __ | | | | Life Insurance Consumer Finance | -------------- ---------------- | Wealth | Transfer [AGFG LOGO] Protection - ---------- ---------- | | | Retirement | Services Investments | -------------- ---------------- | | | Asset Distribution <--- --- --- --- --- --- --- --- --- --- Asset Accumulation 4 Integrated Financial Services Organization - -------------------------------------------------------------------------------- (Operating Earnings) ASSET ACCUMULATION - 41% FINANCIAL SERVICES - 44% - ------------------ ------------------ ANNUITIES LIFE INSURANCE - - Fixed and variable - Protection products - - Tax-qualified and non-qualified - Multi-channel markets distribution [3-D PIE GRAPH] INVESTMENTS - - Mutual funds - - Third party LENDING - 15% - Consumer loans - Credit-related life insurance 5 OPERATING MODEL - -------------------------------------------------------------------------------- Shared Services Legal - Procurement - Finance - Technology - Human Resources - Corp. Services MANUFACTURING PLATFORMS Asset Accumulation Financial Services Fixed Annuities/Variable Annuities Traditional Life/Variable Life Mutual Funds Credit Insurance/Lending Products Investment Products and Services Deposit Products DISTRIBUTION CHANNELS Captive Independent Partnership - - AG Financial Advisors - PPGA - Banks - - Career Life Agents - Producer/Marketing - Wirehouses & Groups Broker/Dealers - - Consumer Finance Branches - Life Brokerage - Retailers - Agency Building CUSTOMERS 6 RESULTS - IMPROVING PROFITABILITY - -------------------------------------------------------------------------------- ($ per share) [BAR AND LINE GRAPH OMITTED]
96 97 98 99 00 ---- ---- ---- ---- ---- Annuities $3.04 $3.49 $4.05 $4.59 $5.17 ROE 12.6% 13.6% 15.4% 16% 16.8%
7 SUPERIOR RESULTS FOR SHAREHOLDERS - -------------------------------------------------------------------------------- 10 YEAR ANNUALIZED RETURN TO SHAREHOLDERS* [BAR GRAPH] Citigroup 40.88% AIG 28.85 GE 28.7 American Express 27.75 American General 22.3 Lincoln National 20.39 Coca Cola 19.53 Bank of America 18.68 McDonalds 17.5 P&G 15.9 Phillip Morris 14.93 IBM 13.9 Allstate 13.35 Hartford Financial 12.46 GM 10
Source: Bloomberg * For 10 years ended December 31, 2000 8 OLD PARADIGM: RETIREMENT SERVICES [OLD PARADIGM RETIREMENT SERVICES "PUZZLE" GRAPHIC] - -------------------------------------------------------------------------------- VALIC North American Western Funds National VALIC Representative Third Party Financial Distribution Institution Variable Annuity Mutual Funds Fixed Annuity 9 NEW PARADIGM: ASSET ACCUMULATION - -------------------------------------------------------------------------------- [New Paradigm Asset Accumulation graphic of information set forth below] AG FINANCIAL ADVISORS AG FINANCIAL INSTITUTIONS - Fixed/Variable Annuities - Fixed/Variable Annuities - Retail Mutual Funds - Term Life - Financial Planning - VUL - Term Life & VUL - Mutual Funds - Cash Management ANNUITY MANUFACTURING MUTUAL FUND MANUFACTURING AG INSTITUTIONAL SERVICES THIRD PARTY DISTRIBUTION - Fixed/Variable Annuities - Life Agents - Group Mutual Funds - Broker/Dealer Markets - Asset Management - Plan Services - Educational Services 10 ASSET ACCUMULATION - OPERATING MODEL - -------------------------------------------------------------------------------- Diverse Distribution Channels Balanced Product Portfolio | | V Unique Franchises Market Share Leadership | | V Stable Margins and Fund Flows | | V Superior Growth Rates 11 DIVERSE DISTRIBUTION CHANNELS - --------------------------------------------------------------------------------
Dec. 31, 2000 vs. 1999 ------------- -------- - - Dedicated Financial Advisors--------------> 1,862 +19% - - Employee Group Sponsors-------------------> 35,477 +18 - - Bank Representatives----------------------> 37,150 +22 - - Financial Institution Partnerships--------> 336 +34 - - Independent Agents------------------------> 21,750 +50 (Includes 15,385 AGLD Agents)
12 BALANCED PRODUCT PORTFOLIO - -------------------------------------------------------------------------------- TOTAL DEPOSITS ($ in billions) [BALANCED PRODUCT PORTFOLIO BAR GRAPH REFLECTING DATA SET FORTH BELOW]
97-00 97* 98 99 00 CAGR Fixed Annuity $3.6 $3.9 $5.0 $5.5 15.3% Variable Annuity 1.8 2.5 3.0 3.4 22.9% Retail Mutual Funds -- -- 0.1 0.5 N/A Group Mutual Funds -- -- 0.2 0.5 N/A ---- ---- ---- ---- ----- Total $5.4 $6.4 $8.3 $9.9 22.4% ==== ==== ==== ==== =====
* AGAIC is included for 1997 13 ANNUITY DEPOSITS - -------------------------------------------------------------------------------- ($ deposits in billions) INDUSTRY - ------------ CAGR Variable 25% Fixed -4% - ------------
95 96 97 98 99 YTD00* --- --- --- --- --- ------ Fixed 49.0 38.0 38.2 32.0 41.7 55.4 Variable 49.5 72.8 87.9 99.5 121.8 141.4
AMERICAN GENERAL* - ------------ CAGR Variable 37% Fixed 15% - ------------
95 96 97 98 99 YTD00* --- --- --- --- --- ------ Fixed 3.1 3.6 4.0 4.2 5.4 6.1 Variable 0.9 1.4 1.9 2.7 3.3 4.0
Sources: LIMRA, Kehrer * Pro forma to include Western National for all periods. 14 UNIQUE FRANCHISE: FINANCIAL ADVISORS - -------------------------------------------------------------------------------- Banks have customer base and have partnered for products but are creating licensed sales force de novo [GRAPHIC OF 3 INTERLOCKING CIRCLES] Customers Distribution Products 15 UNIQUE FRANCHISE: FINANCIAL ADVISORS - -------------------------------------------------------------------------------- Financial Planners, like AMEX, have strong planners and strong products, but are constantly prospecting [GRAPHIC OF 3 INTERLOCKING CIRCLES] Customers Distribution Products 16 UNIQUE FRANCHISE: FINANCIAL ADVISORS - -------------------------------------------------------------------------------- AGFA has an existing customer base, plus constant enrollment activity; securities licensed sales force with additional planning tools; and strong products as manufacturer and partner [GRAPHIC OF 3 INTERLOCKING CIRCLES] 35,000 groups Customers Distribution 1,862 Financial Over 2.4 million Planners individuals Products - Fixed/Variable Annuities - Retail Mutual Funds - Financial Planning - Term Life & VUL - Cash Management 17 FINANCIAL ADVISORS - ENABLING ADVANTAGES - -------------------------------------------------------------------------------- - - Superior Customer Relationships - Face-to-face, personal service - Strong association relationships - Average relationship is 11 years - 48% express interest in buying more products - 71% are likely to recommend us to others - 37% say we are only source for retirement savings - Of remaining 63%, 56% say we are their primary provider - - Industry's Largest and Most Talented Sales Force - 16 years of education - 6 years of service - 53% rep. retention (four-year period) vs. 15% for industry - $75K compensation vs. $52K for industry 18 FINANCIAL ADVISORS - OPPORTUNITIES - -------------------------------------------------------------------------------- - - Strategies - Sales Force Segmentation - Financial Advisors focused on fewer large-balance accounts - Senior Reps. with expanded product set to sell into relationships - Associate Reps. focused on new enrollments - Expanded Products - Enhanced annuities, five fund families, life insurance via Centrelink - All wrapped into consolidation accounts via MaxxBroker (NFSC) - Relationship Selling Tools - KPMG/Acumen planning tools (comprehensive plan and diagnostic) - Client profilers and needs analysis 19 FINANCIAL ADVISORS - NEW REVENUE - -------------------------------------------------------------------------------- [BAR GRAPH REFLECTING DATA SET FORTH BELOW] (revenue $ in millions)
1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 4Q00 ---- ---- ---- ---- ---- ---- ---- ---- All Products Combined 0.9 1.2 0.9 1.3 2.7 2.9 4.1 4.1 Proprietary mutual funds 1.086 1.156 1.394 1.327 Non-proprietary mutual funds 0.8 0.7 1.116 1.146 Insurance 0.6 0.6 0.582 0.702 Non-proprietary annuities 0.1 0.2 0.273 0.673 Other 0.2 0.2 0.715 0.285 AGFA Reps 1360 1449 1552 1560 1,600.0 1,726.0 1,812 1,862
20 UNIQUE FRANCHISE: FINANCIAL INSTITUTIONS GROUP - -------------------------------------------------------------------------------- - - Overwhelming success of proprietary model - - #1 market share in fixed annuities -- 17 consecutive quarters - - 25 external/internal wholesalers; product management group; Internet support - - 336 financial institution partnerships; 37,150 bank representatives - - Operational scale -- expense ratio 22 bps - - Market and distribution segmentation occurring in banks - - Strategic push into NQVA market - BankOne, WAMU, Associated Bank, First Union (3Q01 launch) 21 TRADITIONAL BANK ANNUITY MODEL ================================================================================ [Traditional Bank Annuity Model Graphic describing information set forth below] INSURANCE COMPANY A ----- | COMPANY A ANNUITY ----> | COMPANY B ANNUITY INSURANCE COMPANY B ----- | BANK COMPANY C ANNUITY ----> --> | AGENCY -- INSURANCE COMPANY C ----- | --> BRANCHES ------- | -----> CUSTOMERS | - - PRODUCT DEVELOPMENT | - - MANUFACTURING | - - SETS COMPENSATION | - - SETS INITIAL/RENEWAL CREDITING RATES | - - ASSET MANAGEMENT | - - UNDERWRITING | 22 AG PROPRIETARY ANNUITY MODEL ================================================================================ ------------------------------------ ASSET MANAGEMENT ------------------------------------ | AMERICAN | | | GENERAL | BANK | | INVESTMENT | ASSET | ADVISORY | MANAGEMENT | MANAGER | SUB ADVISORY FEES ------------------------------------ FEES __/\ \ / COMMISSIONS __\/ <------- BRANCHES AMERICAN GENERAL -----------------------> BANK A | | ANNUITY <---------------------- --------> | | | PREMIUMS - | BANK A | | | DEPOSITS | ANNUITY | | | | | | | ----------------------------------------- | | | | BANK A ANNUITY | BANK A | | | |----------------------------------------| | ANNUITY | | | |- CUSTOMIZED PRODUCT DEVELOPMENT | | v | |->| |<-| CUSTOMERS |- DYNAMIC COMPENSATION STRUCTURE | | | |- WEEKLY/MONTHLY RATE SETTING | | | |- CUSTOMIZED ASSET CONSERVATION PROGRAMS| |----------------------------------------| 23 MARKET SHARE LEADERSHIP: ANNUITY SALES ================================================================================ ---------------------- TOTAL ANNUITY SALES $8.9 BILLION - #3 ---------------------- 1. HARTFORD 5.9% 2. TIAA 5.1 3. AG 5.1 [ARROW GRAPHIC] FIXED ANNUITY SALES VARIABLE ANNUITY SALES $5.6 BILLION - #1 $3.3 BILLION - #5 ---------------------------- ------------------------ 1. AG 7.6% 1. TIAA 7.1% 2. AEGONB TRANSAMERICA 7.1 2. HARTFORD 6.9 3. GE 6.1 3. SKANDIA 6.6 5. AG 4.0 SOURCE: LIMRA THIRD QUARTER REPORT 24 MARKET SHARE LEADERSHIP: FINANCIAL INSTITUTIONS ================================================================================ BANK ANNUITY SALES $3.8 BILLION - #2 ---------------------------- 1. Hartford 12.9% 2. AG 12.0 3. Aegon/Transamerica 9.4 [ARROW GRAPHIC] FIXED ANNUITIES VARIABLE ANNUITIES ------------------- ------------------- $3.0 BILLION - #1 $814 MILLION - #5 SOURCE: KEHRER REPORT FOURTH QUARTER 25 MARKET SHARE LEADERSHIP: QUALIFIED PLAN MARKETS ================================================================================ QUALIFIED PLAN MARKET K-12 HEALTHCARE ------------------- ---------------------- 1. AG 1. FIDELITY 2. NORTHERN 2. AG 3. METLIFE 3. CITISTREET HIGHER EDUCATION GOVERNMENT ------------------- ---------------------- 1. TIAA 1. NATIONWIDE/PEBSCO 2. FIDELITY 2. GREAT WEST 3. AG 3. ICMA AG SALES $546 MILLION, UP 34% 26 GOVERNMENT DB TO DC ================================================================================ - - DEFINED-BENEFIT TO DEFINED-CONTRIBUTION ACTIVITY - 7 STATES HAVE ENACTED LEGISLATION - 11 STATES CONDUCTING STUDIES - - AMERICAN GENERAL ACTIVE IN CRAFTING LEGISLATION IN 15 STATES - - GOOD STRATEGIC FIT WITH OUR VALUE PROPOSITION - MORE LIKE 403(b)/457 VS. 401(k) - ENROLLMENT AND EDUCATION EMPHASIS - LIMITED NUMBER OF PROVIDERS - PUBLIC POLICY IMPLICATIONS 27 STABLE MARGINS ================================================================================ [BAR CHART DESCRIBING DATA SET FORTH BELOW]
95 96 97 98 - ---------------------------------------------------------------- Operating Margin 43.5% 46.5% 45% 45.3% Fixed Investment spread 1.75 2.09 2.37 2.41 Variable fee rate 1.06 1.08 1.07 1.08 Asset management fee rate 0.21 0.2 0.2 0.27
AGAIC IS INCLUDED FOR 1997 NUMBERS 28 ANNUITY NET FLOWS ================================================================================ ($ IN BILLIONS) [CHART OMITTED]
96 97 98 99 2000 - ------------------------------------------------------------------------------ Fixed Investment spread 0.00 0.00 0.00 0.00 0.00 Variable fee rate 0 0 0 0 0 Net EPS 2 3 4 4.458 4
29 RECURRING QUALIFIED DEPOSIT FLOWS ================================================================================ ($ in billions) [BAR GRAPH DEPICTING DATA SET FORTH BELOW]
96 97 98 99 00 - ------------------------------------------------------------------------------------------- Recurring 2.1 2.9 2.7 3.1 3.3 Capital Transfers .8 1.0 1.1 1.2 1.2 Total 2.9 3.4 3.8 4.3 4.5
30 SUPERIOR GROWTH RATES - ANNUITY DEPOSITS ================================================================================ ($ in billions) [BAR GRAPH DEPICTING DATA SET FORTH BELOW]
97-00 1997 1998 1999 2000P CAGR - ------------------------------------------------------------------------------------------------ Non-qualified variable (AGAIC) $ 0.0 $ 0.1 $ 0.1 $ 0.2 109.4% Qualified fixed (VALIC) 1.6 1.4 1.4 1.4 (4.6) Qualified variable (VALIC) 1.8 2.4 2.9 3.1 20.6 Non-qualified fixed (AGAIC) 2.0 2.5 3.6 4.2 27.2 ------ ------ ------ ------- ------ Total $ 5.4 $ 6.4 $ 8.0 $ 8.9 17.8% ====== ====== ====== ======= ======
* AGAIC is included for 1997 31 SUPERIOR GROWTH RATES - MUTUAL FUND SALES ================================================================================ ($ in millions) [BAR CHART DEPICTING DATA SET FORTH BELOW]
1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 4Q00 - ----------------------------------------------------------------------------------------------- Group 6 10 13 157 199 89 120 85 Retail 14 20 23 35 86 129 186 146
32 SUPERIOR GROWTH RATES - OPERATING RESULTS ================================================================================ ($ in millions) [BAR GRAPH]
98 99 0 - ------------------------------------------ Operating Earnings $ 466 $ 564 $ 661 Operating ROE 16% 16.2% 16.6% (arrow from '98 to '00 depicting CAGR 19%)
33 ASSET ACCUMULATION - GOALS ================================================================================ - - EXPAND BEST-IN-CLASS ANNUITY PLATFORM - - INTEGRATE PROPRIETARY MUTUAL FUND PLATFORM AND EXPAND DISTRIBUTION CAPABILITY - - TRANSFORM TRADITIONAL VALIC SALES ORGANIZATION INTO AMERICAN GENERAL FINANCIAL ADVISOR FRANCHISE - - CAPITALIZE ON THE GLOBAL TREND FROM DB TO DC PLANS - - EXTEND DOMINANT BANK ANNUITY DISTRIBUTION FRANCHISE INTO ADDITIONAL PRODUCT LINES 34 OUTLOOK ================================================================================ - ------> EXPANDING DISTRIBUTION NETWORK - ---------------> ACCELERATING SALES AND DEPOSIT GROWTH - --------------------------> PRODUCTIVITY AND SCALE BENEFITS - -----------------------------------> MARGIN AND FUNDS FLOW STABILITY [DOWNWARD ARROW GRAPHIC] STEADY EARNINGS GROWTH IN MULTIPLE ECONOMIC ENVIRONMENTS 35 ALL STATEMENTS, TREND ANALYSES, AND OTHER INFORMATION CONTAINED HEREIN RELATIVE TO MARKETS FOR THE COMPANY'S PRODUCTS AND TRENDS IN THE COMPANY'S OPERATIONS OR FINANCIAL RESULTS, AS WELL AS OTHER STATEMENTS INCLUDING WORDS SUCH AS "ANTICIPATE," "BELIEVE," "PLAN," "ESTIMATE," "EXPECT," "INTEND," AND OTHER SIMILAR EXPRESSIONS, CONSTITUTE FORWARD-LOOKING STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS ARE MADE BASED UPON MANAGEMENT'S CURRENT EXPECTATIONS AND BELIEFS CONCERNING FUTURE DEVELOPMENTS AND THEIR POTENTIAL EFFECTS ON THE COMPANY. THERE CAN BE NO ASSURANCE THAT FUTURE DEVELOPMENTS AFFECTING THE COMPANY WILL BE THOSE ANTICIPATED BY MANAGEMENT. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE INCLUDED IN THE FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING: (1) CHANGES IN GENERAL ECONOMIC CONDITIONS, INCLUDING THE PERFORMANCE OF FINANCIAL MARKETS AND INTEREST RATES; (2) CUSTOMER RESPONSIVENESS TO BOTH PRODUCTS AND DISTRIBUTION CHANNELS; (3) COMPETITIVE, REGULATORY, ACCOUNTING, OR TAX CHANGES THAT AFFECT THE COST OF, OR DEMAND FOR, THE COMPANY'S PRODUCTS; (4) THE COMPANY'S ABILITY TO SECURE NECESSARY REGULATORY APPROVALS INCLUDING APPROVALS FOR DIVIDENDS AND PRODUCTS; (5) THE COMPANY'S ABILITY TO REALIZE PROJECTED EXPENSE SAVINGS; (6) ADVERSE LITIGATION OR ARBITRATION RESULTS OR RESOLUTION OF LITIGATION OR ARBITRATION, INCLUDING PROCEEDINGS RELATED TO INDUSTRIAL LIFE INSURANCE, SATELLITE DISH FINANCING, AND WORKERS' COMPENSATION INSURANCE; AND (7) THE FORMATION OF STRATEGIC ALLIANCES OR BUSINESS COMBINATIONS AMONG THE COMPANY'S COMPETITORS OR THE COMPANY'S BUSINESS PARTNERS. INVESTORS ARE ALSO DIRECTED TO OTHER RISKS AND UNCERTAINTIES DISCUSSED IN DOCUMENTS FILED BY THE COMPANY WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE DEVELOPMENTS, OR OTHERWISE. -----END PRIVACY-ENHANCED MESSAGE-----