Kromotech Inc.Kromotech Inc.Public OfferingPublic Offering

October 2006October 2006

DisclaimerDisclaimerTHIS PRESENTATION IS MEANT TO SERVE AS AN OUTLINE OF THIS PRESENTATION IS MEANT TO SERVE AS AN OUTLINE OF

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Kromoscopy: A non-invasive Kromoscopy: A non-invasive diagnostic platform technologydiagnostic platform technology• While there have been many different approaches While there have been many different approaches

attempted for using infra-red spectroscopy for non-attempted for using infra-red spectroscopy for non-invasive purposes, almost all have failed due to the invasive purposes, almost all have failed due to the limiting noise originating in the human sample. limiting noise originating in the human sample.

• Those attempts at non-invasive analysis of glucose, Those attempts at non-invasive analysis of glucose, for example, were thwarted by the inability to rule for example, were thwarted by the inability to rule out noise effects due to temporal, spatial and out noise effects due to temporal, spatial and spectral heterogeneity arising from differences in fat spectral heterogeneity arising from differences in fat content, tissue density, tissue thickness, blood content, tissue density, tissue thickness, blood distribution and motion, and pigmentation. distribution and motion, and pigmentation.

What Differentiates What Differentiates Kromoscopy?Kromoscopy?

• The scientists at Kromotech have invented The scientists at Kromotech have invented ways to increase sensitivity and also to ways to increase sensitivity and also to suppress this “noise.” suppress this “noise.”

• This is the basis of the IP of the company, This is the basis of the IP of the company, and its superiority in comparison to all and its superiority in comparison to all other competitive products for sample other competitive products for sample noise limited measurement. noise limited measurement.

• The company believes that the claims of The company believes that the claims of the patent portfolio include every optical the patent portfolio include every optical method using water as an internal method using water as an internal reference for reference for in vivoin vivo solute measurement. solute measurement.

What Makes KromotechWhat Makes Kromotechan IPO Candidate?an IPO Candidate?

• What is most appealing about What is most appealing about Kromoscopy is its diverse potential to Kromoscopy is its diverse potential to the medical, in-field, and industrial the medical, in-field, and industrial markets. markets.

• Kromoscopy allows for a broad range of Kromoscopy allows for a broad range of non-invasive measurements in non-invasive measurements in diagnostic healthcare, industrial diagnostic healthcare, industrial processing, and homeland security. processing, and homeland security.

KromoscopyKromoscopyinin

NatureNatureTasteTaste

ColorColor

SmellSmell

HearingHearing

A Sampling of Potential A Sampling of Potential ApplicationsApplications

•Non-Invasive AssaysNon-Invasive Assays– [e.g., glucose, hematocrit, hydration, cancer [e.g., glucose, hematocrit, hydration, cancer

detection, etc.]detection, etc.]

•Process ControlProcess Control

•Tagless Binding AssaysTagless Binding Assays– [e.g., DNA and Immunoassay][e.g., DNA and Immunoassay]

•CW Agent and Pollution DetectionCW Agent and Pollution Detection– Remote and Remote and In SituIn Situ

•Spatial/Spectral ImagingSpatial/Spectral Imaging

Kromoscopy Opportunity Kromoscopy Opportunity MatrixMatrix

MarketMarketPotentialPotential

TechnicalTechnicalFeasibilityFeasibility RegulatoryRegulatory PartnerPartner PriorityPriority

GlucoseGlucoseMonitorMonitor

ProcessProcessControlControl

CW Agent/CW Agent/PollutionPollution

HematocritHematocrit

TaglessTaglessBindingBindingAssaysAssaysCancerCancer

DetectionDetection

Spatial/Spatial/SpectralSpectralImagingImaging

HighestHighest HighHigh RequiredRequired NeededNeeded HighestHighest

ModerateModerate

WilksWilks

Very HighVery High HighHighNot RequiredNot Required

HighHighNot RequiredNot RequiredVery HighVery HighModerateModerate

WilksWilks

Very HighVery High ModerateModerateRequiredRequiredModerateModerate NeededNeeded

HighHigh ModerateModerateNot RequiredNot RequiredLargeLarge NeededNeeded

ModerateModerate ModerateModerateRequiredRequiredModerateModerate NeededNeeded

ModerateModerate LowestLowest

Needed forNeeded forMedical;Medical;

Not NeededNot Neededfor Industrialfor Industrial

SmallSmall NeededNeeded

Glucose Monitoring Market: Glucose Monitoring Market: Present and FuturePresent and Future

• Kromotech’s primary area of concentration is the Kromotech’s primary area of concentration is the rapidly growing and highly lucrative $15 billion rapidly growing and highly lucrative $15 billion glucose monitoringglucose monitoring market. market.

• Non-invasive glucose monitoring for home use is Non-invasive glucose monitoring for home use is the largest user market for the 30 million people the largest user market for the 30 million people afflicted with diabetes in the United States.afflicted with diabetes in the United States.

• Estimates are that diabetes will continue to grow at Estimates are that diabetes will continue to grow at 15-20% primarily due to life style changes, and our 15-20% primarily due to life style changes, and our aging population. aging population.

• This growth represents a potential market in the This growth represents a potential market in the United States of $36-40 billion dollars and an United States of $36-40 billion dollars and an inflicted population of 80 million people. inflicted population of 80 million people.

• Current estimates are that 200,000 million people Current estimates are that 200,000 million people worldwide are afflicted by diabetes today. worldwide are afflicted by diabetes today.

20052005 20062006 20072007 20082008 20092009 20102010

YeaYearr

3535

3030

2525

2020

1515

1010

Reven

ue

Reven

ue

(billion

s)

(billion

s)

Diabetes Testing MarketDiabetes Testing MarketGlucose Monitoring Glucose Monitoring

$17.25 $17.25 BB

$15.00 $15.00 BB

$20.01 $20.01 BB

$23.41 $23.41 BB

$27.63 $27.63 BB

$32.87 $32.87 BB

20072007 20082008 20092009 20102010

YeaYearr

3.53.5

2.82.8

2.12.1

1.41.4

00

Reven

ue

Reven

ue

(billion

s)

(billion

s)

Kromoscopy MarketKromoscopy MarketDiabetes Segment Diabetes Segment

0.70.7

$200 M$200 M

$700 M$700 M

$1.40 B$1.40 B

$3.30 B$3.30 B

20.01×1%20.01×1%

23.41×3%23.41×3%

27.63×5%27.63×5%

32.87×1032.87×10%%

Basic Kromoscopy™Basic Kromoscopy™(overlapping detection)(overlapping detection)

Kromoscopy™ using multiple sourcesKromoscopy™ using multiple sources

Congruence, multi-site pulse processingCongruence, multi-site pulse processing

ScatteringScattering

Kromotech Inc. PatentsKromotech Inc. Patents1994 - 19971994 - 1997

5,672,8755,672,875

5,434,4125,434,412

5,424,5455,424,545

5,321,2655,321,26519941994

19951995

19971997

Rapid Non-Invasive Optical Analysis UsingRapid Non-Invasive Optical Analysis UsingBroad Band Pass Spectral ProcessingBroad Band Pass Spectral Processing

Division of 127 for Polarized Light SourcesDivision of 127 for Polarized Light Sources

Induced Pulse/PECP (Mechanical ManipulationInduced Pulse/PECP (Mechanical ManipulationFor Improvements in Non-Invasive Testing)For Improvements in Non-Invasive Testing)

Modulated Cooling of Eardrum forModulated Cooling of Eardrum forImproved Non-Invasive MeasurementsImproved Non-Invasive Measurements

ProcessingProcessing

Kromotech Inc. PatentsKromotech Inc. Patents1998-20011998-2001

6,222,1896,222,189

6,064,0656,064,065

6,002,9536,002,953

5,818,0485,818,048

6,028,3116,028,311

19981998

20012001

20002000

19991999

Elevated Body Parts for Improved AccuracyElevated Body Parts for Improved Accuracyin Non-Invasive Testingin Non-Invasive Testing

Water Reference for Use In UniversalWater Reference for Use In UniversalCalibration of Non-Invasive AssaysCalibration of Non-Invasive Assays

Use of Spiegelraum toUse of Spiegelraum toImprove Optical SamplingImprove Optical Sampling

ScatteringScattering

Kromotech Inc. PatentsKromotech Inc. Patents2002-20062002-2006

6,411,8326,411,832

6,420,7096,420,709

6,442,4116,442,411

6,992,7726,992,772

20022002

20062006

20042004 Calibration Transfer ViaCalibration Transfer ViaRotation of Water KolorRotation of Water Kolor 6,801,3166,801,316

Regulatory ApprovalsRegulatory Approvals

• Bio-Investigations Ltd. will serve in a project Bio-Investigations Ltd. will serve in a project management role for clinical trials, with the management role for clinical trials, with the utilization of external CROs and or data utilization of external CROs and or data management organizations.management organizations.

• Quintiles, Covance, Parexel, and Client Associated Quintiles, Covance, Parexel, and Client Associated Businesses, Inc. have been targeted and advanced Businesses, Inc. have been targeted and advanced for their respective CRO and data management for their respective CRO and data management capabilities.capabilities.

• PMA (Premarket approval) applications or 510(k) PMA (Premarket approval) applications or 510(k) (with clinical) submissions will dictate key elements (with clinical) submissions will dictate key elements in manufacturing of the Kromoscope.in manufacturing of the Kromoscope.

• Historical approval of a glucose monitor and insulin Historical approval of a glucose monitor and insulin pump, in 2003, as a “combination product” sets a pump, in 2003, as a “combination product” sets a precedent for Kromoscopy’s unique consideration precedent for Kromoscopy’s unique consideration by the FDA.by the FDA.

““Second Opinion”Second Opinion” ™* ™*

• A technical concept and marketing tool A technical concept and marketing tool enabled by Kromoscopy, and enabled by Kromoscopy, and responsive to the rigors of the FDA responsive to the rigors of the FDA process.process.

• Affords a potential relaxation of FDA Affords a potential relaxation of FDA requirements.requirements.

• Provides critical feedback for reliable Provides critical feedback for reliable and timely insulin delivery decisions.and timely insulin delivery decisions.

* (Def.) “* (Def.) “Second Opinion”Second Opinion” – The availability of a – The availability of a simultaneous and independent measurement of blood simultaneous and independent measurement of blood

glucose at another site.glucose at another site.

Combination ProductCombination Product• Defined by the FDA as “a product comprised of any Defined by the FDA as “a product comprised of any

combination of a drug and device; a biological product combination of a drug and device; a biological product and a device; a drug and a biological product; or a and a device; a drug and a biological product; or a drug, device, and a biological product.”*drug, device, and a biological product.”*

• Products can range from the simple, such as a syringe Products can range from the simple, such as a syringe prefilled with a drug or biologic, to the more complex, prefilled with a drug or biologic, to the more complex, such as a drug-coated stent.*such as a drug-coated stent.*

• This convergence poses special challenges, including This convergence poses special challenges, including intellectual property relationships, management intellectual property relationships, management responsibility, regulatory review, product ownership, responsibility, regulatory review, product ownership, and physician referral patterns.*and physician referral patterns.*

• Potential partnering of Kromoscopy with non-invasive Potential partnering of Kromoscopy with non-invasive insulin delivery pharmaceutical companies will be one insulin delivery pharmaceutical companies will be one factor in the ultimate FDA filing route, and submission factor in the ultimate FDA filing route, and submission of the Kromoscope as a component within a of the Kromoscope as a component within a combination product. combination product.

* Source: “Marketing Combination Products,” MX, * Source: “Marketing Combination Products,” MX, September/October 2006September/October 2006

Development Plan - Step IDevelopment Plan - Step INext-generation Kromoscope for Next-generation Kromoscope for in vivoin vivo Glucose Quantitation Glucose Quantitation

• Instrument Construction and in vitro System QualificationInstrument Construction and in vitro System Qualification– Complete design for 7-channel instrument with transmixion samplingComplete design for 7-channel instrument with transmixion sampling

• Mechanical and optical componentsMechanical and optical components• Opto-electronic and electronic componentsOpto-electronic and electronic components

– Acquire purchased parts, construct other parts, and assembleAcquire purchased parts, construct other parts, and assemble• Includes 3 additional HP 3458 (leased or purchased)Includes 3 additional HP 3458 (leased or purchased)• Specify and acquire additional optical filters (co-ordinate with part 2)Specify and acquire additional optical filters (co-ordinate with part 2)

– Upgrade data acquisition software to 7-channel capabilityUpgrade data acquisition software to 7-channel capability– Begin upgrade of data analysis softwareBegin upgrade of data analysis software– In vitro qualification of system – Kolor-blind system (matching filters)In vitro qualification of system – Kolor-blind system (matching filters)– Refine analysis software and instrument performance as neededRefine analysis software and instrument performance as needed– Complete qualification of Kolor-blind systemComplete qualification of Kolor-blind system

• Measurement of noise levelsMeasurement of noise levels• Comparison with prior Kromoscopic systemsComparison with prior Kromoscopic systems

– In vitro qualification of Kolor-sensitive systemIn vitro qualification of Kolor-sensitive system– Refine analysis software and instrument performance as neededRefine analysis software and instrument performance as needed– Complete qualification of Kolor-sensitive systemComplete qualification of Kolor-sensitive system

• Measurement of noise levelsMeasurement of noise levels• Concentration-equivalent variance estimatesConcentration-equivalent variance estimates• Comparison with prior Kromoscopic systemsComparison with prior Kromoscopic systems

• Milestone: In vitro instrument variance does not limit performance Milestone: In vitro instrument variance does not limit performance of new instrument in vivoof new instrument in vivo

Development Plan - Step IIDevelopment Plan - Step IINext-generation Kromoscope for Next-generation Kromoscope for in vivoin vivo Glucose Quantitation Glucose Quantitation

• In vitro analyte Kolor component measurements In vitro analyte Kolor component measurements for instrument filters (to be performed at Iowa if for instrument filters (to be performed at Iowa if possible) – to be conducted in parallel with Optix possible) – to be conducted in parallel with Optix efforts (parts 1 and 3)efforts (parts 1 and 3)– Restart collaborative effortRestart collaborative effort– Measurements of in vitro Kolor directions and Measurements of in vitro Kolor directions and

magnitudes of water, glucose and temperature to be magnitudes of water, glucose and temperature to be made on congruent instrumentmade on congruent instrument

– Investigations of effect of blood cell scattering on Kolor Investigations of effect of blood cell scattering on Kolor directions and magnitudesdirections and magnitudes

• Milestone: Kolor component directions Milestone: Kolor component directions determined for all filters to be used in next-determined for all filters to be used in next-generation Kromoscope for use in determining in generation Kromoscope for use in determining in vivo Kolor directionsvivo Kolor directions

Development Plan - Step IIIDevelopment Plan - Step IIINext-generation Kromoscope for Next-generation Kromoscope for in vivoin vivo Glucose Quantitation Glucose Quantitation

• In vivo System QualificationIn vivo System Qualification– Upgrade in vivo data analysis softwareUpgrade in vivo data analysis software– Acquire initial estimates of in vivo varianceAcquire initial estimates of in vivo variance– Analyze dominant variance components and remove as Analyze dominant variance components and remove as

justifiedjustified– Refine analysis software as neededRefine analysis software as needed– Repeat in vivo variance measurementsRepeat in vivo variance measurements– Estimate concentration-equivalent variance levelsEstimate concentration-equivalent variance levels– Improve variance levels, software, and estimation Improve variance levels, software, and estimation

procedures as requiredprocedures as required• Include replicates and multiple subjectsInclude replicates and multiple subjects• Monitoring periods as appropriate for market needsMonitoring periods as appropriate for market needs

• Milestone: In vivo variance estimates at levels Milestone: In vivo variance estimates at levels appropriate for glucose monitoringappropriate for glucose monitoring

Development Plan - Step IVDevelopment Plan - Step IVNext-generation Kromoscope for Next-generation Kromoscope for in vivoin vivo Glucose Quantitation Glucose Quantitation

• Initial Internal Glucose Monitoring TrialsInitial Internal Glucose Monitoring Trials– Establish protocol for glucose monitoring (IRB, etc.)Establish protocol for glucose monitoring (IRB, etc.)– Initial monitoring trialsInitial monitoring trials

• Establish variance levels under protocolEstablish variance levels under protocol• Quantify correlation to reference measurementsQuantify correlation to reference measurements

– Refine software, variance measurements, etc. as needed Refine software, variance measurements, etc. as needed to improve performanceto improve performance

– Repeat as needed to establish desired performance Repeat as needed to establish desired performance levelslevels

• Milestone: Adequate correlation of Kromoscopic Milestone: Adequate correlation of Kromoscopic data to reference measurements in small-scale data to reference measurements in small-scale internal trialsinternal trials

Development Plan - Step VDevelopment Plan - Step VNext-generation Kromoscope for Next-generation Kromoscope for in vivoin vivo Glucose Quantitation Glucose Quantitation

• Large-Scale External Monitoring TrialsLarge-Scale External Monitoring Trials– Repeat smaller scale trials on diabetic and non-diabetic Repeat smaller scale trials on diabetic and non-diabetic

subjects, as defined by project needssubjects, as defined by project needs– To be performed under auspices of proposed marketing To be performed under auspices of proposed marketing

partner?partner?

• Milestone: Proof of feasibility of Kromoscopic Milestone: Proof of feasibility of Kromoscopic glucose monitoring in vivoglucose monitoring in vivo

Manufacturing ProcessManufacturing Process• If a corporate or financing relationship requires Kromotech If a corporate or financing relationship requires Kromotech

to be responsible for manufacturing, we will provide a to be responsible for manufacturing, we will provide a combination of internal manufacturing and outsourcing. combination of internal manufacturing and outsourcing.

• FDA’s potential regulation of the Kromoscope’s FDA’s potential regulation of the Kromoscope’s manufacturing will impact Kromotech’s final manufacturing will impact Kromotech’s final manufacturing strategy.manufacturing strategy.

• MJ Block, Chairman of Kromotech, Inc., has historical MJ Block, Chairman of Kromotech, Inc., has historical experience (as President of Block Engineering) managing experience (as President of Block Engineering) managing the manufacture of products ranging in size and cost from the manufacture of products ranging in size and cost from large FT-IR systems to small inexpensive instruments large FT-IR systems to small inexpensive instruments (e.g., tonometers, for measuring glaucoma on the sclera).(e.g., tonometers, for measuring glaucoma on the sclera).

• Bernard Gordon, Founder of Analogic Corporation, an Bernard Gordon, Founder of Analogic Corporation, an activeactive member of the Board of Directors of Kromotech, member of the Board of Directors of Kromotech, Inc., and considered the “father of analog to digital Inc., and considered the “father of analog to digital conversion” for his inventions and contributions to signal conversion” for his inventions and contributions to signal translation, medical tomography and other high-precision translation, medical tomography and other high-precision instrumentation, will be a major contributor to the final instrumentation, will be a major contributor to the final manufacturing strategy.manufacturing strategy.

Light SourceLight Source

This source plus the “shiny band-aid” is This source plus the “shiny band-aid” is the entire optical and sample holding the entire optical and sample holding system of the wearable Kromoscopic system of the wearable Kromoscopic

sensor.sensor.

Myron J. Block, Chairman:Myron J. Block, Chairman:

• The founder (and Inventor) of Kromoscopy; The founder (and Inventor) of Kromoscopy;

• A pioneer in optical innovations who has been A pioneer in optical innovations who has been at the forefront of methods for distinguishing at the forefront of methods for distinguishing signal to noise in a wide range of technologies signal to noise in a wide range of technologies for both defense and medical applications; for both defense and medical applications;

• Has already demonstrated his ability in Has already demonstrated his ability in enabling trace constituent infrared analysis enabling trace constituent infrared analysis by co-inventing Fourier Transform Infra Red by co-inventing Fourier Transform Infra Red (FT-IR) spectroscopy; (FT-IR) spectroscopy;

• Founder of Block Engineering and Digilab.Founder of Block Engineering and Digilab.

Stewart B. Rosenberg,Stewart B. Rosenberg,President and CEO:President and CEO:

• President and Founder of Bio-President and Founder of Bio-Investigations Ltd., a successful Investigations Ltd., a successful specialized venture capital firm operating specialized venture capital firm operating since 1987; since 1987;

• University of CT, University of PA, and University of CT, University of PA, and WHARTON formal education;WHARTON formal education;

• Established business relationships with Established business relationships with global diagnostic multinationals global diagnostic multinationals (http://www.bioinvltd.n3.net) (http://www.bioinvltd.n3.net)

Frank Rotatori,Frank Rotatori,Chief Financial Officer:Chief Financial Officer:

• President and CEO,President and CEO, Kromotech Kromotech , , 2004-2004-2005;2005;

• Vice President Sales,Vice President Sales, Cotelligent, Cotelligent, 2001-2002; 2001-2002; • Vice President Business Development,Vice President Business Development,

President, Healthcare Division, Vice President President, Healthcare Division, Vice President Europe, Europe, Executone Information Systems, Executone Information Systems, Inc., Inc., 1987-2000; 1987-2000;

• Vice President and General Manager, Vice President and General Manager, Rolm, an Rolm, an IBM Corporation, IBM Corporation, 1981-1987;1981-1987;

• Owner, Exposition Motors, 1980-1981. Owner, Exposition Motors, 1980-1981.

Major 2006 DevelopmentsMajor 2006 Developments• The most recent patent issued, on 31 January 2006, The most recent patent issued, on 31 January 2006,

USPTO Patent # 6,992,772. This patent continues to USPTO Patent # 6,992,772. This patent continues to strengthen the IP portfolio, which has grown to strengthen the IP portfolio, which has grown to approximately 12 key patents. approximately 12 key patents.

• The most recent publication, by Mark Arnold and his The most recent publication, by Mark Arnold and his group, in Analytical Chemistry 2006, 78, 215-223, which group, in Analytical Chemistry 2006, 78, 215-223, which provides a critical element in the scientific evidence as to provides a critical element in the scientific evidence as to “proof-of-concept” of Kromoscopy. (“proof-of-concept” of Kromoscopy. (In VivoIn Vivo Near-Infrared Near-Infrared Spectroscopy of Rat Skin Tissue with Varying Blood Spectroscopy of Rat Skin Tissue with Varying Blood Glucose Levels by Jonathon T. Olesberg, Lingzhi Liu, Glucose Levels by Jonathon T. Olesberg, Lingzhi Liu, Valerie Van Zee, and Mark A. Arnold.) This paper removes Valerie Van Zee, and Mark A. Arnold.) This paper removes risk to success by providing a critical element in the proof risk to success by providing a critical element in the proof of principle for Kromoscopy for the measurement of of principle for Kromoscopy for the measurement of in in vivovivo blood glucose. Not only is this paper the first blood glucose. Not only is this paper the first credible evidence of spectral determination of credible evidence of spectral determination of in vivoin vivo blood glucose, it also quantitates the detection. The blood glucose, it also quantitates the detection. The advantages of Kromoscopy over spectroscopy are well advantages of Kromoscopy over spectroscopy are well established. By applying the established Kromoscopic established. By applying the established Kromoscopic advantages to Arnold's detection level we now have for advantages to Arnold's detection level we now have for the first time an analytic scientific proof of principle.the first time an analytic scientific proof of principle.

Next Steps:Next Steps:• Finalize valuation analysis of Kromotech Finalize valuation analysis of Kromotech

Inc.;Inc.;

• Fine-tune acceptable involvement of major Fine-tune acceptable involvement of major diagnostic multinationals;diagnostic multinationals;

• Select underwriter to work on IPO, from Select underwriter to work on IPO, from short list of appropriate firms;short list of appropriate firms;

• Refine/accept/decline merger interest by Refine/accept/decline merger interest by profitable analytical instrumentation profitable analytical instrumentation company(s); andcompany(s); and

• Advance qualified participation of top three Advance qualified participation of top three major therapeutic multinational, major therapeutic multinational, toward………… toward…………

The development of aThe development of a**non-invasive diabetes franchise:non-invasive diabetes franchise:

The future of medicineThe future of medicine

and……and……

an Opportunity for Kromoscopy.an Opportunity for Kromoscopy.

*Privileged Communication/Proprietary*Privileged Communication/Proprietary

Presentation Produced byPresentation Produced by

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Content Provided byContent Provided by

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Animation and Animation and

Slide Design bySlide Design by

BIO-INVESTIGATIONS LTD.BIO-INVESTIGATIONS LTD.

Kromotech Inc.Kromotech Inc.

Stewart RosenbergStewart Rosenberg

Myron J. BlockMyron J. Block

William RosenbergWilliam Rosenberg

Kromotech Inc. Public Offering Presentation CreditsKromotech Inc. Public Offering Presentation Credits

●●●●●●●●●●●●●●

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Ludwig van BeethovenLudwig van Beethoven

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