This is not trivial. Put time into your presentation. Put research into it. You will get a specific amount of time, and you cannot go over time. The time will include Q&A time, which you need to expect a lot of questions and push back in places. Make sure to practice and make sure you can get your full presentation/update completed (including questions/discussion). They are looking to find out if you can think on your feet and how you present in a stressful situation without full information.