THOMASCOOKNSE5 August 2022

Thomas Cook (India) Limited has informed the Exchange about Investor Presentation

Thomas Cook (India) Limited

August 5, 2022

The Manager, Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 500413

The Manager,

Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 Scrip Code: THOMASCOOK

Fax No.: 2272 2037/39/41/61

Fax No.: 2659 8237/38

Dear Sir/ Madam,

Sub: Analysts and Investors Conference Call presentation for the quarter ended June 30, 2022

In furtherance of our intimation dated August 01, 2022 giving intimation on the “Q1 & FY23 earnings conference call for the analysts and investors, scheduled on Monday, 8th August, 2022 at 12:00 p.m. IST”, please find enclosed the investor presentation, to be presented before Analysts and investors.

This is for your information and records.

Thank you.

Yours faithfully, For Thomas Cook (India) Limited

Amit J. Parekh Company Secretary and Compliance Officer

Encl.: a/a

Thomas Cook (India) Limited (TCIL) Q1 FY23 Earnings Presentation

Thomas Cook India Group at a glance

Foreign Exchange & Related Services

• Retail & Wholesale • Forex Cards • Remittance

Digital Imaging Solutions

• Digiphoto Entertainment Imaging Ltd. (DEI)

Travel & Related Services

Leisure Hospitality & Resorts

• B2C: Leisure Holidays (Domestic & Outbound)

Sterling Holiday Resorts Limited

• B2B: MICE, Corporate Travel, DMS (India +

International)

2

Thomas Cook India Group at a glance

Thomas Cook (India) Ltd is a leading integrated Travel and Financial services Company in India, part of the Fairfax group which owns 72.34% stake in Thomas Cook India

Integrated business model creates value through scale and flexibility

Spread across 25 countries across 5 continents

Premier brand portfolio with omni-channel strategy

Business is uniquely positioned to provide customer centric experiences & value driven service and offerings

3

Q1 FY23 Financial Highlights

Standalone

Managing Director’s comments- Q1 FY23

Income from Operations

PBT

Rs 2,979 mn

3.8x growth q-o-q 6.7x growth y-o-y

Rs 59 mn Vs a loss of – Rs. 384 mn in Q4 FY22 & Rs. 339 mn in Q1FY22

Underlying PBT#

Rs 115 mn Vs a loss of – Rs. 137 mn in Q4 FY22 & Rs. 497 mn in Q1FY22

• The surge in profits was spurred by the rapid rebound across Forex and Business Travel as well as

the sustainable savings accruing from continuing cost management initiatives

Consolidated

Income from Operations

PBT

Rs 9,762 mn

87% q-o-q 239% y-o-y

Rs (23) mn

Vs a loss of – Rs. 518 mn in Q4 FY22 & Rs. 1,247 mn in Q1FY22

Underlying PBT#

Rs 33 mn Vs a loss of – Rs. 271 mn in Q4 FY22 & Rs. 1,405 mn in Q1FY22

Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd., twin focus on “Propelled by our customer experience and technology, the Group has staged strong growth this quarter. Our rapid turnaround as a group - with Income from Operations, growing 87% q-o-q to Rs. 9,762 Mn the (239% growth y-o-y), Group’s rapid business recovery.

reflect

By effectively reducing costs from Rs 4,811 Mn to 3,260 Mn (a 33%

reduction in total costs versus pre pandemic levels) we are also

ensuring much greater productivity going forward.

The Group’s strong performance in the quarter was led by Sterling

Holidays, DEI, Foreign Exchange and Business Travel segments. With

some of our overseas DMS units logging profits already and other units

• Significant improvement propelled by recovery across the businesses - TCIL, Sterling Resorts & SOTC

indicating a robust order book, we expect strong growth returning

and DEI

across the Group in the upcoming quarters”

Consolidated

Cash and Bank balances

Rs 8,500 mn as on 30th June,2022

Rs. 6,399 Mn as on 31st March 2022

# Adjusting for the impact of Loss of Rs. 56 Mn, Loss of Rs. 247 Mn and Gain of Rs. 158 Mn in respective quarters as a result of a Mark to Market non-cash, non-operational loss arising from the Company’s shares in Quess Corp Limited through its Employee Benefit Trust)

5

Business wise recoveries from pre-pandemic Levels

Forex

01

Corporate Travel

01

Q1 FY23

Q2 FY23 (e)

Q1 FY23

Q2 FY23 (e)

66% Recovery from Q1 FY20

v/s targeted recovery of 63%

71% Recovery from Q2 FY20

87% Recovery from Q1 FY20

v/s targeted recovery of 84%

124% Recovery from Q1 FY20

Domestic Holidays

01

International Holidays

01

MICE

01

Q1 FY23

78% Recovery from Q1 FY20

v/s targeted recovery of 108%

Q2 FY23 (e)

94% Recovery from Q1 FY20

Q1 FY23

Q2 FY23 (e)

18% Recovery from Q1 FY20

v/s targeted recovery of 19%

42% Recovery from Q1 FY20

Q1 FY23

44% Recovery from Q1 FY20

v/s targeted recovery of 38%

Q2 FY23 (e)

72% Recovery from Q1 FY20

6

Update on Business operations : Forex

Revenue from Operations Rs mn

EBIT Rs mn

479

380

112

55

150

Q1FY23

Q4FY22

Q1FY22

Q1FY23

Q4FY22

(106) Q1FY22

• FX-Now a New Gen Corporate Booking Tool, delivering contactless,

seamless and swift foreign exchange services for business travelers

• Turnover increased 39% q-o-q; a 66% recovery v/s pre pandemic levels (Q1 FY20)

• Driven by recovery of 75% in retail business, 111% in airport segment & 57% in the

corporate segment

• Transactions grew 42% q-o-q to 1,43,538

• Card Loads for Q1 FY23 were at US$154Mn: 90% growth q-o-q; 93% recovery v/s pre

pandemic levels (Q1 FY20)

• New card issuance in Q1 FY23 up 1.86x q-o-q; 90% recovery over Q1 FY20

• The digital partner platform, FX Mate: saw 1,382 partners on-boarded since inception

• A new corporate booking tool FX-Now was launched in the quarter

• Launched educative Study Buddy Video-Blog Series to assist the Overseas Education

segment

7

Update on Business operations : Travel & Related Services

Revenue from Operations Rs mn

EBIT Rs mn

6,750

-178

-465

2,709

1,589

Leisure Travel: o Despite inflated air fares, limited hotel inventory and visa challenges, Leisure Travel

grew by over 4x on a q-o-q basis

o Passenger numbers increased by 208% q-o-q; recovery of 31% over pre pandemic

levels

o Domestic travel sales grew by over 3x q-o-q; 78% recovery over pre pandemic levels o International travel sales grew by over 4.4x q-o-q and 18% recovery over pre

-845

pandemic levels

Q1FY23

Q4FY22

Q1FY22

Q1FY23

Q4FY22

Q1FY22

Corporate Travel: o Turnover increased 97% on a q-o-q basis; 87% recovery vs pre pandemic levels o 62% q-o-q increase in tickets issued; 7.6x y-o-y; 86% recovery vs pre pandemic o Focus on increased efficiencies through technology: deployment and adoption

of online bookings and seamless integration with online systems

Strong usage of Corporate self-booking tool; transactions increased by 80%

o Increase revenue through ancillary services like cars, hotels for existing accounts o Acquisition of local and global accounts including Engineering, Tech, and Media

MICE: o Sales grew by 7.5x q-o-q; 44% recovery Vs pre pandemic levels. Robust Order book for

Q2 & Q3 FY23

o Over 150 corporate groups of between 100 to 2500 delegates were successfully operated across India & international destinations like Goa, Hungary, France, Australia

o The Company successfully managed several major events during the quarter:

The prestigious Khelo India Youth Games 2022. Spanning over 15 days, the team ensured exceptional delivery, including transport, accommodation and food for 8500 delegates End-to-end management of the spectacular groundbreaking ceremony & event for the world's first World Health Organization (WHO) Global Centre for Traditional Medicine in Jamnagar, Gujarat Thomas Cook India was appointed as the exclusive Event Manager for the first ever Digital Yoga Exhibition organised by Ministry of Ayush, Government of India. Ceremonial welcome for the visit of the ex-Prime Minister of UK, Mr. Boris Johnson

8

Update on Business operations : Travel & Related Services

DMS (Destination Management Service)

Desert Adventures

| UAE | Oman | Jordan |

Private Safaris - East Africa

| Kenya | Tanzania | Uganda | Rwanda | Ethiopia |

Allied TPro

| U.S.A |

Asian Trails

Cambodia | China | Hong Kong | Indonesia | Laos | Malaysia | Myanmar |Singapore | Thailand | Vietnam | Australia|

o

Q1 FY23 witnessed healthy sales aided by business from UK and sub-continent. Focus going forward will be on service quality improvement through new products for luxury clients, nurturing new CIS clients and direct connectivity with hotels

o

Sales in Q1 FY23 were encouraging in spite of a traditionally lean season, with healthy volumes from source markets such as US, UK and Germany

o With progressive easing of restrictions, Q1 FY23 reported positive traction in sales primarily driven by FIT

segment.

o

Re-opening of most destinations (e.g. Thailand, Cambodia, Singapore, Indonesia, Vietnam) with easing of restrictions is translating into an increasing forward booking pipeline

9

Key Initiatives- Holidays

New offerings

Partnerships

Network Expansion

• Collaboration with Mastercard and HDFC Bank for exclusive offer on South

• Thomas Cook India & SOTC ink MOU with

East Asia Holidays- for Singapore, Malaysia, Thailand and Indonesia

Saudi Tourism Authority

• New franchise outlets were opened in key

source markets across metros and Tier 2-3

• Durga Pujo Holidays to top domestic & international destinations • Partnership with Turkiye Tourism to boost demand and visitations for

Turkiye

• Exciting range of Easy Holidays and Quick & Easy Holidays: the products

offer easy travel (short-haul) destinations, affordable pricing, attractive

discounts

• Darshans product range to cover pilgrimage tours, spiritual & wellness

and experiential programs

• Thomas Cook India sustains its strategic

cities

partnership with Maldives Marketing and

Public Relations Corporation (MMPRC)

• Leisure Travel: Delhi, Hyderabad, Goa,

Vadodara Nashik, Tiruchirappalli,

Ghaziabad (Franchise outlets)

10

Update on Business operations: Leisure Hospitality (Sterling Resorts)

Revenue from Operations Rs mn

1,025

722

415

EBIT Rs mn

324

187

31

Q1FY23

Q4FY22

Q1FY22

Q1FY23

Q4FY22

Q1FY22

Revenue from Operations crossed the Rs. 1 bn mark for the quarter for the first time, signaling a strong comeback in the sector Sustained growth and profitability:

Riding on the positive recovery in the economy and leveraging on an increased average room rate (ARR), focused increase in guest spends on food & beverage and taking advantage of the cost-efficiency measures taken in the previous year the company topped its pre-pandemic performance on almost all key indicators. Technology Focus: Developed proprietary platform Sterling One enabling partners engage online – in real time

2.2X increase total room nights sold through online website in vs pre-pandemic levels

Focus on expanding distribution network into India’s tier 2-3 towns

In line with its vision to expand on an asset-light model, Sterling opened resorts in Madurai and Kalimpong

New additions in membership also doubled compared to the same quarter in the previous year

Resort Occupancy

73% v/s 52% in Q4 FY22

Average Room Rate (ARR)

Rs 6,904 51% increase y-o-y 35% from pre-pandemic period

Guest ratio

60% up from 42% of Q1 FY20

Network

37 Resorts; 2,297 rooms 15 Owned resorts, 10 Leased resorts & 12 Management contract

Sterling V Grand Madurai

Sterling Park Kalimpong Hero

11

Leisure Hospitality (Sterling Resorts) : Network

Hill Station

Beach

Waterfront

Heritage

Jungle

Adventure

North

•Mussoorie •Nainital •Kufri •Manali

East

•Darjeeling •Gangtok •Kalimpong

•Rishikesh •De Laila - Srinagar

•Corbett •Kanha •Sariska

•Puri

West

•Lonavala •Mount Abu

•Goa –Varca •Karwar

South

•Anaikatti •Munnar •Yelagiri •Yercaud •Ooty – Elk Hill •Ooty – Fern Hill •Kodai – Lake •Kodai - Valley

•Rudra Gir

GIR

NATURE TRAILS

•Sajan (NT) •Durshet (NT) •Dabhosa (NT) •Kundalika (NT)

•Palavelli - Godavari •Alleppey

•Guruvayur •Thiruvanna malai •Madurai

•Thekkady

•Wayanad

SRINAGAR

MANALI

KUFRI

DARJEELING

GANGTOK

MUSSOORIE

RISHIKESH

NAINITAL

CORBETT

KANHA

PURI

GODAVARI

SARISKA

MOUNT ABU

LONAVALA

GOA

KARWAR

WAYANAD

GURUVAYUR OOTY

YELAGIRI

YERCAUD

TIRUVANNAMALAI

ANAIKATTI

MUNNAR

ALLEPPEY

MADURAI

KODAIKANAL

THEKKADY

12

Update on Business operations : Digiphoto Entertainment Imaging Ltd. (DEI)

Revenue from Operations Rs mn

EBIT Rs mn

1,507

1,409

106

80

727

Q1FY23

Q4FY22

Q1FY22

Q1 FY23

Q4 FY22

Q1 FY22

-110

Key Highlights

Growth in Revenue from Operations led by traction in Southeast Asia and US markets

DEI inked agreements with new partners like Modhesh World UAE, LEGOLAND

Malaysia Resort and Club Med Cherating Beach; SkyHelix Sentosa and Jewel Changi,

Singapore; Alila Kothaifaru and Le Meridien Maldives; Statue of Belief and the VGP

Universal Kingdom, India; Museum of Science & Industry, Chicago USA

DEI renewed its imaging operation terms with 5 partners (Mount Faber, Jakarta

Aquarium, Aquaria Phuket, Atlantis Sanya and Resorts World Sentosa) this quarter

Imaging Services & Solutions

Experiences first. Memories second

Global Presence

3 Continents 19 Countries 130 Partners

Marquee Partnerships

Trusted by leading brands in the world

Technology expertise to drive business outcomes

Aligned with evolving consumer, industry & technology trends

An evolved guest Journey

Delivering an integrated and frictionless guest experience

13

Digiphoto Entertainment Imaging Ltd. (DEI) : Network

USA

BAHAMAS

CHINA MAINLAND

EGYPT

KUWAIT

DUBAI GLOBAL HQ

INDIA

SOUTH KOREA

HONG KONG SAR MACAU SAR

OMAN

BANGLADES H

MALDIVES

SINGAPORE MALAYSIA INDONESIA THAILAND

CONGO

MAURITIUS

14

Digiphoto Entertainment Imaging Ltd. (DEI) : Marquee partnerships

UAE  Atlantis Dubai  Inside Burj Al Arab  Ferrari World Abu Dhabi  At the Top, Burj Khalifa  Yas Waterworld  Jumeirah Beach Hotel  Expo 2020  Ski Dubai  Snow Penguins  Warner Bros. Abu Dhabi  Dubai Miracle Garden  IMG Worlds of Adventure  Wild Wadi Waterpark  Arabian Adventures  Qasr Al Watan  Dubai Frame  Sheikh Zayed Grand Mosque  MotionGate  The View at the Palm  Hilton Ras Al Khaimah Beach

Resort and Spa  Bollywood Parks  Global Village  LEGOLAND Dubai  National Aquarium Abu Dhabi  Museum of the Future

Hong Kong SAR

 Ngong Ping 360

Maldives

 Anantara Maldives Resorts  Constance Moofushi Maldives  InterContinental Maldives

Maamunagau Resort, an IHG Hotel  JW Marriott Maldives Resort & Spa  The St. Regis Maldives Vommuli

Resort

 Sheraton Maldives Full Moon Resort

& Spa

 The Westin Maldives Miriandhoo

Resort

 Taj Exotica Resort & Spa  The Residence Maldives  Velassaru Maldives  W Maldives

China  Universal Beijing Resort  Shanghai Disney Resort  Atlantis Sanya

South Korea

 LEGOLAND Korea

Singapore

 Universal Studios Singapore  Marina Bay Sands  Mandai Wildlife Reserve  S.E.A. Aquarium  Jurong Bird Park  Mount Faber Peak  Resorts World Sentosa

Indonesia

 Waterbom Bali  Trans Studio  Trans Snow World  Bali Zoo  Bali Bird Park  JungleLand Adventure

Theme Park  Jakarta Aquarium  Mandapa, a Ritz-Carlton

Reserve

Malaysia

 Petronas Twin Towers  Aquaria KLCC  Sunway lagoon  Penang Hill  Langkawi Skycab

15

Digiphoto Entertainment Imaging Ltd. (DEI) : Marquee partnerships

Thailand

 Ramayana Waterpark  Vana Nava Waterpark  Aquaria Central Phuket  Andamanda Phuket

Macau SAR

 The Venetian Macao  The Parisian Macao  Macau Tower

The Bahamas

 Atlantis Paradise Islands

Kuwait

 Kidzania

Mauritius

 Shanti Maurice Resort & Spa

 Outrigger Mauritius

Beach Resort  Heritage Le Telfair Golf & Wellness Resort

 JW Marriott

Mauritius Resort

India

 Ramoji Film City  Snow World  Marine Kingdom  Snow Kingdom  Wonder La  Bounce Inc

Egypt

 Ski Egypt  Kidzania  Snow City

USA

 360 Chicago  Gaylord Hotels  Hard Rock Café  Mangos Tropical Café  The Incline Railway  The Henry Ford Museum  Rock City  Anakeesta  Great Smokey Mountain Wheel  Delta River Boats  Gulfarium

Oman

 Oman Aquarium

DR Congo

 Aqua Splash

16

Q1 FY23 Performance

Results – Q1 FY23 Consolidated

Particulars (Rs. mn)

Income from Operations

Other Income

i. Mark to market gain on Investment**

ii. Others

Total Income from Operations

Expenses

- Cost of services

- Employee benefits expense

- Other expenses

i. Mark to market loss on Investment

ii. Others

Total Expenses

EBITDA

Depreciation / Amortization

EBIT

Interest and Finance cost

Exceptional Items

PBT

Underlying PBT#

Tax expense

PAT

Q1 FY23

Q4 FY22

Q1 FY22

9,761.7

5,220.6

2,880.3

-

136.4

9,898.1

6,640.9

1,698.5

56.3

1,003.8

9,399.6

498.5

304.8

193.7

196.5

(20.3)

(23.0)

33.3

35.3

(58.4)

(207.0)

274.2

5,287.9

3,022.0

1,445.9

40.1

787.7

5,295.7

(7.8)

307.6

(315.4)

172.5

(29.8)

(517.7)

(270.6)

(4.8)

(512.9)

158.5

118.4

3,157.1

1,872.2

1,461.1

-

632.0

3,965.3

(808.2)

321.3

(1,129.5)

117.7

-

(1,247.2)

(1,405.7)

(310.3)

(937.0)

**Mark to Market Gain/ (Loss)

56.3

(247.1)

158.5

y-o-y

239%

-

15%

214%

255%

16%

59%

137%

-

(5%)

-

67%

-

-

-

-

-

-

q-o-q

87%

-

(50%)

87%

120%

17%

27%

77%

-

(1%)

-

14%

-

-

-

-

-

# Adjusting for the impact of Loss of Rs. 56 Mn, Loss of Rs. 247 Mn and Gain of Rs. 158 Mn in respective quarters as a result of a Mark to Market non-cash, non-operational loss arising from the Company’s shares in Quess Corp Limited through its Employee Benefit Trust)

18

Results – Q1 FY23 Consolidated

Particulars (Rs. mn)

Q1 FY23

Q4 FY22

Q1 FY22

y-o-y

q-o-q

219%

325%

147%

107%

239%

-

-

Segment Revenue

(a) Financial Services

479.4

380.5

150.4

(b) Travel and Related Services

6,750.4

2,708.8

1,588.5

(c) Leisure Hospitality & Resorts business

1,025.3

722.3

414.7

(d) Digiphoto Imaging Services

1,506.7

1,409.0

726.7

Total

Segment Results (EBIT)

(a) Financial Services

(b) Travel and Related Services

(c) Leisure Hospitality & Resorts business

(d) Digiphoto Imaging Services

Total

Less : Interest and Finance expenses

Less : Common Expenditure

PBT before exceptional

Add: Exceptional Items

PBT

9,761.7

5,220.6

2,880.3

111.5

54.7

(178.1)

(464.7)

(105.6)

(845.1)

324.2

106.0

363.7

196.5

170.0

(2.8)

(20.3)

(23.0)

187.3

31.0

946%

79.9

(110.4)

(142.8)

(1,030.1)

172.5

172.6

117.7

99.5

(487.9)

(1,247.2)

(29.8)

-

(517.7)

(1,247.2)

-

-

67%

71%

-

-

-

26%

149%

42%

7%

87%

104%

-

73%

33%

-

14%

(2%)

-

-

-

19

Contact Us

For further information please contact

Debasis Nandy President and Group CFO Tel: +91 22 4242 7000 Email: Debasis.Nandy@thomascook.in

Urvashi Butani General Manager- Investor Relations Tel: +91 22 4242 7095 Email: Urvashi.Butani@thomascook.in

Corporate Identification No: L63040MH1978PLC020717 Investor e-mail id: sharedept@thomascook.in Regd. Office: Thomas Cook India Ltd, Marathon Futurex, A Wing, 11Th & 13th Floor, N.M. Joshi Marg, Lower parel (E), Mumbai 400013 Website : www.thomascook.in

About Thomas Cook (India) Limited: Set up in 1881, Thomas Cook (India) Ltd. (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa and Passport services and E-Business. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Luxe Asia, Kuoni Hong Kong, Sterling Holiday Resorts Limited, TC Forex, Distant Frontiers, TC Tours, TC Visa, Travel Circle International Limited, Ithaka, Digiphoto Entertainment Imaging (DEI), Private Safaris East & South Africa.

20

Disclaimer

 This presentation has been prepared by Thomas Cook (India) Limited (“Company") solely for information purposes without any regard to any specific objectives, financial situations or informational needs

of any particular person. This presentation may not be copied, distributed or disseminated, directly or indirectly, in any manner. Failure to comply with this directive may result in a violation of the applicable law in certain jurisdictions.

 This presentation does not constitute or form part of and should not be construed as, directly or indirectly, any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company by any person in any jurisdiction, including in India, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any investment decision or any contract or commitment therefore

 This presentation contains statements that may constitute forward looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its

directors and officers with respect to the results of operations and financial condition of the Company. These statements can be recognized by the use of words such as ''expects", "plans", 'will", "estimates", "projects", or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in such forward-looking statements as a result of various factors and assumptions which the Company believes to be reasonable in light of its operating experience in recent years. The risks and uncertainties relating to these statements include, but not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth, competition, our ability to manage our international operations, government policies, regulations, etc. The Company does not undertake any obligation to revise or update any forward looking statement that may be made from time to time by or on behalf of the Company including to reflect actual results, changes in assumptions or changes in factors affecting these statements. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward looking statements. This presentation may contain certain currency exchange rates and the same have been provided only for the convenience of readers. No representation is made that the Rupee amounts actually represent such USD amounts or could have been, or could be, converted into USD at the indicated rates

 This presentation is not a complete description of the Company and may not be all inclusive and may not contain all of the information that you may consider material. The information contained in this presentation has not been independently verified. No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the information, estimates, projections and opinions contained in this presentation. Viewers of this presentation must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. Such information and opinions are in all events not current after the date of this presentation. Further, past performance is not necessarily indicative of future results. Any opinions expressed in this presentation or the contents of this presentation are subject to change without notice. This presentation should not be construed as legal, tax, accounting, investment or other advice

 Any person placing reliance on the information contained in this presentation or any other communication by the Company does so at his or her own risk and none of the Company nor any of its affiliates,

advisers or representatives, any placement agent, promoters or any other persons that may participate in any offering of any securities of the Company shall have any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions, insufficiencies or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise in connection with this presentation

 This presentation has not been and will not be registered as a prospectus with any Registrar of Companies in India. This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement, a private placement offer letter or an offer document under the Companies Act, 2013 and the rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, or any other applicable law

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