SAREGAMANSE27 July 2023

Saregama India Limited has informed the Exchange about Investor Presentation

Saregama India Limited

Date: 27th July, 2023

The Manager, Listing Department, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra – Kurla Complex, Bandra (East), Mumbai – 400 051

The General Manager Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001

Symbol: SAREGAMA

Scrip Code: 532163

Subject: Press Release and Investor Presentation

Reference: Unaudited Financial Results (Standalone and Consolidated) of the Company, for the quarter

ended 30th June, 2023

Dear Sir/ Madam,

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) as amended from time to time, please find enclosed the following for the Unaudited (Standalone and Consolidated) Financial Results for the quarter ended 30th June, 2023:

i. Press release on Earnings ii. Investor Presentation

This information is available on the website of the company www.saregama.com.

You are requested to kindly take the afore-mentioned on record and oblige

Yours Faithfully, For SAREGAMA INDIA LIMITED

Priyanka Motwani Company Secretary and Compliance Officer Encl: As above

SAREGAMA India Limited, 33, Jessore Road, Dum Dum, Kolkata - 700 028, India. Tel: +91 33 2551 2984, Fax: +91 33 2550 0817, Web: www.saregama.com CIN: L22213WB1946PLC014346 Email ID: co.sec@saregama.com

Total Revenue at 1,809 Mn with a 27% PAT Margin

Building IP for Tomorrow

Mumbai, July 27, 2023: Saregama, a RPSG Group company, announced its financial results for the Quarter Ended June 30, 2023.

Company’s operating revenue stood at Rs 1,633 Mn with a strong adjusted EBITDA of Rs 623 Mn at 38% Margin.

Company delivered a PAT of Rs 433 Mn at 27% margin, delivering a margin growth of 6% over Q4FY23 and 2% over Q1FY23.

Music segment revenue grew strongly to Rs 1,491 Mn with new content continuing to contribute significantly to the Company’s revenue and profitability.

Key Operational Highlights:

➢ This quarter saw release of super successful songs of Vicky Kaushal, Sara Ali Khan starrer “Zara Hatke Zara Bachke” which topped every possible chart in the country, including Spotify, YouTube, Wynk, Radio etc. We also saw release of the first song of Ranveer Singh and Alia Bhatt starrer “Rock Aur Rani Ki Prem Kahani”. Other big album this quarter was Telugu movie “Kushi” whose first song topped charts in Telugu. Malayalam album “Romancham” was a big hit. In non-films Company released songs like “Rista Rista” by Stebin Ben; “Kya Hua Tera Wada” by Sanam in Hindi; “Murabba” by Khesari Lal; “Nach Re Patarki 3.0” by Arvind Akela Kalu in Bhojpuri and “Bhulva Mangu Chu Tane” by Rakesh Barot in Gujarati etc.

➢ During the Quarter, Company released 250 plus Originals and Premium Recreations across Hindi, Bhojpuri, Gujarati, Punjabi, Tamil, Telugu, Malayalam, Marathi and Bengali languages. Company also released 2,600 plus derivatives (LoFi, Trap Mix, Cover, Acoustic etc.) which is driving the popularity and growth of its catalogue.

➢ The other highlight of the quarter was the use of our songs for IB71 (Hindi, Action Hero Films),

Gullu Gullu (Tamil Film, Raj productions), Enkilum Chandrike (Malayalam, Friday Films), Dr. Bezboruah (Assamese Film) and by brands like Mumbai Indians, Google, Uber, Spotify, etc. in their ad films.

➢ Carvaan continued to regain its momentum. In Q1 FY24, the unit sales grew by 52% YoY, with Carvaan Mobile volumes building up. Overall, Company sold 149k units in Q1 FY24 compared to 98k units last year.

➢ Company’s TV serials Anbe Vaa, Ilakkiya and Iniya were the Slot Leaders in their respective time slots with “Ilakkiya” rated the No. 1 TV serial in afternoon slot across all Tamil Channels for the third consecutive quarters.

➢ We strengthened our credentials as a serious Live Event Business Player with the release of

Disco Dancer show in Mumbai.12 shows were held in Q1 FY24.

Avarna Jain, Vice Chairperson Saregama India, said “Saregama continues to invest in content that generates healthy returns and fortifies its position as the leading music label. More importantly, our bets to diversify the business are well placed to realize organization’s goal of being the leading entertainment company that continues to grow profitably. Success of our strategy is demonstrated in the Q1FY24 results with Operating revenue of Rs 1,633 Mn combined with 27% PAT margin”.

About Saregama India Limited:

Saregama India Limited, formerly known as The Gramophone Company of India Ltd is a RPSG group company owning the largest music archives in India and one of the biggest in the world. The ownership of nearly 50 per cent of all the music ever recorded in India also makes Saregama the most authoritative repository of the country’s musical heritage. Saregama has also expanded into other branches of entertainment - film & series production, live events, and music-based consumer products.

About RPSG Group:

RP-Sanjiv Goenka Group is one of India’s fastest growing conglomerates with a significant global presence. The Group’s businesses include power and energy, carbon black manufacturing, retail, IT- enables services, FMCG, media and entertainment and agriculture.

For further information, please contact: Honey Sheth | honey.sheth@mslgroup.com |9870097011 Krishi Shetty | krishi.shetty@mslgroup.com |9518308228

SAREGAMA INDIA LIMITED | QUARTERLY PRESENTATION | Q1 FY24

SAREGAMA STRENGTHS

India’s only entertainment company with IP offerings across media channels (music, films, web series and TV serials), delivery platforms (physical and digital) and business models (licensing and retail)

Large intellectual property portfolio of 150K+ songs, 69 films and web series, 6K+ hours of television content

Strong licensing relationships with streaming applications and platforms for music and video

Increasing IP library with a growing presence in all leading Indian languages

Investments and Capabilities in Data Analytics and Technology for content acquisition and IP protection

Strong financial position with track record of revenue growth, margin expansion and cash flow generation

Experienced and creative leadership through Management Team and Promoter Group

2

SAREGAMA KEY FINANCIAL METRICS

Revenue From Operations (INR Mn)

Adjusted EBITDA (INR Mn)

22% CAGR

7,366

50% CAGR

2,712

2,230

5,806

5,447

5,215

4,420

3,566

2,185

1,451

1,519

786

763

511

237

847

603

389

159

PBT(INR Mn)

58% CAGR

2,481

2,044

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY23 numbers are restated post impact of demerger

MUSIC LICENSING, MUSIC RETAIL, FILMS & SERIES, LIVE EVENTS

1,574

1,024

702

521

476

Film, Events and Series,

FY19

FY20

FY21

FY22

FY23

2,948

2,062

1,056

861

1,298

Music Retail

FY19

FY20

FY21

FY22

FY23

FY23 numbers are restated post impact of demerger

21%

18%

FY23 Revenue INR 7366 Mn

61%

* 4,410

* 3,585

* 2,839

* 2,361

1,949

FY19

FY20

FY21

FY22

FY23

* One time income of INR 84Mn in FY23, INR 97Mn in FY22, INR 155Mn in FY21 and INR 21Mn in FY20 are excluded

Music Licensing

STRATEGIC OVERVIEW

To be a Pure Play Content Company capitalising on the global content consumption boom

driven by the ever-increasing Digitisation

Monetisation of Existing IP

Through licensing to EVERY 3rd party Digital (music, video, social) and TV platform.

Carvaan transitioning from being a Product with only one-time margin to a Platform for Music lovers with recurring advertising, transaction and subscription revenue

Cementing leadership position with New film and non-film music acquisition across Hindi, Tamil, Telugu, Bhojpuri, Gujarati, Punjabi, Malayalam, Bengali and other regional languages.

Building of New IP

Producing Theatrical Films in only Regional languages and Web Series in all languages. Revenue secured through pre-licensing to digital platforms. Scale allowing lower cost of production

Building Live Music based Events IP, preferably around Saregama owned music

150k+ Songs | 69 Movies & Web Series | 6k+ hrs of TV Series | Advantage Saregama

PATH TO LEADERSHIP POSITION IN MUSIC SEGMENT

Disproportionate Share of

New Content across Hindi & Regional Languages

+

Acquisition of Small & Mid size Music Catalogues using Cash Reserves

+

Better Monetisation Capability on the back of Catalogue + New Content strength

Investments in Data Analytics & AI Marketing Muscle

+

Deeper artiste relationships through play in Artiste Management & Live Events

+

Strength of Balance Sheet Decentralised Decision Making

+

India’s Largest and Most Popular Music Catalogue

MUSIC SEGMENT REVENUE FROM CATALOGUE MUSIC CONTINUES TO GROW

Annual Growth in Music Licensing Revenue from Saregama owned Songs classified by Decade of Release

FY19

FY20

FY21

FY22

FY23

2001 – 2020

1981 – 2000

Till 1980

47%

32%

24%

24%

18%

23%

18%

27%

20%

4%

1%

5%

19%

19%

7%

All revenue from derivatives of catalogue songs are classified basis original song release date

MUSIC SEGMENT SAREGAMA IS NO LONGER A CATALOGUE COMPANY

33% of Saregama’s songs were released post 2000, and they contributed to 48% of FY23 revenue

FY23 150k+ songs generated Licensing Revenue INR 4,410 Mn * Era wise Breakup

2021-2023

8%

27%

2001-2020

1981-2000

1961-1980

Till 1960

25%

26%

25%

21%

21%

29%

16%

2.6%

Count of Songs

Revenue

Derivatives of catalogue songs are classified basis derivative song release date *Excluding one time income of INR 84 Mn

48% of Licensing Revenue now comes from 21st century songs

OUR GROWTH STRATEGY IN VIDEO SEGMENT

Pick Films and Cast primarily basis recoveries from Digital and TV licensing

+

Pick Web Series basis pre-licensing approval from a VoD platform

Volume of Films / Series to drive Cost Optimisation & Licensing Leverage

Greater emphasis on regional movies because of better ROI

Retain IP for Portfolio building & future exploitation

+

Access to Music Catalogue gives Unique Strength

OUR LICENSING PARTNERS

Streaming Partners Music

Broadcasting Partners Music + Films & Series

Video Streaming Partners Music + Films & Series

vO

uVid

v

Social Media Platforms Music + Films & Series

Brands Music

10

OPERATIONAL HIGHLIGHTS

11

MUSIC SEGMENT REVENUE PER QUARTER (INR Mn)

1547

1509

1491

1378

1333

1274

1216

1175

1142

1004

919

858

696

Q1 FY21

Q2 FY21

Q3 FY21

Q4 FY21

Q1 FY22

Q2 FY22

Q3 FY22

Q4 FY22

Q1 FY23

Q2 FY23

Q3 FY23

Q4 FY23

Q1 FY24

* One time income of INR 84Mn in FY23, INR 97Mn in FY22 and INR 155Mn in FY21 are excluded

12

MUSIC LICENSING - MONETISATION

• Brand Licenses:

Mumbai Indians, Spotify, Uber, Google etc.

• Digital Content Licenses:

Telugu Indian Idol (Aha), Coke Studio Bharat etc.

• Film Sync Licenses:

Licensed songs for IB71 (Hindi, Action Hero Films), Gullu Gullu (Tamil, Raj productions), Enkilum Chandrike (Malayalam, Friday Films), Dr. Bezboruah (Assamese Film) etc.

YOUTUBE VIEWS (Bn) PER QUARTER

YOUTUBE SUBSCRIBERS (Mn)

36

39

44

45

85

66

Q4FY22

Q1FY23

Q2FY23

Q3FY23

Q4FY23

Q1FY24

Includes all views related Saregama IP across it’s owned channels and user generated content on YouTube and YouTube Shorts

95

85

75

65

55

45

35

85

80

91

70

75

65

Q4 FY22

Q1 FY23

Q2 FY23

Q3 FY23

Q4 FY23

Q1 FY24

13

CHARTBUSTERS OF Q1 FY24

MUSIC SEGMENT : CONTENT CREATION Film Music released in Q1 FY24

HINDI

TELUGU

TAMIL

MALAYALAM

Vicky Kaushal & Sara Ali Khan

Nani

Samantha & Vijay Deverakonda

Sivakarthikeyan

Shaan Rahman

Ranveer Singh & Alia Bhatt

Naresh Agastya

Ravi Teja

Shanthanu Bhagyaraj

Vishnu Sivasankar

Rakul Preet Singh Pavail Gulati

Sudhakar Komakula

Bheems Ceciroleo

Vijay Antony

Kunchacko Boban

MUSIC SEGMENT : CONTENT CREATION Non-Film Music released in Q1 FY24

BHOJPURI

GUJARATI

HINDI

Neelkamal Singh

Khesari Lal & Shilpi Raj

Naresh Thakor

Vijay Suvada

Sanam

Stebin Ben

DEVOTIONAL

Khesari Lal

Shilpi Raj & Arvind Akela Kallu

Kajal Maheriya

Mahesh Vanzara

Krishna Beuraa

Charanjeet Singh Sondhi

PUNJABI

BENGALI

Kartik Kumar

Ritesh Pandey & Priyanka Singh

Rakesh Barot

Rakesh Barot

Kuldeep Manak

Raj Barman & Trissha Chatterjee 16

MUSIC RETAIL

Retail:

• Unit Sales grew 52% Y-o-Y

• Carvaan Mobile volumes building up

• Margin % similar on all Carvaan variants : base model,

Mini, Mobile, Music Bar

180

160

140

120

100

80

60

40

20

0

45

CARVAAN SALES (units '000s)

168

156

149

139

141

103

112

98

Q1-FY22 Q2-FY22 Q3-FY22 Q4-FY22 Q1-FY23 Q2-FY23 Q3-FY23 Q4-FY23 Q1-FY24

Future Outlook

▪ Reliance on Natural Pull from the market

▪ Tight cost controls to continue

17

Films and Web Series

FILMS & SERIES

Upcoming releases

“Agra” directed by Kanu Bhel premiered at the Cannes Film Festival 2023 in the Directors’ Fortnight Section.

Kasargold Asif Ali

Malaikottai Valiban Mohanlal

Bazooka Mammootty

TV Segment

• “Ilakkiya” rated the No. 1 TV serial in afternoon slot across all

Tamil Channels.

• "Iniya“ rated No.3 TV Serial in prime time across all Tamil

Channel.

• All serials Anbe Vaa, Ilakkiya and Iniya were the Slot Leaders

in their respective time slots.

• Saregama TV Shows YouTube channel garnered 788 Mn views in Q1 FY24 i.e. more than 100% growth over Q1 FY23 of 381 Mn views

Future Outlook

• Unlocking

value of the existing IP through language new platform remakes, licensing and syndication

18

LIVE EVENTS

Saregama live’s Stage adaptation of Bollywood’s iconic film Disco dancer

• 12 shows held in Mumbai in Q1 FY24

• Establishing our credential, as a serious live events player

• Show went off very well, both with public at large and critics

19

FINANCIAL HIGHLIGHTS

CONSOLIDATED

20

QUARTERLY FINANCIAL SUMMARY

Particulars (INR Mn)

Revenue from Operations

Music

Films and Television serials

Events

Revenue from Operations

Adjusted EBIDTA (EBIDTA excluding Content Charge)

Q1 FY24

Q4 FY23*

Q-o-Q Growth

Q1 FY23*

Y-o-Y Growth

1,491 122 20

1,633

623

1,461 573 2

2,036

619

2% (79)% (900)%

(20)%

1%

1,274 145 242

1,661

651

17% (16)% (92)%

(2)%

(4)%

Content Charge include the following charges related to the new content during the year: 1) 4) Content charge does not include any royalty paid post recoupment of the Minimum Guarantee amount.

Amount amortised in case of Royalty based deals 2) Amount amortised against the one-time fee paid in case of Outright purchase-based deals 3) Marketing of new content

Revenue from Operations (INR Mn)

189 153

58

213

242 145

2

573

20 122

1,274

1,509

1,547

1,461

1,491

Q1-FY23

Q2-FY23

Q3-FY23

Q4-FY23

Q1-FY24

700

200

Adj. EBITDA (INR Mn) & Adj. EBITDA Margin 41%

38%

39%

30%

38%

650

704

740

618

623

Q1-FY23

Q2-FY23

Q3-FY23

Q4-FY23

Q1-FY24

43%

38%

33%

28%

23%

18%

13%

Music

Films & TV serials

Events

Adj. EBIDTA

Adj. EBIDTA Margin

All previous quarter numbers are restated post impact of demerger

21

ADJUSTED EBIDTA TO PAT

Particulars (INR Mn)

Q1 FY24

Q4 FY23*

Q-o-Q Growth

Q1 FY23*

Y-o-Y Growth

FY 23*

Revenue from Operations (A)

Total Expenses (B)

Adjusted EBIDTA (C= A-B)

Adjusted EBIDTA Margin (%)

Content Charging Cost (D)

Depreciation (E)

Finance Cost (F)

Other Income (G)

PBT (C-D-E-F+G)

Tax

PAT

PAT Margin (%)

Diluted EPS (Face Value Re.1)

1,633

1,010

623

38%

183

10

14

175

591

158

433

27%

2.26

2,036

1,417

619

30%

182

10

17

173

583

147

436

21%

2.27

(20)%

(29)%

1%

1%

-

(18)%

1%

1%

7%

(1)%

1,661

1,010

651

39%

167

6

14

98

562

143

419

25%

2.17

(2)%

-

(4)%

10%

67%

-

79%

5%

10%

3%

7,366

4,654

2,712

37%

679

31

57

536

2,481

630

1,851

25%

9.63

* Numbers are restated post impact of demerger

22

BALANCE SHEET

Equity and Liabilities (INR Mn)

As at 30th June 2023

As at 31st March 2023*

Shareholder's fund

(a) Equity share capital

(b) Other equity

Net worth

(a) Non-controlling interest

Non-current liabilities

(a) Financial liabilities (i) Lease liabilities

(b) Employee benefit obligations (c) Deferred tax liabilities (net)

Current liabilities

(a) Financial liabilities

(i) Lease liabilities

(ii) Trade payables

(iii) Other financial liabilities

(b) Other current liabilities (c) Provisions (d) Employee benefit obligations

(e) Current tax liabilities

193

13,676 13,869

31

193

13,228 13,421

34

1 39

472

5

639

650

343 967 11

9

1 42

464

6

702

565

876 913 8

9

Total

17,036

17,041

* FY23 numbers are restated post impact of demerger

Assets (INR Mn)

Non-current assets

As at 30th June 2023

As at 31st March 2023*

(a) Property, plant and equipment

2,208

2,207

(b) Right-of-use assets

(c) Investment properties

(d) Intangible assets

(e) Intangible assets under development

(f) Financial assets

(i) Investments

(ii) Other financial assets

(g) Other non-current assets

Current assets

(a) Inventories

(b) Financial assets

(i) Investments (ii) Trade receivables

(iii) Cash and cash equivalents

(iv) Bank balances other than (iii) above

(v) Loans

(vi) Other financial assets

(c) Current tax assets (net) (d) Other current assets Total

5

21

1,223

51

-

528

588

7

21

1,143

40

-

530

573

1,978

1,643

2,162 1,313 2,497

2,681

227

140

237

1,177 17,036

2,388 1,480 167

4,916

262

219

301

1,144 17,041

23

CASH FLOW STATEMENT

Particulars (INR Mn)

Pre-Tax Profit

Change in other operating activities ( including non-cash Items)

Change in Working capital

Taxes Paid

Net cash generated from Operating Activities (A)

Redemption/ (Investment) in Fixed Deposits with maturity > 3m

Redemption/(Investment) in Mutual Fund

Net cash used in Fixed assets and other Investing activities

Net cash used in Investing Activities (B)

Net cash (used in)/generated from Treasury Shares

Proceeds from Issue of Share Capital #

Repayment of Lease Liability

Dividend paid

Interest paid

Net cash (used in)/generated from Financing Activities (C)

Net (decrease)/increase in Cash and Cash Equivalent (A+B+C)

Cash and Cash Equivalents at the beginning of the period

Effect of Translation of foreign currency cash and cash equivalents

Less: Transferred pursuant to the scheme of arrangement

Cash and Cash Equivalents at end of the period #

Q1 FY24

FY 23*

591

(16)

(629)

(85)

2,392

250

(160)

(7)

-

(2)

-

(1)

(139)

2,481

(432)

(445)

(669)

(3,709)

3,120

(893)

935

2,482

(1,482)

(161)

-

(6)

(578)

(7)

(10)

2,333

167

(3)

-

2,497

(752)

(1,299)

1,527

16

(77)

167

24

* FY23 numbers are restated post impact of demerger # Exclude Investment in Bank FD with maturity more than 3 months and Investment in Mutual Funds INR 5,350Mn ( FY23 INR 7,802Mn)

FINANCIAL CHARTS (CONSOLIDATED)

Revenue from Operations (Turnover) (INR Mn)

Music Licensing Revenue (INR Mn)

Content Charge (INR Mn)

PAT (INR Mn)

6 6 3 7

,

7 4 4 5

,

5 1 2 5

,

6 0 8 5

,

0 2 4 4

,

*

9 3 8 2

,

*

1 6 3 2

,

9 4 9 1

,

*

5 8 5 3

,

*

0 1 4 4

,

9 7 6

3 6 4

0 5 8 1

,

6 2 5 1

,

5 3 1 1

,

6 7 1

9 7 1

9 9

3 4 5

5 3 4

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

* One time income of INR 84Mn in FY23, INR 97Mn in FY22, INR 155Mn in FY21 and INR 21Mn (FY20) are excluded

Adjusted EBIDTA Margin (%)

Return on Equity (ROE) (%)*

Diluted EPS (INR)

% 8 3

% 7 3

% 3 3

% 3 3

% 4 2

% 6 1

% 4 1

% 5 1

Debt to Equity Ratio

Dividend per Share (INR)

.

0 3

.

0 3

.

0 2

8 2 0

.

.

6 9

.

4 8

.

5 6

% 5 1

% 3 1

.

1 3

.

5 2

.

3 0

.

2 0

3 0 0

.

- - -

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

FY19 FY20 FY21 FY22 FY23

FY19 FY20 FY21 FY22 FY23

FY19 FY20 FY21 FY22 FY23

• ROE = PAT / Shareholders Equity • Shareholders Equity = Equity share capital and free reserves • Since FY22 INR 7500 Mn of fresh fund raise through QIP

added to Shareholders Equity

Previous Years EPS has been restated basis face value of Re.1 per share

Since FY21, Company is debt free

All FY23 numbers are restated, as applicable, post impact of demerger

25

DISCLAIMER

Saregama India Ltd. Disclaimer:

In evaluating our business, we consider and use non-GAAP financial measures such as EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, PAT Margin, Debt to Equity Ratio, Return on Equity, to review and assess our operating performance. These non-GAAP financial measures are not defined under Ind AS and are not presented in accordance with Ind AS. They may not be comparable to similarly titled measures reported by other companies due to potential inconsistencies in the method of calculation. We have included these non-GAAP financial measures because we believe they are indicative measures of our operating performance and are used by investors and analysts to evaluate companies in the same industry. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity reported in accordance with Ind AS. These measures should not be considered in isolation or construed as an alternative to Ind AS measures of performance or as an indicator of our operating performance, liquidity, profitability, or results of operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the Standalone/Consolidated Financial Statements.

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Saregama India Ltd., which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

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