Rain Industries Limited

Jagan Reddy Nellore

Vice Chairman of RAIN Industries

Gerard Sweeney

President of RAIN Carbon Inc.; and

T. Srinivasa Rao

Chief Financial Officer of RAIN Industries

rs,

s based on the economics of these raw materials. With CTP prices very high over the last two years, we have benefited from the use of alternative raw materials in the distillation business. On the

25%

period as we have brought the plant back into operation. We expect to achieve approximately 20-25% capacity utilization during the third quarter, and by the end of the year expect to be in the 30-

40%

capacity utilization during the third quarter, and by the end of the year expect to be in the 30-40% range. We would then continue to ramp up production throughout 2024 to achive 80% capacity by e

80%

to be in the 30-40% range. We would then continue to ramp up production throughout 2024 to achive 80% capacity by early 2025. In addition, as we mentioned during our management presentation, two of

1 million

Alan. As a reminder, DGFT, in its initial allocation for Fiscal Year 2023 to 2024, only allocated 1 million Tons of RPC out of its annual total allocation of 1.4 million tons. So, we do expect further al

1.4 million

cal Year 2023 to 2024, only allocated 1 million Tons of RPC out of its annual total allocation of 1.4 million tons. So, we do expect further allocations from DGFT for the year based on certain clarifications

98%

s will take effect in mid-2025. With Rain’s flue-gas desulfurization systems that remove at least 98% of sulfur dioxide emissions already installed at our Vizag and SEZ plants, the pollution- contro

390 Million

, we completed the refinancing of our long-term debt to push out maturities to 2028 and 2029. Our 390 Million Euro Term Loan B was amended and extended to October 2028. We also paid down approximately 36

36.5 million

on Euro Term Loan B was amended and extended to October 2028. We also paid down approximately 36.5 million Euro of its principal, leaving a balance of approximately 353.5 Million Euro. On our second lien

353.5 Million

paid down approximately 36.5 million Euro of its principal, leaving a balance of approximately 353.5 Million Euro. On our second lien Notes, 30 Million US Dollars of principal was paid off and 450 Million d

30 Million

f its principal, leaving a balance of approximately 353.5 Million Euro. On our second lien Notes, 30 Million US Dollars of principal was paid off and 450 Million dollars of new second lien notes wa

450 Million

353.5 Million Euro. On our second lien Notes, 30 Million US Dollars of principal was paid off and 450 Million dollars of new second lien notes was raised, with a maturity in September of 2029. Those f

“Accordingly, RAIN Management will be addressing those questions.”

“ALAN What is the current utilisation of the HHCR facility and how is it set to move going forward?”

“We expect to achieve approximately 20-25% capacity utilization during the third quarter, and by the end of the year expect to be in the 30-40% range.”

“With regards to the future of the energy situation in Europe, we feel Europe as a whole is in a much better position than it was a year ago, and while we could see energy price spikes during the winter months, we do not think they will be nearly as drastic as they were a year ago.”

“So, we do expect further allocations from DGFT for the year based on certain clarifications to be provided the Hon’ble Supreme Court, apart from any eventual re- allocation of RPC volumes which are yet to be surrendered by other calciners, similar to earlier years.”

“Furthermore, we also expect to continue to procure additional RPC from the domestic refineries.”

“Moving on to the next question, when do we expect resolution of legal cases filed in the Supreme Court in India?”

“Can you shed some light as to when we expect the business to return to normal?”

“This leaves us with a balance on the second lien Notes due in April of 2025 of approximately 50 Million dollars, which we expect to pay off with future cashflows prior to maturity.”

“The net impact on account of the increased interest rates will be about $25 million per annum.”

With me on the call today are

1

With me on the call today are

- Mr. Jagan Reddy Nellore – Vice Chairman of RAIN Industries Limited. - Mr. Gerard Sweeney – President of RAIN Carbon Inc.; and - Mr. T. Srinivasa Rao – Chief Financial Officer of RAIN Industries Limited Following the Earnings Presentation and Management Commentary that we released on August 4, 2023, we have been receiving questions from certain investors and analysts regarding industry developments and the status of our expansion projects. Accordingly, RAIN Management will be addressing those questions. Before we begin, management would like to mention that some of the statements made in today's discussion may be forward-looking in nature, and they could be affected by certain risks and uncertainties. The company's actual results could differ materially from such forward-looking statements. We will now start the discussion. ALAN Gerry, the first question is with regard to our operating performance during the quarter ending in June 2023. How did we generate adjusted EBITDA in our norma