1Q17 MPM Company Highlights and Financial Results (Ticker: MPMX) - - PowerPoint PPT Presentation

1Q17

MPM Company Highlights and Financial Results (Ticker: MPMX) May 2017

2

MPM: FROM “PIPELINE” TO “PLATFORM” BUSINESS

OUR CREDO Progressive Thinking Active Ownership Collaboration OUR VISION

To positively impact lives through smart mobility and social integration

OUR MISSION To create ecosystems of the best ideas (game changing innovation) delivered through the most relevant products and services (understanding people better) in the most effective ways (optimized business models & cross selling), by the most talented people (high performance culture) in our industry

3

TABLE OF CONTENT

01 MPM: Company Highlights 02 Consolidated Financial Results: FY 16 and 1Q 17 Updates 03 Business Segment Performance

4

MPM IN A SNAPSHOT: LEADING SMART MOBILITY COMPANY IN INDONESIA

• Est. in 1987 by W. Soeryadjaya as

2W distribution business for Honda

• Expertise and leading market

positions in consumer automotive (2W & 4W) supply chain and value chain

• Recognized by industry as 2016

Top 50 Best Company in Indonesia (Forbes) and other various awards

Market expertise With 30 year of experience

• BOC & BOD has over 100 years of

management and governance with industry experts, independent commissioners, and professionals in place

• Listed in IDX (Ticker: MPMX) in

2013, raising Rp 1.5T from public (22% enlarged TSO)

• Total Equity @ Rp 5.6T with cash

balance @ Rp 1.3T (Dec ’16)

Strong Corporate Governance & Financials

• 4 main business segments, each with

growth potential

• Network and presence across

archipelago serving 10MM+ individual customers, 1,000+ corporate clients, and 10,000+ 3rd party channels

• 8,000+ employees with high

performance culture

Significant Growth Potentials

Resource: MPMX, as of 31 Mar 2017

5

MPM BUSINESS: COLLECTIVE POWER

Rp 17.7T

FY16 Revenue

77% 10% 6% 7%

Distribution & Retail

• 2W Honda distribution in E. Java + NTT

with 290 dealer relationships, serving ~3.6MM active customers

• 2W Honda 3S dealerships with 40
• utlets across Indonesia
• 4W Nissan & Datsun 3S dealerships

with 10 outlets across Indonesia

Auto Consumer Parts

• 2W & 4W engine lubricant principal &

parts distribution company

• 3,300+ Federal Oil Centers & 10,000+ 3rd

party workshops nationwide, serving 10MM+ customers per year

Auto Services

• Independent 4W rental/lease company

with 14K fleet, serving 1,000+ corporates

• Fleet & logistic management services

Financial Services

• Independent 2W, 4W, lease financing

business with 83 outlets nationwide, serving 139K+ customers

• Non-life general insurance including

2W, 4W, cargo, & property with 16

• ffices & 6 service points nationwide

Resource: MPMX, as of 31 Mar 2017

6

GOVERNANCE AND MANAGEMENT

48.6% 15.3% 6.8% 29.3%

PT Saratoga Investama Sedaya Tbk & Affiliates Morninglight Investment S.a.r.l Claris Investment Pte. Ltd. Public & Others

Board of Commissioners

Strong mix of operational, strategy, M&A, and governance expertise

Board of Directors

Over 100 years of combined professional experience

Rudy Halim

Group CEO

Troy Parwata

Group CFO

Agung Kusumo

Managing Director

Titien Supeno

HR Director

Andi Esfandiari

Director

Edwin Soeryadjaya

Chairman

Tossin Himawan

Commissioner

Danny Walla

Commissioner

Lee Chul Joo

Commissioner

Istama Siddharta

Independent Commissioner

Simon Halim

Independent Commissioner

Shareholding

Resource: MPMX, as of 31 Mar 2017

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MPM GROUP NETWORK: PRESENCE ACROSS INDONESIA

Resource: MPMX, as of 31 Mar 2017

16 MPMInsurance Offices & Outlets 47 FKT Distributors for Federal Oil & Federal Mobil 33 MPMRent Offices & Service Points 10 MPMAuto Dealers 83 MPMFinance Offices & Outlets 40 MPMotor Retail Outlets 290 MPMulia Dealers

8

TABLE OF CONTENT

01 MPM: Company Highlights 02 Consolidated Financial Results: FY 16 and 1Q 17 Updates 03 Business Segment Performance

9

1Q17 REVENUES: SEGMENT CONTRIBUTION & MOVEMENT

Revenues 1Q17

Rp 4.0T

• 12.6% QoQ, -4.5% YoY

75% 10% 7% 8%

1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 2) Financial Services : MPMFinance & MPMInsurance

• 7%
• 5%

+12% +11% (252) (21) 32 31 26 %YOY 1Q16 1Q17 3,959 4,143

• 4.5%

YoY revenue growth

Distribution & Retail Consumer Parts Auto Services Financial Services Elimination

Revenues Growth % YOY, in Rp billion

Summary

 Lower sales from Distribution & Retail is due to limited product availability of 4W and unfavourable weather affecting 2W sales  Lubricant sales decrease slightly on the back of year-end promotion and slow traffic to outlets  Higher revenue from Auto Services due to achieving better disposal value  Financial Services booked higher new bookings during the period

10

1Q17 NPATMI: SEGMENT CONTRIBUTION & MOVEMENT

10% 8% 44% 38%

0% 10% 20% 30% 40% 50%

Financial Services Auto Services Auto Consumer Parts Distribution & Retail

Rp 129B

81.0% QoQ, 80.2% YoY

NPATMI 1Q17

1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 2) Financial Services : MPMFinance & MPMInsurance

%YOY

• 23%
• 2%

+137% +781% +80% (11) (1) 7 41 38 72 1Q16 1Q17 129 (17) +74%

• 901%

YoY NPATMI growth

Distribution & Retail Consumer Parts Auto Services Financial Services Head Office Minority Interest

NPATMI Growth % YOY, in Rp billion

Summary

 One-off gain of Rp36B from the sale of fixed asset attributed from Head Office  Lower COF and higher asset quality drive the significant rise in NPATMI from Financial Services  NPATMI in Distribution & Retail fell due to the low 4W sales as a result of limited product availability

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1Q17 CONSOLIDATED P&L RESULTS

Financial Highlights (in Rp billion)

Net Revenues Gross Profit NPATMI EBITDA CAPEX 1Q17 3,959 627 129 366 124 QoQ%

• 12.6%
• 16.9%

81.0% 3.4%

• 30.5%

YoY%

• 4.5%

4.3% 80.2% 36.3%

• 24.4%

1Q17 3,650 413 102 307 122 QoQ%

• 13.0%

4.8% 422.7% 27.9%

• 30.6%

YoY%

• 5.5%
• 3.3%

46.2% 14.8%

• 25.0%

1Q17 322 225 46* 59 2 QoQ%

• 7.5%
• 39.1%
• 47.3%
• 48.1%
• 20.9%

YoY% 10.7% 23.0% 1105.9% 5899.5% 37.6% Consolidated Non Financial Services Financial Services

Summary

 Strong growth in earnings recorded (+80% YoY), due to overall improvement in operations across all business  Excluding one-off gain on sale of fixed assets (Rp 36B), earnings during the period grew by 30% YoY  Slight decline in revenue (-4.5% YoY), lower sales especially in 4W business due to limited product availability

1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 2) Financial Services : MPMFinance & MPMInsurance * NPAT

%Rev

• 15.8%

3.3% 9.3% 3.1% %Rev

• 11.3%

2.8% 8.4% 3.3% %Rev

• 69.9%

14.2% 18.3% 0.6%

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FY16 CONSOLIDATED P&L RESULTS

Financial Highlights (in Rp billion)

Net Revenues Gross Profit NPATMI EBITDA CAPEX FY16 17,723 2,631 361 1,289 792 FY15 16,640 2,299 285 1,160 876 YoY% 6.5% 14.5% 26.6% 11.1%

• 9.6%

FY16 16,509 1,728 290 1,144 785 FY15 15,471 1,581 254 1,093 851 YoY% 6.7% 9.3% 14.0% 4.7%

• 7.8%

FY16 1,259 938 121* 145 7 FY15 1,209 745 54 67 25 YoY% 4.1% 25.9% 124.7% 117.5%

• 73.9%

Consolidated Non Financial Services Financial Services

Summary

 FY16 earnings grew by 27% YoY, driven by successful implementation of key strategic initiatives by the management  Revenue grew by 7% YoY, highlighted by robust sales in 2W despite the downward trend nationwide in 2016

1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 2) Financial Services : MPMFinance & MPMInsurance * NPAT

%Rev

• 14.8%

2.0% 7.3% 4.5% %Rev

• 10.5%

1.8% 6.9% 4.8% %Rev

• 74.5%

9.6% 11.5% 0.5%

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1Q17 Balance Sheet & Key Ratios (in Rp billion)

Cash and Cash Equivalents Total Asset Bank Funding Bonds MTN BV of Equity

1Q17 812 14,802 4,061 2,631 300 5,828 QoQ%

• 36.8%
• 0.8%
• 5.4%
• 2.4%
• 3.2%

YoY%

• 46.2%

1.8% 1.9% 0.9%

• 6.0%

1Q17 540 9,177 335 2,631

• 4,806

QoQ%

• 45.4%
• 3.7%
• 55.1%
• 2.4%
• 3.2%

YoY%

• 45.0%
• 5.8%
• 54.4%

0.9%

• 5.5%

1Q17 272 6,562 3,726

• 300

1,937 QoQ%

• 7.7%

3.8% 5.1%

• 1.7%

YoY% 48.6% 14.6% 14.7%

• 4.1%

Consolidated Non Financial Services Financial Services

1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 2) Financial Services : MPMFinance & MPMInsurance

2.2x 0.5x 6.2% 3.3% 3.8x

Net Debt/EBITDA* Net Debt/Equity ROE* ROA* FCCR

4.6x 1.1x 8.3% 3.3% 4.7x 4.2x 1.1x 7.5% 2.8% 4.2x 4.9x 0.9x 5.3% 2.0% 3.6x 2.6x 0.5x 1.7% 0.8% 2.8x 2.2x 0.5x 6.1% 2.9% 3.6x 15.8x 1.9x 9.5% 2.8%

• 7.8x

1.9x 18.2% 5.5%

• 724.1x

1.5x 0.8% 0.3%

• *Annualize figure

 Cash and NFS Bank Funding level decreased driven by positive effect of centralized treasury center  ROE & ROA improvement significantly due to increased in net profit  Improved FCCR due to lower interest expenses 1Q17 4Q16 1Q16 1Q17 4Q16 1Q16 1Q17 4Q16 1Q16

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FY16 Balance Sheet & Key Ratios (in Rp billion)

Cash Total Asset Bank Funding Bonds BV of Equity FY16 1,285 14,926 4,293 2,696 5,647 FY15 1,484 14,480 4,338 2,754 5,340 YoY%

• 13.4%

3.1%

• 1.0%
• 2.1%

5.8% FY16 990 9,534 747 2,696 4,657 FY15 1,160 9,741 936 2,754 4,399 YoY%

• 14.6%
• 2.1%
• 18.6%
• 2.1%
• 5.8%

FY16 295 6,325 3,546

• 1,905

FY15 324 5,671 3,402

• 1,855

YoY%

• 9.0%

11.5% 4.2%

• 2.7%

Consolidated Non Financial Services Financial Services

1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 2) Financial Services : MPMFinance & MPMInsurance

2.2x 0.5x 6.2% 3.0% 3.4x Net Debt/EBITDA Net Debt/Equity ROE ROA FCCR 4.7x 1.1x 7.3% 2.7% 3.9x 4.8x 1.1x 5.8% 2.1% 3.6x

• 2.3x

0.6x 5.8% 2.6% 3.4x

• 1.9x

6.3% 1.9%

• 1.7x

2.9% 0.9%

•  Cash and NFS Bank Funding level decreased due to the Centralized treasury center impact

 Great improvement on ROE and ROA due to the increased net profit

15

KEY FOCUS 2017: (1) COST LEADERSHIP

Financial Highlights (in Rp billion)

1Q17 5.2 250 103 45 17 4

Summary

 Focus on productivity such as Revenue per Head Count  Continusly monitoring OPEX items especially C&B, A&P and T&S  A&P has increased due to 2W slow demand as well as reclassification of 2W OHC cost in Dec’16 to COGS  Lower provision number reflects better quality of assets booked from MPMFinance  Optimization of Capital Structure and reduce overall cost of funding  Set up Treasury centre to manage funds more efficiently within the group and reduce admin expenses

1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 2) Financial Services : MPMFinance & MPMInsurance

Revenue / HC Total Opex

• C&B*
• A&P*
• T&S*
• Provision

Average CoF 1Q17 3.6 412 170 51 18 74 8.8% Consolidated Non Financial Services Financial Services QoQ%

• 17.4%
• 27.5%
• 1.8%

88.1%

• 29.3%
• 54.2%

YoY%

• 4.3%
• 5.7%
• 1.5%
• 9.8%
• 11.6%
• 16.7%

QoQ%

• 20.2%
• 21.2%

1.1% 108.6%

• 29.4%
• 73.0

YoY%

• 9.8%
• 4.0%
• 1.2%
• 15.1%
• 12.1%

9.5% 1Q17 0.8 181 67 6 1 70 QoQ%

• 8.2%
• 33.3%
• 6.0%

9.3% 17.1%

• 52.3%

YoY% 19.8%

• 7.5%
• 2.0%

65.0% 38.6%

• 17.9

%Rev

• 10.6%

4.3% 1.3% 0.4% 1.9% %Rev

• 6.9%

2.8% 1.2% 0.5% 0.1% %Rev

• 56.3%

20.9% 1.9% 0.1% 21.7%

*Note: C&B: Compensation & Benefit A&P: Advertising & Promotion T&S: Transport & Storage

16

KEY FOCUS 2017: (2) OPERATING CASH FLOW

AR Days AP Days Inventory Days 1Q16 18.8 30.3 22.4 YoY%

• 11.5%
• 14.6%
• 0.6%

Operational Highlights

Non Financial Services

Summary

 Focus on generating positive and growing OCF  Decreasing operating CF and increasing financing CF of FS are due to growing new booking of MPMFinance  Lower Financing CF of NFS indicate less reliance on new borrowing  Shortened AR days show improvement in cash collection

1,285

• 165
• 82
• 226

812 1,484 303

• 146
• 130

1,511 1Q16 Beginning Balance Operating Activities Investing Activities Financing Activities Ending Balance 1Q17

1Q17 Cash Flow (in Rp billion)

Beginning Balance CF from Operating CF from Investing CF from Financing Ending Balance 1Q17 1,285

• 165
• 82
• 226

812 YoY%

• 13.4%
• 154.4%

43.9%

• 73.4%
• 46.2%

1Q17 990 47

• 71
• 426

540 YoY%

• 14.6%
• 71.3%

48.8%

• 109.5%
• 45.0%

1Q17 295

• 212
• 11

200 272 YoY%

• 9.0%
• 252.6%
• 53.3%

173.9%

• 48.6%

Consolidated Non Financial Services Financial Services

1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 2) Financial Services : MPMFinance & MPMInsurance

1Q17 16.6 25.9 22.3

17

KEY FOCUS 2017: (3) COLLABORATIVE ECONOMY & NEW GROWTH

Summary

 Kick off Accelerate Collaborative Economy initiative within MPM Group  Focus on Financing and Insurance penetration to MPM’s distribution and retail business  Launch MPM Planet initiative through RallyPoint App  Ecosystem to build customer engagement and loyalty

18

MPMFinance TRANSACTION

MPMX & JACCS Plans in MPMFinance

Established as 60:40 JV between MPMX and JACCS after the merger between SAF and MPMFinance.

Jun ‘14

MPMX announced plan to sell partial stakes in MPMFinance to JACCS. MPMX will to hold 40% and JACCS to hold 60% in MPMFinance post transaction.

Feb ‘17

MPMX & JACCS announced formal signing of definitive

• agreement. MPMFinance will be

deconsolidated from MPMX. JACCS will take the lead of the direction and MPMX to support through its network, while allowing access to diversified and competitive funding sources.

Mar ‘17

Transaction finalization expected to be in 2Q17

2Q17

19

1Q17 KEY EVENTS

Mulia received Best Performance PIC Community 2016 from AHM

Jan’17

MPM received The Most Innovative Business Award 2017 for category Wholesale from Warta Ekonomi

Feb’17

FKT received Top Brand Award 2017 category 2W Engine Lubricant for its brand Federal Oil

Feb’17

Federal Oil received Silver Champion of Indonesia WOW Brand 2017 for category 2W engine lubricant

Mar’17

MPM rebranding with its new vision & mission

Mar’17

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TABLE OF CONTENT

01 MPM: Company Highlights 02 Consolidated Financial Results: FY 16 and 1Q 17 Updates 03 Business Segment Performance

21

902 912 897

FY15 FY16 1Q17

• 2%

Revenue (in Billions of Rupiah, YoY%) Sales Volume (Unit in thousands, YoY%) +1% 261 338 339

FY15 FY16 1Q17

+30% Mulia 129 132 131

FY15 FY16 1Q17 +2%

MSO

FY15 FY16 1Q17

14,459 14,365 +7% 13,544

• 0%
• 1%

+0%

9,823

NPAT (in Billions of Rupiah, YoY%) 1Q17 Highlights Overall sales volume in 1Q17 was slightly lower than 1Q16 but well above industry average due to the following:

• Unfavorable weather condition affected the local

economy, thus lower purchasing power.

• Higher inventory at dealers.
• The national motorcycle sales slipped 8% YoY to 1.4M.

Key Initiatives

• Launch of new scooter & sport motorcycles.
• Ramp up sales promotion activities to consumer,

dealers, and financing companies.

• Improve cost efficiency by relocating outsourced labor.
• Finalize third warehouse construction to lower rental

costs.

• Continuously improve current business processes.

2W DISTRIBUTION & RETAIL :

CONTINUE LEADERSHIP IN E. JAVA AND NTT

1Q16 1Q17 1Q16 1Q17

72 73

1Q16 1Q17 1Q16 1Q17

212 197 29 28 3,184 3,278

• 7%
• 2%
• 3%

+0%

22

• 85
• 102
• 112

4W DEALERSHIP :

IMPROVE SALES PRODUCTIVITY & SERVICE LEVEL

Sales Volume (Units, YoY%) 1Q17 Highlights Overall sale volume was decreased in 1Q17 due to the following:

• 528 units of Nissan-Datsun cars were sold, representing a

66% decrease from the same period due to the limited product availability. Key Initiatives

• Focus on operational efficiency and sales productivity as

well as after-sales service quality to the customers for the rest of the year.

FY15 FY16 1Q17

• 22%

+29%

• 13%

260

• 10%

9,823

NPAT (in Billions of Rupiah, YoY%) Revenue (in Billions of Rupiah, YoY%)

FY15 FY16 1Q17 FY15 FY16 1Q17

773 619 +20% 643

• 20%

1Q16 1Q17 1Q16 1Q17

256

• 25
• 35

1Q16 1Q17

1,551 528 102

• 66%
• 60%
• 38%

3,680 4,755 3,732

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CONSUMER PARTS:

STRENGTHEN CHANNEL & NEW PRODUCT DEVELOPMENT

FKT maintained stable performance despite the slowdown in the

• economy. Here are the drivers:
• Low consumer traffic to retail outlets due to weather

impacted the level of demand.

• Steady profit illustrates a solid foundation of the business.

Key Initiatives

• Federal Oil (2W)
• Strengthen channel development
• Increase product quality
• Federal Mobil (4W)
• Focusing on market growth outside of Jakarta and

Surabaya

• Improve B2B channels

Sales Volume (Units in thousand litres, YoY%)

FY15 FY16 1Q17

+7%

260 9,823

NPAT (in Billions of Rupiah, YoY%) Revenue (in Billions of Rupiah, YoY%)

• 0%

FY15 FY16 1Q17

1,675 1,651 1,582

• 1%

59,200 63,341 63,320

• 0%

1Q17 Highlights

1Q16 1Q17

• 7%

14,590

1Q16 1Q17

• 6%

69 69

1Q16 1Q17

• 0%
• 10%

48 253 +6% 15,611 409 385 272 272

1Q17 FY16 FY15

24

1

8

• 33

1Q17 Highlights

AUTO SERVICES:

MAINTAIN OPERATIONAL EXCELLENCE & CASH FLOW

An excellent first quarter for MPMRent. Here is the summary:

• Strong net profit delivered, representing a significant

growth from last year.

• Fleet size grows steadily.
• Strong growth was driven by higher gross profit, OpEx cost

saving, and lower financing cost. Key Initiatives

• Continue improving operational efficiency and productivity
• Improve the portfolio of corporate clients, including new
• fferings to customers

Fleet Size (Units, YoY%)

FY15 FY16 1Q17

+1%

260 9,823

NPAT (in Billions of Rupiah, YoY%) Revenue (in Billions of Rupiah, YoY%) +2%

FY15 FY16 1Q17

1,091 1,092 1,123

• 3%

+0% 13,935 14,137 14,425 +700%

1Q16 1Q17

+2%

1Q16 1Q17

+0%

266 267 5 12

1Q16 1Q17 +169%

+103% 13,847 14,135

1Q17 FY16 FY15

25

1,185 1,189 1,164 +2% +3%

MPMFINANCE:

SELECTIVE GROWTH WHILE MAINTAINING FOCUS ON ASSET QUALITY

An excellent first quarter performance for MPMFinance, and here is why.

• Asset quality greatly improved, posting NPL level of 2.3% in

1Q17 from 3.3% last year.

• New bookings and net profit increased significantly.

New Booking (in Billions of Rupiah, YoY%)

FY15 FY16 1Q17 +37%

9,823

NPAT (in Billions of Rupiah, YoY%) Revenue (in Billions of Rupiah, YoY%)

+11%

2,934 4,015 4,461

20 40 Dec'15 Mar'16 Jun'16 Sep'16 Dec'16 Mar'17

3.1% 3.3% 3.2% 3.2% 2.7% 2.3%

Key Initiatives

• Continuously monitor and manage asset quality by

implementing early warning system across network.

• Diversify sources of funding and optimize cost of funding.

1Q17 Highlights

1Q16 1Q17

+56% 1,237

1Q16 1Q17

289 82

122

27 +198% +49%

• 6

34

1Q16 1Q17

+675%

791 +9% 285

1Q17 FY16 FY15 1Q17 FY16 FY15

26

FY15 FY16 1Q17

385 392 259 41 42 1Q17 Highlights

MPMINSURANCE:

INCREASE PENETRATION GROUP & NON-GROUP BUSINESSES

• Gross premium continues to grow steadily.
• Revenue and profit both increased in 1Q17.

Key Initiatives

• Increase market penetration in MPM Group businesses as

well as non-group businesses. Gross Premium (in Billions of Rupiah, YoY%) +49% 31

9,823

NPAT (in Billions of Rupiah, YoY%) +2% +32% +2% 72 79

1Q16 1Q17

11 12

1Q16 1Q17

+4%

31 41 42

FY15 FY16 1Q17

+10%

27

DISCLAIMER

• These materials have been prepared by PT Mitra Pinasthika Mustika Tbk (the

“Company”, “MPM”) and have not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in these materials. The Company or any of its affiliates, advisers or representatives accepts no liability whatsoever for any loss howsoever arising from any information presented or contained in these materials. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed.

• These materials may contain statements that constitute forward-looking
• statements. These statements include descriptions regarding the intent, belief or

current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. The Company has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances.

• These materials are for information purposes only and do not constitute or form part
• f an offer, solicitation or invitation of any offer to buy or subscribe for any securities
• f the Company, in any jurisdiction, nor should it or any part of it form the basis of, or

be relied upon in any connection with, any contract, commitment or investment decision whatsoever. Any decision to purchase or subscribe for any securities of the Company should be made after seeking appropriate professional advice.

Thank You