CMS Info Systems Limited — Investor Presentation 2024

May 16, 2024

May 16, 2024

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CMSINFO/2405/007

To BSE Limited Listing Department, 1st Floor, PJ Towers, Dalal Street, Fort, Mumbai – 400 001

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

Scrip Code: 543441

Symbol: CMSINFO

Sub: Earnings Call Presentation for the quarter and year ended March 31, 2024

Dear Sir/Madam,

Further to our letter no. CMSINFO/2405/003 dated May 9, 2024 and pursuant to Regulation 30 of Listing Regulations, please find attached Investor Presentation on Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and year ended March 31, 2023 to be discussed at an Earnings Conference Call with the Senior Management team of the Company scheduled to be held on Friday, May 17, 2024, at 12:00 Noon (IST).

For details on how to join the Call, please refer to the invite issued by us along with the aforesaid letter.

You are requested to kindly take the same on record.

Thanking You,

Yours faithfully,

For CMS Info Systems Limited

Debas Digitally signed by Debashis Dey Date: 2024.05.16 18:51:28 +05'30' his Dey

Debashis Dey Company Secretary and Compliance Officer

Encl: a/a

CMS Info Systems Limited |CIN: L45200MH2008PLC180479 | www.cms.com | E: contact@cms.com

Earnings Presentation Q4’FY24 and FY24

G R O W T H T H R O U G H T R A N S F O R M A T I O N

CMS: India’s leading business services platform for BFSI and Retail

Logistics Solutions ATM Cash Management Retail Cash Management Cash-in-Transit

Managed Services and Tech Solutions Managed Services ATM-as-a-Service

Software and AIoT Banking Automation Payment Cards

CMS Platform

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Technology Network

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People

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Risk Management

2

G R O W T H T H R O U G H T R A N S F O R M A T I O N

FY24 Financial Summary

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₹ 2,265 Cr 28.3% 16.5%
Revenue EBITDA margin PAT margin
(18% growth YoY) (16% EBITDA growth YoY) (23% PAT growth YoY)
69% ₹ 780 Cr+ 25%
OCF/EBITDA conversion Cash & Cash Equivalents Dividend payout FY24 [2]
(~68% avg. 3 yrs) (Debt Free, AA+ rated) (Recommended, as % of PAT)
1: EBITDA, PAT and RoCE adjusted for ESOP/Share based payment; 2: Based on recommended dividend for FY24, subject to shareholder approval
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G R O W T H T H R O U G H T R A N S F O R M A T I O N

5

FY24 Highlights

1

5[th] consecutive year of 20%+ PAT growth

16.5% PAT margin (+ 60 bps YoY); 27.4% ROCE (post tax)

2

• 100% public owned company

One of 12 unique non-BFSI listed companies in India above ₹ 5k Cr market cap[1]

3

• ₹ 1,850 Cr new order wins Highest-ever; 95% growth YoY

4

39% revenue contribution from MS & Tech Solutions

Investing for future growth

Incubating two new businesses; Strengthened leadership talent

RoCE and PAT adjusted for ESOP/Share based payment; Based on March’24 publicly available data

4

G R O W T H T H R O U G H T R A N S F O R M A T I O N

Track record of delivering high revenue and earnings growth..

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Revenue EBITDA [1] PAT [1]
CAGR 20% 28% 30%
16.5%
28.8% 28.3% 400 15.9%
700 30.0%
2,265 25.7% 14.4%
350 375
600 23.3% 13.0%
641 25.0%
1,915 300
500 551 304
1,590 20.0%250
400
1,306 408 15.0%200 229
300
304 150 170
10.0%
200
100
5.0%
100
50
0 0.0%0
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24
Revenue (₹ Cr) EBITDA (₹ Cr) % PAT (₹ Cr) %
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1: EBITDA and PAT adjusted for ESOP/Share based payment

5

G R O W T H T H R O U G H T R A N S F O R M A T I O N

..due to strong annuity and recurring share of business

Revenue

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Revenue 627
582
544
488 501 512
472
444 453
404
370 372
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY22 FY22 FY22 FY22 FY23 FY23 FY23 FY23 FY24 FY24 FY24 FY24
Revenue (₹ Cr)
23%
22%
25%
PAT [1] 100 22%
26% 23%
50% 38% 96 99
80 51% 16% 92
87
39% 79 81
60 39% 71 74
63 65
40 54
47
20
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY22 FY22 FY22 FY22 FY23 FY23 FY23 FY23 FY24 FY24 FY24 FY24
PAT (₹ Cr) % YoY
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1: PAT adjusted for ESOP/Share based payment

6

G R O W T H T H R O U G H T R A N S F O R M A T I O N

High cash flow generation with strong capital allocation discipline

Strong cash flow ...reinvesting for …delivering high …increasing generation… growth… RoCEs… dividends

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74%
69%
500 75% 27.4%
61% 63% 250 219
450 65% 208 27.0% 23.96
25.0%
400 440 200 24.5%
55% 25.0% 23.9% 19.76
350 407
45%
300 150 23.0% 15.40
116
250 35% 99 11.51
200 257 10025% 21.0% 5.75
4.75
150 185 15% 19.0%
100 50
50 5% 17.0% 2.45 2.53
0 -5%0 15.0%
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24
OCF (₹ Crore) OCF/EBITDA % Capex (₹ Cr) Post-tax Return on Capital Employed EPS (₹) DPS (₹)
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EBITDA, PAT and EPS adjusted for ESOP/Share based payment; FY24 DPS based on recommended dividend for FY24, subject to shareholder approval

7

G R O W T H T H R O U G H T R A N S F O R M A T I O N

Business Highlights

G R O W T H T H R O U G H T R A N S F O R M A T I O N

FY24 Cash Logistics: 11% revenue and 15% EBIT margin growth

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Revenue EBIT
INR Crore
11% 6%
388 99
93
351
Q4-FY23 Q4-FY24 Q4-FY23 Q4-FY24
11%
15%
1,474 386
1,326 336
FY23 FY24
FY23 FY24
Q4-FY24
FY24
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of business points
1,37,000
1,24,000
YoY
FY23 FY24
•
FY21 to FY23 growth
driven by ATM growth,
market share & compliance
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• FY24 focus:

• Regain CIT volume

• Improving ATM Pricing and Yield

• Expanding Retail market and increasing share

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G R O W T H T H R O U G H T R A N S F O R M A T I O N

Fast-growing & underpenetrated organised retail opportunity

Organised FS and Retail Insurance 77k 75k Healthcare Govt. and Services Utilities 45k 40k e-com Food & Logistics Hospitality 30k 20k Fuel Automotive Stations Sector 90k 40k Other Sectors 150k

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• 550k+ out of 3 mn retail touchpoints organized

• Growing at 8-10% (FY21-FY24)

• <1/3[rd] outsourced for Cash Logistics

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Retail 360 Solution

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Payment Automation

• Secure Automation

• Data & Analytics

• Payment Reconciliation Management

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In-Store Solutions

• Cash Logistics

• AIoT Remote Monitoring

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Data as of FY24, Frost and Sullivan, Industry and CMS estimates

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G R O W T H T H R O U G H T R A N S F O R M A T I O N

FY24 Managed Services and Tech Solutions: 35% revenue and 27% EBIT margin growth

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Revenue [1] EBIT [1]
INR Crore
56%
42%
265
43
170 31
Q4-FY23 Q4-FY24 Q4-FY23 Q4-FY24
35% 27%
157
886
124
658
FY23 FY24 FY23 FY24
Q4-FY24
FY24
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• ₹ 600 Cr new wins in the quarter

• 25,000+ AIoT sites. Developing end-to-end platform

• ₹ 746 Cr recurring services revenue, 3x in 3 years

1: Also comprises Card Services as per segment reporting

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G R O W T H T H R O U G H T R A N S F O R M A T I O N

Integrated solutions approach resulting in highest new order wins

Industry trends

CMS Strategy & Outcome

• Banking ATM refresh and branch expansion cycle (FY23 – FY25)

• Several orders placed after extensive delays in RFP processes; Roll-outs have started

• 50k ATMs : 40k refresh + 10k new additions

• 50:50 ratio Bank owned vs. fully outsourced

• Our integrated capabilities and strong operations led to robust CMS order wins (INR Cr)

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1,850
1,100 1,100
950
FY21 FY22 FY23 FY24
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• Remain selective on bidding for transactionlinked BLA contracts

*Average for FY21 and FY22; cumulative order wins of INR 2,200 Cr

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G R O W T H T H R O U G H T R A N S F O R M A T I O N

CMS platform approach leading to deeper and wider penetration

Deepening enterprise engagement

Gaining wallet share

Bank	Bank	Cash Logistics	Managed Services & Tech Solutions	Managed Services & Tech Solutions	Managed Services & Tech Solutions	Managed Services & Tech Solutions	Managed Services & Tech Solutions	3 8 FY22 FY24 Number of Large BFSI Accou (₹ 100 Cr+ Annual Revenue)
			Banking Automation	ATM-as- a-Service	ALGO Software	ALGO AIoT	Payment Cards
Top-5 PSU Banks	#1
	#2
	#3
	#4
	#5
Top-3 Pvt. Banks	#1
	#2
	#3

Number of Large BFSI Accounts (₹ 100 Cr+ Annual Revenue)

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G R O W T H T H R O U G H T R A N S F O R M A T I O N

FY25 Outlook

G R O W T H T H R O U G H T R A N S F O R M A T I O N

Mid-term growth drivers: Formalization, Consumption, Increased Outsourcing and new solutions

• 100,000 ATMs yet to be outsourced for Cash Mgmt.

Cash Logistics

• Growth in organised retail

• Currency chest outsourcing

Managed Services

• Branch expansion: 20,000+ new ATMs

• Total outsourcing deals: ~100,000 ATMs will shift from bank capex to BLA

• 60% of ATMs & bank branches not on AIoT solutions

AIoT Remote Monitoring

• Expansion into NBFC, Insurance, Public sector

• Legacy base upgrade cycle

M&A and

• Strong track-record of value-creating programmatic M&A

• Partnerships M&A focus: Debt Collection Solutions, Fintech, Specialized Logistics & Software

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G R O W T H T H R O U G H T R A N S F O R M A T I O N

FY25 revenue outlook to be in the upper-end of the 2x target range

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||||||
|---|---|---|---|---|
|Revenue (₹ Cr)|
|3,000|
|~2x|2,500-2,700|
|2,500|2,265|
|20%|
|1,915|
|2,000|
|1,590|
|1,500|1,306|FY27 TAM of|
|₹ 22,000+ Cr|[1]|
|1,000|
|500|
|0|
|FY21|FY22|FY23|FY24|FY25 Target|
|FY21-FY24|FY24-FY27|
|•|
|•|
|ATM Cash Logistics|Retail Solutions|
|High|
|•|
|•|
|Compliance roll-out|
|AIoT scale-up|
|growth|
|•|
|ATM-as-a-Service|•|
|drivers|Integrated MS Solutions|
|•|
|•|
|AIoT Remote Monitoring entry|New Business lines|
|1: Refer Annexure page for details|

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G R O W T H T H R O U G H T R A N S F O R M A T I O N

G R O W T H T H R O U G H T R A N S F O R M A T I O N

17

Annexures

G R O W T H T H R O U G H T R A N S F O R M A T I O N

Market growth: Higher outsourcing creates a large TAM opportunity

INR Crore

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2.6x ₹ 22,000 Cr CAGR
BFSI
3,000
Remote 25%
Monitoring
11,620
ATM-as-a-
17%
Service
₹ 8,500 Cr
4,600
6,200-6,500 Banking
19%
Automation
4,570
1,800-2,000 7,900
1,650
Cash
3,500-3,700 19%
2,730 Logistics
FY21 FY27
Total TAM is lower than gross sum because of some overlap between Cash Management and BLA CAGR between FY21 and FY27
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19

G R O W T H T H R O U G H T R A N S F O R M A T I O N

3-year track-record: Delivered strong growth and margin expansion across businesses

Managed Services & Technology Solutions[1]

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Cash Logistics Managed Services & Technology Solutions
17% 29%
1,474 886
1,326
1,111
658
909
531
410
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24
24% 39%
25.4% 26.2% 17.8%
23.9%
22.4%
18.9%
386 15.9% 157
14.3%
336
124
265
204 84
59
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24
1: Also comprises Card Services as per segment reporting
Crore)
₹
Revenue (
Crore) &
₹
EBIT ( EBIT Margin (%)
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G R O W T H T H R O U G H T R A N S F O R M A T I O N

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Our Playbook: Accelerating growth & market expansion
Lowest unit economics
Establish right-to-
Scale & productivity
win Integrated
offerings
Strengthen Expand
Drive innovation Strong cashflow Large & complex projects
Talent & Tech Core generation TAM Customer engagement
World class Invest in
Quality benchmarks Adjacencies &
Tech
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G R O W T H T H R O U G H T R A N S F O R M A T I O N

Diverse board; Seasoned leadership

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Experienced
Directors
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Tapan Ray
MD & Group CEO of Gift City
Jimmy Mahtani
Partner at BPEA EQT
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Shyamala Gopinath Former Deputy Governor, RBI Sayali Karanjkar Non-Executive Independent Director, Co-founder of Paysense

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Krzysztof Jamroz
Executive Chairman at Roadrunner
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Rajiv Kaul Executive Vice Chairman, Whole Time Director & CEO 30+ years of industry experience

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Strong
Management
With Deep
Industry
Know-How
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Pankaj Khandelwal President & CFO 27+ years of industry experience

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Puneet Bhirani President of Operations 26+ years of industry experience

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Anush Raghavan

President – Cash Management 15+ years of industry experience

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Sanjay Singh Chief Human Resources Officer (CHRO) 30+ years

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Manjunath Rao

President – Managed Services 35+ years of industry experience

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Rajeev Bhatia Chief Information Officer (CIO) 20+ years of industry experience

22

G R O W T H T H R O U G H T R A N S F O R M A T I O N

Capital Market Information (BSE: CMSINFO | 543441, NSE: CMSINFO)

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Share Price Movement (Up to 31 [st] March, 2024)
55.00%
35.00%
15.00%
-5.00%
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
CMS BSE Sensex BSE Small Cap
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Share Price Data (As on 31st March, 2024)	Share Price Data (As on 31st March, 2024)	Shareholding Pattern (31st March, 202
Face value (INR)	10.0	Mutual Funds
Market Price (INR)	390.45	25.64% Others 34.65%
52 Week H/L (INR)	421.05/276.05
Market Cap (INR Mn)	63,550.54	AIF 3.36%
Equity Shares Outstanding (Mn)	162.76
Avg. trading volume (‘000)	1,456.63	FII 36.35%
Source: BSE, NSE

Shareholding Pattern (31[st] March, 2024)

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G R O W T H T H R O U G H T R A N S F O R M A T I O N

Historical Financials

G R O W T H T H R O U G H T R A N S F O R M A T I O N

Quarterly Consolidated Financial Performance

Particulars (All figures in INR Mn)	Q4-FY24	Q3-FY24	Q-o-Q	Q4-FY23	Y-o-Y
Operating Income	6,271	5,823	7.7%	5,014	25.1%
Expenses	4,716	4,315	9.3%	3,573	32.0%
Operating EBITDA	1,554	1,508	3.1%	1,441	7.9%
Adj. EBITDA	1,686	1,634	3.1%	1,451	16.2%
EBITDA Margins (%)	24.79%	25.90%	(111) Bps	28.74%	(395) bps
Adj. EBITDA Margins (%)	26.88%	28.06%	(119) bps	28.93%	(205) bps
Finance costs	40	39	2.4%	56	(27.8)%
Depreciation and amortisation expense	397	377	5.3%	355	12.0%
Other Income	112	78	42.6%	47	139.6%
Profit before tax	1,229	1,170	5.0%	1,078	14.0%
Tax	314	299	5.1%	278	13.0%
Profit After Tax	914	871	5.0%	799	14.4%
Adj. Profit After Tax	994	960	3.5%	806	23.3%
PAT Margins (%)	14.58%	14.95%	(37) bps	15.94%	(136) bps
Adj. PAT Margins (%)	15.85%	16.49%	(63) bps	16.08%	(23) bps
Other Comprehensive income for the year	(13)	(1)	NA	2	NA
Total Comprehensive Income for the year	901	870	3.7%	801	12.5%
Earning per equity share (nominal value of share Rs 10) – Diluted	5.64	5.37	5.0%	5.01	12.5%

EBITDA and PAT adjusted for ESOP/Share based payment

25

G R O W T H T H R O U G H T R A N S F O R M A T I O N

Historical Consolidated Income Statement

Particulars (All figures in INR Mn)	FY21	FY22	FY23	FY24
Operating Income	13,061	15,897	19,147	22,647
Expenses	10,125	11,900	13,770	16,652
Operating EBITDA	2,936	3,997	5,377	5,995
Adj. EBITDA	3,040	4,080	5,506	6,408
EBITDA Margins (%)	22.48%	25.14%	28.08%
Adj. EBITDA Margins (%)	23.27%	25.66%	28.75%	28.29%
Finance costs	82	144	196	162
Depreciation and amortisation expense	635	918	1,318	1,502
Other Income	158	79	147	340
Profit before tax	2,378	3,014	4,010	4,671
Tax	692	774	1,038	1,199
Profit After Tax	1,685	2,240	2,972	3,471
Adj. Profit After Tax	1,700	2,290	3,042	3,745
PAT Margins (%)	12.89%	14.09%	15.52%	15.33%
Adj. PAT Margins (%)	13.02%	14.41%	15.89%	16.54%
Other Comprehensive income for the year	(1)	4	4	(13)
Total Comprehensive Income for the year	1,684	2,244	2,976	3,459
Earning per equity share (nominal value of share Rs 10) – Diluted	11.09	14.33	18.67	21.39

EBITDA and PAT adjusted for ESOP/Share based payment

26

G R O W T H T H R O U G H T R A N S F O R M A T I O N

Historical Consolidated Balance Sheet

(All figures in INR Mn)	FY22	FY23	FY24		(All figures in INR Mn)	FY22	FY23	FY24
Assets					Equityshare capital	1,531	1,544	1,628
Non-current assets					Other equity	11,030	14,081	17,840
Property, plant and equipment	3,470	4,697	4,677
					Total equity attributable to equity holders	12,561	15,625	19,468
Capital work-in-progress	436	203	147
Right-of-use assets	1,800	1,826	1,558		Liabilities
Goodwill	2,061	2,061	2,061		Non-current liabilities
Other Intangible assets	173	109	64		Financial liabilities
Intangible assets under development	1	0	34		Lease liabilities	1,468	1,528	1,281
					Provisions	201	211	239
Financial assets
					Other Liabilities	9	6	82
Investments	0	338	600
					Total of Non-current liabilities	1,678	1,745	1,602
Other financial assets	331	319	481
Deferred taxassets (net)	304	369	390
					Current liabilities
Income tax assets(net)	226	196	206
					Financial liabilities
Other non-current assets	210	112	187
					Lease liabilities	461	505	527
Total of Non-current assets	9,012	10,230	10,404
					Trade Payables
Current assets					Dues of micro enterprises and small enterprises	80	52	65
Inventories	635	742	1,269
Financial assets					Dues of creditors other than micro enterprises and small enterprises	2,379	2,200	3,965
Investments	1,235	2,455	4,251
Tradereceivables	4,993	5,260	7,197
Cash and cash equivalents	643	963	1,590		Other financial liabilities	1,066	597	597
Bank balances other than above	774	599	1,080		Provisions	36	32	35
					Other current liabilities	296	255	326
Other financial assets	276	30	99		Total of Current liabilities	4,318	3,642	5,516
Othercurrent assets	989	733	696
Total of Currentassets	9,545	10,782	16,181		Total Liabilities	5,996	5,388	7,118
Total Assets	18,557	21,012	26,585		Total Equity & Liabilities	18,557	21,012	26,585

27

G R O W T H T H R O U G H T R A N S F O R M A T I O N

Historical Consolidated Cash Flow Statement

(All figures in INR Mn)	FY22	FY23	FY24		(All figures in INR Mn)	FY22	FY23	FY24
Cash flow from operating activities:
					Cash flow from investing activities
Profit before tax	3,014	4,010	4,671
					Proceeds from sale of property, plant and equipment	7	20	23
Adjustments to reconcileprofit before tax to net cash flow:
Depreciation and amortisation on Property, plant and equipment and Intangible asset	581	899	1,070
					Purchase of property, plant and equipment, Intangible assets (including CWIP and capital advances)	(2,840)	(1,933)	(1,084)
Depreciation on Right-of-use assets	338	419	474
Unrealised foreign exchange(gain)/ loss	(1)	(1)	0
					Investment in mutual funds	(8,304)	(11,578)	(15,408)
Lease rent concession	(2)	(3)	(10)
					Proceeds from redemption of mutual funds	8,217	10,400	13,506
Bad and doubtful debts and bad debts written off	799	985	907
Debit balance written off	21	-	-		Loan given to Others	(144)	-	-
(Profit)on disposal ofproperty,plant and equipment(net)	(5)	(11)	(12)		Investment in deposits with banks	(844)	(1,071)	(1,568)
Sundrybalances written back	(8)	(20)	(10)		Proceeds from maturity of deposits with banks (including interest)	646	937	1,281
Impairment for doubtful claims receivables	8	4	0
Bad debts written back	-	-	(12)
					Net cash flow (used in) / from investing activities	(3,262)	(3,226)	(3,251)
Insurance claims receivables written off	14	12	17
Finance income	(33)	(70)	(137)
Profit on sale of current investments	(20)	(30)	(92)
					Cash flows from financing activities
Net change in fair value of current investments measured at FVTPL	(4)	(12)	(64)
					Proceeds from Issue of Equity Shares	637	157	1,154
Employee stock option compensation cost	61	93	366		Dividend paid	(226)	(154)	(1,135)
Finance costs	144	196	162		Finance costs on lease liability	(144)	(184)	(162)
Operating profit before working capital changes	4,907	6,471	7,329		Payment of principal portion of lease liabilities	(262)	(341)	(378)
Movement in working capital
Increase/ (Decrease)in tradepayables and other liabilities	(421)	(824)	1,949		Net cash flow (used in) financing activities	5	(522)	(521)
Increase/ (Decrease)inprovisions	21	12	15
(Increase)in inventories	265	(107)	(527)
					Net (decrease) / increase in cash and cash equivalents	(692)	320	627
(Increase)in trade receivables	(724)	(1,252)	(2,844)
(Increase) /Decrease in other assets andprepayments	(507)	853	(296)		Cash and cash equivalents at the beginning of theyear	1,335	643	963
Cash flowgenerated from operations	3,541	5,153	5,626
Direct taxespaid(net of refunds)	(976)	(1,085)	(1,228)		Cash and cash equivalents at the end of the year	643	963	1,590
Net cash flow from operating activities	2,565	4,068	4,399

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Safe Harbour Statement

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 CMS Info Systems Limited (CMS), 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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