FSN E-Commerce Ventures Limited — AGM Information 2025

Aug 25, 2025

FSN E - Commerce Ventures Limited

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August 25, 2025

National Stock Exchange of India Limited

Symbol: NYKAA

BSE Limited Scrip Code: 543384

Dear Sirs,

Sub: Presentation made at the 13[th] Annual General Meeting (AGM) of the Company

With reference to the captioned subject, please find attached herewith the presentation made to Members at the 13[th] AGM of the Company held today i.e., August 25, 2025.

• The presentation is also available on the website of the Company at https://www.nykaa.com/investor relations/lp

This is for your information and records.

Thanking You.

Yours faithfully,

For FSN E-Commerce Ventures Limited

Neelabja Digitally signed by Neelabja Chakrabarty Date: 2025.08.25 14:55:14 Chakrabarty +05'30' ______ Neelabja Chakrabarty Company Secretary and Compliance Officer

Encl: a/a

Registered Office: 104 Vasan Udyog Bhavan | Sun Mill Compound | S. B. Marg | Tulsi Pipe Road | Lower Parel (W) | Mumbai – 400013 Website: www.nykaa.com | Phone: +91 22 6838 9616 | Email – nykaacompanysecretary@nykaa.com CIN: L52600MH2012PLC230136

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WELCOME TO THE 13[TH] ANNUAL GENERAL MEETING

FSN E-COMMERCE VENTURES LIMITED August 25, 2025, 10:30 AM

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Table of Contents

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1
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Industry Outlook

2 One Nykaa Overview 3 Beauty Multi Brand Retail 4 House of Nykaa Superstore By Nykaa Fashion Technology

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ESG
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2

Industry Outlook

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India is among the fastest growing major economies in the world

India to become 3[rd] largest economy globally

Driving strong growth in per capita income

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India GDP ($ tn)
6.2
3.9
2.8
FY20 FY25 FY30E
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India GDP per capita ($)

$4 - 4.5K

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$2.6K
$1.7K
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FY20 FY25 FY30E
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India economy ranking

GDP per capita CAGR (FY25-30P)

#6

#4 #3

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8-9%
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5-6%
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3-4%
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Source: Bain Report (How India Shops Online 2025), EY, IMF All conversion rate at USD 1 = INR 83

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India retail market to surpass $1.6 trillion by 2030

India retail market size ($ tn)

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~1.7x
1.3x
~1.6-1.8
~1.0
~0.8
FY20 FY25 FY30E
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Retail FY2025-30E ranking (FY25) CAGR %

9-10%

#3

#2

~8% ~7%

#1

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Source: Redseer (India’s got retail 2025)

Online Beauty and Fashion to drive India E-com growth story

India E-commerce market size ($ bn)

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18%+ 170 – 190
20% ~60
~25
FY20 FY25 FY30E
India E-commerce market mix
21% 35% 39%
Beauty + Fashion
79%
Others 65%
61%
Source: Bain (How India shops online 2024/2025)
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India E-commerce market mix

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Source: Bain (How India shops online 2024/2025)

India E-retail surges ahead with the fastest growing young and tech savvy shopper base

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E-commerce shoppers (mn) in FY25
~920
400 mn+
E-commerce shoppers
base in FY30E
270 - 280
~270
US India China
~6% ~20% ~8%
FY20-25 CAGR
#2
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E-commerce shoppers base (India Global rank) [#6 in FY15]

India Population (bn) – FY25

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0.4 bn 1.4 bn
26% Gen Z population
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Gen Z shopper base to drive ~50% of India consumption
46%
43%
$2 trn $2.9 trn
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Source: Bain (How India shops online 2024/2025), BCG (the $2 tr opportunity – How Gen Z is shaping the new India)

[FY25]

[FY30E]

India lifestyle categories (BPC + Fashion), the fastest growing in discretionary space

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India Online BPC ($ bn)
3x
14-15
5
FY25 FY30E
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India Online Fashion ($ bn)

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3x
55-60
18
FY25 FY30E
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Source: Redseer Report (india’s got retail 2025 and 3MQ report Jun 2025)

Nykaa Overview

9

One Nykaa GMV grew ahead of India e-commerce in the last 5 yrs

One Nykaa GMV (Rs Cr)

25% YoY

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15,600
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12,445
9,745
6,930
4,050
2,690
FY20 FY21 FY22 FY23 FY24 FY25
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42%

20%

One Nykaa GMV CAGR [FY20 – 25]

India E-commerce CAGR [FY20 – 25]

• FY20 New businesses GMV included in Beauty Source: Bain (How India shops online 2024/2025)

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6X growth in 5 years across Beauty, Fashion & Beyond

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House of Nykaa -
Fashion, 3%
Fashion, 20%
Fashion,
House of House of Nykaa - Fashion, 1%
7%
Nykaa -
Beauty, 9%
Superstore, 6%
BPC Offline, 6%
House of Nykaa - BPC Online, 59%
Beauty, 11%
BPC Online, 87%
BPC Offline, 6%
Rs 2,690 Cr Rs 15,600 Cr
6x
[FY20 GMV] [FY25 GMV]
KIOSK
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Total GMV mix exceeds 100% as House of Nykaa GMV will overlap with the omnichannel business verticals

FY25 – At a Glance

Customers

Beauty Stores

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42 mn+ Cumulative Customer Base [28% YoY]

Brands

9,000+ Brands* Largest beauty assortment in India Highest ever brands launched in FY25

250* Beauty stores [largest specialized beauty store network] 82 cities

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Quicker delivery

7 50+ cities Rapid Stores*

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[Best in Beauty delivered in 1.3mn+ 30 -120 mins] Orders delivered till date*

$1.8 bn GMV+ across all platforms

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*As of 31[st] Jul’25

Beauty Multi Brand Retail

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Beauty reached $1.5 bn GMV, growing 5x in last 5 years

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GMV (Rs Cr)
30% YoY
36% 5-yr CAGR
11,775
9,055
7,060
5,100
3,380
2,490
FY20 FY21 FY22 FY23 FY24 FY25
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1.5 bn Visits

36 mn Monthly Average Unique Visitors 34 mn+ Cumulative Customer Base

54 mn+ Omnichannel Orders

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FY20 GMV includes New businesses also

Nykaa remains the #1 partner of choice for global beauty brands to enter India

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Renowned French cosmetics Leading global luxury haircare One of the most renowned
and skin care brand founded by brand from L’Oreal, high on luxury colour cosmetics brands
make-up artist “François Nars” innovation, with a strong brand from L’Oreal, synonymous with
ethos boldness and innovation
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Premium skincare brand from
Beiersdorf possessing the
‘Life Changing Power of
Dermatological Skincare’
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World – renowned hair styling
appliances from UK
[only on Nykaa]
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[only on Nykaa]
Globally recognized Korean Renowned Korean brand with
skincare brand known for its Natural Korean skincare brand
focus on simple and effective
Global medical-grade skincare Personalized and efficacious innovative and artful approach to known for its use of Centella formulations for skincare,
brand Korean skin care brand skincare, blending science and Asiatica extract from Madagascar makeup, and body care
aesthetics
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FY25 had the highest number of brand launches ever

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… Momentum continues in FY26 with big bang launches

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Iconic French luxury brand, celebrated for timeless elegance in fragrance, beauty, and skincare.

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Premium derma-cosmetic skincare brand from Korea, rooted in gentle yet high-performance solutions.

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Prestige beauty brand from Giorgio Armani, blending elegance and effortless sophistication.

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Korean skincare brand, creator of the cult-favourite hydrogel mask and advanced bio-science formulas.

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Viral US-based suncare brand, making SPF a daily essential with innovative, feel-good formulas.

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Luxury skincare and cosmetics house, blending botanical science with purposeful beauty.

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Viral Korean skincare brand, loved for gentle, skin-barrier–strengthening formulas.

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Globally acclaimed, science-backed skincare brand, known for effective, research-driven formulations.

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India’s largest specialized beauty retail network

Achieved 250 stores milestone in Jul’25

Store Count

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250
237
187
145
104
First physical 67 72
store launch in
Delhi
FY15 FY20 FY21 FY22 FY23 FY24 FY25 Jul'25
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North – 81 stores South – 60 Stores West – 54 stores East – 31 stores Central – 11 stores

Strong presence across 82 cities (as on Jul’25)

8%+ of Omnichannel Beauty GMV*

2.5 L sq. ft+ Total Area (as on Jul’25) [5x in last 5 years]

~39% GMV CAGR [FY20 – FY25]

• FY2024 Omnichannel Beauty GMV includes Nykaa.com, Nykaa Physical Stores, and House of Nykaa Beauty

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Unique store formats to deliver differentiated experiences

1.2L 1.25L sq.ft. sq.ft. 10 75 116 Flagship stores Luxe stores Stores

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Large format, experience led stores Curated collection of 80+ with brand SIS, skin consultation premium beauty brands tools and beauty services 2,500+ sq.ft 1,500+ sq.ft

Destination for trending, D2C/ home grown & international brands 1,000+ sq.ft

9K KIOSK sq.ft. 46 3 Multi-brand Single brand

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Exclusive House of Brand specific POS Nykaa point of sales touch points in top malls

90-100 sq.ft

50 sq.ft

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• Store count as on 31[st] July 2025

Nykaa stores are becoming a destination for indulgence

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Events
Hair styling services
Nail spa services
Skin consultation
and Facials
Makeovers
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Nykaa stays at forefront of beauty category building with consumer immersion initiatives

Nykaaland 2024 : India’s biggest beauty festival was a resounding success

: Nykaa Wali Shaadi India’s go to destination for all things weddings

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25,000 1,000+ 5,000+ beauty enthusiasts footfall content creators Masterclass [1.7x of last year] Participants hosted by renowned celebrity artists

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360[o] degree campaign to own every bridal beauty moment and make Nykaa synonymous with every beauty need of brides, bridesmaids, families and friends

Among Top 10 shows across OTT platforms (for several weeks post launch)

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Delivering convenience and choice by being closer to the customer

Largest network of beauty warehouses, physical retail stores and rapid stores across the country

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[Best in Beauty delivered in 30 -120 mins]

50+ 7

Rapid Stores Cities 7 Orders delivered till date 1.3 mn+

Largest assortment from best of beauty brands

250 stores | 82 cities 44 warehouses | 15 cities 50+ Rapid stores in 7 cities

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Luxe FMCG D2C
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*Store count is at 31[st] July 25

Introducing

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House of Nykaa

House of Nykaa scaled 8x in last 5 years, achieving Rs 2,100 Cr+ GMV

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Rs 2700 Cr GMV run rate in Q1FY26
GMV (Rs Cr)
8x 2,125
1,510
1,120
695
390
240
FY20 FY21 FY22 FY23 FY24 FY25
Partnered with Katrina Kaif, to
Acquired 51% stake in Acquired minority stake in Rs 900 Cr+
launch Kay Beauty , leading Launched “Nykd” “Dot & Key” “Earth Rhythm” and “KICA” brand
celebrity makeup brand House of Nykaa –
Beauty crosses
Rs 1,000 Cr+
#1 skincare brand on
GMV
Nykaa
Launched Kay Beauty to go
“Gajra Gang” global with
Space NK
Rs 100
Cr+ brands
2. GMV number rounded off to the nearest 5s/10s
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1. Ranking on Nykaa
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1. GMV number rounded off to the nearest 5s/10s

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25

We are the House of Nykaa

India’s 2[nd] largest homegrown beauty brands portfolio

7

Beauty Brands

Rs 1.7k Cr+ GMV Rs 2.3k Cr GMV run rate in Q1FY26

13 mn+ Customers

38k+ Physical distribution points

26

India’s trendiest brand built for the youthful beauty consumer of today, and tomorrow

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Rs 350 Cr+ Top 5 GMV Makeup brand on Nykaa

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250 38K+ Nykaa stores Physical distribution points

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Rs 240 Cr+ Top 5 250 60+ GMV Makeup brand on Nykaa Nykaa stores

New launches in FY25

Kay Beauty to make historic UK debut soon with exclusive launch at Space NK

The first beauty brand founded in India to join Space NK’s curated global portfolio

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[UK’s most prestigious luxury beauty retailer with 80+ stores across UK]

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India’s largest and most loved new age skincare brand

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Rs 900 Cr+ #1 50%+ GMV Skincare brand on Nykaa Customer retention

Customer retention

20K Physical distribution points

Simplifying lingerie for Indian women

Rs 160 Cr+ #1 GMV

Lingerie brand on Nykaa

Among Top Selling In bra category on Amazon

33% Customer repeat

Chic and trendy western wear styles for all occassions

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Rs 100 Cr+ 1,150+ Top 5 GMV Styles launched [FY25] in westernwear on Nykaa

23%+ Customer repeat

Brand/ Manufacturer

Focus on BPC & Wellness

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Retailer

Focus on Underserved Retailers i.e. Beauty centre, pharmacy

Serving the Underserved via Technology

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Superstore GMV has Tripled in the Last Two Years

Driven by Strong Growth in Cumulative Transacting Customers (‘000)…

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GMV (Rs Cr)
1080% 84% 57%
941
3x
597
325
28
FY22 FY23 FY24 FY25
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~3x
276
195
112
19
FY22 FY23 FY24 FY25
Cities 300+ 650+ 950+ ~1,100
…And Growth in Order Volume
~3x
FY22 FY23 FY24 FY25
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~89% of Sales from Tier 2+ Cities

~ 51% Sales from Non- Kirana formats such as Beauty Centre, Pharmacy & Salons

YoY Growth

%

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Portfolio of 200 National, Regional and D2C Brands

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National
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D2C

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Regional

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Sales mix, scale and efficiencies leading to unit economics improvement

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Gross Margin Fulfilment Cost Selling & Distribution Cost

196 bps
125 bps
158 bps
FY24 FY25 FY24 FY25 FY24 FY25
• Increasing share of House of Nykaa brands , • Moving from 3P to owned warehouses • Improving BDE Productivity
premium brands and higher service income • Reduction of freight and packaging cost
per order
Contribution Margin improvement of 484 bps
-17.4% -12.6%


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FY25 Contribution margin

FY24 Contribution margin

36

*** All margins are as % of NSV**

Nykaa Fashion

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Fashion delivered growth ahead of industry, despite consumption slowdown

GMV (Rs Cr)

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12% YoY
82% 5-yr CAGR 3,804
3,385
2,681
1,832
666
187
FY20 FY21 FY22 FY23 FY24 FY25
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600 mn+ Visits

19 mn+ Monthly Average Unique Visitors

8 mn Cumulative Customer Base

8 mn Orders

10% YoY India Online Fashion [FY25]

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This reflects in our positioning as the most trend forward platform in India

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Nykaa Fashion #2 platform on recall…. …but #1 for latest trends / styles
Others 4%
Others 12%
Competition B 14% Competition B 22%
Nykaa Fashion 22% Nykaa Fashion 36%
Competition A 57% Competition A 30%
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Best in class AOV ~2X of industry average

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High New Season Sales ~2X of industry average

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Source: Bofa Consumer Survey 2025

Strategic partnerships with leading National Fashion Houses & Brands

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ABFRL Arvind Other Large National Brands
TCNS Bestseller
100+ National brands
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A strong portfolio of established D2C brands

500+ D2C brands

4141

Curated collection of niche homegrown labels

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300+ Hidden Gem brands

4242

House of Nykaa – Leading brands across categories

House of Nykaa

4343

Nykaa Fashion : Gateway to premium and global Fashion in India

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1,000+ international brands

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4444

Strong partnership with leading global retailers

Retailer partnerships

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Business/ Tech integration models

1. B2B2C cross-border integration

2. Full stack enterprise solution

3. Multi-marketplace enablement

Big marquee launches planned in H2 FY-26

4545

The Nykaa Fashion Edit – Curated Stores by Stylists

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Elevated shopping experience Occasion Based Stores Trend Based Stores Festive Stores Influencer Stores

Objective: To Position Nykaa Fashion as #1 Trend & Style first Shopping Platform in India

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Building assortment with marquee brands across categories

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GenZ Store Men Kids Home Accessories
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Improving Profitability with operating leverage and scale efficiencies

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Gross margin Contribution margin EBITDA margin
FY20 FY25
49.0%
7.9%
-8.3%
3.6%
33.0%
-28.3%
FY20 FY25 FY20 FY25
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48

All margins are as % of NSV

Technology

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Nykaa to transform from Digital Native to AI Native

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DIGITAL NATIVE

Omnichannel presence, self-serve tools for partners

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Teams uses efficiency tools

Humans analyse dashboards (post facto) and makes decisions

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Cloud first, Micro services

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Productivity scales with people

AI NATIVE

Proactive, conversational, and contextaware experiences

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Teams build with AI Copilots

Real-time decisions delegated to AI Agents

Foundation models + data lakes + agents create an adaptive, self-learning architecture

Productivity compounds with automation

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50

AI will be at the core of customer experience

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We will innovate for consumers and partners. And AI will be at the core of every experience.

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Our differentiated customer
experiences will be built on
in-house AI models and first-
party data sets.
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Our AI models will be self learning and getting better with each customer interaction creating long term moats.

51

Reimagining Beauty Shopping: From Discovery to Decision

Nykaa’s very own

GenAI Powered Content

+

Commerce Search

• Uses Nykaa’s first-party user data to personalise the conversation

• Grounded on Nykaa’s proprietary content pool and authentic user reviews

• Commerce is integral in the conversation

• “Curated, contextual, and confidence-driven!”

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Nykaa Muse: AI Fashion Stylist for Every Occasion

Nykaa Muse

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Your stylist best friend!

• Muse turns fashion discovery from a chore into

• a curated moment

• Every look is personalised to the user’s vibe, occasion, and preferences

• Doesn’t just recommend outfits – It inspires them!

• “Curated, contextual, and

confidence-driven!”

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We are accelerating product development with AI

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Our FY26 goals are Bold, Focused and Measurable

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GenAI initiatives in motion

From personalisation to automation - across consumer, partner, and internal teams.

50 %

Of code to be AI-generated

Developers Copilots driving faster build cycles, better throughput.

70 %

CS load to be handled via AI

Omnichannel Bots (Voice & Chat) CoPilots automating key service journeys.

30 %

Productivity gains org-wide

Embedding AI across Operations, Finance, HR, Engineering, Marketing, CS, Warehousing, IT and Analytics.

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Financial performance

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Strong growth in revenue and profitability maintained over the years

YoY

5-yr CAGR

Revenue (Rs Cr)

EBITDA (Rs Cr)/ EBITDA Margin (%)

24% YoY 35% 5-yr CAGR

37% YoY 41% 5-yr CAGR

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7,950
6,385
5,145
3,775
2,440
1,770
FY20 FY21 FY22 FY23 FY24 FY25
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475
345
255
155 165
85
FY20 FY21 FY22 FY23 FY24 FY25
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4.7% 6.4% 4.3% 5.0% 5.4% 6.0%

EBITDA Margin (%)

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We have consistently improved capital efficiency and delivered healthy returns

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Fixed Asset Turnover (x) Working Capital Days (#) ROCE (%)
11.3%
9.1 9.1
44
42 9.5%
40
7.4
7.5%
7.0
34
6.6%
FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25
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1. ROCE is calculated by dividing EBIT by capital employed (Net Worth + Net Debt)

2. Working capital days is computed on Revenue from Operations

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We have built a large & growing lifestyle ecosystem with a total capital raise of $140mn

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$140 mn
Capital raised till
date
Fashion
Beauty
Nysaa & other new
Ecosystem high-growth
Ecosystem
ventures
Online, House of Nykaa
Online, Retail, House
of Nykaa Brands, Brands
eB2B
FY25 $3.2 mn
$1,527 mn $494 mn
GMV
(launched in Mar-24)
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Consolidated FY25 GMV of $1.8 bn

1. Conversion rate: 1 USD = INR 83

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• From external investors

ESG

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Nykaa Values

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Cultivating value for every stakeholder

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19,300+
8,600+
Suppliers
Brand partners
(including 7 logistics partner)
13,000+
5,000+
Direct employment
MSME Vendors
generation
3.6 Lacs
28,000+
Retailers supported
Influencer Network
through Superstore
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*3,735 onroll employees and 9,536 off role employees

Nykaa 10x10 initiatives : Sustainability at the Core of Operations

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Zero paper 96% utilization sustainable

For order processing

packaging of orders delivered in FY25

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160 MT

plastic waste recycled

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2,003 MT Carton waste recycled

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Nykaa 10x10 initiatives : Sustainability at the Core of Operations

Superstore by Nykaa

House of Nykaa

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1.5 mn

brand boxes reused

100% corrugated box reused in all House of Nykaa warehouses

in FY25

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Promoting a Diverse and Inclusive Workforce

Young Organization

Gender Balanced

78% employee Below age 35 yrs

43%

Women employee

30% of Nykaa leadership are women

60% Nykaa leadership Under age 40

Nykaa leadership includes AVP and above employees

60%+

Women employees in beauty and fashion category management, marketing and HR

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Recognized by ET NOW for womencentric innovations and practices

Awarded WoW workplace by Jombay for cultivating a culture of growth, innovation, and excellence

Recognized as one of LinkedIn's Top Midsize Companies in India

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Be Better Ever da - Culture of Our values shape a culture that prioritizes employee growth and developmenty y

1

Nykaa Chairpersons Annual Award

2

Town halls

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Recognizing exceptional performance along with right values and culture

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Opportunity for employees to engage with top leadership directly, facilitating open dialogue & idea sharing.

3

Nykaa Academy

4

Nykaa Cares

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Focus on continued learning andskill development

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Providing access to Medical Consultations, Wellness Workshops & Counseling Services

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Partnered with 12 NGOs, positively impacting lakhs of lives over 5 years

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Nykaa Foundation: Empowering women

Partnered with Sambhav Foundation , to equip women from underserved communities to become skilled beauty professionals

Supporting 10 vocational training centres with DCCW to empower girls and young women

11,500+ Women empowered till date

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Nykaa Foundation: Transforming Education

Revolutionizing STEM education in 30 government schools

Provided support to Akanksha Foundation’s school for students from low-income communities

Partnered with Rangeet, to launch an app-based learning program “SEEK”

25,000+ Students from low-income groups benefitted till date

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Nykaa Foundation: Upliftment communities

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Partnered with Rise Against Hunger India , tackling hunger
and malnutrition
90,000
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Nutritious meal packs distributed

Supported Krida Vikas Sanstha’s (Slum Soccer) to help 50 at-risk underprivileged youth to represent India at 20th Edition of the Homeless World Cup in Sacramento, USA

Nykaa served as a principal sponsor for the 2nd IDCA’s T10 Women’s Deaf Premier League

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THANK YOU

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Disclaimer

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This Presentation is prepared by FSN E-Commerce Ventures Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of any particular person and is not and nothing in it shall be construed as an invitation, offer, solicitation, recommendation or advertisement in respect of the purchase or sale of any securities of the Company or any affiliates in any jurisdiction or as an inducement to enter into investment activity and no part of it shall form the basis of or be relied upon in connection with any contract or commitment or investment decision whatsoever. This Presentation does not take into account, nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. This Presentation and its contents are confidential and proprietary to the Company and/or its affiliates and no part of it or its subject matter be used, reproduced, copied, distributed, shared, or disseminated, directly or indirectly, to any other person or published in whole or in part for any purpose, in any manner whatsoever.

The information contained in this Presentation is a general background information of the Company. We don’t assume responsibility to publicly amend, modify or revise any information contained in this Presentation on the basis of any subsequent development, information or events, or otherwise. This Presentation should not be considered as a recommendation to any investor to subscribe to any security. This Presentation includes certain statements that are, or may be deemed to be, “forward-looking statements” and relate to the Company and its financial position, business strategy, events and courses of action. Forward-looking statements and financial projections are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and financial projections. Forward-looking statements and financial projections include, among other things, statements about: our expectations regarding our expenses, sales and operations; our future customer concentration; our anticipated cash needs, our estimates regarding our capital requirements, our need for additional financing; our ability to anticipate the future needs of our customers; our plans for future products and enhancements of existing products; our future growth strategy and growth rate; our future intellectual property; and our anticipated trends and challenges in the markets in which we operate. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy, future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts in the Presentation, if any, are correct or that any objectives specified herein will be achieved.

We, or any of our affiliates, shareholders, directors, employees, or advisors, as such, make no representations or warranties, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein and accept no liability whatsoever for any loss, howsoever, arising from any use or reliance on this Presentation or its contents or otherwise arising in connection therewith. The information contained herein is subject to change without any obligation to notify any person of such revisions or change and past performance is not indicative of future results.

It is clarified that this Presentation is not intended to be a document or advertisement offering for subscription or sale of any securities or inviting offers or invitations to offer or solicitation to offer from the public (including any section thereof) or any class of investors. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. No rights or obligations of any nature are created or shall be deemed to be created by the contents of this Presentation.

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