Sanlorenzo — Investor Presentation 2021

Nov 4, 2021

9M 2021 FINANCIAL RESULTS

4 NOVEMBER 2021

9M 2021 RESULTS FURTHER ACCELERATION

EXCELLENT 9M RESULTS, ON TRACK TO ACHIEVING DOUBLE-DIGIT GROWTH IN 2021, IN LINE WITH GUIDANCE. SIGNIFICANT VISIBILITY BEYOND CURRENT YEAR DRIVEN BY RECORD BACKLOG

• NET REVENUES NEW YACHTS +32.8% YOY, GROWING IN ALL DIVISIONS AND REGIONS, DRIVEN BY US AND EUROPE
• CONSISTENT STRONG INCREASE IN PROFITABILITY, WITH EBITDA MARGIN AT 16.0%, +100BPS YOY, THANKS TO INCREASE IN PRICES AND OPERATING EFFICIENCIES
• GROUP NET PROFIT AT €36.8M, 8.6% MARGIN ON NET REVENUES NEW YACHTS (+170BPS YOY)
• INVESTMENTS FOR €36.7M, OF WHICH €24.7M IN Q3, MOSTLY DEDICATED TO ADDITIONAL PRODUCTION CAPACITY
• STRONG CASH GENERATION, WITH €35.2M NET CASH, DESPITE SIGNIFICANT INVESTMENTS
• RECORD BACKLOG AT €1.2BN, WITH €381.1M ORDER INTAKE IN Q3, DRIVEN BY SUPERYACHTS
• CONFIRMED 2021 GUIDANCE, WITH EXPECTED REVENUES ENTIRELY COVERED BY CURRENT BACKLOG
• SIGNIFICANT VISIBILITY ON FUTURE GROWTH, WITH €621.2M BACKLOG BEYOND 2021, THANKS TO INCREASING WEIGHT OF LARGER YACHTS AND DELIVERIES UP TO 2024 ^RESTYLING OF SL106 ASYMMETRIC RECENTLY PRESENTED AT ^FORT ^LAUDERDALE ^INTERNATIONAL ^BOAT ^SHOW

FINANCIAL HIGHLIGHTS STRONG 9M 2021

428.4 322.6 9M 2021 9M 2020 (€M) (€M AND MARGIN AS % OF NET REVENUES NEW YACHTS) +32.8% 9M 2021 9M 2020 EBIT (€M AND MARGIN AS % OF NET REVENUES NEW YACHTS) 33.1 9M 2020 10.3% 9M 2020

+57.4%

52.1

12.2%

36.7 17.3 9M 2021 9M 2020 CAPEX (€M AND % OF NET REVENUES NEW YACHTS) +111.9% 5.4% 8.6%

9M 2021

NET REVENUES NEW YACHTS

GROUP NET PROFIT

NET REVENUES NEW YACHTS AMERICAS DRIVING REVENUE GROWTH

OPERATING AND NET MARGINS CONSISTENT STRONG INCREASE IN MARGINS AND PROFITABILITY

COMMENTARY

• STEADY INCREASE IN OPERATING PROFITABILITY, EBITDA MARGIN +100BPS YOY, AS A RESULT OF:
• INCREASED EFFICIENCY THANKS TO OPTIMISATION OF NEW PRODUCTION CAPACITY AND HIGHER ABSORPTION OF FIXED COSTS
• SHIFT IN PRODUCT MIX TOWARDS LARGER YACHTS IN EACH DIVISION
• PROGRESSIVE INCREASE IN SELLING PRICES MORE THAN OFFSETTING THE INCREASE IN COSTS OF RAW MATERIALS
• EBIT MARGIN +190BPS YOY, DESPITE INCREASE IN D&A DUE TO CAPEX (+10.6% YOY)
• NET PROFIT MARGIN +170BPS YOY, ALSO THANKS TO FURTHER REDUCTION IN FINANCIAL EXPENSES (-47.9% YOY)

GROUP NET PROFIT

^1. Defined as EBIT + D&A, excluding non recurring items, linked to COVID-19 related expenses and non-monetary costs of the stock incentive plans (€0.7m in 9M 2021 and €1.1m in 9M 2020).

CAPEX INVESTMENTS IN NEW PRODUCTION CAPACITY SUPPORTING GROWTH

COMMENTARY

• INVESTMENTS MORE THAN DOUBLED YOY, DRIVEN BY ACQUISITION OF 3 NEW FACILITIES EXECUTED IN Q3 FOR A TOTAL OF €17.9M1, SUPPORTING EXPECTED REVENUE GROWTH:
• VIAREGGIO SUPERYACHTS SHIPYARD FOR €4.8M1 TO BE DEDICATED TO THE PRODUCTION OF THE NEW X-SPACE LINE (SUPERYACHT)
• NEW PLANT IN MASSA FOR €11.6M1 TO BE DEDICATED TO THE PRODUCTION OF HULLS AND SUPERSTRUCTURES PRODUCTS IN COMPOSITE
• NEW WAREHOUSE IN LA SPEZIA FOR €1.5M¹
• R&D, SUSTAINABILITY AND PRODUCT DEVELOPMENT +14.5% YOY, WITH NEW RANGES AND MODELS REPRESENTING A DRIVER FOR FUTURE GROWTH
• OVERALL CAPEX PROGRESSING IN LINE WITH FULL YEAR GUIDANCE

1. €17.9m excluding transaction costs; total investments of €19.2m including transaction costs.

NET WORKING CAPITAL AND FINANCIAL POSITION STRONG CASH GENERATION

COMMENTARY

• STRONG CASH GENERATION DESPITE SIGNIFICANT INVESTMENTS, DRIVEN BY:
• BUSINESS SEASONALITY (DELIVERIES DURING THE SUMMER PERIOD)
• GROWTH IN VOLUMES (ADVANCES ON NEW ORDERS)
• €270.9M TOTAL AVAILABLE LIQUIDITY, INCLUDING €139.1M CASH ON HAND AND €131.8M UNDRAWN CREDIT LINES¹
• HIGHER DURATION OF FINANCIAL DEBT THANKS TO REFINANCING OF CREDIT LINES WITH SHORT MATURITIES

NET WORKING CAPITAL COMPOSITION

NET FINANCIAL POSITION COMPOSITION

Note: pursuant to Consob communication no. DEM/6064293/2006, the calculation of Net Financial Position was adjusted to reflect the updates in the ESMA document 32-382-1138, 4 March 2021. The adjustments had no significant impact on the periods considered.

1. Excluding credit lines for reverse factoring and confirming.

ORDER BACKLOG SIGNIFICANT VISIBILITY ON FUTURE GROWTH

2021 GUIDANCE DOUBLE-DIGIT GROWTH CONFIRMED

(€M AND MARGIN % OF NET REVENUES NEW YACHTS) AS	2019 ACTUAL	2020 ACTUAL	2021 GUIDANCE	YOY GROWTH
NET REVENUES NEW YACHTS	455.9	457.7	565 – 575	~+25%
ADJUSTED EBITDA	66.0	70.6	92 – 94	~+31%
ADJUSTED EBITDA MARGIN	14.5%	15.4%	16.2% – 16.3%	~+86bps
GROUP NET PROFIT	27.0	34.5	47 – 48	~+36%
INVESTMENTS	51.4	30.8	45 – 47	~+49%
NET FINANCIAL POSITION	(9.1)	3.8	20 – 22	~+17

NOTES:

EXCLUDING THE CONTRIBUTION FROM BUSINESS COMBINATIONS, SUCH AS THE POTENTIAL ACQUISITION OF PERINI NAVI

REFER TO NOTES IN THE APPENDIX REGARDING FORWARD-LOOKING STATEMENTS

MARKET UPDATE HIGH POTENTIAL FOR THE LUXURY YACHTING SECTOR

GROWING TARGET CUSTOMERS AND INCREASING WEALTH IN KEY GEOGRAPHIES, TOGETHER WITH A PENETRATION RATE OF LUXURY YACHTING OF ~3%, LEAVE ROOM FOR FURTHER MARKET EXPANSION, FAVOURED BY THE WILLINGNESS OF CUSTOMERS TO ENJOY INTIMATE AND SAFE STAYS

Source: Deloitte Boating Market Monitor, World Wealth Report 2021 – Capgemini, SYBAss Economic Report 2021, BofA Global Research, Company information.

1. Ultra-HNWIs are defined as HNWIs with investable assets of \$30 million or more.

EXTENSION OF PRODUCT RANGES MULTIPLE LEVERS FOR PROFITABLE GROWTH

THREE NEW PRODUCT RANGES TO BE LAUNCHED IN 2022, ONE FOR EACH DIVISION, ENTERING NEW MARKET SECTORS, ALL OFFERING NOVEL AND CROSS-SEGMENT FEATURES, HIGHLY INSPIRED BY SUSTAINABILITY PRINCIPLES

UPDATE ON PERINI NAVI

• PERINI NAVI DECLARED BANKRUPT ON 29 JANUARY 2021, SHUT-DOWN WITH REDUNDANCY MEASURES FOR EMPLOYEES ("CASSA INTEGRAZIONE") SINCE APRIL 2020
• SANLORENZO AND FERRETTI GROUP ESTABLISHED A 50-50 JOINT VENTURE RESTART S.P.A. – FOR THE POTENTIAL ACQUISITION OF PERINI NAVI'S BRAND AND ITALIAN ASSETS
• FIRST AUCTION ON 30 JULY 2021, €62.5M TOTAL STARTING PRICE, NO BIDS SUBMITTED
• SECOND AUCTION ON 30 SEPTEMBER 2021, €56.25M TOTAL STARTING PRICE WITH 5% MAXIMUM REDUCTION ALLOWED, NO BIDS SUBMITTED
• RESTART SUBMITTED AN IRREVOCABLE OFFER TO THE RECEIVER ON 26 OCTOBER 2021
• ITALIAN SEA GROUP ANNOUNCED THE PRESENTATION OF AN ACQUISITION PROPOSAL FOR A TOTAL CONSIDERATION OF €47.0M
• NEW CALL FOR TENDERS ON 2 NOVEMBER 2021, TO BE AWARDED ON 22 DECEMBER 2021: €47.0M TOTAL STARTING PRICE, €500K MINIMUM BID INCREMENT, COMMITMENTS TO SAFEGUARDING JOBS AND MAINTAINING PRODUCTION IN VIAREGGIO

"MALTESE FALCON" 88 METRES SAILING YACHT FIRST OWNER: TOM PERKINS

SITUATION UPDATE RATIONALE BEHIND THE POTENTIAL ACQUISITION

• BRAND AFFINITY AND HIGH-END POSITIONING
• COMPLEMENTARY PRODUCT OFFERING (NO OVERLAP) ADDRESSED TO THE SAME SOPHISTICATED CUSTOMER BASE
• POTENTIAL TO UNLOCK RELEVANT INDUSTRIAL SYNERGIES
• PERINI NAVI SAILING YACHTS EXPRESS THE MAXIMUM POSSIBLE SUSTAINABILITY

RATIONALE BEHIND THE JOINT VENTURE WITH FERRETTI GROUP

• JOIN FORCES MANAGEMENT CAPABILITIES AND FINANCIAL RESOURCES – OF TWO MAJOR PLAYERS IN THE YACHTING INDUSTRY TO RELAUNCH THE COMPANY
• SANLORENZO AND FERRETTI GROUP HAVE COMPLEMENTARY INTERESTS IN PURSUING THE TRANSACTION
• PAVE THE WAY TO FURTHER POTENTIAL COOPERATION INITIATIVES (I.E. R&D)

STRONG HERITAGE IN LINE WITH ITS LOYAL CUSTOMERS

APPENDIX

NEW MODELS – 2021 MULTIPLE LEVERS FOR PROFITABLE GROWTH

FOUR NEW MODELS RECENTLY LAUNCHED AT CANNES YACHTING FESTIVAL AND RESTYLING OF SL106 ASYMMETRIC PRESENTED AT FORT LAUDERDALE INTERNATIONAL BOAT SHOW, AN UNPRECEDENTED EFFORT MADE POSSIBLE THANKS TO THE DEVELOPMENT AND PRODUCTION WORK CARRIED OUT DURING THE MOST DIFFICULT MOMENTS OF THE PANDEMIC

SL120 ASYMMETRIC – YACHT DIVISION BG72 – BLUEGAME

SD118 – YACHT DIVISION SL90 ASYMMETRIC – YACHT DIVISION

NEW RANGES – 2022 MULTIPLE LEVERS FOR PROFITABLE GROWTH

THREE NEW PRODUCT RANGES TO BE LAUNCHED IN 2022, ENTERING NEW MARKET SECTORS, ALL OFFERING NOVEL AND CROSS-SEGMENT FEATURES, HIGHLY INSPIRED BY SUSTAINABILITY PRINCIPLES

SP ("SMART PERFORMANCE") – YACHT DIVISION

X-SPACE – SUPERYACHT DIVISION

NEW RANGES – SP110 MULTIPLE LEVERS FOR PROFITABLE GROWTH

• A STUNNING DESIGN COMBINING THE LISSONI INDOOR STYLE TOGETHER WITH THE ZUCCON OUTDOOR LINES MARKS THE ENTRY OF SANLORENZO IN THE SEGMENT OF SPORT COUPÉS
• CARBON SANDWICH LAMINATION BY INFUSION TO MAXIMIZE THE STRENGTH AND REDUCE THE TOTAL WEIGHT OF THE CONSTRUCTION
• FRACTIONED ENGINES POWER PACK TO REACH THE BEST PERFORMANCES AT THE LOWEST FUEL RATE
• SCR EXHAUST SYSTEM TO REDUCE NOX EMISSIONS
• HULL DESIGN AND WATER JET PROPULSION FOR BEST SEA KEEPING, TOP EFFICIENCY AND MANOEUVRABILITY AT ALL RANGE OF SPEED
• SOLAR PANELS POWER SUPPLY FOR THE LITHIUM BATTERY PACK TO RUN THE HOTEL LOADS

LESS WEIGHT. LESS POWER. LESS CONSUMPTION. SMART PERFORMANCE

NEW RANGES – X-SPACE MULTIPLE LEVERS FOR PROFITABLE GROWTH

• A LENGTH OF 44 METRES, FIVE DECKS AND A TONNAGE OF 495GT, EXTRAORDINARY VOLUMES FOR A YACHT OF THIS SIZE
• POSITIONED BETWEEN CLASSIC NAVETTAS (SD LINE YACHT DIVISION) AND EXPLORERS (SUPERYACHT DIVISION), X-SPACE IS DESIGNED FOR EXPERT OWNERS WHO LOVE TO EXPLORE FARAWAY DESTINATIONS, WITHOUT RELINQUISHING THE ELEGANCE OF SANLORENZO'S LINES
• ENTRY LEVEL OF THE SUPERYACHT DIVISION, TARGETED AT NEW SEGMENT OF POTENTIAL OWNERS

NEW RANGES – BGM: ULTIMATE SUSTAINABILITY PLATFORM MULTIPLE LEVERS FOR PROFITABLE GROWTH

MULTIPLE LEVERS FOR SUSTAINABLE GROWTH – RESPONSIBLE DEVELOPMENT EXCLUSIVE PARTNERSHIP WITH SIEMENS ENERGY

COLLABORATION WITH A WORLD LEADER IN ENERGY TO DEVELOP NEW SOLUTIONS TO REDUCE ENVIRONMENTAL IMPACT OF THE YACHTS, FIRST OF ITS KIND IN THE SECTOR

METHANOL FUEL CELL SYSTEMS FOR GENERATING ELECTRICITY ON BOARD	EXCLUSIVE 24-80M AGREEMENT FOR THE JOINT DEVELOPMENT OF SOLUTIONS FOR THE INTEGRATION OF FUEL CELLS IN THE  YACHTING SECTOR INNOVATIVE SECTOR, ALLOWING SOLUTION FOR THE THE VESSEL TO GENERATE ELECTRICITY WHEN THE ENGINES AND GENERATORS ARE  OFF, SIGNIFICANTLY EXTENDING THE TIME SPENT AT ANCHOR AND MANOEUVRING WITHOUT CONSUMING DIESEL FUEL OBJECTIVE "NET-ZERO GHG EMISSION" SYSTEM IS THE CREATION OF A COMPATIBLE WITH THE LIMITED SPACE AVAILABLE ON BOARD  FIRST 50M SUPERYACHT, DELIVERY EXPECTED 2024 PROTOTYPE TO BE INSTALLED ON A HYBRID IN 
NEW GENERATION DIESEL ELECTRIC PROPULSION SYSTEMS FOR YACHTS 50M OVER	AIMED GHG EMISSIONS AT REDUCING AND FUEL CONSUMPTION  SIGNIFICANT TECHNOLOGY, ALREADY MEGA-YACHTS, IN EVOLUTION OF THE CURRENT USED ON TERMS OF ENERGY EFFICIENCY AND  REDUCTION OF OVERALL DIMENSIONS TO AND, IN BE INTEGRATED WITH THE LATEST GENERATION OF LITHIUM BATTERIES AND HOTEL UTILITY MANAGEMENT SYSTEMS THE  FUTURE, ALSO WITH FUEL CELLS FOR THE GENERATION OF ELECTRICITY FIRST 50 TO 70 METRES, DELIVERY EXPECTED BETWEEN 2024 SIGNED ORDER COVERING THE APPLICATION ON THREE UNITS FROM  2025 AND
NEW GENERATION HYBRID PROPULSION SYSTEMS 50M FOR YACHTS BELOW	AIMED GHG EMISSIONS AT REDUCING AND FUEL CONSUMPTION  SIGNIFICANT TECHNOLOGY, ALREADY SUPERYACHTS, IN SIZE, COSTS EVOLUTION OF THE CURRENT USED ON TERMS OF AND EASE OF USE  TO AND, IN BE INTEGRATED WITH THE LATEST GENERATION OF LITHIUM BATTERIES AND HOTEL UTILITY MANAGEMENT SYSTEMS THE  FUTURE, ALSO WITH FUEL CELLS FOR THE GENERATION OF ELECTRICITY FIRST SD90S MODEL, DELIVERY EXPECTED 2022 SIGNED ORDER COVERING THE APPLICATION ON THE NEW IN 

FINANCIAL HIGHLIGHTS FY 2016-2020

GROUP NET PROFIT

NET DEBT/(NET CASH) 41.4 36.3

(€M)

RECLASSIFIED CONSOLIDATED INCOME STATEMENT

(€'000)	Nine months ended 30 September					Change
	2021	% Net Revenues New Yachts	2020	% Net Revenues New Yachts	2021 vs. 2020	2021 vs. 2020%
Net Revenues New Yachts	428,440	100.0%	322,623	100.0%	105,817	+32.8%
Net revenues from pre-owned boats, maintenance and other services	66,334	15.5%	42,728	13.2%	23,606	+55.2%
Other income	3,356	0.8%	2,632	0.8%	724	+27.5%
Operating costs	(429,491)	(100.3)%	(319,462)	(99.0)%	(110,029)	+34.4%
Adjusted EBITDA	68,639	16.0%	48,521	15.0%	20,118	+41.5%
Non-recurring costs	(690)	(0.1)%	(1,098)	(0.3)%	408	-37.2%
EBITDA	67,949	15.9%	47,423	14.7%	20,526	+43.3%
Depreciation and amortisation	(15,826)	(3.7)%	(14,314)	(4.4)%	(1,512)	+10.6%
EBIT	52,123	12.2%	33,109	10.3%	19,014	+57.4%
Net financial expense	(822)	(0.2)%	(1,578)	(0.5)%	756	-47.9%
Adjustments to financial assets	(14)	-	33	0.0%	(47)	-142.4%
Pre-tax profit	51,287	12.0%	31,564	9.8%	19,723	+62.5%
Income taxes	(14,179)	(3.3)%	(9,435)	(2.9)%	(4,744)	+50.3%
Net profit	37,108	8.7%	22,129	6.9%	14,979	+67.7%
Net (profit)/loss attributable to non-controlling interests	(296)	(0.1)%	197	0.1%	(493)	-250.3%
Group net profit	36,812	8.6%	22,326	6.9%	14,486	+64.9%

RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(€'000)	30 September	31 December	30 September	Change
	2021	2020	2020	30 September 2021 vs 31 December 2020	30 September 2021 vs 30 September 2020
USES
Goodwill	8,667	8,667	8,667	-	-
Intangible assets with a finite useful life	41,916	36,434	34,898	5,482	7,018
Property, plant and equipment	131,430	112,491	106,100	18,939	25,330
Other equity investments and other non-current assets	422	412	409	10	13
Net deferred tax assets	6,193	6,538	2,723	(345)	3,470
Non-current employee benefits	(1,262)	(845)	(908)	(417)	(354)
Non-current provisions for risks and charges	(1,513)	(1,389)	(982)	(124)	(531)
Net fixed capital	185,853	162,308	150,907	23,545	34,946
Inventories	68,108	82,214	93,151	(14,106)	(25,043)
Trade receivables	21,502	17,233	16,193	4,269	5,309
Contract assets	104,106	112,938	104,018	(8,832)	88
Trade payables	(107,630)	(137,238)	(124,449)	29,608	16,819
Contract liabilities	(90,193)	(46,156)	(59,570)	(44,037)	(30,623)
Other current assets	33,707	30,434	32,268	3,273	1,439
Current provisions for risks and charges	(7,336)	(12,679)	(8,438)	5,343	1,102
Other current liabilities	(29,946)	(27,492)	(25,584)	(2,454)	(4,362)
Net working capital	(7,682)	19,254	27,589	(26,936)	(35,271)
NET INVESTED CAPITAL	178,171	181,562	178,496	(3,391)	(325)

SOURCES
Equity	213,330	185,391	173,408	27,939	39,922
(Net financial position)	(35,159)	(3,829)	5,088	(31,330)	(40,247)
TOTAL SOURCES	178,171	181,562	178,496	(3,391)	(325)

CONSOLIDATED CASH FLOW STATEMENT AND NET FINANCIAL POSITION

RECLASSIFIED CASH FLOW STATEMENT NET FINANCIAL POSITION¹

(€'000)		30 September 2021 30 September 2020
EBITDA	67,949	47,423
Taxes paid	(13,389)	(3,859)
Changes in inventories	14,106	(30,840)
Change in net contract assets and liabilities	52,869	23,999
Change in trade receivables and advances to suppliers	(1,147)	3,932
Change in trade payables	(29,608)	(27,740)
Change in provisions and other assets and liabilities	(9,190)	9,473
Operating cash flow	81,590	22,388
Change in non-current assets (investments)	(36,723)	(17,333)
Business acquisitions and other changes	696	-
Free cash flow	45,563	5,055
Interest and financial charges	(989)	(1,545)
Other changes in equity	(13,244)	464
Change in net financial position	31,330	3,975
Net financial position at the beginning of the period	3,829	(9,063)
Net financial position at the end of the period	35,159	(5,088)

(€'000)	30 September 2021	31 December 2020	30 September 2020
Cash	139,119	94,359	100,876
Cash equivalents	-	-	-
Other current financial assets	-	647	674
Liquidity	139,119	95,006	101,550
Current financial debt	(4,161)	(2,560)	(5,226)
Current portion of non-current financial debt	(26,228)	(25,872)	(35,096)
Current financial indebtedness	(30,389)	(28,432)	(40,322)
Net current financial indebtedness	108,730	66,574	61,228
Non-current financial debt	(73,571)	(62,745)	(66,316)
Debt instruments Non-current trade and other payables	- -	- -	- -
Non-current financial indebtedness	(73,571)	(62,745)	(66,316)
Net financial position	35,159	3,829	(5,088)

1. Pursuant to Consob communication no. DEM/6064293/2006, the calculation of Net Financial Position was adjusted to reflect the updates in the ESMA document 32-382-1138, 4 March 2021. The adjustments had no significant impact on the periods considered.

NOTICE TO RECIPIENT

This presentation is being provided to you solely for your information and it may not be reproduced or redistributed to any other person.

The information contained in this presentation, which has been prepared by Sanlorenzo S.p.A. (the "Company") and its consolidated subsidiaries (together, the "Group") and it is under the responsibility of the Company, does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. The information and opinions contained in this document are provided as at the date of the presentation and are subject to change. Neither the Company nor the Group are under any obligation to update or keep current the information contained in this presentation.

The director in charge of preparing the corporate accounting documents, Attilio Bruzzese, declares that pursuant to and for the purposes of article 154-bis, paragraph 2 of Italian Legislative Decree no. 58 of 1998, the accounting information contained in this document corresponds to company documents, ledgers and accounting records.

Forward-Looking Statements: this document may include projections and other "forward-looking" statements within the meaning of applicable securities laws. In particular, all statements that address expectations or projections about the future, including statements about operating performance, market position, industry trends, general economic conditions, expected expenditures, cost-savings, synergies and financial results, are forward-looking statements. Consequently, any statements contained herein that are not statements of historical fact are forward-looking statements.

Forward-looking statements are based on assumptions and current expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Accordingly, actual events or results or actual performance of the Company or the Group may differ significantly, positively or negatively, from those reflected or contemplated in such forward-looking statements made herein. The Group expressly disclaims any duty, undertaking or obligation to update publicly or release any revisions to any of the information, opinions or forward looking statements contained in this document to reflect any events or circumstances occurring after the date of the presentation of this document. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements.

Any reference to past performance or trends or activities of the Company shall not be taken as a representation or indication that such performance, trend or activity will continue in the future.

This presentation contains alternative performance indicators that are not recognized by IFRS. Different companies and analysts may calculate these non-IFRS measures differently, so making comparisons among companies on this basis should be done very carefully. These non-IFRS measures have limitations as analytical tools, are not measures of performance or financial condition under IFRS and should not be considered in isolation or construed as substitutes for operating profit or net profit as an indicator of our operations in accordance with IFRS.