1 Core operating profit = Aggregate of adjusted gross profit and other income, less selling and distribution costs and general and administrative expenses2 An unrealised loss on gold loans of HK$917 million (1HFY2019: a gain of HK$190 million) was recorded in 1HFY2020

Revenue

HK$29,533

Same store sales

Mainland China Hong Kong and Macau

Profit attributable to shareholders2

HK$1,533

20.8%

Dividend per share

0.6%

Core operating profit1

HK$3,527

18.0%

Basic EPS

HK$0.15

1.8% 27.5%million

million million

HK$0.121H2019

HK$0.19 78.3%

Payout ratio

1H2020 Results Highlights

1

1H2020 Operational Highlights

1 SIS/CIS = “shop-in-shop”/”counter-in-shop” format2 RSV = Retail Sales Value measured the sales at the ending price (VAT inclusive, if any) of products sold to customers in the POS network and other channels3 RSV YoY change measured at constant exchange ratesNote: Data for retail network was as at 30 September 2019

Retail network

3,490 POS 356

Hong Kong and

Macau

Mainland China

350

Net openings

Other markets

Mainland China e-commerce RSV2

9.7%3

RSV Retail sales volume

4.9% 14.1%

Contribution to respective

2

4

CTF ‧ HUÁ Collection in Mainland China

Average selling price

~HK$14,000

of goldproducts RSV30.6%

T MARK

POS5782 CIS1

Mainland China Hong Kong and Macau

19.2% 28.1%of diamond products RSV

of diamond products RSV

2

11.6%

1H2019

Summary – Income Statement

For the six months ended 30 September(HK$ m)

1H2018 1H2019 1H2020YoY

Change

Revenue 24,754 29,703 29,533 -0.6%

Contribution of gem-set jewellery1 24.2% 23.4% 23.3% -0.1% pts

Gross profit 7,166 8,529 8,147 -4.5%

Gross profit margin 28.9% 28.7% 27.6% -1.1% pts

Adjusted gross profit margin2 28.7% 28.1% 30.7% +2.6% pts

Selling and distribution costs and general and administrative expenses (“SG&A”)

4,887 5,517 5,750 +4.2%

SG&A to revenue ratio 19.7% 18.6% 19.5% +0.9% pts

Core operating profit 2,396 2,989 3,527 +18.0%

Core operating profit margin 9.7% 10.1% 11.9% +1.8% pts

Profit before taxation 2,504 2,722 2,200 -19.2%

Profit attributable to shareholders 1,779 1,936 1,533 -20.8%

Basic earnings per share HK$0.18 HK$0.19 HK$0.15 -20.8%

Dividend per share HK$0.12 HK$0.15 HK$0.12 N/A

1 Revenue from jewellery trading and service income from franchisees excluded2 Adjusted gross profit margin = Gross profit margin excluding the impact of the unrealised loss (gain) on gold loans

4

Revenue by reportable segment (HK$ m)Revenue by product (HK$ m)

(Excluding jewellery trading and service income from franchisees)

1H2016 1H2017 1H2018 1H2019 1H2020 1H2016 1H2017 1H2018 1H2019 1H2020

Hong Kong, Macau and other markets

Mainland China

Platinum / Karat gold products

Gem-set jewelleryGold products

Watches

28,023

21,301

55.7%

27.2%

12.7% 12.9%5.0% 6.3%

53.6%

26.6%24,127

24.2%

11.3%6.7%

57.8%

-0.5%

-2.6%

9.2%

YoY Change

0.0%

14.0%

12.2%

-20.3%

YoY Change

-0.6%

59.7%

59.2%

28,124

40.8%40.3%

21,526

60.4%

39.6%

24,754

29,703

60.7%

39.3%

29,309

23.4%

10.5%

5.6%

60.5%

5

Revenue Breakdown

29,533

68.5%

31.5%

29,319

23.3%

11.4%

6.4%

58.9%

26.0%23.0%

-6.0%

0.7%

-10.9%

-42.3%-38.4%

3.8% 5.7%

-7.4%

9.1% 10.5%

-6.8%

0.7%

Same Store Sales Growth (“SSSG”) – Major Markets

1H2019 1H2020

SSSG SSSG SSS volume growth

Mainland China 4.9% 1.8% -11.7%

Hong Kong and Macau 24.4% -27.5% -29.7%

Mainland China Hong Kong and Macau

6

1Q 2Q1Q 2Q 3Q 4Q

FY2019 FY2020

3QTD(1 Oct-21 Nov)

10.8% 11.1%

-11.0%

13.5% 12.4%

-15.4%

-3.8%-3.8%1.0% -5.4%

0.1%

8.0%

-0.4%

1.7%

30.9%40.7%

-5.6% 2.6%

-12.7%

-49.2%

-35.1%

26.4%

-2.3% -8.2%-10.4%

-15.7%-34.8%

-49.5%

SSSG – Major Products

Same store average selling price1 (HK$)

1H2019 1H2020

Gem-set jewellery 6,300 6,300

Gold products 3,900 4,900

Gem-set jewellery Gold products Gem-set jewellery Gold products

Same store average selling price1 (HK$)

1H2019 1H2020

Gem-set jewellery 10,400 10,400

Gold products 8,200 8,800

1 Average selling price on 1H2020 same store basis, was rounded to the nearest hundred HK dollar and measured at constant exchange rates; Value-added tax (VAT) inMainland China included

7

SSSG – Mainland China SSSG – Hong Kong and Macau

1Q 2Q 3Q 4Q 1Q 2Q

FY2019 FY2020

3QTD(1 Oct-21 Nov)

1Q 2Q 3Q 4Q 1Q 2Q

FY2019 FY2020

3QTD(1 Oct-21 Nov)

30.7% 29.7%31.9%

19.2% 18.9% 18.4%

12.4% 11.4%14.1%

1H2018 1H2019 1H2020

Core Operating Profit and Profitability Analysis

25.5% 25.5%28.1%

20.5%

18.1%

21.8%

5.5%7.9% 7.4%

1H2018 1H2019 1H2020

Core operating profit margin

Adjusted gross profit margin SG&A ratio

Core operating profit YoY 1H2019 1H2020

Mainland China 11.3% 37.8%

Hong Kong, Macau and other markets

70.5% -26.1%

Core operating profit by reportable segment (HK$ m) Profitability – Mainland China

Core operating profit marginAdjusted gross profit margin SG&A ratio

8

Profitability – Hong Kong, Macau and other markets

1,853

2,062

2,843

543

926

685

1H2018 1H2019 1H2020

Mainland China

Hong Kong, Macau and other markets

737 893 840

121 138 287 178 313 271383

413

817

769

118 809

860 866

1,842

2,131 2,291

1H2018 1H2019 1H2020

19.7%18.6%

19.5%

%

%

7.4%

0.7%0.5%

3.3%

3.3%

1.5%

7.2%

1.1%0.5%

2.9%

2.6%

1.4%

%

7.8%

0.9%

1.0%

2.9%

0.4%

3.7%

1H2018 1H2019 1H20201

4,887

5,5175,750

SG&A Analysis (HK$ m)

7.5%

-84.7%

-13.4%

161.1%

107.6%

YoY Change

4.2%

As a % of revenue

Depreciation and amortisation (Property, plant and equipment)

Concessionaire fees

Advertising and promotion expenses

Rental expenses

Other SG&A

Staff costs and related expenses

9

0.7%

1 Adoption of IFRS 16 Leases for the first time in 1HFY2020, prior-period comparative financial information is not restated

3.0% 3.0% 2.8% -6.0%

Packaging materials

636

Depreciation and amortisation (Right-of-use assets, “ROU”)

442

1H2018 1H2019 1H2020

36.9%

57.5%

39.5%

54.0%

725

625

7.1% 6.7% 8.4%

1H2018 1H2019 1H2020

34.3%

62.3%

32.8%

63.5%

1,303

1,133

7.6%7.2% 7.3%

1H2020 Averageno. of employees1

21,000+3.3% YoY

3,270+4.1% YoY

1H2020 Average no. of employees1

3.6%3.4% 6.5%5.5%

YoY Change

24.8%

13.3%

-0.4%

-0.8%

YoY Change

3.0% 3.7%

SG&A – Staff Costs and Related Expenses (HK$ m)

As a % of respective revenue

Variable staff costs

Fixed staff costsOther staff related expenses

As a % of respective revenue

Variable staff costs

Fixed staff costsOther staff related expenses

1 Employees in production function excluded10

8.0%

-1.7%

Mainland China Hong Kong and Macau

1,476

36.2%

60.6%

3.3%

719

39.6%

53.6%

6.8%

1H2018 1H2019 1H2020

89.2%

7.0%

575

667

8.8%

8.6%8.7%

801 853 865

1H2018 1H2019 1H2020

7.4%

5.2%6.2%

3.8%

YoY Change

1.5%

-2.5%

YoY Change

SG&A – Concessionaire Fees and Lease-Related

Expenses (HK$ m)

As a % of respective revenueConcessionaire fees

11

Mainland China Hong Kong and Macau

1 Adoption of IFRS 16 Leases for the first time in 1HFY2020, prior-period comparative financial information is not restated

561

As a % of respective revenue

Rental expenses

Depreciation and amortisation (ROU)Finance costs on leases

Pre-IFRS 16 Post-IFRS 16

1

70 60 68

261239

294

1H2019 FY2019 1H2020

299

331

362

1,801 1,672 1,591

2,895 2,835 3,411

13,202 13,426 14,800

20,458 21,394 22,521

1H2019 FY2019 1H2020

39,32738,356

Inventory Analysis

Finished goods

Raw materials

1 Packaging materials excluded2 Inventory turnover period = Closing inventory balances (excluding packaging materials) / cost of goods sold x 183 (for 1H figures) or 365 (for FY figures)

Watches

Gem-set jewellery

Gold productsPlatinum / Karat gold products

%

54.4%

4.3%7.2%

34.1%

%

53.3%

4.7%7.5%

34.4%

12

53.2%

35.0%

%

8.1%3.8%

Inventory balances by product1 (HK$ m) Inventory turnover period by category2 (day)

42,323

73 73 39

61 47

48

159

299 322

117

109

35

1H2018 1H2019 1H2020

528

410

68 4618

77 148

49

265

334

378

1H2018 1H2019 1H2020

528

410

444 444

Capital Expenditure (HK$ m)

Furniture, fixtures and equipment & leasehold improvements

Land and buildings & construction in progressPlant and machinery & motor vehicles

Offices

Projects

POSProductions

13

Capex by nature Capex by function

Changes in Capital Structure

(HK$ m)As at

31 Mar 19% to total

equityAs at

30 Sep 19% to total

equityIncrease/

(decrease)

Non-current assets 8,459 26.9% 10,487 38.8% 2,027

Inventories 39,486 125.7% 42,520 157.5% 3,034

Cash and cash equivalents1 7,641 24.3% 5,151 19.1% (2,490)

Total borrowings 18,069 57.5% 21,535 79.8% 3,467

Bank borrowings 10,057 32.0% 11,080 41.0% 1,024

Gold loans 8,012 25.5% 10,455 38.7% 2,443

Net debt2 10,428 33.2% 16,384 60.7% 5,957

Net current assets 26,307 83.8% 19,113 70.8% (7,194)

Total equity 31,403 100% 27,002 100% (4,401)

1 Bank balances and cash equivalents included 2 Aggregate of bank borrowings, gold loans, net of cash and cash equivalents

14

7,641

4,902 6212,701

706 4441,023 5,038

317 5,151

FY2019(31 Mar 19)

1H2020(30 Sep 19)

Summary – Movements in Cash Flows (HK$ m)

Net cash used in inventories3

Operating cash flows before movements in working capital

Net cash from other operating activities

Capital expenditure

Net increase in bank borrowings

Dividends paid

Other movements

Bank balances and cash

Bank balances and cash

1 Net cash from operating activities less leases paid, capital expenditure and net movements for gold loans2 With adoption of IFRS 16, leases paid was included in financing activities 3 Net cash used in inventories included net change in inventories, gold loan raised and repayment of gold loans

Pro forma free cash flows1

1,842

15

Leases paid2

1H2020

Mainland China

350 POS

Retail Network – Mainland China

POS movement by store brand1

1H2019 FY2019 Addition Reduction Net 1H2020

CHOW TAI FOOK JEWELLERY

2,537 2,803 407 (74) 333 3,136

CTF WATCH 107 113 3 (3) – 113

T MARK 1 4 – – – 4

HEARTS ON FIRE 6 3 – (2) (2) 1

SOINLOVE 15 27 9 – 9 36

MONOLOGUE 16 38 12 (2) 10 48

Total 2,682 2,988 431 (81) 350 3,338

1 Shop-in-shop and counter-in-shop excluded

17

RSV YoYNet POS

movement

Tier I cities 6.7% +47

Tier II cities 11.3% +103

Tier III cities 18.0% +90

Tier IV cities and others

19.1% +93

12.0%

42.7%

20.8%

24.4%

16.7%

49.6%

17.4%

16.3%

58.9%

41.1%

48.2%

51.8%

53.4%42.7%

3.9%

53.5%41.4%

5.0%

% of % of POS RSV

Department store

Shopping mall

Standalone store

RSV and POS by operation model RSV and POS by tier of cities

RSV YoYNet POS

movement

Department store

-3.2% -23

Shopping mall 20.1% +36

Standalone store

-10.8% -5

% of % of POS RSV

Self-operated

Franchised

RSV and POS by self-operated model

Mainland China – CHOW TAI FOOK JEWELLERY POS

18

% of % of POS RSV

Tier I cities

Tier II cities

Tier III cities

Tier IV cities and others

RSV YoYNet POS

movement

Self-operated 4.8% +8

Franchised 26.7% +325

Net openings of 333 CHOW TAI FOOK

JEWELLERY POS in 1HFY2020

Continual market penetration into lower

tier and county level cities by leveraging

franchisees

Store segmentation with elevated shop

images, ARTRIUM and JEWELRIA, mainly

in Tier I and II cities

FY2020 net openings is expected to be

~600 CHOW TAI FOOK JEWELLERY POS

Retail network management

Mainland China – CHOW TAI FOOK JEWELLERY POS

19

JEWELRIA, Shanghai(上海市)

Experience shop, Shenyang, Liaoning Province(遼寧省瀋陽市)

Retail Network – Hong Kong, Macau and Other Markets

1 Shop-in-shop and counter-in-shop excluded

POS movement by store brand1 1H2019 FY2019 Addition Reduction Net 1H2020

CHOW TAI FOOK JEWELLERY

124 130 12 (3) 9 139

Hong Kong, China 78 80 6 (1) 5 85

Macau, China 19 19 – (2) (2) 17

Other markets 27 31 6 – 6 37

T MARK 1 1 – – – 1

HEARTS ON FIRE 15 15 – (4) (4) 11

MONOLOGUE – – 1 – 1 1

Total 140 146 13 (7) 6 152

20

1H2020

Other markets

2 POS

1H2020

Hong Kong and Macau

4 POS

RSV YoYNet POS

movement

Hong Kong -24.9% +6

Macau 5.9% -2

Hong Kong, Macau and Other Markets

RSV settled by China UnionPay, Alipay,

WeChat Pay or RMB

39.7%(1H2019: 45.4%)

% of % ofPOS RSV

Hong KongMacau

Retail network management

4 net openings in 1HFY2020; New CTF experience

shop and MONOLOGUE POS were opened

Continual review on our POS network

Hong Kong and Macau

Other markets

2 net POS additions in 1HFY2020

Optimistic about the growth potential in Asian

countries. Remain opportunistic in openings

HK and Macau RSV and POS by geography

21

81.4%

18.6%

83.8%

16.2%

Experience shop, K11 MUSEA

MONOLOGUE, K11 Artmall

23

Multi-brand StrategyARTRIUM

Chow Tai Fook’s high-end retail experience which offers

artisan jewellery pieces with meticulous craftsmanship

CHOW TAI FOOK JEWELLERY

Iconic brand with classic product offerings

MONOLOGUEStylish fashion jewellery

for young generation

T MARKIn pursuit of true diamond authenticity and traceability

SOINLOVETop of mind jewellery gifting product of millennial women

HEARTS ON FIREUS premium diamond brand with exquisite cutting craftsmanship

JEWELRIAChow Tai Fook’s diversified

retail experience which offers international jewellery

product offerings

JEWELRIAChow Tai Fook’s Diversified Retail Experience Which Offers International Jewellery Product Offerings

24

International jewellery brand offerings

13 JEWELRIA net openings in 1HFY2020;

Amounted to 45 POS as at 30 September

2019

Shall continue to roll out in 2HFY2020

Retail network management

Annoushka, a British jewellery brand

Kagayoi, a Japanese jewellery brand

T MARK and HEARTS ON FIRE

25

Retailer locations

48712

POS

199

Mainland China173

Hong Kong, Macau and other markets

26SIS/CIS

721 CIS 4 POS 61 CIS 1 POS

Hong Kong and MacauMainland China

RSV

19.2% 28.1%of diamond products RSV

of diamond products RSV

10.2% 15.0% YoY YoY

T MARK

HEARTS ON FIRE

Hayley Paige for HEARTS ON FIRE Collection

SOINLOVE and MONOLOGUE

26

A net of 9 POS were opened in 1HFY2020

Expect ~10 POS to be opened in 2HFY2020

SOINLOVE - Targets young millennial women

who lead glamorous lifestyles

A net of 11 POS were opened in 1HFY2020

Expect ~10 POS to be opened in 2HFY2020

MONOLOGUE - Promotes creativity and personal

expression in the universal language of music

MONOLOGUE x Coca Cola pop-up store

Retail Experience

27

• Stores with different themes and layoutswere opened across Mainland China

Pop-up stores

• Application of cloud kiosk in over 200spots, primarily in Mainland China

Cloud kiosks facilitate O2O and seamless shopping experience

Qingdao, Shandong province(山東省青島市)

Kunming, Yunnan province(雲南省昆明市)

Customer Relationship Management

28

2,380,000Members as at 30 September 2019

Repeat purchase as a % of respective RSV in 1H2020

24.1%

1,130,000Members as at 30 September 2019

Repeat purchase as a % of respective RSV in 1H2020

32.9%

Mainland China

Hong Kong and Macau

E-commerce – Mainland China

1 Source from Chow Tai Fook eShop, Tmall and JD.com2 Source from official Sina Weibo, Tencent Weibo and WeChat accounts

29

9.7% YoY

E-commerce RSV

9,643,000+Unique daily visitors1

487,000Number of followers2

HK$1,300

Average selling price

HK$1,4001H2019

Contribution to respective

4.9% 14.1%RSV Retail sales volume

Business Outlook and Strategies

31

• Hong Kong and Macau: Remains challenging in the next 6-12 months

• Mainland China: Continues to deliver stable growth to the Group

Business outlookMarket outlook

Strategies and measures

• Immediate measures are in place to mitigate the short-term impact and improve our risk management:

Enhance healthy financial position

Optimise the use of resources

Empower our people to be “intrapreneurs”

• The Group maintains focus on long-term goals and invests in technology to enhance retail experiences and operating efficiency

IFRS 16 Lease Accounting

35

• We have applied IFRS 16 – Leases of which supersedes IAS17 – Leases for the first time in

the consolidated financial statements for the six months ended 30 September 2019

• We have elected to adopt the “modified retrospective” approach for the transition to IFRS 16

under which the prior-period comparative financial information was not restated

• This new standard has no impact on the Group’s operations nor cash flows

• The impact on the core operating profit of the Group was immaterial

Background

Impact on Income Statement

36

For the six months ended 30 September(HK$ million)

1H20191H2020

(Pre-IFRS 16 Leases)

YoYChange

Post-IFRS 16 /Pre-IFRS 16

Change

1H2020(Post -IFRS 16

Leases)

YoYChange

Revenue 29,703 29,533 -0.6% - 29,533 -0.6%

Adjusted gross profit 8,338 9,064 +8.7% - 9,064 +8.7%

Adjusted gross profit margin 28.1% 30.7% +2.6% pts - 30.7% +2.6% pts

SG&A 5,517 5,773 +4.6% (24) 5,750 +4.2%

SG&A to revenue ratio 18.6% 19.5% +0.9% pts - 19.5% +0.9% pts

Depreciation and amortisation(ROU)

N/A N/A N/A 636 636 N/A

Rental expenses 769 761 -1.0% (643) 118 -84.7%

Core operating profit 2,989 3,503 +17.2% 24 3,527 +18.0%

Core operating profit margin 10.1% 11.9% +1.8% pts - 11.9% +1.8% pts

Finance costs 154 222 +44.5% 33 255 +65.8%

Finance costs on leases N/A N/A N/A 33 33 N/A

Profit before taxation 2,722 2,209 -18.9% (9) 2,200 -19.2%

• Revenue stayed unchanged under IFRS 16

• For SG&A, there was a significant increase in depreciation expenses of the leased assets of which the

majority of the increase was offset by the decrease in rental expenses

• The impact on core operating profit was immaterial

Income Statement

Impact of IFRS 16 Leases1

37

For companies that have material off balance sheet leases, IFRS 16 is expected to result in an increase in lease assets and financial liabilities

The carrying amount of lease assets will typically reduce more quickly than the carrying amount of lease liabilities. This will result in a reduction in reported equity compared to IAS 17 for companies with material off balance sheet leases. This is similar to the effect on reported equity that arises from financing the purchase of an asset, either through a former on balance sheet lease or a loan.

Balance sheet

For companies that have material off balance sheet leases, IFRS 16 is expected to result in higher profit before interest (for example, operating profit) compared to the amounts reported applying IAS 17. This is because, applying IFRS 16, a company presents the implicit interest in lease payments for former off balance sheet leases as part of finance costs. In contrast, applying IAS 17, the entire expense related to off balance sheet leases was included as part of operating expenses

The size of the increase in operating profit, and finance costs, depends on the significance of leasing to the company, the length of its leases and the discount rates applied

Operating profit and finance costs

EBITDA

Profit before tax

Financial liabilities

Lease assets

Equity

1 Source from the Association of Corporate Treasurers

100%hedged

0% hedged

Illustration of the Gold Hedging Mechanism

Base inventory

20,000 KG.

Seasonal, consigned inventory & others

20,000 KG.

Base inventory

20,000 KG.

Seasonal, consigned inventory & others

30,000 KG.

Period 0 Period 1(Peak season)

Gold inventory(Weight)

Hedging ratio:50%

Hedging ratio:60%

39Note: Data provided are for illustrative purpose only

Illustration of the Unrealised Loss on Gold Loans

2,000

0

1,000

1,000

2,000

1,300 1,300

(1,300)

(1,500)

Gold price at US$1,300/oz Gold price at US$1,500/oz

Gold inventory(Book at cost)

Gold loans(Mark-to-market)

Period 0 Period 1

Mark-to-market loss

US$

40Note: Data provided are for illustrative purpose only

These materials have been prepared by Chow Tai Fook Jewellery Group Limited (the “Company”) solely for use at this presentation and are not forpublic dissemination.

The slides and any other materials used in this presentation are the property of the Company and must be treated as such. The information containedin this presentation is being furnished to you solely for your information and may not be forwarded, published or distributed, directly or indirectly, toany other person (whether within or outside your organisation/firm), in whole or in part, for any purpose and may not be reproduced in any mannerwhatsoever. Any forwarding, publication, distribution or reproduction of this document in whole or in part is unauthorised.

The information contained in this presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation ofany offer to buy or subscribe for any securities or other interests of the Company or its holding Company or any of its subsidiaries in any jurisdiction oran inducement to enter into any investment activity, nor shall it or any part of it form the basis of or be relied on in connection with any contracts,commitment or investment decision whatsoever.

This presentation contains forward-looking statements. Such forward-looking statements are based on a number of assumptions about theoperations of the Company and other factors, many of which may be beyond the Company’s control. By their nature, forward-looking statementsinvolve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, theCompany’s actual results may differ materially from those expressed or implied by such forward-looking statements. The Company has no obligationand does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Theinformation contained in this presentation has been compiled as of the date of this presentation, speaks as of the date of this presentation (or earlier,if so indicated) and will not be updated to reflect material developments which may occur after the date of this presentation, and is subject to change,including substantial changes, without notice.

This presentation may include measures of financial performance which are not a measure of financial performance under IFRS, such as “Coreoperating profit”. These measures are presented because the Company believes they are useful measures to determine the Company’s operating cashflow and historical ability to meet debt service and capital expenditure requirements. “Core operating profit” should not be considered as analternative to cash flows from operating activities, a measure of liquidity or an alternative to net profit or indicators of the Company’s operatingperformance on any other measure of performance derived in accordance with IFRS. Because it is not an IFRS measure, “Core operating profit” maynot be comparable to similarly titled measures presented by other companies.

The information contained in this presentation has not been independently verified. No representation, warranty, or undertaking express or implied,is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information or opinion containedherein. It is not the intention to provide, and you may not rely on this document as providing, a complete or comprehensive analysis of the Company’sfinancial or trading position or prospects. None of the Company or any of its directors, officers, employees, agents, shareholders, affiliates, subsidiary,advisors or representatives shall be in any way responsible for the contents hereof, or shall be liable (in negligence or otherwise) for any losshowsoever arising from any use of this document or the information contained in this presentation or otherwise arising in connection therewith.

Disclaimer

41