Godrej | Consumer Products

1 I GCPL I INVESTOR AND ANALYST MEET PRESENTATION

GODREJ CONSUMER PRODUCTS ANNUAL INVESTOR AND ANALYST MEET MAY 3, 2013


AGENDA

•  OPENING REMARKS

•  GCPL OVERVIEW

•  PERFORMANCE UPDATE & STRATEGY REVIEW

•  DARLING BUSINESS UPDATE

•  FINANCIAL REVIEW

•  Q & A


OPENING REMARKS


GCPL OVERVIEW


leading market!share!in core categories

domestic market

hair colours household insecticides liquid detergents 1

soap 2

excellent track record of

empathy progression

trust

expression experience

value creation

among FMCG companies in India

US $1.2 billion largest home grown HPC company

in sales in FY 13

internationally strong positions in core categories

home care hair care

acquisitions established a platform for a leading

emerging markets !FMCG company!

over 44% revenues come from

international businesses

GODREJ CONSUMER PRODUCTS


WE HAVE A SCALE PRESENCE ACROSS MULTIPLE GEOGRAPHIES

FY 13 REVENUE (INR CRORE)

GROWTH

SALIENCE

Indian Subcontinent 3,599 20% 56%

Indonesia 1,254 35% 20%

Africa * 711 68% 11%

Latin America * 526 84% 8%

Europe * 290 41% 5%

* Includes inorganic growth


Personal Wash 21%

Hair Care 24%

Home Care 44%

Others 11%

OUR CORE CATEGORIES CONTRIBUTE BULK OF OUR REVENUES


LEADING MARKET POSITIONS IN MOST OF OUR GEOGRAPHIES

INDIA!

hair colours household insecticides liquid detergents 1soap 2

SAARC!

hair colours (Sri Lanka) 1

3hair colours (Bangladesh) household insecticides (Sri Lanka & Bangladesh)

INDONESIA!

air fresheners wet tissues 1household insecticides 2

UK!stretch marks skin treatment 1sanitisers 2

4 sun care female deodorants


LEADING MARKET POSITIONS IN MOST OF OUR GEOGRAPHIES

LATIN AMERICA!

hair colours* (Argentina, Uruguay, Paraguay, Bolivia)

1

hair colours & colour cosmetics (Chile) hair extensions (Argentina & Chile)

2

SUB SAHARAN AFRICA!

ethnic hair colours (14 countries) hair extensions (10 countries) 1!

2!

3

hair extensions (1 country)

caucasian hair colours (South Africa)

* Volume Share


PORTFOLIO OF LEADING BRANDS IN CORE AND ADJACENT CATEGORIES

Home Care I Hair Care I Personal Wash

INDIA

Household Insecticides I Air Fresheners I Baby Care

INDONESIA

Personal Care

UK


LATIN AMERICA

PORTFOLIO OF LEADING BRANDS IN CORE AND ADJACENT CATEGORIES

Hair Extensions I Hair Colour I Personal Wash

AFRICA

Hair Colour


PERFORMANCE UPDATE & STRATEGY REVIEW


ROBUST OPERATIONAL RESULTS OVER LAST FEW YEARS

2,041 !

3,676 !

4,851 !

6,391 !

FY10! FY11! FY12! FY13!

∆ 46%

∆ 80%

∆ 32%

CONSOLIDATED NET SALES CONSOLIDATED EBITDA

∆ 32%

411 !

653 !

876 !

1,015 !

FY10! FY11! FY12! FY13!

∆ 59%

∆ 34%

∆ 16%

∆ 35%


DOMESTICALLY, WE HAVE DELIVERED CONSISTENT HEALTHY SALES GROWTH

21%! 20%!

FY12! FY13!

DOMESTIC NET SALES GROWTH (%) DOMESTIC NET SALES BREAKUP – FY 13

Personal Wash, 35%

Hair Care, 10%

Home Care, 45%

Others, 6%

Export, 4%


WE ARE ALSO MAKING STRONG MARKETING INVESTMENTS

EBITDA GROWTH (%) A & P GROWTH (%)

13%! 13%!

FY12! FY13!

18%!

42%!

FY12! FY13!

EBITDA + A&P GROWTH

15% 21%


WE ARE AGGRESSIVELY BACKING OUR NEW LAUNCHES THAT WILL FURTHER STRENGTHEN OUR FUTURE

GROWTH PLATFORM

17%!

3%! 20%!

Base! NPD! Overall!

42%!

18%!

24%!

Base! NPD! Overall!

DOMESTIC NET SALES GROWTH (%) A & P GROWTH (%)


OUR INTERNATIONAL BUSINESS IS SCALING #UP WELL

INTERNATIONAL NET SALES GROWTH (%) INTERNATIONAL SALES BREAKUP – FY 13

55%! 51%!

FY12! FY13!

Indonesia!45%!

Middle East!1%!

Africa!25%!

Latin America!

19%!

Europe!10%!


INTERNATIONAL BUSINESS

Indonesia

GEOGRAPHIES KEY BRANDS

Latin America

Africa

Europe

FY 12 GROWTH*

FY 13 GROWTH*

29% 19%

22%

84%

11%

26%

68%

*Constant currency growth


WE WILL FOCUS ON 6 KEY PRIORITIES

Core category leadership

International growth

Innovation and renovation

Future ready sales system

Best in class supply chain

Agility and high performance

culture

2! 3!1!

5! 6!4!

empathy progression

trust



CORE CATEGORY LEADERSHIP 1


WHAT DOES IT MEAN FOR US?!

Expand portfolio extend into adjacencies and emerging categories

Strengthen core and Grow ahead of market

drive penetration and consumption


THERE IS SIGNIFICANT HEADROOM FOR GROWTH IN HAIR COLOURS AND HOUSEHOLD INSECTICIDES!

37%

44%

99%

Hair colour/dye/henna

Insecticides

Toilet soaps

PENETRATION - % OF HOUSEHOLDS

Source: Nielsen


PARTICULARLY A LOT OF POTENTIAL TO INCREASE PENETRATION IN RURAL FOR HAIR COLOURS AND

HOUSEHOLD INSECTICIDES !

PENETRATION - % OF HOUSEHOLDS

Source: Nielsen

HAIR COLOUR! HOUSEHOLD INSECTICIDES!

60%

26%

Urban

Rural

77%

28%

Urban

Rural


0.5

1.0

1.5

1.6

3.9

India

China

Indonesia

Thailand

Malaysia

0.3

0.2

0.2

1.1

1.1

India

Indonesia

China

Malaysia

Thailand

SIGNIFICANT UPSIDE IN DRIVING CONSUMPTION!

CONSUMPTION / CAPITA (USD)

Source: Euromonitor, Nielsen

HAIR COLOUR! HOUSEHOLD INSECTICIDES!


OUR HOUSEHOLD INSECTICIDES BUSINESS CONTINUES TO PERFORM WELL AHEAD OF THE MARKET !

VALUE GROWTH (%)

26% 25%

12% 13%

Q4 FY13 FY13

GCPL Category

HOUSEHOLD PENETRATION INCREASE (%)

FY12 FY13

GCPL: +200 bps yoy


OUR TOILET SOAPS BUSINESS TOO OUTPERFORMED THE MARKET !

VALUE GROWTH (%)

17% 26%

13% 20%

Q4 FY13 FY13

GCPL Category

VOLUME GROWTH (%)

4%

9%

1%

4%

Q4 FY13 FY13

GCPL Category

HOUSEHOLD PENETRATION (%)

FY12 FY13

GCPL: +200 bps yoy


WE ARE GETTING GROWTH BACK ON TRACK IN !HAIR COLOURS!

VALUE GROWTH (%)

HOUSEHOLD PENETRATION INCREASE (%)

GCPL: (50) bps yoy

27% 14% 13%

19%

4Q FY13

GCPL Category

FY12 FY13


Core Brands,

84%

Others, 16%

WE ARE SCALING UP OUR KEY BRANDS!

Core Brands,

88%

Others, 12%

CONTRIBUTION FROM CORE BRANDS – FY11 CONTRIBUTION FROM CORE BRANDS – FY13

Core brands include Good knight, HIT, Godrej No. 1, Cinthol, and Godrej Expert


INTERNATIONAL GROWTH 2



3 core categories

Focus on emerging markets in Asia, Africa and Latin America

Disciplined M & A approach

Values based partnering approach

3 X 3


INDONESIA AND AFRICA CONTINUE TO BE THE !LEAD GROWTH DRIVERS!

Q4 FY 13 SALES GROWTH (%) * Q4 FY 13 EBITDA MARGIN (%)

FY 13 SALES GROWTH (%) * FY 13 EBITDA MARGIN (%)

35% 39%

72%

109%

Indonesia Africa Latam UK

19%

7% 9%

13%


35%

68%

84%

41%


19% 16%

5%

11%


*Net sales growth in INR terms


WE ARE ACTIVELY CROSS POLLINATING THE PORTFOLIO!

Hair Colour

Household Insecticides

Air Fresheners

INDIA SOUTH AFRICA

Hair colour creme in sachet (Argentina)

Renew hair colour (India)

Good knight coils & aerosols (India)

Evaluating Hit Magic, paper based mosquito repellent

(Indonesia)

aer air fresheneres (Indonesia)

INDIA NIGERIA

INDIA


OUR INTERNATIONAL CENTER HAS ENABLED ALIGNMENT!ACROSS REGIONS,!

WHILE RETAINING LOCAL EMPOWERMENT!

Cross-pollination

ERP Implementation

Audit team In each of the major countries

India best practices Being incorporated in the international operations processes

Dedicated expertise Product Supply Chain, R&D, Marketing, Finance and Human Capital

Risk management:

crisis management business risk assessments whistle blower mechanisms


WE HAVE BEEN INVESTING SIGNIFICANTLY!IN TALENT MANAGEMENT!

Implemented one performance and rewards programme across the globe

Creating global opportunities for resources with career progressions

Retained 92%+ of the managing committee and critical target talent

Investing in training and development of talent

Out of 24 positions in last 2 years, have complimented local teams with 10 resources from India


INNOVATION AND RENOVATION 3



Meaningful differentiation Brand platforms Design driven approach


INDIA INNOVATIONS!GODREJ EXPERT RICH HAIR CRÈME COLOUR!


INDIA INNOVATIONS!HIT ANTI ROACH GEL!


INDIA INNOVATIONS!AER AIR FRESHENERS!

!


INDIA INNOVATIONS!CINTHOL REFRESH!


INDIA INNOVATIONS!GODREJ NO. 1!


INDIA INNOVATIONS!REFRESHED RENEW AND COLOURSOFT!


INTERNATIONAL INNOVATIONS AND RENOVATIONS!

CUTICURA HAND SANITIZER (UK)

HIT ONE PUSH AEROSOL (INDONESIA)

VILLENEUVE SUN CARE RANGE (ARGENTINA)

BIO OIL (NIGERIA)



BLUE BLACK INECTO HAIR COLOUR CRÈME (SOUTH AFRICA)

PAMELA GRANT - PERFECT LIFT, FACIAL TREATMENT (ARGENTINA)

NEW HAIR EXTENSION PRODUCTS (AFRICA)

ISSUE HAIR COLOUR RANGE (ARGENTINA)



HOUSEHOLD INSECTICIDES (NIGERIA)


WE WILL ACCELERATE OUR INNOVATION PLANS!

Plan to accelerate pace of innovation in India

Innovation rates to double over the next 3 years

Continue to support new product launches with 360˚ marketing campaigns

Expect expansion in gross margins and scale benefit to fund new product launches


FUTURE READY SALES SYSTEM 4



Leverage integration Expand urban coverage by leveraging integrated infrastructure Continue the rural expansion thrust and invest in rural activation

New/under tapped channels Focus on enhanced coverage of chemists and color cosmetics


WE ARE STRENGTHENING OUR RURAL DISTRIBUTION AND DEVELOPING UNDER TAPPED CHANNELS !

We expanded our distribution reach by 10% in FY13

Revenue growth for rural was 2x of urban growth

∆ added ~ 15,000 villages

Modern Trade salience has now improved to ~6% of domestic sales

The CSD channel also grew at ~23% in a difficult year


WE ARE INVESTING STRONGLY IN !OUR SALES IT SYSTEMS!

Visibility of ~80%+ secondary sales on daily basis

Completed roll out of new distribution management system to get online information and enable faster claim settlement

Rolled out an advanced sales analytics module to get dynamic data to facilitate sharp decision making


WE EXPECT SALES SYNERGIES TO CONTINUE!

Under Project Neo, we have reaped significant benefits of leveraging geography and channel synergies across our core categories

We expect this to continue going ahead as we see lot of opportunities in many relatively weaker geographies


BEST IN CLASS SUPPLY CHAIN 5



Global supply organization

Global strategic sourcing

Adopt best in class practices

Demand Driven Supply Chain, TOC, TPM, Lean, Six Sigma and Low Cost

Automation

Reduce working capital days

empathy progression

trust



COST SYNERGIES TRACKING AHEAD OF PLAN!

Post the GHPL merger, Project Neo aimed to deliver cost synergies of ` 200 - 250 crore by FY15 through Integrated marketing, supply chain, international operations, IT infrastructure and support functions

The project delivered the above target well ahead of the time


WE ARE ACTIVELY WORKING ON MANY INITIATIVES !

Debottlenecking of capacities in personal wash, hair colour and household insecticides categories

Strategic sourcing

Integrated procurement, production and logistics planning linked to consumer demand

Optimizing primary and secondary logistics network for GST readiness


SIGNIFICANT SUPPORT TO !INTERNATIONAL BUSINESS CONTINUES!

Sales and operations planning process initiated

Low cost automation, debottlenecking capacities underway

Replenishment model piloted in few businesses


AGILITY AND HIGH PERFORMANCE CULTURE 6



On the domestic front, smooth integration

Successful integration of international businesses in the Godrej way,

maintaining the right balance between localization and creating the right Godrej culture

International Center in place

Regrettable attrition during FY13 has been ~ 5%


WE HAVE DONE WELL ON EMPLOYEE ENGAGEMENT!

Overall response rate: 92%, increased coverage

Engagement scores for the managing committees across geographies is upwards of 90%

Engagement score improvements also reflecting in better retention across geographies

AREA

2011

2012

Global Best Employer 79% 79%

India & SAARC 70% 78%

International 57% 63%


WE ARE WORKING ON GOOD & GREEN INITIATIVES!

ensuring employability train 1 million rural and urban youth in skilled

employment

creating a greener India

achieve zero waste, carbon neutral, positive water

balance and 30% renewable energy

innovating for good & green

have a third of our portfolio revenues

comprising good and/ or green products and

services

by 2020…

Beyond Business: Building a More Inclusive and Greener India


WE ARE AHEAD OF OUR MILESTONES ON EMPLOYABILITY!

Godrej Salon-i

Training unemployed urban and rural women

to become beauticians

Trained more than 2500+ women

Godrej Sakhi

Training rural women to start micro-

enterprises within their local markets

Trained more than 1500+ women

Godrej Prerna

Training Retailers and Retail Associates

in general trade to improve business

Godrej Vijay

Training rural youth in sales for wage

employment in FMCG and other sectors

Trained more than 10000+ youths


OUR EFFORTS HAVE BEEN RECOGNISED!

Godrej has been ranked the 6th most trusted brand in India – Brand Trust Report 2013

GCPL ranked 1st in the FMCG category in India

4 of our brands ranked in 100 Most Trusted Brands 2012 by Brand Equity

-  Goodknight

-  Cinthol

-  Godrej No.1

-  Godrej Expert Powder Hair Colour


DARLING BUSINESS UPDATE


CATEGORY OVERVIEW


Relaxers, 45%

Hair Nourishment, 35%

Styling, 20%

ETHNIC HAIR CARE - A 2.5 BN US$ CATEGORY OPPORTUNITY IN SUB SAHARAN AFRICA*

African hair is unique in texture

Relaxers are a necessary part of the African hair care regime but perceived as chemical and harsh

Hair extensions an evolving part of African beauty and cultural identity

It is amongst the highest non-food discretionary spend categories for the African woman

Key drivers for the growth are similar to other FMCG products

Wet Hair, 45%

Dry Hair, 55%

CATEGORY BREAKUP – SEGMENT WISE

*At consumer prices


TRANSFORMATIONAL NATURE OF THE CATEGORY


RELAXERS!

BEFORE AFTER


BRAIDS!


WEAVES!

BEFORE AFTER


POPULATION DISTRIBUTION SUB SAHARAN AFRICA

ETHNIC HAIR CARE MARKET

Nigeria, 19%

East Africa, 17%

Southern Africa, 12%

French Africa, 23%

Central Africa, 29%

Nigeria, 23%

East Africa, 28%

Southern Africa, 22%

French Africa, 18%

Central Africa, 10%

CATEGORY OVERVIEW!


KEY MACRO ECONOMIC INDICATORS!

COUNTRY GDP GROWTH 2012

GDP GROWTH 2013 E

CONSUMER PRICE

INFLATION CURRENCY

vs. USD

South Africa 2.5% 2.5 % 5% - 20%

Nigeria 6.9% 6.6% 11% + 1%

Kenya 4.7% 5.7% 8% - 4%

Mozambique 6.7% 7.2% 7% - 10%

Uganda 4.2% 5.4% 15% -8%

Tanzania 6.4% 6.7% 15% + 2.5%


DARLING GROUP REVIEW!

Manufacturing locations across 14 countries

Exports to about 7 additional countries

51:49 partnership with 4 countries currently covered

Current partnership incorporates ~65% of total Darling Group businesses

Put and call options

Coverage of remainder of business

FOOTPRINT

DEAL STRUCTURE


OVERVIEW OF CURRENT BUSINESS !

Sole manufacturing footprint in Southern Africa

Strong relationships with cash and carry chains

Largest pan-SA brand in the business

Strong legacy and heritage for Darling and Amigos

Tremendous potential on increasing penetration

SOUTH AFRICA

NIGERIA

Strong market position and salon relationships

KENYA

South Africa, 30%

Nigeria, 35%

Kenya, 35%

DARLING BUSINESS REVENUE SALIENCE


PERFORMANCE OVERVIEW


LEARNING SO FAR FROM OPERATING IN AFRICA!

Strong competitive advantages to incumbent brands

Understanding of local practices is critical

Scale is very important

Tapping the local entrepreneurial spirit can be very beneficial

Local manufacturing is a significant barrier to entry

Building local talent

Infrastructure bottlenecks in going to market

CHALLENGES FACED


PERFORMANCE OVERVIEW!

Direct distribution in Nigeria

Intensified salon programme

Accelerated new product launch calendar

INITIATIVES SO FAR


BUILDING A SUSTAINABLE ORGANISATION!

ERP system implementations

Professional finance and audit teams

Intelligent business MIS

Identifying and professionalizing key gaps

Building capabilities for the future

HUMAN RESOURCES & TALENT MAPPING

FINANCE & CONTROLS

Building a talent pipeline through internships

MANUFACTURING

LEADERSHIP


PERFORMANCE OVERVIEW!SIGNIFICANT SEASONALITY ACROSS QUARTERS!

QUARTER-WISE SALES SALIENCE

Q1, 24%

Q2, 26%

Q3, 30%

Q4, 20%


MEDIUM TERM STRATEGY


THE VALUE CHAIN!

CONSUMERS

PEERS

DIGITAL

US TRENDS

Choice of product & style – definitely Choice of brand – maybe Purchase of product – in some cases

SALON

ADVOCACY (DIGITAL

LED)

TV SOAPS

What will look good on me?

INFLUENCES

Final choice of brand Purchase of product

POS RETAIL / WHOLESALE

SALON SERVICE

30% OF OUTLAY

70% OF OUTLAY

Gaining Knowledge

Gaining Expertise

Product Purchase

Product Use

Consumer choices are influenced by trends outside Africa and disseminated through peer group, television soaps and digital

Salons sandwich retail in the pre and post purchase process

Dry hair is the most important appearance decision for the African woman (~50%+ of personal care)

Consumers need professional advice, because it is difficult to navigate the myriad choices and lack of customized options

KEY INSIGHTS


FORGE RELATIONSHIPS WITH SALONS

BUILDING ON THE KEY INFLUENCERS!

COMPANY

CONSUMER

SALONS

WHOLESALERS

RETAILERS

TRANSITIONING FROM

COMPANY

CONSUMER

SALONS

WHOLESALERS

RETAILERS

REDEFINE THIS RELATIONSHIP

CREATE A TWO-WAY RELATIONSHIP

FACILITATE SHIFTS IN

VALUE DISTRIBUTIO

N

PURC

HASE

GUI

DANC

E

& PR

ODUC

T US

E

MANUFACTURING

TRANSITIONING TO


MEDIUM TERM STRATEGY!

Take salon engagement and loyalty programmes to the next level across key businesses

Build distribution infrastructure and implement a deeper GTM strategy

Build on platform to launch wet hair care products – starting with East Africa

Create activation properties across key hubs

Take Household Insecticides to Africa through the Darling platform


FURTHER COURSE OF ACTION!

Consolidate businesses in SA, Nigeria

Build on wet hair care products in Kenya

Look at next phase of additions in about 18 months

Open up Ethiopia organically in 1-2 years

KEY RISKS!

Currency devaluations Political unrest


FINANCIAL REVIEW


470 490 563 700 952 1,103

1,393

2,041

3,676

4,851

6,391

82 88 107 150 182 219 211 411 653

876 1,015

17.4 18.1 19.0

21.4

19.2 19.8

15.1

20.1

17.8 18.1

15.9

FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY13

Perc

enta

ge (

%)

` Cr

ore

Net Sales EBITDA EBITDA Margin

Note: Values in ` Crore

Sales CAGR: 30% EBITDA CAGR: 29%

WE HAVE CONSISTENTLY DELIVERED #STRONG PERFORMANCE


70 77 94 132 159

188 209

420

653

777

896

54 65 86 121 134 159 173

340

515 567

667

FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY13

` Cr

ore

PBT PAT

!

NET PROFIT CAGR: 29%

Note: Values in ` Crore without exceptional Income

A STRONG EARNINGS TRACK RECORD TOO


OUR BALANCE SHEET IS HEALTHY AND IS IMPROVING

NET DEBT TO EQUITY RATIO IMPROVEMENT IN WORKING CAPITAL DAYS

0.96

0.43 0.48

FY11 FY12 FY13

25

23

FY12 FY13

Note: NWC without Cash and Bank balances improves by ~ ``40 Crore on organic businesses


WE HAVE STAGGERED DEBT PAYMENTS, THUS REDUCING #THE RISK OF VOLATILE CURRENCY MOVEMENTS

PARTICULARS USD - MN USD - MN

O/S debt as of March 31, 2013 372

REPAYMENT

Q1 FY14 15

Q2 FY14 15

Q3 FY14 37

Q4 FY14 15

FY14* 117*

FY15 62

FY16 48

FY17 48

FY18 59

FY19 37

*US$ 35 mn will be prepaid additionally during FY14 from cash proceeds arising out of the Simba sale


OUR ABSOLUTE DIVIDENDS ARE INCREASING BUT PROFIT EXPANSION IS REDUCING PAYOUT RATIO

DIVIDEND PER SHARE DIVIDEND PAYOUT RATIO (%)

4.25

4.50

4.75

5.00

FY10 FY11 FY12 FY13

43 38

25 25

FY10 FY11 FY12 FY13


STRONG TRACK RECORD OF VALUE CREATION

6

265

Mar'03 Mar'13

Increase of 43X

SHARE PRICE CAGR: 41%

MARKET CAPITALISATION IN ` BN

The FMCG Index has grown by CAGR of 24% over similar period


WE ARE A PART OF

BSE 100 INDEX

CNX NIFTY JUNIOR

FTSE BENCHMARK INDICES

MSCI GLOBAL INDICES


Q & A


This release/ communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar expressions or variations of these expressions or negatives of these terms indicating future performance or results, financial or otherwise, which are forward looking statements. These forward looking statements are based on certain expectations, assumptions, anticipated developments and other factors which are not limited to risk and uncertainties regarding fluctuations in earnings, market growth, intense competition and the pricing environment in the market, consumption level, ability to maintain and manage key customer relationship and supply chain sources and those factors which may affect our ability to implement business strategies successfully, namely changes in regulatory environments in India and overseas, political instability, change in international oil prices and input costs and new or changed priorities of the trade. The Company, therefore, cannot guarantee that the forward looking statements made herein shall be realized. The Company, based on changes as stated above, may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein or make written or oral forward looking statements as may be required from time to time on the basis of subsequent developments and events. The Company does not undertake any obligation to update forward looking statements that may be made from time to time by or on behalf of the Company to reflect the events or circumstances after the date hereof.

DISCLAIMER


THANK YOU FOR YOUR TIME AND CONSIDERATION

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