Disclaimer

PAG has prepared this presentation (the “Presentation”) for the exclusive use of the recipient. The Presentation is proprietary to PAG and is intended solely for the information of the person to whom it has been delivered.  By accepting delivery of the Presentation, the recipient agrees not to reproduce or distribute the Presentation in whole or in part and not to disclose any of its contents to any other person except as agreed in writing by PAG. 

The contents are qualified in their entirety by the relevant documents governing the offering of the investments described herein. In case of any inconsistency between the contents of this Presentation and the governing documents, the governing documents shall prevail. The information herein does not purport to be complete and should not be relied upon as such. This Presentation has not been approved by any supervisory authority or a regulatory authority, and the required regulatory approvals referred to herein, may not be obtained yet or may not have been applied for yet. The information contained in this Presentation is preliminary in nature and subject to updating, completion, revision, further verification and amendment. No representation or warranty, expressed or implied, is given by PAG, any of its affiliates or any of its advisers or any other person as to the accuracy or completeness of the information or opinions contained within this Presentation, and no responsibility or liability is accepted for such information or opinions. Accordingly, none of PAG or any of its affiliates or advisers shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on a statement or as a result of any omission in the Presentation or in any future communications in connection with the Presentation and any such liabilities are expressly disclaimed. Prospective investors should carefully review the governing documents, and consult with their own legal, financial, and tax advisors before making any investment decision.

This Presentation does not constitute or form part of any offer or invitation to sell or issue, or any recommendation or solicitation of any offer to purchase or subscribe for interests in any investment fund sponsored or managed by PAG nor shall the presentation or part of it or the fact of the presentation form the basis of, or be relied on in connection with, any contract related thereto. The Presentation has not been submitted to, reviewed or approved by any regulatory authority in the U.S., Hong Kong, the PRC, India or elsewhere and the required regulatory approvals, may not be obtained yet or may not have been applied for yet. Furthermore, the consummation of the transactions and the implementation of the investment strategy described herein are contingent upon obtaining certain requisite approvals, licenses, and registrations from various governmental and regulatory bodies. There can be no assurance that such approvals will be applied for in a timely manner, or if applied for, that they will be granted.

Further, the Presentation does not constitute financial, legal, tax, investment or other advice or a recommendation to make any investment or adopt any investment strategy. No reliance may be placed for any purpose whatsoever on the information contained in this Presentation or on its completeness. The Presentation is only intended for and will only be distributed to persons resident in jurisdictions in which such distribution is permitted by applicable law.

Opinions, estimates and projections in this presentation constitute the current judgment of the PAG and are subject to change without notice. Any projections, forecasts and estimates contained in this Presentation are necessarily speculative in nature, based upon certain assumptions and investments opportunities mentioned therein involves a high degree of risk, including the potential for a loss of entire capital. All information, including investment performance data, contained in this Presentation is as of the date hereof unless otherwise indicated. References in this Presentation to the gross internal rate of return (“IRR”) or multiple on invested capital (“MOIC” or “Multiple of Cost”) are calculated without taking into account management fees, carried interest and other expenses, which have a material impact on returns.  In the case of unrealized investments, gross returns are based on internal valuations performed by PAG as of the applicable date. The actual realized returns on such unrealized investments will depend on, among other factors, future operating results, the value of the assets, and market conditions at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in the prior performance data contained herein are based. The aimed returns mentioned anywhere in this presentation are estimated on a pre-tax basis unless specified otherwise, purely indicative and are not promised or guaranteed in any manner. Prospective investors and their representatives may contact PAG for more information on the procedures and methodologies used to calculate the investment returns and other information provided in this Presentation. It can be expected that some or all of such assumptions will not materialize or will vary significantly from actual results.

This Presentation does not purport to contain all the information that the recipient may require. This Presentation does not purport to identify or suggest all the risks (direct or indirect) or associated material considerations. A comprehensive description of the risks involved can be found in the governing documents. “PAG” is used as a permitted brand reference. Any mention of the name “PAG” or the historical track record associated with PAG is provided solely for descriptive purposes. PAG does not sponsor, endorse, manage, supervise, or assume responsibility for the investment manager (PAG Investment Manager Private Limited), its products, performance, or statements made herein. There is ownership, control, sponsorship, or management by PAG of the Manager of ICOF or of any fund or investment vehicle managed by it. No partnership, joint venture, agency, or other relationship between PAG and the PAG Investment Manager Private Limited should be inferred. For clarity, any reference in this Presentation to the investment team is intended only to describe the broader team of individuals involved in the ICOF platform. It is not intended to, and does not, equate to or substitute the “key investment team,” “investment team” or any similar construct as may be specifically defined, described, or otherwise referred to in the private placement memorandum or other governing documents of ICOF.

This Presentation contains certain information from third-party sources, including reports, working papers and publications, and while such information is believed to be true, such information has not been independently verified by PAG and no guarantee of the accuracy, completeness or sufficiency of such information can be provided, and recipients must conduct their own due diligence investigation with respect to the information provided herein.

PAG cannot guarantee the accuracy of such information and has not independently verified the assumptions on which such information is based. The historical returns included in this Presentation are not a prediction of future performance and there can be no assurance that these or comparable values or returns will be achieved or that performance objectives will be achieved. Certain information contained in this Presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “intend,” “continue” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Each prospective investor should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance of future results. The value of investments may fluctuate due to market conditions, interest rate and currency movements, changes in regulatory and administrative policies, or other political and economic developments. Due to various risks and uncertainties, actual events or results or the actual performance of any investments or investment strategy described herein may differ materially from those reflected or contemplated in such forward-looking statements.