Ad hoc announcement pursuant to Art. 53 LR.

Orascom Development Holding ("ODH") (SIX ODHN.SW) has released its consolidated financial results for FY 2021.

Orascom Development Holding back to profitability, with net profits of CHF 9.5 million and revenues of CHF 538.5 million.

Key Highlights of FY 2021 vs. FY 2020

- Total revenues up 39.6% to CHF 538.5 million.

- Adj. EBITDA up 93.9% to CHF 130.9 million with a margin of 24.3%.

- Closed the year with a net profit of CHF 9.5 million for the first time since 2014.

- Cash flow from operations up 84.2% to CHF 68.9 million.

- Net real estate sales up 57.7% to CHF 664.3 million.

Key Highlights of Q4 2021 vs. Q4 2020

- Total revenues up 33.1% to CHF 166.8 million.

- Adj. EBITDA up 38.1% to CHF 37.3 million with a margin of 22.4%.

- Our share of associates reported a profit of CHF 5.4 million vs. a loss of CHF 3.3 million in Q4 2020.

- Net profit of CHF 0.5 million vs. a net loss of CHF 11.8 million in Q4 2020.

- Net real estate sales up 73.0% to CHF 219.6 million

Altdorf, 30 March 2022 - Q4 ended on a positive note as the entire business year 2021 did. We generated another year of free cash flow, solid margin improvements, and strong operational and financial results across all business segments. We are pleased with the top and bottom-line performance and all the initiatives taken to accelerate our strategy and help position the group for future success.

Financial Review

FY 2021
Total revenue increased by 39.6% to CHF 538.5 million (FY 2020: CHF 385.7 million). Gross profit also increased by 63.1% to CHF 155.9 million with a margin of 29.0% in FY 2021 vs. CHF 95.6 million and a margin of 24.8% in FY 2020. When comparing ODH's figures to the pre-pandemic levels of FY 2019, the company actually saw a strong growth of 18.8% in total revenues and 36.6% in gross profits, despite the headwinds caused by Covid-19. Adj. EBITDA grew by 93.9% to CHF 130.9 million in FY 2021, corresponding to a solid operational margin of 24.3 vs. CHF 67.5 million in FY 2020 and a margin of 24.8%. We continued to generate finance cost savings, with interest expense down 10.1% y-o-y to CHF 32.9 million in FY 2021. Our share of associates losses decreased by 44.8% to CHF 4.8 million vs. a loss of CHF 8.7 million in FY 2020. The enhanced performance in the associates was mainly driven by the better performance of our share in Andermatt. The operational efficiencies that were unlocked and business continuity measures established were reflected in our bottom-line figures, allowing the company to swing back to profitability for the first time in seven years - net profit reached CHF 9.5 million vs. a loss of CHF 38.4 million in FY 2020. The company managed to maintain a strong cash and cash equivalents balance of CHF 218.7 million vs. CHF 195.7 million in FY 2020, and a net debt of CHF 226.5 million as of FY 2021. Net debt/Adj. EBITDA reached 1.7x down from the 3.5x reported in FY 2020. Cash flow from operations increased by 84.2% to CHF 68.9 million in FY 2021.

Q4 2021
Total revenues reached CHF 166.8 million, an increase of 33.1% vs. CHF 125.3 million in Q4 2020. Adj. EBITDA was up by 38.1% to CHF 37.3 million with a 22.4% margin vs. CHF 27.0 million and a margin of 21.5% in Q4 2020. Our share of associates reported a profit of CHF 5.4 million vs. a loss of CHF 3.3 million in Q4 2020. The enhanced performance in the associates was mainly driven by the better performance of our share in Andermatt, whereby the company reported a profit of CHF 7.2 million in Q4 2021 vs. a loss of CHF 5.8 million in Q4 2020. Net profits reached CHF 0.5 million vs. a loss of CHF 11.8 million in Q4 2020.

Group Real Estate Segment: Strong and sustained demand witnessed for our real estate products pushed our sales to CHF 664.3 million, the highest value in ODH's history.
New sales for Q4 2021 reached CHF 219.6 million, a 73.0% increase from CHF 126.9 million in Q4 2020. That brings our FY 2021 sales value to CHF 664.3 million, a 57.7% increase over FY 2020 and 37.2% increase over FY 2019. Our solid construction pace kept us on track with our planned unit delivery for FY 2021. ODH delivered 504 units in 2021 across its projects, meeting all our planned contractual delivery dates. Real Estate revenues increased by 55.5% to CHF 380.9 million (FY 2020: CHF 244.9 million). The segments' Adj. EBITDA increased by 84.9% to CHF 145.7 million. Total deferred revenue from real estate that is yet to be recognized until 2026 increased by 43.7% to CHF 775.2 million in FY 2021, while total real estate portfolio receivables increased by 61.1% to CHF 1.2 billion. Real estate cash collection also increased by 47.5% to CHF 329.2 million in 2021.

Group Hotels Segment: Revenues up 39.7% to CHF 87.3 million supported by the return of international travel during 2H 2021.
International demand for the hospitality segment started to improve during 2H 2021 and particularly in Q4 2021, as vaccine deployment accelerated, and lockdowns eased across the EMEA region. Overall, the tourism recovery has been stronger and quicker, and our hotels has seen significant improvement in performance. Q4 2021 revenues increased by 123.3% to CHF 32.6 million (Q4 2020: CHF 14.6 million) and GOP reached CHF 12.2 million in Q4 2021 vs. negative CHF 0.4 million in Q4 2020. Accelerating TRevPAR growth expanded our operating leverage and led us to generate a positive CHF 6.1 million of Adj. EBITDA in Q4 2021 vs. negative CHF 1.0 million in Q4 2020. Total revenues for the hotels segment during FY 2021 increased by 39.7% to CHF 87.3 million (FY 2020: CHF 62.5 million), GOP increased by 12.6x to CHF 21.7 million in FY 2021, while Adj. EBITDA reached CHF 8.5 million in FY 2021 vs. the negative CHF 2.9 million in FY 2020.

Group Town Management Segment: Sustained its enhanced operational performance and reaped the benefits of the successful restructuring.
Town Management continued to grow significantly and thus secured more recurring revenue streams. Revenues for FY 2021 increased by 41.4% to CHF 70.3 million from CHF 49.7 million in FY 2020, and Adj. EBITDA reached CHF 5.3 million in FY 2021 vs. the negative CHF 2.5 million in FY 2020. The notable increase in revenues and Adj. EBITDA was a consequence of the implementation of a rich calendar of events across destinations and signals our operational excellence as a result of the successful restructuring implementation which improved the quality and profitability of our services and amenities.

Details on Destinations

El Gouna, Red Sea
El Gouna continues to affirm its position as the «destination of choice» and records its highest real estate sales record since inception. New real estate sales grew by 72.5% to CHF 235.7 million in FY 2021 vs. CHF 136.6 million in FY 2020. The increase in sales continued to be a factor of both, our ability to increase the average selling prices and the number of units. We increased the average selling prices to CHF 3,565/sqm, a 6.2% increase vs. FY 2020. We continued to accelerate our real estate construction activity, keeping our delivery schedule on track, and delivered all 278 planned units during FY 2021. Real estate revenues benefited from the accelerated construction and increased by 26.8% to CHF 162.8 million in FY 2021. In Egypt, as per the governmental decree, hotels increased their operational capacity to 100% since October 2021. Our hotels in El Gouna have benefited from this uplift with occupancies for Q4 2021 reaching 69% vs. 25% in Q4 2020, and foreigners represented c. 57% of our total occupancy during Q4 2021 and 42% for FY 2021. FY 2021 hotels revenue increased by 82.8% to CHF 49.9 million (FY 2020: CHF 27.3 million). The continuous implementation of cost saving, and cash preservation measures resulted in an overall positive GOP of CHF 22.3 million in FY 2021 (FY 2020: CHF 2.9 million). FY 2021 total occupancy rate reached 45% vs. 27% at an Average Room Rate (ARR) of CHF 85. This ARR represents 21.4% increase compared to pre-pandemic levels in 2019. Town management revenues were up by 41.1% to CHF 56.0 million (FY 2020: CHF 39.7 million). Total revenues for El Gouna were up 34.1% to CHF 268.7 million in FY 2021 (FY 2020: CHF 200.3 million).

O West, Egypt
O West recorded CHF 231.2 million in sales for FY 2021, a growth of 39.5% compared to CHF 165.7 million in FY 2020. We increased our average selling prices by 17.7% to CHF 1,786/sqm. We are speeding up our construction pace and have completed the construction of 432 villas and started the construction of 645 apartments. Total revenues of O West increased by 27.7% to CHF 99.7 million (FY 2020: CHF 78.1 million).

Luštica Bay, Montenegro
Net real estate sales were up 356.3% to CHF 58.4 million from CHF 12.8 million in FY 2020. Real estate revenues increased by 99.4% to CHF 31.1 million (FY 2020: CHF 15.6 million). The Chedi Hotel witnessed a strong summer season, drawing considerable attention and interest from local and international markets. Whereas the occupancy for FY 2021 reached 45%, up from 12% in FY 2020. Total revenues for the Chedi increased by 280.0% to CHF 5.7 million in FY 2021. Total revenues for Luštica increased by 107.3% to CHF 39.8 million (FY 2020: CHF 19.2 million).

Andermatt, Switzerland
Net real estate sales grew by 58.4% to CHF 122.0 million in FY 2021 (FY 2020: CHF 77.0 million), with revenues of CHF 122.4 million a 44.3% increase (FY 2020: CHF 84.8 million). The Chedi Andermatt reported a 70% occupancy in 2021 and Radisson Blu Hotel occupancy reached 44% during 2021. Overall, the occupancy for FY 2021 reached 53%, up from 45% in FY 2020. Total hotels revenues increased by 29.5% to CHF 58.1 million (FY 2020: CHF 44.9 million). Total revenues for Andermatt increased by 30.4% to CHF 201.1 million (FY 2020: CHF 154.2 million). In addition, Andermatt Swiss Alps AG announced on March 28, 2022 that Vail Resorts, Inc. a ski resort company headquartered in Colorado, USA is investing c. CHF 149 million for a 55% stake in Andermatt-Sedrun Sport AG. The full amount of the transaction will be reinvested and used for the further expansion of the destination. Andermatt Swiss Alps AG (ASA) will continue to hold c. 40% of the shares in the company.

Makadi Heights, Egypt
Net real estate sales increased by 158.1% to CHF 68.9 million from CHF 26.7 million in FY 2020. Average selling prices increased by 60.6% to CHF 1,767/sqm in FY 2021. We continued accelerating our construction progress and are planning to deliver 244 units by Q2 2022. Real estate revenues increased by 196.2% to CHF 38.8 million in FY 2021. Total revenues of Makadi Heights increased by 189.9% to CHF 40.3 million (FY 2020 CHF 13.9 million).

Jebel Sifah, Oman
Jebel Sifah managed to maintain healthy sales volumes throughout the year, despite the lockdowns that were in place. Net sales increased by 3.0% to CHF 27.5 million (FY 2020: CHF 26.7 million). Construction progress and real estate deliveries are continuing at a steady speed across multiple projects, and we delivered 21 units in 2021. Total real estate revenues increased by 4x to CHF 26.0 million (FY 2020: CHF 6.5 million). Total revenues for Sifah increased by 3x to CHF 30.1 million (FY 2020: CHF 10.0 million).

Hawana Salalah, Oman
2021 has been challenging for the destination given the constant closures measures set by the government. Hotels occupancies were limited, depending mainly on the Salalah-based local market. Hotel occupancy reached 13% in FY 2021, with only one hotel open out of the three. Hotels' revenues were down 51.4% to CHF 6.9 million (FY 2020: CHF 14.2 million). Real estate sales during FY 2021 recorded a 29.3% decrease to CHF 10.4 million (FY 2020: CHF 14.7 million) and real estate revenues also decreased by 16.3% to CHF 21.6 million. Total revenues for Hawana decreased by 26.4% to CHF 31.2 million (FY 2020: CHF 42.4 million).

Business Updates 2022: Path towards a sustained recovery:
In February 2022, the Russian and Ukrainian conflict emerged. The situation is changing rapidly creating high volatility across the markets. ODH is closely monitoring the market developments however, it is too early to fully assess the impact of the conflict on our hospitality segment. Despite the current uncertainties, there is neither an indication of a significant disruption of the Group's business nor signs of a material impact on its future operational performance.

For our hotels in El Gouna, Egyptians still represent more than 50% of our hotel's occupancy and we also depend on the Western European markets, mainly Germany, Belgium, France and Switzerland, as our main feeder source markets for foreign tourism. In 2021, the Russian and Ukrainian guests represented only 3% of our total foreign occupancy. Similarly in Oman, our primarily source markets are from Western Europe mainly from Poland, Germany and Slovakia. Montenegro's tourism is much more dependent on the Russian and Ukrainian markets and thus might be the most affected destination in our portfolio. The Chedi, Lustica Bay high season starts in the summer and as we prepare for the tourist season, we will include multiple mechanisms for finding alternative emitting markets to compensate the anticipated drop from the Russian and the Ukrainian markets. Additionally, we are working to diversify the tourist's pool coming to our resorts across all our destinations and increase the domestic share of tourism.

While restrictions on international travel have begun to ease, there is still uncertainty in the market regarding the expected performance of hotels. Accordingly, ODH decided to abstain at the time being from providing guidance for 2022. The key areas we are focusing on for our core line of business in 2022:

1) Hospitality Segment: In Egypt, demand from our traditional German-source markets that feed into El Gouna is expected to increase. Moreover, we will continue campaigning staunchly in the local market to balance the international demand patterns by offering new products directed to multiple domestic segments. We are planning to start some renovation works across some of our hotels in El Gouna to increase our ARRs. Additionally, we will continue to keep a close eye on protecting our hotels' cash balance and monitoring our costs. In Oman, the lifting of entry restrictions has enabled us to gradually re-open our hotels in Salalah. Al Fanar & Rotana Salalah hotels are now operational with charter arrivals expected to increase over the coming months.

2) Real Estate Segment: We will continue fast-tracking our real estate construction to meet contractual dates or deliver before time, thus increasing the segment's revenues and mitigating any potential inflationary effect on cost. Continue increasing the average selling prices across all destinations to absorb the potential escalation in prices of raw materials, while closely examining construction and infrastructure costs to guarantee high-value engineering and procurement savings. We will also work on maximizing cross-selling synergies between our destinations.

3) Town Management: Is a reliable source of cash flow, and an essential aspect to finance the group's growth and shield our operations from the cyclical slowdowns caused by any unpredictable events. We will focus on leveraging our town management's operation and steady growth. Further expanding the number of residents, demonstrating our successes in disciplined deliveries and correct targeting across all destinations. We will also provide attractive offerings for startups and entrepreneurs, encouraging them to come settle in our destinations.

About Orascom Development Holding AG:
ODH is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. ODH's diversified portfolio of destinations is spread over 7 jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and Andermatt in Switzerland. The shares of ODH are listed on SIX Swiss Exchange. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located in the Sixth of October City.

Contact for Investors:
Sara El Gawahergy
Head of Investor Relations
Head of Strategic Projects Management
Tel: +20 224 61 89 61
Tel: +41 418 74 17 11
Email: ir@orascomdh.com

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch


Disclaimer & Cautionary Statement:
THESE MATERIALS ARE BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION AND ARE STRICTLY CONFIDENTIAL AND MUST NOT BE REPRODUCED, DISCLOSED OR FURTHER DISTRIBUTED TO ANY OTHER PERSON, OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. IN PARTICULAR, NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF IT MAY BE TAKEN OR TRANSMITTED INTO THE UNITED STATES OF AMERICA (THE "UNITED STATES") OR TO U.S. PERSONS OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS. NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF IT MAY BE TAKEN OR TRANSMITTED INTO, OR DISTRIBUTED OR REDISTRIBUTED, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA OR JAPAN, OR TO ANY RESIDENT THEREOF. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF UNITED STATES, AUSTRALIAN, CANADIAN OR JAPANESE SECURITIES LAWS. THE DISTRIBUTION OF THIS DOCUMENT IN OTHER JURISDICTIONS MAY BE RESTRICTED BY LAW, AND PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY SUCH RESTRICTIONS. THIS DOCUMENT DOES NOT CONTAIN OR CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE AN OFFER OR SOLICITATION. THE SECURITIES OF OD HOLDING HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR THE BENEFIT OF "U.S. PERSONS" (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED) ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. OD HOLDING NOR ITS SHAREHOLDERS INTEND TO REGISTER ANY PORTION OF THE OFFERING IN THE UNITED STATES OR CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES. THIS DOCUMENT IS DIRECTED ONLY AT PERSONS (i) WHO ARE OUTSIDE THE UNITED KINGDOM OR (ii) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED) (THE "ORDER") OR (iii) WHO FALL WITHIN ARTICLE 49(2)(a) TO (e) ("HIGH NET WORTH COMPANIES, UNICORPORATED ASSOCIATIONS ETC.) OF THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). ANY PERSON, WHO IS NOT A RELEVANT PERSON, MUST NOT ACT OR RELY ON THIS COMMUNICATION OR ANY OF ITS CONTENTS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS COMMUNICATION RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. IN ANY EEA MEMBER STATE THAT HAS IMPLEMENTED DIRECTIVE 2003/71/EC (TOGETHER WITH ANY APPLICABLE IMPLEMENTING MEASURES IN ANY EEA MEMBER STATE, THE "PROSPECTUS DIRECTIVE") THIS COMMUNICATION IS ONLY ADRESSED TO AND IS ONLY DIRECTED AT QUALIFIED INVESTORS IN THAT EEA MEMBER STATE WITHIN THE MEANING OF THE PROSPECTUS DIRECTIVE. THIS DOCUMENT CONSTITUTES NEITHER AN OFFER TO SELL NOR A SOLICITATION TO BUY ANY SECURITIES AND IT DOES NOT CONSTITUTE A PROSPECTUS PURSUANT TO ARTICLES 652A AND/OR 1156 OF THE SWISS CODE OF OBLIGATIONS OR ARTICLES 32 ET SEQ. OF THE LISTING RULES OF THE SWX SWISS EXCHANGE. A DECISION TO INVEST IN SHARES OF THE GROUP SHOULD BE BASED EXCLUSIVELY ON THE ISSUE AND LISTING PROPECTUS PUBLISHED BY THE GROUP FOR SUCH PURPOSE. THE INFORMATION CONTAINED IN THIS DOCUMENT IS NOT INTENDED TO LEAD TO THE CONCLUSION OF ANY CONTRACT OF WHATSOEVER NATURE, IN PARTICULAR WITHIN THE TERRITORY OF EGYPT, THE UNITED ARAB EMIRATES, KUWAIT, MOROCCO, OMAN AND SAUDI ARABIA. THESE DOCUMENTS MAY CONTAIN CERTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION IN RELATION TO ORASCOM DEVELOPMENT HOLDING AG WHICH REFLECT THE CURRENT VIEWS AND/OR EXPECTATIONS OF THE COMPANY AND THE COMPANY' S MANAGEMENT IN RESPECT OF THE COMPANY'S PERFORMANCE, ACTIVITIES, AND FUTURE EVENTS. SUCH FORWARD LOOKING STATEMENTS INCLUDE, AMONG OTHER, STATEMENTS THAT MAY PREDICT, FORECAST, SIGNIFY OR IMPLY FUTURE RESULTS PERFORMANCE OR ACHIEVEMENTS, AND MAY CONTAIN WORDS SUCH AS "UNDERSTANDS", "ANTICIPATES", "EXPECTS", "ESTIMATES" "IT IS LIKELY" OR OTHER TERMS OR EXPRESSIONS WITH SIMILAR MEANING. THESE STATEMENTS ARE SUBJECT TO A NUMBER OF RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CAUTIONS READERS THAT CERTAIN RELEVANT FACTORS MIGHT BE THE CAUSE FOR ACTUAL RESULTS TO DIFFER FROM THE PLANS, GOALS, EXPECTATIONS, ESTIMATES AND INTENTIONS EXPRESSED IN THIS DOCUMENT. NEITHER THE COMPANY NOR ANY RELATED COMPANIES, DIRECTORS, OFFICERS, REPRESENTATIVES OR EMPLOYEES THEREOF SHALL IN ANY EVENT BE LIABLE AS TO THIRD PARTIES (INCLUDING INVESTORS) FOR ANY INVESTMENTS OR BUSINESS DECISIONS ADAPTED OR ACTS PERFORMED BY THEM ON THE BASIS OF THE INFORMATION ANY STATEMENTS CONTAINED HEREIN OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES DERIVED THEREFROM. ANY MARKET INFORMATION AND COMPANY'S COMPETITIVE POSITION DATA INCLUDING MARKET PROJECTIONS USED IN THIS DOCUMENT HAVE BEEN DERIVED FROM IN COMPANY'S STUDIES, MARKET RESEARCH REPORTS, PUBLICLY AVAILABLE DATA AND INDUSTRY PUBLICATIONS. ALTHOUGH THE COMPANY HAS NO REASON TO BELIEVE THAT THIS INFORMATION OR THESE REPORTS ARE INACCURATE IN ANY MATERIAL, RESPECT, THE COMPANY HEREBY STATUS THAT IT HAS NOT INDEPENDENTLY CHECKED ANY COMPETITIVE POSITION, MARKET SHARE, MARKET VOLUME, MARKET GROWTH OR OTHERS. PERFORMANCE OR ACHIEVEMENTS, AND MAY CONTAIN WORDS SUCH AS "UNDERSTANDS", "ANTICIPATES", "EXPECTS", "ESTIMATES" "IT IS LIKELY" OR OTHER TERMS OR EXPRESSIONS WITH SIMILAR MEANING. THESE STATEMENTS ARE SUBJECT TO A NUMBER OF RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CAUTIONS READERS THAT CERTAIN RELEVANT FACTORS MIGHT BE THE CAUSE FOR ACTUAL RESULTS TO DIFFER FROM THE PLANS, GOALS, EXPECTATIONS, ESTIMATES AND INTENTIONS EXPRESSED IN THIS DOCUMENT. NEITHER THE COMPANY NOR ANY RELATED COMPANIES, DIRECTORS, OFFICERS, REPRESENTATIVES OR EMPLOYEES THEREOF SHALL IN ANY EVENT BE LIABLE AS TO THIRD PARTIES (INCLUDING INVESTORS) FOR ANY INVESTMENTS OR BUSINESS DECISIONS ADAPTED OR ACTS PERFORMED BY THEM ON THE BASIS OF THE INFORMATION ANY STATEMENTS CONTAINED HEREIN OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES DERIVED THEREFROM. ANY MARKET INFORMATION AND COMPANY'S COMPETITIVE POSITION DATA INCLUDING MARKET PROJECTIONS USED IN THIS DOCUMENT HAVE BEEN DERIVED FROM IN COMPANY'S STUDIES, MARKET RESEARCH REPORTS, PUBLICLY AVAILABLE DATA AND INDUSTRY PUBLICATIONS. ALTHOUGH THE COMPANY HAS NO REASON TO BELIEVE THAT THIS INFORMATION OR THESE REPORTS ARE INACCURATE IN ANY MATERIAL, RESPECT, THE COMPANY HEREBY STATUS THAT IT HAS NOT INDEPENDENTLY CHECKED ANY COMPETITIVE POSITION, MARKET SHARE, MARKET VOLUME, MARKET GROWTH OR OTHERS