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CHINA TOWER 中国 铁塔 2026 Interim Results 11 August 2026 5G
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Management Mr. Chen LiExecutive Director and General Manager Mr. Hu ShaofengChief Accountant Mr. Yin WenkaiExecutive Director Mr. Zhang ZhiyongExecutive Director and Chairman
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Content Overall PerformanceFinancial PerformanceOperational Performance 01 0203
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Overall Performance01Zhang ZhiyongExecutive Director and Chairman
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01Operational performance remained robust, with net profit increasing 30.1% year-on-year 02Synergistic development continued to deepen, with revenue contribution from the Two Wings business increasing to 16.3% Commitment to shareholder returns, with interim dividend increasing 44.3% year-on-year 04 03 5 Innovationdrovequality and efficiency improvements, with remarkable progress in the commercialization of technological achievements
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48,693 million Operating Revenue 7,135million Operating Cash Flow 7,489million Profit Attributable to Owners of the Company 30.1 % 3.871million Number of Tenants 0.7 %1.78tenants/site Tower Tenancy Ratio 1.7 %6 1.8 % 75.1 % 2.172 million Number of Sites 2.5 %
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82.9% 16.3%0.8% 85.6% 14.0%0.4% 6,9357,923 49,60148,693 Revenue Structure 14.2 %Operating Revenue(RMB million) Two Wings Business Revenue(RMB million) 1H 20251H 2026 1H 20261H 20251H 20251H 2026 TSP Business Two Wings Business OthersNote: Other income mainly refers to revenue from providing agent construction for transmission facilities and other services to customers 7* 1.8 %
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42,46140,357 Revenue from TSP Business（RMB million） 1H 20251H 2026 5.0% 37,79735,263 1H 20251H 2026 6.7%Revenue from Tower Business（RMB million） 4,6645,0949.2%（RMB million）Revenue from DAS Business 1H 20251H 20268
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Smart Tower BusinessContinued to Build Growth Momentum（RMB million）Smart Tower Business Revenue 4,7265,332 1H 20251H 2026 12.8% Deepening Digital Governance Innovative Business Models Enhancing Comprehensive Strengths Consolidating Development Foundation Leveraged competitive advantages in mid-to-high point resources, focused on key industries such as emergency response and water conservancy, thereby steadily increasing market share in key areas such as straw burning, farmland protection and disaster alerts Explored innovative growth avenues, accelerated the development of the low-altitude economy business, strengthened product R&D, built model project, and fostered new growth drivers Enhanced the sharing capabilities of the nationwide distributed platform, developed large models across seven industry segments， emergency response, forestry and grassland, land resources, water resources, environmental protection, agriculture, and transportation Strengthened product iteration and development, as well as the establishment of a localized technical supportteam，and built a full-chain network and information security system covering terminals, cloud networks, platforms, and data 9
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2,2092,591 Energy Business Revenue （RMB million） Energy BusinessContinued to Improve Development Capabilities 17.3% 1H 20251H 2026 •Further accelerated the iteration and upgrading of the battery exchangeand charging product series, improving product performance and strengthening market competitiveadvantages•Continued to optimize the standardized power backup product matrix in response to the needs of key customers, and accelerated the promotion and application of integrated solutions Accelerating Product Iteration Strengthening Refined Operations •Optimized online marketing and asset operationmodules for battery exchange and charging, strengthening the supporting capabilities such as independent customer acquisition and intelligent scheduling•The energy butler platform iterated and upgradedits multi-scenario modules, expanding into various integrated energy application scenarios, such as hospitals and campuses Promoting Platform Upgrades Enhancing Service Capabilities •Strengthened asset management, optimized battery scheduling, accelerated therecovery of degraded batteries, and enhanced user experience•Deepened user engagement, continued to enrich service options and user benefits, and expanded the VIP userbase •Upgraded and promoted intelligent customer services, increased triage ratio and enhanced customer service perceptionof the mass market•Deepened companion services for corporate customers, built a closed-loop operating system covering the entire process, andfurther enhanced customer satisfaction 10
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Reforms to Enhance Operational Efficiency 11 Focused on Optimizing Industrial Layout •Actively Explored New Business Areas: Leveraged resource and capability advantages in“location + computing + power + security”todeepenresource sharing, and actively explored emerging businesses such as the low-altitude economy and edge computing•ContinuedtoEnhanceQuality Product Supply: Improved the“One Core and Two Wings”entireproduct lifecycle management system, strengthened the deep integration of technological innovation and businessoperations, and enhanced product iteration, development, and supply capabilities Strengthened Frontline Regional Development•StrengthenedTiered Management: Continuedto implementtiered managementattheregionallevel,serving as the basis for resource allocation, employee development, and performance evaluation•Strengthened Resource Support: Continuedto drive variousresource downto regions, aligning with the new operational accountabilitysystem to stimulateground-level vitality•StrengthenedEmpowermentand Efficiency: Centered on “system intelligence, AI empowerment, and process simplification”, continuedto empower regionaloperations and improve frontline work efficiency Improved Operational Management Efficiency•IntensifiedOperationalManagement:Promoted theimplementation of the“One Core and Two Wings”businesssystemforlarge-scaleconstruction and maintenance,andstrengthened resource sharing•Lean Asset Management: Advanced intelligent operations and maintenance, deepened the breadthand depth of applications such as“one-code-for-all”,therebyreinforcingtheasset management foundation and improving quality and efficiency•Digital Intelligence Transformation of Production and operations： Focused on key scenarios such as construction, maintenance, billing and revenue, strengthened the comprehensiveapplication of “AI+”empowerment, and continuously optimized operational processes
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Significant Achievements in Technological Innovation Won the Second Prize of the State Science and TechnologyProgress AwardTwo New International Standards Projects Approved Next-Generation Mobile Communications Digitalization of Shielded Spaces Artificial Intelligence Low-Altitude Economy Edge Computing Networks ... Outstanding Achievement in High-quality DatasetsStrategic High-value AI ApplicationScenario New 5G LeakyCoaxial cables Monitoring Platform Mid-to-High Point Video AI Algorithm Integrated Energy Service Platform White Box FSU ... Industry-education Integration Innovation Platform Post-Doctoral Research WorkstationInnovation Consortium Key LaboratoryJoint Innovation Laboratory Regional Scientific and Technological Innovation Centers 12 +23%+22%+15%+132%+43%+57%
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The board of directors has resolved to distribute an interim dividend ofRMB 0.19122 per share (pre-tax)Tobetterrewardinvestorsandenableallshareholderstosharetheresultsofourhigh-qualitydevelopment,theBoardhasresolvedto distributeaninterimdividendofRMB 0.19122 pershare (pre-tax). Actively Distributed Dividends to Deliver Favorable Returns to Shareholders 13 44.3% Strived to create value and actively enhance shareholder returns
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Comprehensively Deepened ESG Concepts Improved Corporate Governance Strengthened Sense of ResponsibilitySOCIAL •Inclusive Servicesto Support Rural Revitalization: Continued to improve network coverage in rural and remote areas, narrowing the“digital divide” and supporting comprehensive rural revitalization•Active Responsibility to Support Emergency Rescue: Continued to enhance emergency communication support capabilities in extreme scenarios, safeguarding smooth rescue operations, on-site command and communications security•ServingSociety to Enhance People’s Well-Being: Actively participated in social welfare initiatives, cared for workers in new forms of employment, and spread warmth and careto society Implemented Green Development •Co-Building and Co-Sharingto Advance Green Development: Coordinated and advanced the co-building and co-sharing of digital infrastructure, expanded the application of clean energy, such as photovoltaics at base stations, and promoted the circular utilization of resources•Digital IntelligenceEmpowerment to Protect Clear Waters and Green Mountains: Deepened the application of digital intelligence technologies to support pollution control and ecological protection, contributing to the building of a Beautiful China•Energy Sharing to Advocate Green Living: Provided new energy application services such as battery swap and charging to the public, promoting green travel and working together to build a better environment ENVIRONMENT GOVERNANCE •Optimized Governance and Clarified Rights and Responsibilities: Continued to improve the corporate governance framework, ensuring clear responsibilitiesamonggovernance bodies, scientific decision-making, and efficient collaboration•Compliant Operations and Risk Prevention: Committed to advancing the development of legal and operational compliance management systems, and enhanced early-risk warning and prevention capabilities•Openness, Transparency and Proactive Communication: Disclosed important information in a true, accurate and complete manner, actively strengthened communication with the capital market, and continuously improved the transparency of the listed company 14
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Deepened the "One Core and Two Wings" Strategy to Drive the Company’s High-quality Development Continued to Improve the Efficiency and Quality of Digital Infrastructure Construction Steady Progress in Implementing Comprehensive Green Transformation Continuedtoadvancethebreadthanddepthof5G coverageandacceleratethedevelopmentof5G-A,combinedwithactionplanssuchas“SignalUpgrade,extendingbroadbandcoveragetoborderareas,forestsandgrasslands,theupgraded“Sailing”actionplanfor5Gapplications,andpoliciesforhigh-qualityurbandevelopment,theconstructionofthe"SixNetworks" hasbroughtvastdevelopmentopportunitiesforintegrated“space-air-ground-sea”networkinfrastructure Guidedbythe“Dual Carbon” goals,innovativenewenergyapplicationsarebooming,andthedemandforbatteryswapandcharginginfrastructureconstructioncontinuedtogrow;scenariosforpowersupplyassuranceservicesarebecomingmorediverse,anddemandforenergyconservationandemissionreductionindigitalinfrastructure,greenenergyandenergystorageisaccelerating Fully leveraged its role as a national team memberand leading force in digital infrastructure construction,continuouslyenhancedcapabilitiesinresourcecoordination,constructiondelivery,andservicesolutionsinnovation,furthersolidifyitscompetitivenessasaserviceproviderofferingefficientdelivery,superiormaintenanceandoptimalcoststructure,whileminimizingmanagementriskstofulfilcustomers’needs,creatingmoreopportunitiesforbusinessdevelopment Fullyleverageditsresourcesandcapabilitiesin“location+computing+power+security”,strengthenedinnovationin digital intelligenceand IoT technologies, continuedtodeepenengagementinkeyindustriesandexplorekeyscenarios,enhancedapplicationempowerment,andprovidedaricherarrayofdigitalintelligenceservicesforawiderangeofindustries. Fully leveraged resource and capability advantages such as distributed power networks, energy storage systems, and professionaloperationandmaintenancetoenhancemarketleadingpositioninbatteryswapandchargingnetwork;focusedinkeyindustries,andimprovedthecomprehensive“energybutler”solutionstosystematicallyexpandintegratedenergyservices Become an information application service provider with core competitiveness ContinuousExpansionof the Breadthand Depth of DigitalIntelligence Governance Applications Become a new energy application service provider with core competitiveness Become a world-class integrated digital infrastructure service provider 15 Withthein-depthadvancementofmajorstrategiessuchasDigitalChinaandBeautifulChina,thefullimplementationof“AI+”initiatives,andtheaccelerateddeploymentofemergingpillarindustriessuchasthelow-altitudeeconomy,applicationscenarioswheredigitalintelligencetechnologiesempowereconomicandsocialdevelopmentandenhancegovernancecapabilitieshavebecomemorediverse
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OperationalPerformanceChen LiExecutive Director and General Manager 02
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Indicator1H 2025ChangeOperating Revenue (RMB million)49,601-1.8%TSP Business42,461 -5.0%Smart Tower Business4,726 12.8%Energy Business2,209 17.3%Number of Tower Tenants (Thousand)3,844 0.7%TSP Tenants3,579 -0.4%Smart Tower Tenants265 15.5%Number of Tower Sites (Thousand)2,119 2.5%Tower Tenancy Ratio (Tower Tenant/Tower Site)1.81 -1.7%TSP Tenancy Ratio1.72 -1.7%Average Annual Revenue per Site (RMB) 20,187-6.9% 1H 2026Key Operating Indicators 48,69340,3575,3322,5913,8713,5653062,1721.781.6918,79017
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3,5793,565 Fundamentals of Tower Business Remained Solid 18 37,79735,263 Revenue from Tower Business(RMB million) 1H 20251H 2026 6.7% Cumulative number of 5G basestationsbuilt(Thousand) 2025 3,1233,310 2026.6 Introduced embedded services to fully integrate with TSP’s network planning, focused on key scenarios such as urban capacity expansion and hotspot enhancement, comprehensively met customers’ needs for in-depth and broad coverage Enhanced network optimization capabilities, focused on solving customers’ urgent and pressing concerns, leveraged resource coordination strengths, tackled difficult site selection issues, and improve construction delivery efficiency Fully implemented an integrated “resources + demand” coordination approach, actively aligned with the network coverage needs of key industries such as culture and tourism and education, and remained committed to a customer-centric approach TSP Tenants(Thousand)TSP Tower Tenancy Ratio(Tower Tenants/Tower Site) 1.721.69 1H 20251H 20261H 20251H 2026
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DASBusinessContinuedtoExpand 19 4,6645,094Revenue from DAS Business(RMB million)9.2% SubwaysBuildings 1.02billion m²16.17billion m²15125km837km High-speed railway tunnels20986km1613km DAS Coverage Continued to Expand Stepped Up DAS Product Innovation and ApplicationsCloselyfollowedcustomertrendsinnetworkdevelopmentandstrengthenedinnovationinDAStechnologies,products,andsolutions;promotednewproductsandsolutionssuchasactiveandpassiveDASintegrationandsharedmodelrepeaterstofurtherexplorethemarketpotentialforDASandexpandthescaleofDASbusiness Enhanced Professional Service CapabilitiesFocusedonlaunchingspecialprojectstargetingcoverageinelevatorsandundergroundcarparks,aswellas5Gupgradesforhigh-speedrailwaystoobtainadvantageoussiteentryconditions;utilizedsharedlow-powerrepeaterstoreducesignalsourcesandtransmissioninvestments,andcontinuouslyimprovedthelevelofprofessionalservices Strengthened Resource Coordination in Key LocationsDeepened“signalupgrade”initiativeinkeylocations,keptpacewithkeyprojectconstruction,andconductednetworkcoveragetesting;pushedforwardtheimplementationofmandatoryinspectionandacceptancerulesforcommunicationsinfrastructure;gavefullplaytotheadvantagesofcoordinatedsiteentrytoreduceoverallcosts,acceleratedemandacquisition,andenhancemarketservicesupportcapabilities 1H 20251H 2026
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20 1,9042,132 2,8223,200 "Digital Towers" Empowered Social Digital Intelligence Governance Broadly 13.4% Tower Monitoring Business Revenue(RMB million) 1H 20251H 2026 12.0% Tower Sharing Business Revenue(RMB million) 1H 20251H 2026 Revenue Contributions toSmart Tower Business 40%Tower Sharing 60%Tower Monitoring Farmland protectionForest fire preventionDisaster alerts Straw burning ban Intelligent transportation 265,000 “Digital Towers" Empowered Key IndustriesCultural heritage preservation River and lake monitoring Fishing ban in the Yangtze River Industry large models for spatial governance Tower monitoring platform Mid-to-high point AI algorithm General-purpose towers intelligent agent
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21 Smart Tower Business Continued to Strengthen Operational Capabilities Platform Capability1 Product Capability 2 3 Innovation Capability Algorithm Capability 4 5 Service Capability Enhancedtheplatform’sefficiencyinnationwidesharingandreuse,establishedatieredplatformarchitecturesystemanddevelopedflexiblesupportcapabilitiestailoredtodiversescenarios,enablingrapidandpreciseadaptationtocustomers’personalizedneeds Leveragedthedataadvantagesofhavingasamplelibraryofmorethan1.1billionmid-to-highpointstoimprovetheefficiencyofalgorithmR&Diterations;continuedtoconsolidatetheCompany’scorecompetitiveedgeinmid-tohigh-pointalgorithms Leveraged“location+computing+power+security”coreresourceadvantagestocontinuouslydeepenproductcapabilitiesforindustryapplicationsandproactivelyexplorenewbusinessproducts Implementedthe"MajorInfrastructure"systemtogreatlyenhancedeliverycapabilities;deepenedprofessionaloperationandmaintenance,andcontinuouslyimproved"end-to-end"operationandmaintenancemonitoringcapabilities Deepenedthe"AI+"specialinitiative,promotedthecommercializationoflargemodelsandintelligentagents,andfullyunleashedinnovationmomentumbyleveragingthenationalinnovationplatformforindustry-educationintegrationandpost-doctoralworkstationsContinue to build and consolidate “location + computing + power + security” resource endowments and capability advantages
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22 Battery Exchange Business Consolidated Market LeadershipRevenue from the battery exchange business(RMB million) 1,3231,59520.6% 1H 20251H 2026 01 Continued to Expand User Base 02 Accelerated Network Construction •Strengthened presence in the consumer food delivery market, accelerated expansion among corporate customers, and continued to expand the customer base of the battery exchange and charging business•Deepened user operations, expanded the VIP user base, enriched user benefits, and improved user experience 1.493 millionCumulative number of battery exchange users •Optimized the battery scheduling algorithm and enhanced the operation of battery exchange business across a range of capacities•Promoted the optimization of the battery exchange and charging network layout, effectively improving user convenience and expanding the user base 340+Cumulative number of cities deployed
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23 Series 1 88699612.4% 1H 20251H 2026 Revenue from the power backup business(RMB million) Focused on key industries, gained a deeper understanding of customer needs, and continuously enhanced capabilities in providing integrated industry solutions Backup power assurance Essential Need: Power Supply Security Emergency power generationIntelligent operation and maintenance Power and environmental monitoringElectrical safety Inspection and troubleshooting Extended Services: Energy Saving and Carbon ReductionGreen energy servicesEnergy storage servicesEnergy consumption monitoring… Product PromotionLaunched multiple high-performance power supply security products for typical scenarios in key industries; developed multiple photovoltaic and energy consumption management products to meet customers’ needs for power supply security, carbon reduction and energy conservation Service GuaranteeStrengthened the construction of the companion service system for corporate customers, leveraged localized and professional maintenance advantages, and continuously improved capabilities in demand response, project delivery, and operation and maintenance support Platform UpgradeUpgraded and iterated application modules for various scenarios, such as hospitals, to serve diverse customer needs, enhanced digital operational capabilities, and promote visualization and refined control throughout the entire service process Power Backup Business Maintained SoundGrowth Trajectory China Tower’s Energy Butler
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FinancialPerformanceHu ShaofengChief Accountant 03
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(RMB million)1H 20251H 2026YoY ChangeOperating revenue49,60148,693-1.8%Operating costs40,97237,582-8.3%Operating profit8,62911,11128.8%EBITDA34,22730,252-11.6%Profit attributable to owners of the company5,7577,48930.1%Operating cash flow28,6797,135-75.1%Free cash flow16,287-4,515-127.7%Gearing ratio29.5%31.5%2.0pp Key Financial Indicators 25
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(RMB million)1H 20251H 2026YoY ChangeDescription of main factors Operating expenses40,97237,582-8.3% Depreciation and amortization25,59819,141-25.2%Expiration of depreciation for acquired tower assets and adjustment of the depreciation period for indoor distribution assets Repairs and maintenance3,1873,79119.0%The Company continued to strengthen special rectification for hidden asset risks and reasonably carried out life-extension work for aging assets. Employee benefits and expenses4,7674,8421.6%AdvancedR&Dinnovationandregionalmanagementreform,introducedmiddleandhigh-endscientificandtechnologicaltalentsandfirst-linepersonnelforbusinessdevelopment,whilestrengtheningperformance-linkedincentivesSite operation and support expenses2,5352,88914.0%The Company accelerated the construction of site operations and digital capabilities; costs related to site operations and cloud resource leasing fees increased year-on-yearOther operating expenses4,8856,91941.6%Of which: business development expenses3,2303,66713.5%Supported the development of the "Two Wings" business; localized technical support service fees and market promotion fees increased Other expenses1,6553,25296.5%Carriedoutintegratedservicesrelatedtotheconstructionoftelecommunicationinfrastructure,whichled to a corresponding increase in relevant costs;increasedbaddebtprovisionbasedontheprincipleofprudenceNet finance costs1,2361,205-2.5%Enhancedcentralizedfundmanagement andactivelyadvancedthereturnoffunds,effectivelyexploredlow-costfinancingchannels,andkeptfinancingcostsatarelativelylowlevel Sound Cost Control 26
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Profitability Further Improved 8,629 11,111 Operating profit and operating profitmargin(RMB million) 28.8% 1H 20251H 2026 17.4%22.8% 34,227 30,252 EBITDA and EBITDA margin(RMB million) 69.0%62.1% 1H 20251H 2026 11.6% 27 5,757 7,48930.1% Net profit and net profit margin(RMB million) 1H 20251H 2026 10.4%11.6%10.4%15.4%
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6,6006,490 2,3772,067 2,4752,624 940 449 IT support and purchase of comprehensive production facilitiesTwo Wings businessSite replacement and improvementNew site construction and augmentation Effective Allocation of CAPEX 12,39211,6506.0% 1H 20251H 2026 28 Focusingonkeyareassuchasedgecomputingnetworksandartificialintelligence,continuestotacklekeytechnologicalbreakthroughstosupportbusinessdevelopment Basedonactualphysicaloperatingstatusofassets,steadilyconductshiddenriskinvestigationsandremediations,aswellasequipmentrenewals.Meanwhile,itstrengthenstherevitalizationandreuseofexistingassetstoeffectivelysaveinvestments Closelyaligningwiththenetworkconstructionplansoftelecommunicationoperators,thecompanycontinuouslyoptimizesconstructionschemesandappliesinnovativeproductstoeffectivelysaveinvestments Adaptingtothedevelopmentofthe"TwoWings"business,preciselyallocatesresourcesandcontinuouslycarriesoutplatformconstructionanditerationofproductupgrades CAPEX(RMB million)
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Cash Flow Temporary under Pressure 29 28,679 7,135 Operating Cash FlowFree Cash Flow(RMB million)(RMB million) 1H 20251H 2026 16,287 -4,5151H 20251H 2026 RMB 21,544 millionRMB 20,802 million
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39.4%41.4% 27.7%31.5% Capital Structure Remained Stable and HealthyLiabilities to Assets Ratio2.0PP Gearing Ratio3.8PP 2025.12.312026.06.30 2025.12.312026.06.30 RMB millionAs at 31 December 2025As at 30 June 2026Total assets336,579351,237Cash and cash equivalents12,3126,655 Total liabilities132,671145,527Interest bearing debt90,460101,392 Total equity203,908205,710 30
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Q&A Contact Us:Tel / +852 28114566 Email / ir@chinatowercom.cnwww.china-tower.com
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Appendix: Extracted from Unaudited ConsolidatedStatement of Financial Position as at 30 June 2026（RMB million） 2025.12.312026.6.30Total assets 336,579351,237Current assets104,069120,262Non-current assets232,510230,975Property, plant and equipment184,099182,058Construction in progress11,67610,595Total Liabilities132,671145,527Current Liabilities80,56568,111Borrowings 31,40917,402Accounts Payable34,54536,231Non-current liabilities52,10677,416Total equity 203,908205,710
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DisclaimerByattendingthemeetingwherethispresentationismade,orbyreadingthepresentationmaterials,youagreetobeboundbythefollowinglimitations:TheinformationinthispresentationhasbeenpreparedbyrepresentativesofChinaTowerCorporationLimited(the“Company")foruseinpresentationsbytheCompanyanddoesnotconstitutearecommendationregardingthesecuritiesoftheCompany.Nopartofthispresentationshouldformthebasisof,orbereliedoninconnectionwith,anycontractorcommitmentorinvestmentdecisionwhatsoever.Norepresentationorwarranty,expressorimplied,ismadeasto,andnorelianceshouldbeplacedon,thefairness,accuracy,completenessorcorrectnessoftheinformation,oropinionscontainedherein.NeithertheCompanynoranyoftheCompany'saffiliates,advisorsorrepresentativesshallhaveanyresponsibilityorliabilitywhatsoever(fornegligenceorotherwise)foranylosshowsoeverarisingfromanyuseofthispresentationoritscontentsorotherwisearisinginconnectionwiththispresentation.Theinformationsetouthereinmaybesubjecttoupdating,completion,revision,verificationandamendmentandsuchinformationmaychangematerially.Thispresentationisbasedontheeconomic,regulatory,marketandotherconditionsasineffectonthedatehereof.Itshouldbeunderstoodthatsubsequentdevelopmentsmayaffecttheinformationcontainedinthispresentation,whichneithertheCompanynoritsaffiliates,advisorsorrepresentativesareunderanobligationtoupdate,reviseoraffirm. Theinformationcommunicatedinthispresentationmaycontaincertainstatementsthatareormaybeforward-looking.Thesestatementstypicallycontainwordssuchas“will”,“may”,“expects”,“forecasts”,“plans”and“anticipates”andwordsofsimilarimport.Bytheirnature,forward-lookingstatementsinvolveriskanduncertaintybecausetheyrelatetoeventsanddependoncircumstancesthatwilloccurinthefuture.TheremaybeadditionalmaterialrisksthatarecurrentlynotconsideredtobematerialorofwhichtheCompanyanditsadvisorsorrepresentativesareunaware.Consideringtheseuncertainties,readersshouldnotrelyontheseforward-lookingstatements.NeithertheCompanynoritsaffiliates,advisorsorrepresentativesassumeanyresponsibilitytoupdateforward-lookingstatementsortoadaptthemtofutureeventsordevelopments.Noinvitationismadebythispresentationortheinformationcontainedhereintoenterinto,oroffertoenterinto,anyagreementtopurchase,acquire,disposeof,subscribefororunderwriteanysecuritiesorstructuredproducts,andnoofferismadeofanysharesinordebenturesofacompanyforpurchaseorsubscriptionexceptaspermittedunderrelevantlaws.