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1 PI Industries Ltd. Investor Presentation Q2 FY26 Result Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements,” including those relating to general business plans and strategy of PI Industries Limited (“PIIL") (including its subsidiaries), its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. Such forward looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause the actual results to differ materially from those contemplated by the relevant forward-looking statements, which are based upon what management of the Company believes are reasonable assumptions. This could also differ due to a number of other factors, including future changes or developments in PIIL's business, its competitive environment, its ability to implement its strategies and initiatives and respond to technological changes. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendationthat any investor should subscribe for or purchase any of PIIL's shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of PIIL. This presentation should be read in conjunctionwith the financial statements included herein. PIIL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibilityor liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. PIIL assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. PIIL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation may not be copied and disseminated in any manner. PIIL will not be in any way responsible for any action taken based on such forward-looking statements. THE INFORMATION PRESENTED HERE IS NOT AN OFFER OR SOLICITATION OF ANY OFFER TO PURCHASE OR SELL ANY EQUITY SHARES OR ANY OTHER SECURITY OF PI INDUSTRIES LTD. CDR India Siddharth Rangnekar siddharth@cdr-india.com Nishid Solanki nishid@cdr-india.com Tel: +91 22 6645 1221 /1209 Fax: +91 22 6645 1213 PI Industries Limited Rajnish Sarna r.sarna@piind.com Sanjay Agarwal sanjay.agarwal@piind.com Tel: +91 22 6266 5600 Fax: +91 22 6266 5765
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2 • Consolidated Financial Performance • Key Updates • ESG Credentials • Rewards & Recognition • Business Model and Strategy A G E N D A Inspired by Science
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Revenue EBITDA Q2FY26 Performance Reflect Short Term Volatility……... Structural Drivers of Long-Term Growth Remain Firm… INR Mn 18,723 5,434 Commercialised 5 new products in Exports and 3 in Domestic Agri Brands Positive traction in Pharma 104% Y-o-Y H1 revenue growth Investing for growth Capex spend of INR 4,415 Mn in H1 *Multi-year CAGR continues to outbeat industry New products in Agchem Exports growing ~38% Y-o-Y in H1 16% 14% PAT 4,093 19% 3 Q2: 3-year CAGR* 2% 8% 7% H1FY26 37,728 10,65312% 12% 8,093 15% H1: 3-year CAGR* 4% 11% 11% Consolidated Financials New registration for Bio-nematicide filed in the US Inspired by Science
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Q2FY26 Q2 Revenue phasing in line with Plan… New Products registered sharp growth YoY.. • Revenue Y-o-Y decline ~16% (3-year Q2 CAGR 2%). • ~18% decline in Agchem Exports (Volume decline ~17%) in line with business plan and customer delivery schedule. o New products (launched over last 3-years) growth ~27% Y-o-Y; o 5 molecules commercialised in H1FY26. • Domestic revenue decline by ~13% Y-o-Y (Volume down ~9%) : o Erratic rainfall disrupted the demand; o Regulatory transitions in Biologicals; o 3 products commercialised in H1FY26. • Pharma1 54% Y-o-Y revenue growth, contributing ~4% of Exports revenue. • Favourable product mix driving Gross margin improvement. • Overheads increase comprising strategic development of newer businesses and promotion of new products (5%), offset by effective cost control in existing businesses. INR Mn Q2FY25 Q2FY26 % YOY Revenue 22,210 18,723 (16)% Gross Margin 52% 57% 549 bps Overheads 5,214 5,306 2% EBITDA 6,289 5,434 (14)% EBITDA margin % 28% 29% 71 bps Net Profit 5,082 4,093 (19)% 1 Pharma: PI Health Sciences Ltd. (“PIHSL”) Consolidated including overseas subsidiaries 16.3% 13.4% 19.4%13.6 % Exports Domestic Q2FY25 Q2FY26 EBITDA PAT Q2FY25 17,610 4,600 14,739 3,984 INR Mn 4 6,289 5,082 5,434 4,093 INR Mn u Inspired by Science I ■ ■ ■ ■ ■
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H1 Performance Reflects Market Conditions… Favorable Product Mix Supports EBITDA Resilience • Revenue: 3-year H1 CAGR at 4% o Agchem Exports declined by 16% Y-o-Y impacted by macro factors, partially offset by growth in new products 38% Y-o-Y. o Domestic revenue adversely impacted in Q2 offsetting Q1 performance. Expecting better H2 driven by strong Rabi season & higher reservoir levels. o Pharma with 104% Y-o-Y revenue growth and contributing ~4% of total Exports revenue. • EBITDA margin sustained at 28%: Favourable product mix backed by strong operating efficiencies. • ETR is at 21.6%. INR Mn H1FY25 H1FY26 % YOY Revenue 42,899 37,728 (12)% Gross Margin 52% 57% 557 bps Overheads 10,094 11,029 9% EBITDA 12,142 10,653 (12)% EBITDA margin % 28% 28% (7) bps Net Profit 9,570 8,093 (15)% 13.5% 5.5% 15.4%12.3% Exports Domestic H1FY25 H1FY26 EBITDA PAT H1FY25 H1FY26 35,104 7,795 30,359 7,369 INR Mn INR Mn 5 12,142 9,570 10,653 8,093 u Inspired by Science ■ ■ ■ ■ ■ ■
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• Debt-free Balance sheet position : Surplus cash net of Debt is INR 38,600 Mn enabling the company to pursue accelerated growth. • Capital Expenditure: Total capex for H1 FY26 stood at INR 4,415 Mn (H1 FY25: INR 4,425 Mn), reflecting continued investment in manufacturing capabilities and R&D infrastructure. • Trade working capital in terms of Days of Sales at 115 days vs 73 days of Mar-25 due to inventory build-up for H2 and calibrated credit extension in line with prevailing liquidity constraints. Healthy Liquidity and Prudent Capital Allocation Provide Growth Optionality ROCE computed excluding Cash, Bank & Investments 6 Q4FY25 Q2FY26 45 59 Inventory DIO 84 120Trade Receivables DSO 55 64 Payables DPO 73 115 NWC Days INR Mn Sep-24 Mar-25 Sep-25 Shareholders Fund 95,454 1,01,570 1,08,269 Non Current Liabilities 3,555 3,920 5,044 Short term debt 536 337 355 Other Current Liabilities 7,064 4,838 6,067 Total 1,06,609 1,10,665 1,19,735 Fixed Asset Inc. Goodwill 44,589 47,589 50,530 Non current investments & other assets 2,973 5,656 2,677 Working Capital 16,346 16,063 23,713 Cash, Bank & Investments 39,075 37,594 39,114 Other assets 3,626 3,763 3,701 Total 1,06,609 1,10,665 1,19,735 Key Ratios (%) Annualised Net Sales to Trade Working Capital 5.25 4.97 3.18 Debt/ Equity Ratio 0.01 0.01 0.02 Net Sales to Net Fixed Assets 2.19 1.90 1.69 ROCE 31.2% 28.9% 23.6% u Inspired by Science I I ■ ■
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Pharma Platform Scaling with Strengthening Customer Pipeline and Capability Build-Out • Strong start to H1 - onboarded customers. • 104% Y-o-Y revenue growth. • Decline in profitability due to: o One- off processing related cost and product mix; o Higher overheads due to investments in capability building, people and processes. • Capex ~INR 167 Mn (Q2FY25 ~INR 358 Mn). INR Mn Q2FY25 Q2FY26 % YOY Revenue 411 634 54% PBT* (551) (654) (19)% * Post intercompany eliminations Expanding & enhancing GMP site in Lodi, Italy; non-GMP in India Building relationships with Biotech & Big Pharma through Global Business Development Strengthening the Regulatory capabilities to be Best-in-Class Leveraging PI’s Scientific & Business Process Capabilities for Pharma Slowdown in biotech funding and geopolitical challenges FY25 FY26 Way Ahead 7 INR Mn H1FY25 H1FY26 % YOY Revenue 664 1,357 104% PBT* (1,268) (1,236) 3% Revenue INR Mn 253 723 411 634 Q1 Q2 u Inspired by Science ■ ■
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Biologicals Positioned for Long-Term Global Growth… Regulatory Pathways and Market Trials Progressing as per plan • Good traction in Biologicals technology platform products in H1FY26 o Derived from natural proteins, Biologicals technology platform is an environment friendly proprietary technology • Significant investments made in product development in the US, Brazil and Mexico • Unique biological solution for nematodes launched in Mexico • New registration filed for Bio-nematicide in the US • Strong leadership team onboarded in various geographies and building second line teams Continued investments in market and product development in focused geographies Building relationships with distributors in US, Brazil and other markets Investing to upgrade capabilities in R&D in the US and India Filing label expansion of peptides in the US, Brazil and UK Way Ahead 8 • Commissioned research center for plant systems to support global biologicals research Building global product portfolio Inspired by Science
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Dorito®Pressedo® Osheen Ultra® Claret® Unique combinationof systemic and contact insecticide Eketsu 1st 3-way Rice Herbicide Kadett® Combination Fungicide Pilin® Bio-fungicide with Novel Mode Of Action Aminogrow Activ Amino acid & Peptides product Campana New systematic insecticide Solju Gr & Solju SP Kaprigin® Innovation Pipeline Delivering Differentiated, High-Value Crop Solutions…….strengthening market position FY25 BYROCK® VachanTM RICE HORTICULTURE SOYBEAN CHILLI WHEAT COTTON CORN SUGARCANE Crop Solutions FY24 Alcor® Systemic herbicide for management of ALS resistance weeds FY26 Comet® Post emergent herbicide for control of grasses Robust pipeline of 20+ products at different stages of development and registration 9 Uranus® For Mites control Broad spectrum novel insecticide For sucking pest control Unique microbial biofertiliser Broad spectrum insecticide Fungicide Organic Fertiliser Insecticide for Leps management 3 more innovative products to be launched in FY26 a Inspired by Science IJIIII ,,
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Scalable Go-to-Market Model Anchored in Farmer Education and Retail Partnerships 10Empowering customers through a transformative digital experience 10 Building Farmer Connect About Product: • Benefits • Dosage • Application window • Do’s & Dont’s Complaints resolution Direct benefits: • Rewards • Prizes Market Outreach • 15 innovative campaigns • 20,000+ product demos • 60,000+ retailers connected for marketing • Covered 250+ villages ~50,000 acres for application services ~Mitra Lr6KJSAN9 Inspired by Science
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Navigating Near-Term Industry Cycles While Positioning for Medium-Term Demand Revival • Climatic challenges impact the agrochemical demand generation globally • Global innovators facing challenges due to structural changes • Geopolitical issues impacting sustainable supply-chain, deliveries & product cost HEADWINDS • Favourable reservoir levels for India and positive sowing trends in major crops signal a promising outlook for the Rabi season • Stable commodity prices TAILWINDS • China + 1 derisking continuing by global innovators • Inventory levels likely to ease • Strong demand momentum for new products EXPORTS DOMESTIC • Indian Regulatory changes in biologicals products impacting the markets • Uneven rains creating huge crop losses and impacting demand generation for key focus crops 11 u Inspired by Science
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Long-term growth outlook remains intact... Focused on Margin Discipline, High-Quality Growth and Scaling Strategic Platforms CSM Exports: Technologyfocused approach to drive incremental business Domestic: Focus on portfoliodiversification with high qualityrevenue Health Science: Building a differentiatedplay in Pharma CRDMO space Progressingon strategic initiatives in line with plan • Favourable commodity prices and strong reservoir levels supports a positive Rabi season outlook • Growing market adoption of new products is driving sustained sales momentum • Biological business expected to revive post regulatory clearances • Pricing pressure in the generic segment likely to remain elevated • Advance technologyplatform to unlock new growth opportunities • Commercialization of PI’s own NCEs; additional leads progressing well with a partnership model • Robust Global pipeline of Biological products across various development stages • Inorganic growth opportunities under evaluation to complement the growth in long-run • Accelerated commercialization of New Products and scaling up of newly launched products to drive sales • Sustained flow of new enquiries supporting future capacity creation through targeted capex investment • Cautious optimism for H2 on the back of committed customer offtake plans …. short-term volatility to remain amid macro headwinds and geopolitical situation 12 • Expanding & enhancing GMP site in Lodi, Italy; Non-GMP sites in India • Building relationships with Biotech & Big Pharma through Global Business Development • Improved business development and R&D pipeline visibility over the next 1-2 years a Inspired by Science
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..ranked among the Top 3 percentile of ESG Rated companies globally Key Highlights*SDG Alignment Environment– Climate change Reduced CO2 emission intensity by 20%+ from FY21 ~7 % renewable energy as a share of total electricity consumption vs. FY21 Environment– Energy management 0 for permanentemployees 0 for contractualworkers Lost Time Injury Frequency Rate (LTIFR) Reduced Water intensity by ~55% from FY21 Environment– Watermanagement Environmental Social and Governance 70% of enrolled youth placed through skill development initiatives 480,000+ healthcare beneficiaries through Mobile Health units and 65,000+ students impacted through various initiatives since FY21 Increased employees’ average training hours per FTE by 53% from FY21 Increased women’s participation in leadership positions by 50% from FY21 26,743 acres brought under sustainable agricultural practices by educating farmers about climate- resilient agricultural practices Key Highlights* Featured in the S&P Global Sustainability Yearbook 2025 for the second consecutive year * As on 30-Sep-25 PI in the S&P Global Sustainability Yearbook 2025… Environment– Climate change Reduced Chemical Oxygen Demand by ~46% from FY21 Carbon emissions intensity in terms of revenue from operations (INR million) 3.29 3.37 2.75 2.36 1.99 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Water intensity in terms of revenue from operations (INR million) 17.00 14.79 8.19 8.23 17.24 41.10 43.90 33.20 23.40 23.46 Chemical Oxygen Demand (in MT) 13 ..... _.·(tj·· .. ·-.... •· 97"' percenti.le Indu stry ranking S&PGlobcil rate Sust a inabl1bty C~ssossmon t for 2024 II II II 11 11 11 11 Inspired bv Science
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Health & Hygiene Women Empowerment Education& Skill Development Environment Sustainability Health & wellness support for rural communities •Supporting communities in 66 villages in Swasthya Seva Program, 43,000+ beneficiaries reached till H1FY26 •Supporting 50+ children from underserved communities suffering from congenital heart defects Empowering women through financial inclusion & livelihood Introducing digital learning & smart classes in rural India Promoting Sustainable Farming Practices & Biodiversity Conservation CSR Themes Flagship initiative to build resilient ecosystems to reduce industrial disaster risks & safeguard communities Project Sahyog Supporting farmers on sustainable agriculture practices Project Swasthya Seva - primary healthcare services to the local community Afforestation Program - improving the green cover for the community Centre of Excellence – Industrial Safety & Disaster Risk Management Sustainable Agriculture Local Community Development •Program running in 80 rural villages •2,000+ women smallholders directly benefitted till H1FY26 • ~25% increase in income levels through this program •Program supporting 135 schools to improve learning outcomes of children •5,300+ students reached and 1,100+ youth trained till H1FY26 •30,000+ farmers reached till H1FY26 through Sustainable Agriculture project •~30,000 trees planted for a significant positive impact on the environment Creating Tangible, Scalable Societal Impact Aligned with Local Community Needs 14 Inspired by Science
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Recognition Reinforces Our Leadership, Safety Culture, and Governance Standards Most Preferred Workplace 2024-25 by Marksmen Daily India's Top Value Creator 2024 - Agro Chemicals by Dun & Bradstreet PI recognized as Supply Chain Champion in Agri Business Sector Gold Award At India Green Manufacturing Challenge 2024 for PI Udaipur Gold Trophy - NSCI Safety Award 2024 for Excellence in Occupational Safety & Health British Safety Council Sword of Honour – Udaipur Site, October 2025 Rajasthan Business Awards 2025 by The Economic Times 15 Pl Industries Ltd., Udaipur awarded ~~~ _L ..iillll SAFETY ,,. ,r ,,. COUNCI~ Sword ~ ~ ofHonour ~ ~ 2025 Winner
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1st Indian company to innovate "PIOXANILIPROLE” Now filed for registration World-class R&D set-up delivering innovative and disruptive solutions Agchem Labs Pharma Labs R&D State-of-the-art R&D Labs at 4 locations NABL ISO17025 and GLP certified New ICP -OES Addition of UPLC-CAD (Charged Aerosol Detector) 80+ projects at different development stages 700+ Scientists 200+Doctorates 240+ Patents till date with 30 Patents in FY26 In-house library with a vast array of knowledge resources 16 u Inspired by Science
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Agchem CSM, a global leader, backed by strong technological strengths Technologypioneer with technological and IP based interventions in global contract manufacturing Product portfolio consists of early stage molecules with continued thrust to adapt sustainable practices 15 Fully automated Multipurpose Plants (MPPs) with Distributed Control System (DCS) spread across 5 locations Capital expenditure underway as per plan with 2 MPPs under construction Extensive experience in handling Hazardous Chemistry with over 130 unit processes 17 Differentiated technologies Flow Technology Vapor Phase Bio technology Largest Commercial Scale Reactions El Inspired by Science
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Outshines competitors in delivering business needs of the customers by unlocking value & fearlessly reinventing ourselves PI: Trusted, Resilient and Future-Ready An organization that is committed to excellence in whatever it does . . . known for over 2 decades to be the Top wealth creator . . . “ “ A Trusted Brand & Partnerships • 5+ decades of relationship with Global innovator companies • Zero conflicts till date Successful Product Brands & Services • Amongst Top 5 in the world in AgChem CSM • 70% + revenue from proprietary products Addressing Emerging Opportunities • Never a “me-too” player • Establishing new frontiers of Agri, Horticulture .. • Biologicals • Health Sciences ESG Anchored • ESG, the way of life • Featured in the S&P Global Sustainability Yearbook 2025 Science & Technology • The only fully integrated R&D with all disciplines under one roof – a global benchmark • Rapid adoption of latest technologies 18
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Agchem Business model built on the principles of respect for IP and established relationships Non conflicting business model … well respected by Global Innovators as Partners • State of the Art R&D facilities o Accredited for GLP and ‘Norms on OECD Principles’ by NGCMA • To service its customers • 1 R&D Facility • 5 Manufacturing Sites • Domestic Brand Distribution o 25+ stock points o 15,000+ distributors o 100,000+ retail points • 3 Global locations o Japan for business development activities o China for Sourcing o Germany for Knowledge Management Common Infrastructure Develop knowledge, products, processes and experience in different complex chemistries Cross-Selling Opportunities Custom Synthesis& Manufacturing • Early stages of their life cycles • Complex Chemistries • Process development • IP Protection & Generation IN-LICENSING • Introducing new products, partnering with global innovators • Ensure longer product cycles by brand building • Develop solutions for the Indian Ag-chem Industry with the partnershipapproach Exports MarketDomestic Brand Market Leveragingour Pan India network, demonstratingbrand building capabilitiesand experiencedteam to deliver in- licensed, branded generics& co-marketed products R&D Partnership SYNERGISTICAPPROACH • Consistent track record of financial performance Leveraging on chemistry process research and manufacturing capabilities catering to Global Innovators; Partnering for IP Creation. Leading AgChem Distribution Company in India with leading market share in certaincrops India’s largest CRAMSCompany with majority revenuefrom PatentedProducts 19 u Inspired by Science
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Multipronged strategy to sustain the growth momentum backed by multiple growth engines & aggressive M&A Prudent capital allocation to ensure the long-term shareholder value creation Market Expansion Creation Segments Operation excellence Brands Inorganic Products Assets Niche vertical with a future Pharma/ Specialty chemical High growth application areas having synergy Disruptive Value added Technologies Build Customer Intimacy Product & Services IP De-risk & Create Inorganic Value creation Organic Grow Smart Deepening our technological capabilities to open new horizons Multiple Growth Engines / Levers • Research and process innovation with global partnerships • Marketing & Distribution- Product Pipeline • Biologicals • HorticultureSpecialist • PI Health Sciences - CRDMO De-risk • Manufacturing concentration • New formulation of existing products • Biological Process • Chemistry • Block Builders • Process engineering • Flow Digital • Information integration • Decision tools 20 u Inspired by Science
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Our Global Presence 40+ Countries 10 Overseas Offices 8 Mfg. Sites 25 Stock Points 4,000+ Employees 100,000+ Retail Points 15,000+ Distributors Dusseldorf Beijing India Tokyo Sao Paulo Amsterdam Milan Our Markets Overseas Offices Raleigh Dubai Seattle St. Louis 2,000+ Contracted employees Strong understanding of international work culture with 60+ years of deep-rooted relationships Registered Office Corporate Office R&D Manufacturing Units Depots India 21
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22 "Lead with science, technology and human ingenuity to create transformative solutions in life sciences" COURAGEOUS Think Bold, act with b,te5r1'ty and be Acco,u,tAh/e. • • . Partner Centric First to ident ify & deliver on latent needs of our customers ~ CURIOUS ()uectio,. conventional wisdom , be Ope.,-i.,;.,,Jed, Ad-,,fAb/e and Curiour Science& -¢ - CREATIVE Differe.,fiAte, Col/AborAte, €,cperi"'e.,f and €x.ecufe ideAr af rpeed . • I CARING Be Tra.,rpare.,t, build Trurt bring the best out of People and embrace ~urtAi.,Ahi/,'fy. • Digital Edge People First Tech Driven Sustainable solutions by early adoption of cutting-edge science/technology Integrated digital solutions Best opportun ities for employees to learn & grow ESG Anchored ESG the way of life to gain competitive advantage
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Thank You 23