Mukka Proteins Ltd Management Discussions

3. GLOBAL AQUACULTURE & SEAFOOD INDUSTRY

FAOs SOFIA 2026 report (June 2026) recorded global fisheries and aquaculture production at a historic 235 million tonnes in 2024. Aquacultures aquatic-animal output crossed 100 million tonnes for the first time (103 MMT), overtaking capture fisheries (92 MMT) - confirming that essentially all growth in global seafood supply now comes from farmed sources.

• Trade in aquatic animal products hit a record USD 184 billion in 2024, rivalling global meat trade in value.

• Asia accounted for ~89% of aquaculture output; Africa is flagged as the sectors largest untapped growth frontier.

• FAO projects total aquatic-animal supply to reach ~214 MMT by 2034, with aquaculture contributing the majority of incremental growth.

3.1 CURRENT ESTIMATES AND OUTLOOK

Beyond the SOFIA 2024 benchmark above, FAOs separate, more frequently updated Food Outlook report puts total 2025 aquatic-animal production at ~197 million tonnes (+1.7% YoY) - capture fisheries roughly stable at 92.9 MMT (+0.7%) and aquaculture supplying essentially all of the incremental growth. Export value is forecast to rise further to ~USD 193.3 billion in 2025 (+5%); SOFIAs own preliminary 2025 trade estimate is a slightly more conservative +3-4% off the USD 184bn 2024 base - both point the same direction after 2024s dip from 2022s record USD 192bn.

• Feed-grade aquatic-animal demand is forecast to grow faster than food-use demand in 2025 (+5.8% to 17.4 MMT vs. +1.6% for direct human consumption) - consistent with the fishmeal/fish-oil tightness documented in Section 5.

• Rabobank/Global Seafood Alliances Global Aquaculture Outlook 2026 (published Nov-2025) projects continued but uneven species-level growth for calendar 2026: carp +6% (Chinas food self-sufficiency drive), sea bass/bream +4%, shrimp and tilapia +3%, salmon and pangasius +2% - with Atlantic salmon seeing a "temporary deceleration" as Norway/Chile normalise after an exceptional 2025.

• Rabobank explicitly flags that the continuing shift toward carnivorous, premium finfish species (e.g., Chinas pompano/grouper push) will increase demand for fishmeal even as supply growth stays constrained - directly reinforcing the marine-ingredient supply-shock narrative in Section 5.1.

• Sentiment has improved into 2026: RaboResearch describes the industry as "cautiously optimistic," with easing inflation and resilient demand offsetting continued tariff- and geopolitics-driven trade-flow disruption.

4. INDIAN AQUACULTURE & SEAFOOD INDUSTRY

India remains the worlds second-largest producer of fish, contributing close to 8% of global output. Fish production has more than doubled over the past decade, from 95.79 lakh tonnes in 2013-14 to a record 197.75-198 lakh tonnes in 2024-25 (FY25), an average annual growth of 7.87% since 2014-15 - the fastest of any agriculture or allied sub-sector - driven predominantly by inland fisheries and aquaculture expansion, with average aquaculture productivity improving to approximately 4.77 tonnes per hectare. The sector now supports the livelihoods of an estimated three crore fishers and fish farmers.

• Indias seafood exports reached an all-time high in both volume and value in FY26: according to provisional and subsequently confirmed data released by the Marine Products Export Development Authority (MPEDA), the country shipped 19.72 lakh metric tonnes of marine products worth Rs. 73,890.46 crore (approximately USD 8.46 billion) during the year, growth of roughly 16% in volume and 18% in value over FY25 - achieved despite US tariff headwinds and shipping disruption linked to the Middle East conflict in the closing months of the fiscal year.

• Frozen shrimp remained the dominant product, contributing 66.5% of dollar earnings, while the United States share of exports declined (down close to 20% in volume) even as China, the European Union and Southeast Asia posted strong double-digit growth, reflecting rapid market diversification by Indian exporters.

• Visakhapatnam, JNPT and Kochi were the leading export gateways.

5. Global Fish Protein & Insect Protein Industry

5.1 Fish Protein (Fishmeal & Fish Oil)

The global fishmeal and fish oil market is estimated at approximately USD 8.8-9.9 billion in 2026, with various industry forecasts projecting expansion toward USD 15-19 billion over the coming decade on the back of continued aquaculture growth. FY26, however, has been defined chiefly by an acute, weather-driven supply squeeze. Peru - whose anchoveta fishery alone accounts for roughly 20% of global fishmeal and fish oil supply in a typical year - saw its North-Central anchovy season repeatedly curtailed through the first half of calendar 2026 amid coastal El Nino conditions and an unusually high incidence of juvenile fish, prompting Perus fisheries authority to impose successive fishing bans (including extensions through late May and early June 2026).

Data compiled by IFFO - The Marine Ingredients Organisation (covering members representing roughly 40% of global fishmeal and 50% of global fish oil production) showed cumulative global fishmeal production down 26-28% year-on-year through the first quarter of calendar 2026, with April 2026 output alone down 21% year-on-year; fish oil output fell by a comparatively smaller 12-14% over the same period. This marks one of the tightest global marine-ingredient supply environments in several years and has been directly supportive of realisations for producers with diversified sourcing and processing scale - a dynamic that has visibly benefited Mukka Proteins pricing and margin trajectory through FY26 (see Sections 11 and 14).

5.2 Insect (Alternate) Protein

Insect protein - and Black Soldier Fly (BSF)-based protein in particular - continues to emerge as a credible, ESG-aligned substitute for conventional fishmeal in aquafeed, poultry feed and pet-food formulations, precisely as the fishmeal supply environment described above tightens. Market-size estimates vary considerably by scope and methodology (from under USD 500 million to several billion dollars depending on whether adjacent categories are included), but virtually all industry forecasts converge on very high growth rates, with compound annual growth commonly estimated in the 25%-45% range over the medium term, and the BSF sub-segment specifically forecast to be among the fastest-growing within the category given its unique ability to convert organic waste into protein, oil and compost.

Regulatory support is broadening globally - spanning feed-safety approvals in the EU and elsewhere - while organisations such as IFFO have explicitly framed novel, non-marine feed sources as an increasingly necessary (rather than merely optional) component of the aquafeed supply chain, and industry initiatives such as the F3 (Fish-Free Feed) Challenge continue to push adoption.

6. Indian Fish Protein & Insect Protein Industry

6.1 Fish Protein

India is among the worlds leading exporters of fishmeal and fish oil, drawing on its position as a top-five global aquaculture producer to sustain both domestic feed demand and export volumes. Policy support for the value chain strengthened through FY26: the Union Government reduced import duty on fishmeal and vitamin premixes from 15% to 5%, and on fish oil and algal premix from 30% to 15%, directly lowering input costs across the aquafeed chain, while the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme continued to support exporter margins.

6.2 Insect (Alternate) Protein

Indias domestic insect-based ingredients market remains at an early stage - estimated at roughly USD 45-65 million in 2026 - but is projected to scale to USD 280-420 million by 2035 as regulatory and commercial acceptance of insect meal in aquaculture and poultry feed builds. Industry participants have separately estimated that substituting even 10% of Indias existing fishmeal consumption with BSF-based meal would create a market opportunity of the order of Rs. 2,000 crore, underscoring the scale of the addressable opportunity relative to current capacity.

• Mukka Proteins, along with Ento Proteins & FABBCO, is positioned as one of the pioneers of large-scale BSF-based insect- protein production co-located with municipal solid waste (MSW) processing in India - a model recognised publicly, including a reference to Mangalurus waste-to-value efforts in the Honble Prime Ministers "Mann Ki Baat" broadcast.

7. INDIAN WASTE MANAGEMENT SECTOR

India generates an estimated 1.6-1.7 lakh tonnes of municipal solid waste (MSW) every day - approaching 62 million tonnes annually - a figure projected to rise toward 165 million tonnes per year by 2030 on continued urbanisation, of which wet/organic waste typically constitutes 50%-60% of the stream. Indias broader waste-management market is estimated at approximately USD 13.5-14.3 billion in 2026 (estimates vary meaningfully by scope and provider, with some placing the addressable market considerably higher once recycling, e-waste and resource-recovery categories are included) and is expected to expand at a mid-single-digit to low-double-digit CAGR over the coming decade as processing/scientific-disposal capacity is built out.

• Policy has provided a consistent tailwind: the Swachh Bharat Mission (and its second phase, SBM 2.0, targeting "garbage- free" cities and the scientific remediation of legacy dumpsites), the Solid Waste Management Rules, 2016 (with updated rules mandating multi-stream segregation taking effect through 2026), and a series of state- and city-level programmes have collectively lifted the share of MSW scientifically processed from under 20% to over 78% between FY16 and FY24.

• Legacy-dumpsite remediation and scientific leachate treatment - the specific niche in which Mukka Proteins waste- management vertical operates via its Bengaluru contract - remain structurally under-penetrated relative to the scale of the opportunity, with high entry barriers (technology, regulatory approval, execution track record) that favour early, credible movers.

8. Global Frozen Seafood Industry

9. Indian Frozen Seafood Industry

Indias seafood export basket remains anchored by frozen products, chiefly frozen shrimp, which alone accounted for Rs. 49,037.93 crore (USD 5.62 billion) - 66.5% of total dollar export earnings - in FY26 on shipments of 7.92 lakh metric tonnes, per MPEDA. A structural shift from raw/commodity exports toward higher-value-added formats - IQF, surimi and further- processed frozen products - is increasingly visible across the industry, supported by the easing of US tariff pressure through calendar 2026 (the reciprocal tariff on Indian goods was reduced from a peak of 50% to approximately 18% under the revised bilateral trade framework) after exporters had spent much of 2025 successfully diversifying toward China, the EU and Southeast Asia in response to the earlier tariff shock.

This value-addition shift is directly relevant to Mukka Proteins own Frozen & Value-Added Marine Products vertical (operated through Ocean Proteins Private Limited), which is positioned to capture forward-integration margin as Indias frozen-seafood export mix continues to move up the value curve.

10. UNION BUDGET & POLICY TAILWINDS

The Union Budget 2026-27, presented on 1 February 2026, allocated a record Rs. 2,761.80 crore to the fisheries sector - the highest-ever annual budgetary support for the sector and an increase of approximately 2.15% over the FY26 allocation - of which Rs. 2,530 crore is earmarked for scheme-based interventions. The flagship Pradhan Mantri Matsya Sampada Yojana (PMMSY) received Rs. 2,500 crore, up from Rs. 2,465 crore in FY26 BE and Rs. 2,352 crore in FY25.

• Integrated development of 500 reservoirs and Amrit Sarovars to strengthen fisheries value chains, with market linkages via start-ups, women-led groups and Fish Farmer Producer Organisations (Fish FPOs).

• Duty-free treatment for fish catch by Indian vessels in the Exclusive Economic Zone (EEZ) and on the high seas, with landings at foreign ports to be treated as exports (subject to safeguards against transhipment misuse).

• Higher duty-free import limits for seafood-processing inputs, and continuation of aquafeed input duty cuts (fishmeal/vitamin premix from 15% to 5%; fish oil/algal premix from 30% to 15%).

• Continuation of the RoDTEP export-incentive scheme, and support for approximately 200 fisheries start-ups and 34 identified production/processing clusters nationally.

• A stated ambition, flagged by the Ministry of Fisheries, Animal Husbandry & Dairying, to double fisheries export earnings toward Rs. 1 lakh crore over the medium term.

• Since 2015, cumulative government investment in fisheries schemes (PMMSY, PM-MKSSY, FIDF and the Blue Revolution) exceeds Rs. 39,000 crore; sector Gross Value Added has risen from Rs. 98,190 crore in 2013-14 to Rs. 3.41 lakh crore in 2023-24, a 7.87% average annual growth rate - the fastest among agriculture and allied sub-sectors - underscoring the sustained policy tailwind behind the industry in which Mukka Proteins operates.

11. Company Overview

• Mukka Proteins Limited ("MPL" / "the Company") (NSE: MUKKA; BSE: 544135; CIN: L10207KA2010PLC055771) is one of Indias prominent manufacturers and exporters of fish protein and animal protein, and one of the countrys largest producers of fishmeal, fish oil and fish soluble paste. Over its five-decade history - tracing back to the founding of the Mukka Group in 1977 by Mr. K Abdul Razak - the Company has evolved from a single-product fishmeal producer into an integrated, multi-vertical platform spanning Fish Protein, Alternate (Insect) Protein, Waste Management & Environmental Solutions, and Frozen & Value-Added Marine Products.

• The Company holds an estimated 25%-30% share of Indias fishmeal and fish oil segment by revenue, maintains an export presence across 25+ countries (export revenue represented approximately 79.7% of FY26 revenue), and operates manufacturing and blending facilities across coastal India (Karnataka, Gujarat,) and the Middle East (Oman). MPL listed on the NSE and BSE in 2024. Founder Chairman Mr. K Abdul Razak continues to guide the Company in an advisory capacity; day-to-day leadership is provided by Mr. K. Mohammed Haris (Managing Director & CEO), Mr. K. Mohammad Arif (Whole-Time Director & COO) and Mr. K. Mohammed Althaf (Whole-Time Director & CFO), with Mr. K.S. Balachandra Rao serving as Chairman & Independent Director, supported by independent directors Mr. Narendra Kamath and Mr. Hamad Bava.

12. ADVANCED MANUFACTURING FACIUITIES

As at end-FY26, the Group operated 25 manufacturing units (including third-party/job-work units), of which 17 are owned, inhouse facilities across India and Oman. Group installed capacity comprised approximately 2,91,720 MT per annum of fish meal, fish oil and fish soluble paste; approximately 50,100 MT per annum of frozen and value-added marine products (combined freezing capacity of 167 TPD - comprising 127 TPD of IQF and 40 TPD of blast-freezing capacity - supported by 1,926 TPD of cold storage); an approved waste-management input capacity of 1,400 tonnes per day across Mangaluru (200 TPD), Bengaluru (1,000 TPD) and Kochi (200 TPD) at Black Soldier Fly (insect-protein) processing sites.

The Companys principal operating subsidiaries and joint ventures, include Haris Marine Products Private Limited (100%, Mangalore), Mangalore Fish Meal & Oil Company (90%), Ullal Fish Meal & Oil Company (96%), Atlantic Marine Products Private Limited (50.99%, Jafarabad, Gujarat), Progress Frozen & Fish Sterilization (51%, Porbandar), Ocean Proteins Private Limited (51%, frozen and value-added marine products), Ento Proteins Private Limited (100%, insect protein), FABBCO Bio Cycle and Bio Protein Technology Private Limited (51%, Kerala), Mukka Frozen Impex (51%, Veraval, Gujarat), GSM Marine Export (51%, Gujarat), Pacific Marine Products (31.33%), Ocean Aquatic Proteins LLC (63%, Oman), United Gulf Fishery Products LLC (68%, Oman), and MPL HRC Jathin Ecosolutions LLP (76%, Bengaluru - the waste-management and legacy- leachate-treatment joint venture).

A new international facility is under development in the Aljoubah Industrial Area, Oman, spread over 21,249 sq. mt, expected to add approximately 400 TPD of fish meal, fish oil and paste capacity and to commence operations over the coming quarters, further strengthening the Companys Middle East presence and raw-material access.

Quality and compliance infrastructure includes steam-sterilised, mechanised fishmeal plants, a dedicated blending unit and quality-assurance laboratory in Gujarat, and certifications including GMP+ (Feed Safety), HACCP, ISO Food Safety and ISO Quality Management certifications, Export Inspection Council registration, a China-registered export license, and - newly during FY26 - confirmation of alignment with the MarinTrust Improver Programme.

13. BUSINESS SEGMENTS

13.1 Fish Protein

The Companys foundational business comprises fishmeal (60%-65% protein content, used predominantly - approximately 91% - in aquaculture feed, with the balance across poultry, swine and pet-food applications), fish oil (rich in Omega-3 fatty acids EPA and DHA; used across aquaculture, Omega-3 nutraceutical supplements, and industrial applications), and fish soluble paste (a nutrient-rich by-product used to enhance feed palatability, particularly in shrimp and fish diets). The segment is supported by long-standing global customer relationships, custom/application-specific formulation capability, and an estimated 25%-30% share of Indian fish-protein exports.

13.2 Alternate (Insect) Protein

Through Mukka Proteins, Ento Proteins and FABBCO, the Company operates a Black Soldier Fly (BSF)-based insect- biotechnology platform that converts municipal wet waste into insect meal, insect oil, compost, briquettes and humic acid - positioning Mukka as one of Indias earliest large-scale BSF processors co-located with municipal solid waste sites, and as the official waste-management partner referenced in connection with Mangalurus waste-to-value initiatives. Revenue is earned through municipal fees, with future upside from carbon-credit monetisation following the projects listing on Verra Registry. The Company regards this as an annuity-style, high-entry-barrier environmental-infrastructure opportunity, replicable across other Indian cities. The vertical directly addresses the growing structural need for non-marine feed protein described in Sections 5 and 6.

13.3 Leachate Management & Environmental Solutions

This vertical, centres on municipal leachate processing and large-scale legacy-leachate treatment for government bodies, most notably the Rs. 474.89 crore (ex-GST) contract secured from Bengaluru Solid Waste Management Limited (BSWML) for the scientific treatment and disposal of legacy leachate at the Mittaganahalli and Kannur sites - a first-of-its-kind project at this scale, involving approximately Rs. 100 crore of capex, an approximately six-month build period and a four-year project term.

13.4 Frozen & Value-Added Marine Products

This vertical produces surimi, IQF frozen seafood and blast-frozen products across species including shrimp and prawns, squid, cuttlefish, ribbon fish, croaker, sole fish, pomfret, mackerel and octopus, from an EU-approved, export-oriented facility equipped with Japanese, Taiwanese and Korean processing machinery. The segment represents forward integration intended to enhance raw-material monetisation and margin diversification, serving 10+ global clients across 10+ countries.

14. FY26 Business Highlights

FY26 was a year of both strong financial delivery and material strategic and structural progress across the Companys four verticals.

14.1 Acquisitions & Corporate Restructuring

• Completed the acquisition of Ento Proteins Private Limited (the Companys insect-protein arm) into a wholly owned subsidiary (consideration of Rs. 32.30 lakh; completed February 24, 2026).

• Acquired the remaining 2% stake in Haris Marine Products Private Limited for Rs. 19.64 lakh, making it a wholly owned subsidiary (board approval February 12, 2026; completed April 1, 2026).

• Renamed a subsidiary to MPL HRC Jathin Ecosolutions LLP (March 17, 2026) to house the Bengaluru waste-management and legacy-leachate-treatment joint venture (76% MPL stake).

• Board approval for the incorporation of, and up to Rs. 2.50 crore investment in, Lanka Bio Proteins Private Limited in Sri Lanka (49% stake) for the manufacturing and trading of marine products - the Companys first step into Sri Lanka.

• Continued consolidation activity across Ocean Proteins Private Limited, GSM Marine Export, Mukka Frozen Impex and United Gulf Fishery Products LLC (Oman).

14.2 Certifications & Sustainability

• Received confirmation from Global Trust Certification (NSF), Ireland, of alignment with the globally recognised MarinTrust Improver Programme (announced February 28, 2026) - strengthening supply-chain traceability, responsible- sourcing credentials, and alignment with BAP, ASC and Global G.A.P. standards.

• Listing of the Companys Black Soldier Fly wet-waste-processing project on Verra Registry 3, advancing the pathway to carbon-credit issuance; incremental carbon-credit-eligible capacity approvals taking the total to 1,200 TPD (EPPL 200 TPD + MPL 300 TPD + an incremental 700 TPD approved).

• Continued recognition of the Companys role in circular-economy/waste-to-value efforts in Mangaluru, including a reference in the Honble Prime Ministers "Mann Ki Baat" broadcast; over 1,00,000 tonnes of wet waste diverted from landfill to date on a zero-landfill, zero-leachate basis.

14.3 Orders, Capacity & Capital

• Secured the Rs. 474.89 crore BSWML contract for scientific treatment and disposal of legacy leachate in Bengaluru (see Section 13.3).

• Advanced the upcoming Oman facility at Aljoubah Industrial Area (21,249 sq. mt; approximately 400 TPD), expected to commence operations over the coming quarters.

• Recognised with the 311th ranking in the FT1000 High Growth Companies Asia-Pacific 2025 edition (Financial Times/Statista), and continued recipient of MPEDA export-excellence recognition.

15. FY26 FINANCIAL HIGHLIGHTS 15.1 Financial Performance

FY26 was a landmark year for Mukka Proteins Limited, marked by strong financial performance and significant strategic progress. Revenue from operations increased 44.0% year-on-year to Rs. 1,449.5 crore, while EBITDA grew 30.9% to Rs. 145.3 crore and PAT rose 18.7% to Rs. 57.1 crore. Profitability improved during the year, with Q4 FY26 EBITDA margin expanding by 421 basis points to 12.9% and Q4 PAT growing 52.6% year-on-year. Exports continued to be a key growth driver, contributing 79.7% of total revenue and reinforcing the Companys strong presence across more than 25 countries.

The Company accelerated its transformation into a diversified protein and sustainability enterprise through four strategic verticals: Fish Protein, Alternate Protein, Waste Management & Environmental Solutions, and Frozen & Value-Added Marine Products. During the year, Mukka Proteins acquired Ento Proteins Private Limited and increased its stake in Haris Marine Products Private Limited to strengthen its growth platform. The Company diverted over 1,00,000 tonnes of organic waste from landfills through its waste-to-value initiatives and secured a Rs. 474.89 crore leachate treatment contract from Bengaluru Solid Waste Management Limited. It also advanced the development of its manufacturing facility in Oman, established a presence in Sri Lanka through Lanka Bio Proteins Private Limited, and strengthened its sustainability credentials through alignment with the MarinTrust Improver Programme.

Consolidated Financial Summary

15.2 Consolidated Financial Performance, FY24-FY26

15.3 Key Financial Ratios, FY24-FY26

16. OUTLOOK

Management has articulated an aspiration to more than double consolidated revenue from Rs. 1,449 crore in FY26 to over Rs. 3,000 crore by FY30, driven by continued integration across the Companys four verticals, disciplined organic and inorganic expansion (including the Oman and Sri Lanka initiatives), and backward integration into fishing/raw-material assets.

The near-term operating backdrop carries both meaningful tailwinds and watch-items. On the positive side, the structurally tight global fishmeal and fish oil supply environment (Section 5.1) is likely to remain supportive of realisations through at least the first half of FY27, pending clarity on the pace of recovery in Perus anchovy catch; the fast-growing insect-protein and waste- management categories continue to benefit from strengthening regulatory and ESG tailwinds; the record fisheries allocation in the Union Budget 2026-27 and continued duty rationalisation should support the broader value chain; and the easing of US tariffs on Indian goods should benefit the Companys frozen and value-added seafood exports.

This outlook is necessarily forward-looking in nature and is subject to the risks, uncertainties and assumptions set out in the Cautionary Statement at the end of this section.

17. SWOT ANALYSIS

18. RISKS AND CONCERNS

• Commodity risk: pelagic fish availability/pricing subject to seasonal patterns, fishing bans and El Nino-linked events.

• Leverage risk: current borrowings exceeded total equity at FY26-end; CARE Ratings downgrade to BBB-/A3 (negative outlook).

• Foreign exchange risk given high export revenue share.

• Regulatory/trade-policy risk across multiple export jurisdictions.

• Execution risk on Oman, Sri Lanka and Bengaluru waste-management ramp-up.

• Concentration risk: newer verticals reliant on a limited number of large contracts at this stage.

• Climate/sustainability risk to raw-material availability across the value chain.

19. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has established a robust system of internal controls to safeguard assets, ensure transactional accuracy, and maintain reliable financial records. These controls encompass authorization, recording, and reporting procedures to mitigate risks of loss, misuse, or misstatement.

To enhance the systems effectiveness, the Company employs an independent Chartered Accountant to conduct regular internal audits and assess compliance with statutory requirements. In collaboration with the internal auditor, the finance department undertakes periodic risk assessments across all organizational functions. Potential risks are identified and addressed through appropriate preventive measures based on their severity.

20. HUMAN RESOURCES

A skilled and motivated workforce is essential to upholding our stringent quality and safety standards. Strong employee relations are also crucial for maintaining our competitive edge. To this end, the Company invests in comprehensive training programs to develop a highly skilled workforce. Regular training, competitive compensation, and robust employee welfare initiatives foster a positive work environment and contribute to harmonious labour relations. The total number of employees as on 31st March 2026 are 358 employees.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws. Actual results could differ materially from those expressed or implied, owing to factors including global/domestic economic conditions, raw-material availability and prices, regulatory changes, climatic and geopolitical developments, and other incidental factors. This document does not constitute an offer or invitation to purchase or subscribe for any securities of the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements.