#1GED GED Ventures Portugal #Tech4Purpose 111#2Table of Contents | 03-05 | Why GED? | 06-06 | Why Portugal? | 07-16 GED Tech Growth Fund | 17-20 | Golden Visa | 20-23 | Success stories#3Why GED? GED is an independent and international financial group with a unique value proposition, proven, consolidated and based on the ESG-friendly ethos purpose, present since its foundation and incorporated in every moment of the fund's life cycle GED 26 YEARS OF EXPERIENCE Private company founded in 1996 by Private Equity experienced professionals €1B+ ASSETS UNDER MANAGEMENT 12 active Funds in the areas of Private Equity, Infrastructure and Venture Capital Welcome to Sofia Sofia is an advanced business intelligence and analytics platform for the venture capital and private equity industries GED investment model based on a • human and technological mix Proven, solid and robust track record of returns Investment Ratio 1:170 Sofia Platform – proprietary - software based on Artificial Intelligence to support the identification and monitoring of the best investment opportunities 2x AVERAGE RETURN TRACK RECORD Robust and sustainable average profitability considering the Liquidated funds COHESIVE AND STABLE TEAM Management and investment team cohesive and stable with 20+ years of relevant average experience PRESENCE IN EUROPE, LATIN AMERICA AND USA International projection with capacity to enhance and scale up investments SPECIALIZED NETWORKING Operational support & Advisory Board composed of a network of world-class experts GED way Active management, with permanent advisory in the most diverse areas in order to ensure compliance with metrics and sustainable growth Dedicated management team with robust and proven know-how in R&D and in several technological areas, namely Al, Blockchain, Telecommunications, FinTech, and loT 131 GED GROUP | Why GED?#4Why GED? ESG-friendly ethos - adequate implementation and monitoring of environmental, social and governance metrics promoting the creation of sustainable value and a legacy that will last in the investee, even after the fund's exit GED ESG-friendly ethos Concept INVESTMENT DNA Since its foundation, GED has developed responsible investment strategies and process implementation aimed at the continued improvement of the governance of invested companies, including environmental and social criteria reflected in evaluation and monitoring metrics CONSOLIDATION In 2016, GED joined the United Nations. Principles for Responsible Investment (PRI). One of the results of this commitment was substantiated in the Responsible Investment Report, which analyses the detail of the measures implemented in the GED Group as well as in the companies that are part of the portfolios Signatory since 2016 #PRI Principles for Responsible Investment SUSTAINABLE DEVELOPMENT GOALS FUND LIFE EXIT CYCLE ■ PORTFOLIO INVESTMENT 1. Analysis of opportunities in sectors aligned with the creation of value with sustainability 2. Strict and transversal Due Diligence to established ESG practices 3. Investment Memorandum to fulfill the ESG-friendly ethos purpose PORTFOLIO 1. 100-day plan including ESG sustainability metrics for Investees 2. Monitoring and evaluation of defined metrics and ESG planning 3. Committee meetings and evaluation 4. Annual ESG Reporting & Definition of goals and challenges to be achieved in future years EXIT 1. Transversal support at exit to the Investee, seeking to guarantee the perpetuation of the best management practices 2. ESG Monitoring, Reporting and legacy at the management level 3. Management systems, ESG tools, reporting templates and training. | 41 GED GROUP | Why GED?#5Why GED? Venture Capital team with 20+ years of average experience and with a robust and proven track record in the Research & Development and Technology areas GED Enrique Centelles Echevarría Presidente GED Joaquim Hierro Socio Director Bibi Sattar Marques Socia Portugal Francisco Martín Pérez Socio Javier Artiach Socio Francisco Lino Marques Socio Portugal Jose María Navarro Analista de Inversiones Javier González Manzano Director Inversiones Damien Balsan Isaac de la Peña Socio Socio Rafael Álvarez-Hevia Analista Senior de Inversiones 151 TECHNOLOGY Venture Capital Teams with 20+ years of average venture capital experience and robust and proven track record in R&D and Tech R&D Portuguese team with robust experience in R&D funds and with privileged network of partners and entities of excellence INTERNATIONAL The presence of GED and its partners in various geographies, namely Europe, South America, and the USA, enhances the ability to source, follow, and scale STABILITY Stable team, with low levels of rotation, which allows. cohesion, cross-cutting know-how, and ability to anticipate, manage and act at different stages of economic cycles GED GROUP | Why GED?#6Why Portugal? The spectacular development of the Portuguese ecosystem, the vibrant Tech context and the robust knowledge of the market, motivated GED's decision to open a management company in Lisbon, to dedicate itself to Venture Capital and reinforce the Iberian presence G|E|D A NATURAL STEP FOR GED VIBRANT, DYNAMIC AND TECH ECOSYSTEM ROBUST KNOWLEDGE OF THE MARKET 20+ years of analysis and investments in the Iberian Peninsula and various transactions carried out in Portugal ABILITY TO ENHANCE AND SCALE INVESTMENTS A natural step for GED, leveraging synergies and opportunities in the Portuguese market Talent Highly trained human resources, dynamic and entrepreneurial spirit Tech DNA Ecosystem dedicated to digital & scalable technology Co-Investment Support of various structural programs to promote R&D and investment in Portugal PRIVILEGED PARTNER NETWORK Business sector, private investors, research centers and academia Market Techy with a relevant dimension for a proof of concept Venture Capital Dynamic with an enormous potential. Portuguese Startups are capital efficient 6+ Unicorns One of the highest per capita ratios in the world. Portugal is at the TOP10 in European countries in scientific productivity 1 61 GED Ventures Portugal | A natural step for GED#7GED Tech Growth Fund The current economic context is an exceptional opportunity for Venture Capital funds and especially for those who bet on a technological & digital environment FUNDS WITH TOP PERFORMANCE 10% of the funds (vintage VC) with the best performances invested 70% of its assets in the crisis of 2008-2010 GED EFFICIENT CAPITAL Unprofessional Investment Retracts and Startups continue to need capital: valuations fall average 25% to 50% UNICORNS CREATION Extraordinary companies were founded in adverse years (e.g. Microsoft and Apple 1974, Airbnb and Groupon 2008, WhatsApp and Uber 2009) TECHNOLOGY AS A DEFENSIVE ASSET The financial crises of 2008 and 2015 revealed that investments in technology were the key to balanced portfolios TECH REVOLUTION COVID 19 proved the need for a technological transformation and once again technological startups revealed themselves countercyclical ANTICIPATE THE FUTURE A The pandemic highlighted existing weaknesses, promoting a strategic reorientation for some technological sectors | 7 | GED Tech Growth Fund | Unique opportunity#8GED Tech Growth Fund What are the Key Factors that will influence trends, markets, and behaviors in the next 25 years, and which technological sectors + can benefit from these factors? KEY FACTORS TECHNOLOGIES & SECTORS ESG Health & Wellness Technology consolidation Customer awareness Structural programs Medicine & Quality of Life The pandemic accelerated the digitization of virtual health and the need for self-diagnosis, monitoring, and treatment tools. An integrated medicine, with rigor and that, promotes the quality of life. Biology & Genetic Engineering Personalized and affordable health and a future without outbreaks are the purposes of many biologists. Genetic engineering is one of the most well-known approaches, allowing, with innovative technologies, to study and adapt DNA. Compliance & Transparency The opportunities inherent in using Artificial Intelligence and BlockChain for the legal area and promoting transparency are numerous, from more credible and reliable access to the source data to the democratization of access to the law. Food & Wellness Technology & food are no longer just a duet of an episode of Star Trek, but rather the future of the food chain being built today. From the cultivation process through the monitorization of food or sustainable protein substitutes. Circular Economy & Waste Management The circular economy models that companies are implementing are imperative for the sustainability of the planet. Technological upheave today allows us to find viable solutions and easy integration into the value and production chain. Distribution & Knowledge The demand, awareness, and ability to evaluate consumers have radically transfigured distribution and retail. New sales/purchase paradigms are adopted, where more knowledge about origin and distribution is required. GED 181 GED Tech Growth Fund | Key factors#9GED Tech Growth Fund Investing in technology with purpose, in scalable, capital-efficient business models based on proven technologies and with high growth potential VERTICALS GED #Tech4Purpose Pursuing the group's ESG-friendly ethos, the GED Tech Seed Fund reinforces the commitment to investing with purpose Technologies capable of transforming the world, promoting sustainability across the board and leaving a viable and promising legacy for future generations Technology Focus on 6 priority axes, based on proven technological assumptions supported by key factors Based on similar fundamentals, this diversification allows the systemic absorption of sectorial risk and broadens the potential spectrum of analysis of opportunities and projects Projects Investing in easily scalable, capital- efficient business models that are highly sought after by more advanced stage partners International network for project identification, with extensive experience in the Iberian market. Boost the Portuguese DNA and/or capture valuable projects to develop in Portugal । १ । BIO TECH BT HT HEALTH TECH FOOD TECH #Tech4 Purpose CLEAN TECH LEGAL TECH CT LT FT RT RETAIL TECH GED Tech Growth Fund | #Tech4Purpose#10GED Tech Growth Fund GED II HEALTH TECH POTENTIAL TO ADD $3T (2030) IN ADDED VALUE In the pre-covid context, it grew (last five years) at an average annual rate of 10%, with the size of this market expected to grow by 10x over the next five years, anticipating that it will be a warmer sector in M&A's and IPO's A SECTOR IN EFFERVESCENCE AND WITH EXTRAORDINARY PRESPTECIVES Use of technology to disseminate, empower, and to improve health across the board, from access, through diagnosis, treatment to monitorization, allowing efficient use of resources BIO TECH A MARKET WITH ROBUST GROWTH IN THE COMING YEARS A market valued at $750B+ in 2020, expected by 2028 this sector to have a valuation of more than $2500B, with a substantial increase and sustaining sales in parallel with technological developments BIOTECHNOLOGY TO THE SERVICE OF HUMANITY Enhancing the natural resources and the complex human genetic composition, Bio- Tech is orienting the R&D to improve personalized medicine and an effective reduction of infections FOOD TECH ADDING VALUE: PRODUCTION, PRODUCTION, AND DISTRIBUTION The disruptive power of technology is transforming the food sector (which accounts for 10% of world GDP) by adapting to new requirements, promoting health, and guaranteed the sustainability of this industry REVOLUTION OF PROCESSES AND HABITS, BOOST HEALTH & WELL-BEING Technology with applicability throughout all value chains, from agricultural production, distribution, services and app's, tech applied to confection, production and processing, innovation & optimization in restaurants, and quality control HT BT | 10 | FT GED Tech Growth Fund | Verticals#11GED Tech Growth Fund GED RETAIL TECH CLEAN TECH LEGAL TECH II RETAIL TECH INVESTMENT WITH NEW MAXIMUM IN Q2 21 Financing, in Q2 of this year, reaches $31.5B, proving the capital of the transformation of the sector that seeks to take advantage of the tremendous advances of Artificial Intelligence, Blockchain, Automation, and Augmented Reality FROM THE SHOP EXPERIENCE UP TO EFFICIENT DELIVERY AT HOME The growing investment observed in recent years seeks to solve the medium and long- term challenges. Sub-verticals: In-Store Tech; E-Commerce; Loyalty, Logistics and Supply Chain Programs; On-demand; Delivery ONE OF THE PRIORITY TECHNOLOGY SECTORS Consolidated in the assumptions of the Circular Economy, CleanTech guarantees the efficient and sustainable use of resources and makes the concept of the smart city a reality, being one of the evident targets of structural programs PROMOTING SUSTAINABILITY, MINIMIZING IMPACTS ON NATURE "Clean" technologies: reducing emissions; promoting energy efficiency; sustainable consumption of natural resources. It includes: circular economy; clean energy; and smart cities BLOCKCHAIN AND AI ARE REVOLUTIONIZING THE SECTOR Massive ability to analyze various processes, identify the probability of success of actions, reliability of the data are some ingredients that have convinced the large law firms to adopt LegalTech PROMOTES COMPLIANCE, LEGAL AND TRANSPARENCY The most diverse techniques that support the activity of lawyers and promote good legal practices, from digital archive, intelligent process analysis, monitoring and regulation, remote work and secure information sharing RT CT | 11 | LT GED Tech Growth Fund | Verticals#12GED Tech Growth Fund Proprietary investment model, based on ESG best practices, with proven, solid and robust history of returns... this is the GED way INVESTMENT MODEL ACTIVE MANAGEMENT INTERNATIONAL PROJECTION PORTUGAL PROJECT Dedicated local team with operational support of the group structure Investment with criteria in scalable equipment, products or services appropriate to market requirements and needs Proprietary investment process based on a human and technological mix that allows. speed & quality Bet on global leaders, aligned and committed to ESG-friendly ethos values Enhance value with the implementation of objective metrics and an active involvement of the Management team of GED Ventures Permanent advisory in the most diverse areas (legal, logistics, marketing, financial and HR) to sustain growth Iberian dimension, with effective projection with Spanish and Portuguese companies. Active presence of the GED group and its funds in Europe, the USA and South America Close partnerships with investors and other private and institutional funds 25 years of proven experience in investment processes, development & divestment Talent, quality training and DNA Tech ecosystem Attraction of international projects to be developed in Portugal Market with relevant dimension for proof-of-concept Comparative valuation capital-efficient companies - Support of various structural programs for the promotion of R&D GED | 12 | GED Tech Seed Fund | GED way#13GED GED Tech Growth Fund SALES ENTREPRENEURS EQUITY CROWDFUNDING & CROWDLENDING INCUBATORS ANGELS FFF Seed Capital VCS, ACQUISITIONS/MERGE & STRATEGIC ALLIANCES Later Stage Early Stage Valley of Death Break even I I 2nd 3rd TIME | 13 | Mezzanine IPO PUBLIC MARKET Secondary Offerings INVESTMENT PHASE GROWTH Capture of the best projects already in the post-proof phase of concept and with lower mortality rates Easier and faster monetization Faster international scalability, enhancing the privileged channels of the GED group Exit: Appetite for larger funds, notably in the US GED Tech Growth Fund | Investment phase#14GED Tech Growth Fund GED GED PROPRIETARY INVESTMENT PROCESS BASED ON A HUMAN AND TECHNOLOGICAL MIX 6.000+ investments for exploratory assessment Qualification 750+ face-to-face meetings of perception Meeting Analysis 150+ startups analysis moment III 30+ negotiation phase Term Sheet Prior identification of metrics, ESG guidance, business model, scalability potential and maturity adjustment Face-to-face meetings for analytical & quantitative issues, but also for emotional & qualitative measurement Rigorous multidisciplinary scrutiny, in 3 moments, involving across the various teams of the GED group, partner network and advisory board Negotiation of terms and governance model, unambiguous definition of objectives, implementation of ESG metrics and binding Due Diligence period 1:170+ ratio Thorough legal verification by the team of lawyers & analysis to validate information Due Diligence and identify potential risks 15-25 Conclusion Number of investments planned to be made with an average ticket between €2M and €5M | 14 | GED Tech Growth Fund | Investment process#15GED Tech Growth Fund GED POTENTIAL INVESTMENT TARGETS #01 Sector FOOD TECH Where Spain #02 Sector FOOD TECH Where Tailor-made meals delivery (using Artificial Intelligence) in the office and at home, considering preferences and health, using only fresh and local ingredients, using 100% recyclable packaging Portugal / Center Technological method, based on energy, is applied to the food industry, namely in the production of juice, wine, and olive oil, allowing to increase the extraction, the longevity of the product, and reduce the use of water and electricity #03 Sector FOOD TECH Where Spain #04 Using innovative extraction and purification technologies (plants), this company can obtain premium ingredients to improve quality, durability, and added value to finished products Sector HEALTH TECH Where Portugal / North This innovative technology is used to treat one of the most complex diseases through Artificial Intelligence, which adjusts and adapts the treatment when it occurs #05 Sector HEALTH TECH Where Spain An innovative method uses Artificial Intelligence for early detection of cardiovascular diseases through noninvasive diagnosis and focus monitorization Sector #06 HEALTH TECH Where Portugal / South Based on Augmented Reality and Artificial Intelligence, this company has an innovative solution that supports doctors at the time of surgery, promoting guidance and accuracy #07 Sector BIO TECH Where Spain #08 This company develops state- of-the-art technology for the design of medicines through proprietary software, allowing detailed descriptions, innovative and differentiating molecules Sector LEGAL TECH Where Portugal / Center This company wants to consolidate digital credentials based on blockchain by ensuring the fight against fraud and promoting transparency through digital certificates generated by accredited authorities (cryptographic guarantee) #09 Sector RETAIL TECH Where Portugal / North A disruptive and innovative system that allows optimizing (increased quality and certainty) one of the oldest production processes in the world, reducing waste and time #10 Sector CLEAN TECH Where Portugal / Center Technology applied to a renewable raw material, which allows a safe and non- polluting way to replace plastic (specific product) | 15 | Pipeline 600+ GED Tech Seed Fund | Investment Targets#16GED Tech Growth Fund Timeline GED PROFILE | GED TECH GROWTH FUND, FCR - Class B DIMENSION/ SUBSCRIPTION STRUCTURE MATURITY DURATION PHASE INVESTMENT VERTICALS TICKET SIZE MANAGEMENT Target: €100M / Minimum subscription: €50,000 December 2029 (+ 2 years of optional extension) 8 years 5 Investment + 3 Divestment = Growth Health Tech, Bio Tech, Food Tech, Clean Tech, Retail Tech e Legal Tech 15 to 25 investments / €2M TO €5M 1,875% FEES SET-UP 3% (only 1x) PERFORMANCE 20% (After Hurdle rate 5%) with catch-up INVESTMENT DIVESTMENT EXTENSION (optional) 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 SUBSCRIPTION | 16 | GP COMMITMENT €1M GED Tech Growth Fund | Profile#17Golden Visa: Investment Opportunity In August 2012, the Portuguese Government created a regime for granting and renewing Residence Visas - Golden Visa ("GV") to third-country nationals wishing to invest in Portugal GED GOLDEN VISA FRAMEWORK INVESTMENT DECISION Venture Capital Funds The most attractive investment to obtain a GV eligibility is through a Venture Capital fund There are different investment modalities for GV eligibility. The most attractive on investment value, associated costs, risk diversity and potential returns is through a Venture Capital fund GV program benefits Live, study or work in one of the safest countries in the world. and free movement in Europe By obtaining the GV visa, the investor benefits from the freedom to reside, study and work in Portugal, move freely in Europe, particularly in the Schengen area, and the possibility of acquiring citizenship after 5 years Investor & direct family members The qualified investment in GV attributes equal benefits to the investor's family members Family: Spouse (or legal partner), children under 18 years of age or children under 26 years (single and enrolled in full-time educational institutions), country of conjugates 1 and siblings under 18 years old €500k investment The revision of the law that took place at the end of 2020 establishes that from 1 January 2022, an investment amount equal to or greater than €500k, intended for the acquisition of participation units in Venture Capital funds for the capitalization of companies (and at least 60% in companies / start-ups based in Portugal), is eligible as an investment to obtain GV Real Estate in Lisbon and Porto is no longer eligible Additionally, and to contain real estate speculation, the purchase of real estate in the cities of Lisbon and Porto, as well as in any area of the coast, is no longer eligible as an investment to obtain GV 1 parents of any spouse who is over 66 years of age (or over 55 but registered as dependents 2 siblings under the age of 18 if they are the responsibility of any of the spouses | 17 | GV: Investment Opportunity | Context#18Golden Visa: Investment Opportunity Simplified and consolidated process with 10,000+ residence permits (GV) granted, representing 17,000+ household families. INVESTMENT PROCESS FUND + OBTAINING GOLDEN VISA GED VENTURES 1. DECISION OF AMOUNT 2. SUBSCRIPTION OF INVESTMENT GED TECH GROWTH FUND LEGAL REPRESENTATIVE APPOINTMENT OF LEGAL ACCOUNT OPENING IN BANK BASED REPRESENTATIVE IN PORTUGAL GED | 18 | 3. DOCUMENTS VALIDATION AND INVESTMENT APPROVAL 4. CAPITAL TRANSFER TO THE FUND ACCOUNT 5. DOCUMENT EMISSION FOR GV SUBMISSION PROCESS SUBMISSION OF THE PROCESS IN THE SERVICE OF FOREIGNERS AND BORDERS GV: Investment Opportunity | Process#19Golden Visa: Investment Opportunity Portugal offers unique conditions to its investors who can reconcile extraordinary investment opportunities with unmatched safety and quality of life GED PORTUGAL = STABILITY, SECURITY AND FUTURE 9TH / WORLD RANKING FREEDOM OF THE PRESS 4TH/INDEX GLOBAL PEACE GEOSTRATEGIC POSITION EU MEMBER TOP 10 / COUNTRIES WITH THE BEST HIGHWAYS 4TH / OECD WITH HIGHEST RATIO OF RESEARCHERS IN SCIENCE AND ENGINEERING 60% / OF THE ENERGY PRODUCED, ORIGINATES FROM RENEWABLE SOURCES TAX BENEFITS FOR NON-RESIDENTS 0% INCOME DISTRIBUTION 0% EXAMPLE INVESTMENT €500K CAPITAL GAINS DISTRIBUTION €500k PREDICTABLE COSTS | 19 | UNFA UNFAVOURABLE 1x PROFITABILITY SCENARIOS €1.3M €900k MO 2x MODERATE TARGET 3x GV: Investment Opportunity | Example#20Success Stories CONEXO, GED group's active venture capital fund, has extraordinary results in less than 3 years of activity GED CONEXO -VENTURES POWERED BY GED CAPITAL PROFILE INVESTMENT FOCUS Software based on scalable models with high growth potential, using advanced artificial intelligence techniques, focusing on the following sectors: Cyber Security, Marketplace & Payments, FinTech and InsurTech, Communications & 5G and Cloud & Remote Work ✓ KUSHKI simplecloud PORTFOLIO feedzai bnext CATANI bluemarble IN LESS THAN 3 YEARS... The Conexo Fund has already completed 13 investments, analyzed more than 12,000+ potential opportunities, mainly from Spain and Portugal, building a robust pipeline that could lead to around 20+ investments by the end of 2022 حه vonzu | 20 | ✓ CLIMATETRADE galgus Pridatect TROOP Success Stories | Conexo#21Success Stories Some examples of a history of 25+ years of robust, regular and consistent successes of the GED group and its Partners GED 3SCALE О ○ LoopPay payshop gestión tributaria territorial redhat. Pay SAMSUNG pay Mobeewave Apple MOBILE PAYMENTS → gtt SaaS IN-STORE POS API SOFTWARE Sold to Apple (2020) Sold to Ana Cap (2020) Sold to CTT Correios de Portugal (2016) Sold to REDHAT (2016) Startup USA Company Spain Startup Portugal Exit 3x Investment Exit 3x Investment Exit 3x Investment | 21 | MOBILE WALLET Sold to Samsung (2015) for $250M Startup Spain Exit 6x Investment Startup USA Exit 10x Investment (approximately in 2 years) Success Stories | Track Record#22Success Stories Proven multisectoral experience, focusing on technology-based companies and projects with innovative proposals Password Bank indisys: Identity the right way Intelligent Dialogue Systems EMPOWERING MOBILE PROFESSIONALS ✓ Symantec intel® CYBERSECURITY INTELLIGENT DIALOGUE SYSTEMS ROAM DATA™ ingenico aWorldline brand Пtvtel PORTUGAL PT TELECOM TELECELT COMUNICAÇÕES PESSOAIS, S.A. → vodafone MOBILE POS for SMEs SATELLITE E CABLE TV TELECOMMUNICATIONS Sold to SYMANTEC (2013) for €25M Sold to INTEL (2012) for €26M Sold to INGENICO (2012) for €100M Sold to PTelecom (2008) for €120M IPO Lisbon (1996) Today is the Vodafone Portugal Startup Spain Exit 10x Investment Startup Spain Exit 8x Investment (approximately in 2 years) Startup USA Exit 12x Investment Startup Portugal Exit 15x Investment Startup Portugal Exit 9x Investment GED | 22 | Success Stories | Track Record#23Disclaimer GED This document (the "Presentation") has been prepared by GED Ventures Portugal - Sociedade de Capital de Risco, S.A. (the "GED"). It is presented as introductory information to the GED Tech Growth Fund (the "Fund"). The Fund and its Management Regulations are registered with the Securities Markets Commission ("CMVM"), according to Law No. 18/2015 and CMVM Regulation No. 3/2015, which regulates Venture Capital entities. The Presentation was not registered with the CMVM and is made available only for informational purposes, not constituting a public, commercial, or marketing offer following Portuguese law, nor does it integrate the legal documentation of the Fund. Thus, any investment decision in the Fund should be adjusted to the investor's profile, requiring, according to the circumstances, prior legal, fiscal, and financial advice, made solely based on the provisions of the information leaflets and regulations and/or management agreement (the "Legal Documentation"), registered with the CMVM. GED or any third party does not assume any responsibility for the accuracy of the information contained in the Presentation. Content may be subject to change without notice. The Presentation has been transmitted to a limited number of investors on a strictly confidential basis. Accordingly, it shall not be copied or distributed to any entity without prior written permission from the GED. | 23 | GED | Disclaimer