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Investor Presentaiton

A company can be demerged (divided) through: • demerger by the formation of new companies; . demerger by acquisition; . • spin-off connected with new company formation; spin-off by acquisition; a combination of the options mentioned under either the first two or the following two. Upon the demerger of a company by formation of new companies or by acquisition, the company being demerged ceases to exist without liquidation, while in a demerger by spin-off, its existence continues. 133

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