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17/03/54111
1
Pruksa Real Estate Pcl. 17 March 2011
17/03/5422
Contents
Section 1 : Company Highlights & AdvantagesSection 2 : Strategic Planning & Product Performance
Section 3 : Financial Performance
17/03/543
Vision
“Pruksa is one of the top ten residential real estate companies in Asiafocusing in World Class Quality Management with strong fundamental and sustainable growth. We maximize customers and employees satisfaction and returns to shareholders and uphold the social responsibilities in all the countries we do business in.”
Goals
Be one of the top ten residential developers in Asia
Generate at least 25% per year revenue growth
Generate at least 18% net margin
Revenue hit 100,000 million Baht by 2017
Corporate Vision and Goals
3
17/03/544
A Successful Road Map
20 April 1993Pruksa Real Estate founded by K.Thongma
Dec 2005Registered as a Public Company Limited and listed on SET
2006
Implement SBU strategy in organization
2007First condominium transferring
2008Presale - THB 16 bn
2009 # 1 in ThailandPresale - THB 23 bnRevenue - THB 19 bn
2004Built “Precast Concrete Factory” a newconstruction technology in Thailand – 260 houses / mo.
2010 Upgraded to be A byTRIS
2010 Still # 1 in ThailandPresale – THB 38.75 bnRevenue – THB 23.4 bn
2010 Launched Internationnal booking in Maldive, India
2011 - New PrecastFactory adds another 430 house / mo.
17/03/545
Dis
tingu
ishe
d P
rodu
ctio
n
Proven right and unique business model providing competitive advantages
Being an integrated developer, we control costs, time, qualified material with no mark-up paid to main contractors.
Construction time for low-rise = 45 - 60 days. Business cycle competitive advantage 209 days in 2005 / 111 days in 2008 / 91 days in 2009 / ~ 115 days in 2010
Wide Product Coverage (area, type, design and price)
Hig
h G
M, F
ast g
row
th
High Gross margin of 38 % in 2009 – 10
108% Asset Turnover in 2009, 88% in 2010
Strong growth in asset, triple from 2007 to Bt. 34 billion in 2010
Healthy Financial Condition during growth
On-
goin
g St
aff D
ev.
Continuous product Development to meet “Real Demand”
Divide PS into Special Business Unit to allow effective “Brand Management” on its own
Diversify SBU strategic plan including International business to support long term growth.
Strong team with company’s culture to promote on-going development
Distinguished Property Developer
5
17/03/546
4 Competitive Strengths
3) Strong Platform and Strategy3) Strong Platform and Strategyto capture Growthto capture Growth
1) Unique Business Model1) Unique Business Model
Creating Strong Barrier to EntryCreating Strong Barrier to Entry
4) FAST growth, 4) FAST growth, HIGH Asset Turnover HIGH Asset Turnover SHORT Cash CycleSHORT Cash Cycle
2) Dominant Player in large “Real Demand” Market Segment
17/03/547
Organization Organization StructureStructure
DeveloperDeveloper+Contractor+Contractor
+Manufacturer+Manufacturer
Customer ValueCustomer ValueProduct/Project/ServiceProduct/Project/Service
+Cost Leadership+Cost Leadership+Price Leadership+Price Leadership
CondominiumCondominiumCompetitive Pricing ModelCompetitive Pricing Model
&&Good Customer ValueGood Customer Value
SingleSingle--Detached HouseDetached HouseCompetitive Pricing ModelCompetitive Pricing Model
&&Good Customer ValueGood Customer Value
Town HouseTown HouseCompetitive Pricing ModelCompetitive Pricing Model
&&Good Customer ValueGood Customer Value
Catch upCatch upNew LifestyleNew Lifestyle
HighHighWorking CapitalWorking Capital
LongLong--TermTermGrowthGrowth
Business Business ProcessProcess
Positive Positive Cash FlowCash Flow
UnlimitedUnlimitedBusinessBusiness
ExpansionExpansion
BarriersBarriersTo EntryTo Entry
To beTo beNo.1No.1
DeveloperDeveloper
Integrated DeveloperIntegrated Developer
(Low Rise+ High Rise)(Low Rise+ High Rise)
Modern Trade DeveloperModern Trade Developer
(Low Rise : TH, SDH)(Low Rise : TH, SDH)
Portfolio ManagementPortfolio Management
(High Rise : Condominium)(High Rise : Condominium)
Effective Integration
leads to Penetration Pricing
Possibility with
Competitive Customer Value
PS Unique Business ModelPS Unique Business Model
Uniqueness : Right / Mass Production at low cost thus barrier to entry
7
17/03/548
Special Technology & Mass ProductionSpecial Technology & Mass Production
Being a technology leader and market leader has enabled Pruksa to have mass production capability
To reduce production time and number of skilled labour which leads to cost efficiency
To produce consistent and high quality products
17/03/549
Tunnel System: for TH Construction
17/03/5410
Precast Factory & advantages
Precise and sustainable quality control
Minimum material and product waste
Shorten production period
Facilitate and speed up erection at site
Faster handover time to customer
Reduce labour cost
Minimum labor
Less dependence on skilled labor
Continuous production in all season
Flexible product range
Able to control pollution
17/03/5411
Plant Production Line Output ExpectedCapacity / Month
PCF 1(Carrousel I)
Semi Automated Carrousel System
House Wall 76,000
square metre(gross area) equiv.to
260 house unit
PCF 2(Fence Factory)
Fixed Mould System
House Fence 2,600 cubic metre
or equiv.to
1,200 house fence
PCF 3 (Slab & Special Element Factory)
Fixed Mould System
Slab & Special Element for House
4,800 cubic metre
or equiv. to
690 house unit
PCF 4(Condo & Façade
Factory)
Fixed Mould System
-Condominium walland Façade
-Townhouse Facade
16,000 square metre
or equiv.to
320 units
2,000 square metre
or eqiv.to
900 house unit
PCF 5(Carrousel II)
Fully automated Carrousel System
House Wall 126,000
square metre
(gross area) equiv. to 430 house unit
All plant summary – Total 690 Units / month
17/03/5412
Market Access- Large & Real Demand market segment
Dominance in Large & Real Demand market segment
17/03/5413
4691 6194 6,0898,337
3,316 3,454 3,198 2,667
12,6351090
1284 1,7382,364
680 685 613
2,660
1582 1,572
1,399
1,983
5,368
682
1001,391
1,144 850
5,8819,060 9,399
12,100
6,1195,3874,168
5,191
20,865
0
5,000
10,000
15,000
20,000
2006 2007 2008 2009 Q1'10 Q2'10 Q3'10 Q4'10 2010
TH Booking SDH BookingCD Booking Maldives CD India SDH, TH
5,386 56356,824 7,651
2,096 2,360 1,7032,991
9,150
1182 1,396
1,6681,870
748 696327
645
2,416
43
421
1,728
528
1,283
227243
285
11,24912,849
3,2832,273
3,9213,372
8,913
7,0746,568
0
5,000
10,000
2006 2007 2008 2009 Q1'10 Q2'10 Q3'10 Q4' 10 2010
CD transferSDH transferTH transfer
Unit booked and TransferredUnit booked and Transferred
Q4’10 : Low-rise Highest Transfer Ever
17/03/5414
New House Registration & PS transfer
145,355
79,757 75,53085,579
94,977105,152
117,937
50,808 50,189
61,562
75,35982,455
12,84911,2498,9136,568 7,074
0
50,000
100,000
150,000
'97 '06 '07 '08 '09 '10
Tot. new houses registered
Built by developers
PS unit transferred
Bubble econ.
17/03/5415
15
16%15%13% 13%
14%14%
0%
10%
20%
30%
'05 '06 '07 '08 '09 '10
34%48%
35%42%
71% 66%
0%
20%
40%
60%
80%
100%
'05 '06 ' 07 ' 08 '09 '10
21%17%
4%7%
12%9%
0%
10%
20%
30%
40%
50%
'05 '06 '07 '08 '09 '10
0.2% 2.2%3.2%1.2%
0%
5%
10%
15%
20%
' 07 ' 08 '09 '10
Dominant in real demand SegmentHighest Unit Market ShareHighest Unit Market Share (houses built by developers)(houses built by developers)
PS 12,849 / total 82,455 units
PS 2,416 / total 11,461 units PS 1,283 / total 57,167 units
PS 9,150 / total 13,827 units
17/03/5416
Solid Platform and Strategy to capture GrowthSolid Platform and Strategy to capture Growth
1) Maximize Market / Value Share of TH by Expanding 1) Maximize Market / Value Share of TH by Expanding into City TH Segment/ New Coverage Areas (Push into City TH Segment/ New Coverage Areas (Push Market Growth by Expanding new TH Segment)Market Growth by Expanding new TH Segment)
2) Focus on Growing Revenue from Medium2) Focus on Growing Revenue from Medium-- priced SDH/Mediumpriced SDH/Medium--highhigh--priced SDH by priced SDH by Expanding new SDH SegmentExpanding new SDH Segment
3)3) Expand into Condominium Segment with Expand into Condominium Segment with Optimum RisksOptimum Risks
Rapid growth of city CD / city THRapid growth of city CD / city TH
17/03/5417
Fast growth, High Asset T/O
11,095
16,29218,871
34,211
2,8896,182 5,848
18,948
8,20610,110
13,02315,263
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2007 2008 2009 2010
Million BahtAssets Liabilities Equity
13% 17% 19%13%17%
26%19%
15%
34%
88%
108%
89%95%
25%31%
18%14%
37%31% 32%
0%
50%
100%
2007 2008 2009 2010
Avg. Asset Turnover Avg. Return on Asset Avg. Return on Equity
Net Profit Margin Dividend Payout Ratio
17
17/03/5418
Contents
Section 1 : Company Highlights & Advantages
Section 2 : Strategic Planning & Product Section 3 : Financial Performance
1919
Modified & Additional Revenue Platform in 2009
2010PS Business Platform 2010 –
2011 Strategic Direction
ZoneSub Urban Connecting In-Town
CBD(Near MRT/BTS/Density Area)
2-Storey SDH : 3 -5.0 MB
2-Storey SDH
Condo1.5 –
3.0
MB
5-Storey Condo
2-Storey TH1.2 –
2.0 MB
Niche market
2-Storey TH
2-StoreySemi-DH
Mixed UsedTH+Semi-DH
+SDH
Upcountry
PS Brands & Locations
2-Storey SDH
International
India: India:
BangalorBangalor
ee
Re-Design &
Re- Location
New Business
BOI
- CondoCondo: 0.7-1.0 MB
Nakornpathom
Vietnam:
Hai
Phong
/New Brand/New BrandNew Business/New Business/SDH 5-10 MB
2-StoreySDH
3 Storey TH
: 3-5 M฿
Samutsakorn
0.7-1.4 MB
Condo 3-10.0
MB
Condo
2.0-6.0 MB
Maldives:Maldives:HulhumaleHulhumale
0.8–1.5 MB
Condo1.8-
3.0 MB.
2-
Storey
TH1.8-
3.0 M
฿
Chonburi
Ayutthaya
PhuketPhuket
theme
2-3 Storey TH2.0-4.0 M฿
2-Storey TH2.0-3.0
M฿
0.8–1.5 MB
Condo 3.0-5.0
MB
Per UnitPrice (M฿)
0.5 -
0.7
0.7 -
0.9
0.9 –
1.0
1.0 –
1.4
1.4 –
1.8
2.0 -
2.5
2.5 –
3.0
3.0 –
5.0
5.0 –
10.0
1.8 –
2.0
17/03/5420
MiddleMiddle--low income low income
Low income Low income
1.6 1.6 ––
2.0 / unit2.0 / unit
0.6 0.6 --
1.2 / unit1.2 / unit
Low income Low income 1.0 1.0 --
1.5 / unit1.5 / unit
The ConnectThe Connect
Baan Baan PruksaPruksa
PruksaPruksa
VilleVille
The Plant The Plant CitiCiti Stylish Middle income 2Stylish Middle income 2--3 Storey 3 Storey 2.0 2.0 ––
4.0 / unit4.0 / unit
Brand & Segmentation of Pruksa: Townhouses
UrbanoUrbano Stylish Middle income 2 Storey Stylish Middle income 2 Storey 1.8 1.8 ––
2.7 / unit2.7 / unit
PruksaPruksa
TownTown Stylish Middle income 2 Storey Stylish Middle income 2 Storey 1.5 1.5 ––
2.8 / unit2.8 / unit
BrandBrand SegmentSegment Price (mil. Bt)Price (mil. Bt)LogoLogo
20102010
SilvanaSilvana
(in Bangalore)(in Bangalore) Middle income Middle income Start @ 2.5 / unit Start @ 2.5 / unit
17/03/5421
MiddleMiddle--High income High income
MiddleMiddle--low income low income
2.5 2.5 ––
10.0 / unit10.0 / unit
2.0 2.0 ––
3.0 / unit3.0 / unit
PassornPassorn
PruksaPruksa
VillageVillage
The PlantThe Plant Middle income (Stylish SDH) Middle income (Stylish SDH) 3.0 3.0 ––
6.0 / unit6.0 / unit
Brand & Segmentation : Single Detached HousesBrandBrand SegmentSegmentLogoLogo
MiddleMiddle--low income low income 1.9 1.9 ––
3.0 / unit3.0 / unitPruksaPruksa
NaraNara
Building process with precast
Price (mil. Bt)Price (mil. Bt)
SilvanaSilvana
(in Bangalore)(in Bangalore) Middle income Middle income Start @ 3.2 / unitStart @ 3.2 / unit
PruksaPruksa
PuriPuri Middle income Middle income 2.5 2.5 ––
3.5 / unit3.5 / unit
17/03/5422
BrandBrand SegmentSegment Price (mil. Baht)Price (mil. Baht)LogoLogo
MiddleMiddle--High income High income 1.5 1.5 --
10.0 10.0 MBtMBt
/ unit/ unitIVYIVY
Low incomeLow income 0.5 0.5 --
0.8 0.8 MBtMBt
/ unit/ unitCity Ville CondoCity Ville Condo
The SeedThe Seed Middle income Middle income ((Stylish Condo)Stylish Condo) 1.4 1.4 ––
7.0 7.0 MBtMBt
/ unit/ unit
Brand & Segmentation : Condominiums
Be youBe you MiddleMiddle--Low income Low income 0.8 0.8 ––
1.5 1.5 MBtMBt
/ unit/ unit
624 624 CondoletteCondolette MiddleMiddle--Low incomeLow income 0.8 0.8 ––
1.0 1.0 MBtMBt
/ unit/ unit
Middle Middle --Low incomeLow income 0.8 0.8 ––
2.2 2.2 MBtMBt
/ unit/ unitThe TreeThe Tree
ChapterChapter
OneOne
UrbanoUrbano
CondoCondo
0.9 0.9 ––
2.0 2.0 MBtMBt
/ unit/ unitMiddleMiddle--Low income Low income
MiddleMiddle--High income High income
FUSEFUSE MiddleMiddle--High income High income
2.5 2.5 ––
8.0 8.0 MBtMBt
/ unit/ unit
2.7 2.7 ––
8.5 8.5 MBtMBt
/ unit/ unit
CondoletteCondolette 2.5 2.5 ––
7.0 7.0 MBtMBt
/ unit/ unitMiddleMiddle--high income high income
Coral Ville (Maldives)Coral Ville (Maldives) MiddleMiddle--High income High income Equiv. to 3.5 Equiv. to 3.5 ––
4.3 4.3 MBtMBt
/ unit/ unit
17/03/5423
CEO
CBO2 CBO3CBO1
SBUConnect
SBUPV1
SBUPKV
SBUPK
SBUPT
SBUCD1
SBUPS
SBUCD2
SBUCD4
SBUSD3
SBUCD3
IB :India
Maldives
COO CFRO CSO
PRECAST
R & D
KaysornConstruction Co.
IB :VN
.
A/C, Fin.
Fin. Planning
IT
IR
HRM
HRD
BusinessSupport
Business Process
Highly Skilled & Experienced ManagementTeam in each Market Segment
Interchangeable Management Team
Strong Team Synergy
Townhouse Single Detached H. Condo.Condo. SDH IBIB
Business Development
Team
SupportingTeam
23
Land Acquisitions,Purchasing
17/03/542424
Section 1 : Company Highlights
Section 2 : Strategic Planning & Product Performance
Section 3 : Financial Performance
17/03/5425
TH : 11,533TH : 14,404SDH : 3,597
SDH : 9,020
SDH : 13,543
CD : 3,677
CD : 6,447
TH : 6,064 TH : 7,414TH : 11,604
TH : 17,034SDH : 5,097
SDH : 6,448
SDH : 8,679
CD : 3,985
CD : 4,721
CD : 12,342CD : 9,462
Inter : 2,000
Inter : 699 Inter : 4,545
2007 2008 2009 (Actual) 2010 (Target) 2010 (Actual) Target 2011
22,774 MB.22,774 MB.
16,188 MB.16,188 MB.
13,646 MB.13,646 MB.
29,000 MB.29,000 MB.
38,753 MB.
100%
38,753 MB.
100%
42,000 MB.
100%
42,000 MB.
100%
2011 Presale Target
Growth +19%
Growth +41%
Growth +27%
Target +34%
Growth +70%
Growth +8%
2%
32%
22%
44%34%
32%
23%
11%
Growth -15%
Growth +56%
Growth -23%
Growth +551%
India : 2,515 MB.Maldive : 1,030 MB.Vietnam : 1,000 MB.
Growth +47%
Growth +35%
Growth +161%
17/03/5426
India : 660MB.Maldive : 982 MB.Vietnam : 800 MB.
TH : 5,149TH : 7,536
TH : 9,820 TH : 10,808
SDH : 4,969
SDH : 5,528
SDH : 8,362
CD : 43
CD : 563
CD : 3,430
TH : 13,040TH : 11,949
SDH : 12,292
SDH : 7,672
SDH : 3,862
CD : 4,226
CD : 3,608
CD : 3,596
Inter : 2,442
Inter :, 1,400
Other : 65
Other : 38
2007 2008 2009 2010 (Target) 2010 Actual Target 2011
19,033 MB.19,033 MB.
13,034 MB.13,034 MB.
9,093 MB.9,093 MB.
24,000 MB.24,000 MB.23,280 MB.
100%
23,280 MB.
100%
32,000 MB.
100%
32,000 MB.
100%2011 Revenue Target
Growth +43%
Growth +46%
Growth +26%
Target -3%
Growth +22%
Growth +37%
Other : 90 15%
33%
52%
13%
38%
41%
8%
Growth +9%
Growth +59%
Growth +17%
Growth +23%
Growth +0.33%
Growth +38%
17/03/5427
Thane: Mumbai50 : 50
Bangalore100%
On going and upcoming projects
International : India overview
17/03/54282817/03/54
Bangalore
100% own
- Type: TH, SDH (~ 438 units)- Project Value: Bt. 1,600 m- 1st phase Soft launched in Nov. ’10 ~ Bt. 500 m- As of Feb 16. the accum. booking hits 56 units or ~ Bt. 255.2 m- Grand opening will be in Sep’ 11 when all facility is ready.
Mumbai50% JV
with SOHAM
Group
of Companies
- In Pimplas Village, Thane 300 units- Type: TH, SDH, Twin houses for middle income - Project Value ~ Bt. 1,500 m on 25 Acres (from total 150 Acres)- 1st phase to open by 2011
India Updates
17/03/542929
Bangalore Construction Updates
Townhouse
17/03/543030
VietnamVietnam
- 85% JV Agreement with Hoang Huy Service Investment Co.- Right of land usage already transferred to JV co. Land purchasing is in process.- Condo in Hai Phong. Total Project ~ Bt. 3,900 m- First phase of Bt. 500 m to open for booking by 2011
MaldivesMaldives
- 80% JV with HDC- 5 storey CD in Hulhumaletotaling Bt. 3,500 m.- 1st phase ~ Bt. 595 m of which 98% pre-sales - The first 2 buildings expected to deliver by May’11- 2nd phase will be launched in Q3’11
Maldives and Vietnam
17/03/543131
Maldives – Phase # 1 Progress
17/03/5432
Plan for 78 Projects in 2011Plan for 78 Projects in 2011
18 21 17 16
44 42611
12 14
15 17
4
65
16
11 15
2
24
28
3834
48
72
78
0
10
20
30
40
50
60
70
80
90
100
'07 '08 '09 '10 Plan '10 Actual '11 Plan
TH SDH
CD International
TOTAL new project open
17/03/543333
Units MBt Units MBt Units MBt 130 56,829 114,057 33,466 62,673 22,918 50,400
Bann Pruksa 26 18,901 20,526 12,354 12,375 6,547 8,152 Pruksa Ville 28 8871 13,884 5495 8,529 3376 5,356 The Connect 10 3,973 8,421 1,901 3,748 2,072 4,674 Passorn 7 2318 8,737 1079 4,105 1239 4,632 The Plant 6 1,437 6,023 1,006 4,223 431 1,800 Pruksa Village 17 5060 13,532 2569 6,670 2491 6,862 Pruksa Town 9 2,940 6,506 1,159 2,372 1,336 3,149 Pruksa Puri 3 616 2,486 2 8 614 2,478 IVY 3 653 3,839 500 2,789 153 1,051 The Tree 3 2094 3,289 1955 3,012 139 277 Urbano 2 804 3,263 518 1,898 286 1,366 Chapter One 1 2404 4,214 770 1,408 1634 2,806 The Seed 7 2,162 7,378 1,892 6,308 270 1,070 Condolette 3 888 2,569 693 1,770 195 799 BE YOU 1 374 374 362 361 12 12 FUSE 2 1776 3,845 985 2,312 791 1,534 CORAL VILL(Maldives) 1 1,120 3,502 172 577 948 2,926 SILVANA BANGALORE (India) 1 438 1,668 54 211 384 1,456
Total Project Value Sold Unsold No. of Pro jects
Active Project 31-Jan-11
Existing Projects
17/03/543434
18,871
34,211
2,8896,182 5,848
8,20610,110
13,023
16,292
11,09518,948
15,26313,101
2,1001,219 3,600
0.86
1.24
0.350.45
0.61
0.15 0.16
0.36
0
10,000
20,000
30,000
40,000
'07 '08 '09 '100
0.5
1
1.5
Asset Liabilities Equity
Interest Bearing debt Liabilities : E Int. bearing debt : E
Increased Leverage to finance growing business
Million Baht Times
17/03/543535
173 344 174
4,5098,634 8,679
15,904
1,834
2,315 1,864
2,045
1,355
1,017 2,248
9,026
536450408479382
27,961
13,37312,789
8,253
0
5,000
10,000
15,000
20,000
25,000
30,000
'07 '08 '09 '10
Construct. Materials Sample houses
Projects developing Land,House for sale
Land under Dev. Grand total
Total property development projectsTotal property development projects
Million Bt.
17/03/543636
2,774
5,355 5,904
12,256
334
359298
483
692
1,996 1,389
1,687
362
435 507
695630
500402
291
15,904
8,6798,634
4,509
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
'07 '08 '09 '10
Land Land Dev.
Construction Infrastructure
Overhead : construction Interest
Projects under dev.
Million Bt.
Project under DevelopmentProject under Development
17/03/543737
3,136
4,883
7,284
8,846
1,302
2,373
3,622 3,488
38%
14%
18% 19%
15%
35%38%
38%
0
2,000
4,000
6,000
8,000
10,000
'07 '08 '09 '100%
10%
20%
30%
40%
Gross Margin (m Baht) Net Margin (m Baht) Gross Margin (%) Net Margin (%)
% Gross Margin sustain while net profit drop% Gross Margin sustain while net profit drop
Million Baht Percent
17/03/543838
Per share & Return performance
0.27 0.18 0.2 0.22 0.33 0.55 0.52.2 3.0 3.4 3.8 4.6
5.96.9
0.64 0.73 0.6 0.6 1.08 1.64 1.58
4.9 5.9
8.4
4.4
17.8 18.5
0
5
10
15
20
'04 '05 '06 '07 '08 '09 '10
05,00010,00015,00020,00025,00030,00035,00040,00045,000MKT. Cap in SET @ period end
Dividend per shareBook Value per shareEarning per shareEnding PS price in SET
Bt.
/ sha
re(b
ar g
raph
)
Subject to shareholders Meeting - Apr.’11
17/03/543939
Disclaimers : This presentation material has been prepared solely for informational purposes only. Pruksa Real Estate Pcl. (PS) isfurnishing it solely for use by prospective investors / analysts in the proposed event. PS makes no representations or warranties
as to the accuracy or completeness of such information. By accepting this material each recipient agrees that PS shall not have any liability for any representations (express or implied) contained in, or for any omissions from this presentation.
The information contained herein does not purport to be all-inclusive or to contain all of the Information that may be material to the recipient’s decision. Each recipient of the information and data contained herein should perform its own independent investigation and analysis of the transaction and the creditworthiness of PS . Reference in this Disclaimer to this shall include references to the Appendices (if any) hereto.
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