Oddity: FCF/Share Rising Fast.

Deep Dive by Lorenzo Bastianelli, a 2 Hour Deep Diver alumni.

This deep dive is written by

Lorenzo Bastianelli

, an alumni of my 2 Hour Deep Diver course.

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Oddity is a company with the potential to revolutionise the beauty and wellness sector. It sells beauty products directly to consumers and thus picks up data that other traditional firms cannot, via its proprietary data science platform.

This data helps Oddity train an AI that gets better everyday at matching end customers with existing and new potential products. This flywheel could evolve into something highly disruptive to the industry and for now, Oddity’s free cash flow per share levels are rising fast, so it’s worth a deep look.

Oddity’s free cash flow per share, $.

Enjoy Lorenzo’s deep dive!

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Edited by Brian Birnbaum.

1.0 Introduction

The innovator's dilemma in beauty and wellness arises because legacy players continue to perform well by leveraging offline channels as the main gateway to consumers, giving them little incentive to adopt digital change. For instance the undisputed market leader, L’Oréal, in 2023 grew its total Sales by 11% YoY, while its e-commerce share - accounting for the 27% of total sales - grew only by 9.5% YoY.

Meanwhile, new entrants face hard challenges in merging technology with product development: the beauty and wellness market's reliance on complex science, strict regulations, brand loyalty, technical expertise, and scalability challenges create significant barriers. Overcoming these hurdles requires significant investment, strategic planning, and a deep understanding of the industry's unique dynamics.

ODDITY disrupts this by integrating cutting-edge technology and data-driven personalization into a direct-to-consumer model, addressing consumer demands for convenience and tailored experiences. By leveraging a robust tech platform, ODDITY overcomes the limitations of traditional retail, offering a superior online shopping experience and positioning itself as the market leader in the evolving beauty and wellness industry. 

Keep reading to discover the AI flywheel powering Oddity's business.

2.0 Oddity: Revolutionizing Beauty and Wellness Through Technology and Data

Oddity is a consumer tech platform revolutionizing the global beauty and wellness market through innovation and proprietary technology. The company's approach focuses on creating high-quality, empowering products that disrupt the industry. Oddity's largest team is composed of technology experts, representing over 40% of the workforce as of December 31, 2023. 

With substantial investments in data science, machine learning, and computer vision, Oddity aims to enhance customer experiences by using sophisticated algorithms to provide precise product matches and seamless shopping. Engaging directly with customers allows Oddity to gain real-time data, a significant advantage over traditional wholesale brands that rely on retail partners for consumer insights.

Since launching its first digital brand in 2018, IL MAKIAGE, Oddity has amassed a user base of approximately 50 million users, generating over 2 billion unique data points on beauty preferences, and the organic traffic toward its two brands is constantly growing.

ilmakiage.com

spoiledchild.com

This data has fueled rapid growth, scale, and profitability, leading to $508.7 million in net revenue in 2023, with 57% year-over-year growth and strong margins which keep increasing (operating margin for 2023, 2021 and 2020, respectively 18%, 14.7% and 8.8%. For comparison, the sector median operating margin is 9.4%, and L’Oréal achieved 19.77% in 2023).

Oddity’s technology allows it to understand and anticipate customer needs, driving all business aspects, including revenue, marketing, distribution, operations, and product development.

PowerMatch and SpoiledBrain, Oddity’s AI engines, use proprietary AI to match consumers with the perfect beauty products. These technologies employ multiple machine learning models to provide precise product recommendations, enhancing user convenience and driving conversions. By using real-time predictions from user data, PowerMatch helps identify the right products and formulations, reducing the risk of incorrect selection.

This data-centric approach gives Oddity a competitive edge in digital user acquisition, resulting in high engagement and repeat purchase rates: in Q1 2024 more than half of Oddity's annual revenue came from repeat sales, showcasing strong customer loyalty and the effectiveness of their data-driven approach. If we look at the repeat purchase rate we can see how this metric is evolving over time.

Their data are crucial for training machine learning models that enhance the user journey from acquisition to post-purchase. Unlike traditional wholesale brands that rely on retail partners for consumer insights, Oddity’s strategy allows them to create superior products and build distinctive brands by leveraging data and thorough testing with their global user base. 

According to my research, there is no other significant platform of this kind in the beauty and wellness industry: Oddity relies solely on its DTC (Direct to Consumer) online distribution channel, so having complete control over consumer data. This allows Oddity to leverage this data for marketing and R&D in a closed feedback loop, positioning the company at the forefront of effectively implementing an AI flywheel in the beauty and wellness industry.

Oddity’s data-driven methodology enables the development of brands tailored to market needs, launching products only when data indicates strong consumer demand and high product quality. They plan to regularly introduce new digitally native brands, each managed by separate teams but supported by centralized technology and data science teams. 

The success of brands like IL MAKIAGE and SpoiledChild demonstrates the effectiveness of Oddity's approach: the former grew from $0 to over $300 million in online revenues in under five years, while the latter, launched in February 2022 and accounting already for 20% of the total revenue, surpassed $100 million in revenue in under two years from its launch. These impressive results were achieved while also achieving profitability. 

In comparison, Fenty Beauty, founded by Rihanna in 2017, quickly became a disruptive force in the beauty industry, reaching $500 million in online revenues in less than two years. However, Fenty Beauty leveraged Rihanna's celebrity influence, social media presence, and Sephora's retail and online channels. In contrast, Oddity’s brands relied solely on their direct-to-consumer (DTC) online channels and data-driven approach.

Unlike celebrity endorsements, Oddity’s strategy compounds over time and can be scaled across various products, resulting in continuous growth in revenue and profit margins.

We can infer that these outstanding results are due to the founders' culture, which is primarily technological and data-driven, rather than strictly tied to the beauty and wellness industry. Steadily rising operating margins support such a thesis.

Oddity is poised to become an optimizing machine, capable of gaining more and more share of its users’ wallets, compounding repeat sales and so increasing its earning power over time.

This will allow Oddity to expand its existing brands and disrupt new product categories within the $600 billion global beauty and wellness market, which is ripe for digital transformation.

The company is poised for growth through the continued success of IL MAKIAGE, SpoiledChild, and new brand launches via their New Ventures incubator, another key component of Oddity strategy. Oddity plans to launch a third brand in 2025 that will focus on medical-grade skin and body care products, including both over-the-counter and prescription options.

Other beauty brands, such as L’Oréal and Belcorp, have invested in AI to enhance their operations, but none have made AI the core of their R&D as Oddity has. For example, L'Oréal implemented an AI-powered skin diagnostic tool after acquiring ModiFace, an AI/AR company. This tool uses deep learning, AR capabilities, L'Oréal's photo database, and skin aging expertise to provide women with personalized product routines based on a selfie. 

While this enhances customer experience, it does not create an organic and complete consumer data feedback loop to R&D capable of powering an AI flywheel. L'Oréal is embracing AI across other areas of its operations—from streamlining hiring to making production more agile and responsive—but these efforts remain disconnected silos, bringing only limited benefits.

Similarly, Belcorp utilizes computer vision, neural networks, NLP, and fuzzy logic to analyze large volumes of unstructured data in their R&D labs, reducing manual processes and enabling data-driven insights. However, this is limited to R&D and lacks a feedback loop with consumers.

I would argue that legacy companies will struggle to reach the level of efficiency that Oddity seems poised to achieve, without undergoing a deep transformation. They are constrained by their traditional distribution channels—direct sales, retailers, salons, brick-and-mortar stores, and non-proprietary e-commerce channels—which prevent them from owning a complete and comprehensive set of customer data.

3.0 Oddity Labs

Based in Boston, MA, Oddity Labs utilizes AI-based molecule discovery to create highly efficacious beauty and wellness products. This approach combines digital biology with AI, allowing for rapid and efficient product development, and it is the same already widely used in the field of biotechnology for drug discovery.

In April 2023, Oddity expanded its capabilities by acquiring biotech firm Revela for $76 million. This acquisition brought a team of 20 experts who use AI to generate proprietary molecule discovery processes for new beauty products. Oddity Labs employs a multi-step process to identify and test these molecules:

1. High-throughput screening of tens of thousands of molecules using biological assays.

2. Deep learning models to screen millions of potential molecules based on these results.

3. Identifying lead molecules with in vitro validation.

4. Comprehensive safety testing both in silico and ex-vivo before product development.

5. Human clinical testing to validate results.

Once a promising molecule is identified, it is continuously optimized through RNA sequencing, molecular docking (predicting the favored orientation of a ligand to its macromolecular target), and molecule representation algorithms.

At the time of acquisition, Revela already had patent-pending molecule ingredients with significant efficacy improvements for skin and hair, based on clinical testing:

• ProCelinyl, a molecule that supports hair growth.

• Fibroquin, a molecule that promotes skin elasticity and plumpness.

This AI-driven approach allows Oddity Labs to create targeted and highly efficacious products across a wide range of consumer needs, with greater speed and efficiency compared to traditional methods.

While beauty giants like Unilever, Estée Lauder, and L’Oréal are also experimenting with AI-based technology labs, Oddity's approach is distinctive due to the completeness of its consumer data. Unilever, for instance, uses AI to identify alternative ingredients to strengthen supply chain resilience, making formulations more sustainable and cost-efficient. 

However, Oddity's collaboration with consumers to understand their preferences ensures that the products developed are precisely tailored to user demands, continually feeding the AI flywheel in an infinite loop of improvements. This consumer data feedback loop is challenging for competitors to replicate, giving Oddity a significant advantage.

4.0 Hyperspectral

Hyperspectral technology, acquired through Voyage81, transforms smartphone cameras into instruments that can detect 31 wavelengths of light. This technology allows for advanced skin and hair analysis, including facial blood flow detection and melanin mapping. The hyperspectral imaging capability enhances product personalization and diagnostics, traditionally requiring in-person assessments.

For comparison, L’Oréal ModiFace uses computer vision technology to power personalized, AI-driven beauty experiences for its brand partners and customers. However, hyperspectral imaging provides much higher spectral resolution by capturing a large number of narrow and contiguous spectral bands. 

In contrast, computer vision typically uses RGB color images with much lower spectral resolution, acquiring only three spectral bands (red, green, blue). Among companies in the beauty industry, Revea is another one using hyperspectral imaging. Revea, a San Francisco start-up with annual revenue under $10 million, offers a subscription-based model where customers receive a personalized set of three products (AM serum, PM serum, moisturizer) every three months. 

Revea's core technology leverages hyperspectral imaging to analyze skin at a deeper level than just the surface. Similar to Oddity, Revea's mobile app uses the customer's smartphone camera to capture hyperspectral images of their skin. Revea's AI then analyzes this data to develop a unique skin profile for each customer and recommend optimal product formulations.

While integrating hyperspectral imaging technology may be straightforward for beauty giants, it cannot provide a significant competitive advantage without integration into a data feedback loop like the one Oddity is creating. This integration ensures continuous improvement and personalization based on comprehensive consumer data, something that is difficult for competitors to replicate.

5.0 Data-Driven Marketing and Cost Efficiency

Oddity's in-house sales and marketing team utilizes proprietary technologies for data-driven, personalized campaigns. This approach ensures efficient user acquisition and high platform engagement. By managing marketing internally, Oddity maintains cost-effective strategies and leverages data to optimize user interactions across various digital channels. 

However, due to the lack of comparable data on the number of customers or active users over different periods, we cannot calculate a precise Customer Acquisition Cost (CAC) to validate such a thesis.

Let’s try then to use a proxy of the company efficiency, which includes not only Sales and marketing expenses but all the rest of the fixed cost as well (Labs, software infrastructure, technological tools, employees). SG&A expenses as a percentage of revenue have remained quite flat from 2020 to the present, indicating no significant improvements. 

However, if we compare the same index calculated for a mature and established leader such as L’Oréal, we find similar values. This suggests Oddity is capable of growing its user base and revenue without overspending in sales and marketing, despite its relatively smaller size.

Per the highly competitive dynamics in the industry, this is an unusual property. This further points to Oddity potentially having an outstanding culture. 

Additionally, it is important to note that SG&A expenses partially include the costs associated with launching new brands, depending on how these costs are allocated with amortizations. Each brand operates independently with its own leadership team, while being supported by Oddity's centralized technology and data science teams.

So whenever a new brand is launched—this occurred in 2022 and will happen again in 2025—Oddity incurs additional costs in the months leading up to the launch without corresponding revenues. 

This is also confirmed by Lindsay Drucker Mann, ODDITY Global CFO, in the last Q1 earning call: 

“In terms of where we're investing…First of all, there's new brand development. So we're doing a lot to invest behind both Brand 3 and Brand 4. We already have teams in place, product development, trials with consumers to make sure we have the product absolutely right, pre-funding as much of the launch as we possibly can in a way that's really thoughtful, where we know we'll get a strong return.”

As the company grows, the impact of these additional SG&A expenses should diminish, becoming a smaller portion of the total costs. This will create operating leverage, becoming a key driver in improving the company’s bottom line.

To confirm such a thesis, I expect to see a possible bump up, but then a constant downward trend in the calculated cost index over the 24 months following product launch.

6.0 Market and Moat

The moat of Oddity lies in its advanced technology, substantial user data, and direct-to-consumer model, which collectively create significant barriers for competitors in the beauty and wellness industry.

Oddity is leading a significant transformation in the beauty and wellness industry by moving it online and embracing science-backed products. This strategic shift positions Oddity to dominate both the distribution and formulation realms in the long term. 

The company's growth rate is two to five times faster than its main competitors, indicating a rapid gain in market share and a continually strengthening competitive advantage.

In Q1 2024 Oddity’s revenue grew 27% YoY, compared to respectively 9,4% YoY and 5% YoY of L’Oréal and The Estée Lauder.

Oddity's growth is driven by three powerful factors:

1. Massive Global TAM: Competing in a large total addressable market (TAM) of $600B+ (defined by the global beauty, personal care and dietary supplements market per Euromonitor) with favorable unit economics for online channels, while the market remains dominated by offline incumbents.

   

2. Technology Advantage: Leveraging a significant technological edge over competitors, enabling dominance in the online arena, which is anticipated to constitute at least 50% of the market.

3. Scalability and efficient growth: The "land and expand" model enables Oddity to market additional products, services and brands to existing users at lower incremental costs, driving favorable returns on capital and gaining more share of users wallets. This model supports faster growth at higher incremental returns, similar to successful technology companies.

The validity of this thesis is supported by Oddity's impressive score of 75 under the Rule of 40 in 2023, one of the highest in the tech sector. For comparison, here is a snapshot of the top-scoring companies as of the time of writing.

The YoY high growth rates achieved by Oddity in the last three years - 101.2% in 2021, 45.8%  in 2022, and 56.7% in 2023 - while increasing profitability - 8,8%, 14,7%, 18% EBIT, demonstrate that Oddity has strategically leveraged direct customer engagement, efficient growth models, high repeat sales, and expansion into new product categories to solidify its position in the market.

7.0 AI-Driven Flywheel

Oddity has implemented an exceptionally effective AI-driven flywheel model that optimizes every aspect of its business, making it a compelling investment opportunity for those looking for AI players.

Oddity drives customer acquisition by attracting visitors to their website and converting them into paying customers through a strategic blend of performance marketing and data-driven personalization. They use paid search, product listing ads, social media ads, SEO, and personalized emails, supplemented by strong brand awareness and word of mouth. 

Their consumer tech platform enhances engagement and leverages customer data to improve personalization, product recommendations, and customer service, fostering repeat purchases. In addition, they acquire Customers through Kenzza, their video-on-demand beauty platform, which provides educational and inspirational content from influential beauty creators, drawing in users seeking beauty advice and product recommendations.

More strategically, such a data feedback loop allows ODDITY to successfully launch new products and brands.

Here’s how:

1. Data Collection and User Insights: Oddity collects over 2 billion unique multi-modal data points from its users, which include detailed beauty preferences obtained through surveys and hyperspectral vision data. Users, who are website visitors sharing at least 50 unique data points, help refine product recommendations and marketing strategies.

2. Product Recommendations: The AI-driven platform provides precise product, formulation, and shade recommendations, enhancing the customer experience and driving higher acquisition and conversion rates.

3. Remarketing and Retargeting: Utilizing the collected data, Oddity delivers highly personalized and relevant educational and product content. This targeted approach increases user engagement and improves the return on marketing spend.

4. Continuous improvement, New Product and Brand Development: The data powers machine learning models that continuously improve product offerings and business processes, reinforcing the flywheel effect. More strategically, the company listens to user feedback on desired products and formulations, ensuring high success rates for new product launches and accelerating development cycles. 

Oddity Lab harnesses the extensive dataset collected from user interactions to drive innovation. By leveraging sophisticated algorithms and predictive models, Oddity Lab identifies emerging trends and consumer preferences with unparalleled accuracy. 

“Let me give you one example of this with IL MAKIAGE. Our customers, who started with us in color but then they try skin, shop more than twice as frequently and spend more than twice as much with us over the next 12 months. This is the magic of offering multiple products into the same user base while leveraging the data, and a clear example of how our platform allows us to gain share of wallet. This is why we deliver one of the best margin profiles across all of DTC even as we continue to scale and invest in future growth.” told Oran Holtzman, ODDITY Co-Founder and CEO, in the last Q1 earning call.

Through the synergy of digital biology and AI, Oddity accelerates the development of new products and formulations. The lab’s capabilities allow for rapid prototyping and testing, significantly reducing time-to-market and improving accuracy for new offerings that meet consumers' needs.

As Oran Holtzman explained during the Q4 2023 earnings call, each product takes around two years to develop in the lab, from initial concept to molecule discovery and finally to a high-efficiency market-ready product. The process begins by identifying unmet needs within their user base and then with the lab to discover a new molecule to incorporate into a high-efficiency product that exists in the market. At the time of the earnings call, the lab was working on over 20 projects.

In comparison, typical beauty companies often face a lengthy timeline of over two years and incur very high costs when developing products that require newly invented molecules. These costs can range from hundreds of thousands to millions of dollars, as the process involves extensive research, testing, and regulatory approval.

In summary, insights gleaned from user data enable precise customization of products to meet diverse consumer needs, ensuring high satisfaction and adoption rates upon launch.

"It is a flywheel that is accelerating as our platform grows, our users grow, our data capabilities and technology grows, brand awareness grows, and brand love grows." Lindsay Drucker Mann, ODDITY Global CFO, said recently.

8.0 Financials

Oddity Tech (ODD) is showing excellent financial performance: in the first quarter of 2024 the company kept reporting record results under all financial metrics, with revenue growth of 28% YoY and margins in continuous expansion.

About long term focus and financial goals, Oran Holtzman - ODDITY Co-Founder and CEO - made it clear during the last earning call: “Our data and massive investment in our future give us high confidence in our long-term financial targets of more than 20% revenue growth and 20% adjusted EBITDA margin.”

Indeed Oddity's management appears to be focused on driving both robust revenue growth through new brands and products, as well as continued margin expansion through operational efficiency, technology investments, and capitalizing on its high-repeat customer base.

As an investor, I am reassured by Oran's commitment to sustainable growth, leveraging Oddity's strengths in product development to achieve this goal. During the Q4 2023 earnings call Q&A, when asked if they would launch the 10 ready products in 2024, he said: “(the fact they are ready) It doesn’t mean we launch them this year. We always have engines we keep ready to be launched based on revenue growth needs. If we see that we need more revenue power, then we launch them.” 

Such strategy looks very smart and promising: whenever revenue growth should come lower than the long term goal of 20%, Oddity will launch new products to compensate for the light performance of those already commercialized.

The company's financial position is also very strong, with basically no debt and robust free cash flow generation.

Overall, the financial data indicates Oddity is a highly profitable and well-capitalized business delivering excellent returns on capital.

The final metric I'd like to highlight is one Jeff Bezos mentioned in his 2004 shareholder letter as the most transparent indicator of a company's growth and shareholder value: “Our ultimate financial measure, and the one we most want to drive over the long-term, is free cash flow per share.”

9.0 Risks & Red Flags and Actions (RRA):

The limited operating history of this business makes it challenging and somewhat unreliable to evaluate its current performance and future prospects. Although this is an inherent risk we must accept, I want to specifically highlight the following concerns:

1. Lack of Metrics: Although preliminary observations suggest the platform is performing well, more comprehensive data is necessary to validate these assumptions and understand the true impact and growth potential. In direct-to-consumer (DTC) businesses, we typically monitor metrics such as customer acquisition cost (CAC), lifetime value (LTV), churn rate, retention rate, average order value (AOV), and repeat purchase rate. These metrics are crucial for evaluating the effectiveness and scalability of Oddity's platform. 

   1. Action: waiting for ODDITY to start sharing such essential information.

2. Transparency: A recent report by Ningi Research alleges that Oddity's sales growth is built on "shady practices" and that the company relies on numerous retail stores, contradicting its claim of being an "online-only" company. Oddity has publicly refuted these allegations, asserting that the report contains "demonstrable factual inaccuracies" and "unfounded and malicious speculation." 

   1. The company clarified that its Israeli brick-and-mortar operations, which include 43 retail stores and 6 beauty schools, are immaterial, contributing less than 5% of net revenue and EBITDA in both fiscal year 2023 and the first quarter of 2024. 

   2. Even if Oddity's statements are accurate, it's perplexing why they didn't disclose this information transparently from the beginning. If these operations represent just 5% of the business and there are no plans for expansion, there seems to be no reason to conceal it. 

   3. Action: monitor to ensure that similar episodes of lack of transparency do not occur again in the future.

3. Aggressive sales practices. Checking Il Makiage's reviews on Trustpilot reveals an overwhelmingly positive response, with a TrustScore of 4.3. Despite this, there are numerous customer complaints about deceptive practices, such as unauthorized charges and difficulties in canceling orders. 

   1. Action: monitoring the reduction of similar complaints over time.

4. The Leadership Team: Having founders in control is crucial for investors as it ensures a consistent and long-term vision for the company. 

   1. While it is positive that Oran Holtzman owns more than 75% of the voting power, it is unusual that Shiran Holtzman-Erel, his sister and co-founder, does not own any shares according to the latest 20-F filing. 

   2. Additionally, Lindsay Drucker Mann, Oddity’s Global CFO, is a key figure to watch. She left her position as a managing director at Goldman Sachs to join Oddity, impressed by the company's potential. Her involvement is significant and merits close attention. 

   3. Action: ensure that the leadership team remains united and cohesive.

5. Long term growth sustainability. It is strongly dependent on the successful introduction of new brands in the market, which is itself an extremely risky activity. Despite ODD has already proven to be able to do it consistently and with success with the first two brands, we cannot ignore this is a big risk. Action -> Ensuring that the launch of the third brand will be successful.

6. Deliberately limited growth. Lindsay Drucker Mann, ODDITY Global CFO, said in the Q1 earnings call held on the 8th of May 2024: "We continue to be very disciplined in managing our rate of growth and are proactively slowing our business down so that we do not over-deliver on our revenue and profit objectives." 

   1. Oddity's approach to maintaining revenue growth deliberately just above 20% is unconventional and could raise concerns about underlying issues, such as a potential lack of demand. 

   2. However, given the management's track record of disciplined execution and consistent positive earnings surprises, this strategy might be intended to maintain control over growth. 

   3. By keeping growth in the 20-25% range, Oddity aims to mitigate risks such as supply chain disruptions and shortages of highly qualified personnel, as mentioned in their recent 20-F filing. Oddity's recent announcement of a share buyback is also unusual for a company of its size and growth potential. This move likely reflects a strategic decision to limit growth deliberately. 

CEO Oran Holtzman's significant control and responsibility may contribute to a more conservative approach, preferring steady, manageable growth over rapid expansion, also to ensure - as himself stated - that the products they are selling are strongly superior to the competition and not just slightly better.

10.0 Conclusion

In conclusion, Oddity presents a compelling investment opportunity, particularly due to its innovative AI-driven flywheel that powers its growth and market disruption. The potential for share price appreciation is significant if investors begin valuing Oddity as a technology business rather than solely a beauty and wellness company.

In the medium term, if Oddity meets its 2024 guidance for revenue growth and margin expansion and continues to guide for a long-term revenue growth above 20% with EBITDA around 20%, the share price could easily double. This would result just from aligning its multiples (P/S), with those of prominent companies in the tech industry.

Long-term, if the company continues to execute on its vision, the potential exists for multibagger returns, especially if it leverages its technology to expand into other markets like healthcare.

However, there are inherent risks, including transparency issues, aggressive sales practices, and the challenge of sustaining long-term growth through new brand launches. Given these factors, I have initiated a small starter position in Oddity, representing around 1% of my portfolio. I plan to closely monitor the actions outlined in the Risks & Red Flags and Actions (RRA) section and will consider increasing my position if these risks are effectively mitigated.

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Disclosure

These are opinions only of the individual author. The contents of this piece do not contain investment advice and the information provided is for educational purposes only and no discussions constitute an offer to sell or the solicitation of an offer to buy any securities of any company. All content is purely subjective and you should do your own due diligence.

Antonio Linares makes no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in the piece. Any assumptions, opinions and estimates expressed in the piece constitute judgments of the author as of the date thereof and are subject to change without notice. Any projections contained in the Information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. Antonio Linares does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation. Antonio Linares is not acting as your financial, legal, accounting, tax or other adviser or in any fiduciary capacity.