Renren (NYSE:RENN)

Fourth Quarter 2012 Results

• Total net revenues were US$48.8 million, a 48.8% increase from the corresponding period in 2011.  
• Gross profit was US$31.0 million, a 34.2% increase from the corresponding period in 2011.
• Operating loss was US$28.3 million, compared to an operating loss of US$19.7 million in the corresponding period in 2011.
• Net loss attributable to Renren was US$21.1 million, compared to a net income of US$44.3 million in the corresponding period in 2011.
• Adjusted net loss (1) (non-GAAP) was US$16.7 million, compared to an adjusted net income of US$48.2 million in the corresponding period in 2011.
• Net income (loss) per ADS, diluted is ($0.06) vs last years $0.11.

"2012 was a year of investment and transition for Renren. We navigated through the opportunities and disruptions of mobile internet and came out a stronger mobile-centric company. We made progress in our mobile initiatives by rapidly growing our mobile traffic on Renren, driving significant revenues from mobile related games and opening up a whole new dimension for mobile commerce on Nuomi. We are encouraged by these advances and will continue to push forward in expanding existing and new mobile opportunities," commented Joseph Chen, Chairman and Chief Executive Officer.

"Heading into 2013, our priorities are clear. Renren social networking services remain our core foundation and we are devoted to continuously improving user experience, particularly in mobile. As we further expand and deepen our offerings, our diversified services built around our SNS platform will also provide us a broad base to continue exploring new opportunities of growth," said Mr. Chen.

"Our net revenues in the fourth quarter came in above the top-end of our guidance. Among our business lines, games and Nuomi continue to show encouraging trends while brand advertising still faces challenges. Our investments in 2012 helped us go through the transition needed to capture the mobile opportunities in front of us. Going into the new year with a healthy balance sheet and more clarity in strategy and focus, we will continue to further transform Renren into a true mobile company," added Hui Huang, Renren's Chief Financial Officer.

Business Outlook

The Company expects to generate revenues in an amount ranging from US$44 million to US$46 million in the first quarter of 2013, representing 37% to 43% year-over-year growth. This forecast reflects Renren's current and preliminary view, which is subject to change.

BEIJING, Dec. 26, 2012 /PRNewswire/ -- Renren Inc. (NYSE: RENN), a leading real-name social networking internet platform in China("Renren" or the "Company"), today announced that its board of directors has authorized the renewal of the Company's share repurchase program dated September 29, 2011 for another 12 months from January 1, 2013 to December 31, 2013. During this 12-month period, Renren is authorized, but not obligated, to repurchase up to US$48.2 million of its American Depositary Shares ("ADSs"), representing the remaining balance of its previously announced share repurchase plan that ended in September this year.

The repurchases may be made on the open market at prevailing market prices pursuant to Rule 10b5-1 and/or Rule 10b-18 plans, in privately negotiated transactions, in block trades or other legally permissible ways from time to time depending on market conditions and in accordance with applicable rules and regulations. Renren expects to implement this share repurchase program in a manner consistent with market conditions and the interest of its shareholders. Renren's board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size. Renren plans to fund repurchases made under this program from its available cash balance. Under the original share repurchase program of $150 million, the Company had repurchased 24.2 million ADS in total for an aggregate consideration of $101.8 million.

"We remain confident in our ability to execute our long-term strategy of building a sustainable business around mobile-centric social networking. We are on track in executing this strategy, supported by our innate opportunities in online gaming, social commerce, communications and entertainment services. Our healthy balance sheet thus provides us the flexibility to invest in both our future growth and return value to shareholders," commented Joseph Chen , Chairman and Chief Executive Officer. 

Third Quarter 2012 Highlights

• Total net revenues were US$50.4 million, a 47.2% increase from the corresponding period in 2011.
• Online game revenues were US$24.2 million, a 120.2% increase from the corresponding period in 2011.
• Gross profit was US$30.9 million, a 12.4% increase from the corresponding period in 2011.
• Operating loss was US$20.6 million, compared to an operating loss of US$6.4 million in the corresponding period in 2011.
• Net loss attributable to Renren was US$15.4 million, compared to a net loss of US$1.2 million in the corresponding period in 2011.
• Adjusted net loss (1) (non-GAAP) was US$12.1 million, compared to an adjusted net income of US$0.3 million in the corresponding period in 2011.

"We had another solid quarter of user growth. Our real-name user base continued to show healthy year-over-year expansion of 25%, as total activated users this quarter reached over 172 million, an increase of 35 million users from the same period a year ago. Monthly unique log-in users also reached 48 million in the month of September, representing a 27% growth year-over-year," commented Joseph Chen, Chairman and Chief Executive Officer.

"Net revenues came in at the midpoint of our guidance and in-line with our expectations. Our gaming business continues to show a very strong momentum, driven by our cross-platform games. Nuomi, our group-buying business, also continues to show encouraging trends across all major metrics, particularly in transactions through mobile. However, our brand advertising business, despite a sequential increase, continues to face challenges in the midst of a weak economy coupled by intensifying competition and continued migration of Renren's traffic from PC to mobile."

"Meanwhile, we also realize that the competitive landscape in the mobile world is quite different from before. Therefore, our focus and investments will continue to shift towards the mobile opportunities and challenges ahead of us. We want to further deepen and expand upon our core competency in social network services, particularly in the mobile world," said Mr. Chen.

"Our different businesses are at different stages of investment and transformation. While we expect our investments will continue to outpace the monetization progress in the near-term, we remain committed to building the long-term value for our company and our shareholders." added Hui Huang, Renren's Chief Financial Officer.

BEIJING, September 12, 2012 /PRNewswire/ -- Renren Inc. (NYSE: RENN), a leading real name social networking internet platform in China, today announced that it invested $49 million in Social Finance Inc. ("SoFi"), a San Francisco-based private company.

SoFi offers an innovative lending solution that provides students access to lower loan rates than Federal Direct and PLUS loans with similar borrow protections. SoFi was started by a team of Stanford Graduate School of Business students in 2011. By fostering social and economic connections with alumni investors, SoFi has moved towards becoming a national lender through state registration, created a broker dealer, expanded its product offering to include both in-school and consolidation loans, and expanded its presence to over 70 schools nationwide in the U.S.

"The investment in SoFi represents our continued efforts in leveraging our social and demographics expertise. As a pioneering company building social infrastructure over the internet, we have closely observed and participated in the transformation of other online vertical businesses that leverage social to productize, market, distribute and scale," said Joseph Chen, Chairman and Chief Executive Officer of Renren. "With gaming and e-commerce socialized, as exemplified by social gaming and social commerce, we expect the next wave will be finance and education; SoFi lies at the nexus of that revolution. As the largest real-name social network platform in China, we constantly explore for synergies of how social can successfully transform industries and help push beyond traditional boundaries."

Second Quarter 2012 Highlights

• Total net revenues were US$44.8 million, a 47.5% increase from the corresponding period in 2011.
• Online game revenues were US$22.5 million, a 122.1% increase from the corresponding period in 2011.
• Gross profit was US$27.9 million, a 13.4% increase from the corresponding period in 2011.
• Operating loss was US$22.2 million, compared to an operating income of US$0.7 million in the corresponding period in 2011.
• Net loss attributable to Renren was US$24.9 million, compared to a net income of US$0.8 million in the corresponding period in 2011.
• Adjusted net loss (1) (non-GAAP) was US$21.8 million, compared to an adjusted net income of US$2.3 million in the corresponding period in 2011.

"We are pleased that our total net revenues this quarter came in above our guidance, supported by strong gaming growth and a better-than-expected performance by our group-buying business - Nuomi. On the other hand, brand advertising remained challenging, due to macro conditions, increased competition and the continued migration of our user traffic from PC to mobile," commented Joseph Chen, Chairman and Chief Executive Officer.

"Our user base continues to show healthy growth, as total activated users this quarter reached over 162 million compared to 124 million at the end of the second quarter in 2011. Monthly unique log-in users also increased to 45 million in the month of June, representing 31% of year-over-year growth."

"Looking ahead, our strategy remains focused on mobile opportunities, with increasing effort to experiment different monetization models, including mobile gaming, mobile advertising and mobile commerce through Nuomi."

"Our investment strategy in building a mobile eco-system around our real-name social networking platform remains on course," added Hui Huang, Renren's Chief Financial Officer. "These investments will enable us to capture more growth opportunities as our business continues to evolve around mobile services."

Business Outlook

The Company expects to generate revenues in an amount ranging from US$49 million to US$51 million in the third quarter of 2012, representing 43% to 49% year-over-year growth. This forecast reflects Renren's current and preliminary view, which is subject to change.

First Quarter 2012 Highlights

• Total net revenues were US$32.1 million, a 56.1% increase from the corresponding period in 2011.
• Online advertising revenues were US$9.3 million, a 14.8% increase from the corresponding period in 2011.
• Gaming revenues were US$17.5 million, a 90.7% increase from the corresponding period in 2011.
• Gross profit was US$19.6 million, an 18.9% increase from the corresponding period in 2011.
• Operating loss was US$20.6 million, compared to an operating loss of US$4.7 million in the corresponding period in 2011.
• Net loss attributable to Renren was US$13.6 million, compared to a net loss of US$2.6 million in the corresponding period in 2011.
• Adjusted net loss (1) (non-GAAP) was US$11.3 million, compared to an adjusted net loss of US$1.1 million in the corresponding period in 2011.

"We are pleased that our total net revenues this quarter came in above our guidance, with 56% year-on-year growth. Our brand advertising business experienced a challenging quarter due to seasonality and Chinese economy slow-down, resulting in a more cautious approach by new advertisers on our social networking platform. However, our gaming revenue, driven by the popularity of our recently launched games and mobile gaming efforts, outperformed our expectation, offsetting the weakness in advertising. This highlights the benefit of having multiple revenue models on our social networking platform, particularly during the transition to a mobile-centric era,'' commented Joseph Chen, Chairman and Chief Executive Officer.

"In the first quarter, our user base and traffic continued to grow, with total activated users reaching 154.2 million at the quarter-end, an increase of 32.1% year-on-year. Over 39% of the 40.1 million monthly unique log-in users in March accessed their Renren accounts through mobile devices. In addition, smart-phone penetration among our mobile users reached 62%," Mr. Chen continued. "The rapid increase in mobile traffic has led to new opportunities and challenges for us. As mobile is one of the largest evolutionary trends in the internet sector, we are positioning ourselves to take advantage of the most important opportunities."

"Our gaming business helped alleviate the softness in advertising this quarter, as well as introduced monetization capabilities on our growing mobile traffic," added Hui Huang, Renren's Chief Financial Officer. "However, monetization on mobile is still at a nascent stage. We will continue to invest in building the eco-system around our real-name social networking in both PC and mobile mediums, including offering more engaging products, improving targeting technology, upgrading our online video services and optimizing Nuomi's business. With our diversified revenue model and a strong balance sheet, we are dedicated to maximizing the long-term growth of the Company."

Business Outlook

The Company expects to generate revenues in an amount ranging from US$41 million to US$43 million in the second quarter of 2012, representing 35% to 41% year-over-year growth. This forecast reflects Renren's current and preliminary view, which is subject to change.

BEIJING, April 11, 2012 /PRNewswire-Asia/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), China's leading real-name social networking internet platform, today announced its partnership with Intel Corporation (NASDAQ: INTC) and Feitian, a leading innovator of security technologies and applications, to introduce Intel^® Identity Protection Technology (IPT) to Renren.com SNS platform.

Intel^® IPT has built two-factor authentication support directly into the platforms of 2nd generation Intel^® Core™ processor-based PCs, helping to prevent unauthorized access to user accounts. Based on Intel^® IPT, Feitian offers an internet security solution using a unique one-time password linked to each PC which changes every 30 seconds and thus provides an extra but simple-to-use layer of protection for log-in authentication. With this additional layer of security, Renren users can safely and easily log on, create and share content, play music and games, and purchase other internet value-added services.

"We are delighted to be the first Chinese website to introduce Intel's latest identity protection technology adapted by Feitian authentication solutions," said Mr. James Liu, Chief Operating Officer of Renren. "User security is a top priority at Renren. We will continuously strive to create a highly secure and convenient online authentication and payment environment for our users."

George Thangadurai, General Manager of PC Client Services Division at Intel, added, "Creating a secure computer online environment has been a persistent goal of Intel. Today's cooperation with Renren and Feitian is another milestone we achieved to give Chinese internet users an easy access to their favorite social networking site with an additional level of confidence that they are protected from common threats."

Feitian's general manager, Mr. Li Wei, said, "We are excited to join Intel and Renren in providing an innovative internet security solution for Chinese internet users. With Intel^® IPT solution enabled, Ultrabook users can protect their Renren account through a simple process."

Fourth Quarter 2011 Highlights

• Total net revenues in the fourth quarter of 2011 were US$32.8million, a 57.0% increase from the corresponding period in 2010.
• Online advertising revenues in the fourth quarter were US$15.0 million, a 66.3% increase from the corresponding period in 2010.
• Gross profit in the fourth quarter of 2011was US$23.1 million, a 38.6% increase from the corresponding period in 2010.
• Operating loss in the fourth quarter of 2011was US$19.7 million, compared to US$2.3 million operating income in the corresponding period in 2010.
• Net income attributable to Renren in the fourth quarter was US$44.3 million, compared to a net loss ofUS$33.9 million in the corresponding period 2010.
• Adjusted net income(1) (non-GAAP) was US$48.2 million, compared to US$5.2 million in the corresponding period in 2010.

"2011 was an exciting year for Renren with progress in multiple directions, most notably our solid user metrics, strong growth of core advertising revenues and successful launches of new products such as our mobile applications and light blogging service,'' commented Joseph Chen, Chairman and Chief Executive Officer. "Renren's initial public offering in May 2011 was an important event that further raised our brand recognition and financial resources to new levels. The IPO proceeds have subsequently allowed us to execute our strategic acquisition of online video website 56.com, invest in location-based technology through Mapbar.com as well as maintain our social commerce leadership through Nuomi.

"Our monthly mobile penetration rate of 38% remains encouraging as we head into the mobile-centric era," Mr. Chen continued. "With over 60% of our mobile users now accessing their Renren accounts through smartphones, we continue to witness the convergence of social networks, mobile utilization and local merchants as a key theme of our mobile growth. Equipped with Renren's user base, location-based platform and Nuomi's merchant network, we will further integrate our products and services to capture monetization opportunities.

"Looking forward, 2012 will be a year of investments for Renren as we further deploy effectively the funds we raised from our IPO. Mobile will continue to represent a large portion of our investment focus along with solidifying Nuomi's leadership and increasing traffic on 56.com by improving user experience. Our long-term strategy will remain to focus on product innovation and further evolution of Renren's social networking services into a technology-driven communication platform," Mr. Chen concluded.

"We are pleased that revenues in the fourth quarter came in at the high end range of our guidance. We closed 2011 with 54% revenue growth, based on a healthy contribution mix from our diversified revenue streams. While 2012 was off to a seasonally slow start due to the early Chinese New Year in the first quarter, we continue to expect our full year revenue in 2012 to grow 50-55% year-over-year, based on our current visibility," Hui Huang, Renren's Chief Financial Officer, added. "As we previously mentioned in our pre-earnings announcement, management is prepared to increase the level of investments across our business lines. With the incremental amount of US$60 million to US$70 million for investments this year compared to previous projections made a year ago, 2012 will be a year of dedicated but sensible investment in enhancing technology, driving innovation and optimizing efficiency to increase user engagement and long-term sustainable growth."

Business Outlook

The Company expects to generate revenues in an amount ranging from US$28 million to US$30 million in the first quarter of 2012, representing 36% to 46% year-over-year growth. For the full year 2012, the Company expects its revenues to be between US$177 million to US$183 million, representing 50-55% year-over-year growth. This forecast reflects Renren's current and preliminary view, which is subject to change.

Preliminary Unaudited Fourth Quarter 2011 Results

• Revenues in the fourth quarter of 2011 are estimated to be within the previously forecasted range of US$31 million to US$33 million.
• Operating losses on a non-GAAP basis in the fourth quarter, which excludes share-based compensation expenses, impairment and amortization of intangible assets, are estimated to be between US$15 million to US$17 million. The losses were primarily due to increased investments across the Company's business lines as well as the consolidation of 56.com, the UGC video-sharing website that the Company acquired inOctober 2011.
• The Company expects to incur a one-off US$2 million to US$3 million non-cash expense due to impairment charges of certain intangible assets, mainly including Xiaonei.com, the internet domain name acquired by the Company in 2006 which is no longer in use.
• Meanwhile, the Company expects to record approximately US$51 million of one-off realized capital gain from its sales of e-Long securities in the fourth quarter.

"As previously discussed in our third quarter earnings release, given the competitive environment and growth opportunities of our sectors, we have decided to step up our investment in various areas of our businesses, particularly in mobile technology and products. In addition, we are also upgrading the bandwidth and servers for 56.com, the video assets we recently acquired, in order to improve our user experience. As a result, we have budgeted an incremental amount of US$60 million to US$70 million for investments this year compared to previous projections made a year ago," commented Joseph Chen, Chief Executive Officer of Renren.

"Based on our current visibility, we expect our full year revenue in 2012 to grow 50-55%, similar to the pace we achieved in 2011," added Mr. Chen. "While we will not be profitable in 2012, our business is fundamentally sound and staged for growth in China's social networking sector. We are confident that we are following the right course in creating long-term value for our shareholders and building a truly sustainable business."

BEIJING, Nov. 21, 2011 /PRNewswire-Asia/ -- Expedia, Inc. (NASDAQ: EXPE) ("Expedia"), the world's largest online travel company, and Renren Inc. (NYSE: RENN) ("Renren"), China's leading real-name social networking internet platform, jointly announced today that Renren has sold its investment in eLong, Inc. (NASDAQ: LONG) ("eLong") to Expedia for approximately $72.4 million, or $23 per ADS.

"We're pleased to have an opportunity to increase our investment in eLong as we see China as a key market in our efforts to expand internationally," said Dara Khosrowshahi, President and Chief Executive Officer of Expedia. "We have been very happy with the strategic and operational progress made by eLong and look forward to many more years of success."

"Our early investment in eLong helped us build mutually beneficial commercial ties as well as generate strong returns for our shareholders. Renren and eLong will continue to work on a number of joint initiatives, including Nuomi hotel group-buy, one of the largest hotel group-buy sites in China. We will continue this strong relationship with eLong and deliver more popular products together moving forward," commented Joseph Chen, Chairman and Chief Executive Officer of Renren.

"Renren will continue to be a valued business partner to us, and we look forward to future cooperation with Renren," said Guangfu Cui, eLong's Chief Executive Officer.  

Third Quarter 2011 Highlights

• Total net revenues were US$34.2 million, a 57.1% increase from the corresponding period in 2010.
• Online advertising revenues were US$19.6 million, a 91.8% increase from the corresponding period in 2010.
• Gross profit was US$27.5 million, a 55.8% increase from the corresponding period in 2010.
• Net loss attributable to Renren Inc. was US$1.2 million, compared to a net income of US$7.3 million for the corresponding period in 2010.
• Adjusted net income(1) was US$0.3 million, compared to US$6.3 million adjusted net income in the corresponding period in 2010.

"We are pleased that by the end of the third quarter, we have surpassed our full-year user growth target set in the beginning of this year, despite intensified competition in China's social networking and social media sector," commented Joseph Chen, Chairman and Chief Executive Officer. "It has been a quarter of rapid developments for Renren, with a number of new initiatives launched across all major product lines, contributing to another quarter of solid user growth. We also made our first post-IPO strategic acquisition, 56.com, a leading Chinese user-generated-content focused video sharing site, with which we can now further broaden our video services to our users and customers."

Business Outlook

The Company expects to generate revenues in an amount ranging from US$31 million to US$33 million in the fourth quarter of 2011, representing 48% to 58% year-over-year growth. This forecast reflects Renren's current and preliminary view, which is subject to change.

BEIJING, September 27, 2011 /PRNewswire-Asia/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), China's leading real-name social networking internet platform, announced today that it has entered into a definitive agreement to acquire 100% of 56.com, a leading user generated content (UGC) online video sharing site in China. The consideration for this acquisition will be US$80 million in cash. The acquisition is expected to be completed in the fourth quarter of 2011, subject to customary closing conditions.

Second Quarter 2011 Highlights

• Total net revenues were US$30.4 million, a 53.2% increase from the corresponding period in 2010.
• Online advertising revenues were US$16.9 million, a 93.8% increase from the corresponding period in 2010.
• Gross profit was US$24.6 million, a 62.8% increase from the corresponding period in 2010.
• Net income was US$0.8 million, compared to a net loss of US$25.5 million for the corresponding period in 2010.
• Adjusted net income(1) was US$2.3 million, compared to US$5.2 million adjusted net income in the corresponding period in 2010.
• Adjusted EPS was $0.01 vs.$0.06

"We are pleased to report a strong second quarter. We have seen continued steady growth of our user base and their engagement level in this quarter, despite intensified competition in the social networking and social media market in China," said Joseph Chen, Chairman and Chief Executive Officer. "Our consistent focus on the real-name nature of our platform, as well as our user quality and engagement level, has proved to be sustainable in the rapidly-evolving internet industry in China.

"We will continue to invest heavily in R&D, particularly in our mobile platform, to anticipate accelerated pace of changes in the internet industry in China. We believe Renren's differentiated real-name nature and innovative integration with other services on the Renren platform position us well for the future growth in this dynamic market," Mr. Chen added.

Hui Huang, Renren's Chief Financial Officer, commented, "Renren has achieved both operating income and net income profitability in the second quarter. While we will continue to invest heavily in R&D, sales & marketing and new products & services, we will also strive to continuously improve our execution capabilities and organizational efficiency. For example, we are experiencing rapidly growing brand strength and transaction volume in our social commerce business, Nuomi, with a relatively cost efficient model, due to Nuomi's integration with our Renren platform and user base."

Business Outlook

The Company expects to generate revenues in an amount ranging from US$33.5 million to US$35.5 million in the third quarter of 2011, representing 54% to 63% year-over-year growth. This forecast reflects Renren's current and preliminary view, which is subject to change.

First Quarter Results:

• Total net revenues were US$20.6 million, a 46.6% increase from the corresponding period in 2010.
• Online advertising revenues were US$8.1 million, a 100.5% increase from the corresponding period in 2010.
• Gross profit was US$16.5 million, a 57.6% increase from the corresponding period in 2010.
• Net loss was US$2.6 million, a 78.5% decrease from the corresponding period in 2010.
• Adjusted (1) net loss was US$1.1 million, compared to US$0.6 million adjusted net income in the corresponding period in 2010.
• Loss per ADS (0.04) vs (0.14)

"I am pleased to report a robust first quarter, in particular the doubling of our advertising revenues compared to the same period last year. During the first quarter, our business progress was highlighted by the strong growth in our user base and user engagement level, which has been driven by our relentless focus on providing the best user experience and the ongoing adoption of real-name SNS service in China," said Joseph Chen, Chairman and Chief Executive Officer.

For the second quarter of 2011, the Company expects to generate revenues in an amount ranging from US$29 to US$30 million, representing 46% to 51% year-on-year growth. This forecast reflects Renren's current and preliminary view, which is subject to change.

Renren Initial Public Offering Details

Company Snapshot:

Operates the leading real name social networking internet platform in China

Industry Snapshot:

In China, the popularity of social networking is driven by a massive addressable user base, the growing availability of internet access and favorable internet usage trends. China already has the largest internet user and mobile user populations in the world, and these user populations are forecasted to continue to grow rapidly. While social networking has already captured a considerable share of the time Chinese internet users spend online, there is still significant potential for future growth. Based on data issued in July 2010 by comScore Media Metrix, 38.4% of internet users in China engaged in online social networking as of April 2010, compared to 69.8% globally and 81.4% in the United States; and internet users in China spent 7.8% of their online time on social networking websites in April 2010, compared to 13.9% globally and 11.6% in the United States.

Use Of proceeds:

intend to use the net proceeds from this offering and the concurrent private placements as follows: (i) approximately US$180 million for investing in our technology and research and development activities; (ii) approximately US$180 million for expanding our sales and marketing activities; and (iii) the balance for other general corporate purposes, including potential strategic acquisitions and investments.

Underwriters:

• Morgan Stanley
• Deutsche Bank Securities
• Credit Suisse
• BofA Merrill Lynch
• Jefferies
• Pacific Crest Securities
• Oppenheimer & Co.

Offering price: $14.00

Post IPO Share Calculation: (Using a 3 to 1 ADS to Ordinary conversion ratio).

• 341,173,990: Pre IPO fully diluted share count used in EPS calculation.
•     53,100,000: 42,898,711 by the company + 10,201,289 by selling shareholders
•     8,461,537: from private placement
•   17,227,930: Warrants 
•     7,965,000: Underwriter over-allotments ADS shares 

GeoTeam® best effort calculation of total post IPO ADS count to be used in EPS calculations, assuming full conversions and an ADS to Ordinary conversion ratio of 3 to 1: 410,112,168

Financial Snapshot: Still losing money