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Third Point Highlights Compelling Opportunities for Value Creation at Sony Corporation

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Shares Letter and Accompanying Presentation with Fund Investors
Disclosing Holding and Outlining
Paths to Create “A
Stronger Sony” For All Stakeholders

Proposes Spin-Off of Semiconductor Company, Publicly Listed in
Japan, Highlighting the Business as a Japanese National Technology
Champion; Division Is Currently Underappreciated Despite Its Impressive
Position in a Growing Global Industry

NEW YORK–(BUSINESS WIRE)–Third Point (LSE: TPOU), a global alternative investment firm managing
approximately $15 billion in assets, today released a detailed letter
and over one-hundred page presentation highlighting the overlooked
strength of Sony Corporation’s (“Sony” or the “Company”) (NYSE: SNE;
TSE: 6758) well-managed businesses and the opportunities for substantial
value creation that exist at the Company. Third Point believes there are
clear paths available to create “A Stronger Sony” to serve the long-term
interests of its stakeholders.

Third Point’s letter
to its investors and presentation
on Sony
can be found at www.AStrongerSony.com.

Below is the full text of the letter issued today.

***

June 13, 2019

Dear Investor:

Third Point has invested $1.5 billion in Sony Corporation because we
believe it is one of the most undervalued large cap businesses in the
world today. Sony’s valuation does not reflect either the quality of the
Company’s businesses or the opportunity to create meaningful, long-term
value through targeted capital allocation and further operational
improvement.

We rarely find companies like Sony that have a depressed valuation,
high-quality underlying businesses, numerous options for portfolio
optimization, and a capable management team. These conditions are
reminiscent of our 2017 investment in Nestlé.1 Over the past
two years, we have provided constructive input to Nestlé’s CEO Mark
Schneider and the Board, during which time the company has improved
organic sales growth and operating margins, returned CHF 20 billion of
capital to shareholders via buybacks, upgraded its Board, and focused
its portfolio by divesting non-core assets, recycling the proceeds into
high-quality acquisitions. Today, we see a similar opportunity to unlock
value in Sony, a company we know well.

We first invested in Sony in 2013 because we believed it was inexpensive
due to inadequate investor disclosure, excessive debt, an overly complex
corporate structure, and consistent losses in its consumer electronics
segment. We also recognized that the Company had tailwinds for change,
driven by Japan’s then newly-elected Prime Minister, Shinzo Abe, who had
articulated an ambitious Three Arrows plan for economic reform. Since
2014, under the skilled leadership of the prior CEO, Kazuo Hirai, and
Kenichiro Yoshida (first as CFO and now as CEO), Sony’s business has
undergone a dramatic transformation. Yet, despite these substantial
improvements, Sony continues to be as undervalued today as it was in
2013, trading at its lowest forward multiple of earnings in the last
decade.

Now that Sony is on a better path operationally, we believe CEO
Yoshida-san has an opportunity to create a “Stronger Sony” by shifting
his focus to unlocking the value of the Company’s tremendous portfolio
of assets. With the stock trading today at just 11x 2020 EPS, we see
compelling upside from current levels catalyzed by a deliberate
portfolio review, focused capital allocation, and strategic
reorganization.

Long-considered a consumer electronics company, today Sony generates
over 75% of its profits from four “crown jewel” businesses: Gaming,
Music, Pictures, and Semiconductors.

  • Gaming: Sony’s PlayStation gaming franchise represents the
    world’s largest video game business by revenue, with a
    current-generation console installed base approaching 100 million
    globally, more than double the scale of its closest competitor,
    Microsoft’s Xbox. Over the past six years, PlayStation has
    successfully evolved from a low-margin hardware manufacturing business
    to a high-margin software and subscription services platform, with
    revenue increasingly generated from non-cyclical sources such as
    in-game purchases, first-party software sales, and recurring payments
    from Sony’s 36 million PS Plus subscribers. Recent competitive fears
    relating to new entrants in cloud gaming are overblown, as Sony
    currently operates the world’s largest cloud gaming service (PS Now)
    with a five-year head start relative to cloud competitors.
  • Music: Sony is one of three major players (along with Universal
    Music Group and Warner Music) that dominate the recorded music and
    music publishing industries. Subscription-based streaming services
    like Spotify, Apple, and Amazon have reversed a multi-decade decline
    in music industry revenues and the industry is now experiencing rapid
    growth and expanding margins. With the 2018 acquisition of EMI, Sony
    wisely doubled down in music and, in the process, became the largest
    music publisher in the world.
  • Pictures: As one of the five largest Hollywood studios, Sony
    Pictures benefits from a rich library of iconic intellectual property
    that spans nearly a century. Following a wave of consolidation in the
    media space over the last two years, Sony Pictures remains one of the
    few independent film studio franchises not owned by a major telecom or
    media distribution company (e.g. Comcast, AT&T, Disney); this
    independent status provides Sony a competitive advantage, as it
    remains free to license television and movie content to any of the
    well-funded and fast-growing streaming platforms in the market such as
    Netflix, Amazon, and Apple.
  • Semiconductors: With an over 70% market share in smartphone
    image sensors (which power digital cameras on phones), Sony has
    exposure to an end-market with one of the best secular outlooks in the
    semiconductor industry. Photo and video imaging are becoming more
    important parts of the smartphone and the automobile, driving
    sustainable content growth well in excess of unit volumes in each of
    these large markets.

These four segments have generated a 38% CAGR in operating profit over
the past five years. Given the secular themes to which these businesses
are exposed, we expect robust earnings growth to continue. So why does
this company trade at just 11x earnings, a substantial discount to the
market and a multiple befitting a declining business, rather than one
moving from strong to stronger?

We believe Sony’s valuation discount is attributable primarily to
portfolio complexity, which will be a permanent problem unless it is
decisively addressed. We have seen countless “conglomerate discounts”
over the years where investors consistently discount valuation or avoid
certain stocks altogether due to the challenges of forecasting numerous,
unrelated business drivers.2 Of the 14 sell-side analysts
covering Sony’s stock, only two have relevant internet and entertainment
backgrounds; the rest are Asia-focused electronics analysts. Third
Point’s own diligence required the simultaneous efforts of numerous
sector teams across media, semiconductors, financials, and even
healthcare to understand Sony’s businesses. This process yielded strong
conviction in Sony’s untapped value, as was the case in 2013. The
difference today is that Sony is now poised to address its portfolio
complexity and the resulting valuation discount.

There are many paths to unlock Sony’s value. Sony has a net cash balance
sheet, generates a 7% unlevered FCF yield (despite significant growth
investments in image sensor fabrication capacity), and owns stakes in
publicly-listed companies totaling over $12 billion (nearly 20% of its
total market capitalization). This opportunity set is staggering: if
management were to monetize these stakes and take leverage to a
conservative 1.0x, the company would have $34 billion of capital to
invest for growth or return to shareholders, equal to more than 50% of
the current market capitalization. Encouragingly, it appears Sony
management shares our view. In February, the company announced a ¥100
billion (~$900 million) share repurchase, its first buyback in 15 years.
This was followed by an additional ¥200 billion (~$1.8 billion)
repurchase announcement in May.

Today, Sony trades at roughly half our estimate of intrinsic value, with
additional upside from optimizing capital allocation.

A Stronger Sony

In order to release this value and put the Company on an even stronger
footing for the future, we believe that Sony should: 1) consider a
spin-off of its semiconductors division into a standalone public stock,
re-named “Sony Technologies”, to be listed in Japan; 2) position New
Sony as a leading global entertainment company; 3) consider the
divestiture of its public equity stakes in Sony Financial, M3 Inc,
Olympus, and Spotify, and; 4) optimize its capital structure. We make
these recommendations with Sony’s long-term success at the forefront of
our considerations and believe these actions will help Sony to more
effectively and sustainably grow value for stakeholders in the decades
to come.

Semis: A Japanese Technology Champion
Sony’s semiconductor
business is dramatically underappreciated by the market despite its
position as the global leader in image sensors with over 70% revenue
market share of the smartphone image sensor market. Japanese companies
pioneered the semiconductor industry more than 60 years ago, and at one
point commanded a dominant 40% global market share. While Japan has
ceded semiconductor market share to other Asian countries, Sony
Semiconductors has held its own, demonstrating strong revenue growth and
technological prowess. Contributing only 18% of Sony’s consolidated
earnings, this division is often treated by investors as an afterthought
despite its status as one of Japan’s leading technology companies.

In 2017, the Japanese government passed tax reform legislation that
allowed companies to spin-off divisions “tax-free.” Nikkei explained:
“Next fiscal year’s package will seek to encourage management to act
boldly with shareholders in mind. Part of the plan is to reduce the tax
on spinoffs, which can give the newly hatched company more freedom over
its operations and help change the makeup of industries.”3

As a standalone public company listed in Japan, Sony Technologies would
be a showcase for Japan’s technology capabilities. Rather than just an
uncut rough stone buried inside Sony’s portfolio, Sony Technologies
would be visible as a Japanese crown jewel and technology champion. The
company would attract a new cohort of dedicated semiconductor investors
with an appropriate appreciation for the growth profile, capital needs,
and cyclicality of this asset. With its own board and management team,
Sony Technologies can focus 100% on maintaining its leading position in
the fast-growing image sensor market. Perhaps most importantly for its
long-term success, Sony Technologies would be able to invest more deeply
in capex and R&D, without compromising the strong free cash flow profile
of Sony’s entertainment assets. If Sony Technologies lists in Japan and
executes on the long-term vision articulated at the 2019 IR day, we
believe it could be a $35 billion public company within five years.

“New Sony”: A Creative Entertainment Leader
Sony’s gaming,
music, and pictures segments would become the Company’s core after the
Semiconductor spin. As capital-light, high-growth businesses, they too
will benefit from a standalone public listing and management team. New
Sony’s portfolio would include the largest console gaming platform in
the world as well as a top 10 mobile game studio; the #1 music
publishing and #2 recorded music company globally; and one of the
world’s top five film/TV studios. New Sony is levered to three of the
most important secular growth drivers in the media space: 1)
accelerating growth in console gaming revenue driven by in-game
purchases and live services; 2) the shift in music and video consumption
to subscription-based streaming services; and 3) the rising strategic
value of music rights and film/TV libraries amid fierce competition for
content among streaming distribution platforms. We believe that these
tailwinds would enable the pro forma company to grow EBIT at a 10%+ CAGR
going forward. With its robust cash flow generation, New Sony would be
able to rapidly grow earnings and return substantial capital to
shareholders, a rare combination.

While small relative to the entertainment assets, Sony’s legacy
electronics assets are no longer the drag on profitability that they
were six years ago and will be a meaningful cash flow contributor to New
Sony. Thanks to focused management intervention, TVs and cameras are
solidly profitable, and aggressive actions are being taken to improve
the profitability of mobile phones. The free cash from these businesses
can be redeployed into entertainment investments, and as entertainment
grows, electronics will become a smaller percentage of New Sony’s value
and narrative over time.

Sony’s Listed Stakes and Capital Structure
We also encourage
Sony to consider whether its listed stakes and capital structure are
best serving the company’s stakeholders. With its robust financial
profile, Sony no longer relies on Sony Financial’s cash flow. The other
businesses (M3, Spotify, Olympus) contribute very little to the
Company’s earnings, but have significant value. Recent Japanese
corporate governance reforms have urged companies to divest
cross-shareholdings and doing so would allow Sony to lead by example as
corporate Japan evolves. We believe the proceeds of these divested
stakes should be invested in long-term growth or capital return to
shareholders.

Finally, with its strong cash flow generation, we believe that Sony can
modestly increase its leverage to 1.0x net debt/EBITDA to increase ROE
and improve its balance sheet efficiency. This would bring leverage in
line with global media and entertainment peers, most of which have
leverage in the 1-2x range.

Conclusion

We are pleased to have played some role in drawing the market’s
attention to Sony’s undervalued franchises six years ago, and today, we
again see a clear case for value that the market fails to appreciate.
The difference between now and 2013 is that Sony is in an excellent
position to do something about its conglomerate discount. At www.AStrongerSony.com,
we share more of our analysis about the optimal routes for value
creation at the Company. We have shared these views with Sony and
appreciate management’s open approach to our dialogue. We look forward
to working together to create long-term value for the Company’s
stakeholders by building an even Stronger Sony.

Sincerely,
Third Point LLC

The information in this presentation is for information purposes
only, and this presentation does not constitute an offer to purchase or
sell any security or investment product, nor does it constitute
professional or investment advice. The information in this presentation
is based on publicly available information about Sony Corporation (the
“Company”). Except where otherwise indicated, the information in this
presentation speaks only as of the date set forth on the cover page, and
no obligation is undertaken to update or correct this presentation after
the date hereof. Permission to quote third party reports in this
presentation has been neither sought nor obtained.

This presentation may include forward-looking statements that reflect
the current views of Third Point LLC or certain of its affiliates
(“Third Point”) with respect to future events. Statements that include
the words “expect,” “intend,” “plan,” “believe,” “project,”
“anticipate,” “will,” “may,” “would,” and similar words are often used
to identify forward-looking statements. All forward-looking statements
address matters that involve risks and uncertainties, many of which are
beyond the control of the parties making such statements. Accordingly,
there are or will be important factors that could cause actual results
to differ materially from those indicated in such statements and,
therefore, you should not place undue reliance on any such statements.
Any forward-looking statements made in this presentation are qualified
in their entirety by these cautionary statements, and there can be no
assurance that the actual results or developments anticipated will be
realized or, even if substantially realized, that they will have the
expected consequences to, or effects on, the Company or its business,
operations, or financial condition. Except to the extent required by
applicable law, we undertake no obligation to update publicly or revise
any forward-looking statement, whether as a result of new information,
future developments, or otherwise.

Third Point currently has an economic interest in the price movement
of the securities of the Company. It is possible that there will be
developments in the future that cause Third Point to modify this
economic interest at any time or from time to time. This may include a
decision to sell all or a portion of its holdings of Company securities
in open market transactions or otherwise (including via short sales),
purchase additional Company securities (in open market or privately
negotiated transactions or otherwise), or trade in options, puts, calls
or other derivative instruments relating to such securities. Third Point
also reserves the right to take any actions with respect to its
investment in the Company as it may deem appropriate, including, but not
limited to, communicating with the board of directors, management and
other investors.

Although Third Point believes the information herein to be reliable,
Third Point makes no representation or warranty, express or implied, as
to the accuracy or completeness of those statements or any other written
or oral communication it makes with respect to the Company and any other
companies mentioned, and Third Point expressly disclaims any liability
relating to those statements or communications (or any inaccuracies or
omissions therein). Thus, shareholders and others should conduct their
own independent investigations and analysis of those statements and
communications and of the Company and any other companies to which those
statements or communications may be relevant.

***

About Third Point

Third Point is a New York-based global alternative investment firm
managing approximately $15 billion in assets for public institutions,
private entities and qualified individual clients. The firm was founded
in 1995 by Daniel S. Loeb, who serves as Chief Executive Officer and
oversees all investment activity. It employs a flexible, opportunistic
investment style – one that seeks to identify situations with a
recognizable catalyst which we anticipate will unlock value.

__________________________

1 Like our investment in Nestlé, our Sony investment is also
made in part via a special purpose vehicle created for this opportunity.

2 In 2018, Goldman Sachs summarized this argument, writing:
“The complexity of Sony’s business structure, which ranges from video
game platforms to cutting-edge semiconductors and life insurance…appears
to have discouraged entry by a broad range of investors. If investors
were to invest in Sony in order to profit from earnings growth driven by
the shift to digital distribution in the game and network services
business, the firm’s largest business, they would also need to accept
risks arising from competitive conditions in the semiconductor business
and restructuring in the mobile communications business since games
account for less than 40% of total earnings.”

3 “Japan Eyes Tax Break for Spinoffs.” Nikkei Asian Review,
Nikkei. 19 November 2016. https://asia.nikkei.com/
Politics/Japan-eyes-tax- break-for-spinoffs

Contacts

For Media:

Third Point LLC
Elissa Doyle, 917-748-8533
Chief Marketing
Officer
edoyle@thirdpoint.com

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Business Wire

2019 Super Penguin Celebrity Game Sees a Successful Completion

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Ginóbili and Parker Lead the Highest-standard Game

SHANGHAI–(BUSINESS WIRE)–On September 21st, 2019 (Beijing time), the 2019 Super Penguin Celebrity Game completed successfully at the Shanghai Oriental Sports Center. NBA legendaries Manu Ginóbili and Tony Parker joined hands with Li Chen, Zheng Kai, Xiao Jingteng and other celebrities, and presented a cross-border basketball game for the audience. The game ended at 45-56, team Red Force took the prize from team Blue Energy. YeZhou won the MVP with his excellent performance.

ESPN live broadcasted the game in various countries and regions including Australia, Brazil, Japan, Mexico, New Zealand, Singapore, and the United States. It has spread the fascination of the game to every continent except the Antarctic.

The Super Penguin Celebrity Game is a celebrity basketball event that brings together professional basketball players and hottest entertainment celebrities. Initiated by Tencent Sports (SEHK: 700) in 2016, the Super Penguin Celebrity Game has been successfully held for four consecutive years, attracting more than 160 basketball players and entertainment celebrities, including NBA legends such as Tracy McGrady, Allen Iverson, Paul Pierce, Ray Allen and Chris Bosh, and entertainment stars like Kris Wu, Bai Jingting, Xiao Jingteng.

In fact, the Super Penguin Celebrity Game is composed of a basketball reality show and a basketball game. The basketball reality show involves 32 entertainment stars, which are divided into 16 teams. With the professional guidance from NBA legend Manu Ginóbili and world-renowned trainer Ganon Baker, the players boosted their egos through the tough training and intense competitions lasting 8 weeks. The show has attracted more than 30 million individual users, among who female viewers account for more than 40%, making the show a pioneer in breaking the boundary between sports and entertainment.

Through 4 years of exploration, the Super Penguin Celebrity Game has developed from a single event to a matrix of contents comprising variety shows and sports events. It has become an exemplary IP integrating sports and entertainment, while it also has built the presence of basketball among the mass public.

Contacts

David Andrew

davidandrew@foxmail.com

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Business Wire

IRI to Discuss Advertising Campaign Data Analytics Strategies in Three Sessions at Advertising Week New York

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–(BUSINESS WIRE)–IRI:

WHO:

At the “ The State of AI” session, presenters will be:

 

Nishat Mehta, President, Media Center of Excellence, IRI®

 

Jocelyn Lee, Head of AI, Heat

Nate Rackiewicz, Chairman and Co-Founder, METEOR NOW

 

Sara Robertson, Global Vice President, Product and Engineering, Xaxis

 

At the “So Much Data…So Little Time” session, presenters will be:

JP Beauchamp, Senior Vice President, Media Center of Excellence, IRI

Christine Frohlich, Vice President Product Marketing, Experian

 

Duncan McCall, Founder and Chief Executive Officer, PlaceIQ

 

Elliott Easterling, Co-Founder and Chief Executive Officer, TrueData

 

 

At the “Measurement on Demand” session, presenters will be:

Vijoy Gopalakrishnan, Senior Vice President, Media Center of Excellence, IRI

Abishake Subramanian, Director, Digital Advertising, Media Sales and Strategy, Sam’s Club

Adam Gitlin, Head of Data, Annalect

Lisa Hill, Brand Manager, Starbucks At Home Coffee/Personalized Marketing, Nestlé Coffee Partners

 

Maciej Szczepaniak, Global Brand Measurement, Lead Google

 

 

WHAT:

On September 23, IRI’s Nishat Mehta will participate on a panel with the Heat’s Jocelyn Lee, METEOR NOW’s Nate Rackiewicz and Xaxis’ Sara Robertson to discuss the use of AI in technology and measurement mechanisms, the effect on creative and talent resources and risks in brand safety and fraud, during their session titled, “The State of AI.

 

Later that day, IRI’s JP Beauchamp will serve on a panel with Experian’s Christine Frohlich, PlaceIQ’s Duncan McCall and TrueData’s Elliott Easterling that will cover the endless amounts of data available to brands. The panel will provide advice to brand managers on top methods to integrating online and offline data, executing omnichannel campaigns, reducing media waste through better targeting strategies as well as measuring campaigns effectively, during their session titled, “So Much Data…So Little Time.

 

 

On September 26, IRI’s Vijoy Gopalakrishnan will take the stage with Sam’s Club’s Abishake Subramanian, Annalect’s Adam Gitlin, Nestlé Coffee Partners’ Lisa Hill and Google’s Maciej Szczepaniak to discuss the longstanding challenge faced by marketers — on demand advertising effectiveness measurement. The panel will review tools available to marketers such as in-flight optimization, better and less expensive measurement techniques and connecting advertising effectiveness to bottom of the funnel metrics, during their session titled, “Measurement on Demand.

 

WHY:

 

 

Brands are faced with an immense amount of data, and it is now the job of marketers to decipher the data to find the best product lines, advertising campaigns or social media influencers that most align with that company. In today’s data-focused world, brands must be able to utilize artificial intelligence and machine learning techniques to interpret vast data sets in order to create quality products and target the right customers.

 

WHEN:

The State of AI

 

Monday, September 23, 2019

9:15 a.m. – 10:00 a.m. ET

 

So Much Data…So Little Time

 

Monday, September 23, 2019

10:45 a.m. – 11:30 a.m. ET

 

Measurement on Demand

 

Thursday, September 26, 2019

4:30 p.m. – 5:15 p.m. ET

 

WHERE:

Advertising Week New York

AMC Lincoln Square Campus

1998 Broadway

 

New York City, NY 10023

About IRI

IRI is a leading provider of big data, predictive analytics and forward-looking insights that help CPG, OTC health care organizations, retailers, financial services and media companies grow their businesses. A confluence of major external events — a change in consumer buying habits, big data coming into its own, advanced analytics and personalized consumer activation — is leading to a seismic shift in drivers of success in all industries. With the largest repository of purchase, media, social, causal and loyalty data, all integrated on an on-demand, cloud-based technology platform, IRI is empowering the personalization revolution, helping to guide its more than 5,000 clients around the world in their quests to remain relentlessly relevant, capture market share, connect with consumers, collaborate with key constituents and deliver market-leading growth. For more information, visit www.iriworldwide.com.

Contacts

IRI:

Victoria Guimarin

UPRAISE Marketing + PR for IRI

Email: iri@upraisepr.com
Phone: +1 415.397.7600

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Business Wire

Spirit of Wipro Run Brings Together Participants from 110 Cities Across 34 Nations

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EAST BRUNSWICK, N.J. & BANGALORE, India–(BUSINESS WIRE)–#FurtherTogether–Wipro Limited (NYSE: WIT) (BSE: 507685) (NSE: WIPRO), a leading global information technology, consulting and business process services company, today organized the 14th edition of the ‘Spirit of Wipro’ (SOW) Run in 110 cities across 34 countries.

The theme for this year’s Run was “#FurtherTogether”, which celebrated the spirit of camaraderie and several thousands of Wipro employees, their friends and families, alumni, customers, partners and suppliers came together for the event.

The SOW Run reinforces the core values of the organization-

  • Be passionate about clients’ success,
  • Treat each person with respect,
  • Be global and responsible and
  • Unyielding integrity in everything we do.

This annual global event has people stepping forward together as a community to bring about progressive change in the society.

Commenting on the run, Abidali Z Neemuchwala, Chief Executive Officer and Managing Director, Wipro Limited said, “The SOW Run is our annual, global tradition. This year’s theme of ‘FurtherTogether’ is aimed to inspire everyone to go the extra mile and is a reminder that anyone can achieve anything if they put their mind to it. We celebrate the collective spirit of Wiproites across the world on this special day and appreciate their contributions towards social causes globally.”

Saurabh Govil, President and Chief Human Resources Officer, Wipro Limited said, “The SOW Run celebrates the people of Wipro. Over the years, this annual run has become one of the largest employee engagement events in the world. Every year the run brings together our employees, their families and friends, clients, partners and suppliers. It is a great testament of what the spirit of togetherness and genuine collaboration can achieve.”

The SOW Run 2019 was organized in New Jersey, Portland, Mountain View, Atlanta, Tampa, Boston, Austin, Dallas, Reading, Perth, Melbourne, Sydney, Edmonton, Ottawa, Dublin, Yokohama, Kuala Lumpur, Curitiba, Guadalajara, Mexico City, Cebu, Manila, Doha, Dubai, Dalian, Singapore, Johannesburg, and Zurich among other cities.

In India, the SOW Run 2019 was held in 15 cities, including Bangalore, Delhi, Mumbai, Chennai, Pune and Kolkata. The event saw an officially timed 21K or half marathon in Bangalore, Chennai, Pune and Hyderabad. This apart, timed 10K was held in Bangalore, Pune, Chennai, Delhi, Mumbai and Hyderabad.

Each year the proceeds from the SOW Run are used towards social causes identified by the locations, globally. The funds raised by the runners globally are matched 100% by Wipro Limited and are utilized by Wipro Cares, the community initiatives arm of Wipro Limited. In the United States, where Wipro has a significant presence, the funds will be used to support educational programmes in underserved communities. In India, the 2019 edition of the Run is supporting the educational needs of underprivileged and disadvantaged children.

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 175,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

Forward-looking and Cautionary Statements

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

Contacts

Wipro Media Contact:
Shraboni Banerjee

Wipro Limited

shraboni.banerjee@wipro.com

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DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Karyopharm Therapeutics, Inc. (NASDAQ: KPTI) and Encourages Karyopharm Investors to Contact the Firm

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