The Financial Results for the
Fiscal Year Ended July 31, 2020
SILVER LIFE Co., Ltd.
The First Section of the Tokyo Stock Exchange (9262)

Summary of the Fiscal Results andWhole Financial Year Forecast-2-

FY2020 Financial Results(Millions of yen)
FY2020
YoY
Changes

FY2019Composition

Ratio

Comparedwith
Forecast

YoY
ChangesComposition

FY2020
Forecast

Ratio

Sales

8,832

13.2% 100.0% 100.0%

7,800

19.1% 100.0%

8,830

Gross
Profit

2,610

16.8%

2,235

27.2%

28.7%

2,520

Operating
Profit

934

5.6%

10.6%

94.4%

885

47.6%

11.4%

990

Ordinary
Profit

1,086

8.4%

12.3% 101.5%

1,002

47.9%

12.9%

1,070

Profit678

6.8%

7.7% 101.3%

635

47.3%

8.2%

670

29.6% 103.6%-3-

Sales per Category: Franchise Chains

Sales 6,350 million yen (YoY +13.2%)
Franchise chains

Number of stores: 834 (+105 stores at the end of the previous fiscal year)
Despite a 4% price cut from July 2019, sales increased 13.2% year-on-year(Millions of yen)-4-

Sales per Category: Facilities for the Elderly, etc.

Sales 1,191 million yen （YoY -5.4%）
Facilities for theelderly

Number of contracted facilities: 6,057 (+628 facilities compared to the previous fiscal year)
Sales of refrigerated foods continued to decline due to the abolition of fractional packs, but therate of decline gradually slowed down.
As a recovery measure, we started selling frozen food-packs from April 2020, but due to theimpact of the COVID-19 (especially in the state of emergency from April to June), we could not
actively do sales activities, and the contribution to sales was small.

(Millions of yen)-5-

Sales per Category: OEM / Other Operations

Sales 1,290 million yen（YoY +38.4%）
OEM / Other
Operations

OEM sales decreased (-19.2%) due to a decrease of contracts from major OEMs.
As a recovery measure, we started direct sales and the overall sales increased (+ 38.4%) tocompletely make up for the decrease. Since direct sales expanded, we are planning to change
the category to "Direct sales / Others" for the next fiscal year.

(Millions of yen)-6-

Number of Stores
66 "Magokoro Bento" stores and 39 " Haishoku no Fureai" stores increase(compared to the previous year-end). 834 stores in total (as of the end of July 2020)
Increase in the Number of Stores(number of stores)
800
700

338

600

299

500
400

14

85

138

196

245

300
200
100
0

1

FY200815FY200988
FY2010173
FY2011240

FY2012

332

363

352

356

367

381

FY2013

FY2014FY2015FY2016FY2017FY2018Magokoro Bento430

FY2019496

FY2020

Haishoku no Fureai* 1. "Rakuraku Bento" is not included in the above number of stores since it will only be a store opened alongside a member store.
2. Since store sales start from zero and gradually increase after the opening, contribution to sales will be from the next year after
the store opens.

-7-

Analysis of Sales Figures(Millions of yen)

358
685

55

-67

FC Loyalties,
etc.

Facilities for the
Elderly

8,832

OEM / Others

7,800
FC Food Sales

1,031 million yen increase
FY2019FY2020-8-

Analysis of Ordinary Profit Figures(Millions of yen)

55

Breakdown
1Q ‐362Q ‐17
3Q
-12
4Q
+2

-104

319
FC
Loyalties,
etc.

-63
Fare

-40
Advertising
Expenses

1,002

Labor
Costs

-33

-26

-16

Payment
Charges Outsourcing Depreciation
Expenses
Costs

-5

1,086

OthersFood Sales
Profit83 million yen increase
FY2019FY2020-9-

FY2021 Forecast(Millions of yen)

FY2021 Forecast

•
•
•

YoY
Changes

FY2020 Results

YoY
Changes

Sales

9,530

7.9%

8,832

13.2%

Gross
Profit

2,470

-5.4%

2,610

16.8%

Operating
Profit650-30.4%

934

5.6%

Ordinary
Profit770-29.1%

1,086

8.4%

Profit460-32.2%

678

6.8%

Sales forecast is stated on the Sales Forecast per Sales Category page
Gross profit decreased significantly due to related expenses (350 million yen) such as depreciation costs
associated with the launch of the new factory.
SG&A expenses are expected to increase due to advertising expenses for the direct sales business associatedwith the new factory launch, software usage fees and depreciation costs due to system enhancements.

- 10 -

FY2021 Sales Forecast per Sales Category

6,940 million yen （YoY +9.3%）
Franchise chains

Facilities forthe elderly

OEM / Other
operations

Estimated number of stores at the end of the fiscal year: Approximately 890 stores (50to 60 stores compared to the previous fiscal year). Although we have hope to continue
opening more stores, we expect to open about 50 stores regularly each year.

1,210 million yen （YoY +1.6%）
Sales are expected to recover with the broader development of the facility-specificfrozen food-packs "Kodawari Chef“.

1,380 million yen （YoY +6.9%）
The contract volume of existing major customers is expected to continually decrease.
The direct sales business is expected to increase moderately based on production
capacity.

- 11 -

Manufacturing and Storage reached limits
Manufacturing Limits
Frozen bento production almost doubled in a year and ahalf. There is not enough space in the current factory toincrease the number of facilities and the number ofpeople working at the same time.
・ Extend the operating hours to cope with the situation
・ Employees are exhausted due to late-hour labor
・ Frequent abnormality found in the inspection that leadto disposal and remanufacturing
Tried to find a manufacturing contractor that can “produce
a wide variety of frozen bento’s and provide a lower pricethan the current price" but found out there was nosuitable factory.

Storage Limits
In 2017, we built a distribution center that can store
100,000 meals. However, due to the unexpected increasein the number of frozen bento’s, we ran out of storage
space.
・ To immediately cope with the situation our
distribution costs increased
・ After manufacturing at our factory, we had todecentralize storage at another company's cold
storage warehouse・ Move daily shipment to the distribution center
Nearby rental cold storage warehouses are almost full,and there are not enough freezer trucks to run between
warehouses.
Frozen bento
production line limit

2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2020/1 2020/2 2020/3 2020/4 2020/5 2020/6 2020/7- 12 -

Frozen Bento Direct Sales Difficult to Increase
Established direct sales system for frozen bento’s.
But faced manufacturing & storage limitations.
Quickly implemented brake measures to reduce thenumber of units sold.
From July 13th, stopped almost all advertisements
80.4%

Temporary sales increase
due to the state of
emergency declared in April.
Reactionary temporary
decrease in May.

July 13th, suspension of
all advertisements slowed
down sales growth.

Advertisement ratio

50.3%
48.8%
Sales per
month

35.5%
26.6%
20.7%

2019/8

2019/92019/10

2019/112019/122020/1

18.7%

2020/215.4%

2020/311.9%

2020/411.4%

2020/5

10.7%

2020/68.6%
2020/7Advertisementfee- 13 -

For Our Future GrowthEstablishing a 200 Thousand Meals / Day
Manufacturing & Storage System
1st Factory (Kanto Region) (Ora-gun, Gunma Pref.)50,000 meals / day (frozen foods）
Refrigerating equipment replaced with freezing equipment

New 2nd Factory (Ashikaga City, Tochigi Pref.)150,000 meals / day (chilled foods）
Completed in early 2021 (Scheduled)

New frozen foods warehouse(Tatebayashi City, Gunma Pref.)
The storage capacity of 1.35 million meals

Annex warehouse (chilled foods)- 14 -

New Cold Storage Warehouse
Construction of a new warehouse due to the shortage of warehouses is one of the bottlenecks toour expansion to sales. The new warehouse will improve work efficiency and reduce transportation,loading and unloading costs.
Current

FutureFactory

Loading

Loading

Unloading

UnloadingExternal
Warehouse
1

External
Warehouse
2

Loading

Loading

Factory

Loading

Storage for 1.35 million meals
Also reduces logistics costs
Unloading

UnloadingCurrent
Warehouse

Unloading
Storage for 100,000 meals
Loading and unloading costs aredouble, and you cannot carry yourload when the truck is not available

New
Warehouse- 15 -

Frozen foods Warehouse Overview
Frozen Foods Distribution Center Overview
Address: 681-3, Kondo-cho, Tatebayashi-shi, Gunma
Site Area: Approximately 1967㎡
Total Floor Area: Approximately 1487 ㎡ (scheduled)
Total Investment: 900 million yen (land, building, equipment)
Construction Start: March 2021 (scheduled)
Financial Plan: Own funds (borrowed)

Breakdown of Capital Investment(scheduled)Land

90 million yen

Building

550 million yen

Machines

160 million yen

Others

100 million yen

Total

900 million yen- 16 -

Topics: FY2020 Review
August 2019: Started direct sales for frozen bento’s
Unexpected sales decrease due to the policy change of current OEM contractors. To make up for our loss, westarted a direct sales business and carried out large-scale advertising. Initially, advertising expenses were afactor in lowering profits, but within the whole financial year contributed with growth to profits.

January 2020: Listing shifted to the Tokyo Stock
Exchange, First Section
Expectations to acquire human resources who will leadthe future of the company

Q1

Q2

Q3

Q4

April 2020: Started selling “Kodawari Chef”, a frozen food-packs for facilities
We developed a fully cooked frozen food-packs product that is storable for a long
period of time as well as adjustable to a sudden change of quantity

July 2020: Acquired ”FSSC 22000” certification
Acquired international standards for food safety management
system at our factory (Kanto region factory)- 17 -

Topics: Acquired "FSSC 22000" Certification
In July 2020, our factory (Kanto region factory (1st factory)) acquired "FSSC
22000" certification, an international standard for food safety management
systems.
This helps us further strengthen our efforts to enhance the quality of our
products, and with the acquisition of this certification we have built a system toprovide safer foods.

。

【What is FSSC 22000 certification?】
FSSC stands for "Food Safety System
Certification", an international standard
aimed at providing safe food to
consumers- 18 -

Impact of COVID-19
Impact on Costs and Sales
 No particular change to franchise chains
Sales Some facilities for the elderly unable to sell
new products were closed Buying inexpensive ingredients from overseas
was temporarily difficult, but no major impact

Cost

Current Situation
The steady increase of
member stores
A gradual restart of sales
activities

Changed the menu to copewith the situation

 Temporarily increased purchases to securing
essential consumables (masks / disinfectants), The impact was minor
but there were no major impact
 Immigration restrictions to foreign trainees

Hiring Japanese withincreased hourly wages andhiring temporary staff- 19 -

Company Overview- 20 -

Our Management Philosophy and Mission【Our Mission】
We prepare bento’s at reasonable prices and deliver to your home every day sothat elderly people living alone or needing long-term care who have difficulty
cooking or going out to shop can eat without any trouble.

- 21 -

Company Overview
Company NameSILVER LIFE Co., Ltd.

Representative

President, CEO : Takahisa Shimizu

Established

October 2007

Capital Stock

710 million yen (as of July 31, 2019)

Address

Highness Lofty Level 2, 4-32-4, Nishishinjuku, Shinjuku-ku, Tokyo, 1600023, Japan

Businesses

・Franchise management of food delivery service for the elderly(Service names: “Magokoro Bento”, “Haishoku no Fureai”)
・Food ingredient sales to senior-care facilities(Service names: “Magokoro Shokuzai Service”， “Kodawari Chef”)
・Own brand and OEM sales of frozen bento products(Service name: “Magokoro Care Shoku”)

Websitehttps://www.silver-life.co.jp/

Employees

260 (Full-time: 101 / Part-time: 159）As of the end of July 2020

Factory

1678-1, Nakano, Ora-machi, Ora-gun, Gunma, 370-0603, Japan

Distribution Center

195-1, Akaiwa, Chiyoda-machi, Ora-gun, Gunma, 370-0503, Japan- 22 -

Our History
Date

Main store / Business development

Oct. 2007 Company established in Setagaya-ku, Tokyo
Nov. 2007
Apr. 2009
Sep. 2010
Jun. 2012
Feb. 2013

Opened the 1st directly managed store in Setagaya-ku, Tokyo
Launched our first franchise chain “Magokoro Bento”
Accomplished 100 "Magokoro Bento" stores

Launch of our food ingredient delivery service “Magokoro ShokuzaiService” to senior-care facilities

Purchase of the Company plant site in Ora-machi, Ora-gun,
Gunma

May. 2013
Aug. 2013 Absorption-type merger with Next Community Co., Ltd.
Feb. 2014
Apr. 2014
Oct. 2014 Enfranchisement of all directly managed storesFeb. 2016 Acquired ISO9001 certification for Our factory (Kanto region)
Mar. 2016 Head office moved to the current site in Shinjuku-ku, Tokyo
Sep. 2016
Oct. 2017

Stores / Business development

Accomplished 300 "Magokoro Bento" stores
Launch of our second franchise chain “Haishoku no Fureai”
Launch of OEM sales

Accomplished a total of 500 "Magokoro Bento" & “Haishoku no Fureai”
storesDistribution center opened to Chiyoda-machi, Ora-gun,
Gunma

Oct. 2017 Listed on TSE Mothers
May. 2019
Jan. 2020 Listing shifted to the TSE, First Section

Accomplished a total of 700 "Magokoro Bento" & “Haishoku no Fureai”
stores- 23 -

Business Model
Schematics of our Business Operation
FY2021 Sales Percentage

Raw materials providers / Out-sourcing factories
Foods,
Cooked foods

Payment

Kanto Region
Factory

Loyalties, etc.

Our
Company
Management
Cooked foods

Frozen
Bento

Deliveryfees

Payment
loyalties,
Etc.

Payment

496 storesnationwide*

Franchise chain
stores
338 storesnationwide*

Bento
Payment

OEM supplier
General Customer

General Customer

Food & Ingredients
Net Sales
Foodingredientpayment
Food
Ingredient,
etc.

Foods
Delivery

Facilities for the
Elderly, etc.

Mainly Wholesale Ingredients
A continuous profit system in which ourfood net sales increases proportionally to
the growth in net sales (number of meals)of franchise chain stores.
(Food net sales include sales for facilities
for the elderly, OEM, and in-house sales)*As of the end of July 2020- 24 -

The Market to which we belong- 25 -

(increasing population of late-stage

External Environment elderly)

Our main target, the late-stage elderly, will increase exponentially beyond 2025
(ten thousand)Population trends and future forecasts for theelderly (over 65 years old) and late-stage elderly (over 75 years old)

2,500
2,180 2,288

Baby boomer generation will
become late-stage elderly
2,000
1,734

1,500
1,301

1,517
1,407

1,613

1,798

892

2,277

2,248

1,872

1,760

1,681

1,747
1,522
1,497 1,428

1,000

2,239
2,260

2,417 2,446 2,387

1,643
1,154 1,133

1,424

900

1,258

699
597

516

500
309
107

376
164

366
224

Future Forecast

0

Population age 65-74

Population aged over 75

Source: Cabinet Office, White Paper on the Aging Society- 26 -

(a business that does not rely on long-term

External Environment care insurance)

Changes in the Working Generation and the Elderly Population(ten thousand)

The working generation (15 to 64 years old) is decreasing,and the elderly population is increasing

6,000
4,000
2,000

Dependent Population(age 65+)
18.26 million
8.86 million

33.47 million

37.82 million

37.04 million

0

1975年

-2,000

1995年

2015年

2035年

2055年

Moving toward society where 1.3 people of the working
generation will support 1 person aged over 65.
Social security deposit benefits per person will decrease-4,000-6,000-8,000Supporting Population(age 15~64)-10,000

The increase of expenditure toward COVID-19 measuresin 2020 makes it even more difficult to secure financial
resources for long-term care and welfare

Future Forecast

Source: Cabinet Office, White Paper on the Aging Society(cases)Bankruptcies in Elderly Welfare / Nursing Care Businesses
108 111 105 111

120
100

76

80
60
40
20
0

(90% of net sales rely on the long-term care insurance
system) The long-term care business is destined to
become difficult in the future.

15

2005

23

35

2007

46

54
38

2009

27

54

In this upcoming era, only businesses such as food
distribution services for the elderly, which can be
managed without relying on long-term care insurance,
can support the lives of the rapidly increasing elderly
population.

33
19

2011

2013

2015

2017

2019

Source: Tokyo Shoko Research, 1st half of 2020 "Elderly Welfare / Nursing Care
Business" Bankruptcy Situation- 27 -

Our Company Features
and Advantages- 28 -

Our Advantage: FC Network stores opened Low-cost opening (non-visit-type stores with no restriction to location / no large kitchen equipment required) The simple process of preparing cooked ingredients and delivering (the business can be started alone) Stable supply of high-quality cooked ingredients from FC headquarters (no cooking experience required)This helped the number of stores to increasesignificantly in a short period of time

(Stores）
900
800
700

338

February 2014
Launch of our franchise chain“Haishoku no Fureai”

600
500

February 2013
Acquired Kanto region factory

400

9April 2009300

Launched our first franchise chain“Magokoro Bento” in Ota-ku, Tokyo

200

November 2007

Launched our first directly
managed store in Setagaya100 ku, Tokyo
0

299

1

1
14

85

FY2008FY2009FY2010

85

138

245

Food Distribution Service
No. 1 Number of Stores *

7
4

3

2
14

196

238

169
FY2011FY2012

Magokoro Bento

323

FY2013

361

352

356

367

381

FY2014FY2015FY2016FY2017FY2018Haishoku no Fureai

Directly Managed Store430

FY2019496

FY2020* Our company investigation- 29 -

Production System allows Multi-Variety

Our Advantage: Random Production

Our factory 3 days menu

*this is an image

 Manufacturing line required in a general foodfactory (dedicated line for a single productgroup)
A meat buns dedicated factory (1 million meat buns produced
daily flow from a buns dedicated machine to a conveyor.
Although there are meat buns and bun with bean-jam filling
differences, they are "Principally the same product group").

 Manufacturing line required for food distribution
service (line that can handle random production ofother varieties)
Since meals are distributed daily, the same product group cannot beprovided every day. 12 items made today, 12 items made tomorrow, 12
items made on the 3rd day, all should be different.

Only few factories have multi-variety random production lines which are thought to beinefficient (Usually cannot be maintained without a certain sales scale like our company)↓

As a result: Managing low-cost manufacturing that generates profit
despite the large variety of products- 30 -

Production System that provides an

Our Advantage: abundant Menu with Low Prices

 Tenderness, seasoning, and nutritional balance suitable for the elderly to eat
 Rich menu variety (more than 1,000 items) you will never get tired of for your everyday meals
 Delivered to franchise chain stores refrigerated (chilled) to improve texture (regular meals)
Regular meal
 Mainly Japanese food bento for thegeneral elderly. Consideration to
nutritional balance and ease of eat

Komachi (smaller portion)
 A bento with fewer calories, less salt,

and a smaller portion of a regular mealfor elderly people with smaller appetites

Puréed meal
 A puréed meal bento which looks thesame, for elderly people who havedifficulty chewing and swallowing

Price：
450yen+tax～

Price：
320yen+tax～

Price：
540yen+tax～（sides dish only）（sides dish + rice）（sides dish only）

Calorie-adjusted meal

Protein-adjusted meal A bento for people who need to calculate A bento for people who need to calculate

calories and salt intake. Manufactured to
be almost 240 kcal no matter what you
eat

protein intake, such as people who go toa dialysis clinic regularly. Protein is 10g orless per meal

Price：
600yen+tax～

Price：
700yen+tax～（sides dish only）（sides dish only）- 31 -

Our Advantage

 A p r o d u cti on l i n e t h a t c a n m a nuf a cture r e f r igera ted ( c hi lle d)

Production Systemi ngr e dients s pe c i alizing i n f ood di s t ribution
 Fl e xi b l e p r o d u cti on s ys t e m c a p a bl e o f m ul t i -va riet y m ul t i-production
 M e rit of s c a l e a nd r e a s ona ble pr i c e l i s ting d u e t o ma s s p r o d ucti on

 "No. 1” number of stores in the industry (An internal investigation of Magokoro

Franchise Chain
Network

Bento & Haishoku no Fureai total) of our food distribution franchise chain network forthe elderly (834 stores total as of the end of July 2020)
 A store network that covers the last mile to your home

Our biggest advantage is the consistent system we have from manufacturing to delivery- 32 -

Our Advantage (summary) Consistent System
GeneralFoodDistribution
RelatedCompanies

Manufacturer
Development
開発

Manufacturing
製造

Company
Product development
Manufacturing Factory,by Nutritionist
Affiliated Factory

Logistics
Companies

Logistics
物流

Food Distributor Business Area
販売
Sales

Picking of Freezing /Franchise chains,
Refrigerating Warehouse Facilities for the elderly,(October 2017)
OEM/Others

配達Delivery

Delivery to customers
from our nationwide
Franchise chain store
network

Feedback from franchise chain stores and customers

Purposeand
Features・Cost advantage due to mass production
・Product development based on customer
feedback (franchise chain stores)
・Ensure the "Safety and Security"

・Efficiency of storage anddelivery
・OEM sales expansion

Food distribution service for the elderly
Number of stores: 834(As of the end of July 2020)- 33 -

Medium-Term Business Plan
FY2021 - FY2025- 34 -

Sales Forecast
Sales Projection Forecast

8.8 billionyen

9.5 billionyen

10.3 billion
yen

11.5 billion
yen

14 billion
yen
12.7 billion
yen

OEM / Others

Facilities for
the Elderly

FranchisechainsSales Forecast
FY2020

FY2021

FY2022

Sales Goals
FY2023

FY2024FY2025- 35 -

Profit Forecast and Goals after Capital Investment
Operating Profit / EBITDA Projection Forecast(1) Assuming operation of the 2nd factory from Q3 of FY2021(2) Assuming the operation of a new warehouse from the Q2 of FY2022→ Profit will temporarily decrease due to increased initial cost and depreciation
burden during the operation→ However, the manufacturing and storage capacity expansion will help 1.6 billion
yenincrease sales to bring a V-shaped recovery to profits.

The expected payback period for the 2nd factory is 10 years
1 billionyen
900 million
yen

EBITDA
900 millionyen

1.3 billionyen

1.1 billion
yenProfit Forecast
FY2020

1.6 billion
yen

700 million
yen

600 million
yen

Operating
Profit

1.1 billion
yen

1.8 billionyen

2 billionyen

FY2021

FY2022Goal
FY2023

FY2024FY2025- 36 -

The Basis for 5-year Numerical Plan
FY2021

FY2022 – FY2025

Sales

 Franchise chains are expected to raisearound 700 million yen every year Facilities for the elderly are shifting tofrozen food-packs
 OEM sales are expected to decline
 Direct sales are adjusting shipment until
the production system is in order Franchise chains will shift their chilled
production to a new factory and after stablerunning, with the expectation of starting a third
brand, the growth will accelerate Facilities for the elderly continue the shift tofrozen food-packs
 We aim to acquire new OEM sales brands
 Direct sales aim to increase sales by gradually
increasing production

Cost Increase in depreciation cost andpersonnel due to running the 2nd factory A short-term cost rate increase to establish
the production system Renovated the 1st factory to a dedicatedfreezing factory The cost rate improved after 2nd factory started
running Investment to improve production efficiency at
1st and 2nd factories

Selling &Management
Expenses 250 million yen investment for production
management systems, etc.
* Expected to be launched and in-service
before the 2nd factory starts running Start running the new warehouse (total
investment of 900 million yen planned beyond
2021)*Establishment of a frozen bento picking system

 Resuming sales of frozen bento’s and using
expenses for advertising- 37 -

Investment Plan
Investment

1st
Factory

2nd
Factory

Frozenwarehouse

SoftwareInvestment
Amount

200 million yen(additional investment
amount）

Investment
Content
Frozen foods Factory
to replace chilled & frozen
foods factory
Products for OEM & Direct
Sales

Cilled foods Factory

3.7 billion yen

900 million yen

250 million yen(Vacuum packing method)

Products for FC storesand facilities

Investment Results Increase in production volume and improved productivity
specializing in manufacturing frozen products instead ofboth frozen and chilled foods products
 Maximum 150,000 meals / day manufacturing capability
 The decrease in the amount of deliveries due to theextended expiration date

Frozen foods
Warehouse Eliminating bottlenecks to frozen bento product sales thathave a large growing demand by creating a warehouseexclusive to frozen products
 Improving productivity by consolidating warehouses
 Reduction of external warehouse costs

Production
Management System

 Visualization and efficiency improvement of production
management by integrating production management andmeasuring systems
 Production and management system cooperation by ERP

By 2025, when the number of late-stage elderly people will increase, we will build our in-houseinfrastructure, lay out the foundation, and aim for the No. 1 share in the market expansion period.
- 38 -

Handling of this Document
 The statements in this document regarding future-prospects are based on current
information and may fluctuate due to economic trends, market environment, our relatedindustry trends, and other internal and external factors. Therefore, please have in mind
that there are risks and uncertainties that the actual results may differ from thosedescribed in this document regarding future-prospects.
 This document does not constitute or solicit an application for acquisition of any
securities, an application for sale, or an application for purchase (hereinafter referred toas “solicitation”) and is not intended to perform any solicitation activities and may not be
the basis of any contracts or obligations.
 Although we take the utmost care for the information in this document, there may beerrors in the posted information, and you may experience damage from data falsification
or data downloaded by a third party, but we do not take any responsibility for any
reason.

- 39 -