Company Profile

Securities Code: 3455

1

Table of Contents
I.

About Us
1. About HCM
2. Four Features of HCM
3. Investment Background
4. Strength of the Sponsors
5. HCM’s Network and Structure
6. Portfolio Data
7. Portfolio Diversification & Allocation
8. Property List

II.

Growth Strategy of HCM
1. Overview of IPO
2. Target Asset Size
3. Action Plan①
4. Action Plan②

Appendix
1. Financial Highlights for the 1st Fiscal Period
2. Debt Finance3. Forecasts of Operating Results
4. Policy for Investing in Medical-Related Facilities
5. Other Initiatives2

Ⅰ. About Us

3

1. About HCM
Profile of HCM

Corporate Philosophy

Investment Corporation
Name

Healthcare & Medical Investment Corporation(“HCM”)

Executive Director

Seiji Yoshioka

Address

2-6-2, Otemachi, Chiyoda-ku, Tokyo, Japan

Asset Management Company

Healthcare Asset Management Co., Ltd.

Fiscal Period

End of January and end of July

Listing Date

March 19, 2015

Total Acquisition Price

23,683 million yen

No. of Properties

16 (1,440 rooms)

Distribution Per Unit (DPU)(Dividend Yield is calculated
based on 110,000yen/unit）

DPU（Yen）
4.5%
4,000
3,000
2,500
1.5%
2,000
（E）
1,000
610
0
Jul.2015
Jan.2016(Note) (E) represents estimated DPU.

We aim at the social realizationthat people can live lively in peace.

Contribute to an aging society

3.8%
2,100

（E）

Jul.2016

LTV (Debt/Total Asset)

48.8%(As of July 31 ,2015)

Net Asset Value

106,117 Yen/unit (As of July 31 ,2015)

Yield
5%
4%
3%
2%
1%
0%

SponsorsupportExpeditethe supply of healthcare facilities as social infrastructureagreement

Develop a portfolio specialized in healthcare facilities
with huge potential demand growthProfile of HAM (AM Company)
Corporate name

Healthcare Asset Management Co., Ltd. (“HAM”)

President & CEO

Seiji Yoshioka

Capital Fund

150 million yen

Major Shareholders

SHIP HEALTHCARE HOLDINGS, INC. (33.3%)
NEC Capital Solutions Limited (33.3%)
Sumitomo Mitsui Banking Corporation (5.0%)
Sumitomo Mitsui Finance and Leasing Company, Ltd(4.8%)SMBC Friend Securities Co., Ltd. (4.8%)

Maximize unitholder value
over the medium and long term
4

2. Four Features of HCM

1

Investment Philosophy
Conduit between the nursing and medical industry and capital markets

Aim to play a role of connecting between capital markets and the nursing and medical industry, which is
expected to grow with increasing social needs, by steadily investing in holding healthcare facilities

2

Strength of the Sponsors
Utilize the main sponsors’ functions and know-how

Conduct stable asset management and expand its portfolio in the medium to long term by proactively utilizing
the strength of the main sponsors, which have expertise in “nursing care and medical service”, “fundmanagement” and “finance”

3

Growth Strategy
Secure strong deal flow by utilizing extensive networks

Secure opportunities to acquire healthcare facilities in the future by utilizing the sponsors’ and the support
companies’ comprehensive capabilities including professional know-how and broad customer base, first refusal
rights provided in the support agreements, as well as HAM’s own network

4Long-Term Stable Cash Flow
Long-term fixed-rent leasing agreements with high quality operators

Aim to secure stable revenues, not only by conducting due diligence and continual monitoring as to businessfeasibility of the healthcare facilities including the analysis of the management and financial condition ofoperators, but also by concluding long-term fixed-rent leasing agreement with those creditable operators

53. Investment Background

Elderly
population/ratio

Government’s effort to promote measures toaddress the aging society

2035

2010

29,480,000

people(Elderly ratio 23.0%)

Housing Life Basic
March
Plan
2011
(nationwide plan)

37,400,000

people(Elderly ratio 33.4%)

The plan promoted the supply of service-outfitted housing
for the elderly under the objective of building a living
environment that supports a fulfilling, safe and secure homelife. Specifically, the plan presented a policy target of raising
the ratio of housing for the elderly as a percentage of theelderly population from 0.9% in 2005 to 3–5% by 2020.

Elderly single
households

Target ratio of housing for the elderly as a percentage of the elderly population

Increasing supply of housing for the elderly
Ratio of housing for
Capacity of housing forthe elderly as apercentage of thethe elderly
elderly population

Increasing elderly population

Focused investment in healthcare facilities,
For which demand is expected to grow

2010

2035

4,980,000

7,620,000

2005

2020

households(30.7%)(Note3)

0.9%

2005

230,000

peoplehouseholds(37.7%)(Note3)3-5%(Policy target)

2020
1,080,000-1,800,000

people(Note4)(Note1) The elderly population includes persons in Japan age 65 and above. The elderly ratio is the ratio of elderly
persons as a percentage of Japanʼs total population. Hereinafter the same.
(Note2) All figures above have been rounded to the nearest whole number.
(Note3) Indicates the ratio of elderly households with persons living alone as a percentage of total elderly households.
(Note4) Estimated based on the policy target.

Japan
June Revitalization2013 Strategy–JAPAN is BACK–

Established guidelines for the acquisition and operation of
housing for the elderly targeting the utilization ofhealthcare REITs, and the utilization of private sector funds
as a part of an effort to create communities in whichelderly people have peace of mind and can take care of
their daily needs on foot.

Economic
MeasuresDecemberfor2013
Realization of
Virtuous Cycles

As a measure to create an environment to bolster the
supply of funding for healthcare facilities, this initiative
called for “encouraging the supply of funds to healthcare
facilities through the promotion of healthcare REIT
listings, etc.”(Note) Capacity is estimated based on the policy target for the ratio of housing for the elderly as a percentage ofthe elderly population.

6

4. Strength of the Sponsors

Leverage the capabilities and know-how in the areas of“nursing care and medical service,” “fund management,” and “finance”
HCM aims to stably manage assets and to grow asset under management over the medium to long term by proactively leveraging the strengths of the majorsponsors which possess expert know-how in the fields of nursing care and medical service, fund management, and finance.

FinanceNursing Care & Medical Service

Fund Management

One of Japanʼs megabanks, SMBC
possesses a wide customer base and has a
top-class track record in the field of realestate finance in Japan.

A company specializing in the four fields of“medical service,” “health,” “welfare,” and“nursing care.” Centered on partnerships
with medical institutions, SHIP HEALTHCARE
possesses an extensive track record inmanaging paid senior citizensʼ homes andconsulting related to such projects as therebuilding and upgrading of hospitals andother facilities.

NEC Groupʼs comprehensive financial services
company. In the business domains of“companies,” “credits,” and “assets,” NEC
Capital Solutions Limited carries out
investments, loans, and advisory services
primarily through its subsidiary RISA Partners,
Inc., through funds and other mechanisms.

Sponsor Support

Sponsor Support

Sponsor Support

 Finance-related advice
 Introduction of customers withhealthcare facility liquidation needs, etc.
 Provision of personnel

 Analysis of healthcare facilitiesʼ
competitiveness and businessstability/viability, etc.
 Expertise and network in the nursing
care and medical service industries
 Provision of personnel

7 Know-how related to fund management
 Warehousing function
 Provision of personnel

5. HCM’s Network and Cash Flow Structure
Sponsor Support/Network

Sponsors’ andSupporting Companies’ Networks

HAM’s
Own Network

Warehousing
SupportSponsor Support Agreement

Pipeline Support Agreement

SMBC Trust Bank Ltd.

Sumitomo Mitsui Finance andLeasing Company, Limited
GINSEN CO., LTD. Muromachi Building Co., Ltd.

RISA Partners, Inc.

Yoei Co., Ltd. Kobe Tochi Tatemono Corporation

Orion Partners JapanHC Vega
HC Altair

Real Estate Market
Real Estate Funds

Developers/
Operating Companies

Overseas Investors

Financial Institutions

Cash Flow Structure
Initial fee

Residents
Local government

Operators

Monthly fee

Fixed rentLong-term leasing agreement

Nursing care fee

86. Portfolio Data
Portfolio Highlights
Number of Properties

16 properties
Average Age

15.1 years

24.9 billion yen

Average Remaining
Lease Term

Unrealized Gain

Occupancy Rate

13.7 years

100 ％400 million yen

Other area
1.6％
Core Cities
12.2％

Service-outfitted
housing
for the elderly
13.2％

Total Book Value

23.6 billion yen 25.3 billion yen

Portfolio Diversification

Type

Total Appraisal Value

Total Acquisition Price

Less than
50 rooms
5.9％

Three major metropolitan
areas
86.1％
Chubu
5.4％

Paid seniorcitizens'
homes
86.8％

Area
Kinki
21.4％

Tokyo
59.3％

50-100rooms
43.1％

Number of
Rooms

More than
100 rooms
51.0％（Note) The percentage in the above pie charts “by type”, “by area”, and “by number of rooms” is the ratio to the total acquisition price,rounded to the first decimal place.

97. Portfolio Diversification & Allocation
Geographical Area
Area

Definition

Portfolio Map

Tokyo Metropolitan Area

Share ofportfolio

59.3％

7

Tokyo Metropolitan Area
(Tokyo, Kanagawa, Saitama, Chiba)
Three Major
Metropolitan
Areas

8
2
5

Kinki Area(Osaka, Kyoto, Hyogo)
Chubu Area(Aichi)

Core
CitiesDesignated cities, prefectural capitals andregional core cities

Other
Area

Excluding three major metropolitan areasand core cities

1

Bonsejour Chitose-funabashi

4

7

2 Bonsejour Hino

3

Bonsejour Musashi-shinjo

Bonsejour Hadanoshibusawa 5 RESTVILLA Machidaonoji

6

RESTVILLA Azamino

ASHEIM Hikarigaoka

9

GOOD TIME HOME Fudo-mae

1

9

3

6

More than
80％

Less than
20％

8

ASHEIM Bunkyohakusan

Kinki Area

21.4％

Asset TypeType

Share ofportfolio

12
15
AQUAMARINE
Nishinomiyahama

10

Healthcare Facilities

11 C AMILLE Awajiekimae

Chubu

16

Kinki

14

13

①Paid senior citizens' homes
Homes andFacilities
for the elderly②Service-outfitted housing
for the elderly③Group homes for the elderlywith dementia

11
10

More than80％

12 C AMILLE Kobekamisawa④Other facilities for the elderly

Chubu Area

5.4％

Medical service-related facilities, etc.
OthersTokyo
4Core Cities

Other Area

12.2％

1.6％

Less than
20％
13

Medical Home Bonsejour Komaki

14 SAWAYAKA Tachibanakan

15

SAWAYAKA Mekarikan

16 SAWAYAKA Tagawakan（Note）The “ratio” is calculated based on the acquisition price, rounded to the first decimal place.

108. Property List
Tenant Name（Operator）

Property Name

GREEN LIFE
Co.,Ltd.

AQUAMARINE Nishinomiyahama

Type of Facilities

Bonsejour Chitose-funabashi
BenesseStyle Care
Co.,Ltd.

Bonsejour Hino
Bonsejour Musashi-shinjo
Bonsejour Hadanoshibusawa
Medical Bonsejour Komaki

AS
PARTNERS
Co.,Ltd.
Watami no
KaigoCo.,Ltd.

ASHEIM Hikarigaoka
ASHEIM Bunkyohakusan
RESTVILLA Machidaonoji
RESTVILLA Azamino
SAWAYAKA Tachibanakan

Sawayaka
Club Co.,Ltd.

SAWAYAKA Mekarikan
SAWAYAKA Tagawakan

JAPAN LIFE
DESIGN Inc.
Message
Co.,Ltd.

GOOD TIME HOME Fudo-mae
C AMILLE Awajiekimae
C AMILLE Kobekamisawa
Total

Paid senior citizen's
home
Paid senior citizen's
home
Paid senior citizen's
home
Paid senior citizen's
home
Paid senior citizen's
home
Paid senior citizen's
home
Paid senior citizen's
home
Paid senior citizen's
home
Paid senior citizen's
home
Paid senior citizen's
home
Paid senior citizen's
home
Paid senior citizen's
home
Paid senior citizen's
home
Paid senior citizen's
homeService-outfitted
housing for the elderly
Service-outfitted
housing for the elderly

Acquisition Price（Note１）
Price
Ratio（％）（Mill. yen）
（Note ２）

Location

Appraisal
Value（mill. yen）
（Note ３）

No. ofRooms

Occupancy Rate(%)
As of

Hyogo

1,950

8.2

2,090

90

96.0

Tokyo

824

3.5

919

42

97.6

Tokyo

724

3.1

774

56

98.2

Kanagawa

582

2.5

611

46

95.7

Kanagawa

728

3.1

807

100

86.0

Aichi

1,270

5.4

1,380

123

81.3

Tokyo

1,385

5.8

1,510

83

94.4

Tokyo

1,430

6.0

1,560

50

98.1

Tokyo

3,580

15.1

3,750

163

74.0

Kanagawa

3,050

12.9

3,210

145

75.9

Fukuoka

1,520

6.4

1,580

104

96.2

Fukuoka

1,380

5.8

1,460

95

93.7

Fukuoka

390

1.6

411

60

96.7

Tokyo

1,740

7.3

1,870

61

91.0

Osaka

1,930

8.1

2,130

137

97.8

Hyogo

1,200

5.1

1,320

85

95.3

23,683100.0

25,382

1,440

July
2015
April
2015
April
2015
February
2015
January
2015
January
2015
August
2015
July
2015
July
2015
July
2015
July
2015
July
2015
July
2015
July
2015
July
2015
July
2015

Remark(Note4)（Note1）The ”acquisition price” does not include the acquisition cost, fixed property tax, urban planning tax, consumption tax and local consumption tax.
（Note2）The “ratio” is calculated based on the acquisition price, rounded to the first decimal place.
（Note3）The “appraisal value” is as of July 31, 2015.
（Note4）A：Based on the “Statement of Important Matters.”
B：Based on the survey conducted by Tamura Planning & Operating Co., Ltd. It may differ from the occupancy rate in the “Statement of Important
Matters “ to be disclosed at the later date.
C：Estimated from the number of vacant rooms disclosed in each properties website. Accordingly, it may differ from the actual occupancy rate.

11

A
B
B
B
B
B
A
A
A
A
A
A
A
A
C
C

Ⅱ. Growth Strategy of HCM

12

1. Overview of IPO
Overview of Offering

Listing Date

March 19, 2015

Total Number of Units
Offered118,500 units（Domestic public offering ）（Over-allotment ）Issue Price

110,000 yen/unit

Offering Amount

Approx. 13 billion yen(Note) Ratios are on an acquisition price basis.

13

106,500 units
12,000 units

2. Target Asset Size

Aim to achieve a portfolio size of
50 billion yen in 3 years and 100 billion yen in 5 years
100billion yen

50billion yen

23.6

billion yen

IPO

3 Years
Later

5 Years
Later（Note）Targets are as of the date when this material is prepared. They may not be achieved due to future events or market environment.

14

3. Action Plan①
1. Utilization of Extensive Networks• Sponsors’ Networks
Existing
Facilities

 Introduction of customers with needs to liquidate
healthcare facilities

Development  Introduction of information on land for development of• HAM’s Network

healthcare facilities Direct access to operators and real estate companies

2. Utilization of the Warehousing Function• Strong Warehousing Function✓Timely and flexible purchase of properties✓First refusal rights provided in the support agreements withsponsors and supporting companies⇒Already possesses first refusal rights for 14 properties warehoused by thesponsors valued at around 33.6 billion yen in total

15

4. Action Plan②
Potential Deal Flow (From IPO through the end of Aug. 2015)①Number of properties introduced （Note１）：181②Number of properties examined （Note 2）： 81③Number of properties under negotiation（Note 3）： 16(Properties under Negotiation by Asset Type)(Properties Introduced by Asset Type）

Number（Properties）

Ratio
（％）
(Note 4)

Paid senior citizen's
homes

12

75.0

11.6

Service-outfitted
housing for the elderly

1

6.3

13

7.2

Medical service-related
facilities

3

18.8

Land for development

46

25.4

Total

16

100.0

Others

30

16.6

Total

181

100.0

Number（Properties）

Ratio
（％）
(Note 4)

Paid senior citizen's
homes

71

39.2

Service-outfitted
housing for the elderly

21

Medical service-related
facilities

Asset Type

Asset Type

（Note 1）The number of properties that were introduced to HAM.
（Note 2）The number of properties which were considered to conform to HCM’s purchase policy and on which the preliminary research was conducted.
（Note 3）The number of properties currently under negotiation with the sellers. The properties may not be purchased depending on the negotiation with thesellers or due diligence in the future.
（Note 4）Ratio is rounded to the first decimal place.

16

Appendix

17

1. Financial Highlights for the 1st Fiscal Period
Financial Results
Actual result forthe 1st fiscal
periodForecast for the
1st fiscal period

Increase(Note 1)Main difference

Operating Revenue

546 mil. yen 536 mil. yen +10 mil. yen

Rents remained unchanged
at the time of rent review

Operating Income

277 mil. yen 248 mil. yen +29 mil. yen

Less repair expenses

Ordinary Income

74 mil. yen

32 mil. yen +42 mil. yen

Net Income

73 mil. yen

32 mil. yen +42 mil. yen

Distribution per Unit

610 yen

268 yenLess interest payments+342 yen

Key Indicators
Total Assets

26,638 mil. yen

Number of Outstanding
Units

120,500 units

Interest-Bearing
Liabilities

13,000 mil. yen

Net Assets per Unit

106,117 yen

48.8％

Unit Price（End of July 2015）

119,400 yen

LTV（Note 2）(Note 3）（Note 1）Forecasts for the 1st fiscal period are figures announced in the “Notice Concerning the Forecasts of Operating Results for the Fiscal Period Ending July 2015 and January 2016” as ofMarch 19, 2015.
（Note 2）LTV is the ratio of interest-bearing liabilities to total assets, rounded to the first decimal place.
（Note 3）The net assets per unit is calculated by dividing the net assets by the total number of outstanding investment units as of the end of the fiscal Period (120,500 units).

18

2. Debt FinanceInterest-Bearing Liabilities
Total Amount

13,000 mil. yen

LTV（Note 1）

48.8％

Average Remaining Term to Maturity

2.2 years

Ratio of Fixed
Interest Borrowings

53.8％

Ratio of Long-Term Liabilities

100.0％

Bank Formation
Category

LenderLong-Term Borrowings

Borrowing Balance Average Interest（mil. yen）
Date
Rate

Maturity

Floating Interest
Rate（Note 2）+
0.2%

March 21,
2017

SMBC
Nippon Life Insurance
Resona Bank
Shinkin Central Bank
Nishi-Nippon City Bank
Higashi-Nippon Bank
Bank of Fukuoka
Mie Bank

March 20,
2015

SMBC
Sumitomo Mitsui Trust Bank
Nippon Life Insurance
Resona Bank
77 BankDai-ichi Life Insurance
Hiroshima Bank

March 20,
2015

Total

6,000

7,000

0.466%（Note 3）13,000―

Repayment
MethodSecurity

Lump-sum
Unsecured/
payment on
unguaranteed
the maturity
March 20,
2018

―

―

―

（Note 1）LTV is the ratio of interest-bearing liabilities to total assets, rounded to the first decimal place.
（Note 2）The floating interest rate is the 1-month Japanese Yen TIBOR announced by JBA TIBOR Administration.
（Note 3）Fixed interest rate in effect. The interest rate swap contract was concluded with Sumitomo Mitsui Trust Bank on March 20, 2015 for the purpose ofhedging future interest risks.

19

3. Forecasts of Operating Results
Forecasts of Earnings and Distribution for the 2nd and 3rd Fiscal Periods
Forecast for the 2nd fiscal period（Ending January 2016)
Original Forecast(March 19, 2015)

Increase

Operating
Revenue

729 mil. yen 735 mil. yen+6 mil. yen

735 mil. yen

Operating
Income361 mil. yen 364 mil. yen+3 mil. yen

316 mil. yen

Ordinary
Income272 mil. yen 301 mil. yen+29 mil. yen

253 mil. yen

Net Income

272 mil. yen 301 mil. yen+29 mil. yen

253 mil. yen+241 yen

2,100 yen

Distribution
per Unit•

Revised Forecast

Forecast for the
3rd fiscal period（Ending July
2016)2,259 yen

2,500 yen

Major reason for differences of operating income, ordinary income, net income and distribution per unit
between the 2nd fiscal period and the 3rd fiscal period is that fixed property and city planning taxes on
portfolio assets will start to be recorded in the 3rd fiscal period（Note）The forecasts provided above are based on information currently available and do not take into account various unforeseen factors. Accordingly, actual
operation revenue, operating income, ordinary income, net income and distribution per unit may differ depending on various changes in conditions. The forecasts
do not guarantee distribution amounts either.

20

4. Policy for Investing in Medical-Related Facilities (1)Direction of Medical Administration

In October 2014, the hospital bed function reporting system was introduced, in which each hospital reports its current
and future bed functions in each ward in order to clarify the current hospital bed functions and medical function
necessary for local communities
Name of Medical
Function

Description of Medical Function

Advanced Acute Phase

Provide patients in the acute phase with intensive medical care to promptly stabilize their condition

Acute Phase

Provide patients in the acute phase with medical care to promptly stabilize their condition

Recovery Phase

Provide patients who are past the acute phase with medical care and rehabilitation to restart in-homecareChronic Phase

Hospitalize patients who need long-term care

Based on the results of the hospital bed function reporting, each prefectural government estimates and determines the medical
demand and the number of necessary hospital beds in 2025 for each envisaged area (in principle, the secondary medical carezone) and for each medical function

It is important to identify hospitals which are highly likely to remain in the secondary medical care zone
21

(Reference) Outlook for Medical Plan
Future Medical Plan Schedule
Ministry of Health, Labor and Welfare aims to realize the “2025 model” by linking the biennial revision of medical
service fees and the quinquennial review of the medical plan. In 2018, both medical service fees and long-termcare fees will be revised at the same time and the 7th medical plan will start. 2018 will be a milestone year
It is necessary to decide on
the direction of hospitalfunctions by this time

2011

2025

6th Medical Plan
Each hospital
reports functions

Long-term care beds
(0.24 million beds)
nursing carebeds

To bereflected in the
medical plan

Revision ofmedial service
fees and longterm care fees

Revision ofmedial service
fees

Revision of
long-term care
fees

Revision ofmedial service
fees

Revision ofmedial service
fees and longterm care fees

Revision ofmedial service
feesHome care service(3.2 million people)

Each hospital
reports functions

Acute phase

Subacute
phaseLong-termcare

Nursing facilities

Revision of
long-term carefees

Residential care service(0.33 million people)

To bereflected in the
medical plan

Support the reorganization of functions (narrow down the acute phase, encourage to move to the subacute phase)

Revision ofmedial service
fees

Nursing facilities(0.98 million people)

Hospital bed function reporting
system was introduced

7th Medical Plan

Sickbeds closely linked to thecommunity

General beds
(1.09 million beds)

Residential careservice

From “Facilities” to “Community”, from “Medicalcare” to “Nursing care”

Advanced
acute phase2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Home care service（Note）Excerpt from “Report on the research and analysis of hospital macro environment” prepared by Ship Healthcare Holdings Co., Ltd.

It is important to assess the possibility of remaining in the secondary
medical care zone in 2025
22

4. Policy for Investing in Medical-Related Facilities (2)Example of Hospitals to be Considered for Acquisition

Hospitals Participating in Regional Medical Programs
Regionally-oriented flagship hospitals properly positioned under regional medical programs＜Secondary Medical Care Zone＞
General beds
Advanced
acute phase

Acute Phase

Recovery Phase

Chronic Phase

Long-term care beds
Sickbed forpsychosis

Sickbed for
infectious disease

Sickbed for
TB(tuberculosis)＜Regional Medical Program＞
23

5. Other Initiatives

Introduction of a Unitholder Special Benefit Plan
Aim to introduce a unitholder special benefit plan during the 2nd fiscal period incooperation with operators of healthcare facilities which HCM owns
＜Example of unitholder special benefit plans currently under consideration＞• Free consultation for unitholders and their family on nursing care in general• Trial move-in

24Disclaimer
This presentation material contains forward-looking statements including forecasts,
outlooks, goals and plans. These statements are based on the information available
as of the date when this material is prepared and incorporate certain subjective
assumptions about uncertain factors that may affect future results. Accordingly,
these statements are inherently not guarantees of future performance and actual
results may differ materially.
The opinions, outlooks and estimates contained in this material reflect our view andjudgment based on information as of the date when this material is prepared andinvolve risks and uncertainties.
No guarantee is made as to the accuracy, completeness, appropriateness andvalidity of information contained in this material. It is not promised that information
contained in this material will always be updated.
Contents of this material are subject to change without notice.
This material is not intended as a solicitation for investment. Any investment
decision must be made based on your own judgment and responsibility.
25