Summary of Financial Results Briefing for Q2 Fiscal 2023
November 7, 2023
Asahi Kasei Corporation
Participants
Toshiyasu Horie
CFO
Motomichi Kishino
Senior General Manager, Corporate Accounting & FinanceYozo Sato
Senior Managing Executive, Corporate Accounting & FinanceKatsura Tanaka
Senior General Manager, Planning & Coordination, Environmental Solutions SBU
Takahiro Onodera
General Manager, Separator Planning & Strategy, Environmental Solutions SBU
Tsuguo Moriwaki
Senior General Manager, Planning & Coordination, Mobility & Industrial SBU
Hiroyuki Igarashi
Senior General Manager, Planning & Coordination, Life Innovation SBU
Yuta Kume
General Manager, Accounting & Control Dept., Asahi Kasei Homes Corp.
Masayuki Takahashi
General Manager, Business Strategy & Planning, Asahi Kasei Pharma Corp.
Tomoo Otsubo
General Manager, Investor Relations

Presentation
P. 2 Focus of H1 2023 results and FY 2023 forecast
Horie: In H1 2023, sales remained flat year-on-year, but operating income declined. Homes
performed well, but Material was affected by a demand slowdown and lower market prices, andHealth Care was affected by increased costs and the impact of an acquisition in the Health Carebusiness category. However, all segments exceeded the forecast announced in August.
For FY 2023, we expect an operating income increase in all segments compared to theprevious year. In Material, the business environment is expected to remain challenging, but weanticipate improved performance centered on growth businesses by enhancing marketing activities.
In Health Care, Critical Care is expected to perform well. In response to rising feedstock costs, wewill continue our efforts for price pass-through, manufacturing cost reductions, and inventory
reductions. Meanwhile, we intend to accelerate studies on structural transformation of our businessportfolio and put some of it into action.
We have not changed our policy on shareholder returns, and have set an interim dividendof 18 yen per share. The annual dividend is forecasted at 36 yen per share.
Regarding the progress of the medium-term management plan, we recently decided to add
coating lines for Hipore wet-process LIB separators in the U.S., Japan, and Korea.
P. 4

Financial results for H1 2023 (consolidated)1

Net sales for H1 were 1,345.9 billion yen, largely unchanged year-on-year. Operating
income was 55.9 billion yen, down about 35%, and net income attributable to owners of the parent
was 30.8 billion yen, down about 40%.
P. 5

Results by segment (year-on-year)
In Health Care, operating income declined by 6.0 billion yen year-on-year, with a decreaseof 7.0 billion yen in the Health Care business category partly offset by an increase of 1.0 billion yen
in Critical Care. Pharmaceuticals saw an increase in SG&A expenses due to the launch of new drugs
in Japan, while Medical had a negative effect due to the difference in the consolidation period of
Bionova, which was three months from July in H1 2022. On the other hand, Critical Care had
increased operating income due to an improvement in the reimbursement status for LifeVest wearable
defibrillator, higher sales prices of defibrillators, and increased AED sales volume due toimprovement from difficulty in parts procurement.
Homes performed well, with operating income increasing by 1.7 billion yen. Construction
Materials also had increased operating income as a result of progress in passing on increased costs.
Operating income in Material decreased by 22.9 billion yen due to lower sales volume andinventory valuation loss in Basic Materials, and lower sales volume in Life Innovation from sluggish
demand.
P. 6

Results by segment (vs. H1 2023 forecast in Aug.)
Compared to the previous forecast announced in August, operating income exceeded
expectations in all segments.
Health Care remained basically in line with the previous forecast, with an upward revisionof 0.8 billion yen.
Homes exceeded the forecast by 4.6 billion yen due to better-than-expected progress inconstruction work and reduced fixed costs in order-built homes.
Material exceeded the forecast by 5.6 billion yen with better-than-expected sales of car
interior material and engineering plastics in Mobility & Industrial, and inventory valuation gain in
Basic Materials due to the sharp rise in naphtha prices since August.
P. 7

Results by segment (changes in quarterly operating income)Looking at the consolidated operating income trends separately for Basic Materials andthe rest of the businesses, each is on a recovery trend after bottoming out in Q4 2022, and this trend
is expected to continue in H2.
P. 8

Statements of income
Net of non-operating income and expenses for H1 was expenses of 3.8 billion yen
compared to income of 0.6 billion yen in the same period of the previous year. This was mainly due
to a 2.3 billion yen net decline for equity in earnings/losses of affiliates due to a deterioration of
earnings at PTT Asahi Chemical Company Limited in Thailand.

P. 9

Extraordinary income and loss
While extraordinary items netted a loss of 5.7 billion yen in H1 2022, this transitioned toincome of 1.9 billion yen in H1 2023. A gain of 3.0 billion yen from the transfer of the pellicle
business to Mitsui Chemicals, Inc. was recorded in H1 2023.
P. 10

Balance sheets
Total assets increased by 164.5 billion yen from the end of March to the end of September
2023. Current assets and noncurrent assets increased by 51.1 billion yen and 113.4 billion yen,respectively, due to an increase in the yen value of assets of overseas subsidiaries caused byexchange-rate movement. The yen value of liabilities also increased centered on overseas
subsidiaries for the same reason. In net assets, accumulated other comprehensive income increasedby 144.3 billion yen due to an increase in foreign currency translation adjustments, also caused by
the weaker yen.
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D/E ratio was 0.51, with no significant change from the end of March 2023.
P. 11

Cash flows
Operating cash flow was a net cash inflow of 133.9 billion yen, a 137.6 billion yen
improvement year-on-year. A decrease in working capital due to a reduction in inventories was amajor contributor.
Cash used in investing activities decreased year-on-year, due to the absence of M&Arelated expenditures in H1 2023.
As a result, free cash flows were a net cash inflow of 46.4 billion yen, an improvement of
181.3 billion yen year-on-year.
P. 13

FY 2023 operating performance forecast (consolidated)
For the full year, we forecast net sales of 2,822.0 billion yen and operating income of 140.0
billion yen, up 3.5% and 9.6% from the previous year, respectively. Net income attributable to ownersof the parent is expected to be 85.0 billion yen in FY 2023, in contrast to the loss of 91.9 billion yen
in the previous year due to impairment on Polypore.
The forecast assumes an exchange rate of 145 yen per U.S. dollar and a domestic naphtha
price of 74,000 yen per kiloliter for H2.
P. 14

FY 2023 operating performance forecast by segment (year-on-year)
Operating income for the full year is expected to increase year-on-year in all segments.
For Health Care, the forecast is for an increase of 4.5 billion yen. Although the Health Carebusiness category is expected to see decreased operating income due to higher SG&A expenses,
lower license income, and higher feedstock and fuel prices, overall operating income is expected toincrease with strong performance in Critical Care.
Homes is forecasted to have operating income increase by 4.4 billion yen. While operating
income in order-built homes is expected to decrease due to a decline in volume and the impact ofrising material costs, it is expected to increase in real estate and overseas operations. Construction
Materials is also expected to see an increase in operating income due to progress in passing on
increased costs. Full-year operating income for Homes is projected to be 79.8 billion yen, a record
high.
Material is forecasted to see operating income increase by 8.5 billion yen. We expect anincrease in sales volume of separators and lower amortization of goodwill and other intangible assets
due to the impairment on Polypore in the previous fiscal year in Environmental Solutions, and an
improvement in demand and expanded adoption of electronic components and electronic materials
in Digital Solutions.
P. 15

FY 2023 operating performance forecast by segment (vs. forecast in May)
The full-year operating income forecast was revised downward to 140 billion yen from theinitial forecast of 160 billion yen announced in May.
Health Care is expected to remain essentially in line with the initial forecast.
Homes was revised upward by 2.1 billion yen due to strong performance in real estate andprogress in passing on price increases in Construction Materials.
Material was revised downward by 16.6 billion yen. The main reasons for the downward
revision are lower sales volume due to slower-than-expected demand and worsening terms of tradein Basic Materials. On the other hand, Mobility & Industrial is revised upward due to steady growthin car interior material.
P. 16

Operating performance forecast (Changes from H1 to H2 2023)
The full-year forecast assumes an operating income increase of 28.2 billion yen from H1
to H2. Of this amount, 14.0 billion yen is expected in Material, 9.1 billion yen in Homes, and 6.7
billion yen in Health Care.
In Material, we forecast an increase of 7.9 billion yen in Environmental Solutions due tononrecurrence of the impact of the maintenance turnaround in H1, an increase in sales volume,3

inventory valuation gain, and the effect of efforts to improve margins in Basic Materials. In Life
Innovation, we forecast an increase of 7.1 billion yen with steady growth in Digital Solutions,
including new adoptions of electronic components and electronic materials.
In Homes, we forecast an increase of 10.5 billion yen in the Homes business category due
to seasonal factors in order-built homes and an increase in the number of condominium units
delivered in real estate.
In Health Care, we forecast an increase of 2.5 billion yen in the Health Care businesscategory due to increased sales, and an increase of 4.3 billion yen in Critical Care due to increased
sales of AEDs as a result of the improvement from difficulty in parts procurement.
P. 17

Shareholder returns
The interim dividend for FY 2023 is set at 18 yen per share. The annual dividend is
expected to remain unchanged at 36 yen per share, the same as the previous year, resulting in a payout
ratio of 58.7%. There are no changes to the shareholder returns policy.
P. 19

Material: Sales and operating income increase/decrease
Now I will explain the factors behind the change in H1 operating income of Material
compared to the same period of the previous year. Terms of trade improved, as the negative impactof the sales prices factor was offset by the positive impact of the feedstock costs and foreign exchange
factors. On the other hand, the sales volume factor was negative 9.2 billion yen due to a slowdown
in demand. Due to lower capacity utilization resulting from the volume decline, as well as inventory
valuation loss, the others factor was negative 21.9 billion yen. Overall, the segment posted asignificant 22.9 billion yen decrease in operating income year-on-year.
P. 20

Material: Overview by business
The trends of each business from H1 to H2 are shown here.
Environmental Solutions is expected to see an increase in operating income in H2 due to alarge decrease in costs, especially in Basic Materials, as well as the effect of a slight improvement inmargins. Separators will remain at roughly the same level from H1 to H2.
As for Mobility & Industrial, the H2 forecast is roughly even with H1, but there is room
for actual results to be slightly better than forecasted.
With regard to Life Innovation, we forecast an increase in operating income mainly
because we expect steady growth in Digital Solutions, especially in areas where we have strengths.
P. 22

Material: Trends in separator business
The left graph shows the sales volume of Hipore. In recent years, the sales volume ofautomotive applications has exceeded that of consumer electronics applications. In H1 2023, sales
volume decreased as it was a transitional period when there were changes in some of the vehicle
models using our products in automotive applications. The graph on the right shows the performanceof the separator business as a whole, including Hipore and Polypore businesses. Against the samebackground, EBITDA was at about the same level in H2 2022 and H1 2023. On the other hand, therecently announced expansion of coating capacity is expected to improve the operating rates of basefilm manufacturing facilities, and earnings are expected to recover going forward.
P. 23

Homes: Sales and operating income increase/decrease
Homes posted a year-on-year operating income increase of 1.7 billion yen in H1. The effectof the others factor was a positive 3.0 billion yen with increased deliveries of condominium units
from large projects in real estate, as well as improved earnings in Construction Materials due toprogress in passing on increased costs.
P. 24

Homes: Overview by business
Order-built homes, real estate, and overseas operations are all expected to have operating
income increase from H1 to H2. In order-built homes, there is a seasonal factor with earnings skewed

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toward H2. In real estate, large condominium projects are scheduled to go on sale in H2. Overseas
business also expects an increase in volume in North America.
P. 28

Health Care: Sales and operating income increase/decrease
H1 operating income of Health Care was down 6.0 billion yen year-on-year. The HealthCare business category saw a decrease in operating income, with the others factor being significantly
negative due to the difference in the consolidation period of Bionova and the increase in SG&A
expenses associated with the launch of new drugs in Pharmaceuticals. The others factor for thesegment as a whole was negative 9.2 billion yen.
P. 29

Health Care: Overview by business
As for the Health Care business category, operating income is expected to recover in H2
due to an increase in sales volume. As for Critical Care, we expect an increase in operating income
due to higher sales centered on AEDs.

P. 35

Overseas Sales
Overseas sales accounted for 53% of total sales in H1. By region, sales in China decreased
to 9.0% from 9.5% in the same period of the previous year, while sales in the Americas grew from
18.8% to 20.9%. The trend is for a general decline in Asia due to lower sales in China and nearby
countries.
Questions and Answers
Questioner 1: Regarding Material, what are the demand environment and market price assumptions
for petrochemicals for H2? And, while Mobility & Industrial is expected to experience sluggish
growth in H2, to what extent do you anticipate an impact from the United Auto Workers of America(UAW) strike? In Digital Solutions, you expect a significant increase in operating income in H2
compared to the profit level in Q2, but what is the background to this?
In addition, you have reduced inventories considerably. Which business did you see major
reduction in?

Tanaka: Let me take up acrylonitrile (AN) to explain assumptions for petrochemicals in
Environmental Solutions. We expect the demand environment to remain challenging, and we havelowered our initial forecast assumption for global demand for AN in 2023 to the same level as in
2022. Our assumption of market prices and spreads for H2 are $1,250/ton for AN and $850/ton for
propylene, for a spread of $400/ton, which is lower than our initial forecast assumption. Inventories
in Basic Materials increased in H1 due to the maintenance turnaround, which had a considerable
negative impact on operating income, but we are currently working to reduce inventories to theminimum necessary.
Questioner 1: Since the naphtha assumption for H2 is 74,000 yen/kL, is the impact of inventory
valuation loss expected to improve from H1?
Tanaka:Significant improvement is expected for H2.

Moriwaki: I will answer regarding Mobility & Industrial. In H2, we expect sales of car interiormaterial to decline due to seasonal factors such as the Christmas vacation, as well as the impact of
the UAW strike in the U.S. On the other hand, sales of engineering plastics and nylon intermediates
are expected to increase as automobile production recovers. In particular, for engineering plastics,
sales of products for solar panel applications are firm and expected to increase further. The yen
depreciation will also be a factor in operating income growth. As for performance coating materials,
we expect sluggish sales in China and other markets to continue in H2.

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Overall, sales are expected to increase, but operating income to remain flat, due to therelatively high profitability of car interior material. More fixed costs being incurred in H2 than in H1
is another reason why operating income is not expected to grow.
Regarding inventories, engineering plastics and performance coating materials have had ahigh inventory level since FY 2022, but this is being reduced in H2.
Igarashi: Regarding Digital Solutions in Life Innovation, there is a wide variety of applications,
including devices such as smartphones, electric vehicles, industrial equipment such as air
conditioners, and infrastructure-related equipment such as servers and switches, but overall demandis expected to recover from the decline that began in H2 2022.
In addition, we expect to see new adoption and expanded use of products that we havefocused on developing and marketing. For example, we have been focusing on expanding adoptionof sound management products and current sensors for automotive applications, and products forcamera modules for smartphone applications, targeting existing customers in established markets,
and we are seeing the results of these efforts. In addition, the server-related market is currently
booming due to the increase in data transmission volume resulting from the spread of generative AI,
and demand for related electronic materials is expanding significantly. The adoption of our products
is also progressing, and we expect further expansion in H2.
Questioner 2: I would like to ask about the background behind the forecast of record-high profitsin Homes for FY 2023. Order-built homes is expected to see a large recovery in H2. Regarding orders,
while H1 was sluggish, they were firm in October, so is it safe to assume that the bottom has beenreached? And is the strong performance of real estate transitory? Or will it continue in FY 2024 andbeyond? In addition, please tell us how you are dealing with rising material and labor costs.
Kume: From H1 to H2, all divisions in Homes are planning to increase operating income. In orderbuilt homes, there is a seasonal increase in volume in H2. In real estate, the number of condominium
units delivered is expected to increase with large projects going on sale in H2. In overseas business,
construction volume is expected to recover in North America.
Orders received in order-built homes were negative 16.4% year-on-year in Q1, but werepositive in Q2 and recovered to negative 2.4% year-on-year for H1. Most recently, September andOctober were both positive year-on-year. In H2, we will continue to pursue our marketing strategyof larger and higher value-added products and expect to achieve +5% year-on-year for the full year.
Higher material and labor costs are putting pressure on our performance, but we willcontinue to make efforts such as fixed cost reductions.
Questioner 2: Homes performed well in H1 with an increase in the number of large units in orderbuilt homes and large condominium units in real estate. Is this a structural change and can we expect
a similar level of performance in FY 2024 and beyond?
Kume: In order-built homes, performance in FY 2024 and beyond will depend on the future
recovery of orders, but we will continue to promote larger and higher value-added products and strive
to maintain sales. In real estate, number of units of condominium units sold varies from period toperiod, but for FY 2024, we expect a certain amount.
Questioner 3: I would like to ask about Health Care. First, regarding Critical Care, has the partsprocurement difficulty been improving steadily? Also, with regard to defibrillators for professionaluse, orders have been sluggish since H2 2022, but has there been any recent improvement?
Second, regarding Pharmaceuticals, your initial projection for this year’s sales growth ofEnvarsus XR immunosuppressant was about 30% over the previous fiscal year. Sales increased by
21% in H1, but what are the forecasts for H2 and the full year? Also, it seems that sales of a genericof Teribone osteoporosis drug have been suspended since September. Is there a possibility that salesof your lyophilized formulation will increase in H2 as an effect? And what is the progress of sales
promotion of the autoinjector formulation?
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Third, regarding Medical, is it correct to understand that the downward revision to theforecast of Bionova, a CDMO, is due to market factors such as the financial difficulties of biotech
startups and not due to individual factors of your company?
Otsubo: To answer the first question regarding Critical Care, in FY 2022 parts procurement
difficulties hindered the manufacture of various products, resulting in a decline in sales, higher
procurement costs, and lower capacity utilization. However, that was mostly resolved in H1 and sales
volume is increasing. We expect parts procurement costs to decline further and capacity utilization
to improve in H2. The profit margin for defibrillators has also improved, due in part to our efforts topass on higher procurement costs to selling prices.
Orders for defibrillators for professional use have been sluggish since H2 2022. In the yearon-year operating income variance shown on page 28 of the presentation materials, sales volume
factor was negative in Critical Care. This is due to a change in the product mix with AEDs increasing
and defibrillators for professional use decreasing. We expect defibrillators for professional use togradually improve in H2, but we will continue to monitor the situation closely.
To answer the question about Envarsus XR, sales in the U.S. in H1 2023 were up 21%
year-on-year. Q1 sales was up 32%, while Q2 was lower than that due to fewer business days in the
U.S. compared to the previous year, as well as the fact that wholesalers had a large inventory of the
product. However, sales have been steadily increasing, and we expect sales to grow at the initially
expected level in H2.
Takahashi: I will answer about Teribone in Pharmaceuticals. With the sale of a generic oflyophilized formulation of Teribone suspended, we expect a positive impact in H2, which includes ahalt in the decline in sales. However, since a certain amount of the product has already been delivered
to wholesalers and medical institutions, the effect of increased sales in FY 2023 will not be that large.
We expect sales increase in FY 2024 and beyond.
Although sales of the autoinjector formulation have been slower than originally planned
due in part to the allocation of resources to the lyophilized formulation, we will step up promotionin H2.
Otsubo: To answer your question about Bionova, located on the West Coast of the U.S., itscustomers are biotech startups, whose financial situation does not seem to have improved
significantly yet. Although it is difficult to foresee a short-term improvement in businessperformance, we believe that the market for next-generation antibody drugs will grow over the
medium to long term. Watching the improvement of our clients’ cash flow situation, we intend toseize the opportunity when demand returns.
Questioner 4: Critical Care increased its sales and operating income from Q1 to Q2, with aparticularly large improvement in operating income. What are the factors contributing to that? Also,
please explain the trends of your mainstay products such as defibrillators for professional use, AEDs,
and LifeVest. Is the improvement in LifeVest’s reimbursement status expected to continue throughH2 and into FY 2024? As for the increase in sales volume of AEDs, is the final demand strong? Or
was there pent-up demand due to parts procurement difficulties?
Otsubo: Critical Care increased its operating income by 3.4 billion yen from Q1 to Q2, largely due
to an increase in the sales volume of AEDs as a result of improvement from difficulty in partsprocurement.
With regard to trends in mainstay products, sales of defibrillators for professional use
remained largely unchanged from Q1 to Q2. Sales of AEDs are expected to continue to increase in
H2, which will be a major factor in the operating income growth. New orders have been received inaddition to the backlog of orders that had not been shipped due to parts procurement difficulties, andwe expect steady growth in the future. LifeVest sales remained mostly flat with a seasonal drop in
demand in Q2 being offset by the positive impact of improved reimbursement status from Q1 to Q2.
Volume growth is expected in H2 due to reinforcement of the salesforce, but we anticipate a slight7

decrease in operating income due to the upfront increase in SG&A expenses and labor costs. However,for FY 2024, we expect growth in volume with an expansion of marketing capability.
Questioner 4: Do you expect AED sales to continue to grow in FY 2024? Also, regarding theimprovement in the reimbursement status of LifeVest, please tell us the expected impact in H2 andwhether there will be further improvement in FY 2024.
Otsubo:

New orders for AEDs have been firm, and we expect growth in FY 2024.
Regarding LifeVest, there was an improvement in reimbursement status for a major U.S.
health insurance program in Q4 2022, which had a positive impact in H1 as it was applied to newpatients, but the impact is not expected to be significant from H1 to H2. Reimbursement conditions
are generally reviewed on a regular basis, such as once a year, and are determined by medical
insurance organizations based on a variety of factors. This time, the improvement in reimbursement
status was relatively large, partly due to inflation, but it is difficult to foresee what will happen next
time.
Questioner 5: Digital Solutions in Material is expected to recover significantly from H1 to H2. In
the past, there has been a seasonality in electronic components and electronic materials with sales
declining in Q4 due to the Chinese New Year, but what specific applications are expected to grow?
Is it the recovery of smartphones in China? Or the expansion of demand for AI-related servers? Also,
what will be the major contributors in terms of products?
Igarashi: The impact of the Chinese New Year has eased somewhat compared to a few years ago
due to recent trends of the staggering of smartphone production times and our products being used
in a wider variety of models.
In electronic components, the growth area in H2 is automotive applications, such as electricvehicles, where adoption is expanding as the result of marketing activities. And in electronicmaterials, there are high expectations for AI-related server applications. The use of electronicmaterials tends to increase as substrates become larger and more multi-layered, and the use andadoption of our glass fabric, dry film photoresist, and other materials are on the rise.
Questioner 5: Do you expect a recovery in smartphone production in H2, including in China? Also,
is it correct to assume that adoption of your products is progressing for large substrates for AI-related
servers? Is the glass fabric business also firm?
Igarashi: Smartphones, especially high-end products, are expected to be firm, while the recovery
of low-end to mid-range products in China is expected to be sluggish. Since many of our products
are for high-end applications, they are expected to be firm compared to the market as a whole.
The adoption of our electronic materials for AI-related servers is as you have indicated,
and it is expanding in line with the growing demand. This is a field that will continue to grow, andwe plan to capture demand with certainty. Adoption of our glass fabric is also expanding, and we
expect an increase in sales volume.
Questioner 6: I would like to ask about the Homes business category. The full-year operating
income forecast for order-built homes has been revised downward by 900 million yen, from 34.1
billion yen to 33.2 billion yen. Considering that the H1 results were 14.9 billion yen, exceeding theinitial forecast of 11.2 billion yen by 3.7 billion yen, the H2 forecast was revised downward by 4.6
billion yen. What is the background to the large downward revision in H2 compared to the strong
performance in H1?
Kume: The H1 operating income results exceeded the initial forecast due to construction work
progressing ahead of schedule and reduced fixed costs. On the other hand, the H2 forecast has beenrevised downward due to the fact that orders received in H1 were lower than initially expected.

8Questioner 7: With regard to the Homes business category, is it correct to assume that the H1 results
exceeded the initial forecast due in part to some profits being brought forward from H2? Also, while
demand for unit homes was weak, orders in October were strong. Is there any factor unique to yourcompany behind this? Or is there a surge in demand as interest rates are rising? With regard tocondominiums in real estate, there seems to be an abundance of units until FY 2024. Is there still a
possibility that more units will be added in FY 2025 and FY 2026?
Kume: The H1 results partly benefitted from the profits brought forward from H2, as well as the
reduction of fixed costs. We do not believe that there has been any surge in orders. Although theenvironment for orders is difficult, we believe that our strategy of larger and higher value-added
products is gradually gaining traction and we are on the road to recovery.
In FY 2024 and FY 2025, we expect a certain number of condominium units for sale, andwe are continuing to promote the business for FY 2026 and beyond.
Otsubo:That concludes the financial results briefing. Thank you for your participation.

Note: The forecasts and estimates mentioned in this document are dependent on a variety of assumptions andeconomic conditions. Plans and figures depicting the future do not imply a guarantee of actual outcomes.
Reasonable efforts have been made to ensure the accuracy of the transcription, but no representation or
guarantee is made with respect to the presence of any errors or omissions.

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