THE PACK CORPORATION
Financial Results Briefing for the Fiscal Year Ended December 2023
March 1, 2024

Event Summary[Company Name]

THE PACK CORPORATION[Company ID]

3950-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Financial Results Briefing for the Fiscal Year Ended December 2023

[Fiscal Period]

FY2023 Q4[Date]March 1, 2024

[Number of Pages]

32[Time]

13:30 – 14:10(Total: 40 minutes, Presentation: 36 minutes, Q&A: 4 minutes)[Venue]KDDI Hall and Webcast[Venue Size][Participants][Number of Speakers]

SupportJapan
Tollfree050.5212.7790
0120.966.744

2
Hideaki Yamashita
Michihisa Fujii

North America
Email Support

President & CEO
Managing Director, Corporate Division

1.800.674.8375
support@scriptsasia.com
1

Presentation
Moderator: The scheduled time has arrived. We will now commence THE PACK CORPORATION's financial
results briefing for the year ended December 31, 2023.
In addition to being held at the venue, this briefing is being live-streamed online.
To begin, I would like to introduce today's attendees. Mr. Hideaki Yamashita, President & CEO. Mr. Michihisa
Fujii, Managing Director, Corporate Division.
Today, the Company will give a presentation, followed by a question-and-answer session. The scheduled end
time is 14:30.
We will now move on to the explanation. President Yamashita, could you please?

Yamashita: I am Yamashita. Thank you.
First, I would like to report on topics.
In FY2023, we were able to post record high sales and profits. Also in the current fiscal year, we expect bothsales and profits to reach record highs.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
2

In addition, the target figures for FY2024 and FY2025 in the current medium-term management plan havebeen revised upward, and the shareholder return policy has been changed. After the change, the Company
will maintain a dividend payout ratio of at least 35% and conduct share buybacks of up to JPY1 billion per year,
aiming for a total return ratio of at least 50%.
That is all.
Moderator: Next, Managing Director Fujii, could you please?

Fujii: Hello, everyone. I am Fujii in charge of the Corporate Division. Thank you all very much for your time
today. I will now explain the financial results for FY2023.
First, page four of the document is a summary of results.
As the President has just mentioned, the results for FY2023 are record highs in terms of net sales, operating
profit, ordinary profit, and profit attributable to owners of parent. Although the COVID-19 pandemic caused
a decline in earnings, since FY2021, the Company has increased sales and profits for three consecutive fiscal
years, and this fiscal year, all results are record highs.
Net sales were JPY97.7 billion, up 9.7% or JPY8.6 billion from the previous year. Operating profit was JPY7.7
billion, up 29% or JPY1.7 billion from the previous year. The operating margin is 6.7% in FY2022 and 7.9% in
FY2023, an improvement of about 1.2 percentage points.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
3With regard to dividends, the current medium-term management plan calls for maintaining a dividend payout
ratio of 30% or more. Based on this, the dividend for FY2023 is JPY90, an increase of JPY25 over the previous
year.
One of the reasons behind these results is the recovery in consumer spending, with an increase in demand
for souvenirs and tourism and inbound demand due to the easing of restrictions on behavior. This is also dueto the fact that, despite higher raw material prices and other cost increases, unit sales prices have risen due
to proposals for high value-added products and price adjustments, resulting in a significant increase inoperating profit.

The most significant factor underlying changes in operating profit is, after all, higher average sales prices.
One of the reasons for higher sales prices is that the market has valued our business model, which
differentiates us from our competitors, and our strength in proposal-based sales with the environment as the
keyword, as well as in composite sales including solution proposals. We also recognize that our daily
relationships of trust with our customers and their cooperation have been behind our ability to correct prices
to reasonable levels. Unit prices have increased by 11% for paper bags, 12% for corrugated boxes, and 14%
for film packaging.
On the other hand, as for SG&A expenses, as shown, personnel expenses increased by approximately JPY1
billion, which is an increase of approximately 9.4% over the previous year. However, since the growth ofoverall SG&A expenses was 8.6% over the previous year and the growth of sales was 9.7%, we believe wewere able to keep SG&A expenses low compared to sales.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
4Next, I would like to show you the results by segment.
In the paper products business, sales of paper bags and paper cartons grew significantly.
Sales of the film packaging business also grew by about 15%, which was due to steady sales of outer bags for
disposable diapers and flexible packaging for food products.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
5The next page shows results by segment.
Net sales and operating profit of the paper products business reached record highs.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
6

The next page shows net sales by business.
Sales in the food, apparel, department store, convenience store, e-commerce (mail order), and consumer
goods sectors have grown significantly.
The increase in sales to convenience stores is largely attributable to the sales increase in market share due toincreased manufacturing capacity and sales from new orders for paper cartons based on proposals that takeadvantage of our design capabilities. The increase in sales to EC is due to higher sales from new orders forpaper delivery bags and other packages for parcel delivery, in addition to corrugated boxes. In the consumer
goods sector, sales of outer packaging bags for disposable diapers grew substantially.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
7

Next, I will explain each business.
Regarding the industry environment for the paper products business, sales at department stores nationwide
have increased for 22 consecutive months. In addition, Japanese spending on domestic travel is approachingwhat it was before the COVID-19 pandemic. The number of foreign visitors to Japan is also on the rise.
In response to the increasing demand for packages in the midst of such external environmental trends, theGroup is increasing its manufacturing capacity and production facilities, as well as improving productivity toachieve a stable supply. We are also actively promoting environmentally friendly materials and processing
methods.
The lower left graph shows trends in operating profit. This year, operating profit margins in the paper products
business, other businesses, and film packaging business increased significantly to 9.9%, 8.7%, and 6.2%,
respectively.
I believe that the reason for this increase in operating profit margin is that our manufacturing operations are
running at nearly 100% capacity utilization, which has improved productivity, and that improved delivery
efficiency has kept logistics costs low, resulting in an overall more profitable structure.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
8Next, I will explain about paper bags in the paper products business.
Regarding the industry environment, we believe that the demand for to-go bags is increasing due to theresurgence of consumption and events in real stores.
Our efforts include improving manufacturing capacity at our own factories and strengthening our supply chain,including our partner factory in Vietnam and our subsidiary in China, to ensure a stable supply. For the EC
market, we are also focusing on developing and expanding sales of paper delivery bags that improvetransportation and operational efficiency.
As shown in the graph below right, sales of paper bags using paper certified by the Forest StewardshipCouncil's FSC Certification System, as an environmental response, have increased significantly.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
9Next, let's look at paper cartons.
Regarding the industry environment, the demand for paper cartons in the souvenir and food markets isincreasing due to the revitalization of consumption activities. In addition, with the shortage of labor, there
seems to be an increasing need to reduce manual labor and outsource work. In addition, increasing
environmental awareness has increased the demand for paper cartons with the goal of reducing the use ofplastic materials.
In this environment, our efforts are focused on strengthening product development and sales, along withcapital investment, to expand sales of primary food containers. In addition to package sales, we are also
focusing on a combined offering of services that help customers reduce labor shortages in the assembly offolding cartons and product filling operations, which we call assortment or setup. We are also developing
processing methods to realize plastic-free products with less environmental impact.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
10Next, let's look at corrugated boxes.
In the corrugated box industry, the total industry production volume from January to November last year was
down about 3% from the previous year. The expansion of the EC market has increased demand for laborsavings at packing sites and improved transportation efficiency.
As part of our efforts, we have been developing and proposing thin shipping boxes that can be dropped into
a post box, which contribute to improved delivery efficiency, and we are also strengthening the development
and sales of corrugated boxes for home delivery that use environmentally friendly flexographic printing, which
does not use solvents.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
11Next, let's look at the film packaging business.
Regarding the industry environment, we believe that there is an increasing demand in the consumer goods
market for the proposal and development of environmentally friendly packages, such as the use of biomass
materials. The demand for paper-based flexible packaging is also increasing in the food market to reduce theuse of plastic.
In this environment, we are focusing on environmental proposals in the consumer goods field, as well as thedevelopment and proposal of flexible packaging made of paper as a base material.
The graph on the lower right shows the trend in sales of flexible packaging, which has been growing steadily.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
12Next, let's look at other businesses.
In terms of the industry environment, a recovery in consumption in physical stores has led to renewal of gift
wrapping materials. I believe that department stores are increasing the number of events and special corners.
The environment is also a key word in this field. We are strengthening our offerings of sewn products withlow environmental impact, using recycled or nature-derived materials.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
13

Next is the balance sheet. Nothing special to mention here.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
14

Next is cash flow.
As explained below, there was a cash outflow of approximately JPY2 billion due to the establishment of aretirement benefit trust to provide for lump-sum retirement payments.
With respect to the acquisition of tangible fixed assets, the head office was reconstructed. Construction wascompleted in March of last year, and a cash outflow of approximately JPY1 billion was recorded in the last
fiscal year under review. The land acquisition includes approximately JPY2.3 billion in acquisition costs for thefactory site.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
15

Next, I would like to present our forecasts for the current FY2024.
Including this fiscal year, we are aiming to increase sales and profits for four consecutive fiscal years. And weare planning to further increase our record sales and profits.
The sales forecast is JPY101 billion. Net sales exceeding JPY101 billion has been our long-desired target, andFY2024 will be an anniversary year for us. We are also planning to achieve our operating profit target of JPY8.1
billion, which will be the highest ever.
With regard to dividends, the upward revision of the medium-term management plan has resulted in a change
in the dividend payout ratio policy from maintaining a payout ratio of 30% to maintaining at least 35%.
Accordingly, we forecast a dividend of JPY118, an increase of JPY28 compared to last year.
In terms of sales, various new production lines were added to the paper carton production last year, and thelineup of paper cartons has increased. Taking advantage of this, we will increase the sales volume of paper
cartons in addition to paper bags. We will also actively promote comprehensive and complex proposals tosolve social issues such as reduction of environmental impact, nature conservation, and labor shortage.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
16

The next page shows trends in consolidated financial results.
From 2019 to 2020, sales and operating profit declined 17% and 52%, respectively, due in part to COVID-19.
Subsequently, from FY2021 to last year, the Company has recorded consecutive increases in sales and profit.
This fiscal year, we are aiming for a fourth consecutive fiscal year of sales and profit growth, and we willcontinue to set new highs.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
17

The next page shows the factors behind projected changes in operating profit.
In the current fiscal year, we will significantly increase sales volume, especially in paper products. As I
mentioned earlier, we have a growing lineup of paper cartons, and we intend to increase the sales volume of
paper cartons to generate profits.
As for the increase in unit selling prices, we do not expect it to contribute to a significant increase in operating
profit since the increase in unit selling prices due to price revisions will run its course between Q1 and the
beginning of Q2 of the current fiscal year.
In terms of expenses, personnel costs are expected to increase due to an increase in personnel. Our company
is still greatly understaffed. We are in the process of actively recruiting new graduates and career
professionals.
This concludes my explanation. Thank you very much.
Moderator: Again, President Yamashita, please.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
18

Yamashita: First, I would like to report on the progress of sustainable management.
We have established a basic policy for sustainable management in 2022. As a total package solution company,
we will provide the Group's unique value to the environment, society, and the economy by preparing a system
to respond to any social change and by achieving sustainable growth.
Next, I would like to report on the progress of our various sustainable management initiatives. Materiality was
identified in 2022. We have established 5 themes from an ESG perspective and are working on 12 items ofmateriality.
A list of major initiatives made in 2023 is shown on the slide. We are steadily promoting sustainable
management by holding regular meetings of the Sustainable Committee to discuss and make specific decisions.
For materiality, we have first set five goals, which we aim to achieve in FY2030. I will explain the details later.
As part of our efforts for FY2024, we are currently preparing for the publication of our first integrated reportas a report to our stakeholders.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
19

On the next page, we report on the new head office building completed in March 2023.
The new building offers high environmental performance for a decarbonized society and a comfortable work
environment for employees. In terms of facilities, we are adapting to new ways of working, and aim to improve
productivity through active internal communication.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
20

On this page, we report on our human resource policies and materiality KPIs to realize our management
philosophy, "We Value and Nurture People."
Aiming to enhance long-term corporate value, we are working on a variety of human resource policies, which
are incorporated into our medium-term management plan as a human capital strategy. In addition to this, weare continuously considering new initiatives to address the current social climate.
We first selected 5 items from the materiality and established KPIs. We are steadily advancing initiatives forvarious stakeholders, including the environment, human resources, and customers.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
21

I would like to continue by reporting on the progress of the medium-term management plan.
First, I would like to discuss the upward revision of the medium-term management plan.
Sales for FY2023 were JPY97.6 billion, JPY3.6 billion higher than the initial target of JPY94 billion, and operating
profit was JPY7.7 billion, JPY1.3 billion higher than the initial target of JPY6.4 billion. Operating profit also
exceeded the FY2025 target of JPY7 billion.
We believe that sales based on solution proposals and a shift to high value-added products have contributed
to the results.
Based on these results, we have revised upward our targets for sales and operating profit for FY2024 andoperating profit for FY2025, as disclosed on February 9, this year.
The revised target for FY2024 is JPY101 billion in sales and JPY8.1 billion in operating profit, and for FY2025 is
JPY107 billion in sales and JPY8.3 billion in operating profit. With renewed spirit, we will work toward this goal
once again.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
22

Next, I will explain our numerical targets by market and by product type.
In FY2023, we were able to exceed the previous year's sales in all markets and all product types.
We believe that this is the result of our proposal-based sales approach functioning against rising raw material
prices, in addition to the implementation of the capital investment and growth strategies set forth in themedium-term business plan amid a booming market.
In terms of sales by market, we saw significant growth of JPY4.8 billion in the general retail and distribution
market, which is the Group's core market, and JPY3.2 billion in the food market, which is the growing market
for the Group, resulting in very well-balanced results.
As for sales by product category, we achieved significant growth of JPY3.2 billion in paper bags and JPY2.8
billion in paper cartons, our main products. The reason for the smaller growth in corrugated boxes comparedto other types of products is due to production adjustments from some of our customers. We view this as
only a temporary event.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
23

Next is our growth strategy for the food market.
Sales in this market grew by JPY3.2 billion over the previous year.
Among paper cartons, sales of primary food containers increased approximately JPY0.8 billion. I believe thishas contributed greatly to our growth in the paper container market. This is growing regardless of region orbusiness size, and sales are spreading nationwide. We will strive to expand sales by further enhancing our
product lineup and manufacturing capacity.
Sales of flexible packaging increased 10.8% from the previous year to JPY1,330 million. We will aim for further
expansion, including combined sales with paper bags and paper cartons.
Sales of FSC products for the food market also increased by about JPY1 billion over the previous year.
Environmental awareness in the food market continues to be very high, and proposals to switch from plastic
to paper cartons are progressing, resulting in an ever-increasing number of new orders.
The number of proposals for manpower-saving and automation solutions to the manpower shortage problem
on the client side is also increasing steadily. Recently, we have also received an increasing number of requests
from clients who want to outsource or entrust us with the product assembly work itself. Therefore, to meetthis need, we opened a assembly base in Kanagawa Prefecture last October. We plan to apply the know-how
we have accumulated there to larger markets such as Osaka, Fukuoka, and Sapporo.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
24

Next, I will explain our growth strategy for the EC/mail-order/logistics industries.
Sales in this market grew JPY0.7 billion over the previous year.
We believe that this market is characterized by a great diversity of needs due to differences in customer work
environments. We have been able to increase sales by taking advantage of our strength in offering a wide
variety of products, such as paper delivery bags and thin delivery boxes.
Sales of paper delivery bags grew 11.4% from the previous year to JPY980 million. Sales of other parcel delivery
materials, such as thin delivery boxes, grew 60.7% to JPY450 million.
Sales of corrugated boxes grew 1.7% to JPY12.4 billion, slightly slowing down the growth rate due to
production adjustments by some of our customers, as mentioned earlier.
In the e-commerce/mail-order/logistics industries, the much-discussed logistics 2024 problem has made theimprovement of transportation and delivery efficiency an extremely important issue. Our paper delivery bags,
which offer higher loading efficiency, are expected to be in ever-higher demand as one of thecountermeasures against this problem. To this end, the Company will expand its facilities to increase thesupply capacity of delivery bags.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
25

Next, I will discuss the general distribution, retail, and other markets.
Sales in those markets grew by JPY4.8 billion over the previous year. We have been able to achieve verysignificant growth in the apparel and consumer goods industries.
Among them, sales of paper bags grew by JPY2.2 billion. We believe this growth is due to the increasing useof paper for to-go bags at major specialty stores and mass merchandisers, as well as our increased capacity to
manufacture paper bags, which has led to an increase in new orders.
For business expansion in the ASEAN region, we are promoting proposals to customers who are expanding
their businesses globally. In line with this, we are now in the process of establishing optimal supply chains ineach region in parallel.
Next, I would like to talk about social contributions. Together with our customers, we are working to enhancetheir brand value through social contribution activities. In FY2023, 9 forest conservation activities wereconducted. In 6 of these projects, we worked with customers, and a total of 9 companies and 65 people
participated.
Last year, we set KPIs for FY2030 of 15 activities per year and 500 participants per year. In order to achievethis, we will increase the number of new activity sites in FY2024 and FY2025. We are also considering newactivities such as picking up trash along rivers.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
26

Next, I will explain the progress of our human capital strategy.
We consider human resources to be an extremely important element for the sustainable growth of the Group.
Accordingly, we have been working on each of the measures in the last fiscal year.
To secure human resources, we increased our workforce by using a variety of recruitment methods in addition
to new graduates and career hires. As a result, the number of employees at the end of the last fiscal year
increased by 39. In addition, 40 new graduates are scheduled to join the Company this April.
With regard to human resource development, we are currently implementing educational programs forvarious levels of employees. Last year, among other things, we conducted DX training for all executives andemployees, with the aim of fostering a mindset and identifying DX personnel. In the current FY2024, we intend
to train the human resources we have discovered there.
Finally, with respect to improving employee engagement, we implemented wage increases, restricted stockincentives for employee stock ownership plans, and support for employee friendships last year.
We will also conduct stress checks and engagement surveys to further enhance job satisfaction.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
27

Next, I discuss investment.
Regarding capital investment, which is listed as a strategic investment, JPY1.74 billion was used in FY2023,
mainly to increase manufacturing capacity for paper cartons and paper bags.
We will continue to make investments based on the plan in FY2024 and beyond.
In paper cartons, in addition to increasing manufacturing capacity, we will invest in product lineup expansion,
rationalization, and labor saving.
In addition, as I mentioned earlier, we rebuilt our headquarters in FY2023. We also acquired land in the vicinityof the Osaka and Tokyo plants. This resulted in a cash outflow of JPY5.58 billion for property, plant andequipment.
For the renewal of the core system, which is scheduled to be implemented in 2025, we invested JPY1.3 billion
in the last fiscal year. In the current fiscal year, the construction of a support system for sales activities has
started concurrently.
Regarding human resources investment, we invested JPY920 million in increasing the number of employees
and raising wages, and JPY60 million in human resources development and recruiting activities, for a total
investment of about JPY980 million. In the current fiscal year, we will continue to actively invest in humanresources.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
28

Finally, I would like to talk about shareholder returns.
In FY2024 and FY2025, we will further enhance shareholder returns, as disclosed on February 9.
With regard to the dividend payout ratio, we have changed our plan from the original "maintaining a payout
ratio of 30% or more" to "maintaining a payout ratio of 35% or more." The share buyback plan was changed
from "flexible share buyback" to "share buybacks of up to JPY1 billion per year each."
Based on these changes, the total return plan has been changed from the original JPY4 billion to JPY8 billion,
with the aim of achieving a total return ratio of 50%.
That is all. Thank you very much.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
29

Question & Answer

Moderator [M]: We would now like to turn to the question-and-answer session.
Do you have any questions?
As there seems to be no questions, Mr. Fujii, Managing Director, who is scheduled to retire as of March 28,
will offer a few words.
Fujii [M]: Hello, everyone. Again, I am Fujii. As just introduced, I plan to retire at the end of this month, on
March 28, at the General Meeting of Shareholders. Thank you all very much for your support over the years.
I appreciate your continued interest in and continued support for our company in the future. Thank you very
much.
Moderator [M]: With that, we will now conclude the presentation of the financial results of THE PACKCORPORATION for the fiscal year ended December 31, 2023. Thank you very much for taking time out of yourbusy schedule to attend today.
[END]______________
Document Notes
1.
2.
3.
4.

SupportJapan
TollfreePortions of the document where the audio is unclear are marked with [Inaudible].
Portions of the document where the audio is obscured by technical difficulty are marked with [TD].
Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides ananswer from the Company, or [M] neither asks nor answers a question.
This document has been translated by SCRIPTS Asia.

050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
30

Disclaimer
SCRIPTS Asia reserves the right to edit or modify, at its sole discretion and at any time, the contents of thisdocument and any related materials, and in such case SCRIPTS Asia shall have no obligation to provide
notification of such edits or modifications to any party. This event transcript is based on sources SCRIPTS Asia
believes to be reliable, but the accuracy of this transcript is not guaranteed by us and this transcript does not
purport to be a complete or error-free statement or summary of the available data. Accordingly, SCRIPTS Asia
does not warrant, endorse or guarantee the completeness, accuracy, integrity, or timeliness of theinformation contained in this event transcript. This event transcript is published solely for information
purposes, and is not to be construed as financial or other advice or as an offer to sell or the solicitation of an
offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.
In the public meetings and conference calls upon which SCRIPTS Asia’s event transcripts are based, companies
may make projections or other forward-looking statements regarding a variety of matters. Such forwardlooking statements are based upon current expectations and involve risks and uncertainties. Actual results
may differ materially from those stated in any forward-looking statement based on a number of importantfactors and risks, which are more specifically identified in the applicable company’s most recent public
securities filings. Although the companies may indicate and believe that the assumptions underlying theforward-looking statements are accurate and reasonable, any of the assumptions could prove inaccurate orincorrect and, therefore, there can be no assurance that the anticipated outcome described in any forwardlooking statements will be realized.
THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE
PUBLIC MEETING OR CONFERENCE CALL. ALTHOUGH SCRIPTS ASIA ENDEAVORS TO PROVIDE ACCURATE
TRANSCRIPTIONS, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE
TRANSCRIPTIONS. IN NO WAY DOES SCRIPTS ASIA OR THE APPLICABLE COMPANY ASSUME ANYRESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BY ANY PARTY BASED UPON ANY EVENT
TRANSCRIPT OR OTHER CONTENT PROVIDED BY SCRIPTS ASIA. USERS ARE ADVISED TO REVIEW THE
APPLICABLE COMPANY'S PUBLIC SECURITIES FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER
DECISIONS. THIS EVENT TRANSCRIPT IS PROVIDED ON AN "AS IS" BASIS. SCRIPTS ASIA DISCLAIMS ANY AND
ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWAREERRORS OR DEFECTS, AND ACCURACY, COMPLETENESS, AND NON-INFRINGEMENT.
None of SCRIPTS Asia’s content (including event transcript content) or any part thereof may be modified,
reproduced or distributed in any form by any means, or stored in a database or retrieval system, without theprior written permission of SCRIPTS Asia. SCRIPTS Asia’s content may not be used for any unlawful or
unauthorized purposes.
The content of this document may be edited or revised by SCRIPTS Asia at any time without notice.
Copyright © 2024 SCRIPTS Asia Inc. (“SCRIPTS Asia”), except where explicitly indicated otherwise. All rights
reserved.

SupportJapan
Tollfree050.5212.7790
0120.966.744

North America
Email Support

1.800.674.8375
support@scriptsasia.com
31