For the Fiscal Year Ended
September 30, 2019

Results ofOperations
Evolable Asia Corp.
TSE 1st Section: 6191
November 14, 2019

Highlights● Huge increase in handling volume during FY19,
to 146.0 billion yen.
Handling
volumeof
180.0billionyenandoperatingincomeof●
2.0 billion yen planned for FY20.
● Strengthened IR policy*Materials expanded: FY18’s 36 pages of explanatory materials -> FY19’s 61 pages● New medium-term management strategy – “Air Trip 5000”
Copyright © Evolable Asia Corp. All Rights Reserved.

2

FY19 Financial Summary

Copyright © Evolable Asia Corp. All Rights Reserved.

3

Changes in Handling Volume

Handling volume: 175% Increased sharply
Handling volume(hundred million yen)

*Changed to pre-cancellation handling volume from 4Q FY19.
Copyright © Evolable Asia Corp. All Rights Reserved.

4

Changes in Net Sales

Net sales: 195％ Increased sharply
Consolidated net sales(million yen)

Copyright © Evolable Asia Corp. All Rights Reserved.

5

Changes in Operating Income

Securing income while continuing to invest strategically
Consolidated operating income(million yen)

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6

Statement of Income

Sharp increase in sales thanks to an aggressive
investment to promote AirTrip
Not yet reached year on year increase in profit(million yen)

FY18

Amount

FY19

Amount% to Sales

YoY Change% to Sales

Handling
Volume83,166

ー

145,981－175％

Net Sales

12,451100.0%

24,281100.0%

195％

Gross Profit

6,861

55.1%

13,036

53.6％

190%

Operating
Income

1,239

9.9%

744

3.0%

60%

Profit

942

7.5%

708

2.9%

75%

Copyright © Evolable Asia Corp. All Rights Reserved.

7

Results by Segment

Overall growth driven by Online Travel Agency Business(million yen)

FY18

Online Travel Agency
Business

IT Offshore Development
Business

Investment Businesses

FY19

YoY Change

Net Sales

10,13721,480+11,343

Operating
Income

347

1,030

+683

Net Sales

2,383

3,039

+656

Operating
Income

148

157

+9

Net Sales

161

345

+184

Operating
Income

1,305

412

△893

Copyright © Evolable Asia Corp. All Rights Reserved.

8Balance Sheet

Improved equity ratio through capital procurement and earnings(million yen)

FY18
Current Assets
Cash and Deposits
Operational investment
securities
Non-current Assets
Total Assets
Liabilities
Interest-bearing Debts
Net Assets
Equity attributable toequity holders of theparentRatio of equity
attributable to equity
holders of the parent

FY19

YoY Change

15,202
5,320

20,142
8,997+4,940+3,677

3,889

4,664

+775

9,736
24,93919,371
10,811
5,567

11,26031,403
21,155
12,631
10,247+1,524+6,464+1,784+1,820+4,680

5,188

9,781

+4,593

20.8%

31.1%

+10.3%

Copyright © Evolable Asia Corp. All Rights Reserved.

9

FY19 Achievements

Copyright © Evolable Asia Corp. All Rights Reserved.

10Return on Investment Phase

Shifting from advertising investment phaseto return on investment phase
Significantly decreased the ratio of advertising expenses to gross margin■Gross margin ■ Advertising expenses— Ratio of advertising expenses to gross margin(million yen)

Largest drop in
advertising to date
Increased recognition,higher proportion of organic
gross margin

Downturn in ratio ofadvertising expenses
FY20 Budget
Copyright © Evolable Asia Corp. All Rights Reserved.

11

Top Priority KPI (1): Organically-Grown Gross Margin

Huge increase in organically-grown gross margin,
a top priority KPI.
Approx. 5x growthin 2 years*Refers to gross margin from customer sales made not through advertising or meta-searching;rather, from customers who find Air Trip via search keyword, app, etc.
Copyright © Evolable Asia Corp. All Rights Reserved.

12

Top Priority KPI (2): Percentage of CVR/Cross-Sales

Major increase in percentage of CVR/cross-sales,
another top priority KPI.
CVR*1

Cross-sales
ratio *2

120%

141%

*Compared with
Sep. FY18

Large
Increase*Compared with
Sep. FY18

Large
Increase

Aim to further improve CVR/cross-sales by overhauling website.
*1 Calculated using weighted average for airline tickets, hotels, and DP in Japan and overseas.
*2 Calculated using weighted average for hotels (including DP) and rental cars in Japan and overseas.
Copyright © Evolable Asia Corp. All Rights Reserved.

13Effect of Branding (1)Improvement in brand recognition
raised level of search trend
Remained well above competitors throughout the year
AirTrip

Secure a large searchvolume during thesummer high season

Competitors

September
2019

October 2018
Copyright © Evolable Asia Corp. All Rights Reserved.

14Effect of Branding (2)Huge increase in incoming AirTrip UU over the year
Large increaseover the year

Same period of previous fiscal year
Most recent one-year period

大幅
UP

October 2018

October 2019

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15

AirTrip Branding Policy

Implemented many kinds of branding-focused marketing
FY19 campaigns
FY20 campaigns

Sponsored WBSS Finals
Sponsored “Everyday is Christmas 2018”

Sponsored triple boxing
title match event

Special sponsor for Heat Japan 2018

New AirTrip Plus TV ad

Collab campaign with Karatez

Ad trucks

Held the first ever AirTrip Cup in 2019

Sponsored "Fukkonsai"“Tonde AirTrip”
campaign

Sponsored an ice show

Sponsored Kosei
Tanaka’s title
match

Sponsored Ryota Murata's world title match

TV personality
eventsTV tie-ups

Skyliner ads

JR trainadvertising

Copyright © Evolable Asia Corp. All Rights Reserved.

Sponsored “Everyday is Christmas 2019”16

Today’s Press Release

Copyright © Evolable Asia Corp. All Rights Reserved.

17

New Tagline

Changed to new tagline,“Whether work or pleasure, make it more convenient”
Changed to new tagline on 11/14, optimized to AirTrip’s services

Copyright © Evolable Asia Corp. All Rights Reserved.

18

Success in M&A and PMI

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19

Preparing for
IPO

Success with Core Subsidiaires (1): Magmag

One of the largest online magazines distributed via e-mail,with a reader base comprising 7.5 million subscribers
Beforeacquisition

Afteracquisition(million yen)

Net Sales

Magazine subscription model

Operating Income

Expert magazine authors provide quality content
for the industry’s largest e-mail magazine
platform, a stock-based business model with 7.5
million subscribers.

Media with a total 7.3 million UU/month
In addition to this e-mail magazine platform,
the Company uses media with a strong ability
to bring in new customers, generating 7.3
million UU/month. Creates synergy with otherservices.

Copyright © Evolable Asia Corp. All Rights Reserved.

20

Preparing for
IPO

Success with Core Subsidiaires (2): Inbound Platform Corp.

Great leap forward for inbound business
Handling volume up 134%, operating income up 238% year on year
Handling
VolumeHandling Volume
Operating Income(million yen)

134%
*Compared to
FY18

No.1 wi-fi rental business for visitors from
U.S./Europe
Localized service website for each country’s market,
increased CVR 15% from FY19 1Q to 4Q, and grew
handling volume 70% year on year.

Operating
Income238%*Compared to
FY18

No.1 camping car rental service for visitors to
Japan
The number of sessions grew 264% from FY19 1Q to
4Q thanks to SEO and SEM policies targeting multiple
languages, with handling volume growing 125% year on
year.

Media business
Aimed to increase SEO through total overhaul of theCompany’s media, with PV growing 213% year on year.

Copyright © Evolable Asia Corp. All Rights Reserved.

21

Preparing for
IPO

Success with Core Subsidiaires (3): HYBRID TECNOLOGIES

No.1 in Japanese Offshore Development in Southeast Asia
Net sales up 144%, operating income up 131％ year on year
Net Sales

144%
Net Sales(million yen)*Compared to
FY18

Top ranking on Vietnamese job-listing site

Operating Income

Ranked top company in the IT category for 20
consecutive weeks on VietnamWorks,
Vietnam’s leading job-listing site.
Operating
Income131%*Compared to
FY18

Pinning down quality and cost through hybrid
development

Provides a development environment which
overcomes language barriers, with a dedicateddevelopment team in Vietnam and a Japaneseproficient Vietnamese engineer in Japan,
achieving excellent cost performance without
sacrificing quality.

Copyright © Evolable Asia Corp. All Rights Reserved.

22Effect of Post-merger Integration

Growth of acquired companies exceeded expectations
thanks to success with PMI
No risk of goodwill impairment

FY19 Operating Income 337 million yen

FY19 Operating Income 70 million yen● Income up due to integration with AirTrip brand● Streamlined operations by consolidating organizations● Product strengthened by consolidation of product● Provided AirTrip with additional products● System development support● Synergy with the Company’s tour business in Japan● Management rationalization

development organizations● Management rationalization

Copyright © Evolable Asia Corp. All Rights Reserved.

23

Strengthened Overseas Tour Business through Firstwise Acquisition

Acquired Hawaii vacation company to strengthen overseas tour business
Expanded and enhanced medium- to long-distance tours on AirTrip platform
35 years’ experience in Hawaii vacations
Abundant experience exclusively in Hawaii
vacations.
Augmented customer support through local
subsidiary in Hawaii.

Dedicated staff for each customer
Staff assigned to each customer provide
everything from time of purchase, to achieve
one-stop service.

Possible to customize every tour
Can customize hotel, flight, activities, etc.

Copyright © Evolable Asia Corp. All Rights Reserved.

24

Business Transfer of TRAVEL Now from Bank, Inc.

Acquired “pay later” service “TRAVEL Now” to better
respond to need for diverse payment methods

Service Features(1) Customers can take trips under 100,000 yen
immediately.
(2) OK to pay 2 months later.
(3) Offers travel products with approximately
65,000 variations, including destinations
worldwide.

Copyright © Evolable Asia Corp. All Rights Reserved.

25

Results Forecast and Growth
Strategy for FY20

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26

FY20 Earnings Forecasts and Expected Dividends

Plan for handling volume of 180.0 billion yen andoperating income of 2.0 billion yen
Big increase in operating income as the Company enters return on investment phase(million yen)
FY17

FY18

FY20 Plan

FY19

Handling Volume

40,001

83,166145,981180,000

Net Sales

5,533

12,451

24,281

38,000Operating Income

1,088

1,239

744

2,000

Profit

708

942

708

1,300

Dividend

7 yen

10 yen

10 yen13 yenCopyright © Evolable Asia Corp. All Rights Reserved.

27

FY20 Growth Strategy - Vision

Growth Strategy for FY20
- aiming for handling volume of 180.0 billion yen
Consolidated
handling volume(hundredmillion yen)Handling
VolumeHandling Volume

2,000

Handling
Volume

180.0

146.0

billion yen

billion yen

Discover new
growth areas
through M&A

1,600
Handling
Volume

1,200

83.0

Handling
Volume800

billion yen

40.0

Top-to-bottom
strengthening of AirTrip
travel businessbillion yen

400
0
FY17

FY18

FY19

Copyright © Evolable Asia Corp. All Rights Reserved.

FY20
28

FY20 Growth Strategy - New Business Areas

5 New Business Domains in FY20 Growth Strategy
Redefining businesses from original 4 to 5

AirTrip Travel
Business

訪日旅行事業
IT Offshore Development
Business

Life Innovation Business

Inbound Travel Business

IT Offshore Development Business

Investment Businesses

Copyright © Evolable Asia Corp. All Rights Reserved.

29

FY20 Growth Strategy - New Business Areas

Maximize synergy in each business domain

エアトリ旅行事業

AirTrip Travel
Business

Provides travel contents centered on AirTrip, the Company’s comprehensive travel platform.

Life Innovation
Business

Provides services which make customers’ lives more convenient in a variety of situations.

Inbound Travel
Business

Provides travel-related services in response to inbound demand.

IT Offshore
Development Business

Investment
Businesses

Provides high quality, hybrid IT development offshore.

Invests in growing companies in pursuit of synergy through collaboration with those companies.

Copyright © Evolable Asia Corp. All Rights Reserved.

30

FY20 Growth Strategy – Action Plan

FY20 Growth Strategy – Action Plan

Top-to-bottom
strengtheningof AirTrip travelbusiness

Discovery ofbusiness in
new fields

Products

・Aim for next leap forward by shifting lineup from one focused on airline tickets to one focused on airline tickets +hotels (AirTrip Plus).

Marketing・Raise recognition through AirTrip branding under new tagline, etc.
・Control percentage of gross margin eaten up by advertising expenses and effectively pull in new customers.

Technology

・Provide high quality development at reasonable speed via offshore IT development.
・Further expand the business with fully integrated services combining everything from upstream to implementation.

M&A

Increasing Value・Prepare for IPO of three core subsidiaries acquired through M&A (Magmag/IPC/HT)・Achieve growth of non-consolidated operations through active investment in new growth areas.

・Create profit through investment in startups and venture companies.
・Establish new pillars of revenue while continuing to find new growth areas and raise business value.

Copyright © Evolable Asia Corp. All Rights Reserved.

31

FY20 Growth Strategy – Management Structure

Establish a solid management foundation throughrepositioning of upper management.
Name

New Position

Previous Position

Director, CGO

Hideaki Yoshimura(Chief Growth Officer)

Representative Director,
President

Yusuke Shibata

Representative Director,
President, CFO

Representative Director, CFO

Director, CSO

Sho Niiya(Chief Strategy Officer)

Executive Officer, CSO

Satoshi Tamura

Director

Executive Officer

Kazuma Sakai

Director

Executive Officer

Copyright © Evolable Asia Corp. All Rights Reserved.

32

FY20 Growth Strategy – Business Execution Structure for Full-Time Officers

Shift to a business execution structure
which facilitates continuous growth.
Chairman of the Board

Representative Director, President, CFO

Munenori Oishi

Yusuke Shibata

Director, CGO
Hideaki Yoshimura

Director, CMO
Toru Matsunami

Director, COO
Shin O

Director, CSO
Sho Niiya

Director
Masahide Akiyama

Executive Officer
Shuichi Nakazaki

DirectorTakeshi Masuda

Executive Officer
Takahiro Kanda

Director
Satoshi Tamura

Executive Officer
Hirofumi Toyoda

Director
Kazuma Sakai

Executive Officer
Motoki Hara

Executive Officer
Koji Yano*The list above includes only full-time members in charge of business execution; the Company’s governance structure also includes
independent directors and audit and supervisory board members.
Copyright © Evolable Asia Corp. All Rights Reserved.

33

Medium-Term Growth Strategy

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34

Medium-term Growth Strategy “AirTrip 5000” - Vision

Established new medium-term growth strategy“AirTrip 5000”

AirTrip 5000
Aim for never-ending growth in order to reach
500.0 billion yen in handling volume within 5 years
Copyright © Evolable Asia Corp. All Rights Reserved.

35

Medium-term Growth Strategy “AirTrip 5000” - Vision

Consolidated
handling volume

Through dramatic growth, aim for 500.0 billion yen
in consolidated handling volume within 5 years.
AirTrip Travel Business(hundredmillion yen)Handling
VolumeNew business acquired
through M&A

5,000

500.0

4,000
Handling
VolumeHandling
Volume3,000
Handling
Volume2,000

Non-contiguous
growth throughM&Abillion yen

180.0
billion yen

146.0
billion yen

Top-to-bottom
strengthening of AirTrip
travel business

83.0
billion yen

1,000
0
FY18

FY19

FY20

Medium-term Growth
Strategy ”AirTrip 5000”
Copyright © Evolable Asia Corp. All Rights Reserved.

FY24
36

Medium-term Growth Strategy “AirTrip 5000” – Main Points

The AirTrip 5000 Growth Strategy

Top-to-bottom
strengtheningof AirTrip travelbusiness

Discovery of
new growth
areas

Copyright © Evolable Asia Corp. All Rights Reserved.

Reinforcingof solidbusinessfoundation

37

Medium-term Growth Strategy “AirTrip 5000” – Main Points

Greatly expand profits through three-pronged growth strategy
Top-to-bottom strengthening of
AirTrip travel business➢ Establish an even more solid earnings
foundation by expanding customer base,strengthening sales channels, and expanding
business domains for the Company’s AirTrip
platform.

Discovery of new growth areas➢ Seek out new growth areas using insightgleaned from new businesses and M&A targets,
including those in niche markets.

➢ Achieve sustained growth for three coresubsidiaries (Magmag, IPC, and HT) using theCompany’s knowhow in growing businesses
and creating continuous success.

Reinforcing of solid business foundation➢ Update business execution structure to maximize the upper management’s business execution ability,
thereby realizing the goals of the AirTrip travel business and successfully discovering new business areas
with immediacy, timeliness, and speed.
Copyright © Evolable Asia Corp. All Rights Reserved.

38

Medium-term Growth Strategy “AirTrip 5000” – M&A Strategy

Accelerate synergy with acquisitions through combineddevelopment, marketing, and management abilities
M&A Targets

Augment
product lineup

Companies withstrong product lines

Managementdriven

Expand sales
channels

AirTrip
Platform

Development-driven

Companies with wide
customer reachMarketing-driven
Copyright © Evolable Asia Corp. All Rights Reserved.

39

Medium-term Growth Strategy “AirTrip 5000” – Financial Strategy

Steady business expansion
by conducting investment within equity limits
No risk of impairment of existing subsidiaries
FY19 Operating Income
DeNA Travel Co.,Ltd.

2,700 million
yen

337 million yen

Equity9,781

Goodwill

million yen

N’s Enterprise Inc.
997 million yen

70 million yen

Magmag759 million yen

204 million yen

5,861
million yen

Copyright © Evolable Asia Corp. All Rights Reserved.

40

Summary

Huge
increaseinhandling
volumeduring
FY19,
to
146.0
●
billion yen.
● Handling volume of 180.0 billion yen and operating income of
2.0 billion yen planned for FY20.
● Strengthened IR policy*Materials expanded: FY18’s 36 pages of explanatory materials -> FY19’s 61 pages● New medium-term management strategy – “Air Trip 5000”
Copyright © Evolable Asia Corp. All Rights Reserved.

41

Business Progress

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42

AirTrip Plus

Commenced one-way ticket + hotel sales
Even more convenient, choose what you want

one-way ticket+
hotel

Possible to reserve only one-way airline ticket and hotel

Copyright © Evolable Asia Corp. All Rights Reserved.

43

AirTrip Plus

Overhauled the UI and added business trip search function
CVR up +53％ from 3Q

Copyright © Evolable Asia Corp. All Rights Reserved.

44

AirTrip Plus

Promoted AirTrip Plus via TV commercials and banner ads
Unique users up +44% from 3Q

Copyright © Evolable Asia Corp. All Rights Reserved.

45

Domestic Hotels – New Service: AirTrip Plus Hotel

Released function where users can simultaneously reserve hotels
and airline tickets, as part of a single process
Massive growth from FY19 1Q to 4Q, with handling volume up +650% and CVR up +260%
Changes in handling volume and CVR
for domestic hotels in FY19
Summary of 4Q Growth

CVR

Handling
Volume260％

650％*Compared to
FY19 1Q*Compared to
FY19 1Q[Increased handlingvolume]・Huge growth due to improvedsite UI/UX and simultaneous
airline ticket + hotel purchasefunction.

[Improved CVR]

・Large growth due to crossselling initiatives, such as theticket + hotel function.

FY19 1Q

FY19 2Q

FY19 3Q

FY19 4Q

Copyright © Evolable Asia Corp. All Rights Reserved.

46

Domestic Hotels – Enhanced Products

Worked on direct contracts with several major hotel chains
Huge 420% increase in number of domestic hotels listed on AirTrip year on year
Change in the number of listed accommodations

Enhanced Products
Purchase

Number of listed
accommodations

Built relationships
with hotel chains

420%*Compared
to FY18

Product/
Service
人気の高い
Filled out lineup of
popularaccommodations inJapanEnhanced productcapabilities to keep up
with competitors

FY18

FY19

Advertised tocustomers using
AirTrip brandStreamlined
operations work

Promotion

Operation

Copyright © Evolable Asia Corp. All Rights Reserved.

47

Domestic Airline Tickets

Record-high daily handling volume: Up 146% year on year
Number of in-app purchases: 356% increase from the same month last year
Daily
handling
volumeDaily handlingvolume146%*Compared to samemonth last year

In-apppurchases(million yen)

In-app purchases

Copyright © Evolable Asia Corp. All Rights Reserved.

356%*Compared to samemonth last year48

Domestic Airline Tickets: New Functions Added

Added new, convenient functions
New function 1: “Tour”

New function 2: Amazon Pay, Monobarai

Able to reserve up to 4 different segmentswith one reservation

Introducing these two brought the total
number of payment methods up to six

Copyright © Evolable Asia Corp. All Rights Reserved.

49

Domestic Tour

Implemented new tour packages through collaboration
with other companies
Kawamura Gakuen Women’s University ×Spring Airlines

FC Ryukyu Home Game Tour×Rusutsu Resort
Collaborative project between academia and private sector

Copyright © Evolable Asia Corp. All Rights Reserved.

50

AirTrip Rental Car

Sales grew approximately 10 times year on year due to increase in
the number of companies offered and sales of discount plans!!
Summary of 4Q Growth[Increase in number of companies offered]
Added 4 companies, making it possible for users to search for thelowest price among 12 total companies.

[Change in discount]
Max 50%OFF ⇒ 69%OFF

FY2018FY2019Copyright © Evolable Asia Corp. All Rights Reserved.

51

AirTrip Membership Base

Total AirTrip membership grew 115%, to 450,000 members!
■Member registration campaign on TBS television program■Increased recognition via commercials and advertisements*Total number of Evolable Asia and AirTrip members from April – October 2019.
Copyright © Evolable Asia Corp. All Rights Reserved.

52

Tie-ups with Airlines

Sales Promotions
Description of Tie-ups
・Landing page creation
・Banner ad posting・Exclusive online magazines・SNS postings(Retweet campaign)
・Survey campaign
・ Banner ads in Magmag (TRiP EDiTOR) anddistribution of the online magazine

Copyright © Evolable Asia Corp. All Rights Reserved.

53

AirTrip Overseas Airline Tickets and Hotels

Making the AirTrip site more convenient! With better deals!
Customers choose their
payment method

Strengthened productvariation

No need for credit cards or registration
beforehand!

Although other sites say the flight isfully booked, you can still get a ticket
on AirTrip!

Pay for all expenses together thefollowing month. Can also pay ininstallments!

Even during the busiest times of the year
or right before the departure date, AirTrip
still has cheap tickets!

Introduced payment
through Paidy

Sped up site renovation

Commenced sales ofpremium economy tickets

Enhanced services
Call center handling more casesof e-visa applications, schedulechanges, and hotel bookings oncustomers’ behalf!

Launched several improvements
every month!

Improved the hotel plan
selection page

Easier to choose options on thesite!

Copyright © Evolable Asia Corp. All Rights Reserved.

54

New Menu for Okinawa and Hawaii Tours

As a particularly popular category, plan to add a newmenu for Okinawa and Hawaii tours*New site concept image

Copyright © Evolable Asia Corp. All Rights Reserved.

55

AirTrip BTM: Change in Number of Contracted Companies

Healthy growth in number of BTM clients,
exceeding 3,200 companies(Number of contracted companies)

Increase due to acquisition ofDeNA Travel

3,275

Increase due to acquisition ofTokyo Masters

Copyright © Evolable Asia Corp. All Rights Reserved.

56

Strengthed AirTrip’s Developer Lineup

Increased the number of software engineers
to strengthen AirTrip’s developer lineup

133

195

September 2018

September 2019

Copyright © Evolable Asia Corp. All Rights Reserved.

57

Investment Businesses: Results of Investments

Strengthening of investment development:
62 companies; total investment amount: 2.2 billion yen* As of November 2019･･･etcCopyright © Evolable Asia Corp. All Rights Reserved.

58

Investment Businesses: Investment Performance

4th IPO project: AI CROSS listed on stock market
Keeping good pace in increasing the number of investment targets which reach IPO

Investment targets which have had their IPO
2018/3

2018/122019/6

Copyright © Evolable Asia Corp. All Rights Reserved.

2019/1059

Magmag

Released new media
Released new web media magazine “by them” on August 23. “There’s someone here who will listen. Our experts
offer their support and sympathy regarding each of your many anxieties.”
Taking on this new genre focused on readers’ worries in an effort to expand new users.

Copyright © Evolable Asia Corp. All Rights Reserved.

60

AirTrip Stay

Leading the market in private accommodations
agencies for visitors to Japan

Specializes in inbound travel as an official partner of Airbnb Japan
Expanded consultation work to owners of hosting properties
Average occupancy rates reached +25% higher than market average
Copyright © Evolable Asia Corp. All Rights Reserved.

61

・These materials contain forward-looking statements related to industry trends and the Company’s business development based on the Company’s current expectations, estimates,
and forecasts.
・ A variety of risks and uncertainties are inherent in the assertions made in these forward-looking statements. Known and unknown risks, uncertainties, and other factors may resultin differences from the statements included in assertions related to forward-looking statements.
・ The Company’s actual future business and operating performance may differ from the forward-looking statements contained in these materials.
・ The assertions related to forward-looking statements made in these materials are based on the best information currently available to the Company and will not update or revise
any forward-looking statements to reflect future events or conditions.

Evolable Asia Corp.
19th Fl. Atago Green Hills Mori Tower, 2-5-1 Atago, Minato-ku, Tokyo 105-6219
Phone. +81-3-3431-6191
http://www.evolableasia.com