Financial Results Briefing
for the Fiscal Year Ended March31, 2024

Briefing on the Medium-termManagement Plan
May 21, 2024

Stock code: 4215 TSE Prime Market
1

Contents
Financial Results for the Fiscal Year
1 Consolidated
Ended March 31, 2024

P. 3

2

Consolidated Financial Results Forecast for the Fiscal YearEnding March 31, 2025

P. 13

3

Medium-term Management Plan
“Go Beyond” Innovation 2026

P. 21

4

Key Points of the Medium-term Management Plan

P. 32

Appendix

Sustainability

P. 40

AppendixCompany Overview and Company Features

P. 43
2

The Fiscal Year Ended March 31, 2024

1 Consolidated Financial Results31-1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Consolidated Financial Highlights
Results for the Fiscal Year Ended March 31, 2024
(millions of yen)

Results for
FY2022

Results for
FY2023

Year on year

145,725

137,581-8,143Operating profit

5,791

6,228

+436

Ordinary profit

5,923

6,501

+577

Profit attributable to owners of parent

2,460

5,102

+2,642

Net sales■Net sales(Down 5.6% year on year)●Operating profit(Up 7.5% year on year)

Profit attributable to owners of parent(Up 107.4% year on year)

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025(+) Howell tube recovery and strong performance in the infrastructure materials
business such as rotational molded products(+) Strong sales of flooring materials in the Flooring & Decorative Materials Business(-) Sluggish North American market for shrink film(-) Sluggish growth of high functional materials due to slow recovery of thesemiconductor market(+) Significant improvement in the infrastructure materials business, which was in the
red the previous year(+) Product price increases(-) Decrease in sales quantity due to prolonged sluggishness in North American andEuropean markets(-) Sluggish growth of high functional materials(+) Positive at the operating profit stage(+) Gain on negative goodwill from succession of agricultural PO business(+) Gain on sale of securities due to unwinding of cross shareholdings
Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix4

1-2. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Net Sales by Segment
Specialty Films Business

17,820 million yen

Construction
Materials Business

Other
0.6%

Packaging Materials
Department
12.9%

44,402 million yen
Housing Materials
Department
18.7%

High Functional
Materials Department
14.9%

Total net sales
High Functional
Materials Business

137,581 million yen

Flooring & Decorative
Materials Department
13.6%

20,480 million yen
Infrastructure Materials
Department
15.1%

Agricultural Materials
Department
24.2%

Environmental
Materials Business

54,039 million yen
Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix5

1-3. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Overview by Segment(millions of yen)

Net Sales by Segment

60,00054,81644,795

FY202254,039FY202344,40240,00022,72922,442

20,48020,00017,8200(millions of yen)

Operating Profit by Segment

4,000

FY2022
FY2023

2,983

3,000

2,603

2,484
1,884

2,000

1,731

1,000

304

126

0

Construction
Materials

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Environmental
Materials

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

High functional
materials

Medium-term Management Plan

“Go Beyond” Innovation 2026

-304

Specialty Films

Key Points of the Medium-termManagement Plan

Appendix6

1-4. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Overview by Segment
Housing Materials Business, Flooringand Decorative Materials Business

Construction Materials Business Segment
Housing Materials Business

Flooring and Decorative Materials Business■Net sales(+)Increase in product price increase due to higher raw
material and logistics costs(+)Increase in demand for signage due to inbound recovery(-) Decrease in new housing starts(-) Decrease in capital investment in the livestock industry
due to high prices of construction materials and feed

■Net sales(+)Steady sales of flooring materials in the domestic condominium
renovation market(+)Gradual recovery of construction materials in North America(-) Slow recovery of construction materials in Europe●Operating profit(+)Increase of flooring materials product prices(+)Reduction of fixed costs through improvement of ocean freight costs forconstruction materials and rationalization of factory production system(-) Continued sluggishness of the European market for construction materials●Operating profit(+)Reduction of product price pass-through and fixed costs(-) Sluggish sales quantity of polycarbonate building
materials and rising raw material prices(millions of yen)

Construction
Materials BusinessNet sales

OperatingprofitFiscal Year Ended
March 31, 2023

Fiscal Year Ended March 31, 2024

Results

TargetResults

Year on year

Construction Materials
Business Total

44,795

48,95044,402-0.9%

Housing Materials
Business

26,50629,52025,731-2.9%

Flooring and Decorative
Materials Business

18,28819,43018,670+2.1%

Construction Materials
Business Total

2,484(5.5%)

3,670(7.5%)

2,983(6.7%)+20.1%

Housing Materials
Business

1,628(6.1%)
856(4.7%)

2,060(7.0%)
1,610(8.3%)

1,539(6.0%)
1,444(7.7%)

Flooring and Decorative
Materials Business
Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

-5.5%
+68.7%
Appendix7

1-5. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Overview by Segment
Agricultural Materials Business,
Infrastructure Materials Business

Environmental Materials Business Segment
Agricultural Materials Business

Infrastructure Materials Business■Net sales■Net sales(-) Continued slump in fertilizer market(-) Continued reluctance of producers to buy due to soaring pricesof various agricultural materials(-) Continued sluggish shipment of greenhouse-related materials(+)Reduction in manufacturing costs(+)Improved profitability of domestic group companies

Net sales

Operatingprofit●Operating profit(+)Recovery in demand for Howell tube and brisk demand forrotational molded products(+)Product price increases(+)Reduction in selling, general and administrative expenses●Operating profit

Environmental
Materials Business(+)Recovery in demand for Howell tube(+)Strong demand for rotational molded products and civil engineering
sheets and shields(millions of yen)

Fiscal Year Ended
March 31, 2023

Fiscal Year Ended March 31, 2024

Results

TargetResults

Year on year

Environmental Materials
Business Total

54,81657,99054,039-1.4%

Agricultural Materials
Business

35,65836,88033,228-6.8%

Infrastructure Materials
Business

19,158

21,11020,810+8.6%

Environmental Materials
Business Total

304(0.6%)

1,470(2.5%)

1,884(3.5%)+518.6%

Agricultural Materials
Business597(1.7%)

940(2.5%)

809(2.4%)+35.5%

Infrastructure Materials
Business-292(-1.5%)

530(2.5%)

1,075(5.2%)

ーConsolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix8

1-6. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Overview by Segment
High Functional Materials Business Segment
High Functional Materials Business●Operating profit■Net sales(+)Recovery in demand for memory for smartphones and other devices(+)Year-on-year increase in demand for nanomaterials for electronic
circuit boards(-) Continued constraint of capital investment by semiconductor
manufacturers(-) Continued sluggish demand for industrial plates and engineering
plastic materials for semiconductor manufacturing equipment(-) Micro-motors down year-on-year due to continued inventory
adjustments in consumer products(-) Decrease in sales quantity of industrial plates due to sluggish
semiconductor market(-) Decrease in sales quantity of micro-motors due to inventory
adjustments by major customers(millions of yen)High Functional
Materials Business

Fiscal Year Ended March
31, 2023

Fiscal Year Ended March 31, 2024

Results

TargetResults

Year on year

Net sales

High Functional
Materials Total

22,72923,52020,480-9.9%

OperatingprofitHigh Functional
Materials Total

2,603(11.5%)

2,380(10.1%)

1,731(8.5%)-33.5%

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix91-7. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Overview by Segment
Specialty Films Business Segment

Packaging Materials Business

Packaging Materials Business■Net sales●Operating profit(+)Signs of recovery of demand for shrink film in the fourth quarter(-) Prolonged distribution inventory adjustment in the core North
American market(-) Low production and sales levels in North and South America(-) Sluggish zipper tape sales both in Japan and overseas(-) Prolonged slump in sales quantity in the North American
market, the main market for shrink film

(millions of yen)

Specialty Films
Business

Fiscal Year Ended
March 31, 2023

Fiscal Year Ended March 31, 2024

Results

TargetResults

Year on year

Net sales

Specialty Films
Business(Packaging Materials
Business) total

22,442

26,08017,820-20.6%

OperatingprofitSpecialty Films
Business(Packaging Materials
Business) total

126(0.6%)

1,370(5.3%)-304(-1.7%)

ーConsolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix101-8. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Consolidated Balance Sheets(millions of yen)(millions of yen)

Increase in deposits(＋3,410 )103,921

98,095Current
Main factors:
assets
Deposit of+surplus
5,825 funds

Retirement benefit assets(+1,737)
51,178Non-current
assets+ 1,094

As of March 31, 2023

52,272As of March 31, 2024

Main factors:
Increase in pension plan
assets due to rising stock
pricesLiabilities and Net assets(millions of yen)

56,61592,658

Liabilities+ 2,531

Net assets+ 4,383

As of March 31, 2023

59,147

97,046

Increase in accrued
corporate taxes, etc.
(+1,840)

Increase in retained
earnings( +3,639)

As of March 31, 2024

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Increase/decrease

As of March
31, 2023

As of March
31, 2024

Current assets

98,095

103,921+5,825

Cash and deposits

5,603

6,661

+1,057

Accounts receivabletrade

46,93348,499+1,566Inventories

28,12627,203

-923

Other

17,432

21,557+4,125

Non-current assets

51,17852,272+1,094

Property, plant andequipment

40,03339,386-646

Intangible assets

2,755

3,083

+327

Investments andother assets

8,389

9,802

+1,413

Total assets

149,274

156,194+6,920Total liabilities

56,61559,147+2,531(Interest-bearing
liabilities)

5,939

6,978

+1,039Total net assets

92,65897,046+4,388Assets(%)
Capital-to-asset ratio
Medium-term Management Plan

“Go Beyond” Innovation 2026

61.1

61.9

Key Points of the Medium-termManagement Plan

0.8
Appendix111-9. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Consolidated Statements of Cash Flows⚫ Free cash flow was +3,032 million yen, an increase of 4,089 million yen from -1,057 million yen in the fiscal year ended
March 31, 2023.
Net income before income taxes
Depreciation
Decrease in trade payables+6,787+5,524-2,807

Proceeds from sale of investment securities
Purchase of property, plant and equipment
Increase in deposits paid

+1,867-3,779-3,410-6,277+9,309Cash flows fromoperatingactivities+155

Cash flows
from investing
activities

Increase in cash and cash
equivalents resulting fromexclusion of subsidiaries+217
Effect of exchange from consolidation andinclusion of newly
rate changes on
consolidated
subsidiaries incash and cash
the
scope
of
consolidationequivalents(millions of yen)

- 2,346
Cash flows fromfinancing activities

Cash and cash
equivalents at
beginning of
periodCash and cash
equivalents at
end of period

FCF: + 3,032 million yen

6,661

5,603
April 1, 2023
Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

March 31, 2024
Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

12

The Fiscal Year Ending March 31, 20252

Consolidated Financial Results
Forecast

13

2-1. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025

Consolidated Statements of Income(millions of yen)

Results

Forecast

Fiscal year ended March 31, 2024

Fiscal year ending March 31, 2025

AmountPercentage

AmountPercentage

Year on year
Increase/
Rate ofdecreasechangeNet sales

137,581100.0%

145,000

100.0%+7,418+5.4%

Gross profit

37,12527.0%

41,10628.3%+3,980+10.7%

Selling, general andadministrative expenses

30,89622.5%

33,50523.1%+2,608+8.4%

Operating profit

6,228

4.5%

7,600

5.2%

+1,371+22.0%

Ordinary profit

6,501

4.7%

7,600

5.2%

+1,098+16.9%

Profit attributable to owners ofparent

5,102

3.7%

5,600

3.9%

+497

+9.7%

52.42 yen―

57.53 yen―

5.10 yen

+8.9%

ROE

5.4%

―

5.8%

―

―

―

ROIC

4.5%

― 5.0% or more

―

―

―

Earnings per share

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix14

2-2. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025

Organizational Structure(Former) 4 Business Divisions(New) 3 Business Divisions
Housing Materials Department

Housing Materials Department
Construction
Materials Division

Flooring & Decorative
Materials Department

Construction
Materials & Civil
Division

Main body of business transferred
to group companies.

Infrastructure Materials

Environmental
Materials Division

Department
Agricultural Materials
Department

High Functional
Materials DivisionHigh Functional Materials
Department

Specialty Films
Division

Packaging Materials
Department

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Flooring & Decorative Materials
Department

High Functional
Materials DivisionHigh Functional Materials
Department
Agricultural Materials Department

Specialty Films
Division
Packaging Materials Department

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix15

2-3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025

Forecast by Segment
Construction Materials & Civil Business Segment

Business strategy

Housing Materials Business

Flooring and Decorative Materials Business

Infrastructure Materials Business◼ Expansion of market share and profits
from existing products and businesses◼ Market development of high value-added flooringmaterials◼ High added value in Europe and Asia
Expanded sales of Hydrotite◼ Strengthening of cost competitivenessthrough insourcing◼ Establishment of de facto standard for safety andsecurity functions of flooring materials◼ Product mix strategy for rotational molding
products◼ Entry into businesses peripheral toexisting businesses◼ Development of new customers in key areas forconstruction materials◼ Alliances within the industry, including
overseas◼ Return to profitability through area-specific sales
strategies for European subsidiaries, productivity
improvements, and cost reductions through new
equipment◼ Acceleration of M&A◼ Improved sales and productivity of Howell tube,
pipe rehabilitation, and nets
◼ Capturing needs in the fields of disasterprevention, disaster recovery, and infrastructure
renewal(millions of yen)

Construction Materials& Civil Business
Segment

Net sales

OperatingprofitFiscal year ended March
31, 2024
Results

Forecast

Year on year

Construction Materials &Civil Business Total

65,21366,026+1.2%

Housing Materials Business

25,731

26,537+3.1%

18,67018,370-1.6%

20,81021,120＋1.5%

Construction Materials &Civil Business Total

4,058

4,450

+9.7%

Housing Materials Business

1,539

1,626

+5.7%

1,444

1,381

-4.4%

1,075

1,442

+34.1%

Flooring and Decorative
Materials Business
Infrastructure Materials
Business

Flooring and Decorative
Materials Business
Infrastructure Materials
Business

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Fiscal year ending March 31, 2025

Key Points of the Medium-termManagement Plan

Appendix16

2-4. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025

Forecast by Segment
High Functional Materials Business Segment
High Functional Materials Business (Plates)

Business strategy

High Functional Materials Business (Other thanplates)◼ Establishment of increased plate production system forsemiconductor manufacturing equipment◼ Expansion of acetate plate business for spectacle frames◼ Strengthening of sales in growth areas such as China and ASEAN◼ Innovations in material productivity for solidification extrusion◼ Expansion of sales of environmentally friendly products◼ Acquisition of overseas customers for filtration plate business◼ Development of applications outside the semiconductor field(utilization of highly flame-retardant technology)

High Functional
Materials Business
Segment(millions of yen)
Fiscal year ended March
31, 2024

Fiscal year ending March 31, 2025

Results

Forecast

Year on year

Net sales

High Functional
Materials Total

17,808

19,774+11.0%

OperatingprofitHigh Functional
Materials Total

1,526

2,000

+31.1%

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix17

2-5. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025

Forecast by Segment
Films Business Segment

Business strategy

Agricultural Materials Business◼ Expansion of sales of high-quality agricultural covering
materials in East Asia
◼ Incorporation of synergiesfromintegration of agricultural
PO business◼ Development and increased sales of environmentallyfriendly products◼ Promotion of alliances and M&A with regional distributors◼ Promotion of commercialization in smart agriculturerelated fields

Packaging Materials Business(BONSET)

Packaging materials business(SANZIP)◼ Expansion of varieties and sales ofenvironmentally friendly products◼ Strengthening of sales on the North
American market◼ Promotion of new productdevelopment through strategic
collaboration with raw material
manufacturers◼ Development of markets in the Middle Eastand Southeast Asia

◼ Increase in production capacity andexpansion of sales at North American
subsidiaries◼ Strengthening of development and sales ofenvironmentally friendly products◼ Study of production optimization including
construction of a second overseas plant(millions of yen)Films Business
Segment

Net sales

OperatingprofitFiscal year ended March
31, 2024

Fiscal year ending March 31, 2025

Results

Forecast

Year on year

Films Business Total

51,04855,433+8.6%

Agricultural Materials
Business
Packaging Materials
Business

33,22836,476+9.8%

17,82018,956+6.4%

Films Business Total

505

1,750

+246.5%Agricultural Materials
Business
Packaging Materials
Business809

941+16.3%

-304

809

－

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix18

2-6. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025

Net Sales and Profit
Operating profit margin (total)
6.1%
5.2%
4.5%
Net sales(millions of yen)

Operating profit(millions of yen)

4.0%

160,000

141,936
140,000

137,581

137,581

940

Other

664
22,442

21,62522,729materials

16,0003,512

17,82014,000Film

120,000High
100,000 functional

55,433
20,48012,00051,0488,651

80,00010,000-55

53,874

1,440

54,81654,0395,791

60,000 Environmental
Materials

272

3,144

High
functional
6,228
17,808materials
-125

6,228

-600

-304

139

1,750

1,731

126

Construction
materials/civil

7,600

19,774

8,000

2,603

2,000
4,000

1,884

44,795Construction
Materials

304

66,026

65,213

1,405
44,41844,402
4,058

2,716

2,484

6,000

505
1,526

40,00020,000

3,767

Other

839

21,352
Specialty Films

18,000145,000

145,725

2,000

4,450

2,983

0

0
Net sales Operating profit

Net sales Operating profit

Net sales Operating profit

FY2021

FY2022

FY2023(Old segments)

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Net sales

Medium-term Management Plan

“Go Beyond” Innovation 2026

Operating profit

FY2023(New segments)

Net sales

Operating profit

Forecast for FY2024

Key Points of the Medium-termManagement Plan

Appendix192-7. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025

Dividend Forecast◼ The minimum dividend for the fiscal year ending March 31, 2025, will be 24 yen per share.
In accordance with our company policy, which sets the dividend payout ratio at 40%, the Company plans to revise
upward if its performance exceeds the plan.
(Payout ratio)(Dividend per share: yen)

59.5%

40

60.0%

35

Dividend
payout ratio

30

41.8%
Minimum 24 yen

42.1%

50.0%

39.5%
40.0%

25

20

30.0%

15

27.0
22.0

10

24.0

15.0

20.0%

10.0%

5

0

0.0%

FY2021

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

FY2022

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

FY2023Medium-term Management Plan

“Go Beyond” Innovation 2026

FY2024(Forecast)
Key Points of the Medium-termManagement Plan

Appendix20Medium-term Management Plan

3 “Go Beyond” Innovation 2026
Go beyondyesterday’s ideas
what the company takes for granted
customers’ expectations

2024ー2026
21

3-1.

Medium-term Management Plan “Go Beyond” Innovation 2026

Corporate Philosophy

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

22

3-2.

Medium-term Management Plan “Go Beyond” Innovation 2026

Quantitative Plan: Basic Policy and Main Policy Measures

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

23

3-3.

Medium-term Management Plan “Go Beyond” Innovation 2026

Quantitative Plan: Management Indicators_ Image of FY2026 Net Incom

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

24

3-4.

Medium-term Management Plan “Go Beyond” Innovation 2026

Quantitative Plan: Main Policy Measures 1_ Optimization of Group Management

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

25

3-5.

Medium-term Management Plan “Go Beyond” Innovation 2026

Quantitative Plan: Main Policy Measures 2_ Creation of New Products and Businesses – 2

Development / Enhancement of R&D system

Shift to high-value-added fields

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

26

3-6.

Medium-term Management Plan “Go Beyond” Innovation 2026

Quantitative Plan: Main Policy Measures 3_ Enhancement of On-site Capabilities

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

27

3-7.

Medium-term Management Plan “Go Beyond” Innovation 2026

Quantitative Plan: Main Policy Measures 4_ Expansion of Abroad Business _ Area Strategies

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

28

3-8.

Medium-term Management Plan “Go Beyond” Innovation 2026

Quantitative Plan: Main Policy Measures 5_Acceleration of M&A
Identification of acquisition targets
Acceleration of M&A and alliances with the following
companies as primary targets for exploration
Potential candidate targets for acquisition

1. M&A for

Department
in charge:

All Business
Divisions

2. M&A to acquire
residual profit⚫ Other companies in the samebusiness field with potential
residual profit

Housing
Materials
Agricultural
Materials

3. M&A to acquire
novel technology⚫ Companies with core technologies
which enable to enter new
Researchbusiness fields
and⚫ Companies with resin processing development Management
Planning
technologies which enable toenhance value chainsNewtechnologies

Strengtheningof processing
technology

GeneralAffairs⚫ Resin processing businesses,
which are curved out due torestructuring of major
petrochemical manufacturers

petrochemicalindustry
restructuring

Responding toindustry
reorganizationCore
technologies⚫ R&D Department

Packaging

4. M&A for abroadbusiness
expansion⚫ Sales network which enable
Flooring andeffectively to promote expansions Decorative
Materials
of abroad net sales
High⚫ Abroad technologies andfunctional
intellectual property licenses

Strengtheningof the M&A
promotionsystemBusiness
Headquarters●⚫ Agents and sales companies
which enable to expand sales
channels

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

・Strengthening of⚫ New Materials andinformation networks
Areas
・Strengthening of evaluation
Development
and review processes
Department
・Strengthening of theimplementation teamAcquisitionof newmarkets

Expansionof saleschannelsStrengthening ofsales capabilities

materials

5. M&A for domestic
sales expansion

Strengthening of ⚫ New Businessthe M&A promotion Promotion
Department
systemAll Business
Divisions

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

29

3-9.

Medium-term Management Plan “Go Beyond” Innovation 2026

Dividend Policy

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix30

3-10. Medium-term Management Plan “Go Beyond” Innovation 2026

Sustainability _ Sustainability Initiatives

Setting ofpriority themes
Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

31

4

Key Points of the Medium-termManagement Plan

32

4-1.

Key Points of the Medium-term Management Plan

Action Guidelines and Slogan

Action Guidelines“Take on the unknown;
give shape to the future”

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

33

4-2.

Key Points of the Medium-term Management Plan

Review of FY2023 (Operating profit)◼ Quarterly Consolidated Operating Profit / Deficit Amount Trends of Deficit Companies(millions of yen)Over 2 billion yen

1000(First time in 9 quarters)

Steady recovery of earning power

2,750

800
600

2,500

2,153

2,250

Operating profit
improvement

2 billion yen line

2,105 400

2,000

200

1,750

0

1,500

-200

1,250

-400

1,000

Deficitreduction

750

2Q

3Q

4Q

FY2022
1Q

2Q

3Q

4Q

FY2023
1Q

-800
-1000

500
FY2021
1Q

-600

2Q

3Q

4Q

(millionsof yen)Quarterly deficit amount

Quarterly consolidated operating profit

3,000

Start of critical monitoring
meetings
Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

34

4-3.

Key Points of the Medium-term Management Plan

Quantitative Plan: Main Policy Measures 2_ Creation of New Products and Businesses – 1

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

35

4-4.

Key Points of the Medium-term Management Plan

Quantitative Plan: Main Policy Measures 2_ Creation of New Products and Businesses – 2

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

36

4-5.

Key Points of the Medium-term Management Plan

Business Portfolio– Enhancement of Business Portfolio through ROIC

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

37

4-6.

Key Points of the Medium-term Management Plan

Financial Strategy/Growth Investment Strategy _1

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix

38

4-7.

Key Points of the Medium-term Management Plan

Financial Strategy/Growth Investment Strategy _2

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix39Appendix

Sustainability

40Appendix

1. Sustainability _ Key Themes

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix41

Appendix

2. Sustainability _ Materialities

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix42Appendix

Company Overview and Features

43

Appendix

1. Corporate and Stock Information (As of March 31, 2024)
Major shareholders

Corporate Information
Trade name

C.I. TAKIRON Corporation

Established

October 10, 1919

Incorporated

December 20, 1935

Shareholding
ratio (%)
55.49%

Names of shareholders
ITOCHU Corporation
The Master Trust Bank of Japan, Ltd. (Trust Account)

6.47%

Tokyo Head Office 108-6031
2-15-1 Konan, Minato-ku, Tokyo

Custody Bank of Japan, Ltd. (Trust Account)

2.59%(Shinagawa Intercity Tower A)
TEL 03-6711-3700
Osaka Head Office 530-0001

MSIP CLIENT SECURITIES

1.75%

C.I. TAKIRON Employee Stock Ownership Association

1.35%

Kaneka Corporation

1.05%(North Gate Building)
TEL 06-6453-3700

DFA INTL SMALL CAP VALUE PORTFOLIO

1.01%

Watanabe Pipe Co., Ltd.

0.90%

Websitehttps://www.takiron-ci.co.jp

The Nomura Trust and Banking Co., Ltd. (Investment Trust Account)

0.59%

Capital15,216 million yen

UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT

0.51%

Number of employees(consolidated)

3,018

Head Office3-1-3 Umeda, Kita-ku, Osaka-shi, Osaka(Note) The shareholding ratio is calculated excluding treasury stock.
Treasury stock
0.02%

Securities companies
0.94%
Foreign persons
10.85%

Stock information
Stock code

4215

Number of shares issued

97,597,530

Number of shareholders

11,008Stock listing

Tokyo Stock Exchange Prime Market

Number of shares per unit

100 shares per unit

Shareholder register
administrator

Sumitomo Mitsui Trust Bank, Limited

Accounting auditor

Deloitte Touche Tohmatsu LLC

Financial institutions
10.56%

Individuals and others
13.58%

Shareholder
distribution

Other domestic
corporations
64.05%

List of major participating organizations
Kansai Chemical Industry Association

Japan PVC Pipe and Fittings Association

Japan Vinyl Goods Manufacturer’s Association

Kansai Economic Federation

Japan Agricultural Cooperatives Packaging and
Gardening Materials Association

JAPAN PLASTIC SHEET ASSOCIATION

CLOMA (Japan Clean Ocean Material Alliance)

Nippon Interior Association

Agricultural Film Recycling Promotion Association

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix44Appendix

2. Company history
C.I. TAKIRON
Corporation

Takiron Co., Ltd.
◼ Takikawa Celluloid Plant was founded.

◼ Subsidiary in China was◼ Takikawa Celluloid Co., Ltd.

was established.

established.
◼ Renamed Takiron Chemical Co., Ltd.

⚫ Shanghai Takiron Plastics◼ Renamed Takiron Co., Ltd.

1961
1919

1935

1959

1973

1996

Co., Ltd.
◼ Ibogawa Plant newly
established andoperations launched.

2000◼ Listed on the First Section of◼ Listed on the

the Tokyo Stock Exchange.

Second Sectionof the Osaka
Securities
Exchange.

100-yearanniversary

2017

C.I. Kasei Co., Ltd.
Steady business expansion as paper, wood, and iron
were replaced by plastics◼ Company name changed to C.I. Kasei Co., Ltd.
—Founder: Sataro Takikawa

1963 1967◼ Established as Hama Kasei Co., Ltd.
⚫ Joint investment by Furukawa Group

companies such as the Yokohama
Rubber Co., Ltd. and Zeon
Corporation⚫ Transfer of synthetics business rightsfrom Yokohama Rubber

Merged with Kobe Resin Co., Ltd.
◼ Listed on the Second Section of
the Tokyo Stock Exchange.
◼ Moved to the First Sectionof the Tokyo Stock
Exchange. 2009
1989

1971

2019

◼ Management

integration⚫ Company name changed to

C.I. TAKIRON Corporation.

1993 1995◼ Bonset America Co.

established.
◼ Capital participation by ITOCHU

Corporation⚫ Share transfer from Yokohama◼ Became a wholly

owned subsidiary of
ITOCHU Corporation.
◼ Delisted from the First
Section of the Tokyo
Stock Exchange

Rubber, etc.
Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix45Appendix

3. Domestic Sites
Domestic production sites and laboratories: 27
HOKKAIDO SANPLUS
Ishikari Plant(C.I. TAKIRON, Nonconsolidated)
Major manufactured
Manufacturing baseproducts
Plate products
Aboshi Plant
Housing Materials
Ibogawa Plant

Polycarbonate building
materials

Yasutomi Plant

Flooring materials

Tokyo Plant

Housing Materials

Shiga Plant

Agricultural films
Decorative materials

HOKKAIDO SANPLUS
Teine Plant

SANWA SIGNWORKS
Kyoto Plant

Shrinkable films

Tochigi Plant

Civil engineering sheets

Sano Plant

R&D Center

Shiga Plant

Okayama Plant

Hiratsuka Plant

C.I. TAKIRONCIVIL
Eniwa Plant

Yasutomi Plant

Tochigi Plant
C.I. TAKIRONCIVIL
Yokaichi Plant

Zipper tapes
Bundling materials

C.I. TAKIRONCIVIL
Ako Plant

BONPACK Tochigi Plant

Sano Plant

DAILITE Ryugasaki Plant

Okayama Plant

C.I. TAKIRON SUPPLY
Chiba Plant(CIK NanoTek)
TAKIRON POLYMER
Head Office Plant

TAKIRON TECH
Mita Plant

SANWA SIGNWORKS
Saitama Plant

Tokyo Plant

Aboshi Plant
Ibogawa Plant
Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

C.I. TAKIRONCIVIL
Tsuchiura Plant(TAKIRON TECH)(TAKIRON-ROWLAND)

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Hiratsuka Plant(SANWA SIGNWORKS)

Key Points of the Medium-termManagement Plan

Appendix46Appendix

4. Overseas Sites
Overseas production sites: 4

BONSET AMERICA(North Carolina, USA)

BONLEX EUROPE(Veneto, Italy)

SHANGHAI CIK
ELECTRONICS(Shanghai, China)

SHANGHAI SANPLUS
PLASTIC(Shanghai, China)

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix47

Appendix

5. Group Overview
C.I. TAKIRON Group: Total of 22 companies
Domestic

Overseas

Construction Materials &Civil Business Segment
Housing Materials Department⚫ SANWA SIGNWORKS⚫ C.I. TAKIRON PLUS

Flooring & Decorative Materials
Department⚫ TAKIRON MATEX

Infrastructure Materials Business⚫ DAILITE⚫ C.I. TAKIRONCIVIL⚫ BONLEX EUROPE

High Functional Materials
Business Segment
High Functional Materials
Department⚫ TAKIRON-ROWLAND⚫ TAKIRON POLYMER

Films Business Segment
Agricultural Materials Department⚫ HOKKAIDO SANPLUS⚫ C.I. TAKIRONAGRI⚫ C.I. MATEX⚫ C.I. TAKIRON SUPPLY

Packaging Materials Department⚫ BONPACK⚫ BONSET AMERICA⚫ SHANGHAI SANPLUS PLASTIC⚫ TAKIRON TECH
⚫ C.I. TAKIRON LOGISTICS⚫ CIK NANOTEK⚫ MAVERIQ Partners⚫ DAIPLA WINTES⚫ SHANGHAI C.I. KASEI TRADING⚫ SHANGHAI CIK ELECTRONICS

Other Group Companies

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix48

Appendix

Construction Materials & Civil Business Segment - 1◼ The Housing Materials Business handles water treatment products such as gutters and drainage basins, and “Lume Wall,” highinsulation hollow panels made of polycarbonate resin, which are widely used for natural indoor lighting in buildings ranging fromhouses to non-residential properties.
◼ The Flooring and Decorative Materials Business handles flooring materials with excellent anti-slip properties that contribute to thesafety of poolside, apartment hallways, stairs, etc., as well as decorative films that enhance the design of interiors and buildings.

Housing Materials Department
Top Market Share

Lume Wall: High-insulation hollow panel
made of polycarbonate resin

Housing materials(rain gutters, etc.)

Plate made ofpolycarbonate resin

Flooring & Decorative Materials Department

Piping and plumbing
equipment

Strengths of building materials⚫ Polycarbonate molding and processing technology

Top Market Share⚫ Japan’s top production capacity for polycarbonate

building materials⚫ Polycarbonate with top market share

Lightning building materials and anti-slip vinyl chloride
flooring materials⚫ Comprehensive development capability to add

functionality to decorative materials

Slip-resistant vinyl flooring
Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Interior and exterior
decorative materials

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Decorative materials
made of resin
Medium-term Management Plan

“Go Beyond” Innovation 2026

⚫ Global expansion through overseas production bases(BLX)
Key Points of the Medium-termManagement Plan

Appendix49Appendix

Construction Materials & Civil Business Division◼ The Infrastructure Materials Business supports social infrastructure through the manufacture and construction ofwaterproof and impervious sheets, high-density polyethylene pipes, and other related materials.

Infrastructure Materials Business
Top Market Share

Waterproof geomembranes(Handled by group companies)

Top Market Share

Top Market Share

Hydrophilic watersealing materials

Waterstops(Handled by group companies)

Strengths of infrastructure materials⚫ Industry share⚫ Production technology capability⚫ Sales system and customer support capability

High-pressure-resistantpolyethylene pipe
(Handled by group companies)
Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

⚫ Response capabilities from manufacturing andLarge polyethylene resin tanks(Handled by group companies)

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

sales to design, processing, and construction

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix50Appendix

High Functional Materials Business Segment◼ Plate Business handling PVC, PC, PET, and other general-purpose and functional resin plates.
◼ Composed of group companies handling ultrafine particles, engineering plastics, and acetate plates.
◼ Offering products in a wide range of fields, from semiconductor manufacturing equipment and other products that support
the industrial base to product raw materials that enrich people’s lives.

High Functional Materials Department
Plate Business
Top Market Share

Top Market Share

Industrial plastic plates
Acetate plates(Handled by affiliatedcompanies)

Laser shield plates

Static dissipative plastic plates

Filtration plate and large cutting
processes

Strengths of major businesses(Handled by affiliated companies)⚫ Technology accumulated over many

years in the industry⚫ Abundant lineup of high functional

products to meet customer needs⚫ Strong sales network⚫ High quality and brand strength

Uses: eyeglass frames

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix51

Appendix

Films Business Segment◼ The Films Business Division consists of the Agri-Business, which proposes optimal environments for the cultivation of agricultural
products, and the Packaging Materials Business, which focuses on light packaging materials such as shrink films and zipper tapes.
◼ The Agricultural Materials Business contributes to agricultural development with the focus on high functional agricultural films.
◼ A Japanese original, BONSET is a brand of shrinkable film (heat-shrinkable film) that utilizes the characteristics of various materials,
and is used for a wide range of applications and contents such as labels, cap seals, and molded products.
◼ SANZIP is a plastic zipper tape brand used in various fields, including food products.

Agricultural Materials Department

Packaging Materials Department

Top Market Share

Agricultural films

Binding materials

Irrigation tube

Shrinkable films
Uses: beveragelabels, etc.

Environmentallyfriendly products
Bonpet Renew

Zipper tape
Uses: pouches for foodpackaging, etc.

Environmentally friendly
products
Mono-material zipper

Strengths of major businesses⚫

Industry share⚫

Production technology capability⚫

Sales system and customer support capability⚫

Response capabilities from manufacturing
and sales to design, processing, andconstruction⚫

With production bases in Japan (Hiratsuka andOkayama) and overseas (China and the UnitedStates), we are building a global optimal
production and sales network (also supporting
BCP).

⚫

Meticulous response to customer needs
through insourced production of dies (SANZIP)⚫

Manufacturing and processing technology and ⚫ Expansion of development of environmentallyknowledge accumulated over many years
friendly products and their lineups such as
biodegradables, mono-materials, and biomass⚫ Manufacture of a wide variety of products for
specific applications using our uniqueblending technology

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix52

Appendix

Consolidated Statements of Income(millions of yen)

Results
FY2022
AmountFY2023
Percentage

AmountPercentage

Year on year
Increase/
Rate ofdecreasechangeNet sales

145,725100.0%

137,581100.0%-8,143-5.6%

Gross profit

37,31025.6%

37,125

27.0%

-185

-0.5%

Selling, general andadministrative expenses

31,51821.6%

30,896

22.5%

-621

-2.0%

Operating profit

5,791

4.0%

6,228

4.5%

436

+7.5%

Ordinary profit

5,923

4.1%

6,501

4.7%

577

+9.8%

Profit attributable to owners ofparent

2,460

1.7%

5,102

3.7%

2,642

+107.4%

Overseas net sales

25,821

17.7%

20,09014.6%-5,730-22.2%

Earnings per share

25.30 yen―52.42 yen―

27.12 yen

+107.2%

ROE

2.7%

―

5.4%

―

―

―

ROIC

4.3%

―

4.5%

―

―

―

Consolidated Financial Results for the
Fiscal Year Ended March 31, 2024

Consolidated Financial Results Forecast
for the Fiscal Year Ending March 31, 2025

Medium-term Management Plan

“Go Beyond” Innovation 2026

Key Points of the Medium-termManagement Plan

Appendix53

Contact Information for IR

C.I. TAKIRON Corporation
Human Resources & General Affairs Department,
Corporate Communication Group
Phone: +81 (3)-6711-3718
e-mail: ir@takiron-ci.co.jp■Cautionary notes regarding forward-looking statements
This material is for the purpose of providing information to investors only, and is not intended to solicit sales.
Forward-looking statements in this document are based on goals and projections and are not guarantees of future performance. Please also beaware that our company’s future results may differ from our current expectations.
In addition, although our company prepares forward-looking statements of the industry, etc. based on reliable data, we do not guarantee theaccuracy or completeness of such statements.

These materials are provided on the assumption that investors will use them at their own discretion and responsibility no matter what purpose
they are used for, and our company assumes no responsibility whatsoever for the outcome of such use.
54