FY2023 Financial Report
・ FY2023 Financial Results / FY2024 Financial Outlook

・ Kureha Mid-/Long-Term Management Plan(FY2023-2030)- The Rolling Plan 2025

May 13, 2024

1

Contents
Outline(2) ～ (3)Ⅰ.FY2023 Financial Results
・FY2023 Financial Summary
・Segment Performance・Financial Position
・Cash Flow(5) ～ (8)(9)～(12)(13)(14)Ⅱ. FY2024 Financial Outlook
・FY2024 Financial Forecast
・Segment PerformanceForecast
・Cash Flow Forecast(16)～(18)(19) ～ (22)(23)

Ⅲ. Key Indicators
・ Key Indicators(25) ～ (27)

Ⅳ. Kureha Mid-/Long-Term Management Plan(FY20232030)- The Rolling Plan 2025
・Performance Targets and KPI(29)
・Operating profit Growth Scenario(30)
・FY2025 Performance Targets by Segment(31)・Capital Strategies(32)
・Shareholder Returns(33)
Ⅴ. Business Strategies
・PVDF Business(35)～(39)・PGA Business(40)～(42)・Home Products BusinessAgrochemicals Business(43)～(44)・Progress in New Business Development(45)～(46)・Improving the Business Portfolio and ROIC
(47)
・Review of Capital Investment Plans(48)
Ⅵ. Progress toward Environmental Load Reduction
Targets(50)

2

OutlineFY2023 Results and FY2024 Outlook
Revenue and Profit

VS FY2022
・Sales and profits of PVDF for LiB declined due to a drop in both volume and unit price as（\ billion）

24/3

23/3

Result Result

25/3
YoY

Forecast

YoY

the EV market and customers' inventories continued to adjust, reversing a sharp
increase in demand until the 1H of FY2022, when the EV market expanded rapidly.

・The PGA business returned to profitability as a result of progress in inventory liquidation
and a gain on asset revaluation of approximately 6.2 billion yen.

Advanced Materials

64.5

82.7

-18.2

70.0

Specialty Chemicals

33.9

31.8

2.2

29.0

-4.9

Specialty Plastics

47.3

46.8

0.5

40.0

-7.3 (Reference) Difference from the earnings forecast disclosed on March 27, 2024

Construction

13.9

11.3

2.6

14.5

0.6

Other Operation

18.2

18.7

-0.5

16.5

-1.7

178.0 191.3

-13.3

170.0

-8.0 ・Operating profit also improved due to a smaller-than-expected loss from the withdrawal

Revenue

5.5 ・Equity in earnings of PPS business decreased.

・Core operating profit improved due to unrecognized expenses and sales increase ascustomers secured inventories following the withdrawal from the ML film business, aswell as a decrease in activity expenses and allowances.

Advanced Materials

4.8

10.1

-5.3

5.7

Specialty Chemicals

1.7

1.8

-0.2

1.0

-0.7

Specialty Plastics

8.2

8.6

-0.4

5.2

-3.0

Construction

1.5

0.9

0.6

0.8

-0.7

Other Operation

2.5

2.8

-0.4

1.3

-1.2

continue. Profit margins in the PVDF business are expected to remain flat due to the sales ofCore operating profit

18.6

24.3

-5.7

14.0

-4.6

products produced from high price raw material will continue during 1H of FY2024 and lower

Adjustments

-5.8

-2.0

-3.9

-

5.8

Operating profit

12.8

22.4

-9.6

14.0

1.2

9.7

16.9

-7.1

10.0

0.3

Profit attributable toowners of Kureha Corp.

0.9

from the ML film business, which was recorded in other expenses.
FY2024 Outlook
・In the PVDF for LiB binder for automotive applications, sales are expected to increase due togradual growth in the EV market, although customer inventory adjustments of LiB willplant utilization.

・PGA sales will increase due to higher sales volume. Despite a decrease in return gain frominventory revaluation, profitability is firmly established due to increased sales volume andrestart of the resin plant in the U.S.

・Though plastic products business environment does not change, profit decrease due tohigher fixed costs in household products and withdrawal from heat-shrinkable multilayer film
business.

・Increase due to lower cost of PPS and increase in equity in earnings of affiliates.

Outline (2)Rolling plan of Mid- to Long-term Management Plan

3

・The growth of the EV market is slowing down, and the environment for the PVDF business has changed
drastically from what was expected at the start of the medium- to long-term management plan.
・Although the EV market is growing at a slower pace than initially expected, it continues to be a growing
market, and inventory adjustments by customers are expected to be completed by FY2025.
・Under the Rolling Plan, we will further promote balance sheet management emphasizing return on
capital, and have newly set ROE of at least 8% and PBR of at least 1x as key performance indicators(KPIs) for FY2025.
- To improve profits, we will not only wait for the PVDF business to recover, but will also work to raise
our profit base level by thoroughly improving profits in other existing businesses and reducing costs
throughout the company.
-In addition, the company will engage in M&A in earnest in areas surrounding existing businesses.
-The Company will further strengthen shareholder returns by setting the minimum annual dividend at
86.7 yen/share through FY2025 and doubling the amount of share buybacks to 40 billion yen over thethree-year period through FY2025.

・ Performance targets and KPIs for FY2030 will be disclosed again at the time of the announcement of
the next medium-term management plan starting from FY2026.

4

I. FY2023 Financial Results(April 1, 2023 – March 31, 2024)

FY2023 Financial Summary (1)FY2023（\ billion）

FY2022

%

178.0

191.3

-7.0%

18.6

24.3

-23.3%

Other expenses

-0.5
1.9
7.2

-0.2
1.2
3.0

Operating profit

12.8

22.4

1.3
0.2

0.9
0.2

13.9

23.0

-39.5%

oweners of Kureha Corp.

9.7

16.9

-42.3%

Profit per share (\)

173.03288.10

FOREX

144.6

135.5

20.1

19.8

RevenueCore operating profit
Adjustments
Other income

Finantial income
Finantial expenses
Profit before taxes
Profit attributable to(\/USD)(\/EUR)(\/CNY)

156.8

141.0

-42.7%

5＜VS FY2022＞〔Revenue〕
Sales of PPS, PGA, specialty chemicals, and construction
business increased, but PVDF binder sales for LiB declined
sharply, resulting in a combined decline in revenue.
〔Core Operating Profit〕
Despite a gain of approximately 6.2 billion yen from inventory
revaluation of processed PGA, income decreased due tolower sales of PVDF and lower equity income from PPS.
〔Operating Profit〕
Other expenses decreased from 3.0 billion yen to 7.2 billion
yen due to the cancellation of the PVDF manufacturing facility
expansion plan in China and expenses for withdrawal from themultilayer barrier shrink film business.
〔Profit Before Taxes〕
Decrease due to lower operating profit.
〔Profit attributable to owners of Kureha Corp.〕
Decrease due to lower profit before tax.

FY2023 Financial Summary (2)Revenue & Core Operating Profit by Segment
FY2023Results
1H

Revenue

FY2022
Results
Full-year

2H

88.5

89.5

Advanced Materials

34.0

30.5

Specialty Chemicals

17.1

16.9

Specialty Plastics

23.4

23.9

Construction

5.4

8.6

Other Operations

8.6

9.7

Core operating profit

9.2

9.5

Advanced Materials

2.8

2.0

Specialty Chemicals

0.8

0.9

Specialty Plastics

4.3

3.9

Construction

0.2

1.3

Other Operations

1.1

1.4

Adjustments

-0.2

-0.4

Other income

0.5

1.4

Other expenses

0.4

6.9

Operating profit

9.1

3.7

178.0

1H

（\ billion）

Full-year

2H

191.3

101.8

89.5

47.3

35.4

17.5

14.3

23.8

23.0

4.2

7.1

18.2

8.9

9.8

18.7

18.6

16.6

7.7

24.3

9.0

1.1

1.6

0.2

4.3

4.3

0.3

0.6

2.5

1.4

1.4

2.8

-0.5

-0.0

-0.1

-0.2

0.5

0.6

7.2

0.4

2.6

3.0

12.8

16.7

5.6

22.4

64.5

33.9

47.3

13.9

4.8

1.7

8.2

1.5

1.9

82.7

31.8

46.8

11.3

10.1
1.8

8.6

0.9

1.2

6

7

FY2023 Financial Summary (3)（¥ billion）

Segment Revenue & Core Operating Profit (vs. FY2022)
FY2022【Revenue】

FY2023

FY2022【Core Operating Profit】

FY2023

82.7

64.5

10.1

46.8 47.3

31.833.9

4.8

18.7 18.2

11.3 13.9
Advanced

Specialty

Specialty

Materials

Chemicals

Plastics

Constructions

Other
Operations

Factors affecting operating profit changes

8.6

8.2

1.8 1.7

0.9 1.5

Advanced

Specialty

Specialty

Materials

Chemicals

Plastics

2.8 2.5

Constructions

Other
Operations

AM: Despite profit improvement due to return of inventory revaluation gain on processed PGA products, profit
decreased due to lower sales of PVDF and lower equity income from PPS.
SC:Sales revenue increased for all agrochemicals, pharmaceuticals, and industrial chemicals, but income
decreased due to higher costs.

SP:

Although sales and earnings of household wrap increased due to price revisions, profits decreased due to a
decline in sales of processed plastic products for industrial equipment.

CO:

Increase due to increase in private-sector construction work.

OO: Profitability improved in the hospital operations, but declined in
the environmental engineering and Logistics business.

8

FY2023 Financial Summary (4)＜Other income/expenses, financial income/expenses＞（¥ billion）

FY2023
Core operating profit

FY2022

18.6

24.3

-0.5

-0.2

Other income*2 1.9

1.2

Other expenses*3 7.2Adjustment

Operating profit

*1

3.0

12.8

22.4

Finantial income

1.3

0.9

Finantial expenses

0.2

0.2

13.9

23.0

Profit before tax*1 2023/3 Other Expenses
Packaging materials
impairment of ML film business:¥2.1bn*2 2024/3 Other Incomes
Reversal gain of impairment loss on
ML film business:¥0.9bn*3 2024/3 Other Expenses
Cancellation of PVDF manufacturing
facilities expansion in China:¥2.3bnExpense for withdrawal from ML film
business:¥2.8bnExpense for removal of existing
facilities to increase PVDF production
at the Iwaki Plant:¥1.2bn9

Segment Performance:
Advanced Materials

Advanced plastics（\ billion）

FY2023

FY2022

45.0

63.0

%
-29%

Carbon products

7.9

6.9

13%

Other

11.6

12.7

-9%

Revenue

64.5

82.7

-22%

Operating profit

4.8

10.1

-52%

＜VS FY2022＞
Revenue ➘Operating profit ➘Advanced Plastics
Despite the increase in sales revenue of PPS and PGA
products for shale oil and gas drilling applications,revenue and profit of PVDF for LiB binder for automotive
applications decreased due to the EV market andinventory adjustments by customers, resulting in a
decline in total revenue. Decrease in revenue of PVDF
and decrease in equity profit of PPS, despite
improvement in profit due to gain on revaluation of
inventories of processed PGA products.
Carbon Products
Sales and profit increased due to higher sales revenueof carbon fibers for insulation materials for hightemperature furnaces.

10

Segment Performance:
Specialty Chemicals（\ billion）

FY2023

FY2022Agrochemicals

9.7

9.3

4%

Pharmaceuticals

4.0

3.8

5%

Industrial chemicals

10.7

9.9

8%

Other

9.5

8.7

9%

Revenue

33.9

31.8

7%

1.7

1.8

-11%

Operating profit＜VS FY2022＞%

Revenue ➚Operating profit ➘Agrochemicals, Pharmaceuticals
Sales of agrochemicals, horticultural fungicides,
and pharmaceuticals increased, but income
decreased due to worsening cost of sales ofpharmaceuticals, etc.
Industrial Chemicals
Both sales and income increased due to pricetransfer of raw material and fuel price hikes, etc.

11

Segment Performance:
Specialty Plastics
FY2023（\ billion）
FY2022%＜VS FY2022＞
Revenue ➚Home products

23.2

22.5

3%

Fishing lines

5.1

4.7

7%

Packaging materials

15.4

15.3

0%

Other

3.6

4.2

-13%

Revenue

47.3

46.8

1%

Operating Profit

8.2

8.6

-5%

Operating profit ➘Home products, fishing lines
Increase in sales revenue and profit mainly due to theimpact of the price revision of household wraps from thesecond half of FY2022.
Other
Decrease in revenue and profit due to lower sales ofprocessed plastic products for industrial equipment.

12

Segment Performance:
Construction and Other Operation
FY2023（\ billion）

FY2022＜VS FY2022＞%

Construction【Construction】
Revenue

13.9

11.3

23%

Operating profit

1.5

0.9

68%

【Other Operation】
Environmental
engineering

Revenue ➚Operating profit ➚Increase due to increase in private-sector construction
work.
Other Operation

11.8

11.3

4%

Logistics

1.6

2.6

-39%

Hospital operations

4.3

4.1

4%

Others

0.5

0.6

-12%

Revenue

18.2

18.7

-2%

Operating profit

2.5

2.8

-13%

Revenue ➘Operating profit ➘Sales in the environmental engineering businessincreased, but income decreased due to lower
profitability resulting from a decrease in disposal of lowconcentration PCB waste and higher costs resulting fromsoaring raw material and fuel price.
Sales and profit decreased in the logistics business.
Sales revenue increased and operating loss decreasedin the hospital business.

13

Financial Position
AssetsLiabilities and Equity

Mar.312024

Mar.31
2023

ChangeCash and cash equivalents

23.1

32.2

-9.1

Trades and other payables

20.5

27.7

-7.2

Trades and other receivables

40.6

31.9

8.8

Interest-bearing debt

54.9

26.3

28.6

Inventories

51.2

52.0

-0.8

Provisions

11.3

8.5

2.8

Other current assets

4.9

4.9

-0.0

Other liabilities

20.8

17.2

3.6

Total current assets

119.9

121.0

-1.1

Total liabilities

107.5

79.6

27.9

Property, plant and equipment

140.5

117.4

23.1

Shareholders' equity

18.2

18.2

-

Intangible assets

5.0

4.5

0.6

Capital surplus

14.7

14.7

-

Investments and other assets

65.2

53.5

11.6

Less: Treasury stock

-9.6

-8.7

Retained earnings

177.3

179.0

Other components of equity

20.8

12.1

Non-cotrolling interests

1.8

1.6

0.2

※1

Mar.312024（\ billion）
Mar.31
Change
2023

※2

-0.9
-1.7

※3

8.7

Total non-current assets

210.7

175.4

35.3

Total equity

223.1

216.8

6.4

Total assets

330.6

296.4

34.2

Total liabilities and equity

330.6

296.4

34.2

Construction in progress increased in connection with the expansion of PVDF production facilities at the Iwaki site, andinterest-bearing debt, including bonds, increased to fund this increase.
*1 … construction in progress+13.0*2 … treasury stock disposal+9.1、share buy back-10.0*3 … treasury stock cancellation-9.1、net profit+9.7、dividend-5.3 etc.
Treasury stock of 1,280,000 stocks (before stock split) were disposed on June 30, 2023

14

Cash Flow（\ billion）

FY2023

FY202223.0

ChangeProfit before income tax

13.9

Depreciation

11.7

11.6

0.0

Other

-14.0

-11.9

-2.1

Cash flow from operating activities

11.6

22.7

-11.1

Cash flow from investing activities

-34.3

-11.1

-23.2

Free cash flow

-22.7

11.6

-34.3

Cash flow from financing activities

12.1

-10.5

22.6

Effect of exchange rate changes on cash and cash equivalents

1.5

0.4

1.1

Increase/decrease in cash and cash equivalents

-9.1

1.6

-10.6

Cash and cash equivalents at beginning of period

32.2

30.6

1.6

Cash and cash equivalents at end of period

23.1

32.2

-9.1

-9.1

15

II. FY2024 Financial Outlook(April 1, 2024 – March 31, 2025)

FY2024 Financial Forecast (1)（\ billion）

FY2024e

FY2023

1H

2H

FY

Revenue

85.0

85.0

Core operating profit

7.0

Adjustment
Other income

%

7.0

14.0

18.6

-24.9%

-

-

-

-0.5

ML film business.

0.1

0.9
0.4

1.0
1.0

1.9
7.2

〔Core operating profit〕

6.5

7.5

14.0

12.8

0.2
0.2

0.3
0.3

0.5
0.5

1.3
0.2

6.5

7.5

14.0

13.9

Profit before taxes
Profit attributable toowners of Kureha Corp.

5.0

Profit per share (\)
FOREX FOREX(\/USD)(\/EUR)(\/CNY)

Revenue of PVDF for automotive LiB binder and PGA will

170.0

Operating profit

Financial expenses〔Revenue〕

-4.5%

0.6

Financial income＜VS FY2023＞

178.0

Other expenses(\/USD)

FY2024e
FY2023(\/EUR)

145.0
144.6
(\/CNY)
158.0
156.8
20.0
20.1

5.0

10.0

* 191.45

9.7

9.4%

156.8

0.6%

Although revenue will increase due to lower cost of sales
and higher equity in profit of PPS, profit will decrease due to〔Operating profit〕
Increase due to the absence of expenses recorded in the

2.7%

1USD \1depreciation +\0.09bn
20.0
20.1
1EUR \1depreciation +\0.02bn
1CNY \1depreciation +\0.12bn*Calculated regarding the share repurchase plan disclosed on 5/13/2024

decrease due to inventory adjustments and withdrawal fromfrom the ML film business.

Exchange145.0
sensitivity
144.59158.0

increase, but revenue of agrochemical customers will

higher fixed costs in household products and withdrawal

173.03(Operating profit, FY2024e）

16

previous fiscal year, such as the cancellation of the PVDF
manufacturing facility expansion plan in China andwithdrawal from the ML Film business.
〔Profit attributable to owners of Kureha Corp.〕
Increase due to higher operating profit.

17

FY2024 Financial Forecast (2)Revenue and Operating Profit by Segment
FY2024e
1H

Revenue

FY2023
FY

2H

85.0

85.0

Advanced Materials

34.0

36.0

Specialty Chemicals

15.5

13.5

Specialty Plastics

21.0

19.0

Construction

6.5

8.0

Other Operations

8.0

8.5

Core operating profit

7.0

7.0

Advanced Materials

3.4

2.3

Specialty Chemicals

0.6

0.4

Specialty Plastics

2.2

3.0

Construction

0.4

0.4

Other Operations

0.4

0.9

170.0

1H

（\ billion）

FY

2H

178.0

88.5

89.5

34.0

30.5

17.1

16.9

23.4

23.9

5.4

8.6

16.5

8.6

9.7

18.2

14.0

9.2

9.5

18.6

2.8

2.0

0.8

0.9

4.3

3.9

0.2

1.3

1.1

1.4

2.5

-0.2

-0.4

-0.5

0.5

1.4

70.0

29.0

40.0

14.5

5.7

1.0
5.2
0.8

1.3

Adjustments

1.0

64.5

33.9
47.3

13.9

4.8
1.7

8.2
1.5

1.9

Other income

0.1

0.9

Other expenses

0.6

0.4

1.0

0.4

6.9

7.2

Operating profit

6.5

7.5

14.0

9.1

3.7

12.8

18

FY2024 Financial Forecast (3)＜Segment Revenue & Core Operating Profit (vs. FY2023)＞（¥ billion）【Core operating profit】【Revenue】

FY2023

FY2023

FY2024e64.570.0
47.3

33.929.0

4.8 5.7

40.0

Advanced

Specialty

Specialty

Materials

Chemicals

Plastics

13.914.5

18.216.5

Constructions

Other
Operations

FY2024e

8.2

5.2
1.7

1.5

1.0

0.8

Advanced

Specialty

Specialty

Materials

Chemicals

Plastics

2.5

Constructions

1.3

Other
Operations＜Factors affecting operating profit changes＞
AM: Increase in sales of PVDF for automotive LiB binder and PGA, PPS cost decrease and increase in equity ofaffiliates.
SC: Sales and profit decrease due to inventory adjustment of agrochemicals, etc.
SP: Decrease due to higher fixed costs in household products and withdrawal from ML Film business.
CO: Revenue increase, but profit decrease due to a decrease in high-margin projects.
OO: Decrease in sales and profit due to decrease in industrial waste disposal, etc.

19

Segment Performance Forecast:
Advanced Materials（\ billion）

FY2024e

FY2023

Advanced plastics

50.0

45.0

Carbon products

7.5

7.9

-5%

Other

12.5

11.6

7%

Revenue

70.0

64.5

9%

Operating profit

5.7

4.8

18%

Change%11%＜VS FY2023＞
Revenue ➚Operating profit ➚Advanced plastics
Revenue of PVDF for automotive LiB binder will increase due togradual growth in the EV market, Profit margins in the PVDF businessare expected to remain flat due to the sales of products produced fromhigh price raw material will continue during 1H of FY2024 and lower
plant utilization.
PGA sales are expected to increase due to higher sales volume, while
inventory revaluation gains are expected to decrease fromapproximately 6.2 billion yen to 2 to 3 billion yen, but the PGA
business is expected to return to profitability due to higher sales
volume and the resumption of operations at the US plant.
PPS profit increase due to lower raw material and fuel prices, cost
reductions, and higher equity in profit of affiliates.
Carbon products
Profit decrease due to lower sales and profit of carbon fibers forinsulation materials for high-temperature furnaces, caused by wafer
inventory adjustments.
Other
Sales of advanced products (adhesives) of group companies increase,but profits remained flat.

20

Segment Performance Forecast:Specialty Chemicals（\ billion）

FY2024e

FY2023

Agrochemicals

6.5

9.7

Pharmaceuticals

3.5

Industrial chemicals

Change%＜VS FY2023＞-33%

Revenue ➘

4.0

-13%

Agrochemicals
Revenue and profits of fungdomestic market.

10.5

10.7

-2%

Other

8.5

9.5

-10%

Revenue

29.0

33.9

-15%

1.0

1.7

-40%

Operating profit

Operating profit ➘Industrial chemicals
icides for agricultural and horticultural use decrease
due to inventory adjustments.
Pharmaceuticals
Revenue and profit decrease due to drug pricerevision and shrinkage of the Revenue decline due tofalling unit prices caused by price formulas, but profits
remained unchanged.

21

Segment Performance Forecast:Specialty Plastics（\ billion）

FY2024e

FY2023

ChangeHome products

23.5

23.2

1%

Fishing lines

5.5

5.1

8%

Packaging materials

7.5

15.4

-51%

Other

3.5

3.6

-4%

%

Revenue

40.0

47.3

-15%

Operating profit

5.2

8.2

-37%

＜VS FY2023＞
Revenue ➘Operating profit ➘Home products, fishing lines
Home products profit increase due to sales growth, but
profit decrease due to higher fixed costs.
Revenue of fishing lines increase due to sales
expansion in overseas markets and leveraging indomestic markets, but profits remain flat.
Packaging materials
Revenue and profit decreased due to withdrawal fromML Film business.

22

Segment Performance Forecast:
Construction and Other Operation
FY2024e（\ billion）
FY2023【Construction】

Change ＜VS FY2023＞%
Construction

Revenue

14.5

13.9

4%

Operating profit

0.8

1.5

-46%

【Other Operation】

Revenue ➚Operating profit ➘Revenue increases, but profit decreases due to adecrease in high-margin projects.
Other Operation

Environmental engineering

10.0

11.8

-15%

Revenue ➘Logistics

1.5

1.6

-8%

Profit decrease in the environmental engineering

Hospital operation

4.5

4.3

5%

Other

0.5

0.5

-4%

Revenue

16.5

18.2

-10%

Operating profit

1.3

2.5

-47%

business due to a decline in industrial waste disposal.
Revenue and profit in the logistics business remainunchanged.
Hospital business increase revenue and returned to
profitability.

Operating profit ➘23Cash Flow Forecast（\ billion）

FY2024e

FY2023

13.9

ChangeProfit before income tax

14.0

Depreciation

13.4

11.7

1.7

Other

0.4

-14.0

14.3

0.1

Cash flow from operating activities

27.8

11.6

16.2

Cash flow from investing activities

-51.8

-34.3

-17.5

Fee cash flow

-24.0

-22.7

-1.3

Cash flow from financing activities

22.5

12.1

10.4

Effect of exchange rate changes on cash and cash equivalent

0.0

1.5

-1.5

Increase/decrease in cash and cash equivalents

-1.5

-9.1

7.6

Cash and cash equivalents at beginning of period

23.1

32.2

-9.1

Cash and cash equivalents at end of period

21.7

23.1

-1.5

Main factors
CF from operating activities+16.2
Improvement in working capital+10.9
Decrease in income tax
payment+7.3
CF from investing activities-17.5
Capital expenditure -22.0
CF from financing activities+10.4
Acquisition of treasury stock-5.0
Increase in interest-bearing
debt financing
+14.8

24

Ⅲ． Key Indicators

25

Key Indicators (1)(in billions of yen)

Capital investment
500

150

353

400
300
200
100
0

114

103

60
54

98

55
48

58
40

100

165 244132 149 143 143
67
74 82 82 76
58 67 61 67 98 109

50

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
1H

50

0

estimate

2H

R&D expenditures

100

49

47

50

53

26

25

27

28

23

22

23

25

60

56

56

31

29

30

29

27

26

65

69

35

37

30

32

81

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
1H

2H

Depreciation expenses

522

estimate0

103 102

99

103

54

51

50

54

50

51

49

50

121

117

116

116

117

61

59

59

59

60

60

58

57

57

57

134

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
1H

2H

estimate

26

Key Indicators (2)
ROE

10%
8%
6%

5.8%

7.1%

9.0% 8.4%

7.7% 7.4% 8.1%
4.5% 4.6%

4.1%

4%

6.3% 6.5% 6.1% 6.6%

6%
4%

7.0%

4.9%
2.9%

3.9%

3.5%

2015 2016 2017 2018 2019 2020 2021 2022 2023 20240%2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

estimate

estimate

ROA
10%7.1% 7.3% 7.0% 7.6%

8%

5.3%

6%
4%

3.6%

2%

2%
0%

ROIC

8%

2.7%

3.8%

PBR

1.5

7.9%
4.4%

0.97

1

4.0%

0.52

0.68

0.81

0.79
0.53

0.96

0.77 0.68

0.5

2%
0%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
estimate0

2015 2016 2017 2018 2019 2020 2021 2022 2023

27

Key Indicators (3)Net D/E Ratio

1

0.63

100%

0.52

0.5

0.28

0.21 0.18

0-0.5

Equity Ratio
0.36

0.06

-0.01 -0.03

0.14

75%

49%

50%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

25%

300

100
-

95

136

169

173

Kureha conducted a three-to-one share split on January 1, 2024.
All figures in this chart are presented on a post-split basis

1000
500

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

estimate

58%

Interest-bearing debt
1500

191

67%

estimate

288 （Yen）

242
227 231 230

200

72% 70% 73%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

estimate

EPS

53%

67%
62% 65%0(in billions of yen)
812

971
710
481

390 373295 285549
263

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

estimate

28

IV. Kureha Mid-/Long-Term Management Plan
(FY2023-2030)- The Rolling Plan 2025

Note: The performance targets and key performance indicators for
FY2030 will be released at the time of the announcement of the next
medium-term management plan starting from FY2026..

29

Performance Targets and
Key Performance Indicators (KPI)

 To promote balance sheet-focused management with greater emphasis on capital returns, Kureha sets a new
ROE target for FY2025

 Improves ‘numerators’ of ROE by executing extensive business expansion measures and corporate-wide cost reduction
 Mitigates business risks by revising our investment plans, particularly for the PVDF business (to be later described)
 Reviews our capital structure while mitigating business risks, enhances shareholder returns and promotes balance sheet-focusedmanagement (a minimal annual dividend of ¥86.7 per share, three-year share buybacks to double, and more details on
shareholder returns described in the latter section)

 Kureha also sets a new KPI target, PBR of 1 or above, to be achieved by FY2025 end.
FY2023

Performancetargets

Key
Performance
Indicators

10%

7.4%

FY2024 Estimate

Rolling plan (- FY2025)¥178.0 bn¥170 bn

Revised¥185bn
or more¥12.8 bn

¥14 bn

Revised¥20bn
or more

ROE

4.5%

4.6%

New

PBR

0.7

-

New

Revenue
Operatingprofit

ROE

8.1%

4.5%

8.0% or more

4.6%

1.5
1

0.96

PBR

¥200.0 bn¥25.0 bn-

8% or more
1.0 or above

0.77

FY2025 Original Plan

-

0.68

1.00 or more

0.5
0%

2021

2022

2023

FY2024Plan

FY2025Estimate

0

2021

2022

2023

FY2025Estimate

30

Operating Profit Growth Scenario

 Will strengthen and expand the profit base by executing thorough measures to revamp the PVDF business and expand
other existing businesses Will implement across-the-board measures to further reduce costs in order to ensure profit improvement in case PVDFrelated business conditions are not improving as projected. Specifically, our cost-cutting efforts are similar to theinitiatives successfully achieved under our Cost Reduction Project during FY2013 and 2022.

Our approach to improving operating profit(¥billion)

22.4

20.0 bnor more

20.1

5.8

12.8

14.0
Profit expansions in
PVDF, agrochemicals,
home products, etc.

-4.6

FY2021

FY2022

FY2023

Profits
Other income FY2024
generated & expenses,
Planfrom existingetc.
businesses

Profits
Other income
generated & expenses,
from existingetc.
businesses

Costreduction

FY2025
Estimate

31

FY2025 Performance Targets by Segment
Revenue & Core Operating Profit by Segment
FY2023Results

Revenue
Advanced Materials
Specialty Chemicals
Specialty Plastics
Construction/Other Operations
Core operating profit
Advanced Materials
Specialty Chemicals
Specialty Plastics
Construction/Other Operations
Adjustments/Other
income and expenses

Operating profit

178.0

64.5
33.9

47.3
32.1

-

（\ billion）

FY2024
Plan

170.0

70.0
29.0

40.0
31.0

-

FY2025
Estimate

FY2025
Original Plan

185.0 or more
81.0
30.0

44.0
30.0

-

200.0

100.0
30.0

40.0
30.0

-

18.6

14.0

20.0 or more

25.0

1.7

1.0

1.0

1.0

4.8

8.2
4.0

-

-5.8

-

12.8

5.7
5.2
2.1

-

-

14.0

10.0

7.0
2.0

-

-

20.0 or more

16.0
6.0
2.0

-

25.0

32

Capital Strategies
 A new minimal yearly dividend is set at ¥86.7 per share Share repurchases to double from ¥20 billion to ¥40 billion for the three-year period from FY2023 to FY2025
 The Board of Directors to determine each year on the cancellation of treasury shares which are considered as
surpluses after deducting the number of shares required for stock compensation, M&As, etc., in addition to its
decision regarding the acquisition of treasury shares An optimal equity ratio is set at around 50%, down 10 points from the previous 60%

 Policy stockholdings are periodically reviewed by the Board of Directors by scrutinizing the purpose, benefits,risks, and returns for each stock. Stocks that have lost their significance will be sold gradually after considering
the relationship with business relationship, impact on the market, effective use of funds, and other factors.

Cash dividend
Total payout
ratio
TreasurysharesEquity ratio

Payout ratio
Minimal yearly dividend
per share

FY2025 Original Plan

30% or more
(None)

Rolling plan (- FY2025)

Continued

30% or more

New

¥86.7 or more
50% or more

Total payout ratio

50% or more

Continued

Treasury shares to beacquired (- FY2025)

Approx. ¥20 billion

Revised

Method of cancellation

To be determined inaccordance with Article
178, Companies Act

Equity ratio

Approx. 60%

New
RevisedApprox. ¥40 billion
To be determined in accordance with Article 178of the Companies Act, AND
the cancellation of treasury shares deemedsurpluses after considerations for stockcompensation, M&As, etc., to be also determined

Approx. 50%

33

Shareholder Returns
Kureha’s basic policy on the distribution of earnings is to maintain stable dividends with a target dividend payout ratio of
30% or more, while enhancing internal reserves to enable active investment in future business expansion. Moreover, aminimal annual dividend is set at ¥86.7 per share until FY2025. To further meet shareholders’ expectations and improvestock prices, we aim for a total payout ratio of 50% or more through share buybacks and acquire approximately ¥40
billion in treasury stock during the three-year period from FY2023 through FY2025.

100.0

Yearly Dividends and Dividend Payout Ratio

36.7
25.7%

0.0

FY2013

40.0

36.7

36.7

25.7%

27.0%

24.6% 24.3%

FY2015FY2016FY2017

Treasury shares acquisition:
Total payout ratio:

22.4%
FY2014

41.7

55.0

56.7

90.0
56.7

24.5%

24.6%

FY2018FY2019FY2020

¥3bn
47.5%

¥5bn
60.8%

86.7

86.7

70.0

50%

50.1%
28.9%

FY2021

45.3%
25%

31.2%

FY2022

FY2023

FY2024Plan

¥10bn

¥15bn

152.9%

Notes:- Kureha conducted a ten-to-one share consolidation on October 1, 2016 and then conducted a three-to-one
share split on January 1, 2024. All figures in this chart are presented on a post-split basis- Kureha’s accounting standards have changed from the Japanese GAAP to IFRS in and after FY2016

195.3%

0%

Annual dividend
年間配当
per share (¥)（円/1株）
Dividend payout
配当性向
ratio (%)（％）

34

V. Business Strategies

35

PVDF Business- Changing Business Environment (1)Global EV sales volumes and growth rates(1,000,000 vehicles)

18(1000 vehicles)

140%

YoY change%
対前年比

EV販売台数EV sales volume

16

120%

117%

14

1,000
900
800

100%

12

80%

10

700
600
500

8

60%

58%

6

40%

33%

4

21% 20%

2
0

Sales volumes of New Energy Vehicles (NEV)in Europe– a primary market for Kureha PVDF

2021

2022

2023

2024

0%

400
300
200
100
0

Data source: IEA; License, CC BY 4.0
Data source: MarkLines

Growth of EV and PHEV sales has slowed down..

36

PVDF Business- Changing Business Environment (2)14,000 PVDF sales volume trends
KurehaInventory adjustment:
The global EV market
continues to expand gradually,
but in Europe, our customers’
primary sales destination, themarket growth is stagnatedamid economic slowdown.

12,00010,000

FY2022-2030 CAGR assumed
initially under Kureha mid-/longterm management planSignificant deviations from ouroriginal plan due to slower EV
market growth

8,000

6,000

4,000

2,000

0

Normalization:
As customers’ excess
inventories of PVDF and LiBs
are eliminated, PVDF sales
will rebound and increase
along with market demand
expansion (after FY2025)

Inventory build-up:
PVDF sales exceeding actual
demand as a result of
increased advance orders for
rapidly expanding EVs andsupply chain risks amid the
pandemic, etc.
FY20202020

FY20212021

FY20222022

FY2023
2023

年度

年度

年度

年度

FY2024
2024
Plan
年度計画

FY20252025
Estimate
年度見込With customer destocking completed in FY2025,
our sales volume begins to increase proportionately with actual market demand

PVDF Business – Performance Trends
Business performance trends
Higher pricing driven by extraordinary
demand and a surge in raw material
prices during FY2021 and FY2022

Revenue (¥billion)

450
45
400
40
350
35
300
30
250
25
200
20
150
15
100
10
50
5
00

FY 2018

2019

2020

2021

売上収益
Revenue

2022

2023

2024
2025
Plan
予算 Estimate
見込

PVDF
PVDF売上数量
Sales volume

37• An upward trend of the EV market is unchanged both in the
US and Europe, although the market growth has slowed.
• Customers’ excess stock, resulting from more-than-demand
12,000 purchases up to FY2022, led to inventory adjustments in andafter the second half of the year.
10,000• Their plans to build new US LiB manufacturing plants areunchanged and proceeding as scheduled.
8,000• Actual market demand for PVDF is increasing during theperiod of inventory adjustments, although its growth is slower
6,000
than initially projected.
• Raw material prices have stabilized, and their impact on
4,000
PVDF pricing is now limited.
• In FY2024, profit margin will likely remain at a prior-year level
2,000
as we continually sell inventories manufactured previouslywith high-priced raw materials for the first half of the year and0
also due to reduced manufacturing plant operations.
• Going forward, Kureha expects to see profit margin andoperating profit to improve along with recovering salevolumes.
• Profit margin will likely return to a pre-pandemic level after
FY2025.

PVDF Business – Our Investment Plans Onward

38

PVDF facility expansion projects proposed under the mid-/long-term management plan
Capacities (in metric tons)

Existing facilities

6,500

1) Iwaki Factory(Debottlenecking)2) China plant3) A 3rd manufacturingbase (new location)

Iwaki Factory capacity expansion:
Profitability of investment

Expansion projects+8,000(+2,000)
Cancelled

5,500-- To be determined based on
future market demands• Kureha effectively secures profitability while thepayback period was extended by one year
• The new facility is expected to become fully
operational before FY2030, two years later thanoriginally planned• Our investment of approx. 70 billion yen is partly
supported by two types of governmental funds:

15,00010,0000

Estimation at the time of
いわき増設投資決定時
investment decision• Kureha PVDF manufacturing capacities, including
by debottlenecking the existing facilities, totaled toapprox. 20,000tpa in FY2026(above ‘2’ ‘3’)

25,000
Iwaki Factory existing facilities + Expansion(above ‘1’) Total 20,000tpa
20,0005,000• Our Iwaki Factory capacity expansion project isproceeding as scheduled

Latest estimation
最新見込み

2023
2024 FY2025
2025
2026 FY2027
2027
2028 FY2029
2029
2030
FY2023
年度 FY2024
年度
年度 FY2026
年度
年度 FY2028
年度
年度 FY2030
年度

One is ¥6.8bn but amount from the other fund is not disclosed.

PVDF Business –Risk Awareness & Response Measures

39

Risk related to:

Recognition & Response measures

PFAS restrictions• In the EU, the proposed restrictions for PFAS substances are scheduled to be verified in as early as 2025
and enacted partly for substances with no grace period in 2027. However, as of April 2024, theverification process has been delayed by a year.
• The proposed restrictions will, in principle, collectively regulate more than 10,000 PFAS compounds,
which are each different in terms of toxicity and potential safety risks, and Kureha believes this is anexcessive measure and lacks scientific basis.
• We maintain our stance that fluoropolymers, including PVDF, should be exempted from the proposed
restrictions and are lobbying with chemical and other industrial organizations in Japan and the EU.

the US Inflation Reduction Act and theuse of raw materials produced in
China for Kureha PVDF

• The amount of critical minerals used for a lithium-ion battery is small (less than 2% in value). Also, forcertain battery materials (including electrode binders) which origins are not readily traceable, a transition
period was given until December 31, 2026.

Shrinkage of the NMC LiB market asa result of LFP LiB expansion• We believe NMC batteries, with their advantages in operating stability in cold environments and percharge mileage, will stay mainstream in the global market excluding China.
• Recycling issues have been pointed out with LFP batteries, which use iron phosphate as a cathodematerial that is difficult and costly to recycle. If recycling battery materials becomes mandatory, the costdifference between NMC and LFP batteries will be narrower than it is now..
• Kureha is also working to develop a PVDF binder for LFP batteries, which account for half of the global
battery market, with an aim to win market share.

Fluctuations in raw material prices toaffect sales prices• We acknowledge raw materials prices have stabilized for now. As a measure to mitigate impact when
their prices fall, we negotiate prices for each order and will strive to improve profits.

Emerging new-generation batteries• There still are technological and cost-reduction challenges to commercializing new-generation batteries.
• Although we don’t expect suppliers of new-gen batteries to emerge immediately, at least not until LiB
makers recover some of their investments, we are already working to develop binder materials for newgen batteries.

The US presidential election• We believe no drastic decision will be made to impair operations and cause job loss at manufacturing
factories for LiB materials, LiBs and BEVs, which turns to be a serious political issue.
• Many investments are being made in Republican states.

40

PGA Business – Market Environment
US Oil and Gas Wells Completed by Region

2020-2023
CAGR 17％

mid-to-high
mid-to-high
low

40

低温
low

Data source: EIA Drilling Productivity Report

Data source: The U.S. Energy Information Administration (EIA)
Cushing, OK WTI Spot Price FOB• The number of completed oil and gas wells (≈ the frac plug market) is increasing steadily after a rapid postpandemic recovery.
• Crude oil prices remain at high levels. The prices are expected to be stable over a medium term, although
there are still some geopolitical risks.

Jan-24

Jul-23Oct-23Jan-23Apr-23

Jul-22Oct-22

Jan-220

Apr-22

BakkenJul-21

Anadarko
Haynesville2023

Oct-21

PermianEagle Ford

2022

Jan-21

Appalachia
Niobrara

2021

Apr-21

2020

Jul-20201920

Oct-20060

lowJan-20

2000

100
80

6000
4000

120

Apr-20

8000

high
high

Jul-19

10000

Unit: US$ / bbl

140

Oct-1912000

Area of undergroundtemperatures

Jan-1914000

Apr-1916000

Crude Oil Prices

41

PGA Business - Frac Plug Market
25％

Area of high undergroundtemperatures

15%
BakkenArea of mid-to-highunderground temperatures

20％

10%
Niobrara

6％
23％Planning for entry
17％

Planning for entry
Appalachia

Anadarko
Planning for entry

16％

40%
Haynesville

Permian

15％

Area of low undergroundtemperatures

25%
Eagle Ford

Size of circle: Estimated size of the frac plug market
Number in circle: Kureha’s market share estimated in the area
Number in square: Well completion 2022-2023 CAGR

Areas of mid-to-high underground temperatures
Further business expansion is possible in this key market.
Areas of low underground temperatures
Kureha aims to complete engineering a new frac plug for use in the area of low /extremely low undergroundtemperatures by late FY2024 and move toward full-scale business expansion in FY2026.

42

PGA Business – Business Progress
Break-even analysis
固定費
Fixed cost

Business revenue
Marginal profit adjusted by
excluding impacts of irregularaccounting treatment andwhether or not production
activities are carried out

限界利益
Marginal profit

118％

Sales Volume(YoY change)
124％

FY2023149％• Revenue expansion• Marginal profit to improvewith product downsizing
FY2024Plan

FY2025
Estimate

Adjusted marginal profit
exceeds total fixed costs in
FY2025, and then profit
expansion begins

InFY2026
and after
FY2026
Estimates¥ billion（単位:億円）
12
120
10
100
8
80
6
60
4
40
2
20
0
0

FY2021 FY2022
FY2025
FY2020 FY2021
FY2022 FY2023
FY2024 FY2025
FY2020
FY2023 FY2024
Plan• As our PGA frac plugs are increasingly used in the oilfield, our product reliability is also increasing.
• This reliability is enabling us to acquire new customers and bulk orders for full-bore application (foruse in an entire well) – Nearly 80% of FY2023 sales is full-bore applications• In FY2024, we aim to increase profits by expanding sales and saving costs through productdownsizing (short-sized frac plugs).

Estimate

Home Products Business – Business Strategies
Domestic Food wrap film market

A shift in our business strategy¥ billion

Million m2

80
800

3,500

70
700

3,000

60
600

2,500

50
500

2,000

400
40

1,500

300
30
200
20

1,000

100
10

500

--

FY2018FY2019FY2020

金額
Value

FY2021

FY202243

FY2023数量（面積）
Volume (square measure)

Data source: INTAGE SRI+ ‘Wrapping Film Market’
April 2018-March 2024 Market Value/Volume-• Although Japan’s population is decreasing, there isan increasing need to streamline housework in moredual-income households, suggesting potential
growth in home products business expansion.
• Kureha is strengthening sales and marketing efforts
to all sales channels where there are growth
opportunities, including overseas markets and Ecommerce.
• To reflect consumer feedback on productdevelopment and further enhance value, we will alsoenhance consumer research and development
capabilities.
• Kureha is investing resources necessary to achievesustainable growth in the business (facilities, humanresources, etc.,) and aims to generate profits which
will exceed the cost increase.
• We expect to see effects of the above growthmeasures on the business earnings in two to three
years.

44

Agrochemicals BusinessBusiness environment

Agrochemicals business revenue（単位:億円¥ billion
12
120

1

100
10

Shipping adjustments1
in FY2024

80

1

60

1

40

0

8

6

4

20

0

2

0

0

2021年度 2022年度 2023年度 2024年度 2025年度
Plan

0

Estimate

Operating profit is forecast to improve largely after
FY2025 as sales volume rebounds after inventory
adjustments, and while R&D expenses related to our
new agrichemical product are currently increasing,
they will peak out in FY2025.

• Kureha’s agrochemical shipment in FY2022 was far
more than the actual demand due to a surge in grain
prices and global supply chain risks.
• In FY2023, inventory adjustments began in the endagrochemical market, while our shipping volumecontinued to increase. We expect shipping
adjustments during FY2024 and a volume recovery in
FY2025.
• Kureha’s started preparations for the supply of
Metconazole fungicide, presuming that our product isre-registered in Europe.

About our new agrochemical product:
Type of product: Agricultural fungicide
Product launch: Around 2030
Area of sales: Global
Targeted crops: wheats, corns, fruits, vegetables
Expected annual sales (at peak): ¥20 billion or moreProgress in New Business Development (1)We are exploring development themes in the areas of Environment & Energy, Life, and Digital Communications
with a market-in perspective and a future global expansion in mind, while actively incorporating third-party
technologies in our development.
<Digital Communications>• A 3D touch screen panel with a simple
configuration helps reduce production costs

3D Touch
ScreenPanel• Differential features including minimal
malfunction, energy saving and superiortransparency• Targeted applications are wearable devices,
smartphones, notebook PCs, and otherhigh-volume products.
• Kureha aims for sales of ¥2-3 billion in late
2020s.

A prototype using Kureha PVDF Piezo Filmdemonstrated at a tradeshow

45

Progress in New Business Development (2)<Environment>

PFAS Capture &Destruction• Our corroborative initiative with US startup, Claros Technologies, Inc., to provide
technology solutions and services that capture and destroy PFAS substances in waste
water, including low-molecular-weight perfluorooctanesulfonic acid (PFOS) andperfluorooctanoic acid (PFOA)• Kureha participated in the Series B round of funding for Claros Technologies.
• The Kureha Group promotes their technology and services in Japan and other Asia
markets for business launch targeted around 2026, building a new business model toreduce negative impact on the environment.

<Life>• Biostimulants (non-protein amino acids) are agrochemical materials that promote corp
growth and increase yields by stimulating natural growth processes.

Biostimulant• Kureha has developed a new biostimulant and confirmed its effects to improve yields oftomatoes and other vegetables and fruits in our field tests.
• We will aim for market entry in late 2020s and contribute this new technology to support
agricultural production and improve global food supply.

46

Improving the Business Portfolio and ROIC47

FY2023
 Kureha further optimized its business portfolio by:• Proceeding to withdraw from the heat shrink multilayer film business, a part of Kureha’s food packaging
business• Reconstructing two businesses in the Kureha Group (effective as of April 1, 2024) to promote efficiency
and strengthen the Group structureKureha Engineering Co. merged into Kureha Construction Co.
Kureha Staff Service Co. merged into Kureha Service Co.

Our initiatives to further improve the business portfolio
Promoting ROIC-focused management• Will monitor the return on invested capital (ROIC) in each business and make improvement plans forunderperforming businesses• When an expected ROIC is unlikely to be achieved within a certain time period, such business is subject tostructural reform and Kureha will reconsider the direction of this businessAdvancing M&A activity• In addition to funding startup companies, Kureha will upscale M&A activity with views to developing
downstream applications for our existing businesses as well as exploring growth opportunities in the areasof digital communications and agrochemicals• M&A-related funds are set at ¥10 billion for the period until FY2025 end.

48

Review of Capital Investment Plans
 Kureha’s policy to actively invest for growth is unchanged. Our investment plan for the PVDF business ishowever revised in light of significant changes in the business environment.
 The decrease in capital expenditures related to PVDF is redeployed for expanding profits of existing
businesses and as M&A funds(¥ billion)

FY2025
Rolling plan

FY2025
Original plan

Plant & equipment

95

105

R&D, New businesses

5

5

M&A

10

-

Environment

5

5

DX

5

5

Total

120

120

49

VI. Progress toward Environmental Load
Reduction Targets

50

Reducing Our Environmental Footprints
Zero waste emission ratio

CO2 emission reduction（FY2030 target)（FY2025 target）

30％ or more

vs. FY2013 actual

・Working to establish the technology that enables
the use of CO2-free, regenerative energy, partiallyreplacing coal, at our primary power plant of the Iwaki
Factory

1.5％• Reduce the amount of waste sent to landfill byrecycling plastic wastes generated from ourmanufacturing activities• Improve our manufacturing processes with aims tofurther reduce waste generation and convert wastes
into valuable resources

Energy-derived CO2 emissions

CarbonNeutrality

30%

Reduction(vs. FY2013)

FY20132013年度FY20192019年度FY20202020年度FY20212021年度…

FY2030target2030年度目標…

FY2050target2050年度目標

Disclaimer•

This presentation material is provided for a deeper understanding of ourcompany, and is not intended to be used as a solicitation for investment orother activities.

•

This material has been prepared by our company based on the information
available at the time of the presentation. Actual results many differ
materially from those presented in this material due to various factors.

•

Please utilize this material using you own judgment and responsibility.

51