Notification Concerning Issuance of New Shares
and Share Offering
2013/09/20 in Japan | Page 1/12

Friday, September 20, 2013

For Immediate Release
Kanamoto Company, Limited
Stock Code 9678
Tokyo Stock Exchange 1st Section; Sapporo Stock Exchange
Kanchu Kanamoto
President and CEO< Contact for inquiries concerning this material >Nobuhito Utatsu
Division Manager, Accounting Division, Senior Corporate Officer
Telephone: + 81–11–209–1631

Notification Concerning Issuance of New Shares andSecondary Offering of Shares
At its Board of Directors meeting held on September 20, 2013, the Board of Directors of Kanamoto Company,
Limited (Kanchu Kanamoto, President; Head Office: Sapporo, Japan), Japan’s leading construction
equipment rental company, approved a resolution concerning the issuance of new shares and secondaryoffering of shares. Details are provided below.

【Purpose of this Funding】
The Kanamoto Group has developed the construction equipment rental business as its core business by
expanding operations from Hokkaido to regions throughout Japan. As it has grown hand-in-hand with thedevelopment of Japan's economy, Kanamoto has supported numerous infrastructure construction andmaintenance projects and disaster recovery works. From the very first day after the Great East Japan
Earthquake as well, the Kanamoto Group has carried out operations and walked together with the people of
the Tohoku Region to speed restoration.

Over the two years and six months since the Great East Japan Earthquake, a succession of projects has
been launched to help the Tohoku Region recover. Earthquake restoration and reconstruction-related works
have been undertaken through projects that range from debris removal works and the start of construction oflevee revetment works and disaster recovery public housing, to restoration works such as repair of theSanriku coastal roads.

Based on the slogan “nation-toughening,” numerous public works pertaining to nationwide disaster prevention
and disaster mitigation countermeasures are on the drawing boards as well. The re-building of Japan’s
industrial infrastructure has also been raised as a growth strategy, and the government is undertaking avariety of projects that include the construction of a ring road in the Tokyo metropolitan area, improvement of
Note: This press release has been prepared solely for the purpose of public disclosure regarding the issuance of new shares ofKanamoto Co., Ltd. and the secondary offering of its shares and does not constitute an offer to sell or the solicitation of an offer
to buy any securities within or outside of Japan. Investors should carefully review the registered prospectus for the issuance of
new shares and secondary offering of shares and supplements or amendments thereto (if any) prepared by Kanamoto Co., Ltd.
and make investment decisions at their own risk.

Notification Concerning Issuance of New Shares
and Share Offering
2013/09/20 in Japan | Page 2/12

logistics networks and the extension of Shinkansen lines. Moreover, with the decision to hold the 2020
Olympics in Tokyo, related demand can be anticipated as well. Finally, because private sector construction
demand centered on energy-related needs is likewise growing, Kanamoto believes construction equipment
rental demand will be vigorous not only in the disaster-stricken Tohoku Region but on a nationwide scale.

Kanamoto intends to allocate the full amount of the capital resources raised through this public stock offering
to capital equipment investment pertaining to rental equipment. While the Kanamoto Group has maintained
aggressive capital investment in past years as well, responding to these vigorous worksite needs will require
further enhancement and expansion of the Group’s equipment portfolio. By securing the necessary capitalthrough this public stock offering, Kanamoto will execute its strategy for continued growth. Through further
expansion of its operating results, Kanamoto will seek to enhance corporate value and maximize the interestsof shareholders.

1. Issuance of New Shares by way of Offering (Public Offering)
(1)
(2)

(3)

Class and Number of
Shares to be Offered
Method ofDetermination of theAmount to be Paid

Amount of Stated
Capital and
Additional Paid-in
Capital to be
Increased

2,800,000 shares of common stock of the Company
The amount to be paid will be determined on any day during the period from
Wednesday, October 2, 2013, to Tuesday, October 8, 2013 (the“Determination Date”), in accordance with the method stated in Article 25 of
the Regulations Concerning Underwriting, etc. of Securities provided by theJapan Securities Dealers Association (the “JSDA”).
The amount of stated capital to be increased shall be half of the maximum
increased amount of stated capital and other capital, as calculated inaccordance with the provisions of Article 14, Paragraph 1 of the Rules of
Account Settlement of Corporations, with any fraction less than one yen
resulting from the calculation being rounded up to the nearest one yen. The
amount of the additional paid-in capital to be increased shall be the amountobtained by subtracting the relevant amount of stated capital to be increased
from the relevant maximum increased amount of stated capital and othercapital.

Note: This press release has been prepared solely for the purpose of public disclosure regarding the issuance of new shares ofKanamoto Co., Ltd. and the secondary offering of its shares and does not constitute an offer to sell or the solicitation of an offer
to buy any securities within or outside of Japan. Investors should carefully review the registered prospectus for the issuance of
new shares and secondary offering of shares and supplements or amendments thereto (if any) prepared by Kanamoto Co., Ltd.
and make investment decisions at their own risk.

Notification Concerning Issuance of New Shares
and Share Offering
2013/09/20 in Japan | Page 3/12

(4)

(5)

(6)

(7)

(8)
(9)

(10)

Method of Offering

The offering shall be a public offering (the “Public Offering”). All of the newshares of the Company will be underwritten by the underwriting syndicate(the “Underwriters”) of which the lead manager is Nomura Securities Co.,
Ltd. (“Nomura Securities”). The issue price with regard to the Public Offering(“Offer Price”) shall be determined based on the preliminary pricing terms
calculated by multiplying the closing price of shares of common stock of theCompany in regular trading on the Tokyo Stock Exchange on the
Determination Date (or, if no closing price is quoted, the closing price of theimmediately preceding date) by 0.90-1.00 (with any fraction less than one
yen being rounded down), in accordance with the method stated in Article 25of the Regulations Concerning Underwriting, etc of Securities provided by
the JSDA, taking into account market demand.
Consideration for
The Company shall not pay any underwriting fees to the Underwriters,
Underwriters
although the aggregate amount of the difference between (a) the issue price(Offer Price) in the Public Offering and (b) the amount to be paid to theCompany by the Underwriters will be the proceeds for the Underwriters.
Subscription Period
The subscription period shall be from the first business day following theDetermination Date to the second business day following the Determination
Date.
Payment Date
The payment date shall be any day during the period from Wednesday,
October 9, 2013 to Wednesday, October 16, 2013. Provided, however, thatsuch day shall be the fifth business day following the Determination Date.
Subscription Unit
1,000 shares
The amount to be paid, the amount of stated capital and additional paid-in capital to be increased,
and any other matters regarding the issuance of new shares by way of offering that require a decisionby the Company shall be determined at the discretion of Kanchu Kanamoto, the President(Representative Director) of the Company.
The foregoing items shall be subject to the effectiveness of the Securities Registration Statement tobe filed under the Financial Instruments and Exchange Act of Japan.

Note: This press release has been prepared solely for the purpose of public disclosure regarding the issuance of new shares ofKanamoto Co., Ltd. and the secondary offering of its shares and does not constitute an offer to sell or the solicitation of an offer
to buy any securities within or outside of Japan. Investors should carefully review the registered prospectus for the issuance of
new shares and secondary offering of shares and supplements or amendments thereto (if any) prepared by Kanamoto Co., Ltd.
and make investment decisions at their own risk.

Notification Concerning Issuance of New Shares
and Share Offering
2013/09/20 in Japan | Page 4/12

2. Secondary Offering of Shares (Secondary Offering by way of Over-Allotment) (See 1. of “For Reference”
below)(1)

Class and Number of
Shares to be Sold

(2)

Seller(3)

Secondary Offering
Price

(4)

Method of Secondary
Offering(5)

Subscription Period(6)

Delivery Date

(7)

Subscription Unit

(8)

The selling price and any other matters regarding the Secondary Offering by way of Over-Allotmentthat require a decision by the Company shall be determined at the discretion of Kanchu Kanamoto,the President (Representative Director) of the Company.
The foregoing items shall be subject to the effectiveness of the Securities Registration Statement tobe filed under the Financial Instruments and Exchange Act of Japan.

(9)420,000 shares of common stock of the Company
The number of shares indicated above is the maximum number of shares tobe sold. The above number may decrease, or the Secondary Offering by
way of Over-Allotment may be cancelled entirely, depending on market
demand. The final number of shares to be sold shall be determined on the
Determination Date, taking into account the market demand for the Public
Offering.
Nomura Securities
Undetermined (The selling price shall be determined on the Determination
Date. Provided, however, that such selling price shall be the same as theissue price (Offer Price) with regard to the Public Offering.
Taking into account market demand for the Public Offering, Nomura
Securities shall make a secondary offering of up to 420,000 shares of theCompany, which shall be borrowed from certain shareholder(s) of theCompany.
The subscription period shall be the same as the subscription period in
respect of the Public Offering.
The delivery date shall be the first business day following the payment datein respect of the Public Offering.
1,000 shares

Note: This press release has been prepared solely for the purpose of public disclosure regarding the issuance of new shares ofKanamoto Co., Ltd. and the secondary offering of its shares and does not constitute an offer to sell or the solicitation of an offer
to buy any securities within or outside of Japan. Investors should carefully review the registered prospectus for the issuance of
new shares and secondary offering of shares and supplements or amendments thereto (if any) prepared by Kanamoto Co., Ltd.
and make investment decisions at their own risk.

Notification Concerning Issuance of New Shares
and Share Offering
2013/09/20 in Japan | Page 5/12

3. Issuance of New Shares by way of Third-Party Allotment (See 1. of “For Reference” below)
(1)
(2)

(3)

Class and Number of
Shares to be Offered
Method ofDetermination of theAmount to be Paid
Amount of Stated
Capital and
Additional Paid-in
Capital to be
Increased

420,000 shares of common stock of the Company
The amount to be paid will be determined on the Determination Date.
Provided, however, that such amount to be paid shall be the same as theamount to be paid in respect of the Public Offering.
The amount of stated capital to be increased shall be half of the maximum
increased amount of stated capital and other capital, as calculated inaccordance with the provisions of Article 14, Paragraph 1 of the Rules of
Account Settlement of Corporations, with any fraction less than one yen
resulting from the calculation being rounded up to the nearest one yen. The
amount of the additional paid-in capital to be increased shall be the amountobtained by subtracting the relevant amount of stated capital to be increased
from the relevant maximum increased amount of stated capital and othercapital.
Nomura Securities(4)

Allotee(5)

Friday, October 25, 2013

(6)

Subscription Period(Subscription Date)
Payment Date

(7)

Subscription Unit

1,000 shares(8)

Shares not subscribed by the subscription date mentioned in (5) above shall not be issued.

(9)

The amount to be paid, the amount of stated capital and additional paid-in capital to be increased,
and any other matters regarding the issuance of new shares by way of third-party allotment that
require a decision by the Company shall be determined at the discretion of Kanchu Kanamoto, thePresident (Representative Director) of the Company.
The foregoing items shall be subject to the effectiveness of the Securities Registration Statement tobe filed under the Financial Instruments and Exchange Act of Japan.

(10)

Monday, October 28, 2013

Note: This press release has been prepared solely for the purpose of public disclosure regarding the issuance of new shares ofKanamoto Co., Ltd. and the secondary offering of its shares and does not constitute an offer to sell or the solicitation of an offer
to buy any securities within or outside of Japan. Investors should carefully review the registered prospectus for the issuance of
new shares and secondary offering of shares and supplements or amendments thereto (if any) prepared by Kanamoto Co., Ltd.
and make investment decisions at their own risk.

Notification Concerning Issuance of New Shares
and Share Offering
2013/09/20 in Japan | Page 6/12

< For Reference >1. Secondary offering by way of Over-Allotment and other matters
The Secondary Offering by way of Over-Allotment as mentioned in “2. Secondary Offering of Shares(Secondary Offering by way of Over-Allotment)” above is a secondary offering to be made in relation to
the Public Offering mentioned in “1. Issuance of New Shares by way of Offering (Public Offering)” forshares of common stock of the Company, in a number not to exceed 420,000 shares, which will beborrowed by the lead manager of the Public Offering, Nomura Securities, from certain shareholder(s) of
the Company, taking into account market demand. The number of shares to be offered in the Secondary
Offering by way of Over-Allotment is scheduled to be 420,000 shares; however, this is the maximum
number of shares to be sold, and such number may decrease, or the Secondary Offering by way ofOver-Allotment may be cancelled entirely, depending on market demand.
In connection with the Secondary Offering by way of Over-Allotment, the Board of Directors of theCompany resolved at its meeting on Friday, September 20, 2013 that the Company will issue 420,000
shares of its common stock to Nomura Securities by way of a third-party allotment (the “Capital Increaseby way of Third-Party Allotment”), with the payment date set for Monday, October 28, 2013, in order for
Nomura Securities to obtain the number of shares necessary to return the shares of common stock of theCompany which were borrowed by Nomura Securities from certain shareholder(s) of the Company, as
mentioned above (the “Borrowed Shares”).
Nomura Securities, for the purpose of returning the Borrowed Shares, may also purchase shares ofcommon stock of the Company (the “Syndicate Cover Transactions”) on the Tokyo Stock Exchange, in a
number up to the number of shares to be offered in the Secondary Offering by way of Over-Allotment.
Such Syndicate Cover Transactions will be made during the period from (a) the day immediately
following the last day of the Subscription Period in respect of the Public Offering and the Secondary
Offering by way of Over-Allotment to (b) Monday, October 21, 2013 (the “Syndicate Cover Transaction
Period”). All of the shares of common stock of the Company purchased by Nomura Securities by the
Syndicate Cover Transactions will be used to return the Borrowed Shares. During the Syndicate CoverTransaction Period, Nomura Securities may decide not to conduct any Syndicate Cover Transaction or
may decide to terminate any Syndicate Cover Transaction before the number of shares purchased
reaches the number of shares offered in the Secondary Offering by way of Over-Allotment.
Nomura Securities may conduct stabilizing transactions along with the Public Offering and Secondary
Offering by way of Over-Allotment. The shares of common stock of the Company acquired through suchstabilizing transactions may be used, in whole or in part, to return the Borrowed Shares.
With respect to the number of shares obtained by deducting (a) the number of shares acquired throughstabilizing transactions and Syndicate Cover Transactions, which are to be used to return the Borrowed
Shares, from (b) the number of shares to be offered in the Secondary Offering by way of Over-Allotment(the “Number of Shares Scheduled to be Acquired”), Nomura Securities will accept the allotment underNote: This press release has been prepared solely for the purpose of public disclosure regarding the issuance of new shares ofKanamoto Co., Ltd. and the secondary offering of its shares and does not constitute an offer to sell or the solicitation of an offer
to buy any securities within or outside of Japan. Investors should carefully review the registered prospectus for the issuance of
new shares and secondary offering of shares and supplements or amendments thereto (if any) prepared by Kanamoto Co., Ltd.
and make investment decisions at their own risk.

Notification Concerning Issuance of New Shares
and Share Offering
2013/09/20 in Japan | Page 7/12

the Capital Increase by way of Third-Party Allotment and will acquire an equivalent number of shares ofcommon stock of the Company. As a result, all or a part of the shares to be issued under the Capital
Increase by way of Third-Party Allotment may not be subscribed for, which may result in a decrease in
the determined number of shares to be issued under the Capital Increase by way of Third-Party
Allotment, or in the cancellation of the issuance, due to forfeiture.
If Nomura Securities accepts the allotment under the Capital Increase by way of Third-Party Allotment,
Nomura Securities will make payment for the Number of Shares Scheduled to be Acquired based on thecapital acquired through the Secondary Offering by way of Over-Allotment.

Note: This press release has been prepared solely for the purpose of public disclosure regarding the issuance of new shares ofKanamoto Co., Ltd. and the secondary offering of its shares and does not constitute an offer to sell or the solicitation of an offer
to buy any securities within or outside of Japan. Investors should carefully review the registered prospectus for the issuance of
new shares and secondary offering of shares and supplements or amendments thereto (if any) prepared by Kanamoto Co., Ltd.
and make investment decisions at their own risk.

Notification Concerning Issuance of New Shares
and Share Offering
2013/09/20 in Japan | Page 8/12

2. Change in the number of outstanding shares as a result of this capital increase by Public Offering andCapital Increase by way of Third-Party Allotment
Total number of outstanding shares at present

32,872,241 shares

Increase in number of shares as a result of the

2,800,000 shares

capital increase by Public Offering
Total number of outstanding shares after the

35,672,241 shares

capital increase by Public Offering
Increase in number of shares as a result of the420,000 shares (Note)

capital increase by way of Third-Party Allotment
Total number of outstanding shares after the

36,092,241 shares (Note)

Capital increase by way of Third-Party Allotment(Note) These figures assume that the new shares to be issued as described in “3. Issuance of New
Shares by way of Third-Party Allotment” are all subscribed by Nomura Securities.

3. Use of proceeds(1) Use of proceeds to be raised this time
All of the proceeds from the Public Offering and the Capital Increase by way of Third-Party
Allotment this time, which are estimated to be 7,974,274,600 yen at maximum amount, are scheduled
to be allocated for payments in the Business Period ending October 2014 and the Business Period
ending October 2015 as partial repayments of the Company's installment obligations related to theacquisition of rental equipment through installment payment transactions etc. during the Business
Period ending October 2013.
The capital expenditure plan of the Kanamoto Group as of September 20, 2013 is shown below(however, the amount already paid is as of August 31, 2013).
Planned Amount of

Schedule

Investment
Name ofCompany

Location

Business
Segment

CapitalFinancing

Investment Total Amount(‘000 yen)

Tomakomai
BranchKanamoto(TomakomaiCo., Ltd.

City, Hokkaido)
and 159 otherbranch offices

AmountConstruction
Equipment

after
Start

Completion

borrowings andNovember

October

proceeds to be

2012

2013

Completion(‘000 yen)

Businessrelated to the

Capacity

MethodAlready Paid

Increase inFunds on hand,
Rentalequipment

25,640,000

Rental Division

2,611,174－

raised this time

(Note) The amount for increase in capacity after completion is omitted because reasonablemeasurement of rental capacity is difficult.
(2) Change in the use of proceeds raised last time
Not applicable.
Note: This press release has been prepared solely for the purpose of public disclosure regarding the issuance of new shares ofKanamoto Co., Ltd. and the secondary offering of its shares and does not constitute an offer to sell or the solicitation of an offer
to buy any securities within or outside of Japan. Investors should carefully review the registered prospectus for the issuance of
new shares and secondary offering of shares and supplements or amendments thereto (if any) prepared by Kanamoto Co., Ltd.
and make investment decisions at their own risk.

Notification Concerning Issuance of New Shares
and Share Offering
2013/09/20 in Japan | Page 9/12

(3) Expected impact on business results
Because of the need to ascertain uncertainty factors, including the business environment in the
future, there are no revisions at this time to the projected consolidated operating results for thecurrent fiscal year that the Company announced in the Notification Concerning Revision of Projected
Operating Results for the Business Period Ending October 2013 on May 31, 2013. The Company will
disclose any changes promptly when it has judged revision to be necessary.

Note: This press release has been prepared solely for the purpose of public disclosure regarding the issuance of new shares ofKanamoto Co., Ltd. and the secondary offering of its shares and does not constitute an offer to sell or the solicitation of an offer
to buy any securities within or outside of Japan. Investors should carefully review the registered prospectus for the issuance of
new shares and secondary offering of shares and supplements or amendments thereto (if any) prepared by Kanamoto Co., Ltd.
and make investment decisions at their own risk.

Notification Concerning Issuance of New Shares
and Share Offering
2013/09/20 in Japan | Page 10/12

4. Profit distribution to shareholders(1) Basic policy concerning profit distribution
Kanamoto seeks to ensure a stable return of earnings to the maximum extent possible.
(2) Concept of determination of dividends
The Company considers maintaining a stable dividend to be a fundamental management policy.
The decision-making body for both interim dividends and year-end dividends is the Board of
Directors. The Company currently is working to ensure its ability to maintain and continue its present
annual dividend of 20 yen per share, consisting of an interim dividend of 10 yen and a year-end
dividend of 10 yen.
(3) Use of retained earnings
The Company plans to allocate retained earnings for capital investment, including the introductionof rental equipment assets that will serve as the source of future earnings, and for enhancing
shareholders’ equity.
(4) Dividends for the past three fiscal years
Business PeriodBusiness PeriodBusiness Period

Ended October 2010

Ended October 2011

Ended October 2012

Consolidated net income per share

31.73 yen

35.51 yen

108.88 yen

Annual dividend per share

20.00 yen

20.00 yen

20.00 yen(Interim dividend per share)(10.00 yen)(10.00 yen)(10.00 yen)

Consolidated dividend payout ratio

63.0%

56.3%

18.4%

Consolidated return on equity

2.9%

3.2%

9.3%

Consolidated ratio of dividends/net assets

1.8%

1.8%

1.7%

(Notes) 1. The actual payout ratio is a fraction, the numerator of which is the annual dividend per share and thedenominator of which is the net income per share.
2. Return on equity is a fraction, the numerator of which is current net income and the denominator ofwhich is shareholders’ equity (shareholders’ equity being calculated as the average of net assets, lessminority interests, at the beginning and end of the relevant fiscal year).
3. Ratio of Dividend/Net assets is a fraction, the numerator of which is the amount of dividends paid pershare during the relevant fiscal year and the denominator of which is the amount of net assets per share(net assets per share being calculated as the average of net assets per share at the beginning and endof the relevant fiscal year).

Note: This press release has been prepared solely for the purpose of public disclosure regarding the issuance of new shares ofKanamoto Co., Ltd. and the secondary offering of its shares and does not constitute an offer to sell or the solicitation of an offer
to buy any securities within or outside of Japan. Investors should carefully review the registered prospectus for the issuance of
new shares and secondary offering of shares and supplements or amendments thereto (if any) prepared by Kanamoto Co., Ltd.
and make investment decisions at their own risk.

Notification Concerning Issuance of New Shares
and Share Offering
2013/09/20 in Japan | Page 11/12

5. Other non-current accounts(1) Designation of party to receive distribution
Not applicable.
(2) Information on dilutive shares
Not applicable(3) Information on past equity financings, etc.
(i) Equity financing within the past three years
Not applicable.
(ii) Change in share price over the past three fiscal years and most recent share priceBusiness PeriodBusiness PeriodBusiness PeriodBusiness Period

Ended October 2010 Ended October 2011 Ended October 2012 Ending October 2013
Opening

380 yen

418 yen

526 yen

972 yenHigh

514 yen658 yen

1,032 yen

2,828 yenLow

308 yen

399 yen456 yen875 yen

Closing

417 yen531 yen

973 yen2,819 yen

13.14

14.95

8.94

－

Price/earnings
ratio(Notes) 1. Share prices for the Business Period Ending October 2013 are shown as of September
19, 2013.
2. Price/earnings ratio is a fraction, the numerator of which is the share price (closing
price) as of the end of each fiscal year and the denominator of which is the current net
income per share (consolidated) as of the end of the relevant fiscal year.
(iii) Change in Allotees’ holding policy for shares issued by way of Third-Party Allotment for the past
five years
Not applicable.
(4) Lockup Period

Note: This press release has been prepared solely for the purpose of public disclosure regarding the issuance of new shares ofKanamoto Co., Ltd. and the secondary offering of its shares and does not constitute an offer to sell or the solicitation of an offer
to buy any securities within or outside of Japan. Investors should carefully review the registered prospectus for the issuance of
new shares and secondary offering of shares and supplements or amendments thereto (if any) prepared by Kanamoto Co., Ltd.
and make investment decisions at their own risk.

Notification Concerning Issuance of New Shares
and Share Offering
2013/09/20 in Japan | Page 12/12

In relation to the Public Offering, shareholders Taichu Kanamoto, Saburo Kanamoto andKanamoto Capital Co., Ltd. have agreed as a rule not to sell shares of the Company during theperiod commencing on the Determination Date and ending on the day that falls on the 90th day after
the delivery date for the Public Offering (the “Lockup Period”) without the prior written consent of
Nomura Securities.
Furthermore, the Company has agreed not to issue shares of the Company, not to issue
securities that can be converted into or exchanged for shares of the Company, and not to issue anyother securities that represent the right to acquire or receive shares of the Company (excluding
issuance of new shares by way of the Public Offering, by way of Third-Party Allotment or issuance ofthe shares in connection with stock splits, etc.) during the Lockup Period without the prior writtenconsent of Nomura Securities.
In all of the above cases, Nomura Securities has the authority to waive all or a part of theconditions of that agreement during the Lockup Period at its own discretion.

Note: This press release has been prepared solely for the purpose of public disclosure regarding the issuance of new shares ofKanamoto Co., Ltd. and the secondary offering of its shares and does not constitute an offer to sell or the solicitation of an offer
to buy any securities within or outside of Japan. Investors should carefully review the registered prospectus for the issuance of
new shares and secondary offering of shares and supplements or amendments thereto (if any) prepared by Kanamoto Co., Ltd.
and make investment decisions at their own risk.