Financial Results Presentation
for the Second Quarter of the Fiscal Year Ending
March 2020
(44th Business Year)

Focus Systems Corporation(Securities Code: 4662)

Table of Contents

Financial Results for the Second Quarter of the Fiscal Year Ending March 2020
(44th Business Year) p. 3
Projections for the Fiscal Year Ending March 2020 (44th Business Year) p. 21

Supplementary Information: Current Topics p. 23

Supplementary Information: Company Outline p. 27

2

Financial Results for the Second Quarter of the Fiscal Year Ending March 2020
(44th Business Year)3

Highlights — Second Quarter of the Fiscal Year Ending March 2020
(44th Business Year)

Financial Results✓ Record high sales and profits in the first half accounting period.
✓ Profit growth in all segments due to steady acquisition and expansion of projects andenhancement of management systems.
✓ Decision to implement first interim dividend (celebrating the new reign) since the Company’s
founding.
Operations✓ Based on the Company’s efforts to realize "Society 5.0*" and promote "offensive IT
management," which is progressing, the market demand is increasing in IT
investment in the age of Big Data, IoT, AI and 5G, and the business environment isfavorable.
✓ Promote initiatives utilizing advanced technologies such as AI and Cloud for the
purpose of business development.
• Development of systems for the use of AI in medical imaging.
• AI in fashion show verification testing.
• Partner certification in the Google Cloud Partner Program... etc.
* Society 5.0"A people-centric society in which people can live high-quality lives by resolving economic and social issues through the fusion of cyberspace andphysical space"In the 5th Science and Technology Basic Plan, this was proposed as the kind of future society that Japan should strive for.
4

Summary — Second Quarter of the Fiscal Year Ending March 2020
(44th Business Year)✓ Both sales and profits have performed solidly as a result of efforts to promote thesolidification of business development while further strengthening the Company’s
stable base.
(Unit: Million yen)
Year-on-year change
FY 03/2019
1Q Results

FY 03/2019
2Q Results

FY 03/2019
3Q Results

FY 03/2019
Full-Year
Results

FY 03/2020
1Q Results

FY 03/2020
2Q Results

AmountRatio

Net sales

4,904

10,107

15,701

21,453

5,298

10,951843

8.3%

Operatingincome

288

621

1,056

1,368

321

682

60

9.7%

Ordinary
income

288

619

1,060

1,375

336

707

88

14.3%

Net income

189

405

694

874

243

489

83

20.6%

5

Progress Status — Second Quarter of the Fiscal Year Ending March 2020

✓ Business has progressed steadily, mostly meeting the plan in all
segments, without any special demand projects or unprofitable projects.
(Unit: Million yen)

Plan

売上⾼
Net
sales

5,298

5,653

Progress rate

50.2%

21,800

営業利益
Operatingincome321

361

Progress rate

48.0%

1,420

経常利益
Ordinary
income336

371

Progress rate

49.9%

1,420

純利益

243

Progress rate

52.6%

930

Net income

246

1Q

2Q
6

Changes in Net sales(Unit: Million yen)

1Q

2Q

3Q

期末
FY
end

計画
Plan

24,00020,00016,000Progress rate

50.2%

12,000

8,000

4,000

0

FY2016/3期
03/2016

FY 2017/3期
03/20172018/3期
FY 03/2018

FY 2019/3期
03/2019

FY 2020/3期
03/2020
7

Changes in Operating Income

1Q(Unit: Million yen)

2Q

3Q

FY
end
期末

計画
Plan

1600
1400
1200
1000

Progress rate

48.0%

800
600
400
200
0

FY2016/3期
03/2016

FY 2017/3期
03/2017

FY2018/3期
03/2018

2019/3期
FY 03/2019

2020/3期
FY 03/2020

8

Changes in Ordinary Income

1Q(Unit: Million yen)

2Q

3Q

期末
FY
end

計画
Plan

1600
1400
1200
1000

Progress rate

49.9%

800
600
400
200
0
2016/3期
FY
03/20162017/3期
FY
03/20172018/3期
FY
03/2018

2019/3期
FY
03/2019

FY2020/3期
03/20209Changes in Net Income

1Q(Unit: Million yen)

2Q

3Q

期末
FY
end

計画
Plan

1000
900
800
700
600

Progress rate

52.6%

500
400
300
200
100
0
2016/3期
FY03/20162017/3期
FY03/20172018/3期
FY03/20182019/3期
FY03/20192020/3期
FY03/202010

Segment Information Summary — Second Quarter of the Fiscal Year Ending March 2020
(44th Business Year)(Unit: 1 thousand yen)

Reportable segments

Public sectorbusiness

Net sales

Segment income

Private sectorbusiness

Securityequipment
business

Total

Adjustment
amount(Note 1)

Incomestatement
amount for
the quarter(Note 2)

3,421,832

6,867,689

662,157

10,951,679―

10,951,679

531,076

834,050

121,104

1,486,231(804,204)

682,027

Note 1: The adjustment amount of － 804,204,000 yen applied to segment income represents,
for the most part, general administrative expenses (company overheads) that are not attributable to reportable segments.
Note 2: Segment earnings are adjusted to the operating income stated in the quarterly statement of income.

Net sales composition ratio

Segment income composition ratio

6.1%

8.2%
Publicsector business
公共関連事業
31.2%

62.7%

35.7%

Privatesector business⺠間関連事業
Securityequipment business
セキュリティ機器関連事業

56.1%

11

Overview by Segment (1) — Second Quarter of the Fiscal Year Ending March 2020
(44th Business Year)End users are government agencies and local governments.
Operations span the range from project design, manufacture, and testing through to the maintenance andrunning of systems after implementation.
Supporting society in various settings such as financial systems, trading systems, air traffic control systems,
welfare and nursing care systems, and social insurance systems.

Public Sector(Unit: Million yen)

Net sales
Year-onyearchange

11.2％

4,000
3,500
3,000
2,500
2,000
1,500
1,000

(Unit: Million yen)Segment income
Year-onyearchange

7.5％

550
500
450
400
350
300
250
200

✓ While each project has its ups and downs of development and operational phases, thegeneral trend of these projects is expanding.
✓ Efforts to strengthen a management system that bridges divisions laterally in order to win
strategic projects have paid off.
12

Overview by Segment (2) — Second Quarter of the Fiscal Year Ending March 2020
(44th Business Year)End users are mostly companies in the private sector.
In partnerships with IBM Japan, Oki Electric Industry, Softbank, ITS Intect, and others, operations span therange from system development and platform building through to the running and maintenance of systems for adiversity of private sector businesses.
Operations cover various types of systems such as business applications, communications control systems,
IoT-related systems, and A-related systems.

Private Sector

Net sales
Year-onyearchange

5.7％(Unit: Million yen)

8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000

Segment income
Year-onyearchange4.0％(Unit: Million yen)

1000
800
600
400
200
0

✓ Growth pace maintained due to rise in take-away development rate, such as contract projects
and Cloud projects, etc.
✓ Although labor shortage is a persistent challenge, we continue to focus on the effective use ofresources and the securing of human capital, and aggressively promote initiatives in the field of
IoT, AI, Cloud and RPA, etc.
13

Overview by Segment (3) — Second Quarter of the Fiscal Year Ending March 2020
(44th Business Year)

Security Equipment

Net sales

The segment caters to a broad customer base across the public and private sectors.
Offerings address a diversity of customer needs spanning the range from security breach prevention
measures (encryption technology and electronic watermarks) through to ex-post measures (digital forensics
and cyber security).
The security equipment business collaborates with numerous overseas partners and emphasizes theacquisition of growth technologies and the fostering of specialists.

(Unit: Million yen)

700

Segment income

600
Year-onyearchange

24.2％

500
400
300
200

Year-onyearchange90.3％(Unit: Million yen)

140
120
100
80
60
40
20
0

✓ Steady growth across all segments.
✓ Against the backdrop of increasingly sophisticated and diverse information security threats, both
our product sales and specialized technology provision match market needs, and the number ofhighly profitable projects continues to grow.
14Balance Sheets — Second Quarter of the Fiscal Year Ending March 2020
(44th Business Year)(Unit: 1 million yen)
Second Quarter of the Previous
Fiscal Year

Second Quarter of the Current
Fiscal Year

AssetsCurrent assets

9,789

9,596

Non-current assets

6,202

5,702

3,492

3,505

96

67

2,613

2,129

15,991

15,298Current liabilities

4,434

4,292

Non-current liabilities

2,450

2,213

6,885

6,506

Shareholders’ equity

7,933

8,121

Capital stock

2,905

2,905

Capital surplus

2,138

2,138

Retained earnings

3,249

3,437

Treasury stock

(359)

(359)

1,170

667

2

2

9,106

8,791

15,991

15,298Property, plant, and equipment
Intangible assets
Investments and other assets
Total assets

Reduction in accounts receivable
277 million yen
Increase in work in progress
100 million yen

Acquisition of investment securities andreduction of investment securities due tomarket valuation
558 million yen

Liabilities

Total liabilities

Decrease in deferred tax liabilities 221
million yen

Net assets

Valuation difference on availablefor-sale securities
Share acquisition rights
Total net assets
Total liabilities and net assets

Unrealized loss on investment securities
503 million yen

15

Net Income Increase / Decrease Analysis — Second Quarter of the Fiscal Year Ending
March 2020 (44th Business Year)(Unit: Million yen)

• Increase in personnel expenses• Increase in welfare expenses• Increase in education andtraining expenses• Increases due to refunds ofcancelled insurance policies• Increase in taxes and public dues

30
126

Increase ingross margin

SecondQuarter of thePrevious
Fiscal YearNet income

405

-65

28

Increase in selling, Change in non-operating
General andincome / expenditureadministrative expenses

Increase in extraordinary profit

Increase inincome taxes,
etc.

83

-35

increase

SecondQuarter of
the Current
Fiscal YearNet income

489

16

Cash Flows － Second Quarter of the Fiscal Year Ending March 2020
(44th Business Year)(Unit: Million yen)First half ofthe previous
fiscal year

First half ofthe current
fiscal year

Cash flows from operating activities

582

488

Cash flows from investing activities

(73)

(298)

Cash flows from financing activities

(27)

(175)

Net increase in cash and cash equivalents

481

14

Cash and cash equivalents at beginning of
period

4,683

4,778

Cash and cash equivalents at the end of
the period

5,165

4,792

Despite increases in the pre-tax quarterly net income and in theallowance for bonuses, the tendency to increase sales toward
the end of the fiscal year levelled out and as a result of thedecrease in trade receivables at the beginning of the term there
was a decrease of 93 million yen compared to the previous firsthalf period.

While there was income from the cancellation of insurance
reserves, capital investment associated with the opening of
project rooms and the acquisition of investment securities, etc.,
occasioned an expenditure increase of 224 million yen.

Continuing debt repayments and increased dividend
payouts resulted in an expenditure increase of 148
million yen.

Decrease of 372 million yen compared with previous
first half period.

17Changes in Share Price and Dividend(Unit: yen)

1,400
October 1, 2015
Two-for-one stock split

1,200
1,000
800
600
400
200
'14/9

'15/9

'16/9

FY 2018
Net income per share (yen)Dividend per share (yen)Dividend pay-out ratio (%)'17/9

FY 2019
51.21

'18/9

'19/9

FY 2020 Projection
58.11

61.81

16.00

20.00

25.00
(including interim
dividend of 5.00 yen)

(Initial plan) 12.50(Initial plan) 16.00(Initial plan) 20.00

31.2

34.4

40.4

Dividend payout
ratio rising.

18

Shareholder Composition and Number of Shares Owned✓✓

Total number of shareholders at the end of September, 2019: 6,602 (down 6 from the end of September, 2018, and down 265
from the end of March, 2019).
In addition to foreign shareholders, there was a decrease in the number of shares held by private shareholders and securities
companies, but there was an increase in the number of shares held by investment trusts and corporations.

(Number of shares)

16,000,000

Assigned to Tokyo Stock
Exchange, First Section

14,000,000(Number of persons)

Stock warrant
issuance

Two-for-one stock split

8,000

Introduceda shareholder
benefit program

7,000
6,000

12,000,000
10,000,000

5,000

Listing changed
to Tokyo Stock
Exchange,
Second Section

8,000,000

4,000

6,000,000

3,000

4,000,000

2,000

2,000,000

1,000
0

0
'11/3

'12/3

'13/3

Individuals, others
Foreign corporations, individuals
Number of shareholders

'14/3

'15/3

'16/3

Financial firms
Brokerage firms

'17/3

'18/3

'19/3

'19/9

Other domestic corporations
Government and Local public bodies

19Changes in the Number of Employees & Turnover Rate

✓ Employment tends to be stable in industries that have significant labor shortages.
✓ While the industry average turnover rate increased from 2017 to 2018, our turnoverrate declined and continues to be below the industry average.
(Number of persons)

(%)

20

1,200

18

1,100

16
1,000

14
12

900

10
800

8
6

700

4
600

2
0

500
2009

2010

2011

2012

2013

Number of employees

2014

2015

2016

2017

2018

Employee turnover ratio of the Company

Industry-wide employee turnover ratio*Turnover rate of IT industry refers to the summary report on "Survey on Employment Trends" announced by the Ministry of Health,Labour and Welfare.

20

Projections
for the Fiscal Year Ending March 2020 (44th Business Year)21

Projections — Fiscal Year Ending March 2020 (44th Business Year)✓ Our aim is to achieve new net sales and profit records since the Company’s founding,following our performance in Q3, 2019, while promoting new measures for the future,such as initiatives leveraging new technologies and capital investment, etc.
✓ Dividend expected to increase from 20.00 yen to 25.00 yen due to implementation ofinterim dividend (5.00 yen)
FY 03/2019
Results

FY 03/2020
Projections

Y-o-Y
Change(million yen)(million yen)(％)

Net sales

21,45321,8001.6

Operating income

1,368

1,420

3.8

Ordinary income

1,375

1,420

3.2

874

930

6.4

Net income

FY 03/2019 Results
Net income per share(yen)
Annual per-share dividend

58.11

61.81

20.00

25.00
(including interim
dividend of 5.00 yen)

(Initial plan) 16.00(Initial plan) 20.00

34.4

40.4

(yen)

Dividend payout ratio (%)

FY 03/2020 Projection22Supplementary Information: Current Topics

23Topics (1)2019Apr./2Working with Tsukuba University of Technology on real-time caption
display of conversations of multiple persons for the hearing-impaired.
Converts large amounts of auditory information, such as "who" said "what," into visual
information in real time. Developing a user interface that helps the hearing impaired toacquire information.
✓ Aiming to expand and improve the workplace and other environments for the hearing
impaired✓2019Jul./17

Collaboration with Micron to Develop Systems for Implementation of
AI in Diagnostic Imaging in Clinical Trials✓ System development aimed at solving issues with medical imaging in clinical trials at
medical sites.
(Cost of judgment / inconsistency in judgment / time required for judgment, etc.)✓ In the future, the aim is to apply solutions to daily medical care, solving such social
issues as "shortage of doctors" and "missed lesions."24

Topics (2)2019
Sep./2AI in fashion show verification testing "Recognition of persons in videos andthe creation of composite effect videos"✓ Conducted a demonstration experiment of the "AI Effect LIVE!" system jointly developedwith VRaiB Co., Ltd. (an affiliate company) on the stage of the Tokyo Girls Collection.
✓ "AI Effect LIVE!" is a solution that recognizes not only the face of a moving person but also
the whole body in a video, and can automatically track and add effects to the video.

2019
Sep./10

Acquired Google Cloud Platform Service Partner and G Suite Sell Partner
certification.
✓ We will further expand our cloud business, based on business knowledge, know-how,and customer bases that we have cultivated thus far in a wide range of industries, via the
Google Cloud Platform (GCP ) and G Suite services provided by Google .
✓ We aim to improve our service to the customer and create added value by collaboratingwith our existing solutions.
25Topics (3)2019
Oct./18

SFA and CRM Solution "intra-mart DPS for Sales"
Focus Systems gains customer perspective and knowhow by implementing thesolution in-house, to improve value creation for customers✓ Timely visualization of changes in project status due to daily sales activities
Managers can realize optimal "sales support" without missing changes in projectstatuses.
✓ Implemented in-house as a first user, then began providing to customers, promote sales
expansion leveraging proposals based on real customer perspectives gained as user.

2019
Oct./29

Started development of efficient AI teacher data creation with Osaka Institute ofTechnology— Aiming for the automation of teacher data creation —✓ The workload involved in creating teacher data is hindering the speedy implementationof AI systems. We are working on the resolution of customer issues for the expansion of
our AI business.
✓ Now considering creating teacher data to handle enquiries, aiming for commercializationin 2020 as a part of new solution creation.
26

Supplementary Information: Company Outline

27

Corporate Data
NameLine of business

Focus Systems Corporation
Software development and IT services
Security product development, sales, and service provision

Head office

2-7-8 Higashi Gotanda, Focus Gotanda Bldg., Shinagawa-ku, Tokyo

Business offices

Tokyo, Osaka, Nagoya

Capital2,905 million yen

Exchange listings

Tokyo Stock Exchange, First Section (Securities Code: 4662)

Employees

1,161 (as of March 31, 2019)1977

Focus Systems Corporation established for the purpose of software development

1978

Starts doing business with Oki Electric Industry Co., Ltd., and initiates software development work on electronic switchboards

1988

Starts doing business with Nippon Telegraph and Telephone Corporation (now NTT DATA Corporation) and begins providing
services for the development of systems for government and other public agencies

1996

OTC share registration with the Japan Securities Dealers Association (now Tokyo Stock Exchange JASDAQ Standard)

1997

Commences business with IBM Japan, Ltd. and begins system operation/maintenance and infrastructure technology support
business

1999

Starts information security business

2004

Starts selling products for digital forensics, a new field of information security

2015

Exchange listing changed to Tokyo Stock Exchange, Second Section

2016

Listing designation changed to Tokyo Stock Exchange, First Section

28

Operations

Triple FOCUS

1st FOCUS

2nd FOCUS

3rd FOCUS

System Integration

IT Services

Information Security

The Company provides
comprehensive system integration
at information system introduction,
spanning the range frominformation system planning anddevelopment consistent withcustomers' business purposes
through to the running of systems.

The Company provides practicalapplications of cutting-edge IT
technology, support forcustomers' business systems, IT
environment optimization andproblem solutions, andimprovement in value available
from IT application.

The Company provides
customers with information risk
control through information
security technologies such as
digital forensics, encryption, anddigital watermarks.

29

The Company’s Position in the System Integration Industry

Focus Systems is an independent system integrator (SI)
Processes range from upstream to downstream and projects from small to large(including operation and maintenance after system start-up)

Requirement definitions
Major SI firms

Upstreamprocesses

Midsized SI firms

Basic design
Detail design

Downstream
processes

Programming

Small SI firms
Testing30

Transaction Flow

Customers (government agencies, local governments, private sector companies)

New business creation

Major SI firms

Development

Selection and mastery of
new technologies
Profit margin improvements
through direct contracting

Long term
Robust cooperative frameworks

Stable baseBusiness partners
31Strengths by Segment

Stable business base of the Company
Publicinfrastructurerelated businessParticipation in diverse systems continuing over the long term
Periodic lifecycles (accommodation of legislative revisions, system renewals)
In-depth expert knowledge and ample track record grown over many years

Business development and expansion
Private sectorrelated business

Wide-ranging business fields(smartphones, automotive, cloud, AI, RPA, business applications, and more)
Trend toward ICT-driven productivity enhancement and offensive IT managementin times of negative population growth keeps markets expanding

High added-value technologies
Security
device-related
business

Ownership of rare "digital forensics" technology
Ownership of own encryption and digital watermark technologies
Multiple introductions at the Ministry of Defense, National Police Agency, Financial Services Agency,
and central government ministries and agencies

32

Business Fields

33

Status of Group companies
Customers

Focus Systems Corporation

Inos Co. Ltd.
Head office: Kumamoto City, Kumamoto Prefecture
Business lines: Software development
1. Business applications
2. Web applications
3. Group ware
4. Industrial control
5. Software package products(Inos is in charge of C4 Backup/400 development.)

VRaiB Inc.
Head office: Tokyo, Chuo WardBusiness lines: Software development
1. VR and AI applications
2. Blockchain
3. Information security
4. Intellectual property rights

Affiliated company (as of September 2019)
Company name

Equity (%)

Sales (thousandyen)

Ordinary
income(thousandyen)

Net income(thousand yen)

Inos Co. Ltd.

20.0

608,886

72,48649,191

VRaiB Inc.

20.0

31,920

761

-102
34

Work Mode Reform (1)Work–Life Balance
Systems for
shortened working daysor reduced working hours･･･ Systems for helping employees reconcile work duties with child care or elder care.
Employees can choose shortened working days (3 days a week) or reduced
working hours (choice of 5 hours or 6 hours per day).
* Child care up to the 3rd elementary school year; caregiving until no longer needed.

Kurumin (child rearing support)
recognition

Usage rate of systems for shortened
working days or reduced working
hours

Reinstatement rate of
employees after child care
leave

80％

94％
＊Results FY2018

Job return system(Re-employment system)･･･ Re-employment is possible within 10 years of resignation due to a life event(marriage, childbirth, or child rearing) or for career advancement (overseas study
or change of employer).

Flex time system･･･Set flexible times and core times,
and promote work styles that match lifestyles of each employee
35

Work Mode Reform (2)Diversity
Job creation･･･ In 2015 the Company initiated the production of vegetables by hydroponic cultivation, aiming at creating
new fields of employment for persons with disabilities. An in-house magazine with employment
information for persons with disabilities is issued at regular intervals.
Currently, the Company is also promoting the development of clerical work areas for them.

Informationexchange forfemale employees･･･ Addressing young women, this meeting serves to communicate information on work methods
and support for career advancement.

L-Star (Female employee career promotion)
In April 2016, the Company received the top-ranking
recognition out of three recognition levels for its efforts
at career promotion for female employees.

36

Health Management
Support for club activities･･･ To promote the health of employees, the Company supports club activities.
Currently around 100 employees are enrolled in 9 types of club activities.

Health maintenance seminars ･･･ To mitigate lifestyle habits and to prevent obesity, the Company sponsors seminars dedicated to

specific topics such as dietary improvements and the prevention and improvement of sleep apnea syndrome.

Online programs for
smoking cessation･･･ The Company introduced a quit-smoking program combining online hospital visits and smoking cessationprescriptions. Medical consultation is available via PC, smartphone or tablet. The Company supports employees
making efforts to quit smoking.

37Company Mascot

Mascot Character "Fukue-san"To promote a sense of familiarity with Focus
Systems and the world of information systems,
Fukue-san serves as the conduit for various
kinds of information dissemination revolving
around business, company performance, andemployees.

The Company's original
ｍanga "Forensic Detective"
The content serves to help a wide range ofstakeholders gain a deeper understandingof the field of digital forensics, which
accounts for a growing share of the salesof the Company.
All episodes are available in the web magazine.

38

Changes in Non-consolidated Financial Results (Full Year)
Fiscal year, ended March

2015

2016

2017

2018

Net sales(1,000 yen)

15,081,738

16,482,792

17,846,896

19,327,344

21,453,829

Operating income(1,000 yen)

940,310953,356

743,538

1,025,541

1,368,284

Ordinary income (1,000 yen)897,205

950,301

731,3311,019,522

1,375,563

Net income(1,000 yen)592,742

738,841

551,571

719,243874,282

2,905,422

2,905,422

2,905,422

2,905,422

2,905,422

8,146

16,292

16,292

16,292

16,292

Net assets(1,000 yen)

6,769,094

7,415,953

7,258,918

9,201,228

9,106,539

Total assets(1,000 yen)

14,340,827

14,936,873

14,567,320

16,820,805

15,991,992

Net assets per share( yen)※1

488.86535.58524.24611.34605.04

Dividend per share( yen)※1

12.50

16.00

12.50

16.00

20.00

Net income per share( yen)※1

42.81

53.36

39.83

51.21

58.11

Equity ratio(％)

47.2

49.6

49.8

54.7

56.9

Return on equity(％)

10.0

10.4

7.5

8.7

9.6

Payout ratio(％)

29.2

30.0

31.4

31.2

34.4

Number of employees

962

1,024

1,073

1,116

1,161

Stock price – high ( yen)※1

1,210

888

634

1,350

1,153

Stock price - low( yen)※1

540

340

412

503

774

Capital(1,000 yen)
Total number of shares issued andoutstanding(1,000 shares)※1

※2

2019

※2

Note 1: Values calculated after the two-for-one common stock split instituted on October 1, 2015.
Note 2: "Total assets (in thousand yen)" and "Equity ratio (%)" have been restated to apply for the Partially Revised Tax Effect Accounting Standard(Business Accounting Standard No. 28 of February 16, 2018), etc.

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Focus Systems sincerely requests
the continued guidance andsupport of all stakeholders.

This document is based on information available as of November 8, 2019, and on assumptions as ofthe same date concerning uncertain factors affecting future financial results.
Actual financial results may materially differ from projections due to various factors in the future.
Consequently, the Company offers no warranty for the certainty of the Group’s business projections.

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