July 13, 2021

Optimally deliver information
to people around the world

撮影協力：Shibuya Scramble Square／WeWork

01

Overview of Medium-Term Management PlanP5

02

Strategies by Business

P 12

-

Media Business: Gunosy-

Media Business: au Service Today / NewsPass-

Game 8 Group-

Investment-

New Business

03

Organization Strategy

P 38

04

Sustainability

P 45

Overview of Medium-Term Management Plan
Business Policy Aimed at Growth in Three Years' Time

01

Overview of Medium-Term Management Plan

Gunosy Group
History

Achieve growth by

Nov 2012

Gunosy Inc. established in Roppongi, Minato-ku, Tokyo

Apr 2015

Listed on the Mothers Section of the Tokyo Stock Exchange

Dec 2015

Game8 Inc. became subsidiaryJun 2016

News Pass released

Dec 2017

Changed markets from Mothers Section to First Section of theTokyo Stock Exchange

Jul 2018

Established Gunosy Capital to start investment businessApr 2021

au Service Today released

closing theinformation divide
through technology

Our growth has been driven by the news media
focused on " Gunosy", the product that gave rise
to our founding. In recent years, we have built a
new business platform including Game8 andinvestment business.

7

Gunosy Group
Business Portfolio

Three business segments to drive
medium- to long-term growth

Our 3 pillars + α todrive medium- tolong-term growth
In addition to the media business with a solid user

•
•
•
•

1

2

3

＋

Media
Business

Game8
Group

Investment
Business

New
Business

Gunosy Capital••

GunosyNewsPass
au Service
Today
LUCRA

•
•

•

Game8
Smarprisebase, Game8 Group that is making remarkable
growth, and the investment business with highgrowth potential, we are working to develop new
businesses to create pillars of future earnings andmaintain a finely balanced business portfolio.

•

DATA

8

•
•

Data accumulated since ourestablishment.
Expertise in algorithms
Media and advertising know-how, etc.

YOU IN
GuhackChallenges to be Addressed
Goals to be achieved in the medium
and long term

Aiming for a V-shaped recovery by
Growth of existing
businesses andfocusing on creating value from along-term perspective

development of new
businesses
Growth driver (1)Growth driver (2)Growth of existing
businesses

Development of new
businesses

Investment in media
business

Fostering new businesses&
External Investment

In our existing businesses, we will focus onproviding valuable information to achieve mediumto long-term growth.

We will develop new businesses through in-housedevelopment and external investment to seize
opportunities for discontinuous growth.

Enhance business base to achieve renewed growth

Growth driver (3)9Investment in the organization
and brandGrowth Image

development of new businesses

Investment
business

Enhance corporate value through growth of existing businesses andWe aim for group-wide growth withGame8

the medium- to long-term goal ofachieving a market capitalizationof 100 billion yen.

Media business

Establishment
10

Present

Medium-Term Financial Goals

It is expected that, as we see a certain level of containment in the spread of COVID-19 with the progressof vaccinations, there may be a positive impact on advertising sales and app user retention rates in the
media business.
(Refer to p.15 of “FY2021/5 Financial Results”)
In view of the above, we determined that the most reasonable way to maximize our corporate value is tomake a decision on the scale of medium- to long-term investment in the " Gunosy" app at a time when
the changes in the market environment associated with COVID-19 have reached a certain degree of
convergence. Therefore, at the time of the release of this material, it is difficult to set medium-term(three-year) financial goals that appropriately incorporate the growth potential of "Gunosy," and we
decided to defer disclosure of such goals.
We will promptly disclose our medium-term financial goals as soon as we are able to calculate them in areasonable manner, targeting the timing of the announcement of FY2022/5 Financial Results for Q2.

11

Strategies by Business3 pillars + Policy for New Business

02

Strategies by BusinessDevelop Gunosy into a news media for the
new era that will serve as an infrastructure

for society

Introduce a design that communicates news in a quick
and understandable way
Business Overview
Short headlines
enable comprehension
in 5 seconds.

Renewal completed

to provide morevaluable informationand move intoreinvestment phase
Gunosy has evolved into an "optimal style" fordelivering information that continues to increase atan accelerated rate in a simpler and more
understandable way through all forms of content,such as articles, videos, and audio.

15

New layout to search
articles by photos

Know by sound, andenjoy by soundModel for Re-growth of Gunosy
Summary of Strategies
03

Increase return on

the amount available forinvestment

achieve re-growth in

01

02

the number of users

MARKETINGPRODUCT

investments to

03

SALES

investment and expand

SALES

expand advertising

Increase return on

PRODUCT

SALES

investment and03

Increase return on
High-speed PDCA
投資対効果を高め
investment and expa
cycle for continuous
投資可能金額を拡大
the amount availabl
improvement
for investment

02

01

02

MARKETING MARKETING

Focusing on product development from the user's
perspective, we will continue to improve marketingand sales to increase the return on investment.
We will expand the scale of our media by

Key indicators

increasing our advertising investment in line with
the improved return on investment. We are

01

PRODUCT

Improve product value from the user's perspective
to increase profitability

User retention rate
Average time on page

02

MARKETING

Develop a marketing strategy to expand the scaleof media while maximizing product value

Acquisition costs (CPI),
LTV
MAU & DAU

03

SALES

Work to improve profitability in order to maximize
service value

Profitability per user (Sales
and DAU/MAU)

determined to provide even better products byleveraging economies of scale.

16

Product Strategy

Must-know

Want-to-know

Information of high social value thatusers are encouraged to know

Information of high personal value thatusers want to know.

01
Major news

Deliver information
in anunderstandable
manner through all

Information users are interested in• Headlines• News video summary• Feature articles and special tabs on current topics• Features and content that allow users to learn
more about hot topics

Opinions of thegeneral public(Personalized & Customized)• Enhanced personalization logic• Follow-up function• Original content (radio, etc.) to meet diversified
needs• Channel customization

Information necessary for daily life
（Localized）• Keyword trends• User reaction and surveys• Comment featureforms of content• Local news
• Earthquake/disaster
alert system• Rain cloud radar• Pollen information• Train Operation
Information• Crime prevention
information• Coupons for nearby areas

Our goal is to create an application that delivers“must-know information” with high social valueand “want-to-know information” with high personalvalue at the lowest possible cost to promote
optimal social and personal decision-making.

17

Coupons

WeatherVideo summaryof the day

Customize

Delivers coupons that canbe used at restaurants,
convenience stores, etc.
nationwide every day.

Features a simple anduser-friendly weather
function. Allows users toquickly check the local
weather.

Video summaries
delivered at the end of theday, no missing out on
important news on busy
days.

Choose favorite channels
and customize to users’
taste. Create users’ own
app that is the easiest touse.

Marketing Strategy

02

Updated our logo to a more contemporary style that
embodies product values

The previous icon of a folded newspaper delivering articles replaced by an icon that delivers awide variety of information, regardless of format, while keeping the motif of an airplanedelivering information.

Expand media scale
while maximizing

Renewal of brand regulations

product value

Operate regulations that place a high priority on reliability asa media service

Further enhancement of operations
We operate brand regulations that are consistent
with the direction that products are aiming for. We
also promote highly accurate marketing throughEnhance operations such as clarification of target segments
and refinement of IRR (Internal Rate of Return) by media

thorough visualization of advertising effectiveness.

Mix of digital marketing and TV
commercials
Pursuit of the optimal mix of digital and TV commercials,
taking into account the branding perspective

18

Improve advertising effectiveness by adding
an advertising menu
Sales Strategy

Focus on improving advertising effectiveness from the advertiser's
perspective, aiming to launch new products every quarter to halfyear

Introduce new ads

03

that are image

Improve profitability

oriented

to maximize service
value

Measures•••In the short term, we will focus on strengthening
our advertising revenue. We also aim at improving

Carousel ads.
Video ads
Dynamic ads, etc.

advertising effectiveness for sales growth throughthe development of new advertising menus. In themedium to long term, we will also be examining
the potential for monetization other thanadvertising, such as setting up billing models, etc.

Optimize ad delivery including external
networks
Improved delivery logic and added network
Measures••19

Strengthen ties with major advertising networks
Further optimization of ad delivery by combining
external networks and in-house systems

Aim to create a service that receives

overwhelming support from au users bystrengthening cooperation with KDDIau Service Today

History

MAU growth

MAU for each app

with the start ofoperations

LUCRA
NewsPass+ au Service Today

Drive expansion of

Gunosyactive users in the

media businessWe have built a stable user base on the back of
the app pre-installed on au devices.
(*Android devices).

Q1

Q2

Q3

FY2018/5

22

Q4

Q1

Q2

Q3

FY2019/5

Q4

Q1

Q2

Q3

FY2020/5

Q4

Q1

Q2

Q3

Q4

FY2021/5

MAU of NewsPass remained stable despite restrained investment in Gunosy.
The number of active users showed a significant growth with the launch of
au Service Today.

Summary of Overall Strategy

Aim to make au users' experience more enjoyable by

Aim to create apps

providing NewsPass and au Service Todaythat receive
overwhelming
support from au

Approx.

users, working

5 times

together with KDDI

User expansion potential achieved bypromoting use by all au users

We intend to drive growth through increased
usage by au users.
Expanding our reach to au users alone canprovide attractive growth opportunities.

Current user
scale

Present

23

Medium- to long-term
growth potential

FY2022

テーマ

FY2023〜

Growth Image

Create the conditions
that make au users

Direction

feel "this app will

Enhance features
as a news app

Extend services beyond
news appmore convenient andTheme

Enhance experience of reading thenews
Apps that users want to open every day

fun"

Focused
KPIs

Article browsing frequency andretention rate

Differentiation from competitors,
creation of usage scenes andattractions other than news
Frequency of app use andaverage time on page
DAU & MAU

TargetPromote use by existing users

make our smartphone

We aim to create an app that makes existing

New acquisition of au users

users want to open it every day by making their
Provide the convenience of "quickly
finding useful information for dailylife" (weather information, traintransfer information, etc.)

news reading experience on a daily basis
something taken for granted.
In the medium to long term, we aim to attract new
au users by creating attractions that will trigger
new usage.

24

Main
measures

Raise the level of experience and valuethat is taken for granted as a news app
by improving the user interface andrecommendation features.

Provide “an easy and funmoney-saving experience”
Provide convenience enabling users
to "quickly find out what they want toknow about smartphones and auservices, and to quickly solve
problems"

Restructure the Ecosystem of Gaming
Game8 was launched in 2014 and has grown to become one of the largest game walkthrough media in Japan, with over 42
million visitors per month in 2021. In order to realize our mission of making games more fun, we aim to be a company that cancontribute to the development of the entire game industry, going beyond the framework of web media.

History

Game8 net sales and operating profit (non-consolidated)
Net sales
Operating profit(Million yen)

Continued high

1,600

growth after joining(Million yen)

800

CAGR

the Gunosy Group,

63.6%（FY2017-2021）

becoming the

1,101

929

second pillar of thebusiness

1,618

497
400

800

586

With the mission of "making games more fun", we381

are running "game8.jp", the largest game329

walkthrough wiki in Japan. We achieved record
sales and operating profit even under the260

influence of COVID-19.

226
21
0

0

FY201727

FY2018FY2019FY2020

FY2021

Image of Business Expansion
Summary of Overall Strategy

In progress03

through investment
in new businesses

Expand solutions

Sustain high growth

Acquire new growth drivers

In progress

01

Solidify thedomestic media
We will invest to solidify our domestic media

In progress

02

Growth of overseas
businesses

business in order to realize a foundation that will
generate stable profits.

Expand user base as a game walkthrough media

From a medium- to long-term perspective, we aim
to sustain high growth by investing in overseas
businesses, taking on the challenge of new

01

Solidify our business through investment in human resources, including hiring executives
and engineers

02

Continue to invest in game8 in English version to capture high-potential overseas
demand03

Take on the challenge of new businesses leveraging our existing strengths, and promote
external investment in areas peripheral to gaming.

businesses leveraging our existing strengths, andmoving forward with external investments.

28

Growth Image
New businesses

Aim to achieve sales
growth of more thandouble over the

Growthdriverperiod of theOverseasbusinesses

Medium-Term
Management Plan
We aim to achieve sales growth of more thandouble over the period of the Medium-Term
Management Plan, with overseas businesses and

Over
seas

Domestic media

new businesses as growth drivers.

Present
29

Contribute to the corporate growth andrealization of an enriched society by discovering
growth areas and supporting innovation
We will promote investment in promising growth opportunities in Japan and abroad, not limited to the media and advertising sectors.
Through our support of startup companies, we will contribute to the realization of innovation for a prosperous society and will achieve thediscontinuous growth of Gunosy.

History

Cumulative investment
exceeding 4 billion yen,*1

Cumulative investment

Investment ofover 2 billion
yen executed

40

growing into the third

*1

Over

slice (India)

Cumulative
investment

pillar of the Gunosy

4 billion yen

GroupSince the start of operations in August 2018, 19
investment projects have been executed,

Strategic

20

successful not only in the effective utilization of

investment

GunosyCapitalcash and deposits through pure investments, butalso in discovering strategic investment targets.

Investment as aLP

*2 Investment in GaragePreneurs Internet Pvt. Ltd
which runs “slice”.
*3 “Invested as a LP” in the chart is based on theamount that Gunosy Capital committed to invest in
VC as a limited partner.

32

Invested*3
as a LP*1 Including the amount Gunosy Capital committed
to invest in VC as a limited partner. Investments inforeign currencies are calculated at the rate
prevailing at the time of disclosure.

Cumulative strategic
investment of over 2 billion
yen executed in “slice”. *2
Expected to become an
equity-method affiliate
Through investment from Gunosy Capital, we
will discover promising high-growth startups
as strategic investment targets.

Gunosy Capital

including follow-on investments. We have been

Status of investment(100 million yen)

0

2018

2018

2020

2021

（18/8-12）（19/1-12）（20/1-12）（21/1-6）

Invested in promising
startups in Japan and India
Investment decisions based on strict
investment criteria.
Even in the face of adversity caused by
COVID-19, our investments remained in asound financial position.

Investment to reinforce
sourcing
Gunosy Capital Invested in prominent VC
firms such as Incubate Fund and Xtech as alimited partner

Overall Strategy
04 Acquire returns
Strategic investment:
Contribution to profit in P/LPure investment: Cashacquisition (to be used for
new investment)

Capture high-growth

01 Sourcing
04

pure investments andstrategic investments

03

Execute investment/ asset management
Execute two types ofinvestments: A. Strategic
investments and B. Pureinvestments.

Extensive investment network
accumulated through past
investment experience andinvestments as a limited
partner

Investment
Cycle

areas outside thecompany through

01

02
03

02

Considerinvestment
Evaluate investment targets
based on strict investment
criteria

We have been discovering attractive investment
opportunities through our extensive sourcing

A

network.

Strategic investments

B

Pure investments( e.g. investing in slice )While aiming to achieve a high internal rate of

return (IRR) from a pure investment perspective,
we will also consider taking actions fordiscontinuous growth such as M&A.

33

Policy ofstrategy

Execute investments in targets that show
extremely high potential and are expected
to generate synergies with our corebusiness, with a view to applying the equity
method or consolidation.

Minority investment in targets where a high
マイノリティ投資
IRR is expected

Expected
returnContribution to P/L as a pillar of the Group's
growth through 戦略投資
the application of the equity
method or consolidated accounting

Exits with high IRR, such as IPOs andM&As, or switch to strategic investments
マイノリティ投資
depending on the status of businessdevelopment

India’s fintech startup with a mission to“redesigning your financial experience”

Strategic Investment in "slice"

Past

Present

medium-termLong term -A rapidly growing
Innovate the financial experience for

Indian startup

Millennials and Generation Z aiming to

expected to become

become the market leader in India

our equity-method
affiliate
We executed a strategic investment in
GaragePreneurs*, which runs “slice”, a digitalcredit card service for young people in India.
Based on its growth potential and the possibility of
future collaboration, we acquired a potential voting
expected to become an equity-method affiliate of
Gunosy and contribute to P/L in the medium tolong term.

* GaragePreneurs Internet Pvt. Ltd.

34

Innovation for Society

right of approximately 20%. In the future, it isMicro-lending
platform for college
students

Digital credit card
services for young
peopleLeader in India's
digital credit card
marketProvide easy accessto micro-lending(several tens of
thousands yen) via
smartphone to young
people in India who
would otherwise find
it difficult to accesscredit.

Provide a new appbased digital credit
card experience that
Millennials and Gen Z
can identify with.

Aim to become a market
leader by opening up theimmature Indian credit
card market with its
superior products andbrand.

Provide neobanking platform

Create a nextgeneration banking
platform that offers avariety of financial
products and an
optimized financial
experience for eachuser.

New Businesses

Continue to take on the challenge of creating

businesses that have a social impact to create
new earnings drivers
We will continue to take on the challenge of creating new businesses leveraging the strengths of the Gunosy Group that we havecultivated since our establishment.
We aim to create a new pillar of business that follows media business, Game8 Group, and investment business.

Overall Strategy

Create a new pillar to generate revenue

Continue to take onchallenges
leveraging thestrengths of the
Gunosy GroupWe are currently focusing on fostering thebusinesses of "YOU IN" and "Guhack“ and willtake on the challenge of creating new businesses
by leveraging our existing strengths throughout
the term of the Medium-Term Management Plan.

37

•
•
•
•
•
•

Technology
User baseMedia know-how
Marketing know-how
Advertising know-how
Know-how gained
through strategic
alliances.

Organization
Strategy
Aiming to become an organization where thecompany and employees can grow together

03

Organization Strategy

Aim to create an organization where talented

people from within and outside the company
can work actively and sustainably.
We aim to maximize our corporate value over the medium to long term and promote human resource strategies that allow ourtalented people to work productively and grow sustainably.
We intend to attract a wide range of talented people from outside the company through offering a variety of work styles andsupporting career development.

Overview of Human Resources
Strategy

1

Proactively invest in
human resources toachieve medium-

HR Strategy Project2"Gunosy Workstyle”(Gunosuta)
•

•
•

•

Clarify required skills
Provide opportunities forlearning
Support for career path••

Promote work fromhome
Combine remote andonsite work
Offer diverse working
stylesand long-term
growthIt is vital to secure talented employees in order tosustainably grow the business. We will (1)fundamentally review our support for employee

Offer a variety of work styles that fit different life stages

career development and (2) develop new ways ofworking, "Gunosy Workstyle (Gunosuta)“ andpromote the recruitment of human resources fromtwo perspectives: internal training and external
recruitment.

41

Support for career development over the medium and long term

(1) HR Strategy Project (career
support and training system)

Design a career pathaccording to the

Career design

types of jobs.

Design a career path according to thetypes of jobs.

Provide appropriate
training to acquire

HR Strategy Project

the necessary skills
We will enhance career design, career support,
and training systems to support employee growthover the medium and long term.

Training system

Organize and commonize the skills
required by each business sector, andprovide training tailored to each skill.

42

Career support

Support career development through 1-on1 meetings standardized across thecompany(2)"Gunosy Workstyle” (Gunosuta)

Provide a variety of"work styles" so thatdiverse humanRecommend work-fromhome

resources can work

actively over thelong term

Even under post-pandemic conditions,
we will continue to handle tasks remotely
where it is more efficient to do so.

We introduced a complete work-from-homesystem from remote locations and redefined andexpanded the commutable range.

Employees can decide whether to work fromhome or work from the office depending on theirtasks or situation. In order to maximize theperformance of our employees, we introduced amore advanced work-from-home system including
revision of the definition of commutable range andintroduction of complete work-from-home.

Combineremote andonsite work
We will provide optimal officelocation / environment for
creative issues such as
generating ideas, sharing
knowhow, etc.

43

* For the time being, work schedule will be adjusted
appropriately according to the status of COVID 19
infection.

Diverse working
styles
While encouraging working
from home, we aim to create
an organization that allows
flexible work styles, includingcore hours and flexible
working hours

Commutable range applied to workfrom-home / combination of remote(2)"Gunosy Workstyle” (Gunosuta)

and onsite work

Introduce complete
work-from-home andTochigi

expand commutable

Gunma
Ibarakirange, enabling

Saitama
Yamanashi

employees to live in

Tokyo

Chiba

Kanagawa

remote areas
Shizuoka

At Gunosy, complete work-from-home (residence inremote areas) is allowed which does not require
employees to come to the office. In addition, thecommutable range has been expanded to allow for

more flexible work styles than ever before.

•
•
•
•
44

Commutable range andcommuting expenses

Commutable stations

Hamamatsu
OtsukiTakasaki
Utsunomiya•(1) The shortest trip from the office to the station
closest to the employee's home on a conventional
train within 2 hours one way and (2) within 1.5
hours one way by Shinkansen is permitted.
(Commuting expenses paid up to 100,000 yen permonth)•

Employees who have adopted the complete workfrom-home plan are reimbursed up to 100,000 yen
per month for related expenses (including
accommodation and travel expenses) only when
the company deems it necessary.

Sustainability
Our Efforts for SDGs and ESG

04

Sustainability

Aim to realize sustainable growth in a newnormal society
We will actively take measures on the Group's ESG issues including providing businesses that are valuable to society, promoting
diverse work styles for employees and continually strengthening corporate governance to achieve sustainable growth, with theaim of maximizing corporate value over the medium to long term.

Examples of SDGs/ESG initiatives (1)Background

Major digital media and social networking companies
focusing on personalization through machine learning(Optimization of information delivery)

Coping with theadverse effects causedby optimized
information delivery

The pursuit of user click behavior on articles and ads

Task

Filter bubble*1

Clickbait*2

causing new concerns.

We aim to create a media that is truly valuable tosociety by striving to solve social issues that arise
from the optimization of information delivery
through both media improvement and R&D.
Filter bubble*1

Filter bubble: Information environment in which thealgorithms analyze and learn from the search andpast click-behavior of individual Internet users,prioritizing the information they want to see regardlessof their intentions, and separate them frominformation that disagrees with their viewpoints, thus
isolating them in bubble of their own ideas and values.
(WHITE PAPER 2019: Information andCommunications in Japan. Published by Ministry ofInternal Affairs and Communications)

Clickbait*2*2

Clickbait: The act of enticing users to view the linked
piece of online content by overstating the titles ofnews articles. When users view clickbait news articles,
it may cause them to feel uncomfortable and cause adecrease in satisfaction.

48

Gunosy's initiatives.
(1) Improve media(2) R&D

Reduced the exposure of sensational
content and developed an article
distribution logic that considers themust-know for users.

Conducted verification using actualuser data and published a paper on
filter bubbles and clickbait.

• The top row of the topic
tab displays news that isrecommended to know in
five columns• Develop delivery logic focusedon deeper interests of users• Rewrite headlines to ensure
qualityExamples of SDGs/ESG initiatives (2)Provide an advertisingexperience that gives

Advertising Policy

users/advertisers asense of security

Our policy is not to publish any advertising that violates laws or
regulations, nor any advertising that may cause discomfort or
disgust to users.

We are implementing the industry's most strict
advertising examination process. We eliminate ads that
violate compliance in order to realize ad delivery that isvaluable to both users and advertisers. We aim to be anews media that is safe for everyone to use.

Examination system
An independent examination
conducted by the ad examinationteam within the Corporate
Headquarters in accordance with the
Gunosy Advertising Guidelines(2020.4 version)
49

Example of unacceptable ads••••

Use of offensive images
Unclear evidence of effectivenessand efficacy
Misleading as medical treatment,emphasis on approval
Advertising that is difficult toassociate with the advertised
product

Past
Board ofDirectors

Examples of SDGs/ESG initiatives (3)Internal
Director

Enhance thesupervisory function

Compensation
Committee
with a majorityof outside
directors

Non-Executive
Director
Outsidedirector
Independent
outside directorof the Board of
Directors
FutureA voluntary compensation committee was

Board ofDirectors

established in FY2021/5. A new female

Considered
to beestablishedindependent outside director is expected to beelected at this year's annual shareholders'meeting.
The establishment of a voluntary nominating
committee is also under consideration.

Internal
Director

Outsidedirector
Independent
outside director

50Compensation
Committee
with a majorityof outside
directors

Non-Executive
Director

One female
independent
outsidedirector isscheduled tobe appointed.

Voluntary
nominating
committee

Examples of SDGs/ESG initiatives (4)Realize diverse
work styles, invest
in human
resources, andpromote DX
We will promote the creation of an environment
where diverse human resources can be active

1

Implement company-wide work-from-home and flex
hours to create an environment in which diverse humanresources can play an active role.
(See p.43)

2

Improve productivity and employee satisfaction acrossthe company by revamping career support and training(See p.42)
systems

3

Improve productivity through promotion of DX such as
introduction of electronic contracts, enhance governance,and reduce paper resources.

through new working styles and investment in
human resources as well as driving digitaltransformation to improve productivity in workfrom-home. We will also achieve reduction of
paper resources and strengthen governance.

51

Forward-looking statements contained in these materials are prepared from judgments and assumptions based on information available at the timeof preparing the materials, and do not guarantee their accuracy. These materials contain financial data that have not been audited by anindependent certified public accountant or an auditing firm.
Please note that actual results may differ materially from the forecasts due to various uncertainties included in these judgments and assumptions
and changes in risk factors and the economic environment.

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