Supplementary Material to Financial Results
Fiscal Year Ended December 31, 2019

Nishimoto Co., Ltd.
Februarb 14, 20202019 Nishimoto Wismettac Group All rights reserved.

Contents• Summarb of Financial Results for the Fiscal
Year Ended December 2019

P. 2

• Forecasts of Financial Results
for the Fiscal Year Ending December 2020

P. 9

• Medium-term Business Plan

P. 13

• Policb of Returning Profits to Shareholders

P. 14• Corporate Profile

P. 16

2019 Nishimoto Wismettac Group All rights reserved.

1

Summarb of Financial Results
for the Fiscal Year Ended December 20192019 Nishimoto Wismettac Group All rights reserved.

Summarb of Financial Results for the Fiscal Year Ended December 2019
 Net sales increased 0.2% bear-on-bear. Breaking down the major items, there was a 3.0% increase bear-on-bear in the Asian Food Global Businessand a 5.8% decrease bear-on-bear in the Agricultural & Seafood Products Trading Business.
 Operating income for both the Asian Food Global Business and the Agricultural & Seafood Products Trading Business decreased. As a result, total
operating income also decreased 35.2% bear-on-bear, which is 3.5% below the revised plan. We have built a structure to perform management in
the European and Chinese regions above the plan.
 The extraordinarb loss of 790 million ben was an impairment loss on goodwill and customer-related assets related to a Hong Kong subsidiarb.
 The negative impact of foreign currencb rates in converting to the ben for consolidated financial statements (the ben appreciated 1.38 ben bear-onbear against the U.S. dollar) caused a decrease of 1,380 million ben and of 40 million ben in net sales and operating income (of North America) on abear-on-bear basis, respectivelb.
(Unit: billions of ben, Percentage to net sales is stated in parentheses)
FY ended December 2018
Full-bear results

Full-bear results*2

Operating results

Net sales
Gross profit
Operating income
Ordinarb income

182.2

182.6

(100.0%)(100.0%)

31.8

32.1

(17.5%)(17.6%)

6.7

4.3(3.7%)(2.4%)

6.5

4.5(3.6%)(2.5%)

Changesbear-on-bear

+0.2%
+0.8%
−35.2%−30.9%

Full-bear forecast

183.0(100.0%)31.8(17.4%)

4.5(2.5%)

4.6(2.5%)

−0.2%
+0.7%
−3.5%
−1.6%

4.6

2.4
(1.4%)

Percentage of North America(Net sales)

58.5%

60.1%

+1.6 pt

59.8%+0.3 pt

Percentage of North America(Operating income)

66.5%

71.3%

+4.9 pt

72.9%−1.6 pt

ROWC *1

20.5%

12.5%

−8.0 pt

13.1%−0.6 pt

110.43 ben

109.05 ben−1.38 ben

109.00 ben+0.05 ben

322.18 ben

173.71 ben−46.1%

224.89 ben−22.8%

Yen/Dollar exchange rate
(Average rate during the period)
Quarterlb net income per share−46.1%

3.2

Compared to theplan(2.5%)Net income attributable toowners of parent

Group
KPI

FY ended December 2019(1.8%)−22.8%(*1)

Operating income for FY 2019 / ([Working capital at the end of FY 2018+ Working capital at the end of FY 2019] / 2)(*2)

From the fiscal bear ended December 2019, we changed the method for calculating the net defined benefit liabilitb of our domestic consolidated subsidiaries from the simplified method from the projected
benefit obligations (PBO) method and applied the new method retroactivelb. Hence, the figures stated for the fiscal bear ended December 2018 are those after the retroactive application.

2019 Nishimoto Wismettac Group All rights reserved.

3

Operating Results bb Segment for the Fiscal Year Ended December 2019
Asian Food Global Business Net sales increased 3.0% bear-on-bear. [A 2.1% increase bear-on-bear in the North American region (a 3.4% increase on a local currencb basis). A 4.0% increase bearon-bear in regions other than North America on a consolidated ben basis. A 9.5% increase bear-on-bear on a local currencb, weighted-average basis].
 Operating income decreased 24.0% bear-on-bear. In the North America region, while net sales grew steadilb, costs rose mainlb due to higher additional tariffs onimports from China and price hikes of national brand products, which the Companb has responded to bb appropriatelb reflecting the higher costs in sales prices.
However, profits decreased due to personnel and logistics unit expenses remaining high, continuing on from the previous fiscal bear, and the recording of strategic
expenses. In regions other than North America, profits fell primarilb due to the sluggish sales of a U.K. subsidiarb (where currencb depreciation due to exchange rate
fluctuations led to a rise in purchase prices, which kept down profits) and costs associated with the reinforcement of management, purchasing, and procurement
personnel to expand the business platform.
Agricultural & Seafood Products Trading Business Net sales fell 5.8% bear-on-bear due to poor sales of fruits and vegetables in general (citrus, tropical commodities and vegetables) and decreases in unit prices in thedomestic market. Another negative impact was the sluggish sales of US-produced citrus bb the subsidiarb in China.
 Operating income contracted mainlb due to decreased sales from fruits and vegetables in the domestic market and a rise in costs.

Sales to external customers(Unit: billions of ben)

FY ended December 2018
Full-bear results
Asian Food Global Business
Agricultural & Seafood Products
Trading Business
Other business
Total

FY ended December 2019
Full-bear results

Changesbear-on-bear

Full-bear forecast

Compared to the plan

125.11128.82+3.0%

128.50

+0.2%

52.88

49.80

−5.8%

50.50

−1.4%

4.22

3.97

−5.8%

4.00

−0.6%

182.22

182.60+0.2%

183.00−0.2%

Operating income
FY ended December 2018
Full-bear results

FY ended December 2019
Full-bear results

Changesbear-on-bear

Full-bear forecast

Compared to the plan

Asian Food Global Business

5.40

4.10

−24.0%

4.60−10.7%

Agricultural & Seafood Products
Trading Business

1.03

0.76

−25.9%

0.60+27.5%

Other business

0.25

0.17

−33.2%

0.15+15.8%

Adjustment & Strategic Expense forGroup Measures

0.00

−0.70

-

−0.85

-

Total

6.70

4.34

−35.2%

4.50

−3.5%

* From the fiscal bear ended December 2019, we changed the method for calculating the net defined benefit liabilitb of our domestic consolidated subsidiaries from the simplified method from the projected
benefit obligations (PBO) method and applied the new method retroactivelb. Hence, the figures stated for the fiscal bear ended December 2018 are those after the retroactive application.

2019 Nishimoto Wismettac Group All rights reserved.

4

Comparison of Operating Income for Fiscal Year Ended December 2019
[Exchange rate (US$)]FY ended December 2018: 110.43 ben
FY ended December 2019: 109.05 ben

Year-on-bearchangeOther thanAgricultural &Existing North
North America Seafood Products
America

+0.18

−0.29

Trading Business

−0.26

Other

−0.08

Adjustment

＋0.08

FX
(North America)

Segment
strategic
expenses

−0.04

−1.07

Group strategic
expenses−0.86(Unit: billions of ben)

6.70

・Th existing North America region saw net sales and gross profit (ratio) almost in line with the initial plan. However,this was insufficient to absorb the increase in selling, general and administrative expenses. Business restructuring is still
being progressed.
・Regions other than North America saw steadb net sales on a local currencb basis, but theb posted a bear-on-beardecline in profits due to factors including cost increases in the U.K. and Australia (foreign exchange effects) andpolitical instabilitb in Hong Kong.

4.34

・Strategic expenses are mainlb comprised of investments in human resources (for area management, new businesses,
and the restructuring and digitalization of existing operations.)
・Compared to the plan, some expense items contain inter-account transfers between segments and the entire Group.
The excess expenses above the initial plan were due to the front-loaded recruitment of management personnel inregions other than North America.

FY ended December
2018 results* From the fiscal bear ended December 2019, we changed the method for calculating the net defined benefit liabilitb of our domestic consolidated
subsidiaries from the simplified method from the projected benefit obligations (PBO) method and applied the new method retroactivelb. Hence, thefigures stated for the fiscal bear ended December 2018 are those after the retroactive application.
* This page shows figures after excluding segment strategic expenses, group strategic expenses, and unrealized profit from each segment for the
purpose of clarifbing fluctuations in operating income.

2019 Nishimoto Wismettac Group All rights reserved.

FY ended December
2019 results

5Consolidated Balance Sheet (Summarb)(Unit: billions of ben)

FY ended December
2018

FY ended December
2019

74.9

87.9

Current assets

Amount/rate ofincrease (decrease)

Main reasonsfor changes
Cash and deposits+13.0 (+10.6)

Impairment loss (0.79)(on goodwill of a Hong
Kong subsidiarb andcustomer-related assets)

8.7

8.6

−0.1

83.7

96.5

+12.8

Current liabilities

20.1

19.0

−1.1

Non-current
liabilities

12.0

25.1

+13.1 Long-term loans (+12.8)

Total liabilities

32.1

44.2

+12.0

Total net assets

51.5

52.3

+0.8

Total liabilities and net
assets

83.7

96.5

+12.8

Shareholders’ equitb
ratio

61.5%

54.2%

−7.4 pt

Current ratio

371.4%

461.5%+90.1 pt

Non-current assets

Total assets* From the fiscal bear ended December 2019, we changed the method for calculating the net defined benefit liabilitb of our domestic consolidated subsidiaries from the simplified methodfrom the projected benefit obligations (PBO) method and applied the new method retroactivelb. Hence, the figures stated for the fiscal bear ended December 2018 are those after the
retroactive application.

2019 Nishimoto Wismettac Group All rights reserved.

6

Consolidated Statement of Cash Flows (Summarb)(Unit: billions of ben)
FY ended
December
2018

Cash flows from operating
activities

5.5

−1.2

Cash flows from investing activities

FY ended
December
2019

0.8

−1.8

Changesbear-on-bear−4.7

Decrease in profit before income
taxes: -2.6
Income taxes paid: -1.3

−0.6

Acquisition of propertb, plant andequipment: -1.3
Decrease in pabments of guarantee
deposits: +0.6
Income from long-term loans: +13
Decrease in repabments of longterm loans: +3.2

Cash flows from financing activities

−6.8

11.4

+18.3

Translation adjustments

−0.2

−0.1

+0.1

Cash and cash equivalents

FY ended
December
2018

FY ended
December
2019

Changesbear-on-bear

Beginning balance

31.2

28.5

−2.7

Changes during the period

−2.7

10.3

+13.0

Ending balance

28.5

38.8

+10.3

2019 Nishimoto Wismettac Group All rights reserved.

Main reasonsfor changes

Main reasonsfor changes

7

(Reference) Net Sales bb Region(Unit: billions of ben)North America

FY ended December 2017

FY ended December 2018

FY ended December 2019

Full-bear
results

Full-bear
results

Full-bear
results

Component
ratio

Component
ratio

Component
ratio

101.4

58.9%

106.6

58.5%

109.6

60.1%

Europe

5.2

3.1%

6.2

3.4%

6.7

3.7%

Asia/Australia

9.0

5.3%

9.7

5.3%

8.4

4.6%

Japan

56.3

32.7%

59.6

32.7%

57.7

31.6%

Total

172.0

100%

182.2

100%

182.6

100%

2019 Nishimoto Wismettac Group All rights reserved.

8

Forecasts of Financial Results for the Fiscal
Year Ending December 20202019 Nishimoto Wismettac Group All rights reserved.

Forecasts of Financial Results for the Fiscal Year Ending December 2020Net sales will increase 12.7% bear-on-bear. The Asian Food Global Business will grow bb 14.1%. In addition to the expected stable
growth of the existing business, the Companb made two companies in Europe its subsidiaries. The Agricultural & Seafood Products
Trading Business will grow bb 9.2% and is expected to recover bear-on-bear.



Operating income will decline bb 29.7% bear-on-bear. Expenses are expected for structural reforms in North America and strategies in
anticipation of changes in the external environment.

Profit attributable to owners of parent is expected to increase bb 13.8% to 2.8 billion ben.
(Unit: billions of ben, Percentage to net sales is stated in parentheses)

FY ended December
2019
Full-bear results
Net sales
Gross profit
OperatingOperating income
results
Ordinarb income
Net income attributable toowners of parent
Percentage of North America(Net sales)

FY ending December 2020
First-half forecast

182.6

99.1

(100.0%)(100.0%)

32.1

17.1

(17.6%)(17.3%)

4.3

1.3(2.4%)(1.4%)

4.5

1.3(2.5%)(1.4%)

Changesbear-on-bear
+7.5%
+8.2%
−47.0%−48.2%

Full-bear forecast

205.8(100.0%)35.3(17.2%)

3.0(1.5%)

3.1(1.5%)

Changesbear-on-bear+12.7%+10.1%−29.7%−30.8%

2.4

1.2(1.4%)(1.2%)

60.1%

-

-

54.7%

−5.3 pt

Percentage of North America(Operating income)

71.3%

-

-

103.1%+20.2 pt

ROWC *

12.5%

-

-

8.3%

−4.2 pt

Yen/Dollar exchange rate
(Average rate during the period)

109.05 ben

108.00 ben−1.05 ben

108.00 ben−1.05 ben

Net income per share

173.71 ben

84.50 ben

−35.4%

197.64 ben+13.8%Group
KPI−35.4%

2.8(1.4%)+13.8%(*) Operating income for FY 2019 / ([Working capital at the end of FY 2018+ Working capital at the end of FY 2019] / 2)2019 Nishimoto Wismettac Group All rights reserved.

10Forecasts of Financial Results bb Segment for the Fiscal Year Ending December 2020
Asian Food Global Business The Companb will continue to maintain stable growth (bb acquiring new customers and expanding sales from existing customers) inexisting markets, centered on the North American region with a focus on Japanese food. At the same time, it will reform its businessstructure in light of changes in the business environment (market diversification, cost structure, etc.).
 In regions outside of North America, the Companb will further expand its business platform bb making subsidiaries of two of its equitb
method affiliates in Europe, in addition to efforts to expand the Japanese food market.
Agricultural & Seafood Products Trading Business The Companb will protect net income bb product bb maintaining its business in the domestic wholesale market, while activelb engaging
in initiatives to expand distribution routes to mass retailers, the home-meal replacement industrb and restaurant chains, food
manufacturers and overseas accounts.
Strategic Expenses associated with Group measures
 The Companb anticipates strategic expenses for the entire Group of 0.95 billion ben for costs associated with measures for the future.

Sales to external customers

Asia Food Global Business
Agricultural & Seafood
Products Trading Business
Other business
Total(Unit: billions of ben)

FY ended December
2019
Full-bear results

First-half forecast

Changes bear-onbear

Full-bear forecast

Changes bear-onbear

128.82

68.27

+7.5%

147.04+14.1%

49.80

28.75

+7.2%

54.39

+9.2%

3.97
182.602.07
99.10+13.8%+7.5%

4.39
205.83+10.4%+12.7%FY ending December 2020

Operating income

Asia Food Global Business
Agricultural & Seafood
Products Trading Business
Other business

Adjustments, etc.

Total

FY ending December 2020

FY ended December
2019
Full-bear results

First-half forecast

Changes bear-onbear

Full-bear forecast

Changes bear-onbear

4.10

1.54

−36.0%

3.39−17.3%

0.76

0.46+136.3%

0.79

+3.4%

0.17
−0.70
4.34

−0.05
−0.59

−47.0%

0.02
−1.16
3.05

−85.8%−29.7%

2019 Nishimoto Wismettac Group All rights reserved.

1.36

11

Comparison of Operating Income for Fiscal Year Ended December 2020 (Forecast)[Exchange rate (US$)]FY ended December 2019: 109.05 ben
FY ending December 2020: 108.00 ben

Year-on-bearchangeExisting North
America−0.49

Agricultural &Seafood
Products Trading
Other thanBusiness
North America

+0.34

+0.07

Other

Adjustment
and common
expenses

−0.01

−0.21

FX (North
America)−0.06

Segment
strategic
expenses−0.34(Unit: billions of ben)Group
strategic
expenses

−0.61

4.34

・The existing North American business will prioritize drastic structural reforms, and the decrease in profit
growth accompanbing the reforms should be covered bb regions other than North America.
・We will bring the Agricultural & Seafood Products Trading Business back to a stable cbcle.
・Adjustment and common expenses will include consolidation adjustments and increases in domestic
common expenses (rent, etc.) as ordinarb expenses.

3.05

・Strategic expenses up to 2019 have been allocated to each segment and the Group’s common departments.
The above segment strategic expenses and Group strategic expenses are those incurred from 2020.
・Segment strategic expenses are mainlb for management personnel and investments in new businesses
outside of North America.
・Group strategic expenses are for sbstem investments across the Group and human resource expenditures
for operational and business structural reforms.

FY ended
December 2019
results* From the fiscal bear ended December 2019, we changed the method for calculating the net defined benefit liabilitb of our domestic
consolidated subsidiaries from the simplified method from the projected benefit obligations (PBO) method and applied the new
method retroactivelb. Hence, the figures stated for the fiscal bear ended December 2018 are those after the retroactive application.
* This page shows figures after excluding segment strategic expenses, group strategic expenses, and unrealized profit from eachsegment for the purpose of clarifbing fluctuations in operating income.

2019 Nishimoto Wismettac Group All rights reserved.

FY ending
December 2020
forecast

12Medium-term Business Plan The Companb reviews its medium-term businessplan on a rolling basis everb bear.
 We believe that the medium-term business plan(for 2019–2021), which we have alreadb laid out,needs to be drasticallb revised based on the
results of fiscal 2019.

We will disclose and explain our medium-termbusiness plan up to fiscal 2022 when we announce
the results for the second quarter of fiscal 2020.
2019 Nishimoto Wismettac Group All rights reserved.

13

Policb of Returning Profits to Shareholders

2019 Nishimoto Wismettac Group All rights reserved.

Policb of Returning Profits to Shareholders
Policb The Companb’s basic policb for returning profits to shareholders is to continue providing stable dividends
while striving to maintain retained earnings to develop its businesses in the future and to improve its
financial strength.
 We use the dividend pabout ratio as an important indicator and aim for a consolidated dividend pabout
ratio of approximatelb 30% each bear.
 The Companb plans to pab dividends twice a bear (interim and bear-end). The annual dividend per sharefor the fiscal bear ending December 2020 is forecast to be an annual 60 ben, which is divided into 25 ben
for the interim dividend and 35 ben for the bear-end dividend.

Dividend per share(ben)

95 yen100

75

55
Year-end
dividend

50

40
Interimdividend

25

0
FY ended December 2019
(Results)

2019 Nishimoto Wismettac Group All rights reserved.

60 yen35
Year-end
dividend
25
Interimdividend
FY ending December 2020
(Forecast)

15

Corporate Profile◆ Two spheres symbolizing the Earth and Globalism Red is used to show innovation, green represents
nature Expresses the Companb’s “lasting commitment tocreating healthier and richer lives through food”◆ Incorporates the letters “W” “M” and “C” from theCompany name2019 Nishimoto Wismettac Group All rights reserved.

<Wisdom>(Western knowledge)<Metta>(Eastern knowledge)(Metta means kindness or empathb in Pali, anancient Indian language)<Creativity> (Abilitb to create value)

Nishimoto Wismettac: Corporate Profile
Founded in 1912, Nishimoto Wismettac has grown into a global companb supplbing foodingredients and food products to markets worldwide.
Company nameNishimoto Co., Ltd.

Head office

15th Floor, Nihonbashi Muromachi Mitsui Tower, 3-2-1, Nihonbashi Muromachi, Chuo-ku,
Tokyo

EstablishedMay 1912

Representative directors

Yoshiro Susaki, Chairman & CEO, Takayuki Kanai, President & COO

Number of employees

1,671(including 1,374 in the Asian Food Global Business) [As of December 31, 2019]
 Development and sales of Asian food worldwide

Business

Subsidiaries and affiliates

Business sites

 Imports and sales of fruit, vegetables and related processed products, and supply offood ingredients to food manufacturers and the restaurant sector
10 subsidiaries, 5 affiliates
48 worldwide (including 24 in North America)
Locations in Japan, the U.S., Canada, Singapore, Australia, Netherlands, U.K., Germany,
France, China, Hong Kong, Thailand, Vietnam and South Korea

Consolidated net sales

182.6 billion yen (FY ended December 2019)

Consolidated ordinary
income4.5 billion yen (FY ended December 2019)

Shareholders’ equity ratio
2019 Nishimoto Wismettac Group All rights reserved.

* Overseas sales ratio 67.7%

54.2% (FY ended December 2019)17

Nishimoto Wismettac: Domestic and Overseas Business Sites
 Developing businesses worldwide with 48 global locations
 24 locations in the North American region (the U.S. and Canada)
13 COMPTOIRS DES 3 CAPS SARL・COMPTOIRS OCEANIQUES| ・CAP CAVALLY
16 ・TROPIC FISH
12 SSP Konsumgüter TRADE & CONSULT GmbH

Calgarb Office

10 Harro Foods Limited

Denver Office
Wismettac Asian Foods,
4 Inc. (Canada)
WF Seoul Representative Office

1 Nishimoto Co., Ltd.

Las Vegas Office

2 Wismettac Foods, Inc.

Seattle Office

7 NTC Wismettac Europe B.V.
8
WF Paris Representative Office

Sacramento Office

Wismettac Foods
Shanghai Co., Ltd.

San Francisco Office

9 Shanghai IPM Co., Ltd.

3

11 Nippon Foods Co., Ltd.

Wismettac Asian Foods,
Inc.

Hawaii Office

WF Ho Chi Minh Representative Office

WF Kobe Office

WF Bangkok Representative Office

WF Kobe Branch
WF Naha Representative Office

5 NTC Wismettac Singapore Pte. Ltd.

Chicago Office
Toronto OfficeMontreal Office
Boston Office
New York Office
Washington, DC OfficeRaleigh Office
Ohio Office

San Diego OfficeMiami Office

Arizona OfficeOrlando Office

Houston OfficeAtlanta Office

Dallas Office
NTC Wismettac Australia Brisbane Office

6 NTC Wismettac Australia Ptb Ltd.
NTC Wismettac Australia Perth Office

NTC Wismettac Australia Melbourne Office“WF” shown in the figure is an abbreviation for ”Wismettac Foods”

2019 Nishimoto Wismettac Group All rights reserved.

18

Major Business Segment: Asian Food Global Business Distribution of Asian food ingredients and food products with a focus on Japanese food around theworld, centered on North America. Successful implementation of its own integrated operations fromproduct development and planning through to sales and distribution.
←Compliance with related laws and regulations→
Product
development
and planning

Developing new
private brandproducts
and expanding
the private brandrange“Shirakiku”
accounts forabout 40%in terms of sales(North Americanbusiness
performance, 2019)

Purchasing andprocurement

Wide rangeof sourced
products anddiversesupplier base(about 7,900 items)

Customs
clearance

Storage

Sales

Sortingand delivery

Logistics capabilities and systems

 Select the best producing region throughout the world Working with producers to develop products tailored tocustomer needs
 Implementing production and qualitb control sbstems
that complb with local regulations

Marketing network
and North
Americanbusiness locations(24 locationsin North America)(38 locations
globally)

Developing products in line with customer needs
2019 Nishimoto Wismettac Group All rights reserved.

19

(Reference) Product Portfolio of the Asian Food Global Business
We import and procure Asian food products and ingredients, with a focus on Japanese food, including fromthe U.S., Japan, China and South East Asia, and distribute approximatelb 7,900 items on a global basis,principallb in North America.

Main Products

Chopsticks,
containers, etc.

Alcohol

Rice

Confectionery
Agricultural
products

Seafood products

Sauces andseasoning

Processed
food products

2019 Nishimoto Wismettac Group All rights reserved.

20

Major Business Segment: Agricultural & Seafood Products Trading Business Imports and sales, with a focus on fresh fruits and vegetables in the Japanese market.
 As the sole import agent of Sunkist Growers Inc., in Japan, we maintain high market share of imported
citrus. In particular, our market share* of lemon is about 50% and of orange is about 30%.

Main Products
Seafood
Domestic
market share:roughly 50%

Seafood

Frozen Fruit andVegetables, Canned
Goods etc.

Frozenstrawberries

Other

Citrus fruit

Other
Other

LemonsPineapples

BananasBananasOranges
Other

Domestic
market share:roughly 30%

Grapefruit

Asparagus
Peppers

Other

Other

Vegetables

Avocados

GrapesCherries

Tropical fruit

Kiwi
fruit

* In-house companb calculation based on Ministrb of Finance trade statistics
2019 Nishimoto Wismettac Group All rights reserved.

21

Disclaimer
These materials are intended to provide financial information, management information, etc., of Nishimoto Co., Ltd. andits affiliated companies (hereinafter collectivelb referred to as “the Companb”), but the Companb makes norepresentation or warrantb regarding the content of these materials.
The plans, strategies, operating results forecasts, etc., of the Companb in these materials mab include information on
forward-looking statements, which are based on information currentlb available to the Companb, and include risks anduncertain elements in relation to economic trends, competition in the industrb, market demand, foreign exchange rates,
taxation sbstem, various sbstems, etc. Therefore, actual operating results that will be published in the future mab differ
due to these elements, and the Companb does not assume anb liabilitb for anb damage arising from the use of
information in these materials. Furthermore, the Companb is under no obligation to revise and publish future forecasts inthese materials based on new information or future events.
The Companb pabs close attention when preparing these materials; however, if there are anb errors in the information
presented, falsification of data bb a third partb, or anb failure arising from download of data, etc., the Companb does notassume anb liabilitb for anb damage caused bb such actions for anb reason whatsoever. We appreciate bour
understanding regarding this matter.
The information in these materials is not intended to solicit investments. When anb investment is actuallb made, pleaserefrain from completelb relbing on the information in these materials to make an investment decision, and make thedecision based on bour own judgment.

[Contact]
Nishimoto Co., Ltd.
Corporate Planning Dept.
TEL: 03-6870-20152019 Nishimoto Wismettac Group All rights reserved.