FYE January 2016 (12th Period)

Presentation Material

01Company Profile
Company Name

Enigmo Inc.

Main Business

Management of social shopping site "BUYMA"

Location

Juko Bldg. 7F, 1-26-1 Minami Aoyama, Minato-ku, Tokyo

Date of Establishment

February 10th, 2004

Representative

Representative Director and Chief Executive Oﬃcer Shokei Suda

Capital381.9 million yen

Number of Employee

69 people (consolidated, 54: non-consolidated) (As of end of January, 2016)

Accounting Period

January 31stMajor Shareholder

Executive oﬃcers & Sony Corporation

Audit firm

Ernst & Young ShinNihon LLC

02

FYE (12th Period) Highlights

The Year for strategic investments and reorganisation for further growth
KPIs（Members,Total Transactions, etc.）

Financial Figures（Non-Consolidated）
Total Trading Amount24.44billion yen(118.2% YoY)

Members

Revenue

2.72 billion yen(119.0% YoY)

Number of Personal Shoppers

Operating Income

360 million yen(30.6% YoY)

Ordinary Income

360 million yen(30.8% YoY)

Net Income−20 million yen( - YoY)

3,004,769 （134.4% YoY）
76,000+ （115.4% YoY）

FYE Jan 2016 (12th Period) Results of
Measures Implemented

GLOBAL BUYMA Status

Member Acquisition Strategies/Mass Marketing Campaigns

BUYMA English Version:・Brand Visibility:

40％ (15 percentage point increase YoY）

・New Users:

788,000 people（141.5％ YoY）

Service released October 2015 with over 100,000 items listedon the English site
BUYMA Korean Version

ARPU Measures
・Annual ARPU

38,539 yen（96.0％ YoY）

Purchases increased to 489.1% YoY andbecame a consolidated subsidiary on 3/16/2016.

03

Earnings Results for FYE Jan 2016(12th Period)

Revenue, operating income, and ordinary income significantly surpassed
our revised company plans
Enigmo Inc. (non-consolidated)consolidatedyoy

12th Period
January 2016
Forecast

Expected
Variance

Progressrate

20,684 millionyen

118.2%

23,844 million
yen

595 millionyen

102.5%

Total trading
amount ※2,721 million
yen2,285millionyen

119.0%

2,665million
yen

56millionyen

102.1%

Revenue

2,858 million yen

Operatingprofit/ loss

366 million
yen

1,196 million
yen

30.6%

233 millionyen

132 millionyen

156.7%

Operatingprofit/ loss

219 million yen

Ordinary
profit/ loss

369 million
yen

1,200 million
yen

30.8%

235 million
yen

133 millionyen

156.4%

Ordinary
profit/ loss

216 million yen

FYE Jan 2016
(12th Period)

Previous Year

Total trading
amount ※24,440 million
yen

Revenue

NExtraordinary
income/loss
Income tax( 394 million
yen )※Please see the next slide for more details

Net income/loss( 25 million
yen )708 millionyenー

38 million
yen( 64 million
yen )FYE Jan 2016
(12th Period)

NExtraordinary
income/loss
Income tax

ーNet income/loss

ー(397 million yen)(180 million yen)

※Total trading amount ：total settlement amount including the product price and settlement fees04

Earnings Results for FYE (12th Period)

An one-time voluntary liquidation cost of our affiliated companies andbusinesses resulted in an extraordinary loss of 489 million yen.
Extraordinary Income, Loss, and Income Tax Breakdown
Non-Consolidated
Extraordinary Income

Extraordinary Loss
Devaluation of
Investment Securities
Other

Income Tax

Total

Consolidated

Comments

Previous year consumption tax refund

93 million yen

93 million yen( 487 million yen )( 489 million yen )( 453 million yen )( 453 million yen )Image Network、stulio、Enigmo KOREA( 34 million yen )( 36 million yen )Enigmo KOREA( 1 million yen )( 1 million yen )Corrections made to prior year’s consumption tax.
→ year’s income tax was added.

( 394 million yen )( 397 million yen )Extraordinary Losses
・As our subsidiary Image Network has closed, BUYMA's English-Language platform release will be managed by a team selected fromwithin our company.
・As stulio's service has closed, we have partnered with Reclo, a shopping site business for secondhand products and started a newconsignment and purchase service called All-IN.
・We have booked for impairment losses for investment in Enigmo Korea (in accordance with company rules), and have also made thecompany a consolidated subsidiary. Operations of Enigmo Korea is not transferred to Japan in order to accelerate growth.

05

Revenue trend (parent) (non-consolidated)

Revenue are steadily increasing (119.0% YoY)

2,721

2,800

2,400

2,285

2,000

1,823

1,600

1,439

1,200

851
800

47

400

804

0
FYE
Jan.2012(Unit : ¥Million Yen)

FYE
Jan.2013

Advertising Business

FYE
Jan.2014

FYE
Jan.2015

FYE
Jan.2016

BUYMA

06

Selling, General and Administrative Expenses (Non-Consolidated)

SG&A expenses expanded to 272.6%
due to the increase in advertising costs for the mass marketing (SG& A expenses, excluding advertising expenses was 122.9% yoy).
FYE Jan 2016(actual)Previous year

YoY (%)

414 million yen

372 million yen

111.1%

1,229 million yen

160 million yen

763.9%

Depreciation

11 million yen

9 million yen

122.3%

Other

223 million yen

145 million yen

153.2%

Total

1,879 million yen

689 million yen

272.6%

Personal Expenses

Advertisement expenses

07

Operating Profit and Margin (Non-Consolidated)

Operating Profit was 30.6% YoY
due to the cost increase for our mass marketing campaigns.
1,500

52.3%
46.7%

1,200

1,196

41.5%

900

852
24.1%
597

600

13.5%
300

366

9.3%
205
85

0
FYE
Jan.2011

FYE
Jan.2012(Unit : ¥Million Yen)

Operating Proﬁt

FYE
Jan.2013

FYE
Jan.2014

FYE
Jan.2015

FYE
Jan.2016

OP Margin

08

Cash Flow Trend（Consolidated）

Our year-end cash balance was reduced to 1,684 million yen(YoY decrease of 1,249 million yen) due tothe acquisition of Rocket Venture and share buybacks

Operating C/F(営業C/F
532
million△533million
yen )
yen
Investing C/F( 301
million yen )Financing C/F( 415
million yen )Cash & Cash Equivalent
Exchange Diﬀerences
0.6 million yen

Beginning
Balance
2,933 million yen
EndingBalance
1,684million yen

09Overview of
BUYMA’s Business10Profile of BUYMA’s Business

BUYMA is a social shopping site that offers a unique shopping
experience with unlimited fashion merchandise by connecting
individuals of the world through its own unique “C to C” services

Membership

3,004,769 people

Number of items
on display

11,000+ per day

Number of Personal
Shoppers

76,000+ people

Number of countries where
Personal Shoppers reside

125 countries※Data taken January month-end 2016

11

Trend of the Number of BUYMA Registered Members

Registration numbers have now exceeded 3 million people
and with our YoY at 134.4%.

3,004,769

3,000,000

2,500,000

2,235,261
2,000,000

1,693,994
1,500,000

1,190,574
1,000,000

819,886

500,000

0

FYE
Jan.2012

FYE
Jan.2013

FYE
Jan.2014

FYE
Jan.2015

FYE
Jan.2016(Unit : Person)

12Trend of the number of active BUYMA members

We have achieved a milestone of over 600,000 active members
and with our YoY at 123.1%

634,152

600,000

514,989449,620450,000

304,816300,000

174,797
150,000

0

FYE
Jan.2012

FYE
Jan.2013

FYE
Jan.2014

FYE
Jan.2015

FYE
Jan.2016(Unit : Person) ※Active Number of Members：purchase history of members during the this past year.

13

Total Transaction Amount

Total transaction amount exceeded 24 billion yen
Steadily increasing with our YoY at 118.2%

24,44025,00020,68420,00017,11515,00013,642

10,000

7,977

5,000

0

FYE
Jan.2012

FYE
Jan.2013

FYE
Jan.2014

FYE
Jan.2015

FYE
Jan.2016(Unit : ¥Million Yen) ※Total Transaction Volume：product price and settlement fees are included in the bill after the transaction's completion.

14

Total Number of Transactions

The number of transactions have exceeded over 1.3 million
Also steadily increasing with our YoY at 116.3%.

1,309,714

1,400,000

1,200,000

1,125,819
1,004,528

1,000,000

800,000

693,099
600,000

400,000

402,758

200,000

0

FYE
Jan.2012

FYE
Jan.2013

FYE
Jan.2014

FYE
Jan.2015

FYE
Jan.2016(Unit : Case)15

Total Annual Amount of Purchases

Although we have experienced an influx of new members,
Total value amount of purchases slightly decreased with our YoY at 96.0%

50,00045,64044,76040,00038,06740,16638,53930,00020,00010,0000

FYE
Jan.2012

FYE
Jan.2013

FYE
Jan.2014

FYE
Jan.2015

FYE
Jan.2016(Unit : ¥Yen)

16

Highlights on measures implemented in
FYE Jan 2016 (12th Period) and measuresplanned for FYE Jan 2017 (13th Period)

17Measures Implemented During FYE Jan 2016

Policies announced at the beginning of the fiscal year

Measures for member
acquisition
We will continue to reach out to10 million potential customers

Measures to maintaina high ARPU
Increase number of transactions
to maintain a high ARPU

18

Member Acquisition Measures – Mass Marketing Campaign

Implementation of Mass Marketing Campaign

First half of campaign began
mid- June 2015 andended mid -July 2015

2nd half of campaign
started mid-Nov. 2015 andended mid-Dec. 201519

Member Acquisition Measures – Mass Marketing Campaign

We saw a steady growth of our brand's recognition from 25.0% in Feb. 2015 to
40.0% in Feb. 2016 after airing BUYMA's CM during the first half of 2015
(we acquired recognition by 56.7% (more than half) of the “F1” demographic ).
% of those who know BUYMA※

Feb. 201660%

Total : 40.0%
F1 : 56.7%

50%

40%
Aug. 2015
Total : 34.2%
F1 : 49.0%

30%

20%

10%

0%

Feb. 2012
Total : 14.5%
F1 : 17.9%

1st
half

2nd
half

FYE
Jan.2012

Total

March. 2013
Total : 16.6%
F1 : 23.6%

1st
half

2nd
half

FYE
Jan.2013

March.2014
Total : 20.8%
F1 : 30.1%

1st
half

2nd
half

FYE
Jan.2014

Feb. 2015
Total : 25.0%
F1 : 36.4%

1st
half

2nd
half

FYE
Jan.2015

1st
half

2nd
half

FYE
Jan.2016

F1※In-house Research ：「Survey on EC website」（Survey Period：February 22-23, 2016）
Surveyed users that have experience within the last 6 months visiting shopping sites (particularly in fashion).

20

Member Acquisition Measures – Mass Marketing Campaign

More than 780K new members registeredresulting in a significant increase with our YoY at 141.5%.

788,350

Member Registration Numbers

800,000

600,000

556,976
516,201

380,113400,000

212,858
200,000

0

FYE
Jan.2012

FYE
Jan.2013

FYE
Jan.2014

FYE
Jan.2015

FYE
Jan.2016(Unit : Person)

21Member Acquisition / Activation Measures

A wide range of products offered at various prices that willencourage users to make a "purchase".

Unit Price

Number of Transactions = ARPU
Increasing shopping frequency
Improve the number ofpurchases made per transaction

22Member Acquisition / Activation Measures – MD Measures

As the number of brands steadily increase, it will raise thelikelihood of shoppers finding what they "want".

More than

Number of Brands Registered

7,500

7,300

7,000

6,500

6,000

5,500

5,000

4,500

4,000
1Q

2Q

3Q

4Q

FYE Jan.2014

1Q

2Q

3Q

4Q

FYE Jan.2015

1Q

2Q

3Q

4Q

FYE Jan.201623

Member Acquisition / Activation Measures – MD Measures

Expanded categories of stylish items during high-demand seasons
which over-the-counter shops only have in limited line-ups; thisincreased transaction volumes
Purchase Growth Rate (reference: FYE Jan 2013)
Watches

Swimwear

Wedding-Guests Attire

10

10

10

8

8

8

6

6

6

3.9

4

10.2

6.1

4.6
4

4
3.1

2.5
2.2

1.9

2

3.1

2

1.0

2
1.0

0

1.0

0
FYE
Jan.2013(Unit : times)

FYE
Jan.2014

FYE
Jan.2015

FYE
Jan.2016

0
FYE
Jan.2013(Unit : times)

FYE
Jan.2014

FYE
Jan.2015

FYE
Jan.2016

FYE
Jan.2013

FYE
Jan.2014

FYE
Jan.2015

FYE
Jan.2016(Unit : times)

24

Member Acquisition / Activation Measures – MD Measures

EIncreased low-priced items suited to buy ‘just on the side’, andmaking it easy for new members to make their first purchase
The increase in the number of purchases from newly registered members are inproportion to the number of low-priced items readily available
Composition ratio of the purchase amount oｆ the first user

New-User Purchases for Low-Priced Items Listed (less than 20,000 yen)

( Result for FYE Jan.2015 ）※Based on data from the Q1 from the 11th Period

40 to 100 thousand yen
6.87%

More than
100 thousand yen
２.23%

20 to 40thousand yen
15.38%

1.5
1.4
1.31

1.3

1.33

1.23
1.43

1.2

10 to 20
thousand yen
23.84%

1.1
Less than
10 thousand yen
51.69%

75.5% of first-time purchases are less than 20,000 yen.

1.09

1.05

1.0

1.18

1.19

2Q

3Q

0.96

1.0
1.04

0.9

1.36

1.0

0.86

0.89

0.93

0.8
1Q

2Q

3Q

FYE Jan.2015(Unit : times)

4Q

1Q

4Q

FYE Jan.2016

number of purchases from newly registered members
the number of low-priced items

25

Overview on Measures Implemented During FYE Jan. 2016

Our growth accelerated due to synergistic effects of our
implementation of high ARPU measures and our mass marketing
campaign to acquire new users.
Growth of Total User Purchases （YOY）

135.5％

2nd Phase of AdvertisingCampaign Implemented

140%

130%

122.5％
120%

1st Phase of AdvertisingCampaign Implemented
112.8％

110%

100%

99.2％
90%
1Q

2Q

3Q

4Q

26

Overview on Measures Implemented During First Half of Jan. 2016

We were unable to meet our initial budget target
for FYE Jan 2016 for transaction amounts
as acquisition of new members fell short of our expectations
List

January 2016 12th
Period( Budget Forecast )January 2016 12th
Period(Actual)Comments

Brand
Visibility Rate

40%

40%

On -target with ourbrand visibility

Achievement Rate : 100.0%

Number ofMembers

3,656,788
people3,004,769
peopleWe did not meet our
numbers formember acquisition

Achievement Rate : 82.2%

Percentage ofActive Users

22.7%

21.1%

activation rates
gradually increasing

Achievement Rate : 93.0%

ARPU

38,000.0 yen

38,539.8 yen

ARPU maintained

Achievement Rate : 101.4%

Total Purchases

31,529million yen

24,440
million yen

Funnel analysis of achievement rate of
12th Period revisions before budget

Achievement Rate : 77.5%
0%

50%

100%

27

Measures Planned for FYE Jan. 2017 (13th Period)

To take advantage of our increased brand visibility from FYE Jan.
2016, we are working to expand the transaction amount by providing
high levels of service to our new members.
【Member acquisition measures】

FYE Jan. 2016 pre-revision budget achievement% funnel analysis

Utilize recognition
Acquire new member by embarking on
eﬀective measures by a “recognized service”

Recognition Achievement : 100.0%
ReferralMeasures

Promotionof apps
download

Advertisements
to acquire
customers
who recognize
BUYMA

Alliance【Measures to increase Active%, and maintain ARPU】

Membership umbers
Achievement : 82.2%
Active% Achievement 93.0%

Improve satisfaction for diﬀerent users of the siteie identify the diﬀerent issues each of them(existing/ new members as well as personal shoppers)
may be facing, and solve those issues

Recommendfunction

ImproveappfunctionMedia（STYLE HAUS）

MD measures
Expanditem line-up

ARPU Achievement : 101.4%
Total Transaction
amount Achievement : 77.5%
0%

50%

100%

28

Measures Planned for FYE Jan. 2017 case1 – Apps

Achieved 1 million downloads (Feb2016)
Our Android app was released during the second half of our mass marketing campaign
last December and increased our sales opportunities as a result.

Feb. 2014 Release

Trend of Application Downloads

Dec. 2015 Release

Android app
Released Feb. 2014
Mass campaign(second half)

Mass campaign(first half)

ios app
ReleasedFeb. 2014

1Q

2Q

3Q

FYE Jan.2015
iOS

4Q

1Q

2Q

3Q

4Q

FYE Jan.2016

Android29

Measures Planned for FYE Jan. 2017 case2 – Media (STYLE HAUS)

Significant increase in registered members and pre-orders through STYLE HAUS
STYLE HAUS is a media platform that provides users helpful articles catering to a variety of theirpreferences. Writers have re-discovered the attractiveness of the wide range of items in BUYMA, By using
the shopping links provided by STYLE HAUS, BUYMA could create more new sales opportunities (other thanusing SEO) into its site.

STYLE HAUS Growth KPI

18.0※Based on the numbers of Q1

16.90

15.0

12.0

9.63
8.11

9.0
5.98

6.0

3.0

First
releasedFeb. 2015
1.00

5.64

3.60

0.24

0.0
1Q

2Q

0.14
3Q

0.06
4Q

(Unit : times)

provisional order amount via STYLE HAUS

customer acquisition Cost

No. of registered member via STYLE HAUS

30

GLOBAL BUYMA( English Version・Korean Version )31

GLOBAL BUYMA – English Version

With over 100,000 items listed, access to our site continues to grow on a daily basis
A project team has been made from operating members of the Japanese BUYMA constantly
enhances functionality as well as implements improvements to the user-experience

GLOBAL BUYMA

Percentage ofDeliveries Per Country
United States: 44%
Asia : 28%(Hong Kong、Singapore, etc.)
United Kingdom: 4%
Canada : 4%
Mexico : 3%
Other: 17%

Average Price Per Item
¥ 50,275

Average Age
32 years old

Gender
61% Female, 39% Male

We will narrow our target market based on who accesses our site andplan to begin full-scale marketing from FYE Jan. 201732

GLOBAL BUYMA – Performance of FYE Jan. 2016 and Future Plans

English Version— Future Plans• March 2016 will commence the beginning of directly listing items on the
English-version of BUYMA's service (previously items needed to be listed on theJapanese site)
Japanese items will now able to be sold to the world• New partnership policies will be released soon

Korean Version— FYE Jan 2016 Performance• Transaction Volume 489.1％YoY（Feb 2015-Jan 2016）— Future Schedule• To oﬃcially become a consolidated subsidiary on March 16th, 201633

Medium-term strategy

34

Medium-Term Strategy – Review of Strategy
We have continued to steadily grow our business by increasing the intrinsic value of “BUYMA”.
Especially for the last fiscal year, by making strategic investments, we saw positive results from our measures to acquire newmembers and raising ARPUs; the trend has switched and our growth is accelerating.
On the other hand, since we have formulated our medium term commitment in March 2013,
there has been sudden changes in the external environment
such as the steep depreciation of the yen from the effect of Abenomics raising prices for foreign items,
and the consumption tax hike dampening of domestic demand …
these factors have affected our business, and we are unable to reach our initially expected growth rate.
Given this situation and our actual result, we have decided to revise our commitment.
In order to sustain our growth trend and achieve a stable growth,
we will make appropriate investments to continue improving our service and developing additional functions.
Also, regarding our overseas business and resale business, for which we booked extraordinary losses,
we have decided to operate our overseas business in-house, and by so doing control expenses appropriately,
search for promising markets, and establish a business structure unaffected by exchange rate movements.
Also for the resale business, we have transformed the business structure so that revenue will be generated steadily.
For our curation business, we have finished our period of investment, and intend to move into the black for the full fiscal year.
We see this year, having finished our strategic investment and restructuring, as our turning point,
and in order to become a company which continues to grow into the medium and long term, we will concentrate our efforts tofurther enhance the value of BUYMAand transform our business structure to make it resilient to changes in the external
environment, including fluctuations in the exchange rate.
Regarding our initial medium-term commitment, we will extend the timing to achieve the target,and intend to achieve our first target of operating profit of 3 billion, and our second target of operating profit of 5 billion
by continuing to increase revenues and profits.

35

Medium-Term Strategy – BUYMA ecosystem

BUYMA Ecosystem
Establish a BUYMA ecosystem
To encounter and purchase an item on BUYMAThen re-sell items one no longer needs…
Providing a one-stop service from encounter todisposal

RelatedBusiness

Make profits globally by distributing
wonderful items from all over theworld,To people from all over the world
Globalize BUYMA, the curation, andresale business
By using the earnings we will stably
grow as our fund source
We will further explore areas thatgenerate new revenue

Encountering
new items

Selling items
No longer used

Curation

Resale※Japanese・
Chinese※Japanese36Medium-Term Strategy – BUYMA ecosystem [Resele / Media][ Resale ]ALL-IN— Advantages of consignment sales and purchases• Simple pick-up (packaging and packing slips unnecessary)• We will add 5% worth of BUYMA points to the amount paid
• Item postage, transferring fees, and cancellations are all free of charge.
• it is possible to make a payment transfer within 24 hours if both parties
New partnership policies will be released soon

[ Media ]Rocket Venture— Sales Progress (Feb. 2015-Jan. 2016 )Q1:21 million yen, Q2:39 million yen, Q3:44 million yen , Q4:53 million yen Item
postage,transferring fees, and cancellations are all free of charge.

— Next Year's Forecastin the black37

Medium-Term Strategy – BMedium-Term Targets

By constantly increasing revenue and profit,
we are aiming for an operating income of 5 billion yen
BUYMA
GLOBALMedia Business/Related-BusinessResaleMedia

Resale Business

BUYMA GLOBAL ( English-Version・Korean Version )BUYMA ( Japanese Version )FYE
Jan.2015

FYE
Jan.2016

We will properly reinvest towards long-term growthwith the continuing expansion of BUYMA's ecosystem.
38

Earnings Forecast
for FYE Jan. 2017 ( 13th Period )39

Full-Year Earnings Forecast for FYE Jan. 2017 [Consolidated]FYE Jan. 2017
Forecast

Total trading amountFYE Jan. 2016
Results

Growth Rate

26,896 million yen

24,440 million yen

110.1%

Revenue

3,263 million yen

2,858 million yen

114.2%

Operating profit

1,001 million yen

219 million yen

457.2%

Ordinary profit

1,001 million yen

216 million yen

461.9%

Ordinary profit

606 million yen△180 million yenーNet income per share

29.14 yen

△8.48 yenーNet income per share

ー

ー

ー

( BUYMA Only )※Settlement fees included

40Full-Year Earnings Forecast for FYE Jan. 2017 – Selling, General, and Administrative Expenses [Non-Consolidated]

To make appropriate investments for BUYMA's growth
Revenue
3,000

2,970

General Expenses

1,500

2,689

2,500

2,285

2,000

1,000

1,500
1,000

500

500
0

FYE Jan.2016

FYE Jan.2015

0

FYE Jan.2017(Forecast)(Unit : ¥Million Yen)154

FYE Jan.2015

FYE Jan.2016

FYE Jan.2017(Forecast)(Unit : ¥Million Yen)

Advertising Expense

Personal Expense
1,500

175

137

Increase the budget for customer service reps andengineers in order to improve service

1,500

System-Related Expenses

We will not carry out a large-scale mass advertising
campaign this fiscal year, but we are making full-use
of our increased brand visibility to aggressively expand
our customer base.

1,500

eIncreased our hardware budget in order tostrengthen our system infrastructure.

1,232

1,000

1,130

1,000

1,000

642
482

500

462

500

500

372
372
160
139

0

FYE
Jan.2015(Unit : ¥Million Yen)

FYE
Jan.2016

FYE
Jan.2017(Forecast)

0

21

FYE
Jan.2015(Unit : ¥Million Yen)

110

102
FYE
Jan.2016

FYE
Jan.2017(Forecast)Advertisement expenses
Sales Promotion expenses

0

18

33

FYE
Jan.2015

FYE
Jan.2016(Unit : ¥Million Yen)

102
FYE
Jan.2017(Forecast)41

VisionNo.1 in Social Commerce
E-Commerce is a rare market with “extraordinary" growth prospects
Among the various transaction styles,
the C to C transaction of BUYMA is an area which is attracting much attention as thecommerce for the next generation
Enigmo will, in this rapidly expanding e-commerce market,
Provide value through unique services thatleverage the power of the individual through C to C transactions,and establish its position as No. 1 in “Social Commerce”
And by doing so, will provide a new lifestyle to as many individuals all around the world42Mission Statement

Creating Change

43This presentation material is provided solely for the purpose of better understandingof our company and its business and is not intended for solicitation purposes.
Forward-looking projections contained are made based on assumptions and plans
available as of today. Actual business performance may diﬀer from projections due torisks and uncertainties in the future.