Company Research and Analysis Report
FISCO Ltd.
http://www.fisco.co.jp

FreeBit Co., Ltd.
3843 Tokyo Stock ExchangeFirst Section

10-Jan.-17

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta*1 MVNO is the abbreviation of
Mobile Virtual Network Operator. It
is a virtual mobile communications
business that involves conducting
an independent communication
business by borrowing the lines
from communication businesses
with a wireless communication
infrastructure, such as NTT
DOCOMO, INC. <9437>, KDDI
CORPORATION <9433>, and the
SoftBank Corp..

伪伪Upbeat Momentum on Steady Growth in Mobile and
Ad Technology Businesses, Entering the Health
Tech Field After Acquiring EPARK Healthcare as aConsolidated Subsidiary
FreeBit Co., Ltd. <3843> (hereafter, also “the Company”) provides a variety of internet-related
services mainly to corporations, including infrastructure for Internet service providers (ISP), support
for entering into MVNO*1 as an MVNE (Mobile Virtual Network Enabler), cloud infrastructure,
particularly virtual data centers (VDC)*2, and consulting and solutions for Internet services. It also
works through Group companies to supply ISP service, MVNO service, Web marketing services,
Internet services to collective housing (condominiums), and other services to individuals.
Tone mobile inc., a joint venture with Culture Convenience Club Co., Ltd. (hereafter, “CCC”) andequity-method affiliate of the Company, is currently focusing on expansion of smartphone business,
including through provision of TONE proprietary smartphone service. The Company’s listing was
reassigned to the First Section of the Tokyo Stock Exchange in July 2016.
In 1H FY4/17 consolidated results (May-Oct 2016), the Company reported sharply higher net sales
and operating income with gains of 40.1% y-o-y in net sales to ¥18,689mn, 32.3% in operating
income to ¥1,118mn, and 41.9% in ordinary income to ¥839mn and a 12.1% decline in profit
attributable to owners of parent to ¥192mn. Primary drivers of the steep sales increase exceeding
40% were healthy advances in the Mobile Business and Ad Technology Business. Operating income
benefited from a large gain in Ad Technology Business profits. Ordinary income posted a 41.9%
increase thanks to the steep upturn in operating income offsetting a larger equity-method investment
loss related to expansion of the Tone mobile business. The decline in profit attributable to owners ofparent is temporary and reflects a rise in the corporate tax and other adjustments value comparedto the previous fiscal year and non-recurrence of the previous year’s profit from selling a fixed asset.

*2	A mechanism or service for virtuallybuilding the functions of a data
center so they can be used over theInternet.

Progress rates in 1H toward FY4/17 guidance (¥35,000mn in net sales, ¥2,000mn in operating
income, and ¥250mn in profit attributable to owners of parent) are 53.4% in net sales, 55.9% in
operating income, and 76.8% in profit attributable to owners of parent. These levels are well above
the same term of previous year and indicate upbeat momentum in recent results. We think theCompany is clearly on track to attaining FY4/17 targets via effective portfolio management with
the Broadband Business, Ad Technology Business, and Cloud Business generating profits and the
Mobile Business driving growth and steady additions to net sales and profits in all of areas becauseof the repeat nature of these businesses.

*3	Aims to drive reforms in the healthcare field through “health x IT” andcreate a next-generation healthmanagement method.

Health Tech*3 is a major focus area in the SiLK VISION 2020 medium-term business policy. The
Company acquired shares in EPARK Health Care, Inc., a subsidiary of HIKARI TSUSHIN, INC.
<9435> Group’s EPARK, Inc. that offers a range of services targeting the pharmacy industry that
includes operation of the EPARK Kusuri-No-Madoguchi comprehensive pharmacy portal site, andconverted this entity to a consolidated subsidiary in September 2016. This initiative aims to enhance
the media platform that connects end users (patients) and pharmacies using FreeBit Group’s
technology capabilities and provide information as well as highly convenient reservation and delivery
services to help pharmacies with end-user retention. While the service already has a network of
about 8,000 pharmacies, the market still offers substantial opportunities considering the roughly
58,000 pharmacies that exist nationwide. The business is currently in an investment phase andallocating funds to pursuit of sustained growth in media PV, customer draw, and alliance pharmacy
volumes. The Company expects a loss for this business in 2H. It consolidated the balance sheet atthe 2Q and plans to consolidate income from 3Q.

We encourage readers to review our complete legal statement on “Disclaimer” page.
1

伪伪Check Point

FreeBit Co., Ltd.
3843 Tokyo Stock ExchangeFirst Section• Achieving steady growth in the Mobile Business and Ad Technology Business and posted
sharply higher net sales and operating income in 1H FY4/17• Progress rates in 1H toward FY4/17 guidance at 53.4% in net sales and 55.9% in operating
income, clearly on track to attaining full-year target with support from having manybusinesses with repeat income• Acquired EPARK Health Care as a consolidated subsidiary in September 2016 and actively
investing in development of a media platform in the Health Tech field㻾㼑㼟㼡㼘㼠㼟㻌㼠㼞㼑㼚㼐㼟

10-Jan.-17㻔¥㼙㼚㻕㻺㼑㼠㻌㼟㼍㼘㼑㼟㻌㻔㼘㼑㼒㼠㻌㼍㼤㼕㼟㻕㻻㼜㼑㼞㼍㼠㼕㼚㼓㻌㼕㼚㼏㼛㼙㼑㻌㻔㼞㼕㼓㼔㼠㻌㼍㼤㼕㼟㻕㻠㻜㻘㻜㻜㻜

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta

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伪伪Financial results trends
Achieving steady growth in the Mobile Business and Ad
Technology Business and posted sharply higher net sales andoperating income in 1H FY4/17(1) 1H FY4/17 consolidated results
In 1H FY4/17 consolidated results, the Company reported sharply higher net sales and operating
income with gains of 40.1% y-o-y in net sales to ¥18,689mn, 32.3% in operating income to ¥1,118mn,
and 41.9% in ordinary income to ¥839mn and a 12.1% decline in profit attributable to owners ofparent to ¥192mn.
Review of consolidated results for 1H FY4/17
FY4/16 1H
Relative to
Resultsales
13,344
9,421
70.6%
3,922
29.4%
3,077
23.1%
844
6.3%
591
4.4%

ResultNet sales
18,689
Cost of sales
14,349Gross profit
4,339
SG&A expenses
3,221
Operating income
1,118
Ordinary income
839
Profit attributable to owners
218
1.6%
192
of parent
Source: Prepared by FISCO Ltd. from the Company's financial results summary

FY4/17 1H
Relative to
sales

(¥mn)
y-o-y change

76.8%
23.2%
17.2%
6.0%
4.5%

40.1%
52.3%
10.6%
4.7%
32.3%
41.9%

1.0%

-12.1%

We encourage readers to review our complete legal statement on “Disclaimer” page.
2

■■Financial results trends

FreeBit Co., Ltd.
3843 Tokyo Stock ExchangeFirst Section

10-Jan.-17

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta

Primary drivers of the steep sales increase exceeding 40% y-o-y were healthy advances in the
Mobile Business (sales gains of ¥1,491mn in freebit MVNO Pack/SIM and other products and¥1,714mn in smartphone handsets) and Ad Technology Business (sales increase of ¥2,087mn at Full
Speed Inc. <2159> Group). Gross profit margin dropped by 6.2 percentage points from the previous
year’s 29.4% to 23.2% because of an increase in cost of sales by 52.3% to ¥14,349mn because ofhigher network-related costs. While SG&A expenses rose 4.7% to ¥3,221mn due to higher personnel
expenses and other spending related to expansion of business scale, the SG&A expenses ratio
fell by 5.9 percentage points to 17.2% because expense growth was slower than sales expansion
and advertising/promotional costs and sales promotion costs declined on lower fixed-line network
customer acquisition incentives. Operating income hence increased 32.3%. It benefited from a large
gain in Ad Technology Business profits.
Ordinary income posted a 41.9% y-o-y increase thanks to the upturn in operating income offsetting alarger equity-method investment loss related to expansion of the Tone mobile business. The decline
in profit attributable to owners of parent reflects a rise in the corporate tax and other adjustments
value compared to the previous fiscal year and a one-time impact from non-recurrence of theprevious year’s profit from selling a fixed asset (specifically, BEKKOAME INTERNET, Inc.’s sales of
the Kaminarimon Building).
○ Segment conditions
The segment sales breakdown consists of the Broadband Business at 25.8% (vs. 35.9% in theprevious year), Mobile Business at 27.1% (vs. 14.0%), Ad Technology Business at 41.9% (vs.
43.0%), and Cloud Business at 5.0% (vs. 6.7%). Mobile Business significantly increased its presencein overall sales on contributions from smartphone handsets and freebit MVNO Pack.

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Source: Prepared by FISCO Ltd. from the Company's financial results summarya) Broadband Business
The Broadband Business delivered slightly higher net sales and profits in 1H FY4/17 with increasesof 0.7% y-o-y to ¥4,929mn in net sales and 0.1% to ¥842mn in segment profit. Segment profit
improved on higher profit linked to stronger sales in GIGAPRIZE Co., Ltd.’s <3830> Internet service
for condominiums (up ¥168mn) and a boost from healthy expansion of Internet service for individuals
with successful Hikari Collaboration measures at DREAM TRAIN Internet INC. (below, DTI) (up¥106mn). Installations are accelerating in the Internet service for condominiums thanks to beginningcollaboration with multiple top-tier home builders, and cumulative installations were up by 24,000
units from the end of FY4/16 to 166,000 units at end-1H FY4/17 and made steady progress toward
the end-FY4/17 target of 198,000 units. A major setback, meanwhile, was the decline in sales forexisting fixed lines (down ¥221mn). While network-related costs are trending upward, operating
income remains healthy with support from the growing Internet service for condominiums.

We encourage readers to review our complete legal statement on “Disclaimer” page.
3

■■Financial results trends㼀㼞㼑㼚㼐㼟㻌㼕㼚㻌㼠㼔㼑㻌㻮㼞㼛㼍㼐㼎㼍㼚㼐㻌㻮㼡㼟㼕㼚㼑㼟㼟㻘㻌㼚㼑㼠㻌㼟㼍㼘㼑㼟㻌㼍㼚㼐㻌㼟㼑㼓㼙㼑㼚㼠㻌㼜㼞㼛㼒㼕㼠㻺㼑㼠㻌㼟㼍㼘㼑㼟㻌㻔㼛㼠㼔㼑㼞㻌㼠㼔㼍㼚㻌㼏㼛㼚㼐㼛㼙㼕㼚㼕㼡㼙㼟㻧㻌㼘㼑㼒㼠㻌㼍㼤㼕㼟㻕㻺㼑㼠㻌㼟㼍㼘㼑㼟㻌㻔㼏㼛㼚㼐㼛㼙㼕㼚㼕㼡㼙㼟㻧㻌㼘㼑㼒㼠㻌㼍㼤㼕㼟㻕㻻㼜㼑㼞㼍㼠㼕㼚㼓㻌㼕㼚㼏㼛㼙㼑㻌㻔㼞㼕㼓㼔㼠㻌㼍㼤㼕㼟㻕

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FreeBit Co., Ltd.

㻞㻘㻠㻜㻜3843 Tokyo Stock ExchangeFirst Section

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10-Jan.-17

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta

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Key drivers were 1) healthy user acquisitions by U-NEXT Co., Ltd. <9418> and other MVNO
operators that use freebit MVNO Pack and expansion of MVNO bandwidth wholesale business,
2) upbeat prepaid SIM sales and router rentals to foreign tourists visiting Japan (prepaid SIM sales
since February 2015 surpassed 710,000 units), 3) steady user growth in DTI’s DTI SIM mobile highspeed data communications service for individuals fueled by new plans and campaign activities, and4) expansion of the number of stores, including TSUTAYA and others, selling equity-method affiliate
Tone mobile’s TONE m15 smartphone handsets to 55 sites and increases in handset shipments andbandwidth sales. While net sales moved sharply higher, many of the services are still in rollout andearly growth phases and require forward investments to launch operations and raise market share.
Segment loss recorded a ¥78mn (vs. a ¥76mn loss in the previous year; -1.5% operating margin).
Profitability is within reach, though income fell in 1H.

We encourage readers to review our complete legal statement on “Disclaimer” page.
4

■■Financial results trends㻺㼑㼠㻌㼟㼍㼘㼑㼟㻌㼍㼚㼐㻌㼟㼑㼓㼙㼑㼚㼠㻌㼜㼞㼛㼒㼕㼠㻛㼘㼛㼟㼟㻌㼠㼞㼑㼚㼐㼟㻌㼕㼚㻌㼠㼔㼑㻌㻹㼛㼎㼕㼘㼑㻌㻮㼡㼟㼕㼚㼑㼟㼟㻔¥㼙㼚㻕㻺㼑㼠㻌㼟㼍㼘㼑㼟㻌㻔㼘㼑㼒㼠㻌㼍㼤㼕㼟㻕㻔¥㼙㼚㻕㻻㼜㼑㼞㼍㼠㼕㼚㼓㻌㼕㼚㼏㼛㼙㼑㻌㻔㼞㼕㼓㼔㼠㻌㼍㼤㼕㼟㻕
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FreeBit Co., Ltd.

㻞㻘㻜㻜㻜3843 Tokyo Stock ExchangeFirst Section

㻝㻘㻡㻜㻜
㻝㻘㻜㻜㻜

10-Jan.-17

㻡㻜㻜㻜

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta*1	Service provider that distributes ads
with performance-based fees*2	Network of over 550,000 partner
sites. Utilizing PC knowhow
to deploy services to tablets,
smartphones, and mobile devices*3	Has over 600,000 download users(mainly Chinese people). App
that supports pre-trip planning tosearches and information provision(distribution) during visits with theaim of maximizing enjoyment ofJapan by visitors

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The Ad Technology Business generated sharply higher net sales in 1H with a 36.3% y-o-y increaseto ¥7,841mn. Segment profit climbed 44.4% to ¥615mn, even with the negative impact of higher
personnel expenses, SG&A expenses, and provision of an allowance for doubtful accounts by
the Full Speed Group, thanks to the large profit contribution from stronger sales. The Company
increased new deal volume recruited through distributors in the AdMatrix proprietary advertising
management comprehensive platform, a focus area, thanks to increases in distributors and closer
collaboration. Affiliate-service “Affiliate B” *2, an affiliate service provider (ASP)*1, is highly rated for
its unique functionality and was selected as the No.1 ASP in media usage satisfaction for a second
straight year. The Company also plans to establish an offshore development site on Cebu Island(Philippines) to bolster its development base, a medium-term business policy, in January 2017. It
intends to accelerate developments of proprietary ad technology content, Go Japan*3 media for
visitors, and other future strategies.

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㻿㼛㼡㼞㼏㼑㻦㻌㻼㼞㼑㼜㼍㼞㼑㼐㻌㼎㼥㻌㻲㻵㻿㻯㻻㻌㼒㼞㼛㼙㻌㼠㼔㼑㻌㻯㼛㼙㼜㼍㼚㼥㻓㼟㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼞㼑㼟㼡㼘㼠㼟㻌㼎㼞㼕㼑㼒㼕㼚㼓㻌㼙㼍㼠㼑㼞㼕㼍㼘㼟We encourage readers to review our complete legal statement on “Disclaimer” page.
5

■■Financial results trends

Progress of Ad Technology Business

FreeBit Co., Ltd.
3843 Tokyo Stock ExchangeFirst Section

10-Jan.-17

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta*	Cloud refers to the format ofsupplying software and othercontents through a network to users
and data centers and servers that
store and manage related data. A
public cloud is a service or systemthat anyone can use from theInternet. A private cloud is a service
or system used by a large company
or others on a self-operated
network. A hybrid cloud has bothaspects and combines advantagesof the two formats to enhance
security and cost management.

Source: The Company's financial results briefing materialsd) Cloud Business
The Cloud Business reported a 2.5% y-o-y rise in net sales to ¥994mn and a steep 203.8% gain insegment profit to ¥86mn in 1H. While net sales continued to face pressure from revisions to housing,hosting, and other legacy services, segment income rose significantly as higher hybrid cloud* andcontent sales offset the impact.

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㻿㼛㼡㼞㼏㼑㻦㻌㻼㼞㼑㼜㼍㼞㼑㼐㻌㼎㼥㻌㻲㻵㻿㻯㻻㻌㼒㼞㼛㼙㻌㼠㼔㼑㻌㻯㼛㼙㼜㼍㼚㼥㻓㼟㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼞㼑㼟㼡㼘㼠㼟㻌㼎㼞㼕㼑㼒㼕㼚㼓㻌㼙㼍㼠㼑㼞㼕㼍㼘㼟We encourage readers to review our complete legal statement on “Disclaimer” page.
6

■■Financial results trends

Progress rates in 1H toward FY4/17 guidance at 53.4% in
net sales and 55.9% in operating income, clearly on track
to attaining full-year target with support from having manybusinesses with repeat income

FreeBit Co., Ltd.
3843 Tokyo Stock ExchangeFirst Section

10-Jan.-17(2) FY4/17 outlook
Progress rates in 1H toward FY4/17 guidance (¥35,000mn in net sales, ¥2,000mn in operating
income, and ¥250mn in profit attributable to owners of parent) are 53.4% in net sales, 55.9% in
operating income, and 76.8% in profit attributable to owners of parent. These levels are well above
the previous year (47.0%, 44.4%, and 39.5% respectively) and indicate upbeat momentum in recent
results.
Progress rates through 1H and review of FY4/17 guidance

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta

FY4/16
1H
Relative Progress
Result to sales
rate
13,344
47.0%
4,897
36.7%
48.9%
1,868
14.0%
37.3%
5,751
43.1%
49.2%
970
7.3%
48.6%
844
6.3%
44.4%
841
17.2%
49.9%
-76
-4.1%
426
7.4%
46.9%
28
2.9%
33.2%
591
4.4%
44.7%

1H
Relative
Result to sales
18,689
4,929
26.4%
5,074
27.2%
7,841
42.0%
994
5.3%
1,118
6.0%
842
17.1%
-78
-1.5%
615
7.8%
86
8.7%
839
4.5%

FY4/17y-o-y Progresschange
rate
40.1%
53.4%
0.7%
44.6%
171.5%
60.0%
36.3%
55.6%
2.5%
52.4%
32.3%
55.9%
0.1%
56.4%
44.4%
53.9%
203.8% 110.1%
41.9%
56.0%

(¥mn)
Relativeto sales
35,00011,041
31.5%
8,451
76.5%
14,099
40.3%
1,899
5.4%
2,000
5.7%
1,493
13.5%
92
1.1%
1,110
7.9%
78
4.1%
1,500
4.3%

TargetNet sales
Broadband
MobileAd Technology
Cloud
Operating income
Broadband
MobileAd Technology
Cloud
Ordinary income
Profit attributable to owners
218
1.6%
39.5%
192
1.0% -12.1%
76.8%
250
0.7%
of parent
Note: Segment profit ratios to net sales are segment profit margins
Source: Prepared by FISCO Ltd. from the Company’s financial results summary and financial results briefing materials

y-o-y
23.3%
10.2%
68.5%
20.6%
-4.9%
5.1%
-11.4%
22.2%
-8.4%
13.4%
-54.8%We think the Company is clearly on track to attaining FY4/17 targets due to 1) 1H progress rates athealthy levels that outpaced the previous year, 2) effective portfolio management with the Broadband
Business, Ad Technology Business, and Cloud Business generating profits and the Mobile Businessdriving growth, and 3) steady additions to net sales and profits in all of areas because of thestrong repeat nature of these businesses. We expect a negative impact on operating income fromconsolidating income at EPARK Health Care (explained below) from 3Q because this business is stillin an investment phase, but believe it should be within a range that can be offset by upside through1H and profit increases in other businesses.

We encourage readers to review our complete legal statement on “Disclaimer” page.
7

伪伪Growth strategy
Acquired EPARK Health Care as a consolidated subsidiary
and actively investing in development of a media platform in
the Health Tech field

FreeBit Co., Ltd.
3843 Tokyo Stock ExchangeFirst Section

10-Jan.-17

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta○ Entry into media business
The Company announced SiLK VISION 2020, a four-year medium-term business policy, in June
2016. This plan, which targets ¥500mn in net sales and ¥50mn in operating income in FY4/20, calls
for ongoing growth in upbeat existing businesses (Mobile Business and Ad Technology Business)and business expansion in life-related areas (focusing on Health Tech, IoT, and Real Estate Tech).
Health Tech is one of the three focus areas, and the Company acquired shares (47.5% of voting
rights) in EPARK Health Care, Inc., a subsidiary of HIKARI TSUSHIN, INC. <9435> Group’s EPARK,
Inc. that offers a range of services targeting the pharmacy industry that includes operation of theEPARK Kusuri-No-Madoguchi comprehensive pharmacy portal site, and converted this entity to a
consolidated subsidiary in September 2016. This initiative aims to enhance the media platform thatconnects end users (patients) and pharmacies using FreeBit Group’s technology capabilities andprovide information as well as highly convenient reservation and delivery services to help pharmacies
with end-user retention. While the service already has a network of about 8,000 pharmacies, themarket still offers substantial opportunities considering the roughly 58,000 pharmacies that exist
nationwide. Income sources include media-driven advertising income, fees from patient transfers,
and reservation system usage fees. The business is currently in an investment phase and allocating
funds to pursuit of sustained growth in media PV, customer draw, and alliance pharmacy volumes.
The Company expects a loss for this business in 2H. It consolidated the balance sheet at the 2Q
stage and plans to consolidate income from 3Q.
Media Business

Source: Company materials

The Company intends to prepare for provision of new services utilizing group technology capabilities
and business resources and make seed investments that target future global trends. We will belooking for clarification of activities in IoT and Real Estate Tech areas too.

We encourage readers to review our complete legal statement on “Disclaimer” page.
8

伪伪Returning Profits to Shareholders
Shareholder returns utilize a stable dividend and sharebuybacks

FreeBit Co., Ltd.
3843 Tokyo Stock ExchangeFirst Section

The Company focuses on reinforcing internal reserves, investing to expand businesses, andcontinuation profit returns to shareholders. It plans to pay a ¥7 dividend in FY4/17, on par with theprevious year, putting the dividend payout ratio at 78.2%. It also conducted share buybacks threetimes in the past, including FY4/16, and might purchase shares again this time to boost value pershare and to implement dynamic capital policy that addresses changes in the business environment.

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10-Jan.-17(¥)

Important disclosuresand disclaimers appear
at the end of this document.

㻰㼕㼢㼕㼐㼑㼚㼐㻌㼜㼍㼥㼛㼡㼠㻌㼞㼍㼠㼕㼛㻌㻔㼞㼕㼓㼔㼠㻌㼍㼤㼕㼟㻕

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FISCO Ltd. Analyst
Hideo Kakuta

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Source: Prepared by FISCO Ltd. from the Company’s financial results summary

We encourage readers to review our complete legal statement on “Disclaimer” page.
9

Disclaimer
FISCO Ltd. (the terms “FISCO”, “we”, mean FISCO Ltd.) has legal agreements with theTokyo Stock Exchange, the Osaka Exchange,and Nikkei Inc. as to the usage of stock
price and index information. The trademark and value of the “JASDAQ INDEX” are theintellectual properties of the Tokyo Stock Exchange, and therefore all rights to them belong
to the Tokyo Stock Exchange.
This report is based on information that we believe to be reliable, but we do not confirm or
guarantee its accuracy, timeliness,or completeness, or the value of the securities issued bycompanies cited in this report. Regardless of purpose,investors should decide how to use
this report and take full responsibility for such use. We shall not be liable for any result of its
use. We provide this report solely for the purpose of information, not to induce investment
or any other action.
This report was prepared at the request of its subject company using information provided
by the company in interviews, but the entire content of the report, including suppositions andconclusions, is the result of our analysis. The content of this report is based on informationthat was current at the time the report was produced, but this information and the content
of this report are subject to change without prior notice.
All intellectual property rights to this report, including copyrights to its text and data, areheld exclusively by FISCO. Any alteration or processing of the report or duplicationsof the report, without the express written consent of FISCO, is strictly prohibited. Anytransmission, reproduction, distribution or transfer of the report or its duplications is also
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The final selection of investments and determination of appropriate prices for investment
transactions are decisions for the recipients of this report.
FISCO Ltd.