Tochigi Factory
solar panel
installation

Financial Results for the 2nd Quarter of Fiscal YearEnding July 31, 2023
SILVER LIFE CO., LTD.
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.
The Prime Market of the Tokyo Stock Exchange (9262)

Fiscal Year Ending July 2023 2 nd Quarter
Performance Highlights

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Fiscal Year Ending July 2023 Q2 Performance YoY
Sales continued to grow +10.4% YoY, and gross profit margin improved from 29.8% in Q1 to 30.7% in Q2.
From Q1 to Q2, gain on reversal of allowance for shareholder benefits +28 million yen disappeared, advertising expenses increased
by 40 million yen, salary increased by about 8%
Still, as of Q2, operating income was up 33.6% YoY and is on an improving trend.

FY2023 Q2Unit : million
yen

Results

Vs.
FY2022Q2 results

Net sales

6,015+10.4%

Gross
profit1,821

OperatingprofitFY2022 Q2
Plan

Sales
ratio

FY2023 Plan

Sales
ratio

Results

-

47.3%

5,450

-

12,700-+31.8%

30.3%

42.7%

1,382

25.4%

4,270

33.6%

417

+33.6%

6.9%

59.3%

312

5.7%

700

5.5%

Ordinary
profit507+32.8%

8.4%

58.7%

382

7.0%

860

6.8%

Profit317+24.6%

5.3%

57.6%

254

4.7%

550

4.3%

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Plan

Sales
ratio

Progress
rate-3-

Sales per Category

Franchise chains
Sales Unit : million yen

2,178

2,114

2,095
1,971

FY22 Q1

2,018

1,997

FY22 Q2

FY22 Q3

Fy22 Q4

Vs. FY2022 Q2
cumulative Actual
FY23 Q1

FY23 Q2

978

975

73

85

Number of Stores
955

948

984

990

2

14

52

67

387

370

368

365

352

342

566

564

564

558

553

548

FY22 Q1

FY22 Q2

FY22 Q3

Fy22 Q4

FY23 Q1

FY23 Q2

Takushoku Life

Haishokuno Fureai+7.6%

Sales:
1000Decreased from Q1 due to lack of sales for COVID-19 patients
800 Sales of existing stores vs.previous year
Magokoro Bento 103.6%
600
Haishokuno Fureai 114.6%
400 Number of stores:
200 975 stores (down 3 stores from the end of Q1)
0 Struggling to acquire membership compared to the COVID-19
periodMagokoro Bento
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

-4-

Sales per Category
Unit : million yen

335

339

328

Facilities
for theelderly322

323

Vs. FY2022 Q2
cumulative Actual

+1.8%

305

Frozen: Increased
Not equal to the chilled decrease
The division sales ratio is 45.6%
Chilled: Continued decline
The division sales ratio is 54.4%

FY22 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY23 Q1 FY23 Q2

Unit : million yen

562
DirectSales/
Others

513

514

486
407

Vs. FY2022 Q2
cumulative Actual+30.1%

421

FY22 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY23 Q1 FY23 Q2Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Direct sales: Significant increase, utilizing
advertising expenses successful
measures
The division sales ratio is 69.9%
OEM: Flat, existing sales decreased but
new sales increased
The division sales ratio is 28.2%
Warehousing:doubled compared to Q1
Year-end demand and the effect of priceincreases
The division sales ratio is 1.9%
-5-Change Analysis of Sales
FC Food Sales, Direct sales/Others drive overall growth, continuing to soar
Unit : million yen

249
281

5,450

23

11

FC Loyalties,
etc.

Facilities for the
Elderly

6,015

Direct sales/ Others

FC Food Sales

YoY Change
FY22 Q2
cumulative+564

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

million yen
FY23 Q2
cumulative-6-

Change Analysis of Gross Profit
Significant improvement, mitigating the impact of rising material cost by shifting outsourced products
to in-house manufacturing
In-house manufacturing shift rate increased from 30% in Q1 to 40% in Q2

Unit : million yen

Labor costs

Supplies
expenseUtilities
chargeOthersMerchandise Material cost
cost
due to decrease
profit increase
Decrease in profit due to increased production volume
Increase insales

YoY Change
FY22 Q2
cumulative+438

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

million yen
FY23 Q2
cumulative-7-

Change Analysis of Ordinary Profit
Absorb various costs by increasing Food Gross Profit
Profit increased even after reflecting the increase in costs due to the operation of the Kazo Distribution
Center, which did not exist in the previous fiscal year.
FC
Loyalties,
etc.
Labor
Costs

expenses

With the establishment of the Kazo Distribution Center, theoutsourced packing and picking operations were made inhouse.
Decrease in outsourcing expenses and increase in laborcosts.
Initially, we lost out to the increase in labor costs, but thevolume increased by 1.4 times in one year, and the actual
effect of "increase in labor costs vs. decrease in consignment
expenses x 1.4" has been counterbalanced.

Food Gross
Profit

FY22 Q2
cumulative

Unit : million yen

Advertising
Outsourcing expense

We have increased the shipping limit by in-housemanufacturing, so we can still increase it. (The contractor
said it would be impossible to increase further by the end of
2021.) If the volume increases further, efficiency is expected
to increase and the cost reduction effect will increase.

Fare
Costs
Depreciation
Supplies
expenseYoY Change+125

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

OthersUtilities
chargemillion yen
FY23 Q2
cumulative-8-

Effect of Switching to In-house Manufacturing andProgress of Improvement of Inventory Management System

Profit effect of in-house production (Oct 2022 vs Jan 2023)
Although the effect decreased due to the rise in material cost, the continuous profit increase effect continues
4%

As of Oct 2022, in-house production has confirmed a cost reduction effect of 30
million yen per month → As expected, advertising expenses increased in Q2 andsalary increased by 8%

Sales
ratio％Oct2022

As of Jan 2023, the cost reduction effect fell to 22 million yen per month.
→ A sharp increase in material cost occurred beyond the forecast.

Jan
2023
0%

Effect of in-house
Manufacturing

From Mar 2023, the sales price will be raised slightly to achieve balance.

About the progress of improving the inventory management system
Implementation status of recurrence prevention measures regarding the correction of financial results disclosed on Dec 26, 2022

[Items already implemented][Items to be implemented in the future]

・Systemization of shelf inventory other than automated・Check the actual inventory and visually confirm the actual number
warehouses→ Separate teams for warehouse and accounting check the actual numbers
・For automatic linkage of order data and shipping data
individually
Always automatically grasp the theoretical inventory by・Implementation of numerical value confirmation meeting of inventory
・Inventory value change by linking multiple systems
amountDevelopment of an automatic check function for→ Reconfirm the inventory calculation formula every quarter with the president
motion・Systematize automated warehouses and eliminate manual work
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

-9-

Product Development Efforts

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Promotions of new frozen bento meals
Launch of new brands for all kinds of food diversity
In addition, a low-priced frozen bento meals “Chisana shiawase" will be available this summer tomeet the demand of thrifty consumers

Kikubari Bento launched online in January 2023

✔ Contain less than 15g of carbohydrates.
Nutritionally balanced frozen bento
meals supervised by a registered dietitian.
✔ Pricing from 370 yen (excluding tax).
✔ Free menu selection.
※Owned our warehouse, so we could stock all types of
products and sell them by menu designation

Life Meal plans to launch online in March 2023
✔ Young, colorful visuals.
✔ Large, mouth-watering cuts.
✔ Pricing from 430 yen (excluding tax).
✔ Free menu selection.
✔ Aggressive web promotion through SNS
and influencers.

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 11 -

Sustainability and SDGs Efforts

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Efforts to Address Sustainability Issues
FY22 Actual

Reduction of GHG
emissions
Reduction of foodwaste

37,490247.8ｔ
26.9%
5名
12名
t-Co2

FY23 Annual waste forecast（Target 252.6t ）Ratio offemale managers
FY22
FY21

Tochigi Factory and Kazo Logistics Center toinstall solar power generation, and plan to set
a reduction target during the current term
The introduction of vacuum cooking has
reduced residue in the manufacturing process
Promote reduction of product disposal bysystematizing expiration date management(disposal rate 10% → 5% target)

Jan 2023

Only a slight increase from the previous term
*Prime market average 11.4%

15.4%→26.6%→

Investing inhuman capital

Employees onmaternity/childcare leave

FY21

FY22

0名→ 5名→

Scholarship
repayment support
FY22
FY21

10名→10名

Sustainability
committee

Jan 2023

Jan 2023→

Preparing for installation
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Recruitment of new graduates started in 2012,
and after 10 years, the number of acquired
employees started to appear in 2022.
It is expected to increase in the future as thenumber of employees increases.
In addition to the salary, the company will repay
the full amount of the scholarship held by thestudent in 7-year installments.
It is expected to increase in the future as thenumber of employees increases.
Held a sustainability study session for directors
in February, aiming to establish a committee
during this term
- 13 -

SDGs Efforts
Diversity

Employee Engagement

employment of disabled people

salary increases

8

employeddisabled people （The legal obligation is 7）
accepting disabled people from social welfare corporations

Salary increase of

8％ for employees in January 2023

gifts of president, CEO shares

employment of foreigners

800 shares per person donated to full-time employees

89

employedforeigners
67 are specified skills and technical interntrainees※Excluding some scheduled retirees. Although not strictly a company policy, it has madeemployees learn to look at the company from the perspective of shareholders.

promoting the use of paid holiday

Environment

acquisition rateelectricity development

74％（Corporate average 58.3%, 2022 survey）

benefits program

solar panels installed at Tochigi Factory andKazo Distribution Center, and will be installedat Gunma Factory in the future

・200,000 yen is paid to employees who get married or have a baby
・two weeks vacation for employees who have been with the company forfive years
・recommendations of work from home, with some employees working
completely from home

reduction of electricity
installed fluid agitators in own factory and warehouse
contributes to energy saving of electricity used in air conditioning

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 14 -

FY2023 Financial Plan

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

FY2023 Financial Plan
Unit : million yen

FY2023 PlanVs.
FY2022
Results

FY2022 Results

Vs.
FY2021Results

12,700+13.2%

11,215 +11.6%

4,270+38.2%

3,088 +13.5%

Operating
Profit700+24.7%

561-33.1%

Ordinary
Profit860+21.2%

709-27.1%

Profit550+36.9%

401-26.4%Net Sales
Gross
Profit・Sales Plan is stated on the Sales Plan per next page. ・Gross profit is expected to increase significantly due to the transfer ofchilled products to the company's own factory. However, fare costs, which were previously borne by the outsourced
manufacturing factory, are now included in the company's SG&A expenses. ・S.G.&A. expenses include an increase inadvertising expenses due to aggressive sales promotion measures, and depreciation of the Kazo Distribution Center.
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 16 -

FY2023 Sales Plan by Category

Franchisechains8,950 million yen （ YoY +10.8%）

Estimated number of stores at the end of the fiscal year: around 1,040
stores(around 50 stores compared to the previous fiscal year)
Expect continued long-term growth with moderate store growth x
sales per store

1,470 million yen （ YoY +12.5%）

Facilities forthe elderly

Introducing new services in different price ranges“Fit Plan" for chilled products and "Otegaru Chef" for frozen products
Establish a sales structure with multiple low to mid-priced brands toensure that customers are not left out

2,280 million yen （ YoY +24.7%）

Direct Sales /OthersDirect sales business will promote new products and effective sales
promotion measures
Continue aggressive marketing in OEM and warehousing operations
Establish competitive advantage through total service of"manufacturing + storage + picking" by operating Kazo Distribution
CenterCopyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 17 -

The Market to which we belong

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

External Environment (increasing population of late elderly)
Our main target, the late elderly,
will increase exponentially beyond 2025
Unit : ten thousand

Population trends and forecasts for the elderly (over 65 years old) and late elderly (over 75 years old)
2,417 2,446 2,387

2,500

2,180

Baby boomer
generation will
becomelate elderly

2,000

2,288 2,260 2,239 2,277

1,860 1,867
1,752

1,627
1,742

1,517

1,407

1,500

1,681
1,754

1,301

1,643

1,522

Population age 65-74
Population aged over 75

1,000

2,248

1,497

1,428

1,424

900

892

1,154

1,133

2060

2065

1,258

699

597
516
500

366

376

309

224

164

107

Forecast

0

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

2018

2020

2025

2030

2035

2040

2045

2050

2055

Source: Government materials
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 19 -

External Environment (a business that does not rely on care insurance)
Changes in the Working Generation and the Elderly Population
Unit : ten thousand

6,000

Population over 65

3,782

3,347

4,000

3,704

1,826

2,000

8.86

0

1975

-2,000

1995

2015

The working generation (15 to 64 years old) is
decreasing, and the elderly population isincreasing

2035

2055

Moving toward society where 1.3 people of theworking generation will support 1 person aged
over 65.Social security deposit benefits per person
will decrease-4,000-6,000The increase of expenditure toward COVID-19
measures in 2020 makes it even more difficult tosecure financial resources for care and welfare-8,000

Forecast-10,000

Population under 64

Source: Government materials
Unit : cases
120

108 111 105 111

Bankruptcies in Elderly Welfare / Care Businesses

100

76

80

60

46
35

40
20

15

54
38
27

23

54

33

19

0
2005

2007

2009

2011

Source: local Government materials

2013

2015

2017

2019

(90% of sales rely on care insurance)
care business is destined to become difficult in the
future.

In this upcoming era, only businesses such as
food distribution services for the elderly, which
can be managed without relying on insurance,
can support the lives of the rapidly increasingelderly population

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 20 -

Our Company Features
and Advantages

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Our Advantage : Franchise chains Network➢ Low-cost opening (non-visit-type stores with no restriction to location / no large kitchen equipment required)➢ The simple process of preparing cooked ingredients and delivering (the business can be started alone)➢ Stable supply of high-quality cooked ingredients from FC headquarters (no cooking experience required)This helped the number of stores to increasesignificantly in a short period of time

Unit : Stores
1,100

September 2021
Launch of our franchise
chain “Takushoku Life”

1,000

67
900
800

February 2014

700

Launch of our franchise chain“Haishokuno Fureai”

600

April 2009500

Launched our first franchise chain“Magokoro Bento” in Ota-ku, Tokyo

200

3

100
0

9

November 2007
Launched our first directly
managed store in Setagayaku, Tokyo

1

1
14

85

FY2008FY2009FY2010

338

2
14

85

138

196

245

Food Distribution Service
No. 1 Number of Stores *74169
FY2011

365

299

400
300

381

238

FY2012323

FY2013

361

352

356

367

381

FY2014FY2015FY2016FY2017FY2018430

FY2019496

FY2020553

558

FY2021

FY2022* Our company investigation
Magokoro Bento

Haishokuno Fureai

Directly Managed Store

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Takushoku Life

- 22 -

Our Advantage: Enabling high-mix random production
Our factory 3 days menu

*this is an image➢ Manufacturing line required in a general foodfactory (dedicated line for a single productgroup)
A meat buns dedicated factory (1 million meat buns produced
daily flow from a buns dedicated machine to a conveyor.
Although there are meat buns and bun with bean-jam filling
differences, they are "Principally the same product group").

➢ Manufacturing line required for food distribution
service (line that can handle random production ofother varieties)
Since meals are distributed daily, the same product group cannot beprovided every day. 12 items made today, 12 items made tomorrow, 12
items made on the 3rd day, all should be different.

Only few factories have multi-variety random production lines which are thought to beinefficient (Usually cannot be maintained without a certain sales scale like our company)↓
As a result: Managing low-cost manufacturing that generates profit
despite the large variety of products
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 23 -

Our Advantage : Abundant menu with low prices➢ Tenderness, seasoning, and nutritional balance suitable for the elderly to eat➢ Rich menu variety (more than 1,000 items) you will never get tired of for your everyday meals➢ Delivered to franchise chain stores refrigerated (chilled) to improve texture (regular meals)
Regular meal

Komachi (smaller portion)➢ Mainly Japanese food bento for the➢ A bento with fewer calories, less salt,

general elderly. Consideration to
nutritional balance and ease of eat

and a smaller portion of a regular mealfor elderly people with smaller appetites

Puréed meal
➢ A puréed meal bento which looks thesame, for elderly people who havedifficulty chewing and swallowing

Price：
450yen+tax～

Price：
320yen+tax～

Price：
540yen+tax～（sides dish only）（sides dish + rice）（sides dish only）

Calorie-adjusted meal

Protein-adjusted meal

➢ A bento for people who need to calculate➢ A bento for people who need to calculate

calories and salt intake. Manufactured to
be almost 240 kcal no matter what you
eat

protein intake, such as people who go toa dialysis clinic regularly. Protein is 10g orless per meal

Price：
600yen+tax～

Price：
700yen+tax～（sides dish only）（sides dish only）

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 24 -

Our Advantage➢ A p r o d u cti on l i n e t h a t c a n m a nuf a cture r e f r igera ted ( c hi lle d)

Production Systemi ngr e dients s pe c i alizing i n f ood di s t ribution➢ Fl e xi b l e p r o d u cti on s ys t e m c a p a bl e o f m ul t i -va riet y m ul t i -production➢ M e rit of s c a l e a nd r e a s ona ble pr i c e l i s ting d u e t o ma s s p r o d ucti on

Franchise Chain
Network➢ "No. 1” number of stores in the industry of our food distribution franchise chain
network for the elderly (990 stores total as of the end of July 2022)➢ A store network that covers the last mile to your home

Our biggest advantage is the consistent system we have from manufacturing to delivery
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 25 -

Our Advantage：Consistent System
GeneralFoodDistribution
RelatedCompanies

Manufacturer
Development
開発

Manufacturing
製造

Company
Product development
Manufacturing Factory,by Nutritionist
Affiliated Factory

Logistics
Companies

Logistics
物流

Food Distributor Business Area
販売
Sales

Picking of freezing andFranchise chains,
Chilled Distribution Facilities for the elderly,
CenterDirect Sales /Others

配達
Delivery

Delivery to customers
from our nationwide
Franchise chain store
network

Feedback from franchise chain stores and customers

Purposeand
Features・Cost advantage due to mass production
・Product development based on customer
feedback (franchise chain stores)
・Ensure the "Safety and Security"

・Efficiency of storage anddelivery
・OEM sales expansion

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Food distribution service for the elderly- 26 -

Company Overview

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Our Management Philosophy and Mission【Management Philosophy】
We will create a society where everyone can grow old with peace of mind fromthe perspective of food.

【Our Mission】
We prepare bento’s at reasonable prices and deliver to your home every day sothat elderly people living alone or needing care who have difficulty
cooking or going out to shop can eat without any trouble.
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 28 -

Company Overview
Company NameSILVER LIFE Co., Ltd.

Representative

President, CEO : Takahisa Shimizu

Established

October 2007

Capital Stock

725 million yen (as of July 31, 2022)

Address

Highness Lofty Level 2, 4-32-4, Nishishinjuku, Shinjuku-ku, Tokyo, 160-0023,
Japan・Franchise management of food delivery service for the elderly(Service names: “Magokoro Bento”, “Haishokuno Fureai”, “Takushoku Life”)

Businesses

・Food ingredient sales to senior-care facilities(Service names: “Magokoro Shokuzai Service”, “Kodawari Chef”)
・Own brand and OEM sales of frozen bento meals(Service name: “Magokoro Care Shoku”)

Websitehttps://www.silver-life.co.jp/

Employees

426 (Full-time: 173 / Part-time: 253）As of the end of July 2022

Factory・Gunma Factory:1678-1, Nakano, Ora-machi, Ora-gun, Gunma, 370-0603, Japan・Tochigi Factory:576-6, Hakaricho, Ashikaga-shi, Tochigi, 326-0327, Japan

Distribution Center・Kazo Distribution Center:376, Sakae, Kazo-shi, Saitama, 349-0213, Japan
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 29 -

Our History
Kazo Distribution Center begins operations

Change to TSE Prime Market

Apr. 2022

Mar. 2022

Launch of our third franchise
Sep. 2021
chain “Takushoku Life”
Tochigi Factory begins operations
Listing shifted to the TSE,First Section

Acquired FSSC22000 certification
for Gunma FactoryJan. 2020

Mar. 2021

Jul. 2020

Accomplished a total of 700 "Magokoro

May. 2019 Bento" & “Haishokuno Fureai” stores
Listed on TSE Mothers

Oct. 2017

Oct. 2017

Sep. 2016
Enfranchisement of all
directly managed stores
Launch of our second franchise chain“Haishokuno Fureai”

Purchase of the Company factory site in
Ora-machi, Ora-gun, Gunma

Oct. 2014

May. 2013
Jun. 2012

Sep. 2010
Apr. 2009
Nov. 2007
Oct. 2007

Apr. 2014

Feb. 2014

Feb. 2013

Feb. 2016

Distribution center opened to Chiyoda-machi,
Ora-gun, Gunma

Accomplished a total of 500 "Magokoro
Bento" & “Haishokuno Fureai” stores

Acquired ISO9001 certification for Gunma Factory

Launch of OEM sales

Accomplished 300 "Magokoro Bento" stores

Launch of our food ingredient delivery service “Magokoro Shokuzai Service” tosenior-care facilities

Accomplished 100 "Magokoro Bento" stores

Launched our first franchise chain “Magokoro Bento”

Opened the 1st directly managed store in Setagaya-ku, Tokyo

Company established

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 30 -

Business Model
Schematics of our Business Operation
FY2022 Sales composition

Raw materials providers / Out-sourcing factories
Foods,
Cooked foods

Loyalties,
ロイヤリティ等
etc.

Payment

Our
Factory

Our
Company

Food 食材販売売上高& Ingredients SalesManagement
Deliveryfees

Cooked foods

FrozenBento
meals

Payment

Franchise chain stores

558 storesnationwide*

365 storesnationwide*

Bento
Payment
General Customer

OEM supplier

Payment
loyalties,
Etc.

General Customer

67 stores
nationwide*

Food
ingredientpayment
Food
Ingredient,
etc.

Foods
Delivery

Facilities for the
Elderly, etc.

Mainly Wholesale Ingredients
A continuous profit system in which ourfood net sales increases proportionally to
the growth in net sales (number of meals)of franchise chain stores.
(Food net sales include sales for facilities
for the elderly, Direct Sales and OEM.

*As of the end of July 2022

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 31 -

Handling of this Document◼ The statements in this document regarding future-prospects are based on current
information and may fluctuate due to economic trends, market environment, our relatedindustry trends, and other internal and external factors. Therefore, please have in mind
that there are risks and uncertainties that the actual results may differ from thosedescribed in this document regarding future-prospects.
◼ This document does not constitute or solicit an application for acquisition of any
securities, an application for sale, or an application for purchase (hereinafter referred toas “solicitation”) and is not intended to perform any solicitation activities and may not be
the basis of any contracts or obligations.
◼ Although we take the utmost care for the information in this document, there may beerrors in the posted information, and you may experience damage from data falsification
or data downloaded by a third party, but we do not take any responsibility for any
reason.

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 32 -