HENNGE K.K. (4475) Q3 2026 Earnings Call Transcript

Note: This document is a translation of a part of the original Japanese version (https://finance.logmi.jp/articles/385503). This is provided for reference purposes only. In the event of any discrepancy between the Japanese original and the English translation, the Japanese original shall prevail.

This is a transcript of Q3 FY09/2026 Consolidated Financial Results Briefing by HENNGE K.K. on August 4th, 2026. Speaker:​

Haruo Amano, Director, Executive Senior Vice President

​

Ryo Kobayashi, Executive Officer, CFO

​

Amano: Hi. I am Haruo Amano, Director of HENNGE. Thank you for watching our financial results video. Today, our CFO, Ryo Kobayashi, will explain our financial results for the 3rd quarter of fiscal year 2026 and the progress against our full-year forecast. Then, I will explain our growth strategy.

Consolidated Financial Results Highlights

Kobayashi: Hi, I’m Ryo, CFO of HENNGE. First, let me explain the consolidated financial results for the 3rd quarter of FY2026. Our consolidated financial results for this quarter are progressing well against the full-year forecast, which was disclosed on November 7th, 2025.

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Net Sales (YoY)

The net sales of HENNGE One business, which are recurring in nature, continued to grow steadily year-on-year.

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Gross Profit (YoY)

Gross profit also increased steadily year-on-year, with the gross profit margin maintaining a high level.

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Operating Expenses (QoQ)

Next, I will explain the breakdown of operating expenses. During this quarter, in conjunction with the launch of HENNGE One’s new services October onwards, we proactively carried out marketing and branding activities to boost brand awareness. In addition, we started recognizing temporary expenses related to the headquarters relocation scheduled for April 2027.

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Operating Expenses (YoY)

For the nine-month period, in accordance with our initial policy, we have been increasing headcount and taking active advertising initiatives in anticipation of future business expansion.

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Net Sales and Operating Expenses

Our quarterly trends for net sales and operating expenses are as presented on the slide.

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Number of Employees

Next, I will explain the headcount trends. During this quarter, in addition to welcoming nine new graduates, there was a net increase of 40 employees compared to the end of the previous fiscal year, including sales personnel, which has been a key focus. Despite a challenging recruitment environment, we believe that the accumulated effect from various initiatives, such as strengthening the recruitment of young talent, has led to this result. To achieve our full-year target of a net increase of 45 employees, we will continue our initiatives to strengthen “selling capabilities” through organizational development and active recruitment efforts.

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Business Highlights

Let’s move on to business activities during this quarter. This is an overview of our business highlights.

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Announcement of New Services for HENNGE One

In April 2026, we hosted our own event, “HENNGE Unveiled 2026,” where we announced three new services for HENNGE One. These are: “HENNGE Mesh Network” to address network access challenges, “HENNGE Password Manager” to further reinforce the authentication infrastructure, and “HENNGE Domain Protection” to tackle email-based threats. These are scheduled to be launched in October 2026 onward. Together with “HENNGE Endpoint & Managed Security,” which was launched in March 2026, we believe that adding these new services to the existing HENNGE One lineup will provide the core foundation for our Zero Trust. Through these feature enhancements, HENNGE One’s coverage area will expand across Identity, Devices, and Networks. We will continue to pursue our corporate philosophy, “Liberation of Technology,” to meet the expanding market and evolving customer needs.

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Marketing and Branding Activity Highlights

As for major marketing and branding activities in the 3rd quarter, in addition to hosting “HENNGE Unveiled” and events for resellers, we actively participated in and presented at various events of all scales, creating opportunities for diverse targets to understand the new value of HENNGE One. Our activity level remains high, particularly with a focus on in-person initiatives.

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Application for TSE Prime Market Segment Change

Here, I would like to provide an update regarding our application for the market segment change to the Tokyo Stock Exchange Prime Market. On June 25th, 2026, we applied for a market segment change to the TSE Prime Market. While we are not yet at the stage to share specific details such as the approval date, we will make timely announcements as further updates as they become available. We would highly appreciate your continued support.

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HENNGE One KPI Highlights

Next, I would like to explain the results of our KPIs. The progress of HENNGE One KPIs compared with the end of the previous fiscal year is as presented on the slide.

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HENNGE One KPIs (YoY)

The year-on-year KPI results for HENNGE One are as presented on the slide.

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HENNGE One Gross Revenue Churn Rate

We believe the average monthly churn rate remains at a low level. Based on this, the theoretical average contract period is over 25 years.

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HENNGE One Contracted Companies & Users

Regarding the number of contracted companies, the cumulative effect of various sales initiatives, along with the broadening of the market base, led to steady growth. In addition, the number of contracted users grew significantly, mainly due to acquiring around 10 new contracts from companies exceeding our main target segment of 300 to 5,000 employees.

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HENNGE One ARR & ARPU

As for the ARPU, although both new and existing customers continued to adopt our top-tier plan, HENNGE One Pro, ARPU decreased in this quarter. This has been largely impacted by multiple large new customers opting for single-featured plans. Among these factors, ARR for this quarter increased significantly, driven in particular by the substantial growth in the number of contracted users. HENNGE One Pro accounted for approximately 22% of total ARR as of the end of this quarter.

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Our Policy of FY2026

Next, I will touch on our full-year outlook for FY2026. As presented on the slide, in FY2026, in pursuit of JPY 20 billion in ARR, we are focusing on strengthening sales structure and accelerating new customer acquisition, along with enhancing additional service value.

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FY2026 Forecast - Net Sales by Business

The historical trend in net sales by business and this quarter’s progress against our full-year forecast are as presented on the slide. Results for this quarter are progressing well in line with the full-year forecast.

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FY2026 Forecast - Operating Expenses

Operating expenses for this quarter are also progressing in line with the full-year forecast. The total amount of full-year operating expenses remains unchanged from initial outlook. However, advertising expenses are expected to exceed the full-year forecast of JPY 1.15 billion. This is due to additional investments in branding during the 4th quarter. Timed with the launch of new services scheduled for October 2026 onward, we intend to raise awareness of our company and services, and to strengthen our future talent acquisition capabilities. On the other hand, operating expenses excluding advertising expenses are expected to be lower than the full-year forecast of JPY 9.62 billion. This is mainly due to a decrease in recruitment-related expenses compared to the initial estimates. In addition, expenses related to the headquarters relocation scheduled for April 2027 have begun to be recognized from this quarter. We expect relocation-related expenses to continue to be incurred in the 4th quarter and into the next fiscal year.

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FY2026 Forecast Highlights

Therefore, there are no changes to the consolidated full-year forecast disclosed on November 7th, 2025. Based on this, operating profit for the 4th quarter is expected to be around JPY 200 million.

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Corporate Philosophy

Amano: Finally, I would like to explain our growth strategy. Our corporate philosophy is “Liberation of Technology.” We believe in the power of technology, we love technology and we strongly believe that technology will make our lives better. We want to deliver the power of technology to as many people as we can, and to change the world to be a better place. We established HENNGE more than 25 years ago, and, since then, we set our philosophy as “Liberation of Technology” which we actually have demonstrated in various areas. From the experience we gained, we have come to believe that SaaS is the most fair and sophisticated approach to liberate technologies. This is one of the reasons why we’re providing SaaS and why we want to support our customers’ transformation through cloud utilization.

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Maximize LTV

The total amount of technology that we provide to the customers and the total amount of liberated technology are the measures to prove our progress toward our philosophy and this is expressed as LTV. LTV, or Lifetime Value, is the total value arising from the current contracts with the customers. By maximizing LTV, that is, seeking to maximize the total gross profit earned over the future, we would like to build a solid business model that enables us to stably increase profits even if we scale up the investments for further business growth. Currently, our average contract period and gross profit margin are already at high levels. Therefore, to maximize LTV, it is essential to maximize ARR. We will actively engage in initiatives with a high expected return on investment and focus on accumulating as much ARR as possible. “ARR” can be broken down into three factors, the number of contracted companies, the average number of users per contracted company, and average revenue per user. Among these, we currently aim to achieve ARR growth by focusing on increasing the number of contracted companies and ARPU.

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HENNGE One - Growth Strategy KPIs

The progress on these KPIs for HENNGE One is as presented on the slide. Including our main service HENNGE One, our group mainly operates a subscription model business. Barring any cancellations, the contracts secured this year will continue to generate sales and become the foundational sales from next year onward. The figures on this slide demonstrate the robust and stable growth of ARR of HENNGE One.

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Value Generation Cycle

We view FY2026 as the beginning of a new Value Generation Cycle, a vital preparation period for reaching our ARR target of JPY 20 billion. We have introduced various new services to meet the expanding market and evolving customer demands. Moving forward, we will continue to generate added value and further expand the total amount of “Liberation of Technology” that we deliver to our customers.

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Mid-term Target and Ambition Beyond

While maintaining our core focus on driving growth within our current business lines, we will be taking on various challenges to generate additional value, including geographical expansion outside of Japan, and pursuing M&A opportunities. By continuously evolving our Value Generation Cycle through these initiatives, we will increase the certainty of achieving our future vision. Furthermore, rather than focusing excessively on short-term operating profit, we will proactively invest in maximizing future ARR to reinforce our business model that can deliver sustainable profit growth. We are committed to solidifying this robust business model to deliver sustainable growth, and would sincerely appreciate your continued support from a mid to long term perspective. This concludes our briefing on the 3rd quarter of fiscal year 2026. Thank you very much for your time to watch our video. Moderator: We will now move to the Q&A session. Answers to matters that we expect to be frequently asked are disclosed on our Investor Relations website.​ Separately today, we have also disclosed “Notice Regarding the New Service Plans for HENNGE One.” Please take a look at this as well.

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Q&A (1): Price Revision Related to New Service Plans and Expected Impact on ARPU Participant: You are planning price revisions accompanying the renewal of plans scheduled from October 2026. I see that prices will rise by around 50% for HENNGE One Pro and roughly 25% for HENNGE One Basic. To what extent do you expect these new service plans to impact ARPU? Kobayashi: We cannot provide specific figures at this moment, as we have not set concrete targets. Looking back at our previous two price revisions, overall levels increased by roughly 20% to 30%, while our churn rate remained relatively stable. We believe our past track record will serve as a helpful benchmark for the impact of the upcoming plan renewal. Participant: I believe most of your contracts are on an annual basis. After launching in October 2026, will it take a little over a year for the price revisions to be fully implemented across all customers? Kobayashi: While the new plans will launch in October 2026, application to existing customers will begin progressively from April 2027. Therefore, please expect it will take around a year from April 2027 for our new plans to reach our entire customer base.

Q&A (2): Background of Lower than Expected Recruitment Costs Participant: Is my understanding correct that while advertising expenses are expected to be slightly above the projection, recruitment-related expenses will be slightly below the projection? It seems that the recruitment of sales personnel has progressed significantly during this quarter. From an outside perspective, it appears that cost efficiency in recruitment is improving. Could you provide some background on why you are able to flexibly control recruitment-related expenses despite the steady progress in recruiting? Kobayashi: While there were some efficiency improvements, the main factor is simply that our total gross number of hires did not reach our initial targets. Rather than improved cost efficiency, the reality is that those expenses simply did not appear as expected.

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Q&A (3): Q3 Cost Fluctuations and Headquarters Relocation Expenses Participant: Regarding costs in the 3rd quarter, there seems to be some fluctuations in R&D expenses and cost of sales. Could you explain the background behind this? Additionally, could you tell us how much we should expect for the expenses related to the relocation of the headquarters? Kobayashi: The recent fluctuations in cost of sales and R&D expenses were not caused by any specific factor. Rather, please understand that this was simply due to differences in the nature of development activities from period to period. Regarding the expenses related to the headquarters relocation scheduled for April 2027, we hope to share specific details at the end of the fiscal year. At this stage, please assume that the scale of impact will be on the order of hundreds of millions of yen, rather than tens of millions of yen.

Q&A (4): Concept and Sales Strategy of HENNGE One Ultra Participant: You have recently announced the new plan HENNGE One Ultra. Could you elaborate on its concept and positioning, as well as how it will be differentiated from HENNGE One Pro? Additionally, in terms of sales policy, will you be actively promoting transitions to HENNGE One Ultra? Could you also share your outlook on future trends, including the expected growth of new customer acquisition? Kobayashi: To be frank, regarding HENNGE One Ultra, there are still many aspects we won't fully know until we actually start delivering it to customers. However, in terms of differentiation from HENNGE One Pro, the key difference lies in the products included. For instance, within the HENNGE One Suite, HENNGE One Ultra includes HENNGE Mesh Network and HENNGE Endpoint & Managed Security, whereas HENNGE One Pro does not. We have received very positive responses from many customers regarding these two services. Therefore, we foresee initiatives to proactively introduce HENNGE One Ultra to those who find these offerings attractive. Furthermore, even for each single-featured plan, we believe that by adding attractive aspects to higher plans such as HENNGE IdP Ultra and HENNGE Cybersecurity Ultra, we can raise the level of interest in security among customers.

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As of now, there are still many uncertainties about how much sales of HENNGE One Ultra will grow. For instance, HENNGE Mesh Network operates at the network security layer, which is a new domain for us. Therefore, building up know-how in this area and effectively translating it into results will be a critical key to our success going forward.

Q&A (5): Contribution of the Price Revision to the Revenue and Profit Moderator: We have a question: To what extent do you expect the price revision from the new plan to contribute to growth in sales and profit for FY2027? If you have a quantitative outlook, please share that with us. Kobayashi: While the new plans are expected to launch in October 2026, their application to existing customers will begin progressively from April 2027. Thus, we expect the start of this customer migration to be the key where the impact on revenue begins to materialize. However, as we recognize revenue evenly over a 12 month period, while revenue will increase to a certain extent in FY2027, we expect the most significant growth to occur in FY2028. Similarly, we anticipate the impact on profit will be more prominent in FY2028 rather than in FY2027. In terms of quantitative expectations, we suggest referencing the numbers from our past price revisions as a benchmark.

Q&A (6): Expected Adoption of New Plans and Profit Contribution of Advertising Moderator: We have another question: What is the expected timeline of the migration of the new plans launching from October? Also, could you elaborate on advertising expenditure and how it contributes to profitability? Kobayashi: Regarding the expected timeline, as earlier mentioned, we will launch the new plan for new customers starting in October 2026, and will progressively apply it to existing customers starting in April 2027. In terms of advertising expenditure and its contribution to profitability, this is a topic that has continuously drawn interest, but remains difficult to quantify. One of our benchmarks is generating incremental ARR that exceeds our advertising spend, which we believe we have HENNGE K.K. (4475:TSE Growth) Transcript of Q3 FY09/2026 Consolidated Financial Results Briefing - 28 -

consistently achieved every fiscal year. Since we are accumulating more ARR than the amount invested, we believe we are securing profits at a satisfactory level at this stage. However, the effects of advertising are cumulative. Consequently, expenditure in the current fiscal year does not immediately contribute to current-year profits. Rather, we expect to recoup the investment over the next two to three year span.

Q&A (7): Breakdown of Current Plans and Contribution to the Next Fiscal Year

Moderator: We have another question: On page 50 of the earnings presentation, there is a reference to the new plans. Could you please share which plan currently has the highest proportion, and what level of contribution you anticipate for the next fiscal year? Kobayashi: Regarding the proportion of plans, please refer to page 49 of the earnings presentation, which outlines our ARR breakdown by plan. In terms of contribution for the upcoming fiscal year, we intend to continue to focus on driving sales of HENNGE One Pro. Additionally, we plan to focus our efforts on the new HENNGE One Ultra plan, which is scheduled to launch in October 2026. Specific details along with actual performances will be shared from the next fiscal year onwards.

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Q&A (8): Breakdown of Employee Headcount Growth Moderator: We have another question: Regarding the net increase of 40 employees compared to the end of FY2025, is the recruitment progressing as planned, particularly for sales personnel? Also, how is the situation for other positions, such as engineers? Kobayashi: Regarding sales personnel, hiring is currently hovering around the target, either slightly under or just in line. As for other positions, recruitment is generally progressing as planned. The recruitment environment remains challenging and leaves no room for complacency. On the other hand, we do perceive that our past talent acquisition initiatives are beginning to yield results.

Q&A (9): Possibility of Upward Revisions in the FY2029 ARR Target Participant: If the transition to the new plan progresses as planned, I think the target of JPY 20 billion in ARR by FY2029 is well within reach. Are you considering raising this target going forward? Kobayashi: We need to closely monitor how smoothly the migration to the new plans progresses, so it is difficult to comment definitively at this stage. However, if things progress in line with historical trends, as you pointed out, achieving the JPY 20 billion ARR target by FY2029 will likely become achievable with high certainty. Once we reach a point where that level of confidence is established, we may consider whether to adjust our future targets. For now, however, we believe it is still too early to discuss that.

Q&A (10): Sales Status and Contracts for HENNGE Endpoint & Managed Security Participant: HENNGE Endpoint & Managed Security was launched in March this year. Could you share any updates on how this solution is performing, including its current sales progress, contract status, and relevant KPIs?

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Kobayashi: HENNGE Endpoint & Managed Security was launched in March 2026, and we secured our first order during that month. Since then, we have received inquiries and secured orders from multiple companies. We believe this has been a solid start. We hope to maintain this momentum, and given the recent rise in security awareness, we anticipate this positive trend will continue. Participant: Are the orders you have already secured from large enterprises? Kobayashi: No, rather than large enterprises, they are from companies within our primary target, specifically those with a headcount of around 300 to 5,000. Participant: In that case, is my understanding correct that the current ARR contribution is relatively modest? Do you have any specific figures? Kobayashi: Since we are still in the early rollout phase, its contribution to the total ARR is still very small, and the overall financial impact remains minimal.

Q&A (11): Expected Expenditure Scale for the Next Fiscal Year Moderator: We have another question: Regarding the expenses related to the headquarters relocation, what level of P/L impact do you expect in the 4th quarter and the next fiscal year? Kobayashi: We expect the primary financial impact to fall in the next fiscal year. As mentioned earlier, please expect that the amount will be on the order of hundreds of millions of yen, rather than tens of millions of yen.

Q&A (12): Progress of the Headquarters Relocation Moderator: We have another question: Is the headquarters relocation progressing according to schedule? Kobayashi: We were somewhat concerned about potential impacts on our timeline, as we observed that some companies planning their office relocations slightly after ours had hit a standstill. Fortunately, at this point, we expect to proceed on track.

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Q&A (13): Background Behind Customers Choosing Single-Featured Plans Moderator: We have another question: Regarding ARPU, you mentioned that there were many new large customers who opted for single-featured plans. Could you elaborate on the background and reason behind this? Kobayashi: As for the background, we continue to see a trend where customers frequently choose plans included in the DLP Edition among the single-featured plans. Within that plan, PPAP-free solutions, such as HENNGE Secure Download and HENNGE Secure Transfer, are drawing particularly high attention. These services enable users to exchange information safely by storing large attachments in secure shared folders. Ongoing strong demand for these solutions is one factor driving this trend. Furthermore, we believe this is the result of market appreciation for our proven track record and the high reliability of our services.

Q&A (14): Proportion of HENNGE One Pro as of Q3 and its Contribution to ARPU Moderator: We have another question: How is the shift to HENNGE One Pro progressing? Could you please elaborate on its composition and its contribution to ARPU? Kobayashi: The share of HENNGE One Pro within the total ARR is approximately 22% as of the end of the 3rd quarter. Particularly in this 3rd quarter, as several large customers opted for single-featured plans, our product mix shifted, resulting in ARPU itself declining sequentially compared with the previous quarter. Nevertheless, we recognize that the ongoing adoption of HENNGE One Pro continues to provide a steady contribution to ARPU.

Q&A (15): Status and Progress of US Business Moderator: We have another question: Could you please elaborate on the current status of your overseas business, particularly in the US? Kobayashi: We are continuously advancing initiatives across each of our overseas businesses. As for the US, we are still in the stage of building out the areas where we still fall short. In HENNGE K.K. (4475:TSE Growth) Transcript of Q3 FY09/2026 Consolidated Financial Results Briefing - 32 -

particular, we are currently establishing an operational structure that can meet the standards required by MSPs, our reseller partners. Once this is in place, we believe the overall speed of the business will accelerate. While it may take some time, please understand that we are not fighting blindly without clear visibility, but rather taking deliberate steps forward.

Q&A (16): Overview of New Services and Impact on ARPU

Moderator: We have another question: Could you please give us an overview of the new services, such as HENNGE Mesh Network, mentioned on page 15 of the earnings presentation? Also, how should we expect these to impact ARPU? Kobayashi: First, HENNGE Mesh Network is a network security service, which enables direct connections and access control between endpoints using peer-to-peer technology that reduces the vulnerability risks associated with traditional VPNs and prevents the lateral movement of attacks. Next, HENNGE Password Manager is a password management service that provides centralized credential management across systems and SaaS services that do not support Single Sign-On (SSO). This will enable secure management of systems and services such as through access control for shared IDs and by tracking logs.

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Finally, HENNGE Domain Protection is a service that provides visualization/analysis of sender’s domain and operational support in order to detect and suggest countermeasures against spoofed emails exploiting a company’s own domain. For more details, please also refer to the respective materials and releases. Regarding the impact on ARPU, as there are no specific details we can share at this moment, I will not cover this today.

Q&A (17): Impact of Price Revisions and New Product ​ Launches and Outlook for Overseas Businesses Moderator: We have another question: Given the current sales growth at around 17%, should we view the new plan offerings as the primary driver for bringing the CAGR back to over 20%? Will the effect from overseas businesses and new product launches remain limited? Kobayashi: As you mentioned, we consider the new plan offerings to be a key element. While this is one of the initiatives to achieve sustainable CAGR growth of over 20%, we focus firmly on securing our customer base. As part of our growth strategy, we are continuously driving and evolving our Value Generation Cycle. We believe that by consistently introducing new products, features, and services will add new value, which will consequently lead to the offering of new plans. Furthermore, by enhancing the value delivered, we believe customers will continue to rely on our services over the long term. Regarding our overseas business, although we currently do not expect it to account for a large proportion in achieving JPY 20 billion in ARR by FY2029, we believe it will account for a significant part in aiming for JPY 100 billion in ARR.

Q&A (18): Factors Behind the Increase in Q3 Cost of Sales Participant: The cost of sales seems relatively high this quarter. Is this related to the price revisions for cloud infrastructure usage fees that started in the 3rd quarter, or is the increase due to temporary factors? Kobayashi: The increase is not due to cloud infrastructure usage fees. As mentioned earlier, the cost of sales fluctuates depending on the nature of development activities during the quarter. Please consider that this is a temporary factor. HENNGE K.K. (4475:TSE Growth) Transcript of Q3 FY09/2026 Consolidated Financial Results Briefing - 34 -

Q&A (19): Policy of Investment for Operating Expenses and Operating Profit Targets Moderator: We have another question: The operating profit forecast for the 4th quarter appears to be somewhat conservative. Could you please tell us if there are any cost increase factors? Kobayashi: While steadily executing our initial plan, we are making agile adjustments along the way to implement necessary initiatives. Given this, we have made the decision to increase our advertising expenses in the 4th quarter. In line with our basic policy of investing in initiatives that contribute to future ARR growth, we intend to appropriately allocate expenses whenever opportunities arise. Although our plan may appear conservative at this stage, we intend to steadily carry out our activities at this level.

Q&A (20): Headquarters Relocation Expenses Moderator: We have another question: Regarding the expenses related to the headquarters relocation, you mentioned earlier that it would be in the hundreds of millions of yen. Since that is quite a broad range, could you give us a bit more clarity, whether it will be in the low, middle, or high hundreds of millions of yen? Kobayashi: We currently have over 400 members and will be relocating our office to Shinjuku. I believe you can find the reference unit rent price for that area. Combining those factors should provide a reasonable estimate of the general scale of expenses.

Message from Haruo Amano, Executive Senior Vice President Amano: Thank you for joining us today. We also appreciate the many questions we received. As explained today, the Value Generation Cycle of HENNGE One is advancing to the next stage. We would appreciate your continued attention and support. Thank you very much.

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Disclaimer This document has been prepared by HENNGE K.K. (the “Company”) solely for information purposes. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company in Japan, the United States or any other jurisdictions. It is prohibited to offer or distribute securities issued by the Company without due registration, or exemption of registration, required under applicable laws in Japan, the United States, or any other jurisdictions. The information contained herein is based on current economic, regulatory, market trends and other conditions. The Company makes no representation or guarantee with respect to the credibility, accuracy or completeness of the information herein. The information contained herein may change without prior notice. You may not publish or use this document and the contents thereof for any other purpose without a prior written consent of the Company. Furthermore, the information on future business results is forward-looking statements. Forward-looking statements include but are not limited to expressions such as “believe”, “expect”, “plan”, “strategic”, “expect”, “anticipate”, “predict” and “possibility”, as well as other similar expressions to explain future business activities, achievements, events and future conditions. Forward-looking statements are predictions about the future that reflect management’s judgment based on currently available information. As such, these forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Therefore, you may not rely entirely on forward-looking statements. The Company does not assume any obligation to change or correct any forward-looking statements in light of new information, future events or other findings. This document and its contents are confidential and are being provided to you solely for your information and may not be retransmitted. This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. In giving this presentation, the Company does not undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. Information on companies other than the Company and information provided from third parties are based on public information or sources. The Company has not independently verified the accuracy and appropriateness of such data and indicators used herein, nor assume any responsibility for the accuracy and appropriateness of such data and indicators presented in this document.

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