Resins & Chemicals Business

Toray IR Day Medium-term Management Program “Project AP-G 2022” Resins & Chemicals Business

June 4, 2020 Nobuyuki Inohara Vice President, General Manager, Resins & Chemicals Division Toray Industries, Inc.

0 Contents

I. General Information

II. Overview of Resins Business and Future Strategies

III. Overview of Chemicals Business and Future Strategies

(Contents) 1. Review of “AP-G 2019” 2. Trends in the Macroeconomic Environmental Changes and Basic Strategies 3. Business Expansion Project

2 1. Review of “AP-G 2019” Basic strategies of “AP-G 2019”

Resins Business ：Accelerate the expansion of operational bases worldwide, strengthen the global supply structure, expand sales of high- functional products Chemicals Business：Strengthen competitiveness in the core businesses, accelerate the commercialization of developing and new businesses by making timely investments of resources Progress in “AP-G 2019”

Implemented the following measures in line with the basic strategies. However, business expansion plans fell short of the targets due to the downturn in the Chinese market caused by the trade friction between the US and China and the slowdown in automobile production outside Japan Resins Business： Expanded production base in Europe and the US for the production of high- functional products, promoted full-scale development in India 1) Expanded PPS compounding bases (US (TREC), Europe (Zoltek)) 2) Increased production capacity of polyolefin foam (TORAYPEF) (US (TPA)) 3) Established a new compounding base in India (TID) for sales and production Chemicals Business： Commercialized the new veterinary medicine RAPROSTM, improved profitability at Soda Aromatic Co., Ltd.

Changes in the Macroeconomic Environment 1) Transportation / Mobility revolution, transformation in the automotive industry →resins for xEV, ADAS 2) Digital revolution, fifth generation mobile communication system (5G) →low dielectric materials, 3D printer-related materials 3) Regularization of a sustainable society →environment-related materials, recycling, reduction of greenhouse gas emissions 4) Population growth, society with decreasing birthrate and aging population →Life Science Business (agriculture-related, medical-care related, veterinary medicines)

Basic Policies

1) Expand businesses in growth business fields (next-generation automobiles, 5G, etc.) 2) Expand high-functional products globally 3) Strengthen upfront development capabilities, and total solution proposal capabilities 4) Promote efforts for the realization of a sustainable society

- Net sales expanded steadily in FY 2017 and FY 2018 but from the latter half of FY 2018, market conditions worsened due to the increased impact from the US-China trade friction. Automobile production volume saw negative growth for 2 consecutive years in FY 2018 and FY 2019. - Towards 2022, plan to expand business by 28% compared with FY 2019 through “market growth and advancement of business.”

6 II. Overview of Resins Business and Future Strategies (Contents) 1. Line-up of Toray Resin Products 2. Value Chain of Resins Business 3. Global Expansion of Toray Resins Business 4. Business Expansion in Growth Business Fields (Next-generation Automobiles) 5. Business Expansion in Growth Business Fields (Next-generation Communication (5G)) 6. Strategies for TORELINATM PPS Resins Business 7. Expansion Strategies for TOYOLACTM ABS Resins 8. Research and Technology Development 9. Contribution to a Sustainable Society

：Toray product (brand name)

Polyimide resin

PAI (TI polymerTM) PEEK Super Engineering

liquid crystal polyester resin CFRP Plastics (LCP) price LCP (SIVERASTM) (TORAYCATM resin) Strategically PPS resin PPS (TORELINATM) Sales Expanding Businesses

PBT resin PBT (TORAYCONTM) heat resistance PC Engineering Nylon resin Nylon 6&66&610 TM plastics (AMILAN ) mPPE POM Foundation Businesses ABS (TOYOLACTM) Semi-engineering Polyolefin foam PP ABS resin Plastics

Raw material Polymerization Compounding Molding, Assembly Parts

sales of base polymer Customers’ Toray’s business domains business domains

Work together to become development partners to solve social problems

Toray Resins Business: Provide total solutions for the supply, design, and processing of products

TREU / ZHU TREC STPS TAK TPA TTS TPPZ TPCD TPPT TRMX TPSU TID Nagoya TPM Shiga

TPSZ Tokai TBPR PNR TPCH Ehime Polymerization, Compounding bases ITS Polymerization bases Chiba Compounding bases 10 countries Molding bases PEF foam processing base 19 bases Toray PEF Products, Inc. Toray Plastics Precision Co., Ltd. Sales companies

Copyright © 2020 Toray Industries, Inc. 10 3. Global Expansion of Toray Resins Business ② Global policy of resin compounding business ⇒Localize production at consumption areas. Establish production and sales bases globally, and conduct on-site development and technological support at the expanding technology centers. 【Compounding increasing plans and results under the previous and current medium-term management program】

“AP-G 2019” “AP-G 2022” Country FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Increase Japan capacity of PPS in Nagoya Increased capacity of PA, PBT China (Shenzhen, Suzhou 1 line each)

ASEAN Established a technology center in Increase capacity of PA, PBT in Indonesia Indonesia

India Newly established a PA, PBT base Next capacity in Chennai increase

Europe Newly established a PPS base in Establish a technology center in Next capacity Hungary Europe increase

Americas Newly established a PPS Next capacity base in North America increase Realize business expansion and further capacity increase through collaboration between the expanded production, sales, and technology bases Copyright © 2020 Toray Industries, Inc. 11 4. Business Expansion in Growth Business Fields (next-generation automobiles ①) Global production of xEVs is expected to reach 43 million cars in 2025 accounting for 46% of the total, among which are mostly HEVs and PHEVs whose number is expected to increase to 32 million. The number of standard ADAS equipped cars are increasing in Japan, the US, Europe, and China, and is expected to increase to 84 million cars in 2030. (from the Yano Research Institute website)

Copyright © 2020 Toray Industries, Inc. 12 4. Business Expansion in Growth Business Fields (next-generation automobiles ②) Development of next-generation automotive materials （PPS, PBT） : hybrid, fuel-cell vehicles Prerequisites: production volume 43 million cars (2025) : fuel cell vehicles Power control unit : ADAS related parts Capacitor case Heat cycle, Electrical strength : initial approval Electrical strength completed PPS 2,250 t/y PPS 4,500 t/y : under development Rotation sensor Heat cycle, Electrical strength Hydrogen tank PPS 900 t/y Processability, Toughness PA 180 t/y

Cooling device Radar part Lithium battery part Low dielectric, Chemical resistance, Chemical resistance Dimensional stability Dimensional stability, Toughness PPS 1,100 t/y PBT 1,450 t/y PPS 1,100 t/y

Copyright © 2020 Toray Industries, Inc. 13 5. Business Expansion in Growth Business Fields (Next-generation Communication) Development of low dielectric materials（PBT, LCP） 4G 5G Estimation of Number of 5G Communication Service Contracts (number of contracts) Transmission large small unit:K (Source: Yano Research Institute Ltd.) lags 5,000,000 Others 4,134,000 Transmission USA 5G base station speed slow fast 4,000,000 EU low dielectric PBT and Transmission Korea 2,856,000 capacity small large 3,000,000 China PC for casings Total Transmission 1,745,000 loss small large 2,000,000 792,000 1,000,000 241,000 Increased demand for transmission- 8,500 98,000 loss prevention 0 Development of “low-dielectric 2019 Forecast 2020 Estimation 2021 Estimation 2022 Estimation 2023 Estimation 2024 Estimation 2025 Estimation materials”

<5G smartphones> <5G base station> <5G high-speed transmission FPC> Nano-alloyed metal bonding ”PBT” Highly heat-resistant PPS LCP for solution film-forming electronic parts, Low dielectric PBT/PC alloy

Realized both waterproofing functions Widely used in applications Focusing on solution film- through nanoalloy technologies, and including low dielectric PBT forming, developed a proprietary low-dielectric functions with low- polymers for casings and heat- LCP polymer with low dielectric dielectric co-polymer resistant PPS for electronic parts features

Copyright © 2020 Toray Industries, Inc. 14 6. Strategies for TORELINATM PPS Resin Business ① (1) Global Market of PPS resin ① Global demand for PPS resin (Toray estimation) ②Global share for PPS resin (2019) (unit: 10,000 tons) (Toray estimation) TORAY

Global demand is expanding by 5% annually on ・東レはＰＰＳ樹脂世界販売シェア the back of growing needs in xEVs, automotive electronic components, and light-weighting ２T５he％ woでrld世’s o界nl最y in大teg手ratメedー mカanーufa。cturer from properties ・樹mo脂no事me業r, pだolyけmでer, なanくd 、co繊mp維oun事din業g 、 Super engineering plastics with long-term heat フWィoルrld’ムs la事rge業st PにPSも co展mp開ouすndるing company resistance, outstanding chemical resistance, and (market share at 27%) flame retardant properties 総Co合mpＰreＰheＳnsメivーe PカPSー ma。nufacturer also engaged Adopted in versatile applications including power ・世in 界fib唯ers 一andの filモmsノマー/ポリマー/ semiconductors with increasing demand for energy-saving and labor-saving コンパウンド一貫生産メーカー。

Copyright © 2020 Toray Industries, Inc. 15 6. Strategies for TORELINATM PPS Resin Business ② Strength of Integrated raw materials materials development capabilities Proprietary Synthesis of Polymer Polymerization Compounding technologies raw materials Cross- NanoalloyTM linked NaSH × Fibers, Films TM Ｓ TORELINA Linear ToraycaTM Cl Cl ｎ With 2 types of polymer, has good advantage in its Has the world’s only integrated raw materials product line utilizing proprietary nanoalloy, carbon production plant and manufacturing technology fiber technologies covering a broad range of development Comprehensive Global network Capabilites Analysis Besides supplying Design Understanding Understanding materials, will develop Production needs needs solution proposals with Resinification Sales comprehensive Development capabilities HQ Total solution eg.: automotive cooling module material evaluation CAE design processing Has global network leveraging strength in development, production and sales Expand business as a global, comprehensive, and No.1 PPS manufacturer responding to social needs

Germany China TM TREU Technical Center TPSU (Suzhou) ABS・Nylon・PBT・PPS TORELINA TM Hungary TPSZ (Shenzhen) ABS・Nylon・PBT・PPS TORELINA ・LCP TM TM Zoltek PPS TORELINA TPCD (Chengdu) ABS・Nylon・PBT・PPS TORELINA

America Korea TM TREC Nylon・PBT TAK PPS TORELINA TM PPS TORELINA Japan Toray ABS・Nylon・PBT TM PPS TORELINA ・LCP

Thailand Polymerization base Sales base TM TTS Nylon・PBT・PPS TORELINA Compounding base Technical Center

Place production bases and technical centers globally, utilize nanoalloy technologies and CAE analysis technologies and develop total solution proposals on a global basis World’s only manufacturer with polymer production bases in two countries (Japan, Korea) . Able to respond to BCP Copyright © 2020 Toray Industries, Inc. 17 7. Strategies for TOYOLACTM ABS Resin Business ① (1) Global Market of ABS resin Toray has world No. 1 share (37% share) in Global demand for ABS resins in 2019 transparent ABS resins was 8.7 million tons expanding by 3% Increased production capacity of transparent annually ABS resins by 75,000 tons/yr at TPM The world demand for high-performance (Malaysia) keeping the world No. 1 position ABS resin market, our targeting ABS Expand ABS resin business leveraging strength resins with transparent, heat-resistant, in cost competitiveness and adding high- and chemical-resistant properties, is performance with proprietary co- estimated at around 2.1 million tons polymerization process and specialty AS expanding by 5% annually (both Toray estimation) resins

Global Market Share of Transparent ABS (2019 : Toray Estimation)

5% annual Growth

Copyright © 2020 Toray Industries, Inc. 18 7. Strategies for TOYOLACTM ABS Resin Business ② (2) No. 1 strategies for high-functional ABS resin Strength of materials Comprehensive power B. Expansion of ABS for automobile painting and A. Sales expansion of transparent ABS resin engineering plastic alloy “Keep the world No. 1 share in transparent ABS” 【】 “Aim to achieve Asia No.1 share in ABS-based high- Advantages flow painting products” 【】 Competitiveness in the polymerization process Advantages Excellent painting properties with proprietary AS resin Stability in quality Enhance the grade with alloy technologies 2 production bases in Japan and Malaysia Provide solutions with large molding machine and CAE 【Product grade strategies】 Deliver highly impact-resistant, high-flow, 2 production bases in Japan and Malaysia and highly transparent grades 【Product grade strategies】 Expand business into growing markets with Expand high-flow, high-flow painting ABS / “medical grades” which only 2 companies own polycarbonate alloy resins in the world Expand “Anti Squeak grade” for the Expand the transparent quietness inside the car TM “TOYOLACPAREL utilizing our Increase product grade with low coefficient of proprietary durable linear thermal expansion and high-rigidity using antistatic technology specialty fillers, replacing other materials

Copyright © 2020 Toray Industries, Inc. 19 8. Research and Technology Development ① (NANOALLOYTM ） With its proprietary nanoalloy technology (NANOALLOY TM) Toray is developing advanced materials that respond to various customers’ needs, by designing grades that compensates for weaknesses, while utilizing the matrix polymer characteristics Dispersion PBT-based ) J

k 6 structure (

n o i t p r

e.g. 1) PBT-based o

s 4

TM b a

NANOALLOY y g r e

n 2 e

f o

Balance high energy-absorption t n

Co-continuous u o 0 and moldability m structure A conventional material ⇒ Shock absorber PP-based alloy ) % (

o PA-based i t 150 a g n o l

e.g. 2) PA-based e Micelle TM g 100 n i

NANOALLOY k structure a e r b

e 50

Shock-absorbing nylon l i s

n Deformed flexibly at high-speed e t

e 0 impact (non-destructive) e p

s conventional material - ⇒

h expanded to sports applications g i PA6/rubber alloy H

Create new processing methods, specific CAE and analysis technologies optimum for advanced development of resin products Provide advanced total solutions to customers combining advanced materials with design proposals, etc.

Case 1 Design proposals of resin CAD products through reverse engineering Resinification Drawing with X-ray CT scanning design with CAE

Material development Additional Evaluation methods Analysis capabilities Product design processing Pursuit of ultimate Processing development technologies performance proposals

TM NANOALLOY , etc. Co-development with CAE analysis support, Structure analysis Modularization, etc. customers etc. support, etc. Case 2 Solution proposals for the development of resin pipes through the fusion of new processing method and proprietary CAE 1) Example of a suction blow molding machine: German molding machine is installed and 3D pipe modified to mold narrow pipes 3) Exclusively developed and optimized product 2) Original test mold is designed CAE analysis technology for 3D pipe molding

Copyright © 2020 Toray Industries, Inc. 21 8. Research and Technoloy Development ③ (“SHINAYAKA” tough polymer) Succeeded in the world’s first implementation of a movable cross-link polymer structure in polymer material TM by applying molecular design and NANOALLOY technology Realized advanced materials with dramatically improved energy absorption performance Resin with the implementation of a movable cross-link polymer structure by applying NANOALLOYTM technology ⇒ String-shaped Polymeric Polyrotaxane Ring-shaped molecular molecular molecular

Polyrotaxane Movable cross-link polymer structure

1 Application to non- 2 Application to glass fiber reinforced plastics reinforced plastics Room-temperature properties 30 Room-temperature properties Input energy : 3700 J Low-temperature properties Input energy : 300 J 25 ) % (

o 20 i t a g n

o 15 l e

g n i 10 k

Developed material a Polyamide e r b (glass fiber 30%) (glass fiber 30%) 5 e l Polyamide Developed material i Achieved breaking elongation properties by s Achieved about 20x bending durability and n 5x or more and energy absorption properties e 0 about 6x breaking elongation properties T by 4x or more compared with conventional compared with conventional materials Polyamide Developed material materials Copyright © 2020 Toray Industries, Inc. 22 9. Contribution to a Sustainable Society ① Environmentally-friendly Materials (for the sustainable and recycling-based use of resources and production)

Expand recycling → expand post-consumer, pre-consumer recycling (applications, customers, regions, methods) Advancement in recycling → develop chemical recycling technologies Microplastics issues → develop environmentally-friendly polymers biodegradable, marine biodegradable

Pre-consumer Use of internal PET film waste, and fibers & Post / Pre- textiles waste ➢ Expand suppliers and consumer materials, applications, recyling Post-consumer/ Open-loop recyling customers, and regions (material Use of bottle-derived recyled PET, PC ➢ Participation from the recycling) Post-consumer/ Closed-loop recycling product design stage Construct air conditioner fans to fans recycling system

➢ Research on the monomerization system Chemical ➢ Use of production process waste Research on use of raw materials from Recycling gasification and liquefaction recycling system

Environmentally Expand PA610 applications. Paris Agreement ➢ Develop biodegradable polymers, and friendly Develop biopolymers drop-in Microplastics marine biodegradable polymers polymers type, etc. Issue ➢ Develop high-functional biopolymers

2010 2020 2030

Copyright © 2020 Toray Industries, Inc. 23 9. Contribution to a Sustainable Society ② ABS resin TOYOLACTM Environmentally friendly (recycled) grade Establish a circulation-type recycling system through collaboration with customers Expand PET and PC alloy grade utilizing post consumer recycling

Post consumer recycling Example of a process chart of closed Example of open recycling (circulation-type) recycling

Collected water bottles Collected Discs

Crushed, washed bottles Crushed, washed Discs

n year ■Toray Group Emissions of PRTR Law-Specified Substances■ o i s

s 2,624 i 3,000 Overseas affiliates

m Target

e Japanese affiliates

c 2,000 i

r Toray e 873 886 787 h 1,000 695 663 752 p s o

m 0 t

A 2000 2014 2015 2016 2017 2018 2020 Toray Group as a whole is promoting initiatives for the reduction by 70% compared with the baseline year FY 2000 Baseline ■Emissions of PRTR Law-Specified Substances at Chiba plant (ABS production)■ n 300 year o i

s 246 Measures for the 1st period ﾒmﾀｸetﾘhﾙyl 酸meﾒthﾁaﾙcr(yMlatMe (AM)MA) s

i 250 Introduced 2-story thermal storage and combustion ｽsﾁtyﾚreﾝn(eS (MSM) ) m

e furnace 200 Measures for the 7th period acrylonitrile (AN)

c ｱｸﾘﾛﾆﾄﾘﾙ(AN) i Introduced Silica gel r 150 Measures for the 8th period e adsorption equipment h Introduced 3-story thermal Plan p 100 80 storage and combustion furnace s 62 o 50 34 37 m 23 26 t 19 16 A 0 2000 2001 2002 2014 2015 2016 2017 2018 2020 Unreacted monomer is emitted to the atmosphere at Chiba plant so the company has conducted continuous countermeasures Achieved reduction by 90% compared with the FY 2000, additional countermeasures are planned

26 III. Overview of Chemicals Business and Future Strategies (Contents)

1. Major Products of the Chemicals Business at Toray Group

2. Expected changes in the Business Environment

3. Fine Particles of High-performance Resins for 3D Printers

4. Expansion of Agriculture-related Business and Development of High Value-added Products

5. Environment-related Business

6. Veterinary Medicines Business

Copyright © 2020 Toray Industries, Inc. 27 1. Major products in the Chemicals Business at Toray Group Basic chemicals business consisting of raw materials for synthetic fibers and plastics, fine chemicals business and aromatic fine chemicals business consisting of pharmaceutical and agrochemical raw materials and industrial materials

Basic chemicals business Nylon, polyester raw materials Caprolactam・ Terephthalic acid

Fine chemicals business Pharmaceutical and agrochemical NZ products Chiral compounds raw materials Fine particles of high-functional TORAYMILLTM resins for 3D printers Veterinary medicines for dogs RAPROSTM INTERCATTM and cats

Solvents and cleaning agents DMSO

Sealants THIOKOL LPTM

Aromatic fine chemicals business Flavors, fragrances

Toray products Toray Fine Chemicals products Soda Aromatic products

High-mix low-volume production, Expansion of molding materials with the Complex modeling expansion of the 3D printer market (2) Population growth issues

Increase in consumption World population growth Expansion of agriculture-related of food crops Economic development in business Increase in consumption (agrochemicals and fertilizers) developing countries of fodder crops (3) Realization of an environmental and recycling-oriented society

Dealing with environmentally regulated chemical substances Expanding safe products DMSO

TM Pursuit of energy conservation Multi-layered glass THIOKOL LP

(4) Improving quality of life (QOL) (partnerships with companion animals)

Life with companion Improving veterinary care for longer life of Expansion of the animals dogs and cats veterinary In China and developing countries, number of cats and dogs owned medicines business increasing reflecting higher incomes

Copyright © 2020 Toray Industries, Inc. 29 3. Fine Particles of High-performance Resins for 3D Printers Polymer powder with potential for practical use which has high-flow and polymer properties most suitable for powder bed fusion (PBF method), developed using proprietary polymer design technology

TORAYMILLTM PPS

Uniform powder Good powder flow size distribution（D50=50μm） Duct (GF reinforced PPS) Impellers (GF reinforced PPS) Frequency(%) Total(%)

Size(μm) Spherical polyamide 6 powder Spherical polyamide 6 (under development) powder Surface smoothness of 3D printed parts With spherical particulation technology, Toray is developing high-flow spherical polyamide power which realizes both surface smoothness and high- strength of 3D printed parts.

Copyright © 2020 Toray Industries, Inc. 30 4. Expansion of Agriculture-related Business and Development of High Value-added Products ① • By applying technology developed for PX production which is “xylene isomerization and PX adsorption separation using a zeolite catalyst” technology, to fine chemical products, succeeded in the stable production of m-Dichlorobenzene, 2,6-Dichlorotoluene and other products • Main product m-Dichlorobenzene is sold as a raw material for agrochemicals to agrochemical manufacturers around the world

1)Adopted a manufacturing method that is superior to other companies in terms of environment, safety and cost 2) The raw material is a by-product of PPS raw material which is low cost and easy to obtain 3) No. 1 global market share business

As the world's population is expected to grow and demand for agricultural products increases, we will solve the problem of “hunger”, which is one of the items in the Sustainable Development Goals (SDGs), by supporting agricultural development through our agrochemical raw materials business

Copyright © 2020 Toray Industries, Inc. 31 4. Expansion of Agriculture-related Business and Development of High Value-added Products ② What is ammonium sulfate? Fine Granular Compound ammonium ammonium By-product of caprolactam sulfate sulfate fertilizer Lactam : Ammonium sulfate = 1：1.4 A factor of three major factors Adding high-value (nitrogen, phosphorus, potassium) Applicable to spraying by helicopter or drone at large scale farmers

Production of granular ammonium sulfate/compound fertilizer with fine ammonium sulfate, a lactam by-product, with compaction technology

Production flow of granular ammonium Compaction technology sulfate/ compound fertilizer

Compression and Shape adjusting machine granulation machine

Product (granular Product in process ammonium sulfate) Raw material (granular product) particle diameter of (fine ammonium 2 - 4 mm sulfate) particle diameter of Compressed and granulated Burrs of the particles are 2 mm or less in the recesses of the removed by the rotation of roll surface the shape adjusting machine

DMSO Business THIOKOL LPTM Business

Removers and cleaners (for electronic materials, Sealant (civil engineering, insulating glass） plants) Dental molding, adhesive THIOKOL LPTM Organic synthetic solvents, reagents Printing blanket (for pharmaceuticals, agrichemicals) Other applications (polymerized spinning solvent) Structure of insulating glass

High heat resistance effect

Toray Fine Chemicals Co. is the only Toray Fine Chemicals Co. is the only polysulfide DMSO manufacturer in Japan polymer manufacturer in Japan Low moisture permeability and well-balanced Business development with 2 bases- against flexibility and strength production in Japan and China Other solvents are restricted under Widely used in Europe for insulating glass REACH due to its toxicological concern with high heat resistance

Increased demand for DMSO as an Great contribution to energy-saving alternative due to its safety

Copyright © 2020 Toray Industries, Inc. 33 6. Veterinary Medicines Business ■Business Environment The number of dogs and cats in the household in developed countries remains flat. In China, the number of dogs and cats in the household is increasing rapidly, while incidence rates of virus diseases are high due to low vaccination rates Cardiovascular diseases are increasing as dogs and cats live longer INTERCAT TM RAPROSTM

The world's first recombinant feline The world's first veterinary medicine interferon preparation produced with approved for the “suppression of silkworm declines in renal functions”

■Business Strategies ■Business Strategies Early approval in China Early approval in Europe and US Building a production system to Considering the additional expand sales in China indications for canine diseases

Billion yen Revenue of Resins & Chemicals Business (note) include transactions within the Group 500

410.0 400 +28％

320.0 300

200

100

0 FY 2019 FY 2022 Actual Target (IFRS estimation) (IFRS)

Copyright © 2020 Toray Industries, Inc. 35 Descriptions of predicted business results, projections, and business plans contained in this material are based on predictive forecasts of the future business environment made at the present time. The material in this presentation is not a guarantee of the Company’s future business performance.