Disclaimer

This material is being made available to you by QUESTHUB CO. LTD. (“QuestHub”) for informational purposes only on a confidential basis, and it may not be copied or distributed, disseminated, published or transferred, in whole or in part, in any form without the prior written permission of QuestHub. If QuestHub so requests, the recipient promptly will destroy or return to QuestHub this material.

This material does not constitute, and may not be relied upon or treated as, and QuestHub is not providing, any investment advice, investment research or recommendations, and the recipient is not relying or treating this material as, investment advice, investment research or recommendation with respect to any transaction, directly or indirectly, in any manner with respect to or involving any securities, commodities, interests or investments in any jurisdiction, or to engage in or implement any such trading or investment strategy. This material does not constitute financial, legal, accounting or tax advice; therefore, the recipient is strongly advised to retain its own advisor on these matters.

QuestHub expressly confirms that it will not ever convey material non-public information (Jyuyo Jijitsu) obtained by or known to be from any insiders or any other party who received the information based on a contract with the publicly listed company or in connection with negotiation with the company about the contract or in the course of implementation of the agreement set forth in the contract, or otherwise may owe any fiduciary duty or duty of confidentiality to the publicly listed company. QuestHub confirms that it will immediately notify the recipient of this report if QuestHub discovers, determines, or has any reason to believe that any information contained in the report (whether conveyed in written or oral form) may constitute material non-public information (Jyuyo Jijitsu).

Although QuestHub believes the information contained in this material to be reliable, such information is subject to change, and QuestHub makes no representation, warranty or guarantee in any way with respect to the accuracy, truthfulness, correctness or completeness of such information or its sources thereof, its relationships in obtaining such information or its knowledge in compiling such information. No liability or responsibility is accepted by or to be attributed to QuestHub with respect such information.

QuestHub is not registered by, licensed with, or supervised by any governmental, regulatory agency or authority, or supervisory body (including any self-regulatory organization, such as the Japan Investment Advisers Association), including the Financial Services Agency of Japan and the Kanto Local Finance Bureau (each, a “Regulator”).

By accepting this material, the recipient agrees not to use, rely on, distribute or disseminate, whether in whole or in part and whether combined or compiled with any other information, this material in any manner which does, or is reasonably foreseeable to (x) violate or breach any applicable law, regulation, rule, guidelines or policy, including those of any Regulator, (y) violate or breach any contractual obligation binding on the recipient, its assets or its properties, or (z) cause or result in any negative or adverse effect on the business reputation, prospects, results of operations, assets or liabilities of QuestHub, its shareholders, directors, or employees.

PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS.