Appendix - Ace Consulting Co., Ltd.2).pdf · Advanced Material Japan Corporation (AMJ) Specialized...

AppendixFirst Half of the Fiscal Year EndingFirst Half of the Fiscal Year Ending

March 31, 2011 (FY3/11)

ALCONIX CORPORATION

Business Summary

2Copyright ©2010 ALCONIX CORPORATION All Rights Reserved

Business range

ALCONIX is a general trading company of non-ferrous metals

ALGeneral trading company CO NI XAL

Leap int

Raw materials

of non-ferrous metals

Alu

m

Cop Z

Magn

Metal

Nic

Tita

Tun

g

Molyb

An

ti

Ind

Rare

CO NI X

to the unknow

ProductsImport, export, domestic sales in Japan

min

um

pper

inc

nesiu

m

silicon

ckel

niu

m

gsten

bdenu

m

mon

y

dium

e earth

Base metals Rare metals

wnsales in Japan

Precious metals

Special characteristic that steel does not haveSteel 1.3 billion tons

95%Non-ferrous metals (metals other than

steel)

5%


Metals

Business fields

Th ALCONIX G i l f t l t di fi th t

End products

The ALCONIX Group is a general non-ferrous metals trading firm that covers all functions from upstream to downstream (final manufacturing).

Ore Ingots Products End productsOre

AutomobilesRo

End user industries

Ingots Products

Minin

Motorcycles

Smelti

olling, repr

Consolidated Subsidiary

Rare m

eta

Raw

ngentities

ngentitie

ocessinge

Advanced Material Japan Corporation

(AMJ)

Bas

als

Aircrafts

Major trading

firms

Raw resource-trading

firmsProduct

-trading firms

s entities

e metals

IT and electronics devices

Consumer electronics


Non-ferrous metal smelters' trading firms

Major general trading firms, etc.

Major general trading firms

Independent and mid-sized non-ferrous trading firms, etc.

Characteristics of the ALCONIX Group

Three main characteristics

Business mix

Character 1

Traditionalbusiness

Stable growth

Light metals & copper products

Construction & industrial materials

Character 1

Uniquebusiness mix

High growth business Electronic & advanced

materials

Non-ferrous metal resources

Composed of our overseas subsidiaries and the overseas sites of Sojitz Corporation, an affiliated general trading company

29 Character 2

through M&A and

Character 3

Firm, close tie-upoverseas network

investees8 overseas sites,

12 locationsBusiness expansion


gbusiness investments

overseas network

Business mix (traditional business)(As of the end of March 2010)

Businesses Main products Our trading products End products Main business

areas

Light metals

(As of the end of March 2010)

Traditiona

g& copper products

Aluminum products, copper

d t

Sales in Japan; export to, import from, trilateral trades between and local sales in China, Korea, Taiwan,

Aluminum coils

Aircrafts

Vehicles (bodies) Motorcycles (aluminum f t )l bu

siness a

products Korea, Taiwan, Singapore, Malaysia, Middle East nations, etc.

42% of total sales

Sales: ¥45.8bn

Lead frames (for semiconductors)

Air conditioners (copper tubes)

Copper products

frames, etc.)

as stable gr

Construction & industrial materials

Valves, joints, die cast products and other industrial

t

Export, import and domestic sales

semiconductors) (copper tubes)

rowth

base

parts

Construction of metal-made parts for building, apartment;

Construction use in Japan6% of

total sales

Sales: ¥7.0bn

Valves, joints, etc. Vacuum sprinklers


p ;remodeling, renovation, etc.

ptotal salesTerra cotta products

Aluminum handrails

Business mix (high growth business)

(As of the end of March 2010)

Business Main products Our trading products End products Main business

areas

Titanium and nickel p od cts

Export, import and domestic sales e po t fo

Electronic & advanced materials

products, compound semiconductors, magnetic materials, etc.

sales; export for use in power plants and chemical equipment mainly in China, Europe and USA

Compound semiconductor and

other electronic materials

Titanium coils Vehicles Displays

High

grow

etc. and USA

Titanium sponge, tungsten, molybdenum,

Import from Kazakhstan, China Russia etc

35% of total sales

Sales: ¥37.9bn

Rare metals and rare earths

Rare earths Titanium sponge

Rare earth magnets HDDs (magnets)

wth

busin

ess

rare earths, etc.

China, Russia, etc

Non-ferrous metal

Aluminum secondary ingots for

Titanium products (heat exchangers) Cell phones

Rare earth compounds

s metal resources

ingots for vehicles and consumer electronics; recycle of metal scraps;

Export, import and domestic sales

Sales: ¥18.3bn

Al i ll dV hi l


sc aps;magnesium ingots and metal silicon

17% of total sales

Metal scraps Aluminum alloy ingots

SemiconductorsVehicles

Milestone: Expansion through M&As and business investments

Business expansion29 investees,

incl. 14 after the MBO

2010

Listed on Tokyo Stock Exchange, Second section

Listed on JASDAQManagement Buy-Out

20062007

20082009

2010 ■Acquired trainding rights of Mitaka Metal Industry Co., Ltd. Transferred the rights to newly established ALCONIX MITAKA CORP.

■Established ALCONIX DIECAST SUZHOU

2004

Foundation of overseas sites

2005

■Acquired trading rights for recycling raw materials of non ferrous metals

Changed company name "ALCONIX CORPORATION"

2006

■Acquired HAYASHI METAL CORP.

■Acquired OHKAWA CORP.

■Established 6 joint ventures in China

2002

■Acquired trading rights of aluminum and copper products from Sanshin Rinkei, embarking on retail business

■Acquired Advanced Material Japan Corporation (AMJ), embarking on rare metal and rare earth business

■Acquired trading rights for recycling raw materials of non-ferrous metals from Sojitz Metals Co., LTD., expanding trading rights

1981

2000■Trading rights of non-ferrous metal products business transferred from Nissho-Iwai Corp.■Merged with Nissho-Iwai Metal Products expanding business domains

2001 ■Established Chenzen Shenzhi Precision Parts Co., Ltd., a joint venture, embarking on manufacturing and marketing aluminum boxes for lithium batteries

■ Established Winton International Industries, a joint venture, embarking on manufacturing and marketing polygon mirrors for LBPs

M&A


Nissho-Iwai Non-Ferrous Metals Corp. founded Business investment

1981Changed company name to Nissho Iwai Alconix Corporation■Merged with Nissho-Iwai Metal Products, expanding business domains M&A

Solid overseas network

With an emphasis on profitability, the ALCONIX Group conducts its business abroad from its subsidiaries and through Sojitz overseas network

8 overseas sites,

12 locations

Dusseldorf

Cairo

Jeddah

Moscow

Vladivostok

Beijing

Shanghai

Shenzhen Dusseldorf

Cleveland

Taipei

●Overseas subsidiaries and liaison offices

12 locations

Sojitz overseas

Jeddah Hong Kong

Dusseldorf

Bangkok

Kuala Lumpur

Taipei

Cleveland, USA: ALCONIX USA., INC.Hong Kong, China: ALCONIX HONGKONG CORP., LTD.Bangkok, Thailand: ALCONIX (THAILAND) LTD.

ALCONIX LOGISTICS (THAILAND) LTD.Shanghai, China: ALCONIX (SHANGHAI) CORP.Beijing China: ALCONIX (SHANGHAI) CORP Liason Office

jnetwork

Beijing, China: ALCONIX (SHANGHAI) CORP, Liason OfficeShenzhen, China: ALCONIX (SHANGHAI )CORP, Shenzhen BranchDusseldorf, Germany: ALCONIX EUROPE GMBHKuala Lumpur, Malaysia: ALCONIX (MALAYSIA) SDN. BHD.Taipei, Taiwan: ALCONIX (TAIWAN) CORPORATIONMoscow Liaison Office (Russia)

Advanced Material Japan Corporation (AMJ)

▲Overseas agentsJeddah Saudi Arabia: Sojitz Corporation Jeddah Branch


Advanced Material Japan Corporation (AMJ)Vladivostok Liaison Office (Russia)

Advanced Material Japan Corporation (AMJ)

Jeddah, Saudi Arabia: Sojitz Corporation, Jeddah BranchCairo, Egypt: Sojitz Corporation, Cairo Liaison Office

Domestic network

OHKAWA CORP

Nagoya Branch・ALCONIX MITAKA CORPORATION,

Nagoya BranchOHKAWA CORP.Fukushima PlantOsaka Branch

Consolidated subsidiaries・HAYASHI METAL CORP.・ALCONIX MITAKA CORPORATION,

Osaka Head Office

Hiroshima Office

ALCONIX CORPORATION, Head Office

Hiroshima Office Minato-ku, TokyoConsolidated subsidiaries・ADVANCED MATERIAL JAPAN CORPORATION・ALCONIX SANSHIN CORPORATION


Hamamatsu Office ・OHKAWA CORP.

M&A, business investment and overseas network

M&As: 7 cases

Proactively consider M&As regardless of any stage from upstream, middle

st eam to do nst eam

Investments in metal parts fabrication business in Asian and other regionsInvestments for the purpose of securing

Business investments: 29 cases

stream to downstream natural resources such as rare metals

■Acquisition of OHKAWA CORP.

■Acquisition of HAYASHI METAL CORP.

■Acquisition of trading rights for recycling raw materials of

■Manufacturing and sale of polygon mirrors for LBPs (in China)

■Manufacturing and sale of aluminum boxes for lithium batteries

(in China)non-ferrous metals from Sojitz Metals Co., Ltd.

■Acquisition of trading rights of aluminum and copper

products from Sanshin Rinkei.

■Acquisition of Advanced Material Japan Corporation

■Mergered with Nissho-Iwai Metal & Products Corp and

( )

■Manufacturing and sale of non-ferrous metal parts (in China)

■Manufacturing and sale of rare earth alloy for magnetic

materials (in China)

■Manufacturing and sale of magnesium ingots (in China)

■M f t d l f d h d (i Chi )■Mergered with Nissho Iwai Metal & Products Corp. and

acquisition of the trading rights from Nissho Iwai Corp.

■Acquisition of copper product business for electric

materials from Mitaka Metal Industry Co., Ltd.

■Manufacture and sales of road headers (in China)

■Recycle of end-of-life vehicles and consumer electronics

(in China)

■Manufacturing and sale of cast metal products (in China)

■Manufacturing and sale of cold forging products (in China)g g g p ( )

■Manufacturing and sale of aluminum die cast products

(in China)

and others


Main subsidiary: Advanced Material Japan Corporation (AMJ)

Specialized in rare metal and rare earth business

Specialized trading company with a quarter-century history of expertise in rare metal and rare earth.

Features Explores mines, develops a network for processing.Holds an almost 100% share in the import market of titanium sponge for pure titanium to Japan.Acts as agent in Japan of UK-TMK, one of the five major titanium sponge mills in Kazakhstan.Plays an important part in securing supplies to IT and steel industries in Japan.

3 visions

Specialized in the domains of rare metals, rare earths and new materials.Operates mainly in China, Russia and Central Asia.Increases value of operations through outsourcing/receiving processing.

Generally trades in rare metals such as titanium, tungsten, molybdenum, nickel, indium, antimony, cobalt, tantalum, etc. and rare earths

Main trading

d t

Capital stock: 46 million yen (Shares held by: ALCONIX CORPORATION 91 04% Board of Directors of AMJ 8 96%)

products


(Shares held by: ALCONIX CORPORATION 91.04%, Board of Directors of AMJ 8.96%)URL：www.amjc.co.jp

Business Model


Features of business model and profit structure

■Market price rise expansion of client demand. Market price drop restraint in client demand.

■Relatively small impact of market volatility on our transactions.

●Some "Intermediary" and "Inventory-2" transactions are directly impacted by the market.

●"Inventory-2" transactions account for only 5% of total transactions This limits the direct impact● Inventory 2 transactions account for only 5% of total transactions. This limits the direct impact of market volatility on our profits.

Business style Business flow Inventory Profitability Profit

Market price rise

Amount of profit Profit iAmount of profit margin

Intermediary

■Alconix concludes each contract with clients or supplier individually■Alconix facilitates and control distribution

No inventory

■No inventory risk■Profitability tends to be relatively high

Margin / commission ○(Eager to purchase) ○

■C t t diti ( i d li Commission (fixed

Direct

■Contract condition (price, delivery date, amount) are concluded between our client and supplier■Supplier deliver directly to our client

No inventory

■No inventory risk■Profitability tends to be low

Commission (fixed amount)Commission (market price×fixed rate)Commission (processing costs×fixed rate)

○(Eager to purchase)○(Eager to purchase)○(Eager to purchase)

Slightly △-

Slightly △

Inventory 1 ■Alconix takes an order from specific ■No inventory riskInventory-1 (Already contracted)

■Alconix takes an order from specific client, holds inventory and delivers just in time.

Hold inventory

■No inventory risk■Profitability tends to be average

Margin / commission ○(Eager to purchase) -

Inventory-2 (No sales contract)

■Alconix controls, and holds inventory regardless of any clients order

Hold inventory

■Existence of inventory risk■Profitability tends to be high

Margiｎ ○(Eager to purchase) ○


) be high

○: Positive △: Negative - : Neutral

M&A, business investment, and overseas network: Profit contribution model

fCategory Target

Treatment on consolidated

financial resultsProfit from business investments

Profit from

tradingSynergy Initial term of contribution to

consolidated results

M&A Direct contribution to consolidated profit

Consolidated (or equity method)

Add to consolidated results (excluding minority interests in income)

－ ◎

Profit contribution in the first FY after absorbing goodwill expenses amortized equally over five years

Business investment

Trading profits from new or expanded business with investee

Non consolidated, non equity-method

Dividends income + royalties + interest income – investment and interest expenses (+ impairment loss) – legal fees for establishment of business

Profit from

trading with

investee

○

Profit from business investment: full-scale contribution from third FY; trading profits: contribution from first FY.

Overseas

Bolstering of overseas network, reduction of Add to consolidated results (minor

Purpose: secure and expand "trading profits" through trading rights, and expand business channelsFuture: expand size of business, ratio of investment

◆ Profit/loss of business investment

P fi f b i i

Overseas network outsourcing expenses,

improvement of marketing and services

Consolidated Add to consolidated results (minor effect)

－ ○ First FY after investment

p ,direct contribution to consolidated profits

Profit/loss of joint ventureAchieve a profit in second year after establishment (or as early as the first year in some cases).Pay dividends in third or fourth year after establishment

Profit from business investmentProfit from tradingTotal amount

Pay dividends in third or fourth year after establishment.

Some business investment profit contributions from joint venture from third year.


Trading profits from joint venture to contribute from first year, and fully from third year.

1st FY 2nd FY 3rd FY 4th FY 5th FY 6th FY

Corporate Data


Main shareholders

Category Number of shares held

Shareholding ratios

Financial institutions 1,044,100 19.59%

Securities companies 45,593 0.85%

Oth J titi 2 288 400 42 90%

Name of shareholders Number of shares held

Shareholding ratios

Sojitz Corporation 834,000 15.64%

Kobe Steel Ltd 426 800 8 00%Other Japanese entities 2,288,400 42.90%

Overseas entities 330,500 6.20%

Individual investors, others 1,624,173 30.46%

Treasury stock 34 0.00%

(T t l) 5 332 800 100 00%

Kobe Steel, Ltd. 426,800 8.00%

Mizuho Bank, Ltd. 198,000 3.71%

Japan Trustee Services Bank, Ltd. (Trust Account) 194,500 3.65%

(Total) 5,332,800 100.00%The Sumitomo Trust & Banking Co., Ltd. 186,000 3.49%

KITZ Corporation 140,600 2.64%

Th B k f T k Mit bi hi UFJ

Sojitz

Kobe SteelOthers

The Bank of Tokyo-Mitsubishi UFJ, Ltd. 130,000 2.44%

ALCONIX Employees' Stock Ownership Plan 113,600 2.13%

Mizuho Bank

Japan Trustee Services Bank (Trust Account)

Eiitsu Masaki

JAPAN PURE CHEMICAL CO., LTD. 100,000 1.88%

Eiitsu Masaki 80,200 1.50%

Others 2,929,100 54.92%

The Sumitomo Trust & Banking

KITZThe Bank of Tokyo-Mitsubishi UFJ

ALCONIX Employees’ Stock Ownership Plan

JAPAN PURE CHEMICAL


(Total) 5,332,800 100.00%

Main financial indicators

FY3/06(listed on JASDAQ)

FY3/07FY3/08

(listed on TSE 2nd sec.)

FY3/09 FY3/10

Net asset per share (cons.) (Yen) 1,625.51 2,144.54 2,640.70 2,671.02 3,346.9p ( )

Net income per share (cons.) (Yen) 271.76 448.50 585.69 68.28 675.21

Dividend per share (Yen) 50.00 65.00 85.00 85.00 85.00

(of which interim dividend) (0.00) (0.00) (0.00) (0.00) (0.00)

Number of shares outstanding (Shares) 2,174,000 2,421,000 2,663,700 2,664,100 2,666,400

Return on Equity (cons.) (%) 39.5% 44.0% 40.1% 22.3% 17.5%

Return on Asset (cons ) (%) 3 6% 4 4% 4 7% 3 4% 3 5%Return on Asset (cons.) (%) 3.6% 4.4% 4.7% 3.4% 3.5%

Equity ratio (cons.) (%) 9.6% 10.4% 13.0% 18.2% 22.2%

Number of employees (cons.) 211 223 240 247 361

・Net income per share: Not considered potential stock・Return on Asset = Ordinary income / (Average assets from the beginning to end of FY)・Return on Equity = Ordinary income / (Average assets from the beginning to end of FY, excluding minority interests and subscription rights to share)・Number of employees: Includes temporary employees, seconded employees dispatched from the Company and another companies, and excludes directors and employees dispatched from temporary agencies. All figures are based on the Yukashoken Hokokusho.


Market Chart


Demand forecast for base metals

World consumption and shipment of aluminum are trending to grow

Aluminum world demand outlook (2010 to 2020)(Unit: thousand tons)

1,000Estimated additional consumption in 2020

1,000 Estimated consumption i 2010in 2010


(Note) 1. Source: Japan Aluminum Association2. The rest of Asia represents ASEAN members and Korea.

Japan China India Rest of Asia

Asia in total

USA Europe Brazil Others World in total

Demand forecast for rare metals

◆ Import of rare earth◆ Titanium sponge world demand outlook

(thousand tons)(tons)

Y2O3Cerium salt

CeO2La2O3Rare earth metalRare earth salt

General industry/consumer use

Civil aviation

Military use

Source: Trade statistics of JapanSource: Toho Titanium Co., Ltd.

2006 2007 2008 2009 2010 2011 2012 20131999

20142000 2001 2002 2003 2004 2006 20072005 2008 2009


Market position

Main products Share Specification

Light metals & copper products

Aluminum sheet 4%- of total export of Japan Aluminum plate, sheet, strip (exceed a thickness of 0.2cm)

Copper strip 5%+ of total export of Japan Copper plate, sheet, strip (exceed a thickness of 0.15mm)

Electronic & advanced materials

Metal titanium 50%+ of total export of JapanInclude titanium sponge or its ingot as the resource of titanium products

Nickel powder 70%+ of total export of Japan Nickel powder or its flake

Tungsten compound 30%- of total export of JapanTungsten intermediate compound (not include metal tungsten)

Titanium products 20%- of total export of Japan -

Non-ferrous materials

Magnesium ingot 20%- of total export of JapanMagnesium ingot of 99.8% purity by weight costing 670 yen or less per kilogram


Aluminum scrap 4%- of total export of Japan Aluminum alloy

Market trends (main non-ferrous metals: aluminum, copper and nickel)

Rebounded in January 2009, and have thereafter been on an uptrendAluminum / Copper Nickel($/MT) ($/BT)

* Based on London Metal Exchange (LME)

25

30

7,000

8,000

9,000

銅（3ヶ月先物）アルミニウム（3ヶ月先物）ニッケル（cash）

Copper (3 months)Copper (3 months)Aluminum (3 months)Nickel (Cash)

15

20

5,000

6,000

,

Nickel (Cash)

10

2,000

3,000

4,000

Aluminum (3 months)

0

5

0

1,000

4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7


FY2010FY2006 FY2007 FY2008 FY2009

Market trends (magnesium)

Plunged in 2H of FY2008 and remains depressed since thenUSD/t

4 500

5,000

5,500

6,000

6,500

中国欧州日本輸入中国

ChinaEurope

Japan's imports

2,500

3,000

3,500

4,000

4,500

0

500

1,000

1,500

2,000

04 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7

FY2010FY2006 FY2007 FY2008 FY2009


Market trends (rare metal)

Plunged in 2H of FY2008 and gradually recoveringTitanium sponge/Tungsten/Molybdenum IndiumYen/KG Yen/KG

7,000

8,000

9,000

100,000

120,000チタンスポンジ

タングステン

モリブデン

インジウム

/ /

Titanium spongeTungstenMolybdenumIndium

4,000

5,000

6,000

60,000

80,000

1,000

2,000

3,000

20,000

40,000

04 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7

0

FY2010FY2006 FY2007 FY2008 FY2009


What are rare metals

R l f 47 l i l di 17 hRare metals are a group of 47 elements including 17 rare earths

FeaturesDeposits are small and unbalanced geographically.

Extraction, which requires sophisticated technologies, is difficult.

Supplies can be impacted by the politics of the supply country.

Typical rare metals

Ore Features Mainstay applications (examples of familiar end products) Major producing regions

Tungsten Solid, strong for heat Special steel (automobile, drill) China

Molybdenum Strong for acid and heat Stainless (for sink unit) China

Vanadium Used to give steel higher strength Special steel (automobile) China/Russia/South Africa

Indium Easy to transmit electricity and light Transparent electrode (LCD TV) China/France

Antimony Hard to burn Plastics (semiconductor, digital consumer electronics) China

Cobalt Possible to use for a pole of battery. Also strong to heat or rubbing

Secondary battery, steel for mold (cell phone, digital camera, PC) Canada/South Africa

Manganese Effective for deoxidation and desulfurization Special steel, battery (automobile, PC) South

Africa/China/Australiadesulfurization Africa/China/Australia

Nickel Solid, rust inhibitor when added to steel. Used in batteries. Stainless, battery (sink unit, digital camera) Indonesia/Australia

Tantalum Possible to accumulate enormous electricity at the moment Condenser (PC, digital camera) Australia/Brazil

Strong magnetic factor and


Rare earth Strong magnetic factor and characteristic of fluorescence Hard disk, illumination, abrasive (PC, mobile music player) China

(Note 1) ALCONIX focuses on the highlighted areas.Source: Based on the Nikkei Sangyo Shimbun, Aug 24, 2005

Rare metals: Resource nationalism

S i l i i f J i dSecuring rare metals is a pressing issue for Japanese industryCurrent status

Deposits are small and unbalanced geographically.Extraction, which requires

Rare metal consumption in Japan

R t l World Japan's J ' hMajor d i

, qsophisticated technologies, is difficult.Supplies can be impacted by the politics of the supply country.

Rare metals World consumption

Japan s consumption Japan's share producing

countries

Nickel (2007) 1,420,000 tons

1,960,000 tons

2nd largest with a 14% share

Russia(19%)

Tungsten (2007 estimate) 65,000 tons 7,000 tons 4th largest with a

11% shareChina(86%)

Policies of resource countries

Russia,

(2007 estimate) , , 11% share (86%)

Cobalt(2007 estimate) 57,000 tons 14,000 tons 1st largest with a

25% shareCongo(36%)

Molybdenum (2007) 180,000 tons 39,000 tons 2nd largest with a

22% shareUSA

(32%)

Pressing issue for Japanese

Supply restraint,

China Manganese (2007) 19,060,000 tons

1,200,000 tons

4th largest with a 6% share

South Africa(20%)

Vanadium(2007 estimate) 101,000 tons 10,000 tons 4th largest with a

10% shareSouth Africa

(39%)

Indium 13 400 000 11 460 000 1st largest with a Chinag pindustry

Securing rare metals

Indium (2007 estimate)

13,400,000 tons

11,460,000 tons

1st largest with a 86% share

China(49%)

Rare earth(2006 estimate)

1,420,000 tons

1,960,000 tons

2nd largest with a 14% share

Russia(19%)


Source: Indium: Mineral Resources Report by JOGMEGOthers: Rare Metal Stockpiling Data by JOGMEG and other sources Major producing countries: Ministry of Economy, Trade and Industry of Japan (2007)

l i

Non-ferrous Metal Expert

Material Value Explorer

www.alconix.com

These materials were prepared to help investors understand ALCONIX and were not intended as a solicitation for investment in ALCONIX. These materials were prepared carefully for accuracy, but the completeness of these materials cannot be guaranteed. ALCONIX will not be heldmaterials were prepared carefully for accuracy, but the completeness of these materials cannot be guaranteed. ALCONIX will not be held responsible for any problems or damages that result from the information provided in these materials. Earnings forecasts and other future forecasts in these materials were made based on the judgment of ALCONIX using information available at the time these materials were prepared. These forecasts embody latent risk and uncertainty. Please understand that actual earnings may differ from these forecasts due to changes in the business environment and other factors.

Appendix - Ace Consulting Co., Ltd.2).pdf · Advanced Material Japan Corporation (AMJ) Specialized...

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