#1NOMURA Connecting Markets East & West Nomura Sustainability Day Nomura Agri Planning & Advisory's Food and Agriculture Sustainability Initiatives Atsuyuki Futono President Nomura Agri Planning & Advisory Co., Ltd. October 5, 2021 Drive Sustainability. NAPA NOMURA Agri Planning & Advisory#2Agenda NOMURA 1. Why is Nomura engaged in food and agriculture sustainability? 2. Food and agricultural innovation toward sustainable development 3. NAPA solutions 1 Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved#31. Why is Nomura engaged in food and agriculture sustainability? NOMURA 2#41. Why is Nomura engaged in food and agriculture sustainability? Long history of involvement in agriculture NOMURA Nomura has contributed to the growth and development of food and agriculture since its founding in 1925 ■In September 2010, Nomura Agri Planning & Advisory (NAPA) was established to provide solutions to challenges in agriculture NOMURHARAS Nomura Brazil Farm 1925 1965 1975 Nomurabras 2010 Nomura Agri Planning & Advisory Co., Ltd. Founding philosophy 2011 Nomura Securities established Investment in Brazil Farm Nomura Research Institute (NRI) established Nomura Agriculture and Livestock Research Institute (Nomurabras) established Nomura Agri Planning & Advisory (NAPA) established Nomura Wago Farm (currently Nomura Wago Sakaki Farm) established Nomura Farm Hokkaido established NAPA NOMURA Agri Planning & Advisory NOMURA Farm Contribute to the revitalization of local communities and the growth of the Japanese economy through the agribusiness Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved 3#51. Why is Nomura engaged in food and agriculture sustainability? Responding to increasing global food demand and environmental impact NOMURA Increase in global food demand (particularly meat) driven by population growth and development of emerging economies; Environmental impact remains a challenge (Protein crisis) To reduce environmental impact, alternative proteins are attracting attention Food supply outlook for 2050 Agriculture GHGs account for over 10 percent of total industrial emissions (100 million tons) 70 Approx. 1.5x Animal products, 13.98 60 460 50 Animal products, 8.65 Sugar crops, Industry, transport, 1.83 40 household 89% Agricultura land 4% 3220 Sugar crops, 1.69 Oil seeds, 5.92 Agriculture 11% Rice crop 1% Livestock, Oil seeds, 4.56 Grain, 36.44 10 Grain, 24.42 Increase due to feed dairy 5% Other 1% 2015 2050 Forecast Mainly meat Source: Compiled by NAPA based on IPCC Report, FAOSTAT production Water consumption (L) 25000 Stronger demand for meat driven by population growth and development of emerging economies Source: World Food Supply and Demand Projections to 2050, Ministry of Agriculture, Forestry and Fisheries, Japan Environmental impact per kilogram for each protein source Grain consumption (kg) GHG, 23.1 25 Water, 20,600 20 15 15 "} GHG 1/10 Water 1/20 GHG 1/100 Water 1/2000 20000 GHG, 7.8 10 Water, 5,900 15000 10000 Water, 4,500 5 GHG, 1.16 Water, 10 GHG, 0.231 GHG, 2.6 Water, 930 5000 0 0 Beef Pork Chicken Insect Vegetable Meat Higher demand for grain and water (Needed for meat production) Increased GHGs from livestock production Forest destruction Extensive use of chemical fertilizers Source: NAPA estimate based on "Plant-based meat raw materials and production process", Utsunomiya University, National Agriculture and Food Research Organization Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved 4#61. Why is Nomura engaged in food and agriculture sustainability? Food and agriculture is a fundamental theme for global sustainable growth NOMURA Increasingly complex supply chains and diversified needs of consumers impact various industry sectors The 17 SDG goals can be broadly divided into three themes: natural capital, society and economy. Social issues related to food, agriculture, the environment and natural resources have become more severe PARTNERSHIPS FOR THE GOALS DECENT WORK AND TRUE 10 INEQUALITIES REDUCED ANDINFRASTRUCTURE ECONOMIC GROWTH 12 RESPONSIBLE CONSUMPTION AND PRODUCTION Q Human Well-being* Economy 1 NO SUSTAINABLE CITIES POVERTY AND COMMUNITIES Society Biosphere (Natural capital) SUSTAINABLE 16 PEACE, JUSTICE AND STRONG INSTITUTIONS 7 AFFORDABLE AND CLEAN ENERGY 3 G GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY 2 ZERO HUNGER SSS LIFE LIFE ON LAND 14 BELOW WATER CLEAN WATER AND SANITATION CLIMATE ACTION Help build capabilities Practical Promote/raise model Economy/ Science Policy awareness market Sustainable production, consumption, market, finance, system Ecosystem services DEVELOPMENT GOALS Sound ecosystems, biodiversity, natural capital Source: Compiled by NAPA based on CONSERVATION INTERNATIONAL JAPAN ANNUAL REPORT Deepening crisis related to food, agriculture, the environment and natural resources Food shortage Soil degradation GHG emissions from food production Biodiversity crisis Labor, human rights Forest destruction Food loss Animal protection Water shortage Marine pollution, resource degradation Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved 5#7NOMURA 2. Food and agricultural innovation toward sustainable development 6#82. Food and agricultural innovation toward sustainable development Evolution of global food and agribusiness NOMURA гNOMURA GLOBAL FOOD & AGRI FORUM 2020] Hosted Nomura Global Food & Agri Forum 2020 with guest speakers from global food and agribusiness companies Large-scale greenhouse agriculture in Almeria, Spain New Zealand's global kiwi strategy Cooperative Agricola San Isidro (CASI) CEO Antonio Domene CASI New Zespri ZESPRI international Limited Asia Regional Manager Nick Kirton espr Dudbu Salmon farming and global marketing in Norway 万トン 21,000 18,000 15,000 12,000 9,000 6.000 3,000 Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved 内水面養殖業 海面養殖業 内水面漁船漁業 海面漁船漁業 BZF035 45 55 平成2 12 22 29 年 (1960) (1970) (1980) (1990) (2000) (2010) (2017) Norwegian Seafood Council Director Japan & Korea Gunvar L. Wie NORWEGIAN SEAFOOD COUNCIL 7#92. Food and agricultural innovation toward sustainable development Evolution of global food and agribusiness Automation of livestock farming in the Netherlands Transformation of food distribution in China 高马鲜生版 TNOMURA GLOBAL NOMURA FOOD & AGRI FORUM 2020] Creation of startups in the US, Israel, Japan abundant ROBOTICS ELY VECTO Lely Holding Business Development Processing Director Guus van Roessel LELY 金马鲜生 『有机猕猴桃种植基地 Hema Fresh (Alibaba's Hema Fresh) CEO Vice President of Alibaba Group Yi Hou 巴盒马 鲜･美生活 Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved 2013 Now Funding HARGOL iẞi-Ag InPlant Men Tech HITOWETISH T iRobot CALYSTA. trendlines medical agtech labs IntegriCulture 8#102. Food and agricultural innovation toward sustainable development Global investment in food and agritech is accelerating Financing of up and coming food and agritech startups has accelerated NOMURA In 2020, total investments in startups was $26.1bn compared to Y6.4bn in 2014, an average annual increase of 26% Funding amounts for international food and agri startups (2020)1 Traceability, food safety related B2C platform Restaurant tech Alternative protein, etc. Food delivery related Ghost restaurants, etc. Agribio Next generation farms Agricultural materials online sales 2.40 2.30 2.10 1.90 1.60 1.30 1.10 Farm management, sensing 0.88 Biofuel, useful substance 0.77 Online restaurant, meal kit 0.57 FinTech for agriculture 0.38 Agricultural robots 0.38 Home & cooking tech 0.15 0.00 1.00 2.00 1. Source: AgFunder report 3.00 Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved (billions of dollars) 5.30 5.10 4.00 5.00 6.00 9#112. Food and agricultural innovation toward sustainable development Research and publication on global cutting-edge businesses changing food and agriculture 2030年の NAPA Next generation farm (Plant factory, land-based/ NOMURA cutting edge aquaculture) Agriculture robot (Drones, automated harvesting robots, robot tractor) (1) Plant factory (1) Drone フード&アグリテック 1. Spread Japan 1. Nileworks Japan 2. Farmship Japan 2. DJI China 農と食の未来を変える世界の先進ビジネス 70 3. Kidaya Japan 3. XAG China 野村アグリブランニング&アドバイザリー株式会社 佐藤光豪·石井祐基 [NL] 4. Farm & Factory Wakasa Japan (2) Harvesting robots 1. inaho Japan 5. Seiden Kogyo Japan 2. Abundant Robotics US 6. Fujian Sanan Sino-Science Photobiotech China 3. Octinion Europe 7. Crop One HD US 4. Lely Europe 8. Aero Farms US 5. Tevel Aerobotics Technologies Israel 9. Bowery Farming US 6. Meshek {76}; Israel 10. Freight Farms US (3) Robot tractor 11. Infarm Europe 1. Kubota Japan 12. Growing Underground Europe 2. Yanmar Agri Japan 13. Seedo Corp Israel 2030年の FA - 「農と食のDX を牽引する 世界の先端テクノロジーと (2) Land-based, cutting edge aquaculture Agribio (Protein alternatives such as plant-based meat, victimless meat, insect food, genome editing 1. FRD Japan Japan 2. Soul of Japan Japan (1) Alternative proteins スタートアップ/企業70社を紹介 1. IntegriCulture Japan 3. SalMar Europe 2. BugMo Japan RES 3. Taberumo Japan Production platform (IoT-ICT system) 1. Optim Distribution platform (Direct delivery EC, cutting edge wholesale market 4. Musca Japan 5. Ainan Liberacio Japan 6. Gryllus Japan Japan 7. Ellie 1. Pocket Marche Japan Japan 2. SkymatiX Japan 8. Beyond Meat US 2. My Farm Japan 9. Kite Hill US 3. Vegetalia Japan 4. Fujitsu Japan 3. Tokyo Haneda Market 10. Memphis Meat US Japan 11. Finless Foods US 5. Farmnote Japan 4. Meicai China 12. Calysta Energy US 6. Farmer's Business Network Japan 13. Mosa Meat Europe 5. Hangzhou Xiaonong Network Technology China 7. The Climate Corporation US 14. NovaMeat Europe 8. Hispatec Europe 6. Shenzen Agricultural Products China 15. Hargol FoodTech Israel 9. Priva Europe 10. Connecterra Europe 7. Shanghai Hema Network Technology 8. Aggrigator China (2) Genome editing 1. EditForce Japan US 2. Platinum Bio Japan 11. Nofence AS Europe 9. Pan European Fish Auctions Europe 3. Calyxt 12. Afimilk Israel 13. A.A.A Taranis Israel 10. SEMMARIS Europe 4. Ginkgo Bioworks 5. Inari SSS US US US 10 Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved#122. Food and agricultural innovation toward sustainable development Food & agritech market size NOMURA Food and agritech is projected to grow in several sectors including production technology, distribution, and the alternative proteins market sin Projected size of domestic market in five food & agritech sectors (billions of yen) Wwww AMO TUNA TUNA MEAT insects lasec Projected size of global market in five food & agritech sectors (105 yen 1 US dollar) (trillions of yen) (105 yen 1 US dollar) 2000 1500 1000 Inext-generation farm ■agricultural robot ■production platform ■distribution platform agribio 80 CAGR 17.6% (2020-2030) Inext-generation farm agricultural robot 70 ■production platform CAGR 28.6% (2020-2030) 60 distribution platform ■agribio 50 40 30 500 20 10 0 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (Year) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (Year) (Source) Nomura Agri Planning & Advisory 11 Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved#133. NAPA solutions NOMURA 12#143. NAPA solutions Features of NAPA's consulting services Deliver business strategy consulting across the entire food and agriculture value chain ■Expand operations leveraging synergies with Nomura Group's client network NOMURA Agriculture, forestry, livestock & fisheries Producers Provide solutions to the entire food value chain and each participant Processing companies Distributors (Trading companies, EC, market) Retailers, food service, etc. Consumers (Global) Entry from other industries (Major corporations - SMEs) Global agritech Bio startups Domestic network built over more than 10 years × Distribution & logistics innovators Retail tech/exports Food/ health care tech Startups Nomura Group network Drawing up of new business plans and management strategies for food & agribusiness Research and consulting provided by NAPA Financing/ capital & business alliance for food & agribusiness Marketing/export of agricultural, forestry and fisheries products Industry research on food & agribusiness in Japan and overseas Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved 13#153. NAPA solutions Strong interest from corporates as a new area of business NOMURA Corporates have a wide range of food and agriculture needs, and over 100 listed companies alone have. entered the sector Classification matrix of companies entering the agriculture sector Many companies set up plant factories to supplement/bolster their businesses Factory type (Kagome, Kewpie, Kubota, Valor, Oriental Land, Japan Airlines, etc.) Unutilized facilities are used by many companies to set up plant factories as a new business (Shimizu Corporation, Orix, Toyota Tsusho, Mitsubishi Estate, etc.) No. of listed companies entering agricultural production business Supplementary business2 Restaurant and distribution Transportation and energy Materials and resources Construction, real estate and industrial infrastructure Food and Healthcare Financial services Electronics and IT Trading company 113 companies¹ Automobiles and machinery 0 10 20 30 40 Companies with food-related core businesses such as supermarkets or food service enter the sector to supplement or strengthen their businesses (Aeon, Lawson, Mos Food Services, etc.) 1. Including companies that have already exited the sector. Outdoor type New business Many companies produce organic vegetables or fruits as a new business (Sojitz (Aquaculture), Inabata, Kyudenko, etc.) 2. Supplementary business: Businesses that supplement the core business, including direct procurement of food raw materials or products, or improving the value of the core business. 3. Note: This classification is based on NAPA's subjective perspective and actual reasons for entering the sector may differ. Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved Source: NAPA, based on public information. 14#163. NAPA solutions Support business expansion NOMURA Support companies entering the food and agri sector through market research and help with technology Examples of private company needs Considering entry into agriculture and want to create a business vision/plan Developing new area of business by applying in-house technology and resources to food and agri Issues BEYOND BURGER Major manufacturers Basic research toward the development of new food and agri businesses Target promising areas based on latest business models and market assumptions BEEF BURGER Conducting research and verification to pursue food and agri as a new business strategy Finding business partners expected to expand food and agribusiness, create synergies Issues Major material manufacturers, trading firms, energy companies Create concept for fully enclosed plant factory model Identify promising areas where in-house technologies can be used based on the latest business models, technological trends, and market assumptions VS LES WATER WIN LALLAND COEREN WHE NAPA value ■ Analysis/proposal of latest business models ■Estimate project size for each alternative protein value chain Alternative protein (plant-based meat, cultured meat, insect food, etc.) value chain business opportunity (NAPA estimate) Stakeholders Consumer Food service provider Order/ procurement Production/ processing NAPA value ■ Analysis/proposal of promising enclosed plant factory models Estimate domestic and global plant factory size by product Plant factory market size projection (NAPA estimate) Distribution/sales Consumption (100 million yen) 800 ■Letttuce Retail Food service ■Spinach, Herbs Cooking equipment 600 ■Strawberry, Tomato Retailer Food wholesaler Plant-based Logistics) ■Vaccine, Olthers Meat company Capital investment Equipment replacement 400 meat Advertising Marketing 200 Food processor Raw material processor Raw material plant producer Raw material production Raw material processing =Areas where NAPA estimated business size 0 2019 Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved ► 2020 (Year) 15#173. NAPA solutions Support the sustainable growth of local communities /economy NOMURA ■Support multiple projects that contribute to the growth of local economies, including strategies to expand export of farm and marine products, attracting companies and promoting collaboration with local companies Relocation of local market, redevelopment into export hub (Narita City) Sixth Sector Industrialization Company Attraction Project (Himeji City) Issues Deterioration of Narita Wholesale Market Decline in distribution Revitalization of local wholesale markets Issues NAPA value NAPA commissioned for wholesale market redevelopment Help promote project by meeting with existing market players, new players and buyers in Japan and overseas Promote new strategy based on vision to relocate the wholesale market close to the Narita Airport, expand exports New market to open Feb. 2022, signed agreement with Rungis, France NAPA value Shortage and Expansion of abandoned farmland aging of the workforce Development of tourism resources Revitalization of the northern region NAPA commissioned for Sixth Sector Industrialization Company Attraction Project (Matching event with sixth sector industrialization companies, local companies and large enterprises, business launch follow-up) Attract cutting edge sixth sector industrialization companies to Himeji City, promote collaboration with local community/companies Emergence of agriculture startups, multiple collaboration agreements Long-term partnerships with local companies entering agriculture business Visitor attractions Seafood wholesale Logistics center Fruit and veg. wholesale RunGIS X MARCHE INTERNATIONAL Facilities BEFORE Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved AFTER 16#183. NAPA solutions 10 years of consulting (Japan) Establishment of joint venture, capital and business alliance Consulting projects up to 2020 Business concept, company collaboration Business planning, financing support 北海道 Business planning, financing support Moss greening project marketing Regional development project Plant factory sale Agriculture management improvement school Ph1, Support export project Ph2 Regional revitalization plan Restaurant business planning, financing support Support regional revitalization with regional financial institutions, universities and local government 熊本 新児島 ● Tokushima revitalization project Creation of management plan for wheat producer Shodo Island olive processing Livestock business succession 大分 石 福井 雪山 青森 秋田 岩手 山形 号 福島 鲜历 栃木 茨城 長照 埼玉 寫根 鳥取 兵庫 京都 |滋賀 岐阜 山 東京 千菜 鵝岡山 神奈川 愛知 静岡 19 和歌山 Food & agri business Ph1 00 Formulating group vision Next generation manager training • Development of new artificial light-only plant factory Fruit Flower Park rebuilding plan ⚫ Sixth Sector Industrialization Project ● Agriculture business launch planning Ph1, Ph2 Note: Excluding national research project by central government; not all projects Copyright NOMURA Public Private International market analysis ●Business planning, financing support Horticulture center revitalization project Financing support Food & agri project Business planning, financing support Business planning, financing support ● Support launch of joint venture Wholesale market relocation project Building of export market ⚫ Horticulture center revitalization Market research for fully project Support plant factory launch Concept for agriculture hub ● Low potassium lettuce market research Local rediscovery project ● Livestock screening models enclosed plant factory • New agri-food business research ● Enclosed plant factory launch research • Support new business development Ph1 • Development of new agribusiness Solar powered plant factory business launch Launch of agricultural production business Developing business model for moss greening project Entry into agriculture field Irrigation system marketability research • Agriculture related market and needs research for new business Nomura Agri Planning & Advisory Co., Ltd. All rights reserved 17#193. NAPA solutions 10 years of consulting (Overseas) Research and consulting projects in Asia, global (up to 2020) Research on use of loT data ●Research on latest genome editing technology in vegetable breeding NOMURA Public Private Formulating plan to promote international agricultural market, research on overseas buyer markets Research on export markets for farm and marine products Transforming agribusiness in Japan Transforming agribusiness around the world Growth of agricultural companies/ Incorporation Corporates' entry into agriculture Sixth industrialization Large-scale expansion / Automation Global marketing / branding Agritech, smart agriculture Distribution reform, export Integration with other industries Startup rise Integrating Value Chain Formulation of plant factory plan by the UAE Global expansion of the food and agribusiness as a sustainable industry reaching the next level Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved Creation of food value chain Expansion of agriculture ICT overseas Ph1, Ph2 Expanding export of marine products Promoting international agricultural market concept 18#203. NAPA solutions Global megatrends and food & agriculture consulting themes NOMURA Deliver a wide range of solutions to business management issues in the food and agriculture sector by combining NAPA's expertise and Nomura Group's financial solutions Sustainability Megatrends Fourth industrial revolution driven by digital Sustainable management driven by carbon neutral New themes 1. Create a new market using Al and robotics including new technologies and big data 2. Global integration of the value chain from production to distribution/consumption 3. ESG investment and SDGs as a key part of local government and business management 4. Circular economy requires rebuilding of business and social systems Indicates NAPA's strengths and implementation record, not the number of projects. Consulting themes offered by NAPA Alternative proteins, new varieties, biomaterials Food analytics, demand projection State-of-the-art distribution platform Global food value chain Next generation farm (plant factories, land-based aquaculture) Robotics, automated production SDGs management concept Sustainability vision New entry into food and agribusiness, business collaboration Startup ecosystem Reducing food loss, traceability, business valuation/environmental impact scoring GHG reduction project, investment Development of new business Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved NOMURA Financial solutions (Finance, IPO, M&A...) 19#21HI City HANERA NNOVATION CITY 3. NAPA solutions New initiatives to support sustainable growth industries HANEDA 〇大田区 PIO Ecosystem hub to consolidate and share information on global expertise and challenges in the food and agri sector 5% MOONSHOT RESEARCH & DEVELOPMENT PROGRAM NOMURA Goal 5 program director Professor Kazuhiro Chiba, Tokyo University of Agriculture and Industry R&D on food supply industry toward opening up new market 10 projects Cultivation of new crop varieties by genome ➤ Elucidation and utilization of soil editing technology Ryo Osawa, Professor, University of Tsukuba microbial functions Haruko Takeyama, Professor, Waseda University Innovation/ Cultural Hub for business exchange creation/ growth (大豆) P エンドファイト 9 土壤黄生物 0 Ota City manufacturing companies Verification tests across Japan Insect powder trial collaboration (cricket powder) M Food waste (25.5 ➤Food and feed production using insects fed by food and feed waste Kei Yura, Professor, Ochanomizu University ➤ 3D food cartridge Mitsutoshi Nakajima, Professor, University of Tsukuba 食材A/D愛换。 7407 ミクロン デジタル化 ARK 000 デジタル) Ota market million tons/year) 樣令 食材| レベルの www 粒度 10 アナログド Collaboration with companies, local government, universities, financial institutions, etc. New food brand 'Agrichano' and sale of digital membership 271-42-17 NOMURA Farm Masayuki Okuda Agriculture X Food X FinTech = Solutions to 'regional revitalization,' 'social issues' and 'private domain' Content Company NOMURA NAPA Farm NOMURA Agri Planning & Advisory Raise producers' income (higher added value) Create new business model for food-service industry (not store-visiť model) Improvement of consumer's food literacy (dietary education) 廠烹食材 粉 ベ ースト の粘度・ 分布: 200 ペースト タル化 フードカートリッチ 一均一化 規格化 Future Innovation Company BOOSTRY Boost your try. о Online capital markets using blockchain technology iber Digitalization of rights Creation of digital asset market and formation of ecosystem Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved 20 20#22Disclaimer NOMURA This document is produced by Nomura Agri Planning & Advisory Co., Inc. ("Nomura"). Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made. 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You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risk factors; Important risk factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions. Forward-looking statements speak only as of the date they are made, and Nomura undertakes no obligation to update any forward- looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. The consolidated financial information in this document is unaudited. Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved 21 24#23NAPA NOMURA Agri Planning & Advisory