Kojamo Oyj

Quarterly Report • Nov 2, 2023

Interim Report 1–9/2023

2 November 2023 Jani Nieminen, CEO Erik Hjelt, CFO

Kojamo plc

• September 2023
• Financial development
• Outlook and financial targets

2

Summary of January– September 2023

Kojamo plc`s Interim Report January–September 2023 3

Operations developed as predicted

• Total revenue and net rental income increased
• Occupancy rate improved and tenant turnover decreased
• Balance sheet remained strong and financing figures good
• Saving programme is progressing according to the plan
• Valuation yields of the investment properties increased on average by 0.07 percentage points during the third quarter
• After the review period, we entered into a financing arrangement totalling EUR 425 million

Operating environment

General operating environment

• The situation of global economy is twofold; In the United States, economic growth has surprised positively, while in Europe, the outlook is becoming bleaker
• Inflation has slowed down, although core inflation is still high
• The situation in the Middle East can have an effect on the price of oil and also more broadly on inflation or the global economy
• The growth of the Finnish economy will remain at zero this year
• The rise in prices and interest rates has reduced household spending and corporate investments. Employment will weaken in the short term, but it is expected to remain high
• Interest rate hike cycle is estimated to be nearing its end, but the lowering of key interest rates might not occur until much later next year

Kojamo plc`s Interim Report January–September 2023

Industry key figures	2023E	2022
Residential start-ups, units	<16,000	37,200
of which non-subsidised block-of-flats	3,800	20,881
start-ups in the capital region	n/a	10,917
Building permits granted, annual, units *	23,115	36,775
Construction costs, change, % **	1.9	5.3
Prices of old block-of-flats in the whole country, change, %	-2.5	-0.1
Prices of old block-of-flats in the capital region, change, %	-3.0- -1.5	-1.4- -0.8
Rents of non-subsidised apartments in the whole country, change, %	2.3	0.9
Rents of non-subsidised apartments in the capital region, change, %	2.0-2.4	0.3-0.8
GDP growth, %	0.0	1.6
Unemployment, %	7.1	6.8
Inflation, %	6.2	7.1

*2023E Rolling 12 months, August 2023; ** 2023E: building cost index, September 2023 Sources: Ministry of Finance, Economic Survey, 10/2023; CFCI's economic survey, September 2023; Housing production information of the municipalities in the capital region; Statistics Finland, Building and dwelling production; Statistics Finland, Building cost index; Pellervo Economic Research PPT, Housing 2023 forecast

Operating environment

Kojamo plc`s Interim Report January–September 2023

The situation in the rental market has improved

• Urbanisation, decreasing average household size and demand focusing on central locations support the demand for rental apartments in the long term
• Economic uncertainty, rising interest rates of mortgages, increasing property charges and a significant decrease in housing production are expected to increase the demand for rental apartments
• Population growth has accelerated in the so-called growth triangle, i.e. the capital region, Tampere and Turku

Population growth forecast 2022–2040, %

* Helsinki, Espoo, Kauniainen, Vantaa ** Capital region, Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Mäntsälä, Nurmijärvi, Pornainen, Porvoo, Riihimäki, Sipoo, Tuusula, Vihti Sources: Nordea's Housing Market Review September 2023; MDI, Population forecast 2040, September 2023; Statistics Finland, Dwellings and housing conditions 2022;

Operating environment

Housing production and demand

• The amount of construction has decreased sharply, and the volume of renovation construction is estimated to shrink in the current year

• The housing start-ups will decline to a historically low level this year

• The number of completed apartments is predicted to drop to a level lower than even during the financial crisis and the depression of the 90s

Sources: CFCI's economic survey, September 2023; Housing production need: VTT, Need for housing 2020-2040;

Housing production need 2020–2040, %

Residential start-ups in Finland 2013–2023E

Kojamo plc`s Interim Report January–September 2023 7

	Key figures 1–9/2023
total revenue 328.6 M€ (305.4 M€, +7.6%)		net rental income 221.6 M€ (207.6 M€, +6.7%)	funds from operations (FFO) 128.9 (120.0 M€, +7.5%)	M€
fair value of investment properties 8.2 Bn€ (8.9 Bn€, -7.7%)	gross investments 161.3 M€ (416.5 M€, -61.3%)	profit excluding changes in value 1) 143.9 (137.7 M€, +4.5%)	7.2 M€	profit/loss before taxes M€ (248.6 M€, -97.1%)

Ongoing development projects

Kojamo's projects on map

• 779 apartments*** under construction in the Helsinki region and Turku
• Costs of completing these is EUR 27.1 million
• Owned plots enable starts of about 2,400 apartments
• For the time being, we will not make new investment decisions due to the uncertainty in the market

Estimate of completions, units

Kojamo plc`s Interim Report January–September 2023 9 *** Does not include binding preliminary agreements of 119 apartments **** Includes 1,025 apartments that were completed in 1–9/2023

** Completed 10/2023

Housing stock and customer distribution

• Kojamo's housing stock meets the demand nicely
• All age groups are well represented among the tenants

Key figures of sustainability 1–9/2023

STRATEGIC FOCAL POINT 2020–2023: RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT

	Result	Target				Result	Target
CO emissions per apartment, 2 t CO e/apartment, reduction 2	-15.3	-4.0			My Lumo – utilisation rate, %	85	90
%* Energy consumption, kWh/m3	23.2	n/a			NPS	51	40
Waste recycling rate, %	30.5	55.0
* Full year estimate based on H1
Data protection violations, pcs	Result 2	Target 0			eNPS (new employees)	Result 83	Target n/a
Reports through the whistleblowing reporting channel, pcs	0	n/a			Accident frequency - Work accident - Commuting accident	4.7 2.3	0
					TR indicator	96.1	Over 92
	business growth	Ensuring long-term profitability and		Sustainable and responsible operations	Transparent communications and reporting

11

We create better urban housing

Financial development

Kojamo plc`s Interim Report January–September 2023 12

Total revenue and net rental income increased

• Total revenue increased due to the growth of property portfolio as well as due to the development of rents and the financial occupancy rate
• Net rental income increased due to higher total revenue but was weakened by higher property maintenance costs

Kojamo plc`s Interim Report January–September 2023

Profit before taxes and FFO

• FFO grew compared to previous year. The increase in FFO was attributable to the improvement in net rental income and the profit from the repurchase of bonds

Kojamo plc`s Interim Report January–September 2023

14

Financial occupancy rate improved

• Financial occupancy rate was 92.7 (91.7) % for the review period
• Tenant turnover decreased from last year

Financial occupancy rate = (rental income / potential rental income at full occupancy) * 100. Financial occupancy rate does not include apartments under renovation Tenant turnover = (terminated rental agreements under the period / number of apartments) * 100

Kojamo plc`s Interim Report January–September 2023

Development of Like-for-Like rental income

The past 12 months compared to the previous 12-month period

Impact of occupancy rate

Development of Like-for-Like rental income as at 30 September 2023

Other impacts

Like-for-Like rental income growth

Impacts of rents and water charges

Investments

• We will not make new investments nor will we launch new modernisation projects for the time being
• Ongoing projects will be completed as agreed
• We will focus repairs to support renting of apartments

Gross investments and sales of investment properties, M€

Modernisation investments and repairs, M€

Gross investments Sales of investment properties

Kojamo plc`s Interim Report January–September 2023

17

The value of investment properties was EUR 8.2 billion

• Valuation yields of the investment properties were increased on average by 0.07 percentage points during the third quarter
• No significant comparable transactions in the market during the review period
• There will be an uplift in the fair value of EUR 65-85 million from 881 apartments coming out of restrictions by the end of 2024

* Investment properties include completed apartments, development projects and land areas as well as investment properties held for sale

18

Equity ratio and Loan to Value (LTV) at a strong level

• Equity ratio and Loan to Value (LTV) remained strong
• Good buffer to the limit of Baa2 rating

Equity ratio, %

High hedging ratio reduced the impact of rising interest rates on financing costs

• After the review period, EUR 200 million bond was paid off
• New syndicated financing agreement totalling EUR 425 million signed in October which will cover the loans maturing in 2024

200 Cash and cash equivalents 32 M€ Financial assets 28 M€ Unused committed credit facilities 300 M€ Unused syndicated loan 200 M€

The Group's liquidy, M€ Financing key figures

	30 Sep 2023
Interest-bearing liabilities, M€	3,650.3
Hedging ratio, % ¹⁾	86
Average interest rate, % ²⁾	2.3
Coverage ratio	3.9
Average loan maturity, years	2.9
Average interest rate fixing period, years	2.8

¹⁾ Bond maturing in 06/2024 is included in fixed rate loans

²⁾ Includes interest rate derivatives

Distribution of the Group's loan maturities, M€

Kojamo plc`s Interim Report January–September 2023

Syndicated loan maturity 2028 assumes that two one-year extension options will be used

20

Key figures per share

• Fair value decrease of the investment properties at the year end had a negative impact on key figures per share

Outlook and financial targets

Outlook for Kojamo in 2023 (specified)

Kojamo estimates that in 2023, the Group's total revenue will increase by 7–8 per cent (previously 7–9 per cent) year-on-year. In addition, Kojamo estimates that the Group's FFO for 2023 will amount to between EUR 162–168 million, excluding non-recurring costs (previously EUR 158–167 million).

The outlook is based on the management's assessment of total revenue, property maintenance costs and repairs, administrative expenses, financial expenses, taxes to be paid and new development to be completed, as well as the management's view on future developments in the operating environment.

The outlook takes into account the estimated occupancy rate and rises in rents as well as the number of apartments to be completed. In addition, the outlook takes into account the result of the repurchase of eurobonds and and the effect on FFO of the financing arrangement made after the review period.

The outlook does not take into account the impact of potential acquisitions or disposals on total revenue and FFO.

The management can influence total revenue and FFO through the company's business operations. In contrast, the management has no influence over market trends, the regulatory environment or the competitive landscape.

Kojamo plc`s Interim Report January–September 2023 23

Strategic targets 2020–2023

Key figure	Actual 1–9/2023	Actual 2022	Actual 2021	Actual 2020	Target
Annual growth of total revenue, %	7.6	5.5	2.0	2.3	4–5
Annual investments, M€	161.3	501.6	356.9	371.2	200–400
FFO/total revenue, %	39.2	38.9	39.1	39.5	> 36
Loan to Value (LTV), %	44.3	43.7	37.7	41.4	< 50
Equity ratio, %	45.0	45.3	49.0	45.6	> 40
Net Promoter Score (NPS)*	51	45	20	36	40

* The calculation method has changed 2022 for example including digital services in calculation. Target and actual for years 2021 and 2020 have not been adjusted to reflect the current calculation method.

Summary

Operations developed as anticipated. Total revenue and net rental income increased

Our balance sheet has remained strong

Rental market has been active

Positive development of occupancy rate continued Uncertainty in financial and property transaction markets has continued

Saving programme is progressing as planned

Kojamo plc`s Interim Report January–September 2023 25

Thank you!

Contact details:

CEO Jani Nieminen, tel. +358 20 508 3201

CFO Erik Hjelt, tel. +358 20 508 3225

Director, Treasury & Investor Relations Niina Saarto, tel. +358 20 508 3283

www.kojamo.fi

Financial Statements for 2023 to be published on 15 February 2024

Saving programme

• We launched a saving programme in August which aims to achieve total savings of EUR 43 million in costs and investments in 2024, of which the share of costs is estimated to be EUR 18 million
• The change negotiations started as part of the saving programme were concluded. As a result, 59 employees will be laid off until further notice or for a fixed term, and five person's duties will end permanently. Additionally, the number of personnel has decreased by almost 30 positions due to resignations and retirements as well as due to unfulfilled positions
• In accordance with the saving programme, we will not make new investment decisions nor will we launch new modernization projects
• We will reduce repairs other than those supporting the renting of apartments, as long as a repair debt is not incurred
• Moderate property sales may be carried out within the next 12 months
• All of the above measures are aimed at maintaining the company's profitability and credit rating
• Additionally, to strengthen the company's financial position, the company's Board of Directors will propose to the spring 2024 Annual General Meeting that no dividend be paid for 2023

Immigration and its impact

• If immigration remains at the current level, it would maintain the slow growth of the population and the working-age population
• Immigration is heavily focused on the capital region and other large cities

Sources: Statistics Finland, population statistics; MDI, Population forecast 2040, September 2023

Kojamo's apartment portfolio

Region	Number of apart ments, units	Number of commercial premises and other leased premises, units	Fair value, (EUR million)	Fair value, (EUR thousand / unit)	Fair value, (EUR / sqm)	Financial occupancy rate, %3)	Share of revenue, %
Helsinki region	24,989	473	5,934	233	4,345	91.6	67
Tampere region	3,949	111	619	152	2,984	96.2	9
Turku region	2,038	25	301	146	2,724	95.4	5
Others	9,216	148	919	98	1,861	94.2	19
Total	40,192	757	7,7741)	190	3,570	92.7	100
Others			3982)
Total portfolio	40,192	757	8,171			92.7	100

Apartment distribution, %

through shares

2) Fair value of ongoing projects under construction, plots owned by the company and ownership of certain assets through shares and IFRS 16 right-of-use assets 3) Financial occupancy rate does not include commercial premises and other leased premises

Kojamo plc`s Interim Report January–September 2023 30 1) The figures reflect income-generating portfolio assets, which excludes new projects under construction, plots owned by the company and ownership of certain assets

779 apartments under construction

• During the review period, 0 (985) apartments were acquired, 73 (0) sold and 1,025 (1,100) completed
• During the period, construction of 0 (437) apartments was started

+3.1%

Development of apartment portfolio, units

Apartments under construction, units

-61.3%

31

Kojamo plc`s Interim Report January–September 2023

Strategic focal points 2020–2023

Renewal through digital solutions The most competent personnel and a dynamic place to work Responsibility and sustainable development Strong growth Operational excellence Delivering the best customer experience We offer easy and effortless services for our customers and create added value through services We seek profitable growth with multi-channel approach and optimised financing structure We create competitiveness and profitability through industryleading operating models Responsibility is a part of our DNA and plays important role in the work of everyone at Kojamo We improve our business and create added value to our customers by taking advantage of solutions enabled by digitalisation We are known for dynamic and effective corporate culture. We ensure our future competitiveness through competence development and employee experience

Our Digital Roadmap will guide us from today to year 2023 according to our strategy

Customer experience and servitisation

Scalability of operations, employee experience

Digitalisation of properties and services

Knowledge-based management and AI

Enabling technology and IT architecture

NPS 60 Digital services

85% My Lumo - utilisation rate

As at 30 September 2023

Kojamo plc`s Interim Report January–September 2023

Kojamo plc`s Interim Report January–September 2023 1) Consists of new development projects involving Kojamo's own plot reserve.

2) Consists of new development projects involving Kojamo's own plot reserve where planning has started 2021 or later.

Sustainability is visible in our every day life

Sustainable cities

We commit to complying with the UN Sustainable Development Goals and to use carbon-neutral energy in our properties by 2030

100% of properties use carbonneutral property electricity

29,000 apartments' indoor temperature controlled by optimization solution

100% of Kojamo's premises are WWF Green Office certified

-3.0% heating index (kWh/m³ )

0.99 (Δ-9.4%) carbon footprint (t CO2e/ apartment)

33% waste recycle rate

our goal to improve energy consumption during 2017– 2025 -7.5% of which we have achieved 98%*

Investments to improve energy efficiency are a part of Kojamo's repairs and modernisation investments

The most competent personnel and a dynamic place to work

100% Coverage of performance appraisals of personnel

60/40% Gender ratio (W/M)

95,9 occupational safety index at our construction sites

The best customer experience

45 Net Promoter Score NPS

Shared cars available for all our tenants

A responsible corporate citizen

Anti-grey economy models exceed legislative requirements

6,288 indirect employment effect (person years)

~95 tax footprint, EUR million

3 data protection violations or deviations **

50

grants to support the physical activity and sports of youth and families with children living in Lumo homes

All figures represent the situation at the end 2022 unless otherwise stated * = In line with VAETS II programme, at the end of 2022, estimate ** 3 security violation notices Kojamo plc`s Interim Report January–September 2023 36

Sustainability commitments and reporting

Our sustainability commitments

We aim to use carbonneutral energy in our properties by 2030

We commit to complying with the UN Sustainable Development Goals

We commit to improve our energy efficiency by 7.5% during 2017–2025

Our sustainability reporting and recognitions

78/100*

We apply EPRA's Sustainability Best Practice Recommendations in our

We participated the global GRESB sustainability

assessment

reporting

Our sustainability report is in accordance with GRI Standards Our memberships

* Result published after review period

Dividend policy

Kojamo's objective is to be a stable dividend payer whose annual dividend payment will be at least 60 per cent of FFO, provided that the Group's equity ratio is 40 per cent or more and taking account of the company's financial position.

To strengthen the company's financial position, the company's Board of Directors will propose to the spring 2024 Annual General Meeting that no dividend be paid for 2023

Dividend history

Per share key figures have been adjusted to reflect the impact of the decision by the Extraordinary General Meeting of Shareholders on 25 May 2018 regarding the share split. In the share split the shareholders received 30 new shares per each existing share

Kojamo's ten largest shareholders (as at 30 September 2023)

Number of Shareholder shares 81,388,419 Nominee-registered shareholders 1. Heimstaden Bostad AB 49,389,283 Ilmarinen Mutual Pension Insurance 2. 20,537,814 Company Varma Mutual Pension Insurance 3. 19,362,375 Company 4. The Finnish Industrial Union 16,067,182 5. Trade Union of Education in Finland 11,814,417 6. Finnish Construction Trade Union 6,208,609 7. Trade Union PRO 4,904,150 8. Service Union United PAM 3,800,000 Trade Union for the Public and Welfare 9. 3,700,000 Sectors 10. Elo Mutual Pension Insurance Company 3,259,000 Other shareholders 26,713,150
		% of shares
		33.0
		20.0
		8.3
		7.8
		6.5
		4.8
		2.5
		2.0
		1.5
		1.5
		1.3
		10.8
Total 247,144,399		100.0

Development of the number of the shareholders

Source: Euroclear Finland

	7–9/2023	7–9/2022	Change, %	1–9/2023	1–9/2022	Change, %	2022
Total revenue, M€	111.5	105.4	5.7	328.6	305.4	7.6	413.3
Net rental income, M€	83.1	78.2	6.3	221.6	207.6	6.7	280.1
Net rental income margin, %	74.6	74.1		67.4	68.0		67.8
Profit/loss before taxes, M€	-88.5	90.8	-197.5	7.2	248.6	-97.1	-499.8
Gross investments, M€	45.0	78.1	-42.4	161.3	416.5	-61.3	501.6
Funds From Operations (FFO), M€	48.5	48.6	-0.4	128.9	120.0	7.5	160.7
FFO per share, €	0.20	0.20	0.0	0.52	0.49	6.1	0.65
Financial occupancy rate, %				92.7	91.7		92.0
Fair value of investment properties, Bn€				8.2	8.9	-7.7	8.2
Number of apartments				40,192	38,983		39,231
Number of apartments under construction				779	2,012		1,804
EPRA NRV per share, €				19.11	22.63	-15.6	19.53
Equity ratio, %				45.0	48.7		45.3
Loan to Value (LTV), %				44.3	39.9		43.7

Consolidated income statement

M€	7–9/2023	7–9/2022	1–9/2023	1–9/2022	2022
Total revenue	111.5	105.4	328.6	305.4	413.3
Maintenance expenses	-21.4	-19.5	-85.7	-76.2	-103.1
Repair expenses	-7.0	-7.7	-21.3	-21.6	-30.2
Net rental income	83.1	78.2	221.6	207.6	280.1
Administrative expenses	-10.5	-9.8	-32.4	-29.7	-43.1
Other operating income and expenses	1.2	1.0	2.6	1.9	3.5
Profit/loss on sales of investment properties	-	-	-0.1	0.2	0.2
Profit/loss on sales of trading properties	-	0.0	-	0.0	0.0
Profit/loss on fair value of investment properties	-141.8	35.8	-136.7	110.9	-682.0
Depreciation, amortisation and impairment losses	-0.3	-0.3	-0.9	-0.9	-1.2
Operating profit/loss	-68.2	104.8	54.1	290.1	-442.5
Total amount of financial income and expenses	-20.3	-14.0	-46.9	-41.5	-57.4
Share of result from associated companies	-	-	0.0	-	0.1
Profit/loss before taxes	-88.5	90.8	7.2	248.6	-499.8
Current tax expense	-4.7	-5.4	-14.9	-14.5	-17.3
Change in deferred taxes	22.4	-12.8	13.4	-35.1	117.2
Profit/loss for the period	-70.8	72.6	5.7	199.0	-399.8

Balance sheet

M€	30 Sep 2023	30 Sep 2022	31 Dec 2022
Non-current assets
Intangible assets	0.6	0.9	0.7
Investment properties	8,171.4	8,857.1	8,150.2
Property, plant and equipment	28.1	28.4	28.4
Investments in associated companies	1.8	1.6	1.5
Financial assets	0.7	0.7	0.7
Non-current receivables	6.5	6.8	6.7
Derivatives	53.7	50.6	53.8
Deferred tax assets	2.8	2.6	1.5
Total non-current assets	8,265.7	8,948.6	8,243.4
Non-current assets held for sale	0.1	-	-
Current assets
Trading properties	0.1	0.1	0.1
Derivatives	0.1	1.0	0.2
Current tax assets	6.0	2.6	4.0
Trade and other receivables	16.2	11.7	11.1
Financial assets	27.9	108.3	104.0
Cash and cash equivalents	32.4	53.2	119.4
Total current assets	82.6	176.9	238.9
TOTAL ASSETS	8,348.4	9,125.5	8,482.3

M€	30 Sep 2023	30 Sep 2022	31 Dec 2022
Equity attributable to shareholders of the parent company
Share capital	58.0	58.0	58.0
Share issue premium	35.8	35.8	35.8
Fair value reserve	42.5	40.2	43.0
Invested non-restricted equity reserve	164.4	164.4	164.4
Retained earnings	3,451.1	4,140.4	3,541.4
Equity attributable to shareholders of the parent company	3,751.9	4,438.8	3,842.7
Total equity	3,751.9	4,438.8	3,842.7
Non-current liabilities
Loans and borrowings	2,897.6	3,388.7	3,330.5
Deferred tax liabilities	861.5	1,026.5	873.7
Derivatives	0.4	2.8	1.4
Provisions	0.2	0.3	0.3
Other non-current liabilities	5.0	5.1	5.0
Total non-current liabilities	3,764.6	4,423.3	4,210.9
Current liabilities
Loans and borrowings	752.7	194.2	347.7
Derivatives	0.0	0.0	0.0
Current tax liabilities	3.9	3.3	2.5
Trade and other payables	75.3	65.9	78.5
Total current liabilities	831.8	263.3	428.7
Total liabilities	4,596.5	4,686.7	4,639.6
TOTAL EQUITY AND LIABILITIES	8,348.4	9,125.5	8,482.3

Financial key figures

	30 Sep 2023	30 Jun 2023	31 Mar 2023	31 Dec 2022	30 Sep 2022
Equity ratio, %	45.0	45.3	44.5	45.3	48.7
Interest cover	3.4	3.6	3.7	3.9	3.9
Coverage ratio	3.9	4.1	3.7	3.8	3.9
Loan to Value (LTV), %	44.3	43.8	42.9	43.7	39.9
Hedging ratio, % ¹⁾	86	86	84	84	92
Average interest rate, % ²⁾	2.3	2.3	1.9	1.9	1.7
Average loan maturity, years	2.9	3.2	3.3	3.5	3.7
Average interest rate fixing period, years	2.8	3.1	3.0	3.2	3.5

¹⁾ Bond maturing in 2024 is included in fixed rate loans

²⁾ Includes interest rate derivatives

Important information

This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securitites in any jurisdiction. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision.

This presentation includes forward-looking statements, which include statements regarding the Kojamo's business strategy, operating and financial targets, financial condition, profitability, results of operations and market data, as well as other statements that are not historical facts. Words such as "believe," "anticipate," "plan," "expect," "target," "estimate," "project," "predict," "forecast," "guideline," "should," "aim," "continue," "could," "guidance," "may," "potential," "will," as well as similar expressions and the negative of such expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying these statements. By their nature, forwardlooking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. Undue reliance should not be placed on these forward-looking statements. Except for any ongoing disclosure obligation as required by applicable law, Kojamo does not have any intention or obligation to publicly update or revise any forward-looking statements, whether to reflect any future events or circumstances or otherwise.