Kojamo Oyj

Quarterly Report • Aug 18, 2022

18 August 2022 Jani Nieminen, CEO Erik Hjelt, CFO

Half-Year Financial Report 1–6/2022

Kojamo plc

• Summary of January–June 2022
• Financial development
• Outlook, financial targets and dividend policy

Operating environment

General operating environment

Kojamo plc`s Half-Year Financial Report January–June 2022

• The continuation of Russia's war of aggression in Ukraine, rising energy prices and the subsequent acceleration of inflation are overshadowing the outlook for the global economy
• The forecast for Finland's economic growth has been lowered from the previous one and the outlook is uncertain
• The rise in consumer prices reduces household purchasing power but employment growth and savings support private consumption this year

Industry key figures	2022E	2021
Residential start-ups, units	39,000	48,000
of which non-subsidised block-of-flats	19,500	27,500
start-ups in the capital region	n/a	16,947
Building permits granted, annual, units *	42,020	45,207
Construction costs, change, %	n/a	10.2
Prices of old block-of-flats in the whole country, change, %	2.5	4.0
Prices of old block-of-flats in the capital region, change, %	1.2-3.5	0.1-6.2
Rents of non-subsidised apartments in the whole country, change, %	1.3	0.8
Rents of non-subsidised apartments in the capital region, change, %	1.0-1.5	0.8
GDP growth, %	1.4	3.5
Unemployment, %	6.7	7.7
Inflation, %	5.8	2.2

• Rolling 12 months, May 2022 • Sources: RT's economic survey, spring 2022; Housing production information of the municipalities in the capital region; Statistics Finland, Building and dwelling production December 2021; Pellervo Economic Research PPT, Housing 2022 forecast; Etla Suhdanne, spring 2022; Ministry of Finance, Economic Survey, summer 2022, 17 June 2022 4

Operating environment

The market situation is expected to improve gradually after the COVID-19 restrictions were lifted

• The pandemic has had a temporary impact on occupancy rates but rental demand is expected to improve as services recover and tourism picks up
• Rising interest rates will make rental housing relatively more attractive than owner-occupied housing
• Urbanisation, decreasing average household size and demand focusing on central locations support the demand for rental apartments

1985 1992 1999 2006 2013 2020 1 person 2 persons 3+ persons

Population growth forecast 2020–2040, %

Development of rental household-dwelling units (% of all households)

5

Kojamo plc`s Half-Year Financial Report January–June 2022

20

* Helsinki, Espoo, Kauniainen, Vantaa ** Capital region, Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Mäntsälä, Nurmijärvi, Pornainen, Porvoo, Riihimäki, Sipoo, Tuusula, Vihti Sources: MDI, Population forecast 2020–2040, Urbanisation scenario; Pellervo Economic Research PTT; Development of household sizes and rental household-dwelling units: Statistics Finland, Dwellings and housing conditions 2020; Nordea Asuntomarkkinakatsaus, June 2022

Operating environment

Completed apartments and population Housing production need 2020–2040, % growth in the capital region in 2000–2021 apartments population

Residential start-ups in Finland 2008–2022e Housing production and demand

• The volume of new housing production is still supported by last year's good start-up pace, but the number of residential construction start-ups is predicted to decrease from last year's recordhigh levels
• The reduced availability of raw materials has increased construction costs

Kojamo plc`s Half-Year Financial Report January–June 2022 6 Sources: Statistics Finland, Population forecast; Housing production information of the municipalities in the capital region; Housing production need: VTT, Need for housing 2020-2040; Confederation of Finnish Construction Industries RT's economic survey, spring 2022

	Key figures 1–6/2022
total revenue		net rental income		funds from operations (FFO)
200.0 M€ (194.0 M€, +3.1%)		129.5 M€ (124.5 M€, +4.0%)		71.3 M€ (69.4 M€, +2.7%)
fair value of investment properties	gross investments	profit excluding changes in value 1)	profit before taxes
8.7 Bn€ (7.5 Bn€, +16.5%)	338.4 M€ (176.5 M€, +91.8%)	82.7 (80.5 M€, +2.7%)	157.8 M€ (546.7 M€, -71.1%)	M€

We acquired a portfolio of 942 apartments in June

• All properties are located in Finland's growth centres
• Of the apartments, 461 are located in Helsinki, Espoo and Vantaa, 191 in Turku and 290 in Jyväskylä

Key information
Number of properties	13
Locations	Helsinki, Espoo, Vantaa, Turku, Jyväskylä
Number of apartments	942
Completion years	2017-2021
size of apartment, m2 Average	33.7
Estimated impact on revenue for 2022, M€	App. 4

Kojamo plc`s Half-Year Financial Report January–June 2022

2,230 apartments under construction

• During the review period, 985 (0) apartments were acquired, 0 (0) sold and 784 (441) completed
• During the period, construction of 339 (610) apartments was started

+6.9%

Development of apartment portfolio, units

9

Apartments under construction, units

Strong project pipeline

Kojamo's projects on map

• 2,230 apartments under construction, in the Helsinki region, Tampere and Turku
• Co-operation agreements on the construction of about 600 apartments
• Metropolia property development project to create even 1,000 apartments, as six former educational properties will be converted into residential use

Estimate of completions, units***

• Kojamo plc`s Half-Year Financial Report January–June 2022 10 in the information presented in here ** Estimate for the year 2022 includes 784 apartments that were completed in 1–6/2022
  • *** Apartments that are a part of co-operation agreements, but have been started are listed as 'Under construction'

Lumo – Easily best living

Lumo is urban life at its best.
Lumo rental homes offer safe, convenient and environmentally friendly housing paired with the best housing services.	Services of a new customer	Services during tenancy
Lumo homes are located in the best areas of Finland's largest cities, close to a wide range of services and good public transport links.	Pets are welcome 50-100M broadband included in rent	Lumo real estate management and customer service Lumo janitors
	Sustainable interior paints Electricity contract tendering Insurance service Move and installation service	Parcel lockers Flexible home swapping Versatile events for tenants Benefits from partners Installation service
Communal spaces Apartments	Move out cleaning service Key courier service	Installation of dishwasher Car-sharing
Services Additional services Kojamo plc`s Half-Year Financial Report January–June 2022		11

• Lumo real estate management and customer service
• Lumo janitors
• Parcel lockers
• Flexible home swapping
• Versatile events for tenants
• Benefits from partners
• Installation service
• Installation of dishwasher

11

Financial development

Kojamo plc`s Half-Year Financial Report January–June 2022 12

Total revenue and net rental income increased

• The growth of property portfolio and rental growth had a positive impact and the decrease on financial occupancy rate had a negative impact on the total revenue
• Net rental income increased due to higher total revenue and lower repair costs, but was weakened by higher property maintenance costs

13

Positive development with profit before taxes and FFO

• Profit before taxes and excluding fair value changes of investment properties increased
• The FFO growth was attributable to the improvement in net rental income

Kojamo plc`s Half-Year Financial Report January–June 2022

Funds From Operations (FFO), M€ and € / share

Funds From Operations (FFO) € / share

* Changes in value = Profit/loss on fair value of investment properties Changes in the total number of Kojamo shares have an impact on relative development of FFO per share since 2018. The formula used in the calculation was changed in 2021 regarding current taxes from disposals. The comparison figures for 2020 and 1-6/2021 have been adjusted to reflect the current calculation method

COVID-19 pandemic had a substantial effect on the financial occupancy rate

• Tenant turnover decreased from last year
• Rent receivables to total revenue on a low level of 1.3% (1.3%)

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 Half-Year Financial Report January–June 2022

Development of Like-for-Like rental income

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

Investments proceeding according to strategy

• Ongoing development projects have proceeded according to plans
• We acquired 985 apartments at the end of June
• Repairs slightly lower than in the previous year

Gross investments and sales of investment properties, M€

Kojamo plc`s Half-Year Financial Report January–June 2022

Modernisation investments and repairs, M€

17

The value of investment properties was EUR 8.7 billion

• The fair value increased especially due to investments and positive development margins

* Investment properties include completed apartments, development projects and land areas as well as investment properties held for sale ** 30 June 2022 and 31 December 2021 includes 4 apartments and 30 June 2021 includes 64 apartments as part of development projects

18

Kojamo plc`s Half-Year Financial Report January–June 2022

Plot and real estate development reserve 30 June 2022

			Owned plots and development projects 1
	Apartments under construction	Binding preliminary agreements	Metropolia development project	Others	In total
Investment / actual costs incurred, M€	331.8	-	72.9	60.0	464.7
Cost of completion, M€	231.9	108.9	n/a	n/a	340.7
1,000 fl.sq.m.	n/a	n/a	74	90
Apartments	2,230	563	~1,000	~1,4002	~5,200

94% of plot and real estate development reserve is located in Helsinki region

Kojamo estimates that investments in development projects amount to approximately EUR 280–330 million in 2022

To be completed in Q3-Q4/2022

Tenderinlenkki 6, Helsinki

Lumo One, Helsinki

Haltiantie 12, Vantaa

Liesikuja 8, Vantaa

Kojamo plc`s Half-Year Financial Report January–June 2022

1) The management's estimate of the fair value, building rights of plots and number of apartments 2) The management's estimate, currently approximately 250 apartments in existing residential buildings 19

Equity ratio and Loan to Value (LTV)

The share issue improved the equity ratio by 1.6 percentage points

Kojamo plc`s Half-Year Financial Report January–June 2022

41.0 40.5

30 Jun 2022

2021

Key figures per share improved year-on-year

• Fair value growth of the investment properties had a positive impact on key figures per share

1) 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 plc`s Half-Year Financial Report January–June 2022

Rising interest rates didn't increase our financial costs due to high hedging ratio and strong financial position

Average interest rate includes interest rate derivatives. As at 30 June 2022 heding ratio was 91% and the committed unused credit facilities amounted to EUR 300 million.

Loan amounts presented as IFRS figures. In addition, lease liabilities amounting to EUR 74.5 million are included in interest-bearing liabilities

Distribution of the Group's loan maturities, M€

Kojamo plc`s Half-Year Financial Report January–June 2022

Strategic targets 2020–2023

Key figure	Actual 1–6/2022	Actual 2021	Actual 2020	Target
Annual growth of total revenue, %	3.1	2.0	2.3	4–5
Annual investments, M€	338.4	356.9	371.2	200–400
FFO/total revenue, %	35.7	39.1	39.5	> 36
Loan to Value (LTV), %	40.5	37.7	41.4	< 50
Equity ratio, %	47.9	49.0	45.6	> 40
Net Promoter Score (NPS)*	43	20	36	40

* The calculation method has changed during the review period 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.

Kojamo plc`s Half-Year Financial Report January–June 2022 23

Outlook, financial targets and dividend policy

Kojamo plc`s Half-Year Financial Report January–June 2022 24

Outlook for Kojamo in 2022 (specified)

Kojamo estimates that in 2022 the Group's total revenue will increase by 4–6 per cent (previously 3–6 per cent) year-on-year. In addition, Kojamo estimates that the Group's FFO for 2022 will amount to between EUR 155–165 million, excluding non-recurring costs (previously EUR 153–165 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. 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 COVID-19 restrictions, market trends, the regulatory environment or the competitive landscape.

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.

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

Dividend policy

Total revenue and net rental income as well as FFO increased. Our liquidity is good

Growth continued in line with the strategy, investments in the beginning of the year over EUR 338 million

Situation in the rental market is improving after COVID-19 restrictions were lifted

Kojamo plc`s Half-Year Financial Report January–June 2022 27

Thank you!

Contact details:

CEO Jani Nieminen, tel. +358 20 508 3201

CFO Erik Hjelt, tel. +358 20 508 3225

Group Treasurer, Investor Relations Niina Saarto, tel. +358 20 508 3283

www.kojamo.fi

Interim Report for January-September 2022 to be published on 3 November 2022

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	23,607	426	6,280	261	4,825	90.0	66
Tampere region	3,899	113	644	161	3,130	96.7	10
Turku region	1,919	22	316	163	2,911	95.0	5
Others	9,242	148	954	102	1,927	93.6	20
Total	38,667	709	8,1941)	208	3,882	91.5	100
Others			5492)
Total portfolio	38,667	709	8,743			91.5	100

Apartment distribution, %

Kojamo plc`s Half-Year Financial Report January–June 2022 30 1) The figures reflect income-generating portfolio assets, which excludes ongoing projects, plots owned by the company and ownership of certain assets through shares 2) Fair value of ongoing projects, 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

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 63 Digital services

81% My Lumo user coverage

As at 30 June 2022

Kojamo plc`s Half-Year Financial Report January–June 2022

Sustainability programme guides our sustainability work from 2021 onwards

STRATEGIC FOCAL POINT 2020–2023: RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT

We create better urban housing

Our sustainability work is proceeding

• As a part of our action plan aimed at zero emissions for our properties by 2030, we made decisions on geothermal heating investments in the beginning of the year. Geothermal heating will be installed at seven of our properties
• We started a pilot project that adheres to the principles of Green Deal demolition. The old shopping centre in Puotila was demolished and will be replaced with apartments and business premises. The planning of our second Green Deal pilot project in Espoo has started
• We continued to work throughout our entire value chain to combat climate change by launching two responsibility-related Lumo services: carbon-free district heating and a carbon footprint test

We commit to complying with the UN Sustainable Development Goals

We aim to use carbon-neutral energy in our properties by 2030

Kojamo plc`s Half-Year Financial Report January–June 2022 1) Consists of new development projects involving Kojamo's own plot reserve

2) The personnel survey was renewed in 2021, the results are not comparable with previous years

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 Kojamo's premises are WWF Green Office certified

100% of properties use water certfified property electricity

28,000 apartments' indoor temperature controlled by IoT solution

-3.5% heating index (kWh/m³ )

-20.6% carbon footprint (kg CO2e/ apartment)

40% waste recycle rate

our goal to improve energy consumption during 2017– 2025 -7.5% of which we have achieved 100%*

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

61% of personnel are women

95 occupational safety index

The best customer experience

20 Net Promoter Score

Shared cars available for our tenants

A responsible corporate citizen

Anti-grey economy models exceed legislative requirements

7,035 indirect employment effect (person years)

~104 tax footprint, EUR million

0 data protection violations or deviations

150

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 2021 unless otherwise stated * = In line with VAETS II programme, at the end of 2021, estimate

Kojamo plc`s Half-Year Financial Report January–June 2022 37

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

77/100

Best Practice Recommendations in our reporting

assessment

Our sustainability report is in accordance with GRI Core level

We apply EPRA's Sustainability

We participated the global GRESB sustainability

Kojamo's ten largest shareholders (as at 30 June 2022)

	Shareholder	Number of shares	% of shares
	Nominee-registered and direct foreign shareholders	133,217,829	53.9
1.	Ilmarinen Mutual Pension Insurance Company	20,537,814	8.3
2.	Varma Mutual Pension Insurance Company	19,362,375	7.8
3.	The Finnish Industrial Union	16,506,142	6.7
4.	Trade Union of Education in Finland	11,814,417	4.8
5.	Finnish Construction Trade Union	8,208,609	3.3
6.	Trade Union PRO	4,904,150	2.0
7.	Service Union United PAM	4,800,000	1.9
8.	Trade Union for the Public and Welfare Sectors	4,700,000	1.9
9.	Elo Mutual Pension Insurance Company	2,785,235	1.1
10.	The State Pension Fund of Finland	1,700,000	0.7
	Other Finnish shareholders	18,607,828	7.5
Total		247,144,399	100.0

Development of the number of the shareholders

Share of nominee-registered and direct foreign ownership, %

Flagging notifications exceeding flagging threshold

Shareholder	Transaction announced	Threshold	Ownership according to flagging
Heimstaden Bostad AB	28 Feb 2022	15%	15.00%

Source: Euroclear Finland

	4–6/2022	4–6/2021	Change, %	1–6/2022	1–6/2021	Change, %	2021
Total revenue, M€	100.5	96.7	3.9	200.0	194.0	3.1	391.7
Net rental income, M€	72.4	69.1	4.9	129.5	124.5	4.0	262.3
Net rental income margin, %	72.1	71.4		64.7	64.2		67.0
Profit before taxes, M€	94.8	369.6	-74.3	157.8	546.7	-71.1	1,278.9
Gross investments, M€	289.5	108.5	166.9	338.4	176.5	91.8	356.9
Funds From Operations (FFO), M€	42.4	41.5	2.1	71.3	69.4	2.7	153.1
FFO per share, €	0.17	0.17	0.0	0.29	0.28	3.6	0.62
Financial occupancy rate, %				91.5	94.3		93.9
Fair value of investment properties, Bn€				8.7	7.5	16.5	8.3
Number of apartments				38,667	36,165		36,897
Number of apartments under construction				2,230	2,793		2,675
EPRA NRV per share, €				22.29	19.07	16.9	22.04
Equity ratio, %				47.9	45.8		49.0
Loan to Value (LTV), %				40.5	41.0		37.7

Consolidated income statement

M€	4–6/2022	4–6/2021	1–6/2022	1–6/2021	2021
Total revenue	100.5	96.7	200.0	194.0	391.7
Maintenance expenses	-20.0	-18.6	-56.7	-54.0	-96.9
Repair expenses	-8.0	-9.1	-13.8	-15.4	-32.4
Net rental income	72.4	69.1	129.5	124.5	262.3
Administrative expenses	-10.3	-9.9	-19.9	-19.2	-37.3
Other operating income and expenses	0.8	1.0	1.0	1.3	3.9
Profit/loss on sales of investment properties	0.2	-	0.2	0.3	0.3
Profit/loss on fair value of investment properties	47.1	322.7	75.1	466.2	1,105.7
Depreciation, amortisation and impairment losses	-0.3	-0.3	-0.6	-0.6	-1.2
Operating profit	110.0	382.6	185.2	572.5	1,333.7
Total amount of financial income and expenses	-15.2	-13.0	-27.5	-25.8	-54.9
Share of result from associated companies		-	-	-	0.1
Profit before taxes	94.8	369.6	157.8	546.7	1,278.9
Current tax expense	-4.7	-4.4	-9.1	-9.1	-18.8
Change in deferred taxes		-69.4	-22.3	-100.0	-236.7
Profit for the period	75.9	295.8	126.3	437.7	1,023.4

M€	30 Jun 2022	30 Jun 2021	31 Dec 2021
ASSETS
Non-current assets
Intangible assets	0.7	0.5	0.8
Investment properties	8,743.2	7,506.1	8,326.4
Property, plant and equipment	28.5	29.2	28.8
Investments in associated companies	1.6	1.1	1.5
Financial assets	0.7	0.7	0.7
Non-current receivables	6.8	7.8	6.9
Derivatives	25.9	0.0	-
Deferred tax assets	4.9	15.0	10.1
Total non-current assets	8,812.3	7,560.4	8,375.2
Non-current assets held for sale	-	1.1	1.1
Current assets
Trading properties	0.1	0.1	0.1
Derivatives	1.2	0.7	0.4
Current tax assets	4.4	3.5	5.2
Trade and other receivables	11.6	11.0	8.9
Financial assets	151.5	144.8	128.8
Cash and cash equivalents	88.5	290.6	197.0
Total current assets	257.4	450.7	340.5
TOTAL ASSETS	9,069.6	8,012.2	8,716.8

Balance sheet

M€	30 Jun 2022	30 Jun 2021	31 Dec 2021
EQUITY AND LIABILITIES
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	18.3	-41.0	-31.0
Invested non-restricted equity reserve	164.4	164.4	164.4
Retained earnings	4,067.5	3,450.3	4,036.0
Equity attributable to shareholders of the parent company	4,344.1	3,667.6	4,263.3
Total equity	4,344.1	3,667.6	4,263.3
Non-current liabilities
Loans and borrowings	3,397.4	3,199.3	3,234.8
Deferred tax liabilities	1,010.5	846.7	981.0
Derivatives	7.7	61.7	47.9
Provisions	0.3	0.4	0.4
Other non-current liabilities	5.2	5.1	5.1
Total non-current liabilities	4,421.0	4,113.2	4,269.3
Current liabilities
Loans and borrowings	229.1	171.7	99.7
Derivatives	0.0	0.7	0.3
Current tax liabilities	4.6	3.1	5.5
Trade and other payables	70.8	55.9	78.7
Total current liabilities	304.5	231.4	184.2
Total liabilities	4,725.5	4,344.6	4,453.5
TOTAL EQUITY AND LIABILITIES	9,069.6	8,012.2	8,716.8

Financial key figures

	30 Jun 2022	31 Mar 2022	31 Dec 2021	30 Sep 2021	30 Jun 2021
Equity ratio, %	47.9	46.9	49.0	46.2	45.8
Interest cover	3.9	4.0	4.0	4.0	4.0
Loan to Value (LTV), %	40.5	37.4	37.7	41.0	41.0
Hedging ratio, %	91	93	92	92	92
Average interest rate, % ¹⁾	1.7	1.8	1.8	1.8	1.8
Average loan maturity, years	3.9	4.1	4.3	4.5	4.7
Average interest rate fixing period, years	3.7	4.0	4.2	4.4	4.6

¹⁾ Includes interest rate derivates

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.