Kojamo Oyj

Investor Presentation • Feb 13, 2020

13 February 2020 Jani Nieminen, CEO Erik Hjelt, CFO

Financial Statements Release 2019

Kojamo plc

• Summary of year 2019
• Financial development
• Updated strategy
• Outlook and dividend policy

Summary of year 2019

Operating environment

General operating environment

• The trend of urbanisation is continuing even stronger than expected, and the significance of the largest urban areas will increase
• The situation in the world economy remains uncertain in spite of some signs of stabilisation
• The growth of private consumption will continue at a steady rate. The growth of disposable household income will be supported by higher income levels and continued high employment

Business environment key figures

Population growth forecast 2019–2030

4

Kojamo plc's Financial Statements Release 2019

* Helsinki, Espoo, Kauniainen, Vantaa ** Capital region, Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Mäntsälä, Nurmijärvi, Pornainen, Sipoo, Tuusula, Vihti Sources: General operating environment, Business environment key figures: Ministry of Finance, Economic Survey 12/2019; Population growth forecast: Statistics Finland, Population forecast 2019

Operating environment

Residential production and price development

• The number of residential start-ups is estimated to decline from record-high levels towards more normal production volumes, the majority of the drop in the volume of residential construction will take place in the latter half of 2020
• As the rate of economic growth declines, new construction is estimated to focus increasingly on the largest urban areas
• In spite of slower economic growth, the continued trend of urbanisation will maintain the need for new apartments. The level of residential production is estimated to be sufficient in Finland's growth regions in 2019 and 2020, but there are concerns regarding the adequacy of supply thereafter
• The polarisation of trends in apartment prices is becoming even more pronounced than before

Industry key figures	2020E	2019
Residential start-ups, units	32,000	38,000
Building permits granted, annual*, units	n/a	37,013
Construction costs, %	1.0	1.2
Prices of old dwellings in the whole country, change, %	1.0	1.2
Prices of old dwellings in the capital region, change, %	1.0–3.1	0.5–3.4
Rents of non-subsidised rental dwellings in the whole country, change, %	1.6	1.4
Rents of non-subsidised rental dwellings in the capital region, change, %	1.6–1.8	1.6–2.0

Kojamo plc's Financial Statements Release 2019

* Rolling 12 months, November 2019 Sources: Residential production and price development: Pellervo Economic Research PTT, Housing market 2020 forecast and Confederation of Finnish Construction Industries RT's business survey, October 2019; Industry key figures: PTT, Statistics Finland: Building and dwelling production 2019, November, RT; Housing production need: VTT, Need for housing 2015-2040 5

Operating environment

The popularity of rental housing increases

• In spite of strong growth in supply, migration in particular is maintaining high demand for rental apartments
• The significance of location and services is becoming increasingly highlighted in people's housing needs
• People are increasingly attracted by the freedom provided by rental housing
• Households living in rental homes outnumber those living in owner-occupied housing in Helsinki, in Tampere and Turku in the near future as well. This is a strong sign of the acceleration of urbanisation on the one hand and the change in housing preferences on the other hand

6

* Helsinki, Espoo, Kauniainen, Vantaa, Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Mäntsälä, Nurmijärvi, Pornainen, Sipoo, Tuusula, Vihti Sources: The popularity of rental housing increases: MDI's population forecast 2040 and Pellervo Economic Research PTT, Housing markets 2020 forecast; Development of household sizes and rental household-dwelling units: Statistics Finland, Dwellings and housing conditions 2018

Of the apartments' fair value 98.8 % in the seven largest Finnish growth centres Apartment distribution, %

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, %
Helsinki region	20,565	311	4,284	205	3,635	98.0%
Tampere region	4,942	126	627	124	2,400	96.5%
Turku region	1,848	17	213	114	1,977	97.7%
Oulu	2,220	19	183	82	1,548	96.5%
Jyväskylä	1,771	2	186	105	1,995	93.6%
Kuopio region	1,674	47	163	95	1,773	94.5%
Lahti region	1,436	4	149	103	1,843	95.1%
Others	816	20	71	84	1,504	95.6%
Total	35,272	546	5,8751)	164	2,970	97.2%
Others			3862)
Total portfolio	35,272	546	6,261*	164	2,970	97.2%

7

Kojamo plc's Financial Statements Release 2019

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.

	Key figures	2019
total revenue 375.3 M€ (EUR 358.8 million, +4.6%)	net rental 247.3	income M€ (EUR 234.0 million, +5.7%)	funds from operations 140.7 (EUR 116.4 million, +20.9%)	(FFO) M€
fair value of investment properties 6.3 Bn€ (EUR 5.1 billion, +22.9%)	gross investments 259.9 M€ (EUR 365.2 million, -28.8%)	profit excluding changes in value 158.8 (EUR 149.8 million, +6.0%)	1) profit before 1,031.3 M€ (EUR 277.3 million, +271.9%)	taxes M€

The apartment portfolio is growing

• During the financial year, 520 (1,908) apartments were sold, 260 (1,049) acquired and 816 (1,258) completed
• During the year, construction of 1,066 (797) apartments was started. Additionally, agreements on the construction of over 900 apartments in the next years were signed

Apartments under construction, units

Estimated completions of Kojamo's 1,316 apartments under construction as at 31 December 2019

In addition, Kojamo has signed agreements with SRV and Hausia on the construction of 905 apartments in total. The first 42 apartments were completed in 2019 and 47 are under construction. The construction of rest of the apartments hasn't started yet, and they will be completed during 2020–2023

Co-operation agreements on the construction of 905 apartments to strengthen the future growth

Apartments related to the cooperation agreement on map

The apartments are located in the Helsinki region close to good transportation connections

• On 30 August 2019, Kojamo announced to have signed agreements with SRV and Hausia on the construction of 905 apartments in total
• 42 apartments were completed already in 2019 and 47 are under construction
• Separate contracts to be signed on the rest of the apartments

Estimate of completion of the apartments included in the contracts

Lumo builds customer experience in a new way

Services of a new customer Services during tenancy

Personal open house

250 € Affordable security deposit

• Pets are welcome Move and installation service
• Broadband included in rent

Key courier service

• Lumo janitors
• Benefits from partners
• Personal trainer

Car-sharing

• Customer service center
• Interior paints for free Versatile events for tenants

Easy pick up service Installation service

Share of Kojamo's new agreements by channel

New rental agreements from webstore

Share of all agreements, %

The share has been calculated based on the value of the rental agreement (initial rent)

Financial development

Total revenue increased

• Total revenue increased by 4.6 per cent mainly due to growth of property portfolio as well as Like-for-Like rental income growth
• Change in the valuation technique used to assess the fair value of investment properties on 31 December 2019 had a positive impact on profit before taxes

The Group revenue for 2015–2018 includes Group consolidation measures

Kojamo plc's Financial Statements Release 2019

* Changes in value = Profit/loss on fair value of investment properties

Net rental income and FFO increased

• Net rental income developed positively and increased by 5.7 per cent
• In addition to improved net rental income, lower income taxes than in the comparison period had an effect on FFO growth

Changes in the total number of Kojamo shares have an impact on relative development of FFO per share. 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 15

140.7

0.57

Occupancy rate increased

• Occupancy rate increased despite of slight increase in tenant turnover

Financial occupancy rate = (Rental income / potential rental income at full occupancy) x 100. Financial occupancy rate does not include apartments under renovation Tenant turnover = (terminated rental agreements under the period / number of apartments) x 100 The calculation method of tenant turnover has been changed, starting from 1 January 2017. The comparison data has not been modified to reflect the new calculation method

Investments proceeding according to strategy

• We succeeded especially in multi-channel growth during the year
• During the period, Kojamo sold 478 non-strategic apartments to Olo Asunnot

The value of investments properties was EUR 6.3 billion

• The shift from transaction-based valuation technique to yield-based valuation technique as of 31 December 2019 significantly increased the fair value of the investment properties

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

Kojamo plc's Financial Statements Release 2019

classes (at the end of the review period)

18

Plot and real estate development reserve 31 December 2019

by the company	M€	1,000 fl.sq.m.	Apartments
Plots	45.9	75	~1,200
Plots and existing residential building	27.6	42	~700 2)
Conversions	85.5	77	~1,200
Total 1)	159.0	194	~3,100

Plots and real estate development sites owned

Binding preliminary agreements and reservations for plots and real estate development

	M€	1,000 fl.sq.m.	Apartments
Preliminary agreements for new construction (incl. plots)	208.9
Estimated share of plots 1)	32.4	53	930
Preliminary agreements and reservations for plots 1)	42.1	68	~1,100

1) The management's estimate of the fair value, building rights of plots and number of apartments

Kojamo plc's Financial Statements Release 2019 2) The management's estimate, currently approximately 300 apartments in existing residential buildings Regional division of plot and real estate development reserve per sq.m., %

Equity ratio and Loan to Value (LTV)

• Equity ratio and Loan to Value (LTV) were significantly stronger

40.5

EPRA NAV per share improved

• Key figures per share improved significantly

* As of 2014, the Group adopted IFRS for its financial reporting. 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

Versatile capital structure

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030->

Nominal values of the loans. 'Other' item includes capitalised arrangement fees of the loans. Lease liabilities amounting to EUR 61.1 million, are included in fixed-rate liabilities effective from 1 January 2019.

Change in the valuation technique of investment properties as at 31 December 2019

Change	Kojamo shifted from a transaction-based valuation technique to a yield-based valuation technique in the valuation of its investment properties
Rationale	The change in the valuation technique will make the company more comparable with its relevant international peer group
External valuation partner	Jones Lang LaSalle Finland Oy (JLL)
Entry into force	The new valuation technique was implemented on 31 December 2019. The change is a change in accounting estimates by nature, and it will not be applied retrospectively.
Description of the technique	The new valuation technique is based on 10-year discounted cash flow (DCF) calculations. The discount rate is the 10-year cash flow yield requirement plus inflation. The weighted yield requirements used are the following: • Capital region 3.84% • Other regions of Finland 5.05% • Group total 4.25% JLL has given a statement about Kojamo's valuation, and the fair value of the investment properties under the

assessment corresponds this statements.

Updated strategy

New strategy period 2020–2023

• Our strategy has proved to be strong, and we will continue to implement it going forward.
• The Board of Directors has approved updated strategic targets and focal points for 2020–2023.
• We seek strong growth with optimised financing structure and profitable business through industry-leading operating models. We have the capacity to pursue growth with a multi-channel approach and quickly react to opportunities. We invest strongly in servitisation and take advantage of solutions enabled by digitalisation.

Strategic focal points 2020–2023

Delivering the best customer experience

We offer easy and effortless services for our customers and create added value through services

Strong growth

We seek profitable growth with multichannel approach and optimised financing structure

Operational excellence

We create competitiveness and profitability through industry-leading operating models

Responsibility and sustainable development

Responsibility is a part of our DNA and plays important role in the work of everyone at Kojamo

The most competent personnel and a dynamic place to work

We are known for dynamic and effective corporate culture. We ensure our future competitiveness through competence development and employee experience

Renewal through digital solutions

We improve our business and create added value to our customers by taking advantage of solutions enabled by digitalisation

Strategic targets 2020–2023

Key figure	Previous target (12/2021)	Target 12/2023
Annual growth of total revenue, %	-	4–5%
Annual investments, M€	-	200–400 M€
FFO/total revenue, %	> 32	> 36
Loan to Value (LTV), %	< 50	< 50
Equity ratio, %	> 40	> 40
Net Promoter Score (NPS)	40	40

Additionally, previous targets included fair value of investment properties EUR 6 billion and number of apartments approximately 38,000 units. Previous targets were set until the end of 2021.

Outlook and dividend policy

Outlook for Kojamo in 2020

Kojamo estimates that in 2020, the Group's total revenue will increase by 2–6 per cent year-on-year. In addition, the company estimates that the Group's FFO for 2020 will amount to between EUR 142–156 million, excluding one-off items.

The outlook takes into account the effects of the completed housing divestments and acquisitions, the estimated occupancy rate and rises in rents, as well as the number of apartments to be completed. The outlook is based on the management's assessment of total revenue, net rental income, 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.

Additionally, the outlook is based on strong demand sustained by migration, which will increase Like-for-Like rental income. 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.

Dividend policy and dividend proposal by the Board of Directors

Kojamo plc's distributable unrestricted equity at 31 December 2019 was EUR 388,596,824.92, of which the profit for the financial year amounted to EUR 63,771,132.34. No significant changes have taken place in the company's financial position since the end of the financial year.

The Board of Directors proposes to the Annual General Meeting that the distributable funds be used as follows: a dividend of EUR 0.34 per share to be paid, totalling EUR 84,029,095.66, and EUR 304,567,729.26 to be retained in unrestricted equity.

Kojamo plc's Financial Statements Release 2019

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

* Including extra dividend EUR 0.29 per share

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

31

Summary

Successful year was supported by successful investments, growth of Like-for-Like rental income and success in operative actions

Our occupancy rate has increased to 97.2 per cent in spite of high number of supply and slight increase in tenant turnover

Strategy period has been extended to 2023: We seek strong growth with optimised financing structure and profitable business through industryleading operating models

Thank you!

Contact details:

CEO Jani Nieminen, tel. +358 20 508 3201

CFO Erik Hjelt, tel. +358 20 508 3225

Manager, Investor Relations Maija Hongas, tel. +358 20 508 3004

www.kojamo.fi

Kojamo plc's Financial Statements Release 2019

Interim Report January–March 2020 to be published on 7 May 2020

33

Appendix

Kojamo evolution: From VVO Group to Kojamo

Modern residential portfolio with focus on Lumo apartments

As of 2014, the Group adopted IFRS for its financial reporting.

The graph above illustrates the development of fair value of investment properties. Investment properties include completed apartments, development projects and land areas as well as investment properties held for sale. *31 Dec 2019

Our corporate responsibility is reflected in our mission of creating better urban housing

• The sustainability themes we will report on the environment, the customer experience, economic responsibility and the personnel — are based on discussions and ongoing dialogue with our stakeholders as well as our own assessment of what our most material themes are. These stakeholders include customers, our personnel, shareholders, financing providers, cooperation partners, non-governmental organisations, local operators, the authorities, policymakers and the media
• Our report on the year 2019 marks the first time that we have applied the Global Reporting Initiative (GRI) framework and the European Public Real Estate Association's Sustainability Best Practices Recommendations

ENVIRONMENT Responsibility and sustainable development

CUSTOMERS Delivering the best customer experience

PERSONNEL The most competent personnel and a dynamic place to work

ECONOMIC RESPONSIBILITY A responsible corporate citizen

Strong growth | Operational excellence | Renewal through digital solutions

Sustainability is visible in our every day life

Anti-grey economy models

exceed legislative requirements

Finland's most inspiring places to work recognition for the third consecutive year

90 EUR million tax footprint

4,951 years, indirect employment effect

0 data protection violations or deviations

75% Personnel satisfaction index on a high level (control group:

68%)

TR index on a high level

93.7

Members of

Climate Leadership Coalition that aims at carbon neutral operations that utilise natural resources in a sustainable way

All of

Kojamo's premises are WWF Green Office certified

Shared cars in use of Lumo tenants

Hydropowercertified property electricity at all properties

1,503 completed,

1 136 under construction, nearly zero-energy apartments

29,000 apartments' indoor temperature controlled by IoT solution

-1.2% specific water consumption (l/m³ )

-1.4% energy consumption index (kWh/m³ )

-1.2%

total energy consumption in properties (kWh/m³ )

-1.0% waste (kg/ apartment)

Kojamo's ten largest shareholders (31 Dec 2019)

	Shareholder	Number of shares	% of shares
1.	Ilmarinen Mutual Pension Insurance Company	28,037,814	11.3
2.	Varma Mutual Pension Insurance Company	26,862,375	10.9
3.	The Finnish Industrial Union	25,811,700	10.4
4.	Trade Union of Education in Finland	15,081,498	6.1
5.	Trade Union for the Public and Welfare Sectors	13,097,020	5.3
6.	Finnish Construction Trade Union	12,408,609	5.0
7.	Trade Union PRO	10,460,270	4.2
8.	Service Union United PAM	9,401,963	3.8
9.	Åbo Akademi University Foundation	2,198,763	0.9
10.	Elo Mutual Pension Insurance Company	1,595,345	0.7
	Nominee-registered and direct foreign shareholders	79,924,647	32.3
	Other Finnish shareholders	22,264,395	9.0
	Total	247,144,399	100.0

Source: Euroclear Finland

	31 Dec	31 Mar	30 Jun 2019	30 Sep	31 Dec
	2018	2019		2019	2019
	Number of shareholders
Share of nominee-registered and direct foreign ownership, %
	Flagging notifications exceeding flagging thresholds
	Shareholder		Transaction announced	Threshold	Ownership according to
					flagging
	Stichting PGGM Depositary	21	Jun 2018	5%	6.07%

3,179 3,510 3,875

of the shareholders

Development of the number

24.1% 25.3% 26.2% 26.7%

4,354

5,197

32.3%

	10–12/2019	10–12/2018	Change,%	2019	2018	Change,%
Total revenue, M€	95.1	91.2	4.3	375.3	358.8	4.6
Net rental income, M€	60.1	60.0	0.2	247.3	234.0	5.7
Net rental income margin of total revenue, %	63.3	65.8		65.9	65.2
Profit before taxes, M€	839.9	77.7	980.5	1,031.3	277.3	271.9
Gross investments, M€	84.3	59.4	41.9	259.9	365.2	-28.8
Funds From Operations (FFO), M€	34.6	34.7	-0.1	140.7	116.4	20.9
FFO per share, € 1)	0.14	0.14	0.0	0.57	0.49	16.3
Financial occupancy rate, %				97.2	97.0
Fair value of investment properties, Bn€				6.3	5.1	22.9
Number of apartments				35,272	34,713
Rental apartments under construction				1,316	1,064
1) EPRA NAV per share, €				15.49	11.69	32.5
Equity ratio, %				46.9	43.0
(LTV), % 2) Loan to Value				40.5	45.9

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. 2) The transition to IFRS 16 had an effect of 0.6 percentage points on this key figure during the review period

Consolidated income statement

M€	10–12/2019	10–12/2018	1–12/2019	1–12/2018
Total revenue	95.1	91.2	375.3	358.8
Maintenance expenses	-22.1	-21.9	-91.1	-89.5
Repair expenses	-12.8	-9.3	-36.9	-35.4
Net rental income	60.1	60.0	247.3	234.0
Administrative expenses	-10.4	-10.3	-38.7	-38.6
Other operating income and expenses	0.3	0.0	1.7	1.1
Profit/loss on sales of investment properties	-0.1	0.1	0.1	1.0
Profit/loss on sales of trading properties	0.1	0.1	0.2	0.1
Profit/loss on fair value of investment properties	801.4	40.0	872.4	127.5
Depreciation, amortisation and impairment losses	-0.3	-0.2	-1.1	-0.8
Operating profit	851.2	89.7	1 081.9	324.2
Total amount of financial income and expenses	-11.5	-12.2	-50.8	-47.1
Share of result from associated companies	0.2	0.2	0.2	0.2
Profit before taxes	839.9	77.7	1,031.3	277.3
Current tax expense	-2.7	-3.4	-19.9	-34.1
Change in deferred taxes	-165.1	-11.3	-186.2	-21.4
Profit for the period	672.1	63.0	825.2	221.8

Balance sheet

M€	31 Dec 2019	31 Dec 2018
ASSETS
Non -current assets
Intangible assets	0.2	0.2
Investment properties	6,260.8	5 ,093.2
Property, plant and equipment	30.9	30.5
Investments in associated companies	2.4	2.2
Financial assets	0.7	0.6
Non -current receivables	3.2	5.3
Derivatives	0.2	1.5
Deferred tax assets	14.4	10.8
Total non -current assets	6,312.8	5 ,144.3
Current assets
Trading properties	0.1	0.4
Derivatives	0.3	0.7
Current tax assets	0.1	9.3
Trade and other receivables	7.7	8.3
Financial assets	132.1	172.3
Cash and cash equivalents	137.3	150.1
Total currents assets	277.6	341.1
TOTAL ASSETS	6,590.4	5 ,485.4

Balance sheet

M€	31 Dec 2019	31 Dec 2018
EQUITY AND LIABILITIES
Equity attributable to shareholders of the parent company
Share capital	58.0	58.0
Share issue premium	35.8	35.8
Fair value reserve	-44.7	-23.9
Invested non -restricted equity reserve	164.4	164.4
Retained earnings	2,877.0	2 ,123.7
Equity attributable to shareholders of the parent company	3,090.6	2 ,358.1
Total equity	3,090.6	2 ,358.1
Non -current liabilities
Loans and borrowings	2,429.3	2 ,391.7
Deferred tax liabilities	683.8	499.0
Derivatives	69.8	44.6
Provisions	0.5	0.6
Other non -current liabilities	5.1	14.0
Total non -current liabilities	3,188.4	2 ,949.9
Current liabilities
Loans and borrowings	244.9	93.9
Derivatives	0.2	0.1
Current tax liabilities	2.0	13.5
Trade and other payables	64.3	69.9
Total current liabilities	311.4	177.3
Total liabilities	3,499.8	3 ,127.2
TOTAL EQUITY AND LIABILITIES	6,590.4	5 ,485.4

Financial key figures

	31 Dec 2019	30 Sep 2019	30 Jun 2019	31 Mar 2019	31 Dec 2018
Equity ratio, %	46.9	42.0	41.9	40.7	43.0
Interest cover	4.3	4.4	4.4	4.3	4.3
Loan to Value (LTV), % 1) 2)	40.5	46.7	46.9	46.7	45.9
Hedging ratio, %	88	90	89	93	94
Average interest rate, %3)	1.8	1.8	1.8	1.8	1.8
Average loan maturity, years	4.7	4.9	5.1	5.3	5.5
Average interest rate fixing period, years	4.9	5.2	5.4	5.6	5.8

1) The transition to IFRS 16 had an effect of 0.6 percentage points on this key figure during the review period

2) Excluding items held for sale

3) Includes interest rate derivatives

Development of housing production

Completed apartments, units

Of the estimated 38,000 start-ups in Finland, 72% are block of flats (74% in 2018)

Quarterly development in Helsinki, units

Kojamo plc's Financial Statements Release 2019 44 Source: Annual data for Helsinki and Helsinki regions: Helsinki Region Environmental Services Authority HSY, Follow-up of the Helsinki Region's Agreement on Landuse, Housing and Transport (MAL); Finland total Statistics Finland, Housing start-ups estimate for Finland: Confederation of Finnish Construction Industries RT's business survey, October 2019; quarterly information for Helsinki: Living in Helsinki, construction review quarterly.

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.