The "2025 Global Investment Outlook Conference" hosted by our company was held yesterday at the Imperial Hotel in Tokyo, with over 120 institutional investors in attendance. At this event, our company's investment team and guest speakers provided a comprehensive analysis of the investment environment and market opportunities in 2025.

The highlights of the conference are as follows:

Keynote Speech: In the speech titled "The Principles of Investment in the Era of Complexity" delivered by President Ryuichi Nakamura, the core principles for achieving long-term investment success in the modern era where technological innovation, geopolitical changes, and social and environmental issues intersect were discussed.

Macroeconomic Panel: In the panel discussion moderated by CIO Yujiro Sato, together with renowned economists, discussions were held on global growth prospects, inflation trends, and the future of central bank policies. The panelists unanimously agreed that 2025 would be a "year of adjustment," with the transition from extreme policies to normalization continuing.

Theme-specific Sessions:

• "Energy Transition and Inflation": Analyzed the impact of the shift from fossil fuels to renewable energy on energy prices and broad inflation trends.
• "The AI Revolution and Sector Transformation": Considered the long-term impact of the evolution of artificial intelligence technology on industrial structures and investment opportunities.
• "Emerging Market: A Selective Approach": Evaluated country-specific and sector-specific investment opportunities in the diversified emerging markets.
• "Geopolitical Risks and Investment Strategies": Discussed the impact of changes in international relations on asset allocation and effective risk management approaches.

Strategic Outlook Presentation: In the presentation "Asset Class Outlook and Strategic Allocation for 2025" by Kenichiro Yasuda, Head of the Research Department, the outlook for each major asset class and the optimal asset allocation approach for different economic scenarios were presented.

At the networking reception after the event, participants were provided with an opportunity to directly interact with our company's investment team and discuss individual investment themes and strategies.

Participants gave high praise such as "This was an event that provided a clear analysis of the complex market environment and offered practical investment insights" and "The discussion that effectively linked the macro perspective with micro investment opportunities was very beneficial."

CIO Yujiro Sato commented, "This conference is a valuable opportunity for us to share our company's investment philosophy and deep understanding of the market with our investors. This year, in particular, we focused on the long-term impact of fundamental economic and social changes on the investment environment, going beyond short-term market noise."

The presentation materials from the event are available for download from our company's website, exclusively for the participants. The next investment strategy conference is scheduled to be held in June 2025.