This website and the information contained herein (collectively “this website”) is for the information of the shareholders of SONCORPORATION (“Sun”). Leopard Asset Management Ltd. ("LAM") is the investment advisor of various entities that that hold shares in Sun (the "Clients"). This website represents the views, estimates and opinions of LAM exclusively. LAM represents such views, estimates and opinions solely in its capacity as investment advisor to its Clients. Nothing in this website should be construed as an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, to enter into or conclude any transaction or take or refrain from taking any other course of action (whether on the terms shown therein or otherwise), or as an opinion on the merits or otherwise of any particular investment or investment strategy. This website is for informational purposes only and should not be relied on by any person for any purpose and are not, and should not be construed as investment, financial, legal, tax or other advice.

This website has been compiled based on publicly available information and does not purport to be complete, timely or comprehensive. LAM has not received any inside information as defined in the Financial Instruments and Exchange Act of Japan (“Inside Information”) and has not included any Inside Information in this website. This website contains “forward-looking statements.” Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could” or the negative of such terms or other variations on such terms or comparable terminology. LAM undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Although LAM believes the information contained in this website to be accurate and reliable, LAM makes no representation or warranty, express or implied, as to the accuracy, completeness or reliability of those statements or any other written or oral communication it makes with respect to Sun and any other company mentioned, and LAM expressly disclaims any liability relating to those statements or communications (or any inaccuracies or omissions therein). With respect to any public company referred to herein, there may be non-public information in the possession of the public companies or insiders thereof that has not been publicly disclosed by those companies. Therefore all information contained in this website is presented “as is,” without warranty of any kind, whether express or implied, and LAM makes no representations, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. You should obtain your own professional advice and conduct your own independent evaluation with respect to the subject matter therein. LAM expressly disclaims any responsibility or liability for any loss howsoever arising from any use of or reliance on the information contained in this website (or any inaccuracies or omissions therein) as a whole or in part by any person, or otherwise howsoever arising in connection with the same. Any investment involves substantial risks, including complete loss of capital. Any forecasts or estimates are for illustrative purposes only and should not be taken as limitations of the maximum possible loss or gain. LAM may without notice to any person change all or any part of this website, but is not under any obligation to provide any amended, updated or additional information or materials or to correct any inaccuracies in this website. This website may include content or quotes from, or hyperlinks to, news coverage or other third-party sources (“Third Party Materials”). Permission to quote from Third Party Materials in this website may neither have been sought nor obtained. The content of the Third Party Materials has not been independently verified by LAM and does not necessarily represent the views of LAM. The authors and/or publishers of the Third Party Materials are independent of, and may have different views to LAM. The making available of Third Party Materials on this website does not imply that LAM endorses or concurs with any part of the content of the Third Party Materials or that any of the authors or publishers of the Third Party Materials endorses or concurs with any views which have been expressed by LAM on the relevant subject matter. The Third Party Materials may not be representative of all relevant news coverage or views expressed by other third parties on the stated issues. LAM and its Clients currently beneficially own and/or have an economic interest in and may in the future beneficially own and/or have an economic interest in, Sun securities. LAM and its Clients intend to review its investments in the Sun on a continuing basis and depending upon various factors, including without limitation, Sun's financial position and strategic direction, the outcome of any discussions with Sun, overall market conditions, other investment opportunities available, and the availability of Sun securities at prices that would make the purchase or sale of Sun securities desirable. LAM and its Clients may from time to time buy, sell, cover, hedge or otherwise change the form or substance of any of its investments to any degree in any manner permitted by any applicable law and expressly disclaims any obligation to notify others of any such changes. LAM also reserves the right to take any actions with respect to its investments in Sun as it may deem appropriate, including, but not limited to, communicating with the board of directors, management and other investors.  This website and the content thereof are the copyright of LAM. In no event shall LAM be liable to any party for direct, indirect, special, incidental, or consequential damages, including lost profits, arising out of the use of this website. Please note that this disclaimer may be altered or updated without notice. You should read it in full each time you read this website.