Directors

Responsibilities of Directors

Director Title Outside Director
(notification to the stock exchange)
Nominating and Compensation Committee
(optional committee)
Akio Nitori Representative Director & Chairperson  
Toshiyuki Shirai Representative Director & President  
Fumihiro Sudo Director,
Executive Officer & Vice President
   
Fumiaki Matsumoto Director,
Executive Officer & Vice President
   
Masanori Takeda Director,
General Manager of Global Merchandising Division General Manager of Global Sales Promotion Office in charge of Overseas Sales Business
   
Hiromi Abiko Director,
General Manager of HR Education Division
   
Takaaki Okano Director    
Sadayuki Sakakibara Outside Director  
Yoshihiko Miyauchi Outside Director  
Naoko Yoshizawa Outside Director  
Takao Kubo Director
Full-time Member of Audit& Supervisory Committee
   
Takaharu Ando Outside Director
Audit & Supervisory Committee Member
(Chairperson)
Kazuhiro Suzuki Outside Director
Audit & Supervisory Committee Member
Tsuneyoshi Tatsuoka Outside Director
Audit & Supervisory Committee Member

(As of May 13, 2021)

Akio Nitori

Akio Nitori

Representative Director & Chairperson

Born on March 5, 1944

Career summary
Mar 1972 Founded the Company, Senior Managing Director
May 1978 Representative Director & President of the Company
Feb 2003
  • Director of Marumitsu Co., Ltd. (currently Nitori Furniture Co., Ltd.)
Nov 2009 Representative Director & Chairperson of Nitori Public Co., Ltd.
May 2010 Chairperson of DECOHOME CHINA Co., Ltd.
Aug 2010
  • Representative Director & President of Nitori Co., Ltd.
  • Representative Director & President of Home Logistics Co., Ltd.
Aug 2011 Representative Director & President of Nitori Facility Co., Ltd.
May 2012 Director & Chairperson of Nitori USA, Inc.
May 2014
  • Representative Director & Chairperson of Nitori Co., Ltd. (current position)
  • Representative Director & Chairperson of Home Logistics Co., Ltd.
  • Representative Director & Chairperson of Nitori Facility Co., Ltd.
Feb 2016 Representative Director & Chairperson (CEO) of the Company (current position)
May 2016 Outside Director of KOHNAN SHOJI CO., LTD. (current position)
June 2016 Chairperson of NITORI (CHINA) HOLDING Co., Ltd.
Mar 2017 Director & Senior Advisor of Nitori Public Co., Ltd.
May 2017 Director & Senior Advisor of Home Logistics Co., Ltd. (current position)
Outside Director of IZUMI Co., Ltd. (current position)
Apr 2018 Director & Senior Advisor of HOME DECO CO., LTD. (current position)
Dec 2018 Director & Founder of N Plus Co., Ltd.
Feb 2020 Representative Director & Chairperson of N Plus Co., Ltd. (current position)
Representative Director & Chairperson of Nitori Furniture Co., Ltd. (current position)
Mar 2020 Representative Director & Chairperson of Nitori Public Co., Ltd. (current position)
Reason for appointment
Mr. Nitori founded the Company in 1972, and since then, aiming to achieve the Company’s Roman (vision), “to provide the foundation of prosperous home living to the global community,” and while always making the most of his excellent foresight and strong leadership, has led Nitori to grow from being one furniture store to one of the largest home furnishing chains in Japan. He is qualified as a director responsible for making decisions on management policies, corporate strategy and supervisory functions regarding business execution.

Toshiyuki Shirai

Toshiyuki Shirai

Representative Director & President

Born on December 21, 1955

Career summary
Apr 1979 Joined the Company
May 2001 Director of the Company
May 2004 Managing Director of the Company
May 2008 Senior Managing Director of the Company
May 2010 Director & Senior Managing Executive Officer of the Company
Aug 2010
  • Director of Nitori Co., Ltd.
  • Director of Home Logistics Co., Ltd.
Dec 2010 Director & General Manager of Merchandising Division of Nitori Co., Ltd.
May 2012 Director of Nitori USA, Inc.
May 2014
  • Representative Director & Executive Vice President of the Company
  • Representative Director & President of Nitori Co., Ltd.
  • Representative Director & President of Home Logistics Co., Ltd.
  • Representative Director & President of Nitori Facility Co., Ltd.
Mar 2015 Representative Director & President of Nitori Public Co., Ltd.
May 2015 Representative Director & Chairperson of Home Logistics Co., Ltd.
Feb 2016 Representative Director & President of the Company (current position)
Mar 2017 Representative Director & Chairperson of Nitori Public Co., Ltd.
Chairperson of NITORI (CHINA) HOLDING Co., Ltd.
Representative Director & Chairperson of HOME DECO CO., LTD.
Apr 2017 Chairperson of Nitori Taicang Trading & Logistics Co. Ltd.
June 2017 External Director of KATITAS Co., Ltd. (current position)
Dec 2018 Director of N Plus Co., Ltd. (current position)
Mar 2019 Director of NITORI FURNITURE Co., Ltd. (current position)
Feb 2020 Director of Nitori Co., Ltd. (current position)
Chairperson of SIAM NITORI CO., LTD. (Thailand)
Mar 2020 Director of Nitori Public Co., Ltd. (current position)
July 2020 Director of Home Logistics Co., Ltd. (current position)
Reason for appointment
Mr. Shirai has had a broad range of business experience such as being involved in store operations, personnel, product development, logistics, and overseas business, and has abundant experience and knowledge related to overall management of the Group gained from serving positions such as Representative Director & President of Nitori Co., Ltd. from May 2014 to February 2020, and Representative Director &President of the Company from February 2016.

Fumihiro Sudo

Fumihiro Sudo

Director, Executive Officer & Vice President

Born on May 5, 1956

Career summary
Mar 1979 Joined SHIMACHU CO., LTD.
Sept 2000 Representative Director of KANSAI SHIMACHU CO., LTD.
Apr 2001 Joined the Company
May 2005 Executive Officer of the Company
May 2008 Managing Director of the Company
May 2010 Managing Executive Officer & General Manager of Store Development Division of the Company
May 2014 Senior Managing Director & General Manager of Store Development Division of the Company
Aug 2018 Director & Vice President, General Manager of Store Development Division of the Company
Apr 2019 Director & Vice President, in charge of Store Development and National Sales Business of the Company
May 2019 Director of Nitori Co., Ltd. (current position)
Feb 2020 Director, Executive Officer & Vice President of the Company(current position)General Manager of Business System Improvement Office
Jan 2021 Chairperson, SHIMACHU CO., LTD.
Mar 2021 Chairperson and Representative Director of SHIMACHU CO., LTD. (current position)
Reason for appointment
Mr. Sudo has abundant business experience, including store development operations, and has abundant experience and knowledge related to overall management gained from serving positions such as Vice President from August 2018. As the Chairperson and Representative Director of SHIMACHU CO., LTD., he is currently tasked with executing a smooth integration of business and creating synergies that would maximize the corporate value of both companies.

Fumiaki Matsumoto

Fumiaki Matsumoto

Director, Executive Officer & Vice President

Born on December 8, 1958

Career summary
Apr 1981 Joined NISSAN MOTOR CO., LTD.
Aug 2008 President of Nissan Motor Ibèrica, S.A., (Spain)
Apr 2010 President of Dongfeng Nissan Passenger Vehicle Company(China)
Apr 2014 Executive Vice President of NISSAN MOTOR CO., LTD. (Corporate Officer)
Jun 2014 Director of NISSAN MOTOR CO., LTD.
Jun 2018 Retired from Director of NISSAN MOTOR CO., LTD.
Sept 2018 Joined the Company
Executive Officer & Vice President of the Company
Nov 2018 Executive Officer & Vice President, Project Leader of Japan-China Global Business Development Project of the Company
Apr 2019 Executive Officer & Vice President of the Company, in charge of Overseas Sales
Business and Logistics Division
May 2019 Director & Vice President, Project Leader of Japan-China Global Business Development Project of the Company, in charge of Overseas Sales Business and Logistics Division
Feb 2020 Director, Executive Officer & Vice President, General Manager of Global Sales Promotion Office of the Company, in charge of Overseas Sales Business and Logistics Division
July 2020 Director, Executive Officer & Vice President of the Company (current position) Representative Director & Chairperson of Home Logistics Co., Ltd. (current position)
Reason for appointment
Mr.Matsumoto has abundant experience and knowledge in the global manufacturing/production control and sales business, as well as overall corporate management, and has been in charge of promoting logistics business of the Company on a global scale as Vice President since September 2018.

Masanori Takeda

Masanori Takeda

Director
General Manager of Global Merchandising Division
General Manager of Global Sales Promotion Office In charge of Overseas Sales Business

Born on Januery 10, 1966

Career summary
Mar 2004 Joined the Company
May 2014 Executive Officer of the Company
Merchandising Manager of Furniture Department of Merchandising Division of Nitori Co., Ltd.
Oct 2015 Executive Officer of the Company
General Manager of Merchandising Division of Nitori Co., Ltd.
May 2016 Senior Executive Officer of the Company
General Manager of Merchandising Division of Nitori Co., Ltd.
May 2017 Managing Director of the Company
Managing Director & General Manager of Merchandising Division of Nitori Co., Ltd.
Aug 2018 Director & General Manager of Merchandising Division of Nitori Co., Ltd.
Oct 2018 Managing Director & General Manager of Global Merchandising Division of the Company
Dec 2018 Representative Director & President of N Plus Co., Ltd.
Apr 2019 Managing Director, in charge of Global Product Development, Inventory Control, Procurement Division and Deco Home Business of the Company
Feb 2020 Director & General Manager of Global Merchandising Division of the Company
Representative Director & President of Nitori Co., Ltd. (current position)
July 2020 Director & General Manager of Global Merchandising Division, General Manager of Global Sales Promotion Office of the Company (current position)
In charge of Overseas Sales Business (current position)
Representative Director & Chairperson of HOME DECO CO., LTD. (current position)
Chairperson of NITORI (CHINA) HOLDING Co., Ltd. (current position)
Chairperson of Nitori Taicang Trading & Logistics Co. Ltd. (current position)
Chairperson of SIAM NITORI CO., LTD. (Thailand) (current position)
Reasons for the appointment for Director:
Mr. Takeda has abundant business experience and keen business insight owing to his broad experience in major operations of the Store Operations Division, Recruitment Division, and Merchandising Division, etc. and contributes to the promotion of product development and the expansion of overseas product procurement and sales channels as Director & General Manager of Global Merchandising Division of the Company. In addition, he assumed the position as Representative Director & President of Nitori Co., Ltd. from February 2020.

Hiromi Abiko

Director
General Manager of HR Education Division

Born on February 13,1961

Career summary
Nov 1984 Joined the Company
May 2007 Seasonal Buyer Manager of Merchandising Division of the Company
July 2015 Executive Officer of the Company
Manager of Coordinated Merchandise Planning Section, Merchandising Division of Nitori Co., Ltd.
May 2017 Senior Executive Officer of the Company
Manager of Coordinated Merchandise Planning Section, Merchandising Division of Nitori Co., Ltd.
Nov 2018 Senior Executive Officer, in charge of Global Coordinated Merchandise Planning, Global Merchandising Division of the Company
Acting General Manager of Merchandising Division and Manager of Coordinated Merchandise Planning Section,Merchandising Division of Nitori Co., Ltd.
Feb 2019 Senior Executive Officer, in charge of Coordinated Merchandise Planning, Global Merchandising Division of the Company
Manager of Planning Group, Merchandising Division, and Manager of Coordinated Product Planning Section,Merchandising Division of Nitori Co., Ltd.
May 2020 Managing Executive Officer, in charge of Coordinated Merchandise Planning, Global Merchandising Division of the Company Manager of Planning Group, Merchandising Division, and Manager of Coordinated Product Planning Section, Merchandising Division of Nitori Co., Ltd.
Mar 2021 Managing Executive Officer & General Manager of HR Education Division of the Company
May 2021 Director & General Manager of HR Education Division of the Company (current position)
Reason for appointment
Ms.Abiko has abundant business experience and insight gained from her extensive work experience in the planning, development and coordination of products as well as her engagement in activities to promote diversity. The candidate is also currently responsible for promoting HR education and cultivating corporate culture towards achieving the medium- to long-term plan of the Company.

Takaaki Okano

Director

Born on December 25, 1972

Career summary
July 2003 Joined SHIMACHU HOME’S CO., LTD.
Sept 2007 Joined SHIMACHU CO., LTD.
Aug 2009 General Manager of Furniture Sales Department of SHIMACHU CO., LTD.
Mar 2010 General Manager of Furniture Product Department of SHIMACHU CO., LTD.
July 2012 General Manager of Human Resources Department of SHIMACHU CO., LTD.
Sept 2013 Executive Officer & General Manager of Human Resources Department of SHIMACHU CO., LTD.
Nov 2014 Director & General Manager of Human Resources Department of SHIMACHU CO., LTD.
Sept 2015 Director & General Manager of General Affairs Department of SHIMACHU CO., LTD.
Aug 2017 Director & General Manager of President’s Office of SHIMACHU CO., LTD.
Nov 2017 President and Representative Director of SHIMACHU CO., LTD. (current position)
May 2021 Director of the Company (current position)
Reason for appointment
Mr.Okano has abundant experience and deep insight gained from his engagement in sales and administrative divisions at SHIMACHU CO., LTD., and has also displayed his capability for overall management as its President and Representative Director since November 2017. Believing that he is needed to achieve a smooth integration of the management of SHIMACHU CO., LTD. and the Company.

Sadayuki Sakakibara

Sadayuki Sakakibara

Outside Director
*Independent Outside Director

Born on March 22, 1943

Career summary
Apr 1967 Joined Toyo Rayon Co., Ltd.(currently Toray Industries, Inc.)
June 2002 President and Representative Member of the Board of Toyo Rayon Co., Ltd.
June 2010 Chairman and Representative Member of the Board of Toyo Rayon Co., Ltd.
Outside Director of Mitsui O.S.K. Lines, Ltd.
June 2012 Outside Director of Nippon Telegraph and Telephone Corporation(current position)
June 2013 Outside Director of Hitachi, Ltd.
June 2014 Chairman of Japan Business Federation(Keidanren)
Chairman of the Board of Toray Industries, Inc.
June 2018 Honorary Chairman of Japan Business Federation (Keidanren)(current position)
Mar 2019 Outside Director of SHIMANO INC.(current position)
May 2019 Outside Director of the Company (current position)
Dec 2019 Outside Director of Japan Investment Corporation (current position)
June 2020 Outside Director and Chairman of the Board of The Kansai Electric Power Company, Incorporated (current position)
Reason for appointment
Mr.Sakakibara has abundant experience and deep insight gained from his extensive years of engaging in management of Toray Industries, Inc. and has served in important positions such as Chairman of Japan Business Federation (Keidanren). He has been actively expressing his opinions as to the strengthening of overall management at meetings of the Board of Directors of the Company and playing his proper role as an Outside Director in the supervision of business execution.
For these reasons, We believing that he will contribute to further enhancement of our corporate governance by providing appropriate supervision and useful advice for the Company’s overall management.
Tenure as Outside Director :2 years (at the conclusion of the 49th Annual General Meeting of Shareholders)

Yoshihiko Miyauchi

Yoshihiko Miyauchi

Outside Director
*Independent Outside Director

Born on September 13,1935

Career summary
Aug 1960 Joined Nichimen & Co., Ltd. (currently Sojitz Corporation)
Apr 1964 Joined Orient Leasing Co., Ltd. (currently ORIX Corporation)
Mar 1970 Director of Orient Leasing Co., Ltd.
Dec 1980 Representative Executive Officer,President and Chief Executive Officer of Orient Leasing Co., Ltd., Group CEO
Apr 2000 Representative Executive Officer, Chairman and Chief Executive Officer of ORIX Corporation, Group CEO
June 2003 Director, Representative Executive Officer, Chairman and Chief Executive Officer, ORIX Corporation, Group CEO
Apr 2006 Outside Director of ACCESS CO., Ltd. (current position)
June 2014 Senior Chairman of ORIX Corporation (current position)
June 2017 Outside Director of Calbee, Inc. (current position)
Oct 2019 Outside Director of RAKSUL INC. (current position)
May 2020 Outside Director of the Company (current position)
Reason for appointment
Mr.Miyauchi has abundant experience and deep insight in corporate management gained from his extensive years of engaging in management of ORIX Corporation. He has been actively expressing his opinions on our medium- to long-term plan, management strategy, and other matters, at meetings of the Board of Directors of the Company and playing his proper role as an Outside Director in the supervision of business execution.For these reasons, We believing that he will continue to provide appropriate supervision for the business execution of the Company and useful advice from a broader perspective for the Company’s overall management.
Tenure as Outside Director: 1 year (at the conclusion of the 49th Annual General Meeting of Shareholders)

Naoko Yoshizawa

Outside Director*Independent Outside Director

Born on May 29, 1964

Career summary
Aug 1988 Joined Fujitsu Limited
Sept 2009 Vice President of Mobile Phones Unit of Fujitsu Limited
Oct 2011 Head of Global Research & Development Center of Fujitsu Laboratories of America, Inc.
Apr 2016 Deputy Head of Advanced System Research & Development Unit and Head of AI Promotion Office of Fujitsu Limited
Apr 2017 Corporate Executive Officer and Head of AI Platform Business Unit of Fujitsu Limited
Apr 2018 Corporate Executive Officer, EVP and Vice Head of Digital Services Business of Fujitsu Limited
Sept 2018 Corporate Executive Officer, EVP of Fujitsu Limited, CEO of FUJITSU Intelligence Technology Ltd.
Nov 2019 Corporate Executive Officer, EVP and Evangelist of Digital Software & Solutions Business Group of Fujitsu Limited
May 2021 Outside Director of the Company (current position)
Reason for appointment
Ms.Yoshizawa has extensive insight and experience in corporate management gained from her years of holding key positions in a range of business fields at Fujitsu Limited, including driving the company’s DX (digital transformation). We believing that she will make use of her experience and insight to contribute to improving the Company’s IT readiness for implementing DX as well as to provide appropriate supervision and useful advice for the Company’s overall management, and thereby appropriately exercise her duties as an Outside Director.

Takao Kubo

Takao Kubo

Director
Audit & Supervisory Committee Member (full-time)

Born on January 14, 1946

Career summary
Dec 1977 Joined the Company
Feb 1989 General Manager of Management Policy Office of the Company
May 1993 Full-time Corporate Auditor of the Company
May 2001 Director & General Manager of Management Planning Office of the Company
Apr 2003 Director & General Manager of President’s Office of the Company
May 2004 Full-time Corporate Auditor of the Company
Aug 2010
  • Corporate Auditor of Nitori Co., Ltd. (current position)
  • Corporate Auditor of Home Logistics Co., Ltd. (current position)
May 2016 Director (Full-time Member of Audit & Supervisory Committee) of the Company (current position)
Reason for appointment
Mr. Kubo has considerable knowledge regarding finance and accounting and has abundant experience covering the overall management gained form serving positions of Director & Corporate Auditor as the Company.

Takaharu Ando

Takaharu Ando

Outside Director
*Independent Outside Director
Audit & Supervisory Committee Member (Chairperson)

Born on August 31, 1949

Career summary
Apr 1972 Joined National Police Agency
Sept 1994 Chief of Gunma Prefectural Police Headquarters
Aug 1999 Director of Public Security Department of Metropolitan Police Department
Aug 2004 Director General of Commissioner-General’s Secretariat of National Police Agency
Aug 2007 Deputy Commissioner General of National Police Agency
June 2009 Commissioner General of National Police Agency
Oct 2011 Retired from National Police Agency
May 2013 Outside Director of the Company (current position)
June 2016 External Director of AMUSE INC. (current position)
June 2017 Outside Director of ZENSHO HOLDINGS CO., LTD. (current position)
June 2018 Outside Director of TOBU RAILWAY CO., LTD. (current position)
Reason for appointment
Mr. Ando has abundant experience and broad insight gained from serving important position such as the Commissioner General of the National Police Agency, and based on this specialist experience and insight, he provides appropriate supervision and advice for the Company’s overall management as an Outside Director. Although he has not directly taken part in corporate management, based on his experience and insight, we believe that he will continue to appropriately fulfill his duties as the Outside Director, strengthening the Company’s governance and risk management.
Tenure as Outside Director :8 years (at the conclusion of the 49th Annual General Meeting of Shareholders)
Tenure as Director who is an Audit & Supervisory Committee Member: 1 year (at the conclusion of the 49th Annual General Meeting of Shareholders)

Kazuhiro Suzuki

Kazuhiro Suzuki

Outside Director
*Independent Outside Director
(Audit and Supervisory Committee Member)

Born on September 4, 1951

Career summary
Apr 1976 Appointed a public prosecutor
Jan 2009 Director of the Criminal Affairs Department of Supreme Public Prosecutors Office
June 2010 Chief Prosecutor of Tokyo District Public Prosecutors Office
Aug 2011 Superintending Prosecutor of Hiroshima High Public Prosecutors Office
June 2012 Superintending Prosecutor of Fukuoka High Public Prosecutors Office
Jan 2014 Retired from prosecutor position
May 2014 Registered as attorney (Dai-Ichi Tokyo Bar Association)
June 2014 President of Japan International Training Cooperation Organization
May 2015 Corporate Auditor (Outside Corporate Auditor) of the Company
June 2015 Outside Auditor of Saitama Resona Bank, Limited
May 2016 Outside Director (Audit & Supervisory Committee Member) of the Company (current position)
June 2019 Outside Director (Audit & Supervisory Committee Member) of Saitama Resona Bank, Limited (current position)
Reason for appointment
Mr. Suzuki is a legal professional who has held prominent positions, including Superintendant Prosecutor of Fukuoka High Public Prosecutors Office. He has made use of his extensive experience and expertise by sharing his opinions about the Company’s management as an Outside Director. Although he has never been involved directly in corporate management, he is expected to fulfill his duties as an Outside Director appropriately for the reason above.
Tenure as Outside Director: 5 years (at the conclusion of the 49th Annual General Meeting of Shareholders)
Tenure as Director who is an Audit & Supervisory Committee Member: 5 years (at the conclusion of the 49th Annual General Meeting of Shareholders)

Tsuneyoshi Tatsuoka

Tsuneyoshi Tatsuoka

Outside Director
*Independent Outside Director
(Audit and Supervisory Committee Member)

Born on January 29, 1958

Career summary
April 1980 Joined the Ministry of International Trade and Industry (currently Ministry of Economy, Trade and Industry)
July 2008 Deputy Director-General in the Manufacturing Industries Bureau of the Ministry of International Trade and Industry
July 2009 Director-General for Policy Planning and Coordination of the Ministry of International Trade and Industry
Jan 2010 Councilor of Cabinet Secretariat
Aug 2011 Deputy Vice-Minister of the Ministry of International Trade and Industry
June 2013 Vice-Minister of Economy, Trade and Industry
July 2015 Retired from office
May 2016 Outside Director (Audit & Supervisory Committee Member) of the Company (current position)
June 2016 Outside Director of Asahi Kasei Corporation (current position)
June 2018 Outside Director of Mitsubishi Corporation (current position)
Reason for appointment
Mr. Tatsuoka has assumed many prominent positions, including Vice-Minister of Economy, Trade and Industry. He makes the most of his wealth of experience and professional insight to strengthen the Company’s corporate governance and compliance systems. Although he has never been involved directly in the Company’s corporate management, he is expected to fulfill his duties as Outside Director appropriately for the reason above.
Tenure as Outside Director: 5 years (at the conclusion of the 49th Annual General Meeting of Shareholders)
Tenure as Director who is an Audit & Supervisory Committee Member: 5 years (at the conclusion of the 49th Annual General Meeting of Shareholders)
  • Note1:The Company has introduced an executive officer system to clearly separate management’s decision-making function and business execution function for more efficient and expedited management and to respond to changes in the business environment promptly and appropriately. The Company has the following 28 executive officers:
Executive Vice President:Fumihiro Sudo, Fumiaki Matsumoto
Managing Executive Officers:Mitsuru Ooki
Senior Executive Officers:Naoshi Takei, Manabu Nakamura, Hiroshi Nagai,Kazuyuki Hashimoto, Isao Arai,
Tsuyoshi Okamura, Junichi Yoshima
Executive Officers:Akio Igarashi, Hidetoshi Kobayashi, Tadashi Kudo, Soichi Oda, Eri Ablet, Hiroki Murabayashi,
Kunihiko Takahashi, Yoshihisa Sato, Nobuyuki Tomii, Toshinao Matsushima, Ei Sugiura,
Harumi Sawai, Akihiro Kushida, Kenichiro Aoya, Shigeyuki Kushida, Koichiro Oshima,
Tadahiro Hosokawa, Kazuya Orimoto
As of May 21,2021

The forecasts and projected operating results contained in this report are based on information available at the time of preparation, and thus involve inherent risks and uncertainties.
Accordingly, readers are cautioned that actual results may differ materially from those projected as a result of a variety of factors.

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