The firm of innovative financing

FinTech Global IncorporatedMothers Stock Code: 8789

http://www.fgi.co.jp/english/

May 2017

Results for First Two Quarters of

Fiscal 2017, ending September 30, 2017

• FinTech, in katakana script and English letters (registration 5113746), FinTech Global, in English letters (registration 5811521) and in katakana script (registration 5811522), and FGI (registration 5113748) are registered trademarks of FinTech Global Incorporated.

Copyright© FinTech Global Incorporated 1

Favorable demand for real estate securitization arrangements. Expanded scope of target business sectors

• Asset investment activities delivered ¥975 million in first quarter, through sale of renewable energy power generation

facilities.

• Real estate securitization arrangements favorable, supporting year-on-year increase in arrangement commissions. Requests

for arrangement transaction services related to real estate securitization from ordinary companies, beyond projects for health

care facilities

Exited investments but also pursued new investment targeting companies with potential

• In fund investment, booked gross profit of ¥235 million through transfer of money claims (in first quarter) and fund income

capture.

• New investment in one high-revenue company (first quarter)

Progress on building e-business structure

• Vigorous client expansion strategy led to steady increase in number of companies with contracts for outsourced employee

welfare services and more people to whom such services are provided

• Slight year-on-year decrease in sales of homes. Expect increase in delivery in third quarter, which should boost segment

revenue.

• Several Group companies involved in property management integrated, and number of units under management increased.

Company housing services reinforced.

Preparations moving ahead toward start of construction

• Shifted into working design phase for buildings, infrastructure and other construction-related components.

• Parallel steps taken to estimate construction costs based on working design and to discuss fund-procurement options.

• On May 2, following preliminary talks with local government representatives, submitted application for permission to develop

site. Expect approval in June.

Ready with consulting capabilities for public sector (Segment included in consolidated statements of income from second quarter)

• Increase in requests for consultation on preparation of financial documents in line with unified standard for fiscal accounting

(all local governments required to comply by the fiscal year ended March 31,2018.

• Public management consulting capabilities of FGI and NPAL centralized with PMC, and consulting service structure ready

to address possible introduction of public-private partnership/public financial initiative techniques—demand for which is

expected to grow—and public enterprise accounting for sewer works and other infrastructure projects.

Investment Banking

Corporate

Investment

Real Estate Business

Investm

ent B

an

kin

g B

usin

ess

Metsä Project

Public Management

Consulting Business

Fiscal 2017 First Two Quarters Business Summary

Revenues 3,362 4,062 700 7,485

Gross profit 757 1,188 430 1,496

Operating income(loss) (519) (139) 379 (1,031)

Ordinary income(loss) (650) (101) 548 (1,369)

Profit/(loss) attributable

to owners of the parent(642) (122) 520 (1,384)

(Millions of yen)

Fiscal 2016

First Two

Quarters (A)

Fiscal 2017

First Two

Quarters (B)

YOY Change

(B)-(A)

Fiscal 2016

Full Year

Copyright© FinTech Global Incorporated 2

Fiscal 2017 First Two Quarters Consolidated Performance

★ Revenues were up, reflecting favorable asset investment activity, more real estate securitization arrangements and a boost from

corporate investment exits. Also complemented by more companies under scope of consolidation. But improvement not enough to

absorb upfront investment in Metsä business, leading to operating loss.

★ Booked ¥65 million in foreign exchange gains on foreign-currency-denominated investments under nonoperating income.

(Millions of yen)Fiscal 2016

First Two Quarters

Fiscal 2017

First Two QuartersYOY Change

Principal

Consolidated Subsidiaries

Revenue 1,282 1,805 522 FGI, FinTech Global Trading(FGT)

Operating income 91 403 311 FinTech Asset Management Inc.(FAM)

Revenue 2,071 2,003 (67)

Operating income (loss) (17) 74 91

Revenue － 166 166

Operating income － 31 31

Revenue 13 90 76 Moomin Monogatari Ltd., Adacotech Incorporated

Operating income (loss) (58) (155) (97) Toranomon Ham (Note)

Revenue (6) (4) 1

Operating income (loss) (536) (493) 42

Revenue 3,362 4,062 700

Operating income (loss) (519) (139) 379

Amount Booked on

Consolidated

Statement of Income

Investment Banking

Business

Real Estate Business

Better Life Support Holdings Co., Ltd.

Better Life Support Co., Ltd. (BELS)

Unihouse Co.,Ltd. , 　Better Life House Co.,Ltd.

Better Life Property Co.,Ltd.(Note)

Public Management

Business

Public Management Consulting Corporation(PMC)(Note)

New Public Accounting Laboratory, Co., Ltd.(NPAL)(Note)

Others

Adjustment

Note: Better Life Property falls under the scope of consolidation from the third quarter of fiscal 2016. Toranomon Ham falls under the scope of consolidation from the first quarter

of fiscal 2017.

The statements of income for Public Management Consulting Corporation (PMC) and New Public Accounting Laboratory Co., Ltd. (NPAL) are included in consolidated

results from the second quarter of fiscal 2017. The public management consulting business is a reporting segment comprising these two companies.

* The ¥493 million operating loss for the first two quarters of fiscal 2017, under adjustment, includes intersegment elimination (¥27 million in the first two

quarters of fiscal 2017) as well as corporate expenses (¥520 million in the same period) that are not allocated to any reporting segment. Corporate expenses are

general and administrative expenses not associated with any reporting segment, mainly because it is difficult to justifiably allocate such expenses to any particular

reporting segment.

* From the first quarter of fiscal 2017, FGI applies a different method to calculate reporting segment income and loss, based on a review of factors including the

allocation standard for general and administrative expenses, to more appropriately evaluate results by each reporting segment. Segment information for the first

two quarters of fiscal 2016, as noted above, was prepared according to the new calculation method for income and loss, leading to a discrepancy with segment

income and loss disclosed for the first two quarters of fiscal 2016 that was calculated by the method that prevailed at that time.Copyright© FinTech Global Incorporated 3

Business Summary by Segment Note: Revenue includes intersegment transactions.

Copyright© FinTech Global Incorporated

Consolidated Performance Forecast

4

Although FGI was unable to absorb the cost of upfront investment in the Metsä business and thus booked an

operating loss for the first two quarters of fiscal 2017, on a consolidated basis, the core investment banking

business, which excludes the Metsä business, will stay in the black, buoyed by favorable trends in financial

arrangement transactions, asset investments under management and corporate investment activity.

That said, the Metsä business is looking closely at the content of construction estimates from general

contractors, based on working designs for buildings and infrastructure, and as soon as construction costs are

finalized, efforts will also be directed toward preliminary discussions with several financial institutions and

investors to raise the necessary capital.

The consolidated performance forecast will be announced as soon as an estimate of Metsä construction costs

has been completed and construction begins. Although Metsä construction presents an upfront investment burden,

management expects asset investment and financial arrangement transactions will cover associated costs, which

will keep profits in the black.

Notes:

• Principal investment is total of investments in

securities, trade, investments in securities, equity in

affiliated companies, investments in capital to

affiliated companies, and investments in capital.

Amount excludes investments into venture capital

funds.

• Corporate loans exclude receivables that have been

fully provided for in allowance for doubtful accounts.

• Real estate for sale (real estate business) includes real

estate for sale in progress.

184 58 57

1,343 1,497 1,483830

2,440 2,733

2,5932,853 3,065726

1,829

1,7441,394

1,612

829

652

662

746 681622

1,435

1,181

1,079

909 896848

1,084

581

567

496 503499

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2014.9 2015.9 2016.3 2016.9 2016.12 2017.3

Major Factors of Change during First Two Quarters (October 2016 - March 2017) of Fiscal 2017

• Principal investment: New investment into one venture company.

• Venture capital fund: Booked foreign-exchange gains and made new investments, but balance dropped due to investment exits.

• Real estate (investment banking business): Incraesed, despite sale of asset investment (solar power generation facility) development deal and partial sale

of revenue-generating property (for sale), due to Metsä land and construction in progress.

• Real estate for sale (real estate business): Increased, despite higher sales, due to greater purchasing and progress on development.

• Revenue-generating rental properties (real estate business): Increase in revenue-generating properties.

4,365

5,640

8,131

Copyright© FinTech Global Incorporated

6,930

5

7,832 7,827

Changes in Investments and Loans (Consolidated)

Real estate (investment banking business)

includes land for Metsä project

Venture capital fund

(Investment into FinTech GIMV Fund)

Principal investment (investments

using capital sourced within FGI

Group)

Corporate loans

Real estate for sale (real estate business)

Revenue-generating rental properties (real

estate business)

Fiscal 2017 First Two Quarters

(Millions of yen)

0

2,000

4,000

6,000

8,000

10,000

12,000

2011.9 2012.9 2013.9 2014.9 2015.9 2016.3 2016.9 2016.12 2017.3

Real estates excluding healthcare facilities

Healthcare facilities

Corporations

Major Factors of Change during First Two Quarters (October 2016 - March 2017) of Fiscal 2017・Moving forward on real estate development projects. Balance of assets under management other than health care facilities decreased due to sale

・Began asset management services for long-established Japanese-style inn (details on next page)

・Balance of health care facility assets under management increased, reflecting progress on projects under development as well as the addition of assets for

two new development projects

10,464•Investment targets

*Healthcare facilities: Mainly housing for seniors.

*The balance of assets under management is calculated on the basis of such factors as recent financial

statements available to FAM and the acquisition cost of real estate.

10,258

6

10,948

5,641 5,970

10,303

7,410

6,885

5,534

Copyright© FinTech Global Incorporated

Trends in Balance of Assets under Management at FAM

Fiscal 2017 First Two Quarters

(Millions of yen)

Asset Management Services for Fujiya Ryokan

7

Entrusted to manage assets of Fujiya Ryokan in Yugawara, Kanagawa Prefecture

FinTech Asset Management (FAM) signed a specified joint real estate venture contract with Fujiya Ryokan Godo Kaisha, which owns

Fujiya Ryokan — an historic Japanese-style inn in Yugawara, Kanagawa Prefecture — and is an approved specified venture under the

Act on Specified Joint Real Estate Ventures. Through the agreement, Fujiya Ryokan Godo Kaisha entrusts FAM with management,

operation and disposal of property at this venue.

Copyright© FinTech Global Incorporated

About Fujiya Ryokan

Fujiya Ryokan was a well-established and well-known Japanese-style inn—a

driver of the local Yugawara economy dating back to the Edo Period (1600-

1867). But it closed, mainly because it was in need of repairs and updating.

Against this backdrop, the Bank of Yokohama and the Kanagawa Tourist Area

Regeneration/Revitalization Fund, spearheaded by REVIC (Regional Economy

Vitalization Corporation) with a core mandate to develop the tourism industry

in Kanagawa Prefecture, directed investment into Fujiya Ryokan Godo Kaisha.

The plan is now to undertake large-scale renovations, while leaving the exterior

intact. Fujiya Ryokan is set to reopen in April 2018, with Kiwa Corporation

running hotel operation, including guest rooms and restaurants.

FAM has taken on the task of rekindling the glory of Fujiya Ryokan as a

symbol of Yugawara and will contribute to regional revitalization of the town.

Outside appearance of Fujiya Ryokan

About REVIC (Regional Economy Vitalization Corporation)

REVIC supports revitalization of businesses, primarily small and mid-sized

companies, and also supports revitalization of local economies. The public-

private organization operates a mother fund focusing on the tourist industry as

well as regional funds, offers both financial and personnel support to businesses

in the tourist industry through a fund that helps service providers identify new

tourism resources and deal with changing conditions, such as facility

diversification, and seeks to revitalize local economies.

Assets

Fiscal 2017

First Two

Quarters

Change

Current assets 8,265,216 8,236,662 (28,553)

Cash and time deposits 2,290,523 1,932,397 (358,126)

Notes and accounts receivable,

trade67,723 546,659 478,935

Investments in securities, trade 1,291,852 1,243,854 (47,998)

Loans receivable, trade 793,762 652,626 (141,135)

Merchandise － 14,241 14,241

Real estate for sale 977,020 1,929,786 952,766

Real estate for sale in progress 2,693,211 1,738,987 (954,223)

Deferred tax assets 11,628 5,306 (6,322)

Other current assets 328,402 220,058 (108,344)

Allowance for doubtful assets (188,909) (47,255) 141,654

Noncurrent assets 2,710,409 3,133,159 422,750

Property, plant and equipment 2,307,618 2,663,026 355,408

Intangible fixed assets 90,627 96,701 6,073

Investments and other assets 312,163 373,431 61,267

Total assets 10,975,625 11,369,822 394,196

Fiscal 2016

１

２

３

３

２

Copyright© FinTech Global Incorporated

４

４

Increase in revenue-generating property held by real estate rental subsidiary

Homes for sales increased due to completion of construction on work in progress.

Progress on sale of asset investments, leading to decrease.

Work in progress in real estate business wrapped up, leading to decrease.

５

５8

Balance decreased, as investment exits through transfer of money claims

offset foreign exchange gains on foreign-currency-denominated investments,

new investment into a high-revenue company, and new venture fund

contributions.

１ Accounts receivable on services extended to clients, mainly local governments,

by two companies in public management consulting business

Consolidated Balance Sheets (Thousands of yen)

Liabilties

Fiscal 2017

First Two

Quarters

Change

Current liabilities 2,772,281 3,142,640 370,359

Notes and accounts payable,

trade14,130 213,587 199,456

Short-term loans payable 1,981,862 2,325,383 343,521

Current portion of bonds 38,000 30,000 (8,000)

Current portion of long-term

loans payable115,665 137,634 21,968

Income taxes payable 30,719 42,814 12,095

Deferred tax liabilities 2,846 － (2,846)

Accrued employee bonuses 50,099 73,762 23,662

Other current liabilities 538,957 319,459 (219,497)

Noncurrent liabilities 1,890,459 1,973,363 82,904

Bonds payable 60,000 45,000 (15,000)

Long-term loans payable 1,540,470 1,637,338 96,868

Net defined benefit liability 141,840 132,518 (9,322)

Deferred tax liability 105,901 113,713 7,812

Other noncurrent liabilities 42,246 44,793 2,546

Total liabilities 4,662,741 5,116,004 453,263

Fiscal 2016

Net Assets

Shareholders’ equity 6,455,655 6,346,507 (109,147)

Common stock 4,548,647 4,549,016 369

Additional paid-in capital 2,122,245 2,122,615 369

Retained earnings (215,238) (325,124) (109,886)

Accumulated other comprehensive income (194,875) (170,541) 24,334

Subscription rights to shares 33,560 46,593 13,033

Non-controlling interests 18,544 31,257 12,712

Total net assets 6,312,884 6,253,817 (59,067)

Total liabilities and net assets 10,975,625 11,369,822 394,196

Fiscal 2017

First Two QuartersChange

Revenues 3,362,009 4,062,461 700,452

Cost of revenues 2,604,919 2,874,388 269,469

Gross profit 757,089 1,188,073 430,983

Selling, general and administrative expenses 1,276,453 1,327,663 51,210

Operating income/(loss) (519,363) (139,590) 379,773

Other income 17,789 87,381 69,592

Other expenses 149,061 49,520 (99,540)

Ordinary profit/(loss) (650,635) (101,729) 548,906

Extraordinary profit 1,107 8,865 7,758

Extraordinary loss 3,835 1,075 (2,760)

Income before income taxes (653,364) (93,938) 559,425

Income taxes 2,434 23,620 21,185

Profit /(loss) (655,799) (117,559) 538,240

Profit /(loss) attributable to non-controlling

interests(13,113) 4,948 18,061

Profit /(loss) attributable to owners of parent (642,686) (122,507) 520,178

Fiscal 2016

First Two Quarters

１

Selling, general and administrative expenses grew 4.0% year on year, reflecting increase in various expenses,

including personnel costs and commissions paid. ２

Revenues rose 20.8% year on year, owing to higher sale of asset investments, more real estate securitization

transactions, corporate investment exits and the addition of subsidiaries under consolidation

１

２

Copyright© FinTech Global Incorporated 9

３

３ Booked ¥65 million in foreign exchange gains.

Consolidated Statement of Income (Thousands of yen)

Consolidated Statement of Cash Flows (Summary)

(Thousands of yen)

Decrease due to increase of ¥189 million in trade receivable

(expanded consulting mainly for local governments by two companies in public finance consulting business

(payment: March-end))

Copyright© FinTech Global Incorporated 10

Cash flows from operating activities

Cash flows from financing activities

Increase due to increase of ¥268 million in short-term debt

(Mainly due to higher debt to purchase land in the real estate business)

Decrease due to increase of ¥196 million in inventory

(sale of asset investment units moved ahead but purchase of land and completion of homes built for sale increased in the real estate business)

１

２

Decrease due to decrease of ¥309 million in accounts payable, trade

(sale of asset investments contracted in previous term settled, and booked as sales)

Major Factors Affecting Cash Flows

Increase of ¥176 million through proceeds from long-term debt(Mainly due to higher debt to purchase revenue-generating property in the real estate business）

First Two Quarters of Fiscal 2017

Cash flows from operating activities(502,235)

Cash flows from financing activities(176,057)

Cash flows from investing activities 344,323

１

２

Reference Materials

Non-Consolidated Financial Statements (Balance Sheets and Statements of Income)

Changes in Key Financial Data (Six years)

Corporate Data

The firm of innovative financing

11

Copyright© FinTech Global Incorporated 12

Non-Consolidated Balance Sheets(Thousands of yen)

Assets

Fiscal 2017

First Two

Quarters

Change

Current Assets 5,783,247 5,422,960 (360,286)

Cash and time deposits 1,700,066 1,306,049 (394,016)

Accounts receivable, trade 5,218 36,052 30,834

Investment securities, trade 1,090,244 1,059,398 (30,846)

Loans receivable, trade 846,422 705,286 (141,135)

Short-term loans, receivable 1,712,448 1,893,452 181,004

Real estate for sale in progress 347,280 240,000 (107,280)

Other current assets 357,195 409,116 51,921

Allowance for doubtful assets (275,627) (226,395) 49,232

Noncurrent assets 1,789,716 1,857,764 68,047

Property, plant and equipment 750,087 913,274 163,187

Intangible assets 19,201 17,879 (1,322)

Investments and other assets 1,020,427 926,610 (93,817)

Total assets 7,572,963 7,280,724 (292,239)

Fiscal 2016 Liabilties

Fiscal 2017

First Two

Quarters

Change

Current liabilities 660,971 401,201 (259,769)

Accounts payable-trade － 3,694 3,694

Short-term loans payable 356,300 174,996 (181,304)

Current portion of long-term debt 32,589 33,785 1,196

Accounts payable-others 58,000 104,921 46,921

Deposits received 51,969 13,119 (38,850)

Advances received 102,958 5,211 (97,747)

Accrued employee bonuses 33,297 38,864 5,567

Others 25,856 26,610 753

Long-term liabilities 416,023 402,127 (13,895)

Long-term loans payable 308,500 288,830 (19,670)

Provision for retirement benefits 75,544 81,319 5,774

Others 31,978 31,978 0

Total liabilities 1,076,994 803,328 (273,665)

Fiscal 2016

Net Assets

Shareholders' equity 6,657,284 6,601,343 (55,941)

Capital stock 4,548,647 4,549,016 369

Additional paid-in capital 2,113,870 2,114,239 369

Retained earnings (5,232) (61,913) (56,680)

Valuation difference on available-

for-sale securities(194,875) (170,541) 24,334

Subscription rights to shares 33,560 46,593 13,033

Total net assets 6,495,969 6,477,395 (18,573)

Total liabilities and net assets 7,572,963 7,280,724 (292,239)

Copyright© FinTech Global Incorporated 13

Non-Consolidated Statements of Income

(Thousands of yen)

Fiscal 2017

First Two QuartersChange

Revenues 1,246,282 954,656 (291,626)

Cost of revenues 1,016,834 476,830 (540,003)

Gross profit 229,447 477,825 248,377

Selling，general and administrative expenses 719,416 668,711 (50,705)

Operating income/(loss) (489,969) (190,886) 299,083

Other income 23,989 255,848 231,859

Other expenses 138,392 154,027 15,635

Ordinary income/(loss) (604,372) (89,065) 515,307

Extraordinary profit 1,107 8,061 6,954

Extraordinary loss 3,709 794 (2,915)

Income before income taxes (606,975) (81,798) 525,177

Income taxes (8,632) (25,117) (16,485)

Net income/(loss) (598,343) (56,680) 541,662

Fiscal 2016

First Two Quarters

Copyright© FinTech Global Incorporated 14

Changes in Key Financial Data

FGI executed a stock split on April 1, 2014, that split each share into 100 shares. Consequently, net assets per share, net income (loss) per share and

net income per share after adjustment for diluted shares have been calculated as if the aforementioned stock split had occurred at the beginning of

fiscal 2012.

Net revenue (millions of yen) 2,038 1,603 3,911 5,429 7,485 4,062

Gross profit (millions of yen) 908 1,468 2,398 2,495 1,496 1,188

Operating income/(loss) (millions of yen) (974) (31) 555 115 (1,031) (139)

Ordinary income (loss) (millions of yen) (915) 88 684 237 (1,369) (101)

Profit /(loss) attributable to owners of parent (millions of yen) (1,274) 182 923 224 (1,384) (122)

Net assets (millions of yen) 3,632 2,716 5,534 7,879 6,312 6,253

Total assets (millions of yen) 6,417 4,770 7,452 11,958 10,975 11,369

Net assets per share (yen) 19.82 22.23 37.41 48.31 38.66 38.14

Net income (loss) per share (yen) (10.70) 1.52 6.92 1.48 (8.56) (0.76)

Diluted net income (loss) per share (yen) － 1.52 6.89 1.47 － －

Equity to total asset ratio (%) 36.8 56.4 73.9 65.4 57.0 54.3

Equity to net income ratio (%) (41.7) 7.2 22.5 3.4 (19.7) －

Price earning ratio (PER) (times) － 21.9 9.2 84.7 － －

Cash flow from operating activities (millions of yen) 959 (464) (2,208) (1,791) (1,305) (502)

Cash flow from investing activities (millions of yen) 80 85 509 (644) (302) (176)

Cash flow from financing activities (millions of yen) (233) (128) 2,065 4,761 (751) 344

Cash and cash quivalents at the end of the fiscal year (millions of yen) 2,522 1,644 2,024 4,612 2,240 1,882

Number of employees(consolidated)

(part-time employees)(employees) 60(19) 51(13) 109(7) 117(8) 114(20) 132(27)

Number of employees(non-consolidated)(part-time

employees)(employees) 20(3) 26(3) 24(3) 38(3) 45(8) 41(4)

First Two

Quarters

Fiscal 2017

Fiscal 2012 Fiscal 2013 Fiscal 2014 Fiscal 2015 Fiscal 2016

Copyright© FinTech Global Incorporated

Head office Toranomon Towers Office 19th Floor, 1-28, Toranomon 4-chome, Minato-ku, Tokyo 105-0001

Established December 7, 1994

Representative President and Chief Executive Officer Nobumitsu Tamai

Date of listing June 8, 2005

Securities code 8789 (TSE Mothers)

Fiscal year-end September 30

Main businesses

1. Investment banking business

2. Real estate business

3. Public management consulting business

Number of issued shares 161,935,300 shares (As of March 31, 2017)

Minimum trading unit 100

Capital stock ¥4,549 million (As of March 31, 2017)

Net assets (consolidated) ¥6,253 million (As of March 31, 2017)

Major shareholders

(As of March 31, 2017)

Number of employees Consolidated: 132 (As of March 31, 2017)

15

Nobumitsu Tamai

Yuko Fujii

Masaaki Aoshima

SBI SECURITIES Co., Ltd.

Naotake Tamura

20,095,500 shares (12.41%)

3,776,400 shares (2.33 %)

1,708,000 shares (1.05 %)

1,643,400 shares (1.01 %)

1,576,000 shares (0.97 %)

Corporate Data: FinTech Global Incorporated

Disclaimer The firm of innovative finance

Certain statements made in these materials, including some management targets, may contain forward-looking statements which reflect

management's views and assumptions. Management targets represent goals that management will strive to achieve through the

successful implementation of business strategies for the FGI Group. The Group may not be successful in implementing its business

strategies, and management may fail to achieve its targets. Management targets and other forward-looking statements involve current

assumptions of future events as well as risks and uncertainties that could significantly affect expected results, including adverse

economic conditions in Japan, the United States or other countries; declining real estate and/or stock prices; additional corporate

bankruptcies or additional problems in business sectors to which Group companies lend; difficulties or delays in integrating businesses

and achieving desired cost savings; increased competitive pressures; changes in laws and regulations applicable to the Group’s

businesses; and adverse changes in Japanese economic policies.

To the extent materials containing forward-looking statements remain in available documents, we have no obligation nor the intent to

update such forward-looking statements.

16Copyright© FinTech Global Incorporated