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Accelerating Pharmaceutical Growth Through Pipeline Expansion in Severe Infectious Disease - Acquisition of Aicuris Anti-infective Cures AG - February 26, 2026 Asahi Kasei Corporation
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Key Points 2 1. We have accelerated the transformation of our business portfolio in order to achieve sustainable improvements in corporate value 2. In our current medium-term management plan “Trailblaze Together” for FY2025–2027, Pharmaceuticals is positioned as a First Priority business in which we seek medium- to long-term earnings growth through proactive investments 3. By FY2030 we aim to build the Pharmaceuticals business up to a scale of ¥300 billion in sales, capable of steady investment in R&D 4. Through the acquisition of Aicuris Anti-infective Cures AG (Aicuris), we will secure a strong pipeline in severe infectious disease—one of our priority areas—which addresses significant unmet medical needs 5. With the early contribution to earnings from this acquisition, we will make significant progress toward establishing a sustainable growth platform for our Pharmaceuticals business
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Overview of the Acquisition Target Company Acquisition Price Acquisition Method Schedule Impact on Business Aicuris Anti-infective Cures AG Total consideration: approx. €780 million (approximately ¥143.1 billion at February 25 exchange rate of ¥183.5/€) Acquisition of all issued shares of Aicuris, etc., through Veloxis Pharmaceuticals, Inc., our wholly owned subsidiary in the U.S. Acquisition funding to be secured through cash on hand and borrowings from financial institutions After completion of necessary legal procedures, aiming for closing in Q1 FY2026 Operating income after amortization of goodwill, etc., is expected to turn positive in FY2028. Pritelivir is expected to achieve peak sales of over $400 million after the mid 2030s 3
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2025 2026 2027 2028 2029 2030 Financial impact of the acquisition M&A (FY)2028 Concept for Aicuris sales after acquisition 4 2030 $500 million (¥750 billion*) * ¥150/US$ 2025 $200 million (¥300 billion*) Operating income after amortization of goodwill, etc. expected to turn positive Early contribution to earnings with positive operating income after amortization of goodwill and other intangible assets in FY2028 FY2030 sales forecast of $500 million (not including contribution from Phase I pipeline compound)
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03 Acquisition of Aicuris 02 Asahi Kasei’s Pharmaceuticals Business Contents 01 Introduction: Transformation of Asahi Kasei’s Business Portfolio 5
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03 Acquisition of Aicuris 02 Asahi Kasei’s Pharmaceuticals Business Contents 01 Introduction: Transformation of Asahi Kasei’s Business Portfolio 6
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Material 7 Advancing business portfolio transformation for sustainable growth of corporate value FY20181 Operating income ¥209.6 billion Homes Healthcare Material (First Priority, etc.) Chemical 2 (petrochemical - related) (¥131.7 billion excl. Chemical) FY2025 forecast1 Operating income ¥225.0 billion (¥213.5 billion excl. Chemical) M&A >¥700 billion Focus on high value-added marketsAsahi Kasei’s ecosystem Strategic capital allocation Utilizing diverse intangible assets (technology, personnel, management knowledge) Healthcare Homes Material Planova virus removal filters Pimel semiconductor buffer coat/interlayer dielectric Hipore wet-process LIB separator Healthcare Capex (growth-related) >¥500 billion 1 Graph proportions excluding Others category and corporate expenses and eliminations 2 Total of businesses currently classified as Performance Chemical and Essential Chemical (in February 2026) Progress on business portfolio transformation and raising corporate value 01 Introduction: Transformation of Asahi Kasei’s Business Portfolio
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(shown under fiscal year of decision adoption) Progress of business portfolio transformation Essential Chemical Performance Chemical Essential Chemical Comfort Life Comfort LifeElectronics Life ScienceConstruction Materials Life Science Energy & Infrastructure Energy & Infrastructure Energy & InfrastructureEnergy & InfrastructureElectronics Pharmaceuticals Electronics Overseas HomesOverseas Homes Life SciencePharmaceuticalsLife Science Current MTP “Trailblaze Together”Previous MTP “Be a Trailblazer” FY 2022 FY 2025FY 2023 FY 2024 Acquisition of Bionova Scientific, a U.S. biologics CDMO Acquisition of Calliditas Therapeutics Construction of a new spinning plant for Planova Acquisition of Focus Companies, a building components supplier in Nevada Acquisition of ODC Construction, a residential construction work subcontractor in Florida Increased capacity for Pimel Increased capacity for Pimel semiconductor buffer coat/interlayer dielectric Addition of coating facilities of wet-process LIB separators in U.S. and Japan Construction of wet-process LIB separators integrated plant in North America Expansion of production capacity to manufacture system components for clean hydrogen Sepacell structural reform Divestiture of diagnostic reagents business Divestiture of lead battery separator business Closure of Iwakuni Plant for AAC Divestiture of blood purification business Consolidation of trading company functions Divestiture of pellicles business • Establishment of joint venture for spunbond nonwovens • Divestiture of businesses of Asahi Kasei Pax Discontinuation acrylonitrile and other operations of PTT Asahi Chemical Co., Ltd. Discontinuation of HMD production Growth investments Structural transformation • Decarbonization and production capacity optimization of ethylene manufacturing facilities in western Japan • Discontinuation of MMA, etc. Advancing business portfolio transformation with both growth investments and structural transformation since previous MTP 01 Introduction: Transformation of Asahi Kasei’s Business Portfolio 8
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Positioning of each business clarified in the current MTP , First Priority businesses as income growth drivers during the current medium term 9 Car Interior Critical Care Healthcare Homes Material First Priority ⚫Gaining income from past investments ⚫Continue aggressive investment, including inorganic growth Earnings Base Expansion ⚫Generate stable earnings ⚫Growth investment based on strong awareness of capital efficiency Profitability improvement & business model change ⚫Restructuring businesses with sluggish earnings/low capital efficiency ⚫Changing to new business models through utilization of intangible assets Growth Potential ⚫Growth drivers of future business ⚫Promote alliance strategies from a competitive perspective Pharmaceuticals Overseas Homes Comfort Life Energy & Infrastructure Performance Chemical Electronics Real estate development Order-built, remodeling, Rental/brokerage Life Science Essential Chemical Construction Materials Positioning of each business 01 Introduction: Transformation of Asahi Kasei’s Business Portfolio
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10 Expansion-related ¥670 billion [¥690 billion] Maintenance-related ¥330 billion [¥360 billion] [Figures for previous MTP shown in brackets] Total value of investments based on adoption of decisions during the current MTP ≈60% of expansion-related investment is for First Priority businesses FY2025–27 total ¥1 trillion [¥1.05 trillion] Expansion-related investment by sector Healthcare Continuous investment in expansion through M&A, etc. (in-licensing also considered as investment) Homes Exploring opportunities to invest for domestic growth as well as overseas Material Careful selection of investment with focus on ion-exchange membranes, hydrogen, electronic materials, etc. FY19–21 FY22–24 FY25–27 Long-term investment plan 01 Introduction: Transformation of Asahi Kasei’s Business Portfolio Planning expansion-related investment of ≈¥670 billion during the 3-year period in order to achieve sustainable growth
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03 Acquisition of Aicuris 02 Asahi Kasei’s Pharmaceuticals Business Contents 01 Introduction: Transformation of Asahi Kasei’s Business Portfolio 11
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12 Healthcare Sector Growth Strategy Growth Potential 0 2 4 6 8 10 12 14 16 18 0 20 40 60 80 100 120 140 160 2018 2019 2020 2021 2022 2023 2024 2025 forecast 2027 plan 2030 outlook Operating income, operating margin Operating income margin (¥ billion) (%) COVID-19 surge in demand for ventilators Veloxis consolidation Calliditas consolidation 82.3 95.0 150.0 Critical Care Pharmaceuticals & Life Science First Priority First Priority (FY) (in February 2026) Pharmaceuticals Life Science Critical Care ⚫ Firm earnings growth in disease areas with strengths (Veloxis and Calliditas as growth drivers) ⚫ Continuous M&A and in-licensing ⚫ Continuous expansion of virus removal filter business ⚫ Pursuing growth opportunities of distinctive CDMO ⚫ Continued growth in North America ⚫ Pursuing new growth opportunities in peripheral areas 1 Within Pharmaceuticals & Life Science, Divestiture of blood purification business in April 2025 and diagnostic reagents business in July 2025 64.0 1 02 Asahi Kasei’s Pharmaceuticals Business A major driver of growth for Asahi Kasei, aiming for operating income of ¥150 billion in FY2030; within Healthcare, Pharmaceuticals is focused on steady growth by mitigating risks through multiple drugs in specialty niche therapeutic areas rather than rapid growth through blockbuster products
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Therapeutic areas Earnings structure Business development ⚫ Less competition ⚫ Relatively high probability of development success ⚫ Small-scale clinical trials = low R&D costs ⚫ Coverage with small-scale sales and marketing ⚫ Operating costs held down, enabling earnings to be maintained/increased while investing in clinical trials and business development ⚫ Markets too small for big pharma, too large for biotech startups targeted for business development (M&A, in-licensing) Management structure ⚫ Composed of executives with diverse backgrounds and nationalities, not just Japanese Focus on niche therapeutic areas (specialties) with relatively low risk Autoimmune disease Transplantation Severe Infectious disease Current focus areas The common science is Immunology 02 Asahi Kasei’s Pharmaceuticals Business 13 Global Specialty Pharma Business Model Kidney disease
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Veloxis and Calliditas both delivered solid sales growth, making a significant contribution to income -100 0 100 200 300 400 500 600 700 800 2020 2021 2022 2023 2024 2025 forecast U.S. Sales of Tarpeyo U.S. Sales of Envarsus XR Income contribution from Veloxis and Calliditas ($ million) 1 Changes in operating income before PPA amortization since FY2020. Increment from Calliditas reflected starting in FY2024. Results up to FY2024 (FY) 14 （in February 2026） 1 • Progress in cost reductions through corporate function integration • Enhanced brand presence and expanded business development opportunities in the nephrology area by having multiple products • Expanded coverage of medical institutions and specialists through the integration of sales forces, leading to increased sales efficiency • Strengthened peripheral patents to maximize the value of the products Business Growth Business Foundation Envarsus XR: Sales CAGR over 20% since acquisition in FY2020 Tarpeyo: Sales progressing ahead of expectations at the time of acquisition, with the potential for peak sales ($500 million) to be reached 2–3 years earlier Progress of Past M&A in Pharmaceuticals 02 Asahi Kasei’s Pharmaceuticals Business
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• Transition to One AK Pharma configuration • M&A and in-licensing to augment pipeline (presuming 3-year total in-licensing of ≈¥30 billion) • Premised on launch of 1 new drug every 2 years (assuming peak sales of ¥60–70 billion per drug) FY2030 onward FY2025– 2027 Achieving the stage of sustainable growth Growth of existing drugs and forward- looking investment for the future Conceptual graph(¥ billion) • Premised on R&D expenses of ¥60 billion/year (assuming a new drug launch costs ≥¥120 billion) • Establish business scale of ≥300 billion in sales (assuming R&D costs at ≈20% of sales) FY2024 FY2030 Outlook Toward 2030 02 Asahi Kasei’s Pharmaceuticals Business 15 Aiming to establish platform for sustainable growth of the Pharmaceuticals business through forward-looking investment in the current MTP 300 0 Existing pipeline compounds New pipeline compounds Aiming for sales of ¥300 billion in FY2030 (assuming operating margin of ≥15%)
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Yoshikazu Aoki Japan Business U.S. Business Daisuke Okajima Stacy Wheeler 16 Head of Healthcare Sector Ken Shinomiya Koshiro Kudo Head of Global Pharma Business Leadership of One AK Pharma 02 Asahi Kasei’s Pharmaceuticals Business President of Asahi Kasei Aicuris to be operated under the U.S. business to accelerate growth Full transition to One AK Pharma structure in FY2026
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03 Acquisition of Aicuris 02 Asahi Kasei’s Pharmaceuticals Business Contents 01 Introduction: Transformation of Asahi Kasei’s Business Portfolio 17
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A biopharmaceutical company with strong expertise in severe infectious disease, particularly antiviral therapies, and a portfolio of one product and two pipeline assets; its internally developed anti-CMV1 drug Prevymis® has been out-licensed to Merck & Co., Inc. (hereinafter, Merck)2, successfully commercialized globally, and is generating royalty income Founding Location CEO Employees Business overview Revenue Established in 2006 as spin-out of Bayer’s anti-infective portfolio Wuppertal, Germany Larry Edwards ≈70 (as of February 2026) R&D of anti-infective therapies specialized for immunocompromised patients and viral infections The R&D achievements behind Prevymis were highly recognized, leading to the receipt of the German Future Prize, Germany’s highest science and technology award, in 2018. CY 2025: €132 million (≈$154 million at $1.17/€ / ≈ ¥24.2 billion at ¥184/€) Overview of Aicuris 03 Acquisition of Aicuris 181 Cytomegalovirus 2 Known as MSD outside the U.S. and Canada ¥184/€ as of December 31, 2025 EUR/USD=1.1733
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Strategic Rationale of the Aicuris Acquisition Current focus areas Attractive products and pipeline in the severe infectious disease area Mutual utilization of each company’s business foundations and intangible assets Early establishment of a sustainable growth platform (royalty income from Prevymis; approval for pritelivir targeted in FY2026) 1 2 3 19 Product and pipeline in the severe infectious disease area Prevymis Out-licensed to Merck pritelivir Phase III study completed AIC468 Phase I study completed, planning to advance to Phase II in FY2026 Strategic Significance 03 Acquisition of Aicuris Kidney disease Autoimmune disease Transplantation Severe infectious disease Envarsus XR Cresemba Recomodulin Tarpeyo Bredinin Kevzara Plaquenil Acquired a strong pipeline in our focus area of severe infectious disease By leveraging the transplant and renal networks of Veloxis and Calliditas, we will build a platform capable of delivering integrated solutions across the patient journey, from post-transplant immunosuppression to treatment of severe infections
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Severe Infectious Disease and Antiviral Drugs 20 What Is Severe Infectious Disease? Severe infectious diseases are infections that pose a meaningful clinical burden due to their extent, persistence, or risk of progression, particularly among immunocompromised patients, including older adults, those undergoing cancer treatment, and post-transplant patients, for whom otherwise manageable infections may lead to complications or recurrent disease • Antibiotics target bacteria and inhibit bacteria-specific functions such as cell wall synthesis • They have a long history of clinical use, and treatments based on antibiotics are relatively well established → Unmet medical needs are comparatively limited • Viruses replicate by utilizing human host cells, which limits available drug targets and makes it challenging to design agents that avoid toxicity to humans • In addition, viruses mutate rapidly and readily develop resistance, making antiviral drug development comparatively difficult → Unmet medical needs remain substantial Main Causes of Severe Infectious Disease Bacteria Viruses Antiviral Drugs Antibiotics In transplantation therapy, immunosuppression is essential to prevent graft rejection, which tends to increase the risk of severe infections; therefore, achieving a balance between immunosuppression and infection control is critically important 03 Acquisition of Aicuris
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Aicuris Product and Pipeline Product Name Mechanism of Action Target Disease Pre- Clinical Phase I Phase II Phase III Launch Development & Marketing Rights Prevymis CMV1 terminase inhibition Prevention of CMV infection in transplant patients Out-licensed to Merck pritelivir HSV2 helicase– primase inhibition Treatment of acyclovir- resistant HSV infection in immunocompromised patients Aicuris AIC468 BKV mRNA splicing inhibition Treatment of BK virus infection in transplant patients Aicuris 21 03 Acquisition of Aicuris 1 Cytomegalovirus 2 Herpes simplex virus 3 Breakthrough Therapy designation is a program by FDA to expedite the development and review of drugs intended to treat serious or life -threatening conditions U.S. approval target for FY2026 Approval target around FY2030 Designated by the FDA as a Breakthrough Therapy3 Aicuris has strengths in R&D for antiviral compounds, with a product and early and late stage pipeline in the area of severe viral infections
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Prevymis is an antiviral agent with a novel mechanism of action for the prevention of CMV infection in transplant patients at high risk of developing a severe condition; out-licensed to Merck and approved globally, it is positioned as a standard of care in major transplant guidelines; Aicuris receives royalty income from Merck Aicuris founded Successful Phase II Successful Phase III trial; U.S. approval and launch Out-licensed to Merck Spin-out from Bayer; Prevymis transferred Start of royalty income recognitionCreated at Bayer Prevymis: Out-licensed to Merck 20172012 2006 Approved and marketed globally Recommended in guidelines Awarded the German Future Prize 03 Acquisition of Aicuris 22
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HSV is the virus that causes oral herpes, and more than half of people become infected at least once in their lifetime, while most healthy individuals experience mild symptoms, patients with compromised immunity—such as those undergoing transplantation, living with HIV, or receiving cancer treatment—may develop severe symptoms 23 Pritelivir: Drug for Herpes Simplex Virus (HSV) Infection HSV Healthy Individuals Immunocompromised Patients With a well-functioning immune system, symptoms generally remain mild (recovery in one to two weeks) Because the immune system’s ability to suppress the virus is weakened, infection can lead to life-threatening severe conditions such as mucocutaneous infection, esophagitis, pneumonia, and systemic infection HSV Infection Treatment options are limited In HSV infections that become severe in immunocompromised patients, there are cases in which the disease persists and progresses as existing treatments are ineffective due to antiviral drug resistance, etc., raising the need for a new therapeutic option Unmet Medical Needs 03 Acquisition of Aicuris
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Prophylactic administration 1st line 2nd line Treatment options acyclovir (oral/injection) valacyclovir (oral) acyclovir (oral/injection) When symptoms fail to improve and acyclovir resistance is suspected, 2nd line treatment is initiated Estimated number of patients in the U.S. ≈15,0001 ≈180,0001 5-20% (Depending on the underlying disease) foscarnet IV injection in hospital setting 1–2 hours per dose,1–3 times per day (daily administration during treatment period [period depends on condition]) Once-daily oral administration 03 Acquisition of Aicuris 1 Based on internal investigation pritelivir Pritelivir: Potential Market in the U.S. and Clinical Positioning Prescription share target 70% Pritelivir is a second-line treatment for HSV in immunocompromised patients As the first oral agent in the 2nd-line treatment, targeting a 70% prescription share in the 2nd-line market 24
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63% 34% 0% 10% 20% 30% 40% 50% 60% 70% 80% pritelivir group n=51 Conventional therapy group n=50 pritelivir n=51 Conventional therapy n=50 Drug-related adverse events 11 (21.6%) 27 (54.0%) Drug-related adverse events leading to discontinuation 1 (2.0%) 10 (20.0%) p=0.0047 Primary Endpoint: Percentage of Lesion Healing Within 28 Days After Treatment Initiation Secondary Endpoints: Safety and Tolerability 25 Pritelivir: Efficacy and Safety Study Design Randomized, open-label, active-controlled Phase III trial comparing pritelivir with physician-selected conventional antiviral therapy pritelivir once daily (n=51), conventional therapy (n=50) Source: Aicuris press release (February 5, 2026); Tandem Meetings 2026 (February 7, 2026) Note: Rounded figures shown. Physician-selected conventional therapy: Foscarnet IV / Imiquimod Topical / Cidofovir IV / Cidofovi r Topical 03 Acquisition of Aicuris Pritelivir demonstrated superior efficacy and safety compared with conventional treatment in the Phase III study (PRIOH-1 trial)
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• BK virus is typically acquired in early childhood. Although about 80% of adults carry the virus, it usually remains asymptomatic • After kidney transplantation, immunosuppressive therapy can lead to reduced immunity, causing reactivation of BK virus, which then damages renal tubular cells and results in BK virus nephropathy • BK virus nephropathy is one of the major causes of impaired function or loss of the transplanted kidney BK Virus Infection 26 AIC468: Pipeline Compound to Treat BK Virus Infection There is currently no effective therapy for BK virus infection in kidney transplant patients, the target of AIC468, and a new drug is highly anticipated; we will advance the development of AIC 468 leveraging the transplantation and nephrology networks of Veloxis and Calliditas Target disease Mechanism of action Development status Treatment of BK virus infection in kidney transplant patients Inhibition of BK virus mRNA splicing using antisense oligonucleotides Phase I study completed successfully, Phase II study planned to start in FY2026 If all subsequent clinical studies are successful, launch is expected around 2030 03 Acquisition of Aicuris
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≈ 50% can be covered by Veloxis’sexisting sales network 27 Quickly Launch pritelivir using Veloxis’sExisting Infrastructure Cancer HIV Hematopoietic stem cell transplantation pritelivir Primary disease management Setting of care General medical oncologist Infectious disease physician/ community physician Hematologist- oncologist Transplant surgeon Kidney transplant Kidney transplant surgeon Infectious disease outpatient (community health center) Cancer center (hospital) Transplant center (hospital) Envarsus XR Solid organ transplant Primary disease Coverage of ≈50% of pritelivir target facilities enabled by Veloxis’scommercial infrastructure with transplant physicians based on Envarsus XR, supporting a rapid launch post-approval 03 Acquisition of Aicuris
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Mutual Utilization of Each Company’s Personnel, IP , and Other Intangible Assets ＋ ＋ 28 Aicuris’s R&D personnel with strong expertise in infectious disease (virology) enable synergies with our immunology-specialized R&D organization, further strengthening our R&D capabilities; in addition, by leveraging our strong IP , we can reinforce Aicuris’s pipeline and maximize its value Extensive IP expertise of the Asahi Kasei Group R&D talent specialized in immunology R&D talent with strong expertise in infectious disease (virology) Attractive pipeline in the infectious disease area Creating new pipeline compounds with enhanced R&D framework Maximization of Aicuris’s pipeline value 03 Acquisition of Aicuris
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2025 2026 2027 2028 2029 2030 Operating income after amortization of goodwill, etc. expected to turn positive In addition to royalty income from Prevymis, the expected sales expansion of pritelivir—anticipating approval in FY2026—will enable early contribution to earnings M&A Prevymis東さん Royalty income from Merck pritelivir Approval targeted in FY2026; peak sales projected to exceed $400 million in the mid- to late-2030s （FY） AIC468 If development is successful, approval is expected around 2030, with peak sales projected to exceed $300 million 20282025 29 Future Revenue Outlook Expected post acquisition sales contribution from Aicuris’s pipeline 03 Acquisition of Aicuris
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Sustainable Growth Further increase in profitability 2019 2030 ¥300 billion 2024 (FY) Establishment of a Growth Foundation 30 Establishment of a Sustainable Growth Platform Concept for Pharmaceuticals sales growth Existing pipeline compounds With this acquisition, the Pharmaceuticals business is now on track to achieve its FY2030 sales target of ¥300 billion, a major advance toward a phase of sustainable growth with stable generation of ¥60 billion in annual R&D expenditure 03 Acquisition of Aicuris
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With the acquisition of Aicuris, a solid business foundation will be established to compete globally as a Global Specialty Pharma operation; as a First Priority business, it will firmly drive the earnings growth of the Asahi Kasei Group FY2019 FY2024 FY2026 pritelivir AIC468 FY2030 onward 31 Achieving Global Specialty Pharma Operation Obtaining U.S. pharmaceutical business platform Strengthening U.S. pharmaceutical business platform Solidifying U.S. pharmaceutical business platform Achieving the stage of sustainable growth 03 Acquisition of Aicuris Kidney diseaseTransplantation Severe infectious disease
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32 1. We have accelerated the transformation of our business portfolio in order to achieve sustainable improvements in corporate value. 2. In our current medium-term management plan “Trailblaze Together” for FY2025–2027, Pharmaceuticals is positioned as a First Priority business in which we seek medium- to long-term earnings growth through proactive investments 3. By FY2030 we aim to build the Pharmaceuticals business up to a scale of ¥300 billion in sales, capable of steady investment in R&D 4. Through the acquisition of Aicuris, we will secure a strong pipeline in severe infectious disease— one of our priority areas—which addresses significant unmet medical needs 5. With the early contribution to earnings from this acquisition, we will make significant progress toward establishing a sustainable growth platform for our Pharmaceuticals business Key Points
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Disclaimer The statements in this presentation regarding future conditions or events—particularly forecasts related to future performance, growth, and other trends—constitute forward-looking statements. These statements are indicated by expressions such as “aim,” “believe,” “expect,” “forecast,” “may,” “anticipate,” “plan,” “intend,” “should,” “will,” “we will make efforts to,” “predict,” “future,” and other similar expressions, including the negative forms of such terms, or by references to strategies, targets, plans, intentions, or similar descriptions. Actual results may differ materially from those expressed or implied in these forward-looking statements due to various factors. There is no guarantee that the actual results will not differ significantly from those indicated in the forward-looking statements, as many of these factors are beyond Asahi Kasei’s control. The forward-looking statements contained in this presentation are based on information available as of the date of release. Except as required by law, Asahi Kasei assumes no obligation to update these forward-looking statements as a result of new information, future events, or otherwise. Also, this material is issued in order to provide information to the media, shareholders, and investors; the information contained herein does not constitute product promotion or medical advice. 33