June 24, 2022
Company:
Representative:
Contact:

FINDEX Inc
Teruo Aibara, President & CEO(Stock code: 3649, TSE Prime)
Atsushi Fujita
Director and Head of Administration(TEL: +81-89-947-3388)

Notice of Change in a Consolidated Subsidiary
FINDEX Inc. (the "Company") has been notified of the exercise of stock options (stock acquisition rights) bydirectors and employees of its consolidated subsidiary, EMC Healthcare Co., Ltd. ("EMCH").
As a result, the Company's shareholding ratio of EMCH will be decreased, and the Company has confirmed that
EMCH will be excluded from its consolidated subsidiaries and become an equity method affiliate of the Company.
Even after EMCH becomes an equity-method affiliate, we are committed to working with EMCH as its shareholder
to enhance its corporate value.

1. Overview of consolidated subsidiary to be changed(1) Company name
EMC Healthcare Co., Ltd.
(2) Location
Kioi Royalheights 601, 3-29 Kioi-cho Chiyoda-ku Tokyo(3) Representative & tittle
Yoshito Date, President & CEO
Development, sales, consulting, etc. of digital transformation services in(4) Businessthe healthcare field(5) Capital
5 million yen(6) Establishment
February 14, 2017
FINDEX Inc. 53.8%(7) Major shareholders
Eagle Matrix Co., Ltd. 43.6%
Directors and employees of EMCH 2.6%
The Company owns 53.8% of the outstanding shares ofCapital
EMCH.
There is a personal relationship such as dispatching a
Personnel
director.
Relationship between theThere are transactions between the Company and EMCH
(8)
Businesscompany and EMCH
related to the supply of information system services to theTransaction
Company's customers and the development andmaintenance of medical equipment.
The company has underwritten a 100 million yen straight
Financialbond issued by EMCH.
(9) Recent three-year performance and financial status(JPY in Thousands)
Fiscal year
2019
2020
2021
Net assets(136,766)(8,724)(69,846)
Total assets
72,486
118,508
70,866
Net assets per share(71,868.88) yen(4,584.37) yen(36,703.12) yen
Revenue
65,839222,562
57,415
Operating profit (loss)(51,528)
123,715(64,201)
Ordinary profit (loss)(51,597)
127,819(61,051)
Profit (loss)(54,552)
128,042△61,121
Net income (loss) per share(28,666.42) yen
67,284.51 yen(32,118.75) yen

2. Status of the shares held by the Company before and after the exercise of the stock acquisition rights
and the number of stock acquisition rights exercised by directors and employees of subsidiary(1) Number of shares held by the Company
1,023 shares
before exercise(Number of voting rights: 1,023）(2)

Number of exercises(Percentage of voting rights: 53.8%）
2,289(Number of shares to be exercised: 2,289 shares）(3)

Number of shares held by the Company
after exercise

1,023shares(Number of voting rights: 1,023）(Percentage of voting rights: 24.4%）

3. Schedule(1) Date of confirmation of the intention toexercise stock options(2) Date of exercise of stock options bydirectors and employees of subsidiary(3) Date of change to equity method affiliate

June 24, 2022
July 1, 2022
July 1, 2022

4. Outlook
In accordance with the exercise of stock options, EMCH will change to an equity-method affiliate effective
July 1, 2022. This will improve the Company's consolidated operating income by approximately 30 million
yen for the fiscal year ending December 31, 2022. The impact of this event on our performance for the fiscal
year ending December 31, 2022, is expected to be minimal, but in a timely manner, we will appropriately
announce any matters that should be disclosed.