February 20th, 2023
Company name:Name of representative:

Inquiries:

FINDEX Inc
Teruo Aibara, President & CEO(Securities code: 3649; PRIMEMarket)
Atsushi Fujita, Director and Head ofAdministration(Telephone: +81-89-947-3388)(Amendment) Notice of Completion of the Revision of Medium-Term Business Plan
FINDEX Inc. (“The Company”) corrected the part of its “Notice of Completion of the Revision of Medium-TermBusiness Plan” announced on 13th February 2023, as follows because there was an error in the description.
1. Corrected PartPage 14 of the document “Numerical Targets (Consolidated)”. The colors of the Public Business and Health TechBusiness within the graph were misplaced and have been corrected. There is no change in numbers stated in thisdocument.
2. Corrected Content【Before Correction】【After Correction】

Note: The above targets and this report was prepared based on the information available to the Company as of thedate of the announcement, and actual results may differ from the target figures due to various factors.
This report is a translation of the press release of the Company prepared in accordance with the provisions
set forth in the Securities and Exchange Law and its related accounting regulations. The original version ofthis press release is written in Japanese. In the event of any discrepancies in words, accounts, figures, or thelike between this press release and the original, the original Japanese version shall govern.

FINDEX Inc.
Vision for 2025
(Revised)

13th February 2023
🄫2023 FINDEX Inc.

Table of Contents

1“ Vision for 2025 ” Overview of the Revisions and its Background2

Our efforts and Our Future

4–5

3Management Optimization and Growth Strategies 2023-2025

6–94

Business Strategy 2023-2025

10 – 135

Numerical Targets

146Notes Regarding Forward - Looking Statements

15🄫2023 FINDEX Inc.

32

Vision for 2025 - Overview of the Revisions and its backgroundManagement Targets (Consolidated) *M&A excluded(¥ Millions)

Original
Sales

Overview

RevisedProfitSales

ProfitFY2021

4,600

1,010

4,968*

944*

FY2022

5,600

1,600

4,541*

1,055*FY2023

7,000

2,400

5,065

1,330

FY2024

8,500

3,400

5,754

1,710

FY2025

10,800

4,900

6,330

2,100
*Actual results⚫ Impact of COVID-19 on software sales
1. Decrease in sales due to partial restrictions on sales activities for medical institutions
2. More investments were made on covid-19 preventions than the operation optimization
solutions by the hospitals and clinics

Background⚫ Medical device project (GAP) slowed down
1. Required more time than expected to build a sales framework for domestic medical facilities
2. A significant delay in the process of conforming the device to the latest EU-MDR
3. Required time to develop additional analytics to apply the device to different skeletal structures
🄫2023 FINDEX Inc.

3

Our Efforts

2011-2022 - Executed active investments in R&D / Acquired technologies & knowledge(￥ Millions)

FY2017*1

FY2022GrowthRate

3,311

4,541+37.1%

547

1,055+92.8%

Ordinary Profit Margin

16.5%

23.2%

+6.7pp

ROE

13.0%

17.9%

+4.9ppResearch Progress on
GAP*2

40%

100%

Research progress on
DMO*3

15%

97%

Initiatives of the past 11 years
2011～2022● Established de facto standard products
for hospital internal information anddata infrastructure● Proceeded advanced joint R&D with
university hospitals, focusing on thedevelopment of medical software● Executed R&D of medical devices andits application to clinical data analysis● Developed DocuMaker Office with acore function of public document
managements to enter into the publicsectors market

5Yrs KPINet Sales

Ordinary Profit*1 Consolidated in 2017. / *2 GAP: Gaze Analyzing Perimeter / *3 DMO: DocuMaker Office
🄫2023 FINDEX Inc.

4

Our Future

Engaging in business/social contribution activities
towards the healthy and sustainable society
Concentration ofManagement Resources

Accelerationof Advanced R&D

Addressing Key
Sustainability Challenges

2011-20202021-2025-2030

Accumulation

Execution

Dedication• Utilization of refined technologiesand knowledge through R&D• Fostering healthy andprosperous society

Digitally Connecting
Medical Communities

Developingnew technologies
for healthy livings• Active investments in R&D• Acquisition of technologies andknowledge

Equal Accessto Medical Services
🄫2023 FINDEX Inc.

5

Management Optimization and Growth Strategies 2023-2025“Enriching Society with Technologies and Creation”
Fulfilling our responsibilities as a corporation supporting the mental and physical wellbeingof people, through Concentration of Management Resources, Acceleration of R&D andHuman Capital Investment

1Concentration ofManagementResources• Restructure medical solutions business to sustain growth• Prioritize M&A as a key growth strategy• Strengthen partner sales• Reconceptualize our presence as a R&D-oriented company

2Acceleration ofAdvanced R&D• Improve internal training system and enable dynamic staffing including
management levels• Acquire and retain the right talent• Support and engage in international initiatives for climate change (E)3Addressing Key
Sustainability
Challenges• Contribute to reducing disparities in health care and improving wellbeingof people (S)• Ensure good corporate governance and foster a diverse and inclusiveworkplace culture (G)🄫2023 FINDEX Inc.

6

Management Optimization and Growth Strategies 2023-2025
1. Concentration of Management Resources

Restructure medical solutions
business to sustain growth

Prioritize M&A
as a key growth strategy⚫ Efficiently sell the packaged software
products and services to realize thesales operation optimization and highprofit margins⚫ Reinvest equity capital in businessacquisitions⚫ Strengthen the fundamentals of
medical solutions that will set our
products apart as an advanced
feature for the coming years⚫ Minimize the software customization
to allocate development resources tothe following business areas:⚫ Digitalization of medical information
infrastructure - Participate in Japan
medical data standardization project
as a key player in 2023
⚫ Refining solutions for public sectors Launch a full version of DocuMaker
Office by 2024

🄫2023 FINDEX Inc.

⚫ Strengthen existing businesses⚫ Extend the scope of business into
peripheral areas

Strengthen partner sales⚫ Allocate sales resources to marketing
planning by delegating software sales
and support activities to distributors⚫ Provide trainings to medical device
distributors to accelerate salesdelegation⚫ Implement regional exclusivedistributor sales models for overseas⚫ Set up a M&A team within 2023
⚫ Achieve desired ROI of 15% by 2024,with a total of JPY 3 billion inplanned investments⚫ Transfer 20% of business in large
medical institutions from direct topartner sales by 2025
⚫ Develop 5 or more expert sellers for
GAP sales among distributors⚫ Establish strong overseas sales
structures with distributors in eachregions by 2025

7

Management Optimization and Growth Strategies 2023-2025
2. Acceleration of Advanced R&D

Reconceptualize our presence
as a R&D-oriented company

Improve internal training systemand enable dynamic staffing
including management levels⚫ Proactively conduct joint researchbased on industry-academiagovernment collaboration to develop
innovative products⚫ Maximize the talent development ofemployees by allowing them tochange divisions in a flexible mannerbased on their preferences⚫ Flexible transfer of human resourcesfrom the system development
division to the R&D unit

⚫ Develop a screening device for MCI(Mild Cognitive Impairment) by 2025,
together with Kyoto University and
AMED (Japan Agency for Medical
Research and Development)

Acquire andretain the right talent⚫ Efficiently open regional and overseas
offices to extend job opportunities⚫ promote graduate schools and MBA
programs for employees⚫ Adopt flexible work styles

2022

2025

(Actual)(Target)# of employees in remote
areas

05

# of employees offshore

02# of employees applied for
graduate school scholarshipby Findex

04# of employees applied for
reduced working hours

1925⚫ Implement a job-based talentmanagement system from 2023
⚫ Apply cross-departmental internships
to 20% of the employees to deepenand support their careers by 2025

⚫ Start a new R&D project on:- Utilization of virtual space- AI technologies to support medical
practices and operations

🄫2023 FINDEX Inc.

8

Management Optimization and Growth Strategies 2023-2025
3. Addressing Key Sustainability Challenges
Support and engage ininternational initiatives forclimate change (E)⚫ Promote disclosure of non-financial
information in line with the TCFD
framework⚫ Support the challenges of externalorganizations in their efforts todevelop a sustainable society⚫ Explanation of our sustainability
related activities: To be announced
in the annual securities report inMarch 2024
⚫ Enhance disclosure via corporatewebsite⚫ ESG investment target to beplanned: Up to 100 million yen by
December 2025
🄫2023 FINDEX Inc.

Contribute to reducing disparities
in health care and improving
wellbeing of people (S)Ensure good corporate governanceand foster a diverse and inclusive
workplace culture (G)⚫ [External] Increase access to early
detection of glaucoma and other eye
diseases by promoting the use of GAP,
an in-house developed perimeter⚫ [External] Realize a framework thatallows any person to receive smoothand efficient medical care at largehospitals, introducing telemedicine andutilizing location information⚫ [Internal] Creating and maintaining ahealthy work environment with highlevels of employee engagement⚫ Strengthen information security andensure compliance# of visual field tests performed
with GAP at checkups organizedby local governments# of medical facilities
implemented GAP# of medical facilities
implemented Medical Avenue
Employee Survey Response
Rate
Employee Turnover Rate

⚫ Foster an organizational culture thatcan withstand changes in the external
environment by facilitating diversity inhiring and promotion⚫ Support employees develop theirtalents in line with their career goals
through internal programs and makeadjustments required for employees
to accept promotions

20222025

2022

2025

(Actual)(Target)(Actual)(Target)10% of employees with disabilities

1.0%

2.0%

% of foreign employees

0.3%

1.5%

% of female managers

3.8%

8.0%

% of independent outside
Directors

33.3%

44.4%

707 10,000
35

1,550

1596.0%

96.0%

6.5%

4.0%

# of incidents related toinformation security

9

Business Strategy 2023-2025

Restructuring and optimization of our business portfolio
Challenging future for innovation, leveraging our strengths and specialties

MedicalBusinessPublicBusiness⚫ Proactively cross-sell software solutions, to more than 1,900 existing customers (as ofDecember 2022) mainly the large hospitals⚫ Extensively install packaged solutions via distributors to achieve higher profit margin⚫ Promptly penetrate the market with self-developed data infrastructure which support
medical digitalization⚫ Set our legally* compliant “DocuMaker Office” the public records management solution
as the core product, focusing the target on municipalities, public companies, andexternal organizations of ministries and agencies*Law Concerning Management of Public Records, Law No. 66 of 2009, enacted on July 1, 2009.

HealthTechBusiness🄫2023 FINDEX Inc.

⚫ Overseas: Establish sales structures not only in the EU countries but also in India,
ASEAN countries, and the U.S. to boost sales of GAP, a perimeter equipped with eye
tracking technologies⚫ Domestic: Establish a consulting sales system at medical equipment dealers by training
and assigning sales professionals capable of explaining the technical aspects of GAP
10

Business Strategy 2023-2025Our Targets and the Roadmap – Medical Business
Promote comprehensive supportfor smooth hospital operations
by upgrading our primarybusinesses to the next level, tocontinue a stable growth

Medical Solutions Sales Strategy• Focus on the sales of packaged solutions with high profit margin (e.g. Claio, DocuMaker)• Extend cloud-based solutions for supporting medical operations and hospital management• Roll out and nurture a business on information infrastructure to support medical digitalization• Acquire new customers with new features (e.g. Updated security systems and backup solutions for clinical records)• Start consulting service for medical institutions and public organizations(¥ Millions)

6,000■ Medical Software■ Maintenance & Support

5,000■ Consultation Services

5,320
5,066

4,705
4,352

4,000

3,000
Net Sales：JPY 4,705 Mio• Stimulate collaborations with other

2,000
Net Sales：JPY 4,352 Mio• Focused on the sales of
1,000

packaged software• Shifted to a business modelwith high profit margin

Sales Target：JPY 5,320 Mio

companies within the industry• Start a business on information
infrastructure to support medicaldigitalization (e.g. digital prescription,insurance verification)• Accelerate sales of cloud-based
solutions

Sales Target：JPY 5,066 Mio

FY2023(Forecast)
FY2023(予想)

FY2024(Target)FY2024(目標)• Accelerate the business on
information infrastructure tosupport medical digitalization• Expand consulting services for
hospitals and clinics• Shift our medical solutions fromon-premise-based to cloud-basedor hybrid services• Establish a dedicated business
unit for medical digitaltransformation

0
FY2022(Actual)FY2022(実績)

FY2025(Target)FY2025(目標)⚫ Utilize medical data for drug discovery and medical device development (2026)⚫ Promote My Number Card connected to cloud-based network to improve usability, enabling patients to access good health care regardless of their locations (2025-2030)⚫ Install our digitalization solutions to over 50,000 medical facilities and pharmacies (2026)
🄫2023 FINDEX Inc.

11

Business Strategy 2023-2025
Our Targets and the Roadmap – Public Business
DocuMaker Office Sales Strategy

Rapidly increase our market share in
public sector with our public records
management and e-approval solutions• Hire more engineers and sales staffs to enlarge our implementation capacity• Find the right target who needs the public record management (municipalities and public hospitals)• Promote subscriptions and provide the latest functions steadily through a recurring revenue model• Deploy tailored functions for each region / organization to differentiate our user-oriented product• Accelerate sales via already contracted medical solutions distributors(¥ Millions)

350

300

330
Net Sales：JPY 121 Mio

Net Sales：JPY 160 Mio

Sales Target：JPY 207 Mio# of installation: 25
organizations# of Installation: 30 organizations# of Installation: 40 organizations• Hire more software developers to• Complete product upgrade; hire more engineers• Software implemented not only

upgrade the product for larger
organizations• Target large municipalities andaccelerate installations via distributors

250

at the municipalities but also at
the central government
affiliated organizations anduniversities

and sales staffs to build a larger business unit

• Launch a non-customized package and further
advance distributor sales

207
Sales Target：JPY 330 Mio

200# of Installation: 57 organizations• Complete software integration

160

with major accounting solutions

150• Proactively participate in public

121

sector bids

100

500
FY2022(実績)(Actual)FY2022FY2023(Forecast)
FY2023(予想)

FY2024(Target)
FY2024(目標)FY2025(Target)
FY2025(目標)⚫ Lead users to subscribe DocuMaker Office to establish a stable recurring revenue model⚫ Aim to install to 220 organizations in total by 2027
🄫2023 FINDEX Inc.

12

Business Strategy 2023-2025
Our Targets and the Roadmap – Health Tech Business
GAP/GAP-screener Sales Strategy

Aim for global use of GAP fromdeveloped to emerging countries,
leveraging its uniqueness andaffordability as the strong points(¥ Millions)800• Improve the speed and accuracy of the test through additional R&D• Strengthen the internal technical sales team to increase the number of domestic/overseas sales• Develop and allocate technical sales resources within distributors• Acquire medical regulatory in respective countries to accelerate the sales• Proceed joint R&D with domestic/overseas key players, publish research papers to drive product awareness• Proactively participate in exhibitions and congresses both inside and outside Japan(Units Sold)[Units Sold] ■ Eye clinics and hospitals Domestic■ Check up facilities Domestic ■ Medical Facilities Overseas[Net Sales] ■ Eye clinics and hospitals Domestic ■ Check up facilities Domestic ■ Medical Facilities Overseas ■ EMC Healthcare*

800

Sales Target：JPY 480 Mio, 620 Units

700680700• Complete acquisition of medical approval inIndonesia and Thailand (March)• Start sales in Indonesia and Thailand (June)

600

500

400

300

200

Net Sales：JPY 69 Mio, 21 UnitsNet Sales：JPY 200 Mio, 260 Units• Concluded GAP distributorship• Start sales EU countries (April)• Complete acquisition of medical

agreement with Toyota Tsusho
Corporation for India and ASEAN
countries (May)• Concluded GAP distributorshipagreement with Rexxam for EU, Middle
East and North African countries(May)• GAP conformed to the new EU medical
regulatory MDR (August)100

480600

Sales Target：JPY 680 Mio, 800 Units

500• Complete acquisition of FDA approval andstart sales in USA• Launch onto the market as an assessment

approval in India (October)• Start sales in India (December)

400

device for MCI (Mild Cognitive Impairment)

300
200

200

100

6900
FY2022
FY2022 (Actual)(実績)

FY2023(Forecast)
FY2023(予想)

FY2024(Target)
FY2024(目標)FY2025(Target)
FY2025(目標)⚫ Develop a new standard of examination which multiple diseases can be diagnosed with a single test (FY2027)⚫ Establish a new business involving drug discovery and development of medical treatment by utilizing data acquired by GAP (FY2027)
🄫2023 FINDEX Inc.

*EMC Healthcare (Changed from consolidated subsidiary to equity method affiliate effective July 2022 )13

Numerical Targets (Consolidated)(¥ Millions)(¥ Millions)

FY2022(Actual)FY2025(Target)

(¥)

7,000

20.0
6,330

(¥ Millions)

18.0

6,000

Net Sales

4,541

18.0

5,754
16.0

6,330

15.0

5,0655,000

14.0
4,541

Ordinary
Income

1,055

2,100

12.0
4,000

11.0
10.0
9.5

Ordinary
Profit Margin

3,000

23.2%

8.0

33.2%

6.0

2,000

Payout
Ratio

33.7%

2,100
1,710

31.2%

4.0

1,330
1,000

1,055
2.0

Annual Cash
Dividends perShareJPY 9.50

JPY 18.00

00.0
2022(実績)
FY2022(Actual)2023(予測)
FY2023(Forecast)2024(目標)
FY2024(Target)

病院情報システム
保守サポートMedical Software
Maintenance & Support
ヘルステックビジネス
公共ビジネスHealth Tech Solutions
Public Sector Solutions
年間配当金
Annual Cash Dividends per Share
🄫2023 FINDEX Inc.

2025(目標)
FY2025(Target)
医療コンサルテーション
Consultation Services
経常利益
Operating Income14

Cautionary Statements Regarding Forward - Looking Statements

This material is provided for informational purposes only and does not constitute a solicitation of any action based on this material.
This document (including the business plan) has been prepared by the Company based on reliable information available at thetime of preparation, but it contains risks and uncertainties, and the Company assumes no responsibility for its accuracy orcompleteness. The Company assumes no responsibility for the accuracy or completeness of the information contained in thismaterial, even if it is desirable to update or revise forecasts or plans.
The Company assumes no responsibility whatsoever for any losses that may arise from investment decisions based on theforecasts and target figures contained in this document.
The copyright of this material belongs to Findex Inc.
No part of this report may be reproduced or distributed in any form or by any means without the prior written permission of theCompany.

Note: This report is a translation of the press release of the Company prepared in accordance with the provisions set forth in theSecurities and Exchange Law and its related accounting regulations. The original version of this press release is written inJapanese. In the event of any discrepancies in words, accounts, figures or the like between this press release and the original, theoriginal Japanese version shall govern.
🄫2023 FINDEX Inc.

15

🄫2023 FINDEX Inc.