18th
Ordinary General
Meeting of Shareholders
Date

11 am (Reception starts from 10:15 am)Thursday, June 30, 2022
Venue

Leo Esaki Main Hall, Tsukuba International Congress Center
2-20-3 Takezono, Tsukuba, Ibaraki, Japan(Please refer to the map on the end page)

Table of contents
Notice of the 18th Ordinary General Meeting of Shareholders

1

Reference document

5

Business report

6

Consolidated financial statements

20

Non-consolidated financial statements

22

Audit report

24

CYBERDYNE Inc.

Security Code: 7779 (Growth Section of the Tokyo Stock Exchange)

This document has been translated from the Japanese original for reference purposes only.
If there is any discrepancy between this translated document and the Japanese source, the original shall prevail.
The Japanese original was audited by Deloitte Touche Tohmatsu LLC.

To our shareholders
June 14, 2022
2-2-1 Gakuen-minami, Tsukuba, Ibaraki, Japan

President and CEO Yoshiyuki Sankai
CYBERDYNE Inc.

Notice of 18th Ordinary Meeting of Shareholders
We want to take this opportunity to thank you for your support of our endeavors.
CYBERDYNE Inc. (the “Company”) invites all shareholders to participate in the 18th Ordinary General Meeting of
Shareholders. You can find detailed information about the event below this section.
Please exercise your voting rights by attending the meeting in person, posting a mail, or through an online site. Pleaserefer to page 3 of this document for further instructions on each voting method. Please note that the Company will only
accept votes exercised before 6:00 pm on Wednesday, June 29, 2022.
Best regards

Date

11 am (Reception starts from 10: 15am)

Venue

Leo Esaki Main Hall, 2-20-3, Takezono, Tsukuba, Ibaraki

June 30 2022 (Thursday)(Please refer to the map on the end page)*Please note that the venue changed from the extraordinary general meeting of shareholders
held in June 2021. Please be careful not to make any mistakes.

Agenda<Matters to be reported>
1. The Business report for the 18th fiscal year ended March 31 2022, consolidated
financial statements and audit reports on the consolidated financial statements by the
Accounting Auditors and the Audit and Supervisory Board.
2. Non-consolidated financial statements for the 18th fiscal year ended March 31 2022.
<Matters to be resolved>
Agenda 1: Partial amendment to the Articles of Incorporation1【Cautions *Please be sure to read carefully】● Depending on the situation of COVID-19, the number of available seats, venues, start time,etc., may be changed. In such cases, the information will be posted on the Company's website.
The Company's website: https://cyberdyne.jp/english● A staff member will examine your temperature near the entrance. We may refuse admission andask you to leave if you have a fever.
● Please wear a mask and disinfect your hands when entering the building.
● There will be no display of company products and distribution of souvenirs at the 18th Ordinary
Meeting of Shareholders.

【Disclosure via internet】● This Notice of the General Meeting of Shareholders includes information that will serve as thereference document on the day. It also provides information audited by the Audit and Supervisory
Board Members and the Accounting Auditor for their audit reports, such as the business report, theconsolidated financial statements, and the non-consolidated financial statements.
According to related laws, regulations, and the Articles of Incorporation, the following information
is not included in this document. Instead, the Company posts the information below in a separate
document on its website.
(1) Following items in the Business Report• Items concerning Stock Acquisition Rights• Items concerning Accounting Auditors• System to ensure the properness of the business and its status of the operation(2) Consolidated statement of changes in equity and related notes for the consolidated financial
statements(3) Statements of changes in equity and related notes for the non-consolidated financial statements• The Company will announce on the website if any incident that requires the revision of thereference document, business report, the consolidated financial statements, and the nonconsolidated financial statements.
The Company’s website: https://www.cyberdyne.jp/english/company/IR.html

2

株主総会にご出席いただける方

Exercise of voting rights

同封の議決権行使書用紙を会場受付へご提出ください。

日時2019年6月21日（金曜日）
Please exercise yourvoting rights
based on the information stated on 午前11時
this document, according to the
instructions stated below. Please note that if you vote in both writings and by the Internet, the Company will
場所
ノバホール（NOVA HALL）大ホール
select the vote by the Internet as the valid vote. If you vote more than once on the Internet or vote with botha computer and a smartphone, the Company will only select the last vote as the valid vote.

株主総会にご出席いただけない方
Pleasecircle approve (賛) or disapprove (否) on the enclosed voting form and return it to us via

Vote by mailmail. The Company will treat the form without circles as an approval vote.

郵送による議決権の行使
Exerciseperiod The form must arrive before June 29, 2022 (Wed)

同封の議決権行使書用紙に議案に対する賛否をご表示のうえご返送ください。なお、*The postage fee for the voting form is not required. However, because this type of mail takes longer for the post office to process thanregularmail, please post the voting form in advance to ensure delivery to the Company before the end of the exercise period.
各議案につきまして賛否を表示せずに提出された場合は、賛成の意思表示があったものとしてお取扱いいたします。
■ Sample image of the voting form

行使期限

Please circle yes (賛) or no (否）foreach item proposed for resolution

2019年6月20日（木） 午後6時必着

議決権行使書用紙のご記入方法
こちらに各議案の賛否をご記入ください。

Vote byinternet

Please exercise your voting rights in either of the following ways.
❶ "Smart Exercize" by scanning the QR code
❷ Entering code and password to exercise your voting rights

議決権行使についてのご案内

Exercise period June 29, 2022 (Wed) 6 pm

Please check the following page for further detail株主総会にご出席いただける方

Vote at the venue
3

3

Pleasesubmit the enclosed form to the receptionist at the meeting. We advice you to bring this
同封の議決権行使書用紙を会場受付へご提出ください。
document as a reference document of the meeting. Please note that proxies and accompanying
日時2019年6月21日（金曜日）
午前11時
persons
who are notshareholders cannot participate the General
Meeting of Shareholders. One proxycan participate the meeting if they also hold the Company’s voting right and submits a document
場所the proxy’s
ノバホール（NOVA
HALL）大ホール
certifying
authority.

C̲18481759̲01̲ostCYBERDYNE様̲招集通知.pdf 3

Instructions on voting by
the Internet❶

With this method, you can login the website to exercise yourvoting rights without entering the code and password

1

code and password to❷ Entering
exercise your voting rights"Smart Exercize"by scanning the QR code

Access the URL: https://www.web54.net

1

Please access the website toexercise the voting rights

Please scan the QR code printed on the bottom right of theForm to Exercise the Voting Right.

2

3
Example* QR Code is registered as a trademark inJapan by DENSO WAVE INCORPORATED.

Please enter the code written
on the Form to Exercise Voting
Right

Please enter the password
written on the Form to Exercise
Voting Right

Press "次へ進む"(Forward button)

Enter the code
Press "ログイン" (Log In)

Enter the initial password
Enter new password that you
would like to use
Press "登録" (Register)

4
2

Please indicate your intention based on the questionnaires
displayed on the page.

You can only vote once by QR code
To change your vote, please log infrom the PC site. Enter the code andpassword stated on the Form andchange your vote.
*
If you re-scan the QR code on theenclosed paper, it will display the PC
site

Please select approve or disapprove for each agenda displayed on
the page.

Please note that if you vote in both writings and by the Internet, the Company will select the vote by the Internet as the valid vote. Furthermore, if you
vote more than once on the Internet or vote with both a computer and a smartphone, the Company will only select the last vote as the valid vote.
Depending on your internet environment, you may experience difficulty seeing the website on your computer or your smartphone.

For inquiries on exercising your voting rights via the Internet
Direct line to Sumitomo Mitsui Trust Bank, Limited
Transfer Agent Web Support Division
TEL: +81120652031 (available from 9 am to 9 pm JST)*The pages is only available in Japanese

4

(Reference document for the Shareholders’ meeting)

Agenda: Partial amendment to the Articles of Incorporation
1. Background of the proposal
The Company proposes to amend its Articles of Incorporation to prepare for the electronic provision of materials for the
General Meeting of Shareholders following the revision of the Supplementary Provision of the “Law Partially Amending the
Corporation Law” (Law No. 70 of 2022), which will come into effect on September 1, 2022.
(1) Article 22, Paragraph 1 of the Proposed Amendment provides that the Company shall take measures to provide
information included in the Reference Documents, etc., electronically.
(2) Article 22, Paragraph 2 of the Proposed Amendment would establish a provision to limit the scope of matters that theCompany must include in the paper-based document mailed to shareholders who request the delivery.
(3) The Company proposes to delete the provision for internet disclosure of reference documents for the General Meetingof Shareholders, etc. (Article 22 of the current Articles of Incorporation) as it is no longer necessary.
(4) Following the establishment and deletion described above, the Company proposes to add supplementary provisions
regarding the effective date, etc.

2. Outline of changes
Current Articles of Incorporation

Proposed changes(Internet disclosure of the reference documents)
Artic 22 U pon gathering the Shareholders’ Meeting, theCompany can disclose information designatedby the ordinance of the Ministry of Justice, suchas some information in the reference documents,
business repor t, f inancial statements, andconsolidated f inancial statements, via theinternet.
(Newly established)(Deletion)(Newly established)(Newly established)

5(Electronic provisions)
Upon gathering the Shareholders' Meeting, theCompany can provide information related to
the Meeting electronically.
2 T he Company is not required to state all orpart of the information provided electronicallyfollowing the related ordinance of the Ministryof Justice in a paper-based document that theCompany sends to shareholders who request it.
(Supplementary provisions)(Transitional measures regarding electronic provisions ofmaterials for the Shareholders' Meeting)
Article 1 T he deletion of Article 22 of the Articles ofIncorporation before the amendments and theestablishment of the new Article 22 shall takeeffect on September 1, 2022.
2 A rticle 22 of the Articles of Incorporation
before the amendments shall still have effectfor the Shareholders' Meeting that will be held
within 6 months from September 1, 2022.
3 T his Article shall be deleted after the later ofthe date elapsing six months from September
1, 2022, or the date elapsing three months fromthe date of the General Meeting of Shareholders
outlined in the preceding paragraph.
Article 22

(Attached material)

Business Report (from April 1, 2021 to March 31, 2022)

All forward-looking statements included in this explanation were determined reasonable by CYBERDYNE
Inc. (the “Company”) and its group companies (collectively referred to as the “Group”) based on currently
available information for the consolidated fiscal year ended March 31, 2022 and certain assumptions madeby the Group.

1 Current status of the Group

1. Process and outcome of the business

The Group aims to transform society and industry by creating a Cybernics Industry. This new industry
will follow the robotics and IT industries by realizing a “Techno-peer Support Society” where human andtechnology works together and supports each other by innovation that leaves no one behind. To be precise,
the Group will make full use of Cybernics (fusion of Human, Robots, AI, and Information Systems), a new
field that integrates “Human” and “Cyber/Physical Space.
Healthy Future Society using Cybernics
The Group is developing various Cybernics Technologies that accumulate, analyze, and AI processes
Human Big Data (human-related physiological, psychological, lifestyle, behavioral, and environmental
information) with its IoH/IoT (Internet of Humans and Things) system. The technology can also improve,
regenerate, expand, and support the wearer’s physical functions. The Group also works on bio-, neuro-,physiological - systems and cyborgs, robots, mobility, healthy city OS, and disaster evacuation responseto accelerate the evolution of humanity. Furthermore, the Group equips communication functions to all
Cybernics Technologies. They are seamlessly connected to hospitals, nursing homes, homes, and workplaces
through IoH/IoT by linking data and services via cloud systems. Using Cybernics Technologies, the Groupwill challenge cultivating a “healthy future society” where people can participate in society with a high levelof independence and health, even if they experience multiple disuses, disease, or disability. The Group will
promote Society 5.0/5.1 as a healthy and sustainable society through this challenge.
Major business lines of the Group (As of March 31, 2022)
The major business lines of the Group are as follows.
- Research, development, manufacturing and sales of Cybernics Systems for medical and long-term care field- Research, development, manufacturing and sales of Cybernics Systems for households and workplaces- Cybernics Treatment Service using Cybernics- Training Service using Cybernics

Status of business operation<<Business operation around the medical application>>
The Group continues its efforts to establish Cybernic Treatment, a treatment program using Medical HAL
systems that aims to induce improvement and regeneration of the functions of the brain, nerves, and muscles
into a global standard of treatment. Post-marketing surveillance on the Medical HAL Lower Limb TypeDouble-leg Model suggested a high efficacy and safety towards progressive neuromuscular diseases.

6

The Japanese Society of Neurological Therapeutics submitted a proposal to the Central Social Insurance
Medical Council based on this result. The report claimed that “the medical technology produced significant
improvement of physical function towards slowly progressive neuromuscular disease, which are intractablediseases with no effective treatment methods (excerpts from the proposal submitted by the Japanese Societyof Neurological Therapeutics, translated by CYBERDYNE).” As a result of the proposal, the revision of
insurance pricing for 2022 to allow hospitals that use the DPC system (80% of base hospitals treating
intractable diseases in Japan) to calculate insurance for treatment with HAL for hospitalized patients. Also,
it increased insurance reimbursement pricing associated with the treatment. The Group will utilize the resultof post-marketing surveillance to list Cybernics Treatment for insurance worldwide to establish this newtreatment technology as a global standard for progressive neuromuscular disease, as there were no effective
treatment methods globally for these diseases before HAL.
Furthermore, regarding the investigator-initiated clinical trial for stroke patients in Japan, the primary
endpoints’ clinical significance and statistical significance, which are considered the most crucial evaluation
points of this clinical trial, are being discussed with the authorities and investigators, and statistical experts.
The Group also considers the result as compelling data for medical insurance for stroke worldwide. In
addition, the University of Tsukuba Hospital started clinical trials to investigate the effect of HAL on
improving the physical functions of children affected by cerebral palsy.
In EMEA (Europe and the Middle East), in addition to the new installations such as Spain and France,
the Group continues to disseminate Cybernics Treatment in other countries in this region. In the U.S., theGroup acquired RISE Physical Therapy, Inc, which operates 19 facilities in southern California to promote
medical service business with its innovative medical technology in the U.S. The Group also established
RISE Healthcare Group (RHG) to control the business, expand its operations bases, and deploy combined
services with our innovative medical technology.
In APAC (Asia Pacific Region), the Group established CYBERDYNE Malaysia to accelerate the businessin the region. The Group will continue to disseminate the technology further in the area.
<<Business operation around the medical application>>
The Group has developed various types of HAL to improve older adults’ need for nursing care, preventing
their illness, preventing frailty, and maintaining their independence from care. For example, HAL Lower
Limb Type for improving ambulatory functions; HAL Single Joint Type to train elbow, knee, and ankle
movements; and HAL Lumbar Type for inducing improvement of the trunk and lower limb function

7(Service at facilities for individuals)
The Group continues to offer Neuro HALFIT, a program that induces improvement of the brain-nerve andmusculoskeletal system through utilization of HAL. The program is currently available at 16 Robocare
Centers operated by business partners. The Group plans to open additional Robocare Centers.
(Neuro HALFIT at Home as a service towards individuals)
The Group offers Neuro HALFIT at Home to enable individuals to work out at home using HAL. By
connecting HAL with Cyberdyne Cloud, users can see their bio-electrical signals, postures, and many moreon the connected tablets. In addition, the tablet monitor allows users to obtain visual feedback on theirtraining and receive feedback from their therapists and trainers remotely.

<<Prevention/early detection>>
The Group is preparing for the commercialization of the Cyvis series, an ultra-small size vital sensor
designed to manage the risk of arrhythmia and atrial fibrillation and prevent myocardial infarction andstroke by accumulating, analyzing, and AI- processing various healthcare data such as cardiac activity, brain
activity, body temperature, SpO2, and daily activities. Furthermore, Cyvis will also be equipped with an
optional feature to measure breathing conditions during sleep, enabling easy and precise screening for therisk of SAS (Sleep Apnea Syndrome). In addition, in August 2021, the Group acquired C2, a company thatdevelops and operates the “Sound Sleep Alarm” healthcare application that visualizes sleep, to strengthen
the Group’s healthcare business. The Group applied for Cyvis-1 in April 2022 to register it as a medical
device and started trial marketing of the product to users in May 2022.
<<Business operation around applications for the workplace and daily life>>(Well-being)
The Group started to export HAL Lumbar Type for Well-being to care facilities in Hampshire County, UK,in October 2022. The Group will coordinate with Hampshire County to use this as a model example todisseminate the technology in other areas of the UK and other European nations.
(Labor Support)
HAL Lumbar Type for Labor Support with dustproof and waterproof features is introduced to large users suchas airports, construction, and logistics. In addition, the Group is working to develop a practical application
for production management that integrates labor management and work efficiency by visualizing workers’
workload and physical condition.
(Disinfection / Cleaning)
Next-generation Cleaning Robot CL02 uses the cutting-edge SLAM technology to achieve high-speed
autonomous driving, introduced in airports, public facilities, office buildings, and other locations. In
addition, in response to preventing the spread of COVID-19, the Group realized non-contact and non-faceto-face disinfection work with disinfection spray, UV irradiation functions, and a multi-vendor elevator
interface unit enables CL02 to travel between floors without the need for human intervention. The Group is
working to develop next-generation technology suited for the post-COVID society.
Status of Research and Development
The Group completed the development of the ultra-small-sized vital sensor “Cyvis” designed to detect
arteriosclerosis and arrhythmia early, and now the Group is preparing to commercialize the product. The
Group also develops photoacoustic imaging technology for real-time analysis of microvascular information,
which was adopted by the AMED Medical Engineering Innovation Promotion Project (Development
Commercialization). The Group will continue to develop the technology as a new imaging modality medical
device.
Furthermore, the Group is developing a cloth-type HAL to maintain and improve ambulatory functions, acommunication robot to preserve and enhance activities of daily living with its conversation functions while
acquiring vital and environmental information, and a personal mobility robot for users who have difficulty
walking.

8In addition, the construction of the Cybernics Medical Innovation Base A building, which will promote
bio-related research such as regenerative medicine and drug discovery in addition to clinical research on
HAL and other products, was completed in March 2022. The Group is now conducting additional interior
work, and the building is scheduled to be operational by the end of this fiscal year.
Numbers of operating units
As of the end of March 2022, 368 units of Medical HAL Lower Limb Type were operating worldwide,
including those used for clinical research. Out of the number mentioned above, 86 were rented out in Japanfor treatment. 492 units of HAL Single Joint Type were in operation, mainly from the increase of medical
products. Out of the number mentioned above, 6 were rented to individual users in Japan. There was a totalof 341 units of HAL for Well-being Lower Limb Type and HAL for Living Support Lower Limb Type (older
model) put together in operation as of the end of March 2022. The number decreased due to the disposalof the units that met its service life. 1,143 units of HAL Lumbar Type for Well-being and HAL Lumbar
Type for Care Support put together were in operation. Out of the number mentioned above, 39 were rented
to individual users in Japan. While the Group is disposing of the units that have exceeded product life,
the number of units is increasing as the number of rentals towards individuals increases. As of the end of
March 2022, 417 units of HAL Lumbar Type for Labor Support were in operation. The number of units
declined mainly due to the reduced number of units rented to airports. 147 units of Cleaning Robot, as wellas Transportation Robot, were in operation.
Results

9

In the consolidated fiscal year ended March 31, 2022, revenue from the increase of overseas sales, recovery
from the impact of COVID-19, and acquisition of a business base in US/increase of service revenue from it,
the revenue was recorded at ¥2,150 million (14.7% increase year on year). In addition, the Group recorded
gross profit at ¥1,462 million (13.9% increase year on year).
Research and development expenses were recorded at ¥713 million (3.4% increase year on year), mainly
due to the development of new products at the Company’s own cost and consigned research projects. In
addition, the Group recorded other selling, general and administrative expenses at ¥1,787 million (21.5%
increase year on year) due to effect of M&A. Other income was recorded at ¥175 million (3.0% decrease
year on year), mainly from a consigned research project, resulting in the operating loss of ¥868 million(23.9% increase year on year).
Finance income was recorded at ¥398 million, mainly due to gain from valuation difference of investment
securities. The Group recorded gains related to CEJ Fund at ¥115 million and income tax expense at ¥136
million from deferred tax expenses, resulting in the posting of loss attributable to owners of the parent at¥492 million (739.1% increase year on year).
The Company forms business and capital alliances with various startup companies that develop unique
technologies. The Company calculates the fair value of unlisted stocks of such companies using the IFRS 9
Financial Instruments. As a result, gain on valuation difference of investments securities ¥469 million wasrecorded as finance income and gains related to CEJ Fund. Furthermore, as the Group recorded deferred tax
expense associated with this valuation ¥161 million as an income tax expense and reclassified third-party
interest in CEJ Fund at ¥41 million, the impact of calculation of the fair value towards the quarterly profit
was ¥267 million.

2. Status of capital investments
Capital investments made in the consolidated fiscal year under review were ¥1,770 million in total. This
mostly came from the construction costs of Cybernics Innovation Base Building A at the Tonomachi
International Strategic Center (King Sky Front) in Kawasaki City, Kanagawa Prefecture.

3. Status of financing
During the consolidated fiscal year under review, there was no “financing,” “transfer of business, absorptiontype demerger or incorporation-type demerger,” “acquisition of the business of another company,” or“succession of rights and obligations related to the business of another corporation through absorption-typemerger or absorption-type demerger.”

4. Acquisition/disposal of other companies’ equity
In August 2021, the Group acquired shares of C2, Inc and made it a consolidated subsidiary. The
Group also established RISE Healthcare Group, Inc. in the U.S. in November 2021 and CYBERDYNE
MALAYSIA SDN.BHD. in Malaysia in February 2022, making them consolidated subsidiaries ofCyberdyne.

5. Issues to be addressed
The Group works to create a new industry called the Cybernics Industry, which fuses Human, Robot,
and Information Systems. This industry aims to solve social problems by connecting medical fields,
elderly care, workplaces, production, and daily life with Cybernics Technology based on IoH/IoT(Internet of Humans and Things), robots, and AI. To accelerate the creation of this industry, the Groupis simultaneously conducting research, product development, business promotion, and businesscollaboration. The Group considers the following matters as the issues to be addressed.
Initiatives towards COVID-19
COVID-19 caused paradigm-shifting changes in people’s behaviors and lifestyles. In these times, the Group’s
Cybernics Technology helps solve social issues related to COVID-19, and the Group is already providing
various solutions. For example, the Group introduced Cybernics Devices to remotely support medical
facilities currently faced with a high risk of infection. The Group also started a service for individuals thatenables them to use HAL at home. The service is helping people to prevent frailty and locomotion in these
difficult times where people are forced to stay at home to avoid the infection. The Group also developeda robot that sterilizes and disinfects airports, rail stations and other important transportation infrastructure
on its own. The robot equipped with the world’s most advanced autonomous driving technology is now
operating in transportation infrastructures such as airports and train stations. The COVID-19 is expected
to be contained eventually. But regardless of the pandemic situation, the Group will continue to utilize its
Cybernics Technologies to accelerate the realization of Society 5.0/5.1, in which “Human” and “CyberPhysical Space” are fused together.

10

R&D activities to create innovative technologies and new industries
The Group continues to research and develop Cybernics Technologies based on IoH/IoT (Internet of Humans
and Things), robotics, and AI towards creating a new Cybernics Industry based on such technology.
The Group’s business has a unique advantage in its ability to access and integrate information inside thehuman body (such as Brain-nerve and vital systems) and information outside the human body (such as
behavioral, life, and environmental). The information obtained is connected to a supercomputer for analysis
and AI Processing. The Group will continue to conduct research and development of Cybernics Systems
through collaboration with domestic and overseas universities, research institutes, medical institutions,
government agencies, and companies. The Group will also continue to architect an integrated Cybernics
System to accumulate, analyze, and AI process IoH/IoT Big Data obtained from Cybernics Systems.
Promoting clinical trials related to Cybernics Treatment
The Group works to evaluate the efficacy and safety of Cybernics Treatment, which is a treatment that
promotes functional improvement and regeneration of the brain, nerve, and muscular systems using HAL.
Through this endeavor, the Group is promoting this new treatment as a global standard treatment. In Japan,
HAL for Medical Use Lower Limb Type was approved as a new medical device for eight neuromusculardiseases in November 2015. High efficacy and safety towards those diseases were confirmed in postmarketing performance tests completed in November 2020. Furthermore, Based on the results of aninvestigator-initiated clinical trial for HTLV-1-related myelopathy (HAM) and other spastic paraplegia,
an approval review is underway to expand the range of applicable diseases. As for stroke, the investigatorled clinical trial for Medical HAL that started in September 2016 was completed in December 2020, and
the Group is discussing with the regulator to get it approved as a medical device for stroke. In addition
investigator initiated clinical trial for cerebral palsy started on January 2022. The Group will continue to
conduct various clinical trials working closely with major medical institutions in Japan and overseas toexpand the range of applicable diseases and obtain medical device approvals for other types of HAL such
as HAL Single Joint Type and HAL Lumbar Type.
Obtaining medical devices approval from each countries and region

11

The Group must obtain approvals and clearance from regulators in each country to promote HAL on a global
scale. The Group received 510k clearance on HAL for Medical Use Lower Limb Type from the U.S. FDA.
Now HAL can be used for treatment of stroke and neuromuscular diseases in addition to spinal cord injuries
that were cleared in 2017. The Group is making progress on the medical application in the Asia Pacific.
The Group received medical device approval for a wide range of diseases in Malaysia, Thailand, Indonesia,
Singapore, and Australia since October 2019 and for spinal cord injury in Taiwan.HAL for Medical Use
Single Joint Type was also certified as a medical device in October 2019 for EU by TÜV Rheinland, a thirdparty certification organization, followed by approvals in the United States and APAC countries (Thailand,
Indonesia, Australia, etc.) for this device. To deliver innovative Cybernics Treatment to those in need, theGroup will continue to promote global development while leveraging its track record of clinical outcomesin Japan, the U.S., and Europe, which are the world leaders in regulatory frameworks related to approval
and licensing, where the Group achieved medical device commercialization.

Obtaining insurance coverage for Cybernics Treatment in each countries
The Group must work to obtain public and private insurance to promote HAL on a global scale. In Japan,
public health insurance started to cover 8 neuromuscular diseases treatment with HAL for Medical
Use Lower Limb Type in September 2016. In the April 2022 revision of medical fees, following a
proposal from a related medical society (the Japanese Society of Neurotherapeutics) to evaluate medical
technology, hospitals subject to the DPC payment system can now claim their insurance points when HAL
is used, and the granted insurance points were increased as a result of the proposal. At the same time, theGroup coordinates with private insurance companies such as Daido Life Insurance, AIG Insurance, andSompo Japan. In the U.S., the Group collaborates with partner medical institutions to obtain insurance
coverages from private insurers. In Germany, the treatment of HAL is listed in the public workers’
compensation insurance and the entire treatment cost in applicable cases. The Group is working on getting
it listed in the public health insurance as well. Furthermore, few major European private insurers cover
the HAL treatment towards spinal cord injury patients in Germany and Poland. The Group continues tohold discussions with private insurance companies to expand the coverage to other diseases.
Strengthen services for individuals to support their independence
Japan is considered to be a hyper-aging society. According to the numbers on October 1, 2020, approximately
3,619 million people aged 65 and over (28.8% of the total population)*1. Also, according to the figures at theend of the fiscal year 2018, approximately 645.3 million people requires nursing care*1. Both of the figures
mentioned above are increasing every year. The Group develops various products to reduce the level ofcare needed by the elderly and preventing frailty caused by the decline in physical functions due to aging.
Examples include HAL Lower Limb Type to promote the improvement of walking function. HAL Single
Joint Type for intensive training of joint movements. And HAL Lumbar Type to boost the capability of the
body trunk and lower limb. Such products are utilized at Robocare Centers for Neuro HALFIT Program
designed to improve the function of the brain-nerve-muscular system. The Group is increasing the numberof centers available to improve accessibility. The Group also launched Neuro HALFIT at Home in April
2020. The Group will continue to enhance both services to enhance the individual customers degree of
independence and prevent their need for nursing care.
Reinforcing the structure to accelerate the business and fostering personnels
The Group needs to strengthen its management, sales, R&D, and production systems to promote the creationof a Cybernics Industry and develop human resources that will drive the Group’s business in the future.
The Group requires its employees to have the ability to think in an exit-oriented manner, adaptability, andflexibility without being limited to their own area of responsibility. The Group also requires its employees tobecome experts in a different field if necessary to achieve the goal. To prepare for the next phase of business,
the Group will work to maintain and reinforce a strong team by accumulating human resources of diverse
expertise. The Group works to structure its organization so that employees can actively participate in theentire process from R&D to social implementation on a global basis from a cross-functional, company-wide
perspective.
Sources*1. The Cabinet Office of Japan, “Year 2021 White Paper on Aging Society”

12

6. Status of assets and income
Status of assets and income of the Group (International Financial Reporting Standards : IFRS)Fiscal Year 2018

Division

Fiscal Year 2019

Fiscal Year 2020

Fiscal Year 2021

(April 1, 2018 to March 31, 2019)(April 1, 2019 to March 31, 2020)(April 1, 2020 to March 31, 2021)(April 1, 2020 to March 31, 2021)

Revenue(Millions of Yen)

1,709

1,792

1,875

2,150

Loss attributable toowners of parent(Millions of Yen)

(632)

(152)

(59)

(492)

Net loss per share(Yen)(2.94)(0.71)(0.27)(2.29)(Millions of Yen)

45,74647,808

48,11949,459(Millions of Yen)

44,21744,26843,77643,419(Yen)

205.50205.71203.39201.74

Total assets
Equity attributable toowners of parent
Equity attributable toowners of parent per share

7. Status of the parent and notable subsidiaries (as of March 31, 2021)① Parent
There are no items to report.
② Subsidiaries
Name

Capital

Ownership ofvoting rights (%)

Major business lines(Outside of Japan)€25,000

100.0%

Business related to Cybernics Treatment services with HAL

CYBERDYNE USA Inc.

Cyberdyne Care Robotics GmbH

US$ 14,100,000

100.0%

Management and acceleration of the Company's business in the U.S.

RISE Healthcare Group, Inc.

US$ 1,008,821

80.0%*

Supervision and management of medical institution (outpatient PT clinic)

CYBERDYNE Malaysia SDN. BHD.

MYR 1,000,000

100.0%

Suzuka RoboCare Center Co., Ltd.

¥3 Million

100.0%

Training service with HAL

Shonan RoboCare Center Co., Ltd.

¥3 Million

100.0%

Training service with HAL
Training service with HAL

Acceleration of the Company business in the Asia Pacific(Within Japan)

Oita RoboCare Center Co., Ltd.

¥3 Million

100.0%

C2, Inc.

¥10 Million

100.0%Development/management of smartphone app "JUKUSUI"¥25 Million

60.0%Management and operation of Cybernics Excellence Japan Fund 1 Investment
Limited Partnership¥3,960 Million

60.0%*

Investment fund-related businesses aimed at creating the Cybernics Industry

CEJ Capital, Inc.
Cybernic Excellence Japan Fund 1
Investment Limited Partnership(Note) 1. Figures marked with an asterisk (*) in the ownership of voting rights include indirect holdings
2. RISE Healthcare Group, Inc. was established in November 2021.
3. CYBERDYNE MALAYSIA SDN.BHD. was established in February 2022.
4. The Company acquired all shares of C2 Corporation, making it a consolidated subsidiary in August 2021.

13

8. Main offices and factories (as of March 31, 2022)
Division

The Company

Name

Location

Head Quarters

Tsukuba, Ibaraki, Japan

Tsukuba Robocare Center

Tsukuba, Ibaraki, JapanCYBERNICS MEDICAL INNOVATION BASE-A

Kawasaki, Kanagawa, Japan

Next-generation multipurpose robotized production facility (Fukushima Office)

Koriyama, Fukushima, Japan

Cyberdyne Care Robotics GmbH

Bochum, North Rhine-Westphalia, Germany

CYBERDYNE USA Inc.

California, USA

RISE Healthcare Group, Inc.

California, USA

CYBERDYNE MALAYSIA SDN. BHD.

Kuala Lumpur, Malaysia

Subsidiaries (Outside Japan) Shonan RoboCare Center Co., Ltd.
(Within Japan)
Nagoya RoboCare Center Co., Ltd.

Fujisawa, Kanagawa, Japan
Nagoya, Aichi, Japan

Suzuka RoboCare Center Co., Ltd.

Suzuka, Mie, Japan

Oita RoboCare Center Co., Ltd.

Beppu, Oita, Japan

C2, Inc.

Bunkyo-ku, Tokyo, Japan

CEJ Capital, Inc.

Tsukuba, Ibaraki, Japan

Cybernic Excellence Japan Fund 1 Investment Limited Partnership

Shibuya, Tokyo, Japan

9. Status of employees① Status of employees in the Group (as of March 31, 2022)
Number of employees

Change from previous fiscal year

201 members(47 members)

Increase of 105 member(Increase of 3 members)(Notes) 1.The number of employees includes full-time employees and members on temporary transfer assignments. It does not include the number of Membersof the Board of Directors that also hold positions as Company employees or dispatch workers sent from a temp agency.
2. The number of contract employees is stated in the brackets (). This number includes part-time workers but excludes those who work in the Group as
second jobs.
3. Since the Group is involved in a single segment of business related to robots. As such, information on employees in each segment is omitted.

② Status of employees in the Company (as of March 31, 2022)
Number of employees

Change from previous fiscal year

Average age

Change from previous fiscal year

84 members(40 members)

Increase of 3 member(Increase of 1 members)

43.2 years old

6.7 years(Notes) 1.The number of employees includes full-time employees and members on temporary transfer assignments. It does not include the number of Membersof the Board of Directors that also hold positions as Company employees or dispatch workers sent from a temp agency.
2. The number of contract employees is stated in the brackets (). This number includes part-time workers but excludes those who work in the Group as
second jobs.

14

2 Matters regarding the Company shares

1. Status of shares (as of March 31, 2022)
Class

Total number of authorized shares

Total number of shares issued

Number of shareholders

Common Share

618,300,000 shares
77,700,000 shares

137,445,809 shares

82,285 shareholders

77,700,000 shares

3 shareholders

Class B Share

2. Major shareholders (as of March 31, 2022)
Name of shareholder

Number of shares held (shares)

Yoshiyuki Sankai

Common ShareClass B Share

3,042,000
77,696,000

37.52

Daiwa House Industries Co., Ltd.

Common Share

30,000,000

13.94

THE BANK OF NEW YORK MELLON SA/NV 10

Common Share

2,500,000

1.16

The Master Trust Bank of Japan. Ltd. (Trust Account)

Common Share

2,160,200

1.00

BBH (LUX) FOR FIDELITY FUNDS PACIFIC FUND

Common Share

1,806,100

0.83

The Nomura Trust & Banking Co., Ltd. (Investment Trust Account)

Common Share

1,500,000

0.69

BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB
Common ShareRD

941,740

0.43

Custody Bank of Japan, Ltd. (Investment Trust Account)

Common Share

895,800

0.41

BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT M ILM FE

Common Share

794,599

0.36

BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)

Common Share

664,1170.30(Notes) The treasury stock (11,671 Common Shares) was excluded from the calculation of the shareholding ratio.

15

Shareholding ratio (%)

4 Members of the Board of Directors and Members of theBoard of Members of the Audit and Supervisory Board

1. Status of Directors and Audit and Supervisory Board Members (as of March 31, 2022)
Title

Name

President and CEO

Yoshiyuki Sankai

Director

Shinji Uga

Director

Yoshihiro Yasunaga

Director

Hikari Imai

Director

Yuzo Toda

Director

Akira Matsumura

Director

Kenji Suzuki

Full-time
Audit and Supervisory Board Member

Kazuaki Tanaka

Role at CYBERDYNE and other important positions held outside the Company
Head of Research and Development Department at CYBERDYNE
Professor of Engineering, Information and Systems, University of Tsukuba
Executive Research Director of the Center for Cybernic Research, University of Tsukuba
Director of R&D Center for Frontiers of MIRAI in Policy and Technology, University of Tsukuba
Director of CYBERDYNE USA Inc.
Director of Cyberdyne Care Robotics GmbH
Head of Corporate Department at CYBERDYNE
Director of Cyberdyne Care Robotics GmbH
President and CEO of CEJ Capital, Inc.
Head of Sales Department at CYBERDYNE
Director of CYBERDYNE USA Inc.
Outside Director of PACIFIC METALS CO., LTD.
Director and Chairman of 3DM Inc.
Outside Director of GPSS Holdings Inc.
Chairman of the Keiaikai Medical Foundation
Outside Director of the SHIMACHU Co., Ltd.
—
Hospital Board Trustee of Kennan Hospital
President of Ibaraki Prefectural University of Health Sciences
Co-Representative Director of ArtronCommittee member of Ibaraki Prefecture Council for Cardiovascular Countermeasures
Vice President, International Society for Neutron Capture Therapy
Professor of Engineering, Information and Systems University of Tsukuba
Director of Center for Cybernics Research, University of Tsukuba President and CEO of PLIMESInc.
Advisor of Tsukuba City on Smart City/Super City—

Audit and Supervisory Board Member

Yutaka Fujitani—

Audit and Supervisory Board Member

Cees Vellekoop—

Audit and Supervisory Board Member

Kenichiro Okamura

Representative Director of Kaede Accounting Advisory Inc.
Kaede Tax Corporation Representative Partner
Outside Auditor of SG Holdings Co., Ltd.
Outside Director of Kanematsu Sustech Corporation (Audit Committee)
Auditor of United Urban Investment Corporation(Note) 1. Hikari Imai, Yuzo Toda, Akira Matsumura and Kenji Suzuki are Outside Directors.
2. Kazuaki Tanaka, Yutaka Fujitani, Cees Vellekoop, and Kenichiro Okamura are Outside Audit and Supervisory Board Members.
3. Yutaka Fujitani have many years of business experience in financial institutions. The Company regards them to have considerable knowledge of financeand accounting.
4. K enichiro Okamura is a certified public accountant in both Japan and in the U.S. The Company regards him to have considerable knowledge of financeand accounting.
5. According to the Tokyo Stock Exchange regulations, the Company has designated Hikari Imai, Yuzo Toda, Akira Matsumura, Kenji Suzuki, Kazuaki
Tanaka, Yutaka Fujitani, and Kenichiro Okamura as independent officers. The Company has notified the Exchange of the designation mentioned above.
6. Important positions of the officers held outside of the Company are stated in the table above. There is no special relationship between the Company andthe companies where they hold concurrent positions.
7. Kazuro Kawamata resigned from the position of Audit and Supervisory Board Member at the conclusion of the 17th Ordinary General Meeting of
Shareholders held on June 24, 2021.

16

2. Outline of the contract to limit the liability
According to Article 427, Paragraph 1 of the Companies Act, the Company signed contracts with
Directors (excluding Directors in charge of business execution) and each Audit and Supervisory Board
Members to limit their liability for damages as provided in Article 423, Paragraph 1 of the same act.
The maximum amount of liability for damages under this contract is the minimum liability amountstipulated in law and regulations.
3. Outline of the liability insurance policy for the officers
The Company has entered into a liability insurance contract with an insurance company for Directors
and Audit and Supervisory Board Members as stipulated in Article 430-3, Paragraph 1 of theCompanies Act. The contracts cover Directors and Audit and Supervisory Board Members of theCompany and its subsidiaries. The insured does not bear any insurance premiums. The insurance policy
covers damages (defense costs, compensation for damages, and settlement money) incurred by the
insured due to claims (including shareholder representative lawsuits) filed during the insurance period
against the insured concerning their executed duties. The insurance policy is scheduled to be renewedwith the same terms and conditions at the next renewal.
4. Remuneration for Directors and Audit and Supervisory Board Members① Total amount of remuneration for the fiscal year under review
Position

Total amount of remuneration(Millions of yen)

Directors(Outside Directors)
Audit and Supervisory Board Members(Outside Audit and Supervisory Board Members)
Total Remuneration(Remuneration for Outside Officers)

53
(9)
15
(15)
68
(24)

Total amount by each types of remuneration (Millions of yen)Non-monetary
Basic
Performance based
Remuneration
Remuneration
Remuneration
53
—
—
(9)
(—)
(—)
15
—
—
(15)
(—)
(—)
68
—
—
(24)
(—)
(—)

Number of eligible
officers (person)
10
(6)
5
(5)
15
(11)

② Resolutions at the General Meeting of Shareholders regarding the remuneration of Officers
The maximum monetary remuneration for Directors was resolved to be ¥100 million per year at the
2nd Ordinary General Meeting of Shareholders held on May 31, 2006. The number of Directors at
the time was five, and none of them were Outside Directors.
The maximum remuneration for Audit and Supervisory Board Members was resolved to be
Corporate Auditors is ¥50 million per year at the 3rd Ordinary General Meeting of Shareholders heldon June 28, 2007. The number of Audit and Supervisory Board Members at the time was three, andall of them were Outside Audit and Supervisory Board Members.

17

③ Policy for determining the remuneration for Directors and Audit and Supervisory Board Members
The Company's Board of Directors resolved on a policy concerning determining the remunerationof each Director at a meeting held on July 24, 2021. The Company consulted with the Remuneration
Committee regarding the proposal before the resolution.
The Board of Directors also confirmed that operation concerning remuneration was carried out
according to the resolution at the Board Meeting and correctly reflected the opinions from theRemuneration Committee.
The policy on the remuneration for each individual Director was resolved as follows.
a. Policy regarding basic remuneration
The Directors, excluding Outside Directors, will receive a fixed amount of basic remuneration,
taking into consideration the scale and responsibility of the duties of each Director.
b. Policy regarding performance-linked remuneration
The Group introduced performance-linked remuneration for its executive directors with the aimof continuously increasing corporate value by motivating them to imporove their performance.
However this system will only come into effect if the company become profitable. Also,from the viewpoint of their role and independence, outside Directors shall only receive basic
remuneration.The consolidated profit or the consolidated operated profit will be used as the index
for performance-linked remuneration. If the Group records consolidated profit, 20% of the basic
remuneration will be added. Likewise, if the Group records consolidated operating profit, 50% will
be added on.

18

5. Activities of Outside Officers during the fiscal year under review
Attendance, remarks, and summary of duties performed
concerning the roles expected of Outside Officers
Imai attended all 12 out of 13 Meetings of the Board of Directors held during the fiscal
year under review. He proactively expressed his opinions based on his career in corporate
Hikari Imaimanagement at the Board of Directors Meeting. He fulfilled his duty to ensure appropriate
and sound decision-making by providing supervision and advice, especially on capital
markets and M&A.
Toda attended all 10 out of 11 Meetings of the Board of Directors held after his appointment
during the fiscal year under review. He proactively expressed his opinions based on his career
Yuzo Toda
in healthcare business at the Board of Directors Meeting. He fulfilled his duty to ensure
appropriate and sound decision-making by providing supervision and advice, especially on
development of global health business and new businesses.
Matsumura attended all 11 Meetings of the Board of Directors held after his appointment
during the fiscal year under review. He proactively expressed his opinions based on his careerAkira
as a doctor at the Board of Directors Meeting. He fulfilled his duty to ensure appropriate
Matsumuraand sound decision-making by providing supervision and advice, especially on management
strategy and investment judgment in the medical business.
Suzuki attended all 11 Meetings of the Board of Directors held after his appointment during
the fiscal year under review. He proactively expressed his opinions based on his career asa professional in the research of Cybernics and person in charge of smart cities/super cities
Kenji Suzuki
at the Board of Directors Meeting. He fulfilled his duty to ensure appropriate and sounddecision-making by providing supervision and advice, especially on global disseminationof Cybernics.
Audit andTanaka attended all 11 Meetings of the Board of Directors and all 10 Meetings of the Audit
Supervisory
and Supervisory Board held after his appointment during the fiscal year under review. He
Board
Kazuaki Tanaka made statements to ensure the appropriate decision-making based on his experience gained
Memberthrough his service as the management of major general trading company. He also madenecessary statements at the Meetings of the Audit and Supervisory Board.
Fujitani attended all 13 Meetings of the Board of Directors and all 16 Meetings of the
Audit and Supervisory Board held during the fiscal year under review. He made statements
Yutaka Fujitani to ensure the appropriate decision-making based on his experience gained at financial
institutions and audit corporations. He also made necessary statements at the Meetings of
the Audit and Supervisory Board.
Vellekoop attended all 13 Meetings of the Board of Directors and all 16 Meetings of the
Audit and Supervisory Board held during the fiscal year under review. He made statements
Cees Vellekoop to ensure the appropriate decision-making based on his experience gained through his career
as a lawyer. He also made necessary statements at the Meetings of the Audit and Supervisory
Board.
Okamura attended all 13 meetings of the Board of Directors and all 16 Meetings of the
Audit and Supervisory Board held during the fiscal year under review. He made statements
Kenichiro
to ensure the appropriate decision-making based on his experience gained through his
Okamuracareer as a certified public accountant. He also made necessary statements at the Meetingsof the Audit and Supervisory Board.
Title

19

Name

Consolidated financial statements
Consolidated statement of financial position (as of March 31, 2022)
Items

Unit : Millions of yen

Amount

Items

AssetsLiabilities

Current assets

Current liabilities

Cash and cash equivalents

5,677

Trade and other receivables

493

Other financial assets

15,151Inventories

1,089

Other current assets

455

Total current assets

22,865

Non-current assets
Operating lease assets
Property, plant and equipment
Right of use asset
Goodwill

AmountTrade and other payables

300

Bonds and borrowings

34

Lease liabilities

118

Other current liabilities

376

Total current liabilities

828

Non-current liabilities
Bonds and borrowings
Third-party interests in CEJ Fund

34
3,629

Lease liabilities

389

Provisions

96

Deferred tax liaibilites

1,026

Total non-current liabilities

5,175

Total liabilities

6,002

430

Equity13,416

Share capital

10

499

Capital surplus

42,8692,104

Treasury shares(0)Intangible assets

35

Other components of equity(1,145)Investments accounted for using
equity method

435

Retained earnings

1,685
43,419Other financial assets

9,571

Total equity attributable toowners of the parent

Other non-current assets

105

Non-controlling interests

Total non-current assets

26,594

Total equity

43,457

Total assets

49,459Total liabilities and equity

49,45938

Rounded down to the closest millions of yen

This is an English translation of financial statements as well as notes to financial statements,
originally in Japanese. Japanese original were audited by Deloitte Touche Tohmatsu LLC.

20

Consolidated statement of profit or loss (from April 1, 2021 to March 31, 2022)
Items

Unit : Millions of yen
AmountRevenue

2,150

Cost of sales(688)

Gross profit

1,462

Selling, general and administrative expenses
Research and development expenses
Other selling, general and administrative expenses
Total selling, general and administrative expenses(713)(1,787)(2,500)

Other income

175

Other expenses(6)

Operating profit (loss)(868)

Finance income

398

Finance costs(4)

Gains related to CEJ Fund

115

Share of profit (loss) of investments accounted for using equity method(19)

Profit (loss) before tax(379)

Income tax expense(136)

Profit (loss)(515)

Profit (loss) attributable to
Owners of parent(492)

Non-controlling interests(24)

Profit (loss)(515)

Rounded down to the closest millions of yen

21

This is an English translation of financial statements as well as notes to financial statements,
originally in Japanese. Japanese original were audited by Deloitte Touche Tohmatsu LLC.

Non-consolidated financial statements
Non-consolidated balance sheet (as of March 31, 2022)
Items
AssetsI Current assets
Cash and cash equivalents
Accounts receivable-trade
Securities
Merchandise and finished goods
Work in process
Raw materials
Accounts receivable-other
Other
Allowances for doubtful accounts
Total current assets
II Non-current assets
Property, plant and equipment
Buildings, net
Structures, net
Machinery & equipment, net
Vehicles & delivery equipment, net
Tools, furniture & fixtures, net
Rental assets, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Patents
Software
Other
Total intangible assets
Investments and other assets
Bonds of affiliated companies
Investment securities
Shares of affiliated companies
Investments in capitals ofsubsidiaries and associates
Long-term prepaid expenses
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

AmountI Current liabilities
6.596
357
12,500
320
26
741
20
703
(3)
21,260

1,901
34
1
4
180
423
9,872
1,248
13,662

Unit : Millions of yen

Items
Liabilities

AmountAccounts payable- trade26

Accounts payable - otherAccured expenses
Unearned revenue
Income taxes payable
Other
Total current liabilities

185
11
122
5
117
467

II Non-current liabilities
Deferred tax liaibilites
Asset retirement obligations
Total non-current liabilities
Total liabilities
Net assets

36
81
116
583

I Shareholders' equity

53
3,077
2,989

Capital stock
Capital surplus
Capital reserve
Other capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Retained earnings brought forward
Total Retained earnings
Treasury shares
Total shareholders' equity

1,427

II Valuation & Translation Adjustments

66
190
(91)
7,712
21,403
42,663

Valuation differences on available-for-sale securities
Total valuation & translation adjustments

57
57

III Stock Acquisition Rights

19

1
24
5
29

Total net assets
Total liabilities and equity

10
26,714
16,413
43,1280(1,133)(1,133)(0)42,00442,08042,663Rounded down to the closest millions of yen

This is an English translation of financial statements as well as notes to financial statements,
originally in Japanese. Japanese original were audited by Deloitte Touche Tohmatsu LLC.

22

Non-consolidated statement of profit or loss (from April 1, 2021 to March 31, 2022)
Items
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)

Unit : Millions of yen
Amount
1,564
396
1,168
2,023
(856)

Non-operating income
Interest income

19

Subsidy income

11

Consigned research income

36

Outsourcing service fee

180

Other

106

Total non-operating income

353

Non-operating expenses
Loss on investments in capital

93

Other

7

Total non-operating expenses

100

Ordinary profit (loss)*(602)

Profit (loss) before provision of income tax(602)

Income taxes - current

5

Income taxes - deferred(1)

Total income taxes

4

Net profit (loss)(607)

Rounded down to the closest millions of yen

23

This is an English translation of financial statements as well as notes to financial statements,
originally in Japanese. Japanese original were audited by Deloitte Touche Tohmatsu LLC.

Audit report by Audit and Supervisory Board
Audit Report
The Audit and Supervisory Board Members reported the method of audit and the result concerning the performance of Directors during
the 18th business year (from April 1, 2021, to March 31, 2022). The board prepared this Audit Report after deliberation.
1. Method of audits by the Audit and Supervisory Board and each of its members and its scope(1) The Audit and Supervisory Board established the audit policies and determined its assignment of duties. Each Audit andSupervisory Board Member then reported its status and audit results. The Audit and Supervisory Board also received reports from
Directors and Accounting Auditors regarding their business execution and requested an explanation as necessary.
(2) Based on the Auditing Standards established by the Audit and Supervisory Board, audit policies, and assignment of duties, each
Audit and Supervisory Board Members gathered information and prepared a necessary environment for their work. This wasdone by communicating with Directors, the Internal Audit Office, and other employees directly or via the internet. The Audit andSupervisory conducted audits using the following methods.

① The Audit and Supervisory Board Members attended the Meeting of the Board of Directors and other important meetings toreceive reports on the status of their business execution and requested an explanation as necessary. The Audit and Supervisory
Board Members also examined essential documents that were approved to inspected the situation of the corporate affairs andassets at the headquarters. Audit and Supervisory Board Members also communicated with Directors of the subsidiaries toexchange information and received reports as necessary.
② The Audit and Supervisory Board Members received reports from the Directors, employees on the progress of the internal control
system and its operation status and requests for explanations as necessary. The internal control system is essential to ensure that
Directors’ business execution complies with the law and the Articles of Incorporation of the Company. The need to develop sucha system is stipulated in Enforcement Regulations of the Companies Act Article 100, Paragraphs 1 and 3.
③ The Audit and Supervisory Board monitored and verified whether an Accounting Auditor maintained its independence from theCompany and conducted its audit appropriately. The members also received a report from the Accounting Auditor on their businessexecution and requested explanations as necessary. The Audit and Supervisory Board was notified of the system structured by
the Accounting Auditor to ensure that their duty is conducted appropriately (as listed in Article 131 of the Company Accounting
Regulations). The Accounting Auditor designed the system according to the Quality Control Standards for Audits (BusinessAccounting Council, October 28, 2005). The Audit and Supervisory Board Members requested explanations as necessary.

Based on the methods described above, Members of the Audit and Supervisory Board examined the following documents related
to the fiscal year under review:a) The business report and its annexed specifications.
b) The consolidated financial statements (the consolidated statement of financial position, the consolidated statement of profit orloss, the consolidated statements of changes in equity, and the related notes).
c) The non-consolidated financial statements (the non-consolidated balance sheet, the non-consolidated statement of profit or loss,
the non-consolidated statement of changes in equity, and the related notes)

24

2. Results of audit(1) Results of audit on business report, etc.
① We acknowledge that the business report and the annexed specifications fairly present the Company's status and comply withthe applicable laws and regulations and the Company's Articles of Incorporation.

② We acknowledge that no misconduct or material fact constituting a violation of any law or regulation or the Articles ofIncorporation of the Company was found concerning business execution of the Directors.
③
We acknowledge that the Board of Directors' resolutions concerning the internal control systems were appropriate.
We did not find a need to correct the descriptions of the internal control statement in the business report or the Directors'
business execution.
(2) Results of audit on consolidated financial statements
 e acknowledge that the methods and results of the audit performed by the Accounting Auditor, Deloitte Touche Tohmatsu
W
LLC, were appropriate.
(3) Results of audit on non-consolidated financial statements and the annexed specifications
 e acknowledge that the methods and results of the audit performed by the Accounting Auditor, Deloitte Touche Tohmatsu
W
LLC, were appropriate.
May 27, 2022

CYBERDYNE Inc. Audit and Supervisory Board

25

Full-time Outside Audit and Supervisory Board Member

Kazuaki Tanaka

Seal

Outside Audit and Supervisory Board Member

Yutaka Fujitani

Seal

Outside Audit and Supervisory Board Member

Cornelis Vellekoop

Seal

Outside Audit and Supervisory Board Member

Kenichiro Okamura

SealGuide map to the venue of the Ordinary General Meeting of Shareholders
Chuo park

Nishi-odori

Tsukuba Express
Tsukuba Station

Higashi-odori

To Shimotsuma

A3 Exit

To Mt. Tsukuba

Chuo-dori

A4 ExitHotel Nikko Tsukuba

Tsukuba Center (bus station)
BiVi Tsukuba
Nova Hall

Gakuen-nishi

Joyo Bank

Post office
Gakuen-higashi

Tsuchiura Gakuen Sen
Oshimizu
park

Mitsui bld

Tsukuba Bank

Days
Town

North Parking

South Parking

South 4 Parking

Takezonopark

Hotel JAL City Tsukuba

Tsukuba Capio

To Tsuchiura

Date 11AM, June 30 (Thu), 2022
Venue Tsukuba International Congress Center
Leo Esaki Main Hall (Large Hall)
2-20-3, Takezono, Tsukuba, Ibaraki

KasumiTsukuba International
Congress Center

Minami Odori Nishi

Minami Odori Higashi

Minami Odori

Pedestrian deck

Tsuchiura Noda Sen

Sakura Tsuchira IC
SasagiTo Ushiku

To Arakawaoki

Access
By train
Tsukuba Express (Tsukuba Station)
walk 10 min from the A3 Exit
By Highway Bus"Tsukuba Go Bus" Yaesu South exit [Tokyo Station]
walk 10 min from [Tsukuba Center Station]
By car
1. Exit at Sakura Tsuchiura Interchange of Joban expressway and head towards Sakura/Tsukuba Science City
2. Turn right at the second crossing with a footbridge (Sasagi) and head north along Higashi-Odori
3. Turn left at the crossing (Minami Odori Higashi)
4. Turn right at the second street light. The building you will see on the right is the Tsukuba International Congress
Center*Please use the pay parking nearby (CYBERDYNE is unable to provide any discount for the parking)26