Guide map to the venue of the General Shareholders Meeting
Code: 7779 (Mothers Section of the Tokyo Stock Exchange)
Date June 23, 201 ( ri) 11am
Place N A HA (ノバホール), ARGE HA
1-10-1 A uma, sukuba, Ibaraki, Japan

Chuo kouen mae(大ホール)c

A3 ExitTsukubaSt

Tsukuba Center
Bus Terminal

Tsukuba St est

Okura Frontier Hotel
TsukubaDaiwa Roynet Hotel
TsukubaSouth 1 parking
administration center

Date

MOG

Tsukuba Cleo Square

13th
Ordinary General Meetingof Shareholders

Oshimizu Koen Mae

NOVA HALL

June 23, 2017 (Friday)
11 am（reception starts from 10 am）
Venue

AccessBy Train
Tsukuba Express [Tsukuba Station
walk 3 min from the A3 Exit

By Highway Bus
Tsukuba Go Bus from the Yaesu South exit of Tokyo St
Walk 3 min from [Tsukuba Center Station]

1-10-1 Azuma, Tsukuba, Ibaraki, JapanNOVA HALL (ノバホール)(大ホール)

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 for 3km.
3.After the two-lane road turns to a three-lane road, take the 3rd crossing (Gakuen Higashi) to the left.
4.The building you will see on the far right at the 2nd crossing point (Oshimizu Koen Mae) is the NOVA HALL
※Please use the pay parking nearby. (We do not offer any discount for parking)CYBERDYNESTUDIOiias

enue of demonstration event for the shareholders(admission fee required)

TsukubaKenkyugakuen St

Please refer to the map on the front page
Table of contents
Notice of the 13th Ordinary General Meeting of Shareholders..................2
Reference documents.................................................................................4
Business report.........................................................................................15
Consolidated financial statements............................................................29

CYBERDYNE STUDIO〒305-0817 5-19 Kenkyugakuen, Tsukuba, Ibaraki TEL：029-828-8282
Walk 4 min from the North exit of the Kenkyugakuen Station ( sukuba Express)
It is located on the 2nd floor of iias Tsukuba shopping center

Financial statements.................................................................................31

CYBERDYNE,INC.
This document has been translated from the Japanese original for reference purposes
only. In the event of any discrepancy between this translated document and the Japaneseoriginal, the original shall prevail.

To our shareholders

Code: 7779
June 7, 2017

Notice of the 13th Ordinary General Meeting of Shareholders

2-2-1 Gakuen Minami,
Tsukuba, Ibaraki, Japan

Date

June 23, 2017 (Friday)
11 am(Reception starts at 10 am)

Venue

1-10-1 Azuma, Tsukuba, Ibaraki, JapanNOVA HALL (ノバホール)
Please refer to the map on the front page

Agenda<Matters to be reported>
I. Business report and consolidated financial statements for the 13th fiscal year
(from April 1, 2016 to March 31, 2017)as well as the audit reports from the Accounting Auditors and Audit and upervisory
Board Members regarding the consolidated financial statements
II. inancial report of the 13th fiscal year (from April 1, 2016 to March 31, 201 )<Items proposed for resolution>
Proposal 1. Election of seven Directors
Proposal 2. Election of three Audit and upervisory Board Members
Proposal 3. Issuing of Stock Acqusition Rights as Stock Option

Dear shareholders
I would like to take this oppportunity to thank you for your support towards our endeavors.
We are conducting the 13th Ordinary Meeting of the Shareholders according to the details statedon the right. For this fiscal year, we have also planned a demonstration event for our shareholders
as shown below.
If it is not possible for you to attend the Ordinary General Meeting of the Shareholders, you arestill entitled to excercise your voting rights through the enclosed form. Please examine thereference documents to judge whether you agree or disagree with the resolution and send us theform by 6pm, June 22, 2017 (Thursday).

( 大ホール)【Disclosure via the internet】

Kindest regards<Details about the demonstration event for the shareholders>1

I. Because the materials listed below are posted on CYBERDYNE website pursuant to the provision of laws, regualtions and Article 22 of
CYBERDYNE's Article of Incorporation, they are not included in the materials provided in this notice of the 13th rdinary General Meeting of
hareholders.
1. Items included in the business report- Items concerning Stock Acquisition Rights- System to ensure the properness of the businesses and its status of operation
2. Consolidated statements of changes in equity and related notes for the consolidated financial statements
3. Statements of changes in equity and related notes for the financial statements
II. If any incidents that require the revision of the enclosed documents occur after these documents are mailed out, it will be announced on the CYBERDYNE's
website listed below.

Venue：CYBERDYNE STUDIO
4 min walk from the northern exit of Kenkyugakuen station. 2nd floor of iias Tsukuba
Prior reservation is neccessary. Please contact CYBERDYNE
DI at
el 029- 2 - 2 2 ( rom 10am to 6pm) Email cyberdynestudio cyberdyne.jp

Website of CYBERDYNE, INC.

2 pm- HAL guide tour for the shareholders including demonstration of the motion principle 500 Japanese yen per person
4pm- Demonstration of HAL (Lumbar Type) for the shareholders 3,000 Japanese yen per person＊Reception starts 30 min before each session●

http://www.cyberdyne.jp/english/company/IR.html
To the shareholders attending the meeting, please bring the enclosed attendance form and submit it at thereception of the venue. Please also bring this invitation to serve as the program for the meeting.
2

Exerci e of voting rights

Reference documents

Those who are attending the shareholders meeting

Proposal 1. Election of seven (7) Directors

Please submit the enclosed form to exercise voting rights at the reception of the venue

Date

June 23, 2017 (Friday) 11 am

enue

N

A HA

, ARGE HA(大ホール)

Those who are not attending the shareholders meeting
Exerci e voting rights by mailPlease state whether you agree to each items proposed for resolution on theenclosed form and mail it to CYBERDYNE. If the form is submitted inblanc, it will be assumed that you are in favor of the resolution.
Excercise period

The form must arrive by June 22, 2017 (Thu) 6 pm

Example of voting on the form
Please circle yes (賛) or no (否) for
each item proposed for resolution

All the Directors will complete their terms as of the end of this Meeting of Shareholders. As such, we ask you
to elect seven Directors. Candidates are shown below.

Candidate
Number

1 Yoshiyuki Sankai

re-election

Ph.D. in Engineering

Born June 24, 1958（58 years old）

Descriptions of the positions, personal history, assignments and other important positions held outside CYBERDYNE
2014/6 Program manager of the Impulsing Paradigm Changes through2003/7 Professor of Functional Engineering, University ofTsukuba
Disruptive Technology Program (ImPACT) hosted by the cabinet office of Japan (present)
2004/4 Professor at the Graduate School of Systems &(Important positions held outside CYBERDYNE)
Information Engineering, University of Tsukuba (present)
Professor at the Graduate School of Systems & Information Engineering, University of Tsukuba
2004/6 Director at incorporation of CYBERDYNE
Director of the Center for Cybernic Research, University of Tsukuba
2006/2 Representative and CEO of CYBERDYNE (present)
2009/9 Director of the Center for Cybernic Research,
Program Manager of ImPact hosted by the cabinet office of Japan
University of Tsukuba (present)

ReasonccDr. Sankai is nominated as a candidate for Director. His extensive experience gained through his service as a founder of
CYBERDYNE (the Company ) and establishment of new academic field of Cybernics as a professor of Graduate chool ofniversity of sukuba are deemed to be valuable to further promote the business of the Company and the group companies(collectively referred to as the Group ) and to reinforce its corporate governance.

Candidate
NumberNumber of company shares owned
Common3,042,000 Shares
77,696,000 SharesClass B

Special interest in CYBERDYNE

Years in service as Director

2 Fumiyuki Ichihashi

re-election

Ph.D. in Engineering

Born May 1, 1978 (39 years old)

Descriptions of the positions, personal history, assignments and other important positions held outside the Company
200 /10
Director at incorporation of CYBERDYNE (present)
Representative Director of CYBERDYNE
2013/12
Representative Director of Medical Interface Incorporated

200 /6
2005/5
2006/2

Reasonc

Head of Research and Development Department at CYBERDYNE
eam leader of the Information trategy eam in the Improvement
ffice of CYBERDYNE (present)cDr. Ichihashi is nominated as a candidate for Director. His extensive knowledge as a Ph.D. holder in engineering and experience gained
through his service in the management are deemed to be valuable to further promote the research and developement of the Group.

3

Years in service as Director

13 ears

Special interest in CYBERDYNE

Number of company shares owned
Common20,000 Shares

4Candidate
Number

3 Shinji Uga

Certified Public Accountant
MBAre-election

Born February 15, 1970 (47 years old)

Descriptions of the positions, personal history, assignements and other important positions held outside the Company
2007/6200 /92009/2Joined Ridgeway Capital Partners Ltd.
Joined CYBERDYNE, INC.
Director (present) and head of inancial Affairs and Accounting
Department of CYBERDYNE, INC.
2013/12 Head of the Corporate Department of CYBERDYNE, INC. (present)

1994/4 Joined Tomen Corporation (Now known as Toyoda Tsusho)
2001/10 Joined Chuo Aoyama Audit Corporation (Now known as
PricewaterhouseCoopers)
200 /10 Assigned to PricewaterhouseCoopers hanghai office

Reasoncc

Mr. ga is nominated as a candidate for Director. His extensive experience as a certified public accountant, MBA and various others related to
management and accounting are deemed to be valuable to further promote management of the Group and its operations.

8 earsCandidate
NumberNumber of company shares owned
Common60,000 Shares

Special interest in CYBERDYNE

Years in service as Director

4 Hiroaki Kawamoto
Born August 2 , 19

Ph.D. in Engineering

re-election

Candidate
NumberReasonc

D

Associate Professor at the Graduate chool of ystems Information
Engineering, niversity of sukuba (present)(Important positions held outside CYBERDYNE)
Associate Professor at the Graduate School of Systems & Information
Engineering, University of TsukubacDr. Kawamoto is nominated as a candidate for Director. His extensive knowledge as a holder of Ph.D. in engineering and experience gained throughhis service in the management since the founding of the Company are deemed to be valuable to further promote the business of the Group.
Special interest in CYBERDYNE

Years in service as Director

Number of company shares owned
14,000 Shares
Common13 ears

Candidate
Number5

Kinichi Nakata

re-election
utside Director

Born May 12, 1962 (55 years old)

Ph.D. in Medicine

Descriptions of the positions, personal history, assignments and other important positions held outside the Company
1989/7 Worked for Nippon University School of Medicine
1996/10 Councilor at Japanese Society for Artificial Organs
2003/3 echnical Commitee on Industrial Promotion of Medical
Electromagnetic Drive ystems
2003/10 ecturer at Nihon niversity chool of Medicine (present)

Reasonc

Outside D

200 /3200 /6

Councilor at Japanaese Association for Coronary Artery urgery (present)
Outside Director of CYBERDYNE (present)(Important positions held outside CYBERDYNE)
ecturer at Nihon niversity chool of Medicine

cDr. Nakata is nominated as a candidate for Outside Director. His extensive experience and knowledge as a doctor as well as Ph.D. holder inmedicine are deemed to be valuable for corporate governance of the Company, which develops its business in the medical field. Furthermore, while
Dr. Nakata have no experience of corporate management other then his contribution in the Company, reasons stated above as well as his performancein CYBERDYNE has led the Group to judge that Dr. Nakata will appropriately execute his duties as a Outside Director.
5

Years in service as utside Director

ears

Special interest in CYBERDYNE

Number of company shares owned-

years old)

Joined Intel Corporation
President and CE of Intel Kabushiki Kaisha
utside Director of nkyo Corporation (present)
utside Director of Gibson Guitar Corporation (present)
utside Director of CYBERDYNE (present)
utside Director of DK Corporation (present)
utside Director of Mame ou Holdings Co., td. (present)

Independent fficer
utside Director

Reasonc

Outside D

2016/
Outside Director of reeBit Co., td. (present)(Important positions held outside CYBERDYNE)
Outside Director of nkyo Corporation
Outside Director of Gibson Guitar Corporation
Outside Director of DK Corporation
Outside Director of Mame ou Holdings Co., td.
Outside Director of reeBit Co., td.

cMr. Yoshida is nominated as a candidate for Outside Director. His extensive experience and wide range of knowledge gained throughhis career as an executive of a global company are deemed valuable for the corporate governance of the Group, which promotes its
business internationally.
Special interest in CYBERDYNE

Years in service as Outside Director

ears

201 /

(

19 /102003/6
2012/6
2013/2
2013/6201 /6201 /6( 2 years old)

Director at incorporation of CYBERDYNE
Researcher at Japan Association for the Advancement ofMedical Equipment
2006/2 Director of CYBERDYNE (present)

Born August 20, 19

re-election

Descriptions of the positions, personal history, assignments and other important positions held outside the Company

Descriptions of the positions, personal history, assignments and other important positions held outside the Company
200 /6200 /

6 Ka umasa Yoshida

Candidate
Number

7 Hikari Imai

Number of company shares owned
Common60,000 Shares

re-election

utside Director

Born July 23, 1949 (67 years old)

Descriptions of the positions, personal history, assignments and other important positions held outside the Company
1974/4
1986/1
1993/4
1999/1Joined Yamaichi Securities Co., Ltd.
Joined Morgan Stanley Securities Co., Ltd.
Joined Merrill Lynch Securities Company
Vice Chairman of Merrill Lynch Japan Securities
Company, Limited
2007/11 Director, Vice President of REC
Corporation
2008/4 President and CEO of REC
Corporation

Reasonc

2012/4 Outside Director of Olympus Corporation
2015/6 Outside Director of CYBERDYNE (present)
2016/6 Outside Director of PACIFIC METALS CO., LTD. (present)
2016/12 Chairman of 3DOM Inc. (present)(Important positions held outside CYBERDYNE)
Outside Director of PACIFIC METALS CO., LTD.
Director and Chairman of 3DOM Inc.

Outside DcMr. Imai is nominated as a candidate for Outside Director. His extensive experience and wide range of knowledge gained through his career as an
executive of financial institutions and as a Outside Director of companies including those engaged in medical device manufacturing are deemed to
be valuable to the Group's corporate governance such as reinforcement of risk management.
Years in service as Outside Director

2 earsSpecial interest in CYBERDYNE

Number of company shares owned-(Notes) he Company entered into a limited liability agreement with each of Hiroaki Kawamoto, Kinichi Nakata, Ka umasa Yoshida
and Hikari Imai, in accordance with Article 23-1 of the Companies Act. If the aforementioned candidates are re-elected at thisMeeting of hareholders, this contract will be continued.
he outline of this agreement is as follows.
-In the event that utside Director is deemed to be liable for damages due to the negligence of his/her duties, his/her liability will belimited to the minimum amount set forth in Article 2 -1 of the Companies Act.
- his limitation of liability will only be applicable if he/she carried out their duties which led to such liability in good faith and with nogross negligence.
6

Proposal 2. Election of three (3) Audit and Supervisory Board Members
All Audit and Supervisory Board Members will complete their terms as of the end of this Meeting of
Shareholders. As such, we ask you to elect three Audit and Supervisory Board Members. Candidates are shown
below.

Candidate
Number

1 Yutaka Fujitani

re-election

Born April 1, 1953 (64 years old)

Outside Audit andupervisory Board Member( ull-time)

Descriptions of the positions, personal history, assignments and other important positions held outside the Company
1975/4
2005/1
2011/6

Candidate
NumberBorn August 1 , 19 1 (

199 /200 /2Joined Chuo Audit Corporation
Representative Director of Kabushiki Kaisha Bi Next
(Now known as Kaede Accounting Advisory Inc.) (present)
Representative Director of okyo-IA Inc. (present)
enior Partner of Akasaka ogo Accounting irm Co., td.
(Now known as Kaede ax Corporation) (present)

Reason for the nomination as candidate for Outside Audit and Supervisory Board Member
Mr. Fujitani is nominated as a candidate for Outside Audit and Supervisory Board Member. His extensive domestic and international
experience, gained through his service in a major bank as well as from his involvement in advisory business for building the internal
control system at KPMG A A C led the Group to judge that Mr. ujitani is capable of auditing Directors performance of theirduties from an objective and fair stand point.
Years in service as utside Auditand upervisory Board Member

Candidate
NumberSpecial interest in CYBERDYNE

2 Cees ellekoop

Number of company shares owned-

re-election

Outside Audit andupervisory Board Member

Born May , 19 6 (61 years old)

Descriptions of the positions, personal history, assignments and other important positions held outside the Company
19 1/
1992/

Registered as attorney-at-law at Court of Rotterdam District
and Court of Amesterdam District
Admitted in Japan as attorney for foreign law

2003/
200 /10200 /6

Joined Allenvery Gaikokuho Kyodo Jigyo Horitsu Jimusho
Admitted in England and ales as attorney-at-law
Audit and upervisory Board Member of CYBERDYNE (present)

years old)

re-election
Independent fficer

Outside Audit andupervisory Board Member

Descriptions of the positions, personal history, assignments and other important positions held outside the Company

2009/92011/6

Joined The Mitsubishi Bank, Ltd. (Now known as The Bank of Tokyo-Mitsubishi UFJ, Ltd.)
Joined KPMG A SA LLC.
Outside Audit and Supervisory Board Member of CYBERDYNE (present)

3 Kenichiro kamura
2011/6201 /6

utside Audit and upervisory Board Member of CYBERDYNE (present)
utside Audit and upervisory Board Member of G Holdings Co., td.
(present)
2016/6
utside Director of Kanematsu ustech Corporation (Audit Committee)(Important positions held outside CYBERDYNE)
Representative Director of Kaede Accounting Advisory Inc.
utside Audit and upervisory Board Member of G Holdings Co., td.
utside Director of Kanematsu ustech Corporation (Audit and upervisory Committee)

Reason for the nomination as candidate for Outside Audit and Supervisory Board Member
Mr. kamura is nominated as a candidate for Outside Audit and Supervisory Board Member. His extensive experience gained through hisservice as certified public accountant both in Japan and the . . and his experience as an executive, who established and developed his own
company, led the Group to judge that Mr. kamura is capable of auditing Directors performance of their duties from an objective and fair stand point.

Years in service as utsideAudit andupervisory Board Member

Special interest in CYBERDYNE

Number of company shares owned-(Notes) he Company entered into a limited liability agreement with each of Yutaka ujitani, Cees ellekoop and Kenichiro
kamura in accordance with Article 23-1 of the Companies Act. If the aforementioned candidates are re-elected at this Meetingof hareholders, this contract will be continued.
he outline of this agreement is as follows.
-In the event that an utside Audit and upervisory Board Member is deemed to be liable for damages due to the negligenceof his/her duties, his/her liability will be limited to the minimum amount set forth in Article 2 -1 of the Companies Act.
- his limitation of liability will only be applicable if he/she carried out their duties which led to such liability in good faith and withno gross negligence.

Reason for the nomination as candidate for Outside Audit and Supervisory Board Member
Mr. ellekoop is nominated as a candidate for Outside Audit and Supervisory Board Member. His extensive experience gained
through his service as attorney-at-law in Britain and the Netherlands (these certificates have since been relinquished) led the Group to
judge that Mr. ellekoop is capable of auditing Directors performance of their duties from an objective and fair stand point.
Years in service as utside Auditand upervisory Board Member

7

Special interest in CYBERDYNE

Number of company shares owned-

8Proposal

c

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c

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he Company calls for the approval of its shareholders for giving the authority to the Company s Board of Directors todetermine the terms and conditions of tock Acquisition Rights as tock ptions without compensation to the Company s
and its affiliated company s Directors, employees as well as external consultants based on the provisions of Articles 236,
23 and 239 of the Companies Act.
he tock Acquisition Rights that will be allocated to Directors of the Company are considered to be compensation otherthan cash, and furthermore their value are undetermined. As such, the Company requests the approval of its shareholders on
the details of the compensation by means of tock Acquisition Rights as well as their calculation method separately fromaggregate amount of compensation by cash, which was approved by the 2nd rdinary General Meeting of hareholders heldon May 31, 2006. As such is the case, details of the compensation by means of tock Acquisition Rights to Directors(excluding utside Directors) are stated on III. below, and the fair value of the tock Acquisition Rights will be calculated
by Black- choles option pricing model on the date where the allotment of the tock Acquisition Rights will be made( Allotment Date ). he issuing of the tock Acquisition Rights to Directors (excluding the utside Directors) areconducted with the purpose of raising motivation and morale towards improvement of the Company s business performanceand increment of its corporate value. pon determination of details of the compensation by means of tock Acquisition
Rights and details of calculation methods, various factors such as the contribution of each Director (excluding utside
Directors) have been taken into account. herefore the contents of them are considered to be appropriate.

ccAiming to improve business performance and increase the corporate value of the Group, tock Acquisition Rights will be
issued as tock ptions to Directors, employees as well as external consultants of the Company and related companies
without compensation.

c
c

c

c
c

c
c

c

c

1. he maximum number of tock Acquisition Rights, for which the terms and conditions of the issuance can be
determined based on the authority mentioned above
he maximum number of tock Acquisition Rights shall be one thousand (1,000) units pursuant to III. 1. written
below.
he total number of shares that can be issued as a result of exercising these tock ptions is set at hundred thousand(100,000) Common hares of the Company, and if the number of granted shares for each tock ptions ( Numberof Granted hares . ill be defined below) is adjusted due to reasons described in III. 1., the maximum number ofshares that can be issued will be the amount calculated by multiplying the adjusted Numbers of Granted hares andthe maximum number of tock ptions stated above.
2. Necessity of cash payment for the tock Acquisition Rights, for which the terms and conditions of the issuance can be
determined based on the authority mentioned above

c

c

c

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1. Class and number of shares covered by the tock ptions
he class of shares covered by the tock ptions shall be Common hares of the Company, and the Number of Granted
hares shall be one hundred (100) Common hares. However, the Number of Granted hares shall be adjusted according to
the following formula if the Company splits (including allotment of the Company s Common hare without contribution thesame shall apply to any reference to a share split hereinafter) or consolidates shares after the date when the allotment of thetock ptions are made (the Allotment Date ). ractions less than one (1) share arising as a result of such adjustment shallbe rounded down.
Number of Granted hares
Number of Granted hares
hare split or sharex
before adjustment
after adjustment
consolidation ratio
he provisions of ection 3.(ii)(1) shall apply mutatis mutandis to the application date of the Number of Granted
hares after such adjustment.
In addition to the cases stated above, if the Company are merged or split or enters other situation where adjustmentof the Numbers of Granted hares becomes necessary after the Allotment Date, the Company may adjust the Numbersof Granted hares appropriately within reasonable extent. hen adjusting the Number of Granted hares, theCompany shall notify each holder of tock ptions recorded in the tock ptions register (each a tock ption
Holder ) or give public notice of necessary matters by the date immediately preceding the effective date on which theadjusted Number of Granted hares will become part of the tock ptions however, if the Company is unable tonotify the tock ption Holders or give public notice by the date immediately preceding the effective date, theCompany shall notify the tock ption Holders or give public notice promptly thereafter.

If the matter to be resolved I. above is approved, the Company will have seven Directors (three utside Directors),
and the maximum numbers of tock Acquisition Rights that would be allotted to Directors (excluding utside Directors)
will be set at two hundred (200) units.
c

c

2.

alue of property to be contributed upon exercise of the tock ptions
he value of property to be contributed upon the exercise of each tock ption shall be the amount obtained bymultiplying the amount to be paid-in for one (1) share to be delivered by exercising such tock ption (the Exercise
Price ) by the Number of Granted hares. he Exercise Price is the amount obtained by multiplying (a) the closing
price of ordinary transactions of common stock of the Company at the okyo tock Exchange (the Closing Price )on the Allotment Date (or the Closing Price on the immediately preceding transaction date, if there is no Closing Pricefor the Allotment Date) by (b) 1.20, with any fraction less than one (1) yen being rounded up to the nearest whole
number provided that the Exercise Price shall be subject to the adjustment set forth in ection 3. below.

3. Adjustment of Exercise Price(i) If the Company takes any of the actions listed in items (1) and (2) below with respect to the shares of common
stock of the Company after the Allotment Date, the Company shall adjust the Exercise Price by using thecorresponding formula (the Exercise Price Adjustment ormula ) set forth below. Any fraction less than one (1) yen
resulting from the adjustment shall be rounded up to the nearest whole number(1)

plit or consolidation of shares
Exercise Priceafter adjustment

Exercise Price
before adjustmentx1
hare split or shareconsolidation ratio

he stock acquisition right shall require no amount to be paid in.
910

(2) Issuance of new shares or disposition of treasury shares at a price lower than the market price (excluding sale oftreasury shares pursuant to Article 19 (demand for sale to holders of shares less than one unit) of theCompanies Act, conversion of securities that are to be or may be converted into common stock of the Company,or exercise of tock ptions (including those attached to bonds with tock ptions) by which delivery ofCommon hare of the Company may be requested)

Exercise
Price after
adjustmenta.

Exercise
Price before x
adjustment

Number of newshares to be issued

Numberof issued
sharesx

Amount to bepaid-in per share

Market price
Number of issued
sharesNumber of new issued
shares to be issued

he market price in the Exercise Price Adjustment ormula shall be the average price of the Closing
Price (including indicative prices hereinafter the same) of ordinary transactions of common stock of theCompany at the okyo tock Exchange for a period of thirty (30) transaction days (excluding any day
without the Closing Price) commencing on the forty-fifth transaction day prior to the Application Dateof the Exercise Price after adjustment set forth in clause (2) below (the Application Date ). In
calculating the average price, fractional amounts less than one (1) yen shall be calculated to thehundredth and then rounded up to the nearest tenth.

b. he Number of issued shares in the Exercise Price Adjustment ormula shall be the total number ofissued shares of common stock of the Company as of the record date, if any, or otherwise the date one(1) month prior to the Application Date, less the number of treasury shares of common stock of theCompany which are held by the Company on such date.
c. In the case of disposition of treasury shares, the Number of new shares to be issued in the Exercise
Price Adjustment ormula shall be replaced with the Number of treasury shares to be disposed of.
(ii)

he Application Date shall be subject to the following(1)

hen making an adjustment pursuant to clause(i)(1) above, the Exercise Price after adjustment shall beapplied, in the case of a share split, on and after the day immediately following the record date for theshare split (if no record date is prescribed, the effective date of such share split) and, in the case of ashare consolidation, on and after the effective date thereof however, if a share split is subject to thecondition that a proposal to increase the stated capital or reserves by decreasing the amount of surplus isapproved at the Company s shareholders meeting, and the record date for the share split is prescribed tobe the date prior to the date of conclusion of such shareholders meeting, the Exercise Price after
adjustment shall be applied retrospectively to the date immediately following the record date on and after
the date immediately following the date of conclusion of the shareholders meeting.
nder the proviso clause of the preceding paragraph, the Company shall adjust, by the following
calculation formula, the number of shares of its common stock to be delivered to the tock ption Holder
exercising tock ptions during the period commencing on the date immediately following the record
date for the share split and ending on the date of conclusion of the shareholders meeting (the number ofshares that may be delivered by exercising tock ptions shall hereinafter be referred to as the Numberof hares subject to Exercise before plit ). Any fraction less than one (1) share resulting from theadjustment shall be rounded down.

Number of
new shares
to be issued
11(2)(Excercise Price before adjustment - Exercise Price after adjustment) x
Exercise Price after adjustment

Number of hares subject to
Exercise before plit

hen making an adjustment pursuant to clause (i)(2) above, the Exercise Price after adjustment
shall be applied on and after the date immediately following the payment date (if a period for payment isprescribed, the last day thereof) for such issuance or disposition (or on and after the date immediately
following the record date, if any).

(iii) In addition to clauses (i)(1) and (i)(2), in the case where it is necessary to adjust the Exercise
Price such as in the case of the Company allotting shares of other classes without contribution tocommon shareholders or distributing shares of another company as dividends to commonshareholders, the Company may adjust the Exercise Price within a reasonable extent after taking into
consideration conditions or other related factors of the allotment or distribution.
(iv)

hen adjusting the Exercise Price, the Company shall notify the tock ption Holders or give public
notice of necessary matters by the date immediately preceding the Application Date provided that,
if the Company is unable to notify the tock ption Holders or give public notice by the date
immediately preceding the Application Date, the Company shall notify the tock ption Holders orgive public notice promptly thereafter.

4. Exercise Period for the Stock Options:
8 years counting from the date when 2 years passes after the issuing of the Stock Options are resolved.
5. Matters regarding Increase of Stated Capital and Capital Reserve in Issuance of Shares upon Exercise of
the Stock Options:(i) The amount of the increase of stated capital upon the issuance of shares by the exercise of Stock
Options shall be one-half (1/2) of the maximum amount of the increase of stated capital to be
calculated pursuant to Article 17, paragraph 1 of the Ordinance on Accounting of Companies. Any
fraction less than one (1) yen resulting from the calculation shall be rounded up to the nearest whole
number.
(ii) The amount of the increase of capital reserves in issuance of shares upon exercise of Stock Options
shall be the maximum amount of increase of stated capital set forth in the above clause (i) above
less the amount of increase of stated capital set forth in clause (i) above.
6. Restrictions on Acquisition of the Stock Options by Transfer:Any acquisition of the Stock Options by transfer shall be subject to approval by resolution of the Boardof Directors of the Company.
7. Conditions on acquisition of the Stock Options:
The Company may acquire the Stock Options on a date separately prescribed by the Board of Directorsof the Company without any consideration if any of the proposals listed in items (i), (ii), (iii), (iv) and(v) below is approved at a shareholders meeting of the Company (if no resolution at a shareholders
meeting is required, when a resolution of the Company s Board of Directors has been passed):(i) a proposal for approval of a merger agreement pursuant to which the Company will become anabsorbed company(ii) a proposal for approval of a corporate split agreement or a corporate split plan pursuant to which theCompany will become a splitting company(iii) a proposal for approval of a share exchange agreement or a share transfer plan pursuant to which
the Company will become a wholly-owned subsidiary(iv) a proposal for approval of an amendment to the Articles of Incorporation of the Company toprovide that the acquisition by transfer of all classes of shares issued by the Company is subject tothe approval of the Company or(v) a proposal for approval of an amendment to the Articles of Incorporation of the Company toprovide that the acquisition by transfer of the shares covered by the Stock Options is subject to theapproval of the Company, or that all of the shares of such class may be acquired by the Company
by a resolution of a shareholders meeting of the Company.
128. Matters related to delivery of the Stock Options upon reorganization:
In the event of a merger (limited to a merger by which the Company is absorbed), an absorption-type split orincorporation-type split (in each case limited to a split by which the Company becomes a split company), or a shareexchange or share transfer (in each case limited to cases where the Company becomes a wholly owned subsidiary)(collectively, the Reorganization ) with regard to the Company, the Stock Options Holders holding outstanding Stock
Options (the Outstanding Stock Options ) immediately prior to the effective date of the Reorganization (meaning, in thecase of an absorption-type merger, the date on which such absorption-type merger becomes effective in the case of anincorporation- type merger, the date of incorporation of the company incorporated by such merger in the case of anabsorption-type split, the date on which such absorption-type split becomes effective in the case of an incorporation-type
split, the date of incorporation of the company incorporated by such split in the case of a share exchange, the date on
which such share exchange becomes effective and in the case of a share transfer, the date of incorporation of the wholly
owning parent company incorporated through the share transfer) shall receive, in each case, Stock Options of thecompany resulting from the Reorganization (the Reorganized Company ) listed in Article 236, paragraph 1, item 8(a)through (e) of the Companies Act provided that the relevant absorption-type merger agreement, incorporation-typemerger agreement, absorption-type split agreement, incorporation-type split plan, share exchange agreement, or sharetransfer plan shall prescribe to the effect that the Stock Options of the Reorganized Company will be delivered to theholders of the Outstanding Stock Options in accordance with each of the following items:(i) Number of Stock Options of the Reorganized Company to be delivered
The number of Stock Options equal to the number of Outstanding Stock Options held by each Stock Option
Holder shall be delivered.
(ii) Class of shares of the Reorganized Company covered by the Stock Options
Shares of common stock of the Reorganized Company shall be covered.

(vi) Matters regarding increase of stated capital and capital reserve in issuance of shares upon exercise of
the Stock Options
To be determined in accordance with Section 5. above.
(vii) Restrictions on acquisition of the Stock Options by transfer
Any acquisition of the Stock Options by transfer shall be subject to approval by resolution of theBoard of Directors of the Reorganized Company.
(viii) Conditions on acquisition of the Stock Options
To be determined in accordance with Section 7. above.
(ix) Other conditions on exercise of the Stock Options
To be determined in accordance with Section 10. below.
9. Treatment of fractions less than one (1) share arising upon exercise of the Stock Options:
If the number of shares to be delivered to a Stock Option Holder exercising the Stock Options includes
any fraction less than one (1) share, such fraction shall be rounded down.
10. Other conditions on exercise of the Stock Options:
If a Stock Option Holder has waived his/her Stock Options, the Stock Option Holder may not exercise
his/her Stock Options.

(iii) Number of shares of the Reorganized Company covered by the Stock Options
The number shall be determined in accordance with Section 1. above, taking into consideration various factors
such as the conditions applicable to the Reorganization.
(iv) Value of property to be contributed upon exercise of the Stock Options
The value of property to be contributed upon exercise of each Stock Option to be delivered shall be the amountobtained by multiplying (a) the exercise price after the Reorganization to be obtained by adjusting the Exercise
Price set forth in Section 2. above after taking into consideration relevant factors such as the conditions
applicable to the Reorganization by (b) the number of shares of the Reorganized Company covered by the Stock
Options, which is determined pursuant to item (iii) above.
(v) Exercise Period for the Stock Options
The exercise period shall commence on the commencement date of the exercise period of the Stock Options set
forth in Section 4. above or the effective date of the Reorganization, whichever is later, and end on the
expiration date of the exercise period of the Stock Options set forth in Section 4. above.

13

14

(Attached documents) Business Report (from April 1, 2016 to March 31, 2017)

I Current status of the Group
1. Process and outcome of the business
The Group continues to research, develop and socially implement Cybernic technology that combines and fuses people, robots, andinformation for the medical, welfare and living support (including work environment) fields, in order to achieve physical,
informational and vital interaction, so that various problems that the hyper aging society faces could be solved.
In the 5th Science and Technology Basic Plan of Japan, a new concept of super smart society led by scientific and technologicalinnovation called Society 5.0 is promoted. Society 5.0 is a human centric society where physical space (real world) and cyber
space are initiatively merged to solve economic and social problems so that people can enjoy good quality of life. The plan statesthat research, development and social implementation of AI, IoT and human assistive robots are the fields that should be focused on.
These robots are designed to assist the elderly and disabled people for their safe and secured life, promote independence of people inneed of support and reduce burden of nursing. As a hosting country of G7 Science & Technology Ministers Meeting ( theMeeting ) that was held in Tsukuba, Japan in May 2016, Japan projected this concept as the future society where humans andtechnologies coexist.
As one of the driving forces that aim to realize Society 5.0, the Company made contribution in the aforementioned Meeting. CEO
Yoshiyuki Sankai presented a keynote speech at the Commemorative Symposium, gave an address at the Meeting and hosted thegroup of representatives during their visit to the Company headquarters. The Joint Statement Tsukuba Communiqu that was
adopted on the final day noted the importance of innovation based on science to establish a social structure that allows its seniorcitizens to age healthily including provision of high quality care in G7 countries and many emerging countries, which face the hyper
aging society. The statement noted the possibility of robotics as the means of improving the quality of welfare as well as quality oflife for the elderly, and also (as the mean of) reducing the workload for the caregivers. The statement expressed their determinationof integration of social science research and support for medicine, ICT and Robotics in order to reduce the burdens on families andthe society.
Also, in February 2017, the Company became the winner of the Prime Minister's Award in the third Nippon Venture Awards,
which is an award ceremony hosted by the Ministry of Economy, Trade and Industry along with other organizations. The Company
won this award as it was highly rated fori) the novelty and innovativeness of its businessii) its visions to expand into the global market and solve various problems that the society faces today.
By utilizing innovative Cybernic technology, the Group aims to accelerate its research, development, and business development,in order to provide solutions to the problems that the society faces while firmly establishing an economic cycle at the same time. The
Group will continue to attempt Cybernic Revolution through social and industrial transformation in the fields of medicine, living
support and labor support, as one of the driving forces that aim to realize Society 5.0 .
*“Cybernics” (adjective: Cybernic) is a new academic field that is centered around cybernetics, mechatronics and informatics
fused/combined with various other fields including brain/neuroscience, robotics, biology, behavioral science, psychology, law,
ethics, and business administration. Cybernics is championed by Dr. Yoshiyuki Sankai, a professor at the University of Tsukuba inJapan. Cybernic technology means the practical application of Cybernics to technology.

Major Business Line of the Group (As of March 31, 2017)
The major business lines of the Group are as follows● Business related to R&D, manufacture and sales of Robot Suits for Medical and welfare industry● Business related to R&D, manufacture and sales of Robot Suits for Labor and heavy work related industries● Functional improvement treatment services business using HAL● Training as well as nursing care insurance business using HAL
15

Medical Fields
During the fiscal year ended March 31, 2017, in the field of medicine, the Ministry of Health, Labour and Welfare( MHLW ) announced public health insurance coverage of the technical fee for the treatment of rare neuromusculardisease patients using HAL for Medical Use (Lower Limb Type, Double-Leg model) [ Medical HAL or Medical HAL(Double- Leg) ] on April 25, 2016. On September 2, 2016, the treatment with Medical HAL started in Japan, as theworld's first treatment with robot covered by public health insurance. The Company will continue to accelerate its clinicalstudies and investigations with Japanese hospitals as well as hospitals in other countries, in order to expand the range of
diseases such as stroke and spinal cord injury to which the treatment with Medical HAL is applicable. For stroke,
investigator-initiated clinical trial on HAL for Medical Use (Lower Limb Type, Single-Leg model) [ Medical HAL or
Medical HAL (Single-Leg) ] commenced on September 30, 2016, which is the necessary procedure to obtain the
manufacturing and distribution approval of the medical device under Pharmaceutical and Medical Device Law of Japan,
aiming at functional improvement and regeneration of the patients impaired mobility. Furthermore, the Company also
started a joint-research project with notable hospitals to accelerate the realization of the cutting-edge research on
functional regeneration treatment, which could make the treatment with HAL applicable to an even wider range ofpatients suffering from paralysis. In addition, to further spread this innovative medical technology, the Company
announced collaboration with private insurance companies, Daido Life Insurance Company in the life insurance sectorand AIG Japan Holdings in the accident insurance sector, which will be proceeded alongside its endeavors to apply for
public health insurance coverage. As a result of this business collaboration, Daido Life Insurance Company announced therelease of its new insurance product HAL Plus rider , the world's first insurance product offered by a private insurancecompany that covers treatment of intractable diseases with the Medical HAL on May 8, 2017. In Europe, the Company
already acquired medical device certification for Medical HAL, and has been providing the medical treatment service
with the device covered by public workers compensation insurance in Germany and the Company is processing
applications to obtain public health insurance coverage in the country. In the United States, the Company found that theUnited States Food and Drug Administration s ( FDA ) understanding of HAL for Medical Use s innovation to use
Cybernic technology to provide functional improvement/regeneration treatment of impaired functions of the brain andnervous system has been deepened as a result of continued discussions. The Company begun its reapplication process
toward obtaining medical device approval in a format that allows for Medical HAL to be identified as a new and uniquerobot treatment device by submitting Pre-submission to the FDA in November 4, 2016.
The Company continues to advance its clinical researches for the light-weighted and compact HAL for Living Support(Single Joint Type), which is a device designed to be applied on the knee or the elbow. The Company has completed
preliminary consultation with the Pharmaceuticals and Medical Devices Agency about the necessary procedures to obtain
medical device approval and commenced preparation to file the necessary documents for the Vital Sensor, which is apalm-size device for monitoring indices of arteriosclerosis and electrocardiogram.
The Company continues to advance its clinical trials of the Medical HAL in Japan and other countries to enlarge therange of targeted diseases. In Japan the world's first coverage of the treatment with HAL as a medical device by the publichealth insurance has been approved and installation of HAL for insured treatment by hospitals has commenced. 188 unitsof the Medical HAL were in operation as of March 31, 2017, including those used outside of Japan and those used forclinical research. Out of the aforementioned number, 38 units were rented out in Japan. The Company will continue tocoordinate with numbers of core hospitals in each region, which would become the bases for further expansion. 208
units of HAL for Living Support (Single Joint Type) were in operation as of the end of March, 2017, which are mainly
used for clinical studies by hospitals in Japan.

Living Support Field (Including Care/Welfare and Labor Support)
In the field of living support, HAL for Living Support (Lower Limb Type) has been used in care facilities and hospitals
within Japan to promote independent movement of their users, and as of the end of March, 2017, 422 units were in
operation. HAL for Care Support (Lumbar Type), a device capable of reducing the load on the lower back of caregivers,
which would result in improving the work environment of care facilities that suffer from high turnover rates, recorded a
increase of 411 units in operation since the end of September 2016, due to the subsidy program of the MHLW for assistingcare facilities with installation of robotic devices and introduction of waterproofed new model of HAL (Lumbar Type) whichallow users to provide bathing aid for example, and as of end of March, 2017, 714 units were in operation.

16

In the field of labor support, as of the end of March, 2017, there were 274 units of HAL for Labor Support (Lumbar Type), a device
capable of reducing the load on the lower back of workers and improving the work environment in order to maintain the labor force indistribution warehouses, construction sites and factories of various types that suffer from serious shortage of labor force as a result of anaging population and declining birthrate. Implementation by Haneda Airport Limousine Bus and major construction companies
contributed to the increase of the rented units. Furthermore, starting from April 2017, All Nippon Airways group plans to implement 25
units to Narita Airport as well as notable domestic airports for various airport tasks. Operating number of HAL for Labor Support(Lumbar Type) is expected to grow significantly once improvements such as waterproofing are installed. The Cleaning Robots andTransportation Robots were introduced to Haneda airport and a major pharmaceutical factory and there were 21 units in operation as ofthe end of March, 2017.
Furthermore, on May 15, 2017, the Company announced an investment in Works Applications Co., Ltd. based on business alliance.
This alliance will allow the two companies to make progress towards the realization of Society 5.0 by developing the next-generation
systems that integrate the Company s Cybernic technologies. To accelerate the realization of Society 5.0, the Company will continue tocollaborate with companies with unique and specialized technologies.

4. Acquisition/disposal of other companies equity
The Company established CYBERDYNE USA Inc. as a 100

wholly owned subsidiary in August, 2016.

5. Issues to be addressed
The Group continues to research, develop and socially implement Cybernic technology that combines and fuses people, robots,
and information for the medical, welfare and living support (including work environment) fields, in order to achieve physical,
informational and vital interaction, so that various problems that the hyper aging society faces could be solved. HAL, which wasdeveloped by utilization of innovative Cybernic technology, has been successfully put into practical use as the first wearable
robot in the world. To make use of various Cybernic systems such as HAL to make contribution to society on a global basis, theGroup regards the following as the issues.

Business performances
As the result of the aforementioned, in the fiscal year ended March 31, 2017, the Company recorded net sales of 1,649,940
thousand (30.4 increase year on year), mainly due to an increase in the operating numbers of the Medical HAL and HAL for
Care Support (Lumbar Type), increasing the gross profit to 1,078,953 thousand (24.9 increase year on year).
Research and development expenses were recorded at 902,867 thousand (9.9 decrease year on year), mainly due toconsigned research projects of Realization of ero Intensive Care Society through Innovative Cybernic System , which are partof the projects under the Impulsing Paradigm Change through Disruptive Technologies Program ( ImPACT ) hosted by theJapan Science and Technology Agency ( JST ). On the other hand, other selling, general and administrative expenses wererecorded at 1,348,201 thousand (16.8 increase year on year), mainly due to the increase of taxes and dues such as business tax(capital base) due to exercise of Stock Acquisition Rights included in the Company's convertible bonds. As a result, operating
loss improved 120,016 thousand to 1,172,115 thousand.
Non-operating income were recorded at 1,242,386 thousand (76.0 increase year on year), mainly due to an increase of
subsidy income in relation to construction of Next-Generation Multipurpose Robotized Production Facility in the Fukushima
Prefecture ( Fukushima Production Facility ), while ordinary loss (income/loss before income tax, also called Pretax income or
Ordinary profit ) were posted at 782,653 thousand due to 96,231 thousand in the share issuance cost caused by the exercise of
Stock Acquisition Rights included in the convertible bonds as well as 852,923 thousand (589.7 increase year on year) from anincrease of loss on reduction of non-current assets in relation to construction of Fukushima Production Facility.
Furthermore, because income taxes were recorded at 6,417 thousand, net loss attributable to CYBERDYNE, INC. for the
fiscal year ended March 31, 2017 was recorded at 789,332 thousand.

2. Status of capital investments
Capital investments made in the fiscal year ended at March 31, 2017 were a total of 6,610,490 thousand. This mostly came frompayment of part of the amount related to the purchase of land in Tsukuba city, Ibaraki prefecture.

R&D activities to create innovative technologies and new industries
R&D activities of the Group are based on three keywords challenge , global development and innovation . As an innovative
company aiming to support the aging society, the Group must continue to carry out multifaceted R&D activities to create newtechnologies capable of creating new industries, and implementing those technologies in to the society. The Group will collaborate
with universities, research institutions, hospitals, corporations and various other organizations in Japan to advance its researches of
cutting-edge Cybernic systems (e.g. Cybernic devices and Cybernic interfaces) that utilize Cybernic technologies and compound
treatment with drugs as well as regenerative medicine.

Fostering personnel with target oriented mind to develop the businessIn order to create a new industry by developing innovative technologies originating in Japan in global basis, the Group recognizethat target oriented mind to develop the business will be the key. The employees of the Group are expected to come up withideas by thinking from the goals and also to have prominent capabilities to research, develop and acquire know-how so that they
could become experts and take a leadership in those fields, in which they have not been specialized before. The Group assembles
various personnel, who are highly gifted and knowledgeable in wide variety of fields so that the Group could structure anorganization that could do everything from R&D to social implementation on global basis, and foster personnel with target
oriented mind.

3. Status of financing
There were no financing activities , transfer, absorption-type split or incorporation-type split of the business , business
transferred from other companies or acquisition of rights and obligations related to the business of other corporations fromabsorption-type splits or absorption-type mergers that took place during this fiscal year.

17

18

Obtaining insurance coverage in major countries of EU

Promotion of care-service robot business

In June 2013, HAL for Medical Use (Lower Limb Type) obtained conformity certification as a robotic therapeutic device by T V
Rheinland, a third party accreditation organization, concerning the Medical Device Directive in the EU (MDD), which is necessary
when exporting medical devices to the EU market. As a result, Medical HAL (Lower Limb Type) can be freely distributed andsold in the EU region, which accounts for 31 1 in the global medical device market by indicating the CE Marking. As of thisdate, entire fee of Cybernic treatment is covered by the accident insurance under the public workers compensation system inGermany, which is the largest medical device market in the EU. Furthermore, an application for coverage by German public healthinsurance was submitted in October, 2015. Endeavors of developing a new market for Medical HAL (Lower Limb Type) as a
medical device is in progress.
*Cybernic treatment is a treatment that utili es various Cybernic systems designed for the medical purposes such as
towards improvement and regeneration of functions of brain neuro physical systems.

edicalIn order to turn Cybernic treatment and Medical HAL into a global standard medicine that could spread throughout EU, the Group
must work to obtain either public or private insurance coverage in major EU countries and acquire appropriate insurance
reimbursement pricing. The Group will continue their clinical trials for HAL at the Karolinska Institute (Danderyd Hospital in
Sweden) and the Bergmannsheil University Hospital in Germany in order to obtain each type of insurance coverage underfavorable conditions in major EU nations at the earliest opportunity.

Obtaining permission to market their medical devices in the U.S.
In order to distribute HAL in the U.S., which accounts for 39 1 of the global medical device market, the Group must obtainapproval from the U.S. Food and Drug Administration (FDA), and the Group has commenced its application to the FDA in
November, 2014. The Group is currently in the process of discussion with the FDA, in order to obtain medical device approval ina format that allows for Medical HAL to be identified as a innovative and unique robot treatment device. In anticipation ofbusiness development after obtaining FDA approval, the Group will continue to proceed various consideration strategically suchas obtaining each types of insurance coverage in the U.S.

Expanding application of Cybernic treatment in Japan
Within Japan, which accounts for 9 1 of the global medical market, the Group has obtained market approval from the
MHLW on November 25, 2016, which allows the Group to produce and sell the Medical HAL as a new medical device forneuromuscular diseases and commenced the world s first robotic treatment covered by public health insurances on
September, 2016. The Group continues to coordinate with numbers of hospitals in each region, which would act as bases
to treat neuromuscular diseases. The Group also continues its endeavors to expand the application of Cybernic treatment byaccelerating clinical researches and trials for other diseases such as stroke and spinal cord injury. For stroke, investigatorinitiated clinical trial for Medical HAL (Lower Limb Type, Single-leg Model) commenced in September 30, 2016 in orderto obtain medical device approval.

19

Japan has become a super-aging society, with the number of senior citizens aged 65 or older stood at about 34 million (26.7 of
the total population) as of October 1, 2015 and the number of persons requiring long-term care and persons requiring support
under the public nursing care insurance system stood at about 5.69 million 2, as of the end of December, 2013 and the numbers
are expected to continue its increase. Furthermore, it is predicted that about 2.5 million 3 care workers, will be necessary by theyear 2025, making endeavors to decrease the numbers of turnover due to nursing care into one of the most urgent matter thatJapanese society must confront. The Group will continue to work on the new version of HAL for Living Support, which would
promote the independence of users in need of long-term care, and development of HAL for Care Support (Lumbar Type) towards
further improvement.

Early expansion of product line-up
With a goal of realizing Society 5.0 and ero Intensive Nursing-care Society , the Group will continue to commercialize or
further sophisticate its products in the following fields:
1) medical products intended to improve or regenerate the physical functions of the patients2) welfare and care products intended to promote independent movements of the elderly
3) products intended to reduce the workload upon conducting heavy work in targeted fields of HAL for Care Support(Lumbar Type), HAL for Labor Support (Lumbar Type) and AI processed Transport Robot as well as Cleaning Robot.
Furthermore Vital Sensor, a palm-sized device capable of measuring hardening of arteries and electrocardiogram so that earlysigns of diseases could be detected are being developed.
In order to accelerate the expansion of its product line-up, the Group works on development of new products and gathers
feedbacks from the users of the Group s products in the field so that further improvement could be applied.

Reinforcing the management structure and fostering personnel
In anticipation of global development, the Group must reinforce the management structure by fostering personnel. The Groupconsiders that reinforcement of internal control system is a significant issue. In order to foster its management structure
sufficiently in line with rapid growth of business, the Group will also educate next-generation personnel with wide range of
specialized knowledge and experiences.

Sources※1．Espicom Business Intelligence, The World Markets Fact Book 2013
※2．Cabinet Office, Fiscal Year 2016 White Paper on Aging Society※3．Ministry of Health, Labour and Welfare, Forecast of supply and demand on personnel
working in the field of welfare towards the year 2025 (Final value)20c(i) tatus of assets and income of the Group
Division(i) Parent
iscal year 201

iscal year 201( April 1, 201 to March 31, 201 )( April 1, 201 to March 31, 2016)( April 1, 2016 to March 31, 201 )1,26 ,902

1,6 9,9 0( 10,0 9)(2,6 3)( 1 ,0(9,332)

6,3( housands of Yen)

Net salesrdinary loss
Net loss attributable toowners of the parent
Net loss per share( housands of Yen)

(6 2,

( housands of Yen)

(6

631,2
1)

(90 ,

)

,1 1)

(91 , 93)(Yen)

(3.9 )( .

otal assets( housands of Yen)

6, 3 , 6

Net assets( housands of Yen)

,99 , 2

(Yen)

32.19

Net assets per sharehere are no items to report.

iscal year 2013
( April 1, 2013 to March 31, 201 )),2 9,0 2
2 ,iscal year 2016)

(3. 3)
, 3 ,

0

,29

2 ,063,93

13 .03130. 06,,26

21 .90rdinary loss
Net loss attributable toowners of the parent
Net loss per shareiscal year 2013

iscal year 201

iscal year 201( April 1, 2013 to March 31, 201 )( April 1, 201 to March 31, 201 )( April 1, 201 to March 31, 2016),631

1,012, 12

1,

(6

( 01,

3

( housands of Yen)

(6 1,213)(( housands of Yen)

(6 2, 6 )( 90, 32)

(6 9,00 )( 0 , 1 )(Yen)

(3. 6)( .60)(3.39)(3.31), 33,060

6,921, 1

otal assets( housands of Yen)

6,3 3,Net assets( housands of Yen)

6,010,1 0

(Yen)

32.2

Net assets per share

9,23 ,23
2 , 1 ,
13 .02,226)

2 ,132,9 2
130.

wnership ofvoting rights( )Major business lines( utside of Japan)
2 ,000 Euros.1

100,000 . . Dollars

100.0

u uka RoboCare Center Co., td.

3,000 housands of yen

100.0

raining service business with HA

honan RoboCare Center Co., td.

3,000 housands of yen

100.0

raining service business with HA

ita Robocare Center Co., td.

3,000 housands of yen

100.0

raining service business with HACYBERDYNE

A Inc.

unctional improvement/regeneration treatment service with HAManagement and acceleration of the Company s business in the . .

( ithin Japan)

iscal year 2016,

1)

Capital( April 1, 2016 to March 31, 201 )( housands of Yen)

6,

Name

Cyberdyne Care Robotics GmbH6,226,1(ii) tatus of assets and income of the Company

Net sales

tatus of subsidiaries(3.69)

Income/loss before income tax without extraordinary income/loss, also called Pretax income or rdinary profit(Notes)he Company effected a two hundred for one stock split on ctoer 2 , 2013, five for one stock split for the Company Common hare as well as
Class B hare on August 1, 201 , two for one stock split for the Company Common hare as well as Class B hare on August 1, 201 . Net loss
per share as well as net assets per share are calculated assuming that these stock splits took place on the beginning of fiscal year 2013 (April 1, 2013).

Division

(ii)

3,6 2

6,3

3)

Please refer to section 1 Process and outcome of the business,3 9

21 . 9(Notes)he Company effected a two hundred for one stock split on ctoer 2 , 2013, five for one stock split for the Company Common hare as well as
Class B hare on August 1, 201 , two for one stock split for the Company Common hare as well as Class B hare on August 1, 201 . Net loss
per share as well as net assets per share are calculated assuming that these stock splits took place on the beginning of fiscal year 2013 (April 1, 2013).

21

22

c

c
Name

Divisionhe Company
ubsidiaries ( utside Japan)

ubsidiaries ( ithin Japan)

II
Location

Head uarters
Next-generation multipurpose roboti ed production facility( ukushima office)Cyberdyne Care Robotics GmbH

Koriyama, ukushima, JapanCYBERDYNE

tate of

A Inc.

Bochum, Nordrhein- estfalen, Germany

1 members(9 members)Class
Common hare
Class B hare

ashington, nited tates of Americau uka Robocare Center Co., td.

u uka, Mie, Japanhounan Robocare Center Co., td.

ujisawa, Kanagawa, Japan

ita Robocare Center Co., td.

Beppu, ita, Japanotal number of authori ed shares
61 ,300,000 shares, 00,000 sharesotal number of shares issued
13 ,3 ,609 shares, 00,000 shares

Name of shareholder

Number of shares held (shares)

Daiwa House Industry Co., td.
GCA BANA
ND N
C IEN
A E
REE
ND N CARE
A E
REE BANK AND R,
B
N B C A/C K
ND N BRANCH C IEN - NI ED KINGD M
BBHR MA HEJAPANND
Japan rustee ervices Bank. td. ( rust Account)
BI EC RI IE Co., td.
he Master rust Bank of Japan. td. ( rust Account)
Japan rustee ervices Bank. td. ( rust Account 9)
HE CHA E MANHA AN BANK. N. A. ND N PECIA ACC N N .1
(Note)
13 shares in the treasury stock was excluded upon calculation of the hareholding ratio

Change from previous fiscal year
Increase of 6 members(Increase of 1 member)(Notes)(1) The number of employees includes full-time employees and members on temporary transfer assignments. It does not include
the numbers of Directors who also hold positions as a Company employees or dispatch workers sent from a temp agencies.
(2) he number of contract employees (includes part-time workers but excludes those who work in the Company as their second jobs)(3) ince the Group is involved in a single segment of business related to robots, information of employees for each segments is omitted.

S c Ac(ii) tatus of employees in the Company (as of March 31, 201 )Number of employees

Change from previous fiscal year

Average age

Average years of continuous service

61 members(61 members)

Increase of 6 members(Increase of 2 members)

39. years old. years

Number of shareholders
6, 22 shareholders
3 shareholders(as of March 31, 201 )Yoshiyuki ankai(i) tatus of employees in the Group (as of March 31, 201 )Number of employees(as of March 31, 201 )sukuba, Ibaraki, Japan

hareholding ratio( )Common hare
Class B hare
Common hare
Common hare

3,0 2,000,696,000
3 ,690,000
3, 26,000

1 . 3
1. 3

Common hare

3,

0, 00

1.66

CommonCommonCommonCommonCommonCommon2,9 3,600
2,669, 00
1, 33, 00
1,63 , 00
1,263,100
1, 13

1.3
1.2
0. 1
0. 6
0. 9
0.39

hare
hare
hare
hare
hare
hare

3 .

R

Information regarding Stock Acquisition Rights is posted on the Company s website pursuant
to the related law, regulations and Article 22 of the Company s Articles of Incorporation.
http //www.cyberdyne.jp/english/company/IR.html(Notes)(1) he number of employees includes full-time employees and members on temporary transfer assignments. It does not include
the numbers of Directors who also hold positions as a Company employees or dispatch workers sent from a temp agencies.
(2) he number of contract employees (includes part-time workers but excludes those who work in the Company as their second jobs)

23

24

Position

Description of the position and other important positions held outside the Company

Nameull-time

III
Position

President and CE
Director
Director
Director

Name

Yoshiyuki

Description of the position and other important positions held outside the Company

ankaiumiyuki Ichihashi
hinji

ga

Hiroaki Kawamoto

Professor at the Graduate chool of ystems Information Engineering, niversity of sukuba
Director of the Center for Cybernics Research, niversity of sukuba
Program Manger of Impulsing Paradigm Change through Disruptive echnology Program
hosted by the cabinet office of Japanutside Director

utside Director

25

Kinichi Nakata

Ka umasa Yoshida

Hikari Imai

Yutakaujitanic
Provided opinions on corporate management whenever necessary, based on his extensive
experiences earned through his background of financial institution and audit firm.
cc
12 out of 12 times

Head of the Corporate Department of CYBERDYNE
Associate Professor at the Graduate chool of ystems
niversity of sukubac

1 out of 1 times

eam leader of the Information trategy eam in the Improvement office of CYBERDYNE

Information Engineering,

ecturer at Nihon niversity chool of Medicine

utside Director

utsideAudit and upervisory
Board Memberc
No relevant itemsc
No relevant itemscProvided appropriate opinions upon discussions of Company busienss from the stand point of
a Doctor.
cc
10 out of 1 times
Due to sickness, Dr. Nakata was not able to attend to 6 of the meetings that took place from
eptember 2016 to erbruary 201 . He have recovered and it will not influence his duties.
utside Director of nkyo Corporation
utside Director of Gibson Guitar Corporation
utside Director of DK Corporation
utside Director of Mame ou Holdings Co., td.
utside Director of reeBit Co., td.
cNo relevant itemscProvided appropriate opinions in all aspects of corporate management based on his richexperience and knowledge of global corporate management.
cc
1 out of 1 times
utside Director of PACI IC ME A C ., D.
Director and Chairman of 3D M Inc.
c
No relevant itemscProvided appropriate opinions in all aspects of corporate management based on his richexperience and knowledge as an utside Director.
cc
1 out of 1 times

utsideAudit and upervisory
Board Member

Cees

ellekoopc
No relevant itemscProvided opinions whenever necessary, based on his professional knowledge of lawcc

1 out of 1 timesc12 out of 12 times

utsideAudit and uperviso ry
Board Member(Independent fficer)

Kenichiro

President and CE of Kaede Audit Corporation
utside Audit and upervisory Board Member of G Holdings Co., td
utside Director of Kanematsu ustech Corporation (Audit and upervisory Committee)c
No relevant itemsck a m u r a Provided opinions whenever necessary, based on his professional knowledge offinancing and accounting as a certified public accountantcc
1 out of 1 timesc12 out of 12 times(Notes)1. hree of the Directors, Kinichi Nakata, Ka umasa Yoshida and Hikari Imai are utside Directors. he Company registered Mr. Yoshida as the
Independent fficer at the okyo tock Exchange, Inc. pursuant to their ecurities isting Regulation, Article 36-2.
2. hree Audit and upervisory Board Members, Yutaka ujitani, Cees ellekoop and Kenichiro kamura are utside Audit and upervisory
Board Members. he Company registered Mr. kamura as the Independent fficer at the okyo tock Exchange, Inc. pursuant to theirecurities isting Regulation Article 36-2.
3. Audit and upervisory Board Member, Yutaka ujitani has extensive experience in both domestic and international environment, through hiswork at a major bank as well as from his contribution in structuring internal control system at KPMG A A C. As such, Mr. ujitani isdeemed to have sufficient knowledge and experience related to business auditing and internal control.
. Audit and upervisory Board Member, Cees ellekoop was a qualified lawyer in Britain as well as the Netherlands and worked for Allenvery Gaikokuho Kyodo Jigyo Horitsu Jimusho as an attorney for foreign law (all three certificate have since been relinquished). As such,
Mr. ellekoop is deemed to have sufficient knowledge and experience in the field of law.
. Audit and upervisory Board Member, Kenichiro kamura is a certified public accountant. hrough his work in the auditing firm, he haveexperience both domestic and international auditing. He also have a record of working as a consultant on arbenes- xley Act (an act related tointernal control,), International inancial Reporting tandards (I R ) and in management of subsidiaries located overseas. As such, Mr
kamura was deemed to have sufficient knowledge and experience in finance, accounting and internal control.

26

I .

cc
he Company entered into a limited liability agreement with each of
Director Hiroaki Kawamoto, utside Directors and utside Audit andupervisory Board Members in accordance with Article 423-1 of theCompanies Act. iability for the damages caused shall be limited to thesum of amount specified in each items of Article 2 -1 of the Companies
act.

cPosition

Number of recipients

Amount of payment

Description

36,200 housands of yen

3,600 housands of yen for the three utside Directors
9,600 housands of yen for the three utside Audit andupervisory Board Members

Directors
Audit and upervisory
Board Members

39,600 housands of yen

otal

10

, 00 housands of yen(Notes)1. he upper limit of remuneration for Directors are set at 100,000 thousands of yen per year by the resolution at the 2nd rdinary General
Meeting of hareholders that took place on May 31, 2006. he upper limit of remuneration for Audit and upervisory Board Members was
set at 0,000 thousands of yen by the resolution at the 3rd rdinary General Meeting of the hareholders at June 2 , 200 .
2. he amount of payment stated above includes remuneration for utside Directors and utside Audit and upervisory Board Members.
3. he payment for Directors does not include the payment of standard payroll for Directors who also hold a positions as a Company employee.
. As of the end of March 31, 201 , there are seven Directors and three Audit and upervisory Board Members on the Board.

I

cc

cc
Deloitte ouche ohmatsuC

cc

Audit and upervisory Board agreed with the fee for Accounting Auditor, reviewing
its audit plan and progress of work and the history of the fees as well as theirperformance in accordance with the Practical Guidelines Regarding Cooperation
with Accounting Auditors published by the Japan Audit
upervisory Board
Members Association to consider the appropriateness of the estimate of the fee for
Accounting Auditors. As a result, Audit and upervisory Board granted the consent
in accordance to the Companies Act Article 399-1.
cccc
he Company s policy states that, if Accounting Auditor is found to meet the definitionof one of the items stated in Article 3 0-1 of the Companies Act, subject to the consent
of all Audit and upervisory Board Members, Audit and upervisory Board shalldismiss Accounting Auditor. pon such dismissals, selected member from Audit andupervisory Board shall report the said dismissals and the reasons thereof at the first
General Meeting of the hareholders convened for the first time after such dismissals.
In addition to the case stated above, Audit and upervisory Board may determine thedetails of the proposals to be resolved related to decision to dismiss or not to reappoint
Accounting Auditor based on their review of the performance and quality of auditing
work by Accounting Auditor. Board of Directors may propose the relevant items forresolution to the General Meeting of the hareholders based on such decisions madeby Audit and upervisory Board Members.

c

cc
Items

Amount paid

ee for Accounting Audit within this fiscal year

20, 00 housands of yen

otal amount of money and property benefits to be paid to Accounting Auditor by the Company and its ubsidiaries

20, 00 housands of yen(Note)In the audit contract between the Company and Accounting Auditor, there is no distinction between the fee for the audit based on the
Companies Act as Accounting Auditors and the fee for the audit based on the inancial Instruments Exchange Act, as it is not practicallypossible to distinguish them.

27

Based on relevant laws and Article 22 of the Company s Article of Incorporation,system to ensure the properness of the business and actual operation of the system
are posted on the Company website as set forth below.
https //www.cyberdyne.jp/english/company/IR.html

28

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.

cc(as of March 31, 201 )( nit

Assetsc

housands of yen)

(April 1, 2016 to March 31, 201 )( nit

housands of yen)iabilities
492,444

Cash and deposits
Accounts receivable - tradeecurities

10,3
2

, 33

Accounts payable- trade20,,

Income taxes payable

1 1,6321

23,000,000

Merchandise and finished goods
ork in process

20,26

Accounts receivable - other

12 ,233

Allowance for doubtful accounts

Interest income

Deferred tax liabilities

13,

Asset retirement obligations

(1,3

3

3,0 1

ther

11 , 02,,, 1

Rental assets, net
and3,11 ,

Construction in progress

6,003,

02

6

ther, net

Investment securities
ther,

1,360, 3
16 ,391

9,669
2 3, 0Consigned research income

0,00

ther

hare issuance cost

96,231oss on reduction of non-current assets

1,

ther

6,936

2,923

Capital stock

26,

3,

1

Capital surplus

26,6 9,1cRetained earnings( ,222,3)

Gain on sales of non-current assets00

oss on sales of non-current assets

302

302

reasury sharesccc

1,2 2,3 6,999Interest expenses

)

c

9

,902

ubsidy income

1

Net assets

Property and structures, netc320,0 2c

9, 69

Raw materials and supplies

ther

ther

96, 0

c

(20 )
c

c

aluation difference on available-for-sale securities,966

oreign currency translation adjustment

3, 02

Income taxes-current, 3

Income taxes- deferred(1,116)6, 1

c
Net loss attributable to non-controlling interests-

Net loss attributable to CYBERDYNE, INC.
(Rounded down to the closest thousands of yen)
29

(Rounded down to the closest thousands of yen)
*Income/loss before income tax without extraordinary income/loss, also called "Pretax income" or "Ordinary profit"
30

c
c

(as of March 31, 201 )( nit

housands of yen)

Statement of income (April 1, 2016 to March 31, 201 )

( nit

Items
Assetsiabilities
417,462

Cash and deposits
Accounts receivable - tradeecurities
Merchandise and finished goods
ork in process
Raw materials and supplies
Accounts receivable - other
ther
Allowance for doubtful accountsc
Buildings
tructures
Assets for rent
Machineryequipment

ehicles delivery equipment
ools, furniture fixturesandConstruction in progress

10,290,33
23 , 2
23,000,000
92,
9, 69
20,2
120, 6
2 6, 3(1,3 )

9 2,909,00,0 6
1 ,6 1
11,9602 0,2 1
3,11 ,
6,003, 0

Intangible assets
Patentoftwarether
Investments and other assets
Investment securities
hares of subsidiaries and affiliates
Investments in capitals of subsidiaries and affiliates
ong-term prepaid expenses
ther(Rounded down to the closest thousands of yen)31

11,320,213, 11,360, 3
39,01022,9, 93
6 , 106,921, 1

AmountNet sales
Cost of sales

Accounts payable - trade20,399Accounts payable - other

12 ,2 1Gross profit

Income taxes payable

1 1,0

Selling, general and administrative expensess

Accrued expenses

11,962

Operating loss

Other

10 ,

Non-operating income

Non-current liabilities

129,676

Interest income

9,704

Deferred tax liabilities

13,

Subsidy income

877,406

Asset retirement obligations

3,0 1

Consigned research income

283,805

Other

2,

Other

76,415

Total liabilities

547,138

3

1

Net assets
Shareholders' equity

46,352,944

Capital stock

26,743,881

Capital surplus

26,679,881

Legal capital surplus
Retained earnings

26,6 9,1(7,070,612)

Legal retained earnings

30

Other retained earnings( ,0 0,6 2)

Retained earnings brought forward( ,0 0,6 2)Interest expenses

1,785

Bond interests

6,214

Share issuance cost

96,231

Loss on reduction of non-current assets

741,755

Other

6,672

852,658

40

40

302

302

Ordinary loss
Extraordinary income
Gain on sales of non-current assets
Extraordinary loss

(204)

Valuation and translation adjustments

8,966

oss on sales of non-current assets,966

Loss before provision of income tax

12,468

Income taxes - current

6,420

Total net assets

46,374,379

Income taxes - deferred(1,116)

Total liability and net assets

46,921,518

Stock acquisition rights

1,247,331

Non-operating expenses

Treasury shares

Valuation difference on available-for-sale securities

housands of yen)

5,303

Net loss(Rounded down to the closest thousands of yen)
*Income/loss before income tax without extraordinary income/loss, also called "Pretax income" or "Ordinary profit"

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.

32

Audit Report by Audit and Supervisory Board
Audit report
With respect to the Directors performance of their duties during the 13th business year (from April 1, 2016 to March 31, 2017),
the Audit and Supervisory Board has prepared this audit report based on methods and results of audits reported by eachmember of Audit and Supervisory Board Members, and hereby reports as follows:
I. Method and contents of audits by the Audit and Supervisory Board and each of its members
1. The Audit and Supervisory Board established the audit policies, assignment of duties, etc. and received reports fromkansayaku regarding the status of implementation of their audits and results thereof. In addition, Audit andSupervisory Board received reports from Directors, etc. and the Accounting Auditor regarding the status of
performance of their duties, and requested explanations as necessary.
2. In conformity with the Auditing Standards established by Auditing and Supervisory Board, and in accordance with theaudit policies and assignment of duties, etc., each of Audit and Supervisory Board Members endeavored to facilitate amutual understanding with the Directors, the Internal Audit Office and other employees, etc., endeavored to collectinformation and maintain and improve the audit environment, and performed audits in the following manners:(i) Attended the Meetings of the Board of Directors and other important meetings, received reports on the status of
performance of duties from Directors and other employees, requested explanations as necessary, examined
important approval/decision documents, inspected the status of the corporate affairs and assets at the head officeand other principal business locations, and, with respect to the subsidiaries, Audit and Supervisory Board Member
endeavored to facilitate a mutual understanding and exchanged information with their directors and audit andsupervisory board members, etc. and received reports on their respective business as necessary.
(ii) Received reports from Directors, employees and so on and requested their explanations as necessary
concerning the descriptions on the business report with regard to the design and operation of (a) the contents ofBoard of Directors resolutions on the development and maintenance of the system to ensure that Directors
performance of their duties complied with all laws, regulations and the Articles of Incorporation of the Company
and other systems that are set forth in Article 100, paragraphs 1 and 3 of the Ordinance for Enforcement of theCompanies Act of Japan as being necessary for ensuring the appropriateness of the corporate affairs of a company
group that consists of a joint stock company and its subsidiaries, and (b) the systems (internal control systems) basedon such resolutions. With respect to the subsidiaries, Audit and Supervisory Board Member endeavored to facilitate
a mutual understanding and exchanged information with their directors and audit and supervisory board members,
etc. and received from subsidiaries reports on respective business as necessary.
(iii) Monitored and verified whether Accounting Auditor maintained its independence and properly conducted its
audit, received a report from Accounting Auditor on the status of its performance of duties, and requested
explanations as necessary. Audit and Supervisory Board was notified by Accounting Auditor that it had established asystem to ensure that the performance of the duties of the accounting auditor was properly conducted (the matterslisted in each item of Article 131 of the Company Accounting Regulations) in accordance with the uality Control
Standards for Audits (Business Accounting Council on October 28, 2005), etc., and requested explanations asnecessary.

33

Based on the above-described methods, each member of Audit and Supervisory Board examined the business report and it sannexed specifications thereto, the financial statements (the balance sheet, the income statement, the statements of changes in
net assets, and the related notes) and the accompanying supplemental schedules thereto, as well as the consolidated financial
statements (the consolidated balance sheet, the consolidated income statement, the consolidated statement of changes in net
assets and the related notes), for the business year under consideration.
II. Results of audit
1. Results of audit on Business Report, etc.
(i) We acknowledge that the business report and the annexed specifications thereto fairly present the status of theCompany in conformity with the applicable laws and regulations and the Articles of Incorporation of the Company.
(ii) We acknowledge that no misconduct or material fact constituting a violation of any law or regulation or the
Articles of Incorporation of the Company was found with respect to the Directors performance of their duties.
(iii) We acknowledge that the Board of Directors resolutions with respect to the internal control systems areappropriate. We did not find any matter to be mentioned with respect to the descriptions in business report andDirectors performance of their duties concerning the internal control systems.
2. Results of audit on financial financial statements and the accompanying supplemental schedules
We acknowledge that the methods and results of audit performed by Accounting Auditor, Deloitte Touche
Tohmatsu LLC, are appropriate.
3. Results of audit of consolidated financial statements
We acknowledge that the methods and results of audit performed by Accounting Auditor, Deloitte
Touche Tohmatsu LLC, are appropriate.
May 18, 2017
CYBERDYNE, INC. the Audit and Supervisory Board

Full-time Outside Audit and Supervisory Board Member Yutaka Fujitani
Outside Audit and Supervisory Board Member Cornelis Vellekoop㊞㊞

Outside Audit and Supervisory Board Member Kenichiro Okamura ㊞
The above represents a translation, for convenience only, of the original report issued in the Japanese language and theaccompanying supplemental schedules referred to in this report are not included in the attached financial documents.

34

MEMO

35