NISSO HOLDINGS Co., Ltd.
【Main Q&A at the Financial Results Briefing for the First Nine Months of FY 3/2024 】
Announced on February 9, 2024

The following content contains the main questions and answers from the questions received after the announcement. In addition, some revisions andcorrections have been made to make the content easier to understand.

Q&A: Impact of the suspension of automobiles operations in thenext fiscal year
Questioner: What do you think will be the impact of the suspension of automobiles
operations in the next fiscal year?
Shimizu: I think this is a very difficult question. Although I think that our view will differ
depending on the events that occurred due to recent inspection irregularities, I believe that
there will be some things that will be delayed to the next fiscal year.
However, as we exchange information with each body and parts manufacturer, we havelearned that some processes can be recovered relatively quickly, within the fiscal year.
Depending on the situation, we believe that some processes will gradually recover fromnext month or so.

Q&A: Prospects for the Semiconductor and Electronics Industries
for the next fiscal year
Questioner: What are the prospects for the Semiconductor and Electronics Industries forthe next fiscal year?
Shimizu: With regard to memory, which took time to adjust inventory, we have alreadyincreased the number of staff from the end of this fiscal year, as new projects have beenlaunched for the next fiscal year, and the industries are moving toward normalization.
In addition, shipments will start toward the end of this fiscal year in the Kumamoto area, so
we believe that our business will remain steady.
At electronics manufacturers, as the number of factories where overtime work is alreadynormalizing has increased, we expect the situation to be brighter next fiscal year than thecurrent one.

Q&A: Human resources development
Questioner: I believe that human resources development will be an upfront investment,
but can you tell us if it is correct to acknowledge that the next fiscal year will be aninvestment phase for growth?
Shimizu: We believe that if we do not train engineers or highly skilled workers that wewere unable to train this year due to various circumstances of our clients for the next fiscal
year, we will not be able to receive large-scale orders in 2026 and 2027. Due to the slightstagnation this year, we are planning to invest more strongly in training and developing ourstaff next fiscal year than we originally planned.
At present, we are preparing to produce around 1,800 engineers, although this is still arough estimate.

NISSO HOLDINGS Co., Ltd.
【Main Q&A at the Financial Results Briefing for the First Nine Months of FY 3/2024 】
Announced on February 9, 2024

The following content contains the main questions and answers from the questions received after the announcement. In addition, some revisions andcorrections have been made to make the content easier to understand.

Q&A: Future prospects related to storage battery
Questioner: You have said that you are planning to focus on storage battery-related
projects, such as the establishment of the Nisso EV Technical Center Kansai (EVTCKansai) in the future. Please tell us about your future vision for this and the aim ofparticipating in the consortium.
Shimizu: We have several aims here. First of all, the aim of participating in the consortium
is to ensure that since a large-scale battery factory is scheduled to start operations in thesecond half of 2026 or 2027, that we accurately grasp the extent to which a structure fortraining in that area is necessary, and it turns out that storage battery manufacturers
separate the human resources they prepare in-house from those they outsource. As aresult, this gave us some idea of what to expect, and we have now decided to open an EV
Technical Center in Shiga Prefecture.
From this point on, we will have thorough discussions with our clients about the curriculum,and this is the phase in which we will systematically train our staff while they actually install
the manufacturing equipment.

Q&A: Impact of rising labor costs
Questioner: Since there are calls for wage increases throughout Japan, what kind of
impact do you expect for your company in the event that labor costs rise at your clientcompanies?
Shimizu: The government, the business community, and labor unions all agree that wage
increases will be a major key to economic recovery from this point forward.
Since we are currently in the midst of the "Spring (Labor) Offensive", we have consistently
taken the stance that we will raise the wages of those who are working. This also translates
into an increase in the unit-costs of orders received. Rather than a significant improvementin the so-called rate of return as the gross margin, the amount of revenue increases byincreasing the unit-costs. We believe that this will be a positive effect for us as well as areturn in the form of higher salaries for our employees.