VISION 2030
Medium-Term Management
Plan Briefing Session Material(FY2023 to FY2025)
3 June 2022
Wacoal Holdings Corp.

1

1. The Mission We Should Fulfill in Today's Society
2. Reflecting On Our Previous Medium-term Management Plan:
On Formulating VISION 2030 and a Medium-term Management Plan
3. VISION 2030, Our Medium- to Long-term Management Strategy Framework
4. Medium-term Management Strategy (Mar. 2023 Term to Mar. 2025 Term)
5. Financial Strategy (Mar. 2023 Term to Mar. 2025 Term)
6. How We Must Change Our Ways

2

First lingerie show held (1952)

During the post-WWII chaos, the women of the world lost their sparkle and their former beauty.
For Japan to recover from the defeat as swiftly as possible and for the people to rekindle
hopefulness in their lives, it was crucial for the women to regain vitality. (Koichi Tsukamoto,
Founder)3

I'm Yasuhara, Representative Director, President, and Chief Executive Officer of Wacoal
Holdings. Please refer to page three. Since its establishment in 1946, Wacoal has been
operating with the goal to contribute to society by helping individuals to express theirbeauty. Mr. Koichi Tsukamoto, the founder of Wacoal, was a soldier in World War II. Laterhe described his motive for founding the company as follows.
“For Japan to recover from the defeat as swiftly as possible and for the people to rekindle
hopefulness in their lives, it was crucial for the women to regain vitality.”
The global landscape has changed dramatically in the wake of the infectious disease
outbreak. And still, there is growing uncertainty. In formulating our medium- to long-term
management strategy, we have launched a project involving executive officers andyounger employees to reexamine the future vision of the Wacoal group and the mission
we should fulfill in today's society.

Values Only the Wacoal Group Can Provide in These Increasingly Uncertain Times

Contribute to the enrichment of the lives of all people
around the world
Help people achieve self-realization free fromexternal aesthetics or uniform perspective

Strive to resolve various social, environmental, andhuman rights issues
4

Please refer to page four. Here is a description of the group mission, as derived throughdiscussions on the project.
Our first focus is to contribute to the enrichment of the lives of all people around the world.
Second, help people achieve self-realization free from external aesthetics or uniform
perspective. Third, strive to resolve various social issues, environmental issues, andhuman rights.
We identified these topics as the social responsibility that the Wacoal Group needs to fulfill.
Accordingly, we incorporated them into our revised group mission.

We have changed the framework of our management philosophy forthe first time since our founding
With our founding spirit at the core, we have defined the mission weshould accomplish in modern society＜Our Promise＞
We will contribute to society by helping
women to express their beauty.

WACOAL empowers people with theconfidence that comes from looking andfeeling their best.
As a global leader, we welcome
everyone into our caring community built
on mutual respect, diversity, andinclusion.

MissionFounding
Principles

The WACOAL Way＜Our Culture＞
We, the employees and management of
WACOAL, will maintain a refinedcorporate culture based on mutual trust
and will continually strive to make theCompany a global leader in the industry.
＜Our Values＞
Create products loved by customers
Develop new products that meet the needs of the times
Conduct business in a fair manner with a forward focus
Build a better Wacoal through better human resources
Fear not failure and boast not of success

5

Please refer to page five.
With the establishment of the group mission, for the first time since the company‘sfounding, we have changed the framework of our management philosophy andpositioned our promise, our culture, and our values set forth by our founder as theFounding Principles.
Going forward, we will strive to enhance our corporate value by promoting sustainability
management that aims to both solve social issues and achieve sustainable growththrough our businesses, based on our group mission and the founding spirit that wehave inherited over our more than 70-year history, and by recognizing the increasingly
complex and diverse social issues that each of our operating companies faces as future
growth opportunities.

Mission Fulfill in Today's Society

WACOAL empowers people with the confidence that comesfrom looking and feeling their best.
As a global leader, we welcome everyone into our caring
community built on mutual respect, diversity, and inclusion.
At WACOAL, we value each person as an individual and believe in nurturing the
body and mind so everyone can be their best.
When people with different backgrounds are empowered to come together andshare ideas freely, we as a society will achieve true harmony.
By continuing to evolve, WACOAL leads the way to a world where kindness,
inclusivity, and mutual respect are the standards, and the future is full of promisefor everyone.

6

On page six, you will find the newly formulated group mission of our group. We will skip
the presentation today, please check back later.

Formulating VISION 2030,
our medium- to long-term
management strategy framework,
to create new value
VISION 2030, Our
Medium- to Longterm Management
Strategy Framework
Medium-Term Management
Plan Briefing Session Material(FY2023 to FY2025)

Founding
Principles

MissionWACOAL empowers people with theconfidence that comes from looking andfeeling their best.
As a global leader, we welcome
everyone into our caring community
built on mutual respect, diversity, andinclusion.

Management Strategy
Material Issues
Guidelines for the Actions of
Officers and Employees

Management Strategy・Financial Strategy

7

Please see page seven.
VISION 2030 is a set of goals to achieve by 2030 for us to accomplish the group mission
and to ultimately evolve as a company that people and society rely on. As a milestone,
the medium-term management plan we are announcing this time is what we should workon for the first three years of the plan.
This is the end of my presentation.

1. The Mission We Should Fulfill in Today's Society
2. Reflecting On Our Previous Medium-term Management Plan:
On Formulating VISION 2030 and a Medium-term Management Plan
3. VISION 2030, Our Medium- to Long-term Management Strategy Framework
4. Medium-term Management Strategy (Mar. 2023 Term to Mar. 2025 Term)
5. Financial Strategy (Mar. 2023 Term to Mar. 2025 Term)
6. How We Must Change Our Ways

8

Summary of Previous Medium-Term Management Plan
＜Consolidated net sales・Operating Income（Billion of yen ）＞186.8

Operating income ratio

152.2

6.6

▲1.1

5.0

FY2020

FY2021

FY2022

initialplan
14.0

FY2022
initial plan

3.6%

ー

2.9%

6.7%

3.5

7.0

4.6

12.0

ROE

1.6%

3.3%

2.1%

6.0%

Cash generated（Net income※＋Depreciation cost

27.8

10.8

14.4

3-year 70.0 or more

13.6

2.6

3.5

20.0

60

40

50

ー

Net income attributable to
Wacoal Holdings Corp.

＋Reduction in strategic stockholdings）

Reduction in strategic stockholdings（Book Value as of the end of FY2019）

Dividends Per Share (yen)9initial
plan
210.0

172.9

※Estimated in real terms without taking into account impairment losses of intangible assets, securities, or valuation gains and losses

I will now review VISION 2030 and our medium-term management plan.
First, let me begin with a review of the previous medium-term management plan.
Please see page nine. This page shows the results for the previous midterm period.
Strongly affected by the global spread of infectious diseases, our performance declined
significantly from the fiscal year ended March 2021 onward, making it a very difficult
three-year period.

Understanding the Current Situation: Reflecting On Our Previous Medium-termManagement Plan

Our lack of ability to respond in unexpected situations was revealed
We must transform our corporate structure into one that is more resilientand can cope with intense environmental changes
Primary Policy 1. Show Strong Growth Domestically and Internationally

Acquired IO, Inc. (LIVELY) to strengthen our e-commerce business in the USAs regulations eased and consumer spending has recovered, Europe and the US hit record levels

The pandemic clarified the issues that Wacoal's business structures havePrimary Policy 2. Verify Unprofitable Businesses' Future Potential
and Carry Out Structural Reform

Original plan

CAGR 4.0%×

Peach John's structural reform led to it moving back into a highly profitable position

The business environment surrounding three of our domestic subsidiaries worsened due to the pandemicWe started to structurally reform each company via downsizing, factory closures, etc.

Primary Policy 3. Strengthen Efforts to Create Social Value

Wacoal business (overseas) segment<Consolidated sales / Operating profits(Units: Billions of yen)>

▲

61.6
59.7
53.1

49.8

41.4

〇



We disclosed medium- to long-term targets for reducing greenhouse gases

For CSR procurement, we disclosed everything up to the list of factories to which our major overseas

10

affiliates outsource

Mar. 2019 term

Mar. 2020 term

Mar. 2021 term

Mar. 2022 term

Mar. 2022 term

Please refer to page 10. This section contains an evaluation of the three primarymanagement policies outlined in the previous medium-term management plan.
For the first of the primary management policies, which is to show a strong growthtrajectory both domestically and internationally, our evaluation symbol is a triangle,
meaning not good. The overseas business achieved record-high sales in Europe and theUS. We also achieved high growth in e-commerce, which has been a focus of thecompany's efforts. On the other hand, for the domestic business, challenges with profitearning structure and channel structure became apparent as sales were sluggish due tothe pandemic.
The second policy, verification of the future potential of unprofitable businesses andstructural reforms. Our evaluation symbol is an X, meaning bad. The effects of structuralreforms have enabled Peach John to return to a highly profitable position once again. On
the other hand, although measures were taken for NANASAI, Ai, and LECIEN, theperformance of these companies fell sharply due to the pandemic, and these issues will
be carried over to the next medium-term management plan.
The third, strengthening efforts to create social value. Our evaluation symbol is a circle,
meaning good. We were able to advance our response to climate change issues bydisclosing our targets for greenhouse gas reductions, and we also made progress in our
CSR procurement efforts by disclosing the list of factories to which our major overseas
affiliates outsource.

Understanding the Current Situation: Business Issues
Domestic Business
IssuesOverseas Business
IssuesEliminate the rigid high-cost structure and transform into a
resilient company


Acquire new customers via stronger marketing, develop new value to provide to customers, and create new
businesses
Stabilize management within our domestic subsidiaries, and verify businesses' ability to continue and decide
whether to let them do so or change themFurther increase profitability and continuous growth,
centered on e-commerceRespond to a lag in the LIVELY brand's growth caused by saturation in the US e-commerce market and targeted
advertising regulations
Actively invest in our brands for growth in potentially large markets now emerging, such as India and Germany

Renovate our global supply system to improve productivity

Production and Supply
System Challenges

Sustainability Issues

Soften the blows from soaring raw material and shipping costs by making production and shipping
operations efficientWork to stabilize factory operations as COVID-19 spreads

Promote co-creation innovation that solves social issues asopportunities for growthStrengthen responses to increasingly severe human rights and environmental issues, such as climate change
Strengthen our ability to respond to change by increasing the number of employees that can clearly define andact on the company's ideal state and mission

11

On page 11, we have included our perception of the issue.
The domestic business must eliminate the high-cost structure that was revealed by the
pandemic. We also need to strengthen our ability to respond to change. In addition, we
need to strengthen the marketing function to attract new customers and recover sales as
quickly as possible.
In the overseas business, we need to sustain our growth through further sales growth inmajor countries, centered on e-commerce, as well as by developing businesses in potential,
large markets. In addition, Intimates Online, hereafter referred to as IO, must further
improve profitability by advancing this profitability improvement initiative.
On the supply side, it is necessary to improve the production system globally to pushproductivity to another level.

Stakeholders' Expectations (Mainly Institutional Investors)

Growth Strategies

Long-term Issues

The Next Mediumterm Plan

Our growth strategy was difficult to visualize before,
but policies for increasing our LTV and growing havebeen clearly set forth through CX and brand strategies,
making our long-term strategy easier to understand.
Wacoal's P/B ratio has been below 1x since the 2000s.
This reflects our investors judging that Wacoal was
unable to adequately transform our business model into
what the market demanded in order to respond tochanges in the external environment.
The goals of our next medium-term plan are to improve
our PL and BS and become more efficient, and as aresult, hopefully improve our ROE.

12

Please refer to page 12. The following is a list of expectations from stakeholders, which
we have received from investors through dialogue.
What investors commonly demand of the Group is an early resolution of the persistent
P/B ratio of less than 1x. At the same time, we received many comments that we should
clarify the value that only the Wacoal Group can provide to society and people in the
coming era.
We have also received feedback that we need to make sure that corporate governance isproperly effective to create new value, promote current management reforms, andsteadily achieve a level of ROE that exceeds the cost of capital.

On Formulating Vision 2030 and a Medium-term Management Plan

CreateExpectations

In these uncertain times, the Wacoal Group will clarify the economic and social
value that only we can provide to society and people(Provide greater value / Global growth)×
Respond to
Requests(Improve ROE levels, andfocus on ESGs)

We will strengthen our efforts to meet the capital market's demands for ourcompany and improve our P/B ratio standing of below 1x as soon as possible

×
Commitment(Improve effectiveness /Improve capital efficiency)

We will improve the effectiveness of our corporate governance (improve ourcapital efficiency, continuously improve our renumeration system, etc.) totransform our corporate structure into one that is more resilient

13

Page 13. In formulating our mid- to long-term management strategy, we have organized
our action items along three axes.
The first is to create expectations for the future. In these uncertain times, we would liketo clarify the value that only the Wacoal Group can provide to society and people.
The second is to respond well to requests. We will strengthen our efforts to meet thedemands of the capital market for our company and hope to improve the P/B ratio below
1x as soon as possible.
The third is commitment, and I believe that we must keep our promises. We will continue
to improve the effectiveness of corporate governance to transform our corporate structure
to one that is more resilient to change.

VISION 2030 and Medium-term Management Plan Initiatives (Overall Picture)
Create Expectations(Provide greater value / Global growth)3-yearMedium-termManagement
Plan

VISION
2030









Respond to Requests × ×Commitment(Improve effectiveness / Improve capital efficiency)×(Improve ROE levels, and focus on ESGs)

Bring back Wacoal Japan's growth
Strengthen potential for growth in Wacoal's
overseas business
Promote a human resources strategy that
supports growth

Achieve global growth
Provide greater value / Expand our business
areas
Create a culture where diverse humanresources can play active roles

Finish domestic structural reform
Achieve an ROE above capital cost
Strengthen responses to human rights
and environmental issues

Have an operating margin and ROE
around 10%
Solve materialities (material issues)(Strengthen responses to environmental
and social issues)








Disclose the process to achieving our ROE(Reform the revenue structure / Improve
capital efficiency)
Continuously improve the executive
compensation system

Continuously improve the executive
compensation system
Optimize the Board of Directors' member
structure
Optimize the capital structure

Achieve Increased Corporate Value

Create Social Value Unique to Wacoal(Consistently have P/B ratio above 1x / Achieve sustainable growth)(Provide greater value to customers / Solve sustainability issues)

Fulfill the Group's mission: To use our business to achieve a society in which each person can live as themselves
14

Page 14 summarizes the overall picture of VISION 2030 and medium-term management
plan initiatives. The items to be addressed are organized by time frame, as well as
expectations, requests, and commitments.
Through our response to requests and commitment, we will create expectations for society
and our customers by continuously providing social value that only our group can provide,
while enhancing the trust of our stakeholders.
And through these efforts, we hope to enhance corporate value and achieve sustainablegrowth.

1. The Mission We Should Fulfill in Today's Society
2. Reflecting On Our Previous Medium-term Management Plan:
On Formulating VISION 2030 and a Medium-term Management Plan
3. VISION 2030, Our Medium- to Long-term Management Strategy Framework
4. Medium-term Management Strategy (Mar. 2023 Term to Mar. 2025 Term)
5. Financial Strategy (Mar. 2023 Term to Mar. 2025 Term)
6. How We Must Change Our Ways

15

What We Aim For in VISION 2030
Evolve and grow into the global Wacoal Group by utilizing our elevatedminds and quality through beautifying and enriching each individual's body
Medium- to Long-termManagement Strategy Framework

VISION 2030
Management Strategies
Materialities (Material Issues)
Behavioral Guidelines for
Executives and Employees

CreateExpectations

 Achieve global growth Provide greater value / Expand our business areas
 Create a culture where diverse human resources
can play active roles

×Respond to
Requests

 Have an operating margin and ROE around 10%
 Solve materialities (material issues)(Strengthen responses to environmental and social
issues)×
Commitment

 Continuously improve the executive compensation
system Optimize the Board of Directors' member structure Optimize the capital structure

16

I would like to review VISION 2030.
Please refer to page 16.
In VISION 2030 we stated our mid- to long-term vision: “Evolve and grow into the global
Wacoal Group by utilizing elevated mind and quality through beautification and enrichmentof individual body." The vision consists of three elements: management strategy,
materiality, and behavioral guidelines for the executive and employees.

VISION 2030 Management Strategies
Create New Value from an Innovative Perspective and Achieve Sustainable Growth
VISION 2030

Business areas (Categories to strengthen moving forward)

Management Strategies“Beauty”“Comfort”

Improve domestic
profitability and expand
our business areas

PromoteSustainability
Management

BeautyExpandHealthComfortExpand overseas businesses
and transform them into
high-revenue structures

ExpandCultivate

ExpandMulti-dimensional and highly
Cultivate individualized sensibility and Cultivate
product quality

Strengthen the Group's
management capabilities

Shift to more capitalefficient management“Health”

We will cultivate and expand the beauty, comfort, and health areas with new
products and services backed by our elevated minds and quality

17

Please see page 17. First, let me review the first component, management strategy. We
have set forth the following four management strategies.
We will also take on the challenge of creating new value with an innovative perspective toachieve sustainable growth. The Wacoal Group will focus on the following businesses:
beauty, comfort, and health. We will achieve discontinuous growth by leveraging available
resources, both internally and externally.

VISION 2030 Management Strategies

Improve domestic profitability
and expand our business areasGrow steadily in Japan and create new businesses in the health area

Restore our domestic market shares by promoting our CX strategy (Approx. 24% in the Mar. 2021 term ⇒Approx. 30% in the Mar. 2031 term)
Expand the areas we do business in within the beauty, comfort, and health fields (Estimated sales from new
businesses: Approx. 20 billion yen)

Expand overseas businesses
and transform them into
high-revenue structures

PromoteSustainability
Management

Continue expanding in the areas we have entered and grow in the European
and Indian markets

Strengthen digital marketing to acquire new customers, and strengthen CRM to make existing customers
loyal
Strengthen brand investment in new markets (Sales targets: 7 billion yen in the Indian market and 3 billion
yen in the German market)

Strengthen the Group's
management capabilities

Shift to more capitalefficient management

Strengthen the Group's corporate governance and develop and utilize diverse
human resources
Establish both domestic and overseas technology, production, and R&D bases



Redefine our quality standards, make sewing factories into smart factories, and pursue production andshipping efficiency

Continuously generate ROE that exceeds capital costOptimize how we distribute value to stakeholders

Work to have a 10% ROE and optimize the capital structure18

On page 18, we provide details of the four management strategies we have set forth.
For the domestic business, we aim to expand sales by promoting CX strategy and creating
new businesses, as well as to transform the business into a profitable one.
In the overseas business, we hope to secure a high growth rate by strengthening thedevelopment of markets with large potential for growth, such as Germany and India, in
addition to growth in existing areas through enhanced digital marketing and othermeasures.
To strengthen the Group's management capabilities, we will build a system that can
respond to severe changes in the environment by continuing to improve the efficiency ofour production bases.
At the same time, we will continue to strengthen our corporate governance structure sothat we can steadily promote our growth strategy and produce targeted results, and wewill also strive to develop and acquire human resources capable of creating new value. In
addition, we will strengthen our management base by promoting a shift to more capitalefficient management.

VISION 2030 Business Portfolio[Operating profits]

Strengthen growth andtransform into high-revenue
businesses

12 billion
yen(Overseas businesses)
Innerwear sales

10 billion
yen(Wacoal Japan)
Innerwear sales

Stable growth /Increased revenue

5 billion
yen

Transform into high-revenue
businesses• Reform the cost structure• Deal with unprofitablebusinesses(Peach John)
Innerwear sales(Wacoal Japan)
Non-innerwear sales

Expand businesses in
the health area
(New businesses, M&A)

50 billion
yen(Other businesses)

19• Deal with unprofitable businesses• Reform the cost structure• New M&A

[Sales]100 billion
yen

Designate Europe and the US as growth drivers
Planned value for overseas businesses (excl. nonconsolidated companies)
Sales: 100 billion yen; Operating margin: 10%

Increase Wacoal Japan's non-innerwear sales
Try to expand businesses in the health area
(New businesses, M&A)
Sales: 20 billion yen; Operating profits: 10%

Achieve high revenues in our core businesses(Structural reform / Deal with unprofitable businesses)
To secure an operating margins around the 8 - 10% level

120 billion
yen
VISION 2030
business plan
Actual Mar. 2022
term results

Please refer to page 19. Here is a summary of the image of the business portfolio that we
aim to achieve in the final year of VISION 2030.
The mainstay innerwear business will maintain top-line growth, particularly in Europe, theUS, and emerging regions while increasing profitability through cost structure reforms inJapan and improved profitability of IO. In addition, by effectively utilizing the know-how
and assets of existing businesses to create new businesses, we aim to build a businessportfolio that can be expected to grow sustainably.

Aim to Increase (Domestic) Non-Innerwear Businesses' Sales
Utilize 3D body data, R&D results, and employee ideas, and promote active
M&A and collaboration with other companies;
Strive to continuously provide greater value and achieve discontinuous growth

Non-innerwear
businesses' sales
20 billion yen

Utilize 3D Body Data

Utilize R&D Results

Utilize Employee Ideas

Supervising division:
Innovation Strategy Office

Supervising division: Wacoal Human
Science Research & Development Center

Supervising division: Future Business
Development Office

Data Services• Provide new services to
consumers• Sell systems for companies

Products• Develop new products• Collaborate with othercompanies

Medical and Social Contributions

Customers' Digital Experiences• Conduct joint research andcontribute to progress on breastreconstruction with the Cancer
Institute Hospital and others• Develop technologies andbusinesses overseas• Increase customer experiencevalue• Third-party sales of services

Promote human sciences
research in collaboration
with other companies anduniversities, etc.

Develop a new service fortaking care of one's body

Make practical use of 3D
manufacturing technologythat uses 3D printers, etc.

Develop personalization
services that provide products
tailored to each person's figure

Publicize business ideas andpublicly recruit members todevelop businesses

Develop new businesses tosolve social and health issues

Have the Wacoal Group
employees create and develop
businesses

Create new businesses
that go beyond the existing
management framework

Speed up the implementation through M&A andcollaboration with other companies
Supervising division: Corporate Planning Department
20

Please refer to page 20. I would like to review our domestic business.
The Group's existing assets encompass three-dimensional human body data and theaccomplishments produced by Wacoal Human Science Research Center. In addition tothese resources, we will explore external resources, such as collaboration or M&A
opportunities with partners, to achieve continuous evolution of added value anddiscontinuous growth.
In addition, we have set a target of JPY20 billion for new businesses under VISION 2030.
Some projects have already started, but we would like to develop them into pillars tofollow the inner business by injecting external resources as needed.

VISION 2030 Overseas Business Portfolio (Reprint of Material Published on Feb. 10, 2022)[Operating profits]
3 billionyen

WacoalAmerica

Image of businesses
in VISION 2030
Estimates for theMar. 2022 term

2 billionyen

We are designating Europe and the US as
growth drivers, and our goal is for overseas
businesses (excl. non-consolidated
companies) to achieve 100 billion yen insales and a 10% operating margin

WacoalEurope

Pre-COVID level1 billionyen

Wacoal America; IO, Inc.; and Wacoal Europe haveachieved growth as corporate entities that cangenerate operating margins above 10% and are driving
overall business overseas

WacoalChina

Even Wacoal China, which continues to struggle in its
own area, has been able to regrow through newfoundefforts to attract new customers through its own ecommerce and via other companies' e-commerce

Asia(Other)10 billion
yen [Sales]

21

20 billion
yen

30 billion
yen

We will work to expand the Indian market once
again—as COVID-19 spreading brought it to a
standstill—and strive to expand in-house e-commercein Asian countries to achieve growth

Intimates Online,
Inc. (IO, Inc.)

Please refer to page 21. Here is an image of the overseas business portfolio that we aim
to achieve in the final year of VISION 2030.
We would like to achieve sales of JPY100 billion and an operating margin of 10% by
realizing a shift to a highly profitable structure, with Europe and the US as growth drivers.

(Overseas Businesses) Key Points for Global Growth
Overseas businesses' sales

108 billion yen(Operating margin: 10%)

We will work on pushing growth in the areas we have entered (the UK, theUS, China) and spreading brand awareness in Europe, India, and otherareas, and transform businesses there into high-revenue structures

1 Uplift Growing Markets

Steadily grow in Europe and the US Acquire new customers via stronger digital marketing
 Make existing customers loyal by utilizing data andstrengthening CRM

Break new ground on markets withhigh sales potential
Estimated
Sales in
Emerging
Areas

Germany: 3 billion yen
India: 7 billion yen

222Transform into Highrevenue Structures

Businesses boldly transform into
e-commerce businesses

VISION 2030
E-commerce
Ratio

50% or more
Includes client e-commerce,
specialized e-commerce, andin-house e-commerce sales

Convert to the Asia Headquarters
System Restructure the sales system and expand e-commerce tosuit Asia's market characteristics

Please refer to page 22. This section describes the key points we will focus on to achieve
our overseas business goals.
In our key markets, the US, Europe, and China, we will focus on the e-commerce businessand aim for stable growth. In addition, we will achieve growth in areas with larger markets,
such as Germany and India, and improve profitability by increasing the efficiency of ourglobal management structure.

Material Issues We Aim to Solve by 2030
Customers:
Maximize the value provided
to customers

Maximize Customer
Satisfaction
Achieve a Sustainable
Society

Employees:
Achieve growth of each of
our employees and establish
a highly rewardingorganization➀Enhancement of customer experience value by pursuing personalization➁Endeavoring to expand business areas➂Deepening of product quality and building of service quality④Growth into human resources who can expand their potential and have confidence,
pride, and success⑤Building of an organization that can demonstrate great results through co-creation and collaboration⑥Continuous improvement of employees' health and health awareness

Environment:

Corporate Sustainability

Increased Corporate
Revenue / Sustained
GrowthPreserve the environment
globally for future
generations

Society:
Realize a society in which
everyone plays an active rolein their own way

Governance:
Enhance governance towardrealization of sustainablegrowth23⑦Promotion of business activities that reduce environmental impact⑧Promotion of co-creation innovation to solve social issues➈Implementation of highly-transparent management⑩Strengthening of the risk management system⑪Continuous improvement of profitability and capital efficiency* KPIs and progress on initiatives for these materialities will be disclosed on the website and via
Integrated Reports in the future

Please see page 23 The second component of VISION 2030, materiality, is reviewed below.
In formulating VISION 2030, we filtered the challenges that the Group needs to address.
We identified a total of 11 materialities covering customers, employees, environment,
society, and corporate governance.
I’m skipping details today, but we plan on disclosing the progress of our materiality
initiatives on our website and reviewing them at ESG meetings and other events in the
future.

Promotion System: The Board of Directors Makes Decisions and Monitors Them
Customers:
Maximize the value provided
to customers(1) Progress on these will be managed at the Management Issues Review Meeting—where they deliberate on
management issues—as customers and employees are closely related to the businesses

Employees:
Achieve growth of each of
our employees and establish
a highly rewardingorganization

Environment:
Preserve the environment
globally for future
generations

Society:
Realize a society in which
everyone plays an activerole in their own way

Governance:
Enhance governance towardrealization of sustainablegrowth(2) Progress on these will be managed by the Sustainability Committee (with the Representative Director,
President, and Corporate Officer of Wacoal Holdings Corp. serving as the Supervisory Director, and the Director,
Vice President Corporate Officer; Representative Director, President, and Corporate Officer of Wacoal Corp.
serving as the Committee Chair), established in Apr. 2022.
(Projects to raise awareness and further implement the Philosophy are launched under the umbrella of thiscommittee)<The Sustainability Committee and Its Subcommittees and Projects>
Sustainability Committee(Committee Chair: Director, Vice President Corporate
Officer; Representative Director, President, andCorporate Officer)

Subcommittee for
Carbon Neutral

Subcommittee for
Resource
Circulation

Subcommittee for
CSR Procurement

Project to Improve Women's QOL
Project to Promote Awareness of
the Philosophy

Subcommittee for
Human Rights, D&I(3) Progress on related efforts will be managed by the Board of Directors, the Executive Compensation Advisory
Committee, and the Executive Nomination Advisory Committee

24

On page 24, the promotion system is clearly described.
While the Board of Directors is responsible for decision-making and overall monitoring, themanagement committee and its subgroups will take the lead in solving issues.

VISION 2030 Plan Roadmap

Management
Strategies

Mar.
2025
term
Sales revenue
220 billion yen

Mar.

Operating profit
2025yen
16 billion(7.3%)
term
ROE 6%

Goal

Mar.
2028
term
Sales revenue
250 billion yen

Continue Expanding in the Areas we Have Entered
Expand Overseas
Businesses and Transform
Them into High-revenue
Structures

 Achieve growth in the Asian region• Sales: 5.9 billion yen (Operating profits: 0.3 billion yen)
• Strengthen efforts to expand in emerging areas
 Make IO, Inc. profitable again (Goal for the Mar. 2024
term)

Achieve Regrowth and Finish Structural Reform
Improve Domestic
Profitability and Expand
our Business Areas

 Bring back existing businesses' growth (Wacoal Corp.)• In-house e-commerce: 20 billion yen• Self-managed store sales: 40%
 Try to create new businesses

Formulate Processes to Solve Materialities
Sustainability
Solutions throughour Business Ratio of women in management positions: 30% or more
 Achieve the health and productivity managementtargets in GENKI Project 2025
 Disclose all materiality KPIs (this and the preceding
points relate to Wacoal Corp. only) Review the Group companies' materiality KPIs

Mar.

Operating profit
2025yen
22 billion
term(8.8%)
ROE
8%
Goal

Mar.
Mar.
2031
Operating profit
2025yenterm
27 billion
Sales revenue
(10%)
term
270 billion yen
ROE
10%
Goal

Grow in the European and Indian Markets
 Achieve growth in overseas businesses• Sales: 108 billion yen• Operating profits: 10%
 Overseas sales ratio: 40%

Create New Businesses in the Health Area
 Bring back existing businesses' growth (Wacoal Corp.)• Existing businesses' sales: 110 billion yen• Operating profits: 8%
 Grow new businesses (Sales: 20 billion yen)

Strengthen Efforts Done Together with Stakeholders
 Go carbon neutral (Domestic locations) Use 50% eco-friendly materials (Wacoal Corp.)
 Achieve zero product waste (Wacoal Corp.) Reduce Scope 3 emissions by 20% (Wacoal business[Japan])25

On page 25. Here is the VISION 2030 roadmap.
By steadily implementing the management strategies reviewed today and striving toresolve materiality issues, we aim to achieve sales revenue of JPY270 billion, operating
profit of JPY27 billion, and ROE of 10% in the final year of the plan, the fiscal year ending
March 2031.
This concludes my review of VISION 2030.

1. The Mission We Should Fulfill in Today's Society
2. Reflecting On Our Previous Medium-term Management Plan:
On Formulating VISION 2030 and a Medium-term Management Plan
3. VISION 2030, Our Medium- to Long-term Management Strategy Framework
4. Medium-term Management Strategy (Mar. 2023 Term to Mar. 2025 Term)
5. Financial Strategy (Mar. 2023 Term to Mar. 2025 Term)
6. How We Must Change Our Ways

26

Medium-term Management plan Management Targets

１（billion of yen）

FY2023 plan

FY2025 plan

（First year of medium-term
management plan）（Final year of midium-term
management plan）

Net Sales

205.0

220.0

ー

+7.3%

7.0

16.0

3.4%

7.3%

6.5

16.5

3.2%

7.5%

8.0

18.0

3.9%

8.2%

5.5

12.5

2.7%

5.7%

（％ changes from FY2023）
Business Income（vs. Net sales）
Operating Income（vs. Net sales）
Income before income taxes and equity in net
income of affiliated companies（vs. Net sales）
Net income attributable to owners of parent（vs. Net sales）
27

I would like to review our medium-term management plan that covers the current fiscal
year through the fiscal year ending March 2025.
Please see page 27. This section describes the management indicators that we aim toachieve in the medium-term management plan.
For the fiscal year ending March 2025, the final year of the project, our target sales
revenue is JPY220 billion, and business profit is JPY16 billion.
By improving profitability through top-line growth and profit structure reforms, we aim toachieve an operating margin of over 7% for the group as a whole.

Medium-term Management plan Management Targets

2（Unit：yen）

FY2023 plan

FY2025 plan

（First year of mediumterm management plan）（Final year of midiumterm management plan）

EPS

97

200 or more

ー

ROE

ー

6.0%

ー

Shareholders' equityー

About 210 billionーReduction in strategic
stockholdingsーー（3-year）10 billion or more

Dividends Per Share80

ーTotal dividendsーー （3-year）About 20 billion

Share buybacks（FY2023 Implementation）
Growth investments or additional
returns（Share buybacks）

Investments in existing businesses

10 billionー

3-year totalー

10 billionーー （3-year）20～30 billion

6 billion～7 billion

6 billion～7 billion （3-year）About 20 billion

28

Please turn to page 28.
In addition to the growth of each business segment, we aim to increase EPS to over
JPY200 and ROE to 6% by improving capital efficiency through the promotion of financial
strategies, thereby increasing corporate value and shareholder value.
For the details of the financial strategy, Mr. Miyagi will provide comments in a moment.

What We Aim For in the Medium-term Management Plan
We are laying the foundation to make VISION 2030 a reality.
As a manufacturing company that creates global brands, we will contribute to theaffluent lives of many people and transform ourselves into a highly profitable company
capable of sustainable growth.
From Mar. 2023 term to Mar. 2025 term

Medium-term Management Plan:
Core Strategies

CreateExpectations(Domestic businesses)

×

Shift to a Resilient Corporate Structure(Overseas businesses)

Accelerate Global Growth(Sustainability)

Respond to
Requests

Promote Efforts that Address Materialities

×(Financial affairs)

Commitment

Generate ROE that Exceeds Capital Cost

 Bring back Wacoal Japan's growth Strengthen potential for growth in Wacoal's overseas
business Promote a human resources strategy that supports growth Finish domestic structural reform Achieve an ROE above capital cost Strengthen responses to human rights and environmental
issues Disclose the process to achieve our goal ROE(Reform the revenue structure / Improve capital efficiency)
 Continuously improve the executive compensation system

29

Please turn to page 29. I will review the core strategies outlined in our medium-term
management plan.
We recognize that these three years is a very important period for laying the foundation
for the realization of VISION 2030.
As a manufacturing company that creates global brands, we will focus on the initiatives
described in the medium-term management plan to contribute to the affluent lives ofmany people and transform ourselves into a highly profitable company capable ofsustainable growth.

Core Strategies: Shift to a Resilient Management Structure (Domestic Businesses)
CX strategy and marketing innovation (Achieving re-growth)
Increase stores' value(Domestic businesses)

Shift to a Resilient
Corporate Structure

Promote our CX strategy

Achieve
Regrowth

Strengthen brand and productdevelopment capabilities
Develop human resources andorganizations

WacoalStrengthen e-commerce
Analyze and utilize
customer data
Develop strong brands
Develop products thatexceed expectations
Interact with customers inmore ways

Continue reforming the cost structure (Improve profitability)

Domestic
Subsidiaries

Become more profitable by reforming working styles and manufacturing structures and pursuing cost effectiveness- Personnel planning management Mar. 2025 term KPIs Total labor costs: 25 billion yen or less (Total labor cost ratio of 25% or less)- Review the cost-effectiveness of IT and other expenses, maximize the effectiveness of our marketing, and improve stores' revenues

Deal with unprofitable businesses (Improve profitability)

Construct a system that will continue delivering reliable profits (Consistently becoming profitable)
Decide whether to withdraw or detach businesses via periodic inspections (every half-term) and do so30

Please refer to page 30.
First, for our domestic business, we will evolve into a corporation that can respond tochanges by reforming the management structure to be resilient to change. First, for
Wacoal, we will bring growth by strengthening brand and product development capabilities
while continuing to promote the CX strategy. At the same time, we will improve
profitability by steadily implementing cost structure reforms, including personnel planning
management.
Regarding domestic subsidiaries with existing issues, we will continue to work on structuralreform of unprofitable businesses; however, if periodic inspections indicate that there is
no room for improvement, we will withdraw or detach them from the business at any time.

CX Strategy: Strengthen Communication with Customers with a Focus on Digital
Ratio of membership-only sales to retailstore-based sales

Over 60% in the Mar. 2025 term
(44% in the Mar. 2022 term)

We will use digital technology to connect with customers acrosschannels and brands and expand our customer pyramid

CX Strategy (1)Increase Stores' Value
Serviceswork together

3D
smart & try

Customer
Data

CX Strategy (2)Strengthen E-commerce

App
Services work
together"Deep, all-encompassing,and long-lasting"
Give each customer
personalized customer
experience value
Services work
togetherPhysicalStoresIn-house Ecommerce

Loyal customers(1)
Existing
customers
New customers

31(4)First-time customers

(2)
(3)

CX Strategy (3)Analyze and Utilize Data

Improve LTV(1) Make customers loyal(2) Increase the number of repeat
buyers and purchases(3) Acquire more new members(4) Acquire more first-time customers

Please refer to page 31. This section describes the CX strategy that Wacoal is pursuing asa growth strategy.
The CX strategy is our unique strategy that aims to increase LTV by utilizing digitaltechnology to connect each and every customer with our company across channels andbrands. We will expand the number of new customers and nurture loyal customers byeffectively utilizing customer data while promoting collaboration between online and offline
operations.
We will define the ratio of membership-only sales to retail store-based sales as the mostimportant indicator for managing the progress of our CX strategy. By raising the ratio ofmembership-only sales, which is currently around 44%, we will push it to 60% in the final
year of the medium-term management plan. We will increase the effectiveness of the CX
strategy and ultimately revamp the growth line of Wacoal.

CX Strategy: Indicators

Total customer data
8.4 million people

Total customer data
7.35 million people

People who made apurchase in the last 5 years
Approx. 4.4 million people
People who made apurchase in the last year
Approx. 2.1 million people

People who made apurchase in the last year
Approx. 2.9 million people

People who made apurchase in the last year
Approx. 2.5 million people

Number of app
3 million downloads

2 million Number of app
downloads

Actual results from theMar. 2022 term
Wacoal sales (incl. internal sales)

People who made apurchase in the last 5 years
Approx. 5.8 million people

People who made apurchase in the last 5 years
Approx. 5.1 million people

Total customer data
10.3 million people

Total customer data
9.4 million people

Estimates for the Mar.
2023 term

People who made apurchase in the last 5 years
Approx. 6.6 million people
People who made apurchase in the last year
Approx. 3.3 million people

4 million Number of app
downloads

Estimates for the Mar.
2024 term

5 million Number of app
downloads

Estimates for the Mar.
2025 term

82.8 billion yen

104.4 billion yen

108 billion yen

110 billion yen

Self-managed sales (in-store + in-house ecommerce)

34 billion yen

41 billion yen

45 billion yen

51 billion yen

Ratio to sales

41.0%

39.3%

41.7%

46.3%

Self-managed sales (in-house e-commerceonly) * Mail-order catalog sales included

11 billion yen

14 billion yen

17.5 billion yen

23 billion yen

Ratio to sales
Sales to members (based on retail prices)
Wacoal members (number of registeredmembers)
Wacoal members (who have madepurchases in the last 5 years)

13.3%

13.4%

16.2%

20.9%

34.3 billion yen

44.8 billion yen

53.2 billion yen

62.3 billion yen

7.35 million people

8.4 million people

9.4 million people

10.3 million people

4.4 million people

5.1 million people

5.8 million people

6.6 million people

Number of members making purchases

2.1 million people

2.5 million people

2.9 million people

3.3 million people

Ratio to Wacoal members

28.6%

29.8%

30.9%

32.0%

2 million

3 million

4 million

5 million

Number of WACOAL CARNET (app)downloads

32

Please refer to page 32. This section describes the key KPI targets of the CX strategy.
As reviewed on the previous page, Wacoal aims to expand sales by increasing the numberof purchases and unit purchase prices by increasing the number of new members andturning existing members into loyal customers.
In addition, to expand points of contact with customers and improve the purchasing
experience amid drastically changing consumer behavior, it is necessary to further increase
the sales ratio of self-managed sales channels, which include directly managed retail stores,
procurement-and-purchase stores, and e-commerce platforms that we develop andmanage in house.
In addition, it is necessary to develop stores based on customer characteristics andoptimize product placement. We will also continue our efforts to review our store format
from wholesale stores to self-managed sales channels.

Core Strategies: Accelerate Global Growth (Overseas
Businesses)
Accelerate DX on a global scale (Promote our CX strategy)(Overseas businesses)

Accelerate
Global Growth Increase customer experience value by combining our online and offline
operations
 Acquire new customers via stronger digital marketing
 Make existing customers loyal by utilizing data and strengthening CRM



WacoalAmericaMar. 2025 term
Operating
Profit Margin
around 8%

Aim for e-commerce growth through aggressive investments in digital technology
and in-house e-commerce• Utilize our digital fitting app to improve CX• Increase the e-commerce sales ratio by making the website more convenient andenhancing logistics
Measurement
via the app

Estimated sales in Mar. 2025
212 million USD

IO, Inc.

Mar. 2024 term
Break Even
Estimated sales in Mar. 2025
110 million USDQuestionsabout figure

Productsuggestions

Acquire more customers by enhancing marketing to boost brand power(Quickly settle on a new method of advertising to replace targeted advertisements)
With a goal to achieve 100 million USD in sales, we will keep actively investing toincrease brand awareness for the time being while also working to increase revenue
through improvements in areas such as production, logistics, and inventory
management
We hope to break even during the Mar. 2024 term

33

Please refer to page 33. Next, I will review our business strategy.
Overall, our overseas business will work to increase awareness of our brand in eachcountry's market by developing our unique service that combines offline and online todifferentiate our model from our competitors.
In addition, we aim to increase the LTV of customers in each country and region bystrengthening our marketing efforts using digital technology to acquire new customers
and turn existing customers into loyal customers.
As for initiatives by major subsidiaries, Wacoal America will aggressively invest in digitalmarketing and aim for EC-led growth. We are already making progress with initiatives.
The introduction of a digital fitting app is one of them. We hope to achieve a profit marginof 8% by the final year of the medium-term management plan. We will be further
improving the convenience of the website and building a logistics system to support thegrowth.
IO will continue to invest in marketing to enhance its brand power and expand sales byattracting new customers. In addition, we hope to achieve even profitability in the fiscal
year ending March 2024, and subsequent profit growth, by promoting management
efficiency through synergies or other measures with Wacoal America.

Core Strategies: Accelerate Global Growth (Overseas Businesses)
Accelerate DX on a global scale (Promote our CX strategy)(Overseas businesses)

 Increase customer experience value by combining our online and offline
operations
 Acquire new customers via stronger digital marketing
 Make existing customers loyal by utilizing data and strengthening CRM

Accelerate
Global Growth

WacoalEuropeMar. 2025 term
Operating
Profit Margin
around 10%*

United Kingdom: Promote our CX strategy using in-house e-commerce and 3D smart & try• In order to widen the scope of brand awareness and see e-commerce growth,
we will improve customer experience value in physical stores via new services
and strengthen the connection they have to our online presence• This will start rolling out to UK retail locations in 2022
Europe: Strengthen development in the German market, which has great potential for growth

Estimated sales in Mar. 2025
125 million GBP

WacoalChina

Mar. 2025 term
Operating
Profit Margin
around 6%
Estimated sales in Mar. 2025
926 million CNY

34






Strengthen brand and product development in a way that suits customer and distribution
channel characteristics
Strengthen CRM work
• Acquire customers by developing high value-added products and strengthening
connections between physical stores and e-commerce• Make existing customers loyal by utilizing data and strengthening CRM• Use new product strategies in e-commerce businesses to capture middle-class customers
For physical stores, strengthen the retail store front by putting them into department stores,
malls, etc.

* Wacoal Europe: Operating profits with brand-related costs removed

Please refer to page 34.
Wacoal Europe will promote a CX strategy by utilizing their e-commerce platform and by
deploying the three-dimensional smart & try that was launched in Japan. In the European
regions, people have less opportunity in measuring their body shapes, therefore we aim
to expand awareness of our brand by introducing an automatic measurement service andachieve sales growth while maintaining the current high profit.
Wacoal China will acquire new customers and turn existing customers into loyal customers
by continuously strengthening its ability to develop high value-added products, which isone of the Company's strengths, as well as by working to strengthen offline and online
collaboration and CRM strategies.
On the e-commerce platform, we aim to acquire the middle class to recapture sales growth.
We will develop new product strategies based on customer characteristics. We expect that
all of these strategies come to fruition to help us recover a 6% profit margin by the final
year of the medium-term management plan.
That's all from me.

1. The Mission We Should Fulfill in Today's Society
2. Reflecting On Our Previous Medium-term Management Plan:
On Formulating VISION 2030 and a Medium-term Management Plan
3. VISION 2030, Our Medium- to Long-term Management Strategy Framework
4. Medium-term Management Strategy (Mar. 2023 Term to Mar. 2025 Term)
5. Financial Strategy (Mar. 2023 Term to Mar. 2025 Term)
6. How We Must Change Our Ways

35

Management Targets for the Mar. 2025 Term: Executive Summary
Sales revenue

220 billion yen

Aim to bring back growth, primarily in the domestic and international
Wacoal business


Wacoal: Promote our CX strategy and reinforce brand and product development capabilities to successfully regrow
Overseas: Grow in major regions (Europe, the US, and China) centered around e-commerce businesses

Operating profit

Accelerate the shift to a resilient corporate structure

16 billion yen

Net income attributable to theparent company's owner

12.5 billion yen
EPS

200 yen or moreContinue pushing to reform the revenue structure via methods such as personnel planning management and improving
other subsidiaries' profitability
Take into account the ideal business portfolio and businesses' futures, and decide whether to continue or change them

Aim to surpass our highest net profits of 12 billion yen
Continue structurally reforming our businesses and shift to a stable, profitable structure

Achieve EPS growth—in addition to profit growth—by actively
returning profits to shareholders

Actively return profits to shareholders to improve capital efficiency (100% or more total ratio for returns during the
medium-term plan period)36

I'm Miyagi, Director and Managing Executive Officer of Wacoal Holdings. I will review thefinancial strategy of this medium-term management plan.
Please refer to page 36. The following is a summary of key management indicators that
we aim to achieve in the final year of the medium-term management plan.
We aim to achieve sales revenue of JPY220 billion through the re-growth of domestic
Wacoal and the growth of overseas Wacoal centered on EC.
In addition to sales growth, we are targeting an operating profit of JPY16 billion and net
income attributable to owners of the parent of JPY12.5 billion through progress in cost
structure reforms and other profitability improvement initiatives in Japan.
In addition to earnings growth, we aim to achieve EPS of JPY200 or more by improving
capital efficiency through the promotion of financial strategies.

Operating Profit Plans by Segment for the Mar. 2025 Term
We aim to achieve an overall margin of 7% ormore by fostering domestic and internationalsales and increasing revenue[Operating profits]
10 billion
yen

Wacoalbusiness(Overseas)

Wacoalbusiness(Japan)Maintain growth in the US,
Europe, and China, andmake IO, Inc. profitable5 billionyen



Wacoal business (Overseas)

Operating profit margin: 7% (6.2 billion yen)
• Grow along with profitability centered around ecommerce• Shift IO, Inc. to a profitable structure

Wacoal business (Japan)

Operating profit margin: 7% (7.5 billion
yen)(Peach John)
Improve profitability byregrowing sales andmaking progress on
personnel planning

Maintain high levelsof profitability(Other businesses)• Deal with unprofitablebusinesses• Reform the cost structure• New M&A

50 billion
yen• Make Wacoal more profitable by regrowing sales
and making progress on personnel planning
management
Other: 2.3 billion yen (incl. 1.6 billion yen

from PJ)[Sales]100 billionyen• PJ: Maintain high levels of profits• Other: Take into account business portfolios andbusinesses' futures and continue adjusting themBusiness Plan for
the Mar. 2025 term
Actual Mar. 2022
term results

37

Please refer to page 37. The following chart shows an image of business profit by segment.
By expanding sales, promoting cost structure reforms at Wacoal, and improving
profitability at IO, the domestic and overseas Wacoal businesses are each aiming for a
profit level of around 7%.
Peach John, which achieved a significant recovery in performance in the previous mediumterm management plan, aims to secure a high profit of over 10% by continuing to offer
high-profile promotions and products that meet customer needs.
For others, we aim to improve profitability, including the liquidation of unprofitablebusinesses, based on prospects and other factors.
As a result, the group as a whole plans to secure an operating profit margin of 7% ormore in the final year of the medium-term management plan.

Wacoal Corp. Structural Reform: Target Values for the Mar. 2025 Term
Total labor costs for the Mar. 2025 term

25billion yen or less(Total labor cost ratio of 25% or less)Continue to push personnel planning management
Continue with personnel planning management to achieve a high-revenue structure
Progress up to the Mar. 2022 term: 2.2 billion/5 billion yen 3-Year Plan (up to the Mar. 2025 term):
Reduce by an additional 2.8 billion yen<Progress in Personnel Planning Management> *1. Changes in total labor costs including manufacturing labor costs*2. Only the effects of personnel planning (headcount reduction and optimal allocation) are reflected
35.0

36.3%

30.0
25.0

29.7%

33.6%

(Units: billions of yen)

Aim to achieve the total labor cost
ratio target by making progress on
the plan and recovering sales

40.0%
35.0%

33.5%

30.0%
Total
labor costs

27.5%

20.0

26.5%

Actual results (temporary
25.0%

25.4%

25.0%
or less

15.0

15.0%
Total
labor costs tosales ratio

10.0
5.0

impacts removed)

Original plan
20.0%

30.0

29.5

27.8

26.5

25.4

10.0%

25.0
or less

5.0%

Actual results (temporary
impacts removed)
Original plan

0.0

0.0%

FY2020Mar.
2020 term

Mar.FY2021
2021 term

FY2022
Mar.
2022 term

FY2023
Mar.
2023 term

FY2024Mar.
2024 term

FY2025
Mar.
2025 term

38

Please see page 38. This chart shows the target values for personnel planning
management that Wacoal is promoting as part of its cost structure reforms. This
information was disclosed in the financial results for the fiscal year ended March 2022 so
I will omit a detailed presentation.
The current progress of personnel plan management is lagging behind the plan on apercentage basis due to the slow recovery of sales, but on a monetary basis, it isprogressing as planned. We will continue to strive to achieve our goals through a mix of
optimization of total labor costs and sales recovery.

Financial Policies during the Medium-term Management Plan
(Mar. 2023 Term to Mar. 2025 Term) Period
Primary
Manageme
nt Policies

 Work on becoming more profitable as our highest priority, and also
aim to boost our ROE by improving both asset and capital efficiency
 Prioritize investment in future growth and actively return profits toshareholders to improve our capital efficiency

Financial Indicators (KPIs)
ROE 6.0%
Reduce strategic
shareholdings by
10 billion yen or more

 Generate ROE that exceeds capital cost Work on becoming more profitable and aim to boost our ROE by improving both asset and capital efficiency
 Continue actively reducing strategic shareholdings Aim for strategic shareholdings to make up 15% or less of our net assets in the medium to long term

Improve the 3-year cumulative  Pay out stable dividends at approx. a 50% or higher payout ratio
total return ratio to get to Flexibly buy back shares to improve capital efficiency

100% or more

Shareholders' equity
210 billion yen

 Continue investing in growth and improving profitability and capital efficiency in order to boost our ROE
 Consider utilizing interest-bearing debt from the viewpoint of improving our corporate value

39

Please refer to page 39. This is the primary management policies of our financial strategy
for the period covered by the medium-term management plan.
As stated above, our primary management policies are to enhance ROE by improving asset
and capital efficiency while placing the highest priority on increasing profitability and toreturn profits to shareholders by prioritizing investment in future growth and improving
capital efficiency.
KPIs will be as described. Along with improving profitability, we aim to achieve ROE thatexceeds the cost of capital by promoting initiatives to improve the efficiency of the balance
sheet.

Plan for Investments and Shareholder Returns (Mar. 2023 Term to Mar. 2025 Term)
GrowthInvestments

Shareholder
Returns

Invest in IT and digital technology in order to grow, and consider opportunities to invest in new businesses
Investments in existing businesses: 20 billion yen; Investments in new businesses: 20 to 30 billion yenWe plan for the total amount of dividends during this 3-year period to be 20 billion yen; the company will also buy back 10
billion yen of its shares in the Mar. 2023 term
If we cannot find any appropriate growth investments, we will give additional returns to further improve our capital efficiency(20 to 30 billion yen)

Existing investments

Cash generated in the 3year period

20 billion yen
Growth investments

55 billion yen or more

Shareholder returns

Net profits
Approx. 27 billion yen
Depreciation costs
Approx. 18 billion yen
Sale of strategic
shareholdings
10 billion yen or more

Shareholder returns

30 billion yen
Growth investmentsorMake assets efficientUtilize debt

Total of dividends in the 3-year
period (20 billion yen)
Share buybacks in the Mar. 2023
term (10 billion yen)

Increase capital efficiency

Growth investments oradditional returns
20 to 30 billion yen

40

Please refer to page 40. The following chart shows the cash allocation approach for thismedium-term management plan period.
In addition to the cash flow generated from business activities or asset efficiency
improvements, we plan to effectively utilize debt and other resources and allocate themto existing investments, growth investments, and shareholder returns.
As for growth investments, we will make IT and digital investments to promote our CX
strategy. and will also consider investment opportunities in new businesses.
We plan to return more than 100% of our total return to shareholders through dividends
and share buybacks. In addition to the planned total dividend of JPY20 billion for the three
years, the company recently announced that it will buy back JPY10 billion of its shares
during the period under review.
In addition, we plan to invest JPY20 to JPY30 billion in new business growth, but if there
are no projects worthy of investment, we will consider an additional capital return toimprove capital efficiency.

Efforts to Improve Effectiveness
Push for GroupManagement
Make the Group MoreCapable

1






Continuously Improve the Executive
Compensation System

Review the Management Structure and Clarify
Who Is Responsible for Each Business2

Move the Global Division—which oversees our overseas businesses—from
Wacoal Corp. to Wacoal Holdings Corp. to bolster our global management
systemExpand 3D smart & try overseas and share each company's marketing know-how

From Jun.
2021

Future Business
WacoalResponsibility
CEObusiness inSystem Japanand other businesses
in Japan

Representative Director,
President and Corporate
Officer
Hironobu Yasuhara

41

Establish a highly effective business management system in order to achieve our
medium- to long-term plans
Start reviewing the compensation system to make the Board of Directors more effective

Director, Vice
President Corporate
Officer; Representative
Director (President andCEO of Wacoal Corp.)
Tomoyasu Ito

Titles are as of the Ordinary General
Meeting of Shareholders scheduled tobe held on Jun. 29, 2022

Wacoalbusinessoverseas

Director, Executive
Corporate Officer, andGeneral Manager of
Global Division
Masaaki Yajima

CFO

Director and Managing
Corporate Officer incharge of Group
Business Management
Akira Miyagi* Group corporate officers have also been appointed in order to utilize personnel, assets, know-how, networks, and moreacross boundaries within the group(Corporate officers are those in charge of the Group's HR, IT advancement, R&D, technology and manufacturing, quality
assurance and sustainability management, intellectual property, DX marketing strategy, and sustainability advancement)

Introduce a restricted stock compensation
systemMatters the Executive Compensation
Advisory Committee will review

To beconsideredfrom 2022

3

 Review the structure of basic compensation,
performance bonuses, and stock compensation startingin Jul. 2022, starting with the ratio of basic to stockbased compensation, and then move to a structure
where higher-ups receive a higher ratio of stock-based
compensation
 Review the calculation method for performance bonuses

Ensure Diversity on the Board of Directors
 Consider our medium- to long-term strategies and ensure the Board of
Directors maintain their expertise, independence, and diversity
 Continue working to ensure diversity within the company, including pushingfor women to actively participate

Please refer to page 41. Finally, I will review our efforts to improve management
effectiveness.
The first is to review the management structure and clarify who is responsible for thebusiness. As stated, we have reviewed the existing management structure and clarified
who is responsible for each business.
The second is the continuous improvement of the executive compensation system.
Following the introduction of the restricted stock compensation plan in the previous fiscal
year, we have already reviewed the ratio of monetary compensation to stock compensation
for directors and corporate auditors in the current fiscal year.
The third is to ensure diversity on the board of directors. We will strive to enhance theexpertise, independence, and diversity of the Board of Directors so that it can continue tomanage the company appropriately in the face of severe changes in the market
environment. We will also continue to implement measures to ensure diversity within thecompany, including the promotion of women's activities.

1. The Mission We Should Fulfill in Today's Society
2. Reflecting On Our Previous Medium-term Management Plan:
On Formulating VISION 2030 and a Medium-term Management Plan
3. VISION 2030, Our Medium- to Long-term Management Strategy Framework
4. Medium-term Management Strategy (Mar. 2023 Term to Mar. 2025 Term)
5. Financial Strategy (Mar. 2023 Term to Mar. 2025 Term)
6. How We Must Change Our Ways

42

What the Wacoal Group is Currently Lacking

Members of the Sustainability Promotion Project—which operated mainly with next-generation leaders andyoung employees—discussed this topic(Active from Apr. 2021 to Mar. 2022)• Observing things from all perspectives• Understanding people and things on deep levels, not superficially• Finding better solutions through sound discussions with no surmisingor guessing• Being aware of global issues—such as the environment and humanrights—and the planet's future• Taking on new challenges without being afraid of the risks• Co-creating and working hard together across organization andcompany boundaries• Taking responsibility for our own roles and actions, and being moreaware of compliance43

That concludes the executive prepared remarks.
Finally, I will review the action guidelines for directors and employees outlined in VISION
2030. Please see page 43.
The project team that formulated the group mission and identified materialities went
through a series of discussions, which led the team to ultimately realize what elements
are currently lacking for Wacoal Group to accomplish the mission. The team concluded
that it is imperative to stimulate all employees from the corporate management to staffers
to change their mindset and action.
What is missing in our Group, as summarized by the project team, is displayed on thispage.

VISION 2030: Executive and Employee Action Guidelines Formulated to Strengthen Our
Ability to Adapt to Change"Think about the happiness of others"
Do you consider the happiness of people around you, including the customers, suppliers, andemployees coworker you work with?

"Embrace curiosity and use all five senses"
Have you noticed or discovered anything new lately?

"Consider the reason and purpose"
Do you understand the true meaning and root cause; why and what for?

Guidelines for
the Actions of
Officers andEmployees"Respect diverse opinions"
Do you listen to people's opinions with humility and have constructive discussions without making
assumptions?

"Make decisions for the future"
Do you act not only for immediate results, but also for a successful future?

"Give it a try first"
Do you give up out of fear of risks? Do you support people who take on challenges?

"Work together"
Do you strive for great success through teamwork and collaboration?

"Act with honesty and responsibility"
Do you communicate appreciation for others? Do you have blameless problem-solving approach?
44

Please refer to page 44. These are the eight actions outlined in VISION 2030 as action
guidelines for directors and employees.
I won’t go into the details today, but I will say this. We will strengthen our changeadaptability and achieve personal and corporate growth, by permeating the founding spirit
and new group mission to all employees, and by having them accountable for following
the action guidelines.

By taking on the challenge ofchange and continuing to grow,we will become a force thatmakes the world beautiful

45

Please refer to page 45. This is the last page.
Again, to achieve VISION 2030, this medium-term management plan is a very important
three-year period. By taking on the challenge of change and continuing to grow, we will
evolve into a corporate entity that everyone can feel excited about.
This is the end of the presentation.

（Note）Medium-Term Management Plan Briefing Session Material
Supplementary material
46【Exchange rate】

Reference 1 "VISION 2030" and FY2025 plan

USD

GBP

CNY

120.00155.0019.00(Billions of yen)

Net Sales

FY2023 plan

FY2025 plan

（First year of medium-term
management plan）（Final year of midium-term
management plan）

FY2031 plan
（Final year of VISION2030）

205.0

220.0

270.0

134.9

133.2

162.0

65.8%

60.5%

60.0%

70.1

86.8

108.0

34.2%

39.5%

40.0%

-

-

340.0

7.0

16.0

27.0

3.4%

7.3%

10.0%

5.5

12.5

21.0

ROE

ー

6%

10%

Shareholders' equity（billion）

ー

210.0

210.0

Domestic Business Net sales※Total Sales of Wacoal Business (Japan), Peach John, etc.

（vs. Net sales）
Overseas Business Net sales（vs. Net sales）（reference）Sales including equity-method affiliates

Business Income
Business Income ratio
Net income attributable to owners of parent

47

Reference 2【Exchange rate】

FY2025 plan（Final year of midium-term management）※repost

USD

GBP

CNY

120.00155.0019.00（Billion of yen）

FY2023 plan

FY2025 plan

（First year of medium-term
management plan）（Final year of midium-term
management plan）

Net Sales

205.0

220.0

ー

+7.3%

7.0

16.0

3.4%

7.3%

6.5

16.5

3.2%

7.5%

8.0

18.0

3.9%

8.2%

5.5

12.5

2.7%

5.7%

（％ changes from FY2023）
Business Income（vs. Net sales）
Operating Income（vs. Net sales）
Income before income taxes and equity in net
income of affiliated companies（vs. Net sales）
Net income attributable to owners of parent（vs. Net sales）
48【Exchange rate】

Reference 3

FY2025 Major Subsidiaries plan

USD

GBP

CNY

120.00155.0019.00（Million of yen）
FY2023 plan
Net sales
Wacoal Business (Japan)

Wacoal Business(Overseas)

Wacoal

102,900ーWacoal International
Corp. (U.S.)

30,027

Wacoal Europe Ltd.

17,302

Wacoal China Co., Ltd.
Peach John Businesses

Other Businesses% Change

FY2025 plan

Operatingincome% Of sales

Net sales% Change(vs FY2023)

Operatingincome% Of sales

3,000

2.9

107,500

+4.5%

7,500

7.0%

ー

384

1.3

38,122+27.0%

2,377

6.2%

ー

1,404

8.1

19,377+12.0%

1,652

8.5%

14,516

ー

415

2.9

17,601+21.3%

1,034

5.9%

12,750

ー

1,490

11.7

13,510

+6.0%

1,565

11.6%

Lecien

3,200

ー

▲ 170

ー

3,580

+11.9%

200

5.6%

Nanasai

6,423

ー

0

0.0

8,315

+29.5%

280

3.4%

Ａｉ

2,700

ー

10

0

3,594

+33.1%

200

5.6%

Major Overseas Subsidiaries（ Local Currency Basis ）FY2023 plan
Net sales

Wacoal Business(Overseas)

49% Change

FY2025 plan

Operatingincome% Of sales

Net sales% Change(vs FY2023)

Operatingincome% Of sales

Wacoal International
Corp. (U.S.)

250,221

ー

3,199

1.3

317,687+27.0%

19,810

6.2%

Wacoal Europe Ltd.

111,629

ー

9,058

8.1

125,012+12.0%

10,6598.5%

Wacoal China Co., Ltd.

763,993

ー

21,8172.9

926,390+21.3%

54,410

5.9%

The information contained in this document has been prepared based on information available at thetime of this publication. The company does not warrant or promise that the information will lead tosuccessful results. This document is subject to change without notice.
While we exercise great care when posting this information, we are not responsible for any errors in theinformation published.

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