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The history and growth of METAWATER

Core areas
In the future, major environmental changes are expected in the domestic water and sewage market, including a further increase in thenumber of projects for further comprehensiveness and a growing demand for wider area management represented by concessions. In

Service solution business

Reinforcement ofdomestic EPC business

Reinforcement ofdomestic O&M business

Reinforcement and expansion ofoverseas business foundations

Expansion ofdomestic PPP business

Reinforcement of domestic
EPC and O&M businesses
Expansion of domestic PPP business,

Growth areas reinforcement and expansion ofanticipating these changes, in April 2018 the METAWATER Group formulated the "Mid-Term Management Plan 2020" (FY ended March
2019 to FY ending March 2021) to strengthen our corporate structure. For the "Mid-Term Management Plan 2020", we are capturing
Japanese demand for renewal of water and sewage facilities and reinforcing the domestic EPC business, while at the same time

Plant engineering businessoverseas business foundations

steadily increasing a stock business, the O&M business. We are also working to achieve our long-term vision by expanding the domestic
PPP business, which is positioned as a field for growth, and reinforcing and expanding overseas business foundations through regional
and partnership strategies.

Management and Operations Overview

Achieving our long-term vision

200.0"Mid-Term Management Plan 2020"(FY ended March 2019 to FY ending March 2021)

Targets (consolidated)

Changes and targets for sales

Exceeded

100 billion yen

Listing on theFirst Sectionof the TSE

Started reporting
consolidated
financial statements

Units: (billion yen)
Sales in growth areas (consolidated)● Net profit
140 billion
6.2 billionyenyen*billion● Orders received 130 yen● ROE
10.0％or more
● Operating profit
9 billionyen● Sales*Revised in the announcement of financial results for the fiscal year ended March 2020

(Dec. 2014)

Sales in basic areas (consolidated)
Non-consolidated sales

112.3
86.1

93.2

93.1

105.5

106.9

92.8

111.7

103.1

FY ended March 2009 FY ended March 2010 FY ended March 2011 FY ended March 2012 FY ended March 2013 FY ended March 2014 FY ended March 2015 FY ended March 2016

Manufacturer

General engineering company

110.9

117.3

130.0

128.7(forecast)Long-term vision

FY ended March 2017 FY ended March 2018 FY ended March 2019 FY ending March 2020 FY ending March 2021

Supporter of business operations

Company providing total solutions

History
200820092014

2015

2018

2019

April

JulyJanuary

June

AugustApril

September

April

OctoberMay

METAWATER Co., Ltd. was establishedin a merger between NGK Water
Environment Systems, Ltd. and Fuji
Electric Water Environmental Systems
Co., Ltd.

Environmental business of Kurimoto
Technos was transferred to METAWATER

METAWATER USA, INC. was establishedin the United States as the first overseas
subsidiary of our group

Partnership in capital and business tieup with Rood Wit Blair Holding B.V. (theNetherlands) by undertaking third-party
allocation of shares

METAWATER TECH Co., Ltd. wasestablished to conduct maintenanceand management of water andwastewater facilities

METAWATER collaborates withNTT DATA in the services field
for the water and wastewaterbusiness

AAS acquires all shares of FUCHS
Enprotec GmbH (FUCHS)

DecemberJuly

Domestic water, sewage, andenvironmental business partnershipwith Suido Kiko Kaisha, Ltd.

Business partnership with Kokusai Kogyo
Co., Ltd. in domestic and international
supply water/wastewater businesses.

October

Established HyBrid Chemical Co.,
Ltd. in the chemical business basedon joint investment with Tsukishima
Technology Maintenance ServiceCo., Ltd., a subsidiary of Tsukishima
Kikai Co., Ltd.

Established investment quotas forventure companies, etc.

March

Undertaking capital increase of
System IO Co., Ltd. an affiliatedcompany of Nihon Suido Consultants,Co., Ltd.

Strengthened strategic alliancewith the Dutch company PWNT

Established METAWATER ResearchInstitute Co., Ltd.

April

Business partnership with PWNT
B.V. (the Netherlands)

2011April
A new business called the Water
Business Cloud (WBC) was launchedto support the water and wastewaterbusiness

17

2013

METAWATER REPORT 2020

Head office relocated to Kandasudacho, Chiyoda-ku, Tokyo

Started providing the "Smart Field
Service", a water and sewage
infrastructure management service,in collaboration with Fujitsu Ltd.

December
The Group was listed on the First
Section of the Tokyo Stock Exchange

2016
January
Converted Aqua-Aerobic Systems,Inc. (AAS), a U.S. water treatment
engineering company, into a wholly
owned subsidiary

2020
April
All shares of Wigen Companies,
Inc. (USA) acquired

METAWATER REPORT 202018