Riso Kyoiku Co., Ltd.
Financial Results Briefing for the Fiscal Year Ended February 2024
April 10, 2024

Event Summary[Company Name]

Riso Kyoiku Co., Ltd.

[Company ID]

4714-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Financial Results Briefing for the Fiscal Year Ended February 2024

[Fiscal Period]

FY2024 Annual[Date]

April 10, 2024

[Number of Pages]

24[Time]

15:30 – 16:07(Total: 37 minutes, Presentation: 18 minutes, Q&A: 19 minutes)[Venue]Nikkei Kayabacho Bekkan B1, 2-6-1 Kayabacho Nihonbashi, Chuo-ku, Tokyo
103-0025 (Hosted by The Securities Analysts Association of Japan)[Venue Size]

238 m2[Participants][Number of Speakers]

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3Masahiko Tenbo
Masaaki Kume
Masaya Ueda

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President, Representative Director and CEO
Vice President and CFO
Representative Junior Managing Director

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Presentation
Moderator: We will now begin the financial results briefing of Riso Kyoiku Co., Ltd. First, I would like tointroduce the three attendees from the Company. Masahiko Tenbo,CEO.
Tenbo: Thank you.
Moderator: Masaaki Kume, Vice President and CFO.
Kume: Thank you.
Moderator: Masaya Ueda, Representative Junior Managing Director.
Ueda: Thank you.
Moderator: These three individuals will be presenting today. After the explanation, a question-and-answer
session will be held.
Now, Mr. Tenbo will make an explanation.
Tenbo: I am Tenbo of Riso Kyoiku. Thank you very much for taking time out of your busy schedule to attend
our briefing today. I hope we can share a meaningful time, even if it is short.
I would now like to explain the strengthening of our relationship with Hulic Co., Ltd., which was announced
on April 8, the day before yesterday.

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First, let me explain the background to date. In September 2020, a business alliance was formed among theCompany, Hulic, and Konami Sports Co., Ltd. for the development of Kodomo Department Store, a building
specializing in education. In addition to the business alliance among the three companies, we also enteredinto a capital and business alliance with Hulic. In October 2021, the Company became an equity-method
affiliate of Hulic with a 20.66% equity interest as a result of the strengthening of the capital and businessalliance.
Through a series of strengthened relationships, Hulic, which handles real estate in prime locations, has beenable to introduce us to well-located properties, and we have been able to develop new school buildings thatgive us an advantage over our competitors in the industry.
And in order to strengthen our existing relationship, as announced the day before yesterday, Hulic has madea tender offer to make us a consolidated subsidiary. In addition, the Company has decided to conduct a thirdparty allotment of new shares to Hulic.
While maintaining our prime market listing, we will become part of the major real estate developer Hulic. This
will allow us to continue to secure advantageous properties, and the development of Kodomo Department
Store will further promote differentiation through an enclosure strategy in the education business. We believethat this will contribute to the enhancement of our corporate value, and we have agreed to the tender offer.

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The third-party allotment of new shares to Hulic will raise approximately JPY3.4 billion. The funds will be used
for capital investment for the development of the Kodomo Department Store series, operation of a libraryand study space for children and an art and event space to be opened in the same facility as Kodomo
Department Store in Shibuya, as well as expenses for promoting DX strategy, strengthening M&A strategy,
and installation of security cameras in classrooms.
We believe that strengthening our relationship with Hulic will enable us to respond quickly to the recentchanges in the education industry and to changes in the business environment. We will continue to aim tobecome Japan's leading one-of-a-kind company in the education industry by providing high-quality
educational services and our strategy of thorough differentiation.

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As in past years, we will now explain our results for the fiscal year ended February 2024.
Net sales increased 2.3% from the previous period to JPY32,215 million, operating income increased 7.7% to
JPY2,586 million, ordinary income increased 7% to JPY2,614 million, and net income increased 14.1% to
JPY1,703 million.
Mr. Ueda, Representative Junior Managing Director, will explain the background of the results for the period
under review.

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Ueda: I am Ueda. I would like to explain the background of the results for the period under review.
Net sales increased from the previous year due to higher sales in the mainstay tutoring school business, aswell as in the in-school one-on-one instruction business and the character-building training camp education
business.
Operating income was higher than the previous year due to increased sales as well as a strategic review of
expenses. Income increased, especially at subsidiaries Meimonkai Co., Ltd. and School TOMAS Co., Ltd.

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As for the background of the results by each company, in the tutoring school business, we opened five newschools and renewed five schools during the period under review.

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The number of students at the end of February 2024 was down 0.3% from the same month last year.
As a measure for the current fiscal year, tuition fees were revised in March 2023. In addition, the sales
department selected priority school buildings and concentrated on them. Furthermore, each school has
worked to prevent withdrawal of students by providing thorough customer service through careful
communication and interviews with parents, such as by reporting study progress and sharing issues via
telephone and other means. As a result, the number of students, which was down 2.1% YoY in Q2, recovered
to the same level as in the previous year, resulting in a 2.1% increase in revenue per student YoY.

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In the tutor dispatch education business, one new school was opened, six schools were consolidated, and one
school was closed.

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9The number of students at the end of February was down 9.4% from the same month last year.
Measures implemented during the period included a revision of tuition fees in March 2023 and cost reductions
through more efficient use of advertising and other expenses. As a result, revenue per student increased 9.6%
YoY, and profit per student increased JPY134 million YoY.

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In the preschool education business, two new schools were opened, two schools were renovated, and two
schools were closed.

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The number of students decreased by 2.4% YoY.
Measures implemented during the period included price revisions for summer seminars and tuition revisions
in November 2023, as well as the implementation of systematic individual interviews to prevent withdrawal
of students. As a result, revenue per student increased by 1.6%.

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In the in-school one-on-one instruction business, the number of schools in operation as of the end of February
2024 was 82. Average sales during the period were up 16% from the same month last year to approximately
JPY2.8 million, with 38 schools with average monthly sales of JPY3 million or more, up eight schools from thesame month last year, and nine schools with average monthly sales of JPY5 million or more, up one schoolfrom the same month last year.
Recently, we have seen quite a few other companies in the same industry entering the market. We believethat School TOMAS's differentiation lies in the fact that its employees properly manage students' learning
progress based on TOMAS's know-how of individualized instruction, thereby contributing to the improvementof the school's performance of sending students to the next educational tier.
In addition to supporting the school's performance, our program is also being evaluated as a means of solving
the problem of long working hours for schoolteachers. Currently, we have received inquiries from many
schools, and with our sales activities well underway, we are on track to introduce the system at 100 schools.
Furthermore, future revenues are expected to increase as our program is introduced each year for more
grades at schools that have already adopted it.
Next, Mr. Kume, Vice President and CFO, will explain our shareholder return policy.

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Kume: Hello, everyone. I am Kume. Thank you.
As for shareholder return policy, as already announced, the dividend for the fiscal year under review is JPY10,
and the dividend forecast for the next fiscal year remains unchanged at JPY10.
The dividend payout ratio is about 90%. ROE is about 16%. Regarding dividends, we believe that we are paying
sufficient dividends to our shareholders compared to the market average.
The dividend payout ratio of 50% or more announced last April will remain unchanged even after the TOB
with Hulic.
As stated above, the dividend payout ratio is 90%, and the dividend for the current fiscal year is JPY10. If there
is a change in performance, this could change, of course, but for now, we believe we can achieve what we
project.
Next, Mr. Tenbo will give a detailed explanation of the mid-term plan, and our company's operating policy.
Tenbo: I would like to explain the outlook for the future.
Regarding the medium-term management plan, on April 8, 2024, we released a notice regarding theformulation of a new medium-term management plan. This is a new three-year medium-term management
plan starting in the fiscal year ending February 2025.

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I will give you specific figures. The budget for the first year is JPY33.96 billion in sales, JPY2.67 billion in
operating income and ordinary income, and JPY1.71 billion in net income. For the second fiscal year, ending
February 2026, the Company plans net sales of JPY36.22 billion, operating income and ordinary income of
JPY3.12 billion each, and net income of JPY1.85 billion.
For the last year, the fiscal year ending February 2027, the Company plans net sales of JPY38.26 billion,
operating income and ordinary income of JPY3.36 billion, and net income of JPY2 billion.

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We aim to achieve an average annual growth rate of 5% or more by increasing sales through growth measures
promoted by each group company.
In terms of profit, since people are our resources as well as our products, we plan to increase salaries in order
to secure more excellent human resources.
In other expenses, we will review, optimize, and improve the efficiency of advertising and other expenses,
aiming for an operating margin of 8% or more for the three-year period.
And we would like to maintain a certain level of equity capital to be prepared for emergencies such as the
COVID-19 pandemic, which has lasted for several years since 2020, and natural disasters. As explained in thesection on shareholder return policy, we will maintain a dividend payout ratio of 50% or more, enhanceinternal reserves, and maintain a ROE of 10% or more.

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As for the medium- and long-term outlook, the tutoring school industry is partially in the midst of an upward
trend in the number of students taking entrance exams for elementary and junior high schools in the Tokyo
metropolitan area. However, there is no doubt that the trend of declining birthrates itself will continue. So,
we are sure that we must consider that increase in the number of examinees to be transitory.
We intend to achieve continuous growth by expanding both the vertical axis through our enclosure strategy
and the horizontal axis through alliances with other industries. The vertical axis is the further growth ofexisting businesses that we have been promoting, and the horizontal axis is new businesses that we willdevelop, such as Kodomo Department Store.

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I would like to briefly explain our new initiatives.
In November last year, we launched the TOMAS Self-Study Room for Junior and Senior High School Students,
a membership-based self-study room with current students of Tokyo University as tutors, where students can
ask questions at any time. Furthermore, we will improve customer satisfaction by promoting the DX strategy
I explained earlier. In addition, as a partnership with other industries, we will develop the Kodomo
Department Store series, which is being developed in collaboration with Hulic and Konami Sports.
Kodomo Department Store will be realized in the spring of 2025. This will open in Nakano and Tama Plaza.
Starting with this, we plan to increase the number of buildings to 20 by 2029. Incidentally, the developmentof this Kodomo Department Store was not firmly incorporated into the medium-term plan mentioned earlier.
Therefore, we believe that the results for 2025 and 2026 may be slightly higher than our forecast due toKodomo Department Store.
In addition, we plan to increase the number of Konami Sports Shinga's Academy schools in the Tokyo
metropolitan area and Kansai area from the current 3 to 20.
That's all for the explanation. As I mentioned at the outset, by strengthening our relationship with Hulic, we
hope to further promote differentiation through our enclosure strategy, while continuing to provide highquality educational services, thereby enhancing our corporate value and continuing to expand our growth andthe potential to develop a new customer base.
We appreciate your continued support. This concludes our explanation. Thank you very much for your kindattention.

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Question & Answer

Moderator [M]: Thank you very much for your explanation. We will now move on to the question-and-answer
session.
Please raise your hand if you have any questions. I will bring a microphone. Please note that this briefing willbe transcribed in full and made available to the public. If you give your company name or your name whenasking a question, it will be published as is.
Now please ask your questions.
Participant [Q]: Thank you very much for your explanation today. I am afraid that this is a bit much, but I havefour questions.
First of all, it was reported that Chairman Iwasa, the founder of the Company, applied for TOB in connection
with the consolidation of the Company as a consolidated subsidiary. What kind of relationship will he havewith the Company, including whether or not he will be involved in management in the future even after thecapital relationship is terminated?
Second, is there any change in the capital and business alliance with Sundai Preparatory School?
Third, on page four of the document, it states that the funds will also be used to strengthen the M&A strategy.
What areas are you focusing on?
Fourth, I would like to know what your thoughts are regarding the revision of tuition fees to reflect theincreased costs associated with inflation.
Tenbo [A]: Thank you. We received four questions. Let me explain.
I think your first question is about the relationship with the founder, Iwasa, following the conversion to a
subsidiary. As stated in the announcement from Hulic, Mr. Iwasa has applied for the TOB. Nothing has been
finalized on our end, but according to an announcement from Hulic, he will be stepping down as a director.
There has been no change in our relationship with Sundai Preparatory School, and we hope to continue ourpartnership.
M&A strategies as a use of funds will be done on a situation-by-situation basis. We are always looking to dosomething related to education, so if there is any good deal related to education, we will consider it more
actively than ever before.
Each group company has been revising tuition fees for the past two years. We would of course like to consider
this in a flexible manner, if necessary, in the future. But in the meantime, TOMAS, Meimonkai, and Shingakai
have already completed a series of revisions.
Participant [M]: Thank you very much.
Moderator [M]: Do you have any other questions?
Participant [Q]: Thank you for your explanation. Regarding the mid-term plan, I would like to know the growthrate of sales by major business segment and the business strategy.

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Also, regarding the promotion of DX strategy, you mentioned the integration of customer databases. Pleasetell us about the timeline and when we can expect to see synergies from this.
Tenbo [A]: Thank you. We received two questions.
Your first question is about the growth rate of each company in the mid-term plan. The basic trend is almost
the same among the companies, each planning a 5% growth rate. School TOMAS is now a very exciting
business, and we expect the growth rate to be significant.
For TOMAS, we would like to consider the same level of stable growth as we have now. We are currently
trying various things with regard to the Meimonkai, and we also want to focus on our online business. We
expect its growth.
As for Shingakai, we expect a growth rate of 4% to 5%, by first firmly rebuilding the examination bureau anddoing a good job in the business for school-age children and infants.
Regarding your second question, the time schedule for the DX strategy, the Vice President will answer.
Kume [A]: The current plan is to integrate all customer data information from each company in two years,
with administrative efficiency improvements to be completed in three years, at a total project cost of
approximately JPY700 million. Since this expense will be incurred in the next fiscal year, it will be recorded on
the P&L starting in the next fiscal year and will be amortized over five years.
In other words, the money will go out this fiscal year but will not be recorded on the P&L. We plan to record
the amount from the next fiscal year onward.
Moderator [M]: Are there any other questions?
Participant [Q]: I have a question. Regarding School TOMAS, you mentioned that the number of schools has
currently increased to 82, but compared to past figures, the overall number of schools seems to havestagnated. Sales are increasing, and you have provided us with full-year sales figures, so we can see that thecontents must be changing.
You also said earlier that you are very close to reaching 100 schools. I would be grateful if you could tell us
about the current situation and what kind of pace of implementation you expect in the future.
Tenbo [M]: Thank you. Junior Managing Director Ueda will answer about School TOMAS.
Ueda [A]: I would like to answer your question. As you said about School TOMAS, the number of 82 may nothave changed that much since last year, but this includes schools that have withdrawn. This includes, of course,
cases where the school offered to do so, but also cases where we offered to withdraw from the school.
As the participant mentioned, the unit cost per school has increased considerably, and we would like to movein that direction.
Participant [Q]: You mentioned that you are close to 100 schools, at what pace can we expect new schools toincrease from the current 82 in the future?
Ueda [A]: It depends on our annual sales plan. In addition, several schools that signed contracts last year will
be added in April and May, so we expect to reach 100 schools probably within about two years.
Participant [Q]: I understand. Thank you very much.

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I would also like to ask about the competition. We have confirmed that listed competitors are also
participating. Are there any cases emerging now where you are replaced by a competitor? Adversely, there
may be cases where you have taken away customers from the competition. I would be grateful if you could
tell me about the current situation in that area.
Ueda [A]: We are a pioneer in this business, and we cannot continue to be a monopoly forever, so naturallycompetitors will emerge. We are actually seeing some competition, but we just don't feel very threatened yet.
If anything, most of the competitors are imitating School TOMAS and proposing to dispatch instructors.
In this business, if you don't send the right employees and manage them properly, it will be difficult for
students to improve their performance. We are still quite differentiated in that area. We will have to evolvein the future, but at the moment we do not see competition as a threat.
Participant [M]: I understand. Thank you very much.
Tenbo [A]: Naturally, cases of replacement on price grounds are inevitably arising. In this case, it seems thatquite a few customers feel that the content was different when they tried the competition. As a result, somecustomers are returning to us.
Participant [M]: I understand. Thank you very much.
Moderator [M]: Do you have any other questions?
Participant [Q]: I would like to ask about the TOB with Hulic and the third-party allotment. Although you havementioned it, please tell us once again the background behind your decision to maintain the listing.
In last year's METI guidelines regarding M&A, the elimination of coercion was said. Could you please tell us
once again how you came to choose the partial TOB?
Tenbo [M]: The Vice President will answer this.
Kume [A]: First of all, regarding maintaining the listing, this issue has been under consideration for two or
three years, since the Company became an equity method affiliate. Hulic is a real estate company, and Hulic
itself, as you know, has only 200 employees.
Hulic is involved in a variety of businesses, including nursing care, but all operations are left to othercompanies. Moreover, for Hulic, our case is the first TOB where the subsidiary side is a listed company.
The purpose of maintaining the listing is to guarantee independence. As I mentioned earlier, it is clearly statedin the capital and business agreement that the management itself will be left to our management team. As
for the persons, only one director and one auditor are recommended by Hulic. Naturally, it is promised thatno one will enter the site. Therefore, we maintain our independence in all of our operations.
In addition, Hulic's IR material states that Hulic intends to use Riso Kyoiku as a gateway for restructuring andexpansion in the industry.
The Kodomo Department Store that we are creating is not simply a building. For example, this time Konami istaking the lead in trying to include more and more things related to children, such as nutrition education,
intellectual education, and medical care. The concept is to create synergy within the building with each other.
Riso Kyoiku will play a central role in the education business, including M&A, as a gateway to this business.
The biggest advantage is that we can collaborate with such businesses. In this way, we will maintain our listingwith the primary goal of guaranteeing our independence. The reason for maintaining our listing is that we are

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going to be at the forefront with regard to the category of education. We may also raise funds for businessexpansion in various ways in the future. We will maintain our listing for such things.
Participant [Q]: With respect to partial TOB, what are your thoughts on the elimination of coercion?
Kume [A]: The capital relationship will be so, and I think there are many possibilities like that, but we will
discuss it in various ways. So far, we have not felt that.
Participant [Q]: I understand. Let me ask another question in a different direction. I understand that you will
get the money from the third-party allotment and make a solid investment, but what are your plans for free
cash flow trends in the future? Will there be a deficit in the next two to three years as the costs of Kodomo
Department Store increase and as you add more systems?
Kume [A]: Operation companies are primarily renters. For example, we are not buying the building for the
Kodomo Department Store, but rather tenants will move into it. Originally, we have been running everythingon operating cash flow and have maintained a debt-free operation, so we do not see any problem with cash
flow at all.
Regarding funds, the most certain cash outflow is for DX, security cameras, future M&A, etc. There is no doubtthat the construction of the contents of Kodomo Department Store will cost quite a bit of money.
Especially in Shibuya, we are actually thinking of building something like a monument to our company, an art
museum, or a library. So, I think there is a possibility that JPY100 million to JPY200 million will be spent here.
Since our usual business development will continue within the same cash flow as before, we do not expect
any further financial burden, unless there is a major M&A.
Participant [M]: Thank you.
Moderator [M]: Do you have any other questions? Please take advantage of this opportunity.
Since it appears that there are no questions, we will now conclude the financial results presentation. Thankyou all very much. Please do not forget anything. Thank you very much for your time today.
[END]______________
Document Notes
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TollfreePortions of the document where the audio is unclear are marked with [Inaudible].
Portions of the document where the audio is obscured by technical difficulty are marked with [TD].
Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides ananswer from the Company, or [M] neither asks nor answers a question.
This document has been translated by SCRIPTS Asia.

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