SWCC Corporation
Summary of Q&A Session at Financial Results
Briefing for the Fiscal Year Ended March 31, 2024
Implementation date: Tuesday, May 21, 2024
Location: Marunouchi 1-chome, Chiyoda-ku, Tokyo

Energy and Infrastructure Business[Q]：While the demand environment is favorable, the sales and profit outlook for the fiscal year 2026 feels
insufficient. Could you please explain, considering the forecasts for each market, whether these figures take
into account an adjustment phase in the 'construction sector' and a slowdown in the expansion of demand for'power infrastructure'?

[A]：Regarding the outlook for the energy infrastructure business, we have also received feedback fromother investors suggesting that it might be pessimistic. Regarding the performance of the 'construction
sector' in the fiscal year 2024, we have factored in an adjustment phase and have taken a cautious outlook.
On the other hand, for 'power infrastructure,' we believe there are still markets that have not been factored
into the outlook. Regarding demand for data centers, although a certain level of demand is included in themedium-term rolling plan, there is a possibility that demand may increase further. Regarding "seismicisolation and others," we consider them as challenging projects in our portfolio. We will evaluate theseprojects over the next three years, until the fiscal year 2026.

[Q]：Could you please explain what kind of business model you envision for expanding solution businesses
in the "electric power infrastructure" sector?

[A]：The primary target for our solutions is electric power companies. These companies are already highly
aware of issues such as labor shortages and have a strong desire for improvement. By leveraging the goodrelationships we have built with these electric power companies, we aim to offer solutions for streamlining
equipment maintenance and preventing incidents before they occur.

[Q]：Could you please let us know if there are any factors that have emerged which might negatively impact
this year's performance outlook for "construction-related" compared to the previous year, or if this is simply aconservative estimate?

[A]：Regarding "construction-related" matters, the numbers reflect an anticipated decrease following thesurge in demand in Q3 of the fiscal year 2023. Whether such an adjustment phase will actually occur remains
to be seen, and we believe it requires close monitoring for some time.

[Q]：Despite the full-scale realization of increased production investment effects for SICONEX® starting thisfiscal year, why is the product mix and profitability improvement effect for the fiscal year 2024 only +1 billion
yen?

[A]：The +1 billion yen effect from product mix and profitability improvement naturally includes the increased
production effects of SICONEX®. However, it does not include changes in the mix of other products or theprofitability improvements in the construction-related sector that were already realized in the fiscal year 2023.

[Q]： Could you please explain the expected timeline for the transfer of the wire drawing line, digitaltransformation (DX), and profitability improvements in the "construction-related" sector leading up to the fiscal
year ending March 2027?

[A]：By enhancing ROIC through digital transformation (DX) and focusing on stable production rather thanincreased production, we will make capital investments within the current depreciation framework to evolvethe "construction-related" sector into a cash cow business. Additionally, we aim to reduce inventory bysimplifying processes through the transfer of the wire drawing line, with investments planned for the second
half of 2024.

Electronic Equipment and Components Business[Q]：In the automotive parts manufacturing sector, price revisions are often closely linked to profitability
improvements. Could you please provide information on the price transfer situation for fiscal years 2023 and2024? Also, I would like to know if there will be any retroactive effects of price transfers.

[A]：The automotive parts market is known for its highly competitive pricing environment. However, in fiscalyear 2023, the approximately 1.1 billion yen increase in costs incurred across the entire company, including
automotive products, has been addressed through a combination of price transfers and internal efforts toreduce costs. For fiscal year 2024, we have been able to promptly approach customers regarding cost
increases and engage in negotiations. Given our timely implementation of price transfers, we do not
anticipate any retroactive effects of price transfers.

Communication and Industrial Devices Business[Q]：I would like to know more about e-Ribbon®'s partnership strategy.
[A]：While competitors have already expanded overseas, we have faced challenges in manufacturing inJapan and exporting due to cost considerations. Finally, in North America and Europe, the technicalsuperiority of our e-Ribbon® is beginning to be recognized, and we have received several inquiries in thisregard. Currently, we are in the process of advancing discussions towards building partnerships to leverage
local resources. At this stage, we cannot provide specific details, but we hope to disclose more in the future.

[Q]：We have set out to enhance competitiveness through a joint venture with a Chinese company for wire
harnesses. Could you please provide an update on the progress and prospects for enhancing profitability inthe future?

[A]：To expand our presence from white goods appliances to automotive applications, we established a joint
venture in January 2024. This fiscal year, we are working on optimizing the production environment for
automotive wire harnesses, aiming to achieve certain results and further expansion within the medium-termplan period.

Profit contribution from inorganic growth[Q]：Will there be profit contributions from inorganic growth by the fiscal year 2026 within the medium-termplan period? Or is the medium-term period considered as a sowing period, with profit contributions expectedfrom fiscal year 2027 onwards?

[A]：In preparation to achieve profit contributions from inorganic growth by 2030, we are progressing withpreparations during the medium-term planning period. Meanwhile, to exceed the planned figures for fiscal
year 2026, we are actively advancing activities for inorganic growth. While there is nothing currently
disclosed, we aim to build upon these efforts to enhance our performance in 2026.

END

This document contains descriptions and information regarding future, strategies, and performance forecasts
and projections. These statements are based on outlooks determined from the information available at thepresent time. Therefore, please be aware that actual performance may differ from the information describedand included in this document due to various external factors.