Annual Results for the Fiscal Year Ended
March 31, 2021 (FY 2020)
May 20, 2021

Contents
1. Overview of FY20 Results

4. Group Strategies(1) Financial Highlights

・・・

4

・・・ 19(2) Results Highlights(Orders Received, Net
Sales)(1) Trends in Profit Generation Within the
Group

・・・

5

(2) Group Structure and M&A・・・ 20(3) Results Highlights(Operating Income)・・・

6(3) Global Strategy

・・・ 21

2. Forecast for FY2021
Performance

5. Shareholder Return(1) Plan Summary

・・・

8(1) Dividends, Share Buybacks

・・・ 23(2) Plan Summary(Operating Income)・・・

9(2) Total Shareholder Return, ROE, EPS

・・・ 24

3. Segment Information

6. Topics(1) NTT Group・・・ 11(2) NCCs

・・・ 12(1) Wins Gold Medal at National Skills
Competition Japan(2) Selected as a Semi-Nadeshiko Brand(3) Urban infrastructure・・・ 14(3) Sustainable Office Completed

・・・ 28(4) System solutions

・・・ 16(4) Starting a New Form of Agriculture・・・ 29(5) The Group's Response to COVID-19

・・・ 30・・・ 26・・・ 27－Appendix－©2021 Kyowa Exeo Corporation All Rights Reserved.

2

1. Overview of FY20 Results©2021 Kyowa Exeo Corporation All Rights Reserved.

3

(1) Financial Highlights
Both orders received and net sales increased over 9% year on year.
Operating income rose significantly, 18% year on year, partly due to anincrease in profit margin.
Orders received exceeded ¥630.0 billion, driven by orders related to
GIGA School program and advanced radio.
Results far exceeded the targets in the Medium-Term Management Plan
(2016-2020).

©2021 Kyowa Exeo Corporation All Rights Reserved.

4

(2) Results Highlights (Orders Received, Net Sales)
Both orders received and net sales far exceeded their levels in the previous
year and initial plan, driven by the GIGA School Program and other factors.
■ Orders Received■ Net Sales(billion yen)

13% more than in FY2019
20% more than the plan

9% more than in FY2019
9% more than the plan

Note: The plan for FY20 is the initial plan.
©2021 Kyowa Exeo Corporation All Rights Reserved.

5

(3) Results Highlights (Operating Income)Operating income rose significantly, reflecting an increase in the profit margin due to an
improvement in profitability resulting from the redevelopment of construction teams and digitaltransformation initiatives.

■ Operating Income

Productivity
enhancement due tothe improvement of
the efficiency of
installation workand DX

18% more than in FY2019(billion yen)

14% more than the plan

+2.5
Decrease in Worsening
unprofitable sales mix-2.4
projects+1.7

Increasedue toincreased
sales
+6.3

©2021 Kyowa Exeo Corporation All Rights Reserved.

Increase in
SG&A expense
due to theconsolidation ofcompanies andDX expenses
-2.6

+5.5

6

2. Forecast for FY2021 Performance©2021 Kyowa Exeo Corporation All Rights Reserved.

7

(1) Plan Summary
Despite the end of special demand related to the GIGA School program, the Group will seek toincrease income by expanding growth businesses and implementing initiatives that improve
productivity.

FY2020（billion yen）

ActualA

FY2021
Plan
B

YOY
BーA

Orders received

631.0

550.0

▲81.0

Net sales

573.3

560.0

▲13.3

（6.4%）
36.6(6.6%)
37.0(＋0.2P)＋0.4

Operating income©2021 Kyowa Exeo Corporation All Rights Reserved.

8

(2) Plan Summary (Operating Income)
The Telecom Carriers business is expected to continue steadily contributing to income.The Group will
strive to increase income chiefly by expanding the fields where it is strong in the Urban Infrastructure andSystem-Solutions businesses. The Group also aims to improve its income from its global operations.
In addition, the Group will strive to improve productivity, enhancing the efficiency of its businesses
through digital transformation, to improve its profit margin.

■ Operating Income(billion yen)

Decreasedue to a fallin sales-1.8

Initiatives
improvingproductivity
+2.6

Group
restructuring+1.0

Improvement ofincome fromglobal operations+1.0

Worsening
sales mix
-2.4

+0.4

©2021 Kyowa Exeo Corporation All Rights Reserved.

9

3. Segment Information©2021 Kyowa Exeo Corporation All Rights Reserved.

10

(1) NTT GroupNet sales in Access, where the Project on Promoting Advanced Radio Environment
Improvements has begun, were strong. Progress in 5G projects etc. is expected.
■ Trends in net sales and plan for FY2021■ Topics (NTT East, West and NTT DoCoMo)(billion yen)

Project on Promoting Advanced Radio Environment Improvements

The national government subsidizes the construction of
optical fiber networks in rural and mountainous areas
where there are no optical fiber networks.
The Company is actively involved in the project, mainly
through its Access business nationwide, from Hokkaido to
Kyushu, in cooperation with Group companies.

DoCoMo's 5G base station plan
Actively developing 5G using new
frequency bands
574 cities
7,100
stations

March

2021.32021

10,000stations

June

2021.62021

20,000stations

March

2022.32022

Coverage area
ratio 97.0%

32,000stations

DuringDuringFY2023

FY2023(Source: Created by the Company based on the presentation materials of telecom carriers)©2021 Kyowa Exeo Corporation All Rights Reserved.

11

(2) NCC
The Company will actively respond to trends impacting telecom carriers and engage
in 5G, maintenance and repair and adjustment processes.
■ Trends in net sales and plan for FY2021(billion yen)

■ Topics (Softbank)
SoftBank's 5G and 6G plans

Will invest about 2.2 trillion yen
over the next ten years
Population coverage
ratioOver 90%(spring in 2022)
Approx.
10,000stations
March
2021

Approx.
50,000stations
March
2022

Approx.
200,000
stations

AroundMarch2026

Approx.
350,000
stations

AroundMarch
2031

Response to active investment
The Group companies will cooperate with each other toprepare a stronger construction teams in response toactive investment in 5G networks.
(Source: Created by the Company based on the presentation materials of telecom carriers)©2021 Kyowa Exeo Corporation All Rights Reserved.

12

(2) NCC
As each telecom carrier accelerates its installation of base stations, the entire Groupwill energetically respond to the situation nationwide.

■ Topics (KDDI)■ Topics (Rakuten Mobile)KDDI's 5G plan

Rakuten's 4G plan

Approximately ¥2 trillion will be invested by
2030.(5G/beyond 5G)

Investment in 4G will increase 30% to 40%
from ¥600 billion by 2025.

Population
coverage ratio:
90% (plan)
Approx.
10,000stations

March

2021
2021.3末Approx.
50,000stations

New

Existing
(4G)

March

28GHz
3.7GHz, 4.0GHz

4G population coverage
ratio: 96%
4G population coverage
ratio: 70%
Number of base stations forwhich an agreement has
been reached3.5GHz (from December 2020)
700MHz (from spring 2021)
Other frequency bands

2022
2022.3末

Number of active
base stations

Dec. 31, 2020

Around summerof 2021

Flexible response to customer trends

Response to accelerated construction

The Group will respond flexibly to customer

Base stations will be installed five years ahead

trends, such as the expansion of 5G areas usingof the initial plan, and the Group will actively

existing frequency bands.

respond to this across the nation.
(Source: Created by the Company based on the presentation materials of telecom carriers)©2021 Kyowa Exeo Corporation All Rights Reserved.

13

(3) Urban infrastructure
The Company will actively engage in energy-related construction and the renovationof aging infrastructure in response to strong capital expenditure.
■ Trends in net sales and plan for FY2021(billion yen)

■ Topics
EnergyBegin preparations for entering the renewableenergy business, including woody biomass andoffshore wind power generation.

Social infrastructure
Real organic growth over
10% from FY2019,
excluding large projects,
such as mega solar and
DC projects

Expand renovations of aging infrastructure,including the renovation of highways and otherpublic infrastructure, railways and building
facilities.

Data centers
Actively tap into demand for new data center
construction in response to expanding demand forcloud services©2021 Kyowa Exeo Corporation All Rights Reserved.

14

(3) Urban Infrastructure (Part of Priority Projects)
Leveraging our technological prowessin the field of renewable energy

Expanding our business domain
in the field of railways

Biomass power
generation facilities

Earth shuttle method(arc-shaped drill)

Contributing to the renovation of important
infrastructure, including roads

Increasing reliability based on our trackrecord in data center work

Installation of tunnel
lighting©2021 Kyowa Exeo Corporation All Rights Reserved.

15

(4) System solutions
The Company will create high value-added solutions and provide services based oncompetitive products.
■ Trends in net sales and plan for FY2021(billion yen)

■ Topics
Responding to needs for digitalization
Create high value-added products in response to newneeds, including companies and local government's needsfor digital transformation and needs following the GIGA
School project.

Expanding recurring business
Real organic growth over
10% from FY2019, excluding
GIGA School projects

Providing integrated services using the new customer
center, including upstream consulting, maintenance,
operations and security support.

Developing Group solutions
Share and develop the individual Group companies
solutions throughout the Group, including solutions
addressing education, healthcare, insurance and businessanalysis platforms.
©2021 Kyowa Exeo Corporation All Rights Reserved.

16

(4) System solutions
Providing total, optimized solutions that solve social issues and advance customers'
digital transformations
Business process DX consulting

Using competitive platforms



Visualizing existing business processes

Automating IT operations using ServiceNow and RPADesigning ideal business processesSupporting data-driven management using Snowflake,Helping formulate digitalization policies

data analysis and AI

Exeo Groupecosystem

Group companies using each other's products to provide total solutions

Service Now

Providing high value-added engineering

Providing support originating from maintenanceand operations to achieve customers' DXProviding zero trust security for companies and local governments

Building and maintaining local 5G, IoT, cloud, DC, and other systems



Beginning to engage in the smart city and smart energy fields

Consolidating maintenance and operations bases nationwide toestablish a new customer centerProviding integrated support, including consulting and support for
construction, maintenance and operations

Microsoft Teams, etc.

©2021 Kyowa Exeo Corporation All Rights Reserved.

Providing managed services including SoC

17

4. Group Strategies©2021 Kyowa Exeo Corporation All Rights Reserved.

18

(1) Trends in Profit Generation Within the GroupThe subsidiaries' contribution to profits has been increasing every year, and consolidated profits is now
more than twice non-consolidated income. The earning power of the entire Group is developing.

■ Consolidated operating income
Consolidated to non-consolidated ratio
(1.9)
(1.7)

(1.8)

(2.3)

(2.3)
(billion yen)©2021 Kyowa Exeo Corporation All Rights Reserved.

19

(2) Group Structure and M&A (Japan)
Growth in the domestic business has been supported by subsidiaries, including subsidiaries that have been
recently added through M&A activities. The subsidiaries have boosted the Group's overall capabilities.

Major Consolidated Subsidiaries(5 companies)
Seibu ElectricIndustry

C-CubeExeo TechGroup companies added through M&A activities
M&Aによるグループ化（2011年以降）(from 2011)

Nippon Dentsu

2021

Daiwa Densetsu

Nishinihon Denwa Kouji（K.Technos）

Shinyei Densetsu（Shinyei Tsushin）

2020

Okuniya Electric Industry（Exeo Tech）

Other Consolidated Subsidiaries（66 companies）
The following are major companies

Vision.Systems（Kyoei Densetsu Kogyo）

Shinyei Tsushin, Suncrex, Ecos Hokuei,

Telecom
carriers

KDT

SystemSolutions

KDT
SUN PLANNING SYSTEMS, CPU

Exeo Mobile, Toho Communications, Yuai
Tuken, Kyoei Densetsu Kogyo, Denseisya,

Urban
infrastructure

2019

Sankyo-Techno, KANAC, K. Technos, Sigmax,

Exeo Infra, Infratechno, KOHKENICOMSYSTECH, ACCRESCO, AID, WHERE

2018

C-Cube, Seibu Electric Industry,
Nippon Dentsu
KOHKEN

2014
2011

AID
ICOMSYSTECHSUN PLANNING SYSTEMS, CPU
Note: Companies in parentheses acquired new subsidiaries through M&A activities.

©2021 Kyowa Exeo Corporation All Rights Reserved.

20

(3) Global Strategy
EXEO Global controls three segments which include challenging fields.
The Group companies under EXEO Global generate synergies with domestic businesses
and expand the Group's business fields.
Telecommunications
carrier & ICT• Access, network, mobile construction• Building common infrastructure anddeveloping recurring business

Urban
Infrastructure• Electrical and air conditioning work for
subways, DC, office buildings, etc.
• Advancing the DX of construction using BIM

Business Incubation• Providing new solutions to enhance the customer
experience• Striving to resolve social issues (contributing
through IT and the reuse of equipment)©2021 Kyowa Exeo Corporation All Rights Reserved.

21

5. Shareholder Return©2021 Kyowa Exeo Corporation All Rights Reserved.

22

(1) Dividends, Share Buybacks
Continue to actively provide shareholder returns (have adopted DOE and willcontinue to steadily increase dividends)■ Annual dividends: Will increase for the tenth consecutive year.

■ Acquisition of treasury stock: Will flexibly purchase treasury stock in light ofmarket trends, results, and financial condition.
Under the policy actively providing shareholder returns, the Company will purchase ¥3.0 billionof treasury stock in FY2021 and will purchase treasury stock thereafter as appropriate in light ofcircumstances.
©2021 Kyowa Exeo Corporation All Rights Reserved.

23

(2) Total Shareholder Return, ROE, EPS
Aim to steadily increase ROE and EPS by continuing to increase income and capitalefficiency.
■ Total Shareholder Return■ ROE/EPS(billion yen)Amountdetermined asof May 2021

Fall in ROE due to M&A activities

Plan©2021 Kyowa Exeo Corporation All Rights Reserved.

24

6. Topics©2021 Kyowa Exeo Corporation All Rights Reserved.

25

(1) Wins Gold Medal at National Skills Competition Japan (human resources development)
In the National Skills Competition Japan, Ebihara, an employee of the Company,
won a Gold Medal in the Information Network category.
This is the eighth time, and the second consecutive year that an employee of the Company has won a Gold Medal at
the national competition. Ebihara will participate in the WorldSkills Competition in Shanghai in 2022.
Employees of the Company have represented Japan in the WorldSkills Competition, which is held biennially, five times.
Company employees have won gold medals all the five times.

In Aichi, in November 2020
Note: In principle, technicians who are 23 years old or younger compete by category at National Skills Competition Japan. In the 2020
competition, 944 people participated in 40 categories.
Ebihara competed in the Information Network Cabling category, where participants compete on the speed and performance of their
optical fiber fusion splicing in the wiring of a simulated building, and in other assignments. Participants compete for a total of eight hours
over two days.
©2021 Kyowa Exeo Corporation All Rights Reserved.

26

(2) Selected as a Semi-Nadeshiko Brand (women's active participation)
The Company was selected as a 2020 Semi-Nadeshiko Brand, which is a Ministry of Economy,
Trade and Industry and Tokyo Stock Exchange program recognizing companies that excel at
promoting women's participation.
To promote the active participation of female employees, the Company actively promotes women to important
posts (officers, branch managers, auditors at Group companies) and managerial posts. The Company also
appoints a facilitator of women's participation in each job type and branch to improve the environment for
women's participation and help women develop their careers.
In 2016, the Company was certified by the Ministry of Health, Labour and Welfare as a level 3 (top level)
Eruboshi company, an excellent company in terms of women's active participation.
Note: Since FY2012, the Ministry of Economy, Trade andIndustry and the Tokyo Stock Exchange have jointly selected
Nadeshiko and Semi-Nadeshiko Brands to showcase listedcompanies that excel at the promotion of women's
participation as stocks that would be attractive to investors
and that emphasize the enhancement of corporate value overthe medium to long term and encourage investors to invest in
those companies. In this way, this system aims to acceleratecompanies' initiatives to promote women's participation.
In FY2020, 45 companies were selected as Nadeshiko
Brands, and 19 companies as Semi-Nadeshiko Brands.

©2021 Kyowa Exeo Corporation All Rights Reserved.

27

(3) A Sustainable Office Completed (reducing environmental impact)
A new ZEB-certified Minami Kanto Branch building has been completed following
the sustainable office concept.
The building's energy consumption is 51% less than a standard building of the same size due towindows that reduce heat from sunlight, outer walls with superior insulation performance and an energy
management system. Moreover, the building has a 50 kW photovoltaic power generation system,
effectively using 75% less energy. The building thus meets the Nearly ZEB criteria.

Note: This building has been certified by the Kanagawa prefectural government as a Net Zero Energy
Building (ZEB) project in the Kanagawa Smart Energy Initiative.
©2021 Kyowa Exeo Corporation All Rights Reserved.

28

(4) Starting a New Form of Agriculture (harmony with communities)
C-Cube, a major subsidiary, produces and sells high-sugar mini tomatoes
in a smart farm using ICT.
C-Cube produces high-sugar Sweet Cube mini tomatoes at C-Cube Sakahogi Farm in Gifu Prefecture.
The farm takes steps to mitigate global warming and takes the surrounding environment into consideration.
It utilizes ICT, including automatic environment control and a data analysis system.
Yield forecasts using AI (ademonstration experimentis being conducted)

Sakahogi Farm is a JGAP*
certified farm.

Environment monitoring
sensor*JGAP is a third-party certification system thatcertifies farms that meet criteria for proper
management.

©2021 Kyowa Exeo Corporation All Rights Reserved.

29

(5) The Group's Response to COVID-19
Thorough infection prevention measures● Through disinfection of offices, preparing PCR test kits for voluntary testing, making rules known to employees, etc.Driving
work style reforms in response to the new normal created by the COVID-19 pandemic, improving the workplace environment

Driving work style reforms in response to the new normal created by the COVID-19 pandemic,
improving the workplace environment● Distributing mobile PCs and smartphones to all employees to enable them to work anywhere in the same ways they would in the office● Promoting paperless offices, ending the use of seals and building a network environment that ensures security for employees working remotely● Implementing hot-desking at the head office and other major offices and installing security gates with face authentication and thermography cameras

Providing the Group's COVID-19 measures and work style reform solutions to customers● Providing remote work solutions using EXBeacon,* selling disinfection units*See next page
*See next page
Head office

Shinagawa office

Nippon Dentsu's antiviral ultraviolet
irradiation deviceCare222

Signify's Air disinfection
device©2021 Kyowa Exeo Corporation All Rights Reserved.

30

(Reference) Remote Work Solutions Provided by the Company
Visualization of
attendance ratio

Communications using
OfficeMicrosoft Teams
Mobile working- Online meetings- Online training- Online interviews■ Processing at the place ofworking or on site

- On board the means of transport while in transit- On site, at the customer's premises andat the business trip destination- In a railway station, cafe and elsewhere
during waiting time

EX Home
Secure remote working environment

Working at
satellite offices■ Places of work

- Offices other than the worker's regular office- Satellite offices based on contracts with outsiders

Direct travel
Curtailment of time for transport©2021 Kyowa Exeo Corporation All Rights Reserved.

Customer’s
premises

Balance between childcare,nursing care, medical careand disabilities and work

Improvement in work-life balance
Business trip
destination

Work from home
■ Places of work
- The worker’s
residence

Direct travel

Curtailment of time for transport

Construction
site

31

Appendix©2021 Kyowa Exeo Corporation All Rights Reserved.

32

Consolidated Statement of Income(billion yen)
FY 2019
Full year

FY 2020

FY 2021

Full year

Full year

InitialPlan

Corrective Plan
(Announced on
Feb. 10, 2021)

ActualYOY

Initial Plan
accuracy

Plan

YOY

A

B

C

D

D/A

D/B

E

E/D

Orders received

556.3

525.0

600.0

631.0

113%

120%

550.0

87%

Net sales

524.5

525.0

560.0

573.3

109%

109%

560.0

98%

Gross profit
SG&A expenses
Operating income
Ordinary income
Net income
attributable to ownersof parent©2021 Kyowa Exeo Corporation All Rights Reserved.

(13.0%)

68.3(7.1%)

37.2(5.9%)

31.1(5.8%)

30.6(3.0%)

15.6(13.8%)

72.5(7.7%)

40.5(6.1%)

32.0(6.3%)

33.0(4.0%)

21.1(13.1%)

73.5(7.1%)

39.5(6.1%)

34.0(6.3%)

35.0(3.9%)

22.0(13.2%)

75.8(13.6%)

111%

105%

(6.8%)

39.2

105%

97%

118%

114%

100%

37.0

101%

(6.8%)

125%

116%(4.2%)

24.1

39.4(6.6%)(6.7%)

38.1

101%(7.0%)(6.4%)

36.6

76.4

37.8

99%

(4.3%)

155%

115%

24.1

100%

33

Consolidated Orders and Net Sales by Segment(billion yen)
FY 2019

Full year

Access engineering

ENGINEERINGSOLUTIONS

Orders Received

NTT
Group Network engineeringengineeri Mobile engineeringng
Sub-total
NCCs
Urban infrastructure
Sub-total

SYSTEM-SOLUTIONSTOTALAccess engineering

ENGINEERINGSOLUTIONSNet Sales

NTT
Group Network engineeringengineeri Mobile engineeringng
Sub-total
NCCs
Urban infrastructure
Sub-total

SYSTEM-SOLUTIONSTOTALAccess engineering

ENGINEERINGSOLUTIONS

Amount Carried Forward

NTT
Group Network engineeringengineeri Mobile engineeringng
Sub-total
NCCs
Urban infrastructure
Sub-total

SYSTEM-SOLUTIONS
TOTAL©2021 Kyowa Exeo Corporation All Rights Reserved.

InitialPlan

Corrective Plan
(Announced on
Feb. 10, 2021)

FY 2020

FY 2021

Full year

Full year

ActualYOY

Initial Plan
accuracy

Plan

YOY

A

B

C

D

D/A

D/B

E

E/D

151.2
25.6
50.2
227.0
51.7
153.0
431.8
124.5
556.3
152.7
25.4
49.5
227.8
40.7
135.2
403.8
120.7
524.5
26.4
11.0
27.2
64.7
30.9
113.7
209.3
21.5
230.9

151.2
25.6
50.2
227.0
51.7
153.0
431.8
124.5
556.3
152.7
25.4
49.5
227.8
40.7
135.2
403.8
120.7
524.5
－
－
－
－
－
－
－
－
－

160.7
20.8
49.0
230.5
60.6
142.3
433.4
166.6
600.0
155.4
22.1
44.1
221.6
45.2
138.1
404.9
155.1
560.0
－
－
－
－
－
－
－
－
－

166.4
21.6
51.0
239.1
68.1
154.2
461.5
169.5
631.0
155.8
22.5
44.2
222.6
47.0
147.9
417.6
155.6
573.3
37.0
10.0
34.0
81.2
52.1
121.1
254.4
34.8
289.2

110%
84%
102%
105%
132%
101%
107%
136%
113%
102%
88%
89%
98%
115%
109%
103%
129%
109%
140%
92%
125%
126%
168%
107%
122%
161%
125%

122%
88%
103%
114%
141%
115%
118%
128%
120%
109%
89%
94%
103%
100%
107%
104%
125%
109%
－
－
－
－
－
－
－
－
－

146.9
23.2
44.5
214.6
57.3
141.2
413.1
136.9
550.0
156.9
23.3
43.6
223.8
56.0
142.5
422.3
137.7
560.0
－
－
－
－
－
－
－
－
－

88%
107%
87%
90%
84%
92%
90%
81%
87%
101%
104%
99%
101%
119%
96%
101%
88%
98%
－
－
－
－
－
－
－
－
－

34

Group segments
Segment

Telecom
carriers

NTT Group
engineering

ENGINEERINGSOLUTIONS

Description of work
Access engineering

Access construction and civil engineering work for NTT Group

Network engineering

Network construction for NTT Group (including network construction for DoCoMo)

Mobile engineering

Mobile construction for NTT Group

NCCs

Telecommunications infrastructure construction for NCCs (KDDI, SoftBank, Rakuten)(Access, Network and Mobile)

Urban infrastructure

SYSTEM-SOLUTIONS©2021 Kyowa Exeo Corporation All Rights Reserved.

・Wiring for telecommunications for local governments, public offices, CATV, railway
companies and private companies(telecom infrastructure construction other than for telecom carriers)
・Electric work, air conditioning work, renewable energy-related work, including theconstruction of solar power generation facilities
・Urban civil engineering work (utility pole removal, water and sewage, earth shuttle method
construction, etc.)
・Construction, operation and maintenance of waste disposal plants, biomass boilers, etc.

・SI (contract development of large systems, provision of business support solutions, etc.)
・NI (servers, wireless LAN, security, cloud services, GIGA School project, etc.)
・Global (wiring for telecommunications, electric work, air conditioning work, provision ofsolutions, etc.)

35

Disclaimer Regarding Forward-Looking Statements
Management of the Company has made estimates and assumptions relating to financial
forecasts based on information available as of the reporting date. Actual results could
differ from those estimates.

3-29-20 Shibuya, Shibuya-ku,
Tokyo 150-0002 JAPANURL: https://www.exeo.co.jp/en/ir/
TEL: (81)3-5778-1073

A variety of IR materials is available for
consultation on our company website.

©2021 Kyowa Exeo Corporation All Rights Reserved.

36