Thank you very much. As of 15:00 today, we announced an appointment of executive officers whichis effective April 1, 2024 that I would like to go over. Please do refer to the press release that has
been made available for details.
The purpose of this executive officer changes. After we had a successful IPO, in anticipation of thebusiness developments for the coming 10 years, we decided to embrace a new structure formanagement. We hope to seek your understanding. Thank you in advance.
As for retiring executive officers, Kamiya as well as Ogawa, they will continue to remain as Director
as well as Director/Executive fellow, respectively and they will continue to engage in the managementof the Company. We hope to seek your understanding on this front as well. Thank you very much.

First, a summary of Q3 results. Page four are highlights. Details will be shared on the next page andon.

Please see page five. This section shows the profit loss for Q3 and the first nine months of the year.
Since we consider adjusted profit to be an important management indicator, we will discuss things inadjusted profit terms. Also to note, since most of the export sales of our products are yendenominated, the impact of foreign exchange on our profits is minuscule. In Q3, revenue was down
17% and adjusted operating income was down 28% compared to the same period of last year. The
reason for the large decrease compared to the market is that our memory sales account for a large
proportion of our total sales and were strongly affected by the memory market slap.
On the other hand, compared to Q2, the Company recovered further with a 20% increase in revenueand a 12% increase in adjusted operating income. As expected, bottoming out happened in Q1 andthe recovery trend proved evident in Q2 and Q3.
Due to a change in the project mix, the gross profit margin declined from Q1 and Q2 but remained
above 40%. For the first nine months of the year, revenue was down 29% from the same period lastyear, in line with our initial expectations. Adjusted operating income continued to exceed initialexpectations with a 42% decline. Research and development expenses, capital expenditures, anddepreciation amortization are progressing as initially expected.

Page six shows the factors behind the YoY year changes in Q3 revenue and adjusted operating
income. As in Q1 and Q2, semiconductor device manufacturers curbed their investments in NAND,resulting in a large decline in equipment sales in Q3 as well. This decline in sales led to a decreasein gross profit, resulting in a decrease in adjusted operating income. In addition to active investment
in mature nodes in China, DRAM, and logic/foundry outside of China also began to recover in Q3.
The ratio of equipment and services sales to China in Q3 totaled 44% of total sales. But this is
expected to move closer to its original level of around 30% in the future as sales outside of Chinarecover.
In addition, mainstream equipment sales accounted for about 50% of total equipment sales in Q3
with batch ALD accounting for about 50% and treatment about 10%.

Page seven shows revenue by business segment. For the full year ended March 2023, equipment
accounted for 70% and services 30%. Coming into the fiscal year ending March 2024, while
equipment sales declined, the service sales composition ratio increased as service revenues
remained on par with the same period of the previous year. However since equipment sales
recovered in Q3, the sales composition ratio returned to the original breakdown.

Page eight shows sales revenue by application. For the full year ended March 2023, NAND
accounted for 43%, DRAM for 20%, and logic and others were 37%. In the fiscal year ending March2024, while NAND sales declined, active investment in mature nodes in China has been supporting
our performance since Q2. However, DRAM and logic/foundry sales outside of China have also
started to recover since Q3. As for NAND, device manufacturers continue to pursue cutting-edge
device development and sales of development equipment are maintaining a certain scale. Others
consist of water applications, SI power device applications, and others. SiC power device applications
with a wafer size of 150 millimeters to 200 millimeters are included in the service business.

Page nine shows changes in order backlog. The order backlog at the end of Q3 was JPY163.7 billion,
showing the same level as the end of Q2. Orders bottomed out in Q2 as initially expected and havebeen recovering from Q3. In addition, the order backlog remained high due to an increase in longlead time projects following the supply chain problems in H2 of the fiscal year ending March 2022.
But as initially expected, long lead time projects have begun being converted into sales. As a result,orders received and revenue from sales were at the same levels in Q3, and as such, the order backlog
is heading to normalizing. Approximately 30% of the order backlog from the Q3 end will be booked
as sales in the current fiscal year, 60% in the next fiscal year, and the remaining 10% in subsequentyears.

Page 10 is the balance sheet. Explanation is going to be omitted. Total assets were generally
unchanged from the end of the fiscal year March 2023 due to an increase in tangible fixed assets
from large capital investments and an increase in inventories in anticipation of the demand recovery
despite decreases in cash and cash equivalents as well as trade and other receivables. Total liabilities
decreased by JPY1.5 billion from the end of fiscal year March 2023, mainly owing to a decrease intrade and other payables.

Page 11 shows changes to the main management indicators on the balance sheet. The equity capitalratio increased approximately 5% points from the end of the previous period to 48.6%. Regarding therelationship between cash and debt, net cash is temporarily negative due to the impact ofdeteriorating operating cash flow in the fiscal year ending March 2024. But as sales revenue recovers,operating cash flow will improve accordingly, and net cash is expected to turn positive in the next
fiscal year and beyond.

Page 12 shows quarterly cash flows. Operating cash flow turned positive in Q3, although it declined
in line with lower sales revenues. Cash and cash equivalents balance remained at sufficient levels
for working capital.

Page 13 shows quarterly R&D expenses, capital expenditures, and depreciation and amortization.
Since the Company continues to invest in R&D and capital expenditures in anticipation of future
demand recovery and medium to longer-term demand expansion, the ratio of R&D and capital
expenditures to net sales has temporarily increased due to the current sales decline.
R&D expenses which have to date been 4% to 5% of net sales will be raised to around 6% in themedium to longer term. Capital investment which has traditionally been JPY2 billion to JPY3 billion
per year will be increased to JPY4 billion to JPY6 billion per year going forward.
Capital expenditures in Q3 were temporarily large due to large-scale capital expenditures, including
investments related to the new plant being built in Toyama Prefecture and the expansion of thedemonstration room in South Korea. In addition, ordinary capital expenditures also temporarily
increased, including the installation of evaluation equipment in conjunction with the demo room
expansion in South Korea.

Page 15 is highlights. Details are available on the following pages.

Please see page 16. There are no changes to the earnings forecast for the fiscal year March 2024
are announced at the time of listing. Although profits through Q3 have exceeded the initial forecast,
the full-year forecast remains unchanged, and we view each profit in the full-year forecast at aminimum level.
Now although our group has the Toyama office and locations of our group companies in Toyama
Prefecture, we have not seen severe damage from the Noto Peninsula earthquake of 2024, which
occurred on January 1 of this year, and normal business operations have started sequentially onJanuary 9. Therefore, the impact of the earthquake on our business performance is negligible. Thereis no change to the dividend forecast, which will be a semiannual amount taking into account the factthat the listing period is in H2 and the entire amount will be paid as a year-end dividend. The dividend
payout ratio is based on an unadjusted net income. But if calculated based on adjusted net income,the payout ratio would be 10%, which is equivalent to a level of 20% for the year.

On page 17, we show the factors for the increase or decrease in the full-year forecast compared withthe previous year's actual results. In Q4, in addition to continued active investment in mature nodes
in China, which has been continuing since Q2, investment in DRAM and logic/foundry outside of
China, which has been recovering since Q3 is expected to drive our business performance. We also
expect to maintain a certain level of NAND sales, including development equipment sales.

Page 18 shows the sales composition by business segment for the full year. We expect the ratio ofservice business to total sales to expand temporarily in the fiscal year March 2024 due to the decline
in equipment sales, but we expect it to return to the previous balance as equipment sales recover. In
the mid to long term, we aim to achieve a balance of 70% to 75% equipment sales and 25% to 30%
service sales by growing both equipment and service businesses.

Page 19 shows the sales compositions of equipment sales by application for the full year. In fiscalyear March 2024, we expect the DRAM and logic/foundry ratios to rise temporarily due to reduced
investment in NAND. But over the medium to long term, we will expand each of these ratios aimingfor a balance of 30% in NAND, 30% in DRAM, and 40% in logic/foundry and others. The outlook forthe future begins on page 20.

Please look at page 20. I will explain from here. The semiconductor device market is expected togrow significantly in the mid to long-term due to the expansion of data centers, and investment in
reducing environmental impact called GX, et cetera. The WFE market is expected to grow from about
USD110 billion to USD120 billion in the next few years. Although it is expected to be at the samelevel as in 2023 and 2024.
Although our expected sales for March 2024 are expected to decline significantly from the previousyear. We expect equipment sales to grow by about 20% in fiscal year March 2025, exceeding WFE.
Although active investment in mature nodes in China will continue, we are taking a cautious view
from H2 of the fiscal year March 2025 onwards.
The following is the outlook by application. DRAM is expected to have the most stable orders andsales. In addition to increased demand for mature nodes in China, we anticipate increased demand
for advanced devices globally. The growth in demand for DRAM is expected to be boosted by theexpansion of HBM demand due to the spread of generative AI.
In logic/foundry, we expect the mature nodes for China to lead the way in the near term, followed by
the start of mass production for advanced devices in the global market. Acquisition of PORs for GAA
development has increased further with the PORs from all major manufacturers. At present, GAArelated orders are expected to reach the JPY10 billion mark and are expected to start contributing tosales in the fiscal year March 2025 with demand expected to grow thereafter.
Market conditions for NAND will begin to recover in H2 of March 2025, and the full-fledged recovery
in mass production is expected in March 2026. We expect SiC power devices to grow about 8x YoY
in the fiscal year March 2024 due to increased demand for existing products. In fiscal year March
2025, we expect sales to increase by more than 20% compared to fiscal year March 2024 as new
high-temperature activated annealing products are delivered for evaluation purposes. Furthermore,
rapid growth is expected from fiscal year March 2026 onwards through mass production of newproducts.

Page 21 summarizes the outlook for the batch ALD market, please see the figure on the left. Batch
single-wafer is used in separate applications with little overlap between the two areas. As
semiconductor devices become more complex, productivity challenges become more pronounced
and the need for batch ALD is expanding. This has resulted in the batch ALD market expanding in
the upper right direction.
The upper right figure shows the features of our batch ALD process. Our batch ALD uses thermals
and cyclical gas supply to achieve high productivity and excellent step coverage in both the verticaland horizontal directions. We believe that our batch ALD is the best solution for the next-generation
logic GAA, which requires uniform, high-quality deposition in both the vertical and horizontal
directions.
The lower right figure shows the inner space and hard mask, which can take advantage of our batch
ALD technology as well as low-k in logic GAA. We expect that the transition from GAA to CFET willfurther increase the number of processes where batch ALD is advantageous.

On page 22, we summarize the drivers of our future growth along with our development roadmap.
We believe that as semiconductor devices become more multi-layered, complex, and threedimensional, there will be increasing opportunities to take advantage of our expertise in batch ALD
and the treatment for NAND, DRAM, and logic devices respectively.
In the short term, demand for DRAM, including mature nodes and the logic/foundry, will increase
followed by recovery in the NAND market.
In the medium term, drivers will be sales expansion due to the acquisition of volume production, POR
for Logic GAA, increased demand for advanced DRAM with more production of HBM, and rapid
growth from the launch of new products of SiC power devices.
In the long term, there are inflection points such as the transition to 3D DRAM and Logic CFET byproviding products and services that meet the demand in each of these areas. We aim to realize abalanced portfolio and achieve medium to long-term growth.
That concludes our presentation. Thank you all for listening.