TIS Inc.
Q3 Financial Results Briefing for the Fiscal Year Ending March 31, 2024
February 2, 2024

Event Summary[Company Name]TIS Inc.

[Company ID]

3626-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q3 Financial Results Briefing for the Fiscal Year Ending March 31, 2024

[Fiscal Period]

FY2024 Q3[Date]

February 2, 2024

[Number of Pages]

23[Time]

17:00 – 17:31(Total: 31 minutes, Presentation: 11 minutes, Q&A: 20 minutes)[Venue]Dial-in[Venue Size][Participants][Number of Speakers]

2
Masakazu Kawamura
Takahiro Kimura[Analyst Names]*

Chikai Tanaka
Satoru Kikuchi
Hideaki Tanaka
Hiroko Sato

Executive Officer, Division Manager ofCorporate Planning SBU
Department Manager of Corporate
Management Department
Goldman Sachs
SMBC Nikko Securities
Morgan Stanley MUFG Securities
Jefferies*Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A or
whose questions were read by moderator/company representatives.

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Presentation
Moderator: Thank you very much for your patience. We will now hold the financial results briefing for Q3 ofthe fiscal year ending March 2024 for TIS Inc.
Masakazu Kawamura, Executive Officer, Division Manager of Corporate Planning SBU, and Takahiro Kimura,
Department Manager of Corporate Management Dept., are attending today's conference call. Kawamura will
first give a 10-minute presentation, followed by a Q&A session. Kimura will join the Q&A session, and the twoof them will be available to answer questions. The entire meeting will last a maximum of 30 minutes.
The explanatory materials are available on the website of TIS Inc. for your reference. We will now start thepresentation.

Kawamura: This is Kawamura from TIS. Thank you. I will now explain the details of the Group's financial resultsfor Q3 of the fiscal year ending March 31, 2024, which were announced at 3:00 PM. today.
Please see page two. These are the highlights of our financial results.
First, let me discuss the Q3 results. The cumulative Q3 results continued to be strong from H1, with YoY
increases in both sales and income.

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Profitability remained at a high level, albeit slightly lower, mainly due to aggressive investment in growth.
Orders and order backlogs accumulated to a record high in Q3 cumulative period. Particularly in the mostrecent Q3, both overall and development have increased significantly YoY.
Next, regarding the outlook for the fiscal year ending March 31, 2024, we have not revised our full-year plan,
as we are making steady progress in line with the plan raised in H1.

Now, please see page five. Summary of results for Q3 of the fiscal year ending March 2024.
With the favorable business environment continuing from H1, we were able to achieve increased sales andprofits by steadily expanding our business.
Net sales increased 9.3% YoY to JPY404.7 billion, and operating income increased 7.1% to JPY47.5 billion, andthe operation margin improved to 11.8%. Net income attributable to owners of the parent company increased
to JPY32.1 billion, up 0.1% YoY.
The decline in quarterly net income margin of 0.7 percentage points was attributable to a rebound in
extraordinary income recorded in the previous fiscal year due to a reduction in cross-shareholdings. The
impact of the consolidation of Japan ICS as a consolidated subsidiary is JPY4.3 billion in net sales and JPY0.7
billion in operating income for the cumulative period from Q2.

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Page six shows changes in operating profit by factor.
The increase in profits, mainly due to the effect of higher revenues, offset increased investment in humanresources and other growth investments, resulting in JPY3.13 billion increase in operating income comparedto the same period last year.
Although we were able to make steady progress in improving profitability through the provision of high valueadded business and the promotion of productivity improvement measures, the gross profit margin remained
unchanged and the operating profit margin declined by 0.2 percentage points from the same period last year,
mainly due to unprofitable projects that occurred in Q2.
Unprofitable projects amounted to JPY1.6 billion in Q3 cumulative period. In Q3, the amount was controlled
to approximately JPY200 million. We will continue to promote quality improvement measures and strive toprevent unprofitable projects from occurring.

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Please refer to page seven. Sales by client industry.
The trend remained unchanged from H1, with increases in all industries. For services, the results reflected theperformance of Japan ICS, and for public services, large projects for public financial institutions contributed
to the results. As for banks, they are growing strongly, especially overseas.

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5Page eight shows the status by major segments.
Offering Services posted increases in both revenue and income due to the firm capture of IT investment
business in the settlement, infrastructure-related, and business management fields in line with the progressof digitization, as well as the impact of changes in consolidated subsidiaries, including Japan ICS. Overseas
operations also contribute to sales growth.
As for BPM, both sales and profits declined as existing data entry operations continued to struggle. In financial
IT, both sales and profits increased, driven by credit-card-related core customers, which peaked in H1, andlarge projects for public-sector financial institutions.
As for Industrial IT, sales and profits increased, driven by ERP-related activities, in addition to the trend of
expanding IT investments in a wide range of industries, including manufacturing and distribution. In Regional
IT solutions, sales and profits increased due to strong sales of bank-related and medical-related products andexpanded IT investments in networks, but profitability declined due to unprofitable projects that occurred in
Q2.

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In addition, on page nine, we have listed sales to external customers by business segment, which we hope will
be helpful in confirming more detailed conditions by segment.

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9Results for the three months in Q3 are shown on pages 10 through 12.
Overall, both sales and income increased YoY. Although the operating margin declined by 0.9 percentage
points, we recognize that this 12.5% is also a high level, as it was a very high 13.4% in the same period lastyear.
Gross profit margin was roughly on par with the same period of the previous year, despite the impact ofenhanced investment in human resources and the peak-out of large projects, but this was due to a particularly
low SG&A in the previous Q3, a wave effect, so to speak. Since the level of SG&A expenses this time is notparticularly high, we do not believe that this is a situation that should cause us to worry too much about our
full-year plan.
As mentioned at the beginning of this report, the decrease in net profit was due to a decrease in the amountof extraordinary income recorded compared to the same period of the previous year.

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10Beginning on page 13 is an explanation of the status of orders.
First, overall orders received were up 5.8% YoY to JPY364.5 billion, reflecting a solid buildup of orders. In termsof development orders, although there was YoY decrease, this was largely due to a reactionary decline fromthe large financial IT projects in H1. We had expected this reactionary decline from the beginning, and weview the results as generally in line with our expectations.

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11Page 14 shows the order backlog at the end of the period.
Orders generally remained unchanged from the trend of orders received and increased YoY, piling up to arecord high for Q3. We believe that we can continue to develop our business on a firm footing.

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12Page 15 shows orders received for the three months of Q3.
Overall, the development built up strongly with a 17.1% increase over the same period last year and a 13%
increase in development. Although the BPM situation remains difficult, in offering services, overseas
operations and Japan ICS operations and sales have accumulated.
In financial IT, development projects were accumulated mainly by existing core customers. In industrial IT,
ERP-related and modernization are leading the way.

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Next, I would like to explain our forecasts for the full year ending March 2024. Please refer to page 17.
The full-year forecast for the fiscal year ending March 31, 2024 remains unchanged from the revised figure on
November 1, 2023. Net sales are projected to increase by 5.4% YoY to JPY536 billion, operating profit by 3.5%
to JPY64.5 billion, and net profit attributable to owners of the parent is projected to decrease by 24.3% toJPY42 billion.

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In terms of progress against the full year in the Q3 cumulative period, sales are slightly stronger than planned
for the full year, while profits are progressing along the expected lines.

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In Q4, despite the impact of the peak-out of large-scale projects, we will continue to steadily promote various
measures, such as business development that precisely meets customer needs, in areas where IT investment
is showing signs of strengthening.
Finally, I would like to briefly explain the timely disclosure announced at 4:30 PM today.
We have been informed by several business corporations of their intention to sell our shares, and havedecided to repurchase our shares. After considering the total number of shares expected to be sold, we havechosen to conduct an off-auction purchase of our own shares in order to mitigate the short-term impact ofsuch sales on the supply and demand of our shares and to reduce the impact on our existing shareholders.
The total amount of share repurchase is planned to be approximately JPY22 billion. The acquisition of treasury
stock is expected to raise ROE to the 14% range. We intend to continue our efforts to achieve capital efficiency
and cost of capital-conscious management.
This is the end of my presentation.
Moderator: Thank you very much.

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Question & Answer

Moderator [M]: We will now take your questions.
When it is your turn and the moderator calls your name, please mention your company name and your name,followed by your question. Please note that only two questions can be asked per person at a time.
First, Mr. Tanaka of Goldman Sachs, please ask your question.
Chikai Tanaka [Q]: My name is Tanaka from Goldman Sachs. I would like to ask two points. The first point isthat the three-month figures for orders received are very strong, and I think there has been strong growth invarious segments. I would like you to let me know if there are any major projects in each segment.
In addition, I would like to confirm whether there is an upward trend in terms of orders, putting a little bit ofa reactionary decline in the order environment. This is my first question.
Kawamura [A]: Thank you very much. Regarding the overall order situation, we were able to accumulate asolid volume of stock orders, mainly for operations, which covered the decline in development orders, andboth orders and order backlogs were in very good condition.
By segment, first of all, with regard to offering services, operations and sales were particularly strong in theaccumulation of overseas subsidiaries and Japan ICS.
In terms of development orders, we have received small orders of about JPY400 to JPY500 million in thesettlement and business management fields, but we were able to increase these orders mainly from existingcustomers. This is not a specific increase, but rather an increase in consolidated subsidiaries and an increasein some existing customers.
Tanaka Chikai [Q]: Excuse me, Mr. Kawamura. Perhaps you are now talking about the Q3 total, but can you
give us a figure for the three-month period?
Kawamura [A]: Okay, thank you. In terms of the impact of the consolidated subsidiaries, Nippon ICS had apositive impact of about JPY1.9 billion during the three-month period. The impact of MFEC and overseas
subsidiaries was also positive, amounting to about JPY1.9 billion.
In addition to that, business such as settlement and business management of TIS added about JPY1 billion.
This is where the offering service makes a significant contribution.
Next is financial IT, and this is also a card business in particular. In addition to an increase of about JPY1.5
billion at our major customers, we have received new orders from public-sector financial institutions, whichhave also added about JPY1.5 billion.
The rest of the banking business was generally strong, resulting in a total positive JPY4.1 billion. Development
orders are the main focus.
In the industrial IT sector, there was a very strong increase mainly in the ERP and SAP-related areas, with anincrease of about JPY500 million. In addition to that, please consider that there is a positive accumulation of
about JPY200 to 300 million, mainly in the core business.

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As for the regional IT, there was a slight negative impact on development here. On the other hand, it hascontributed positively to operations and sales in particular, and the breakdown seems to be positive due tothe accumulation of operations in the medical and network sectors.
Chikai Tanaka [Q]: Thank you. Just to confirm, is my understanding correct that it is not so much that you
have received a huge number of projects, but rather that you have been able to grow through theaccumulation of various projects, especially development projects, centered on major customers?
Kawamura [A]: Yes. You are correct.
Chikai Tanaka [Q]: So, the environment for orders has improved a little bit, although orders were weak in H1
due to a reactionary decline.
Kawamura [A]: Yes. We believe that the environment for orders was good this fiscal year as well, but there
was a very large reactionary decline, which may have given this impression. We believe that we have beenable to build up our business while we have been steadily returning to our respective businesses.
Chikai Tanaka [Q]: Thank you. Secondly, I would like to ask about the relationship between gross profit marginand large projects. First of all, large projects in the financial sector have probably dropped since this Q3, andI think Q4 and another customer are also in a situation of dropping.
Is the reactionary decline still likely to be stronger than expected relative to the level we saw at the beginningof the period, or is it coming in roughly in line with our expectations? I would like to ask you again about yourcurrent outlook, especially for the next fiscal year.
In this Q3, the gross profit margin did not have much of an impact from unprofitable operations, so it appears
that it is very difficult to increase the gross profit margin. Given the backlash from large customers, should we
expect it to become a little more difficult to improve gross margins? I have two points in this area, and I would
like to ask for the last one.
Kawamura [A]: Thank you very much. First of all, the first large project is generally progressing as planned at
the beginning of the fiscal year. I believe this is a corollary of the fact that the development project itself isalso progressing as expected, so please consider that it is going as expected in relation to the process and invarious other plans.
In light of your second question, the hurdle to achieving a positive gross profit level is gradually rising, and ourlabor costs and those of our partners are also rising, making it difficult to raise the gross profit level. However,
our intention to somehow raise gross profit margins as we continue to improve profitability remains
unchanged.
In this sense, we are hoping to achieve results in the form of a further increase in profit margin by shifting toa service-type business, as there has been a positive contribution from Japan ICS since Q2 of the previous
fiscal year. That's all from me.
Chikai Tanaka [M]: Thank you very much for your detailed explanation. That's all from me.
Moderator [M]: Thank you very much. Next, Mr. Kikuchi from SMBC Nikko Securities.
Kikuchi [Q]: I am Kikuchi. Thank you. I have two points to make. The first is that the large-scale projects that
Mr. Tanaka has just asked about are still not easily seen.

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In the next fiscal year, are you stocking up on projects that can be absorbed, or are there any new prospects
that can be absorbed in the last three months, or not so much? The first point is that we would like to know
if you have any figures, even qualitative, if possible.
Kawamura [A]: Regarding your question, we are aware that the situation is progressing as we explained at
the beginning of the term. On the other hand, as I explained earlier, in Q3, we are not only working withspecific credit-card-related customers, but also with a variety of other customers, and we have been able tobeat back the overall order volume.
It is true that it will be very difficult to win back the orders for this project itself, but we are hoping to win backthe orders by accumulating orders in each segment, although this may be a bit qualitative.
In this context, for example, in the industrial sector, ERP-related investments by manufacturing customers
have been strong, and in the regional IT sector, IT investments by small and midsize companies have beenstrong, so we must firmly establish a plan to return to profitability as a whole.
In that sense, we would like to ensure the start of the next fiscal year's plan by building up a solid volume oforders in Q4. That's all from me.
Kikuchi [Q]: Thank you very much. As for the second point, I think the human resource investment cost in thisfiscal year is very good, but the salary level has been raised considerably, and I heard before that the next
fiscal year will be in a similar direction. Is the impact on the scale the same or less than this fiscal year? Please
let us know if you are seeing anything.
In addition, I would like to know if you can see any other investments for the next fiscal year, such as
investments in systems, or any upfront investments in structural reforms, or any other investments other thanhuman resource investments for the next fiscal year.
Kawamura [A]: First of all, regarding personnel expenses, as I explained here a year ago, we have decided toraise our personnel expenses by about JPY5 billion per year for the entire group, which is a firm increase fromthe level of our personnel expenses.
At that time, the average increase in TIS alone was approximately 6%. First of all, with this increase, we haveshown a solid level of compensation.
On the other hand, for the next fiscal year, we have been raising the level of remuneration in stages, and thelevel has been approximately 2% to 3%, so our current plan is based on that level of remuneration. We may
raise wages one step higher than last year, depending on the situation, but for the next fiscal year, we feelthat we need to raise wages as usual.
As for other areas, of course we will continue to make upfront investments as we have always planned to doso, but I do not think there is anything to worry about in terms of investments that will have a significant
impact on our business performance today.
We hope to be able to present the amount of investment and the effects of the investment in the next fiscal
year's plan. That's all from me.
Kikuchi [M]: Thank you very much. That's all from me.
Moderator [M]: Thank you very much. Next, Mr. Tanaka of Morgan Stanley MUFG Securities, Inc.

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Hideaki Tanaka [Q]: My name is Tanaka from Morgan Stanley MUFG Securities. I have two questions. First,
please comment on whether or not there are any changes to the business meeting on the credit SaaS side.
Kawamura [A]: We held a financial result briefing in December, and the situation has not changed significantly
from what we explained at that time. We are working diligently on our sales activities and will do our best to
share our achievements with you again. That's all from me.
Hideaki Tanaka [M]: Thank you very much. The second point is the ToSTNeT-3 part of the treasury stock you
mentioned earlier. Please tell us if there are any other companies that have policy holdings other than thisone, or if there are still quite a few lefts, or if you have any rough estimates in that area. That's all from me.
Kawamura [A]: As we have disclosed, we are taking steps to reduce our policy shareholdings. We believe thatthe progress has been made on a firm footing, as we have kept the balance sheet at 9% or less from the endof the last fiscal year.
We believe that we have made appropriate progress in reducing the number of shares we own, and we are
not considering any further announcements at this time. That's all from me.
Hideaki Tanaka [M]: Thank you very much. Rather, I understand that your company is moving forward with
this, but I'm not sure what else can be done at your shareholder's place.
It's like this is no longer the case, because your company is reducing its policy holdings, so the other party isalso reducing its policy holdings, and nothing else. I have a question about the impact of this businesscorporation wanting to sell shares of your company, and whether this is about the last time we should
consider it.
Kawamura [A]: We are not sure if it is possible for us to mention the possibility of receiving an offer from theother party rather than from us. However, based on the remaining balance, I understand that a large portion
is no longer remaining. That's all from me.
Hideaki Tanaka [M]: Thank you very much. That's all from me.
Moderator [M]: Thank you very much. Now, Mr. Sato of Jefferies Securities.
Sato [Q]: My name is Sato from Jefferies. Since you all have asked me so many questions, I only have one, and
it is this Q3 financial results, and I was looking at it thinking that sales were up quite normally. Also, in thearea of orders, I had the impression at the first-half briefing and during the interviews that Q3 might not be
so bad, but when I opened the door, I found that the numbers were very strong.
What were your orders, sales, and operating income like in relation to the internal figures this time? Was it
higher or lower than expected, was it inline, or was it possible to give the order a really good rating? I would
appreciate it if you could give me a detailed assessment of this area.
Furthermore, looking at this Q3 now, I don't think you have tinkered with the full-year or H2 figures, but it issensitivity, isn't it? I think what you just said was that you will do your best to get orders, so I am wondering
if you can clear up the issue of guidance, but I would appreciate your comments on this as well. Thank you.
Kawamura [A]: Thank you very much. On a Q3 stand-alone basis, sales, profits, and orders received wereslightly better than expected, and we believe that we were able to achieve results for Q3.

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20However, as you have already heard, in Q4, there was a reactionary decline from the very large orders
received from large public-sector financial institutions in the previous fiscal year. We are not optimistic
because we recognize that we still need to build up.
As I mentioned earlier, we believe that the environment is generally favorable, and we are determined tobuild up our orders and create a master plan for the next phase of the project. We recognize that we still needto make solid progress toward our mid-term plan. That's all from me.
Sato [Q]: Excuse me, speaking about public, maybe it means housing, but this is a reactionary decline in sales
as well, isn't it? Let me check this first.
Kawamura [A]: No, we received a lump-sum order of about JPY5 billion in Q4, so I think this is one of thehighest hurdles for orders.
Sato [Q]: Okay. When your company's operating income is slightly higher in H2, you sometimes say in Q4 thatyou are going to invest a little more for the next fiscal year. You said that such things are not planned for thisfiscal year.
Kawamura [A]: I'm sorry. I am not aware that we are making such plans, but I believe that the situation isunpredictable, and we will do our best to stay on top of it.
On the other hand, as I mentioned earlier, there are bright spots in general, such as SAP, for example, and thefirm uptake of IT investments by small and midsize companies, so we will continue to look forward and do ourbest. That's all from me.
Sato [Q]: If you don't make up JPY25 billion in Q4.
Kawamura [A]: Excuse me, Mr. Sato. It is 50, not 250.
Sato [M]: I'm sorry, I was surprised. Thank you very much for your answer. That's all from me.
Moderator [M]: Thank you very much. Now, since it is almost time to end, I will conclude the question-andanswer session. In closing, Mr. Kawamura will offer a few words.
Kawamura [M]: Thank you very much for participating in this conference call today to discuss TIS Inc.'s
financial results for Q3 of the fiscal year ending March 2024. If you have any questions, please contact our IR
staff during an individual [inaudible] or by phone, and we will be happy to answer them. Thank you for yourcontinued support.
Moderator [M]: This concludes the teleconference. Thank you all for your participation.
[END]______________
Document Notes
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This document has been translated by SCRIPTS Asia.

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