Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Three Months Ended June 30, 2024
[Japanese GAAP]
August 9, 2024
Company name:NIPPON CONCRETE INDUSTRIES CO., LTD.
Listing:
Tokyo
Securities code:
5269
URL:
https://www.ncic.co.jp/
Representative:
TSUKAMOTO Hiroshi,
Inquiries:
SUGITA Yoshihiko,
Telephone:+81-3-3452-1025
Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:
Holding of financial results briefing:

Representative Director and President
Director and Managing Executive Officer
None
None

(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 to June 30, 2024)(1) Consolidated Operating Results(Percentages indicate year-on-year changes.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Three months ended
June 30, 2024
12,9582.5
388(11.0)
681
6.8
315
(8.6)
June 30, 2023
12,644
20.3
436
638
307.7
344
(Note) Comprehensive income:Three months ended June 30, 2024:¥
104 million [(92.2) %]Three months ended June 30, 2023:¥
1,328 million [457.0%]
Basic earnings
per share
Three months ended
June 30, 2024
June 30, 2023

Diluted earnings per
share
Yen

Yen

5.80
6.35

-

(2) Consolidated Financial Position
Total assets
As ofJune 30, 2024
March 31, 2024
(Reference) Equity:

Millions of yen

Net assets

79,31081,995
As of June 30, 2024:
As of March 31, 2024:

Capital adequacy ratio

Millions of yen¥¥

40,12940,39537,288 million
37,506 million

%

47.0
45.7

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2024

-

6.50

-

6.50

13.00

Fiscal year ending March 31, 2025

-

6.50

13.00

Fiscal year ending March 31, 2025
6.50
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
None(Note) Breakdown of the 1st quarter dividend for the fiscal year ending March 31, 2025 :Commemorative dividend- yenSpecial dividend- yenYear-endTotal

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025(April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Profit attributable Basic earnings
Net sales
Operating profit
Ordinary profit
to owners of parent
per share
Millions of yen% Millions of yen% Millions of yen

Six months ending
26,6000.6700 (45.0)
September 30, 2024
Full year
57,000
6.2
2,400
32.8
(Note) Revision to the financial results forecast announced most recently:* Notes:(1) Significant changes in the scope of consolidation during the period:
Newly included:(Company name:
Excluded:(Company name:% Millions of yen

%

Yen

1,000

(34.6)

600(25.8)

11.05

2,800
None

24.8

1,600

160.5

29.47

None
)
)

(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:(3) Changes in accounting policies, changes in accounting estimates, and restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations:
2) Changes in accounting policies due to other reasons: None
3) Changes in accounting estimates: None
4) Restatement: None

None

Yes

(4) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2024:
57,777,432 shares
March 31, 2024:
57,777,432 shares
2) Number of treasury shares at the end of the period:
June 30, 2024:
3,467,732 shares
March 31, 2024:
3,476,234 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2024:
Three months ended June 30, 2023:

54,303,323 shares
54,293,671 shares* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public
accountants or an audit firm: Yes(voluntary)* Explanation for appropriate use of financial forecasts and other special notes.
The forecasts given in this document are based on the current available information in the company and certain reasonableassumptions to the company. Actual results may differ from these forecasts by a variety of reasons.

Table of contents

1. Qualitative Information on Quarterly Financial Results for the Period under Review ····························· 2(1) Explanation of Business Results ························································································ 2(2) Explanation of Financial Position ······················································································ 3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ·········· 4
2. Quarterly Consolidated Financial Statements and Primary Notes ···················································· 5(1) Quarterly Consolidated Balance Sheets ··············································································· 5(2) Quarterly Consolidated Statements of Income and Comprehensive Income ····································· 7(3) Notes to Quarterly Consolidated Financial Statements······························································ 9(Notes on Going Concern Assumption) ················································································ 9(Notes in the Case of Significant Changes in the Amount of Shareholders’ Equity) ···························· 9(Changes in Accounting Policies) ····················································································· 10(Additional Information) ································································································· 10(Segment Information, etc.) ····························································································· 11(Notes on Statements of Cash Flows) ·················································································· 12(Significant Events after Reporting Period) ··········································································· 12[Interim Review Report] ······································································································· 13

11. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Business Results
In the three months ended June 30, 2024, although the economic environment had an impact of global monetary
tightening, uncertainty in economic policies overseas, and geopolitical risks, the Japanese economy remained ona moderate recovery trend against a backdrop of the improved employment and income environment.
Regarding the business environment in which the Group operates, the demand for concrete piles across Japanand concrete pole shipments throughout Japan during the three months ended June 30, 2024 slightly decreased
from a year earlier, and the business environment remained severe.
In these circumstances, the Group has been addressing the significant issues stated in the Medium-Term
Management Plan 2024 formulated in May 2024. As a result, the Group’s net sales were 12,958 million yen (up2.5% year-on-year), operating profit was 388 million yen (down 11.0% year-on-year), ordinary profit was 681
million yen (up 6.8% year-on-year), and profit attributable to owners of parent was 315 million yen (down 8.6%
year-on-year).
An overview of each business for the period under review is as follows.
1) Foundation Business
The demand for concrete piles across Japan during the three months ended June 30, 2024 slightly decreased
from a year earlier, but the Group’s shipment volume share expanded. As a result, net sales amounted to 6,763
million yen (up 8.4% year-on-year).
Segment income was 418 million yen (up 281.9% year-on-year) as the Company strived to pursue further
profits through efforts, such as penetration of fair pricing and improvement in construction efficiency.
2) Concrete Secondary Product BusinessIn the Pole-related Business, which is part of the Concrete Secondary Product Business, concrete pole
shipments throughout Japan slightly decreased from a year earlier and the Group’s shipment volume also
decreased slightly. As a result, net sales amounted to 3,686 million yen (down 2.7% year-on-year).
In the Civil Engineering Product Business, production and inspection of RC segments intended for the Linear
Chuo Shinkansen remained brisk, but sales dropped due to a decrease in large-scale precast concrete wall projects
that were strong in the previous fiscal year. As a result, net sales were 2,429 million yen (down 4.7% year-onyear).
As a result, net sales in the Concrete Secondary Product Business amounted to 6,116 million yen (down 3.5%
year-on-year). Segment income was 412 million yen (down 27.5% year-on-year) mainly due to the impact of theaforementioned drop in sales in large-scale precast concrete wall projects.
3) Real Estate and Solar Power Generation Business
The Company reported steady rental income, and generated and sold electricity for net sales that amounted to
78 million yen (up 21.0% year-on-year) and segment income was 49 million yen (up 30.6% year-on-year).

2With regard the future outlook, we expect that the current conditions of the business environment in which theGroup operates will remain severe due to the on-going risks presented by an unstable international environment
and increases in energy, raw material and personnel expenses, in addition to the 2024 logistics problem andconstruction start delays and extended construction periods and other issues in construction projects.
In the medium to long term, expectations remained high for high-quality precast concrete products that
contribute to productivity enhancement and labor saving to address issues such as a decrease in the construction
workforce and the 2024 logistics problem, in addition to the Company’s own products and construction methods
contributing to preparing for increasingly severe and frequent natural disasters (prevention, mitigation, andrecovery). Furthermore, a high level of interests remained for the Company-developed technology for carbon
capture and CCUS (carbon dioxide capture, utilization and storage) products, and low-carbon type concrete
products from the perspective of carbon neutrality, and therefore opportunities for sustainable growth areconsidered to be numerous.
In this business environment, while incorporating the market and customer needs outlined in the Medium-Term
Management Plan into building and expanding our business and revenue bases, we will further increase revenue
through the current sales expansion of new construction methods and low-carbon type concrete products in theFoundation Business, expansion of engineering business in the Pole-related Business, and further promotion of
the development of precast concrete wall projects across Japan in the Civil Engineering Product Business.
Looking ahead, the Group will continue to play a role in strengthening social infrastructure and contribute tosociety through offering technology and products to reduce environmental loads. In addition, we will becommitted to utilizing the Group’s synergy effect and realizing further growth, and by intensifying our efforts on
corporate governance and sustainability, we are aiming to realize sustainable growth and enhance our corporate
value to meet the expectations of our stakeholders.
(2) Explanation of Financial Position
The Group’s financial policies are to reduce total assets so as to improve ROA through measures such as earlycollection of accounts receivable, optimization of product inventories, and efficient capital investment strategies;
and to reduce interest-bearing debts by improving the efficiency of the Group’s funds and assets.
Total assets at the end of the first quarter of the fiscal year under review were 79,310 million yen, down 2,685
million yen from the end of the previous fiscal year.
Current assets were 33,844 million yen, down 2,572 million yen from the end of the previous fiscal year, andnon-current assets were 45,465 million yen, down 112 million yen from the end of the previous fiscal year.
The decrease in current assets was mainly due to a decrease in cash and deposits, and the decrease in noncurrent assets was mainly due to a decrease in investment securities.
Total liabilities were 39,180 million yen, down 2,419 million yen from the end of the previous fiscal year.
Current liabilities were 24,968 million yen, down 1,919 million yen from the end of the previous fiscal year,
and non-current liabilities were 14,212 million yen, down 499 million yen from the end of the previous fiscal
year.
The decrease in current liabilities was mainly due to a decrease in income taxes payable, and the decrease in
non-current liabilities was mainly due to a decrease in long-term borrowings.
Total net assets were 40,129 million yen, down 266 million yen from the end of the previous fiscal year.

3

It was mainly due to a decrease in valuation difference on available-for-sale securities.
As a result of the above, the equity ratio came to 47.0%, up from 45.7% at the end of the previous consolidated
fiscal year.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
There is no change in the consolidated financial results forecast for the fiscal year ending March 31, 2025
announced on May 15, 2024.

4

2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Costs on construction contracts in progress
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

5

As of June 30, 2024

11,120,707

8,833,625

11,259,470

10,922,093

2,925,147

2,943,454

6,950,355
740,826
2,038,697
319,817
1,070,595(8,134)36,417,483

6,931,511
663,569
2,017,622
458,470
1,082,714(8,134)33,844,926

17,237,062
9,051,028
26,288,090
881,242

17,237,062
9,224,355
26,461,417
899,453

14,547,526
3,992,230(130,861)
18,408,895
45,578,229
81,995,712

14,301,391
3,936,553(133,160)
18,104,784
45,465,655
79,310,582

(Thousands of yen)
As of March 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

6

As of June 30, 2024

5,285,032
9,864,508
4,084,600
2,260,089
945,725
717,594
3,730,222
26,887,772

4,827,298
9,568,174
4,220,566
2,049,284
141,396453,065
3,708,418
24,968,203

100,000
6,533,312
1,220,462
6,858,210
14,711,984
41,599,757

100,000
6,070,742
1,212,863
6,828,842
14,212,447
39,180,651

5,111,583
3,858,899
18,752,806(1,009,783)
26,713,506

5,111,583
3,936,336
18,713,304(1,005,552)
26,755,672

4,999,946

4,801,977

5,312,368(138,068)
618,394
10,792,641
2,889,807
40,395,955
81,995,712

5,312,368(173,505)
591,601
10,532,441
2,841,816
40,129,931
79,310,582

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Thousands of yen)
For the three months
ended June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Loss on claims
Loss from suspension of plantoperations assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
System failure response costs
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

7

For the three months
ended June 30, 2024

12,644,131
10,488,255
2,155,875
1,719,664
436,211

12,958,497
10,725,123
2,233,374
1,844,970
388,403

1,373
174,408

1,133
215,258

71,43859,57442,732289,952

70,910346,876

17,496
13,96428,75327,55587,769638,394

18,793
11,79822,80853,399681,880

1,817
93,732
95,54919,04919,04925,728
6,098
31,826702,117
233,91291,791
325,703376,41431,871
344,543

10,531
10,531
690,399
163,840
162,682
326,523
363,875
48,853315,022

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Thousands of yen)
For the three months
ended June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

8

For the three months
ended June 30, 2024

376,414363,875

912,236
28,3987,329(193,508)(40,573)(27,368)

4,187

1,594

952,151
1,328,566(259,856)
104,019

1,284,475

54,82344,09049,196

(3) Notes to Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
There is no relevant information.
(Notes in the Case of Significant Changes in the Amount of Shareholders’ Equity)
For the three months ended June 30, 2023
1. Dividends paid
There is no relevant information due to non-payment of dividends.
2. Dividends with a record date in the three months ended June, 2023 but with an effective date after the end of theperiodThere is no relevant information.
For the three months ended June 30, 2024
1. Dividends paid
Resolution

Type ofshares

Source ofdividends

Total amount ofdividends paid
(Thousand yen)

Dividend
per share(yen)

May 24, 2024
Board of Directors’Meeting

CommonsharesRetainedearnings

355,279

6.50

Record date

Effective date

March 31, 2024

June 12, 2024

(Note) The total amount of dividends based on the resolution of the Board of Directors’ Meeting held on May 24,
2024 includes dividend of 873 thousand yen for the Board Incentive Plan Trust (BIP) and dividend of 692
thousand yen for the Stock Granting Trust (J-ESOP).
2. Dividends with a record date in the three months ended June 30, 2024 but with an effective date after the end of
the period
There is no relevant information.

9

(Changes in Accounting Policies)
The Company has applied the “Accounting Standard for Current Income Taxes” (ASBJ Statement No. 27,
October 28, 2022; hereinafter referred to as the “Revised Accounting Standard in 2022”) from the beginning of
the first quarter of the fiscal year under review.
The accounting category of income taxes (taxation on other comprehensive income) has been revised inaccordance with the transitional treatment provided for in the proviso to Paragraph 20-3 of the Revised
Accounting Standard in 2022 and the transitional treatment provided for in the proviso to Paragraph 65-2 (2) of
the “Guidance on Accounting Standard for Tax Effect Accounting” (ASBJ Guidance No. 28, October 28, 2022;
hereinafter referred to as the “Revised Guidance in 2022”). These changes in accounting policies do not affect
the quarterly consolidated financial statements.
In addition, the Company has applied the Revised Guidance in 2022 from the beginning of the first quarter ofthe fiscal year under review for the revision to the treatment of the consolidated financial statements in caselosses or gains on sale of subsidiaries’ shares among consolidated companies are deferred for tax purposes. Thesechanges in accounting policies are applied retrospectively, and the quarterly consolidated financial statements
for the same period of the previous fiscal year and the consolidated financial statements for the previous fiscal
year have been adjusted retrospectively. These changes in accounting policies do not affect the quarterly
consolidated financial statements for the same period of the previous fiscal year or the consolidated financial
statements for the previous fiscal year.
(Additional Information)(A transaction in which the Company’s shares are delivered to its employees, etc. through a trust)(1) Summary of the transaction
As for the Board Incentive Plan Trust (hereinafter referred to as the “BIP Trust”) and the Stock Granting
Trust (J-ESOP) (hereinafter referred to as the “J-ESOP Trust”) introduced in August 2015, the Company
resolved at the Board of Directors’ Meeting held on August 9, 2024 to continue the BIP Trust and the JESOP Trust for a new three-year period (from the fiscal year ending March 31, 2025 to the fiscal year
ending March 31, 2027) and reintroduced them by entering into an agreement to extend their terms, for the
purpose of increasing motivation to improve the Company’s medium- to long-term performance and raisingawareness toward the contribution to an increase in shareholder value.
(2) The Company’s shares remaining in the trust
The Company’s shares remaining in the trust are recorded as treasury shares in net assets at their bookvalue (excluding incidental expenses) in the trust. For the BIP Trust, the book value and the number oftreasury shares at the end of the first quarter of the fiscal year under review are 42,566 thousand yen and
133,086 shares, and for the J-ESOP Trust, 32,375 thousand yen and 99,368 shares.

10

(Segment Information, etc.)[Segment Information]
I. For the three months ended June 30, 2023
1. Information on net sales and income by reportable segment(Thousand yen)
Reportable segment

Amounts recordedin the quarterly
Adjustment
consolidated(Note 1)statements ofincome (Note 2)

Concrete
Secondary
Product Business

Real Estate andSolar Power
Generation
Business

6,241,231

6,337,791

65,10812,644,131–

12,644,131

139

–

–

139

(139)

–

Total

6,241,371

6,337,791

65,10812,644,271(139)

12,644,131

Segment income

109,628

569,343

38,136717,108(280,897)

436,211

Foundation
Business

Total

Net sales
Net sales to outside
customers
Inter-segment net sales
or transfers(Notes) 1. The adjustment for segment income mainly includes corporate expenses. Corporate expenses mainly
include general and administrative expenses, not attributed to reportable segments.
2. Segment income is adjusted to the operating profit in the quarterly consolidated statements of income.
II. For the three months ended June 30, 2024
1. Information on net sales and income by reportable segment(Thousand yen)
Reportable segment

Amounts recordedin the quarterly
Adjustment
consolidated(Note 1)statements ofincome (Note 2)

Concrete
Secondary
Product Business

Real Estate andSolar Power
Generation
Business

6,763,425

6,116,286

78,785

12,958,497–

12,958,497

503

–

–

503

(503)

–

Total

6,763,929

6,116,286

78,785

12,959,001(503)

12,958,497

Segment income

418,723

412,542

49,789881,056(492,652)

388,403

Foundation
Business

Total

Net sales
Net sales to outside
customers
Inter-segment net sales
or transfers(Notes) 1. The adjustment for segment income mainly includes corporate expenses. Corporate expenses mainly
include general and administrative expenses, not attributed to reportable segments.
2. Segment income is adjusted to the operating profit in the quarterly consolidated statements of income.

11

(Notes on Statements of Cash Flows)
Quarterly consolidated statements of cash flows are not prepared for the period under review. Depreciation(including amortization of intangible assets) for the period under review is as follows.

Depreciation(Significant Events after Reporting Period)
There is no relevant information.

12

For the three months
ended June 30, 2023

For the three months
ended June 30, 2024

380,692 thousand yen

404,086 thousand yen

Independent Auditor’s Interim Review Report on the Quarterly Consolidated Financial Statements
August 9, 2024
To the Board of Directors of
NIPPON CONCRETE INDUSTRIES CO., LTD.
Crowe Toyo & Co.
Tokyo Office

Designated andManaging Partner

Certified Public
Accountant

TANAKA Akihiro

Designated andManaging Partner

Certified Public
Accountant

IKEDA Hiroaki

Designated andManaging Partner

Certified Public
Accountant

KIDO Akihito

Auditor's Conclusion
We have reviewed the quarterly consolidated financial statements of NIPPON CONCRETE INDUSTRIES CO.,LTD. (the “Group”) for the first quarter (from April 1, 2024 to June 30, 2024) and the first three months (from April
1, 2024 to June 30, 2024) of the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025) includedin the Consolidated Financial Results, namely, the quarterly consolidated balance sheets, the quarterly consolidated
statements of income, the quarterly consolidated statements of comprehensive income, and the notes thereto.
Based on our review, nothing has come to our attention that causes us to believe that the aforementioned quarterly
consolidated financial statements are not prepared, in all material respects, in accordance with the Article 4, Paragraph
1 of the Tokyo Stock Exchange’s standard for preparation of quarterly financial statements and accounting standards
for the quarterly financial statements generally accepted in Japan, omitting certain disclosures under the Article 4,
Paragraph 2 of the Tokyo Stock Exchange’s standard for preparation of quarterly financial statements.
Basis for Auditor's Conclusion
We conducted our review in accordance with the interim review standards generally accepted in Japan. Our
responsibility under those standards is described in the Auditor's Responsibility for the Interim Review of theQuarterly Consolidated Financial Statements section of our report. We are independent of the Company and its
consolidated subsidiaries in accordance with the provisions of the code of professional ethics in Japan, and we havefulfilled our other ethical responsibilities as auditors. We believe that we have obtained the evidence to provide abasis for our review conclusion.
Responsibilities of Management, the Audit & Supervisory Board Members, and the Audit & Supervisory Board for
the Quarterly Consolidated Financial Statements
Management is responsible for the preparation of the quarterly consolidated financial statements in accordancewith the Article 4, Paragraph 1 of the Tokyo Stock Exchange’s standard for preparation of quarterly financial
statements and accounting standards for the quarterly financial statements generally accepted in Japan, omitting
certain disclosures under the Article 4, Paragraph 2 of the Tokyo Stock Exchange’s standard for preparation ofquarterly financial statements. This includes designing and operating such internal control as management determines
is necessary to enable the preparation of the quarterly consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the quarterly consolidated financial statements, management is responsible for assessing the Group's

13ability to continue as a going concern, and disclosing, as applicable, matters related to going concern in accordancewith the Article 4, Paragraph 1 of the Tokyo Stock Exchange’s standard for preparation of quarterly financial
statements and accounting standards for the quarterly financial statements generally accepted in Japan, omitting
certain disclosures under the Article 4, Paragraph 2 of the Tokyo Stock Exchange’s standard for preparation ofquarterly financial statements.
The Audit & Supervisory Board Members and the Audit & Supervisory Board are responsible for overseeing the
Directors' execution of duties related to designing and operating the Group's financial reporting process.
Auditor's Responsibility for the Interim Review of the Quarterly Consolidated Financial Statements
Our responsibility as auditors is to express a conclusion on the quarterly consolidated financial statements in ourreview report from an independent standpoint based on our review.
In accordance with interim review standards generally accepted in Japan, we exercise professional judgment
throughout the review, and perform the following with professional skepticism.
• Make inquiries, primarily of management and persons responsible for financial and accounting matters, and apply
analytical and other interim review procedures. An interim review is substantially less in scope than an audit
conducted in accordance with auditing standards generally accepted in Japan.
• Conclude whether nothing has come to our attention, based on the evidence obtained, related to going concernthat causes us to believe that the quarterly consolidated financial statements are not prepared, in all material
respects, in accordance with the Article 4, Paragraph 1 of the Tokyo Stock Exchange’s standard for preparationof quarterly financial statements and accounting standards for the quarterly financial statements generally
accepted in Japan, omitting certain disclosures under the Article 4, Paragraph 2 of the Tokyo Stock Exchange’s
standard for preparation of quarterly financial statements, if we conclude that a material uncertainty exists related
to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to thenotes to the quarterly consolidated financial statements or, if such notes are inadequate, to express a qualified or
negative conclusion. Our conclusions are based on the evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate whether nothing has come to our attention that causes us to believe that the overall presentation andnotes to the quarterly consolidated financial statements are not prepared in accordance with the Article 4,
Paragraph 1 of the Tokyo Stock Exchange’s standard for preparation of quarterly financial statements andaccounting standards for the quarterly financial statements generally accepted in Japan, omitting certain
disclosures under the Article 4, Paragraph 2 of the Tokyo Stock Exchange’s standard for preparation of quarterly
financial statements.
• Obtain evidence regarding the financial information of the Company and its consolidated subsidiaries as a basis
to express a conclusion on the quarterly consolidated financial statements. We are responsible for the direction,
supervision, and review of the interim review of the quarterly consolidated financial statements. We remain solely
responsible for our conclusion.
We communicate with the Audit & Supervisory Board Members and the Audit & Supervisory Board regarding theplanned scope and timing of the review and significant findings that we identify during our review.
We also provide the Audit & Supervisory Board Members and the Audit & Supervisory Board with a statementthat we have complied with relevant ethical requirements regarding independence, and communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and where applicable,
actions taken to eliminate threats or safeguards applied to reduce threats to an acceptable level.
Conflicts of Interest
Our firm and its managing partners do not have any interest in the Company and its consolidated subsidiaries whichis required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

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(Notes) 1. The original copy of the above interim review report is retained separately by the Company (filingcompany of the quarterly financial results).
2. XBRL data and HTML data are excluded from the scope of the interim review.

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