TSI HOLDINGS CO., LTD.
Financial Results Briefing for the Fiscal Year Ended February 2022
April 14, 2022

Event Summary[Company Name]TSI HOLDINGS CO., LTD.

[Company ID]

3608-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Financial Results Briefing for the Fiscal Year Ended February 2022

[Fiscal Period]

FY2021 Annual[Date]

April 14, 2022

[Number of Pages]

41[Time]

10:00 – 11:00(Total: 60 minutes, Presentation: 34 minutes, Q&A: 26 minutes)[Venue]Webcast[Venue Size][Participants]

77[Number of Speakers]

4
Tsuyoshi Shimoji
Mitsuru Naito
Hiroyuki Watanabe
Takahiro Ishihara

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Presentation
Moderator: Good morning. Thank you very much for taking the time out of your busy schedule. I would liketo start the briefing on TSI Holdings' full-year financial results, which were announced yesterday, followed byan overview of the Mid-Term Business Plan, also announced yesterday.
First, please listen to the President's briefing, which is scheduled for about 30 minutes. We will then hold aquestion-and-answer session before closing.
Now let me hand the conference to today's presenter.

Shimoji: I would like to start the FY2021 financial results briefing.
Although the impact of the COVID-19 infectious disease is still with us, we were able to carry on with solid
sales numbers, which encompass both our retail stores and e-commerce business platform. We are very
grateful for the support we have received from our clients, and we will continue to do our best.
Here are the financial highlights for the second half of the year.
Net sales were negative JPY2.17 billion, down from the previous year, due to the impact of the COVID-19
pandemic and the succeeding fifth and sixth waves, as well as the strategic restrictions on discount sales.
However, our existing businesses, excluding those we had withdrawn during the previous fiscal year, achieved
100.7% performance, and operating profit improved significantly to JPY4.68 billion, thanks to enhanced grossprofit margins and reduced SG&A expenses.

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These are the highlights of our financial results.
Net sales for the full year were JPY140.38 billion, an increase of 104.7% compared to the previous year.
Operating income for the full year was JPY4.44 billion, a difference of JPY16.28 billion from the previous year,
which is highest record for us, and we are now in a situation where we can see improvement in our corporate
structure. Net profit for the year was JPY1.02 billion, which will be explained in detail later.

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Operating profit trends.
As I mentioned earlier, we have achieved record operating profit.
The first major factor is in the first half of the fiscal year.
We saw an improvement in earnings, turning the deficit trend to a positive JPY1.13 billion profits in the first
half. In addition, we were able to make appropriate investments in our active, mainstay businesses, which
comprise golf, street, and athleisure segments. The investments generated a profit of JPY4.44 billion, including
JPY3.34 billion in operating profit in the second half of the year.
EBITDA was JPY8.88 billion, and the EBITDA ratio was 6.3%, which reflects an improvement in core financial
strength.

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I would like to report on the adjusted disclosure difference.
Although we disclosed a revised forecast of operating profit of JPY2.4 billion on January 14, we realized that
we ended the term with a significant deviation from the forecast, making operating profit reach JPY4.44 billion
and the operating profit difference stand at JPY2.04 billion. I apologize.
However, appropriate sales yields, control of inventory purchases, and significant reductions in SG&A
expenses led to this positive increment.

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Net profit and major business drivers for the fiscal year.
Ordinary income totaled JPY5.83 billion, including JPY1.9 billion in dividends from sales and real estate profit,
JPY2.54 billion in extraordinary income such as gain on sales of securities, and JPY5.66 billion in extraordinary
losses such as impairment loss on goodwill and temporary closing loss.
Adding a negative JPY1.69 billion for profit tax adjustments and other items, the net income for the full year
was JPY1.02 billion, and a profit margin of 0.7%.
The impairment loss of goodwill is a major factor. COVID-19 had a long-term negative impact on Ueno Shokai
performance, so we have included that in the goodwill impairment. However, as of now, in-store and ecommerce sales are both recovering very well, and we believe this will make the greatest possible contribution
to profits in the future.

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Next is the business overview.
I would like to present the revenue structure of operating profit.
First, operating profit, the initial budget was JPY1.1 billion. The golf and street segments performed favorably,
especially golf and athleisure, with JPY4.16 billion. The street business grew very effectively by JPY830 million.
In addition, the e-commerce business platform is showing a high growth rate. This is the segment of highpotential for greater contribution in incoming fiscal terms.
On the other hand, the women's apparel business was hit by a decrease in retail store customer traffic.
Likewise, Ueno Shokai and other specialty stores struggled in attracting an adequate number of customers.
These two business segments were two major negative factors.
That said, overall, partially thanks to the employment adjustment subsidy of JPY990 million, the operating
profit landed at JPY4.44 billion. Out of which, we estimate that JPY3.45 billion was profit from actual business.
We see this number as a positive sign of strong come back, and we will keep building up profits in incoming
terms.

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Next are the sales trends by channel.
Despite the influence of COVID-19, retail stores both in domestic and overseas markets are showing signs ofrecovery.
In the domestic retail store sector, overall sales, which includes sales from the stand-alone street-facing stores
were 107.7% YoY. The recovery speed is still slow, but the numbers are surely improving.
Looking at the domestic e-commerce market, we are now at a standstill, but we believe that the recovery
trend will become more pronounced in the current fiscal year as we will increase the overall power of themarket.
Overseas, especially in the US, HUF and TACTICS expanded significantly by 128.1% YoY, and the street area is
expanding.

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8This is the balance sheet.
There are no issues related to cash, deposits, or inventories, and we believe that our financial position is sound.
In the future, we will further increase our investment ratio with an emphasis on business growth andexpandability.
Cash and deposits decreased by JPY10.6 billion compared to the same period last year, but this was mainly
due to repayment of long-term and short-term borrowings, and we intend to move more rapidly into theinvestment phase.

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I would like to present the consolidated financial plan for the fiscal year ending February 2023.
Profit and loss plan.
Net sales are expected to be JPY157.3 billion, 12.1% increase YoY. This is calculated using the new profit
standard. The former revenue standard would have it at 6.3%. We intend to take up top-line focused measuresbeginning the current fiscal year.
Operating profit is expected to be JPY1.5 billion and net income JPY1.5 billion. This is a huge decrease
compared to the previous term’s performance, and I understand it could disappoint many of those involved;
however, the office relocation is a part of major structural reform. Throughout the reform measure, we intend
to cut or shrink costs, so that we can make the next big leap to get to the higher stage.
For the fiscal year ending February 28, 2023, we are proposing a dividend forecast of JPY7 per share.

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I would like to move on to the profit and loss plan and the operating profit margin.
We ended the FY2021 with an operating profit of JPY4.44 billion. This incoming term, on the other hand, we
expect to receive the employment adjustment subsidy of JPY990 million, while sustaining a large burden of
one-time expenses of JPY980 million, which should cover moving costs and others, plus, soaring inventory
purchase costs, in addition to exchange rate fluctuations of JPY9.5 billion.
All things considered, with our current estimate on the operating profit for the current fiscal year to reach
JPY1.5 billion, we could potentially add on an effect of sustained rent reduction due to the upcoming officerelocations. If we take those one-time expenses out of the equations, we may be looking at JPY980 million
surpluses as a result of our growing business size.
This renders to, potentially, JPY3.18 billion in future operating profits, and we are building a plan to grow ourbusiness beyond that in our Mid-Term Business Plan.

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11This page summarizes our office location conversion project.
This is part of our structural reforms.
The office relocation that we have been promoting since the time of TIP24 is scheduled to take place in
September, during FY2022. All 24 corporate offices will be consolidated into a total of nine locations.
In addition to reducing the total floor space, we will promote a new innovative way we work. Our work stylereform includes a remote work campaign, a coming-to-work rate of 65%, and an annual fixed rent of JPY700
million. We believe that this will make a significant contribution to our business performance over the mediumterm.
We will be announcing our Mid-Term Business Plan in the coming days, and we believe that by implementing
these reforms one by one, we will be able to move forward to the next new phase of our business, and welook forward to your support.

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Now I would like to present our Mid-Term Business Plan.
We, the TSI Holdings Group, have newly updated TIP24 as our new Mid-Term Plan for 2025, TSI Innovation
Program 2025, and we will aim to make another leap forward in the future.

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We are determined to abandon the traditional apparel business formula and take a new step forward as acompany that provides true value for people and the environment, and to be reborn as a company where
everyone can have a dream.
Regeneration, a theme around recycling and renewal will be the direction we are headed to push reform.

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I will explain the direction of this transformation.
Environment, society, markets, and consumers, all kinds of changes are currently taking place. In response tothese changes, we decided to declare that we are more than just an apparel company.

We identify ourselves as a fashion entertainment creative company. We will create original value that is not
limited to the provision of products, but rather is based on the entertainment and fun that fashion brings
while linking the value we provide to society and the value we provide to our corporate growth.

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15Some of the keywords we selected are social value, entertainment, and empathy. We aim to send waves ofinfluence and connect one another as they spread to masses.

Our purpose.
With this in mind, we reflexed on why we exist and came to the realization of the power of fashion andentertainment that can bring out empathy and social value from the world around us. We are passionate
about our vision and apply it to everything we do.

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Now for the business plan TIP25 target values.
This time, we have set out target figures through the fiscal year ending February 2025. We plan to reach the
net sales of JPY189.6 billion, an operating profit of JPY8 billion, and a profit margin of 4.3%.
The main axis of an increase in sales and profits is e-commerce. We will raise the e-commerce sales ratio to
40% of total sales, placing the platform at the core component of our business, and this is where I would like
you to focus.

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I would like to discuss three issues that will help us achieve our goals.
First, we will clearly define our growth areas and make focused investments. In particular, we will focus on
the sports and street businesses as a sales driver for the next consecutive three years. These two businesses
are showing significant growth and should stay as the major positive factors for our business growth.
Second, we will seek to attract customers through the pursuit of entertainment. We will create fashionentertainment that is not limited to apparel, and with our new consolidated office relocation, we will also
consolidate our press room and create a media base to enhance our outreach.
Now on to my third point: We will carry out corporate restructuring to significantly expand our e-commercebusiness. The expansion of the e-commerce business will lead to the growth of the store itself in the context
of OMO, and we would like to maintain a balance between the two as we continue to grow while connectingwith our customers. Through these efforts, we hope to achieve e-commerce sales of JPY76 billion.

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18Here are our investment plans.
There are four focus areas of the business investment.
First, A, explosive e-commerce expansion and capital investments; B, investment in earning power; C, creationof new experience value; and D, investment in growing businesses.
Sustainability is the fifth, and the sixth is corporate culture; in other words, investment in education andhuman resources.

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19Let me now explain the details of the business investment.
First is the dramatic expansion of EC. We would like to invest in the evolution of our organizational structure
to develop products, services, and communications.

To achieve this, we will transform our organization into an e-commerce-centric operation. We will shift oursales channels to the e-commerce platform. For existing retail stores with low profits, we will guide customers
to the e-commerce platform while gradually withdrawing from physical store operations based on the growth

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in e-commerce sales. In this way, we can ensure to bring existing customers into the e-commerce platform
and improve overall service.

We aim to build a platform of JPY15 million e-commerce customer accounts. We will shift from battles ofindividual brands to battles of the business domain.
And then, there is the integrated analysis, infrastructure, and structure. We will also use the “Business Domain
Optimization" mechanism to dramatically increase the number of customers.

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As a fashion entertainment company, we will strengthen the development of a new communication style,which will let us offer a new world vision that fuses entertainment and fashion, in the forms of art, animation,and games.

Additionally, we are committed to reviving the appeal of retail stores. We believe that the profitability can be
improved through the retail store restructuring, to make it a luxurious space to experience aesthetic visuals
created by brands, or space to enhance customer loyalty.

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We are close to completing the closing out of unprofitable retail stores. From here, while envisioning the postCOVID retail business environment, we will develop about 100 attractive new stores.

In particular, we are aiming to enhance the experience value at some of our mega stores. We want ourcustomers to relax and have fun. In other words, we want to create, through our approach, a unique in-store
experience that entices customers to want to come back again.

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For us to continue to approach growth areas, we also need to develop and evolve fashion brands. In addition,
we will review and withdraw from low-profit businesses as needed.

We will continue to create new experience value, by bringing our brand-new PR team an entertainment
producer that offers products, objects, and meanings.

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We will create a new team based on the keywords Entertainment, Experience, and Empathy, and we will also
create a working studio for this purpose.

We will design customer experiences that exceed the imagination. We have established the TSI Fashion
Entertainment LAB for this purpose and will focus on creating experiences that capture customer insights.

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We will also try to develop businesses other than apparel and create synergies among businesses. We are
currently working on a project that combines art and fashion. We have also invested in MAGUS. We also havean idea to work together with industry players in the agri-tech business for the cultivation of organic cotton.

We will clearly define growth areas for fluid and diverse markets, values, and needs. We will then makeconcentrated investments in these areas.

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We believe these are our four areas of growth.
The first is Wellness and Lifestyle, the second is Street and Culture, the third is Fashion Capital, and the fourthis the Digital Generation.

In the Wellness and Lifestyle area, we will create fashion entertainment that has a positive impact on people's
health and happiness, as well as on society as a whole. For this domain, we want to bring the golf, street, andathleisure categories together as a core mix, and promote a wholesome lifestyle brand.

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27This business area will focus on creating attractive communities.

First, let me break down the composition and the relationships of these communities.
We start by creating a social community around a theme, for example, a golf event, or it could be any social
event. We create a group of people tied to those communities, then, through nurturing, services, events, andadditional social gatherings, we build upon an expansion of the base community to cover the next generations.

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28This experience will then be used to generate seepage from the community. We are pleased to announce thelaunch of a new brand, NBB WEEKEND, which is a new sports-oriented brand from our existing brand NBB.

Next is Street and Culture, the second-largest business area.
We believe that expanding on the keyword play, a platform for play rooted in the spirit of the street, will seep
into our lifestyle in many ways, including community with new people, redevelopment of gear, and a place
for new experiences.

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In this area, we are planning a global project with sales of JPY40 billion in the street, skateboard, andsnowboard businesses. We will open flagship stores in major cities around the world, centering on HUF and
TACTICS, to introduce street and skate culture to the world.

We are assembling a project to land TACTICS in Japan in the future. We want to found a new skating culturein the US and Japan. We will provide not only products, but also unique experiences, and form a community
to create a reason to buy from TACTICS both in stores and on e-commerce.

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We will be reorganizing new specialty stores targeting the next generation. We hope to create the next-gen
specialty store models by focusing on new ways of designing spaces or offering recommendations that include
cultural creation, rather than the conventional approach of just buying and selling things.

Next will be Fashion Capital in the largest area of profitability.
We will continue to create services that quickly adapt fashion trends and changes. We will fulfill clients’
dreams and make them happy.

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To shorten distance to customers and OMO, we are working to establish a sales format that allows store sales
staff to engage with customers in a different way than before.

Here is the last one of the business area topics.
This is a business that will create fashion entertainment for the Digital Generation; in other words, Generation
Z.

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We see this category, which spreads both tangible and intangible , as a business to create empathy andenthusiasm
toappealtothenext
generations.

I said empathy and enthusiasm.
For example, we are planning to further expand some of the currently active brands represented by ETRETOKYO. We are aiming to form a new D2C conglomerate and to develop the business with sales of JPY3.5
billion.

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We would like to challenge ourselves to create a new F2C business model within the D2C brand that I justmentioned, with the strategic use of our own factories, and a new brand, factory, and digital manufacturing
and sales model.

I believe that young people and power are very important to generate empathy and enthusiasm amongcustomers. We want to devise a new team formation, work style, and work environment for young employees
to enjoy working with innovation, entertainment, and energy.

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For Generation Z, which enjoys change, we will create the background for creators of the same generation tocreate new businesses.
We have some of the brightest brands in TSI's brand portfolio, where fashion shines brightest. We would liketo re-reach this new audience of young people as well. As a first step, we are currently working on a project
to redefine two brands, JILLSTUART and JILL by JILLSTUART.
We believe that this will allow us to offer you a new and more exciting brand once again.

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I will talk about sustainability.
We have identified nine materialities in three key areas: environment, people, and society.

Would you please take a look at our separate Sustainability Storybook?
Based on the Carbon Neutral Vision 2050, which is our primary goal, we will take on the challenge of becoming
carbon neutral.

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Next is our new investment in corporate culture.
We are going to change our work style as a new way of working.
Instead of a worldview in which each department is vertically divided and unidirectional, thinking only in theirown sphere, as in the past, we are changing to a creative work style with agile teams that cross departments.
We will take the opportunity of the office relocation to design the physical environment based on synergy sothat we can be even more creative again.

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We will further invest in the education and development of our personnel. We believe that the mostimportant thing is to become a multi-skilled workforce that can withstand times of change.
To this end, rather than sticking to each business, we will introduce a job rotation system to further broaden
everyone's knowledge while developing human resources capable of a wide variety of new creations andparticipation in the LAB.

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We will discuss the investment plan.
What I have described so far has been a story about creating a form for a change. We will consider investing
dynamically up to JPY30 billion as an investment to make this change, and we will definitely carry it out andachieve results.
Last but not least, I would like to conclude this session by stating that we will be a fashion entertainment
creative company that creates empathy and social value in the world through the power of fashionentertainment.
Thank you very much.
______________
Document Notes
1.
Portions of the document where the audio is unclear are marked with [Inaudible].
2.
Portions of the document where the audio is obscured by technical difficulty are marked with [TD].
3.
Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides ananswer from the Company, or [M] neither asks nor answers a question.
4.
This document has been translated by SCRIPTS Asia.

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