TSI HOLDING CO., LTD.
Q3 Financial Results Briefing for the Fiscal Year Ending February 2023
January 16, 2023

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

[Company ID]

3608-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q3 Financial Results Briefing for the Fiscal Year Ending February 2023

[Fiscal Period]

FY2023 Q3[Date]

January 16, 2023

[Number of Pages]

25[Time]

10:00 - 10:45(Total: 45 minutes, Presentation: 32 minutes, Q&A: 13 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers]

7
Tsuyoshi Shimoji
Mitsuru Naito
Jun Imaizumi

Hiroyuki Watanabe
Takahiro Ishihara
Kohei Yamada

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Representative Director and President
Director, Corporate General Manager
Senior Executive Officer, General Manager of
TIP Promotion Department and General
Manager of TSI TIP Promotion Division andGeneral Manager of Innovation Section of
TSI Co., Ltd.
Operating Officer, General Manager of
Digital Strategy Division
Operating Officer, General Manager ofBusiness Strategy Division
Manager of Corporate Communications &Investor Relations Office and SDGs
Promotion Office

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Shunsuke Hasegawa

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Assistant Manager of Corporate
Communications & Investor Relations Office

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Presentation
Hasegawa: Thank you very much for joining us today. The meeting is now called to order, and we will hold abriefing on the financial results of TSI Holdings for Q3 of the fiscal year ending February 28, 2023.
You will first watch a 30-minute video of the earnings presentation. We will then hold the Q&A session.
Now, please run the video of the presentation.

Shimoji: Thank you all for your continued support. I would like to present the financial results for Q3 of the
fiscal year ending February 2023. Thank you.
Q3 executive summary. I would like to share with you a summary of our activities.
Regarding the market environment, I would like to note that the new border measures to stop the spread of
COVID-19 have been significantly eased since October 11. Restrictions on the number of foreign nationals
entering Japan were lifted. As a result, our women's clothing business, which is one of our core businesses,
gained the benefit of resurging inbound demand after a long period of time, especially in the department
store channel sales. In addition, we're noting some signs of a steady revival, particularly in urban areas.
Business status. The e-commerce business, which performed very poorly in H1 of the fiscal year, has shown asteady recovery in sales and performance since September, contributing to the growth of company-wide sales.
The weakening Japanese yen partially leveraged the upswing of overseas business performance and thebottom line of this current fiscal term; however, we expect rapid exchange rate fluctuations and global
inflation to have some impact. We will make every effort to carefully monitor overseas business trends,
particularly in Q4 of this fiscal year.

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Future challenges and measures. SG&A expenses are trending slightly in excess, except for the new revenue
standard, due to logistics challenges, an increase in variable costs impacted by the foreign exchange rate, anda one-time upswing in expenses for carrying out brand business reforms. However, we have taken appropriate
control and relocated our headquarters in September, in accordance with our mid-term management plan.
We will consolidate our core businesses and reform our fixed cost structure for the next fiscal year and beyond.
These measures are expected to help cut down expenses by approximately JPY500 million in the coming years.
We believe that this will allow us to make incredible improvements to our business operations.
In addition, we have transferred part of our main logistics base from Chiba to Yokohama, in order to improvelogistics costs and expand shipping capacity for our e-commerce business. Improvements will be made toincrease profits and productivity throughout the Company, including logistics reforms.

Here are the financial highlights. Sales are JPY115.4 billion. Domestic and international sales, as well as salesof non-apparel and overseas operations, were generally strong. The result was 111.1%, or up JPY11.49 billion,
compared to the previous fiscal year.
Operating profit was JPY3.72 billion, an increase of JPY320 million over the goal. This time, the impact of onetime expenses related to the relocation of the head office has been significant. I will discuss more on the nextpage.
Net profit was JPY4.620 billion, JPY80 million over the goal. This result also met the revised goal.

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4The next section shows the operating profit. The mainstay women's clothing business and department store
sales are recovering strongly. In addition, the OMO enhancement and D2C businesses are performing well.
In addition, the street fashion business, which has contributed so much this year, continues to do very well,as it did in the previous year and H1 of this year. This is a major factor in the Company's achievement of its
plans.
However, operating profit landed at 71.9% compared to the same period last year, mainly due to the recordingof JPY870 million in headquarters relocation expenses.
Please take a look at the chart. The operating profit was JPY3.31 billion in February 2019, and JPY1.94 billion
in February 2020. It turned into a loss due to the pandemic and JPY5.18 billion in February 2022
And as I mentioned earlier, our forecast for the operating profit for the current fiscal year is JPY3.72 billion. If
we add the head office relocation expenses here, the total would be JPY4.6 billion. This is an extremely strong
recovery of earning power.

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Next is the sales overview by channel. Retail sales were 117.4% compared to the same period last year, adding
JPY9.65 billion.
In H1, overseas sales continued to perform well, and the impact of the monetary value of sales was greatly
expanded by exchange rate differences.
The department store sales were 144.3% compared to the same period last year. Sales from other fashionbuildings that are not classified as department stores, as well as sales from street-facing stores altogether
were 111.1%.
Overseas sales were 130.3% and domestic e-commerce sales 99.1%.
Domestic and international e-commerce sales combined came at approximately 101% of total e-commerce
sales.

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6E-commerce sales results. Cumulative Q3 e-commerce sales recovered to JPY31.07 billion, and 101%
compared to the same period last year. After struggling in H1, the e-commerce business on a non-consolidated
basis in Q3 was solid, with sales at 108.9% compared to the same period last year.
We executed one of the company-wide measures, OMO, Online Merges with Offline, events. We also
introduced e-commerce special-order processes. Thanks to these efforts, sales have gone up. In addition, after
relocating to the new office space, we set up a photo-shooting space designed specifically for live events andopen to everyone. The e-commerce business is undergoing a reform beginning with women's fashion brands
and with SNS marketing.
If you look at the e-commerce sales chart at the bottom right, you will see that sales are trending from 97.4%
in Q1 to 96.5% in Q2, and went up to 108.9% in Q3.

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Next is the sales trends by channel. Among the strong businesses, the retail business was 117.4% YoY. The
department store channel saw 144.3%.
Sales for the women's clothing business through the department store channel had been struggling during
the pandemic. It is now recovering. Some of the notable brands are human woman and ADORE, plus a newmeasure we call the NBB WEEKEND pop-up has been beginning to take off among others. Moreover, we
received positive feedback from our customers on how we had pulled off the re-branding of well-establishedlong-lasting brands like human woman andADORE.
As for the ecommerce business, I mentioned it was 101% compared to the previous year. On a nonconsolidated basis, Q3 is 108.9% compared to the previous year. In particular, as shown in a screenshot in the
middle, the SANEI bd shopping mall held a customer-participation event on their e-commerce platform.
In addition, we executed a collaboration event with AVIREX and other partners. Through the management ofthese new measures, we were able to find an extremely positive trend in e-commerce revitalization, which
inspired us to launch many more new projects.

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8Here is an overview of brands. The composition of the top 10 brands in sales increased from 58.4% to 58.9%
as of the end of H1.
Major brands continue to perform well and recover, while minor brands are making a solid comeback. In
particular, men's street fashion brands and women's fashion brands for department stores are making great
strides, including brands not ranked in the top 10. Sales of all brands increased to 111.1%, and top 10 brands
113.7%, respectively, compared to the same period last year.
Among them, HUF has expanded its sales through both domestic and overseas channels, and domestic sales
have grown to 213.3% of the previous year's level, growing to be a strikingly large scale of business. AVIREX
has been gaining increasing recognition due to the influence of the movie Top Gun: Maverick. This brand has
been attracting many customers to the storefront. We jumped straight in to roll out collaboration
merchandise and the sales have been strong.
As for NATURAL BEAUTY BASIC, we have been working on the re-branding strategy. The growth rate is subpar,
but profitability improved significantly. Particularly, the urban-centric limited line continues to perform well
to now form a pillar of this brand. In this framework, we are optimistic that we can work flexibly to answer
the needs of our customers in both urban and rural areas.
HUMAN WOMAN is a brand I mentioned earlier, and it is recovering, regardless of urban or rural. This brandparticularly benefitted from the rebound of sales volume in the department store channel, specifically inmetropolitan areas. Because of this, we have been updating the brand image to be fresh and youthful.
Profitability recovered significantly from the previous year, including the closure of unprofitable stores.

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9Next, I would like to look at net profit and impacting factors. First, ordinary profit ended at JPY5.06 billion.
Non-operating profit of JPY1.52 billion stands out significantly. It was impacted by a foreign exchange gain of
JPY490 million. Foreign exchange rate fluctuations have a large impact here.
There are other incomes to be considered, such as dividend income, real estate income, and others. All
combined, it totaled JPY1.52 billion. But please note that the impact of foreign exchange rates was significant.
In addition, extraordinary gains and losses, including a JPY830 million gain on the sale of investment securities
and a JPY330 million impairment loss, as well as income tax adjustments, resulted in a net profit of JPY4.62
billion and a profit margin of 4%.

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10Next, I would like to look at the balance sheet. There are three main topics, but I would like to discuss two ofthem.
Inventories. While sales were 111.1% YoY, inventories were 124.8%, or an increase of JPY5.6 billion. It may
appear to be inflated, but our procurement is on track with the forecast. The inventory will be increasingly
depleted beginning now.
But we are making purchases based on the plan. Inventory digestion progressed smoothly in Christmas season
and we want to keep inventory at an appropriate level by digesting properly in January and February.
As for the capital adequacy ratio, it is currently high at 69.4%. As announced recently, we will repurchase JPY2
billion of our own shares. We would also like to promote the acquisition of treasury stock in a well-balancedmanner on a sustained basis with a well-defined quota.
In addition, the most important point is that we will make a strong investment in our business. We will invest
more in new businesses, collaborations with new partners that are connected to our business domain, andbusiness alliances, so please look forward to our future investments.

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I would like to present the initiatives in each business domain.
First, the wellness & lifestyle business aims at creating an attractive community. Net sales totaled JPY36.47
billion, growing to 119.6% of the same period last year.
In particular, PING launched in the fiscal year ending February 2021. Even when the golf craze was at its peak,as you can see, the cumulative Q3 sales totaled JPY1.39 billion, 213% compared to the previous fiscal year.
I would say that this is a very accelerated brand image enhancement, including wholesale. We are also
proposing new entertainment features, including the introduction of AR fitting and smart glasses, including
production mapping, to create a truly enjoyable scene for customers at the exhibition.
In addition, we have signed an advisory contract with a popular professional golfer, Mr. Taiga Semikawa. We
hope to expand brand awareness among male professionals as well.
As for the outdoor brand called AND WANDER, they won the Good Design Award for the camping tent design.
The brand started a camping collection this season. Not only the clothing line but also the camping gear has
been very effective, altogether sales have been growing. Orders from overseas, especially from Europe, havebeen increasing.

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Continuing on, the street & culture business. Net sales were JPY41.39 billion, 103.8% compared to the same
period last year.
The brand HUF is doing well. We celebrated the brand's anniversary year grand finale. There have been manydifferent collaborative events that showcased the evolution from street casual to an artistic statement. New
stores are scheduled to open this spring and we will continue to be proactive.
This brand embraces locavore and graphic design. There is no doubt that this brand is catching on among
young people and women regardless of age and going beyond street casual fashion.
Among many brands in the street & culture business, we have the NANO UNIVERSE. We are currently moving
forward with the product design and sales space design with the goal of successfully growing this businessstep by step. So please look forward to the future.

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The next one is the fashion capital business, with its core segment in women's clothing. Net sales were
JPY25.46 billion, 116.3% compared to the same period last year.
The brand CADUNE was launched only a while ago. As you can see in the chart on the right, sales since thebrand rollout were JPY180 million at the end of February 2021. It grew to JPY450 million in the following year
and keeps growing into this year. We expect the trajectory will far exceed the JPY450 million of the previous
year to reach the JPY500 million threshold. We currently have three permanent stores. The weight of ecommerce sales is very high, and we have the support of customers from all over Japan.
As is the case with HUMAN WOMAN, the OMO strategy has been lagging behind. We put effort to build more
content, by leveraging CADUNE and ARPEGE STORY success cases. This has improved the effectiveness withregard to sending customers to retail from e-commerce. Thanks to the influx of customer footprint during
COVID-19, sales and profitability are both changing.

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Next is the digital generation business. We capture this domain as new content to attract the next generation.
Net sales were JPY9.56 billion, 109.1% compared to the same period last year.
We launched HUELE Museum to offer new encounters and experiences. We actually don't have a permanent
store. The pop-up store at GINZA SIX is about to evolve into a permanent store. We are increasing our fanbase by mixing art with the experience of what is possible only in real life through a variety of art-related
content and personal styling events.
Q3 is doing very well at 167.1% compared to the plan. We held OMO events, and the impact is spreading to
e-commerce. The 2023SS exhibition held at the new headquarter building has also been extremely wellreceived, and preorders have far exceeded the target. In addition, we have received very positive feedback
from department stores and developers alike, and we intend to continue to nurture the project.
Onto the next topic, ETRÉ TOKYO, we have been working hard to set up this D2C brand with the brand message,
to enrich home time. This time around we launched new household goods. Kitchenware has been extremely
popular and additional production is underway.
Among others, the digital generation business targets a new and broad audience, and there are many brands.
We are creating a new way to deliver a customized message to our targets, or customers of different
generations.

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Next is another digital generation brand that is undergoing major re-branding, JILL STUART.
We have been operating JILL STUART in separate sub-brands JILL by JILL STUART and JILL STUART. This time,
we are consolidating them into one unified brand for its rebirth.
We generated a new brand purpose that transcends the divider between the existing two sub-brands andthat is "more glamorous tomorrow than today," which is going to be the base of new initiatives like sharedseason concept, brand website, and exhibitions.
The exhibition was frankly very enjoyable. So, the new JILL STUART offers new clothes inspired by its vintage
line with the theme of warmth and innovation. As for JILL by JILL STUART, the exhibition was mixed with floral
arrangements to embody a fashion statement that aligns with today's market and to express feminine
flexibility.
I believe that the popularity of both brands is powerful to launch collaboration projects with our partners
beyond the flame of fashion.
We will be proposing a brand collaboration and a concept of one Jill, or W/J with JILL STUART, so we hopethat you will look forward to it. I would like to ask for your cooperation.

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Next, we will continue with the office consolidation project. The relocation began last September 2022, andmost of the project has been completed. We expect to reduce rents by JPY500 million beginning the next
fiscal year.
The relocation of this office will provide an opportunity to redesign the physical environment and create aworking style that enhances creativity.
To align with the TIP mid-term management plan, we will focus on spiral problem-solving and an agile work
style. We will strive to create a space or work philosophy that supports all employees to engage in candid
discussions of various topics and stay positive toward improvement.
I envision that the new office functions can help our employees to bring their ideas to reality.

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As a part of the business partnership between Alibaba Cloud and JP GAMES announced last year, we arelaunching a PoC, proof of concept, starting with one of our brands, PEARLY GATES. This is a new initiative.
Our company will design and develop three-dimensional data of clothes using three-dimensional-simulation
software CLO. Then, JP GAMES will use its technology to implement the clothes data in a metaverse spacethat runs on Alibaba Cloud.
We can check and evaluate how an avatar would wear the clothes and move around in the metaverse
environment, how the clothes can be layered with one another, and other technical details.
In this way, we hope to develop new, sensory content services for our customers to enjoy.

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We are pleased to report on our efforts regarding the SDGs. We will report on specific measures to achievecarbon neutrality in 2050. Now we are working on material innovation, particularly raw material evolution.
There are three points. An earth-friendly production method, new fiber made out of plant residues, and fiber
resources recycling.

First is an earth-friendly production method. We are working on a project to develop TSI's original organic
cotton. As previously announced, we are working with SynCom Agritech CO.,LTD. to develop our own organic
cotton in India.

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The project is moving along, and we've got our cotton. In the November interim results, our cotton balls were
15% larger than normal when compared to cotton planted without modification. It also produces very goodquality, white cotton. We have been working together with SynCom Agritech CO.,LTD. to calculate thecorrelation index between the nutrients produced by soil bacteria and cotton density, and we are happy toreport that we are beginning to see very positive results.
We will produce yarn in the future. We would like to start growing cotton while working together withspinners and fabric makers to reach the goal of running organic cotton production in-house. It is a very
promising business.

Next is a new fiber made out of plant residues. As also announced here, we have entered into a business andcapital alliance with FOOD REBORN. We formed a business alliance last October, and this year we have alreadyformed a capital alliance and will invest in the Company.
First, we will extract the fiber from pineapple leaves and make new threads and fabrics, to be used for our
product development. To achieve this goal, we will work together with FOOD REBORN, and the participating
trading company TOYOSHIMA.
Emission from pineapple plant residues is said to be almost the same as that of cotton. I believe that this is a
key factor in the production of fiber in the future. We also believe that we can create something reallyinnovative by combining organic cotton with pineapple fiber.

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Last but not least is the recycling of textile resources. Together with the Textile Scholarship Foundation, we
will build a mechanism to recycle textile resources. As part of our material innovation efforts, we would liketo first recover resources from discarded products and use recycled fibers in our products as part of our efforts
to evolve raw materials.
We have already started, but we are working with the Scholarship Society to make it more of an ongoingproject rather than a spotlight project.
In addition, unused store fixtures and other items are also being used for the interior of the new building. In
this sense, we will also include recycling in the form of new building materials we call Re:Yarn or RE:BOARD.
Therefore, I have just mentioned three issues, and by successfully combining these three issues, we ourselves
will take actual actions to contribute to the overall SDGs, including the manufacturing of new products andanother recovery process called recycling.

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Next, I would like to discuss the full-year forecast.
Commercial facilities, including department stores and retail stores, have begun to recover. It started with the
US and Europe, but inbound demand is also on a gradual recovery trend. We often hear in the news thatpeople are enticed to visit Japan because of the good exchange rate, and I really feel it firsthand.
When we see that our women's clothing business is recovering, we can get a very good sense of it. the street
business is also performing well, with December results in line with targets.
Obviously, some businesses are performing well, and others may not, and some of them have yet to becomerobust. That being said, our highest priority is to deliver the best products with the best service to ourcustomers.
Therefore, we will continue to closely monitor the current situation, and will not make any changes to ourfull-year consolidated earnings forecast, which we have promised to achieve.

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Last but not least, there are only a few days left in this season and this term. We would like to use these few
remaining hours to also communicate new things that will lead to the next term.
We would like to do something new, including TV commercials and other communications, and we would liketo keep responding to the voices of those who ask what will happen to TSI and how we can continue to do
our best.
Our goal is to produce good products and bring smiles and happiness to our customers, which is the wish of
all of us, including our employees, and we will continue to place importance on this.
As a fashion entertainment creation company, TSI will continue to do its best in the coming year, with the
expectation that we can do something with an entertaining approach, including new fashions.
Thank you for your attention.
______________
Document Notes
1.
2.
3.
4.

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TollfreePortions of the document where the audio is unclear are marked with [Inaudible].
Portions of the document where the audio is obscured by technical difficulty are marked with [TD].
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.
This document has been translated by SCRIPTS Asia.

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