SWCC SHOWA HOLDINGS CO.,LTD.
3Q Financial Results and ESG Briefing
March 3, 2022

Event Summary[Company Name]

SWCC SHOWA HOLDINGS CO.,LTD.

[Company ID]

5805-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

3Q Financial Results and ESG Briefing[Fiscal Period]

FY2021 Q3[Date]March 3, 2022

[Venue]Webcast[Number of Speakers]

3
Takayo Hasegawa
Futoshi Yamaguchi
Kiyoshi Togawa[Analyst Names]*

Koichi Hariya
Hiroyuki Kajiyama
Yin LuPresident and Representative Director(Group CEO)
Executive Corporate Officer
Outside Director, Chairman of the Audit andSupervisory Committee
Ichiyoshi Research Institute Inc.
Asset Management One Inc.
Fidelity Investments Inc.

*Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A.

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Presentation
Moderator: Thank you for your patience. SWCC SHOWA HOLDINGS CO., LTD. will begin its small meeting to
explain the Q3 financial results and ESG.
Thank you very much for taking time out of your busy schedule to join us today.

Let me now introduce today's speakers. Ms. Takayo Hasegawa, President and Representative Director (GroupCEO). Mr. Futoshi Yamaguchi, Executive Corporate Officer. Mr. Kiyoshi Togawa, Outside Director, Chairmanof the Audit and Supervisory Committee. Finantec will serve as the moderator. Thank you for your cooperation.
First, the three will give a 40-minute presentation, and then we will move on to the Q&A session.
Now, let us begin. First, President Hasegawa will give an overview of the Q3 financial results. President, could
you begin, please?
Hasegawa: I am Hasegawa from SWCC SHOWA. Thank you for taking time out of your busy schedule to join
us today.
We have held several small meetings in this manner, but we have always focused on business performance,
and we have never had a chance to discuss ESG issues in depth. So this is the first time for us to do this.
As we reported on the Q3 results at the beginning of February, I will report on that part before we get into
ESG.

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Next page, please. As I mentioned earlier, we have reported our Q3 results, and at the end of H1, we madean upward revision, reporting an 87% progress rate toward the JPY9.5 billion in operating income.
I will explain the three core segments. The energy and infrastructure segment continues to support ourcompany's foundation, which has remained unchanged through Q3. Although the demand for constructionrelated products were solid due to large-scale projects, the impact of recent soaring prices in raw materials
resulting from high resource prices are now becoming apparent in Q3 and Q4.
However, the demand for electric power infrastructure remains strong, thanks to a shift in the business model
to include construction, rather than sales of goods.
In the communication and industrial devices business, demand for construction-related products has beensluggish since H1, and there has been downward pressure from raw materials.
The electrical equipment and components business, which is related to automobiles, was doing very well in
H1, but now we are seeing the impact of the semiconductor shortage from car manufacturers, and we havejust entered a state of inventory adjustment. In Q4, the speed of the supply chain is very fast, so there aresome ups and downs.

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In this context, net sales were JPY147.2 billion and operating income was JPY8.2 billion at the end of Q3.
Although we had a very difficult time last year due to the impact of COVID-19, our main goal before the startof this fiscal year was to exceed the FY2019 level. In FY2019, we achieved the highest net income for ourcompany, and so far this year we have accumulated profits that exceed that level.

Next page, please. You are viewing the quarterly trend.

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We have received comments from shareholders and investors that we are being too cautious, as we had been
doing well up to Q3 and still did not change our full-year forecast of JPY9.5 billion.
However, as I mentioned earlier, in H1, the impact of raw materials had a downward impact of approximately
JPY200 million on profits, but in Q3 and Q4, raw materials prices have been rising steadily, so we have taken
this risk a little more seriously and have not changed our forecast, including the risk.

Next page, please. This is the results by segment.
The energy and infrastructure business has been very strong so far, supporting our business.
65% of our operating income is generated from energy and infrastructure. In terms of sales, energy andinfrastructure accounts for 53%, and in profit, it accounts for 65%, so the rate of return is still very high. And
as I mentioned earlier, it is also evident in the financial results that the downward pressure of high material
prices has eased considerably due to the change in business model centered on SICONEX.

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Next page, please. This is the announcement we made in February regarding the revision of the year-end
dividend amount or the dividend increase.
The initial plan was JPY40 per share with a payout ratio of 16%, but in light of the current profit situation, we
have revised the plan upward to JPY50 per share with a payout ratio of 20%.
The company has set a target dividend of JPY50 per share for FY2022 in its medium-term management plan.
We are very grateful to all of you for your support, which has enabled us to reach this point in the current
fiscal year, one year ahead of schedule. Thank you very much.

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Next page, please. The impact of copper prices is described here.
Copper prices have remained high since the beginning of this year, and we have been asked whether we willlose money or make a profit due to the effects of copper prices.
It has been almost a year now since the price of copper has exceeded JPY1 million per ton. On average, thecopper price has increased by 55.7% on average in Q3 YoY, which means that the copper price has increased
by approximately 1.5 times compared to last year.
We have been managing our business in such a way as to buy and sell copper to offset various effects ofcopper prices as much as possible, and the price remains high, so we are still struggling in this area. However,we think that the impact of the copper price on management is not so great at the moment.
Shipments of electric wires also dropped for a time due to COVID-19, but are now returning to normal.

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Next page, please. As I have already mentioned, what has been troubling us is the sharp rise in the price ofraw materials, especially petrochemical products.
The lower right-hand corner describes the movement of crude oil prices, and the price of polyethylene, vinyl
chloride, and various other products has gone up along with it. Then the utility costs, logistics costs, andvarious other costs have been rising.
As I mentioned, we began to see the impact of the sharp rise in raw material prices in H2. In H2, we asked ourcustomers to raise the prices of electric wires for construction twice. Since the beginning of this year, thesteep rise in prices has not come to a halt, and in February, we disclosed a price increase of around 5% forelectric wires for construction.
Although we have a mechanism in place to offset the cost of copper through sales and purchases, regarding
the surge in costs of plastic materials and delivery, we are a manufacturer and our basic approach is to consult
with our customers and ask them to share the costs.
In Q4, there are concerns about a slight downward pressure on prices due to price hikes and a gap in the pricepass-through to customers. However, our customers know that prices of various items have been steadilyrising, so we will continue to persistently ask for higher prices.
This concludes the explanation of the Q3 financial results.
Moderator: Next, Executive Corporate Officer Yamaguchi will explain the ESG initiatives. Please go ahead.

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Yamaguchi: This will be the first time for us to explain our ESG initiatives in detail. I, Yamaguchi, will explainthem to you.
Next page, please. The table on the left summarizes important ESG items in our company with reference to
the GRI Standards. We will explain the content of promoting businesses that solve social issues, responding
to environmental issues such as climate change and environmental protection, diversity and inclusion,
improving work styles and productivity through DX, and furthermore, corporate governance that supports
this.
First of all, as you can see on the right side, we are promoting businesses that solve social issues as a company
that supports infrastructure. As we have explained in the medium-term business plan, in the field ofenvironment and energy, we will promote renewable energy through SICOPLUS, which is based on our
SICONEX and combines construction work, as the number of renewable energy sources, especially power
plants is increasing. We believe that we can contribute to their connection to the grid, which is our specialty.
For disaster prevention and infrastructure, we can contribute with seismic isolators and fire extinguishingcables.
In the area of lifestyle and mobility, we believe that our MIDIP and other fields such as alloy wires and windings
can contribute to the shift to EVs in automobiles, which is also a decisive factor for decarbonization. In addition,
high-speed communications will be necessary for automated driving in the future, so we are also working on
this development.
In terms of social issues such as the declining birthrate and aging population, SICOPLUS is a solution to theshortage of the working population, combining existing technologies and digital technologies in the areas ofeducation and human resource development.
Furthermore, in the field of medical care, we are moving forward with catheters and other new initiatives tocontribute to the enhancement of the medical environment.

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9Next page, please. I will explain the key points of our products as a response to the current environment,
especially CO2 reduction and climate change.
We have SICONEX, or MIDIP and other products for EVs, and we are also developing products that cancontribute to improved transportation efficiency in the telecommunications field. In addition, we are moving
toward the practical application of superconducting cables, and we completed a demonstration experimentat the end of last year.
On the right side, you can see the cases of renewable energy use, both of which were announced in our press
releases. We are introducing carbon-neutral city gas at our Mie Plant and renewable energy through the PPA
model. We expect that these two introductions will result in a 6% reduction in our CO2 emissions.

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10Next page, please. As for the environment, we have the Green Plan 2050, which we announced in 2019, withthe goal of zero environmental impact by 2050.
In order to take immediate action before we reach the goal of zero emissions by 2050, we have establishedthe seventh voluntary plan and set a target for 2025, and beyond that, including the Paris Agreement, we arepreparing a plan with 2030 as the next milestone.

Next page, please. The seventh voluntary action plan for the environment has been prepared as an initiativefor 2025, before 2050.
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11This voluntary action plan for the environment was launched in 1993 as the first phase, and in terms of CO2
reduction, we have reduced emissions by about half compared to the amount of CO2 emissions at the timeof the plan's initial launch.
This time, the plan for energy saving is to achieve a 25% reduction in CO2 emissions by 2025, based on the
Paris Agreement standards for FY2013.
In the area of effective utilization of resources, as mentioned earlier in the long-term plan, we have set the
final disposal volume of waste at 50%, with the standard set for FY2018. We are proceeding with this plan.
Furthermore, in terms of reduction of water consumption, the target is a 20% reduction by 2025, which is also
based on the FY2018 standard.
In the past, we wanted to go without setting a big goal for the amount of water used, so this is our initiativefrom now on. We are now at the stage of organizing what needs to be done first toward 2025.

Next page, please. In this way, we are continuing to follow up on the existing voluntary action plan. However,
we are aware that we will not be able to achieve our targets for 2030 and 2050 by extending our existing
activities, so last year in 2021, we launched the Green Energy Project aiming to further reduce energy
consumption in the manufacturing stage. We have set up a project team across the entire group and are
currently working on the specifics of the project.
Three working groups have been set up to study specific projects, including the introduction of CO2 solutions,further promotion of energy saving, and the use of renewable energy.
In this context, the theme of the current seventh voluntary action plan for the environment is energy saving
measures, including renewal of aging facilities, as mentioned in the previous plan. As for renewable energies,
we will achieve the introduction rate for 2025 of 30%, which is currently about 6% as mentioned earlier, andwe are actually thinking up specific items to further increase this rate.
We are also working on a plan to increase the electrification rate of renewal passenger vehicles to 100%.
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The theme for 2030 includes the continuation of the current theme, but it also includes basic research on newtechnologies such as CO2 capture and recycling, as well as the further promotion of renewable energy
introduction rate.
On the right side is a roadmap for the prevention of global warming toward 2050. We are planning to achieve
the 2030 target through CO2 recovery and reuse as mentioned earlier, and by introducing innovativeequipment for casting and baking, introducing energy-saving manufacturing in a way that is different fromthe conventional way of making things.
In 2050, the target will be zero environmental impact, so we are discussing how we can make practical use of
methanation and waste heat. We will continue to monitor developments in this area and respond accordingly.

For these initiatives, we are now preparing to support the TCFD recommendations in the area of climatechange. We are currently organizing the information in preparation for the announcement in May 2022. We
will disclose this information when it is finalized.

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Next page, please. So far we have discussed the environment. I would now like to start explaining the S, thesocial aspect.
In terms of diversity, we have been enhancing our system for the utilization of senior human resources overthe past several years. It includes the role of a general senior specialist, the enhancement of a system thattreats employees according to their evaluations, or the introduction of a system that allows for short-timework. Furthermore, for those who wish to move on to the next stage of their careers, we are working toenhance our career change support system.
In April 2021, we launched a project to promote the advancement of women under the direct supervision of
the President, as shown on the right side. We are proceeding with this project in support of the Japan
Federation of Economic Organizations' challenge to achieve 30% by 2030. Since there are fewer needs forfemale workers in our company, so our goal is to increase the percentage of managers, as you can see here.
One of our major goals is to increase the number of female workers, and after that, we will develop an
education system to change mindsets, and improve the working system for women. This project is to makerecommendations on how management should address this issue, including the fact that a great working
system for women could be a great working system for men as well.
As written below, the activities of this project have also been highly evaluated, and we have obtained SMBC
Nadeshiko Finance certification.
Next to that, we have been certified as Health and Productivity Management Organization for two consecutive
years. We would like to be certified as a White 500 Company if possible, and we are in the process ofcontinuing to strengthen our efforts in areas where there are shortfalls.
Regarding sustainable human resource development, we have been focusing on human resource
development for the past several years. In particular, we have created a succession plan for the next
generation of managers, and we are working to enhance the education and systems to achieve this plan, as
well as systems to foster the next-generation leaders.

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In each of these training sessions, we have introduced a system of reporting on a specific theme. Some ofthese reports have led to new corporate activities, as I will explain in the next section.

Next page, please. The DX promotion originally started with a report on the use of data, including AI, from thebriefing sessions of next generation of managers, as I mentioned earlier, which was adopted and is now beingorganized to promote DX as the champion.
Furthermore, the idea for the e-commerce site KAERUYA, which you can see at the bottom right, is one thatcame out of the training and has been adopted and is now open.
In addition, we are currently utilizing data to automate manufacturing and assembly lines, to manage
inventory, and to improve logistics efficiency. We are now expanding the scope of our response.

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The governance reforms have been underway all along as a base to support such activities. I would like toleave the details, or the evaluative aspects, to Director Togawa's explanation. Let me briefly explain what wehave been doing.
The trigger, or rather the start, was the appointment of outside directors in 2015, which was probably thecatalyst for a major change in our company. This was an opportunity for us to incorporate various insightsfrom outside the Company, rather than the traditional internal discussions.
Furthermore, after Ms. Hasegawa became President, there was the establishment of the Nomination andCompensation Committee and the transition to a company with an Audit Committee. In particular, I feel thatthe transition to the segmentation system from 2019, especially where we have clarified the roles of directors
and executive officers, was a major change.

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16While the governance structure is being developed in this way, I would like to apologize again for the great
concern we caused you last year in the form of inconsistencies in quality.
The Investigation Committee analyzed the causes and pointed out that there were organizational factors suchas inadequate systems to prevent tampering, environmental factors in quality control operations such as
insufficient personnel in the quality department, and subjective and human factors such as a lack of awarenessof compliance among employees.
In order to prevent recurrence, we have launched the two projects on the right side. One is a project todigitalize quality operations and the other is a project to deepen knowledge.
Regarding the digitalization of quality operations, we are basically trying to introduce a tamper-evident systemin the form of measuring inspection data without human intervention. The project to deepen knowledge will
start with basic knowledge of quality and compliance awareness, including compliance education. We havestarted these projects with a strong desire to spread these efforts and prevent the recurrence of any issues.

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We have also strengthened our risk management system in response to the quality problems. The contents
described here may be generally considered to be obvious, but we established the Risk Management Officelast year and invited people from financial institutions that are more advanced in risk management than weare to work in the office.
We have further strengthened our risk management and will continue to do so in the future as we enhance
our ability to respond to various risks.
This concludes the explanation of our ESG initiatives. Thank you very much.
Moderator: Thank you, Executive Corporate Officer Yamaguchi. Next, Outside Director Togawa will give a
presentation on the governance of SWCC SHOWA HOLDINGS. Please go ahead.

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Togawa: This is Kiyoshi Togawa.
I would like to proceed with our discussion on the governance of SWCC SHOWA HOLDINGS from the viewpointof outside directors.
First, we are working to improve the effectiveness of the Board of Directors. Currently, the Board consists ofseven directors, and as you can see, the Board is very diverse, with 14% of the Board members being womenand 29% being non-Japanese.
In 2015, I was appointed as outside director, and at that time, the Board of Directors consisted of one foreigner
and one woman, and I had the impression that the board of directors was very diverse as far as the company
image was concerned. However, when it came time to join the Board of Directors, these two people rarely
made comments. These days, those two people and another foreign director have a very significant voice intoday's board meetings, and I feel that governance has improved considerably.
In terms of evaluating the effectiveness of the Board of Directors, we conduct a questionnaire survey of all
directors every year, particularly regarding the composition and operation of the board of directors, as wellas the content of matters to be discussed and how to support the board of directors.
Four of the seven members are audit committee members, and we currently have one audit committee
member in the Company, Director Takashi Togawa, whose name happens to be very similar to mine, but heis not my brother. Each of the three outside directors has experience in the management of a businesscompany. One came from the finance department, one came from the manufacturing department, and I camefrom the sales department, so we can say that we cover those three areas as attributes of the outside directors
as well.
The role, purpose and authority of outside directors are described here. In the photo, you can see a board
meeting at which all outside directors participated remotely.

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Executive Corporate Officer Yamaguchi mentioned earlier about the quality control system, and here I would
like to talk about the quality control system from the viewpoint of an outside director in particular.
I mentioned earlier that I come from a sales background, and I myself was taught during my working years
that the starting point for quality control should be the sales department.
Especially in BtoB work, the sales department, which has the closest relationship with the customer, shouldshare the information received from the customer, such as design information and product specifications,through DR, or design reviews internally. After examining them in the development department, they areincorporated into manufacturing instructions, and we provide good products to customers while controlling
quality in the manufacturing process.
At that time, after all, the sales department is the only point of contact to supply good products, and we must
provide appropriate information. Last year, we conducted an objective investigation of the surveyed items
that were pointed out to us by an outside party. Based on the results, we understand that the Company iscurrently implementing measures to prevent recurrence as described to the right.

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Next page, please. The Company has established a Nomination Committee and a Compensation Committee
on a voluntary basis.
The Nomination Committee consists of two outside directors and one inside director, and I am the chair of
the Nomination Committee.
In particular, the report on the selection and dismissal of the president is required by the Corporate
Governance Code. The Nomination Committee has the executive officer of human resources and thepresident provide with information on what kind of human resources are available within the Company, and
who are the candidates for the next president, directors or executive officers.
The other is the Compensation Committee. SWCC SHOWA Group’s history over the years has been that it is
not a company with high salaries compared to the other companies, and the compensation of executive
officers has not been high for a long time.
By establishing this Compensation Committee, we have introduced a performance-linked compensation
system, as shown here, in order to determine fair and just compensation for executive officers. In addition tothis, we have specifically started granting restricted shares.

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Next page, please. Now, the outside directors are most concerned in the achievement of the goals of themedium-term management plan. We already explained about the mid-term plan earlier, but the very
important point is to create a stable, high value-added business model. If you look inside our company, there
are so many elemental technologies.
In addition to the technologies shown here, more fundamental technologies, such as high-voltage processing,for example, have been cultivated as elemental technologies in the course of our long history of businessactivities. We are currently discussing with our internal new business group and each segment to see if we
can utilize or apply such technologies in the future growth areas of mobility and medical devices.

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Next page, please. As Executive Corporate Officer Yamaguchi mentioned DX solutions earlier, SWCC Smart
Stream is one of the main features to promote manufacturing that utilizes DX or IoT technology. From ouroutside director's point of view, what exactly is a DX solution? We believe that this is only meaningful if the
DX is accompanied by structural reforms, and we offer such advice.

Next page, please. This is the last page. This image of the portfolio for growth business is a common picture,with growth potential on the vertical axis and efficiency on the horizontal axis. At any rate, our executive teamis thinking of aiming for the upper right quadrant, so we would like to keep a close eye on that.

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That concludes my explanation. Thank you very much for your attention.
Moderator: Thank you, Director Togawa.

______________
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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