Needs Well Inc.
Financial Results Briefing for the Fiscal Year Ended September 2020
November 30, 2020

Event Summary[Company Name]

Needs Well Inc.

[Company ID]

3992-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Financial Results Briefing for the Fiscal Year Ended September 2020

[Fiscal Period]

FY2020 Annual[Date]

November 30, 2020

[Number of Pages]

39[Time]

15:30 – 16:31(Total: 61 minutes, Presentation: 54 minutes, Q&A: 7 minutes)[Venue]Kabutocho Heiwa Building 3F, 3-3 Kabutocho Nihonbashi, Chuo-ku, Tokyo
103-0026 (Hosted by The Securities Analysts Association of Japan)[Venue Size]

145 m2[Participants]

20[Number of Speakers]

2
Kozo Funatsu
Takeshi Tsukada

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Presentation
Moderator: We are now on time, so we will hold the investor relations meeting for Needs Well Inc. First ofall, I would like to introduce you to the two people from the Company. First, Mr. Kozo Funatsu, President andCEO.
Funatsu: Funatsu. Thank you very much.
Moderator: Thank you very much. Mr. Nobuyo Goto, Managing Director.
Tsukada: On behalf of Goto, this is Tsukada, in charge of the Administration Department. Thank you in
advance.
Moderator: Thank you very much.
Today, President Funatsu will explain the matter, but once the explanation is finished, we have set aside time
for a question-and-answer session.
Well then, President Funatsu, thank you in advance.
Funatsu: Once again, this is Funatsu from Needs Well Inc. Today, the spread of the coronavirus has become
quite severe and, in this situation, I would like to express my sincere appreciation for attending our briefing.
As we see there, this fiscal year terminated at the end of September 2020. I would like to explain the
Company's financial results and its medium-term management plan for the next three years. I look forward
to working with you today.
I would like to give you an explanation of three points: The status of financial results, the businessperformance forecast for the fiscal year ending September 2021, and the growth strategy.

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First of all, the highlights of the financial results.
As stated here, in April this year, the coronavirus became tougher in earnest, and the declaration of an
emergency took place. Amid a situation in which we faced considerable difficulties in terms of work, we felt aslight decrease in sales due to the impact on our operations.
As a result, we compensated reduced sales by reducing expenses, which resulted in increased ordinary
income, that is, lower sales and higher profits.
Sales were JPY5.36401 billion, or 97.2% of the previous year, as you can see. However, ordinary income was
JPY514.26 million, or 101.8% of the previous year's level, and net income remained unchanged from theprevious year's level. Although the environment was somehow tough, we were able to secure the figures you
can see in terms of business performance.

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Specifically, we are currently pursuing four service lines. Of these, business system development andembedded system development have been affected by the spread of the coronavirus. As you can see, businesssystem development is 97% YoY, a decrease, as shown at the right edge.
Embedded development, particularly in the areas of automobiles, health care, and manufacturing, has fallen
to 76% of the previous year as our projects have been canceled or postponed due to the impact of aconsiderable shutdown of our factories.
However, our Solutions Business has grown considerably since two years ago, showing a 118.5% YoY value,and contributing considerably to profits. As a result, our Solutions Business has maintained fairly strong
performance.

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4This is followed by an analysis of the factors behind changes in ordinary income.
Whether it’s the impact of the slight decline in sales; the impact of hiring new graduates; or the impact of the
new head office, the Nagasaki Development Center, and the up-front investment associated with it, we
covered these expenses by cost reductions and the expansion of the Solutions Business, and profits eventually
settled down to an increase of 1.8%.

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5This is followed by an introduction to the income statement. Ordinary income was 9.6%, up 0.4 percentage
points from the previous year. I think this is a high level of profitability in the IT industry.

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6This is followed by the balance sheet.
At the top, cash and deposits amounted to JPY1.78 billion, as we look at FY2020. Our financial position
continues to be stable with an equity ratio of 74.5%.

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Next, I would like to explain our earnings forecasts for 2021. Forecast of results.
Our new goal is to increase sales and profits by entering the Logistics Business, particularly in the face ofdifficulties in manufacturing, and by building a robust lineup of solutions.
Sales are expected to be JPY5.8 billion, an increase of 8.1% over the previous year. Ordinary income increased
4.4%, to JPY537 million, and the ordinary income margin was 9.3%. We will start new businesses and invest
in research and development, such as creating a lineup of solutions, so I think that the current fiscal year isfacing a difficult situation when it comes to achieving a positive profit margin. Accordingly, we intend to focus
on upfront investments.

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8This is followed by dividends and shareholder returns.
We intend to increase the dividend by JPY1, so we intend to increase the dividend gradually each year.

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I will continue to explain our growth strategy.
Our growth strategy is based on seven key initiatives. Within these seven areas, this is a new area to enter,with the launch of a new second Logistics and Connected Business. I would like to explain the details one by
one from now on.

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First, we will promote the enhancement of corporate value.
In order to promote our corporate philosophy of "continuing to contribute to the economic system in a wide
range," we will classify our products into four categories: Regarding business performance, our goal is to growthe ordinary profit margin by 10%, the sales growth rate by 20%, the gross profit margin by 25%, and the
SG&A ratio by 10%. We intend to bring sales from JPY5.5 billion to JPY10 billion in FY2023. We are also aiming
for a total distribution value of JPY10 billion in the FY2022.
In conjunction with this, we will increase our corporate value while also implementing IR activities on a regularbasis in order to appeal to our broad range of shareholders. I have already announced that I would like toregularly conduct IR activities for institutional investors, who have come to us today. I would like to increase
our corporate value by issuing new shares and so forth.
In addition, in line with our ongoing management philosophy, we intend to promote sustainability byencompassing ESGs and SDGs. We intend to increase our corporate value while steadily advancing these fourpillars.

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11Second, we have the start-up of Logistics and Connected Businesses.
With the Logistics Business we are in a new field. We cannot continue by only developing IT software. In areas
where we do not have know-how, we will seek business alliances, first of all in the Logistics Business, andparticularly in the warehouse system, which we are thinking of.
Now that the world is becoming more digital, considerable goods are moving on the Internet, so we can use
robots for the warehouse control system that can automatically provide consumers without human resources,
as we are writing here. Later, in terms of WCS, we intend to provide this warehouse management softwaresystem to realize efficiency in the logistics field.
Today, we intend to do this while seeking out business alliances, and we are currently advancing thedevelopment of systems on a contract basis. In the future, we intend to further expand this Business whileforming business alliances.
In addition, in the new connected business field, we are currently developing software to control automobiles
and medical devices. We want to utilize big data, such as location information, coming from sensors such as
in automobiles, so we can eventually develop telematics systems linked to automated driving.
I would like to quickly launch the field of smart cities as well, analyzing big data using AI for greater efficiency
in the digital society.
We intend to offset the current slump in manufacturing with these initiatives.

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We have been advancing this plan for some time, and we are considering the further expansion of our AI
Business.
Our AI Business is called Work AI and, as we see in this diagram, our goal is to create an AI system that utilizes
corporate data by industry, whether it’s the public and social infrastructure industry, construction industry,financial industry, or distribution industry. We have been doing this for two years.
The first is Speak Analyzer, which was announced this spring. We have been considering a system that can beused to educate sales people while analyzing sales talks of sales people. We are now focusing on life insurancecompanies and other areas, and are now trying to make this software a reality.
At the same time, in order to eliminate manual inputs, we have introduced an AI-OCR and are planning to use
our AI and RPA know-how to provide our services without human intervention.
Recently, however, we have been thinking of compensating for the decline in the number of people who
understand the old system due to the digital cliff in 2025, and we are currently considering countermeasures
to address these issues while setting up a committee within the Company. This is our AI Business.

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Expansion of near-shore development.
We opened this in October last year and hope to have 100 employees in the FY2024. This is a system that
includes not only our employees but also local companies, and we hope to have a system of 100 people.
The objectives of near-shore are still to acquire excellent human resources and to eliminate the shortage ofhuman resources. Concretely speaking, we aim to recruit local university students, while hiring U-turns and Iturns.
Fortunately, we have been listed since about two years ago, so we are attracting high-quality students. In
order to further accelerate the pace of hiring, we intend to establish a local base and hire about six employees
in Nagasaki in April this year, and we have decided to hire 10 employees next spring. Since the recruitment
ratio of public universities has been rising year by year, I think the advantages of establishing this base havebeen considerably gained.
Now, because of the coronavirus, the customers themselves also want to avoid developing at their site.
Through near shore, we will proceed with development in the home base of Nagasaki, while eliminating
development at the customer's site. Our aim is to deliver high quality while compensating for the shortage ofhuman resources in the Kanto area. We are currently in the process of internally promoting thestandardization of near shore development.

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We will continue with the establishment of the business foundation.
In addition to the current existing businesses, business system development, foundation building, and new
automotive and medical equipment fields, we intend to achieve stable growth in the field of the newly
renamed “connected,” in order to establish a business foundation that will achieve stable growth into the
future as a listed company.
In the connected field, in addition to automobiles and medical care, I hope that we will proceed by utilizing
big data and promoting DX.

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Next, the Solution Business at number six.
This will not be a Subcontractor Business, but we will provide optimal systems to clients ourselves to add value
and increase profitability.
Currently, our Solutions Business accounts for about 5.6% of our total, but we are working to achieve 15% by
FY2023.
Currently, we are advancing with the policy of providing not only our own solutions but also providing
additional functions. The aim is to increase added value not only by individual products but also by combiningthem.
We are enhancing our lineup, and in November of this year we began sales of new IT reengineering services.
IT reengineering services are domestic ERPs that we have already installed, but there was an inefficientportion of the core system around our mission-critical system, such as attendance or personnel, that was not
being efficiently linked, and that was a manual input or inefficient part of our own.
We have been working to improve the efficiency of this process, whether it is a part of manual input or thedelivery of data in collaboration, so that it can be covered by software. Our aim is to provide customers withthe results we have developed in-house. This is the IT reengineering service.
As the security system of the 5G era has become very important, we have a product called NW Security Police.
We intend to provide such products in a way that makes it easier for customers to introduce them, such as
subscription-based sales of software and sensors.
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In addition, as I explained at the beginning, we will proceed with a new Logistics Business, so we would like tostandardize these and package them as soon as possible, while developing solutions while expanding
horizontally.
At the same time, we will continue to invest in research and development, such as in future-orientated AI, toexpand our lineup of new solution products.

Point seven shows the expansion of end-user transactions.
As you can see, by stabilizing orders and improving profitability, we intend to maintain and expand directtransactions with users, which currently account for more than 50%.
Thanks to these efforts, our Solution Business is doing well, so we are seeing an increase in direct transactions
year by year. We aim to maintain this ratio at around 60% in the future, while keeping the current profit
margin from 9% to 10%. This is the expansion of end-user transactions.
These are our growth strategies. This will be a growth strategy that includes the current fiscal year.
We have subsequent reference materials, so I hope you will see this.
We will continue to explain our medium-term management plan. The FY2021, the current fiscal year, and the
FY2023 will be the middle of the three-year period. I would like to explain this management plan.

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As mentioned at the beginning, we announced on November 25 that we will conduct a new share acquisitionright financing. We believe that the purpose of this financing is how to achieve this medium-term
management plan and increase corporate value, so we have decided to conduct financing to raise funds forthis purpose. Based on this, we intend to steadily implement this medium-term management plan in the
future. Let me explain that.

In detail, as you can see, I would like to explain our management strategy and growth strategy from thecurrent business environment.

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First, the business environment.
The spread of the new coronavirus has not slowed down, and IT investment has been stagnant this year
slightly. Over the medium term, we anticipate that companies will continue to make investments in areas
such as IoT and AI, as well as in the areas of efficiency and security. In this context, our future growth strategy
for after coronavirus/with coronavirus is based on how to win orders and improve profitability.
As explained in our growth strategy earlier, this means that we are increasing the number of remote
development projects that utilize our own headquarters or near-shore bases such as Nagasaki, rather thandispatching staff and stationing them to customers.
The other is that face-to-face sales are becoming increasingly challenging in the area of promoting orders, andwe are moving forward with online sales by introducing Web conferences, such as using exhibitions andexplaining proposals on the Web, and seeking to win orders through these meetings.
In addition, we would like to develop our strengths through the lineup of Solution Businesses that I mentioned
earlier.
We are entering the new logistics industry, but we have entered this Business with the expectation that thisfield will grow considerably in the future.
Our investment for future growth is not limited to the products of our solutions, but also to human resources.
We intend to recruit excellent human resources and then use near-shore to ensure that we do not losebusiness opportunities to respond to future IT investments.
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19Other initiatives. We intend to invest aggressively in AI and solution R&D and, at the same time, through M&A
growth, actively invest in products and technologies that we do not have, and strengthen our relationships
with companies. Our aim is to increase our corporate value.

The growth trajectory.
As you can see, we have written Lehman Shock and coronavirus Shock, where it stagnated slightly. Overall,however, we are growing steadily, so we are achieving high growth. In addition, we intend to grow ourbusiness in line with this medium-term management plan in order to further grow this year.

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20About our management strategy.
As I explained earlier, our management philosophy is to "continue to contribute broadly to the economic
system," and the Company will continuously grow and contribute to society.

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21About our medium-term vision.
I have explained the seven priority measures for the current fiscal year. While proceeding based on this, our
medium-term basic policy is to move away from the conventional Temporary Staffing-type Business andbecome a true system integrator. In other words, we will work to develop a solution product and a system tosolve problems that our customers face.
While setting this as our medium-term basic policy, we are working to increase our business value andincrease our social value.
Over the medium term, in order to realize our management philosophy, we will “continue to contributebroadly to the economic system.” Based on that, our aim is to increase corporate value as a whole, while also
addressing areas such as business performance, IR, capital policy, and sustainability.
We will not discuss the enhancement of corporate value under the Medium-Term Vision because it is alreadyexplained in the Growth Strategy above.

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22This was followed by the Medium-Term Basic Policy.
As I mentioned earlier, as a result of our move away from the Temporary Staffing Business, in which engineers
will be stationed with our customers, there are some aspects of our corporate efforts that are difficult toreflect in earnings. This implies that we would like to raise profitability through corporate efforts to raise
productivity through moves toward remote development.
This is our medium-term basic policy of "breaking away from the Temporary Staffing Business and becoming
a true system integrator."

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I will explain our growth strategy.
First, in terms of business performance, sales were JPY10 billion and ordinary income was JPY1 billion, or arate of 10%, in FY2023. If we proceed from FY2021 onward, annual growth will be high at 23.1%. Ordinary
income, as you can see, must grow at a high rate of 24.8% annually. This is difficult to achieve with our current
existing businesses alone, so I would like to ensure that we accelerate this while effectively utilizing M&A.
Accordingly, we will implement financing in this respect.

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Next, we have the target for the sales composition ratio by service line.
As you can see, our business system development, centered on the financial sector, is now a high sales mix,
and we will certainly be able to generate stable earnings, so we would like to keep 70% as a pillar.
In addition, we plan to increase the ratio to 15% by the fiscal year ending September 2023, including new
solutions and growth.

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Next, I will explain the positioning of the service line.
Regarding business system development and the establishment of the infrastructure, we have the connecteddevelopment explained in the growth strategy section. We would like to provide added value while utilizing
this together with the Solution Business, in order to establish a stable business foundation in the future.
We have newly added the logistics field and other areas to our business system development, so we intend
to expand our business while also researching logistics solution products that emerge from this field.

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I hope that you will continue to introduce our three strengths in expanding this business.
One of our three strengths is our ability to develop financial systems. Half of the current sales are in thefinancial sector. We are able to retain the engineers who can participate in this financial system from the
upstream process, so we intend to make good use of this system while making further use of our engineersand focusing on the development of a stable financial system.
In terms of our transaction power with end users, we are at a high level of over 50%. In the future, we willleverage our strengths, including our Solution Business.
In terms of our ability to provide solutions, it will not only be about getting system requests, but we will, fromour side, propose products and services to our customers, ensuring the provision of additional value.

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Using this as a strength, I would like to introduce what we are considering as a means of expanding sales in
the future.
Specifically, we hope to increase our sales from JPY5.3 billion by JPY4.7 billion to JPY10 billion in the fiscal year
ending September 2023. One specific positive factor is the Logistics Business. We would like to make this asolution that generates a positive JPY1.2 billion.
On the left, you can see the figures regarding market size that we have derived from research on the Internet.
For example, in Logistics, the scale of sales has been JPY66.7 billion since 2018, but this will double to JPY123
billion, and the smart city market is also growing considerably, rising to JPY990 billion in 2022, and the AI
major market is also growing to JPY64 billion.
In order to further expand this field, we plan to increase sales by JPY1.2 billion in the Logistics Business, by
JPY300 million in the connected field, and by JPY900 million in the Solution Business. At the same time, we
intend to increase sales by JPY2.3 billion not only by us but also by acquiring new technologies and solution
products that we do not possess, and by acquiring companies that can achieve synergies with our existing
businesses. This is our plan to expand sales over the next three years.

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28This is a concrete idea for our Logistics Business.
As you can see, in the logistics field, we have entered this field because of a serious labor shortage. We aregoing to provide logistics warehouse efficiency in particular. In addition to software development, we would
like to make this Business even more feasible by collaborating with other companies, such as through theprovision of robots and consulting. In addition, we intend to improve our competitiveness in a way that
increases or accelerates sales.
To this end, we would like to package our current logistics warehouse management system and have it in a
way that allows us to expand horizontally. This is why we want to turn it into a solution. This is the immediategoal of our Logistics Business.

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Next, as another expansion measure, we have the Connected Business.
To this end, we will make good use of the automotive and medical know-how and data we have built up todate to enter the connected field by combining these with AI.
As shown in this figure, we would like to tackle the DX and digital transformation fields that the government
is working on, whether it’s data of self-driving automobiles or data that can be used to create a more efficienturban concept.
This is still a long way to go, but I think this field will expand considerably in the future, so I would like togradually acquire this technology ahead of time.

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These are the expansion measures for further expansion of the Solution Business.
Currently, there are four things that we have successfully launched.
One is Concur Invoice issued by Concur, and there is a system for handling invoices. It is about eliminating
manual entries. For example, in the case of invoices, we are proceeding with the process of automaticallyentering bills on a paper basis with OCR as much as possible and eliminating input operations. This product isfairly likely to receive inquiries and is performing well, including the current number of orders.
In conjunction with this, we have the expense reimbursement system issued by Concur. Currently, due to the
influence of coronavirus, for example, the commuter passes of companies are disappearing, so a considerable
amount of expense reimbursement is being made by these people because it is a considerable amount of timeand effort. Therefore, we are making progress in introducing this system while efficiently reimbursing
expenses.
In preparation for the introduction of this Concur Expense platform, it took up to about seven months for
deployment, but by making good use of our know-how we hope that we can shorten it to three months, so
we are offering the standardized Speed EA as our service. We have already released this in a press release
recently, but Porsche Japan is making progress in introducing it, and we are happy that we were able tointroduce it in quite a short period of time.
This is what I mentioned earlier. With IT reengineering services, we aim to provide customers, who are
suffering from the same problems as ours, with increased efficiency through ERP.

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In addition, WinActor, or RPAs, have been introduced by a considerable number of companies. Now, however,
we are making progress in introducing this system on a department basis, but we have not yet developed it
into a company-wide RPA. As a result, we have not yet made further progress in introducing it, and we aretrying to create a situation in which RPA can be used more efficiently for operations by linking it with AI-OCR
or other areas, and by providing it in conjunction with management-control solutions. We have made progressin this area, and these four are now our pillars.
Furthermore, in terms of enhancing our lineup, I mentioned earlier that we would like to start subscription
sales of security products for usage fees, as well as to convert Logistics Businesses into solutions, and expand
them horizontally. Our goal is to expand our Solutions Business and increase profitability while working onthese initiatives.

Expand earnings.
As I mentioned earlier, this means expanding our Solution Business, increasing the profitability of end-usertransactions, and increasing productivity and profitability through internal efforts while utilizing remote
development and telework.

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32This is regarding upfront investment.
As I mentioned earlier, the first thing we are trying to do in finance is invest JPY500 million for hiring andtraining. JPY200 million for R&D investment, solutions, research on AI, et cetera.
So, I'm thinking about M&A, as well as capital and business alliances. In terms of M&A growth and synergy,
as you can see, I'd like to pursue it while investing in areas such as logistics, connected, AI, and Web. With thisin mind, we are certainly achieving high growth in the medium-term plan, but we intend to utilize financing
to secure this figure.

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Finally, in terms of enhancing social value, I want to introduce one initiative to which we are directly linked asa business.
These are SDGs, ESGs, and CSR. Currently, we are making use of near-shore to utilize outstanding humanresources and are working to revitalize the rural areas.
In addition, it is necessary to have a solution that assists DX, such as through AI.
In collaboration with our partner companies, we are now working to strengthen our relationship with ourclients, including our business partners, and provide stable, technologically advanced engineers. Against thisbackdrop, we, including our core partners with end users, are now in the process of moving forward.

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The second initiative is to support the improvement of social value through systems and support activities.
We are working toward this goal on a daily basis by setting goals for working style reforms, human resource
development, and other measures such as taking leaves internally, premium flights, and overtime work within
20 hours. In addition, we are promoting telework as well.
As we do not discriminate between men and women, half of our recruits are women. This happened to benaturally and not by force. As you can see, 30% are women in administrative positions and 30% of total
employees will likely be women in the future. I think that if we continue at the current pace, we will be able
to achieve this in the future.
In addition, we are providing education for students, such as the current internship program, and we are
currently working to attract outstanding students.
In addition, we donate funds to the Scholarship Assist Project to Nagasaki Prefecture for future scholarships
for adults. We would like to support the development of the next generation of technicians from next term,
and we are thinking about it now. At the same time, we have a sponsorship contract as a supporter of V-Varen
Nagasaki of the J. LEAGUE. Including this, we hope to contribute to society as well.
The rest is in the reference material, so I hope you will see this.
That's all. It's been a long time, but I'll finish my explanation. Thank you very much.
Moderator: Thank you very much, Mr. Funatsu.
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Question & Answer

Moderator: Then, we will enter a question-and-answer session. Those who have a question can get a mic ifthey raise their hands.
This IR meeting, including the question-and-answer portion, will be written and published in full. Accordingly,
if you wish to stay anonymous, we ask you not to name your name when you are asked. So, any questions?
Participant: Thank you for your explanation. Let me ask one question regarding page 16 about the mediumterm management plan. Just as you explained the medium-term management plan, this quantitative
numerical target is the easiest to understand, with sales of JPY10 billion and ordinary income of JPY1 billion.
For this numerical target, I would like you to give us a probabilistic measure for FY2023, such as a necessary
target.
In terms of the so-called Logistics Business and the Connected Business, the market itself will grow larger, andyour company is sensing that. I think that other companies, competitors, et cetera, are seeing this trend as
well.
Please tell us whether it is still a “blue ocean” or a “red ocean” in which competitors have become excessive,
making it difficult to make money.
In addition, with an ordinary income margin of 9.6%, while it is probably estimated, I think that if we do not
engage in an M&A that would result in a tie-up with a company that can secure an ordinary income margin of
9.6%, we would probably be unable to estimate this amount in this way. Dear President, please tell us a little
bit about it, including the probability of achieving and maintaining the ordinary profit margin in the same way
as the business develops.
Funatsu: First let’s talk about page 16, whether sales of JPY10 billion are realistic. We believe that this number
is possible, after all. To this end, I believe that we can secure this figure by utilizing our current technologies
and future M&As, as I mentioned earlier. This is already an internal goal, and I do not think this is impossible
for us. So, I hope you understand.
In the Logistics Business, we are, of course, considering entering this field, as various computer manufacturers
or telecommunications carriers do, so I think that the competition rate is high.
However, as for the fields that we cannot do with IT technology alone, we think that we can serve with robotics
and consulting, and by forming business alliances with companies to compensate for areas where we do nothave know-how, we think we be more active and responsive than major manufacturers. Thus, there is achance we can win if we commercialize and deploy our solutions faster. We intend to enhance thiscompetitiveness through this process.
Finally, with respect to M&A ordinary profit margin, as we explain in our revenue section, we do notnecessarily think that this figure is impossible to achieve. This is because we're now realizing 9.6% today, but
this is a fairly high rate of transactions with end users, so if we continue, we don't think this profit margin will
go down. Furthermore, as our Solution Business grows, I believe that we will be able to further increase
profitability, so I believe that this is by no means impossible.
Therefore, in terms of expanding earnings going forward, the Company intends to expand profitability while
making good use of remote development, while further making efforts to increase profitability and to expand
the Solution Business.
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36Thanks to these efforts, if the Solution Business grows, the transaction rate of end users will naturally increase,so I think that 10% of the profitability is possible.
However, in the current fiscal year we will invest into new fields such as logistics and the development ofsolutions, so I think that it will be stagnant temporarily. However, we can surely increase profitability in thenext three years. Is that enough?
Participant: Thank you very much.
Moderator: Thank you very much. Would you like to ask any other questions? Then, as time has been up, we
will terminate the briefing on the Company.
Thank you very much, President Funatsu.
Funatsu: Thank you very much.
Moderator: Thank you, ladies and gentlemen, for your understanding and cooperation.
[END]______________
Document Notes
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