Among the information that Terumo discloses, the forward-looking statements including financial projections arebased upon our assumptions using information available to us at the time and are not intended to be guarantees offuture events or performance. Accordingly, it should be noted that actual results may differ from those forecasts orprojections due to various factors. Factors affecting to actual results include, but are not limited to, changes ineconomic conditions surrounding Terumo, fluctuations of foreign exchange rates, and state of competition. The
market share information in this presentation is partly derived from our own independent research. Information
about products (including products currently in development) which is included in this material is not intended toconstitute an advertisement or medical advice.

Terumo CorporationFebruary 8, 2021

Q&A Session at the Financial Results Briefing for the Third Quarter of the Fiscal YearEnding March 31, 2021
Outlined below are the principal Q&As from the financial results briefing of February 4, 2021. Certain
details have been expanded or modified to provide readers with deeper understanding of Terumo
Corporation’s performance and activities.
Q1: In the financial earnings for the first half, you cited an approximately 20% decline in
Percutaneous Coronary Intervention (PCI) procedures in North America compared tobefore COVID-19 due to the impact of the pandemic. How are the current situation ofprocedures and the variance between the number of procedures and the actual revenue?
A1: Revenue of TIS division in Cardiac and Vascular Company recovered to only down 3% year on
year in the second quarter alone and down only 2% in the third quarter alone, indicating the trend
remains unchanged. Within TIS, revenue of Cardiology in the third quarter alone was down 10% year
on year, which is on par with global competitors. As for Access, revenue was down 4% year on year
in the second quarter alone and down 2% in the third quarter alone, indicating the recovery trend.
Oncology and Endovascular in TIS showed a stronger recovery, with revenue up year on year.
The decline in the number of procedures predicted by medical front and the decline in revenue do notnecessarily match. While it is difficult to verify the gap, at least the trend of recovery is similar.
Q2: There has been a resurgence of COVID-19 cases since the end of last year. How do you
view the current situation regarding the clearing of the backlog of postponed electiveprocedures?
A2: The clearing of elective procedures postponed prior to the resurgence of infections appeared tobe making steady progress, but from the end of last year when the resurgence began, it appears
postponements of procedures are happening again. Now we believe that more time is needed to clear
the backlog, though we had believed it to be cleared within this fiscal year. We will continue to closely
monitor the situation going forward.

Among the information that Terumo discloses, the forward-looking statements including financial projections are
based upon our assumptions using information available to us at the time and are not intended to be guarantees of
future events or performance. Accordingly, it should be noted that actual results may differ from those forecasts orprojections due to various factors. Factors affecting to actual results include, but are not limited to, changes ineconomic conditions surrounding Terumo, fluctuations of foreign exchange rates, and state of competition. The
market share information in this presentation is partly derived from our own independent research. Information
about products (including products currently in development) which is included in this material is not intended toconstitute an advertisement or medical advice.

Q3 : You explained that January revenue was down 10%. What is this compared to? Whichcompany’s revenue was impacted?
A3: This is a comparison of the average monthly sales for the third quarter and for the entire company.
Cardiac and Vascular Company in Europe experienced the biggest impact, with the revenue down
20%.
Q4: Regarding the gross profit ratio, you explained that the adjustment of the operating levelof production was started in December in order to adjust the inventory level which hadbeen increased. Will this impact next fiscal year, in addition to this fiscal year?
A4: This adjustment, which was started to optimize the inventory level, should start in earnest fromthe fourth quarter and it could be carried over to the next fiscal year. The current assumption is that
we would see a recovery from the second half of next fiscal year, given the impact from COVID-19
lasting up to the first half of next fiscal year. We aim to control inventory level following this scenario.
Q5: Regarding the current online promotion activities, do you believe you will continue withthis method next fiscal year as well? Will you control operating expenses at the current
level next fiscal year, too?
A5: First, we expect that promotion activities and academic conferences will continue to take place
online going forward. Regarding expenses, it depends on the situation of COVID-19 resurgence, but
the current situation suggests the restrictions on business travels and limitations on access to hospitals
should continue for some time. This will result in reduced activities and spending during the period.
We plan to continue controlling expenses to some extent going forward.

Among the information that Terumo discloses, the forward-looking statements including financial projections arebased upon our assumptions using information available to us at the time and are not intended to be guarantees of
future events or performance. Accordingly, it should be noted that actual results may differ from those forecasts orprojections due to various factors. Factors affecting to actual results include, but are not limited to, changes in
economic conditions surrounding Terumo, fluctuations of foreign exchange rates, and state of competition. The
market share information in this presentation is partly derived from our own independent research. Information
about products (including products currently in development) which is included in this material is not intended toconstitute an advertisement or medical advice.

Q6: Blood and Cell Technologies Company saw strong revenue and the adjusted operating
profit ratio also rose by large amount. In the presentation materials it states, “due toexpense control in addition to gross profit increase by better product mix.” Will thismargin level be sustained into next fiscal year and beyond?
A6: First, with regard to the expense control, we have been able to cut back on operating expenses bycurbing new hiring, lower travel expenses, and reduced marketing expenses, each caused by theCOVID-19 pandemic. We believe expenses should return to before Covid-19 level as the spread ofinfections eases.
The increase in gross profit due to product mix was driven by Trima Accel, the blood component
collection system, a highly profitable product underpinned by increased sales from higher demand for
COVID-19 convalescent plasma collection during the pandemic and the introduction of new software.
Due to the decline in donors and reduced number of surgical procedures due to COVID-19, sales oflower profit products i.e. whole blood collection bags declined, and as a result, the product mix
improved in the third quarter.
As vaccines would be distributed further in the future, we believe that the demand for convalescentplasma for treating COVID-19 should decline. At the same time, the demand for blood component
collection systems, which are capable of more efficient collection, will continue and we expect somesales increase in the new normal due to the transition to component collection from whole bloodcollection and the turnover of disposable products related to component collection.
Q7: How much did COVID-19 convalescent plasma collection related products contribute tosales?
A7: In this fiscal year, they contributed several billion JPY in the third quarter year to date.
Q8: Regarding the revised guidance, the full-year operating profit was revised upward by 7.5
billion JPY from the first half financial earnings. What are the factors behind this?
A8: We made this revision because of the increased profit from the recovery in the third quarter, which
was more than expected at the time of the first half financial earnings. The main factors behind thisare the improved product mix in respective companies and the effects of reduced operating expenses,
both on the similar scale.

Among the information that Terumo discloses, the forward-looking statements including financial projections arebased upon our assumptions using information available to us at the time and are not intended to be guarantees offuture events or performance. Accordingly, it should be noted that actual results may differ from those forecasts orprojections due to various factors. Factors affecting to actual results include, but are not limited to, changes in
economic conditions surrounding Terumo, fluctuations of foreign exchange rates, and state of competition. Themarket share information in this presentation is partly derived from our own independent research. Information
about products (including products currently in development) which is included in this material is not intended toconstitute an advertisement or medical advice.

Q9: Regarding the revised guidance, you left the revenue unchanged, but is there any
difference in the forecast for revenue by company? If so, can you tell us about the current
forecast for revenue by company?
A9: There are some differences among companies. The current revenue forecast is 319 billion JPY
for Cardiac and Vascular Company, 173 billion JPY for General Hospital Company, and 108 billion
JPY for Blood and Cell Technologies Company.
Q10: In China, you mentioned that there was a national tender for drug-eluting stent (DES).
What do you view as the impact on revenue? In addition, is there any plan for similartender to be held for other products?
A10: In terms of DES, the national tender was held in early November, greatly narrowing down thenumber of brands in the market. We were able to win the bid, so we expect the sales volume to beincreased by considerable amount going forward, but the price would be reduced substantially, which
will offset the volume increase, and thus, the expected sales would go down year on year. However,out of the around 30 billion JPY revenue from TIS division in China, half is Access, and annual salesof DES account for less than 10% of the total. Considering this, we anticipate the impacts to be limited.
As for other products, we heard that tenders for PTCA balloon catheters have already begun at theprovince level, and a tender for PTCA guidewires is planned by each province next fiscal year.
The impact from tenders for these three products is expected to cause a single digit decline in TIS
division sales in China next fiscal year.

Among the information that Terumo discloses, the forward-looking statements including financial projections arebased upon our assumptions using information available to us at the time and are not intended to be guarantees offuture events or performance. Accordingly, it should be noted that actual results may differ from those forecasts or
projections due to various factors. Factors affecting to actual results include, but are not limited to, changes ineconomic conditions surrounding Terumo, fluctuations of foreign exchange rates, and state of competition. The
market share information in this presentation is partly derived from our own independent research. Information
about products (including products currently in development) which is included in this material is not intended toconstitute an advertisement or medical advice.

Q11: You issued a press release on newly established ‘DX Promotion Department’ start fromthe next fiscal year. Will this department promote digital transformation (DX) in healthcare
settings or in the company operations? What impact will this department have on financials?
A11: This department will outline the DX strategy for the entire group and promote both DX for
business creation to enhance value proposition to customers and DX for operations to level up thevalue chain in production and logistics. We expect the department to affect earnings over the medium
to long term.
As for DX for business creation, we expect rising awareness toward improving healthcare economics
at the medical front given the shortage of resources and increased healthcare expenditures caused by
the COVID-19 pandemic. We have already been providing solutions that enable outpatient procedures
using TRI (a technique using a catheter to approach the coronary artery from a vein in the wrist) . Inaddition, we will aim to support services that encourage streamlining of hospital operations; forexample, optimization of treatment strategies to minimize risks of complications on individual patients.
As for DX for operations, we will aim to slim down operations over the medium to long term.
For details, we will explain further in the med- to long-term growth strategy to be released next fiscalyear.