Riso Kyoiku Co., Ltd.
Financial Results Briefing for the Fiscal Year Ended February 2022
April 14, 2022

Event Summary[Company Name]

Riso Kyoiku Co., Ltd.

[Company ID]

4714-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Financial Results Briefing for the Fiscal Year Ended February 2022

[Fiscal Period]

FY2021 Annual[Date]

April 14, 2022

[Number of Pages]

25[Time]

15:30 – 16:03(Total: 33 minutes, Presentation: 20 minutes, Q&A: 13 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers]

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2Masahiko Tenbo
Masaaki Kume

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Vice President and CFO

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Presentation
Tenbo: Hello, everyone. I am Tenbo from Riso Kyoiku Co., Ltd. Thank you for joining us.
Kume: This is Kume from Riso Kyoiku Co., Ltd. Thank you for joining us.
Tenbo: First of all, I assumed the position of President after the passing of our previous President Hirano on
January 15 of this year. We would like to express our deepest gratitude to all of you for your kindness during
Hirano's lifetime.
As for our future policy, we will continue to work diligently to deliver genuine education, all for the sake ofchildren's future, as stated in the first item of our Charter of Ethics. We would like to ask for your continued
support.
We will now begin the conference call for the fiscal year ending February 28, 2022. Again, as part of ourinfection prevention measures, we’ve decided to hold this briefing online. We apologize for any inconvenience
this may cause, and thank you for your understanding.
Kume: Using the presentation materials, we will start by explaining our results and our progress against themedium-term management plan for the fiscal year ending February 28, 2022, as well as the backgroundbehind our strong progress and expectations, our dividend policy and our outlook. We will then answer yourquestions sent via the Q&A function. Feel free to send us your questions even during the explanation.
President Tenbo will begin by explaining the results for the fiscal year ending February 28, 2022.
President Tenbo, please.

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Tenbo: I would like to explain the results for the fiscal year ending February 28, 2022.
Net sales increased by 19.1% compared to the previous fiscal year to reach JPY30.008 billion, operating
income increased by 199.8% to reach JPY3.030 billion, ordinary income increased 155.7% to JPY3.048 billion,
and net income increased 337.9% to JPY2.431 billion. Both sales and profits were at record highs, evencompared to the fiscal year ending February 29, 2020, before the coronavirus crisis.

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Next, we announced in January our three-year medium-term management plan, with the fiscal year ending
February 2023 as the first year.
The Company is forecasting net sales of JPY33 billion, ordinary income of JPY3.7 billion, and net income of
JPY2.5 billion for the fiscal year ending February 28, 2023; net sales of JPY37 billion, ordinary income of JPY4
billion, and net income of JPY2.7 billion for the fiscal year ending February 29, 2024; and net sales of JPY40
billion, ordinary income of JPY4.5 billion, and net income of JPY3 billion for the fiscal year ending February 28,2025.

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We believe that the primary reason for the strong results and outlook is the increase in the number ofstudents. The Group's number of students now totals 27,327 which represents a 4.1% YoY increase comparedto the fiscal year ending February 28, 2021, and a 6.5% increase compared to the fiscal year ending February
29, 2020.
We believe that a major factor behind the strong student numbers is the fact that we have taken all possible
measures to prevent the spread of the coronavirus. On top of these unique measures we’ve implemented,
we’ve also developed aggressively with the opening of new schools in each of our businesses, and madeefforts to provide a safe environment for students to take face-to-face classes by offering workplacevaccinations against COVID-19.

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I will now explain the current status of each company of the Riso Kyoiku Group.
First of all, in the private tutoring school business, TOMAS opened four new schools, expanded and renovatedfour schools, opened two new Medic TOMAS schools, and opened one new Inter TOMAS school. This brings
the total number of private tutoring schools to 93 and the number of English conversation schools to 10, asof the end of February 2022.
Enrollment in the private tutoring school business increased by 4% YoY to reach 15,263 students, a 6.1%
increase compared to February 2020, before the pandemic.
Regarding the current fiscal year which ends in February 2023, we have opened new TOMAS schools in
Futamatagawa, Hamadayama, and Oyamadai in March, are expanding and renovating the Kawaguchi school,
and will open other schools successively.

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Next, Meimonkai, our tutor dispatch business, has opened two new schools and expanded and renovated one
school. TOMEIKAI has opened two new schools and expanded and renovated two schools. At the end of
February 2022, Meimonkai had 35 schools and TOMEIKAI 12 schools.
The number of students reached 3,951 which is a 4.2% YoY increase compared the end of February 2021 anda 4% increase compared to the end of February 2020.
We are also expanding and renovating the Meimonkai Sannomiya station school this month. In addition,
Meimonkai, which has the best track record of success in medical school entrance exams out of any tutoring
center, has decided to develop MEDIC Meimonkai, a prep school specializing in one-on-one, individualized
instruction for medical school entrance exams, exclusively for students who have failed in the past.

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The Osaka Head School opened in March, providing full and thorough assistance for students who wish to
become doctors through a strong operational support system. We will also open a Kobe school this month at
the same location as the Meimonkai Sannomiya school. The plan is to develop more than 10 schools over the
next three years.

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8Next, our early childhood education business. We opened one Shingakai school, one Shinga’s Club Daycare
schools, and two Shinga’s Club Schoolchildren schools. As of the end of February 2022, we had 24 Shingakai
schools, 7 Shinga’s Club Daycare schools, and 17 Shinga’s Club Schoolchildren schools.
The number of students at the end of February 2022 is 4,022 which represents a 0.7% YoY increase compared
to February 2021, and a 13.1% increase compared to February 2020.
In the fiscal year ending February 2023, Konami Sports Shinga's Academy Shinagawa, the first school under
the new brand developed jointly with Konami Sports, opened this month, and a Shinga’s Club Daycare school
is scheduled to open at Kachidoki this July.

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9At Shingakai, the examination period is in October and November, which means the timing of seasonalchanges differs from TOMAS and Meimonkai. In FY2022, the number of students accepted into prestigious
schools such as the Keio Yochisha and Waseda Jitsugyo elementary schools increased by 9% over last year,
and we have received many happy comments from those who have been accepted.
Like TOMAS, Shingakai has taken all possible measures to prevent the spread of COVID-19. Our instructors
wear masks and face shields, we’ve reduced the number of students per class, and have increased the space
between students in face-to-face classes. In addition, we provide online support which has been very wellreceived, with videos of exam preparation courses and entrance exam debriefing courses available to ourmembers.

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10Next, the in-school individual tutoring business with School TOMAS. In addition to its existing services such as
one-on-one tutoring and a self-study system that allows students to ask questions at any time, the Company
has developed new services such as online tutoring and tutoring using AI teaching materials. As a result, thenumber of inquiries from private middle schools and high schools nationwide has increased dramatically. Asof the end of February 2022, 107 schools had contracted to use the service.
In addition to supporting the school's academic performance, School TOMAS has been very well received asa means of solving the problem of long working hours for teachers. We have high expectations for future
inquiries. Furthermore, we expect an increase in sales in the next fiscal year and beyond, as we expect theschools that have already introduced the system to use it for additional grades year after year.
Next, Mr. Kume, Vice President, will explain our dividend policy for the fiscal year ending February 28, 2022.
Vice President Kume, please.

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Kume: We consider shareholder returns to be one of our most important management issues, and this issomething we’ve always believed. In consideration of the upward revision of the full-year earnings forecastin the first and second quarters and the future business environment, we have revised our dividend forecast
upward for the fiscal year ending February 28, 2022 from the initially announced JPY12 to JPY16, up JPY4.
In February 2023, we have already announced our dividend forecast for the current fiscal year at the sametime as the financial results, and we plan to pay a dividend of JPY16 per share as well for the time being.
We look forward to your continued support as we strive to strengthen our ability to provide returns to ourshareholders and increase our corporate value.

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Tenbo: Next, I would like to explain our outlook for business alliances with other industries.
First, I would like to explain the reinforcement of our capital and business alliance with Hulic Co., Ltd.
We have had a capital and business alliance with Hulic since 2020, and through a third-party allocation in
November 2021, Hulic's shareholding ratio in our company increased to 20.66%, making it our largest
shareholder.
The partnership was further strengthened, and Hulic was able to preferentially introduce us to properties inprime locations in front of stations in the main areas of central Tokyo, which it owns in abundance. This will
enable us to expand our classrooms in more advantageous locations than other companies in the industry,
which we expect will lead to our growth and expansion.

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Next, Shingakai and Konami Sports Co., Ltd. have entered into a business alliance to develop a new brand,
Konami Sports Shinga’s Academy. This new brand will be a one-stop shop for school children that will fulfill
parents' wishes to combine study and sports activities. As I mentioned little few times ago, we opened our
first Shinagawa school on April 1st at the main Konami Sports center.
The main Konami Sports center has a large number of children as members, and we expect the expansion of
Konami Sports Shinga's Academy within Konami Sports to build on this foundation and contribute to anincrease in the number of students and in net sales.

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In addition, Hulic, Konami Sports, and our company are partnering to develop Kodomo Department Store, abuilding specializing in education.
Kodomo Department Store is a place dedicated to children which concentrates various parenting andeducational functions, full of learning experiences where children's diverse intellectual curiosity is nurtured.
Hulic will develop the mid-sized building, or renovate one of their existing properties.
In Kodomo Department Store, we will offer each of our brands: Shinga's Club Daycare services for children as
young as one year old to support working mothers who wish to balance work and entrance exams; Shingakai,
a pioneer in entrance exams for prestigious elementary schools and kindergartens; Shinga’s Club for
Schoolchildren, which helps children in early elementary grades acquire study habits to prepare them forentrance exams for junior high schools; TOMAS, a completely one-on-one tutoring school for higher
education; and Inter TOMAS, our one-to-one English conversation school.
In addition, the inclusion of Konami Sports exercise services, as well as various service tenants for children in
the same building, such as children's clinics or cafés, will reduce the burden on parents and provide a morechild-friendly environment, thereby increasing the lifetime value of the building. We expect this enclosure
strategy to move forward smoothly.

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As announced in a recent press release, Hulic has been selected as a developer for the Urban Renewal StepUp Project implemented by Shibuya Ward. The building to be developed is tentatively called MITAKE Link Parkand will also include a Kodomo Department Store.
The building will of course include Shinga's Club Daycare, Shingakai and Shinga’s Club for Schoolchildren. In
addition, we will run a creative cultural education facility that has both a space that induces activities forchildren to learn and think, and a space that induces activities for creation, expression, and interaction,centering on art.
While construction of the MITAKE Link Park is scheduled to be completed in 2026, we plan to simultaneously
pursue the expansion of Kodomo Department Stores by developing new buildings or renovating existing ones,
increasing the number of buildings to 20 in the Tokyo metropolitan area by 2029.

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In 2015, Shingakai and Kids Smile Project formed a business alliance to jointly develop Japan's first original
educational program for licensed preschools, KID’S PREP. PROGRAM, and introduced it to Kids Smile Project’s
licensed preschools. We are now strengthening this relationship by forming a comprehensive alliance
between the four companies involved: Shingakai, Kids Smile Project and their respective parent companies,
our company Riso Kyoiku, and Kids Smile Holdings.
Specifically, Shingakai and Kids Smile Project will mutually dispatch executives to the other company todevelop and promote original educational programs and the business schemes created by this alliance tonursery schools and certified kindergartens nationwide. In addition, we will secure excellent human resourcesby establishing recruiting and training systems aimed at securing excellent childcare providers, and we will
strengthen our content, brand, and ability to attract customers, thereby laying the foundation for our future
growth strategy.
In addition, we will introduce Shingakai, TOMAS, Meimonkai to the approximately 4,000 members of the Kids
Smile Project and to members attending nursery schools and certified kindergartens nationwide who wish totake entrance exams for elementary and junior high schools, in order to further promote the Group's strategy
of retaining customers on a nationwide scale.

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Next, I would like to explain the business alliance between School TOMAS and KDDI Matomete Office
Corporation.
In the wake of the pandemic that started two years ago, the need for ICT education and infrastructuredevelopment in schools has increased. KDDI Matomete Office will provide schools with hardware, such as theInternet environment and tablet arrangements, and School TOMAS will provide learning support using thishardware. The two companies will work together to develop the infrastructure for ICT education in publicestablishments.
We’ve implemented mutual referrals, by introducing School TOMAS to schools using KDDI Matomete Officeand vice-versa. In addition, we’re actively signing brand new contracts.
Currently, the number of schools that have signed up for this partnership has grown from 89 at the end of thethird quarter to 107 at the end of the fiscal year, and we expect this trend to continue at an accelerating pace.
Finally, the entrance examination season has come to a successful conclusion, and TOMAS was able toproduce students who passed the entrance examinations to such difficult schools as Komaba Junior HighSchool affiliated with the University of Tsukuba, the three top-ranked coed junior high schools, and the
University of Tokyo’s third science course.
The evolution of the pandemic remains unpredictable. We continue to insist on face-to-face guidance withadequate prevention measures. Some tutoring schools offer online options, but online cannot quite make up
for the amount of information transmitted in person.
Only face-to-face meetings can provide the opportunity to properly see each other, to understand where thedifficulties are and how to overcome them, to maintain motivation through communication, and to provide
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in-depth guidance. We believe that currently enthusiasm and mood cannot be communicated online. Our
company will continue to provide face-to-face instruction for the bright future of our children.
Thank you very much for your kind attention.

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19Question & Answer

Kume [M]: Next is the question-and-answer session.
Tenbo [Q]: We have a few questions.
“Your company is thought of as strong in junior high school entrance examinations, but we also see
advertisements of success in university entrance examinations. What is the ratio of elementary, junior high,and high school students? And what percentage of junior high and high school students were alreadymembers as elementary and junior high school students? What are you doing to encourage students who
have graduated from elementary and junior high school to continue taking courses in junior high and highschool? What is the situation regarding your partnership with Sundai?”Tenbo [A]: First, concerning the ratios, basically the proportion of elementary students taking the junior highschool exam and the proportion of high school students taking the university exam are the highest. Roughly
speaking, we have 40% of elementary school students, 20% of junior high school students, and 40% of highschool students. If anything I’d say we have more elementary school students.
And regarding the ratio of students who were already members in elementary or junior high school, of course,
some students have been with us for a long time, and some students return after a while. In that sense, I
believe that 60% to 70% of students in junior high school and high school were already members in elementary
school and junior high, respectively. This is a rough estimation.
In order to achieve that, our argument is that with our company's individualized instruction, we can always
provide instruction that is suited to the child. We are not only preparing for entrance exams, but also, forexample, if you go to a large middle or high school, we can prepare you for that particular school, so basicallyall of our employees and instructors assume that the child will stay with us the following year. This is theenvironment we have created.
Therefore, we have created a situation where students naturally wish to remain members the following year.
This awareness is present among the teachers as well, and it means that the examination is not the end of theprocess.
When it comes to our partnership with Sundai, I will ask the Vice President to step in.
Kume [A]: We are currently partnering with Sundai in various ways. First we have a new type of private
tutoring school in Jiyugaoka called Spec TOMAS that specializes in difficult-to-enter junior high schools.
TOMAS and Meimonkai are also allowed to participate in Sundai's mock exams. Additionally, as I mentioned
in the previous IR briefing, Sundai has a very high acceptance rate for the University of Tokyo and some of
Sundai’s very talented graduates who have passed that entrance exam are among our instructors.
So the partnership is progressing in various ways, and we are seeing results. We have been reporting various
matters to Sundai whenever necessary and we have been able to cooperate in various ways regarding the
medical school entrance examinations, which is our upcoming challenge. So we are moving forward.
That’s all from me.
Tenbo [Q]: “I know it is difficult to hire highly specialized staff for junior high school exams and early childhood
education. How do you hire and train them?”

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Tenbo [A]: Regarding the issue of how to train instructors specializing in junior high school entrance
examinations, we are trying different things, but I think it is important to state that we have started to hire
new graduates. By hiring employee instructors as new graduates and training and developing them from theground up, we can ensure they become quite competitive. We started two years ago and they are becoming
a force to be reckoned with.
Regarding early childhood education, we would like to make the partnership with Kids Smile, mentioned
earlier, one of our key points. Since Kids Smile has a training department, we would like to add new instructors
to our early childhood education in areas where we have not had any before.
Also, the partnership with Sundai mentioned earlier is also contributing to the recruitment of instructors forthe junior high school entrance exam.
Kume [A]: In terms of expertise, Shingakai has an over 60-year track record in early childhood education, andthe culture within Shingakai teachers a system in which senior teachers inherit teaching method to juniorteachers. That is how the Shingakai brand was created.
In addition, the Shingakai workbook has been created a long time ago and this is also continually passed on.
Such accumulation is a very strong advantage of Shingakai. Shingakai's workbook is actually used by otherearly childhood education schools outside of our company, and the accumulation of such knowledge andexpertise is ingrained into our employees or staff, which we believe is quite a differentiating factor.
Tenbo [A]: These were our answers.
Tenbo [Q]: Continuing on, “are there any other factors, other than the infection prevention measures, that
may have contributed to the increase in the number of students?”
Tenbo [A]: I believe that the these measures were only one cause, and that the only factor in increasing thenumber of students is the steady continuation of our usual activities. For private tutoring schools, word of
mouth is everything. Even with heavy advertising, some people will not respond at all to places with bad
reputations. The reputation of each school building is the only thing that people want to know about. So I
think the most important point is to continue to provide our services in a steady manner.
I also believe that the increase in the number of school buildings, as well as the partnerships with othercompanies, has increased our name recognition in various ways.
Tenbo [Q]: We are looking forward to future developments you are actively forming capital alliances with
KDDI and Kids Smile etc. You’ve published your mid-term management plan in January, does it take into
account these partnerships?”
Kume [A]: Basically, I don't think so. The partnerships are an added bonus and we are looking forward to theirdevelopments, but the medium-term plan does not include their expected results. We will disclose the actual
results and planned figures of the partnerships as they become available.
That’s all from me.
Tenbo [Q]: “There was an announcement about Kodomo Department Store and the building is scheduled tobe completed in 2026. I believe you explained that the first building would be built this year, is it correct toassume that the timing has been delayed?”

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Kume [A]: The Shibuya project is on schedule. There was a slight delay in the bidding results due to thepostponement of the Olympics, but that does not mean that the plan itself was delayed, but that theredevelopment of Shibuya in 2026 is on schedule.
Also, regarding the explanation of the first building this year, we are looking for other locations and there areseveral candidate sites, and we have not yet given up on the development of the first building this year, so
we are planning to build one. As soon as we decide, we will make an announcement.
Tenbo [Q]: So you are saying that Shibuya is not the first building?
Kume [A]: Yes.
Tenbo [A]: Development for the current year is currently underway. We will begin work as soon as a property
is found.
Tenbo [Q]: Now, I will share the last question.
“Two directors have been appointed in the general meeting proposal, one of whom is the Chairman of Hulic.
Is there any possibility that Hulic's shareholding will increase in the future, or that your company will becomea subsidiary?”
Kume [A]: I will answer this first, and then the president will answer.
Basically, we do not know. Hulic probably has its own plans but, as the President explained earlier, we arelooking forward to this business alliance with Hulic, particularly when it comes to store development, theKodomo Department Store project and collaboration with other industries. We also value Hulic's commitment
to the betterment of people's lives. Since we are also working with the same philosophy, I think we can coexist
and prosper together.
I believe that Hulic will support us in various ways in the education business, our main business, and I thinkthat belief is shared by our company and the President.
We have not yet heard from Hulic regarding its shareholding ratio, but as you know, as an equity-method
affiliate, our increased ordinary income also contributes to Hulic's sales. So, in that sense, we have a successful
relationship.
As for becoming a subsidiary. I am sure Hulic will make an announcement when decisions are made, but I
haven't heard anything about that at this time.
Tenbo [A]: Yes, I think the Vice President is right. However, considering how things were some years ago, I
think it will be a superior capital and business alliance relationship, as we are clearly already doing businessat a higher level.
Kume [A]: Another thing I would like to mention is that Sundai is also a shareholder, so our strategy is to workwith our shareholders in various ways.
Tenbo [M]: So, this concludes our response to your questions.
With that, I would like to close the financial results briefing for the fiscal year ending February 28,2022. Thankyou very much for your time today.
Kume [M]: Thank you very much.

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[END]______________
Document Notes
1.
2.
3.
4.

SupportJapan
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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1.800.674.8375
support@scriptsasia.com
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