TechnoPro : FY2021 Q3 Financial Results Slide Presentation

TechnoPro Group Financial Results for the 3rd Quarter of FYE June 2021

TechnoPro Holdings, Inc. (code: 6028,TSE)

April 28, 2021

Copyright © TechnoPro Holdings, Inc. All rights reserved.

Contents

		Page
I	: FY2021 Q3 Financial Overview	2
II	: KPI Analysis	6
	i ： Number of Engineers & Utilization Ratio	6
	ii ： Unit Sales Prices	11
III	： FY2021 Guidance	12
IV	： Shareholder Return	14
V	： Appendix	15
VI	： Data References	19

1. Accounting figures are rounded down to the nearest unit unless otherwise stated; KPI figures exclude "Other Businesses in Japan" and "Overseas" segments
2. "Net profit" refers to net profit attributable to owners of the parent company after deducting non-controlling interests
3. "Core operating profit" is calculated by subtracting SG&A expenses from gross profit, excluding extraordinary items (ex. government subsidy, impairment loss) recognized in other income or other expenses
4. "Operating profit before PPA asset amortization" is calculated by adding back following items to operating profit: 1) amortization of client related asset incurred by Purchase Price Allocation at M&A transactions, 2) impairment loss, 3) changes in fair value amount and early exercise of put option liabilities, and 4) changes in fair value amount of earn-our liabilities

Copyright © TechnoPro Holdings, Inc. All rights reserved.	1

FY2021 Q3 Financial Overview

• Cumulative Q3 FY21.6 revenue was 120.1 billion yen, up 0.6% year-on-year; operating profit was 14.87 billion yen(including 1.69 billion yen of government subsidy for continuous employment in Japan), up 13.8% year-on-year; core operating profit was 13.18 billion yen, up 2.6% year-on-year; net profit was 10.24 billion yen, up 14.1% year-on-year
• Cumulative Q3 FY21.6 gross profit margin decreased 1.9 ptsyear-on-year mainly due to 1) increased standby costs (0.4 pts) impacted by lowered utilization ratio, 2) a decline of unit sales price (0.5 pts) affected by a decrease in working hours, 3) an increase of provision for paid leave (0.5 pts), and 4) an increase in employer-contribution for the defined contribution pension plan (0.3 pts), while SG&A expense ratio on revenue improved 2.1 ptsyear-on-year driven by continued cost-saving efforts, thereby core operating profit margin continues to expand 0.2 ptsyear-on-year

(yen in millions, except per share amounts)

		Q3 (three-month period)			Nine Months Ended			Full-Year
	FY20.6	FY21.6				FY20.6	FY21.6					FY20.6	FY21.6
	YOY		vs.
	(Results)	(Results)		(Results)	(Results)	YOY		(Results)	(Guidance)	YOY
		Guidance
Revenue	40,453	40,729	+276		+0.7%	119,491	120,181	75.6%	+690		+0.6%	158,407	159,000	+0.4%
Gross profit	10,846	10,363	(482)		(4.4%)	30,952	28,887	―	(2,065)		(6.7%)	40,226	―	―
GP margin	26.8%	25.4%	(1.4 pts)			25.9%	24.0%		(1.9 pts)			25.4%
SG&A expenses	6,109	5,468	(640)		(10.5%)	18,104	15,700	―	(2,403)		(13.3%)	23,960	―	―
Ratio on revenue	15.1%	13.4%	(1.7 pts)			15.2%	13.1%		(2.1 pts)			15.1%
Core operating profit	4,736	4,894	+157		+3.3%	12,848	13,186	―	+337		+2.6%	16,265	―	―
Core OP margin	11.7%	12.0%	+0.3 pts			10.8%	11.0%		+0.2 pts			10.3%
Other income	254	469	+215		―	393	1,984	―	+1,591		―	649	―	―
Other expenses	142	165	+23		―	171	291	―	+120		―	1,143	―	―
Operating profit	4,848	5,198	+349		+7.2%	13,070	14,879	82.7%	+1,808		+13.8%	15,772	18,000	+14.1%
OP margin	12.0%	12.8%	+0.8 pts			10.9%	12.4%		+1.4 pts			10.0%	11.3%
Profit before income taxes	4,897	5,257	+359		+7.3%	13,088	14,902	82.8%	+1,813		+13.9%	15,843	18,000	+13.6%
Net profit	3,325	3,626	+301		+9.1%	8,979	10,249	83.3%	+1,269		+14.1%	10,825	12,300	+13.6%
Net profit margin	8.2%	8.9%	+0.7 pts			7.5%	8.5%		+1.0 pts			6.8%	7.7%
Earnings per share (yen)	92.09	100.99	+8.90		+9.7%	248.42	285.44	83.3%	+37.02		+14.9%	299.97	342.54	+14.2%
Dividend per share (yen)	―	―	―		―	50.00	50.00	29.1%	0.00		0.0%	150.00	172.00	+14.7%

Copyright © TechnoPro Holdings, Inc. All rights reserved.	2

Quarterly Performance

• Working hours per day in Japan were 8.51 hours(down 0.05 hours/day or 0.6% year-on-year) for three-months Q3 FY21.6 period mainly impacted by COVID-19

Revenue 50.0			40.1	40.2			40.4	40.7	38.9 [38.8]						200.0		(yen in billions)
40.0		38.8	39.1			158.4 [159.0]
															150.0
30.0																						FY20.6: Results
																				100.0
20.0
10.0																					50.0		FY21.6: Guidance
0.0																					0.0
	FY20.6	FY21.6			FY20.6	FY21.6			FY20.6	FY21.6	FY20.6	FY21.6	FY20.6	FY21.6		FY21.6: Results
		Q1			Q2			Q3	Q4		Full Year
YOY	+0.8%			+0.3％	+0.7%	[(0.2％)]		[+0.4％]
Progress on full-year %	24.6%	[24.7%]	25.3%	[25.3%]	25.5%	[25.6%]	24.6%	[24.4%]	100.0％	100.0％
Working days†	56.5	56.2	58.1	58.6			55.8	56.5	56.7	[57.2]	227.1		[228.5]
Working hours per day†	8.56	8.44	8.56	8.47			8.56	8.51	8.39	[8.47]	8.52		[8.47]
Ave. monthly unit sales price	626	620	635	637			638	640	620	[627]	630		[630]
(yen in thousands) †
											† Figures of two major subsidiaries in Japan (TechnoPro, Inc. & TechnoPro Construction, Inc.)

Operating	6.0				5.3	4.8	5.1
Profit		3.8	4.3	4.3					15.7	[18.0]	20.0
	4.0					[3.1]
							2.7			15.0
	2.0											10.0
												5.0
	0.0	FY20.6	FY21.6	FY20.6	FY21.6	FY20.6	FY21.6	FY20.6	FY21.6	FY20.6	FY21.6	0.0
		Q1	Q2	Q3	Q4	Full Year

FY20.6: Results

FY21.6: Guidance

FY21.6: Results

YOY	+12.2%	+22.8％	+7.2%	[+15.5％]	[+14.1％]
Progress on full-year %	24.6%	[24.2%]	27.5%	[29.6%]	30.7%	[28.9%]	17.1%	[17.3%]	100.0％	100.0％
OP margin	10.0%	11.1%	10.8%	13.2%	12.0%	12.8%	6.9%	[8.0%]	10.0％	[11.3%]

* Figures in brackets indicate forecast at the time of publication

Copyright © TechnoPro Holdings, Inc. All rights reserved.	3

FY2021 Q3 Segment Results (Year-to-date)

• Companies included in each segment are described in Appendix

(yen in millions, except engineer headcounts)

		R&D Outsourcing		Construction Management Outsourcing	Other Businesses in Japan		Japan Total
	FY19.6	FY20.6	FY21.6		FY19.6	FY20.6	FY21.6		FY19.6		FY20.6	FY21.6		FY19.6	FY20.6	FY21.6
	Q3	Q3	Q3	YOY	Q3	Q3	Q3	YOY	Q3		Q3	Q3	YOY	Q3	Q3	Q3	YOY
Revenue	84,403	94,758	95,464	+0.7%	13,131	14,922	14,849	(0.5%)	2,245		3,112	2,693	(13.5%)	99,780	112,793	113,007	+0.2%
Ratio to consolidated revenue	79.2%	79.3%	79.4%		12.3%	12.5%	12.4%		2.1%		2.6%	2.2%		93.7%	94.4%	94.0%
Operating profit	8,605	10,221	12,146	+18.8%	1,576	1,884	2,187	+16.1%	212		306	112	(63.4%)	10,395	12,412	14,445	+16.4%
OP margin	10.2%	10.8%	12.7%		12.0%	12.6%	14.7%		9.5%		9.9%	4.2%		10.4%	11.0%	12.8%
OP before PPA asset amortization	8,666	10,281	12,206	+18.7%	1,576	1,884	2,187	+16.1%	212		306	112	(63.4%)	10,455	12,472	14,506	+16.3%
OP margin before PPA asset	10.3%	10.9%	12.8%		12.0%	12.6%	14.7%		9.5%		9.9%	4.2%		10.5%	11.1%	12.8%
amortization
PPA asset amortization	(60)	(60)	(60)	0.0%	―	―	―	―	―		―	―	―	(60)	(60)	(60)	0.0%
Impairment loss	―	―	―	―	―	―	―	―	―		―	―	―	―	―	―
No. of engineers (period-end)	15,697	17,520	17,368	(0.9%)	2,363	2,714	2,581	(4.9%)	―		―	―	―	18,060	20,234	19,949	(1.4%)
o/w Non-Japanese in Japan	863	1,065	853	(19.9%)	59	83	91	+9.6%	―		―	―	―	922	1,148	944	(17.8%)
		Overseas		Reporting Segment Total		Corporate/Eliminations			Consolidated Total
	FY19.6	FY20.6	FY21.6		FY19.6	FY20.6	FY21.6		FY19.6		FY20.6	FY21.6		FY19.6	FY20.6	FY21.6
	Q3	Q3	Q3	YOY	Q3	Q3	Q3	YOY	Q3		Q3	Q3	YOY	Q3	Q3	Q3	YOY
Revenue	7,619	7,853	8,119	+3.4%	107,400	120,646	121,126	+0.4%	(855)		(1,155)	(945)	―	106,544	119,491	120,181	+0.6%
Ratio to consolidated revenue	7.2%	6.6%	6.8%		100.8%	101.0%	100.8%		(0.8%)		(1.0%)	(0.8%)		100.0%	100.0%	100.0%
Operating profit	684	563	601	+6.8%	11,079	12,976	15,047	+16.0%	52		94	(167)	―	11,131	13,070	14,879	+13.8%
OP margin	9.0%	7.2%	7.4%		10.3%	10.8%	12.4%		―		―	―		10.4%	10.9%	12.4%
OP before PPA asset amortization	867	716	756	+5.4%	11,322	13,189	15,262	+15.7%	52		143	(167)	―	11,374	13,333	15,094	+13.2%
OP margin before PPA asset	11.4%	9.1%	9.3%		10.5%	10.9%	12.6%		―		―	―		10.7%	11.2%	12.6%
amortization
PPA asset amortization	(182)	(153)	(154)	+0.6%	(242)	(213)	(214)	+0.4%	―		―	―	―	(242)	(213)	(214)	+0.4%
Impairment loss	―	―	―	―	―	―	―	―	―		―	―	―	―	―	―	―
Changes in fair value and early	―	―	―	―	―	―	―	―	―		60	―	―	―	60	―	―
exercise of put option liabilities
Changes in fair value of earn-out	―	―	―	―	―	―	―	―	―		(110)	―	―	―	(110)	―	―
liabilities
No. of engineers (period-end)	1,649	1,569	1,921	+22.4%	19,709	21,803	21,870	+0.3%	―		―	―	―	19,709	21,803	21,870	+0.3%

Copyright © TechnoPro Holdings, Inc. All rights reserved.	4

FY2021 Q3 Balance Sheet & Cash Flows

• Conducted a refinancing of existing loans with 10 billion yenprocured in September 2020 through the syndicated loan (five years fully amortizing payment), expecting to repay 500 million yen of the principal every three-month (2 billion yen annually) from December 2020
• Established total 12 billion yen(amount equivalent to revenue for 0.9 months) commitment lines for the purpose of working capital, ensuring sufficient level of funds to prepare for unexpected cash demands

FY21.6 Q3 End B/S (yen in billions)

FY21.6 YTD Q3 Cash Flows	(yen in millions)
・Operating CF	13,827

Cash & cash equivalents

26.6

IFRS 16 related assets 8.4

Goodwill

36.3

Intangible assets (PPA) 1.7

Other assets 39.5

Debt 9.0

IFRS 16 related liabilities 8.4

Other liabilities

36.5

PO liabilities 3.1

Total equity 55.5

Corporate income tax payment	(4,663)
・Investing CF	(1,096)
・Financing CF	(8,982)
IFRS 16 related lease liability repayment***	(4,903)
Net cash from loan procurement and repayment	+1,341
Dividend payment	(5,420)
Net CF	+3,888

• Reclassified to Financing CF, previously recognized in Operating CF as lease payment until FY19.6

Total assets 112.5	Total liabilities & equity 112.5
Net cash :	17.7 Bn
Net worth ratio*: 49.4%
D/E Ratio*：	0.16x
D/OP Ratio**：	0.50x

• Total equity includes non-controlling interests
• Calculated using operating profit stated in the full-year guidance

		Commitment Lines	(yen in millions)
	Purpose	Credit line	Used	Unused	Expiration
1	Working capital	10,000	0		10,000	Jun. 2021
2	Working capital	1,000	0		1,000	Sep. 2021
3	Working capital	1,000	0		1,000	Oct. 2021
4	M&A	10,000	0		10,000	Jun. 2021
	Total	22,000	0		22,000

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Number of Engineers & Utilization Ratio [Japan]

• Engineers on payroll in Japan at the end of Q3 FY21.6 totaled 19,949(down 1,315 from FY20.6 end), including 944non- Japanese engineers working in Japan (down 234 from FY20.6 end)
• Average utilization ratio was 94.5%for the cumulative Q3 FY21.6 (down 1.1 pts year-on-year), expecting 94.5%(up 0.5 pts year-on-year) as the full-year FY21.6 average

	FY20.6 Q3		FY20.6		FY21.6 Q3	FY21.6
No. of		Ave. 94.0%		Ave. [94.5%]	Utilization
Engineers	Ave. 95.6%				Ave. 94.5%			Ratio (%)

		21,264
	up 1,971	down 1,315
	(up 10.2％)	(down 6.2%)
Ave. 20,231	20,234	Ave. 20,356 (up 0.6％)[20,150]
		19,949

19,293

Added 1,364new-grads		Added 292new-grads and	* Figures in brackets indicate
engineers		220mid-career engineers
	forecast at the time of publication

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Reference: Contract Renewal Ratio (Mar, Jun, Sep, Dec)

• Terms of most staffing contracts are three or six months, therefore major contract renewal cycle occurs every three months (March contract renewal ratio usually tends to lower slightly less than 90%, since in March the contracts up for renewal reach approx. 80% of total contractsand many projects end to coincide with the closing of our customers' fiscal year)
• Contract renewal ratio for March 2021 ended up with 90.4%(up 1.1 pts year-on-year), surpassed the previous year period
• Expects no significant deterioration in year-on-yearcontract renewal ratioin June 2021 (approx. 55% of total contracts will be up for renewal)

No. of Engineers

Contract Renewal Ratio

90.0%

		Contracts up for		Non-renewed
Engineers on				Renewal ratio
assignment		renewal		contracts

Copyright © TechnoPro Holdings, Inc. All rights reserved.	7

Recruitment/Turnover [Japan]

• Mid-carrierengineers hired in cumulative Q3 FY21.6 totaled 464(down 2,134 or 82.1% year-on-year) due to temporary freeze on new hiring as a preemptive response to COVID-19 crisis
• 1,779engineers left in cumulative Q3 FY21.6: permanent employees of 1,279(up 37 year-on-year),fixed-term employees of 500(up 85 year-on-year)
• Turnover ratio for permanent employees* was 8.4%(up 0.1 pts year-on-year) for cumulative Q3 FY21.6, and 8.8%(up 0.5 pts year-on-year) for the last twelve months
• Net engineer decrease of 1,315for cumulative Q3 FY21.6; focusing on retention efforts and further promoting recruitment of mid-career engineers in order to enhance engineering talent resources

Net Increase (Decrease)	No. of	Recruitment/Turnover	No. of Engineers
Engineers

+2,496 +1,971

4,512

(1,493)(1,782)

1. (2,016)

(645)

FY19.6 FY20.6

(1,315)				FY19.6	FY20.6	FY21.6 Q3
				YOY
			Hired Total	4,512	4,398	464	ー		ー
			M&A	126	0	ー	ー		ー
			New-grads joined in April	1,048	1,364	ー	ー		ー
			Mid-carrier: Q4	797	436	ー	ー		ー
			Mid-carrier: Q3	875	773	288	(485)		(62.7%)
4,398			Mid-carrier: Q2	874	902	117	(785)		(87.0%)
			Mid-carrier: Q1	792	923	59	(864)		(93.6%)
			Turnover Total	2,016	2,427	1,779	ー		ー
			Permanent employees	1,493	1,782	1,279	ー		ー
	464		Contract terms matured, others	523	645	500	ー		ー

Turnover Ratio for Permanent Employees*

(1,279)
(1,779)			FY19.6			FY20.6			FY21.6
					Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
(2,427)	(500)			Quarter	8.0%	6.7%	10.6%	8.0%	8.6%	7.8%	8.6%	10.1%	8.8%	8.2%	8.1%	―
				Year-to-date	―	7.3%	8.5%	8.3%	―	8.2%	8.3%	8.8%	―	8.5%	8.4%	―
FY21.6		Last twelve	8.0%	7.9%	8.2%	8.3%	8.5%	8.7%	8.3%	8.8%	8.9%	8.9%	8.8%	―
	months

* Turnover ratio for permanent employees was calculated excluding fixed-term employees left at the end of contract term

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Assigned Engineers Portfolios by "Technology" [Japan]

• Total number of assigned engineers turned to decrease year-on-year, impacted by a decline in engineers on payroll, although the utilization ratio has already recovered to pre-pandemic level
• Also expects number of assigned engineers at the end of FY21.6 to decrease year-on-year, whereas aiming to exceed the previous-year level as early as in FY22.6 by achieving an increase of engineer headcounts through promoting recruitment actively in IT, Construction and Chemical/Biochemical with sustaining the utilization ratio

Q3 FY20.6 End

down 0.4%

Q3 FY21.6 End

No. of

Assigned Engineers: 19,269

Assigned Engineers: 19,200

Engineers

226

445 2,548

(+8.8%) (+14.0%)

703

(＋5.6%)

2,369

(+25.7％)

5,416

(+15.7%)

IT engineers： 50.0％ / 9,625

3,738

(+3.2%)

1,984

(+5.3%)

1,840

(+9.1%)

down 69

222 (-1.8%)

2,497

497 (-2.0%)3,541

(+11.7%)(-5.3%)

705

(＋0.3%)

1,954

2,571	(-1.5%)
(+8.5%)
	1,745
	(-5.2%)
	5,468
	(+1.0%)
IT engineers：
51.0％ / 9,784

Machinery

Electric/Electronic

Embedded Control

SW Development/Maintenance

IT Infrastructure

Chemical

Biochemical

Construction

Others

* Figures in parenthesis indicate year-on-year % change

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Assigned Engineers Portfolios by "Industry" [Japan]

• In Transportation Equipment, demand for OEMs has began to recover, while automotive suppliers are still struggling with weak demand
• Industrial Machinery and Electronic Component specifically relating to semiconductors are recovering
• IT sector maintains relatively robust assignments, while skill requirements from customers are getting higher; promote investment in the training of our existing engineers and prioritize recruitment of well experienced mid-career talent

Q3 FY20.6 End

down 0.4%

Assigned Engineers: 19,269

down 69

730 (+35.7%)

2,8673,964

(+12.3%)(+3.8%)

Q3 FY21.6 End

Assigned Engineers: 19,200

640 (-12.3%)

2,837	3,781
(-1.0%)

No. of

Engineers

Transportation Equipment

IT

Industrial Machinery

1. (＋14.5%)

1. (+1.1%)

554 (-0.7%)

404 (+8.9%)

701 (+9.0%)

512 (-7.6%)

(-4.6%)

Electronic Component Electricity/Gas/Public

Consumer

667(+12.7%)	3,986
785 (+22.5%)	(+25.0%)

1,010 (+14.1%)

1,234 2,458

(+1.0%) (+6.0%)

697	(+4.5%)	4,243
(+6.4%)

797 (+1.5%)

1,066 (+5.5%)

1,220 2,302

(-1.1%)(-6.3%)

Medical Device

Material

Financial and Securities

Pharmaceutical/Chemical

Construction/Plant Eng.

Others

* Figures in parenthesis indicate year-on-year % change

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Average Monthly Unit Sales Price

Two Major Subsidiaries in Japan: TechnoPro, Inc. & TechnoPro Construction, Inc.

• Ave. monthly unit sales price* for cumulative Q3 FY21.6 decreased to 632K yen(down 1K yen/month or 0.2% year-on-year)
• Decreased 3K yen/month year-on-year due to the mix of a slight increase in working days (up 0.10 days/month) and shorter overtime hours (down 1.72 hours/month)
• Increased 15K yen/month driven by base charge hike for existing engineers on assignment through shift-up/charge-up efforts
• Diluted 9K yen/month due to first assignment of newly hired new-grads/mid-career engineers

(yen in	Unit Sales Price Bridge:
A
thousands)	down 0.2% YOY

Base charge increase of existing engineers on assignment,

excluding impact from working days/overtime hours

Q3 FY21.6 End: up 2.3% YOY B

• Unit sales price
  Average sales per engineer per month, which includes base charge, overtime charges and others
• Existing engineers on assignment

Increase(decrease) of prices through

633

632

changes in place of assignment or

contract renewal at the same

(9)

assignment

(4)

(3)

*** Newly hired

Increase(decrease) of prices from

first assignment of newly hired new-

grads/mid-career engineers

**** Others

Increase(decrease) of prices from

working days/

Existing engineers

Newly hired***

Others****

Ave.

Ave.

Q3 FY20.6

overtime hours

on assignment**

(new-grads/mid-career)

Q3 FY21.6

other factors than described above

(shift-up/charge-up)

Price

FY20.6

FY21.6

Development

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Unit Sales Price (yen in thousands, year-to-date)

626

631

633

630

620

628

632

―

Year-on-year

A

+0.8%

(0.3%)

+0.3%

(0.1%)

(1.0%)

(0.4%)

(0.2%)

―

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Base Charge Increase of Existing Engineers on Assignment B

+3.6%

+3.4%

+3.0%

+3.7%

+3.4%

+2.6%

+2.3%

―

* Year-on-year comparison for each quarter end

Copyright © TechnoPro Holdings, Inc. All rights reserved.

11

FY2021 Guidance Update (Full-Year)

• Updated Q4 FY2021 guidance which was estimated within a reasonable extent; reflecting the key KPIs for Q4 period which was revised again to include effects from successful contract renewal negotiation in March 2021 and smooth allocation of new- grads engineers joined in April
• Full-yearguidance was also revised upwardsto reflect the update described above and quarterly results for Q3 FY21.6
• Expects income of 1.73 billion yenin total from government subsidy for continuous employment in Japan for cumulative full- year FY21.6 period (income to be recorded in three-month period Q4 FY21.6 will be insignificant)

(yen in millions, except per share amounts, average monthly unit price, and engineer headcounts)

Q4 (three-months period)

Full-Year

FY20.6

FY21.6

FY21.6

FY20.6

FY21.6

FY21.6

(Results)

(Guidance)

(Updated

vs. prior

YOY

(Results)

(Guidance)

(Updated

vs. prior

YOY

guidance)

guidance

guidance)

guidance

Revenue

38,916

38,049

38,820

+771

(96)

(0.2%)

158,407

156,500

159,000

+2,500

+592

+0.4%

Operating profit

2,701

2,820

3,120

+300

+418

+15.5%

15,772

17,000

18,000

+1,000

+2,227

+14.1%

OP margin

6.9%

7.4%

8.0%

+0.6 pts

+1.1 pts

10.0%

10.9%

11.3%

+0.5 pts

+1.4 pts

Profit before income

2,754

2,806

3,097

+291

+342

+12.4%

15,843

16,900

18,000

+1,100

+2,156

+13.6%

taxes

Net profit

1,845

1,878

2,051

+173

+205

+11.1%

10,825

11,500

12,300

+800

+1,474

+13.6%

Net profit margin

4.7%

4.9%

5.3%

+0.3 pts

+0.5 pts

6.8%

7.3%

7.7%

+0.4 pts

+0.9 pts

Earnings per share (yen)

51.39

52.29

57.12

+4.83

+5.73

+11.2%

299.97

320.25

342.54

+22.29

+42.57

+14.2%

Dividend per share (yen)

―

―

―

―

―

―

150.00

161.00

172.00

+11.00

+22.00

+14.7%

Q4 (three-months period)

Full-Year

Key KPIs

FY20.6

FY21.6

FY21.6

FY20.6

FY21.6

FY21.6

(Results)

(Guidance)

(Updated

vs. prior

YOY

(Results)

(Guidance)

(Updated

vs. prior

YOY

guidance)

guidance

guidance)

guidance

Engineers (period-end)

21,264

20,000

20,150

+150

(1,114)

(5.2%)

21,264

20,000

20,150

+150

(1,114)

(5.2%)

Ave. utilization ratio

89.8%

92.6%

94.5%

+1.9 pts

+4.7 pts

―

94.0%

93.9%

94.5%

+0.6 pts

+0.5 pts

―

Ave. monthly unit price*

620

620

627

+7

+7

+1.1%

630

626

630

+4

0

0.0%

(yen in thousands)

* Figures of two major subsidiaries in Japan (TechnoPro, Inc. & TechnoPro Construction, Inc.)

Copyright © TechnoPro Holdings, Inc. All rights reserved.	12

Reference: FY2021 Segment Guidance Update (Full-Year)

• R&D Outsourcing: Operating profit to surpass year-on-year results thanks to income from government subsidy for continuous employment in Japan, although gross profit may decrease due to a decline in utilization ratio in the first half period
• Construction Management Outsourcing: Expects to maintain high profit margin driven by early effects from cost-cutting efforts, although revenue will slightly decline due to shrinking engineers base
• Other Businesses in Japan: Aims to secure profit by continuously managing expenses, although expecting decline in both revenue and profit due to stagnant permanent placement business
• Overseas: Delivered earnings above the guidance in both revenue and profit for the first half period, also planning to post an increase in revenue and profit for the full year period underlined by the growth expectation of TechnoPro China's business

(yen in millions, except engineer headcounts)

		R&D Outsourcing		Construction Management Outsourcing	Other Businesses in Japan		Japan Total
	FY19.6	FY20.6	FY21.6		FY19.6	FY20.6	FY21.6		FY19.6		FY20.6	FY21.6			FY19.6	FY20.6	FY21.6
	YOY	YOY		YOY	YOY
Revenue	114,021	126,179	127,000	+0.7%	17,720	19,787	19,500	(1.5%)	3,474		4,103	3,500		(14.7%)	135,217	150,071	150,000	(0.0%)
Ratio to consolidated revenue	79.1%	79.7%	79.9%		12.3%	12.5%	12.3%		2.4%		2.6%	2.2%			93.8%	94.7%	94.3%
Operating profit	10,672	12,880	14,300	+11.0%	1,938	2,109	2,800	+32.7%	416		(139)	150		―	13,028	14,850	17,250	+16.2%
OP margin	9.4%	10.2%	11.3%		10.9%	10.7%	14.4%		12.0%		(3.4%)	4.3%			9.6%	9.9%	11.5%
OP before PPA asset amortization	10,752	12,960	14,380	+11.0%	1,938	2,517	2,800	+11.2%	416		367	150		(59.2%)	13,108	15,845	17,330	+9.4%
OP margin before PPA asset	9.4%	10.3%	11.3%		10.9%	12.7%	14.4%		12.0%		9.0%	4.3%			9.7%	10.6%	11.6%
amortization
No. of engineers (period-end)	16,748	18,471	17,560	(4.9%)	2,545	2,793	2,590	(7.3%)	―		―	―		―	19,293	21,264	20,150	(5.2%)
o/w non-Japanese in Japan	922	1,082	―	―	63	96	―	―	―		―	―		―	985	1,178	―	―
		Overseas		Reporting Segment Total		Corporate/Eliminations			Consolidated Total
	FY19.6	FY20.6	FY21.6		FY19.6	FY20.6	FY21.6		FY19.6		FY20.6	FY21.6			FY19.6	FY20.6	FY21.6
	YOY	YOY		YOY	YOY
Revenue	10,283	9,941	10,700	+7.6%	145,500	160,012	160,700	+0.4%	(1,324)		(1,605)	(1,700)		―	144,176	158,407	159,000	+0.4%
Ratio to consolidated revenue	7.1%	6.3%	6.7%		100.9%	101.0%	101.1%		(0.9%)		(1.0%)	(1.1%)			100.0%	100.0%	100.0%
Operating profit	(931)	655	750	+14.4%	12,096	15,506	18,000	+16.1%	1,642		266	0		―	13,739	15,772	18,000	+14.1%
OP margin	(9.1%)	6.6%	7.0%		8.3%	9.7%	11.2%		―		―	―			9.5%	10.0%	11.3%
OP before PPA asset amortization	993	858	950	+10.6%	14,101	16,704	18,280	+9.4%	172		119	0		―	14,274	16,824	18,280	+8.7%
OP margin before PPA asset	9.7%	8.6%	8.9%		9.7%	10.4%	11.4%		―		―	―			9.9%	10.6%	11.5%
amortization
No. of engineers (period-end)	1,608	1,331	―	―	20,901	22,595	―	―	―		―	―		―	20,901	22,595	―	―

Copyright © TechnoPro Holdings, Inc. All rights reserved.	13

Shareholder Return

• Assures basic policy to make dividend payment steadily twice a year in the form of interim and year-end dividend; annual dividend payout ratio of 50%remains unchanged for FY21.6, despite the huge business impact from COVID-19, which is expected during the period (FY21.6 year-end dividend forecast updated due to upward revision of full-year guidance)
• Free cash flows retained after returning 50% cash dividend to shareholders will be spent for growth investment such as M&A; in case of being unable to find justifiable investment opportunities which may generate sufficient return (ROIC) exceeding the cost of capital, flexibly considers carrying out share repurchase as a way of shareholder return in light of capital efficiency

(yen per share)

200.00

150.00

100.00

50.00

0.00

ROE

EPS (yen)

Payout ratio

Dividend amount

(yen in millions）

Share repurchase

(yen in millions)

Total return ratio

Dividend and Payout/Total Return Ratio (History & Forecast)

				Interim			Year-end										150.00				172.00
									112.79	120.00	134.00
100.88		111.52
																	122.00
																	100.00
						61.52		62.79	70.00	84.00
100.88
50.00		50.00	50.00	50.00			50.00					50.00
	FY15.6		FY16.6		FY17.6		FY18.6		FY19.6			FY20.6				FY21.6
																					(forecast)
37.1%		32.0%		29.9%	24.5%	22.4%			23.3%					23.9％
201.76		215.80		225.58	244.81	266.86			299.97				342.54
50.0%		51.7%		50.0%	50.0%	50.2%			50.0%				50.2%
3,437		3,808		3,858	4,250	4,864			5,397				6,176
		―		―		―		―		―	2,063					N/A
	50.0％		51.7％		50.0％		50.0％		50.2％	68.9％		N/A

• Dividends in FY15.6, fist year after listing in Tokyo Stock Exchange, were wholly paid at year-end
  Calculating ROE including the effect from income tax deduction derived from losses carried forward until FY18.6

Copyright © TechnoPro Holdings, Inc. All rights reserved.	14

Appendix: Sluggish Digitalization in Japan

• Japan's ICT investment growth from 1995 remains significantly low compared to the US, UK and France
• COVID-19has revealed Japan's lag in digitalization once again and will lead to increased ICT investment in Japan

Comparison of ICT Investment in Each Country (Nominal, Indexed Figures in 1995 as 100)

350
300
250
200
150
100
50
0
Japan	US	UK	France

Source: Ministry of Internal Affairs and Communications, "WHITE PAPER Information and Communications in Japan"

Copyright © TechnoPro Holdings, Inc. All rights reserved.	15

Appendix: Reportable Segments (as of Q3 FY21.6 End)

R&D Outsourcing

Provides engineer staffing and contract services related to Mechanical design, electrical/electronic design, embedded software development, IT

Other Businesses in Japan

Provides professional recruitment, technical education and training services

network construction, business application development, IT maintenance and operations, bio research

1. Pc Assist

(consolidated as of Sep. 2015)

4. Boyd & Moore Executive Search (Japan)

(consolidated as of Jul. 2017)

TechnoPro

3. TechnoPro Embedded

(consolidated as of Dec. 2016) absorbed as of Oct. 1, 2017

12. SOFTWORKS

(consolidated as of Jan. 2019) absorbed as of Dec. 31, 2018

5. EDELTA

(consolidated as of Nov. 2017)

8. Techno Live

(consolidated as of Apr. 2018) absorbed as of Nov. 1, 2018

9. Misystem

(consolidated as of Jul. 2018) absorbed as of May. 1, 2019

2. ON THE MARK

(consolidated as of Mar. 2016)

absorbed as of Jul. 1, 2020

6. PROBIZMO

(consolidated as of Feb. 2018)

13. TechnoBrain

(consolidated as of Apr. 2019)

Overseas

Technological outsourcing and professional recruitment services in China; IT engineer staffing service and contract services in Southeast Asis and India; engineer staffing and professional recruitment services in the UK

TechnoPro China		4. Boyd & Moore
	Executive Search (overseas)
		(consolidated as of Jul. 2017)
7. Helius Technologies		11. Orion Managed Services
(consolidated as of Apr. 2018)		(consolidated as of Oct. 2018)
TPRI Technologies
(established on Sep. 2019)

Construction Management Outsourcing

Provides engineer staffing and contract drafting of working drawings related to construction management (safety/quality/process/cost management) for construction, civil engineering, electrical equipment, plant engineering

TechnoPro Construction		10. TOQO
	(consolidated as of Aug. 2018)

Headquarters

Provides shared services to group companies, hires and supports disabled people

TechnoPro Holdings		TechnoPro Smile
	(Special Subsidiary)

• Initial numbers on company names indicate the order of M&A
• During current medium-term management plan (FY18.6 -),red frame indicates acquisitions in FY18.6, blue double line frame indicates ones in FY19.6
• In Overseas, holding 51.0% of Helius shares and 63.2% of Orion shares

Copyright © TechnoPro Holdings, Inc. All rights reserved.	16

Appendix: Risk Assets (as of Q3 FY21.6 End)

• Major component of goodwill (29.2 billion yen) in R&D/Construction Management Outsourcing were derived from MBO transaction carried out by management and private equity fund; its fair market value, newly calculated with COVID-19 impact taken into account, well exceeds carrying amount of goodwill, and consequently impairment risks are very low
• Proactively recorded impairment losses for goodwill of TOQO and TechnoBrain, which engage in one time fee businesses, in FY20.6; risks of recording additional impairment are limitedeven if COVID-19 crisis continues for the coming periods
• Boyd & Moore Executive Search engages in permanent placement business and therefore its earnings might be affected by economic fluctuation, but many customers in IT sector are currently showing strong performance despite COVID-19 pandemic; the estimated loss amount that may arise from impairment will not exceed 1.1 billion yen
• Although two overseas subsidiaries still have impairment risks, slowdown in their earnings performance will reduce fair value of put option liabilities, accordingly such losses can be partially offset by profit from changes in fair value of these liabilities

									(yen in millions)
Cash-generating unit (CGU)	Shareholding		Goodwill			PPA Assets	PO Liabilities
MBO	M&A*	Total	Ratio	M&A*	Amortization	M&A	Value calc.
		period (months)	period (months)
R&D Outsourcing
Machinery, Electric/Electronic	100.0%	13,674	977		14,651	40.4%
Embedded control, IT infrastructure	100.0%	7,969			7,969	22.0%
Software dev./maintenance	100.0%	2,912	2,768		5,681	15.7%	654	up to 30.3
Chemical, Biochemical	100.0%	1,262			1,262	3.5%
Construction Mgmt. Outsourcing
Construction management	100.0%	3,383			3,383	9.3%
TOQO	100.0%		190		190	0.5%
Other Businesses in Japan
Pc Assist	100.0%		96		96	0.3%
Boyd & Moore Executive Search	100.0%		1,104		1,104	3.0%
TechnoBrain	100.0%		151		151	0.4%
Overseas
Helius	51.0%		703		703	1.9%	613	up to 26.3	1,790	17.4-22.6
Orion	63.2%		1,104		1,104	3.0%	462	up to 26.9	1,391	18.4-23.6
Total		29,202	7,098		36,300	100.0%	1,731		3,182

* Including entities absorbed to TechnoPro, Inc.

Copyright © TechnoPro Holdings, Inc. All rights reserved.	17

Contents

		Page
I	: FY2021 Q2 Financial Overview	2
II	: KPI Analysis	6
	i ： Number of Engineers & Utilization Ratio	6
	ii ： Unit Sales Prices	11
III	： FY2021 Guidance	12
IV	： Shareholder Return	14
V	： Appendix	15
VI	： Data References	19

Copyright © TechnoPro Holdings, Inc. All rights reserved.	18

Distribution of Engineers in Japan

• According to the census in 2015, the number of engineers in Japan is 2.43 million and about 40% of them are IT engineers
• In terms of IT engineers, the outsourcing ratio is relatively high in Japan

1. Number of Engineers in Japan (2015)

Source: Census 2015

	（People）
Transportation	Others, 221,600
Equipment ,
131,100	IT,
	1,045,200

Construction,

248,000

2.43

million

Civil/Survey,

231,400

Machinery,

258,000

Electric/Electoronic,

297,800

2. Ratio of IT Talents at IT and Other Companies

Source: Information-technology Promotion Agency Japan, "IT Talent White Paper 2017"

Japan, US, UK, Germany, France: 2015	Canada: 2014			（People）
0%	25%			50%	75%	100%
Japan						752,600								292,600
US		1,453,300									2,741,810
Canada		354,684								451,416
UK		754,902								882,630
Germany		465,080								735,019
France		411,058								471,041
					IT Company					Other Company

• "IT Company" means IT vendors and "Other Company" means IT user companies

Copyright © TechnoPro Holdings, Inc. All rights reserved.	19

Trend of R&D Spending and ICT Investment

• R&D is a field less susceptible to impact of the economy; as a nation, Japan reported a record-high for R&D spending in 2019 and its growth is expected to continue in the future
• Japan's ICT investment is gradually shifting from "hardware" to "software"

3. Trend of R&D Spending in Japan								4. The Breakdown of ICT Investment in Japan
Source: Ministry of Internal Affairs and Communications Statistics	Source: Ministry of Internal Affairs and Communications, "2019 White
		Bureau, "Survey of Research and Development"												Paper on Information and Communication"
（trillion yen）																									（trillion yen）
25																											16
																					2019
																				Record High	14
20							R&D Spending (Total)
																										12
15																											10
														Global Financial Crisis			8
10
								Burst of the Bubble											6
5																											4
																										2
0
																										0
1982	1984	1986	1988	1990	1992	1994	1996	1998	2000	2002	2004	2006	2008	2010	2012	2014	2016	2018			1980	1982	1984	1986	1988	1990	1992	1994	1996	1998	2000	2002	2004	2006	2008		2010	2012	2014	2016
																																											Hardware																		Software

Copyright © TechnoPro Holdings, Inc. All rights reserved.	20

Outsourcing Usage Ratio of R&D and IT Activity

• Outsourcing usage ratio of R&D and IT activity is gradually increasing overall
• Even Information & Telecommunication companies are using more outside resources in their own IT activity

5. Outsourcing Usage Ratio by Industry

Source: Ministry of Economy, Trade and Industry, "Basic Business Activity Survey",

aggregation by Doshisha University Research Institute for STEM Human Resources, commissioned by TechnoPro in 2020

12%

10%

8%

6%

4%

2%

0%

Research & Development

Information Technology

60%

									50%
									40%
									30%
									20%
									10%
									0%
2009	2010	2011	2012	2013	2014	2015	2016	2017	2009	2010	2011	2012	2013	2014	2015	2016	2017

All Industry Average

Manufacturing

Information & Telecommunication

Copyright © TechnoPro Holdings, Inc. All rights reserved.	21

Market Size

2.1 trillion yen (2019)

Breakdown

Engineer Staffing Market Overview

• Estimated the whole staffing market size in Japan is about 7.8 trillion yen (2019); of which, engineer staffing market size is about 2.1 trillion yen, about 280,000 engineers
• Yano Research Institute forecasts that the engineer staffing market in Japan is expected to grow at a CAGR of 6.2%

6. Engineer Staffing Market Size

Source: TechnoPro estimates based on the data researched by Ministry of Health, Labor and Welfare

（billion yen） Software Development

7. Forecast of Engineer Staffing Market Size

Source: Yano Research Institute Ltd., "Human Resources Business 2020, PART 2: Services by Industry/Occupation"

1,200

1,000

800

600

400

200

• The aggregate standard has been changed as of 2015 due to revision of the classification of occupation on September 30, 2015

319 （billion yen）

(15.0%)

87 (4.1%)

219(10.4%) 1,114

(52.6%)

379

(17.9%)

10	Software development
0708	Manufacturing
09	Construction
05	Researcher
11	Others

（billion yen）

1,500CAGR：6.2％

1,000

500

0

FY2019 FY2020 FY2021 FY2022 FY2023 (forecast) (forecast) (forecast) (forecast)

• The market size is based on the sales of businesses; FY2020 onward is forecast (as of October 2020)

Note: Market size for large-scale providers calculated by Yano Research Institute based on an independent survey; Growth may be higher than the market as a whole

Copyright © TechnoPro Holdings, Inc. All rights reserved.	22

Engineering Professional Services' Resilience to External Shocks

• First wave of COVID-19 spread impacted a lot less on new job offers for engineers compared to the Global Financial Crisis
• The fact above indicates the possibility that the importance of talents with technological expertise or the priority of R&D and IT system development to maintain competitiveness has been increased in the past 10 years, corroborating the robustness of our business

8. Ratio of Increase/Decrease and Delta of New Job Offers after 6 Months from External Shocks

Source: Ministry of Health, Labor and Welfare, Labor "EMPLOYMENT REFERRALS FOR GENERAL WORKERS," the Doshisha University Research Institute for STEM Human Resources, Commissioned by TechnoPro in 2020

-25

-20

-15

-10

-5

0

5

10

15 (%)

Engineers

Healthcare

Social Welfare

Manager

Clerk

Salesperson

Service Industry Worker

Security Worker

Agricultural, Forestry and Fisheries

Production Process Worker

Note:

1. The figure left shows the comparison of the effect from the Global Financial Crisis (GFC) and COVID-19 on the index data of new job offers for each job category after 6 months from the initial outbreak of the crisis

2. Figures in September 2008 was indexed as 100 for the GFC, figures in January 2020 was indexed as 100 for the COVID-19 pandemic (seasonally adjusted)

Post-GFC (Mar. 2009)		Post-COVID-19 (Jul. 2020)		Delta of effects

Copyright © TechnoPro Holdings, Inc. All rights reserved.	23

Background of Engineer Staffing Market Growth and Our

Strengths - 1. Growing Demand

• IT-focusedprofessional service provider is highly competitive because of a huge demand-supply gap in the IT sector
• Weakening demand for engineers due to the spread of AI will be more than offset by the new demand for engineers

9. IT Talent Shortage Projections

10. Shift in Workforce due to Progression of AI

Source: Ministry of Economy, Trade and Industry, "Survey report about supply and demand of IT talent"

Source: Ministry of Health, Labor and Welfare, "Labor economy white paper in 2017; Analysis of Labor Economy - Issues for Promotion of Innovation and Work-LifeBalance-"

(people)

1,800,000

1,600,000

1,400,000

1,200,000

1,000,000

800,000

600,000

400,000

200,000

0

Labor shortage

Labor supply

220,000

Current

shortage

1,031,538

The number of IT talent will increase by expanding recruitment of IT industries

448,596

1,133,049

							（thousand people）
	-3000-2000	-1000	0	1000 2000
Approximately
Engineer								453
450,000 people						-150
(Medium scenario)	Professional worker (other)
Labor shortage	Creative worker								47
in 2030	Manager								270
	Clerk			-785
	Salesperson								465
	Home helper and Nursing staff								357		1079
	Service industry worker
	Security worker					-5
Agriculture, Forestry and Fishing workers			-		384
	Production process workers	-1871		-		367
Transport / Machine operation workers
Construction and Extraction workers								16
Transportation, Cleaning and Packaging			-736
	workers

Note: Estimated numbers comparing 2015 and 2030

Copyright © TechnoPro Holdings, Inc. All rights reserved.	24

Background of Engineer Staffing Market Growth and Our

Strengths - 2. Mid Careers Market

• The turnover ratio in Japan remains around 10% which shows career-change market has a certain scale; more than 200,000 engineers per year
• Turnover ratio of IT engineers tends to be relatively higher than other type of engineers

11. Turnover Ratio in Japan

Source: Ministry of Health, Labor and Welfare,

"Employment Trends Survey"

(%)

12.0

10.0

8.0

6.0

4.0

2.0

0.0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

12. Turnover of Engineers

Source: Doshisha University Research Institute for STEM Human Resources, commissioned by TechnoPro in 2019, "Survey Report on Recent Characteristics in the Percentage of Japanese Engineers Changing Jobs"

														(%)
（thousand people）	(%)			1997	2007	2017
150								15.0		All sectors	11.0	11.7	10.7
											Engineers	7.5	8.7	7.5
100								10.0		of which,		11.7	9.9
											IT engineers
											of which,		6.7	5.5
											other engineers
50								5.0
													（thousand people）
												1997	2007	2017
0								0.0		All sectors	7,391	7,717	7,066
2007	2017			Engineers	178	219	228
IT engineers	Other engineers
of which,
			# of workers					# of workers			117	138
			changing Jobs					changing Jobs		IT engineers
								% of workers	of which,
			% of workers						102	89
			changing Jobs					changing Jobs	other engineers

Copyright © TechnoPro Holdings, Inc. All rights reserved.	25

Background of Engineer Staffing Market Growth and Our

Strengths - 2. Mid Careers Market (Cont.)

• The lifetime employment and seniority-based wage system have firmly remained in Japan
• The number of mid-career recruitment by blue-chip companies is limited due to the gap between productivity and salary

13. Seniority-Based Wages and Wages based	14. Age Composition: Management and Technical
on Work Productivity (Hourly-base)	Position (2017, Japan)

Source: Investment Information Department, Mitsubishi UFJ	Source:
Morgan Stanley Securities Co., Ltd., "Equity Research
Reprinted Report, May 1, 2017"	(%)

Doshisha University Research Institute for STEM Human Survey Resources, commissioned by TechnoPro in 2019, "Report on Recent Characteristics in the Percentage of Japanese Engineers Changing Jobs"

（yen per hour）

3,500
3,000
2,500
2,000
1,500	Period of			Period of
1,000	insufficient wages		excessive wages
500
0
20	25	30	35	40	45	50	55	60 （age）

Actual wage curve （2015）

Wage curve based on worker productivity

35

30

25

20

15

10

5

0

	15-24			25-34	35-44	45-54	55-64	65 years		age）
	years	years	years	years			years	and older
					Employees in						Engineers
					Management Positions						(%)
						Employees in
						Management	Engineers
							Positions
15-24 years				0.1				4.8
25-34 years				2.5				25.8
35-44 years				10.5				28
45-54 years				22.4				24.9
55-64 years				31.1				12.2
65 years and older			33.3				4.3

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Background of Engineer Staffing Market Growth and Our

Strengths - 3. New Grads Market

• While the young population is shrinking in Japan, the number of university graduate students is slightly increasing because of higher university entrance rate
• New grads tend to prefer blue-chip companies while such companies have limited number of job openings for them

15. No. of University Students

Source: Ministry of Education, Culture, Sports, Science and

Technology, "Handbook of Education and Science

Statistics"

16. Job-to Applicants Ratio, by Scale Based on Number of Employees

Source: Recruit Works Institute, "36th College Graduates Job Opening Survey"

（people）	（times）
3,000,000
10.00	9.91

2,500,000								9.00	8.43					Fewer than 300		8.62
	8.00						300-999
2,000,000						1,000-4,999
7.00						6.45
						5,000 or more

1,500,000	6.00
1,000,000	5.00		4.41				4.52		4.16
	4.00			3.35	3.27	3.26		3.59					3.40
500,000
3.00
0	2.00	1.51	1.00			1.03	1.19	1.23	1.17	1.45 1.43 1.22
	0.97	0.93
	1.00			1.06	1.12	1.02 1.04 1.08	1.14
	0.66 0.63	0.74	0.81	0.79	0.84
		0.70					0.86
	0.00	0.38 0.47 0.49	0.60	0.54	0.55	0.59	0.39 0.37 0.42 0.60
		Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar.
		2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
										（Graduation date）

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Disclaimer

This presentation is based on the information we obtained or on the certain assumptions that we understand to be reasonable. However, this is not for the Company to represent or imply any guarantee to the accuracy or completeness of the contents.

Further, statement in this presentation may contain forward-looking information that could be impacted by various risks and uncertainties, and that may significantly affect expected results. Therefore, it is to be noted not to entirely rely on forward-looking information.

It should be also noted that this presentation or any statement herein is not allowed to make copy or transfer without our written consent in prior.

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Copyright © TechnoPro Holdings, Inc. All rights reserved.