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Financial Results Conference Call - Q&A Transcript

Fiscal Year Ended March 31, 2019

Date and Time: 6-7 p.m. Friday, April 26, 2019

Please note that this document is not a direct transcript of the Q&A session from the conference call, but is a simple summary including additions and corrections at the discretion of the company. The results and forecasts are forward-looking statements determined by the Company based on currently available information that may include risks and uncertainties. Please be aware that actual results may vary significantly due to various factors.

1. Please explain the variance in operating profit for the FY2018, in comparison with FY2017.

The factors impacting operating profits were approximately:

-Sales volume -19  billion yen
-Price reduction offset by streamlining -6.5 billion yen
-Variation of fixed costs -8    billion yen
-Technical support fees for polarizing films +6   billion yen
-Others, including products mix -5    billion yen

This all combined to give a loss of 32.9 billion yen.

2. Please explain the forecast for FY2019, in comparison with FY2018.

The factors impacting operating profits will be approximately:

-Sales volume +3.5 billion yen
-Foreign exchange fluctuation -1.5  billion yen
-Variation of fixed costs -6.5  billion yen
-Royalties income etc. -10   billion yen
-Others, including products mix +7    billion yen
-Price reductions will be offset by streamlining etc.

This all combined is forecast to give a loss of 7.8 billion yen.

3. Please tell us about the details of profits from royalties for FY2018.

-Recognized profit from changes in customer development associated with the contract manufacture of nucleic acid drugs
+5 to +6 billion yen
-Technical support fees for large-size polarizing films for LCD-TVs around
+6 billion yen

A certain amount of technical support fees is expected for FY2019.

4. Please tell us the major reasons for increased profits in Optronics from the first half to the second half of the fiscal year ending March 2020.

Weakness in demand will continue in Q1, FY2019. Market conditions are then expected to improve from Q3 onward.

5. Please tell us the major reasons for growth in Industrial Tape from the 1st half to the 2rd half of FY2019.

Profits fell sharply due to a market slowdown in Q4, FY2018. While the market is expected to recover gradually from Q1, FY2019, full recovery is expected from Q3 onward.

6. Please tell us the major reasons for increase in planned capital investment in FY2019.

The main factors are investment for Optronics productivity improvement and production facility shift. The other reason is that projects scheduled to be completed in FY2018 have been postponed to FY2019.

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