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Financial Results Conference Call - Q&A Transcript

1st Quarter Ended June 30, 2018

Date and Time: 6-7 p.m. Tuesday, July 31, 2018
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.

[1] How did Q1 2018 consolidated performance compare with forecasts?

The Q1 2018 consolidated performance was in line with forecasts (announced at the end of April). But the operating income for the “Elimination & Corporate” from the valuation of gains on currency assets was more than forecast.
(The consolidated 1st half and full-year forecasts for the year ending March 31, 2019 remain unchanged.)

[2] Please explain in comparison with the previous year (Q1 of 2017) the factors behind the change in operating income for Q1 2018.

Price reduction not covered by the rationalization -2.5 billion yen
The impact of foreign exchange -2.3 billion yen, due to an appreciation of the yen by about 3 yen
The impact of fixed costs -3.5 billion yen
Sales volume and products mix 500 million yen
Others 4 billion yen, with the major elements being a gain of 1.6 billion yen from the transfer of our printed circuits and 2 billion yen gain on the valuation of currency assets.

This all combined to give a loss of 3.8 billion yen.

[3] Please explain in comparison with the previous quarter (Q4 of 2017) the change in operating profit for Q1 2018.

In addition to increased sales volumes and the effect of rationalization, there were also gains on the evaluation of currency assets and gains from the transfer of our FPC business. Furthermore, temporary expenses from Q4 recovered in Q1.
Together, this gave an increase of 10.1 billion yen.

[4] Please tell us about the sales forecast for Information Fine Materials for Q2 2018.

We are expecting TV sales to be flat, sales of optical films other than for TVs to increase, and ITO film growth to outpace non-TV optical films.

[5] Please explain the status of contracted nucleic acid drug manufacturing of “Life Science”.

New inquiries are increasing, but we have not yet achieved our initial forecasts. This is a project in which we expect a certain level of profit, and at the moment we don’t think there is any risk of impairment.

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