3167 JP 20220127

1 Research Coverage Report by Shared Research initiated on: 2013-05-31 : 2022 1 27 3167 TOKAI TOKAI / 31672 Research Coverage Report by Shared Research Inc. | ..3 ..5 ..7 ..9 ..9 ..12 ..14 ..14 ..17 ..19 ..19 ..28 ..31SW Strengths, Weaknesses ..36 ..38 ..38 ..52 ..54 ..55 ..56 & ..59 ..63 TOKAI / 31673 Research Coverage Report by Shared Research Inc. | LP CATV CATV 2021 3 TLC TotalLife Concierge CATV TLC 2011 4 1 TOKAI TOKAI 2011 10 1 2021 3 CATV 2 BtoC 1,600 Face toFace M&A 10 20,000 25,000 1 8174 15,000 1 8131 5.

2 000 10,000 1 8132 5,000 M&A M&A CATV TLC CATV 2020 3 CATV 2019 10 CATV 2018 2 CATV 2017 7 2019 4 2020 4 M&A 2019 9 2020 8 M&A 1 2 3 2021 3 196,726 15,226 15,312 8,815 4 3 LP LP CATV LP CATV 2022 3 207,000 15,240 15,320 8,830 1 30 2021 5 11 2022 3 2025 3 4 TOKAI IP24 Innovation Plan 2024 Design the Future Life 2025 3 245,000 2021 3 196,726 18,600 15,226 11,000 8,815 CF*26,000 22,400 ROE13 TOKAI / 31674 Research Coverage Report by Shared Research Inc.

3 | 40 50 40 * CF TLC 10 Life Design Group Life Design Group IP24 IP24 1 LNG Local National Global 2 TLC 3 DX 4 5 SDGs SR LP 3 LP CATV SW Strengths, Weaknesses TOKAI / 31675 Research Coverage Report by Shared Research Inc. | SR * **2011 3 TOKAI 11 3 12 3 13 3 14 3 15 3 16 3 17 3 18 3 19 3 20 3 21 3 22 3 ** 174,901181,931181,684188,987187,511180,9 40178,631186,069191,600195,952196,726207 ,000 95,69798,31694,51997,22993,06780,74573,3 4476,07377,97778,15477,380 34,72537,94338,49738,80340,11844,24649,5 0850,89451,23451,75350,735 CATV22,64724,29223,78624,18724,35924,608 25,39628,38630,51131,38533,745 14,90715,88115,75619,24520,01920,97519,5 1119,80720,09022,38323,177 --3,7504,3784,9595,4875,7626,2007,0047,4 167,622 6,9235,4985,3745,1424,9874,8755,1084,706 4,7814,8584,065 67,44569,53768,80968,34168,93269,81273,0 4075,33676,15979,28982,870 10,75510,9238,9347,3929,0038,24512,75010 ,97113,05714,22415,22615,240 9,4899,8188,0657,0138,5498.

4 15012,77511,19113,25914,47915,31215,320 2,1522,7153,0852,5983,9343,4587,3376,620 7,7728,2418,8158,830 70,845155,200155,200155,200155,200139,68 0139,680139,680139,680139,680139, 8,6222,6024,2353,1822,8614,0773,2393,143 4,1644,6295,577 49,74441,09340,35140,60635,95938,11738,5 9439,95142,50644,26846,932 110,613110,207106,602103,12998,93595,064 93,64796,81097,03098,353101,800 15,99614,99515,63816,85519,53916,14917,8 6018,03016,93716,51819,552 16,65417,26614,90612,94311,22410,94010,9 8811,19811,12810,83110,687 193,239183,735177,642173,620165,702160,3 03161,112165,993167,606169,972178,974 12,65213,63613,01914,10513,03513,51114,7 7915,67015,02115,03417,226 56,75650,83448,61444,16936,27928,58626,8 8827,35825,96623,83116,107 89,78385,17982,56378,90571,16062,95861,3 0463,70561,38560,61757,009 65,40053,40444,09341,17136,79042,82339,5 9636,79338,13138,99141,304 81,86671,37461,06856,38551,07455,37343,3 6140,83742,32543,37245,908 171,649156,553143,631135,291122,234118,3 32104,665104,543103,711103,989102,917 21,58927,18134,01138,32943,46741,97056,4 4661,45063,89465,98276,056 122,156104,23892,70785,34073,06971,40966 ,48464,15164,09762,82257,411 23,52128,58425,71322,80627,26521,39526,6 9220,90921,60522,53532,223 -14,601-10,037-9,983-9,664-8,851-11,015- 10,985-11,488-12,443-12,131-17,068 -11,278-24,255-14,051-14,125-18,764-9,15 0-16,643-9,527-8,147-10,375-14,064 ROA ROE) / 31676 Research Coverage Report by Shared Research Inc.

5 | SR * ** 11 3 12 3 13 3 14 3 15 3 16 3 17 3 18 3 19 3 20 3 21 3 ** 174,901181,931181,684188,987187,511180,9 40178,631186,069191,600195,952196,726 95,69798,31694,51997,22993,06780,74573,3 4476,07377,97778,15477,380 34,72537,94338,49738,80340,11844,24649,5 0850,89451,23451,75350,735 ,64724,29223,78624,18724,35924,60825,396 28,38630,51131,38533,745 14,90715,88115,75619,24520,01920,97519,5 1119,80720,09022,38323,177 --3,7504,3784,9595,4875,7626,2007,0047,4 167,622 6,9235,4985,3745,1424,9874,8755,1084,706 4,7814,8584,065 10,75510,9238,9347,3929,0038,24512,75010 ,97113,05714,22415,226 6,1544,5775,2004,5205,5496,9736,9424,967 4,4344,9076,115 4,3104,1973,7463,0493,4868293,0651,8662, 5932,9593,086 ,5921,6484299738621,1612,3313,0354,4424, 5434,719 8565552099264956764616559541,3791,257 ---1,029-2,107-1,448-1,27510126520401259 , -274-228-17-10-386-197112301217235-244 -2,8831743964144578-265118-105-20132 TOKAI / 31677 Research Coverage Report by Shared Research Inc.

6 | BBT 2022 1 27 TOKAI BBT Board Benefit Trust 2022 2 10 120,000,000 131,000 2022 2 10 2022 3 9 2016 5 10 BBT 2016 8 5 BBT LP 2022 1 6 TOKAI 100 LP TOKAI Innovation Plan 2024 Design the Future Life (IP24) LNG Local National Global LPG TOKAI LP 1 15 67 LP LP LP D&I 2021 12 9 OKAI 100 TOKAI TOKAI COM 3 D I TOKAI COM RSM 4 IT D&I TOKAI / 31678 Research Coverage Report by Shared Research Inc.

7 | IT IT DX DX 4 D&I ADIC IT IT 3 500 TOKAICOM IT ADIC TOKAI SCSK netXDC 2021 12 6 TOKAI TOKAI SCSKnetXDC 100 TOKAI TOKAI COM SCSK SCSK netXDC TOKAI COM BroadLine TOKAI COM BroadLine SCSK TOKAI COM 10 Mbps 100 Gbps netXDC TOKAI COM SCSK TOKAI COM TOKAI / 31679 Research Coverage Report by Shared Research Inc.

8 | SR * 20 3 21 3 22 3 1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q 45,80447,21148,54254,39545,11344,72349,9 5656,93448,39647,66453,360 18,70618,45920,13721,98719,65118,58021,4 1423,22519,71819,02121,360 15,47516,18916,36017,04215,86816,91116,9 6417,90016,49117,02517,334 3,2312,2693,7784,9463,7831,6694,4495,325 3,2261,9974,025 3,3512,2573,8705,0013,8301,6694,4305,383 3,3531,9314,040 2,2391,2531,6113,1382,4458342,6572,8791, 8704112,353 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 45,80493,015141,557195,95245,11389,83613 9,792196,72648,39696,060149, ,000 18,70637,16557,30279,28919,65138,23159,6 4582,87019,71838,73960,099 15,47531,66448,02465,06615,86832,77949,7 4367,64316,49133,51650,850 3,2315,5009,27814,2243,7835,4529,90115,2 263,2265,2239, ,240 3,3515,6089,47814,4793,8305,4999,92915,3 123,3535,2849, ,320 2,2393,4925,1038,2412,4453,2795,9368,815 1,8702,2814, ,830 20 3 21 3 22 3 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 45,80447,21148,54254,39545,11344,72349,9 5656,93448,39647,66453,360 18,57717,18919,42522,96317,63415,79620,0 0723,94318,99817,15522,564 12,79513,11612,92312,91912,65012,48112,7 0012,90412,61912,68312,904 ,7387,8557,8407,9528,2268,2648,5048,7517 ,9968,0858,184 3,7775,9595,1837,4643,8195,2555,7418,362 5,5426,8196,664 1,7981,9541,8511,8131,8961,9841,8981,844 1,9211,9921,898 1,1161,1391,3201,2838859431,1061,1311,31 99291,147 3,2312,2693,7784,9463,7831,6694,4495,325 3,2261,9974,025 1,4894773,9643,4881,9724102,6523.

9 9541,5783852,354 1,2171,0523,3668601,1109261,0451,2631,22 41,1811,087 ,2861,2533,7901,2341,3671,2661,4691,1031 ,4591,4981,582 2136301,242874233388473971263475388 16923159777271175132-537149101 -1,145-1,374-3,682-1,589-1,171-1,496-1,3 21-1,961-1,337-1,690-1,487 Q1Q1-2Q1-3Q1-4Q1Q1-2Q1-3Q1-4Q1Q1-2Q1-3 45,80493,015141,557195,95245