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Investor Presentaiton

Ref. 3. Direction of Economy in Shimane and Tottori (1) ■Business Sentiment Index (BSI): Change over previous period in all industries (Percentage of companies reporting "rising" conditions minus those reporting "falling") 80.0 1 Percentage of "Rising" ■Values of public works contracts (in Shimane and Tottori; coverage ratio: approx. 70%) (Billion yen) 400.0 Estimated Fall Rise 2 Percentage of "Falling" BSI (1-2) 40.0 31.4 30.6 24.5 25.4 23.0 22.3 23.2 23.7 24.1 19.4 19.3 20.4 12.5 7.2 5.0 30.1 300.0 266.1 18.3 258.4 249.5 246.6 223.3 230.1 228.0 224.3 212.9 0.0 14.2). (5.0) 200.0 (6.9) (1.2) (7.7) (5.1) (12.0) (9.9) (11.2) (12.0) (11.6) (14.6) 24.2 25.6 27.1 30.4 -40.0 28.3 30.9 30.6 32.4 34.2 34.3 34.0 31.3 32.9 100.0 38.7 (43.8) 56.3 281.8- 248.7 -80.0 0.0 1H/ 2H FY2014 1H/ FY2015 2H 1H/ FY2016 2H 1H/ FY2017 2H 1H/ FY2018 2H 1H/ FY2019 2H 1H/ FY2020 '2H 1H/ FY2021 Source: "Business Trend Survey" by the San-in Godo Bank (Most recently conducted in March 2021) Year-on-year changes in capital expenditure (in Shimane and Tottori) FY2010 11 Source: West Japan Construction Surety Co., Ltd. New housing starts (in Shimane and Tottori) 12 13 14 15 1116 17 188 19 20 20 (%) (Units) 10,000 FY2018 FY2019 Results Results FY2020 Results/Planned FY2021 Planned All industries 5.3 15.6 (27.3) 12.3 8,000 6,793 Small- and 6,334 medium-sized 30.8 40.1 (33.1) (1.9) 6,265 6,331 companies 5,846 5,637 5,830 6,000 --5,391 5,457 Manufacturers (4.3) 14.2 (29.6) 18.5 5,138 4,603 Small- and medium-sized 14.5 50.2 (33.9) (5.7) 4,000 companies Non- 34.1 18.2 (23.2) 1.9 manufacturers 2,000 Small- and medium-sized 58.7 29.9 (32.1) (2.3) companies 0 March 2021) Source: "Business Trend Survey" by the San-in Godo Bank (Most recently conducted in 18 12 13 14 15 16 17 18 19 20 FY2010 11 Source: Ministry of Land, Infrastructure, Transport and Tourism SAN-IN GODO BANK
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