Tri Stage : (Updated) Partial Corrections to Consolidated Financial and Operating Results for the Fiscal Year Ended February 28, 2022 (JGAAP)

	May 20, 2022
Company name:	Tri-Stage Inc.
Name of representative:	Yasuhisa Kurata, Representative
	Director and President
	(Securities code: 2178; TSE
	Growth Market)
Inquiries:	Masato Tanada, General Manager
	of Accounting & Finance
	Department
	(Telephone: [phone])

(Updated) Partial Corrections to Consolidated Financial and Operating Results

for the Fiscal Year Ended February 28, 2022 (JGAAP)

Tri-Stage Inc. (the "Company"), hereby announces the following partial corrections to Consolidated Financial and Operating Results for the Fiscal Year Ended February 28, 2022 (JGAAP) released on April 12, 2022.

The numerical data has also been corrected as provided below.

1. Reason for corrections
   After submitting the Consolidated Financial and Operating Results for the Fiscal Year Ended February 28, 2022 (JGAAP), some errors were identified in the presentation of the consolidated statement of cash flows for the consolidated fiscal year under review, thus the relevant sections will be corrected.
2. Details of corrections
   Corrected sections have been underlined.
   [Summary page 1]
   I. Consolidated Financial and Operating Results for FY 2021 (from March 1, 2021 to February 28, 2022)
3. 
   3. Cash Flows (Before corrections)

	Cash flows from	Cash flows from	Cash flows from	Cash and cash
	equivalents at the
	operating activities	investing activities	financing activities
	end of fiscal year
	Millions of yen	Millions of yen	Millions of yen	Millions of yen
FY 2021	1,295	91	(255)	8,334
FY 2020	1,948	329	(1,169)	7,451
(After corrections)
	Cash flows from	Cash flows from	Cash flows from	Cash and cash
	equivalents at the
	operating activities	investing activities	financing activities
	end of fiscal year
	Millions of yen	Millions of yen	Millions of yen	Millions of yen
FY 2021	1,295	(178)	(255)	8,334
FY 2020	1,948	329	(1,169)	7,451

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[Attachments page 4]

I. Overview of Consolidated Operating Results and Financial Position

3. Overview of Cash Flows

(Before corrections)

-excerpt-

1. Cash flows from investing activities
   Net cash provided byinvesting activities amounted to ¥91,209thousand (provided ¥329,068 thousand in the previous fiscal year).
   This was mainly due to proceeds fromsales of shares of subsidiaries resulting in change in scope of consolidation of ¥217,453thousand.

(After corrections)

-excerpt-

1. Cash flows from investing activities
   Net cash used ininvesting activities amounted to ¥178,973thousand (provided ¥329,068 thousand in the previous fiscal year).
   This was mainly due to purchase of intangible assets of ¥69,197and payments forsales of shares of subsidiaries resulting in change in scope of consolidation of ¥52,729thousand.

[Attachments page 12]

III. Consolidated Financial Statements and Primary Notes

4. Consolidated Statements of Cash Flows

(Before corrections)

					(Thousands of yen)
				Fiscal year ended	Fiscal year ended
				February 28, 2021	February 28, 2022
	-excerpt-
	Cash flows from investing activities
	Payments into time deposits			-	(10,000)
	Proceeds from sale of investment securities	405,598	-
	Purchase of property, plant and equipment			(17,505)	(47,657)
	Purchase of intangible assets	(76,786)	(69,197)
	Loan advances			(467)	(261)
	Proceeds fromsale of shares of subsidiaries		-	217,453
	resulting in change in scope of consolidation
	Other, net			18,229	872
	Net cash provided by (used in) investing activities	329,068	91,209
(After corrections)
					(Thousands of yen)
				Fiscal year ended	Fiscal year ended
				February 28, 2021	February 28, 2022
	-excerpt-
	Cash flows from investing activities
	Payments into time deposits			-	(10,000)
	Proceeds from sale of investment securities	405,598	-
	Purchase of property, plant and equipment			(17,505)	(47,657)
	Purchase of intangible assets	(76,786)	(69,197)
	Loan advances			(467)	(261)
	Payments forsale of shares of subsidiaries		-	(52,729)
	resulting in change in scope of consolidation
	Other, net			18,229	872
	Net cash provided by (used in) investing activities	329,068	(178,973)

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[Attachments page 13]

III. Consolidated Financial Statements and Primary Notes

4. Consolidated Statements of Cash Flows

(Before corrections)

								(Thousands of yen)
					Fiscal year ended		Fiscal year ended
					February 28, 2021		February 28, 2022
	-excerpt-
	Effect of exchange rate change on cash and cash				(5,328)			21,692
	equivalents
	Net increase (decrease) in cash and cash equivalents	1,102,784		1,152,954
	Cash and cash equivalents at beginning of period				6,348,597			7,451,382
	Decrease in cash and cash equivalents resulting from		-	(270,182)
	exclusion of subsidiaries from consolidation
	Cash and cash equivalents at end of period				7,451,382			8,334,154
(After corrections)
								(Thousands of yen)
					Fiscal year ended		Fiscal year ended
					February 28, 2021		February 28, 2022
	-excerpt-
	Effect of exchange rate change on cash and cash				(5,328)			21,692
	equivalents
	Net increase (decrease) in cash and cash equivalents			1,102,784		882,772
	Cash and cash equivalents at beginning of period			6,348,597			7,451,382
	Cash and cash equivalents at end of period	7,451,382		8,334,154

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