Yamato Group
Medium-term Management Plan

Sustainability Transformation 2030
~1st Stage~＜FY2025/3～ FY2027/3＞
February 5, 2024
Yamato Holdings Co., Ltd.

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Index１．Direction of our management

２．Assumptions for the Plan
３．Yamato Group Medium-term Management Plan
“Sustainability Transformation (SX) 2030 ~1st Stage~”(１) Basic policy and targets(２) Overview of strategies for each business(３) Reinforcement of the Group’s management platform

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1

Since its founding, the Yamato Group has been helping to enrich oursociety through “Delivery”.

It is our responsibility, to create a sustainable society, in the age ofheightened uncertainty that lies ahead.
As a member of society, the Yamato Group will create “New Logistics”
and “New Value”, together with a diverse range of partners, with
innovation as our starting point, and face head-on the challenges

posed to us from the future.

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2

1. Direction of our management (1) Our aspiration
Yamato Group’s aspiration (~2030)

A value-creating company that contributes tothe realization of a sustainable futureManagement Philosophy
Yamato helps enrich our society byenhancing our social infrastructure,creating more convenient services forevolving lifestyles and industries, anddeveloping innovative logistics anddistribution systems.

Environmental
value

×

Economicvalue

×Socialvalue

New value

DeliveryMedium-termManagement Plan

SX2030~1st Stage~

Logistics
that leads to“Delivery”

Heightened uncertainty
Business and social
challenges

Growth of EC

Climate change
intensifying

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Decline in working population
Aging society, declining birth rate
Depopulation of suburban areas

Heightening of
geopolitical risks

Shortage of transportation
capacity intensifying
in 2024~2030

Technological advances31. Direction of our management (2) Growth image under “SX2030”
Dramatic profit growth through the reinforcement of the EXP business (base domain) andbusiness portfolio reform (expansion of business domain)
FY2027/3 plan

Business portfolio reform

Operating revenue 2,000~2,400 bn yen
Operating profit
Operating margin
Profit attributable toowners of parent
ROE
ROIC

120~160 bn yen
6％ or above
80~100 bn yen

Breakdown of operating revenue
Base domain (EXP・GS*)
Growth domain (CL・Global)
New domain

12% or above
8% or above

FY2027/3

2,400bn yen
FY2024/3
1,765bn yen

Image for FY2031/3

Operating margin: 8% or above ROE:16% or above ROIC:12% or above*EXP: Domestic transportation and delivery business, centered around transportation (TA-Q-BIN) services that pay consideration to climate change
GS: Group support (Yamato System Development Co., Ltd., etc.) CL: Contract Logistics
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2. Assumptions for the Plan
(1) Review of current Mid-term Management Plan “One YAMATO 2023*”
With significant changes in the environment such as the spread of the COVID-19 pandemic,
instability in global affairs as well as global inflation, Yamato promoted structural reforms
towards sustainable growth•

Achievements

Review of businessportfolio••

Promoted reforms of the Group management structure, and started
operating under the “One YAMATO” structure (Integrated 9 Group
companies into Yamato Transport)
Transferred shares of Yamato Home Convenience and Yamato Staff
SupplyWithdrawal from the overseas TA-Q-BIN business. Partnership with
the Japan Post Group

Challenges

Started business structurereform to achievesustainable growth••Established “EC logistics network” to address growing EC demand
Started reforms based on overall design of consolidating andenlarging Sales Offices (pickup and delivery facilities)

External costs going
above expectations•

Addressing rise in resource and energy prices, hourly wages etc., due
to changes in external environment•

Enhancing cost control ability, to address sluggish demand due toconsumption shifting back from online to offline, as well as theimpact from inflation etc., and volume fluctuations between the peakand slow seasons••

Bring down fixed costs through business structure reform
Pricing strategy that reflects rise in external costs, and addresses
volume fluctuations, including unexpected levels of volume

Addressing sluggish demand,and volume fluctuations

Countermeasures
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*One YAMATO 2023：FY2022/3~FY2024/3

5

2. Assumptions for the Plan
(2) Business environment and social issues
Opportunities
Growth of EC

Capture demand from EC, which is a growtharea

Threats
Expansion of in-house Logistics
by EC players

Decline in working population
Aging society,
Growing needs related to a longevity society
declining birth rate
and regional revitalization
Depopulation of suburban areas

Cost increase due to the intensifying
competition for talent.
Higher cost of maintaining nationwide network

Expectations for improvements in inefficientbusiness practices in the logistics industry.
Growing needs for sustainable and efficientlogistics

Shortage of transportation partners (resources),increase in expenses

Climate change
intensifying

Growing demand for logistics with low
environmental impact

Cost increase from introduction of carbon tax.
Opportunity loss caused by natural disasters,
increase in restoration costs, etc.

Heightening of
geopolitical risks

Development of block economies and supply
chains (increase in safety inventory, regionaland domestic transportation, etc.)

Rise in resources and energy prices

Technologicaladvances

Resource optimization and enhancement ofoperational efficiency by introducing
advanced technologies, and the creation of
new growth models

Emergence of disruptive business models.
System outages, loss or leakage of information
due to cyber attacks etc.

Shortage oftransportation capacity
intensifying in 2024~2030

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2. Assumptions for the Plan
(3) Positioning of Mid-term Management Plan “SX2030 ~1st Stage~”

Period to reinforce TA-Q-BIN network, and reform business portfolio
FY2021/3
External
environment

FY2022/3

FY2023/3

FY2024/3

FY2025/3~FY2027/3

Growth of EC, technological advances, heightening of geopolitical risks, increasing severity of climate changeWith COVID～Post COVID

COVID-192024 Problem ~ 2030 Problem

Inflation, and rise in external costs
From

Management “Transportation”
to “Innovating
theme
deliveries”

Enhance value provision to the
supply chain on “End to End” basis

A value-creating company that contributes to the realizationof a sustainable futureManagement structure reform plan
“YAMATO NEXT100”
Managementplan

FY2028/3~FY2031/3

SX2030 (Sustainability Transformation)

Mid-term Management Plan
1st Stage“One YAMATO 2023”
Structural reform ofBusiness structure reform
Group management

Business domain expansion
Achieve results of reforms

Base domain

Profit growth by reinforcing the TA-Q-BIN network

Growth domain

Expansion of the corporate business domain (deepening solutions on an “End to End” basis to the supply
chain, business alliances, M&A, etc.)

New domain

Develop new business model to address the needs of customers and society becoming more diverse

Group management platform

HR, digitalization, environment & society, corporate governance

Embed management that places more focus on capital efficiency within the Group

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4.8%

7

3. (1) Basic policy and targets ➀ Key management KPIs
FY2024/3 Forecasts

FY2027/3 Targets

Growth／Growth rate

1,765 bn yen

2,000~2,400
bn yen＋235 bn yen/＋13％~＋635 bn yen/＋36%

Operating Profit

40 bn yen120~160 bn yen＋80 bn yen/＋200％~＋120 bn yen/＋300%

Operating Margin

2.3％

6% or above

Ordinary Profit

40 bn yen120~160 bn yen＋80 bn yen/＋200％~＋120 bn yen/＋300%

Profit Attributable to
Owners of Parent

36 bn yen

80~100 bn yen＋44 bn yen/＋122％~＋64 bn yen/＋178%

ROE

6.0％

12％ or above＋6.0pt or above

ROIC*

4.1％

8％ or above＋3.9pt or above

Operating
Revenue＋3.7pt or above*ROIC: NOPAT (net operating profit after tax)/invested capital (interest-bearing debt (average of beginning and end of fiscal period)+equity capital(average of beginning and end of fiscal period))

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3. (1) Basic policy and targets ② Image of Group business structure〈Image of operating revenue mix bydomain/business〉

NewGrowthDomain / business

FY2024/3

Mobility and NekoBusinesses that address the
support (Regional co- diversification of needs fromcreation) business, etc. customers and society

50 bn yen

110 bn yen ＋120％

210 bn yen

660 bn yen ＋214％

Cross-border transportation to/from
Japan, and regional offices abroad

Global businessParticipates in and supports inventory
management, distribution processing,and logistics planning of clientcompanies

CL business(Contract Logistics)

Base

Domestic transportation anddelivery business, centeredaround transportation (TA-Q-BIN)
services that pay consideration toclimate change

EXP business(Express)

1,635 bn yen 1,800 bn yen ＋10％

135 bn yen

Group support business

FY2027/3

125 bn yen(7)％

Note：Numbers exclude consolidation adjustments
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4.8%

8.6%

9

3. (1) Basic policy and targets ③ Image of operating revenue growth(Billions of yen)

＋60

(30)

＋450

2,400

Accumulation
through M&A

＋80

(45)
Autonomous
growth
＋50

＋60

＋60
1,765

FY2024/3
forecast

EXP(parceldelivery*1,
Retail*2)

EXP (parcel
delivery*1,
Largecustomers)

EXP (parcel
delivery*1,
EC)

Base

EXP (otherGroup
support*3)

CL,
GlobalMobility,
NekoSuppot etc.

GrowthNew

Eliminations

FY2027/3*1 Parcel delivery: Total of TA-Q-BIN, TA-Q-BIN Compact and EAZY *2 Retail: Individuals and mid-to-small corporates *3 Decline following share transfer of Yamato Staff Supply, etc.

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103. (1) Basic policy and targets ④ Image of operating profit growth＋165(Billions of yen)

(150)

＋40

160

M&A

FY2027/3

＋200

(150)

＋70

40

Effect of environmental
investment(55)

Last-mile

Transportation

FY2024/3
Forecast

Parcel*Delivery Volume
Unit priceImpact on
external
environment

Pricing
strategy

FY2024/3 (forecast)Other revenue Cost increase
growthdue to(organic)
revenue growth

FY2027/3 (estimated)

1,890 million

2,080 million

721 yen

760 yen

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Costs forstructuralreform of
network
operations

Effects ofstructuralreform of
network
operations*Parcel: Total of TA-Q-BIN, TA-Q-BIN Compact, EAZY 11

3. (1) Basic policy and targets⑤ Image of balance sheet and capital efficiency improvements
Balance sheet

Capital efficiency

Maintain financial soundness, while actively investingin growth, including investments funded by debt

【Financial discipline】
Capital ratio：around 45~50％
D/E ratio：0.3~0.5 times【Financial soundness】
Credit rating (R&I): AA–
FY2027/3
FY2024/3
without the impact from M&A

Capital ratio
D/E ratio：49.0%：0.17xUnit: JPY 100MMInterest-bearing
debt
1,000

Total
assets
14,500Net assets
5,900

12.0

(％)

Interest-bearing
debt
2,000

or above

ROE

4.6

9.6
6.0

CoE

4.0

7～9%※

ROIC(vs WACC(weighted average cost of capital))
(％)

ROIC

9.7

8.0

8.4

or above

6.4

5.9

4.1

4.6
Net assets
6,500

WACC

6～8%*
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10.0

7.6

：45.0%：0.30xOtherliabilities
6,000＋2,600Otherliabilities
5,000

Total
assets11,900Capital ratio
D/E ratio

ROE(vs CoE(cost of shareholders equity))

20/3

21/3

22/3

23/3

24/3

(forecast)

27/3(estimated)* Assumptions for the period during the Mid-term Management Plan (FY2025/3~FY 2027/3)
12

3. (1) Basic policy and targets ⑥ Capital allocation
Promote active growth investments, while maintaining financial soundness.
Conduct appropriate shareholder return in consideration of capital efficiency
Cash inInterest-bearing
debt
100 bn yen

Cash out
Regular investments
120 bn yen
Environmental
investments
80 bn yen

Operating CF
400 bn yen

Investment policy■Growth investments• Focus on facilities strategy, digitalization, creation andexpansion of new businesses→ Set ROI at a level above WACC

■Environmental investments• Invest from the standpoint of GHG emissions reductionand enhancing financial value

Shareholder return policy■Dividends

Growth investments
200 bn yen

Shareholder return100 bn yen
Cumulative image for the 3-years (FY2025/3~FY2027/3)
without the impact from M&A
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• Focus on stability and continuity of dividend• Aim to grow dividend per share, while being mindful of
DOE*• Dividend payout ratio ：40％ or above• Total shareholder return ratio：50％ or above■Acquisition of our own shares• Consider acquisitions flexibly, based on factors such as the
progress of disciplined growth investments (ROI above
WACC), cash flow, share price, etc.
*DOE: Dividend on Equity Ratio

13

3. (1) Basic policy and targets ⑦ Investment plan
Total investment
400 bn yen

Investments in the following areas,
over the 3-year period

Objective

without the impact from M&A

Growthinvestment
200 bn yen

Environmental
investment
80 bn yen

140 bn yen Facilities strategy

Enhance productivity and reduce fixed costs
Create a worker-friendly workplace

50 bn yen Promoting DX

Productivity improvement throughoperational reform
Enhance value provision to customers

10 bn yen New businesses

Create new businesses that contribute tofuture business growth and to a sustainable
future40 bn yen 3,250 Evs* and charging equipment
40 bn yen Solar power generation, batteries,

Realize a low carbon society, and provide
corporate clients with logistics services thathave low environmental impact

etc.

Regularinvestment
120 bn yen

Repair of existing TA-Q-BIN facilities,
Maintain existing network
50 bn yen internal combustion vehicles, etc.

70 bn yen

Maintenance of other facilities
and existing systems, etc.

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Maintenance of existing business, etc.

* Total EV introduction plan: 8,500 units (investment 3,250, operating lease 5,250)

14

3. (1) Basic policy and targets ⑧ Shareholder return
Focus on stability and continuity of dividend.
Aim to grow dividend per share (DPS), while being mindful of DOE*
Dividend payout ratio：40％ or above
Total shareholder return ratio ：50％ or above
Acquisition of our own shares ： Consider acquisitions flexibly, based on factors such as the
progress of disciplined growth investments (ROI above
WACC), cash flow, share price, etc.

Results and forecast of shareholder return(FY2014/3~FY2024/3 Estimate)
60

176%

¥2 anniversary
dividend (40thanniversary of
TA-Q-BIN)

50
40¥10 anniversary
dividend (100th
anniversary)

20
10

¥24

¥25

¥26

1.9%

1.9%

2.1%

160%

¥46

30
¥27

¥27

¥28

2.0%

2.0%

2.0%

200%

¥46

¥46

¥31
2.9%

¥46
43%

3.0%

2.9%

2.8%

2.7%

0

120%
80%
40%
0%

FY2014/3

2015/3

2016/32017/3

2018/3

2019/32020/32021/32022/32023/32024/3(Estimated)

Dividend per share (left scale)

Total payout ratio (right scale)

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Dividend payout ratio (right scale)DOE (right scale)*DOE: Dividend on Equity Ratio

15

3. (2) Overview of strategies for each business ① Base domain (EXP* business)
Expand business revenue by achieving carbon neutrality of TA-Q-BIN, enhancing theservice line-up, improving customer experience, and strengthening the pricing strategy
based on factors including the rise in external costs
Expansion of value provision

Strengthen pricing strategy• Differentiation through the Carbon Neutrality Declarationof TA-Q-BIN, and the visualization of GHG emissions• Establish pricing structure in conjunction with the review ofour service line-up, and the offering of better conveniencethrough the Kuroneko Members program• Address diverse customer needs, by redefining thestandards of our services, and broadening the line-up oftransportation service• Improve convenience of TA-Q-BIN related services andcustomer experience through Kuroneko Members• Strengthen services in the EC domainStandard
Value-add functions (examples)
services
Speed delivery (next-day deliveryAlleven to far-away locations)

TA-Q-BIN,
Cool TA-QBIN, etc.

+

Corporateclients(TA-Q-BIN, Cool TA-Q-BIN)

KuronekoMembers

More convenient offering of timeslots for pickup and redelivery

Size expansion• Strengthen pricing strategy, especially for corporate clients,
in order to address changes in the external environment
such as the decline in working population

１ Review of individual contracts with corporate clients• Charge appropriate pricing by regularly reviewing terms ofbusiness with each client• Expand types of surcharge items, in accordance with thevalue provided, the operational burden and downside risksof volume

２ Revision of Reported Fares• Review each fiscal year, based on factors such as the rise inexternal costs• Based on the policy of increasing the number of high-pricepoint customers, revise fares in accordance with market
conditions and the competitive environment etc.

*EXP: Domestic transportation and delivery business, centered around transportation (TA-Q-BIN) services that pay consideration to climate change
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16

3. (2) Overview of strategies for each business ① Base domain (EXP business)

Promote structural reforms of network operations, and shift to a structure
to lower the cost per parcel, and achieve steady profit growth
Facilities: Consolidate and enlarge facilities

Operations: Reinforce operations using technology

Establish a flexible structure that can absorb volume
volatility, by optimizing the allocation of facilities andresources, and concentrating the power of employees
and workers, and create a work environment thatprovides safety and comfort to employees andpartners

In conjunction with initiatives related to hardware,change the way we deliver and work, use technologies
to establish processes and support operations

4,000• Digitalize work instructions (allows flexible
changes to sorting based on volume etc.)

Last-mile• Automatic work allocation based on work
model and volume• Integrate labor management and operational
management using IT systems

Network
control• Dynamic routing of parcels in consideration ofinternal and external costs• Full digitalization of paper slips

Trend of no. of last-mile facilities

3,000
2,000

Transpor-tation

3,501

3,248

1,000

2,800

Approx.
1,800

0FY2022/3

2023/32024/3(Estimated)

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2027/3

Promote management based on per-unit cost, andconvert the cost structure173. (2) Overview of strategies for each business ② Growth domain (CL*・Global business)
Utilize TA-Q-BIN network and freighter transport to promote business solutions that
contribute to supply chain reforms of our clients, while seeking to expand businessthrough M&A and alliances
M&A strategy

１ Domestic CL (Contract Logistics) business① α＋TA-Q-BIN② 3PL・LLP

Scope

Provide value-add services that lead to “delivery (EXP)” mainly
by each regional branch

Provide business solutions that contribute to clients’ supply
chain reforms, such as optimizing inventory and logistics, aswell as reducing GHG emissions (total no. of new starts during
the 3 years: 70)① Cross-border EC to/from Japan② Automotive high-tech

Capture the opportunity of changes in the supply chain, utilize
the existing client base and strengthen proposals in Japan, U.S.
& Mexico, India and ASEAN
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Discipline

By strengthening proposals towards the growing cross-borderEC, achieve growth in TA-Q-BIN deliveries (60% share in crossborder EC to Japan: outlook for 2024/3 is 37％)

Process

２ Global business

Consider acquisition of several companies, while
focusing on compatibility with the growthstrategies of our domestic CL business and global
business
Sector：Automotive, high-tech, food cold chain, healthcare etc.
Region：Japan, U.S. & Mexico, India, Southeast Asia

Promote by the division responsible for revenue,
and the dedicated M&A team
Early assignment of person in charge of PMI→ raise the probability of the post-acquisition growthstrategy

In principle, acquisitions will be funded using
interest-bearing debt
Assumption: ROIC of 10% or above within 3 years ofacquisition*CL: Contract Logistics18

3. (2) Overview of strategy by business ➂ Initiatives to create new value

Create new value with a diverse range of partners, while utilizing existing
management resources, to realize a sustainable future
PolicyOverview

Mobility

Develop platform andecosystem that achieves both • Fleet management ofcommercial EVs*1
decarbonization and the righteconomics, and contribute to • Provide renewable energy
the overall sustainability of • Green logistics (joint
transportation and delivery)society and the logistics
industry

NekoSupport(Regional
cocreation)“Convenience store ofservice”, that addresses
diverse needs of local
communities

Freighters

Capture new demand byproviding stable andspeedy transportation• Provide new services and serve asa hub to the community, insteadof simply the sending andreceiving of parcels• Address the longevity society,through initiatives such as“Kuroneko monitoring Service” *2• Provide transportation services tocustomers who value speed, suchas in the transport of perishable
foods• Diversify modes of trunk-routetransportation, also in
consideration of the “2024Problem”

Advantage• Utilize environmental platform,
established ahead of industry peers
through environmental investments,
including the ability to introduce andpurchasing power of commercial EVs
and solar power generation equipment• Business platform with corporate clientsand logistics partners• Face-to-face contact points
nationwide, including in airports andretail facilities• Connection with local companies
and governments, etc.
• Utilization of existing facilities• Flexible route-setting andscheduling using Yamato’s own
planes• Connection with local companies
and governments, etc.
• The Volume of TA-Q-BIN (whenthere is vacant space)*1 Introduction support, including maintenance *2 Kuroneko monitoring service “Hello Light Visit Plan”
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193. (3) Reinforcement of the Group’s management platform ➀ HR strategy

Promote HR strategy that is linked to management strategy,
and support and motivate employees
Optimization of organization and headcount, andrevise evaluation and compensation scheme,
following structural reforms of the business

Further enhance support to and motivation ofdiverse employees• Clarify roles based on job descriptions• Establish welfare policy that matches thediversifying lifestyles of employees• Renew allocation, evaluation and compensation
process based on HR management policy• Reinforce occupational health support by thecompany in accordance with health management• Make positions more visible, allocate employees
optimally through internal recruitment scheme, andstrategically allocate employees in focus areas• Continue initiatives to promote human rights due
diligence, diversity, and participation of women

HR management structure that promotes
independent and autonomous career development

Labor productivity* enhancement
+9％

+0％

• Clarify open positions and standard career paths+15％• Enhance training program for better performance• Expand hiring channels (hiring based on referrals,
re-hire former employees, etc.)

16/3

17/3

18/3

19/3

20/3

21/3

Enhancement of engagement

22/3

23/3

24/3
(Forecast)

27/3(Estimated)*Human productivity: (Consolidated operating revenue ー consolidated outsourcing expenses)/ consolidated wage expenses 20

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3. (3) Reinforcement of the Group’s management platform ② Digital strategy
Actively promote digital investments to support business structural reform, while bringing
digital development and operations inhouse and controlling costs, including the use ofpartner vendors stationed in Yamato’s offices
Digital investments

Existing

Total digital investments of 76 billion yen in 3 years
Development

Main areas of investment:
・ Revamping operations through the use of technology
・ Stress-free customer experiences
・ New businesses
・ Back office reforms
・ Support for modification and maintenance of existing
systems, etc.

Operations

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Talent that has beendeveloped leads thenext major systemprojectBringinhouseExisting
operations

Execution structure
Bring digital developments and operations inhouse,
including the use of partner vendors that work in our
offices, while using the capabilities of large-scale
system integrators for strategic development projects,
to support the execution of management strategies

Regulardevelopments

New
Strategic
development
projects
Active useof partners

Cycle of bringing
functions inhouseand developing
talentNew
operations

BringinhouseStabilize operations andcontrol costs using
employees and partner
vendors working in
Yamato21

3. (3) Reinforcement of the Group’s management platform③ Environmental and social strategies
Create a future in which companies and society can thrive together, as an infrastructurethat supports a sustainable society【Environment】 Achieve sustainable management【Society】 Create value for multi-stakeholders

Achieve resilient logistics that can withstand changes in theenvironment, and serves as social infrastructure

Pursue management that enhances the well-being ofcompanies and supply chains, thereby creating long-termvalue for society and companies

１ Greenhouse gas (GHG) emissions reduction• Reduce Scope1,2 by 25.2% from FY2021/3
Introduce 8,500 EVs (including operating lease 5,250 EVs) ,310 PVs (225 onsite, 85 offsite)• Completed setting of and working on Scope 3 emission
reduction target

２ Provide resource recycling solutions• 65% or more of paper materials to be renewable
resources/ recycled paper• Promote a recycling business model

３ Accelerate green & resilient logistics• Accelerate electrification of vehicles. Maximize use ofrenewable energy (changed EV introduction target for
FY2031/3: 20,000→23,500 vehicles, about 60% of all pickup
and delivery vehicles)• Visualize GHG emissions, and utilize carbon neutrality of“TA-Q-BIN, Compact and EAZY” in conjunction with
ISO14068-1: 2023
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１ Enhance employee engagement• Improved employee comfort and job satisfaction

２ Diversity & Inclusion• Female manager ratio of 10%

３ Build a sustainable supply chain• Obtained 100% support from major suppliers regarding
compliance with Code of Conduct• Build suitable relationships with partners• Based on the “Yamato Group Responsible Procurement
Policy” and “Partnership Building Declaration”,
continuously promote improvement activities throughregular employee training sessions on appropriate
business engagement, regular discussions with partnercompanies and questionnaires*Numbers represent consolidated entities in Japan and Swan Co., Ltd. 22

3. (3) Reinforcement of the Group’s management platform ④ Corporate governance
Grow corporate value by continuing to strengthen effective governance structure, andenriching dialogue with and disclosure to shareholders and investors
Highly effective governance structure
Ratio of independent outside
Directors at the Board of Directors

Ratio of female Directors(Promote diversification)

63%

13%

Ratio of independent outside
Directors at the Nomination andCompensation Committee

Ratio of outside Audit &Supervisory Board members

83%• Ensure sufficient opportunities for dialogue with the
President and other Executive Officers as well as
independent outside Directors• Provide feedback to the Board of Directors on opinions
and requests from shareholders and investors, asnecessary, and reflect in management

60%

Engagement activity plan
Type of activity

Person in charge

Results announcement
presentation

President and each Executive
OfficerPresident and each Executive
Officer

Small meetings※As of Feb. 2024

Compensation scheme that focuses onenhancing corporate and shareholder value• Improve the linkage with performance, which motivates theachievement of business results• Linked to medium- and long-term corporate value,
promoting shared interests with shareholders
Copyright© YAMATO HOLDINGS CO., LTD. All rights reserved.

Enrich dialogue with and disclosure toshareholders and investors

Independent outside Directors

No. per year
4
2
1

Business presentations,
Each Executive Officer2etc.
Visits to overseas
President and Executive Officer
investors (Europe, U.S.,
4
in charge of IR
Asia)
President, Executive Officer in
1 on 1 IR meetings
More than 300
charge of IR, and IR manager
23

Disclaimer
免責事項
This material is intended for informational purposes only and is not a solicitation or offer to buy or sell securities or related financial
この内容は、投資判断の参考となる情報の提供を目的としたもので、投資勧誘を目的としたものではありません。提供情報の内容については
instruments. Ultimately it is the responsibility of investors to select and buy securities and the Company assumes no responsibility
万全を期しておりますが、完全性、正確性を保証するものではありません。いかなる情報も、不的確な記載や誤植等を含む可能性があります。
for investors who act on the basis of this material.
銘柄の選択、投資の最終決定は、ご自身の判断でなさるようにお願いいたします。当社としては一切の責任を負いかねますのでご承知ください。

Copyright© YAMATO HOLDINGS CO., LTD. All rights reserved.