News Release: OKADA AIYON CORPORATION(6294 TSE Prime)
June 9, 2023

Progress Based on the Plan for Compliance with the Continued Listing Criteria
On November 12, 2021, OKADA AIYON CORPORATION submitted and disclosed the plan forcompliance with the continued listing criteria for the new market segment. The Company hereby
announces the progress of the plan as of March 31, 2023, and other information as follows.
1. The status of the Company's compliance with the continued listing criteria and the period of theplan
The table below shows the status of the Company's compliance with the criteria for continued listingon the TSE Prime Market as of March 31, 2023, including the transition thereof. The Company does
not meet the criterion for "market capitalization of tradable shares". To meet the criterion by March 31,2024, the Company will continue to implement various initiatives as shown in the table below.

Ratio of tradableshares(unit)

Marketcapitalization oftradable shares(million yen)

Ratio of tradableshares(%)

Trading value(million yen)

As ofJune 30, 2021

60,807

7,594

72.5

28

As ofMarch 31, 2023

56,922

9,307

67.9

49

Continued listing criteria

20,00010,00035.0

20Compliance status as of March 31,2023

CompliedNot complied

CompliedComplied

Planning period-March 31, 2024--

Our compliancestatus andtransition* Compliance statuses as of June 30, 2021 and March 31, 2023 were calculated by the Tokyo Stock Exchange basedon the distribution of the Company's stock certificates, etc. as of the record date.

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News Release: OKADA AIYON CORPORATION(6294 TSE Prime)
June 9, 2023

2. Implementation status and evaluation of efforts toward compliance with the continued listing
criteria
In the "Plan to Meet the Continued Listing Criteria for the New Market Segments" published on
November 12, 2021, the Company announced its basic policy for achieving the criteria for the market
capitalization of tradable shares. The plan covered the period up to March 31, 2024, the final year of theprevious medium-term management plan "Rolling Plan FY2021-FY2023", and set out "4 priority issues"
to increase the market capitalization of tradable shares in an effort to enhance corporate value.
As a result, the stock price increased, and the market capitalization of tradable shares increased as ofMarch 31, 2023, but continued to fail to meet the standard. Meanwhile, the current average market
capitalization of tradable shares between April and May 2023 has remained above the benchmark level(10,208 million yen), based on the Company's estimation.
Looking ahead to March 31, 2024, the Company will implement measures to increase corporate value
based on the policy of the "Rolling plan FY2023-FY2025", the revised 3-year plan announced on May
11, 2023, and further increase the market capitalization of tradable shares.
Implementation status of "4 priority issues"(1) Increase in Actual Amount of Net Income
FY3/21 (Result)
Net income attributableto owners of parent

FY3/22 (Result)

FY3/23 (Result)

FY3/24 (Plan)

1,190
million yen

1,414
million yen

1,500
million yen

919
million yen

In the fiscal year ended March 31, 2023, the Company achieved its net income target in the "Plan to
Meet the Continued Listing Criteria for the New Market Segments" one year ahead of schedule.
(2) Productivity Improvement of Invested Capital
FY3/21 (Result)Invested capital
17.4 billion yen(year-end)
ROIC (Return on
5.30%
Invested Capital)
WACC (Weighted4.68%
Average Cost of Capital)

FY3/22 (Result)

FY3/23 (Result)

FY3/24 (Plan)

18.7 billion yen

23.2 billion yen

24.5 billion yen

6.37%

6.09%

6.26%

4.36%

3.67%

3.60%

ROIC-WACC

0.61%

2.02%

2.42%

2.66%

ROE (Return on Equity)

8.3%

10.0%

10.7%

10.4%

Since the fiscal year ended March 31, 2021, the invested capital has increased due to investments ingrowth, but the productivity of invested capital is trending upwards. The above figures (ROIC andWACC) are based on the Company’s calculations and are simplified calculations with a focus onunderstanding trends.

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News Release: OKADA AIYON CORPORATION(6294 TSE Prime)
June 9, 2023

(3) Progressive and Flexible Shareholder Returns
FY3/21 (Result)
FY3/22 (Result)

FY3/23 (Result)

FY3/24 (Plan)

Dividends per share

29 yen32 yen38 yen56 yenDividend payout ratio

25.2%

21.5%

21.6%

30%

Based on stable business growth, the Company has continued to increase dividends for 13
consecutive years through the fiscal year ended March 31, 2023. In the fiscal year ending March
2024, the Company plans to increase the dividend by 18 yen and payout ratio by 30%.
(4) Enhancement of Investor Relations and Information Disclosure① Enhancement of dialogue with shareholders, investors, and analysts
FY3/21 (Result)
FY3/22 (Result)
FY3/23 (Result)Financial results briefing

3 times

4 times

4 times

FY3/24 (Plan)
4 times

Meeting with investors
37 times
61 times
58 times
60 times
and analysts
As a result of the increased activity of IR teams and the increased opportunities for dialogue, thenumber of meetings with investors and analysts increased by about 60% in the two years since theresults in the fiscal year ended March 31, 2021.

② Enhancement of disclosure of information in English
The following information is disclosed in English.
・Notice of Convocation Annual General Meeting (Notice of convocation and reference
documents for general meeting of shareholders)・Summary of Consolidated Financial Results・Long-Term Vision "VISION30"
・Medium-Term Management Plan "Rolling Plan"・Results presentation materials
・Important timely disclosure materials (Disclosure materials for FY3/23 are as follows)"Notice of Business Acquisition and Establishment of a New Company by Our Consolidated
Subsidiary in the U.S.""Notice of Changes in Dividend Policy"③ Strengthen initiatives for ESG and sustainability
・Establishment of the Sustainability Committee
The Company has established the Sustainability Committee (held four times a year and whenrequired) chaired by the President to proactively and flexibly respond to issues related tosustainability and effectively promote ESG management.
・The Company has launched a webpage on sustainability on its website.
https://disclosure.okadaaiyon.com
・Materiality (key issues) was determined and posted on the Company's website.
https://disclosure.okadaaiyon.com/materiality/
・In addition to expressing the Company's support for TCFD recommendations, it plans to post
TCFD discloses and supply chain CO2 emissions calculations on our website by the end ofJune 2023.

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News Release: OKADA AIYON CORPORATION(6294 TSE Prime)
June 9, 2023

Reference Materials
Plan to Meet the Continued Listing Criteria for the New Market Segments (November 12, 2021)
https://www.aiyon.co.jp/wp-content/uploads/2022/03/Plan-to-Meet-the-Continued-Listing-Criteria-forthe-New-Market-Segments.pdf
Medium-Term Management Plan "Rolling Plan FY2023-2025 (May 11, 2023)
https://www.aiyon.co.jp/wp-content/uploads/2023/05/82f342384fba8d10a1537751300e76c8-2.pdf※掲載完了後、該当 URL に変更

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