THE PACK CORPORATION
Transcription of Briefing on Business Results for the Year Ended December 31, 2022 and the New
Medium-Term Management Plan

March 2, 2023

Event Summary[Company Name]

THE PACK CORPORATION[Company ID]

3950[Event Language]

JPN[Event Type]

Briefing on business results and medium-term management plan

[Event Name]

Briefing on Business Results for the Year Ended December 31, 2022
and the New Medium-Term Management Plan

[Fiscal Period]

FY2022 4Q[Date]March 2, 2023

[Pages]34[Time]

13:30 – 14:24(Total: 54 min., Presentation: 40 min., Q&A: 14 min.)[Location]

Seminar Room 2, 2nd Floor, Kabutocho Heiwa Building, and online
streaming[Venue Area][Number in Attendance][Speakers]

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President & CEO
Hideaki Yamashita (hereinafter, “Yamashita”)
Managing Director, Corporate Division
Michihisa Fujii (hereinafter, “Fujii”)

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Presentation
Moderator: The scheduled time has arrived, so we will now commence The Pack Corporation’s
briefing on business results for the year ended December 31, 2022 and on the company’s new
Medium-Term Management Plan. Today’s briefing is being conducted in a hybrid format; inaddition to this venue, it is also being held online via live streaming.
To begin, I will introduce the two people here today from the company, President & CEO Hideaki
Yamashita and Managing Director Michihisa Fujii, who heads the Corporate Division. They will be
the speakers for the presentation. After their presentation, they will take questions from theaudience. Thereafter, questions will be taken from people participating online. People participating
via Zoom should raise their hand by pushing the button at the bottom of the screen.
A questionnaire form has been handed out to people here at the venue. Please fill it out when you
have the opportunity and leave it on your desk when you exit the venue. People participating online
are requested to fill out the questionnaire using the URL displayed after the live stream ends or using
the URL included in the email that will be sent subsequently. Next, we will hear from Mr. Ouchi, thecompany’s IR representative.
Ouchi: Today’s briefing on business results for the year ended December 31, 2022 and on the new
Medium-Term Management Plan will proceed based on the materials disclosed on the company’s
website on February 27. In order of the table of contents, Topics will be presented by President
Yamashita; Business Results of the Year Ended December 31, 2022 and Forecasts of Business Results
for the Year Ending December 31, 2023 will be presented by Mr. Fujii; and the New Medium-Term
Management Plan will be presented by President Yamashita.
Regarding the reference materials, time has not been allotted to explain them, so we hope you will
have the opportunity to review them yourselves. It should also be noted that the AccountingStandard for Revenue Recognition, etc., has been applied to the figures listed in these briefing
materials from the start of the consolidated fiscal year ended December 31, 2022.
The standard has also been applied retroactively to figures for the fiscal year ended December 31,
2021. Please be aware that the standard has not been applied to figures for the fiscal year ended
December 31, 2020 or to prior fiscal years.
Now, President Yamashita will begin his presentation on the Topics.

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Yamashita: My name is Hideaki Yamashita, from The Pack Corporation. Thank you very much fortaking time out of your busy schedules to attend here in person or via the live stream. I will begin bygoing over some topics related to our business results for the year ended December 31, 2022.
Regarding business results, consumer spending at brick-and-mortar stores increased, and tourism
demand also improved. In addition, package sales increased for the e-commerce sector and foodproducts market, which led to steady business results.
Next, regarding market conditions and management policies, the trend towards reduced use ofplastics and the use of plastic alternatives continued alongside increasing environmental awareness,and this trend is expected to continue. We intend to develop and promote eco-friendly products,
starting with paper materials.
The e-commerce sector and food products related markets are growth markets, and there is still agreat deal of room for sales growth. We will continue working to increase sales by proposing ecofriendly products and solutions.
Regarding our next medium- to long-term strategy, we formulated a new Medium-Term
Management Plan, which I will be explaining later on.

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Ouchi: Thank you for waiting. Business results for the fiscal year ended December 31, 2022 will
now be presented by Mr. Fujii.

Fujii: Good afternoon, everyone. My name is Michihisa Fujii, and I head up the Corporate Division.
I will now review our business results. Let’s begin with the summary. Sales and profits increased
substantially thanks in part to improved consumer spending and economic activity. Net sales
increased ¥9.3 billion, or 11.8%, year-on-year to ¥89.06 billion. Operating profit increased ¥1.8
billion, or 44.1%, to ¥5.972 billion. Net sales has recovered to 93.3% of fiscal 2019 levels, which
was before the COVID-19 pandemic, and operating profit has recovered to 88.2% of fiscal 2019
levels. Business results are being greatly impacted by the recovery in consumer spending, but thestrategies and policies in our medium-term plan have been making steady progress as well. The factthat development and increased sales of eco-friendly products and increased orders from solution
proposals are paying dividends can also be viewed as positive.

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4Next, we will look at the factors underlying changes in operating profit.
Operating profit increased due to an increase in sales volume and higher average sales prices. The
increase in average sales prices is attributable to incorporating increases in raw material costs into
sales prices, changes in the product mix, and sales of high value added products. Labor costs
increased, primarily due to adding more part-time employees and full-time employees inmanufacturing. Logistics costs have increased as shown; however, the ratio of logistics costs to net
sales, actually decreased 0.3 percentage points, from 7.7% in 2021 to 7.4% in 2022.

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5This shows results by segment.
I will discuss the details later on, but profit in each segment has been increasing steadily, and profit
margins are also improving.

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Next, we will look at trends by segment.
Among them, net sales in the Paper Products Business was ¥62.9 billion, which is ¥2.6 billion, or4.3%, higher than the pre-pandemic level of 2019, when sales were ¥60.3 billion.

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Next is net sales by business.
Among the categories, food products and e-commerce continue to grow steadily. According to datafrom the Japan Department Stores Association, department store sales in 2022 were up 13.1% year
on year. Even among our customers, apparel, department stores, and sundries are improving
substantially.

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8Next, we will discuss individual segments.
In the Paper Products Business, regarding the industry environment, more people are venturing out
since the end of restrictions, causing a major increase in demand for packages used at stores. Also,with environmental awareness increasing, development of high-performance materials is advancing,
and the range of applications for paper packaging is expanding.
Regarding our initiatives, we continue to promote migration to paper packages and eco-friendly
products for each market. We are also proposing improvements to packaging material forms andspecifications and are proposing solutions for labor saving, energy saving, and mechanization forcustomers. In addition, we are strengthening initiatives to develop new eco-friendly materials andprocesses and paper materials with advanced functions.
Trends in net sales and operating profits are as shown. Operating profit margins have also been
improving.

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9This shows the paper bags portion of the Paper Products Business. Regarding the industry
environment, more people are venturing out, and demand has been recovering significantly intourism, travel, and souvenirs. As for our initiatives, we are strengthening proposals for high value
added products, centering on eco-friendly products.
The photos at the bottom show examples of products we’ve developed. This is a mixed paper madewith used clothes that people no longer need. This example was manufactured using denim scraps
received from a customer of ours that makes jeans. We also make paper mixed with the unneeded
parts of tea, which we received from a customer of ours that makes tea. These mixed papers are thenturned into bags that customers can use. These are the types of initiatives we are conducting throughjoint development with paper manufacturers.
Trends in net sales and operating profits are as shown. The operating profit margin has also been
improving, increasing from 11.1% in 2019 to 11.5% in 2022. Sales volumes are also steadily rising.

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10Next, we see the paper cartons category of the Paper Products Business. Regarding the industry
environment, demand for primary paper cartons for food products is increasing thanks to growth in
the home meal replacement market and increasing environmental awareness. In the paper cartonscategory as well, sales in the souvenir market have been strong.
Looking at the photos of developed products at the bottom, you can see our tapered paper trays,
which are a plastic alternative in line with the trend towards reduced use of plastics and the use ofplastic alternatives. We are also engaging with these types of products and plan to introduce new
manufacturing facilities as well.
Net sales and operating profits in the paper cartons category in 2021 and 2022 both greatly exceeded2019. Net sales in 2022 was 21% higher than in 2019.

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11Here we see the corrugated boxes category. Production volume in the overall corrugated box
industry is increasing slightly. Looking at individual applications, consumption for ecommerce/delivery/moving was up 2.6% year on year. Customers in food products, apparel,sundries, and distribution, who have been our main purchasers of paper cartons, have come to use
corrugated boxes for e-commerce, so there are increasing cases in which we conduct combined sales
by adding corrugated boxes to ongoing sales of paper cartons and paper bags.

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12Next is the Film Packaging Business. Net sales and profits had both been trending downward due tostores beginning to charge for checkout bags and the decline in sales of external packages for
disposable diapers, but they bottomed out in 2021, and in 2022, net sales grew by 7.2% andoperating profit by 46.9%. There has also been major growth in sales of film packaging sold in
combination with paper bags and paper cartons to customers in the food products sector. Net sales offilm packaging in 2022 increased 33.5% compared to the previous year.

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The next category is Other Businesses. Due to changing formats in the department store industry,
demand for in-store supplies and office supplies has been declining, but our sales have recoveredfrom declines caused by the COVID-19 pandemic. We are also strengthening new productdevelopment initiatives, including food trays made with eco-friendly materials and soft bags andreusable shopping bags that use recycled materials.

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Next is our balance sheet, on which I have no specific comments to make.

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Regarding cash flow, the comments at the bottom indicate that outflows increased from the purchaseof investment securities, including investments in long-term investment bonds and renewable energy
bonds, and as regards cross-shareholdings, these are reviewed each half and adjustments are made.
Cross-shareholdings represented 7.0% of net assets as of the end of December 2022.

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The next slide shows a forecast of business results for the year ending December 31, 2023. In fiscal
2023, we will work to significantly increase sales and profits by providing value to the environment,
society, and the economy in response to changing market conditions. We are forecasting net sales toincrease ¥4.9 billion, or 5.5%, year on year to ¥94 billion, and are projecting operating profit toincrease ¥428.0 million, or 7.2%, to ¥6.4 billion. As a total packaging solutions company, we will
actively make proposals for eco-friendly packaging as well as labor and energy savings andmechanization to address the sustainability issues facing customers and society.

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The three-year period from 2020 to 2022 was a very challenging period, but as I just mentioned, ourperformance has been recovering, as you can see here, as a result of carrying out the strategies andtactics outlined in our medium-term plan.
Starting this fiscal year, we will achieve further growth through our new Medium-Term
Management Plan, which will be discussed later on by President Yamashita.

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Next are the factors underlying projected changes in our operating profit. We will achieve increased
profit primarily through increased sales volume of paper products and improved sales. Raw material
costs are expected to increase this fiscal year as well, but we will work to optimize sales prices andto reduce costs by streamlining logistics and other measures.
On the matter of reflecting our cost increases in sales prices, we will raise prices in some cases, but
we will also work with the customer to reduce and absorb costs by proposing changes in
specifications, such as the shape and design of paper cartons or paper bags, paper quality, paper type
and thickness, and number of colors used when printing. We sell our products mainly through a
direct sales system, so sales reps and design and product development staff in divisions that support
sales activities work together to make proposals directly to customers.
This concludes my presentation. Thank you for listening.

Ouchi: Next is President Yamashita’s presentation on the new Medium-Term Management Plan.

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Yamashita: I will now explain our new Medium-Term Management Plan, but let me begin with abrief review of our previous Medium-Term Management Plan.
Under our previous Medium-Term Management Plan, we conducted business activities under theslogan of “Management Focused on Environmental Responsiveness” and on the basis of five
strategies: making initiatives to switch to paper packaging; growing sales to the food products,
pharmaceuticals and cosmetics, and e-commerce markets; enhancing sales of paper cartons;
expanding business domains; and promoting productivity improvements and workstyle reforms.
With the spread of COVID-19 and restrictions on movement, it became difficult to achieve ournumerical targets. However, with regard to paper cartons and corrugated boxes—markets we aretightly focused on—we were able to increase sales compared to fiscal 2019.
Regarding paper cartons, we were not able to achieve growth compared to fiscal 2019, but by
increasing sales of eco-friendly products and acquiring new customers, we have been recoveringfrom the downturn of fiscal 2020. With respect to the payout ratio, we achieved a ratio of 25% orhigher, in keeping with our target.
As for investments, we invested ¥2.5 billion in augmenting paper carton manufacturing capacity,
rebuilt our head office building, built new backbone systems, and introduced facilities for laborsaving and energy saving at factories.
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Next, I will review our numerical results under the previous Medium-Term Management Plan. Bothnet sales and profits declined substantially in 2020, but grew in fiscal 2021 and fiscal 2022, steadily
approaching pre-pandemic levels.
Next, you’ll see net sales by product type in the middle of the slide. Sales of paper cartons were¥18.3 billion in 2019 and ¥22.2 billion in 2022. In the food products market, the graph underneath,sales increased from ¥22.8 billion to ¥24.1 billion as we were able to expand business in fields withlarge markets.
In sales of eco-friendly materials, which you’ll see on the right, sales of FSC products increased
greatly, from ¥2.8 billion to ¥9.4 billion, reflecting growing market sentiment alongside rising
environmental awareness among customers and consumers.

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Now I will discuss our management policy.
In addition to our Company Motto and Corporate Philosophy, which have guided us for some time,
we established the following Corporate Purpose to define our reason for existing in society:“Mission of bolstering social prosperity and creating satisfaction through packaging.” Furthermore,
we formulated a new Basic Policy on Sustainable Management that reflects the social and businessenvironment in which we operate and also set forth a number of proprietary topics. In accordancewith this management policy, we will pursue growth of The Pack Group by addressing theseproprietary topics.

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Next, I will discuss our promotion of sustainable management, which will be implemented fromfiscal 2023.
In our Basic Policy on Sustainable Management, we established a policy of accommodating changes
in society and providing value unique to the Group in pursuit of a society that is sustainable,
prosperous, and full of smiles.
In addition, we established the Sustainable Committee to promote sustainable management. The
committee manages and promotes sustainable management, formulates policies related to important
themes, and deliberates and decides on progress management for various initiatives. Regarding thepriority topics for promoting sustainable management, we will define them for each ESG item,
deepen our understanding internally, and steadily work to solve the issues involved.

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Next, I will give a summary of our new Medium-Term Management Plan.
The slogan of the new Medium-Term Management Plan is: “Evolution: Start of Purpose-BasedManagement and Sustainable Management.” The targets for the fiscal year ending December 21,
2025 are consolidated net sales of ¥107.0 billion, operating profit of ¥7.0 billion, ROE of 8% orhigher, and ROIC of 8% or higher. We also set sales targets by product type and by industry. As we
did in the previous Medium-Term Management Plan, we will focus specifically on increasing sales
in the food products market, as well as in the e-commerce, mail order and distribution markets.

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Next is our growth strategies. First of all, in the food products market, the market for primary foodcontainers is an extremely large one, and we will first work to increase sales in this market. With
environmental awareness rising, there is increasing demand for migrating to paper cartons as analternative to plastic.
Along with making proposals for paper migration, there are increasing opportunities for proposals
and sales of products with reduced use of plastic, such as Craft Clear and Craft VM Barrier, which
are shown in the photos at the bottom. While we haven’t been very involved in this area, there are
packages that are automatically filled using a machine called a cartoner, and we have been receiving
many inquiries from customers about this type of packaging. Because of this increasing demand, we
will renew efforts to grow sales in this market.

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Next is e-commerce, the mail-order market, and the logistics industry. These markets currently needto increase transport efficiency by decreasing the average size of packages. Recently, products that
had been sturdily packaged in corrugated boxes are increasingly being shipped in delivery bags,
especially for apparel products, so we think that sales of delivery bags are likely to increase going
forward.
We do not sell a generic corrugated box product in the e-commerce market, so the switch from
corrugated boxes to delivery bags will not have much impact on us. With regard to making packages
smaller, we have fairly advanced design capabilities when it comes to designing packages with
reduced sizes that retain their cushioning and are easy to assemble, and requests for this design work
have been increasing greatly. In this regard, the trend towards more compact packages represents anopportunity for us to increase sales.

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Next is the general distribution and retail market. In this area, we will work to further increase ourmarket share by making proposals and sales centering on paper migration. In addition, until now,
sales have centered on individual products such as boxes only or bags only or corrugated boxes only;
however, going forward, we will not only sell individual products but also combine sales withservices that we render, such as product assembly or setup of the products.
Recently, even many of our customers have been facing labor shortages, so there are increasingcases of customers requesting combined sales. We think this is an area that will grow going forward.

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Next is human capital strategy. First, we plan to secure diverse human resources.
Unfortunately, new graduate hires have been very modest, a situation which is proving to bechallenging. On the other hand, mid-career hires have been very active. We are hiring people whohave had a variety of careers for all of our divisions, as well as sales, manufacturing, andmanagement, and we intend to further expand the areas where they can play active roles.
At the same time, the work systems required in workplaces are diversifying substantially, and we
intend to make further adjustments to work formats in step with changes to the work environment.
Regarding personnel plans, we had a workforce of 1,797 people as of the end of last fiscal year, andover the next three years we aim to add around 120 new employees.

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Finally, we look at our financial strategy.
With regard to growth investment, we will make investments in five areas, as shown here, startingwith capital investment.
Next, with respect to shareholder returns, until last year we had set our payout ratio at 25% orhigher, but we have since raised this target to a minimum of 30%. Also, as you can see in the upperright, at the Nara Plant, we intend to rebuild on new land we’ve acquired, and at the Osaka Plant, weare planning a scrap-and-build on the current site.
Finally, regarding our fund usage plan, we are planning ¥6.5 billion for capital investment, ¥14.0
billion for strategy investment, and ¥4.0 billion for shareholder returns.
This concludes my presentation.

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Q&A

Moderator [M]: Now, as mentioned earlier, we will first take questions from people present at thevenue. Please raise your hand if you have a question. Any questions? This is an excellent
opportunity, so if you have a question, please do not hesitate.
Questioner 1 [Q]: I have just one, and it touches on the medium-term plan.
This was partially answered towards the beginning, but your P/B ratio is currently below 10%. In
this situation, recently, including the financial statements, valuation itself can change greatly
depending on the level of so-called cross-shareholdings. In this respect, I don’t quite understandwhether this is true in the case of your company.
It seems you have cross-shareholdings as net assets close to ¥20.0 billion, including investment
securities, and, going forward, trends indicate a P/B ratio of at least 10%. I think this was alreadypartially answered, but in your medium-term plan, what is the basic scope you are considering for
selling cross-shareholdings and replacing assets? This is the one thing I would like you to confirm.
Fujii [A]: Thank you for your question. Regarding cross-shareholdings, I mentioned this earlier in
my presentation, but the holding ratio is around 7.0%, and this has been the case for a good numberof years. In our view, a holding ratio of 7.0% is not particularly high.
However, including such matters as the P/B ratio, going forward, such cross-shareholdings are now
being reviewed every half, and we intend to monitor and review them going forward as well. Thisconcludes my answer.
Questioner 1 [Q]: I understand. That’s all I have. Thank you.
Moderator [M]: Thank you. Are there any other questions? Is there anything else? If there are no
more questions, we will take questions from people participating on Zoom. If you have a question,please raise your hand by pressing the button at the bottom of the screen. We will send unmute
requests in order from here, so after you are unmuted, please ask your question. This next portion
will be handled by Mr. Ouchi, the company’s IR representative. Please proceed.
Ouchi [M]: So now we will go to Zoom. Someone has raised their hand, so I will pass the mic tothem. Go ahead. I think there is a button on the screen to unmute. Do you see it? How about now?
Your mic is still muted. We seem to be having a little trouble, but if there is someone else with aquestion, please raise your hand by using the button on the bottom of the screen.
Is there anyone else with a question? You can also use the chat function, so please feel free to send aquestion that way as well. OK, let’s leave Zoom aside for now. If there is anyone here in theaudience with a question, we would ask you again to please speak up.
Moderator [M]: Does anyone have questions? Are we fine? OK, the person there in the very back,go ahead.

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Questioner 2 [Q]: I have a question about the growth strategy in your medium-term management
plan. In the food products market, you explained that you would be increasing sales of primarycontainers, including to convenience stores and fast-food restaurants.
A little more specifically, what types of products are you envisioning to increase sales? A few more
specifics with examples would be helpful. Thank you.
Yamashita [A]: It is a little hard to know how to answer that. To be honest, the products areinterconnected with our customers’ products, so it can be very difficult to give examples in specificterms.
However, it is more or less the case that the plastic containers used up until now will be changing topaper, as we have discussed today. So, we will be increasing sales as an extension of this generaltrend.
Questioner 2 [Q]: Thank you. You presented specific figures a moment ago, but basically you areenvisioning an increase from ¥25.0 billion in fiscal 2022 to ¥32.0 billion in fiscal 2025. Is that
correct?
Yamashita [A]: Yes.
Questioner 2 [Q]: Thank you.
Moderator [M]: Thank you. Are there any more questions? Are we fine? There don’t appear to be
any more questions, and there are no questions from people on Zoom, correct?
Ouchi [M]: Correct. There are no questions on Zoom.
Moderator [M]: OK. Then we hereby conclude The Pack’s briefing on its business results. Thankyou to everyone for attending.
[End]______________

Footnotes
1. Portions in which the audio is unclear are marked as “Audio unclear”.
2. In the conversation, [Q] is a question, [A] is an answer, and [M] is neither a question nor ananswer.

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