Kito Report 2020

Profile
Since its founding in 1932, Kito Corporation has been a leading manufacturer of material handlingequipment, specializing in meeting our customers’ need for lifting, transporting and securing
operations. From basic products such as manual and electric chain hoists, lever hoists, wire rope
hoists, and cranes to chain slings and other below-the-hook devices, Kito supplies products thatenhance customer safety and productivity in a wide range of worksites where heavy objects arehandled. Kito equipment plays vital roles in many different workplaces, from construction sites
and industrial factories to power plants, as well as entertainment facilities and facilities in the agricultural, forestry, and fishery industries.

CONTENTS
Profile/ Directors

1Society10

Message for Our Stakeholders

2

Corporate Governance

11

Kito’s Strengths

3Outside Directors in Discussion

14

History of Overseas Development

5

Eleven-Year Financial Highlights

16

Non-Financial Highlights

6

Financial and Capital Strategy

18

Kito’s Value Creation Process

7

Corporate Profile

20

ESG Management

8

Stock Information

21

Environment

9

About this report
This report presents Kito Corporation’s management strategies, business performance, relationship with the environment and society, and other information to
help stakeholders better understand Kito and its process of value creation and ESG of Kito’s business operations.
Through our business operations, in the workplaces for material handling throughout the world, we will continually maintain a customer-oriented perspective,
and by proposing new ideas and achieving them by providing products and services, gain the trust of the market, supporting customer safety and the efficient
functioning of society.
Disclaimer

These materials are prepared for the purpose of providing information concerning Kito Corporation’s management and are not intended to solicit investment insecurities issued by the Company. In addition, these materials have been compiled based principally on data current as of September 30, 2020. All opinions,forecasts, and other forward-looking statements stated in the materials reflect the Company’s judgments at the time these materials were prepared. No guarantees or promises can be made with regard to the accuracy or completeness of the information, which may be revised at any time without prior notice.

Kito Report 2020

Directors

President & CEO

Executive Vice PresidentManaging Director

Managing Director

Yoshio Kito

Edward W. Hunter

Tsuneo Yuzurihara

Shigeki Osozawa

Chief Executive Officer

Co-Chief Market Officer

Senior Executive Officer
Chief Financial Officer

Attendance at board
meetings

Attendance at board
meetings

Senior Executive Officer
Chief Quality Officer
Chief Manufacturing Officer

12/12

11/12

Number of shares of theCompany held

Number of shares of theCompany held

168,500

46,300Attendance at board
meetings

12/12
Number of shares of theCompany held

39,500Outside Director

Outside Director

Outside Director

Katsumi Nakamura

Takashi Hirai

Koji Osawa

Attendance at board
meetings

Attendance at board
meetings

Attendance at board
meetings

12/12

12/12

10/10

Number of shares of theCompany held

Number of shares of theCompany held

Number of shares of theCompany held

—

4,700

2,000

Attendance at board
meetings

12/12
Number of shares of theCompany held

36,900

As of September 30, 2020

1
Kito Report 2020

Message for Our Stakeholders

volumes have yet to return to pre-COVID-19 levels, wehave been fully leveraging our new infrastructure systems to continue measures to thoroughly manage costs
and shrink fixed costs, and our outlook regarding business results is that the first half of fiscal 2020 will be thebottom and then recover gradually.
This pandemic has been a catalyst for great changes in
how people live their lives, as well as in the businessenvironment around us, and going forward, the speed ofthis social change is expected to accelerate. Even within
this kind of environment, Kito will continue to provide
solutions that address the universal issue of being “freeof gravity” with a view to realizing future businessgrowth. By providing products with superior safety anddurability, clean streamlined production and supply processes for creating these products, and aftercare services for customers that are grounded in mutual trust, we
will not only realize a safe operating environment, butalso contribute to wider society, including by reducing
environmental impact.

Fiscal 2020 (the year ending March 31, 2021) is the final
year of the Kito Group’s five-year mid-term management
plan. In order to further raise corporate value, over the last
four years we have grown our business by enhancing our
products and services, and maximized cash flow by
improving efficiency. At the same time, we have advanced
the globalization of the entire Group. However, the impactof the global spread of the coronavirus disease (COVID-19)
since spring this year has reduced economic activity, making
it difficult to achieve targets in terms of business results.
Even so, as we advance the globalization of our business,
we have been diversifying risk and realizing an operational
structure with a customer base that spans a wide variety
of industries, which has enabled us to maintain businessperformance.
Looking at the current situation, in the regions that areimportant for the Group’s business, primarily Japan, theU.S., and China, measures such as lockdowns have not
had too big an impact and we were able to continue operating as normal. In terms of demand, too, while there
was a certain amount of variation depending on region
and industry, we managed to mostly overcome the worst
period in early spring and have been seeing a gentle
recovery since then. While production and shipping

Yoshio Kito
President & CEO
October 2020

2
Kito Report 2020

Kito’s Strengths
Products with Superior Safety and Durability
Kito’s products cover a broad spectrum, from manual and electric chain hoists and wire rope hoists, to lever hoists that
secure loads, cranes that transport heavy objects inside factories, and below-the-hook devices, like chain slings and otherhoisting accessories. By providing products with superior safety and durability, the Company meets the universal need foundin every industry to be free of gravity.

Primary examples of use

Engagement with a Wide Range of Industries
In addition to mining, manufacturing, construction, civil engineering, and other heavy industries, the Company’s products areused in a wide range of industries throughout the world, including those related to clean energy, food, entertainment, andother integral parts of everyday life.

Clean energy

Wind power generation
Freight transportation

Solar power generation
MiningConstruction and civilengineering

Clean rooms

Entertainment
Shipbuilding

Aviation

Natural resources

3
Kito Report 2020

ManufacturingKito’s Strengths

Topic

Food industry specifications: Ensuring food safety

Hazard analysis and critical control points (HACCP) is a preventive sanitation management method which identifies the steps
within all food-related processes, from manufacturing to shipping, in which it might be easy for products to become contaminated by microorganisms or foreign materials. In preparation for when sanitation management systems that incorporate
HACCP become mandatory in Japan (scheduled for June 2021), demand for products that meet food industry specifications
is growing. Products that meet these specifications primarily offer high rust-proof performance and minimize the scatteringof dust. We use stainless steel for hooks that might come into contact with foods and we use oils that have minimal effects
on the human body to lubricate food-related machinery. In cases where even greater safety and sanitary performance isrequired, we can also take steps such as attaching dust pans and full body covers. We have prepared over 20 possible
options to cater to each customer’s operating environment.

Preparations for making sake (rice wine)

A Chinese soup manufacturing process

Top Share Globally
Kito began its overseas business expansion in the 1950s and transitioned to full-scale global penetration in 1990 with theestablishment of U.S. subsidiary. Today, Kito operates business subsidiaries in 15 countries around the world and the overseas business has grown to account for around 70% of group-wide sales. Kito Group’s products and services have received
global recognition for their safety and durability, and have established positions as top-share brands in Japan, the U.S., andChina, which are leading markets.

KITO Group

Finland

CanadaAmericas

Korea
China
India

TaiwanThailandJapan(Tokyo, Yamanashi)

Netherlands

KITO Group

FinlandIndonesia

Germany
Australia

Korea
Brazil
China

Italy
India

TaiwanThailandThe Top-Share Brands with Highly Regarded Quality
Indonesia

4
Kito Report 2020

Australia

Jap(To

History of Overseas Development
1932

Established the Kito Manufacturing Company
in Omori, Tokyo

2020

Purchased all shares of Van Leusden in the
Netherlands

2018

Purchased all shares of ERIKKILA in Finland

2016

Purchased all shares of PWB Anchor in Australia

2014

Acquired all shares of the Peerless Industrial
Group in the U.S.

2012

Established KITO TAIWAN in Taiwan

2011

Established PT. KITO INDONESIA in Indonesia

2010

Purchased all shares of ARMSEL MHE PVT. in India

The predecessor of Kito Corporation, Kito Manufacturing
Company, started as a small factory in Omori in Tokyo’s
Ota Ward with just six employees. It mainly produced
winches, plate conveyors, and pumps.

1990

Established our first foreign subsidiary,
HARRINGTON HOISTS in the U.S.

1993

Established Kito Chain Italia in Italy

Established KITO CANADA in Canada

1995

Established KITO DO BRASIL in Brazil

Established JIANGYIN KITO CRANE in China

1997

Established SIAM KITO in Thailand

2008
2004

Established KITO KOREA in Korea

Established Shanghai Kito Trading in China

2006

Established KITO EUROPE in Germany

5
Kito Report 2020

Non-Financial Highlights(as of March 31, 2020)

Overseas locations

17

Overseas sales ratio

74

locations%

Kito operates 17 subsidiaries in 15 countries around theworld and provides products and services in more than 50
countries around the world.

Kito’s business portfolio supports results by being effective
for diverse regions and customers.

Number of employees on
a consolidated basis

Top-share brands

2,328(up 20 from the previous fiscal year)

Kito’s products and services are highly regarded worldwide
for their safety and durability. We have established positions as top-share brands in Japan, the U.S., and China,
which are leading markets.

The expansion in our global network has resulted in an
increase in employees on a consolidated basis. NonJapanese employees now account for more than 70% of
total employees.

Employment ofhandicapped people

Executive officers withforeign nationality

6.69

6

%

(As of September 2020)

Six of the Kito Group’s 15 executive officers are foreign
nationals. We appropriately place various human resources.

With the goal of being a company in which anyone can work,
Kito is committed to systematically and continually improving
the working environment. These efforts have contributed tothe company achieving an employment rate for handicappedpeople of 6.9%, which is one of the highest rates in Japanand well above the government’s statutory rate of 2.2%.

6
Kito Report 2020

Kito’s Value Creation Process
Corporate Mission
Kito’s Mission: Deliver Unmatched Satisfaction to Our Customers
Kito’s Quality: Our Driving “Spirit” is “Quality”
Kito’s Innovation: Change and Challenge Always
Value of KITO people: Integrity, Honesty, Pride and Gratitude

InputsFinancial capital

Manufactured capital

Human capitalIntellectual capital

Natural capitalSocial and relationshipcapitalA financial base that
supports growth

Production facility
enhancement
High percentage of
in-house manufacturing

Securing diverse
human resources

Product design anddevelopment

Energy used in
production

Sharing in brand partnerships with sales offices inJapan and overseas

82 personnel assigned
to product design,development, andtesting

Per ton of product1.47t-CO2

Total assets¥62.8 billion

Active investment infacilities, including
reducing the environmental impact of the
Yamanashi Head
Office & FactoryFree cash flow
¥2.55 billion
Breakdown of sales
Japan 25.8%
Overseas 74.2%

Number of
employees on aconsolidated basis
2,328
Percentage ofoverseas employees:
Over 70%

2.55MWh

Kito’s strengths
Business model

Top-share brands in the
major markets of Japan,
the U.S., and China** Results for China based on surveys by the Company

Business foundation
DesignDevelopment

Kito’s supply
chain
PDCA cycle

Sales

Sales agencies inover 50 countries

Governance

The Company handles every aspectfrom product development, design, andpart manufacturing to the assembly of
Procurement
finished products internally in an integrated fashion to ensure Kito Quality.

Ownership
ESG management

Manufacturing

Mid-term management plan
Outputs
A lineup of highly durable and safe products that meet customer needs
CranesHoistsBelow-the-hook devices

Creation of social value and sharing of value with stakeholders
Outcomes

Customers

Society

Partners

Safe work environments throughthe provision of highly safe, durable, and easy-to-maintain products

Infrastructure for all industries,
regardless of whether they are in
the private or public sector, by providing products

A win-win relationship with ourcustomers, supported by the highlevel of our product capability

7
Kito Report 2020

Environment
Reductions in environmentallyhazardous substances, electricity
consumption, and CO2 emissions
Over 10 years, 35% reduction in electricity consumption and CO2 emissions
compared to production amounts

ESG Management
ESG Vision
Kito responds to the need to safely lift, move and hold heavy loads in all industries and regions, enabling the creation of newvalue without the constraints of gravity. As a corporate member of society, we always bear in mind our responsibilities and
we are committed to advancing legal compliance, which is our top priority, fair and transparent corporate governance, andtimely, broad and fair disclosure of information. We also actively promote clean, environmentally friendly manufacturing andsocial contribution, among other initiatives.

ESG Initiatives

Key Themes• Contribution to a circular
economy• Waste reduction• Energy saving and global
warming countermeasures

Environment• Conservation and effective
use of water resources

By manufacturing and selling hoists andcranes with superb safety and durability, we
contribute not only to stakeholders such as
customers, distributors, and business partners, but broadly to society.

• Human resources
development• Work-life balance• Diversity promotion

SocialWe are helping to create a rich, sustainable
society where people live in harmony withthe environment, by adopting action guidelines that include setting goals for reducing
environmental impact and preventing pollution through our operations and total productlife cycles, while continuously improving ourmanagement system and promoting environmentally conscious activities.

• Health maintenance andimprovement

To achieve sustainable growth and improve corporate value on a medium- to long-term basis inline with our Corporate Mission, we are fully
engaged in enhancing corporate governance inaccordance with our basic concepts, based on
the belief that the essence of corporate governance lies in increasing the dynamism of management by ensuring it is transparent and fairand by making management decisions in a
prompt and decisive manner.

• Corporate governance• Risk management• Compliance

Governance

8
Kito Report 2020

Environment
PolicyInitiatives

Kito shall contribute to realizing an enriched and sustainable society where people are in harmony with the earth
by developing business activities and providing products
and services in the material handling field.
As concrete steps, we shall set goals for reducing environmental impact and preventing pollution through ouroperations and total product life cycles, while continuously improving our management system and promoting thefollowing environmentally conscious activities.

 Acquiring certification• The Group’s two major manufacturing facilities, ourYamanashi Head Office & Factory in Japan and our factory in Jiangyin, China, have received international ISO
14001 certification for environmental management.
• One of our main products, the EQ electric chain hoist(capacity: 980 kg), acquired the EcoLeaf environmental
label. This involves the verification and publication of quantifiable environmental impact data concerning a productacquired through life cycle assessments under the Type III
eco-labeling program managed by the Japan Environmental
Management Association for Industry (JEMAI).

Measures against climate change
1.

We will decrease energy consumption to reducegreenhouse gas emissions.

 Handling controlled substances

Control of chemical substances2.

Based on joint industry guidelines such as the European
Union’s Restriction of Hazardous Substances (RoHS) standards, we have independently identified and are preventing the use of 19 selected hazardous substances (Kito’s“banned 19”). Currently, all our standard manual and electricchain hoists comply with RoHS standards. For other products, we are actively working to switch to products thatmeet RoHS standards and do not use the “banned 19.”

We will continuously reduce and replace substances having significant impacts on people andthe earth.
Sustainable use of resources

3.

We will understand the finiteness of resourcesand ensure their effective use by saving and recycling them.
Measures to protect biodiversity

4.

Initiatives at Factories

We will strive to mitigate our impact on biodiversity and conserve ecosystems.

We aim to further reduce environmental impact by renovating our factories to enable cleaner, more energy-efficient operations. At the Yamanashi Head Office & Factory,
our top priority is to maintain a safe workplace for all by
paying careful attention to fire and other work-related risks,and harmful elements such as noise and odors, as well as
advancing efforts to reduce energy consumption, CO2
emissions, and other environmental impacts.

Compliance5.

We will comply with environment-related laws
and regulations, and other requirements that ourcompany agrees to.

We actively work to reduce environmental impact andhelp build a circular economy so that we can provide customers with environmentally friendly products. At thesame time, we engage in initiatives to reduce waste, use
fewer hazardous substances, and decrease energy consumption, including by switching to energy-efficientequipment. Furthermore, we aim to build safe workplaces in which anyone can work with peace of mind.

(fiscal year)
Environmental Data

Unit

Consumption of electricity peramount of production
Emissions of CO2 per amount of
production
Waste (including items with value,such as scrap metal)

Water withdrawal (tap water +groundwater)

Water discharge (industrial andnon-industrial wastewater)

Amount of organic solvents used

9
Kito Report 2020

2015

2019

MWh/t

2.60

2.55

t-CO2/t

1.55

1.47

t

2,509

2,139

1,000 m3

168.2

189.2

1,000 m3

46.6

57.2

t

68.9

23.1

Society
Policydialogue with stakeholders and are working to build a corporate culture that is conscious of business ethics andthe rights and position of stakeholders.

Under the corporate mission of “Deliver Unmatched
Satisfaction to Our Customers,” the Kito Group strives tocommunicate with stakeholders and we have positioned
solving social issues through our business and providing
customers with high quality products and services as ourhighest priority management issues. “Kito Quality”
means overcoming tight cost restrictions to realize products that are extremely safe, easy to use, meet customer
needs, and that contribute to workplaces, and we set
ourselves high targets in order to contribute to realizing asustainable society.

Hiring Disabled People
We put special effort into hiring people with disabilities
under the belief that the job opportunities a corporation
offers are an important part of its social contribution. Ourbasic labor policy is to build a work environment in which
all people, with different personalities, abilities and disabilities, can work together in harmony. Based on this we
continuously make workplace improvements as a concerted group-wide effort to become a group where anyone can work comfortably. Disabled employees make up
6.69% of our total workforce as of September 2020, farabove the legal mandate of 2.2%. In September 2017,
Kito won the Grand Prix for workplace improvement fordisabled employees from the Ministry of Health, Labourand Welfare.

Initiatives
 Customer safety and peace of mind
In workplaces all over the world that handle materials, wewill continually maintain a customer-oriented perspective.
By proposing new ideas and then providing the products
and services that bring them to fruition, we will gain thetrust of the market, supporting customer safety and theefficient functioning of society.

Social Contribution
We work to advance social contribution activities thatenable us to prosper together with regional and global
communities and to maintain clear, close and frequent
communications, always keeping in mind our responsibilities as a corporate member of society.

 Development of human resources
We value diversity in hiring and work to ensure that ouremployees are motivated and happy.
Out of the Kito Group’s employees, 70% are of nationalities other than Japanese. We invite excellent young
people from Group firms around the world to attend Kito
University, where they can learn about the firm’s history
and philosophy together, and develop into the next generation of leaders. New employees take a training program
which they experience all our work processes, from factory operations to sales.

(fiscal year)
Social Data

Employees

 Working
Kito quickly introduced teleworking as part of its promotion of a flexible working style. Group companies havetaken thorough measures to prevent infection by the novel
coronavirus, and are giving top priority to keeping employees healthy so they are continuing with teleworking.

2015

2019
681

678

Ratio of women in management positions

1.3%

5.1%

Ratio of disabled
employees

6.68%

7.09%

Average total annual workhours

1970.7

1956.1

41.7

42.9

Average employee age

 Stakeholder engagement
We recognize that cooperating with all stakeholders, particularly shareholders, is crucial for realizing sustainablegrowth and improving corporate value on a medium- tolong-term basis. Therefore, to engage with our stakeholders, we have established standards of conduct, and our
directors and management team always pursue healthy

10
Kito Report 2020

Cooperate Governance
Basic Concepts

management oversight and executive roles and theappointment of outside directors. At the same time, it
encourages healthy engagement with shareholders.

With the goal of achieving sustainable growth andimprovement of corporate value on a medium- to longterm basis, Kito is enhancing corporate governance inaccordance with the following basic concepts, based on
the belief that the essence of corporate governance lies
in increasing the dynamism of management by ensuring
it is transparent and fair and by making management
decisions in a prompt and decisive manner.
We respect the rights of shareholders, work to ensure
equality among them, consider the interests of stakeholders, including shareholders, and cooperate with them asappropriate. We also properly disclose corporate information and ensure transparency.
Based on the fiduciary responsibility and accountability
to shareholders of the Board of Directors, it aims to realize sustainable growth and improvement of corporate
value on a medium- to long-term basis and enhance earnings power and capital efficiency by strengthening management supervision functions through the separation of

Structure
As a Company with a Board of Company Auditors, although
Kito does not have independent directors accounting for
more than half of all directors, matters concerning the selection and compensation of directors and senior executive
officers are decided by the Board of Directors based on considerations and recommendations made by the Nomination
and Compensation Committee, a voluntary committee composed primarily of outside directors.
We maintain a sound corporate governance structure
and make efforts to enhance corporate value.
Our efforts to improve management efficiency include
introducing an executive officer system, as well as inviting
highly professional people to be outside officers, and working to enhance management supervision functions andsecure the transparency and objectivity of management.

Corporate Governance Structure

General Meeting of Shareholders
Election· Dismissal

Nomination andCompensation
Committee
Internal
Directors
2

Recommendations

External
Directors
3

Election· Dismissal

Board of Directors

Internal
Directors
4

Auditing

Board ofCorporate Auditors

External
Directors
3

Internal
Auditors
1

Election· Dismissal

Executive Body

External
Auditors
2

Auditing

Accounting
AuditorAccounting Auditors
Internal Auditing
Department

President & CEO

11
Kito Report 2020

Outside Experts

Business Division
Headquarters

Advice andGuidance(Lawyers, Tax Accountants,
Patent Attorneys, etc.)

Internal Audit
Division

Executive Officers’
MeetingFunctional Division
Headquarters

Election· Dismissal

Corporate Governance

Board of Directors

Nomination and Compensation
Committee

To ensure that the Board of Directors has the diversity andbalance of knowledge, experience and knowhow necessary to realize sustainable growth and the enhancement ofcorporate value of the Company over the medium to longterm, outside directors are appointed from among corporate executives and those with deep knowledge in thefield based on their experience, insight, and expertise. Forinternal directors, we ensure diversity by appointing directors from among people experienced in business divisions,
including sales and manufacturing, and people experienced
in planning, development and administration divisions.
The Board comprises of seven directors, three of
which are outside directors and independent officers, andit makes decisions on matters important to the Company
and supervises the state of execution of business bydirectors. In addition to a regular meeting held once eachmonth in principle, extraordinary meetings are held whenever a decision has to be made on important matters,
resulting in a structure that enables prompt and appropriate business decisions. The Board is positioned as thehighest decision-making body of the Kito Group and it
exercises overall control, including making all decisions
concerning important matters related to the Group.

The Nomination and Compensation Committee has been
established as an advisory body to the Board of Directors
with the aim of enhancing the transparency and fairness ofmatters such as the election and dismissal of directors anddirector compensation. It deliberates upon the following
items and delivers the contents of these deliberations as
its recommendation to the Board of Directors and Board of
Corporate Auditors. (1) Matters related to the selection ofcandidates for directors, corporate auditors and executive
officers of the Company and for officers of Kito Group subsidiaries, and matters related to dismissal and removalfrom the positions of the foregoing, and (2) the content ofcompensation for directors and executive officers of theCompany and for officers of Kito Group subsidiaries.
It comprises five committee members, three of which
are outside directors, to secure the independence andneutrality of the committee.

Evaluation of the Effectiveness of
the Board of Directors
The results of the evaluation of the effectiveness of theBoard of Directors in fiscal 2019 has been available toview on the Company’s website since March 27, 2020.
The following is an overview of these results.

Board of Corporate Auditors
The Board of Corporate Auditors determines the contents ofproposals to be submitted to the General Meeting of
Shareholders concerning the appointment, non-reappointment or dismissal of the accounting auditor and it makes
resolutions required when the Board of Directors determines compensation for the accounting auditor. It comprises three auditors, two of which are outside corporate
auditors, and one of the two is an independent officer. In
addition to performing audits in accordance with the audit
schedule determined in meetings of the Board of Corporate
Auditors, members also attend important meetings of theBoard of Directors and Board of Executive Officers to supervise and audit the execution of business by the directors ina strict manner, and also incorporate an external perspective
to perform audits of the execution of business by directors
in a stricter manner. Members also verify the adequacy andefficiency of the execution of business by directors throughinformation collected in coordination with the Internal Audit
Office and accounting auditor, including information heard
directly from the directors or obtained through the inspection of important documents.

 1. Evaluation method
A total of 10 directors and corporate auditors were eachgiven a questionnaire. Opinions were collected by evaluation of each item on a five-point scale and opinion column. The evaluation items have been partially revised
based on revisions to the Corporate Governance Codemade in June 2018, but are basically the same as theevaluation items used up to fiscal 2018.
 2. Evaluation results (summary)
As a result of the evaluation, the proportion of positive evaluations on the five-point scale (*) for some items fell slightly, but overall, the effectiveness of the Board of Directors asa whole was evaluated as being appropriately secured.
Among the items, all respondents answered “Strongly
Agree” to the question “Is the Board of Directors a place
where directors and corporate auditors can fully express
their opinions, discuss and exchange opinions openly andconstructively?” in the Operations of the Board of Directors
section, which shows that the Board of Directors’ ability tohold substantial discussions has been highly evaluated. The

12
Kito Report 2020 Structure of compensation

main item for which the positive evaluation was lower thanthe previous year was the status of the response to theissues presented in fiscal 2018.

The officers’ compensation system comprises three types:
fixed compensation, annual performance-based compensation, and transfer-restricted, equity-based compensation.
The Company pays only fixed compensation to outside
directors and outside corporate auditors, who are in aposition independent of business execution.

(*) T he answer choices on a five-point scale are “strongly agree, agree, neutral, disagree, andstrongly disagree.” Issues to be dealt withThe Board of Directors has concluded, based on the resultsof the evaluation, that the three issues identified in the fiscal
2018 effectiveness evaluation need to continue being dealt
with. In addition, it was recognized that there was a need tofurther improve the content of the explanatory materials to
support management in making appropriate judgments. To
further enhance the effectiveness of the Board of Directors,
we will continue to deal with the issues identified.
Three issues that need to continue being dealt with,and the measures to be taken
IssuesMeasures

Deepening discussions on medium- tolong-term strategies,
product strategies andregional strategies

We will deepen discussions in conjunction with the formulation of thenext mid-term management plan.

Increasing frequency
of discussions aboutrisk and conducting
periodic reviews

We discussed material risks in fiscal
2019. We will also share and discuss
other risks and issues which have an
impact on our business.

Discussing management successionplans

We will further advance discussions on
issues including career plans for fostering candidates for important management positions throughout the group.

Officers’ Compensation System

Fixed
compensation

Fixed compensation is set for each job
title and subdivided job grade.

Annual performance-based
compensation

Performance-based compensation isdetermined by setting a standard value
for each job title, using the Company’s
consolidated sales and EBITDA as evaluation indices. The degree of achievement for consolidated results (100%)and the degree of contribution of each
person to the Company’s performance,
etc., are evaluated comprehensively anddetermined within a range of 0–200%of the standard value.

Transfer-restricted,
equity-based
compensation

A standard value is determined for eachjob grade and an equivalent amount ofCompany common stock, with transfer
restrictions, is granted annually. Transfer
restrictions are canceled on retirement.

Indices

Reasons for selecting indices

Sales

Selected as an index for the growthpotential of a given market.

EBITDA

Selected as an index to measure
cash-creation output.

Cross-Shareholdings Basic Policy for the Officers’ Compensation System Basic policy for cross-shareholdings

1. Officers’ compensation is positioned as an importantmeasure for achieving sustainable growth and enhancing the corporate value of the Kito Group.

The Company will hold listed shares of its business partners as cross-shareholdings only in the cases where theholding of said shares, including the number of shares tobe held, is deemed rational following comprehensive consideration of its importance to the Company’s businessstrategies and our business relationship with the trading
partner. The rationality for holding such shares will be verified on a regular basis. Also, as a result of these verifications, our basic policy is to promptly dispose of or reduce
the number of cross-shareholdings for which the significance of possession is considered to be weak.
As of September 30, 2020, the Company does not possess any cross-shareholdings.

2. Compensation for directors and executive officers, otherthan outside directors, reflects the degree to which targeted consolidated results have been achieved and the contribution by the respective officers to such results. The
higher the position and the greater the responsibility of an
officer, the greater the proportion of performance-based
compensation in their overall compensation.
3. The Nomination and Compensation Committee, of which
the majority of the members comprise outside directors
to secure transparency and objectivity, deliberates uponcompensation for directors and executive officers andmakes recommendations to the Board of Directors.

13
Kito Report 2020

Outside Directors in Discussion

Takashi Hirai, Katsumi Nakamura and Koji Osawa

Takashi Hirai

Katsumi Nakamura

Koji Osawa

Takashi Hirai has abundant management experience gained
from working many years as a consultant at an international
consulting firm and as an executive of industrial companies
in Japan and the United States, as well as experienceteaching about raising global human resources as a faculty
member at graduate schools of corporate management.

Katsumi Nakamura has abundant business
management and manufacturing knowledge gained from many years of experience as an executive and technician in theautomobile industry, which is one ofJapan’s core industries.

Koji Osawa was engaged in venture capitalfund management in Silicon Valley for many
years after working at a general trading company. He is deeply knowledgeable about new
business discovery and development, as wellas cutting-edge technologies such as IoT.

What I am most conscious of regarding the outside director’s role
Introducing as many different and multifaceted viewpoints as possible into Company management can enable
the management team, including us outside directors, toformulate new growth strategies. Kito is the top brand ina niche market, the market for hoists, but it will stop
growing if it focuses only on remaining there. I will support the Company’s growth to enhance its capabilities asan organization and make it more risk-resistant, so that it
can avoid falling into a balanced but contracting state.

Nakamura: We play an important role in helping to keep
the top executives in check. As outside directors, we provide opinions from many different perspectives, including
criticism that can hurt to hear, and we occasionally oppose
proposals made by the management team. The presence ofoutside directors keeps management, from the President
downward, on its toes, which I think is essential for enabling
the Company to make healthy, correct decisions.
I’m sure Kito can raise the level of its efforts in both
improving products and technology, and expanding markets. I began my career as a designer at a manufacturer,
and as an executive with knowledge of manufacturing, I
have accumulated experience of managing complex organizations, including establishing a joint venture company inChina. I’m confident that I can leverage my management
knowledge and experience to contribute to Kito’s growth.

Osawa: I have many years of investment fund experienceand have been involved in financing venture companies anddeveloping new businesses. I think M&A is one effectivemeans of reinforcing overseas strategies and developing
new businesses. Through my experience with investment
funds, I’m well acquainted with the M&A process, especially the seller’s position and logic. Kito has already establishedand mature business areas, but I would be very happy if I
can contribute to further growth by creating new businesses that expand the Company’s presence in existing business areas and even enable it to grow beyond these.

Hirai: My area of expertise is management strategy. As acorporation’s management becomes immersed in theideas and practices taken for granted in the industry, its
management perspective tends to grow narrower.

14
Kito Report 2020

Kito’s current challenges and growth potential
Nakamura: I feel that the steps Kito has taken so far are
a little too modest. We outside directors want more
dynamic action. It is important that this action begins withinitiative from individual employees rather than top-downorders. It would be great if people on the production floor
can put their ideas together to find creative ways toimprove profit structures and gross margins.

Nakamura: The Company has produced fewer new technologies and products than desired. Kito praises being
free of gravity, and clearly states a management vision ofanti-gravity in its mid-term management plan. I would likethis idea of being free of gravity to be expanded further.
Kito has enhanced overseas operations through M&A,
but it has not yet fully integrated operations or shared its
values and quality with the overseas bases. For a manufacturer, the standard of quality in particular is equal tothe company’s values.

Hirai: Kito products are used in all industries and our business itself contributes to society as a kind of social infrastructure. If we can grow this business so that it
contributes to society in a way that is recognized andappreciated, our employees will be more motivated. If wethen channel this motivation into creating new things, we
can engage our various stakeholders. This also connects
to efforts by corporations around the world, backed by
the United Nations, to achieve the SDGs.

Hirai: We should be able to realize further growth if we
can keep our advantage as the niche-market leader while
maintaining a good balance between expanding our product portfolio, building a global production structure andsupply chain, and building scale in markets with different
characteristics. Integrating marketing operations is difficult because of differences in the competitive environments between markets, but if we can pull it off it will
give us an opportunity to expand operations.

Osawa: More than anything else, the foundation of a corporation is its people. A corporation where employees are
passionate about their jobs and are always rising to thechallenge comes across as an interesting and appealing
company. As a result, it can recruit excellent humanresources and attract customers and business partners. If
Kito employees approach their work with a sense of
excitement, this will reach our customers and shareholders, creating a positive cycle in relations with stakeholders.

Osawa: Kito is lucky to have customers in different
industries. By leveraging this broad customer base tooffer total solutions, I think we can develop business that
can take over an entire area of business. I think there is
still plenty of room for using existing businesses as starting points for expanding into adjacent business areas thatoffer high added value.

15
Kito Report 2020

Eleven-Year Financial Highlights(Year ended March 31)

Financial Information
Results of Operations (Consolidated)

2010

2011

2012

2013

¥23,925¥28,095¥33,282¥35,501

62.7

66.3

67.1

67.1

Japan

-

-

-

21,308The Americas

-

-

-

10,136

China

-

-

-

7,145

Asia

-

-

-

4,849

Europe

-

-

-

1,190

Other*2

-

-

-

-

Gross profit

7,306

8,667

10,083

11,711Gross profit ratio (%)

30.5

30.8

30.3

33.0

Operating income

437

1,119

1,658

2,510

Operating income ratio (%)

1.8

4.0

5.0

7.1

Ordinary income

471

885

1,572

2,440

Net income attributable to owners of parent

122

423

662

1,023

Capital Expenditures

733

1,303

1,145

1,520

1,108

1,013

944

774

Return on equity (%)

0.8

2.8

4.3

6.3

Number of employees

1,541

1,720

1,832

1,898

¥2,097¥1,908¥411¥(515)Net cash used in investing activities(594)(1,983)(1,310)(1,746)

Free cash flow

1,503

(75)

(899)

(2,261)

Cash flows from financing activities

(895)

385

899

850

Total assets¥25,700¥28,151¥31,510¥34,760

Net assets

15,786

15,706

15,87818,012

Interest-bearing debt

2,457

2,722

3,943

5,391

Shareholders’ equity ratio (%)*3

59.3

53.8

48.5

49.8

Debt/equity ratio (Times)

0.16

0.17

0.25

0.30

Net Sales
Overseas Sales Ratio (%)
Net sales by region*1

Depreciation

Cash Flows
Cash flow from operating activities

Financial Soundness

16

37

76

87

128.3

51.1

5.4

-

Net assets per share (Yen)*5¥626.41¥588.84¥594.20¥670.19

Net income per share (Yen)

4.55

17.35

25.72

39.71

Cash dividends per share (Yen)

10.00

10.00

10.00

10.00

Payout ratio (%)*6

219.6

57.6

38.9

25.2

Price/earnings ratio (Times)*7

127.4

22.1

13.9

13.0

Price book value ratio (Times)*8

0.93

0.65

0.60

0.77

Interest paid
Interest coverage ratio (Times)*4

Valuation*1 Numbers for fiscal 2012 and earlier are not included because there was a revision of segment divisions.
*2 We acquired all the stock of Scaw Metals Pty. Ltd. (currently Kito Australia Pty. Ltd.) in the fiscal year ended March 31, 2017 so that the company and its two subsidiaries are included in
the consolidated figures. Along with the change in the coverage of consolidation, the reportable segment Others has been added.
*3 Net assets applicable to common stock/total assets × 100*4 Cash flow from operating activities/Interest paid
*5 Net assets applicable to common stock/average outstanding shares*6 Cash dividends/net income (consolidated)*7 Stock price (year-end)/EPS*8 Stock price (year-end)/BPS
Note: K
 ito conducted a 100-for-1 stock split of its common stock on April 1, 2013, and a 2-for-1 stock split on October 1, 2014.
Accordingly, the Net assets per share, the Net income per share, the Cash dividends per share, and stock price of all fiscal years are calculated the same way as after the stock split.

16
Kito Report 2020

(Millions of yen)
2014

2015

2016

2017

2018

2019

2020

¥41,855¥49,968¥55,821¥51,141¥55,168¥61,238¥58,722

72.2

76.6

77.3

74.3

76.0

73.6

74.2

22,577

24,51425,41524,03624,886

29,79426,704

13,06021,967

27,96524,80926,78528,691

28,171

8,742

8,504

7,870

5,524

6,264

7,185

7,503

6,649

5,471

5,166

4,744

4,681

4,668

3,214

1,546

1,692

1,686

1,390

1,916

3,754

4,578

-

-

-

1,356

2,048

1,901

1,464

14,903

16,82420,30918,96819,881

22,545

21,979

35.6

33.7

36.4

37.1

36.0

36.8

37.4

4,006

3,395

5,221

4,208

4,698

6,413

5,474

9.6

6.8

9.4

8.2

8.5

10.5

9.3

4,094

3,423

4,576

3,249

3,791

5,748

4,991

2,361

2,026

2,497

1,897

2,836

4,064

3,204

2,440

1,408

2,013

2,239

1,607

1,321

2,377

954

1,311

1,814

1,792

2,116

2,470

2,711

12.3

8.9

10.1

8.4

13.2

16.8

12.2

2,094

2,495

2,365

2,364

2,169

2,308

2,328

¥4,056¥3,338¥4,502¥3,981¥7,044¥3,553¥5,374(2,729)(8,402)(3,572)(2,142)(2,191)(1,580)(2,826)

1,327(5,064)

930

1,839

4,853

1,973

2,548

465

7,050

(1,900)(1,148)(3,083)(4,279)(1,671)¥41,108¥63,183¥60,639¥60,137¥61,854¥62,078¥62,804

22,00325,626

26,04021,23923,697

26,68727,927

6,425

21,343

19,281

24,17821,44918,795

18,332

51.2

38.9

41.2

33.8

36.7

41.4

42.8

0.29

0.83

0.74

1.14

0.91

0.7

0.66

178

224

450

397

386

408

356

22.8

14.9

10.0

10.0

18.2

8.7

15.1

¥806.32¥936.83¥952.43¥1,001.60¥1,114.03¥1,258.34¥1,314.13

91.25

77.52

95.13

82.38

139.52

199.14156.64

20.00

25.00

28.00

28.00

33.00

44.00

48.00

21.9

32.3

29.4

34.0

23.7

22.1

30.6

11.6

15.7

8.8

14.4

14.2

8.4

6.4

1.31

1.30

0.88

1.19

1.78

1.32

0.76

17
Kito Report 2020

Financial and Capital Strategy
Overview of the Mid-Term Management
Plan and Financial Strategy

working to capture the demand of growing industries in the
post-COVID-19 period to expand our market share, while atthe same time raising the productivity and efficiency of operations to maximize profit and cash flows and aiming for the
EBITDA growth and operating profit targeted in the medium
to long term.
Even though the COVID-19 pandemic has not seriously
impacted our global supply chain, to prepare for the paradigm shift expected in the post-COVID-19 period, we needto establish a robust business base to realize sustainablegrowth and become a company that is resilient to crises
and fluctuations in the business environment. Happily, theGroup has a stable financial foundation, and we are taking
an approach of meeting capital requirements by remaining
vigilant regarding financial soundness, with a focus on
cash flows from operating activities, while also actively utilizing external loans. Our basic capital strategy is to balance
this sound financial foundation with active investment ingrowth, while at the same time enhance shareholder
returns, practice management focused on capital costs,
and strengthen product portfolio management so that we
can further raise capital efficiency and enhance corporate
value in the medium to long term.

The Kito Group formulated a five-year mid-term management
plan, of which fiscal 2020 is the final year, with the aim of providing value that exceeds customers’ expectations and maximizing the market value of the Kito brand. We are advancing
operations based on the Kito Spirit, which is made up of three
key directives: Enhance the Customer’s Experience, which is
our top priority, and to make that happen, we will create a
Highly Efficient and Functional Organization, and we actively
Invest in People, who make up this organization. To achieve
the management goals of (1) return to a high margin businessstructure, (2) grow through product portfolio expansion, and(3) evolve into a globally integrated enterprise, we will raise
the productivity and efficiency of our existing business andgrow by expanding product areas and line-ups. We are working to diversify the industries that make up our customer
base as well as the regions in which we do business, and in
fiscal 2019, our overseas sales accounted for 74.2% of overall sales. Although the COVID-19 pandemic has made it difficult for us to achieve the quantitative targets for the final yearof our mid-term management plan, in each market we are

Aiming to Double Profitability Through Three Management Goals
1 Return to a high margin business structure• Renew production equipment

Financial Target (EBITDA)¥13 billion• Concentrate on high-margin business

2 Grow through product portfolio expansion¥7.4 billion• Develop new products • Expand product offerings through M&A• Expedite sales of current products in new markets

3 Evolve into a globally integrated enterprise• Recruit and develop global human resources• Introduce synchronized ERP systems at primary business locations• Build a unified marketing database for the entire GroupNet Sales / Overseas Sale Ratio(Billions of yen)
62.0
60.0

61.2

77.3

56.0

58.7

76.0

58.0

55.8

54.0
52.0

73.6

51.1

50.0

74.2

46.0
2017.3

 Net sales (left axis)

7.0

77

6.0

76

5.0
4.0

73

2018.32019.3

(%)
14

6.4

9.4

12

5.4

5.2

3.0

4.2

4.6

8.2

8.5

10.5

9.3

10
8
6

2.0

4

71

1.0

2

70

0

72

48.0

2016.3(Billions of yen)

78

74

74.3

FY2020Operating Income / Operating Income Ratio
(%)

75

55.1

FY20152020.302016.3 Overseas sale ratio

2017.32018.3

 Operating income (left axis)

18
Kito Report 20202019.32020.3

 Operating income ratioCash Flow Creation andShareholder Returns

potential, and return on capital cost, thereby raising capital efficiency, maximizing free cash flow, and enhancing
shareholder returns.
In regard to our policy on dividends, we believe it isimportant to secure sufficient retained earnings to reinforce our business base and prepare for future businessdevelopment, in addition to appropriately returning profits
to shareholders commensurate with the Company’s performance. Under this policy, we are working to actively
return profits to our shareholders by targeting a consolidated payout ratio of 20% or higher, subject to the overall
consideration of consolidated results and our financial
position. Additionally, we think it is important to enhance
total returns* by raising dividends and market evaluation
while improving capital efficiency in the medium term.
Furthermore, we will strive to reduce capital costs byimproving the transparency of information disclosure andenhancing dialogue with the market.

The Kito Group is creating cash flows through initiatives
such as expanding our product portfolio and concentrating on high-margin business, and we are making investments that will lead to the next stage of our growth. The
total amount of capital investment in fiscal 2019 was¥2,370 million, including ¥1,370 million invested in Japan,
which was invested primarily on increasing the production capacity at the Head Office & Factory and updating
aging equipment. Regarding the allocation of resources
going forward, in addition to this kind of investment inproduction, we will continuously invest in growth aimed
at enhancing future profits while also keeping our financial foundation balanced and stable. Free cash flow created will be used for shareholder returns and further
strengthening this financial foundation. Regarding investment, we will continue to make precise investment decisions based on proper consideration of factors such as
the global situation, market conditions, business growth*For details on total shareholder return (TSR), see p. 21.

Total Assets / Interest-Bearing Debt /Shareholders’ Equity Ratio

Net Income / Return on Equity(Billions of yen)
4.5

16.8

8.4

1.5

70.0
60.0

12.2

3.0

2.4

(Billions of yen)

18

4.0

13.2
10.1

(%)

70

60.6

61.8

60.1

62.0

62.8

41.4

42.8

50.0

12

3.2

2.8

(%)

50

41.2

40.0

36.7

33.8

30.0
6

1.8

19.2

20.0

0
2016.32017.3

 Net income (left axis)

2018.32019.3

21.4

18.7

18.3

0
2016.3

 Return on equity

20
10

0

2020.3

40
30

24.1

10.0
0

60

2017.32018.32019.32020.3

 Total assets (left axis)  Interest-bearing debt (left axis)
 Shareholders’ equity ratio

EBITDA / Free Cash Flow

Cash Dividends per Share / Payout Ratio(Billions of yen)

(Yen)(%)

10.0
8.0

34.0

70

9.2
7.4
6.3

6.0

8.5

7.1

50

23.7

1.9

1.8

20

2.5

10

0.9

22.1
24

30

4.0

30

29.4

40

4.8

2.0

35

30.6

60

14

14

25

24

20
15

18

14

14

15

2016.32017.32018.3

20

24

12
12

0

0
2016.3

 EBITDA

2017.32018.32019.32020.3

 Free cash flow

19

5
0

2019.32020.32021.3(forecast) Year-end dividend (left axis)
 Interim dividend (left axis)  Payout ratio

Kito Report 202010

Corporate Profile
Company Name

KITO CORPORATION

Established

July 1944 (started Nov. 1932)

Head Office & Factory

2000, Tsuijiarai, Showa-cho,
Nakakoma-gun,
Yamanashi 409-3853, Japan

Number of Employees(March 31, 2020)

Consolidated: 2,328
Non-consolidated: 678

Capital¥3,976 million

Net Sales

Consolidated: ¥58,722 million
Non-consolidated: ¥26,740 million

Tokyo Head Office

President & CEO

SHINJUKU NS Building 9F,
2-4-1, Nishi-Shinjuku, Shinjuku-ku,
Tokyo 163-0809, JAPAN
Tel: +81-3-5908-0155(March 31, 2020)

Yoshio Kito

Principal Offices and Factories (As of October 1, 2020)
L Domestic Offices/Factories and Bases of Subsidiaries
Name of Business Office

L Principal Bases of Overseas Subsidiaries

Location

Company NameCountry

Head Office & Factory

Showa-cho, Nakakoma-gun, Yamanashi

KITO Americas, Inc.

U.S.A.

Tokyo Head Office

Shinjuku-ku, Tokyo

Harrington Hoists, Inc.

U.S.A.

Sapporo Office

Sapporo, Hokkaido

Peerless Chain Co., Inc.

U.S.A.

Sendai OfficeSendai, Miyagi

KITO CANADA INC.

CanadaShin’etsu OfficeNiigata, Niigata

Kita Kanto OfficeOta, Gunma

KITO DO BRASIL COMÉRCIO DE TALHASE GUINDASTES LTDA.

BrazilYokohama Office

Yokohama, Kanagawa

Kito Europe GmbHGermany

Nagoya Sales Group

Nagoya, Aichi

Kito Chain Italia S.r.l.

Italy

Shizuoka OfficeHamamatsu, Shizuoka

Van Leusden B.V.

Netherlands

Hokuriku OfficeToyama, Toyama

JIANGYIN KITO CRANE CO., LTD.

China

Osaka Sales Group

Moriguchi, Osaka

KITO HOISTS & CRANES (SHANGHAI) CO., LTD.

China

Chubu and Shikoku Office

Okayama, Okayama

KITO TAIWAN CO., LTD.

TaiwanFukuoka Office

Fukuoka, Fukuoka

KITO KOREA CO., LTD.

Korea

Kashiwa, Chiba

SIAM KITO CO., LTD.

ThailandPT. KITO INDONESIA

Indonesia

KITO INDIA Pvt. Ltd.

India

PWB Anchor Ltd.

Australia

ERIKKILA OY

Finland

SCC Japan Godo Kaisha

20
Kito Report 2020

Stock Information
Stock Code6409

Total Number of Shares Issued 27,048,200

Date of Listing

August 9, 2007

Trading Unit of Shares

100

Stock Exchange Listing

Tokyo Stock Exchange, First Section

Number of Shareholders

Transfer Agent andA dministrator ofSpecial Account

Sumitomo Mitsui Trust Bank, Limited
1-4-1, Marunouchi, Chiyoda-ku, Tokyo

4,989, excluding one treasury
stockholder

Shareholders’ Composition by Category (As of September 30, 2020)

Major Shareholders (top 10) (As of September 30, 2020)
Percentageof ownership (%)

Name of shareholders

MISAKI ENGAGEMENT MASTER FUND

9.16

The Master Trust Bank of Japan, Ltd. (Trust Account)

7.46

Custody Bank of Japan, Ltd. (Trust Account)

4.74

GOVERNMENT OF NORWAY

4.46

Custody Bank of Japan, Ltd. (Trust Account 9)

3.77

YK Capital Co., Ltd.

3.60

Sumitomo Mitsui Banking Corporation

3.27

RAIFFEISEN BANK INTERNATIONAL AG CLIENT A/C

2.95

RE FUND 107-CLIENT AC

2.20

Custody Bank of Japan, Ltd. (Securities Investment Trust Account)

2.09

Treasury stocks

Financial Institutions

24.12%

23.67%
Securities Firms

0.39%
Individuals, etc.

Other
Corporations

16.82%

4.72%
Foreign-AffiliatedCorporations andForeigners

30.28%

Notes: S hare ownership percentages were calculated after the deduction of treasury
shares (6,525,083 shares).

TSR (10 years, Including dividend)
500.0
400.0
300.0
200.0
100.0
0.0
2010/3

2011/3

2012/3

2013/3

2014/3KITO

2015/3

2016/3TOPIX

2017/3

2018/3

2019/32020/3

TOPIX Machinery<Share Performance (Total Shareholder Return)>
1 year

3 Years
Cumulative

5 Years

Annualized

Cumulative

10 Years

Annualized

Cumulative

Annualized

KITO-37.5%

-5.6%

-1.9%

-3.4%

-0.7%

+116.0%

TOPIX

-9.5%

-0.4%

-0.1%

+1.8%

+0.4%

+78.4%

+8.0%
+6.0%

TOPIX Machinery-11.2%

-8.5%

-2.9%

-3.0%

-0.6%

+84.7%+6.3%* TSR (Total Shareholder’s Return): Factors in capital gains and dividends when measuring the total return generated by a stock* TSR is calculated by KITO using cumulative dividends and share price fluctuations whereas TOPIX and TOPIX Machinery are calculated using share prices indices including dividends (formulated by the Company based mainly on Bloomberg data)* Graph values are indexed market prices in terms of TSR, with March 31, 2010 closing price data set at 100 (holding period through end-March 2020)

21
Kito Report 2020

KITO CORPORATIONSHINJUKU NS Building 9F, 2-4-1, Nishi-Shinjuku,
Shinjuku-ku, Tokyo 163-0809, JAPANhttps://kito.com

Printed in Japan