August 9, 2024

Summary of Consolidated Financial Results
for the First Quarter of Fiscal Year Ending March 31, 2025
(Three Months Ended June 30, 2024)[Japanese GAAP]IWAKI CO.,LTD.
Listing: Tokyo Stock Exchange
6237
URL: https://www.iwakipumps.co.jp/
Shigeru Fujinaka, President
Kiichiro Otsuka, Executive Officer,
Senior General Manager of General Affairs Head OfficeTel: (81)3-3254-2931
Scheduled date of payment of dividend:
Preparation of supplementary materials for financial results:
Yes
Holding of financial results meeting:
None
Company name:
Stock code:
Representative:
Contact:(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the First Quarter Ended June 30, 2024 (April 1, 2024 – June 30, 2024)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Profit attributable
Net sales
Operating profit
Ordinary profit
to owners of parent
MillionMillion yen% Million yen% Million yen%%
yen
Three months ended Jun. 30, 2024
11,220
1.0
1,431
10.3
1,666
2.4
1,089
(1.7)
Three months ended Jun. 30, 2023
11,107 32.4
1,296
74.1
1,627
40.5
1,108
13.8
Note: Comprehensive income (million yen) Three months ended Jun. 30, 2024: 1,866 (up 47.9%)
Three months ended Jun. 30, 2023: 1,262 (down 11.9%)
Diluted net income per
Net income per share
share
Yen

Yen

Three months ended Jun. 30, 2024
49.34
Three months ended Jun. 30, 2023
50.43
Note: The provisional accounting treatment for a business combination has been finalized in the fiscal year ended March 31, 2 024.
All figures for the three months ended Jun. 30, 2023 reflect the finalized figures.
(2) Consolidated financial position
Total assets
Net assets
Capital adequacy ratio
Million yen
Million yen%
As of Jun. 30, 2024
51,021
34,481
67.0
As of Mar. 31, 2024
49,09833,521
67.8
Reference: Owner’s equity (million yen)
As of Jun. 30, 2024: 34,193
As of Mar. 31, 2024: 33,282

2. Dividends
1Q-end2Q-endYen

Fiscal year ended Mar. 31, 2024
Fiscal year ending Mar. 31, 2025
Fiscal year ending Mar. 31, 2025 (forecasts)
Note: Revisions to the most recently announced dividend forecasts: None

Dividend per share
3Q-endYear-end

Total

Yen

Yen

Yen

Yen

21.00

-

41.00

62.00

25.00

-

33.00

58.00

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2025 (April 1, 2024 – March 31, 2025)(Percentages represent year-on-year changes)
Profit attributable to
Net income
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Million yen% Million yen% Million yen% Million yen%
Yen
First half
23,2693.7
2,371(15.5)
2,594(20.7)
1,767 (19.3)
80.04
Full year
47,575
6.8
5,367
(1.8)
5,821
(6.4)
4,193
(6.0)
189.92
Note: Revisions to the most recently announced consolidated earnings forecasts: None

* Notes(1) Significant changes in the scope of consolidation during the period: None
(2) Application of special accounting methods for presenting quarterly consolidated financial statements: Yes
Note: Please refer to page 8 “2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly Consolidated
Financial Statements, Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements” fordetails.

(3) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others:None2) Changes in accounting policies other than 1) above:None3) Changes in accounting-based estimates:

None4) Restatements:

None(4) Number of outstanding shares (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
As of Jun. 30, 2024:

22,490,910 shares

As of Mar. 31, 2024:

22,490,910 shares

As of Mar. 31, 2024:

410,809 shares

2) Number of treasury shares at the end of the period
As of Jun. 30, 2024:

410,809 shares

3) Average number of shares outstanding during the period
Three months ended Jun. 30, 2024: 22,080,101 shares

Three months ended Jun. 30, 2023:

21,971,517 shares* Review of the attached quarterly consolidated financial statements by a certified public accountant or auditing firm:
Yes (voluntary)* Cautionary statement with respect to forward-looking statements
Note concerning forward-looking statements
Forecasts of future performance in these materials are based on assumption judged to be valid and information available to
Iwaki’s management at the time the materials were prepared, but are not promises by Iwaki regarding future performance.
Actual results may differ materially from the forecasts.
How to view supplementary materials for the financial results
The supplementary information materials for financial results are disclosed on the Company’s website today ( August 9, 2024).

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/25

Contents of Attachments
1. Overview of Results of Operations, Etc.

2(1) Results of Operations

2(2) Financial Position

2(3) Explanation of Consolidated Earnings Forecasts and Other Forward-looking Statements

3

2. Quarterly Consolidated Financial Statements and Notes

4(1) Quarterly Consolidated Balance Sheet

4(2) Quarterly Consolidated Statements of Income and Comprehensive Income

6

Quarterly Consolidated Statement of Income
For the Three-month Period

6

Quarterly Consolidated Statement of Comprehensive Income
For the Three-month Period

7(3) Notes to Quarterly Consolidated Financial Statements

8

Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements

8

Segment and Other Information

8

Significant Changes in Shareholders’ Equity

8

Going Concern Assumption

8

Quarterly Consolidated Statement of Cash Flows8

Subsequent Events

8

Independent Auditor’s Quarterly Review Report on Quarterly Consolidated Financial Statements

1

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/25

1. Overview of Results of Operations, Etc.
(1) Results of Operations
During the first quarter of the current fiscal year, the Japanese economy showed a gradual recovery, withindications of revitalization in capital investment. However, the economic outlook remains uncertain, and wemust be cautious about the risks of a downturn, including persistently high interest rates in Europe and theUnited States and concerns about the Chinese economy, inflation, and the situation in the Middle East.
Iwaki has been taking many actions in Japan to improve its corporate value based on the core policy of “winningby creating solutions.” Overseas, there were activities encompassing 21 affiliated companies in 15 countries toincrease sales. The Iwaki Group continued to speed up various measures for achieving the Iwaki Group 10 -year
vision of net sales of 40 billion yen and an operating margin of 10% in the fiscal year ending on March 31, 2025
based on the policy of “supplying the world’s best products as All Iwaki.”
As a result of these activities, sales in the medical equipment category in creased 16.5% to 2,177 million yen.
This was a major source of growth of consolidated sales. In other priority growth markets, sales in the water
treatment category decreased 5.6% to 2,462 million yen, sales in the semiconductor/liquid crystal category
decreased 10.7% to 2,005 million yen, and sales in the new energy category decreased 48.1% to 171 million
yen.
In Japan, the semiconductor/liquid crystal category remained sluggish. However, this was offset by higher sales
in the medical equipment category. As a result, sales increased 6.0% to 5,335 million yen. Overseas, sales in
the United States decreased 7.2% to 1,604 million yen as a result of lower sales of the core water treatment
category, while there were strong sales in the medical equipment category. In Europe, sales increased 15.8% to
1,560 million yen due to growth in markets outside the six major ones. In Asia, sales decreased 16.7% to 687
million yen mainly because of a big decrease in sales in the semiconductor/liquid crystal category in South
Korea and Taiwan. Sales in China decreased 6.3% to 1,592 million yen due to lower sales in the medical
equipment and new energy categories.
Sales of the core magnetic drive pump remained strong. However, sales o f pneumatic drive umps, primarily
used in the semiconductor/liquid crystal category, were affected by the downturn in these sectors, resulting insales of 1,532 million yen, a decrease of 4.7% year on year.
As a result, consolidated net sales in the first quarter increased 1.0% to 11,220 million yen.
Gross profit improved due to increased sales and a reduction in the sales of high -cost ratio pneumatic drive
pumps. As a result, operating profit was 1,431 million yen, up 10.3% year on year. Ordinary profit was up 2.4%
to 1,666 million yen due to a decrease in share of profit of entities accounted for using the equity method,
mainly in South Korea, in non-operating income. Profit attributable to owners of parent decreased 1.7% to 1,089
million yen due to higher income taxes.
There is no business segment information because chemical pumps are the only business of the Iwaki Group.
(2) Financial Position
AssetsCurrent assets at the end of the first quarter of the current fiscal year were 36,187 million yen, up 722 million
yen from the end of the previous fiscal year. This was mainly due to an increase of 635 million yen in notes andaccounts receivable-trade, and contract assets. Non-current assets were 14,833 million yen at the end of the firstquarter, up 1,200 million yen from the end of the previous fiscal year. This was mainly because of an increaseof 927 million yen in property, plant and equipment.
As a result, total assets increased 1,923 million yen from the end of the previous fiscal year to 51,021 million
yen.

2IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/25

Liabilities
Current liabilities at the end of the first quarter were 12,658 million yen, down 155 million yen from the end of
the previous fiscal year. This was mainly due to an increase of 237 million yen in short-term borrowings and adecrease of 337 million yen in electronically recorded obligations-operating. Non-current liabilities were 3,881
million yen at the end of the first quarter, up 1,119 million yen from the end of the previous fiscal year. Thiswas mainly due to an increase of 1,186 million yen in other non-current liabilities.
As a result, total liabilities increased 963 million yen from the end of the previous fiscal year to 1 6,539 million
yen.
Net assets
Net assets at the end of the first quarter were 34,481 million yen, up 959 million yen from the end of the previous
fiscal year. There were increases of 182 million yen in retained earnings and 758 million yen in foreign currencytranslation adjustment.
Consequently, the capital adequacy ratio was 67.0% (67.8% at the end of the previous fiscal year).
(3) Explanation of Consolidated Earnings Forecasts and Other Forward -looking Statements
We maintain the first-half and full-year consolidated earnings forecasts that were disclosed in the “Summary ofConsolidated Financial Results for the Fiscal Year Ended March 31, 2024” dated May 13, 2024.

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IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/25

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet
FY3/24(As of Mar. 31, 2024)(Thousands of yen)First quarter of FY3/25(As of Jun. 30, 2024)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade, and contract
assetsElectronically recorded monetary claims-operating
Securities

8,061,103

7,881,238

7,489,039

8,124,656

5,055,261

5,166,498

326,566

353,003

Merchandise and finished goods

6,690,541

6,870,181

Work in process

2,620,728

2,699,214

Raw materials and supplies

4,344,508

4,237,463

Other934,462

922,507

Allowance for doubtful accounts(57,069)(67,338)

35,465,142

36,187,426

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

8,349,260

8,386,530(4,487,271)(4,561,174)

Buildings and structures, net

3,861,988

3,825,355

Machinery, equipment and vehicles

3,832,670

3,903,362(3,240,837)(3,334,409)

Accumulated depreciation and impairment

Accumulated depreciation and impairment
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation and impairment
Tools, furniture and fixtures, net
Land
Leased assets

591,832

568,952

2,519,547

2,557,908(2,014,604)(2,069,354)

504,942

488,553

1,057,080

1,060,195

336,316

351,102(186,790)(200,371)

Leased assets, net

149,525

150,731

Construction in progress

108,343

67,678Other

920,883

1,791,203

Accumulated depreciation

Accumulated depreciation
Other, net
Total property, plant and equipment(358,150)(188,328)

562,733

1,602,875

6,836,447

7,764,342

2,241,223

2,289,417

Intangible assets
Goodwill
Trademark right
Other
Total intangible assets

9,017

6,422

765,852

731,506

3,016,093

3,027,346

1,396,436

1,409,620

Investments and other assets
Investment securities
Deferred tax assets
Retirement benefit asset
Other
Total investments and other assets
Total non-current assets
Total assets

4575,028

685,563

1,328,313

1,334,277

480,776

612,790

3,780,555

4,042,252

13,633,096

14,833,941

49,098,238

51,021,367

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/25

FY3/24(As of Mar. 31, 2024)(Thousands of yen)First quarter of FY3/25(As of Jun. 30, 2024)

Liabilities
Current liabilities
Notes and accounts payable-trade

1,885,279

1,898,819

Electronically recorded obligations-operating

4,861,171

4,523,514

Short-term borrowings

1,055,960

1,293,888

Current portion of long-term borrowings

155,000

155,000

Lease liabilities

115,175

104,740

Income taxes payable

777,937

738,247

Contract liabilities

529,095

470,509

Provision for bonuses

1,168,151

493,796

Provision for bonuses for directors (and other officers)

343,038

127,997

Provision for product warranties

91,52990,773

Other

1,831,846

2,760,941

Total current liabilities

12,814,186

12,658,230

1,012,500

935,000

379,703389,337

Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities

9,184

3,321

Retirement benefit liability

92,823

98,581

Asset retirement obligations

223,631

223,906

Other

1,044,538

2,231,328

Total non-current liabilities

2,762,380

3,881,474

15,576,566

16,539,705

Share capital

1,044,691

1,044,691

Capital surplus

713,604

713,604

Retained earnings

28,780,249

28,962,730

Treasury shares(411,211)(411,211)

Total shareholders’ equity

30,127,333

30,309,814

3,319

3,300

Foreign currency translation adjustment

2,073,255

2,832,136

Remeasurements of defined benefit plans

1,078,125

1,048,336

Total accumulated other comprehensive income

3,154,700

3,883,773

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

Non-controlling interests
Total net assets
Total liabilities and net assets

5

239,636

288,074

33,521,671

34,481,662

49,098,238

51,021,367

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/25(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statement of Income(For the Three-month Period)First three months of FY3/24(Apr. 1, 2023 – Jun. 30, 2023)(Thousands of yen)First three months of FY3/25(Apr. 1, 2024 – Jun. 30, 2024)

Net sales

11,107,826

11,220,760

Cost of sales

6,836,681

6,603,722

Gross profit

4,271,145

4,617,037

Selling, general and administrative expenses

2,974,236

3,185,945

Operating profit

1,296,909

1,431,092

Interest income

6,062

29,475

Dividend income
Share of profit of entities accounted for using
equity method
Foreign exchange gains

19,05329,382

208,550

133,186

72,29956,526

Other

53,72018,270Total non-operating income

359,686

266,840

Interest expenses

19,695

21,666

Commission expenses

1,871

791

Expenses related to deferred compensation plan

6,515

7,628

Other

1,184

1,377

Non-operating income

Non-operating expenses

Total non-operating expenses

29,267

31,463

1,627,328

1,666,468

Gain on sale of investment securities

1,241

803

Total extraordinary income

1,241

803

1,249

3,237

55

-

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

6

1,305

3,237

1,627,264

1,664,033

488,631533,687

1,138,632

1,130,346

30,54040,907

1,108,092

1,089,439

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/25

Quarterly Consolidated Statement of Comprehensive Income(For the Three-month Period)First three months of FY3/24(Apr. 1, 2023 – Jun. 30, 2023)(Thousands of yen)First three months of FY3/25(Apr. 1, 2024 – Jun. 30, 2024)

1,138,632

1,130,346

927

(69)

140,745734,208(25,704)(29,788)

7,424

32,253

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

7

123,392

736,603

1,262,025

1,866,949

1,229,130

1,818,511

32,894

48,437

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/25(3) Notes to Quarterly Consolidated Financial Statements
Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements
Calculation of tax expense
At Iwaki and certain consolidated subsidiaries, the tax expenses were calculated by first estimating the effective
tax rate after the application of tax effect accounting with respect to profit before income taxes during the fiscal
year, and multiplying that rate by the quarterly profit before income taxes.
Segment and Other Information
Segment information
Omitted because chemical pumps are the only business of the Iwaki Group.
Significant Changes in Shareholders’ Equity
Not applicable.
Going Concern Assumption
Not applicable.
Quarterly Consolidated Statement of Cash FlowsA quarterly consolidated statement of cash flows for the first three months of FY3/25 has not been prepared.
Depreciation (includes amortization expenses related to intangible assets minus goodwill) and goodwill
amortization for the first three months of FY3/24 and FY3/25 is as follows.
(Thousands of yen)

Depreciation
Goodwill amortization

First three months of FY3/24(Apr. 1, 2023 – Jun. 30, 2023)
219,626
65,445First three months of FY3/25(Apr. 1, 2024 – Jun. 30, 2024)
274,544
73,206

Note: The provisional accounting treatment for a business combination has been finalized in FY3/24. All figures for the
first three months of FY3/24 reflect the finalized figures.

Subsequent Events
Sale of Treasury Shares as Restricted Stock Compensation
The payment procedures for the sale of treasury shares as restricted stock compensation were completed on
August 2, 2024, following the Board of Directors’ resolution on July 16, 2024.
Summary of sale of treasury shares(1) Type and number of shares(2) Price(3) Total proceeds

IWAKI common stock: 35,124 shares
3,090 yen per share
108,533,160 yen
Two Directors (excluding Outside Directors): 23,984 shares(4) Purchasers and number of shares
Seven Senior Officers: 11,140 shares(5) Deadline
August 2, 2024
Restricted stock will be granted by issuing or disposing of the Company ’s common stock in exchange for thein-kind contribution of all monetary compensation claims provided to the eligible directors.

This financial report is solely a translation of “Kessan Tanshin” (in Japanese, including attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience ofreaders who prefer an English translation.

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IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/25

Independent Auditor’s Quarterly Review Report on
Quarterly Consolidated Financial Statements
August 9, 2024
Board of Directors
IWAKI CO.,LTD.
KPMG AZSA LLC
Satoshi Hosoya, CPA, Designated Partner andManaging Partner
Michiko Muramatsu, CPA, Designated Partner andManaging Partner
Auditor’s conclusions
We have conducted a quarterly review of the quarterly consolidated financial statements of IWAKI CO.,LTD.
(the “Company”) included in the attachment of the Summary of Consolidated Financial Results for the firstquarter (from April 1, 2024 to June 30, 2024) and the first three months (from April 1, 2024 to June 30, 2024)of the fiscal year beginning on April 1, 2024 and ending on March 31, 2025, which consisted of the quarterly
consolidated balance sheet, quarterly consolidated statement of income, quarterly consolidated statement ofcomprehensive income and notes to the quarterly consolidated financial statements.
Based on our quarterly review, nothing has come to our attention that causes us to believe that the quarterly
consolidated financial statements referred to above are not prepared, in all material respects, in accordance with
Article 4, Paragraph 1 of Standards for Preparation of Quarterly Financial Statements of Tokyo Stock Exchange,
Inc. and accounting standards for quarterly financial statements that are generally accepted as fair andappropriate in Japan, applying the provisions for reduced disclosures as set forth in Article 4, Paragraph 2 of
the Standards.
Basis for auditor’s conclusions
We conducted the quarterly review in accordance with quarterly review standards generally accepted as fair andappropriate in Japan. Our responsibilities under those standards are further described in the auditor’s
responsibilities for quarterly review on the quarterly consolidated financial statements section of this report. We
are independent of the Company and its consolidated subsidiaries in accordance with the provisions related toprofessional ethics in Japan, and we have fulfilled other ethical responsibilities as an auditor. We believe that
we obtained evidence that forms the basis for expressing our conclusions.
Responsibilities of management, Audit & Supervisory Board members and the Audit & Supervisory Board forthe quarterly consolidated financial statements
The Company’s management is responsible for the preparation of the quarterly consolidated financial stat ementsin accordance with Article 4, Paragraph 1 of Standards for Preparation of Quarterly Financial Statements ofTokyo Stock Exchange, Inc. and accounting standards for quarterly financial statements that are generally
accepted as fair and appropriate in Japan, applying the provisions for reduced disclosures as set forth in Article
4, Paragraph 2 of the Standards. This includes the establishment and operation of internal control systems thatare regarded as necessary by management to ensure the preparatio n of the quarterly consolidated financial
statements without material misstatement due to fraudulence or errors.
In preparing the quarterly consolidated financial statements, management is responsible for assessing whether
it is appropriate to prepare the quarterly consolidated financial statements in accordance with the premise of agoing concern, and for disclosing matters relating to going concern when it is required to do so in accordancewith Article 4, Paragraph 1 of Standards for Preparation of Quarterly Financial Statements of Tokyo Stock
Exchange, Inc. and accounting standards for quarterly financial statements that are generally accepted as fair
and appropriate in Japan, applying the provisions for reduced disclosures as set forth in Article 4, Par agraph 2of the Standards.
Audit & Supervisory Board members and the Audit & Supervisory Board are responsible for monitoring theexecution of Directors’ duties related to designing and operating the financial reporting process.

9

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/25

Auditor’s responsibilities for quarterly review on the quarterly consolidated financial statements
Our responsibility is to express conclusions on the quarterly consolidated financial statements from an
independent standpoint in a quarterly review report, based on the quarterly review.
We make professional judgment in the quarterly review process in accordance with quarterly review standards
generally accepted as fair and appropriate in Japan, and perform the following while maintaining professional
skepticism.
・ Quarterly review procedures mainly consist of analytical procedures and questions posed to management,
persons responsible for matters pertaining to finance and accounting, and other individuals. Said procedures
are conducted in limited scope compared to audits of annual financial statements conducted in accordancewith auditing standards generally accepted as fair and appropriate in Japan.
・ In the event that it is determined that there is a significant uncertainty regarding events or circumstancesthat may cast significant doubt on the premise of a going concern, we conclude, based on the evidence
obtained, on whether anything has come to our attention that causes us to believe that the quarterly financial
statements have not been prepared in accordance with Article 4, Paragraph 1 of Standards for Preparationof Quarterly Financial Statements of Tokyo Stock Exchange, Inc. and accounting standards for quarterly
financial statements that are generally accepted as fair and appropriate in Japan, applying the provisions for
reduced disclosures as set forth in Article 4, Paragraph 2 of the Standards . If there is a significant uncertainty
concerning the premise of a going concern, we are required to call attention to the notes to the quarterly
consolidated financial statements in the Quarterly Review Report, or if the notes to the quarterly
consolidated financial statements pertaining to the significant uncertainty are inappropriate, issue aqualified or negative conclusions on the quarterly consolidated financial statements. While our conclusions
are based on the evidence obtained up to the date of the quarterly review report, depending on future events
or conditions, the Company may be unable to continue as a going concern.
・ We evaluate whether anything has come to our attention that causes us to believe that the presentation ofand notes to the quarterly financial statements have not been prepared in accordance with Article 4,
Paragraph 1 of Standards for Preparation of Quarterly Financial Statements of Tokyo Stock Exchange, Inc.
and accounting standards for quarterly financial statements that are generally accepted as fair andappropriate in Japan, applying the provisions for reduced disclosures as set forth in Article 4, Paragraph 2of the Standards.
・ We obtain evidence regarding the financial information of the Company and its consolidated subsidiaries toexpress conclusions on the quarterly consolidated financial statements. We are responsible for the direction,
supervision and examination of the quarterly review on the quarterly consolidated financial statements. We
remain solely responsible for our conclusions.
We report to Audit & Supervisory Board members and the Audit & Supervisory Board regarding the scope andtiming of implementation of the planned quarterly review, and material quarterly review findings.
We report to Audit & Supervisory Board members and the Audit & Supervisory Board regarding the observanceof provisions related to professional ethics in Japan concerning independence as well as matters that arereasonably considered to have an impact on our independence, and where applicable, measures taken toeliminate inhibiting factors or apply safeguards to reduce them to an acceptable level.
Vested interests
Our firm or Managing Partners have no vested interests in the Company and its consolidated subs idiaries thatshould be disclosed in accordance with the provisions of the Certified Public Accountants Act.
End
Notes: 1. The original copy of the above Quarterly Review Report is in the custody of the Company (the company that discloses thequarterly financial results).
2. The scope of the quarterly review does not include the XBRL data and HTML data.

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