For the Fiscal Year Ended March 31, 2021

Annual Select® 2021

The Kodensha Co., Ltd.
5-11-10, Ginza, Chuo-ku, Tokyo(Securities Code: 1948)+81-3-3542-5111

Corporate Profile
Kodensha is a general equipment engineering firm and technology-oriented trading company. Anticipating
society’s needs as an engineering group, we have established our position as a total engineering company
capable of providing diverse solutions for customers in fields such as electrical equipment engineering for
power stations and transmission lines, which provide motive power for society’s key industries, as well as
for high-rise buildings, housing, schools, hospitals, and factories, in addition to ICT related construction
and plant engineering. Furthermore, continuing to serve as a sales agent for industrial-use electric andelectronic equipment, elevators, and residential HVAC systems, we have advanced into environmental andenergy-saving systems such as ZEB (net zero energy buildings), BCP, and the renewal business. With
gratitude for the support we have received for over 100 years since ourfoundation, we will approach the next 100 years with a high sense of ethics
and a spirit of compliance, continuing in our daily business activities topractice our corporate philosophy of “Building a better society through thejoy of creativity.” Our business activities themselves are the embodiment of
our social responsibility to contribute to achieving the fundamental goals in
17 fields (SDGs) set out by the United Nations for sustaining the global
environment and human society. We will be mindful of the happiness of ourcustomers, shareholders, suppliers, and the Kodensha Group employees,
and our responsibility to contribute to society, as we continue to grow on a
new stage as an industry leader by linking and coordinating the fourbusiness domains of the interior wiring business, the social infrastructurebusiness, the power transmission business, and the sales business toaccurately respond to needs in any business type or format withcomprehensive services.
Hisanori Matsui
Representative Director,
President and Executive
Officer

I. Summary of Selected Financial Data (Consolidated)

Net sales

138th term

139th term140th term

141st term

142nd term

Fiscal year ended
March 31, 2017

Fiscal year ended
March 31, 2018

Fiscal year ended
March 31, 2019

Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

37,29433,98337,52735,65432,424

1,881

1,715

2,826

2,600

1,311

1,212

1,152

1,961

1,737

885

1,147

1,141

1,816

1,389

1,503

13,997

14,922

16,524

17,557

18,664

28,79827,34029,80829,21629,234

7,859.72

8,379.53

9,279.41

9,856.75

10,483.18

682.71649.12

1,105.66

979.42499.54

–

–

–

–

–

48.5

54.4

55.2

59.8

63.6

9.0

8.0

12.5

10.2

4.9

5.2

5.7

4.3

4.2

10.2

(1,017)

2,577

2,232

(204)

2,854

783

(1,995)(1,502)750(2,958)

(158)

(289)

(191)

(446)

(417)

794

1,088

1,609

1,694

1,180

651

646

651

664

671

(Millions of yen)

Ordinary profit(Millions of yen)

Profit attributable to ownersof parent(Millions of yen)Comprehensive income(Millions of yen)

Net assets(Millions of yen)

Total assets(Millions of yen)

Net assets per share(Yen)

Basic earnings per share(Yen)

Diluted earnings per share(Yen)

Equity ratio(%)

Return on equity (ROE)(%)

Price earnings ratio (PER)(Times)Net cash provided by (usedin) operating activities(Millions of yen)

Net cash provided by (usedin) investing activities(Millions of yen)

Net cash provided by (usedin) financing activities(Millions of yen)

Cash and cash equivalents at
end of period(Millions of yen)

Number of employees(Persons)

Notes: 1. Diluted earnings per share is not presented because there were no potential shares.
2. Net sales do not include consumption taxes.
3. Kodensha implemented a one-for-ten common share consolidation on October 1, 2017. Net assets per share and basic earnings
per share have been calculated on the assumption that this consolidation of shares was conducted at the beginning of the 138thterm.
4. Kodensha has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 30, 2018) and“Implementation Guidance on Accounting Standard for Revenue Recognition” (ASBJ Guidance No. 30, March 30, 2018) fromthe beginning of the 142nd term.

-1-II. Overview of Consolidated Business Results
During the fiscal year ended March 31, 2021, the Japanese economy was in a severe situation as
economic activity declined significantly due to the spread of the novel coronavirus disease (COVID-19).
Initiatives were carried out to suppress the spread of infection, such as the declaration of two states of
emergency, but as COVID-19 has not yet come under control, the outlook for the economy continues to beunclear.
In our industry, we are seeing the emergence of, or concerns over the emergence of various negative
impacts, such as an increase in costs due to the postponement of and restraint concerning the capital
investment plan because of the decline of corporate earnings and the extension of the construction period,
rising labor costs because of the labor shortage, and the surge in materials prices because of the rise of
copper prices. On the other hand, the Company can expect an increase in investment opportunities going
forward due to factors such as the expansion of facilities at companies where the impact of COVID-19 was
insignificant or companies whose market environments are recovering, the increase of streamlined
investments, BCP measures, the response to environmental issues, and government initiatives to makenational land highly resilient.
Under these circumstances, the Company focused on enhancing its proposal and sales ability and costcompetitiveness in the electrical equipment engineering division (interior wiring, social infrastructure andpower transmission) and the product marketing division, and worked to increase business opportunities
through collaborative activities between divisions, etc. that have been positioned as important parts of theCompany’s growth strategy measures. However, the Company’s business results for the fiscal year ended
March 31, 2021, were net sales of ¥32,424 million, operating profit of ¥1,223 million, ordinary profit of¥1,311 million and profit attributable to owners of parent of ¥885 million, primarily due to the scaling down
and postponement of capital investment plans and the postponement of renewal projects with major
customers. Although we have secured a level in line with our consolidated financial forecasts that wereannounced on February 4, 2021, our results are lower compared with the previous fiscal year.

-2-III. Medium-Term Management Strategy and Target Indicators forManagement
The Kodensha Group has positioned “sustainable growth” of the corporate philosophy as a management
objective, established medium-term management strategy and target indicators for management, and is
working to achieve them.
Specifically, the Company will first clarify the business structure to pursue for each business field, as wellas the customer portfolios and other targets, with a view to the future business environment, and establish
target indicators for management.
Moreover, we will formulate specific measures to strengthen the business platforms to achieve the targets,
while clarifying the issues to enhance and promote businesses and the necessary measures to strengthen thebusiness foundation. We will also formulate and implement the policies and resource allocation plannecessary to achieve these goals.
In addition, we will work to increase business opportunities by promoting even stronger businesscooperation among internal business divisions and with other companies that have specialized technologies.
We will also work to further strengthen the business foundation through management of the Company’s own
technologies, construction site operation, etc. from a company-wide perspective.
[Strengthening business platforms](1) Strengthening and expanding sales foundationa. Further enhance our proposal and sales ability
b. Enhance our facility maintenance proposal ability
c. Enhance our proposal ability using the ZEB planner qualification(2) Expanding business areasa. Coordinate with the Mitsubishi Electric Corporation Groupb. Coordinate business with other companies
c. Work on initiatives for global markets[Strengthening business foundation](1) Strengthen human resources and construction ability (enhance on-site ability)a. Secure technicians to complete the staff for the assumed business scale expansion (continue newgraduate and mid-career hiring)b. Enhance the welfare satisfaction of the entire life cycle from recruitment to retirement (create aneasy-to-work and rewarding workplace for everyone)c. Build new company-wide on-site support functions (introduce management based on functional axes
that span the organization)d. Enhance construction ability including Group and affiliate companies (enhance fundamental
technologies across the Group)(2) Strategic growth investment (promotion of operational innovation)a. Continuously enhance productivity by adopting ICT at construction sites and in equipment sales
operations, and enhance proposal and sales ability
b. Thorough streamlining of indirect operations through the sophistication of backbone systems, andoperational reforms without exceptions
c. Improve the information system infrastructure to enable new types of employment and business
operation systems with an eye on a world “With COVID-19.”-3-

[Management challenges]
Indicators for continual achievement were initially set with the four year period starting from April 2016as the period of activity in order to build a strong management structure until the commencement of theTokyo Olympics, reset with higher targets based on the completion and evaluation of the first step in April
2018 and activities unfolded. Future trends are uncertain as the market environment has deteriorated due tothe COVID-19 pandemic that has emerged since the beginning of 2020. However, the Company willachieve its targets by further enhancing construction systems while increasing business opportunities bypromoting collaborative activities between divisions more than before; continuing to work on various
measures to ensure stable profitability while increasing profitability; and taking proper advantage of changes
in the business environment. Furthermore, these will be positioned as “indicators to be achieved” over the
medium term, for which the final year for activities (target year) is currently not set, based on the fact thatthe business environment is unclear, achievement evaluations will be carried out every two years, and thestatus of management, issues, etc. will be announced.

-4-IV. Introduction of Four Business Domains
Kodensha Solutions Linking Information, Energy, and Time

(1) Interior wiring business
Design and Installation of Critical Advanced Electrical
Facilities for Diverse and Various Buildings, such as Office
Buildings, and Energy Conservation Measures and Renewal of
Aging Facilities through Proposals and Facilities Inspections to
Meet Various Needs
As Kodensha works to maintain, develop and improve the safety and otheraspects of an advanced information society, and as more advanced and diverse
functionality is sought in electrical facilities in new building projects, a high level oftechnical capability and reliability is required in each step of planning, design, andinstallation. In the design and construction of office buildings, hospitals, factories, andpublic buildings and facilities, Kodensha will meet its customers’ demands byapplying its accumulated technical capabilities and knowledge of the latest facilities.

Keio University
Hiyoshi Commemorative Hall

Furthermore, Kodensha makes use of the engineering capabilities it hasdeveloped to date so that customers are able to extend the lives of buildings while
making effective use of them as assets. Kodensha provides solutions such as design
and installation of electrical infrastructure for buildings, as well as solutions forphysical deterioration, changes in needs, and equipment upgrades to moreenvironmental and energy-conserving electrical equipment, in order to support
building lifecycle management.
Kumamoto Castle(Under restoration)(2) Social infrastructure business
From cutting-edge large-scale plant engineering tocommunication network building
Kodensha delivers total engineering solutions focused on electric power andinstrumentation equipment used in large-scale social infrastructure facilities, such as
power plants and substations or water treatment facilities, and such other facilities as
expressway traffic control centers and large-scale video billboards. We have an
extensive track record in the field of control and management systems incorporating
the latest electronics technologies.
Tokyo Electric Power
Company Holdings,
Incorporated
Shirane Power Station(3) Power transmission businessHighly public business specialized in installation, renovation,and maintenance, etc. of transmission line facilities that
contribute to stable supplies of electricity

Kodensha supports the stable supply of electric power, an important public need,by providing a wide range of services to electric power companies, including
installation of transmission lines and related land surveys, facility maintenance patrol
and repairs, and other civil engineering. Over the years, Kodensha’s successful
completion of numerous high-quality transmission line installations has enabled thecompany to establish a strong reputation for technological excellence with customers.
To fulfill our mission of supporting society through the stable supply of electricity, we
TEPCO Power Grid, Incorporated
constantly seek to enhance our technological abilities in order to conduct our
installation work in a more efficient and less-costly manner and extend the useful life Inatori Power Line (66,000 volts)of the infrastructure installed.

-5-(4) Sales business
Using the strength of our cooperation with the construction
division, contribute to the world of industry through our sales
operations as a technology-oriented trading company andmember of the Mitsubishi Electric Corporation Group
Kodensha has been involved in sales since the very beginning of its history as asales agent of Mitsubishi Electric’s products, which dates back to 1926. Kodensha’s
diverse product line includes FA and control equipment, HVAC systems, building
facilities equipment, and industrial electromechanical equipment, which are sold in
close cooperation with the construction division. Amid rapid changes intechnological innovation, our lineup includes a large number of cutting-edge AI andIoT products that are adapted to a highly sophisticated information age.
Furthermore, we not only sell components, but also systems that lead to solutions,and make sales proposals that meet various customer needs, such as increasing
productivity, conserving energy, enhancing security and improving quality.

-6-

Multi-split air conditioner
for offices

V. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and other
Costs on construction contracts in progress
Merchandise
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools, furniture andfixtures, net
Land
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Short-term borrowings
Lease obligations
Income taxes payable
Advances received on construction contracts inprogress
Provision for bonuses
Provision for warranties for completed
construction
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Lease obligations
Retirement benefit liability
Provision for retirement benefits for directors(and other officers)
Other
Total non-current liabilities
Total liabilities-7-

As of March 31, 2020

As of March 31, 2021

2,178

1,541

14,204

12,187

147
291
5,522
1,042
(3)
23,383

41
205
6,475
428
(3)
20,875

723

688

94

73

528
1,346
82

528
1,291
263

1,062
1,000
1,404
512
459
(34)
4,403
5,832
29,216

1,020
3,000
1,969
384
462
(32)
6,804
8,359
29,234

7,979

7,359

680
18
369

680
19
214

927

275

572

568

7

5

58
554
11,166

202
778
10,105

33
123

39
96

162

157

173
492
11,659171
464
10,570(Millions of yen)
As of March 31, 2020
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-8-

As of March 31, 2021

1,520
1,070
15,244(59)
17,775

1,520
1,070
15,739(63)
18,267

74

104

65
(434)
(293)
76
17,557
29,216

76
135
317
80
18,66429,234

(2) Consolidated Statements of Income andConsolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Fiscal year ended
March 31, 2020
Net sales
Net sales of completed construction contracts
Net sales of goods
Total net sales
Cost of sales
Cost of sales of completed construction contracts
Cost of goods soldTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit - merchandise
Total gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income from buildings
Gain on sale of investment securities
Dividend income of insurance
Other
Total non-operating income
Non-operating expenses
Interest expenses
Sales discounts
Rental expenses
Loss on disaster
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-9-

Fiscal year ended
March 31, 2021

26,637
9,016
35,654

24,3938,031
32,42420,9497,712
28,661

19,722
6,892
26,615

5,688
1,304
6,992
4,450
2,541

4,670
1,139
5,809
4,586
1,223

21
23
98
–
11
13
168

16
31
97
20
11
12
189

7
46
39
11
5
109
2,600
2,600
850
(1)
849
1,750
13
1,737

7
40
39
–
14
101
1,311
1,311
561
(142)
418
892
6
885

(Consolidated Statements of Comprehensive Income)(Millions of yen)
Fiscal year ended
March 31, 2020
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests- 10 -

Fiscal year ended
March 31, 2021

1,750

892

(53)
(32)
(275)
(360)
1,389

30
10
570
610
1,503

1,376

1,496

13

6

(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2020
(Millions of yen)
Shareholders’ equity

Balance at beginning of
periodShare capital

Capital surplus

1,520

1,070

Retained earnings

Total shareholders’equityTreasury shares

13,861(57)

16,394

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during period
Balance at end of period

(354)

(354)

1,737

1,737
(2)

(2)

–

–

–

–

1,382

(2)

1,380

1,520

1,070

15,244(59)

17,775

Non-controllinginterests

Total net assets

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning of
period127

Foreign currencytranslation
adjustment
98

Remeasurementsof defined
benefit plans
(159)

Total
accumulated
othercomprehensive
income66

62

16,524

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equity

(354)
1,737
(2)
–
(53)

(32)

(275)

(360)

13

(347)

Total changes during period

(53)

(32)

(275)

(360)

13

1,033

Balance at end of period

74

65

(434)

(293)

76

17,557- 11 -

Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders’ equity

Balance at beginning of
periodShare capital

Capital surplus

1,520

1,070

Retained earnings

Total shareholders’equityTreasury shares

15,244(59)

17,775

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during period
Balance at end of period

(390)

(390)

885

885
(3)

(3)

–

–

–

–

495

(3)

491

1,520

1,070

15,739(63)

18,267

Non-controllinginterests

Total net assets

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning of
period74

Foreign currencytranslation
adjustment

Remeasurementsof defined
benefit plans

65

(434)

Total
accumulated
othercomprehensive
income(293)

76

17,557

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equity

(390)
885
(3)
–
30

10

570

610

4

615

Total changes during period

30

10

570

610

4

1,107

Balance at end of period

104

76

135

317

80

18,664- 12 -

(4) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss on disaster
Loss (gain) on sale of investment securities
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in provision for loss on
construction contracts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Increase (decrease) in provision for retirement
benefits for directors (and other officers)
Interest and dividend income
Insurance claim income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in costs on construction
contracts in progress
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in advances received on
construction contracts in progress
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in accrued consumption taxes
Decrease (increase) in other current assets
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Proceeds from insurance income
Payments associated with disaster loss
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Net decrease (increase) in time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of investment securities
Long-term loan advances
Proceeds from collection of long-term loans
receivable
Net decrease (increase) in short-term loans
receivable
Other payments
Other proceeds
Net cash provided by (used in) investing activities- 13 -

Fiscal year ended
March 31, 2021

2,600
103
11
–

1,311
106
–
(20)

(1)

(2)

(13)

144

22
57
(29)

(3)
36
194

1

(5)

(44)
(11)
7
140

(47)
(11)
7
2,021

(29)

105

40
(391)

86
(625)

(48)

(651)

(209)

207

(456)
(436)
(196)
0
1,117
44
(6)
11
(11)
(1,359)
0
(204)

249
407
11
2
3,525
47
(7)
11
–
(722)
–
2,854

190
(67)
0
(10)
0
(2,000)

123
(35)
0
(201)
113
(6,200)

2,900

3,100

(254)

149

(50)
43
750

(50)
41
(2,958)(Millions of yen)
Fiscal year ended
March 31, 2020
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Net decrease (increase) in treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 14 -

Fiscal year ended
March 31, 2021

(70)
(2)
(354)
(20)
(446)

–
(3)
(390)
(23)
(417)

(14)

6

85
1,609
1,694

(514)
1,694
1,180

VI. Corporate Data
Basic Information (as of March 31, 2021)
Trade name:
Established:
Listed market:
Listed:Business year:
Capital stock:
Number of employees:
Head office:Telephone:Overseas consolidated subsidiaries:

The Kodensha Co., Ltd.
June 25, 1917
The Second Section of Tokyo Stock Exchange(Securities Code: 1948)
July 1962
From April 1 to March 31 of the following year
1,520 million yen
671 persons (Consolidated)
5-11-10, Ginza, Chuo-ku, Tokyo
+81-3-3542-5111
KODENSHA Engineering & Construction (Beijing)Co., Ltd.
KODENSHA Property Management (Beijing) Co.,Ltd.

Directors and Corporate Auditors (as of June 25, 2021)
Representative Director, President and Executive

Hisanori Matsui

Officer
Representative Director, Vice President andMasaru Yamada

Executive Officer
Director and Senior Managing Executive Officer

Satoru Shimono

Director and Managing Executive Officer

Katsuhide Yamana

Director

Seiji Nomura

Director

Junichi Kato

Director

Hideyuki Kitajima

Director (Standing Audit and Supervisory

Yuichi Kobayashi

Committee Member)
Director (Audit and Supervisory Committee

Tetsuya Azuma

Member)Director (Audit and Supervisory Committee

Masako Tomotsune

Member)Notes: 1. As a result of the resolution to amend the Articles of Incorporation at the Ordinary General Meeting of
Shareholders held on June 25, 2020, the Company transitioned to a company with an Audit and Supervisory
Committee on the same date.
2. Directors Seiji Nomura and Junichi Kato are Outside Directors of the Company.
3. Directors Tetsuya Azuma and Masako Tomotsune are Outside Directors who are Audit and Supervisory
Committee Members of the Company.

- 15 -

Stock Status (as of March 31, 2021)
Total number of shares authorized:
Total number of shares issued:
Number of shareholders:

4,000,000 shares
1,794,000 shares
1,509

Major shareholders

897
63
58

Share-holding ratio(excluding treasury
shares) (%)
50.6
3.6
3.3

30

1.7

23
23
23

1.3
1.3
1.3

17

1.0

Number of shares held(Thousands)

Shareholder name
Mitsubishi Electric Corporation
Kodensha Employee Stock Ownership Plan
Mitsubishi Estate Co., Ltd.
MSIP CLIENT SECURITIES(Standing proxy: Morgan Stanley MUFG
Securities Co., Ltd.)
Negurosu Denko Co., Ltd.
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Master Trust Bank of Japan, Ltd.
(Trust Account)Notes: 1. In addition to the above, Kodensha holds 21 thousand shares (1.2%) as treasury shares.
2. Of the above shares of The Master Trust Bank of Japan, Ltd., 17 thousand shares are related to trust
operations. Of these shares, 17 thousand shares are in a pension trust.

* Annual Select is an English-language disclosure format developed by ZAIHON, INC. to increase the level of convenience of investors outside Japan based on Japanese-language
statutory disclosure material, timely disclosure material prescribed by securities exchanges and voluntarily disclosed IR material. Annual Select is a registered trademark of
ZAIHON, INC. Reproduction or copying without prior permission is prohibited.
* While every best effort has been made to provide a translation meeting the quality standards required of professionals, the Company does not guarantee it is 100% accurate.
Therefore, please verify the original Japanese text for any final judgments made based on this information.

- 16 -