GovernanceEngagement (Establishing Mutual Trust Through Dialogues)
We consider constructive dialogue regarding improving corporate value important for strengthening mutual trust with all
stakeholders. Therefore, in order to link medium- to long-term improvement in corporate value and the construction of ahighly effective management system, we actively undertake engagement activities that target stakeholders, including
shareholders and investors, and reflect their valuable opinions in our management strategy.

Basic Policy on Dialogue with
Shareholders and Other Stakeholders

Basic Policy on Information
DisclosureAs it is our opinion that actively holding constructive dialogue withshareholders and investors and reflecting the results of that dialogue inmanagement leads to medium- to long-term improvements in corporate
value and sustainable growth, we set policies related to these activities.

We see timely disclosure of accurate information as the foundation ofmutual trust in relationships with all stakeholders. We are also keenly
aware that disclosure is essential for accurate assessments of ourcorporate value. We actively disclose information while complying with all
related regulatory requirements.

Policy for dialogue with Shareholders / Investors
https://www.wacoalholdings.jp/en/sustainability/talk_with_stockholder/

Basic Policy on Information Disclosure
https://www.wacoalholdings.jp/en/ir/management/discloser/

Follow-up meetings regarding the revised medium-term management plan (small meetings)
Date: December 5, 2023
Location: TokyoAttendees : Masaaki Yajima, Representative Director, President and CEO; Akira Miyagi, Representative Director,
Vice President and Executive Officer and CFO; Keisuke Kawanishi, Representative Director,President and CEO Wacoal Corp.; Mitsuru Sekiguchi, Director Corporate Officer Head of ProductDevelopment and Merchandising Div.; Katsuya Hirooka, Director Corporate Officer In charge ofAdministrative Control; Atsuko Shinoduka, Director Corporate Officer Head of Marketing Div.
Participants : 11 participants from 10 companies

Investor’s opinions of the revised medium-term management plan

At a time when the Wacoal continues to be unable to achieve its plans, it is encouraging
to hear the new senior management team apologize for past management. I highly rate
its plans to temporarily put aside consideration of performance and put the Company ona growth path by increasing brand power, customer loyalty, and workforce capabilities
following firm cost structure reform. (Person in charge of exercising voting rights)

I think that it is important to gain the understanding of employees and spread that
understanding in order to implement the revised medium-term management plan.
Wacoal employees who are unaccustomed to change may have a negative view of thedetails of the revised medium-term management plan, even though they were thoroughlyexamined. I hope that progress in implementing the plan is properly shared withemployees. I do not think that employees will consider the strategy as something thatinvolves them unless a healthy sense of crisis continues to be fostered. (Fund manager)

Stakeholder Relations

The elimination of mass retailer discounts will probably have a major impact on theJapanese business’s stagnant sales, but selling the proper volume at the proper
price is good for both sellers and buyers and is how it should be. I would like
Wacoal to uncompromisingly move forward because ensuring profit through anappropriate profit structure, not volume of sales, is important. (Sell-side analyst)

I am concerned that if the integration of brands and product numbers isundertaken only from a quantitative perspective, such as ABC analysis, there will
be insufficient product numbers required by customers. The company should
promote business focus and selection by also giving consideration to aspects
other than quantity, such as customer opinions and value provided. Furthermore,
it would be best to establish a system that supports such activities as productplanning by delegating decision-making to the frontline, which is closer tocustomers, and leveraging the knowledge of logistics and marketing possessedby members of management and the senior management team. (Fund manager)

At the Wacoal Group, we define corporate value as the integration of all value gained by customers, employees, shareholders, investors, and otherstakeholders. Through our communication with all stakeholders, we strive to maintain solid relationships and build deep mutual trust. Moreover, the detailsof our investor relations and ESG (environmental, social, and governance) activities are communicated through the efforts of the Corporate
Communications Department.

In-house briefings and townhall meetings regarding revised medium-term management planCommunication Activities for Analysts and Institutional Investors (Results)
Activity

FY2021

FY2022

FY2023

Individual meetings with institutional investors and analysts

126 times

131 times

128 times

Results briefings (for analysts and institutional investors)

4 times

4 times

4 times

Business briefings (for analysts and institutional investors)

3 times

3 times

Twice

—

—

—

Once

Twice

Once

—

—

—

Once

Once

Once

4 times—

10 times

Factory tours (for analysts and institutional investors)Conferences organized by securities companies
Overseas road shows
Briefings for individual investors
Individual meetings with external directors(for analysts and institutional investors)

Activity
Feedback on IR activities (for directors)
Briefings (for employees)

FY2021

FY2022

FY2023

Quarterly

Quarterly

Quarterly

Held briefings on
integrated report for
management personnel

Held of sustainability
seminars for employees(320 participants)

Held briefings on
integrated reportfor employees(389 participants)

FY2024 IR Activities
During fiscal 2024, we will hold quarterly results briefings, normal IR meetings, investor meetings by Representative Director, President and CEO Masaaki
Yajima (15 times), and small meetings on the revised medium-term management plan that Wacoal HD and Wacoal Corp. executives participated in. We alsoplan to hold small meetings that external directors will participate in at the end of fiscal 2024.

71 ■ WACOAL HOLDINGS

Date: Revised medium-term management plan briefings: November 20, 21, and 22, 2023 at five locations
Townhall meetings
Plan to hold ten meetings between the end of November 2023 and March 2024Location: Kyoto, Tokyo, online
Attendees : Masaaki Yajima, Representative Director, President and CEO; Akira Miyagi, Representative Director,Vice President and Executive Officer and CFO; Keisuke Kawanishi, Representative Director,President and CEO Wacoal Corp.; Mitsuru Sekiguchi, Director Corporate Officer Head of ProductDevelopment and Merchandising Div.; Katsuya Hirooka, Director Corporate Officer In charge of
Administrative Control; Atsuko Shinoduka, Director Corporate Officer Head of Marketing Div.
* Participants depend on day of the meeting
Participants : Revised medium-term management plan briefings: about 1,400 participants; Townhall meetings:
about 200 participants (expected)

Employee opinion of revised medium-term management plan

Because I learned about the company’s plans from the revised medium-term
management plan, I thought that I would give the department general manager myopinion regarding how the department should move forward. (Employee in their fifties)

It is irritating that although there are visible problems on the frontline, it has been
impossible to undertake major company-wide optimization because there is a focus on
optimization of the organization and its parts. I would like to see opportunities forcommunication because I want to work with the senior management team to solve
problems. (Employee in their thirties)

I think that it is only natural to “set out company-wide policies, and then have eachdepartment break down the policies based on a common understanding andincorporate those ideas into its strategy and operations,” but I was surprised thatdepartment general managers and section chiefs commented that “plans lack concrete
details” and questioned “how department operations should be organized.” I think thatthey do not understand the meaning of possessing authority. (Employee in their twenties)

I would like management to talk about such issues as the overall direction,
bolstering employee motivation, and an atmosphere in which people move forwardwith unity. Although I understand that traditionally detailed decisions should be left
up to departments, I was disappointed that at the briefing, the responses to manyof the detailed questions were vague. (Employee in their thirties)

It is good that following the briefings, there were townhall meetings at which
participants could directly talk with the executive management team. This provided
an opportunity to consider the role of one’s own department as seen from theoverall company and based on the stated policy. (Employee in their thirties)

Although there are quite high psychological hurdles to general employees talking
with executives, the opportunity to communicate intentions and thoughts throughdirect discussions changed the impression of the revised medium-term
management plan to positive from negative. I think it is important that both sides
come together and understand each other. (Employee in their fifties)

INTEGRATED REPORT 2023

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