Dai Nippon Printing Co., Ltd.
Sustainability Presentation
October 30, 2023

Event Summary[Company Name]

Dai Nippon Printing Co., Ltd.

[Company ID]

7912-QCODE[Event Language]

JPN[Event Type]

Analyst Meeting[Event Name]

Sustainability Presentation[Fiscal Period][Date]

October 30, 2023

[Number of Pages]

39[Time]

15:00 – 16:00(Total: 60 minutes, Presentation: 44 minutes, Q&A: 16 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers][Analyst Names]*

6
Yoshinari Kitajima
Kenji Miya
Masato Yamaguchi
Hirofumi Hashimoto
Hideto Sakata
Naoki Wakabayashi

Takaomi Kono
Takeru Hanaya

President
Senior Managing Director
Senior Managing Director
Managing Director
Corporate Officer
General Manager, IR and Public Relations
Division
Nomura Securities
SMBC Nikko Securities*Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A or
whose questions were read by moderator/company representatives.

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Presentation
Wakabayashi: Now it's time to begin the DNP, Dai Nippon Printing's sustainability presentation for
institutional investors and analysts. I, Wakabayashi of the IR and Public Relations Division, will serve as
today's moderator. Thank you very much for your cooperation.
Thank you very much for taking time out of your busy schedule today to participate in our online session.
Today, we will explain in accordance with the presentation materials. The presentation materials areavailable on DNP's website in both Japanese and English.
Let me now introduce the contents of today's presentation. President Kitajima and other members will
explain our concepts and policies behind sustainable management, reinforcing human capital, enhancing
intellectual capital, environmental initiatives, and governance initiatives. This will be followed by a questionand-answer session. Please note that we are scheduled to end the session at 4:00 PM today.
Let me begin with an explanation. First, Mr. Kitajima, President, will explain the concept and policy ofsustainable management. Now then, President Kitajima, please begin.

Kitajima: Hello everyone. I am Kitajima, President. Thank you for attending today's DNP Group sustainability
presentation.
Please see page four of the document. The DNP Group strives to realize a better, more sustainable society
and a more fulfilling life based on its corporate philosophy of connecting people and society and providing
new value.
We are focused on solving social issues, creating new value that meets people's expectations, and making
that value something that is always around us, or something we take for granted. This aspiration is reflectedin our brand statement, "Creating future standards."
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2See page five.
We believe that a healthy society and economy, as well as comfortable and enriched people's lives, arebased on a sustainable planet. In recent years, particularly the environment, society, and the economy havebeen changing rapidly, and the risks, or variables, that affect management have also become increasingly
diverse and wide-ranging.
Under these circumstances, DNP itself is taking the initiative in promoting business activities to create abetter future. We believe that by managing medium- and long-term risks and reflecting them in ourmanagement strategies, we can reduce the negative impact of all risks throughout the supply chain andcreate value that has a positive impact. By doing so, we will enhance both our corporate sustainability andenvironmental, social, and economic sustainability.

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3See page six. This page shows the value creation process that will enable the DNP Group to create a better
future.
The business environment in which companies operate has changed rapidly and become increasingly
diverse, especially in recent years. It has the potential to fundamentally change the way we work and live.
These changes are also stimulating new needs of society and consumers. We not only want to respond tochange, but we also want to transform ourselves and make it an opportunity to create new value.
In particular, strengthening the management foundation to achieve sustainability, which is also today's
theme, is an essential and important initiative for improving corporate value, and we will promote it intandem with the creation of new value through the promotion of our business. We will be the agents ofchange ourselves, bringing together the technology, know-how, and network of all DNP companies todevelop business activities to create a better future.

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4See page seven.
In addition to our financial results briefings, we have been holding sustainability-related briefings on an
ongoing basis since 2021 to promote a deeper understanding of our ESG-oriented management policies andtheir respective themes.
This time, I would like to explain the relationship between the non-financial strategies outlined in our
medium-term management plan starting this year and the creation of value that will lead to the future of
our company, using a storyline from the perspective of sustainability, and evolve this session into a forum
for dialogue with you on medium- to long-term growth.

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5See page eight. In the medium-term management plan currently underway, the DNP Group has formulated
a specific strategy for sustainable value creation with a medium- to long-term perspective. We will
incorporate non-financial strategies, which are the cornerstone of our sustainability management, into
these efforts, and aim to quickly achieve our ROE target of 10% and P/B ratio of over 1x by integrating ourbusiness and financial strategies.

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6See page nine. This page, although they are only a part of our overall activities, describes our efforts andprogress in realizing our goals as specific as possible.

See page 10. From here on, each speaker will explain the human capital, intellectual capital, and theenvironment, which we consider particularly important among non-financial capital, as well as thegovernance initiatives that support them.
That is all from me. Thank you very much.
Wakabayashi: Now, Mr. Miya, Senior Managing Director, will explain about reinforcing human capital. Mr.
Miya, please begin.

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Miya: My name is Miya, Senior Managing Director. I am in charge of the human capital area, and I would liketo explain how we are reinforcing our human capital.
Please see page 12 of the document. As we recently announced internally and externally in our new
medium-term management plan, DNP is further expanding investment in people based on our humancapital policy to clearly link investment in people to increased corporate value and to enhance humancreativity on a global basis.
DNP has been restructuring its personnel systems in recent years. Last year, we formulated our humancapital policy, which clearly states our universal and basic approach to our employees and is the basis forthe restructuring of our personnel systems. Under this policy, we value our employees, and our company
grows through the employees we value, and these employees enrich society. This human capital policy
reflects the Company's desire for each employee to develop his or her strengths and grow as a person who
can be used both internally and externally.
Under this human capital policy, we will unite the human capital policies, visions, and declarations that wehave communicated to date and work to reinforce human capital in an integrated and strategic manner tofoster a better organizational climate, accelerate investment in people that contributes to the growth ofdiverse human resources, and further enhance corporate value.

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8See page 13. This shows the link between enhancing human capital and increasing corporate value. First, wehave established four key issues that we will work on to enhance our corporate value.
1) Support for career autonomy of employees and strengthening of organizational capability.
2) Health and productivity management that increases the happiness of employees.
3) Hiring, personnel assignment, and reskilling based on human resource portfolio; and
4) Promotion of diversity and inclusion utilizing diverse individuality.
We are then implementing specific measures for each of these important issues. The effectiveness of thesemeasures will be further enhanced through a value relevance analysis of the effects they generate for
employees and the effects they have on human creativity, corporate value, and financial value.
In order to promote change that is not an extension of the past, it is important for each employee to chart
his or her career more autonomously and develop their strengths. To further support the career autonomyof these employees, we will optimally and effectively invest in people and further strengthen our humancapital.

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9See page 14. Next, I will explain each issue in a little more detail.
First, regarding support for employee career autonomy and strengthening of organizational strength. The
DNP Group is developing DNP's version of more job-based compensation and related measures with themain objective of further supporting autonomous career development, so that each and every employee
can acquire expertise and skills that are applicable not only within the Company but also outside theCompany.
This is DNP's unique hybrid career autonomy policy that leverages the benefits of both membership-based
and job-based employment. When employees are young, they move through a membership-based
development and growth stage, which includes their own preferences and work experience. Thereafter,
they move up to a more post-oriented, job-based stage, which includes autonomous choice of whether theywant to become a manager or a specialist.
In other words, we encourage our employees to think carefully about their own careers, where they want to
go in the future, and to improve themselves and grow while they are still in general employment. As they
move up to mid-level executives, they will autonomously pursue managerial or specialist positions, utilizing
a multi-track career and job grade system that allows them to autonomously choose between management
and specialist positions.
The overall image is that the Company will then support each of these individuals in all stages of their career
autonomy.

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10See page 15. Next, I will explain the second important issue, the DVO (DNP value objectives) system, as oneof the health management measures to enhance employee happiness. See the overall picture on the left,
and the diagram of the operational process.
This DVO stands for DNP value objectives system and is a system that incorporates elements of OKR(objectives and key results)—which originated from Intel Corporation in the US and has been adopted byleading companies in Silicon Valley—into our conventional goal management system. It is a new
management system that matches DNP's needs, aiming to visualize results and processes, foster a sense of
teamwork, and support autonomous careers.
Specifically, we aim to set team goals, narrow them down to priority goals, hold weekly team meetings, andmonthly one-on-one meetings to build trust and support autonomous careers, as well as psychologicalsafety in the organization.

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11See page 16.
Next, with regard to health management that enhances employee happiness, this fiscal year we beganawarding commendations that evaluate factors other than business earnings. The award recognizes
outstanding initiatives that have led to the creation of a vibrant workplace culture and the strengthening oforganizational and team skills, which are the foundation for value creation.
We were able to shine a light on the steady but excellent efforts of the manufacturing division and otherdivisions that are not easily recognized in terms of sales and other business results, and we believe that theaward winners in these divisions also felt pride and joy in their work.

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12See page 17. The third is recruitment, staffing, and reskilling based on human resource portfolios, as a key
issue. The DNP Group has created a human resources strategy in line with its business strategy by creating ahuman resources portfolio that is classified into several types according to the roles required for eachbusiness, the expertise possessed, and management skills.
We examine the excesses and deficiencies of each human resource type to realize our business strategy, andpromote recruitment and human resource development with an emphasis on the qualitative aspects ofhuman resources. As a premise for this, as I mentioned earlier, as one of the job-based compensation andrelated measures, we have prepared a multi-level career system that is separate from management
positions. We are expanding and operating a system of specialized positions as a mechanism for personnel
with expertise in specific fields, domains, and technologies, including our core businesses, to continue toenhance their expertise.
We are also promoting the development of DX human resources, which will be indispensable in all businessdomains in the future. By the end of FY2025, 27,500 employees will have completed basic education basedon the DX literacy standards, and all employees in all positions are expected to acquire knowledge and skills
based on the DX literacy standards as basic DX foundational personnel.
In addition, as human resource reallocation and reskilling in focused business areas, we are reallocating
human resources with reskilling training to manufacturing divisions in growth-driving businesses andstrengthening DX reskilling training to develop DX human resources. In addition to internal training, we arealso actively promoting the use of external high-level experts.
Specifically, in addition to the professional staff system in which a separate employment contract isconcluded with a person who has extremely advanced knowledge and skills in a specific field of expertise,
the Company will accept outside professional human resources as a form of side employment for a certain
period of time. We are actively doing those things as well.

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13See page 18. The fourth important issue, the promotion of diversity and inclusion that makes the most ofdiverse individuals, is mainly focused on the promotion of female advancement, promotion of malematernity leave, and training on unconscious bias. Today I will explain about the promotion of women's
activities to increase diversity in decision-making.
The figure on the left illustrates our continuous human resource development of female employees. We
offer practical leadership training for all female employees at the leadership level, as well as a sponsorshipprogram that involves female employees in managerial positions at the section manager and generalmanager level, executives from other divisions, and the head of the division to which the woman belongs.
After the past two implementations, half of the participants have been promoted. In addition to raising theratio of female managers to the target of 12% by the end of FY2025, we are charting a path to sustainably
increase diversity in decision-making through this systematic approach.
That is all from me. Thank you very much.
Wakabayashi: Thank you very much. Next, Mr. Yamaguchi, Senior Managing Director, will explain how weare strengthening our intellectual capital. Then, Mr. Yamaguchi, please begin.

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Yamaguchi: I am Yamaguchi, Senior Managing Director. I would like to explain how we are strengthening
our intellectual capital.
Please see page 20 of the document. DNP's intellectual capital originates from printing technology andinformation technology. We are creating value that leads to solutions to social issues through P&I
innovation, or combining of printing and information.
As shown in the figure, the basic technology of printing starts with information processing technology,
followed by microfabrication technology, precision coating technology, and post-processing technology forcommercialization, etc., all of which contain significant intellectual capital and are core competencies thatare the source of our company's growth. Through the application and development of these products, weare expanding into the world's top share products and DX business, etc.

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15See page 21. The medium-term management plan for the period from FY2023 to FY2025, which started thisyear, defines four business domains.
Of these, we will promote concentrated investment and strengthening of intellectual capital in focusedbusiness areas consisting of growth-driving businesses and new businesses. We will then optimize ourbusiness portfolio by strengthening our intellectual capital through collaboration between DNP's strengths
and those of our partners and other companies. In particular, we will envision a better future, and using thisas a starting point, we will continue to strengthen our proprietary technologies to realize future scenarios.
The material issues are listed as 1 through 4 in this table.

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16See page 22. The dispersed development structure was consolidated into the Research & Business
Development Center to enable functional operation of seed development and business development. DNP
will open up a new world by collaborating with partner companies that possess DNP's strengths andproprietary technologies. Every year, DNP invests more than JPY30 billion in R&D, and last year the figure
was JPY32.4 billion. We plan to invest JPY34 billion this fiscal year as well.

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17See page 23. As I mentioned earlier, we have defined our focus business areas and will continue tostrategically strengthen our concentrated investments and intellectual capital. Here I introduce three of our
focused businesses that are growth drivers and have the world's top market share.

See page 24. First, it is a battery pouch.
Around 1990, DNP began developing battery pouches, anticipating that lithium-ion batteries would require
lighter weight and higher reliability in the future. The functionality and reliability of the pouches have beenhighly evaluated, and they have been adopted by Japanese EVs and the world's largest smartphone makers,
then expanding to this day.
The name “battery pouch” was also popularized by DNP and is highly regarded as a standard in the battery
industry. We have over 200 patents and all of our production equipment is made in-house.
We aim to achieve sales of JPY100 billion by FY2025 for the entire lithium-ion battery pouch.

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18See page 25. In addition, the battery pouch is becoming increasingly globalized, with customers in Korea,
China, Europe, and North America.
DNP has established four post-processing sites in China and a European site in Denmark this year. Next, weare looking to expand into North America.

See page 26. Next is the metal mask.

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The top share in the global market is, above all, metal masks for OLED displays. In response to the need forlarger sizes, we have now expanded our large line in Kurosaki, Kitakyushu, to maintain our leading market
share. DNP's superior development capabilities, strong strategic patents, and know-how differentiate us
from our competitors.
A schematic diagram of vapor deposition process is shown in page 26. One of the main features of thissystem is that each RGB patterning can be done at the time of vapor deposition if three types of metalmasks are available.

See page 27. Next is the optical film.
High-performance optical films for displays have enhanced the performance of displays by preventing
surface glare and reflection, and by collecting and diffusing light.
We own many strong patents in Japan and abroad. We are aggressively investing in facilities, and will add a
new large-scale facility in Mihara, Hiroshima Prefecture.

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20See page 28. DNP aims for data-driven management, a management approach that achieves results throughdecision-making based on a variety of data.
This requires expertise and skills in collecting and analyzing the data to be utilized, and we will secure andnurture personnel skilled in data science. The number of users of the data management infrastructure was
3,678 in the previous fiscal year, but 5,512 were utilizing the infrastructure in H1 of this fiscal year. And ourgoal is to have more than 6,000 people in FY2025.

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21See page 29. The role of intellectual capital is crucial in the policy for the realization of the FY2023-25
medium-term plan.
In addition to the combination of DNP's unique strengths and strengthening of cooperation with partners,
we will aim for a new DNP through value creation by DX.
That is all from me. Thank you very much.
Wakabayashi: Yes, thank you. Mr. Sakata, Corporate Officer, will now explain our environmental initiatives.
Mr. Sakata, please begin.

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Sakata: I am Sakata, Corporate Officer. I will explain our environmental initiatives.
Please see page 31 of the document. The DNP Group always acts in consideration of the symbiosis between
its business activities and the global environment.
In recent years, as climate change, marine pollution, and loss of biodiversity have become increasingly
serious, DNP has been promoting activities with a strong awareness of the environment throughout its
supply chain, from raw material procurement and product design to manufacturing, distribution, disposal,
and recycling, with the aim of realizing a sustainable society.
The progress of these activities is summarized in an environmental report, which is published annually, andthe opinions of people outside the Company have been reflected in our activities.

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23See page 32. About three and a half years ago, in March 2020, we formulated the DNP Group Environmental
Vision 2050 as our vision of where we want to be in FY2050, and accelerated specific activities to build adecarbonized, recycling-oriented, and nature-harmonious society. We have established medium-term goals
and are stepping up efforts to create value and strengthen the management foundation that supports thisvalue creation.

Today, we would like to introduce some specific initiatives to realize these three societies. See page 33.

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24Regarding the first one, the efforts to realize a decarbonized society, DNP has positioned addressing climatechange as one of its key management issues, and is working to build a decarbonized society in order toadapt and mitigate the effects of climate change.
Specifically, we utilize the international disclosure framework provided by the TCFD, or Task Force on
Climate-related Financial Disclosures, to identify risks and opportunities related to climate change and to
examine strategies. Multiple scenarios are used to assess the qualitative and quantitative financial impact ofclimate change risks, including the short-term impact on business activities due to shutdowns and supply
chain disruptions caused by increased wind and flood damage.
On the other hand, in the medium- to long-term, we envision tighter regulations and an accelerated
transition to low-carbon technologies to achieve carbon neutrality in FY2050. We respond flexibly andstrategically to these risks and set specific targets to contribute to a decarbonized society through our
products and services, as well as to achieve virtually zero GHG emissions in our own business activities.

See page 34.
For short-term risks such as windstorms, floods, and other large-scale natural disasters, we have formulated
a business continuity plan (BCP) and are strengthening measures for facilities and management. Specifically,
we are implementing inundation countermeasures at sites in Japan where river flooding and other risks are
anticipated, and we are also expanding the management systems at each site.
We will continue to build a strong corporate structure that will enable us to quickly restore businessactivities even in the event of an emergency situation that threatens the survival of our business.

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25See page 35.
Meanwhile, amid international calls to achieve carbon neutrality by FY2050, the role of companies is
becoming even more important and their efforts need to be accelerated.
GHG emissions from business activities are also expected to increase due to mergers and acquisitions andexpansion of business operations, especially in focused businesses. In response, we have set a medium-termgoal for FY2030, which includes a shift in our business portfolio to reduce environmental impact andincrease added value, strengthening energy conservation activities and actively introducing renewableenergy.
We have set a target of 40% reduction by FY2030 compared to FY2015, and as of FY2022, we have achieved
a 36.5% reduction, exceeding our plan. We are considering further raising the target and will accelerate ourefforts to achieve virtually zero GHG emissions in FY2050.

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26See page 36. We also believe that in order to achieve carbon neutrality, it is important to reduce GHG
emissions throughout the entire supply chain. Raw material procurement accounts for about 50% of DNP's
supply chain emissions from its business activities. We are currently working with suppliers to develop andutilize low-carbon materials and materials, promote the use of recycled materials, and develop othertechnologies to reduce GHG emissions throughout our supply chain.

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27See page 37. In addition, the importance of further promoting resource recycling both domestically andinternationally has increased in response to the marine plastic waste problem, climate change issues, andtighter regulations on waste imports from other countries.
Against this backdrop, DNP is working to build a recycling-oriented society while promoting the efficient useof resources. We are working to improve our resource recycling rate, which is the ratio of material andchemical recycling, with a particular focus on plastics, which are the Company's largest source of unwantedmaterials.
By FY2025, we aim to achieve a 5-point improvement over FY2015, and as of FY2022, we have achieved a
6.7-point improvement, which is also ahead of our plan. In addition, to promote efficient resource recycling
throughout the supply chain, we are working with our partners to establish recycling schemes.
We will continue to promote various measures for resource recycling, as well as strengthen communication
measures to encourage consumers to take action to reduce their environmental impact and promote
efficient use of resources.

See page 38.
In building a society in harmony with nature, we are creating green spaces in consideration of local
ecosystems and procuring raw materials in consideration of biodiversity.
In creating green spaces, we are taking advantage of the unique characteristics of each of our business sites
throughout Japan. In the Ichigaya area (Shinjuku-ku, Tokyo), where our head office is located, we arecultivating the Ichigaya Forest (Ichigaya-no-Mori) as a new urban forest. The forest is close to nature,
consisting of local native species, and has been greened in stages since FY2015.

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28See page 39.
In October 2023, we obtained certification from the Ministry of the Environment as a site in harmony withnature as an area where biodiversity is conserved. In the same month, the Company won the Minister ofLand, Infrastructure, Transport and Tourism Award in the 43rd Urban Greening Prize in recognition of its
soil-based greening on artificial ground and the proactive maintenance and management system of its
employees.
Please return to page 38 of the document. On the other hand, in the procurement of raw materials, weestablished guidelines in 2012 for the procurement of paper, which is highly dependent on and impacts theecosystem, with the aim of maintaining sustainable forest resources, and we are promoting the
procurement of sustainable raw materials by actively using forest certified paper and understanding the
production and procurement process.
We will continue to aim to minimize the impact of our business activities on biodiversity and harmonize
them with local ecosystems throughout our supply chain.
That is all from me. Thank you very much.
Wakabayashi: Yes, thank you very much. Now, Mr. Hashimoto, Managing Director, will continue with an
explanation of our governance initiatives. Mr. Hashimoto, please begin.

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Hashimoto: I am Hashimoto, Managing Director. I will explain our governance initiatives.
See page 41 of the document. In February of this year, we announced the DNP Group’s Basic Management
Policy. Naturally, I think the important thing will be the early realization of the goals set forth in this policy.
To this end, we consider the enhancement of corporate governance to be indispensable.
Our governance structure is shown on the right side of your handout. In order to boldly address thechallenges of business opportunities and earn the trust of stakeholders, we believe it is necessary toestablish a process to assess risks, reflect them in management strategies, and turn into opportunities.
To this end, last April we strengthened and reorganized the structure of the Sustainability Committee.
Chaired by the President, the committee also manages various risks throughout the Company incooperation with the Corporate Ethics Committee and the BCM Promotion Committee.

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While it is important to enhance governance, we believe that it is also important to ensure the diversity of
the Board members for this purpose. As I mentioned earlier, we have compiled a list of skills that we believe
are important to realize the DNP Group’s Basic Management Policies we announced in February, and basedon this list, we have created a skills matrix to determine the Board members. Based on this matrix, we havecreated a management team with diverse backgrounds that can contribute to the achievement of the DNPGroup’s Basic Management Policies.

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31See page 43. We have confirmed that the current Board members have a good balance of skills that areimportant for the promotion of the new medium-term management plan, as shown in the skills matrix thatyou have just seen. In addition, we have four(4) outside directors out of twelve(12) directors, and we
promote discussion of all angles at the Board of Directors meetings.
The main items discussed at the Board of Directors meetings for the fiscal year ended March 31, 2023 areshown in the table on the right side of page 43.

Please see page 44.
The Board of Directors' meetings are very limited in terms of time, and since important management
matters are discussed in a variety of ways, improving the effectiveness of the Board of Directors is anextremely important theme.
Every year, we conduct a questionnaire survey of all directors and statutory auditors to assess theeffectiveness of the Board of Directors, identify issues, and work to improve them. We also hold meetings ofoutside directors and outside statutory auditors to discuss such issues in these meetings, and report back to
the Board of Directors on the order of priority and what needs to be done first.
The main issues that have been improved so far are shown on the right side of page 44.

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32See page 45.
Regarding these efforts to improve the effectiveness of the Board of Directors, this year's Integrated Report
2023 includes a dialogue between outside directors Mr. Tamura and Mr. Shirakawa, which we hope you will
later look over the report.
As I explained earlier, we have listened to the opinions of outside directors and outside statutory auditors
and, as one of our priority issues for FY2023, we will make further efforts to improve the progress of Board
meetings, which we have been doing in various ways in the past.
In addition, there is inevitably an information gap between internal and outside directors. As part of ourefforts to resolve this issue and to enhance the effectiveness of the Board of Directors, we have decided tofurther promote communication and to plan factory tours for outside directors and outside statutory
auditors to gain a better understanding of the characteristics of DNP's various business operations.
The entire management team will work diligently to address these management issues and strive to achievea Board of Directors that contributes to sustainable management.
That is all from me. Thank you very much.
Wakabayashi: That's all for each section.

[END]______________
Document Notes
1.
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2.
3.
4.

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Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides ananswer from the Company, or [M] neither asks nor answers a question.
This document has been translated by SCRIPTS Asia.

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