December 5, 2023
To whom it may concern:
Company name:Name ofrepresentative:
Contact person:

Nippon Sanso Holdings Corporation
Toshihiko Hamada
Representative Director, President CEO(TSE Code: 4091, Prime Market of the TSE)
Keita Kajiyama
General Manager, IR
Phone: 81-3-5788-8512

Notice Regarding Early Redemption of Hybrid Bonds (Public Subordinated Bonds)

Nippon Sanso Holdings Corporation (NSHD; formerly Taiyo Nippon Sanso Corporation) hereby announces that it will
implement the complete early redemption of following hybrid bonds (subordinated bonds) (“the Hybrid Bonds”), which
NSHD issued on January 29, 2019.
1．Background to Early Redemption of the Hybrid Bonds
As announced in the "Notice Regarding Issue of Hybrid Bonds (Public Subordinated Bonds)" dated December 4, 2018,
NSHD has issued the Hybrid Bonds as a means of raising funds to help maintain its financial soundness while avoiding adecline in capital efficiency due to share dilution.
As the initial optional redemption date of January 29, 2024 is approaching, with consideration for financial soundness
based on investment for growth and the cash-in-hand situation, NSHD has decided that complete early redemption will
increase the flexibility of its financial strategy and contribute to improving corporate value.
Since the issuance of the Hybrid Bonds, there has been a steady improvement in financial soundness, and thereplacement restrictions (*1) and exception clause (*2) stated in the bond notes for the Hybrid Bonds will be fulfilled.
Therefore, there is no plan for replacement by hybrid debt financing prior to the implementation of early redemption, therepayment amount will be allocated from the proceeds of the 3rd, 4th and 5th series of unsecured bonds (with inter-bondpari passu clause) issued on August 31, 2023.
*1 A restriction stating that, if NSHD acquires the Hybrid Bonds by early redemption or purchase (“the EarlyRedemption, Etc.”), NSHD intends to raise funds through the issuance of replacement securities, etc., for which
NSHD has gained approval from a rating agency as having equity that ranks pari passu with the common stock or theHybrid Bonds for 12 months prior to the date of performing the Early Redemption, Etc.
*2 In the event of the Early Redemption, Etc., it is possible that the fundraising in *1 above, will be omitted in the casethat both of the following requirements are fullfiled:(1) NSHD's adjusted consolidated net debt to shareholders’ equity ratio as of the end of the consolidated fiscal year orquarterly consolidated fiscal period immediately preceding the date of the Early Redemption, Etc., as calculated
based on the financial data (the "Financial Data") relating to the consolidated balance sheet that has been publiclyannounced by NSHD (including public announcements through financial statements), is 1.00x or less. NSHD's
adjusted consolidated net debt to shareholders’ equity ratio as of the end of the consolidated fiscal year or quarter
immediately following the date of the Early Redemption, Etc. is 1.00x or less.
(2) The amount of consolidated shareholders' equity as of the end of the consolidated fiscal year or quarter
immediately preceding the date of the Early Redemption, Etc., as calculated based on the Financial Data, is 100
billion yen or more higher than the amount of consolidated shareholders' equity as of the end of the second
quarter of the fiscal year ending March 2019.

2．Details of Early Redemption
1.
Bonds to be redeemed prior tothe maturity date2.
Amount of issue
3.
Payment date
4.
Maturity date5.
Early redemption date6.
Total early redemption amount7.
Early redemption priceTaiyo Nippon Sanso Corporation
1st Series Deferrable Interest and Callable Unsecured Subordinated Bonds
100 billion yen
January 29, 2019
January 29, 2054
January 29, 2024（initial redemption date）
100 billion yen
100 yen for bonds with face value of 100 yen