Tokyo, April 26, 2023
Company Name:
Representative:
Shares Listed:
Stock Code:Inquiries:

Shimizu Corporation
Kazuyuki Inoue, President and Director
Tokyo Stock Exchange Prime Market and Nagoya Stock Exchange Premier Market
1803
Takayuki Hachiya, General Manager, Accounting Department
TEL: +81-3-3561-1111

Announcement Regarding Decision to Implement
Share Buybacks and Cancel Treasury Stocks(Purchase of Treasury Stocks in accordance with the Articles of Incorporation
pursuant to Article 165, Paragraph 2 of the Companies Act andCancellation of Treasury Stocks pursuant to Article 178 of the Companies Act)

Shimizu Corporation (hereinafter the “Corporation”) hereby announces that, at a meeting held on April 26,2023, its Board of Directors has resolved to purchase treasury stocks in accordance with Article 156 of theCompanies Act, applied pursuant to Paragraph 3,Article 165 of the Companies Act and to cancel treasury
stocks pursuant to Article 178 of the Companies Act.

1. Purpose of implementing share buybacks and cancelling treasury stocks
As it is set forth in the Mid-Term Management Plan <2019-2023>, it is the policy of the Corporationto reduce securities holdings and use part of the proceeds to implement share buybacks. Sharebuybacks were held off during FY2022 due to demand of funds for large-scale construction projects.
Since the reduction of securities holdings and collection of construction fees have fairly progressed
during the second half of FY2022, the Corporation will purchase treasury stocks and cancel alltreasury stocks acquired in FY2019 and FY2021 in order to further enhance corporate value by
improving capital efficiency.
2. Details of Purchase(1) Type of shares to be purchased(2) Total number of shares to be purchased

Common stock of the Corporation
Up to 32 million shares(4.32% of total number of issued shares(excluding treasury stock))
Up to 20 billion Japanese Yen
From May 12, 2023 to January 31, 2024

(3) Aggregate purchase amount(4) Purchase period
3. Details of Cancellation(1) Type of shares to be cancelled(2) Total number of shares to be cancelled(3) Total number of issued shares after cancellation(4) Scheduled date of cancellation

Common stock of the Corporation
44,838,300 shares(5.69% of total number of issued shares)
743,676,313 shares
May 12, 20234. Outlook for the future
The Corporation will continue to actively reduce securities holdings in order to aim to bring thebalance of securities holdings to less than 20% of consolidated net assets amount by the end of
FY2026. For reference, the status of the reduction of securities holdings is illustrated in (Reference)(2)1bellow.
The Corporation will continue to implement share buybacks in the future in conjunction with thereduction of securities holdings. Also, the Corporation will consider raising the consolidated dividends
payout ratio target to roughly 40%.
(Reference)(1) Total number of issued shares and treasury stock as at March 31, 2023
Total number of issued shares (excluding treasury stock): 740,903,214 Shares
Treasury stock:47,611,399 Shares(2) Reduction of securities holdings (FY2018-FY2022)
FY2018FY2019332
326
Number of Stocks(Of which: listed stocks)
(180)
(174)
Amount Sold (Billions of Yen)
13.2
17.2
(Of which: listed stocks)(12.2)(16.8)
Ratio ofsecurities holdings against
Consolidated Net Assets

46.7%

36.7%

FY2020
313
(163)
19.9
(19.7)FY2021299(152)12.9(12.8)FY2022
293
(143)
26.3
(26.3)

37.1%

34.2%

30.6%

Disclaimer: This is an English translation of the original announcement made by the Corporation in
Japanese at the Tokyo Stock Exchange on April 26, 2023. The translation is forreference purposes only. If and when there are any discrepancies between the original
announcement and the English translation, the original announcement shall prevail.

2