INFRONEER Vision 2030
Challenge the status quo

October 1, 2021

Contents
1. Overview of a Holding Company
2. Concept of Management of theHolding Company
3. Business Environment forecast
4. Our Goal
5. 3 Core Strategies and ImportantMeasures

10. Our Idea of Distribution toShareholders & Market
11. Management Target
12. ESG management to maximize ouradded valueReference

6. Our Idea of Added Value Distribution
to Multi-stakeholders
7. Our Idea of Added Value Distribution
to Investment for Human Resources
8. Our Idea of Added Value Distribution
to Growth and Constant Investment
9. Our Idea of Added ValueDistribution to Investment for
Subcontractors
1１．Overview of a Holding Company
Name
Established

INFRONEER Holdings Inc.

Capital20 billion yen

October 1, 2021

Structure ofCorporate Organs

Company With Nominating
Committee, etc.

Security code

TSE 1st Section No. 5076

The will that is put in this logo

The will that is put in this name

【INFRONEER ARROW】• Creating future of infrastructure & Expanding freedomof infrastructure services. Overcoming preconceptions& Expressing intention to innovate thru dynamic motif【 Infrastructure/ Innovative/ Pioneer/Engineer/Frontier 】• Coined word representing innovators, pioneers,engineers and frontier for infrastructure services in past,present and future

VisionMissionA world where there's no limit to what can be asked fromand what can be delivered by infrastructure services.

We challenge the status quo of existing infrastructurebusinesses and deliver the most suitable service globally withinnovative ideas.

バリュー

Value
Value

私たちが約束する価値

Safety, security, and sustainability of our society and local
communities
2２．Concept of Management of the Holding Company•

Pursuing exquisite balance with centripetal power of the holding company and centrifugal power of thethree companies and aim for explosive improvement of corporate value.

Maeda Corporation

Maeda Road

Maeda Seisakusho

Centripetal Force ofHolding Company• Share strategies as integrated infrastructure services
company• Joint efforts to hire employees and develop their skills

ImproveCorporateValue• Pursue group financial benefits through excellent credit
ratings• Joint efforts to make DX, R&D andShared Services• Competitiveness of existing businesses
utilizing strengths of each company• Improving employees’ engagement• Active investment in human resources(reward, education and training)

Centrifugal Force ofthe Three Companies

3３．Business Environment forecast• The new construction market is predicted to shrink due to shortage of national and local government budgets .
• As a solution, it is predicted that new markets such as infrastructure maintenance, repair, renewal and new construction
by using public-private partnership method(PPP) will expand rapidly.
• And by policy promotion for the carbon neutral, it is predicted that the renewable energy market will also expand rapidly.
• In order to deal with the shortage of workers, it is essential to promote work style reforms and make drastic productivity
reforms.
• For long term corporate growth, it is necessary to reinforce ESG management and corporate governance.
• The speed of social changes is accelerating, such as the rapid progress of digital technology, and there is an urgent needfor a prompt and agile system.

Expansion of new market
Public infrastructure going to PPP market⚫ *1Availability Payment Method will beintroduced⚫ *2Green field also will be introduced byPFI Law amendment■Currently adopted as*3 DBT+ concession method

Renewable energy markets expanding more
Future market size
(FY20～30 total)

Creating new markets＋Government expressed supportfor expanding PPP market
Market size of PPP②New PPP market(including Availability Payment)
170 billion yen/year(FY30)*4③Existing PPP market
1.6 trillions yen/year(FY30)*5

Market size of Renewable energy①New construction market
created by the greenfield
concession

About 7.0 trillion yen

About 2.2 trillion yensolar

FY24

FY27

FY30

*1～3 see the references*4 originally calculated from the MIC “Local Finance Survey Materials (Reiwa 1stRevised Edition)”*5 originally calculated from the Cabinet Office "PPP / PFI Promotion Action Plan(Reiwa 3rd Revised Edition)"

About 1.3 trillion yen

geothermal heatbiomass
hydro

FY20
FY21

About 5.8 trillion yen

windAbout 1.3 trillion yen

FY30*6*6 originally calculated partially from the sixth basic energy plan (draft)4４．Our Goal• Strongly promote “integrated infrastructure service company” that manages both upstream anddownstream of infrastructure operation business aiming to establish a business model that realizes
sustainable growth without being influenced by external factors.
• Create stable and highly profitable revenue base by uniting the engineering of each group company,
expanding the business fields by M&A and reinforce competitiveness.
• Aim for "company trusted by all stakeholders" by establishment of an effective corporate governancesystem, promote Digital Transformation (DX), realize prompt and appropriate management andreinforcement our "ability to deal with social changes."
Deal with social changes”Integrated Infrastructure Service Company”
Expand business fields & Manage Both upstream anddownstream of Infrastructure operation business

Reinforcement of Governance● Company with nominating committee, etc,
● Speed up management decision making

Reinvest

Operation &MaintenanceLarge-scale
Renovation

RenewalConstruct

Manufacture&Procurement

Each company’s
Network

Plan & Design

Plan & Propose

ProfitabilityUpstream● Independent directors are majority

Existing Business

Downstream

4 Keys to obtain competitiveness (our strengths)

× Finance Strategy ×

Knowhow ofinfrastructure
operation×Engineering

Create stable and highly profitable revenue base

● Chairperson of Nominating/Compensation/Audit is Independent director● Director of the board is Independent director● Value diversity

Reinforce flexibility of dealing with changes●Promote ICT・DX●Expand business field by M&A●Strengthening ESG/SDGs activities

Deal with social changes

Company Trusted by all stakeholders
5５．3 Core Strategies and Important Measures• In order to realize our goals, we have set “Productivity reform”, “Create new revenue bases”, and “Strengthen andimprove corporate culture ” as 3 core strategies.
• In order to achieve the strategies, we formulate important measures for each 3 core strategies.
Our goals

Necessary elements

Deal withsocial changes

Company trusted by all stakeholders

Create stable and highly
profitable revenue baseProfitability

3 Core Strategies

Productivityreform• Maximize added value• Optimization of costs• Promote group financestrategies

Create newrevenue bases• Enhance competitivenessin infrastructure operating
business globally• Expansion of businessfieldsStrengthen andimprove corporateculture• Promote group humanresources strategies• Strengthen corporate
governanceRationalization&efficiency

Group
Strategy

Important Measures

ReliabilityQuickness

6６．Our Idea of Added Value Distribution to Multi-stakeholders• Distributing our added value to multiple stakeholders in well balance, maximizing our added value as well as
realizing continuous growth through dealing with social changes

Added Value

Investment forhumanresources•Provision of return to employees (reward, education, training)that leads to improved motivation and growth as well asaffluence of human resources

Investment for
growth•“Offensive investment” for safe and high quality infrastructureservices (concessions, comprehensive management, renewableenergy, etc.), M&A, DX, R&D, etc.

Investment fornormaloperations•"Defensive investment" for optimal utilization of group assets

Partnercompanies•Enhance competitiveness and procurement through added value
distribution to project partner companies and subcontractor
companies

Shareholders＆market•Appropriate shareholder returns in consideration of the balancewith capital policy

Reserved forfuture use•Preparation for the future that leads to improve corporate value

Maximization cycle of added value
7７．Our Idea of Added Value Distribution to Investment for Human Resources•Corporate value is the organization value which reflects the value of humanresources•Improving the growth of human resources is the key to improve organization value

Human resources are the driving force
for maximizing added value•Maximizing added value centered on distribution to human resources

Investment forhumanresources

Investment for
growthPartnercompanies
Shareholders＆MarketPriority investment

Added Value

Investment fornormaloperations• Promotion of compensation
system linked to businessperformance• Investing in human resources
education• Active investment to improve
employee engagement• Strengthening recruitment toacquire diverse and excellent

Improvementofmotivation⇩Improvement
ofproductivity• Promote healthy managementReserved for
future use

Maximization cycle of added value
8Investment forhumanresources

Added Value

Investment fornormaloperations
Partnercompanies

Offensive investment

Investment for
growthShareholders＆Market

Defensive
investment

Reserved for
future use

Amount ofinvestment• Aim for more spiral up by maximizing added value with both“Offensive investment ” and “Defensive investment”

Image

Investment for growth
DefenseOffenseInvestment for normal
operationNew
revenuebase

Increase the number of infrastructure operation
projects in Japan and abroad（concessions、renewable energy、comprehensive management、
supercity etc. , increase investment in SPC）

ActiveM&A

Complement insufficient business fields by M＆A
and improve competitiveness and reproductive

IT・DX

Investment in DX&IT to realize data-driven

Production
equipment

Maximize added value

８．Our Idea of Added Value Distribution to Growth and Constant Investment

Introduce more effective or environment-friendly
production equipment (machinery, plant, etc.)

R&D

Improvement engineering of existing business(Civil engineer, Building, Pavement,Manufacturing etc.) and effectiveness ofinfrastructure operations

Production
equipment

Optimize investment to maintain own capital
assets such as repairing factories, etc.

AssetsIntegrate and make use of duplicative assets byreviewing constantly

Maximization cycle of added value

9９．Our Idea of Added Value Distribution to Investment for Subcontractors• Aim for management stabilization and productivity improvement withpartner (subcontractor) companies and establish good-quality &stable supply system by added valued distribution which meets theirneeds

Investment for
growthPartnercompanies
Shareholders＆MarketReserved for
future use

Provide support which meets
their needs

Added Value

Investment fornormaloperations

For partnercompaniesInvestment forhumanresources

Subcontractor companies
are important partners• Collaboration for complement ofinsufficient business fields• Joint technology development withcompanies which we share thestrategies• Investment in project partnercompanies• Cost control support• Support for understanding financial
status and management

Enhancecompetitiveness
Expand businessfieldsManagementstabilization• Review payment terms⇩• Sales information support

Improvement• Digital tools and technical assistanceof productivity• Technology development support⇩• Human resource development &education support• Support business succession• Recruiting support

Good-quality &stable supplysystem

Maximization cycle of added value10１０．Our Idea of Distribution to Shareholders & Market• Perform appropriate shareholder returns which are
well-balanced with our capital policy

Medium- to long-term scope advisor

Investment forhuman
resources

Quantitively

Shareholders＆Market

Qualitatively

Partnercompanies

returnAdded Value

Investment fornormaloperations

returnInvestment for
growth• Quarterly earnings results
briefing• Timely disclosure andCommunication• Balanced dividend• Strategic share buyback

Spreadunderstandingof ourstrategy⇩
Earning trustof market⇩Continuous
increase ofstock priceReserved forfuture use

Maximization cycle of added value11１１．Management Target• We aim more than 1.2 trillion JPY of net sales, 100 billion JPY and around 8% profit rate of operating profit, 70
billion JPY of net income and 12% in ROE in financial year of 2030
Growing phase•Planning group strategy•Building organization for
new business fields•Promotion of DX and sharedservices• Promotion of M&A•Expand concession business in and outof Japan•Expand availability payment methodbusiness30•Improve productivity by DX andsharing department•Further promotion of M&A
2510080

Operating Profit
Net Income

597057503640

Operating Profit

10Return to employees according
to business performance

Preliminary phase

Management target in FY 2030
Operating Profit*
More than

100 Billion JPY
Net Income
More than

70 Billion JPY
ROEMore than

After FY2021
Dividend payout ratio
More than

6.6 billion JPY of amortizationof goodwill and 1.7 Billion JPY
of depreciation of machineryand other assets due to TOB
of Maeda Road Construction

30%*Net income and profits are based on IFRS

（8.3）

FY2212％FY24Starting IFRSFY27FY30
Around 8.0% ofoperating profit ratio

12１２．ESG management to maximize our added value• Before the concept of ESG was widely spread, we have been working on such as renewable energy businessand public-private partnership business, showing “No.1 company in environmental management.”• From now, we aim for achievement of both solution of social issues and sustainable development of ourcompany as integrated infrastructure service company.
• We formulate business plans such as greenhouse gas reduction target in accordance with TCFD frameworks.
• We will establish ESG governance systems to achieve ESG targets as below.
Greenhouse gas reduction＜SCOPE１＞2030 : Reduce greenhouse gas emission 30％ below 2018 levels. 2050 : Net-zero

E＜SCOPE２＞2030 : Reduce consumption of electricity in offices and plants 60% below 2018 levels. 2050 : Net-zero＜SCOPE３＞2030 : Reduce greenhouse gas emission from materials, products and services 30％ below 2018 levels

Contributions for carbon neutral society
・Further promotion of renewable energy business（Increase the rate of electricity created by renewable energy）
・Realize carbon neutral in infrastructure operation businessContributions for solving social issues
・Regional vitalization through concession business and “Super City Initiative” business・Support subcontractors to secure stable supply

Respect for diversity
・Establish company culture and rules which respect diversity and productivity for employees

S・Conduct human resources training to improve individual abilities

Reinforcement of company governance systems

G・Adoption of structure of corporate organs as company with nominating committee, etc.
・Majority of board of directors are outside directors
・Director of the Board and Chairperson of Nominating, Compensation, and Audit is Independent director
・Implementing the PDCA cycle under the supervision of the Group Sustainability Committee led by thepresident

13

Reference*1 Availability Payment Method
A fee structure that public agency makes payments according to concession contractor’s performanceon operation and management of infrastructure.
The payments are covered by public agency budgets.
In Europe and the United States, Availability Payment have been introduced in many projects such asschools, hospitals, courts, roads, transportation and water service.

*2 Green field
Project structure that includes various stages of project such as new construction, acquirement ofoperating rights, maintenance, large-scale repairs and renewals.
On the other hand, Brown field is project structure that includes only acquirement with operatingrights of existing facility, large-scale repairs and renewals.
*3 DBT + concession
Project structure that combines DBT (Design Build Transfer) and the concession.
Private company constructs a facility and transfers ownership to the public agency.
After transferring the ownership to the public, a private company will acquire the operating right of
the facility and do maintenance, large-scale repairs and renewals.

14Challenge the status quo