December 20, 2022

Management Briefing
Kuraray Co., Ltd.
© Copyright 2022 Kuraray Co., Ltd.

Today’s Agenda
1. Introduction

Hitoshi KawaharaPresident and Representative Director

What is Activated Carbon (AC)?

Nobuhiko Takai~ Improving natural and living environment ~Director and Managing Executive
OfficerPresident, Functional Materials
Company

Environmental Solutions Division (ESD) Stevan R. Schott
Executive Officerand it's strategy~ Potential growth of activated carbon ~General Manager of EnvironmentalSolutions DivisionCalgon Carbon Corporation President

Introduction
Kuraray Group Products that contribute to the Natural and Living Environments
Improving living environment

Improving naturalenvironment
Asbestos substitutes
KURARON

Help extend the life ofcement materials
Less GHG emission
compare to competitiveproducts

Water and air purification
Activatedcarbon

CLARETTA polyester
CLARINO
man-made leather
Reduce scope3 GHGemission

Bio-based gas barriermaterial PLANTIC
Activated carbon helps toprovide clean air, pure water,
and a better world.

Dentalmaterials

EVAL EVOH resin
Recyclable（Contribute toCE*)
Reduce food loss

Bio-based or recycled rawmaterials
Liquid rubber made frombio-based materialsLower logistical burden/
Food loss reduction

Make dentists and patients lifeeasier

Reduce Scope３ GHGemission
Reduce food loss

Shorten time of treatment
Reduce number ofreplacement by long-lastingproducts

High-speed communication
VECSTARRealize high-speed
communication

Lightweight EVs
GENESTAR heat-resistantpolyamide resin
Improve durability ofend-product*CE：Circular Economy© Copyright 2022 Kuraray Co., Ltd.

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Initiatives to Achieve Net Zero Carbon Emissions
Toward our FY2050 target of net zero carbon emissions,* we aim to reduce GHG emissions arisingfrom our operations by 30% until FY2030 compared with the FY2019 level.
* Scope 1 and 2 emissions

Emissions

Emissions3,230 kt

2,230 kt
Expansion ofproduction
capacities

Scope 1
Byproducts,etc.

Energy-saving
investment

30%Process
improvement

reduction

Transition torenewableenergyScope 1In-house
power
generation

Plans call for executing
CAPEX of ¥80 billion by 2030
to reduce GHG emissions

CCUS※2

Shift of energy
sources
New technologies
New energy
sources

Consider the earliest possible introduction of practicable
CO2 reduction technologies by paying attention to futuretechnological trends

Scope２Purchasedenergy

FY2019© Copyright 2022 Kuraray Co., Ltd.

Net zerocarbonemissions*2 Carbon dioxide Capture, Utilization and Storage: An initiative toutilize or store CO2 separated from exhaust gas from industrial
facilities.

FY2030FY20504What is Activated Carbon (AC)?
~ Improving natural and living environment ~Emergency
Response toSupport Hawaii

Model 10 System

Delivered critical treatment systems which included equipment and activated carbon
within one week to provide safe and clean drinking water to the residents of Hawaii"The appearance of U.S. Department of Defense (DoD) visual information does not imply or constitute DoD endorsement."
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What is Activated Carbon (AC)?
• Activated Carbon is a porous material that removes organic
compounds from liquids and gases by a process known as“adsorption.”

Microscopic view of carbon• In adsorption, organic molecules contained in a liquid or gas are
attracted and bound to the surface of the pores of the activated carbon
as the liquid or gas is passed through.

Raw Materials Used In Activated Carbon Production
Raw material dictates uniqueness of product
COCONUT© Copyright 2022 Kuraray Co., Ltd.

BITUMINIOUS COAL

LIGNITE

WOOD

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Wide Range of Products and Various Applications
Wide range of products

Bituminous coalbased
activated carbon

Coconut-based
activated carbon

Carbon cloth(viscous rayon)

Wood-based
activated carbon

Wet moldedcarbon block

Granular activatedcarbonreactivation

Carbon adsorption
equipment

Various applications
Drinking Water

Wastewater

Food & Beverage

Air Treatment

Industrial Process

Specialty© Copyright 2022 Kuraray Co., Ltd.

(Battery-related, Gas Masks, Wound Care, etc.)

8How our Products Help Customers and Society

Provide clean, safedrinking water

Reduce environmental
impact and allow wastewaterreuse or disposal

Remove and recovercontaminants from airemissions

Purify food productsProtect your personalenvironment

Enhance critical stages inchemical manufacturing© Copyright 2022 Kuraray Co., Ltd.

Enabling electrification andreducing emissions forautomotive industry

Improves the environment
through remediation projects
9Environmental Solutions Division (ESD)In 2018, Kuraray completed the acquisition of Calgon Carbon Corporation and started two divisions – the Carbon Materials
Division and Calgon Carbon Division.
In 2021, we combined two divisions into the Environmental Solutions Division and began to integrate our operations.
Today, we are better together:• Largest activated carbon player in the world• Greater focus on innovation and R&D• Diversified geographical manufacturing base— US,Europe, Japan, and China© Copyright 2022 Kuraray Co., Ltd.

• Most complete activated carbon portfolio – coal,coconut and wood-based virgin carbon.
• Undisputed global leader in activated carbon
recycling or reactivation• Focused on growing our business in key markets
1010

Environmental Solutions Division (ESD) and it's strategy~ Potential growth of activated carbon ~A day in the life of Activated Carbon

Good Morning
Drinking Water and Shower
Used to remove contaminants frommunicipal waterGold Ring
Activated Carbon
is used to recover gold

Vegetable Oils & MSG
Used to purify oils andMSG

Processed Meat

Amino acids, treatedwith activated carbon, are used foranimal feed
Decaf Coffee
Activated Carbon is used
to naturally remove caffeine

Orange Juice
Removes unpalatable organics
from the juice

Vitamins
Decoloring Sugar© Copyright 2022 Kuraray Co., Ltd.

Dry Cleaning
Dry cleaning chemicals are recycled
through activated carbon

Activated Carbon is used toremove organic impurities
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A day in the life of Activated Carbon

Air Quality

At Work

Removes mercury from coal fired
power plants, and othercontaminants from industrialplants.
Hospitals
Desiccant packs for pharmaceuticals containactivated carbon to control moisture.

Construction
Construction workers masksuse carbon
to protect from fumes

Natural Gas
Activated carbon is used topurify natural gas that powers
buildings

Chemical Plants

Offices

Removes contaminants emittedand treats wastewater.

Carbon containing filters protect
electronics from acid gases.

Happy Hour
Activated carbon is used in theproduction of beer, sake, wine,& soda

Automobiles

Activated carbon keeps the inside cabin clean,captures gasoline emissions and improves
electrification.
© Copyright 2022 Kuraray Co., Ltd.

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A day in the life of Activated Carbon

At HomeWound Healing
Drinking Water /Home Water Filters
Removes harmful
contaminants and poor tastes
and odors in home waterfilters.
© Copyright 2022 Kuraray Co., Ltd.

Pet Care – Aquarium and Kitty
LitterActivated carbon is used in fishtank filters, kitty litter and litterPetsboxes.
Activated carbon
is used in fish tank filters, kitty
litter and litter boxes,
and in air cleaners to reduce pet odors

1414
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Our Strengths
We are the largest and most capable global activated carbon manufacturer:
Only manufacturer ofcoal, coconut and woodbased products

Produce ~ 145,000 MT/year of virgin AC

Reactivate ~115,000 MT /year

18 manufacturing andreactivation plants
Manufacturing,Reactivation,Equipment(Including new capacity in U.S.)

And we aren’t just an activated carbon supplier – we solve the toughest purification, separation andconcentration demands.

R&D, Applications
Engineering, andTechnical Service

Equipment
Engineeringand Fabrication

Field Services

Logistics

Our strategy is to enable the use of our high-performing activated carbon products through ouradditional equipment and services.
© Copyright 2022 Kuraray Co., Ltd.

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Potential Growth of Activated Carbon

Business Drivers

Global Megatrends
CAGR: 3 - 4%

Rapid
Urbanization

More than 1.5M people globally are added
to the urban population every week andthis trend will continue into theforeseeable future

Climate changeand resource
scarcity

By 2030, it is projected the demands fromthe global population will increase food(+35%), water (+40%) and energy (+50%)
requirements

Demographicand socialchangeBy 2030, the world's population is
expected to increase by more than one
billion people as people are living longer
and longer

Technologicalbreakthroughs

Connectivity, data and artificial intelligence
will play a much bigger role in daily lives
across the world

Shift in global
economic
power

The future catalyst for global economic
growth will not be the western world, but
come from India, Africa and to a lesser
extent ChinaCAGR: 1 - 3%

CAGR: 2 - 3%

CAGR: 4 - 5%

CAGR: 4 - 6%

CAGR: 3 - 5%

*Created by Kuraray with reference to PwC Global Megatrends. CAGR is estimated by Kuraray© Copyright 2022 Kuraray Co., Ltd.

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Potential Growth of Activated Carbon

Business Drivers

Global Megatrends
CAGR: 3 - 4%

RapidUrbanization

More than 1.5M people globally are added
to the urban population every week andthis trend will continue into theforeseeable future

Climate change
and resource
scarcity

By 2030, it is projected the demands fromthe global population will increase food(+35%), water (+40%) and energy (+50%)
requirements

Demographicand socialchangeBy 2030, the world's population isexpected to increase by more than one
billion people as people are living longer
and longer

Technologicalbreakthroughs

Connectivity, data and artificial intelligence
will play a much bigger role in daily lives
across the world

Shift in global
economic
power

The future catalyst for global economic
growth will not be the western world, but
come from India, Africa and to a lesser
extent China

CAGR: 1 - 3%

CAGR: 2 - 3%

CAGR: 4 - 5%

CAGR: 4 - 6%

CAGR: 3 - 5%

*Created by Kuraray with reference to PwC Global Megatrends. CAGR is estimated by Kuraray© Copyright 2022 Kuraray Co., Ltd.

17Sustainability Creates Opportunity: Regulatory and Market Expansions Drive Growth

New regulatory
requirements for drinking
water, including PFAS andDBP Stage III, will require
broader utilization ofactivated carbon formunicipalities
PFAS: Organic fluorine compounds© Copyright 2022 Kuraray Co., Ltd.

Improved performance ofadvanced batteries withactivated carbon topromoted electrificationin automotive and othermarkets

Increasing consumer concern
for clean drinking watercontinues to drive demand forhigher performing filter
cartridges (Kuraray’s wetmolded block)Utilization of activated carbon
for biogas purification enables
a reduced reliance on fossil
fuels and a shift in the energy
landscapeRegulations for
wastewater, (i.e. US EPA’seffluent limit guidelines
for PFAS) will drive
broader adoption ofactivated carbon andservices
EPA

Environmental Protection Agency

18Performance of PFAS Treatment• PFAS guidelines published in June 2022 (The US EPA established new or revised Health Advisory Limits (HAL) fordrinking water)• The US EPA recognizes activated carbon as a best available technology for PFAS treatment• Based on third party report, demand for treatment system using activated carbon for PFAS in drinking water
could increase to US$ 600M in 2030 (3 times larger than in 2022)• In the future we also expect EPA to publish PFAS effluent guidelines.

• Granular ActivatedCarbon that is optimizedfor PFAS treatment• Not only just sellingproducts but also
manufacture
equipment• High temperature
reactivation that remove
and destroy PFAS safely• Technical teamensure removal ofPFAS

We are an unrivaled solution provider for PFAS treatment with proven experience for over two decades© Copyright 2022 Kuraray Co., Ltd.

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Capacity Expansions – Completed, in Progress, and under Consideration

Manufacturing sites: Virgin carbon
production sites

U.S. (Kentucky, Mississippi), Japan (Tsurumi), France (Parentis en Born): Reactivated carbon U.S. (Pennsylvania, Kentucky, Arizona, New York, Ohio),
production sites
Belgium (Feluy), Italy (Legnago), U.K. (Tipton), China (Suzhou)

Belgium Feluy (Reactivation)
Online Q3 2022
Expansion 11,000 MT/year

U.S. Mississippi (Virgin)
Online 2Q 2023
Expansion 25,000 MT/year

UK Durham (Cloth)
Online Q1 2024
Expansion 328,000 m2/year© Copyright 2022 Kuraray Co., Ltd.

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At the end…

We aren’t just an activated carbon supplier– we are a solution provider© Copyright 2022 Kuraray Co., Ltd.

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All figures are rounded to the nearest hundred million yen.
This presentation contains various forward-looking statements which are based on the current expectations and assumptions of future events. All figures and statementswith respect to the future performance, projections, and business plans of Kuraray and its group companies constitute forward-looking statements. Although Kuraraybelieves that its expectations and assumptions are reasonable, actual results and trends of Kuraray’s performance could differ materially from those expressed orimplied by such figures or statements due to risks and uncertainties in the future business circumstances. The factors which may cause such difference include, without
limitation: (1) general market and economic conditions in Asia including Japan, the U.S., Europe and other regions; (2) fluctuations of currency exchange rates,
especially between the Japanese yen and the U.S. dollar and other foreign currencies; (3) changes in raw material and fuel costs; (4) industrial competition and pricefluctuations in Japan and international markets; (5) advance or delay in the construction of new plants and production lines; (6) successful development of new products
and technologies; and (7) changes in laws and regulations (including tax and environmental) and legal proceedings.