Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

February 2, 2024

Financial Highlights for 3rd Quarter FY2023(Under Japanese GAAP) (Unaudited)
Company name:

Kawasaki Kisen Kaisha, Ltd.

Listing:

Prime Market of Tokyo Stock Exchanges

Securities code:

9107

URL:

https://www.kline.co.jp/en/

Representative:

Yukikazu Myochin, Representative Director, President &CEOInquiries:

Goro Kitamura, General Manager, Corporate Sustainability,
Environment Management, IR and Communication Group

Telephone:+81-3-3595-5189

Scheduled date to file annual quarterly securities report:

February 13, 2024

Scheduled date to commence dividend payments:-

Preparation of supplementary material on quarter financial results:

Yes

Holding of quarterly financial results briefing:

Yes (for Analysts)(Amounts rounded down to the nearest million yen)
1. Consolidated financial results for the nine months ended December 31, 2023 (from April 1, 2023 to
December 31, 2023)(Percentages indicate year-on-year changes.)(1) Consolidated operating results (cumulative)
Operating income(loss)

Operating revenues

Nine months ended
December 31, 2023
Nine months ended
December 31, 2022

Profit (loss)
attributable to ownersof the parent

Ordinary income(loss)

Million yen%

Million yen%

Million yen%

Million yen%

715,358(1.8)

70,153(13.0)

98,579(84.6)

74,000(88.4)

728,79131.0

80,593245.8

641,91448.0

638,22150.8

Note: Comprehensive income for the nine months ended December 31, 2023:¥

149,828 million[(79.7)%]

For the nine months ended December 31, 2022:¥

736,288 million [68.8%]

Profit (loss) per share

Profit (loss) per
share-fully diluted

Yen

Yen

Nine months ended
December 31, 2023

305.89-Nine months ended
December 31, 2022

2,307.26-- 1 -*The Company split its common share on the basis of one (1) share into three (3) shares effective October 1, 2022.
Accordingly, profit (loss) per share is calculated on the assumption that the stock split was conducted at the

beginning of the previous fiscal year ended March 31, 2023.
(2) Consolidated financial position
Total assets

Net assets

Shareholders’ equity ratio

Million yen

Million yen%

As of December 31, 2023

2,066,910

1,540,372

73.0

As of March 31, 2023

2,052,616

1,546,679

73.8

Reference: Shareholders’ equity:
As of December 31, 2023:
As of March 31, 2023:¥ 1,508,527 million¥ 1,515,399 million

2. Dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Fiscal year-end

Yen

Yen

Yen

Yen

Yen

Year ended
March 31, 2023-

300.00-300.00-Year ending
March 31, 2024-

100.00150.00250.00Year ending
March 31, 2024
(Forecast)

Total*Revision of forecast for dividends in this quarter: Yes
1. The Company implemented a 3-for-1 stock split of common shares on October 1, 2022.
2. The interim dividend for the fiscal year ended March 2023 which has a dividend record date of September 30,
2022, were paid based on the shares before the stock split.
3. The full-year dividend for the fiscal year ended March 2023 per share is not presented as simple comparisons
are not possible due to the implementation of the stock split, however, the full-year dividend per share based on theshares following the stock split is 400.00 yen.
For details of revision to dividend forecast, please refer to “Notice on Revision to Dividend Forecast for the Fiscal
Year Ending March 2024 and 2025” which was announced today.

3. Consolidated Financial Results Forecast for the Year Ending March 31, 2024 (April 1, 2023 to March 31,2024)(Percentages indicate year-on-year changes.)Year ending
March 31, 2024

Operating revenues

Operating income(loss)

Ordinary income(loss)

Profit (loss)
attributable toowners of the parent

Million yen%

Million yen%

Million yen%

Million yen%

Yen

940,000(0.3)

87,00010.3

135,000(80.5)

105,000(84.9)

436.64*Revision to Consolidated Financial Forecasts in this quarter: Yes- 2 -Profit (loss)
per share4. Notes(1) Changes in significant subsidiaries during the quarter period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
Newly included: None
Excluded:None(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:
None(3) Changes in accounting policies, changes in accounting estimates, and restatement(ⅰ) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ⅱ) Changes in accounting policies due to other reasons: None(ⅲ) Changes in accounting estimates: None(ⅳ) Restatement: None
(4) Number of issued shares (common shares)(ⅰ) Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2023

238,242,689 shares

As of March 31, 2023

250,712,389 shares(ⅱ) Number of treasury shares at the end of the period
As of December 31, 2023

2,587,574 shares

As of March 31, 2023

3,438,017 shares(ⅲ) Average number of shares outstanding during the period
Nine months ended December 31, 2023

241,917,443 shares

Nine months ended December 31, 2022

276,614,365 shares*The Company split its common share on the basis of one (1) share into three (3) shares effective October 1, 2022.
Accordingly, total number of issued shares at the end of the period, number of treasury shares at the end of theperiod and average number of shares outstanding during the period are calculated on the assumption that the stock
split was conducted at the beginning of the previous fiscal year ended March 31, 2023.
*Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants oran audit corporation.
*Assumption for the forecast of consolidated financial results for the year ending March 31, 2024
The forecast is based on currently available information that KLINE deems to be reasonable. Actual results may
differ from the forecast as a result of various factors.
Refer to “5. Qualitative Information on Quarterly Financial Results (3) Description of Information on Future
Outlook, Including Forecast of Consolidated Financial Results” for assumptions related to the forecast.

- 3 -5. Qualitative Information on Quarterly Financial Results(1) Description of Operating Results(Billion yen)
Nine months ended Nine months ended
December 31, 2022 December 31, 2023

Change% Change

Operating revenues

728.7

715.3

(13.4)(1.8%)

Operating income (loss)

80.5

70.1

(10.4)(13.0%)

Ordinary income (loss)

641.9

98.5

(543.3)(84.6%)

Profit (loss) attributable to owners of theparent

638.2

74.0

(564.2)(88.4%)

135.70142.86

7.16

5.3%

808

619

(189)

(23.4%)

Exchange Rate (¥/US$)(9-month average)
Fuel oil price (US$/MT)(9-month average)

The company recorded 32.1 billion yen of equity in earnings of unconsolidated subsidiaries and affiliates for the
consolidated cumulative third quarter of this fiscal year and OCEAN NETWORK EXPRESS PTE. LTD.

(hereinafter referred to as "ONE") accounted for 27.0 billion yen of this amount.
Performance per segment was as follows.
(Billion yen)
Nine months ended Nine months ended
December 31, 2022 December 31, 2023

Change% Change

Operating revenues

247.7

216.3

(31.4)(12.7%)

Segment profit (loss)

21.4

1.6

(19.7)(92.2%)

Operating revenues

76.9

80.9

4.0

5.3%

Segment profit (loss)

9.0

4.7

(4.2)

(47.5%)

Operating revenues

395.9

410.3

14.3

3.6%

Segment profit (loss)

616.1

96.6

(519.4)(84.3%)

Operating revenues

8.1

7.6

(0.4)

(5.7%)

Segment profit (loss)

0.5

1.2

0.7

144.5%

Segment profit (loss)

(5.2)

(5.7)

(0.5)

－

Operating revenues

728.7

715.3

(13.4)(1.8%)

Segment profit (loss)

641.9

98.5

(543.3)(84.6%)

Dry bulk

Energy resource
transport

Product logistics

Other
Adjustments andeliminations
Total

Since the beginning of this fiscal year, The Company partly changed the allocation method of corporate expenses
to present the condition of each segment in a more appropriate manner. Segment information for the nine months
ended December 31, 2023 and 2022 are presented based on the changed allocation method.

- 4 -

(i)
Dry Bulk Segment
Dry Bulk BusinessIn the Cape-size sector, with the continued robust demand for transportation of iron ore for China, market rates
temporarily softened at the beginning of the fiscal year since the ship supply-demand balance loosened due to theeasing of port congestion but took an upward trend in September due to factors such as the recovery of bauxite
transportation demand from Guinea after the rainy season.
In the medium-small vessel sector, market rates temporarily declined at the beginning of the fiscal year due to a
reduction in demand for coal and steel transportation to remote destinations, such as Europe, as well as a decreasein demand for transportation to China due to restraint in purchases caused by a decline in grain futures prices.
However, market rates took an upward turn in mid-August due to an increase in vessel congestion resulting fromthe recovery and full-scale increase in demand for grain transportation from North America in the harvest season, as
well as a decline in the vessel availability rate due to the impact of the Panama Canal drought.
Under these circumstances, the Group strived to manage the market exposures appropriately and reduce
operation costs and improve vessel operation efficiency.

The overall Dry Bulk Segment recorded a year-on-year decrease both in revenue and profit.

(ii)
Energy Resource Transport Segment
LNG Carrier, Electricity Business, Tanker Carrier and Offshore Business
Concerning LNG carriers, thermal coal carriers, large crude oil tankers (VLCCs), LPG carriers, drillship andFPSO (Floating Production, Storage and Offloading system), the business stayed firm for mid- and long-term
charter contracts and contributed to secure stable profit.
On the other hand, partly due to reorganizations of operating ships conducted last fiscal year, the overall Energy
Resource Transport Segment recorded a year-on-year increase in revenue but decrease in profit.
(iii)
Product Logistics Segment
Car Carrier BusinessIn the global car sales market, recovery continued while the impact of supply shortages of semiconductors andauto parts on production and shipments gradually decreased. Meanwhile, the Group continued efforts to restore
freight rates and improve operational efficiency.
Logistics BusinessIn the domestic logistics and port business, the domestic container handling volume decreased year-on-year. In
the towage business and warehousing business, work volume stayed firm. As for the international logistics sector,
market rates were sluggish and the downtrend in ocean and air cargo transportation demand continued in theforwarding business. In the finished vehicle transportation business, the port congestion in Australia continued, but
demand was still high and both land transportation volume and storage volume increased year-on-year.

Short Sea and Coastal BusinessIn the short sea business, despite the stable transportation volume in biomass fuel transportation, the totaltransportation volume significantly decreased year-on-year due to the considerable decline in transportation of
Russian coal, the major cargo in bulk transportation. In the coastal business, although the total transportation
volume decreased year-on-year due to the decline in cargo movement resulting from lower consumption caused byhigh prices, the transportation volume of passengers and cars increased due to the reduction of the impact of
COVID-19.
Containership BusinessIn the container shipping business, short-term freight rates remained sluggish because of stagnated consumption
and continuously loosened supply-demand balance resulted from delivery of newly built vessels. "ONE", theaffiliate company accounted with the equity method, tried reducing costs by implementing reduced sailings andservice rationalization, but experienced a significant decline in profit compared to the same period last year.
The overall Product Logistics Segment recorded a year-on-year increase in revenue but decrease in profit.
- 5 -

(iv)
Other
Other includes but not limited to the Group’s ship management service, travel agency service, and real estate andadministration service. The segment recorded a year-on-year decrease in revenue but increase in profit.

(2) Description of Financial Position
Total assets at the end of the consolidated third Quarter of this fiscal year were ¥2,066.9 billion, an increase of¥14.2 billion from the end of the previous fiscal year as a result of an increase in Construction in progress and otherfactors.
Total liabilities increased by ¥20.6 billion to ¥526.5 billion as a result of an increase in Short-term loans andcurrent portion of long-term loans and other factors compared to the end of the previous fiscal year.
Total net assets were ¥1,540.3 billion, a decrease of ¥6.3 billion compared to the end of the previous fiscal year
as a result of a decrease in Retained earnings and other factors.

(3) Description of Information on Future Outlook, Including Forecast of Consolidated Financial Results(Billion yen)
Prior Forecast

Current Forecast(at the time of announcement of(at the time of announcement of

the 2nd Quarter result)the 3rd Quarter result)

Change% Change

Operating revenues

930.0

940.0

10.0

1.1%

Operating income (loss)

92.0

87.0

(5.0)

(5.4%)

Ordinary income (loss)

135.0

135.0

－

－

Profit (loss) attributable toowners of the parent

105.0

105.0

－

－

Profit (loss) per share (Yen)

435.40436.64

1.24

Exchange Rate (¥/US$)

140.76143.13

2.37

1.7%

Fuel Oil Price (US$/MT)

624

621

(3)

(0.5%)The Company revised estimation Operating revenues and Operating income (loss) in the consolidated financial
forecast for the fiscal year ending March 31, 2024, from the previous announced on November 2, 2023. This
revision is mainly due to the revision of foreign exchange rate assumptions and Operating income (loss) of the Dry

Bulk segment.
In the Dry Bulk Segment, despite some factors of concern, such as the uncertainty about the future of the Chinese
economy, the economic stagnation in Europe, and the situation in the Middle East, the mid-term vessel supplydemand balance will be tight against the backdrop of limited building of new ships, and market rates are expected
to stay firm overall with some fluctuations. The Group will watch out for changes in transportation demand andtrade patterns and prepare to promptly respond. At the same time, amid growing need to deal with environmental
problems, taking advantage of its business foundation and high-quality transportation, the Group will strive tosecure stable profit by increasing vessel operation efficiency and reducing costs as well as increasing mid- andlong-term contracts while maintaining appropriate risk control.

In the Energy Resource Transport Segment, the Group will continue efforts to secure stable profit as it expects toensure smooth business operations, supported by mid- and long-term contracts, with respect to LNG carriers,
thermal coal carriers, large crude oil tankers (VLCCs), LPG carriers, drillship and FPSO (Floating Production,
Storage and Offloading systems).

- 6 -As for the Product Logistics Segment, in the car carrier business, there is concern in the global auto market about
global economic stagnation, the geopolitical risks such as the recent situation in the Middle East, and the impact of
the restriction on traffic through the Panama Canal. However, the recovery trends in production and shipment are
expected to continue along with the easing of restrictions on the supply of semiconductors and auto parts. The

Group will continue to strive to optimize our fleet and improve the efficiency of vessel operation and allocation.
In the logistics business, regarding the domestic logistics and port business, the container handling volume wasstill in the declining trend, and the volume throughout the fiscal year is uncertain. The income and expenditure in
the towage business are expected to improve as work volume stays firm. In the warehouse business, the Group
expects the same level of profits as a typical year. As for the international logistics sector, in the forwarding
business, due to the continued decline in demand for ocean and air transportation, the recovery of market rates by

the end of FY2023 will be difficult. In the finished vehicle transportation business, both land transportation volume
and storage volume are expected to remain firm because of the gradual recovery of vessel congestion at ports inAustralia.
In the short sea business, the transportation volume of biomass fuel, which is the major cargo, is expected toremain at the same level as the previous year. The Group will strengthen sales to acquire outward cargo to betransported and will aim to improve the efficiency in vessel allocation while optimizing the fleet scale. In the
coastal business, although car and passenger transportation are expected to increase, the transportation volume oftrucks and trailers is expected to slightly decrease year-on-year due to the sluggish cargo movements caused byhigh prices. The Group will actively approach cargo owners who have problems with transportation due to the"2024 problem" in logistics.
In the container shipping business, although cargo volume has gradually increased, the full-scale recovery of
personal consumption is expected to take more time due to prolonged inflation. Factors such as an increase in thedelivery of newly built vessels and supply chain disruptions resulted from situation in the Middle East are affecting
the vessel supply-demand balance and the freight rates. "ONE" will continue to closely monitor the economic
environment and strive for steady business operations by implementing flexible measures to adapt to fluctuations intransportation demand.
Our basic policy is to improve shareholder profits over the medium and long terms by proactively promoting
shareholder returns, including share buyback. This is done by taking cash flow into consideration and ensuring theinvestment level and financial stability necessary to improve our corporate value while being conscious of optimal
capital structure and cash allocation.
Based on this basic policy, regarding dividend for the fiscal year ending March 31, 2024, the Company plans
payment of a year-end dividend of 150 yen per share which increased by 50 yen per share of prior forecast.
Additionally, for the fiscal year ending March 31, 2025, forecast of annual dividend will be increased from basic
dividend of 120 yen per share announced previously to an additional dividend of 130 yen per share, resulting in 250
yen per share (pre-split basis).
A year-end dividend for the fiscal year ending March 31, 2024 will be implemented subject to the resolution at
the Ordinary General Meeting of Shareholders scheduled in June, 2024.
(Note)As stated in the "Notice regarding Stock Split and Partial Amendment to the Articles of Incorporation"

announced today, a stock split will be conducted at a ratio of 3 shares for every 1 share of common stock, effectivefrom April 1, 2024. However, the revised forecast of annual dividend per share of 250 yen for the fiscal year ending
March 31, 2025 is stated based on the pre-split basis.

- 7 -6. Consolidated Financial Statements(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)

Consolidated Balance Sheet(Millions of yen)
As ofMarch 31, 2023

As ofDecember 31, 2023

ASSETS
Current assets :Cash and deposits
Accounts and notes receivable - trade and contract assets
Marketable securities
Raw materials and supplies
Deferred and prepaid expenses
Other current assets
Allowance for doubtful accounts
Total current assets

247,429
107,522102,001
38,35622,01818,639(1,074)534,894

224,454
119,337
100,000
40,18525,615
17,929(1,180)526,341

Non-current assets :(Vessels, property and equipment)
Vessels, net
Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total vessels, property and equipment

319,329
9,709
3,129
15,537
18,842
5,599
372,147

324,988
9,757
2,826
15,55840,781
6,409
400,322

3,808
3,808

5,170
5,170

(Investments and other assets)
Investment securities
Long-term loans receivable
Asset for retirement benefits
Other investments and other assets
Allowance for doubtful accounts
Total investments and other assets

1,070,227
24,5681,400
47,499(1,930)1,141,765

1,072,210
20,5701,428
42,685(1,819)1,135,075

Total non-current assets

1,517,722

1,540,568

2,052,616

2,066,910(Intangible assets)
Other intangible assets
Total intangible assets

Total assets- 8 -Consolidated Balance Sheet(Millions of yen)
As ofMarch 31, 2023

As ofDecember 31, 2023

LIABILITIESCurrent liabilities :Accounts and notes payable - trade
Short-term loans and current portion of long-term loans
Accrued income taxes
Provision for loss related to the Anti-Monopoly Act
Provision for loss on chartering contracts
Other provisions
Other current liabilities
Total current liabilities

62,80350,691
2,095
1,692
9,609
5,012
53,474
185,378

69,713
97,194
1,365
1,742
2,389
1,569
66,248240,222

267,3138,000
214,211

83

38

1,192
14,8106,441
30,716
320,558
505,937

1,420
16,3796,468
39,796286,314526,537

75,457
29,102
1,302,769(6,550)1,400,779

75,457
29,102
1,223,402(7,644)
1,320,319

Accumulated other comprehensive income :Net unrealized holding gain (loss) on investment securities
Deferred gain (loss) on hedges
Revaluation reserve for land
Foreign currency translation adjustments
Retirement benefits liability adjustments
Total accumulated other comprehensive income

6,482
2,100
4,682
103,353(2,000)114,619

9,391
3,351
4,682
172,263(1,481)
188,208

Non-controlling interests

31,28031,844

Total net assets

1,546,679

1,540,372

Total liabilities and net assets

2,052,616

2,066,910

Non-current liabilities :Bonds
Long-term loans, less current portion
Provision for directors’ and audit and supervisory board
members’ retirement benefits
Provision for directors’ stock benefits
Provision for periodic dry docking of vessels
Liability for retirement benefits
Other non-current liabilities
Total non-current liabilities
Total liabilities
NET ASSETS
Shareholders’ equity:
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity- 9 -Consolidated Statement of Operations(Millions of yen)
Nine months
ended
December 31, 2022

Nine months
ended
December 31, 2023

Marine transportation and other operating revenues

728,791

715,358

Marine transportation and other operating costs and expenses
Gross profit (loss)
Selling, general and administrative expenses
Operating income (loss)
Non-operating income :Interest income
Dividend income
Equity in earnings of unconsolidated subsidiaries and affiliates
Foreign exchange gains
Other non-operating income
Total non-operating income
Non-operating expenses :Interest expenses
Foreign exchange losses
Other non-operating expenses
Total non-operating expenses
Ordinary income (loss)
Extraordinary income :Gain on sales of non-current assets
Other extraordinary income
Total extraordinary income
Extraordinary losses :Loss on change in equity
Loss on valuation of marketable securities
Other extraordinary losses
Total extraordinary losses
Profit (loss) before income taxes
Income taxes :Current
Deferred
Total income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of the parent

601,988
126,80346,20980,593

588,441
126,916
56,76370,153

2,066
2,325
573,574
2,535
580,502

2,853
2,216
32,102261
1,283
38,718

7,562
10,156
1,462
19,181
641,914

7,414
2,878
10,292
98,579

3,323
260
3,583

1,791
1,001
2,792

864
371
1,236
644,262

1,558
604
2,163
99,208

3,271
(584)
2,686
641,575
3,353
638,221

13,48010,06023,54175,667
1,666
74,000- 10 -

Consolidated Statement of Comprehensive Income(Millions of yen)
Nine months
ended
December 31, 2022
Profit (loss)

Nine months
ended
December 31, 2023

641,575

75,667362
1,499
11,467
552

2,837
(199)
8,540
499

Other Comprehensive income :Net unrealized holding gain (loss) on investment securities
Deferred gain (loss) on hedges
Foreign currency translation adjustments
Retirement benefits liability adjustments
Share of other comprehensive income (loss) of unconsolidated subsidiaries
and affiliates accounted for using equity method
Total other comprehensive income
Comprehensive income

80,832

62,483

94,713736,288

74,161
149,828(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to non-controlling interests

732,446
3,842

147,589
2,239- 11 -

7. Explanatory Notes to Consolidated Financial Statements(Notes Regarding Going Concern Assumption)
Not Applicable.

(Notes on Significant Changes in Amount of Shareholders’ Equity)(Stock Repurchase)In the current cumulative third quarter, Treasury stock increased by ¥56,201 million following the Company’s
repurchase of 11,676,000 shares of common stock in accordance with a resolution of the Board of Directors at its
meeting held on August 2, 2023.
(Cancellation of Treasury Stock)
In the current cumulative third quarter, Capital surplus, Retained earnings and Treasury stock decreased by ¥788
million, ¥54,954 million and ¥55,743 million respectively, following the Company’s cancellation of 12,469,700
shares of common stock on December 1, 2023 in accordance with a resolution of the Board of Directors at its
meeting held on November 24, 2023.
Segment information

Nine months ended December 31, 2022
(Millions of yen)
Dry bulk

Energyresourcetransport

243,92773,609391,116

8,061

716,714

-

3,834

3,319

4,829

92

12,077-

12,077

247,76130

76,92917395,945
4,121

8,154
43,368728,791
47,537(47,537)

728,791-

Total revenues

247,792

76,946400,067

51,522776,329(47,537)

728,791

Segment profit (loss)

21,416

9,037

616,142526

647,123(5,208)641,914

Revenues
Revenues from contracts with customers
Other revenues
Operating revenues from customers
Inter-group revenues and transfers

Product
logistics

Other

Total

Adjustments
Consolidated
andeliminations
716,714Nine months ended December 31, 2023
(Millions of yen)
Dry bulk

Energyresourcetransport

Revenues
Revenues from contracts with customers
Other revenues

214,1992,140

78,7302,261

407,012
3,321

7,603
88

707,545
7,812-

707,545
7,812

Operating revenues from customers
Inter-group revenues and transfers

216,34077

80,992
11

410,333
3,313

7,691
51,175715,358
54,577(54,577)

715,358-

216,417

81,004

413,646

58,867

769,936(54,577)

715,358

1,665

4,741

96,675

1,288

104,370(5,791)

98,579Total revenues
Segment profit (loss)

Product
logistics

Other

Total

Adjustments
Consolidated
andeliminations

Since the beginning of this fiscal year, The Company partly changed the allocation method of corporate expenses
to present the condition of each segment in a more appropriate manner. Segment information for the nine months
ended December 31, 2023 and 2022 are presented based on the changed allocation method.

- 12 -

(Significant Subsequent Event)(Stock split and partial amendment to the Articles of Incorporation in relation to stock split)
At the meeting of the Board of Directors held on February 2, 2024, the Company resolved to implement a stock
split and to partially revise the Articles of Incorporation in relation to the stock split.
1. Stock split(1) Purpose of the stock split
The purpose is to further expand the investor base by reducing the Company’s stock price per investment unit
and creating an environment in which investors including individual investors can invest more easily, and toincrease share liquidity.

(2) Method of the stock split
The Company will implement a 3-for-1 stock split of common shares owned by shareholders listed or recorded in
the closing register of shareholders with a record date of March 31, 2024.
(3) Number of shares to be increased by the stock split
Total number of issued shares before the stock split
Increase in number of shares due to the stock split
Total number of issued shares after the stock split
Total number of shares authorized to be issued after the stock split

238,242,689 shares
476,485,378 shares
714,728,067 shares
1,800,000,000 shares(4) Schedule of the stock split
Date of public notice of the record date March 11, 2024 tentative
Record date
March 31, 2024 (R1)
Effective date
April 1, 2024
(R1) As the record date falls on a holiday of the shareholder registry administrator, the actual record date will be
Friday, 29 March 2024.
(5) Other
There will be no change in the amount of stated capital as result of this stock split.

2. Partial amendment to the Articles of Incorporation in connection with the stock split(1) Reason for amendment to the Articles of Incorporation
In connection with the stock split, the Company’s Articles of Incorporation will be partially amended effective
April 1, 2024 in accordance with Article 184, Paragraph 2 of the Companies Act.
(2) Details of amendment to the Articles of Incorporation
The details of the amendment are as follows. (Underlined portions indicate the proposed changes.)
Proposed Amendment
Current Articles of Incorporation
Article 6 (Total Number of Authorized Shares)
The total number of shares authorized to be issued
by the Company shall be 1,800,000,000 shares.

Article 6 (Total Number of Authorized Shares)
The total number of shares authorized to be issued
by the Company shall be 600,000,000 shares.

(3) Schedule of the revision of the Articles of Incorporation
Date of the meeting of Board of Directors February 2, 2024
Effective date
April 1, 2024

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