MORESCO Corporation
MORESCO Group delivers sustainable one-of-a-kind products

The 64th Ordinary General
Meeting of Stockholders(From Mar 1, 2021 to Feb 28, 2022)

Tokyo Stock Exchange Prime Market 5018 (Petroleum and Coal Products)
May 27, 2022

Copyright © MORESCO Corporation All Rights Reserved.

The term 64th
Business Report & Consolidated
Financial Result Report

Copyright © MORESCO Corporation All Rights Reserved.

1

Business environment for the current period (1)Dubai cruid oil price$/b

Exchange rate

¥/$

130

120
110

120

100

110

90
80

100

70

90

60
50

80

40

70

30

18-4Q

19-4Q

20-4Q

21-4Q
Naphtha Price in Japan

Thousand yen/kL

80

60
40
20
18-4Q

19-4Q

20-4Q

21-4Q

Copyright © MORESCO Corporation All Rights Reserved.

2

Business environment for the current period (2)Car Production in The Area where Our Base is Located Source: MarkLines Co., Ltd.
10,000 units

6,000Southeast / South Asia

5,000

Chaina

Japan

782

551
4,000

U.S.

1,092

720

877

912

2,517

2,606

940

783

762

19-4Q

20-4Q

21-4Q

3,000
2,000

2,570

1,000
0
Notes:① Japan is from March to February, and overseas is from January to December.
② Southeast / South Asia aggregates Thailand, Indonesia, and India.
Copyright © MORESCO Corporation All Rights Reserved.
(Location of our manufacturing and sales base)3

Consolidated Income Statement➢

Increased sales due to recovery in automobile production and rising product selling prices, andrecording of foreign exchange gains. Increase in non-operating income. Recorded gain on saleof real estate for rent as extraordinary profit.
Millions of yen

Account title

FY2020

FY2021Year-on-year change

Net Sales

24,47927,300+11.5％

Gross Profit

7,838

8,725

+11.3％

Selling, General and
Administrative Expenses

6,996

7,291

+4.2％

Operating Income

842

1,434

+70.3％

Non-operating profit & loss

187

577

+208.0％Ordinary Income

1,030

2,011

+95.3%

Extraordinary profit & loss

△119

833

－

Income before Income Tax

911

2,844

+212.3%Net Income *

518

1,808

+249.1%* Net income attributable to owners of parent. The same applies hereafter.

Copyright © MORESCO Corporation All Rights Reserved.

4

Breakdown of Sales by Division
Millions of yen

Account title

FY2020

FY2021Year-on-year change

10,566

13,021+23.2％

Synthetic Lubricants

1,872

1,974

+5.5％

(HD Surface Lub)

869

678

△21.9％

Liquid Paraffin &Sulfonates

3,385

3,480

+2.8％

Hot Melt Adhesive

6,807

6,785

△0.3％

Other

1,795

2,031

+13.1％

24,42527,292+11.7％

Rental Building
Business

53

8△84.2％

Total Net Sales

24,47927,300+11.5％

Functional Fluids

Chemical Products
TTL

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5

Division Performance - Functional Fluids➢ Sales increased by 23.2% year-on-year (13,021 million yen)
Sales volume increased by 17.0％

FY2020Millions of yen

FY2021
4,035

4,000
3,324

3,127

3,000
2,577

2,742

1,916

2,000

1,626
1,312

1,000

0

925
652

Vaccum Hidraulicpomp oil
fluid

620

Diecasting
fluid

731

➢General• Sales increased overall due to therecovery trend in automobile
production in each country and region.
• Sales of small-quantity die-cast moldrelease agents that contribute toimproving customer productivity andreducing environmental impact are
steadily increasing in Japan andoverseas.
• Expansion of sales of cutting fluids isprogressing.

Cutting Forging Others
fluid
lubricants
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6

Division Performance - Hot Melt Adhesive➢ Sales decreased by 0.3% year-on-year (6,785 million yen)
Sales volume decreased by 1.5%

FY2020Millions of yen

5,000

4,586

FY2021

4,791➢Sanitary
Although it decreased slightly in Japan,
sales increased due to an increase insales in India.

4,000

3,000

2,000

1,303
919

1,000

1,139

855

➢Others
In China, the use of filters for air
purifiers decreased in reaction to thestrong performance in the previous
fiscal year.

0
Sanitary

Adhesive

OthersCopyright © MORESCO Corporation All Rights Reserved.

7

Overseas Sales (Consolidated)
Millions of yen％

12,000

40

38.4

36.1

35.2

1,346

10,000
1,183
8,000

918

1,228
781

1,872
724

1,787

1,466

6,000

2,371

2,465

20

2,082

4,000
3,977

3,341

3,302
2,000

0

0
20 / 2期
中国

21 / 2期
インドネシアタイ

北米

22 / 2期
その他

海外売上高比率

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8

Consolidated Income Statement
Millions of yen

Account title

FY2020

FY2021Year-on-year change

Net Sales

24,47927,300+11.5％

Gross Profit

7,838

8,725

+11.3％

Selling, General and
Administrative Expenses

6,996

7,291

+4.2％

Operating Income

842

1,434

+70.3％

Non-operating profit & loss

187

577

+208.0％Ordinary Income

1,030

2,011

+95.3%

Extraordinary profit & loss

△119

833

－

Income before Income Tax

911

2,844

+212.3%Net Income *

518

1,808

+249.1%* Net income attributable to owners of parent. The same applies hereafter.
Copyright © MORESCO Corporation All Rights Reserved.

9Selling, General and Administrative Expenses
Millions of yen

FY2020

FY2021

Increase /Decrease

Year-on-yearchangeSelling, General and
Administrative Expenses(include R&D Expenses)

6,996

7,291

+295

+4.2%

R&D Expenses

1,360

1,359

△1

△0.1%

SGA Ratio

28.6%

26.7%

5.6%

5.0%

Ratio of R&D Expenses toSales

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10

Consolidated Income Statement
Millions of yen

Account title

FY2020

FY2021Year-on-year change

Net Sales

24,47927,300+11.5％

Gross Profit

7,838

8,725

+11.3％

Selling, General and
Administrative Expenses

6,996

7,291

+4.2％

Operating Income

842

1,434

+70.3％

Non-operating profit & loss

187

577

+208.0％Ordinary Income

1,030

2,011

+95.3%

Extraordinary profit & loss

△119

833

－

Income before Income Tax

911

2,844

+212.3%Net Income *

518

1,808

+249.1%* Net income attributable to owners of parent. The same applies hereafter.
Copyright © MORESCO Corporation All Rights Reserved.

11

Consolidated Income Statement
Millions of yen

Account title

FY2020

FY2021Year-on-year change

Net Sales

24,47927,300+11.5％

Gross Profit

7,838

8,725

+11.3％

Selling, General and
Administrative Expenses

6,996

7,291

+4.2％

Operating Income

842

1,434

+70.3％

Non-operating profit & loss

187

577

+208.0％Ordinary Income

1,030

2,011

+95.3%

Extraordinary profit & loss

△119

833

－

Income before Income Tax

911

2,844

+212.3%Net Income *

518

1,808

+249.1%* Net income attributable to owners of parent. The same applies hereafter.
Copyright © MORESCO Corporation All Rights Reserved.

12Balance Sheet (Consolidated)
Millions of yen

Account title

FY2021

Increase/
Decrease

Cash & Deposit

4,001

△107

Notes and Accounts
Receivable-trade

6,844

200

Inventories

5,326

1,085

436

125

Current Assets

16,607

1,303

Property, Plant andEquipment

8,304

Intangible Assets
Investments and Others

Other

Fixed Assets

Total Assets

Account title
Trade Payable

FY2021

Increase/
Decrease

4,308

333

910

△2,409

2,393

790

847

198

Total Liabilities

8,457△1,088△215

Capital Stock・Capital
Surplus

4,094

△0

633

△159

Retained Earnings

13,517

1,386

3,465

372

Treasury Stock

△384

5

12,401△2

Accumulated Other
Comprehensive Income

735

672

Non-Controlling Interest

2,589

326

Total Net Assets

20,551

2,389

Total Liability & Assets

29,0081,301

29,0081,301

Interests bearing debt
(Current)
Other Current Liabilities
Other Noncurrent
Liabilities

Note: Increase / Decrease vs. FY2020
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13

Capital Investment・Depreciation
Millions of yen

Account title

FY2020

FY2021

Increase / Decrease

Total Capital
Investment

725

1,279

+554

MORESCO

474

340

△133

Consolidated
Subsidiary

251

939

+688

Depreciation

1,328

1,210

△118

➢ Major Capital Investment (acquisition base)
Ethylene Chemical CO., LTD.
⚫ Renewal of wastewater treatment equipment and utility equipment⚫ Office building (under construction)

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14

Interest-bearing Debt
Millions of yen

Account title

FY2020

FY2021

Increase / Decrease

Short-term
Borrowing *

2,544

560

△1,984Long-term
Borrowing

775

350

△425

Total Borrowing

3,319

910

△2,409Interest-bearing
Debt Ratio

12.0%

3.1%

* Includes long-term loans payable within one year.

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15

Management Index

FY2020

FY2021Per Share
Net Income

54.09yen

192.76yen

Net Asset

1,695.81yen

1,914.94yen

Return on Equity (ROE)

3.3%

10.7%

Return on Asset (ROA)

1.9%

6.4%

Ordinary Income Ratio

4.2%

7.4%

16,604

16,356The Number of Stockholders at theend of the year

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16

Dividend for FY2022

FY2020

FY2021

Consolidated Net
Income518 million yen

1,808 million yen

Cash Dividend

378 million yen

375 million yen

Dividend per Share

40yen

40yen*

Dividend Payout
Ratio (Note)

74.0%

20.8%

* To be confirmed at the Stockholders’ Meeting
Note: Dividend Payout Ratio=Dividend per Share / Net Income per Share

Copyright © MORESCO Corporation All Rights Reserved.

17

Medium-Term
Management Plan

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18

Automobile Market Forecast and its impact➢Auto sales forecast and impact on our products
Auto sales results / Forecast by power source（Japan, China, ASEAN･South Asia）
Million units

Total number of units sold

45
40

(114%)(111%)(Compared to 2019)
(95%)

34

35
30

31

25

39

38

40

29

26

EV
: Increase
HV : Increase
ICEV : Decrease
20

15
10

12
1 2

1 2

3 8

7

2019

2020

2025

2030

17
11

13

0
2035

(Forecast) (Forecast) (Forecast)EV【 Car sales forecast by power source 】(Left forecast)×【 Our products usage ratio by power source 】(Internal Estimate)

32

20

5

(119%)

Changes in the amount of our products used (If 2019 is 1.0)

FCV

HV

ICE

Source: Fuji Keizai Co., Ltd.
2021 version HEV, EV related market thorough analysis survey

2019
2020
2025
2030
2035

DC・Cutting
fluid, etc.
1.00
0.95
1.10
1.10
1.13

Hot melt
1.00
0.95
1.11
1.14
1.19

・Overall auto sales are on the rise towards 2035.
・Sales of ICEV are on a downward trend.
・On the contrary, Sales of EV and HV are on the rise.
・The amount of Die casting lubricants, Cutting fluid,
Hot melt, etc. used is on the rise toward 2035
(calculation results above).

Copyright © MORESCO Corporation All Rights Reserved.

19

Business Results and 9th Medium-Term
Management Plan
■ 14/2 to 22/2 term sales ■ 23/2 to 24/2 term sales (plan) ● Ordinary income

Millions of yen

40,0005,000■Create business starting from solving social issues.
■Increase value-added business and accelerate challenges in new business fields.
■Strengthen the competitiveness of manufacturing through technologicalinnovation, reduce manufacturing costs, and improve quality.
32,500■Improve operational efficiency. Streamline and strengthen back-office. Promote
work style reform.
30,50030,00026,820 26,266

26,674 27,922

28,806

27,06427,30024,47923,724

2,650
2,765

20,0002,012

10,000

2,658
2,378

4,000

2,011

2,600

3,000

2,200
2,000

2,202
1,568
1,030

0

1,000

0
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
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20

Medium-Term Plan and Sales by Division(Consolidated)■ Functional Fluids : Expand sales of water-soluble minimum quantity spray type lubricant, increase market share of
cutting fluids and lubricant for hot forging.
■Synthetic Lubricants : Development of applications for high temperature lubricants, overseas expansion, development of
surface lubricants for hard disk in next generation.
■Hot Melt Adhesive : Promote the development of environment-friendly products that meet customer needs, such as low

odor and low VOC types.
■Device Materials : Accelerating overseas expansion of sealants for organic EL.
■Development of Indian market.
■Creating new business in the life science field.
Millions of yen

P FY2023lan FY2022

14,200

FY2021

13,021

15,000

FY202012,540FY201813,1580Functional Fluids

5,000

4,400

8,300

2,150 4,400
1,974 3,480

10,566FY20192,300

1,872 3,385

6,807

Synthetic Lubricants

15,000

237

113
6,882

2,602 3,874
10,000

2,150

2,000

1,802

1,682
1,681

126

7,318

20,000Liquid Paraffin & Sulfonates

250

7,500
6,785

2,115 3,720

350

81

25,000Hot Melt Adhesive

1,772
30,00035,000Device Materials

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Others21

Selection of new market category "Prime Market"
Reason for selection
・By imposing high goal, we aim for further growth and contribution to society.
・Focus on dialogue with overseas investors more than ever.
Compliance with listing maintenance standards

・"Market capitalization of shares in circulation" isincompatible.
・Submit a conformity plan.

Criteria for maintaining listingon the prime market
Market capitalization of sharesin circulation

Conformity plan for listing maintenance standards

10 billion yen

Planning period
・The end of FY2024 (end of February 2025)
Efforts to increase market capitalization of shares
As of the transition reference datein circulation(June 30, 2021)
・Steady achievement of the 9th Medium-Term
Market capitalization of shares
Management Planin circulation
・M & A and business alliances
・Proactive dissemination of information to investors
6.185 billion yen
Copyright © MORESCO Corporation All Rights Reserved.

22

Realization of a
Sustainable Society

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23

Towards a sustainable society① Sustainability Policy
The MORESCO Group, as a specialist in the interface science stated in its management
philosophy, will actively promote sustainability activities to further contribute to solving socialand environmental issues. We strive to raise the trust of stakeholders by balancing the"realization of a sustainable society" and the "improvement of corporate value throughout
the medium and long term" while operating business.

② Sustainability Promotion System
General Meeting of Stockholders
Appointment/
Dismissal

Accounting
Auditors
MutualCooperation
MutualCooperation

Appointment/
Auditing/
Dismissal
Supervision

Audit andSupervisory
Committee

Appointment/
Dismissal

Board of Directors
Directors on the Audit andDirectors
Supervisory Committee
Selection/Dismissal/Supervision

MutualCooperation

President andRepresentative Director
Director andSenior Managing Executive Officer

Internal Audit
Department

Auditing

Advisory
Reporting

Nomination andCompensation
Committee

Advisory
Executive Committee
Reporting

Newly EstablishedManagement
Committee

Compliance and Risk
Management Committee

Sustainability
Committee

Executive directors,
Audit and Supervisory
Committee members,
Executive officers, etc.

Executive directors,
Audit and Supervisory
Committee members,
Executive officers, etc.

Executive directors,
Audit and Supervisory
Committee members,
Executive officers, etc.

Individual divisions, departments, and affiliated companies
Copyright © MORESCO Corporation All Rights Reserved.

24Efforts to decarbonize➢Greenhouse gas reduction across the supply chain➢

By 2030, we aim to reduce GHG emissions by 46% from our own energy consumption(compared to 2013), grasp emissions in the entire supply chain, and achieve carbon
neutrality by 2050.
＊GHG…Greenhouse Gas

Purchase

GHG emissions associatedwith the production of raw
materials to purchase

Production

Sale

GHG emissions associated withthe use of gas and heavy oil

GHG emissions associated withtransportation to customers

Whole Company
GHG emissions associated withtransportation to customers

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25

Initiatives for the Circular Economy➢Recycling of Functional Fluids
Water-glycol hydraulic fluid

New oil

Extract
reusablecomponents

Powder releasing agent

Recoveredpowder

Water soluble cutting fluids

Recycling

Used oil

Foreign matter removal
Components adjustment[Conventional efforts]
・Only non-deteriorated components are extracted from old Water-glycol
hydraulic fluid and effectively used as raw materials for the product.
[Future efforts]
・Collect and recycle the used powder releasing agent.
・Expand the use of recycled raw materials as raw materials for lubricants.

Copyright © MORESCO Corporation All Rights Reserved.

26

Efforts to promote biomass conversion➢Hot Melt Adhesives that contain plant-based resin➢ Products made from biomass such as plants do not affect theincrease or decrease of carbon dioxide even when burned (carbon
neutral).
Biomass industrial
products

CO₂ isgenerated

Photosynthesis

Product number

BM-546Z

BM-105

BM-568Z

Main component

Synthetic rubber

Synthetic rubber

Synthetic rubber

Characteristics

Label for generalproducts, strong
adhesion and low
bleeding

Compliant with
FDA175.125(canbe directly affixed
to food items)

Can be affixed tofrozen andrefrigerated
products

Biomass
percentage (%)

Biomass materials

CO₂
circulation

CO₂ isabsorbed・Three hot melt adhesive product numbers have been certified as biomass
mark products by the Japan Organics Recycling Association.
・We have also developed a hot-melt adhesive for sanitary products used indisposable diapers, etc., which contains 20-40% of plant-derived resin.

Copyright © MORESCO Corporation All Rights Reserved.

27

Efforts for clean energy➢Organic Photovoltaics (OPV)➢ OPV is a more eco-friendly solar cell because it generates about 1/5
of CO₂ during production compared to silicon solar cells.
➢ Currently, we are the only company in Japan that manufactures OPV
modules for continuous printing.

Flexible OPV module

OPV is installed in the officeof a commercial building.

Designing by printing
on the OPV surface

Free design is given by laser technology that can handle continuous film.
Various designs are given by printing on the OPV surface.
→It contributes to the realization of a low-carbon society by obtaining
electricity more closely.
Copyright © MORESCO Corporation All Rights Reserved.

28

Efforts to solve social issues➢Radiation resistant lubricants➢ Demonstrates stable lubrication performance for a long
period of time in nuclear facilities.
NEW The first step in the decommissioning of the Fukushima Daiichi Nuclear Power Station,
the world's highest level radiation-resistant lubricants "MORESCO-HIRAD" was installed
in all drive parts of the fuel debris * extraction equipment.
• A nuclear fuel rod in a furnace that melts and falls during an accident and then cools and resolidifies.
It emits the highest radioactive rays in the residue.
● Arm total length about 22m● Can be equipped with survey equipment up to 10 kg
Trolley

Boom

Telescoping

・Radiation generated in nuclear reactors
accelerates the deterioration of lubricants
used in their peripheral equipment(evaporation / solidification).
→In order to operate the equipment
continuously, a lubricant with extremely
high radiation resistance is required.

Tilt mechanism

Biaxial joint

Wand

Robot arm (= arm type access device)
Source: International Research Institutefor Nuclear Decommissioning

MORESCO's radiation-resistant lubricants
plays an important role and contributes tothe decommissioning of the Fukushima
nuclear power station.

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29

New Products・New Business

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30

Life Science Division➢Nanoemulsion Technology
Dissolves functional materials in a much smaller size than before.
Corneocyte interstitial space
50～70nm

Single nanomicelle

Conventional
single layer micelle

12 nm

55 nm

Nano-sized emulsification greatly improves the oral / transdermal
absorption rate of poorly water-soluble drugs.

A major healthcare company, progressing evaluation toward adoption in lotion.
Copyright © MORESCO Corporation All Rights Reserved.

31Life Science Division➢Joint research and development aimed at drug discovery
Promote joint research and development by investing in AutoPhagyGO Inc., a universitybased start-up company.
Promote drug discovery activities targeting autophagy, which is expected to improve
lifestyle-related diseases.
Obtained an important compound with improved pharmacological activity.
The first patent application is scheduled for 2022.

Autophagy research is research that leads to the prevention and treatment of various
phenomena and diseases related to aging.
Promote joint research and development of new allergy treatments with Ehime University.
This new medication is expected to be effective in treating a wide range of allergy
diseases, such as bronchial asthma and allergic rhinitis.
We are developing synthetic compounds with the aim of acquiring compounds withactivity, water absorption, and safety.

Copyright © MORESCO Corporation All Rights Reserved.

32

Other Initiatives➢Established a subsidiary in Haining City, China
Overview of the subsidiary
Name: 莫莱斯柯（浙江）功能材料有限公司
Business contents: Development, manufacture, sale and import / export oflubricants and sealant
Capital: US $ 12,000,000
Capital structure: Wholly-owned subsidiary

March 23, 2022
establishing a newcompany

Purpose of establishment / future prospects①Improvement of production capacity and production efficiency byconsolidating functional fluids production bases.
②Improving operational efficiency by supervising the management
department of a Chinese subsidiary.
③Development of products that contribute to reducing the environmental
burden by strengthening the R&D system.

➢ MORESCO were certified as Health Management Excellent Corporation
2022 (Large-scale Corporate Division).
"Health and productivity Management" … The company thinks about thehealth management of employees from a management perspective andputs it into practice strategically.

・This is a system that recognizes
corporations that are practicing particularly
good health management.（Ministry of
Economy, Trade and Industry）――― MORESCO Health Management Declaration ―――
MORESCO believes that physical and mental health of employees isessential to the sustainable development of the company. In order to make"a company where everyone can grow in a rich environment andcultivate new value" a reality, we are promoting the development of
employee health.
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33

■ Issues to be addressed (P.11-12）■ Main sales offices and Plants (P.12-13)■ Employee status (P.13)■ Main financing bank (P.13)■ Stock status (P.14)■ Information on the directors (P.15-20)■ Information on the accounting auditor (P.21)■ System to ensure the appropriateness of business (P.22-26)• Details for above items are stated in the Notice of the 64th
Ordinary General Meeting of Stockholders.

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34

MORESCO Corporation
MORESCO Group delivers sustainable one-of-a-kind products

The 64th Ordinary General
Meeting of Stockholders(From Mar 1, 2021 to Feb 28, 2022)

Tokyo Stock Exchange Prime Market 5018 (Petroleum and Coal Products)
May 27, 2022

Copyright © MORESCO Corporation All Rights Reserved.

Agendum 1. Disposal of Retained Earnings (P.40)
１．Year-end dividend
20 yen per share of the Company’s common
stock Total amount of dividends: 187,598,600 yen(The annual dividend will be 40 yen per share)

２．Disposal of other retained earnings
From the retained earnings brought forward,
500,000,000 yen will be separately accumulated
in the general reserve.

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36

Agendum 2. Partial Amendment of the Articles ofIncorporation (P.41-42)
Amendments to the Articles of Incorporation in preparation for the introductionof an electronic provision system for materials for general meetings ofstockholders.
(1) Paragraph 1 of the amendment draft Article 12 (Electronic provision, etc.) will
stipulate that information contained in the Reference Materials for the General
Meeting of Stockholders,etc. shall be provided electronically.
(2) Paragraph 2 of the amendment draft Article 12 (Electronic provision, etc.) will
establish a provision to limit the scope of the matters to be included in documentsthat are to be delivered to stockholders who make a request for the delivery of
information in writing.
(3) Since Article 12 (Disclosure via the Internet of Reference Materials for the General
Meeting of stockholders, etc. and their deemed provision) of the current Articles ofIncorporation will become unnecessary, it is to be deleted.
(4) In conjunction with the amendments (1), (2) and (3) above, supplementaryprovisions regarding the effective date, etc. will be established.
Copyright © MORESCO Corporation All Rights Reserved.

37

Agendum 3. Election of Five Directors (except
Directors who are Audit and Supervisory Committee
Members) (P.43-48)

The candidates
Motohisa Morozumi
Nobuhiro Sewaki
Yasuo Sakane
Hirofumi Fujimoto
Hiroko Fuji

Copyright © MORESCO Corporation All Rights Reserved.

38

Agendum 4. Election of Four Directors Who Are Audit
and Supervisory Committee Members (P.49-52)

The candidates
Mikio Honda
Kazuo Machigaki
Mikio Nakajo
Hidetoshi Nakatsuka

Copyright © MORESCO Corporation All Rights Reserved.

39

MORESCO Corporation
MORESCO Group delivers sustainable one-of-a-kind products

The 64th Ordinary General
Meeting of Stockholders(From Mar 1, 2021 to Feb 28, 2022)

Tokyo Stock Exchange Prime Market 5018 (Petroleum and Coal Products)
May 27, 2022

Copyright © MORESCO Corporation All Rights Reserved.

Directors

Motohisa Morozumi
Nobuhiro Sewaki
Yasuo Sakane
Hirofumi Fujimoto
Hiroko Fuji
Copyright © MORESCO Corporation All Rights Reserved.

41

Directors

Mikio Honda
Kazuo Machigaki
Mikio Nakajo
Hidetoshi Nakatsuka

Copyright © MORESCO Corporation All Rights Reserved.

42

Head Office / R&D Center

Kobe City

Kobe Airport

Forecasts, strategic goals and other forward-looking information in this presentation are
based on the judgements of MORESCO at the time this presentation was prepared. This
information may be revised without prior notice.
Investors are cautioned not to rely entirely on the forecasts and goals in thispresentation when making investment decisions. MORESCO assumes no responsibility
for any resulting losses.
This presentation may not be copied or reused in any other way without the priorconsent of MORESCO.

MORESCO Corporation
May 27, 2022

https://www.moresco.co.jp/
Copyright © MORESCO Corporation All Rights Reserved.

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