Management Overview Briefing

May 27, 2024
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01

VISION 2030

02

Overview of Business (FY2023 Results by Segment)

032030 Vision for Each Business(1) Medi-Chemicals(2) Electronic Materials(3) Energy Materials(4) Applied Chemicals(5) Fertilizers(6) Glass(7) Glass Fiber

AGENDA
04

Research and Development Initiatives

05

Promotion of Human Capital Management06

Response to Environmental Issues

07

Shareholder Returns(1) Major Research & Development Products(2) Research & Development Topics(i) Etching Gas (ii) SiC Wafers (iii) Circuit Pattern Collapse Prevention Agent

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2

AGENDA01

VISION 2030

02

Overview of Business (FY2023 Results by Segment)

032030 Vision for Each Business04

Research and Development Initiatives

05

Promotion of Human Capital Management06

Response to Environmental Issues

07

Shareholder Returns

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3

Become a Specialty Materials Company
contributing to the realization of a sustainable society
ROE

Operating profit

Numerical targets(Highest earnings on record)

Business strategies

Expansion of specialty products• Creation of new value• Creation of a strong business model

Strengthening of essential products• Strengthening of earning capacity• Creation of high added value

Optimization of business portfolio

Promotion of human capitalmanagement

Response to environmental issues• Promotion of diversity, equity and inclusion• Increasing engagement• Promotion of health and productivity management• Initiatives for the reduction of GHG emissions• Initiatives for the realization of a recycling-oriented
society• Initiatives for the reduction of environmental impact

Promotion of utilization of digitaltechnology• Improvement of efficiency of operations• Enhancement of management foundations• Digital human resource development aimed at DX

Strengthening of business foundations through ESG management
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4

Business Strategies▌Expansion of specialty products

Specialty products▪ Creation of new value (R&D, innovative ideas)▪ Creation of a strong business model

New value creation targets
Semiconductors andpower semiconductors

Reference

Batteries

R&D expenses
portfolio
FY2024

Life sciences

Lifestyle, environment
and food

3 advantages
Technologicaladvantage
Products using unique technology
such as intellectual property

Originality
Products that have established aunique and powerful business model

Sustainability▌Strengthening of essential products▪ Strengthening of earning capacity

Essential products

Products contributing to social andenvironmental issues▪ Creation of high added value

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5

Roadmap to the Operating Profit Target of 20 Billion Yen
We aim to reach 20 billion yen by doubling the operating profit of specialty products▌Operating Profit

Expansion of specialty products◼Specialty products◼Essential products(billion yen)

200
20

TargetSpecialty product groups

Semiconductors andpower semiconductors

Etching gases, cleaning gases, SiC
wafers, next-generation display materials,
etc.

Batteries

Electrolytes, next-generation battery
materials, etc.

Life sciences

Pharmaceutical products (inhalation
anesthetics, etc.)

100
10Lifestyle, environment
and food

Low GWP materials, environmentallyfriendly coated fertilizers, PFAS-freematerials, high value-added glass products,
etc.

Strengthening of essential products
Essential products

0
FY2023

FY2024FY2030Strengthening of earning capacity andcreation of high added value

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6

AGENDA01

VISION 2030

02

Overview of Business (FY2023 Results by Segment)

032030 Vision for Each Business04

Research and Development Initiatives

05

Promotion of Human Capital Management06

Response to Environmental Issues

07

Shareholder Returns

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7

2

Overview of Business (FY2023 Results by Segment)
After expanding into the glass business from the original soda business, the Company further expanded its businessdomain and is currently expanding earnings from the chemicals business, including semiconductor-related products.
Net sales

Chemicals Business (5 businesses)
Net sales

100.9 billion yen (62.9%)

Operatingprofit10.6 billion yen (72.9%)▌ Medi-Chemicals▪ Inhalation anesthetic APIs

▌ Electronic Materials▪ High-purity gases for semiconductor
processes (Film deposition gases, cleaninggases, etching gases)▪ Circuit pattern collapse prevention agent▪ Photoresist materials

160.3 billion yen
62.9%

37.1%

72.9%

27.1%

OperatingprofitGlass Business (2 businesses)
Net sales

59.4 billion yen (37.1%)

Operatingprofit

3.9 billion yen (27.1%)▌ Glass▪ Architectural glass▪ Automotive glass

14.5▌ Glass Fiberbillion yen▪ Glass fiber▪ Glass wool

▌ Energy Materials▪ Electrolytes for lithium-ion batteries▌ Applied Chemicals▪ Hydrofluoroolefin (HFO) products, functional
material products▌ Fertilizers▪ Chemical fertilizers, coated fertilizers* FY2023 results

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8

AGENDA01

VISION 2030

02

Overview of Business (FY2023 Results by Segment)

032030 Vision for Each Business04

Research and Development Initiatives

05

Promotion of Human Capital Management06

Response to Environmental Issues

07

Shareholder Returns

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932030 Vision for Each Business (1) Medi-Chemicals

Life sciences

Contributing to people’s health through inhalation anesthetic APIs
As of 2024

2030 Vision▪ Manufacture and sale of inhalation anesthetic Sevoflurane– Marketed as an inhalation anesthetic for over 30 years▪ Maintain a position as a leading company in the supply of
inhalation anesthetic APIs

– More than 1 billion cases of usage in more than 113 countries▪ Maintain sustainable profitability▪ Evolve R&D into the field of regenerative medicine

Cumulative shipments of
Sevoflurane
Reached 1 billion
cases'90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 ‘18'18 '20 '22

Trophy received froma customer– Maintain a position as a leading company in the supply of APIs
– Reinforcing stable supply system by building a robust supply chain

Initiatives for 2030

▪ Continuing stable supply▪ Compliance with the latest GMP*
▪ Compliance with GMP of ICH **, WHO, EU,and each country

Three principlesof GMP

1. Minimize human error
2. Prevent contamination and quality deterioration of pharmaceuticals
3. Design a system that guarantees high quality* GMP (Good Manufacturing Practice)** ICH (International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use)

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102030 Vision for Each Business (2) Electronic Materials (1/2)

3

Semiconductors andpower semiconductors

In the Electronic Materials business, manufacture and sell high-purity gases for semiconductor processes, resist
materials, and circuit pattern collapse prevention agents.
Business Profile▌The Company’s products in the front-end process of semiconductor manufacturing2

1

Film deposition
process

3

Resist coatingprocess

4

Exposure process

Cleaning
process

5
High-purity film
deposition gases

Development
process

Photoresist materials

Film deposition gases(WF6, trimethylsilane)

Various fluorine-containing monomers and polymers with highwater repellency and high solubility in developing solution

High-purity cleaning gases
Film deposition equipment
cleaning gases(ClF3, 20% F2/N2)

Circuit pattern collapse
prevention agent
Prevents pattern collapse duringdrying in the cleaning process

High-purity etching gases
8

Resist peelingprocess

7 Doping process

6 Etching process

CEG® Series, HF and 20%F2/Ar, which have lessenvironmental impact than existing gases and issuitable for 3D devices and advanced materials

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11

32030 Vision for Each Business (2) Electronic Materials (2/2)

Semiconductors andpower semiconductors

Focus on advanced semiconductor materials and power semiconductors
As of 2024
▪Market environment– Semiconductor market entering a recovery phase– Localization of customers– Needs are for low GWP*1 and PFAS-free*2▪Business conditions– Proactive activities to strengthen business• Start of new etching gas (GAS X) supply for logic applicationsat 2 nm and beyond• Construction of 20% F2/N2 plant in Taiwan• Customer-oriented R&D by Electronic Materials ResearchCenter Taiwan• Planning to co-operate with Foosung of Korea• NEDO GI Fund subsidized project moving to consider mass
production of SiC wafers• Start of customer sample work of bonding materials for power
semiconductors*1 GWP:
Global Warming Potential. The lower the value, the better the indicator of global warming prevention.
*2 PFAS-free: Environmentally friendly products and manufacturing methods that do not use PFAS (specific organic
fluorine compounds)*3 GHG:
Greenhouse gases

2030 Vision▪ Provide solutions for PFAS-free andGHG*3 reduction▪ Start mass production of SiC wafers▪ Increase net sales to 2.4 times current
level
SiC monocrystal before
wafer processing

Net sales
47 billion yen

2.4X◼ New business (PFAS-free related products, etc.)◼ SiC-related materials◼ PFAS-free collapse prevention agents◼ Photoresist materials, collapse prevention agents

19.5 billion yen◼ Environmentally friendly high-purity gases (Gas X, etc.)◼ Existing high-purity gases for semiconductor processes

2023

2030

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12

32030 Vision for Each Business (3) Energy Materials (1/2)

Batteries

In the Energy Materials business, manufacture and sell electrolytes and other lithium-ion battery materials for EVs and
ESS. Build an optimal global supply chain.
Business Profile▪Production of electrolytes using cost-competitive “LiPF6 electrolyte” and a proprietary manufacturing process▪Manufacture of proprietary high-performance additives that improve battery performance when added to electrolytes▌Business Locations▌Supply Chain
Manufacture of
LiPF6

China

Manufacture and sale ofelectrolytes

User

USA*

North
America

Europe(Czech)EuropeAsia(Japan,Korea,China)

Asia*Planning to establishment of supply chane in US.

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13

32030 Vision for Each Business (3) Energy Materials (2/2)

Batteries

Environmental contribution through electrolyte business for EVs
As of 2024
▪Market environment

2030 Vision▪Triple sales volume (100,000 metric tons)– EV market steadily expanding– Sales expansion in the United States– IRA bill and EU Battery Regulation– Expansion into India and ASEAN– Localization of battery manufacturers▪Business conditions– Establishment of supply chain in the United States basedon IRA▪Commercialize next-generation battery
materials– Sodium-ion battery-related products– High-performance additives– All-solid-state battery-related products▪Target net sales of 100 billion yen
100 billion yen
Net sales

32.4 billion yen

2023

2030

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14

32030 Vision for Each Business (4) Applied Chemicals (1/2)

Essential
products

Lifestyle, environment
and food

In the Applied Chemicals business, manufacture and sell HFO products, functional material products, etc.

Business Profile▌Hydrofluoroolefin (HFO) products▪ Material with low GWP with excellent environmental
and safety performance▪ Reduces GHG emissions and contributes to carbon
neutrality

Aerospace equipment

Medical equipment(Precision cleaner)(Coating solvent)High-performance heatinsulation for ZEB(Blowing agents for heat insulation)▌Functional material products▪ Functional materials utilizing the properties offluorine (heat resistance, chemical resistance,electrical properties, physiological activity, flame
resistance, etc.)

Automotive applications

Electronic materials(Cross-linking agents for fuel hoses,
etc.)(Raw materials for photoacid
generators, etc.)

Agrochemical APIs
and intermediates(C)JAXA

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15

32030 Vision for Each Business (4) Applied Chemicals (2/2)

Essential
products

Lifestyle, environment
and food

Expansion of next-generation high-performance products
through enhancement of fluorine technology
As of 2024
▪ Market environment– HFO products• Dependent on buildings demand (major shifts in demand)– Functional material products• PFAS regulations• Intensifying competition with companies from emerging
countries

2030 Vision▪ Expand sales of HFO products– Capture needs for mandatory energy saving standards(all buildings in Japan by 2025)– Market HFO solvents worldwide– Launch new solvents (complement HFO solvents)▪ Develop functional material products and expand
net sales– Promote development of new products such as PFAS-free products

zzz
zzz

– Optimize production system▪ Net sales of 20 billion yen, mainly driven by growthin HFO products

20 billion yen
17 billion yen◼ HFO◼ Functional materials (raw materials)

Net sales◼ Functional materials (agrichemicals)◼ Basic chemicals

2023

2030

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3

Lifestyle,environment
and food

2030 Vision for Each Business (5) Fertilizers (1/2)

Essential
products

In the Fertilizer business, manufacture and sell chemical fertilizers and coated fertilizers.

Business Profile▌Chemical fertilizers▌Coated fertilizers▪ Fertilizers using mainly ammonium chloride, ammonium
phosphate and potassium chloride as raw materials
Advancedchemical▪ Coated urea fertilizer▪ Fertilization according to crop growth

Cera-coat R

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3

Lifestyle,environment
and food

2030 Vision for Each Business (5) Fertilizers (2/2)

Essential
products

Solving social issues in agriculture through environmentallyfriendly coated fertilizers
As of 2024
▪ Market environment– “Labor-saving” presented as a theme for solving the shortage offarm workers– Efforts toward the SDG target of “Life below water”• The National Federation of Agricultural Co-operative
Associations and domestic fertilizer suppliers made astatement to “make a shift to agriculture that does not rely oncoated fertilizers using plastic” by 2030

2030 Vision▪ Contribute to sustainable agriculture (food security)
by providing non-plastic coated fertilizers that solve
social issues▪ Ensure stable profitability
Sales volume of coated fertilizers
Coated fertilizer▪ Topic
Reduce & non-plastic
coated fertilizer– Successfully developed coated fertilizer without plastic(announced on May 23, 2024)
2024

2025

2026

2027

2028

2029

2030

Initiatives for 2030

Switch to nonplastic coatedfertilizers

Current

Market launch in 2024

Coated fertilizer

Reduced plastic coatedfertilizer

Non-plastic coatedfertilizer

Reduction of resin volume byapprox. 10%

Resin-freeUses urethane resin derived
from vegetable oil

Market launch in 2027

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18

3Lifestyle,environment
and food

2030 Vision for Each Business (6) Glass (1/2)

Essential
products

In the Glass business, manufacture and sell glass materials that are safe and secure, targeting the domestic construction
and automotive industries.
Business Profile▌Architectural glass▌Automotive glass▪ Eco-Glass, disaster-resistant safety laminatedglass, tempered glass, mirror products, etc.

▪ Windshields, door windows, rear windshields, etc.
Thermal and acoustic
insulation glass
ADAS*1 /HUD *2, defogging
glass

Glass antenna
Defogging glass

Anti-fogging mirrors
Disaster-resistant safety
laminated glass
Eco-Glass

Water repellent glass
UV/IR cut glass

Privacy glass*1 ADAS: Advanced Driver Assistance System*2 HUD : Head-up Display

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19

3

Lifestyle,environment
and food

2030 Vision for Each Business (6) Glass (2/2)

Essential
products

Focus on stable revenue contribution
As of 2024

2030 Vision▪ Business conditions▪ Stable revenue contribution– Became profitable after a long period of stagnation through“structural improvement” and “business restructuring”▪ Provide products that satisfy safety withenvironmental friendliness, security and comfort
needs

Operating Profit
Stable growth
Return to profit

FY2021

FY2022

FY2023Next-generation HUD

FY2030Initiatives for 2030
▪ Promote business mainly
in domestic market▪ Implementing various initiatives for growth▪ Development and sales of market-driven and environmentallyfriendly products (Eco-Glass)▪ Challenge to develop specialty products▪ Implement the plan for carbon neutrality▪ Promoting business reform through digitalization

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20

3Lifestyle,environment
and food

2030 Vision for Each Business (7) Glass Fiber (1/2)

Essential
products

In the Glass Fiber business, manufacture and sell glass fiber, a material that combines the heat resistance,
nonflammability, and durability of glass with the flexibility of fiber and is used in a variety of applications.
Business Profile▌Glass fiber▌Glass wool
▪ Soundproofing and thermal
insulation materials▪ Composite reinforcement▪ Milled fiber(High market share in the area of soundabsorbing materials for automobiles)(electronic material applications)▪ Glass cord for rubber
reinforcement(Timing belt applications)

Precision equipment(Smartphones and PCs)

Timing belts

Under hood soundproofing andthermal insulation materials

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3

Lifestyle,environment
and food

2030 Vision for Each Business (7) Glass Fiber (2/2)

Essential
products

Increasing business value by improving profitability
As of 2024
▪ Glass fiber business– Slowing and stagnation of products for resin reinforcement,
infrastructure, etc.
– Steady acquisition in demand for rubber coated glass cord forreinforcing rubber belts used in automobiles, semiconductor
manufacturing equipment, etc.

▪ Glass wool business– Strong demand for sound-absorbing materials due to recovery of
automobile production▪ Responding to rising energy costs

2030 Vision▪ Double earnings– Glass fiber: Increase the ratio of high-value-added products– Glass wool: Develop new applications▪ Establish an environmentally friendly system fromraw materials to manufacturing in an integrated
manner– Reduce CO2 and other emissions through fuel conversion– Enhance recycling– Automate facilities, promote DX▪ Target net sales of 10 billion yen

10 billion
8.2 billion
Net sales

yen

yen

◼ Glass wool business◼ Glass fiber business

2023

2030

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22

AGENDA01

VISION 2030

02

Overview of Business (FY2023 Results by Segment)

032030 Vision for Each Business04

Research and Development Initiatives

05

Promotion of Human Capital Management06

Response to Environmental Issues

07

Shareholder Returns

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23

4

Research and Development Initiatives (1) Main R&D Products

Field

Semiconductors and power
semiconductors

Diverse R&D products with high growth potential

Etching gases(Gas X)PFAS-free circuit patterncollapse prevention agent(PFAS-free Pattern Keeper )PFAS-free liquid repellent bank material
PFAS-free resistrelated products

SiC wafers

TM

Batteries

High performance additives

Bonding materials for
power semiconductors

Sodium ion batteryrelated products

Cell sheet

Life Sciences

Lifestyle, environment andfoodAll-solid-state batteryrelated products

Anti-fouling andanti-fogging mirrors

PFAS-free blowing agent, solvent
Next-generation HUD
Non-plastic coated fertilizer

Market launch timing （image）
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24Research and Development Initiatives (2) R&D Topics (i) Etching Gas

Semiconductors andpower semiconductors

Developed etching gases (2nm node and beyond) that can be used in cutting-edge semiconductor manufacturing.

Necessary Elements for Next-Generation
Etching Materials▪ Improvement of etching accuracy (selectively removing only the material
to be processed)▪ Improvement of etching process throughput (processing speed)▪ Low GWP and PFAS-free materials▪ Materials targeting transistors (GAA, CFET) for miniaturizationand integration of semiconductors
Changes in the transistor structure ofadvanced semiconductors

Fin-FETGAA

5X or more

▪ Rapid evaluation system establishedto evaluate developed materials within-house equipment▪ Etching accuracy is improved morethan 5 times compared to existingmaterials▪ Predicts material performance andimproves development efficiency

CFET

< 1nm

▌Development system

Existing material

Gas X▌Advanced simulation technology

Miniaturization

2nm

Development of Next-Generation Etching Material (Gas X)

amount (measured)
Etching[nm]
エッチング量(実測) [nm]4▪ Inferring reaction models andverifying mechanisms offunctional expression

20
15

Gas X

10

Development
material B
Existing material

5
0
0

5

10

15

20

Etchingamount (calculated)[nm]
エッチング量(計算)[nm]

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25

4

Research and Development Initiatives (2) R&D Topics (ii) SiC Wafers

Semiconductors andpower semiconductors

Established “solution growth method,” which is a new manufacturing technology, and entered the SiC wafer business for
power semiconductors.
Features of Our Manufacturing Technology (Solution Growth Method)▌Low defects and low cost compared to othercompanies’ manufacturing methods
SiC
monocrystal

Competitor method(sublimation method)▌R&D policy

Our method(solution growth method)

Sublimation

Up to
2300℃

SiC powder

Technologicaldevelopment
Number of defects(quality)
Manufacturing cost

▌ 6-inch prototype
crystal using thesolution growthmethodSi +Metal solvent

19002100℃

Leading development

Later development

Difficult to reduce

Easy to reduceHigh

Low (low temperature, fast
growth)Crystal using thesolution growth method

Slicing

Research and Development Policy and Progress

Enhancement of the original
solution growth method
technology▪ Achieving both high quality and low cost

Development of mass
production technology using
computational science▪ Determination of optimal conditions using
machine learning

Demonstration of devices
using SiC wafers based on
the solution growth method▪ Standardization of SiC wafers based on thesolution method▌Progress▪ Large diameter technology (8 inches)▪ Process automation▪ Utilization of NEDO Green Innovation Fund
Sublimation method

Diameter(mm)▪ Made rapid progress in crystal diameter200
expansion
150▪ Demonstrated low defects (high quality)▪ Moving to demonstration of devices using 100
wafers based on the solution growth method
50▪ Manufacturing process optimization using
machine learning▪ Adopted by NEDO Green Innovation Fund

Solution growth method

8” 8 8”
6”
3”

2”

4”
2”

2000

3”

2010

6”
4”
2020

2030

The transition of the crystal
diameter expansion

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26

Semiconductors and
4 Research and Development Initiatives (2) R&D Topics (iii) Circuit Pattern Collapse Prevention Agent power
semiconductors

Developed a revolutionary circuit pattern collapse prevention agent (PK agent) for semiconductor-wafer cleaning processes, andadopted by many logic and memory manufacturers.
Promoting development of PFAS-free Pattern KeeperTMfor cutting-edge semiconductors.

Features of the Circuit Pattern Collapse Prevention Agent▌ Developed through a fusion of the chemical andglass technologies we have accumulated•

Combining the ultra-high purification technology (chemistry)required for semiconductor materials with surface treatment
technology to make the circuit pattern surface water-repellent,
aim to prevent circuit pattern collapse during the drying process▌R&D policy▪ Finding new Pattern Keepers through collaboration with
cutting-edge research institutions and customers– Higher performance: Ultrafine structure, 3D structure– Versatile: Different substrate materials
TM▌Cooperation system

Normal semiconductor cleaning process
Force to cause collapse:
large

Research and Development Policy and Progress

Collapses
Dryingimec(Belgium)

Electronic Materials
Research Center Taiwan

Semiconductor pattern

When using the circuit pattern collapse prevention agent
Water repellent surface

Force to cause collapse:
almost zero

DryingApplied Chemical Research Center

National Cheng Kung
University (Taiwan)

Semiconductor and equipment
manufacturers(Japan, USA, Taiwan,
South Korea)

Does not collapse▌Progress▪ Develop PFAS-free products with the same performanceas current products

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27

AGENDA01

VISION 2030

02

Overview of Business (FY2023 Results by Segment)

032030 Vision for Each Business04

Research and Development Initiatives

05

Promotion of Human Capital Management06

Response to Environmental Issues

07

Shareholder Returns

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28

5

Promotion of Human Capital Management
Supporting our human resources from three perspectives to enhance our corporate value over the medium to long termGroup HR Strategy
Securing of Four Elements

Increasing engagement▪Securing of acceptability ▪Securing of equity

Promotion ofhealth andproductivity
management
Promotion of diversity,
equity and inclusion▪Securing of a place tobelong▪Securing of fairness

Establishment of a health and productivity
management promotion organization▪Led by management▪Promotion of mental health and healthpromotion activities▪Clarification of health issues through theuse of health management systems

Promotion of human capital management that supports the activities of
the Group Members who support manufacturing and continues to enhance value
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29

AGENDA01

VISION 2030

02

Overview of Business (FY2023 Results by Segment)

032030 Vision for Each Business04

Research and Development Initiatives

05

Promotion of Human Capital Management06

Response to Environmental Issues

07

Shareholder Returns

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30

6

Response to Environmental Issues (1) Initiatives Aimed at Carbon Neutrality
Achieved GHG emissions milestone reduction targets for FY2030 ahead of schedule through structural improvementsin the domestic glass business.
Reduction targets for FY2035 are being formulated.
GHG Emissions◼ Scope 1◼ Scope 2

748,000 metric tons*
148k

Our targets wereachieved ahead ofschedule
2030 reduction targets

332,000 metric tons
600k

449,000 metric tons
(40% reduction compared to FY2013 levels)

118k
214k

FY 2013 Results

FY 2022 Results*Structure-adjusted base year emissions (GHG emissions minus GHG emissions in the base year of the transferred European and U.S. automotive glass operations, etc.)

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6

Response to Environmental Issues (2) CDP Score
Obtained a “B-” rating in the areas of “Climate Change” and “Water Security” from CDP, an international non-profit
organization that evaluates environmental initiatives
About CDP
▌Overview▪ Established in the UK in 2000
▪ An international non-profit organization that evaluatesenvironmental initiatives▌Evaluation methods▪ Working with more than 740 investors holding over USD136
trillion in assets▪ Questions are presented to companies and local governments
regarding business strategies, GHG emissions, andmanagement of water intake and wastewater discharge, etc.

Evaluation of Central Glass▌Factors in the FY2023 rating▪ Due to setting specific targets for environmental initiatives andestablishing a system to reduce GHG emissions, water
usage, etc.

▌Future initiatives▪ Promote efforts to reduce environmental impact in theenvironmental field by responding to the requests of diverse
stakeholders in a consistent and transparent manner▪ 8 levels (A, A-, B, B-, C, C-, D, D-) of scores are assigned
using proprietary scoring criteria

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32

AGENDA01

VISION 2030

02

Overview of Business (FY2023 Results by Segment)

032030 Vision for Each Business04

Research and Development Initiatives

05

Promotion of Human Capital Management06

Response to Environmental Issues

07

Shareholder Returns

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33

7

Shareholder Returns
Maintain a total payout ratio of 30% or more and DOE of 3.6% during the current Medium-Term Management Plan (until
FY2024).
Consider expansion during the next Medium-Term Management Plan.
(Yen)

Annual dividend per share
Dividend per share
Commemorative dividend

159

170

115

45

FY201450

FY201555

FY2016

75

75

75

75

FY2018FY2019FY2020

FY202150FY2017

FY2022

FY2023

FY2024* Due to the reverse stock split of 5 shares into 1 share performed on October 1, 2017, dividend amounts prior to that date have been adjusted to reflect the reverse stock split.
* A commemorative dividend of 5 yen per share was paid in FY2016.

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34