Explanatory Material Regarding Our
Board of Directors’ Opinion on the
Shareholder Proposal

June 26, 2024
© AIN HOLDINGS INC. All Rights Reserved.

0Executive Summary
The Board of Directors oppose all of the Shareholder Proposals from Oasis*.
Proposal
Agenda 1

Shareholder Proposal

Dismissal of two（2）Directors

Agenda 2

Appointment of four（4）Directors

Agenda 3

Determination of the fixed
remuneration amount paid toeach Outside Director
Agenda 4

Determination of Remuneration
for Granting Restriction Sharesto Outside Directors

Content
1 Mr. Shigeru Yamazoe
2 Mr. Junro Ito

Board ofDirectors
opinionAgainst

1 Mr. Hajime Yoshitake
2 Mr. Shogo Maeda
3 Mr. Alexander Dmitrenko

Against

4 Mr. Kenji Shinmori

10,000,000 JPY as the fixedcompensation amount paid for eachbusiness year
Introduction of restricted share
remuneration for outside directors, theremuneration to be paid for the grant of
which shall be monetary claims, and thetotal amount of such claims shall bewithin 50 million JPY per year

AgainstAgainst* Oasis：OASIS INVESTMENTS Ⅱ MASTER FUND LTD. and OASIS JAPAN STRATEGIC FUND LTD.
© AIN HOLDINGS INC. All Rights Reserved.

1

Agenda 1: Dismissal of two (2) Directors
Summary of the reasons for the Board’s opinion (Against) Neither Director violates the standards of the Tokyo Stock Exchange, the Company’s

Independence Standards, or the Company’s immateriality criteria, and the Company
has designated both Directors as independent officers

 Both Directors sufficiently perform the functions of supervising and checking theexecution of the Company’s business and act from a standpoint that is independent ofmanagement.

 The shareholder proposal cites the occurrence of the Case* as one of the reasons forrequesting for the dismissal of both Directors. However, both Directors fulfilled theirduties appropriately in accordance with their respective knowledge and skills, and it is
not appropriate to make claims suggesting that the independence of both Directors
was the cause of the Case. There is a leap in the logic of the shareholder making
the proposal, which has unilaterally decided there are doubts about theindependence of the Company’s Outside Directors, then linked these problems
related to independence to the occurrence of the Case, and these are notgrounds for dismissing both Directors.

 At the conclusion of this General Meeting of Shareholders, both Directors arescheduled to retire due to the expiration of their terms of office, and therefore theCompany also does not recognize the substantial significance of their dismissal.

* The Case: Former officers of the Group were arrested on suspicion of obstructing bids in a public contract
auction, etc., in connection with the solicitation of bids for a planning competition held by KKR
Sapporo Medical Center in November 2020 for an operating company to develop and operate apharmacy on its premises, and the officers were convicted in a first instance judgment© AIN HOLDINGS INC. All Rights Reserved.

2

Agenda 2: Appointment of four (4) Directors
Summary of the reasons for the Board’s opinion (Against) The Board of Directors, which is composed of candidates for Directors proposedby the Board of Directors of the Company, is not only equipped with the skills
and experience required for the Board of Directors of the Company andbalanced in terms of the skills matrix, but also has sufficient independence, andis of an appropriate size to conduct substantive and active discussions.

 On the other hand, none of the four candidates in the shareholder proposal haveexperience as Outside Directors of listed companies, and they also all lackknowledge of the Company and its industry to which the Company belongs.
Accordingly, the Company has no choice but to judge that they do not satisfy
the preconditions for acting as Outside Directors of the Company.

 Taking into consideration the fact that if these candidates for Director become Outside

Directors of the Company, there will be an overlap in candidates for Directors who
have the knowledge and experience deemed necessary by the Board of Directors of
the Company, the fact that if the candidates proposed by the shareholder are elected
as Outside Directors, there will be a deviation from the size of the Board of Directors
considered appropriate by the Board of Directors of the Company, etc., as well as theindividual circumstances of each candidate, the Company has determined that it is notdesirable for the Company for these candidates to be elected as Outside Directors of
the Company.

* Please refer to “Views of the Board of Directors of the Company on candidates in the shareholder
proposal” on page 4 and “The Company’s new corporate governance ー Skill matrix” on page 9© AIN HOLDINGS INC. All Rights Reserved.

3

Views of the Board of Directors of the Company on candidates
in the shareholder proposal
Concerns if the candidates in the shareholder proposal
are elected as Outside Directors of the Company
1 The candidates all lack knowledge of the Company and the industry to which the Company belongs
2 There will be an overlap in candidates for Directors who have the knowledge and experience deemed necessary by the Board of Directorsof the Company
3 Concerns that there would be a lack of balance compared with the skills matrix when only the candidates proposed by the Board of
Directors of the Company are Outside Directors, and concerns that there would be a deviation from the size of the Board of Directors
considered appropriate by the Board of Directors of the Company
4 In interviews by the Company’s Nomination and Remuneration Committee with each candidate, it was not confirmed that they would becapable of exercising their abilities to enhance the Company’s corporate value

Mr. Hajime
Yoshitake

Mr. Shogo
Maeda

The candidates for Directors proposed by the Company include multiple optimal candidates who already possess knowledgeof compliance and internal audits, which is the specialty of this candidate (Ms. Mariko Watahiki, who has many years ofexperience as a judge, Mr. Shigeki Kimura, who has experience as a Director and General Manager of the Administrative
Division of a major retailer, etc.). Accordingly, the election of this candidate would result in the overlapping of Director
candidates.

This candidate’s experience is centered on asset management within the financial industry, and he has no specific knowledgeof finance in general, such as investment activities, including M&A.
In order to strengthen skills in specific financial strategies such as investment decision-making, including M&A, which is anurgent priority, the Company plans to propose Mr. Nobumichi Hattori, who has sufficient knowledge of capital markets as wellas knowledge of investments such as M&A, and extensive experience as an Outside Director of listed companies, as a
candidate. Accordingly, the election of this candidate would result in the overlapping of Director candidates.





Mr.
Alexander
Dmitrenko



Mr. Kenji
ShinmoriThis candidate is purely a legal expert, and is not in a position of having business experience or direct involvement in theexecution of corporate business operations.
When appointing an Outside Director, rather than a legal advisor (for the global expansion of its business), the Company
should seek human resources with knowledge and experience related to legal compliance with Japanese laws and regulations,etc., with the Case in mind.
The candidates for Directors proposed by the Company include the optimal candidates who already have the same knowledge(Ms. Mariko Watahiki, who has many years of experience as a judge, etc.). Accordingly, the election of this candidate would
result in the overlapping of Director candidates.
The drugstore business that this candidate oversaw at his former employer and the dispensing pharmacy business andcosmetic and drug store business that the Company operates are formats that are positioned completely differently in termsof business strategy, and his experience and knowledge are not related to a business that operates stores throughout Japan
like the Group.
The Company intends to propose Mr. Shigeki Kimura, who not only has a wealth of management experience as a Director ofa listed company engaged in a major retail business operating nationwide, but also has knowledge of the Company’sbusinesses, as a candidate. Accordingly, the election of this candidate would result in the overlapping of Director candidates.

It is not necessary to accept any candidate in the shareholder proposal as an Outside
Director in place of the candidates for Director in the Company’s proposal© AIN HOLDINGS INC. All Rights Reserved.

4

Agenda 3: Determination of the fixed remuneration amount
paid to each Outside Director
Summary of the reasons for the Board’s opinion (Against) The amount of remuneration for individual directors, including Outside Directors, isdetermined with the involvement of the Nomination and Remuneration Committee,
whose independence has been ensured. It is determined by a process for which
independence from the Board of Directors, which is the decision-making body forbusiness execution, has been ensured.

 If the amount of individual remuneration for Outside Directors is resolved inadvance at a General Meeting of Shareholders, it will be difficult to design
flexible remuneration that takes into consideration factors such as changes inthe external and market environments, meaning that flexibility in accordance withthe roles, responsibilities, etc., required of Outside Directors will be hindered and theCompany will be unable to determine appropriate remuneration, which may make it
difficult to acquire excellent individuals.

 At present, the Company’s Outside Directors are extremely capable individuals, andthe proposing shareholder’s claim that “it is difficult to secure excellent humanresources” with the current remuneration for Outside Directors of the Company isbased on a false premise.

 There are some examples of the proposing shareholder submitting similar shareholder

proposals to other companies. It cannot be ruled out that this may be one
manifestation of the fact that the proposing shareholder aims to elect the Outside
Directors they propose, and is motivating these Outside Directors to act in accordancewith the will of the proposing shareholder by, for example, offering certain conditions
and assurances when approaching candidates regarding remuneration in the eventthat the election of the Outside Director is successful.

© AIN HOLDINGS INC. All Rights Reserved.

5

Agenda 4: Determination of Remuneration for Granting Restriction
Shares to Outside Directors
Summary of the reasons for the Board’s opinion (Against) The Company recognizes that there is significant debate, even on a global basis,

about the merits of granting restricted stock remuneration to Outside Directors, andthe Company thus believes that it is necessary to examine whether it is appropriate in
the first place.

 In fact, at the current stage, the voting standards of many institutional investors inJapan are to oppose such share-based remuneration proposals in principle.

 There are some examples of the proposing shareholder submitting similar

shareholder proposals to other companies. It cannot be ruled out that this may be
one manifestation of the fact that the proposing shareholder aims to elect the Outside
Directors they propose, and is motivating these Outside Directors to act in accordancewith the will of the proposing shareholder by, for example, offering certain conditions
and assurances when approaching candidates regarding remuneration in the eventthat the election of the Outside Director is successful.

 It is appropriate to focus on debate concerning the design of remuneration in the

future, particularly at meetings of the Nomination and Remuneration Committee, andthe Company does not recognize the necessity of implementing such remuneration at
the present time.

 The Company has confirmed that the candidates for Outside Director proposed by theCompany do not intend to receive restricted stock remuneration, even if the proposal
for their own election and Agenda 4 are both passed.

© AIN HOLDINGS INC. All Rights Reserved.

6

Explanation concerning claims by Oasis
1

Claim that the Company did not announce the fact that the Investigation Team wasestablished for six months or more2

It was not a third-party committee, and the objectivity, neutrality, and expertise of theinvestigation were not ensured3

Measures to prevent recurrence based on the recommendations in the investigation report have already been/are being
implemented (each measure will continue to be implemented)

The Board of Directors failed to create corporate governance5

In fact, the External Investigation Team* for the Case complied with guidelines of the Japan Federation of Bar Associations
concerning third-party committees in practice
The Company was considerate of the effect on the trial for a criminal case involving individuals, and the timing of theannouncement of the results of the trial could not be clearly stated. For this reason, it merely did not adopt the “formality” ofcomplying with the guidelines concerning third-party committees

In the investigation report, problematic sales methods were pointed out, and there werealso two similar cases
4

The Case was a criminal case involving individuals, and the Company was careful to ensure that the results of theCompany’s investigation would not affect the trial

The corporate governance of the Company functions effectively (in fact, if any circumstances like the Case occur, theCompany quickly identifies and assesses them, then formulates, executes, and considers measures to prevent recurrence)
Even in this investigation, the Company has received no indications that internal controls are not functioning properly, etc.,with regard to compliance issues

Strengthening governance by outside officers was indicated as a measure to prevent
recurrence, and it is clear that governance by Outside Directors was insufficientAfter carefully considering the composition of the Board of Directors of the Company in light of the recommendations in theinvestigation report, candidates for election as Directors and Corporate Auditors proposed by the Company are voted on at
the General Meeting of Shareholders* External Investigation Team: Investigation team consisting only of external lawyers, not including any officers or employees of the Group© AIN HOLDINGS INC. All Rights Reserved.

7

The Company’s new corporate governance ー Candidates for Director
The members have the skills and experience required to serve as Directors of the Company,
and the number of members is appropriate for holding substantive and active discussions.
Inside Directors
Reelection

Reelection

President andRepresentative
Director

Representative
Senior Managing
Director

Kiichi Ohtani

Shoichi Shudo

Main skills

Management experience, Finance,
Sustainability, Dispensing
pharmacy business, and Cosmetic
and drug store business

Main skills

Management experience,
Finance, Dispensing pharmacy
business

Reelection

Reelection

Representative
Senior Managing
Director

Representative
Senior Managing
Director

Toshihide
Mizushima

Main skills

Management experience, Finance,
Sustainability, Dispensing
pharmacy business, and Cosmetic
and drug store business

Reelection

Rieko Kimei

Miya Oishi

Main skills

Management experience,
Sustainability, Dispensing
pharmacy business, and Cosmetic
and drug store business

Main skills

Management experience,
Sustainability, Cosmetic anddrug store business

Reelection

Independent outside directors 5 (Ratio of the Board of Directors 45.5 %)Nobuyuki Takakura

Female directors 4 (Ratio of the Board of Directors 36.4 %)Main skills

Legal affair and compliance,
Sustainability

Outside Directors
Reelection

Reelection

New election

New election

New election

OutsideOutsideOutsideOutsideOutsideIndependent

Independent

Independent

Independent

Independent

Noriko Endo

Hideki
Kuriyama

MarikoWatahiki

Nobumichi
Hattori

Shigeki
KimuraMain skills

Finance, Legal affair andcompliance, Sustainability© AIN HOLDINGS INC. All Rights Reserved.

Main skills

Sustainability

Main skills

Legal affair and compliance

Main skills
Finance

Main skills

Management experience, Finance,
Legal affair and compliance,
Cosmetic and drug store business

8

The Company’s new corporate governance ー Skill matrix

Board ofCorporate Auditors

Board of Directors

The new Board of Directors of the Company consists of Directors with diverse skills and sufficient
independence, including "legal and compliance" in light of this matter as well. The optimal structure has
been ensured for the Board of Directors of the Company to continue to execute the business operations of
the Company and supervise senior management.
Name

Position

TenureGenderManagement
experience

Finance

1

Kiichi Ohtani

President andRepresentative Director

44

Male

●

●

2

Shoichi Shudo

Representative Senior
Managing Director

24

Male

●

●

3

Toshihide
Mizushima

Representative Senior
Managing Director

24

Male

●

●

4

Miya Oishi

Representative Senior
Managing Director

12Female5

Rieko Kimei

Director

10

Female6Nobuyuki Takakura

Director

1

Male

7

Noriko Endo

Independent Outside
Director

6

Female8

Hideki Kuriyama

Independent Outside
Director

2

Male

9

Mariko Watahiki

Independent Outside
Director

Newly
appointed

Female10

Nobumichi Hattori

Independent Outside
Director

Newly
appointed

Male

11

Shigeki Kimura

Independent Outside
Director

Newly
appointed

Male

1

Koichi Kawamura

Standing Corporate Auditor

12

2

Ayako Sano

Independent Outside
Corporate Auditor

3

Minako Mizutani

Independent Outside
Corporate Auditor

Legal affair
andcompliance

Sustainable
management

Dispensing
pharmacybusiness

Cosmetic
anddrug store
business

●

●

●

●
●

●

●

●

●

●

●

●

●
●

●

●

●

●

●

●
●
●
●

●

●

Male

●

●

Newly
appointed

Female●●Newly
appointed

Female●●Furthermore, based on the increased importance of strengthening compliance given recent circumstances
affecting the Company, the skills matrix has been partially revised, to change “legal affairs and risk
management” into “legal affairs and compliance.”© AIN HOLDINGS INC. All Rights Reserved.

9

The Company’s new corporate governance - OverviewEnsuring diversity in the Board of Directors (36.4% female Directors)
Increase the number of independent Outside Directors from four to five (36.4% to 45.5%)
Change the Chairperson of the Board of Directors from the “President” to a “Director determined by the
Board of Directors” (Outside Directors are also possible)
Plan to change the Nomination and Remuneration Committee Chairperson from the “President” to an“Outside Director”
General Meeting of Shareholders
Appointment /Dismissal
Nomination andRemuneration Committee
Committee Chairperson：
Independent outside directors（plan）
Insidedirectors
1

Inquiry

Response

Ratio of independent
outside directors
66.7%

Chairperson: Director determined by the Boardof Directors

Insidedirectors
6

Independent
outsidedirectors
2

Audit byAuditors

Board of Directors

Independent
outsidedirectors
5

Ratio of independent
outside directors
45.5%
Reporting /Submission

Male
7

Female4

Appointment /Dismissal

Board of Corporate
Auditors
Standing
corporate
auditor1

Ratio of female
directors
36.4%

Appointment /Dismissal
Accounting Auditors

Independent
outsidecorporate
auditors
2

Ratio of independent outside
corporate auditors
66.7%

Audit byAuditors

Appointment /Selection
Oversight

Compliance Committee
Risk Management Committee
Sustainability Committee

President and Representative
Director

Chairperson of each committee:
President and Representative Director

Board of Managing Directors

Reporting

Promotion

Management Meeting

Accounting
Audit

ReportingInternal Audit Office

Executive Officers

Reporting

Cooperation

Internal Audit

Business
Execution

Divisions

ReportingIf the company's proposal is approved© AIN HOLDINGS INC. All Rights Reserved.

Guidance

Group Companies

10Summary of the Case
On August 31, 2023, two former Officers of the Group Company were arrested by the Hokkaido Prefectural Police on
suspicion of Obstruction of Auctions Related to Public Contracts (Penal Code Article 96-6 (1) and Article 60), and wereprosecuted by the Sapporo District Public Prosecutors Office.
In the on-site pharmacy development project conducted by the general hospital KKR Sapporo Medical Center (Sapporo,
Hokkaido) (hereinafter “the Center”), two individuals are suspected of colluding with the Center's former administrative
director. On April 18, 2024, the two persons were convicted with a suspended sentence in Sapporo District Court.
The Company applied for a public proposal for the project which had publicized November 2020 by the Center, and wasselected as the company with preferential negotiation rights. Then both party reached a final agreement and concluded
a contract. We opened a dispensing pharmacy on the Center's premises on December 1, 2021 and have continued tooperate.

Occurrences and action items
November 11, 2020

The Center announces “development and operation project"

December 28, 2020

As a result of the proposal competition (public offering), the Company is selected as thepreferred negotiation right holder

December 1, 2021

A national health insurance scheme dispensing pharmacy is opened on the premises (currently in operation)

August 31, 2023

Former Directors of the Group Company were arrested on suspicion of obstruction of bidding in an auction
related to a public contract

September 21, 2023

The Sapporo District Public Prosecutors Office institutes prosecution

October 5, 2023

The Company sets up an investigation team consisting of external experts

November 1, 2023

The two former Officers resign Officers

April 18, 2024

The Sapporo District Court convicts the two persons with a suspended sentence

May 9, 2024

The Company received the Investigation Report by the External Investigation Team anddisclosed it.

May 10, 2024

Opened special website（overview of the investigation report, initiatives and policy to theinvestigation report）© AIN HOLDINGS INC. All Rights Reserved.

11

Initiatives to prevent recurrence
The Company takes the arrest of former officers of the Company and Group companies seriously, and has focusedon investigating the facts, determining the cause, and formulating measures to prevent recurrence. On May 10,2024, the Company disclosed a summary of specific measures to prevent recurrence and future initiatives, basedon an investigation report and recommendations on measures to prevent recurrence from the External
Investigation Team. The Company will continue making efforts to restore the trust of stakeholders as soon as
possible through focusing as a whole on measures to prevent recurrence.

 Main initiatives to date

■ Strict implementation of specific business improvement measures for officers and employees engaged in the on-site pharmacy
business to ensure that a similar situation does not happen again, under the direction of the President and Representative Director,
Kiichi Otani (revision of flow and establishment of prohibitions when making proposals for projects open to proposals)■ Amendments to rules, enhancement of the auditing structure (in particular, the establishment of direct reporting lines from internal
audit departments to the Board of Corporate Auditors, etc.), and revisions to internal rules at each company, including theCompliance Committee Convention and the Risk Management Regulations, as necessary to ensure the appropriate fulfillment of theroles and responsibilities of the Compliance Committee, whose objective is to work toward the establishment, permeation, andentrenchment of the compliance promotion structure■ Enhancement of the Risk Management Regulations as necessary to strengthen risk management■ Creation and distribution of practical manuals for sales representatives (pocket manuals that contain information about working withpublic medical institutions, etc., during sales activities)■ Holding of in-house study sessions, including legal considerations in sales activities, etc., for officers and employees of the Group Initiatives planned for the fiscal year ending April 2025
■ Consideration and submission of candidates for new appointment to the Board of Directors so that it has a skills matrix able todemonstrate each skill to the full, including legal compliance■ Preparation of internal regulations regarding matters such as fair competition, prohibition of acts that may impede the fairness of
auctions, bidding, etc■ Establishment of work flow in business (clarification of whereabouts of responsibility)■ Enhancement of the internal audit system■ Enhancement of the anti-bribery and corruption policy by providing a manual and FAQ on the concept of civil servant and quasi-civil
servant with concrete examples, etc.
■ Reinforcement of risk management by management divisions based on regulations on compliance and risk management, etc.
■ Building of opportunities for the management team to exchange opinions and information with outside officers and external experts■ Notifications and training for officers and employees （officer and employee education with external experts invited as lecturers, elearning, training and study meetings, etc.）© AIN HOLDINGS INC. All Rights Reserved.

12

Activities for improving corporate value
Expansion of top-line■ Dispensing Pharmacy business strategy■ Organic store openings and utilization of M&A■ Further strengthening specialist skills of pharmacists and providing
patients-centered pharmacy services■ Cosmetic and drug store business strategy■ Organic store openings and utilization of M&A■ Creating product lineups and sales displays specialize in cosmetics

Reinforcing the Groupʼs business base
■ Human capital■ Digital transformation investment■ Sustainability management■ Capital / Financial capital© AIN HOLDINGS INC. All Rights Reserved.

13

Continuous growth
As the environment and values surrounding people’s health and beauty continue to changewith the times, the company continues to grow steadily, such as expanding it’s top line,
strengthening its management base, and reached the highest profits in FY4/24.
FY4/14

FY4/24Growth rates

Net sales

170,225

399,824+ 134.9 %¥399,824 million

Ordinary profit

10,587

21,377+ 101.9 %Number of stores

Number ofstores（store）

675

1,312

+ 94.4 %Marketcapitalization

71,700210,800+ 194.0 %（¥ million）（¥ million）（¥ million)

Net sales

Ordinary profit

Number of stores

Net sales

1,312 stores
Cumulative number of M&A stores

1,080 stores

Cumulative number of M&A stores

Ordinary profit¥21,377 million

4/94

4/96

4/98

4/00

© AIN HOLDINGS INC. All Rights Reserved.

4/02

4/04

4/06

4/08

4/10

4/12

4/14

4/16

4/18

4/20

4/22

4/24（period）

14

Reinforcing the Groupʼs business base
Aggressive investments in human capital and digital transformation, promotion ofsustainability management, and capital and financial strategies have led to a strong
management base foundation.
1 Human capital Expansion of top-line by hiring new graduate actively
Every year, we hire more than 500 pharmacists. As of April 30, 2024 we hired 1,276 new graduates on a company-wide basis

2 Digital transformation investment Aggressive investment to improve store operating
efficiency and provide added value

Respond to deregulation（Respond to digital prescriptions at more than 1,000 pharmacies, online pharmaceutical guidanceat all pharmacies, etc.）

Provide added value（Official app Anytime AIN Pharmacy, linkage of AINZ & TULPE real stores and E-commerce channels, etc.）

3 Sustainability management Sustainable growth of the company and creating social,environmental and economic value.
Obtained many external evaluations

CertifiedEruboshi

Certified
Platinum Kurumin

Certified Health
Outstanding Organizations
Recognition Program for2024 (White 500)

Climate change
Receiveda B score

Received
an “A” ratingin ESG Ratings

4 Capital / Financial capital Pursue further capital efficiency and shareholder returns


Set a long-term ROE target of 15%, Dividend payout ratio of 30.5% planned for FY4/25© AIN HOLDINGS INC. All Rights Reserved.

15

Shareholder returns
The company aims for aggressive shareholder returns while maintaining investment ingrowth such as expansion of top-line and reinforcing the management base, etc.
FY4/14

FY4/25（plan）

Annualdividends per
share（¥）

30

80

Dividends
payout ratio

18.2

30.5

（%）

Annual dividends per share

Growth rates+

166.7 %+

FY4/25（plan)
Dividends payout ratio

30.5 ％

12.3 pt

Dividends payout ratio

FY4/25（plan）
Annual dividends
per share

¥80

4/13

4/14

4/15

4/16

4/17

4/18

4/19

4/20

4/21

4/22

4/23

4/24

4/25
（period）
plan

2-for-1 stock split of common stock was conducted in October 2014. In FY4/13 and FY4/14, Stated as post-split dividend amount© AIN HOLDINGS INC. All Rights Reserved.

16Inquiries related to this presentation should be addressed to

AIN HOLDINGS INC.
Corporate Planning Division
TEL(81)11-814-0010
FAX(81)11-814-5550
https://www.ainj.co.jp/corporate/
This document may not be reproduced or distributed to any third party without
prior approval of AIN HOLDINGS INC. This document has been prepared for
information purpose only and does not form part of a solicitation to sell orpurchase any securities. Information contained herein may be changed orrevised without prior notice. This document may contain forecastingstatements as to future results of operations. No forecast statement can be
guaranteed and actual results of operations may differ from those projected.

© AIN HOLDINGS INC. All Rights Reserved.

17