象印マホービン（7965） – Notice of Annual General Meeting of Shareholders 2022

Note: This document has been translated from a part of 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. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation. To Shareholders with Voting Rights: (Securities Code 7965) January 28, 2022 Norio Ichikawa Representative Director, President and Corporate Officer Zojirushi Corporation 1-20-5 Temma, Kita-ku, Osaka NOTICE OF THE 77th ANNUAL GENERAL MEETING OF SHAREHOLDERS Dear Shareholders: We would like to express our appreciation for your continued support and patronage. Please be informed that the 77th Annual General Meeting of Shareholders of Zojirushi Corporation (the “Company”) will be held for the purposes as described below. From the perspective of preventing the spread of COVID-19, we urge all shareholders to exercise their voting rights beforehand in writing or by electromagnetic means (via the Internet, etc.), and refrain from attending the meeting on the day. Regarding the exercise of voting rights beforehand, please review the attached Reference Documents for the General Meeting of Shareholders and exercise your voting rights by 5:00 p.m. on Wednesday, February 16, 2022, Japan time. 1. Date and Time: 2. Place: Thursday, February 17, 2022 at 10:00 a.m. Japan time (The reception desk will open at 9:00 a.m.) Knowledge Capital Congrès Convention Center Second Basement, North Building, Grand Front Osaka 3-1 Ofukacho, Kita-ku, Osaka 3. Meeting Agenda: Matters to be reported: 1. The Business Report, Consolidated Financial Statements for the Company’s 77th Fiscal Year (November 21, 2020 – November 20, 2021) and results of audits of the Consolidated Financial Statements by the Accounting Auditor and the Audit and Supervisory Committee 2. Non-consolidated Financial Statements for the Company’s 77th Fiscal Year (November 21, 2020 – November 20, 2021) Proposals to be resolved: Proposal 1: Proposal 2: Proposal 3: Proposal 4: Proposal 5: Proposal 6: Appropriation of Surplus Election of Ten (10) Directors (excluding Directors serving as Audit and Supervisory Committee Members) Election of Three (3) Directors serving as Audit and Supervisory Committee Members Election of One (1) Substitute Director serving as Audit and Supervisory Committee Member Renewal of a Plan for Countermeasures to Large-Scale Acquisitions of the Shares in the Company (Takeover Defense Measures) Election of Two (2) Directors (excluding Directors serving as Audit and Supervisory Committee Members) – 1 – When attending the meeting, please submit the enclosed Voting Rights Exercise Form at the reception desk. The reception desk will open at 9:00 a.m. The Appendix of this Notice of the 77th Annual General Meeting of Shareholders is provided in the enclosed Report for the Company’s 77th Fiscal Year. The “Systems and Policies of the Company” in the Business Report, the “Consolidated Statement of Changes in Shareholders’ Equity,” “Notes to Consolidated Financial Statements,” the “Non-consolidated Statement of Changes in Shareholders’ Equity” and “Notes to Non-consolidated Financial Statements” are posted on the Company’s website (https://www.zojirushi.co.jp/corp/) (note: available only in Japanese) in accordance with provisions of laws and regulations as well as Article 16 of the Company’s Articles of Incorporation and therefore are not provided in the Report for the Company’s 77th Fiscal Year. The Business Report, the Consolidated Financial Statements and Non-consolidated Financial Statements provided in the Report for the Company’s 77th Fiscal Year are part of the Business Report, the Consolidated Financial Statements and Non-consolidated Financial Statements that were audited by the Audit and Supervisory Committee, and the Consolidated Financial Statements and Non-consolidated Financial Statements that were audited by the Accounting Auditor. Should the Business Report, the Consolidated Financial Statements, the Non-consolidated Financial Statements, and/or the Reference Documents for the General Meeting of Shareholders require revisions, the revised versions will be posted on the Company’s website (https://www.zojirushi.co.jp/corp/) (note: available only in Japanese). Measures to Prevent the Spread of COVID-19 ・ From the perspective of preventing the spread of COVID-19, please exercise your voting rights beforehand in writing or by electromagnetic means (via the Internet, etc.), and refrain from attending the meeting on the day. ・ At the meeting venue, as the seats will be placed a distance apart, the number of seats available will be fewer than in previous years. As a result, attendees may be refused entry when all the seats have been occupied. ・ The temperatures of attendees will be measured at the reception desk. Shareholders who are running a temperature, or who appear to be unwell, may be refused entry into the meeting venue. ・ We request that all attending shareholders wear masks, and disinfect their hands with alcohol. ・ Management staff at the General Meeting of Shareholders will be wearing masks. ・ Gifts to the shareholders who attend the General Meeting of Shareholders will not be presented this year. We kindly appreciate your understanding on this matter. ・ Should any changes be required based on the situation going forward, such as implementing a new measure, the changes will be posted on the Company’s website (https://www.zojirushi.co.jp/corp/) (note: available only in Japanese). – 2 – How to Exercise Voting Rights Information on Exercising Voting Rights Please refer to the “Reference Documents for the General Meeting of Shareholders” (pages 4 to 47) below for details of the proposals at the General Meeting and the policy of the Board of Directors. For this General Meeting, one shareholder has made a shareholder proposal regarding the election of Directors (excluding Directors serving as Audit and Supervisory Committee Members; hereinafter the same applies on this page) (Proposal 6), and the Board of Directors of the Company is against the proposal. Please refer to the “Reference Documents for the General Meeting of Shareholders” (pages 42 to 47) below for details. For shareholders who agree with the policy of the Board of Directors regarding the election of Directors, we kindly ask you to exercise the voting rights to “agree” with the Company proposal (Proposal 2), and to “disagree” with the proposal by the shareholder (Proposal 6). ■ Precautions for exercising voting rights Article 18, Paragraph 1 of the Articles of Incorporation of the Company stipulates that the number of Directors of the Company shall not exceed ten (10). The Company proposal (Proposal 2) proposes the election of ten (10) Directors, and the shareholder proposal (Proposal 6) proposes the election of two (2) Directors, and if all the candidates for both proposals (total of twelve (12)) are elected, the number of Directors will exceed the maximum number stipulated in the Articles of Incorporation of the Company. In principle, Director candidates who obtain the approval of a majority of the votes cast, including those cast in writing or by electromagnetic means (via the Internet, etc.), shall be elected. However, if, as a result of the vote, the number of candidates who obtain the approval of a majority of the votes cast exceeds ten (10), a maximum of ten (10) candidates shall be elected in descending order of the number of votes cast in favor of each candidate. For both Proposal 2 and Proposal 6, we do not set a limit of ten (10) candidates, for whom votes of approval may be cast. Handling of multiple exercise of voting rights In the event that voting rights are exercised both in writing and via the Internet, and the details of the exercise differ, the details exercised via the Internet will be treated as valid. In addition, in the event that voting rights are exercised more than once via the Internet and the details of the exercise differ, the last exercise will be deemed valid. – 3 – Reference Documents for the General Meeting of Shareholders Proposals and References (Proposals 1 to 5) Proposal 1: Appropriation of Surplus It is proposed that the surplus be appropriated as below. It is proposed that a dividend of ¥19 per share be paid out, taking into consideration in a comprehensive manner the Company’s business results for the fiscal year ended November 20, 2021, internal reserves required for strengthening the Company’s fundamentals and for future business expansion, and earnings forecast. As the Company has paid out an interim dividend of ¥15 per share, the annual dividends for the fiscal year will amount to ¥34 per share. (1) Type of dividend property Cash (2) Allocation of dividend property and total amount thereof ¥19 per share of common stock of the Company Total amount of dividends: ¥1,284,992,971 (3) Effective date of dividends from surplus February 18, 2022 – 4 – Proposal 2: Election of Ten (10) Directors (excluding Directors serving as Audit and Supervisory Committee Members) The terms of office of all of the ten (10) Directors (excluding Directors serving as Audit and Supervisory Committee Members) will expire at the conclusion of this Annual General Meeting of Shareholders. Accordingly, the election of ten (10) Directors (excluding Directors serving as Audit and Supervisory Committee Members) is proposed. The candidates for Directors (excluding Directors serving as Audit and Supervisory Committee Members) are as follows: No. Name Attendance at the Board of Directors meetings Current positions, etc. at the Company Representative Director, President and Corporate Officer Director and Corporate Officer 1 Norio Ichikawa [Reappointment] 14/14 (100%) 2 Tatsunori Matsumoto [Reappointment] 14/14 (100%) 3 Yoshihiko Miyakoshi [Reappointment] 4 Osamu Sanada [Reappointment] 5 Eiji Soda [Reappointment] 6 Masao Uwa [Reappointment] Director and Corporate Officer 14/14 (100%) Director and Corporate Officer 14/14 (100%) Director and Corporate Officer 14/14 (100%) Director and Corporate Officer 14/14 (100%) 7 Hiroaki Jikyo [Reappointment] Director 14/14 (100%) 8 Naoki Takagishi Outside Director 14/14 (100%) 9 Hiromi Izumi Outside Director 14/14 (100%) 10 Shingo Torii Outside Director 14/14 (100%) [Reappointment] [Outside Director] [Independent Director] [Reappointment] [Outside Director] [Independent Director] [Reappointment] [Outside Director] [Independent Director] – 5 – No. Name (Date of birth) Career summary, positions, responsibilities and significant concurrent positions Norio Ichikawa (May 10, 1958) [Reappointment] 1 February 2001 February 2010 November 2012 President February 2020 April 1981 February 1997 February 1998 Joined the Company General Manager, The 1st Product Development Department Director; General Manager, The 1st Product Development Department President President and Chief Sales Officer Representative Director, President and Corporate Officer (to present) [Significant concurrent position] Chairman, Zojirushi-Simatelex Co., Ltd. Number of shares of the Company held 8,395,137 [Reason for nomination as candidate for Director] Mr. Norio Ichikawa has extensive knowledge and experience of the Company’s overall business processes through his career in various departments. The Company nominated him again this year as a candidate for Director in view of his achievements as President of the Company. Tatsunori Matsumoto (January 1, 1961) [Reappointment] 2 April 1984 November 2007 Corporate Officer; General Manager, Sales Department November 2009 Corporate Officer; Deputy Chief Sales Officer and General Joined the Company February 2010 Manager, Sales Department Director; Deputy Chief Sales Officer and General Manager, Sales Department November 2012 Director; Chief Domestic Sales Officer and General Manager, February 2020 Sales Department Director; Corporate Officer; Chief Domestic Sales Officer and General Manager, Sales Department (to present) [Significant concurrent position] None [Reason for nomination as candidate for Director] Mr. Tatsunori Matsumoto has a wealth of knowledge and experience of the Company’s business processes centering on domestic sales and planning. The Company nominated him again this year as a candidate for Director in view of his achievements as Director of the Company. Yoshihiko Miyakoshi (March 3, 1961) [Reappointment] 3 April 1984 November 2008 Corporate Officer; Assistant General Manager, International Joined the Company Department November 2009 Corporate Officer; General Manager, International Department November 2011 Corporate Officer; Deputy Chief Sales Officer and General February 2012 Manager, International Department Director; Deputy Chief Sales Officer and General Manager, International Department November 2012 Director; Chief International Sales Officer and General Manager, International Department Director; Corporate Officer; Chief International Sales Officer and General Manager, International Department (to present) February 2020 [Significant concurrent positions] Chairman of the Board, Zojirushi America Corporation Chairman, Zojirushi Taiwan Corporation [Reason for nomination as candidate for Director] Mr. Yoshihiko Miyakoshi has a wealth of knowledge and experience of the Company’s business processes centering on international sales. He also has working experience at an overseas sales subsidiary. The Company nominated him again this year as a candidate for Director in view of his achievements as Director of the Company. 22,052 18,982 – 6 – 4 5 No. Name (Date of birth) Career summary, positions, responsibilities and significant concurrent positions Number of shares of the Company held 13,655 Osamu Sanada (June 20, 1960) [Reappointment] May 2016 Joined the Company April 1984 November 2012 Corporate Officer; General Manager, Accounting Department November 2014 Corporate Officer; General Manager, Personnel Department and General Manager, Accounting Department Corporate Officer; Deputy Chief Administrative Officer, General Manager, Personnel Department, and General Manager, Accounting Department Corporate Officer; Chief Administrative Officer Director; Chief Administrative Officer Director; Corporate Officer and Chief Administrative Officer (to present) February 2017 February 2018 February 2020 [Significant concurrent position] None [Reason for nomination as candidate for Director] Mr. Osamu Sanada has a wealth of knowledge and experience of the Company’s business processes centering on administration as well as in various departments, including accounting, personnel, business planning and public relations. The Company nominated him again this year as a candidate for Director in view of his achievements as Corporate Officer and Director of the Company. April 1990 November 2016 General Manager, Business Planning Department November 2017 Corporate Officer; General Manager, Business Planning Joined the Company November 2018 Corporate Officer; General Manager, Business Planning Department Eiji Soda (February 28, 1968) [Reappointment] February 2019 February 2020 Department and General Manager, New Business Creating Department Director; General Manager, Business Planning Department and General Manager, New Business Creating Department Director; Corporate Officer; General Manager, Business Planning Department and General Manager, New Business Creating Department 13,892 November 2021 Director; Corporate Officer; General Manager, Business Planning Department and Responsible for New Business Creation (to present) [Significant concurrent position] None [Reason for nomination as candidate for Director] Mr. Eiji Soda has a wealth of knowledge and experience of the Company’s business processes in various departments, including business planning, systems, and finance. He also has experience of serving as CFO at a sales subsidiary in the US. The Company nominated him again this year as a candidate for Director in view of his achievements as Corporate Officer and Director of the Company. – 7 – 6 7 No. Name (Date of birth) Career summary, positions, responsibilities and significant concurrent positions Number of shares of the Company held Masao Uwa (December 9, 1959) [Reappointment] April 1982 November 2009 General Manager, Business Planning Department November 2010 Corporate Officer; General Manager, Business Planning Joined the Company May 2016 Department Corporate Officer; Deputy Chief Administrative Officer, and General Manager, Business Planning Department November 2016 Corporate Officer; Deputy Chief Production & Development November 2018 Corporate Officer; Deputy Chief Production & Development Officer and General Manager, The 2nd R&D Department 15,304 Officer November 2019 Corporate Officer; Chief Production & Development Officer February 2020 Director; Corporate Officer and Chief Production & Development Officer (to present) [Significant concurrent position] None [Reason for nomination as candidate for Director] Mr. Masao Uwa has a wealth of knowledge and experience of the Company’s business processes centering on product planning as well as in various departments, including production, development and business planning. The Company nominated him again this year as a candidate for Director in view of his achievements as Corporate Officer and Director of the Company. April 1982 November 2009 Corporate Officer; Deputy Chief Production & Development Joined the Company June 2010 Officer Corporate Officer; Deputy Chief Production & Development Officer and General Manager, The 1st R&D Department Hiroaki Jikyo (June 19, 1958) [Reappointment] November 2010 Corporate Officer; Deputy Chief Production & Development Officer Director; Deputy Chief Production & Development Officer February 2011 November 2012 Director; Chief Production & Development Officer November 2019 Director, the Company (to present); Senior Managing Director, 42,743 Zojirushi Factory Japan Co., Ltd. President, Zojirushi Factory Japan Co., Ltd. (to present) January 2020 [Significant concurrent position] President, Zojirushi Factory Japan Co., Ltd. [Reason for nomination as candidate for Director] Mr. Hiroaki Jikyo has a wealth of knowledge and experience of the Company’s wide-ranging business processes centering on production, development and planning. He has also been engaged in corporate management at an important subsidiary of the Company. The Company nominated him again this year as a candidate for Director in view of his achievements as Director of the Company. – 8 – No. Name (Date of birth) Career summary, positions, responsibilities and significant concurrent positions Number of shares of the Company held Naoki Takagishi (December 9, 1964) [Reappointment] [Outside Director] [Independent Director] 8 April 1992 February 1998 February 2005 April 2007 April 2008 April 2011 April 2014 February 2015 April 2016 April 2021 Joined Shunji Takagishi Certified Tax Accountant Office (currently Shunji Takagishi and Naoki Takagishi Certified Tax Accountants Office) (to present) Registered as certified tax accountant (to present) Outside Corporate Auditor, the Company Part-time Lecturer (Commercial Law), Distant Learning Division, Nihon University Part-time Lecturer (Commercial Law), Faculty of Law, Daito Bunka University Part-time Lecturer (Commercial Law), Faculty of Regional Policy, Takasaki City University of Economics Part-time Lecturer (Commercial Law), School of Management, Tokyo University of Science (to present) Outside Director, the Company (to present) Associate Professor (Business Law), Faculty of International Politics and Economics, Nishogakusha University Professor (Business Law), Faculty of International Politics and Economics, Nishogakusha University (to present) [Significant concurrent positions] Certified tax accountant (Shunji Takagishi and Naoki Takagishi Certified Tax Accountants Office) Professor, Faculty of International Politics and Economics, Nishogakusha University[Reason for nomination as candidate for Outside Director and overview of expected roles] In addition to professional knowledge and experience as a certified tax accountant, Mr. Naoki Takagishi also has academic insight on the Companies Act as a professor and a lecturer at universities. The Company nominated him again this year as a candidate for Outside Director in the expectation that he can supervise management from an objective and neutral standpoint based on his extensive experience and insight as an Outside Director. Although he has never directly been engaged in corporate management, the Company believes that he is capable of appropriately fulfilling duties as an Outside Director for the above-stated reasons. Hiromi Izumi (October 2, 1958) [Reappointment] [Outside Director] [Independent Director] 9 April 2003 January 2004 Chairman and Representative Director, Millieme Co., Ltd. Chairman of the Board of Trustees, Wanogakko Non-profit Organization (to present) Councilor, Konnichian Foundation (to present) Outside Director, the Company (to present) Chairman and Director, Millieme Co., Ltd. (to present) April 2013 February 2016 April 2017 [Significant concurrent positions] Chairman and Director, Millieme Co., Ltd. Chairman of the Board of Trustees, Wanogakko Non-profit Organization [Reason for nomination as candidate for Outside Director and overview of expected roles] Ms. Hiromi Izumi has extensive experience through management of a company and corporations that disseminate information on Japan’s traditional culture and traditional industries to both adults and children in Japan and abroad and promote them. The Company nominated her again this year as a candidate for Outside Director in the expectation that she can utilize her multifaceted perspective and female perspective for the Company’s management from an objective and neutral standpoint as an Outside Director. 14,312 4,664 – 9 – No. Name (Date of birth) Career summary, positions, responsibilities and significant concurrent positions Number of shares of the Company held Shingo Torii (January 18, 1953) [Reappointment] [Outside Director] [Independent Director] 10 April 1980 June 1983 March 1992 March 1999 March 2001 March 2003 February 2009 May 2014 October 2014 June 2015 Joined ITOCHU Corporation Joined Suntory Limited (currently Suntory Holdings Limited) Director of the Board, Suntory Limited Managing Director, Suntory Limited Senior Managing Director, Representative Director of the Board, Suntory Limited Senior Executive Vice President, Representative Director of the Board, Suntory Limited Representative Director, Executive Vice President, Suntory Holdings Limited Director, Beam Suntory Inc. (to present) Representative Director, Vice Chairman of the Board, Suntory Holdings Limited (to present) Outside Director, ROHTO PHARMACEUTICAL CO., LTD. (to present) Outside Director, the Company (to present) Outside Director, DAIKIN INDUSTRIES, LTD. (to present) February 2020 June 2020 [Significant concurrent positions] Representative Director, Vice Chairman of the Board, Suntory Holdings Limited Director, Beam Suntory Inc. Outside Director, ROHTO PHARMACEUTICAL CO., LTD. Outside Director, DAIKIN INDUSTRIES, LTD. Vice Chairman, The Osaka Chamber of Commerce and Industry Director General, Suntory Foundation for Arts Director General, Suntory Foundation Honorary Consul, the Honorary Consulate of Denmark in Osaka Honorary Consul, the Honorary Consulate of Spain in Osaka – [Reason for nomination as candidate for Outside Director and overview of expected roles] In addition to his experience as a corporate manager, Mr. Shingo Torii has broad experience, extensive insight and international perspective, including serving as Outside Director at other companies. In order to increase the Company’s corporate value, the Company nominated him again as a candidate for Outside Director in the expectation that he can engage in management from a global perspective and supervise management from an objective and neutral standpoint as an Outside Director. (Notes) 1. No special interests exist between the candidates for Directors and the Company. 2. The numbers of shares of the Company held by the candidates for Directors are as of November 20, 2021. The numbers of shares stated include the numbers of shares held by the respective individuals through the Zojirushi Officer Shareholding Association. 3. Mr. Naoki Takagishi, Ms. Hiromi Izumi and Mr. Shingo Torii are candidates for Outside Directors. Mr. Naoki Takagishi will have been in office as Outside Director for seven (7) years at the conclusion of this Annual General Meeting of Shareholders. Ms. Hiromi Izumi will have been in office as Outside Director for six (6) years at the conclusion of this Annual General Meeting of Shareholders. Mr. Shingo Torii will have been in office as Outside Director for two (2) years at the conclusion of this Annual General Meeting of Shareholders. Furthermore, Mr. Naoki Takagishi was previously an Outside Corporate Auditor of the Company. 4. The Company has designated Mr. Naoki Takagishi, Ms. Hiromi Izumi and Mr. Shingo Torii as Independent Directors as defined by the Tokyo Stock Exchange and has submitted notifications of their appointments to the Exchange. Each of these candidates satisfies the requirements for Independent Directors as defined by the Tokyo Stock Exchange and the Independence Criteria as defined by the Company (please refer to the page 16). 5. The Company has entered into limited liability agreements with Mr. Naoki Takagishi, Ms. Hiromi Izumi and Mr. Shingo Torii in accordance with Article 427, Paragraph 1 of the Companies Act to limit their liability for damages pursuant to Article 423, Paragraph 1 of the said act to the amount stipulated by laws and regulations. Subject to approval of their reappointment, the Company intends to continue the said agreements with them. 6. The Company has entered into a directors and officers (D&O) liability insurance contract with an insurance company as stipulated in Article 430-3, Paragraph 1 of the Companies Act. If the candidates are elected and appointed to the position of Director, each candidate will be included as the insured under this insurance policy. The insurance contract covers legal damages and litigation expenses in the event that a claim for damages is made against the insured due to an act committed by the insured in the course of their duties, and the contract is renewed every year. – 10 – Proposal 3: Election of Three (3) Directors serving as Audit and Supervisory Committee Members The terms of office of all of the three (3) Directors serving as Audit and Supervisory Committee Members will expire at the conclusion of this Annual General Meeting of Shareholders. Accordingly, the election of three (3) Directors serving as Audit and Supervisory Committee Members is proposed. The Audit and Supervisory Committee has already given consent to the submission of this Proposal. The candidates for Directors serving as Audit and Supervisory Committee Members are as follows: No. Name Current positions at the Company Attendance at the Board of Directors meetings 1 Yoshitsugu Hirai [Reappointment] 14/14 (100%) 2 Kanae Shiono 3 Hitoshi Utsunomiya [Reappointment] [Outside Director] [Independent Director] [Reappointment] [Outside Director] [Independent Director] Director Standing Audit and Supervisory Committee Member Outside Director Audit and Supervisory Committee Member Outside Director Audit and Supervisory Committee Member 14/14 (100%) 14/14 (100%) – 11 – 1 2 3 No. Name (Date of birth) Career summary, positions, responsibilities and significant concurrent positions Yoshitsugu Hirai (May 8, 1957) [Reappointment] Joined the Company April 1980 November 2011 Branch Manager, Fukuoka Branch February 2015 November 2016 Deputy General Manager, Auditing Department February 2017 February 2020 Branch Manager, Osaka Branch Corporate Auditor Director; Standing Audit and Supervisory Committee Member (to present) [Significant concurrent position] None Number of shares of the Company held 2,517 [Reason for nomination as candidate for Director serving as Audit and Supervisory Committee Member] Mr. Yoshitsugu Hirai has a wealth of knowledge and experience of the Company’s business processes centering on domestic sales. The Company nominated him again this year as a candidate for Director serving as Audit and Supervisory Committee Member in view of his achievements as Standing Corporate Auditor and Director serving as Standing Audit and Supervisory Committee Member of the Company. Kanae Shiono (July 24, 1961) [Reappointment] [Outside Director] [Independent Director] April 1984 August 1986 March 1995 January 1996 March 1998 April 2000 February 2018 February 2020 Joined Taiyo-Kobe Bank, Limited (currently Sumitomo Mitsui Banking Corporation) Joined Osaka Branch, Irving Bank (currently The Bank of New York Mellon) Joined Takashi Shiono Law Office Joined Sumio Ikegami Certified Tax Accountant Office Registered as certified tax accountant (to present) Opened Shiono Kanae Certified Public Tax Accountant Office Representative (to present) Outside Corporate Auditor, the Company Outside Director; Audit and Supervisory Committee Member (to present) [Significant concurrent position] Certified tax accountant (Representative, Shiono Kanae Certified Public Tax Accountant Office) 1,051 [Reason for nomination as candidate for Outside Director serving as Audit and Supervisory Committee Member and overview of expected roles] In addition to professional knowledge and experience as a certified tax accountant, Ms. Kanae Shiono also has significant knowledge on finance and accounting, including business experience at financial institutions. The Company nominated her again this year as a candidate for Outside Director serving as Audit and Supervisory Committee Member in the expectation that she can utilize her extensive experience and professional knowledge in strengthening the audit and supervisory system of the Company. Although she has never directly been engaged in corporate management, the Company believes that she is capable of appropriately fulfilling duties as an Outside Director serving as Audit and Supervisory Committee Member for the above-stated reasons. Hitoshi Utsunomiya (December 8, 1971) [Reappointment] [Outside Director] [Independent Director] April 1995 October 2004 October 2004 January 2011 February 2019 February 2020 Joined Nissho Iwai Corporation (currently Sojitz Corporation) Registered as attorney-at-law (to present) Joined Seiwa Law Office Partner, Seiwa Law Office (to present) Outside Corporate Auditor, the Company Outside Director; Audit and Supervisory Committee Member (to present) 574 [Significant concurrent position] Attorney-at-law (Partner, Seiwa Law Office) [Reason for nomination as candidate for Outside Director serving as Audit and Supervisory Committee Member and overview of expected roles] In addition to professional knowledge and experience as an attorney-at-law, Mr. Hitoshi Utsunomiya also has business experience in the legal affairs department of a company. The Company nominated him again this year as a candidate for Outside Director serving as Audit and Supervisory Committee Member in the expectation that he can utilize his extensive experience and professional knowledge in strengthening the audit and supervisory system of the Company. Although he has never directly been engaged in corporate management, the Company believes that he is capable of appropriately fulfilling duties as an Outside Director serving as Audit and Supervisory Committee Member for the above-stated reasons. – 12 – 1. No special interests exist between the candidates for Directors and the Company. 2. The numbers of shares of the Company held by the candidates for Directors are as of November 20, 2021. The numbers of shares stated include the numbers of shares held by the respective individuals through the Zojirushi Officer Shareholding Association. 3. Ms. Kanae Shiono and Mr. Hitoshi Utsunomiya are candidates for Outside Directors serving as Audit and Supervisory Committee Members. Ms. Kanae Shiono will have been in office as Outside Director serving as Audit and Supervisory Committee Member for two (2) years at the conclusion of this Annual General Meeting of Shareholders. Mr. Hitoshi Utsunomiya will have been in office as Outside Director serving as Audit and Supervisory Committee Member for two (2) years at the conclusion of this Annual General Meeting of Shareholders. Mr. Yoshitsugu Hirai was previously a Corporate Auditor of the Company, and Ms. Kanae Shiono and Mr. Hitoshi Utsunomiya were previously Outside Corporate Auditors of the Company. 4. The Company has designated Ms. Kanae Shiono and Mr. Hitoshi Utsunomiya as Independent Directors as defined by the Tokyo Stock Exchange and has submitted notifications of their appointments to the Exchange. The candidates satisfy the requirements for Independent Directors as defined by the Tokyo Stock Exchange and the Independence Criteria as defined by the Company (please refer to the page 16). 5. The Company has entered into limited liability agreements with Ms. Kanae Shiono and Mr. Hitoshi Utsunomiya in accordance with Article 427, Paragraph 1 of the Companies Act to limit their liability for damages pursuant to Article 423, Paragraph 1 of the said act to the amount stipulated by laws and regulations. Subject to approval of their reappointment, the Company intends to continue such limited liability agreements with them under the same terms and conditions. 6. The Company has entered into a directors and officers (D&O) liability insurance contract with an insurance company as stipulated in Article 430-3, Paragraph 1 of the Companies Act. If the candidates are elected and appointed to the position of Director serving as Audit and Supervisory Committee Member, each candidate will be included as the insured under this insurance policy. The insurance contract covers legal damages and litigation expenses in the event that a claim for damages is made against the insured due to an act committed by the insured in the course of their duties, and the contract is renewed every year. (Notes) – 13 – Proposal 4: Election of One (1) Substitute Director serving as Audit and Supervisory Committee Member To prepare for a contingency in which the number of Directors serving as Audit and Supervisory Committee Members falls below that required by laws and regulations, the preliminary election of one (1) substitute Director serving as Audit and Supervisory Committee Member is proposed. The effectiveness of the election under this Proposal may be cancelled by a resolution of Board of Directors, provided such cancellation is done prior to the assumption of office and with the consent of the Audit and Supervisory Committee. The Audit and Supervisory Committee has already given consent to the submission of this Proposal. The candidate for substitute Director serving as Audit and Supervisory Committee Member is as follows: No. Name (Date of birth) Career summary, positions, responsibilities and significant concurrent positions Satoko Nishimura (January 14, 1967) [Outside Director] [Independent Director] 1 October 1989 August 1993 March 2001 October 2002 Joined Asahi Shinwa & Co. (currently KPMG AZSA LLC) Registered as a certified public accountant (to present) Opened Satoko Nishimura Certified Public Accountant Office, Representative (to present) Registered as a certified tax accountant (to present) Opened Satoko Nishimura Certified Public Tax Accountant Office, Representative (to present) [Significant concurrent positions] Certified public accountant (Representative, Satoko Nishimura Certified PublicAccountant Office) Certified public tax accountant (Representative, Satoko Nishimura Certified PublicTax Accountant Office) Number of shares of the Company held – [Reason for nomination as candidate for substitute Outside Director serving as Audit and Supervisory Committee Member and overview of expected roles] Ms. Satoko Nishimura has professional knowledge and experience as a certified public accountant and certified public tax accountant, and has significant knowledge on finance and accounting. The Company nominated her as a candidate for substitute Outside Director serving as Audit and Supervisory Committee Member in the expectation that she can utilize her extensive experience and professional knowledge in strengthening the audit and supervisory system of the Company. Although she has never directly been engaged in corporate management, the Company believes that she is capable of appropriately fulfilling duties as an Outside Director serving as Audit and Supervisory Committee Member for the above-stated reasons. (Notes) 1. No special interests exist between Ms. Satoko Nishimura and the Company. 2. Ms. Satoko Nishimura is a candidate for substitute Outside Director serving as Audit and Supervisory Committee 3. 4. Member. If Ms. Satoko Nishimura is appointed to the position of Director serving as Audit and Supervisory Committee Member, the Company intends to designate her as an Independent Director as defined by the Tokyo Stock Exchange and submit a notification of her appointment to the Exchange. Ms. Satoko Nishimura satisfies the requirements for Independent Directors as defined by the Tokyo Stock Exchange and the Independence Criteria as defined by the Company (please refer to the page 16). If Ms. Satoko Nishimura is elected and appointed to the position of Director serving as Audit and Supervisory Committee Member, the Company intends to enter into a limited liability agreement with her in accordance with Article 427, Paragraph 1 of the Companies Act to limit her liability for damages pursuant to Article 423, Paragraph 1 of the said act to the amount stipulated by laws and regulations. 5. The Company has entered into a directors and officers (D&O) liability insurance contract with an insurance company as stipulated in Article 430-3, Paragraph 1 of the Companies Act. If Ms. Satoko Nishimura is elected and appointed to the position of Director serving as Audit and Supervisory Committee Member, she will be included as the insured under this insurance policy. The insurance contract covers legal damages and litigation expenses in the event that a claim for damages is made against the insured due to an act committed by the insured in the course of their duties, and the contract is renewed every year. – 14 – [Reference] Nomination Policy and Procedures for Director Candidates (1) Nomination policy for Director candidates Director candidates are selected based on their personality and insight irrespective of age, gender, or nationality. It is our basic policy to select candidates for internal Directors who have knowledge and experience of the Company’s business and are capable of fulfilling the duties required of Directors, and to select candidates for Outside Directors who have expertise and extensive experience and are capable of fulfilling their roles and responsibilities from an objective and neutral perspective. We also consider the balance and diversity of knowledge, experience and ability of the Board of Directors as a whole, and make a comprehensive judgment. Candidates for Director serving as Audit and Supervisory Committee Members are selected upon considering factors such as whether they have the required experience, ability and knowledge, and whether one or more candidates have sufficient knowledge of finance and accounting. (2) Nomination procedures for Director candidates In order to ensure objectivity and fairness in selecting Directors, the Company has established the Nomination and Compensation Committee, whose chairperson is an Independent Outside Director, and a majority of the members of which are Independent Outside Directors, as a voluntary advisory body to the Board of Directors. Prior to the General Meeting, the Nomination and Compensation Committee deliberated on Director candidates based on the nomination policy, reported to the Board of Directors that the aforementioned candidates are appropriate as candidates for Director, and the Board of Directors decided on the candidates for Directors based on such report. – 15 – [Reference] Independence Criteria for Outside Directors The Company has established the following criteria regarding the independence of Outside Directors. The Company judges Outside Directors or candidates for Outside Directors as independent if they do not fall under any of the following items as a result of the investigation conducted by the Company to a reasonably practicable extent. (1) Business executors (*1) of the Company and its subsidiaries (hereinafter referred to as the “Group”) (2) Those of whom the Group is a major business partner (*2) or their business executors (3) Major business partners of the Group (*3) or their business executors (4) Major lenders to the Group (*4) or their business executors (5) Consultants, accounting experts, legal experts and the like who receive a large amount (*5) of monetary or other property benefits other than executive remuneration from the Company (including persons who belong to such organizations in the event that the recipients of such benefits are corporations or other organizations) (6) Those who belong to the auditing firm that is the accounting auditor of the Group (7) Those who receive a large amount of donations from the Group or the business executors of the recipients of such donations (8) Major shareholders (*6) of the Company or their business executors (9) Those who have fallen under any of the definitions of the above (1) to (8) in the last three years or (10) The spouses or relatives within the second degree of kinship of those who fall under the any of the definitions of the above (1) to (9) *1. “Business executors” refer to executive directors, executive officers, corporate officers, executives who execute business, or those equivalent thereto and employees of corporations and other organizations. *2. “Those of whom the Group is a major business partner” refer to business partners whose average transaction value with the Group exceeds 2% of their consolidated annual sales in the past three years. *3. “Major business partners of the Group” refer to business partners whose average transaction value with the Group exceeds 2% of the consolidated annual sales of the Company in the past three years. *4. “Major lenders to the Group” refer to lenders who loaned the Group in the amount at 2% or more of the consolidated total assets of the Company at the end of the most recent fiscal year. *5. “A large amount” refers to an amount of ¥10 million or more per year in terms of the average for the past three fiscal years. *6. “Major shareholders” refer to those who own directly or indirectly 10% or more of the total voting rights. – 16 – [Reference] Board of Directors Composition after Approval of Proposal 2 and Proposal 3 If Proposal 2 “Election of Ten (10) Directors (excluding Directors serving as Audit and Supervisory Committee Members)” and Proposal 3 “Election of Three (3) Directors serving as Audit and Supervisory Committee Members” are approved as originally proposed, the composition of the Board of Directors shall be as follows: Knowledge, experience and skills of Directors Corporate management/ business planning Insight into the Company’s business Global experience Sales/ marketing Product planning/ production/ technology/ R&D Governance/ risk management/ legal affairs Finance/tax/ accounting/ monetary affairs Name Norio Ichikawa Tatsunori Matsumoto Yoshihiko Miyakoshi Osamu Sanada Eiji Soda Masao Uwa Hiroaki Jikyo Naoki Takagishi Hiromi Izumi Shingo Torii Yoshitsugu Hirai (Audit and Supervisory Committee Member) Kanae Shiono (Audit and Supervisory Committee Member) Hitoshi Utsunomiya (Audit and Supervisory Committee Member) 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇 *The above is not an exhaustive list of all of the areas of expertise of the Director candidates. – 17 – 1. 2. A. Proposal 5: Renewal of a Plan for Countermeasures to Large-scale Acquisitions of the Shares in the Company (Takeover Defense Measures) Reasons for Proposal As announced in the Company’s press release titled “Introduction of a Plan for Countermeasures to Large-scale Acquisitions of the Shares in the Company (Takeover Defense Measures)” dated January 11, 2022, the Company resolved at the Board of Directors’ meeting held on the same day to establish a basic policy regarding the persons who control decisions on the Company’s financial and business policies (as provided in Article 118, Item 3 of the Enforcement Regulations of the Companies Act; the “Basic Policy”) and to introduce a plan for countermeasures to large-scale acquisitions of the shares in the Company (takeover defense measures) (the “Plan”) as a measure to prevent decisions on the Company’s financial and business policies from being controlled by persons deemed inappropriate (Article 118, Item 3(b)(ii) of the Enforcement Regulations of the Companies Act) under the Basic Policy for the purpose of ensuring and enhancing the corporate value of the Company and the common interests of its shareholders. In light of the circumstances such as market transactions involving the Company’s shares, as well as recent Japanese capital markets in which there are more and more cases where a large number of shares in a target company is acquired without discussions between the acquirer and the target company, the Company believes that there is a possibility of large-scale acquisitions of shares in the Company being effected that would not necessarily contribute to the corporate value of the Company or the common interests of its shareholders over the medium-to-long-term. Although the Financial Instruments and Exchange Act requires certain large-scale acquisitions to be effected by means of tender offer and stipulates certain rules regarding the disclosure of and procedures for large-scale acquisitions, the tender offer regulations do not apply to on-market transactions as a general rule. The Company also believes that it is likely that the current tender offer system alone will not allow the shareholders of the Company to be provided with sufficient information necessary to ensure and enhance the corporate value of the Company and, in turn, the common interests of its shareholders and enough opportunity to carefully consider the proposed acquisition from that perspective. Therefore, the Company determined that the introduction of the Plan at this stage would contribute to the corporate value of the Company and common interests of its shareholders. The Plan became effective on January 11, 2022 and its effective period is from the same day to the conclusion of this Annual General Meeting of Shareholders. However, if the approval of the shareholders is obtained with respect to this Proposal, the effective period of the Plan will be extended to the time of conclusion of the annual general meeting of shareholders for the last fiscal year ending within three years after the conclusion of this Annual General Meeting of Shareholders (please note that if the approval of the shareholders is not obtained with respect to this Proposal at this Annual General Meeting of Shareholders, the Plan will be abolished immediately). Therefore, the Company requests that the shareholders approve the renewal of the Plan. Details of Proposal Basic policy regarding the persons who control decisions on the Company’s financial and business policies The Company would not reject a proposal by a specific person for a large-scale acquisition of the shares in the Company if it would contribute to the corporate value of the Company and, in turn, the common interests of its shareholders and the Company’s understanding is that a decision on whether or not to accept such proposal must ultimately be determined by its shareholders. However, the Company’s group (meaning the Company and its subsidiaries; the “Company Group”) has created high-quality, high-value-added products and services that are closely suited to users’ daily lives, utilizing its technological capabilities such as vacuum insulation and temperature control and planning and designing capabilities that materialize those technological capabilities, all cultivated through many years of experience since its establishment. The Company has also established the Zojirushi brand, the source of its corporate value, by effectively making the value of those products and services appealing to customers with its strength in making proposals and fulfilling the expectations of the customers with extensive after-sales services. Further, intensely loyal employees protect and further enhance the value of the Zojirushi brand with a sense of pride in and responsibility for the brand. In order for the Company Group to seek a sustained – 18 – increase in profitability and stability, it is essential for the Company to, in its management, have abundant experience and knowledge required for maintaining and refining the source of the Company’s corporate value described above and to understand relationships that the Company has built with its customers, employees, trading partners, regional communities, and other stakeholders, and if a person who controls decisions on the Company’s financial and business policies does not understand these factors, it might prevent the Company from ensuring and enhancing the Company Group’s corporate value and the common interests of its shareholders. The Company believes that, if a large-scale acquisition of shares in the Company were to be effected, it would be difficult for its shareholders to ascertain the impact of that large-scale acquisition on the Company’s corporate value and the common interests of its shareholders without being provided with necessary and sufficient information by the acquirer. In addition, it is expected that there are certain kinds of large-scale acquisitions that would be likely to harm the source of the Company Group’s corporate value from a long-term perspective or damage the Company Group’s corporate value or the common interests of its shareholders due to those acquisitions potentially making the Company unable to maintain good relationships with stakeholders or other reasons. From the above perspectives, the Board of Directors believes that it is a responsibility of the persons who are entrusted by the Company’s shareholders (i) to request an acquirer to provide necessary and sufficient information for the shareholders of the Company to make a decision and to enable the Board of Directors to evaluate and consider the impact of the proposal by the acquirer on the Company Group’s corporate value and the common interests of its shareholders, and (ii) to ensure the corporate value of the Company and, in turn, the common interests of its shareholders by taking the necessary and appropriate countermeasures against a large-scale acquisition by a person in a manner that would damage the corporate value of the Company or the common interests of its shareholders because such person is deemed inappropriate as a person who controls decisions on the Company’s financial and business policies. B. I. (1) Corporate philosophy and management policy of the Company Special initiatives to contribute to realization of basic policy Initiatives aimed at enhancing corporate value The Company was founded in 1918 and began as a manufacturer of vacuumed glass liners, before expanding into assembly of glass vacuum flasks. The Company then expanded into sales in addition to manufacturing, beginning with the manufacture and sale in 1948 of the “Pelican Pot,” a finished product of a tabletop glass vacuum flask. Applying the thermal insulation technology of those vacuum flasks, in 1970 the Company released an electric rice warmer that enabled steamed rice to be kept warm for long periods of time, and with a subsequent version that included a rice cooking feature the Company took the next step toward its leading product today, the pressurized induction-heating (IH) rice cooker. In 1980 the Company developed an electric kettle with boiling and heat retention features, and in 1981 it adopted stainless steel to evolve its vacuum flasks into stainless steel bottles with higher durability and portability. In this way, by adhering to its corporate philosophy “Creating a quality of life” even amidst changing times and more diverse lifestyles, the Company has built up the Zojirushi brand of today that is the source of its corporate value by continuing to create high-quality, high-value-added products and services that are closely suited to users’ daily lives, centered around the three business divisions described below: cooking appliances, household and thermal products, and household appliances. Cooking appliances business (i) In its cooking appliances division, the Company has accumulated a wide-ranging lineup of high-value-added products suited to the needs and lifestyles of our customers, including the “Embudaki Cooker,” a high-end model, pressurized induction-heating (IH) rice cooker that perfects the taste of rice by reproducing the flickering effect of flames in traditional wood-fired stoves, and the “STAN.” series of appliances, which are targeted at dual-income households and households with young children. With increasing opportunities for cooking at home due to the “stay home” lifestyle amid the coronavirus crisis, the Company’s products have been praised for being closely suited to the people who use them thanks to features such as ease of use and good design, and there has been growth in sales of products such as electric griddles, toaster ovens, and coffee makers. The Company has also secured stable demand in electric kettles, led by the “VE Water Boiler and Warmer,” an – 19 – energy efficient kettle that can boil water and keep it warm using vacuum bottle technology. These products have secured a strong competitive position in the mature domestic market in Japan for cooking appliances, with many products such as rice cookers that have a top-class market share. Products such as rice cookers, electric kettles, and breadmakers are also experiencing increased demand in overseas markets, which value the high quality only a Japanese brand can deliver and functionality that is suited to the culinary cultures and lifestyles of the local region. (ii) Household and thermal products business In its household and thermal products division, the Company has taken initiatives to enrichen its lineup of stainless steel bottle items by taking the high-vacuum thermal insulation properties it has perfected in the years since its founding and adding a “one-piece lid with a seamless structural design” that targets customer demand for “easy to use” and “easy to wash” vacuum flasks. Reduced opportunities for going out or engaging in leisure activities during the coronavirus crisis saw a temporary fall in demand, but the Company is pursuing increased market share by actively introducing new products with high added value. Also, reusable stainless steel bottles that can keep their contents warm by themselves without using electricity are receiving renewed appreciation as environmentally conscious products, and the Company believes that it can contribute to conservation of the global environment through expanding its business activities. (iii) Household appliances business In its household appliances division, the Company has taken initiatives to enhance its brand and expand its business in the household appliances market, with a focus on products such as a steam-type humidifier with superior humidifying performance and ease of maintenance, and a bedding dryer that can used simply and easily without using mats or hoses. By keeping its focus on the basics of everyday living, the Company is continually pursuing the development of high-quality and high-performance products closely suited to customers’ lifestyles and brimming with originality, including products related to the home environments and health of customers, in order to facilitate more comfort and contentment in their daily lives. From its fiscal year ended November 20, 2019, which is the 101st year since its founding, the Company instituted a management policy aimed at its next hundred years, “Brand innovation – strengthening Zojirushi as a brand of household products and developing it into a food and lifestyle solution brand,” as an initiative aimed at enhancing its corporate value into the future. This policy encapsulates the intention to reach new heights in product design and manufacturing as a household appliance maker while also evolving into a brand that delivers solutions to issues that customers face relating to “Food” and “Home” by combining those products with digital technology and services. In order to promote and succeed in these initiatives it is necessary to have not only the capability to produce high-quality and high-value-added products and services with a strong customer orientation, but it is also essential to secure loyal and high-quality talent able to work as one toward the “Brand innovation” vision with a deep understanding of and strong sense of pride in and responsibility for the Zojirushi brand. It also goes without saying that it was not by the efforts of the Company alone that Zojirushi brand, which is the source of corporate value of the Company, was able to achieve the brand value that it has today. This value is able to be maintained and enhanced through support from the customers who use the products and services of the Company, from the trading partners with whom the Company coexists in mutual prosperity thanks to long years of trusting relationships, and from regional communities and other stakeholders, and the Company believes that continuing to build and maintain good relationships with these stakeholders is essential to its continuous growth. The Company believes that it is such continuous implementation of the corporate philosophy and management policy described above that enables it to maximize its corporate value and the common interests of its shareholders and thereby benefit all stakeholders that form the business of the Company, including shareholders, customers, employees, trading partners, and regional communities. (2) Medium-to-long-term management strategy of the Company to materialize its management policy In order to realize the management policy described in (1) above, the Company formulated a Medium-Term Management Plan called “ADAPT” for the three year period starting from the fiscal year ended November 20, 2019 and made efforts to achieve the plan. However, impacts due to the spread of the novel coronavirus infectious disease from 2020 onward caused changes to the domestic and overseas business environment that formed the basis for the plan, so the Company formulated a Medium-Term Management Plan called “ADAPT Phase II” for the two year period starting from the fiscal year ending November 20, 2021, which follows the – 20 – basic policy of ADAPT and additionally includes measures based on new lifestyles during the coronavirus crisis. Under ADAPT Phase II, the Company established and is moving ahead with a management strategy centered around three pillars of policy for enhancing its corporate value, namely “Horizontal expansion of domains,” “Vertical expansion of domains,” and “Stronger management platform.” (i) Horizontal expansion of domains The Company aims to expand its business domains by opening up new markets and sales channels while boosting the lineup of its products and remodeling existing products to enhance their added value. During the fiscal year ended November 20, 2021, the Company released a number of new products that are tailored to the changing society, lifestyles, and values, such as the top-of-the-line pressurized induction-heating (IH) rice cookers that were developed by further advancing its “Embudaki” technology, cost-effective electric kettles and blenders, stainless steel tumblers that use a “one-piece lid with a seamless structural design” that have gained popularity, and automatic multi-purpose cookers that are capable of providing automatic cooking assistance and assisting cooking with plastic storage bags. In Japan, the Company has been working to expand sales of those highly-competitive new products along with its efforts in engaging in proposal-based sales activities that seek an optimal balance between market share and profitability and opening up sales channels that are expected to grow in the future. Overseas, the Company adapted its operations to market changes due to the coronavirus crisis and strongly pushed forward with opening up marketing methods and channels suited to e-commerce, especially in North America and China, where the e-commerce business is rapidly growing and, as a result, the Company achieved double-digit growth in its overseas sales for the fiscal year ended November 20, 2021. Further, the Company will continue to strengthen the expansion of sales through e-commerce channels both in Japan and overseas by taking measures such as opening online shopping stores in Japan, North America, China, and Taiwan, which are the main markets for its business, that enable it to approach customers through direct communication. The Company will also accelerate overseas business growth in Southeast Asia (Thailand, Vietnam, and Indonesia), whose economy is expected to grow in the coming years, by promoting expansion of sales channels and release of new products in this region, using as its hubs Zojirushi SE Asia Corporation Ltd., a sales subsidiary in Thailand, and the representative office in Vietnam established in June 2021. The Com