Revised Quarterly Report – 1st Quarter of the 24th Fiscal Period (2023/04/01–2023/06/30)

Air Water Inc. Revised Quarterly Report – 1st Quarter of the 24th Fiscal Period (2023/04/01–2023/06/30)

Pursuant to Article 24-5, Paragraph 1 of the Financial Instruments and Exchange Act, we hereby submit the revised quarterly report for the consolidated accounting period of the first quarter of the 24th fiscal period (from April 1, 2023 to June 30, 2023).

This report is being revised due to accounting errors or insufficient disclosures identified in the originally submitted quarterly report. The main revisions are as follows:

- Review of accounting treatment regarding the timing of revenue recognition for certain sales - Recalculation of impairment losses on fixed assets - Adjustment of investment income due to revaluation of equity securities in affiliated companies - Addition of disclosure items related to tax loss carryforwards

As a result of these revisions, quarterly net income has been downwardly adjusted by ¥320 million from the initially reported figure. The revised quarterly net income amounts to ¥1.87 billion.

It should be noted that this revision was conducted in consultation with the auditing firm and in compliance with appropriate accounting standards. We have determined that this revision does not have a material impact on the continuity of operations.

Going forward, we will continue our efforts to improve the accuracy of financial reporting and strengthen corporate governance.