215 http://www.nagase.co.jp/ : : : 55-8668 1-1-17 TEL 6-6535-2114 13-8355 5-1 TEL 3-3665-321 46-856 3-14-18 TEL 52-963-5615
NAGASE Business Model 46 NAGASE 3.9% 2.1% R&D 14.5% 19.7% 1.1% 2153 7,597 22.1% 33.5% 16.1% 28.6% 2153 49.3% 1 NAGASE 2 / 3 4 5 Annual Report 215 1
Our History 183 NAGASE 1832 1832 1898 19 19 191 191 1911 1913 1917 197 1971 Nagase America Corp. 1972 1975 Nagase Singapore (Pte) Ltd. 1977 192 1923 193 198 Nagase (Europa) GmbH 1982 Nagase (Malaysia) Sdn. Bhd. 1985 1988 1989 Nagase (Thailand) Co., Ltd. 196 193 1938 197 198 1964 1968 199 199 Sofix Corp. R&D 1997 Nagase Philippines Corp. Nagase Engineering Service Korea Co., Ltd. 1998 P.T.Nagase Impor-Ekspor Indonesia 2 25 2 21 Nagase Korea Corp. Nagase FineChem Singapore (Pte) Ltd. 22 24 R&D 25 Nagase Philippines International Services Corp. 26 Pac Tech-Packaging Technologies GmbH Nagase India Private Ltd. 27 28 Nagase Vietnam Co., Ltd. 29 212 214 Engineered Materials Systems Inc. 212 Engineered Materials Systems Inc. 215 214 215 ++ 2 Annual Report 215 Annual Report 215 3
/ 1 2 6 8 1 Business Model Our History 13 16 18 NAGASE 38 39 4 ASEAN& 41 42 / 48 49 54 57 59 NAGASE 1 2 3 64 66 68 72 73 22 62 44 26 63 46 R&D 3 47 34 NAGASE 4 Annual Report 215 Annual Report 215 5
9 7 5 4 6 8 1 1 3 2 1. 2. 3. 4. 5. 6. 7. 8. 9. 1. + 2153 NAGASE 215 7 6 Annual Report 215 Annual Report 215 7
13 23 3 215 3 23/3 24/3 25/3 26/3 27/3 28/3 29/3 21/3 211/3 212/3 213/3 214/3 215/3 WIT2 WIT21 WIT28 CHANGE 11 Change-S214 53,688 533,31 575,636 648,23 71,321 764,755 715,238 63,949 66,213 631,854 666,272 723,212 759,713 223,656 231,36 251,725 222,282 247,94 267,836 248,461 237,124 253,29 177,126 167,17 169,973 168,238 165,81 17,996 188,456 229,278 244,681 274,66 253,29 192,569 222,1 217,929 214,214 239,224 254,165 99,759 118,978 122,632 132,86 15,796 163,833 153,255 117,591 133,64 11,495 125,14 137,26 149,947 76,113 83,68 99,441 19,851 14,461 11,966 12,821 56,44 53,556 56,489 58,95 55,542 5,247 49,17 76,116 76,81 76,69 7,972 5,191 1,934 1,585 1,121 934 1,18 841 737 9 337,531 349,557 363,78 388,47 41,789 432,813 394,874 36,382 389,379 366,369 361,971 372,939 374,28 166,157 183,744 211,928 259,553 29,532 331,942 32,364 243,567 27,833 265,484 34,31 35,272 385,55 51,899 53,494 61,96 67,64 73,639 8,56 71,527 65,415 73,8 71,628 82,583 88,936 91,991 8,433 1,244 13,256 17,596 21,669 23,63 12,522 13,128 18,732 13,427 15,578 15,789 18,153 4,186 7,1 1,384 12,892 13,567 1,5 5,88 7,537 12,823 8,57 14,182 11,663 11,318 223 237 277 1,74 284,8 31,793 335,29 396,773 422,859 419,869 34,968 368,88 375,336 45,842 486,747 498,141 546,525 14,944 156,21 167,92 196,62 25,83 2,554 184,599 195,344 21,516 24,76 228,55 246,723 281,398 16,578 16,417 14,19 24,834 2,491 33,342 31,34 21,886 27,125 88,71 98,425 92,828 98,493 411 1 31.72 54.69 81. 1.32 15.84 77.86 45.17 58.64 99.76 66.69 111.31 91.86 89.1 1,17.55 1,227.82 1,311.37 1,535.7 1,597.27 1,559.97 1,435.88 1,519.61 1,568.4 1,592.87 1,83.31 1,942.2 2,215.18 8. 9. 1. 15. 18. 17. 16. 16. 22. 24. 26. 28. 3. % 24.3 16.3 12.3 14.9 17. 21.8 35.4 27.3 22.1 36. 23.4 3.5 33.7 %.71.77.79 1.6 1.15 1.8 1.7 1.8 1.42 1.52 1.52 1.5 1.44 % 33. 34.5 36.8 4.1 41.4 43.4 44.8 4.3 41. 42. 45.7 48.4 5.7 21.4 19.2 16.4 2.5 22.3 24.4 15.5 35.4 29. 31.3 37.3 23.5 27.8 1.7 1.9 2.3 2.7 3.1 3. 1.8 2.2 2.8 2.1 2.3 2.2 2.4 ROE 2.9 4.7 6.4 7.1 6.8 4.9 3. 4. 6.5 4.2 6.5 4.9 4.3 49.5 5.3 49.8 49.6 48.5 47.8 54.1 53.1 53.7 45.4 46.9 49.5 51.5.12.11.8.13.1.17.17.11.13.43.43.38.35 % 1263 2 213 3213345 212 3 42143HDD 213 3 ROA ROE ROA ROE % % 8, 25, 6, 1. 3, 1. 6, 2, 15, 5, 4, 8. 6. 25, 2, 8. 6. 4, 3, 15, 2, 1, 5, 2, 1, 4. 2. 1, 5, 4. 2. 3/3 4/3 5/3 6/3 7/3 8/3 9/3 1/3 11/3 12/3 13/3 14/3 15/3 3/3 4/3 5/3 6/3 7/3 8/3 9/3 1/3 11/3 12/3 13/3 14/3 15/3 3/3 4/3 5/3 6/3 7/3 8/3 9/3 1/3 11/3 12/3 13/3 14/3 15/3 3/3 4/3 5/3 6/3 7/3 8/3 9/3 1/3 11/3 12/3 13/3 14/3 15/3 8 Annual Report 215 Annual Report 215 9
NAGASE 1999 6 215 316 IT 2 232 NAGASE 215 2153 215 3 759,7135.% 18,15315.% 11,3183.% PC 374,28.3% 385,5511.% 3 11 168,238 1.% 4,32.6% 254,165 6.2% 4,84 29.6% OA SOFIX Corp. 149,947 9.4% 5,583 13.% LED 5% 8, 7,232 7,597 766 768 6, 994 1,98 1,37 1,499 4, 2,392 2,541 2, 1,699 1,682 14/3 15/3 2 157 181 31 4 15 1 22 64 55 1 37 48 5 43 43 19 36-5 14/3 15/3 195512 11 59 19784 26 1 294 2136 2154 19,851 1.5% 2,229 116.9% 1 Annual Report 215 Annual Report 215 11
8, 3 ROE8%3 4 76,69.3% 3,157 21.1% & 216 3 14 NAGASE 5 NAGASE NAGASE2 232 NAGASE NAGASE 3 R&D Change-S2143 Change-S214Speed upstep up NAGASE 6, NAGASE Sustainable growth NAGASE 3 8 2 NAGASE NAGASE NAGASE 217 3 12 Annual Report 215 Annual Report 215 13
1 2 3 11 11 7.95% NAGASE2 WIT P59 P49 NAGASE M&A DOE1 2157 3 P64 24 6 15 3 DOE 1 NAGASE 2 1 DOE %, 4 % 2 3 2 1 1 P54 6/3 7/3 8/3 9/3 1/3 11/3 12/3 13/3 14/3 15/3 16/3 14 Annual Report 215 Annual Report 215 15
NAGASE 22.1% 33.5% 19.7% 14.5% 1.1% 21.2% 23.7% 27.5% 11.% 15.6% & & 2 NAW OA 4 LiBPV 2163 LED LED 2163 LiBPV EMS 5 & & LCD LED LiB PVLiB PV EL & & OA LED 16 Annual Report 215 Annual Report 215 17
Functional Materials Segment No.1 2, 1,5 1,699 1,682 1,776 8 6 1, 43 43 44 4 5 2 14/3 15/3 16/3 TQ-1 de MEXICO S.A. de C.V. TIMLE S.A. DE C.V. NAW PT. Toyo Quality One Indonesia 1 25% 2 3 M&A 4 5 18 Annual Report 215 6 Annual Report 215 19
NAGASE NAGASE P.T. Toyo Quality One Indonesia TIMLE S.A. DE C.V. TQ-1 de MEXICO S.A de C.V R&D 2153 2153 2163 2153 Change-S214 M&A CS 216 3 215 4 2163 21633CS TOPICS CS NAGASE 69 92.4% 3 86.5%9.9% NAGASE TOPICS 216 216 NAGASE 2 Annual Report 215 Annual Report 215 21
Advanced Materials & Processing Segment NAGASE 3, 2,392 2,541 48 2,824 54 2, 37 1, 6 4 2 14/3 15/3 16/3 NAGASE Dainichi Color (Vietnam) Co., Ltd. Majend Makcs Co., Ltd. Sofix Corp. NAGASE SABIC IPBASFEastman Chemical NAW 1 2 3 4 5 22 Annual Report 215 Annual Report 215 23
& NAGASE NAGASE & Sofi x Corp. Dainichi Color Vietnam Co.,Ltd. Majend Makcs Co., Ltd. 2153 2153 2163 215 3 Change-S214 OA 216 3 Change-S214 OA TOPICS 2163 215 3 2 216 3& 216 3 NAGASE Change-S2143 TOPICS 2123 2153 +1% 3% +13% 51% +27% 19% 24 Annual Report 215 Annual Report 215 25
Electronics Segment 1,6 1,499 1,37 64 55 1,624 67 8 8 4 14/3 15/3 16/3 Pac Tech - Packaging Technologies GmbH Nagase Engineering Service Korea Co., Ltd. Engineered Materials Systems Inc. NAW Pac Tech Asia Sdn. Bhd. Nagase FineChem Singapore (Pte) LTD. Pac Tech USA Packaging Technologies Inc. 2 1 2 3 4 5 26 Annual Report 215 Annual Report 215 27
NAGASE NAGASE Engineered Materials Systems Inc. Pac Tech-Packaging Technologies GmbH Nagase FineChem Singapore(Pte)Ltd. Nagase Engineering Service Korea Co.,Ltd. 4 EMS IoT Internet of Things LCD 2153 216 3 2153 LED EL 215 3 LCD LED Engineered Materials Systems Inc. Change-S2143 EMS 3 Change-S2143 TOPICS LCD LED 8 TOPICS 2163 2163 216 3 213 215 3 5 Engineered Materials Systems Inc. Engineered Materials Systems Inc. 2159 ()() Engineered Materials Systems Inc.3 28 Annual Report 215 Annual Report 215 29
Automotive & Energy Segment 1,2 1,98 1,174 3 994 22 2 8 2 1 4 1 14/3 15/3 16/3 Automotive Mold Technology Co., Ltd. KN Platech America Corporation Sanko Gosei Technology (Thailand) LTD. PT. TUNE Manufacturing Indonesia 22 216 PVLiB 1 2 3 BCP 3 Annual Report 215 Annual Report 215 31
NAGASE NAGASE PV Sanko Gosei Technology (Thailand) LTD. Automotive Mold Technology Co.,Ltd. KN Platech America Corporation PT.TUNE Manufacturing Indonesia Out-Out PV PV NAGASE PV CO2ZEV 2153 216 3 2153 2163 Change-S214215 3 216 3 215 3 216 3 GRIDPV 155% HEVEVLiB LiBPV HEV/EV LiBPV PV 216 3 OEM HEV EV TOPICS PV HEV EV LiB TOPICS 32 Annual Report 215 Annual Report 215 33
Life & Healthcare Segment 1, 5 768 4 766 31 823 34 5 25 14/3 15/3 16/3 NAGASE ASEAN 1 2 3 4 5 34 Annual Report 215 Annual Report 215 35
& NAGASE NAGASE 5 5 & & NAGASE 2153 2153 NAGASE Change-S214 3 () Change-S214 & & IT 1332/28 EC 6 AA2G 1 One Team TOPICS 215 3M1-CD BM214 12 TOPICS BM M1-CDA221 2163 216 3& 3 2163 216 5 216 3 BM 54g 1.8g 3 8,743 8% 36 Annual Report 215 Annual Report 215 37
1 4 2,5 2, 1,759 1,961 2,172 NAGASE 1,5 1, 157 3 2,172 27 Greater China CEO 5 13/3 14/3 15/3 19 1,599 ASEAN & 1,224 19 688 3,742 42 3,67 299 1 175 GDP214 7.4% 215 7.% 1 2153 215 3 PC OA ASEAN 216 3 NAGASE NAGASE OA 211 6,259 5.7% 8, 6, 4, 2, 45.7% 3,43 3,619 48.4% 3,52 3,729 5.7% 13/3 14/3 15/3 3,855 2,172 3,742 157 299 1,224 % 5 4 3 2 1 TOPICS JV 38 Annual Report 215 Annual Report 215 39
ASEAN& 2 / ASEAN ASEAN 1,5 1,84 1,224 ASEAN 1, 858 215 5 ASEAN CEO 11 13/3 14/3 15/3 215 3 215 3 214 24% 188 2% 384 5 8% 13 ROC(Regional Operating Centre) 12 48 215 331 ASEAN NAGASE TOPICS Thailand Spec Business R&D 216 3 216 3ROC NAGASE2 ROC 214 215 Nagase FineChem Singapore (Pte) Ltd. Engineered Materials Systems Inc. ASEAN 3 48 NAGASER&D P42 P44 P46 P47 R&D India Thailand ASEAN Malaysia Indonesia % 4 29. 31.3 37.3 23.5 27.8 % 15 1 11.1 11.3 12.4 12.3 12.1 2 1.4 12.1 13.4 13. 12.9 5 11/3 12/3 13/3 14/3 15/3 11/3 12/3 13/3 14/3 15/3 4 Annual Report 215 Annual Report 215 41
3 2 1 262 27 261 24 263 13/3 14/3 15/3 NAGASE 2 EL 215 NAGASE & R&D 5 4 3 2 1 215 3 21532632.8% 2415% 215 JIS Q 91 16 NAGASE 215 3 2153 NAGASE R&D EV/HEV - 216 3 2163 NAGASE NAGASE 42 Annual Report 215 Annual Report 215 43
3 2 1 252 56 243 49 S AA2G C A NAGASE 237 13/3 14/3 15/3 47 8 4 2153 215 3 2372% 7 213 3 FSSC22 214 3 ISO91 215 32 S R&D 2153 2153 S S 214 3 & NAGASE NAGASE A WEB 216 3 216 3 3 2 44 Annual Report 215 Annual Report 215 45
R&D R&D NAW NAW NAGASE NAW R&D NAW DDS 2153 StageGate NAGASE 216 3 R&D FSFeasibility Study R&D R&D 2163R&D 2153 2153 2 2 1 7 1 868 428 1. NAW 1. 2. / OA / / / 2 218mm L/D4426mm L/D64 8t11t FT-IR HDT CCM 2. UV WOMSUV 3. NAGASE NAW NAW NAW LED UVUV LED 215 3 18 17 Tier1Tier2 2163 NAW 2163 1 1 199 28 1 2 46 Annual Report 215 Annual Report 215 47
NAGASE NAGASE 215 7 1 Greater China CEO & R&D ASEANCEO 1 49 2 3 4 5 54 57 59 62 1975 1987 1992 1997 1999 23 25 CEO 26 27 29 212 1975 2 23 25 28 29 214 214 & 6 63 1972 2 24 24 1974 215 1982 213 1987 21 24 26 28 48 Annual Report 215 Annual Report 215 49
21 61 2 17 6 1 4 4 2 ISO 1 2 4 2 14 1%1% 1%1% 4 2 1 2 13 1%1% 214 6214 6 5 Annual Report 215 Annual Report 215 51
2 2 2153 141% 11% 2146 2146 141%13 1% 141% 131% 271 183 87 8 44 44 2 IR 46 46 5 36 HP 4 4 BCP CIAQIA 12 4 2 4 2153 21539 BCP 214 5 2163 215 3 BCP BCP 215 3 52 Annual Report 215 Annual Report 215 53
NAGASE 1 NPO NAGASE 2 TOPICS 9 14 1.69 1 215 32 NAGASE NAGASE 1 3 1. 2. 3. 4 2 5 2 29 3 212 32 3 213 3 2153 2152 1 NAGASE NAGASE NAGASE OJT Off-JT OJT NAGASE 963 961 972 978 973 33 633 335 626 (%) 346 626 346 632 11/3 12/3 13/3 14/3 15/3 28 4 14% 31 4 13% 36 2 6% 27 27 23 35 623 3 13% 24 27 34 % 2 11/4 12/4 13/4 14/4 15/4 54 Annual Report 215 Annual Report 215 55
2 NAGASE 3 MBA NAGASE 2133 2143 2153 527 81 896 14 1 21 15 19 16 46 33 42 NAGASE 214 51 215 3 3,281 1,387 115 1999 5 2 4 ISO141 ISO 6 ISO ISO ISO ISO NMP Nagase Management Program GMP General Management Program NECONagase Energy Calculation Online System28 8 CO2 CO2 BIP Business Improvement Program MBA BMP Basic Management Program SA 213 3 2 56 Annual Report 215 Annual Report 215 57
NAGASE 1 2 3 4 5 NAGASE 212 11 NAGASE 215 1 2123 215 3 7 8 9 1% 3 BEMS BEMS 1 4 CO2 212 213 214 kwh 6,615,595 6,91,675 5,861,177 212 213 214 CO2t-CO2 3,63 3,186 3,154 212 213 214 212 213 214 2 5 t 276 261 188 : 7,951 7,72 7,264 t 195 21 149 t 34. 33. 31. 71% 8% 79.5% 21242153 CO2 212 213 214 3 6 CO2t-CO2 1,746 1,831 1,727 58 Annual Report 215 Annual Report 215 59
1 2 1. NAGASE NAGASE 216 3 EAR NAGASE 2. 212 281 2129 ( ) 52 2121 2 2131 2 2132 31 NAGASE 21 12 CISTEC STC2153 2775STC Associate 215 3 261 JAMP MSDS Plus AIS SAICM 22WSSD 22 2137 171 213115 29116 2 E- E- 8 98795797%46545998.7% 21311 1 213 1 27REACH29 NAGASE 2144 6 Annual Report 215 Annual Report 215 61
NAGASE NAGASE NAGASE 1989 432178 253 112 212 3 2163 FSSC22 FSSC22ISO91 ISO91 & GEPRA TABLE FOR TWO NPOTABLE FOR TWO InternationalTABLE FOR /9 41 FSSC 22 TWOTFT TFT 1 2 281 2153 112,18 4 Singapore Cancer Society 214 8 6 62 Annual Report 215 Annual Report 215 63
3 2153 7,7429,192 5,595 4,575 34,675281,398 2. 51.5%2153 117.95% 232 2123 2, 1,997 1, 5,69 1,85 18,576 51.5%2153 9,47 R&I 1,45 12,721 15,474 7,742 A -1, -8, 9,147 9,529 14,171 75,376 81,66 11/3 12/3 13/3 14/3 15/3 7,732 P1 Business Model Change-S21432133 2153 4 3, 281,398 53.7 49.5 51.5 45.4 46.9 228,55 246,723 2, 21,516 24,76 1, 88,71 98,425 92,828 98,493 27,125 11/3 12/3 13/3 14/3 15/3 6. 4. 2. 64 Annual Report 215 Annual Report 215 65
http://www.nagase.co.jp/ir/library/securities/http://www.nagase.co.jp/ir/library/results-report/ 2133 2143 2153 35,751 36,362 329,848 46,693 34,98 4,575 196,1 22,996 28,29 47,14 53,75 63,719 1,554 1,344 1,668 3,24 3,39 3,625 4,282 4,537 4,58 7,967 7,324 8,797 1,57 936 86 18,996 191,778 216,677 6,967 63,914 66,774 23,9 24,352 25,796 11,358 11,59 14,649 19,441 19,171 18,976 6,266 8,8 7,352 55,295 53,3 48,844 3,726 29,78 27,626 2,93 18,517 16,942 4,475 4,731 4,276 64,734 74,832 11,58 486,747 498,141 546,525 165,812 163,646 176,424 17,941 15,14 15,737 25,61 28,818 31,388 1 1,48 6,596 6,377 1 - - 1, 2,947 3,72 2,268 21 24 19 3,968 4,45 4,314 219 232 213 15,244 15,195 16,15 83,129 82,63 82,6 3, 3, 2, 32,614 27,14 3,322 9,251 12,56 2,272 1,283 - - - 11,875 1,83 98 1,8 1,21 248,941 246,249 259,25 237,86 251,892 287,5 211,792 219,377 226,328 9,699 9,699 9,699 1,41 1,242 11,654 199,16 26,351 25,23 7,19 6,916 228 16,712 27,346 55,69 17,943 24,725 44,92 6 3 1,223 2,239 9,478-38 666 5 - - 9,25 5,168 6,12 486,747 498,141 546,525 2133 2143 2153 666,272 723,212 759,713 583,689 634,276 667,722 82,583 88,936 91,991 67,4 73,146 73,838 15,578 15,789 18,153 3,822 3,691 3,93 23 188 196 1,212 1,115 1,259 292 277 253 933 654 616 548 786 921 63 668 682 1,472 1,576 1,718 1,99 1,82 1,98 373 493 619 17,927 17,95 2,366 4,464 2,45 66 2,934 1,596 1,983 19,458 18,353 18,989 4,413 6,222 7,73 15,44 12,131 11,916 862 468 597 14,182 11,663 11,318 2133 2143 2153 15,44 12,131 11,916 12,178 11,93 28,536 5,212 6,78 2,186 15 6 3 6,181 3,549 7,339-1,368 285 768 198 72 27,222 24,35 4,453 25,674 23,163 39,85 1,548 871 1,367 2133 2143 2153 18,576 12,721 15,474 9,529 14,171 7,732 1,164 11,833 3,25 2,451 1,179 2,129 12,662 12,13 6,664 28,517 45,816 33,825 915 113 32-1 - 3,721 - - 45,816 33,825 4,522 66 Annual Report 215 Annual Report 215 67
215331 % % 1995 1. 197 1. 1975 1. 1932 1. 1972 1. 1966 1. 1952 99.9 1972 1. (42.5) 1989 1. 1985 9. 26 1. 24 1. 1981 1. (33.3) 25 5. 1968 4. 1964 4. 23 3.4 SN Tech 28 4. (5.) 1986 1. (1.) 28 1. (1.) 1982 1. BPO&WebRFID 1991 1. 1983 1. 1987 1. 1991 1. 1969 1. 1979 1. 1955 1. 1987 1. (13.) 1976 1. 1965 1. 1957 5. & 22 5. (25.) 215 9. 21 2. 22 1. (5.) 25 1. (1.) Nagase Engineering Service Korea Co., Ltd. 25 71. (11.) 1997 1. (1.) 21 1. (1.) 21 2. 24 2. 1993 24.2 25 27.3 1996 1. 1966 2. 1974 5. 211 33.4 26 1. (6.) () 23 5. (5.) 27 36.5 1954 1. (1.) 28 6. (3.) 1971 44.6 Greater China 211 1. 68 Annual Report 215 Annual Report 215 69
% % 1971 1. 1998 7. (53.8) / / 1997 1. 199 6. (5.) NWP B.V.I.Corporation 27 1. (1.) 22 1. (1.) / / 1988 1. 23 1. / 24 1. (1.) Nagase Korea Corp. 21 1. 211 1. (1.) 26 1. (1.) () ASEAN & Nagase FineChem Singapore (Pte) Ltd. Pac Tech Asia Sdn. Bhd. Sanko Gosei Technology (Thailand) Ltd. Automotive Mold Technology Co., Ltd. 22 5. (5.) 21 1. (4.) 26 1. (1.) 1994 4. 2 32.1 Nafuko Co., Ltd. 1996 28. (28.) Dainichi Color Vietnam Co., Ltd. 25 4. P.T. Toyo Quality One Indonesia 28 25. Majend Makcs Co., Ltd. 22 3. (3.) PT. TUNE Manufacturing Indonesia 213 35. (25.) Nagase (Thailand) Co., Ltd 1989 1. Eastern Offi ce Nagase Singapore (Pte) Ltd. 1975 1. Australia Branch Bangladesh Liaison Offi ce Nagase (Malaysia) Sdn. Bhd. 1981 1. Johor Bahru Offi ce Penang Offi ce P.T. Nagase Impor-Ekspor Indonesia 1998 99.8 Nagase Philippines Corp. 1997 1. Nagase Philippines International Services Corp. 25 1. Nagase Vietnam Co., Ltd. 28 1. Ho Chi Minh City Branch Nagase India Private Ltd. 26 1. (.5) North India Branch (Gurgaon) Nagase (Siam) Co., Ltd. 2 49. (49.) Landauer Australasia Pty Limited 26 34. (34.) - Nagase & Co., Ltd. Dubai Branch & & Engineered Materials Systems Inc. Pac Tech USA Packaging Technologies Inc. 1993 1. (5.) 21 1. (1.) Sofi x Corp. 199 1. KN Platech America Corporation 21 5. TIMLE S.A. DE C.V. 21 15. TQ-1 de MEXICO S.A. DE C.V. 212 25. Nagase America Corp. 1971 1. Michigan Branch California Branch Nagase Enterprise Mexico S.A. de C.V. Leon Branch Offi ce Nagase do Brasil Comércio de Produtos Químicos Ltda. Pac Tech-Packaging Technologies GmbH 21 1. (1.) 212 1. (.1) 1995 97.2 Nagase (Europa) GmbH 198 1. Hungary Representative Offi ce London Branch 7 Annual Report 215 Annual Report 215 71
(215 3 31 ) (215 3 31 ) NAGASE & CO., LTD. 812 346,98, % 18323 6 18 1917612 9 6,781 127,48,285 NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST 6,724 5.28 9,699 5,992 4.7 5,776 4.53 9736,259 1 29 4,377 3.44 376.3% 1,112.87% 4,228 3.32 4,144 3.25 UFJ 55-86681-1-17Tel: 6-6535-2114 13-83555-1Tel: 3-3665-321 46-8563-14-18Tel: 52-963-5615 213 19,257 6,276 24,415 15.11% 33.91% 19.16% 3.65% 49 43,199 NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS 4,12 3.15 3,589 2.82 3,573 2.8 2,951 2.32 R&D 651-22412-2-3 Tel: 78-992-3162 661-112-4-45Tel: 6-4961-673 213 39,46 1. 215 41 R&D 1,8 1,5 TOPIX TOPIX 3, 2,5 1,2 2, 9 1,5 6 1, & 3 5 25 4 26 4 27 4 28 4 29 4 21 4 211 4 212 4 213 4 214 4 215 4 15, 12, 9, 6, & 3, 25 4 26 4 27 4 28 4 29 4 21 4 211 4 212 4 213 4 214 4 215 4 72 Annual Report 215 Annual Report 215 73