To oversee constructive dialogue with shareholders, MAX has established a department in charge of IR under the officer in charge of IR. Through coordination with divisions such as corporate planning, general affairs, and accounting, the department in charge of IR engages in fair and timely disclosure of situations related to management, finance, etc. At the end of the year and the end of the second quarter, MAX holds a financial results briefing attended by the President and the IR officer. At the end of the first quarter and the end of the third quarter, we hold a financial results briefing by teleconference attended by the IR officer. We also actively respond to requests for dialogue from shareholders and investors.
The department in charge of IR examines the content of opinions and requests from shareholders and investors, and issues reports to management executives as necessary. At the time of dialogue with shareholders and investors, based on our disclosure policy, we take sufficient caution regarding the management of insider information in accordance with our internal rules. We also limit dialogue with shareholders, investors, etc., for a certain period as a "silent period” before the announcement of financial results information.

Main Respondents in Dialogue

July 1, 2023 - June 30, 2024

Implementation Form	Main Correspondents	Number of times Implemented
Financial Results Briefing for Analysts and Institutional Investors	President, Senior Managing Director, General Manager of Corporate Division	4times
Shareholder and Investor Meetings	Senior Managing Director, General Manager of Corporate Division, General Manager, Corporate Communications Dept, Investor Relations, Corporate Communications Dept	126times

Summary of Shareholders and Investors with whom dialogue was conducted

Main Themes of the dialogue, and issues of interest to Shareholders and Investors

Main Themes	Issues of Interest
Management strategy	・ Details of the Medium-Term Management Plan for the period from 2025 to 2027 ・ Status of review and consideration of business portfolio ・ Strategies and specific initiatives to enhance corporate value over the medium to long term
Tools for Concrete Structures (Rebar tying tools)	・ Status and outlook for North America and Europe, the main areas of sales ・ Status of sales of new rebar tying tool “TWINTIER” ・ Market Size and Penetration Rate ・ Impediments to growth (e.g., macroeconomic changes, competitors)
Individual Business	・ Demand trends and competitive environment in each business ・ Price pass-through in response to high raw material prices ・ Business strategy for unprofitable and declining businesses
Capital Policy	・ Our Approach to Shareholder Returns and Dividend Policies ・ Level of ROE ・ Use of cash and priorities (including investment for growth)

Status of Feedback provided to management and the Board of Directors

Report to the Board of Directors on the status of dialogue with shareholders and investors (twice a year).
Report on highly important matters as appropriate.

Details of improvements through dialogue

Request	Details of Improvements
Please indicate the market size and penetration of tools for concrete structures.	In the financial results presentation materials and the integrated report, we disclosed graphs describing the performance trends and estimated market size of tools for concrete structures, centering on rebar tying tools.
Please indicate how the cash will be used for future sustainable growth.	Disclosure of cash allocation depicting the use of cash generated from operating activities and cash on hand in the financial results presentation materials and on the our website.
Please indicate the ratio of sales of machinery and consumables to total sales.	Disclosed sales ratio of machinery and consumables by segment in financial results presentation materials.