AGC : Progress of the Medium-term Management Plan AGC plus-2023 and Initiatives to Realize the Long-term Management Strategy Vision 2030

February 8, 2022

Corporate Name:AGC Inc. President & CEO: Yoshinori Hirai (Code Number: 5201; TSE 1st section)

Contact: Chikako Ogawa, General Manager, Corporate Communications & Investor Relations (Tel: [phone])

Progress of the Medium-term Management Plan AGC plus-2023

and Initiatives to Realize the Long-term Management Strategy Vision 2030

AGC (AGC Inc., Headquarters: Tokyo, President: Yoshinori Hirai) hereby presents the progress of its medium-term management plan AGC plus-2023 and its initiatives to realize its long-term management strategy Vision

2030.

Mid/Long-term Management Policy and Management Strategy>

1． Progress of the medium-term management plan AGC plus-2023

In February 2021, the AGC Group formulated itslong-termmanagement strategyVision 2030and itsmedium-termmanagement planAGCplus-2023to realize Vision 2030.

In fiscal 2021, the first year of AGC plus-2023, the AGC Group worked on the priorities set for each of its strategic and core businesses. In the strategic businesses, the Group made aggressive investments, mainly in the Electronics and Life Science businesses. In the core businesses, the Group further strengthened the foundations of the chlor-alkali business and worked to expand earnings, while implementing such structural reforms as the transfer of the architectural glass business in North America and the consolidation of production lines in the automotive glass business.

As a result of such initiatives, the AGC Group has achieved many of the financial targets in AGC plus-2023 ahead of schedule in 2021, and has revised its financial targets significantly upward as described below.

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Allocation of investment resources and initiatives to improve asset efficiency

Under AGC plus-2023, the Group will continue to strengthen investment in strategic businesses (280 billion yen, an increase of 100 billion yen compared to the previous medium-term management plan), improve the asset efficiency of its each business and transform its business portfolio, aiming to continuously achieve a Group-wide ROCE (return on capital employed) of 10% or higher and EBITDA of 433 billion yen in 2023.

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In addition, we will accelerate the sale of assets such as cross-held stocks, and the cash generated will be focused on strategic businesses and other businesses with high asset efficiency.

Furthermore, the AGC Group's basic policy on shareholder return is to maintain stable dividends with a consolidated payout ratio aiming for 40%, while flexibly implementing share buybacks. In line with this policy, we plan to secure investment opportunities in growth businesses and implement dividend payments and share buybacks while maintaining mid/long-term financial soundness.

The capital allocation policy for AGC plus-2023 based on the above business plan, investment plan, and shareholder return policy is as follows.

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2． Toward realization of Vision 2030

Economic and social value that the AGC Group wants to create

In order to realize our Vision 2030 announced last year, we aim to continuously create social and economic value by promoting sustainability management and reforming our business portfolio.

Concerning the financial targets under Vison 2030, given the current business environment and other factors, we have revised up our financial targets for 2023 and 2025, and set a new operating profit target of 300 billion yen for 2030. In 2030, we aim to have the strategic businesses account for a majority of Company's operating profit and to achieve an ROE of 10% or higher on sustained basis.

In addition, we will continue to work on sustainability goals in all our business activities and contribute to solving the following five social issues.

• Realization of safe and comfortable urban infrastructure
• Realization of safe and healthy lifestyles
• Maintenance of a healthy and secure society
• Creation of fair and safe workplaces
• Realization of a sustainable global environment

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Initiatives to realize our Vision 2030

• Transformatiof the Group's business portfolio

Through the practice of ambidextrous management by deepening the core businesses and exploring the strategic businesses, we aim to build a business portfolio that is resilient to market fluctuations and has high asset efficiency, growth potential, and carbon efficiency.

Based on this policy, we will continue to invest intensively in the strategic businesses of Electronics, Life Science, and Mobility, where high growth is expected, as well as in the chlor-alkali business in Southeast Asia and fluorochemicals & specialty businesses. In the three glass businesses (architectural glass, automotive glass, and displays), we will continue to promote measures to improve asset efficiency and increase the ratio of high value- added products.

Through these initiatives, we aim to create a stable, long-term revenue base in the core businesses, while continuing to achieve high growth in our strategic businesses, so that in 2030, we will achieve companywide operating profit of 300 billion yen, with the strategic businesses accounting for the majority of that amount.

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