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ULVAC, INC.

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ULVAC : VALUE REPORT 2021

11/29/2021 EDT

Management Planning Department

ULVAC, Inc.

2500 Hagisono, Chigasaki, Kanagawa Prefecture 253-8543, Japan TEL. +81-467-89-2033 FAX. +81-467-82-9114

https://www.ulvac.co.jp/en/

Basic Corporate Philosophy/Management Policies

Basic Corporate Philosophy

The ULVAC Group aims to contribute to the development of industries and science by comprehensively utilizing its vacuum and peripheral technologies through the mutual cooperation and collaboration of the Group companies.

Management Policies

Improve Customer Satisfaction

Innovations in ProductionTechnology

Development of Original Products

Free and Open-minded Organization

Enhancing Corporate Value

ULVAC's mission

'ULVAC' is a combination of 'UL' from 'ultimate' and 'VAC' from 'vacuum,' signifying that we pursue the 'Ultimate in Vacuum Technology.' In 1952, ULVAC was founded by a group of young people aspired to contribute to Japan's post-war reconstruction and the development of industry and science through the use of vacuum technology.This aspiration created various vacuum technology equipment which played an important role in multiple fields such as automobiles and electrical appliance in everyday life to raw materials and chemicals in the industrial field. For the most advanced industries such as flat panel displays, semiconductor and electronics, vacuum technology has become an absolute essential, and we have grown along with people's way of life. Our mission is to continue to create value for the world and contribute to the future of people and the earth through vacuum technology.

In an era of change, we challenge to change, without being satisfied with the status quo, and will always pursue the forefront through vacuum technology, together with our partners. We will contribute to the realization of a sustainable society through vacuum technology while fulfilling our social responsibilities.

1

ULVAC VALUE REPORT 2021

2

ULVAC's VacuumTechnology

Table of Contents/Editorial Policy

VacuumTechnology,

ULVAC's Core

Competence

Stated simply, a vacuum is a space where the pressure is lower than the atmospheric pressure. A vacuum has interesting properties: for example, materials' lower boiling points in a vacuum mean they are more likely to evaporate and gas molecules can travel in a straight line in a space. ULVAC has developed various application technologies that exploit the properties of a vacuum in its quest to realize the remarkable potential inherent in vacuum technology.

For example, using vacuum technology, it is

ULVAC's Business Segments

Vacuum Equipment Business

Semiconductor and electronic device production equipment

Semiconductor (memory, logic, power semiconductors, etc.)

production equipment

Electronic device (MEMS, communication devices, optical

devices, etc.) production equipment

Electronic packaging equipment (WL-CSP,FoPLP, etc.)

FPD production equipment

LCD production equipment

OLED production equipment

Roll coater

Components

Vacuum pumps

Vacuum gauges

Helium leak detectors

Process gas monitors

Power generators for deposition processes

Vacuum valves

Film deposition controllers Vacuum robots

Industrial equipment

Vacuum heat treatment furnaces

Vacuum melting furnaces

Vacuum brazing furnaces

Rare-earth magnet production equipment

Vacuum freeze-drying equipment High-vacuum distillation equipment

About ULVAC

5

ULVAC's History

7

ULVAC's Businesses

9

HighlightsConsolidated Financial and Non-financial

ULVAC's Vision

11

Commitment of Top Management

15

ULVAC's Value Creation

Process

Priority Issues

Value Offered by ULVAC's Business

Research & Development and Global Expansion

23

ULVAC's Sustainable Management

25

Mid-term Management Plan: Breakthrough

2022

Business Strategy

29

Vacuum Equipment Business

Semiconductor Production Equipment

Electronic Device Production Equipment

FPD Production Equipment

Components

Industrial Equipment

34

Vacuum Application Business

Materials

Other

Strengthening of Foundation for Value Creation

35

Corporate Governance

39

ULVAC's Value Creation from the

Perspective of External Directors

43

Management Structure

45

Risk Management

47

Compliance

48

Human Rights

49

Human Resources

52

Occupational Safety and Health

53

Quality Assurance and Product Safety

54

Procurement

55

Environment

Financial Data/ Corporate Information

59

11-year Financial Data

61

Financial Overview

63

Consolidated Financial Statements

67

Company Data/Stock Information/ULVAC

Group Companies

possible to create ultrathin films with micron- to nanometer-order thickness. Since such thin films cannot be produced by physically stretching materials, advanced vacuum deposition technology is required for depositing layers of atoms or molecules of materials in a vacuum.

Led by IoT, 5G, and AI, a tremendous wave of technological innovation has brought about the advent of the smart society. Vacuum deposition is destined to fulfill a vital role in the fundamental technologies underpinning the smart society.

3

Micro powder dry

Power leak testers

Vacuum Application Business

Materials

Sputtering target materials

High-melting-point materials and production of components

Nano-metal ink

Others

Surface analyzers

Controllers

Mask blanks, etc.

Major Vacuum Equipment

Sputtering equipment, vacuum evaporation equipment, CVD equipment, etching equipment, ashing equipment, ion implantation equipment, annealing equipment, etc.

Editorial Policy

We publish the ULVAC VALUE REPORT as a summary of our initiatives in the past year to achieve sustainable growth and enhancement of corporate value, our medium- to long-term vision, and our management approach.

We consider this report to be an important communication tool to facilitate stakeholders' understanding of our activities and deepen dialogue with them.

Published:

November 2021 (Previous issue published in November 2020) Guidelines Referenced:

ISO26000: 2010 (Guidance on social responsibility) First Edition The International Integrated Reporting Framework, the International Integrated Reporting Council (IIRC) (January 2021)

Report's Scope and Period

Scope: ULVAC Group

In principle, this report covers the ULVAC Group; any portions that cover only ULVAC, Inc. are indicated as such.

Period:Year ended June 30, 2021 (July 1, 2020 to June 30, 2021, FY 2020)

Some portions of the report include activities and initiatives from July 2021 onward.

Figures shown in tables and graphs in this report may not add up to the indicated total because of rounding. Some figures have been revised from previous years' data because the scope of reporting was expanded or calculating methods have been changed.

ULVAC's Communication Tools

Summarized

ULVAC VALUE REPORT

(Japanese and English version)

Business report

Corporate

governance report

Business results

Sustainability

Securities report

presentation materials

(Website)

(Japanese/English)

Detailed

Financial information

Non-financial information

We endeavor to achieve the optimum information disclosure by making various communication tools available to meet your needs.

To help you deepen your understanding of the ULVAC Group, our communication tools range from statutory disclosure documentation centering on information on financial closing to this report that offers non-financial information, such as social and environmental initiatives indispensable for creating corporate value, in addition to information on business activities, management strategies, and financial information. Please also refer to our website for the latest information.

ULVAC VALUE REPORT 2021

4

About ULVAC

ULVAC's History

When ULVAC was founded back in 1952, vacuum technology had not yet entered widespread use in Japan. As a trailblazer, we championed vacuum technology by introducing new technologies to the market and addressing the needs of customers in diverse industries. ULVAC will continue tackling technological innovation to speed progress toward the "smart society" to which we aspire.

Challenging new industrial sectors

Ever since its foundation, ULVAC has been refining its capability to leverage the characteristics of vacuum technology. In step with the changing industrial structure, we have always boldly sought to develop new technologies while expanding application fields to include the production of automobiles, chemicals, pharmaceuticals, and food, metallurgy, as well as mass production of semiconductors and electronic devices, flat-panel displays, and organic light-emitting diode displays.

Inspired by the promise of the emerging "smart society," we are confident that our vacuum technology will be a key to the advance of the cluster of transformative technologies, including IoT, big data, artificial intelligence, and self-driving vehicles, that will underpin next-generation lifestyles.

The story of

ULVAC's foundation

At the time when Japan was engaged in post-war recovery, a group of talented young researchers and engineers gathered with the aim of "contributing to the revival of Japanese industry through vacuum technology." In 1952 six angel investors, impressed by the passion of these visionary young people, invested in the establishment of Japan Vacuum Engineering Co., Ltd., the forerunner of present-day

ULVAC.

1952: Japan Vacuum Engineering Co., Ltd. was founded.

Fascinating!

Each invested ¥1 million (equivalent to ¥25 million today) of their own money

Y'all must do it!

Japan Vacuum

Sought

investment

Engineering Co., Ltd.

First president

Kohnosuke Matsushita

Tamesaburo Yamamoto

Aiichiro Fujiyama

President of Matsushita

President of Asahi Beer

Chairman of Chamber of

Electric Industrial

Commerce & Industry of Japan

Great idea!Through

President of Dainihon Sugar

Refining Company

vacuum technology let's

Foreign Minister

help create an affluent

future for the up and

Yoshijiro Ishikawa

I want to establish

Six

coming generation.

President of

a vacuum technology

Gen Hirose

Yoshio Osawa

investors

company to help drive

Keifuku Electric Railroad

President of

President of Osawa-Shokai

Japan's recovery.

Consult

Nissay

We will provide

wholehearted support

Second president

Third president

to a company wishing

to establish the vacuum

technology business in

Japan.

1941: Vacuum Club

NRC

was established.

Equipment Corporation Cooperation

*1950: Renamed Vacuum

U.S. vacuum equipment

Technology Association

manufacturer

Jin Imachi

Chikara Hayashi

Mazda Research Laboratory

Sagane Lab of the University

of Toshiba

of Tokyo

*Names of companies, organizations and titles are those at the time mentioned.

1952~ 1960~ 1962~ 1973~ 1975~

Automobile

Chemical/

Metal/steel

Liquid crystal display

Semiconductor

pharmaceutical/food

Customers'

products

Reflectors for automobiles

Pharmaceuticals

Special steel

LCD calculator display

Computer (Photo: Courtesy of IBM Archives)

Corresponding products

ULVAC

System 731

Vacuum evaporation

100 kg-class vacuum

Transparent conductive film

equipment

High-vacuum distillation

induction melting furnace

deposition equipment

equipment for plasticizers

1983~ 1992~ 2016~ 2018~

Electronic storage

FPD

OLED

Advanced semiconductor/

media

electronic device

Discs

Flat-panel display

OLED

Advanced semiconductor

OLED production equipment

LCD production equipment

Semiconductor production

In-line sputtering equipment

equipment

History 1952

1964

Japan Vacuum Engineering

Established the first overseas

Co., Ltd. was founded.

subsidiary in Hong Kong.

1955

1968

Opened the Omori Plant in

Head Office/Plant completed

Tokyo to start manufacturing

in Chigasaki, Kanagawa

equipment in Japan.

Prefecture.

1959

1969

Opened the Yokohama Plant

Changed the company

in Kanagawa Prefecture.

name in English to ULVAC

CORPORATION to promote

exports.

1952 1960

1971

Established a subsidiary in Hamburg, then West Germany, as a base for cultivating the western European market.

1972

Opened the Institute for Super Materials as ULVAC's first research facility.

1975

Opened the North American Office. Established a subsidiary in North America as a base for exports to the U.S.

1977

Established KYUSYU ULVAC CORPORATION (present- day ULVAC KYUSHU CORPORATION) in Kagoshima Prefecture to expand sales

activities in the Kyushu area.

1970

1982

Established a subsidiary in Taiwan.

Established the Tsukuba

Institute for Super Materials

in Tsukuba Science City

(present-day Tsukuba City),

Ibaraki Prefecture.

1983

Opened the Beijing Office in China.

1987

Established ULVAC TOHOKU, Inc. in Aomori Prefecture

to strengthen production of large-scale equipment.

1980

1990

Opened the Fuji Susono Plant in Shizuoka Prefecture, as a plant dedicated to semiconductor production equipment.

1995

Established a vacuum pump

production base in China.

Established a subsidiary in South Korea.

1990

2001

Changed the company name to ULVAC, Inc.

2002

Established a subsidiary in Singapore.

2003

Established a base for full- scale production and field support in China.

2004

Listed on the First Section of the Tokyo Stock Exchange.

New buildings of the Head Office/Plant (Chigasaki, Kanagawa Prefecture) completed.

2000

2005

Established a large-scale production base for large LCD production equipment in South Korea.

Established a subsidiary in Thailand.

Established R&D bases in South Korea and Taiwan.

Established a subsidiary in Malaysia.

2006

Established a production subsidiary for large LCD production equipment in Taiwan.

2007

Established a base in India.

2005

2010

Relocated the Chiba Institute for Super Materials to the Tomisato Industrial Park in Chiba Prefecture to enhance R&D.

2011

Established the South Korea

Institute for Super Materials

to enhance R&D in South

Korea.

2010

2015

Established the Future

Technology Research Laboratory

in Tsukuba, Ibaraki Prefecture.

2016

Began manufacturing production equipment for large displays in China.

2018

Established the ULVAC-Osaka

University Joint Research Laboratory for Future Technology at Osaka University.

2021

Opened the ULVAC Advanced

Technology Collaborative Research

Cluster at Tokyo Institute of

Technology

2015

5

ULVAC VALUE REPORT 2021

6

About ULVAC

ULVAC's Businesses

Across a wide range of industries, ULVAC is a source of numerous products and technologies that meet the needs of our customers and the market.

At present, ULVAC operates businesses in six areas.

Net sales by business segment (amount and %)

Vacuum Application

Vacuum Equipment

Business

17%

Business

¥31.7 billion

¥151.3 billion 83%

¥16.8

¥

billion

Others

billion

FPD production

45.3

equipment

ULVAC is a source of

ULVAC not only develops a range

technology derived from

of FPD production equipment but

vacuum-based production

also offers solutions worldwide that

equipment for diverse

leverage its development of advanced

industries.

materials.

Materials

¥15.0

8%

9%

25%

billion

ULVAC is a source of

electronic materials, such

Net sales in FY 2020

as sputtering targets,

for diverse industries.

12%

Net sales by region (amount and %)

Ratio of sales overseas

64%

Europe, North

Other Asia

America and

¥3.7billion

elsewhere

¥8.2billion

(2%)

Taiwan

¥17.6billion (4%)

(10%)

Japan

South Korea

¥65.5billion

¥25.4billion

Net sales in FY 2020

¥183.0billion

(36%)

(14%)

China

¥62.7billion (34%)

In addition, in the high-

¥183.0billion

performance materials

sector, ULVAC is a source

of integrated manufacturing

and precision processing

15%

technologies for titanium,

tantalum, zirconium,

31%

niobium, etc.

Industrial

Semiconductor

equipment ¥22.6billion

and electronic

device

¥56.5billion

ULVAC has been involved in

production

this business sector since the

Components

¥26.9billion

equipment

emergence of vacuum technology

Higher integration and higher

in the 1950s. Leveraging the

performance at lower cost are

fundamental technology it has

As a comprehensive vacuum

demanded for next-generation

developed so far, ULVAC currently

product manufacturer, ULVAC is also

semiconductors and other high-

provides various solutions across

dedicated to the development of

performance devices. Based on its

wide-ranging industries, including

components.

development of super-miniaturization

the automobile, pharmaceutical,

ULVAC pursues cutting-edge

technologies for such semiconductors

and food industries.

vacuum technology while providing

and other electronic devices, ULVAC

a wide range of product lines,

delivers a stream of new technologies

extending from vacuum pumps

and products to the world that

and measurement and analysis

underpin the progress of society.

equipment, to components, such as

power generators for various types

7

of deposition equipment and vacuum

valves.

Employees by region (number and %)

United States

Ratio of employees

Other Asia

140persons

overseas

104persons

(2%)

48%

(2%)

Taiwan

559persons

KoreaSouth (9%)

689persons Number of employees

in FY 2020

Japan

(11%) 6,063persons

3,137persons

(As of June 30, 2021)

(52%)

China

1,434persons

(24%)

ULVAC VALUE REPORT 2021

8

Disclaimer

Ulvac Inc. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 December 2021 08:51:07 UTC.


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Technical analysis trends ULVAC, INC.
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 8
Last Close Price 5 220,00 JPY
Average target price 8 175,88 JPY
Spread / Average Target 56,6%
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Setsuo Iwashita Head-Shanghai Branch
Sadao Aoki Managing Executive Officer & Manager-Finance
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