Shareholders’ Report Vol. 51 70th Interim Termmarket for tabletop stoves, as well as adjustment of distribution inventories Gas fan-forced heater Tankless water heater Tankless water

2.1

Rinnai Brand Guidelines

基本デザイン要素一覧Basic Design Elements: Overview

Rinnaiブランドを表現する基本デザイン要素の一覧です。これらをパズルのピースのように、本ガイドラインの規定のもとに組み合わせることで、Rinnaiブランドの新たな視覚的なイメージが生まれます。それぞれの役割・用途を十分に理解し、正しく活用してください。それぞれの要素についての詳細は以降のページを参照してください。

ABCDEFabcdef0123&#!?ABCDEFabcdef0123&#!?熱あいうえおカキクケコ0123&$#!?熱あいうえおカキクケコ0123&$#!?

Revised versionPeople

Revised versionProducts

Rinnaiロゴ　2.2

カラーパレット　2.4

フォトスタイル　2.６グラフィックエレメント　2.7

社名表記書体　2.3

フォント　2.5

TSE code 5947

Shareholders’ Report Vol. 51 70th Interim Term(April 1 to September 30, 2019)

1

Message

Hiroyasu NaitoPresident

In the first two quarters under review (April 1–September 30, 2019), the world economy was

characterized by uncertainty about the future, reflecting economic slowdown in Europe and

China and trade issues between the United States and China. This was despite moderate

economic recovery in the United States. In Japan, the economy continued recovering, buoyed

by improved corporate earnings and employment conditions, as well as an increase in

consumption due to a last-minute rush in demand ahead of the consumption tax hike.

The domestic housing industry saw a slowdown in growth of new housing starts,

especially for rental properties. However, there was an uptrend in demand for renovation and

replacement of housing appliances, reflecting the aforementioned demand rush ahead of the

consumption tax hike.

Under these circumstances, the Rinnai Group entered the second year of its medium-term

business plan, “G-shift 2020,” which started in April 2018. Under the plan (with the slogans

“heat and lifestyles” and “health and lifestyles”), we are striving to help improve living standards

in the global market. In addition to existing offerings, in the period under review we pursued

initiatives aimed at creating unique products and services by incorporating and applying new

technologies into our core technologies.

With respect to revenue, sales of water heaters in China, South Korea, and elsewhere

declined year on year. On the earnings side, we posted an increase in operating income

thanks to higher domestic sales and cost reductions in Japan. More details of our financial

performance are given later in this report. The Company declared an interim cash dividend of

¥48.00 per share, up ¥2.00 from a year earlier.

The Rinnai Group will help realize a sustainable society and comfortable lives for

customers while keeping abreast of changes in the business environment. We look forward to

the renewed support and cooperation of shareholders as we embrace the challenges of the

future.

December 2019

To Our Shareholders

Hiroyasu Naito

President

2

0

80.0

160.0

240.0

320.0

400.0(%)

0

3

6

9

12

15

9.9 9.6

319.9 330.2347.0 348.0

155.1149.4 159.7

8.78.3

162.7160.3

7.6

(Billions of yen)

Operating income ratio(Interim)

Net sales (Interim)

Net sales (Full year)

Fiscal2019

Fiscal2020

(Interim)

Fiscal2016

Fiscal2017

Fiscal2018

0

20

40

60

80

100

82.0

40.0 42.0 44.0 46.0

86.090.0

94.0

48.0

Dividends per share (Full year)

Dividends per share (Interim)

(Yen)

Fiscal2019

Fiscal2020

(Interim)

Fiscal2016

Fiscal2017

Fiscal2018

0

70.0

140.0

210.0

280.0

350.0

0

20

40

60

80

100

69.6 67.8

271.7

307.9320.6 324.9

68.0 69.4

290.6

70.3

(Billions of yen)

Fiscal2019

Fiscal2020

(Interim)

Fiscal2016

Fiscal2017

Fiscal2018

Net assets Equity ratio

(%)

0

5

10

15

9.08.4

6.35.8

7.6

5.1 4.8

7.0

ROAROE

Fiscal2018

Fiscal2019

Fiscal2016

Fiscal2017

(%)

0

8.0

16.0

240

32..0

40.0

34.5

22.7

34.0

22.3

32.830.8

21.1 20.4

14.8

9.6 8.9

13.9

9.4 8.8

13.2

12.37.9

14.8

Fiscal2019

Fiscal2020

(Interim)

Fiscal2016

Fiscal2017

Fiscal2018

Operating income (Interim) Net income (Interim)

Operating income (Full year) Net income (Full year)

(Billions of yen)

Financial DataConsolidated Business Results(First Two Quarters of the Fiscal Year ending March 2020)

Operating income, net income attributable to

owners of the parent company

ROE, ROA Dividends per share(annual)

Net sales, operating income ratio

Net assets, equity ratio

Performance Highlights

• Net sales down for first time in seven years due to lower overseas sales, but operating income up for first time in three years due to higher sales in Japan and cost-reduction efforts

• Interim cash dividend of ¥48.00 per share, for 10th consecutive year of interim dividend increases

3

0

20.0

40.0

60.0

80.0

100.0

88.4 88.3 88.3

40.7 40.2

41.642.2

(Billions of yen)

Fiscal2017

Fiscal2018

Fiscal2019

Fiscal2020

(Interim)

Net sales (Interim) Net sales (Full year)

0

50.0

100.0

150.0

200.0

250.0

188.2202.3 202.6

91.7 95.590.6

87.2

(Billions of yen)

Fiscal2017

Fiscal2018

Fiscal2019

Fiscal2020

(Interim)


0

12.0

24.0

36.0

48.0

60.0

53.556.1 57.0

27.1 26.9

27.9

25.6

(Billions of yen)

Fiscal2017

Fiscal2018

Fiscal2019

Fiscal2020

(Interim)


Total¥160.3 billion

¥14.6billion

¥90.6billion

¥41.6billion

¥3.9billion

¥9.3billion

Waterheaters

Kitchenappliances

Commercial-useequipment

Commercial-useequipment

Others

Air conditioning appliances

Others

¥9.2 billion

Japan

¥85.5 billion

South Korea

¥13.7 billion

United States

¥15.7 billion

Australia

¥12.2 billion

China

¥18.8 billion

Indonesia

¥4.8 billion

Total

¥160.3 billion

Net sales by product

Sales of water heaters Sales of kitchen appliances Sales of air conditioning appliances, commercial-use equipment, and others

Net sales by regionHighlights by Product Segment

• Water heaters: Sales down due to lower sales of boilers and water heaters in China and South Korea

• Kitchen appliances: Increase in sales thanks to rise in last-minute demand in Japan ahead of the con-sumption tax hike, despite increased competition for tabletop stoves in South Korea

• Sales of air conditioning appliances, commercial-use equipment, and others: Growth in demand for gas clothes dryers in led to increase in segment sales

Product segment Principal products

Water heaters Tankless water heater with basic functions, bath-filling systems, heating systems, and hybrid water heater with heating systems

Kitchen appliances Tabletop cookers, built-in hobs (stovetops), ovens, dishwashers, range hoods and rice cookers

Air conditioning appliances

Fan heaters, fanned flue heaters and infrared heaters

Commercial-use equipment

Commercial-use ceramics griller, ranges and rice cookers

Others Clothes dryers, infrared burners and components

Consolidated Business Results(First Two Quarters of the Fiscal Year ending March 2020)

4

Financial Data

0

40.0

80.0

120.0

160.0

200.0

0

10.0

20.0

30.0

84.2

7.68.2

189.0

22.3

186.7 180.8

18.2 17.3

81.785.5

9.0

6.4

86.4

(Billions of yen) (Billions of yen)

Fiscal2018

Fiscal2019

Fiscal2020

(Interim)

Fiscal2017

0

0.5

1.0

1.5

2.0

2.5

0

6.0

12.0

18.0

24.0

30.0

21.4

12.11.3

1.21.2

23.424.9

1.5

1.0 12.112.2

1.5

0.5

11.5


Fiscal2018

Fiscal2019

Fiscal2020

(Interim)

Fiscal2017

0

12.0

24.0

36.0

0

1.0

2.0

3.0

0.7 0.8

0.4

23.5

13.1 14.2

1.6

27.730.3

15.7

2.2

1.4

0.610.7


Fiscal2018

Fiscal2019

Fiscal2020

(Interim)

Fiscal2017

0

8.0

16.0

24.0

32.0

40.0

0

0.5

1.0

1.5

2.0

0.20.1 0.1

0.9

32.4

0.8

0.1

34.732.9

15.8 15.9 13.7

-0.2

14.9


Fiscal2018

Fiscal2019

Fiscal2020

(Interim)

Fiscal2017

0

10.0

20.0

30.0

40.0

50.0

0

1.5

3.0

4.5

6.0

35.9

20.4

3.0

44.2 46.05.0 4.9

2.11.8

2.0

23.5 18.81.917.9


Fiscal2018

Fiscal2019

Fiscal2020

(Interim)

Fiscal2017

0

3.0

6.0

9.0

12.0

15.0

0

1.0

2.0

3.0

0.7 0.7 0.6

10.7

5.3 5.2 4.8

1.9

11.412.1

1.7 1.6

0.3

5.1


Fiscal2018

Fiscal2019

Fiscal2020

(Interim)

Fiscal2017

United States

China Indonesia

Australia

Increases in sales and income owing to growth in sales of built-in stovetops and gas clothes dryers, as well

as rush in demand ahead of consumption tax hike

Increase in sales thanks to healthy demand for tankless water heaters and air conditioners, but decrease in income due to higher purchasing costs stemming from weak local currency

Growing recognition of highly convenient tankless water heaters, as well as an increase the proportion of high-grade, high-efficiency

water heaters sold, led to higher sales and income

Sales and income down due to fall in sales of water heaters amid economic slowdown, as well as weakening

demand for boilers in rural areas

Sales and income down due to lack of strength in the market for tabletop stoves, as well as adjustment of

distribution inventories

Gas fan-forced heater

Tankless water heater


Range hoodBuilt-in hobs (stovetops)

Electric tank-based water

heater

Duct-type air-conditioning and heating

system

Built-in hobs (stovetops)

Tabletop cooker

Highlights by Regional Segment

South Korea

Deteriorating conditions in the housing appliance market, as well as lower demand for gas stoves and boilers, led to

decrease in sales and an operating loss

Tabletop cooker Gas boiler Commercial-use steam oven


Japan

Eco Jozu highly efficient water

heater

Clothe dryersRange hoodBuilt-in hobs (stovetops)

Operating income (Interim)Operating income (Full year)

Net sales (Interim)Net sales (Full year)











5

1950Reorganized as a corporation, name changed to Rinnai Seisakusho

1971Name changed to Rinnai Corporation

1964Opened Oguchi Factory (Aichi Prefecture)

1970Established Rinnai Taiwan Corporation; engaged in full-scale overseas expansion under policy of contributing to local communities

1945Major business contraction in war aftermath; workforce down from around 500 to 551938

Started making aircraft parts as factory supervised by army; name changed to Rinnai Aircraft Parts Manufacturing in 1940

Rising demand for heating appliance

as daily necessities

Growing need for safety

and security

Founded1920

1957Formed technological tie-up with German Schwank GmbH and began sales of Schwank-designed standing-type infrared gas heaters

First in Japan

1971 Developed and launched Convec (high-speed, direct-flame, forced-convection gas oven)

First in the world

1980Started selling built-in appliances amid proliferation of system kitchens

1983Launched UT (compact gas water heater fitted with device to prevent incomplete combustion)

1920New style of Rinnai-type Kerosene gas stove registered

Incorporated as Rinnai & Co. by founders, Hidejiro Naito (first president) and Kanekichi Hayashi (second president); started manufacturing Kerosene gas stoves

On September 1, 2020, Rinnai will celebrate its 100th anniversary.The Rinnai Group has consistently provided diverse products and services that reflect the needs of the times and contribute to people’s daily lives.

Hidejiro Naito Kanekichi Hayashi

100th Anniversary: History of Rinnai

Connected in passion for the next 100 year

6

History

1983 Listed on First Sections of Tokyo Stock Exchange and Nagoya Stock Exchange

1979Opened Seto Factory; started full-scale production of water heaters (now main business)

Addressing demand related to

environment and energy efficiency

Growing need for faster and

easier housekeeping

September 1, 2020

100thanniversary of

founding

First in the world

First in the world

2008Released dishwasher/dryer with baking soda wash mode

2017Unveiled G Line of kitchen appliances (flagship category targeting highest levels of quality and luxury)

2010Commercialized home-use hybrid water heater (combining heat pump and gas water heater)

2007Unveiled DELICIA series of built-in hobs (stovetops)

1999Launched gas fan heaters with air purifying function

1999Released high-efficiency condensing gas water heater with thermal efficiency of 95%; received Energy Conservation Grand Prize from Minister for International Trade and Industry (in 2000)

2019 Renewed the Rinnai logomark in pursuit of global brand status

2.1


基本デザイン要素一覧Basic Design Elements: Overview

Rinnaiブランドを表現する基本デザイン要素の一覧です。これらをパズルのピースのように、本ガイドラインの規定のもとに組み合わせることで、Rinnaiブランドの新たな視覚的なイメージが生まれます。それぞれの役割・用途を十分に理解し、正しく活用してください。それぞれの要素についての詳細は以降のページを参照してください。

ABCDEFabcdef0123&#!?ABCDEFabcdef0123&#!?熱あいうえおカキクケコ0123&$#!?熱あいうえおカキクケコ0123&$#!?

Revised versionPeople

Revised versionProducts

Rinnaiロゴ　2.2

カラーパレット　2.4

フォトスタイル　2.６グラフィックエレメント　2.7

社名表記書体　2.3

フォント　2.5

Currently, the Rinnai Group has

operations in 17 countries and

regions and sells its products in

more than 80 nations worldwide.

With the “heat and lifestyles” and

“health and lifestyles” as our

slogans, we are committed to

providing original products and

services to the global market.

Year ended March 2016

Reached ¥300 billion in consolidated net sales





2013Opened Seto Akatsuki Factory (now Akatsuki Factory) in Aichi Prefecture


Overseas sales ratio surpasses

30%(32.9%)


Overseas sales ratio surpasses

50%(50.4%)

7

Full model change of DELICIA Series (3V dry cell type)

New factory building completed at Rinnai Brasil Tecnologia de Aquecimento Ltda. (Rinnai Brazil)

Rinnai topics

Rinnai has undertaken a full model change of its flagship DELICIA Series (3V dry cell type) of built-in hobs (stovetops), first released in 2007. It features DELICIAPP, enabling you to do everything from hands-on daily menu creation to automatic cooking, guaranteeing delicious results every time. The new models are also extremely easy to clean, which helps reduce the burden of cooking, from initial preparation to final cleanup, making housekeeping easier than ever.

August 2019 saw the completion of a new factory building at Rinnai Brasil Tecnologia de Aquecimento Ltda. (Rinnai Brazil, headquartered in Mogi das Cruzes, São Paulo) and a completion ceremony. In Brazil, a large portion of electricity is generated by hydropower, so changing climatic conditions can affect the stability of power supply. Accordingly, there are growing expectations for gas as a reliable energy source. Rinnai Brazil was established in 1975 and its main products are gas water heaters. The new factory building has a total floor space of around 4,900m2, resulting in two-fold increase in entire factory’s production space. Going forward, in addition to improving its production capacity for water heaters, Rinnai Brazil will promote in-house production of heat exchangers and other important components.

Features of new models● Includes “The Cocotte,” which can be placed atop the grill or

inside the oven for more diverse cooking options●�External design highlights refined, yet simple, modern beauty●�Stove heating indicator located on top surface, providing

excellent visibility of flame

New factory building at Rinnai Brazil (right, at back)

Completion ceremony, attended by mayor of Mogi das Cruzes and other local guests

Launched in August 2019

Rinnai Topics

8

162,750

109,507

53,242

40,904

12,338

1,882

75

14,145

69

69

14,145

3,867

10,277

1,475

8,802

8,334

(367)

(3,771)

104,592

280,221

150,540

84,666

3,727

62,146

430,762

83,901

21,947

105,849

296,052

6,459

8,756

282,704

(1,868)

6,633

22,226

324,913

430,762

160,361

108,508

51,853

38,613

13,240

1,188

578

13,849

—

712

13,137

3,835

9,301

1,310

7,990

8,586

4,827

(3,460)

125,725

Current Term Previous Term Current Term Previous Term

Current Term Previous Term

Financial DataFinancial Data

Consolidated Statements of Cash Flows (Millions of yen)

Current Term (From April 1, 2019, to September 30, 2019) Previous Term (From April 1, 2018, to September 30, 2018)

Consolidated Statements of Income (Millions of yen)

Current Term (From April 1, 2019, to September 30, 2019) Previous Term (From April 1, 2018, to September 30, 2018)

Consolidated Balance Sheets (Millions of yen)

Current Term (As of September 30, 2019)Previous Term (As of March 31, 2019)

Assets

Current assets

Fixed assets

Property, plant and equipment

Intangible fixed assets

Investments and advances

Total assets

Liabilities

Current liabilities

Long-term liabilities

Total liabilities

NET ASSETS:

Shareholders’ equity:

Common stock

Capital surplus

Earned surplus

Treasury stock

Other comprehensive income:

Minority interests

Total net assets

Total liabilities and net assets

Cash flows provided by operating activities

Cash flows provided by investing activities

Cash flows provided by financing activities

Cash and cash equivalents at end of term

280,891

149,993

82,854

5,743

61,395

430,885

88,350

21,838

110,188

289,495

6,459

8,756

276,143

(1,864)

9,640

21,560

320,696

430,885

Net sales

Cost of sales

Gross profit

Selling, general and administrative expenses

Operating income

Other income

Other expenses

Ordinary income

Extraordinary income

Extraordinary loss

Income before income taxes

Income taxes

Net income

Net income attributable to non-controlling interests

Net income attributable to owners of the parent company

9

23.4%

Own shares0.4%

32.6%

28.2%

14.5%

Securities companies

0.8%

Financial institutions

Corporations

Individuals and others

Foreign investors

Board of Directors (As of September 30, 2019)

Directory (As of September 30, 2019) Domestic Network (As of September 30, 2019)

Composition of shareholders

Share Composition (As of September 30, 2019)

Corporate Data

Incorporated September 1, 1920

Established September 2, 1950

Paid-in capital ¥6,459,746,974

Head office 2-26, Fukuzumi-cho, Nakagawa-ku,

Nagoya 454-0802

TEL: +81-52-361-8211

Number of employees 10,459 (Consolidated)

3,709 (Nonconsolidated)

Factories and related centers Technology Development Center, Production Technology Center, Integrated Logistics Center, East Japan Logistics Center, Parts Center, Oguchi Factory, Seto Factory, Asahi Factory, Akatsuki Factory

Branches Tohoku, Kanto, Chubu, Kansai, Kyushu

Domestic sales offices Hokkaido, Kita-Tohoku, Sendai, Niigata, Tokyo, Kita-Kanto, Higashi-Kanto, Minami-Kanto, Tokai, Shizuoka, Hokuriku, Nagano, Osaka, Keji, Hyogo, Chugoku, Shikoku, Fukuoka

Domestic satellite offices (94 offices)

Other domestic offices 11 Training Centers, Customer Center

Chairman Kenji Hayashi

President and Hiroyasu Naito Executive Officer

Director and Tsunenori Narita Executive Vice President

Director and Masao Kosugi Senior Managing Yuji Kondo Executive Officers

Directors Nobuyuki Matsui Takashi Kamio

Notes: 1. Nobuyuki Matsui and Takashi

Kamio (Directors) serve as an

outside director.

2. Masaaki Matsuoka and Ippei

Watanabe (Audit & Supervisory

Board Members) serve as an

outside auditor.

Managing Executive Terumasa Kaneko Officers Kinji Mori Yasuo Koketsu Greg Ellis

Executive Officers Chuji Nakashima Hirohisa Ooi Kazuhiko Matsumoto Masanori Shimizu Kazuto Inoue Hideyuki Shiraki Koji Fujioka Fuminobu Ishikawa Kenji Endo

Standing Audit & Haruhiko Ishikawa Supervisory Katsuhiko Shinji Board Members

Audit & Supervisory Masaaki Matsuoka Board Members Ippei Watanabe

Number of shares

Authorized: 200,000,000

Outstanding: 51,616,463 (Including treasury stock)

Number of shareholders: 4,218

10

Stock Information

Stock Price RangeMajor Shareholders (As of September 30, 2019)

Rinnai Group (As of September 30, 2019)

Consolidated subsidiary Nonconsolidated subsidiary Affiliated company (equity method applied) Affiliated company (equity method not applied)

15 Domestic SubsidiariesManufacture and Sale of Products

Yanagisawa Manufacturing Co., Ltd. Rinnai Technica Co., Ltd. Gastar Co., Ltd.

Sale of Products Rinnai Net Co., Ltd.

Manufacture and Sale of Components RB Controls Co., Ltd. Rinnai Precision Co., Ltd. RT Engineering Co., Ltd. Japan Ceramics Co., Ltd. Noto Tech Co., Ltd. Techno Parts Co., Ltd.

Other Business Rinnai Enterprises

Other four companies

32 Overseas Subsidiaries and AffiliatesHolding Company/Sale of Products

Rinnai Holdings (Pacific) Pte Ltd.

Manufacture and Sale of Products Rinnai America Corporation Rinnai Australia Pty., Ltd. Shanghai Rinnai Co., Ltd. Rinnai Korea Corporation P.T. Rinnai Indonesia Rinnai New Zealand Ltd. Rinnai Taiwan Corporation Rinnai (Thailand) Co., Ltd. Rinnai Brasil Heating Technology Ltd. Rinnai Viet Nam Co., Ltd.

Sale of Products Rinnai Hong Kong Ltd. Guangzhou Rinnai Gas and Electric Appliance Co., Ltd.

Rinnai Italia S.r.l. Rinnai Canada Holdings Ltd. Shanghai Rinnai Thermo Energy Engineering Co., Ltd. Rinnai UK Ltd. Rinnai (Malaysia) Sdn. Bhd. Rinnai Plus Corp. Central Heating New Zealand Ltd. Hainan Rinnai Minsheng Kitchen Appliances Sales Co., Ltd.

Manufacture and Sale of Components RB Korea Ltd. Shanghai RB Controls Co., Ltd. RS Korea Ltd. Mikuni RK Corporation

Other Business Gas Appliance Services Pty., Ltd.

Other six companies

Name Shares held (Thousands)

Naito Co., Ltd. 6,215

Yoshikane Shoji Co., Ltd. 4,002

The Master Trust Bank of Japan, Ltd. (Trust Account) 2,818

Kenji Hayashi 2,454

Japan Trustee Services Bank, Ltd. (Trust Account) 1,944

Japan Trustee Services Bank, Ltd. (Trust Account 9) 1,645

MISAKI ENGAGEMENT MASTER FUND 1,437

BNYM AS AGT/CLTS 10 PERCENT 1,025

Tokyo Gas Company, Limited 784

Japan Trustee Services Bank, Ltd. (Trust Account 5) 747

(Yen) (Thousands of shares)

Stock price Trading volume

July Aug. Sept. July Aug. Sept.April May JuneOct. Nov. Dec. Mar.Jan. Feb.20192018

0

1,500

3,000

4,500

6,000

7,500

0

2,000

4,000

6,000

8,000

10,000

Investor InformationMemorandum for Shareholders

Financial year From April 1 to March 31

Annual meeting of shareholders Every June

Dates of record Annual meeting of shareholders, year-end dividend: March 31 Interim dividend: September 30

Minimum trading unit 100 shares

Public noticePublic notices by the Company will be announced online. https://www.rinnai.co.jpHowever, if due to accident or some other unavoidable reason that prevents the Company from completing an online announcement should arise, a public notice will be made by posting in the Nihon Keizai Shimbun.

Transfer agentSumitomo Mitsui Trust Bank, Limited4-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-0005Special account administrator Sumitomo Mitsui Trust Bank, Limited4-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-0005

Mailing and contact Sumitomo Mitsui Trust Bank, LimitedStock Transfer Agency Department8-4, Izumi 2-chome, Suginami-ku, Tokyo 168-0063

(Telephone)Freedial 0120-782-031(9:00 am~17:00 pm on weekdays)Transfer administration offices: Sumitomo Mitsui Trust Bank, LimitedHead office, and branches throughout Japan

Stock Listings: Tokyo Stock Exchange, First SectionNagoya Stock Exchange, First Section

Inquiries Pertaining to Share-Related Procedures

1. Non-Payment of Dividends

Please contact the transfer agent (Sumitomo Mitsui Trust Bank,

Limited; contact details above).

2. Change of address, purchases (or increases in purchases) of

fractional shares, designation of dividend payment method, etc.

(1) Shareholders with account at a securities company

Please contact the securities company handling your account.

(2) Shareholders with a special account opened due to absence of

account at a securities company

Please contact Sumitomo Mitsui Trust Bank, Limited

Dividend Calculation Notice The Dividend Calculation Notice, sent to shareholders at the time of

dividend payment, also functions as the Payment Notice according to

regulations under the Act on Special Measures Concerning Taxation.

This document can be used as a reference attachment when prepar-

ing final tax returns. For shareholders who have chosen to receive

dividends by the allocation based on the number of shares method, a

withholding tax amount are calculated by security companies. For

inquiries about a reference attachment when preparing final tax

returns, please contact your securities company. The Company will

issue a Dividend Calculation Notice to shareholders who receive divi-

dends by presenting the Year-End Dividend Receipt.

* Shareholders who prepare their own final tax returns are asked to keep

the Dividend Calculation Notice in a safe place.

2-26, Fukuzumi-cho, Nakagawa-ku, Nagoya 454-0802, JapanTelephone: +81-52-361-8211https://www.rinnai.co.jp/https://www.rinnai.com/


2.3.1

2.3 Company logotype

和文社名（A-OTF UD新ゴ M）縦組

英文社名（Neue Haas Grotesk Text 65 Medium ）

社名表記書体Corporate Logotype

Rinnaiグループ全体でRinnaiブランドを強く訴求するために、社名は統一した書体で表記します。和文フォントはA-OTF UD 新ゴ M、英文フォントは Neue Haas Grotesk Text 65 Mediumを使用してください。英文フォントの表記は頭文字を大文字それ以外を小文字の組み合わせを推奨します。

Neue Haas Groteskの「R」は、Opentype機能により「R」と「　」の2つの形状を選択できますが、直線的な「　」を使用してください。

Documents

Shareholders’ Report Vol. 51 70th Interim Termmarket for tabletop stoves, as well as adjustment of distribution inventories Gas fan-forced heater Tankless water heater Tankless water