AEON Mall : Notice of the 113th Ordinary General Meeting of Shareholders 4.8MB

Message from the President and CEO

Seizing on social change as opportunity, we will shift paradigms through co-creation with local communities, reassessing current business models and creating new value.

President and CEO

Yasutsugu Iwamura

To the Shareholders of AEON MALL Co., Ltd.:

First, we would like to express our deepest sympathies to all those who have been affected by the 2024 Noto Peninsula Earthquake. We sincerely hope for a quick recovery.

Many countries experienced the advancing transition to a post-COVID era, and new challenges are emerging that specific to each country and area due to changes in the economic situations and social environments, not to mention evolving customer values and needs.

Operating in such a business environment, AEON MALL Co., Ltd. (the "Company") last year formulated a 2030 Vision "AEON MALL, Co-Creating With Our Communities." Together with defining what kind of future we should aim for in our developer business, we have defined how we want to be in the year 2030 through describing a process for realizing our management vision of "becoming a company that will touch the hearts of five billion visitors throughout Asia."

Working to achieve our 2030 Vision, in our FY2023-FY2025Medium-Term Management Plan, we are pursuing continuous growth through establishing a fully integrated ESG-based management to create economic, social, and environmental value for stakeholders in order to seize the changes to the business environment as an opportunity to grow together with local communities as a sustainable company.

In fiscal 2023, the initial year of the medium-term management plan, we undertook initiatives to provide an experiential value different from ever before by considering the locational characteristics at the five newly opened facilities. Moreover, in Cambodia, looking to advance business operations that provide solutions to social problems, we took measures to expand beyond the framework of our conventional business activities, such as by opening a logistics center as a base for our new logistics business.

In the area of sustainability, which has attracted much attention in recent years, rather than simply conducting activities that contribute to society, we are looking to guarantee our future survival by promoting initiatives with the aim of showing our future promise to all stakeholders and being the Company of choice. In terms of solving environmental problems, we are pursuing three approaches: (1) realization of a decarbonized society, (2) establishment of circular malls, and (3) conservation of biodiversity. We pursue these initiatives under the title of "Machi no ACTION."

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We are also practicing human capital management to build a foundation for growth, as we believe it is our human resources that are our most crucial management resource in these endeavors.

In these times of increasingly complex social environments and volatility, uncertainty, complexity and ambiguity (VUCA), we must always meet the expectations of our customers and transform ourselves into a company that is supported by our communities more than ever.

We are looking beyond the framework of commercial facilities with the intention of taking on the challenge of business model transformation, involving a deepening ties with communities and business partners by fostering a sense of solidarity with a B to C business model, together with the challenge of new value creation.

We would like to ask our shareholders for their continued understanding and support of the Company's business.

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Management philosophy and vision for 2025

Basic Philosophy

Customer First.

Management Philosophy

AEON MALL is a Life Design Developer

that works with communities and produces

ways of living for the future.

Life Design involves producing ways for people to live in the future - work that drives AEON MALL to create and nurture opportunities for people to meet and engage in cultural activities. Beyond the development of commercial facilities, this work requires our company to expand ways for us to serve people throughout various stages of their lives.

Management Vision

Becoming a company that will touch the hearts of

5 billion visitors throughout Asia

• As Life Design Producers, we will go beyond working in a conventional commercial context and keep our company growing by opening up business opportunities to produce future ways of living.
• Ultimately, our challenge is to be consistent in localization to enhance the attractive aspects of various regions by working in tandem with partners.
• We will solidify and strengthen our financial and business foundations by taking full advantage of our company's assets, including our worldwide malls and capabilities to continue our growth.
• We are a company of professionals that continue to innovate.
• We see and consider life from customers' perspectives so that we can share the best, most memorable moments of life with those customers.

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Connection with our 2030 Vision and higher-level concepts

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2030 Vision: AEON MALL, Co-Creating With Our Communities

Connecting all like-minded stakeholders

and co-creating activities that lead to the future of sustainable communities

We believe that by sharing our philosophy with our customers, partners, local communities, shareholders and investors, we can create a chain of empathy, connecting all like-minded stakeholders and co-creating activities that lead to sustainable futures for our communities.

Continuing to work together with all like-minded stakeholders

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Review of FY2023-FY2025Medium-Term Management Plan

FY2023-FY2025Medium-Term Management Plan: Policies and Strategies

To advance ESG-based management we have pursued as a growth policy, we have set out two policies to pursue a shift to regional markets in Japan and overseas and to create health and wellness platforms. We are committed to establishing fully integrated ESG- based management to create economic, social, and environmental value for stakeholders, thereby achieving sustainable growth.

Truly Integrated ESG Management

Focus on local issues and take action to create new value together with stakeholders who support our efforts

Pursue a Regional Shift in Japan and Overseas

Initiatives

Supporting Individual Lifestyles Design Beyond Physical Health

Create a Platform for Health and Wellness

Growth

Initiatives

(Priority

Measures)

Accelerate the opening of new malls in high-growth areas, and search for and explore new business opportunities that respond to the issues facing each country and region

Discover and Commercialize Business Opportunities in Overseas Growth Markets

Use rapid changes in the business environment as an opportunity to promote reform of existing business models to strengthen our ability to attract customers and improve profitability

Pursue Business Model Innovation in Japan

In an era of rapid and uncertain change, expand our business domains by creating new businesses for new value

Create New Business Models that Break

From Existing Business Frameworks

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Foundation

Strengthen our management foundation that will allow us to achieve sustainable growth toward truly integrated ESG management

Build Strong Financial Foundations and

Resilient Organizations From the

Perspective of Sustainability

In order to establish a fully integrated ESG-based management, as our growth initiatives, we plan to discover and commercialize business opportunities in overseas growth markets, pursue business model innovation in Japan, and create new business models that break from existing business frameworks. As the foundation of our growth, we will pursue building strong financial foundations and resilient organizations from the perspective of sustainability.

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Machi no ACTION!

AEON MALL is working with local communities towards a sustainable society. This is Machi no ACTION! We do what we can, one action at a time, because AEON MALL is close to local life. That's the idea behind this project.

Creating sustainable stories together with our customers

AEON MALL pursues the following three environmental initiatives

https://www.aeonmall.com/ heartful-sustainable/ (in Japanese)

AEON MALL is actively promoting the use of renewable energy towards the realization of a decarbonized society. From 2022, we began operations of low-voltage, distributed solar power generation systems via self-directed transmission. We will use low-environmental impact renewable energy generated at approximately 1,390 low-voltage solar power plants in each region at 50 AEON MALL facilities nationwide.

Starting with AEON malls, we aim to create a society that recycles waste as a resource to reduce waste while we work to build a system for reuse. In order to achieve a "circular mall" that recycles resources according to the circular economy concept, we are promoting the 6Rs and working toward the establishment of a recycling-oriented society through co-creation with our customers, partners, and the local communities.

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Since 1991, when a new store opens, AEON has held tree-planting activities together with customers, planting native trees that are most suited to the local natural environment. In addition to ongoing tree- planting activities, AEON MALL is also promoting actions to conserve local creatures, with the aim of creating ecologically and environmentally friendly facilities.

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Key outcomes of activities in FY2023

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