Bridgestone : Business Report for the 104th Fiscal Period

I N D E X

Reference To Exercise Of Voting Rights (Proposals And Reference Information)

.....2

Proposal 1 Appropriation of Surplus

2

Proposal 2

Election of Twelve (12) Members of the Board

3

Proposal 3

Appointment of the Independent Auditor

15

Business Report

16

Consolidated Financial Statements

43

Non-Consolidated Financial Statements

48

Audit Report

51

Dividend per share

1st quarter end

2nd quarter end

3rd quarter end

Year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal 2021

―

85.00

―

85.00

170.00

Fiscal 2022

―

85.00

―

90.00

175.00

Fiscal 2023

―

100.00

―

100.00

200.00

(Projection)

Attendance at

No.

Name

Current position and assignment

the Board of

Attendance at statutory

in the Company

Directors for

meetings for the year

the year

Member of the Board,

93%

1

Shuichi Ishibashi

Renomination

Global CEO and Representative

(13 of 14)

Executive Officer

Member of the Board,

100%

2

Masahiro Higashi

Renomination

Joint Global COO and

(14 of 14)

Representative Executive Officer

Member of the Board,

Nominating Committee:

Chairperson of the Board of

Outside Director,

100%

100% (21 of 21)

3

Scott Trevor Davis

Renomination

Directors, Member of the

Independent Director

(14 of 14)

Compensation Committee:

Nominating Committee, Member

of the Compensation Committee

100% (13 of 13)

Member of the Board,

Nominating Committee:

4

Yuri Okina

Renomination

Outside Director,

Chairperson of the Compensation

100%

100% (21 of 21)

Independent Director

Committee, Member of the

(14 of 14)

Compensation Committee:

Nominating Committee

100% (13 of 13)

Member of the Board,

Nominating Committee:

5

Kenichi Masuda

Renomination

Outside Director,

Chairperson of the Nominating

100%

100% (21 of 21)

Independent Director

Committee, Member of the

(14 of 14)

Compensation Committee:

Compensation Committee

100% (13 of 13)

Outside Director,

Member of the Board,

100%

Audit Committee: 100%

6

Kenzo Yamamoto

Renomination

Chairperson of the Audit

Independent Director

(14 of 14)

(21 of 21)

Committee

7

Yojiro Shiba

Renomination

Outside Director,

Member of the Board, Member of

100%

Audit Committee: 100%

Independent Director

the Audit Committee

(14 of 14)

(21 of 21)

8

Yoko Suzuki

Renomination

Outside Director,

Member of the Board, Member of

100%

Audit Committee: 100%

Independent Director

the Audit Committee

(14 of 14)

(21 of 21)

9

Yukari Kobayashi

New

Outside Director,

-

-

-

Nomination

Independent Director

10

Yasuhiro Nakajima

New

Outside Director,

-

-

-

Nomination

Independent Director

Lead Expert

New

(Chief Quality Management

11

Akira Matsuda

Officer; Assistant to Executive

-

-

Nomination

Vice President, Responsible for

Quality Management)

12

Tsuyoshi Yoshimi

Renomination

Member of the Board, Member of

100%

Audit Committee: 100%

the Audit Committee (full-time)

(14 of 14)

(21 of 21)

No.

Name

Brief personal history, position, assignment and important concurrent positions

(Date of birth)

1

April 1977

Joined Bridgestone Tire Co., Ltd. (currently Bridgestone

Corporation)

June 2003

Director, Consumer Tires Business

January 2005

Vice President and Officer

July 2012

Vice President and Senior Officer

Shuichi Ishibashi

January 2014

Senior Vice President

(January 19, 1954)

January 2016

Executive Vice President

March 2016

Executive Vice President and Executive Officer

January 2019

Vice Chair and Representative Executive Officer

Renomination

・The term of office as Member of

March 2020

Member of the Board, Global CEO and Representative Executive

to Present

Officer

the Board: 3 years

・Attendance at the Board of

Directors for the year:

93%

13 of 14

・Number of shares owned: 19,000

(Reason for nomination as Member of the Board and overview of expected roles)

Since Mr. Shuichi Ishibashi joined the Company, he has been engaged in such fields as the tire business in the Americas and

Japan, chemical and industrial products and diversified products business, global marketing strategy, solutions business, and

technology and quality management. Since his appointment as Global CEO and Representative Executive Officer in 2020,

he has formulated the Mid-Long Term Business Strategy, which was approved by the Board of Directors, and has

formulated the Mid Term Business Plan and powerfully promoted the implementation of these strategies as the chief

executive officer of the Company. The Company has determined that Mr. Shuichi Ishibashi continuously qualifies for

Member of the Board as he is expected to contribute to the enhancement of corporate value by utilizing his global business

experience and insight for corporate management.

2

April 1985

Joined Bridgestone Corporation

January 2013

Director, Global Customer and Market Research Division and

Director, Advanced Business Planning Division

October 2013

Vice President and Officer

March 2017

Vice President and Senior Officer

Masahiro Higashi

January 2019

Senior Vice President and Executive Officer

(February 11, 1961)

January 2020

Vice Chair and Representative Executive Officer

July 2020

Global COO and Representative Executive Officer, Global CAO

Renomination

March 2021

Member of the Board, Global COO and Representative Executive

・The term of office as Member of

Officer, Global CAO

September

Member of the Board, Global COO and Representative Executive

the Board: 2 years

2021

Officer

・Attendance at the Board of

May 2022

Member of the Board, Joint Global COO and Representative

Directors for the year:

to Present

Executive Officer

100%

14 of 14

(Important concurrent positions)

・Number of shares owned: 15,100

Chairman of the Board, Bridgestone Asia Pacific Pte. Ltd.

Chairman and Representative Board Member, Bridgestone Tire Solution Japan Co.,

Ltd.

Chairman and Representative Board Member, Bridgestone Cycle Co., Ltd.

(Reason for nomination as Member of the Board and overview of expected roles)

Since Mr. Masahiro Higashi joined the Company, he has been engaged in such fields as the tire business in the Americas

and Thailand, chemical and industrial products and diversified products business, advanced business planning, and solutions

business. Since his appointment as Global COO and Representative Executive Officer in 2020, he has promoted the

management of BSJP and the implementation of financial, human resource, and sustainability strategies. From 2022, as

Joint Global COO, who is responsible for overall BSJP and BSCAP, he has steadily promoted execution of business affairs

based on the Mid-Long Term Business Strategy and Mid Term Business Plan. The Company has determined that Mr.

Masahiro Higashi continuously qualifies for Member of the Board as he is expected to contribute to the enhancement of

corporate value by utilizing his global business experience and insight for corporate management.

No.

Name

Brief personal history, position, assignment and important concurrent positions

(Date of birth)

3

April 1990

Researcher, The Japan Institute of Labour (currently The Japan

Institute for Labour Policy and Training)

April 2001

Professor, Department of International Economics, Reitaku

University

April 2006

Professor, Department of Global Business, College of Business,

Scott Trevor Davis

to Present

Rikkyo University

(December 26, 1960)

March 2011

Member of the Board as Outside Director, Bridgestone

to Present

Corporation

July 2020

Director, Board of Directors, Fujitsu-JAIMS Foundation

Renomination

to Present

Outside Director

(Important concurrent positions)

Professor, Department of Global Business, College of Business, Rikkyo University

Independent Director

Outside Director, Sompo Holdings, Inc.

・The term of office as Member of

the Board: 12 years

・Attendance at the Board of

Directors for the year:

100%

14 of 14

・Number of shares owned: 1,000

(Reason for nomination as Outside Director and overview of expected roles)

Mr. Scott Trevor Davis has excellent academic knowledge in the field of sociology and international business

administration, as well as abundant wisdom regarding CSR and sustainability in Japan and overseas. Since his appointment

as Outside Director of the Company, he has been contributing to appropriate decision making of the Board of Directors.

Since 2021, he has been playing a leading and substantial role as Chairperson of the Board of Directors in further enhancing

deliberations, etc. In addition to participating in active deliberations as a member of the Nominating Committee and a

member of the Compensation Committee, he has also been playing a leading role as Chairperson of the Governance

Committee in the discussion to further enhance the Company's governance framework. In view of these experience, insights

and achievements, Mr. Scott Trevor Davis is expected to continue to fulfill these roles, and the Company has determined

that he would appropriately execute the duties of an Outside Director.

4

April 1984

Joined Bank of Japan

April 1992

Joined The Japan Research Institute, Limited

May 2003

Director of Industrial Revitalization Commission, Industrial

Revitalization Corporation of Japan (part-time position)

October 2005

Council Member, Science Council of Japan

June 2006

Research Director, Chief Economist, The Japan Research

Institute, Limited

Yuri Okina

April 2010

Visiting Professor, Waseda University

(March 25, 1960)

March 2014

Member of the Board as Outside Director, Bridgestone

to Present

Corporation

June 2014

Vice Chairman of the Institute, The Japan Research Institute,

Renomination

Limited

Outside Director

September

Invited Professor, Keio University

2014

Independent Director

April 2018

Chairperson of the Institute, The Japan Research Institute,

・ The term of office as Member of

to Present

Limited

(Important concurrent positions)

the Board: 9 years

Chairperson of the Institute, The Japan Research Institute, Limited

・Attendance at the Board of

Outside Director, Marubeni Corporation

Directors for the year:

100%

14 of 14

・Number of shares owned: 0

(Reason for nomination as Outside Director and overview of expected roles)

Ms. Yuri Okina has significant research experience regarding financial systems and financial administration, as well as

abundant knowledge of economics and financial situations. Since her appointment as Outside Director of the Company, she

has been contributing to appropriate decision making of the Board of Directors. Since 2016, she has been playing a leading

and substantial role as Chairperson of the Compensation Committee in developing compensation plans that promise a more

adequately incentivizing effect, etc., while also participating in active deliberations as a member of the Nominating

Committee. In view of these experience, insights and achievements, Ms. Yuri Okina is expected to continue to fulfill these

roles, and the Company has determined that she qualifies for Outside Director.

No.

Name

Brief personal history, position, assignment and important concurrent positions

(Date of birth)

5

April 1988

Lawyer, Admitted in Japan

to Present

September

Lawyer, Admitted in New York

1993

to Present

January 1997

Partner, Anderson Mori (Japanese law firm: currently Anderson

Kenichi Masuda

to Present

Mori & Tomotsune)

(January 11, 1963)

April 2010

Adjunct Lecturer, Graduate Schools for Law and Politics, The

University of Tokyo

Renomination

March 2011

Outside Corporate Auditor, Bridgestone Corporation

March 2016

Member of the Board as Outside Director, Bridgestone

Outside Director

to Present

Corporation

April 2019

Visiting Professor, Graduate Schools for Law and Politics, The

Independent Director

to Present

University of Tokyo

・ The term of office as Member of

(Important concurrent positions)

Partner, Anderson Mori & Tomotsune

the Board: 7 years

Outside Audit & Supervisory Board Member, Mercuria Holdings Co., Ltd.

・Attendance at the Board of

Outside Audit & Supervisory Board Member, Chugai Pharmaceutical Co., Ltd.

Directors for the year:

100%

14 of 14

・Number of shares owned: 0

(Reason for nomination as Outside Director and overview of expected roles)

Mr. Kenichi Masuda has abundant professional career and experience as a lawyer at law firms in Japan and overseas, as

well as his expertise as represented by his current experience of teaching corporate law at a graduate school of law. Since

his appointment as Outside Director of the Company, he has been contributing to appropriate decision making of the Board

of Directors. Since 2021, he has been playing a leading and substantial role as Chairperson of the Nominating Committee in

the succession planning of Members of the Board, etc. In addition to participating in active deliberations as a member of the

Compensation Committee, he has also been playing a leading role as Chairperson of the Compliance Committee in the

discussion to further improve the Company's compliance framework. In view of these experience, insights and

achievements, Mr. Kenichi Masuda is expected to continue to fulfill these roles, and the Company has determined that he

would appropriately execute the duties of an Outside Director.

6

April 1976

Joined Bank of Japan

December 2003

General Manager for the Americas and Chief Representative in

New York, Bank of Japan

July 2005

Director-General, Payment and Settlement Systems Department,

Bank of Japan

July 2006

Director-General, Financial System and Bank Examination

Department, Bank of Japan

May 2008

Executive Director, Bank of Japan

June 2012

Chairman, NTT Data Institute of Management Consulting, Inc.

Kenzo Yamamoto

August 2013

Board Member, Quality Control Oversight Board, The Japanese

(January 21, 1954)

Institute of Certified Public Accountants

July 2014

Committee Member, Risk Committee, Mitsubishi UFJ Financial

Group, Inc.

Renomination

March 2016

Member of the Board as Outside Director, Bridgestone

Outside Director

to Present

Corporation

June 2018

Representative, Office KY Initiative

Independent Director

to Present

・ The term of office as Member of

February 2019

Director, TOMIYAMA CULTURAL FOUNDATION

to Present

the Board: 7 years

July 2020

Committee Member, Disciplinary Committee, Japan Securities

・Attendance at the Board of

to Present

Dealers Association

Directors for the year:

(Important concurrent positions)

100%

14 of 14

Representative, Office of Financial and Economic Initiative

・Number of shares owned: 2,700

Outside Director, SUMITOMO LIFE INSURANCE COMPANY

Outside Director, JAPAN POST BANK Co., Ltd.

(Reason for nomination as Outside Director and overview of expected roles)

Mr. Kenzo Yamamoto has abundant expertise on financial market and financial systems, as well as his deep insight

regarding corporate management and risk management. Since his appointment as Outside Director of the Company, he has

been contributing to appropriate decision making of the Board of Directors. Since 2018, he has been playing a leading and

substantial role as Chairperson of the Audit Committee, including in strengthening our auditing system on a global scale. In

view of these experience, insights and achievements, Mr. Kenzo Yamamoto is expected to continue to fulfill these roles,

and the Company has determined that he qualifies for Outside Director.

No.

Name

Brief personal history, position, assignment and important concurrent positions

(Date of birth)

7

April 1974

Joined The Industrial Bank of Japan, Limited (currently Mizuho

Bank, Ltd.)

March 2003

Managing Executive Officer, Mizuho Bank, Ltd.

May 2005

Executive Officer, Oriental Land Co., Ltd.

April 2009

Representative Director and Executive Vice President Officer,

Oriental Land Co., Ltd.

June 2013

External Director, AMUSE INC.

June 2015

Director and Vice Chairman, AMUSE INC.

Yojiro Shiba

March 2018

Member of the Board as Outside Director, Bridgestone

(August 7, 1950)

to Present

Corporation

April 2019

Representative Director and President, AMUSE INC.

June 2021

Outside Director, NIPPON EXPRESS CO., LTD.

Renomination

January 2022

Outside Director, NIPPON EXPRESS HOLDINGS, INC.

Outside Director

to Present

(Important concurrent positions)

Independent Director

Outside Director, NIPPON EXPRESS HOLDINGS, INC.

・ The term of office as Member of

the Board: 5 years

・Attendance at the Board of

Directors for the year:

100%

14 of 14

・Number of shares owned: 0

(Reason for nomination as Outside Director and overview of expected roles)

Mr. Yojiro Shiba has insights into the creation of value and establishment of business from the perspective of customers

based on his deep insight as the result of abundant corporate management experience in the financial industry and

entertainment business industry. Since his appointment as Outside Director of the Company, he has been contributing to

appropriate decision making of the Board of Directors. As a member of the Audit Committee, he has been participating in

active deliberations and working to promote the strengthening of our auditing system on a global scale, among others. In

view of these experience, insights and achievements, Mr. Yojiro Shiba is expected to continue to fulfill these roles, and the

Company has determined that he qualifies for Outside Director.

8

April 1998

Lawyer, Admitted in Japan

to Present

April 1998

Joined Takagi Godo Law Office

November 2002 Partner, Suzuki Sogo Law Office

to Present

January 2008

Director, International IC Association of Japan

April 2015

Auditor, The Research Institute of Economy, Trade and Industry

Yoko Suzuki

to Present

(September 21, 1970)

March 2018

Member of the Board as Outside Director, Bridgestone

to Present

Corporation

June 2018

Auditor, Hitotsubashi University Collaboration Center

Renomination

to Present

Outside Director

September

Auditor, National Archives of Japan

2021

Independent Director

to Present

・The term of office as Member of

(Important concurrent positions)

Partner, Suzuki Sogo Law Office

the Board: 5 years

Outside Director, Nippon Pigment Company Limited

・Attendance at the Board of

External Audit & Supervisory Board Member, MARUI GROUP CO., LTD.

Directors for the year:

Outside Director of the Board, JAPAN PULP AND PAPER COMPANY

100%

14 of 14

LIMITED

・Number of shares owned: 2,900

(Reason for nomination as Outside Director and overview of expected roles)

Ms. Yoko Suzuki has high expertise as a lawyer, and abundant experience and deep insight as an outside auditor and auditor

of other companies and various associations. Since her appointment as Outside Director of the Company, she has been

contributing to appropriate decision making of the Board of Directors. As a member of the Audit Committee, she has been

participating in active deliberations and working to promote the strengthening of our auditing system on a global scale,

among others. In view of these experience, insights and achievements, Ms. Yoko Suzuki is expected to continue to fulfill

these roles, and the Company has determined that she would appropriately execute the duties of an Outside Director.

No.

Name

Brief personal history, position, assignment and important concurrent positions

(Date of birth)

9

April 1987

Joined IBM Japan, Ltd.

July 2002

Senior Manager, Overall Management of System Products

Marketing, IBM Japan, Ltd.

January 2007

Director in charge of Public Sector, Global Business Service,

IBM Japan, Ltd.

January 2007

Executive Officer, IBM Business Consulting Services KK

March 2016

Growth Leader for Mercer Far East Zone; Chief of Staff, Mercer

Japan Ltd.

January 2018

Director, Mercer Investment Solutions Ltd.

Yukari Kobayashi

February 2018

Chief Operating Officer, Mercer Japan Ltd.

(April 17, 1963)

September

Corporate Officer; Corporate Strategy Management Lead, Area

2018

Transformation Lead, and Chief of Staff, Microsoft Japan Co.,

New Nomination

Ltd.

March 2020

Representative Partner, Amanda Life Consulting LLC

Outside Director

to Present

(Important concurrent positions)

Independent Director

Representative Partner, Amanda Life Consulting LLC

・Number of shares owned: 0

Outside Director, Nippon Shinyaku Co., Ltd.

Outside Director, Panasonic Connect Co., Ltd.

(Reason for nomination as Outside Director and overview of expected roles)

Ms. Yukari Kobayashi has deep insight regarding the digital field and business strategy through her extensive practical and

management experience in the IT and consulting industries. In view of these experience and insights, she is expected to

contribute to appropriate decision making of the Board of Directors, and the Company has determined that she qualifies for

a new Outside Director.

10

April 1984

Joined Hitachi, Ltd.

March 1995

Certified Public Accountant, Admitted

to Present

July 2007

Representative Partner, PricewaterhouseCoopers Aarata

(currently PricewaterhouseCoopers Aarata LLC)

July 2012

Executive Officer (Leader of Quality Management),

PricewaterhouseCoopers Aarata

July 2014

General Manager, Nagoya Office, PricewaterhouseCoopers

Yasuhiro Nakajima

Aarata LLC

(October 13, 1961)

July 2017

Oversight Board Member, PricewaterhouseCoopers Aarata LLC

April 2022

Specially Appointed Professor, Osaka Metropolitan University

New Nomination

to Present

July 2022

Representative, Nakajima CPA Office

Outside Director

to Present

(Important concurrent positions)

Independent Director

Representative, Nakajima CPA Office

・Number of shares owned: 0

(Reason for nomination as Outside Director and overview of expected roles)

Mr. Yasuhiro Nakajima has abundant professional career and experience in accounting audit and advisory services as a

Certified Public Accountant, and possesses expertise such as that involved in his teaching of accounting and audit at a

university. In view of these experience and insights, he is expected to contribute to appropriate decision making of the

Board of Directors, and the Company has determined that he would appropriately execute the duties of a new Outside

Director.

No.

Name

Brief personal history, position, assignment and important concurrent positions

(Date of birth)

11

April 1987

Joined Bridgestone Corporation

September

Seconded to Bridgestone/Firestone Inc. (currently Bridgestone

1989

Americas, Inc.) (The United States)

January 2011

Director, eco-Activities Promotion Division

March 2014

Vice President and Officer, Environment

January 2017

Vice President and Senior Officer, Responsible for Global

Innovation

Akira Matsuda

January 2019

Vice President and Senior Officer; CQMO*, Responsible for

(January 16, 1963)

Quality Management

January 2022

Lead Expert; CQMO; Assistant to Executive Vice President,

to Present

Responsible for Quality Management

New Nomination

・Number of shares owned: 3,800

*CQMO: Chief Quality Management Officer

(Reason for nomination as Member of the Board and overview of expected roles)

Since Mr. Akira Matsuda joined the Company, he has accumulated abundant professional experience in such fields as tire

material development, environmental promotion, technological innovation, and quality management in Japan and the

Americas. In view of these experience, insights, and achievements, he is expected to contribute to appropriate decision

making of the Board of Directors, and the Company has determined that he qualifies for Member of the Board.

12

April 1988

Joined Bridgestone Corporation

January 2010

Seconded to Bridgestone Asia Pacific Pte. Ltd. (Singapore)

September

Seconded to Bridgestone (China) Investment Co., Ltd. (Shanghai)

2012

October 2013

Director, Finance Division

Tsuyoshi Yoshimi

March 2017

Vice President and Officer, Auditing

(May 26, 1964)

March 2019

Member of the Board

to Present

Renomination

・ The term of office as Member of

the Board: 4 years

・Attendance at the Board of

Directors for the year:

100%

14 of 14

・Number of shares owned: 2,700

(Reason for nomination as Member of the Board and overview of expected roles)

Since Mr. Tsuyoshi Yoshimi joined the Company, he has accumulated abundant business experience through the

engagement in such fields as finance, Asia Pacific business, and internal auditing. Since his appointment as a Member of the

Board, he has utilized his broad business experience and insight centered on the field of finance to contribute to appropriate

decision making of the Board of Directors. As a member of the Audit Committee, he has been participating in active

deliberations and working to promote the strengthening of our auditing system on a global scale, among others. In view of

these experience, insights and achievements, Mr. Tsuyoshi Yoshimi is expected to continue to fulfill these roles, and the

Company has determined that he qualifies for Member of the Board.