To whom it may concern,

January 18, 2022

Company name: HOSHIZAKI CORPORATION

Representative: Yasuhiro Kobayashi, Representative Director,

President & COO

(Securities code: 6465; First Section of the Tokyo Stock Exchange and

Nagoya Stock Exchange)

Inquiries: Tadashi Mizutani, Director (Tel: 0562-96-1320)

Notice Concerning share and quota acquisition by the subsidiary

HOSHIZAKI CORPORATION (hereafter referred to as Hoshizaki) announces that on January 18, 2022, according to Article 370 of the Companies Act and Article 26 of the Articles of Incorporation, it has passed a resolution in writing to make Brema Group S.p.A., an Italian manufacturer of commercial icemakers (hereafter referred to as Brema), a wholly-ownedsubsidiary by acquiring all the shares of Brema and all the quotas of Finimma S.r.l. (hereafter referred to as Finimma) through Hoshizaki Europe Holdings B.V., a subsidiary wholly owned by Hoshizaki. The details are as follows:

Further details:

１．Purpose of acquiring the shares and the quotas

Hoshizaki aims at the Global No.1 in the business of the commercial food service equipment, making an investment proactively in overseas business to expand its core business and develop new business in the market; especially, business expansion of the commercial icemakers is set as one of key strategies to achieve the goal.

Brema, an Italy based manufacturer of commercial icemakers, has a good reputation for its wide range of the products that are well recognized in the market as value price. Brema is also widely known outside Italy in such as Southern and Eastern Europe and the Middle East through its local sales networks including the aggressive supply business of icemakers to other food service equipment manufacturers.

In Europe and the Middle East, Hoshizaki has been focusing its business of commercial icemakers mainly in major large markets such as U.K., France, Germany and Scandinavian countries. Developing the business in the area of Southern and Eastern Europe and the Middle East is one of the challenges. Hoshizaki will accelerate the expansion of the business of commercial icemakers for the pursuit of the

1

No.1 market share in the regions, making a full use of advantages of Brema's manufacturing base and sales networks.

Simultaneously with the acquisition of Brema's shares, Hoshizaki also purchases all the quotas of Finimma, a wholly-owning parent company of Imma Immobiliare S.p.A. (hereafter referred to as Imma) who owns the manufacturing premises of Brema, and makes Finimma a wholly-owned subsidiary.

２．Overview of the subsidiary who acquires shares and quotas

①

Company name

Hoshizaki Europe Holdings B.V.

②

Location

Amsterdam, the Netherlands

③

Representative's name

Yosuke Matsunaga（Managing Director）

and title

④

Description of business

Holding Company

⑤

Paid-in capital

63,000K EUR（approx. 8,379M JPY）

⑥

Established

November 3 2003

⑦

Owners and controlling

HOSHIZAKI CORPORATION

100.00％

shares

⑧

Net Assets

159,762K EUR（21,248M JPY）（As of end of December 2020）

⑨

Total Assets

159,811K EUR（21,254M JPY）（As of end of December 2020）

⑩

Relationship between

Capital

It is a subsidiary of Hoshizaki

Hoshizaki and the

relationship

subsidiary

Employment

2 of board members and 3 of employee of Hoshizaki

relationship

are also serve as board member of the subsidiary and

an employee of Hoshizaki is also serve as Managing

Director of the subsidiary.

Commercial

There is no commercial relationship between

Relationship

Hoshizaki and the subsidiary.

３．Overview of the companies whose shares and quotas are acquired

Brema

①

Company name

Brema Group S.p.A.

②

Location

Villa Cortese, Milan, Italy

③

Representative's

Alessandro Maroli (CEO)

name and title

④

Description of business

Manufacturing and sales of commercial icemakers

⑤

Paid-in capital

208 K EURO （approx. 27 M JPY）

⑥

Established

May 19 1985

⑦

Owners and controlling

Finice S.p.A.

100.0％

shares

2

⑧ Relationship between

Capital

There is no capital relationship between

Hoshizaki and Brema

relationship

Hoshizaki and Brema. No capital

relationships exist between Hoshizaki's

stakeholders or affiliates and Brema's

stakeholders or affiliates.

Employment

There is no employment relationship

relationship

between Hoshizaki and Brema. No

employment relationships exist between

Hoshizaki's stakeholders or affiliates and

Brema's stakeholders or affiliates.

Commercial

There is no commercial relationship

relationship

between Hoshizaki and Brema. No material

commercial relationships exist between

Hoshizaki's stakeholders or affiliates and

Brema's stakeholders or affiliates.

⑨ Brema's recent results of operations and financial condition (1 EUR = 133 JPY)

Financial year ending

Sep 2018

Dec 2019

Dec 2020

Net assets

33,779 K EUR

41,892 K EUR

49,503 K EUR

(4,492 M JPY)

(5,571 M JPY)

(6,583 M JPY)

Total assets

42,470 K EUR

52,188 K EUR

63,949 K EUR

(5,648 M JPY)

(6,941 M JPY)

(8,505 M JPY)

Sales

60,235 K EUR

65,981 K EUR

41,888 K EUR

(8,011 M JPY)

(8,775 M JPY)

(5,571 M JPY)

Operating income

10,514 K EUR

11,113 K EUR

7,267 K EUR

(1,398 M JPY)

(1,478 M JPY)

(966 M JPY)

Net income

7,323 K EUR

8,113 K EUR

7,611 K EUR

(973 M JPY)

(1,079 M JPY)

(1,012 M JPY)

Dividends

―

―

―

(―)

(―)

(―)

Note）Brema changed the fiscal year-end: the financial year ending in Sep 2018 was from Sep 1st, 2017 through Sep 30th, 2018, and the financial year ending in Dec 2019 was from Oct 1st, 2018 through Dec 31th, 2019.

Finimma

①

Company name

Finimma S.r.l.

②

Location

Villa Cortese, Milan, Italy

③

Representative's

Alessandro Maroli (Director)

name and title

④

Description of business

Holding company

3

(a wholly-owning parent company of Imma(*))

⑤

Paid-in capital

12 K EUR （approx. 1.6 M JPY）

⑥

Established

December 20 2019

⑦

Owners and

Alessandro Maroli

55.56％

controlling shares

Franca Marinoni

44.44％

⑧

Relationship between

Capital

There is no capital relationship between

Hoshizaki and Finimma

relationship

Hoshizaki and Finimma. No capital

relationships exist between Hoshizaki's

stakeholders or affiliates and Finimma's

stakeholders or affiliates.

Employment

There is no employment relationship

relationship

between Hoshizaki and Finimma. No

employment relationships exist between

Hoshizaki's stakeholders or affiliates and

Finimma's stakeholders or affiliates.

Commercial

There is no commercial relationship

relationship

between Hoshizaki and Finimma. No

material commercial relationships exist

between Hoshizaki's stakeholders or

affiliates and Finimma's stakeholders or

affiliates.

⑨ Finimma's recent results of operations and financial condition (1 EUR = 133 JPY)

Financial year ending

Dec 2019

Dec 2020

Net assets

9,436 K EUR

9,640 K EUR

(1,255 M JPY)

(1,282 M JPY)

Total assets

9,437 K EUR

9,658 K EUR

(1,255 M JPY)

(1,284 M JPY)

Sales

―

0 K EUR

(―)

(0 M JPY)

Operating income

▲0 K EUR

▲32 K EUR

(▲0 M JPY)

(▲4 M JPY)

Net income

230 K EUR

203 K EUR

(30 M JPY)

(27 M JPY)

Dividends

―

―

(―)

(―)

(*) Imma

①

Company name

Imma Immobiliare S.p.A.

②

Location

Villa Cortese, Milan, Italy

4

③

Representative's

Franca Marinoni (Director)

name and title

④

Description of business

Business assets management company (for Brema's

factory premises)

⑤

Paid-in capital

150 K EUR （approx. 19.9 M JPY）

⑥

Established

July 15 2003

⑦

Owners and

Finimma S.r.l.

100.00％

controlling shares

⑧

Relationship

Capital

There is no capital relationship between

between Hoshizaki

relationship

Hoshizaki and Imma. No capital

and Imma

relationships exist between Hoshizaki's

stakeholders or affiliates and Imma's

stakeholders or affiliates.

Employment

There is no employment relationship

relationship

between Hoshizaki and Imma. No

employment relationships exist between

Hoshizaki's stakeholders or affiliates and

Imma's stakeholders or affiliates.

Commercial

There is no commercial relationship

relationship

between Hoshizaki and Imma. No material

commercial relationships exist between

Hoshizaki's stakeholders or affiliates and

Imma's stakeholders or affiliates.

⑨ Imma's recent results of operations and financial condition (1 EUR = 133 JPY)

Financial year ending

Sep 2018

Dec 2019

Dec 2020

Net assets

8,074 K EUR

8,305 K EUR

8,541 K EUR

(1,073 M JPY)

(1,104 M JPY)

(1.136 M JPY)

Total assets

14,167 K EUR

13,619 K EUR

13,734 K EUR

(1,884 M JPY)

(1,811 M JPY)

(1,826 M JPY)

Sales

1,176 K EUR

1,377 K EUR

1,083 K EUR

(156 M JPY)

(183 M JPY)

(144 M JPY)

Operating income

351 K EUR

390 K EUR

334 K EUR

(46 M JPY)

(51 M JPY)

(44 M JPY)

Net income

226 K EUR

231 K EUR

236 K EUR

(30 M JPY)

(30 M JPY)

(31 M JPY)

Dividends

―

―

―

(―)

(―)

(―)

Note）Imma changed the fiscal year-end: the financial year ending in Sep 2018 was from Sep 1st, 2017 through Sep 30th, 2018, and the financial year ending in Dec 2019 was from Oct 1st, 2018 through Dec 31 st, 2019.

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HOSHIZAKI Corporation published this content on 18 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 January 2022 01:24:09 UTC.