Air Water : Notice Regarding Changes in Directors and Audit & Supervisory Board Members, Changes in Executive Officers, and Organizational Restructuring

To All Concerned Parties

Company Name

Air Water Inc.

May 22, 2026

Representative President and

Representative Director

Ryosuke

Matsubayashi

（Code Number 4088 Tokyo Stock Exchange Prime Market, Sapporo Stock Exchange Market）

Contact General Manager of Corporate Communications Office

Keisuke Fukushima

（TEL 06-6252-3966）

Notice Regarding Changes in Directors and Audit & Supervisory Board Members, Changes in Executive Officers, and Organizational Restructuring

We announced on April 17, 2026, "Notice Concerning Changes in Representative Directors and Other Officers, Including Directors." However, in light of our designation as a Security on Alert by the Tokyo Stock Exchange on May 1, 2026, we have conducted an additional review of our management structure in order to promptly and reliably rebuild our internal control system. As a result, at the meeting of the Board of Directors held today, we resolved to make changes in Directors and Audit & Supervisory Board Members, changes in Officers, as well as

organizational restructuring, as outlined below, in connection with the review of our management structure.

Please note that changes in Representative Directors, Directors, and Audit & Supervisory Board Members are scheduled to be formally resolved at the 26th Annual General Meeting of Shareholders to be held on June 29, 2026, and at the subsequent meeting of the Board of Directors.

1. Key Changes

   ・Renewal of Directors responsible for execution to clearly separate supervisory and execution functions

   ・Strengthening of the Audit & Supervisory Board structure through an increase in full-time Audit & Supervisory Board Members and the appointment of external experts

2. Selection Process for Director Candidates

   In selecting director candidates, we conducted our review through the Nomination and

   Remuneration Committee based on the results of the investigation by the Special Investigating Committee and other factors, under the premise of reconsidering the management structure from a clean slate. Our review was carried out based on key principles, including the

   establishment of a framework capable of strengthening internal controls and preventing the recurrence of inappropriate accounting, as well as ensuring that candidates possess the management capabilities necessary to support the sustainable growth of the Group.

   As a result, in order to reconstruct our internal management framework through enhancing the effectiveness of the Board of Directors' supervisory function and strengthening the audit and supervisory functions of the Audit & Supervisory Board, we have decided to review the overall management structure, including the composition of the Board of Directors and the Audit & Supervisory Board to be submitted to the General Meeting of Shareholders.

3. Candidates for Directors (Effective June 29, 2026)

   	Name	New Position	Current Position, Significant Concurrent Positions, Career Summary
   Reappointed	Yoshihiro Senzai	Representative Director President and Executive Officer	Chair of the Board, Outside Director
   Newly Appointed	Yu Karato	Representative Director Executive Vice President In charge of Headquarters Department and Chief Accounting and Finance Officer	Senior Managing Executive Officer Chief Accounting and Finance Officer
   Newly Appointed	Hirokazu Nishimura	Corporate Director Senior Managing Executive Officer In charge of Business Departments and General Manager of Industrial Business Division	Managing Executive Officer, General Manager of the Green Innovation Unit, Energy Solutions Group, and General Manager of Clean Energy Business Promotion Department President and Representative Director, Air Water Green Design Co., Ltd.
   Reappointed	Yuko Haga	Independent Director	Outside Director, MinebeaMitsumi Inc. Professor, NUCB Business School,

   			Nagoya University of Commerce & Business Graduate School
   Reappointed	Rochelle Kopp	Independent Director	Managing Principal (President), Japan Intercultural Consulting Outside Director, MS&AD Insurance Group Holdings, Inc.
   Newly Appointed	Mikihiko Kato	Independent Director	Advisor, Niterra Co., Ltd. Former: Director and Full-time Audit & Supervisory Committee Member, Niterra Co., Ltd.
   Newly Appointed	Mitsutoshi Matsushita	Independent Director	Kajitani Law Offices Outside Director, Partner Pacific System Co., Ltd. Former: Outside Director and Audit & Supervisory Committee Member, Tsumura & Co.
   Newly Appointed	Shinichi Kawasaki	Independent Director	Senior Managing Director, Osaka Science & Technology Center Former: President and Representative Director, KRI, Inc.

   *Yuko Haga and Rochelle Kopp have been designated as independent officers pursuant to the rules of the Tokyo Stock Exchange and the Sapporo Securities Exchange, on which we are

   listed, and have been duly notified of both exchanges. Mikihiko Kato, Mitsutoshi Matsushita and Shinichi Kawasaki are newly nominated candidates and are scheduled to be reported as independent officers.

4. Candidates for Directors (Effective June 29, 2026)

   	Name	Position	Current Position, Significant Concurrent Positions, Career Summary
   -	Junko Shigefuji	Standing Statutory Auditor	Standing Statutory Auditor
   Newly Appointed	Seiji Mori	Standing Statutory Auditor	General Manager of Consolidated Accounting Office
   Newly Appointed	Yasuaki Yoshida	Standing Statutory Auditor	Managing Director and Executive Officer, Kawamoto Corporation Certified Public Accountant
   -	Atsushi Hayashi	Audit & Supervisory Board Member（Outside Corporate Auditor）	Audit & Supervisory Board Member（Outside Corporate Auditor）
   Newly Appointed	Atsushi Iwasaki	Audit & Supervisory Board Member（Outside Corporate Auditor）	Head, Iwasaki Certified Public Accountant Office Outside Director and Chairperson of the Board, Iseki & Co., Ltd. Outside Audit & Supervisory Board Member,

   			Nippon Kayaku Co., Ltd. Former: Outside Audit & Supervisory Board Member, Nippon Ham Co., Ltd. Former: Outside Audit & Supervisory Board Member, Olympus Corporation
   Newly Appointed	Tateshi Higuchi	Audit & Supervisory Board Member （Outside Corporate Auditor）	Former: Superintendent-General Former: Director, Daiichi Sankyo Company, Limited Former: Director, Miura Co., Ltd. Former: Audit & Supervisory Board Member, Taisei Corporation

   *Atsushi Hayashii has been designated as an independent officer pursuant to the rules of the Tokyo Stock Exchange and the Sapporo Securities Exchange, on which we are listed, and has been duly notified to both exchanges. Takeshi Higuchi and Jun Iwasaki are newly nominated candidates and are scheduled to be reported as independent officers.

5. Resignation of Representative Director (New Position; Effective June 29, 2026)

   Ryosuke Matsubayashi

   Senior Managing Executive Officer in charge of Technology Department and General Manager of Technology Division (Currently: Representative Director, President & CEO and COO)

6. Resignation of Corporate Director (New Position (Additional); Effective June 29, 2026)

   Shigeki Otsuka Advisor

   （Currently: Corporate Director, Senior Managing Executive Officer, Responsible for Corporate Planning）

   Hidetoshi Onoe Advisor

   （Currently: Corporate Director, Managing Executive Officer, Group Representative for Tokyo, In charge of Health & Safety General Manager, Dental Care Business Unit）

   Kikue Inoue Advisor

   （Currently: Corporate Director, Executive Officer, In Charge of Promotion of Women's Active Engagement, HR, Corporate Communications）

7. Appointment of Audit & Supervisory Board Member (Additional from the previous announcement; Effective June 29, 2026)

   Seiji Mori Audit & Supervisory Board Member (Full-time)

   (Currently: General Manager of Consolidated Accounting Office) Yasuaki Yoshida Audit & Supervisory Board Member (Full-time)

   (Currently: Managing Director and Executive Officer, Kawamoto Corporation)

   Tateshi Higuchi Audit & Supervisory Board Member (Part-time)

   (Former: Superintendent-General of the National Police Agency)

8. Resignation of Audit & Supervisory Board Member (Additional from the previous announcement; Effective June 29, 2026)

   Kenji Yamada Resignation

   (Currently: Standing Statutory Auditor (Outside Corporate Auditor))

   Nobuo Hayashi Resignation

   (Currently: Outside Corporate Auditor)

9. Changes in Executive Officers (Effective July 1, 2026)

1. Appointment of Executive Officers

   Hiroki Tsutsumi Managing Executive Officer General Manager of Corporate

   Department and General Manager of the Board of Directors Secretariat

   （Currently: Executive Officer General Manager of HR & Health Management Promotion Office）

   Yuji Kitagawa Executive Officer General Manager of Management Reform

   Department

   President and Representative Director of Air Water Safety Service Inc.

   （Currently: Health & Safety Group General Manager of Safety Services B.U.

   President and Representative Director of Air Water Safety Service Inc.）

2. Promotion of Executive Officers

Seiji Kobayashi Managing Executive Officer General Manager of Medical Business Division

President and Representative Director of Air Water Medical Inc. President and Representative Director of Air Water Bio Design Inc.

（Currently: Executive Officer Health & Safety Group, General Manager of Medical Products Unit

President and Representative Director of Air Water Medical Inc. President and Representative Director of Air Water Bio Design Inc.）