Daikin Industries : Convocation Notice of the 121th Ordinary General Meeting of Shareholders

Code Number: 6367 May 31, 2024 (Commencement date of electronic provision measure: May 27, 2024)

To Shareholders:

Masanori Togawa

President and CEO Daikin Industries, Ltd.

Osaka Umeda Twin Towers South, 1-13-1, Umeda, Kita-ku, Osaka

Convocation Notice of the 121st Ordinary General Meeting of Shareholders

We hereby inform you of the 121st Ordinary General Meeting of Shareholders of Daikin Industries, Ltd. ("Daikin" or the "Company") to be held as indicated below.

For the convocation of this general meeting of shareholders, the Company takes an electronic provision measure for information that constitutes the content of the Reference Documents for the General Meeting of Shareholders, etc. (matters for electronic provision measure), and posts this information on the Company website as "Convocation Notice of the 121st Ordinary General Meeting of Shareholders."

[Company website] https://www.daikin.com/investor/stock/meeting

Matters for electronic provision measure are posted on the following website, in addition to the Company website.

[Website on which general shareholder meeting materials are posted] https://d.sokai.jp/6367/teiji/

[Website of Tokyo Stock Exchange (Listed Company Search)]* https://www2.jpx.co.jp/tseHpFront/JJK020030Action.do

*Please access the TSE website using the URL above, enter "Daikin Industries" in the "Issue name (company name)" field or "6367" in "Code", and perform a search. Please select "Basic information" and then "Documents for public inspection/PR information." The documents will be available from the "Notice of General Shareholders Meeting/Information Materials for a General Shareholders Meeting" section under "Filed information available for public inspection."

If you are unable to attend the meeting, you may exercise your voting rights in writing (the Voting Rights Exercise Form) or via electronic means (the Internet). Please review the "Reference Documents for the General Meeting of Shareholders" attached hereto, and exercise your voting rights by 5:30 p.m. on Wednesday, June 26, 2024, in accordance with "5. Guidance on Exercising Voting Rights" on the following page.

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Resolution Items:

First Item:

Second Item:

Third Item:

Fourth Item:

For this ordinary general meeting of shareholders, we plan to offer a live streaming so that shareholders can watch the proceedings of the meeting from their homes and other places. If you plan to participate in the meeting through the live streaming, please exercise your voting rights in advance in writing (the Voting Rights Exercise Form) or via electronic means (the Internet).

Particulars

1. Date and Time: 10:00 a.m., Thursday, June 27, 2024 (The reception desk will open at 9:00 a.m.)
2. Venue:"Shion Hall" (4F), Hotel Hankyu International

19-19, Chayamachi, Kita-ku, Osaka, Japan

3. Meeting Agenda Reports:

1. Business Report, Consolidated Financial Statements and the Non- Consolidated Financial Statements for the 121st fiscal year (from April 1, 2023, to March 31, 2024)
2. Audit Reports on the Consolidated Financial Statements for the 121st fiscal year (from April 1, 2023, to March 31, 2024) by the Independent Auditor and

the Audit & Supervisory Board

Appropriation of Surplus Election of Ten (10) Directors

Election of One (1) Audit & Supervisory Board Member

Election of One (1) Substitute Audit & Supervisory Board Member (external)

Fifth Item: Awarding of Distinguished Service Compensation to Retiring Director

1. Procedural Rules Pertaining to the Convocation
   Handling of Voting Rights in the Event of Multiple Exercise
2. 1. In the event voting rights are exercised multiple times in writing, the last arriving vote shall be deemed to be effective.
   2. In the event voting rights are exercised multiple times via electronic means, the last exercise of voting rights shall be deemed to be effective.
   3. In the event voting rights are exercised in duplicate form by electronic means and in writing, the exercise of voting rights via electronic means shall be deemed to be effective.
3. Guidance on Exercising Voting Rights
   Exercising Your Voting Rights in Writing (the Voting Rights Exercise Form)
   On the enclosed Voting Rights Exercise Form, please indicate either approval or disapproval of each agenda and return the form by 5:30 p.m., Wednesday, June 26, 2024. If you do not indicate either approval or disapproval of each agenda on the Voting Rights Exercise Form, you will be deemed to have voted in favor of each agenda.
   Exercising Your Voting Rights via Electronic Means (the Internet)
   Please access the relevant website for the exercise of voting rights (https://evote.tr.mufg.jp/) using a personal computer or smartphone. Please enter the login code and password provided in the
4. • 2 -

Voting Rights Exercise Form enclosed herein and follow the instructions to proceed with your votes by indicating either approval or disapproval.

You may also exercise your voting rights from the website for the exercise of voting rights for smartphones by reading the QR code for login provided in the Voting Rights Exercise Form with your smartphone, without entering the login code and password.

[Exercise deadline] by 5:30 p.m., Wednesday, June 26, 2024

• Please submit the enclosed Voting Rights Exercise Form to the reception desk upon your attendance at the meeting.
• Please note that persons other than shareholders who are entitled to exercise voting rights, such as proxies who are not shareholders and persons accompanying you, are not allowed to enter the venue of the meeting.
• In the event that any errors are found in the matters for electronic provision measure, corrections will be posted on each of the websites above.

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Reference Documents for the General Meeting of Shareholders

First Item: Appropriation of Surplus

The Company pays stable dividends to shareholders in comprehensive consideration of the ratio of dividends to consolidated net assets, consolidated dividend payout ratio, consolidated operating performance, financial situations, and capital demands.

We propose to pay a year-end dividend of ¥130 per share for the 121st fiscal year.

This dividend would result in an annual dividend-including the interim dividend-of ¥250 per share, representing an increase of ¥10 due to the higher profit posted for the fiscal year under review.

Year-end dividends

1. Amount of dividend assets to be allocated to shareholders Cash of ¥130 per share of common stock of the Company Total: ¥38,059,524,100
2. Effective date of dividends from surplus June 28, 2024

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Second Item: Election of Ten (10) Directors

The terms of office for all of the ten (10) Directors will expire as of the conclusion of this general meeting of shareholders. Therefore, we propose the election of ten (10) Directors including four (4) External Directors.

The candidates for Director are as follows.

Candidate		Name	Current positions
number		at the Company
			Representative Director, President,
			and CEO
			Chairman of the Internal Control
1	Reappointment	Masanori Togawa	Committee
			Member of the HRM Advisory
			Committee, Member of the
			Compensation Advisory Committee
			Senior Executive Officer
			In charge of Human Resources and
2	New appointment	Naofumi Takenaka	General Affairs
Member of the HRM Advisory
			Committee, Member of the
			Compensation Advisory Committee
	Reappointment		External Director
	Candidate for External
	Tatsuo Kawada	Chairman of the HRM Advisory
3	Director
Committee, Chairman of the
	Candidate for Independent
		Compensation Advisory Committee
	Director
	Reappointment		External Director
	Candidate for External
	Akiji Makino	Member of the HRM Advisory
4	Director
Committee, Member of the
	Candidate for Independent
		Compensation Advisory Committee
	Director
	Reappointment		External Director
	Candidate for External
	Shingo Torii	Member of the HRM Advisory
5	Director
Committee, Member of the
	Candidate for Independent
		Compensation Advisory Committee
	Director
	Reappointment
	Candidate for External		External Director
6	Director	Yuko Arai	Member of the HRM Advisory
Candidate for Independent	Committee, Member of the
	Director		Compensation Advisory Committee
	Female
7	Reappointment	Takashi Matsuzaki	Director and Senior Executive Officer
In charge of Solutions Technologies

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Candidate		Name	Current positions
number		at the Company
			Director and Senior Associate Officer
			Regional General Manager, Air
			Conditioning Business in India and
8	Reappointment	Kanwal Jeet Jawa	East Africa, Global Operations
			Division
			Managing Director & CEO of Daikin
			Airconditioning India Pvt. Ltd.
			Senior Executive Officer
			In charge of Accounting, Finance,
9	New appointment	Koichi Takahashi	Budget, and Promoting Operational
Efficiency
			General Manager of Finance and
			Accounting Division
			Executive Officer
			In charge of Human Resource
10	New appointment	Keiko Mori	Development and Maximizing the
Female	Talents of Women
			Senior Manager in charge of
			Executive Secretarial Department

Note: The Company has concluded a directors and officers (D&O) liability insurance contract with an insurance company in which Directors of the Company are the insured. The insurance will cover any damages that may occur as a result that the insured take responsibility for liability with regard to their execution of duties or receive a claim for liability against them. If all candidates for Director assume the position of Director, they will be the insured of the directors and officers (D&O) liability insurance contract. The Company intends to renew this contract in July 2024.

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				Number of
Candidate	Name			the
		Company
number	(Date of birth)
		shares
				owned
1	Masanori Togawa	[Brief personal history]	10,300
	(January 11, 1949)	April 1973	Entered the Company	shares
		June 2002	Director of the Company
	Reappointment	June 2004	Director and Senior Executive
			Officer of the Company
		July 2006	Member of the HRM Advisory
			Committee of the Company
			(Current position), Member of the
			Compensation Advisory
			Committee of the Company
			(Current position)
		June 2007	Director and Senior Executive
			Officer of the Company
		June 2011	Representative Director, President,
			and COO of the Company
		June 2014	Representative Director, President,
			and CEO of the Company (Current
			position)
		July 2016	Chairman of the Internal Control
			Committee of the Company
			(Current position)
		[Current positions at the Company]
		Representative Director, President, and CEO
		Chairman of the Internal Control Committee,
		Member of the HRM Advisory Committee, Member
		of the Compensation Advisory Committee
Reasons for Nominating Candidate for Director:
As Representative Director, President and COO since June 2011, and as Representative Director,
President and CEO since June 2014, Mr. Masanori Togawa has displayed strong leadership and
contributed to the implementation of the strategic management plan and growth of the Group. We have
appointed him to continue as Director, judging that his abundant experience and accomplishments are
necessary for the Company to realize sustainable enhancement of corporate value in the future, and that
he is an appropriate person for the position of Director of the Company.
Note:
Mr. Masanori Togawa does not hold any special interests in the Company.

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				Number of
Candidate	Name			the
		Company
number	(Date of birth)
		shares
				owned
2	Naofumi Takenaka	[Brief personal history]	1,000
	(January 31, 1964)	April 1986	Entered the Company	shares
		June 2012	Associate Officer of the Company
	New appointment	June 2017	Senior Associate Officer of the
			Company
		June 2018	Senior Executive Officer of the
			Company
		June 2020	In charge of Human Resources and
			General Affairs of the Company
			(Current position)
		July 2020	Member of the HRM Advisory
			Committee of the Company
			(Current position), Member of the
			Compensation Advisory
			Committee of the Company
			(Current position)
		June 2021	Senior Executive Officer of the
			Company (Current position)

[Current positions at the Company] Senior Executive Officer

In charge of Human Resources and General Affairs Member of the HRM Advisory Committee, Member of the Compensation Advisory Committee

Reasons for Nominating Candidate for Director:

Mr. Naofumi Takenaka has been engaged in the air conditioning business over many years, including production and development, domestic sales, supply chain management (SCM), and logistics, and has contributed significantly to the expansion of the business. Serving as Senior Executive Officer since June 2021, he is currently in charge of human resources and general affairs. We have appointed him as Director, judging that his abundant experience and accomplishments are necessary for the Company to realize sustainable enhancement of corporate value in the future, and that he is an appropriate person for the position of Director of the Company.

Note:

Mr. Naofumi Takenaka does not hold any special interests in the Company.

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				Number of
Candidate	Name			the
		Company
number	(Date of birth)
		shares
				owned
3	Tatsuo Kawada	[Brief personal history]	0 shares
	(January 27, 1940)	March 1962	Entered Fukui Seiren Kako Co.,
			Ltd. (Currently, Seiren Co., Ltd.)
	Reappointment	August 1981	Director of the above company
	Candidate for	August 1985	Managing Director of the above
	External Director		Company
	Candidate for	August 1987	President of the above company
	Independent	June 2003	President and COO of the above
	Director		company
		October 2005	President, CEO, and COO of the
			above company
		June 2011	Chairman, President, CEO, and
			COO of the above company
		June 2014	Chairman and CEO of the above
			company (Current position)
		June 2016	Director of the Company (Current
			position)
		July 2016	Member of the HRM Advisory
			Committee of the Company,
			Member of the Compensation
			Advisory Committee of the
			Company
		July 2021	Chairman of the HRM Advisory
			Committee of the Company
			(Current position), Chairman of the
			Compensation Advisory
			Committee of the Company
			(Current position)
		[Current positions at the Company]
		External Director
		Chairman of the HRM Advisory Committee,
		Chairman of the Compensation Advisory Committee
		[Significant positions concurrently held]
		Chairman and CEO of Seiren Co., Ltd.
		External Director of Hokuriku Electric Power
		Company

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Reasons for Nominating Candidate for External Director and Outline of Expected Role:

Mr. Tatsuo Kawada has abundant experience and deep insight as a corporate manager gained through serving various positions such as Representative Director of Seiren Co., Ltd. Drawing on such a track record, Mr. Kawada has been supervising the Company's management appropriately from an independent standpoint as External Director of the Company since 2016 and has been giving valuable advice on management policies and strategies. He has also been instrumental in ensuring transparency, objectivity, and fairness concerning executive appointment and compensation as a Chairman of the HRM Advisory Committee and a Chairman of the Compensation Advisory Committee. For these reasons, we have appointed him to continue as External Director, expecting that he will continue to contribute to enhancement of the Company's corporate value by adequately fulfilling the duties of External Director and proactively making proposals from a broad and advanced perspective including the viewpoint of shifting to new business models and generating innovation.

Attendance for Meetings of the Board of Directors:

Attended 15 out of 16 meetings (93.8%)

Notes:

1. Mr. Tatsuo Kawada does not hold any special interests in the Company.
2. There are no transactions between the Company and Seiren Co., Ltd., where Mr. Kawada serves as Representative Director.
3. Mr. Kawada is a candidate for External Director. The Company will register him with Tokyo Stock Exchange, Inc., as Independent Director if he is selected as External Director.
4. As of the conclusion of this general meeting of shareholders, Mr. Kawada will have been an External Director for eight years.
5. The Company has concluded a limitation of liability agreement with Mr. Kawada, in accordance with Article 427, Paragraph 1, of the Companies Act and the Company's Articles of Incorporation. Under this contract, liabilities for compensation are the lowest amount of liability stipulated by Article 425, Paragraph 1, of the Companies Act. In the event that his reelection is approved, the Company intends to continue the said agreement with him.

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