This document has been translated from the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail. The
Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages
arising from the translation.

Stock Code: 4099
June 3, 2022
To Shareholders with Voting Rights:
Naoto Tanaka
Representative Director,
President and C.E.O.
SHIKOKU CHEMICALS CORPORATION
8-537-1, Doki-cho-higashi, Marugame-shi,
Kagawa Prefecture, JapanNOTICE OF
THE 102nd ANNUAL GENERAL MEETING OF SHAREHOLDERS
Dear Shareholders:
We would like to express our appreciation for your continued support and patronage.
We hereby inform you that the 102nd Annual General Meeting of Shareholders of SHIKOKU CHEMICALSCORPORATION (the “Company”) will be held as described below, and that you are invited to attend the meeting.
If you are not attending the meeting in person, you can exercise your voting rights in writing or via theInternet, etc. To exercise your voting rights, please review the attached Reference Documents for the General
Meeting of Shareholders and exercise your voting rights no later than 5:00 p.m. Japan time on Thursday, June23, 2022.
1. Date and Time:

Friday, June 24, 2022 at 10:00 a.m. Japan time

2. Place:

SHIKOKU CHEMICALS CORPORATION Head Office
Hall, 6th floor
8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan

3. Meeting Agenda:
Matters to be reported:1. The Business Report and Consolidated Financial Statements for theCompany’s 102nd Fiscal Year (April 1, 2021 - March 31, 2022) andresults of audits by the Accounting Auditor and the Board of Auditors of
the Consolidated Financial Statements
2. Non-consolidated Financial Statements for the Company’s 102nd Fiscal
Year (April 1, 2021 - March 31, 2022)
Proposals to be resolved:
Approval of Absorption-Type Company Split Agreements
Proposal 1:
Partial Amendments to the Articles of Incorporation (1)Proposal 2:
Partial Amendments to the Articles of Incorporation (2)Proposal 3:
Election of Twelve (12) Directors
Proposal 4:
Election of One (1) Substitute Statutory Auditor
Proposal 5:

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When attending the meeting, please submit the enclosed Voting Rights Exercise Form at the reception desk on
the day of the meeting. You are also kindly requested to bring this Notice in order to save resources.
Of the documents to be provided with this Notice, the following are posted on the Company’s website(https://www.shikoku.co.jp) on the Internet in accordance with provisions of laws and regulations as well as theCompany’s Articles of Incorporation, and therefore are not provided in the Appendix.
 “Systems for Ensuring Appropriateness of Operations and Their Situation” and “Basic Policy on Control of
the Company,” which are part of the Business Report
 “Consolidated Statements of Changes in Shareholders’ Equity” and “Notes to Consolidated Financial
Statements,” which are part of the Consolidated Financial Statements
 “Non-consolidated Statements of Changes in Shareholders’ Equity” and “Notes to Non-consolidated Financial
Statements,” which are part of the Non-consolidated Financial Statements
Therefore, the attached documents are part of the Business Report, the Consociated Financial Statements, andthe Non-consolidated Financial Statements audited by Statutory Auditors in preparing the Audit Report and partof the Consolidated Financial Statements and the Non-consolidated Financial Statements audited by the
Accounting Auditor in preparing the Audit Report of the Accounting Auditor.
Any revisions to the Reference Documents for the General Meeting of Shareholders, the Business Report, theConsolidated Financial Statements, or the Non-Consolidated Financial Statements will be posted on the
Company’s website (https://www.shikoku.co.jp).
Institutional investors may use the electronic voting system platform operated by ICJ, Inc. to exercise theirvoting rights.

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Reference Documents for the General Meeting of Shareholders
Proposals and References
Proposal 1:

Approval of Absorption-Type Company Split Agreements

1. Reasons for effecting the absorption-type company split
Under its corporate philosophy of “Doku-sou-ryoku” (creativity), the Group formulated its long-term vision“Challenge 1000” and further articulated its vision for 2030: “Toward ‘one-step-ahead’, proposal company
with creativity.” In other words, we aim to provide value to all of our stakeholders--customers, employees,
shareholders, and society, upholding the policy of “YONPO-YOSHI (favorable in all four directions),” as acorporate group that resolves social issues and leads the world with its creative ideas.
In addition, we are shifting to “aggressive management” by investing aggressively for growth, with financial
goals for the 2030 vision of “net sales of 100 billion yen, operating profit of 15 billion yen, and ROE of at least
10%.”
On the other hand, the pace of change in the business environment surrounding the Group is accelerating year
over year due to COVID-19 and other impacts. We need to steadily resolve a mountain of management issues,
such as adapting to new business environment in the post-COVID-19 era where we live with COVID-19,
creating new products and services suitable for global markets that continue to grow, and preparing for
geopolitical risks--notably the U.S.-China confrontation. On top of that, we need to work on decarbonizationto achieve carbon neutrality by 2050.
In this environment, we have decided to adopt a holding company structure based on our determination that itis necessary to enhance the Group’s management structure and expedite decision-making toward achieving theGroup’s long-term vision “Challenge 1000.”
To adopt a holding company structure, the Company plans to carry out an absorption-type company split(hereinafter referred to as the “Absorption-Type Company Split”), effective January 1, 2023 (plan), by which
the Company’s chemicals operations, housing materials operations, and back office operations will betransferred to each of its three wholly-owned subsidiaries preparing for the company split (Shikoku Chemicals
Business Co., Shikoku Housing Materials Business Co., and Shikoku Shared Service Co.) (hereinafter referred
to individually as a “Succeeding Company” and collectively as the “Succeeding Companies”) for the purposeof adopting a holding company structure. The Company, therefore, concluded absorption-type company split
agreements (collectively, the “Absorption-Type Company Split Agreements”) with each of the Succeeding
Companies on April 28, 2022.
Accordingly, the Company seeks approval for the Absorption-Type Company Split Agreements.
On the effective date, the Company will change its trade name to “Shikoku Kasei Holdings Corporation,” thatof Shikoku Chemicals Business Co. to “Shikoku Chemicals Corporation,” that of Shikoku Housing Materials
Business Co. to “Shikoku Kasei Kenzai Corporation,” and that of Shikoku Shared Service Co. to “Shikoku
Kasei Corporate Service CO., LTD.”-3-2. Outline of the absorption-type company split agreements
Details of the Absorption-Type Company Split Agreements are as follows.
(1) Absorption-Type Company Split Agreement (Copy) (Shikoku Chemicals Business Co.)
Absorption-Type Company Split Agreement (Copy)
This Absorption-Type Company Split Agreement (hereinafter this “Agreement”) is made and enteredinto by and between Shikoku Chemicals Corporation (hereinafter the “Splitting Company”) and
Shikoku Chemicals Business Co. (hereafter the “Succeeding Company”) with respect to anabsorption-type company split (hereinafter the “Company Split”) by which the Splitting Company
transfers the rights and obligations it has in relation to the In-Scope Business (as defined in Article
1; the same shall apply hereinafter) to the Succeeding Company, as follows.
Article 1 (Absorption-Type Company Split)
Pursuant to the provisions of this Agreement, the Splitting Company shall transfer to the Succeeding
Company, and the Succeeding Company shall succeed to, the rights and obligations that the Splitting
Company has in relation to the Splitting Company’s chemicals operations (hereinafter the “In-ScopeBusiness”) specified in Article 3, paragraph 1 by way of an absorption-type company split.
Article 2 (Trade Names and Addresses of Parties to the Company Split)
The trade names and addresses of the parties to the Company Split are as follows.
(1) Splitting Company: Company splitting in the absorption-type company split
Trade name: Shikoku Chemicals Corporation(The trade name will be changed to Shikoku Kasei Holdings Corporation effective
January 1, 2023.)
Address: 8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan(2) Succeeding Company: Company succeeding in the absorption-type company split
Trade name: Shikoku Chemicals Business Co.
(The trade name will be changed to Shikoku Chemicals Corporation effective January
1, 2023.)
Address: 8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan
Article 3 (Rights and Obligations to be Transferred)
1. The assets, financial obligations, employment agreements, and other rights and obligations to betransferred from the Splitting Company to the Succeeding Company through the Company Split(hereinafter the “Rights and Obligations to Be Transferred”) shall be as listed in Exhibit “Details ofRights and Obligations to Be Transferred.”
2. The transfer of financial obligations from the Splitting Company to the Succeeding Company under
the preceding paragraph shall be by way of concomitant assumption of financial obligations; provided,
however, that the Succeeding Company shall be the ultimate bearer of the financial obligations
between the parties hereto, and the Splitting Company may, if it has fulfilled or otherwise borne thefinancial obligations, claim compensation against the Succeeding Company for the full amount borne.
Article 4 (Consideration for the Company Split)
At the time of the Company Split, the Succeeding Company shall issue 29,000 ordinary shares anddeliver all of the shares to the Splitting Company in consideration for the Rights and Obligations to
Be Transferred.
Article 5 (Amounts of Share Capital, etc. of the Succeeding Company)-4-

Amounts of increases in the Succeeding Company’s share capital, legal capital surplus, and othercapital surplus due to the Company Split shall be as stated below; provided, however, that theseamounts may be changed depending on the state of assets and liabilities of the In-Scope Business on
the effective date of the Company Split (hereinafter the “Effective Date”) by agreement upon mutual
consultation.
(1) Share capital: 290 million yen(2) Legal capital surplus: 100 million yen(3) Other capital surplus: an amount obtained by subtracting the amounts specified in the preceding
items from the amount of changes in shareholder equity, etc.
Article 6 (Effective Date)
The Effective Date of the Company Split shall be January 1, 2023; provided, however, that this date
may be changed by agreement upon consultation between the Splitting Company and the Succeeding
Company if doing so is necessary for the progress of the Company Split proceedings or other reasons.
Article 7 (Resolution of the General Meeting of Shareholders)
Each of the Splitting Company and the Succeeding Company shall hold its general meeting ofshareholders to seek the shareholders’ approval for this Agreement and necessary matters on the
Company Split, by the date immediately preceding the Effective Date.
Article 8 (Due Care of A Prudent Manager)
During a period from the date of this Agreement to the Effective Date, the Splitting Company andthe Succeeding Company shall execute their respective operations, and manage and operate theirrespective assets, with due care of a prudent manager, and, in case of engaging in any act that may
have a significant impact on their assets as well as rights and obligations, they shall do so upon priormutual consultation.
Article 9 (Non-Compete Obligations)
The Splitting Company shall not assume non-compete obligations to the Succeeding Company withrespect to the In-Scope Business, even on and after the Effective Date.
Article 10 (Changing the Conditions for the Company Split and Terminating this Agreement)
The Splitting Company and the Succeeding Company may change conditions for the Company Splitand other terms of this Agreement or terminate this Agreement, by agreement upon mutual
consultation, if any significant change to the status of assets or operations of the Splitting Company
or the Succeeding Company arises, if a situation that may significantly interferes with the executionof the Company Split arises or reveals, or if it otherwise becomes extremely difficult to achieve theobjectives of the Company Split, during the period from the date of this Agreement to the Effective
Date.
Article 11 (Effect of this Agreement)This Agreement shall cease to be effective if the approval of the general meeting of shareholders of
the Splitting Company or the Succeeding Company as provided in Article 7, or the approval of
relevant government agencies and other authorities prescribed by laws and regulations, has not beenobtained by the day immediately preceding the Effective Date.
Article 12 (Consultation)-5-

In addition to what is provided for in this Agreement, the Splitting Company and the Succeeding
Company shall determine any necessary matters concerning the Company Split by agreement upon
mutual consultation in accordance with the purport of this Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement in duplicate, affixing
their names and seals, and each party shall retain one copy.
April 28, 2022
Splitting Company: 8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan
Shikoku Chemicals Corporation
Naoto Tanaka
Representative Director,
President and C.E.O.
Succeeding Company: 8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan
Shikoku Chemicals Business Co.
Naoto Tanaka, Representative Director-6-

(Exhibit)
Details of Rights and Obligations to Be Transferred
Assets, financial obligations, employment agreements, and other rights and obligations to betransferred from the Splitting Company to the Succeeding Company on the Effective Date are as
follows. Of the rights and obligations to be transferred from the Splitting Company to the Succeeding
Company, assets and financial obligations shall be finalized based on the balance sheet and otherfinancial statements of the Splitting Company as of March 31, 2022, plus or less changes that ariseby the day immediately preceding the Effective Date.
1. Assets to be Transferred
Assets owned in relation to the In-Scope Business(1) Current assets
Any and all current assets related to the In-Scope Business, including cash and deposits, notes
receivable-trade, accounts receivable-trade, electronically recorded monetary claims-operating,merchandise, and finished goods; provided, however, that this shall exclude short-term loans
receivable.
(2) Non-current assets
Any and all non-current assets related to the In-Scope Business, including property, plant andequipment, intangible assets, and investments and other assets; provided, however, that they shallexclude land and buildings pertaining to the location of the Splitting Company’s head office (8-5371, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan) or employees’ welfare facilities,
shares in listed companies, shares or equities of private companies (excluding subsidiaries managed
in the In-Scope Business), corporate bonds, and long-term loans receivable.
2. Financial obligations to be TransferredFinancial obligations owned in relation to the In-Scope Business(1) Current liabilities
Any and all current liabilities related to the In-Scope Business, including accounts payable-trade,
accounts payable-other, accrued expenses, and deposits received; provided, however, that this shallexclude notes payable-trade, electronically recorded obligations-operating, and short-termborrowings.
(2) Non-current liabilities
Any and all non-current liabilities related to the In-Scope Business; provided, however, that they shallexclude long-term borrowings.
3. Employment Agreements, etc. to Be Transferred(1) The Splitting Company’s contractual status relating to, and any and all rights and obligations
arising under, its employment agreements with all the employees who are mainly engaged in the InScope Business as of the Effective Date; provided, however, that they shall exclude contractual status
relating to, and any and all rights and obligations arising under, employment agreements with
employees who individually have consented to that the agreements will not be transferred to theSucceeding Company by the Company Split.
(2) Out of labor agreements between the Splitting Company and the UA ZENSEN SHIKOKUWORKERS’ UNION FEDERATION effective as of the Effective Date, labor agreements whosetransfer to the Succeeding Company has been separately agreed between the Splitting Company andthe UA ZENSEN SHIKOKU WORKERS’ UNION FEDERATION.

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4. Agreements to Be Transferred (Excluding Employment Agreements)
Contractual status relating to, and any and all rights and obligations arising under, any and all
agreements related to the In-Scope Business (limited to parts related to the In-Scope Business in thecase of agreements that are also related to any other business than the In-Scope Business), including
the sales and purchase agreements, master transaction agreements, service agreements, contractor
agreements, lease agreements, and agreements on intellectual property rights (including know-how;
the same shall apply hereinafter) such as licensing agreements, which the Splitting Company has
concluded in relation to the In-Scope Business; provided, however, that they shall exclude, out ofagreements on which permission, authorization and the like need to be reacquired in relation to thetransfer of the Splitting Company’s contractual status, those on which the reacquisition of thepermission, authorization, and the like have not been completed by the Effective Date and those thatneed to remain in the possession of the Splitting Company.
5. Intellectual Property Rights
Any and all intellectual property rights mainly related to the In-Scope Business
6. Permission, authorization, and the Like
Out of permission, authorization, approvals, registrations, notifications, and the like related to the InScope Business, any and all of those that are allowed be transferred under laws and regulations;provided, however, that this shall exclude those that need to remain in the possession of the Splitting
Company.
7. Other
Out of the Rights and Obligations to Be Transferred, those that are difficult to be transferred underlaws and regulations, and other regulations shall be excluded from the Rights and Obligations to Be
Transferred.

-8-(2) Absorption-Type Company Split Agreement (Copy) (Shikoku Housing Materials Business Co.)
Absorption-Type Company Split Agreement (Copy)
This Absorption-Type Company Split Agreement (hereinafter this “Agreement”) is made and enteredinto by and between Shikoku Chemicals Corporation (hereinafter the “Splitting Company”) and
Shikoku Housing Materials Business Co. (hereafter the “Succeeding Company”) with respect to anabsorption-type company split (hereinafter the “Company Split”) by which the Splitting Company
transfers the rights and obligations it has in relation to the In-Scope Business (as defined in Article
1; the same shall apply hereinafter) to the Succeeding Company, as follows.
Article 1 (Absorption-Type Company Split)
Pursuant to the provisions of this Agreement, the Splitting Company shall transfer to the Succeeding
Company, and the Succeeding Company shall succeed to, the rights and obligations that the Splitting
Company has in relation to the Splitting Company’s housing materials operations (hereinafter the“In-Scope Business”) specified in Article 3, paragraph 1 by way of an absorption-type company split.
Article 2 (Trade Names and Addresses of Parties to the Company Split)
The trade names and addresses of the parties to the Company Split are as follows.
(1) Splitting Company: Company splitting in the absorption-type company split
Trade name: Shikoku Chemicals Corporation(The trade name will be changed to Shikoku Kasei Holdings Corporation effective
January 1, 2023)
Address: 8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan(2) Succeeding Company: Company succeeding in the absorption-type company split
Trade name: Shikoku Housing Materials Business Co.
(The trade name will be changed to Shikoku Kasei Kenzai Corporation effective January
1, 2023.)
Address: 8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan
Article 3 (Rights and Obligations to be Transferred)
1. The assets, financial obligations, employment agreements, and other rights and obligations to betransferred from the Splitting Company to the Succeeding Company through the Company Split(hereinafter the “Rights and Obligations to Be Transferred”) shall be as listed in Exhibit “Details ofRights and Obligations to Be Transferred.”
2. The transfer of financial obligations from the Splitting Company to the Succeeding Company under
the preceding paragraph shall be by way of concomitant assumption of financial obligations;provided, however, that the Succeeding Company shall be the ultimate bearer of the financial
obligations between the parties hereto, and the Splitting Company may, if it has fulfilled or otherwise
borne the financial obligations, claim compensation against the Succeeding Company for the fullamount borne.
Article 4 (Consideration for the Company Split)
At the time of the Company Split, the Succeeding Company shall issue 29,000 ordinary shares anddeliver all of the shares to the Splitting Company in consideration for the Rights and Obligations to
Be Transferred.
Article 5 (Amounts of Share Capital, etc. of the Succeeding Company)
Amounts of increases in the Succeeding Company’s share capital, legal capital surplus, and other-9-

capital surplus due to the Company Split shall be as stated below; provided, however, that theseamounts may be changed depending on the state of assets and liabilities of the In-Scope Business on
the effective date of the Company Split (hereinafter the “Effective Date”) by agreement upon mutual
consultation.
(1) Share capital: 290 million yen(2) Legal capital surplus: 100 million yen(3) Other capital surplus: an amount obtained by subtracting the amounts specified in the preceding
items from the amount of changes in shareholder equity, etc.
Article 6 (Effective Date)
The Effective Date of the Company Split shall be January 1, 2023; provided, however, that this date
may be changed by agreement upon consultation between the Splitting Company and the Succeeding
Company if doing so is necessary for the progress of the Company Split proceedings or other reasons.
Article 7 (Resolution of the General Meeting of Shareholders)
Each of the Splitting Company and the Succeeding Company shall hold its general meeting ofshareholders to seek the shareholders’ approval for this Agreement and necessary matters on the
Company Split, by the date immediately preceding the Effective Date.
Article 8 (Due Care of A Prudent Manager)
During a period from the date of this Agreement to the Effective Date, the Splitting Company andthe Succeeding Company shall execute their respective operations, and manage and operate theirrespective assets, with due care of a prudent manager, and, in case of engaging in any act that may
have a significant impact on their assets as well as rights and obligations, they shall do so upon priormutual consultation.
Article 9 (Non-Compete Obligations)
The Splitting Company shall not assume non-compete obligations to the Succeeding Company withrespect to the In-Scope Business, even on and after the Effective Date.
Article 10 (Changing the Conditions for the Company Split and Terminating this Agreement)
The Splitting Company and the Succeeding Company may change conditions for the Company Splitand other terms of this Agreement or terminate this Agreement, by agreement upon mutual
consultation, if any significant change to the status of assets or operations of the Splitting Company
or the Succeeding Company arises, if a situation that may significantly interferes with the executionof the Company Split arises or reveals, or if it otherwise becomes extremely difficult to achieve theobjectives of the Company Split, during the period from the date of this Agreement to the Effective
Date.
Article 11 (Effect of this Agreement)This Agreement shall cease to be effective if the approval of the general meeting of shareholders of
the Splitting Company or the Succeeding Company as provided in Article 7, or the approval of
relevant government agencies and other authorities prescribed by laws and regulations, has not beenobtained by the day immediately preceding the Effective Date.
Article 12 (Consultation)
In addition to what is provided for in this Agreement, the Splitting Company and the Succeeding- 10 -

Company shall determine any necessary matters concerning the Company Split by agreement upon
mutual consultation in accordance with the purport of this Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement in duplicate, affixing
their names and seals, and each party shall retain one copy.
April 28, 2022
Splitting Company: 8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan
Shikoku Chemicals Corporation
Naoto Tanaka
Representative Director,
President and C.E.O.
Succeeding Company: 8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan
Shikoku Housing Materials Business Co.
Naoto Tanaka, Representative Director- 11 -

(Exhibit)
Details of Rights and Obligations to Be Transferred
Assets, financial obligations, employment agreements, and other rights and obligations to betransferred from the Splitting Company to the Succeeding Company on the Effective Date are as
follows. Of the rights and obligations to be transferred from the Splitting Company to the Succeeding
Company, assets and financial obligations shall be finalized based on the balance sheet and otherfinancial statements of the Splitting Company as of March 31, 2022, plus or less changes that ariseby the day immediately preceding the Effective Date.
1. Assets to be Transferred
Assets owned in relation to the In-Scope Business(1) Current assets
Any and all current assets related to the In-Scope Business, including cash and deposits, notes
receivable-trade, accounts receivable-trade, electronically recorded monetary claims-operating,merchandise, and finished goods; provided, however, that this shall exclude short-term loans
receivable.
(2) Non-current assets
Any and all non-current assets related to the In-Scope Business, including property, plant andequipment, intangible assets, and investments and other assets; provided, however, that they shallexclude land and buildings pertaining to the location of the Splitting Company’s head office (8-5371, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan) or employees’ welfare facilities,
shares in listed companies, shares or equities of private companies (excluding subsidiaries managed
in the In-Scope Business), corporate bonds, and long-term loans receivable.
2. Financial obligations to be TransferredFinancial obligations owned in relation to the In-Scope Business(1) Current liabilities
Any and all current liabilities related to the In-Scope Business, including accounts payable-trade,
accounts payable-other, accrued expenses, and deposits received; provided, however, that this shallexclude notes payable-trade, electronically recorded obligations-operating, and short-termborrowings.
(2) Non-current liabilities
Any and all non-current liabilities related to the In-Scope Business; provided, however, that they shallexclude long-term borrowings.
3. Employment Agreements, etc. to Be Transferred(1) The Splitting Company’s contractual status relating to, and any and all rights and obligations
arising under, its employment agreements with all the employees who are mainly engaged in the InScope Business as of the Effective Date; provided, however, that they shall exclude contractual status
relating to, and any and all rights and obligations arising under, employment agreements with
employees who individually have consented to that the agreements will not be transferred to theSucceeding Company by the Company Split.
(2) Out of labor agreements between the Splitting Company and the UA ZENSEN SHIKOKUWORKERS’ UNION FEDERATION effective as of the Effective Date, labor agreements whosetransfer to the Succeeding Company has been separately agreed between the Splitting Company andthe UA ZENSEN SHIKOKU WORKERS’ UNION FEDERATION.

- 12 -

4. Agreements to Be Transferred (Excluding Employment Agreements)
Contractual status relating to, and any and all rights and obligations arising under, any and all
agreements related to the In-Scope Business (limited to parts related to the In-Scope Business in thecase of agreements that are also related to any other business than the In-Scope Business), including
the sales and purchase agreements, master transaction agreements, service agreements, contractor
agreements, lease agreements, and agreements on intellectual property rights (including know-how;
the same shall apply hereinafter) such as licensing agreements, which the Splitting Company has
concluded in relation to the In-Scope Business; provided, however, that they shall exclude, out ofagreements on which permission, authorization and the like need to be reacquired in relation to thetransfer of the Splitting Company’s contractual status, those on which the reacquisition of thepermission, authorization, and the like have not been completed by the Effective Date and those thatneed to remain in the possession of the Splitting Company.
5. Intellectual Property Rights
Any and all intellectual property rights mainly related to the In-Scope Business
6. Permission, authorization, and the Like
Out of permission, authorization, approvals, registrations, notifications, and the like related to the InScope Business, any and all of those that are allowed be transferred under laws and regulations;provided, however, that this shall exclude those that need to remain in the possession of the Splitting
Company.
7. Other
Out of the Rights and Obligations to Be Transferred, those that are difficult to be transferred underlaws and regulations, and other regulations shall be excluded from the Rights and Obligations to Be
Transferred.

- 13 -

(3) Absorption-Type Company Split Agreement (Copy) (Shikoku Shared Service Co.)
Absorption-Type Company Split Agreement (Copy)
This Absorption-Type Company Split Agreement (hereinafter this “Agreement”) is made and enteredinto by and between Shikoku Chemicals Corporation (hereinafter the “Splitting Company”) and
Shikoku Shared Service Co. (hereafter the “Succeeding Company”) with respect to an absorptiontype company split (hereinafter the “Company Split”) by which the Splitting Company transfers therights and obligations it has in relation to the In-Scope Business (as defined in Article 1; the same
shall apply hereinafter) to the Succeeding Company, as follows.
Article 1 (Absorption-Type Company Split)
Pursuant to the provisions of this Agreement, the Splitting Company shall transfer to the Succeeding
Company, and the Succeeding Company shall succeed to, the rights and obligations that the Splitting
Company has in relation to the Splitting Company’s back-office operations (hereinafter the “In-ScopeBusiness”) specified in Article 3, paragraph 1 by way of an absorption-type company split.
Article 2 (Trade Names and Addresses of Parties to the Company Split)
The trade names and addresses of the parties to the Company Split are as follows.
(1) Splitting Company: Company splitting in the absorption-type company split
Trade name: Shikoku Chemicals Corporation(The trade name will be changed to Shikoku Kasei Holdings Corporation effective
January 1, 2023)
Address: 8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan(2) Succeeding Company: Company succeeding in the absorption-type company split
Trade name: Shikoku Shared Service Co.
(The trade name will be changed to Shikoku Kasei Corporate Service CO., LTD.
effective January 1, 2023)
Address: 8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan
Article 3 (Rights and Obligations to be Transferred)
1. The assets, financial obligations, employment agreements, and other rights and obligations to betransferred from the Splitting Company to the Succeeding Company through the Company Split(hereinafter the “Rights and Obligations to Be Transferred”) shall be as listed in Exhibit “Details ofRights and Obligations to Be Transferred.”
2. The transfer of financial obligations from the Splitting Company to the Succeeding Company under
the preceding paragraph shall be by way of concomitant assumption of financial obligations;provided, however, that the Succeeding Company shall be the ultimate bearer of the financial
obligations between the parties hereto, and the Splitting Company may, if it has fulfilled or otherwise
borne the financial obligations, claim compensation against the Succeeding Company for the fullamount borne.
Article 4 (Consideration for the Company Split)
At the time of the Company Split, the Succeeding Company shall issue 9,000 ordinary shares anddeliver all of the shares to the Splitting Company in consideration for the Rights and Obligations to
Be Transferred.
Article 5 (Amounts of Share Capital, etc. of the Succeeding Company)
Amounts of increases in the Succeeding Company’s share capital, legal capital surplus, and other- 14 -

capital surplus due to the Company Split shall be as stated below; provided, however, that theseamounts may be changed depending on the state of assets and liabilities of the In-Scope Business on
the effective date of the Company Split (hereinafter the “Effective Date”) by agreement upon mutual
consultation.
(1) Share capital: 90 million yen(2) Legal capital surplus: 100 million yen(3) Other capital surplus: an amount obtained by subtracting the amounts specified in the preceding
items from the amount of changes in shareholder equity, etc.
Article 6 (Effective Date)
The Effective Date of the Company Split shall be January 1, 2023; provided, however, that this date
may be changed by agreement upon consultation between the Splitting Company and the Succeeding
Company if doing so is necessary for the progress of the Company Split proceedings or other reasons.
Article 7 (Resolution of the General Meeting of Shareholders)
Each of the Splitting Company and the Succeeding Company shall hold its general meeting ofshareholders to seek the shareholders’ approval for this Agreement and necessary matters on the
Company Split, by the date immediately preceding the Effective Date.
Article 8 (Due Care of A Prudent Manager)
During a period from the date of this Agreement to the Effective Date, the Splitting Company andthe Succeeding Company shall execute their respective operations, and manage and operate theirrespective assets, with due care of a prudent manager, and, in case of engaging in any act that may
have a significant impact on their assets as well as rights and obligations, they shall do so upon priormutual consultation.
Article 9 (Non-Compete Obligations)
The Splitting Company shall not assume non-compete obligations to the Succeeding Company withrespect to the In-Scope Business, even on and after the Effective Date.
Article 10 (Changing the Conditions for the Company Split and Terminating this Agreement)
The Splitting Company and the Succeeding Company may change conditions for the Company Splitand other terms of this Agreement or terminate this Agreement, by agreement upon mutual
consultation, if any significant change to the status of assets or operations of the Splitting Company
or the Succeeding Company arises, if a situation that may significantly interferes with the executionof the Company Split arises or reveals, or if it otherwise becomes extremely difficult to achieve theobjectives of the Company Split, during the period from the date of this Agreement to the Effective
Date.
Article 11 (Effect of this Agreement)This Agreement shall cease to be effective if the approval of the general meeting of shareholders of
the Splitting Company or the Succeeding Company as provided in Article 7, or the approval of
relevant government agencies and other authorities prescribed by laws and regulations, has not beenobtained by the day immediately preceding the Effective Date.
Article 12 (Consultation)
In addition to what is provided for in this Agreement, the Splitting Company and the Succeeding- 15 -

Company shall determine any necessary matters concerning the Company Split by agreement upon
mutual consultation in accordance with the purport of this Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement in duplicate, affixing
their names and seals, and each party shall retain one copy.
April 28, 2022
Splitting Company: 8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan
Shikoku Chemicals Corporation
Naoto Tanaka
Representative Director,
President and C.E.O.
Succeeding Company: 8-537-1, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan
Shikoku Shared Service Co.
Naoto Tanaka, Representative Director- 16 -

(Exhibit)
Details of Rights and Obligations to Be Transferred
Assets, financial obligations, employment agreements, and other rights and obligations to betransferred from the Splitting Company to the Succeeding Company on the Effective Date are as
follows. Of the rights and obligations to be transferred from the Splitting Company to the Succeeding
Company, assets and financial obligations shall be finalized based on the balance sheet and otherfinancial statements of the Splitting Company as of March 31, 2022, plus or less changes that arise by
the day immediately preceding the Effective Date.
1. Assets to be Transferred
Assets owned in relation to the In-Scope Business(1) Current assets
Any and all current assets related to the In-Scope Business, including cash and deposits, notes
receivable-trade, accounts receivable-trade, electronically recorded monetary claims-operating,merchandise, and finished goods; provided, however, that this shall exclude short-term loans
receivable.
(2) Non-current assets
Any and all non-current assets related to the In-Scope Business, including property, plant andequipment, intangible assets, and investments and other assets; provided, however, that they shallexclude land and buildings pertaining to the location of the Splitting Company’s head office (8-5371, Doki-cho-higashi, Marugame-shi, Kagawa Prefecture, Japan) or employees’ welfare facilities,
shares in listed companies, shares or equities of private companies (excluding subsidiaries managed
in the In-Scope Business), corporate bonds, and long-term loans receivable.
2. Financial obligations to be TransferredFinancial obligations owned in relation to the In-Scope Business(1) Current liabilities
Any and all current liabilities related to the In-Scope Business, including accounts payable-trade,
accounts payable-other, accrued expenses, and deposits received; provided, however, that this shallexclude notes payable-trade, electronically recorded obligations-operating, and short-termborrowings.
(2) Non-current liabilities
Any and all non-current liabilities related to the In-Scope Business; provided, however, that they shallexclude long-term borrowings.
3. Employment Agreements, etc. to Be Transferred(1) The Splitting Company’s contractual status relating to, and any and all rights and obligations
arising under, its employment agreements with all the employees who are mainly engaged in the InScope Business as of the Effective Date; provided, however, that they shall exclude contractual status
relating to, and any and all rights and obligations arising under, employment agreements with
employees who individually have consented to that the agreements will not be transferred to theSucceeding Company by the Company Split.
(2) Out of labor agreements between the Splitting Company and the UA ZENSEN SHIKOKUWORKERS’ UNION FEDERATION effective as of the Effective Date, labor agreements whosetransfer to the Succeeding Company has been separately agreed between the Splitting Company andthe UA ZENSEN SHIKOKU WORKERS’ UNION FEDERATION.

- 17 -

4. Agreements to Be Transferred (Excluding Employment Agreements)
Contractual status relating to, and any and all rights and obligations arising under, any and all
agreements related to the In-Scope Business (limited to parts related to the In-Scope Business in thecase of agreements that are also related to any other business than the In-Scope Business), including
the sales and purchase agreements, master transaction agreements, service agreements, contractor
agreements, lease agreements, and agreements on intellectual property rights (including know-how;
the same shall apply hereinafter) such as licensing agreements, which the Splitting Company has
concluded in relation to the In-Scope Business; provided, however, that they shall exclude, out ofagreements on which permission, authorization and the like need to be reacquired in relation to thetransfer of the Splitting Company’s contractual status, those on which the reacquisition of the licenses,
permits, and the like have not been completed by the Effective Date and those that need to remain in
the possession of the Splitting Company.
5. Intellectual Property Rights
Any and all intellectual property rights mainly related to the In-Scope Business
6. Permission, authorization, and the Like
Out of permission, authorization, approvals, registrations, notifications, and the like related to the InScope Business, any and all of those that are allowed be transferred under laws and regulations;provided, however, that this shall exclude those that need to remain in the possession of the Splitting
Company.
7. Other
Out of the Rights and Obligations to Be Transferred, those that are difficult to be transferred underlaws and regulations, and other regulations shall be excluded from the Rights and Obligations to Be
Transferred.

- 18 -

3. Outline of the details of particulars listed in items of Article 183 of the Regulations for Enforcement of theCompanies Act.
(1) Particulars regarding the appropriateness of consideration for split(i) Particulars regarding the number of shares delivered
Upon the Absorption-Type Company Split, each Succeeding Company will issue new ordinary shares as
below, all of which will be allotted to the Company, the company splitting in the absorption-type split. Each
Succeeding Company is a wholly-owned subsidiary of the Company, and all new shares to be issued by each
Succeeding Company upon the Absorption-Type Company Split will be delivered to the Company. The
number of shares to be delivered by each Succeeding Company has been determined upon consultation
between the Company and each Succeeding Company. Therefore, the Company believes that the number ofshares to be delivered is appropriate.
Name of Succeeding Companies
Number of shares to be issued upon theAbsorption-Type Company Split
Shikoku Chemicals Business Co.
29,000 shares
Shikoku Housing Materials Business Co.
29,000 shares
Shikoku Shared Service Co.
9,000 shares(ii) Particulars regarding the amount of share capital and capital reserves
The increases in share capital, legal capital surplus and legal retained earnings of each Succeeding Company to
be caused by the Absorption-Type Company Split are as below. The Company believes that these amounts areappropriate in light of the content of business of each Succeeding Company after the Absorption-Type Company
Split and assets and liabilities to be succeeded from the Company.
Share capital
Legal capital
Legal retained
Name of Succeeding Companies
surplusearnings¥290 million¥100 million¥0
Shikoku Chemicals Business Co.
¥290 million¥100 million¥0
Shikoku Housing Materials Business Co.
¥90 million¥100 million¥0
Shikoku Shared Service Co.
(2) Particulars in relation to the appropriateness of a provision for share acquisition rights in relation to the split
Not applicable.
(3) The content of the balance sheets on the day of the formation of each Succeeding Company
Each Succeeding Company was formed on January 11, 2022, and no fiscal years of the companies have been
completed. The balance sheets of each Succeeding Company as of the day of the formation is as follows.

- 19 -

(i) Shikoku Chemicals Business Co.

Item

Amount(Assets)
Current assets
Cash and deposits
Total assets

Item(Net assets)
Shareholders’ equity
10 Share capital
10 Total liabilities and net assets(Million yen)Amount1010(ii) Shikoku Housing Materials Business Co.

Item

Amount(Assets)
Current assets
Cash and deposits
Total assets

Item(Net assets)
Shareholders’ equity
10 Share capital
10 Total liabilities and net assets(Million yen)Amount1010(iii) Shikoku Shared Service Co.
Item(Assets)
Current assets
Cash and deposits
Total assets

Amount

Item(Net assets)
Shareholders’ equity
10 Share capital
10 Total liabilities and net assets(Million yen)Amount1010(4) Details of the disposal of important property, burden of major obligations, or any other event with material
impact on the status of company property that occurred after the day of formation of each Succeeding
Company
Not applicable.
(5) Details of the disposal of important property, burden of major obligations, or any other event with material
impact on the status of company property that occurred after the end of the last fiscal year of the Company
Not applicable.

- 20 -

Proposal 2: Partial Amendments to the Articles of Incorporation (1)1. Reasons for amendments
The Company plans to adopt a holding company structure as described in Proposal 1 “Approval of
Absorption-Type Company Split Agreements.” Accordingly, in order to change the trade name of theCompany to “Shikoku Kasei Holdings Corporation” and change the purpose of the Company’s business tothe business management, etc. as a holding company, the Company proposes amending Article 1 (TradeName) and Article 2 (Purpose) of the current Articles of Incorporation. In addition, the Company proposes
establishing a supplementary provision to the effect that said amendments shall come into effect on theeffective date of the absorption-type company split, on the condition that Proposal 1 is approved as originallyproposed and the absorption-type company split takes effect in accordance with the absorption-type company
split agreement as proposed in said Proposal.
2. Details of amendments
The details of the amendments are as follows.
(Amended parts are underlined.)
Current Articles of Incorporation
Proposed Amendments(Trade Name)(Trade Name)
Article 1. The name of the Company shall be
Article 1. The name of the Company shall be
Shikoku Kasei Kogyo Kabushiki Kaisha
Shikoku Kasei Holdings Kabushiki
in Japanese and SHIKOKUKaisha in Japanese and SHIKOKUCHEMICALS CORPORATION in
KASEI HOLDINGS CORPORATION in
English.
English.
(Purpose)
Article 2. The purpose of the Company shallbe the following businesses:

1. Manufacturing, processing, and sale ofvarious industrial chemicals,
pharmaceuticals, quasi-drugs, chemicalfertilizers, and agricultural chemicals
2. Manufacturing, processing, and sale ofvarious construction and civil engineering
materials, housing and store products, anddesign and construction of related
facilities
3. through 17. (Provisions omitted)
18. Any and all businesses incidental toeach of the preceding items(Purpose)
Article 2. The purpose of the Company shall be
to control or manage the businessactivities of companies (including foreigncompanies), partnerships (including thoseequivalent to partnerships in foreigncountries), and other entities equivalent
thereto engaged in the following
businesses, by owning shares or interests
therein:
1. Research and development,
manufacturing, processing, and sale ofvarious industrial chemicals,
pharmaceuticals, quasi-drugs, chemicalfertilizers, and agricultural chemicals
2. Planning, development, manufacturing,processing, and sale of various
construction and civil engineering
materials, housing and store products, anddesign and construction of related
facilities
3. through 17. (Unchanged)
18. Any and all businesses incidental or
related to each of the preceding items- 21 -

Current Articles of Incorporation<Newly established>

Proposed Amendments
2. The Company may engage in any and allbusinesses set forth in each of thepreceding items, and any and allbusinesses incidental or related thereto.

<Newly established>

SUPPLEMENTARY PROVISION(Transitional Measures regarding Absorptiontype Company Split)
The amendments to Articles 1 and 2 shallcome into effect on January 1, 2023, on
the condition that the proposal for theabsorption-type company split agreements
submitted to the 102nd Annual General
Meeting of Shareholders is approved asoriginally proposed and the absorptiontype company split takes effect inaccordance with the absorption-typecompany split agreements as describedabove. This supplementary provision shallbe deleted after the above amendments to
the Articles of Incorporation come into
effect.

- 22 -

Proposal 3: Partial Amendments to the Articles of Incorporation (2)1. Reasons for amendments(1) For the purpose of preparing for the improvement in international comparability of financial andmanagement information and the expected future overseas expansion, as well as operating the business more
efficiently by preventing the busy business season and the time to formulate business plan for the next fiscal
year from overlapping, Article 38 of the current Articles of Incorporation shall be amended to set the fiscal
year as one year from January 1 to December 31 of each year and necessary amendments to Articles 12, 14,
and 40 of the current Articles of Incorporation shall be made accordingly. In addition, supplementaryprovisions shall be established as transitional measures in connection with the change in the fiscal year.
(2) The date of enforcement of the electronic provision system for reference documents for general meetingof shareholders stipulated in the proviso of Article 1 of the supplementary provisions of the Act Partially
Amending the Companies Act (Act No. 70 of 2019) has been set for September 1, 2022. Accordingly, theCompany propose establishing provisions for electronically providing information contained in the reference
documents for the general meeting of shareholders, etc. and for limiting the scope of matters to be includedin the paper copy to be sent to shareholders who have requested it. In addition, Article 16 of the current
Articles of Incorporation, which provides the Internet-based disclosure and deemed provision of thereference documents for the general meeting of shareholders, etc. shall be deleted as it is no longer necessary.
In line with the above amendments, supplementary provisions related to the effective date, etc. shall beestablished.
2. Details of amendments
The details of the amendments are as follows.
(Amended parts are underlined.)
Proposed Amendments
Current Articles of Incorporation(Convocation)(Convocation)
Article 12. An annual general meeting of
Article 12. An annual general meeting ofshareholders shall be convened in Juneshareholders shall be convened in Marcheach year, and an extraordinary generaleach year, and an extraordinary general
meeting of shareholders shall bemeeting of shareholders shall be convened
convened whenever necessary.
whenever necessary.
(Record Date of an Annual General Meeting of
Shareholders)
Article 14. The record date for voting rights at
an annual general meeting of shareholders
shall be March 31 of each year.

(Record Date of an Annual General Meeting of
Shareholders)
Article 14. The record date for voting rights at
an annual general meeting of shareholders
shall be December 31 of each year.

- 23 -

Current Articles of Incorporation(Internet-based Disclosure and Deemed
Provision of Reference Documents for the
General Meeting of Shareholders, Etc.)
Article 16. The Company may, whenconvening a general meeting ofshareholders, deem that it has provided
information to shareholders pertaining tomatters to be described or indicated in thereference documents for the general
meeting of shareholders, business report,
non-consolidated financial statements,
and consolidated financial statements, bydisclosing such information through theInternet in accordance with the provisions
stipulated in the Ordinance of the
Ministry of Justice.

Proposed Amendments<Deleted><Newly established>(Measures for Electronic Provision, Etc.)
Article 16. The Company shall, whenconvening a general meeting ofshareholders, provide information
contained in the reference documents forthe general meeting of shareholders, etc.
electronically.
2. Among the matters to be provided
electronically, the Company may choose
not to include all or part of the matters
stipulated in the Ordinance of the Ministryof Justice in the paper copy to be sent toshareholders who have requested it by therecord date for voting rights.

(Fiscal Year)
Article 38. The fiscal year of the Company
shall be one year from April 1 of eachyear to March 31 of the following year.

(Fiscal Year)
Article 38. The fiscal year of the Company
shall be one year from January 1 to
December 31 of each year.

(Record Date for Distribution of Surplus)
Article 40. The record date for year-end
dividends of the Company shall be March
31 of each year.
2. The record date for interim dividends of
the Company shall be September 30 ofeach year.
3. (Provision omitted)(Record Date for Distribution of Surplus)
Article 40. The record date for year-end
dividends of the Company shall be
December 31 of each year.
2. The record date for interim dividends of
the Company shall be June 30 of eachyear.
3. (Unchanged)- 24 -

Current Articles of Incorporation<Newly established>

Proposed Amendments
SUPPLEMENTARY PROVISIONS(Transitional Measures regarding Change of
Fiscal Year)
1. Notwithstanding the provision of Article 38,
the 103rd fiscal year shall be a nine-month
period from April 1, 2022 to December 31,
2022.
2. Notwithstanding the provision of Article 40,
Paragraph 2, the record date for interim
dividends for the 103rd fiscal year shall be
September 30.
3. These supplementary provisions“Transitional Measures regarding Change of
Fiscal Year” shall be deleted after the end of
the 103rd fiscal year.
(Transitional Measures regarding Electronic
Provision of Reference Materials for the General
Meeting of Shareholders)
1. The deletion of Article 16 of the current
Articles of Incorporation and theestablishment of Article 16 in the amended
Articles of Incorporation shall come into
effect on September 1, 2022.
2. Notwithstanding the provision of thepreceding paragraph, Article 16 of thecurrent Articles of Incorporation shallremain in force with respect to any general
meeting of shareholders held on or before
the last day of February 2023.
3. These supplementary provisions“Transitional Measures regarding Electronic
Provision of Reference Materials for the
General Meeting of Shareholders” shall bedeleted on March 1, 2023 or the date whenthree months have passed from the date of
the general meeting of shareholders in thepreceding paragraph, whichever is later.

- 25 -

Proposal 4:

Election of Twelve (12) Directors

The terms of office of all eleven (11) Directors will expire at the conclusion of this General Meeting of
Shareholders.
In order to strengthen the management structure, the election of twelve (12) Directors is proposed, increasing
the number of Directors by one (1).
The candidates for Director are as follows.
Number ofshares of theCompany held
(Number ofName
Career summary, positions, responsibilities,
No.
sharesto be(Date of birth)and significant concurrent positions
granted under
the stockcompensation
plan)
April 1975
Joined the Company
March 1996
General Manager, Inorganic Chemicals Sales
Dept., the Company
June 2002
Executive Officer; General Manager, East Nippon
Sales, Housing Materials Operations, the Company
Executive Officer; General Manager, Planning,
March 2003
Planning and Management Division, the Company
Executive Officer; Head, Housing Materials
March 2005
Operations, the Company
June 2005
Director; Executive Officer; Head, Housing
Materials Operations; Head, Makuhari Branch
Office, the Company
Naoto Tanaka
152,600
Director; Managing Executive Officer; Head,
June
2006
(July 29, 1952)(13,925)
Housing Materials Operations; Head, Makuhari
Branch Office, the Company[Reappointment]
Director; Managing Executive Officer; Head,March 2009
Housing Materials Operations, the Company
March
2013
Director; Senior Managing Executive Officer;
1
Head, Housing Materials Operations, the Company
June 2016
Representative Director and Senior Executive Vice
President; Head, Housing Materials Operations, theCompany
June 2018
Representative Director, President and C.E.O., theCompany (to present)[Significant concurrent positions] Chairman and Representative Director, Nippon Ryutan Kogyo Co.,Ltd.
[Reason for nomination as candidate for Director]
Mr. Naoto Tanaka served as manager and Executive Officer of the chemicals operations, the housing materials
operations, and the corporate planning division of the Company. He assumed office as Director in 2005 and as
Representative Director in 2016 and currently serves as Representative Director, President and C.E.O. He has
been responsible for administration and supervision of overall management for many years. Based on his wealthof experience and knowledge, the Company believes he is capable of appropriately executing his duties andproposes his reelection as Director.

- 26 -

No.

Name(Date of birth)

Career summary, positions, responsibilities,
and significant concurrent positions

April 1976
March 2000

2

Number ofshares of theCompany held
(Number ofshares to be
granted under
the stockcompensation
plan)

Joined the Company
General Manager, Logistics & Purchasing Dept.,
Chemicals Operations, the Company
June 2001
General Manager, Operational Management &Planning Dept., Chemicals Operations, theCompany
June 2005
General Manager, Operational Management &Planning, Chemicals Operations, the Company
Jun Matsubara
June 2007
Executive Officer; General Manager, Operational
34,400(January 4, 1954)
Management & Planning, Chemicals Operations,(6,958)the Company
June 2011
Statutory Auditor, the Company[Reappointment]
June 2019
Director; Managing Executive Officer; Head,
Chemicals Sales & Marketing Division, theCompany
Director; Managing Executive Officer; Head,
April 2022
Chemicals Business, the Company (to present)[Significant concurrent positions] President and Representative Director, Nippon Ryutan Kogyo Co.,Ltd.
[Reason for nomination as candidate for Director]
Mr. Jun Matsubara has been mainly engaged in the chemicals operations of the Company. He assumed officeas Director in 2019 and currently serves as Director and Managing Executive Officer. He has been responsible
for administration and supervision of overall management mainly of the chemicals operations. Based on his
wealth of experience and knowledge, the Company believes he is capable of appropriately executing his duties
and proposes his reelection as Director.

- 27 -

No.

Name(Date of birth)

Career summary, positions, responsibilities,
and significant concurrent positions

April 1980
March 2002

3

Number ofshares of theCompany held
(Number ofshares to be
granted under
the stockcompensation
plan)

Joined the Company
General Manager, Corporate Planning Dept., theCompany
June 2013
Executive Officer; General Manager, Corporate
Planning Dept., the Company
Director; Executive Officer; General Manager,
June 2014
Corporate Planning and Secretariat, the Company
Director; Executive Officer; General Manager,
June 2016
Corporate Planning, the Company
Mitsunori Watanabe
50,400March
2017
Director; Executive Officer; Deputy Head,(July 11, 1957)(6,958)Planning and Management, the Company
February 2018
Director; Executive Officer; Deputy Head,[Reappointment]
Planning and Management; Head, Osaka Branch
Office, the Company
March 2019
Director; Executive Officer; Head, Corporate
Strategy Division, the Company
June 2019
Director; Managing Executive Officer; Head,
Corporate Strategy Division, the Company
April 2022
Director; Managing Executive Officer; Head,
Corporate Strategy & Business Promotion, theCompany (to present)[Reason for nomination as candidate for Director]
Mr. Mitsunori Watanabe has been mainly engaged in the corporate planning division of the Company. He
assumed office as Director in 2014 and currently serves as Director and Managing Executive Officer. He has
been responsible for administration and supervision of overall management mainly of the corporate planning
division. Based on his wealth of experience and knowledge, the Company believes he is capable ofappropriately executing his duties and proposes his reelection as Director.

- 28 -

No.

Name(Date of birth)

Career summary, positions, responsibilities,
and significant concurrent positions

Number ofshares of theCompany held
(Number ofshares to be
granted under
the stockcompensation
plan)

April 1980
March 2002
September 2004
March 2008
June 2012
March 2015

4

Joined the Company
General Manager, Technology Dept., the Company
Deputy Manager, Tokushima Plant, the Company
Deputy Manager, Marugame Plant, the Company
Manager, Marugame Plant, the Company
Makoto Hamazaki
Executive Officer; Manager, Marugame Plant, the42,300(January 27, 1958)
Company(3,893)June 2018
Director; Executive Officer; Head, Production andTechnology; Manager, Marugame Plant, the[Reappointment]
Company
March 2019
Director; Executive Officer; Head, Production andTechnology Division, the Company
April 2022
Director; Executive Officer; Deputy Head,
Chemicals Business; Head, Production andTechnology, the Company (to present)[Reason for nomination as candidate for Director]
Mr. Makoto Hamazaki has been mainly engaged in the production and technology division of the Company.
He assumed office as Director in 2018 and currently serves as Director and Executive Officer. He has been
responsible for administration and supervision of overall management mainly of the production and technology
division. Based on his wealth of experience and knowledge, the Company believes he is capable ofappropriately executing his duties and proposes his reelection as Director.
April 1988
Joined the Company
March 2005

5

General Manager, Logistics & Purchasing Dept.,
Housing Materials Operations, the Company
March 2017
Executive Officer; General Manager, Sales &Marketing, Housing Materials Operations, theCompany
June 2018
Executive Officer; Deputy Head, Housing
Yoshinori Manabe
Materials Operations; General Manager, Sales &(June 7, 1964)
18,000Marketing, Housing Materials Operations, the(3,893)Company[Reappointment]
March 2019
Executive Officer; Deputy Head, Business
Promotion Division, the Company
June 2019
Director; Executive Officer; Head, Business
Promotion Division, the Company
April 2022
Director; Executive Officer; Deputy Head,
Corporate Strategy & Business Promotion, theCompany (to present)[Reason for nomination as candidate for Director]
Mr. Yoshinori Manabe has been mainly engaged in the housing materials operations of the Company. He
assumed office as Director in 2019 and currently serves as Director and Executive Officer. He has been
responsible for administration and supervision of overall management mainly of the business promotion
division. Based on his wealth of experience and knowledge, the Company believes he is capable ofappropriately executing his duties and proposes his reelection as Director.

- 29 -

No.

Name(Date of birth)

Career summary, positions, responsibilities,
and significant concurrent positions

August 1990

Joined the Company

June 2013
March 2017

6

Number ofshares of theCompany held
(Number ofshares to be
granted under
the stockcompensation
plan)

Leader, Exterior Products Team, the Company
General Manager, Development, Housing Materials
Operations, the Company
Hiroshi Enjo
June 2018
Executive Officer; General Manager, Development,
Housing Materials Operations, the Company(December 15, 1958)
21,300March 2019
Executive Officer; Deputy Head, Housing(3,893)
Materials Operations Division; General Manager,[Reappointment]
Development, Housing Materials Operations, theCompany
June 2019
Director; Executive Officer; Head, Housing
Materials Operations Division, the Company (topresent)[Reason for nomination as candidate for Director]
Mr. Hiroshi Enjo has been mainly engaged in the housing materials operations of the Company. He assumed
office as Director in 2019 and currently serves as Director and Executive Officer. He has been responsible foradministration and supervision of overall management mainly of the housing materials operations. Based on his
wealth of experience and knowledge, the Company believes he is capable of appropriately executing his duties
and proposes his reelection as Director.

- 30 -

No.

Name(Date of birth)

Career summary, positions, responsibilities,
and significant concurrent positions

April 1986

Joined the Company

June 2002
March 2015

7

Number ofshares of theCompany held
(Number ofshares to be
granted under
the stockcompensation
plan)

Leader, Electronic Chemicals Team, the Company
Executive Officer; General Manager, Research andDevelopment of Chemical Products; Leader,Electronic Chemicals Team, the Company
June 2017
Executive Officer; General Manager, Research andDevelopment of Chemical Products; Leader,Electronic Chemicals Team; Head, R&D Center,
the Company
March 2018
Executive Officer; General Manager, Research andDevelopment of Chemical Products; Leader,
Adhesion Promoter Materials Team; Head, R&D
Center, the Company
March 2019
Executive Officer; General Manager, Research and
Hirohiko Hirao
Development, Research and Development of(October 30, 1961)
25,200Chemical Products Division; Leader, Adhesion(2,908)Promoter Materials Team; Head, R&D Center, theCompany[Reappointment]
March 2020
Executive Officer; General Manager, Research andDevelopment, Research and Development ofChemical Products Division; Head, R&D Center,
the Company
April 2021
Executive Officer; Head, Research andDevelopment of Chemical Products Division, theCompany
June 2021
Director; Executive Officer; Head, Research andDevelopment of Chemical Products Division, theCompany
April 2022
Director; Executive Officer; Deputy Head,
Chemicals Business; Head, Research andDevelopment of Chemical Products, the Company(to present)[Reason for nomination as candidate for Director]
Mr. Hirohiko Hirao has been mainly engaged in the research and development division of the Company. He
assumed office as Director in 2021 and currently serves as Director and Executive Officer. He has been
responsible for administration and supervision of overall management mainly of the research and development
division. Based on his wealth of experience and knowledge, the Company believes he is capable ofappropriately executing his duties and proposes his reelection as Director.

- 31 -

No.

Name(Date of birth)

Career summary, positions, responsibilities,
and significant concurrent positions
February 1990
March 2001

8

Joined the Company
Vice President, Marketing, SHIKOKUINTERNATIONAL CORPORATION
June 2003
President & C.O.O., SHIKOKUINTERNATIONAL CORPORATIONMarch 2007
General Manager, Organic Chemicals Sales Dept.,
the Company
March 2014
General Manager, Operational Management &Planning Dept., the Company
March 2015
Executive Officer; General Manager, Global
Marketing, Chemicals Operations, the Company
Hirotaka Ide
June 2017
Executive Officer; Deputy Head, Chemicals(March 22, 1960)
Operations, the Company
June 2018
Executive Officer; Deputy Head, Chemicals[New appointment]
Operations; Head, Makuhari Branch Office, theCompany
March 2019
Executive Officer; Deputy Head, Chemicals Sales& Marketing Division; Head, Makuhari Branch
Office, the Company
April 2022
Executive Officer; General Manager, Sales &Marketing, Chemicals Business; Head, Makuhari
Branch Office, the Company (to present)[Significant concurrent positions] Chairman & C.E.O., SHIKOKU INTERNATIONALCORPORATION[Reason for nomination as candidate for Director]

Number ofshares of theCompany held

36,600(2,080)Mr. Hirotaka Ide has been mainly engaged in the chemicals operations of the Company. He has been serving as
Executive Officer since 2015. Based on his wealth of experience and knowledge of the Company’s business
operations cultivated in the chemicals operations, the Company expects that he is capable of being responsible
for administration and supervision of overall management mainly of the chemicals operations and therefore
proposes his election as Director.

- 32 -

No.

Name(Date of birth)

Career summary, positions, responsibilities,
and significant concurrent positions
April 1976

9

Joined Ministry of Construction (currently Ministryof Land, Infrastructure, Transport and Tourism)
July 1998
Director General, Land Department, Kanto
Regional Construction Bureau, Ministry ofConstruction
January 2001
Director, National Land and Environment
Coordination Division, Policy Bureau, Ministry ofLand, Infrastructure, Transport and Tourism
July 2002
Director-General, Corporate Planning and General
Affairs Department, Japan Sewage Works Agency
April
2004
Director-General, Corporate Planning Department,
Shuitsu Harada
Japan Sewage Works Agency(November 10, 1953)
August 2005
Chief Researcher, Land, Infrastructure, Transport
and Tourism Research Office, Research Bureau,[Reappointment]
Secretariat of the House of Representatives
July 2007
Chief Researcher, Audit and Administration
Monitoring Research Office, Research Bureau,
Secretariat of the House of Representatives
June 2011
Director and Managing Executive Officer, HonshuShikoku Bridge Expressway Company Limited
September 2013 Advisor, JAPAN DIGITAL ROAD MAP
ASSOCIATION
June 2016
Representative Director and President, JB Highway
Service Company Limited
June 2020
Director, the Company (to present)[Reason for nomination as candidate for Outside Director and overview of the expected role]

Number ofshares of theCompany held

400

Mr. Shuitsu Harada has experience and knowledge gained through his involvement in management as a director
at other companies and specialized knowledge about the construction industry gained through his service at the
Ministry of Land, Infrastructure, Transport and Tourism and other governmental organizations. The Company
proposes his reelection as Outside Director in the expectation that he will be involved in the Company’s
management decision-making from an objective standpoint by utilizing his expertise.

- 33 -

No.

Name(Date of birth)

Career summary, positions, responsibilities,
and significant concurrent positions
April 1983
March 2005

10

Joined Nippon Life Insurance Company
General Manager, Aoyama Branch, Nippon Life
Insurance Company
March 2007
General Manager, Nihonbashi Branch, Nippon Life
Insurance Company
March 2010
General Manager, Shinjuku Branch, Nippon Life
Insurance Company
March 2012
Officer; General Manager, Sales Representatives
Training Dept.; General Manager, Business School
for Sales Managers; General Manager, Hatsuratsu
Training Promotion Office, Nippon Life Insurance
Company
March 2013
Executive Officer; General Manager, Sales
Representatives Training Dept.; General Manager,
Business School for Sales Managers; Nippon Life
Insurance Company
Executive Officer; General Manager, Kinki
Norihiko Umazume March 2014
Regional Headquarters; Deputy General Manager(November 16, 1958)
of Head Office, Osaka Corporate Marketing Dept.,
Nippon Life Insurance Company[Reappointment]
March 2017Managing Executive Officer; General Manager,
Kinki Regional Headquarters; Deputy General
Manager of Head Office, Osaka Corporate
Marketing Dept., Nippon Life Insurance Company
March 2018
Managing Executive Officer; General Manager,
Agency Marketing Headquarters; Deputy General
Manager, Financial Institution Relations
Headquarters, Nippon Life Insurance Company
March 2019
Managing Executive Officer; General Manager,
Agency Marketing Headquarters, Nippon Life
Insurance Company
March 2020
Advisor, Nissay Insurance Agency Co., Ltd.
April 2020
President, Nissay Insurance Agency Co., Ltd. (topresent)
June 2021
Director, the Company (to present)[Significant concurrent positions] President, Nissay Insurance Agency Co., Ltd.
[Reason for nomination as candidate for Outside Director and overview of the expected role]

Number ofshares of theCompany held

200

Mr. Norihiko Umazume has experience and knowledge gained through his involvement in management as adirector at other companies. The Company proposes his reelection as Outside Director in the expectation that hewill be involved in the Company’s management decision-making from an objective standpoint by utilizing his
expertise.

- 34 -

No.

Name(Date of birth)

Career summary, positions, responsibilities,
and significant concurrent positions

Number ofshares of theCompany held

April 1981
May 2002

11

Joined Mitsubishi Corporation
General Manager, Chemicals Division, Mitsubishi
Corporation Singapore Branch
May 2004
General Manager, Chemicals Division, Mitsubishi
International GmbH; responsible for Chemicals,
Mitsubishi Corporation International (Europe) Plc.
April 2009Manager, Functional Polymer Unit, Mitsubishi
Corporation
April 2010
General Manager, Inorganic Chemicals Dept.,
Mitsubishi Corporation
Minoru Furusawa
April 2011
President, Mitsubishi Company (Thailand) Ltd.;(March 25, 1959)
President, Thai-MC Company Limited
April 2014
Officer; Deputy General Manager, Europe and[Reappointment]
Africa Region, Mitsubishi Corporation; General
Director, Mitsubishi Corporation (Russia) LLC
July 2018
Councilor; Assistant to General Manager ofOverseas Business Group, VALQUA, LTD.
January 2019
President, VALQUA AMERICA, INC.
April 2019
Executive Officer; Head of America Business,
VALQUA, LTD.; President, VALQUAAMERICA, INC.
November 2020 Executive Officer; Deputy Director of Overseas
Business Group, VALQUA, LTD.
June 2021
Director, the Company (to present)[Reason for nomination as candidate for Outside Director and overview of the expected role]
Mr. Minoru Furusawa has experience and knowledge gained through his involvement in management as acorporate manager at other companies in addition to abundant overseas experience. The Company proposes his
reelection as Outside Director in the expectation that he will be involved in the Company’s management
decision-making from an objective standpoint by utilizing his expertise.

- 35 -

0

No.

Name
(Date of birth)

Career summary, positions, responsibilities,
and significant concurrent positions
April 1984
January 2002

12

Joined MITSUI & CO., LTD.
General Manager, Metals No. 2 Dept., MITSUI &CO. (SHANGHAI) LTD.
February 2005
General Manager, Coal No. 2 Dept., Coal andNuclear Fuel Division, MITSUI & CO. LTD.
July 2007
Vice President, Inner Mongolia Erdos Electric
Kiyoshi MoriPower & Metallurgy Co., Ltd.
(April 7, 1960)
October 2011
General Manager, Ferro-Alloys Dept., MITSUI &CO., LTD.
[Reappointment]
April 2012
General Manager, Chinese Business Dept.,
MITSUI & CO., LTD.
March 2014
Director & President, MITSUI & CO.
(GUANGDONG) LTD.
April 2017
President & CEO, Mitsui Bussan Metals Co., Ltd.
June 2021
Director, the Company (to present)[Reason for nomination as candidate for Outside Director and overview of the expected role]

Number ofshares of theCompany held

200

Mr. Kiyoshi Mori has experience and knowledge gained through his involvement in management as a director atother companies in addition to abundant overseas experience. The Company proposes his reelection as Outside
Director in the expectation that he will be involved in the Company’s management decision-making from an
objective standpoint by utilizing his expertise.

Notes: 1. No special interest exists between any of the candidates and the Company.
2. The number of shares of the Company held by each candidate and the number of shares to be granted
under the stock compensation plan are as of March 31, 2022. The number of shares to be granted under
the stock compensation plan corresponds to the number of points awarded to each candidate under thetrust-based stock compensation plan and is presented for reference.
3. Mr. Shuitsu Harada, Mr. Norihiko Umazume, Mr. Minoru Furusawa, and Mr. Kiyoshi Mori are
candidates for Outside Director. The Company has designated Mr. Shuitsu Harada, Mr. Norihiko
Umazume, Mr. Minoru Furusawa, and Mr. Kiyoshi Mori as Independent Directors based on the
stipulations by the Tokyo Stock Exchange and has notified their designations to the said exchange.
4. Mr. Shuitsu Harada will have been in office as Outside Director for two (2) years at the conclusion ofthis Annual General Meeting of Shareholders. Mr. Norihiko Umazume, Mr. Minoru Furusawa, and Mr.
Kiyoshi Mori will have been in office as Outside Director for one (1) year at the conclusion of thisAnnual General Meeting of Shareholders.
5. The Company has entered into a liability limitation agreement with Mr. Shuitsu Harada, Mr. Norihiko
Umazume, Mr. Minoru Furusawa, and Mr. Kiyoshi Mori, which limits the amount of liability fordamages pursuant to Article 423 Paragraph 1 of the Companies Act to the minimum liability amountstipulated in Article 425 Paragraph 1 of the Companies Act. If their reelection is approved, theCompany intends to continue the said liability limitation agreement with each of them.
6. The Company has entered into a directors and officers liability insurance contract as stipulated in
Article 430-3 Paragraph 1 of the Companies Act with an insurance company under which the Directors
are the insured. The said insurance contract covers damages to be borne by the insured in the event thata claim for damages is made due to an act committed by the insured in executing his/her duties(excluding cases in which the exemptions specified by the insurance contract apply). If election of thecandidates is approved and they assume office as Director, they will be the insured under the said
insurance contract. The Company intends to renew the said insurance contract with the same contents atthe time of the next renewal.

- 36 -

(Reference)
Composition of the Board of Directors after the Meeting and its skills matrix
Particularly expected knowledge, experience, abilities, etc.
Name

Directors

Naoto
TanakaJun
Matsubara
Mitsunori
Watanabe
MakotoHamazaki
Yoshinori
ManabeHiroshi
Enjo
Hirohiko
Hirao
Hirotaka
Ide
Shuitsu
HaradaNorihiko
UmazumeMinoruFurusawa
KiyoshiMori

Statutory Auditors

Kazuhiko
Katayama
Kenji
TanabeKoji
Nishihara
Nobuhiro
Kagoike

Reappointment
Reappointment
Reappointment
Reappointment
Reappointment
Reappointment
Reappointment
New appointment
Reappointment
Independent
OutsideReappointment
Independent
OutsideReappointment
Independent
OutsideReappointment
Independent
OutsideIndependent
OutsideIndependent
OutsideR&D/
Technology/
Production

Labor/
Legal/
Risk
management

Management/
Businessstrategy

ESG

Sales/
Marketing/
Procurement

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

Finance/
Accounting

Internationality

●
●

●
●

●
●

●

●
●

●

●

●
●

●

●

●

●

●

●

●

●

●

●

* The matrix above does not describe all knowledge, experience, abilities, etc. possessed by each officer.

- 37 -●

Proposal 5:

Election of One (1) Substitute Statutory Auditor

To prepare for any situation in which the number of Statutory Auditors falls below the number prescribed bylaws and regulations, the election of one (1) Substitute Statutory Auditor is proposed.
The Board of Auditors has given its prior consent to this proposal.
The candidate for Substitute Statutory Auditor is as follows.
Name(Date of birth)

Career summary and significant concurrent positions

Number ofshares of theCompany held

April 1968

Registered as attorney-at-law (Osaka Bar
Association)
Partner, Kyoei Law Office (to present)
May 1998
April 2001
President, Osaka Bar Association
President, Kinki Federation of Bar Associations
Takeo Mizuno
2,000
Vice President, Japan Federation of Bar(November 7, 1941)
Associations[Significant concurrent positions] Director, Japan Century Symphony Orchestra
 Outside Director, ODK Solutions Company, Ltd.
 Outside Director, Horitsu Bunka Sha[Reason for nomination as candidate for Substitute Outside Statutory Auditor]
Mr. Takeo Mizuno has specialized knowledge as an attorney-at-law and abundant experience of corporate legal
affairs. The Company proposes his election as Substitute Outside Statutory Auditor so that he will be able toutilize his expertise for the Company’s audit system. Although he has no experience of being directly engaged
in corporate management, the Company judges that he is capable of appropriately executing his duties as
Outside Statutory Auditor for the reasons stated above.

Notes: 1. No special interest exists between the candidate and the Company.
2. The number of shares of the Company held by the candidate is as of March 31, 2022.
3. Mr. Takeo Mizuno is a candidate for Substitute Outside Statutory Auditor. If he assumes office as
Outside Statutory Auditor, the Company intends to designate him as an Independent Statutory Auditor
based on the stipulations by the Tokyo Stock Exchange and notify his designation to the said exchange.
4. If Mr. Takeo Mizuno assumes office as Outside Statutory Auditor, the Company intends to enter into aliability limitation agreement with him, which limits the amount of liability for damages pursuant to
Article 423 Paragraph 1 of the Companies Act to the minimum liability amount stipulated in Article 425
Paragraph 1 of the Companies Act.
5. The Company has entered into a directors and officers liability insurance contract as stipulated in
Article 430-3 Paragraph 1 of the Companies Act with an insurance company under which the Statutory
Auditors are the insured. The said insurance contract covers damages to be borne by the insured in theevent that a claim for damages is made due to an act committed by the insured in executing his/herduties (excluding cases in which the exemptions specified by the insurance contract apply). If Mr.
Takeo Mizuno assumes office as Outside Statutory Auditor, he will be the insured under the said
insurance contract. The Company intends to renew the said insurance contract with the same contents atthe time of the next renewal.

- 38 -