Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

Securities Code: 4548
May 30, 2024
(Start date of measures for electronic provision: May 23, 2024)
To Our Shareholders
Ken Mizutani
Representative Director and Member of the Board,
President & CEO
SEIKAGAKU CORPORATION
6-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan

Convocation Notice of the 78th Ordinary General Meeting of Shareholders
We would like to inform you that the 78th Ordinary General Meeting of Shareholders of SEIKAGAKUCORPORATION (the “Company”) will be held as indicated below.
When convening this general meeting of shareholders, the Company provides information contained in the reference
documents for the general meeting of shareholders, etc. (the matters to be provided electronically) electronically, andposts this information as “Convocation Notice of the 78th Ordinary General Meeting of Shareholders” on the
Company’s website and the below website for posted informational materials for the general meeting of shareholders
on the Internet. Please access either of the websites mentioned below to review the information.
<The Company’s website>
https://www.seikagaku.co.jp/ja/ir/stock/meeting.html (in Japanese)<Website for posted informational materials for the general meeting of shareholders>
https://d.sokai.jp/4548/teiji/ (in Japanese)
In addition to posting the matters to be provided electronically on the websites above, the Company also posts thisinformation on the website of Tokyo Stock Exchange, Inc. (TSE). Please access the TSE website (Listed Company
Search) by using the internet address shown below, enter the issue name (company name) or securities code, andclick “Search,” and then click “Basic information” and select “Documents for public inspection/PR information.”
https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)
If you are unable to attend the Meeting, you may exercise your voting rights via the Internet or by sending theenclosed voting form by postal mail. Please review the Reference Documents for General Meeting of Shareholders,and exercise your voting rights so that your vote is received by 5 p.m. on Thursday, June 20, 2024 (JST).

-1-1. Date and Time: Friday, June 21, 2024 at 10:00 a.m. (JST)(Reception starts at 9:15 a.m.)
2. Venue:
Fourth floor hall, Otemachi Sankei Plaza
7-2, Otemachi 1-chome, Chiyoda-ku, Tokyo
3. Purpose of the Meeting
Matters to be reported:
1. The Business Report and the Consolidated Financial Statements for the 78th fiscal year (from April 1, 2023
to March 31, 2024), and the results of audits of the Consolidated Financial Statements by the Financial
Auditor and the Audit & Supervisory Board
2. The Non-consolidated Financial Statements for the 78th fiscal year (from April 1, 2023 to March 31, 2024)
Matters to be resolved:
Proposal No. 1
Appropriation of Surplus
Proposal No. 2
Election of Five Directors
Proposal No. 3
Election of One Audit & Supervisory Board Member<Points to note regarding the general meeting of shareholders>- If you exercise your voting rights by proxy, you may appoint as a proxy one of the shareholders holding voting rights at the meeting.
However, please note that a document verifying the proxy right of the person representing you must be submitted.
- Any voting form returned without indicating approval or disapproval for a particular proposal will be counted as a vote for approvalof the proposal.
- If any corrections are made to the matters to be provided electronically, a notice of the revisions and the details of the matters before
and after the revisions will be posted on the Company’s website and the website for posted informational materials for the general
meeting of shareholders as well as TSE website as indicated on page 1.
- Pursuant to the relevant laws and regulations and the provision of the Company’s Articles of Incorporation, the following items
among the matters to be provided electronically are not included in the paper copy to be sent to shareholders who have requested it.
The Audit & Supervisory Board Members and the Financial Auditor have audited the documents subject to audit, including thefollowing items.
i.
“Matters Concerning Financial Auditor” and “System to Ensure the Appropriateness of Business Operations and Status ofOperations of the System” of the Business Reportii. “Consolidated Statements of Changes in Shareholders’ Equity” and “Notes to the Consolidated Financial Statements” of theConsolidated Financial Statements
iii. “Non-consolidated Statements of Changes in Shareholders’ Equity” and “Notes to the Non-consolidated Financial Statements”
of the Non-consolidated Financial Statements- Shareholders who have not requested paper copies will receive a paper-based document containing the contents of the reference
documents for the general meeting of shareholders, in addition to the matters required by laws and regulations.

-2-Reference Documents for General Meeting of Shareholders
Proposals and Reference Information
Proposal No. 1

Appropriation of Surplus

The Company believes that sustainable profit growth and the enhancement of corporate value contribute to thesharing of common interest with shareholders. The Company recognizes that the return of profits to shareholders is
one of its important management tasks, and will strive for continued return of profits in the consideration of trends
in business performance, financial conditions and other factors.
As per the dividend forecast announced in May 2023, the Company proposes to pay year-end dividends for the fiscal
year as follows, consisting of an ordinary dividend of ¥13 per share:
(1)
(2)

(3)

Type of dividend property
Cash
Allotment of dividend property to shareholders and aggregate amount thereof
Per share of common stock of the Company ¥13
Total dividends¥709,284,524
Accordingly, including the interim dividend of ¥13 per share, the annual dividend will be ¥26 per share.
Effective date of dividends of surplus
Monday, June 24, 2024

-3-

Proposal No. 2

Election of Five Directors

At the conclusion of this ordinary general meeting of shareholders, the terms of office of all five Directors will expire.
Therefore, the Company proposes the election of five Directors.
The candidates for Director are as follows:<Reference> List of candidates
Candidate
No.

Name

Years
served as
Director

Current position and responsibility
in the Company

Attendance atmeetings of theBoard of Directors

1

Ken Mizutani

Reelection

34 yearsRepresentative Director and Member ofthe Board, President & CEO

100%(14 of 14)

2

Toshiyuki Okada

Reelection

7 years

Director
Executive Vice President responsible for
Reliability Assurance

100%(14 of 14)

3

Yosuke Funakoshi

Reelection

6 years

Director
Executive Vice President responsible
for Research & Development100%(14 of 14)

Mio Minaki

Reelection
OutsideDirector
Independent
Officer

5 years

Outside Director100%(14 of 14)

Yasuyuki Sugiura

Reelection
OutsideDirector
Independent
Officer

3 years

Outside Director100%(14 of 14)

4

5

-4-

Candidate
No.

Name
(Date of birth)

Career summary, positions and responsibilities in the Company
Apr. 1970
Sept. 1983
Aug. 1988
June 1990
June 1993

Joined Mitsubishi Chemical Industries Limited(current Mitsubishi Chemical Corporation)
Deputy Head of Electronics Materials
Joined the Company
Director, Head of Research Biologicals andDiagnostics Marketing
Director, Executive Vice President responsible
for Planning and Manufacturing

June 1996

1

Number of theCompany’s shares
owned

Director, Executive Vice President responsible
for Pharmaceuticals and Fine Chemicals
July 1997
Director, Executive Vice President responsible
for Pharmaceuticals, Fine Chemicals and New
Business Development
Nov. 1997
Director, Executive Vice President responsible
for Pharmaceuticals, Fine Chemicals, New
Business Development and ACC
June 1998
Director, Executive Vice President responsible
for Marketing
June 2000
Director, Executive Vice President and Head of
Ken Mizutani
Central Research Laboratory(March 10, 1948)
June 2002
Representative Director and Member of theReelection
Board, Senior Executive Vice President
responsible for Pharmaceuticals, Fine
Years served as Director:
Chemicals, Oral Care, Glycoforum, and Head471,193 shares
34 yearsof Central Research Laboratory
June 2003
Representative Director and Member of the
Attendance at meetings of theBoard, Senior Executive Vice President
Board of Directors during the
responsible for Pharmaceuticals, Fine
fiscal year under review:
Chemicals, LAL Strategic Planning and Head
100% (14 of 14)
of Central Research Laboratory
June 2004
Representative Director and Member of theBoard, Senior Executive Vice President
responsible for Research & Development andFine Chemical Marketing
June 2005
Representative Director and Member of theBoard, President & Chief Executive Officer(CEO)
June 2014
Representative Director and Member of theBoard, President & CEO, Head of
Manufacturing
Jan. 2015
Representative Director and Member of theBoard, President & CEO
June 2018
Representative Director and Member of theBoard, President & CEO, Head of
Manufacturing
June 2019
Representative Director and Member of theBoard, President & CEO (current position)[Significant concurrent positions outside the Company]
Chairman of Mizutani Foundation for Glycoscience[Reasons for nomination as candidate for Director]
With experiences in a wide range of fields centered on corporate strategy, marketing, and research and development, Ken
Mizutani is familiar with all aspects of the Company and has high insight regarding business management. As
Representative Director, he plays a central role of decisions on important matters and supervising business execution, andis substantially fulfilling his duties as Director. We have nominated him as a candidate for Director as we judged that hewill be able to continue to utilize his abilities, knowledge and experience to contribute to the sustainable growth andenhancement of the corporate value of the Company over the medium to long term.

-5-Candidate
No.

Name
(Date of birth)

Career summary, positions and responsibilities in the Company
Apr. 1989
Sept. 1996
Feb. 2015

Sept. 2015

Toshiyuki Okada(August 27, 1960)
Reelection

Oct. 2015

June 2016
Years served as Director:
7 years
Jan. 2017
2

Attendance at meetings of theBoard of Directors during the
fiscal year under review:
100% (14 of 14)

June 2017
Aug. 2017

Jan. 2018

Apr. 2018

June 2018
June 2023

Joined Dow Corning Japan Co., Ltd.
Joined Johnson & Johnson Medical K. K.
(current Johnson & Johnson K. K.)
Vice President and Chief Technology Officer(Regulatory Affairs, Quality Assurance,
Pharmacovigilance, R&D, GCP Auditing,
Medical Affairs, Clinical Development & Postmarketing Research, Quality Regulatory
Compliance and Professional Education)
Joined the Company
Executive Vice President, Deputy responsible
for Quality Assurance, Pharmacovigilance andRegulatory Affairs Auditing
Executive Vice President responsible for
Quality Assurance, Pharmacovigilance andRegulatory Affairs Auditing
Executive Vice President responsible for
Quality Assurance, Pharmacovigilance andRegulatory Affairs Auditing
Executive Vice President responsible forMarketingDirector, Executive Vice President responsible
for Marketing
Director, Executive Vice President responsible
for Marketing and Head of North American
Business
Director, Executive Vice President responsible
for Marketing, Head of Pharmaceuticals
Marketing and North American BusinessDirector, Executive Vice President responsible
for Marketing and Head of Marketing Planning,
Pharmaceuticals Marketing, International
Marketing and North American BusinessDirector, Executive Vice President responsiblefor Business Development & Marketing
Director, Executive Vice President responsible
for Reliability Assurance (current position)

Number of theCompany’s shares
owned

20,118 shares[Reasons for nomination as candidate for Director]
Toshiyuki Okada has global insight and abundant know-how on pharmaceutical industry in general through experiencing
a wide range of operations at foreign-affiliated pharmaceutical companies. He has been driving the strengthening ofdomestic and overseas business bases, and is substantially fulfilling his duties as Director. We have nominated him as a
candidate for Director as we judged that he will be able to continue to utilize his abilities, knowledge and experience tocontribute to the sustainable growth and enhancement of the corporate value of the Company over the medium to long
term.

-6-

Candidate
No.

Name
(Date of birth)

Career summary, positions and responsibilities in the Company
Apr. 1990
June 2008
July 2009
Aug. 2012

Yosuke Funakoshi(November 28, 1965)
Reelection
Years served as Director:
6 years3

Attendance at meetings of theBoard of Directors during the
fiscal year under review:
100% (14 of 14)

Aug. 2014

Oct. 2014
June 2016

June 2017

June 2018

Oct. 2021

Joined ONO PHARMACEUTICAL CO., LTD.
Joined Takeda Pharmaceutical Company
LimitedSenior Director of Strategic Development,
Takeda Pharmaceuticals International, Inc.
Vice President of Strategic ProjectManagement, Takeda Global Research &Development Center Inc. (current Takeda
Development Center Americas, Inc.)
Joined the Company
Senior Vice President and assistant to Senior
Executive Vice President responsible for
Research & Development
Senior Vice President and Head of ClinicalDevelopment
Executive Vice President, Deputy responsible
for Research & Development and Head ofClinical Development
Executive Vice President responsible for
Research & Development and Head of ClinicalDevelopment
Director, Executive Vice President responsible
for Research & Development and Head ofClinical Development
Director, Executive Vice President responsible
for Research & Development (current position)

Number of theCompany’s shares
owned

20,718 shares[Reasons for nomination as candidate for Director]
Yosuke Funakoshi has a high-level insight through years of pharmaceutical research and development, and a global
perspective that makes full use of his overseas work experience. He has been driving new drug research anddevelopment, and is substantially fulfilling his duties as Director. We have nominated him as a candidate for Director as
we judged that he will be able to continue to utilize his abilities, knowledge and experience to contribute to thesustainable growth and enhancement of the corporate value of the Company over the medium to long term.

-7-

Candidate
No.

Name
(Date of birth)

Career summary, positions and responsibilities in the Company
Apr. 1999
Oct. 2003

4

Number of theCompany’s shares
ownedJoined MIT Corporation
Public prosecutor, Tokyo District Public
Prosecutors Office
Apr. 2004
Public prosecutor, Osaka District Public
Prosecutors Office
Apr. 2005
Public prosecutor, Fukuoka District Public
Prosecutors Office
Apr. 2014
Litigation Department Attorney, Ministry of
Mio Minaki
Justice Fukuoka Legal Affairs Bureau(April 6, 1973)
Apr. 2016
Public prosecutor, Tokyo District Public
Candidate for Outside Director
Prosecutors Office
Reelection
Apr. 2017
Assigned as Head of Legal Affairs Department
Independent Officer
to Agriculture, forestry and fisheries Fundcorporation for Innovation, Value-chain and–Years served as Director:
Expansion Japan
5 years
Apr. 2019
Admitted to the bar in Japan
Apr. 2019
Partner of Minaki & Kitazawa Law OfficeAttendance at meetings of the(current position)
Board of Directors during theJune 2019
Outside Director of the Company (current
fiscal year under review:
position)
100% (14 of 14)[Significant concurrent positions outside the Company]
Partner of Minaki & Kitazawa Law OfficeOutside Auditor of NITTOKU CO., LTD.
Outside Audit & Supervisory Board Member of Vortex Co., Ltd.
External Corporate Auditor of Sumitomo Heavy Industries, Ltd.
* There has been no transaction between the Company and any
significant concurrent positions held by Mio Minaki for the
past three years.
[Reasons for nomination as candidate for Outside Director and outline of expected roles]
Based on her years of abundant experience in the judicial field and insight with regard to corporate legal affairs, Mio
Minaki actively gives guidance and recommendations, playing an important role as Outside Director. We have therefore
nominated her as a candidate for Outside Director. Although Mio Minaki does not have direct experience in corporate
management other than as an outside officer, she is deemed capable of appropriately supervising management andperforming other duties as Outside Director based on her knowledge and experience.
If her reappointment is approved, we expect her contribution to the sustainable growth and enhancement of the corporate
value of the Company over the medium to long term by utilizing her insight into the judicial field and corporate legal
affairs and through the supervision of management from an independent and objective perspective. In addition, as an
ongoing member of the Nomination and Remuneration Committee, she will be involved in and provide supervision ofdecisions on officer personnel proposals and director remuneration.

-8-

Candidate
No.

Name
(Date of birth)

Career summary, positions and responsibilities in the Company
Apr. 1978
Apr. 1998

5

Number of theCompany’s shares
ownedJoined Mitsubishi Corporation
General Manager, Washington Office,Mitsubishi International Corporation
Jan. 2003
Head of International Strategy ResearchInstitute, Mitsubishi Corporation
Apr. 2004
General Manager, Business Department
Apr. 2006
CFO and SVP in charge of Corporate
Department, Mitsubishi International
Corporation
Apr. 2008
General Manager, Corporate Communications
Yasuyuki Sugiura
Department, Mitsubishi Corporation(September 25, 1953)
Apr. 2009
Executive Officer and General Manager,
Candidate for Outside Director
Corporate Communications Department,
Reelection
Corporate Strategy & Planning Division
Independent Officer
Apr. 2012
President & Director and Head of Chicago
Branch, Mitsubishi International Corporation–
Years served as Director:
Apr. 2013
Executive Vice President, Mitsubishi
3 years
Corporation and President & Director,
Mitsubishi Corporation (Americas)
Attendance at meetings of theApr. 2016
Advisor, Mitsubishi Corporation (current
Board of Directors during theposition)
fiscal year under review:
June
2017
Managing
Director, Toyo Bunko (current
100% (14 of 14)
position)
June 2021
Outside Director of the Company (current
position)[Significant concurrent positions outside the Company]
Advisor of Mitsubishi Corporation
Managing Director of Toyo Bunko
Outside Director of SENKO Group Holdings Co., Ltd.
* There has been no transaction between the Company and any
significant concurrent positions held by Yasuyuki Sugiura forthe past three years.
[Reasons for nomination as candidate for Outside Director and outline of expected roles]
Yasuyuki Sugiura has been involved in corporate management mainly in the U.S. and Canada for many years at a general
trading company, and based on his abundant international experience and a wide range of insight, he actively gives
guidance and recommendations, playing an important role as Outside Director. We have therefore nominated him as a
candidate for Outside Director.
If his reappointment is approved, we expect his contribution to the sustainable growth and enhancement of the corporate
value of the Company over the medium to long term by utilizing his insights into global corporate management andthrough the supervision of management from an independent and objective perspective. In addition, as an ongoingmember of the Nomination and Remuneration Committee, he will be involved in and provide supervision of decisions on
officer personnel proposals and director remuneration.

-9-Notes:1. There is no special interest between any of the candidates and the Company.
2. The Company makes donations to Mizutani Foundation for Glycoscience at which Ken Mizutani serves as Chairman.
Because the Foundation aims to contribute to the welfare of mankind through the development of glycoscience, thedonation to the Foundation is approved by the Company’s Board of Directors as an appropriate transaction that fits theCompany’s business objective of working on drug development, mainly glycoscience. The Company has entered into a
service agreement with the Foundation, under which the Company is entrusted with part of the information systems service
for the Foundation and receives a reasonable amount of consideration. The agreement is also approved by the Company’s
Board of Directors as an appropriate transaction. In addition, he has not received any remuneration from the Foundation,and none of his relatives are an officer or employee of the Foundation.
3. As Mio Minaki and Yasuyuki Sugiura satisfy the requirements for independent officer established by Tokyo Stock
Exchange, Inc. and the Independence Criteria for Outside Officers of the Company, the Company has submitted
notification to Tokyo Stock Exchange, Inc. that they have been appointed as independent officers.
4. The Company prescribes in the Articles of Incorporation that it may enter into an agreement with an Outside Director(excluding a Director who is an executive director, etc.) to limit the scope of his or her liability for damages to the Company,in order to enable the Outside Director to fully exercise his or her duties as expected. Accordingly, the Company hasentered into agreements with Mio Minaki and Yasuyuki Sugiura to limit their liability, if a case falls under requirements
specified by laws and regulations regarding the liability under Article 423, paragraph 1 of the Companies Act. Pursuant
to those agreements, the defined maximum amount of liability is the amount provided for under Article 425, paragraph 1of the Companies Act. If the reappointment of Mio Minaki and Yasuyuki Sugiura is approved, the Company plans torenew the aforementioned agreements with them.
5. The Company has entered into a Directors and officers’ liability insurance policy with an insurance company as stipulated
in Article 430-3, paragraph 1 of the Companies Act to cover the compensation for damages and litigation expenses, etc.
that would be borne by the insured in the event that a claim for damages is made against the insured during the insured
period due to an act committed in the execution of duties by the insured (including acts by negligence). The Company
shall bear the full amount of premiums for all of the insured, and if the reappointment of each candidate is approved, heor she will become the insured under said insurance policy. In addition, the Company plans to renew the insurance policy
with the same contents during the term of office.

- 10 -

Proposal No. 3

Election of One Audit & Supervisory Board Member

At the conclusion of this ordinary general meeting of shareholders, the term of office of Audit & Supervisory Board
Member Toru Takeda will expire. Therefore, the Company proposes the election of one Audit & Supervisory Board
Member.
The consent of the Audit & Supervisory Board has been obtained for this proposal.
The candidate for Audit & Supervisory Board Member is as follows:
Name(Date of birth)

Career summary and position in the Company

Number of theCompany’s shares
owned

Apr. 1987

Joined The Mitsubishi Bank, Limited (current
MUFG Bank, Ltd.)May 2010
Deputy General Manager, Retail Administration
Department
Jan. 2013
Representative Director and President, MU
Center Service Tokyo Co., Ltd.
Hideki Hayashi
June 2018
Representative Director and President, MU(March 15, 1964)
Business Engineering, Ltd. (current Mitsubishi
Candidate for Outside Audit & Supervisory
UFJ Information Technology, Ltd.)Board Member
New election
June 2021
Standing Audit & Supervisory Board Member,–
Independent Officer
NIPPON RECORD KEEPING NETWORK
Co., Ltd. (current position) (slated to retire inYears served as Audit & Supervisory Board
June 2024)
Member:[Significant concurrent positions outside the Company]–
Standing Audit & Supervisory Board Member, NIPPONRECORD KEEPING NETWORK Co., Ltd. (slated to retire inJune 2024)* There has been no transaction between the Company and any
significant concurrent positions held by Hideki Hayashi forthe past three years.
[Reasons for nomination as candidate for Outside Audit & Supervisory Board Member]
Hideki Hayashi has a substantial degree of knowledge on finance and accounting from his experience working at financial
institutions, in addition to having abundant insight into corporate management. Serving as Standing Audit & Supervisory Board
Member in his current position, he is also thoroughly familiar with Audit & Supervisory Board Members’ practices. We havetherefore judged that he will be able to appropriately carry out the role of supervising the management as an Audit & Supervisory
Board Member of the Company and nominated him as a candidate for Outside Audit & Supervisory Board Member.
Notes:

1. There is no special interest between Hideki Hayashi and the Company.
2. As Hideki Hayashi will satisfy the requirements for independent officer established by Tokyo Stock Exchange, Inc. andthe Independence Criteria for Outside Officers of the Company in the event that he is appointed as an Outside Audit &Supervisory Board Member, the Company has submitted notification to Tokyo Stock Exchange, Inc. that he will be
appointed as an independent officer.
3. The Company prescribes in the Articles of Incorporation that it may enter into an agreement with an Audit & Supervisory
Board Member to limit the scope of his or her liability for damages to the Company, in order to enable the Audit &Supervisory Board Member to fully exercise his or her duties as expected. If the appointment of Hideki Hayashi isapproved, the Company plans to enter into an agreement with him to limit his liability, if a case falls under requirements
specified by laws and regulations regarding the liability under Article 423, paragraph 1 of the Companies Act. Pursuant
to this agreement, the defined maximum amount of liability is the amount provided for under Article 425, paragraph 1 of
the Companies Act.
4. The Company has entered into a Directors and officers’ liability insurance policy with an insurance company as stipulated
in Article 430-3, paragraph 1 of the Companies Act to cover the compensation for damages and litigation expenses, etc.
that would be borne by the insured in the event that a claim for damages is made against the insured during the insured
period due to an act committed in the execution of duties by the insured (including acts by negligence). The Company
shall bear the full amount of premiums for all of the insured, and if the appointment of Hideki Hayashi is approved, hewill become the insured under said insurance policy. In addition, the Company plans to renew the insurance policy withthe same contents during the term of office.

- 11 -

<Reference> Main Expertise and Experience of Directors and Audit & Supervisory Board Members
The main expertise and experience of Directors and Audit & Supervisory Board Members of the Company will be
as follows if Proposals No. 2 and No. 3 are approved as originally proposed.

Title

Name

Legal
Corporate Finance/ affairs/
manage- AccountRisk
mentingmanagement

R&D

GlobalRepresentative
Director andMember of the
Ken Mizutani
Board, President &CEO●

Director

Toshiyuki Okada

●

●

●

Director

Yosuke Funakoshi

●

●

●

Outside Director

Mio Minaki

Outside Director

Yasuyuki SugiuraStanding Audit &Supervisory Board
MemberMikako Torii

Standing Outside
Audit &
Supervisory Board
Member

Hideki Hayashi●●

Outside Audit &Supervisory Board
MemberShinkichi Matsuo●●

Outside Audit &Supervisory Board
MemberTakayuki Maruyama●

Outside Audit &Supervisory Board
MemberWakako Mitani

●

●

●

Production/ SustainaQuality
bility

●

●

●

●
●

●
●

●

Human
resources/
Diversity

●
●

●
●

●

●

●

●
●

●
●

To achieve sustained growth and medium- and long-term enhancement of corporate value, following deliberation by
the Nomination and Remuneration Committee, the Board of Directors determines skills required by the Board on thebasis of basic management policy, the mid-term management plan, and other criteria. To maintain a structure capableof effectively fulfilling the Board’s role and duties, the Board selects candidates for corporate officer positions taking
into consideration their knowledge, experience, abilities, and character, in addition to specific skills and Board
diversity. Since the skills required by the Board of Directors constantly change according to the business environmentand other factors, the Company periodically reviews them.

- 12 -