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: 9324)
June 5, 2024
To our shareholders:Kazunari Ogawa,President & CEO
Yasuda Logistics Corporation
3-1-1 Shibaura, Minato-ku, Tokyo

Notice of the 156th Annual General Meeting of Shareholders
We are pleased to announce that the 156th Annual General Meeting of Shareholders of Yasuda Logistics
Corporation will be held as described below.
When convening the Meeting, the Company takes measures for providing information that constitutes thecontent of reference documents for the general meeting of shareholders, etc. (items for which measures for providing
information in electronic format are to be taken) in electronic format, and posts this information on the Company’s
website. Please access the Company’s website by using the internet address shown below to review the information.
The Company’s website: https://www.yasuda-soko.co.jp/ir/tabid/133/Default.aspx (in Japanese)
In addition to posting items subject to measures for electronic provision on our website, the Company also posts
this information on the website of Tokyo Stock Exchange, Inc. (TSE). To access this information from the latter
website, access the TSE website (Listed Company Search) by using the internet address shown below, enter the issuename (Yasuda Logistics) or securities code (9324), and click “Search.” Then, click “Basic information” and select“Documents for public inspection/PR information.” Under “Filed information available for public inspection,” click“Click here for access” under “[Notice of General Shareholders Meeting /Informational Materials for a General
Shareholders Meeting].”
TSE website (Listed Company Search):https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)
You may exercise your voting rights via the internet or in writing. Please review the attached Reference
Documents for the General Meeting of Shareholders, and exercise your voting rights according to“Information on Exercise of Voting Rights” (in Japanese only) by 5:00 p.m. on Tuesday, June 25, 2024 (JST).
1. Date and Time:

Wednesday, June 26, 2024, at 10:00 a.m. (JST)

2. Venue:

TKP Garden City PREMIUM-Tamachi,
4F, msb Tamachi, Tamachi Station Tower S
3-1-21 Shibaura, Minato-ku, Tokyo

3. Purpose of the Meeting:
Matters to be reported
1. Report on the Business Report, the Consolidated Financial Statements and the results ofaudits of the Consolidated Financial Statements by the Financial Auditor and Board of
Corporate Auditors for the 156th Fiscal Year (from April 1, 2023 to March 31, 2024)
2. Report on the Non-Consolidated Financial Statements for the 156th Fiscal Year (from
April 1, 2023 to March 31, 2024)-1-

Matters to be resolved
Proposal No. 1: Appropriation of the Surplus for the 156th Fiscal Year
Proposal No. 2: Election of Nine (9) Directors
Proposal No. 3: Election of One (1) Substitute Corporate Auditor-2-

Reference Documents for the General Meeting of Shareholders
Proposal No. 1:

Appropriation of the Surplus for the 156th Fiscal Year

The Company has given consideration to matters including the business performance of the fiscal year and futurebusiness development, and it proposes to appropriate the surplus for the 156th fiscal year as follows:
1. Year-end dividends(i) Type of dividend property
To be paid in cash.
(ii) Allotment of dividend property and their aggregate amountThe Company proposes to pay a dividend of ¥14.50 per common share of the Company.
In this event, the total amount of dividends shall be ¥422,013,771.
(iii) Effective date of dividends of surplus
The effective date of dividends shall be June 27, 2024.
2. Other appropriation of surplus(i) Item of surplus to be increased and amount of increase
General reserve: ¥1,700,000,000(ii) Item of surplus to be decreased and amount of decrease
Retained earnings brought forward: ¥1,700,000,000-3-Proposal No. 2:

Election of Nine (9) Directors

The terms of office of all eight (8) Directors will expire at the conclusion of this meeting. Accordingly, in orderto further strengthen corporate governance, the Company proposes the election of nine (9) Directors by adding one(1) Outside Director. If this proposal is approved and adopted, the Board of Directors will comprise a majority of
Outside Directors.
In addition, when selecting candidates for Directors, the decision is made by the Board of Directors upon advice
received from the Nominations and Remuneration Advisory Committee, which comprises a majority of Independent
Outside Directors.
The candidates for Director are as follows:
Candidate
No.

Name

Current position in the Company

1

Nobuyuki Fujii(Male)

Reelection

Chairperson

2

Kazunari Ogawa(Male)

Reelection

President & CEO

3

Hiroyuki Muto

(Male)

Reelection

Director & Senior Managing Executive Officer
General Manager of International Business Planning andPromotion Department

4

Tadashi Matsui(Male)

Reelection

Director & Senior Managing Executive Officer
General Manager of Marketing Strategy Department

5

Masahiro Ifuku(Male)

6

Hirozumi Sone

(Male)

7

Haruko Shudo(Female)8

Katsuyuki Toyama(Male)

9

Saimon Nogami(Male)

Reelection
Independent
OutsideReelection
Independent
OutsideReelection
Independent
OutsideNew election
Independent
OutsideNew election
Independent
OutsideDirector

Director

Director

–

–

-4-

Candidate
No.

Name
(Date of birth)

Nobuyuki Fujii(March 10, 1959)
Reelection
1

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned
Apr. 1982
Joined The Fuji Bank, Limited
Apr. 2009
Executive Officer of Mizuho Corporate Bank,
Ltd.
Apr. 2011
Managing Executive Officer
Apr. 2012Managing Executive Officer of Mizuho Bank,
Ltd.
Apr. 2014
Senior Managing Director
Apr. 2016
Deputy President
Apr. 2017
Administrative Officer of Mizuho Financial
59,500 sharesGroup, Inc.
Administrative Officer of Mizuho Bank, Ltd.
May 2017
Advisor of the Company
June 2017
Director and Deputy President
June 2018
President
June 2020
President & CEO
Apr. 2024
Chairperson (current position)

In charge of Group Governance[Reasons for nomination as candidate for Director]
He has a wealth of experience and a track record in corporate management at a major financial institution and in each of
the Company’s businesses. He has been responsible for the Company’s management as President since 2018, andassumed office as Chairperson in April 2024. The Company expects that he will contribute to enhancing the functionsof the Board of Directors by utilizing such experience and proposes him for reelection as a Director.
Apr. 1987
Joined the Company
July 2005
General Manager of Shibaura Logistics Center
July 2011
General Manager of Corporate Management
Department
Kazunari Ogawa
June 2014
Director(August 7, 1962)
29,400 shares
June 2018
Managing Director
Reelection
June 2020
Director & Managing Executive Officer
Apr. 2024
President & CEO (current position)
2
Management Control[Reasons for nomination as candidate for Director]
He has a wealth of experience and a track record mainly in the Company’s domestic logistics business, finance,
corporate strategy planning and real estate divisions having served in positions including General Manager of Logistics
Center, General Manager of Corporate Management Department and Executive Officer responsible for Accounting
Department, Strategic Project Management Department, Sales Department and Real Estate Department. He assumed
office as President in April 2024. The Company expects that he will contribute to enhancing the functions of the Boardof Directors by utilizing such experience and proposes him for reelection as a Director.

-5-Candidate
No.

3

4

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned
Apr. 1986
Joined the Company
Apr. 2005
General Manager of Y-CC Daikoku Logistics
CenterJune 2009
General Manager of Sales Development
Department
June 2013
Director
June 2020
Managing Executive Officer
June 2022
Director & Managing Executive Officer
Hiroyuki Muto
Apr. 2024
Director & Senior Managing Executive Officer(December 11, 1963)
General Manager of International Business
19,200 shares
Planning and Promotion Department (current
Reelection
position)
Current responsibility
In charge of International Business Planning and Promotion
Department, International Sales Department, and Sales at
Overseas Offices
Significant concurrent positions outside the Company
Chairperson of Yasuda Chuo International Forwarding(Shanghai) Co., Ltd.
Chairperson of Yasuda Logistics (Shanghai) Corporation[Reasons for nomination as candidate for Director]
He has a wealth of experience and a track record mainly in the Company’s domestic logistics business and international
logistics business, having served in positions including General Manager of Logistics Center, General Manager of Sales
and Development Department and Chairperson of the Company’s Group companies, and since April 2024 as Director &Senior Managing Executive Officer and General Manager of International Business Planning and Promotion
Department, being in charge of International Business Planning and Promotion Department and International Sales
Department as well as being responsible for management of sales of overseas offices. The Company expects that he willcontribute to enhancing the functions of the Board of Directors by utilizing such experience and proposes him forreelection as a Director.
Apr. 1987
Joined the Company
Apr. 2004
General Manager of Atsugi Logistics Center
Apr. 2014
General Manager of Medical Logistics Unit
June 2014
Director
Apr. 2019
Director and General Manager of Marketing
Strategy Department
Apr. 2020
Managing Executive Officer
Tadashi Matsui
General Manager of Marketing Strategy(May 21, 1964)
Department
15,900 shares
June 2022
Director & Managing Executive Officer
Reelection
General Manager of Marketing Strategy
Department
Apr. 2024
Director & Senior Managing Executive Officer
General Manager of Marketing Strategy
Department (current position)
Current responsibility
In charge of Strategic Project Management Department,
Marketing Strategy Department, and Transportation Network[Reasons for nomination as candidate for Director]
He has a wealth of experience and a track record mainly in the Company’s domestic logistics business and IT
Technology & DX, having served as General Manager of Logistics Center, General Manager of Medical Logistics Unitand Executive Officer responsible for Information Systems Department, and since April 2024 as Director & Senior
Managing Executive Officer and General Manager of Marketing Strategy Department, being in charge of the Strategic
Project Management Department, Marketing Strategy Department and DX Promotion Section as well as being
responsible for the Transportation Network. The Company expects that he will contribute to enhancing the functions of
the Board of Directors by utilizing such experience and proposes him for reelection as a Director.
Name(Date of birth)-6-

Candidate
No.

5

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned
Apr. 1981
Joined The Yasuda Mutual Life Insurance
Company
Oct. 2003
General Manager of Kochi Regional OfficeJan. 2004
General Manager of Kochi Regional Office ofMeiji Yasuda Life Insurance Company
July 2011
Executive Officer
July 2013
Managing Executive Officer
Apr. 2015
Senior Managing Executive Officer
Apr. 2016
Deputy President and Executive Officer
July 2016
Director, Deputy President, and Executive
Officer
Masahiro Ifuku
June 2018
Outside Director of the Company (current(June 9, 1958)
position)
Apr. 2020
Director of Meiji Yasuda Life Insurance
9,600 shares
Reelection
Company
Independent
July 2020
Representative Director and Chairperson of
Outside Director
Meiji Yasuda General Insurance Co., Ltd.
Apr. 2023
Representative Director and Chairperson of
Meiji Yasuda Payment Collection Business
Services Co., Ltd.
Mar. 2024
Outside Director of Tokyo Tatemono Real
Estate Sales Co., Ltd. (current position)
Mar. 2024
Chairperson of the Board of Yasuda Gakuen
Educational Foundation (current position)
Significant concurrent positions outside the Company
Outside Director of Tokyo Tatemono Real Estate Sales Co., Ltd.
Chairperson of the Board of Yasuda Gakuen Educational
Foundation[Reasons for nomination as candidate for Outside Director and expected role]
He has a high level of knowledge concerning compliance, risk management and personnel and human resources
development having been engaged in corporate management at a major life insurance company and elsewhere. The
Company expects that he will provide valuable opinions and advice on overall corporate management, risk management
and other areas and proposes him for reelection as an Outside Director.
Name(Date of birth)-7-

Candidate
No.

6

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned
Apr. 1979
Joined Yamatake-Honeywell Co., Ltd.
(currently Azbil Corporation)
Apr. 1996
Systems Marketing Manager of Systems
Development Group, Industrial Systems
Division
Oct. 1998
Transferred to Yamatake Industries Systems
Co., Ltd.
General Manager of Marketing Department
June 2000
Director and General Manager of Marketing
Department
Apr. 2003
Vice Executive Officer of Yamatake
Corporation (currently Azbil Corporation)
General Manager of Engineering Department,
Advanced Automation Company
Apr. 2005
Executive Officer, General Manager of the
Corporate Planning Department
Hirozumi Sone
Apr. 2008
Managing Executive Officer, General Manager(January 16, 1955)of the Corporate Planning Department
3,100 shares
June 2010
Director and Managing Executive Officer
Reelection
Independent
Apr. 2012
Representative Director, President and Chief
Outside Director
Executive Officer of Azbil Corporation
Apr. 2020
Representative Director, Executive
Chairperson, President and Group Chief
Executive Officer
June 2020
Representative Director Chairperson, Executive
Chairperson
June 2021
Outside Director of the Company (current
position)
June 2022
Director and Chairperson, Chairperson of theBoard of Azbil Corporation (current position)
June 2023
Outside Director of Mizuho Leasing Company,
Limited (current position)
Significant concurrent positions outside the Company
Director and Chairperson, Chairperson of the Board of Azbil
Corporation
Outside Director of Mizuho Leasing Company, Limited[Reasons for nomination as candidate for Outside Director and expected role]
He has a high level of knowledge concerning strategy planning and risk management for corporate planning having
served as President and Chairperson of a major globally-expanding manufacturer of measurement, control andautomation equipment. The Company expects that he will provide valuable opinions and advice on overall corporate
management, IT Technology, DX and other areas, and proposes him for reelection as an Outside Director.
Name(Date of birth)-8-

Candidate
No.

Name
(Date of birth)

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned
Apr. 1989
Joined East Japan Railway Company
Apr. 2003
Manager of Finance Department
June 2008

7

8

General Manager of Administration Department
of Yokohama Branch Office
June 2010
President of NRE Daimasu Corporation(currently JR East Cross Station Co., Ltd.) with
Life-Style Business Development Headquarters
June 2012
General Manager of Life-Style Business
Development Headquarters
Haruko Shudo
June
2014
GeneralManager of Finance Department(December 20, 1965)
June 2016
Executive Officer and General Manager of
700 shares
Finance Department
Reelection
Independent
June 2018
Senior Managing Director of Nippon Restaurant
Outside Director
Enterprise, Co., Ltd. (currently JR East Cross
Station Co., Ltd.)
Apr. 2021
Senior Managing Director of JR EastManagement Service Co., Ltd.
June 2022
President (current position)
June 2023
Outside Director of the Company (current
position)
Significant concurrent positions outside the Company
President of JR East Management Service Co., Ltd.
[Reasons for nomination as candidate for Outside Director and expected role]
She has a high level of knowledge concerning corporate management, finance, and accounting having served as
Executive Officer and General Manager of Finance Department of a major railroad company and as President of agroup company of this railroad company. The Company expects that she will provide valuable opinions and advice on
overall corporate management, finance, accounting and other areas, and proposes her for reelection as an Outside
Director.
Apr. 1984
Joined The Norinchukin Bank
June 2008
General Manager of Bond Investments Division
June 2009
General Manager of Credit and Alternative
Investments Division
June 2012Managing Director
Katsuyuki Toyama
Apr. 2016
Senior Managing Director(March 16, 1960)
Apr. 2017
Representative Director, Senior Managing
0 sharesDirector, and Division Manager of Global
New election
Investments
Independent
Apr. 2018
Representative Director and President of The
Outside Director
Norinchukin Trust & Banking Co., Ltd.
Apr. 2021
Chair of Norinchukin Zenkyoren AssetManagement Co., Ltd. (current position)
Significant concurrent positions outside the Company
Chair of Norinchukin Zenkyoren Asset Management Co., Ltd.
[Reasons for nomination as candidate for Outside Director and expected role]
He has a high level of knowledge concerning corporate management, finance, accounting, asset management and otherareas, having served as Representative Director, Senior Managing Director, and Division Manager of Global
Investments of a major financial institution and as Representative Director and President and Chair of its groupcompanies. The Company expects that he will provide valuable opinions and advice on overall corporate management,
finance, accounting, asset management and other areas, and proposes him for election as an Outside Director.

-9-CandidateNo.

9Notes:

1.
2.

3.
4.
5.

6.

7.

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned
Apr. 1984
Joined NSK Ltd.
July 2010
Head of Global Aftermarket Department,
Industrial Machinery Business Division HQ,and Head of Precision Machinery Department
June 2011
Executive Officer, Deputy Head of Industrial
Machinery Business Division HQ, and Head ofPrecision Machinery Department
June 2013
Director, Executive Officer, Senior Vice
President, and Head of Corporate Planning
Division HQ
June 2015
Director, Representative Executive Officer,
Saimon Nogami
Executive Vice President, and Head of(September 19, 1960)
Corporate Strategy Division HQ
0 shares
New election
June 2017
Director, Representative Executive Officer,
Independent
Executive Vice President, Head of Corporate
Outside Director
Strategy Division HQ, CFO, and Deputy
Chairperson of the Board of Directors
Apr. 2019
Director, Representative Executive Officer,
Deputy President, CFO, and Deputy
Chairperson of the Board of Directors
Apr. 2023
Director and Deputy Chairperson of the Boardof Directors
June 2023
Director and Chairperson of the Board of
Directors (current position)
Significant concurrent positions outside the Company
Director and Chairperson of the Board of Directors of NSK Ltd.
[Reasons for nomination as candidate for Outside Director and expected role]
He has a high level of knowledge concerning corporate planning, financial planning and international operations having
served as Director, Representative Executive Officer, Executive Vice President, Deputy President, and CFO of a major
globally-expanding manufacturer of bearing. The Company expects that he will provide valuable opinions and advice
on corporate planning, financial planning, international operations and other areas, and proposes him for election as an
Outside Director.
Katsuyuki Toyama and Saimon Nogami are new candidates for Directors.
The candidate, Masahiro Ifuku concurrently serves as Outside Director of Tokyo Tatemono Real Estate Sales Co., Ltd.
and Chairperson of the Board of Yasuda Gakuen Educational Foundation, but there is no special relationship between the
Company and the said organizations. Furthermore, he is a former Director of Meiji Yasuda Life Insurance Company, withwhich the Company has transactions including borrowings, but the relationship does not affect his independence as an
Outside Director.
There is no special interest between any other candidates and the Company.
Masahiro Ifuku, Hirozumi Sone, Haruko Shudo, Katsuyuki Toyama and Saimon Nogami are candidates for Outside
Directors.
Masahiro Ifuku, Hirozumi Sone and Haruko Shudo are all currently Outside Directors of the Company, and the tenure ofeach Outside Director at the conclusion of this meeting shall be six (6) years for Masahiro Ifuku, three (3) years for
Hirozumi Sone and one (1) year for Haruko Shudo.
The Company has entered into agreements with each of Masahiro Ifuku, Hirozumi Sone and Haruko Shudo that limit the
maximum liability for damages under Article 423, paragraph (1) of the Companies Act pursuant to the provisions ofArticle 427, paragraph (1) of the Companies Act. Under these agreements, the maximum liability for damages is the lowest
amount of liability stipulated by Article 425, paragraph (1) of the Companies Act. If the reelection of each candidate isapproved, the Company plans to renew such agreements. If the appointment of Katsuyuki Toyama and Saimon Nogami
is approved, the Company plans to enter into similar agreements with each of them.
The Company has entered into a directors and officers liability insurance policy with an insurance company in accordancewith Article 430-3, paragraph (1) of the Companies Act. The scope of insured persons under such insurance policy is the
Directors and Corporate Auditors of the Company as stipulated under the Companies Act as well as executive officers
under the executive officer system adopted by the Company. Insured persons do not pay insurance premiums. Such
insurance policy covers the damages that arise when insured persons such as executive officers are subject to claims fordamages by shareholders or third parties from acts in the course of their duties or caused by nonfeasance during the termof the policy. Apart from this, the policy also covers expenses that are required by an insured person such as an executive
Name(Date of birth)- 10 -

officer to respond in the event that a situation arises that could result in a claim for damages. However, to ensure there is
no loss of appropriateness in the execution of the insured persons’ duties, there are certain coverage exclusions such as
the ineligibility for cover of damages that arise from acts that violate public order and morals. If each candidate is elected
and assumes office as a Director, they will become insured persons under such insurance policy. In addition, when suchinsurance policy is renewed, the Company plans to renew the policy with the same terms.
8. The Company has submitted notice that Masahiro Ifuku, Hirozumi Sone and Haruko Shudo, who are all candidates for
Outside Director, are Independent Directors in accordance with the provisions of the Tokyo Stock Exchange, Inc. In
addition, Katsuyuki Toyama and Saimon Nogami satisfy the requirements for Independent Directors as stipulated by
Tokyo Stock Exchange, Inc. and the Company plans to designate and notify each of them as Independent Directors.
9. Number of the Company’s shares owned by each candidate describes the number of shares as of March 31, 2024. In
addition, this does not include stocks owned by the Yasuda Logistics Officers Stock Ownership Plan.

- 11 -

Reference <Skills matrix of candidates for Directors>
The skills of Directors considered necessary, as highlighted in the Company’s management strategy, are definedas skills relating to (i) Corporate management, (ii) Global, (iii) Logistics and real estate, (iv) IT Technology and DX,(v) Legal, compliance and risk management, (vi) Personnel and human resources development and (vii) Finance andaccounting.
Candidates for Directors with the skills required by the Company have been appropriately elected and detailed
in list provided below.
SkillsPosition after
Proposal No. 2 isapproved(scheduled)

GenderCorporate
management

GlobalNobuyuki Fujii

Chairperson

Male

〇

〇

Kazunari Ogawa

President & CEO

Male

Name

Hiroyuki Muto

Tadashi Matsui

Director & Senior
Managing
Executive Officer
Director & Senior
Managing
Executive Officer

Logistics
and real
estatePersonnel
Legal,and humanIT
Finance andcomplianceresources
Technology
accounting
and riskdevelopand DX
management
ment

〇
〇

Male

Masahiro Ifuku

Outside Director

Male

〇

Hirozumi Sone

Outside Director

Male

〇

Haruko Shudo

Outside Director

Female〇Katsuyuki
ToyamaOutside Director

Male

〇

〇

Saimon Nogami

Outside Director

Male

〇

〇

〇

〇

〇

〇

〇

〇

〇

〇

〇

〇

〇

Male

〇

〇

〇

〇
〇

(Note) This table does not indicate all the knowledge of each Director.

- 12 -

〇
〇

〇

〇

〇

Proposal No. 3:

Election of One (1) Substitute Corporate Auditor

The Company also requests approval for the election of one (1) substitute Outside Corporate Auditor to be readyto fill a vacant position should the number of Corporate Auditors fall below the number required by laws andregulations.
The consent of the Board of Corporate Auditors has been obtained for this proposal.
The candidate for substitute Corporate Auditor is as follows:
Name(Date of birth)

Career summary(Position in the Company, and significant concurrent positions outside theCompany)
Apr. 1993
Apr. 2012
Aug. 2014
July 2018
Apr. 2020

Number of theCompany’s shares
ownedJoined Chuo Warehouse Co., Ltd.
Manager of General Affairs Department
Manager of Accounting Department
General Manager of Administration Department
Executive Officer and General Manager of General Affairs
Department
Koji Yoshida
Apr. 2023
Senior Executive Officer and Deputy General Manager of
0 shares(May 20, 1970)
Planning and Administration Headquarters
June 2023
Director, Senior Executive Officer and Deputy General
Manager of Planning and Administration Headquarters(current position)
Significant concurrent positions outside the Company
Director, Senior Executive Officer and Deputy General Manager of Planningand Administration Headquarters of Chuo Warehouse Co., Ltd.
[Reasons for nomination as candidate for substitute Corporate Auditor]
He has a wealth of experience and deep insight in the administrative sector as Director, Senior Executive Officer and Deputy
General Manager of Planning and Administration Headquarters of Chuo Warehouse Co., Ltd. The Company expects that he willreflect this knowledge in the Company’s auditing operations and proposes him for election as a substitute Corporate Auditor.
Notes: 1. There is no special interest between Koji Yoshida and the Company.
2. Koji Yoshida is a candidate for substitute Outside Corporate Auditor.
3. If Koji Yoshida is elected Corporate Auditor, the Company plans to enter into an agreement with him that limits the
maximum liability for damages under Article 423, paragraph (1) of the Companies Act pursuant to the provisions ofArticle 427, paragraph (1) of the Companies Act. Under such agreement, the maximum liability for damages is the lowest
amount of liability stipulated by 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 in accordancewith Article 430-3, paragraph (1) of the Companies Act. The scope of insured persons under such insurance policy is the
Directors and Corporate Auditors of the Company as stipulated under the Companies Act as well as executive officers
under the executive officer system adopted by the Company. Insured persons do not pay insurance premiums. Such
insurance policy covers the damages that arise when insured persons such as executive officers are subject to claims fordamages by shareholders or third parties from acts in the course of their duties or caused by nonfeasance during the termof the policy. Apart from this, the policy also covers expenses that are required by an insured person such as an executive
officer to respond in the event that a situation arises that could result in a claim for damages. However, to ensure there is
no loss of appropriateness in the execution of the insured persons’ duties, there are certain coverage exclusions such as
the ineligibility for cover of damages that arise from acts that violate public order and morals. If the candidate assumes
office as a Corporate Auditor, he will become an insured person under such insurance policy.
5. Koji Yoshida is expected to be elected as Director, Senior Executive Officer and General Manager of Planning and
Administration Headquarters of Chuo Warehouse Co., Ltd. after its 144th Annual General Meeting of Shareholders to beheld on June 25, 2024.

- 13 -