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.

To Our Shareholders(Securities code: 3708)
June 5, 2024
Yuji Matsuda, President and Chief Executive Officer
Tokushu Tokai Paper Co., Ltd.
4379 Mukaijima-cho, Shimada-shi, Shizuoka, JAPAN

Notice of the 17th Annual General Meeting of Shareholders
It is a pleasure to inform you that the 17th Annual General Meeting of Shareholders of Tokushu Tokai Paper Co.,
Ltd. (the “Company”) will be held as indicated below.
In convening this General Meeting of Shareholders, the Company has taken measures for providing informationthat constitutes the content of “Reference Documents for the General Meeting of Shareholders,” etc. (items subject
to measures for electronic provision) in electronic format, and has posted the information on the Company’s
website. Please access the following website to view the information.
The Company’s website:
https://www.tt-paper.co.jp/ir/meeting/ (in Japanese)
In addition to the Company’s website, items subject to measures for electronic provision are also posted on thewebsite of the Tokyo Stock Exchange (TSE). Please access the following website to view the information.
TSE website (Listed Company Search):https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)(Access the TSE website by using the internet address shown above, enter “Tokushu Tokai Paper” in “Issue name(company name)” or the Company’s securities code “3708” in “Code,” 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].”)
You may exercise your voting rights via the internet or in writing (postal mail) in lieu of attending the meeting inperson. Please review the Reference Documents for the General Meeting of Shareholders, and exercise your voting
rights by 5:40 p.m. on Tuesday, June 25, 2024 (JST).
1. Date and Time: Wednesday, June 26, 2024, at 10:00 a.m. (JST) (Reception will open at 9:15 a.m.)
2. Venue:
Concert Hall Shizuoka AOI, 7th Floor Auditorium
1-9, Kurogane-cho, Aoi-ku, Shizuoka-shi, Shizuoka Prefecture
Please be aware that there will be no gifts for shareholders who attend the General Meeting of
Shareholders in person.
Thank you for your understanding.
3. Meeting Agenda:
Matters to be reported:
1. Business Report and Consolidated Financial Statements for the 17th fiscal year (April 1, 2023, to March
31, 2024) and Audit Results of Consolidated Financial Statements by Financial Auditor and the Audit &Supervisory Committee
2. Non-consolidated Financial Statements for the 17th fiscal year (April 1, 2023, to March 31, 2024)-1-

Matters to be resolved:
Proposal No. 1
Appropriation of Surplus
Proposal No. 2
Election of Eight (8) Directors (Excluding Directors Who Are Members of the Audit &Supervisory Committee)
Proposal No. 3
Election of One (1) Substitute Director Who Is a Member of the Audit & Supervisory
Committee
4. Matters to be Resolved in Convening the General Meeting of Shareholders (Guide to Exercising Voting
Rights):(1) For shareholders opting to exercise their voting rights in writing (by post) using the Voting Rights Exercise Form,any voting right exercised without indicating approval or disapproval for a particular proposal will be treated as
an intention of approval.
(2) For shareholders exercising their voting rights more than once via the Internet, the last voting right exercised shallbe deemed valid.
(3) If any voting right is exercised both by mail and via the Internet, the voting right exercised via the Internet shallbe deemed to be the valid exercise of the voting right.
(4) If you intend to vote by proxy, you may appoint another shareholder with voting rights to vote on your behalf as
proxy. Please note, however, that written proof of his/her right of proxy must be submitted.

- When you attend the meeting in person, please submit the Voting Form at the reception desk at the venue.
- For this General Meeting of Shareholders, paper-based documents stating items subject to measures for electronic
provision are sent to all shareholders, regardless of whether or not they have made a request for delivery of such
documents. However, those documents do not include the following matters in accordance with the provisions of laws
and regulations and Article 16 of the Company’s Articles of Incorporation.
(i) Systems for ensuring the properness of business activities and outline of the operation of the systems(ii) Consolidated statement of changes in equity and notes to consolidated financial statements(iii) Statement of changes in equity and notes to non-consolidated financial statements
Please note that the business reports and consolidated and non-consolidated financial statements described in thisdocument are part of the documents audited by the Audit & Supervisory Committee Members and the Financial Auditor
in the course of preparing the Audit Report or Accounting Audit Report.
- If there are any revisions to the items subject to measures for electronic provision, a notice of the revisions and thedetails of the matters before and after the revisions will be posted on the aforementioned Company website and the TSE
website.

-2-

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

Appropriation of Surplus

Year-end dividends
The Company regards the return of profit to its shareholders as an important management theme and maintains abasic policy of paying stable dividends aiming for a dividend payout ratio of 30% while giving comprehensive
consideration to factors, including strengthening the financial base for the future business environment and returning
profit by way of purchasing its own shares.
The Company has given consideration to matters including the business performance of the fiscal year and futurebusiness development, and it proposes to pay fiscal year-end dividends as follows. Accordingly, the annual dividend
including the interim dividend will be ¥120 per share.
(1)
(2)
(3)

Type of dividend property
Cash
Allotment of dividend property to shareholders and the aggregate amount¥70 per common share of the Company, Total payment: ¥825,654,340
Effective date of dividends of surplus
June 27, 2024

-3-

Proposal No. 2

Election of Eight (8) Directors (Excluding Directors Who Are Members of the Audit &Supervisory Committee)

The term of office of all eight (8) Directors (excluding Directors who are members of the Audit & Supervisory
Committee) will expire at the conclusion of the General Meeting of Shareholders. Accordingly, the Company
requests that its shareholders elect eight (8) Directors (excluding Directors who are members of the Audit &Supervisory Committee).
The Company follows a recommendation about this proposal given by the voluntary Nomination andCompensation Committee having its Outside Directors as key members.
The candidates for Directors (excluding Directors who are members of the Audit & Supervisory Committee) are as
follows.
Candidate
No.

Name

Position and responsibility
in the Company
President and Chief Executive Officer,and Head of the Growth Strategy Center
Director, Managing Executive Officer
Head of the Core Business Center andGeneral Manager of the Households
Products Business Headquarter
Director, Managing Executive Officer,and Head of the Corporate Center
Director, Senior Executive Officer,
and General Manager of the Specialty
Materials Business Headquarter
Senior Executive Officer, General Managerof the Environmental Business
Headquarter, and General Manager of the
Resource Reuse Division1

Yuji Matsuda

2

Katsuhiro Watanabe

3Michiaki Sano

4

Hiroyuki Onuma

5

Satoshi Fukui

6

Akira Isogai

Outside Director

7

Yuzo Ishikawa

Outside Director

8

Ritsue Miyashita

Outside Director-4-

Attributes

Attendance at Boardof Directors’Meetings

Re-election

12/12

Re-election

12/12

Re-election

12/12

Re-election

12/12

New election–

Re-election
OutsideIndependentRe-election
OutsideIndependentRe-election
OutsideIndependent
Female

12/12

12/12

10/10

CandidateNo.

1Career summary, and position and responsibility in the
Number of theCompany (Significant concurrent positions outside theCompany’s sharesCompany)
ownedMar. 1985
Joined Tokushu Paper Mfg. Co., Ltd.
Mar. 2006
Senior General Manager, Deputy General
Manager of the Sales Division, and Manager of
the Sales Planning Department
President and CEO of Tokushu Paper Trading
Co., Ltd. (currently TT TRADING CO., LTD.)
Jun. 2009
Executive Officer of the Company
Executive Officer and General Manager of the
Yuji Matsuda
Sales Development Division of Tokushu Paper(June 10, 1962)
Mfg. Co., Ltd.
Jun. 2011
Director, Deputy Head of the Specialty
Re-election
Materials Business Group, and General
Manager of the Sales Development Division of
4,946 shares
Number of years in office: 13
the Company
years
Jun. 2012
Director, Deputy Head of the Comprehensive
Development Center, General Manager of the
Attendance at Board of
Research and Development Division, andDirectors Meetings 12/12
General Manager of the Overseas Business
Promotion Department
Jun. 2014
Director, Managing Executive Officer, andHead of Specialty Materials Business Group
Apr. 2016
President and Chief Executive Officer (current
position)
Apr. 2023
Head of the Growth Strategy Center (current
position)[Reasons for nomination as candidate for Director]
Mr. Matsuda has a wealth of knowledge and experience in research and development and sales in the Specialty
Materials Business, and has successively held positions such as the head of related sectors, Head of a Business Group,and President of a Group company. Eight years have passed since he took office as President and Chief Executive
Officer of the Company, and during his term of office he has delivered positive results including achieving record-highconsolidated ordinary income five times. He has been engaging in the development of new products and expanding into
new growth fields in his role as Head of the Growth Strategy Center during the 6th Medium Term Management Plan
that the Company embarked on from the last year, and is therefore expected to make a significant contribution tocontinually enhancing corporate value. Accordingly, we propose his re-election as a Director.
Name(Date of birth)-5-

CandidateNo.

2Career summary, and position and responsibility in the
Number of theCompany (Significant concurrent positions outside theCompany’s sharesCompany)
owned
Apr. 1983
Joined Canon Inc.
Apr. 1999
Joined Tokai Pulp & Paper Co., Ltd.
Jun. 2010
Executive Officer, Manager of Shimada Mill in
Industrial Materials Business Group, andGeneral Manager of Pulp & Power Departmentof the Company
Jul. 2013
Managing Director and General Manager of the
Corporate Planning Department of the
President Office
Katsuhiro Watanabe
Jun. 2014
Director, Executive Officer, and Head of the(October 6, 1960)
Comprehensive Development Center
Re-election
Apr. 2016
Director, Executive Officer, and CEO of
Industrial Materials Company
1,000 shares
Number of years in office: 10 Jul. 2017
Director, Executive Officer, and COO ofyears
Household Products Company
Jun. 2018
Director, Executive Officer, and CEO of
Attendance at Board ofHousehold Products Company
Directors Meetings 12/12
President of TRY-FU CO., LTD.
Apr. 2020
Director, Executive Officer, and General
Manager of the Households Products Business
Headquarter of the Company
Jul. 2021
In charge of Package Division
Jul. 2022
Director, Managing Executive Officer, Head of
the Core Business Center, and General Managerof the Households Products Business
Headquarters of the company (current position)[Reasons for nomination as candidate for Director]
Mr. Watanabe has successively held positions as the head of a mill, corporate planning and technical development
divisions, and the President of TRY-FU CO., LTD., which manufactures paper towels and laminated products, and has
extensive insight and experience in management experience. He currently presides over the industrial materials andspecialty materials businesses as the Head of the Core Business Center, and supervises the Household Products
Business Headquarters as the General Manager. He is therefore expected to make a significant contribution to further
enhancing human capital management and group governance compliance through leadership based on his pastachievements and experience. Accordingly, we propose his re-election as a Director.
Name(Date of birth)-6-

Candidate
No.

3Career summary, and position and responsibility in the
Number of theCompany (Significant concurrent positions outside theCompany’s sharesCompany)
owned
Apr. 1989
Joined Daishowa Paper Manufacturing Co.,Ltd.
Dec. 2004
Joined Tokushu Paper Mfg. Co., Ltd.
Jun. 2010
Executive Officer and Manager of Mishima
Mill in Specialty Materials Business Group of
the Company
Jun. 2014
Executive Officer and General Manager of the
Corporate Planning Division of the President
OfficeJun. 2015
Executive Officer, Deputy Head of Industrial
Materials Business Group, and Manager of
Shimada Mill
Jun. 2016
Director, Executive Officer, COO of Industrial
Materials Company, Manager of Shimada Mill,
General Manager of Minami Alps Business ofMichiaki Sano
the Corporate Planning & Administration(January 31, 1966)
OfficeOct. 2016
Director, Executive Officer, General Manager
Re-electionof Minami Alps Business of the Corporate
Planning & Administration Office
500 shares
Number of years in office: 8
President of Shin Tokai Paper Co., Ltd.
years
Jul. 2017
Director, Executive Officer, CEO of Industrial
Materials Company, and General Manager ofAttendance at Board of
Minami Alps Business of the President OfficeDirectors Meetings 12/12of the Company
Jun. 2019
Director, Executive Officer, and CEO of
Industrial Materials Company
Apr. 2020
Director, Executive Officer, General Managerof the Industrial Materials Business
Headquarter, and in charge of Resource Reuse
DivisionJul. 2021
Director, Executive Officer, and General
Manager of the Corporate Planning Division
Jul. 2022
Director, Managing Executive Officer
Head of the Corporate Center
General Manager of the Practical-Use of
Natural Environment Division
Apr. 2023
Director, Managing Executive Officer
Head of the Corporate Center (current position)[Reasons for nomination as candidate for Director]
Mr. Sano has extensive knowledge and experience in the fields of production technology and paper manufacturing andprocessing, and has contributed greatly to improving production and quality, served as a Mill Manager of the Specialty
Materials Business and Industrial Materials Business and as President of Shin Tokai Paper Co. Ltd., which handles
containerboard and kraft paper. He leverages his knowledge, experience, and management skills as the current Head of
the Corporate Center to make a significant contribution to enhancing group governance compliance and corporate value
and maximizing human capital value. He is therefore expected to make a contribution to resolving issues such as
searching for new businesses where paper manufacturing technologies in the paper manufacturing-related business canbe applied and replacing the product portfolio to shift to growth fields by leveraging his abundant experience andachievements. Accordingly, we propose his re-election as a Director.
Name(Date of birth)-7-

Candidate
No.

4

5

Career summary, and position and responsibility in the
Number of theCompany (Significant concurrent positions outside theCompany’s sharesCompany)
ownedMar. 1987
Joined Tokushu Paper Mfg. Co., Ltd.
Jul. 2013
General Manager of the Sales Division ofSpecialty Materials Business Group of theCompany
Jun. 2014
Executive Officer and General Manager of theSales Division of Specialty Materials Business
Hiroyuki Onuma
Group(February 23, 1965)
Apr. 2016
Executive Officer and CEO of Specialty
Materials Company
Re-election
Jun. 2016
Director, Executive Officer, and CEO of
973 shares
Number of years in office: 8
Specialty Materials Company
years
Apr. 2020
Director, Executive Officer, Deputy General
Manager of the Specialty Materials Business
Attendance at Board of
Headquarter, and Head of Core Business Center
Directors Meetings 12/12
Jul. 2021
Director, Executive Officer, and General
Manager of the Specialty Materials Business
Headquarter
Jul. 2023
Director, Senior Executive Officer, and General
Manager of the Specialty Materials Business
Headquarter (current position)[Reasons for nomination as candidate for Director]
Mr. Onuma has a wealth of sales experience and knowledge in the Specialty Materials Business, and as the head of theSpecialty Materials Business division, he has worked on measures aimed at developing and expanding sales ofenvironmentally friendly products, and better streamlining production and sales of existing products, he is expected tomake a significant contribution to enhancing corporate value. Accordingly, we propose his re-election as a Director.
Mar. 1990
Joined Tokushu Paper Mfg. Co., Ltd.
Aug. 2002
General Manager of the Finance & Accounting
Department of the Company
Apr. 2016
Executive Officer and General Manager of the
Corporate Planning Division of the Corporate
Planning Management Office
Apr. 2020
Executive Officer and General Manager ofResource Reuse Division
Jul. 2020
Executive Officer and General Manager ofSatoshi Fukui
Resource Reuse Division(December 20, 1964)
President of Rex Co., Ltd. (current position)
1,319 shares
Apr. 2023
Executive Officer, General Manager of the
New election
Environmental Business Headquarter, andGeneral Manager of Resource Reuse Division
Representative Director and President of Toei
Holdings Co., Ltd. (current position)
Jul. 2023
Senior Executive Officer, General Manager ofthe Environmental Business Headquarter, andGeneral Manager of Resource Reuse Division(current position)
Apr. 2024
Representative Director and President of
Takafuji Holdings Co., Ltd. (current position)[Reasons for nomination as candidate for Director]
Mr. Fukui has a wealth of experience and knowledge in the Finance & Accounting, the Corporate Planning and theInformation & Systems departments. He has served as Representative Director and President of several subsidiaries,
mainly handling industrial waste, and as General Manager of the Environmental Business, a new business domain, he isexpected to build the growth foundation into a core business. Accordingly, we propose his election as a Director.
Name(Date of birth)-8-

Candidate
No.

Name
(Date of birth)
Akira Isogai(October 19, 1954)
Re-election
OutsideIndependent
Number of years in office: 4
years

6

7

Career summary, and position and responsibility in the
Number of theCompany (Significant concurrent positions outside theCompany’s sharesCompany)
owned
Sept. 1985
Doctoral Research Fellow of the Chemistry
Department of The Institute of Paper Chemistry
Sept. 1986
Hired at the Faculty of Agriculture of the
University of Tokyo
May 2003
Professor at Graduate School of Agriculturaland Life Sciences
200 shares
Apr. 2020
Special Professor (current position)
Jun. 2020
Outside Director of the Company (current
position)[Significant concurrent positions outside the Company]
Special Professor at the University of Tokyo

Attendance at Board of
Directors Meetings 12/12[Reasons for nomination as candidate for outside Director and overview of expected roles]
Mr. Isogai has long been involved in research and development related to cellulose and paper at universities, and has ahigh level of expertise. In recent years, he has established a manufacturing method for cellulose nanofibers (CNF), andhis accomplishments have been recognized with numerous prestigious awards both domestically and internationally.
Although he has not been involved in corporate management in the past, he provides advice and recommendations
based on his knowledge, and has appropriately carried out duties as an outside Director.
Based on his wealth of knowledge and experience, he is not only expected to advise and contribute to the training ofresearchers for the Company’s research and development, but also provide opinions at the Board of Directors based on
his own knowledge and experience. Accordingly, we propose his re-election as an outside Director.
Sept. 1985
Joined DDI CORPORATION (currently KDDI
Yuzo Ishikawa
CORPORATION)(October 19, 1956)
Jun. 2016
Executive Vice President, Representative
Director of KDDI CORPORATION
Re-election
Jun. 2019
Chairman of the Board, Representative Director
Outsideof JCOM Co., Ltd.
Independent
Jun. 2020
President, Representative Director
600 shares
Apr. 2022
Special Advisor
Number of years in office: 2Jun. 2022
Outside Director of the Company (current
years
position)Jul. 2022
Advisor of KDDI CORPORATION
Attendance at Board of[Significant
concurrent
positions outside the Company]
Directors Meetings 12/12
None[Reasons for nomination as candidate for outside Director and overview of expected roles]
Mr. Ishikawa has vast and extensive experience, knowledge, and insight in all aspects of corporate management as hehas successively held positions such as a representative director of KDDI CORPORATION and JCOM Co., Ltd. He is
therefore expected to not only supervise decision-making processes and business execution in the Company’s groupmanagement, but also to continue providing suitable proposals with a lot of advice and recommendations for enhancing
corporate value. Accordingly, we propose his re-election as an outside Director.

-9-CandidateNo.

8Notes:

1
2
3

4

5

Career summary, and position and responsibility in the
Number of theCompany (Significant concurrent positions outside theCompany’s sharesCompany)
owned
Apr. 1986
Joined JAL Information Technology Co., Ltd.
Ritsue Miyashita
Jul. 2001
Manager of Corporate Planning Department(May 3, 1962)
Oct. 2015
Executive Officer, Application Business
Department of Airline Business DivisionRe-election
Oct. 2018
Director of Brighton Consulting, Inc.
OutsideDec. 2018
Established Eternaria Co., Ltd., President
Independent(current position)
Female–Jun. 2022
Outside Director, ENDO Lighting Corp.
(current position)
Number of years in office: 1
Jun. 2023
Outside Director of the Company (current
year
position)[Significant
concurrent
positions outside the Company]
Attendance at Board ofPresident, Eternaria Co., Ltd.
Directors Meetings 10/10
Outside Director, ENDO Lighting Corp.
[Reasons for nomination as candidate for outside Director and overview of expected roles]
Ms. Miyashita is a former Executive Officer at JAL Information Technology Co., Ltd. and has a wealth of experienceand knowledge, having successfully completed large-scale IT projects being involved with mission critical systems at
Japan Airlines, including a large-scale system renewal. In her current independent role, she has played an extensive rolepromoting the advancement of women in fields other than IT and supporting the implementation of SDGs and GX(green transformation). We propose her re-election as an outside Director in the expectation that she can supervise
efforts to enhance corporate value from an objective standpoint which includes enhancing IT and implementing DX at
the Company.
There is no special interest between each candidate and the Company.
Mr. Isogai, Mr. Ishikawa, and Ms. Miyashita are candidates for outside Director.
Pursuant to the provisions of Article 427, paragraph (1) of the Companies Act, the Company has entered into an agreementwith Mr. Isogai, Mr. Ishikawa, and Ms. Miyashita to limit their liability for damages under Article 423, paragraph (1) of
the said Act. The maximum amount of liability for damages based on this agreement is ¥1 million or the amount stipulated
in Article 425, paragraph (1) of the Companies Act, whichever is higher. If the re-election of Mr. Isogai, Mr. Ishikawa,and Ms. Miyashita is approved at this General Meeting of Shareholders, the Company plans to renew the agreement with
them.
The Company has entered into a directors and officers liability insurance agreement with an insurance company. If the reelection and election of each candidate are approved, each candidate will be included in the insured of this agreement.
The Company plans to renew the insurance agreement at the next renewal under the same terms and conditions.
The Company has submitted notification to Tokyo Stock Exchange, Inc. that Mr. Isogai, Mr. Ishikawa, and Ms. Miyashitasatisfy requirements for an independent officer as provided for by the exchange and the Company. If the re-election of thethree candidates is approved, the Company plans for their designation as independent officers to continue.
Name(Date of birth)- 10 -

Proposal No. 3

Election of One (1) Substitute Director Who Is a Member of the Audit & Supervisory
Committee

The Company requests approval for the election of one substitute Director who is a Member of the Audit &Supervisory Committee to be ready to fill a vacant position should the number of Audit & Supervisory Committee
Members fall below the number required by laws and regulations.
In addition, the consent of the Audit & Supervisory Committee has been obtained for this proposal.
The candidates for substitute Directors who are members of the Audit & Supervisory Committee are as follows.
Name(Date of birth)

Career summary and position in the Company(Significant concurrent positions outside the Company)
Nov. 2000
Apr. 2018

Notes:

Number of theCompany’s shares
owned

Attorney at law (current position)
Professor, Faculty of Business Sciences at University ofTsukuba (current position)
Apr. 2019
Lecturer, Law School at Meiji University (current–
position)
Hiroaki Himeno[Significant concurrent positions outside the Company](August 4, 1964)
Attorney at law[Reasons for nomination as candidate for substitute outside Director and overview of expected
Outsideroles]
Independent
Although Mr. Himeno has not been involved in company management in the past, having
judged that based on the experience and knowledge that he has cultivated as an attorney at law,
he is capable of ensuring soundness of corporate management and adequately contributing to
the enhancement of compliance practices and the strengthening of functions for monitoring thelegality in business execution across the Company, we propose his election as a substitute
Director who is a Member of the Audit & Supervisory Committee.
1 There is no special interest between the candidate and the Company.
2 Mr. Himeno is a candidate for substitute outside Director.
3 If the election of Mr. Himeno is approved, the Company plans to enter into an agreement with him, pursuant to theprovisions of Article 427, paragraph (1) of the Companies Act, to limit his liabilities for damages under Article 423,
paragraph (1) of the said Act. The maximum amount of liability for damages based on this agreement is ¥1 million or theamount stipulated in Article 425, paragraph (1) of the Companies Act, whichever is higher.
4 The Company has entered into a directors and officers liability insurance agreement with an insurance company. If thecandidate becomes as an outside Director, he will be included in the insured of this agreement. The Company plans torenew the insurance agreement at the next renewal under the same terms and conditions.
5 Mr. Himeno satisfies requirements for an independent officer as provided for by Tokyo Stock Exchange, Inc. and theCompany. If he becomes an outside Director, the Company plans to submit notification to the exchange concerning his
designation as an independent officer.

- 11 -

[Reference 1]
Significant experience and expertise of candidates for Directors(including Audit & Supervisory Committee Members)
Aiming to take on the challenge of expanding into new business domains, further promote the three paper
manufacturing businesses and strengthen the management base with the Company set on the appropriate pathlooking ahead to achieving the long-term goals established in the 6th Medium Term Management Plan, theCompany’s Board of Directors identified the skills that the Board of Directors should have and selected Directors
who have the experience, insight, expertise, etc. in accordance with those skills.
The Company has determined that we can aim for sustainable management by reflecting in overall management thefirm management judgments and insight and experience regarding products, etc. when investing resources into new
businesses and realigning the product portfolio with respect to the challenge of expanding into new businessdomains; the insight pertaining to sales and marketing, products and research necessary in the search for new
businesses with respect to further promoting the paper manufacturing business; the extensive experience forenhancing group governance with respect to strengthening the management base; as well as insight regarding
sustainability, IT and DX.

GlobalResearchanddevelopment

Sales andmarketing

●

●

●

Legal
Manufacturing
affairs
Finance andandandaccounting complitechnology
ance

Corporate
management

Yuji Matsuda●

Katsuhiro Watanabe●●Michiaki Sano●●

Hiroyuki Onuma●

Satoshi Fukui

●

Name

IT/DX

Sustainability
and
ESG

●
●

●

●

Akira Isogai
Yuzo Ishikawa●

Ritsue Miyashita●

Takashi Nagasaka●

Naoto Higaki

●

●

●

●
●

●

●
●
●

Kayoko Yamato●

Note: The table above does not indicate all of the experiences and expertise possessed by each candidate.
Corporate management:

Possesses experience as a director of a company, public interest corporation or general incorporated
association
Global:Possesses business experience overseas or with overseas companies, or possesses overseas-related
management experience
Research and development:
Possesses a track record of developing new products, or possesses management experience in a
research division
Sales and marketing:Possesses management experience in a sales and marketing division, or has made significant
achievements in sales or sales expansion
Manufacturing and technology: Possesses management experience in a manufacturing division, or possesses knowledge and experience
related to production technology- 12 -

Finance and accounting:
Legal affairs and compliance:
IT/DX:
Sustainability and ESG:

Is a certified public accountant or certified public tax accountant, or possesses knowledge andexperience in overall financial operations
Is an attorney at law or possesses knowledge and experience in legal affairs
Possesses insight and experience in promoting IT and DX
Possesses insight and experience in promoting sustainability- 13 -

[Reference 2]
Independence Standards for Independent Outside Officers
In the independence standards for the Company’s independent outside officers, it is set out that they shall not fallunder the following criteria.
1. Persons who currently execute business at the Company and its subsidiaries (hereinafter the “Group”) or havedone so in the last ten years
2. Persons who belong to or execute business at a company, etc. (in case of a subsidiary, it is limited to an importantone) that is a major shareholder of the Company
3. Persons who belong to or execute business at a company, etc. that is a main business partner of the Group
4. Persons who belong to or execute business at a company, etc. whose main business partner is the Group5. Consultants, attorneys at law, certified public accountants, or certified public tax accountants who receive a large
amount of money or other property other than executive remuneration from the Group
6. Persons who receive a large amount of donations from the Group or who are executives belonging to anorganization that receives a large amount of donations from the Group
7. Spouses or relatives within the second degree of kinship of persons who execute business at the Group
8. Notwithstanding any of the preceding paragraphs, persons who cause a conflict of interest with the Company
Notes:

12
3
4
5“Persons who execute business” shall mean Executive Director, Executive Officer, General Manager or above,or any other person equivalent thereto.
“A major shareholder” shall mean a person or an entity that directly or indirectly holds 10% or more of theCompany’s total voting rights.
“A main business partner” shall mean a business partner with which payments of 2% or more of consolidated
net sales were made to or from the Group over the past three years.
“A large amount of money or other property” shall mean that the total value of money and property is ¥10
million or more per year on average over the past three years, and in the case of an organization, it exceeds
2% of consolidated net sales.
“A large amount of donations” shall mean donations worth more than ¥10 million per year on average overthe past three years.

- 14 -