Corporate Governance Report
CORPORATE GOVERNANCE

Last Update: June 24, 2024
Japan Elevator Service Holdings Co., Ltd.
Katsushi Ishida,
President and Representative Director CEO
Inquiries:

Kimihiko Imamura,D i r e c t o r, D e p u t y P r e s i d e n t C F OGeneral Manager of Business
Administration Headquarters+81-3-6262-1625
Securities Code: 6544
https://www.jes24.co.jp/en

The corporate governance of Japan Elevator Service Holdings Co., Ltd. (the “Company”) is described below.

I. Basic Views on Corporate Governance, Capital Structure, Corporate Profile andOther Basic Information
1. Basic Views[Basic approach]
The Company recognizes that strengthening corporate governance is one of its key management tasks in orderto sustainably increase its corporate value and stabilize its management.
We place particular emphasis on strengthening the monitoring function of management, ensuring complianceand prompt, accurate and fair disclosure of information to all stakeholders, and intend to improve further.
[Basic policy]
1.
Ensure that the rights and equality of shareholders are substantially secured,
2.
Work in an appropriate manner with various stakeholders, including employees, customers, suppliers,
creditors and local communities,
3.
Disclose company information appropriately and to provide highly useful information,
4.
Ensure that the Board of Directors fulfils its roles and responsibilities appropriately, based on its fiduciary
responsibility and accountability to shareholders, and5.
Engage in constructive dialogue with shareholders in order to contribute to the Company's sustainablegrowth and medium- to long-term enhancement of corporate value.

[Reasons for Non-compliance with the Principles of the Corporate Governance Code]
The Company complies with all the principles outlined in the Code as revised in June 2021.

[Disclosure Based on the Principles of the Corporate Governance Code][Principle 1-4: Stocks held for strategic purposes]
The Company does not hold any listed shares as strategic shareholdings.
[Principle 1-7 Related Party Transactions]
The Company requires prior approval of the Board of Directors for any conflict of interest or competingtransactions between the Company and its directors. In addition, the Board of Directors Regulations stipulates
that the director who conducted such transactions shall report material facts regarding such transactions to theBoard of Directors. Related-party transactions other than those mentioned above are properly monitored inaccordance with the rules and regulations established by the Board of Directors.
[Supplemental Principle 2-4(i) Ensure diversity within the company](i) Company’s approach to ensuring diversity
The Company recognizes the importance of having a diverse workforce to ensure sustainable growth inresponse to changes in the social environment. We have traditionally hired without regard to gender, nationality,
etc., and will continue to do so in the future, taking into account our business plans and promoting the hiring ofdiverse personnel. We also make decisions on the promotion of female, foreign and mid-career employees tomanagement positions based on the above policy and fair and impartial personnel evaluations.
Information on our diversity is disclosed in our Sustainability Report.

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CORPORATE GOVERNANCE(https://www.jes24.co.jp/ir/)(ii) Voluntary and measurable targets and status of ensuring diversity
1) Promotion of female employees to management positions
The number of female manager in the Company and its major domestic companies is 25.
We have a high proportion of personnel in technical positions performing elevator maintenanceand, due to the nature of the work, the proportion of male tends to be high. As the number oftechnical personnel is expected to increase in proportion to the increase in the number of elevator
maintenance contracts, we do not set a target for the proportion of female in management positions
for the time being, but will strengthen human resources development and the internal environment
with the aim of increasing the number of female managers to more than the previous year.
2) Promotion of foreign nationals to management positions
We are conducting business in the ASEAN region, and have appointed six foreign nationals(including two females) to the management of our consolidated subsidiaries in the ASEAN region.
Based on the characteristics of the business in each country, we are promoting businessdevelopment mainly by local nationals.
We hire foreign nationals regardless of nationality. However, the Company has not set a goal for
appointing foreign nationals to management positions and will consider doing so based on its
business plan.
3) Promotion of mid-career hires to management positions
Mid-career hires account for more than 95% of management positions in the Company and its
major domestic companies.
We recruit new graduates and mid-career employees. We actively recruit experienced mid-career
workers in a wide range of technical, sales, and clerical positions, and as a result of our humanresource development and internal environment improvement efforts, the ratio of mid-career hires
to management positions is high. We do not set specific targets for the promotion of mid-careerhires to management positions, as it is our policy to promote suitable personnel to management
positions, regardless of whether they are new graduates or mid-career hires.
(iii) Policies and implementation status regarding development of human resources and internal
environment to ensure diversity
As part of its human resources development efforts, the Company promotes the improvement of technical skills
through its own internal qualification system (STEP24) and has established an environment where experienced
and inexperienced personnel can grow step by step according to their technical level. We have also established atraining system that responds to the diversity of our human resources, including a hierarchy-based training
system that enables employees to take the most appropriate training depending on their year of employment,
position and other factors. In addition, as it is essential to improve internal systems and the internal environment
in order to promote the success of diverse human resources, we promote the use of various work systems, such as
parental and nursing care leave and shorter working hours, as well as the development of an environment thatenables flexible working styles, such as expanding the application of telework and systems for direct return trips
to the workplace.
[Principle 2-6: Corporate pension plans should function as asset owners]
Since the Company has adopted a non-funded defined benefit plan and has not adopted a corporate pension
plan, there is no impact on employees' asset formation and financial position due to the investment of corporate
pension fund.
[Principle 3-1: Enhancement of information disclosure](i) The company's goals (management philosophy, etc.), management strategies, and managementplans
Our management philosophy is as follows: "Safety above anything else." "No cutting corners evenwhen others don't see it." Building on trust." It is posted on our website.
In addition, management strategies and management plans are announced at financial results
briefings and posted on the Company's website.
Management Philosophy: https://www.jes24.co.jp/en/company/philosophy.html
Financial Results Presentation Materials: https://www.jes24.co.jp/en/ir/presentation.html(ii)

Basic Policy on Corporate Governance and Basic Views
Our basic philosophy and basic policy on corporate governance are described in “Section I. Basic
Views on Corporate Governance, Capital Structure, Corporate Profile and Other Basic Information”“1. Basic Views" of this report.

(iii) Policies and procedures for the Board of Directors in determining the remuneration of senior
management and directors

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The information is included in Section II 1. "Director Remuneration" “Disclosure of Policy on
Determining Remuneration Amounts and the Calculation Methods Thereof” of this report.
(iv) Policies and procedures for the Board's selection and removal of senior management andnomination of candidates for directors and Audit & Supervisory Board members<Policy>(1) Candidates for senior management and directors
The Company's policy regarding the appointment of senior management and the nomination ofcandidates for the Board of Directors is that they have the performance, ability, experience, andknowledge appropriate to the responsibilities of their positions. It is our policy to propose thedismissal of senior management to the Board of Directors when it is recognized that there has beena wrongful act or a serious violation of laws and regulations or the Articles of Incorporation in theexecution of duties, or when it becomes clear that there is a lack of requirements for appointment.
In nominating candidates for outside directors, we place importance on candidates who havemanagement experience, expertise, or other knowledge and expertise that cannot be obtained frominternal directors alone, as well as an independent position that is free from any risk of conflict ofinterest between the Company and its general shareholders.
(2) Candidates for Audit & Supervisory Board member
It is our policy to nominate candidates for Audit & Supervisory Board member who can audit thebusiness execution of directors from a fair and objective standpoint and contribute to improving
the soundness and transparency of management.
<Procedures>
Senior management is appointed by the Board of Directors based on a proposal by the
Representative Director.
Candidates for directors are nominated based on proposals by the Representative Director,
deliberated by the Board of Directors, and put on the agenda for the General Meeting of Shareholders.
Audit & Supervisory Board members, with the consent of the Audit & Supervisory Board, submit
proposals to the General Meeting of Shareholders for approval by the Board of Directors.
(v) Explanation of individual elections, dismissals, and nominations by the board of directors of senior
management and nominations of candidates for directors and Audit & Supervisory Board members
The Company discloses the reasons for the election, dismissal, and nomination of candidates for
directors and Audit & Supervisory Board members in the notice of the Annual General Meeting of
Shareholders.
[Supplemental Principle 3-1(iii): Sustainability Initiatives]
At a meeting of the Board of Directors held on November 16, 2021, the Company resolved the "Basic
Sustainability Policy *" in order to contribute to the sustainable development of society and enhance corporate
value over the medium to long term. In addition, to strengthen and promote ESG management, the Board of
Directors approved the establishment of the Sustainability Committee at its meeting held on April 14, 2022. Ourvarious sustainability initiatives and disclosures based on TCFD recommendations are disclosed in our
Sustainability Report. (https://www.jes24.co.jp/en/sustainability/)*<Sustainability Basic Policy>
Based on our corporate philosophy of "Safety Above All," "Never Cutting Corners Because They Are Invisible,"and "Building on Trust," the Company has identified two materiality issues: (1) "Quality and Safety" and (2)"Occupational Safety and Employee Engagement" that we must give priority to by leveraging our strengths
through our business activities. We work to realize a sustainable society, aiming to be a company that is trusted
and needed by all stakeholders.
(i) Quality and safety
The Company considers "maintaining quality" and "providing security" as its major social responsibility, andaims to contribute to society by providing high quality and safe services that satisfy our customers.
(ii) Occupational safety and employee engagement
The Company believes that the most important foundation supporting our business is our human resources, andwe are committed to ensuring the safety of our employees and creating an environment in which each and every
employee can easily work and perform their duties with a sense of fulfillment, which will lead to the sustainable
development of our group.
[Supplemental Principle 4-1(i) Scope of Delegation to Management]
The Company's Board of Directors Regulation stipulates the matters to be deliberated by the Board of Directors.

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In addition, internal regulations define the scope of delegation to the management team and its authority.
[Principle 4-9: Criteria for Independence of Independent Outside Directors and Qualifications]
The Company considers an outside officer (outside director or outside Audit & Supervisory Board member) to
be independent if, in addition to the independence criteria set out by the Tokyo Stock Exchange, none of thefollowing criteria are met.
1.
A person who is a manager or employee of the Company or its affiliated companies (hereinafter referred
to as the "Company Group"),2.
A shareholder or an executive officer who directly or indirectly holds 10% or more of the total voting
rights of the Company,
3.
A person whose main business partner is our Group (a person who received payment from our Group of
2% or more of the person's annual gross income in the most recent fiscal year) or a person who executes
the business of such a person,
4.
Major business partner of the Company's group (a party paying 2% or more of the Company's annual
consolidated net sales as of the end of the most recent fiscal year) or a person who executes the businessof the Company's group,5.
A consultant, accounting expert, and legal expert who receive more than 10 million yen per year asadvisors to the Company's group, in addition to their remuneration as directors and Audit & Supervisory
Board members,
6.
A person who have been in the above 2-5 categories for the past 3 years,
7.
A close relative (spouse or relative up to the second degree of kinship) of a person falling under any of
the above categories 1 to 6, and8.
Any other party that is deemed likely to cause a conflict of interest with general shareholders[Supplementary Principle 4-10(i) Nomination and Remuneration Committee]
For information on the Nomination and Remuneration Committee's approach to independence, authority, role,etc., please refer to "Section II. Business Management Organization and Other Corporate Governance Systems
regarding Decision-making, Execution of Business, and Oversight in Management" "1. Organizational
Composition and Operation" "Directors" "Status of Voluntarily Established Committee(s), Attributes of Members
Constituting the Committee and the Committee Chair (Chairperson)" and "Supplementary Explanation" of thisreport.
[Supplementary Principle 4-11(i): The balance, diversity, and size of the board of directors' knowledge,
experience, and capabilities]
In order to ensure the knowledge, experience, balance, and diversity necessary for the Company's sustainablegrowth and enhancement of corporate value over the medium to long term, the Board of Directors selects outside
directors based on their broad knowledge and extensive experience, as well as their expertise in corporate
finance, accounting, and other areas. In addition, internal directors are selected based on their deep understandingof the business environment and the characteristics of the Company, as well as their experience, knowledge, andexpertise, in order to ensure that they can appropriately address the challenges they face. Furthermore, we haveestablished a skill matrix listing the knowledge, experience, and abilities of each director, etc., and disclose thisinformation on page 45 of the Reference Document for the Notice of the 30th Annual General Meeting of
Shareholders.
[Supplementary Principle 4-11 (ii) Concurrent Position of Directors and Audit & Supervisory Board
members]
We believe that the status of the Company's officers' concurrent positions at other companies is within areasonable range, given the time and effort required to serve on the Board of Directors or Audit & Supervisory
Board.
In addition, the important concurrent positions of directors and Audit & Supervisory Board members aredisclosed annually in the Convocation Notice of the Annual General Meeting of Shareholders and in the Annual
Securities Report.
[Supplementary Principle 4-11(iii): Analysis and assessment of the effectiveness of the board of directors]
The Company conducted a questionnaire survey of all directors and Audit & Supervisory Board members toevaluate the effectiveness of the Board of Directors as a whole, and reported the results of the evaluation
obtained from the responses to the survey to the Board of Directors. Based on the results of the questionnaire, we
believe that the Company's Board of Directors generally operates appropriately and that the effectiveness of theBoard of Directors as a whole is ensured.
[Supplementary Principle 4-14 (ii) Training of Directors and Audit & Supervisory Board member]
To enable directors and Audit & Supervisory Board members to obtain the knowledge and informationnecessary to fulfill their duties, the Company provides opportunities for them to attend outside seminars at the4

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Company's expense.
[Principle 5-1: Policy on constructive dialogue with shareholders](1) Dialogue policy and system for promoting dialogue(i) Designation of management or directors who are attentive to the overall dialogue with shareholders
Dialogue with shareholders and investors is overseen by the Representative Director. In principle,
the actual interview will be conducted by the representative director and IR staff, depending on the
purpose of the meeting.
(ii) Measures for organic coordination of internal departments, etc. assisting in the dialogue
In order to enhance the effectiveness of dialogue with shareholders and investors, the IR Officeplays a central role in coordinating information with the Company's divisions and subsidiaries.
(iii) Efforts to enhance means of dialogue
The Company holds briefings for individual investors, holds financial results briefings for
institutional investors and visits institutional investors, and provides financial results and othermaterials on its website.
(iv) Measures for effective feedback of shareholders' opinions and concerns
The knowledge and other information obtained through dialogue is fed back to the Board of
Directors, management and related departments as necessary to disseminate and share information.
(v) Policies for managing insider information in dialogues
We strive to disclose corporate information in a fair, equitable, and timely manner in accordancewith our separately established Disclosure Policy. We manage insider information by limiting thenumber of contact points for IR activities, refraining from dialogue during the quiet period, andcomplying with insider trading prevention and control rules.
Disclosure Policy: https://www.jes24.co.jp/en/ir/policy.html(2) Activities
The status of dialogue between management and shareholders in the year ended 31 March 2024 is as follows(i) IR meetings
The number of IR meetings held from April 1, 2023 to March 31, 2024 was 227.
(ii) Main persons involved in dialogue with shareholders
Representative Director, General Manager of Investor Relations Office (Managing Executive Officer)(iii) Outline of shareholders with whom dialogue was held
96 domestic investors, 131 overseas investors
We meet with fund managers, analysts, etc.
(iv) Main themes of dialogue
The main topics of dialogue were related to the management strategy, growth potential andprofitability of the Company, including information on the Company's financial results, the status ofinitiatives in the medium-term management plan and management strategy.
The opinions of shareholders identified in the dialogue are fed back to the management as necessary,so that necessary improvements can be made.
[Principle 5-2 Development and publication of management strategies and plans](1) Medium-term management plan
In May 2022, the Company announced its medium-term management plan, VISION 2027. The plan aims toachieve sustainable growth and increase corporate value by addressing social and global environmental issues
as well as business growth from a medium- to long-term perspective.
By the year ending 31 March 2027, we aim to achieve sales of 60 billion yen and an operating margin(before goodwill amortization) of 20%. In addition, the company's shareholder return policy is to maintain adividend payout ratio of at least 40%.
(2) Actions to realize cost of capital and share price-conscious management (disclosure in English is alsoavailable)
As a prime listed company, the Company manages its business with an awareness of its share price.
The share price is the value of the company as assessed by the market, and we believe that improving capitalefficiency and dialogue with shareholders are important for increasing corporate value. We consider ROE(return on equity) as a measure of capital efficiency.
Our ROE for the year ended 31 March 2024 was 30.1%, which is above the cost of shareholders' equity. We
regularly analyze the current situation and, where issues are identified, set policies and targets for
improvement, which are reported to the Board of Directors.

2. Capital Structure
Foreign Shareholding Ratio

30% or more

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CORPORATE GOVERNANCE[Status of Major Shareholders]Name or Company Name

Number of Shares Owned

Percentage (%)

KI Corporation

20,439,200

22.95

SSBTC CLIENT OMNIBUS ACCOUNT(Standing proxy agent: The Hongkong and Shanghai
Banking Corporation Limited, Tokyo Branch,
Custody Business Department)

12,930,890

14.51

The Master Trust Bank of Japan, Ltd. (Trust account)

10,300,500

11.56

Japan Custody Bank, Ltd.(Trust account)

4,976,600

5.58

2,966,100

3.33

1,484,308

1.66

1,378,928

1.54

1,313,500

1.47

1,206,500

1.35

1,138,621

1.27

CEPLUX THREADNEEDLE（LUX)(Standing proxy agent: Citibank N.A. Tokyo Branch)
THE BANK OF NEW YORK MELLON 140044(Standing proxy agent: Mizuho Bank Settlement &Clearing Services Department)
BNYM AS AGT/CLTS NON TREATY JASDEC(Standing proxy agent: MUFG Bank, Ltd.)
J.P. MORGAN BANK LUXEMBOURG S.A. 384513(Standing proxy agent: Mizuho Bank Settlement &Clearing Services Department)
BNYMSANV RE MIL RE FSI ICVC-ST IV ASIA
PAC AND JN SU FD(Standing proxy agent: MUFG Bank, Ltd.)NORTHERN TRUST CO.(AVFC) RE U.S. TAXEXEMPTED PENSION FUNDS SEC LENDING(Standing proxy agent: The Hongkong and Shanghai
Banking Corporation Limited, Tokyo Branch,
Custody Business Department)
Name of Controlling Shareholder, if applicable(excluding Parent Company)

Not applicable

Name of Parent Company, if applicableNot applicable

Supplementary Explanation
The above [Status of Major Shareholders] is based on the register of shareholders as at 31 March 2024.

3. Corporate Attributes
Listed Stock Exchange and Market Segment
Fiscal Year-End
Business Sector
Number of Employees (Consolidated) as of the Endof the Previous Fiscal YearNet Sales (Consolidated) as of the End of thePrevious Fiscal Year
Number of Consolidated Subsidiaries as of the Endof the Previous Fiscal Year

Prime Market
MarchServices
1,000 or more
¥10 billion or more and less than ¥100 billion
10 or more and fewer than 50

4. Policy on Measures to Protect Minority Shareholders in Conducting Transactions with
Controlling Shareholder
Not applicable

5. Other Special Circumstances which May have Material Impact on Corporate GovernanceNot applicable

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II. Business Management Organization and Other Corporate Governance Systems
regarding Decision-making, Execution of Business, and Oversight inManagement
1. Organizational Composition and Operation
Corporate Governance System

Company with Audit & Supervisory Board**Referred to in the Corporate Governance Code reference translation as "Company with Kansayaku Board"[Directors]
Number of Directors Stipulated in Articles ofIncorporation
Directors' Term of Office Stipulated in Articles ofIncorporation
Chairperson of the Board
Number of Directors
Election of Outside Directors
Number of Outside Directors
Number of Independent Directors

141
Chairman
5
Elected3
3

Outside Directors’ Relationship with the Company (1)Name

Relationship with the Company*b c d e f g h i j

AttributesakHitoshi Watanabe
CPA
Noriko Endo
From another company
Mika Yano
From another company*Categories for “Relationship with the Company”(Use “○” when the director presently falls or has recently fallen under the category; “△” when the director fell
under the category in the past; “●” when a close relative of the director presently falls or has recently fallen under the
category; and “▲” when a close relative of the director fell under the category in the past.)a. A Person who executes business of the Company or a subsidiaryb. A person who executes business or a non-executive director of a parent company
c. A person who executes business of a sister company
d. A person or an entity for which the Company is a major client or a person who executes business for such
person/entity
e. Major client of the Company or a person who executes business for such clientf. Consultant, accounting expert, or legal expert who receives large amounts of cash or other assets in addition
to director or Audit & Supervisory Board member remuneration from the Company
g. Major shareholder of the Company (in cases where the shareholder is a corporation, a person who executes
business of the corporation)h. A Person who executes business for a client of the Company (excluding persons categorized as any of “d”,
“e”, or “f” above) (applies to self only)
i. A Person who executes business for another company holding cross-directorships/cross-auditorships with theCompany (applies to self only)
j. A Person who executes business for an entity receiving contributions from the Company (applies to self only)
k. OtherOutside Directors’ Relationship with the Company (2)Name
Hitoshi Watanabe

Designation as
Independent
Director
Independent

Supplementary
Explanation of the
Applicable Relationship-

8

Reasons for Appointment
He has a high level of expertise and a wealthof experience as a certified public accountant
who has been involved in audits of many
companies at auditing firms, etc. He is
appointed as an outside director to utilize his
expertise in strengthening the corporate

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Noriko Endo

Independent-

Mika Yano

Independent-

governance of the Company. He is
independent of the Company and its
management, and is designated as anindependent director based on the judgmentthat there is no risk of a conflict of interest
between him and general shareholders.
She is appointed as an outside director inorder to utilize the knowledge she has gained
through her research on public policy and hercoverage activities as an editor of an
economic newspaper, as well as her
experience as an outside director at otherlisted companies, to strengthen our corporate
governance. She is independent of theCompany and its management, and isdesignated as an independent director basedon the judgment that there is no risk of aconflict of interest between her and generalshareholders.
She has extensive experience, achievements,
and insight in corporate legal affairs as alawyer in the State of New York, U.S.A., aswell as experience as a corporate manager.
She is appointed as an outside director toutilize her experience in strengthening thecorporate governance of the Company, andhas appropriate attributes as an independent
director. In addition, she is independent of
the Company and its management, and isdesignated as an independent director basedon the judgment that there is no risk of aconflict of interest between him and generalshareholders.

Voluntary Committees
Voluntary Establishment of Committee(s) equivalent
to Nomination Committee or Remuneration
Committee

Established

Status of Voluntarily Established Committee(s), Attributes of Members Constituting the Committee and theCommittee Chair (Chairperson)
Voluntarily Established Committee Equivalent to Nomination Committee
Committee’s Name
Nomination and Remuneration Committee
All Members
Full-time
InsideOutsideOutside
Other
Chairperson
Members
Directors
Directors
Experts
30
1
2
00 Outside
Director
Voluntarily Established Committee Equivalent to Remuneration Committee
Committee’s Name
Nomination and Remuneration Committee
All Members
Full-time
InsideOutsideOutside
Other
Chairperson
Members
Directors
Directors
Experts
30
1
2
00 Outside
Director

Supplementary Explanation
In order to strengthen the independence, objectivity and accountability of the Board of Directors' functions inrelation to the nomination and remuneration of senior management and directors, the Board of Directors
established a Nomination and Remuneration Committee as an advisory body to the Board of Directors. The

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Committee consists of three members, the Representative Director and two outside directors, and is chaired by anoutside director. The independence of the Committee is ensured by having a majority of its members be
independent outside directors. The Committee deliberates on matters related to the election and dismissal of
directors, as well as policies and procedures necessary to determine directors' remuneration and other matters,
and provides advice and recommendations to the Board of Directors.

[Audit & Supervisory Board Member*]*Referred to in Corporate Governance Code reference translation as "kansayaku"
Establishment of Audit & Supervisory Board
Number of Audit & Supervisory Board Members
Stipulated in Articles of Incorporation
Number of Audit & Supervisory Board Members

Established5
3

Cooperation among Audit & Supervisory Board Members, Accounting Auditors and Internal Audit
Departments
In order to carry out efficient and effective internal audits, the general manager of the Internal Audit Officeexchanges information with the Audit & Supervisory Board and the audit firm from time to time, while at thesame time making every effort to actively create opportunities for information sharing with the various business
units.
Appointment of Outside Audit & Supervisory Board
members
Number of Outside Audit & Supervisory Board
members
Number of Independent Audit & Supervisory Board
members

Appointed
22Outside Audit & Supervisory Board Members’ Relationship with the Company (1)Name

Relationship with the Company*c d e f g h ij k△Attributesa bl mNobuyasu Ogata
From another company
Midori Mizutani
From another company*Categories for “Relationship with the Company”(Use “○” when the director presently falls or has recently fallen under the category; “△” when the director fell
under the category in the past; “●” when a close relative of the director presently falls or has recently fallen
under the category; and “▲” when a close relative of the director fell under the category in the past.)a.
A person who executes business of the Company or its subsidiaryb.
A non-executive director or accounting advisor of the Company or its subsidiariesc.
An executive or non-executive director of a parent company of the Companyd.
An Audit & Supervisory Board member of a parent company of the Companye.
A person who executes business of a sister companyf.
A person or an entity for which the Company is a major client or a person who executes business for such
person/entityg.
Major client of the Company or a person who executes business for such clienth.
A consultant, an accounting expert, or a legal expert who receives large amounts of cash or other assets inaddition to director/Audit & Supervisory Board Member remuneration from the Companyi.
Major shareholder of the Company (in cases where the shareholder is a corporation, a person who executes
business of the corporation)j.
A person who executes business for a client of the Company (excluding persons categorized as any of “f”, “g”,
or “h” above) (applies to self only)k.
A person who executes business for another company holding cross-directorships/cross-auditorships with theCompany (applies to self only)l.
A person who executes business for an entity receiving contributions from the Company (applies to self only)
m. Other

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Outside Audit & Supervisory Board Members’ Relationship with the Company (2)Name
Nobuyasu
Ogata

MidoriMizutani

Designationas
Independent
Director
Independent

Independent

Supplementary Explanation of the
Applicable Relationship
Although there are transactions
between the Company and Ogata Law
Office, to which Nobuyasu Ogata, an
outside Audit & Supervisory Board
member designated as an independent
director, belongs, the amounts are notmaterial, and the Company believes
that he meets the criteria for an
independent director.
-

Reasons for Appointment
He has opened a law firm and has
many years of extensive knowledge inall aspects of law as an attorney-at-law.
We believe that he will be able to use
his expertise and knowledge to play arole in ensuring the adequacy andappropriateness of the Company's
management in the future.
She has sufficient knowledge offinance and accounting through her
expertise and extensive experience as acertified public accountant. We believethat he will be able to use his expertiseand knowledge to play a role inensuringtheadequacy
andappropriateness of the Company's
management in the future.

[Matters Concerning Independent Directors and Independent Audit & Supervisory Board
Members]
Number of Independent Directors and Independent
Audit & Supervisory Board Members

5

Other Matters Concerning Independent Directors and Independent Audit & Supervisory Board Members
The Company designates all outside directors who meet the qualifications of independent directors as
independent directors.

[Incentives]
Implementation Status of Measures related toIncentives Granted to Directors

Other

Supplementary Explanation for Applicable Items
The Company has introduced a restricted share remuneration scheme to provide Directors (excluding outside
Directors) The Company has introduced a restricted share remuneration scheme for the purpose of providing
incentives to directors (excluding outside directors) to continuously increase the Company's corporate value andto promote further value sharing with shareholders.
Persons Eligible for Stock Options

Other

Supplementary Explanation for Applicable Items
Stock options have been granted with the aim of motivating and motivating him in obtaining long-term support
from external collaborators.

[Director Remuneration]
Status of Disclosure of Individual Directors’
Remuneration

No disclosure for any directors

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Supplementary Explanation for Applicable Items
The total amount of remuneration is disclosed in the Business Report and Annual Report.
Directors: 154 million yen to 8 directors (including 20 million yen to 3 outside directors)
Audit & Supervisory Board members: 21 million yen to 3 members: (including 9 million yen to 2 outside
members)
The total amount of remuneration, etc. of directors includes the amounts recorded as expenses related torestricted stock compensation in the current fiscal year.
*The total amount of remuneration and the number of Audit & Supervisory Board members include three
directors who retired at the conclusion of the 29th Annual General Meeting of Shareholders held on 23 June
2023.
Policy on Determining Remuneration Amounts andthe Calculation Methods Thereof

Established

Disclosure of Policy on Determining Remuneration Amounts and the Calculation Methods Thereof
The Company's Board of Directors has adopted a decision-making policy regarding the content of remunerationfor each individual director.
The Board of Directors has also confirmed that the method and content of remuneration determined for eachindividual director for the fiscal year under review are consistent with such determination policy.
The details of the policy for determining the content of remuneration, for each individual director are as follows:
1. Basic Policy
The Company's basic policy is to set the remuneration of individual directors at an appropriate level based on
their respective responsibilities when determining their remuneration. Specifically, the remuneration for
executive directors shall consist of base remuneration as fixed remuneration and stock-based remuneration, while
outside directors, who are responsible for supervisory functions, shall be paid only base remuneration in light of
their duties.
2. Policy regarding the determination of the amount of remuneration, etc. for each individual for basic
remuneration (monetary remuneration) (including policy regarding the determination of the timing or
conditions of granting remuneration, etc.)
The basic remuneration of the Company's directors shall be a monthly fixed remuneration, which shall be
determined in accordance with their position, responsibilities, and years in office, comprehensively taking into
consideration the level of other companies, the Company's performance, and the level of employee salaries.
3. Policy regarding the determination of the details of non-monetary remuneration and the method of
calculation of the amount or number of non-monetary remuneration (including policy regarding thedetermination of the timing or conditions of granting remuneration, etc.)
Non-monetary remuneration shall be in the form of restricted stock with a restriction period of up to 35 years,
and shall be granted at a time determined by a resolution of the Board of Directors to the executive directors
determined by the same resolution. The grantee, the number of shares to be granted, and the timing of the grantshall be determined by comprehensively taking into consideration the position, responsibilities, the level of othercompanies, and the Company's business performance.
4. Policy regarding the determination of the amount of monetary and non-monetary remuneration as apercentage of the amount of remuneration, etc., paid to each individual director
The ratio of remuneration for each type of executive director shall be determined based on monthly fixed
remuneration, while taking into consideration his/her position, responsibilities, the level of other companies, andthe Company's business performance, as well as taking into account the Company's overall performance.
5. Matters concerning the determination of the details of remuneration, etc. of individual directors
The Chairman of the Board of Directors shall be authorized to delegate the specific details of the amount of
remuneration for each individual director based on a resolution of the Board of Directors, and the details of suchdelegation shall be the amount of base remuneration for each director. In order to ensure that such authority isproperly exercised by the Chairman of the Board of Directors, the Chairman of the Board of Directors shalldiscuss with the directors and consult with the Nominating and Compensation Committee. The Chairman of theBoard of Directors shall determine the amount of remuneration for each director, respecting the content of theconsultation with such director, etc. and the report from the Nomination and Compensation Committee. The
number of shares of restricted stock (stock-based remuneration) to be allocated (granted) to each individual shallbe determined by a resolution of the Board of Directors.

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CORPORATE GOVERNANCE[Support System for Outside Directors and/or Outside Audit & Supervisory Board Members]
The Company's Corporate Planning Department is in charge of the secretariat of the Board of Directors
meetings and provides support services such as information dissemination to outside directors and outside Audit& Supervisory Board members, prior distribution of Board of Directors meeting materials, and other operational
assistance and paperwork as required.

2. Matters Concerning Functions of Business Execution, Auditing and Supervision,
Nomination, and Remuneration Decisions (Overview of Current Corporate Governance
System)(Directors and Board of Directors)
As of the date of submission of the Annual Securities Report, the Company's Board of Directors consists of five
directors (including three outside directors). In addition to regular monthly meetings, extraordinary meetings ofthe Board of Directors are held whenever important matters arise.
In the 30th fiscal year (from 1 April 2023 to 31 March 2024), a total of 17 Board of Directors meetings were
held, with an average attendance rate of 100.0%.
(Audit & Supervisory Board and Board members)
The Audit & Supervisory Board meets once a month in principle, and when necessary, the Audit & Supervisory
Board members hold discussions and exchange opinions with each other in order to ascertain the status ofcompliance by directors with laws, regulations, the Articles of Incorporation and other rules, and to ensure that
operational and accounting audits are conducted effectively. The Audit & Supervisory Board is chaired by Kei
Tachibana, an inside Audit & Supervisory Board member, and other members are Nobuyasu Ogata and Midori
Mizutani, both outside Audit & Supervisory Board members.
Audit & Supervisory Board members attend meetings of the Board of Directors and other important meetings,
inspect important documents, ask questions of officers and employees, and perform other audit procedures toensure proper monitoring of management. The Company also strives to conduct appropriate audits in cooperation
with the Internal Audit Office and the accounting auditor.
(Nomination and Remuneration Committee)
In order to strengthen the independence, objectivity, and accountability of the Board of Directors' functions
related to the nomination and remuneration of senior management and directors, the Company's Board of
Directors established a Nomination and Remuneration Committee as an advisory body to the Board of Directors.
For information on the Nomination and Remuneration Committee's approach to independence, authority, role,etc., please refer to "Section II. Business Management Organization and Other Corporate Governance Systems
regarding Decision-making, Execution of Business, and Oversight in Management" "1. Organizational
Composition and Operation" "Directors" "Status of Voluntarily Established Committee(s), Attributes of Members
Constituting the Committee and the Committee Chair (Chairperson)" and "Supplementary Explanation" of thisreport.
(Sustainability Committee)
The Company has established a Sustainability Committee directly under the Board of Directors with the aim ofpromoting sustainability initiatives linked to the management plan by resolving sustainability issues andidentifying risks and opportunities, in order to achieve sustainable growth and increase corporate value over the
medium to long term. The committee consists of the director in charge of sustainability and members deemed
appropriate based on their duties. The committee identifies environmental, social, governance and othersustainability issues, and manages and supervises various measures.
(Group Management Meeting)
The Company has established a Group Management Meeting for the purpose of thorough implementation ofmanagement policies as a group and discussion or sharing of management information and issues. The meeting iscomposed of the director in charge, the general manager, the general manager of the Internal Audit Department,
and the representative directors of subsidiaries, and is held once a month in principle, and whenever necessary.
(Internal Audit Office)
The Company has established an Internal Audit Office under the direct control of the Representative Director.
The Internal Audit Office, consisting of one person, audits all divisions of the Company and all subsidiaries forrationality, efficiency, appropriateness, and appropriateness of business execution in accordance with the annualinternal audit plan. Audit results are reported to the Representative Director, who gives instructions for
improvement to the person in charge of the audited department, and the status of improvement is monitored

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CORPORATE GOVERNANCE

through follow-up audits, etc.
(Compliance Committee)
The Company has established a Compliance Committee as a body to ensure that compliance is observed by theGroup. The Committee is composed of the director in charge, the general manager, the general manager of theInternal Audit Office, a full-time Audit & Supervisory Board member, and a representative director of a
subsidiary, and meets as necessary.
(Details of limited liability contracts)
Pursuant to Article 427, paragraph 1, of the Companies Act, the Company and each of the outside directors andAudit & Supervisory Board members have entered into an agreement limiting their liability for damages under
Article 423, paragraph 1, of the same Act. The maximum amount of liability for damages under such an
agreement is the minimum liability limit stipulated in Article 425(1) of the Companies Act. Such limitation of
liability is limited to cases where the outside directors and Audit & Supervisory Board members perform theirduties in good faith and without gross negligence.

3. Reasons for Adoption of Current Corporate Governance System
The Company has adopted a company-with-a-board-of-directors and a company-with-Audit & Supervisory
Board system, which has a dual checking function of supervision by the Board of Directors and auditing by the
Audit & Supervisory Board. In addition, the management monitoring function is strengthened by having outside
directors and outside Audit & Supervisory Board members attend board meetings and speak from a highly
independent standpoint. We also believe that the current system, in which Audit & Supervisory Board members,
the internal audit, and auditing firm work together as appropriate to monitor business execution, and in whichinternal and external management oversight functions are fully exercised, is optimal for ensuring theeffectiveness of corporate governance.

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CORPORATE GOVERNANCE

III. Implementation of Measures for Shareholders and Other Stakeholders
1. Measures to Vitalize the General Shareholder Meetings and Facilitate Exercise of Voting
Rights
Early Posting of Notice of the General
Shareholders Meeting

Scheduling of the General Shareholders
Meeting During Non-Peak Days
Electronic Exercise of Voting Rights
Participation in a Platform for theElectronic Exercise of Voting Rights andOther
Initiatives
toEnhance
Environment for Institutional Investors to
Exercise Voting Rights
Provision of Notice (or Summary of
Notice) of the General Shareholders
Meeting in English

Supplementary Explanation
The Company began posting the information contained in the
Reference Documents for the General Meeting of Shareholders, etc.
(Measures to Be Provided Electronically) on the Company's website
and the website of the Tokyo Stock Exchange one business day prior
to the statutory deadline. In addition, the notice of convocation of
the general meeting of shareholders is sent out one business day
prior to the statutory date.
The Company aims to hold its meetings on non-intensive days, buttakes into account the administrative schedule and the availability ofvenues for booking.
Voting rights can be exercised via the internet, smartphones, etc.
Voting rights can be exercised via the electronic voting platform for
institutional investors operated by ICJ Inc.

An English translation of the electronic provision of measures isavailable on the Company's website and on the website of the Tokyo
Stock Exchange.

2. Status of IR-related Activities

Supplementary Explanation
Formulation
andDisclosure Policies

PublicationofRegular Investor Briefings held for
Analysts and Institutional Investors

Regular Investor Briefings held forOverseas Investors

Online Disclosure of IR Information
Establishment of Department and/or
Placement of a Manager in Charge of IR

An information disclosure policy has been
prepared and published on the Company's
website.
As a general rule, the Company holds results
briefings twice a year, once in the second
quarter and once in the financial year.
Briefing documents are available on the
Company's website.
In addition to quarterly announcements offinancial results and explanations on our
website, we hold conference calls withoverseas institutional investors as necessary.
We also participate in conferences foroverseas institutional investors organized by
securities firms, where our management holds
briefings and interviews.
IR information is available on the Company's
website.
The IR Office is the department in charge ofinvestor relations.

Explanation by arepresentative
director or arepresentative
executive officer

Held

Held

3. Status of Measures to Ensure Due Respect for Stakeholders
ImplementationofEnvironmental
Preservation Activities and CSR
Activities, etc.

Supplementary Explanation
The Company is promoting environmental initiatives and tree
planting in cooperation with local communities at JIC and JIL
located in Wako City, Saitama Prefecture and JIK in Takarazuka
City, Hyogo Prefecture. We are working to promote environmentally15

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CORPORATE GOVERNANCE

Formulation of Policies, etc. on Provisionof Information to Stakeholders

friendly operations by increasing the efficiency of solar power
generation and air conditioning. We will continue to promote
environmental initiatives through co-existence and cooperation withlocal communities.
By being aware of its fundamental responsibility to society andensuring compliance, the Company aims to actively contribute toincreasing corporate value, which is valued by all stakeholders, as acompany that earns the trust of society, and to improve corporate
quality by ensuring fairness, transparency and efficiency in theexecution of company operations.

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CORPORATE GOVERNANCE

IV. Matters Concerning the Internal Control System
1. Basic Views on Internal Control System and Status of Development
The Board of Directors of the Company resolved at its meeting on 15 October 2015 to adopt a basic policy forthe establishment of an internal control system in accordance with the implementation of the Companies Act.
Based on that basic policy, the Company has established an internal control system structure. In addition, thesystem has been reviewed in line with changes in the business environment and other factors.
(1) Systems to ensure that the execution of duties by directors and employees complies with laws and regulations
and the Articles of Incorporation
1) Directors and employees shall act in accordance with the "Code of Conduct" and "Compliance Rules", andin compliance with laws, the "Articles of Incorporation," and social norms.
2) The "Compliance Committee" shall be established to oversee compliance-related efforts and to provide
compliance education to directors and employees of the Company and its subsidiaries.
3) The "Internal Audit Office," which is independent of the executive divisions as the internal audit division,
shall audit the status of compliance.
4) In the event that directors and employees discover material violations of laws and regulations or otherimportant facts concerning compliance at the Company, they shall immediately report such violations to the
Information Management Officer, and shall supplement such violations with a system "Hotline Rules" toeliminate omissions in the discovery of such violations and other important facts. The whistleblower service,
which is available via dedicated e-mail, website, and written mail, is outsourced to Fair Links Consulting, Inc.
5) When an Audit & Supervisory Board member finds a problem in the operation of the Company's legal
compliance system and internal reporting rules (hotline rules), he/she may express his/her opinion and request
the Company to formulate remedial measures.
(2) System for the storage and management of information related to the execution of duties by directors
Information related to the execution of duties by the Company's Directors shall be stored and managed
appropriately and reliably in a highly retrievable state according to the storage medium, in accordance withlaws and regulations, the Document Management Regulations, and the Regulations for the Protection of
Personal Information and Specified Personal Information. The Company's Directors and Audit & Supervisory
Board members shall have access to these documents at all times.
(3) Rules and other systems for managing risk of loss
1) The heads of the Company, its subsidiaries, headquarters, branches, branch offices, departments, offices,
divisions, sales offices, etc. of the Company shall perform their duties within the scope of authority granted tothem in accordance with the Rules on Division of Duties and Administrative Authority, etc. When performing
duties that exceed the authority granted, they shall apply for and obtain approval from a higher authority inaccordance with the Rules on Administrative Authority, and shall manage the risk of losses associated with theperformance of the duties for which approval is granted.
2) The representative directors, general managers, and branch managers of the Company and its subsidiaries
shall assume various business risks that may occur in the relevant headquarters, offices, and branch offices,and shall strive to avoid such risks in advance, and in the event of the occurrence of a fact that could be a risk,
shall respond promptly and appropriately to prevent and minimize the spread of damage.
3) In the event of unforeseen circumstances or the need to respond to newly arising risks, the Company and its
subsidiaries shall report the matter to the Board of Directors, which shall determine a responsible person andtake prompt action.
(4) Systems to ensure the efficient execution of duties by directors
1) The Board of Directors of the Company and its subsidiaries shall make decisions on management execution
policies, matters required by law and other important management matters, and supervise the execution ofbusiness by the directors of the Company and its subsidiaries.
2) As a system to ensure that the directors of the Company and its subsidiaries execute their duties efficiently,
meetings of the Board of Directors of the Company and its subsidiaries shall be held once a month inprinciple, and extraordinary meetings shall be held as necessary.
3) The Board of Directors of the Company and its subsidiaries shall formulate and review management targets
and budgets, the directors of the Company and its subsidiaries shall perform their duties to achieve them, andthe Board of Directors shall manage their performance.
(5) Systems to ensure proper business operations of the corporate group consisting of the Company and its
subsidiaries
1) The Company and its subsidiaries shall endeavor to ensure proper business operations of the Company and17

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its subsidiaries by making the management policies common to the Company and its subsidiaries known to theCompany and its subsidiaries as a whole.
2) Regular meetings attended by the directors of the Company and the representative directors of theCompany's subsidiaries shall be held to share information among the Company and its subsidiaries.
3) In order to ensure proper business operations at the Company and its subsidiaries, the Company and its
subsidiaries shall establish matters to be managed by each company in accordance with the Affiliate Company
Management Regulations applicable to the Company and all of its subsidiaries.
4) The Internal Audit Office of the Company shall conduct or supervise internal audits of the Company and its
subsidiaries to ensure the effectiveness and adequacy of internal control over the overall operations of theCompany and its subsidiaries.
5) A system shall be established for the immediate reporting of the discovery of violations of laws andregulations and other important compliance-related matters within the Company and its subsidiaries.
(6) Matters concerning employees assigned to assist Audit & Supervisory Board members' duties when Audit &Supervisory Board members request the assignment of such employees, matters concerning the independence ofsuch employees from Directors, and matters concerning ensuring the effectiveness of Audit & Supervisory Board
members' instructions to such employees
The Company shall assign employees to assist the duties of the Audit & Supervisory Board members whenrequired by the members. The Audit & Supervisory Board members shall have the authority to direct andorder the employees, and their appointment, transfer, evaluation, and disciplinary actions shall be made after
hearing the opinions of the Audit & Supervisory Board and exchanging views with the directors, thereby
ensuring the independence of such employees from the directors. The Company shall ensure the independenceof such employees from directors.
(7) System for reporting to the Company's Audit & Supervisory Board member by directors and employees, aswell as directors, Audit & Supervisory Board member, employees and employees who execute business of
subsidiaries, or those who receive reports from them
Audit & Supervisory Board members attend meetings of the Board of Directors and other important
decision-making meetings, and receive reports on important matters from directors, employees, and others. In
addition, the Audit & Supervisory Board members receive reports from directors, employees, etc. on the statusof management of subsidiaries, etc. Notwithstanding the foregoing, the Audit & Supervisory Board members
may, at any time and as necessary, request reports from the directors, employees, etc. of the Company and its
subsidiaries.
(8) Systems to ensure that a person who makes a report under the preceding item will not be subjected to any
disadvantageous treatment on the basis of such report
The Company shall prohibit any disadvantageous treatment of any person who makes a report to the Audit &Supervisory Board members by reason of such report, and shall ensure that the directors and employees of theCompany and its subsidiaries are informed of such prohibition.
(9) Matters concerning the policy for the treatment of expenses or debts arising from the execution of duties by
Audit & Supervisory Board members
When an Audit & Supervisory Board member makes a request for advance payment of expenses, etc. to theCompany for the performance of his/her duties, the Company shall promptly comply with such request, except
in cases where the expenses or obligations in connection with such request are not deemed necessary for the
performance of the Audit & Supervisory Board members' duties.
(10) Other systems to ensure that Audit & Supervisory Board member audits are conducted effectively
1) In accordance with the Audit & Supervisory Board Member Auditing Standards, the Audit & Supervisory
Board member may attend meetings of the Board of Directors and other important meetings, inspect important
corporate information, and request explanations from directors, employees, and others as necessary.
2) In order to conduct efficient audits, the Audit & Supervisory Board member shall hold periodic discussions
or exchanges of opinions with the accounting auditors, etc., to complement each other's audits.
3) The Audit & Supervisory Board members shall meet regularly with the Representative Director to confirm
business execution policies and exchange opinions on issues to be addressed by the Company, risks
surrounding the Company, the state of the audit environment, and important audit-related issues.
4) Ensure management transparency by having at least half of the Company's Audit & Supervisory Board
members be outside Audit & Supervisory Board members.
(11) System to ensure the reliability of financial reporting1) In order to ensure proper accounting treatment and improve the reliability of financial reporting, theCompany shall develop and improve the effectiveness of its internal control system for financial reporting.
2) The Company, its subsidiaries and their internal audit offices shall evaluate the effectiveness of internal

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CORPORATE GOVERNANCE

control over financial reporting each fiscal year. The department receiving the effectiveness evaluation shalltake measures to correct and improve the situation when necessary.

2. Basic Views on Measures for Eliminating Anti-Social Forces and Status of Development
The Company and its subsidiaries shall not have any relationship, including business relationships, with
antisocial forces that pose a threat to social order and sound corporate activities. In addition, the entire
organization shall take a firm stand against unjustified demands from antisocial forces.

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V. Other
1. Adoption of Anti-Takeover Measures
Adoption of Anti-Takeover Measures

Not Adopted

Supplementary Explanation for Applicable Items
Not applicable

2. Other Matters Concerning the Corporate Governance System[Summary of Timely Disclosure System]
The Company recognizes that important corporate information is the basis for the fairness and soundness of themarket and for investors' trust in the market. To provide information fairly, equally, accurately and promptly, theCorporate Planning Department and the IR Office handle the information disclosure with the Information
Management Officer as the supervisor, and timely and appropriate disclosure is made in accordance with theTimely Disclosure Manual.
(i) Information on the facts of the decision
The Corporate Planning Department or the Investor Relations Office compiles the matters to be discussed at theBoard of Directors meetings and decisions made by subsidiaries, report them to the Information Management
Officer, who examines whether there are material facts subject to timely disclosure and whether such disclosure
is necessary. In the event that disclosure of information is required, such information will be disclosed
immediately after approval by the Board of Directors in accordance with the Rules and Regulations of the Boardof Directors.
(ii) Information on the fact of occurrence
In principle, information regarding the occurrence of an event is gathered by the Information Management
Officer, and the Board of Directors makes a decision on disclosure and deliberates and approves the draft
disclosure documents. However, in urgent cases, the Representative Director makes the decision on disclosure,and a subsequent Board of Directors meeting adopts a new resolution.
(iii) Information on financial results
Financial information is compiled by the Accounting Department as financial information and disclosed
immediately after approval by the Board of Directors.

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END

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