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

Securities Code: 8999
Start date of measures for electronic provision: June 5, 2024
Date of sending by postal mail: June 7, 2024
To our shareholders:President
Yasushi Sayama
Grandy House Corporation
4-3-18 Odori, Utsunomiya-shi, Tochigi

Notice of the 33rd Annual General Meeting of Shareholders
We are pleased to announce the 33rd Annual General Meeting of Shareholders of Grandy House Corporation (the“Company”), which will be held as indicated below.
In convening this General Meeting of Shareholders, the Company takes measures for providing information that
constitutes the content of Reference Documents for the General Meeting of Shareholders, etc. (matters for whichmeasures for providing information in electronic format are to be taken) in electronic format, and posts thisinformation on each of the following websites. Please access any of these websites using the internet address shown
below to review the information.
The Company’s website
https://www.grandy.co.jp (in Japanese)(Please access the above website, select “Investors Relations (English)” from the menu, then “IR Library,” and review the information.)

Website for posting materials for the General Meeting of Shareholders
https://d.sokai.jp/8999/teiji/ (in Japanese)
Tokyo Stock Exchange website (Listed Company Search):https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)(Please access the above TSE website, enter “Grandy House” in “Issue name (company name)” or the Company’s securities code “8999”
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].”)Furthermore, if you are unable to attend the General Meeting of Shareholders in person, please review theReference Documents for the General Meeting of Shareholders and exercise your voting rights in writing orby electromagnetic means (the Internet, etc.), in accordance with the instructions (in Japanese only) on pages
3 and 4 by 5:30 p.m. on Wednesday, June 26, 2024.
Thursday, June 27, 2024, at 11:00 a.m. (JST) (Reception starts at 10:00 a.m.)Hotel New Itaya, 3rd floor, Tenpyo-no-Ma
2-4-6 Odori, Utsunomiya-shi, Tochigi
To prevent infection, we are considering seating layouts with space between seats, and we ask
for your understanding that we may have to move you to another venue in the same hotel if theabove-mentioned venue is full.
3. Purpose of the Meeting
Matters to be reported:
1. Reports on the Business Report and Consolidated Financial Statements for the 33rd Fiscal Year (from April
1, 2023 to March 31, 2024) and the Audits Results of the Consolidated Financial Statements by the Financial
Auditor and the Audit and Supervisory Committee
1. Date and Time
2. Venue-1-2. Reports on the Non-consolidated Financial Statements for the 33rd Fiscal Year (from April 1, 2023 to March
31, 2024)
Matters to be resolved:
Proposal No. 1
Election of Four Directors (Excluding Directors Who Are Audit and Supervisory
Committee Members)
Proposal No. 2
Payment of Retirement Bonus and Special Merit Bonus to Retiring Director (Excluding
Directors Who Are Audit and Supervisory Committee Members)
Proposal No. 3
Final Payment in Conjunction with the Abolition of the Retirement Bonus System for
Directors (Excluding Directors Who Are Audit and Supervisory Committee Members)
and Directors Who Are Audit and Supervisory Committee Members
Proposal No. 4
Determination of Remuneration for Granting Restricted Stocks to Directors (Excluding
Directors Who Are Audit and Supervisory Committee Members and Outside Directors)
4. Matters Determined in Relation to the Convocation (Instructions Concerning the Exercise of Voting Rights)(1) When voting rights have been exercised in writing (by mail), if there is no indication of a vote for or against
a proposal on the voting form, it shall be treated as an indication of a vote for the proposal.
(2) If voting rights have been exercised multiple times via the Internet, the final exercise of voting rights shallbe treated as valid.
(3) If voting rights have been exercised in duplicate via the Internet and in writing (by mail), the exercise of
voting rights via the Internet shall be treated as valid, regardless of the time and date of arrival.
(4) If exercising voting rights by proxy, one other shareholder with voting rights may attend the General
Meeting of Shareholders as a proxy. Please note, however, that it is necessary to submit a document proving
the authority of the proxy.
・ If you plan to attend the meeting in person, please submit the voting form to the receptionist at the meeting.
・ The Company shall send paper-based documents containing the matters for which measures for providing information in electronic
format shall be taken to shareholders who have requested the delivery of paper-based documents, however the following mattersshall be excluded from these paper-based documents, pursuant to the provisions of laws and regulations and Article 15 of the Articles
of Incorporation.
(i) “Notes to Consolidated Financial Statements”(ii) “Notes to Non-consolidated Financial Statements”
Accordingly, the Consolidated Financial Statements and Non-consolidated Financial Statements provided in these paper-based
documents constitute part of the documents audited by the Financial Auditor and the Audit and Supervisory Committee when
preparing the accounting audit report and audit report, respectively.
・ The Company shall send this convocation notice and the reference documents for the General Meeting of Shareholders toshareholders who have not requested the delivery of paper-based documents.
・ If revisions arise to the matters for which measures for providing information in electronic format are to be taken, a notice of therevisions and the details of the matters before and after the revisions will be posted on each of the websites on page 1.

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

Election of Four Directors (Excluding Directors Who Are Audit and Supervisory Committee
Members)

The term of office of all six Directors (excluding Directors who are Audit and Supervisory Committee Members; thesame shall apply hereinafter in this proposal) will expire at the conclusion of this General Meeting of Shareholders.
Therefore, the Company proposes the election of four Directors, excluding two Directors who will retire owing to
the expiration of their term of office.
The Audit and Supervisory Committee considered this proposal, and there were no objections.
The candidates for Director are as follows:
Candidate
No.

Name(Date of birth)

Career summary, and position and responsibility in the Company(Significant concurrent positions outside the Company (Note 3))
Apr. 1982
Apr. 2010

1

2

3

4

Notes:

Joined The Ashikaga Bank, Ltd.
Joined the Company
General Manager of Finance Department,
Administration Division
June 2010
Managing Director
Apr. 2011
Supervisor of Finance Department,
Yasuro Hayashi
Administration Division(February 23, 1959)
Mar. 2012
Senior Managing Director
Re-election
General Manager of President’s Office
June 2013
Supervisor Responsible for the Entire
Company Management
Apr. 2014
Vice President
Apr. 2018
President
Apr. 2024
Chairman (current position)
Apr. 1992
Joined Watanabe General Construction
Apr. 1997
Joined the Company
June 2005
Director
Yasushi Sayama(October 31, 1969)
Mar. 2008
Managing Director
General Manager of Development DivisionRe-election
June 2013
Senior Managing Director
Apr. 2023
Vice President
Apr. 2024
President (current position)
Apr. 1990
Joined Elleair Paper Tech Co. Ltd.
Mar. 1997
Joined the Company
June 2002
Director
Atsuo Saito
Apr. 2006
Managing Director(April 26, 1956)
Mar. 2008
General Administration Manager
Mar. 2012
Senior Managing Director
Re-election
Apr. 2017
Vice President (current position)
June 2020
General Administration Manager (current
position)
Oct. 1999
Joined the Company
Feb. 2003
Joined Houshou Kensetsu
Dec. 2003
Joined the Company
Jan. 2010
General Manager of Construction
Hideki Tani
Department, Construction Division(April 15, 1973)
Apr. 2011
General Manager of Construction DivisionRe-election(current position)
June 2011
Director
Oct. 2013
Managing Director
Apr. 2024
Senior Managing Director (current position)
1. There is no special interest between any of the Director candidates and the Company.

Number of theCompany’s
shares owned-3-

124,082 shares

131,131 shares

262,365 shares

35,567 shares2. Directors (excluding Directors who are Audit and Supervisory Committee Members), in principle, are appointed as
Executive Directors; Directors supervise each other from the perspective of the individual field of business that they arein charge of (or have been supervising), and, in addition, have involvement in the making of important decisions. Under
such a basis, we have adopted a policy for the selection of candidates in which the individual’s skills, qualifications,personality, experience, track record, etc., are considered, with the objective of achieving a Board of Directors that has agood balance of important managerial skills for the corporate management of the Company (refer to the “Skills Matrix of
Directors” shown below).
The reasons for the election of each Director candidate are as follows.
・ Yasuro Hayashi has held various important positions since his appointment as Director in charge of finance, and has
a proven track record of expanding the Company’s business as Representative Director and President since 2018 andas Chairman since April of this year, as well as insight into corporate management. Therefore, we request that he beelected to continue to serve as Chairman.
・ Yasushi Sayama has a proven track record of contributing to the expansion of the Company’s business in theacquisition and development of land for sale, which is at the core of the Group’s business, as Director in charge of thedevelopment division, has contributed to the strengthening of the Company’s management structure since his
appointment as Vice President in April 2023, and, in addition, has led the management of the Group as President sinceApril of this year. Therefore, we request that he be elected to continue to serve as President.
・ Atsuo Saito has a proven track record of contributing to the establishment and strengthening of corporate governance,compliance, financial reporting, and other systems as a Director in charge of administration divisions, and has
contributed to the strengthening of the Company’s management structure as Vice President since April 2017.
Therefore, we request that he be elected to continue to serve as Vice President.
・ Hideki Tani, as Director in charge of the construction division, has a proven track record of contributing to theimprovement of the quality and performance, etc. of newly built housing, which is a flagship product of the Group,
as well as the establishment of a production system to accommodate business expansion. Therefore, we request that
he be elected to continue to serve as Director.
3. Significant concurrent positions outside the company held by each candidate are as follows.
・ Yasuro Hayashi concurrently serves as a Director of Ibaraki Grandy House, Gunma Grandy House, Chiba GrandyHouse, General Livtech Co., Ltd., Chuko House Information Center Co., Ltd., Grandy Reform Co., Ltd., andKanagawa Grandy House INC. (all consolidated subsidiaries of the Company).
・ Yasushi Sayama concurrently serves as a Director of Ibaraki Grandy House, Gunma Grandy House, Chiba GrandyHouse, General Livtech Co., Ltd., Chuko House Information Center Co., Ltd., Grandy Reform Co., Ltd., andKanagawa Grandy House INC.
・ Hideki Tani concurrently serves as a Director of Grandy Reform Co., Ltd. and Representative Director of Welcome
House Co., Ltd. (a consolidated subsidiary of the Company).
4. The Company has concluded a directors and officers liability insurance contract with an insurance company as stipulated
in Article 430-3 of the Companies Act, which insures Directors (including Directors who are Audit and Supervisory
Committee Members), Audit & Supervisory Board Members, and Executive Officers of the Company and its subsidiaries,
and a summary of the contents of such insurance policy is stated in the Business Report “II. Current Status of the Company,
3. Status of Company Officers, (iii) Overview of the content of Officers’ Liability Insurance Policy” (in Japanese only).
If each of the candidates is appointed as a Director under this proposal, the insurance policy will expire during his term ofoffice, but the Company intends to continue to conclude an equivalent corporate officers’ liability insurance policy insuring
all of the candidates.
5. The number of the Company’s shares owned is the number of shares as of March 31, 2024.

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[Reference] Skills Matrix of Directors
・ If Proposal No. 1 is approved in its original form at this General Meeting of Shareholders, the skills matrix of theCompany’s Directors will be as follows.
Expertise and experience
Corporate
management
Organizational
operation

Sales
Sales
strategies

Yasuro Hayashi●●

Yasushi Sayama●●

Atsuo Saito●

Hideki Tani●

Hajime Yuzawa(Audit andSupervisory
Committee
Member)●NameTechnology/quality
Finance
Development
Accounting

●

●
●

●

●

●

●
●

Takehiko
Kobayashi*(Audit andSupervisory
Committee
Member)Chikara Chikami*(Audit andSupervisory
Committee
Member)●●●●Internal
Humancontrols
resources
ESG
Risk
development
Sustainability
management Personnel/labor
Legal affairs
affairs●

Toru Yoshino*(Audit andSupervisory
Committee
Member)Akifumi Morita*(Audit andSupervisory
Committee
Member)(*) Independent Outside Director

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●

●

●

●

●

●

●

●

●

●

Proposal No. 2

Payment of Retirement Bonus and Special Merit Bonus to Retiring Director (Excluding
Directors Who Are Audit and Supervisory Committee Members)

The Company proposes to pay a retirement bonus within an appropriate range to Hiroyuki Murata and Masayasu
Ishikawa, who will retire as Directors owing to the expiration of their term of office at the conclusion of this General
Meeting of Shareholders, in order to reward them for their service while in office, in line with certain standards of
the Company. In addition, the Company proposes to pay a special merit bonus within an appropriate range to Hiroyuki
Murata, in addition to the retirement bonus, as an award for his contributions to the development of the Company
over his long 14-year tenure as Representative Director, in line with certain standards of the Company.
Furthermore, the Company proposes that the specific amount, timing and method of payment, and other details bedelegated to the Board of Directors.
This proposal has been determined by the Board of Directors in accordance with policies and internal regulations
related to determining the content of individual remuneration, etc. for Directors set forth by the Board of Directors
in advance, and the Company has thus judged that it is appropriate. An overview of the content of the policy for
determining the content of individual remuneration, etc. for Director of the Company is stated in the Business Report“II. Current Status of the Company, 3. Status of Company Officers, (iv) Directors’ Remuneration, etc., 5) Policies
for Determining the Content of Officer Remuneration, etc.” (in Japanese only).
The Audit and Supervisory Committee considered this proposal, and there were no objections.
The career summary of the retiring Director is as follows:
Name

Career summary

Hiroyuki Murata

Sept. 2000
Feb. 2003
June 2004
Mar. 2008
Mar. 2010
Mar. 2011
Apr. 2018
Apr. 2024

Director of the Company
Managing Director
Senior Managing Director
Director
Director and Vice President
President
Chairman
Director (current position)

Masayasu Ishikawa

June 2011
May 2014
June 2016
Apr. 2018
Apr. 2024

Director of the Company
Managing Director
Director
Managing Director
Director (current position)-6-

Proposal No. 3

Final Payment in Conjunction with the Abolition of the Retirement Bonus System for Directors(Excluding Directors Who Are Audit and Supervisory Committee Members) and Directors Who
Are Audit and Supervisory Committee Members

The Company, at the meeting of the Board of Directors held on May 20, 2024, as part of its review of the officers
remuneration system, on the condition that Proposal No. 4 “Determination of Remuneration for Granting Restricted
Stocks to Directors (excluding Directors who are Audit and Supervisory Committee Members and Outside Directors)”
is approved in its original form, resolved to abolish the officer retirement bonus system at the conclusion of this
General Meeting of Shareholders. In conjunction with this, on the condition that Proposal No. 1 “Election of Four
Directors (Excluding Directors Who Are Audit and Supervisory Committee Members)” is approved in its originalform, the Company, in order to reward Yasuro Hayashi, Yasushi Sayama, Atsuo Saito, and Hideki Tani for their hard
work during their tenure, during which they were eligible for the retirement bonus system, would like to pay them a
final retirement bonus within an appropriate range, in line with certain standards of the Company.
The payment will be made upon the retirement of each respective Director; the Company proposes that the specificamount and method of payment be delegated to the Board of Directors in the case of Directors (excluding Director
who are Audit and Supervisory Committee Members) and to discussions among the Directors who are Audit andSupervisory Committee Members in the case of Directors who are Audit and Supervisory Committee Members.
This proposal has been determined by the Board of Directors in accordance with policies and internal regulations
related to determining the content of individual remuneration, etc. for Directors set forth by the Board of Directors
in advance, and the Company has thus judged that it is appropriate. An overview of the content of the policy for
determining the content of individual remuneration, etc. for Director of the Company is stated in the Business Report“II. Current Status of the Company, 3. Status of Company Officers, (iv) Directors’ Remuneration, etc., 5) Policies
for Determining the Content of Officer Remuneration, etc.” (in Japanese only).
The Audit and Supervisory Committee considered the part of this proposal concerning the final payment of retirement
bonus to Directors (excluding Directors who are Audit and Supervisory Committee Members), and Directors who
are Audit and Supervisory Committee Members considered the part of this proposal concerning the final payment of
retirement bonus to Directors who are Audit and Supervisory Committee Members, and there were no objections.
The career summary of the Directors (excluding Directors who are Audit and Supervisory Committee Members) andDirectors who are Audit and Supervisory Committee Members, who are expected to receive a final payment inconjunction with the abolition of the retirement bonus system, is provided below.
Name

Career summary

Yasuro Hayashi

June 2010
Mar. 2012
Apr. 2014
Apr. 2018
Apr. 2024

Managing Director of the Company
Senior Managing Director
Vice President
President
Chairman (current position)

Yasushi Sayama

June 2005
Mar. 2008
June 2013
Apr. 2023
Apr. 2024

Director of the Company
Managing Director
Senior Managing Director
Vice President
President (current position)

June 2002

Director of the Company

Apr. 2006
Mar. 2012
Apr. 2017Managing Director
Senior Managing Director
Vice President (current position)

June 2011
Oct. 2013
Apr. 2024

Director of the Company
Managing Director
Senior Managing Director (current position)

June 2012
June 2015

Standing Audit & Supervisory Board Member of the Company
Director who is an Audit & Supervisory Committee Member (current
position)

Atsuo Saito

Hideki Tani

Hajime Yuzawa-7-

Proposal No. 4

Determination of Remuneration for Granting Restricted Stocks to Directors (Excluding
Directors Who Are Audit and Supervisory Committee Members and Outside Directors)

The amount of remuneration, etc. for Directors (excluding Directors who are Audit and Supervisory Committee
Members and Outside Directors) of the Company was approved at the 30th Annual General Meeting of Shareholders
held on June 29, 2021, as an annual amount not to exceed 450 million yen (not including salary as an employee for
Directors serving concurrently as employees).
As part of our review of the officer remuneration system, the Company would like to give incentives to Directors of
the Company (excluding Directors who are Audit and Supervisory Committee Members; hereinafter referred to as“Eligible Directors”) with the aim of the sustainable improvement of the corporate value of the Company, and in
addition, with the objective of promoting the further sharing of value with all shareholders, would like to pay
remuneration in order to newly grant restricted stock to Eligible Directors outside of the remuneration limit describedabove.
Based on this proposal, the remuneration to be paid in order to grant restricted stock to Eligible Directors shall be in
the form of a monetary claim, and the total annual amount of this shall not exceed 25 million yen (not includingsalary as an employee for Directors serving concurrently as employees). In addition, the specific timing anddistribution of payments to each Eligible Director shall be determined by the Board of Directors after consulting withand receiving a report from the Remuneration Advisory Committee.
The current number of Directors (excluding Directors who are Audit and Supervisory Committee Members) is six(including no Outside Directors), and if Proposal No. 1 “Election of Four Directors (Excluding Directors Who Are
Audit and Supervisory Committee Members)” is approved in its original form, the number of Directors (excluding
Directors who are Audit and Supervisory Committee Members) will be four (including no Outside Directors).
In addition, Eligible Directors, based on the resolution of the Board of Directors of the Company, will pay in the fullamount of monetary claims paid by this proposal as assets contributed in kind, and shall receive delivery or disposalof the common stocks of the Company; the total number of common stocks of the Company that are to be deliveredor disposed of through this shall not exceed 45,000 shares per year (however, in the event of a stock split (includes
the gratis allocation of common stocks of the Company) or reverse stock split being performed on the common stocksof the Company after the date that this proposal is approved, and in other cases where the need arises to adjust the
total number of common stocks of the Company that are to be delivered or disposed of as restricted stocks, this total
number shall be adjusted within a reasonable range.
The amount to be paid in per share shall be determined by the Board of Directors, within a range that is notparticularly advantageous to the Eligible Directors who receive common stocks, based on the closing price of thecommon stocks of the Company on the Tokyo Stock Exchange on the business day prior to the respective date of theresolution of the Board of Directors (in the event of no transactions being concluded on that day, the closing price on
the most recent preceding business day). In addition, the delivery or disposal of the common stocks of the Company
as well as the payment of monetary claims as a contribution in kind through this shall be on the condition of theexecution of a restricted stock allocation agreement that includes the following content between the Company andthe Eligible Directors (hereinafter referred to as “the Allocation Agreement”). Furthermore, the upper limit for theamount of remuneration in this proposal, the total number of common stocks of the Company that are to be deliveredor disposed of, as well as the other conditions for the allocation of restricted stocks to Eligible Directors based on
this proposal have been determined in consideration of the objectives described above, the business conditions of theCompany, the policy of the Company for decisions concerning the content of individual Director remuneration, etc.
(note that if this proposal is approved, it is planned to change this policy to the content stated in the [Reference]
section below in order to bring it in line with the approved content), as well as various other circumstances, and arethought to be suitable.
The Audit and Supervisory Committee considered this proposal, and there were no objections.
In addition, if the proposal for this System is approved in its original form at this General Meeting of Shareholders,the Company plans to introduce a similar restricted stock remuneration system for Directors (excluding Outside
Directors) of the Company’s subsidiaries.

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[Overview of the Content of the Allocation Agreement](1) Transfer restriction period
Eligible Directors, in the period from the date of allocation pursuant to this Allocation Agreement through tothe time immediately after their resignation or retirement of the position of officer or employee of the Company
or a subsidiary of the Company that has been prescribed beforehand by the Company’s Board of Directors(hereinafter referred to as “transfer restriction period”), must not transfer, set as collateral, or dispose in any
other manner (hereinafter referred to as “transfer restrictions”) of the common stocks of the Company that havebeen assigned pursuant to this Allocation Agreement (hereinafter referred to as “the Allocated Stocks”).
However, in the event of the timing immediately after such resignation or retirement being less than threemonths after the end of the business year in which the allocation of the Allocated Stocks is received, the end
date of the transfer restriction period may be adjusted within a reasonable range.
(2) Handling upon resignation or retirement
In the event of an Eligible Director resigning or retiring from the position of officer or employee of the Company
or a subsidiary of the Company that has been prescribed beforehand by the Company’s Board of Directors prior
to the expiration of the period prescribed by the Company’s Board of Directors (hereinafter referred to as“service provision period”), with the exception of where the resignation or retirement was due to the expirationof tenure, death, or other legitimate reason, the Company shall acquire the Allocated Stocks free of charge as amatter of course.
(3) Release of transfer restrictions
The Company, on the condition that the Eligible Directors continue in their position of officer or employee of
the Company or a subsidiary of the Company that has been prescribed beforehand by the Company’s Board of
Directors throughout the service provision period, shall release the transfer restrictions on all of the Allocated
Stocks upon the expiration of the transfer restriction period. However, (i) in the event of an applicable Eligible
Director having resigned or retired from their position of officer or employee of the Company or a subsidiaryof the Company that has been prescribed beforehand by the Company’s Board of Directors prior to the
expiration of the service provision period due to a legitimate reason, or (ii) in the event of an applicable Eligible
Director having resigned or retired from their position of officer or employee of the Company or a subsidiaryof the Company that has been prescribed beforehand by the Company’s Board of Directors due to any reason
that is not a legitimate reason prior to the expiration of the transfer restriction period, even if after the expirationof the service provision period, the number of the Allocated Stocks for which the transfer restrictions are to bereleased, as well as the timing of the release of transfer restrictions, shall be reasonably adjusted as necessary.
In addition, the Company shall acquire the Allocated Stocks for which the transfer restrictions have not beenreleased free of charge as a matter of course immediately after the release of transfer restrictions in accordancewith the provisions above.
(4) Handling in the case of organizational restructuring, etc.
Notwithstanding the provisions of (1) above, the Company, in the event of a merger agreement in which theCompany will be the extinguished company, a stock exchange agreement or stock transfer plan in which theCompany will become a wholly owned subsidiary, or other matter relating to organizational restructuring, etc.,
being approved at a General Meeting of Shareholders of the Company (however, in cases where the approvalof a General Meeting of Shareholders of the Company is not required for the applicable organizational
restructuring, etc., the Board of Directors of the Company), pursuant to the resolution of the Board of Directorsof the Company, shall release the transfer restrictions for the Allocated Stocks to the quantity reasonablyprescribed based on the length of time from the start date of the transfer restriction period through to theapproval date of the applicable organizational restructuring, etc., prior to the effective date of the applicableorganizational restructuring, etc. In addition, in the case prescribed above, the Company shall acquire the
Allocated Stocks for which the transfer restrictions have not been released free of charge as a matter of course
immediately after the release of transfer restrictions.
(5) Other matters
Other matters relating to this Allocation Agreement shall be prescribed at the Company’s Board of Directors.

-9-[Reference] Overview of the content on the policy for determining the content of individual Director remuneration,etc.
1. Policy for determining the composition of officer remuneration and the individual amount of remuneration, etc.
Officer remuneration of the Company shall comprise basic remuneration, performance-linked remuneration, andrestricted stock remuneration, and the decision-making policy for this shall be as described below.
(i) Basic remuneration(As stated in the Business Report “II. Current Status of the Company, 3. Status of Company Officers, (iv)
Directors’ Remuneration, etc., 5) Policies for Determining the Content of Officer Remuneration, etc., b.”)(in Japanese only)(ii) Performance-linked remuneration(As stated in the Business Report “II. Current Status of the Company, 3. Status of Company Officers, (iv)
Directors’ Remuneration, etc., 5) Policies for Determining the Content of Officer Remuneration, etc., d.”)(in Japanese only)(iii) Restricted stock remuneration
・ With the objective of providing an incentive to aim for the sustainable improvement of the corporate valueof the Company as well as to promote the further sharing of value with shareholders, Directors (excluding
Directors who are Audit and Supervisory Committee Members and Outside Directors; hereinafter referred
to as “Eligible Recipients”) shall be granted restricted stock remuneration.
・ Restricted stock remuneration involves the granting of common stocks of the Company upon the setting ofa fixed transfer restriction period, and, in principle, a restricted stock allocation agreement shall be executed
between the Company and the Eligible Recipients, based on the resolution of the Board of Directors, on anannual basis.
・ The common stocks of the Company that are to be granted to Eligible Recipients each year, in principle,
shall be based on the monthly remuneration of each Eligible Recipient.
2. Policy for determining the ratio for the amount of basic remuneration, the amount of performance-linked
remuneration or the amount of non-monetary remuneration, and the amount of remuneration, etc. for eachindividual Director
The remuneration of Directors (excluding Directors who are Audit and Supervisory Committee Members) shallcomprise basic remuneration, performance-linked remuneration, and restricted stock remuneration, and thepayment ratio of each form of remuneration against the annual amount of remuneration, etc. for each Director
shall be approximately 81 to 93% basic remuneration (incentive remuneration that is included in basic
remuneration shall be based on the standard number of months), approximately 13 to 0% performance-linked
remuneration (in the event of the “rate of change against results forecast” being in excess of 90% in relation to
the determination of “point value” in the calculation method), and approximately 6 to 7% restricted stock
remuneration.
3. Matters relating to the determination of the content of remuneration, etc. for individual Directors
The amount of basic remuneration and the number of allocated stocks in restricted stock remuneration for
Directors (excluding Directors who are Audit and Supervisory Committee Members) shall be determined by the
Board of Directors, within the range of the remuneration limits resolved at the General Meeting of Shareholders,
and the calculation method, etc. for the amount of performance-linked remuneration shall be determined at a
General Meeting of Shareholders. Proposals for remuneration that are submitted to the Board of Directors (inthe case of performance-linked remuneration, the calculation method, etc. of this shall be proposed by the Boardof Directors as a proposal that is to be submitted to a General Meeting of Shareholders) shall be formulated upon
consulting with and receiving a report from the Remuneration Advisory Committee. The amount of performancelinked remuneration shall be automatically calculated for each individual Director by objectively determining
the indicators, etc., used in the calculation method, etc.
The specific amount of remuneration, etc. for Directors who are Audit and Supervisory Committee Members
shall be determined by discussions among the Audit and Supervisory Committee Members, within the range ofthe remuneration limit resolved at the General Meeting of Shareholders.

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