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 shallprevail. The Company assumes no responsibility for this translation or for direct, indirect or any other formsof damages arising from the translation.
Securities Code: 3950
Date of issuance: March 8, 2024
To Shareholders with Voting Rights:
Hideaki Yamashita
President and CEO
THE PACK CORPORATION
2-9-3 Higashiobase, Higashinari-ku, Osaka

NOTICE OF
THE 72nd ANNUAL GENERAL MEETING OF SHAREHOLDERS
Dear Shareholders:
We would like to express our appreciation for your continued support and patronage.
We are pleased to announce the 72nd Annual General Meeting of Shareholders of THE PACKCORPORATION (the “Company”). The meeting will be held for the purposes as described below.
When 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 which measures for providing information in electronic format are to be taken) in electronic format,
and posts this information as “NOTICE OF THE 72nd ANNUAL GENERAL MEETING OF
SHAREHOLDERS” on the Company’s website. Please access the Company’s website using the Internet
address shown below to review the information.
Company’s website: https://www.thepack.co.jp/ir/information.html (in Japanese)
In addition to posting matters for which measures for providing information in electronic format are to betaken on the website listed above, the Company also posts this information on the website of Tokyo Stock
Exchange, Inc. (TSE). To access this information from the latter website, access the TSE website (Listed
Company Search) by using the Internet address given below, input the issue name (THE PACK) or securities
code (3950), and click “Search,” and then click “Basic information” and select “Documents for public
inspection/PR information.”
TSE website (Listed Company Search):https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)
You can exercise your voting rights in writing or via the Internet, etc. in lieu of attending the meeting.
Please review the attached Reference Documents for the General Meeting of Shareholders and exercise
your voting rights by no later than 5:30 p.m. on Wednesday, March 27, 2024, Japan time.

-1-1. Date and Time:Thursday, March 28, 2024 at 11:00 a.m. Japan time
(Reception starts at 10:00 a.m.)

2. Place:

Multipurpose Small Hall, Thirty Hall, Daito City General Cultural Center
located at
13-30 Shinmachi, Daito-shi, Osaka, Japan

3. Meeting Agenda:
Matters to be reported: 1. The Business Report, Consolidated Financial Statements for the Company’s
72nd Fiscal Year (January 1, 2023 - December 31, 2023) and results of auditsof the Consolidated Financial Statements by the Accounting Auditor and theBoard of Auditors
2. Non-consolidated Financial Statements for the Company’s 72nd Fiscal Year
(January 1, 2023 - December 31, 2023)
Proposals to be resolved:
Appropriation of Surplus
Proposal 1:
Election of Nine (9) Directors
Proposal 2:
Election of One (1) Auditor
Proposal 3:
4. Matters Decided for the Convocation of the Meeting(1) Among matters for which measures for providing information in electronic format are to be taken, theNotes to Consolidated Financial Statements (in Japanese only) and Notes to Non-consolidated Financial
Statements (in Japanese only) are not provided in the documents delivered to shareholders who haverequested the delivery of paper-based documents as provided for by the provisions of laws andregulations and Article 16 of the Company’s Articles of Incorporation. Accordingly, the documents thatare delivered to shareholders who have requested the delivery of paper-based documents are part of the
documents included in the scope of audits by the Auditors and the Accounting Auditor when they create
their respective audit reports.
(2) Please note that if you exercise your voting rights both via the Internet and in writing, only your votevia the Internet shall be deemed effective. If you exercise your voting rights more than once via theInternet, only the last vote shall be deemed effective.
(3) If no approval or disapproval is expressed for the respective proposals in the returned voting form, it
will be treated as an approval vote.
When attending the meeting, please submit the Voting Rights Exercise Form sent out with this Noticeat the reception desk.
If revisions to the matters for which measures for providing information in electronic format are to betaken arise, a notice of the revisions and the details of the matters before and after the revisions will be
posted on the Company’s aforementioned website and the TSE website.
We will be accepting your questions in advance on the website below.
(https://www.thepack.co.jp/contact/shareholders_contact.html (in Japanese only))
Questions deemed to be of particular interest to shareholders will be answered promptly on the website
after the General Meeting of Shareholders.

-2-Information on Exercise of Voting Rights
Exercise of voting rights at the Company’s General Meeting of Shareholders is shareholders’ important right.
Please exercise your voting rights after reviewing the attached Reference Documents for the General Meetingof Shareholders.
There are three methods to exercise your voting rights as indicated below.
Exercise of voting rights by attending the General Meeting of Shareholders
You are kindly requested to exercise your voting rights by submitting the voting form sent out with this Noticeto the reception desk at the meeting.
Date and Time:Thursday, March 28, 2024 at 11:00 a.m. Japan time
(Reception starts at 10:00 a.m.)
Exercise of voting rights in writing (by postal mail)You are kindly requested to indicate your approval or disapproval of each proposal on the voting form sent out
with this Notice, and to return the completed voting form to the Company. You do not need to affix a stamp.
Deadline for exercise of voting rights:
To be received no later than 5:30 p.m., Wednesday, March 27, 2024.
Exercise of voting rights via the Internet
You are kindly requested to enter your approval or disapproval of each proposal following the instructions on
the next page.
Deadline for exercise of voting rights:
All data entry to be completed no later than 5:30 p.m., Wednesday, March 27, 2024.

How to Fill Out Your Voting Form
Proposals 1 and 3
To mark your approval

Circle “Approve.”To mark your disapproval

Circle “Disapprove.”

Proposal 2
To mark your approval for all candidates

Circle “Approve.”To mark your disapproval for all candidates

Circle “Disapprove.”To mark your disapproval for certain candidates

Circle “Approve” and write the number of thecandidate(s) you wish to disapprove.

Please note that if you exercise your voting rights both in writing (by postal mail) and via the Internet, etc., only
your vote via the Internet, etc. shall be deemed effective. If you exercise your voting rights more than once via
the Internet, etc., only the last vote shall be deemed effective.

-3-

Exercise of Voting Rights via the Internet, etc.
Scanning the QR CodeYou can log in to the website for the exercise of voting rights without entering the login ID or temporary
password printed on the voting form.
1. Please scan QR Code provided on the voting form.
* “QR Code” is a registered trademark of DENSO WAVE INCORPORATED.
2. Please follow the directions that appear on the screen to enter your approval or disapproval of each proposal.
Entering login ID and temporary password
Website for exercise of voting rights: https://evote.tr.mufg.jp/ (in Japanese only)
1. Please access the website for exercise of voting rights.
2. Please enter your “login ID” and “temporary password” printed on the voting form.
3. Please follow the directions that appear on the screen to enter your approval or disapproval of each proposal.

In case you need instructions for how to
operate your personal computer or
smartphone in order to exercise your voting
rights via the Internet, please contact:

Stock Transfer Agency Help Desk,
Mitsubishi UFJ Trust and Banking Corporation
0120-173-027(Toll free only from Japan /Hours: 9:00 a.m. to 9:00 p.m. (JST))

Institutional investors may use the Electronic Voting Platform for institutional investors operated by ICJ, Inc.

-4-

Reference Documents for the General Meeting of Shareholders
Proposals and References
Proposal 1:

Appropriation of Surplus

Concerning appropriation of surplus for the 72nd fiscal year, taking into consideration factors including
business results of the fiscal year under review, enhancement of internal reserves and future businessdevelopment, the Company proposes as follows.
Matters concerning year-end dividend(1) Matters concerning the allotment of dividend property to shareholders and total amount thereof
55 yen per share of the Company’s common stock
Total amount: 1,046,752,520 yen
As the Company paid an interim dividend of 35 yen per share in September 2023, the full-year
dividends will be 90 yen per share.
(2) Effective date of distribution of surplus
March 29, 2024

-5-

Proposal 2:

Election of Nine (9) Directors

The terms of office of all nine (9) Directors will expire at the conclusion of this year’s Annual General
Meeting of Shareholders. Accordingly, the election of nine (9) Directors is proposed.
The candidates for Director are as follows:
Reference: Candidate list
[External] External Director candidate[Independent] Independent Officer registered on the stock exchange
No.

Name

GenderCurrent position

Attendance at Board of
Directors Meetings
17 of 17 meetings
17 of 17 meetings
17 of 17 meetings
16 of 17 meetings

Hideaki Yamashita
Teruo Takinoue
Norio Ashida
Haruyasu Ito

M
M
M
M

President and CEO
Vice PresidentManaging Director
Director

Hirofumi Hayashi

M

Director

17 of 17 meetings

Uichiro Nishio

M

Director

15 of 17 meetings

Kaoru Kasahara

F

Director

17 of 17 meetings

8[Reappointment][Reappointment][Reappointment][Reappointment][Reappointment][External][Independent][Reappointment][External][Independent][Reappointment][External][Independent][New appointment]

Naoki Nakamura

M

9[New appointment]

Ikuo Shimomura

M

1
2
3
4
5

6

7

-6-

Managing Corporate
Officer
Corporate Officer

–
–

No.

1

2

Name
(Date of birth)

Past experience, positions, responsibilities and significant concurrent positions
April 1982
January 2008
January 2011
March 2013
January 2016
March 2017
January 2019

Number ofshares of theCompany held

Joined the Company
General Manager, Tokyo Sales Division No. 2
Corporate Officer
Hideaki Yamashita
Director(June 7, 1957)
21,100
Divisional General Manager, Eastern Japan Sales Division
Managing Director[Reappointment]
Senior Managing Director
Divisional General Manager, Sales Division
March 2022
President and CEO (to present)[Reason for nomination as candidate for Director]
Since joining the Company, he has been engaged in the operations of sales departments. From 2022, he has served as
President and CEO, making decisions regarding important management issues and supervising business execution. He has
extensive operational experience and insight regarding all aspects of management, and we believe he is qualified for the
position. Therefore, the Company nominates him again as a candidate for Director.
April 1984
Joined the Company
January 2008
General Manager, Osaka Production Division
March 2011
Director
Teruo Takinoue
January 2012
Deputy Divisional General Manager, Production Division(April 30, 1961)
19,000April 2014
Divisional General Manager, Packaging Products Division
March 2015
Managing Director[Reappointment]
January 2017
Divisional General Manager, Production Division (to present)
March 2018
Senior Managing Director
March 2022
Vice President (to present)[Reason for nomination as candidate for Director]
Since joining the Company, he has mainly been engaged in the operations of departments related to production. Currently,
he serves as Vice President in the role of Divisional General Manager of Production Division. He has extensive operational
experience related to production departments and insight regarding all aspects of management, and we believe he isqualified for the position. Therefore, the Company nominates him again as a candidate for Director.

-7-

No.

3

4

Name
(Date of birth)

Past experience, positions, responsibilities and significant concurrent positions

Number ofshares of theCompany held

April 1986
Joined the Company
January 2011
General Manager, Tokyo Sales Division No. 4
Norio Ashida
January 2015
Corporate Officer(November 20, 1963)
7,400
January 2019
Managing Corporate Officer
January 2019
Divisional General Manager, Eastern Japan Sales Division[Reappointment]
March 2020
Managing Director (to present)
March 2022
Deputy Divisional General Manager, Sales Division (to present)[Reason for nomination as candidate for Director]
Since joining the Company, he has been engaged in the operations of sales departments. Currently, he serves as Managing
Director in the role of Deputy Divisional General Manager of Sales Division. He has extensive operational experience andinsight regarding all aspects of management, and we believe he is qualified for the position. Therefore, the Company
nominates him again as a candidate for Director.
April 1984
Joined the Company
January 2016
Section Manager, Section 2 of Tokyo Sales Division No. 2
Haruyasu Ito
January 2019
Managing Director, Kannaru Printing Co., Ltd.
(November 30,
March 2020
President and CEO, Kannaru Printing Co., Ltd
2,300
1961)
February 2022
Retired from Kannaru Printing Co., Ltd.
March 2022
Director, the Company (to present)[Reappointment]
Deputy Divisional General Manager, Production Division (topresent)
January 2023
In charge of Quality Management Control Dept. (to present)[Reason for nomination as candidate for Director]
Since joining the Company, he has been engaged in the operations of sales departments. Currently, he serves as Director in
the roles of Deputy Divisional General Manager of Production Division and Quality Management Control Dept. He has
extensive operational experience and insight regarding all aspects of management, and we believe he is qualified for the
position. Therefore, the Company nominates him again as a candidate for Director.

-8-

No.

Name
(Date of birth)

6

October 1991
August 1995
January 2001

Number ofshares of theCompany held

Joined Century Audit Corporation
Registered as a certified public accountant
Established Hayashi CPA and Tax Accountant Office (to4,100
present)[Reappointment]
March 2001
Registered as a certified tax accountant[External]
March 2014
External Auditor, the Company[Independent]
March 2015
External Director (to present)[Reason for nomination as candidate for External Director and overview of expected role]
As a certified public accountant and certified tax accountant, he has served as External Director of the Company from an
objective standpoint, leveraging his advanced knowledge regarding finance and accounting, and his comprehensive insightcultivated through extensive experience. The Company nominates him again as a candidate for External Director in orderfor him to continue utilizing his experience and knowledge in the management of the Company. He has never been
involved in the management of a company except as an external officer. However, the Company judges he willappropriately fulfill his duties as External Director based on the above reasons.
March 1982
Registered as a certified public accountant
December 1983 Registered as a certified tax accountant
July 1999
Representative Partner, Seiwa Audit & Accounting Firm
July 2002
Representative Partner, Deloitte Touche Tohmatsu LLC
Uichiro Nishio
April 2005
Professor, Institute of Business and Accounting, Professional(March 7, 1955)
Graduate School, Kwansei Gakuin University
3,700
March 2015
External Auditor, the Company[Reappointment]
March 2018
External Director (to present)[External](Significant concurrent positions)[Independent]
Professor Emeritus, Kwansei Gakuin University
External Director (Audit and Supervisory Committee Member), ARAYA
INDUSTRIAL CO., LTD.
External Auditor, KMEW Co., Ltd.
[Reason for nomination as candidate for External Director and overview of expected role]
As a certified public accountant and certified tax accountant, he has served as External Director of the Company from an
objective standpoint, leveraging his advanced knowledge regarding finance and accounting, and his comprehensive insightcultivated through extensive experience. The Company nominates him again as a candidate for External Director in orderfor him to continue utilizing his experience and knowledge in the management of the Company. He has never been
involved in the management of a company except as an external officer. However, the Company judges he willappropriately fulfill his duties as External Director based on the above reasons.
Hirofumi Hayashi(August 17, 1965)

5

Past experience, positions, responsibilities and significant concurrent positions

-9-

No.

Name
(Date of birth)

Past experience, positions, responsibilities and significant concurrent positions
March 1989
February 2010
February 2014

7

8

Number ofshares of theCompany held

Joined Pigeon Corporation
President and COO, Pigeonwill Corporation
Corporate officer and Deputy Division Manager, Domestic Baby
Kaoru Kasahara& Mother Care Business Division, Pigeon Corporation(December 14, 1961)
February 2015
Corporate officer and Division Manager, Research and300[Reappointment]
Development Division, Pigeon Corporation[External]
February 2019
Director, Pigeon Manufacturing Ibaraki Corporation[Independent]
March 2022
External Director, the Company (to present)(Significant concurrent positions)
External Director, Morozoff Limited[Reason for nomination as candidate for External Director and overview of expected role]
We believe she will be able to utilize her extensive experience and comprehensive insight cultivated through serving as an
officer at other companies to appropriately fulfill the duties of an External Director from an independent position.
Therefore, the Company nominates her again as a candidate for External Director.
April 1989
Joined the Company
January 2008
Section Manager, Section 3 of Tokyo Sales Division No. 1
January 2013
General Manager, Chugoku and Shikoku Sales Division
Naoki Nakamura(June 5, 1965)
January 2017
Corporate Officer
1,300
January 2019
Managing Corporate Officer (to present)[New appointment]
Divisional General Manager, Western Japan Sales Division (topresent)
January 2021
General Manager, Kyushu Sales Division[Reason for nomination as candidate for Director]
Since joining the Company, he has mainly been engaged in operations related to sales. Currently, he serves as Managing
Corporate Officer in the role of Divisional General Manager of Western Japan Sales Division. He has extensive operational
experience and insight regarding all aspects of management, and we believe he is qualified for the position. Therefore, theCompany nominates him as a candidate for Director.

- 10 -

No.

Name(Date of birth)

Past experience, positions, responsibilities and significant concurrent positions

Number ofshares of theCompany held

April 1989
January 2009
Ikuo Shimomura(November 11, 1965) January 2016
January 2021
[New appointment] January 2023
9

Joined the Company
Section Manager, Section 3 of Tokyo Sales Division No. 3
General Manager, Tokyo Sales Division No. 2
1,300
Corporate Officer (to present)
Deputy Divisional General Manager, Corporate Division (topresent)[Reason for nomination as candidate for Director]
Since joining the Company, he has been engaged in operations related to sales and general affairs. Currently, he serves as
Corporate Officer in the role of Deputy Divisional General Manager of Corporate Division. He has extensive operational
experience and insight regarding all aspects of management, and we believe he is qualified for the position. Therefore, theCompany nominates him as a candidate for Director.

(Notes)1. There are no special conflicts of interest between the candidates for Director and the Company.
2. Messrs. Hirofumi Hayashi and Uichiro Nishio and Ms. Kaoru Kasahara are candidates for External Director as stipulated
in Article 2, paragraph (3), item (vii) of the Regulations for Enforcement of the Companies Act. The Company has
appointed the three candidates above as Independent Directors based on Article 436-2 of the Securities Listing
Regulations of the Tokyo Stock Exchange and has notified the Exchange of the appointment.
3. At the conclusion of this year’s Annual General Meeting of Shareholders, Mr. Hirofumi Hayashi will have served asExternal Director of the Company for nine years. He had also served as Auditor of the Company in the past.
4. At the conclusion of this year’s Annual General Meeting of Shareholders, Mr. Uichiro Nishio will have served asExternal Director of the Company for six years. He had also served as Auditor of the Company in the past.
5. At the conclusion of this year’s Annual General Meeting of Shareholders, Ms. Kaoru Kasahara will have served asExternal Director of the Company for two years.
6. Messrs. Hirofumi Hayashi and Uichiro Nishio and Ms. Kaoru Kasahara are neither executives nor officers of a Specified
Associated Service Provider of the Company as stipulated in Article 2, paragraph (3), item (xix) of the Regulations for
Enforcement of the Companies Act, nor have they been executives or officers of a Specified Associated Service Providerof the Company in the past ten years. In the past two years, they have not received any large amounts of money or otherproperty from the Company or a Specified Associated Service Provider of the Company, nor do they have plans toreceive large amounts of money or property from such companies. In addition, they are not a spouse, relative within thethird-degree of kinship, etc. of an executive or officer of the Company or of a Specified Associated Service Provider of
the Company.
7. The Company has entered into liability limitation agreements with External Directors in accordance with Article 427,
paragraph (1) of the Companies Act. If this proposal is approved and adopted, the Company intends to continue liability
limitation agreements with each of the candidates for External Director.
The contents of the liability limitation agreement are as follows.

The maximum amount of liability for damages to the Company that an External Director shall bear due to the failure
to perform their duties shall be the minimum amount stipulated in Article 425, paragraph (1) of the Companies Act.
The above liability limitation applies only in cases where an External Director performed their duties giving rise tosuch responsibilities in good faith and without gross negligence.
8. The Company has entered into a contract of Directors and Officers Liability Insurance (D&O Insurance) with aninsurance company, as provided for in Article 430-3, paragraph (1) of the Companies Act. This insurance policy covers
damages arising from liability borne by the insured persons in the course of execution of their duties as an officer, etc.
or claims pertaining to the pursuit of such liability. If the appointment of each candidate for Director is approved, eachof them will be insured under this insurance policy.

- 11 -

< Reference > Main Expertise, Experience, etc. of the Candidates for Director
ManufacPersonnel
Legal
Overseasturing // human affairs / business /Corporate Corporate
Sales /
Finance /SustainaIndepentechnicalresources
riskinterGender manage- planning /marketingaccounting
bilitydence
M&A
developdevelop- manage- national
ment
ment
ment
ment
experience

No.

Name

Current
position1

HideakiYamashita

President
and CEO

M

○

2

Teruo
Takinoue

Vice
President

M

○

3

Norio
AshidaManaging
Director

M

○

○

M

○

○

○

4 Haruyasu Ito Director○○

5

Hirofumi
Hayashi

External
Director○

M

6

UichiroNishioExternal
Director

○

M

7

Kaoru
Kasahara

External
Director

○

F

○

○

8

Naoki
NakamuraManaging
Corporate
Officer

M

○

○

9

Ikuo
Corporate
Shimomura Officer

M

○

○

○

○

○
○

○

○
○

○

○

○

○

○

○

○

○

○

○

○

○

○
○

○

○

○

(Explanation of Items in the Skills Matrix)
Corporate management

Discerns the management environment as it changes in diverse ways, formulates
appropriate strategy and management policy for increasing corporate value, and conducts
management

Corporate planning /M&A

Possesses knowledge regarding markets and competitors and insight regarding M&As,
and formulates and manages medium- to long-term management plans

Sales / marketing

Possesses abundant knowledge regarding products and markets, accurately identifies
customer needs, and formulates and executes sales strategies for expanding sales andsecuring profits

Manufacturing /technical development

Possesses product knowledge and production expertise, raises productivity, and conducts
supervision of quality maintenance and promotion of research and technology
development

Finance / accounting

Possesses extensive knowledge regarding matter such as finance, accounting, andtaxation, grasps the Company’s management status and takes measures to resolve issues
and formulate financial strategies

Personnel / humanresources development

Possesses abundant experience regarding organization development and human resource
education and development, and works to strengthen human capital

Legal affairs /risk management

Possesses legal, governance, and compliance knowledge and promotes establishment ofappropriate governance systems to increase the efficacy of management supervision in
the Board of Directors

Overseas business /international experience

Possesses overseas operational experience and overseas knowledge, and conducts
formulation and supervision of overseas business strategy

Sustainability

Possesses a sustainability management perspective essential to the sustainable
development and growth of companies- 12 -○

Proposal 3:

Election of One (1) Auditor

Auditor Shuichi Nakamura will resign at the conclusion of this year’s Annual General Meeting of
Shareholders. Accordingly, the election of one (1) Auditor is proposed. As Mr. Yasuhiro Takagi is to be elected
as a substitute for Mr. Shuichi Nakamura, in accordance with the Company’s Articles of Incorporation, his
term of office will expire when the term of office of the resigning Auditor would have expired.
In addition, the Board of Auditors has given its consent to this proposal.
The candidate for Auditor is as follows:
Name(Date of birth)

Past experience, positions and significant concurrent positions

Number ofshares of theCompany held

Joined the Company
Department Manager, Tokyo Purchasing Dept., Purchasing
Division
1,000
January 2012
Department Manager, Administration Dept., Purchasing[New appointment]
DivisionJanuary 2016
General Manager, Purchasing Division (to present)[Reason for nomination as candidate for Auditor]
Since joining the Company, he has been engaged in sales and purchasing departments. Since 2016, he has served as
General Manager of Purchasing Division of the Company. The Company nominates him as a candidate for Auditor in orderfor him to utilize his knowledge and experience in auditing the Company.
Yasuhiro Takagi(January 13, 1965)

April 1987
January 2010

(Notes)1. There are no special conflicts of interest between the candidate for Auditor and the Company.
2. The Company has entered into a contract of Directors and Officers Liability Insurance (D&O Insurance) with aninsurance company, as provided for in Article 430-3, paragraph (1) of the Companies Act. This insurance policy covers
damages arising from liability borne by the insured persons in the course of execution of their duties as an officer, etc.
or claims pertaining to the pursuit of such liability. If the new appointment of the candidate for Auditor is approved, hewill be insured under this insurance policy.

- 13 -