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: 9068
June 7, 2024
To our shareholders:Hirotsugu Okada, President
Maruzen Showa Unyu Co., Ltd.
2-15 Minami-nakadori, Naka-ku, Yokohama

Notice of the 122nd Annual General Meeting of Shareholders
You are cordially invited to the 122nd Annual General Meeting of Shareholders of Maruzen Showa Unyu Co., Ltd.
(the “Company”), which will be held as described below.
When convening this General Meeting of Shareholders, the Company takes measures for providing informationthat constitutes the content of reference documents for the general meeting of shareholders, etc. (items for whichmeasures for providing information in electronic format are to be taken) in electronic format, and posts thisinformation on the Company’s website. Please access the website by using the Internet address shown below toreview the information.
The Company’s website:(https://www.maruzenshowa.co.jp/ir/stock/?tab=1) (in Japanese)
In addition to posting items subject to measures for electronic provision on the Company’s website, the Company
also posts this information on the website of Tokyo Stock Exchange, Inc. (TSE).
TSE website (Listed Company Search):(https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show) (in Japanese)
Access the TSE website by using the Internet address shown above, enter issue name (Maruzen Showa Unyu) or
securities code (9068), 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 foraccess” under “[Notice of General Shareholders Meeting /Informational Materials for a General ShareholdersMeeting].”
Instead of attending the meeting in person, you may exercise your voting rights either in writing or via the Internetand other means. Please take your time to review the Reference Documents for the General Meeting ofShareholders, and if you are exercising your voting rights by post mail, indicate your approval or disapproval of theproposals on the Voting Rights Exercise Form sent with this notice and return the form to us so that it arrives nolater than 5:45 p.m. on Wednesday, June 26, 2024 (JST). If you are exercising your voting rights via the Internet,etc., please access the website designated by the Company for exercising voting rights (https://evote.tr.mufg.jp) (inJapanese) and exercise your voting rights by 5:45 p.m. on Wednesday, June 26, 2024 (JST).

-1-1. Date and Time: Thursday, June 27, 2024, at 10:00 a.m. (JST)
2. Venue:
Kannai Arai Hall
11th Floor, Kannai Arai Building, 1-8 Onoe-cho, Naka-ku, Yokohama
3. Purpose of the Meeting
Items to be reported:
1. Business Report, Consolidated Financial Statements for the 122nd fiscal year (from April 1, 2023 toMarch 31, 2024), and report on the results of the audit of the Consolidated Financial Statements by theFinancial Auditor and the Audit and Supervisory Committee
2. Non-consolidated Financial Statements for the 122nd fiscal year (from April 1, 2023 to March 31, 2024)
Items to be resolved:
Proposal No. 1
Appropriation of Surplus
Proposal No. 2
Election of Five Directors (Excluding Directors Who Are Audit and Supervisory
Committee Members)
Proposal No. 3
Election of Four Directors Who Are Audit and Supervisory Committee Members- When you attend the meeting in person, please submit the Voting Rights Exercise Form sent with this notice to the receptionist atthe meeting.
- “System to Ensure the Appropriateness of Business Activities and the Status of Operation Thereof” and “Basic Policy Regarding
Control of the Company” in the Business Report, “Notes to Consolidated Financial Statements” and “Notes to Non-consolidated
Financial Statements,” which are among the items subject to measures for electronic provision, are not included in the paper-based
documents to be delivered to shareholders who requested the delivery of such documents in accordance with applicable laws andregulations and the provisions of Article 17 of the Company’s Articles of Incorporation.
Accordingly, the paper-based documents to be delivered to shareholders who requested the delivery of such documents are part ofthe Business Report, Consolidated Financial Statements, and Non-consolidated Financial Statements audited by the Audit andSupervisory Committee Members in preparing the Audit Report and by the Financial Auditor in preparing the Financial Audit
Report.
- If revisions to the items subject to measures for electronic provision arise, a notice of the revisions and the details of the items
before and after the revisions will be posted on the aforementioned Company’s website and the TSE website.

-2-Reference Documents for the General Meeting of Shareholders
Proposal No. 1

Appropriation of Surplus

We consider the return of profit to our shareholders to be one of our most important management issues, and while
adhering to our principle of maintaining stable dividends over the long term, we would like to make the following
year-end dividend and other appropriation of surplus, taking into consideration the need for strengthening ourcorporate structure and development of future businesses.
1. Year-end dividend(1) Type of dividend property
To be paid in cash.
(2) Allotment of dividend property to shareholders and their aggregate amountThe Company proposes to pay a dividend of ¥70 per common share of the Company.
In this event, the total dividends will be ¥1,425,620,700.
(3) Effective date of dividends of surplus
The effective date of dividends will be June 28, 2024.
If this proposal is approved and adopted in its original form, the annual dividend, together with theinterim dividend of ¥60, will be ¥130, an increase of ¥30 compared to the previous fiscal year.
2. Other appropriation of surplus(1) Item of surplus to be decreased and amount of decrease
Retained earnings brought forward: ¥6,800,000,000(2) Item of surplus to be increased and amount of increase
General reserve: ¥6,800,000,000-3-Proposal No. 2

Election of Five Directors (Excluding Directors Who Are Audit and Supervisory CommitteeMembers)

The terms of office of all five Directors (excluding Directors who are Audit and Supervisory Committee Members;
applicable to the rest of this proposal) will expire at the conclusion of this meeting.
Therefore, the Company proposes the election of five Directors.
The Audit and Supervisory Committee has determined that the election of Director candidates was performed
based on an appropriate nomination procedure, including the review by the voluntary Nomination andRemuneration Advisory Committee the majority of whose members are outside Directors, and that each candidate
is suitable from the perspectives of the qualities of candidates, the status of business execution, and thecomposition of the Board of Directors among others.
The candidates for Director are as follows:
CandidateNo.

12

Number of theCareer summary, and position and responsibility in theCompany’s sharesCompanyowned(Significant concurrent positions outside the Company)
Mar. 1968
Joined the CompanyOct. 1996
Head of Chubu Branch
June 2001
Director
June 2005
Managing Director
Toshiyuki Asai
23,400 shares(June 27, 1945)
June 2009
Representative Senior Management Director
June 2012
President
June 2020
President and Executive Officer
June 2022
Chairman of the Board (current position)[Reasons for nomination as candidate for Director]
Since assuming the position of President of the Company in 2012, he has been driving the business activities of theCompany’s group with strong leadership. He is nominated again as a candidate for Director because of such extensive
experience and achievements he has gained.
Mar. 1982
Joined the Company
June 2009
Head of Chubu Branch
June 2015
DirectorOct. 2015
Head of Kansai Branch
June 2017Managing Director
Hirotsugu Okada
17,200 shares
June 2019
Representative Senior Management Director(December 1, 1958)
June 2019
General Manager of Sales Headquarters
June 2020
Representative Director and Senior
Management Executive Officer
June 2022
President and Executive Officer (currentposition)[Reasons for nomination as candidate for Director]
In addition to the fact that he has served as the general manager covering Chubu and Kansai areas for many years, hehas been deeply involved in the management of the Company’s group as Representative Director. He is nominatedagain as a candidate for Director because of such extensive experience and achievements he has gained.
Name(Date of birth)-4-

Number of theCareer summary, and position and responsibility in theCompany’s sharesCompanyowned(Significant concurrent positions outside the Company)
July 1987
Joined the CompanyApr. 1999
Head of Corporate Planning Office
June 1999
DirectorJune 2001
Managing Director
June 2020
Director and Managing Executive Officer
Masahiro Nakamura
221,900 shares
June 2022
Representative Director and Senior(August 29, 1960)
Management Executive Officer (currentposition)[Significant concurrent positions outside the Company]
Representative Director and Chairman of KOKUSAI BULKTERMINAL CO., LTD.
[Reasons for nomination as candidate for Director]
He has been deeply involved in the management of the Company’s group as Director for many years and, making thebest use of his extensive experience and achievements in corporate management, he commits himself to themanagement of the Company’s group as Representative Director and Chairman of Kokusai Bulk Terminal Co., Ltd.,
which became a consolidated subsidiary of the Company in 2019. He is nominated again as a candidate for Director
because of this experience and commitment.
Mar. 1989
Joined the Company
Apr. 2013
General Manager of Sales Planning Division
Apr. 2016
General Manager of Sales Planning Division
and General Manager of 3PL Business Division
June 2017
DirectorYuichi Ando
9,300 shares
June 2019
Managing Director(April 15, 1965)
June 2019
Deputy General Manager of Sales Headquarters
June 2020
Director and Managing Executive OfficerApr. 2021
General Manager of Sales Headquarters
June 2022
Director and Senior Management ExecutiveOfficer (current position)[Reasons for nomination as candidate for Director]
He has served as the head of the Company’s sales departments for many years, and has extensive knowledge andexperience in marketing and 3PL business. He is nominated again as a candidate for Director because of suchknowledge and experience.
Mar. 1978
Joined the Company
June 2007
General Manager of Accounting Division
Kenichi Ishikawa
June 2012
Director
7,400 shares(September 19, 1953)
June 2017Managing Director
June 2020
Director and Managing Executive Officer(current position)[Reasons for nomination as candidate for Director]
He has been engaged in accounting operations for many years, and served as General Manager of the Accounting
Division of the Company. He also has been involved in the management of the Company’s group as a Director in
charge of areas including accounting, related operations and Digital Transformation (DX). He is nominated again as acandidate for Director because of these achievements.
1. There is no special interest between any of the candidates and the Company.
2. In accordance with Article 430-3, paragraph (1) of the Companies Act, the Company has entered into a directors andofficers liability insurance policy with an insurance company, and an outline of the contents of the said insurance policy
is as described in “2. (2) iii. Overview of a directors and officers liability insurance policy” of the Business Report (inJapanese only). If the elections of candidates for Director are approved, the candidates will continue to be included as
the insured in the said policy. In addition, the Company plans to renew the said insurance policy with the same terms at
the next renewal time.

CandidateNo.

345Notes:Name(Date of birth)-5-Proposal No. 3

Election of Four Directors Who Are Audit and Supervisory Committee Members

The terms of office of all four Directors who are Audit and Supervisory Committee Members will expire at theconclusion of this meeting.
Therefore, the Company proposes the election of four Directors who are Audit and Supervisory CommitteeMembers.
In addition, prior consent of the Audit and Supervisory Committee has been obtained in regard to this proposal.
The candidates for Director who is an Audit and Supervisory Committee Member are as follows:
CandidateNo.

12Number of theCareer summary, and position and responsibility in theCompany’s sharesCompanyowned(Significant concurrent positions outside the Company)
Apr. 1983
Joined The Bank of Yokohama, Ltd.
Apr. 2010
Executive Officer and General Manager ofCredit Department
May 2012
Executive Officer
June 2013
Director and Executive Officer
Apr. 2016
DirectorYasuhiro Shibuya
June 2016
Full-time Audit & Supervisory Board Member
800 shares(February 3, 1961)(outside Audit & Supervisory Board Member)of the Company
June 2020
Director (Full-time Audit and Supervisory
Committee Member) (current position)[Significant concurrent positions outside the Company]
Outside Audit & Supervisory Board Member of Yurindo Co.,Ltd.
[Reasons for nomination as candidate for Director]
He is nominated again as a candidate for Director because of his proven achievements as a full-time Audit andSupervisory Committee Member of the Company in ensuring the adequacy and appropriateness of decision-making by
the Board of Directors and the Audit and Supervisory Committee, based on his experience of deep involvement inmanagement as a director and executive officer of the other company.
Apr. 1971
Joined Mitsubishi Corporation
July 1998
President of CALIFORNIA OILS CORP.
June 2002
Representative Director and President of
KOKUSAI BULK TERMINAL CO., LTD.
June 2002
Representative Director and President of KF
Akinobu Naito
Co., Ltd.
(December 12, 1948)
June 2009
Counselor of KOKUSAI BULK TERMINAL
CO., LTD.
June 2011
Outside Director of the Company
June 2020
Outside Director (Audit and Supervisory
Committee Member) (current position)[Reasons for nomination as candidate for outside Director and expected roles, etc.]
He is nominated again as a candidate for outside Director in order to reflect his extensive experience and broad insight
as a corporate manager at other companies in the management of the Company, and to further strengthen the corporate
governance of the Company.
Name(Date of birth)-6-Number of theCareer summary, and position and responsibility in theCompany’s sharesCompanyowned(Significant concurrent positions outside the Company)
Oct. 1979
Joined Shinko Audit Corporation
Mar. 1983
Registered as a certified public accountant
June 2007
Joined Shin Nihon & Co. (currently, Ernst &Young ShinNihon LLC)
June 2008
Chief Representative of Akio Sato Accounting
Akio Sato
Office (current position)(December 20, 1950)
June 2017
Outside Audit & Supervisory Board Member ofthe Company
June 2019
Outside Director
June 2020
Outside Director (Audit and Supervisory
Committee Member) (current position)[Reasons for nomination as candidate for outside Director and expected roles, etc.]
Although he has not been involved in corporate management other than as an outside officer, he has profound expertiseand experience through his activities as a certified public accountant and has contributed to the Company’s financial
soundness and accuracy as an outside Director of the Company, and therefore he is nominated again as a candidate foroutside Director.
Feb. 1988
Joined Tamanoyu Co., Ltd.
Apr. 1995
Senior Managing DirectorOct. 2003
President and Representative Director (currentposition)
Izumi Kuwano
June 2012
Outside Director of The Oita Bank, Ltd.
(August 1, 1964)
June 2014
Outside Director of Kyushu Railway Company
June 2022
Outside Director (Audit and Supervisory
Committee Member) of the Company (currentposition)[Reasons for nomination as candidate for outside Director and expected roles, etc.]
She has abundant experience and broad knowledge attained as a corporate manager of other companies over manyyears. She is nominated again as a candidate for outside Director as she has contributed to the sustainable growth andmedium- to long-term enhancement of corporate value of the Company, leveraging her insight.
1. There is no special interest between any of the candidates and the Company.
2. Akinobu Naito, Akio Sato and Izumi Kuwano are the candidates for outside Director.
3. Akinobu Naito, Akio Sato and Izumi Kuwano are currently outside Directors of the Company, and at the conclusion ofthis meeting, their tenure will have been 13 years, five years and two years, respectively.
4. The Company has entered into agreements with Akinobu Naito, Akio Sato and Izumi Kuwano to limit their liability fordamages under Article 423, paragraph (1) of the Companies Act, pursuant to the provisions of Article 427, paragraph (1)of the same Act. The maximum amount of liability for damages under said agreements is the minimum liability amountstipulated by laws and regulations. If the reelections of Akinobu Naito, Akio Sato and Izumi Kuwano are approved, theCompany plans to renew said agreements.
5. The Company has submitted notification to the Tokyo Stock Exchange that Akinobu Naito, Akio Sato and Izumi
Kuwano have been designated as independent officers as provided for by the aforementioned exchange. If thereelections of three persons are approved, the Company plans for their designation as independent officers to continue.
6. In accordance with Article 430-3, paragraph (1) of the Companies Act, the Company has entered into a directors andofficers liability insurance policy with an insurance company, and an outline of the contents of the said insurance policy
is as described in “2. (2) iii. Overview of a directors and officers liability insurance policy” of the Business Report (inJapanese only). If the elections of candidates for Director who is an Audit and Supervisory Committee Member areapproved, the candidates will be included as the insured in the said policy. In addition, the Company plans to renew thesaid insurance policy with the same terms at the next renewal time.

CandidateNo.

34Notes:Name(Date of birth)-7-

[Reference] Skills Matrix of Directors upon Conclusion of this General Meeting of Shareholders
Sales &marketing

Finance&accounting

Legalaffairs &compliance

GlobalIndustrialknowledge

NamePosition

Toshiyuki
Asai
Hirotsugu
Okada
Masahiro
Nakamura

Chairman of theBoard○○○

President○○○

Representative
Director○

Yuichi Ando

Director

KenichiIshikawa

Director

Director(Full-Time Audit andSupervisory
Committee Member)
Director(Audit andAkinobu
Supervisory
NaitoCommittee Member)
Director(Audit andAkio Sato
Supervisory
Committee Member)
Director(Audit andIzumi
Supervisory
KuwanoCommittee Member)
Position represents current positions.

OutsideCorporate
management○○

Yasuhiro
Shibuya

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ESG &sustainability○○○○-8-