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: 3526
June 6, 2023
Start date of measures for electronic provision: June 1, 2023
To Our Shareholders:
Shigeyuki Washine, Representative Director andPresident
Ashimori Industry Co., Ltd.
11-61, Senrioka 7-chome, Settsu, Osaka, Japan

Notice of the 123rd Annual General Meeting of Shareholders
You are hereby notified that the 123rd Annual General Meeting of Shareholders of Ashimori Industry Co., Ltd. (the“Company”) will be held 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. (items for which measuresfor providing information in electronic format are to be taken) in electronic format, and posts this information on the
Company’s website. Please access the Company’s website by using the internet address shown below to review the
information.
The Company’s website:
https://www.ashimori.co.jp/ir/library/meeting/ (in Japanese)
In addition to posting items subject to measures for electronic provision on the website 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 shown below, enter“Ashimori Industry” in “Issue name (company name)” or the Company’s securities code “3526” 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].”
TSE website (Listed Company Search):https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)
If you are unable to attend the meeting in person, you may exercise your voting rights in writing (by post) or via theInternet, etc. Please review the reference documents for the Annual General Shareholders Meeting and exercise yourvoting rights by 5:30 p.m. on Thursday, June 22, 2023 by referring to the “Information on how to exercise your voting
rights” listed on pages 3 to 4 (in Japanese only).
1. Date and Time: Friday, June 23, 2023 at 10:00 a.m. (JST) (Reception open at 9:00 a.m.)
2. Venue:First meeting room of the main building of the Company’s Head Office & Osaka Plant
11-61, Senrioka 7-chome, Settsu, Osaka, Japan
3. Purposes:
Items to be reported:
1. Business Report and Consolidated Financial Statements for the 123rd term (April 1, 2022 to March 31,2023), as well as the results of audit of the Consolidated Financial Statements by the Accounting Auditor
and the Audit & Supervisory Board
2. Non-consolidated Financial Statements for the 123rd term (April 1, 2022 to March 31, 2023)
Items to be resolved:
Proposal No. 1
Appropriation of Surplus
Proposal No. 2
Election of Nine Directors
Proposal No. 3
Election of One Audit & Supervisory Board Member-1-Proposal No. 4

Election of One Substitute Audit & Supervisory Board Member When attending the meeting, please submit the enclosed Voting Rights Exercise Form at the reception desk.
 If revisions to the items subject to measures for electronic provision arise, the details of the revisions will be posted on the websites
described on the previous page.
 Among the items subject to measures for electronic provision, in accordance with the provisions of laws and regulations and Article
16 of the Articles of Incorporation of the Company, the following items are not provided in the paper-based documents delivered toshareholders who have made a request for delivery of such documents (for this meeting, the same documents are also sent toshareholders who have not requested the delivery of such documents).
1)“Status of share acquisition rights, etc.” and “System for ensuring the appropriateness of business and overview of theoperational status of the system” of the Business Report
2)“Consolidated statement of changes in equity” and “Notes to consolidated financial statements” of the Consolidated
Financial Statements
3)“Statement of changes in equity” and “Notes to non-consolidated financial statements” of the Non-consolidated
Financial Statements
Of the above, (1) to (3) are part of the Business Report, the Consolidated Financial Statements and the Non-consolidated Financial
Statements audited by the Audit & Supervisory Board Members when preparing the audit report. Also, (2) and (3) of the above arepart of the Consolidated Financial Statements and the Non-consolidated Financial Statements audited by the accounting auditor when
preparing the accounting audit report.

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Reference Documents for the General Meeting of Shareholders
Proposals and Reference Information
Proposal No. 1
Appropriation of Surplus
The Company recognizes the return of profit to shareholders as the most important matter, and our basic policy is topay stable dividends on an ongoing basis.
The Company proposes the appropriation of surplus as follows:
Year-end dividends
Taking into account the business performance, business environment and its internal reserves, the Company proposes
to pay year-end dividends for the fiscal year as follows:(1) Type of dividend property
To be paid in cash.
(2) Allotment of dividend property and aggregate amount thereof
The Company proposes to pay a dividend of ¥50 per common share of the Company.
In this event, the total dividends will be ¥300,305,050.
(3) Effective date of dividends of surplus
The effective date of dividends will be June 26, 2023.

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Proposal No. 2

Election of Nine Directors

The terms of office of the nine Directors, Mr. Shigeyuki Washine, Mr. Futoshi Makimoto, Mr. Takashi Dodo, Mr.
Shuichi Toriyama, Mr. Kazuyoshi Ito, Mr. Hideaki Sekioka, Mr. Haruo Shimizu, Mr. Takashi Shigematsu and Mr.
Yasushi Okada will expire at the conclusion of this meeting. Therefore, the Company proposes the election of nine
Directors.
The election of candidates for Director was reported to the Advisory Board, the majority of whose members are
independent Outside Directors.
The candidates for Director are as follows:
Candidate
No.

Name

Current positions and responsibilities in the Group1

Shigeyuki Washine

Re-election

2

Futoshi Makimoto

Re-election

3

Shuichi Toriyama

Re-election

Representative Director, President, Chief Executive Officer

Director, Managing Executive Officer
Division Manager of the High Performance Products Business
Division
Director, Executive Officer
In charge of Corporate Administration Section and Quantitative
Management, General Manager of Computer Systems Department

4

Kaoru Nagatomi

New election

5

Kazuyoshi Ito

Re-election

6

Hideaki Sekioka

Re-election(Outside)

7

Haruo Shimizu

8

Yasushi Okada

9

Takashi Ogawa

Re-election(Outside)

Re-election(Outside)

New election(Outside)Managing Executive Officer
Division Manager of Automotive Safety Systems Business Division
Director, Executive Officer
General Manager of PALTEM Management Group, Head of Tokyo
Office, Representative Director and President of Ashimori Engineering
Co., Ltd.

Outside Director

Outside Director

Outside Director--4-Candidate
No.

Name
(Date of birth)

Career summary, positions and responsibilities in the Company(Significant concurrent positions outside the Company)
Apr. 1981
Feb. 2014

1

2

3

Number of theCompany’s shares
ownedJoined The Japan Wool Textile Co., Ltd.
Executive Officer of The Japan Wool Textile
Co., Ltd.
June 2015
Outside Director of the Company
Feb. 2016
Director and Managing Executive Officer of
Shigeyuki Washine
11,400
The Japan Wool Textile Co., Ltd.
(November 12, 1956)
June 2018
Representative Director, President and Chief
Executive Officer of the Company (current
position)
Division Manager of Automotive Safety
Systems Business Division[Reasons for nomination as a candidate for Director]
Since assuming office as President in 2018, Mr. Shigeyuki Washine has been supervising the management and making
decisions on important matters appropriately through his strong leadership to enhance the business performance. Basedon these achievements and abundant experience, the Company judges that he is the right person to sustainably enhance
the Company’s corporate value, and therefore proposes his continued election as Director.
Aug. 1987
Joined the Company
Apr. 2011
General Manager of PALTEM Sales
Department of the Company
June 2016
President of Ashimori Engineering Co., Ltd.
June 2017
Executive Officer of the Company
Futoshi Makimoto
2,600
Nov. 2018
General Manager of PALTEM Management(January 26, 1959)
Group of the Company
June 2019
Director, Managing Executive Officer andDivision Manager of the High Performance
Products Business Division of the Company(current position)[Reasons for nomination as a candidate for Director]
Mr. Futoshi Makimoto has been supervising the management and making decisions on important matters appropriately
as Director, has been promoting expansion/re-establishment of the production system and improvement in technology,
and has been striving to enhance sales and profitability as Managing Executive Officer and Division Manager of theHigh Performance Products Business Division. Based on these achievements, the Company judges that he is the right
person to sustainably enhance the Company’s corporate value, and therefore proposes his continued election as
Director.
Apr. 1983
Joined The Japan Wool Textile Co., Ltd.
Feb. 2007
General Manager of Finance Department of
The Japan Wool Textile Co., Ltd.
Feb. 2016
Audit and Supervisory Board Member of The
Japan Wool Textile Co., Ltd.
Shuichi Toriyama
900
June 2020
Director, Executive Officer, General Manager(January 31, 1960)
of Computer Systems Department of theCompany (current position)
June 2021
In charge of Corporate Administration Section
and Quantitative Management of the Company(current position)[Reasons for nomination as a candidate for Director]
Mr. Shuichi Toriyama had been engaged in planning, finance and accounting at other companies for many years, andhas abundant knowledge and experience in the Administration Division. He has been supervising the management andmaking decisions on important matters appropriately as Director of the Company. In addition, he has been working on
establishing the Group management structure and IT system of the Company by concurrently being in charge of the
Corporate Administration Section and serving as General Manager of the Computer Systems Department. Moreover,taking charge of Quantitative Management, he has been promoting company-wide cost management and reinforcementof the management of Group companies. Based on these achievements, the Company judges that he is the right person
to sustainably enhance the Company’s corporate value, and therefore proposes his continued election as Director.

-5-Candidate
No.

Name
(Date of birth)

Career summary, positions and responsibilities in the Company(Significant concurrent positions outside the Company)
Jan. 2019

4

5

Number of theCompany’s shares
ownedJoined Toyoda Gosei Co., Ltd.
Project General Manager of Safety System
Technology Department of Toyoda Gosei Co.,Ltd.
June 2021
Executive Officer for Development of*Kaoru Nagatomi
0
Automotive Safety Systems Business Division(April 16, 1965)of the Company
Apr. 2022
Managing Executive Officer and Division
Manager of Automotive Safety Systems
Business Division of the Company (current
position)[Reasons for nomination as a candidate for Director]
Mr. Kaoru Nagatomi has been strengthening the quality assurance system as Managing Executive Officer and Division
Manager of Automotive Safety Systems Business Division of the Company. He has been promoting the Group’s cost
reduction measures and the establishment of a cooperative system with Toyoda Gosei Co., Ltd., and has been striving toenhance sales and profitability. Based on these achievements, the Company judges that he is the right person tosustainably enhance the Company’s corporate value, and therefore proposes his election as new Director.
Mar. 1988
Joined the Company
Apr. 2014
General Manager of PALTEM Sales
Department of the Company
June 2019
Executive Officer of the Company, General
Manager of PALTEM Management Group,
Kazuyoshi Ito
Representative Director and President of
1,300(December 25, 1959)
Ashimori Engineering Co., Ltd. (current
position)
June 2021
Head of Tokyo Branch of the Company (current
position)
June 2022
Director of the Company (current position)[Reasons for nomination as a candidate for Director]
Mr. Kazuyoshi Ito has been supervising the management and making decisions on important matters appropriately as
Director, and has been striving to enhance the production and sales system and improve technology in the area ofpipeline rehabilitation as General Manager of PALTEM Management Group and Representative Director and Presidentof Ashimori Engineering Co., Ltd., which is our group company. Based on these achievements, the Company judgesthat he is the right person to sustainably enhance the Company’s corporate value, and therefore proposes his continued
election as Director.

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Candidate
No.

Name
(Date of birth)

Career summary, positions and responsibilities in the Company(Significant concurrent positions outside the Company)
Apr. 1976

6

7

Number of theCompany’s shares
ownedJoined Agricultural Structure Improvement
Bureau of Ministry of Agriculture and Forestry(now Ministry of Agriculture, Forestry and
Fisheries (MAFF))
July 2007
Director of Chugoku-Shikoku Regional
Agricultural Administration Office of MAFF
May 2009
Executive Director of Advice Center for Rural
Hideaki Sekioka
Environment Support
0(February 12, 1953)
May 2011
Executive Director of Japan Association of
Rural Solutions for Environmental
Conservation and Resource Recycling
Dec. 2013
Officer/Vice President of Sanyu Consultants
Inc.
June 2018
Outside Director of the Company (current
position)[Reasons for nomination as a candidate for Outside Director and his expected roles]
Mr. Hideaki Sekioka had been engaged in administration in the Ministry of Agriculture, Forestry and Fisheries and the
management of other companies, has abundant experience and broad knowledge, and has been supervising the Board of
Directors from an independent standpoint. In addition, he has been actively involved in strengthening the independence
and objectivity of procedures regarding the nomination and remuneration of officers and improving corporate
governance as Chairman of the Advisory Board, which is an advisory body of the Board of Directors and theRepresentative Director. Based on these achievements, the Company expects him to strengthen the decision-making andsupervisory functions of the Board of Directors, and therefore proposes his continued election as Outside Director.
Feb. 1970
Joined Daikin Manufacturing Co., Ltd. (nowExedy Corporation)
June 2006
President & CEO of Exedy Corporation
Apr. 2015
Chairman of Exedy Corporation
June 2016
Advisor of Exedy Corporation
Haruo Shimizu
0June 2019
Outside Director of the Company (current(January 7, 1947)
position)(Significant concurrent positions outside the Company)
Outside Director (Audit & Supervisory Committee Member) of
Bando Chemical Industries, Ltd.
Outside Director of Suminoe Textile Co., Ltd.
[Reasons for nomination as a candidate for Outside Director and his expected roles]
Mr. Haruo Shimizu had been engaged in the management of Exedy Corporation for many years, has abundant
experience and broad knowledge, and has been providing appropriate advice and supervised the Board of Directors
from an independent standpoint. In addition, he has been actively involved in strengthening the independence andobjectivity of procedures regarding the nomination and remuneration of officers and improving corporate governance asa member of the Advisory Board, which is an advisory body of the Board of Directors and the Representative Director.
Based on these achievements, the Company expects him to strengthen the decision-making and supervisory functions of
the Board of Directors, and therefore proposes his continued election as Outside Director.

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Candidate
No.

Name
(Date of birth)

Career summary, positions and responsibilities in the Company(Significant concurrent positions outside the Company)
Apr. 1993
June 201689

Notes:

1.
2.
3.
4.

5.

6.

Number of theCompany’s shares
ownedJoined Toyoda Gosei Co., Ltd.
General Manager of Safety System Planning
Department of Toyoda Gosei Co., Ltd.
Jan. 2020
General Manager of Safety System Technology
Department of Toyoda Gosei Co., Ltd.
June 2020
Deputy Director of Product Development
Center of Toyoda Gosei Co., Ltd.
Yasushi Okada
0(July 26, 1968)
June 2021
Outside Director of the Company (current
position)
June 2022
Deputy Chief of SS Business Headquarters of
Toyoda Gosei Co., Ltd. (current position)(Significant concurrent positions outside the Company)
Deputy Chief of SS Business Headquarters of Toyoda Gosei
Co., Ltd.
[Reasons for nomination as a candidate for Outside Director and his expected roles]
Mr. Yasushi Okada has been serving as Deputy Chief of SS Business Headquarters of Toyoda Gosei Co., Ltd., and iswell versed in the domain of automotive parts, particularly the safety system area. He has been supervising the Board of
Directors and giving advice on our automotive safety systems business. He has not been involved in the management of
a company except as an outside director. However, based on these achievements, the Company expects him tostrengthen the decision-making and supervisory functions of the Board of Directors, and therefore proposes his
continued election as Outside Director.
Apr. 1982
Joined Toyota Motor Co., Ltd. (now Toyota
Motor Corporation)
Jan. 2005
General Manager of Electronics Engineering
Division 2 of Toyota Motor Corporation
Jan. 2012
Vice Group General Manager of AE*Takashi Ogawa
Engineering Group of Fujitsu Ten Limited (now0
DENSO TEN Limited)(August 10, 1957)
Apr. 2015
Executive Officer and Group General Manager
of AE Engineering Group of Fujitsu Ten
LimitedApr. 2019
Senior Executive Officer and Director of
DENSO TEN Limited[Reasons for nomination as a candidate for Outside Director and his expected roles]
Mr. Takashi Ogawa has been involved in the development of electronic components for automobiles for many years atother companies, and is well versed in the domain of automotive parts. He also has abundant experience and broad
knowledge, having served as a director and so forth. Based on these achievements, the Company expects him to advise
the Company’s automotive safety systems business and strengthen the decision-making and supervisory functions of
the Board of Directors, and therefore proposes his election as new Outside Director.
New candidates are indicated by an asterisk (*).
There is no special interest between any of the candidates and the Company.
Four people, Mr. Hideaki Sekioka, Mr. Haruo Shimizu, Mr. Yasushi Okada and Mr. Takashi Ogawa, are candidates for
Outside Director.
Three people, Mr. Hideaki Sekioka, Mr. Haruo Shimizu and Mr. Yasushi Okada, are currently Outside Directors of theCompany, and at the conclusion of this meeting, the terms of office as Outside Directors will be as follows:
Mr. Hideaki Sekioka: 5 years, Mr. Haruo Shimizu: 4 years and Mr. Yasushi Okada: 2 years
Pursuant to the provisions of Article 427, paragraph (1) of the Companies Act, the Company has entered into agreementswith three people, Mr. Hideaki Sekioka, Mr. Haruo Shimizu and Mr. Yasushi Okada, to limit their liability for damages
under Article 423, paragraph (1) of the same Act. The limit of liability for damages under such agreements is the minimum
liability amount prescribed in Article 425, paragraph (1) of the Companies Act. If the re-election of three candidates, Mr.
Hideaki Sekioka, Mr. Haruo Shimizu and Mr. Yasushi Okada is approved, the Company plans to renew these agreementswith each of them. If Mr. Takashi Ogawa assumes the office of Outside Director, the Company plans to enter into the same
agreement with him to limit his liability.
The Company has registered both Mr. Hideaki Sekioka and Mr. Haruo Shimizu as independent officers as provided for by
the Tokyo Stock Exchange. If the re-election of two candidates, Mr. Hideaki Sekioka and Mr. Haruo Shimizu is approved,
the Company plans to continue designating them as independent officers. If Mr. Takashi Ogawa assumes the office of-8-

Outside Director, the Company plans to designate him as an independent officer as provided for by the Tokyo Stock
Exchange.
7. Pursuant to the provisions of Article 430-3, paragraph (1) of the Companies Act, the Company has entered officers’ anddirectors’ liability insurance with an insurance company and an overview of the content of the insurance policy is listed
in the Business Report (please refer to page 18) (in Japanese only). If the election of the candidates for Director is approved,
they will be also covered by the insurance policy.

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Proposal No. 3

Election of One Audit & Supervisory Board Member

The term of office of Shunji Nishida will expire at the conclusion of this meeting. Therefore, the Company proposes
the election of one new Audit & Supervisory Board Member.
The term of office of the Audit & Supervisory Board Member to be elected will be until the conclusion of the Annual
General Meeting of Shareholders for the fiscal year ending March 31, 2027.
Prior consent of the Audit & Supervisory Board has been obtained for the submission of this proposal.
The candidate for Audit & Supervisory Board Member is as follows:
Name(Date of birth)

Career summary and positions in the Company(Significant concurrent positions outside the Company)
Apr. 1982
June 2009

Number of theCompany’s shares
ownedJoined UNITIKA LTD.
General Manager of Corporate Control Department,
Corporate Planning Division and General Manager ofPolymerization Planning Division of UNITIKA LTD.
July 2012
Executive Officer and General Manager of Corporate
Mitsuhiro Morikawa
Planning Division of UNITIKA LTD.
0
(January 12, 1958)
July 2013
Senior Executive Officer of UNITIKA LTD.
June 2018
Audit & Supervisory Board Member (Full-time) of
UNITIKA LTD.
June 2022
Advisor of UNITIKA LTD.
Jan. 2023
Resigned as Advisor of UNITIKA LTD.
[Reasons for nomination as a candidate for Outside Audit & Supervisory Board Member]
Mr. Mitsuhiro Morikawa has served for many years in the management and administration divisions of other companies. He also hasabundant experience and broad knowledge, having served as an audit & supervisory board member and so forth. Based on theseachievements, the Company judges that he will appropriately fulfill his duties as an Outside Audit & Supervisory Board Member,and therefore proposes his election as a new Outside Audit & Supervisory Board Member.
Notes: 1. Mr. Mitsuhiro Morikawa is a new candidate.
2. There is no special interest between the candidate and the Company.
3. Mr. Mitsuhiro Morikawa is a candidate for Outside Audit & Supervisory Board Member who satisfies the requirements
for an Outside Audit & Supervisory Board Member.
4. If Mr. Mitsuhiro Morikawa assumes the office of Audit & Supervisory Board Member, the Company plans, pursuant to
the provisions of Article 427, paragraph (1) of the Companies Act, to enter into an agreement with her to limit her liability
for damages under Article 423, paragraph (1) of the same Act. The limit of liability for damages under such agreement is
the minimum liability amount prescribed in Article 425, paragraph (1) of the Companies Act.
5. If Mr. Mitsuhiro Morikawa assumes the office of Audit & Supervisory Board Member, the Company plans to designate
her as an independent officer as provided for by the Tokyo Stock Exchange.
6. Pursuant to the provisions of Article 430-3, paragraph (1) of the Companies Act, the Company has entered officers’ anddirectors’ liability insurance with an insurance company and an overview of the content of the insurance policy is listed
in the Business Report (please refer to page 18) (in Japanese only). If the election of the candidate for Audit & Supervisory
Board Member is approved, he will be also covered by the insurance policy.

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[Reference] Officers’ skill matrix after the conclusion of the General Meeting of Shareholders
If proposals 2 and 3 are approved as they are, the officers’ skill matrix will be as follows:
Corporate

Legal affairs

management

Compliance

Human
resources

Finance

Manufacturing

Accounting

Technology

Position

Name

Director

Shigeyuki Washine〇〇

Director

Futoshi Makimoto〇〇

Director

Shuichi Toriyama〇

Director

Kaoru Nagatomi

Director

Kazuyoshi Ito〇〇

Hideaki Sekioka〇〇

Haruo Shimizu〇

Director(Outside)
Director(Outside)
Director(Outside)
Director(Outside)
Audit &
Supervisory
Board
MemberLabor
management

〇

〇

〇
〇

〇
〇

Yasushi Okada
Takashi Ogawa

Global〇〇Hiroyuki Sakuragi〇

Masami Oishi

〇

〇

〇

Audit &
Supervisory
Board
Member〇(Outside)
Audit &
Supervisory
Board
MemberMitsuhiro〇

Morikawa〇(Outside)Note:
The table above does not necessarily indicate all knowledge and experience that each person has.

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Proposal No. 4

Election of One Substitute Audit & Supervisory Board Member

The effectiveness of the election of a substitute Audit & Supervisory Board Member, Mr. Takeo Morisawa, who waselected at the 122nd Annual General Meeting of Shareholders on June 24, 2022, will expire at the commencement of
this meeting. Therefore, the Company proposes the election of one substitute Audit & Supervisory Board Member tobe ready to fill a vacant position should the number of Audit & Supervisory Board Members fall below the number
required by laws and regulations pursuant to the provisions of Article 329, paragraph (3) of the Companies Act.
In addition, prior consent of the Audit & Supervisory Board has been obtained for the submission of this proposal.
The candidate for substitute Audit & Supervisory Board Member is as follows:
Name(Date of birth)

Career summary and positions in the Company(Significant concurrent positions outside the Company)
Apr. 1989

Number of theCompany’s shares
ownedRegistered as a lawyer
Joined Kyowa-sogo Law Office
Takeo Morisawa
Apr. 1995
Established Takeo Morisawa Law Office (current position)
0(August 27, 1961)(Significant concurrent positions outside the Company)
Lawyer of Takeo Morisawa Law Office[Reasons for nomination as a candidate for substitute Outside Audit & Supervisory Board Member]
Mr. Takeo Morisawa has not been directly involved in the management of a company. However, based on his expertise and broad
experience as a lawyer, the Company judges that he will appropriately fulfill his duties as an Outside Audit & Supervisory Board
Member, and therefore proposes his continued election as a substitute Outside Audit & Supervisory Board Member.
Notes: 1. There is no special interest between the candidate and the Company.
2. Mr. Takeo Morisawa is a candidate for substitute Outside Audit & Supervisory Board Member who satisfies therequirements for an Outside Audit & Supervisory Board Member.
3. If Mr. Takeo Morisawa assumes the office of Audit & Supervisory Board Member, the Company plans, pursuant to theprovisions of Article 427, paragraph (1) of the Companies Act, to enter into an agreement with him to limit his liability
for damages under Article 423, paragraph (1) of the same Act. The limit of liability for damages under such agreement is
the minimum liability amount prescribed in Article 425, paragraph (1) of the Companies Act.
4. If Mr. Takeo Morisawa assumes the office of Audit & Supervisory Board Member, the Company plans to designate him
as an independent officer as provided for by the Tokyo Stock Exchange.
5. Pursuant to the provisions of Article 430-3, paragraph (1) of the Companies Act, the Company has entered officers’ anddirectors’ liability insurance with an insurance company and an overview of the content of the insurance policy is listed
in the Business Report (please refer to page 18) (in Japanese only). If Mr. Takeo Morisawa assumes the office of Audit &Supervisory Board Member, he will be also covered by the insurance policy.

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