Note: This document has been translated from a part of the Japanese original for reference purposes only. Inthe 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)
March 9, 2021
To Shareholders with Voting Rights:
Mitsuo Inada
President and CEO
THE PACK CORPORATION
2-9-9 Higashiobase, Higashinari-ku, Osaka

NOTICE OF
THE 69th 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 69th Annual General Meeting of Shareholders of THE PACKCORPORATION (the “Company”). The meeting will be held for the purposes as described below.
You can exercise your voting rights in writing in lieu of attending the meeting. Please review theattached Reference Documents for the General Meeting of Shareholders, indicate your approval ordisapproval for each proposal on the enclosed Voting Rights Exercise Form and return it, ensuring itarrives by 5:30 p.m. on Wednesday, March 24, 2021, Japan time.

1. Date and Time:Thursday, March 25, 2021 at 11:00 a.m. Japan time
(Reception starts at 10:00 a.m.)

2. Place:

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
69th Fiscal Year (January 1, 2020 - December 31, 2020) 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 69th Fiscal Year
(January 1, 2020 - December 31, 2020)
Proposals to be resolved:
Appropriation of Surplus
Proposal 1:
Election of Nine (9) Directors
Proposal 2:-1-

When attending the meeting, please submit the enclosed Voting Rights Exercise Form at the reception desk.
Among the documents that should be provided with this Notice, the Notes to Consolidated Financial
Statements and Notes to Non-consolidated Financial Statements are posted and disclosed on the Company’swebsite (https://www.thepack.co.jp/) in accordance with provisions of laws and regulations as well asArticle 16 of the Company’s Articles of Incorporation, and therefore are not provided in the Appendix ofthis Notice. Accordingly, the Consolidated Financial Statements and Non-consolidated Financial
Statements included in the Appendix of this Notice are a part of the Consolidated Financial Statements andNon-consolidated Financial Statements audited by the Auditors and the Accounting Auditor in thepreparation of audit reports.
Should the Reference Documents for the General Meeting of Shareholders, Business Report, Consolidated
Financial Statements or Non-consolidated Financial Statements require revisions, the revised versions will
be posted on the Company’s website (https://www.thepack.co.jp/).

-2-Measures to Prevent Spread of Novel Coronavirus (COVID-19) Infection
As a result of careful consideration in response to the spread of COVID-19 infections, the Company has
decided to hold this General Meeting of Shareholders with appropriate infection prevention measures in place
as below for the safety of our shareholders.
As part of the measures to prevent the spread of COVID-19 infections, we kindly ask you to consider
refraining from attending the meeting in person this year.
Exercising your voting rights in advanceYou can exercise your voting rights in writing instead of attending the General Meeting of Shareholders inperson.
Please review the Business Report and Reference Documents for the General Meeting of Shareholders
provided in this Notice, indicate your approval or disapproval for each proposal on the enclosed Voting Rights
Exercise Form and return it by mail, ensuring it arrives by the exercise deadline below.
Exercise deadline: 5:30 p.m. on Wednesday, March 24, 2021, Japan time
Questions will be accepted in advance
We will be accepting your questions in advance on the website below.
(https://www.thepack.co.jp/contact/shareholders_contact.html)
Questions deemed to be of particular interest to shareholders will be answered promptly on the website after
the General Meeting of Shareholders.
Requests for shareholders attending in person
Shareholders considering attending this General Meeting of Shareholders are kindly requested to pay
attention to the status of the spread of infection and their own health conditions on the day of the meeting, takepreventive measures against infection and spread, such as wearing a mask, and make a careful decision so as
not to force themselves to attend the meeting.
Measures taken by the Company on the day of the General Meeting of Shareholders
Please note that to reduce the risk of infection on the day of the meeting, we plan to implement measures
such as shortening the meeting time, ensuring adequate spacing between seats, and having attendants wear aface mask and disinfect their hands with alcohol.

-3-Reference Documents for the General Meeting of Shareholders
Proposals and References
Proposal 1:

Appropriation of Surplus

Concerning appropriation of surplus for the 69th 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
30 yen per share of the Company’s common stock
Total amount: 569,719,590 yen
As the Company paid an interim dividend of 30 yen per share in September 2020, the full-year
dividends will be 60 yen per share.
(2) Effective date of distribution of surplus
March 26, 2021-4-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

Current position

Attendance at Board ofDirectors’ Meetings
17 of 17 meetings
17 of 17 meetings
17 of 17 meetings
17 of 17 meetings
17 of 17 meetings
17 of 17 meetings

12345
6

[Reappointment][Reappointment][Reappointment][Reappointment][Reappointment][Reappointment]

Mitsuo Inada
Teruo Takinoue
Hideaki Yamashita
Susumu Okada
Michihisa Fujii
Norio Ashida

78[Reappointment][Reappointment][External][Independent][Reappointment][External][Independent]

Shuichi Nakamura

President and CEO
Senior Managing Director
Senior Managing Director
Managing Director
Managing Director
Managing Director
Director

Hirofumi Hayashi

Director

17 of 17 meetings

Uichiro Nishio

Director

17 of 17 meetings

9-5-17 of 17 meetings

No.

12Name(Date of birth)

Past experience, positions, responsibilities and significant concurrent positions

Number ofshares of theCompany heldApril 1980
Joined the Company
January 2003
General Manager, Tokyo Sales Division No. 2
March 2004
Director
Mitsuo Inada
January 2008
Managing Director(December 11, 1956) January 2010
Divisional General Manager, Eastern Japan Sales Division
22,800March 2015
Senior Managing Director[Reappointment]
January 2016
Divisional General Manager, Western Japan Sales Division
January 2017
Divisional General Manager, Sales Division
March 2017
Executive Vice President
March 2018
President and CEO (to present)[Reason for nomination as candidate for Director]
Since joining the Company, he has mainly been engaged in the operations of sales departments. From 2018, 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 theposition. Therefore, the Company nominates him again as a candidate for Director.
Joined the Company
April 1984
General Manager, Osaka Production Division
January 2008
Director
Teruo Takinoue
March 2011
Deputy Divisional General Manager, Production Division(April 30, 1961)
January 2012
11,000
Divisional General Manager, Packaging Products Division
April 2014
Managing Director
March 2015
[Reappointment]
Divisional General Manager, Production Division (to present)
January 2017
Senior Managing Director (to present)
March 2018
[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 Senior Managing Director 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 is qualified for the position. Therefore, the Company nominates him again as a candidate for Director.

-6-No.

34Name(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
Hideaki Yamashita
Corporate Officer(June 7, 1957)
Director
10,300
Divisional General Manager, Eastern Japan Sales Division[Reappointment]
Managing Director
Senior Managing Director (to present)
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 Senior
Managing Director in the role of Divisional General Manager of Sales Division. He has extensive operational experienceand 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.
Joined the Company
April 1982
General Manager, Purchasing Division
January 2010
Corporate Officer
January 2011
Director
Susumu Okada
March 2016
Divisional General Manager, Western Japan Sales Division(November 11, 1958) January 2017
9,600Managing Director (to present)
March 2017
January 2019
Divisional General Manager, Packaging Products Market[Reappointment]
Division (to present)
Deputy Divisional General Manager, Sales Division (topresent)[Reason for nomination as candidate for Director]
Since joining the Company, he has mainly been engaged in sales and purchasing operations. Currently, he serves as
Managing Director in the roles of Divisional General Manager of Packaging Products Market Division and Deputy
Divisional General Manager of Sales Division. He has extensive operational experience and insight regarding all aspects ofmanagement, and we believe he is qualified for the position. Therefore, the Company nominates him again as a candidatefor Director.

-7-No.

Name(Date of birth)

Past experience, positions, responsibilities and significant concurrent positions
April 2005
April 2005

567

Number ofshares of theCompany held

Joined the Company
Department Manager, Planning and Development Dept.,
Purchasing Division
Michihisa Fujii
January 2008
Department Manager, Corporate Planning Dept.
(August 21, 1958)
7,700
January 2012
Corporate Officer
March 2014
Director[Reappointment]
March 2017
Divisional General Manager, Administration Division
March 2018
Managing Director (to present)
January 2019
Divisional General Manager, Corporate Division (to present)[Reason for nomination as candidate for Director]
Since joining the Company, he has been engaged in the operations of purchasing and corporate planning departments.
Currently, he serves as Managing Director in the role of 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 theposition. Therefore, the Company nominates him again as a candidate for Director.
Joined the Company
April 1986
General Manager, Tokyo Sales Division No. 4January 2011
Norio Ashida
Corporate OfficerJanuary 2015
(November 20, 1963)
Managing Corporate Officer3,800
January 2019
Divisional General Manager, Eastern Japan Sales Division (toJanuary 2019
[Reappointment]
present)
Managing Director (to present)
March 2020
[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 Divisional General Manager of Eastern 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 again as a candidate for Director.
Joined the Company
April 1983Head, Audit Dept.
October 2002
Shuichi Nakamura
Department Manager, Finance Department
January 2011
(May 29, 1958)
6,100
Corporate Officer
January 2015
Director (to present)
March 2017
[Reappointment]
Deputy Divisional General Manager, Corporate Division (toJanuary 2019present)[Reason for nomination as candidate for Director]
Since joining the Company, he has been engaged in the operations of sales, audit and finance departments. Currently, heserves as Director in the role of Deputy Divisional General Manager of Corporate Division. He has extensive operational
experience and knowledge 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)

9October 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 (to2,000present)[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 reason for judgment of the Company that he willappropriately fulfill the duties as External Director]
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 Director in order for him tocontinue utilizing his experience and knowledge in the management of the Company.
Registered as a certified public accountant
March 1982
December 1983 Registered as a certified tax accountant
Representative Partner, Seiwa Audit & Accounting Firm
July 1999
Representative Partner, Deloitte Touche Tohmatsu LLC
July 2002
Uichiro Nishio
Professor, Institute of Business and Accounting, Professional
April 2005
(March 7, 1955)
Graduate School, Kwansei Gakuin University (to present)
External Auditor, the Company
March 2015
1,600
[Reappointment]
External Director (to present)
March 2018
[External](Significant concurrent positions)[Independent]
Professor, Institute of Business and Accounting, Professional Graduate School,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 reason for judgment of the Company that he willappropriately fulfill the duties as External Director]
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 Director in order for him tocontinue utilizing his experience and knowledge in the management of the Company.
Hirofumi Hayashi(August 17, 1965)

8

Past experience, positions, responsibilities and significant concurrent positions-9-(Notes)
1. There are no special conflicts of interest between the candidates for Director and the Company.
2. Messrs. Hirofumi Hayashi and Uichiro Nishio are candidates for External Director as stipulated in Article 2, paragraph(3), item (vii) of the Regulation for Enforcement of the Companies Act. The Company has appointed them as
Independent Directors based on Article 436-2 of the Securities Listing Regulations of the Tokyo Stock Exchange.
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 six 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 Nishino will have served asExternal Director of the Company for three years. He had also served as Auditor of the Company in the past.
5. Messrs. Hirofumi Hayashi and Uichiro Nishio are neither executives nor officers of a Specified Associated ServiceProvider of the Company as stipulated in Article 2, paragraph (3), item (xix) of the Regulation Ordinance for
Enforcement of the Companies Act, nor have they been executives or officers of a Specified Associated Service Providerof the Company in the past five 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 ofthe Company.
6. 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 the two 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 failureto perform his/her duties shall be the minimum amount stipulated in Article 427, paragraph (1) of the Companies
Act.
The above liability limitation applies only in cases where an External Director performed his/her duties giving rise
to such responsibilities in good faith and without gross negligence.
7. 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. In the event that the reappointment of each candidate is approved,
they will continue to be included as insured persons in this insurance policy.

- 10 -