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 10, 2023
Start date of measures for providing information in electronic format: March 6, 2023
To Shareholders with Voting Rights:
Hideaki Yamashita
President and CEO
THE PACK CORPORATION
2-9-9 Higashiobase, Higashinari-ku, Osaka

NOTICE OF
THE 71st 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 71st 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 71st 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 only)
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 (company name) or securities
code, 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 only)
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 Monday, March 27, 2023, Japan time.

-1-1. Date and Time:

Tuesday, March 28, 2023 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
71st Fiscal Year (January 1, 2022 - December 31, 2022) 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 71st Fiscal Year
(January 1, 2022 - December 31, 2022)
Proposals to be resolved:
Appropriation of Surplus
Proposal 1:
Election of Nine (9) Directors
Proposal 2:
Election of Two (2) Auditors
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 for the Company’s proposals and a disapproval vote for theshareholder’s proposals.
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.

-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 infection, 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 infection, 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 or via the Internet, etc. instead of attending the General Meetingof Shareholders in person. For details of methods for exercising voting rights, please see “Information on
Exercise of Voting Rights” on this Notice.
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 (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.
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, and make a careful decision so as not to force themselves toattend 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 and having attendants disinfect their hands with alcohol.

-3-

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:
Tuesday, March 28, 2023 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., Monday, March 27, 2023.
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., Monday, March 27, 2023.

How to Fill Out Your Voting Form
Proposal 1
To mark your approval

Circle “Approve.”To mark your disapproval

Circle “Disapprove.”

Proposals 2 and 3
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.

-4-

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.
Note that you can log in to the website only once by using the QR Code.
If you wish to redo your vote or exercise your voting rights without using the QR Code, please refer to“Entering login ID and temporary password” below.
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. Register a new password.
4. 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 Trustand 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.

-5-

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

Appropriation of Surplus

Concerning appropriation of surplus for the 71st 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
35 yen per share of the Company’s common stock
Total amount: 665,326,865 yen
As the Company paid an interim dividend of 30 yen per share in September 2022, the full-year
dividends will be 65 yen per share.
(2) Effective date of distribution of surplus
March 29, 2023

-6-

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.
1
2
3
4
5
6
7

8

9

Name
[Reappointment][Reappointment][Reappointment][Reappointment][Reappointment][Reappointment][Reappointment][External][Independent][Reappointment][External][Independent][Reappointment][External][Independent]

GenderCurrent position

Attendance at Board of
Directors Meetings
18 of 18 meetings
18 of 18 meetings
18 of 18 meetings
18 of 18 meetings
18 of 18 meetings
14 of 14 meetings

Hideaki Yamashita
Teruo Takinoue
Susumu Okada
Michihisa Fujii
Norio Ashida
Haruyasu Ito

M
M
M
M
M
M

President and CEO
Vice PresidentManaging Director
Managing Director
Managing Director
Director

Hirofumi Hayashi

M

Director

18 of 18 meetings

Uichiro Nishio

M

Director

18 of 18 meetings

Kaoru Kasahara

F

Director

14 of 14 meetings

-7-

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)
17,100
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.
Joined the Company
April 1984
General Manager, Osaka Production Division
January 2008
Director
March 2011
Teruo Takinoue
Deputy Divisional General Manager, Production Division
January 2012
(April 30, 1961)
Divisional General Manager, Packaging Products Division
April 2014
16,000Managing Director
March 2015
[Reappointment]
Divisional General Manager, Production Division (to present)
January 2017
Senior Managing Director
March 2018
Vice President (to present)
March 2022
[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.

-8-

No.

Name
(Date of birth)

Past experience, positions, responsibilities and significant concurrent positions

Joined the Company
General Manager, Purchasing DivisionCorporate Officer
Director
Divisional General Manager, Western Japan Sales Division
13,000Managing Director (to present)
Deputy Divisional General Manager, Sales Division
Divisional General Manager, Packaging Products Market
Division
March 2022
Divisional General Manager, Sales Division (to present)[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 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.
April 2005
Joined the Company
April 2005
Department Manager, Planning and Development Dept.,
Purchasing Division
Michihisa Fujii
January 2008
Department Manager, Corporate Planning Dept.
(August 21, 1958)
11,200January 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 the
position. Therefore, the Company nominates him again as a candidate for Director.

April 1982
January 2010
January 2011
March 2016
Susumu Okada(November 11, 1958) January 2017
March 2017
January 2019
[Reappointment]
3

4

Number ofshares of theCompany held

-9-

No.

5

6

Name
(Date of birth)

Past experience, positions, responsibilities and significant concurrent positions

Number ofshares of theCompany held

Joined the Company
General Manager, Tokyo Sales Division No. 4
Corporate Officer
Managing Corporate Officer
6,100
Divisional General Manager, Eastern Japan Sales Division
Managing Director (to present)
Deputy Divisional General Manager, Sales Division (to present)
Divisional General Manager, Packaging Products Market
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 roles of Deputy Division General Manager of Sales Division and Divisional General Manager of Packaging
Products Market Division. He has extensive operational experience and insight regarding all aspects of management, andwe 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
General 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
1961)
1,600
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 Division 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.

April 1986
January 2011
January 2015
Norio Ashida
January 2019
(November 20, 1963)
January 2019
March 2020
[Reappointment]
March 2022

- 10 -

No.

Name(Date of birth)8

Number ofshares of theCompany held

Joined Century Audit Corporation
Registered as a certified public accountant
Established Hayashi CPA and Tax Accountant Office (topresent)
3,300[Reappointment]
Registered as a certified tax accountant
March 2001
[External]
External Auditor, the Company
March 2014
[Independent]
External Director (to present)
March 2015
[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
April 2005
Professor, Institute of Business and Accounting, Professional
Uichiro Nishio
Graduate School, Kwansei Gakuin University (to present)(March 7, 1955)
March 2015
External Auditor, the Company
2,900[Reappointment]
March 2018
External Director (to present)[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 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)

7

Past experience, positions, responsibilities and significant concurrent positions
October 1991
August 1995
January 2001

- 11 -

No.

Name(Date of birth)

Past experience, positions, responsibilities and significant concurrent positions

Number ofshares of theCompany held

March 1989
Kaoru Kasahara
February 2010
(December 14, 1961) February 2014

9

Joined Pigeon Corporation
President and COO, Pigeonwill Corporation
Corporate officer and Deputy Division Manager, Domestic
Baby & Mother Care Business Division, Pigeon Corporation
100
February 2015
Corporate officer and Division Manager, Research and[Reappointment]
Development Division, Pigeon Corporation[External]
February 2019
Director, Pigeon Manufacturing Ibaraki Corporation[Independent]
March 2022
External Director, the Company (to present)[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.

(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 eight 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 five 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 one year.
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 reappointment of each candidate for Director is approved, theCompany intends to renew their status as insured parties under this insurance policy.

- 12 -

< Reference > Main Expertise, Experience, etc. of the Candidates for Director
Independence

Corporate Corporate
Sales /
manage- planning /marketing
ment
M&A

No.

Name

Current
position1

HideakiYamashita

President and
CEO

M

○

2

Teruo Takinoue Vice President

M

○

3

Susumu Okada

Managing
Director

M○

4

Michihisa Fujii

Managing
Director

M○

5

Norio Ashida

Managing
Director

M

○

○

6

Haruyasu Ito

Director

M

○

○

7

Hirofumi
Hayashi

External
Director

○

M

○

8

Uichiro Nishio

External
Director○

M

9

Kaoru Kasahara

External
Director○

F

GenderManufacPersonnel /turing /human
Finance /technical
resources
accounting
developdevelopment
ment

○

Legal
affairs /riskmanagement

○
○

○

○

○

○

○

○

○

○
○

○

○

○

○

○

- 13 -○○○○

Overseasbusiness /international
experience○○Proposal 3:

Election of Two (2) Auditors

The terms of office of Auditors Shuichi Nakamura and Norimasa Iwase will expire at the conclusion of thisyear’s Annual General Meeting of Shareholders. Accordingly, the election of two (2) Auditors is proposed.
In addition, the Board of Auditors has given its consent to this proposal.
The candidates for Auditor are as follows:
No.

1

2

Name
(Date of birth)

Past experience, positions and significant concurrent positions

Number ofshares of theCompany held

April 1983
Joined the Company
October 2002
Head, Audit Dept.
Shuichi Nakamura
January 2011
Department Manager, Finance Dept.
(May 29, 1958)
7,700
January 2015
Corporate Officer
March 2017
Director[Reappointment]
January 2019
Deputy Divisional General Manager, Corporate Division
March 2022
Auditor (to present)[Reason for nomination as candidate for Auditor]
Since joining the Company, he has been engaged in sales, audit, and finance departments. Since 2022, he has served as
Auditor of the Company. The Company nominates him again as a candidate for Auditor in order for him to utilize hisknowledge and experience in auditing the Company.
Norimasa Iwase
April 1983
Joined Nisshin Audit Corporation(November 20, 1958) March 1986
Registered as a certified public accountant
November 1989
Registered as a certified tax accountant
1,200[Reappointment]
May 1992
Established Iwase CPA Office (to present)[External]
March 2018
External Auditor, the Company (to present)[Independent][Reason for nomination as candidate for External Auditor]
The Company nominates him again as a candidate for External Auditor in order for him to utilize his professional
knowledge and extensive experience cultivated over the years as a certified public accountant and certified tax accountant
in auditing the Company. He has never been involved in the management of a company except as an external officer.
However, the Company judges he will appropriately fulfill his duties as External Auditor of the Company based on theabove reasons.
(Notes)1. There are no special conflicts of interest between each candidate for Auditor and the Company.
2. Mr. Norimasa Iwase is a candidate for External Auditor as stipulated in Article 2, paragraph (3), item (viii) of theRegulations for Enforcement of the Companies Act. The Company has appointed Mr. Norimasa Iwase as Independent
Auditor based on the rules 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. Norimasa Iwase will have served asExternal Auditor of the Company for five years.
4. Mr. Norimasa Iwase is neither an executive nor an officer 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 has hebeen an executive or an officer of a Specified Associated Service Provider of the Company in the past ten years. In thepast two years, he has not received any large amounts of money or other property from the Company or a Specified
Associated Service Provider of the Company, nor does he have plans to receive large amounts of money or property
from such companies. In addition, he is not a spouse, relative within the third-degree of kinship, etc. of an executive or
officer of the Company or of a Specified Associated Service Provider of the Company.
5. The Company has entered into liability limitation agreements with External Auditors 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 candidates for External Auditor.
The contents of the liability limitation agreement are as follows.

The maximum amount of liability for damages to the Company that an External Auditor 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 Auditor performed their duties giving rise tosuch responsibilities in good faith and without gross negligence.
6. 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 reappointment of each candidate for Auditor is approved, theCompany intends to renew their status as insured parties under this insurance policy.

- 14 -