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: 1377
August 10, 2023
To Shareholders
Hiroshi Sakata, President and Representative
SAKATA SEED CORPORATION
2-7-1 Nakamachidai, Tsuzuki-ku, Yokohama-City,
Kanagawa

Notice of Convocation of the 82nd General Meeting of Shareholders
In convening this General Meeting of Shareholders, Sakata Seed Corporation (the “Company”) takes measures forproviding in an electronic format the information that constitutes the content of reference documents for the general
meeting of shareholders, etc. (matters for which measures for providing information in an electronic format are taken)
and posts the information on the following websites. Please visit either of these websites to confirm details.
The Company’s website:
https://corporate.sakataseed.co.jp/ir/stock/meeting.html (in Japanese)
Website for informational materials for the general meeting of shareholders
https://d.sokai.jp/1377/teiji/ (in Japanese)
Time/Date

10:00 a.m., Wednesday, August 30, 2023

Place

Room Nichirin, 5th Floor, Yokohama Bay Sheraton Hotel & Towers
1-3-23 Kitasaiwai, Nishi-ku, Yokohama, Kanagawa

Agenda items

Matters to be reported
1. Business report and consolidated financial statements for the 82nd fiscal year (fromJune 1, 2022 to May 31, 2023), andthe audit reports of the consolidated financial statements for the same fiscal year by
the financial auditor and the Audit & Supervisory Board
2. Non-consolidated financial statements for the 82nd fiscal year (from June 1, 2022
to May 31, 2023)
Matters to be resolved
Proposal No. 1 Appropriation of Surplus
Proposal No. 2 Election of Nine Directors
Proposal No. 3 Election of One Substitute Audit & Supervisory Board Member- Paper-based documents stating matters for which measures for providing information in an electronic format are taken are sent toshareholders who have requested the delivery of paper-based documents, however those documents do not include the following
matters in accordance with the provisions of laws and regulations and Article 16 of the Company’s Articles of Incorporation.
(1) Notes to the Consolidated Financial Statements(2) Notes to the Non-Consolidated Financial Statements
Accordingly, the business report, consolidated financial statements, and non-consolidated financial statements included in thisdocument are part of the documents included in the scope of audits by the Financial Auditor in preparing its independent auditor’sreport and by the Audit & Supervisory Board Members in preparing their audit deport.
- If the voting form (by postal mail) is submitted with no indication of either “approval” or “disapproval” for each proposal, theshareholders in question shall be deemed to have indicated “approval” for each proposal.
- If revisions to the matters for which measures for providing information in an electronic format are taken arise, a notice of therevisions and the details of the matters before and after the revisions will be posted on the Company’s aforementioned website andthe website for informational materials for the general meeting of shareholders.
- Please note that non-shareholders such as proxies and those who accompany shareholders are not allowed to attend the meeting.
- In principle, photography as well as audio and/or video recording are not permitted at the venue of the general meeting ofshareholders. Thank you for your cooperation.

-1-

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

Appropriation of Surplus

The Company considers the return of profits to shareholders an important management issue, and our basic policy is
to provide stable and ongoing profit distribution.
For the year-end dividend for the 82nd fiscal year, since profit attributable to owners of parent for the fiscal year
ended May 31, 2023 significantly exceeded the previously announced earnings forecasts, the Company has upwardly
revised the dividend forecast previously announced by ¥5, proposing a year-end dividend of ¥35 per share, based on
the above basic policy. As a result, the annual dividend per share, including the interim dividend of ¥20 per sharealready paid, will be ¥55 per share, an increase of ¥10 per share from the previous fiscal year.
Year-end dividends
Form of dividend distribution

To be paid in cash

Distribution of dividends and the total¥35 per common share of the Company

amountTotal dividend payout:

Effective date of dividend distribution

August 31, 2023

-2-

¥1,554,145,775

Proposal No. 2

Election of Nine Directors

The terms of office for all eight Directors will expire at the conclusion of this General Meeting of Shareholders.
Therefore, the Company proposes the election of nine Directors.
The candidates for Directors are as follows.
CandidateNo.
1

Reelection

Hiroshi Sakata

25 years2

Reelection

Risho Uchiyama

13 years3

Reelection

Tsutomu Kagami

12 years4

Reelection

Kazuo Kuroiwa

8 years

5

Reelection

Toshihiko Furuki

8 years6

New election

Zen Takamiya–

Attribute

Name

TenureReelection
OutsideKunihiko Sugahara
10 years
7
Independent
officer
Reelection
Outside
Yukimasa Ozaki
4 years
8
Independent
officer
Reelection
OutsideMasako Watanabe
2 years
9
Independent
officer
Reelection: candidate for Director to be reelected
New election: candidate for Director to be newly elected
Outside: candidate for Outside Director
Independent officer: independent officer as defined by the securities exchange, etc.

-3-

Current position and responsibilities in the
Company
President and Representative
Director, Managing Executive Officer
Supervisor for Supply Chain Div.
Supervisor for Domestic Sales & MarketingDiv.
Director, Managing Executive Officer
Supervisor for Overseas Sales & MarketingDiv.
Director, Managing Executive Officer
Supervisor for Corporate Management Div.
Director, Managing Executive Officer
Supervisor for Research & Development Div.
Supervisor for General Administration Div.
Senior Executive Officer
Senior General Manager of General
Administration Div.
Director

Director

Director

Candidate
No.

Name
(Date of birth)

Career summary, position and responsibilities in the Company
May 1981
Mar. 1990

1

2

Number of theCompany’s shares
ownedJoined the Company
Managing Director of Sakata Seed Europe B.V.
(Currently European Sakata Holding S.A.S.)
Apr. 1995
General Manager of Horticultural Supply
Business Dept. of the Company
Hiroshi Sakata
Aug. 1997
General Manager of Administrative Office(February 14, 1952)
Aug. 1998
Director
Aug. 2005
Managing Director, Senior General Manager ofReelection
General Administration Div.
157,505 shares
Tenure as Director: 25 years
Jun. 2007
President and Representative, Chief Executive
Officer
Attendance at Board ofJun. 2017
President and Representative (current position)
Directors meetings
May 2019
Representative Director of The Sakata
20/20Foundation. (current position)
Mar. 2022
Supervisor for Domestic Sales & Marketing
Div. of the Company
Significant concurrent positions outside the Company
Representative Director of The Sakata Foundation.
Reasons for nomination as a candidate for Director
Hiroshi Sakata has been involved in the operations of the General Administration Division, including the Corporate
Planning Department, and in the management of overseas subsidiaries, and currently serves as President andRepresentative. Mr. Sakata is nominated as a candidate for Director because he has abundant business experience in the
Company and knowledge relating to global management and administrative operations of a seed company, and is
expected to continue to fulfill the responsibilities of a Director.
Apr. 1984
Joined the Company
Jul. 1998
Manager of Fukuoka Sales Office
Aug. 2002
General Manager of Vegetable Business Dept.
Jun. 2007
Executive Officer
Jun. 2009
General Manager of Vegetable Business Dept.
and Horticultural Supply Business Dept.
Aug. 2010
Director, Executive Officer, Senior General
Manager of Domestic Wholesales & Marketing
Div., General Manager of Horticultural Supply
Risho Uchiyama
Business Dept.
(January 29, 1962)
Jun. 2013
Senior General Manager of Domestic
Wholesales & Marketing Div., Supervisor for
Reelection
Production & Logistics Div.
11,790 shares
Tenure as Director: 13 years
Aug. 2013
Managing Director, Managing Executive
Officer
Attendance at Board ofJun. 2015
Supervisor for Domestic Wholesales &Directors meetings
Marketing Div., Supervisor for Production &20/20
Logistics Div.
Jun. 2017Managing Director
Jun. 2021
Director, Managing Executive Officer,
Supervisor for Supply Chain Div. (current
position)
Jun. 2023
Supervisor for Domestic Sales & Marketing
Div. (current position)
Significant concurrent positions outside the Company–
Reasons for nomination as a candidate for Director
Risho Uchiyama has been involved in the operations of the Domestic Sales & Marketing Division and currently serves
as Director, Managing Executive Officer. Mr. Uchiyama is nominated as a candidate for Director because he hasabundant business experience in the Company, such as being a supervisor for the Domestic Sales & Marketing Divisionand the Supply Chain Division, and knowledge relating to regional management, and seed production and supply, and is
expected to continue to fulfill the responsibilities of a Director.

-4-Candidate
No.

Name
(Date of birth)

Career summary, position and responsibilities in the Company
Apr. 1987
Aug. 2002

3

4

Number of theCompany’s shares
ownedJoined the Company
General Manager of Research & Development
Div.
Jun. 2007
Executive Officer
Senior General Manager of Research &Tsutomu Kagami
Development Div.
(January 17, 1962)
May 2008
Senior General Manager of Research &Development Div., Manager of Genetic
Reelection
Resources Dept.
Aug. 2011
Director, Executive Officer
8,794 shares
Tenure as Director: 12 years
Aug. 2013
Managing Director, Managing Executive
Officer
Attendance at Board ofAug. 2015
Chief Assessment Officer of Internal Control
Directors meetings
Jun. 2017Managing Director
20/20
Jun. 2021
Director, Managing Executive Officer,
Supervisor for Overseas Sales & Marketing
Div. (current position)
Significant concurrent positions outside the Company–
Reasons for nomination as a candidate for Director
Tsutomu Kagami has been involved in the operations of the Research & Development Division and the evaluation ofinternal controls, and currently serves as Director, Managing Executive Officer. Mr. Kagami is nominated as a
candidate for Director because he has abundant business experience in the Company and knowledge relating to R&D
work and administrative operations based on a global perspective, and is expected to continue to fulfill the
responsibilities of a Director.
Apr. 1985
Joined the Company
Sep. 2001
Deputy General Manager of Corporate
Planning OfficeKazuo Kuroiwa
Jun. 2007
General Manager of Corporate Planning Office(January 21, 1959)
Jun. 2011
Executive Officer
Aug. 2015
Director, Executive Officer
Reelection
Jun. 2016
Senior General Manager of Corporate
5,267 shares
Tenure as Director: 8 years
Management Div.
Jun. 2017
Director, Senior Executive Officer
Attendance at Board ofJun. 2021
Director, Managing Executive Officer,
Directors meetings
Supervisor for Corporate Management Div.
20/20
(current position)
Significant concurrent positions outside the Company–
Reasons for nomination as a candidate for Director
Kazuo Kuroiwa has experience in overseas assignments, and has also been involved in the operations of the Corporate
Management Division, including the Corporate Planning Department, and currently serves as Director, Managing
Executive Officer. Mr. Kuroiwa is nominated as a candidate for Director because he has abundant business experiencein the Company and knowledge relating to administrative operations based on a global perspective, and is expected tocontinue to fulfill the responsibilities of a Director.

-5-Candidate
No.

Name
(Date of birth)

Career summary, position and responsibilities in the Company
Apr. 1988
Aug. 2006

5

6

Number of theCompany’s shares
ownedJoined the Company
General Manager of Kakegawa ResearchCenter Breeding Department I
Jun. 2007
General Manager of Kakegawa ResearchCenter, Manager of Kakegawa Research Center
Breeding Section I
Jun. 2013
Executive Officer
Toshihiko Furuki
Deputy Senior General Manager of Research &(February 15, 1966)
Development Div., General Manager ofKakegawa Research Center, Manager ofReelection
Kakegawa Research Center Breeding Section I
Aug. 2015
Director, Executive Officer
5,440 shares
Tenure as Director: 8 years
Jun. 2016
Senior General Manager of Research &Development Div.
Attendance at Board ofJun. 2017
Director, Senior Executive Officer
Directors meetings
Jun. 2018
Chief Assessment Officer of Internal Control
20/20
Jun. 2021
Director, Managing Executive Officer,
Supervisor for Research & Development Div.
(current position)
Aug. 2021
Supervisor for General Administration Div.
(current position)
Significant concurrent positions outside the Company–
Reasons for nomination as a candidate for Director
Toshihiko Furuki has experience in overseas assignments, and has also been involved in the operations of the Research& Development Division, and currently serves as Director, Managing Executive Officer. Mr. Furuki is nominated as a
candidate for Director because he has abundant business experience in the Company and knowledge relating to R&D
work based on a global perspective, and is expected to continue to fulfill the responsibilities of a Director.
Apr. 1986
Joined the Company
Jan. 1998
Seconded to Sakata Seed America, Inc.
Apr. 2012
General Manager of General Affairs Dept. of
the Company
Jun. 2015
Executive Officer
Jan. 2017
General Manager of Human Resource Planning
Zen Takamiya
Department(February 26, 1964)
Nov. 2018
Deputy Senior General Manager of General
Administration Div., General Manager ofNew election
2,768 shares
Human Resource Planning Department
Jun. 2021
Senior Executive Officer, Senior General
Attendance at Board ofManager of General Administration Div.,
Directors meetings
General Manager of Human Resource Planning-/Department
Jun. 2022
Senior Executive Officer, Senior General
Manager of General Administration Div.
(current position)
Significant concurrent positions outside the Company–
Reasons for nomination as a candidate for Director and overview of expected role
Zen Takamiya has experience in overseas assignments, and has also been involved in the operations of the
Administration Division including the Human Resources Planning Department, and currently serves as Senior
Executive Officer and Senior General Manager of the General Administration Division.
Mr. Takamiya is nominated as a candidate for Director because he has abundant business experience in the Company
and knowledge relating to administrative operations based on a global perspective, and is expected to fulfill the
responsibilities of a Director.

-6-

Candidate
No.

Name
(Date of birth)

8Mar. 1979
Jun. 1997

Number of theCompany’s shares
ownedRegistered as a Certified Public Accountant
Representative Member of Deloitte Touche
Tohmatsu International (currently Deloitte
Touche Tohmatsu LLC)
Reelection
Aug. 2013
Representative of Sugahara & Co., (current
Outsideposition)Independent officer
10,000 shares
Director of the Company (current position)
Tenure as Director: 10 years
May 2023
Outside Corporate Auditor of Takashimaya
Company, Limited (current position)
Attendance at Board of
Significant concurrent positions outside the Company
Directors meetings
Representative of Sugahara & Co.,
20/20
Outside Corporate Auditor of Takashimaya Company, Limited
Reasons for nomination as a candidate for Outside Director and overview of expected role
Kunihiko Sugahara has a deep knowledge of management through his professional duties as a Certified Public
Accountant for many years, and in addition to his experience relating to domains such as finance, accounting, and audit,
he has many years of experience at an accounting firm with international presence. Mr. Sugahara is nominated as a
candidate for Outside Director because he is judged to be capable of providing appropriate advice andrecommendations to ensure the adequacy and appropriateness of the Board of Directors’ decision-making based on his
global perspective and experience. If reappointed, Mr. Sugahara will be involved in an objective and neutral capacity asa member of the Nominating Committee and Chairperson of the Compensation Committee in matters such as theselection of candidates for Director, the formulation of succession plans, and the determination of compensation for
Directors.
Apr. 1989
Admitted as Attorney in Japan
Joined Ozaki Law Office
Yukimasa Ozaki
Aug. 1993
Attorney of Ozaki Law Office (current(September 2, 1959)
position)Mar. 2015
Outside Director of Oenon Holdings, Inc.
Reelection(current position)
OutsideIndependent officer
Apr. 2017
Vice President of Daiichi Tokyo Bar–
Association,
Tenure as Director: 4 years
Executive Governor of the Japan Federation of
Bar Associations
Attendance at Board ofAug. 2019
Director of the Company (current position)
Directors meetings
Significant concurrent positions outside the Company
20/20
Attorney of Ozaki Law OfficeOutside Director of Oenon Holdings, Inc.
Reasons for nomination as a candidate for Outside Director and overview of expected role
Yukimasa Ozaki has a deep knowledge of management through his professional duties as an attorney for many years, aswell as specialized knowledge and extensive experience in legal matters. Mr. Ozaki is nominated as a candidate for
Outside Director because he is judged to be capable of providing appropriate advice and recommendations to ensure theadequacy and appropriateness of the Board of Directors’ decision-making from a perspective independent ofmanagement. If reappointed, Mr. Ozaki will be involved in an objective and neutral capacity as a member of theNominating Committee and the Compensation Committee in matters such as the selection of candidates for Director,
the formulation of succession plans, and the determination of compensation for Directors.
Kunihiko Sugahara(March 8, 1952)

7

Career summary, position and responsibilities in the Company-7-

Candidate
No.

Name
(Date of birth)

Career summary, position and responsibilities in the Company
Apr. 1984

9(Notes) 1.
2.
3.

4.

5.

6.

Number of theCompany’s shares
ownedJoined The Fuji Bank, Ltd. (currently Mizuho
Bank, Ltd.)
Oct. 1990
Joined Deloitte Touche Tohmatsu International(currently Deloitte Touche Tohmatsu LLC)
Masako Watanabe
Aug. 1994
Registered as a Certified Public Accountant(January 29, 1962)
Jul. 2007
Partner of Deloitte Touche Tohmatsu
International (currently Deloitte Touche
Reelection
Tohmatsu LLC)
OutsideAug. 2020
Representative of Masako Watanabe Certified
Independent officer–
Public Accountant Office (current position)
Jun. 2021
Outside Audit & Supervisory Board Member ofTenure as Director: 2 years
Daiichi Sankyo Company, Limited (current
position)
Attendance at Board of
Aug.
2021
Directorof the Company (current position)
Directors meetings
Significant
concurrent
positionsoutside the Company
20/20
Representative of Masako Watanabe Certified Public
Accountant OfficeOutside Audit & Supervisory Board Member of Daiichi Sankyo
Company, Limited
Reasons for nomination as a candidate for Outside Director and overview of expected role
Masako Watanabe has a deep knowledge of management through her work experience at financial institutions and her
professional duties as a Certified Public Accountant for many years, as well as knowledge and experience relating todomains including finance, accounting, and audit. Ms. Watanabe is nominated as a candidate for Outside Director
because she is judged to be able to supervise and provide advice, etc. on the execution of duties by Directors from a
professional viewpoint utilizing her knowledge and experience. If appointed, Ms. Watanabe will be involved in an
objective and neutral capacity as a member of the Nominating Committee and the Compensation Committee in matterssuch as the selection of candidates for Director, the formulation of succession plans, and the determination ofcompensation for Directors.
There is no special interest between each candidate and the Company.
Kunihiko Sugahara, Yukimasa Ozaki, and Masako Watanabe are candidates for Outside Director.
In accordance with the Company’s Articles of Incorporation, the Company has entered into agreements with KunihikoSugahara, Yukimasa Ozaki, and Masako Watanabe to limit their liability for damages under Article 423, Paragraph 1 of
the Companies Act pursuant to Article 427, Paragraph 1 of the said Act, and the maximum amount of liability for damages
under such agreements is the minimum liability amount stipulated in Article 425, Paragraph 1 of the said Act. If thereappointment of the candidates is approved, the aforementioned agreements will be continued.
Kunihiko Sugahara, Yukimasa Ozaki, and Masako Watanabe meet the requirements of the independence criteria stipulatedby the Tokyo Stock Exchange, and the Company has designated each of them as independent Outside Directors andnotified the Exchange. If the reappointment of the candidates is approved, the Company will continue to appoint them as
independent Outside Directors.
The Company has concluded a Directors and Officers liability insurance policy with an insurance company pursuant to
Article 430-3, Paragraph 1 of the Companies Act, insuring Directors, Audit & Supervisory Board Members, and Executive
Officers of the Company and its subsidiaries. The insurance policy provides for compensation for damages and litigation
expenses, etc. that may arise from the insured persons being held liable or being sued for such liability in connection withthe execution of their duties. All insurance premiums under the aforementioned insurance policy are borne by theCompany and its subsidiaries. Each candidate (excluding the newly appointed candidate) is an insured person under the
aforementioned policy, and upon election and appointment as a Director, each candidate (including the new candidate)
will be included as an insured person under the aforementioned policy. The Company intends to renew the aforementioned
insurance policy with the same terms and conditions during the term of office.
Kunihiko Sugahara, Yukimasa Ozaki, and Masako Watanabe have never been involved in the management of theCompany in any way other than being Outside Directors or Outside Audit & Supervisory Board Members. However,based on the above reasons for nominating them as candidates for Outside Directors, the Company believes that they canappropriately perform their duties as Outside Directors.

-8-

Reference materials Skill Matrix for Directors and Audit & Supervisory Board Members after this
General Meeting of Shareholders
Main knowledge and experience, etc.
Position

Name

Corporate
management

Internationality/Globalexperience

Finance/
Accounting

Sales/
MarketingPresident andRepresentative

Hiroshi Sakata

●

●

●

●

Director

Risho
Uchiyama●

Director

Tsutomu
Kagami●●

Director

Kazuo
Kuroiwa●●

Director

Toshihiko
Furuki●●●

Director

Zen Takamiya

●

●

●

Outside Director

Kunihiko
Sugahara●●●

Outside Director

Yukimasa
Ozaki

●

●

Outside Director

MasakoWatanabe●

Audit &
Supervisory
Board Member

JumpeiTsushima

Outside Audit &Supervisory
Board Member

Yasunori
Numata●Outside Audit &Supervisory
Board Member

Akinori Bo●●

Research anddevelopment/
Production

Legal affairs/
Intellectual IT/Information
property/
management
Compliance

●

●
●

●

●
●

●

●
●

●
●

●

●

●
●

●

●

●

●
●

* The above list does not show all of the knowledge and experience possessed by each person listed.

-9-

Industry
association
experienceProposal No. 3

Election of One Substitute Audit & Supervisory Board Member

As the appointment of Tamio Nagashima, who was elected as a substitute Audit & Supervisory Board Member at theGeneral Meeting of Shareholders held on August 24, 2021, is effective until the commencement of this General
Meeting of Shareholders, the Company proposes the election of one substitute Audit & Supervisory Board Member
in case the number of substitute Audit & Supervisory Board Members is insufficient as stipulated by law.
This appointment may be revoked by a resolution of the Board of Directors with the consent of the Audit &Supervisory Board only prior to the assumption of office.
The Audit & Supervisory Board has given its consent to this proposal.
The candidate for substitute Audit & Supervisory Board Member is as follows.
Name(Date of birth)

Career summary and significant concurrent positions outside the Company
Nov. 1972
Mar. 1976
Jan. 1981

Number of theCompany’s shares
ownedJoined Price Waterhouse Accounting Firm
Registered as a Certified Public Accountant
Director, General Manager of Accounting Department,
ArcaneLimited
Tamio Nagashima
Oct.
1988
GeneralManager of Corporate Planning Department, Saka
(February 17, 1949)
Kou Co.
–OutsideMar. 1990
Director of Administration, Price Waterhouse Consultants,
Independent officer
Inc.
Jul. 1994
Director and General Manager of Accounting Department
Jan. 1997
Established Nagashima Accounting Office (current position)
Jul. 1998
Registered as a Tax Accountant
Reasons for nomination as a candidate for substitute Outside Audit & Supervisory Board Member
Tamio Nagashima is a Certified Public Accountant and Certified Public Tax Accountant with expertise in corporate finance andtaxation, and also has experience in corporate management at other companies. Mr. Nagashima is nominated as a candidate for
substitute Outside Audit & Supervisory Board Member based on the judgment that he will be able to utilize his knowledge andexperience in the Company’s auditing system.
(Notes) 1. Tamio Nagashima has no special interest in the Company.
2. Tamio Nagashima is a candidate for substitute Outside Audit & Supervisory Board Member.
3. The Company’s Articles of Incorporation stipulate that the Company may enter into agreements with Audit & Supervisory
Board Members to limit their liability for damages under Article 423, Paragraph 1 of the Companies Act, pursuant to
Article 427, Paragraph 1 of the said Act. Therefore, if Tamio Nagashima assumes office as an Audit & Supervisory Board
Member, the Company will enter into an agreement with him to limit his liability for damages under Article 423, Paragraph
1 of the Companies Act pursuant to Article 427, Paragraph 1 of the said Act, in accordance with the Company’s Articles
of Incorporation. The maximum amount of liability for damages based on the aforementioned agreement shall be theminimum liability amount stipulated in Article 425, Paragraph 1 of the said Act.
4. The Company has concluded a Directors and Officers liability insurance policy with an insurance company pursuant to
Article 430-3, Paragraph 1 of the Companies Act, insuring Directors, Audit & Supervisory Board Members, and Executive
Officers of the Company and its subsidiaries. The insurance policy provides for compensation for damages and litigation
expenses, etc. that may arise from the insured persons being held liable or being sued for such liability in connection withthe execution of their duties. All insurance premiums under the aforementioned insurance policy are borne by theCompany and its subsidiaries. Upon election and appointment as an Audit & Supervisory Board Member, the candidate
will be included as an insured person under the policy.
5. Tamio Nagashima satisfies the requirements for independent officer as stipulated by the Tokyo Stock Exchange and will
be reported as an Independent Officer if he is appointed as an Outside Audit & Supervisory Board Member.

- 10 -