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. The Company assumes no responsibility for this translation or for direct, indirect or any
other forms of damages arising from the translation.
(Stock Exchange Code 4975)
June 9, 2021
To Shareholders with Voting Rights:
Masashi Kimura
Representative Director, President and CEO
JCU CORPORATION
8-1 Higashiueno 4-chome, Taito-ku,
Tokyo, JapanNOTICE OF
THE 61ST ANNUAL GENERAL MEETING OF SHAREHOLDERS
Dear Shareholders:
We would like to express our appreciation for your continued support and patronage.
You are cordially notified of the 61st Annual General Meeting of Shareholders of JCU CORPORATION (the“Company”). The meeting will be held for the purposes as described below.
To prevent the spread of the novel coronavirus infection, we recommend that you exercise your voting rights
in writing or via the Internet. Please review the attached Reference Documents for the General Meeting of
Shareholders and exercise your voting rights by 5:30 p.m. on Wednesday, June 23, 2021, Japan time.
1. Date and Time:
2. Place:

Thursday, June 24, 2021, at 10:00 a.m. Japan time
(The reception desk opens at 9:30 a.m.)
Conference room at the Head Office of the Company located at
TIXTOWER UENO 16F, 8-1 Higashiueno 4-chome, Taito-ku, Tokyo, Japan

3. Meeting Agenda:
Matters to be reported: 1. The Business Report, Consolidated Financial Statements for the Company’s
61st Fiscal Year (April 1, 2020 – March 31, 2021) and results of audits by the
Accounting Auditor and the Audit & Supervisory Board of the Consolidated
Financial Statements
2. Non-consolidated Financial Statements for the Company’s 61st Fiscal Year
(April 1, 2020 – March 31, 2021)
Proposals to be resolved:
Election of ten (10) Directors
Proposal 1:
Election of two (2) Audit & Supervisory Board Members
Proposal 2:-1-

Of the documents that should be provided along with this convocation, matters that should be included in
the Consolidated Statements of Changes in Shareholders’ Equity, the Non-Consolidated Statements of
Changes in Shareholders’ Equity, the Notes to the Consolidated Financial Statements, and the Notes to the
Non-Consolidated Financial Statements are posted on the Company’s Web site (https://www.jcu-i.com/),based on laws and regulations and provisions of the Articles of Incorporation of the Company, therefore
these are not included in the attached document to this convocation.
Therefore, the attached Consolidated Financial Statements and Non-Consolidated Financial Statements arepart of the Consolidated Financial Statements and Non-Consolidated Financial Statements audited by the
Audit & Supervisory Board Members to prepare the audit report and by the Accounting Auditor to prepare
the accounting audit report.
Should the Reference Documents for the General Meeting of Shareholders, the Business Report, theConsolidated Financial Statements and the Non-consolidated Financial Statements require revisions, therevised versions will be posted on the Company’s website (https://www.jcu-i.com/).
In order to prevent the spread of the novel coronavirus infection, we recommend that you exercise yourvoting rights in writing or via the Internet. Shareholders attending the meeting in person are kindly requested
to check the status of the infection and their physical condition on the day of the meeting and take measures
to prevent infection such as wearing a mask before visiting.
As the seats at the venue will be spaced out widely in order to prevent the spread of the infection, as they
were last year, significantly less seating will be available. Therefore, please note that even if you come tothe venue, you may not enter the venue.

-2-

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

Election of ten (10) Directors

The terms of office of all eight (8) Directors will expire at the conclusion of this year’s Annual General
Meeting of Shareholders. Accordingly, the election of ten (10) Directors is proposed, with an increase of two(2) Directors with the aim of the further strengthening of corporate governance.
The candidates are as follows:
Attendance at
the Board ofNo.
Name
Positions and responsibilities at the Company
Directors
meetings
1

Masashi Kimura Reappointment Representative Director, President and CEO

100%(17/17)2

Akihisa Omori

Reappointment Managing Director, Managing Executive Officer100%(17/17)

3

Takanori Arata

Reappointment Managing Director, Managing Executive Officer100%(17/17)

4

Hirofumi
Ikegawa

Reappointment Managing Director, Managing Executive Officer100%(17/17)

5

Yoji Inoue

New candidate

Executive Officer and General Manager,
Corporate Strategy Office6

Fumihiko
AraakeNew candidate

Executive Officer and General Manager,
Production Headquarters

New candidate

7

Koki Morinaga External Director
Independent

Mayumi
Yamamoto8

New candidate
External Director
Independent
New candidate

9

Muneaki Kiyota External Director
Independent

10

Masayuki
ItagakiNo.

Name(Date of birth)

1[Reappointment]
Masashi Kimura(February 9, 1958)

New candidate
External Director
Independent

Past experience, positions, responsibilities
and significant concurrent positions

April 1980
April 2004
April 2010

Joined EBARA DENSAN LTD.
General Manager of Printed Circuit Chemicals Department
of EBARA DENSAN LTD.
Joined the Company as General Manager of DENSAN-3-

Number ofshares of theCompany held

11,771No.

Name(Date of birth)

Past experience, positions, responsibilities
and significant concurrent positions

August 2010
June 2013
April 2016

2

Vice President of JCU (THAILAND) CO., LTD.
Managing Officer
Managing Officer and Division Manager of Corporate
Strategy Office
June 2016
Director, Managing Officer and Division Manager ofCorporate Strategy Office
June 2017
Director, Senior Executive Managing Officer and Division
Manager of Corporate Strategy OfficeFebruary 2018 Director, Senior Executive Managing Officer, Division
Manager of Corporate Strategy Office and Division
Manager of Administration Division
April 2018
Representative Director, President and COO and Division
Manager of Corporate Strategy Office
April 2019
Representative Director, President and COO
April 2021
Representative Director, President and CEO (present
position)[Significant concurrent position]
Director and President, JCU CHEMICALS INDIA PVT. LTD.
(Reasons for selection as candidate for Director)
To revamp the Company’s business execution structure in line with the launch of the mediumterm management plan “Next 50 Innovation,” Mr. Masashi Kimura was appointed as
Representative Director, President and COO in 2018, and was appointed as Representative
Director, President and CEO, taking over the former CEO, Keiji Ozawa, in April, 2021. Mr.
Kimura led the formulation of the medium-term management plan. With his leadership,
creativity, management capability, high level of expertise and great insight regarding theCompany’s overall operations, it was determined that he should continue to be a candidate for
Director.
January 1990
Joined the Company
April 2010
Branch Manager of Osaka Branch
June 2012
Division Manager of Corporate Strategy Office
April 2014
Managing Executive Officer and Division Manager ofCorporate Strategy Office
June 2014
Director, Managing Officer and Division Manager ofCorporate Strategy Office[Reappointment] April 2015
President of JCU INTERNATIONAL, INC. (present
Akihisa Omori
position)(October 2, 1965) June 2016
Director, Executive Managing Officer
April 2019
Director, Executive Managing Officer, General Manager,
R&D Center (present position)[Significant concurrent positions]Representative Director and President, JCU (THAILAND) CO., LTD.
Representative Director and President, JCU VIETNAM CORPORATION
Director and President, PT. JCU Indonesia
President of JCU INTERNATIONAL, INC.
(Reasons for selection as candidate for Director)
Mr. Akihisa Omori has held various key positions mainly in the Company’s sales department
and has served as the President of JCU INTERNATIONAL, INC., a subsidiary of the Company,
since 2015. In addition, he has held a key position in the research division as General Managerof the R&D Center since 2019. With his high level of expertise and great insight regarding theCompany’s overall operations, it was determined that he should continue to be a candidate for
Director.

Number ofshares of theCompany held

-4-

10,187No.

Name(Date of birth)

Past experience, positions, responsibilities
and significant concurrent positions

September 2006
June 20093

4

Joined the Company
General Manager of Accounting Department of
Administration Division
April 2014
Managing Executive Officer and Division Manager of
Administration Division
June 2014
Director, Managing Officer and Division Manager of
Administration Division[Reappointment]
April 2015
Director, Managing Officer and Assistant General
Takanori Arata
Manager of Chemical Business Division(May 13, 1967)
April 2016
Director, Managing Officer and Deputy Division
Manager of Sales Division
June 2016
Director, Executive Managing Officer and Deputy
Division Manager of Sales Division
April 2021
Managing Director, Managing Executive Officer andGeneral Manager, Sales Headquarters (present position)(Reasons for selection as candidate for Director)
Mr. Takanori Arata has held various positions, including General Manager of Accounting
Department and Division Manager of Administration Division, and has extensive knowledge of
the Company’s administrative operations. In addition, he has been in charge of controllingdomestic and overseas sales/marketing administration in the Sales and Marketing Division as
Division Manager since 2021. With this high level of expertise and a great insight regarding theCompany’s overall operations, it was determined that he should continue to be a candidate for
Director.
August 1984
Joined Fuji Machinery Mfg. & Electronics Co., Ltd.
June 2004
Director and General Manager, Administration Division
June 2009
President and Representative Director
June 2010
Director, Kyoden Co., Ltd.
November 2013 Joined the Company as Branch Manager of Osaka Branch
January 2015
President, JCU TAIWAN CORPORATION[Reappointment]
April 2016
Managing Officer
Hirofumi Ikegawa
April 2018
Managing Officer and Division Manager of(July 29, 1965)
Administration Division
June 2019
Director, Executive Managing Officer and Division
Manager of Administration Division
June 2020
Managing Director, Managing Executive Officer andGeneral Manger, Administration Headquarters (present
position)(Reasons for selection as candidate for Director)
Mr. Hirofumi Ikegawa has held key positions in the Company’s sales and administrative
divisions both in Japan and overseas, in addition to his experience of serving as director before
he joined the Company. With his high level of expertise and great insight regarding the overallmanagement, it was determined that he should continue to be a candidate for Director.

Number ofshares of theCompany held

-5-

8,831

1,835

No.

Name
(Date of birth)

Past experience, positions, responsibilities
and significant concurrent positions

November 1997
April 2010
April 2016
December 2016

5

6

Joined the Company
General Manager, Overseas Operations Department
General Manager, Overseas Administration Department
General Manager, Overseas Market Development[New candidate]
Department
Yoji Inoue
April 2017Managing Officer and Deputy General Manager,(January 10, 1967)
Overseas Business Administration Department
April 2018
Managing Officer and Deputy Manager, Corporate
Strategy Office
April 2019
Executive Officer and General Manager, Corporate
Strategy Office (present position)(Reasons for selection as candidate for Director)
Amid the significant global expansion of the Company's business, Mr. Yoji Inoue has been
active in marketing and risk management, primarily overseas, as the head of overseas business.
Further, as the Manager of the Corporate Strategy Office. He has pursued the formulation of themedium-term management plan, as well as public and investor relations activities. With this highlevel of expertise and great insight regarding the Company’s overall operations, it was determinedthat he should be a candidate for Director.
April 1989
Joined the Company
November 2009 President, JCU SHANGHAI TRADINGCORPORATION[New candidate]Fumihiko Araake May 2014
General Manager of Nagoya Branch(February 9, 1966) June 2018
Division Manager of Production Division
April 2019
Executive Officer and General Manager, Production
Headquarters (present position)(Reasons for selection as candidate for Director)
Mr. Fumihiko Araake has worked in the sales division since joining the Company. From 2009,
he served as President of JCU (Shanghai) Trading Co., Ltd. and has expanded business in China.
He has been Division Manager of the Production Division since 2018. With this high level ofexpertise and a great insight regarding the Company’s overall operations, it was determined thathe should be a candidate for Director.

Number ofshares of theCompany held

-6-

14,800

4,700

No.

Name
(Date of birth)

Past experience, positions, responsibilities
and significant concurrent positions

April 1980
May 2006
May 2008
May 2010
April 2011
April 2013

7

8

Joined Japan Broadcasting Corporation (NHK)General Manager, Economy Bureau, NHK
Chief Editor, News Department, NHK
General Manager, Affiliated Business Department, NHK[New candidate]
Koki Morinaga
General Manager, News Department, NHK(July 25, 1954)
Deputy Director-General, General Broadcasting
Administration, NHK
April 2016
Executive Director and Chief of Engineering, NHK
June 2017
President, NHK Publishing, Inc. (present position)(Reasons for selection as candidate for External Director and outline of expected roles)
Mr. Koki Morinaga has knowledge and insight into the international economy and global
situation through his career as an economic reporter and General Manager of the News
Department at NHK. He also has experience as a corporate executive. If he is elected Outside
Director, he is expected to provide advice and monitoring on the Company's management froman objective and professional perspective regarding the risks and opportunities of global
marketing that the Company is seeking to strengthen and regarding overall management, basedon this knowledge and insight. Accordingly, his election is requested.
April 1984
Registered as attorney and joined Takeo Ishiguro Law
OfficeSeptember 1990 Established Ginza Shin Sogo Law Office
January 2005 Established Ginza Shin Meiwa Law Office
December 2010 Public Interests Member, Central Labour Relations
Commission
January 2019 Member, Financial System Council, Financial Services
Agency (present position)
June 2019
External Audit & Supervisory Board Member,
MORINAGA MILK INDUSTRY CO., LTD (present
position)[New candidate]Member of Self-regulatory Planning Sub-Committee, SelfMayumi Yamamoto July 2019
regulation Board, Japan Securities Dealers Association(February 11,(present position)
1956)
June 2020
Outside Director, MIRAIT Holdings Corporation (present
position)[Significant concurrent positions]
Attorney-at-law, Ginza Shin Meiwa Law OfficeMember, Financial System Council, Financial Services Agency
External Audit & Supervisory Board Member, MORINAGA MILKINDUSTRY CO., LTD
Member of Self-regulatory Planning Sub-Committee, Self-regulation Board,
Japan Securities Dealers Association
Outside Director, MIRAIT Holdings Corporation(Reasons for selection as candidate for External Director and outline of expected roles)
Ms. Mayumi Yamamoto has a high level of specialized knowledge and a wealth of experiencein corporate legal affairs as an attorney. She has served as a Public Interests Member of theCentral Labour Relations Commission, a member of the Financial System Council of the
Financial Services Agency, and a member of the Self-regulatory Planning Sub-Committee of the
Self-regulation Board in the Japan Securities Dealers Association. If she is elected Outside
Director, the role expected of her would be to monitor the Company's management from an
objective and professional perspective, based on her expertise and knowledge. Accordingly, herelection is requested.
Although Ms. Yamamoto has no experience of direct involvement in corporate management,
for the above reasons, it was determined that she would be an appropriate candidate for External
Director.

Number ofshares of theCompany held

-7-

—

—

No.

Name
(Date of birth)

Past experience, positions, responsibilities
and significant concurrent positions

April 1981

9

10

Joined The Fuji Bank, Limited (currently Mizuho Bank,
Ltd.)
June 2004
General Manager, International Exchange Department,
Mizuho Corporate Bank, Ltd. (currently Mizuho Bank,
Ltd.)
April 2007
General Manager, Bangkok Branch, Mizuho Corporate
Bank
April 2009
Executive Officer of Mizuho Securities Co., Ltd. andPresident of Mizuho Bank (Schweiz) AG
April 2010
Director, Mizuho Securities Co., Ltd.
June 2010
Full-time Auditor, OKAYA ELECTRIC INDUSTRIES[New candidate]CO.,LTD.
Muneaki Kiyota June 2012Managing Executive Officer, OKAYA ELECTRIC(April 3, 1957)
INDUSTRIES CO., LTD.
June 2014
Director and Managing Executive Officer, OKAYA
ELECTRIC INDUSTRIES CO., LTD.
April 2018
Director and Senior Executive Managing Officer, OKAYA
ELECTRIC INDUSTRIES CO., LTD.
June 2020
Outside Audit & Supervisory Board Member, NICHIREICORPORATION (present position)
June 2020
Outside Corporate Auditor, KOMORI CORPORATION(present position)[Significant concurrent positions]
Outside Audit & Supervisory Board Member, NICHIREI CORPORATION
Outside Corporate Auditor, KOMORI CORPORATION(Reasons for selection as candidate for External Director and outline of expected roles)
Mr. Muneaki Kiyota has served in important posts at financial institutions mainly overseas,and subsequently served as Audit & Supervisory Board Member and Director, etc. of amanufacturer for about 10 years. He has a wealth of experience and advanced insight regarding
corporate management. If he is elected Outside Director, the role expected of him would be toprovide advice and monitor the Company's management from an objective viewpoint, based on
his knowledge and insights. Accordingly, his election is requested.
April 1992
Research Fellow, Japan Society for the Promotion of
Science
July 1993
Researcher, University of Burgundy, France
April 1994
Assistant, Faculty of Science and Technology, Tokyo
University of Science
April 1998
Lecturer, Faculty of Science and Technology, Tokyo
University of Science
April 2001
Assistant Professor, Faculty of Science and Technology,[New candidate]Tokyo University of Science
Masayuki Itagaki
Professor, Faculty of Science and Technology, Tokyo(March 24, 1964) April 2005
University of Science (present position)
November 2006 President and Chief Executive Officer, NEWLONGSEIMITSU KOGYO Co., Ltd. (present position)[Significant concurrent positions]
Professor, Faculty of Science and Technology, Tokyo University of Science
President and Chief Executive Officer, NEWLONG SEIMITSU KOGYO
Co., Ltd.
(Reasons for selection as candidate for External Director and outline of expected roles)
Mr. Masayuki Itagaki has a wealth of experience and broad knowledge as a university
professor, as well as numerous research achievements and ample knowledge in the field ofelectrochemistry, particularly as a specialist in surface treatment. He has also been conducting
research on corrosion and plating with the application of electrochemical methods in thelaboratory. He is expected to provide advice on research and development aimed at reducing theCompany’s environmental footprint as part of its focus on ESG and to monitor the Company's
management, based on this knowledge and insights and on his abundant experience as a corporate
executive. Accordingly, his election is requested.

Number ofshares of theCompany held

-8-

—

—

(Notes)
1.
2.

3.

4.

5.

There is no special interest between each candidate for Director and the Company.
Mr. Koki Morinaga, Ms. Mayumi Yamamoto, Mr. Muneaki Kiyota, and Mr. Masayuki Itagaki are candidates for External
Director. If the election of the four Directors is approved, the Company plans to register them as Independent Directors
with Tokyo Stock Exchange, Inc., as prescribed by the Exchange.
If the election of Mr. Koki Morinaga, Ms. Mayumi Yamamoto, Mr. Muneaki Kiyota, and Mr. Masayuki Itagaki isapproved, the Company plans to enter into an agreement with them to limit their liability for damages as provided for in
Article 423, Paragraph 1 of the Companies Act. The maximum amount of liability pursuant to the agreement is theminimum liability amount stipulated by Article 425, Paragraph 1 of said Act.
The Company has entered into a directors and officers liability insurance contract with an insurance company pursuant
to Article 430-3 of the Revised Companies Act (enforced on March 1, 2021) and plans to renew this contract in March
2022. The insurance policy covers the legal costs and compensation for damages, etc. that are borne by the insured as aresult of corporate litigation, third-party litigation, class action lawsuits, etc. Other details are as described in the Business
Report (page 32, only available in Japanese). If the individual candidates are reappointed or elected, they will be included
as insured parties under the contract.
If this proposal is approved, the composition of the Nomination and Remuneration Advisory Committee will be as
follows.
Chair: Mitsuru Ichikawa (current External Audit & Supervisory Board Member)Acting Chair: Koki Morinaga (newly appointed External Director)
Committee members: Muneaki Kiyota (newly appointed External Director), Masayuki Itagaki (newly appointed
External Director), Masashi Kimura-9-

Proposal 2:

Election of two (2) Audit & Supervisory Board Members

The term of office of Audit & Supervisory Board Members Mr. Seishi Kasai and Ms. Koyuri Kawato will
expire at the conclusion of this year’s Annual General Meeting of Shareholders. Accordingly, the election of
two (2) Audit & Supervisory Board Members is proposed.
The Audit & Supervisory Board has provided its consent to this proposal.
The candidates are as follows:

No.

Name
(Date of birth)

Past experience, positions
and significant concurrent positions

April 1991
March 1994
July 2000

1

2

Joined Asahi Shinwa & Co. (currently KPMG AZSA LLC)
Registered as a certified public accountant
Representative, Kawato Certified Public Accountant[Reappointment]
Office (present position)
Koyuri Kawato
January 2001 Registered as certified public tax accountant(July 5, 1968)
June 2019
Audit & Supervisory Board Member of the Company(present position)[Significant concurrent positions]Representative, Kawato Certified Public Accountant Office(Reasons for selection as candidate for External Audit & Supervisory Board Member)
As a certified public accountant and certified public tax accountant, Ms. Koyuri Kawato iswell-versed in finance, accounting and tax affairs, and possesses a high level of expertise and awealth of experience and knowledge.
She has the experience and insight necessary to carry out appropriate audits of the managementof the Company. As the Company believes that she will be able to appropriately supervise themanagement of the entire Group from an objective standpoint, it was determined that she should
continue to be a candidate for Audit & Supervisory Board Member.
April 1980
Joined The Dai-Ichi Kangyo Bank, Ltd. (currently
Mizuho Bank, Ltd.)March 2006
General Manager, Taipei Branch, Mizuho Corporate
Bank, Ltd.
April 2008
Executive Officer and General Manager, Taipei Branch,
Mizuho Corporate Bank, Ltd.
April 2009
Executive Officer and General Manager, Human
Resources Management Department, Mizuho Corporate
Bank, Ltd.
April 2010
Managing Executive Officer and Officer responsible for
Sales and Marketing, Mizuho Corporate Bank, Ltd.
[New candidate]
April 2011
Managing Executive Officer, Mizuho Bank, Ltd.
Harusato Nihei
Deputy President, Mizuho Research Institute Ltd.
(August 30, 1957) April 2014
(currently Mizuho Research & Technologies, Ltd.)
June 2016
Audit & Supervisory Board Member, Kawasaki Kisen
Kaisha, Ltd.
June 2017
Senior Managing Executive Officer, Kawasaki Kisen
Kaisha, Ltd.
June 2018
Representative Director and Senior Managing Executive
Officer, Kawasaki Kisen Kaisha, Ltd.
April 2020
Director, Kawasaki Kisen Kaisha, Ltd.
June 2020
Special Advisor, Kawasaki Kisen Kaisha, Ltd. (present
position)(Reasons for selection as candidate for External Audit & Supervisory Board Member)
Mr. Harusato Nihei has served in a wide range of positions, including international banking
operations, and possesses abundant experience and achievements as Audit & Supervisory Board
Member and corporate manager at operating companies, as well as considerable knowledge offinance and accounting. Therefore, the Company believes that he will contribute well to theCompany's audit and supervisory functions as an Audit and Supervisory Board Member from anexternal and objective perspective, and has selected him as a candidate for Outside Audit andSupervisory Board Member.

Number ofshares of theCompany held

- 10 -——

(Notes)
1.
2.

3.

4.

5.

6.

There is no special interest between each candidate for Director and the Company.
Ms. Koyuri Kawato and Mr. Harusato Nihei are candidates for Outside External Audit & Supervisory Board Member.
Ms. Kawato is currently an External Director of the Company. At the conclusion of this year’s Annual General Meetingof Shareholders, her term of office as External Director will be two (2) years.
Although Ms. Koyuri Kawato has not been involved in corporate management in the past other than as an outside officer,
the Company believes that she will be able to appropriately execute her duties as Outside Audit & Supervisory Board
Member for the reasons stated in "Reasons for nomination as candidate for Outside Audit & Supervisory Board Member"above.
The Company has appointed Ms. Koyuri Kawato as an Independent Officer prescribed by Tokyo Stock Exchange andsubmitted a notification of the appointment to said Exchange. If her reelection is approved, the Company plans to submit
a notification of her re-appointment as an Independent Officer to said Exchange. If the appointment of Mr. Harusato
Nihei is approved, the Company intends to submit a notification of his appointment as an Independent Officer asprescribed by Tokyo Stock Exchange with said Exchange.
The Company has an agreement with Ms. Koyuri Kawato to limit her liability under Article 423, Paragraph 1 of theCompanies Act. The maximum amount of liability pursuant to the agreement is the minimum liability amount stipulated
by Article 425, Paragraph 1 of said Act. If the candidate for Audit & Supervisory Board Member Ms. Koyuri Kawato isreelected, the Company plans to continue the same agreement with her. If the appointment of Mr. Harusato Nihei isapproved, the Company plans to enter into an agreement with him that similarly limits his liability for damages under
Article 423, Paragraph 1 of the Companies Act.
The Company has entered into a directors and officers liability insurance contract with an insurance company pursuant
to Article 430-3 of the Revised Companies Act (enforced on March 1, 2021) and plans to renew this contract in March
2022. The insurance policy covers the legal costs and compensation for damages, etc. that are borne by the insured as aresult of corporate litigation, third-party litigation, class action lawsuits, etc. Other details are as described in the Business
Report (page 32, only available in Japanese). If the individual candidates are reappointed or elected, they will be included
as insured parties under the contract.

- 11 -