These documents have been translated from apart of Japanese originals for reference purposes only.
In the event of any discrepancy between these translated documents and the Japanese originals, the originals
shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or any otherforms of damages arising from the translations.

(Securities code: 6800)
June 5, 2018
To Shareholders with Voting Rights:
Takayuki Tokuma
Representative Director, President
and Executive Officer
Yokowo Co., Ltd.
5-11, Takinogawa 7-chome,
Kita-ku, Tokyo, JapanNOTICE OF THE 80TH ORDINARY GENERAL MEETING OF SHAREHOLDERS
Dear Shareholders,
You are cordially invited to attend the 80th Ordinary General Meeting of Shareholders of Yokowo Co., Ltd.
(the "Company"). The meeting will be held for the purposes as described below.
If you are unable to attend the meeting, you may exercise your voting rights by either of the following
methods. Please read the Reference Documents for the General Meeting of Shareholders (describedhereinafter) and exercise your voting rights by 5:40 p.m. on Wednesday, June 27, 2018 Japan time.
[If you wish to exercise your voting rights by postal mail (in writing)]
Please indicate your vote for or against each Proposal on the enclosed Voting Rights Exercise Form andsend it back so that it is received by the aforementioned exercise deadline.
[If you wish to exercise your voting rights via the Internet]
Please access the voting website (https:// evote.tr.mufg.jp), use the “log-in ID” and “temporary password”
presented on the enclosed Voting Rights Exercise Form and enter your vote for or against each Proposal byfollowing the instructions displayed on the screen.
1. Date and Time:Thursday, June 28, 2018 at 10:00 a.m. JST

2. Venue:

2nd floor Banquet Hall Akebono of Hotel Metropolitan Tokyo Ikebukuro,
located at 6-1, Nishi-ikebukuro 1-chome, Toshima-ku, Tokyo, Japan

3. Meeting Agenda:
Matters to be Reported: 1. The Business Report, Consolidated Financial Statements for the Company's
80th Fiscal Year (from April 1, 2017 to March 31, 2018) and results of audits
by the Accounting Auditor and Audit & Supervisory Board of theConsolidated Financial Statements
2. Non-consolidated Financial Statements for the Company's 80th Fiscal Year(from April 1, 2017 to March 31,2018)

1

Proposals to be Resolved:
Proposal No. 1: Distribution of Surplus
Proposal No. 2: Election of Five Directors
Proposal No. 3: Election of Two Audit & Supervisory Board Members
4. Notice of Information Disclosure through the Internet
The Company, pursuant to the provisions of applicable laws and regulations and Article 16 of the Articles
of Incorporation of the Company, discloses certain matters specified below that constitute part of theBusiness Report, Consolidated Financial Statements, and Non-consolidated Financial Statements through thewebsite of the Company (https://www.yokowo.co.jp). Accordingly, they are not included in the documents
attached to this notice.
(1) “System necessary to ensure that the execution of duties by the Directors complies with laws
and regulations and the Articles of Incorporation, and other systems necessary to ensure
properness of operations of the Company,” and “Basic policy concerning persons who
control the decisions on the Company’s financial and business policies” of the Business
Report(2) Consolidated Statement of Changes in Shareholders’ Equity and Notes to the Consolidated
Financial Statements(3) Statement of Changes in Shareholders’ Equity and Notes to the Non-consolidated Financial
Statements
Therefore, the documents attached to this Notice constitute only part of the Consolidated andNon-consolidated Financial Statements audited by the Accounting Auditor in preparing its Audit Report andpart of the Business Report, Consolidated and Non-consolidated Financial Statements audited by Audit &Supervisory Board Members in preparing their Audit Report.
Notes:
1) For those attending, please present the enclosed Voting Rights Exercise Form to the reception upon arrivalat the meeting.
2) Any updates to the Reference Documents for the General Meeting of Shareholders, Business Report, orConsolidated and Non-consolidated Financial Statements will be posted on the Company's website(https://www.yokowo.co.jp).

2Reference Documents for the General Meeting of Shareholders
Proposal No. 1: Distribution of Surplus
Matters concerning year-end dividends
Based on the recognition that providing superior returns to shareholders is one of the highest management
priorities, the Company's basic policy is to continue to pay stable dividends to shareholders, determining thespecific amount of dividend for each fiscal year by taking into consideration the maintenance of internal
reserves to be used for capital investment in production facilities in growing businesses, investment fortechnological development in new businesses, and investment for market development.
With respect to the operating results for the current fiscal year, the Company marked the highest
consolidated sales for the fourth consecutive fiscal year, and posted a large increase in consolidated
operating income at 3,135 million yen, up 24.6% from the previous fiscal year. In addition, both consolidated
ordinary income and profit attributable to owners of parent mostly marked favorable results over the actual
performance for the previous fiscal year and the adjusted forecasts announced in February 2018, in spite of atemporary increase/decrease in the posting of foreign exchange gains and the posting of extraordinary
income, among other factors.
For the next fiscal year, consolidated sales and respective income are expected to reach a record high inview of the forecast of the increase in orders received in all the segments. Meanwhile, the Company faces a
number of large investment projects to achieve further business evolution and growth, such as thedevelopment of new products including vehicle antennas for ADAS/automated driving and the production
capacity expansion of semiconductor test tools, which has a potential for a steady increase in demand.
In view of the aforementioned circumstances, the Company hereby proposes its year-end dividend for the
fiscal year ended March 31, 2018 as follows, comprehensively taking into account the operating results forthe current fiscal year, the internal reserves necessary for the next fiscal year and beyond, as well as financial
stability and the expected business expansion.
(1) Type of dividend property: Cash
(2) Matters concerning allotment of dividend property to shareholders and total amount
14 yen per share of common stock, for a total of 283,198,902 yen
Because an interim dividend of 8 yen per share was paid out, the annual dividend for the fiscal year
ended March 31, 2018 will be 22 yen per share (consolidated dividend payout ratio of 19.0%).
(3) Effective date of distribution of surplus
June 29, 2018 (Friday)3

Proposal No. 2:

Election of Five Directors

The terms of office of all five Directors will expire at the conclusion of this year's Ordinary General
Meeting of Shareholders. Accordingly, shareholders are requested to elect five Directors.
The candidates for Directors are as follows.
It should be noted that no material conflict of interest exists between any of the five candidates for
Directors and the Company.

No.

Name
(Date of birth)

Past experience, positions, responsibilities, and significant concurrent positions
August 1988
April 1993
June 1995
September 1995
April 1997
April 1999
October 2001
June 2003
June 2004
December 2004
June 2006

1

Joined the Company
General Manager, Europe and United States Sales Department
Director
Takayuki Tokuma
Director, General Manager, Car Antenna Business Division(June 13, 1954)
Director, in charge of Business Planning Department
Reappointed
Director, in charge of PCC businessDirector, in charge of Business Planning Department
Executive
OfficerNumber of theManaging Director
Company’s shares held:
265,875 shares
Managing Director and Antenna System Company President
Director, Managing Executive Officer, and Antenna System Company
President
April 2007
Representative Director, President and Executive Officer (to present)
Years of service as Director: 22 years (at the conclusion of this year's Ordinary General Meeting of Shareholders)
Attendance rate of the Board of Directors Meetings: 17/17 times (100%)<Reasons for nomination as candidate for Director>
Mr. Takayuki Tokuma has led the business expansion/evolution of the Company’s primary businesses, including thedevelopment/sales promotion of micro antennas as General Manager/Company President of the vehicle communicationequipment business, as well as advancing into the BGA socket area of the circuit testing connector business, overseas
sales promotion of the PCC business (current fine connector business) and start-up of the medical device business as theofficer in charge of the supervision of overseas business/Business Planning Department/CTC business/PCC business,and thus has a thorough understanding of all businesses. Currently, he supervises the whole group as President andExecutive Officer, bearing the slogans of “multilayered business” and “permanent evolution.”
The Board of Directors of the Company would like Mr. Tokuma to continuously take responsibility for the businessexecution of the Company in the next period, which is expected to be a phase of further business expansion, and thus
proposes that he be elected as Director.

4

No.

Name
(Date of birth)

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

2

Joined the Company
General Manager, Connector Company Business Planning Department
June 2006
Executive Officer and General Manager, Connector Company Business
Kouichi Fukagawa
Planning Department(March 28, 1953)
April 2007
Executive Officer and Chief Officer of Management Planning H.Q.
April 2013
Chairman, Information Security Committee
Reappointed
June 2013
Managing Executive Officer and Chief Officer of Management Planning
H.Q.
Number of theJune 2015
Director, Managing Executive Officer and Chief Officer of Management
Company’s shares held:
Planning H.Q.
47,444 shares
June 2016
Director, Senior Managing Executive Officer and Chief Officer ofManagement Planning H.Q.
April 2017
Director, Senior Managing Executive Officer and General Manager,
LTCC Business Division (to present)
Years of service as Director: 3 years (at the conclusion of this year's Ordinary General Meeting of Shareholders)
Attendance rate of the Board of Directors Meetings: 16/17 times (94%)<Reasons for nomination as candidate for Director>
Mr. Kouichi Fukagawa, as the executive officer in charge of the circuit testing connector business, has led thebusiness acquisition, introduction of new technologies, acquisition of new customers of said business, and has promoted
the business model restructuring of the vehicle communication equipment business, as well as the full-scale start-up of
new businesses including the ceramic business. He, as Chairman of the Information Security Committee, has also
contributed to the establishment/enhancement of the information security structure of the Group as a whole, andcontributed to the improvement of awareness thereof by promoting the acquisition of ISO 27001 certification, theinternational standard for information security, for the Company and its major subsidiaries. As the General Manager ofthe LTCC Business Division since April 2017, he has been putting his efforts into launching the mass production oflarger quantity of new LTCC products and putting the LTCC business on growth track.
The Board of Directors of the Company would like Mr. Fukagawa to continuously take responsibility for promoting
group-wide undertakings and innovation of the business structure, and thus proposes that he be elected as Director.

5

No.

Name
(Date of birth)

Past experience, positions, responsibilities, and significant concurrent positions
April 1985
April 1998
October 2002
December 2004

3

Joined the Company
Chubu Branch Manager, VCCS Business Division
General Manager, VCCS Business Division
Kenji Yokoo(August 22, 1960)
Managing Director, YOKOWO MANUFACTURING OF AMERICA
LLC
Reappointed
June 2007
Executive Officer and Chief Officer of Administration Management
H.Q.
November 2016 Vice Chairman of The Tomioka Chamber of Commerce and Industry,
Number of the
Gunma Prefecture (to present)
Company’s shares held:
April 2017Managing Executive Officer and Chief Officer of Administration
84,127 shares
Management H.Q.
June 2017
Director, Managing Executive Officer and Chief Officer of
Administration Management H.Q. (to present)
Years of service as Director: 1 year (at the conclusion of this year's Ordinary General Meeting of Shareholders)
Attendance rate of the Board of Directors Meetings: 13/13 times (100%) since his appointment to Director of theCompany on June 29, 2017.
<Reasons for nomination as candidate for Director>
Mr. Kenji Yokoo gained experience in administrative operations in general at the Company and its domestic andforeign subsidiaries, and then served as the Chubu Branch Manager, General Manager and Managing Director of a US
subsidiary in the vehicle communication equipment business—the Company’s mainstay business—and made asignificant contribution towards the Company’s business expansion by taking the initiative in opening new accounts
with customers who are now major clients. Since his appointment to Executive Officer and Chief Officer of the
Administration Management H.Q., he has been playing a leading role in enhancing the Company’s global framework
by promoting measures for company-wide profit structure reform as well as personnel innovation measures, based on
his experience at domestic and foreign subsidiaries and his experience in supervising businesses.
The Board of Directors of the Company would like Mr. Yokoo to continuously take responsibility for further
enhancing and innovating the management structure of the Group, which continues to grow in terms of business scale
and field, and thus proposes that he be elected as Director.

6

No.

Name
(Date of birth)

Shuji Ohashi(November 23, 1938)

Past experience, positions, responsibilities, and significant concurrent positions
April 1961

Joined Japan Management Association

May 1975

Registered as Certified Public Accountant
Representative of Shuji Ohashi Certified Public Accountant Office

Reappointed
Candidate for Outside
June 1991
Director
September 1993
Number of theJune 2001
Company’s shares held:
June 2013
0 shareJune 20144(to present)
Managing Director, JMA Consultants, Inc.
President & CEO, JMAC AMERICA, INC.
Advisor, JMA Consultants, Inc. (to present)
Outside Director, Seven Bank, Ltd. (to present)
Outside Director of the Company (to present)

Years of service as Director: 4 years (at the conclusion of this year's Ordinary General Meeting of Shareholders)
Attendance rate of the Board of Directors Meetings: 15/17 times (88%)
1. Reasons for nomination as candidate for Outside Director
Mr. Shuji Ohashi has a broad range of knowledge including accounting expertise from his activities in business
management consulting over the years, and also from personally managing a consulting firm in the U.S. The
Company would like him to continue drawing on his broad knowledge and wealth of experience in corporate
management to monitor and supervise the Company’s management, and thus proposes that he be elected as Outside
Director.
2. Term of office as Outside Director
Mr. Shuji Ohashi will have been in office as Outside Director for a period of 4 years at the conclusion of thisOrdinary General Meeting of Shareholders.
3. Independence of candidate for Outside Director(1) There are no business relationships between the Shuji Ohashi Certified Public Accountant Office which Mr.
Ohashi represents and the Company.
(2) While the Group has transactions, including the payment of fees for correspondence courses for our employees
and general purpose seminars, with JMA Consultants, Inc., for which Mr. Ohashi serves as Advisor, Japan
Management Association, parent company thereof, and its group companies, such transactions are general innature and the total amount of such transactions within the most recent five years before the end of the current
fiscal year is 5,335,000 yen.
(3) There are no matters to be disclosed other than the above with respect to his independence.
(4) Based on the above, the Company has determined Mr. Ohashi to be highly independent from the Company andpersons who execute the business of the Company. In the event that the election of Mr. Ohashi is approved as
proposed, the Company will continue to designate him as an independent officer as prescribed in the Securities
Listing Regulations of the Tokyo Stock Exchange.
4. Activities as Outside Director during the current period(1) He attended fifteen out of the seventeen Board of Directors Meetings (Attendance rate: 88%) and gave advice
and recommendations based on his broad knowledge and abundant experience in corporate management, in
addition to monitoring and supervising the Company’s management.
(2) He attended sixteen out of the eighteen Audit & Supervisory Board Meetings, had prior guidance andexchanged opinions on the agenda of the Board of Directors Meetings with Outside Audit & Supervisory Board
Members, and shared the matters that were reported or deliberated by the Audit & Supervisory Board to theextent necessary.
5. Overview of limited liability agreement entered into with the Company
The Company, pursuant to Article 30 of the Company’s Articles of Incorporation, has entered into a limited liability
agreement, as prescribed in Article 423, Paragraph 1 of the Companies Act, with Mr. Shuji Ohashi. The limit ofliability for damages based on this agreement is 4 million yen or the amount prescribed by laws and regulations,whichever is higher.

7

No.

Name
(Date of birth)

Past experience, positions, responsibilities, and significant concurrent positions
October 1983
January 1999

5

Joined Texas Instruments Japan Limited
General Manager, Japan Communications Department, Member ofKuniko Muramatsu
Strategic Leadership Team, Texas Instruments Japan Limited(September 1, 1958)
November 2003 Senior Manager, Ethics & Diversity Office, Chief Ethics Officer, Texas
Instruments Japan Limited
Reappointed
Candidate for Outside September 2009 Resigned from Texas Instruments Japan Limited
Director
October 2009
Chief Researcher, Business Ethics Research Center
January 2010
Representative Director, Wellness Systems Institute (to present)
January 2014
Director, Japan Professional Football League (J. League)
Number of the
Director and Chair of the Board, NPO GEWEL (to present)
Company’s shares held: April 2016
June
2016
OutsideDirector, C’BON COSMETICS Co., Ltd. (to present)
0 shareOutside Director of the Company (to present)
April 2018
Senior Researcher, Business Ethics Research Center (to present)
Years of service as Director: 2 years (at the conclusion of this year's Ordinary General Meeting of Shareholders)
Attendance rate of the Board of Directors Meetings: 17/17 times (100%)
1. Reasons for nomination as candidate for Outside Director
Ms. Kuniko Muramatsu held various posts including General Manager of the Public Relations Department,
Member of the Business Strategy Team, General Manager of the Corporate Ethics Office and the officer in chargeof diversity promotion at a foreign-affiliated semiconductor maker, and now runs a company which she establishedafter resigning from said company, utilizing her experience, and is engaged in supporting the improvement ofcorporate ethics and the promotion of diversity, whereas she also serves as Director at a nonprofit incorporated
association and nonprofit organizations. The Company would like her to monitor and supervise the management of
the Company and provide advice and recommendations to the Company by leveraging her extensive knowledge
regarding corporate ethics and diversity promotion, and practical experience at business organization, and thus
proposes that she be elected as Outside Director.
2. Term of office as Outside Director
Ms. Kuniko Muramatsu will have been in office as Outside Director for a period of one year at the conclusion ofthis Ordinary General Meeting of Shareholders,
3. Independence of candidate for Outside Director(1) There are no business relationships between the Company and Wellness Systems Institute, for which Ms.
Muramatsu serves as Representative Director.
(2) While the Company had transactions with Texas Instruments Japan Limited (“TI Japan”) regarding the sale fromthe Company of inspection tools for semiconductor testing until December 2013, the amount involved accounted
for less than 1% of the Group’s annual consolidated sales and less than 1% of TI Japan’s annual operating costs.
Furthermore, the Company has had no transactions with TI Japan since January 2014.
(3) The Company has continuous business relationships with Texas Instruments Incorporated (“TI US”), the parent
company of TI Japan, regarding the sale from the Company of inspection tools for semiconductor testing,whereas the amount involved accounts for less than 2% of the Group’s annual consolidated sales and less than
1% of the annual operating costs of TI US.
(4) There are no matters to be disclosed other than the above with respect to her independence.
(5) Based on the above, the Company has determined Ms. Muramatsu to be highly independent from the Company
and persons who execute the business of the Company. In the event that the election of Ms. Muramatsu isapproved as proposed, the Company will continue to designate her as an independent officer as prescribed in
the Securities Listing Regulations of the Tokyo Stock Exchange.
4. Activities as Outside Director during the current period(1) She attended all seventeen Board of Directors Meetings (Attendance rate: 100.0%) and gave advice andrecommendations based on her extensive knowledge regarding corporate ethics and diversity promotion andpractical experience at business organization, etc., in addition to monitoring and supervising the Company’s
management.
(2) She attended fourteen out of the eighteen Audit & Supervisory Board Meetings, had prior guidance andexchanged opinions on the agenda of the Board of Directors Meetings with Outside Audit & Supervisory
Board Members, and shared the matters that were reported or deliberated by the Audit & Supervisory Board to
the extent necessary.
5. Overview of limited liability agreement entered into with the Company
The Company, pursuant to Article 30 of the Company’s Articles of Incorporation, has entered into a limited liability
agreement, as prescribed in Article 423, Paragraph 1 of the Companies Act, with Ms. Kuniko Muramatsu. The limitof liability for damages based on this agreement is 4 million yen or the amount prescribed by laws and regulations,whichever is higher.

8Proposal No. 3:

Election of Two Audit & Supervisory Board Members

The term of office of Audit & Supervisory Board Members Mr. Yasushi Mashimo and Mr. Toshiaki
Tochigi will expire at the conclusion of this year's Ordinary General Meeting of Shareholders. Accordingly,
the election of two Audit & Supervisory Board Members is proposed. If elected, the term of office of the
Audit & Supervisory Board Members will be until the conclusion of the 84th Ordinary General Meeting of
Shareholders scheduled to be held in June 2022.
This Proposal has been approved by the Audit & Supervisory Board.
The candidates for Audit & Supervisory Board Members are as follows.
No.

Name
(Date of birth)

Yasushi Mashimo(August 1, 1957)
Reappointed
Candidate for Audit &Supervisory Board
MemberNumber of theCompany’s shares held
29,913 shares

1

Past experience, positions, responsibilities, and significant concurrent positions
June 1989

Joined the Company

April 2005

General Manager, Accounting Department

April 2006

General Manager, Public Relations and Equity Department

April 2008

General Manager, Internal Audit Department

June 2008

Audit & Supervisory Board Member (to present)

Years of service as Audit & Supervisory Board Member: 10 years (at the conclusion of this year's Ordinary General
Meeting of Shareholders)
Attendance rate of the Board of Directors Meetings: 16/17 times (94%)
Attendance rate of the Audit & Supervisory Board Meetings: 17/18 times (94%)
Reasons for nomination as candidate for Audit & Supervisory Board Member
After joining the Company, Mr. Yasushi Mashimo was consistently engaged in the operation of the Accounting
Department of Head Office, Accounting Department in Tomioka Plant and Yokowo Electronics (Malaysia) SDN. BHD.
Thereafter, he exercised control over the Company’s management accounting and statutory financial reporting on aconsolidated and nonconsolidated basis as Deputy Manager and General Manager of the Accounting Department. He
was also responsible for IR mainly for institutional investors as General Manager of Public Relations and Stock
Department, and then assumed office as General Manager of the Internal Audit Department. Based on his long-term
experience in the accounting field, he is taking a leadership role in the audit work for the Group (including subsidiaries)
as Full-time Audit & Supervisory Board Member who is familiar with the Company’s business structure and flow, as
well as other related elements. The Board of Directors of the Company would like Mr. Mashimo to continuously takeresponsibility for performing management audits so as to ensure the legality and appropriateness of the management of
the Group, which continues to grow in scale, and thus proposes that he be elected as Audit & Supervisory Board
Member.

9

No.

Name
(Date of birth)

Toshiaki Tochigi(April 16, 1949)
Reappointed
Candidate for Outside
Audit & Supervisory
Board Member
Number of theCompany’s shares held
0 share2

Past experience, positions, responsibilities, and significant concurrent positions

April 1979
May 1995
April 2010
May 2011
June 2011
April 2013
June 2014

Registered as lawyer
Established Nozomi Sogo Attorneys at Law, Partner Lawyer (to present)
President, Daini Tokyo Bar Association
Vice President, Japan Federation of Bar Associations
Deputy Director, Japan Lawyer's Political Association (to present)
Outside Audit & Supervisory Board Member, Mori Denki Co., Ltd.
(currently, Daikokuya Holdings Co., Ltd.) (to present)
Chairman, Kanto Federation of Bar Associations
Outside Audit & Supervisory Board Member (to present)

Years of service as Audit & Supervisory Board Member: 4 years (at the conclusion of this year's Ordinary General
Meeting of Shareholders)
Attendance rate of the Board of Directors Meetings: 17/17 times (100%)
Attendance rate of the Audit & Supervisory Board Meetings: 18/18 times (100%)
1. Reasons for nomination as candidate for Outside Audit & Supervisory Board Member
Mr. Toshiaki Tochigi has a wealth of experience and considerable insight as a lawyer. The Company would like him
to continue monitoring, auditing and giving advice, and thus proposes that he be elected to Outside Audit &Supervisory Board Member. Although he has never been directly involved in corporate management, the Company
has judged that he can properly perform his duties as Outside Audit & Supervisory Board Member because of theaforementioned reasons.
2. Term of office as Outside Audit & Supervisory Board Member
Mr. Toshiaki Tochigi will have been in office for a period of four years at the conclusion of this Ordinary General
Meeting of Shareholders.
3. Independence of candidate for Outside Audit & Supervisory Board Member(1) The Group has a transaction history with Nozomi Sogo Attorneys at Law, for which Mr. Tochigi serves aspartner lawyer regarding legal advice fees and other compensation paid to other lawyers who belong toNozomi. Such transactions are general in nature and the total amount of such transactions within the mostrecent five years until the end of the current consolidated fiscal year is 1,941,000 yen.
(2) There are no matters to be disclosed other than the above with respect to his independence.
(3) Based on the above, the Company has determined Mr. Tochigi to be highly independent from the Company
and persons who execute the business of the Company. In the event that the election of Mr. Tochigi isapproved as proposed, the Company will continue to designate him as an independent officer as prescribed in
the Securities Listing Regulations of the Tokyo Stock Exchange.
4. Activities as Outside Audit & Supervisory Board Member during the current period(1) He attended all seventeen Board of Directors Meetings (Attendance rate: 100.0%) and gave advice andrecommendations from a technical perspective as a lawyer, in addition to monitoring and supervising theCompany’s management.
(2) In addition to attending all eighteen Audit & Supervisory Board Meetings (Attendance rate: 100.0%),
receiving reports and engaging in deliberations, he had prior guidance and exchanged opinions on the agendaof the Board of Directors Meetings with Outside Directors, and shared the matters that were reported ordeliberated by the Audit & Supervisory Board with Outside Directors to the extent necessary.
5. Overview of limited liability agreement entered into with the Company
The Company, pursuant to Article 36, Paragraph 2 of the Company’s Articles of Incorporation, has entered into alimited liability agreement, as prescribed in Article 423, Paragraph 1 of the Companies Act, with Mr. Toshiaki
Tochigi. The limit of liability for damages based on this agreement is 4 million yen or the amount prescribed by laws
and regulations, whichever is higher.

End of Document11