Corporate Governance
CORPORATE GOVERNANCE

June 27, 2024
MIXI, Inc.
Koki Kimura, President and Representative Director
Kohei Shimamura (Senior Corporate Officer, CFO)
Inquiries: +81-3-6897-9500

This document outlines the details of MIXI's corporate governance structure and policies.

I. Basic Approach to Corporate Governance, Capital Structure, Corporate Profile, and Other Basic Information
1. Basic Approach to Corporate GovernanceWe recognize corporate governance as a means for maximizing corporate value. As such, we reorganize our organizational structure
when appropriate to accommodate the expansion of our business ventures, to manage profits and losses of each of our businesses,
and to further clarify authority and responsibilities. We also focus on further enhancing the capabilities of the Board of Directors (which
serves as the Company's decision-making body), of Audit & Supervisory Board members (hereinafter, "ASB members") and the Audit& Supervisory Board to monitor directors' performance of their duties, as well as on improving our internal control systems in order toprevent improprieties in business activities.
To continually increase management transparency and fairness, we appropriately present statutory disclosure documents and actively
conduct IR activities using our website and other means.

Reasons for Non-compliance with the Principles of the Corporate Governance CodeSupplemental Principle 4-1-2: Medium-Term Management Plan
The Company's Board of Directors discusses and formulates a medium-term management plan with the aim of enhancing corporate
value.
However, due to the rapid pace of change in the external environment of the entertainment industry, MIXI does not announce its
medium-term management plan.
MIXI also strives to promote dialogue with shareholders and investors by continuously communicating its management direction as
well as its medium- and long-term strategies through means such as the General Meeting of Shareholders and announcements offinancial results.

Disclosure Based on the Principles of the Corporate Governance CodePrinciple 1-4: Cross Holding
The Company does not hold any listed shares as strategic shareholdings. In the event that MIXI does decide to engage in the crossholding of listed shares, it will consider both the impact on the sustainability of growth, as well as the medium- to long-term stock value,
when voting on each proposal.

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Principle 1-7: Transactions Between Related Parties
In regard to transactions with officers and principal shareholders (related party transactions), it is MIXI's policy to pay special attention
to whether the transaction has a negative effect on the soundness of the Group's management, whether the transaction is valid in lightof rational judgment, and whether the terms of the transaction are appropriate in comparison with external transactions. In accordancewith the Companies Act and Board Regulations, etc., transactions with conflicts of interest and competitive transactions between MIXI
and its directors shall be concluded only after approval by the Board of Directors, and the results of such transactions shall be reported
to the Board of Directors.

Supplemental Principle 2-4-1: Ensuring Diversity in the Appointment of Core Personnel"Diversity, equity, and inclusion" is one of our material issues, and we are creating a culture that uses the advantages diversity brings.
While we will make continuous efforts to promote diversity, specific targets will be set with an eye to optimizing the organizational
structure in line with our strategy, policies, and business growth. Currently, we are closely monitoring the appointment of women, midcareer employees, and foreign employees to management positions, and the status is as follows.
Ratios of women, mid-career employees, and foreign nationals (non-consolidated) as of March 31, 2024
Percentage of total employees

Percentage of management

Percentage of employees up

positionstoassistantmanager-level

positionsFemale

31.1%

17.6%

22.2%

87.1%

92.2%

90.6%

3.1%

2.0%

2.8%

employees
Mid-career
employees
Foreign
employees
We have set a target of maintaining a ratio of at least 17% female employees in management positions by March 31, 2025.

We are undertaking initiatives to create a comfortable working environment for a diverse workforce.
Every year, all employees are required to undergo e-learning, which encourages employees to respect each other not only in termsof gender, nationality, and cultural diversity, but also in terms of sexual orientation, gender identity, values, and lifestyle.
In addition, our employment regulations clearly stipulate respect for gender diversity (LGBTQ+). In addition to prohibiting unwanted
sexual behavior and discrimination, under our "Definition of Partnership Equivalent to Marriage", we treat partners in same-sex
marriages the same as those in opposite-sex marriages and provide monetary marriage gifts and leave for celebrations/bereavementin the same manner.

The ratio of female employees in the group are as follows. Due to the difference in HR systems for each company, we currently only
have non-consolidated targets. We will begin establishing group-wide targets and action plans in stages.

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Ratios of women (consolidated) as of March 31, 2024
Percentage of total employees

29.7%

Percentage

ofmanagement

Percentage of employees up to

positionsassistant manager-level positions

16.0%

21.0%

Principle 2-6: Performing the Role of a Corporate Pension Plan as Asset Owner
Although MIXI does not have a corporate pension plan, it has introduced a defined contribution pension plan to provide stable asset
formation for its employees. MIXI selects pension products with the goal of building assets for retirement, avoiding high-risk products
while prioritizing low fees. In addition to posting the performance of said products on a dedicated website, we educate employees on
asset management by providing basic knowledge of the plans and precautions to take when starting asset management, including
educational videos on the basics of defined contribution pension plans.

Principle 3-1: Comprehensive Information Disclosure(i) MIXI's management philosophy, management strategies, and management plans
MIXI's Purpose: "Enriching communication and inspiring moments of joy" is supported by our Mission: "To provide space andopportunity for truly meaningful connections", and in order to achieve this, we center our decision-making around the MIXI Way: "Usersurprise first". All of this is disclosed on our corporate website. MIXI also strives to promote understanding among shareholders andinvestors by explaining its medium- and long-term management strategies through IR activities.

(ii) Basic approach to corporate governance based on each principle of the corporate governance code
Please refer to "I. 1. Basic Approach".

(iii) Policies and Procedures for the Board of Directors in Determining the Compensation of Senior Management and Directors
Please refer to "Director Compensation" under "II. 1. Matters related to Composition and Organizational Management".

(iv) Policies and procedures for the Board of Directors' selection and dismissal of senior management and nomination of director and
ASB member candidatesPlease refer to "Supplemental Principle 4-11-1: Policy on the Overall Balance of Knowledge, Experience, and Abilities, Diversity, andSize of the Board of Directors" under "I. Disclosure Based on the Principles of the Corporate Governance Code".

(v) Election, Dismissal, and Nomination When the Board of Directors Elects and Dismisses Senior Management and Nominates
Candidates for Directors and ASB Members Based on (iv)
The reasons for the election of individual candidates for director and ASB member positions are disclosed in convocation notices for
the Ordinary General Meeting of Shareholders.

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Supplemental Principle 3-1-3: Initiatives for Sustainability(i) MIXI's sustainability initiatives
1. Indicators and Targets
The Company has established a sustainability policy and eight material issues under the statement, "We will contribute to theenrichment of society through the creation of communication services that connect hearts and minds."

Material issues"Creation of spaces and opportunity for communication", "promotion of innovation", "diversity, equity, and inclusion", "mutual prosperity
with local communities", "operation of wholesome IT services", "safe and secure operation of sporting and other events", "information
security and privacy", "diversity and inclusion", "strengthening of governance"

In addition, the evaluation indicators defined for each material issue are newly disclosed on our sustainability page. We will work todisclose results and other information associated with each evaluation indicator.
For information on our major disclosed results, please refer to our website.
https://mixi.co.jp/en/sustainability/materiality_sdgs/

2. Governance
The senior corporate officer in charge of sustainability promotion is to be in charge of initiatives regarding sustainability (hereinafter,"Chief Sustainability Officer"). The Sustainability Secretariat, an advisory body to the Chief Sustainability Officer, reviews theCompany's sustainability initiatives, and the results of the review are reported to the Board of Directors once every three months by
the Chief Sustainability Officer. The Sustainability Secretariat seeks advice from the Risk Management Committee as appropriate andconducts interviews with each department and Group company as necessary in order to identify and assess risks and opportunities
related to sustainability and to consider how to respond to them. The Sustainability Secretariat also conducts annual reviews ofsustainability-related risks and opportunities and the progress of response measures.

3. Risk Management
To determine their level of importance, the Sustainability Secretariat evaluates risks and opportunities related to sustainability in termsof their likelihood of occurrence, impact, and availability of countermeasures. In particular, evaluations regarding climate-related issues
are conducted with reference to various scenarios from organizations such as the IEA and IPCC. Interviews are held with each relevant
department and group company as necessary, and appropriate adjustments are made. In addition, countermeasures are formulated
to address risks and opportunities, and the progress of these countermeasures is measured based on established indicators.
When appropriate, advice on sustainability-related risks is sought from the Risk Management Committee in order to manage theclimate-related risks in an integrated manner with other risks. Risks and opportunities that require special attention are reported to theBoard of Directors through the Chief Sustainability Officer.

4Corporate Governance
CORPORATE GOVERNANCE(ii) Investment in human capital and intellectual property
Investment in human capital
Our corporate philosophy (hereinafter, "PMWV") consists of the following four points.

Purpose: Enriching communication and inspiring moments of joy.
Mission: To provide space and opportunity for truly meaningful connections.
The MIXI Way (guiding principle for decision making): User surprise first.
Values (compass for action): Innovation, Passion, Integrity

We conduct a diverse mix of business operations to expand our PMWV-based communication businesses in the areas of DigitalEntertainment, Lifestyle, Sports, and Investment.
Our Mission of providing space and opportunity for truly meaningful connections supports us in realizing our Purpose of enrichingcommunication and inspiring moments of joy. We provide space and opportunity for truly meaningful connections by releasing
communication services. The human capital working on these services are some of our most important assets as they create value
and give us a competitive edge, so we proactively invest in them.

In order to continuously develop and operate communication services in our unique style, we have positioned PMWV awarenessand the demonstration of corporate ability as key axes of our human capital investment policy. PMWV awareness refers to the abilityof our businesses to understand shared corporate goals, and the demonstration of corporate ability refers to the ability to realize
these goals through the understanding and execution of specific methods.
We maximize the value of human capital through initiatives that utilize both PMWV awareness and the demonstration of corporate
ability, and the development of HR measures that strengthen these two axes.

1. PMWV awarenessAchieving PMWV awareness means that all MIXI employees share the same goals and values and are committed to achieving
them. We redefined our philosophy and established PMWV in April 2022. We promote the initiatives below with the aim of having
each of our employees deeply identify with PMWV and become more proactive.

■ Establishment of the PMWV Promotion Committee
We established the PMWV Promotion Committee with members from several parts of the company to execute measures related to
PMWV awareness. The goal of the committee is to maximize the effectiveness of activities through collaboration and progress
management, and to contribute to creating culture unique to MIXI.

■ Communication from upper management
Led by our management team, we actively communicate about PMWV through both internal media, such as the company newsletterand company-wide general meetings, and external media, such as articles. In addition, we strengthened communication through theorganizational hierarchy by adding an item on PMWV communication to the 360-degree feedback of chief general managers andgeneral managers, and are facilitating faster understanding and communication of the current state of affairs.

5Corporate Governance
CORPORATE GOVERNANCE■ Creating atmosphere through design
Using our company's creativity, the design of our equipment and facilities incorporate PMWV. The objective is to raise awareness of
PMWV by adding PMWV touchpoints, and foster a sense of unity within the company through unified design.

■ MIXI AWARD (internal award event)Once a year, we hold an internal award event called MIXI AWARD. Since FY2023, PMWV has been used as a selection criterion,
and awards have been given to individuals and teams that embody PMWV, based on employee recommendations. By introducing
PMWV as an award category, we hope to spread understanding of PMWV and increase motivation.

■ Recruitment and training of new graduates
We see new graduates as the ones who will carry on our culture, and have made identifying with our Purpose and demonstrating
our Values a requirement for hiring. In addition, everything is designed with PMWV in mind, from the job offer period to post-hiretraining, as well as events such as company orientation and initiation.

As a result of the initiatives above, an internal survey conducted in September 2023 showed that PMWV was understood by 85.7%
of respondents. In the future, we are considering applying this to mid-career hiring requirements and appointment criteria for
managers, as well as incorporating it into the evaluation system. By FY2025, we aim to maintain a positive response rate of at least
85% for the action phase.

FY2022

FY2023

FY2025 (Target)

Recognition

69.8%

84.3%

100%

Understanding

74.8%

85.7%

95% or more

Identification

70.8%

76.9%

90% or more

Action

56.5%

67.1%

85% or more

2. Demonstration of corporate ability
The goal of the demonstration of corporate ability is the creation of communication services unique to MIXI and the preparation for
long-term operation on an individual and group level.
We are making progress in our initiative of formalizing information such as the optimal organizational structures and necessary
capabilities for each business phase, the mechanisms for growing long-term profitability, and what makes our communication
services unique to us by reviewing our services that created new communication culture, including the social network mixi and
MONSTER STRIKE. We aim to increase our ability to produce businesses in our style by improving how knowledge is passed down,using our formalized information as a basis for creating and operating communication services unique to MIXI and to prepare
systems for personnel development and business creation.
The action plan for this initiative is as follows.

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FY2024
Propagation•ofopportunities

MIXI'sProvideFY2025practical
forlearning

managinga• Pass on business-management
expertise to the next generation

unique drivers

business• Conduct training aimed at allof success• Design training programs aimed

employees

at all employees• Aim for continuous execution oftraining

andassignmentof

personnel in line with business

Improving• Develop more employees capable• Strategically assign key personnel

businessof leading in product development

for businesses

execution•

optimal• Create an environment thatorganizational structures for eachpromotes the creation of newphase of businessbusinesses (provide opportunity)

Considerby FY2028

theplans (short-, medium-, and longterm) through the PDCA cycle
described to the left.

3. Personnel measures
The mission of our HR department is to create an environment in which all employees strive to embody PMWV daily, and to provide
opportunities for job satisfaction and growth, leading to the growth and development of the entire company. We are developing thefollowing HR measures based on the axes of PMWV awareness and the demonstration of corporate ability.

■ Manager empowerment■ Improvement of individual performance (via training / work style)■ Strengthening team capabilities■ Ensuring diversity■ Thorough compliance education■ Initiatives for improving the measures above

Details of each measure are provided below.

■ Manager empowerment
We see the strengthening of managers as a top priority in order to increase PMWV awareness and individual performance, which
will be discussed later in this report. We have defined the roles of managers at each level for organizational management, and arestrengthening our initiatives starting from the top to ensure that managers can appropriately fulfill their roles.
- Role definition
The "MIXI Management Beliefs" we established in 2020 as a set of guidelines for the actions of management-level personnel havebeen expanded to incorporate definitions for all manager positions (chief general manager, general manager, and manager). We aredeveloping various training measures based on these role definitions. We envision these role definitions as an evaluation standard
for the appointment of managers in the future.

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Corporate Governance
CORPORATE GOVERNANCE- 360-degree feedback
We conduct a 360-degree feedback session once a year for everyone from the President and Representative Director to generalmanagers. Questions are asked according to our definition for each role, feedback is provided on actual actions by those aroundthem, and individual support is given for initiatives addressing issues. The purpose of this session is to further individual growth, andthe results are not linked to evaluations.

- Training meetings and the executive succession plan
Training meetings are held twice a year for senior corporate officers, corporate officers, and chief general managers. Those forcorporate officers and chief general managers also include MIXI's executive succession plan. (The Company considers directors
and senior corporate officers to be executives because corporate officers and chief general managers are the candidates to become
executives for the following generation.) Senior corporate officers are in charge of training corporate officers and chief generalmanagers, and internal directors are in charge of training senior corporate officers to promote their further individual growth. In the
future, we plan to expand the scope of training meetings to include general managers.

- Providing learning opportunities for general managers and above
We provide training in areas such as management strategy theory, corporate governance, leadership theory, marketing theory,
finance, and team building for internal directors and employees at the general manager level and above. We also have incorporated
sending employees to external training programs and coaching for individual issues.

- Follow-up measures for newly appointed managers
In addition to orientation and mindset training upon appointment, an interview with HR is held three months after instatement for all
managers. In addition, evaluation training is conducted with appropriate timing for evaluations. We provide voluntary training for theskills necessary for one-on-one meetings with subordinates (employees in leadership positions may also participate if they wish) andoffer coaching or dispatch to external training programs for individual issues.

■ Improvement of individual performance (via training)
The following initiatives are being undertaken with the aim of improving corporate productivity by encouraging the activities andgrowth of employees and enhancing their individual performance. The FY2024 budget for training and self-development expenses
per employee is 97,271 yen for the whole fiscal year (21,184 yen higher than the previous year).

- Revision of the personnel system
The personnel system was revised in April 2022. The system policy was implemented to support the activity and growth of
employees and to allow for flexible operations that accommodate a wide range of businesses and employees. While the "ability
grading system" is used to apply grades as in the previous system, the revised system uses a "role grading system" for upper
grades, with rank and monetary adjustments based on role fulfillment and results. The revised system makes it easier to advancethe careers of employees with potential for success based on their expected future roles as well as their existing abilities, thereby
creating a well-balanced personnel system. In addition, grade definitions were comprehensively reviewed, and management

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methods were revised to match and to facilitate development through competency evaluations. The new grade definitions include
the elements expected of our employees for each grade, and are designed so that supervisor evaluations and self-evaluations canbe adjusted for each item, so that employees can recognize what they have done well and what they need to improve on, leading toemployee growth.

- Supporting the operation of the personnel system
In order to properly operate the system described above, we are training evaluators and provide on-site support through the HR
department. Setting goals and providing feedback is commonly understood throughout the company to be important for proper
evaluations and from a developmental perspective. In addition, given the system's high degree of operational freedom, we aim forproper operation of the system for each part of the company and integrity throughout MIXI by strengthening collaboration throughHR attendance at the department evaluation council and HRBPs.

- Training meetings within departments
Several departments independently conduct training meetings. Discussions are held on a regular basis by HRBPs affiliated with thedepartment (or with HR support) on topics such as the development of incoming managers and individual activities and growth,depending on the organizational and personnel status of each department.

- One-on-ones
One-on-ones are a long-standing part of our culture and are conducted with superiors, subordinates, and colleagues. The content ofthese one-on-ones varies widely, ranging from career counseling and mid-term evaluations to daily business consultations andpersonal topics. With each employee taking advantage of one-on-ones according to their current situation, these meetings havebecome an established part of our culture. To make one-on-ones more meaningful, we provide a guide for managers on the basics
of one-on-ones and, on request, offer in-house training on the skills necessary for one-on-ones, such as listening andacknowledgement.

- Elective training
We have established learning opportunities for all employees in cooperation with external organizations so that employees canreceive training on the theme of their choice in the form of elective training.

- Training new graduates
We provide training for prospective employees, including training in which they confront their own issues and further improve theirsense of responsibility and collaboration, and training camps where they spend two days and one night. We also provide training for
new graduates and follow-up on-the-job training (OJT) after their assignment to support their smooth transition to a newenvironment. Additionally, we provide training for those in charge of OJT and support their activities as trainers. Finally, we provide
training every year until the third year of employment, giving employees ample opportunity to reflect on their growth.

■ Improvement of individual performance (via work style)
We are developing an environment in which a diverse range of personnel can play an active role by providing options to suit the9Corporate Governance
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characteristics of our businesses and the various values, lifestyles, and stages of life of our employees.
At the same time, we emphasize health as we believe this an essential factor in individual career sustainability. To this end, we are
actively working to create a working environment that takes into consideration the health of our employees by enhancing our leavesystem and promoting a health-conscious, balanced work style.
Through these initiatives, we aim to create a work environment that fosters innovation and growth for our company by allowing each
employee to display their full potential and planning how each employee can lead a fulfilling professional life.

- Marble Work style - Promoting flexibility in work styles
We have introduced a system we call a Marble Work style, which makes the most out of the advantages of both remote and officework. This system allows different parts of the company to choose the optimal frequency with which to go to the office, and allows
employees to live anywhere in Japan as long as they can come to work by 12:00 PM. (This system was introduced in July 2020 andofficially implemented in April 2022.) As of March 31, 2024, there are 51 employees that live far from the office. In April 2023, we
introduced a full-flextime system on a trial basis to increase flexibility in working hours and launched the Marble Location system,
which allows employees to work at a "third place" (not the home or office) to increase flexibility in working location. The total numberof employees who used these systems in FY2023 is 184. By adding flexibility to work styles at MIXI in terms of working hours andlocation, we respect our employees' values and lifestyles. Different parts of the company can set the frequency of office days thatbest fits the phase of their business. This creates an environment conducive to achieving results for individuals and the company.

- Increase of retirement age and life planning support
In response to changes such as the increase in the average age of employees and the aging of the population in Japan, we are
striving to create a work environment in which employees can continue to work regardless of their age. In April 2023, we took steps
to realize these goals by increasing the mandatory retirement age from 60 to 65 years old and introducing a reemployment system
so that employees 65 and older can work until they're 70. We also believe that it is important for all employees, not just thosenearing retirement age, to think ahead and visualize their futures in terms of work style, careers, and post-retirement, and started
providing periodic life planning and finance seminars for employees in April 2023. In this way, we support our employees in planningout their life and career, and becoming independent so that they have greater freedom at every stage of their life.

- Parental leave and return-to-work rates
For employees raising children under elementary school age, we have introduced a shortened working hours flextime system in
addition to the existing shortened working hours system. This system allows employees to work shorter hours and also make use of
a flextime system, enabling them to work in an even more flexible manner depending on their work duties. As a result, in FY2023,
the rate of women taking parental leave and returning to work afterward remained steady at 100%; the rate of men taking childcare
leave was 37.5%. We will continue to provide support to enable both men and women to work in a way that is compatible with family
life and childcare.

- Enhancement of our leave system and the promotion of long-term leave
In April 2023, we made our leave system more flexible so that employees could work with peace of mind through changes in theirstage of life and mental or physical condition.

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Corporate Governance
CORPORATE GOVERNANCE- Establishing care leave
In April 2023, care leave was established to allow employees to take care of themselves or family members (up to second-degree
relatives).
- Expanding reserve leave
In April 2021, reserve leave was established to allow employees to store their expired leave days for later use. When we
introduced reserve leave, it was designed to be used only for specific reasons such as personal illness, disasters, bereavement, andfamily celebrations. However, with employee feedback from surveys and after testing, we added more flexibility to reserve leave in
April 2023 by allowing it to be used for prenatal visits for the employee or their partner, and family care (up to second-degree
relatives).
And starting FY2023, we began promoting the use of long-term leave by utilizing the existing MIXIBREAK (a measure in which every
5 years of continuous service, an employee is rewarded 5 days of special leave and incentive payments). We hope that taking an
extended vacation will lead to motivation at work and new opportunities that spark creativity through experiences that are notnormally available.

- Promotion of health management
MIXI was recognized by the 2024 Certified Health & Productivity Management Outstanding Organizations Recognition Program. For
the second consecutive year since 2022, we aim to improve long-term business stability through the effects of improved employee
health, such as increased productivity and longer tenure. In addition to basic health management initiatives such as the use andpromotion of health checkups and medical examinations, stress checks, etc., we are working on health guidance, improving healthliteracy, support for balancing work and treatment of illness, measures to prevent infectious diseases, and measures for employees
who work long hours, and have introduced an employee support program. In the future, we will also place focus on further healthsupport and preventative measures for employees by conducting cross-tabulations using data gathered by introducing the healthmanagement system.

■ Strengthening team capabilities
In addition to improving the performance of individual employees, the following initiatives are being undertaken to ensure that ouremployees are capable of delivering results as a team.

- Team building training
In addition to training to directors, senior corporate officers, and chief general managers, we provide training, mainly for managers
who lead businesses and organizations, that lets participants experience the importance of team building and improve interactions
between managers as well as parts of the company. We also assist training participants in implementing team-building initiatives intheir own part of the company.

- Improving the onboarding process
For mid-career employees, the HR Department conducts a general orientation on the first day of employment. The orientationconsists of a greeting from the president, an introduction to our corporate philosophy, a tour of the office, and explanations of the11

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tools used throughout the company. We have established a system in which employees can always access necessary information,internal systems, and rules on a dedicated website for new employees. Once new employees start work, their section's onboarding
process begins. Those in charge of onboarding and HR communicate in advance and collaborate using their methodology andexpertise for the onboarding process. Onboarding status is monitored by HR through interviews held one month / three months after
employment.

- Various systems
We partially subsidize the cost of social and team building opportunities for each part of the company. We also have an internal club
system to promote interaction outside of work.

■ Thorough compliance education
As part of our compliance training, we provide crisis management training via e-learning. The training is targeted at all employees,
and we achieve a 100% participation rate every year. The content of the crisis management training consists of seven required
courses on topics such as compliance basics, business conduct guidelines, information security, and harassment training.

■ Initiatives for improving the measures above
In developing these measures more effectively, we are also promoting the following initiatives.

- HRBP collaboration
As we have a diverse spread of businesses unique in organizational scale and circumstances, rather than uniformly applying
company-wide rules to all HR-related measures, we present operational methods in customizable "styles", enabling optimized
operations for each department while still centered around a common "core" for the entire company. In order to maintain a balance
between the optimization of each department and the optimization of the company as a whole, we appoint an organizational support
staff member from the HR Department to each department. They collaborate with the HRBPs (Human Resources Business
Partners) in each department to share information throughout the company and support organizational development.

- Visualization and centralization of employee data
We've introduced a talent management system to visualize and centralize personnel data. We consolidate and manage information
on employees' experience, skills, history at the company, and evaluations in order to assign employees to fitting positions as well as
for training purposes.

- Company-wide organizational survey
We are considering how to verify the effectiveness of each HR measure based on the data from the engagement survey described
below. By measuring the effect of each measure on their target level of employee, we verify the effectiveness of each measure andthe synergy measures have with each other.

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4. Employee engagement
Employee engagement is used as a measure of the effectiveness of these human capital initiatives. Employee engagement
measures employees' identification with the company's policies and plans and their drive to work with initiative and pride, andcorrelates with their identification with PMWV and how much of their potential growth and capabilities they demonstrate.

■ Engagement survey overview
We have conducted annual engagement surveys of all employees since 2021.
Past survey results confirm that engagement scores in our company are associated with employee performance and turnover rate.
The results of the survey, feedback, and action plans for high priority issues are given to management and each internal structure to
improve engagement throughout the company. The results of the survey are communicated and disclosed to the entire company.
The response rate for FY2023 was 91%.

■ Engagement score
The engagement score is the total percentage of positive responses to the three questions in the survey regarding "willingness tocontribute voluntarily", "attachment to and pride in the company", and "sense of accomplishment through work".
Engagement scores for the past three years are shown below, with the FY2023 results reaching the target of 70%. We have set our
FY2024 target at 75%.
FY2021

FY2022

FY2023

FY2024 (Target)

66%

67%

72%

75% or more

■ Our strengths (points to maintain)
When viewing items with a high positive response rate (70% or higher) among items that highly-correlate with engagement scores,
we see that one of our strengths is that "a well-prepared work environment in tandem with good interpersonal relationships lead tomany employees who are properly recognized and evaluated for their performance and show high levels of engagement with work".

■ Our strengths (points to strengthen and improve)
Out of the items that strongly correlate with engagement scores but exhibit low positive response rates, two areas identified forpotential improvement are "management's approach to communicating and listening" and "achievement of career goals". These
points have been identified as areas for growth in the past three surveys, and while some scores have improved in certain areas, thepoints have not been strengthened or improved overall.
Regarding "management's approach to communicating and listening", the affirmative response rate was below 50% for several
scores. In addition to continuing to strengthen opportunities for communication from management, we are also working to bring
general managers, who serve as the point of contact between management and other employees, and management closer together
in order to enhance information transmission through the organizational hierarchy.
With regard to "achievement of career goals", while the affirmative response rate was high (over 70%) for items related to skills
utilization and growth opportunities, only 55% of respondents answered affirmatively to the question of whether they are achieving
their medium- to long-term career goals. As part of our aforementioned efforts to improve individual performance, we are not only
focusing on short-term activity and growth but also enhancing opportunities for dialogue with the medium- to long-term in mind. In

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addition, we are considering expanding opportunities for career development within the company, such as through internal transfersand concurrent roles.

Investment in intellectual property
The Company considers the securing and application of intellectual property to be an important element in ensuring a competitive
advantage, and has established a system for intensively promoting measures related to intellectual property, including the examinationof strategies related to intellectual property and the formulation of acquisition and management policies.

(iii) Climate change-related risks and profit opportunities, and their impact on our business activities and earnings
In June 2022, the Company endorsed the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) andconducted scenario analysis based on these recommendations to identify risks and opportunities and to consider necessary
responses. As a result, we did not identify any significant risks associated with climate change for the Group's businesses. However,
we are committed to understanding and managing the impact of climate change and other sustainability-related issues on our businessthrough governance and risk management initiatives, as well as seizing opportunities. In addition, we have calculated the Group's
Scope 1 and 2 greenhouse gas emissions, as well as Scope 3 emissions. As we continue to calculate our emissions, we will also
consider future initiatives for reducing emissions through energy conservation and the use of renewable energy and other resourcesin each business segment.

For more information on our initiatives based on TCFD recommendations, please refer to our website.
https://mixi.co.jp/en/sustainability/issue/environment/tcfd/

Supplemental Principle 4-1-1: Scope of Delegation to Management
The Board of Directors makes decisions on the execution of operations that are stipulated as matters to be decided by the Board of
Directors in the Board Regulations and the Regulations on Administrative Authority. For other individual executions, decisions aredelegated to the Management Council and the President and Representative Director, etc., in accordance with the Regulations on
Administrative Authority.

Principle 4-9: Criteria and Qualifications for Determining Independence of Independent Outside Directors
Based on a reasonable amount of research by MIXI and the criteria for judging independence prescribed by the Tokyo Stock Exchange,
MIXI deems its outside officers and outside officer candidates to have sufficient independence as long as they do not fall into any of
the following categories.

1. Business executives of MIXI or one of MIXI's subsidiaries
2. Business executives of counterparties of MIXI that exceed the transaction standard set by MIXI (Note 1)
3. Consultants, accountants, or jurists that receive large amounts of cash or other assets aside from officer compensation (Note 2)
If the recipient is a corporate body or organization, then this refers to members of that corporate body or organization
4. Principal shareholders of MIXI (Note 3) and their business executives
5. Business executives of major lenders and banks that work with MIXI

14

Corporate Governance
CORPORATE GOVERNANCE
6. Business executives of MIXI's book runners
7. Business executives of auditing firms that work with MIXI
8. Close relatives of individuals that fall into categories 1-3 (Note 4)
9. Individuals that fell into categories 1-7 within the past 3 years

Note 1: "Counterparties of MIXI that exceed the transaction standard set by MIXI" means counterparties whose transactions with MIXI
exceed 2% of MIXI's consolidated net sales.
Note 2: The value of "large amounts of cash or other assets aside from officer compensation" is an amount more than or equal to 10
million JPY for individuals, or an amount more than or equal to 2% of their consolidated net sales for corporate bodies or organizations.
Note 3: In accordance to Article 163, Paragraph 1 of the Financial Instruments and Exchange Act, "principal shareholders of MIXI"
means any shareholder that holds voting rights (excluding those specified by a Cabinet Office Ordinance in consideration of themanner of acquisition, holding thereof, or other circumstances) exceeding 10 percent of the voting rights held by all shareholders,
whether held in their own name or that of another person, or under a fictitious name.
Note 4: "Close relative" means any relative up to the second degree.

Supplemental Principle 4-10-1: Views on Independence of Committee Composition, Authority, and Roles
Please refer to the supplemental explanation column in "Director Compensation" under "II. 1. Matters related to Composition andOrganizational Management".

Supplemental Principle 4-11-1: Policy on the Overall Balance of Knowledge, Experience, and Abilities, Diversity, and Size of the Boardof Directors
The following is our policy regarding the appointment of director candidates (except outside directors).

1. Proposals for the position of director (except outside directors) are given considering both the diversity and appropriate size of
the Board of Directors, with directors possessing a good overall balance of the knowledge, experience, and abilities to efficiently fulfill
their roles and responsibilities.

2. Proposals for the positions of director (except outside directors) who are to be in charge of business executions are given for the
persons who can make forward-looking, accurate, appropriate, and swift business decisions and executions to help the Company
achieve continual growth and higher corporate value over the medium to long term.

Director candidates (except outside director candidates) are selected in accordance with this policy, and final decisions are made bya resolution of the Board of Directors after deliberation by the Nomination and Compensation Committee.

Nominations for outside directors are given considering both the diversity and appropriate size of the Board of Directors, with directors
possessing a good overall balance of knowledge, experience, and abilities.

Candidates for ASB members are nominated with the approval of the Audit & Supervisory Board. In order to ensure appropriate

15

Corporate Governance
CORPORATE GOVERNANCE
auditory and supervisory functions, care is taken to appoint persons who have knowledge of MIXI's management and a high level ofexpertise and extensive experience in areas such as finance, accounting, law, and risk management.

Please refer to the skill matrix on the Company's website for more details regarding the knowledge and experience possessed byeach director and ASB member.
https://mixi.co.jp/en/sustainability/materiality/governance/appointment/

Supplemental Principle 4-11-2: Status of Concurrent Positions of Directors and ASB members
The status of concurrent positions of Directors, ASB members, and candidates is disclosed annually in the convocation notice of theOrdinary General Meeting of Shareholders and the Annual Securities Report.

Supplemental Principle 4-11-3: Analysis and Evaluation of the Effectiveness of the Board of Directors
The Company conducts yearly self-evaluation and analysis of the effectiveness of its Board of Directors with the aim of enhancing its
capabilities and maximizing corporate value.

■ Board of Directors effectiveness evaluation (fiscal year ending March 2024)
Between January and February 2024, a survey was conducted among all directors and ASB members. We ensured anonymity byadopting a method where participants respond directly to an external organization. The results of the survey were analyzed, discussed,and evaluated at the Ordinary Board of Directors Meeting held in April 2024.

Survey focus points- Composition of the Board of Directors- Management of the Board of Directors- Board of Directors discussions- Director and ASB member support systems- Discussions with shareholders (investors)■ Summary of results of self-analysis and evaluation of the effectiveness of the Board of Directors
The responses to the questionnaire were generally positive and respondents believe that the Board of Directors' effectiveness as awhole is adequately ensured. Highly evaluated points have been listed below:- The Board of Directors' meetings allow for sufficient deliberation time of each agenda item, with discussions being held openly andconstructively without rigid formalities- Internal directors support their reports to the Board of Directors with sufficient financial consideration.
- Topics to be discussed at the Board of Directors' meetings are appropriately submitted to the President and Representative Director,
the Management Council (a meeting body for executive actions that mainly consists of internal directors), etc., without being delegatedmore than necessary.

16

Corporate Governance
CORPORATE GOVERNANCE- The Management Council's decisions regarding business execution are in accordance with management strategies and policies.
Along with the above points, the effectiveness of the Board of Directors has been rated more favorably overall when compared to theprevious fiscal year, particularly in the key areas focused on for improvement. Its effectiveness is confirmed to be improving throughproactive measures.

■ Initiatives for improving the effectiveness of the Board of Directors (fiscal year ending March 2024)
Based on evaluations of the Board of Directors from the previous fiscal year, the Board of Directors and Secretariat of the Board of
Directors have worked on the following points:- Optimization of meeting time
The Company proceeded with the delegation of authority from the Board of Directors to the Management Council and other bodies
for matters deemed as appropriate for such delegation. By reducing the number of agenda items in the Board of Directors' meetings,
we optimized the time allotted for each meeting, ensuring sufficient time for discussion of each agenda item deliberated by Board of
Directors. In addition, each agenda item was deliberated in advance by the Management Council or other group. The chairpersonshared the content of their deliberations at the Board of Directors' meetings in order to promote efficient discussions.

- Improvement of information sharing
We strived to promote understanding among directors and corporate auditors by sharing an overview of each agenda item and theissues to be discussed in advance. In addition, a discussion forum separate from the Board of Directors' meetings was establishedonce a quarter for the purpose of sharing information on management strategies and agenda items to be presented to the Board of
Directors, which allowed time for in-depth discussions of those agenda items.

- Strengthened discussions on strategies
In order to enhance discussions with an awareness of profitability and capital efficiency, in addition to monthly financial reports, evenmore agenda items related to mid-term management plans, management indicators, and other strategies were established than in theprevious fiscal year.

■ Future initiatives
For the future, we recognize that we need to continue to work on optimizing meeting time, improving information sharing, andstrengthening discussions on strategies. We also recognize that deepening discussions on medium- to long-term growth andaccelerating the sharing of information regarding financial risks are matters we need to focus on.
Using the results of this evaluation, we will continue striving to improve the effectiveness of the Board of Directors as a whole.

Principle 4-14-2: Policy on Director and ASB Member Training
MIXI requires newly appointed internal directors to attend outside training courses on corporate governance, risk management, legal
affairs and intellectual property, and labor issues.
In addition, directors and ASB members are able to attend outside training courses at the Company's expense as needed.

17Corporate Governance
CORPORATE GOVERNANCE
Principle 5-1: Policy on Constructive Dialogue with Shareholders
The Company believes that it is important to engage in constructive dialogue with shareholders and investors in order to achievesustainable growth and enhance corporate value over the medium to long term, and is taking the following measures:(i) MIXI has always placed importance on communicating with shareholders in order to build a relationship of trust, and the senior
corporate officer and the general manager in charge of IR actively accept interviews. Through dialogue, we strive to promote anunderstanding of the factors and analysis of business performance, future business prospects, material issues, our business model,
governance structure, and other issues.

(ii) MIXI has established a section in charge of IR, and related sections work together to exchange information and promote internal
cooperation.

(iii) In order to promote constructive dialogue with shareholders and investors, MIXI has implemented the following initiatives and is
working to enrich discussions:- Quarterly financial results briefings by the President and Representative Director and the senior corporate officers in charge- Individual meetings with domestic and overseas investors- Extensive information disclosure on MIXI's website for domestic and overseas investors(iv) The section in charge of IR compiles opinions and requests obtained through dialogue and regularly provides feedback and sharesinformation with the President and Representative Director and the Board of Directors.

(v) In the course of dialogue, MIXI manages insider information appropriately in accordance with our Information Disclosure Rules andInsider Trading Management Rules

Principle 5-2: Formulation and Announcement of Management Strategies and Plans
The Company announces its initiatives for future business growth and enhancement of corporate value through means such as theannouncements of financial results. For detailed information on our initiatives, please refer to the IR materials on our website.
(https://mixi.co.jp/en/ir/docs/) Progress will be periodically announced through materials such as financial results briefings andintegrated reports.

Measures for Raising Management Awareness of Capital Costs and Stock Prices (English-translated disclosures available)
We recognize the cost of shareholders' equity to be 7.4% (as of March 31, 2024), based on calculations using multiple methods
including CAPM and earning yields. In the last fiscal year, ROE fell below the cost of shareholders' equity, which we believe is one
reason why our P/B ratio has remained around 1.0x in recent years.

We believe it is important to promote business growth and optimize shareholders' equity in order to improve ROE. Under this belief,
we will take on the following initiatives.

18

Corporate Governance
CORPORATE GOVERNANCE
First, for business growth, we will promote aggressive and disciplined business investments and M&As based on the business portfolio
management policies explained in the IR materials. (https://mixi.co.jp/en/ir/docs/) Under this policy, we will maximize current earnings
by maintaining and improving the profitability of MONSTER STRIKE, and at the same time, we will maximize medium- to long-term
earnings by focusing capital resources obtained through these efforts into businesses with high growth potential that can become thenext pillar of business.

Our shareholder returns policy is based on a dividend payout ratio of 20% or a dividend on equity (DOE) of 5%. However, in order to
optimize shareholders' equity, we will flexibly acquire additional treasury share as well as implement other measures until ROE
exceeds cost of shareholder equity based on a total return ratio of 100%.

We will strive to enhance corporate value through these initiatives.

2. Capital Structure
Foreign stock ownership percent:

20% - 30%

Major Shareholders
Name

Shares Held

Percentage

Kenji Kasahara

32,521,900

46.26

The Master Trust Bank of Japan, Ltd. (trust account)8,181,900

11.64

2,066,600

2.94

1,859,400

2.64

1,597,900

2.27

1,321,987

1.88

564,9420.80

538,7460.77

457,500

0.65

452,800

0.64

THE BANK OF NEW YORK MELLON 140051(Standing proxy: Mizuho Bank, Ltd.)
Custody Bank of Japan, Ltd. (trust account)
THE BANK OF NEW YORK 133612(Standing proxy: Mizuho Bank, Ltd.)
Koki Kimura
STATE STREET BANK AND TRUST COMPANY 505001(Standing proxy: Mizuho Bank, Ltd.)JP MORGAN CHASE BANK 385781(Standing proxy: Mizuho Bank, Ltd.)STATE STREET BANK WEST CLIENT – TREATY
505234(Standing proxy: Mizuho Bank, Ltd.)
Kosuke Taru

Controlling shareholder (excluding the parent
company)

Parent company

None

19

Corporate Governance
CORPORATE GOVERNANCE
Parent company stock exchange listing

Additional Information
1. Status of Major Shareholders is correct as of March 31, 2024.
2. In the Updated Report on Large Shareholders dated January 19, 2024, which is available for public inspection, it is stated that
Baillie Gifford & Company and its joint holder Baillie Gifford Overseas Limited held the following shares as of January 15, 2024.
However, because MIXI is unable to confirm the number of shares actually held as of March 31, 2024, they are not included in theabove list of major shareholders.
(Large shareholder / Number of shares, etc. held / Percent of shares, etc. held)
Baillie Gifford & Company/3,858,200 shares/5.23%
Baillie Gifford Overseas Limited/1,110,700 shares/1.51%

3. Basic Company Information
Listed stock market and market section

Tokyo Stock Exchange Prime Market

End of fiscal year

March

Industry

Service

Consolidated employees at the end of the mostOver 1,000

recent fiscal year
Consolidated net sales for the most recent fiscal

More than 100 billion yen, but less than 1 trillion yen

year
Number of consolidated subsidiaries at the end ofMore than 10 subsidiaries, but less than 50 subsidiaries

the most recent fiscal year

4. Guidelines on measures to protect minority shareholders in transactions with controlling shareholders

5. Other matters that may have a significant impact on corporate governance20

Corporate Governance
CORPORATE GOVERNANCE
II. Status of Management Control Organization and Other Corporate Governance Systems Related to Management Decision-Making,Execution and Supervision
1. Matters related to Composition and Organizational Management
System organization

Company with an audit and supervisory board

Directors
Number of directors as decided by the Articles of

9

Incorporation
Term of office for directors as decided by the

1 year

Articles of Incorporation
Chairperson of the Board of Directors

President

Number of directors

7

Appointment of outside directors

Appointed

Total number of outside directors

3

Of total number of outside directors, those3

designated as independent officers

Relationship with the Company (1)NameAttribute

Relationship with the Company*
a

b

c

d

e

f

g

h

Satoshi Shima

From another company△

Akihisa Fujita

From another company△

Hiromi Watase

From another company

△

i

j

k

*Categories for "Relationship with the Company"a. Executive of the Company or its subsidiaries
b. Non-executive director or executive of a parent company of the Company
c. Executive of a fellow subsidiary company of the Company
d. A party whose major client or supplier is the Company or an executive thereof
e. Major client or supplier of the Company or an executive thereof
f. Consultant, accountant or jurist who receives a large amount of monetary consideration or other assets from the Company besides
compensation as a director
g. Principal shareholder of the Company (or an executive of the said principal shareholder if the shareholder is a legal entity)
h. Executive (the director themselves) of a client or supplier company of the Company (which does not fall under categories d, e, or f)i. Executive (the director themselves) of a company, between which and the Company outside directors/ASB members are mutually
appointed
j. Executive (the director themselves) of a company or organization that receives donations from the Company
k. Other21

Corporate Governance
CORPORATE GOVERNANCE
Relationship with company (2)NameSatoshi
Shima

Independent

Supplemental

Officer

Information〇

Reason for Appointment

In the past, Satoshi

In addition to experience as a member of the House of Representatives,

Shima was involved in

Satoshi Shima possesses an abundance of experience and extensive

the

of

expertise related to corporate activities. With this in mind, we deem them tobusiness at SoftBank

have played an appropriate role in areas including managerial decision-

Corp.,

businessmaking and the supervision of business executions. The Company's Board ofpartner of the Company,

Directors has selected them to continue as an outside director in anticipation

butthat they will utilize past experience and expertise to strengthen the functions

execution

a

is

not

involvedcurrently
intheof the Board of Directors, namely by formulating management strategies,

execution of business at

providing recommendations regarding M&A and post-merger integration,

SoftBank Corp.

promoting corporate governance, and supervising managerial matters tofurther the growth of the Group.
As they do not fall into any of the categories for determining independence
stipulated by the Tokyo Stock Exchange, as required by said stock exchange,or the ones stipulated by the Company, we have determined that there is norisk of conflict of interest with general shareholders and have designated themas an independent officer.

In

the

past, Akihisa

With business management experience, including advertising and digital

Fujita was involved inmedia business and tourism-related business, they possess an abundance of

the

of

experience and extensive expertise related to corporate activities. With this inbusiness at Dentsu Inc.

mind, we deem them to have played an appropriate role in areas including

and

cyber

managerial decision-making and the supervision of business executions. The

inc.

Company's Board of Directors has selected them to continue as an outside

CARTA

director in anticipation that they will utilize past experience and expertise to

executioncommunications(currently

Akihisa
Fujita〇COMMUNICATIONS

strengthen the functions of the Board of Directors, namely by formulatingInc.), business partners

management strategies, promoting management from the perspective ofof the Company, but isbusiness and marketing strategies, providing recommendations regarding

not currently involved in

M&A and post-merger integration, promoting corporate governance, andthesupervising managerial matters to further growth of the Group.

executionbusinesscompanies.

at

of
said

As they do not fall into any of the categories for determining independence
stipulated by the Tokyo Stock Exchange, as required by said stock exchange,or the ones stipulated by the Company, we have determined that there is norisk of conflict of interest with general shareholders and have designated themas an independent officer.

22

Corporate Governance
CORPORATE GOVERNANCE
Hiromi Watase has been engaged in corporate management as a manager
for a number of companies and has a wealth of experience in providing
management support, notably in the creation of new businesses, and hasabundant experience and broad knowledge of corporate activities. With this in
In

the

past,

Hiromi

Watase was involved intheexecutionofbusiness at Recruit Co.,
HiromiLtd., a business partner〇

Wataseof the Company, but is
not currently involved intheexecutionofbusiness at Recruit Co.,Ltd.

mind, we deem them to have made appropriate contributions in areas
including managerial decision-making and the supervision of businessexecutions. The Company's Board of Directors has selected them to continue
as an outside director in anticipation that they will utilize past experience andexpertise to strengthen the functions of the Board of Directors, namely byformulating management strategies, promoting management from theperspectiveofbusinessandmarketingstrategies,

providingrecommendations regarding creating new businesses, promoting corporate
governance, and supervising managerial matters to further growth of theGroup.
As they do not fall into any of the categories for determining independence
stipulated by the Tokyo Stock Exchange, as required by said stock exchange,or the ones stipulated by the Company, we have determined that there is norisk of conflict of interest with general shareholders and have designated themas an independent officer.

Voluntary Committees
Voluntaryestablishment

corresponding

toof

nominationcommittee(s)committee

Establishedor

remuneration committee

Committee's Name, Composition, and Attributes of Chairperson
Committee Corresponding to Nomination Committee
Name

Nomination and Compensation Committee

Total

Full-time

Internal

OutsideInternal

Members

Members

Directors

Directors

Experts

5

0

2

3

Other

Committee Chair(Chairperson)

00Internal Directors

Committee Corresponding to Compensation Committee
Name

Nomination and Compensation Committee

Total

Full-time

Internal

OutsideInternal

Members

Members

Directors

Directors

Experts

5

0

2

3

Other

(Chairperson)
023

Committee Chair

0Internal Directors

Corporate Governance
CORPORATE GOVERNANCE
Additional Information
We have established a Nomination and Compensation Committee. The objectives of the committee are to strengthentransparency and objectivity by obtaining the opinions and advice of outside directors before the Board of Directors deliberates
matters related to individual nomination proposals and compensation of directors (excluding outside directors).

The scope of deliberations of the Nomination and Compensation Committee is as follows:(1) Nominations for and appointments of director candidates along with HR policy proposals(2) Basic policy proposals for the director compensation system(3) Compensation condition proposals for directors (including calculation method)(4) Specific compensation proposals for individual directors (including calculation method)(5) Other matters requested by the President and Representative Director

Composition of the Nomination and Compensation Committee
Chairperson (internal director): Koki Kimura
Committee Member (internal director): Hiroyuki Osawa
Committee Member (outside director): Satoshi Shima
Committee Member (outside director): Akihisa Fujita
Committee Member (outside director): Hiromi Watase

During the fiscal year ended March 31, 2024, the Nomination and Compensation Committee met three times to examine director
evaluations, individual director personnel proposals, individual director compensation proposals, and director compensation
structure. In addition, they discussed individual proposals for senior corporate officer, corporate officer, and C-level positions, aswell as succession plan initiatives.

The Nomination and Compensation Committee for the fiscal year ended March 31, 2024 consisted of the following five members(all three outside directors, the President and Representative Director, and one internal director), with the attendance of eachmember as follows.

Chairperson (internal director): Koki Kimura 100% (3/3 meetings)
Committee Member (internal director): Hiroyuki Osawa 100% (3/3 meetings)
Committee Member (outside director): Satoshi Shima 100% (3/3 meetings)
Committee Member (outside director): Akihisa Fujita 100% (3/3 meetings)
Committee Member (outside director): Yuki Nagata 100% (3/3 meetings)(Notes) 1. Figures in parentheses indicate the number of meetings attended divided by the number of meetings held during theterm of office.

24

Corporate Governance
CORPORATE GOVERNANCE
Audit & Supervisory Board Members
Establishment of Audit & Supervisory Board

Established

Maximum Number of ASB Members Stipulated in5

Articles of Incorporation
Number of ASB Members

3

Cooperation Among Audit & Supervisory Board, Accounting Auditors, and the Internal Audit Section
The Audit & Supervisory Board and its members connect with accounting auditors and the internal audit section and exchange
opinions and information regarding topics such as audit plans, methods, and results (accounting and operational audits) throughregular or reasonably-timed meetings. They also analyze risks associated with risk-based auditing to enhance effectiveness.The
Internal Audit Division reports the status of internal audits to the Audit & Supervisory Board and meets with them periodically to
exchange opinions and information. ASB members share information with accounting auditors by listening to reports on audit
results from the accounting auditors on a quarterly basis and requesting reports from accounting auditors as necessary. In
addition, ASB members take measures to enhance the effectiveness and efficiency of audits, such as deepening the exchange of
opinions with accounting auditors on matters that ASB members consider particularly important for the audit of the financial
statements for the fiscal year under review, and requesting reports on the audit plan, audit implementation status, audit results,
etc.

Appointment of Outside ASB Members

Appointed

Number of Outside ASB Members

3

Number of Outside ASB Members Designated as

3

Independent Officers

Relationship with the Company (1)NameAttribute

Relationship with the Company*aYuichiro

b

c

d

e

From another company

NishimuraNozomi Ueda

LawyerSumiko Takayama

Certified public accountant*Categories for "Relationship with the Company"a. Executive of the Company or its subsidiaries
b. Non-executive director or accounting advisor of the Company or one of its subsidiaries
c. Non-executive director or executive of a parent company of the Company
d. ASB member of a parent company of the Company
e. Executive of a fellow subsidiary company of the Company
f. A party whose major client or supplier is the Company or an executive thereof

25

f

g

h

i

j

k

l

m

Corporate Governance
CORPORATE GOVERNANCE
g. Major client or supplier of the Company or an executive thereofh. Consultant, accountant or jurist who receives a large amount of monetary consideration or other assets from the Company besides
compensation as a director
i. Principal shareholder of the Company (or an executive of the said principal shareholder if the shareholder is a legal entity)
j. Executive (the ASB member themselves) of a client or supplier company of the Company (which does not fall under f, g, or h)k. Executive (the director themselves) of a company, between which and the Company outside directors/ASB members are mutually
appointed
l. Executive (the director themselves) of a company or organization that receives donations from the Company
m. Other

Relationship with company (2)Name

Independent

Supplemental

Officer

Information

Reason for Appointment
Yuichiro Nishimura has knowledge and experience in the areas of humanresources and general affairs through their work at automobile and automobile
parts manufacturers, and has been selected as an outside ASB member tostrengthen the Company's auditing system using their aforementioned
knowledge and experience, as well as strengthen the functions of the Board of

Yuichiro
Nishimura〇-

Directors in areas such as corporate governance and risk management using
knowledge from their field of expertise.
As they do not fall into any of the categories for determining independence
stipulated by the Tokyo Stock Exchange, as required by said stock exchange,or the ones stipulated by the Company, we have determined that there is norisk of conflict of interest with general shareholders and have designated themas an independent officer.
Nozomi Ueda not only has technical expertise in the areas of corporate
governance and compliance, but can also utilize their specialized knowledge
and experience as an attorney, and has been selected as an outside ASB
membertostrengthen

theCompany's

auditing

system

using

their

aforementioned knowledge and experience, as well as strengthen the functions
NozomiUedaof the Board of Directors in areas such as corporate governance and risk〇-

management using knowledge from their field of expertise.
As they do not fall into any of the categories for determining independence
stipulated by the Tokyo Stock Exchange, as required by said stock exchange,or the ones stipulated by the Company, we have determined that there is norisk of conflict of interest with general shareholders and have designated themas an independent officer.

26

Corporate Governance
CORPORATE GOVERNANCE
Sumiko Takayama, having previously served as an officer for various
corporations, not only has abundant insight and experience in corporate
activities, but can also utilize their specialized knowledge and experience as acertified public accountant, and has been selected as an outside ASB member
to strengthen the Company's auditing system using their aforementioned
SumikoTakayama

knowledge and experience, as well as strengthen the functions of the Board of〇

Directors in areas such as corporate governance and risk management using
knowledge from their field of expertise.
As they do not fall into any of the categories for determining independence
stipulated by the Tokyo Stock Exchange, as required by said stock exchange,or the ones stipulated by the Company, we have determined that there is norisk of conflict of interest with general shareholders and have designated themas an independent officer.

Independent Officers
Number of Independent Officers

6

Other Matters Related to Independent Officers
We designate all outside officers who meet the independent officer requirements as independent officers.
Our standards for independence of outside directors are as described in "Principle 4-9: Criteria and Qualifications for Determining
Independence of Independent Outside Directors".

Incentives
Implemented incentive policy types

Other

Supplemental Information
We have implemented a restricted share compensation system to compensate directors (excluding outside directors) for the
purpose of promoting initiatives that improve medium- to long-term corporate value and sharing value with shareholders.
Stock option eligibility

Internal directors and employees

Supplemental Information
The Company awards stock options to directors (excluding outside directors) and employees for the purpose of promoting initiatives
that improve medium- to long-term corporate value and sharing value with shareholders.

Director Compensation
Disclosure Status

PartialSupplemental Information
Officer compensation for directors and ASB members for FY2024 has been listed below. The Company does not have a retirement
benefit system in place.
Total for directors (excluding outside directors): 365 million yen
ASB Members (excluding outside ASB members): Not eligible

27

Corporate Governance
CORPORATE GOVERNANCE
Outside Officers: 56 million yen

Policy on determining compensation amounts

Establishedand calculation methods

Disclosure of Policy on Determining Compensation Amounts and Calculation Methods
The following is our policy regarding compensation for directors.
- Basic Policy
Our basic policy for director compensation is to provide a sound incentive for continuous growth by establishing an appropriate ratio
between cash compensation and stock compensation.
■ Compensation System
Based on this policy, compensation for directors (excluding outside directors) consists of two components: monthly cash compensationand stock compensation (restricted shares) issued annually after the Ordinary General Meeting of Shareholders. More specifically,
compensation is categorized into base compensation, stock-based compensation, and performance-based compensation. Basecompensation consists of cash compensation; stock-based compensation consists of restricted shares; performance-based
compensation gives the recipient the choice of either monthly cash compensation or stock compensation (restricted shares) issued
annually after the Ordinary General Meeting of Shareholders. The ratios for base compensation, stock-based compensation, andperformance-based compensation are determined by the company's past results and shared compensation data of companies listedon the Tokyo Stock Exchange compiled by specialist companies, discussed by the Nomination and Compensation Committee, thenvoted on by the Board of Directors.
To maintain their independent status, compensation for outside directors consists of monthly cash compensation only.
Furthermore, a retirement benefits system for directors is not provided.
■ Details and Methods of Determining Compensation
Details of director compensation and methodology for determining director compensation is as follows:- Compensation for directors (excluding outside directors)
The amount of base compensation and stock-based compensation is determined according to the presence or absence ofrepresentation rights and the director's position in the company. With respect to the stock-based compensation, for the purpose ofpromoting initiatives to enhance corporate value over the medium- to long-term and sharing value with the Company's shareholders,the Company will issue restricted shares (common shares of MIXI), the transfer of which will be restricted from the date of issue until
the retirement or resignation from the positions of director, senior corporate officer, corporate officer, or employee (including positions
after changes in position titles. This also applies below.) of the Company, its subsidiaries, or affiliates, and will provide monetarycompensation claims for granting said transfer-restricted shares. With respect to the performance-based compensation, an evaluation
ratio is determined beforehand based on the position and responsibilities, and an overall evaluation is made of the company's
performance in the previous period as well as each individual's achievement in their expected role. The base amount of theperformance-based compensation, which is determined in accordance with the base compensation, is multiplied by a coefficient basedon overall evaluation in order to determine the compensation amount. In addition, the performance evaluation shall be based on thecompany-wide net sales, operating income, and net income for the current period, comparing actual results against forecasts, andYoY change. Furthermore, if stock-based compensation (restricted stock)—issued once a year after the Ordinary General Meeting of
Shareholders—is selected as performance-based compensation, the details of such compensation are as the same as
aforementioned, and monetary compensation claims equal to the amount of the performance-based compensation determined in thepreviously described ways shall be provided.
- Compensation for outside directors
The amount of compensation awarded is determined according to the director's professional duties using compensation data ofcompanies listed on the Tokyo Stock Exchange compiled by specialist companies.

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CORPORATE GOVERNANCE■ Decision process
In order to protect objectivity and transparency, the compensation system and decision process for directors (excluding outside
directors) is discussed by the Nomination and Compensation Committee (consisting of all outside directors, the Representative
Director, and one internal director) and based on those deliberations, voted on by the Board of Directors.
The decision on compensation for individual directors is made by resolution of the Board of Directors. For directors other than outside
directors, the Nomination and Compensation Committee must deliberate before a resolution is adopted by the Board of Directors.
At the 17th Ordinary General Meeting held on June 28, 2016 and as adjusted in the 24th Ordinary General Meeting of Shareholders
held on June 21, 2023, it was decided that remuneration for directors, including monthly remuneration and monetary compensation
claims for granting stock-based (restricted shares), shall not exceed 1 billion JPY per year (and no more than 100 million JPY foroutside directors).

As their role as ASB members is to audit for compliance with laws and regulations, compensation for ASB members consists of cash
compensation only.

Outside Director and Outside ASB Member Support System
For Board of Directors' meetings, meeting materials are provided in advance to outside directors and outside ASB members withexpectations that they will be able to utilize their expertise and knowledge related to management supervision and auditing.We
share materials from internal meetings, such as from Management Council meetings, in a timely and appropriate manner for
discussion at Board of Directors' meetings, and creates an environment that facilitates smooth access to information that outside
directors consider necessary. In addition to Board of Directors' meetings, a discussion forum of internal directors, outside directors,
and senior corporate officers was established once a quarter for the purpose of sharing information on management strategies andagenda items to be presented to the Board of Directors, which allowed time for in-depth discussions of those agenda items.
Furthermore, to support the work of ASB Members, the Company has established the Audit & Supervisory Board Division andassigned ASB Division staff.
In addition, we provide opportunities which deepen understanding of each of the Group's businesses, such as by watchingprofessional sports and visiting large multipurpose arenas under our operation.

2. Business Executions, Auditing and Supervision, Nomination, and Calculating Compensation (Overview of the Current Corporate
Governance System)(1) Corporate Governance System
The Company's management decision-making, business execution, and supervisory functions are as follows.
- Board of Directors
The Board of Directors has seven members, consisting of four internal directors (currently without female directors) and threeoutside directors (including one female director). In principle, Board of Directors' meetings are held once a month, constituting asystem that allows speedy and efficient decision-making. For greater clarity of the managerial responsibilities of directors and createa management system that is able to respond swiftly to changes in the management environment, the term of service for directors isprescribed as one year.
During the fiscal year ended March 31, 2024, the Board of Directors met 18 times to vote on important executive matters as
stipulated by law or internal regulations (e.g. formulation of medium-term management plans, establishment of organizational

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systems, stock acquisition, withdrawal from businesses, and changes in personnel-related systems), as well as discuss
management strategies and the status of executive matters. Under the policy of strengthening the strategy- and supervision-related
functions of the Board of Directors, efforts were made to enrich discussions by expanding the time for discussion of management
strategies and other issues at Board of Directors Meetings and by improving the quality of materials submitted for discussion. In
addition, the Board of Directors regularly monitored the status of communication with investors and the status of sustainabilityrelated initiatives.

Attendance for Board of Directors Meetings for the fiscal year ended March 31, 2024 was as follows.
Chairperson (internal director): Koki Kimura 100% (18/18 meetings)(Internal director): Hiroyuki Osawa 100% (18/18 meetings)(Internal director): Tatsuma Murase 100% (18/18 meetings)(Internal director): Kenji Kasahara 100% (18/18 meetings)(Outside director): Satoshi Shima 100% (18/18 meetings)(Outside director): Akihisa Fujita 100% (18/18 meetings)(Outside director): Yuki Nagata 94% (17/18 meetings)(Notes) 1. Figures in parentheses indicate the number of meetings attended divided by the number of meetings held during theterm of office.
2. All three outside directors have been designated as independent officers.

- Management Council
The Management Council conducts key discussions and decision-making related to business operations. In principle, Management
Council meetings are held once a week but may be held whenever necessary. Furthermore, necessary information fromManagement Council meetings is shared with outside officers.

- Audit & Supervisory Board
The Audit & Supervisory Board has three independent outside members (including two female members).We will conduct audits
based on our annual plan with cooperation from internal auditors (personnel or divisions) and accounting auditors. The results anddetails of these audits will be discussed at Audit & Supervisory Board meetings held at least once a month. Based on these
discussions, we will provide appropriate advice to the Board of Directors or individual directors as we strive to ensure sound andefficient management.

- Nomination and Compensation Committee
We have established a Nomination and Compensation Committee. The objectives of the committee are to strengthen transparency
and objectivity by obtaining the opinions and advice of outside directors before the Board of Directors deliberates matters related toindividual nomination proposals and compensation of directors (excluding outside directors).For further details, please refer to the
supplemental explanation column in "Director Compensation" under "II. 1. Matters related to Composition and Organizational
Management".

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CORPORATE GOVERNANCE(2) Audits by ASB Members and internal audits
In addition to attending regular meetings of the Audit & Supervisory Board, ASB members attend meetings of the Board of Directors
and other important meetings within the Company and investigate the Company's assets and business operations to fully audit theexecution of duties by directors and prevent misconduct, including violations of laws, regulations, and the Articles of Incorporation. In
addition, ASB members regularly exchange opinions and information with the Internal Audit Division to strive toward the effectivefunctionality of internal controls.
As an organizational structure for internal audits, the Internal Audit Division (comprised of 11 members, two of which concurrently
serve in the Audit & Supervisory Board Division) has been established as an audit section independent of the executive section.
Internal audits are conducted on the Company and the Group companies from viewpoints including legality, efficiency, andeffectiveness of internal control, based on internal audit plans approved by the Board of Directors. Regarding the audit results, theBoard of Directors and the Audit & Supervisory Board are regularly informed of the status of improvement of matters pointed out byaudits. Internal audits are conducted for the purpose of preventing improper transactions and improving the efficiency of business
operations, thereby contributing to the development of the Company through improved business performance and law-abiding
management.

(3) Accounting Auditor Status
The Company has entered into an audit agreement with PricewaterhouseCoopers Japan LLC as its auditing firm. The firm conducts
accounting audits in accordance with the Companies Act and the Financial Instruments and Exchange Act. Certified public
accountants are listed below:
Designated firm representative Yoshihisa Chiyoda
Designated firm representative Noriko Umeki(Notes) 1. PricewaterhouseCoopers Aarata LLC merged with PricewaterhouseCoopers Kyoto on December 1, 2023, and changed
its name to PricewaterhouseCoopers Japan LLC on the same date.

(4) Overview of Liability Limitation Agreements With Outside Directors and Outside Corporate Auditors
In accordance with Article 427, Paragraph 1 of the Companies Act, the Company has entered into an agreement with each outside
director and each outside ASB member to limit their liability for damages under Article 423, Paragraph 1 of the same act. The
maximum amount of liability for damages under such contracts is the higher of a pre-determined amount of at least 10,000 yen or
the minimum liability amount stipulated by law.

3. Reasons for Choosing the Current Corporate Governance System
The Company has an Audit & Supervisory Board and has established a management system that enables appropriate businessexecutions and prompt decision-making through the appointment of outside directors and the establishment of the Management
Council.
The Company has adopted this current system with the belief that the appointment of highly independent outside directors andoutside ASB members will ensure transparency in management and strengthen supervisory functions.

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CORPORATE GOVERNANCE
III. Status of Implementation of Measures Concerning Shareholders and Other Concerned Parties
1. Policies for Vitalizing the General Meetings of Shareholders and Facilitating the Exercise of Voting Rights
Additional Information
Avoiding crowded meetingdates
Online exercise of voting
rights25th Ordinary General Meeting of Shareholders held on June 26, 2024

Voting rights can be exercised online via computer, cell phone, or smartphone.

Initiatives to improve thevotingenvironment

institutionalforinvestors

exercisingtheirvotingEstablished.

rights through electronic
platforms.
Provision of (summarized)
convocation

noticesin

A summarized English version of the convocation notice is posted on the Company website.

EnglishOther

Convocation notices are posted on the Company website.
The Company also announced the voting results in an extraordinary report dated June 27, 2024.

2. IR Activities
Additional Information
Regularbriefings

foranalysts and institutional
investors
Regularbriefings

foroverseas investors

After quarterly financial results are released, the Company holds a financial
results briefing for analysts and institutional investors.

Explanation fromthe Representative

Established

Regular briefings are held quarterly via conference call, etc. with overseas
investors.
Overseas IR activities are conducted several times a year, providing
opportunities for direct visits.

Posting IR materials on the

The Company has established an "IR Information" page

Company website<https://mixi.co.jp/en/ir> on its website, where it posts Japanese and English
language information on financial results, timely disclosures of non-financial
documents, quarterly securities reports (Japanese only), materials for financial
results briefings, videos of financial results briefings, and integrated reports.

Establishment of an IR

The Company's IR activities are handled by a section under Corporate

section and representative

Promotion Operations.

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CORPORATE GOVERNANCE
3. Measures to Ensure Due Respect for Stakeholders
Additional Information
Internal

regulations

Stipulated in the Company's Code of Ethics.

to ensure respect for
stakeholders

IV. Internal Control Systems, etc.
1. Basic Policy for Our Internal Control System and its Development■ Basic Policy for Our Internal Control System
Based on our basic policy for the development of our internal control system described below, we believe it is essential to maintainproper corporate governance and develop a system for effective and efficient corporate activities, ensuring the reliability of financial
reports, and complying with laws and regulations. We will fulfill our social mission by working to improve and strengthen thefunctions of our internal control system. The Company will continue to ensure the appropriateness of its operations and makecontinuous improvements to build a more effective internal control system.
1. System to ensure that execution of their duty by directors and employees of the Company and its subsidiaries (hereinafter, "theGroup") follow laws and regulations.
(1) A common Code of Ethics for the Group that emphasizes the importance of compliance. The content of the Code of Ethics isshared with all directors and employees through information systems and education.
(2) The Group shall strive to ensure the proper execution of business by directors and employees by developing business processes
and internal regulations and by strengthening the Internal Audit Division's systems for evaluation and monitoring.
(3) An internal reporting system as a check against the violation of laws, regulations, or the Articles of Incorporation, to prevent
scandals; a system to exclude antisocial forces.
(4) In the event that a violation of laws, regulations, or the Articles of Incorporation or a situation posing the risk of such an event
occurs, the Group shall promptly ascertain relevant information and address the situation.

2. System for the storage and management of information related to the execution of duties by Group directors
The Group shall establish a system to appropriately and safely store and manage personal information, important trade secrets, andinformation related to the execution of duties by directors by establishing regulations for information management, identifying
important documents, and clarifying storage methods.

3. Rules and other systems for managing the risk of loss for the GroupWe shall establish regulations to identify and manage various risks surrounding the Group, with a goal to develop and strengthen
the systems necessary for risk management. In addition to positioning the President and Representative Director as the person withthe highest responsibility for the risk management promotion system, the Company appoints a senior corporate officer or corporate
officer to take charge of risk and compliance (hereinafter referred to as the "Corporate Officer of Risk Management") and assist the
President and Representative Director. The Risk Management Committee is headed by the Corporate Officer of Risk Management
and identifies and evaluates risks related to the business conducted by the Group and strives to reduce such risks. The committee
must respond promptly and appropriately in the case of emergency.

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4. System to ensure that the execution of duties by Group directors is carried out efficiently(1) In order to clarify the authority of directors and the specifics of their duties, the Group shall endeavor to maintain the efficiency ofthe execution of duties by Group directors by establishing regulations concerning authority and the division of duties, andimplementing an information sharing system.
(2) The Company shall prepare a financial forecast for each fiscal year and set targets for the Group based on the current businessenvironment and expected changes to it. Each section of the Company and each Group company must implement various
measures to achieve such targets. In addition, the Company's Board of Directors shall receive monthly reports on the financial
performance of the entire Group, and verify the achievement status of the targets of each section of the Company and each Group
company.

5. System to maintain the appropriateness of business operations in the Group(1) The Company shall establish a section to manage Group companies and monitor the progress of the business of the Group
companies and the execution of duties by the directors and other personnel in accordance with Group company management
regulations.
(2) The Company shall ensure the President and Representative Director, each director, each senior corporate officer, eachcorporate officer, and each chief general manager report information regarding the business status of their Company division orGroup company on a regular basis, and will provide prompt and appropriate guidance and advice on important matters whennecessary.
(3) The Company's Internal Audit Division shall conduct internal audits of Group companies based on internal auditing regulations incompliance with laws, the Articles of Incorporation, and other internal regulations.

6. Matters concerning employees requested by the Company ASB members to assist with duties
In order to assist ASB members in their duties, the Company shall, at the request of the Audit & Supervisory Board or ASB
members, establish a section (hereinafter referred to as the "Audit & Supervisory Board Division") to assist ASB members in theirduties and appoint employees to assist ASB members. ASB members may instruct such employees on matters necessary foraudits.

7. Ensuring the independence of employees assisting with ASB member duties from Company directors and ensuring theeffectiveness of Company ASB members' instructions to such employees(1) Employees who are to assist ASB members in their duties shall follow only the instructions of ASB members in performing suchduties, and shall not receive instructions from Company directors or employees.
(2) The appointment, performance evaluation, and transfer of employees who are to assist ASB members in their duties shall bedecided after hearing the opinions of the Audit & Supervisory Board.

8. System for Company directors and employees to report to Company ASB members(1) ASB members shall attend important meetings, such as Board of Directors Meetings and Management Council meetings toreceive explanations from directors and employees.
(2) ASB members shall inspect important documents and other materials and will be able to request explanations from directors and34

Corporate Governance
CORPORATE GOVERNANCE
employees as necessary.
Directors and employees shall immediately report any information that may have a significant impact on the Company's
management or business performance to ASB members.

9. System for Group directors, ASB members, employees, and persons who receive reports from said persons to report to Company
ASB members
A means for directors and employees of each Group company to report to Company ASB members through the internal reporting
system shall be established. In addition, persons who receive whistle-blowing reports other than ASB members shall promptly andappropriately report to Company ASB members.

10. System to ensure that persons who have made reports under items 8 and 9 are not treated unfairly for having made suchreports
With respect to Group director and employee reports to Company ASB members, the Company shall maintain the confidentiality ofreport contents in accordance with laws and regulations, the internal reporting system, etc., and shall prohibit any unfair treatment of
the reporter.

11. Policies related to the processing of expenses incurred in the execution of Company ASB member duties
In accordance with Article 388 of the Companies Act, in the event that an ASB member requests prepayment of expenses inconnection with the performance of his or her duties, etc., the Company shall promptly comply with such request, except in cases
where it is deemed unnecessary for the performance of said duties. In addition, in cases where ASB members deem it necessary forthe execution of their duties, the Company shall allow necessary audit expenses, such as requesting opinions and advice fromattorneys-at-law, patent attorneys, certified public accountants, certified tax accountants and other outside experts.

12. Other systems to ensure the effectiveness of Company ASB member audits(1) The directors and employees of the Group shall cooperate with the audits of ASB members in order to deepen theirunderstanding of audits and maintain the effectiveness of the auditing system.
(2) ASB members shall exchange opinions with directors and accounting auditors on a regular basis, and shall cooperate with theInternal Audit Division to conduct effective audits.
(3) The Group shall establish a system to ensure the effectiveness of audits that, at the request of ASB members, may include
interviews with the President and Representative Director, directors, and chief general managers, liaison meetings with outside
directors, regular meeting opportunities with chief general managers and representative directors of subsidiaries, and the exchangeof opinions and information between ASB members and accounting auditors.

■ Internal Control System
Internal systems are established based on the basic policies of our internal control system.
The Group has established a code of ethics that emphasizes the importance of compliance and ensures that all officers andemployees are fully aware of what that entails through an education and information system. In addition, the Group has established
an internal reporting system as a check against activities that are illegal or go against our Articles of Incorporation and to prevent

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CORPORATE GOVERNANCE
scandals, and has prepared a system to exclude antisocial forces.
For our information management system, we have established rules for information management, clarified denotation for important
documents and how they should be stored, and created a system for safely saving and managing personal information, importantbusiness secrets, and information regarding director work activities.

2. Basic Policy and Framework for the Exclusion of Antisocial Forces■ Basic Policy for the Exclusion of Antisocial Forces
It is company policy to eliminate any relationship with antisocial forces and groups that threaten social order and safety, and not togive in to any unreasonable demands.

■ Framework for the Exclusion of Antisocial Forces
Based on the above policy, the Company has established a Code of Ethics and Regulations Concerning the Exclusion of Antisocial
Forces, which clearly state the Company's resolute rejection of any connection with antisocial forces and clearly stipulate that theCompany shall not promote the activities of antisocial forces or groups, including stipulations that prohibit the provision of funding toantisocial forces or groups.
As an internal system, the Company has established a section to respond to unreasonable demands from antisocial forces and to
take systematic action, as well as to request consultation and support from the National Police Agency, the Metropolitan Police
Department, lawyers, and outside consulting companies. In addition, the Company prepares and disseminates manuals andprovides appropriate education and training to directors and employees.

V. Other
1. Measures Against Corporate Takeovers
Anti-Takeover Measures

None

Supplemental Information-

2. Other Matters Concerning Corporate Governance Systems
1. Our stance and policy on timely disclosure
We believe that timely and appropriate disclosure of information to shareholders, investors, local communities, and otherstakeholders will promote greater understanding of the Company, allowing proper evaluation of the Company. We are always
working to improve our internal systems to ensure that we can disclose corporate information in a timely, accurate, and fair mannerfrom the perspective of our stakeholders.
We also ensure that our officers and employees are educated on subjects such as insider trading and information subject to timely
disclosure through internal training programs both when they join the Company and annually.

2. Internal system for the timely disclosure of corporate information
To ensure thorough internal management of corporate information and appropriate and timely disclosures, several specialized36

Corporate Governance
CORPORATE GOVERNANCE
sections have been set up under the direction and supervision of the management and company-wide initiatives have beenlaunched. In order to improve the accuracy and content of disclosure materials, we have established a system in which multiple
sections mutually check each other's work while confirming the quality of our internal control system through regular internal audits.
We also have auditors regularly conduct quality and legality checks of our accounting information. In addition, the Company's
management and some specialized sections have established a system in which they collect and report timely and appropriate
information that follows our disclosure guidelines from our subsidiaries, which is then disclosed if deemed necessary.

3. Procedure for timely disclosure(1) Of information regarding important decisions and occurrences
The senior corporate officer in charge of IR business operations works alongside the IR and Legal Affairs sections to analyze
information reported by each part of the Company and the Group's companies. They then follow the rules regarding timely
disclosure, determining whether information needs to be disclosed, what exactly to disclose, the method of disclosure, thendisclosing the information promptly.
As a result, any important matters determined subject to timely disclosure are reported to the Management Council or President andRepresentative Director, then presented to the Board of Directors (directly depending on the level of importance), and promptly
disclosed upon approval by the Board of Directors.
(2) Of information regarding financial results
The accounting section shall consult with accounting auditors and outside experts as necessary to make a report regarding carefully
examined financial results materials for the senior corporate officer in charge of IR business operations and, upon approval of Boardof Directors, promptly disclose the information.

4. Method of timely disclosure
The Company discloses corporate information without delay via TDnet and EDINET and also distributes disclosure materials to thepress. In addition, the Company posts publicly disclosed corporate information on its website and otherwise strives to provide timely,
accurate and fair updates to all shareholders and investors.

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