Corporate Governance Report
Last Updated: July 25, 2024

IINO Kaiun Kaisha, Ltd. (IINO LINES)
Yusuke Otani, President and Representative Director
Inquiries: Management Section, Business Administration Department
Telephone: +81-3-6273-3059
Securities Code: 9119
https://www.iino.co.jp/kaiun/english/
The corporate governance of IINO Kaiun Kaisha, Ltd. (the “Company”) is described below.

I.

Basic Views on Corporate Governance, Capital Structure, Corporate Attributes and Other
Basic Information

1. Basic Views
The Company’s basic approach to establish relationship of trust with each stakeholders, which is thesustainable growth and enhancement of corporate value over the medium to long term, is expressed in thegroup-wide Corporate Philosophy, which states “Connecting Wishes. Building a Brighter Future. Always
Safety First.” In addition to the Management Policy and Code of Conducts to realize the Corporate Philosophy,
the Group has established the Sustainability Policy composed of nine categories: Safety is Priority No. 1;
Respect for Human Rights; Environmental Protection; Contribute to Society; Ensuring Thorough Compliance;
Respects for Customers; Promotion of Diversity; Disclosure of Information and Communication; Education
and Training. By putting the each policies into practice, we are working on corporate activities to solve
environmental and social issues. Therefore, we believe it is important to ensure the soundness, transparency andefficiency of management required to put the Sustainability Policy into practice through corporate governance,
and we consider corporate governance to be a mechanism framework for coordinating the interest of thevarious stakeholders that comprise a company and for realizing efficient corporate activities. Based on theseviews and under the Auditor System, we are working to both enrich our corporate governance and securesoundness, transparency, and efficiency in management, and concerning decision-making and operational
execution in management, we are considerate of relationships with shareholders, employees, and otherstakeholders, sparing no effort to produce the best corporate results, ultimately in an effort to create sustainablegrowth and enriching corporate value over the medium to long term.
The Company aims to enrich corporate governance based on the following basic policies.
(1) While providing appropriate response to effectively secure the rights of shareholders and maintain anenvironment where shareholders can appropriately exercise their rights, we will be considerate in effectively
securing fairness for all shareholders.
(2) We will be considerate of the rights and standpoints of various stakeholders, including shareholders,
employees, customers, transaction partners, creditors, and regional societies, and work for appropriate
cooperation with stakeholders.
(3) We will actively work toward appropriate disclosure of not only financial information, but also nonfinancial information, and aim to provide easy to understand and useful information disclosure alongsidesecuring transparency.
(4) The Board of Directors, in view of the responsibility entrusted to it by shareholders and in an effort to create
sustainable growth and enhance corporate value over the medium to long term, will appropriately fulfill its
duties and responsibilities, including maintaining an environment to support appropriate risk taking and having
highly effective supervision of directors. Auditors and the Board of Auditors, in view of the responsibility
entrusted to them by shareholders, will appropriately fulfill their duties and responsibilities from an
independent and objective standpoint, including auditing the execution of duties by directors.
(5) To contribute to sustainable growth and enhancement of corporate value over the medium to long term, we
will engage in constructive dialogue with shareholders.

-1-[Reasons for Non-compliance with the Principles of Japan’s Corporate Governance Code]
The Company implements all of the principles of the Corporate Governance Code.
[Disclosure Based on the Principles of Japan’s Corporate Governance Code][Principle 1.4 Cross-Shareholdings]<The Company’s policy on cross-shareholdings>
In holding listed shares for purposes other than investment, the Company shall verify the economic rationale(e.g., whether the benefits and risks associated with holding the shares are commensurate with the cost ofcapital in light of our investment criteria established from the perspective of the cost of capital) andappropriateness of the purpose of holding (e.g., if the purpose is to maintain and strengthen business and otherrelationships with investee companies, whether the maintenance and strengthening of such relationships willcontribute to expanding our medium- to long-term earnings and increasing our corporate value), and theCompany will hold only those shares for which the rationale for holding these shares is recognized.
In contrast, as a result of verification of the economic rationale and appropriateness of the purpose of holding
the shares, the Company will consider reducing the number of shares to be held as appropriate if the rationaleof holding such shares is no longer recognized.
Based on the above policy, specific verification of the significance of holding individual listed shares was
conducted at the Board of Directors meeting held in July 2024 in accordance with internal procedures.
<Criteria for the exercise of voting rights for shares held by the Company>
When exercising voting rights, the Company does not make a mechanical decision to approve or disapprovebased on uniform standards, but rather conducts a comprehensive review from the perspective of whether or not
the proposal contributes to improving the medium- to long-term corporate value of the Company, taking into
consideration whether or not the proposal is compatible with our holding policy and whether or not it
contributes to improving the corporate value of the investee company.
In the event of significant business deterioration or serious corporate scandal, the Company will make aconsidered prudent decision, including consideration of voting against the proposal.
[Principle 1.7 Related Party Transactions]
The Company has designated any transactions by its Directors that have a conflict of interest or compete with
the Company’s business as matters to be referred for decision and reported to the Board of Directors, and eachtransaction is subject to prior approval by the Board of Directors and a report on the results of the transaction.
The Company has not established procedures for such transactions, because it does not currently have any
parent company or other shareholders that fall under the category of major shareholders and has no possibilityof engaging in such transactions with them.
[Supplementary Principle 2.4.1 Ensuring Diversity in Promotion to Core Human Resources]<Approach to ensuring diversity>
The Company has established the IINO Group Human Rights Policy, which prohibits discrimination based onnationality, race, religion, age, gender, physical or mental disability, sexual orientation, or any otherunreasonable grounds. This policy demonstrates our commitment to accepting diversity and respecting humanrights as well as our social responsibility as a company.
<Goals and current status of promoting women, foreign nationals and midcareer hires to management
positions>〇 Promoting women to management positions
As of end of March 2024, the percentage of women in the total career-track workforce of the Company was
11.7%, and the percentage of women in all managers was 5.6%. In order to further increase the percentage offemale managers, the Company has set a goal in its action plan under the Act on the Promotion of Female
Participation and Career Advancement in the Workplace that the percentage of women in the total career-track
on-shore workforce (candidates for middle managerial positions) will be raised to 20% or more by the end of
March 2026, and is working toward the goal. (17.7% as of end of March 2024).
〇 Promoting foreign nationals to management positions
One foreign national employee joined the Company in April 2024, following last year. The Company willcontinue to actively recruit to ensure diversity. IINO Group has 67 non-Japanese employees, with 14 of them-2-

being in management positions. We will continue to promote employees based on their abilities without regard
to race or nationality, and aim to increase the number even higher.
〇 Promoting midcareer hires to management positions
As of end of March 2024, 40.9% of the midcareer hires in the career-track positions are in the management
positions and leading a successful career as part of the people who support the Company’s business. The
percentage of midcareer hires in total management positions is 12.5%, and we will aim to increase thepercentage even higher by actively recruiting midcareer hires.
*The aggregate number of women, foreign nationals and midcareer hires in the Company includes thoseseconded to the group companies of the Company.
<Policies and their status of implementation regarding the development of human resources and theimprovement of the internal environment to ensure diversity>
The ESG investing, which has been attracting attention recently, also focuses on the development andutilization of human resources including women, and it is believed that implementation of measures for suchdevelopment and utilization in a visible way will promote long-term corporate growth. Active engagement of
our human resources is essential for the Group’s sustainable growth for a long time to come. To create aworkplace where employees can work energetically while achieving a good balance between work and family
life, we are expanding systems to promote work-life balance.
In August 2022, the Company received certification from the Minister of Health, Labour and Welfare as acompany that supports raising children (Kurumin certification) after its childcare support plan initiatives
formulated in accordance with the Act on Advancement of Measures to Support Raising Next-Generation
Children met the criteria.
In addition, as human resources measure to support the global business expansion at overseas sites, we foster
the development of Japanese employees who are able to succeed overseas while also hiring and strengthening
the development of local staff of various nationalities. We have also introduced a highly transparent personnel
evaluation system.
Details are disclosed in the Integrated Report and the Company’s website (Strengthening Diversity and Human
Capital).
Integrated Report:
https://www.iino.co.jp/kaiun/english/ir/library_annual.html
The Company’s website (Strengthening Diversity and Human Capital):
https://www.iino.co.jp/kaiun/english/csr/talent.html[Principle 2.6 Roles of Corporate Pension Funds as Asset Owners]
The Company has a defined benefit corporate pension plan and a lump-sum retirement benefit plan to provide
for the payment of retirement benefits to employees. For the management and investment of the reserves of thedefined benefit corporate pension plan and lump-sum retirement benefit plan, the Company has entered into
trust agreements with external trust banks and life insurance companies.
Investment performance by external institutions is monitored by the human resources department in charge.
The human resources department is working to improve the qualifications of personnel in charge through suchactivities as participation in training programs conducted by the Pension Fund Association.
[Principle 3.1 Full Disclosure](i) The Company’s objectives (e.g., Corporate philosophy), business strategies and business plans
The Company has organized our Group's importance of existence and value we provide to stakeholders as the
Corporate Philosophy and Management Policy, and has established IINO VISION for 2030 as the Group's goal
for the year 2030, and has formulated a mid-term management plan, "The Adventure to Our Sustainable
Future," as the items to be addressed during the three-year period from the FY2023 to the FY2025 in order toachieve these goals.
In the mid-term management plan, the company aims to create economic value through business portfolio
management, create social value by overcoming materiality, and enhance corporate value by creating common
value through the combination of these two. In business portfolio management, the Company will deepen the
IINO MODEL*, aiming for an optimal portfolio structure that will enable us to realize sustainable growth
based on a strong financial foundation. In overcoming materiality, the Company has identified three of the ninematerialities (key sustainability issues) that we must address (Formulation and Implementation of Plan to-3-Realize a Decarbonized Society, Strengthening of Human Capital, and Addressing Respect for Human Rights)
as key strategies in our mid-term management plan.
<9 Materialities (Sustainability Key Issues)>
E: Realization of a decarbonized society, Reducing air pollution and waste usage, and Preserving biodiversity
S: Safety and security, Strengthening diversity and human capital, and addressing human rights
G: Compliance, including anti-corruption, Developing more sophisticated risk management, and Enhancing
corporate governances
For details about our Philosophy System, mid-term management plan and our sustainability initiatives, pleaserefer to Integrated Report and our website.
IINO Philosophy System (https://www.iino.co.jp/kaiun/english/company/philosophy.html)
Mid-term management plan (https://www.iino.co.jp/kaiun/english/ir/plan.html)
Sustainability initiatives (https://www.iino.co.jp/kaiun/english/csr/)
Integrated Report, etc. (https://www.iino.co.jp/kaiun/english/ir/library_annual.html)*The Company’s unique business model with two business pillars; Shipping, which is subject to high market
volatility, and the Real Estate, which is subject to relatively less volatile changes in market conditions.
(ii) The Company’s basic views and guidelines on corporate governanceFor the Company’s basic views and guidelines on corporate governance, please refer to “I. 1. Basic Views.”(iii) Board policies and procedures in determining the remuneration of the senior management and Directors
The maximum amount of total remuneration to Directors was set at ¥500 million per year at the 115th Annual
General Meeting of Shareholders. The remuneration of Executive Directors consists of (1) monthly
remuneration consisting of a fixed remuneration set in accordance with the position of each Executive Director
and performance-linked remuneration based on the score assigned by the Carbon Disclosure Project, CDP
score, an international NPO that supports environment disclosure, (2) bonuses paid in consideration of thedegree of achievement of business results using consolidated net income and other major indices and theoccurrence of major accidents, and (3) stock purchase compensation plan for all Executive Directors, which aredesigned to provide incentives to contribute to the enhancement of corporate value. Outside Directors, who areresponsible for the supervisory function, are paid only monthly compensation in light of their duties.
As for the procedures for determining the remuneration of Directors, the amount of individual monthly
compensation for each Director (a portion of which is contributed to the Directors’ shareholding association forthe purchase of shares under the stock compensation plan) and bonuses as performance-linked compensation
are resolved after careful deliberation at a meeting of the Board of Directors attended by Outside Directors andOutside Audit & Supervisory Board Members, based on recommendations by the voluntary Nomination andRemuneration Committee, which was established in October 2019 to enhance the objectivity, transparency andfairness of the procedures for determining remuneration and which is chaired by an independent Outside
Director since May 2021.
The Company has established the stock compensation plan under which a portion of the Executive Directors’
remuneration is contributed to the Directors’ shareholding association and has continued with the initiatives toshare the shareholder value with shareholders in an effort to achieve sustainable growth of the Company andenhance its corporate value in the medium to long term. In order to better clarify the senior management’s
commitment to the achievement of the Company’s Mid-term Management Plan and to provide incentives thatwill contribute to the medium- to long-term enhancement of the corporate value, the Company has revised thestock compensation plan for all Executive Directors, effective July 2020.
(iv) Board policies and procedures in the appointment/dismissal of the senior management and the nominationof Directors and Audit & Supervisory Board Members candidates
The Company has established the Nomination and Remuneration Committee, a voluntary advisory body to theBoard of Directors, the majority of whose members are independent Outside Directors, for the purpose ofenhancing the objectivity, transparency and fairness of procedures related to the appointment and dismissal of
Directors and Audit & Supervisory Board Members and the nomination of candidates for Director and Audit &Supervisory Board Member as well as strengthening the supervisory system and accountability of the Board of
Directors. At the request of the Board of Directors for opinions, the committee deliberates and makes
recommendations to the Board of Directors on the selection and dismissal of the President and Representative-4-

Director and succession planning for the President and Representative Director and other similar position, theappointment and dismissal of Directors and Audit & Supervisory Board Members, and the nomination ofcandidates for Director and Audit & Supervisory Board Member, in light of the Company’s selection criteria
and requirements.
We nominate for candidates for Director, individuals who have outstanding personalities, broad insight andabundant experience, and who can appropriately fulfill their responsibilities with foresight and contribute to theCompany’s sustainable growth and enhancement of corporate value, while also ensuring a balance inknowledge, experience and abilities as well as diversity of the Board of Directors as a whole.
We nominate for candidates for Audit & Supervisory Board Member, individuals who have outstanding
personalities, broad insight and abundant experience, and who can appropriately fulfill their responsibilities
with the high level of professional expertise, while also ensuring that an individual with the appropriate level ofexpertise in finance and accounting is included.
For the President and Representative Director, we nominate an individual who not only meets the selection
criteria for the candidates for Director, but also has the ability to conceptualize a vision for the future and makedecisions, and who has the qualities to play a central role in maximizing the Company’s corporate value by
demonstrating outstanding leadership while working appropriately with a variety of stakeholders.
Nominations of candidates for Director and Audit & Supervisory Board Member are made based on the above
selection criteria, and are subject to resolution after careful deliberation by the Board of Directors based onrecommendations by the voluntary Nomination and Remuneration Committee chaired by an independent
Outside Director. Nomination of candidates for Audit & Supervisory Board Member requires the consent of the
Audit & Supervisory Board, prior to the deliberation by the Board of Directors.
For dismissal of a Director, the Board of Directors shall resolve a proposal for dismissal of that Director to besubmitted to the General Meeting of Shareholders or release from the position held by that Director, after
careful deliberation and giving due respect to the recommendations by the Nomination and Remuneration
Committee, in cases where there is any wrongdoing or material violation of laws, regulations or the Articles ofIncorporation in the execution of duties by that Director or any other reasons that Director is extremely
inappropriate for a senior management member of the Company.
(v) Explanations by the Board with respect to the individual appointments/dismissals of the senior management
and the individual nominations of Directors and Audit & Supervisory Board Members candidates
The individual appointments and nominations of candidates for Director and Audit & Supervisory Board
Member are disclosed in the Reference Documents attached to the Notice of the Annual General Meeting of
Shareholders.
The Reference Documents attached to the Notice of the Annual General Meeting of Shareholders(https://www.iino.co.jp/kaiun/english/ir/stock_meeting.html)
Individual dismissals of Directors are not disclosed because no dismissals have occurred.
[Supplementary Principle 3.1.3]
The Company recognizes strengthening of Human Capital as one of the priority strengthening measures forcreating social value in its mid-term management plan, and continuously invests in human capital, including
securing, developing and nurturing excellent seafarers, safety training to foster a culture of safety, and invests
in human capital, including technical training to improve technical capabilities. Efforts to develop and make thebest use of human resources are also underway for the employees working onshore.
For details of our sustainability initiatives, please refer to the Company’s website (Sustainability) and theIntegrated Report.
Sustainability: https://www.iino.co.jp/kaiun/english/csr/
Integrated Report, etc.: https://www.iino.co.jp/kaiun/english/ir/library_annual.html[Supplementary Principle 4.1.1 Brief Summary of the Scope and Content of Matters Delegated by the Board to
the Management]
The Company has established the Board of Directors as the management decision-making and supervisory
body, the Executive Committee to discuss business execution methods based on decisions made by the Boardof Directors, the Risk Management Committee to manage overall risks across the Group, and the Risk
Management Committee’s three advisory subcommittees, namely the Safety and Environment Committee, theQuality and Systems Committee, and the Compliance Committee, which serve as subordinate management
bodies.

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The Board of Directors makes decisions on matters stipulated by laws and regulations or the Articles ofIncorporation, i.e., important matters for the Company and its group companies. The Company’s internal
regulations clarify the scope of decisions to be made by the Board of Directors by setting monetary and othercriteria that take into consideration the Company’s size and other factors as specific criteria for referral to theBoard of Directors for decision. Detailed matters related to the decisions made by the Board of Directors, aswell as matters that the internal regulations do not require the Board of Directors to make decisions, aredelegated to the Representative Directors or subordinate management bodies in accordance with the internal
regulations, to the extent possible under the laws and regulations or the Articles of Incorporation.
The Executive Committee has been established pursuant to the resolution of the Board of Directors, andperforms such functions as deciding matters as requested by the Board of Directors, deliberating on matters as
instructed by the Board of Directors, and exchanging opinions and information concerning management.
The Risk Management Committee has been established pursuant to the resolution of the Board of Directors anddetermines and manages various measures for effective and efficient risk management of the entire Group. It
also conducts preliminary deliberations on particularly important matters to be referred to the Executive
Committee that may have a significant impact on the Company’s performance, and makes proposals, provides
advice and reports on the status of such matters.
[Principle 4.9 Independence Standards and Qualification for Outside Officers]
Concerning the independence and qualities required of Outside Directors and Outside Audit & Supervisory
Board Members, the Company has defined the “Criteria Relating to the Independence and Qualifications of
Outside Directors and Audit & Supervisory Board Members” as below.
[Criteria Relating to the Independence and Qualifications of Outside Directors and Auditors]
These criteria are to determine the independence of candidates for outside director and outside auditor(hereinafter collectively referred as “Outside Officers”) of the Company, and also set forth the qualities
required of candidates.
(Outside Directors) As candidates for outside director, the Company shall nominate persons who satisfy therequirements for outside directors set forth in the Companies Act; are of outstanding character; areknowledgeable, capable and possess abundant experience; are able to appropriately fulfill the duties of outside
directors; hold constructive opinions; and are expected to contribute to further growth of the Company, and theCompany shall give consideration to ensuring a balance of knowledge, experience, and abilities and thediversity of the Board of Directors as a whole.
(Outside Auditors)
As candidates for outside auditor, the Company shall nominate persons who satisfy the requirements for outside
auditors set forth in the Companies Act; are of outstanding character; are knowledgeable, capable and possess
abundant experience; and are able to appropriately fulfill the duties of outside auditors, and the Company shallgive consideration to ensuring that persons with appropriate knowledge of finance and accounting are included.
(Criteria for Determining the Independence of Outside Officers)
In the Company’s judgment, a person to whom none of the following items applies satisfies the independence
criteria for an Outside Officer, or candidates for Outside Officer.
1. A business executor of the Company or a subsidiary of the Company (Note 1)
2. A person for whom the Company is a major business partner (Note 2) or a business executor thereof
3. A major business partner of the Company (Note 3) or a business executor thereof
4. A current major shareholder of the Company (a person who directly or indirectly holds 10% or more of total
voting rights) or a business executor thereof
5. A person who undertakes audits of the Company as the Company’s accounting auditor or an employee etc.
thereof
6. A consultant or accounting, legal, tax, or other professional receiving a significant amount (Note 4) of moneyor other assets from the Company other than executive remuneration. When such person is an organization suchas a corporation or association, this includes a person belonging to such organization.
7. A person who receives a significant amount (Note 4) of donations or aid from the Company. When such
person is an organization such as a corporation or association, this includes a director or business executor
thereof.

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8. When an executive officer or standing auditor of the Company concurrently serves as an outside director oroutside auditor of another company, a person who is an executive director, operating officer, or executive
officer of such other company
9. A person who fell under 1 to 8 above during the past three years (Note 5)
10. A person falling under 1 to 9 above or, in the case of determining the independence of an outside auditor, aspouse or relative within the second degree of kinship of an important person falling under any of the following
items (Note 6)(a) An accounting advisor of the Company (if such accounting advisor is a corporation, including an
employee who executes the corporation’s duties; the same below)(b) A director or accounting advisor who is not a business executor of a subsidiary of the Company(c) A person who fell under (a) or (b) above or who during the past three years has been a director who was
not a business executor of the Company(Note 1) “Business executor” means an executive director, operating officer, executive officer, or otherequivalent person or an employee.
(Note 2) “Person for whom the Company is a major business partner” means a person receiving from theCompany payments in an amount equivalent to at least 2% of annual consolidated sales in the business
partner’s most recent fiscal year.
(Note 3) “Major business partner of the Company” means a person who has made payments to the Company inan amount equivalent to at least 2% of the Company’s annual consolidated sales in the most recent fiscal year
or who has made loans to the Company in an amount equivalent to at least 2% of the Company’s consolidated
net assets in the most recent fiscal year.
(Note 4) “Significant amount” of money means financial assets received from the Company of 10 million yen
or more per year if such person is an individual or, if such person is an organization such as a corporation or
association, an amount of 10 million yen or more per year that is equivalent to at least 2% of annual
consolidated sales or total revenues in such organization’s most recent fiscal year.
(Note 5) With regard to 4. above, this means a person who was a business executor of a current major
shareholder of the Company during the past three years.
(Note 6) “Important person” includes a director (excluding an outside director), auditor (excluding an outside
auditor), executive officer, employee in a management position of department manager or higher, certified
public accountant belonging to an accounting auditor, and attorney belonging to a law firm (including an
associate).
[Supplementary Principle 4.10.1 Independent Nomination Committee and Remuneration Committee]
In October 2019, the Company established the Nomination and Remuneration Committee as a voluntary
advisory body to the Board of Directors, for the purpose of enhancing the objectivity, transparency and fairnessof the procedures for nominating candidates for, and remuneration of, Director, strengthening the supervisorysystem and accountability of the Board of Directors, and further enhancing the corporate governance system.
The committee has five members, consisting of three Outside Directors and two Representative Directors, andis chaired by an Outside Director. At the request of the Board of Directors for opinions, the committee
deliberates the matters and makes recommendations to the Board of Directors. The meeting of the committee
was held nine times in the FY2023. Since June 26, 2024, the committee consists of five members: three outside
directors, one representative director, and one director.
For details, please refer to “II. 1. Organizational Composition and Operation, [Directors], Voluntary
Committee’s Name, Composition and Chairperson’s Attributes and Supplementary Explanation” of this report.
[Supplementary Principle 4.11.1 View on the Appropriate Balance Between Knowledge, Experience and Skillsof the Board as a Whole and on Diversity and Appropriate Board Size as well as Policies and Procedures for
Nominating Directors]
The Company believes that a maximum of eight Directors is an appropriate number for the Board of Directors
to ensure rapid decision-making in corporate management and more substantive and active discussions. In
nominating candidates for Director, consideration is given to ensure the appropriate balance between
knowledge, experience and skills of the Board of Directors as a whole as well as diversity. Currently, theCompany’s Board of Directors consists of eight Directors, four of whom are Outside Directors.
Outside Directors are appointed from among those who have constructive opinions and can be expected tocontribute to the Company’s further growth, from the viewpoint of ensuring the ability of the Board of
Directors to effectively fulfill its roles and responsibilities. We give sufficient consideration to the appropriate-7-

balance between knowledge, experience and skills as well as diversity by such measures as appointing
individuals with the high level of professional expertise, including those with experience in administrative
supervision or who served as diplomat, an executive at other companies, and scholars.
For disclosures of the policies and procedures for nominating Directors, please refer to [Disclosure Based on
the Principles of Japan’s Corporate Governance Code] [Principle 3.1 Full Disclosure] (4).
The skills that are particularly emphasized and expected of each Director and Audit & Supervisory Board
Member from the perspective of the Corporate Philosophy, and the priority strengthening measures in its midterm management plan of the Company, are disclosed in the Integrated Report and other documents asSpecialty and Experience of Directors and Audit & Supervisory Board Members. Two of the independent
Outside Directors have experience in corporate management through serving as representative director andpresident of another company.
[Supplementary Principle 4.11.2 Concurrent Positions as an Officer of Other Listed Companies Held byDirectors and Audit & Supervisory Board Members]
Please refer to the annual disclosure of the concurrent positions at other companies held by Directors and Audit& Supervisory Board Members, including Outside Directors and Outside Audit & Supervisory Board Members,in the Reference Documents attached to the Notice of the Annual General Meeting of Shareholders and in the
Securities Report.
The Reference Documents attached to the Notice of the Annual General Meeting of Shareholders(https://www.iino.co.jp/kaiun/english/ir/stock_meeting.html)
Securities Report (https://www.iino.co.jp/kaiun/ir/library_securities.html) (Available only in Japanese)[Supplementary Principle 4.11.3 Summary of the Results of the Effectiveness Evaluation of the Board of
Directors]
Aiming to improve the functioning of the Board of Directors with a view to achieving sustainable growth andenhancing corporate value over the medium and long term, since FY2016 the Company has undertaken an
analysis and review of the effectiveness of the Board of Directors, covering all Directors and Auditors.
(Summary of FY2023 implementation)
In FY2023, we conducted a 61-question questionnaire covering the following 10 major areas: (1) compositionof the Board of Directors, (2) operation of the Board of Directors, (3) discussions at the Board of Directors, (4)monitoring function of the Board of Directors, (5) performance of internal directors, (6) support system fordirectors and auditors, (7) training, (8) dialogue with shareholders and investors, (9) directors’ own efforts, and(10) summary.
(Results of the effectiveness evaluation)(1) Summary
The Company’s Board of Directors was confirmed to have an appropriate composition and number of members
and to be able to engage in substantive deliberations, as well as an appropriate support system for the Board of
Directors, including improvements in materials and reporting content and advanced explanations of agenda
items to outside directors to deepen deliberations. The Company received an evaluation from the outside
directors that decision-making is appropriately reflected, and the Company evaluates that the effectiveness of
the Board of Directors has been ensured as in FY2022.
(2) Challenges recognized in FY2022
DX Support
In the mid-term management plan formulated in FY2023, “Acceleration of DX” is one of the businessfoundation strategies, and we have been promoting collaboration with startup companies. We recognized theneed for further promotion of DX.
Board Diversity
Further promotion of diversity in the Board of Directors has been a issue, and we have achieved a certain
level of improvement by increasing the number of female directors to two.
Improvement of communication among directors and employees
Communication between directors and employees, which had deteriorated in response due to the Covid-19
pandemic, was also improved through providing a forum for communication following the end of thepandemic.

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(3) Issues recognized in FY2023
As issues in FY2023, the Board of Directors will deepen discussions on the long-term vision, future aspirations
and a business strategy, including sustainability-related responses such as corporate value enhancement, PBR
improvement and human capital. In addition, we will strengthen monitoring focusing on the use of DX, which
has been an issue since FY2022.
Based on the results of the effective evaluation in FY2023, the Board of Directors will fully consider the issues
raised and will promote efforts to further improve its effectiveness.
[Supplementary Principle 4.14.2 Training Policy for Directors and Audit & Supervisory Board Members]
We give an explanation of the Company’s business, finances, organization and other matters to each Director,
Audit & Supervisory Board Member and Executive Officer at the time of assuming office, and provide training
to understand their roles and responsibilities for their respective position. After assuming office, in addition to
conducting internal seminars such as training for officers, the Company encourages them to participate inexternal seminars for self-development and other similar purposes, and to join external organizations, thereby
enhancing the knowledge and skills required for their duties.
[Principle 5.1 Policy for Constructive Dialogue With Shareholders]
The Company recognizes the importance of dialogue with our shareholders and other stakeholders for theGroup’s sustainable growth and medium- to long-term enhancement of corporate value. Regarding dialogue
with shareholders, the executive officer in charge of the Stakeholder Relations Department supervises overall
operations, and we designate the Stakeholder Relations Department as the department in charge of the dialogue,
and are proceeding with buildings a system to realize constructive dialogue. Meetings with overseas investors,
who are our shareholders, are held at least once a year in principle, mainly in the U.S. and Europe. For details
about our IR activities, please refer to “III. 2. IR Activities.” Other policies regarding the development ofsystems and initiatives to promote constructive dialogue with shareholders are as follows.
(1) The President Executive Officer and the Executive Officer in charge of the Stakeholder Relations
Department are designated to generally manage dialogue with shareholders.
(2) Collaboration among such sections as the Stakeholder Relations Department, the Corporate Planning
Department and the Finance & Accounting Department are managed by the General Manager of the
Stakeholder Relations Department in terms of overall coordination and exchange of information.
(3) As a means of dialogue other than individual meetings, the Company has been holding financial resultspresentations for analysts and institutional investors since theFY2014.
(4) The opinions and concerns of shareholders obtained through dialogue with shareholders are reported to theBoard of Directors approximately twice a year, and the Board of Directors discusses the content of theinterviews.
(5) With regard to insider information, in accordance with the Regulations for Inside Information Management
and Insider Trading Regulation, the person responsible for managing information (the Executive Officer incharge of the Stakeholder Relations Department) takes the lead in preventing the leakage of undisclosed
facts, and in dialogue with shareholders, the Company makes it a rule not to inform shareholders ofundisclosed facts in order not to trigger insider trading by shareholders.
The Company, once a year, invites a lecturer with specialized knowledge to conduct two sessions of insider
trading regulation training to raise awareness of officers and employees about compliance.
For details about our policy on dialogue with shareholders, please refer to our Disclosure Policy.
Disclosure policy: https://www.iino.co.jp/kaiun/english/ir/disclaimer.html[Status of dialogue with shareholders]
The Group recognizes the importance of dialogue with shareholders, investors and other stakeholders for theGroup's sustainable growth and medium- to long-term enhancement of corporate value. The opinions andconcerns of shareholders obtained through dialogue are regularly reported to the Board of Directors. In
addition, we continue to enhance our disclosures to ensure that our shareholders understand the Group's efforts
to enhance our corporate value.
For further details, please refer to the "Dialogue with Investors" on our website.
(https://www.iino.co.jp/kaiun/ir/dialogue.html)-9-

[Action to Implement Management that is Conscious of Cost of Capital and Stock Price]
As an independent company, the Group aims to increase its corporate value by developing both shipping andreal estate businesses (IINO MODEL).
In the Group's three-year mid-term management plan “The Adventure to Our Sustainable Future,” which started
in April 2023, the Group is promoting various measures to achieve both sustainable growth through businessportfolio management based on the IINO MODEL and to overcome materiality. Furthermore, we are striving toincrease our economic value by promoting strategies that are conscious of improving our return on capital andcreating synergies between our businesses, with the aim of achieving a ROE of 9-10% and ROIC of 4-5% in
FY2025. An analysis of our current situation, initiatives and policies for improvement towards “Managementthat is Conscious of Cost of Capital and Stock Price” is disclosed on the Company's website and in
Supplementary Report for Financial Results for the third quarter of FY2023.
For further information, please refer to our website.
Mid-term management plan “The Adventure to Our Sustainable Future”(https://www.iino.co.jp/kaiun/ir/plan.html)
Supplementary Report for Financial Results for the third quarter of FY2023(https://www.iino.co.jp/kaiun/ir/ir_library.html)

2. Capital Structure
Foreign Shareholding Ratio

From 10% to less than 20%[Status of Major Shareholders]Number of Shares Owned(Shares)

Name

Percentage (%)

The Master Trust Bank of Japan, Ltd. (Trust Accounts)

12,081,400

11.41

IINO LINES’ Client Stock Ownership

5,893,550

5.57

Tokio Marine & Nichido Fire Insurance Co., Ltd

4,211,275

3.98

Mizuho Bank, Ltd.

4,210,000

3.97

TAKENAKA CORPORATION

3,350,000

3.16

Sumitomo Mitsui Trust Bank, Limited

3,100,000

2.92

Custody Bank of Japan, Ltd. (Trust Accounts)

2,826,100

2.67

Misuga Kaiun Co., Ltd.

2,477,800

2.34

Nippon Life Insurance Company

2,256,300

2.13

The Toa Reinsurance Company, Limited

2,253,100

2.12

Controlling Shareholder (Except for Parent
Company)―――

Parent Company

None

Supplementary Explanation―――- 10 -

3. Corporate Attributes
Listed Stock Market and Market Section

Tokyo Stock Exchange Prime Market

Fiscal Year-End

MarchType of Business

Marine Transportation

Number of Employees (Consolidated) at Endof the Previous Fiscal Year

From 500 to less than 1,000

Net Sales (Consolidated) for the Previous
Fiscal Year

From ¥100 billion to less than ¥1 trillion

Number of Consolidated Subsidiaries at Endof the Previous Fiscal Year

From 50 to less than 100

4. Policy for Measures to Protect Minority Shareholders in Conducting Transactions With
Controlling Shareholder―――

5. Other Special Circumstances Which May Have Material Impact on Corporate Governance―――

II. Business Management Organization and Other Corporate Governance Systems Regarding
Decision-making, Execution of Business and Supervision in Management
1. Organizational Composition and Operation
Organization Form

Company with Audit & Supervisory Board Members[Directors]
Maximum Number of Directors Stipulated in
Articles of Incorporation

8

Term of Office Stipulated in Articles ofIncorporation

1 yearChairperson of the Board of Directors

President

Number of Directors

8

Appointment of Outside Directors

Appointed

Number of Outside Directors

4

Number of Independent Officers Designated From
Among Outside Directors

4- 11 -

Outside Directors’ Relationship With the Company (1)NameAttribute

Mari Miyoshi

Other

Tomonori Nonomura

From another company

Shizuyo Takahashi

From another company

Takeshi Himeno

From another company

Relationship With the Company*
a

b

c

d

e

f

g

h

i

j

k

* Categories for “Relationship With the Company”* “○” when the Director presently falls or has recently fallen under the category;“△” when the Director fell under the category in the past
* “●” when a close relative of the Director presently falls or has recently fallen under the category;“▲” when a close relative of the Director fell under the category in the pasta. Executive (a person who executes business; hereinafter, the same) of the Company or its subsidiaryb. Non-executive director or executive of the parent company of the Company
c. Executive of a fellow subsidiary of the Company
d. 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, accounting professional or legal professional who receives a large amount of monetaryconsideration or other property from the Company besides remuneration as a Director
g. Major shareholder of the Company (or an executive of the said major shareholder if the shareholder is a
corporation)h. Executive of a client or supplier of the Company (which does not correspond to any of d., e., and f.) (theDirector himself/herself only)
i. Executive of a corporation to which outside officers are mutually appointed (the Director himself/herself
only)
j. Executive of a corporation that receives a donation from the Company (the Director himself/herself only)
k. Other- 12 -

Outside Directors’ Relationship With the Company (2)Name

Mari Miyoshi

Tomonori Nonomura

Appoint
ment asIndependent
Officer○○

Supplementary
Explanation of theRelationship

Reasons for Appointment―――

The Company considers that Ms. Miyoshi byleveraging the abundant international
experience and knowledge gained throughmany years of service as a diplomat and has
also judged that she is able to appropriately
execute her duties as Outside Director byoffering appropriate advice concerning theCompany’s management based on a broad pointof view and exercising management oversightfrom an independent standpoint. Although she
has not been involved in business managementin the past, the Company has judged, based on
the above reason, that as Outside Director, shewill be able to appropriately perform the role ofoffering opinions from an objective standpointon management decisions and providing
oversight of Directors’ performance of duties.
There is no special relationship of interest
between the Company and her.
Therefore, the Company has judged that there
is no risk of a conflict of interest with generalshareholders and she maintains a neutral
position.

―――

Mr. Nonomura has abundant knowledge andexperience as a chief executive officer in
addition to abundant knowledge and experience
as a legal director of a listed company. Basedon the above, the Company has judged that heis able to appropriately execute by providing
objective opinions in management decisionmaking and supervising his duties as Outside
Director, focusing on aspects related to legal
affairs, risk management, business strategy, andmarketing.
There is no special relationship of interest
between the Company and him.
Therefore, the Company has judged that there
is no risk of a conflict of interest with generalshareholders and he maintains a neutral
position.

- 13 -Name

Shizuyo Takahashi

Takeshi Himeno

Appoint
ment asIndependent
Officer○○

Supplementary
Explanation of theRelationship

Reasons for Appointment―――

Ms. Takahashi has cultivated abundant
experience and knowledge through her
involvement in DX promotion for various
companies as a consultant with strengths inboth operations and IT, and has abundant
knowledge of overall management through her
experience as a director of a business company.
Based on the above, the Company has judgedthat she is able to appropriately execute byproviding objective opinions in management
decision-making and supervising her duties as
Outside Director, focusing on aspects related totechnology, DX, and finance and accounting.
There is no special relationship of interest
between the Company and her.
Therefore, the Company has judged that there
is no risk of a conflict of interest with generalshareholders and she maintains a neutral
position.

―――

The Company considers that Mr. Himeno hasabundant knowledge and experience cultivatedas a corporate manager, and has judged that heis able to appropriately execute by providing
objective opinions in management decisionmaking and supervising her duties as Outside
Director, focusing on aspects related tocompany management, technology and DX.
There is no special relationship of interest
between the Company and him.
Therefore, the Company has judged that there
is no risk of a conflict of interest with generalshareholders and he maintains a neutral
position.

Establishment of Voluntary Committee(s)Equivalent to Nominating Committee orRemuneration Committee

Established- 14 -

Voluntary Committee’s Name, Composition and Chairperson’s Attributes

Committee’s Name

Committee Equivalent toNominating Committee

Committee Equivalent toRemuneration Committee

Nomination and Remuneration
Committee

Nomination and Remuneration
Committee

Total Committee Members

55

Full-time Members

00Inside Directors

22

Outside Directors

33Outside Experts

0

0

Other

0

0

Chairperson

Outside Director

Outside Director

Supplementary Explanation
In October 2019, the Company established the voluntary Nomination and Remuneration Committee for the
purpose of enhancing the objectivity, transparency and fairness of the procedures for nominating candidates for,and remuneration of, Director, strengthening the supervisory system and accountability of the Board of
Directors, and further enhancing the corporate governance system. In May 2021, the chairperson of thecommittee was replaced by an independent Outside Director.
[Audit & Supervisory Board Members]
Establishment of the Audit & Supervisory Board

Established

Maximum Number of Audit & Supervisory
Board Members Stipulated in Articles ofIncorporation

5

Number of Outside Audit & Supervisory Board
Members

4

Cooperation Among Audit & Supervisory Board Members, Accounting Auditor and Internal Audit
Department
Under mutual cooperation between Audit & Supervisory Board Members, the Corporate Audit Office and the
Accounting Auditor, the Company seeks to strengthen the internal controls of the entire Group. To
appropriately implement audits of the Group, Audit & Supervisory Board Members monitor the independenceof the Accounting Auditor while receiving explanations regarding the content of accounting audits from the
Accounting Auditor, and through deep cooperation in the form of information exchange with the Accounting
Auditor, raise the quality of their respective audits.
With the objective of strengthening corporate governance and internal controls, the Company established theInternal Audit Office in October 2005. In June 2019, the name of this office was changed to the Corporate
Audit Office. Based on the Internal Audit Regulations, the Corporate Audit Office cooperates with theCompany’s Audit & Supervisory Board Members and the Accounting Auditor to conduct audit operations on allcompanies comprising the Group, with the objective of securing appropriate business execution across theentire Group.
Additionally, Audit & Supervisory Board Members and the Corporate Audit Office hold periodic meetings oncea month in principle, while the full-time Audit & Supervisory Board Member exchanges information with the
Corporate Audit Office as required, in an effort to raise the quality of their respective audits.

- 15 -

Appointment of Outside Audit & Supervisory
Board Members

Appointed

Number of Outside Audit & Supervisory Board
Members2

Number of Independent Officers DesignatedFrom Among Outside Audit & Supervisory
Board Members

2

Outside Audit & Supervisory Board Members’ Relationship with the Company (1)NameAttribute

Kenkichi Fukuda

From another company

Yudai Miyake

Attorney at law

Relationship With the Company*
a

b

c

d

e

f

g

h

i

j

k

l

m

△

* Categories for “Relationship with the Company”* “○” when the Audit & Supervisory Board Member presently falls or has recently fallen under the category;“△” when the Audit & Supervisory Board Member fell under the category in the past
* “●” when a close relative of the Audit & Supervisory Board Member presently falls or has recently fallen
under the category;“▲” when a close relative of the Audit & Supervisory Board Member fell under the category in the pasta. Executive (a person who executes business; hereinafter, the same) of the Company or its subsidiaryb. Non-executive director or accounting advisor of the Company or its subsidiaryc. Non-executive director or executive of the parent company of the Company
d. Audit & supervisory board member of the parent company of the Company
e. Executive of a fellow subsidiary of the Company
f. Party whose major client or supplier is the Company or an executive thereof
g. Major client or supplier of the Company or an executive thereofh. Consultant, accounting professional or legal professional who receives a large amount of monetaryconsideration or other property from the Company besides remuneration as an Audit & Supervisory
Board Member
i. Major shareholder of the Company (or an executive of the said major shareholder if the shareholder is a
corporation)
j. Executive of a client or supplier of the Company (which does not correspond to any of f., g., and h.) (theAudit & Supervisory Board Member himself/herself only)
k. Executive of a corporation to which outside officers are mutually appointed (the Audit & Supervisory
Board Member himself/herself only)
l. Executive of a corporation that receives a donation from the Company (the Audit & Supervisory Board
Member himself/herself only)
m. Other- 16 -

Outside Audit & Supervisory Board Members’ Relationship with the Company (2)NameKenkichi Fukuda

Yudai Miyake

Appoint
ment asIndepend
ent
Officer○○

Supplementary
Explanation of theRelationship
Outside Audit &Supervisory Board
Member Kenkichi
Fukuda is from
Development Bank ofJapan Inc., theCompany’s main
lender, but retired inJune 2011 and isconsidered to be
independent based on
the Company’s criteria
for independence.

Reasons for Appointment

The Company considers that Mr. Fukuda byleveraging abundant business experience andknowledge gained at financial institutions andhas judged that he is able to appropriately
execute his duties as an Outside Auditor.
Therefore, the Company has appointed him as
an Outside Auditor.
The Company has judged that he will be able toattend the meetings of the Board of Directors
and the Audit & Supervisory Board and to
substantially fulfill his supervisory function.
There is no special relationship of interest
between the Company and him.
Therefore, the Company has judged that there
is no risk of a conflict of interest with generalshareholders and he maintains a neutral
position.
The Company considers that Mr. Miyake byreflecting abundant expert knowledge andexperience regarding corporate law, developed
as an attorney at law, in the Company's Audit.
Therefore, the Company has appointed him as
an Outside Auditor. The Company has judgedthat he will be able to attend the meetings of theBoard of Directors and the Audit &Supervisory Board and to substantially fulfill
his supervisory function. There is no special
relationship of interest between the Company
and him. Therefore, the Company has judgedthat there is no risk of a conflict of interest withgeneral shareholders and he maintains a neutral
position.

―――[Independent Officers]
Number of Independent Officers

6

Matters Relating to Independent Officers
All Outside Directors and Outside Audit & Supervisory Board Members who meet the qualifications for an
independent officer are designated as independent officers.
[Incentives]
Implementation of Measures to Provide
Incentives to Directors

Introduced performance-linked compensation- 17 -

Supplementary Explanation
In order to provide incentives that contribute to medium- and long-term improvements in corporate value, theCompany has introduced the following indicators for a portion of the monthly compensation and bonuses of
Executive Directors.
-Monthly compensation: For performance-linked monthly compensation, we have introduced CDP score as a
non-financial indicator related to the environment.
-Bonus: Consolidated net income, which is a direct source of new capital investment to increase corporate value
and shareholder returns, is used as a key indicator. A non-financial indicator related to safety has also been
introduced to reduce the amount of compensation in the event of a serious accident caused by human factors, notlimited to maritime accidents, but also includes information system failures and accidents caused by clericalerrors.
The above compensation for Executive Directors is based on the report of the voluntary Nomination andRemuneration Committee, which is chaired by an Outside Director, and the amount calculated based on the
degree of achievement of each indicator and position of each Director. The Board of Directors, attended by
Outside Directors and Outside Auditors, will carefully deliberate on the propriety of payment and amounts.
The Company has also established a stock compensation plan under which Executive Directors contribute partof their compensation to the Directors’ shareholding association, with the aim of making Executive Directors
share shareholder value with shareholders to a greater degree, clarifying management’s commitment toachievement of the Company’s Mid-term Management Plan and further promoting initiatives to enhance
corporate value. The stock compensation plan is a plan for delivering Company shares to Executive Directors
by having Executive Directors contribute an amount of their monthly compensation set according to theirposition to the Directors’ shareholding association and having them withdraw Company shares (equity shares)
purchased at fair market value in the open market by the Directors’ shareholding association, from the
Directors’ shareholding association, in an amount commensurate with their holding, on a trading day at the endof the fiscal year, in principle. Stock compensation via the stock compensation plan is a means of achieving theCompany’s sustainable growth and enhancement of its medium- to long-term corporate value because the valueof shares held is linked to the share price and Executive Directors share the shareholder value withshareholders.
In the event of serious accounting irregularities or huge losses, the Company applies a clawback clause thatprovides for the free return of all or part of the shares that they purchased through the Directors’ shareholding
association, depending on the liability of the Directors. Moreover, the Company has introduced clawback
regulations that require Executive Directors to return without compensation all or part of the shares that theypurchased through the Directors’ shareholding association according to the degree of their responsibility in theevent of a material accounting fraud or a huge loss. For the procedures for determining the remuneration of
Directors, please refer to “[Principle 3.1 Full Disclosure] (iii)Board policies and procedures in determining the
remuneration of the senior management and Directors.”
The Company determines the ratio among the fixed compensation (monthly compensation), performance-linked
compensation (bonuses), and performance-linked compensation (purchase of shares by the Directors’shareholding association), making sure that compensation incentivizes Executive Directors to contribute not only
to improving business results in the short term but also to enhancing its medium- to long-term corporate value.

Recipients of Share Options
Supplementary Explanation―――[Director Remuneration]
Disclosure of Individual Directors’ Remuneration

No individual disclosure- 18 -

Supplementary Explanation
The Company paid a total of ¥292 million in officer remuneration for the fiscal year ended March 31, 2024,
consisting of ¥230 million to eleven Directors and ¥62 million to four Audit & Supervisory Board Members.
Policy for Determining Remuneration Amounts
or Calculation Methods Thereof

Established

Disclosure of Policy for Determining Remuneration Amounts or Calculation Methods ThereofRemuneration to Executive Directors consists of monthly compensation consisting of fixed compensation set
according to each Director’s position and performance-linked compensation using CDP scores as an indicator,
as well as bonuses paid in consideration of the degree of achievement of business results based on consolidated
net income and other major indicators and the occurrence of major accidents, and performance-linked
compensation using stock prices. In addition, the Company has a stock purchase compensation system underwhich a set amount of the Executive Directors’ monthly compensation is contributed to the Directors’shareholding association in accordance with their positions. The fixed compensation (monthly compensation),
performance-linked compensation (monthly compensation), performance-linked compensation (bonus), andperformance-linked compensation (stock compensation plan) are determined in consideration of providing
incentives that contribute not only to short-term performance improvement but also to medium- to long-term
enhancement in corporate value. Outside Directors are paid only monthly compensation in light of their duties.
For the procedures to determine such remunerations, please refer to “[Principle 3.1 Full Disclosure] (3) Board
policies and procedures in determining the remuneration of the senior management and Directors.”[Supporting System for Outside Directors and/or Outside Audit & Supervisory Board Members]
The Executive Officer in charge of the Corporate Planning Department provides Outside Directors withnecessary explanations and information prior to the meetings of the Board of Directors, as well as reports to
Outside Directors on discussions made at important meetings related to internal control.
In addition, one employee is assigned to concurrently serve as an assistant to the Audit & Supervisory Board
Members to assist them in their duties, including providing support to Outside Audit & Supervisory Board
Members.
The materials for the Executive Committee and the meetings of the Board of Directors are distributed inadvance to Outside Directors and Outside Audit & Supervisory Board Members primarily by the staff of thedepartment in charge of the materials.

2. Matters on Functions of Business Execution, Audit and Supervision, Nomination andRemuneration Decisions (Overview of Current Corporate Governance System)
Regarding operational execution, the Executive Committee, composed of executive officers, holds meetings
once a week, as a rule, to make decisions on matters authorized by the Board of Directors, including outside
directors, deliberate on matters directed by the Board of Directors to be discussed, and exchange opinions andinformation regarding management issues.
With regard to audit and supervision, the Company has established an auditing system in which Audit &Supervisory Board Members, the Corporate Audit Office and the Accounting Auditor mutually cooperate witheach other. The Company has two full-time Audit & Supervisory Board Member and two part-time Audit &Supervisory Board Members who are Outside Audit & Supervisory Board Members. One assistant to the Audit& Supervisory Board Members concurrently serves as the secretariat.
The Corporate Audit Office reports directly to the President Executive Officer, and the General Manager of theoffice is the person responsible for auditing. The Corporate Audit Office conducts regular audits of theCompany and its group companies in accordance with the audit plan and, if necessary, conducts extraordinary
audits.
The General Manager of the Corporate Audit Office regularly submits audit reports to the President Executive
Officer. Furthermore, the audit reports for the FY2023 were submitted to the Board of Directors by the end of
March 2024 as directed by the Board of Directors. The report for the FY 2024 will be submitted by the end of
March 2025. Additionally, Audit & Supervisory Board Members and the Corporate Audit Office hold periodic- 19 -

meetings once a month in principle, while the full-time Audit & Supervisory Board Member exchanges
information with the Corporate Audit Office as required. The Company has appointed KPMG AZSA LLC as
the Accounting Auditor.
Nomination of Directors and determination of their remuneration are deliberated and recommended to theBoard of Directors by the voluntary Nomination and Remuneration Committee at the request of the Board of
Directors, and then deliberated and determined by the Board of Directors.

3. Reasons for Adoption of Current Corporate Governance System
The Company defines corporate governance as “a framework for realizing efficient business activities bycoordinating the interests of the various stakeholders who constitute a company,” and has adopted a corporate
governance system under which the Board of Directors having four Outside Directors and the Audit &Supervisory Board having two Outside Audit & Supervisory Board Members supervise and audit the executionof duties by Directors and employees including Executive Officers.
The Company has appointed four Outside Directors and has established a system whereby the Outside
Directors can fully exercise their monitoring function to Directors and employees including Executive Officers,from a neutral standpoint with no relationship of interest with them.

III. Implementation of Measures for Shareholders and Other Stakeholders
1. Measures to Energize General Meetings of Shareholders and Facilitate Smooth Exercise of Voting
RightsSupplementary Explanation
Early Notification of General
Meeting of Shareholders

The notice of the 133rd Annual General Meeting of Shareholders was sent
on May 31, 2024, more than three weeks prior to the date of the meeting.

Scheduling General Meetingof Shareholders Avoiding thePeak Day

The 133rd Annual General Meeting of Shareholders was held on June 26,
2024, to avoid the so-called peak day.

Allowing Electronic or
Magnetic Exercise of Voting
RightsSince the Annual General Meeting of Shareholders held in June 2017, theCompany has made it possible for its shareholders to exercise their voting
rights via the internet, and since the Annual General Meeting of
Shareholders held in June 2018, the Company has participated in theelectronic voting platform for institutional investors.

Participation in Electronic
Voting Platform and Other
Efforts to Enhance the Voting
Environment for Institutional
Investors

Since the Annual General Meeting of Shareholders held in June 2018, theCompany has participated in the electronic voting platform for institutional
investors.

Providing Convocation Noticein English (Translated Fully or
Partially)

The Company prepares English translations of the convocation notice(translated fully or partially) and makes them available on its English
website and the website of the electronic voting platform for institutional
investors.

Other

The Company made early disclosure by posting the Notice of the 133rd
Annual General Meeting of Shareholders and the accompanying documents
on May 24, 2024, prior to the dispatch date, on the Company’s and stock
exchanges’ websites.
The proceedings of the 133rd Annual General Meeting of Shareholders heldon June 26, 2024, were streamed live for those shareholders who wereunable to attend the meeting in person.

- 20 -

2. IR Activities

Supplementary Explanation

Preparation and Publication ofDisclosure Policy

Holding Regular Investor
Briefings for Analysts andInstitutional Investors

Explanation
byRepresentative

The Company has prepared Disclosure Policy, which isposted on our website.
Disclosure Policy(https://www.iino.co.jp/kaiun/english/ir/disclaimer.html)
The Company conducts individual briefings for analysts andinstitutional investors and also online presentation for
financial results of the second quarter and full fiscal year.
Transcript of the briefing and Q&A session on thepresentation of financial results for FY2023 in May 2024.
(https://contents.xjstorage.jp/xcontents/AS00371/eac4547e/a70d/4c7b/b80f/f55
b9d31aec5/20240521104124665s.pdf)

Yes

Transcript of the briefing and Q&A session on thepresentation of financial results for FY2023 2Q in
November 2023
(https://contents.xjstorage.jp/xcontents/AS00371/8fdd0303/1c54/457b/a6d9/698
898a5c021/20231110151622171s.pdf)
Holding Regular Investor
Briefings for Overseas
Investors

In principle, individual briefings for foreign institutional
investors are held at least once a year each in the U.S. andEurope.
In the FY 2023, interviews were conducted face-to-face andonline.

Posting IR Materials on
WebsiteIR materials such as financial highlights, financial results,
Supplementary Report for Financial Results, Integrated
Reports, shareholder newsletters and securities reports areavailable on the Investor Relations section of the Company’s
website (https://www.iino.co.jp/kaiun/english/ir/).
Supplementary Report for Financial Results, Integrated
Reports, summaries of financial results, and Corporate
Governance Report are available in English(https://www.iino.co.jp/kaiun/english/ir/ir_news.html).
In addition, we release monthly shipping market information
once a month on our website.
The status of dialogue with investors is also published on our
website(https://www.iino.co.jp/kaiun/english/ir/dialogue.html).

Establishment of Department
and/or Manager in Charge ofIR

The Stakeholder Relations Section is established as thedepartment in charge of investor relations, and the Executive
Officer in charge of the Stakeholder Relations Department is
the person responsible for business contacts.

- 21 -Yes

3. Measures to Ensure Due Respect for Stakeholders
Supplementary Explanation【Provisions to Ensure Due Respect for Stakeholders in Internal
Regulations, Etc.】
Management Policy: IINO COMMITMENT defines the value provided toour stakeholders as follows.
For our customers: We promptly and accurately respond to our customers’
needs, providing safe and high-quality services consistently.
For our employees and executives: We offer a supportive work environmentand opportunities for personal growth, recognizing that our employees andexecutives are the cornerstone of our company.
For our society: As responsible members of society, we work together withsociety to contribute to solving various issues.
For our shareholders: By focusing on sustainable growth, we enhance
corporate value and implement rewarding shareholder returns.
Provisions to Ensure Due
Respect for Stakeholders inInternal Regulations, Etc.

Further, the Sustainability Policy stipulates the following actions to be taken
for stakeholders.
<IINO Group Sustainability Policy (excerpt) >4. Contribute to Society
As a good corporate citizen, the IINO Group will contribute to thesustainable development of the earth and society. We aim to enhance thecorporate value in a sustainable and progressive manner through ourbusiness activities, and to gain the trust of a wide range of stakeholders.
6. Respects for Customers
The IINO Group will stand on an equal footing with all of its business
partners and strive to respond to them with sincerity, kindness, andpoliteness. We will respond promptly and directly to our customers’ needs,
always striving to improve customer satisfaction.
8. Disclosure of Information and Communication
The IINO Group endeavors to consider the interests of all stakeholders andstrives to engage in sufficient communication to gain understanding.
Furthermore, we commit to disclosing information promptly andappropriately including information that may be unfavorable to the group.

- 22 -

Toward the Creation of Shared Value
The mid-term management plan "The Adventure to Our Sustainable Future"(April 2023 - March 2026) announced in May 2023 sets our goal IINOVISION for 2030: “Aiming to be an independent global corporate groupthat continues to evolve with creative ideas in response to the demands ofthe times,” and achives to create shared value by defining sustainablegrowth through business portfolio management and overcoming materiality(key sustainability issues) as its key strategies.
In June 2022, we established the Sustainability Promotion Department tofurther strengthen management focused on sustainability.

Implementation ofEnvironmental Activities, CSR
Activities, Etc.

Formulation of Policies for
Information Provision to
Stakeholders〇Status of response to key issues(1) Climate Change Initiatives-Endorsed the TCFD in July 2021
-In June 2022, we established an Environmental Promotion Working Team
within the Sustainability Promotion Department to work toward obtaining
SBT certification in the future.
-In May 2023, we formulated a new roadmap to achieve carbon neutrality
by 2050.
(2) Initiatives to Address Issues Related to Social Responsibility
In June 2022, we established CSR Working Team within the Sustainability
Promotion Department to address a wide range of issues related to corporatesocial responsibility. We are conducting human rights due diligence in linewith the UN Guiding Principles on Business and Human Rights.
- Support of the United Nations Global Compact in September 2022
- Establishment of IINO Group Human Rights Policy and Anti-Corruption
Policy in October 2022
- Establishment of IINO Group Procurement Policy and IINO Group
Supplier Code of Conduct in May 2023
- Establishment of IINO Group Policy on Social Contribution in September
2023- Establishment of IINO Group Competition Law Compliance Policy in
February 2024
- Establishment of IINO Group Sustainability Policy in March 2024
In accordance with the Sustainability Policy, we will endeavor to consider
the interests of all stakeholders, strive to engage in sufficient
communication to gain their understanding, while posting timely disclosure
information on our website appropriately and providing information in
English when necessary.

IV. Matters Related to Internal Control System
1. Basic Views on Internal Control System and Progress of System Development
1. System for retaining and managing information pertaining to the execution of duties by Directors
The Company has a system in place to appropriately retain and manage the minutes of General Meetings ofShareholders, meetings of the Board of Directors and other important meetings related to the execution ofduties by Directors, and approval documents and other important documents, and information media that record
such documents by appointing a person responsible for managing the minutes, documents and media in
accordance with internal regulations such as the Basic Policy for Managing Information, the Document
Management Implementation Regulations, and the Basic Regulations for Information Security.

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2. Regulations and other systems for management of risk of loss
The Group has established the Risk Management Committee to manage risk, deliberate on policy, makeproposals and offer advice at the Group-wide level. It has also established three subcommittees, the Safety andEnvironment Committee, the Quality and Systems Committee, and the Compliance Committee, which report to
the Risk Management Committee. Besides instructing the three subcommittees and receiving matters for
decision and reports, the Risk Management Committee oversees risk management activities throughout theGroup, including risk relating to business strategy and major investments.
The Safety and Environment Committee, established under the Safety and Environment Committee
Regulations, is responsible for formulating and promoting policies on safety and the environment of the Groupand implementing and reinforcing preventive and other measures to mitigate risks relating to any serious
accidents or problems that might affect vessels and buildings during the course of the Group’s business
operations.
The Quality and Systems Committee, established under the Quality and Systems Committee Regulations, is
responsible for formulating and promoting policies on systems and administrative procedures of the Group andimplementing and reinforcing preventive and other measures to mitigate risks relating to system failure, etc.
Furthermore, in the event of occurrence of any emergency concerning the Group’s operations, such as anenvironmental pollution (oil spillage etc.), a major incident or problem involving human lives and/or assets, ora large-scale disaster, the Company establishes an emergency response headquarters led by the President
Executive Officer acting as HQ Director to manage the crisis in accordance with the Basic Provisions on Risk
Management.
Any risks that may arise in the Group’s business are reported to the Board of Directors of the Company, and theBoard of Directors supervises the operation status of the risk management system.
In addition, the Group has formulated a Business Continuity Plan (BCP) envisaging a large-scale earthquake
occurring in the area where the Group operates. Under this plan, systemic preparations have been made toensure the swift recovery and continuation of all businesses of the Group.
3. System to ensure efficiency of the execution of duties by Directors
In order to ensure efficiency in the execution of duties by Directors, the Company’s Executive Committee,
consisting of Executive Officers, meets in principle every week to decide matters as requested by the Board of
Directors, deliberate on matters as instructed by the Board of Directors, and exchange opinions and information
concerning management.
In addition, the Board of Directors holds regular meetings once a month in principle to decide importantmatters and supervise execution of duties by Directors and Executive Officers.
4. System to ensure that Directors and employees perform their duties in compliance with relevant laws andregulations and the articles of incorporation
The Sustainability Policy and the Compliance Regulations form the basis for the compliance system to ensurecompliance in the execution of duties by the Group’s officers and employees, including Directors andExecutive Officers. The Compliance Committee, established under the Compliance Committee Regulations,formulates and promotes compliance policies regarding compliance throughout the Group. Working together
with Auditors and the Corporate Audit Office and based on the Compliance Regulations, the Chief Compliance
Officer oversees compliance-related procedures and processes throughout the IINO Group. All officers andemployees of the Group are obliged to report any serious legal and regulatory compliance breaches based on
the Compliance Regulations and the External Reporting System Operational Regulations.
5. System to ensure the appropriateness of the business operations of the corporate group consisting of thelisted company, its parent company and subsidiaries(1)(2)

The Group conducts its corporate activities on the basis of the Sustainability Policy, which applies to allcompanies in the Group.
Important matters pertaining to the execution of duties by Directors and others of the Company’s majorgroup companies are referred for decision and reported to the Company’s Board of Directors and the
Executive Committee in accordance with the Company’s Affiliated Companies Management Regulations
and Job Authority Regulations.
Certain Executive Officers and employees of the Company concurrently serve as directors of our groupcompanies as necessary, and receive reports on matters pertaining to the execution of duties throughattendance at meetings of the board of directors of the group companies.

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(3)

(4)

(5)

The Risk Management Committee, established to perform the centralized function of risk management of
the Group, manages risk, deliberates on policy, makes proposals and offers advice at the Group-widelevel, in cooperation with the three subcommittees consisting of the Compliance Committee, the Safety
and Environment Committee, and the Quality and Systems Committee, whose members include
representative directors of major group companies.
The corporate activities of each of our major group companies are conducted in accordance with theGroup’s mid-term management plan formulated by the Company, the progress of which is reported to theCompany on a regular basis.
Based on the Internal Audit Regulations, the Corporate Audit Office, which reports directly to the
President Executive Officer of the Company, cooperates with the Company’s Audit & Supervisory Board
Members and the Accounting Auditor to conduct audit operations on all companies comprising theGroup, with the objective of securing appropriate business execution across the entire Group.

6. Matters concerning employees if Audit & Supervisory Board Members decide to call for employees toassist their duties
The Company assigns one employee to concurrently serve as staff of the Audit & Supervisory Board Members
to assist them in their duties.
7. Matters concerning the independence of the employee described in the preceding provision from Directors,
and matters concerning ensuring effectiveness of the instructions given by Audit & Supervisory Board
Members to the employee described in the preceding provision
Appointment, dismissal and transfer of the staff of the Audit & Supervisory Board Members require the priorconsent of the full-time Audit & Supervisory Board Member.
While the staff of the Audit & Supervisory Board Members is engaged in assisting them, the staff shall givepriority to the work instructed by the Audit & Supervisory Board Members, and the relevant officers andemployees shall not impose unreasonable restrictions on the performance of the staff’s duties, thereby ensuring
effectiveness of the instructions given to the staff.
8. System for reporting to Audit & Supervisory Board Members(1) Audit & Supervisory Board Members attend meetings of the Board of Directors and receive reports from
Directors on the execution of their duties.
(2) The full-time Audit & Supervisory Board Member attends the meetings of the Executive Committee, which
are held weekly in principle, and receives reports on the execution of duties from employees including
Executive Officers.
(3) The full-time Audit & Supervisory Board Member reports to the other Audit & Supervisory Board
Members at the meeting of the Audit & Supervisory Board on the content of the reports on the execution of
the duties received at the meeting of the Executive Committee.
(4) External reporting system has been established so that we can promptly recognize the following facts andtake appropriate corrective measures, if any of our group’s officers and employees, or any of our group’sbusiness partners, determines that our group or any of our group’s officers or employees has committed any
act that violates laws and regulations, various internal rules established by the group, or ethics, or any
actions that could lead to such violations including human rights violation, discrimination, and various
types of harassment. The External Reporting System Operational Regulations stipulate that an external law
firm designated by the Company serves as the contact point for reporting. The full-time Audit &Supervisory Board Member receives reports from the compliance officer who receives reports from theexternal whistle-blowing contact.
(5) The Compliance Regulations and the External Reporting System Operational Regulations clearly stipulatethat no disadvantageous treatment shall be given to the officers, employees, or business partners who havemade an external report.
9. Matters concerning procedures for prepayment or reimbursement of expenses incurred in the execution ofduties by Audit & Supervisory Board Members and other policies concerning the treatment of expenses or
liabilities incurred in the execution of such duties
The Company sets aside a certain amount of budget each year to pay for expenses deemed necessary for the
execution of duties by Audit & Supervisory Board Members. Reimbursement of any out-of-pocket expenses
paid by an Audit & Supervisory Board Member on an emergency or extraordinary basis shall be later requested
to the Company.

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10. Other systems to ensure that Audit & Supervisory Board Members perform audits effectively
In addition to the above, the full-time Audit & Supervisory Board Member attends and receives reports at themeetings of the Risk Management Committee, the Compliance Committee, the Safety and Environment
Committee, the Quality and Systems Committee and other important meetings in order to understand the statusof business execution.
Audit & Supervisory Board Members may request reports on business from Directors and employees including
Executive Officers, as needed.
Furthermore, in order to appropriately implement audits of the Group, Audit & Supervisory Board Members
have a system for deep cooperation in the form of information exchange with the Corporate Audit Office on aregular basis, and may request explanations from the Accounting Auditor regarding the content of accounting
audits of our group companies.

2. Basic Views on Eliminating Antisocial Forces and Progress of Related Efforts
The IINO Group’s Sustainability Policy includes the statement that we will not be involved with any antisocial
forces or groups that threaten the order and safety of society. The Company also instituted the Anti-Social
Forces Regulations that cover the entire Group. Any invitations to engage with anti-social forces or relatedmonetary inducements shall be rejected resolutely through organizational responses and close cooperation withexternal bodies with the relevant professional expertise.

V. Other
1. Adoption of Anti-takeover Measures
Adoption of Anti-takeover Measures

AdoptedSupplementary Explanation
At the 131st Annual General Meeting of Shareholders held on June 28, 2022, the Company submitted a
proposal for an advance warning-type anti-takeover measures, which was approved and adopted with theapproval of a majority of the shareholders present.
For details of the anti-takeover measures, please refer to “Continuation of the Response Measures to LargeScale Purchases of the Company Shares (Takeover Defenses)” dated May 10, 2022, which is posted on the IR
information page of the Company’s website (https://contents.xjstorage.jp/xcontents/AS00371/055a6556/7169/4861/a94b/dc171fe59a0b/20220510140449309s.pdf).

2. Other Matters Concerning Corporate Governance System
1. Requirements for adopting the resolution to appoint Directors
The Company’s Articles of Incorporation stipulate that a resolution for the appointment of Directors shall be
adopted by a majority of the voting rights of shareholders present at the shareholders’ meeting where
shareholders holding one-third or more of the voting rights of shareholders who are entitled to exercise theirvoting rights are present, and that cumulative voting shall not be used.
2. Matters to be resolved at the General Meeting of Shareholders that may be resolved by the Board of
Directors(1) Acquisition of treasury stock
The Company’s Articles of Incorporation stipulate that the Company may acquire its treasury stock by aresolution of the Board of Directors through such means as market transactions pursuant to the provisions ofArticle 165, paragraph (2) of the Companies Act, in order to enable the execution of a flexible capital policy inresponse to changes in the business environment.
(2) Interim dividends
In order to distribute profits to shareholders in a flexible manner, the Company’s Articles of Incorporation
stipulate that the Company may, by a resolution of the Board of Directors, distribute dividends of surplus as
stipulated in Article 454, paragraph (5) of the Companies Act (interim dividends) to shareholders or beneficial
pledgees recorded in the final shareholder register as of September 30 of each year.

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3. Overview of the system for timely disclosure(1) Basic policy for timely disclosure
As a global company, we will endeavor to communicate fully with all stakeholders to ensure that their interests
are considered and their understanding is gained, based on the Sustainability Policy, which was established toclarify our commitment to contribute to the realization of a sustainable society by resolving environmental andsocial issues. We will also disclose information in a prompt and appropriate manner, including information that
may be disadvantage of us.
(2) Person and department responsible for handling information
When disclosing information, the department responsible for that information prepares the material containingthat information and notifies without delay the person responsible for handling information in the department
responsible for managing information. The Executive Officer in charge of the Stakeholder Relations
Department is the person responsible for handling information, and the Stakeholder Relations Department
serves as the secretariat to assist that person, with the General Manager of the Stakeholder Relations
Department being responsible for the operations of disclosure. The Stakeholder Relations Department timely
discloses information including information about the Company’s subsidiaries, working with a department
responsible for the information.
(3) System for identifying information to be disclosed
In order to disclose the corporate information to investors and other stakeholders in a timely and appropriatemanner, the Company has established the Timely Disclosure Regulations. In accordance with the regulations,the person responsible for handling information and the responsible department work with the Board of
Directors, each department of the Company and subsidiaries to collect information.
 The collaboration with the Board of Directors is coordinated by the Corporate Planning Department, which
serves as the secretariat of the Board of Directors. The Company has a system in place to refer importantmatters that fall under the category of timely disclosure for decision as agenda to the Board of Directors andto promptly disclose the results of the resolution. Disclosure of the fact that a disaster has occurred is madeonly after receiving instructions and approval from the emergency response headquarters established inaccordance with the Basic Provisions on Risk Management stipulated by the Company.
 Cooperation with each department of the Company is coordinated by a system in which a meeting is called
as necessary to enable the Company to identify facts that may be subject to disclosure.
 With regard to cooperation with subsidiaries, the Corporate Planning Department is responsible for thesupervision of subsidiaries, and makes efforts to update itself on any information related to disclosure
through monitoring of monthly consolidated financial results and other information.
(4) System for managing material facts about businessIn accordance with the Regulations for Inside Information Management and Insider Trading Regulation
established by the Company, the Company manages inside information obtained by all officers, employees andother persons who have employment contracts with the Company, as well as all persons engaged in the
Company’s business such as through personnel dispatch services.
 In accordance with the Timely Disclosure Regulations, inside information subject to disclosure is referred to
the Board of Directors for decision through the Executive Committee. The General Manager of the
Stakeholder Relations Department and the general manager of each department in charge of disclosure act
as the responsible persons for managing inside information and manage the inside information until it ismade public.
 After the inside information is made public by the General Manager of the Stakeholder Relations
Department or the general manager of each department in charge of disclosure, the General Manager of the
Stakeholder Relations Department acknowledges the public disclosure and has such inside information not
subject to management.
 In cases where our officers and employees obtain inside information of our customers, we take necessary
measures to prevent the leakage of such information in accordance with the Regulations for Inside
Information Management and Insider Trading Regulation.
(5) Prevention of insider trading
Based on the aforementioned Regulations for Inside Information Management and Insider Trading Regulation,
the Company is working on preventing insider trading by the officers and employees.
 If an officer or employee becomes aware of inside information, he or she is prohibited from buying, sellingor otherwise trading shares or other securities of the Company, and from recommending such transactions,
until such inside information is made public.

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 When an officer intends to buy or sell the shares or other securities of the Company, he or she must submit a
Notification of the Trading of the Company’s Shares to the Executive Officer in charge of the Business
Administration Department in advance for approval. When an employee intends to buy or sell the shares orother securities of the Company, he or she must submit a Notification of the Trading of the Company’s
Shares to the General Manager of the Business Administration Department in advance for approval.
 If there is unpublished inside information, the Executive Officer in charge of the Business Administration
Department or the General Manager of the Business Administration Department may require officers or
employees to stop buying or selling of the shares or other securities of the Company.
 Every year, the Company conducts training for all officers and employees of the Group on the prevention of
insider trading and management of inside information to ensure that they are well informed.
(6) Monitoring system for timely disclosure
Audit & Supervisory Board Members monitor and verify that a system for the appropriate and timely
disclosure of the corporate information has been established and is being operated, in accordance with theprovisions of “Audit of Corporate Information Disclosure System” set forth in the Standards for Audits by
Audit & Supervisory Board Members established by the Company.
* The illustrative diagram for the system for timely disclosure stated above is provided in Attachment 2.

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(Attachment 1)
The Company’s corporate governance system

Shareholders’ Meeting
Appointment/
Dismissal

Appointment / Dismissal

Audit & Supervisory
Board

Board of Directors
Recommendation

Auditing
Appointment / Dismissal

Proposal

Nomination andRemuneration Committee

Accounting Auditor
President Executive Officer

Executive Committee

Instructions fromPresident Reporting to
President

Referring matters for
decision / Reporting
Instructions

Auditing

Risk Management
Committee
Referring matters for
decision / Reporting

Executive Officers

Referring matters for
decision / Reporting

Instructions

Shipping / Real Estate / All Group Companies- 29 -

Instructions

Quality and Systems
Committee

Auditing

Referring matters for
decision / Reporting

Safety and Environment
Committee

Auditing

Corporate Audit OfficeCompliance Committee

ReportingConsultation

Attachment 2
Identification and disclosure of the corporate information and the system for timely disclosure
Department responsible formanaging information

Employees
in eachdepartmentof eachgroup
company

Fact that adisaster has
occurredCollecting
information under
the Timely
Disclosure
Regulations*

Personresponsible formanaging
information at
eachdepartment(Each generalmanager)

Established andcollecting information
under the Basic
Provisions on Risk
Management*

Audit & Supervisory Board
Members
Monitoring of the system for timely
disclosures based on the Standards for
Audits by Audit & Supervisory Board
Members

Executive
Officers

Emergency
response
headquarters(HQ Director:
President
Executive
Officer)

Executive
Committee

Proposal

Personresponsible forhandling
information(Executive
Officer in chargeof Stakeholder
Relations
Department)

Instructions* Each of the regulations is established pursuant
to the resolution of the Board of Directors

Board ofDirectors

Instructions


Instructions

Proposal

Department responsible fordisclosing information
Stakeholder Relations
Department(Person responsible for theoperations of disclosure)

Timely disclosure- 30 -

Instructions