Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

Securities code: 9424
June 1, 2023
To: Shareholders
Frank Seiji Sanda, Representative Director-Chairman
Japan Communications Inc.
1-28 Toranomon 4-chome, Minato-ku, TokyoNOTICE OF THE 27TH ORDINARY GENERAL MEETING OF SHAREHOLDERS
We would like to notify you that the 27th Ordinary General Meeting of Shareholders of Japan Communications Inc.
(the “Company”) will be held as follows.
If you are not able to attend the meeting, please exercise your voting rights in writing (meaning the voting rights
exercise form designated by the Company) or via the Internet by no later than the deadline (Tuesday, June 27, 2023,
at 6:00 p.m. (JST)).
For the points to keep in mind in attendance at the meeting and the method of exercising voting rights in writing or
via the Internet, please refer to pages 3 to 4 of this document (available in Japanese only).
1. Date and time:
2. Venue:

Wednesday, June 28, 2023, at 10:00 a.m. (JST)(Reception opens at 9:00 a.m. (JST))Tokyo American Club B2F
Room name: Manhattan
1-2 Azabudai 2-chome, Minato-ku, Tokyo*The venue is different from that of last year.
*Please refer to an information map on the back cover of this document (available in Japaneseonly).

3. Purposes
Items to be reported:
1. Report on the Business Report and the Consolidated Financial Statements for the 27th Fiscal Year (from
April 1, 2022 to March 31, 2023) and Results of the Audits of Consolidated Financial Statements by the
Financial Auditor and the Board of Corporate Auditors
2. Report on the Non-consolidated Financial Statements for the 27th Fiscal Year (from April 1, 2022 to March
31, 2023)
Items to be resolved:
Proposal No. 1
Election of Five Directors
Proposal No. 2
Election of Two Corporate Auditors-1-

<Information on measures for electronic provision>
When convening this meeting, the Company takes measures for providing information that constitutes the content ofreference documents for the general meeting of shareholders, etc. (the “items subject to measures for electronic
provision”) in electronic format, and posts them on the Company’s website and each of the websites below:
The Company’s website:
https://www.j-com.co.jp (TOP page) (in Japanese)
https://www.j-com.co.jp/en (TOP page) (in English) *This URL is added only for this English version.
Website for posted informational materials for the general meeting of shareholders:
https://d.sokai.jp/9424/teiji/ (in Japanese)
Tokyo Stock Exchange’s website (Listed Company Search):https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)
https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show (in English) **This URL is added only for this English version.
- If revisions to the items subject to measures for electronic provision arise, a notice of the revisions and the details of the items before
and after the revisions will be posted on each website above.

<Information on exercise of voting rights>
If you exercise your voting rights both in writing and via the Internet, the Company will deem your exercise via theInternet valid.
1. Exercise of voting rights in writing
・ Please indicate your approval or disapproval of a proposal on the voting rights exercise form and return it sothat it arrives by no later than the deadline (Tuesday, June 27, 2023, at 6:00 p.m. (JST)).
・ If neither approval nor disapproval of a proposal is indicated on the voting rights exercise form, the Company
will deem that you indicated your approval of the proposal.
2. Exercise of voting rights via the Internet・ Please access the voting rights exercise website designated by the Company (https://evote.tr.mufg.jp/)(“voting rights exercise website”) on your personal computer or smartphone and enter your approval ordisapproval of a proposal by no later than the deadline (Tuesday, June 27, 2023, at 6:00 p.m. (JST)).
・ If you exercise your voting rights on the voting rights exercise website multiple times, the vote exercisedlast will be treated as the valid one.
- To institutional investors

If you preliminarily applied for the use of the Electronic Voting System Platform operated by ICJ, Inc., you can use
the platform.

<Notice of the Resolution>
We will give Notice of the Resolution of this Ordinary General Meeting of Shareholders by posting on our Company
website (https://www.j-com.co.jp/en) (available in Japanese only). We would appreciate your understanding in
advance.

-2-Reference Documents for the General Meeting of Shareholders
Proposal No. 1

Election of Five Directors

Among the currently serving Directors, the terms of office of five Directors, Frank Seiji Sanda, Taku Morota, Shinto
Teramoto, Yoko Mori and Hitoshi Tanaka will expire at the conclusion of this meeting. Accordingly, we would liketo propose the election of five Directors.
The candidates for Director are as follows:
CandidateNo.

1

Number of the
Career summary, significant concurrent positions outside theCompany’s sharesCompany, and position and responsibility as Director of theownedCompany
May 1973
Joined Canadian National Railway
June 1978
Completed Doctoral Program in ElectricalEngineering at University of Detroit Mercy
Mar. 1979
Joined Consolidated Rail Corporation
Dec. 1982
Joined Long Island Rail Road, Vice President
Apr. 1984
Completed Advanced Management Program(A.M.P) at Harvard Business School
Nov. 1984
Joined Citibank, N.A., Vice President
July 1987
Joined Merrill Lynch & Co., Inc., Vice
President in charge of Product Operation
Nov. 1989
Managing Director and General Manager ofMobile Phone Business Department ofMotorola Japan Ltd., and Vice President ofMotorola Inc.
July 1994
Representative Director-President of Apple
Computer, Inc. (current Apple Japan Inc.), andVice President, Head Office (United States) ofFrank Seiji Sanda
Apple Computer, Inc. (current Apple Inc.)
12,702,800 shares(June 10, 1949)
Oct. 1995
Founded LTS, Inc., Representative Director(Reelection)
President
May 1996
Founded the Company, Representative
Director-President
July 1998
Vice President, Japan Ireland Economic
Association (current Ireland Japan Chamber ofCommerce)
Oct. 1998
Outside Director, Xilinx, Inc. (United States)
Feb. 2000
Founded LTSanda B.V.B.A, Managing Director(current position)
Jan. 2008
Member, International Advisory Forum on
Next Generation Broadband of the Governmentof Ireland
President, Ireland Japan Chamber ofCommerce (former Japan Ireland Economic
Association)
June 2015
Representative Director-Chairman (current
position)
Reasons for nomination as candidate for Director
Frank Seiji Sanda completed his academic work in the United States and Canada and gained experience in management at
global leading companies in such sectors as railroad, banking, and securities. He contributed to the growth of the emerging
Japanese mobile phone industry, as an executive of a large U.S. telecommunications device manufacturer. Based on his
experience, he proposed the MVNO business model and founded the Company. After that he led the Company for 20 years
as the Representative Director-President, realized interconnection among mobile phone operators, and created a new
industry called the MVNO business. After implementing a successor plan and becoming the Representative DirectorChairman in June 2015, he has used his connections to conduct business globally in the United States and Europe and iscommitted to further enhancing the Company’s corporate value. Based on such track record and abilities, the Company
judges that he will be appropriate to continue to serve as Director of the Company.
Name(Date of birth)-3-

CandidateNo.

2

Number of the
Career summary, significant concurrent positions outside theCompany’s sharesCompany, and position and responsibility as Director of theownedCompany
Mar. 1961
Graduated from Faculty of Law, The
University of Tokyo
Mar. 1961
Joined TEIJIN LIMITED
June 1990
Director
June 1994
Managing Director
Taku Morota(August 16, 1936)
June 1996
Senior Managing Director
22,500 shares(Reelection)
June 1998
Representative Senior Managing Director(Candidate for Outside Director) June 2001
Outside Corporate Auditor (part-time), Kobe
Steel, Ltd.
June 2006
Outside Corporate Auditor of the Company
June 2013
Outside Director of the Company (current
position)
Reasons for nomination as candidate for Outside Director and summary of expected roles
Taku Morota has extensive knowledge and experience gained through management in textile and composite material
industries. Since June 2013, he has been responsible for ensuring the reasonableness and appropriateness of the decisionmaking of the Company and supervising the execution of operations as an Outside Director of the Company. The Company
judges that he will be appropriate to continue to serve as Outside Director of the Company because, based on his trackrecord and abilities, he is expected to ensure the reasonableness and appropriateness of the decision-making of the Company
and supervise the execution of operations mainly from the standpoint as a senior corporate management who has financial
insight.
Name(Date of birth)-4-

Candidate
No.

3

Number of the
Career summary, significant concurrent positions outside theCompany’s sharesCompany, and position and responsibility as Director of theownedCompany
Mar. 1985
Graduated from Faculty of Law, The
University of Tokyo
Apr. 1987
Registered as a member of Dai-Ichi Tokyo Bar
Association
Apr. 1987
Associate, Nishimura & Sanada (current
Nishimura & Asahi.)
Oct. 1990
Associate, TMI Associates
Aug. 1993
Visiting Scholar, James E. Rogers College of
Law
Aug. 1994
Partner, Dohke and TeramotoJan. 1996
Partner, Teramoto and Partners (later renamed
to Teramoto Law Firm)
July 2000
Integrated operations into Nishimura &Shinto Teramoto
Partners (current Nishimura & Asahi.)(January 31, 1963)
10,000 shares
Apr. 2006
Specially Appointed Professor, Graduate(Reelection)
Schools for Law and Politics, The University(Candidate for Outside Director)of TokyoApr. 2007
Professor, Graduate Schools for Law and
Politics, The University of Tokyo (full-time
professor of School of Law)
Apr. 2010
Professor, Kyushu University Graduate Schoolof Law (current position)
June 2015
Outside Director of the Company (current
position)
Apr. 2016
Outside Director, Web I Laboratories, Inc.
(current position)(Significant concurrent positions outside the Company)
Professor, Kyushu University Graduate School of Law
Outside Director, Web I Laboratories, Inc.
Reasons for nomination as candidate for Outside Director and summary of expected roles
Shinto Teramoto has extensive knowledge and experience as a researcher and an educator and also has professional insight
as a lawyer. He was not involved in managing companies before June 2015 except for serving as an outside director oroutside corporate auditor. However, as an Outside Director of the Company, since June 2015, he has been responsible for
ensuring the reasonableness and appropriateness of the decision-making of the Company and supervising the execution ofoperations. The Company judges that he will be appropriate to continue to serve as Outside Director of the Company
because, based on his track record and abilities, he is expected to ensure the reasonableness and appropriateness of thedecision-making of the Company and supervise the execution of operations mainly from the standpoint of providing neutral
and advanced insight. He will obtain the permission of Kyushu University, the organization to which he belongs, based on
the National University Corporation Kyushu University Rules for Concurrent Business.
Name(Date of birth)-5-

Candidate
No.

4

Number of the
Career summary, significant concurrent positions outside theCompany’s sharesCompany, and position and responsibility as Director of theownedCompany
Mar. 1975
Graduated Department of English, School ofLetters, Kobe College
Apr. 1975
Lecturer (in English/English Linguistics), Kobe
Tokiwa University Junior College
Mar. 1979
Completed Master’s Program in English andAmerican Literature, Kobe College Graduate
School, Master of Arts
Apr. 1981
Lecturer (in English/English Linguistics), Kobe
CollegeNov. 1988
Registered as a member of Tokyo Bar
Association
Nov. 1988
Joined Motobayashi Aoki Chiba Law Office(later integrated into Yotsuya-Akebono Law
Yoko Mori
Office)(September 18, 1952)
Apr. 2008
Committee Chair, Special Committee on the
10,000 shares(Reelection)
Rights of the Aged and Disabled of Tokyo Bar(Candidate for Outside Director)
Association
Apr. 2010
Conciliation Committee Member, Tokyo
Family Court
Apr. 2010
Committee Member, Tokyo Certification
Committee for Long-Term Care Insurance
Oct. 2011
Director, Meguroku Shakaifukushi Jigyodan(current position)
Aug. 2016
Opened Yotsuya-Akebono Law Office (topresent)
June 2021
Outside Director of the Company (current
position)(Significant concurrent positions outside the Company)
Lawyer, Yotsuya-Akebono Law Office
Reasons for nomination as candidate for Outside Director and summary of expected roles
Yoko Mori has extensive knowledge and experience as an educator and professional insight as a lawyer. She is familiar withnot only corporate legal affairs but also general civil cases. She was not involved directly in managing companies before
June 2021. However, since June 2021, she has been responsible for ensuring the reasonableness and appropriateness of theCompany’s decision-making and supervising the execution of operations as an Outside Director of the Company. The
Company judges that she will be appropriate to continue to serve as Outside Director of the Company because, based onher track record and abilities, she is expected to ensure the reasonableness and appropriateness of the decision-making of
the Company and supervise the execution of operations mainly from the standpoint of providing well-balanced insight basedon broad knowledge.
Name(Date of birth)-6-

Candidate
No.

5

Number of the
Career summary, significant concurrent positions outside theCompany’s sharesCompany, and position and responsibility as Director of theownedCompany
Apr. 1981
Joined Maebashi Shinkin Bank (current
Shinonome Shinkin Bank)
Apr. 1986
Joined Studio Clip Co., Ltd.
Apr. 1987
Founded Jin Products, a manufacturer andwholesaler of clothing and accessories, as asolo proprietor
July 1988
Founded JIN Ltd. (current JINS HOLDINGS
Inc.), CEO and Representative Director,(current position)
June 2011CEO and Representative Director, Brand New
Day Inc.
Sept. 2012
Chairman, JINS SHENYANG CO., LTD.
(current position)
Feb. 2013
Chairman, JINS SHANGHAI (current JINSSHANGHAI CO., LTD.) (current position)
Feb. 2013
Chairman, JINS BEIJING CO., LTD. (current
position)
Dec. 2013
CEO, JINS US Holdings, Inc. (current
position)
June 2015
Director, JINS TAIWAN CO., LTD.
June 2015
Outside Director, Oisix Inc. (current Oisix radaichi Inc.) (current position)
Dec. 2015
Director, JINS CAYMAN Limited (current
Hitoshi Tanaka
position)(January 25, 1963)
Feb. 2016
Director, JINS ASIA HOLDINGS Limited
20,000 shares(Reelection)(current position)(Candidate for Outside Director) May 2018
CEO and Representative Director, JINS Japan
Co., Ltd. (current JINS Inc.) (current position)
Dec. 2018
CEO and Representative Director, Think Lab.
Inc. (current position)
Dec. 2018
Chairman, JINS TAIWAN CO., LTD. (current
position)Mar. 2019
Outside Director, BALMUDA Inc.
June 2021
Outside Director of the Company (current
position)
Oct. 2022
Outside Director, Mebuku Ground Inc. (current
position)(Significant concurrent positions outside the Company)
CEO and Representative Director, JINS HOLDINGS Inc.
Chairman, JINS SHENYANG CO., LTD.
Chairman, JINS SHANGHAI CO., LTD.
Chairman, JINS BEIJING CO., LTD.
CEO, JINS US Holdings, Inc.
Outside Director, Oisix ra daichi Inc.
Director, JINS CAYMAN Limited
Director, JINS ASIA HOLDINGS Limited
CEO and Representative Director, JINS Inc.
CEO and Representative Director, Think Lab. Inc.
Chairman, JINS TAIWAN CO., LTD.
Outside Director, Mebuku Ground Inc.
Name
(Date of birth)-7-

Candidate
No.

Notes:

1.
2.
3.
4.

5.

6.

7.

8.

Number of the
Career summary, significant concurrent positions outside theCompany’s sharesCompany, and position and responsibility as Director of theownedCompany
Reasons for nomination as candidate for Outside Director and summary of expected roles
Hitoshi Tanaka generates innovation in a market through the company he founded for eyewear (such as eyeglasses), grows
it to the largest company, and conducts business globally. Since June 2021, he has been responsible for ensuring thereasonableness and appropriateness of the decision-making of the Company and supervising the execution of operations as
an Outside Director of the Company. The Company judges that he will be appropriate to continue to serve as Outside
Director of the Company because, based on his track record and abilities, he is expected to ensure the reasonableness andappropriateness of the decision-making of the Company and supervise the execution of operations mainly from thestandpoint of founding companies and to manage a global company.
There is no special interest between each candidate for Director and the Company.
“Number of the Company’s shares owned” indicates the number of shares held as of March 31, 2023.
The number of the shares owned by Frank Seiji Sanda includes the number of shares owned as a substantial owner of theCompany’s shares owned by MLPFS CUSTODY ACCOUNT, a major shareholder of the Company (12,622,800 shares).
The Company will execute a Directors and Officers Liability Insurance policy prescribed in Article 430-3, paragraph (1)of the Companies Act with an insurance company. If the insurance policy is executed, it will cover legal damages anddispute costs if damages (including damages claimed by shareholder lawsuits) are claimed against the insured, including
the Directors of the Company, due to acts (including omissions) taken based on their positions. However, if the insured
gains profits or benefits illegally and if the damages are caused by any act which the insured takes knowing it is a criminalact, misconduct, fraud, or violation against laws and regulations, rules or control laws and regulations, it will be an
exemption cause, and the insurance policy will not cover the damages. If each candidate for Director is elected and assumes
office as a Director, the person will become the insured of the insurance policy. If a renewal period for the insurance policy
comes during a term of office of each Director, the Company will renew it with the same terms and conditions.
Taku Morota, candidate for Outside Director(1) Taku Morota is currently an Outside Director of the Company, and at the conclusion of this meeting, his tenure as
Outside Director will have been ten years.
(2) The Company and Taku Morota have entered into an agreement to limit his liability for damages under Article 423,
paragraph (1) of the Companies Act, in accordance with Article 427, paragraph (1) of the Act and the provisions of
the Articles of Incorporation. The maximum amount of liability for damages under this agreement is the minimum
liability amount provided for under Article 425, paragraph (1) of the Companies Act. After his reelection, theCompany plans to continue this agreement.
(3) The Company has submitted a notification to the Tokyo Stock Exchange (TSE) that Taku Morota has been designatedas an independent officer as provided for by the TSE. After he assumes office, the Company plans to submit a
notification to the TSE concerning his continued designation as an independent officer.
Shinto Teramoto, candidate for Outside Director(1) Shinto Teramoto is currently an Outside Director of the Company, and at the conclusion of this meeting, his tenure
as Outside Director will have been eight years.
(2) The Company and Shinto Teramoto have entered into an agreement to limit his liability for damages under Article
423, paragraph (1) of the Companies Act, in accordance with Article 427, paragraph (1) of the Act and the provisionsof the Articles of Incorporation. The maximum amount of liability for damages under this agreement is the minimum
liability amount provided for under Article 425, paragraph (1) of the Companies Act. After his reelection, theCompany plans to continue this agreement.
(3) The Company has submitted a notification to the Tokyo Stock Exchange (TSE) that Shinto Teramoto has been
designated as an independent officer as provided for by the TSE. After he assumes office, the Company plans tosubmit a notification to the TSE concerning his continued designation as an independent officer.
Yoko Mori, candidate for Outside Director(1) Yoko Mori is currently an Outside Director of the Company, and at the conclusion of this meeting, her tenure as
Outside Director will have been two years.
(2) The Company and Yoko Mori have entered into an agreement to limit her liability for damages under Article 423,
paragraph (1) of the Companies Act, in accordance with Article 427, paragraph (1) of the Act and the provisions of
the Articles of Incorporation. The maximum amount of liability for damages under this agreement is the minimum
liability amount provided for under Article 425, paragraph (1) of the Companies Act. After her reelection, theCompany plans to continue this agreement.
(3) The Company has submitted a notification to the Tokyo Stock Exchange (TSE) that Yoko Mori has been designatedas an independent officer as provided for by the TSE. After she assumes office, the Company plans to submit a
notification to the TSE concerning her continued designation as an independent officer.
Hitoshi Tanaka, candidate for Outside Director(1) Hitoshi Tanaka is currently an Outside Director of the Company, and at the conclusion of this meeting, his tenure as
Outside Director will have been two years.
Name(Date of birth)-8-(2) The Company and Hitoshi Tanaka have entered into an agreement to limit his liability for damages under Article 423,
paragraph (1) of the Companies Act, in accordance with Article 427, paragraph (1) of the Act and the provisions of
the Articles of Incorporation. The maximum amount of liability for damages under this agreement is the minimum
liability amount provided for under Article 425, paragraph (1) of the Companies Act. After his reelection, theCompany plans to continue this agreement.
(3) The Company has submitted a notification to the Tokyo Stock Exchange (TSE) that Hitoshi Tanaka has been
designated as an independent officer as provided for by the TSE. After he assumes office, the Company plans tosubmit a notification to the TSE concerning his continued designation as an independent officer.

-9-Proposal No. 2

Election of Two Corporate Auditors

Among the currently serving Corporate Auditors, the term of office of Kiyoshi Matsuo will expire at the conclusionof this meeting. Accordingly, we would like to propose the reelection of Kiyoshi Matsuo and the new election of
Satoshi Ogishi in order to enhance the audit structure by increasing one additional Corporate Auditor. The effect of
the resolution of electing a substitute Corporate Auditor at the 23rd Ordinary General Meeting of Shareholders on
June 26, 2019, will expire at the conclusion of this meeting. However, no substitute Corporate Auditor will be elected
at this meeting.
The Board of Corporate Auditors agreed with this proposal.
The candidates for Corporate Auditor are as follows:
Candidate
No.

Name(Date of birth)

Career summary, significant concurrent positions outside theCompany, and position as Corporate Auditor of the Company
Mar. 1974

1

Number of theCompany’s shares
owned

Graduated from School of Business
Administration, Kwansei Gakuin University
Sept. 1977
Joined Price Waterhouse (current Pricewaterhouse Coopers)
Mar. 1982
Registered as a certified public accountant
Mar. 1986
Transferred to New York Office, Price
Waterhouse (current Price waterhouse Coopers)
July 1992
U.S. Partner
Representative, Japanese Business Markets
Sept. 1996
Joined New York Office, Tohmatsu & Co.
(current Deloitte Touche Tohmatsu)
May 2000
Worked at Tokyo Office
June 2007
General Manager of Total Services Division 3,
Tokyo Office
Kiyoshi Matsuo
Oct. 2010
General Manager of Global Service Group(June 27, 1951)
Division, Tokyo Office– shares(Reelection)
Apr. 2013
Founded Matsuo Kiyoshi Certified Public(Candidate for Outside
Accountant Office, Representative (current
Corporate Auditor)
position)
June 2013
Outside Corporate Auditor, Sunstar Inc.
Outside Corporate Auditor, Sunstar
Engineering Inc.
June 2015
Outside Corporate Auditor of the Company(current position)
Mar. 2017
Outside Corporate Auditor, SBI InsuranceGroup Co., Ltd. (current position)
Feb. 2018
Outside Corporate Auditor, H.I.S. Mobile Inc.
(current position)(Significant concurrent positions outside the Company)
Representative, Matsuo Kiyoshi Certified Public Accountant
OfficeOutside Corporate Auditor, SBI Insurance Group Co., Ltd.
Outside Corporate Auditor, H.I.S. Mobile Inc.
Reasons for nomination as candidate for Outside Corporate Auditor
Kiyoshi Matsuo has professional knowledge as a certified public accountant and extensive finance and accounting insightbased on accounting audit experience in Japan and the United States. He was not involved in managing companies before
June 2015 except as serving as an outside director or outside corporate auditor. However, as an Outside Corporate Auditorof the Company, since June 2015, he has been responsible for conducting useful and effective audits based on his broad
knowledge and ensuring the legality and reasonableness of the decision-making of the Company. Accordingly, the Company
judges that he will be appropriate to continue to serve as an Outside Corporate Auditor of the Company.

- 10 -

Candidate
No.

Name
(Date of birth)

Career summary, significant concurrent positions outside theCompany, and position as Corporate Auditor of the Company
Dec. 1981

2

Notes:

1.
2.
3.

4.

5.

Number of theCompany’s shares
ownedRegistered as a member of Dai-Ichi Tokyo Bar
Association
Dec. 1981
Joined Nishimura & Sanada (current
Nishimura & Asahi.)Jan. 1987
Partner
Apr. 2005
Professor, Tokai University Law School
Apr. 2005
Managing Director, Nozomi Servicing Co. Ltd.
Aug. 2011
Outside Director, Oracle Corporation Japan
June 2012
Outside Corporate Auditor, Nomura Real
Satoshi Ogishi
Estate Development Co., Ltd.
(March 18, 1957)
June 2012
Outside Corporate Auditor, Nomura Real17,000 shares(New election)
Estate Holdings, Inc.
(Candidate for Outside
June 2015
Outside Director (Audit & Supervisory
Corporate Auditor)
Committee Member)
Sept. 2019
Representative Partner, LIZARD LLC. (current
position)Jan. 2022
Representative Director, Silpheed Associates,
Inc. (current position)
Jan. 2023
Partner, JLX Partners (current position)(Significant concurrent positions outside the Company)
Partner, JLX Partners
Representative Partner, LIZARD LLC.
Reasons for nomination as candidate for Outside Corporate Auditor
Satoshi Ogishi has been active as an international lawyer for many years and has extensive experience and knowledge, andprofessional insight, mainly in the area of international corporate affairs. The Company believes that he will be expected tobe responsible for conducting useful and effective audits based on his broad knowledge and ensuring the legality andreasonableness of the decision-making of the Company. Accordingly, the Company judges that he will be appropriate toserve as an Outside Corporate Auditor of the Company.
There is no special interest between each candidate for Corporate Auditor and the Company.
“Number of the Company’s shares owned” indicates the number of shares held as of March 31, 2023.
The Company will execute a Directors and Officers Liability Insurance policy prescribed in Article 430-3, paragraph (1)of the Companies Act with an insurance company. If the insurance policy is executed, it will cover legal damages anddispute costs if damages (including damages claimed by shareholder lawsuits) are claimed against the insured, including
the Corporate Auditors of the Company, due to acts (including omissions) taken based on their positions. However, if theinsured gains profits or benefits illegally and if the damages are caused by any act which the insured takes knowing it is acriminal act, misconduct, fraud, or violation against laws and regulations, rules or control laws and regulations, it will be
an exemption cause, and the insurance policy will not cover the damages. If each candidate for Corporate Auditor is elected
and assumes office as a Corporate Auditor, the person will become the insured of the insurance agreement. If a renewal
period for the insurance agreement comes during a term of office of each Corporate Auditor, the Company will renew itwith the same terms and conditions.
Kiyoshi Matsuo, candidate for Outside Corporate Auditor(1) Kiyoshi Matsuo is currently an Outside Corporate Auditor of the Company, and at the conclusion of this meeting, his
tenure as Outside Corporate Auditor will have been eight years.
(2) The Company and Kiyoshi Matsuo have entered into an agreement to limit his liability for damages under Article
423, paragraph (1) of the Companies Act, in accordance with Article 427, paragraph (1) of the Act and the provisionsof the Articles of Incorporation. The maximum amount of liability for damages under this agreement is the minimum
liability amount provided for under Article 425, paragraph (1) of the Companies Act. After his reelection, theCompany plans to continue this agreement.
(3) The Company has submitted a notification to the Tokyo Stock Exchange (TSE) that Kiyoshi Matsuo has been
designated as an independent officer as provided for by the TSE. After he assumes office, the Company plans tosubmit a notification to the TSE concerning his continued designation as an independent officer.
Satoshi Ogishi, candidate for Outside Corporate Auditor(1) If Satoshi Ogishi assumes office as a Corporate Auditor, the Company and he will have entered into an agreement tolimit his liability for damages under Article 423, paragraph (1) of the Companies Act, in accordance with Article 427,
paragraph (1) of the Act and the provisions of the Articles of Incorporation. The maximum amount of liability fordamages under this agreement will be the minimum liability amount provided for under Article 425, paragraph (1)of the Companies Act.

- 11 -

(2) Satoshi Ogishi meets the requirements of an independent officer pursuant to the Tokyo Stock Exchange (TSE). Afterhe assumes office, the Company plans to notify the TSE of his designation as an independent officer.

- 12 -