[Translation]

Notice and Proxy Excerpt of 40th Annual Meeting ofShareowners

The 40th annual meeting of shareowners of Kakuyasu GroupCo.,Ltd. will be held on June 28, 2022 for the following purposes:
1. To approve partial amendments of the Article of Incorporation;
2. To elect five (5) persons to the Board of Directors.

June 10, 2022
Junichi Sato
Representative Director and President

Disclaimer
The notice and proxy statement constitutes a translation of the Japaneseoriginals and is provided as an excerpt in English for reference purpose.
Please understand that if any discrepancies between the excerpt and theoriginals, the originals shall prevail.

[Translation]
Proposal 1: Partial Amendment to the Articles of Incorporation
1. Reason for the proposal
With the enforcement on September 1, 2022 of the revised provisions stipulated
in the proviso of Article 1 of the Supplementary Provisions of the Act Partially
Amending the Companies Act (Act No.70 of 2019), the Company proposes
amending its Articles of Incorporation to prepare for the adoption of a system forthe electronic provision of materials for Annual Meetings of Shareowners, asfollows.
(1) The establishment of a system for providing information on the content of theexcerpt for the Annual Meeting of Shareowners in electronic format will berequired to be specified in articles of incorporation. Accordingly, theestablishment of Article 15 (Electronic Provision Measure, etc.), Paragraph 1
is proposed.
(2) In order to limit the scope of information on documents in writing to the scope
determined by the Ministry of Justice ordinance, in the case where
shareholders request to receive the delivery of the said documents that
describe certain matters among matters which are the content of the excerptfor the Annual Meeting of Shareowners in electronic format, theestablishment of Article 15 (Electronic Provision Measure, etc.), Paragraph 2
is proposed.
(3) With the introduction of a system for providing information on the excerpt for
Annual Meetings of Shareowners in electronic format, Article 15 (InternetDisclosure and De Facto Provision of Reference Documents for Annual
Meeting of Shareowners, etc.) of the current Articles of Incorporation will beunnecessary. Accordingly, the said provisions are proposed to be deleted.
(4) The establishment of supplementary provisions regarding the effect of theestablishment and deletion of the above provisions is proposed. The said
supplementary provisions shall be deleted after the expiration of specified
periods.

[Translation]
2. Details of amendments
Deleted item
(Disclosure via Internet of Reference Documents for the Annual Meeting ofShareowners, etc. and Deemed Provision)
Article 15

When convening the Annual Meeting of Shareowners the Company

may consider the information disclosed on the matters that should be specified
or displayed in reference documents for the Annual Meeting of Shareowners,
business reports, financial statements, and consolidated financial statements
via methods that use the internet pursuant to the Ministry of Justice ordinanceas having been provided to the shareholders.
Newly incorporated items(Electronic Provision Measure, etc.)
Article 15 Upon convening an Annual Meeting of Shareowners, the Company
shall take the electronic provision measure with respect to information that
constitutes the content of Reference Documents for Annual Meeting ofShareowners, etc.
2) Among matters for which the electronic provision measure will be taken, theCompany will not be required to state all or part of the matters prescribed by
the Ministry of Justice ordinance in the document that will be issued toshareholders who requested the issuance of the document by the record datefor voting rights.
(Supplementary Provisions)(Transitional Measures for the System for Electronic Provision of Documents
for the Annual Meeting of Shareowners)
Article 1 The deletion of Article 15 (Internet Disclosure and De Facto
Provision of Reference Documents for General Meeting of Shareholders, etc.)of the Articles of Incorporation and the establishment of Article 15 (ElectronicProvision Measure, etc.) in Articles of Incorporation shall take effect on
September 1, 2022.
2) Notwithstanding the provisions of the preceding paragraph, the Article 15(Internet Disclosure and De Facto Provision of Reference Documents for
Annual Meeting of Shareowners, etc.) of the Articles of Incorporation shallremain in force with respect to an Annual Meeting of Shareowners to be held
within six (6) months from September 1, 2022.

[Translation]

Proposal 2: Election of five (5) Directors
The term of the office of all five (5) incumbent directors will expire at theconclusion of the Annual Meeting of Shareowners. The Company proposes theelection of five (5) directors.
CandidateNo.

StatusName

Current Title

1

Reappointment

Junichi Sato

Representative
DirectorandPresident2Reappointment

Akihiko Tajima

Director
Executive
President

3

Reappointment

Yoshiyuki Maegaichi

Director

4

Reappointment

Takayuki Oshima

Outside Director

5

Reappointment

Tsuneko Murata

Outside Direcotr

andVice