Articles of Incorporation

JSP Corporation

Chapter 1: General Provisions(Trade Name)
Article 1 The trade name of the Company shall be Kabushiki Kaisha JSP and shall be
expressed as Kabushiki Kaisha Jei Esu Pī under the registry.
2. The English name of the Company shall be JSP Corporation.

(Purpose)
Article 2. The purpose of the Company shall be to engage in the following lines of businesses:(1) Manufacture, sale and export of styrene paper and other synthetic resin products;(2) Manufacture, sale, and export of machinery related to styrene paper and other synthetic
resin products;(3) Manufacture and sale of construction materials;(4) Designing, constructing, contracting and supervising of civil engineering and construction
works;(5) Any business incidental or related to the above.

(Location of Head Office)
Article 3. The Head Office of the Company shall be located in Chiyoda-ku, Tokyo.

(Method of Public Notice)
Article 4. Public notices of the Company shall be given by means of electronic publicnotification.
2. In the event electronic public notification cannot be made due to unavoidable reasons, theCompany shall give public notice in the Nihon Keizai Shimbun published in Tokyo.

Chapter 2: Shares(Total Number of Authorized Shares)
Article 5. The total number of authorized shares of the Company shall be 46,000,000 shares.

(Acquisition of Treasury Stocks)
Article 6. The Company may acquire treasury stocks through market transactions, etc. by aresolution of the Board of Directors.

(Number of Shares Constituting One Unit)
Article 7. The number of shares constituting one unit of shares of the Company shall be one1

hundred (100) shares.
(Restrictions on Rights of Holders of Shares Less Than One Unit)
Article 8. Shareholders of the Company who hold less than one unit of shares may not exercise
any rights other than the rights set forth below:(1) Rights set forth in each item of Article 189, Paragraph 2 of the Companies Act;
(2) Right to request acquisition of shares with put option;(3) Right to receive allotment of shares for subscription or share options for subscription.

Shareholder Registry Administrator
Article 9. The Company shall have a shareholder registry administrator.
2. The shareholder registry administrator and its place of business shall be selected by aresolution of the Board of Directors and public notice thereof shall be given.

(Rules for Handling Shares)
Article 10. The entry or recording in the shareholder registry and the original registry of shareoptions, the purchase of shares less than one unit of shares, other handling and fees related toshares or share options, and procedures for shareholders to exercise their rights shall be as per
the Rules for Handling Shares established by the Board of Directors, in addition to those
provided for by law or these Articles of Incorporation.

(Record Date)
Article 11. The Company shall deem the shareholders holding voting rights whose names
appear or are recorded in the final shareholders registry as of March 31 of each year to be theshareholders entitled to exercise their rights at the ordinary general meeting of shareholders
relating to that business year.
2. Notwithstanding the preceding paragraph, if necessary, the Company may, upon giving priorpublic notice by a resolution of the Board of Directors, designate the shareholders or registeredpledgees of shares appearing or recorded in the final shareholder registry as of a certain date as
the shareholders or registered pledgees of shares entitled to exercise their rights.

Chapter 3: General Meeting of Shareholders(Convening)
Article 12. An ordinary general meeting of shareholders shall be convened in June of each year,
and an extraordinary general meeting of shareholders shall be convened whenever necessary.

(Convenor and Chairman)
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Article 13. A general meeting of shareholders shall be convened by the President andRepresentative Director by a resolution of the Board of Directors unless otherwise provided forby laws and regulations. When the President and Representative Director is unavailable, one ofthe other directors shall convene the meeting in the order previously determined by the Boardof Directors.
2. The President and Representative Director shall chair the general meetings of shareholders.
When the President and Representative Director is unavailable, one of the other Directors of theCompany shall chair the meeting in the order previously determined by the Board of Directors.

(Measures for Electronic Provision, etc.)
Article 14. The Company shall take measures for electronic provision regarding theinformation contained in the reference documents, etc. for the general meeting of shareholders
at the time of convening a general meeting of shareholders.
2. The Company may omit all or part of the matters specified by the Ordinance of the Ministryof Justice among the matters for which measures for electronic provision are taken, from thedocuments to be delivered to shareholders who have made a written request by the record date
for voting rights.

(Exercise of Voting Right by Proxy)
Article 15. Any shareholder may exercise its voting rights by proxy of one (1) othershareholder who has voting rights in the Company.
2 In the case of the preceding paragraph, the shareholder or proxy shall submit to the Company
a document evidencing the proxy's power of representation at each general meeting ofshareholders.

(Method of Resolution)Article 16. Resolutions of a general meeting of shareholders shall be adopted by a majority ofthe voting rights of the shareholders present who are entitled to exercise their voting rights
unless otherwise provided for by laws and regulations or these Articles of Incorporation.
2. Resolutions pursuant to Article 309, Paragraph 2 of the Companies Act shall be adopted by
two-thirds (2/3) or more of the voting rights of the shareholders present at the meeting where
the shareholders holding one-third (1/3) or more of the voting rights of the shareholders whoare entitled to exercise their voting rights are present, unless otherwise provided for in these
Articles of Incorporation.

(Minutes of the Meeting)
Article 17. The gist of the proceedings at a general meeting of shareholders, the results thereof,
and any other matters provided for by law and regulations shall be entered or recorded in the3minutes of the meeting.

Chapter 4. Directors and Board of Directors(Establishment of Board of Directors)
Article 18. The Company shall establish a Board of Directors.

(Number of Directors)
Article 19. The number of Directors of the Company shall be no more than sixteen (16).

(Election of Directors)Article 20. Directors shall be elected by a resolution of a general meeting of shareholders.
2 The resolution for the election of Directors shall be adopted by a majority of the voting rightsof the shareholders present at the meeting where the shareholders holding one-third (1/3) ormore of the voting rights of the shareholders who are entitled to exercise their voting rights arepresent.
3. The resolution for the election of Directors shall not be adopted by cumulative voting.

(Term of Office of Directors)
Article 21. The term of office of Directors shall expire at the close of the ordinary general
meeting of shareholders for the last business year which ends within one (1) year from the timeof their election.

(Representative Directors and Directors with Special Titles)
Article 22. The Company shall appoint Representative Directors by a resolution of the Board ofDirectors.
2. Representative Directors shall represent the Company and shall manage the Company'sbusiness.
3. The Board of Directors may, by its resolution, appoint one (1) President and Representative
Director and, if necessary, one (1) Chairman and Representative Director, and several
Executive Vice Presidents, Senior Managing Directors and Managing Directors.

(Convenor and Chairman of the Board of Directors)
Article 23. The Board of Directors shall be convened and chaired by the President andRepresentative Director of the Company unless otherwise provided for by laws and regulations.
When the President and Representative Director is unavailable, one of the other Directors shallconvene and chair the meeting in the order previously determined by the Board of Directors.
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(Notice of Convening the Board of Directors)
Article 24. Notice of convening the Board of Directors shall be given to each Director and each
Audit & Supervisory Board Member at least three (3) days prior to the date of the meeting;provided, however, that this period may be shortened in case of emergency.

(Method of Resolutions of the Board of Directors)
Article 25. Resolutions of the Board of Directors shall be adopted by a majority of the votes ofthe Directors present at a meeting at which a majority of the Directors are present.

(Omission of Resolutions of the Board of Directors)
Article 26. The Company shall deem a resolution of the Board of Directors to be passed if allDirectors agree in writing or by electromagnetic record to the matters to be resolved at theBoard of Directors; provided, however, that this shall not apply if Audit & Supervisory Board
Members object to such resolution.

(Minutes of the Board of Directors)
Article 27. The gist of the proceedings at the Board of Directors, the results thereof, and othermatters provided for by laws and regulations shall be entered or recorded in the minutes of themeeting, and the Directors and Audit & Supervisory Board Members present at the meetingshall affix their names and seals thereto or sign them electronically.

(Board of Directors Regulations)
Article 28. Matters concerning the Board of Directors shall be as per Board of DirectorsRegulations established by the Board of Directors, in addition to those provided for by laws andregulations or these Articles of Incorporation.

(Remuneration, etc. of Directors)
Article 29. Remuneration, etc. of Directors shall be determined by a resolution of the general
meeting of shareholders.

(Exemption of Directors from Liability)
Article 30. The Company may, by a resolution of the Board of Directors, exempt any Director(including former Directors) from the liability for damages under Article 423, Paragraph 1 ofthe Companies Act up to the amount obtained by deducting the minimum liability limit
provided for by laws and regulations from the amount of liability for damages, if therequirements provided for by laws and regulations are met.
2. The Company may enter into an agreement with a Director (excluding those who are5

Executive Directors, etc.) to limit his/her liability for damages under Article 423, Paragraph 1of the Companies Act, if the requirements provided for by laws and regulations are met;
provided, however, that the maximum amount of liability for damages based on such anagreement shall be the amount provided for by laws and regulations.

Chapter 5: Audit & Supervisory Board Members and Audit & Supervisory Board(Establishment of Audit & Supervisory Board Members and Audit & Supervisory Board)
Article 31. The Company shall establish Audit & Supervisory Board Members and the Audit &Supervisory Board.

(Number of Audit & Supervisory Board Members)
Article 32. The number of Audit & Supervisory Board Members of the Company shall be no
more than four (4).

(Election of Audit & Supervisory Board Members)
Article 33. Audit & Supervisory Board Members shall be elected by a resolution of the general
meeting of shareholders.
2. The resolution for the election of Audit & Supervisory Board Members shall be adopted by amajority of the voting rights of the shareholders present at the meeting where the shareholders
holding one-third (1/3) or more of the voting rights of the shareholders who are entitled toexercise their voting rights are present.

(Term of Office of Audit & Supervisory Board Members)
Article 34. The term of office of Audit & Supervisory Board Members shall expire at the closeof the ordinary general meeting of shareholders relating to the last business year which ends
within four (4) years from the time of their election.
2. The term of office of Audit & Supervisory Board Members elected to fill a vacancy shall
expire at the end of the term of office of the retiring Audit & Supervisory Board Members.

(Full-Time Members of Audit & Supervisory Board)
Article 35. Audit & Supervisory Board shall appoint full-time members from among the Audit& Supervisory Board Members.

(Notice of Convening the Audit & Supervisory Board)
Article 36. Notice of convening the Audit & Supervisory Board shall be given to each Audit &Supervisory Board Member three (3) days prior to the date of the meeting; provided, however,6

that this period may be shortened in case of emergency.

(Method of Resolutions of the Audit & Supervisory Board)
Article 37. Resolutions of the Audit & Supervisory Board shall be adopted by a majority of theAudit & Supervisory Board Members except as otherwise provided for by laws and regulations.

(Minutes of the Audit & Supervisory Board)
Article 38. The gist of the proceedings at the Audit & Supervisory Board, the results thereof,
and other matters provided for by laws and regulations shall be entered or recorded in theminutes of the meeting, and the Audit & Supervisory Board Members present at the meetingshall affix their names and seals thereto or sign them electronically.

(Regulations of the Audit & Supervisory Board)
Article 39. Matters concerning the Audit & Supervisory Board shall be as per the Regulationsof the Audit & Supervisory Board established by the Audit & Supervisory Board, in addition to
those provided for by laws and regulations or these Articles of Incorporation.

(Remuneration, etc. of Audit & Supervisory Board Members)
Article 40. Remuneration, etc. of Audit & Supervisory Board Members shall be determined bya resolution of the general meeting of shareholders.

(Exemption from Liability of Audit & Supervisory Board Members)
Article 41. The Company may, by a resolution of the Board of Directors, exempt any Audit &Supervisory Board Members (including former Audit & Supervisory Board Members) fromliability for damages under Article 423, Paragraph 1 of the Companies Act up to the amountobtained by deducting the minimum liability limit provided for by laws and regulations fromthe amount of liability for damages, if the requirements provided for by laws and regulations
are met.
2. The Company may enter into an agreement with any Audit & Supervisory Board Member tolimit his/her liability for damages under Article 423, Paragraph 1 of the Companies Act, if therequirements provided for by laws and regulations are met; provided, however, that themaximum amount of liability for damages based on such an agreement shall be the amountprovided for by laws and regulations.

Chapter 6: Accounting Auditor(Establishment of Accounting Auditor)
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Article 42. The Company shall have an accounting auditor.

(Appointment of Accounting Auditor)
Article 43. An accounting auditors shall be elected by a resolution of the general meeting ofshareholders.

(Term of Office of Accounting Auditor)
Article 44. The term of office of an accounting auditors shall expire at the close of the ordinary
general meeting of shareholders relating to the last business year which ends within one (1)year from the time of their election.
2. The accounting auditor shall be deemed to have been reappointed at such ordinary general
meeting of shareholders if no other resolution is passed at the ordinary general meeting ofshareholders set forth in the preceding paragraph.

(Remuneration, etc. of Accounting Auditor)
Article 45. The remuneration, etc. of the accounting auditor shall be determined by theRepresentative Director with the consent of the Audit & Supervisory Board.

Chapter 7: Calculations(Business Year)
Article 46. The business year of the Company shall be from April 1 of each year to March 31 of
the following year.

(Distribution of Surplus, etc.)
Article 47. The Company shall determine the matters listed in each item of Article 459,
Paragraph 1 of the Companies Act, including dividends of surplus, by a resolution of the Boardof Directors, not by a resolution of the general meetings of shareholders, except as otherwiseprovided for by laws and regulations.
2. The record date for year-end dividends of the Company shall be March 31 of each year.
3. The record date for interim dividends of the Company shall be September 30 of each year.

(Period of exclusion of dividends)
Article 48. The Company shall be discharged from the obligation to pay dividends if they havenot been received after a lapse of three (3) full years from the date of commencement ofpayment.
2. No interest shall accrue on unpaid dividends.
8Supplementary Provisions
Article 1. The deletion of the Article 14 (Internet Disclosure and Deemed Provision ofReference Documents for general meetings of shareholders, etc.) of present Articles ofIncorporation and the new establishment of the proposed amendment of Article 14 (Measuresfor Electronic Provision, etc.) shall become effective as of the date of enforcement of theamended provisions provided in the proviso of Article 1 of the Supplementary Provisions of theLaw to Amend the Companies Act (Law No. 70 of 2019) (the "Implementation Date").
2. Notwithstanding the preceding paragraph, Article 14 of the present Articles of Incorporation
shall remain in force with respect to the general meeting of shareholders held on a date withinsix (6) months from the Implementation Date.
3. These Supplementary Provisions shall be deleted on the date after six months have elapsed
from the Implementation Date or the date after six months have elapsed from the date of thegeneral meeting of shareholders set forth in the preceding paragraph, whichever is later.

(Amended on June 29, 1988)(Amended on June 29, 1989)(Amended on June 27, 1991)(Amended on June 29, 1994)(Amended on June 29, 1995)(Amended on June 28, 2001)(Amended on June 27, 2002)(Amended on June 27, 2003)(Amended on January 5, 2004)(Amended on June 29, 2004)(Amended on June 29, 2006)(Amended on June 26, 2009)(Amended on June 26, 2015)(Amended on June 29, 2022)