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: 9601)
Date of sending by postal mail: May 9, 2024
Starting date of the measures for electronic provision: May 2, 2024
To our shareholders:Toshihiro Takahashi
Representative Director and President
Chief Executive Officer
Shochiku Co., Ltd.
4-1-1 Tsukiji, Chuo-ku, Tokyo

Notice of the 158th Annual General Meeting of Shareholders
You are cordially invited to attend the 158th Annual General Meeting of Shareholders of Shochiku Co., Ltd. (the“Company”), which will be held as stated in the following page.
When convening this General Meeting of Shareholders, the Company takes measures for providing information that
constitutes the content of reference documents for the general meeting of shareholders, etc. (items for which measuresfor providing information in electronic format are to be taken) in electronic format, and posts this information on
below websites. Please access any of these websites using the internet addresses shown below to review the
information.
The Company’s website:
https://www.shochiku.co.jp/company/ir/publicnotice/ (in Japanese)
Website for posted informational materials for the general meeting of shareholders:
https://d.sokai.jp/9601/teiji/ (in Japanese)
Besides these abovementioned websites, measures for providing information in electronic format are also posted on
TSE website.
TSE website (Listed Company Search):https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)
Please access the TSE website and search for the Company by entering “Shochiku” in the Issue name (company
name) field, or the company’s securities code “9601” in the Code field. Click “Basic information” then select“Documents for public inspection/PR information” to review the “Notice of General Shareholders
Meeting/Informational Materials for a General Shareholders Meeting” under “Filed information available for public
inspection.”

How to exercise voting rights
Exercising voting rights in writing(by mail)

Please indicate your vote for or against the proposals on the enclosed
voting form and return it so that it is received by the deadline forexercising voting rights as stated below.

Exercising voting rights
electronically such as via theInternet

Please access the voting website designated by the Company(https://evote.tr.mufg.jp/) (in Japanese) and follow the instructions on
the screen to enter your vote for or against the proposals by the deadline
for exercising voting rights as stated below.

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If you are unable to attend the meeting in person, you may exercise your voting rights either via the Internet, etc. orin writing (by mail). Please review the Reference Documents for the General Meeting of Shareholders below andexercise your voting rights by 6:00 p.m. on Monday, May 27, 2024 (JST).
1. Date and Time: Tuesday, May 28, 2024, at 10:00 a.m. (Reception desk will open at 9:15 a.m.) (JST)
2. Venue:

Togeki Theatre, Togeki Building
4-1-1 Tsukiji, Chuo-ku, Tokyo

3. Purpose:
Matters to be reported:
1. Business Report and Consolidated Financial Statements for the 158th fiscal year (from March 1, 2023 to
February 29, 2024) and audit results of Consolidated Financial Statements by the Financial Auditor andthe Audit & Supervisory Board
2. Non-consolidated Financial Statements for the 158th fiscal year (March 1, 2023 to February 29, 2024)
Matters to be resolved:
Proposal No. 1
Appropriation of Surplus
Proposal No. 2
Election of 10 Directors

Measures for Providing Information in Electronic Format
1. For this General Meeting of Shareholders, we have delivered paper-based documents stating the items for which measures forproviding information in electronic format are to be taken to all shareholders, regardless of whether or not they have requested them.
Pursuant to the provisions of applicable laws and regulations and the Articles of Incorporation, the items listed below will be omitted
from the delivered paper-based documents.
1) “Principal Business,” “Principal Offices,” “Systems to Ensure Adequacy of Business,” “Summary of the Operation of the Systems
to Ensure Proper Operation,” and “the Policy Regarding Determination of Dividend of Surplus” in the Business Report.
2) “Consolidated Statements of Changes in Net Assets” and “Tables of Explanatory Notes on Consolidated Financial Statements” in
the Consolidated Financial Statements.
3) “Statements of Changes in Net Assets” and “Tables of Explanatory Notes on Non-consolidated Financial Statements” in the Nonconsolidated Financial Statements.
The Business Report, Consolidated Financial Statements and Non-consolidated Financial Statements audited by the Audit &Supervisory Board Members consist of the above items 1) to 3) in addition to the Business Report, Consolidated Financial Statements
and Non-consolidated Financial Statements provided in this notice. In addition, the Consolidated Financial Statements and Nonconsolidated financial Statements audited by the Financial Auditor consist of the above items 2) and 3) in addition to the Consolidated
Financial Statements and Non-consolidated Financial Statements provided in this notice.
2. If revisions to the items for which measures for providing information in electronic format are to be taken arise, a notice of therevisions and the details of the items before and after the revisions will be posted on each of the above mentioned websites.

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

Appropriation of Surplus

Appropriation of Surplus is to be undertaken as below.
Matters related to the year-end dividend
The company’s basic policy regarding the year-end dividend is to take into consideration the sufficiency of theretained earnings to prepare for the reinforcement of earning performance and business infrastructure as well as forthe future business development in order to maintain stable dividend. Considering the performance, the year-end
dividend for the 158th fiscal year will be paid accordingly as below.
(1) Dividend property classCash(2) Matters related to dividend property allotment and its total amount
Dividend per common share: 30 yen
Total dividend amount: 414,523,470 yen(3) Effective date of distribution:
May 29, 2024

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Proposal No. 2

Election of 10 Directors

The terms of office of all 13 currently serving Directors (including five outside Directors) will expire at theconclusion of this meeting. Therefore, the Company proposes the election of 10 Directors (including five outside
Directors).
The candidates for Director are as follows:
Candidate No.

Name

GenderPosition

Candidate attributes

Attendance atBoard of Directors
meetings

1

Jay Sakomoto

Male

Representative Director andChairman
Chairman and Executive Officer

Reelection

16/17

2

Toshihiro Takahashi

Male

Representative Director andPresident
Chief Executive Officer

Reelection

17/17

3

Shigeyuki Yamane

Male

Director
Vice President and Executive
Officer

Reelection

17/17

4

Kazutaka Akimoto

Male

Director
Managing Executive Officer

Reelection

17/17

5

Takahiro Inoue

Male

Director
Managing Executive Officer

Reelection

17/17

6

Kazuo Takahashi

Male

Director and Advisor

Reelection
OutsideIndependent officer

16/17

7

Sanae Tanaka(Real name: Sanae
Kikugawa)

FemaleDirectorReelection
OutsideIndependent officer

16/17

8

Aya Komaki

FemaleDirectorReelection
OutsideIndependent officer

17/17

9

Tatsuo Uemura

Male

DirectorReelection
OutsideIndependent officer

17/17

10

Satoshi Maruyama

Male

DirectorReelection
OutsideIndependent officer

17/17

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Areas in which the Company has particular expectations of each director candidate
Name

Jay
Sakomoto
Toshihiro
Takahashi
Shigeyuki
YamaneKazutaka
AkimotoTakahiro
Inoue
Kazuo
Takahashi
Sanae
TanakaAya
Komaki
TatsuoUemuraSatoshiMaruyama

Corporate
management/
business strategy

Key business andindustry
experience

●

●

●

●

Financialaccounting

Legal affairs

Personnel andlabor affairs●

Global skills

●

●

●
●

●

●

●

●
●

●

●
●

●

●
●

●

●

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Candidate
No.

Name
(Date of birth)

Apr. 1993

Registered as an attorney at law (current
position)
Joined Mitsui, Yasuda, Wani & Maeda

Reelection

May 1998

Vice President and CEO of the Company

Male

May 2004
May 2023

President and CEO
Representative Director and Chairman,
Chairman and Executive Officer (current
position)

Jay Sakomoto(April 2, 1953)

1

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned

Attendance at Board of
Directors meetings held in thefiscal year
16/17 (94%)

11,020<Significant concurrent positions outside the Company>• Representative Director and Chairman of Shinbashi Enbujo
Co., Ltd.

Reasons for nomination as candidate for Director
He was registered as an attorney at law and joined Mitsui, Yasuda, Wani & Maeda in 1993, where he was involved inlegal affairs. He was appointed as Vice President and CEO of the Company in 1998, has been responsible for making
decisions on important management matters and supervising the execution of business, and he has been exercisingleadership in management as President and CEO since 2004 and Representative Director and Chairman, Chairman andExecutive Officer of the Company since 2023. He has a high level of professional knowledge in legal affairs, as well asa high level of insight and supervisory ability in management.
Toshihiro Takahashi(September 26, 1967)

Apr. 1990

Joined the Company

May 2012

Operating Officer

Reelection

May 2015

Director

May 2018

Managing Director

May 2020

General Manager of Imaging Division (current
position)

May 2021

Senior Managing Director

May 2023

Representative Director and President, Chief
Executive Officer (current position)

Male

2

Attendance at Board of
Directors meetings held in thefiscal year
17/17 (100%)

1,119

Reasons for nomination as candidate for Director
Since joining the Company in 1990, he has worked in the Administration Division and the Imaging Division, and he
was appointed as Director of the Company in 2015. He has been in charge of imaging planning departments, imaging
coordination departments, motion picture sales departments, and motion picture advertising departments, etc., and hehas served as General Manager of the Imaging Division since 2020, Senior Managing Director since 2021, and he has
been exercising leadership in management as Representative Director and President, Chief Executive Officer of theCompany since 2023. He has a wide range of experience in the Company, as well as a high level of qualifications andinsight in overall corporate management, accounting and finance operations, and imaging-related operations.

3

Shigeyuki Yamane(May 9, 1964)

Apr. 1987

Joined the Company

May 2011

Operating Officer

Reelection

May 2014

Director

May 2016

Managing Director

Male

May 2019

Senior Managing Director

Attendance at Board of
Directors meetings held in thefiscal year
17/17 (100%)

May 2021

General Manager of Theatrical Division(current position)

May 2023

Director, Vice President and Executive Officer(current position)

951

Reasons for nomination as candidate for Director
Since joining the Company in 1987, he has worked in the Theatrical Division. He was appointed as Director of theCompany in 2014, Senior Managing Director in 2019, General Manager of the Theatrical Division in 2021, andDirector, Vice President and Executive Officer in 2023. He has been in charge of Kabuki production departments andtheatrical management departments. He has extensive experience in the Company, as well as qualifications and insightin Kabuki and theatre-related operations.

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Candidate
No.

Name
(Date of birth)
Kazutaka Akimoto(November 23, 1962)

Apr. 1985

Joined the Company

May 2009

Operating Officer

Reelection

May 2012

Director

May 2018

Managing Director

Sept. 2019

General Manager of Administration Division(current position)

May 2023

Director, Managing Executive Officer (current
position)

Male

4

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned

Attendance at Board of
Directors meetings held in thefiscal year
17/17 (100%)

882

Reasons for nomination as candidate for Director
Since joining the Company in 1985, he has worked in the Imaging Division, and he was appointed as Director of theCompany in 2012, Managing Director in 2018 and Director, Managing Executive Officer in 2023. He has been in
charge of general affairs departments, personnel departments, and Legal Office, and has extensive experience in the
Company, serving as General Manager of the Administration Division since 2019 and has been in charge ofmanagement of western Japan regional businesses since 2020, and possesses qualifications and insight regarding
imaging-related operations, general affairs, human resources, and legal affairs.

Takahiro Inoue(January 16, 1968)

July 2005

Joined the Company

May 2011

Operating Officer, seconded to Shochiku Geino
Co., Ltd. (President and CEO) as Assistant toGeneral Affairs Department, seconded to
Shochiku Entertainment Co., Ltd. (President
and CEO) as Assistant to General Affairs
Department

May 2017

Director

May 2021

General Manager of Business Development
Division (current position)

May 2022

Managing Director

May 2023

Director, Managing Executive Officer (current
position)

Reelection
Male

5

Attendance at Board of
Directors meetings held in thefiscal year
17/17 (100%)

682

Reasons for nomination as candidate for Director
Since joining the Company in 2005, he has worked in the Management Information Planning Department (currently,
Management Planning Department), and he served as President and CEO of Shochiku Geino Co., Ltd. and Shochiku
Entertainment Co., Ltd. In 2017, he was appointed as Director of the Company, has been in charge of businessdepartments and innovation promotion departments, and has served as General Manager of the Business Development
Division since 2021, Managing Director since 2022 and Director, Managing Executive Officer since 2023. He has
extensive experience in the Company group, as well as qualifications and insight in business and real estate.

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Candidate
No.

Name
(Date of birth)

Kazuo Takahashi(March 1, 1957)
Reelection
OutsideApr. 1980

Joined TOKYU CORPORATION (currently,
TOKYU CORPORATION: Company name inJapanese changed with English unchanged)

June 2011

Director

Apr. 2014

Managing Executive Director and Executive
General Manager of Corporate Planning
Headquarters

June 2015

Director and Managing Executive Officer

Apr. 2016

Senior Managing Executive Officer

Apr. 2018

Representative Director (current position),
President & Director and President

Male

May 2020

Outside Director and Advisor of the Company(current position)

Attendance at Board of
Directors meetings held in thefiscal year
16/17 (94%)

June 2023

Vice Chairman of the Board & Representative
Director of TOKYU CORPORATION (current
position)Independent officer

6

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned

–

<Significant concurrent positions outside the Company>• Vice Chairman of the Board & Representative Director of
TOKYU CORPORATION• Director & Chairman of TOKYU RAILWAYS Co., Ltd

Reasons for nomination as candidate for outside Director and expected roles
Since joining TOKYU CORPORATION (currently, TOKYU CORPORATION: Company name in Japanese changed
with English unchanged) in 1980, he served as Director and Executive General Manager of the Corporate
Administration Headquarters from 2011, Managing Executive Director and Executive General Manager of the
Corporate Planning Headquarters from 2014, Director and Managing Executive Officer from 2015, Senior Managing
Executive Officer from 2016, Representative Director, President & Director and President since 2018, and Vice
Chairman of the Board & Representative Director since 2023 of TOKYU CORPORATION. He was appointed in 2020as, and is currently serving as, outside Director and Advisor of the Company. He is nominated as a candidate for outside
Director in the expectation that he will provide useful opinions and suggestions to the Board of Directors since he has ahigh level of insight and supervisory ability in management based on his long years of extensive experience as acorporate manager.

-8-Candidate
No.

Name
(Date of birth)

Sanae Tanaka(Real name: Sanae Kikugawa)(July 15, 1962)
Reelection

Apr. 1989

Registered as an attorney at law (current
position)

Sept. 1991

Opened Sanae Tanaka Law Office,Representative (current position)

Mar. 2006

Director of The Foundation for the
Advancement of Life & Insurance Around theworld

Mar. 2011

Outside Director of Noevir Holdings Co., Ltd.

Mar. 2015

Outside Director of PILOT CORPORATION

Apr. 2015

Vice chairperson of TV Asahi Corporation
Program Assessment Council

Independent officer

May 2015

Outside Director of the Company (current
position)

FemaleMar. 2023

Outside Audit & Supervisory Board Member ofAsahi Group Holdings, Ltd. (current position)

June 2023

Outside Director of TV Asahi Holdings
Corporation (current position)

Outside7

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned

Attendance at Board of
Directors meetings held in thefiscal year
16/17 (94%)–<Significant concurrent positions outside the Company>• Representative of Sanae Tanaka Law Office• Outside Audit & Supervisory Board Member of Asahi Group
Holdings, Ltd.
• Outside Director of TV Asahi Holdings Corporation

Reasons for nomination as candidate for outside Director and expected roles
She was registered as an attorney at law in 1989, and opened and represented Sanae Tanaka Law Office in 1991. In
2015, she was appointed as outside Director of the Company. She has concurrently served as Outside Audit &Supervisory Board Member of Asahi Group Holdings, Ltd. and Outside Director of TV Asahi Holdings Corporation
since 2023. Sanae Tanaka has never been involved in corporate management other than as outside director. However,she is nominated as a candidate for outside Director in the expectation that she will provide useful opinions andsuggestions to the Board of Directors since she has extensive experience as an attorney at law, outside director of othercompanies, and director of various organizations, as well as a high level of professional knowledge, broad insight andsupervisory ability in legal affairs.

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No.

Name
(Date of birth)

Apr. 1983

Sanrio Company, Ltd.

June 2014

Advisor of Sanrio Entertainment Co., Ltd.

June 2015

Director

July 2016

General Manager of Sanrio Puroland (current
position)

June 2019

President and Chief Executive Officer of SanrioEntertainment Co., Ltd. (current position)

Independent officer

May 2021

Outside Director of the Company (current
position)

FemaleJul. 2023

External Director of Fukoku Mutual Life
Insurance Company. (current position)

Aya Komaki(August 16, 1959)
Reelection
Outside8

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned

Attendance at Board of
Directors meetings held in thefiscal year
17/17 (100%)–<Significant concurrent positions outside the Company>• President and Chief Executive Officer of Sanrio Entertainment
Co., Ltd.
• General Manager of Sanrio Puroland• External Director of Fukoku Mutual Life Insurance Company

Reasons for nomination as candidate for outside Director and expected roles
Since joining Sanrio Company, Ltd. in 1983, she served as Director of Sanrio Entertainment Co., Ltd. from 2015,
General Manager of Sanrio Puroland from 2016, and President and Chief Executive Officer of Sanrio Entertainment
Co., Ltd. from 2019. She has served as External Director of Fukoku Mutual Life Insurance Company since July 2023.
She is nominated as a candidate for outside Director in the expectation that she will provide useful opinions andsuggestions to the Board of Directors since she has experience as a corporate manager and deep discernment in theentertainment industry.

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Candidate
No.

Name
(Date of birth)

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned
Apr. 1997

Professor of School of Law, Waseda University

Oct. 2003

Director of the 21st Century Center of
Excellence, Waseda Institute for Corporation
Law and Society

June 2004

Outside Director of Jasdaq Securities Exchange,
Inc.

Tatsuo Uemura(April 19, 1948)

Sept. 2004

Professor of Faculty of Law, Waseda University

June 2006

Outside Director of Shiseido Company, Limited

Reelection

Sept. 2006

Dean of Faculty of Law and Dean of School ofLaw, Waseda University

OutsideJuly 2008

Director of the Global Center of Excellence,
Waseda Institute for Corporation Law andSociety

Independent officer

9

Male

Apr. 2019

Professor Emeritus of Waseda University(current position)

Attendance at Board of
Directors meetings held in thefiscal year
17/17 (100%)

July 2020

Outside Director of Meiji Yasuda Life Insurance
Company (current position)

May 2022

Outside Director of the Company (current
position)

June 2022

External Director of ROHTO PharmaceuticalCo., Ltd. (current position)–<Significant concurrent positions outside the Company>• Outside Director of Meiji Yasuda Life Insurance Company• External Director of ROHTO Pharmaceutical Co., Ltd.
Reasons for nomination as candidate for outside Director and expected roles
He has been a professor at Waseda University School of Law since 1997, Dean of the School of Law and Dean of theFaculty of Law since 2006, Director of the Global Center of Excellence, Waseda Institute for Corporation Law andSociety since 2008, and he was appointed as Professor Emeritus at Waseda University in 2019. He also has a deep
understanding of the Company’s business, having served as a trustee of the Shochiku Otani Library for many years.
Although Tatsuo Uemura has never been involved in corporate management other than as an outside Director, he has ahigh level of expertise as a university professor studying corporate law and other subjects, as well as a wealth ofexperience as the author of numerous books and other publications, and is highly knowledgeable about capital markets
and corporate governance. He has experience as an independent outside Director, chairman of the Nomination Advisory
Committee and member of the Remuneration Advisory Committee at other companies, and he is nominated as a
candidate for outside Director in the expectation that he will provide useful opinions and suggestions to the Board of
Directors.

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Candidate
No.

Name
(Date of birth)

Number of the
Career summary, and position and responsibility in the Company
Company’s shares(Significant concurrent positions outside the Company)
owned
Apr. 2007

Joined Netage Group, Inc. (currently UNITED,Inc.)

Dec. 2018

Outside Director (Audit and Supervisory
Committee Member) of AXEL MARK INC.
(current position)

Mar. 2019

Outside Director (Audit and Supervisory
Committee Member) of PIXTA Inc. (current
position)

Dec. 2021

Representative Member of StarshotPartners,
Inc. (current position)

Apr. 2022

Outside Director (Audit and Supervisory
Committee Member) of SKIYAKI Inc.

Independent officer

May 2022

Outside Director of the Company (current
position)

Male

Apr. 2024

Outside Director (Audit and Supervisory
Committee Member) of SPACE SHOWERSKIYAKI HOLDINGS Inc. (current position)

Satoshi Maruyama(June 27, 1977)
Reelection
Outside10

Attendance at Board of
Directors meetings held in thefiscal year
17/17 (100%)–<Significant concurrent positions outside the Company>• Outside Director (Audit and Supervisory Committee Member)of AXEL MARK INC.
• Outside Director (Audit and Supervisory Committee Member)of PIXTA Inc.
• Representative Member of StarshotPartners, Inc.
• Outside Director (Audit and Supervisory Committee Member)of SPACE SHOWER SKIYAKI HOLDINGS Inc.

Reasons for nomination as candidate for outside Director and expected roles
He possesses abundant experience and knowledge regarding investment at venture capital firms and as an adviser for
growing companies, and since joining Netage Group, Inc. (currently UNITED, Inc.) in April 2007, he has concurrently
served as Outside Director (Audit and Supervisory Committee Member) of AXEL MARK INC. since 2018, Outside
Director (Audit and Supervisory Committee Member) of PIXTA Inc. since 2019, Representative Member ofStarshotPartners, Inc. since 2021, and Outside Director (Audit and Supervisory Committee Member) of SPACESHOWER SKIYAKI HOLDINGS Inc. since 2024. In addition, he has given advice at the Company regarding
investment into startup companies since 2019, and assumed office as an independent outside director and audit andsupervisory committee member at other companies. He is nominated as a candidate for outside Director in the
expectation that he will provide useful opinions and suggestions to the Board of Directors.
Notes:

1. Shinbashi Enbujo Co., Ltd., for which Jay Sakomoto, a candidate for Director, concurrently serves as Representative
Director and Chairman, has theatre lease transactions with the Company.
2. There is no special interest between any other candidates for Director and the Company.
3. Kazuo Takahashi, Sanae Tanaka, Aya Komaki, Tatsuo Uemura, and Satoshi Maruyama are candidates for outside Director.
Presently, each of them is outside Director of the Company, and at the conclusion of this meeting, Kazuo Takahashi’stenure as outside Director will have been four years, Sanae Tanaka’s tenure as outside Director will have been nine years,
Aya Komaki’s tenure as outside Director will have been three years, Tatsuo Uemura’s tenure as outside Director will havebeen two years, and Satoshi Maruyama’s tenure as outside Director will have been two years.
4. If the reelections of Kazuo Takahashi and Sanae Tanaka, Aya Komaki, Tatsuo Uemura, and Satoshi Maruyama areapproved, the Company plans, pursuant to the provisions of Article 427, paragraph (1) of the Companies Act, to renew
limited liability agreements that limit liability of the five mentioned above to the minimum liability amount provided forin Article 425, paragraph (1) of the same Act.
5. The Company has entered into a directors and officers liability insurance contract that insures all Directors as provided
for in Article 430-3, paragraph (1) of the Companies Act with an insurance company. Such insurance contract will covercertain damages provided for by law and litigation costs that the insured would otherwise have to bear, and the Company
will bear the full amount of all premiums for the insured. If each candidate is appointed as Director, he/she will be included
as an insured under the said insurance contract. The Company plans to renew the insurance contract with the same terms
and conditions during their terms of office.
6. The Company has submitted notification to the Tokyo Stock Exchange, the Sapporo Stock Exchange and the Fukuoka
Stock Exchange that Kazuo Takahashi, Sanae Tanaka, Aya Komaki, Tatsuo Uemura, and Satoshi Maruyama are
independent officers as respectively provided for by the aforementioned exchanges. If the reelections of the five areapproved, the Company plans for their designation as independent officers. Shochiku Ventures,inc., the Company’s
subsidiary, concluded an advisory agreement regarding investment into startup companies with Share Style Ltd., where
Satoshi Maruyama concurrently serves as Representative Director. However, the Company judges that this will not impact
his independence as the amount for outsourcing services is negligible.

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