(Translation for reference only)(Appendix)
Standards for Independence ofOutside Directors/Audit & Supervisory Board Members of JFE Holdings, Inc.

JFE Holdings, Inc. (the “Company”) establishes the standards for independence of Outside Directors and Outside
Audit & Supervisory Board Members as described below. An Outside Director or Outside Audit & Supervisory Board
Member is deemed not to have sufficient independence from the Company in the event that he/she falls under any of
the items below.

1) A person who is or was an executive director, executive officer or employee (collectively the “Executive”) ofthe Company or its subsidiary.
2) A person who is currently a major shareholder of the Company. In the event that the person is a legal entity suchas a company, a person who is or, in the past 3 years, was the Executive of such legal entity or a parent company
or a significant subsidiary of such legal entity.
3) A person for whom the Company or its operating company is a major business partner. In the event that theperson is a legal entity such as a company, a person who is or, in the past 3 years, was the Executive of such
legal entity or a parent company or a significant subsidiary of such legal entity.
4) A person who is a major business partner of the Company or its operating company. In the event that the person
is a legal entity such as a company, a person who is or, in the past 3 years, was the Executive of such legal entity
or a parent company or a significant subsidiary of such legal entity.
5) A financial institution or other major creditor of the Company or its operating company who is indispensablefor the fundraising of the Company or its operating company and on whom the Company or its operatingcompany depends to the extent that it is irreplaceable. In the event that the financial institution or other major
creditor is a legal entity, a person who is or, in the past 3 years, was the Executive of such legal entity or a parent
company or a significant subsidiary of such legal entity.
6)

A person who has received donations exceeding a certain amount (an annual average of either 10 million yen
or 30% of the person’s total expenses, whichever is larger, over the past 3 years) from the Company or its
operating company. In the event that the person is a legal entity such as a company, a person who is or, in thepast 3 years, was the Executive of such legal entity or a parent company or a significant subsidiary of such
legal entity.

7)

A consultant, accounting professional such as a certified public accountant, or legal professional such as alawyer who has received a large amount of money or other assets (an annual average of 10 million yen or larger
over the past 3 years) in addition to the director’s or audit & supervisory board member’s remuneration fromthe Company or its operating company. In the event that the consultant, accounting professional or legal
professional is an organization such as a legal entity or an association, a person who belongs to suchorganization.

8)

An accounting auditor of the Company or its operating company, or a person who is a partner, etc. of suchaccounting auditor; or a person who performed auditing on the Company or its operating company as a partner,etc. of such accounting auditor in the past 3 years.

(Translation for reference only)
9) A person who is a director, audit & supervisory board member, executive officer or corporate officer of acompany or a parent company or a subsidiary of such company, in the event that such company has accepted
directors from the Company or its operating company.
10) A person who is or, in the past 3 years, was the Executive of a lead managing underwriter of the Company.
11) A relative of a person falling under any of foregoing items 1) through 10) (the person’s spouse, relatives within
the third degree of kinship, or relatives living with the person).

Nevertheless, in the event that a person who falls under any of the foregoing items is deemed by the Company
appropriate for an independent outside director/audit & supervisory board member of the Company in light of theperson’s personality, insight, etc., the Company may nominate such person as a candidate for an independent outside
director/audit & supervisory board member, by providing the reason to believe that the person is appropriate for anindependent outside director/audit & supervisory board member of the Company, and by explaining that the person
fulfills the requirements for an independent outside director/audit & supervisory board member.

* “Operating company” refers to JFE Steel Corporation, JFE Engineering Corporation and JFE ShojiCorporation.
* “Major business partner” refers to the case where the aggregate amount of transactions with the business partner
exceeds 1% of consolidated net sales in the most recent fiscal year.

(English Translation of the Japanese original)This translation has been prepared for reference only. The Japanese language version will control if any discrepancy arises.