This is an excerpt translation of the Japanese original for convenience only. In the event of any discrepancy between
this translated document and the Japanese original, the original shall prevail.

Policy for Determination of Remuneration of Directors, etc.
The Company has established the Nomination and Remuneration Committee composed ofindependent directors and the president to strengthen corporate governance and enhance fairness,transparency and objectivity in procedures related to nomination and remuneration of directors,
corporate officers and partners (hereinafter “Directors, etc.”). Based on the results of deliberations
by the Committee, the Company determines the “Policy for Determination of Remuneration ofDirectors, etc.” at the Board of Directors meeting.
Basic Policy on Remuneration of Directors, etc.
 The levels and structure of remuneration shall be sufficient to attract, retain, and motivatecompetent personnel for the realization of the Company’s purpose of “Fueling perpetual growth;
investing in bold visions” and its mission of “Commit to new business creation and jointly shape
the future.” Remuneration shall motivate our Directors, etc. to commit to an increase in corporate value andthe improvement of not only short-term financial results, but also medium- to long-term results.
 Given the Company’s business nature of being an investment company managing funds investingin unlisted companies, the remuneration of Directors, etc. executing company business shallreflect fund management performance.
 With the aim of gaining stakeholders’ trust, the remuneration plan shall be transparent, fair andrationalized, determined through an appropriate and transparent process.
 The plan shall also be designed to prevent fraud and over-emphasis on short-term performance.
Remuneration of Directors (excluding Board-Audit Committee members)
The remuneration of directors (excluding Board-Audit Committee members) is determined by the
Board of Directors based on deliberations by the Nomination and Remuneration Committee. The
monetary compensation of directors (excluding Board-Audit Committee members) shall consist ofbasic compensation and extraordinary compensation. Part of basic compensation is linked to theCompany’s ordinary income and other business performance, and extraordinary compensation
additionally takes into account fund performance. In addition, from the perspective of improving theCompany’s corporate value in the medium to long term, stock-based remuneration shall be paid todirectors (excluding Board-Audit Committee members and independent directors).
As an investment company managing highly volatile venture and buyout investment funds, the levelof compensation shall reflect the amount of assets under management, the Company’s businessperformance as a result of asset management, and shareholder value and be appropriate for securinghighly capable human resources.
The maximum total amount of monetary compensation of directors (excluding Board-Audit
Committee members) shall be within ¥600 million per annum (based on a resolution of the 43rd
Annual General Meeting of Shareholders held on June 16, 2015; the number of directors (excludingBoard-Audit Committee members) as of the end of this Annual General Meeting of Shareholders
1mentioned above was six).
As stock-based remuneration to be paid to directors (excluding Board-Audit Committee members
and independent directors), the total amount of monetary claims for granting transfer-restricted
shares (hereinafter referred to as “Restricted Stocks”) shall be no more than ¥300 million, and thetotal number of the Company’s common shares to be issued or disposed of as transfer-restricted
shares shall be within 300,000 shares per year (based on a resolution of the 50th Annual General
Meeting of Shareholders held on June 21, 2022; the number of directors (excluding Board-Audit
Committee members and independent directors) as of the end of this Annual General Meeting ofShareholders mentioned above is two).
(Outline of directors’ monetary compensation)
Basic compensation
Fixed monetary remuneration paid monthly, determined by importance of(fixed)
roles and responsible areas of each job position, years in service, etc.
Basic compensation
Monetary remuneration paid monthly, determined once a year, in principle, by(performance-linked) the Board of Directors on a scale of 1 to 5 by reflecting short-term results
based on the comparison of the Company’s profit levels (capital gains, netadditions to investment loss reserves, ordinary income, etc.) and its details forthe preceding fiscal year with the past results. A standard percentage ofperformance-linked basic compensation in total basic compensation is about
20%, and the relevant portion increases/ decreases within a range of 30%
based on the above 5-point scale.
Extraordinary
The year-on-year increase/ decrease in percentage terms of extraordinarycompensationcompensation level for each position is determined by the Board of Directors(performance-linked) based on the year-on-year comparison of ordinary income, core income(amount of management fees subtracted by SG&A expenses), unrealized
gains, fund performance, which is a major management index over themedium- to long-term, and total fund commitments. The amount is thendetermined by the Board of Directors by taking into account their job
responsibilities and the degree of contribution, and paid to each director oncea year. Extraordinary compensation may not be paid when the Company’
performance deteriorates sharply.
(Outline of stock-based remuneration)
In order to provide incentives to continuously improve the corporate value of the Company and tofurther share the value with shareholders, the Company shall pay a remuneration for granting
transfer-restricted shares to directors (excluding Board-Audit Committee members and independent
directors; hereinafter referred to as the “Eligible Directors”).
The outline of the restricted-stock remuneration plan is as shown below.
Granting ofThe Company shall grant transfer-restricted shares (hereinafter the "Allotted Shares")transferin an amount determined by the Board of Directors of the Company based on a base
restrictedamount corresponding to the positions of the Eligible Directors and a comparison ofshares
the Company's stock price growth rate and the TOPIX (Tokyo Stock Price Index)
growth rate for a certain period of time prior to the grant.

2Transfer
restriction
periodTransferrestriction
periodAcquisitionof theAllottedShares
without
consideratio
nThe number of the Allotted Shares granted to the Eligible Directors shall be no morethan the maximum of 300,000 shares per year as approved at the Annual GeneralMeeting of Shareholders held on June 21, 2022.
From the allotment date to the time of retirement or resignation from director or otherposition of the Company or its subsidiaries as determined in advance by theCompany’s board of Directors.
Provided, however, if the time immediately after such retirement or resignation is prior
to the date after a lapse of three months since the end of the fiscal year within which
the date of the allotment of the Allotted Shares falls, the end of the Transfer Restriction
Period may be adjusted to a reasonable extent.
(1) On the condition that the Eligible Directors continue to hold their position as
director or other position of the Company or its subsidiary, as determined in advanceby Company’s Board of Directors, during a period of time determined in advance byCompany’s Board of Directors (the "Service Period"), the Company shall remove theTransfer Restriction as of the expiration of the Transfer Restriction Period. Provided,
however, that: (a) if an Eligible Director retires or resigns from his or her position as
director or other position of the Company or its subsidiary, as determined in advanceby Company’s Board of Directors, before the expiration of the Service Period forjustifiable reasons; or (b) if an Eligible Director resigns or retires from his or her
position as director or other position of the Company or its subsidiary, as determined inadvance by Company’s Board of Directors for any reason other than justifiable reasons
even after the expiration of the Service Period, the number of the Allotted Shares to beremoved from Transfer Restriction and the timing of the removal of Transfer
Restriction shall be reasonably adjusted as necessary.
(2) If any matter relating to a merger agreement under which the Company becomes
the disappearing company, contract of share exchange, share transfer plan, or any otherreorganization in which the Company becomes a wholly-owned subsidiary is approved
at a General Meeting of Shareholders of the Company (provided, however, that if theapproval of such reorganization is not required by the General Meeting of Shareholdersof the Company, the Board of Directors of the Company) during the Transfer
Restriction Period, the Company shall, by resolution of the Board of Directors of theCompany, remove the Transfer Restriction with respect to the number of Allotted
Shares reasonably determined based on the period from the commencement date of theTransfer Restriction Period until the effective date of such reorganization, etc., prior to
the effective date of such reorganization, etc.
(1) The Company shall acquire, without consideration, the Allotted Shares, for which
the Transfer Restriction has not been removed immediately after the removal of theTransfer Restriction pursuant to the “Removal of transfer restriction” above, as amatter of course.
(2) If an Eligible Director resigns or retires from his or her position as director or otherposition of the Company or its subsidiary, as determined in advance by Company’s
Board of Directors, before the expiration of the Service Period, the Company shall3

acquire the Allotted Shares without consideration as a matter of course, unless there
are reasonable grounds for the retirement or resignation such as the expiration of theterm of office or the death of the Eligible Director.
(3) If the Board of Directors of the Company recognizes that an Eligible Director has
violated laws, regulations, internal rules or the Allotment Agreement in any material
respect during the Transfer Restriction Period, or in the case of certain grounds set
forth in the Allotment Agreement, the Company shall acquire, without consideration,
all of the Allotted Shares held by the Eligible Director at the relevant time as a matterof course.

The standard ratio of the performance-linked portion of monetary compensation (the sum of theperformance-linked basic compensation and extraordinary compensation) and stock-based
remuneration to total compensation for directors is approximately one-third, respectively.
In introducing stock-related remuneration, the Company will partially reduce monetarycompensation paid prior to the introduction based on a review of its level, and then pay therestricted-stock remuneration in the ratio shown above as a guideline.
As a result, the ratio of fixed compensation to performance-linked compensation (performancelinked monetary compensation and stock-based remuneration) in total compensation for directors isapproximately 1:2.

Remuneration of Directors serving as Board-Audit Committee members
The remuneration of directors serving as Board-Audit Committee members shall be within ¥300
million per annum (based on a resolution of the 43rd Annual General Meeting of Shareholders heldon June 16, 2015).
Note: The number of directors serving as Board-Audit Committee members as of the end of thisAnnual General Meeting of Shareholders mentioned above was four.
The remuneration of directors serving as Board-Audit Committee members is determined throughdiscussions between the Board-Audit Committee members. The remuneration of directors serving as
Board-Audit Committee members consists only of basic compensation excluding performancelinked portion, and there is no extraordinary compensation nor stock-based remuneration. The
remuneration system, which is not easily affected by the Company’s performance, ensures their4

independence to the Company’s management.
The Articles of Incorporation of the Company do not stipulate that decisions on the execution ofimportant business can be delegated to directors. Such decisions are made based on thoroughdiscussions by the Board of Directors, including independent directors serving as Board-Audit
Committee members. The level of remuneration for directors serving as Board-Audit Committee
members is set by taking into account their involvement in important management decision-making
and their duties of supervising business execution.
Remuneration of Corporate Officers and Partners
Remuneration of corporate officers and partners is determined by the Board of Directors based on
deliberations by the Nomination and Remuneration Committee, as in the case of directors (excludingdirectors serving as Board-Audit Committee members). Monetary remuneration of corporate officers
and partners consists of basic compensation and extraordinary compensation. The amount ofextraordinary compensation is determined by taking into account the Company’s business results
and fund performance and reflecting their respective degree of contributions, etc.
The Company also provides corporate officers restricted-stock remuneration with the similar details
as those for directors (excluding Board-Audit Committee members and independent directors) asstock-based remuneration.

Enacted as of May 8, 2020
Amended as of:
February 10, 2021

June 21, 2022

February 1, 2023

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