Note: This document has been translated from 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.

January 17, 2024
Company name:Name of representative:

Inquiries:

Hakudo Co., Ltd.
Koji Tsunoda, President(Securities code: 7637;
Prime Market of the Tokyo StockExchange)
Makoto Sekihama,Executive General Manager
Corporate Administration Division(Telephone: +81-3-6212-2811)

Notice Concerning Changes to Shareholder Benefit Plan
Hakudo Co., Ltd. (the “Company”) hereby announces the Board of Directors' meeting held today resolved tochange the subject record date to coincide with the Company's fiscal year end as follows.
There are no changes other than the subject record date.
1.

Change in Shareholder Benefit Plan
(1) Details
Before change
Shareholders holding three units (300 shares)
or more listed or recorded in the Company's
shareholder registry as of the end of
September each year are eligible for theshareholder benefit.

After change
Shareholders holding three units (300 shares)
or more listed or recorded in the Company's
shareholder registry as of the end of Marcheach year are eligible for the shareholder
benefit.

(2) Next shareholder special benefit
Shareholder benefit will be applied to shareholders holding three units (300 shares) or more listed orrecorded in the Company's shareholder registry as of the end of March 2024.
2.

Details of Shareholder Benefit Plan (after change)(1) Scope of shareholders
Shareholders holding three units (300 shares) or more listed or recorded in the Company's shareholder
registry as of the end of March each year are eligible for the shareholder benefit.
Eligible shareholders will be sent "Guide to Hakudo Premium Benefits Club" which includes
information on how to exchange products and how to register on a special website for shareholders
only. By registering on the special website in accordance with the information provided, shareholders
can receive preferential treatment according to the number of points acquired. Shareholders who areunable to register online can apply by phone, but please note that there is a limit to the products that canbe selected.
(2) Details of the shareholder benefit plan and timing of presentation
Points are awarded according to the number of shares held by eligible shareholders.
The points can be exchanged for more than 5,000 carefully selected products on the Hakudo Premium
Benefits Club, a special website for shareholders only, or exchanged for "WILLs Coin" a commonshareholder benefit coin that can be combined with benefit points from other Premium Benefits Club
companies. You can also donate to social contribution activities.

1

Shareholder Benefit Point Chart (1 point ≒ 1 yen)
Number of shares heldAwarded points
Less than 300 shares
0 points
3,000 points
300～399 shares
5,000points
400～499 shares
10,000points
500～599 shares
20,000points
600～999 shares
30,000points
1,000～1,999 shares
40,000points
2,000～2,999 shares
More than 3,000 shares
50,000points

Timing of grant－May of each year

(3) About the points awarded
Points can be carried over to the next fiscal year.
The condition for carrying over points is that the same shareholder number is recorded in theshareholder registry as of the end of March.
If the shareholder's number is changed before the vesting date in March of the following year due tosale, transfer to a person other than the shareholder, inheritance, etc., the points will be forfeited andcannot be carried over.
(4) OtherThe Hakudo Premium Benefits Club, a special website exclusively for the Company's shareholders, isscheduled to be launched in May 2024.
Details of the shareholder benefit products, the start date for accepting shareholder benefit applications,and other details will be announced at (https://hakudo.premium-yutaiclub.jp/) as soon as they aredetermined.
In addition, a call center for the special website is scheduled to open in May 2024.
We will also announce the opening date and contact information on our official website(https://www.hakudo.co.jp) as soon as they are determined.

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