This document has been translated from the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail. The
Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages
arising from the translation.

Securities code: 2804
Date of announcement: June 5, 2024
Commencement date of measures for electronic provision: June 4, 2024
To Our Shareholders:Hisatoshi Ishigaki
Representative Director,
President and Executive Officer
BULL-DOG SAUCE CO., LTD.
11-5 Nihonbashi Kabutocho,
Chuo-ku, Tokyo, Japan

Notice ofthe 99th Annual General Meeting of Shareholders
Dear Shareholders:
We would like to express our appreciation for your continued support and patronage.
We hereby inform you that the 99th Annual General Meeting of Shareholders of BULL-DOG SAUCE
CO., LTD. (the “Company,” together with its subsidiaries, the “Group”) will be held as described below.
In convening this General Meeting of Shareholders, the Company has taken electronic provision
measures for information to be contained in the Reference Documents for the General Meeting of
Shareholders (electronic provision measures matters). The electronic provision measures matters areposted on the following websites on the Internet as “Notice of the 99th Annual General Meeting of
Shareholders.
The Company’s website: https://ir.bulldog.co.jp/ja/ir/stock/meeting.html* On the Company’s website shown above, please select “To Shareholders and Investors,” “Stockinformation” and “General Meeting of Shareholders” in this order from the front page to review the
information.
In addition to the website shown above, the electronic provision measures matters are posted on thefollowing website.
Tokyo Stock Exchange website (TSE website)
https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show* When viewing the information on the TSE website shown above, please access the website, enter theCompany’s name (BULL-DOG SAUCE) or its securities code (2804) to search, and select “Basic
information” and “Documents for public inspection/PR information” in this order to review the
information.
If you are unable to attend the meeting in person, you can exercise your voting rights via the Internet
or by mailing the “Voting Rights Exercise Form” enclosed herein. Please review the “Reference
Documents for the General Meeting of Shareholders” provided hereafter, and exercise your voting rights
by Tuesday, June 25, 2024 at 5:00 p.m. Japan time.

-1-1. Date and Time:

Wednesday, June 26, 2024 at 10:00 a.m. Japan time

2. Place:

Hall on the 4th floor, HALL & CONFERENCE, KABUTO ONE
7-1, Nihonbashi Kabutocho, Chuo-ku, Tokyo, Japan

3. Meeting Agenda:
Matters to be reported:1. The Business Report and the Consolidated Financial Statements for theCompany’s 99th Fiscal Year (April 1, 2023 - March 31, 2024) and theresults of audits by the Accounting Auditors and the Audit Committeeof the Consolidated Financial Statements
2. The Non-consolidated Financial Statements for the Company’s 99th
Fiscal Year (April 1, 2023 - March 31, 2024)
Proposals to be resolved:
Appropriation of Retained Earnings
Proposal 1:
Election of Four (4) Directors (Excluding Directors Who Are Audit
Proposal 2:
Committee Members)
Election of Three (3) Directors Who Are Audit Committee Members
Proposal 3:
Election of One (1) Substitute Director Who Is an Audit Committee Member
Proposal 4: When attending the meeting, please submit the enclosed Voting Rights Exercise Form at the reception
desk. If you are unable to attend the meeting in person, you can exercise your voting rights byappointing a proxy who is a shareholder with voting rights pursuant to provisions of the Articles ofIncorporation of the Company; provided, however, a document to prove such appointment of proxy (aletter of proxy) needs to be submitted.
 Should the electronic provision measures matters require revisions, we will notify to that effect, alongwith matters before and after the revisions, on the Company’s website and the TSE website on theInternet stated above.

-2-

Reference Documents for the General Meeting of Shareholders
Proposals and References
Proposal 1:

Appropriation of Retained Earnings

The year-end dividend for the fiscal year under review is proposed as follows, upon comprehensively
considering the basic policy of retaining appropriate internal reserves necessary for future businessdevelopment and continuous, mid- to long-term business growth, as well as maintaining continual andstable dividend payments, after taking into account operating results and financial standing of theCompany.
Items related to the year-end dividend
Type of dividend property:

Cash

Items related to the allocation ofdividend property to shareholders and its
total amount:¥18 per common share of the Company

Effective date of distribution of retained
earnings:

June 27, 2024

Total amount: ¥243,241,668
As a result, combined with the interim dividend
paid out in December 2023 (¥17 per share), theannual dividend will be ¥35 per share.

-3-

Proposal 2:

Election of Four (4) Directors (Excluding Directors Who Are Audit Committee Members)

The terms of office of all three (3) directors (excluding directors who are Audit Committee members; thesame shall apply hereinafter) will expire at the closing of this General Meeting of Shareholders. From theperspective of strengthening the functions of the Board of Directors, the Company proposes to increase
the number of directors by one (1), and accordingly, proposes the election of four (4) directors (including
one (1) outside director).
The Board of Directors decided on the candidates in this proposal upon the deliberations andsuggestions of the Nomination and Compensation Committee. The Audit Committee also reviewed thecandidates and confirmed that it has no particular comment as they have been selected appropriately inaccordance with the Company’s policy and criteria for selecting directors. The candidates for directors
are as follows.

No.

Name

Positions and responsibilities
at the Company

Attribute

Attendance atBoard of Directors
meetings1

Hisatoshi Ishigaki

Representative Director,
President and Executive Officer[Reappointment]

13/13(100%)

2

Masayuki Takechi[Reappointment]

10/10(100%)

3

Mai SaekiManaging Operating Officer[New appointment]—

Outside Director[Reappointment][Outside][Independent]

10/10(100%)

4

Shingo Miyazono

Reappointment:
New appointment:
Outside:Independent:

Director,
Managing Operating Officer

Candidate for reappointment as director
New candidate for director
Candidate for outside director
Candidate for independent director

-4-

No.

Name
(Date of birth)

Career summary, positions and responsibilities at the Company,
and significant concurrent positions
October 1978
April 2000
June 2000
April 2001

1

Hisatoshi Ishigaki(July 4, 1954)

September 2005
June 2008
June 2011
April 2017
April 2018

[Reappointment]

April 2019

Joined the Company
General Manager of Marketing OfficeDirector and General Manager of Marketing OfficeDirector and General Manager of Corporate
Planning OfficeDirector
Managing Director
Senior Managing Director
President and Representative Director
Representative Director, President and Executive
Officer
Representative Director, President and Executive
Officer, in charge of Quality Control Department
Representative Director, President andExecutive Officer (to present)

Number ofshares of theCompany held

35,200April 2020
[Attendance at Board of
Directors meetings][Significant concurrent positions]
13/13
Representative Director, Ikari Sauce Co., Ltd. (Slated to take office as(100%)
its Director in June 2024)

2[Reason for nomination as candidate for director]
Mr. Hisatoshi Ishigaki has served as Representative Director of Ikari Sauce Co., Ltd., a long-established sauce
manufacturer in the Kansai area that became the Company’s core subsidiary, from 2005 until 2023. Since April
2017, he has been overseeing the entire Group as the President and Representative Director of the Company andhas a wealth of experience and achievements as an executive of the Group. The Company believes that he issuitable as a director and has renominated him as a candidate for director.
April 1989
Joined the Company
April 2008
General Manager of Kanto Branch
April 2009
General Manager of Chain Stores Branch
April 2014
General Manager of Supermarkets Branch
April 2016
Executive Officer and General Manager of Tokyo
Metropolitan Area Sales Department
October 2019
President and Representative Director, SunfoodsCo., Ltd.
Masayuki Takechi
April 2023
Managing Operating Officer, the Company
1,200(January 1, 1965)
June 2023
Director and Managing Operating Officer (topresent)
April 2024
Chairman and Executive Officer, Ikari Sauce[Reappointment]
Co., Ltd. (to present)[Attendance at Board of [Significant concurrent positions]
Directors meetings] Chairman and Executive Officer, Ikari Sauce Co., Ltd. (Slated to take
10/10
office as its Representative Director, Chairman and Executive Officer(100%)
in June 2024)[Reason for nomination as candidate for director]
Mr. Masayuki Takechi has led a career mostly in the sales division since joining the Company, and was
appointed as an executive officer of the Company in April 2016. From October 2019 to March 2024, he has
worked on the development of internal systems and improvement of business performance of the Company’s
subsidiary Sunfoods Co., Ltd. as its President and Representative Director. He thus has experience andachievements as an executive. The Company therefore believes that he is suitable as a director, and has
renominated him as a candidate for director.

-5-

No.

Name
(Date of birth)

Career summary, positions and responsibilities at the Company,
and significant concurrent positions
April 1995
April 2019
April 2021
April 2023

Mai Saeki(April 5, 1971)

April 2024

Joined the Company
General Manager of Marketing Department
Executive Officer, in charge of Product Planning
Department and R&D Department
General Manager of Product Planning Department
Executive Officer, in charge of Corporate Planning
Office and Governance Office
General Manager of Corporate Planning Office andGeneral Manager of Governance Office
Managing Operating Officer, General Manager
of Corporate Planning Office (to present)

Number ofshares of theCompany held

2,000

[New appointment]

3[Significant concurrent positions]Executive Officer, Ikari Sauce Co., Ltd. (Slated to take office as its[Attendance at Board of
Directors meetings] Director and Executive Officer in June 2024)–[Reason for nomination as candidate director]
Ms. Mai Saeki has engaged mostly in R&D, product development and quality assurance operations sincejoining the Company, and has been in charge of Corporate Planning Office and Governance Office since April
2023. She promoted rebuilding of production systems, price revisions of our mainstay products, and the revampof regular sauce products for the first time in 54 years. She also fully demonstrated her capability in theformulation and implementation of marketing strategies aimed at gaining market recognition of the renewed
products. Moreover, she has been actively involved in administration and supervision of the overallmanagement of the Group. The Company therefore believes that she is suitable as a director, and has nominatedher as a candidate for director.

-6-

No.

Name
(Date of birth)

Career summary, positions and responsibilities at the Company,
and significant concurrent positions

Number ofshares of theCompany held

April 2001
December 2001

Joined Dialpad Japan, Inc.
Joined Shin Nihon & Co. (currently Ernst &Young ShinNihon LLC)
June 2003
Joined KPMG AZSA & Co. (currently KPMG
AZSA LLC)
April 2004
Registered as a certified public accountant
October 2005
Joined RISA Partners, Inc.
September 2007 Joined J-Will Partners Co., Ltd.
July 2009
Registered as a certified public tax accountant
Shingo Miyazono
April 2011
Opened Miyazono Accounting Office, Head (topresent)(February 5, 1979)
July 2013
Outside Auditor, astamuse Co., Ltd. (to present)[Reappointment]
April 2019
Outside Corporate Auditor, Nexus Co., Ltd. (topresent)[Outside]
September 2021 Outside Corporate Auditor, GROOVE, Inc. (to[Independent]
present)
February 2023 Outside Corporate Auditor, Naciel Holdings[Attendance at Board of
4Co., Ltd. (to present)
Directors meetings]
June 2023
Outside Director, the Company (to present)
10/10[Significant concurrent positions](100%)
Head, Miyazono Accounting Office[Years served as outside Outside Auditor, astamuse Co., Ltd.
director]
Outside Corporate Auditor, Nexus Co., Ltd.
1 yearOutside Corporate Auditor, GROOVE, Inc.
Outside Corporate Auditor, Naciel Holdings Co., Ltd.

100

[Reason for nomination as candidate for outside director and expected roles]
As a certified public accountant, Mr. Shingo Miyazono engages in financial auditing, financial due diligence,stock price calculation, and other responsibilities, and has a wealth of experience and expertise in such fields ascorporate accounting, M&As, and financing. Although he has never been involved in corporate management
other than by serving as an outsider director or an outside corporate auditor, he is expected to give advice andmake suggestions to the Company’s management based on his experience and expertise developed to date. The
Company therefore believes that he is suitable as a director, and has renominated him as a candidate for outside
director.

Notes: 1. There are no special interests between the candidates and the Company.
2. Mr. Shingo Miyazono is a candidate for outside director.
3. The Company has entered into a liability limitation agreement with Mr. Shingo Miyazono
based on Article 427, Paragraph 1 of the Companies Act to limit his liability for damages
under Article 423, Paragraph 1 of the same Act to the amount stipulated by laws andregulations. If he is reelected as an outside director, the Company plans to continue with thesaid liability limitation agreement with him.
4. The Company has entered into an indemnity agreement with Mr. Shingo Miyazono based on
Article 430-2, Paragraph 1 of the Companies Act. Under the agreement, the Company will
indemnify him for part of the costs under Item 1 and the losses under Item 2 of the same
paragraph, to the extent specified by laws and regulations. If he is reelected as an outside
director, the Company plans to continue with the said indemnity agreement with him.

-7-

5. Under Article 430-3, Paragraph 1 of the Companies Act, the Company has entered into a
directors and officers liability insurance contract with an insurance company, which covers
damages that may arise when the insured assumes liability for the execution of his or her
duties or receives a claim related to the pursuit of such liability. If the candidates are newly
elected or reelected, they will be insured by the said insurance contract. The Company plansto renew the insurance policy with the same terms and conditions when it expires.
6. As Mr. Shingo Miyazono meets the criteria for independent directors/auditors set forth by the
Tokyo Stock Exchange, the Company registered him as an independent director with the
Exchange. If his reelection is approved, the Company plans to register him again as anindependent director.

-8-

Proposal 3:

Election of Three (3) Directors Who Are Audit Committee Members

The terms of office of all three (3) directors who are Audit Committee members will expire at the closingof this General Meeting of Shareholders. Accordingly, the Company proposes the election of three (3)directors who are Audit Committee members.
The Audit Committee has agreed to the proposal.
The candidates for directors who are Audit Committee members are as follows.

No.

Name

Positions andresponsibilities
at the Company

1

Seiichiro Yamamoto

Director and Full-time
Audit Committee Member

2

Hiroyasu Ishikawa

Outside Director and Audit
Committee Member

3

Etsuko Nagashima

Outside Director and Audit
Committee Member

Reappointment:
Outside:Independent:

Attribute

Attendance atBoard ofDirectors
meetings

Attendance at
Audit
Committee
meetings[Reappointment]

13/13(100%)

14/14(100%)

13/13(100%)

14/14(100%)

13/13(100%)

14/14(100%)[Reappointment][Outside][Independent][Reappointment][Outside][Independent]

Candidate for reappointment as director who is an Audit Committee member
Candidate for outside director
Candidate for independent director

-9-

No.

Name
(Date of birth)

Career summary, positions and responsibilities at the Company,
and significant concurrent positions
April 1980
April 2001
April 2004
July 2007

Number ofshares of theCompany held

Joined the Company
General Manager of Chain Stores Branch
General Manager of Sales Department
Executive Officer and General Manager of Sales
Department
June 2008
Director and General Manager of Sales Department
April 2010
Director, General Manager of Marketing
Department and Chair of Special Sales Project
April 2013
Director, General Manager of Marketing
Department
and Special Sales Department
Seiichiro Yamamoto
June 2014
Managing Director, General Manager of Marketing(February 5, 1958)
Department and Special Sales Department
April 2016
Managing Director, in charge of R&D Department
28,156[Reappointment]
and General Manager of Marketing Department
and Business-use Sales Department
Director, Managing Operating Officer, in charge of[Attendance at Board of April 2018
1
R&D Department and General Manager of
Directors meetings]
Marketing Department
13/13 (100%)
June 2018
Managing Operating Officer, in charge of R&D
Department
and General Manager of Marketing[Attendance at Audit
Department
Committee meetings] April 2019
Managing Operating Officer, in charge of
14/14 (100%)Marketing Department and R&D Department
April 2020
Managing Operating Officer
June 2020
Director (Full-time Audit Committee Member)(to present)[Reason for nomination as candidate for director]
Mr. Seiichiro Yamamoto has successively held key positions in sales management, marketing and businessuse sales divisions, and has a broad work experience and knowledge through his engagement in general affairs
and R&D. He also has a wealth of experience as a director and executive officer. In light of these achievements,
the Company believes that he is suitable as a director who is an Audit Committee member and has renominatedhim as a candidate for director.

- 10 -

No.

Name(Date of birth)

Career summary, positions and responsibilities at the Company,
and significant concurrent positions
December 1984
April 1992
January 2000
May 2006
April 2007

Hiroyasu Ishikawa(June 22, 1959)[Reappointment][Outside][Independent]

June 2007
June 2015
June 2016

Number ofshares of theCompany held

Joined the Court
Registered as an attorney at law
Established Ishikawa Sogo Law Office
External Auditor, Treasure Factory Co., Ltd.
(to present)
Established Ark Law Office as Representative
attorney (to present)
Outside Auditor, the Company
Outside Director
Outside Director (Audit Committee Member)(to present)[Significant concurrent positions]
External Auditor, Treasure Factory Co., Ltd.
Representative attorney, Ark Law Office

16,900[Attendance at Board of
Directors meetings]
13/13 (100%)
2[Attendance at Audit
Committee meetings]
14/14 (100%)[Years served as outside
director]
9 years (of which, 8
years served as Audit
Committee member)[Reason for nomination as candidate for outside director and expected roles]
As an attorney at law, Mr. Hiroyasu Ishikawa has a wealth of expertise and experience in corporate legal affairs.
Although he has never been involved in corporate management other than by serving as an outside director oran outside corporate auditor, he is expected to give advice and make suggestions to the Company’s management
based on his high degree of expertise as an attorney at law. The Company believes that he is suitable as adirector who is an Audit Committee member and has renominated him as a candidate for outside director.

- 11 -

No.

Name(Date of birth)

Career summary, positions and responsibilities at the Company,
and significant concurrent positions
October 1978
July 1980
October 1982
June 1988

Etsuko Nagashima(August 23, 1954)[Reappointment][Outside][Independent]

April 2008
June 2015
June 2016
June 2019
June 2020
June 2021
June 2021

Joined Tohmatsu Awoki & Co. (currently Deloitte
Touche Tohmatsu LLC)
Joined Tsukeshiba CPA Accounting Office
Registered as a certified public accountant
Established Nagashima CPA Accounting Officeas Representative (to present)
Representative Partner of Veritas audit firm
Outside Auditor, the Company
Outside Director (Audit Committee member)(to present)
Outside Corporate Auditor, SUMITOMOBAKELITE CO., LTD.
Outside Auditor, FALCO HOLDINGS Co., Ltd.
Outside Director, FALCO HOLDINGS Co., Ltd.
Outside Director, SUMITOMO BAKELITE
CO., LTD. (to present)

Number ofshares of theCompany held

10,500[Attendance at Board of
Directors meetings]
13/13 (100%)3[Significant concurrent positions]Representative, Nagashima CPA Accounting Office[Attendance at Audit
Outside Director, SUMITOMO BAKELITE CO., LTD.
Committee meetings]
14/14 (100%)[Years served as outside
director]
8 years[Reason for nomination as candidate for outside director and expected roles]
As a certified public accountant, Ms. Etsuko Nagashima is well-versed in corporate accounting and has
considerable insight into finance and accounting. Although she has never been involved in corporate
management other than by serving as an outside director or an outside corporate auditor, she is expected to give
advice and make suggestions to the Company’s management based on her insight as a certified public
accountant and the experience gained through serving as an outside director or an outside corporate auditor atother companies. The Company believes that she is suitable as a director who is an Audit Committee member
and has renominated her as a candidate for outside director.

Notes: 1. There are no special interests between the candidates and the Company.
2. Mr. Hiroyasu Ishikawa and Ms. Etsuko Nagashima are candidates for outside director.
3. The Company has entered into a liability limitation agreement with each of Mr. Hiroyasu
Ishikawa and Ms. Etsuko Nagashima based on Article 427, Paragraph 1 of the Companies
Act to limit their liability for damages under Article 423, Paragraph 1 of the same Act to theamount stipulated by laws and regulations. If they are reelected as outside directors who are
Audit Committee members, the Company plans to continue with the said liability limitationagreements with them.
4. The Company has entered into an indemnity agreement with each of Mr. Hiroyasu Ishikawa
and Ms. Etsuko Nagashima based on Article 430-2, Paragraph 1 of the Companies Act. Under
the agreement, the Company will indemnify them for part of the costs under Item 1 and thelosses under Item 2 of the same paragraph, to the extent specified by laws and regulations. If- 12 -

they are reelected as outside directors, the Company plans to continue with the said
indemnity agreements with them.
5. The Company has entered into a directors and officers liability insurance contract with aninsurance company, which covers damages that may arise when the insured assumes liability
for the execution of his or her duties or receives a claim related to the pursuit of such liability.
If the candidates are reelected, they will be insured by the said insurance contract. The
Company plans to renew the insurance policy with the same terms and conditions when it
expires.
6. As Mr. Hiroyasu Ishikawa and Ms. Etsuko Nagashima meet the criteria for independent
directors/auditors set forth by the Tokyo Stock Exchange, the Company registered them as
independent directors with the Exchange. If their reelection is approved, the Company plansto register them again as independent directors.

- 13 -

Skills Matrix of the candidates for Director

Name

Hisatoshi
Ishigaki

Masayuki
TakechiPositions at
the Company

Independent

Representative
Director,
President andExecutive
Officer
Director andManaging
Operating
Officer

Mai SaekiManaging
Operating
Officer

ShingoMiyazono

Director

Director and
Full-time Audit
Committee
MemberDirector and
Audit
Hiroyasu
Ishikawa
Committee
MemberDirector and
Audit
EtsukoNagashima
Committee
MemberKnowledge, experience, skills, etc.

OutsideCorporate
management

Sales/
Marketing

○

○

○

○

Manufacturing/Production
technology

R&D

Legal affairs

○

○

○

○

○

Seiichiro
Yamamoto

Finance andaccounting

○

○

○

○

○

○

- 14 -

○

○

○

○

○

Sustainability/
ESG

○

○

Proposal 4:

Election of One (1) Substitute Director Who Is an Audit Committee Member

Mr. Kazuo Kunori was elected as a substitute director who is an Audit Committee member at the 98th
Ordinary General Meeting of Shareholders held on June 28, 2023. As the effectiveness of the election
will expire at the opening of this General Meeting of Shareholders, the Company proposes the priorelection of one (1) substitute director who is an Audit Committee member as a substitute for all directors
who are Audit Committee members. This is to prepare for the case where the number of directors who
are Audit Committee members falls below the number required by laws and regulations.
The Audit Committee has agreed to the proposal. The election may be cancelled by a resolution of
the Board of Directors with the consent of the Audit Committee, provided that it is before he takes office.
The candidate for a substitute director who is an Audit Committee member is as follows.
Name(Date of birth)

Career summary and significant concurrent positions
April 1974
July 2009
July 2014

Kazuo Kunori(January 8, 1956)

July 2015
August 2016
August 2016
June 2020

Number ofshares of theCompany held

Joined the National Tax Agency
District Director, Hagi Tax Office
Deputy Assistant Regional Commissioner (Special
Examiner), First Large Enterprise Examination
Department, Tokyo Regional Taxation Bureau
District Director, Kyobashi Tax Office
Registered as a certified public tax accountant
Established Kazuo Kunori Tax Accounting Firm,
Head (to present)
Outside Audit & Supervisory Board Member,
Impress Holdings, Inc. (to present)—[Reason for nomination as candidate for substitute outside director who is an Audit Committee member andexpected roles]
Mr. Kazuo Kunori has many years of experience in the fields of tax affairs and accounting, and is a certified
public tax accountant. He thus has considerable insight into finance and accounting. Although he has neverbeen involved in corporate management other than by serving as an outside corporate auditor, he is expected to
fully perform his role in the supervision of the Company’s management and other matters based on the above
expertise and experience. The Company has therefore nominated him as a candidate for substitute outside
director who is an Audit Committee member.

Notes: 1. There are no special interests between Mr. Kazuo Kunori and the Company.
2. Mr. Kazuo Kunori is a candidate for substitute outside director.
3. If Mr. Kazuo Kunori takes office as an outside director who is an Audit Committee member,the Company plans to enter into a liability limitation agreement with him based on Article
427, Paragraph 1 of the Companies Act. The agreement will limit his liability for damages
under Article 423, Paragraph 1 of the same Act to the amount stipulated by laws andregulations.
4. If Mr. Kazuo Kunori takes office as an outside director who is an Audit Committee member,the Company plans to enter into an indemnity agreement with him based on Article 430-2,
Paragraph 1 of the Companies Act. Under the agreement, the Company will indemnify him
for part of the costs under Item 1 and the losses under Item 2 of the same paragraph, to theextent specified by laws and regulations.

- 15 -

5. Under Article 430-3, Paragraph 1 of the Companies Act, the Company has entered into a
directors and officers liability insurance contract with an insurance company, which covers
damages that may arise when the insured assumes liability for the execution of his or her
duties or receives a claim related to the pursuit of such liability. If Mr. Kazuo Kunori takes
office as an outside director who is an Audit Committee member, he will be insured by thesaid insurance contract.
6. Mr. Kazuo Kunori meets the criteria for independent directors/auditors set forth by the Tokyo
Stock Exchange. If his election is approved and he takes office as an outside director who is
an Audit Committee member, the Company plans to register him as an independent director
with the Exchange.

- 16 -