Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

Securities Code: 2153
August 10, 2022
To our shareholders:
Yuji Kotani, President
E・J Holdings Inc.
3-1-21, Tsushima-Kyomachi, Kita-ku,
Okayama City, Okayama, Japan

Notice of the 15th Annual General Meeting of Shareholders
We are pleased to announce the 15th Annual General Meeting of Shareholders of E・J Holdings Inc. (the“Company”), which will be held as indicated below.
In order to prevent the spread of COVID-19, we request that you refrain from coming to the venue andexercise your voting rights in advance in writing (by postal mail) or via the internet, etc. if at all possible.
Please review the attached “Reference Documents for the General Meeting of Shareholders” and exercise
your voting rights according to the “Exercise of your voting rights” (in Japanese only) no later than 5:00
p.m., on Thursday, August 25, 2022 (JST).
1. Date and Time: Friday, August 26, 2022 at 10:00 a.m. (JST)
2. Venue:Phoenix Room, 4th Floor, Hotel Granvia Okayama
1-5, Ekimotomachi, Kita-ku, Okayama City
3. Purpose of the Meeting
Matters to be reported:(1) Business Report and Consolidated Financial Statements for the 15th Fiscal Year (June 1, 2021 toMay 31, 2022), and reports of the results of audits of the Consolidated Financial Statements by theFinancial Auditor and the Audit & Supervisory Board(2) Non-consolidated Financial Statements for the 15th Fiscal Year (June 1, 2021 to May 31, 2022)
Matters to be resolved:
Proposal No. 1
Appropriation of Surplus
Proposal No. 2Amendments to the Articles of Incorporation- If you are attending the meeting in person, please submit the enclosed voting form at the venue reception.
- Among the documents to be provided in this notice, the following items are posted on the Company’s website (these items
posted on the Company’s website are Japanese version only) in accordance with the laws and regulations and Article 18 of
the Articles of Incorporation of the Company. Accordingly, the documents attached to this notice do not include these items.
(i) Notes to the Consolidated Financial Statements(ii) Notes to the Non-consolidated Financial Statements
The Consolidated Financial Statements and the Non-consolidated Financial Statements stated in the documents attached tothis notice are a part of the Consolidated Financial Statements and the Non-consolidated Financial Statements audited by theFinancial Auditor and the Audit & Supervisory Board Members in preparing their respective audit reports.
- If any amendments are made to the Reference Documents for the General Meeting of Shareholders, the Business Report, theConsolidated Financial Statements, or the Non-consolidated Financial Statements, such amendments will be posted on theCompany’s website.

The Company’s website: https://www.ej-hds.co.jp (available in Japanese only)-1-Reference Documents for the General Meeting of Shareholders
Proposals and Reference Information
Proposal No. 1

Appropriation of Surplus

The Company has given consideration to matters including its business performance during the fiscal year
under review and its future business development, and it proposes to pay a year-end dividend as follows:
1.
2.

3.
4.

Type of dividend property
Cash
Allotment of dividend property to shareholders and aggregate amount thereof(i) ¥43 per common share of the Company(ii) Total payment: ¥691,366,599
Effective date of dividends of surplus
August 29, 2022
Policy on decisions on dividends and other appropriation of surplus
The Company considers the return of profits to shareholders as one of management’s top priorities, andunder this policy, pays dividends based on business performance, acquires own shares, etc. For thepayment of dividends based on business performance, the Company’s basic policy is to pay stable andcontinuous dividends, and it takes into consideration the consolidated performance forecast, dividend
payout ratio and consolidated dividend on equity ratio (DOE) as well as the demand for funds necessary
for investment, etc. to enhance corporate value and the maintenance of financial constitution.
The Company has a basic policy of paying dividends of surplus once a year with year-end dividends.
The bodies responsible for determining dividends are the Board of Directors for the interim dividend,
and the General Meeting of Shareholders for the year-end dividend.

-2-Proposal No. 2Amendments to the Articles of Incorporation1.

Reason for the amendments
Since the revised provisions provided for in the proviso to Article 1 of the Supplementary Provisions ofthe Act Partially Amending the Companies Act (Act No. 70 of 2019) are to be enforced on September 1,2022, the Company proposes to make the following changes to its Articles of Incorporation in preparation
for the introduction of the system for providing informational materials for the general meeting ofshareholders in electronic format.
(1) Article 18, paragraph 1 in “Proposed Amendments” below will stipulate that the Company shall takemeasures for providing information that constitutes the content of reference documents for the general
meeting of shareholders, etc. in electronic format.
(2) Article 18, paragraph 2 in “Proposed Amendments” below will establish the provision to limit thescope of the items to be stated in the paper-based documents to be delivered to shareholders whorequested the delivery of paper-based documents.
(3) Since the provisions for Internet Disclosure and Deemed Provision of Reference Documents for theGeneral Meeting of Shareholders, Etc. (Article 18 of the current Articles of Incorporation) will nolonger be required, they will be deleted.
(4) Accompanying the aforementioned establishment and deletion of provisions, supplementaryprovisions regarding the effective date, etc. will be established.

2.

Details of the amendments
The details of the amendments are as follows:(The amended portions have been underlined)
Proposed Amendments

Current Articles of Incorporation

Article 18. (Internet Disclosure and Deemed Provision of(Deleted)
Reference Documents for the General Meeting ofShareholders, Etc.)
When the Company convenes a general meeting ofshareholders, if it discloses information that is to be statedor presented in the reference documents for the general
meeting of shareholders, financial statements, consolidated
financial statements and business report through the internet
in accordance with the provisions prescribed by theMinistry of Justice Order, it may be deemed that theCompany has provided this information to shareholders.
(Newly established)
Article 18. (Measures, etc. for Providing Information inElectronic Format)
1. When the Company convenes a general meeting ofshareholders, it shall take measures for providing
information that constitutes the content of reference
documents for the general meeting of shareholders, etc.
in electronic format.
2. Among items for which the measures for providing
information in electronic format will be taken, theCompany may exclude all or some of those items
designated by the Ministry of Justice Order fromstatements in the paper-based documents to be delivered
to shareholders who requested the delivery of paperbased documents by the record date of voting rights.

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Current Articles of Incorporation(Newly established)

Proposed Amendments(Supplementary Provisions)
Article 1.
1. The deletion of Article 18 (Internet Disclosure andDeemed Provision of Reference Documents for theGeneral Meeting of Shareholders, Etc.) in the preamended Articles of Incorporation and the establishmentof Article 18 (Measures, etc. for Providing Information
in Electronic Format) in the amended Articles ofIncorporation shall be effective from September 1, 2022,
which is the date of enforcement of the revised
provisions provided for in the proviso to Article 1 of theSupplementary Provisions of the Act Partially Amending
the Companies Act (Act No. 70 of 2019) (hereinafterreferred to as the “Date of Enforcement”).
2. Notwithstanding the provision of the preceding
paragraph, Article 18 of the pre-amended Articles ofIncorporation (Internet Disclosure and Deemed
Provision of Reference Documents for the General
Meeting of Shareholders, Etc.) shall remain effective
regarding any general meeting of shareholders held on adate within six months from the Date of Enforcement.
3. These Supplementary Provisions shall be deleted on thedate when six months have elapsed from the Date ofEnforcement or three months have elapsed from the dateof the general meeting of shareholders in the preceding
paragraph, whichever is later.

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