June 10, 2020
To all concerned parties

Name of Company:
Stock Exchange Listing:Stock Code:
Representative
Contact Person

Phone:ASANUMA CORPORATIONTokyo Stock Exchange,First Section
1852
Title: Representative President
Name: Makoto Asanuma
Title: Executive Officer President's
Office Deputy Director andAccountants Manager andCorporate Communications
Manager
Name: Yoshimichi Yagi
+81-(0)6-6585-5500

Our View on the ISS Report
ASANUMA CORPORATION (Mr. Makoto Asanuma, President, hereinafter referred to as "the Company")has published a report that stated that Institutional Shareholder Services, Inc. (hereinafter referred to as "ISS")
endorsed the proposal of the Company's shareholders at the 85th Ordinary General Meeting of Shareholders,"Proposal 5: Appropriation of Retained Earnings " (hereinafter referred to as "the Proposal") The report issupplemented as follows.
Our Board of Directors' opinion on Proposal 5 is as described in the Notice of Convocation of the Ordinary
General Meeting of Shareholders. We would like our shareholders to understand our opinion on this Proposal by
our Board of Directors meeting. We would like to explain our opinion on this Report to our shareholders asfollows.
We look forward to the continued understanding of our shareholders.

1. Outline of ISS Report
Proposal 5, " Appropriation of Retained Earnings "ISS recommends the Proposal that, given our holdings of cash and investment securities, additional
dividend payments are feasible without affecting the financial condition of the Company.
2. Our view
Proposal 5, " Appropriation of Retained Earnings "Our basic policy on shareholders’ returns is to return profits to shareholders as our most important policy.
To realize this policy, we strive to maintain and strengthen the company's competitiveness whiledeveloping new technologies necessary for future business development, and to distribute profits based on
business results.

Due to worsening business performance, we have not paid a dividend for three consecutive fiscal years
since the fiscal year ended March 31, 2012. However, we have decided to resume dividend payments inthe fiscal year ended March 31, 2015, and announced that in May 2019, we will pay a consolidated
dividend payout ratio of 30% or more for the fiscal year ended March 31, 2019 and a consolidated
dividend payout ratio of 40% or more for the fiscal year ended March 31, 2020, and 50% or more for thefiscal year ending March 31, 2021 as the dividend policy for the three-year medium-term plan (from thefiscal year ended March 31, 2019 to the fiscal year ending March 31, 2021).
In accordance with this dividend policy, the Company paid a dividend of ¥153 per share, for a
consolidated payout ratio of 30.3%, for the fiscal year ended March 31, 2019. The Company will submit a
proposal to the 85th Ordinary General Meeting of Shareholders to be held in June 2020, for a consolidated
dividend payout ratio of 40.5% and ¥216 per share for the fiscal year ended March 31, 2020.
For the fiscal year ending March 31, 2021, we intend to maintain a consolidated dividend payout ratio of
50% or more. However, at this point in time, the impact of COVID-19 on business performance isuncertain, and the dividend per share has not been determined yet.
With regard to the utilization of funds after the payment of dividends arising from the funds we hold andour annual profits, the three-year medium-term plan states that "20 billion yen will be invested over three
years in technology research, ICT-related investment, concession business and overseas expansion
investment, and cash payments to partner companies." We believe that the use of these funds willcontribute to the stable growth of business performance and is indispensable for continuously returning
profits to shareholders.
In the fiscal year ended March 31, 2019 and the fiscal year ended March 31, 2020, we will invest
approximately 15 billion yen for the purpose of using these funds. In the fiscal year ending March 31,
2021, which is the final year of the three-year medium-term plan, we will determine the amount to beinvested while assessing the impact of COVID-19.

Accordingly, the Company believes that this proposal, which requires a 100% dividend of net income,is inconsistent with the basic policy for shareholder returns and measures to utilize funds
indispensable for sustainable growth, and does not contribute to the enhancement of our corporate
value.