Independence of outside directors and reasons for appointment

Name	Reason for Nomination	Meeting attendance in FY03/2024 (Meetings attended/meetings conducted)	Significant concurrent positions (As of June 18, 2024)
Masaaki Sawano	He has been appointed as an outside director as he is expected to provide appropriate advice regarding the management of the Company and on the grounds that he is deeply familiar with corporate legal work as a lawyer and has sufficient insight to supervise corporate management. In addition, it has been deemed that he has no material conflict of interest with the Company and that no conflict of interest will arise with general shareholders.	Board of Directors 16/16 Governance Committee 6/6	Partner of CITY-YUWA PARTNERS Member of Advisory Council on Fundamental Issues in Corporate Management of Urban Renaissance Agency Chairman of Advisory Council on Fundamental Issues in Corporate Management and Rent Council of Urban Renaissance Agency Member of Business Evaluation Monitoring Committee of Urban Renaissance Agency Outside Auditor of Japan Federation of Certified Public Tax Accountants’ Associations Member of Kanto Regional Government Asset Council, Kanto Local Finance Bureau, Ministry of Finance Chairperson of Tokyo Metropolitan Government Election Administration Commission Outside Auditor of JS Corporation
Hiromasa Suzuki	He has been appointed as an outside director based on his many years of involvement in the management of a company and his wealth of experience in group management as a top executive of a company, which involved orchestrating the establishment of a company. As an outside director, he is expected to provide appropriate advice regarding the management of the Company. In addition, it has been deemed that he has no material conflict of interest with the Company and that no conflict of interest will arise with general shareholders.	Board of Directors 16/16 Governance Committee 6/6	Outside Director of Nitta Gelatin Inc.
Hiroko Noda	She has been appointed as an outside director based on her knowledge, experience, and abilities as a certified public accountant as well as her sufficient expertise in management gained through her years of experience as an outside director and a management consultant. As an outside director, she is expected to provide appropriate advice to the Company’s management. In addition, it has been deemed that she has no material conflict of interest with the Company and that no conflict of interest will arise with general shareholders.	Board of Directors 16/16	Representative of Noda Certified Public Accountant Office Representative Director of Probity Consulting Co., Ltd. Part-time lecturer, Graduate School of Asian and International Business Strategy, Asia University External Director (Audit and Supervisory Committee Member) of MODEC, Inc. Outside Director (Audit & Supervisory Committee Member) of Okabe Co., Ltd. Outside Director of S.T. CORPORATION