開示日時：2022/06/06 08:00:00
損益
| 決算期 | 売上高 | 営業益 | 経常益 | EPS |
| 2018.03 | 137,038 | 14,271 | 13,773 | -11.51 |
| 2019.03 | 203,253 | 25,694 | 22,720 | 20.84 |
| 2020.03 | 279,082 | 52,334 | 52,093 | 32.82 |
| 2021.03 | 415,886 | 75,950 | 75,435 | 40.12 |
※金額の単位は［万円］
株価
| 前日終値 | 50日平均 | 200日平均 | 実績PER | 予想PER |
| 2,420.0 | 2,981.84 | 3,596.335 | 58.25 | – |
※金額の単位は［円］
キャッシュフロー
| 決算期 | フリーCF | 営業CF |
| 2018.03 | -40,006 | -19,748 |
| 2019.03 | -3,137 | 48,001 |
| 2020.03 | 10,853 | 71,518 |
| 2021.03 | 24,584 | 91,397 |
※金額の単位は［万円］
▼テキスト箇所の抽出
TRANSLATION, For Your Reference Purpose Only This English version is a translation of a part of the original Japanese document and provided for reference purposes only. In cases of any discrepancy between this English translation and the Japanese original version, the Japanese original version shall prevail. NOTICE OF THE 16th ANNUAL GENERAL SHAREHOLDERS’ MEETING To Shareholders with Voting Rights: (Security Code 4436) June 7, 2022 KEN URYU President and CEO, Representative Director MINKABU THE INFONOID, Inc. 1-8-10 Kudankita Chiyoda-ku, Tokyo 102-0073, Japan Dear Shareholders: You are hereby notified of the 16th Annual General Meeting of Shareholders (“the Meeting”) of MINKABU THE INFONOID, Inc. (“the Company”), to be held as described below. If you will not attend the Meeting, you may exercise your voting rights via the internet, or in writing by submitting the Voting Rights Exercise Form. Please refer to the documents for the Meeting (described hereinafter) and exercise your voting rights by JST 17:00, Thursday, June 23, 2022. 【Please refrain from coming to the venue on the day of the meeting.】 In order to prevent the spread of COVID-19, please consider refraining from attending at the meeting to avoid infection. A shareholder meeting could become an infection cluster for the disease because it is a place where many shareholders gather. The Company recommend exercising your voting rights via the internet more than by mail. If you exercise your voting rights in writing, please return the voting form well in advance of the deadline as there is a possibility that the form may not arrive before the deadline due to the increased of delivery days for regular mail starting in October 2021. 【Disclosure of Notice of Convocation prior to Dispatch】 The contents of this convocation notice have been posted on the Company’s website (https://minkabu.co.jp/ir) prior to the dispatch in order to provide early information. 1. Date and Time: 2. Venue: 3. Meeting Agenda: Matters to be Reported Friday, June 24, 2022 at 10:00 a.m. (JST) Kudan Building, BELLESALLE Kudan (Tokyo, Japan) 1. Business Report and Consolidated Financial Statements for the 16th Fiscal Year (from April 1, 2021 to March 31, 2022), and the Audit Report for the Consolidated Financial Statements of Independent Auditor and Audit and Supervisory Committee 2. Non-consolidated Financial Statements for the 16th Fiscal Year (from April 1, 2021 to March 31, 2022) Proposals to be Resolved: Proposal 1: Partial amendment on the Articles of Incorporation Proposal 2: Election of seven (7) Directors of the Board (excluding directors who are Audit and Supervisory Committee Members) Proposal 3: Election of one (1) Director of the Board who is Audit and Supervisory Committee Member Proposal 4: Election of one (1) Alternative Director of the Board who is Audit and Supervisory Committee Member Proposal 5: Revision of Amount of Remuneration for Directors of the Board (excluding directors who are Audit and Supervisory Committee Members) Notes: Any amendments to the Business Report, Financial Statements, Consolidated Financial Statements, or Reference Materials for the General Shareholders Meeting will be posted on the Company’s website (https://minkabu.co.jp/ir). Pursuant to provision of laws and regulations as well as Article 14 of the Articles of Incorporation of the Company, the following information is posted on the Company’s website (https://minkabu.co.jp/ir), it is not included in this Notice of Convocation. Accordingly, this Appendix presents a part of those audited by the Audit and Supervisory Committee Members and Accounting Auditor when they prepared the Audit and Supervisory Committee’s Audit Report and Accounting Auditor’s Audit Report, respectively. a) Stock Acquisition Rights of the Company (Business Report) b) Consolidated Statement of Changes in Net Assets/Notes (Consolidated Financial Statements) c) Statement of Shareholders’ Equity/Notes (Financial Statements) After the close of the Meeting, the voting results will be posted on the Company’s website (https://minkabu.co.jp/ir), in lieu of sending a written notice to shareholders. In order to prevent infection and spread of the COVID-19 and to ensure social distance, the number of seats in the meeting room has been reduced. We strongly request shareholders refrain from attending the Meeting in person, and sincerely request to exercise your voting rights via internet, or in writing by submitting the Voting Rights Exercise Form. Shareholders attending the Meeting are requested to confirm the prevalence of the new coronavirus at the time of the Meeting and their physical condition, and to wear masks and to disinfect with alcohol, even if you have been vaccinated against the new coronavirus. Thank you for your understanding that there is no souvenir to any attendance to the Meeting. － 1 － Invitation to live streaming of the General Meeting of Shareholders In order to prevent the spread of COVID-19 infection, please consider refraining from coming to this Meeting. However, the Company understands the General Meeting of Shareholders is an important opportunity of contact with shareholders, and therefore the Company will broadcast a live streaming of the Meeting. The live streaming can be viewed via the “Sharely” which is a virtual shareholder meeting support service. Please note that however, you cannot vote your rights through this live streaming and therefore, shareholders who may file motions or ask questions are requested to attend the meeting. Please note that you can submit your questions prior to the Meeting through the “Sharely”. For the sake of smooth operations, the number of questions will be limited to two (2) per person and will be limited to 5 p.m. on Thursday, June 23, 2022, the day before the Meeting. We will try to answer your questions at the Meeting as many as possible, but please be aware that due to operational constraints, we may not be able to answer all of your questions. 【Streaming web-site】 A virtual shareholder meeting support service “Sharely” https://web.sharely.app/login/minkabu-16 【Date and time of release】 *The shareholders’ meeting will begin at 10:00 a.m.. You can access the website 30 minutes prior to the start of the Friday, June 24, 2022, at 10 a.m. meeting. 【Period for accepting questions】 Wednesday, June 8, 2022 at 9 a.m. to Thursday, June 23, 2022 at 5 p.m. 【Help Desk】 03-6416-5287 (Domestic area only) *Office hours: 9:00 a.m. to 11:00 a.m.(JST) on Friday, June 24, 2022. － 2 － TRANSLATION, For Your Reference Purpose Only Proposal 1: Reference Material for the Annual Shareholders Meeting Partial amendment on the Articles of Incorporation 1. Reason of the Proposal (1) The Company proposes to add items to the Article 2 “Purpose” of the current Article of Incorporation in order to clarify the business contents of the Company and its subsidiaries (correctively referred to as “the Group”) in line with the current status, and to respond to the diversification of business in the future. (2) The amended provision stipulated in the supplementary provision of Article 1 of the Act Partial Amending the Companies Act (Act No. 70 of 2019) will be enforced on September 1, 2022, and in accordance with the electronic provision measures for reference documents for the general meetings of shareholders, the Company proposes that provision of the Article of Incorporation of the Company be amended as follows. (a) Article 14 (Measures, etc. for Providing Information in Electronic Format), paragraph 1 in the proposed amendments will be newly established to stipulate that the Company shall take measures for providing information that constitutes the content of reference documents for the General Meeting of Shareholders, etc. in electronic format. (b) Article 14 (Measures, etc. for Providing Information in Electronic Format), paragraph 2 in the proposed amendments will be newly established to enable limiting of the scope of the items to be stated in paper-based documents delivered to shareholders who requested the delivery of paper-based documents, among the items of information that constitutes the content of reference documents for the General Meeting of Shareholders, etc. to be provided in electronic format, to the scope stipulated by the regulations of Ministry of Justice. (c) Since the provisions for Article 14 (Internet Disclosure and Deemed Provision of Reference Documents for the General Meeting of Shareholders, etc.) of the current Articles of Incorporation will no longer be required after the introduction of the system for provision of information materials for the General Meeting of Shareholders in electronic format, it is to be deleted. (i) Supplementary provisions will be provided regarding the effective date, etc. of the aforementioned establishment and deletion of provisions. These supplementary provisions will be deleted after their expiration date. (3) In order to reinforce the Company’s management to meet the business expansion of the Group, the Company proposes to increase in the maximum number of directors of the Board (excluding directors who are Audit and Supervisory Committee Members) from five (5) to ten (10), which determined by the Article 17 “Number of Directors” on the current Article of Incorporation. (4) As the Company has not determined the effective period of resolution of the Alternative Director of the Board who is Audit and Supervisory Committee Member, it is not matched with the terms of Director who is Audit and Supervisory Committee Member. In order to align the effective period of resolution of the Alternative Director of the Board who is Audit and Supervisory Committee Member with the terms of Director who is Audit and Supervisory Committee Member, the Company proposes to add, paragraph 4 to the Article 19 (Term of Office). 2. Contents of the Amendments Details of the proposed amendments are as follows: Current Article 2. Purpose Proposed Amendments (Amended parts are underlined.) The purpose of the Company shall be to engage in the following businesses. (1) Information processing services and information provision services (2) Planning, development, design, (2) Planning, development, design, manufacturing, manufacturing, sales, leasing and sales, maintenance, operation, leasing and import/export of computers, peripheral and import/export of computers, peripheral and related related equipment, and software thereof equipment, and software thereof (3) Mail order sales and intermediary services (4) Sales of information media for advertising － 3 － and promotion (5) Planning, production, and advertising agency services related to advertising, publicity, and videos (6) Planning, production and sales of books, magazines, and other printed and electronic publications (7) Event planning and management services (8) Consulting and research services (9) Acquisition of copyrights, neighboring rights, design rights, trademark rights, and industrial property rights, and their management and operation (10) Investment, holding, purchase and sale of securities, purchase and sale, exchange and lease of real estate, and brokerage, ownership, management, and use of each real estate (11) Businesses related to non-life insurance agency and life insurance solicitation; (12) Services related to financial instrument (12) Services related to financial instrument intermediation intermediation, and financial service intermediation (13) Businesses related to investment (13) Businesses related to investment management management of financial instruments of financial instruments (14) Business related to investment advisory and (15) Business related to sales, exchange, and leasing of real properties, as well as mediating as an agent, ownership, management, and use of the agency property. (16) Services related to computer system, and software (blockchain technology, including Non-(17) Business related to telecommunication Fungible Token etc.) business (18) Services related to electronic settlement agency (14) Businesses related to worker dispatching (19) Businesses related to worker dispatching and and fee-charging job placement fee-charging job placement (15) Businesses related to the operation of call centers, and (20) Services related to outsourcing of various types of business operations of companies, etc. (16) All businesses incidental and related to (21) All businesses incidental and related to each of each of the preceding items the preceding items Article 14. Internet Disclosure and Deemed Provision of Reference Documents for the General Meeting of Shareholders, etc. The Company may, in connection with the convocation of a general meeting of shareholders, be deemed to have provided to its shareholders information concerning matters to be stated or indicated in the reference documents for the general meeting of shareholders, business report, financial － 4 － TRANSLATION, For Your Reference Purpose Only statements and consolidated financial statements by disclosing such information by means of the Internet in accordance with the applicable Ordinance of the Ministry of Justice. Article 14． Measures, etc. for Providing Information in Electronic Format. 1. When convening a general meeting of Shareholders, the Company 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, the Company may exclude all or some of those items designated by the regulations of Ministry of Justice from statements in the paper-based documents to be delivered to shareholders who requested the delivery of paper-based documents by the record date of voting rights. Article 17. Number of Directors Article 17. Number of Directors 1. The Company shall have no less than one The Company shall have no less than one (1) and no (1) and no more than five (5) directors more than ten (10) directors (excluding those who (excluding those who are members of the are members of the Audit & Supervisory Audit & Supervisory Committee) Committee) 2. The Company shall have no more than five (5) directors who are members of the Audit & Supervisory Committee. Article 19. Term of Office 2. The term of office of directors who are 3. The term of office of a director elected to fill 1. The term of office of directors (excluding those who are members of the Audit & Supervisory Committee) shall expire at the conclusion of the Ordinary General Meeting of Shareholders relating to the last fiscal year ending within one (1) year after their election. members of the Audit & Supervisory Committee shall expire at the conclusion of the Ordinary General Meeting of Shareholders relating to the last fiscal year ending within two (2) year after their election. the vacancy of a director who retires before the expiration of his/her term of office or by increasing the number of directors shall expire when the term of office of the retiring director or other directors in office expires. 4. The effective period of resolution of election of alternative directors who are member of the Audit & Supervisory Committee shall expire at the start of the Annual General Meeting of shareholders for the last business year that ends within two (2) years from the election. (Supplementary Provisions) Transitional Measures concerning Provision of Information contained in the Reference Documents for the General Meeting of Shareholders and related － 5 － documents in Electronic Format Article 1. The proposed deletion of Article 14 of the pre-amended Articles of Incorporation (Internet Disclosure and Deemed Provision of Reference Documents for the General Meeting of Shareholders, etc.) of the current Articles of Incorporation and the proposed establishment of Article 14 (Measures, etc. for Providing Information in Electronic Format) of the amended Articles on Incorporation shall take effect on and from September a, 2022. Article 2. Notwithstanding the provision of the preceding paragraph, Article 14 of the current Articles of Incorporation (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 a date within six (6) months from the Date of Enforcement. Article 3. These Supplementary Provisions shall be deleted on the date when six (6) months have elapsed from the Date of Enforcement or three (3) months have elapsed from the date of the general meeting of shareholders in the preceding paragraph, whichever is later. Proposal 2: Committee Members) Election of seven (7) Directors of the Board (excluding directors who are Audit and Supervisory The term of the current five (5) directors expires at the conclusion of this Meeting. In order to strengthen the management system with the aim of expanding the Company’s business and creating a foundation of sustainable growth, the Company requests shareholders to re-elect five (5) current directors and to add two (2) outside directors, for a total of seven (7) directors excluding directors serving on the Audit and Supervisory Committee, in accordance with the decision of the Nomination Committee. This proposal shall take effect subject to the proposal 1 “Partial amendment on the Articles of Incorporation” are approved as proposed, and take effect amendment on the Article of Incorporation. Audit and Supervisory Committee of the Company has determined all candidates are qualified. Candidates for director (excluding directors serving on the Audit and Supervisory Committee) are as follows: Name (Date of Birth) 1 Ken Uryu (Oct 30, 1974) (renomination) 2 Masakatsu Saito (May 13, 1966) (renomination) # of Co’s shares held 1,245,000 3,149 Career summary, positions, responsibilities and material concurrent positions Jul 1997 NTT DOCOMO, Inc. Oct 2000 Merrill Lynch (Japan) Jan 2003 Goldman Sachs (Japan) Oct 2005 Advisor, Goldman Sachs (Japan) Jul 2006 Founder, President and Representative Director, Masstune, Inc. (current Company) June 2020 Director, AlpacaJapan Co.,Ltd. (current) Jun 2021 Representative Director & CEO (current) May 2022 Director, MINKABU WEB3 WALLET, Inc. (current) Apr 1989 Nomura System Services Co.,Ltd. Aug 1993 Dai-Ichi Securities Co., Ltd. Oct 1998 ITOCHU Corporation Jun 1999 Japan Online Securities Co., Ltd. Apr 2001 au Kabucom Securities Co., Ltd. (kabu.com Securities Co., Ltd.) May 2002 COO Jun 2003 Representative Executive Officer＆COO Jun 2004 President and CEO Jun 2005 Director, President & CEO Dec 2019 Representative Director and President Apr 2021 Adviser May 2021 MINKABU THE INFONOID, Inc. － 6 － TRANSLATION, For Your Reference Purpose Only 3 4 May 2021 Senior Executive Officer Jun 2021 Senior Executive Vice President &COO (current) Jun 2021 Executive Officers, Japan Association of New Economy (current) Sep 2021 Representative Director, MINKABU ASSET PARTNERS, Inc. (current) Apr 2022 Director, Prop Tech plus, Inc. (current) Apr 2022 Director, Japan Digital Space Economy Federation (current) May 2022 Chairman of the board &CEO, MINKABU WEB3 WALLET, Inc. (current) Masayuki Ban (Jul 12, 1977) (renomination) Apr 2001 SCSK Corporation Oct 2005 CSK Securities Apr 2015 MINKABU, Inc. (current Company) Oct 2017 Director (current) Jul 2020 Director, Robot Fund Co., Ltd. (current) Ryutaro Takada (Mar 7, 1975) (renomination) 5 Kiyoshi Noma (Feb 27, 1962) (renomination) 6 Makoto Sumita (Jan 6, 1954) (new nomination) Oct 1998 Hamahira Tax & Accounting Office Jan 2002 Square Co., Ltd Apr 2003 Square-Enix Holding Co., Ltd May2012 GM of Admin & Corporate Planning Division MINKABU, Inc. (current Company) Jun 2013 Director Apr 2016 Senior Executive Vice President Apr 2018 Senior Executive Vice President &CFO (current) Dec 2019 Director, Prop Tech plus Inc. Jul 2020 Director, Robot Fund Co., Ltd. Apr 1984 Nikkei Inc. Apr 2009 Product Manager, Editorial Bureau of Tokyo head office Apr 2012 Deputy Director, Editorial Bureau of Tokyo head office Apr 2013 Director-General of Americas Editorial office/ Representative Director of Nikkei America Inc. Apr 2016 Head of Group Management Office Mar 2017 Executive Officer, Head of Group Management Office Mar 2019 Managing Executive Officer/ Assistant Director of digital business Mar 2021 Senior Managing Director, QUICK Corp. (current) Jun 2021 Director, MINKABU THE INFONOID (current) Apr 1980 Nomura Research Institute, Ltd. Jun 1996 Director, INNOTECH CORPORATION Apr 2005 Representative and executive managing Director Apr 2007 President Jun 2011 Outside Auditor, TDK Corporation Apr 2013 Representative chairman of the board, INNOTECH CORPORATION Jun 2013 Outside Director, TDK Corporation Jun 2018 Chairman of the board, INNOTECH CORPORATION Jun 2018 Chairman of the board, TDK Corporation Apr 2021 Director, INNOTECH CORPORATION Apr 2022 Director, TDK Corporation (Will resign in June 2022) 159 288,000 ー ー ー 7 Noriko Maki (Aug 17, 1964) (new nomination) Apr 1988 CBC TELEVISION CO., LTD. Apr 1991 TV TOKYO Corporation Feb 2008 Founder, Representative Director, Maki Communication Strategy Co., Ltd. (current) Note: 1. 2. 3. 4. 5. There are no conflicts of interest between the Company and any of the above candidates. Reason for nomination as a member of the Board of Mr. Ken Uryu is that he has demonstrated strong leadership in driving the growth of the Group with rich experience and insights into overall management and the industry, as the president and representative director since the establishment of the group of the Company, and therefore he is expected continuous contribution to enhance corporate value of the Company. Reason for nomination as a member of the Board of Mr. Masakatsu Saito is that he has demonstrated and played an important role to lead the overall business the growth of the Group as a director from June 2021, with the launch of services for the financial asset builders and expansion of solution business to financial institutions etc., and therefore he is expected continuous contribution to enhance corporate value of the Company. Reason for nomination as a member of the Board of Mr. Masayuki Ban is that he has rich experience at a major company has led sales force and solution business as a director of the Company, and therefore he is expected continuous contribution to enhance corporate value of the Company. Reason for nomination as a member of the Board of Mr. Ryutaro Takada is that he has demonstrated the establishment of the organizational structure of the Group as Senior Executive Vice President and has rich experiences at a major company and extensive knowledge in tax accounting, and therefore he is expected continuous contribution to enhance corporate value of the Company. Mr. Ryutaro Takada, current Senior Executive Vice President &CFO, will change his role to a part-time director with his intention that the time of renewing management member and considering his health. － 7 － 6. 7. 8. Reason for nomination as a member of the Board of Mr. Kiyoshi Noma is that he is a Senior Managing Director of QUICK Corp., with which the Company has a capital and business alliance, and is expected to contribute to the enhancement of corporate value of the Group as an outside director, not only from a business perspective but also from non-financial information on the back of his knowledge and experience in content production served as deputy general manager of Nikkei Editorial Bureau Reason for nomination as a member of the Board of Mr. Makoto Sumita is that he has rich experience and deep knowledge as an analyst in Nomura Research Institute, Ltd., in addition to he held senior positions including President and Chairman of the board in INNOTECH CORPORATION and Chairman of the board in TDK Corporation. By making use of his many experiences in management and deep knowledge, he expected to contribute to the enhancement of corporate value of the Group as an outside director. Mr. Makoto Sumita will assume the position of Chairman of the Board of Directors upon approval of this resolution. Reason for nomination as a member of the Board of Ms. Noriko Maki is that she has many experiences and knowledge in the media industry, after working as an anchor for an Information program, she currently she become an PR consultant as a business owner. She expected to contribute to the enhancement of corporate value of the Group as an outside director by active proposal about the management of the Company including the promotion of female employees. 9. Ms. Noriko Maki on the census register is Noriko Higuchi. 10. Mr. Kiyoshi Noma, Mr. Makoto Sumita and Ms. Noriko Maki are candidates of outside directors. 11. The Company will designate and register Mr. Makoro Sumita and Ms. Noriko Maki as independent directors stipulated by the Tokyo Stock Exchange, upon approval of this resolution. 12. The Company intends to enter into a limited liability agreement with Mr. Ryutaro Takada, Mr. Makoto Sumita and Ms. Noriko Maki, in accordance with Article 427, Paragraph 1 of Companies Act of Japan, the Company and its outside directors have concluded an agreement that limits liabilities for damages prescribed in Paragraph 1, Article 423 of the Companies Act to the higher of a prefixed amount exceeding JPY one (1) million or the amount set by low, in case the propositions are approved. 13. The Company entered into a directors and officers liability insurance policy with an insurance agency, under Article 430-3, paragraph 1 of the Companies Act of Japan, the details of which are described on page 21 of this Notice of Convocation. If this proposal is approved as proposed, the candidates will be included as an insured person under this insurance policy. In addition, the policy is scheduled to be renewed with the same terms and conditions at the next renewal. 14. The number of shares of the Company held by each candidate include the stockholding interest of the director in the executive stockholding association. － 8 － TRANSLATION, For Your Reference Purpose Only Proposal 3: Election of one (1) Director of the Board who is Audit and Supervisory Committee Member The term of the current director, Mr. Shozo Ishibashi, member of the Audit and Supervisory Committee, expires at the conclusion of this Meeting. Accordingly, the Company proposes the election of one (1) Director to serve as a member of the Audit and Supervisory Committee, in accordance with the decision of the Nomination Committee This proposal has been consented to by the Audit and Supervisory Committee of the Company. The candidate for Director who is member of the Audit and Supervisory Committee is as follows. Name (Date of Birth) Career summary, positions, responsibilities and material concurrent positions # of Co’s shares held Shozo Ishibashi 1(Jul 5, 1949) (renomination) Sep 1976 Nomura Reserch Institute, Ltd. Apr 1997 Nomura Securities Co. May 2000 Lehman Brothers Securities Japan, Inc. Oct 2003 the Ishibashi Yanzan Memorial Foundation Representative Director (current) Apr 2004 Tokyo Medical and Dental University, National University, Director Apr 2005 Rissho University School Corporation, Auditor 41,547 Mar 2007 Kurimoto Gakuen Educational Corporation, Director Sep 2007 Auditor Apr 2008 Keizai Club, Director (current) Jun 2014 Director of EDION Corporation (current) Mar 2017 Director (Audit and Supervisory Committee Member) , MINKABU THE INFONOID, Inc. (current) Note: 1. There is no conflict of interest between the Company and Mr. Shozo Ishibashi. 2. Mr. Shozo Ishibashi is candidate for outside director. 3. Mr. Shozo Ishibashi’s term of office as an outside director of the Company as a member of the Audit and Supervisory Committee of the Company will be five (5) years and two (2) months at the conclusion of this Meeting. 4. Reason for nomination as an outside director of Mr. Shozo Ishibashi is that he has served as an officer and director of several corporation including listed companies after working for a major securities companies, and has rich experiences in corporate management and organizational management. He is expected to provide various advice and opinions on the Company’s management. 5. The Company has entered into a limited liability agreement with Mr. Shozo Ishibashi, in accordance with Article 427, Paragraph 1 of the Companies Act, the Company and its outside directors have concluded an agreement that limits liabilities for damages prescribed in Paragraph 1, Article 423 of the Companies Act to the higher of a prefixed amount exceeding JPY one (1) million or the amount set by law. The Company will renew the same agreement with Mr. Shozo Ishibashi in case the proposition is approved. 6. The Company will designate and register Mr. Shozo Ishibashi as independent director stipulated by the Tokyo Stock Exchange, when he is appointed. Mr. Shozo Ishibashi holds 41,547 stocks of the Company’s stock, but his shareholding ratio is only 0.3% based on the number of shares issued as of March 31, 2022., and he has no other personal or capital relationships with the Company, and therefore the Company believes that his independence is censured and no risk that conflict of interest with general shareholders. 7. The number of shares held includes shares in executive stockholding association. 8. The Company entered into a directors and officers liability insurance policy with an insurance agency, as set forth in Article 430-3, paragraph 1 of the Companies Act of Japan, the details of which are described on page 21 of this Notice of Convocation. If this proposal is approved as proposed, the candidates will be included as an insured person under this insurance policy. In addition, the policy is scheduled to be renewed with the same terms and conditions at the next renewal. － 9 － Proposal 4: Election of one (1) Alternative Director of the Board who is Audit and Supervisory Committee Members The term of the election of Ms. Satoko Yamada, who was elected as an Alternative Director of the board who is Audit and Supervisory Committee member at the 15th Annual General Meeting of Shareholders held on June 24, 2021, shall be effective until the commencement of this Meeting. The Company requests the election of one (1) Alternative Director to serve as Audit and Supervisory Committee member in advance in accordance with the decision of the Nomination Committee, in case the number of Directors who are members of the Audit and Supervisory Committee falls short as required by law. This proposal shall take effect subject to the proposal 1 “Partial amendment on the Articles of Incorporation” are approved as proposed, and take effect amendment on the Article of Incorporation. The Company has received prior consent from the Audit and Supervisory Committee. The candidate for Alternative Director who serve Audit and Supervisory Committee members is as follows. Name (Date of Birth) Satoko Yamada (Oct 30, 1971) Note: Past experience, positions, responsibilities and significant concurrent positions Apr 1995 NTT DOCOMO, Inc. Apr 2007 Masstune, Inc. (current Company) Feb 2009 Japan Post Bank Co., Ltd. Feb 2010 Masstune, Inc. (current Company) # of Co’s shares held 1,000 1. There are no conflicts of interest between the Company and Ms. Satoko Yamada. 2. Ms. Satoko Yamada is an employee of the Company. 3. Reason for nomination as an alternative director of the Board as an Audit and Supervisory Committee Member of Ms. Satoko Yamada is that she has been in charge of the Company’s internal audit since 2015, and based on her experiences and track record in collaboration with the Audit and Supervisory Committee and the three-pillar audit system (internal audit, auditors’ audit, and accounting audit), and therefore she is expected execute the duties appropriately in the event of an unforeseen vacancy in the position of full-time Audit and Supervisory Committee Director. 4. In the event that Ms. Satoko Yamada assumed the position as Directors who are members of the Audit and Supervisory Committee, the Company intends to enter into a limited liability agreement which is in accordance with Article 427, Paragraph 1 of the Companies Act. The agreements limits liabilities for damages prescribed in Paragraph 1, Article 423 of the Companies Act to the higher of YEN one (1) million or the minimum amount set by law. 5. The Company entered into a directors and officers liability insurance policy with an insurance agency, as set forth in Article 430-3, paragraph 1 of the Companies Act of Japan, the details of which are described on page 21 of this Notice of Convocation. If this proposal is approved as proposed, the candidates will be included as an insured person under this insurance policy. In addition, the policy is scheduled to be renewed with the same terms and conditions at the next renewal. ＜Reference＞ Management Structure after proposals 2 and 3 are approved as proposed. (planned) The planned management structure and skill matrix are as follows, upon approval of this resolution. The Company considers the Board of Director should have the skill set of Corporate Strategy and M&A in order to promote continuous high growth, Media, Technology and Financial Industry which are all the business base of the Company, as well as ESG and Risk Management in terms of sustainability, in addition to basic skills that Corporate Operation, Finance, and Internal Control. Role in the Company Skills Name Role Nomination Benefit Committee Committee Makoto Sumita* Ken Uryu Masakatsu Saito Chairman of the board Representative Director & CEO Senior Executive Vice 〇 〇 ygetartS /noitarepO etaroproC● ● ● lortncC lanretnI● ● GSE● ● ● tnemeganaM ksiR● ● ● A&M /ecnaniF● ygolonhceT● ● ● ssenisuB aideM● s senisuB ecivreS laicnaniF ● ● － 10 － TRANSLATION, For Your Reference Purpose Only President & COO Masayoshi Director Ban Ryutaro Takada Kiyoshi Noma* Director Director Noriko Maki* Director Shinya Hamano* Director Member Shozo Ishibashi* Director Member &Supervisory Committee &Supervisory Committee &Supervisory Committee *Outside director Sadahiko Yoshimura* Director Member of Audit of Audit 〇 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● of Audit 〇 〇 Chairman Chairman ● ● ● 〇 ● ● ● － 11 － Proposal 5: Supervisory Committee Members) Revision of Amount of Remuneration for Directors of the Board (excluding directors who are Audit and The amount of remuneration for directors of the board (excluding directors who are Audit and Supervisory Committee Members) was resolved at the extraordinary general meeting of shareholders held on September 1, 2016, with a maximum annual amount of 200 million yen. Taking into consideration the possibility of an increase the number of directors and various factors in economic situation, the Company requests the annual remuneration to be set at no more than 300 million yen. The Company considers it appropriate level for the responsibilities of directors of the board (excluding directors who are Audit and Supervisory Committee Members) and in the line with the Basic Policy on determining the details of remuneration for Directors described on page 22 of this Notice of Convocation. The remuneration excludes employee salaries to directors who concurrently are employees. Although, the number of Directors of the Board (excluding directors who are Audit and Supervisory Committee Members) are five (5), including one (1) Directors who is outside director, if proposal 1, “Partial amendment on the Articles of Incorporation”, and proposal 2, “Election of seven (7) Directors of the Board (excluding directors who are Audit and Supervisory Committee Members) ,” are approved as proposed, the number of Directors will be seven (7), including three (3) Directors who are outside directors. This proposal subject to become effective on the condition that the proposal 1 “Partial amendment on the Articles of Incorporation” being approved as proposed and being affected to amendment to the Article of Incorporation by the resolution. END － 12 － TRANSLATION, For Your Reference Purpose Only Reference Material for the General Shareholders’ Meeting Business Report for the Fiscal Year ended March 31, 2021 1. Matters related to the current state of the Group (1) Business Developments and Results On September 1, 2021, the Company established MINKABU ASSET PARTNERS, Inc., to develop the financial intermediary business for asset builders. As a result, the Group comprises 4 companies: the Company, Prop Tech Plus (a real estate information vendor), Robot Fund Co., Ltd (a SaaS-based investment trust information vendor), and MINKABU ASSET PARTNERS, Inc., (i) Business Performance The Company runs its business by leveraging its core assets consisting of the unique Artificial Intelligence (AI) engine for automatic content generation, crowd input such as user contributions and browsing of our media, and big data such as information on financial, economic, and companies, in Japan and overseas. Currently, the Company is using this core asset in the financial and economic areas and is developing media business and solutions business. For the fiscal year ended March 31, 2022, the Company released major new services in the media business including “MINKABU” an information site for asset builders rebranded from “Minna no Kabushiki” for investors, the start of the US equity version of “Kabutan”, an information media specializing in stocks, and “MINKABU ASSET PLANNER” (“Asepura”), an asset management tool. In the solution business, the Company started providing system solutions whose customers mainly consist of financial institutions and solutions for individuals such as IFA business and a robot advisor, which are added to existing information solutions for corporates. As a result of the above business development, the Company raised 5,482,410 thousand yen in sales (31.8% increase YoY), and 874,684 thousand yen in operating profit (15.2% increase YoY) for the fiscal year ended March 31, 2022, as a consolidated basis. The Company also raised 1,539,596 thousand yen (20.3% increase YoY) in EBITDA (operating profit + depreciation and amortization + amortization of goodwill,) which is one of the important measurements the Company thinks for its continuous growth. The Company recorded 60,833 thousand yen of income tax-deferred resulting from the reassessment of the recoverability of deferred tax assets due to the expectation of continuous future taxable profits. As a result of the above items, the Company recorded 828,614 thousand yen in ordinary profit (12.8% increase YoY), and 696,004 thousand yen in net profit attributable to shareholders of the parent company (23.3% increase YoY), for the fiscal year ended March 31, 2022. Performance by business segment is as follows. The media business records advertisement revenue from the information media of “MINKABU,” an asset building information media, “Kabutan,” a stock information specialized media, and those services which the Company operates through business alliances. The media business also records billing services revenue. For the fiscal year ended March 31, 2022, as mentioned above, the Company released major new services in the media business such as “MINKABU” an information site for asset builders rebranded from “Minna no Kabushiki” for investors, the start of the US equity version of “Kabutan”, an information media specializing in stocks, and “MINKABU ASSET PLANNER” (“Asepura”), an asset management tool. The numbers of total monthly average unique users and visitors of media sites the Group operates remained firm at 8.76 million (decreased by 460 thousand or 5.0% decrease YoY), and 27.51 million (decreased by 380 thousand or 1.4% decrease YoY), respectively, although those are affected by the rapid marked decline in the 4th quarter (January to March 2022). In advertising revenue, pure advertising with a high rate of profit remained firm and continuous use of listing advertising (advertising promotion) and sales promotion activities with external partners contributed to the expansion of affiliate advertising revenue. As for billing revenue, the Company promoted greater awareness through collaboration with Nikkei Inc. and QUICK Corp. which are capital/business tie-up partners, as well as marketing, in addition to the development of － 13 － new functions for full-scale expansion for “Kabutan Premium” U.S. stock version, US-Japan bundling version and Asepura. As a result, consolidated sales of the fiscal year ended March 31, 2022 was 2,353,927 thousand yen (53.3% increase YoY), and segment profit was 747,487 thousand yen (40.8% increase YoY). The solution business includes revenues from AI driven software content utilized the know-how of the media business and initial and monthly fee of ASP services providing information based fintech solution content assembled from crowd inputs of media sites the Company operates. During the fiscal year ended March 31, 2022, in addition to the continued organic growth in recurring revenue such as monthly usage fees, one-time projects also contributed to the increase of the revenue. As a result, consolidated sales of the fiscal year ended March 31, 2022 was 3,148,641 thousand yen (19.5% increase YoY), and segment profit was 786,129 thousand yen (6.5% increase YoY). (ii) Capital Investment The capital investment during the fiscal year ended March 31, 2022 totaled 972,712 thousand yen, which includes intangible assets in addition to property, plant, and equipment. Business segment Major items and purpose of the investment Capital Investment (Thousand yen) Media Solution Corporate 324,666 Software development 589,813 Software development, network server facilities 58,232 Office fixtures, furniture, and equipment Total 972,712 (iii) Financing On May 31, 2021, the Company received funds from QUICK Corp. and Nikkei Inc. for the third-party allotment of new shares to them, with capital and capital reserve increases of 3,449,524 thousand yen in total. (iv) Transfer of Business, Absorption-type Company Split, or Incorporation-type Company Split (v) Acquisition of Business of Other Companies (vi) Succession of Rights and Obligations Concerning the Business of Other Juridical Persons, etc. through an Absorption-Type Merger or Absorption-Type Split (vii) Acquisition or Disposition of Shares or Other Equity Interests or Share Options, etc. of Not applicable. Not applicable. Not applicable. Other Companies Not applicable － 14 － TRANSLATION, For Your Reference Purpose Only (2) Assets and profit and loss a) Status of the Group’s Assets and Profit and Loss 13th fiscal years For the fiscal year ended 2019 14th fiscal years For the fiscal year ended 2020 15th Fiscal years For the fiscal year ended 2021 16th Fiscal years (this fiscal year) For the fiscal year ended 2022 (cid:695) (cid:695) (cid:695) (cid:695) (cid:695) (cid:695) Sales (Thousand yen) 2,790,820 4,158,862 5,482,410 Ordinary income (Thousand yen) 504,242 734,276 828,614 (Thousand yen) 447,567 564,497 696,004 Net income attributable to owners of the parent Net income per share Book value per share (YEN) Note: (Yen) 34.38 40.97 47.26 Total Asset (Thousand yen) 5,866,742 6,989,754 9,757,836 Net Asset (Thousand yen) 3,770,197 4,215,321 7,443,504 (cid:695) 255.66 283.42 492.54 1. The Company made Prop Tech plus Inc. a consolidated subsidiary with a deemed acquisition date of December 31, 2019, and the consolidated financial statements have been prepared from the 14th fiscal 2. Net income per share and net assets per share are indicators related to the outstanding shares with 3. Net income per share is calculated based on the average number of shares outstanding during the voting rights, respectively. year. period. 4. The Company has applied the Accounting Standard for Revenue Recognition (ASBJ No.29, March 31, 2020) effective from the beginning of the consolidated fiscal year ended March 31, 2022. Figures for the fiscal year ended March 31, 2022 reflected the adoption of these accounting standards. b) Assets and profit and loss of the Company 13th fiscal years For the fiscal year ended 2019 14th fiscal years For the fiscal year ended 2020 15th Fiscal years For the fiscal year ended 2021 16th Fiscal years For the fiscal year ended 2022 Sales (Thousand yen) 2,032,532 2,490,506 3,104,210 4,304,028 Ordinary income (Thousand yen) 208,434 441,013 598,664 693,046 Net income (Thousand yen) 253,141 431,184 557,340 662,974 Net income per share (Yen) 22.04 33.12 40.45 45.02 Total Asset (Thousand yen) 3,926,779 5,366,108 6,069,246 9,528,929 Net Asset (Thousand yen) 2,686,839 3,497,471 3,893,202 7,820,758 (Yen) 207.03 254.47 281.71 524.61 Book value per share Note: voting rights, respectively. period. 1. Net income per share and net assets per share are indicators related to the outstanding shares with 2. Net income per share is calculated based on the average number of shares outstanding during the 3. The Company has applied the Accounting Standard for Revenue Recognition (ASBJ No.29, March 31, 2020) effective from the beginning of the consolidated fiscal year ended March 31, 2022. Figures for the fiscal year ended March 31, 2022 reflected the adoption of these accounting standards. (3) Information on Principal Parent Company and Principal Subsidiaries a) Principal Parent Company Not applicable. b) Principal subsidiaries Company Name capital stock voting rights of Main Business Percentage of the Company － 15 － Prop Tech plus Inc. 100 million yen 90.3％ Robot Fund Co., Ltd. 100 million yen 99.8% MINKABU ASSET PARTNERS, Inc. 100 million yen 100% System development and website construction business for the real estate finance industry, and REIT portal site operation Development and operation of business/marketing efficiency and digitalization solutions for investment trust management companies, sales of investment trusts, brokerage houses and banks Face-to-face consulting on asset building, financial instruments intermediary, financial service intermediary, etc. Note: 1. In September, October 2021, and March 2022, the Company acquired additional shares of Prop Tech plus, Inc., the voting ratio increased 90.3%. 2. In March, the Company acquired additional shares of Robot Fune Co., Ltd., the voting right ratio increased 99.8%. made it a consolidated subsidiary. 3. On September 1, 2021, the Company established MINKABU ASSET PARTNERS Inc., and 4. Completion of registration is prerequisite for starting business that requires registration, such as a financial instruments intermediary and financial services intermediary. As of the date of submission of this notice, MINKABU ASSET PARTNERS Inc. is in the process of registration as a financial instruments intermediary. (4) Issue to be addressed The Company make contribute to construct the prosperous society through new ways of providing information using technology, and the mission is “to provide a system that embodies the value of information.” Currently, the Group operates business mainly in the field offinancial and economic information, and the Company aim to high growth in business and high shareholder returns in parallel, provided dividends from the fiscal year ending March 31, 2020, the second fiscal year from IPO. Based on this policy, the business and financial issues that need to be addressed and the policies for addressing them for the Group to continue to achieve high growth and high shareholder returns in parallel in the future, and sustainable management which contribute to construct the prosperous society, are as follows. a) Strengthen and expansion of revenue bases Although sales continue to show steady growth for both media and solution businesses, the Group recognizes that further strengthening of the revenue base is a management issue. In its media business, the Group seeks to create revenue opportunities by utilizing advertising and promoting collaboration with external partners, and increase revenue by expanding recognition of premium paid services. In its solution business, the Group started to provide system solutions in addition to existing information solutions for financial institutions, and also started to provide solutions that contribute to asset building for individuals. The Group will promote the sound development of the financial market, expand both the scale and scope of business, and strengthen revenue base, which is less influence of the market conditions and other facts. b) Improving quality of services provided and information management The Group’s services are mainly provided through internet. The Group recognizes maintenance and improvement of service quality is essential that stable operation of those system, and providing an environment that enables users to use it anytime and anywhere with no stress, appropriate management of various information assets including user information, and the quickness, completeness, and accuracy of the content provided. To address these issues, the Group pursue technological development by continuing to invest in system development and training of engineers in response to technological innovation as well as parallel invest in maintenance and improvement of information management to maintain and improve the quality of risk management. － 16 － TRANSLATION, For Your Reference Purpose Only c) Optimal allocation and efficient operation of management resources The Group conducts cross-organization and utilizes a centralized management system to leverage its limited management resource, in addition to secure staffing along with the business expansion. As a result, there may be situations that can negatively affect its business operations in case some failure in organization management. The Group recognizes the challenge to deal with the various types of business risks under limited management resources. To cope with these challenges, the Group establishes and maintains its internal rules and regulations to seek optimal allocation of management resources and improve operational efficiency. d) Development of HR To achieve self-sustained growth, the Group recognizes the importance of recruiting and retaining talented personnel who are sympathetic to our philosophy and highly motivated, as well as the development of such talented personnel. To this end, we will continue to promote the creation of an environment in which employees can work with high motivation, such as the establishment of diverse working styles and the enhancement of welfare and in-house education systems. e) Strengthening governance and internal control systems The Group recognizes there needs to be a balance between business execution and governance, and to improve its internal governance structure to properly identify control management risks appropriately in order to achieve sustainable growth. As such, the Group will put efforts into improve its reporting system to outside directors and members of the Audit and Supervisory Committee, promote effective three-way audits by the Audit and Supervisory Committee, the Internal Auditor and the Accounting Auditor. At the same time, we will raise awareness among individuals through compliance training for directors and employees, in addition to conduct periodic audits by the Internal Auditor. f) Strengthen ESG initiatives The Group recognizes that the continuous approach and strengthening of ESG initiatives is a management issues that must be addressed in order to achieve sustainable growth. The Company established a Sustainable Committee to determine basic policies and measures for sustainable management including ESG issues. In termsof the environment, the Company expressed support for the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD), and implement initiatives such as utilizing the carbon offset system, and will continue to strengthen these efforts in relation to ESG initiatives. (5) Main Business (as of March 31, 2022) Business segment Business Media service: Operates “MINKABU” an asset building information media which provides comprehensive information on stocks and various other financial Media instruments, “Kabutan” and “Kabutan U.S. stock” a stock information specialized media. In addition to operate free web site, the Company also offers premium services of subscription type. Solution services: In addition to the various software which automatically generates content, etc.using AI based on know-how cultivated in Media business, and the information solutions that process crowd input data collected on the site, Solution the Company newly provides the system solutions. In addition, the Company offer information related solutions which utilize AI and crowd solutions and B2B services which provides financial information content, forinternal use at financial institutions and corporations, and solution services to improve the operational efficiency for REIT operators, asset management companies, securities companies and banks. － 17 － Branch Fukuoka Branch: Chuo-ku, Fukuoka-City, Fukuoka Prefecture, JAPAN Business Segment Number of employees Increase from the end of the previous consolidated fiscal year +3 +15 +3 +21 (+6) (+2) (+1) (+9) Average length of employment (6) Main Office (as of March 31, 2022) a) The Company Head Office Chiyoda-ku, Tokyo, JAPAN b) Subsidiaries Prop Tech plus Inc. Chiyoda-ku, Tokyo, JAPAN Robot Fund Co., Ltd. Chiyoda-ku, Tokyo, JAPAN MINKABU ASSET PARTNERS, Inc. Chiyoda-ku, Tokyo, JAPAN (7) Employees (as of March 31, 2022) a) Status of Employees of the Corporate Group Media Solution Corporate Total 29 130 25 184 (16) (14) ( 1 ) (31) Note: Note: The number of temporary employees (including part-timers, part-timers, and temporary employees) is shown in parentheses with the average number of employees per year as an external number. b) Status of the Company’s Employees Number of employees YoY Changes Average Age 114（19） +19（+9） 41.5 years old 4.9 years 1. The number of temporary employees (including part-timers, part-timers, and temporary employees) is shown in parentheses with the average number of employees per year shown in external numbers. 2. The average length of employment is calculated by adding up the number of years of employment of those transferred due to group reorganization. (8) Borrowings outstanding (as of March 31, 2022) Borrower Borrowings outstanding (Thousand yen) MUFG Bank, Limited Resona Bank, Limited Sumitomo Mitsui Banking Corporation Mizuho Bank, Limited Japan Finance Corporation 451,875 282,044 262,100 260,000 200,000 Note: The Company has entered into commitment line agreements and special overdraft agreements with financial institutions to provide flexible financing for working capital and other purposes. The following table shows the outstanding balance of these contracts at the end of the current fiscal year. Total amount of commitment line agreement and overdraft limit 1,500 million yen None Executed amount (9) Other important matters concerning the current state of the Group For the purpose to enter the solution business to companies promote Web3 that a network based on decentralized blockchain technology, on April 11, 2022, the Company entered into an investment agreement with BANQ Inc. with respect to BANQ’s incorporation-type company split of its NFT division and the Company acquires majority of the total voting rights of shares issued by new company, WEB3 WALLET, Inc. through the underwriting of the third-party allotment of － 18 － TRANSLATION, For Your Reference Purpose Only new shares. Thereby, on May 1, 2022, the Company acquired 1,050 shares (51.2% of voting rights) of WEB3 WALLET, Inc. and renamed to MINKABU WEB3 WALLET, Inc. The details of this matter are described in “Significant subsequent events” in the notes to the consolidated financial statements. 2. Business Overview (1) Shares (as of March 31, 2022) a) Total number of shares authorized 46,000,000 b) Total Number of shares outstanding 14,907,700 Note: 1. Through a third-party allotment with a payment date of May 31, 2021, the total number of shares issued and outstanding increased by 1,080,100 shares. 2. As a result of the exercise of stock acquisition rights, the total number of shares issued and outstanding increased by 75,300 shares. c) Number of shareholders 8,895 Name of shareholder Number of shares owned Ownership (%) d) Major shareholders (top 10) Custody Bank of Japan, Ltd. (trust account) The Master Trust Bank of Japan, Ltd. (trust account) Ken Uryu Sony Network Communications Inc. FinTech Business Innovation ILP. QUICK Corp. Nikkei Inc. (political investment account) Shiko Otsuka Custody Bank of Japan, Ltd. (security investment trust account 9) Ryutaro Takada 1,856,300 1,560,800 1,245,000 980,300 646,800 617,200 462,900 404,000 378,200 288,000 12.45％ 10.47% 8.35％ 6.58％ 4.34％ 4.14% 3.11% 2.71％ 2.54％ 1.93％ Note: The shareholding percentage is calculated by subtracting the number of 23treasury stocks. (2) Strategic shareholdings With respect to the investment stocks, the Company classifies stocks held for the purpose of earning profit by change in value of shares or receipt of dividends on shares as Investment shares held for pure investment purposes, and other stocks as Investment shares held for purposes other than pure investment purpose (Strategic shareholdings). a) Policy of strategic shareholdings For the purpose of expanding business scope and scale, and from the perspective of strengthening relationships in business operations and business transactions, with strategically important collaborations with high synergy effects, the Company holds shares when it is judged to contribute to the sustainable growth and enhancement of corporate value of the Company in consideration of significance and economic rationality of the holding. The Company does not have shares held crossly meaning that no company of which shares the Company holds, has shares in the Company, and vice versa. Foreach case, the Company verifies the benefits and risks associated with the shareholdings on a quarterly basis, based on actual transactions and market value. In accordance with the basic policy of disposing or reducing shareholdings that are considered to have little significance, the Company will examine the economic rationality of such holdings and, in light of the materiality of the amount and other factors, will consider and decide on measures such as sales after deliberation by the Management Committee or the Board of Directors. The total amount recorded on the balance sheet at the end of the current fiscal year and ratio to total net asset are as follows. － 19 － 7,820,758* 1,061,623* 13.57% 14 2 Total net assets (a) Ratio (b/a) Total amount recorded on the balance sheet (b) Number of companies which the Company owned shares (unlisted shares) Number of companies which the Company owned shares (shares other than unlisted shares) alliance. b) *Amounts have been rounded down to the nearest thousand yen The number of shares increased by 6 stocks in the current fiscal year, and the total acquisition cost related to the increase in the number of shares was 515,540 thousand yen. The reason for the increase is due to the capital and business Criteria of exercising the voting rights for strategic shareholdings With respect to the exercise of voting rights for listed shares held by the Company, the Company judges whether to approve or disapprove of the proposals based on respect for the man
