Izumi : Notice of the 62nd Annual General Meeting of Shareholders

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

(Stock code: 8273) May 8, 2023 Start date of measures for electronic provision: April 28, 2023

To our shareholders:

Yasuaki Yamanishi

President and Representative Director

IZUMI CO., LTD.

3-3-1 Futabanosato, Higashi-ku, Hiroshima, Japan

Notice of the 62nd Annual General Meeting of Shareholders

We are pleased to announce the 62nd Annual General Meeting of Shareholders of IZUMI CO., LTD. (the "Company"), which will be held as indicated below.

When convening this general meeting of shareholders, the Company takes measures for providing information in electronic format, and the matters subject to measures for electronic provision are posted on the following website.

The Company's website:

https://www.izumi.co.jp/corp/ir/fi_shareholder.html (in Japanese) In addition, they are also posted on the following website.

Tokyo Stock Exchange, Inc. website: https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)

Access the website by using the internet address shown above, enter "IZUMI" in "Issue name (company name)" or the Company's securities code "8273" in "Code," and click "Search." Then, click "Basic information" and select "Documents for public inspection/PR information."

Instead of attending the meeting in person, you may exercise your voting rights either in writing or on the Internet. Please review the following Reference Document for the General Meeting of Shareholders provided in the matters subject to measures for electronic provision, and exercise your voting rights by 6:00 p.m. on Tuesday, May 23, 2023 (JST).

1. Date and Time: Wednesday, May 24, 2023, at 10:00 a.m. (JST) (reception starts at 9:00 a.m.)
2. Venue: 6th Floor, youme Hall, Head office of the Company

3-3-1 Futabanosato, Higashi-ku, Hiroshima, Japan

3. Purpose of the Meeting Matters to be reported:

1. The Business Report and the Consolidated Financial Statements for the 62nd fiscal year (from March 1, 2022 to February 28, 2023), and the results of audits of the Consolidated Financial Statements by the Financial Auditor and the Audit & Supervisory Board
2. The Non-consolidated Financial Statements for the 62nd fiscal year (from March 1, 2022 to February 28, 2023)

Matters to be resolved:

Proposal No. 1: Appropriation of Surplus

Proposal No. 2: Election of Eight Directors

Proposal No. 3: Election of One Audit & Supervisory Board Member

• If you will attend the meeting, please submit the enclosed voting form at the reception desk of the General Meeting of Shareholders.
• If no indication is made in the voting form, the vote shall be deemed as an intention of approval.
• In accordance with the provisions of laws and regulations and Article 13 of the Articles of Incorporation of the Company, the following matters are not provided in the paper-based documents delivered to shareholders who have made a request for delivery of such documents. Accordingly, these documents are part of the documents included in the scope of audits by the Audit & Supervisory Board Members and the Financial Auditor when they create their respective audit reports.
• • Consolidated Statement of Changes in Net Assets
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• Notes to Consolidated Financial Statements
• Non-consolidatedStatement of Changes in Net Assets
• Notes to Non-consolidated Financial Statements

* If revisions to the matters subject to measures for electronic provision arise, the details of such revisions will be posted on each website.

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Reference Document for the General Meeting of Shareholders

Proposals and Reference Information

Proposal No. 1: Appropriation of Surplus

The Company regards the appropriate return of profits as an important priority and intends to determine the appropriation of surplus while taking into account business performance trends and other factors. The Company proposes to pay a year-end dividend for the current fiscal year of ¥44 per share as follows, as the Company achieved a solid business performance and intends to return the profits to its shareholders. Also, the annual dividend per share, including the interim dividend (¥43 per share), will be ¥87 per share.

In addition, the Company intends to utilize internal reserves for strategic investments in growth fields while strengthening its financial structure, such as by reducing interest-bearing liabilities.

(1)	Type of dividend property	Cash
(2)	Allotment of dividend property to shareholders	¥44 per common share of the Company
	and their aggregate amount	Total payment: ¥3,145,837,464
(3)	Effective date of dividends of surplus	May 25, 2023

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Proposal No. 2: Election of Eight Directors

The terms of office of all eight Directors will expire at the conclusion of this General Meeting of Shareholders. Therefore, the Company proposes the election of eight Directors.

The candidates for Director are as follows.

Candidate						Current position and responsibility in the	Attendance
			Name		at Board of
No.					Company	Directors
							meetings
1				Yasuaki Yamanishi		President and Representative Director	13/13
Reelection
2				Tatsuya Mikamoto		Deputy President and Director	12/13
Reelection
3				Shigeki Machida		Deputy President and Director	13/13
Reelection
						Director and Development Division
4		Reelection		Hiroshi Kuromoto		13/13
			Manager
						Senior Executive Officer and Corporate
5		New election	Daisuke Yamanishi		-
		Planning Division Manager
					Outside
6		Reelection		Kunihiko Yoneda	Outside Director	13/13
		Independent
					Outside
7		Reelection		Naomi Aoyama	Outside Director	13/13
		Independent
					Outside
8		New election	Masahiro Nishikawa	-	-
	Independent

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Candidate	Name	Career summary, position and responsibility in the Company, and	Number of the
Company's
No.	(Date of birth)	significant concurrent positions outside the Company
shares owned
		Dec. 1977	Joined the Company
		May 1981	Director of the Company
		May 1982	Managing Director of the Company
		Apr. 1984	Senior Managing Director of the Company	2,048,449
		May 1988	Representative Senior Managing Director of the
		shares
			Company
	Yasuaki Yamanishi	May 1991	Deputy President and Representative Director of the
		Company
1
(July 31, 1946)	Mar. 1993	President and Representative Director of the
	Reelection		Company (current position)
		[Reasons for nomination as a candidate for Director]
		Yasuaki Yamanishi has conducted important operations and decision-making on
		management as President and Representative Director. The Company judged that he can
		fulfill his role of supervising key management decisions and the execution of business
		for the Company's sustainable growth and the increase of medium- to long-term
		corporate value as he has extensive experience, proven results and wide-ranging insight
		related to management in general. Therefore, the Company proposes his election as
		Director.
		Apr. 1981	Joined The Sumitomo Bank, Limited (currently
			Sumitomo Mitsui Banking Corporation)
		Apr. 2010	Director and Head of the Fukuoka Corporate Finance
			Department of Sumitomo Mitsui Banking
			Corporation
		Apr. 2012	Director and Head of the Kyushu Corporate Finance
			Division of Sumitomo Mitsui Banking Corporation
		May 2013	Senior Managing Director and Administration
			Division Manager of the Company
		July 2014	Senior Managing Director, Administration Division
			Manager and Group Administrative Controller of the	9,041 shares
			Company
	Tatsuya Mikamoto	Jan. 2019	Senior Managing Director, Administration Division
2			and Group Management Division Manager of the
(November 7, 1958)		Company
	Reelection	July 2020	Senior Managing Director and Administration
			Division Manager of the Company
		Mar. 2021	Director and Senior Managing Executive Officer and
			Administration Division Manager of the Company
		Mar. 2022	Deputy President and Director of the Company
			(current position)

[Reasons for nomination as a candidate for Director]

Tatsuya Mikamoto has executed important operations and made decisions regarding management as Deputy President controlling administration division. The Company judged that he can fulfill his role of supervising key management decisions and the execution of business for the Company's sustainable growth and the increase of medium- to long-term corporate value as he has extensive experience, proven results and wide-ranging insight in administration division. Therefore, the Company proposes his election as Director.

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