Abolition of the Executive Retirement Allowance Plan and Lump-Sum Payments

「The Company had recorded the amount payable at the end of each fiscal year under its internal rules as a provision for directors’ retirement benefits in preparation for payments of retirement benefits to directors. However, at the 62nd Annual General Meeting of Shareholders held on 28 May 2020, it resolved to abolish the directors’ retirement benefit provision system and make lump-sum payments upon the termination of each director’s service. Accordingly, the provision for directors’ retirement benefits was fully reversed, and the unpaid portion of the lump-sum payments is presented under “Other” within non-current liabilities.」