Directors

Board of Directors

The Board of Directors makes decisions on matters prescribed by laws and regulations and the Articles of Incorporation, as well as important matters concerning the Group companies. The Board formulates the Group’s management strategies and medium-term management plan, makes key decisions, and oversees business execution. To ensure management transparency and soundness, the Board comprises members with diverse perspectives and advanced expertise, including highly independent External Directors.

The Board of Directors is chaired by External Director Koji Koyanagi and comprises the following eight Directors: Koji Koyanagi, Mitsuo Nakahashi, Shoji Hirose, Takeshi Ariga, Terutaka Fukazawa, Yoshito Yamaguchi, Kazuho Fujiyama, Mito Shimonaka (External Director), and Tetsuya Kobayashi (External Director). Two of the eight Directors are External Directors.

Audit & Supervisory Board Members Natsuki Tsujino, Shigeki Yagi (External Audit & Supervisory Board Member), Kayoko Kitade (External Audit & Supervisory Board Member), and Yoshie Shinoki (External Audit & Supervisory Board Member) also attend meetings of the Board of Directors, thereby ensuring the objectivity and neutrality of the management oversight function.

Board Meeting Attendance (FY2025)

Note: The attendance figures for Toshihiko Nagayasu cover meetings of the Board of Directors held prior to his retirement on June 24, 2025, while those for Koji Koyanagi cover meetings held following his appointment on the same date. Shoji Hirose, Takeshi Ariga, and Tetsuya Kobayashi retired at the close of the Annual General Meeting of Shareholders held on June 24, 2026.
Name	Meetings Held	Meetings Attended
Mitsuo Nakahashi	13	13
Shoji Hirose	13	13
Takeshi Ariga	13	13
Terutaka Fukazawa	13	13
Yoshito Yamaguchi	13	13
Kazuho Fujiyama	13	13
Toshihiko Nagayasu	4	4
Mito Shimonaka	13	13
Tetsuya Kobayashi	13	12
Koji Koyanagi	9	9
Natsuki Tsujino	13	13
Shigeki Yagi	13	13
Kayoko Kitade	13	13
Yoshie Shinoki	13	13

Key Agenda Items

Major investment projects
Internal control
Corporate governance

Other matters

Directors and Audit & Supervisory Board Members

Reasons for Appointment

Directors

Title	Name	Reason for Appointment
Representative Director, Chairman & CEO	Mitsuo Nakahashi	Since joining the Company, Mitsuo Nakahashi has served in the corrugated packaging sales department, and after beginning to participate in the Company's management as a Director in 2010, from 2018 as Representative Director, he has exercised strong leadership and contributed to the expansion of the Group's business. Based on his expert abilities and insight, as well as abundant experience, we believe he will continue to contribute to ensuring the Group's sustainable growth and increasing corporate value over the medium- to long-term, and accordingly appointed him to continue serving as a Director.
Representative Director President & COO	Terutaka Fukazawa	Terutaka Fukazawa has extensive experience and knowledge in the corrugated packaging sales department. Since his appointment as Executive Officer in 2012, he has served as head of the product development division, and currently oversees the sales division as General Manager of Sales Div. His numerous achievements and experience in accurately understanding customer needs and successfully commercializing products are expected to contribute to the development of new business opportunities. We determined that he is indispensable to the sustained enhancement of the Group's corporate value, and accordingly appointed him to continue serving as a Director.
Director Senior Managing Executive Officer	Yoshito Yamaguchi	Yoshito Yamaguchi has served as General Manager of the Accounting Department of the Company since 2008 and has extensive business experience and a wide range of knowledge related to accounting and finance. Since his appointment as Executive Officer in 2012, he has been working to strengthen the Company's IR systems, and currently serves as General Manager of Administration Div. He is also well-versed in the business of the Group. We determined that his swift and agile business execution, drawing on his experience, is indispensable to the further enhancement of the management framework of the Company and the Group, and accordingly appointed him to continue serving as a Director.
Director Senior Managing Executive Officer	Tatsunori Uejima	Since joining the Company, Tatsunori Uejima has worked in sales in the Chubu region. From 2012 as General Manager of Komaki Works, and from 2016 as Executive Officer and General Manager of Komaki Works, he worked to strengthen factory management and improve profitability. From 2023, he served as Executive Officer and General Manager of Tatebayashi Works, the Company's largest facility, and from 2024 as Senior Executive Officer and from 2025 as Managing Executive Officer, contributing to the expansion of the Company's business performance. We determined that his wealth of experience and achievements is indispensable to the Company's future management, and accordingly appointed him to continue serving as a Director.
Director Managing Executive Officer	Kazuho Fujiyama	Kazuho Fujiyama has a wide range of insights drawn from his extensive experience and expertise in sales, credit assessment, and human resources affairs at a bank, as well as branch management. Since joining the Company, he has served as General Manager of President's Office, promoting key projects under the direct supervision of management and providing research and advice in support of management decisions. Following his appointment as Director, he has achieved results through his focus on ESG promotion and health and productivity management. We expect him to continue to further strengthen the Company's management, and accordingly appointed him to continue serving as a Director.
Director Managing Executive Officer	Takayuki Takanashi	Since joining the Company, Takayuki Takanashi has been engaged in manufacturing operations, and subsequently in the improvement and operation of production machinery, working to enhance overall productivity. From 2016 as General Manager of Engineering Development Dept., he actively drove the improvement and development of production equipment, the planning and construction of new facilities, and the renovation and refurbishment of existing facilities. From November 2024 as Senior Executive Officer and General Manager of Production Div., and from 2025 as Managing Executive Officer, he has made significant contributions to improving the Company's productivity, employee skills, and profitability. We determined that his experience, expertise, and leadership will continue to be indispensable to the Company's management, and accordingly appointed him to continue serving as a Director.
External Director	Mito Shimonaka	Mito Shimonaka has extensive experience and broad insight as a business executive in the publishing industry. She makes valuable contributions at Board of Directors meetings on the Company's overall management from an objective and neutral standpoint and from multifaceted perspectives. We determined that she will contribute to increasing the Group's sustainable corporate value and to further strengthening the Company's management framework, and accordingly appointed her to continue serving as a Director.
External Director	Koji Koyanagi	Koji Koyanagi has a broad range of expertise drawn from his extensive practical and managerial experience and deep knowledge cultivated through his career at financial institutions. He actively contributes useful opinions and makes appropriate remarks on the formulation and promotion of management strategies at the Company. We determined that he will further contribute to enhancing corporate value, and accordingly appointed him to continue serving as a Director.
External Director	Mizuho Noguchi	After serving as General Manager of Business Strategy, Library Services, and Product Development at a book distribution company, Mizuho Noguchi served as Director and General Manager of Stationery & Lifestyle Products Div. and subsequently as Representative Director and President of Gakken Staiful Co., Ltd. She brings a wealth of knowledge and experience in the overall management of book and stationery distribution. We determined that she will provide valuable opinions and perspectives from the standpoints of market intelligence and environmental considerations, among others, to strengthen the Company's governance framework, and accordingly appointed her to continue serving as a Director.

Audit & Supervisory Board Members

Title	Name	Reason for Appointment
Full-time Audit & Supervisory Board Member	Natsuki Tsujino	Natsuki Tsujino has extensive knowledge and expertise drawn from his experience in audit, human resources, financial accounting, and compliance operations at the Company and at a bank. We determined that he will continue to provide valuable opinions and insights on the Company's management from an objective standpoint, including with regard to the further strengthening of corporate governance, and accordingly appointed him to continue serving as an Audit & Supervisory Board Member.
External Audit & Supervisory Board Member	Shigeki Yagi	Shigeki Yagi has extensive experience as a certified public accountant and wide-ranging expertise as a management consultant. He has served as an External Audit & Supervisory Board Member of the Company since 2014, providing objective and professional advice and recommendations on the Company's management. We determined that he will continue to provide effective advice on financial and accounting oversight and management from a multifaceted perspective, and accordingly appointed him to continue serving as an External Audit & Supervisory Board Member.
External Audit & Supervisory Board Member	Kayoko Kitade	Although Kayoko Kitade does not have experience in corporate management, she has extensive knowledge and expertise as an attorney-at-law, from which she has developed a broad range of insights. We determined that she will continue to provide valuable opinions and guidance on the Company's management from an objective and neutral standpoint, covering the further strengthening of corporate governance and legal and other multifaceted perspectives, and accordingly appointed her to continue serving as an External Audit & Supervisory Board Member.
External Audit & Supervisory Board Member	Yoshie Shinoki	Although Yoshie Shinoki does not have experience in corporate management, she has considerable knowledge of financial and accounting matters gained through her extensive experience as a certified public accountant in accounting and audit work. She also has experience as a full-time audit and supervisory committee member at a company preparing for stock exchange listing and as an outside Audit & Supervisory Board member at a listed company, bringing an external perspective on the governance of listed companies. For these reasons, we determined that she will provide valuable opinions and insights on the Company's management from an objective standpoint, and accordingly appointed her to continue serving as an External Audit & Supervisory Board Member.

Skill Matrix

Note: The table above does not represent all areas of expertise possessed by the listed Directors.
Title	Name	Areas of Particular Expertise Expected
Title	Name	Corporate Management	Legal Risk Management	Finance Accounting	Sales Marketing	Manufacturing Technology Quality Control	ESG	HR Labor Relations
Representative Director, Chairman & CEO	Mitsuo Nakahashi	✓	✓		✓		✓
Representative Director President & COO	Terutaka Fukazawa	✓			✓	✓	✓
Director Senior Managing Executive Officer	Yoshito Yamaguchi		✓	✓			✓	✓
Director Senior Managing Executive Officer	Tatsunori Uejima				✓
Director Managing Executive Officer	Kazuho Fujiyama		✓				✓	✓
Director Managing Executive Officer	Takayuki Takanashi					✓	✓
External Director	Mito Shimonaka	✓	✓		✓
External Director	Koji Koyanagi	✓		✓	✓
External Director	Mizuho Noguchi	✓	✓		✓