JAFCO Group Co., Ltd. announced Establishment of Independent Committee and Appointment of Independent Committee Members. Members of the Independent Committee consist of the following four members. Shigeru Tamura: April 1985 - Joined in The Bank of Yokohama, Ltd., June 2000 - General Manager of Business Administration and Head of Office of IPO, Members Co., Ltd., August 2000 - Director & CFO, Members Co., Ltd., September 2002 Officer of Business Administration, Aplix Corporation General manager of the business management headquarters (CFO), June 2003 - Vice President of Principal Investments, Investment Banking Headquarters, ORIX Corporation, August 2005 - Senior Corporate Officer, Medical Industries Corp.

(currently the MEDISCIENCE PLANNING INC.), August 2006 - Executive Vice President, MIC Medical Corporation (currently MEDISCIENCE PLANNING INC.), June 2010 - President & CEO, MIC Medical Corporation, October 2014 - Chairman, MIC Medical Corporation (until May 2015), June 2017 - Director (Board-Audit Committee member), JAFCO, June 2019 - Director (Board-Audit Committee member, full-time), JAFCO (Present). Mr. Shigeru, Tamura is now an outside director of the Company, which set forth in Article 2, item 15 of the Companies Act, and he is registered by the Company as independent members to Tokyo Stock Exchange, based on the provisions of the Exchange. Koji Tanami: April 1964 - Joined Ministry of Finance, July 1994 - Director-General of the Financial Bureau, Ministry of Finance, July 1996 - Chief Cabinet Councilor for Internal Affairs, Cabinet Secretariat, January 1998 - Administrative Vice Minister, Ministry of Finance, September 1999 - Special Advisor to the Minister of Finance, June 2001 - Deputy Governor and Managing Director, Japan Bank for International Cooperation, October 2007 - Governor, Japan Bank for International Cooperation, September 2008 -Resigned from Governor of Japan Bank for International Cooperation, December 2010 - Registered as Attorney-at- Law (Dai-ichi Tokyo Bar Association) Attorney-at-Law, Hashidate Law Office (Present), June 2015 - Director (Board-Audit Committee member), JAFCO (Present).

Mr. Koji Tanami is now an outside director of the Company, which set forth in Article 2, item 15 of the Companies Act, and he is registered by the Company as independent members to Tokyo Stock Exchange, based on the provisions of the Exchange. Kenichi Akiba: September 1986 - Joined Eiwa Audit Corporation (currently KPMG AZSA LLC), July 1989 - Registered as a certified public accountant, September 2001 - Accounting Standards Board of Japan seconded as Technical Manager, April 2007 - Accounting Standards Board of Japan seconded as Technical Director until August 2009, July 2007 - Partner, KPMG AZSA Corporation (currently KPMG AZSA LLC), September 2009 - Professor, Waseda University Graduate School of Accountancy (Present), June 2015 - Director (Board-Audit Committee member), JAFCO (Present), June 2018 - Auditor of the Board (Outside), Mitsui Sumitomo Insurance Co., Ltd. (Present). Mr. Kenichi Akiba is now an outside director of the Company, which set forth in Article 2, item 15 of the Companies Act, and he is registered by the Company as independent members to Tokyo Stock Exchange, based on the provisions of the Exchange.

Yoshie Kajihara: October 2001 - General Manager of Accounting, Aplix Corporation, March 2005 - Corporate Officer and Head of Corporate Planning Office, Aplix Corporation (until March 2007), May 2007 - Corporate Auditor (full-time), MIC Medical Corporation (currently MEDISCIENCE PLANNING INC.), February 2008 - Resigned from Corporate Auditor (full-time) of MIC Medical Corporation, October 2009 - Joined CCS Inc., November 2013 - Executive Officer in charge of Corporate Planning, CCS Inc., October 2016 - Resigned from Executive Officer of CCS Inc., January 2017 - Joined Interactive Solutions Corporation, August 2017 - Director and General Manager of Human Resources & Administrations, Interactive Solutions Corporation, July 2018 - Resigned from Director of Interactive Solutions Corporation, June 2019 - Director (Board-Audit Committee member), JAFCO (Present). Ms. Yoshie Kajihara is now an outside director of the Company, which set forth in Article 2, item 15 of the Companies Act, and he is registered by the Company as independent members to Tokyo Stock Exchange, based on the provisions of the Exchange.