Japan Communications : Notice of the 27th Ordinary General Shareholders' Meeting of Japan Communications Inc. (Partial translations)

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.

Securities code: 9424 June 1, 2023

To: Shareholders

Frank Seiji Sanda, Representative Director-Chairman

Japan Communications Inc.

1-28 Toranomon 4-chome,Minato-ku, Tokyo

NOTICE OF THE 27TH ORDINARY GENERAL MEETING OF SHAREHOLDERS

We would like to notify you that the 27th Ordinary General Meeting of Shareholders of Japan Communications Inc. (the "Company") will be held as follows.

If you are not able to attend the meeting, please exercise your voting rights in writing (meaning the voting rights exercise form designated by the Company) or via the Internet by no later than the deadline (Tuesday, June 27, 2023, at 6:00 p.m. (JST)).

For the points to keep in mind in attendance at the meeting and the method of exercising voting rights in writing or via the Internet, please refer to pages 3 to 4 of this document (available in Japanese only).

1. Date and time: Wednesday, June 28, 2023, at 10:00 a.m. (JST) (Reception opens at 9:00 a.m. (JST))
2. Venue: Tokyo American Club B2F

Room name: Manhattan

1-2 Azabudai 2-chome,Minato-ku, Tokyo *The venue is different from that of last year.

*Please refer to an information map on the back cover of this document (available in Japanese only).

3. Purposes

Items to be reported:

1. Report on the Business Report and the Consolidated Financial Statements for the 27th Fiscal Year (from April 1, 2022 to March 31, 2023) and Results of the Audits of Consolidated Financial Statements by the Financial Auditor and the Board of Corporate Auditors
2. Report on the Non-consolidated Financial Statements for the 27th Fiscal Year (from April 1, 2022 to March 31, 2023)

Items to be resolved:

Proposal No. 1 Election of Five Directors

Proposal No. 2 Election of Two Corporate Auditors

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When convening this meeting, the Company takes measures for providing information that constitutes the content of reference documents for the general meeting of shareholders, etc. (the "items subject to measures for electronic provision") in electronic format, and posts them on the Company's website and each of the websites below:

The Company's website: https://www.j-com.co.jp (TOP page) (in Japanese)

https://www.j-com.co.jp/en (TOP page) (in English) *This URL is added only for this English version. Website for posted informational materials for the general meeting of shareholders: https://d.sokai.jp/9424/teiji/ (in Japanese)

Tokyo Stock Exchange's website (Listed Company Search): https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese) https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show (in English) * *This URL is added only for this English version.

• If revisions to the items subject to measures for electronic provision arise, a notice of the revisions and the details of the items before and after the revisions will be posted on each website above.

If you exercise your voting rights both in writing and via the Internet, the Company will deem your exercise via the Internet valid.

1. Exercise of voting rights in writing
2. • Please indicate your approval or disapproval of a proposal on the voting rights exercise form and return it so that it arrives by no later than the deadline (Tuesday, June 27, 2023, at 6:00 p.m. (JST)).
   • If neither approval nor disapproval of a proposal is indicated on the voting rights exercise form, the Company will deem that you indicated your approval of the proposal.
3. Exercise of voting rights via the Internet
4. • Please access the voting rights exercise website designated by the Company (https://evote.tr.mufg.jp/) ("voting rights exercise website") on your personal computer or smartphone and enter your approval or disapproval of a proposal by no later than the deadline (Tuesday, June 27, 2023, at 6:00 p.m. (JST)).
   • If you exercise your voting rights on the voting rights exercise website multiple times, the vote exercised last will be treated as the valid one.

• To institutional investors

If you preliminarily applied for the use of the Electronic Voting System Platform operated by ICJ, Inc., you can use the platform.

We will give Notice of the Resolution of this Ordinary General Meeting of Shareholders by posting on our Company website (https://www.j-com.co.jp/en) (available in Japanese only). We would appreciate your understanding in advance.

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Reference Documents for the General Meeting of Shareholders

Proposal No. 1 Election of Five Directors

Among the currently serving Directors, the terms of office of five Directors, Frank Seiji Sanda, Taku Morota, Shinto Teramoto, Yoko Mori and Hitoshi Tanaka will expire at the conclusion of this meeting. Accordingly, we would like to propose the election of five Directors.

The candidates for Director are as follows:

Candidate	Name	Career summary, significant concurrent positions outside the	Number of the
Company, and position and responsibility as Director of the	Company's shares
No.	(Date of birth)
	Company	owned
		May 1973	Joined Canadian National Railway
		June 1978	Completed Doctoral Program in Electrical
			Engineering at University of Detroit Mercy
		Mar. 1979	Joined Consolidated Rail Corporation
		Dec. 1982	Joined Long Island Rail Road, Vice President
		Apr. 1984	Completed Advanced Management Program
			(A.M.P) at Harvard Business School
		Nov. 1984	Joined Citibank, N.A., Vice President
		July 1987	Joined Merrill Lynch & Co., Inc., Vice
			President in charge of Product Operation
		Nov. 1989	Managing Director and General Manager of
			Mobile Phone Business Department of
			Motorola Japan Ltd., and Vice President of
			Motorola Inc.
		July 1994	Representative Director-President of Apple
			Computer, Inc. (current Apple Japan Inc.), and
	Frank Seiji Sanda		Vice President, Head Office (United States) of
		Apple Computer, Inc. (current Apple Inc.)	12,702,800 shares
	(June 10, 1949)
	Oct. 1995	Founded LTS, Inc., Representative Director-
	(Reelection)
		President
		May 1996	Founded the Company, Representative
			Director-President
1		July 1998	Vice President, Japan Ireland Economic
		Association (current Ireland Japan Chamber of
			Commerce)
		Oct. 1998	Outside Director, Xilinx, Inc. (United States)
		Feb. 2000	Founded LTSanda B.V.B.A, Managing Director
			(current position)
		Jan. 2008	Member, International Advisory Forum on
			Next Generation Broadband of the Government
			of Ireland
			President, Ireland Japan Chamber of
			Commerce (former Japan Ireland Economic
			Association)
		June 2015	Representative Director-Chairman (current
			position)

Reasons for nomination as candidate for Director

Frank Seiji Sanda completed his academic work in the United States and Canada and gained experience in management at global leading companies in such sectors as railroad, banking, and securities. He contributed to the growth of the emerging Japanese mobile phone industry, as an executive of a large U.S. telecommunications device manufacturer. Based on his experience, he proposed the MVNO business model and founded the Company. After that he led the Company for 20 years as the Representative Director-President, realized interconnection among mobile phone operators, and created a new industry called the MVNO business. After implementing a successor plan and becoming the Representative Director- Chairman in June 2015, he has used his connections to conduct business globally in the United States and Europe and is committed to further enhancing the Company's corporate value. Based on such track record and abilities, the Company judges that he will be appropriate to continue to serve as Director of the Company.

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Candidate	Name	Career summary, significant concurrent positions outside the	Number of the
Company, and position and responsibility as Director of the	Company's shares
No.	(Date of birth)
	Company	owned
		Mar. 1961	Graduated from Faculty of Law, The
			University of Tokyo
		Mar. 1961	Joined TEIJIN LIMITED
		June 1990	Director
	Taku Morota	June 1994	Managing Director
	(August 16, 1936)	June 1996	Senior Managing Director	22,500 shares
	(Reelection)	June 1998	Representative Senior Managing Director
	(Candidate for Outside Director)	June 2001	Outside Corporate Auditor (part-time), Kobe
			Steel, Ltd.
2		June 2006	Outside Corporate Auditor of the Company
	June 2013	Outside Director of the Company (current
			position)
	Reasons for nomination as candidate for Outside Director and summary of expected roles
	Taku Morota has extensive knowledge and experience gained through management in textile and composite material
	industries. Since June 2013, he has been responsible for ensuring the reasonableness and appropriateness of the decision-
	making of the Company and supervising the execution of operations as an Outside Director of the Company. The Company
	judges that he will be appropriate to continue to serve as Outside Director of the Company because, based on his track
	record and abilities, he is expected to ensure the reasonableness and appropriateness of the decision-making of the Company
	and supervise the execution of operations mainly from the standpoint as a senior corporate management who has financial
	insight.

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Candidate	Name	Career summary, significant concurrent positions outside the	Number of the
Company, and position and responsibility as Director of the	Company's shares
No.	(Date of birth)
	Company	owned
		Mar. 1985	Graduated from Faculty of Law, The
			University of Tokyo
		Apr. 1987	Registered as a member of Dai-Ichi Tokyo Bar
			Association
		Apr. 1987	Associate, Nishimura & Sanada (current
			Nishimura & Asahi.)
		Oct. 1990	Associate, TMI Associates
		Aug. 1993	Visiting Scholar, James E. Rogers College of
			Law
		Aug. 1994	Partner, Dohke and Teramoto
		Jan. 1996	Partner, Teramoto and Partners (later renamed
			to Teramoto Law Firm)
	Shinto Teramoto	July 2000	Integrated operations into Nishimura &
		Partners (current Nishimura & Asahi.)
	(January 31, 1963)		10,000 shares
	Apr. 2006	Specially Appointed Professor, Graduate
	(Reelection)
		Schools for Law and Politics, The University
	(Candidate for Outside Director)
		of Tokyo
		Apr. 2007	Professor, Graduate Schools for Law and
3			Politics, The University of Tokyo (full-time
		professor of School of Law)
		Apr. 2010	Professor, Kyushu University Graduate School
			of Law (current position)
		June 2015	Outside Director of the Company (current
			position)
		Apr. 2016	Outside Director, Web I Laboratories, Inc.
			(current position)
		(Significant concurrent positions outside the Company)
		Professor, Kyushu University Graduate School of Law
		Outside Director, Web I Laboratories, Inc.
	Reasons for nomination as candidate for Outside Director and summary of expected roles
	Shinto Teramoto has extensive knowledge and experience as a researcher and an educator and also has professional insight
	as a lawyer. He was not involved in managing companies before June 2015 except for serving as an outside director or
	outside corporate auditor. However, as an Outside Director of the Company, since June 2015, he has been responsible for
	ensuring the reasonableness and appropriateness of the decision-making of the Company and supervising the execution of
	operations. The Company judges that he will be appropriate to continue to serve as Outside Director of the Company
	because, based on his track record and abilities, he is expected to ensure the reasonableness and appropriateness of the
	decision-making of the Company and supervise the execution of operations mainly from the standpoint of providing neutral
	and advanced insight. He will obtain the permission of Kyushu University, the organization to which he belongs, based on
	the National University Corporation Kyushu University Rules for Concurrent Business.

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