Pack : NOTICE OF THE 72nd 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. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.

Securities Code: 3950

Date of issuance: March 8, 2024

To Shareholders with Voting Rights:

Hideaki Yamashita

President and CEO

THE PACK CORPORATION

2-9-3 Higashiobase, Higashinari-ku, Osaka

NOTICE OF

THE 72nd ANNUAL GENERAL MEETING OF SHAREHOLDERS

Dear Shareholders:

We would like to express our appreciation for your continued support and patronage.

We are pleased to announce the 72nd Annual General Meeting of Shareholders of THE PACK CORPORATION (the "Company"). The meeting will be held for the purposes as described below.

When convening this General Meeting of Shareholders, the Company takes measures for providing information that constitutes the content of reference documents for the general meeting of shareholders, etc. (matters for which measures for providing information in electronic format are to be taken) in electronic format, and posts this information as "NOTICE OF THE 72nd ANNUAL GENERAL MEETING OF SHAREHOLDERS" on the Company's website. Please access the Company's website using the Internet address shown below to review the information.

Company's website: https://www.thepack.co.jp/ir/information.html (in Japanese)

In addition to posting matters for which measures for providing information in electronic format are to be taken on the website listed above, the Company also posts this information on the website of Tokyo Stock Exchange, Inc. (TSE). To access this information from the latter website, access the TSE website (Listed Company Search) by using the Internet address given below, input the issue name (THE PACK) or securities code (3950), and click "Search," and then click "Basic information" and select "Documents for public inspection/PR information."

TSE website (Listed Company Search): https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)

You can exercise your voting rights in writing or via the Internet, etc. in lieu of attending the meeting. Please review the attached Reference Documents for the General Meeting of Shareholders and exercise your voting rights by no later than 5:30 p.m. on Wednesday, March 27, 2024, Japan time.

- 1 -

1. Date and Time: Thursday, March 28, 2024 at 11:00 a.m. Japan time (Reception starts at 10:00 a.m.)

2. Place:	Multipurpose Small Hall, Thirty Hall, Daito City General Cultural Center
	located at
	13-30 Shinmachi, Daito-shi, Osaka, Japan

3. Meeting Agenda:

Matters to be reported: 1. The Business Report, Consolidated Financial Statements for the Company's

72nd Fiscal Year (January 1, 2023 - December 31, 2023) and results of audits of the Consolidated Financial Statements by the Accounting Auditor and the Board of Auditors

2. Non-consolidated Financial Statements for the Company's 72nd Fiscal Year (January 1, 2023 - December 31, 2023)

Proposals to be resolved:

Proposal 1: Appropriation of Surplus

Proposal 2: Election of Nine (9) Directors

Proposal 3: Election of One (1) Auditor

4. Matters Decided for the Convocation of the Meeting

1. Among matters for which measures for providing information in electronic format are to be taken, the Notes to Consolidated Financial Statements (in Japanese only) and Notes to Non-consolidated Financial Statements (in Japanese only) are not provided in the documents delivered to shareholders who have requested the delivery of paper-based documents as provided for by the provisions of laws and regulations and Article 16 of the Company's Articles of Incorporation. Accordingly, the documents that are delivered to shareholders who have requested the delivery of paper-based documents are part of the documents included in the scope of audits by the Auditors and the Accounting Auditor when they create their respective audit reports.
2. Please note that if you exercise your voting rights both via the Internet and in writing, only your vote via the Internet shall be deemed effective. If you exercise your voting rights more than once via the Internet, only the last vote shall be deemed effective.
3. If no approval or disapproval is expressed for the respective proposals in the returned voting form, it will be treated as an approval vote.

• When attending the meeting, please submit the Voting Rights Exercise Form sent out with this Notice at the reception desk.
• If revisions to the matters for which measures for providing information in electronic format are to be taken arise, a notice of the revisions and the details of the matters before and after the revisions will be posted on the Company's aforementioned website and the TSE website.
• We will be accepting your questions in advance on the website below. (https://www.thepack.co.jp/contact/shareholders_contact.html (in Japanese only))
  Questions deemed to be of particular interest to shareholders will be answered promptly on the website after the General Meeting of Shareholders.

- 2 -

Information on Exercise of Voting Rights

Exercise of voting rights at the Company's General Meeting of Shareholders is shareholders' important right. Please exercise your voting rights after reviewing the attached Reference Documents for the General Meeting of Shareholders.

There are three methods to exercise your voting rights as indicated below.

Exercise of voting rights by attending the General Meeting of Shareholders

You are kindly requested to exercise your voting rights by submitting the voting form sent out with this Notice to the reception desk at the meeting.

Date and Time:

Thursday, March 28, 2024 at 11:00 a.m. Japan time

(Reception starts at 10:00 a.m.)

Exercise of voting rights in writing (by postal mail)

You are kindly requested to indicate your approval or disapproval of each proposal on the voting form sent out with this Notice, and to return the completed voting form to the Company. You do not need to affix a stamp. Deadline for exercise of voting rights:

To be received no later than 5:30 p.m., Wednesday, March 27, 2024.

Exercise of voting rights via the Internet

You are kindly requested to enter your approval or disapproval of each proposal following the instructions on the next page.

Deadline for exercise of voting rights:

All data entry to be completed no later than 5:30 p.m., Wednesday, March 27, 2024.

How to Fill Out Your Voting Form

Proposals 1 and 3
 To mark your approval	Circle "Approve."
 To mark your disapproval	Circle "Disapprove."
Proposal 2
 To mark your approval for all candidates	Circle "Approve."
 To mark your disapproval for all candidates	Circle "Disapprove."
 To mark your disapproval for certain candidates	Circle "Approve" and write the number of the
	candidate(s) you wish to disapprove.

Please note that if you exercise your voting rights both in writing (by postal mail) and via the Internet, etc., only your vote via the Internet, etc. shall be deemed effective. If you exercise your voting rights more than once via the Internet, etc., only the last vote shall be deemed effective.

- 3 -

Exercise of Voting Rights via the Internet, etc.

Scanning the QR Code

You can log in to the website for the exercise of voting rights without entering the login ID or temporary password printed on the voting form.

1. Please scan QR Code provided on the voting form.

• "QR Code" is a registered trademark of DENSO WAVE INCORPORATED.

2. Please follow the directions that appear on the screen to enter your approval or disapproval of each proposal.

Entering login ID and temporary password

Website for exercise of voting rights: https://evote.tr.mufg.jp/ (in Japanese only)

1. Please access the website for exercise of voting rights.
2. Please enter your "login ID" and "temporary password" printed on the voting form.
3. Please follow the directions that appear on the screen to enter your approval or disapproval of each proposal.

In case you need instructions for how to operate your personal computer or smartphone in order to exercise your voting rights via the Internet, please contact:

Stock Transfer Agency Help Desk,

Mitsubishi UFJ Trust and Banking Corporation

0120-173-027

(Toll free only from Japan /

Hours: 9:00 a.m. to 9:00 p.m. (JST))

Institutional investors may use the Electronic Voting Platform for institutional investors operated by ICJ, Inc.

- 4 -

Reference Documents for the General Meeting of Shareholders

Proposals and References

Proposal 1: Appropriation of Surplus

Concerning appropriation of surplus for the 72nd fiscal year, taking into consideration factors including business results of the fiscal year under review, enhancement of internal reserves and future business development, the Company proposes as follows.

Matters concerning year-end dividend

(1) Matters concerning the allotment of dividend property to shareholders and total amount thereof

55 yen per share of the Company's common stock Total amount: 1,046,752,520 yen

As the Company paid an interim dividend of 35 yen per share in September 2023, the full-year dividends will be 90 yen per share.

1. Effective date of distribution of surplus March 29, 2024

- 5 -

Proposal 2: Election of Nine (9) Directors

The terms of office of all nine (9) Directors will expire at the conclusion of this year's Annual General Meeting of Shareholders. Accordingly, the election of nine (9) Directors is proposed.

The candidates for Director are as follows:

Reference: Candidate list

[External] External Director candidate

[Independent] Independent Officer registered on the stock exchange

No.		Name	Gender	Current position	Attendance at Board of
	Directors Meetings
1	[Reappointment]	Hideaki Yamashita	M	President and CEO	17 of 17 meetings
2	[Reappointment]	Teruo Takinoue	M	Vice President	17 of 17 meetings
3	[Reappointment]	Norio Ashida	M	Managing Director	17 of 17 meetings
4	[Reappointment]	Haruyasu Ito	M	Director	16 of 17 meetings
5	[Reappointment]
	[External]	Hirofumi Hayashi	M	Director	17 of 17 meetings
	[Independent]
6	[Reappointment]
	[External]	Uichiro Nishio	M	Director	15 of 17 meetings
	[Independent]
7	[Reappointment]
	[External]	Kaoru Kasahara	F	Director	17 of 17 meetings
	[Independent]
8	[New appointment]	Naoki Nakamura	M	Managing Corporate	-
		Officer
9	[New appointment]	Ikuo Shimomura	M	Corporate Officer	-

- 6 -

No.	Name			Number of
Past experience, positions, responsibilities and significant concurrent positions	shares of the
(Date of birth)
			Company held
		April 1982	Joined the Company
		January 2008	General Manager, Tokyo Sales Division No. 2
	Hideaki Yamashita	January 2011	Corporate Officer
	March 2013	Director
	(June 7, 1957)	21,100
	January 2016	Divisional General Manager, Eastern Japan Sales Division
	[Reappointment]	March 2017	Managing Director
1	January 2019	Senior Managing Director
		Divisional General Manager, Sales Division
		March 2022	President and CEO (to present)
	[Reason for nomination	as candidate for Director]
	Since joining the Company, he has been engaged in the operations of sales departments. From 2022, he has served as
	President and CEO, making decisions regarding important management issues and supervising business execution. He has
	extensive operational experience and insight regarding all aspects of management, and we believe he is qualified for the
	position. Therefore, the Company nominates him again as a candidate for Director.
		April 1984	Joined the Company
		January 2008	General Manager, Osaka Production Division
	Teruo Takinoue	March 2011	Director
	January 2012	Deputy Divisional General Manager, Production Division
	(April 30, 1961)	19,000
	April 2014	Divisional General Manager, Packaging Products Division
	[Reappointment]	March 2015	Managing Director
2	January 2017	Divisional General Manager, Production Division (to present)
	March 2018	Senior Managing Director
		March 2022	Vice President (to present)
	[Reason for nomination	as candidate for Director]
	Since joining the Company, he has mainly been engaged in the operations of departments related to production. Currently,
	he serves as Vice President in the role of Divisional General Manager of Production Division. He has extensive operational
	experience related to production departments and insight regarding all aspects of management, and we believe he is
	qualified for the position. Therefore, the Company nominates him again as a candidate for Director.

- 7 -

No.	Name			Number of
Past experience, positions, responsibilities and significant concurrent positions	shares of the
(Date of birth)
			Company held
		April 1986	Joined the Company
	Norio Ashida	January 2011	General Manager, Tokyo Sales Division No. 4
	January 2015	Corporate Officer
	(November 20, 1963)	7,400
	January 2019	Managing Corporate Officer
	[Reappointment]	January 2019	Divisional General Manager, Eastern Japan Sales Division
3	March 2020	Managing Director (to present)
	March 2022	Deputy Divisional General Manager, Sales Division (to present)
	[Reason for nomination	as candidate for Director]
	Since joining the Company, he has been engaged in the operations of sales departments. Currently, he serves as Managing
	Director in the role of Deputy Divisional General Manager of Sales Division. He has extensive operational experience and
	insight regarding all aspects of management, and we believe he is qualified for the position. Therefore, the Company
	nominates him again as a candidate for Director.
		April 1984	Joined the Company
	Haruyasu Ito	January 2016	Section Manager, Section 2 of Tokyo Sales Division No. 2
	January 2019	Managing Director, Kannaru Printing Co., Ltd.
	(November 30,	March 2020	President and CEO, Kannaru Printing Co., Ltd	2,300
	1961)	February 2022	Retired from Kannaru Printing Co., Ltd.
	[Reappointment]	March 2022	Director, the Company (to present)
4		Deputy Divisional General Manager, Production Division (to
		present)
		January 2023	In charge of Quality Management Control Dept. (to present)
	[Reason for nomination	as candidate for Director]
	Since joining the Company, he has been engaged in the operations of sales departments. Currently, he serves as Director in
	the roles of Deputy Divisional General Manager of Production Division and Quality Management Control Dept. He has
	extensive operational experience and insight regarding all aspects of management, and we believe he is qualified for the
	position. Therefore, the Company nominates him again as a candidate for Director.

- 8 -

No.	Name			Number of
Past experience, positions, responsibilities and significant concurrent positions	shares of the
(Date of birth)
			Company held
	Hirofumi Hayashi	October 1991	Joined Century Audit Corporation
	August 1995	Registered as a certified public accountant
	(August 17, 1965)
	January 2001	Established Hayashi CPA and Tax Accountant Office (to
		4,100
	[Reappointment]		present)
	March 2001	Registered as a certified tax accountant
	[External]
	March 2014	External Auditor, the Company
	[Independent]
5	March 2015	External Director (to present)
[Reason for nomination as candidate for External Director and overview of expected role]
	As a certified public accountant and certified tax accountant, he has served as External Director of the Company from an
	objective standpoint, leveraging his advanced knowledge regarding finance and accounting, and his comprehensive insight
	cultivated through extensive experience. The Company nominates him again as a candidate for External Director in order
	for him to continue utilizing his experience and knowledge in the management of the Company. He has never been
	involved in the management of a company except as an external officer. However, the Company judges he will
	appropriately fulfill his duties as External Director based on the above reasons.
		March 1982	Registered as a certified public accountant
		December 1983 Registered as a certified tax accountant
		July 1999	Representative Partner, Seiwa Audit & Accounting Firm
	Uichiro Nishio	July 2002	Representative Partner, Deloitte Touche Tohmatsu LLC
	April 2005	Professor, Institute of Business and Accounting, Professional
	(March 7, 1955)
		Graduate School, Kwansei Gakuin University
			3,700
	[Reappointment]	March 2015	External Auditor, the Company
	March 2018	External Director (to present)
	[External]
	(Significant concurrent positions)
	[Independent]
6	Professor Emeritus, Kwansei Gakuin University
	External Director (Audit and Supervisory Committee Member), ARAYA
		INDUSTRIAL CO., LTD.
		External Auditor, KMEW Co., Ltd.
	[Reason for nomination	as candidate for External Director and overview of expected role]
	As a certified public accountant and certified tax accountant, he has served as External Director of the Company from an
	objective standpoint, leveraging his advanced knowledge regarding finance and accounting, and his comprehensive insight
	cultivated through extensive experience. The Company nominates him again as a candidate for External Director in order
	for him to continue utilizing his experience and knowledge in the management of the Company. He has never been
	involved in the management of a company except as an external officer. However, the Company judges he will
	appropriately fulfill his duties as External Director based on the above reasons.

- 9 -

No.	Name			Number of
Past experience, positions, responsibilities and significant concurrent positions	shares of the
(Date of birth)
			Company held
		March 1989	Joined Pigeon Corporation
		February 2010	President and COO, Pigeonwill Corporation
	Kaoru Kasahara	February 2014	Corporate officer and Deputy Division Manager, Domestic Baby
	(December 14, 1961)		& Mother Care Business Division, Pigeon Corporation
	[Reappointment]	February 2015	Corporate officer and Division Manager, Research and	300
		Development Division, Pigeon Corporation
7	[External]	February 2019	Director, Pigeon Manufacturing Ibaraki Corporation
[Independent]	March 2022	External Director, the Company (to present)
		(Significant concurrent positions)
		External Director, Morozoff Limited
	[Reason for nomination	as candidate for External Director and overview of expected role]
	We believe she will be able to utilize her extensive experience and comprehensive insight cultivated through serving as an
	officer at other companies to appropriately fulfill the duties of an External Director from an independent position.
	Therefore, the Company nominates her again as a candidate for External Director.
		April 1989	Joined the Company
		January 2008	Section Manager, Section 3 of Tokyo Sales Division No. 1
	Naoki Nakamura	January 2013	General Manager, Chugoku and Shikoku Sales Division
	(June 5, 1965)	January 2017	Corporate Officer	1,300
		January 2019	Managing Corporate Officer (to present)
	[New appointment]
		Divisional General Manager, Western Japan Sales Division (to
8			present)
		January 2021	General Manager, Kyushu Sales Division
	[Reason for nomination	as candidate for Director]
	Since joining the Company, he has mainly been engaged in operations related to sales. Currently, he serves as Managing
	Corporate Officer in the role of Divisional General Manager of Western Japan Sales Division. He has extensive operational
	experience and insight regarding all aspects of management, and we believe he is qualified for the position. Therefore, the
	Company nominates him as a candidate for Director.

- 10 -