Itoki : Notice of the 71th ordinary 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.

(Stock Exchange Code 7972)

March 9, 2021

To Shareholders with Voting Rights:

President Yoshiro Hirai ITOKI CORPORATION

Head Office: 1-6-11 Awajimachi,

Chuo-ku, Osaka

NOTICE OF

THE 71ST ORDINARY GENERAL MEETING OF SHAREHOLDERS

Dear Shareholders:

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

The 70th Ordinary General Meeting of Shareholders of ITOKI CORPORATION (the "Company") will be held for the purposes stated below.

Instead of attending the meeting in person, you can exercise your voting rights in writing or via the internet. If exercising your voting rights in writing or via the internet, please review the attached Reference Documents for the General Meeting of Shareholders, indicate your vote for or against the proposals on the enclosed Voting Rights Exercise Form or via the internet and exercise your voting rights by 5:45 p.m. on Tuesday, March 23, 2021, Japan time.

• 1. Date and Time:

  Wednesday, March 24, 2021, at 10 a.m. Japan time (Doors open at 9 a.m.)

• 2. Place:

  Conference hall on the 9th floor of the Company's Osaka Showroom located at 1-6-11 Awajimachi, Chuo-ku, Osaka, Japan

  (Please refer to the map at the end of this notice.)

• 3. Meeting Agenda:

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

71st Fiscal Year (January 1, 2020-December 31, 2020) and results of audits by the Accounting Auditor and the Audit & Supervisory Board of the Consolidated Financial Statements

2. Non-Consolidated Financial Statements for the Company's 71st Fiscal Year

(January 1, 2020-December 31, 2020)

• ○ If attending the meeting in person, please present the enclosed Voting Rights Exercise Form at the reception desk.

• ○ From among the documents to be provided together with this convocation notice, the Matters Concerning Stock Acquisition Rights, etc. of the Business Report, the notes to the Consolidated Financial Statements and the notes to the Non-Consolidated Financial Statements are disclosed on the Company's Web site (https://www.itoki.jp/) and not provided herewith pursuant to the applicable law and Article 16 of the Company's Articles of Incorporation.

• ○ If any revisions are made to the Reference Documents for the General Meeting of Shareholders, the Business Report, the Consolidated Financial Statements or the Non-Consolidated Financial Statements, the revised versions will be posted on the Company's Web site (https://www.itoki.jp/).

Reference Documents for the General Meeting of Shareholders

Proposals and Reference Information

Proposal 1: Appropriation of Surplus

Regarding the appropriation of surplus, we would like to propose the following.

Matters concerning the year-end dividend

The Company recognizes profit distribution as an important managerial issue and makes it a basic policy to ensure the continuous and stable payment of dividends to shareholders based on comprehensive consideration of its status of earnings, enhancement of internal reserves and future development of business operations from a long-term perspective. In line with this policy, we would like to propose the payment of the year-end dividend for the fiscal year ended December 31, 2019, as follows.

(1)Type of dividend property: Cash

(2) Matters concerning the allotment of dividend property and the total amount thereof: ¥13 per share of common stock of the Company

In that case, total cash dividends will be ¥586,907,529.

(3)Date on which the dividend of surplus will become effective: March 25, 2021

Proposal 2:

Election of Seven (7) DirectorsThe terms of office of all six (6) Directors-Masamichi Yamada, Yoshiro Hirai, Kenji Makino, Eiji Funahara, Hiroshi Nagata, and Shiro Nitanai-will expire at the conclusion of this General Meeting of Shareholders. Accordingly, the election of seven (7) Directors is proposed, increasing the number of Directors by one (1) in order to further strengthen our management system.

The candidates for Director are as follows:

(Note) As Mr. Eiji Funahara and Mr. Shiro Nitanai were appointed at the 70th Ordinary General Meeting of Shareholders held on March 25, 2020 and assumed the office of Director. Therefore, the status of their attendance at the Board of Directors meetings is based on the number of Board of Directors meetings that were held after their assumption of office.

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