Yokowo : NOTICE OF THE 85TH ORDINARY GENERAL MEETING OF SHAREHOLDERS

These documents have been translated from apart of Japanese originals for reference purposes only.

In the event of any discrepancy between these translated documents and the Japanese originals, the originals shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translations.

(Securities code: 6800) June 7, 2023 (Date of commencement of measures for electronic provision: May 31, 2023)

To Shareholders with Voting Rights:

Takayuki Tokuma

Representative Director, President

and Executive Officer

Yokowo Co., Ltd.

5-11, Takinogawa 7-chome,

Kita-ku, Tokyo, Japan

NOTICE OF THE 85TH ORDINARY GENERAL MEETING OF SHAREHOLDERS

Dear Shareholders,

You are cordially invited to attend the 85th Ordinary General Meeting of Shareholders of Yokowo Co., Ltd. (the "Company"). The meeting will be held for the purposes as described below.

In convening this year's General Meeting of Shareholders, measures for electronic provision have been taken and the matters to be provided electronically are posted on the websites on the Internet indicated below.

The Company's website: https://www.yokowo.co.jp/english/ir/stock/shareholder.html

In addition to the above, the information is also available on the website on the Internet indicated below.

Tokyo Stock Exchange website: https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show

Access the website above, enter the Company's name "Yokowo" in the "Issue name (company name)" field or the Company's securities code "6800" in the "Code" field and click "Search," select "Basic information," then "Documents for public inspection/PR information," click the "click here for access" button below [Notice of General Shareholders Meeting /Informational Materials for a General Shareholders Meeting], and select the notice.

If you are unable to attend the meeting, you may exercise your voting rights by either of the following methods. Please read the Reference Documents for the General Meeting of Shareholders (described hereinafter) and exercise your voting rights by 5:40 p.m. on Tuesday, June 27, 2023 Japan standard time.

[If you wish to exercise your voting rights by postal mail (in writing)]

Please indicate your vote for or against each Proposal on the enclosed Voting Rights Exercise Form and send it back so that it is received by the aforementioned exercise deadline.

[If you wish to exercise your voting rights via the Internet]

Please access the voting website (https://evote.tr.mufg.jp), use the "log-in ID" and "temporary password" or "log-in QR code" presented on the enclosed Voting Rights Exercise Form and enter your vote for or against each Proposal by following the instructions displayed on the screen.

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1. Date and Time: Wednesday, June 28, 2023 at 10:00 a.m. JST

3. Meeting Agenda:

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

85th Fiscal Year (from April 1, 2022 to March 31, 2023) and results of audits by the Accounting Auditor and Audit & Supervisory Board of the Consolidated Financial Statements

2. Non-consolidated Financial Statements for the Company's 85th Fiscal Year (from April 1, 2022 to March 31, 2023)

Proposals to be Resolved:

Proposal No. 1: Distribution of Surplus

Proposal No. 2: Partial Amendment of the Articles of Incorporation

Proposal No. 3: Election of Seven Directors

Proposal No. 4: Disposal of Treasury Shares by Third-party Allotment

Notes:

1. For those attending, please present the enclosed Voting Rights Exercise Form to the reception upon arrival at the meeting.
2. Any updates to the matters to be provided electronically will be posted on the websites indicated above.
3. Among the matters to be provided electronically, the paper copy sent to shareholders who requested it by the record date does not include the matters listed below pursuant to the provisions of applicable laws and regulations and Article 16 of the Articles of Incorporation of the Company.
4. • "System necessary to ensure that the execution of duties by the Directors complies with laws and regulations and the Articles of Incorporation, and other systems necessary to ensure properness of operations of the Company," "Basic policy concerning persons who control the decisions on the Company's financial and business policies" and "Other important matters concerning the current situation of the Corporate Group" of the Business Report
   • Consolidated Statement of Changes in Shareholders' Equity and Notes to the Consolidated Financial Statements
   • Statement of Changes in Shareholders' Equity and Notes to the Non-consolidated Financial Statements Therefore, the Business Report and financial statements contained in the paper copy are part of the documents audited by the Audit & Supervisory Board and the Accounting Auditor in preparing their respective Audit Reports.
5. The Reference Documents for the General Meeting of Shareholders are also sent to shareholders who did not request the paper copy.

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Proposal No. 1: Distribution of Surplus

Matters concerning year-end dividends

Based on the recognition that providing superior returns to shareholders is one of the highest management priorities, it is the Company's basic policy to continue to pay stable dividends to shareholders, determining the specific amount of dividend for each fiscal year by taking into consideration the maintenance of internal reserves to be used for capital investment in production facilities in growing businesses, investment for technological development in new businesses, and investment for market development.

With respect to the operating results for the current fiscal year (fiscal year ended March 31, 2023), while sales of the personal communication equipment segment were sluggish, the vehicle communication equipment segment and the circuit testing connectors segment both recorded higher sales partly due to significant depreciation of the yen. As a result, consolidated net sales reached a record high. In terms of profit, the vehicle communication equipment segment continued to record a loss and the personal communication equipment segment experienced a decline in profit. In addition, the performance of the circuit testing connectors segment, which was extremely strong in the first half of the fiscal year, deteriorated sharply from the second half due to a decline in demand from the Company's customers and the industry as a whole. As a result, consolidated operating profit for the full year was only slightly above the previous year's level. Consolidated ordinary income and net profit attributable to owners of parent were below the previous year's levels owing to the recording of share of loss of entities accounted for using equity method because of the deterioration of their performance and owing to impairment of non-current assets in the vehicle communication equipment segment. Consequently, as for the Group's medium-term management target "Minimum8"-i.e., secure a sales growth rate, a minimum operating profit margin, and a return on equity (ROE) of 8%, we secured the level exceeding 8% for the sales growth rate, but operating profit margin, 6.1%, and ROE, 6.9%, fell short of the targets.

For the next fiscal year (fiscal year ending March 31, 2024), the circuit testing connectors segment, which is the key to the Group's earnings power, is expected to remain in a challenging situation for the first half of the fiscal year, in view of the trend that became evident in the second half of the current fiscal year. However, over the medium to long term, the market is very promising and potentially highly profitable, especially in growth fields such as artificial intelligence (AI) and 5th generation mobile communication systems (5G), and we believe that the current decline in demand is temporary.

In view of the aforementioned circumstances, the Company hereby proposes its year-end dividend for the fiscal year ended March 31, 2023 as follows, comprehensively taking into account business forecasts and capital needs for the next fiscal year and beyond as well as securing financial stability.

1. Type of dividend property: Cash
2. Matters concerning allotment of dividend property to shareholders and total amount

25 yen per share of common stock (including a commemorative dividend of 3 yen), for a total of 582,773,750 yen

Because an interim dividend of 25 yen per share (including a commemorative dividend of 3 yen) was paid out, the annual dividend for the fiscal year ended March 31, 2023 will be 50 yen per share (consolidated dividend payout ratio of 37.0%).

1. Effective date of distribution of surplus June 29, 2023 (Thursday)

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Proposal No. 2: Partial Amendment of the Articles of Incorporation

1. Reasons for the amendment
2. 1. The location of the head office stated in Article 3 of the current Articles of Incorporation shall be changed from Kita-ku, Tokyo to Chiyoda-ku, Tokyo where the Company's substantial head office functions are located.
   2. A person to convene and chair a meeting of the Board of Directors is not limited to a Representative Director. Therefore, Article 23, Paragraph 2 of the current Articles of Incorporation shall be partially amended.
3. Details of the amendment
   The details of the amendment are as follows.

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