Lion : Announcing the Convocation of the Annual Meeting of Shareholders for the Year Ended December 31, 2022 （March 1, 2023NEW

March 1, 2023

To Shareholders:

1-3-28, Kuramae, Taito-ku, Tokyo

Lion Corporation

Security Code: 4912

Masazumi Kikukawa

Representative Director,

President and Executive Officer

Announcing the Convocation of the Annual Meeting of Shareholders for the Year

Ended December 31, 2022

Thank you for your continued support of Lion Corporation.

Lion Corporation hereby announces the holding of the Annual Meeting of Shareholders for the fiscal Year Ended December 31, 2022. The meeting will be held in accordance with the information listed below.

In convening this Annual Meeting of Shareholders, the Company has taken the measure of providing the information on the content of reference materials, etc., for the shareholders' meeting electronically (items provided electronically), and has posted it on the Company's website as the Convocation of the Annual Meeting of Shareholders for the Year Ended December 31, 2022. Please access the Company's website (in Japanese) below to confirm the information.

Lion's website (in Japanese) (https://www.lion.co.jp/ja/ir/shareholders/meeting/)

In addition to the above website, the information is also posted on the website of the Tokyo Stock Exchange (TSE).

TSE website (TSE-listed company information service) (in Japanese) (https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show)

To confirm the information, please access the above TSE website, enter and search for the stock name (Lion Corporation) or security code (4912). Then, click "Basic information" and select "Documents for public inspection/PR information." Under "Filed information available for public inspection," click "Click here for access" under "[Notice of General Shareholders Meeting /Informational Materials for a General Shareholders Meeting]."

The Company wishes to advice that as an alternative to attending the meeting on the day, you may exercise your voting rights using any of the following means by 6:00 p.m., Wednesday, March 29, 2023. Accordingly, please review the appended Reference Materials for the General Meeting of Shareholders and exercise your voting rights.

In writing (postal mail)

Indicate your approval or disapproval of each proposal on the voting form sent with this notice, and return the form by postal mail to arrive by the above deadline.

Via electronic means (the Internet)

After reviewing the Guide to Exercising Voting Rights via the Internet (as detailed on page 4), you may enter your approval or disapproval of each proposal in accordance with the instructions on the screen by the above deadline.

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1. Date & Time: Thursday, March 30, 2023, at 10:00 a.m.
2. Location: Kokugikan Arena

1-3-28Yoko-ami,Sumida-ku, Tokyo

3. Meeting Objectives Reporting

Reporting on the content of the business report, non-consolidated financial statements, consolidated financial statements, and the audit report on the consolidated financial statements for the year from January 1, 2022, to December 31, 2022

Matters to be voted upon

Item 1. Election of Eleven Directors

Item 2. Election of Four Audit & Supervisory Board Members

4. Matters Decided on Regarding the Convocation

1. If no indication of approval or disapproval is made on the voting form for a proposal, it shall be treated as an indication of approval.
2. In the event that you exercise your voting rights both by postal mail and via the Internet, the exercise of voting rights via the Internet will be considered valid. If you exercise your voting rights more than once via the Internet, the last time you exercise your voting rights will be considered valid.

Of the items provided electronically, in accordance with the provisions of laws and regulations and Article 14 of the Articles of Incorporation of the Company, the "Matters Related to Subscription Rights to Shares," "Basic Policy Regarding Control over the Company" and "Internal Control Systems" of the business report, the "Consolidated Statement of Changes in Equity" and "Consolidated Notes" of the consolidated financial statements, and the "Non-consolidated Statement of Changes in Shareholders' Equity" and "Individual Notes" of the non-consolidated financial statements are not provided in the documents delivered to shareholders who have requested the delivery of paper-based documents.

In the event of revisions to the items provided electronically arise, a notice of the revisions and the details of the items before and after the revisions will be posted on the websites mentioned above.

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Instructions Concerning System for Providing Informational Materials for the General Meeting of Shareholders in Electronic Format

Due to the implementation of the amended Companies Act on September 1, 2022, the Company has introduced a system for providing informational materials for the general meeting of shareholders in electronic format (system for providing informational materials for the general meeting of shareholders via the website) starting with the General Meeting of Shareholders to be held in March 2023. As the meeting will be held immediately after the commencement of this system, the Company will send the materials as usual, but plans to provide the materials using a method that conforms to the system for providing informational materials for the general meeting of shareholders in electronic format from next year.

From next year onward, please make a request to the contact information below if you wish to receive paper-based informational materials for the general meeting of shareholders in the same manner as this meeting.

For inquiries regarding the system for provision in electronic format and the reception of paper-based informational materials for the general meeting of shareholders, please contact the following:

Stock Transfer Agency Department (dedicated phone number for the system for provision in electronic format), Mitsubishi UFJ Trust and Banking Corporation

Telephone: [phone] (Toll free)

Hours: 9:00-17:00 (not available on Saturdays, Sundays and holidays)

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Exercising Voting Rights via the Internet

Method 1: Scan your QR code

Use this method to log into the website and exercise your voting rights without entering your login ID or password.

1. Using your smartphone or other device, scan the barcode at the bottom right of your voting form.
2. Follow the onscreen instructions to enter your votes.

QR codes can only be used to vote once.

After entering your votes, if you would like to change any of what you entered, please access the main voting website (designed for use with personal computers), log in using the login ID and temporary password shown on your voting sheet, and re-enter your voting information.

*If you scan your QR code again after the first use, you will be directed to the main voting website.

Method 2: Enter your login ID and password

Voting website https://evote.tr.mufg.jp/

1. Access the voting website.
2. Enter the login ID and temporary password shown on your voting sheet.
3. When you log in using your temporary password, you will automatically be prompted to change your password; please change it to a password of your choosing.
4. Follow the onscreen instructions to enter your votes

Any fees incurred when accessing the voting website (Internet service provider connection fees, etc.) shall be borne by the shareholder.

For inquiries regarding online voting, please contact the help desk below.

Stock Transfer Agency Department (Help Desk), Mitsubishi UFJ Trust and Banking Corporation

Telephone: [phone]

Hours: 9:00-21:00; Toll free

For Institutional Investors:

Institutional investors can exercise their voting rights via the TSE's Electronic Voting Platform.

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Reference Materials for the General Meeting of Shareholders

Item 1. Election of Eleven Directors

The tenures of the eleven directors whose services are currently retained will end as of the close of this General Meeting of Shareholders. Accordingly, the Company requests the approval of eleven directors.

The director candidates have been selected by the Board of Directors after consultation with the Nomination Advisory Committee.

The candidates are as follows.

Candidate

Name

Current Position at Lion

FY2022 Board of

No.

Directors Attendance

18/18 meetings

1

Incumbent

Kikukawa

Representative Director, President

Masazumi

and Executive Officer

(100%)

2

New candidate

Senior Executive Officer

－

Masayuki Takemori

18/18 meetings

3

Incumbent

Suzuki

Director and Executive Officer

Hitoshi

(100%)

4

Incumbent

Kobayashi

Director and Senior Executive

18/18 meetings

Kenjiro

Officer

(100%)

18/18 meetings

5

Incumbent

Director and Senior Executive

Yugo Kume

Officer

(100%)

18/18 meetings

6

Incumbent

Noritake

Director and Executive Officer

Fumitomo

(100%)

7

Incumbent

Director and Executive Officer

14/14 meetings

Kengo Fukuda

(100%)

8

Incumbent

External Director

17/18 meetings

External

Independent

(94.4%)

Kazunari

Uchida

18/18 meetings

9

Incumbent

External Director

External

Independent

(100%)

Takashi

Shiraishi

18/18 meetings

10

Incumbent

External Director

External

Independent

(100%)

Takako

Sugaya

18/18 meetings

11

Incumbent

External Director

External

Independent

(100%)

Reiko

Yasue

5