Daio Paper : Announcement of Change in Director

ENGLISH TRANSLATION FOR REFERENCE PURPOSE ONLY

This notice is an English translation of the original Japanese text of the timely disclosure statement dated March 24, 2022 issued by Daio Paper Corporation, and is for reference purposes only. In the event of any discrepancy between the original Japanese text and this English translation, the Japanese text shall prevail.

March 24, 2022

To whom it may concern:

Company name:	Daio Paper Corporation
Representative:	Yorifusa Wakabayashi
	President and Representative Director
	Chief Executive Officer
Stock code:	3880
	(First Section of the Tokyo Stock Exchange)
Inquiries:	Yukihiro Tanaka
	Director Managing Executive Officer
	General Manager of General Affairs and Personnel Division, Corporate Unit
TEL:	[phone]
	Announcement of Change in Director

Daio Paper Corporation (hereinafter the "Company") hereby announces that it has resolved the change in its Director at the Board of Directors meeting held today. Please note that this will be officially resolved in the 111th Annual General Meeting of Shareholders scheduled to be held on June 29, 2022 (hereinafter "June 2022 AGMS"). In addition, the changes in Executive Officers and their responsibilities are scheduled to be announced after the resolution in the Board of Directors meeting scheduled to be held on May 13, 2022.

The current term of office of the Company's Directors is two years, and the terms of office of all current Directors elected at last year's annual general meeting of shareholders do not originally expire at the conclusion of the June 2022 AGMS. However, the Company plans to submit a proposal to amend the Articles of Incorporation including the proposal to shorten the term office of Directors to one year in the June 2022 AGMS. (For details, please refer to "Regarding Analysis of Voting Results at 110th Annual General Meeting of Shareholders and Policy toward Enhancing Corporate Governance" dated September 22, 2021). Therefore, the current Directors are also referred to as Director candidates, subject to approval of the changes in the Articles of Incorporation in the June 2022 AGMS. The details of the proposal on the changes in the Articles of Incorporation to be submitted in the June 2022 AGMS is scheduled to be announced after the resolution in the Board of Directors meeting scheduled to be held on May 26, 2022.

1

Director Candidates (As of June 29, 2022)
Name	Type of Appointment	Current Position
Masayoshi	Re-appointment	Chairman and Representative Director
Sako
Yorifusa	Re-appointment	President and Representative Director
Wakabayashi		Chief Executive Officer
Toshihiro	Re-appointment	Executive Vice President and Representative Director
Adachi		Executive Vice President
		Responsible for Corporate Unit, Compliance and Sustainability
		General Manager of Business Administration Division, Corporate
		Unit
Kunihiro	Re-appointment	Executive Vice President and Representative Director
Okazaki		Executive Vice President
		Responsible for Sales, Resources and Materials Procurement
		Division and Global Logistics Division
Hiroshi	Re-appointment	Director
Yamasaki		Managing Executive Officer
		Responsible for Production Unit
		General Manager of Production Division
Yukihiro	Re-appointment	Director
Tanaka		Managing Executive Officer
		General Manager of General Affairs and Personnel Division,
		Corporate Unit
Atsushi Ishida	Re-appointment	Director
		Managing Executive Officer
		General Manager of Industrial Paper and Containerboard
		Business Group, Paper & Paperboard Unit
Hiroyuki	Re-appointment	Director
Shidara		Managing Executive Officer
		General Manager of Domestic Business Group, Home &
		Personal Care Unit
Yoichi Takei	Re-appointment	Outside Director
Yoshinobu	Re-appointment	Outside Director
Hiraishi
Haruko Ozeki	Re-appointment	Outside Director
Naosuke Oda	New appointment	－

*Messrs. Yoichi Takei, Yoshinobu Hiraishi, Haruko Ozeki, and Naosuke Oda are candidates for Outside

Directors.

2

(Attachment)

Career Summary of New Director

Candidate for New Director
New Position	Outside Director
Name	Naosuke Oda
Date of Birth	June 3, 1953 (Age: 68)
Career summary	April 1977	Joined NKK Corporation (current JFE Steel Corporation)
	April 2000	Management Staff, Automobile Steel Sales Department, Steel Business
		Division, NKK Corporation (current JFE Steel Corporation)
	February 2002	Manager, Steel Integration Promotion Team, Steel Business Division,
		NKK Corporation (current JFE Steel Corporation)
	May 2002	General Manager, Corporate Planning Department, Steel Business
		Division, NKK Corporation (current JFE Steel Corporation)
	April 2003	General Manager, Corporate Planning Division, JFE Holdings, Inc.
	April 2004	General Manager, Automobile Steel Sales Department, JFE Steel
		Corporation
	April 2007	Vice President (Sales Division), JFE Steel Corporation
	April 2010	Senior Vice President (Sales Division), JFE Steel Corporation
	April 2012	Representative Director and Executive Vice President (Supervising Sales
		Division), JFE Steel Corporation
	April 2016	Representative Director and President, JFE Shoji Corporation
	June 2017	Director (part-time), JFE Holdings, Inc.
	April 2021	Retired from Representative Director and President, JFE Shoji
		Corporation
		Senior Adviser, JFE Shoji Corporation (current position)
	June 2021	Retired from Director (part-time), JFE Holdings, Inc.