Last update: June 30, 2025

The total amount of remuneration for the Directors (excluding the Audit and Supervisory Committee Members and the Outside Directors) was 155,597 thousand yen. The total amount of remuneration for the Directors (the Audit and Supervisory Committee Members) (excluding the Outside Directors) was 12,000 thousand yen. The total amount of remuneration for the Outside Directors was 18,000 thousand yen. These amounts include the remuneration for one Director who retired at the conclusion of the 67th Annual General Meeting of Shareholders held on June 25, 2024.

NEW's Board of Directors has resolved the policy for determining the content of individual remuneration for the Directors (excluding the Directors who are Audit and Supervisory Committee Members; the same applies hereafter). Remuneration for the Directors consists of base remuneration, performance-linked remuneration (annual incentive), and non-monetary remuneration (mid- to long-term incentive), and the details of individual remuneration are determined by the Board of Directors. However, the assessment of the portion of the performance-linked remuneration (annual incentive) subject to evaluation by the President is delegated to the President. Remuneration for Outside Directors is limited to base remuneration only, in order to ensure their independence from management. Similarly, for Directors who are Audit and Supervisory Committee Members, remuneration is limited to base remuneration, and the details of individual remuneration are determined through discussions among the respective Directors.

Base Remuneration
The base remuneration for each Director (excluding Directors who are Audit and Supervisory Committee Members) is determined by the Board of Directors within the maximum amount approved by the General Meeting of Shareholders, based on the responsibilities and contributions associated with the role, including participation in management decision-making and the supervision of business execution. The amount is reviewed periodically by the Board of Directors, taking into account market standards, business performance, employee salaries, and other relevant factors. For Directors who are Audit and Supervisory Committee Members, remuneration is limited to base remuneration only, and the amount paid is determined through discussions among those Directors.

Performance-linked Remuneration (Annual Incentive)
Performance-linked remuneration (annual incentive) for each Director (excluding Outside Directors and Directors who are Audit and Supervisory Committee Members) is provided as a performance and success-based remuneration corresponding to the consolidated business performance for the applicable fiscal year. To strengthen the link between the company’s business performance and executive remuneration, the consolidated operating income margin is used as the performance indicator, and the remuneration amount is determined through a qualitative evaluation based on the responsibilities and contributions of each Director, in accordance with the following levels of consolidated operating income margin: Less than 2%, 2% or more but less than 4%, 4% or more but less than 10%, and 10% or more

Non-monetary Remuneration (Mid- to Long-term Incentive)
Non-monetary remuneration (mid- to long-term incentive) for each Director (excluding Outside Directors and Directors who are Audit and Supervisory Committee Members) is provided in the form of restricted stock to align Directors’ interests with those of shareholders by sharing the benefits and risks of stock price fluctuations, and to motivate Directors to continuously improve mid- to long-term business performance and corporate value. The number of shares granted is determined based on the performance indicator of the consolidated operating income margin for the previous fiscal year, and the allocation is decided through a qualitative evaluation, considering the responsibilities and contributions of each Director, in accordance with the following levels: Less than 2%, 2% or more but less than 4%,
4% or more but less than 10%, and 10% or more