industrial channel, as to not impede the retail market, which is the company’s main sales channel. 2. Net marketing margin in 2018 was within proximity of 2017 levels. During the mid-year, various factors had

level of household debt and conservative spending are continue to hinder domestic consumption by limiting consumption with only necessary items, decreasing in spending frequency and low- price. The

or person who may have conflicts of interest that may impede the exercise of independent judgment, and any relationship that causes the inability to freely give comments on the operation of the

or person who may have conflicts of interest that may impede the exercise of independent judgment, and any relationship that causes the inability to freely give comments on the operation of the

or person who may have conflicts of interest that may impede the exercise of independent judgment, and any relationship that causes the inability to freely give comments on the operation of the

business relationship with the securities company, parent company, subsidiary company, affiliate company or person who may have conflicts of interest that may impede the exercise of independent judgment, and

may have conflicts of interest that may impede the exercise of independent judgment, and not have any characteristic that causes the inability to freely give comments on the operation of the derivatives

is useful for or hinder to the operation of the SEC Office; (5) historical record of improper demeanor in the past of the REIT manager. In considering the facts according to the first paragraph, the

of control of the ………………………………………….…….. company O no 5.4 Having business relationship with a company, parent company, subsidiary, affiliate or person who may be in conflict in such a way as to obstruct

in conflict in such a way as to obstruct independent prudence or having other relationship in such a way as be unable to give independent opinion relating to the operation of a company: O yes (please