Belluna : Convocation Notice of Ordinary Shareholders Meeting for FY ended March 2021

This is a translation of an excerpt of the original notice in Japanese for reference purposes only. In the case of any discrepancy between the translation and the Japanese original, the latter shall prevail. For the entire information of the notice, please check the original notice in Japanese.

Stock Code: 9997

June 7, 2021

To Our Shareholders：

4-2Miyamoto-cho,Ageo-shi,Saitama-ken

Belluna Co., Ltd.

Kiyoshi Yasuno, President and CEO

Notice of the 45th Annual General Meeting of Shareholders

You are cordially invited to attend the 45th Annual General Meeting of Shareholders of Belluna Co., Ltd. ("the Company") to be held as described below.

If you are unable to attend the meeting in person, you may exercise your voting rights in writing. Please read the attached Reference Documents for the Annual General Meeting of Shareholders and exercise your voting rights by sending the enclosed voting rights form to us by return mail indicating your vote for or against the proposals no later than 5:50 p.m., on June 24, 2021 (Thursday).

1.	Date	10:00 a.m., June 25, 2021 (Friday)
2.	Place	HARICOTS-VERTS (4F), The TOBU Banquet Hall Ageo
		2-1Miyamoto-cho,Ageo-shi,Saitama-ken

3. Objectives of the Meeting

Matters to	1.	Business Report and Consolidated Financial Statements for the 45th
be reported:		fiscal term (from April 1, 2020 to March 31, 2021) and the results of
		audits of the consolidated financial statements by the Accounting
		Auditor and the Audit and Supervisory Committee.
	2.	Non-Consolidated Financial Statements for the 45th fiscal term (from
		April 1, 2020 to March 31, 2021)
Matters to
be resolved:
Proposal No. 1	Appropriation of surplus
Proposal No. 2	Election of Eight (8) Directors (excluding members of the Audit and
		Supervisory Committee)
Proposal No. 3	Election of three (3) Directors who serve as members of the Audit and
		Supervisory Committee

End.

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For those attending, please present the enclosed voting rights exercise form at the reception desk upon arrival at the meeting. In accordance with laws and regulations as well as the provisions in Article 15 of the Company's Articles of Incorporation, the following items, among documents that should be presented in conjunction with this notice of convocation, are posted on the Company's website (http://www.belluna.co.jp/), and are therefore not stated in this notice of convocation: (i) Notes to consolidated financial statements in consolidated financial statements; and (ii) Notes to non-consolidated financial statements in non-consolidated financial statements. Consolidated financial statements and financial statements audited by the Audit and Supervisory Committee and accounting auditors consist of the documents stated in this notice of convocation, as well as the notes to the consolidated financial statements and the notes to the non-consolidated financial statements posted on the Company's website. Any amendments to the Reference Documents for the General Meeting of Shareholders, Business Report, Consolidated Financial Statements and Financial Statements will be posted on our website (http://www.belluna.co.jp/)

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Reference Documents for the Annual General Meeting of Shareholders

Proposal No. 1 Appropriation of surplus

The Company has the following intention with regard to term-end dividends for the 45th fiscal term, after giving full consideration to maintaining stable dividend payments, the Company's performance for the fiscal term, future business developments and other factors.

1. Type of dividend property Cash
2. Matters concerning the allocation of dividend property to be paid to shareholders and total dividend amount ¥8.5 per share of the Company's common stock
   In this case, total dividend amount shall be ¥821,717,270.
3. Date on which the appropriation of surplus goes into effect:

June 28, 2021

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Proposal No. 2 Election of eight (8) Directors (excluding members of the Audit and Supervisory Committee) The terms of office of all the current Eight (8) Directors (excluding members of the Audit and Supervisory

Committee) will expire at the end of the Annual General Meeting of Shareholders. Accordingly, the Company proposes to elect eight (8) Directors (excluding members of the Audit and Supervisory Committee) .

The Audit and Supervisory Committee has confirmed that there is no objection to this proposal.

The candidates for the new Directors (excluding members of the Audit and Supervisory Committee) are as follows.

Candidate	Name	Brief personal history, positions and responsibilities	Number of the	Special interest
	at the Company		Company's shares
number	(Date of birth)			in the Company
	(Significant concurrent positions)		held
		June 1977	Founded Yukado Co., Ltd. (present Belluna Co.,
			Ltd.)
	Kiyoshi Yasuno		President, Representative Director			Please refer to
1		of the Company (current position)		10,155,285 shares
(December 14, 1944)			(Note) below.
		Representative Director, Granbellhotel Co., Ltd.
		Representative Director, Friend Stage Co., Ltd.
		April 2001	Joined KOKUSAI Securities Co., Ltd. (present
			Mitsubishi UFJ Morgan Stanley Securities Co.,
			Ltd.)
		April 2004	Joined the Company
			Served at President's Office
		March 2005	General Manager, Executive Corporate Planning
			Dept.
		June 2009	Director, General Manager, Executive Corporate
			Planning Dept.
		April 2010	Director in charge of Executive Corporate
			Planning Dept. and General Manager, Solution
			Division
		April 2011	Director, Managing Executive Officer, General
			Manager, New Business and General Manager,
			Solution Division
2	Yuichiro Yasuno	April 2012	Director, Managing Executive Officer, General	139,887 shares	None
(October 15, 1976)		Manager, Planning Division and General
			Manager, New Business and General Manager,
			Solution Division
		April 2013	Director, Managing Executive Officer, General
			Manager, Marketing Division
		June 2016	Director, Senior Executive Officer, General
			Manager, Marketing Division
			Director, Senior Executive Officer, General
		April 2020	Manager, General Affairs Division, and General
			Manager, Marketing Division
			Director, Senior Executive Officer, General
		April 2021	Manager, General Affairs Division, and	General
			Manager, Administration Division	(current
			position)
		Representative Director, Nurse Stage Co., Ltd.

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Candidate	Name	Brief personal history, positions and responsibilities	Number of the	Special interest
	at the Company			Company's shares
number	(Date of birth)				in the Company
	(Significant concurrent positions)		held
		August 1986	Joined Yukado Co., Ltd. (present Belluna Co.,
			Ltd.)
		April 1993	Counsellor, Planning Dept. 1
		April 1996	Advisor, Planning Dept. 1
3	Junko Shishido	June 1997	Director in charge of planning		42,796 shares	None
(May 22, 1958)	April 2011	Director, Executive Officer, General Manager of
			President's Office and in charge of planning
			(current position)
		Representative Director, El Dorado Co., Ltd.
		April 1996	Joined NIS Group Co., Ltd.
		May 2008	Joined the Company
			Executive Corporate Planning Dept.
		October 2010	General Manager, Executive Corporate Planning
			Dept.
		April 2011	Executive	Officer,	General	Manager,
			Administration Division
		April 2013	Executive	Officer,	General	Manager,
			Administration Division and General Manager,
			General Affairs Division
	Tomohiro Matsuda	April 2015	Executive	Officer,	General	Manager,
4		Administration Division			7,418 shares	None
(February 2, 1972)
	June 2015	Director, Executive Officer, General Manager,
			Administration Division
		April 2016	Director, Executive Officer, General Manager,
			Administration Division and General Manager,
			General Affairs Division
		April 2020	Director, Executive Officer, General Manager,
			Administration Division
		April 2021	Director, Executive Officer, General Manager,
			Solution Division (current position)
		Representative Director, Sunstage Co., Ltd.

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Candidate	Name	Brief personal history, positions and responsibilities	Number of the	Special interest
	at the Company	Company's shares
number	(Date of birth)		in the Company
	(Significant concurrent positions)	held
		April 1988	Joined Yukado Co., Ltd. (present Belluna Co.,
			Ltd.)
		December 1997	Manager, General Affairs Dept.
		March 2005	General Manager, General Affairs Division
		April 2011	Executive Officer, General Manager, General
			Affairs Division
5	Masato Yamauchi	April 2013	Executive Officer, General Manager, Quality	11,380 shares	None
	Management Division and General Manager,
(April 2, 1964)
		Data Process Division
		October 2014	Executive Officer, General Manager, Customer
			Service Division
		April 2017	Executive Officer, General Manager,
			Distribution Division
		June 2020	Director, Executive Officer, General Manager,
			Distribution Division (current position)
		April 1990	Joined the Company
			Assigned to Planning Dept. 1
		May 2001	Manager, Planning Dept. 1 of Planning Division
		April 2004	Manager, SCM Business Dept. of SCM
			Promotion Division
		August 2008	Manager, Planning Dept. 3 of Planning Division
		January 2009	Chief Manager, Planning Dept. 3 and 5 of
			Planning Division
		January 2010	Senior Manager, Planning Dept. 3 and 5 of
			Planning Division
		April 2013	Senior Manager, Business Planning Dept. of
			Nursery Co., Ltd., Senior Manager of Planning
			Dept. and Senior Manager of CRM Dept.
		September 2013	Senior Manager, Business Planning Dept. of
			Infirmiere Co., Ltd., and Senior Manager of
	Ryogo Takahashi		Production Management Dept
6	February 2014	Senior Manager, Business Planning Dept. of	12,698 shares	None
(June 14, 1966)
		Infirmiere Co., Ltd., and Senior Manager of
			Production Management Dept. and Director,
			Senior Manager, Production Management Dept.
			of BestThanks Co., Ltd.
		April 2015	Executive Officer, General Manager of Planning
			Division
		June 2020	Director, Executive Officer, General Manager of
			Planning Division
		July 2020	Director, Executive Officer, General Manager of
			Planning Division, and General Manager of
			Store Business Division
		April 2021	Director, Executive Officer, General Manager of
			Planning Division (current position)
		Representative Director, IC net Co., Ltd.

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