Chilled & Frozen Logistics Holdings Co., Ltd. (C&F) received the proposal concerning tender offer for company's stock (the Offer) by AZ-COM MARUWA Holdings Inc. (AZ-COM MARUWA) as part of deals to acquire 100% ownership of C&F, as announced in "Notice Concerning the Announcement of Scheduled Commencement of Tender Offer for Company's Stock by AZ-COM MARUWA Holdings Inc." on March 21, 2024. In light of the Offer, C&F resolved to establish the special committee ("the Committee") at the Board of Directors on April 1, 2024 to give sincere consideration to the Offer and other competing proposals, if any, ensuring fairness and transparency, based on `Guidelines for Corporate Takeovers' announced by Ministry of Economy, Trade and Industry in August 31, 2023. Members of the Committee are as follows.

All of them has no conflict of interests in relation to AZ-COM MARUWA: Akihiro Mizutani, Independent outside director; Takeshi Tanaka, Independent outside director; Nobuyuki Takagi, Independent outside director; Michiho Tachi, Independent outside director; Shiro Toba, Independent outside director; Yoshiyuki Wada, External expert, certified public accountant. The Committee will become engaged in the negotiations concerning the Offer, including competing bona fide proposals, with C&F's management by confirming the policies in advance, receiving the report about the current situation, giving opinions, instructing direction and requesting information the management. Akihiro Mizutani: April 1965, Joined Meito Sangyo Co., Ltd. June 1999, Director; and Manager, Food Development Department of Meito Sangyo Co., Ltd. June 2001 Director; and Manager, General Affair Department of Meito Sangyo Co., Ltd. October 2002 Managing Director; and Manager, General Affair Department of Meito Sangyo Co., Ltd. April 2003 Representative Director; and Manager, General Affair Department of Meito Sangyo Co., Ltd. June 2003 President and Representative Director of Meito Sangyo Co., Ltd. June 2014 Chairman and Director of Meito Sangyo Co., Ltd. Outside Director of Meito Transportation Co., Ltd. June 2015 Senior Advisor of Meito Sangyo Co., Ltd. October 2015 Outside Director of C&F (current position).

Takeshi Tanaka: April 1977 Joined Nosan Corporation; April 2000 Manager, Iodine-enriched Egg Department; and Manager, Processed Food Department of Nosan Corporation, April 2003 Manager, Biotechnology Department of Nosan Corporation, April 2006 Manager, Corporate Planning Office of Nosan Corporation, April 2007 Executive Officer, Manager, Corporate Planning Office of Nosan Corporation, May 2008 Executive Officer, Manager, Corporate Planning Office; Manager, Overseas Business Office of Nosan Corporation, June 2009 Managing Director in charge of Corporate Planning/Overseas Business/R&D/Life Tech Business of Nosan Corporation, April 2011 Representative Director, President and CEO of Nosan Corporation, April 2015 Director, Advisor of Nosan Corporation, June 2015 Advisor of Nosan Corporation, April 2017 Independent Consultant (current position), June 2023 Outside Director of C&F (current position). Nobuyuki Takagi: April 1977 Joined Nomura Securities Co., Ltd. February 2009 Managing Research Director, Global Research Division of Nomura Securities Co., Ltd. March 2009 Visiting Professor, Risk Research Center, Faculty of Economics, Shiga University, April 2009 Part-time Lecturer, Graduate School of Engineering Management, Shibaura Institute of Technology, March 2013 Outside Audit & Supervisory Board Member of ELAN Corporation, June 2013 Outside Audit & Supervisory Board Member of Meito Transportation Co., Ltd. October 2015 Outside Audit and Supervisory Board Member of C&F, February 2016 Outside Director of Lacto Japan Co., Ltd. May 2017 Advisor of LOTTE CO., LTD. March 2019 Outside Director of NAKANO REFRIGERATORS CO., LTD. (current position), June 2019 Outside Director (Audit and Supervisory Committee Member) of C&F (current position), March 2020 Outside Director (Audit & Supervisory Committee Member) of ELAN (current position). Michiho Tachi (professionally goes by Michiho Takamura): October 2006 Registered as an Attorney at Law (Daiichi Tokyo Bar Association) Joined Shitara Sakamoto Law Office (current position), September 2007 Audit and Supervisory Board Member of Coop Meat Co., Ltd. (current position), June 2015 Outside Audit and Supervisory Board Member of Hutech norin Co., Ltd. June 2015 Outside Audit and Supervisory Board Member of Zen-Noh Energy Co., Ltd. (current position), October 2015 Outside Audit and Supervisory Board Member of C&F, June 2019 Outside Director (Audit and Supervisory Committee Member) of C&F (current position), December 2023 Outside Director (Audit & Supervisory Committee Member) of CAREER CO., LTD. (current position).