Note: This document has been translated from the Japanese original for reference purposes only. In theevent of any discrepancy between this translated document and the Japanese original, the original shallprevail. The Company assumes no responsibility for this translation or for direct, indirect or any other formsof damages arising from the translation.
September 29, 2015
To Shareholders:Ryuichi Arimoto
Representative Director and President
NIPPON KOEI CO., LTD.
4, Kojimachi 5-chome, Chiyoda-ku, TokyoRESOLUTIONS OF
THE 71ST ANNUAL GENERAL SHAREHOLDERS’ MEETING
Dear Shareholders:
We would like to express our appreciation for your continued support and patronage.
The following matters were resolved at the 71st Annual General Shareholders’ Meeting of NIPPON KOEICO., LTD. (the “Company”).
Matters reported:
1. The Business Report, Consolidated Financial Statements and Nonconsolidated Financial
Statements for the Company’s 71st Fiscal Year (July 1, 2014 - June 30, 2015)
2. Results of audits by the Accounting Auditor and the Audit & Supervisory Board of theConsolidated Financial Statements
The Business Report, Consolidated and Nonconsolidated Financial Statements, and results ofaudits were reported as described above.
Proposals resolved:
Proposal 1: Election of 11 Directors
The proposal was approved and resolved as originally proposed, and 9 Directors, Messrs.
Noriaki Hirose, Ryuichi Arimoto, Asao Yamakawa, Akira Mizukoshi, Noboru Takano,
Hiroyuki Akiyoshi, Naoki Honjo, Hiroshi Tanaka and Hiizu Ichikawa were reelected, andTakashi Seki and Kazumasa Kusaka were newly elected, and assumed their respectiveoffices.
Proposal 2: Election of 1 Audit & Supervisory Board Member
The proposal was approved and resolved as originally proposed, and Mr. Izumi Arai wasreelected and assumed office.
Proposal 3: Election of 1 Substitute Audit & Supervisory Board Member
The proposal was approved and resolved as originally proposed, and Mr. Hideaki Sudo waselected as substitute Audit & Supervisory Board member in preparation of a shortage in thenumber of Audit & Supervisory Board members stipulated in the laws and regulations.
Proposal 4: Payment of the Retirement Benefits for a Retiring Director
The proposal was approved and resolved to make the payment of retirement benefits in an
appropriate amount according to a set of guidelines defined by the Company to thank theretiring director Yoshihiko Tsunoda for his service during his time in office, and the specificamounts, timing, and method, etc., of payment to be left to the discretion of the Board ofDirectors. As a part of management reforms, the Company terminated payment of retirement
benefits for directors and Audit & Supervisory Board members as of the conclusion of the59th Annual General Shareholders’ Meeting, held on June 29, 2004, and no longer pays
retirement benefits for time spent in office after this decision. As a result, this resolution only1

applies to the payment of retirement benefits for time spent in office until the conclusion ofthe 59th Annual General Shareholders’ Meeting, held on June 29, 2004.

In addition, the following Representative Directors and Directors with title were elected at the Board ofDirectors’ meeting held after the conclusion of the Annual General Shareholders’ Meeting and assumed theirrespective offices. The new structure of officers including Executive Officers are as follows.
Representative Directorand Chairman

Noriaki Hirose

Director and ExecutiveOfficerNaoki Honjo

Representative Directorand President

Ryuichi Arimoto

Director and Executive
Officer

Hiroshi Tanaka

Director and Executive
Vice President

Asao Yamakawa

Director(Outside Director)

Hiizu Ichikawa

Director and Executive
Vice President

Akira Mizukoshi

Director(Outside Director)

Kazumasa Kusaka(newly elected)

Director and Executive
Vice President

Noboru Takano

Full-time Audit &Supervisory Board Member

Toshiaki Shimizu

Director and Managing
Executive Officer

Hiroyuki Akiyoshi

Full-time Audit &Supervisory Board Member(Outside Audit &Supervisory Board Member)

Izumi Arai(reelected)

Director and Managing
Executive Officer

Takashi Seki(newly elected)

Audit & Supervisory BoardMember(Outside Audit &Supervisory Board Member)

Mineo Enomoto

Senior Managing
Executive Officer

Takashi Karasaki

Executive Officer

Akichika Ishibashi

Senior Managing
Executive Officer

Hiromichi Sekine

Executive Officer

Noriaki Yoshida

Managing Executive
Officer

Yoshikimi Inoue

Executive Officer

Haruhiko Kanai

Managing Executive
Officer

Masanao Nishimura

Executive Officer

Kevin Tynes

Managing ExecutiveOfficer

Haruyoshi Takura

Executive Officer

Akimitsu Arai

Executive Officer

Hiroyuki Kasahara

Executive Officer

Hitoshi Nagasaki

Executive Officer

Masanobu Sakamoto

Executive Officer

Hiroaki Shinya

Executive Officer

Takayasu Tsuyusaki

Executive Officer

Hiroshi Matsuda

Executive Officer

Shuichi Ueda

Executive Officer

Hideyuki Sakunaka

Executive Officer

Yasushi Sugo2