Proxy Voting Result
from Apr. to Jun. 2017
1. Number of management proposals for Japanese companies voted for, against,
abstain, or carte blanche
Management
Proposals
Allocation of Incomeand Dividends
Election/Removal ofDirectors ※1
Election/Removal of
Statutory Auditors ※1
Amendment of Articles
Retirement Bonus for
Directors & Auditors
Revision ofRemuneration
Stock Option ※2
Election/Removal of
Accounting Auditors
CompanyReorganization ※3
Takeover Defense
Others ※4
TotalFor

CarteTotal
Blanche Proposals% ofagainst

AgainstAbstain

1,080

8700

1,167

7.5%

13,140790

0013,930

5.7%

1,113350

001,463

23.9%

456

19004754.0%

768800164

53.7%

212

1700229

7.4%

171

66

00237

27.8%

32

00032

0.0%

21000

21

0.0%

0389
16,690

108
35
1,560

000000108
424
18,250100.0%
8.3%
8.5%(※1) One candidate is counted as one proposal.
(※2) Includes stock options, pay-for-performance plan, etc.
(※3) Includes merger, sale/transfer of business, equity transfer, stock splits, corporate
separation, etc.
(※4) Includes share buyback, legal reserve decline, third party allotment, capital
reduction, executive bonus, etc.

Copyright © 2018 Nomura
This document is the sole property of Nomura. No part of this document may be reproduced in any form or by any means – electronic, mechanical, photocopying,recording or otherwise – without the prior written permission of Nomura.

12. Number of shareholder proposals for Japanese companies voted for, against,
abstain, or carte blanche
Shareholder
Proposals
Allocation of Incomeand Dividends
Election/Removal ofDirectors ※1
Election/Removal ofStatutory Auditors ※1
Amendment of Articles
Retirement Bonus forDirectors & Auditors
Revision ofRemuneration
Stock Option ※2
Election/Removal of
Accounting Auditors
CompanyReorganization ※3
Takeover Defense
Others ※4
TotalForCarte
TotalBlanche Proposals% ofagainst

AgainstAbstain

08008

100.0%

028

00

28

100.0%

0900

9100.0%

15

150

00165

90.9%

000

00－

01001

100.0%

00000－

00000－

00000－

00
1500
196

00000000211－－92.9%(※1) One candidate is counted as one proposal.
(※2) Includes stock options, pay-for-performance plan, etc.
(※3) Includes merger, sale/transfer of business, equity transfer, stock splits, corporate
separation, etc.
(※4) Includes share buyback, legal reserve decline, third party allotment, capital
reduction, executive bonus, etc.

3. Summary of proxy voting results
・・

For the shareholders' meetings from Apr. to Jun., there were 18,250 cases ofcompany resolutions and 211 cases of shareholder resolutions. Decisions forapproval or disapproval totaled 18,461 cases.
Company resolutions comprised 13,930 cases related to the election of directors,
1,463 cases related to the election of statutory auditors, 1,167 cases related to theallocation of income and dividends, and 475 cases related to the amendment ofarticles.

2・・・・・・

Regarding resolutions of allocation of income and dividends, we voted against mainly
when we judged there to be insufficient shareholder returns in spite of the company
having enough financial capacity.
Regarding resolutions related to the election of directors, we voted against theappointment of candidates we judged to be responsible for earnings downturns, aswell as outside director candidates that we thought lacked independence.
Regarding resolutions for election of statutory auditors, we mainly voted against
outside statutory auditor candidates that we thought lacked independence.
Regarding resolutions to amend the articles of incorporation, we mainly opposed
giving authority, to the boards of directors of institutions, to determine the dividends ofcompanies whose dividend performance is not high.
Regarding other company resolutions, we voted against directors' bonuses ofcompanies with poor performance.
As for shareholder resolutions, there were 211 cases, on which we voted for in 15
cases, and against for all other resolutions after assessing their merits.

3