Proxy Voting Result
from Oct. to Dec. 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 ofAccounting Auditors
CompanyReorganization ※3
Takeover Defense
Others ※4
TotalFor

CarteTotal
Blanche Proposals% ofagainst

AgainstAbstain

72

60078

7.7%

764

52008166.4%

792200101

21.8%

46

50051

9.8%

1040014

28.6%

15

10016

6.3%

13120025

48.0%

500050.0%10100119.1%

021,016111050000001
3
1,121

100.0%
33.3%
9.4%(※1) One candidate is counted as one proposal.
(※2) Includes stock options, pay-for-performance plan, executive bonus, 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, capitalreduction, reverse equity split, etc.

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

AgainstAbstain0100

1

100.0%

0400

4100.0%

0

0000－

0200

2

100.0%

0

0

000－

00

000－

00000－

00

000－

00000－

00000
7000000007－－
100.0%(※1) One candidate is counted as one proposal.
(※2) Includes stock options, pay-for-performance plan, executive bonus, 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, reverse equity split, etc.

3. Summary of proxy voting results
・・・

For the shareholders' meetings from Oct. to Dec., there were 1,121 cases ofcompany resolutions and 7 cases of shareholder resolutions. Decisions for approvalor disapproval totaled 1,128 cases.
Company resolutions comprised 816 cases related to the election of directors, 101cases related to the election of statutory auditors, 78 cases related to the allocation ofincome and dividends, and 51 cases related to the amendment of articles.
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.
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・・・・

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.
As for shareholder resolutions, there were 7 cases, on which we voted against for all
resolutions after assessing their merits.

3