Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

(Securities Code: 7952)
June 6, 2018
To Shareholders with Voting Rights:
Hirotaka Kawai
Chairman, President & CEO
Kawai Musical Instruments
Manufacturing Co., Ltd.
200 Terajima-cho, Naka-ku, Hamamatsu,Shizuoka, JapanNOTICE OF CONVOCATION OF
THE 91ST ANNUAL GENERAL MEETING OF SHAREHOLDERS
You are cordially invited to attend the 91st Annual General Meeting of Shareholders of Kawai Musical Instruments
Manufacturing Co., Ltd. (the “Company”). The meeting will be held for the purposes as described below.
If you are unable to attend the meeting, you may exercise your voting rights in writing or via the Internet. Please
review the attached Reference Documents for the General Meeting of Shareholders and exercise your voting rights
by 5:00 p.m. on Tuesday, June 26, 2018 (JST).
1. Date and Time: Wednesday, June 27, 2018 at 10:00 a.m. (JST, the reception desk opens at 9:00 a.m.)
2. Venue:
Building No. 10 at the Company Headquarters located at
200 Terajima-cho, Naka-ku, Hamamatsu, Shizuoka, Japan
3. Meeting Agenda:
Matters to be reported:
1. The Business Report and Consolidated Financial Statements for the 91st Fiscal Year (from April 1, 2017 toMarch 31, 2018), and results of audits of the Consolidated Financial Statements by the Board of Corporate
Auditors
2. Non-consolidated Financial Statements for the 91st Fiscal Year (from April 1, 2017 to March 31, 2018)
Matters to be resolved:
Proposal 1:
Dividends of Surplus
Proposal 2:
Election of Ten Directors
4. Other Matters Concerning the General Meeting of Shareholders(1) If you arrange attendance by your proxy, please appoint one shareholder of the Company holding votingrights. In this case, you are kindly requested to submit a document proving such proxy prior to the openingof the General Meeting of Shareholders.
(2) If you are diversely exercising your voting rights, please give notice in writing to the Company on yourintention of such diverse exercise and the reasons therefor, no later than three days prior to the date of theGeneral Meeting of Shareholders.
(3) Of the documents to be included in this notice of convocation, “Systems and policies of the Company” inthe Business Report, Notes to Consolidated Financial Statements and Notes to Non-consolidated Financial
Statements are posted on the Company’s website (http://www.kawai.co.jp/ir/sokai/) (in Japanese only)
pursuant to the applicable laws and regulations as well as Article 15 of the Company’s Articles ofIncorporation. Therefore, they are not included in the Attachment of this Notice. The Business Report,Consolidated Financial Statements and Non-consolidated Financial Statements audited by Corporate
Auditors and the Accounting Auditor include the aforementioned documents posted on the Company’swebsite, in addition to those presented in the Attachment.
Request to shareholders: When attending the meeting, please submit the enclosed Voting Rights Exercise Form at the reception desk.
Notice:Any amendment to the Business Report, Consolidated Financial Statements, Non-consolidated FinancialStatements or Reference Documents for the General Meeting of Shareholders will be posted on theCompany’s website (http://www.kawai.co.jp) (in Japanese only).

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Exercise of Voting Rights
Please review the attached Reference Documents for the General Meeting of Shareholders (pages 4 through 10)
and exercise your voting rights.
You may exercise your voting rights by one of the following three methods.
Exercise of voting rights by attendance at the General Meeting of Shareholders
Please submit the enclosed Voting Rights Exercise Form at the reception desk. Please be sure to bring with you thisNotice of Convocation of the 91st Annual General Meeting of Shareholders.
Date of the General Meeting of Shareholders: Wednesday, June 27, 2018 at 10:00 a.m. (JST, the reception desk
opens at 9:00 a.m.)
Exercise of voting rights in writing
Please indicate approval or disapproval on each proposal on the enclosed Voting Rights Exercise Form and returnthe completed form to the Company by the deadline for the exercise.
Deadline for the exercise of voting rights:

Tuesday, June 26, 2018 at 5:00 p.m. (JST)Exercise of voting rights via the Internet (for details, please refer to the following page)
Please have access to the voting rights exercise website (https://www.web54.net) (in Japanese only) designated by
the Company and exercise your voting rights at the website.
Deadline for the exercise of voting rights:

Tuesday, June 26, 2018 at 5:00 p.m. (JST)-2-

Exercise of Voting Rights via the Internet
In exercising voting rights via the Internet, please note the following.
Website for the exercising of voting rights designated by the Company: https://www.web54.net
Voting rights exercise website- To exercise voting rights via the Internet, please have access to the voting rights exercise website(https://www.web54.net) (in Japanese only) designated by the Company from your PCs or smartphones
1and exercise your voting rights at the website.
- You may not exercise voting rights via the Internet depending on your Internet environment or otherreasons.
Procedures to exercise voting rights- Please enter the “voting rights exercise code” written on the Voting Rights Exercise Form on the votingrights exercise website and press the “Login” button.
- As you are on the password authentication screen, please enter the “password” written on the Voting Rights
2
Exercise Form and press the “Next” button. At the time of initial login, you will be transferred to thepassword change screen.
- As you will find “approval/disapproval input column” and “exercise button,” please use them afterreviewing the Notes.
Multiple exercise of voting rights- In the event of multiple exercise of voting rights in writing and via the Internet, the exercise via the Internet
3will be valid.
- In the event of multiple exercise of voting rights via the Internet, the last exercise of voting rights will bevalid.
Other
4 - Costs involving the use of the Internet (such as provider fees and communication fees) are to be borne byshareholders.
Contact number for theinquiries concerning
exercise of voting
rights via the Internet

Sumitomo Mitsui Trust Bank, Limited
Toll-free telephone number (in Japan only) for the transfer agency’s website technicalsupport
0120-652-031 (Operating hours: 9:00 a.m. to 9:00 p.m., JST) (in Japanese only)

For institutional investors
Apart from the exercise of voting rights via the Internet as mentioned above, an on-line voting platform is available
for exercising voting rights, if requested in advance.

-3-Reference Documents for the General Meeting of Shareholders
Proposal 1:

Dividends of Surplus

The Company’s basic principle is to provide flexible shareholder returns with the aims of distributing stabledividends to shareholders and enhancing capital efficiency, while ensuring sufficient level of internal reserve forstabilizing the management base, in consideration of the business results of each fiscal year as well as the businessenvironment and business development in the future. Currently, the Company only pays year-end dividends, inprinciple.
The Company proposes to pay the year-end dividends as follows for the fiscal year under review based on suchprinciple and in appreciation of the constant support by the shareholders.
Matters concerning the year-end dividends
Type of the dividend property
CashMatters concerning the assignment of the dividend property and its amount¥50 per common share of the Company
Total dividends: ¥429,774,850
Effective date of the dividends of surplus
June 28, 2018

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Proposal 2:

Election of Ten Directors

The terms of office of all ten incumbent Directors will expire at the conclusion of this General Meeting ofShareholders. Accordingly, the election of ten Directors is proposed.
The candidates for Directors are as follows.
No.

Name

1

Hirotaka Kawai

Reappointment

2

Teruyuki Ito

Reappointment

3

Kazuhiro Kaneko

Reappointment

4

Masakazu Kusaka

Reappointment

5

Masayuki Nishio

Reappointment

6

Kentaro KawaiReappointment

7Harumitsu Makita

Reappointment

8Hiroshi Ushio

Reappointment

9Ichisei Katagiri

10Shoji Nakamura

Reappointment
OutsideReappointment
OutsideCurrent positions
Chairman,President & CEO

Responsibilities
General Manager, Business Division

Executive Officer, General Manager,
Administration Division
Director and Vice Executive Officer
President
General Manager, Corporate Planning Division
Executive Officer
Senior Managing Deputy General Manager, Business Division
and General Manager, Domestic BusinessDirectorDivision
Executive Officer
Senior Managing Deputy General Manager, Business Division
and General Manager, Overseas BusinessDirectorDivision
Executive Officer
Managing Director General Manager, Musical Instruments
Manufacturing Division and Piano Division
Executive Officer
Director
General Manager, Material Processing Division
and Metal Division
Executive Officer
Director
Deputy General Manager, Piano Division,
Musical Instruments Manufacturing Division
DirectorDirectorDirector-5-No.

Name(Date of birth)

Career summary, position and responsibilities in the Company
Jan. 1976
Aug. 1979
Aug. 1983
Aug. 1985

12

Number of sharesof the Company
held

Joined the Company
Director
Managing Director
Representative Director and Senior Managing
DirectorJune 1987
Representative Director and Vice President
Oct. 1989
President & Chief Executive Officer
Hirotaka Kawai
June 2015
Chairman, President & CEO (to present)
118,500(June 27, 1947)
Apr. 2016
General Manager, Business Division (toReappointmentpresent)(Significant concurrent positions)
Director, KAWAI FOUNDATION FOR SOUNDTECHNOLOGY & MUSIC
Director, KAWAI SEIMITSU KINZOKU Co., Ltd
Audit & Supervisory Board Member, Kabushiki Kaisha Kawai
ShadanReasons for nomination as a candidate for Director
Mr. Hirotaka Kawai has served as Chief Executive Officer for many years and has deep knowledge and achievements
concerning the Group’s business management. In the midst of severe changes in the business environment, he has
exerted strong leadership and contributed to the enhancement of corporate value. We believe that he will continue toexert management leadership and is qualified to supervise the business execution.
Apr. 1978
Joined the Company
Apr. 2004
Manager, Middle Kanto Business Department,
Kanto Business Division
Oct. 2008
General Manager, Musical Education
Department, Domestic Business DivisionFeb. 2010
Executive Officer
June 2014
Director (to present)
Senior Executive Officer
Teruyuki Ito
Apr. 2015
Executive Officer (to present)(September 1, 1953)
3,000
General Manager, Business Strategy
Reappointment
Department, Domestic Business Division
Apr. 2016
General Manager, General Affair & Human
Resources Division
Aug. 2016
General Manager, General Affair & Human
Resources Division
Apr. 2018
General Manager, Administration Division (topresent)(Significant concurrent positions)
None
Reasons for nomination as a candidate for Director
Mr. Teruyuki Ito works on many issues and has experience and achievements as a person in charge of the General
Affairs & Human Resources Division. We believe that he is qualified to continuously carry out management strategies
and supervise the business execution as a Director.

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Name(Date of birth)

Career summary, position and responsibilities in the CompanyApr. 1978
Apr. 1989
Feb. 2009
May 2010

34

Number of sharesof the Company
held

Joined the Company
Seconded to Hamanako Institute Corporation
General Manager, Secretary’s Office
General Manager, Corporate Planning Division(to present)
June 2011
DirectorKazuhiro Kaneko
Senior Executive Officer(November 10, 1953)
6,600
Apr. 2013
General Manager, Accounting & Finance
Reappointment
Division
June 2013
Managing Executive Officer
June 2014
Senior Managing Executive Officer
June 2015
Executive Vice President (to present)(Significant concurrent positions)
None
Reasons for nomination as a candidate for Director
Mr. Kazuhiro Kaneko has abundant experience and achievements in management as a person in charge of the Corporate
Planning Division. We believe that he is qualified to continuously carry out management strategies and supervise thebusiness execution as a Director.
Mar. 1976
Joined the Company
Apr. 2004
Deputy General Manager, Kanto (Tokyo andsurrounding areas) Business DivisionFeb. 2008
General Manager, Chubu (central area)
Business Division
June 2008
Executive Officer
Feb. 2009
General Manager, Kanto (Tokyo andsurrounding areas) Business Division
Apr. 2013
General Manager, Domestic Business Division
Masakazu Kusaka
June 2013
Director4,500(November 12, 1953)
Reappointment
Senior Executive OfficerJune 2014
Managing Executive Officer
June 2015
Managing Director
Apr. 2016
Deputy General Manager, Business Division
and General Manager, Domestic Business
Division (to present)
June 2016
Senior Managing Director (to present)(Significant concurrent positions)
None
Reasons for nomination as a candidate for Director
Mr. Masakazu Kusaka has abundant experience and achievements in management as a person in charge of the Domestic
Business Division. We believe that he is qualified to continuously carry out management strategies and supervise thebusiness execution as a Director.

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Name(Date of birth)

Career summary, position and responsibilities in the Company
Apr. 1977
Feb. 2005
Feb. 2006

56

Number of sharesof the Company
held

Joined the Company
General Manager, Marketing Strategy Office
Manager, Business Department, Overseas
Business Division
Aug. 2008
Executive Officer
Apr. 2013
General Manager, Overseas Business Division
June 2013
Director
Masayuki Nishio
Senior Executive Officer(December 24, 1953)
4,500
June 2015
Managing Director
Reappointment
Apr. 2016
Deputy General Manager, Business Division
and General Manager, Overseas Business
Division (to present)
June 2016
Senior Managing Director (to present)(Significant concurrent positions)
Director, Kawai America Corporation
Director, Kawai Europa GmbH
Reasons for nomination as a candidate for Director
Mr. Masayuki Nishio has abundant experience and achievements in the Company’s global development as a person in
charge of the Overseas Business Division. We believe that he is qualified to continuously carry out management
strategies and supervise the business execution as a Director.
Oct. 2007
Joined the Company
Feb. 2010
Deputy General Manager, Accounting &Finance Division
Aug. 2011
Deputy General Manager, Piano Division
Apr. 2012
General Manager, Piano Division
Executive Officer (to present)
Kentaro Kawai
June 2015
Director(June 1, 1977)
1,900
Apr. 2016
General Manager, Musical InstrumentsReappointment
Manufacturing Division and Piano Division (topresent)
June 2016
Managing Director (to present)(Significant concurrent positions)
Director, KAWAI SEIMITSU KINZOKU Co., Ltd
Auditor, PT. Kawai Indonesia
Reasons for nomination as a candidate for Director
Mr. Kentaro Kawai works on many issues and has well-informed experience in the field and achievements as a person
in charge of the Musical Instruments Manufacturing Division. We believe that he is qualified to continuously carry out
management strategies and supervise the business execution as a Director.

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Name(Date of birth)

Career summary, position and responsibilities in the Company
Apr. 1979
Aug. 2005

789

Number of sharesof the Company
held

Joined the Company
General Manager, Hamamatsu Factory, KAWAISEIMITSU KINZOKU Co., LtdFeb. 2010
General Manager, Matsumoto Factory, KAWAISEIMITSU KINZOKU Co., Ltd
Apr. 2013
General Manager, Metal Division (to present)
June 2013
Representative Director and President, KAWAIHarumitsu Makita
SEIMITSU KINZOKU Co., Ltd (to present)(January 18, 1957)
2,100
Reappointment
June 2014
Executive Officer (to present)
Apr. 2016
General Manager, Material Processing Division(to present)
June 2016
Director (to present)(Significant concurrent positions)Representative Director and President, KAWAI SEIMITSUKINZOKU Co., Ltd
Reasons for nomination as a candidate for Director
Mr. Harumitsu Makita works on many issues and has experience and achievements as a person in charge of the material
processing business. We believe that he is qualified to continuously carry out management strategies and supervise thebusiness execution as a Director.
Jan. 1983
Joined the Company
Apr. 2005
General Manager, PT. Kawai Indonesia
June 2011
President, PT. Kawai Indonesia (to present)
Executive Officer (to present)
Hiroshi UshioApr. 2012
Deputy General Manager, Piano Division(February 11, 1961)
2,200
Apr. 2016
Deputy General Manager, Piano Division,
Reappointment
Musical Instruments Manufacturing Division(to present)
June 2017
Director (to present)(Significant concurrent positions)
Director and President, PT. Kawai Indonesia
Reasons for nomination as a candidate for Director
Mr. Hiroshi Ushio has served as a person in charge of overseas manufacturing bases for many years, works on manyissues and has abundant experience and achievements. In addition, he is working on many issues as a person in charge(secondary) of Piano Division. We believe that he is qualified to carry out management strategies and supervise thebusiness execution as a Director.
Apr. 1985
Registered as an attorney
Established Ichisei Katagiri Law Office,Ichisei Katagiri
Representative(July 9, 1947)
June 2010
Substitute Corporate Auditor
900
Reappointment
June 2012
Outside Director (to present)
Outside(Significant concurrent positions)Representative, Ichisei Katagiri Law Office
Reasons for nomination as a candidate for Outside Director
Mr. Ichisei Katagiri has abundant knowledge and deep insight as an attorney and has offered helpful advice andsupervision concerning the Company’s management from his professional perspective. We expect to continuously
receive appropriate guidance from him. Although he does not have direct experience of corporate business outside ofserving as an Outside Director and Outside Corporate Auditors, we believe that he can appropriately carry out duties as
an Outside Director for the reasons stated above.

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Name(Date of birth)

Career summary, position and responsibilities in the Company
Apr. 1964
Mar. 1969
Mar. 1983
Mar. 1990
July 1992

Number of sharesof the Company
held

Joined Osaka Gas Co., Ltd.
Joined CHUBU GAS CO., LTD.
Director, CHUBU GAS CO., LTD
Managing Director, CHUBU GAS CO., LTD.
Representative Director and Senior ManagingDirector, CHUBU GAS CO., LTD.
Mar. 1993
Representative Director and Vice President,
CHUBU GAS CO., LTD.
Shoji Nakamura
Mar. 1994
Representative Director and President, CHUBU(January 26, 1942)
3,300
GAS CO., LTD.
Reappointment
Feb. 2003
Chairman and representative director, SALA
Outside10Corporation (to present)
Jan. 2006
Chairman and Representative Director, SALAHOUSE CO., LTD.
Mar. 2012
Representative Director and Chairman,CHUBU GAS CO., LTD.
June 2015
Outside Director (to present)(Significant concurrent positions)
Chairman and representative director, SALA Corporation
Reasons for nomination as a candidate for Outside Director
With many years of experience and knowledge through involvement in corporate management, we believe that Mr.
Shoji Nakamura can offer valuable advice and suggestions in ensuring transparency and validity of decision-making for
the Company’s management.
Notes: 1. Mr. Hirotaka Kawai, a candidate for Director, is concurrently serving as Director of KAWAI FOUNDATION FOR
SOUND TECHNOLOGY & MUSIC. The Company has business relationship including donation of money and leasingof buildings with KAWAI FOUNDATION FOR SOUND TECHNOLOGY & MUSIC.
2. Other than the above 1., there is no special interest between each candidate for Director and the Company.
3. Matters concerning Outside Directors are as follows:
1) Candidates for Directors, Messrs. Ichisei Katagiri and Shoji Nakamura, are the candidates for Outside Directors.
The Company has designated them as independent directors defined under the provisions of Tokyo Stock Exchange,
Inc. and registered them as such therewith.
2) Candidates for Directors, Messrs. Ichisei Katagiri and Shoji Nakamura, are currently serving as Outside Directorsof the Company, and they will have served six years and three years, respectively, at the conclusion of this General
Meeting of Shareholders.
3) The Company has entered into an agreement for the limitation of liability with Messrs. Ichisei Katagiri and ShojiNakamura pursuant to Article 427, Paragraph 1 of the Companies Act, limiting their liability for damagesprescribed under Article 423, Paragraph 1 of the said Act. The limit of liability for damages based on the agreement
is the minimum liability prescribed by laws and regulations, while the limitation of liability is allowed only when
the Directors are carrying out their duties in good faith without involving gross negligence. Upon approval of theirreappointment, the Company will continue the agreement for the limitation of liability with them.

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