On June 30, 2022, Nihon Denkei Co.,Ltd. announced the Voting Results of Proposals resolved at the 77th Ordinary General Meeting of Shareholders held on June 24, 2022. The Proposals 1 to 6 from Nihon Denkei Co., Ltd. were approved, and Proposals 7 and 8 from shareholders were rejected. Specifically, the Proposal 1 refers to Disposal of surplus: dividends of surplus to shareholders and their total amount of 40 yen per common stock and total 470,773,960 yen, Proposals 2 about Partial amendment of articles of incorporation, (i) Article 15, Paragraph 1 of the proposed change stipulates that electronic provision measures will be taken for the information contained in the reference documents for the general meeting of shareholders, (ii) Article 15, Paragraph 2 of the proposed change provides provisions to limit the scope of matters to be stated in the document to be delivered to the shareholders who requested the issuance of the document, (iii) The provisions that are deemed to be disclosed on the Internet, such as reference documents for general meetings of shareholders, are no longer required and will be deleted, (iv) With the above new establishment / deletion, supplementary provisions regarding the effective date, etc.

will be established, Proposal 3 about Appointment of Tanho Yanagi, Yukiya Morita, Fuminobu Wada, Takuya Kajiwara, Yoshi Kikuta, Masahiko Akiyama, Yuji Kimura, Ryo Sakuma and Satoshi Sato as directors, 8 members will expire at the conclusion of this general meeting. Therefore, in order to further strengthen the management system, it will increase the number of members by 1 to the directors, Proposal 4 about Appointment of Yoshio Motohashi as director who is a substitute audit and supervisory committee member, Proposal 5 about Appointment of Accounting Auditor "Inoue Audit Corporation", Proposal 6 about Issuing stock acquisition rights as stock options and granting stock options as non-monetary compensation to directors: The maximum amount of remuneration for directors who are Audit and Supervisory Committee members has been approved as an annual amount of 50 million yen. On the contrary, the activist Nippon Active Value Fund plc's proposals were not approved: Proposal 7 about Approval of remuneration amount related to transfer-restricted stock remuneration system: The maximum amount of remuneration for directors of the Company is 400 million yen or less per year and 50 million yen per year for directors who are Audit and Supervisory Committee members at the Ordinary General Meeting of Shareholders held on June 23, 2017.

However, this time, the compensation frame is different from the above compensation frame for the purpose of giving the directors of the Company an incentive to continuously improve the corporate value of the Company and promoting further value sharing between the Directors of the Company and shareholders. Therefore, a new annual amount of monetary compensation receivables for granting restricted shares of up to 307,000 shares to the directors of the Company, up to 400 million yen per year, will be newly issued to the directors who are Audit and Supervisory Committee members. The maximum number of 38,400 shares will be granted as monetary compensation receivables for granting restricted shares.

The transfer restriction period is 3 years from the grant, and the specific payment timing and allocation will be decided by the Board of Directors, and Proposal 8 about Acquisition of treasury stock Based on the provisions of Article 156, Paragraph 1 of the Companies Act, the Company's common stock shall be acquired within one year from the conclusion of the Ordinary General Meeting of Shareholders: The total number of shares will be 780,000 and the total acquisition price will be up to 1,014,000,000 yen.