On March 30, 2016, Daiwa Industries Ltd. announced through extraordinary Report the voting results about proposals. Shareholders opposes to both proposals from Strategic Capital, Inc. according to the Board of Directors arguments. The Company considers that distribution of profits to shareholders is one of the most important policies of the Company, and aims to maintain stable and continuous returns to shareholders based on the basic policy to pay dividends twice a year as interim and year-end dividends.

Therefore, the Company opposes to proposal that substantially requests to pay divided "67 yen per share in total together with interim dividend" which constitutes a large portion of the Company's net income. In addition, the Company does not consider that partial amendments to the Articles of Incorporation relating to this proposal shall be required. Due to the rejection of proposal 4 about revision of the provisions of articles, it was not necessary to vote on proposal 5 of changes in the distribution of dividends considered rejected also.