News Release

To The Shareholders

April 27, 2012

Company Name Shoei Co., Ltd.
Representative President and Chief Executive Officer Eiji Tokita
Stock Code 3003, First Section, Tokyo Stock Exchange
Contact Senior Executive Officer
Human Resources Group
Minoru Kagita
(Tel: +813-3292-4627)

Announcement regarding the solicitation of volunteers for early retirement

Shoei Co., Ltd. ("the Company") hereby announces that a resolution was passed at the Board of Directors meeting held on April 27, 2012 to solicit volunteers for early retirement as follows.
1. Reason for soliciting volunteers for early retirement
In light of the recent severe business environment surrounding the real estate market, the Company envisages to merge with Hulic Co., Ltd. ("Hulic") on July 1, 2012, to consolidate its real estate business with the stable operations and finances of Hulic.
The Company decided to solicit volunteers for early retirement considering that further downsizing its operations and reducing costs are essential for promptly realizing efficient management.
2. Outline of voluntary early retirement solicitation
(1) Eligible employees: Employees who are division managers and below
(2) Number of volunteers: Around 20 employees
(3) Solicitation period: May 14, 2012 to May 24, 2012 (4) Retirement date: June 30, 2012
(5) Others: In addition to the prescribed retirement benefits, the Company will
provide a premium severance pay as well as a support for re-employment
by using an employment recruitment agency if requested.
3. Future outlook
Costs arising from this voluntary early retirement process are scheduled to be recorded as an extraordinary loss for the current period, and the Company will make an announcement regarding the financial impact for the current period when the figure is fixed.

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