ISHIHARA SANGYO KAISHA : Notice of the 94th Ordinary General Meeting of Shareholders

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

The company is not responsible for the accuracy or completeness of the translation.

To Those Shareholders with Voting Rights

(Securities code: 4028)

June 8, 2017

Kenichi Tanaka Executive Director, President ISHIHARA SANGYO KAISHA, LTD.

3-15, Edobori 1-chome, Nishi-ku, Osaka

NOTICE OF THE 94th ORDINARY GENERAL MEETING OF SHAREHOLDERS

Dear Shareholders,

Firstly, we would like to extend our grateful thanks for your ongoing support.

You are cordially invited to attend the 94th Ordinary General Meeting of Shareholders to be held as follows.

If you are unable to attend the meeting, please exercise your voting rights in writing or via the Internet, etc., by 5:30 p.m. on Wednesday, June 28, 2017, after reading the attached REFERENCE DOCUMENT FOR THE GENERAL MEETING OF SHAREHOLDERS.

1. Date and Time: 10:00 a.m., Thursday, June 29, 2017 (Reception start: 9:00 a.m.)
2. Venue: Hall on the 5th floor of Shin-Ishihara Building at 3-15, Edobori 1-chome, Nishi-ku, Osaka (Shin Ishihara Building: Please use Exit 5-B of Higobashi Station, Yotsubashi Line of the Osaka City Subway)
3. Objectives of the Meeting Reports:

4. The Business Report, the Consolidated Financial Statements for the 94th Fiscal Term (from

   April 1, 2016 to March 31, 2017), as well as the Audit Reports thereof prepared by the accounting auditors and the Audit & Supervisory Board.

5. The Non-consolidated Financial Statements for the 94th Fiscal Term (from April 1, 2016 to March 31, 2017)

6. Matters to be Resolved Proposal No. 1: Election of Four (4) Directors Proposal No. 2: Election of One (1) Substitute Audit & Supervisory Board Member
7. How to Exercise Your Voting Rights

8. Exercise of voting rights in writing

   Please indicate your approval or disapproval of the matters to be resolved on the Voting Rights Exercise Form enclosed herewith, and return it so that it reaches us by 5:30 p.m. on Wednesday, June 28, 2017.

9. Exercise of voting rights via the Internet, etc.

   Please first read the attached Guidelines for the Exercise of Voting Rights Via the Internet, etc. (pp. 3 and 4) and exercise your voting rights by 5:30 p.m. on Wednesday, June 28, 2017.

10. If you have exercised your voting rights both in writing and via the Internet, etc., the votes via the Internet, etc. shall be deemed valid. If you have exercised your voting rights via the Internet, etc. multiple times, the votes made last shall be deemed valid.

11. Disclosure via the Internet

    The items listed below are made available on our website on the Internet (URL below) in accordance with laws and ordinances, as well as the provisions of Article 19 of our Articles of Incorporation, and are therefore not included in the reference documents attached hereto.

12. Notes to Consolidated Financial Statements

13. Notes t o Non-consolidated Financial Statements

14. Thus, the reference documents attached hereto constitute part of the subjects audited by the Corporate Auditors and the accounting auditors.

    Our website (http://www.iskweb.co.jp/ir/stockholders.html)

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    • For those attending, please present the enclosed Voting Rights Exercise Form at the reception desk on arrival at the meeting.

    • If any situation arises that requires amendment to the REFERENCE DOCUMENT FOR THE GENERAL MEETING OF SHAREHOLDERS, the Business Report, the Consolidated Financial Statements, or the Non-consolidated Financial Statements, such amendment will be posted on the Company's website (http://www.iskweb.co.jp).

    Guidelines for the Exercise of Voting Rights Via the Internet, etc.

    Please understand the matters below before you exercise your voting rights via the Internet, etc.
15. Website for the exercise of voting rights

    Exercise of voting rights via the Internet is possible only by using the website below for the exercise of voting rights designated by the Company.

    Website for the exercise of voting rights: http://www.web54.net

16. Procedure for the exercise of voting rights

17. To exercise your voting rights via the Internet, use the Voting Right Exercise Code and the password indicated on the enclosed Voting Rights Exercise Form, and enter your approval or disapproval following the instructions on the screen.

18. The deadline for the exercise of your voting rights is 5:30 p.m. on Wednesday, June 28, 2017. We recommend that you vote early.

19. If you have exercised your voting rights both in writing and via the Internet, etc., the votes made via the Internet, etc. will be deemed valid. If you have exercised your voting rights via the Internet, etc. multiple times, the votes made last will be deemed valid.

20. The costs for the Internet service provider and the telecommunication carrier (connection fee, etc.) for using the website for the exercise of voting rights shall be borne by each shareholder.

21. Handling of your password and Voting Right Exercise Code

22. The password is important information to certify that the person who votes is actually the shareholder. So please handle it as carefully as you handle your seals and personal identification numbers.

23. Your password will become invalid if you enter the wrong password a specific number of times. If you would like to have your password reissued, follow the instructions on the screen.

24. The Voting Right Exercise Code written on your Voting Rights Exercise Form is valid only for this General Meeting of Shareholders.

25. Inquiries about how to use computers, etc.

    If you have any questions about how to use your computer, etc. in relation to the exercise of your voting rights on the website, please contact:

    Transfer Agency Web Support Hotline, Sumitomo Mitsui Trust Bank [Phone] 0120-652-031 (available 9:00-21:00)

26. Use of the electronic voting platform (for institutional investors)

27. If you are an institutional investor, you may also exercise your voting rights with respect to this general meeting of shareholders electromagnetically through the electronic voting platform operated by ICJ, Inc.