NS United Kaiun Kaisha : Notice of the 95th Ordinary General Meeting of Shareholders

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. The original Japanese text of the Notice of 95th Ordinary General Meeting of Shareholders should be available to foreign shareholders at their respective sub-custodians in Japan. Please contact your custodian with your voting instructions.

To our shareholders:

Securities Code: 9110

June 7, 2021

NS UNITED KAIUN KAISHA, LTD.

Notice of the 95th Ordinary General Meeting of Shareholders

Outline of meeting
Date and Time:	Monday, June 28, 2021 at 10:00 a.m. (Reception will open at 9:15 a.m.)
Venue:	Diamond Room, Keidanren Kaikan 4F, 3-2 Otemachi 1-chome,Chiyoda-ku, Tokyo
Matters to be resolved:	Proposal No. 1: Appropriation of Surplus
	Proposal No. 2: Election of Nine Directors
	Proposal No. 3: Election of Three Audit & Supervisory Board Members

• Exercising voting rights in writing or via the Internet (please refer to page 6 and 7 of the Japanese original) Voting deadline: Delivery/exercising no later than 5 p.m., Friday, June 25, 2021
• Information on live streaming and a video-clip of the 95th Ordinary General Meeting of Shareholders

Live streaming of the meeting is scheduled to be distributed (please refer to page 8 of the Japanese original).

An edited video of the meeting will also be distributed on the Company's website later (please refer to page 5 of

the Japanese original).

[Measures to prevent the spread of the novel coronavirus disease (COVID-19)]

To prevent the spread of the novel coronavirus disease (COVID-19) at the meeting, you are encouraged to exercise your voting rights prior to the meeting by returning the enclosed voting form or via the Internet, if at all possible, and are urged to refrain from attending the meeting in person.

The social gathering event after the meeting will not be held and no souvenirs will be provided after the meeting.

We thank you for your understanding. Any changes in the operation of the meeting will be posted on the Company's website (http://www.nsuship.co.jp/)(JapaneseOnly), so please check the website if you intend to attend the meeting in person.

Greetings to Shareholders

We would like to express our sincere gratitude to you for your continued support of our operations and business.

The NS United Kaiun Group incorporates into our activities, every single day, our fundamental principle of contributing to the development of society by providing trusted and high-quality marine transportation services. In fiscal year 2020, due to the reduced visibility in navigating our business, particularly in the first quarter, reflecting restrictions on economic activities in countries around the world caused by the spread of the COVID-19 infections, the Company prepared its earnings plan in July, taking various risks into account. In the second half of the fiscal year, as a result of the launch of new projects based on long-term agreements ensuring stable revenues and our positioning in the dry bulk market against the backdrop of recovering economic activities, earnings were kept at almost the same level as the previous year.

Amid these circumstances, under the Medium-Term Business Plan developed in May 2020, "FORWARD 2030 - Driving U forward over the next decade-," we are committed to becoming "A company that is both profitable and socially responsible" as our vision for ourselves in 2030. In the first year of the plan, we are enhancing earnings stability through the acquisition of new contracts and structural reforms of high priced tonnage and are working toward achieving a sustainable society by setting environmental goals and through other initiatives, led by the newly established Environment Conservation Promotion Group.

We will continue endeavoring to become a company with a sustainable and resilient management base that enables us to capture business opportunities amid the great changes expected in the business environment in the future.

It is our hope that all shareholders will provide even more support, encouragement and cooperation.

June, 2021

Kazuo Tanimizu

President and Representative Director

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. The original Japanese text of the Notice of 95th Ordinary General Meeting of Shareholders should be available to foreign shareholders at their respective sub-custodians in Japan. Please contact your custodian with your voting instructions.

Securities Code: 9110 June 7, 2021

To our shareholders:

Kazuo Tanimizu,

President and Representative Director

NS UNITED KAIUN KAISHA, LTD.

5-1 Otemachi 1-chome,Chiyoda-ku, Tokyo

Notice of the 95th Ordinary General Meeting of Shareholders

We are pleased to announce that the 95th Ordinary General Meeting of Shareholders of NS UNITED KAIUN KAISHA, LTD. (the "Company"), which will be held as indicated below.

From the perspective of preventing the spread of the novel coronavirus disease (COVID-19) at the meeting, you are encouraged to exercise your voting rights prior to the meeting by returning the enclosed voting form or via the internet, if at all possible. Regardless of your own state of health, you are urged to refrain from attending the meeting in person.

With regard to exercising 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 either of the following methods by 5:00 p.m. on Friday, June 25, 2021 (JST).

Exercising voting rights in writing (by postal mail)

Please indicate your approval or disapproval of the proposals in the enclosed voting form and then return the form to the Company by postal mail so that your vote is received by the deadline stated above.

Exercising voting rights via the internet

Please confirm the "Guide to Exercising Voting Rights via the Internet" on page 7 of the Japanese original, access the Company's designated website for exercising voting rights (https://soukai.mizuho-tb.co.jp/), and input your approval or disapproval by following the instructions on the screen by the deadline stated above.

1. Date and Time: Monday, June 28, 2021 at 10:00 a.m. (Reception will open at 9:15 a.m.)
2. Venue: Diamond Room, Keidanren Kaikan 4F

3-2 Otemachi 1-chome,Chiyoda-ku, Tokyo

(Please refer to the venue map of the Japanese original)

1. Purpose of the Meeting Matters to be reported:
2. 1. The Business Report, the Consolidated Financial Statements and the results of audits of the Consolidated Financial Statements by the Financial Auditor and the Audit & Supervisory Board for the fiscal year from April 1, 2020 to March 31, 2021
   2. The Non-consolidated Financial Statements for the fiscal year from April 1, 2020 to March 31, 2021
      Matters to be resolved:
      Proposal No. 1: Appropriation of Surplus
      Proposal No. 2: Election of Nine Directors
      Proposal No. 3: Election of Three Audit & Supervisory Board Members
3. Matters Prescribed for Convocation Exercising voting rights by proxy
4. 
   When attending by proxy, the proxy will be required to present documentary proof of his or her authority to exercise voting rights in addition to the shareholder's voting form at the reception desk. The proxy shall be limited to one other shareholder who has the voting right.

   • 1 -

• When attending the meeting in person, please submit the enclosed voting form to the reception desk. Any updates to the Reference Documents for the General Meeting of Shareholders, Business Report, Consolidated Financial Statements, or Non-consolidated Financial Statements will be posted on the Company's website (Japanese only).
• Of the documents to be provided, information concerning the following items is not included in the documents provided with this notice, but is posted on the Company's website pursuant to laws and regulations and Article 15 of the Company's Articles of Incorporation.
• 1. "Status of Financial Auditor" and "System to Ensure the Appropriateness of Operations and the Status of its Implementation" sections of the Business Report
  2. "Consolidated Statement of Shareholders' Equity" and "Notes to Consolidated Financial Statements" sections of the Consolidated Financial Statements
  3. "Non-consolidatedStatement of Shareholders' Equity" and "Notes to Non-consolidated Financial Statements" sections of the Non-consolidated Financial Statements

These items are included in the Business Report, the Consolidated Financial Statements and Non-consolidated Financial Statements, all of which have been audited by the Audit & Supervisory Board Members to prepare an audit report and by the Financial Auditor to prepare a financial auditor's report.

The Company's website: http://www.nsuship.co.jp/

- 2 -

Measures to Prevent the Spread of COVID-19

Availability of face masks and disinfectant

Face masks and disinfectant will be available at the entrance of the venue on the day of the General Meeting of Shareholders. Please note that the Company staff will also be wearing face masks.

Cancellation of gathering events and provision of gifts

The gathering events and the provision of gifts to attendees have been cancelled this year, same as last year.We thank you for your understanding.

Proceedings of the General Meeting of Shareholders

In order to ensure smooth proceedings of the meeting, brief explanations of matters to be reported or resolved will be provided.

Possible changes in the operation of the General Meeting of Shareholders

Depending on the situation of the spread of COVID-19 ahead of the meeting, the venue or start time of the meeting may have to be changed. In this case, we will post the information on the Company's website (Japanese only). Please make sure to check the Company's website in advance, even if you attend the meeting in person.

Live streaming, recording, and distribution of the General Meeting of Shareholders

The Company plans to live stream the proceedings of the General Meeting of Shareholders (see page 8 of the Japanese original). Furthermore, the proceedings will be recorded, edited and distributed on the IR Library and General Meeting of Shareholders pages of the Company's website for approximately three months starting in early July.

http://www.nsuship.co.jp/ir/library/general_meeting/

• Depending on your device and network environment, you may not be able to view the video. Also, please note that there may be some issues with the video and audio. Connection fees and communication expenses payable to the providers (telephone charges) when viewing the video will be borne by the shareholders.
• In consideration of the privacy of shareholders, the live streaming and video recording will be limited to showing the area where the chairman and officers are seated. For the same purpose, if you plan to attend the meeting in person and make a statement, please only provide the number on your attendance sheet when doing so.

- 3 -