Shimano : Notice of Convocation of the 115th Ordinary General Meeting of Shareholders

This document has been translated from 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 Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.

Code Number: 7309

March 9, 2022

To Those Shareholders with Voting Rights

Taizo Shimano

President

SHIMANO INC.

3-77Oimatsu-cho,Sakai-ku, Sakai City, Osaka, Japan

Notice of Convocation of the 115th Ordinary General Meeting of Shareholders

You are hereby notified that the 115th Ordinary General Meeting of Shareholders of Shimano Inc. will be held as below.

After carefully considering the situation to prevent the spread of the novel coronavirus disease (COVID-19), we have decided to hold the Ordinary General Meeting of Shareholders with appropriate infection control measures taken.

From the perspective of preventing the spread of infection, we strongly request that shareholders exercise their voting rights in advance by post or via the Internet etc., and refrain from visiting the venue on the day of the Meeting.

Please review the Reference Documents for the General Meeting of Shareholders and exercise your voting rights by 5:00 p.m. (Japan Standard Time) on Tuesday, March 29, 2022.

1. Date and Time: 10:00 a.m. (Japan Standard Time), Wednesday, March 30, 2022 (The reception desk will open at 9:00 a.m.)

2. Venue:	Manufacturing Technology Center, Shimano Inc. Head Office
	3-77Oimatsu-cho,Sakai-ku, Sakai City, Osaka

3. Agenda:

Matters to be reported: (1) The Business Report, Consolidated Financial Statements, and

Non-consolidated Financial Statements for the 115th Fiscal Year (from January 1, 2021 to December 31, 2021)

1. Results of Audits of the Consolidated Financial Statements by the Accounting Auditor and the Audit & Supervisory Board

Proposals to be resolved:

Proposal No. 1: Appropriation of Surplus

Proposal No. 2: Election of 4 Directors

Proposal No. 3: Election of 3 Audit & Supervisory Board Members

Instructions for the Exercise of Voting Rights

(1) Exercise of Voting Rights by Post

Please indicate your approval or disapproval of the proposals on the enclosed ballot form and return it so that it arrives by 5:00 p.m. (Japan Standard Time) on Tuesday, March 29, 2022.

(2) Exercise of Voting Rights via the Internet etc.

When exercising voting rights via the Internet etc., please refer to the Guidance for Exercising Voting Rights on pages 4 and 5 and exercise your voting rights by 5:00 p.m. (Japan Standard Time) on Tuesday, March 29, 2022.

(Notes)

• If you exercise your voting rights both by post and via the Internet etc., the exercise of voting rights via the Internet etc. shall prevail.
• If you exercise your voting rights via the Internet etc. multiple times, the final exercise of voting rights shall prevail.

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• The Company participates in the electronic voting platform for institutional investors operated by ICJ, Inc., a joint-venture company established by the Tokyo Stock Exchange Inc., etc.

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• Shareholders who will attend the meeting are requested to submit the enclosed ballot form at the reception desk.
• If any necessary revisions are made to the contents of the Reference Documents for the General Meeting of Shareholders, Business Report, Non-consolidated Financial Statements or Consolidated Financial Statements up to the day before the General Meeting of Shareholders, revisions will be posted on the Company's website (https://www.shimano.com/en/ir/shareholdermeeting.html).

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[Guidance for Preventing the Spread of Infection at the Ordinary General Meeting of Shareholders]

We hereby request that shareholders take the measures below in order to prevent the spread of infectious diseases such as COVID- 19.

(1) Requests for shareholders

・If you are elderly, have an underlying health condition, are pregnant, or are feeling unwell due to a cough or a fever, we strongly request that you refrain from visiting the venue on the day of the Meeting.

・If you are considering attending the Meeting, we request that you stay mindful of your health condition up to the day of the Meeting, and that you do not strain yourself in any case.

・As a means to exercise your voting rights without attending the Meeting, we request that you consider voting by post or via the Internet etc.

(2) Requests for shareholders who will visit the venue

・We request that you use the alcohol disinfectant placed near the reception desk at the venue and that you wear a face mask.

・We will take temperatures at the entrance to the venue, and we may refuse entry of those who are confirmed to have a fever (37.5 degrees Celsius or higher), those who seem to be unwell, those who have been identified as close contacts, and those for whom 10 days have not passed since returning from overseas. Shareholders who have been identified as close contacts and for whom 10 days have not passed since returning from overseas are requested to declare themselves at the reception desk.

・Seats at the venue will be sparsely placed with more spaces in between. The number of seats available will be fewer than usual. Accordingly, we may refuse entry even if you visit the venue on the day of the Meeting.

・If you begin to feel unwell after entry, please do not hesitate to contact the nearby operation staff.

・When you return home, from the perspective of preventing infection, we request that you sufficiently gargle and wash your hands.

(3) Measures taken by the Company

・Officers, employees, and operation staff will participate after checking their health conditions, and taking their temperatures. ・Officers, employees, and operation staff will be wearing face masks.

・Alcohol disinfectants will be placed at various locations within the venue, in addition to the reception desk. ・We will cancel the social gathering with shareholders after the conclusion of the Meeting.

In the event of significant changes to the operation of the Meeting due to future circumstances, we will notify you on the Company's website (https://www.shimano.com/en/ir/shareholdermeeting.html).

We would appreciate your understanding and cooperation.

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[Guidance for Exercising Voting Rights]

If you are refraining from attending the General Meeting of Shareholders

・Exercising voting rights by post

Please indicate your approval or disapproval of each proposal shown on the enclosed ballot form, and mail it back to the Company.

If you do not indicate your approval or disapproval of a proposal, it will be treated as if you have indicated your approval.

Deadline for the exercise of voting rights: The ballot form must arrive no later than 5:00 p.m. (Japan Standard Time) on Tuesday, March 29, 2022

・Exercising voting rights with a smartphone and via the Internet

Please access the website for exercising voting rights (https://www.web54.net). Please refer to the next page for details.

Deadline for the exercise of voting rights: 5:00 p.m. (Japan Standard Time) on Tuesday, March 29, 2022

If you are attending the General Meeting of Shareholders

・Attending the General Meeting of Shareholders

Please submit the enclosed ballot form at the reception desk.

Please bring this Notice of Convocation with you to conserve resources.

Date and time of the General Meeting of Shareholders: 10:00 a.m. (Japan Standard Time) on Wednesday, March 30, 2022

(The reception desk will open at 9:00 a.m.)

Exercising voting rights by post

*As it may take more time than usual for your mail to arrive, we request that you mail your ballot form early. ・How to fill in the ballot form

Please indicate your approval or disapproval of each proposal here. For the proposals of officer election,

if you approve all candidates  mark ○ in the 賛 column

if you disapprove all candidates  mark ○ in the 否 column

if you disapprove some of the candidates  mark ○ in the 賛 column and, in the blank column next to it, enter the candidate number for each candidate you disapprove of.

・Notes for those who will mail their ballot forms

If you have marked ○ in both the 賛 and 否columns to indicate approval or disapproval on the ballot form, as shown in the example to the left, the vote will be invalid.

If you have accidentally marked ○ in both the 賛 and 否 columns, please cross out either oneas shown on the left.

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Exercising voting rights via the Internet

1. Access the website for exercising voting rights:https://www.web54.netClick
2. Log in

Enter the voting rights code

1. Enter the password Enter the password
   Please follow on-screen instructions to indicate your approval or disapproval of each proposal.

Exercising voting rights on a smartphone

1) Access the website for exercising voting rights on a smartphone

Scan "the QR Code for logging into the website for exercising voting rights on a smartphone" located on the bottom right of the enclosed ballot form with your smartphone or tablet device.

• "QR Code" is a registered trademark of DENSO WAVE INCORPORATED. 2) Open the website for exercising voting rights
  Please follow on-screen instructions to indicate your approval or disapproval of each proposal.

Note: If you wish to change your votes after you have exercised your voting rights, you will need to scan the QR Code again and enter the "voting rights code" and the "password" printed on the enclosed ballot form (you may also exercise your voting rights by directly accessing the website for exercising voting rights (https://www.web54.net) from a computer).

• The Company shall not be responsible for any charge for a dial-up connection and any telecommunication charges incurred when you use the website for exercising voting rights.
• Depending on your Internet environment, services you have subscribed to, and devices you use, the website for exercising voting rights may not be available.

Inquiries Concerning Exercising Voting Rights via the Internet

If you have any questions concerning the exercise of voting rights via the Internet, please address inquiries to the following point of contact.

Sumitomo Mitsui Trust

Bank Stock Transfer Agency Web Support

Dedicated number:

®0120-652-031 (open from 9:00 a.m. to 9:00 p.m. (Japan Standard Time))

Please address inquiries concerning matters other than the exercise of voting rights to the following point of contact: ® 0120-782-031 (open from 9:00 a.m. to 5:00 p.m. on weekdays (Japan Standard Time))

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