Summary of "Results of Evaluation of Effectiveness of the Company’s Board of Directors"

June 30, 2016

Nissha Printing Co.,Ltd.

Nissha Printing Co., Ltd. has implemented an evaluation of the effectiveness of its meetings of the Board of Directors convened in fiscal year 2016 pursuant to the “Corporate Governance Policy” enacted and promulgated in October of 2015, and hereby provides notice as follows in summary of the results of this evaluation. In addition, the content of the evaluation was included in the “Corporate Governance Report” dated June 24, 2016 as well.
Our basic policy and structure of corporate governance as well as evaluation made by Independent Directors towards our Board of Directors are also found at our website. Please find the following links for details thereof.
1. Method of Evaluation
We implemented a “Board of Directors Questionnaire to Evaluate Effectiveness” covering the meetings of the Board of Directors convened in fiscal year 2016, and received responses from all directors and audit & supervisory board members. The main items of the questionnaire included the composition, role and operation of the Board of Directors.

2. Summary of Results of Analysis and Evaluation
Through the results of the analysis of the questionnaire and deliberation with the meetings of the Board of Directors concerning these results, based on the following points, we have determined that the Company’s Board of Directors is appropriately fulfilling its role and is functioning effectively.
(1) The composition and operating status of the Board of Directors are appropriate;
(2) Independent directors and independent audit & supervisory board members are involved and are able to freely and fluidly exchange their opinions and engage in constructive deliberations.

At the same time, we discovered the following issues:
(1) Each function of the Company’s organizational structures should be clarified and the appropriate priorities should be set in the selection of agenda items and on administrative matters based on importance so that the Board of Directors concentrates on the formulation of business strategies and the oversight of business execution;
(2) The monitoring function with regard to the execution of business needs to be further enhanced.

3. Future Efforts and Responses
The above issues discovered through the foregoing analysis and evaluation will be addressed to further improve the effectiveness of the Board of Directors and to enhance management of agenda and meetings to a greater extent.

- The content of the web is information at press time, may change thereafter without notice. Due to risks and uncertainties, predictions may differ from actual results. Please be forewarned.
- "Nissha" is a generic name of Nissha Co., Ltd. and "Nissha Group" is a Nissha Co., Ltd. and its group companies.

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