Notice of the 63Nd Ordinary General Meeting of Shareholders

[Translation for reference only] ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT This is an English translation of the original Japanese-language document and is provided for convenience only, without any warranty as to its accuracy or as to the completeness of the information. In all cases, the Japanese-language original shall prevail.

Stock Code: 9370 (TSE First Section) May 26, 2017 Kenji Mizushima President and Representative Director Yusen Logistics Co., Ltd. 2-11-1, Shiba-Koen, Minato-ku, Tokyo, Japan

Notice of the 63rd Ordinary General Meeting of Shareholders

To the Shareholders of Yusen Logistics Co., Ltd.:

You are cordially invited to attend the 63rd Ordinary General Meeting of Shareholders of Yusen-Logistics-Co.,-Ltd. (the “Company”) to be held as follows.

When attending the meeting, please submit the enclosed Voting Form at the reception desk on arrival at the meeting. If you are unable to attend the meeting, you may exercise your voting rights by mail. Please review the Reference Documents for the General Meeting of Shareholders (page 3 through page 12) on the following page and indicate your vote for or against each of the proposals on the enclosed Voting Form, and return the form by 5:30 p.m., Japan Time, Thursday, June 22, 2017.

1. Date and time: Friday, June 23, 2017, at 10:00 a.m. (The reception desk will open at 9:00 a.m.) 2. Place: Conference Room, 10th floor of the Company’s Head Office 2-11-1, Shiba-Koen, Minato-ku, Tokyo, Japan

3. Agenda of the Meeting: Matters to be reported: 1. The Business Report, the Consolidated Financial Statements, and the Audit Reports for the Consolidated Financial Statements by the Accounting Auditors and the Audit & Supervisory Board for the 63rd fiscal year (from April 1, 2016 to March 31, 2017) 2. Unconsolidated Financial Statements for the 63rd fiscal year (from April 1, 2016 to March 31, 2017)

Matters to be resolved: Proposal No. 1: Appropriation of surplus Proposal No. 2: Partial Amendments to the Articles of Incorporation Proposal No. 3: Election of four (4) Directors Proposal No. 4: Election of one (1) Substitute Outside Audit & Supervisory Board Member

Instructions for Exercising Voting Rights Shareholders may exercise their voting rights by the following two methods:

(1) Voting by attending the meeting (2) Voting by mail Shareholders who attend the meeting are If you are unable to attend the meeting, kindly requested to present the enclosed please indicate your vote for or against Voting Form to the receptionist. on the Voting Form, and return the Form to us to arrive no later than 5:30 p.m., the close of business on June 22, 2017 (the day before the meeting).

If you intend to exercise your voting rights by proxy, you may appoint one (1) shareholder who holds voting rights of the Company to act as proxy and exercise your voting rights, in accordance with Article 18 of the Company’s Articles of Incorporation. When a proxy attends the meeting, please present the document certifying authority of such proxy at the reception desk.

Information Regarding Internet-based Disclosure

* If the need arises to revise the content of Notice of the General Meeting of Shareholders in the narrow sense and Reference Documents for the 63rd Ordinary General Meeting of Shareholders, the revised items will be announced on our website. (https://www.yusen-logistics.com/en/investor-relations/ir-events/general-shareholders-meeting)

* The Company will no longer hand out souvenirs at the Ordinary General Meeting of Shareholders in consideration of fairness between shareholders attending the Meeting and those who are unable to attend. We would appreciate your understanding.

Reference Documents for the 63rd Ordinary General Meeting of Shareholders

Proposals and references

Proposal No. 1: Appropriation of surplus The Company recognizes the return of profits to shareholders as its top priorities. The Company shares profits based on the policy to offer a stable dividend within the limits set by business results. Furthermore, the Company makes it a basic policy to further raise shareholder returns by working to increase corporate value through the business expansion and the growth of the Company Group. Based on the above policy, the Company proposes the following year-end dividends: Items relating to year-end dividends (1) Type of dividend property Cash (2) Items relating to the appropriation of dividend property and total amount JPY 9.00 per share of common stock of the Company Total amount of dividends: JPY 379,521,198 (3) Date of validity of dividends of surplus Monday, June 26, 2017

Proposal No. 2: Partial Amendments to the Articles of Incorporation (1) Reasons for the amendments In order to keep the statutory minimum number of Audit & Supervisory Board Members at all times, the Company intends to establish new provisions concerning substitute Audit & Supervisory Board Members, determine the period of validity for the resolution relating to the election of substitute Audit & Supervisory Board Members, and clarify the term of office of the substitute Audit & Supervisory Board Members after assuming the position of Audit & Supervisory Board Member. (2) Details of the amendments The details of the amendments are as follows: (Underlined parts indicate the amendments.) Current Articles of Incorporation Proposed Amendments Article 1. – 30. (Provisions omitted) Article 1. – 30. (Unchanged)

CHAPTER V CHAPTER V AUDIT & SUPERVISORY BOARD MEMBERS AUDIT & SUPERVISORY BOARD MEMBERS AND AUDIT & SUPERVISORY BOARD AND AUDIT & SUPERVISORY BOARD

(Number of Audit & Supervisory Board Members) (Number of Audit & Supervisory Board Members) Article 31. Article 31. The Company shall have not more than four (Unchanged) Audit & Supervisory Board Members. (Newly established) 2. The Company may elect substitute Audit & Supervisory Board Members, in order to keep the statutory minimum number of Audit & Supervisory Board Members at all times, in accordance with the provisions of Article 329, paragraph 3 of the Companies Act.

(Method of Election) (Method of Election) Article 32. Article 32. Audit & Supervisory Board Members shall be (Unchanged) elected at a general meeting of shareholders. 2. The resolution for the election of an Audit & 2. (Unchanged) Supervisory Board Member shall be made by a majority of the votes of the shareholders present at the meeting where the shareholders holding at least one-third of total number of the voting rights of shareholders who may exercise voting rights are present.

Current Articles of Incorporation Proposed Amendments (Term of Office) (Term of Office) Article 33. Article 33. The term of office of an Audit & Supervisory (Unchanged) Board Member shall be until the close of the Ordinary General Meeting of Shareholders for the last fiscal year ending within four years after the election of the Audit & Supervisory Board Member. 2. The term of office of an Audit & Supervisory 2. (Unchanged) Board Member who was elected as the substitute that filled the vacancy of an Audit & Supervisory Board Member shall expire at the same time as the term of office of their predecessor would have expired. (Newly established) 3. The effectiveness of the election of a substitute Audit & Supervisory Board Member under Article 329, paragraph 3 of the Companies Act shall continue until the beginning of the Ordinary General Meeting of Shareholders for the last fiscal year ending within four years from his/her election. (Newly established) 4. The term of office of the substitute Audit & Supervisory Board Member under the previous paragraph shall be the remaining term of office of the retired Audit & Supervisory Board Member. Provided, however, that such term may not exceed the closing of the Ordinary General Meeting of Shareholders for the last fiscal year ending within four years from the substitute Audit & Supervisory Board Member’s election.

Article 34. – 43. (Provisions omitted) Article 34. – 43. (Unchanged)

Proposal No. 3: Election of four (4) Directors The terms of office of four (4) Directors, Shoji Murakami, Akio Futami, Toshiyuki Kimura and Hideo Egawa, will expire upon the conclusion of this meeting. The Company therefore recommends and proposes the following four (4) candidates for election as Directors.

No special interests exist between the Company and any of the candidates for Directors. The number of the Company’s shares held includes shares in Director stock ownership plan and indicates the number of shares owned as of March 31, 2017.

Candidate Date of birth: December 25, 1957 Re-appointment No. 1 Akio Futami Career summary and responsibilities at the Company (Significant concurrent positions) Apr. 1981 Joined Nippon Yusen Kabushiki Kaisha Apr. 2002 Seconded to NYK LOGISTICS (UWDC) INC. Apr. 2006 General Manager of Corporate Planning Group of Nippon Yusen Kabushiki Kaisha Apr. 2008 General Manager of Logistics Group of Nippon Yusen Kabushiki Kaisha Jun. 2008 Director (Part-Time) of the Company Apr. 2010 General Manager of Logistics Project Group of Nippon Yusen Kabushiki Kaisha Apr. 2011 Executive Officer of the Company Apr. 2013 Managing Executive Officer of the Company Jun. 2013 Director, Managing Executive Officer of the Company (to present) Responsibilities: Accounting Department, Finance Department, Corporate Communication Department, Corporate Planning Department, Corporate Investment Chamber (Significant concurrent positions) Director of Yusen Travel Co., Ltd. [Number of the Company’s shares held] 2,567 shares [Reasons for being selected as a candidate for Director] Mr. Akio Futami has an expertise of the accounting, financial affairs, and planning departments, etc. in the corporate segment. In addition, he has a strong performance record through his involvement in the management of the Group as a whole as a member of the Company’s management team. Having determined that he will continue to draw upon these qualities in its management, the Company has nominated him as a candidate for Director. Note: Please refer to page 11 – page 12 of the Notice of the 63rd Ordinary General Meeting of Shareholders for details of the “Board Policies and Procedures for Appointment of Management.”

Candidate Date of birth: April 18, 1954 Re-appointment No. 2 Toshiyuki Kimura Career summary and responsibilities at the Company (Significant concurrent positions) Apr. 1977 Joined the Company Dec. 1983 Seconded to Yusen Air & Sea Service (U.S.A.) Inc. (present: Yusen Logistics (Americas) Inc.) Jul. 1999 Seconded to Yusen Air & Sea Service (Singapore) Pte. Ltd. (present: Yusen Logistics (Singapore) Pte. Ltd.) Jun. 2005 Branch Manager of Chiyoda Export Branch, East Japan Export Sales Division of the Company Jun. 2007 General Manager of Global Consolidation Coordination Department of the Company Apr. 2010 Executive Officer, General Manager of East Japan Export Sales Division of the Company Apr. 2013 Chief Regional officer of South Asia & Oceania Region, Chairman of Yusen Logistics (Singapore) Pte. Ltd. Apr. 2015 Managing Executive Officer of the Company Jun. 2015 Director, Managing Executive Officer of the Company Apr. 2017 Director, Managing Executive Officer, General Manager of Japan Region Reform Promotion Division of the Company (to present) Responsibilities: Operation Administration Department, Customs Clearance Control Chamber, Chief Regional Officer of Japan Region (Japan Region Reform Promotion Division, East Japan Export Sales Division, East Japan Import Sales Division, Central Japan Sales Division, West Japan Sales Division, Contract Logistics Sales Department) (Significant concurrent positions) Director of Yusen Logitec Co., Ltd. [Number of the Company’s shares held] 4,257 shares [Reasons for being selected as a candidate for Director] Mr. Toshiyuki Kimura has a sense of internationalism and a wealth of knowledge cultivated through his experience of working overseas. In addition, he has demonstrated leadership and ability in the execution of business in the Company’s sales divisions. Having determined that he will continue to draw upon these qualities in its management, the Company has nominated him as a candidate for Director. Note: Please refer to page 11 – page 12 of the Notice of the 63rd Ordinary General Meeting of Shareholders for details of the “Board Policies and Procedures for Appointment of Management.”

Re-appointment Candidate Date of birth: November 2, 1944 Outside Director No. 3 Hideo Egawa Independent Director Career summary and responsibilities at the Company (Significant concurrent positions) Apr. 1967 Joined Mitsubishi Heavy Industries, Ltd. Apr. 1996 General Manager, Aircraft Department of Aircraft & Special Vehicle Headquarters of Mitsubishi Heavy Industries, Ltd. Jun. 1999 President of Mitsubishi Heavy Industries America, Inc. Jun. 2002 Director of Mitsubishi Heavy Industries, Ltd. President of Mitsubishi Heavy Industries America, Inc. Jun. 2003 Director, General Manager of Global Strategic Planning & Operations Headquarters of Mitsubishi Heavy Industries, Ltd. Apr. 2005 Managing Director, General Manager of Global Strategic Planning & Operations Headquarters of Mitsubishi Heavy Industries, Ltd. Jun. 2005 Director, Executive Vice President, General Manager of Global Strategic Planning & Operations Headquarters of Mitsubishi Heavy Industries, Ltd. Apr. 2006 Director, Executive Vice President, General Manager of Presidential Administration Office, General Manager of Global Strategic Planning & Operations Headquarters of Mitsubishi Heavy Industries, Ltd. Apr. 2007 Director, Senior Executive Vice President, General Manager of Presidential Administration Office of Mitsubishi Heavy Industries, Ltd. Apr. 2009 President of Mitsubishi Aircraft Corporation Jan. 2013 Chairman and Chief Executive Officer (CEO) of Mitsubishi Aircraft Corporation Apr. 2015 Executive Corporate Adviser of Mitsubishi Heavy Industries, Ltd. Jun. 2015 Outside Director of the Company (to present) Jul. 2015 Corporate Advisor of Mitsubishi Heavy Industries, Ltd. (to present) (Significant concurrent positions) Corporate Advisor of Mitsubishi Heavy Industries, Ltd. [Number of the Company’s shares held] 350 shares [Reasons for being selected as a candidate for Director] Mr. Hideo Egawa has a wealth of experience in overseas strategy and the aerospace industry cultivated for a long time, along with keen insight regarding corporate management. The Company has determined that he will draw upon these qualities in its overall management. In addition, the Company expects that he will continue to execute his duties as an Outside Director in an appropriate manner by providing accurate advice regarding the Company’s management from a broad perspective and demonstrating a high level of supervisory competence and objectivity from an independent standpoint. Notes: 1. The Company may enter into contracts with Outside Directors (excluding Executive Directors) to limit their liability for damages arising from the negligence of their duties based on Article 30, paragraph 2 of the Articles of Incorporation established under Article 427, paragraph 1 of the Companies Act. If the election of Mr. Hideo Egawa as an Outside Director is approved, the Company intends to continue to have the contract for limitation of liability with him. The maximum amount of liability under this contract is either the amount specified in advance, which shall not be less than JPY 15 million, or the total amount of those stipulated in items of Article 425, paragraph 1 of the Companies Act, whichever is higher. 2. If the election of Mr. Hideo Egawa is approved, the Company will continue to notify the Tokyo Stock Exchange (TSE) of his status as an independent director under the regulations of TSE. 3. Mr. Hideo Egawa is currently Outside Director of the Company and he will have served for two years at the conclusion of this Ordinary General Meeting of Shareholders. 4. Please refer to page 11 – page 12 for details of guidelines for appointing independent outside directors and judging their independence. 5. In July 2015, a period when Mr. Hideo Egawa was serving as Outside Director of the Company, it was found that the Company had conducted improper declarations concerning the customs clearance operations of imported fish, and as a result, administrative penalties were imposed on the Company under the Customs Act and Customs Brokerage Act. Mr. Egawa had not been unaware of these facts until they came to light, but he had been providing recommendations from a compliance perspective at the Company’s Board of Directors meetings, etc. on a regular basis. Subsequent to the revelations of these facts, Mr. Egawa has appropriately fulfilled his responsibilities, such as through conducting an investigation into the matters related to the facts, and offering appropriately guidance in relation to implementation, etc. of recurrence prevention measures.

Candidate Date of birth: February 27, 1956 New Appointment No. 4 Toru Kamiyama Career summary and responsibilities at the Company (Significant concurrent positions) Apr. 1980 Joined the Company Jan. 2002 Seconded to Yusen Air & Sea Service (Hong Kong) Limited (present: Yusen Logistics (Hong Kong) Limited) Jun. 2008 Branch Manager of Osaka Branch, West Japan Sales Division of the Company Apr. 2011 Seconded to NYK Logistics (China) Co., Ltd. Apr. 2012 Seconded to Yusen Logistics (China) Co., Ltd. Apr. 2013 Executive Officer of the Company Chief Regional Officer of East Asia Region, Chairman of Yusen Logistics (China) Co., Ltd. Apr. 2015 Executive Officer, General Manager of Global Air Freight Business Department of the Company Apr. 2016 Managing Executive Officer of the Company Apr. 2017 Senior Managing Executive Officer of the Company (to present) In charge of: Global BPM Department, Information Business System Department, Business Development & Planning Department 1, Business Development & Planning Department 2, Global Air Freight Business Department, Air Freight Forwarding Department, Global Ocean Freight Business Department, Ocean Freight Forwarding Department, Contract Logistics & Transport Department Responsibilities: Transform 2025 Chamber (Significant concurrent positions) Corporate Officer of Nippon Yusen Kabushiki Kaisha [Number of the Company’s shares held] 700 shares [Reasons for being selected as a candidate for Director] Mr. Toru Kamiyama has the insight to provide oversight of the company as a whole, due to his international outlook and management experience cultivated through working overseas in the global air freight and global ocean freight business areas. In addition, considering his outstanding performance in the sales division, and based on the opinions of Outside Directors as well, the Company has nominated him as a candidate for new Director. Note: Please refer to page 11 – page 12 of the Notice of the 63rd Ordinary General Meeting of Shareholders for details of the “Board Policies and Procedures for Appointment of Management.”

Proposal No. 4: Election of one (1) Substitute Outside Audit & Supervisory Board Member The Company requests approval for the election of one (1) substitute Outside Audit & Supervisory Board Member in order to keep the statutory minimum number of Audit & Supervisory Board Members at all times. In the event that the Proposal No. 2 is approved and adopted as proposed, the resolution relating to the election of a substitute Outside Audit & Supervisory Board Member shall be remain in effect until the beginning of the Ordinary General Meeting of Shareholders for the last fiscal year ending within four years from the said resolution. No special interests exist between the Company and the candidate for substitute Audit & Supervisory Board Member. In addition, the consent of the Audit & Supervisory Board for the submission of this proposal has been obtained. The candidate for substitute Outside Audit & Supervisory Board Member is as follows:

Takahisa Miyauchi Date of birth: September 13, 1950 Career summary and responsibilities at the Company (Significant concurrent positions) Apr. 1975 Joined Mitsubishi Corporation Apr. 2005 Senior Vice President, Group CEO, General Manager, Chemicals Group of Mitsubishi Corporation Apr. 2009 Executive Vice President, Group CEO, Chemicals Group of Mitsubishi Corporation Apr. 2013 Senior Executive Vice President, Group CEO, Chemicals Group of Mitsubishi Corporation Jun. 2013 Member of the Board, Senior Executive Vice President, Group CEO, Chemicals Group of Mitsubishi Corporation Jun. 2016 Corporate Advisor of Mitsubishi Corporation (to present) (Significant concurrent positions) Advisor to the President, Professor of Kanda University of International Studies Board Member, Yokohama City Board of Education [Number of the Company’s shares held] 0 shares (As of March 31, 2017) [Reasons for being selected as a candidate for substitute Outside Audit & Supervisory Board Member] Mr. Takahisa Miyauchi has a wealth of professional experience gained through his service at a general trading company, as well as extensive knowledge and insight in global business management. Having determined that these qualities will enable him to appropriately supervise the execution of the Company’s business from an objective and professional perspective, the Company has nominated him as a candidate for substitute Outside Audit & Supervisory Board Member. Notes: 1. Mr. Takahisa Miyauchi is a candidate for substitute Outside Audit & Supervisory Board Member and although he currently serves at Mitsubishi Corporation, his role at the said company does not involve the execution of business. In addition, as the said company does not fall under the definition of a major trading partner, his independence is assured. 2. If the election of Mr. Takahisa Miyauchi is approved and he assumes office as Outside Audit & Supervisory Board Member, the Company intends to notify the Tokyo Stock Exchange (TSE) of his status as an independent auditor. (The standards for independence are based on Article 14, paragraph 2 of the Company’s Corporate Governance Principles. Please refer to page 11 – page 12 of the Notice of the 63rd Ordinary General Meeting of Shareholders.) 3. The Company has entered into contracts with Audit & Supervisory Board Members to limit their liability based on Article 39, paragraph 2 of the Articles of Incorporation established under Article 427, paragraph 1 of the Companies Act to the effect that, if they are without knowledge and are not grossly negligent in performing their duties, the maximum amount of liability under Article 423, paragraph 1 of the said Act under the contract is either JPY 15 million or the minimum liability amount as provided in laws and regulations, whichever is higher. If the election of Mr. Miyauchi is approved and he assumes office as Outside Audit & Supervisory Board Member, the Company intends to enter into the same contract with him. 4. Mr. Takahisa Miyauchi’s appointment as a substitute Audit & Supervisory Board Member may be cancelled by the resolution of the Board of Directors subject to the consent of the Audit & Supervisory Board; providing, however, cancellation is only possible during the period before he assumes office as Audit & Supervisory Board Member.

[Reference: Nomination of the Management, guidelines for appointing independent outside directors and judging their independence] The Company formulated Corporate Governance Principles (Note) on November 27, 2015. It provides rules for nomination of the Management, and guidelines for appointing independent outside directors and standards for judging their independence.

Article 14 (Independent Outside Directors) 1 Candidates for independent outside director shall be designated based on comprehensive judgment that they possess deep knowledge or experience as managers, expert knowledge and experience of financial affairs, accounting or legal affairs, etc., independence from the YLK Group, and are capable of ensuring sufficient time for advice to and supervision of the YLK businesses, and diversity of the Board of Directors. For designation of candidates for independent outside director, the opinions of current independent outside directors shall be respected to the fullest extent.

2 The independence of candidates for independent outside director shall be judged based on the following rules: (1) For 10 years before assuming the post of YLK, the person shall not have been a director, officer or an employee of YLK, or of a corporation that is part of a corporate group to which YLK belongs. (2) The person is not a director, officer or employee of a business partner that records net sales in an amount equivalent to or greater than 2% of the net sales of YLK on the consolidated statement of income in the most recent business year. (3) The person is not a director, officer or employee of a business partner whose sales from YLK in the most recent business year is an amount equivalent to or greater than 2% of the sales of the relevant business partner on the consolidated statement of income. (4) The person is not a consultant, certified public accountant, tax accountant or other accounting expert, or lawyer (if the party that receives remuneration is a corporation or organization such as an association, etc., a person who is affiliated with the relevant organization) who has gained remuneration of 10 million yen per year on average other than remuneration as an executive from YLK in the past 3 years. (5) The person is not a director, officer or employee of a major shareholder of YLK. (6) The person is not a director or officer of a business partner that conducts mutual dispatches of outside directors or auditors with YLK in the most recent business year. (7) The person is not a party who has received a donation in an amount of either of the two of which is higher: 5 million yen on average per year for the past three years, or 1% of total income of the most recent business year of the party, from the YLK Group, or directors, officers or employees thereof. (8) The person is not a spouse, blood relation within the second degree of consanguinity, co-residing relative or person under the same livelihood, with any person who falls under any of the preceding items. (9) There is no other reason for conflict of interest with general shareholders.

Article 16 (Board Policies and Procedures for Appointment of Management) The Executives and the Management, and candidates therefor shall be appointed by the Board of Directors, upon preparation of original drafts by the President with opinions of independent outside directors, considering their characters, insight, experience and knowledge related to business, globalism, judgmental ability, business execution skills, leadership, perspective for gaining an overview of the corporation, and state of health etc.

Article 17 (Audit & Supervisory Board Members (Kansayaku)) 1 Although the primary roles of the Audit & Supervisory Board Member (Kansayaku) and Audit & Supervisory Board (Kansayaku-kai) are business auditing and accounting auditing, however, the Audit & Supervisory Board Member (Kansayaku) and Audit & Supervisory Board (Kansayaku-Kai) shall not consider their business excessively narrowly, based on their fiduciary responsibility to shareholders, and strive to collect information based on actual inspections and exercise of investigative authority under the laws and regulations, and provide opinions about management actively.

2 Candidates for Audit & Supervisory Board Member (Kansayaku) shall be determined with the consent of the Audit & Supervisory Board (Kansayaku-Kai), upon presentation of original drafts by the President to the Board of Auditors, based on consultations with adequate respect for the opinions of the present outside auditors in consideration of their characters, insight, knowledge related to business, knowledge related to financial affairs and accounting, globalism, etc. 3 Candidates for outside Audit & Supervisory Board Member (Kansayaku) shall be designated via the procedures under the preceding paragraph, considering the factors provided in Article 14, paragraph 1. 4 Standards for independence of outside Audit & Supervisory Board Member (Kansayaku) shall be based on Article 14, paragraph 2.

Note: More detailed information on the Company’s Corporate Governance Principles are available from the Company’s website: (https://www.yusen-logistics.com/jp/about-us/corporate-governance).