#ShareholderProposal

At the 108th Annual General Meeting of Shareholders scheduled for March 27, 2026, the shareholder proposal to elect one auditor was withdrawn, and the Company’s Board of Directors consented to this withdrawal.

In response to a shareholder proposal for a large-scale treasury stock acquisition of 200 billion yen, our Board of Directors resolved to oppose it. On February 10, 2026, a treasury stock acquisition framework of 50 billion yen was established, and agile acquisitions will continue.

The Board of Directors resolved to oppose all three shareholder proposals (revision of compensation amount under the restricted stock compensation plan, share buyback, and amendment of the articles of incorporation to increase the number of outside directors) and provided detailed reasons for opposition.

Regarding the four shareholder proposals at the 108th Annual General Meeting of Shareholders to be held on March 27, 2026, the Company's Board of Directors opposes all proposals and recommends shareholders to vote against them.

In preparation for the Annual General Meeting scheduled on March 27, 2026, the Company resolved the Board’s opinion to oppose all shareholder proposals submitted by LIM Japan Event Master Fund and NIPPON ACTIVE VALUE FUND PLC.