On June 14, 2023, Tsuruha Holdings stated in its press release that it had received a written statement by Oasis Management Company with the following shareholder proposals, Proposal 1: Election of 3 directors who are Audit and Supervisory Committee members, Proposal 2: Election of 2 directors "excluding directors who are Audit and Supervisory Committee members", Proposal 3: Dismissal of 1 director who is an audit and supervisory committee member, Proposal 4: Determining the amount of fixed remuneration for each individual outside director "excluding directors who are Audit and Supervisory Committee members", Proposal 5: Determination of individual fixed remuneration for outside directors who are Audit and Supervisory Committee members, Proposal 6: Changes to the restricted stock compensation plan for directors "excluding directors who are Audit and Supervisory Committee members", Proposal 7: Determination of Remuneration for Granting Restricted Stocks to Outside Directors who are Audit and Supervisory Committee Members, Proposal 8: Partial Amendment to the Articles of Incorporation "Abolishment of Chairman and Vice Chairman", Proposal 9: Partial Amendments to the Articles of Incorporation "Election of Chairman of the Board of Directors from Outside Directors", the Company will announce the opinion of the Board of Directors as soon as it is decided.