On May 15, 2024, NC Holdings Co., Ltd. announced in its press release that it had received a shareholder proposal from Global ESG Strategy for its 8th Ordinary General Meeting of Shareholders scheduled to be held on June 2024. The proposals are as follows, 1. Disposal of surplus funds, 2. Partial amendment to the articles of incorporation (regarding dividend policy for surplus), 3. Partial amendments to the articles of incorporation (regarding directors' meetings with shareholders), 4. Partial amendments to the articles of incorporation (disclosure of medium-term management plan), The board of directors Opposes the activist?s proposals for the following reasons: (1) the Board of directors mention that it is illegal, it will not be tabled as an agenda item at this general meeting of shareholders, (2) this proposal does not take into account the Company's business characteristics, this even jeopardize the continued and stable operation of the business, (3) For the constructive dialogue the has a General Manager of the Management Headquarters, who is regularly involved in IR work, (4) the company believe that this is a matter that should be decided on a case-by-case basis after careful consideration in light of the current business environment, etc., and it would not be appropriate to state in the articles of incorporation, which is the fundamental rule of the company, that it should be made uniformly public.