On April 26, 2023, Uchiyama International Co., Ltd. started its activist campaign against Fujitec Co., Ltd. with the announcement of the following proposals: (i) Appointment of 8 members as Directors: Mr. Kazuyoshi Kimura, Mr. Tetsuya Nishikawa, Mr. Daisuke Kotegawa, Ms. Maiko Hagiya, Mr. Nobuki Sugihara, Mr. Akira Tsuda, Mr. Hiroki Okimoto and Mr. Uenishi Kenji to be appointed as directors, (ii) Partial Amendment to the Articles of Incorporation: Addition of Article on ‘Prohibition on providing information to Certain Shareholders’ as the shareholder believes that directors appointed by the activists can provide information to activists in violation of the principle of shareholder equality. To prevent such activities, this article clarifies the confidentiality obligations of directors, (iii) Partial Amendment to the Articles of Incorporation: Addition of article on ‘Appointment of Inspectors for Business Execution’ as some activists try to sell the company against long-term profits or sell assets in pieces hence, to prevent such activities the shareholder has suggested easing the application requirement for the appointment of executive directors, (iv) Revision of Remuneration Amount for External Directors: The amount of remuneration for external directors should be revised to 10 Million Yen per year as the current amount of remuneration at the company is higher than the remuneration level of other companies comparable to Fujitec, (v) Terms of Remuneration for Directors: The proposal states that 50% of remuneration amount should be returned or payment should be refused if a director provides benefits to a shareholder or shares information that benefits a certain shareholder as there is always a danger with an external director who has been dispatched by an activist of leaking insider information, (vi) Partial Amendment to the Articles of Incorporation: Addition of an article on return or refusal of payment of 50% of remuneration amount if a director violates rules and regulations as stated in the proposal above, (vii) Partial Amendment to the Articles of Incorporation: Addition of an article which states that (1) The company record and keep proceedings of the Board of Directors, Nomination and Compensation Advisory Committee and keep the records for 10 years from the date of the meeting, (2) The company shall include the transliteration of the recording in the minutes of the meeting, (viii) Appropriation of Surplus: Make the company’s common stock at 100 Yen per share with date of effect as June 30, 2023 , (ix) Appropriation of Surplus: 10 Yen is to be added to the dividend amount of 100 Yen or more for 1 common stock.