On August 22, 2023, Intage Holdings Inc. announced in its press release that it had decided to oppose the shareholder proposals submitted by Nippon Active Value Fund PLC for the General Meeting of Shareholders to be held on September 28, 2023. The proposals submitted were as follows, (i) Acquisition of Treasury Stock and (ii) Amendment to Articles of Incorporation ?Number of Outside Directors?: To comply with Item 15 of the Companies Act, majority of the company?s directors shall be outside directors. The company has opposed the proposals stating the following reasons, (i) The company believes it is important to strike a balance between investment in growth and shareholder returns, and that unbalanced shareholder returns could undermine the financial resources for investment and impede the enhancement of the company?s medium to long term corporate value, (ii) The board believes that inclusion of such a provision would limit the scope of selection of candidates and hinder discussions on the ideal form of the board and the flexible composition of the board.