On May 14, 2024, Kumagai Gumi Co.,Ltd. announced in its press release that it had received a shareholder proposal from OASIS INVESTMENTS ? MASTER FUND LTD. for its 87th Ordinary General Meeting of Shareholders scheduled to be held on June 27, 2024. The company decided to oppose the proposals, The proposal is as follows, 1. Appropriation of surplus funds, If the Board of Directors of the Company proposes the appropriation of surplus at General Meeting of Shareholders, this proposal shall be proposed in addition to and independent of that proposal.

(1) Types of dividend property: money, (2) Dividend amount per share ,160 yen if the Company's Board of Directors does not submit a proposal regarding the appropriation of surplus at the general meeting, (3) Matters regarding the allocation of dividend property and its total amount, (4) The date on which the distribution of surplus becomes effective, Date of this Ordinary General Meeting of Shareholders. Regarding profit distribution, the company mentions that it aims to enhance internal reserves in order to strengthen the management base and expand business profits, in the recently announced "Medium-term Management Plan (FY2024-FY2026)," the Company has set a target dividend payout ratio of 40%, the company continue to raise the expectations in terms of achieving both business continuity (financial soundness) and capital efficiency from a medium- to long-term perspective. The proposal is not in line with company?s basic dividend policy, which is to provide an appropriate and stable return of profits to shareholders while strengthening the business.