On August 21, 2023, Kusuri No Aoki Holdings Co., Ltd. announced the Company's 25th Ordinary General Meeting of Shareholders held on August 17, 2023. The proposals of Activist Oasis Management Company Ltd. were rejected through Shareholder Votes. In fact, Proposal No.

4 about Election of one director Mr. Yoshiaki Ikei will be elected as a director, Proposal No. 5 about Partial amendment to the articles of incorporation "appointment of lead independent outside director", Proposal No. 6 about Partial amendment to the articles of incorporation "establishment of nomination and remuneration committee", Proposal No.

7 regarding determination of individual fixed remuneration amounts for outside directors, and Proposal No. 8 about Determination of the amount of restricted stock remuneration for individual outside directors, were not approved by shareholders. On the other hand, the activist's intention to urge a vote against President Hironori Aoki, Vice President Takanori Aoki, and Hiromitsu Fujii was not possible since their nominations were approved by the shareholders.