On March 31, 2022, Nippon Active Value Fund plc announced that it has submitted a notification with the purpose of give advice to the management, and make important proposals depending on the situation. In particular, the Nippon Active Value Fund believes that the Mitsuboshi Belting Ltd.'s financial health and market position are not reflected in its share price and need to discuss ways to increase its share value for all shareholders. In some cases, the Company's management may be required to have a dialogue for the purpose of doing so.