On November 21, 2022 Re Generation Inc. started its activist campaign against Nagahori Corporation by submitting a request to convene an Extraordinary General Meeting of Shareholders for the following proposals: (i) Dismissal of 6 Board Members: Mr. Keita Nagahori, Mr. Masafumi Ago, Mr. Fumihiko Shirakawa, Mr. Tadao Kawamura, Mr. Naoki Togashi, and Mr. Shinya Nagasawa, and (ii) Appointment of the following candidates to the Board of Directors: Mr. Tomonari Obata, Ms. Ayana Sato, Mr. Katsuji Sugawara, and Mr. Takaaki Yoshizawa. In addition, Re Generation requested to convene a General Meeting of Shareholders for the following reasons, it expressed that: (i) The Company has accrued a net loss from March, 2019 through to the fiscal year ending March, 2022 and has been in a ‘severe slump' with no increase in stock prices in sight in the future through managerial efforts. (ii) The claimant also feels that the Company is not taking opportunities to appoint women to executive positions and from the point of view of increasing corporate value, one could say that maintaining this current system would do more harm than good.

(iii) Regarding the introduction of plans corresponding to the large-scale purchase of Company shares, Re generation expressed that “It is nothing more than self-protection for the current management and also restrains the shareholders who are truly trying to increase the Corporate value of the Company”. And (iv) In connection with the past cases of employee misconduct at the Company's subsidiary Nakaniwa Tokeiten Co., Ltd. Re Generation stated that “The Company's Corporate governance system is in a dysfunctional state, especially, Violation of Duty to establish a Corporate governance system and violation of duty of care by Mr. Keita Nagahori, who currently serves as an executive at Nakaniwa Tokeiten and Mr. Masafumi Ago are strongly suspected”, further expressed that “The current management team cannot be entrusted with the important task of achieving sustainable growth, increasing corporate value over the medium to long term and overcoming the various issues facing the Company”.