On June 30, 2023, NC Holdings Co., Ltd., announced that it held its Extraordinary General Meeting of Shareholders on June 29, 2023 and according to the voting results, the shareholder proposals by Asset Value Investors Limited, on (i) Amendment to Articles of Incorporation (Number of Board Members), (ii) Appointment of 2 Directors (iii) Amendment to Articles of Incorporation (Strategy Review Committee), (iv) Amendment to Articles of Incorporation (Policy on response to large-scale purchase of company shares), and (v) Amendment to Articles of Incorporation (Issuance of shares) were not approved. While shareholder proposals on (vi) Amendment to Articles of Incorporation (Distribution of surplus), (vii) Appropriation of Surplus, and (viii) Determination of compensation for performance-linked and restricted stock compensation plan for directors were approved at the meeting.