On May 12, 2023, Nitta Corporation, announced in its press release that it has decided to oppose the proposal submitted by Dalton Investments LLC for the General Meeting of Shareholders to be held on June 27, 2023. The proposal is as follows, Amendment to the Articles of Incorporation concerning the composition of outside directors: To have a majority of outside directors, the shareholder has proposed the addition under Article 18 “As long as the company remains listed, the majority of the company's directors shall be outside directors as stipulated under Article 2, Paragraph 1, Item 15 of the Companies Act.” The company opposes the proposal as it believes this will limit the number of directors and hinder the formation of an optimal board of directors.