On March 1, 2023, Black Clover Limited started its activist campaign against Sankyo Kasei Corporation by submitting a request to convene an Extraordinary General Meeting of Shareholders for the following proposals: (i) Dismissal of Mr. Kazuo Ogawa from the Board of Directors: The shareholder believes that the director does not understand the importance of management with a focus on capital costs and lacks the expertise to work on improving capital efficiency and is not suitable to be the director of a listed company; (ii) Amendment to Articles of Incorporation related to sale of shares held for cross-shareholding purposes: Addition of Draft no. 40 which states that the shares held for cross-shareholding shall be sold so that the ration to net worth is at least 10% or less by the second quarter of the 98th fiscal year; (iii) Abolition of countermeasures against large scale purchase of company shares: The abolition of countermeasures could create an opportunity to generate profits for all shareholders with the emergence of a third party which could acquire the company at a higher stock price than the current stock price ; (iv) Removal of 35th Article of Incorporation: Decisions on dividends from surplus should be made at the general meeting of shareholders without authorization from the board of directors, hence, the 35th Article should be removed ; (v) Appropriation of Surplus: In additon to the annual dividend of 85 Yen per share of common stock, pay a dividend of 95 Yen per share for the total annual dividend to be 180 Yen; (vi) Acquisition of Treasury Shares: Acquire a total of 156,000 shares at the acquisition price of 600 million Yen.