On March 25, 2024, Leopard Asset Management Ltd announced that, it expresses deep concerns regarding the Sun Corporation's ongoing undervaluation and management's apparent reluctance to take meaningful action to address this issue. Further, Leopard Asset Management Ltd stated that, the Company?s shares have been consistently undervalued in the market trading well below its intrinsic value. Despite our repeated attempts to engage with the Company?s management to address the undervaluation, including a meeting and sending follow-up letters emphasizing the need for enhanced shareholder value, our efforts have been met with limited responsiveness.

In addition, Leopard Asset Management urges the Company?s management to reconsider its stance and take decisive action to address shareholder concerns promptly. Failure to do so risks further erosion of shareholder confidence and continued undervaluation of the company's shares, and call for the Company?s shareholders to demand decisive actions from management. Further, Leopard Asset Management believes that The Company could significantly improve shareholder value by distributing CLBT shares as a dividend in kind, alongside providing an extra cash dividend to shareholders, cash, investment in securities and holdings in CLBT are worth more than ¥9,000 per share, vs.

the current price of ¥3,320.