On July 19, 2023, Oasis Management Company Ltd announced that the changes proposed by Oasis aim to institute an independent oversight structure at Tsuruha Holdings that could improve the Company?s corporate governance practices and disclosures, with the goal of enhancing the Company?s corporate value. The Company makes false and misleading statements throughout its response to Oasis?s proposals, including about its relationship with North Pacific Bank and misrepresenting performance and governance practices. Furthermore, Oasis believes the disproportionate control in the hands of delegates from the three founding families has deteriorated the composition of the wider Board, leading to nepotism in the President role, and allowing the Company to function in siloes, restricting its standalone and non-organic growth opportunities.

In addition, Oasis urged all shareholders to vote for Oasis?s proposals including the nomination of 5 independent directors and to vote against the Company?s proposed incumbent outside directors.