On July 7, 2023, Tsuruha Holdings stated in its press release that the board of Directors of the Company will oppose all the shareholder proposals at the 61st Ordinary General Meeting of Shareholders scheduled to be held on August 10, 2023, the Company is continuously working to improve governance system, there are no major governance issues that would require a replacement of Directors, the Board of Directors are appropriate and optimal and there is no need for a remuneration system or provision in the Articles of Incorporation as claimed by the Proposing Shareholders, regarding the composition of remuneration for directors, excluding directors who are Audit and Supervisory Committee members and outside directors, the Company is conscious of the fact that it functions as an important incentive for realizing management policies while setting the ratio, only basic remuneration is paid to directors who are Audit and Supervisory Committee members, outside directors who are Audit and Supervisory Committee members and outside directors, in light of their independence from business execution, the Company has determined that granting restricted stock compensation to outside directors and directors who are Audit and Supervisory Committee members may distort the Company's governance system and endanger the improvement of corporate value. Therefore, the Board of Directors of the Company opposes the Shareholder Proposal, the Company entrusts the positions of Chairman and Vice Chairman to persons who have experience as president, who are familiar with the Company's management, the positions of chairman and vice chairman will continue to be useful, as the Company believes that the external activities of industry associations will greatly contribute to the further growth and strengthening of competitiveness of the group, the Company mentions that the allegations of the Proposing Shareholder are misleading and are arbitrary manipulations of impressions.