On April 11,2023, Keiyo Co., Ltd. stated in its press release that it had decided to oppose the shareholder proposals submitted by LIM Advisors Limited, the proposals submitted were as follows, (1) Partial amendment of articles of incorporation (sale of cross-shareholdings), the Company oppose this proposal as it seeks to add to the articles of incorporation a provision to dispose of all cross-held shares by February 28, 2025. Stocks that are expected to contribute to the enhancement of the corporate value However, there is a risk that the profits of shareholders will not be maximized as a result of forced disposal. , (2) Acquisition of treasury stock, (3) Partial amendment of articles of incorporation (disclosure of capital cost), this proposal calls for the establishment of a new provision in the articles of Incorporation to disclose the cost of equity capital that the Company has ascertained within one month prior to the date of submission of the report, together with the calculation basis, in the report on corporate governance.

However, Principle 5-2 of the Corporate Governance Code, which is cited as the reason for the proposal, disclosure of calculation basis is not necessarily required.