On May 12, 2023, Vital KSK Holdings, Inc. announced in its press release that it has received a letter from Nippon Active Value Fund plc stating that it intends to make proposals at the 2023 Ordinary General Meeting of Shareholders to be held on June 29, 2023, the proposals submitted were as follows, (i) Approval of Remuneration Amount for Restricted Stock Remuneration Plan: Currently the maximum amount of remuneration for the Company's directors is 220 million yen per year, and 20 million yen for outside directors. In order to provide incentives for the Company's directors to continuously improve the corporate value of the Company and to further promote the sharing of value between Directors and shareholders, Eligible Directors (including Outside Directors) will be newly granted monetary compensation claims for granting restricted stock of up to 220 million yen per year and a maximum of 224,000 shares, (ii) Acquisition of treasury stock: within one year, the Company shall acquire common shares of the Company up to a total of 5,178,000 shares and a total acquisition price of up to 4,660,200,000 yen by delivering cash. (iii) Amendment to the Articles of Incorporation regarding the number of outside directors: outside directors should make up a majority of the company's directors.

At the meeting of the Board of Directors held on May 12, 2023, it resolved to oppose this shareholder proposal.