On July 9, 2024, Oasis Management Company Ltd announced that it has sent an open letter to Ain Holdings Inc, sending a questionnaire to Company?s management and board of corporate auditors following the Company?s inadequate response to its recent scandal at KKR Sapporo Medical Center, where 2 directors from the Company and one of its subsidiaries were arrested and found guilty by a court of first instance, is yet another example of the poor corporate governance at the Company. In addition, Oasis Management condemns Company?s recent acquisition of Francfranc at an extremely high valuation in what appears to be a serious conflict of interest with 7 & I, and Oasis Management reiterates its recommendations to Ain shareholders to vote against Shigeki Kimura and to vote for its proposals to improve Company?s governance in the interest of all stakeholders, vote for dismissal of incumbent board directors Shigeru Yamazoe and Junro Ito, and vote for the election of 4 new outside board director candidates Yoshitake, Maeda, Dmitrenko, and Shinmori, at the 2024 annual meeting of shareholders.