On May 21, 2024, Ishii Iron Works Co., Ltd, announced in its press release that it had received a shareholder proposal from Vasanta Master Fund Pte Ltd for its 158th Annual General Meeting of Shareholders. The proposals are as follows, i) Appropriation of Surplus, ii) Partial Amendment to the Articles of Incorporation (Disclosure of Capital Efficiency and Unrealised gains on rental profits). The company has opposed the proposals for the following reasons, i) The Company believes that the implementation of a dividend of 155 yen per share, which is equivalent to a dividend on equity ratio (DOE) of 5%, the standard regarding dividends indicated in the Shareholder Proposal, could have a negative impact on the Company's medium- to long-term growth investments and financial soundness, ii) The Shareholder's Proposal calls for the establishment of a new provision in the Articles of Incorporation to the effect that, in order to fulfil the Company's accountability to the capital market, information on initiatives to improve capital efficiency should be disclosed at financial results briefings every fiscal year, and that various management figures for such initiatives should be stated alongside figures using adjusted consolidated net assets that take into account unrealised profits from rental properties, etc.

when these profits are greater than total shareholders' equity on the balance sheet. However, the Company believes that the specific timing, items and methods of information disclosure are not of a nature that should be stipulated in advance in the Articles of Incorporation, and that the disclosure of information should be made by shareholders and investors in accordance with the Articles of Incorporation.