On May 27, 2024, Nikken Kogaku Co., Ltd. announced in its press release that it had received a shareholder proposal from Freesia Macross Corporation for its 61st Annual General Meting of Shareholders. The proposals are as follows :- (1) Partial amendment to the Articles of Incorporation (Policy on Large-Scale Purchases of the Company's Shares and Other Securities (Takeover Defence Measures)) and (2) Abolition of the Policy on Large-Scale Purchases of the Company's Shares and Other Securities (Takeover Defence Measures). The company has opposed the proposals stating that, Freesia Macross Corporation has proposed both the amendment as well as the abolition of the policy on large ?

scale purchases at the same time which indicates that the proposal is aimed at ultimately abolishing the policy. The Company has also issued a press release on the same date, "Notice of Continuation of the Policy for Dealing with Large-Scale Purchases of the Company's Shares and Other Securities (Policy for Dealing with Takeovers)". As announced in the Company's press release, the Company has decided that the Policy is necessary and appropriate to ensure that shareholders have the information and time to make an appropriate decision on a Large-scale Purchase and that it is necessary to continue the Policy.

The shareholder proposal on Abolition of the Policy, is not included in the scope of the right of shareholder proposal under the law and the Company's Articles of Incorporation, and its content is substantially intended to oppose this agenda item. The Company will not take up the content of the shareholder's proposal as a separate agenda item from the Proposal.