On May 15, 2024, Tenma Corporation announced in its press release that it had received a shareholder proposal from LIM Japan Event Master Fund. for its 76th Ordinary General Meeting of Shareholders scheduled to be held on June 26, 2024. The proposals are as follows, 1. Appropriation of surplus funds, 2. Partial amendment to the Articles of Incorporation (Individual disclosure of compensation for directors (excluding outside directors and non-executive directors)), The board of directors Opposes the activists proposals for the following reasons, (1) The Company plans to propose a year-end dividend of 42 yen per share, the company is proposing the disposal of surplus in the total amount of approximately 2.1 billion yen, the proposal calls for paying excessive dividends without taking into account the business environment surrounding the company or the need to secure cash on hand based investment strategies, and calls for continuous and stable dividends from surplus, this is inconsistent with the company's policy and may not lead to medium- to long-term improvements in corporate value or the common interests of shareholders, (2) Company appropriately discloses the total amount of remuneration, etc.

for each officer category and the number of eligible officers in the business report, securities report, and corporate governance report each fiscal year, proposal does not fit into the company's Articles of Incorporation, which is the fundamental norm of the company, the Company believes that the provision requiring disclosure of the amount of individual remuneration for directors is not compatible with the Company's Articles of Incorporation, which is the fundamental norm of the company. A remuneration determination system is in place and appropriate disclosure of remuneration, etc. is carried out in accordance with laws and regulations.