On June 27, 2022, Yotai Refractories Co., Ltd. announced the Voting Results of Proposals resolved at the 124th Ordinary General Meeting of Shareholders held on June 23, 2022. The Company´s proposals 1 to 3 were approved, and on the other hand the proposals 4 to 8 were rejected by the shareholders vote. Specifically, Proposal No.

1 refers to Partial amendment of articles of incorporation: A new rule has been established to limit the scope of matters to be stated in the document to be delivered to shareholders who have requested the issuance of a document and the provision to take electronic provision measures for the information contained in the reference documents for the general meeting, Proposal No. 2 about Disposal of Surplus: Matters related to year-end dividends and their total amount will be 27 yen per share of common stock, Proposal No. 3 about Appointment of Mitsuo Taguchi, Shinichiro Takebayashi, Tadashi Taniguchi, Yorisada Matsumoto, Yasuyuki Itano and Shinobu Akiyoshi as Directors, Proposal No.

4 about Disposal of surplus: Subject to the approval of Proposal No. 1, the year-end dividend for the fiscal year ending March 2022 will be 100 yen per share of the Company's common stock, Proposal No. 5 about Partial amendment to the Articles of Incorporation regarding strategically held shares: (i) the Company will specifically determine the appropriateness of the holding purpose and whether the benefits and risks associated with the holding are commensurate with the cost of capital, and report to the board of directors once every three months, (ii) The Board of Directors will determine the appropriateness of holding strategically held shares based on the verification results and state the details and reasons in the minutes of the Board of Directors meeting, (iii) The Company will disclose the verification results and the content and reasons for the judgment of the Board of Directors, in the report on corporate governance submitted by the Company to the Tokyo Stock Exchange, Proposal No.

6 about Partial amendment of the Articles of Incorporation regarding the cancellation of treasury stock: The articles have been newly established as Article 17: "The general meeting of shareholders may resolve matters concerning the cancellation of treasury stock in addition to the matters stipulated in the Companies Act.", Proposal No. 7 about Cancellation of treasury stock: The treasury stock of 4,977,123 shares held will be canceled on condition that Proposal No. 6 is approved and passed, and Proposal No.

8 about Dismissal of Audit & Supervisory Board Members: 2 corporate auditors, Takashi Umezawa and Tadaharu Tani, will be dismissed. Scion Asset Management, LLC proposals have not been approved by shareholder vote