On January 20, 2023, Fujitec Co. Ltd. expressed that in response to this Oasis Japan Strategic Fund Ltd. request, in order to protect the interests of shareholders and all stakeholders, announced the opposition to the various claims of the Shareholder Proposal, between other reasons, Oasis Investments II Master Fund Ltd., which had jointly filed this claim with the Proposing Shareholder, is no longer a claimant for this claim. (i) About Proposal No.

2 of Dismissal of 6 outside directors: Nobuki Sugita, Shigeru Yamazoe, Kunio Endo, Asami Indo, Kazuhiro Mishina and Kaori Oishi. The Board of Directors of the Company opposes for the following reasons: Mr. Sugita makes use of his wealth of knowledge cultivated as a university professor and as a government agency to provide useful proposals and advice for the Company's management and from this perspective Mr. Sugita plays an important role in the Company. Mr. Yamazoe was involved in general trading company management and global business management.

Mr. Endo has provided useful suggestions and advice for the Company's management by leveraging his wealth of knowledge cultivated as a director and auditor of a global company. Mr. Indo has held important positions related to corporate management, such as financial analyst and consulting services. Mr. Mishina has been involved in research activities in corporate economics such as management strategy and management theory for many years.

Mr. Oishi has been involved in corporate legal affairs as a lawyer for many years and is mainly in charge of litigation related to inter-company transactions and disputes related to construction and real estate. As stated above, all the current outside directors have utilized their extensive knowledge and have provided useful suggestions and advice to the Company's management. About Proposal 3 regarding appointment of the following 6 outside directors: Akihiko Asami, Shiori Fukada (withdrew due to resignation), Torsten Gessner, Clark Graninger, Hiroko Kaneko (withdrew due to withdrawal), Kaoru Unno, Ryan Wilson, and Ako Shimada.

First, according to the Board´s opinion the points pointed out by the Proposing Shareholder are factually misunderstood and arbitrary misleading: Lack of experience in Company Management / Management Strategy / Governance Development / Operation at an independent listed Company, Some of the candidates are lawyers, for example, 2 out of 6 are lawyers (3 out of 7 before Ms. Yuko Kaneko's resignation), and their skills overlap, and the skill matrix of the Proposing Shareholder candidates is unbalanced, and is significantly inferior to the skill matrix of the Company's outside directors. (iii) And about Proposals No. 4 to No.

7, The Board of Directors of the Company opposes for the following reasons: Proposal No. 4 "Determination of basic remuneration amount for individual Outside Directors", Proposal No. 5 "Granting ex post facto stock compensation to Outside Directors", and Proposal No.

6 "Ex post stock price conditional compensation for Outside Directors" are all proposals for the benefit of the Proposing Shareholder candidates, and the Board of Directors of the Company believes that they are not appropriate. In other words, since the remuneration under these proposals is conditioned on the appointment of at least one outside director candidate of the proposing shareholder, it is proposed for the benefit of the outside director candidates of the proposing shareholder. About Proposal No.

7 "Granting post-delivery stock compensation with stock price conditions to directors (excluding outside directors)", the Board of Directors stated that the current remuneration for executive directors is an appropriate standard even considering the general remuneration level for executive directors of companies listed on the Tokyo Stock Exchange, and believe there is no need to grant additional stock compensation.