On May 19,2023 Japan Pure Chemical announced the shareholder proposal by Hibiki Path Advisors, Proposal (1) Amendments to the Articles of Incorporation related to special investment stocks other than for pure investment purposes, Proposal (2) Amendments to the Articles of Incorporation related to dividend policy for surplus: year-end dividend for the fiscal year ending March 31, 2023, the Company will set a minimum dividend on equity ratio (DOE) of 5.0% for dividends from surplus. Adopt a dividend policy and, to the extent permitted by law, determine future dividend amounts in accordance with such dividend policy, Proposal (3) Amendments to the Articles of Incorporation related to cost of shareholders' equity: the Company shall disclose the cost of shareholders' equity as understood by the Company within three months prior to the date of submission of the corporate governance report to the Tokyo Stock Exchange, the Company opposes these Shareholder Proposals.