Announcement of Online Briefing on Shareholder Proposal Outline by Yutaka Yamanaka, Representative of Shosukabu.com Co., Ltd.

Shosukabu.com Co., Ltd. (Chairman and Representative Director: Yutaka Yamanaka, Headquarters: Nerima-ku, Tokyo, hereinafter "the Company") announces that its Chairman and Representative Director, Yutaka Yamanaka, will hold an online briefing to explain the background and objectives of the proposals he will make as a shareholder of Cosmo Co., Ltd. (President and Representative Director: Kenji Mori, Headquarters: Higashinari-ku, Osaka, hereinafter "Cosmo") and Wacoal Holdings Corp. (President and Representative Director: Masaaki Yajima, Headquarters: Kyoto City, Kyoto Prefecture, TSE Prime 3591, hereinafter "Wacoal HD") at their ordinary general meetings of shareholders in June 2026.

In this briefing, Representative Yamanaka will emphasize the minimum standard of ROE (Return on Equity) of 8% advocated by the "Ito Report," which serves as a guideline for the sustainable growth of Japanese companies. He will assert that the stance of management that cannot achieve this over the medium to long term constitutes a failure to fulfill their "fiduciary duty" to shareholders.

He will elaborate on the unwavering determination to improve capital efficiency that lies behind the seemingly extreme proposals of "selling the core business" to Wacoal Holdings and "entering the battery storage business" for Cosmo.

1. Online Briefing Overview

• Date and Time: Saturday, May 15, 2026, from 13:00

• Format: Online (Zoom / YouTube Live planned)

• Speaker: Yutaka Yamanaka, Chairman and Representative Director, Shosukabu.com Co., Ltd.

• Participation Fee: Free

• Application: Please apply by sending an email to info@shosukabu.com with the subject line 'Shareholder Proposal Online Briefing Participation Request'.

2. Key Points of This Briefing

This briefing will strongly address the following points:

(1) Compliance with the Ito Report's "ROE 8%" and Management Responsibility

Even though considerable time has passed since the publication of the "Ito Report," many companies still fail to generate profits exceeding their cost of capital. Failing to achieve ROE 8% over the medium to long term is tantamount to impairing the capital entrusted by shareholders, and it must be said that management is abandoning its fiduciary duty.

(2) Wacoal HD: "No Sanctuary" Proposal for Capital Efficiency Improvement

For Wacoal HD, which continues to suffer from low ROE, we propose a bold portfolio restructuring, including the sale of its core business (Wacoal business). Under the recognition that management's continued choice of "status quo" constitutes a breach of fiduciary duty, we will push for value maximization through the introduction of external capital and business divestitures.

(3) Cosmo: ROE Improvement through Growth Investment and the "Battery Storage Business"

For Cosmo, where stable achievement of ROE 8% is difficult through extensions of existing businesses, we propose entry into the high-growth battery storage business. This is not merely diversification, but a "concrete and constructive alternative" to fundamentally enhance capital efficiency and enable management to fulfill its fiduciary duty.

4. Message from Representative Yutaka Yamanaka

Japanese corporate governance has moved beyond the formal stage and entered a phase where substantive "results" are demanded. If management cannot even keep the minimum promise of ROE 8%, shareholders should not sit idly by but fundamentally re-examine the state of management. This shareholder proposal is intended to sound that alarm.

Representative Profile

Yutaka Yamanaka

Born in December 1976, he is a leading activist investor of the '76 generation, an art collector, philanthropist, political activity sponsor, election consultant, policy advisor, social activist, and Akita dog lover. Internationally, he is recognized as an "activist investor who understands technology." Historically, he is the first Japanese person to achieve asset formation of over 150 billion yen solely through investment.

In the early 2010s, he focused on NVIDIA, which develops GPGPU and artificial intelligence (AI) related semiconductors, invested approximately 2 billion yen, and subsequently realized returns of over 100 times, becoming the first Japanese billionaire purely as an investor.

Graduated as valedictorian from the Faculty of Economics, University of Tokyo. Obtained a Master's degree from Columbia University Graduate School (specializing in Financial Engineering), and studied at the London School of Economics and Political Science (LSE) Graduate School. He is a co-representative partner of Investment Brothers LLC, co-founder and chairman of Shosukabu.com Co., Ltd., and currently a shareholder in over 1,000 listed companies and over 200 unlisted companies worldwide. His investments are truly global, including AI startups in Israel, healthcare ventures in Nigeria, and battery manufacturers in Taiwan.

Based on his personal experience of suffering from dyslexia and ADHD (Attention Deficit Hyperactivity Disorder) in childhood, he launched a support program for children with learning disabilities, modeled after Charles Schwab, a major US discount broker.