Shoshukabu.com Announces Submission of Pre-AGM Questionnaire to Cosmo Inc.

Shoshukabu.com Inc. (Chairman: Yutaka Yamanaka, HQ: Nerima-ku, Tokyo; hereinafter "the Company") announced that its chairman, Yutaka Yamanaka, in his capacity as a shareholder of Cosmo Inc. (President: Kenji Mori, HQ: Higashinari-ku, Osaka; hereinafter "Cosmo"), has sent a questionnaire to Cosmo to confirm the board's views in advance of the 77th Ordinary General Meeting of Shareholders scheduled for the end of May 2026.

This questionnaire was submitted with the aim of fostering more constructive discussions at the shareholders' meeting regarding the Company's consistent proposals for "achieving an 8% ROE target" and "improving capital efficiency."

1. Background of the Questionnaire Submission

Yutaka Yamanaka, the representative of the Company, has previously made shareholder proposals concerning amendments to the articles of incorporation (for new business entry) and the election of directors, aiming for Cosmo's sustainable growth and enhancement of corporate value.

This questionnaire was sent to confirm the board's official views on the status of internal discussions related to these proposals, its awareness of changes in the external environment surrounding major business partners, and its approach to governance.

2. Key Items in the Questionnaire

The questionnaire requests answers to the following seven items:

(1) History of Board Discussions on ROE: The history of discussions at the board of directors regarding ROE improvement, the status of setting specific numerical targets, and the existence of any opinions (including minority opinions) within the board.

(2) Views on Setting a Mid-to-Long-Term "ROE 8% or Higher" Target: The board's thoughts on achieving the shareholder proposal's main objective of a mid-to-long-term ROE of 8% or higher, including its feasibility, proposed measures, and timeframe.

(3) Policy on "Constructive Dialogue" with Shareholders: The company's basic policy on dialogue with shareholders as recommended by the Tokyo Stock Exchange and the Financial Services Agency, particularly its stance on proposals from minority shareholders.

(4) Impact of Major Business Partner's Restructuring on Performance: The potential impact, risks, and countermeasures for Cosmo's business in the event of a business restructuring (including the possible sale of its core business) at Wacoal Holdings Corp., with which the Company's affiliates are deeply involved through the supply chain.

(5) Past Discussions on Effective Use of Head Office Real Estate: The history and conclusions of internal discussions regarding the effective utilization (e.g., sale, lease, development) of owned assets, including the head office real estate in Tamatsukuri, Osaka.

(6) Corporate Governance and Stance towards Shareholders: A review of whether the company's past responses to shareholder Yutaka Yamanaka—who has a global investment track record and connections to the founding family of Wacoal—were appropriate from the perspective of enhancing shareholder value and governance.

(7) Status of Consideration for Proposed New Businesses (Real Estate Utilization & Storage Battery Business): The current status of the board's consideration and evaluation of the proposals for the effective utilization of the head office real estate and entry into the grid-scale storage battery business.

3. Future Outlook

The responses to this questionnaire will be used as a reference for discussions at the general shareholders' meeting, and the Company's views will be shared with investors as appropriate.

The Company will continue to engage in constructive dialogue from an objective shareholder's perspective to maximize Cosmo's potential.

End

■ Representative Profile

Yutaka Yamanaka

An activist investor, art collector, philanthropist, political campaign sponsor, election consultant, policy advisor, social activist, and Akita Inu enthusiast, representing the '76 generation (born in December 1976). He is internationally regarded as a "tech-savvy activist investor" and is the first Japanese person in history to have built a fortune of over 150 billion yen purely through investment.

In the early 2010s, he focused on NVIDIA, a developer of GPGPU and AI-related semiconductors, as an investment target. He invested just over 2 billion yen, which resulted in a return of over 100 times, making him the first Japanese person to become a billionaire solely through investing.

He graduated as the valedictorian from the Faculty of Economics at the University of Tokyo, holds a Master's degree in Financial Engineering from Columbia University, and studied at the London School of Economics and Political Science (LSE). He is a co-representative partner at Investment Brothers LLC, and co-founder and chairman of Shoshukabu.com Inc. He is currently a shareholder in over 1,000 public and 200 private companies worldwide. His investments are truly global, spanning from an AI startup in Israel to a healthcare venture in Nigeria and a battery manufacturer in Taiwan.

Inspired by his own childhood struggles with dyslexia and ADHD, and modeling his approach after the major US discount broker Charles Schwab, he has been involved in activities related to learning disabilities.