Oasis Welcomes Support from ISS and Glass Lewis for the Dismissal of KADOKAWA CEO Natsuno

Hong Kong and Tokyo, June 11, 2026 -- Oasis Management Company Ltd. ("Oasis" or "we") is the investment manager to funds that own approximately 13.76% of KADOKAWA CORPORATION (Stock Code: 9468 JT) ("KADOKAWA" or the "Company"). Oasis welcomes the proxy voting recommendations published by Institutional Shareholder Services Inc. ("ISS") and Glass Lewis, the world's leading independent proxy advisory firms, regarding the Company's Annual General Meeting of Shareholders scheduled for June 24 this year.

In their respective reports, both ISS and Glass Lewis recommend that KADOKAWA shareholders:

- Vote AGAINST the Company's proposal to re-elect CEO Takeshi Natsuno as a director (Proposal 1, Candidate No. 1). - Vote FOR Oasis's shareholder proposal to dismiss CEO Natsuno as a director (Proposal 2).

Additionally, against the backdrop of broader governance concerns at KADOKAWA, both proxy advisory firms recommend voting AGAINST the reappointment of Hiroo Unoura (Proposal 1, Candidate No. 6), who serves as Chairman of the Board and Chairman of the Nomination Committee.

In its proxy voting report, ISS explained the appropriateness of holding Mr. Natsuno accountable at this time as follows: "Given the question marks over the strategy and the insufficient execution of the strategy, replacing Mr. Natsuno appears to be the best path forward." (Oasis translation)

Glass Lewis also recognized the severity of the concerns raised by Oasis and concluded: "Oasis's expressed concerns regarding the Company's management accountability, strategic execution, Mr. Natsuno's commitment, and the Company's performance under his leadership appear reasonable given the current situation." (Oasis translation)

Oasis believes that the proxy voting recommendations expressed by both independent firms strongly validate the need for change at KADOKAWA. The Company's deteriorating financial performance, successive execution failures, weak governance, and the lack of accountability by management should no longer be treated as isolated issues. KADOKAWA shareholders have the opportunity at the June 2026 Annual General Meeting of Shareholders to hold the Company's management accountable and demand meaningful governance reforms.

Seth Fischer, Founder and Chief Investment Officer of Oasis, stated: "The recommendations by ISS and Glass Lewis reaffirm the facts demonstrated by KADOKAWA's own performance: a management overhaul can no longer be delayed. Two of the world's largest independent proxy advisory firms have concluded, as Oasis has, that the performance, strategy, and governance under Mr. Natsuno have fallen short of the standards expected by KADOKAWA's shareholders, creators, employees, and business partners. Mr. Natsuno himself publicly stated in February 2023 that he would consider resigning if business growth was not realized. Now that independent proxy advisory firms have reached a similar conclusion, it is time for a management change, even according to his own stated criteria."

The management team must be held responsible for KADOKAWA's poor performance, lack of execution, weak governance, and, above all, the current failure to maximize the value of the Company's outstanding IP portfolio. Oasis reiterates its request to shareholders to vote AGAINST the Company's proposal for the reappointment of Mr. Natsuno (Proposal 1, Candidate No. 1) and to vote FOR the shareholder proposal for the dismissal of Mr. Natsuno (Proposal 2).

For details of the analysis by ISS and Glass Lewis, as well as the rationale for their proxy voting recommendations, please visit the special website for this campaign (www.abetterkadokawa.com). Oasis requests that shareholders review these materials prior to exercising their voting rights at the 2026 Annual General Meeting of Shareholders. Oasis also continues to welcome contact from all stakeholders towards realizing a 'stronger' KADOKAWA (info@abetterkadokawa.com).

Oasis Management Company Ltd. ("Oasis") is a private investment fund management company focused on opportunities across a wide array of asset classes in various countries and sectors. Oasis was founded in 2002 by Seth H. Fischer, who currently serves as Chief Investment Officer. For more information about Oasis, please visit https://oasiscm.com. Oasis complies with Japan's Financial Services Agency's "Principles for Responsible Institutional Investors" (Japan's Stewardship Code) and monitors and engages with its investee companies in accordance with these principles.

Oasis is not in any way soliciting or requesting shareholders to jointly exercise their voting rights with Oasis. Shareholders who agree to jointly exercise their voting rights are deemed "Joint Holders" under Japan's large shareholding reporting regulations, and must file a report for public inspection with the relevant Japanese authorities regarding their combined shareholdings. Oasis has no intention, through the publication of this document, engagement with shareholders or other third parties through this document, statements associated with this document, or the expression of views and opinions in any other information or materials (whether written or oral, and regardless of medium) created and/or published by Oasis, to be treated as a "Joint Holder" and/or "Specially Related Party" in relation to other shareholders under Japan's Financial Instruments and Exchange Act. Oasis has no intention of receiving the authority to represent other shareholders in relation to the exercise of their voting rights. This document solely represents the opinions, interpretations, and estimates of Oasis. Oasis expresses such opinions solely in its capacity as an investment advisor to the Oasis funds.