Context and Purpose of the Open Letter Shosuhkabu.com Co., Ltd. announced that our Chairman, Yutaka Yamanaka, acting as a representative of shareholders and stakeholders of Cosmo Co., Ltd. and Wacoal Holdings Corp., has submitted an "Open Letter" to both boards of directors aimed at improving capital efficiency and enhancing long-term corporate value. This letter, based on the Tokyo Stock Exchange's "request for management conscious of capital costs and stock prices," highlights the issues inherent in the current management direction of both companies and encourages a transformation into next-generation clean energy infrastructure enterprises.

Summary of Inquiries We are requesting an official view based on objective data regarding the following two points: 1. Whether there is a concrete plan with higher profitability (ROE, IRR) than our proposed scenario of "selling off low-margin businesses, liquidating headquarters real estate, and prioritizing investment in grid-scale battery storage." 2. If no such plan exists, the rational management grounds for choosing to continue the current business model, which shareholders can accept.

Our Proposed Scenario We believe the role of management is to be the "Chief Capital Allocation Officer," distributing capital to the most productive sectors. 1. Business Restructuring: Halting losses by selling off or exiting existing businesses that fall below the cost of capital. 2. Real Estate Liquidation: Generating massive cash flow through securitization or sales/leasebacks of fixed assets like headquarters properties. 3. Clean Energy Investment: Concentrating all funds into the "grid-scale battery storage business" to drastically transform the corporate structure.

Representative Profile: Yutaka Yamanaka Born in 1976, Yamanaka is an activist investor well-versed in technology and finance. He became the first Japanese billionaire investor with over 150 billion yen in assets, largely through early investments in companies like NVIDIA. A graduate of the University of Tokyo (Faculty of Economics) and Columbia University (Master of Financial Engineering), he is a truly global investor with interests in over 1,000 public and 200 private companies worldwide. He is also actively involved in supporting children with learning disabilities and various political reform initiatives.

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