Increase Chori’s shareholders’ valueStrategic Capital, Inc.

Strategic Capital and our fund are shareholders of CHORI CO.,LTD. (hereinafter referred to as “Chori”).
We hope Chori to prosecute our proposals as below, in order to increase its shareholders’ value.

1. Drastic increase in dividend / share buyback to prevent further lowering of ROE caused by Chori’s “accumulating capital policy”.
2. Dissolution of useless cross-shareholdings to improve capital efficiency.
3. Improvement of Investor Relation (hereinafter referred to as “IR”) activities and transform to a board led by independent outside directors to reform its low quality of corporate governance such as CEO and independent outside directors both who reject to meet shareholders, parent-subsidiary listing problem and no establishment of optional nomination / renumeration committees.

Comparison of Chori’s situation, now and 15 years ago

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