On April 25,2023, Toda Corporation stated in its press release that Longchamp SICAV submitted a shareholder proposal as follows, (1) Acquisition of treasury stock: the Company's stock price is below 1x PBR, which is lower than the book value of net assets, which means that the stock market values ??the Company's stock price is lower than the liquidation value. Activist believe in expanding the shareholder returns and improve capital efficiency, so that investors can easily understand the required cash level. Pursuant to the provisions of Article 156, Paragraph 1 of the Companies Act, within one year from the conclusion of this Ordinary General Meeting of Shareholders, The total number of shares will be 30,822,000 shares, and the total acquisition price will be limited to 21,575,400,000 yen.