Improve

Corporate Governance at

TSURUHA

Drugstore operator Tsuruha has faced significant corporate governance failures that hinder its growth and jeopardize the future of the company. Oasis, a long-term shareholder of Tsuruha owning over 12.8%, is taking action now to address these issues and enhance corporate governance and corporate value.

Why Act Now?

• Multiple long-running governance failures, including inadequate board independence and undue influence of the founding families

• Control exerted by the founding families over subsidiaries, hindering realization of synergies and governance

• Ineffective oversight and management accountability

• Replacement of independent directors with loyalty-based appointments

Oasis Shareholder Proposals

1. New slate of independent directors: Appoint highly qualified, independent, and diverse outside directors

2.Dismissal of Non-Independent Director: Remove Mr. Fumiyo Fujii from the board

3.Incentive Alignment: Introduce a compensation plan aligning directors’ incentives with shareholders’ interests

4. Enhancing oversight: Implement crucial changes to Tsuruha’s Articles of Incorporation for better management oversight.

Make a Difference

• Support Oasis’s proposals for better governance

• Vote against the re-election of the current outside directors

• Drive positive change and safeguard shareholder value

Together, we can improve Tsuruha’s governance, maximize corporate value, and create a brighter future for Tsuruha and all its stakeholders.

Please click here to view the Oasis’s investor presentation on Tsuruha. (Released June 22)

Please click here to view Oasis’s additional material following Tsuruha’s disclosures. (Released July 19)