Hibiki Path Advisors（”Hibiki”）made a presentation (link below) on March 10th, to Oisix ra daichi Inc.（”Oisix”）as a follow-up for our letter sent on Jan 27th regarding corporate value enhancement through dynamic share buyback.

Oisix seemed strongly impressed particularly on 1) Oisix’s growth rate was only considered as 1.6% being calculated back from P/E multiple and cost of equity, 2) it is reasonable for even growth companies to conduct share buyback as long as stock price is undervalued.

Oisix also made comments that Hibiki is the first investor which Oisix discussed with regarding lowering WACC with optimal capital structure as well as Oisix will seriously consider conducting our proposal.

Hibiki will continue to discuss with Oisix about future measures and report our engagement in our media. Hibiki will keep carrying out encouragement-type engagement!

This document does not constitute an offer, recommendation or solicitation to buy or sell any security or enter into any other transaction. Hibiki does not purport to provide any investment, financial, legal or other expert advice or recommendation in this document.

“PROGRESSIVE” FINANCIAL MEASURES FOR CORPORATE VALUE ENHANCEMENT