On February 28, 2024, 3D Investment Partners Pte. Ltd announced that issued an open letter to shareholders of Fuji Soft Incorporated encouraging to support 3D?s proposals to appoint Stephen Givens as an independent corporate auditor and to encourage the Board to implement a share repurchase program in the event the Company is not sold. The proposals will be voted on by shareholders at the Company?s 54th Annual General Meeting of Shareholders to be held on March 15, 2024.

3D Investment Partners Pte. Ltd added that the board of directors decides not to accept the take-private proposal, the Board is essentially saying that the Company?s intrinsic value is higher than the price in the take-private proposals and the market price. In such a circumstance, a share buyback would increase the intrinsic value per share, as well as accelerate the growth of corporate value over the medium to long term.

3D Investment Partners Pte. Ltd believes that a share buyback within one year would prevent additional excess capital from building on the Company?s balance sheet while also closing the valuation gap between the market price and intrinsic value.