On May 12, 2023, Yotai Refractories Co., Ltd. announced in its press release that it has received a letter from Capital Gallery Co., Ltd. stating that it intends to make proposals at the 2023 Ordinary General Meeting of Shareholders to be held on June 22, 2023, the proposal submitted was as follow. Appropriation of surplus with 100 yen per share of Common Stock disposal: Capital Gallery Co., Ltd. propose a dividend of 100 yen, and combined with the interim dividend of 20 yen per share, the annual dividend will be 120 yen per share, and the dividend payout ratio will be 79.6%. Further, combined with the share buybacks completed during the fiscal year ending March 31, 2023, the total return ratio is 130.1%.

The Company objects because such proposals are not in line with the company's policy.