Oasis Announces “Hokuetsu Corp Gov” Campaign (Stock Code: 3865 JT) – Press Release

* Oasis calls for Hokuetsu shareholders to vote against CEO Mr. Kishimoto at upcoming AGM

* Oasis announces “Hokuetsu Corp Gov” campaign and website calling for accountability now

More information available at www.HokuetsuCorpGov.com

Oasis Management Company Ltd. (“Oasis”) is the manager to funds that beneficially own over 18.0% of paper manufacturer Hokuetsu Corporation (3865 JT) (“Hokuetsu” or the “Company”). Oasis has adopted the Japan FSA’s “Principles of Responsible Ownership” (a/k/a the Japan Stewardship Code) and in line with those principles, Oasis monitors and engages with its investee companies.

Oasis, a long-term shareholder of Hokuetsu, urges its fellow shareholders to vote against the re-election of the Company’s president, Mr. Kishimoto, at the upcoming AGM. We firmly believe that Mr. Kishimoto’s leadership has failed to realize the full potential of Hokuetsu, and we must act now to hold management accountable, improve governance, and help build a better Hokuetsu.

During Mr. Kishimoto’s 15 years as CEO, the Company has:

• Failed in corporate governance
• Failed to plan for the future, despite increasing challenges to the paper industry
• Failed to increase employees’ salaries by growing the business
• Failed to meet the mid-term plan targets for four consecutive mid-term plans
• Failed to either divest its cross-shareholding with Daio or realize synergies
• Failed to manage the risks of holding such a large cross-shareholding
• Failed to meet with its largest shareholder, despite repeated requests over years

The Company’s corporate governance system, controlled by Mr. Kishimoto, has failed to function and hold him accountable for these failures. As a result, we believe true enhancement of the Company’s corporate value is not possible without his departure. We firmly believe that Mr. Kishimoto’s departure will enhance Hokuetsu’s corporate value over the long-term, to the benefit of all stakeholders.

Oasis has been engaging…

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