April 28, 2021
To all concerned parties

Name of Company:

ASANUMA CORPORATIONTokyo Stock Exchange,
Stock Exchange Listing:First Section
Stock Code:
1852
Representative
Title: Representative President
Name: Makoto Asanuma
E-mail:asanuma_ir@asanuma.co.jp

Receipt of Documents Relating to Exercise of Shareholders’ Proposal Rights
We are pleased to inform you that we have received the written proposal for the exercise of the shareholder's
right at the 86th Annual General Meeting of Shareholders to be held in June 2021, as follows.
The opinion of the Board of Directors regarding this shareholder proposal will be announced on May 14.

I. Proposed shareholders
Name of shareholder: INTERTRUST TRUSTEES (CAYMAN) LIMITED SOLELY IN ITS CAPACITY AS
TRUSTEE OF JAPAN-UP
And STRATEGIC CAPITAL CO, INT.
II. Details of the Shareholders’ Proposal and Reasons for the Proposal
1. Agenda(1) Amendment to the Articles of Incorporation pertaining to the Sale of Policy Holding Shares(2) Appropriation of Retained Earnings
2. Content of the agenda and the reasons for the proposal
As indicated in the attached document "Details of the Shareholders' Proposal and Reasons for the Proposal."
The attached "Details of the Shareholders' Proposal and Reasons for the Proposal." contains the relevant
descriptions of the Shareholders’ Proposal submitted by the Proposal Shareholder in the original text.

The attached "Details of the Shareholders' Proposal and Reasons for the Proposal"※ The relevant descriptions of the Shareholders’ Proposal submitted by the Proposing Shareholders arepresented in the original text.
1. Overview of our proposal① Sell cross-shareholdings to improve capital efficiency
One of the reasons for Asanuma's low valuation is excessive cash and cross-shareholdings it holds.
To improve capital efficiency and eliminate the impact of the stock price movements on Asanuma'sfinancial results, we propose to sell the cross-shareholdings during the FY ending March 2022. We hope
they will use the proceeds to enhance shareholder value.
② Prevent further accumulation of equity capitalDue to the continuous low level of shareholder returns in the past, Asanuma 's equity capital and net cash
have accumulated and account for 20% of its market capitalization as of April 19, 2021.
We propose a payout ratio of 100% to prevent further accumulation of cash and equity capital.
Note that we made the same shareholder proposals as above last year, and both gained 21-28% of favorvotes.
2. The detailed translation of our proposal① Revision of the provisions of articles with regard to the Dissolution of Cross-Shareholdings
Add the following Chapter and Article to the current Articles of Incorporation
CHAPTER VII. DISSOLUTION OF CROSS-SHAREHOLDINGS
Article 34 (Dissolution of cross-shareholdings)
The Company shall sell all the cross-shareholdings, as of the effective date of the revision of the Articles ofIncorporation, immediately during the 87th fiscal period.
② Appropriation of surplus
A) Type of dividend
CashB) Allocation and the total amount of dividends
The amount obtained by deducting the amount of dividend payment from surplus per common share of
the Company which will be proposed by theBoard of Directors of the Company at the 86th Annual General Meeting of Shareholders and approved
thereat, from JPY498.
In case Earnings Per Share rounded down to the nearest integer in the 86th fiscal period (hereinafterreferred to as “actual EPS”) is different from JPY498, JPY498 in the previous paragraph shall be
replaced with actual EPS.
The total amount of dividends is calculated by multiplying the dividend amount per the one common
stock described above by the number of shares subject to dividend payment as of the record date ofvoting rights at the 86th Annual General Meeting of ShareholdersC) Effective date of dividend payment from surplus
The day after the 86th Annual General Meeting of Shareholders of the Company is held.
If the Board of Directors of the Company submits the proposal on appropriation of surplus at the 86th
Annual General Meeting of Shareholders, this proposal will be submitted to make an additional
proposal separately from such proposal.