The Results of Toyo’s Annual Shareholders Meeting Today

At Toyo Construction Co., Ltd (“Toyo”)’s annual shareholders meeting today, seven director candidates and one auditor candidate proposed by shareholders were approved and duly appointed.

Yamauchi-No.10 Family Office (“YFO”) strongly believes that this result is an expression of shareholders’ sincere consideration of Toyo’s future. YFO would like to express its heartfelt gratitude to the many shareholders who supported its shareholder proposals and to all the shareholders who gave serious consideration to Toyo’s future. YFO intends to engage in earnest discussions again with Toyo’s new Board about measures to improve Toyo’s corporate value, including YFO’s privatization proposal.

YFO truly made its shareholder proposals in Toyo’s best interest. However in the course of doing so YFO recognizes that it inadvertently caused a great deal of anxiety and confusion to all stakeholders, including Toyo’s employees and their families. YFO recognizes that not all of Toyo’s stakeholders, such as its employees, will immediately agree to YFO’s thinking. However, YFO’s true intention is to transform Toyo under the leadership of the new Board into a company that its employees will feel pride in and that will create better results for all stakeholders. Moreover, YFO sincerely wishes that any anxiety and confusion will be resolved as soon as possible.

 YFO sincerely hopes that the newly elected directors, whether they were elected through company or shareholder proposals, will aim to maximize Toyo's corporate and shareholder value and maintain good relations with all stakeholders, including employees, affiliated companies and partner companies, for the future of Toyo.

For further information, please contact:
Public Relations Department 
PR Agent: Vox Global Japan Co., Ltd. 
Tel: +81-3-6204-4337 Tanabe/Kuhara
Email: yfo.inquiry@voxglobalasia.com 

Shareholder Contact: Innisfree M&A Incorporated 
Tel: +1-412-232-3651 (Shareholder Contact - English)
Tel: +44-7506-004-047, +1-212-750-5833  (Financial Institutions and Institutional Investor Contact - English)