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Strategic Capital, Inc.

Five Annex Building 5F, 1-3-10, Ebisu-nishi, Shibuya-ku, Tokyo, JAPAN 150-0021


CHORI CO., LTD. 2017

◆April 17th 2017

Strategic Capital, Inc. is under a discretionary investment contract with INTERTRUST TRUSTEES (CAYMAN) LIMITED SOLELY IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP (hereinafter referred to as the "Fund") which holds 3.98% (sum of accounts represented by multiple standing proxies) of the outstanding share of CHORI CO.,LTD (hereinafter referred to as "CHORI ").(TES Code 8014).

Strategic Capital, Inc is pleased to announce that, on April 12, 2017, the Fund notified CHORI of its execution of the shareholders’ right to make a proposal at the annual shareholder meeting held in June 2016 and confirmed that, on April14,2017, CHORI received the documents of the proposal.

A brief detail of the proposal of the Fund is as followings.

To Shareholders of CHORI CO., LTD.