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Kaname Capital Issues Open Letter to Fukuda Denshi Following Chairman Fukuda’s Resignation — Raises Five Governance Concerns, Demands an Independent Third-Party Committee, and Seeks Public Answers at Least One Day in Advance of the AGM

BOSTON--(BUSINESS WIRE)--Kaname Capital (“we”) today issued an open letter, “Letter of Inquiry to Your Company Following the Resignation of Chairman Fukuda,” addressed to the Board of Directors and the Board of Auditors of Fukuda Denshi Co., Ltd. (Securities Code: 6960; “Fukuda Denshi”).

On June 16, 2026, Fukuda Denshi announced that Representative Director and Chairman Kotaro Fukuda would resign with immediate effect. We regard the resignation of Chairman Fukuda — for many years the company’s absolute power-holder — as a step toward renewing its governance. Chairman Fukuda’s resignation, however, is only the first step toward restoring Fukuda Denshi’s credibility. Chairman Fukuda remains the largest shareholder, and individuals close to him remain on the Board of Directors. By rights, the Board should have recognized his management responsibility head-on and drawn a clear line through dismissal.

We continue to demand, in the strongest terms, the establishment of an independent third-party committee, to bring to light the full scope of Chairman Fukuda’s misconduct and to correct the organizational culture that permitted it. So long as no self-corrective function is at work within the Board, we intend to continue pursuing Chairman Fukuda’s accountability and exercising our shareholder rights until Fukuda Denshi has built a structure capable of enhancing corporate value and restoring the trust of a broad range of stakeholders — shareholders, employees, business partners, and healthcare professionals.

Stakeholders with information relevant to this matter — current or former employees of Fukuda Denshi, business partners, healthcare professionals, and other related parties — are invited to contact us at contact@kanamecapital.com. We welcome anonymous submissions and will protect our sources.

[Attachment]

Open letter, “Letter of Inquiry to Your Company Following the Resignation of Chairman Fukuda” (dated June 17, 2026)

https://9b5cc9f0-1871-48d4-9379-a0f7002dcedd.usrfiles.com/ugd/9b5cc9_00ab23d2f4ee4989b64a7979421874d9.pdf

Contacts

Kaname Capital, L.P.
contact@kanamecapital.com
+1-617-221-3584
201 Washington Place, 26th Floor, Boston, MA 02108

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Kaname Capital, L.P.

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Contacts

Kaname Capital, L.P.
contact@kanamecapital.com
+1-617-221-3584
201 Washington Place, 26th Floor, Boston, MA 02108

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