The lack of governance at Toho Holdings fundamentally hinders the execution of rational measures to enhance corporate value Highlights Toho Holdings' attempt to conceal compliance issues during the "Nihon University incident" as evidence of a material governance failure Establishing proper governance is essential to prevent the erosion of corporate value and to ensure sustainable value creation through the rational and disciplined allocation of management resources Urges all shareholders to carefully review the letter and make use of it in their engagement with the company and in exercising their voting rights TOKYO–(BUSINESS WIRE)–3D Investment Partners Pte. Ltd., the investment manager of the 3D OPPORTUNITY MASTER FUND, today released an open letter addressed to the shareholders of Toho Holdings Co., Ltd. (TOKYO:8129).