Cancellation of Travel Business Registration and Changes in Laws and Regulations

「The filing states that, during the interim consolidated accounting period, there were no material changes in the major risks that management recognizes could materially affect the consolidated companies' financial position, operating results or cash flows, or in the matters described under Business Risks in the securities report for the previous fiscal year.」

「The Group is registered with the Japan Tourism Agency under the Travel Agency Act, and is required to renew its registration every 5 years. Although the Group understands that there are currently no violations of laws or regulations, if its registration were cancelled under the Act, it would no longer be able to operate a travel agency business, which could significantly affect the Group’s business and performance.」