Risk of Dependence on Founding Management

「During the current interim consolidated accounting period, there were no material changes in the matters concerning business conditions, financial conditions and other items described in this interim report that management recognizes as major risks potentially having a material impact on the financial position, operating results or cash flows of the consolidated companies, nor in the “Business and Other Risks” described in the securities report for the previous consolidated fiscal year.」

「During the current interim consolidated accounting period, there were no material changes in the matters concerning business conditions, financial conditions and other items described in this interim report that management recognizes as major risks potentially having a material impact on the financial position, operating results or cash flows of the consolidated companies, nor in the “Business and Other Risks” described in the securities report for the previous consolidated fiscal year.」

「During the cumulative third quarter, there were no material changes in the occurrence of major risks that management recognizes could materially affect the financial position, operating results or cash flows of the consolidated companies, among the matters concerning the business and accounting conditions described in the quarterly report, or in the matters described under “Business and Other Risks” in the annual securities report for the previous consolidated fiscal year.」

「During the cumulative second quarter, there were no material changes in the occurrence of major risks that management recognizes could materially affect the financial position, operating results or cash flows of the consolidated companies, among the matters concerning the business and accounting conditions described in the quarterly report, or in the matters described under “Business and Other Risks” in the annual securities report for the previous consolidated fiscal year.」

「During the cumulative first quarter, there were no material changes in the occurrence of major risks that management recognizes could materially affect the financial position, operating results or cash flows of the consolidated companies, among the matters concerning the business and accounting conditions described in the quarterly report, or in the matters described under “Business and Other Risks” in the annual securities report for the previous consolidated fiscal year.」

「During the cumulative third quarter, there were no material changes in the occurrence of major risks that management recognizes could materially affect the financial position, operating results or cash flows of the consolidated companies, among the matters concerning the business and accounting conditions described in the quarterly report, or in the matters described under “Business and Other Risks” in the annual securities report for the previous consolidated fiscal year.」

「During the cumulative second quarter, there were no material changes in the occurrence of major risks that management recognizes could materially affect the financial position, operating results or cash flows of the consolidated companies, among the matters concerning the business and accounting conditions described in the quarterly report, or in the matters described under “Business and Other Risks” in the annual securities report for the previous consolidated fiscal year.」

「During the cumulative first quarter, there were no material changes in the occurrence of major risks that management recognizes could materially affect the financial position, operating results or cash flows of the consolidated companies, among the matters concerning the business and accounting conditions described in the quarterly report, or in the matters described under “Business and Other Risks” in the annual securities report for the previous consolidated fiscal year.」

「During the cumulative third quarter of the current consolidated fiscal year, there were no material changes in the occurrence of major risks that management recognizes could materially affect the financial position, operating performance or cash flows of the consolidated companies, among the matters concerning the business and accounting conditions described in the quarterly report, or in the business and other risks described in the annual securities report for the previous fiscal year.」

「There have been no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「There have been no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「Sakamoto Mamoru (坂本 守), Representative Director and President, and Mochizuki Tomoyuki (望月 智之), Director and Executive Vice President, are the founders of the Company and play important roles in its business activities, including management policies and strategies. The Company is highly dependent on them.」