Improving Capital Efficiency and Enhancing Shareholder Returns through Treasury Share Repurchases and Cancellations

「At a meeting of the Board of Directors held on 30 January 2020, the Company resolved on matters relating to the acquisition of treasury shares pursuant to Article 156 of the Companies Act, as applied by replacing the relevant terms under Article 165, Paragraph 3 of the same Act. 1. Reason for acquiring treasury shares: To improve capital efficiency and pursue a flexible capital policy in response to changes in the operating environment. 4. Status of treasury share acquisition: As a result of the acquisition described above, the Company acquired 40,000 common shares on 31 January 2020 for an acquisition price of ¥124,200,000.」

「At a meeting of the Board of Directors held on 28 July 2016, the Company resolved to acquire treasury shares and carried out the acquisition during the second-quarter consolidated accounting period as follows. At a meeting of the Board of Directors held on 31 October 2016, the Company resolved, pursuant to Article 178 of the Companies Act, to cancel treasury shares and carried out the cancellation during the third-quarter consolidated accounting period as follows.」

「At a meeting of the Board of Directors held on 31 October 2016, the Company resolved, pursuant to Article 178 of the Companies Act, to cancel treasury shares as follows. (1) Reason for cancellation of treasury shares To improve capital efficiency and return profits to shareholders (3) Number of shares to be cancelled 140,000 shares (4.36% of total shares issued before the cancellation) (4) Scheduled cancellation date 16 November 2016 (5) Total shares issued after the cancellation 3,068,111 shares」