To whom it may concern:
24th September, 2020
Aristagora Advisors Co., Ltd.

Value-Up Fund Investment Limited Partnership Invests
in Nichiryoku Co., Ltd., its First Investment Project
We are pleased to announce that theValue Up Fund Investment LimitedPartnership(the"ValueUpFund")formed by Aristagora Advisors Co., Ltd.
invested in Nichiryoku Co., Ltd. (CodeNo. 7578) (the " Nichiryoku "), its firstinvestment project. Nichiryoku’s businessincludes the development of cemeteries
andfuneralbusiness.

AristagoraAdvisors Co., Ltd. underwrote newshares issued through third-party allotment, stock acquisition rights, and treasury stock issued
by Nichiryoku. At the same time, the Value Up Fund has signed a capital alliance agreementwith Nichiryoku.

The investment project undertook new shares issued through third-party allotment, stockacquisition rights, and treasury stock issued by Nichiryoku as follows.
（１）Overview of new shares and treasury stock（１）

Payment Date
Number of new shares
underwritten and（２）number of treasury
shares (number oftendered shares)

October 5, 2020
1,404,700 shares of common stock resulting from thesum of ① and ② below① Number of new shares issued: 1,191,900 shares ofcommon stock② Number of treasury stock: 212,800 shares ofcommon stock（３）

Underwriting AmountPrice per share 711.9 Japanese Yen（４）

Payment Amount

1,000,005,930 yen（５）Method of Subscription

Third-party allotment.

（２）Overview of stock acquisition rights（１）

Allotment Date

October 5, 2020

Total Number of（２）

Subscription Rights to5,682（100 shares per stock acquisition right）

Shares（３）

Subscription Price

1,000 yen per stock acquisition right

Number of potential（４）

shares of common

568,200 shares of common stockstocks
500,072,820 Japanese Yen（５）

Payment Amount(Breakdown）
Issuance of stock acquisition rights 5,682,000 yen
Exercise of stock acquisition rights 494,390,820 yen（６）

Exercise Price

Price per share 870.1 Japanese Yen（７）

Method of Subscription

Third-party allotment.
The third-party allotment of stock acquisition rights is
subject to the effectiveness of the notification under the（８）OthersFinancial Instruments and Exchange Act and the factthat this refinancing proposal has not been withdrawn inaccordance with the Business Alliance Agreement.

For more information, please refer to the "Notice regarding conclusion of capital tie-up
agreement, issuance of new shares and disposal of treasury stock by third-party allotment,
issuance of stock acquisition rights, and transfer of major shareholders, the largest shareholder
as the major shareholder and parent company" released by Nichiryoku on September 18, 2020.

●Characteristics of the Value Up Fund
The Fund will target companies listed on the Tokyo Stock Exchange that are yet to realise theirgrowth potential. The Fund will revitalize the businesses and promote their growth, enhancing
corporate value and benefitting investors.

Specifically, the Fund targets
companies with a small
market capitalization that are
not targeted by private
equity funds and aims toenhance corporate value
through a hands-on
approach with a medium- to long-term perspective.

Through investment in target companies the Value Up Fund hopes to improve the companies’
financial situation and reshape their management strategy for business growth.

1.

We will add value to investee companies by leveraging our domestic and overseas
networks.

2.

A director or employees may be assigned to the Company for risk managementpurposes.

3.

We will strive to enhance our dialogue with the market and make corporate value more
apparent.

●Corporate Profile
Name:

Aristagora Advisors Co., Ltd.

Address:

Atago Green Hills MORI Tower 35th Floor,
2-5-1 Atago, Minato-ku, Tokyo 105-6235, Japan

Representative:

Takeshi Shinoda, Chairman and CEO

Date Founded:

April 2007

Capital:JPY 50,000,000

Businesses:

We provide asset management services based on thetraditional private bank culture (a long-term client-centric
approach) and corporate finance services including crossborder transactions.

Company Website:

https://aristagora.com/【For enquiries regarding this matter】
Enquiries: Iwakura / Takada
TEL: 03-6452-8840 FAX: 03-6452-8841
E-Mail: pr@aristagora.com