Summary(Translation)

FIELDS CORPORATION
Summary of Financial Information and Consolidated Business Results
for the First Half of the Year Ending March 31, 2019 (Japan GAAP)
November 7, 2018
Listed on: TSE 1st
Company Name:

FIELDS CORPORATION(URL: https://www.fields.biz/)2767
Hidetoshi Yamamoto
Chairman, President and Group CEO
Hideaki Hatanaka
Corporate Officer+81-3-5784-2111

Stock code:
Representative Director:
Inquiries:
Tel:

Planned date for submission of the quarterly report:
Planned date for start of dividend payment:
Quarterly earnings supplementary explanatory materials:
Quarterly earnings presentation:

November 13, 2018―No
Yes (for institutional investors and security analysts)(Rounded down to the nearest million)

1. Consolidated business results for the first half of the year ending March 31, 2019 (April 1, 2018 to September 30, 2018)(Percentage figures denote YoY changes)(1) Operating results (cumulative total)
Net sales

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

18,041(48.8)(3,906)－(4,062)－(3,251)－35,21332.1(2,780)－(3,288)－(3,289)－First half of the year
ending March 31, 2019
First half of the year
ended March 31, 2018
(Note) Comprehensive income

Operating profit

First half of the year ending March 31, 2019: ¥ (2,849) million (―%)
First half of the year ended March 31, 2018: ¥ (2,960) million (―%)

Profit per shareFirst half of the year
ending March 31, 2019
First half of the year
ended March 31, 2018

Diluted profit per share
Yen

Yen

(97.98)－(99.13)－(2) Financial position
Total assets

Net assets

Shareholders’ equity ratio

Millions of yen

Millions of yen%

First half of the year
ending March 31, 2019

61,34632,493

52.1

Year ended March 31, 201872,33635,50948.4(Reference) Shareholders’ equity

First half of the year ending March 31, 2019: ¥ 31,975 million
Year ended March 31, 2018: ¥ 35,008 million(Note) The Company has applied Partial Amendments to Accounting Standard for Tax Effect Accounting (ASBJ Statement No. 28, February 16, 2018) and other standards
from the beginning of the first quarter of the fiscal year ending March 31, 2019. Regarding the figures of FY 3/2018, the Company has applied the accounting standard
and modified the figures retroactively.

2. Dividends
Q1-endAnnual dividends
Q3-endQ2-endYear-end

Annual

Yen

Yen

Yen

Yen

Yen

―
―

25.00
0.00

―

5.00

30.00

―

10.00

10.00

Year ended March 31, 2018Year ending March 31, 2019Year ending March 31, 2019
(Forecast)(Note) Revision of the most recently released dividend forecasts: No

3. Forecast of consolidated earnings for the fiscal year ending March 31, 2019 (April 1, 2018 to March 31, 2019)
Net sales
Full-year

Operating profit(Percentage figures denote YoY changes)
Profit attributable toProfitowners of parent
per share

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

95,000

55.6

2,000

―

2,500

―

1,500

―

45.20

(Note) Revision of the most recently released performance forecast: No
FIELDS CORPORATION discloses a full-year business forecast, as it manages its business performance on an annual basis.

1

*Notes(1) Transfer of important subsidiaries during the year under review (transfer of specific subsidiaries that results in a change in thescope of consolidation): No(2) Application of the accounting method specific to quarterly consolidated financial statements: Yes(3) Changes in accounting principles, accounting procedures, presentation method and other factors
1) Changes due to the revision to the accounting standards, etc.: No
2) Changes due to any reason other than those in 1) above: No
3) Changes in accounting estimates: No4) Revisions/restatements: No(4) Number of shares issued (common shares)
1) Number of shares issued at end of year (including treasury shares)
First half of the year ending March 31, 201934,700,000 sharesYear ended March 31, 201834,700,000 shares
2) Number of shares of treasury shares at end of year
First half of the year ending March 31, 2019
1,516,300 sharesYear ended March 31, 2018
1,516,300 shares
3) Average number of shares outstanding (quarterly consolidated cumulative period)First half of the year ending March 31, 201933,183,700 sharesFirst half of the year ended March 31, 201833,183,700 shares* This quarterly earnings report is not subject to review procedures based upon the Financial Instruments and Exchange Act.
* Explanation of the appropriate usage of forecast earnings and other specific matters# The above forecast relies on judgments and assumptions based on information available as of the date of announcement of thismaterial, and is subject to changes in risks, uncertainties, and economy, and other factors that could cause actual results to bematerially different from expectations. Please refer to“ (1) Analysis of operating results and forecasts for consolidated earnings”
under “1. Qualitative information on the quarterly financial results” on page 2 of the attached documents for the assumptions on
which the forecast relies.
# The Company is planning to hold a briefing for analysts and institutional investors on Thursday, November 8, 2018.
Materials distributed at that briefing will be promptly posted on the Company website after the briefing.

Summary of Financial Information and Business Results for the First Half of the Year Ending March 31, 2019

Table of contents of attached document
1. Qualitative information on the quarterly financial results·················································································· 2(1) Analysis of operating results and consolidated earnings forecasts···································································· 2(2) Analysis of financial position ·············································································································· 4
2. Quarterly consolidated balance sheets and important notes ··············································································· 5(1) Quarterly consolidated balance sheets ···································································································· 5(2) Quarterly consolidated statements of income and consolidated statements of comprehensive income·························· 7(3) Quarterly consolidated statements of cash flows ························································································ 9(4) Note regarding the quarterly consolidated financial statements ······································································ 10(Note regarding the operation of the company as a going concern) ·································································· 10(Note regarding occurrence of significant change in amount of shareholders’ equity) ············································ 10(Application of the accounting method specific to quarterly consolidated financial statements)································· 10(Additional information) ···················································································································· 10(Significant subsequent events) ············································································································ 101Summary of Financial Information and Consolidated Business Results for the First Half of the Year Ending March 31, 2019

1. Qualitative information on the quarterly financial results(1) Analysis of operating results and consolidated earnings forecastsi.) Overview of operations for the six months ended September 30, 2018 (April 1, 2018 to September 30, 2018)
In the first half of the fiscal year under review, the Japanese economy was on a gradual recovery path, supported by sustained
improvement in the employment and income environments as well as in consumer spending.
The pachinko and pachislot (hereinafter, PS) industry regained its original stability with the enforcement of Amendment of theRegulation for Enforcement of the Amusement Businesses Law* (hereinafter, Amusement Business Law), which was revised forthe first time in 14 years on February 1, 2018. Although the number of pachinko halls in operation fell due to consolidated ofhalls into larger halls and aggressive M&A activities, the number of PS machines installed per hall has continued to increase,and against such a backdrop, the halls have steadily worked to strengthen its business capabilities. PS machine manufacturers
are proceeding to launch new regulation machines with novel gaming functions into the market. With the introduction of
new regulation machines, consumers are expecting the birth of a new form of popular entertainment—pachinko games avariety of people can enjoy while limiting spending to an appropriate amount.
In the first half of the fiscal year under review, seven models of pachinko machines compliant with the new regulations werelaunched in the PS industry. Although the newly launched machines mainly comprised recycled models such as Amadigi-type(pachinko machines offering relatively higher jackpot probabilities), they got off to a strong start as more than 6,000 halls
installed these machines in a single month (the Company estimate). Further, pachislot machines compliant with the new
regulations (hereinafter, regulation 6.0 machines) released early in the second half of the fiscal year under review are
performing well in terms of the units sales and operation, and they are scheduled to be steadily delivered to the market. As canbe understood from such circumstances, purchase intention of halls has increased, presenting ample opportunities for market
revitalization.
Under such market environment, the Company shifted to a new management structure in May 2018, under which four
companies jointly manage business operations. Each of the four companies is currently formulating a new growth plan.
Further, the four companies will together implement various cost reduction measures to achieve management with optimal costeffectiveness.
The PS distribution unit led by the Company has returned to its original position of a PS machine distributor, and in addition
to selling new machines, the unit is working on developing new business that responds to customer needs.
The PS development unit centered on BOOOM Corporation, is engaged in contracted development for a variety of
manufacturers as well as new product development in collaboration with the PS distribution unit.
Tsuburaya Productions Co., Ltd., which heads the IP&MD unit, has implemented a medium- to long-term growth plan withthe goal of becoming a major player in the global market in addition to expanding its business in Japan.
Further, Digital Frontier Inc., which is at the core of the visual production unit, aims to collaborate with the PS development
unit in developing quality videos for PS machines and expand its business as a crucial growth partner of Tsuburaya Productions
Co., Ltd.

[Results for the first half of the fiscal year ending March 31, 2019]
For its mainstay PS business (PS distribution and development units), the Company mainly worked on revising PS machines
so that they would be compliant with the new regulations in the first half of the fiscal year under review as the Amusement
Business Law came into effect in February 2018. As a result, it has planned sales activities mainly in the second half of the
fiscal year.
In the first half of the fiscal year ending March 31, 2019, the Company focused on the sale of new machines centered on
those old regulation machines and those later remodeled machines, and sold a total of 43,000 units (down 56,000 units YoY),
comprising 33,000 pachinko machines and 10,000 pachislot machines. As a result, the Company posted an operating loss ofabout ¥3.9 billion for the PS business, but the loss only had a minor impact on overall performance.

As a result, in the first half of the fiscal year ending March 31, 2019, the Company posted net sales of ¥18,041 million(-48.8% YoY), an operating loss of ¥3,906 million (an improvement of ¥1,126 million from the same period of the previousyear), and an ordinary loss of ¥4,062 million (loss widened by ¥773 million from the same period of the previous year). Loss
attributable to owners of parent improved ¥37 million from the same period of the previous fiscal year to ¥3,251 million,
thanks to a gain on sales of shares of subsidiaries and associates of ¥1,400 million booked as extraordinary income.

2

Summary of Financial Information and Consolidated Business Results for the First Half of the Year Ending March 31, 2019ii.) Explanation of consolidated earnings forecasts
The Company made no revisions to the consolidated earnings forecasts for the fiscal year ending March 31, 2019 disclosed
on May 11, 2018 when it announced results for the fiscal year ended March 31, 2018. Progress in the second half of the fiscal
year under review is as follows.

[Progress in the second half of the fiscal year ending March 31, 2019]
In the PS business, the Company plans to proceed with remaking major titles it was not able to launch at the end of theprevious fiscal year. It plans to launch the remade titles along with new regulation machines centered on machines in otherseries. Further, each of the four companies is implementing a new growth plan that includes the development of new
businesses.
In the third quarter of the fiscal year under review, the Company expects five PS titles already on the market to produce sales
according to plan and significantly contribute to reaching about ¥2.5 billion in quarterly operating profit and narrowing the
cumulative operating loss by up to ¥1.4 billion.
In the fourth quarter of the fiscal year under review, the Company looks to sell seven pachinko titles (including three
Amadigi-type titles) and three pachislot titles. Of these ten titles, it has already begun selling three PS titles. Regarding main
titles it expects to sell in February to March 2019, several have already passed model certification test, and the rest have been
submitted for model certification test; preparation for launch is proceeding apace.
Thanks to these initiatives, the Company expects quarterly consolidated operating profit to reach about ¥3.5 billion in the
fourth quarter.

[Full-year earnings forecasts for the fiscal year ending March 31, 2019]
As stated above, the PS business is making steady progress to reaching full-year targets in the second half of the fiscal year
under review. Hence, the Company expects about ¥1.5 billion in operating profit from the PS business and about ¥500 million
in operating profit from Tsuburaya Productions Co., Ltd., for a total of about ¥2.0 billion in operating profit as forecast at the
beginning of the fiscal year.

The Company will disclose its next medium-term management plan, including various initiatives to be implemented, at theearnings briefing session scheduled for institutional investors and analysts on November 8, 2018, and will promptly upload
the plan to the Company website (https://www.fields.biz/ir/) after the briefing.
*: Regulation Partially Amending the Ordinance for Enforcement of the Act on Control and Improvement of Amusement Business and the Regulations for the
Verification of Licenses, Formats and Other Aspects of Pachinko and Pachislot Machines, which enforced on February 1, 2018.

3

Summary of Financial Information and Consolidated Business Results for the First Half of the Year Ending March 31, 2019(2) Analysis of financial position(Assets)
Current assets amounted to ¥33,148 million, down ¥9,027 million from the end of the previous fiscal year. The principal
factor behind this was a decrease in cash and deposits, and notes and accounts receivable-trade.
Property, plant and equipment amounted to ¥4,817 million, down ¥462 million from the end of the previous fiscal year. The
principal factor behind this was a decrease in buildings and structures.
Intangible assets amounted to ¥910 million, down ¥474 million from the end of the previous fiscal year. The principal
factor behind this was a decrease in software.
Investments and other assets amounted to ¥22,470 million, down ¥1,025 million from the end of the previous fiscal year.
This was mainly due to a decrease in investment securities.
As a result of the above, total assets amounted to ¥61,346 million, down ¥10,990 million from the end of the previous fiscal
year.
(Liabilities)
Current liabilities amounted to ¥15,916 million, down ¥6,564 million from the end of the previous fiscal year. The principal
factor behind this was a decrease in notes and accounts payable-trade.
Non-current liabilities amounted to ¥12,936 million, down ¥1,410 million from the end of the previous fiscal year. The
principal factor behind this was a decrease in long-term loans payable.
As a result of the above, total liabilities amounted to ¥28,852 million, down ¥7,975 million from the end of the previous
fiscal year.
(Net assets)
Net assets amounted to ¥32,493 million, down ¥3,015 million from the end of the previous fiscal year. This primarilyreflected a decrease in retained earnings.
(Analysis of cash flows)
During the first half of the fiscal year under review, cash and cash equivalents (hereinafter referred to as “cash”) decreasedby ¥3,055 million from the end of the previous fiscal year, amounting to ¥21,318 million.
(Cash flows from operating activities)
Net cash used in operating activities amounted to ¥4,177 million (¥912 million of expenditure for the same period of theprevious fiscal year). This was mainly due to a loss before income taxes of ¥3,135 million, a decrease in notes and accounts
receivable–trade of ¥3,042 million, a decrease in notes and accounts payable-trade of ¥6,610 million, a decrease ininventories of ¥1,286 million, loss on sales of shares of subsidiaries and associates of ¥1,348 million.
(Cash flows from investing activities)
Net cash provided in investing activities amounted to ¥1,652 million (¥4,905 million of revenue for the same period of theprevious fiscal year). This was mainly due to purchase of non-current assets of ¥212 million and proceeds from sales ofshares of subsidiaries and associates of ¥1,800 million, proceeds from sales of investment securities totaling ¥528 million.
(Cash flows from financing activities)
Net cash used in financing activities amounted to ¥531 million (¥419 million of expenditure for the same period of theprevious fiscal year). This was mainly attributable to increase in short-term loans payable totaling ¥938 million, repaymentsof long-term loans payable totaling ¥1,290 million, and cash dividends paid totaling ¥168 million.

4

Summary of Financial Information and Consolidated Business Results for the First Half of the Year Ending March 31, 2019

2. Quarterly consolidated balance sheets and important notes(1) Quarterly consolidated balance sheets(Unit: Millions of yen)
Fiscal year ended
March 31, 2018(as of March 31, 2018)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Electronically recorded monetary claims-operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts

Six months ended
September 30, 2018(as of September 30, 2018)24,473
7,019
1,097
1,206
2,804
83
5,553
(61)

21,418
4,239
742
344
2,439
79
3,931
(47)

42,17533,148

1,873

1,773

Other

3,406

3,043

Total property, plant and equipment

5,279

4,817

662
723

506
403

Total current assets
Non-current assets
Property, plant and equipment
Land

Intangible assets
Goodwill
Other

1,385

910

Investments and other assets
Investment securities
Long-term loans receivable
Other
Allowance for doubtful accounts

Total intangible assets

6,773
11,781
5,497
(556)

6,127
11,503
5,375(535)

Total investments and other assets

23,49522,47030,16028,197

72,336

61,346

11,358
4,151
2,580
171
288
9
6
3,914

4,239
5,089
2,540
171
238
3
6
3,626

Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Provision for bonuses
Provision for directors’ bonuses
Provision for sales returns
Other
Total current liabilities

22,48015,916

Non-current liabilities
Long-term loans payable
Net defined benefit liability
Asset retirement obligation
Other

9,427
660
879
3,378

8,177
634
912
3,211

Total non-current liabilities

14,346

12,93636,82728,852

Total liabilities

5Summary of Financial Information and Consolidated Business Results for the First Half of the Year Ending March 31, 2019

(Unit: Millions of yen)
Fiscal year ended
March 31, 2018(as of March 31, 2018)

Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interest
Total net assets
Total liabilities and net assets

6

Six months ended
September 30, 2018(as of September 30, 2018)

7,948
7,579
20,684(1,821)

7,948
7,579
17,267(1,821)

34,39130,973

669

1,032

0
(53)

0
(31)

617

1,001

500

518

35,50932,49372,336

61,346

Summary of Financial Information and Consolidated Business Results for the First Half of the Year Ending March 31, 2019(2) Quarterly consolidated statements of income and consolidated statements of comprehensive income
Quarterly consolidated statements of income
First half of the year ending March 31, 2019
(Unit: Millions of yen)Six months ended
September 30, 2017
(April 1, 2017–September 30, 2017)

Six months ended
September 30, 2018
(April 1, 2018–September 30, 2018)

Net sales
Cost of sales

35,21328,26918,041
14,189Gross profit

6,944

3,852

Selling, general and administrative expenses

9,724

7,759

Operating profit (loss)(2,780)(3,906)

Non-operating income
Interest income
Dividend income
Purchase discounts
Distributions from investments
Other

58
82
98
139
64

52
78
37
85
68

Total non-operating income

443

323

40

39

701

421

138
70

1
15

Non-operating expenses
Interest expenses
Share of loss of entities accounted for using
equity method
Amortization of equity investment
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Gain on sales of shares of subsidiaries andassociates
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment loss
Restructuring loss
Loss on litigation

951

478

(3,288)(4,062)

555
－

18
361

－

1,400

2

9

557

1,790

65
19

38
315
386
63

－
177

Other
Total extraordinary losses
Profit (loss) before income taxes

0

59

263

863

(2,994)(3,135)

Income taxes

199

100

Profit (loss)(3,193)(3,236)95

15(3,289)(3,251)

Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent

7

Summary of Financial Information and Consolidated Business Results for the First Half of the Year Ending March 31, 2019

Quarterly consolidated statements of comprehensive income
First quarter of the year ending March 31, 2019
(Unit: Millions of yen)Six months ended
Six months ended
September 30, 2017
September 30, 2018
(April 1, 2017–September 30, 2017) (April 1, 2018–September 30, 2018)

Loss
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income(3,193)(3,236)

210
0
22

364
0
21

233

386

Comprehensive income(2,960)(2,849)Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable tonon-controlling interests(3,057)(2,867)96

17

8

Summary of Financial Information and Consolidated Business Results for the First Half of the Year Ending March 31, 2019(3) Quarterly consolidated statements of cash flows(Unit: Millions of yen)Six months ended
Six months ended
September 30, 2017
September 30, 2018
(April 1, 2017–September 30, 2017) (April 1, 2018–September 30, 2018)

Cash flows from operating activities
Loss before income taxes
Depreciation
Impairment loss
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for directors' bonuses
Increase (decrease) in net defined benefit liability
Interest and dividend income
Share of (profit) loss of entities accounted for using
equity method
Interest expenses
Decrease (increase) in notes and accounts receivable-tradeDecrease (increase) in inventories(2,994)
659
19
163
62
(24)
53
42
(140)

(3,135)
527
315
155
(35)
(50)
(5)
(4)
(130)

701

421

40

39

3,883

3,042

(1,407)

1,286

358

(84)

(3,102)(6,610)－(1,348)945

966

Subtotal(739)(4,650)Interest and dividend income received
Interest expenses paid
Income taxes (paid) refund

158
(40)
(290)

132
(39)
381

Net cash provided by (used in) operating activities(912)(4,177)

(601)
5,254
(145)

(145)
117
(66)
528

Decrease (increase) in merchandising right advances
Increase (decrease) in notes and accounts payable-tradeLoss (gain) on sales of shares of subsidiaries andassociates
Other, net

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Proceeds from sales of investment securities
Purchase of shares of subsidiaries and associates
Proceeds from sales of shares of subsidiaries andassociates
Payments of loans receivableCollection of loans receivable
Other, net

2,201

1,800

(3,150)
1,815
(274)

(140)
24
(465)

Net cash provided by (used in) investing activities

4,905

1,652

2,729
(1,300)(828)

938(1,290)
(168)

(955)

－

(64)

(11)

(419)

(531)

(0)

0

3,573

(3,055)－(193)

Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Repayments of long-term loans payable
Cash dividends paid
Payments from changes in ownership interests in
subsidiaries that do not result in change in scope of
consolidation
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents－

Cash and cash equivalents at beginning of period

23,09024,373

Cash and cash equivalents at end of period

26,663

21,3189

Summary of Financial Information and Consolidated Business Results for the First Half of the Year Ending March 31, 2019(4) Note regarding the quarterly consolidated financial statements(Note regarding the operation of the company as a going concern)
No relevant items(Note regarding occurrence of significant change in amount of shareholders’ equity)
No relevant items(Application of the accounting method specific to quarterly consolidated financial statements)
Assessment of tax expenses
The Company makes a reasonable estimate of the effective tax rate after the application of tax effect accounting on profit
before income taxes for the year ending March 31, 2019, including the six months ended September 30, 2018, and calculates
tax expenses by multiplying profit before income taxes during the six months ended September 30, 2018 by the estimatedeffective tax rate.
(Additional information)
Effective from the beginning of the first quarter of the fiscal year ending March 31, 2019, the Company has applied Partial
Amendments to Accounting Standard for Tax Effect Accounting (ASBJ Statement No. 28, February 16, 2018) and otherstandards. Accordingly deferred tax assets are presented under investments and other assets, deferred tax liabilities arepresented under non-current liabilities.

(Significant subsequent events)(Equity-method affiliate’s change to consolidated subsidiary)
At an extraordinary Board of Directors meeting held on October 9, 2018, the Company resolved that its consolidated
subsidiary K.K. CROSSALPHA (hereinafter, CROSSALPHA) would acquire shares of its equity-method affiliate
NANASHOW Corporation (hereinafter, NANASHOW). The acquisition took place on the same day. As a result,
NANASHOW has become a consolidated subsidiary of FIELDS CORPORATION.
1. Purpose of acquisition of shares
FIELDS determined that the consolidation of functions in the PS machines development field as a part of theCompany’s recent efforts to increase management efficiency will contribute to cost cutting and adopted the resolution for
the acquisition of NANASHOW shares by CROSSALPHA.
2. Overview of the share seller
Takeshi Terunuma
3. Overview of the newly acquired subsidiary(1) Company name
NANASHOW Corporation(2) Main business activities
Planning, development, manufacture, and sale of PS machines(3) Capital stock
40 million yen
4. Date of share acquisition
October 9, 2018
5. Number of shares to be acquired, acquisition price, and number of shares owned before and after acquisition(1) Number of shares owned before acquisition 210 shares (number of voting rights: 210; shareholding ratio: 38.89%)(2) Number of shares to be acquired
150 shares (number of voting rights: 150)
(3) Acquisition price
300 million yen(4) Number of shares owned after acquisition 360 shares (number of voting rights: 360; shareholding ratio: 66.67%)

10