March 1, 2024
To whom it may concern:
Company Name:

M3, Inc.
(Securities code: 2413;
Prime Market of the Tokyo Stock Exchange)(https://corporate.m3.com)

Head Office Location: Akasaka Intercity
1-11-44 Akasaka, Minato-ku, Tokyo
Representative:

Itaru Tanimura, Representative Director

Contact:

Hirofumi Oba, Executive Managing Officer

TEL:050-1731-3456

Notice Concerning Result of Tender Offer for
Shares of Benefit One Inc. (Securities Code: 2412)
M3, Inc. ("Company" or "Tender Offeror") decided to acquire the common shares of Benefit One Inc. (listedon the Prime Market of Tokyo Stock Exchange, Inc. ("TSE"), Securities Code: 2412) ("Target") through atender offer ("Tender Offer") as provided for in the Financial Instruments and Exchange Act (Act No. 25 of1948, as amended) ("Act") by resolution of the board of directors dated November 14, 2023 and implemented
the Tender Offer from November 15, 2023. Following the conclusion of the Tender Offer as of February 29,
2024, the Company hereby announces the result of such Tender Offer as below.
1. Overview of Tender Offer(1) Name and Address of Tender Offeror
M3, Inc.
1-11-44 Akasaka, Minato-ku, Tokyo(2) Name of Target
Benefit One Inc.
(3) Class of Shares pertaining to the Tender Offer
Common shares(4) Number of Share Certificates to be Purchased
Planned purchase quantity
87,307,300 (shares)

Minimum planned purchase

Maximum planned purchasequantityquantity

81,210,400 (shares)

87,307,300 (shares)

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(Note 1) The Company will not purchase all of the share certificates tendered in the Tender Offer ("TenderedShare Certificates") if the total number of the Tendered Share Certificates is less than the minimum
planned purchase quantity (81,210,400 shares). The Company will not purchase all or any of theexcess shares if the total number of the Tendered Share Certificates exceeds the maximum plannedpurchase quantity (87,307,300 shares), and the delivery and settlement of the purchase of sharecertificates, etc. will be conducted on a pro rata basis provided in Article 27-13, Paragraph 5 of theAct and Article 32 of the Cabinet Office Ordinance on Disclosure Required for Tender Offer for
Share Certificates, etc. by Person Other than Issuer (Ordinance of the Ministry of Finance No. 38 ofNovember 26, 1990, as amended) (the "Ordinance").
(Note 2) Fractional shares are also subject to the Tender Offer. Please note that, in the event that a shareholder
exercises its right to demand a purchase of fractional shares in accordance with the Companies Act,the Target may purchase its own shares during the tender offer period in accordance with theprocedures set forth in applicable laws and regulations.
(Note 3) There is no plan to acquire the treasury shares owned by the Target in the Tender Offer.
(5) Tender Offer Period(I) Period for purchases, etc.
From November 15, 2023 (Wednesday) to February 29, 2024 (Thursday) (69 business days)(II) Possibility of extension at the Target's request
Not applicable.
(6) Tender Offer Price, etc.
1,600 yen per share of common shares
2. Result of Tender Offer(1) Outcome of Tender Offer
The terms of the Tender Offer included the condition that all of the Tendered Share Certificates will not
be purchased in circumstances where the total number of the Tendered Share Certificates is less than theminimum planned purchase quantity (81,210,400 shares). As the total number of Tendered Share
Certificates (51,931 shares) did not reach the minimum planned purchase quantity (81,210,400 shares),the Company will not purchase any of the Tendered Share Certificates, as described in the Tender Offer
commencement public notice (including the amendments made by the subsequent public notice ofchanges to the terms of the Tender Offer, etc.) and the Tender Offer Registration Statement (including theamendments made by the Amendments to Tender Offer Registration Statement filed thereafter).
(2) Public Notice Day for the Result of the Tender Offer and the Name of the Newspaper on which Such
Notice is Published
In accordance with the provisions of Article 27-13, Paragraph 1 of the Act, the result of the Tender Offer2has been publicized to the news media on March 1, 2024 at the TSE, in the manner prescribed in Article
9-4 of the Order for Enforcement of the Financial Instruments and Exchange Act (Cabinet Order No. 321of 1965, as amended) and Article 30-2 of the Ordinance.
(3) Number of Share Certificates Purchased
Category of share certificates

Numberoftenders

converted into shares

Share certificates

Numberofpurchases

converted into shares

51,931 shares- sharesShare option certificates- shares- shares

Bond with share options- shares- shares- shares- shares- shares- shares51,931 shares- shares(-)(-)

Beneficiary certificates of share certificates( )Depository receipt for share certificates
( )
Total
(Total number of potential shares)(4) Ownership Ratio of Share Certificates after Tender Offer(Ownership

Number of voting rights represented by sharecertificates owned by Tender Offeror before--%)Number of voting rights represented by share(Ownership--%)Number of voting rights represented by share(Ownership-ratioofratioof-%)

Number of voting rights represented by share(Ownership ratio of share-parties after Tender Offer

share

share

certificates after Tender Offer:Tender Offer
certificates owned by specially relatedshare

certificates before Tender Offer:parties before Tender Offer
certificates owned by Tender Offeror after

ofcertificates before Tender Offer:Tender Offer
certificates owned by specially related

ratio

certificates after Tender Offer:-%)

Total number of voting rights owned by all

1,587,042(Note) "Total number of voting rights owned by all shareholders, etc. of Target" is the number of the voting
rights owned by all shareholders, etc. as of September 30, 2023 as indicated in the third quarterly
securities report for the 29th fiscal year filed by the Target on February 14, 2024.
(5) Calculation when Purchase of Tender Offer is Conducted by the Pro Rata Method
Not applicable.
(6) Settlement Method3

(I) Name and headquarters address of financial instruments business operator or bank, etc., to settle thepurchase, etc.
Not applicable.
(II) Commencement date of settlement for the Tender Offer
Not applicable.
(III) Settlement method
Not applicable.
(IV) Method of return of share certificates, etc.
The tender offer agent shall return the share certificates that are required to be returned on March 4,2024 (Monday), in the condition at the time the application was made (the condition at the time theapplication was made means the condition in which the execution of the tender order for the Tender
Offer was canceled), on the account of the tender offer agent.
In the event that the book-entry transfer procedures for the share certificates, etc. required to be returned
are carried out by a financial instruments business operator other than the tender offer agent, the bookentry transfer date may differ depending on the account classification in which the share certificates,etc. are managed, so please check with the head office or each sales office in Japan of the tender offer
agent with whom application was made.
3. Management Policy Following Completion of the Tender Offer and Future Outlook
Not applicable.
4. The Place where a Copy of the Tender Offer Report is to be Made Available for Public Inspection
M3, Inc.
1-11-44 Akasaka, Minato-ku, Tokyo
Tokyo Stock Exchange, Inc.
2-1, Nihonbashi Kabutocho, Chuo-ku, TokyoEnd

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