March 30, 2023
To whom it may concern
Corporate Name: Nishimoto Co., Ltd.
Representative: Yoshiro Susaki, Chairman & CEO(Code No.: 9260 Prime Market of the Tokyo Stock Exchange)
Contact: Yuji Sasa, President, Director of the board, Managing Executive Officer, COO, CFO(Phone: 03-6870-2015)

Progress Status Based on the Plan to Meet the Continued Listing Requirements

Nishimoto Co., Ltd. (the "Company") submitted a plan to meet the continued listing requirements of the Prime
Market on December 27, 2021 and has disclosed its content.
The progress status of the plan as of the end of December 2022 is as follows:

1. Change in the status of the Company's compliance with the continued listing requirements and the target
period:The table below shows the status of the Company's compliance with the continued listing requirements of thePrime Market as of the end of December 2022, including the change thereof.
As shown in the table, the Company does not meet the requirements for the tradable share ratio and willcontinue to take various measures to meet the continued listing requirements by December 2025.
No. ofShareholders

No. ofTradable
Shares(Units)TradableShare
Market Cap

Tradable
Share Ratio

Average
Daily Trading
Value

As of June 30, 2021
(Record date fortransition)*1

4,907

38,488JPY 10.76
billion

26.8%

JPY 0.028
billionDecember 31, 2022*1, 2

8,268

37,877

JPY 14.47
billion

26.3%

JPY 0.133
billionContinued Listing Requirements

800

20,000

JPY 10.0
billion35%

JPY 0.02
billionTarget Period---

End ofDecember
2025-

Compliance

Yes

Yes

Yes

No

Yes

The Company'sStatus andChange Thereof*1 The Company's compliance status as of each record date is calculated based on information on the distribution of ownership of share certificates of the Companyand other relevant information available to Tokyo Stock Exchange, Inc. (the "TSE") as of the respective record date.
*2 The average daily trading volume shown in this row is based on the "Status of Compliance with Continued Listing Requirements (Trading Volume
Requirements)," a notice received from the TSE on January 11, 2023.

2. Status and evaluation of measures that have been taken to meet the continued listing requirements:
The Company established a basic policy, issues, and measures to be taken to meet the continued listing
requirements of the Prime Market in the "Application to Select Prime Market in New Market Segments andSubmission of Plan to Meet the Continued Listing Requirements" announced on December 27, 2021 (the"Initial Plan").
Based on the policy, the Company has diligently implemented measures to further enhance its corporate
value during the fiscal year ended December 2022. In terms of financial results, the Company executedvarious measures steadily to achieve the full-year consolidated financial results forecast. As a result, theCompany achieved a record profit with significant increases in both net sales and profit from the previous
fiscal year. The Company has also worked to enhance its IR activities, including actively holding meetings
with investors, in order to improve their recognition of the Company and its businesses, promote theirunderstanding of the Company's growth strategy, and increase the trading volume of the Company's sharesand improve their liquidity. At the same time, the Company has worked to improve its corporate governancein order to maintain discipline and fulfill the social mission required as a company listed in the PrimeMarket.
With these measures and strong financial results, the number of meetings with investors during the fiscal year
ended December 2022 has increased significantly from the previous fiscal year. In addition, the number ofshareholders, market capitalization of tradable shares, and average daily trading volume as of the end of
December 2022 have all increased since the record date for transition.
The Company has also had internal discussions on specific measures to increase the tradable share ratio,
including their potential impact, while considering proposals from external parties, such as securities
companies and trust banks. Based on such discussions, the Company has made proposals, such asrecommending a major corporate shareholder, Tatsumi Industries Co., Ltd., and a major individual
shareholder, Yoshiro Susaki, to sell part of the Company's shares that they own. However, these efforts have
not resulted in an increase in the tradable share ratio as of the end of December 2022.
3. Issues and measures to be taken going forward
As mentioned above, achieving a tradable share ratio of 35% or more is an issue that the Company needs toresolve to maintain its listing in the Prime Market.
Going forward, the Company will continue to enhance its corporate value over the medium to long term byimplementing measures to achieve sustainable growth. At the same time, as stated in the Initial Plan, we willcontinue discussing the implementation of measures to improve the distribution of shareholdings and theliquidity of shares, such as proposing a partial sale of the Company's shares by major shareholders. We aim
to meet the continued listing requirements by December 2025.