August 18, 2021
FOR IMMEDIATE RELEASE:
Integral Announces Completion of Tender Offer for Shares of Oliver Corporation

Integral Corporation ("Integral") is pleased to announce that NEXT-O Corporation (the "Company")
has completed a tender offer (the “Tender Offer”) for the common shares of Oliver Corporation (“Oliver”,Securities code: 7959) for MBO, i.e. management buyout. The Company is a wholly-owned subsidiary ofIntegral and additional investment will be made by Integral 4 Limited Partnership, Innovation Alpha IV
L.P., operated and managed by Innovation Partners Alpha IV Ltd, and Initiative Delta IV L.P., operatedand managed by Initiative Partners Delta IV Ltd. The Tender Offer commenced on 23rd June, 2021 andcompleted on 17th August, 2021. Please refer to the attached press releases by the Company for details of
the results of the Tender Offer.

About Integral
Integral (Representative Director: Reijiro Yamamoto) was founded in September 2007 as an independent
Japanese private equity company investing in listed and unlisted companies in Japan. “Integral” stands for“integral calculus – accumulation over time” meaning that the company will strive to establish arelationship of highest trust with the management of invested companies, and will aim to accumulate thehighest wisdom over time. Integral makes equity investments from a long-range perspective through its
unique “hybrid investment” approach, utilizing both principal and fund money for investment. Subsequent
to investment, the company will provide optimal support in terms of management and finance through the“i-Engine” corporate value enhancement team, and will collaborate with the invested company sharing thesame objectives and time horizon and seeing eye-to-eye with its management. Integral aspires to be atrusted investment fund, contributing to society through the success of invested companies.

Please Contact Integral for Additional Information:
10F, GranTokyo South Tower 1-9-2, Marunouchi, Chiyoda-ku, Tokyo 100-6610 Japan
Integral Corporation
Tel: +81-3-6212-6100 Fax: +81-3-6212-6099
URL: https://www.integralkk.com/en/-1-

FOR TRANSLATION PURPOSES ONLY
August 18 , 2021
FOR IMMEDIATE RELEASE
Company Name

NEXT-O Corporation

Name ofRepresentative

Yasuaki Sumikawa, Representative Director

Notice of Result of Tender Offer for Shares of Oliver Corporation (Securities Code 7959)
NEXT-O Corporation (“Offeror”) decided on June 22, 2021 to purchase common shares of Oliver Corporation(“Target Shares”) (with security code 7959, First Section of the Tokyo Stock Exchange and First Section of theNagoya Stock Exchange; “Target Company”) through a tender offer (“Tender Offer”) under the FinancialInstruments and Exchange Act (Act No. 25 of 1948, as amended; “Act”) and the Offeror conducted the Tender
Offer starting on June 23, 2021. Now that the Tender Offer has been completed on August 17, 2021, theOfferor hereby announces the result of the Tender Offer as described below.

１．Outline of the Tender Offer（１）Name and address of the Offeror
Next-O Corporation
1-9-2, Marunouchi, Chiyoda-ku, Tokyo（２）Name of the target company
Oliver Corporation（３）Class of Shares for the Tender Offer
Common stock（４）Number of Target Shares to be purchased in the Tender Offer
Number of Target Shares to be Minimum

10,207,016 (shares)

Note 2:
Note 3:ofTarget Maximum number of Target

Shares to be purchased

purchased

Note 1:

number6,186,900 (shares)

Shares to be purchased- (shares)

If the total number of the tendered Target Shares is less than the minimum number of the Target
Shares to be purchased (6,186,900 shares), the Offeror will not purchase any of the tendered Target
Shares. If the total number of the tendered Target Shares is equal to or exceeds the minimum numberof the Target Shares to be purchased (6,186,900 shares), the Offeror will purchase all the tendered
Target Shares.
The Offeror does not intend to purchase the treasury shares held by the Target Company through theTender Offer.
In the Tender Offer, the Offeror has not set a maximum number of the Target Share to be purchased,so the number of the Target Shares to be purchased is same as the maximum number of the Target
Shares of the Target Company (10,207,016 shares). The maximum number (10,207,016 shares) is thetotal number of issued shares (12,976,053 shares) as of April 20, 2021 stated in the quarterly reportfor the second quarter of the 55th fiscal year (the “Quarterly Report for the Second Quarter”), lessthe treasury shares held by the Target Company as of the same day (2,769,037 shares) stated in the-2-

Note 4:

Quarterly Report of the Second Quarter.
Shares less than one unit are also subject to the Tender Offer. If a right to claim for purchase ofshares less than one unit is exercised by shareholders in accordance with the Companies Act (Act No.
86 of 2005, as amended), the Target Company may purchase its own shares less than one unit during
the period for the Tender Offer (the “Tender Offer Period”) in accordance with procedures requiredby laws and regulations.

（５）Tender offer period① Tender offer period
From Wednesday, June 23, 2021 through Tuesday, August 17, 2021 (37 business days)② The possibility of extension of tender offer period upon request of the Target Company
N/A（６）Price of tender offer
3,781 yen per common stock

２． Result of the Tender Offer（１）Outcome of the Tender Offer
The Offeror had set a condition that if the total number of the tendered Target Share in the Tender Offer wasless than the minimum number of the Target Shares to be purchased (6,186,900 shares), the Offeror would
not purchase any of the tendered Target Shares. However, the total number of the tendered Target Shares(9,419,917 shares) exceeded the minimum number of the Target Shares to be purchased (6,186,900 shares),The Offeror therefore intends to purchase all the tendered Target Shares as described in the public notice ofcommencement of the Tender Offer and the Tender Offer Registration Statement (as amended by theAmendment Registration Statements to Tender Offer Registration Statement which were subsequently filed;hereinafter the same).
（２）Date of public notice of the result of tender offer and name of newspaper in which public notice is toappear
In accordance with Article 27-13, Paragraph 1 of the Act, the Offeror has publicly announced the result of
the Tender Offer to the press on August 18, 2021 in the manner set out in Article 9-4 of the FinancialInstruments and Exchange Act Enforcement Order (Cabinet Order No. 321 of 1965, as amended) and Article30-2 of the Cabinet Ordinance with respect to Disclosure of a Tender Offer for Share Certificates, etc. by an
Offeror other than the Issuing Company (Ministry of Finance Ordinance No. 38 of 1990, as amended).
（３）Number of Share Certificates, etc. purchased
Class of Share Certificates, etc.

9,419,917 (shares)- (shares)

Number of tendered Share
Certificates, etc. purchasedon a number-of-sharesbasis
9,419,917 (shares)- (shares)- (shares)- (shares)- (shares)- (shares)- (shares)- (shares)

9,419,917 (shares)

9,419,917 (shares)

Number of tendered Share
Certificates, etc. on anumber-of-shares basis

Share certificates
Certificates of stock acquisition rights
Certificates of corporate bonds with stockacquisition rights
Beneficiary certificates of trust of Share
Certificates, etc.
()
Deposit receipts for Share Certificates, etc.
()
Total-3-(Total number of potential Share Certificates, etc.)(- (shares))(- (shares))（４）Proportion of ownership of Share Certificates, etc. after tender offer
Number of voting rights represented by
the Share Certificates, etc. held by theOfferor before tender offer
Number of voting rights represented by
the Share Certificates, etc. held by thespecial related persons before tender offer
Number of voting rights represented by
the Share Certificates, etc. held by theOfferor after tender offer
Number of voting rights represented by
the Share Certificates, etc. held by special
related persons after tender offer
Total number of voting rights of allshareholders of the Target Company
Note 1:

Note 2:

Note 3:- voting rights
984 voting rights
94,199 voting rights- voting rights

Proportion of ownership of Share
Certificates, etc. before tender offer-%
Proportion of ownership of Share
Certificates, etc. before tender offer
0.96%
Proportion of ownership of Share
Certificates, etc. after tender offer
92.29%
Proportion of ownership of Share
Certificates, etc. after tender offer-%

101,854 voting rights

The “Number of voting rights represented by the Share Certificates, etc. held by the special related
persons before tender offer” is the total number of voting rights represented by the Share Certificates,etc. held by the special related persons.
The “Total number of voting rights of all shareholders of the Target Company” is the number ofvoting rights of all shareholders as of April 20, 2021 as stated in the Quarterly Report for the Second
Quarter of the Target Company (stated as the share unit number is 100 shares). However, since allof the Target Company Shares including shares less than one unit (excluding treasury shares) are
subject to the Tender Offer, when calculating the “Proportion of ownership of Share Certificates, etc.
before tender offer” and the “Proportion of ownership of Share Certificates, etc. after tender offer,”
102,070 voting rights represented by the Total Number of Target Company Voting Shares(10,207,016 shares) which is the total number of issued shares (12,976,053 shares) as of April 20,
2021 stated in the Quarterly Report for the Second Quarter, less the treasury shares held by the Target
Company as of the same day (2,769,037 shares), is used as the “Total number of voting rights of allshareholders of the Target Company.”
The “Proportion of ownership of Share Certificates, etc. before tender offer” and the “Proportion ofownership of Share Certificates, etc. after tender offer” have been rounded to two decimal places.

（５）Calculation in the case of tender offer on a pro rata basis
N/A（６）Method of settlement① Name and address of head office of financial instruments dealers/bank, etc. in charge of settlement oftender offer
Mizuho Securities Co., Ltd.
1-5-1, Otemachi, Chiyoda-ku, Tokyo② Commencement date of settlement
August 24, 2021 (Tuesday)③ Method of settlement
A notice regarding the purchase under the Tender Offer will be mailed to the address of tendering
shareholders (or the standing proxy in the case of foreign shareholders, etc.) without delay after theexpiration of the Tender Offer period. The purchase shall be settled in cash. The tender offer agent
will, in accordance with the instructions given by the tendering shareholders (or the standing proxy inthe case of foreign shareholders, etc.) and without delay on or after the commencement date of-4-

settlement, remit to the address designated by the tendering shareholders (or the standing proxy in thecase of foreign shareholders, etc.), or pay to the tendering shareholders’ account where the tender offer
agent accepted the tender in the Tender Offer, the sales price with regard to the purchased Target Shares.

３． Policies after Tender Offer and Future Prospects
There has been no change in the policies for after the Tender Offer described in the Tender Offer
Registration Statement.
The Offeror plans to conduct the series of procedures so that the Offeror will hold all Target Company
Shares (other than treasury shares held by the Target Company). The Target Company Shares are listed onFirst Section of the Tokyo Stock Exchange and on First Section of the Nagoya Stock Exchange as of thedate hereof; however, in the case where such procedures are conducted, the Target Company Shares will
be delisted through the prescribed procedures in accordance with the stock delisting criteria of the Tokyo
Stock Exchange and the Nagoya Stock Exchange. After delisting, the Target Company Shares will beunable to be traded on the Tokyo Stock Exchange nor the Nagoya Stock Exchange. The Target Company
will make a public announcement on the procedures to be taken in the future promptly after they aredetermined.

４．Place where a copy of the tender offer report is available for public inspection
NEXT-O Corporation
Tokyo Stock Exchange, Inc.

1-9-2, Marunouchi, Chiyoda-ku, Tokyo
2-1, Nihonbashi Kabuto-cho, Chuo-ku, TokyoEnd-5-