14th December, 2016
FOR IMMEDIATE RELEASE:

Integral Announces Completion of Tender Offer for Shares of OHIZUMI MFG Co., Ltd.
Integral Corporation (“Integral”) is pleased to announce that Integral OS Partnership 1 and Spring L.P.
(the “Offerors”), both funds advised by Integral, have completed a joint tender offer (the “Tender Offer”)
for shares of common stock and stock options of OHIZUMI MFG Co., Ltd (TSE 6618). The Tender Offer
commenced on 14th November, 2016 and concluded on 13th December, 2016. Please refer to the attachedpress release by the Offerors for details of the results of the Tender Offer.

Please Contact Integral For Additional Information:
19 F, Meiji Yasuda Life Building 2-1-1, Marunouchi, Chiyoda-ku, Tokyo 100-0005 Japan
Integral Corporation / Integral Partners Corporation
Tel: +81-3-6212-6100 Fax: +81-3-6212-6099
URL: http://www.integralkk.com/en/

About Integral
Integral (Representative Directors: Nobuo Sayama and 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 toestablish a relationship of highest trust with the management of invested companies, and will aim to
accumulate the highest 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 financethrough the “i-Engine” corporate value enhancement team, and will collaborate with the invested company
sharing the same objectives and time horizon and seeing eye-to-eye with its management. Integral aspires
to be a trusted investment fund, contributing to society through the success of invested companies.

1[Translation]
December 14, 2016
To whom it may concern:
Company name:Name ofRepresentative:

Integral OS Partnership 1
Integral OS Corporation, Partner
Yoshihiro Henmi, Representative
Director

Company name:Name ofRepresentative:

Spring L.P.
Integral Partners (Cayman) II (A)Limited, General Partner
John Cullinane, Director

Notice of Result of Tender Offer for Share Certificates, etc.
of Ohizumi MFG. Co., Ltd. (Securities Code: 6618)

Integral OS Partnership 1 and Spring L.P. (Integral OS Partnership 1 and Spring L.P. arehereinafter collectively referred to as the “Offerors”) decided on November 11, 2016 toacquire common stock (the “Target Company Shares”) and Stock Acquisition Rights (asdescribed in “(ii) Stock acquisition rights” of “(3) Class of Share Certificates, Etc. for tenderoffer” below; the same applies hereinafter) of Ohizumi MFG. Co., Ltd. (Tokyo Stock
Exchange Mothers market, Securities Code 6618; the “Target Company”) through a tenderoffer (the “Tender Offer”) under the Financial Instruments and Exchange Act (Act No. 25 of1948, as amended; the “Act”), and the Offerors conducted the Tender Offer starting on
November 14, 2016. The Tender Offer has been completed as of December 13, 2016, theOfferors hereby announce the result of the Tender Offer as described below.
1.

Outline of tender offer(1)

Name and address of the Offerors
Integral OS Partnership 1
1-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo
Spring L.P.
PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands(2)

Name of the Target Company
Ohizumi MFG. Co., Ltd.

(3)Class of Share Certificates, Etc. for tender offer(i)
Common stock(ii)
Stock acquisition rights
2Second Series Stock Acquisition Rights (Subject to Exercise Value
Change Clause) issued pursuant to the resolution at the board ofdirectors meeting of the Target Company held on March 9, 2015 (the“Stock Acquisition Rights”)(4)

Number of Share Certificates, Etc. to be purchased in tender offer

Number of Share
Certificates, Etc. to bepurchased
8,367,247 (shares)

Minimum number of Share Maximum number ofCertificates, Etc. to be Share Certificates, Etc. topurchased
be purchased
2,094,000 (shares)- (shares)

Note 1:

If the total number of Tendered Share Certificates, Etc. is less than theminimum number of Share Certificates, Etc. to be purchased(2,094,000 shares), the Offerors will not purchase any of the Tendered
Share Certificates, Etc. If the total number of Tendered Share
Certificates, Etc. is equal to or exceeds the minimum number of Share
Certificates, Etc. to be purchased (2,094,000 shares), the Offerors willpurchase all the Tendered Share Certificates, Etc.

Note 2:

Shares less than one unit are also subject to the Tender Offer. If a rightto claim for purchase of shares less than one unit is exercised byshareholders in accordance with the Companies Act (Act No. 86 of2005, as amended), the Target Company may purchase its own sharesless than one unit during the Tender Offer Period in accordance withprocedures required by laws and regulations.

Note 3:In the Tender Offer, the Offerors have not set a maximum number of
Share Certificates, Etc. to be purchased, and thus the number of Share
Certificates, Etc. to be purchased is stated as the maximum number ofShare Certificates, Etc. of the Target Company to be acquired by theOfferors through the Tender Offer (after conversion to shares). Suchmaximum number is the number of shares (8,367,247 shares) resulting
from adding (A) the total number of issued shares (7,882,968 shares) asof September 30, 2016, stated in the Target Company’s 103rd Fiscal
Year Second Quarterly Securities Report less the number of treasury
shares (121 shares) owned by the Target Company as of the same date,stated in the same Report and less the number of Target Company
Shares (100 shares) owned by the Offeror, and (B) the sum of thenumber of Target Company Shares (5,000 shares) which were issued
upon the exercise of Stock Acquisition Rights (50 rights) as stated inthe “Notice Regarding Monthly Exercise Status of Second Series StockAcquisition Rights (Subject to Exercise Value Change Clause) by wayof Third-Party Allotment” announced by the Target Company on
November 1, 2016 and the number of Target Company Shares (479,500shares) underlying the Stock Acquisition Rights (4,795 rights) whichhave not been exercised as of October 31, 2016. According to theinterviews with the Target Company, while 60,000 Company Shareswere issued upon the exercise of 600 Stock Acquisition Rights on3November 11, 2016, (i) there has been no change on the total number ofissued Company Shares and the number of treasury shares held by theCompany during the period from September 30, 2016 throughNovember 11, 2016, except for such delivery of 65,000 Company
Shares in total upon the exercise of the Stock Acquisition Rights, and(ii) there has been no change in the number of the Stock Acquisition
Rights outstanding during the period from after October 31, 2016
through November 11, 2016, except for the subtraction of the 600 Stock
Acquisition Rights which were exercised on November 11, 2016 (thenumber of the Stock Acquisition Rights outstanding after thesubtraction is 4,195 Stock Acquisition Rights).
Note 4:

Stock Acquisition Rights may be exercised by the last day of the Tender
Offer Period, and in that case, the Target Company Shares delivered
through such exercise is also subject to the Tender Offer.

Note 5:The Offerors do not intend to acquire the treasury shares held by theTarget Company through the Tender Offer.

Note 6:

The number of shares and stock acquisition rights to be acquired byeach Offeror in the Tender Offer will be calculated in accordance withthe following formula. If there is a fraction less than one share or one
stock acquisition right in the number of shares and stock acquisitionrights calculated in accordance with the formula, the Offerors willconsult with each other and round the number of shares and stockacquisition rights to the nearest whole number (round half up).

OfferorNumber of shares and stock acquisition rights to beacquired

Integral OS
Partnership 1

Number equal to the sum of the number of theshares to be acquired in the Tender Offer and 100 shares,multiplied by 398/442, and minus 100 shares
Number equal to 398/442 of the Stock Acquisition
Rights to be acquired in the Tender Offer

Spring L.P.

Number equal to the sum of the number of theshares to be acquired in the Tender Offer and 100 shares,
multiplied by 44/442
Number equal to 44/442 of the Stock Acquisition
Rights to be acquired in the Tender Offer(5)

Tender offer period(i)
Initial term as of registration
From Monday, November 14, 2016 through Tuesday, December 13,
2016 (21 business days)(ii)
The possibility of extension of tender offer period upon request of theTarget Company
N/A4

(6)

2.

Price of tender offer(i)
370 yen per share of Common Stock(ii)One yen per Stock Acquisition Right

Result of tender offer(1)

Outcome of the Tender Offer
In the Tender Offer, the Offerors set the condition that they would not conduct
any purchase, etc. if the total number of Tendered Share Certificates, Etc. wasless than the minimum number of Share Certificates, Etc. to be purchased(2,094,000 shares). Since the total number of Tendered Share Certificates, Etc.
(2,441,000 shares) exceeded the minimum number of Share Certificates, Etc. tobe purchased (2,094,000 shares), the Offerors intend to purchase all of theTendered Share Certificates, Etc. as described in the public notice ofcommencement of the Tender Offer and the Tender Offer Registration
Statement.

(2)

Date of public notice of the result of the Tender Offer and name of newspaper
in which public notice is to appear
In accordance with Article 27-13, Paragraph 1 of the Act, the Offerors havepublicly announced the result of the Tender Offer to the press on December 14,
2016 at Tokyo Stock Exchange, Inc. in the manner set out in Article 9-4 of theFinancial Instruments and Exchange Act Enforcement Order (Cabinet OrderNo. 321 of 1965, as amended) and Article 30-2 of the Cabinet Ordinance withrespect to Disclosure of a Tender Offer for Share Certificates, Etc. by anOfferor other than the Issuing Company (Ministry of Finance Ordinance No.
38 of 1990, as amended).

(3)

Number of Share Certificates, Etc. purchased
Number of tendered
Share Certificates, Etc.
Class of Share Certificates, Etc.
after conversion toshares
Share certificates
2,441,000 shares
Certificate of stock acquisitionrightsCertificate of convertible bonds
with stock acquisition rights
Beneficiary certificates of trustof Share Certificates, Etc.
()
Deposit receipts for Share
Certificates, Etc.
()
Total
2,441,000 shares(Total number of potential Share
2,441,000 shares
Certificates, Etc.)
5

Number of Share
Certificates, Etc.
purchased afterconversion to shares
2,441,000 shares-2,441,000 shares
2,441,000 shares

Note:The Offerors decided that (A) Integral OS Partnership 1 wouldpurchase a number of Target Company Shares equal to the sum of thenumber of the shares to be purchased in the Tender Offer and 100
shares, multiplied by 398/442, and minus 100 shares, and (B) Spring
L.P would purchase all Target Company Shares exceeding that numberof shares. The breakdown of the “Number of Share Certificates, Etc.
purchased after conversion to shares” by the Offerors is as follows.
[The Offerors consulted with each other and rounded all fractions lessthan one share in the number of shares calculated in accordance withthe formula above to the nearest whole number (round half up).]Name of the OfferorNumber of Share Certificates, Etc.
purchased after conversion to shares

Integral OS Partnership 1

2,197,995 shares

Spring L.P.

243,005 shares(4) Ownership ratio of Share Certificates, Etc. after tender offer
Number of voting rights
Ownership ratio of Sharerepresented by the Share
Certificates, Etc. before tender
1 units
Certificates, Etc. held by theoffer
Offerors before tender offer
0.00%
Ownership ratio of Share
Number of voting rights
Certificates, Etc. before tender
represented by the Share0 units
offer
Certificates, Etc. held by the special
0.00%
related persons before tender offer
Number of voting rights
Ownership ratio of Sharerepresented by the Share
Certificates, Etc. after tender
24,411 units
Certificates, Etc. held by theoffer
Offerors after tender offer
29.17%
Number of voting rights
Ownership ratio of Sharerepresented by the Share
Certificates, Etc. after tender0 units
Certificates, Etc. held by special
offer
related persons after tender offer
0.00%
Total number of voting rights of allshareholders of the Target
78,820 units
Company
Note1:The “Total number of voting rights of all shareholders of the Target
Company” is the number of voting rights of all shareholders as ofSeptember 30, 2016 as stated in the Target Company’s 103rd Fiscal
Year Second Quarterly Securities Report. However, since shares lessthan one unit and Stock Acquisition Rights are subject to the Tender
Offer, when calculating the “Ownership ratio of Share Certificates, Etc.
before tender offer” and the “Ownership ratio of Share Certificates, Etc.
after tender offer,” 83,673 voting rights represented by total number of
the Target Company Shares with voting rights (8,367,347 shares) is6used as the “Total number of voting rights of all shareholders of theTarget Company.”Note2:

3.

The “Ownership ratio of Share Certificates, Etc. before tender offer”
and the “Ownership ratio of Share Certificates, Etc. after tender offer,”
have been rounded to two decimal points.

(5)

Calculation in the case of tender offer on a pro rata basis
N/A

(6)

Method of settlement(i)Name and address of head office of financial instruments dealers/banketc. in charge of settlement of Tender Offer
Daiwa Securities Co. Ltd.
1-9-1, Marunouchi, Chiyoda-ku, Tokyo(ii)Commencement date of settlement
December 20, 2016 (Tuesday)(iii) Method of settlement
A notice regarding the purchase, etc. under the Tender Offer will bemailed to the address or head office location of Tendering Shareholders(or to the address of the standing proxy in the case of Foreign
Shareholders, Etc.) without delay after the expiration of the Tender Offerperiod. The purchase shall be settled in cash. The Tender Offer Agentwill, in accordance with the instructions given by the Tendering
Shareholders and without delay on or after the commencement date ofsettlement, remit (a remittance fee might be charged) 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 tenderin the Tender Offer, the sales price with regard to the Share Certificates,Etc. purchased.

Policy after the Tender Offer and Future Prospects
There has been no change in the policy for after the Tender Offer described in thepublic notice of commencement of the Tender Offer and the Tender Offer
Registration Statement.

4.

Place where a copy of the tender offer report is available for public inspection
Integral OS Partnership 1
1-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo
Tokyo Stock Exchange, Inc.
2-1, Nihonbashi Kabuto-cho, Chuo-ku, TokyoEnd7