FOR IMMEDIATE RELEASE: 2023/5/18
Listed Company:

M3, Inc.

Headquarters:
Representative:
Contact:
Phone number:(TSE Prime Market, Ticker Code: 2413)(https://corporate.m3.com)
1-11-44 Akasaka, Minato-ku, Tokyo
Itaru Tanimura, Representative Director
Eiji Tsuchiya, Director
03-6229-8900 (main line)

Notice of Listing Approval of Consolidated Subsidiary (CUC Inc.)
M3, Inc. (hereinafter “M3”) announced that the Tokyo Stock Exchange, Inc. today approved the initiallisting (hereinafter "the listing") of a consolidated subsidiary, CUC Inc. (Headquarters: Tokyo, Japan;
Representative Director: Keita Hamaguchi; hereinafter "CUC") on the Tokyo Stock Exchange GrowthMarket.
1. Listing of CUC(1) Positioning of CUC in the M3 Group
With the mission of "Making use of the Internet to increase the number of people who can live longer
and healthier lives and to reduce the amount of unnecessary medical costs," the M3 Group is working tocreate group-wide ecosystem synergies that enable us to solve a wider range of medical disease issues,in addition to services and products that provide new value to the healthcare industry.
CUC, a consolidated subsidiary of M3, is a major player in the Group's Site Solutions segment, and its
mission is "Creating hope through healthcare.” CUC has a diverse foundation for business growth,including the management support business for medical institutions and the in-home nursing and hospicebusiness. It is currently accelerating upfront investments in order to continue to expand our business baseand seize further growth opportunities.
(2) Purpose of listing
We believe that CUC's more autonomous and flexible management, including decision-making on
various upfront investments that are important for business growth, is in line with the company's growthstrategy. Through this listing, we expect to enhance the company's competitive advantage in its businessby securing excellent human resources and earning trust, which are important for its growth, as well as tostrengthen management discipline as a listed company, expand the options available to expand its
business base, and seek to increase corporate value through direct dialogue with stakeholders in thecapital market.
(3) CUC shareholding policy
Taking into consideration the creation of ecosystem synergies for the entire M3 Group and other factors,
we intend to maintain a majority of CUC's outstanding shares even after the listing.
2. Our Approach to Listing Subsidiaries
For the listing of shares of subsidiaries, we comprehensively consider the subsidiary's business,management policy, business phase, and expected ecosystem synergies, and determine on an individual
basis whether the listing of the subsidiary under consideration will contribute to the creation of ecosystemsynergies and enhancement of corporate value for the group as a whole.
In principle, our involvement with listed subsidiaries, including management involvement, is limited tothe minimum necessary for timely disclosure and consolidated accounting, etc., which require cooperation
as a parent company. We do not require our listed subsidiaries to obtain our prior approval for any majordecision making. In addition, one of our corporate officers concurrently serves as a director of the Boardand a member of Audit and Supervisory Committee of CUC. This is based on a request from CUC topromote collaboration and synergy with the M3 group and to strengthen management capabilities
centering on the corporate function of the CUC group. We believe that ensuring independence andappropriately protecting the interests of minority shareholders in a listed subsidiary are essential forimproving the corporate value of M3 and its subsidiaries. There are no specific plans for the listing of
consolidated subsidiaries other than this listing at this time.
3. Summary of Consolidated Subsidiaries(1) Name(2) Representative(3) Location(4) Date of establishment(5) Capital(6) Principal business

CUC Inc.
Keita Hamaguchi
3-1-1 Shibaura, Minato-ku, Tokyo 108-0023, Japan
August 8, 2014
1,063 million yen
Management support to medical institutions

4. Impact on the Company's consolidated financial results
We assume that the listing will have only a negligible impact on our group's financial results, but we willpromptly announce any matters that need to be disclosed as they arise in accordance with the progressof the listing.