Overview of Share Buyback throughTender Offer and Shelf Registration(Public Offering)This document was prepared to provide information related to the business overview and management strategies of Raysum Co., Ltd. and related entities and does not constitute a solicitation to purchase any securities
issued by Raysum. Choosing shares and making final investment decisions should be done at the discretion of the individual. Any opinions, forecasts, etc. contained in this document are based on the views of Raysumat the time it was prepared, and Raysum does not promise or guarantee the accuracy or completeness of such information. Furthermore, the information is subject to change without notice.

1The Integration of the Share Buyback through Tender Offer Effectively
Mitigates Any Substantial Share Dilution Resulting from the Public Offering
Share dilution is not anticipated,as the company only intends to issue the exact
number of shares acquired though tender offer,minimizing any potential dilutive impact

A series of corporate actions are expected to improve the tradable share ratio.
As of March 31, 2023, the tradable share ratio stood at approximately 21%, falling short of the standard
market threshold of 25%. However, it is projected to improve, reaching a maximum of

approximately 33%* following a series of forthcoming corporate actions

Total number of shares issued and tradable share ratio after share buyback trough tender offer and public offering*No increase in total number of shares issued※ Share buyback throughtender offer is planned toacquire all shares from theCompany's second largest
shareholder, Japan
Investment Inc., to improve
the tradable share ratio*This assumes that all 700,000 shares sold in the market in June-July 2023 by Japan Investment Inc. have become tradable shares.
This also assumes that 2,841,700 shares are issued in the public offering, matching the shares acquired by share buyback through tender offer, and all become tradable

Sep 2023

This document was prepared to provide information related to the business overview and management strategies of Raysum Co., Ltd. and related entities and does not constitute a solicitation topurchase any securities issued by Raysum. Choosing shares and making final investment decisions should be done at the discretion of the individual. Any opinions, forecasts, etc. contained in thisdocument are based on the views of Raysum at the time it was prepared, and Raysum does not promise or guarantee the accuracy or completeness of such information. Furthermore, the information is
subject to change without notice.

2Overview of Share Buyback through Tender Offer and
Shelf Registration (Public Offering)
Summary of Share Buyback through Tender Offer

Summary of Shelf Registration (Public Offering)

Purchaser

Raysum Co., Ltd.

Issuer

Raysum Co., Ltd.

Date of Public Notice

September 20th, 2023

Scheduled Issue
Date

Contemplating a prompt decision by the Board of Directors
after the tender offer period ends

Tender Offer Period

September 20th, 2023~October 18th, 2023 (20 Business Days)
Number of Shares
to be issued

To significantly mitigate share dilution, the number ofshares issued in the public offering is expected to becapped at the maximum quantity we plan to buyback
through tender offer

Issue Price

To be confirmed

Purpose ofProceeds

Business funds for the achievement of the medium-term
management plan

Purchase Price perShare

3,161 JPY per share

Basis of Calculation

Price at a 7% discount (rounded to the nearest yen) to thevolume weighted average price (VWAP) of the Company'sshares traded from September 1, 2023 to September 15, 2023,
the business day prior to the announcement of the tender offer

Number of shares tobe purchased

2,841,700 Shares (all shares held by Japan Investment Inc. ,9.94% of outstanding shares after deduction of treasury stock)Total Funds ofPurchase

8,982,613,700 JPY

Tender Offer AgentSBI Securities Co., Ltd.

Settlement Date

November 10th, 2023

ObjectiveTo improve the tradable share ratio

Funds Required forTender OfferPlans to use cash on hand. To ensure the execution of themedium-term plan, the Company will consider raising funds
needed for the tender offer through a subsequent public offering

Sep 2023

This document was prepared to provide information related to the business overview and management strategies of Raysum Co., Ltd. and related entities and does not constitute a solicitation topurchase any securities issued by Raysum. Choosing shares and making final investment decisions should be done at the discretion of the individual. Any opinions, forecasts, etc. contained in thisdocument are based on the views of Raysum at the time it was prepared, and Raysum does not promise or guarantee the accuracy or completeness of such information. Furthermore, the information issubject to change without notice.

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This document was prepared to provide information related to the business overview and management strategies ofRaysum Co., Ltd. and related entities and does not constitute a solicitation to purchase any securities issued byRaysum. Choosing shares and making final investment decisions should be done at the discretion of the individual.
Any opinions, forecasts, etc. contained in this document are based on the views of Raysum at the time it wasprepared, and Raysum does not promise or guarantee the accuracy or completeness of such information.
Furthermore, the information is subject to change without notice.

Inquiries
Administration Division,
Public Relations Division
Raysum Co., Ltd.
TEL 03-5157-8881
http://www.raysum.co.jp

Sep 2023

This document was prepared to provide information related to the business overview and management strategies of Raysum Co., Ltd. and related entities and does not constitute a solicitation topurchase any securities issued by Raysum. Choosing shares and making final investment decisions should be done at the discretion of the individual. Any opinions, forecasts, etc. contained in thisdocument are based on the views of Raysum at the time it was prepared, and Raysum does not promise or guarantee the accuracy or completeness of such information. Furthermore, the information issubject to change without notice.

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