August 8, 2024
For Immediate Release
Corporate Name
Shares Listed
RepresentativeContact

PARK24 CO., LTD.
4666, Prime Market of TSE (Ticker Symbol: PKCOY)
Koichi Nishikawa
President and Representative Director
Takao Miki
Director, Senior Corporate Officer;
Senior General Manager of Corporate Planning Division(TEL: +81-3-6747-8120)

Notice Regarding Court’s Order for Payment of Penalty to the Company’s Australian
Subsidiary
PARK24 CO., LTD. (the “Company”) hereby announces that the Federal Court of Australia (NSW) ordered theCompany’s subsidiary in Australia, Secure Parking Pty Ltd. (the “Australian subsidiary”), to pay a penalty, etc. ina civil action filed by the Australian Competition and Consumer Commission (ACCC) on August 8, 2024. Details
are as follows.

1.

Course of events from filing of suit to court’s order
On July 5, 2023, a lawsuit was brought against the Australian subsidiary to the Federal Court of Australia (NSW),
alleging that the Australian subsidiary violated the Australian Consumer Law. According to the ACCC, theAustralian subsidiary made a misleading representation to customers, specifically that in the Secure a Spot, anonline booking service it offered from 2017 until 2022 with the said name originating from its corporate name,the availability of a parking spot would be guaranteed. Subsequently on August 8, 2024, the court approved anagreement made between the Australian subsidiary and the ACCC and ordered the Australian subsidiary to pay
a penalty, etc.

2.

Content of order
By order of the court, the Australian subsidiary must pay a penalty amounting to 10.95 million Australian dollars(approximately 1,040 million yen) to the Commonwealth of Australia (to be implemented within 30 days of theeffective date of the court’s order). It is also forbidden for five years from the court ruling to make any
representation in its sales promotion and other activities that may mislead customers. Moreover, it is ordered tosend an email to all its customers and publicly announce by posting on its website the fact of the violation andthe content of the court order, and to have all employees and others to revisit its compliance program.

3.

Impact on consolidated results forecasts for the fiscal year ending October 31, 2024 (November 1, 2023 October 31, 2024)
In the settlement of accounts for the fiscal year ended October 31, 2023, the Company estimated the amount of
the penalty, court costs and other losses and recorded a Provision for loss on litigation (1,090 million yen) that1may arise in connection with the lawsuit, as needed. There is no major discrepancy between the amount ofpenalty ordered by the court and the estimated amount so that the impact on consolidated results forecasts forthe fiscal year ending October 31, 2024 is minimal.

4.

Future policies
The Australian subsidiary takes this matter seriously and will pay the penalty by the indicated deadline and willtake corrective measures. It has already ceased to use the name of the service that was identified as being
problematic and has made improvements in the representation of the nature of the service. Going forward, it
will notify its customers using email and, on its website, and handle any inquiries, in tandem with the paymentof the penalty and the implementation of corrective measures.
The Company, its parent, will also continue endeavoring to prevent the recurrence of similar cases by ensuring
regulatory compliance with the aim to offer safe, secure and convenient services to customers, and to further
strengthen the management of its subsidiaries.

5.

6.

Overview of the party filed the litigation(1) Name

Australian Competition and Consumer Commission (ACCC)(2) Address

23 Marcus Clarke Street, Canberra ACT 2601, AUSTRALIA(3) Representative

Gina Cass-Gottlieb, Chairman

Overview of the subsidiary concerned(1) Name

SECURE PARKING PTY LTD(2) Address

Level 13, 99 Mount Street, North Sydney, NSW, 2060, Australia(3) Representative

Peter Anson, Director, CEO(4) Business

Management of parking (Australia and New Zealand)(5) Share capital

4 Australian dollars2