January 31, 2023

Image ONE Co., ltd
Chief Executive Officer: Jun Shimaoka(Stock Code: 2667 Standard Market, TSE)
Inquiries: Masahiro Ono, Board Director of Administration(Tel: +81-3-5719-2180)
Notice Concerning Resolution to Conclude Investment Contract with “Aristagora VC Israel Technology L.P.”
Image One Co., ltd (“Image One”) hereby announces that, at the Board of Directors’ meeting held today, it has decided
the resolution to conclude investment contract with “Aristagora VC Israel Technology L.P.”(“Fund”), which wasannounced on August 25, 2022 in "Notice Concerning Issuance of New Shares and the 11th Series Share Acquisition
Rights and the 12th Series Share Acquisition Rights (Moving Strike Warrant) Through Third-party Allotment”. The
use of the proceeds is described in "(2) New market creation business through investment in cutting-edge technology
companies and overseas sales".
Notice１． Reason for investment
Israel is called the second Silicon Valley and is home to a large number of high-tech companies engaged in
cutting-edge innovation research and development, as well as many excellent startup companies. In particular,
the state-of-the-art technology in the healthcare business, which is the business domain of Image One Group, isat the top level in the world, and there are already many companies that have been engaged in AI medicaltreatment for X-ray/echo medical treatment and DX (Digital Transformation) medical treatment for people with
developmental disabilities.
By investing in this Fund, Image One can efficiently obtain information not only on the Fund's portfolio
companies and potential portfolio companies, but also on all companies that the Fund's general partners havecontact with (several hundred companies each year). Furthermore, investing in this Fund will enable Image
One to consider collaboration with quality companies that meet the business needs of Image One Group.
The investment in the Fund will be made after the allottee exercises its stock acquisition rights, as disclosed on
September 12, 2022 in "Notice Concerning Completion of Payment for New Shares, and the 11th Series Share
Acquisition Rights and the 12th Series Share Acquisition Rights (Moving Strike Warrant) Through Third-party
Allotment".
２． Fund overview
Name

Aristagora VC Israel Technology L.P.

Location

Maples Corporate Services Limited Ugland House, South Church Street, PO
Box 309, KY1-1104, Cayman Islands

Governing Law for
Establishment, etc.
Purpose of Establishment

Exempted Limited Partnership Law (2018 Revision) of the Cayman Islands

Date of Establishment

January 8, 2020

Total amount ofinvestment

TBD (Due to fundraising currently in progress)

Aiming for high performance with experienced Israeli general partners, andaiming to be the first bridge between Japanese companies seeking cuttingedge technology information and Israeli innovative companies seeking thebusiness market.

Investors

Non-disclosure at the request of the Fund

Overview of managingpartners (GeneralPartners)

NameAristagora VC Israel GP L.P.

Location

Maples Corporate Services Limited Ugland House, South
Church Street, PO Box 309, KY1-1104, Cayman Islands

Name ofrepresentative

Gideon Ben-Zvi、Moshe Sarfaty、Anat Tila Cherni、Takeshi Shinoda

Business

Management and administration of “Aristagora VC Israel
Technology L.P.”

Relationship between

Not applicable.

Relationship between theCompany and the Fund,and the Managing Partner

the Company and theFund
Relationship between
the Company and the
managing partner

The representative of the unlimited liability partner of themajor shareholder (Atago Growth Investment LimitedPartnership) of the Company will be one of therepresentatives of the managing partners of the Fund.

Duration

8 years in principle (from initial closing)* Plus 2 years (Extendable by General Partners' judgment)* Furthermore, 2 years (Upon Limited Partners Committee's approval)
Note: Initial closing is at the end of July 2020

Investment target

To invest in stocks or equivalent securities of Israeli startup technology
companies

３． Our investment
Maximum investment amount: approximately US$ 3 million
Initially, we had expected to invest approximately US$ 1 million. However, we have decided to increase ourinvestment to the maximum amount in order to further promote close collaboration as well as to obtain
information on the Fund's portfolio companies and potential portfolio companies with world-class standards inthe healthcare business, which is the Image One Group's business areas.
⚫ Up to approximately US$1 million will be contributed through the exercise of stock acquisition rights.
⚫ Investments in excess of the above will be funded by financing or cash on hand, as necessary, while taking
procurement costs into consideration.
４． Schedule
Date of Board Resolution
Date of Contract
Date of Investment

January 31, 2023
January 31, 2023
Scheduled to invest in a phased manner in accordance with the capitalcall※ method
The timing of the investment in the Fund will be made in accordance with the requestfrom the managing partner (Aristagora VC Israel GP L.P.), and will be madesequentially within the total amount of investment mentioned above.
※1：A legal right for an investment company to demand a portion of the money promised by an investor.

５． Outlook
The impact of this matter on the Image One Group's consolidated financial results for the fiscal year ending
September 30, 2023 is currently under scrutiny. Image One will promptly disclose any matters that need to bedisclosed in the future.

Note: This document is a translation of the original Japanese version and provided for reference purposes only. In theevent of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.