November 8, 2021
FISCO Ltd. (JASDAQ Code 3807)

Notice Regarding Burn of FISCO Coin and 28th Business Year
Shareholder Benefit Program
FISCO Ltd. (“the Company”) announced that at a meeting of its Board of Directors
held today, the Company resolved to conduct a burn of the crypto asset FISCO Coin(“FSCC”), issued by FISCO, and to offer FSCC to registered shareholders as of December
31, 2021, in addition to the CLUB FISCO IPO Navi (Limited) that is already provided
as a shareholder benefit.
1． Purpose of the FSCC burn
The Company recognizes that increasing the value of FSCC will help to widen
operating revenue opportunities for FISCO by expanding the economic zone of FSCC,
and that FSCC is an important asset related to increasing the Company’s stock price.
The Company plans to conduct a continuous burn over the next five years of FSCC
calculated using the calculation method described in “2. Outline of the burn,” with theamount of consolidated operating income for each business year as the upper limit.
Currently, approximately 35% (17.3 billion FSCC) of the authorized coins (50 million
FSCC), are non-circulating coins held by the Company, which is the issuer of FSCC, andit is these coins that are to be burned. The burn is analogous to a cancellation of treasury
shares in the context of share investment: the burn will reduce the Company’s own
holdings of FSCC, and thereby reduce the number of authorized FSCC.
FSCC is actually in use as a currency for payment, such as CLUB FISCO payments.
In addition, the FSCC Project is being developed under a coalition of multiple partnercompanies including the Company.

Purpose

Increase the value of the FSCC platform
Expand services using FSCC

Strategic

Promote FSCC circulation

Expand the FSCC economic zone

initiatives

Expand the number of FSCC

through the initiatives to the leftholders
FISCO Ltd.

Principle
projectmembers

Support increase of FSCC’s value inthe real economy

FISCO Decentralized

Support increase of FSCC’s value via

Application Platform Ltd.

the digital domain

CAICA Technologies Inc.,

Support various developments in theKushim Inc.

digital domain

CAICA Exchange Inc. (*)

Promote coin circulation andexpansion of coin holders(*) Formerly Zaif Inc.

FSCC Project members, including the Company, aim to develop distributed finance inJapan and provide new kinds of financial service through the sustainable developmentof the FSCC economic zone, and serve to promote the formation of national wealth.
The Company has customers among over 500 of the approximately 3,700 companies
listed on the Tokyo Stock Exchange. Moreover, the Company’s financial information
distribution services are used by over 600,000 members. Through these networks, theCompany aims to form a new economy in which not only corporations, but users
participating in the economic zone can receive various benefits by various companies
using FSCC as a payment currency.
As the Company’s networks become linked through FSCC, a beneficial cycle will begenerated in which the increase in FSCC’s value stimulates the FSCC economic zone,
which being invigorated will in turn bring further increase to FSCC’s value. In this way,
the Company aims to increase FISCO’s earnings, increase shareholder value, andprovide a stable return of profits to shareholders.
Executing the burn will not have any impact on the Company’s earnings.
2． Outline of the burnThis time, the number of coins to be burned will be calculated based on the amount ofconsolidated operating income for the fiscal year ending December 31, 2021 to executethe burn. All transactions will be conducted on the blockchain.
The number of coins to be burned shall be calculated as the number of FSCC coinsobtained by dividing the amount of the Company’s consolidated operating income for thefiscal year ending December 31, 2021 by the price of FSCC on the crypto asset exchange“Zaif” as of 11:59 p.m. on March 31, 2022. The Company plans to execute a burn once ayear.
Reference: Calculated based on the consolidated operating income of ¥125 million announced
in “Notice Regarding Revision of Full-Year Forecast for the Fiscal Year Ending December 31,2021 (Japanese)” issued on August 31, 2021 and the price of FSCC as of 11:59 p.m. on
September 30, 2021 of ¥342.7, the number of coins to be burned would be 367,411.

The number of coins actually burned will be disclosed once the earnings and FSCC pricehave been determined. Moreover, the Company plans to continue conducting burns by
the same calculation method from fiscal 2022 onward.
3． Shareholder benefits
Continuing from the fiscal year ended December 2020, the Company has decided toexpress its appreciation to shareholders as of December 31, 2021 for their support,and for the purpose of enhancing the attractiveness of investing in the Company’s
shares, by presenting them with gift coupons for CLUB FISCO IPO Navi (Limited),according to its current practice, and in addition, giving shareholders who have Zaif
accounts as of December 31, 2021 FSCC equivalent to the value of ¥500.
■Eligible shareholders
Shareholders who are listed or recorded on the Company’s shareholder register at theend of the shareholder benefits reference date (December 31, 2021).
■Presentation method
To receive FSCC, the shareholders must have a Zaif account in the same name.

<Zaif>
https://zaif.jp/ (Japanese)
Details on how to receive the FSCC are provided in the guidance notice on shareholder
benefits for shareholders recorded in the shareholders’ register as of the end of the fiscal
year ending December 31, 2021. (The notice is scheduled for dispatch around the end of

March 2022.)■Benefit gift
FSCC equivalent to ¥500 will be distributed to shareholders (shareholders as of thereference date on December 31, 2021).
■Distribution scheduleMay 2022 (Planned)* Details of current shareholder benefit program
Number of shares held as of
the reference date
100 to 2,499 shares
2,500 to 4,999 shares
5,000 shares or more

Benefit details
CLUB FISCO IPO Navi (Limited)
1 month free coupon
CLUB FISCO IPO Navi (Limited)
3 months free coupon
CLUB FISCO IPO Navi (Limited)
6 months free coupon