# EDGAR Filing Document

**Accession Number:** 0002111627
**File Stem:** 0001193125-26-098482
**Filing Date:** 2026-3
**Character Count:** 609721
**Document Hash:** 79f9af0aed3049982f4a0682ae193efb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-098482.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001193125-26-098482

**CONFORMED SUBMISSION TYPE**: CB/A

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** giftee, Inc.
- **CENTRAL INDEX KEY:** 0002111627

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CB/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95513
- **FILM NUMBER:** 26734945

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 12F HIGASHI-GOTANDA SQUARE
- **STREET 2:** 2-10-2 HIGASHI-GOTANDA
- **CITY:** SHINAGAWA-KU, TOKYO
- **PROVINCE COUNTRY:** M0
- **ZIP:** 141-0022
- **BUSINESS PHONE:** 81-3-6303-9318

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 12F HIGASHI-GOTANDA SQUARE
- **STREET 2:** 2-10-2 HIGASHI-GOTANDA
- **CITY:** SHINAGAWA-KU, TOKYO
- **PROVINCE COUNTRY:** M0
- **ZIP:** 141-0022
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** giftee, Inc.
- **CENTRAL INDEX KEY:** 0002111627

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CB/A

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 12F HIGASHI-GOTANDA SQUARE
- **STREET 2:** 2-10-2 HIGASHI-GOTANDA
- **CITY:** SHINAGAWA-KU, TOKYO
- **PROVINCE COUNTRY:** M0
- **ZIP:** 141-0022
- **BUSINESS PHONE:** 81-3-6303-9318

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 12F HIGASHI-GOTANDA SQUARE
- **STREET 2:** 2-10-2 HIGASHI-GOTANDA
- **CITY:** SHINAGAWA-KU, TOKYO
- **PROVINCE COUNTRY:** M0
- **ZIP:** 141-0022

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM CB** 

**TENDER OFFER/RIGHTS OFFERING NOTIFICATION FORM** 

**(Amendment No. 1)** 

Please place an X in the box(es) to designate the appropriate rule provision(s) relied upon to file this Form:

---

| | |
|:---|:---|
|  Securities Act Rule 801 (Rights Offering) | ☐ |
|  Securities Act Rule 802 (Exchange Offer) | ☒ |
|  Exchange Act Rule 13e-4(h)(8) (Issuer Tender Offer) | ☐ |
|  Exchange Act Rule 14d-1(c) (Third Party Tender Offer) | ☐ |
|  Exchange Act Rule 14e-2(d) (Subject Company Response) | ☐ |
|  Filed or submitted in paper if permitted by Regulation S-T Rule 101(b)(8) | ☐ |

---

## giftee, Inc.
**(Name of Subject Company)** 

**N/A** 

**(Translation of Subject Company's Name into English (if applicable))** 

**Japan** 

**(Jurisdiction of Subject Company's Incorporation or Organization)** 

**giftee, Inc.** 

**(Name of Person(s) Furnishing Form)** 

**Common Stock** 

**(Title of Class of Subject Securities)** 

**N/A** 

**(CUSIP Number of Class of Securities (if applicable))** 

**giftee, Inc.** 

**12F, Higashi-Gotanda Square** 

**2-10-2 Higashi-Gotanda, Shinagawa-ku, Tokyo** 

**141-0022** 

**Japan** 

**Attn: Reino Akimoto** 

**Telephone: +81-3-6303-9318** 

**(Name, Address (including zip code) and Telephone Number (including area code)** 

**of Person(s) Authorized to Receive Notices and Communications on Behalf of Subject Company)** 

**N/A** 

**(Date Tender Offer/Rights Offering Commenced)** 

------

**PART I—INFORMATION SENT TO SECURITY HOLDERS** 

**Item 1. Home Jurisdiction Documents** 

---

| | |
|:---|:---|
| **Exhibit<br>Number** |  |
| 99.1 | [Notice Regarding Transition to a Holding Company Structure Through a Sole Share Transfer (English translation)\*](http://www.sec.gov/Archives/edgar/data/2111627/000119312526054559/d208493dex991.htm) |
| 99.2 | [Notice of the 16<sup>th</sup> Ordinary General Meeting of Shareholders (English translation)](d22374dex992.htm) |
| 99.3 | [Reference Materials for the Shareholders' Meeting (Supplement) (English translation)](d22374dex993.htm) |
| 99.4 | [Matters Subject to Electronic Provision Measures (English translation)](d22374dex994.htm) |

---

\* previously submitted on Form CB

**Item 2. Informational Legends** 

The required legend is prominently included in the document(s) referred to in Item 1.

**PART II—INFORMATION NOT REQUIRED TO BE SENT TO SECURITY HOLDERS** 

N/A

**PART III—CONSENT TO SERVICE OF PROCESS** 

A written irrevocable consent and power of attorney on Form F-X was filed with the Commission by giftee, Inc. on February 17, 2026.

------

**SIGNATURES** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **giftee, Inc.** | **giftee, Inc.** |
| Signature: | /s/ Mutsumi Ota |
| Name: | Mutsumi Ota |
| Title: | Representative Director |
| Date: | March 6, 2026 |

---

## Exhibit 99.2

**Exhibit 99.2** 

This exchange offer or business combination is made for the securities of a foreign company. The offer is subject to disclosure requirements of a foreign country that are different from those of the United States. Financial statements included in the document, if any, have been prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.

It may be difficult for you to enforce your rights and any claim you may have arising under the federal securities laws, since the issuer is located in a foreign country, and some or all of its officers and directors may be residents of a foreign country. You may not be able to sue a foreign company or its officers or directors in a foreign court for violations of the U.S. securities laws. It may be difficult to compel a foreign company and its affiliates to subject themselves to a U.S. court's judgment.

You should be aware that the issuer may purchase securities otherwise than under the exchange offer, such as in open market or privately negotiated purchases.

This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damage arising from the translation.

Securities code: 4449

March 12, 2026

(Start date of measures for electronic provision: March 6, 2026)

**To Shareholders with Voting Rights:** 

---

| |
|:---|
| Mutsumi Ota |
| Representative Director and CEO |
| giftee Inc. |
| 2-10-2 Higashigotanda, |
| Shinagawa-ku, Tokyo, Japan |

---

**NOTICE OF** 

**THE 16th ORDINARY GENERAL MEETING OF SHAREHOLDERS** 

Dear Shareholders:

We would like to express our appreciation for your continued support.

We hereby inform you that the 16th Ordinary General Meeting of Shareholders of giftee Inc. (the "Company") will be held as described below.

In convening this General Meeting of Shareholders, the Company has taken measures to provide information electronically. Items subject to electronic provision measures (available in Japanese only) are posted in the "Notice of the 16th Ordinary General Meeting of Shareholders" (including "Reference Documents for the General Meeting of Shareholders ") and the "16th Ordinary General Meeting of Shareholders: Other Matters Subject to Electronic Provision Measures (Matters Excluded from Paper-Based Documents Delivered Upon Request)" on the following websites on the internet.

**The Company's website**

https://en.giftee.co.jp/ir/stock/info/shareholdermeeting

In addition to the above, information is also posted on the following website on the internet.

**Tokyo Stock Exchange service website (Listed Company Search)**

https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show

Please go to the above website, enter either the Company's name or securities code and click on the Search button, and select "Basic information," followed by "Documents for public inspection/PR information" in order to view the information provided.

If you are not attending the meeting, you can exercise your voting rights in writing. Please review the Reference Documents for the General Meeting of Shareholders included in the items subject to electronic provision measures, and indicate your vote for or against the proposals on the enclosed Voting Rights Exercise Form and return it so that it is received by 6:30 p.m., Friday, March 27, 2026 (Japan time).

You can observe the meeting through the live stream. For details, please refer to the "Guidance for the Livestream Video for Shareholders and Questions in Advance" (available only in Japanese).

------

---

| | |
|:---|:---|
| **1. Date and Time:** | Monday, March 30, 2026 at 1:00 p.m. Japan time<br> (The reception starts at 12:30 p.m. Japan time)<br>|
| **2. Place:** | 3rd Floor, Osaki Bright Core, Osaki Bright Core Hall<br> 5-5-15 Kitashinagawa, Shinagawa-ku, Tokyo, Japan<br> **(Please note that the venue differs from the previous year. Please refer to the map at the end of the Japanese version of the document.**)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **3. Meeting Agenda:**<br> **Matters to be reported:** | 1. The Business Report and Consolidated Financial Statements for the Company's 16th Fiscal Year (January 1, 2025-December 31, 2025) and results of audits by the Accounting Auditor and the Board of Corporate Auditors of the Consolidated Financial Statements<br> 2. Non-Consolidated Financial Statements for the Company's 16th Fiscal Year (January 1, 2025-December 31, 2025) |
| **Proposals to be resolved:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposal 1:** | Appropriation of Surplus |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposal 2:** | Approval of the Share Transfer Plan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposal 3:** | Partial Amendments to the Restricted Share Compensation Plan for Directors |

---

• Please submit your Voting Rights Exercise Form at the reception desk when attending the meeting.

• In the event that there is no indication of approval or disapproval for a particular proposal on the Voting
Rights Exercise Form, this shall be deemed as a vote of approval for the proposal.

• The items subject to electronic provision measures are posted on the Company's website (the
"Shareholders Meeting" page under "IR Information") and on the Tokyo Stock Exchange website. The Company has sent a document containing the URLs of the websites where these matters are posted to shareholders who have not
requested paper-based documents.

• The Company sends documents containing items subject to electronic provision measures to shareholders who have
requested paper-based documents. The following matters, however, are excluded from the documents sent, pursuant to laws and regulations and the provision of Article 14 of the Company's Articles of Incorporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Matters Regarding the Company's Share Acquisition Rights," "Matters Regarding
Accounting Auditors," and "Structure and Policy of the Company" in the Business Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Consolidated Statement of Changes in Equity" and "Notes to Consolidated Financial
Statements" in the Consolidated Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Non-Consolidated Statement of Changes in Equity" and
"Notes to Non-Consolidated Financial Statements" in the Non-Consolidated Financial Statements

The Business Report, Consolidated Financial Statements, and Non-Consolidated Financial Statements in the documents sent therefore constitute a part of the documents audited by the Accounting Auditor for the preparation of the accounting audit report and by the Corporate Auditors for the preparation of the audit report.

• In the event of any revision to the items subject to electronic provision measures, the revision will be
announced on each of the designated websites that have posted the pertinent information.

------

**Notice of Live Streaming of the General Meeting of Shareholders and** 

**Acceptance of Questions in Advance** 

The Company will conduct a live streaming of the General Meeting of Shareholders for shareholders who are unable to attend the meeting on-site so that the shareholders can view the meeting from the comfort of their homes.

**1.** **Date and Time** 

Monday, March 30, 2026, from 1:00 p.m. Japan time

**2.** **How to Access** 

Access to: https://web. sharely.app/login/giftee20260330

After accessing the above site, the authentication window will be displayed.

Please enter the information below to access the site.

**3.** **How to submit questions in advance** 

Please access and log in according to "2. How to Access" and click the "Question" button at the bottom of the video distribution screen.

[Submission Period] From Friday, March 6, 2026, to Friday, March 27, 2026, at 6:30 p.m. Japan time

**If you have any questions about the live streaming, please refer to the following FAQ site.**

https://sharely.zendesk.com/hc/ja/sections/360009585533 (Japanese only)

Notes

• The live streaming will be available only in Japanese and is for viewing only.

• Please note that we may not be able to answer all questions received in advance.

• Please note that we will not be able to support connection problems, delays, or audio problems due to issues with
the viewer's environment or other reasons.

• The shareholder will bear the internet fees for viewing the meeting.

• It is prohibited to provide video or audio data to a third party, show it publicly, reprint or reproduce it, or
tell a third party how to log in to the site.

------

**Reference Documents for the General Meeting of Shareholders** 

**Proposals and References** 

**Proposal 1:** Appropriation of Surplus

The Company considers shareholder returns to be an important management priority.

The basic policy for dividend payment is to pay out progressive dividends with an eye on a payout ratio of 30%\*, as well as to aim to increase dividends in accordance with profit growth, with the goal of achieving both sustainable profit growth and shareholder returns.

Based on the above policy, The Company proposes the following year-end dividend for the fiscal year under review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Type of dividend property Cash

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Matters concerning allocation of dividend property to shareholders and total amount thereof 13 yen per common
share of the Company Total amount of dividends: 387,104,107 yen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Effective date of distribution of dividends of surplus

March 31, 2026

![LOGO](g22374snap1.jpg)

\* Dividend payout ratio is calculated based on not only profit attributable to owners of parent but also non-GAAP net profit adjusted for impairment losses and other temporary profits and losses.

------

**Proposal 2:** Approval of the Share Transfer Plan

The Company has formulated a share transfer plan (hereinafter, the "Share Transfer Plan") regarding a sole share transfer (hereinafter, the "Share Transfer") to establish a pure holding company (wholly-owning parent company) named "giftee Group, Inc." (hereinafter, the "Holding Company"), of which the Company will become a wholly-owned subsidiary, with an effective date (scheduled) of July 1, 2026. This plan was resolved at a meeting of the Board of Directors of the Company held on February 13, 2026.

This proposal seeks shareholders' approval for the Share Transfer Plan. The reasons for the Share Transfer and the details of the Share Transfer Plan are described below.

1. Background and Purpose of the Transition to a Holding Company Structure Through a Sole Share Transfer

(1) Background to the holding company structure

The Company operates an eGift platform business in Japan and overseas offering a seamless service from the issuance to the distribution of eGifts, under our corporate vision, "to provide services that nurture the ties between people, businesses and townships, through eGifts."

We have identified "expansion of the eGift platform" and "geographic expansion" as our Growth Strategy, and have strengthened and accelerated the realization of this strategy through active M&A.

However, with the expansion of our business domains and geographic presence, we face an increasing need for: 1) more advanced investment decisions and allocation of management resources; 2) stronger Group management, including post-M&A integration (PMI); and 3) improved Group governance, including risk management and internal controls.

In light of these circumstances, the Company has determined that the optimal means of ensuring the enhancement of the Group's medium- to long-term corporate value and its sustainable growth is to separate management oversight functions from business execution functions, and transition to a group management structure centered on the Holding Company.

(2) Purpose of the holding company structure

Through the transition to a holding company structure, the Holding Company will, from the perspective of optimizing the Group as a whole, be responsible for: 1) formulating business portfolio strategies and determining and executing capital allocation; 2) developing Group growth strategies, including M&A and new business ventures, and promoting investment and growth initiatives based on those strategies; and 3) enhancing Group-wide risk management, compliance, and internal controls, thereby realizing Group management that balances speed of growth with management discipline.

Meanwhile, each operating company will conduct autonomous and responsible management in line with its respective business characteristics and stage of growth, and will strive to strengthen its competitiveness through prompt decision-making and flexible implementation of measures in response to changes in the external environment.

Through these initiatives, we aim to balance flexibility in growth investments with investment discipline, further strengthen Group governance, and sustainably enhance the corporate value of the Group as a whole.

(3) Procedures for transitioning to the Holding Company

The Company plans to transition to a holding company structure under the following method.

Step 1: Establish the Holding Company through a sole share transfer.

By establishing the Holding Company through the Share Transfer, effective July 1, 2026, the Company will become a wholly-owned subsidiary of the Holding Company.

------

Step 2: Reorganize Group companies after the establishment of the Holding Company

In order to complete the transition to the holding company structure after the Share Transfer becomes effective, the Company plans to reorganize its subsidiaries so that they will become subsidiaries directly held by the Holding Company.

(4) Matters concerning the Holding Company's listing application

As a result of the Share Transfer, the Company will become a wholly-owned subsidiary of the Holding Company; accordingly, the Company's shares will be delisted prior to the listing of the Holding Company. The Company plans to apply for a new listing (technical listing) on the Prime Market of Tokyo Stock Exchange, Inc. (hereinafter, the "Tokyo Stock Exchange") with respect to the shares of the Holding Company to be delivered to shareholders as consideration for the Company's shares. The listing date is subject to review by the Tokyo Stock Exchange, but is scheduled for July 1, 2026.

2. Overview of the Share Transfer Plan

The details of the Share Transfer Plan are as stated in the "Share Transfer Plan (Copy)" below.

Article 6, Appendix 2-①-1 to Appendix 2-⑫-2 of the Share Transfer Plan (Copy) are stated in the "16th Ordinary General Meeting of Shareholders, Reference Materials for the Shareholders' Meeting (Supplement)."

------

Share Transfer Plan (Copy)

giftee Inc. (hereinafter, "Company A") has formulated the following Share Transfer Plan (hereinafter, the "Plan") with regard to the share transfer (hereinafter, the "Share Transfer"), under which a newly established company (hereinafter, "Company B") will acquire all the issued shares of Company A by means of a sole share transfer.

Article 1 (Share Transfer)

In accordance with the provisions of the Plan, Company A will conduct the Share Transfer by means of a sole share transfer in which Company B will acquire all of the issued shares of Company A on the date of the incorporation of Company B (as defined in Article 7; hereinafter, the same shall apply).

Article 2 (Purposes, Corporate Name, Location of Head Office, Total Number of Authorized Shares, and Other Matters Stipulated in the Articles of Incorporation of Company B)

The purposes, corporate name, location of head office, and total number of authorized shares of Company B shall be as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Purposes: The purposes shall be as stated in Article 2 of Appendix 1: "Articles of Incorporation, giftee Group, Inc."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Corporate name: The name of the Company shall be ギフティグループ株式会社, and in English, giftee Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Location of head office: The head office of the Company shall be located in Shinagawa-ku, Tokyo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Total number of authorized shares: The total number of shares authorized to be issued by Company B shall be 80,000,000.

2 In addition to the matters stipulated in the preceding paragraph, the matters provided for in the Articles of Incorporation of Company B shall be as stated in Appendix 1: "Articles of Incorporation, giftee Group, Inc."

Article 3 (Names of Directors and Corporate Auditors at the Time of Establishment of Company B, and the Name of the Accounting Auditor at the Time of Establishment)

The names of Directors at the time of establishment of Company B shall be as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Representative Director | Mutsumi Ota |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Representative Director | Tatsuya Suzuki |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Director | Yoshikazu Fujita |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) External Director | Kenichiro Senoh |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) External Director | Shin Nakajima |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) External Director | Miwako Iyoku |

---

2 The names of Corporate Auditors at the time of establishment of Company B shall be as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) External Auditor | Daizo Kugi |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) External Auditor | Yoshihiro Akimoto |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) External Auditor | Kazuhiro Ueno |

---

3 The name of the Accounting Auditor at the time of establishment of Company B shall be as follows: Ernst & Young ShinNihon LLC

Article 4 (Shares to be Delivered Upon the Share Transfer and the Allotment Thereof)

Upon the Share Transfer, Company B shall, in place of the shares of Company A's common stock held by shareholders who are recorded or registered in Company A's shareholder registry as of the time immediately prior to the time when Company B acquires all of the issued shares of Company A

(hereinafter, the "Record Time"), deliver to such shareholders the number of shares of Company B's common stock equivalent to the total number obtained by multiplying the total number of shares of common stock issued by Company A as of the Record Time by one (1).

------

2 Company B shall allot its shares of common stock to be delivered pursuant to the preceding paragraph to the shareholders of Company A as of the Record Time at a ratio of one (1) share of Company B's common stock for each one (1) share of Company A's common stock held.

Article 5 (Matters Concerning the Share Capital and Reserves of Company B)

The amount of share capital and reserves as of the date of incorporation of Company B shall be as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Amount of share capital

¥20 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Amount of legal capital surplus

¥5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Amount of legal retained earnings

¥0 million

------

Article 6 (Share Acquisition Rights to be Delivered in Connection with the Share Transfer and the Allotment Thereof)

Upon the Share Transfer, Company B shall deliver to each holder of the share acquisition rights issued by Company A listed in Column 1, items ① through ⑫ of the table below as of the Record Time, the share acquisition rights of Company B listed in Column 2, in place of the share acquisition rights of Company A held by such holder, in the number that is equal to the total number of corresponding share acquisition rights of Company A as of the Record Time.

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| | | | |
|:---|:---|:---|:---|
| Column 1 | Column 1 | Column 2 | Column 2 |
| Name | Details | Name | Details |
| giftee Inc. |  | giftee Group, Inc. |  |
| 8th Share Acquisition | Appendix 2-①-1 | 1st Share Acquisition | Appendix 2-①-2 |
| Rights |  | Rights |  |
| giftee Inc. |  | giftee Group, Inc. |  |
| 9th Share Acquisition | Appendix 2-②-1 | 2nd Share Acquisition | Appendix 2-②-2 |
| Rights |  | Rights |  |
| giftee Inc. |  | giftee Group, Inc. |  |
| 10th Share Acquisition | Appendix 2-③-1 | 3rd Share Acquisition | Appendix 2-③-2 |
| Rights |  | Rights |  |
| giftee Inc. |  | giftee Group, Inc. |  |
| 12th Share Acquisition | Appendix 2-④-1 | 4th Share Acquisition | Appendix 2-④-2 |
| Rights |  | Rights |  |
| giftee Inc. |  | giftee Group, Inc. |  |
| 13th Share Acquisition | Appendix 2-⑤-1 | 5th Share Acquisition | Appendix 2-⑤-2 |
| Rights |  | Rights |  |
| giftee Inc. |  | giftee Group, Inc. |  |
| 14th Share Acquisition | Appendix 2-⑥-1 | 6th Share Acquisition | Appendix 2-⑥-2 |
| Rights |  | Rights |  |
| giftee Inc. |  | giftee Group, Inc. |  |
| 15th Share Acquisition | Appendix 2-⑦-1 | 7th Share Acquisition | Appendix 2-⑦-2 |
| Rights |  | Rights |  |
| giftee Inc. |  | giftee Group, Inc. |  |
| 16th Share Acquisition | Appendix 2-⑧-1 | 8th Share Acquisition | Appendix 2-⑧-2 |
| Rights |  | Rights |  |
| giftee Inc. |  | giftee Group, Inc. |  |
| 17th Share Acquisition | Appendix 2-⑨-1 | 9th Share Acquisition | Appendix 2-⑨-2 |
| Rights |  | Rights |  |
| giftee Inc. |  | giftee Group, Inc. |  |
| 18th Share Acquisition | Appendix 2-⑩-1 | 10th Share Acquisition | Appendix 2-⑩-2 |
| Rights |  | Rights |  |
| giftee Inc. |  | giftee Group, Inc. |  |
| 19th Share Acquisition | Appendix 2-⑪-1 | 11th Share Acquisition | Appendix 2-⑪-2 |
| Rights |  | Rights |  |
| giftee Inc. |  | giftee Group, Inc. |  |
| 20th Share Acquisition | Appendix 2-⑫-1 | 12th Share Acquisition | Appendix 2-⑫-2 |
| Rights |  | Rights |  |

---

2 Upon the Share Transfer, Company B shall allocate to holders of the share acquisition rights of Company A as of the Record Time one (1) share acquisition right of Company B as set forth in Column 2 for each one (1) share acquisition right set forth in Column 1 items ① through ⑫ of the table in the preceding paragraph held by such holder.

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Article 7 (Date of Incorporation of Company B)

The date on which the incorporation of Company B shall be registered (hereinafter, the "Date of Incorporation of Company B") shall be July 1, 2026; provided however, that if necessary due to procedural requirements in connection with the Share Transfer or for any other reason, the Date of Incorporation of Company B may be changed by resolution of the Board of Directors of Company A.

Article 8 (General Meeting of Shareholders to Approve the Plan)

Company A shall seek approval of the Plan and resolutions regarding matters necessary for the Share Transfer at its Ordinary General Meeting of Shareholders scheduled to be held on March 30, 2026; provided however, that if necessary due to procedural requirements in connection with the Share Transfer or for any other reason, the date of the General Meeting of Shareholders may be changed by resolution of the Board of Directors of Company A.

Article 9 (Stock Exchange Listing)

Company B plans to list its issued common shares on the Prime Market of Tokyo Stock Exchange, Inc. as of the Date of Incorporation of Company B.

Article 10 (Shareholder Registry Administrator of Company B)

The Shareholder Registry Administrator of Company B shall be Mitsubishi UFJ Trust and Banking Corporation.

Article 11 (Cancellation of Treasury Shares)

Company A shall, by resolution of a meeting of its Board of Directors to be held no later than the day immediately preceding the Date of Incorporation of Company B, cancel, by the Record Time, such number of Company A's treasury shares held by Company A as are practically cancellable (including treasury shares acquired through the exercise of Shareholders' Appraisal Rights pursuant to Article 806, Paragraph 1 of the Companies Act in connection with the Share Transfer).

Article 12 (Effectiveness of the Plan)

The Plan shall become void if approval of the Plan and resolutions regarding matters necessary for the Share Transfer are not obtained at the General Meeting of Shareholders of Company A as stipulated in Article 8, or if the Share Transfer is canceled pursuant to the following Article.

Article 13 (Amendments, etc. to the Plan)

In the event that, after the formulation of the Plan and up until the Date of Incorporation of Company B, there occurs a significant change in the assets or business condition of Company A due to a natural disaster or other cause, if circumstances arise that seriously impede the execution of the Share Transfer, or if the objectives of the Plan become difficult to achieve, the Board of Directors of Company A may, by resolution, amend the terms of the Share Transfer or any other contents of the Plan, or cancel the Share Transfer.

Article 14 (Matters Outside the Provisions)

In addition to the matters stipulated in the Plan, Company A shall determine any matters necessary for the Share Transfer in accordance with the purposes of the Share Transfer.

February 13, 2026

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| |
|:---|
| 2-10-2 Higashigotanda, Shinagawa-ku, Tokyo, Japan |
| giftee Inc. |
| Mutsumi Ota, Representative Director |
| Tatsuya Suzuki, Representative Director |

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Appendix 1

Articles of Incorporation

giftee Group, Inc.

Chapter I General Provisions

Article 1 (Corporate Name)

The name of the Company shall be ギフティグループ株式会社, and in English, giftee Group, Inc.

Article 2 (Purposes)

The purposes of the Company are to manage the business operations of companies (including overseas companies), partnerships (including those equivalent to partnerships in overseas countries), and other entities equivalent to these, by holding shares or equity interests in those entities that are engaged in the businesses listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Planning and sale of electronic and physical coupons usable for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Purchase and exchange of services or goods through online services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Purchase and exchange of services or goods at stores, facilities, residences, or other locations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Purchase and exchange of services or goods by other means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Planning and sale (including online sales) of the following goods, and manufacturing, processing, and packaging
incidental thereto:

alcoholic beverages, rice and grain products, salt, food products, beverages, quasi-drugs, medical devices, cosmetics, and other goods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Freight forwarding businesses incidental to or related to item 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Development, maintenance, and sale of systems enabling the generation and redemption of electronic coupons set
forth in item 1, and other systems related to each of the preceding items

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Advertising services using the Internet and mobile information terminals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Planning, development, sale, operation, and management of computer systems and software

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Any and all businesses incidental to or related to the preceding items

2 The Company may engage in any of the businesses listed in the preceding paragraph and any other businesses incidental or related thereto.

Article 3 (Location of Head Office)

The head office of the Company shall be located in Shinagawa-ku, Tokyo.

Article 4 (Method of Public Notice)

Public notices of the Company shall be given by electronic public notice.

2 In the event that electronic public notice cannot be made due to unavoidable circumstances, public notice shall be given by publication in The Nihon Keizai Shimbun.

Chapter II Shares

Article 5 (Total Number of Authorized Shares)

The total number of shares authorized to be issued by the Company shall be 80,000,000.

Article 6 (Acquisition of Treasury Shares)

The Company may acquire its own shares through market transactions or other means pursuant to a resolution of the Board of Directors.

Article 7 (Number of Shares per Share Unit)

The number of shares constituting one share unit of the Company shall be one hundred (100).

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Article 8 (Restrictions on Rights of Shareholders Holding Less Than One Share Unit) Shareholders holding less than one share unit may not exercise any rights other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Rights set forth in each item of Article 189, paragraph 2 of the Companies Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The right to request the acquisition by the Company of shares subject to a right of acquisition request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The right to receive allotment of offered shares or offered share acquisition rights

Article 9 (Shareholder Registry Administrator)

The Company shall appoint a shareholder registry administrator.

2 The shareholder registry administrator and the place of business handling its affairs shall be designated by resolution of the Board of Directors.

3 The shareholder registry and the register of share acquisition rights shall be kept at the place of business of the shareholder registry administrator, and all matters relating to shares and share acquisition rights, including entries and records therein, shall be handled by the shareholder registry administrator and not by the Company.

Article 10 (Share Handling Regulations)

Entries and records in the shareholder registry and the register of share acquisition rights, handling of shares and share acquisition rights, fees, and procedures for the exercise of shareholders' rights shall be governed by laws and regulations, these Articles of Incorporation, and the Share Handling Regulations established by the Board of Directors.

Article 11 (Record Date)

The Company shall deem shareholders who are recorded or registered in the final shareholder registry as of December 31 of each year and who hold voting rights to be the shareholders entitled to exercise rights at the ordinary general meeting of shareholders relating to such business year.

2 Notwithstanding the preceding paragraph, when necessary, the Company may, by resolution of the Board of Directors and upon public notice in advance, designate shareholders or registered share pledgees recorded or registered in the final shareholder registry as of a specified date as those entitled to exercise rights.

Chapter III General Meeting of Shareholders

Article 12 (Convocation)

The ordinary general meeting of shareholders shall be convened within three (3) months from the day following the last day of each business year. Extraordinary general meetings of shareholders shall be convened whenever necessary.

Article 13 (Convener and Chairperson)

Unless otherwise provided by laws and regulations, a general meeting of shareholders shall be convened by the President pursuant to a resolution of the Board of Directors. In the event that the President is unable to act, another Director shall convene the meeting in the order determined in advance by the Board of Directors.

2 The chairperson of a general meeting of shareholders shall be the President. In the event that the President is unable to act, another Director shall act as chairperson in the order determined in advance by the Board of Directors.

Article 14 (Electronic Provision Measures)

The Company shall, upon convening a general meeting of shareholders, take electronic provision measures with respect to information constituting the contents of reference documents and other materials for the general meeting of shareholders.

2 Among items subject to electronic provision measures, those specified by ordinance of the Ministry of Justice may be excluded, in whole or in part, from documents delivered to shareholders who have requested paper delivery by the record date for voting rights.

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Article 15 (Method of Resolution)

Unless otherwise provided by laws or these Articles of Incorporation, resolutions of a general meeting of shareholders shall be adopted by a majority of the voting rights of shareholders present who are entitled to exercise voting rights.

2 Resolutions set forth in Article 309, paragraph 2 of the Companies Act shall be adopted by shareholders holding one-third (1/3) or more of the total voting rights of shareholders entitled to exercise voting rights, with the approval of two-thirds (2/3) or more of the voting rights of shareholders present.

Article 16 (Exercise of Voting Rights by Proxy)

A shareholder may exercise voting rights by appointing one (1) other shareholder of the Company who holds voting rights as proxy.

2 The shareholder or proxy shall submit to the Company a document evidencing such proxy authority for each general meeting of shareholders.

Article 17 (Minutes)

The outline of proceedings, resolutions, and other matters prescribed by laws and regulations at a general meeting of shareholders shall be stated or recorded in the minutes.

Chapter IV Directors and Board of Directors

Article 18 (Board of Directors)

The Company shall establish a Board of Directors.

Article 19 (Number of Directors)

The Company shall have no more than seven (7) Directors.

Article 20 (Election of Directors)

Directors shall be elected at a general meeting of shareholders.

2 Resolutions for the election of Directors shall be adopted by shareholders holding one-third (1/3) or more of the total voting rights of shareholders entitled to exercise voting rights, with the approval of a majority of the voting rights of shareholders present.

3 Election of Directors shall not be conducted by cumulative voting.

Article 21 (Term of Office of Directors)

The term of office of Directors shall expire at the conclusion of the ordinary general meeting of shareholders relating to the last business year ending within one (1) year after their election.

2 The term of office of a Director elected as a substitute or due to an increase in the number of Directors shall be the remaining term of office of the predecessor or other incumbent Directors.

Article 22 (Representative Directors and Executive Titles)

Representative Directors shall be selected by resolution of the Board of Directors.

2 Representative Directors shall represent the Company and execute its business.

3 The Board of Directors may, by resolution, appoint one (1) President, one (1) Chairperson, and several Vice Presidents, Senior Managing Directors, and Managing Directors.

Article 23 (Convener and Chairperson of the Board of Directors)

Unless otherwise provided by laws and regulations, meetings of the Board of Directors shall be convened and chaired by the President. In the event that the President is unable to act, another Director shall convene and chair the meeting in the order determined in advance by the Board of Directors.

Article 24 (Notice of Convocation of the Board of Directors)

Notice of convocation of meetings of the Board of Directors shall be given to each Director and each Corporate Auditor at least three (3) days prior to the meeting date; provided, however, that such period may be shortened in cases of urgency.

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2 A meeting of the Board of Directors may be held without following convocation procedures if all Directors consent thereto.

Article 25 (Resolutions of the Board of Directors)

Resolutions of the Board of Directors shall be adopted by a majority of Directors eligible to participate in the resolution, with a majority of such Directors present.

2 If all Directors eligible to participate in a resolution express their consent in writing or by electronic record, such matter shall be deemed to have been resolved by the Board of Directors, unless a Corporate Auditor raises an objection.

Article 26 (Minutes of the Board of Directors)

The outline of proceedings, resolutions, and matters prescribed by laws and regulations at meetings of the Board of Directors shall be stated in the minutes, and the Directors present shall sign and affix their seals thereto or provide electronic signatures.

Article 27 (Board of Directors Regulations)

Matters concerning the Board of Directors shall be governed by laws and regulations, these Articles of Incorporation, and the Board of Directors Regulations established by the Board of Directors.

Article 28 (Remuneration of Directors)

Remuneration, bonuses, and other economic benefits received by Directors from the Company as consideration for the execution of their duties shall be determined by resolution of the general meeting of shareholders.

Article 29 (Limitation of Liability of Directors)

The Company may, pursuant to Article 426, paragraph 1 of the Companies Act, by resolution of the Board of Directors, exempt Directors (including former Directors) from liability under Article 423, paragraph 1 of the Companies Act to the extent permitted by laws and regulations.

2 The Company may, pursuant to Article 427, paragraph 1 of the Companies Act, enter into agreements with Directors (excluding executive Directors) to limit liability for damages under Article 423, paragraph 1 of the Companies Act; provided that the maximum amount of liability under such agreements shall be the amount prescribed by laws and regulations.

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Chapter V Corporate Auditors and Board of Corporate Auditors

Article 30 (Corporate Auditors and Board of Corporate Auditors)

The Company shall establish Corporate Auditors and a Board of Corporate Auditors.

Article 31 (Number of Corporate Auditors)

The Company shall have no more than three (3) Corporate Auditors.

Article 32 (Election of Corporate Auditors)

Corporate Auditors shall be elected at a general meeting of shareholders.

2 Resolutions for the election of Corporate Auditors shall be adopted by shareholders holding one-third (1/3) or more of the total voting rights of shareholders entitled to exercise voting rights, with the approval of a majority of the voting rights of shareholders present.

Article 33 (Term of Office of Corporate Auditors)

The term of office of Corporate Auditors shall expire at the conclusion of the ordinary general meeting of shareholders relating to the last business year ending within four (4) years after their election.

2 The term of office of a Corporate Auditor elected as a substitute shall be the remaining term of office of the predecessor.

Article 34 (Full-Time Corporate Auditors)

The Board of Corporate Auditors shall appoint full-time Corporate Auditors by resolution.

Article 35 (Notice of Convocation of the Board of Corporate Auditors)

Notice of convocation of meetings of the Board of Corporate Auditors shall be given to each Corporate Auditor at least three (3) days prior to the meeting date; provided, however, that such period may be shortened in cases of urgency.

2 A meeting of the Board of Corporate Auditors may be held without following convocation procedures if all Corporate Auditors consent thereto.

Article 36 (Resolutions of the Board of Corporate Auditors)

Unless otherwise provided by laws and regulations, resolutions of the Board of Corporate Auditors shall be adopted by a majority of Corporate Auditors.

Article 37 (Minutes of the Board of Corporate Auditors)

The outline of proceedings, resolutions, and other matters prescribed by laws and regulations at meetings of the Board of Corporate Auditors shall be stated or recorded in the minutes, and the Corporate Auditors present shall sign and affix their seals thereto or provide electronic signatures.

Article 38 (Board of Corporate Auditors Regulations)

Matters concerning the Board of Corporate Auditors shall be governed by laws and regulations, these Articles of Incorporation, and the Board of Corporate Auditors Regulations established by the Board of Corporate Auditors.

Article 39 (Remuneration of Corporate Auditors)

Remuneration, bonuses, and other economic benefits received by Corporate Auditors from the Company as consideration for the execution of their duties shall be determined by resolution of the general meeting of shareholders.

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Article 40 (Limitation of Liability of Corporate Auditors)

The Company may, pursuant to Article 426, paragraph 1 of the Companies Act, by resolution of the Board of Directors, exempt Corporate Auditors (including former Corporate Auditors) from liability under Article 423, paragraph 1 of the Companies Act to the extent permitted by laws and regulations.

2 The Company may, pursuant to Article 427, paragraph 1 of the Companies Act, enter into agreements with Corporate Auditors to limit liability for damages under Article 423, paragraph 1 of the Companies Act; provided that the maximum amount of liability under such agreements shall be the minimum liability amount prescribed by laws and regulations.

Chapter VI Accounting Auditor

Article 41 (Accounting Auditor)

The Company shall appoint an Accounting Auditor.

Article 42 (Election of Accounting Auditor)

The Accounting Auditor shall be elected by resolution of the general meeting of shareholders.

Article 43 (Term of Office of Accounting Auditor)

The term of office of the Accounting Auditor shall expire at the conclusion of the ordinary general meeting of shareholders relating to the last business year ending within one (1) year after election.

2 Unless otherwise resolved at such general meeting of shareholders, the Accounting Auditor shall be deemed to have been reappointed.

Article 44 (Remuneration of Accounting Auditor)

Remuneration of the Accounting Auditor shall be determined by the Representative Director with the consent of the Board of Corporate Auditors.

Article 45 (Limitation of Liability of Accounting Auditor)

The Company may enter into agreements with the Accounting Auditor to limit liability for damages under Article 423, paragraph 1 of the Companies Act, provided that the statutory requirements are satisfied; provided, however, that the maximum amount of liability under such agreements shall be the minimum liability amount prescribed by laws and regulations.

Chapter VII Accounting

Article 46 (Business Year)

The business year of the Company shall be one (1) year from January 1 to December 31 of each year.

Article 47 (Year-End Dividends)

The Company may, by resolution of the general meeting of shareholders, distribute surplus as dividends to shareholders or registered share pledgees recorded or registered in the final shareholder registry as of December 31 of each year (hereinafter referred to as "Year-End Dividends").

Article 48 (Interim Dividends)

The Company may, by resolution of the Board of Directors, distribute surplus as dividends pursuant to Article 454, paragraph 5 of the Companies Act to shareholders or registered share pledgees recorded or registered in the final shareholder registry as of June 30 of each year (hereinafter referred to as "Interim Dividends").

Article 49 (Exclusion Period for Dividends)

If Year-End Dividends or Interim Dividends are not received within three (3) years from the date on which payment commences, the Company shall be released from the obligation to pay such dividends.

2 No interest shall accrue on unpaid Year-End Dividends or Interim Dividends.

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Supplementary Provisions

Article 1 (First Business Year)

Notwithstanding the provisions of Article 46, the first business year of the Company shall be from the date of incorporation of the Company to December 31, 2026.

Article 2 (Initial Compensation for Directors)

Notwithstanding the provisions of Article 28, the amount of compensation for Directors of the Company for the period from the date of incorporation of the Company to the conclusion of the first Ordinary General Meeting of Shareholders shall be as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Monetary compensation for Directors

The total amount of compensation (excluding "(2) Monetary compensation claims to be granted for the granting of restricted shares") shall be no more than 150 million yen per annum (excluding the employee portion of salaries for Directors concurrently serving as employees; the portion for External Directors shall be no more than 24 million yen per annum).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Monetary compensation claims to be granted for the granting of restricted shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Separate from the compensation described in "(1) Monetary compensation for Directors," monetary
compensation claims for the granting of restricted shares shall be granted as compensation to Directors (excluding External Directors; hereinafter, Directors eligible for compensation shall be referred to as "Eligible Directors").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each fiscal year in principle, Eligible Directors shall make an in-kind contribution of all monetary compensation claims to be granted, and receive the common stock of the Company that will be issued or disposed of in accordance with a resolution of the Board of Directors of the Company. In issuing or disposing of the
common stock of the Company, the Company and Eligible Directors shall enter into a restricted share allotment agreement (hereinafter, the "Allotment Agreement"). Eligible Directors shall not transfer, create a security interest on, or
otherwise dispose of the common stock of the Company allotted in accordance with the Allotment Agreement (hereinafter, "Allotted Shares") for a specified period of time from the date of delivery of the Allotted Shares (hereinafter,
"Transfer Restriction Period"). The outline of the Allotment Agreement is as described in e. below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The total amount of monetary compensation claims to be granted to Eligible Directors shall be no more than
200 million yen per annum, and the total number of shares of the Company's common stock to be received by Eligible Directors through issuance or disposal shall be no more than 50,000 shares per annum. In addition, in the event of
circumstances necessitating an adjustment to the total number of shares of the Company's common stock that are issued or disposed of as restricted shares on or after the date of incorporation of the Company, such as a stock split of the
Company's common stock (including the gratis allotment of the Company's common stock), reverse stock split, or any other reason, the total number of shares shall be adjusted within a reasonable extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The payment amount per share of Allotted Shares shall be determined by the Board of Directors within a range
that is not especially advantageous to Eligible Directors, on the basis of the closing price of the Company's common stock on the Tokyo Stock Exchange on the business day preceding the date of resolution by the Board of Directors regarding the
allotment of shares (if no transactions are concluded on that day, the closing price on the immediately preceding date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Overview of the content stipulated in the Allotment Agreement

1) Details of transfer restriction

The Transfer Restriction Period shall be a maximum of two (2) years.

Effective as of the payment date, Eligible Directors: (a) may not transfer, create a security interest on, or otherwise dispose of (hereinafter, "transfer, etc.") one half of the Allotted Shares (hereinafter, "Removal (i)") during the period from the date of receipt of the allotment in accordance with the Allotment Agreement until a date exceeding three (3) months after the last day of the business year that includes the date of receipt of the said allotment or the date on which one (1) year has elapsed since the date of receipt of the said allotment, whichever is the latter (hereinafter, "Transfer Restriction Period (i)"), and (b) may not transfer, etc. any Allotted

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Shares remaining following Removal (i) from the number of Allotted Shares (hereinafter, "Removal (ii)") during the period from the date of receipt of the allotment in accordance with the Allotment Agreement until a date on which two (2) years have elapsed since the date of receipt of the said allotment (hereinafter, "Transfer Restriction Period (ii)"; collectively referred to as the "Transfer Restriction Period"). (Hereinafter, referred to individually or collectively as "Transfer Restrictions.")

On the condition that Eligible Directors have continued to serve in the position of Director of the Company or in any other position stipulated by the Board of Directors during the Transfer Restriction Period (i), the Company shall remove the Transfer Restrictions on Removal (i) upon the expiration of Transfer Restriction Period (i), and on the condition that Eligible Directors have continued to serve in the position of Director of the Company or any other position stipulated by the Board of Directors during Transfer Restriction Period (ii), the Company shall remove the Transfer Restrictions on Removal (ii) upon the expiration of Transfer Restriction Period (ii). The Company may, by operation of law, acquire the Allotted Shares for which Transfer Restrictions have not been removed upon the expiration of the Transfer Restriction Period at no consideration.

2) Treatment in the event of retirement, etc. during the Transfer Restriction Period

In the event that an Eligible Director loses his or her position as Director of the Company or any other position stipulated by the Board of Directors of the Company prior to the expiration of the Transfer Restriction Period (i), the Company may, by operation of law, acquire all Allotted Shares at that time at no consideration, and in the event that an Eligible Director loses an aforementioned position following the expiration of Transfer Restriction Period (i) and prior to the expiration of Transfer Restriction Period (ii), the Company may, by operation of law, acquire the portion of Allotted Shares at that time excluding Removal (i) at no consideration.

However, in the event that the said Director loses his or her position as Director of the Company or any other position stipulated by the Board of Directors of the Company prior to the expiration of the Transfer Restriction Period for reasons deemed justifiable by the Board of Directors of the Company, the number of Allotted Shares for which the Transfer Restrictions are to be removed and the timing thereof shall be reasonably adjusted as necessary.

3) Treatment in the event of restructuring, etc.

In the event that, during the Transfer Restriction Period, a merger agreement whereby the Company becomes the defunct company, a share exchange agreement or a share transfer plan whereby the Company becomes a wholly-owned subsidiary, or any other matters pertaining to restructuring, etc., are approved by the Company's General Meeting of Shareholders (however, in the event that the approval of the Company's General Meeting of Shareholders for the said restructuring, etc. is not required, approval by the Company's Board of Directors), the Company shall remove the Transfer Restrictions on a reasonably determined number of Allotted Shares prior to the effective date of the said restructuring, etc. by resolution of the Company's Board of Directors, taking into consideration the length of time between the commencement of the Transfer Restriction Period and the date of approval of the said restructuring, etc. The Company may, by operation of law, acquire any Allotted Shares for which Transfer Restrictions have not been removed immediately following the removal of the Transfer Restrictions at no consideration. However, this shall not apply if, during the course of such organizational restructuring, etc., a corporation involved in said organizational restructuring, etc. other than the Company delivers shares of said corporation to Eligible Directors (limited to shares subject to transfer restrictions).

4) Other matters to be determined by the Board of Directors

Other matters related to the Plan shall be determined by the Board of Directors, and such matters shall form part of the Allotment Agreement.

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Article 3 (Succession of Transfer Restrictions)

The Company may, on or after July 1, 2026, succeed to the contractual status, rights and obligations of giftee Inc. with respect to each Allotment Agreement relating to the restricted shares delivered pursuant to the restricted share compensation approved at the 13th Ordinary General Meeting of Shareholders of giftee Inc. held on March 28, 2023.

Article 4 (Initial Compensation for Corporate Auditors)

Notwithstanding the provisions of Article 39, the total amount of compensation for Corporate Auditors for the period from the date of incorporation of the Company to the conclusion of the first Ordinary General Meeting of Shareholders shall be no more than 15 million yen per annum.

Article 5 (Deletion of the Supplementary Provisions)

The Supplementary Provisions shall be deleted upon the conclusion of the first Ordinary General Meeting of Shareholders to be held following the incorporation of the Company.

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3. Summary of the Matters Set Forth in Each Item of Article 206 of the Regulations for Enforcement of the
Companies Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Matters concerning the appropriateness of the provisions concerning consideration for the Share Transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Matters concerning the number of shares to be delivered and the allotment thereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Share Transfer ratio

Shareholders who are recorded or registered in the shareholder registry at the time immediately preceding the time at which the Holding Company acquires all issued shares of the Company through the Share Transfer shall be allotted one (1) share of common stock of the Holding Company to be established for each one (1) share of the Company's common stock held by said shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Number of shares per share unit

The Holding Company shall adopt the share unit system, and the number of shares constituting one (1) unit shall be one hundred (100) shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Basis for calculating the share transfer ratio

The Share Transfer involves the establishment of a single wholly-owning parent company by means of a sole share transfer conducted by the Company. As there will be no change in the shareholder composition of the Company and that of the Holding Company at the time of the Share Transfer, and in order to ensure, as a primary consideration, that no disadvantage or confusion is caused to shareholders, one (1) share of the Holding Company's common stock shall be allotted for each one (1) share of the Company's common stock held by shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Results, method, and basis for valuation by a third-party valuation institution For the reasons set forth in
(iii) above, no calculation of the share transfer ratio has been conducted by a third-party valuation institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Number of new shares to be delivered under the Share Transfer (scheduled) Number of shares of common stock:
29,827,502 shares (scheduled) If the Company's total number of issued shares changes prior to the effective date of the Share Transfer, the above number of new shares to be delivered by the Holding Company shall be adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Matters concerning the appropriateness of the amount of share capital and reserves The amount of share capital
and reserves of the Holding Company have been determined within the scope permitted by laws and regulations, and are considered appropriate in light of the Holding Company's purposes, scale, and capital policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Matters concerning the appropriateness of the provisions for share acquisition rights related to the Share
Transfer

Upon the implementation of the Share Transfer, details of the Holding Company's share acquisition rights to be delivered to holders of the Company's share acquisition rights in lieu of their existing share acquisition rights are substantially the same as those of the Company's share acquisition rights, and the number to be delivered shall be the same. Accordingly, the Company has determined that the provisions for share acquisition rights related to the Share Transfer are appropriate. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Details of events occurring after the last day of the Company's last business year and having a material
impact on the status of the Company's assets

Not applicable

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4. Matters Concerning Persons Who Will Serve as Directors of the Holding Company

The persons who will serve as Directors of the Holding Company are as follows.

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| | | | | |
|:---|:---|:---|:---|:---|
| Name<br> (Date of birth) | Career summary, positions, responsibilities,<br> and significant concurrent positions | Career summary, positions, responsibilities,<br> and significant concurrent positions | Number of<br> shares of the<br>Company<br> held | Number of<br> shares of the<br>Holding Company<br>to<br> be allotted |
|  | August 2007 | Joined Accenture Technology Solutions Ltd (current Accenture Japan Ltd) |  |  |
|  | August 2010 | Established the Company and became Representative Director and CEO (current position) |  |  |
| Mutsumi Ota | September 2018 | Representative Director, GIFTEE MALAYSIA SDN. BHD. (current position) |  |  |
| (December 29, 1984) | March 2021 | Director, SOW EXPERIENCE Inc. (current position) | 5168400 | 5168400 |
|  | May 2021 | Chairman, Giftee Mekong Company Ltd. (current position) |  |  |
|  | June 2022 | President Director, PT giftee International Indonesia (current position) |  |  |
|  | November 2024 | Director, YouGotaGift.com Ltd. (current position) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Mutsumi Ota has played a central role in the management of the Company as Representative Director and CEO since its establishment in 2010, and realized the sustainable growth and corporate value enhancement of the Company through the establishment and expansion of its business base. Under his leadership as founder, he has driven the growth of the domestic business and proactively promoted the overseas business, contributing to the expansion of the Group's growth areas.<br>The Company has nominated him as candidate for director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Mutsumi Ota has played a central role in the management of the Company as Representative Director and CEO since its establishment in 2010, and realized the sustainable growth and corporate value enhancement of the Company through the establishment and expansion of its business base. Under his leadership as founder, he has driven the growth of the domestic business and proactively promoted the overseas business, contributing to the expansion of the Group's growth areas.<br>The Company has nominated him as candidate for director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Mutsumi Ota has played a central role in the management of the Company as Representative Director and CEO since its establishment in 2010, and realized the sustainable growth and corporate value enhancement of the Company through the establishment and expansion of its business base. Under his leadership as founder, he has driven the growth of the domestic business and proactively promoted the overseas business, contributing to the expansion of the Group's growth areas.<br>The Company has nominated him as candidate for director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Mutsumi Ota has played a central role in the management of the Company as Representative Director and CEO since its establishment in 2010, and realized the sustainable growth and corporate value enhancement of the Company through the establishment and expansion of its business base. Under his leadership as founder, he has driven the growth of the domestic business and proactively promoted the overseas business, contributing to the expansion of the Group's growth areas.<br>The Company has nominated him as candidate for director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Mutsumi Ota has played a central role in the management of the Company as Representative Director and CEO since its establishment in 2010, and realized the sustainable growth and corporate value enhancement of the Company through the establishment and expansion of its business base. Under his leadership as founder, he has driven the growth of the domestic business and proactively promoted the overseas business, contributing to the expansion of the Group's growth areas.<br>The Company has nominated him as candidate for director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established. |
|  | April 2008 | Joined Inspire Corporation |  |  |
|  | May 2011 | Director, WACUL, INC. |  |  |
|  | April 2013 | Director and COO, the Company |  |  |
| Tatsuya Suzuki | March 2020 | Representative Director and COO, the Company (current position) | 1338400 | 1338400 |
| (July 24, 1985) | March 2021 | Director, SOW EXPERIENCE Inc. |  |  |
|  | October 2022 | Director, paintory Inc. |  |  |
|  | February 2023 | Director, Brewtope Inc. (former meuron Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Tatsuya Suzuki has overseen business execution of the Company since his appointment in 2013 as Director and COO, and has been responsible for management overall as Representative Director (co-Representative) since 2020, contributing to the sustainable growth and corporate value enhancement of the Company. Taking advantage of extensive experience and knowledge concerning new business development and management strategy, he has led the expansion of business domains and the strengthening of the revenue base through the creation of new businesses and the promotion of M&A.<br>The Company has nominated him as candidate for director as it has determined that he is well qualified as a member of management responsible for promoting Group strategies and executing growth investments at the Holding Company to be established. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Tatsuya Suzuki has overseen business execution of the Company since his appointment in 2013 as Director and COO, and has been responsible for management overall as Representative Director (co-Representative) since 2020, contributing to the sustainable growth and corporate value enhancement of the Company. Taking advantage of extensive experience and knowledge concerning new business development and management strategy, he has led the expansion of business domains and the strengthening of the revenue base through the creation of new businesses and the promotion of M&A.<br>The Company has nominated him as candidate for director as it has determined that he is well qualified as a member of management responsible for promoting Group strategies and executing growth investments at the Holding Company to be established. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Tatsuya Suzuki has overseen business execution of the Company since his appointment in 2013 as Director and COO, and has been responsible for management overall as Representative Director (co-Representative) since 2020, contributing to the sustainable growth and corporate value enhancement of the Company. Taking advantage of extensive experience and knowledge concerning new business development and management strategy, he has led the expansion of business domains and the strengthening of the revenue base through the creation of new businesses and the promotion of M&A.<br>The Company has nominated him as candidate for director as it has determined that he is well qualified as a member of management responsible for promoting Group strategies and executing growth investments at the Holding Company to be established. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Tatsuya Suzuki has overseen business execution of the Company since his appointment in 2013 as Director and COO, and has been responsible for management overall as Representative Director (co-Representative) since 2020, contributing to the sustainable growth and corporate value enhancement of the Company. Taking advantage of extensive experience and knowledge concerning new business development and management strategy, he has led the expansion of business domains and the strengthening of the revenue base through the creation of new businesses and the promotion of M&A.<br>The Company has nominated him as candidate for director as it has determined that he is well qualified as a member of management responsible for promoting Group strategies and executing growth investments at the Holding Company to be established. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Tatsuya Suzuki has overseen business execution of the Company since his appointment in 2013 as Director and COO, and has been responsible for management overall as Representative Director (co-Representative) since 2020, contributing to the sustainable growth and corporate value enhancement of the Company. Taking advantage of extensive experience and knowledge concerning new business development and management strategy, he has led the expansion of business domains and the strengthening of the revenue base through the creation of new businesses and the promotion of M&A.<br>The Company has nominated him as candidate for director as it has determined that he is well qualified as a member of management responsible for promoting Group strategies and executing growth investments at the Holding Company to be established. |

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| | | | | |
|:---|:---|:---|:---|:---|
| Name<br> (Date of birth) | Career summary, positions, responsibilities,<br> and significant concurrent positions | Career summary, positions, responsibilities,<br> and significant concurrent positions | Number of<br>shares of the<br>Company<br> held | Number of<br> shares of the<br>Holding<br> Company to<br> be allotted |
|  | April 2009 | Joined Nomura Securities Co., Ltd. |  |  |
|  | August 2013 | Joined ORIX Corporation |  |  |
| Yoshikazu Fujita<br> (May 10, 1986) | February 2017 | Director and CFO, the Company (current position) | 485800 | 485800 |
|  | October 2022 | Director, paintory Inc. (current position) |  |  |
|  | October 2024 | Director, Brewtope Inc. (former meuron Inc.) (current position) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Yoshikazu Fujita has spearheaded the formulation of capital policy and the formulation and implementation of financial strategies, and has promoted the establishment of a corporate structure in line with the growth stages of the Company since his appointment in 2017 as Director and CFO. He has a track record of supporting the sustainable growth of the Company through fundraising, the strengthening of the financial base, and the advancement of business management systems.<br>The Company has nominated him as candidate for director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Yoshikazu Fujita has spearheaded the formulation of capital policy and the formulation and implementation of financial strategies, and has promoted the establishment of a corporate structure in line with the growth stages of the Company since his appointment in 2017 as Director and CFO. He has a track record of supporting the sustainable growth of the Company through fundraising, the strengthening of the financial base, and the advancement of business management systems.<br>The Company has nominated him as candidate for director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Yoshikazu Fujita has spearheaded the formulation of capital policy and the formulation and implementation of financial strategies, and has promoted the establishment of a corporate structure in line with the growth stages of the Company since his appointment in 2017 as Director and CFO. He has a track record of supporting the sustainable growth of the Company through fundraising, the strengthening of the financial base, and the advancement of business management systems.<br>The Company has nominated him as candidate for director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Yoshikazu Fujita has spearheaded the formulation of capital policy and the formulation and implementation of financial strategies, and has promoted the establishment of a corporate structure in line with the growth stages of the Company since his appointment in 2017 as Director and CFO. He has a track record of supporting the sustainable growth of the Company through fundraising, the strengthening of the financial base, and the advancement of business management systems.<br>The Company has nominated him as candidate for director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for director and expected roles]<br>Mr. Yoshikazu Fujita has spearheaded the formulation of capital policy and the formulation and implementation of financial strategies, and has promoted the establishment of a corporate structure in line with the growth stages of the Company since his appointment in 2017 as Director and CFO. He has a track record of supporting the sustainable growth of the Company through fundraising, the strengthening of the financial base, and the advancement of business management systems.<br>The Company has nominated him as candidate for director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established. |

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| | | | | |
|:---|:---|:---|:---|:---|
| Name<br> (Date of birth) | Career summary, positions, responsibilities,<br> and significant concurrent positions | Career summary, positions, responsibilities,<br> and significant concurrent positions | Number of<br> shares of the<br> Company<br> held | Number of<br> shares of the<br> Holding<br> Company to<br> be allotted |
|  | April 1976 | Joined Fuji Photo Film Co., Ltd. (current FUJIFILM Corporation) |  |  |
|  | December 1999 | Representative Director and Vice Chairman, Keio Academic Enterprise Co., Ltd. |  |  |
|  | April 2001 | Professor, Graduate School of Media and Governance, Keio University<br> Member of Policy Evaluation Advisory Committee, National Police Agency |  |  |
|  | November 2002 | Project Professor, Research Center for Advanced Science and Technology, The University of Tokyo |  |  |
|  | April 2004 | Chairman, NPO Organization for Industry- Academia Collaboration Initiative (current position) |  |  |
|  | June 2007 | Chairperson, Intellectual Property Strategy Headquarters Special Research Committee of the Cabinet |  |  |
|  | July 2007 | Director, Area Works Co., Ltd. (current position) |  |  |
| (External) | April 2009 | Visiting Professor, Graduate School of Commerce and Management (MBA Program), Hitotsubashi University |  |  |
| Kenichiro Senoh<br> (January 1, 1954) | August 2009 | Chairperson, CIEC (Community for Innovation of Education and learning through Computers and communication networks) | 7500 | 7500 |
|  | April 2011 | Part-time Lecturer, Graduate School of Engineering (TMI), The University of Tokyo (current position)<br> Member of Agriculture, Forestry and Fisheries Research Council, Ministry of Agriculture, Forestry and Fisheries |  |  |
|  | June 2012 | Independent External Director, and Advisory Board member, TEIJIN LIMITED |  |  |
|  | November 2014 | Vice-chairperson, Japan Society for Research Policy and Innovation Management |  |  |
|  | March 2017 | External Director, Mitsubishi Pencil Co., Ltd. |  |  |
|  | February 2019 | External Director, the Company (current position) |  |  |
|  | April 2025 | Part-time Lecturer, Interfaculty Initiative in Information Studies/Graduate School of Interdisciplinary Information Studies, The University of Tokyo (current position) |  |  |

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[Reasons for nomination as candidate for external director and expected roles]

Mr. Kenichiro Senoh has extensive knowledge in fields that include innovation, business models, industry-academia collaboration, and intellectual property strategy. In addition to his contribution to the academia, he has experience in various areas, including serving as a member of government bodies and as a company director. The Company has nominated him as candidate for external director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established, utilizing the knowledge he has acquired to date to provide effective oversight and constructive advice as an external director regarding decision-making on important management issues and overall business execution.

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| | | | | |
|:---|:---|:---|:---|:---|
| Name<br> (Date of birth) | Career summary, positions, responsibilities,<br> and significant concurrent positions | Career summary, positions, responsibilities,<br> and significant concurrent positions | Number of<br>shares of the<br>Company held | Number of shares<br>of the Holding<br>Company to be<br>allotted |
|  | April 2002 | Joined PwC Consulting Co., Ltd. (current IBM Japan) |  |  |
|  | September 2005 | Joined Accenture Japan Ltd |  |  |
|  | May 2009 | Joined DeNA Co., Ltd. |  |  |
|  | April 2013 | Joined Livesense Inc. |  |  |
|  | March 2014 | Director, Livesense Inc. |  |  |
|  | December 2015 | External Director, waja inc. |  |  |
|  | May 2017 | Director, soeasy inc. |  |  |
|  | March 2018 | Director, Exodus Inc. |  |  |
|  |  | External Auditor, the Company |  |  |
|  | April 2018 | Director, CAMPFIRE, Inc. |  |  |
|  | September 2018 | External Director, waja inc. |  |  |
| (External) | March 2020 September 2020 | External Director, the Company (current position)<br> Director, three treasures Inc | 1700 | 1700 |
| Shin Nakajima | October 2020 | External Director, STiLy Inc. (current |  |  |
| (May 9, 1979) |  | position) |  |  |
|  | January 2021 | Director, good morning inc. |  |  |
|  | March 2021 | Director, CAMPFIRE Startups, Inc. |  |  |
|  | July 2021 | Director, CAMPFIRE SOCIAL BANK, Inc. |  |  |
|  | December 2021 | Director, CAMPFIRE SOCIAL CAPITAL, Inc. |  |  |
|  | May 2022 | External Director, Inspire High, Inc. (current position) |  |  |
|  | November 2024 | Representative Director, CAMPFIRE, Inc. (current position) Representative Director, three treasures Inc. (current position) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external director and expected roles]<br>Mr. Shin Nakajima has extensive experience in the fields of business development, management strategy formulation, and organizational operation, as well as a high level of expertise and practical experience in the fields of capital policy and finance. The Company has nominated him as candidate for external director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established, utilizing the knowledge he has acquired to date to provide effective oversight and constructive advice as an external director on important management issues and overall business execution. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external director and expected roles]<br>Mr. Shin Nakajima has extensive experience in the fields of business development, management strategy formulation, and organizational operation, as well as a high level of expertise and practical experience in the fields of capital policy and finance. The Company has nominated him as candidate for external director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established, utilizing the knowledge he has acquired to date to provide effective oversight and constructive advice as an external director on important management issues and overall business execution. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external director and expected roles]<br>Mr. Shin Nakajima has extensive experience in the fields of business development, management strategy formulation, and organizational operation, as well as a high level of expertise and practical experience in the fields of capital policy and finance. The Company has nominated him as candidate for external director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established, utilizing the knowledge he has acquired to date to provide effective oversight and constructive advice as an external director on important management issues and overall business execution. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external director and expected roles]<br>Mr. Shin Nakajima has extensive experience in the fields of business development, management strategy formulation, and organizational operation, as well as a high level of expertise and practical experience in the fields of capital policy and finance. The Company has nominated him as candidate for external director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established, utilizing the knowledge he has acquired to date to provide effective oversight and constructive advice as an external director on important management issues and overall business execution. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external director and expected roles]<br>Mr. Shin Nakajima has extensive experience in the fields of business development, management strategy formulation, and organizational operation, as well as a high level of expertise and practical experience in the fields of capital policy and finance. The Company has nominated him as candidate for external director as it has determined that he is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established, utilizing the knowledge he has acquired to date to provide effective oversight and constructive advice as an external director on important management issues and overall business execution. |

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| | | | | |
|:---|:---|:---|:---|:---|
| Name<br> (Date of birth) | Career summary, positions, responsibilities,<br> and significant concurrent positions | Career summary, positions, responsibilities,<br> and significant concurrent positions | Number of<br>shares of the<br>Company held | Number of shares<br>of the Holding<br>Company to be<br>allotted |
|  | April 1987 | Joined Nippon Telegraph and Telephone Corporation ("NTT") |  |  |
|  | July 1999 | Joined NTT Communications Corporation (company split-up) |  |  |
|  | September 2003 | Joined Nippon Telegraph and Telephone Corporation (Holding Company) |  |  |
|  | June 2010 | External Director, PDC Co., LTD. |  |  |
|  | July 2012 | Joined NTT DOCOMO, Inc. |  |  |
|  | August 2015 | President and Representative Director,<br> DOCOMO gacco, Inc. |  |  |
|  | July 2017 | Representative Director and Executive Vice President, Tower Records Japan Inc. |  |  |
| (External) | January 2020 | Joined TEPCO Ventures, Inc.<br> Director, TEPCO Life Service, inc. |  |  |
| Miwako Iyoku | June 2020 | External Director, TOMY Company, Ltd. | 5300 | 5300 |
| (October 11, 1964) |  | (current position) External Director, Yamano Holdings Corporation |  |  |
|  | December 2020 | External Director, Gakken Holdings Co., Ltd. (current position) |  |  |
|  | February 2022 | Representative Director, Yokogushist, (current position) |  |  |
|  | March 2022 | External Director, the Company (current position) |  |  |
|  | August 2023 | External Director, Bewith, Inc. (current position) |  |  |
|  | June 2025 | External Director, Kuze Co., Ltd. (current position) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external director and expected roles]<br>Ms. Miwako Iyoku has extensive experience and a track record backed by practical experience, such as having started multiple new businesses at business corporations as an in-house entrepreneur and having been responsible for business operations as a manager at a Group company. The Company has nominated her as candidate for external director as it has determined that she is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established by providing effective oversight as well as realistic and constructive advice as an external director on important management issues and overall business execution based on her practical experience to date. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external director and expected roles]<br>Ms. Miwako Iyoku has extensive experience and a track record backed by practical experience, such as having started multiple new businesses at business corporations as an in-house entrepreneur and having been responsible for business operations as a manager at a Group company. The Company has nominated her as candidate for external director as it has determined that she is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established by providing effective oversight as well as realistic and constructive advice as an external director on important management issues and overall business execution based on her practical experience to date. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external director and expected roles]<br>Ms. Miwako Iyoku has extensive experience and a track record backed by practical experience, such as having started multiple new businesses at business corporations as an in-house entrepreneur and having been responsible for business operations as a manager at a Group company. The Company has nominated her as candidate for external director as it has determined that she is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established by providing effective oversight as well as realistic and constructive advice as an external director on important management issues and overall business execution based on her practical experience to date. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external director and expected roles]<br>Ms. Miwako Iyoku has extensive experience and a track record backed by practical experience, such as having started multiple new businesses at business corporations as an in-house entrepreneur and having been responsible for business operations as a manager at a Group company. The Company has nominated her as candidate for external director as it has determined that she is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established by providing effective oversight as well as realistic and constructive advice as an external director on important management issues and overall business execution based on her practical experience to date. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external director and expected roles]<br>Ms. Miwako Iyoku has extensive experience and a track record backed by practical experience, such as having started multiple new businesses at business corporations as an in-house entrepreneur and having been responsible for business operations as a manager at a Group company. The Company has nominated her as candidate for external director as it has determined that she is a person capable of contributing to the further growth of the Group and the enhancement of its corporate value at the Holding Company to be established by providing effective oversight as well as realistic and constructive advice as an external director on important management issues and overall business execution based on her practical experience to date. |

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| | |
|:---|:---|
| Notes: 1. | If the Holding Company is established and each candidate is appointed as a director of the Holding Company, the proportion of women in the Board of Directors will be 14.3% (one out of seven directors).  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There are no special interests between each candidate and the Company, and no special interests are expected to
arise between each candidate and the Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Company has registered Mr. Kenichiro Senoh, Mr. Shin Nakajima, and Ms. Miwako Iyoku as
independent officers pursuant to the rules of the Tokyo Stock Exchange. If the Holding Company is established and each candidate is appointed as an external director of the Holding Company, the Holding Company will register them as independent
officers pursuant to the rules of the Tokyo Stock Exchange.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The number of shares of the Company held by each candidate for director is the number of shares held as of
December 31, 2025, and the number of shares of the Holding Company to be allotted is based on that holding status and takes into account the share transfer ratio in the Share Transfer. Accordingly, the actual number of shares of the Holding
Company to be allotted may vary depending on the holding status immediately prior to the date of incorporation of the Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If the Holding Company is established, pursuant to Article 427, Paragraph 1 of the Companies Act, the Holding
Company will enter into an agreement with Mr. Kenichiro Senoh, Mr. Shin Nakajima, and Ms. Miwako Iyoku to limit their liability for damages as stipulated in Article 423, Paragraph 1 of said Act. The limit of liability for damages
under the agreement shall be the amount set forth in laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If the Holding Company is established, the Holding Company will enter into a directors and officers liability
insurance contract with an insurance company, as stipulated in Article 430-3, Paragraph 1 of the Companies Act, with the directors, corporate auditors and management staff of the Holding Company and its
subsidiaries as the insured. The insurance policy will cover damages that may arise when the insured assumes liability for the execution of his or her duties or receives a claim related to the pursuit of such liability. If each candidate assumes
office as director of the Holding Company, they shall be included in the insured under the insurance policy.

However, in order to prevent the insureds from impairing the properness of execution of their duties, the policy does include certain exemption clauses, such as acts committed with the knowledge that they violate laws and regulations. The insurance premiums shall be fully borne by the Holding Company, and therefore, the insured shall not bear the actual premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Mr. Kenichiro Senoh is currently an external director of the Company, and his term of office as an
external director of the Company will have been seven (7) years at the conclusion of this Ordinary General Meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mr. Shin Nakajima is currently an external director of the Company, and his term of office as an external
director of the Company will have been six (6) years at the conclusion of this Ordinary General Meeting of Shareholders. In addition, he has served as an external auditor of the Company in the past.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Ms. Miwako Iyoku is currently an external director of the Company, and her term of office as an external
director of the Company will have been four (4) years at the conclusion of this Ordinary General Meeting of Shareholders.

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5. Matters Concerning Persons Who Will Serve as Corporate Auditors of the Holding Company

The persons who will serve as Corporate Auditors of the Holding Company are as follows.

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| | | | | |
|:---|:---|:---|:---|:---|
| Name<br> (Date of birth) | Career summary, positions,<br> and significant concurrent positions | Career summary, positions,<br> and significant concurrent positions | Number of<br>shares of the<br>Company held | Number of shares<br>of the Holding<br>Company to be<br>allotted |
|  | April 1988 | Joined ASCII, Inc. |  |  |
|  | March 1998 | Joined Craftec inc |  |  |
|  | April 1999 | Representative Director, Point Five Communication Co., Ltd. |  |  |
|  | December 2000 | Joined Internet Research Institute, Inc. |  |  |
|  | October 2002 | Director, IRI Commerce & Technology, Inc.<br> (current IID, Inc.) |  |  |
| (External) | November 2005 | Director, cbook24.com, inc. |  |  |
|  | December 2009 | Auditor, cbook24.com, inc. | 1800 | 1800 |
| Daizo Kugi<br>(July 4, 1964) | August 2011 | Director, Net Security Research Institute, Inc. |  |  |
|  | November 2012 | Director, en Factory, Inc. |  |  |
|  | June 2014 | Director, Taibundo, Inc. (current EARTH STAR Entertainment) |  |  |
|  | May 2015 | Director, EhonNavi Corporation |  |  |
|  | October 2017 | External Auditor, the Company (current position) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Daizo Kugi has deep knowledge of the internet industry spanning many years, and extensive experience as a business executive gained at multiple companies. The Company has nominated him as candidate for external auditor, expecting that, based on this experience, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Daizo Kugi has deep knowledge of the internet industry spanning many years, and extensive experience as a business executive gained at multiple companies. The Company has nominated him as candidate for external auditor, expecting that, based on this experience, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Daizo Kugi has deep knowledge of the internet industry spanning many years, and extensive experience as a business executive gained at multiple companies. The Company has nominated him as candidate for external auditor, expecting that, based on this experience, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Daizo Kugi has deep knowledge of the internet industry spanning many years, and extensive experience as a business executive gained at multiple companies. The Company has nominated him as candidate for external auditor, expecting that, based on this experience, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Daizo Kugi has deep knowledge of the internet industry spanning many years, and extensive experience as a business executive gained at multiple companies. The Company has nominated him as candidate for external auditor, expecting that, based on this experience, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. |

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| | | | | |
|:---|:---|:---|:---|:---|
| Name<br> (Date of birth) | Career summary, positions,<br> and significant concurrent positions | Career summary, positions,<br> and significant concurrent positions | Number of<br>shares of the<br>Company held | Number of shares<br>of the Holding<br>Company to be<br>allotted |
|  | April 2000 | Registered as an attorney-at-law (Daini Tokyo Bar Association) Joined Asahi Law Office (current Nishimura & Asahi (Gaikokuho Kyodo Jigyo)) |  |  |
|  | August 2005 | Worked at Schulte Roth & Zabel LLP<br> (State of New York, U.S.) |  |  |
|  | October 2011 | Joined GREE, Inc. |  |  |
|  | October 2014 | Partner, Shinju Law Offices |  |  |
|  | October 2016 | Supervisory Officer, One Private REIT, Inc. (current position) |  |  |
|  | November 2017 | Participated in Haraguchi International Law Office (current Eiwa Law Office) |  |  |
|  | January 2018 | External Corporate Auditor, for Startups, Inc. |  |  |
| (External) | February 2018 | Partner, Haraguchi International Law |  |  |
| Yoshihiro Akimoto |  | Office (current Eiwa Law Office) (current position) | 4600 | 4600 |
| (December 30, 1972) | April 2018 | External Auditor, JOYCOIN, Inc. |  |  |
|  | July 2018 | External Auditor, the Company (current position) |  |  |
|  | January 2019 | External Auditor, Netch Co., Ltd. |  |  |
|  | May 2019 | External Auditor, Zaisan Net Co., Ltd. |  |  |
|  | March 2020 | External Board of Corporate Auditors |  |  |
|  |  | Member, Mirrativ, Inc. (current position) |  |  |
|  | August 2022 | External Auditor, On-Sight Inc. |  |  |
|  | January 2023 | Part-time External Auditor, mediPhone, |  |  |
|  |  | Inc. (current position) |  |  |
|  | June 2023 | Part-time Auditor, Ferragamo Japan K.K. (current position)<br> External Director (Audit and Supervisory Committee Member), for Startups, Inc. (current position) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Yoshihiro Akimoto has experience in international transactions and other corporate legal affairs, corporate governance, and risk management as an attorney-at-law, as well as extensive knowledge of the IT industry. The Company has nominated him as candidate for external auditor expecting that, based on this experience and knowledge, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Yoshihiro Akimoto has experience in international transactions and other corporate legal affairs, corporate governance, and risk management as an attorney-at-law, as well as extensive knowledge of the IT industry. The Company has nominated him as candidate for external auditor expecting that, based on this experience and knowledge, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Yoshihiro Akimoto has experience in international transactions and other corporate legal affairs, corporate governance, and risk management as an attorney-at-law, as well as extensive knowledge of the IT industry. The Company has nominated him as candidate for external auditor expecting that, based on this experience and knowledge, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Yoshihiro Akimoto has experience in international transactions and other corporate legal affairs, corporate governance, and risk management as an attorney-at-law, as well as extensive knowledge of the IT industry. The Company has nominated him as candidate for external auditor expecting that, based on this experience and knowledge, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Yoshihiro Akimoto has experience in international transactions and other corporate legal affairs, corporate governance, and risk management as an attorney-at-law, as well as extensive knowledge of the IT industry. The Company has nominated him as candidate for external auditor expecting that, based on this experience and knowledge, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. |

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| | | | | |
|:---|:---|:---|:---|:---|
| Name<br> (Date of birth) | Career summary, positions,<br> and significant concurrent positions | Career summary, positions,<br> and significant concurrent positions | Number of<br>shares of the<br>Company held | Number of shares<br>of the Holding<br>Company to be<br>allotted |
|  | October 2001 | Joined ShinNihon Audit Corporation (current Ernst & Young ShinNihon LLC) |  |  |
|  | May 2005 | Registered as Certified Public Accountant |  |  |
|  | January 2006 | Joined Fuji Television Network, Accounting Section, Accounting Office |  |  |
|  | September 2009 | Joined ShinNihon LLC (current Ernst & Young ShinNihon LLC) |  |  |
|  | April 2019 | Established and became Director of Kazuhiro Ueno Certified Public Accountant Office (current position) |  |  |
|  | May 2019 | Senior Manager, RSTANDARD, Inc. (current position) |  |  |
|  | July 2019 | Registered as Tax Accountant Established and became Director of Kazuhiro Ueno Tax Accountant Office (current position) |  |  |
| (External) | September 2019 | Substitute Auditor, WILLPLUS Holdings Corporation |  |  |
| Kazuhiro Ueno (March 8, 1977) | March 2020 | External Auditor, the Company (current position) | 200 | 200 |
|  | July 2020 | Representative Partner, ES Next Audit Corporation (current ES Next LLC) |  |  |
|  | October 2020 | Representative Director, Leagress, Inc. (current position) |  |  |
|  | March 2021 | Substitute Auditor, KIYO Learning Co., Ltd. |  |  |
|  | August 2021 | External Director (Audit & Supervisory Committee Member), First-corporation Inc. (current position) |  |  |
|  | February 2022 | Partner, ES Next LLC |  |  |
|  | March 2022 | External Director, KIYO Learning Co., Ltd. (current position) |  |  |
|  | October 2024 | External Director (Audit & Supervisory Committee Member) WILLPLUS Holdings Corporation (current position) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Kazuhiro Ueno has work experience at audit corporations, as well as a wealth of experience and insight as a certified public accountant and tax accountant. The Company has nominated him as candidate for external auditor expecting that, based on this experience, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Kazuhiro Ueno has work experience at audit corporations, as well as a wealth of experience and insight as a certified public accountant and tax accountant. The Company has nominated him as candidate for external auditor expecting that, based on this experience, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Kazuhiro Ueno has work experience at audit corporations, as well as a wealth of experience and insight as a certified public accountant and tax accountant. The Company has nominated him as candidate for external auditor expecting that, based on this experience, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Kazuhiro Ueno has work experience at audit corporations, as well as a wealth of experience and insight as a certified public accountant and tax accountant. The Company has nominated him as candidate for external auditor expecting that, based on this experience, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [Reasons for nomination as candidate for external auditor]<br>Mr. Kazuhiro Ueno has work experience at audit corporations, as well as a wealth of experience and insight as a certified public accountant and tax accountant. The Company has nominated him as candidate for external auditor expecting that, based on this experience, he will audit the legality of the Board's decision-making and the execution of business operations by the Board of Directors, as well as express appropriate opinions as necessary, including at meetings of the Board of Directors, as an auditor at the Holding Company to be established, from a position independent from management. |

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Notes: 1. There are no special interests between each candidate and the Company, and no special interests are expected to arise between each candidate and the Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The prior approval of the Board of Corporate Auditors has been obtained in the selection of each candidate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Company has registered Mr. Daizo Kugi, Mr. Yoshihiro Akimoto, and Mr. Kazuhiro Ueno as
independent officers pursuant to the rules of the Tokyo Stock Exchange. If the Holding Company is established and each candidate is appointed as an external auditor of the Holding Company, the Holding Company will register them as independent
officers pursuant to the rules of the Tokyo Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The number of shares of the Company held by each candidate for auditor is the number of shares held as of
December 31, 2025, and the number of shares of the Holding Company to be allotted is based on that holding status and takes into account the share transfer ratio in the Share Transfer. Accordingly, the actual number of shares of the Holding
Company to be allotted may vary depending on the holding status immediately prior to the date of incorporation of the Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If the Holding Company is established, pursuant to Article 427, Paragraph 1 of the Companies Act, the Holding
Company will enter into an agreement with Mr. Daizo Kugi, Mr. Yoshihiro Akimoto, and Mr. Kazuhiro Ueno to limit their liability for damages as stipulated in Article 423, Paragraph 1 of said Act. The limit of liability for damages
under the agreement shall be the amount set forth in laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If the Holding Company is established, the Holding Company will enter into a directors and officers liability
insurance contract with an insurance company, as stipulated in Article 430-3, Paragraph 1 of the Companies Act, with the directors, corporate auditors and management staff of the Holding Company and its
subsidiaries as the insured. The insurance policy will cover damages that may arise when the insured assumes liability for the execution of his or her duties or receives a claim related to the pursuit of such liability. If each candidate assumes
office as auditor of the Holding Company, they shall be included in the insured under the insurance policy.

However, in order to prevent the insureds from impairing the properness of execution of their duties, the policy does include certain exemption clauses, such as acts committed with the knowledge that they violate laws and regulations. The insurance premiums shall be fully borne by the Holding Company, and therefore, the insured shall not bear the actual premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Mr. Daizo Kugi is currently an external auditor of the Company, and his term of office as an external
auditor of the Company will have been eight (8) years and five (5) months at the conclusion of this Ordinary General Meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mr. Yoshihiro Akimoto is currently an external auditor of the Company, and his term of office as an
external auditor of the Company will have been seven (7) years and eight (8) months at the conclusion of this Ordinary General Meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Mr. Kazuhiro Ueno is currently an external auditor of the Company, and his term of office as an external
auditor of the Company will have been six (6) years at the conclusion of this Ordinary General Meeting of Shareholders.

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6. Matters Concerning Entity That Will Serve as the Accounting Auditor of the Holding Company

The entity that will serve as the Accounting Auditor of the Holding Company is as follows.

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| | | |
|:---|:---|:---|
| Name | Ernst & Young ShinNihon LLC |  |
| Location of principal office | Hibiya Mitsui Tower, Tokyo Midtown Hibiya<br> 1-1-2 Yuraku-cho, Chiyoda-ku, Tokyo |  |
| History | 1967 Established Tetsuzo Ota & Co.<br> 1969 Established Showa Audit Corporation<br> 1985 Tetsuzo Ota & Co. and Showa Audit Corporation were merged to form Showa Ota & Co.<br> 2000 Showa Ota & Co. and Century Audit Corporation (established in 1986) were merged to form Century Ota Showa & Co.<br> 2001 Renamed to Shin Nihon & Co.<br> 2008 Renamed to Ernst & Young ShinNihon LLC, following the reorganization into a limited liability company<br> 2018 Renamed (Japanese name only) |  |
| Number of audit clients | 3,805 (as of June 30, 2025) |  |
| Capital | ¥1,221 million (as of July 1, 2025) |  |
|  | 6,517 (as of June 30, 2025) |  |
|  | [Composition] |  |
|  | Certified Public Accountants: | 3061.0 |
| Members | Certified Public Accountant Examination | 1396.0 |
|  | Passers, etc.: |  |
|  | Others: | 2060.0 |
|  | Total: | 6517.0 |

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| | |
|:---|:---|
| Notes: 1. | Ernst & Young ShinNihon LLC was selected as candidate for Accounting Auditor since it was deemed to be appropriate to serve as the Company's Accounting Auditor, following the comprehensive consideration of the company's scale, experience, and other abilities to perform its duties, as well as its independence and internal audit systems.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Holding Company is established, pursuant to Article 427, Paragraph 1 of the Companies Act, the Holding
Company will enter into an agreement with the Accounting Auditor to limit its liability for damages as stipulated in Article 423, Paragraph 1 of said Act. The limit of liability for damages under the agreement shall be the minimum amount set forth
in laws and regulations.

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**Proposal 3:** Partial Amendments to the Restricted Share Compensation Plan for Directors

At the 13th Ordinary General Meeting of Shareholders held on March 28, 2023, the Company received approval to allot restricted shares as compensation to directors (excluding external directors; hereinafter, the same shall apply in this proposal). Based on this approval, the Company has entered into a restricted share allotment agreement with directors, and granted them restricted shares.

The proposal was approved to include the following provision as a summary of the contents to be stipulated in the Allotment Agreement: "In the event that, during the Transfer Restriction Period, a merger agreement whereby the Company becomes the defunct company, a share exchange agreement or a share transfer plan whereby the Company becomes a wholly-owned subsidiary, or any other matters pertaining to restructuring, etc., are approved by the Company's General Meeting of Shareholders (however, in the event that the approval of the Company's General Meeting of Shareholders for the said restructuring, etc. is not required, approval by the Company's Board of Directors), the Company shall remove the Transfer Restrictions on a reasonably determined number of Allotted Shares prior to the effective date of the said restructuring, etc. by resolution of the Company's Board of Directors, taking into consideration the length of time between the commencement of the Transfer Restriction Period and the date of approval of the said restructuring, etc. The Company may, by operation of law, acquire any Allotted Shares for which Transfer Restrictions have not been removed immediately following the removal of the Transfer Restrictions at no consideration."

If Proposal 2: Approval of the Share Transfer Plan is approved as originally proposed at this General Meeting of Shareholders, the Company will transition to a holding company structure. Even after such a transition, the Company has deemed that it is desirable to continue imposing transfer restrictions on the restricted share compensation previously granted to its directors in order to provide such directors with incentives and contribute to the sustainable enhancement of the Holding Company's corporate value, as well as to further promote the sharing of value with shareholders following the organizational restructuring. In light of the above, we request approval to amend the above provision as follows. Details of the Plan other than these amendments shall remain unchanged, and the details previously approved shall continue in effect.

The purpose of the Plan is to provide directors with incentives to achieve the sustainable enhancement of the Company's corporate value and to further promote the sharing of value between directors and shareholders. An overview of the policy for determining the details of compensation, etc. for individual directors of the Company is set forth in "3. (4) 1) Matters Concerning the Policy for Determining the Details of Compensation, etc. for Individual Directors" in the Business Report, and there are no plans to change this policy even if this proposal is approved. As this proposal is necessary and appropriate for the granting of compensation, etc. to individual directors in accordance with the policy, we have deemed the content of the proposal to be appropriate.

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Details of the amendments are as follows.

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| | |
|:---|:---|
| Before the amendments | After the amendments |
| 3) Treatment in the event of restructuring, etc.<br> In the event that, during the Transfer Restriction Period, a merger agreement whereby the Company becomes the defunct company, a share exchange agreement or a share transfer plan whereby the Company becomes a wholly-owned subsidiary, or any other matters pertaining to restructuring, etc., are approved by the Company's General Meeting of Shareholders (however, in the event that the approval of the Company's General Meeting of Shareholders for the said restructuring, etc. is not required, approval by the Company's Board of Directors), the Company shall remove the Transfer Restrictions on a reasonably determined number of Allotted Shares prior to the effective date of said restructuring, etc. by resolution of the Company's Board of Directors, taking into consideration the length of time between the commencement of the Transfer Restriction Period and the date of the approval of the said restructuring, etc. The Company may, by operation of law, acquire any Allotted Shares for which Transfer Restrictions have not been removed immediately following the removal of the Transfer Restrictions at no consideration. | 3) Treatment in the event of restructuring, etc.<br> In the event that, during the Transfer Restriction Period, a merger agreement whereby the Company becomes the defunct company, a share exchange agreement or a share transfer plan whereby the Company becomes a wholly-owned subsidiary, or any other matters pertaining to restructuring, etc., are approved by the Company's General Meeting of Shareholders (however, in the event that the approval of the Company's General Meeting of Shareholders for the said restructuring, etc. is not required, approval by the Company's Board of Directors), the Company shall remove the Transfer Restrictions on a reasonably determined number of Allotted Shares prior to the effective date of the said restructuring, etc. by resolution of the Company's Board of Directors, taking into consideration the length of time between the commencement of the Transfer Restriction Period and the date of approval of the said restructuring, etc. The Company may, by operation of law, acquire any Allotted Shares for which Transfer Restrictions have not been removed immediately following the removal of the Transfer Restrictions at no consideration. <u>However, this shall not apply if, during the course of such organizational restructuring, etc., a corporation involved in said organizational restructuring, etc. other than the Company delivers shares of said corporation to Eligible Directors (limited to shares subject to transfer restrictions</u>). |

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If this proposal is approved, the Company intends to carry out the prescribed procedures in accordance with the method set forth in the restricted share allotment agreement so as to reflect the amendments to the Plan pursuant to this proposal in the restricted share allotment agreement relating to restricted shares that have already been delivered to directors.

Furthermore, if Proposal 2: Approval of the Share Transfer Plan is approved as originally proposed at this General Meeting of Shareholders, and if it is confirmed in advance that the shares of the Holding Company to be delivered to the Company's directors under the Share Transfer will continue to be treated as restricted shares, the Company's contractual status, rights and obligations under the restricted share allotment agreement shall be succeeded to the Holding Company to be established as of July 1, 2026, the effective date of the Share Transfer.

Currently, there are four (4) directors who are eligible for the Plan. This proposal shall take effect on the condition that Proposal 2: Approval of the Share Transfer Plan is approved as originally proposed.

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(Reference) Original Resolution (The 13th Ordinary General Meeting of Shareholders held on March 28, 2023)

Proposal 6: Determination of Compensation for the Purpose of Allotting Restricted Shares to Directors (excluding External Directors)

If Proposal 4 is approved as originally proposed, the amount of compensation for the Company's directors will be "no more than 150 million yen per annum." In addition, this compensation will consist of monthly compensation only.

In this proposal, with the aim of combining compensation linked to the stock price with officer compensation for directors (excluding external directors; hereinafter, "Eligible Directors") to further align their interests with shareholders' interests, the Company requests approval to grant restricted shares to Eligible Directors as compensation, separate from the aforementioned compensation.

The current number of Eligible Directors is four (4). If Proposal 3 is approved as originally proposed, the number of Eligible Directors will continue to be four (4).

The Company believes that the contents of the restricted share compensation allotment are reasonable as they will further promote the medium- to long-term enhancement of the Company's corporate value and the sharing of value with shareholders.

(1) Overview of issuance or disposal of restricted shares

Each fiscal year in principle, Eligible Directors shall make an in-kind contribution of all monetary compensation claims to be granted on the basis of this proposal, and receive the common stock of the Company that will be issued or disposed of in accordance with a resolution of the Board of Directors of the Company.

In issuing or disposing of the common stock of the Company, the Company and Eligible Directors shall enter into a restricted share allotment agreement (hereinafter, the "Allotment Agreement"). Eligible Directors shall not transfer, create a security interest on, or otherwise dispose of the common stock of the Company allotted in accordance with the Allotment Agreement (hereinafter, "Allotted Shares") for a specified period of time from the date of delivery of the Allotted Shares (hereinafter, "Transfer Restriction Period"). The outline of the Allotment Agreement is as described in (4) below.

(2) Upper limits on the total amount of monetary compensation claims and the total number of shares On the basis of this proposal, the total amount of monetary compensation claims to be granted to Eligible Directors shall be no more than 200 million yen per annum, and the total number of shares of the Company's common stock to be issued or disposed of by Eligible Directors shall be no more than 50,000 shares. In addition, in the event of circumstances necessitating an adjustment to the total number of shares of the Company's common stock that are issued or disposed of as restricted shares on or after the date on which this proposal is approved, such as a stock split of the Company's common stock (including the gratis allotment of the Company's common stock), reverse stock split, or any other reason, the total number of shares shall be adjusted within a reasonable extent.

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(3) Payment amount per share

The payment amount per share of Allotted Shares shall be determined by the Board of Directors within a range that is not especially advantageous to Eligible Directors, on the basis of the closing price of the common stock of the Company on the Tokyo Stock Exchange on the business day preceding the date of resolution by the Board of Directors regarding the allotment of shares (if no transactions are concluded on that day, the closing price on the immediately preceding date).

(4) Overview of the content stipulated in the Allotment Agreement

1) Details of transfer restriction

The Transfer Restriction Period shall be a maximum of two (2) years.

Effective as of the payment date, Eligible Directors: (a) may not transfer, create a security interest on, or otherwise dispose of (hereinafter, "transfer, etc.") one half of the Allotted Shares (hereinafter, "Removal (i)") during the period from the date of receipt of the allotment in accordance with the Allotment Agreement until a date exceeding three (3) months after the last day of the business year that includes the date of receipt of the said allotment or the date on which one (1) year has elapsed since the date of receipt of the said allotment, whichever is the latter (hereinafter, "Transfer Restriction Period (i)"), and (b) may not transfer, etc. any Allotted Shares remaining following Removal (i) from the number of Allotted Shares (hereinafter, "Removal (ii)") during the period from the date of receipt of the allotment in accordance with the Allotment Agreement until a date on which two (2) years have elapsed since the date of receipt of the said allotment (hereinafter, "Transfer Restriction Period (ii)"; collectively referred to as the "Transfer Restriction Period"). (Hereinafter, referred to individually or collectively as "Transfer Restrictions.")

On the condition that Eligible Directors have continued to serve in the position of director of the Company or in any other position stipulated by the Board of Directors during the Transfer Restriction Period (i), the Company shall remove the Transfer Restrictions on Removal (i) upon the expiration of Transfer Restriction Period (i), and on the condition that Eligible Directors have continued to serve in the position of director of the Company or any other position stipulated by the Board of Directors during Transfer Restriction Period (ii), the Company shall remove the Transfer Restrictions on Removal (ii) upon the expiration of Transfer Restriction Period (ii). The Company may, by operation of law, acquire the Allotted Shares for which Transfer Restrictions have not been removed upon the expiration of the Transfer Restriction Period at no consideration.

2) Treatment in the event of retirement, etc. during the Transfer Restriction Period

In the event that an Eligible Director loses his or her position as director of the Company or any other position stipulated by the Board of Directors of the Company prior to the expiration of the Transfer Restriction Period (i), the Company may, by operation of law, acquire all Allotted Shares at that time at no consideration, and in the event that an Eligible Director loses an aforementioned position following the expiration of Transfer Restriction Period (i) and prior to the expiration of Transfer Restriction Period (ii), the Company may, by operation of law, acquire the portion of Allotted Shares at that time excluding Removal (i) at no consideration.

However, in the event that the said director loses his or her position as director of the Company or any other position stipulated by the Board of Directors of the Company prior to the expiration of the Transfer Restriction Period for reasons deemed justifiable by the Board of Directors of the Company, the number of Allotted Shares for which the Transfer Restrictions are to be removed and the timing thereof shall be reasonably adjusted as necessary.

3) Treatment in the event of restructuring, etc.

In the event that, during the Transfer Restriction Period, a merger agreement whereby the Company becomes the defunct company, a share exchange agreement or a share transfer plan whereby the Company becomes a wholly-owned subsidiary, or any other matters pertaining to restructuring, etc., are approved by the Company's General Meeting of Shareholders (however, in the event that the approval of the Company's General Meeting of Shareholders for the said restructuring, etc. is not required, approval by the Company's Board of Directors), the Company shall remove the Transfer Restrictions on a reasonably determined number of Allotted Shares prior to the effective date of the said restructuring, etc. by resolution of the Company's Board of Directors, taking into consideration the length of time between the commencement of the Transfer Restriction Period and the date of approval of the said restructuring, etc. The Company may, by operation of law, acquire any Allotted Shares for which Transfer Restrictions have not been removed immediately following the removal of the Transfer Restrictions at no consideration.

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4) Other matters to be determined by the Board of Directors

Other matters related to the Plan shall be determined by the Board of Directors, and such matters shall form part of the Allotment Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Business Report</u> 

( From 1<sup>st</sup> January 2025) <br> To 31<sup>st</sup> December 2025

1. Matters Concerning the Current Status of the Group

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Business Progress and Results

As the Group operates a single business segment, the e-Gift Platform Business segment-based disclosures are omitted.

The Group is engaged in the creation, distribution, and sale of e-gifts that can be sent and redeemed online via smartphones and other devices. Online communication among individuals, corporations, and municipalities has continued to increase year by year, and demand for e-gifts as a tool for such communication is expanding.

Under these circumstances, and guided by its vision of "providing services that cultivate connections among people, companies, and communities through e-gifts," the Group has developed four services:

"giftee" for individuals,

"giftee for Business" for corporate clients,

"eGift System" for providing e-gift generation systems, and "Regional Currency" services, which provide digital solutions such as the digitization of local currencies primarily for municipalities.

In the "giftee" service, steady acquisition of individual users resulted in membership reaching 2.53 million (an increase of 0.21 million from the previous fiscal year).

In the "giftee for Business" service, usage increased among corporations utilizing e-gifts for marketing and other purposes, as well as municipalities using e-gifts as a means of distributing subsidies and support payments. The number of corporate and municipal partners (DPs) reached 2,276 (up 248 from the previous fiscal year), and the number of implemented projects totaled 18,772 (up 2,445), both marking new record highs following the previous fiscal year.

In the "eGift System" service, adoption continued to expand not only in the food and retail sectors but also across a broader range of industries, with the number of corporate partners (CPs) reaching 302 (an increase of 35 from the previous fiscal year).

Revenue from the "Regional Currency" service declined year on year, as spot projects such as the digitization of premium gift certificates and implementation projects requiring development that were executed in the same period of the previous fiscal year were limited in the current fiscal year. However, recurring projects have steadily increased, supported by the rising adoption of the travel tax payment program among municipalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) The number of DPs and CPs presented above reflects the figures on a non-Consolidated basis for the Company.

Additionally, during the third quarter of the fiscal year ending December 2025, the Group finalized the provisional accounting treatment related to a business combination. Accordingly, figures for the fiscal year ended December 2024 have been adjusted to reflect the finalized treatment.

As a result, for the current consolidated fiscal year, net sales amounted to 14,149 million yen (up 48.1% year on year), gross profit totaled 10,425 million yen (up 45.1% year on year), operating profit was 2,603 million yen (up 49.3% year on year), and ordinary profit reached 2,208 million yen (up 39.8% year on year). Profit attributable to owners of the parent was 935 million yen, compared with a loss attributable to owners of the parent of 510 million yen in the previous fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Status of Capital Expenditures

The total amount of capital expenditures implemented during the consolidated fiscal year was 429 million yen, mainly attributable to the development of internally used software.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Status of Fundraising

Information on the Group's fundraising activities during the consolidated fiscal year is provided in "1. Matters Concerning the Current Status of the Group (10) Major Lenders and Outstanding Borrowings."

（4) Challenges to Be Addressed

The Group promotes its businesses under the vision of "providing services that cultivate connections among people, companies, and communities through e-gifts," and the mission of "creating a society connected through better relationships by facilitating the circulation of thoughtful giving." In the rapidly growing e-gift market, the Group will continue to pursue initiatives that strengthen its role as a leading e-gift platform provider.

Within this context, the Group considers the following items to be key challenges requiring focused attention:

① Strengthening Partnerships with Business Partners

The Group positions e-gift issuers and distribution partners as key business partners. We will continue to strengthen collaborations with existing partners while expanding partnerships with new ones, thereby pursuing mutually beneficial initiatives and responding to the diverse needs of both individual users and corporate clients who utilize e-gifts.

② Securing and Expanding Diverse Revenue Opportunities

Beginning with the "giftee" service, the Group has expanded its portfolio to include the "eGift System", "giftee for Business", and "Regional Currency" services, thereby securing a wide range of revenue opportunities.

Going forward, in addition to strengthening each existing service, the Group will seek to create new revenue opportunities by developing new systems that enable more effective marketing and by proposing new use cases.

Through these initiatives, we aim to optimize the Group's overall revenue portfolio.

③ Continuous Creation of New Businesses (Services)

The Group believes that, in order to capture diverse customer needs and achieve sustainable growth in the expanding domestic e-gift market, it is essential not only to grow existing businesses but also to continue developing new businesses. Based on this recognition, the Group has launched a variety of new services. Going forward, we will continue to create new businesses (services) to enhance our ability to meet diverse customer needs and to drive the growth of both existing and new businesses.

④ Continuation of the Group's End-to-End Business Model

The Group provides the "eGift System" as a SaaS solution that supports the entire e-gift value chain—from issuance, distribution, and sales to settlement and performance management—enabling us to meet a broad range of customer needs. Maintaining this end-to-end business model, which is one of the Group's core strengths, requires robust system stability. To this end, we will continue to enhance our infrastructure environment, taking into account customer needs and traffic requirements, and will work toward ensuring system stability and improving operational efficiency.

⑤ Securing and Developing Human Resources

The Group recognizes that securing and developing a large number of highly capable personnel is essential to the execution and expansion of its businesses. In particular, the continuous recruitment of skilled engineers who contribute to improving service convenience and functionality, and of sales personnel who drive the strengthening of our revenue base, is a key challenge.

To secure and develop optimal talent, the Group will work to enhance brand recognition, improve training and educational programs, and adopt more flexible recruitment practices.

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⑥ Strengthening the Internal Control System

As the Group is in a growth phase, strengthening the internal control system is essential for improving operational efficiency and risk management. The Group will continue to enhance back-office functions and work to build a more robust internal control framework that ensures fairness and transparency in management.

⑦ Strengthening Information Management Systems

The Group may handle confidential and personal information in the course of system development, system operation, and service delivery. Strengthening information management is therefore a key priority. While management is currently conducted in accordance with the Information Systems Management Regulations and other internal rules, the Group will continue to reinforce its information-management practices through ongoing employee training and system enhancements.

⑧ Initiatives for Sustainability

As part of its sustainability initiatives, the Group has identified the following materiality issues as matters of significant importance to stakeholders and as topics with substantial impact on the Group's management.

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| | | |
|:---|:---|:---|
| Solving Social Issues Through Services and Solutions |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Enhancing Communication<br>• Fostering connection, bonds, and relationships<br>• Reducing various burdens through digitalization<br>|
|  | Environment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Response to climate change <br>• Efficient use of resources<br>|
| Foundation<br> Supporting<br> Sustainable Growth | Social | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Diversity & inclusion<br>• Respect for human rights and creation of a fulfilling workplace<br>• Data security<br>• Customer privacy<br>|
|  | Governance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Corporate governance <br>• Compliance<br>• Fair business practices<br>|

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By promoting initiatives addressing these materiality themes, the Group aims to contribute to the resolution of social issues.

Information on the Company's principal sustainability initiatives is disclosed on our corporate website below. <br>

https://giftee.co.jp/ir/sustainability

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（5）Trends in Financial Position and Operating Results

① Trends in the Financial Position and Operating Results of the Corporate Group

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| | | | | |
|:---|:---|:---|:---|:---|
| Category | FY2022 (13th<br>Term) | FY2023 (14th<br>Term) | FY2024(15th<br>Term) | FY2025 (16th<br>Term, Current<br>Consolidated<br>Fiscal Year) |
|  Net Sales (million yen) | 4723 | 7226 | 9554 | 14149 |
|  Ordinary Profit (million yen) | 352 | 1239 | 1579 | 2208 |
|  Net Income (Loss) Attributable to Owners of Parent (million yen) | 10 | 129 | -510 | 935 |
|  Net Income (Loss) per Share (yen) | 0.38 | 4.43 | -17.33 | 31.51 |
|  Total Assets (million yen) | 19769 | 22164 | 41687 | 44706 |
|  Net Assets (million yen) | 8094 | 8305 | 8354 | 9272 |
|  Net Assets per Share (million yen) | 267.60 | 271.20 | 257.61 | 284.49 |

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**Note:** During FY 2025, the provisional accounting treatment related to a business combination was finalized. Accordingly, the figures for FY 2024 reflect the finalized allocation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Trends in the Company's Financial Position and Operating Results

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| | | | | |
|:---|:---|:---|:---|:---|
| Category | FY2022 (13th<br>Term) | FY2023 (14th<br>Term) | FY2024(15th<br>Term) | FY2025(16th<br>Term) |
|  Net Sales (million yen) | 3779 | 5855 | 7582 | 9807 |
|  Ordinary Profit (million yen) | 590 | 1782 | 2326 | 2679 |
|  Net Income (Loss) for the Period (million yen) | 45 | 627 | -516 | 1481 |
|  Net Income (Loss) per Share (yen) | 1.56 | 21.46 | -17.53 | 49.87 |
|  Total Assets (million yen) | 19014 | 21835 | 33908 | 35087 |
|  Net Assets (million yen) | 8461 | 9168 | 8823 | 10082 |
|  Net Assets per Share (yen) | 280.35 | 300.55 | 284.73 | 325.46 |

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Note: In the third quarter of the fiscal year ending December 2025, the Company finalized the provisional accounting treatment related to the business combination. Accordingly, the figures for the fiscal year ended December 2024 have been restated to reflect the finalized accounting treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Status of Significant Parent Company and Subsidiaries

① Relationship with Parent Company

There are no applicable matters.

② Status of Significant Subsidiaries

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Company Name | Capital | Ownership<br>Ratio | Ownership<br>Ratio | Main Business | Main Business |
|  Sou Experience Inc. | ¥68 million |  | 100％ |  | e-gift platform business |
|  GIFTEE MALAYSIA SDN. BHD. | MYR 9,568<br>thousand |  | 100％ |  | e-gift platform business |
|  YouGotaGift.com Ltd. | AED 1,093<br>thousand |  | 90.77％ |  | e-gift platform business |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Main Business Activities (As of 31st December, 2025)

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| | |
|:---|:---|
| Business | Main Services |
|  | &nbsp;&nbsp;&nbsp;&nbsp; • Provision of "giftee," an eGift service for individual users<br>|
| e-Gift Platform Business | &nbsp;&nbsp;&nbsp;&nbsp; • Provision of "giftee for Business," an eGift service for corporate clients<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; • Provision of the eGift System<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; • Provision of regional digital currency services<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Principal Offices and Facilities (As of 31st December, 2025)

（Parent Company）

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| | |
|:---|:---|
| Name | Location |
| Head Office | Shinagawa-ku, Tokyo |
| Kansai Branch | Nakagyo-ku, Kyoto |

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（Subsidiaries）

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| | |
|:---|:---|
| Name | Location |
| Sou Experience Inc. | Shibuya-ku, Tokyo |
| GIFTEE MALAYSIA SDN. BHD. | Kuala Lumpur, Malaysia |
| YouGotaGift.com Ltd. | Dubai, United Arab Emirates |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Status of Employees (As of 31st December, 2025)

<u> Number of Employees</u> <u>Change from<br>Previous<br>Consolidated<br>Fiscal<br>Year-End</u> <br> 685 employees 100<br>employees

Note: The number of employees represents the number of working personnel and does not include temporary staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Major Lenders and Outstanding Borrowings

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| | |
|:---|:---|
| Lender | Outstanding Borrowings (Millions of Yen) |
|  Mizuho Bank, Ltd. | 6432 |
|  MUFG Bank, Ltd. | 3750 |
|  The Bank of Yokohama, Ltd. | 2000 |
|  Sumitomo Mitsui Trust Bank, Limited | 1000 |
|  Resona Bank, Limited | 1000 |
|  Nippon Life Insurance Company | 1000 |
|  Kiraboshi Bank, Ltd. | 575 |

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2. Matters Related to the Company's Shares

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| | |
|:---|:---|
| (1) Total Number of Authorized Shares | 80,000,000 shares |
| (2) Total Number of Issued Shares | 29,777,502 shares (including 263 treasury shares) |
| (3) Number of Shareholders | 11,854 shareholders |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Major Shareholders

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| | | |
|:---|:---|:---|
| Shareholder | Number of Shares Held | Shareholding<br>Ratio |
|  Mutsumi Ota | 5,168,400 Shares | 17.35% |
|  The Master Trust Bank of Japan, Ltd. (Trust Account) | 2663700 | 8.94 |
|  Custody Bank of Japan, Ltd. (Trust Account) | 1974800 | 6.63 |
|  Hiroyoshi Umeda | 1710000 | 5.74 |
|  Fumitaka Yanase | 1364000 | 4.58 |
|  Tatsuya Suzuki | 1338400 | 4.49 |
|  BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) | 1112899 | 3.73 |
|  GOLDMAN SACHS INTERNATIONAL | 1035160 | 3.47 |
|  JCB Co., Ltd. | 950000 | 3.19 |
|  Rakuten Securities, Inc. (Shared Account) | 513800 | 1.72 |

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Note: Shareholding ratios are calculated excluding treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Shares Granted to Directors as Compensation During the Fiscal Year

The Company grants restricted stock to directors (excluding external directors) as compensation for the execution of their duties.

For details on this policy, please refer to "3. (4) (i) Policy for Determining the Details of Individual Director Compensation" in the Business Report.

<u>Number of Shares Granted</u> <u>Number of Eligible Recipients</u> <br> Directors (excluding external directors) 29,800 shares 4 persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Other Significant Matters Related to Shares

There are no applicable matters.

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3. Matters Related to Corporate Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Directors and Board of Corporate Auditors Members

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| | | |
|:---|:---|:---|
| Name | Position / Responsibilities | Significant Concurrent Positions |
| Mutsumi Ota | Representative<br> Director & CEO | GIFTEE MALAYSIA SDN. BHD. Representative Director<br> Giftee Mekong Company Ltd. Chairman<br> PT giftee International Indonesia. President Director<br> Director, SOW EXPERIENCE Inc.<br> YouGotaGift.com Ltd. Director |
| Tatsuya Suzuki | Representative Director & COO |  |
| Fumitaka Yanase | Director & CTO | GIFTEE TECH VIETNAM COMPANY LIMITED Director |
| Yoshikaz u Fujita | Director & CFO | Director, paintory Inc.<br> Director, Brewtope Inc. |
| Kenichiro Seno | Director | Chairman, NPO Organization for Industry-Academia Collaboration Initiative Part-time Lecturer, Graduate School of Engineering (TMI), The University of Tokyo (current position)Director, Area Works Inc. Part-time Lecturer, Interfaculty Initiative in Information Studies/Graduate School of Interdisciplinary Information Studies, The University of Tokyo (current position) |
| Shin Nakajima | Director | Representative Director, CAMPFIRE Inc.<br> Director, three treasures Inc.<br> External Director, Inspire High Inc. |
| Miwako Iyoku | Director | External Director, TOMY Company, Ltd.<br> External Director, Gakken Holdings Co., Ltd.<br> Representative Director, Yokogushist Inc.<br> External Director, Bewith, Inc.<br> External Director, Kuze Co., Ltd. |

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| | | |
|:---|:---|:---|
| Name | Position / Responsibilities | Significant Concurrent Positions |
| Daizo Kugi | Board of Corporate Auditors Member |  |
| Yoshihiro Akimoto | Board of Corporate Auditors Member | Supervisory Officer, One Private Investment Corporation<br> External Board of Corporate Auditors Member, For Startups, Inc.<br> Partner, EIWA Law Office<br> External Board of Corporate Auditors Member, Mirrativ, Inc.<br> External Board of Corporate Auditors Member, MedPhone Inc.<br> External Board of Corporate Auditors Member, Ferragamo Japan Co., Ltd. |
| Kazuhiro Ueno | Board of Corporate Auditors Member | Head, Ueno Kazuhiro Certified Public Accountant Office<br> Senior Manager, RSTANDARD Inc. Head, Ueno Kazuhiro Tax Accountant Office Representative Director, Leagress Inc. Director (Audit and Supervisory Committee Member), First Corporation Co., Ltd. External Director, KIYO Learning Co., Ltd. Director (Audit and Supervisory Committee Member), Willplus Holdings Corporation |

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Notes: 1. Mr. Kenichiro Seno, Mr. Shin Nakajima, and Ms. Miwako Iyoku are External Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mr. Daizo Kugi, Mr. Yoshihiro Akimoto, and Mr. Kazuhiro Ueno serve as External Board of Corporate Auditors Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mr. Kazuhiro Ueno holds qualifications as a Certified Public Accountant and a Licensed Tax Accountant, and possesses a high level of expertise in finance and accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company has designated Mr. Kenichiro Seno, Mr. Shin Nakajima, Ms. Miwako Iyoku, Mr. Daizo Kugi, Mr. Yoshihiro Akimoto, and Mr. Kazuhiro Ueno as Independent Officers as stipulated by the Tokyo Stock Exchange, and has submitted the required notifications to the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Outline of the Limitation of Liability Agreements

The Company has entered into agreements with all External Directors and External Board of Corporate Auditors Members to limit their liability for damages under Article 423, Paragraph 1 of the Companies Act.

The maximum liability amount under these agreements is set at the minimum liability amount required by applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Outline of Directors and Officers Liability Insurance

The Company has entered into a directors and officers liability insurance contract, as defined in Article 430-3, Paragraph 1 of the Companies Act, with an insurance company. The insured persons under this policy include Directors, Board of Corporate Auditors Members, and managerial employees of the Company and its subsidiaries. The policy covers losses that may arise from the insured being held liable in connection with the execution of their duties, or from claims made in pursuit of such liability.

The policy includes certain exclusions to ensure that the appropriateness of the insured persons' execution of duties is not impaired, for example, acts committed with knowledge of violating laws and regulations.

All premiums for this insurance policy are borne entirely by the Company, and the insured persons do not bear any substantive cost of the insurance coverage.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Amount of Compensation, etc. for Directors and Board of Corporate Auditors Members

① Policy on Determining Individual Compensation for Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Policy for Determining Director Compensation

The Company has established a Compensation Committee as a voluntary advisory body to the Board of Directors for the purpose of enhancing the fairness, transparency, and objectivity of procedures related to Director compensation, thereby further strengthening corporate governance. The specific details of individual compensation amounts are deliberated by the Compensation Committee, including the compensation structure, levels, and maximum total amounts. Based on the committee's recommendations, the final determination is made by a resolution of the Board of Directors.

The members of the Compensation Committee are as follows:

Chairperson: Kenichiro Seno (External Director)

Members: Shin Nakajima (External Director), Miwako Iyoku (External Director)

The Board of Directors has confirmed that the method for determining compensation and the resulting compensation amounts for each individual Director for the fiscal year under review are consistent with the Compensation Policy, and that the recommendations from the Compensation Committee have been duly respected. The Board therefore considers the determinations to be in line with the established Compensation Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Overview of the Policy

The Company deliberated and approved its policy for determining individual compensation for Directors (hereinafter, the "Compensation Policy") at the Board of Directors meeting held on 22nd February, 2021.

The compensation for Directors is designed based on a comparison of compensation systems and levels of companies similar in size, industry, and business characteristics to the Company. The basic policy is to establish a compensation structure that functions as a sufficient incentive to sustainably enhance corporate value and to set appropriate compensation levels for each Director in accordance with their respective responsibilities.

Compensation for Directors consists of Basic compensation (cash), Performance-linked compensation (cash), and Stock-based compensation (restricted stock). Basic compensation is paid to Directors (excluding External Directors) and is set based on competitive levels appropriate to each Director's role and responsibilities, taking into consideration the Company's performance in the previous fiscal year and individual evaluations.

Performance-linked compensation is paid to Directors (excluding External Directors). The performance indicator used is consolidated EBITDA, which is set as the annual performance target for the fiscal year, representing the earning power of the Group. This indicator is selected from the perspective of appropriately reflecting business performance and encouraging managerial efforts to enhance long-term corporate value.

The amount of performance-linked compensation is determined based on the level of achievement against the pre-set consolidated EBITDA target. For the fiscal year under review, consolidated EBITDA was ¥3,740 million, and performance-linked compensation was determined based on the achievement of this target.

Stock-based compensation (restricted stock) is granted annually to Directors (excluding External Directors) within the limit approved at the General Meeting of Shareholders, as an incentive for medium- to long-term enhancement of corporate value by promoting value sharing with shareholders and raising Directors' awareness of stock value. The number of shares granted is determined based on predefined criteria, taking into account each Director's position and individual evaluation. Shares granted are subject to transfer restrictions, during which transfer, pledging, or other disposal is prohibited. The Company may acquire all or part of such shares without compensation under certain circumstances. Details regarding stock-related matters are provided in "2. Matters Related to the Company's Shares."

For External Directors, only basic compensation is paid, considering their supervisory role.

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Additionally, the Company issues paid stock options to Directors (excluding External Directors). These stock options are subscribed at the discretion of each Director based on their own investment judgment and therefore do not constitute compensation under the Companies Act. Nevertheless, the Company considers them to serve as an incentive to promote medium- to long-term improvement of business performance and corporate value.

② Matters Related to the Resolution at the General Meeting of Shareholders Regarding Compensation for Directors

At the 13th Ordinary General Meeting of Shareholders held on 28th March, 2023, it was resolved that the maximum amount of monetary compensation for Directors shall be up to ¥150 million per year, of which the portion for External Directors shall be up to ¥24 million per year. (This excludes salaries paid to Directors concurrently serving as employees.)

Separately from the above monetary compensation, at the same General Meeting of Shareholders, it was also resolved to introduce a restricted stock compensation plan for Directors (excluding External Directors). Under this plan, the maximum amount of restricted stock compensation is set at up to ¥200 million per year, and the annual maximum number of shares to be issued is up to 50,000 shares of the Company's common stock.

As of the close of that General Meeting of Shareholders, the number of Directors was seven, including three External Directors.

③ Matters Related to the Delegation of Authority for Determining Individual Director Compensation

Not applicable.

④ Compensation for Board of Corporate Auditors Members

To ensure independence, compensation for Board of Corporate Auditors Members consists solely of fixed compensation. The amount of such compensation is determined through discussions among the Board of Corporate Auditors Members within the limit approved at the General Meeting of Shareholders, considering factors such as each member's responsibilities and contributions, social and market conditions, and comparisons with other companies.

At the 13th Ordinary General Meeting of Shareholders held on 28th March, 2023, it was resolved that the maximum amount of monetary compensation for Board of Corporate Auditors Members shall be up to ¥15 million per year.

As of the close of that General Meeting of Shareholders, the number of Board of Corporate Auditors Members was three.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Compensation, etc. for Directors and Board of Corporate Auditors Members

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Total<br> Compensation<br>(million yen) | Breakdown of Total Compensation (million yen) | Breakdown of Total Compensation (million yen) | Breakdown of Total Compensation (million yen) | |
| Category | Total<br> Compensation<br>(million yen) | Basic<br>Compensation | Performance-Linked<br>Compensation | Non-monetary<br>compensation | Number<br>of<br>Eligible<br>Officers |
|  Directors (including External Directors) | 154<br> (18)  | 103<br> (18)  | 14<br> (—)  | 36<br> (—)  | 7<br> (３)  |
|  External Board of Corporate Auditors Members | ８ | ８ |  |  | ３ |

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Note: In addition to the compensation framework shown above, the Company has issued paid stock options to Directors at fair value, and related expenses have been recorded in the fiscal year under review.

（5）Matters Related to External Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Relationship Between the Company and Other Organizations Where External Officers Hold Significant Concurrent
Positions

There are no significant transactions between the Company and the organizations where the External Officers concurrently serve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Relationship with Major Business Partners and Other Specified Related Parties

There are no significant relationships between the Company's External Officers and major business partners or other specified related parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Main Activities of External Directors During the Fiscal Year

External Director: Kenichiro Seno

He attended all 17 meetings of the Board of Directors held during the fiscal year under review. Drawing on his academic expertise, he provided comments and recommendations from a fundamental perspective on matters including the appropriateness of management strategies, the adequacy of risk recognition, and the consistency of the governance framework, thereby contributing to enhancing the quality of Board deliberations and ensuring the rationality of its decision-making.

In addition, as Chair of the Nomination and Compensation Committee, he has led efforts from an independent and objective standpoint to clarify the criteria for selecting executive candidates and to ensure the transparency and fairness of the compensation determination process, thereby contributing to the strengthening of the Company's corporate governance.

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External Director: Shin Nakajima

He attended all 17 meetings of the Board of Directors held during the fiscal year under review. Drawing on his extensive experience and deep insight in business management, he provided specific and constructive recommendations on matters including growth strategies, key issues in business execution, and risk management, thereby contributing to more substantive Board discussions and ensuring the appropriateness of decision-making.

In addition, as a member of the Nomination and Compensation Committee, he has appropriately fulfilled his oversight role from an independent and objective standpoint to ensure the appropriateness and transparency of the processes for nominating executive candidates and determining executive compensation.

External Director: Miwako Iyoku

She attended all 17 meetings of the Board of Directors held during the fiscal year under review. Drawing on his extensive experience in corporate management and marketing, he actively provided comments and recommendations from the perspectives of customer orientation and diversity, thereby contributing to more substantive Board discussions and ensuring the appropriateness of decision-making.

In addition, as a member of the Nomination and Compensation Committee, she has appropriately fulfilled his oversight role from an independent and objective standpoint to ensure the appropriateness and transparency of the processes for selecting executive candidates and determining executive compensation.

External Board of Corporate Auditors Member: Daizo Kugi

He attended all 17 meetings of the Board of Directors held during the fiscal year under review. Drawing on his extensive knowledge of the IT industry, his management experience at a listed company, and his experience as an executive responsible for administrative functions, he provided comments as appropriate from the perspectives of the appropriateness of management decisions and the development and operation of internal controls, thereby contributing to ensuring the appropriateness of the Board's decision-making.

In addition, he attended all 13 meetings of the Board of Corporate Auditors and, as a full-time Corporate Auditor, enhanced the effectiveness of audits through participation in important meetings and continuous monitoring of the status of business execution, thereby contributing to more substantive deliberations of the Board of Corporate Auditors.

External Board of Corporate Auditors Member: Yoshihiro Akimoto

He attended all 17 meetings of the Board of Directors held during the fiscal year under review. Drawing on his knowledge and practical experience as a legal professional, he provided appropriate comments from the perspectives of legal compliance and risk with respect to significant management decisions as well as contracts and transactions, thereby contributing to ensuring the validity and appropriateness of the Board's decision-making.

In addition, he attended all 13 meetings of the Board of Corporate Auditors and, from a professional perspective in corporate legal affairs, reviewed the development and operation of the internal control and compliance framework, thereby working to enhance the effectiveness of the Company's audit functions.

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External Board of Corporate Auditors Member: Kazuhiro Ueno

He attended all 17 meetings of the Board of Directors held during the fiscal year under review. Drawing on his professional knowledge and practical experience as a certified public accountant and tax accountant, he provided appropriate comments from the perspectives of key accounting judgments, the appropriateness of financial reporting, and tax risks, thereby contributing to ensuring the appropriateness of the Board's decision-making.

In addition, he attended all 13 meetings of the Board of Corporate Auditors and contributed to more substantive deliberations from a professional standpoint, including by reviewing the development and operation of internal controls over financial reporting.

④ Compensation Received from Subsidiaries by External Officers During the Fiscal Year There are no applicable matters.

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Consolidated Balance Sheet

---

| | | | |
|:---|:---|:---|:---|
| (As of 31st December, 2025) | (As of 31st December, 2025) | (As of 31st December, 2025) | (As of 31st December, 2025) |
|  |  |  | （Unit: ¥ million） |
| Account Titles | Amount | Account Titles | Amount |
|  （Assets） |  | （Liabilities） |  |
|  Current Assets | 33867 | Current Liabilities | 29119 |
|  Cash and Deposits | 16933 | Accounts Payable | 6642 |
|  Accounts Receivable—Trade, And | 10652 | Short - term Borrowings | 6545 |
|  Contract Assets |  |  |  |
|  |  | Current Portion of Long - term |  |
|  Inventories | 617 |  | 3545 |
|  |  | Borrowings |  |
|  Advance Payments to Suppliers | 4997 | Accounts Payable - Other | 1176 |
|  Other | 751 | Accrued Expenses | 307 |
|  Allowance for Doubtful Accounts | -86 | Income Taxes Payable | 716 |
|  Fixed Assets | 10839 | Contract Liabilities | 2507 |
|  Tangible Fixed Assets | 382 | Deposits Received | 7633 |
|  Buildings | 322 | Other | 44 |
|  Tools, Furniture and Fixtures | 59 | Non-current liabilities | 6314 |
|  Intangible Assets | 5476 | Long-term Borrowings | 5716 |
|  Software | 769 | Retirement Benefit Liability | 133 |
|  Software in Progress | 277 | Asset Retirement Obligations | 137 |
|  Goodwill | 3408 | Deferred Tax Liabilities | 322 |
|  Other Intangible Assets | 1020 | Other | 4 |
|  Investments and Other Assets | 4981 | Total Liabilities | 35434 |
|  Investment Securities | 4547 | （Net assets） |  |
|  Leasehold and Guarantees |  |  |  |
|  Deposits | 270 | Shareholders' Equity | 8407 |
|  Deferred Tax Assets | 158 | Share Capital | 3286 |
|  Other | 4 | Capital Surplus | 3473 |
|  |  | Retained Earnings | 1648 |
|  |  | Treasury Shares | -0 |
|  |  | Total Shareholders' Equity | 63 |
|  |  | Valuation Difference on Available- for-sale Securities | 106 |
|  |  | Foreign Currency Translation | -42 |
|  |  | Adjustment |  |
|  |  | Share Acquisition Rights | 676 |
|  |  | Non-controlling Interests | 124 |
|  |  | Total Net Assets | 9272 |
|  Total Assets | 44706 | Total Liabilities and Net Assets | 44706 |

---

------

Consolidated Income Statement

 （ From 1st January 2025 ） <br> To 31st December 2025

（Unit: ¥ million）

---

| | | |
|:---|:---|:---|
| Account Title | Amount | Amount |
|  Net Sales |  | 14149 |
|  Cost of Sales |  | 3724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Profit |  | 10425 |
|  Selling, General and Administrative expenses |  | 7822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating Profit |  | 2603 |
|  Non-operating Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Income | 33 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee income | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 10 | 49 |
|  Non-operating Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Expenses | 194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity In Losses of Affiliates | 139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss On Investments in Investment Partnerships | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange Losses | 68 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 10 | 444 |
|  Ordinary Profit |  | 2208 |
|  Extraordinary Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain On Reversal of Share Acquisition Rights | 51 | 51 |
|  Extraordinary Losses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss On Valuation of Investment Securities | 364 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit Before Income Taxes |  | 1895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Taxes—Current | 1021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Taxes—Deferred | -90 | 931 |
|  Net Profit |  | 964 |
|  Net Profit Attributable to Non-controlling |  |  |
|  Interests |  | 28 |
|  Net Profit Attributable to Owners of the Parent |  | 935 |

---

------

Balance Sheet

（As of 31st December, 2025）

（Unit: ¥ million）

---

| | | | |
|:---|:---|:---|:---|
| **Account Titles** | **Amount** | **Account Titles** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; （Assets） |  | （Liabilities） |  |
|  Current Assets | 23721 | Current Liabilities | 19181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and Deposits | 11581 | Accounts Payable | 4461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Receivable and | 6767 | Short—term Borrowings | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract Assets |  |  |  |
|  |  | Current Portion of Long—term |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 21 | Borrowings | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances Paid | 4045 | Accounts Payable—Other | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term Loans to Affiliates | 1112 | Accrued Expenses | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 638 | Income Taxes Payable | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for Doubtful | -445 | Contract Liabilities | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts |  |  |  |
|  Fixed Assets | 11365 | Deposits Received | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangible Fixed Assets | 332 | Other | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buildings | 303 | Non-current Liabilities | 5822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tools, Furniture and Fixtures | 28 | Long-term Borrowings | 5696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible Assets | 578 | Asset Retirement Obligations | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 411 | Total Liabilities | 25004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software in Progress | 156 | （Net assets） |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 11 | Shareholders' Equity | 9584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments and Other Assets | 10454 | Share Capital | 3286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Securities | 3369 | Capital Surplus | 3273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks of Affiliates | 5920 | Legal Capital Surplus | 3273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds of Affiliates | 601 | Retained Earnings | 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Other | 150 | Other Retained Earnings | 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Companies |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasehold and Guarantees | 218 | Special Reserve | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  |  |  |
|  |  | Retained Earnings Carried |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Tax Assets | 194 |  | 2745 |
|  |  | Forward |  |
|  |  | Treasury Shares | -0 |
|  |  | Valuation and Translation | 106 |
|  |  | Adjustments |  |
|  |  | Valuation Difference on | 106 |
|  |  | Available—for—Sale Securities |  |
|  |  | Stock Acquisition Rights | 391 |
|  |  | Total Net Assets | 10082 |
|  Total assets | 35087 | Total Liabilities and Net Assets | 35087 |

---

------

Income Statement

 （ From 1st January 2025 ） <br> To 31st December 2025

（Unit: ¥ million）

---

| | | |
|:---|:---|:---|
| Account Titles | Amount | Amount |
|  Net Sales |  | 9807 |
|  Cost of Sales |  | 1819 |
|  Gross Profit |  | 7987 |
|  Selling, General and Administrative expenses |  | 4937 |
|  Operating Profit |  | 3050 |
|  Non-operating Income |  |  |
|  Interest Income | 44 |  |
|  Foreign Exchange Gain | 12 |  |
|  Other | 5 | 61 |
|  Non-operating Expenses |  |  |
|  Interest Expenses | 187 |  |
|  Loss on Investment Partnerships | 31 |  |
|  Provision for Allowance for Doubtful Accounts | 213 | 432 |
|  Ordinary Profit |  | 2679 |
|  Extraordinary Income |  |  |
|  Reversal of Stock Acquisition Rights | 51 | 51 |
|  Extraordinary Loss |  |  |
|  Loss on Valuation of Investment Securities | 364 |  |
|  Loss on Valuation of Stocks of Affiliates | 1 | 365 |
|  Profit Before Income Taxes |  | 2364 |
|  Income Taxes – Current | 919 |  |
|  Income Taxes – Deferred | -35 | 883 |
|  Net Profit |  | 1481 |

---

------

**Independent Auditor's Report on the Consolidated Financial Statements** 

Report of Independent Auditors

25th February 2025

To the Board of Directors of giftee, Inc.

---

| |
|:---|
| Ernst & Young ShinNihon LLC |
| Tokyo Office |

---

---

| | | |
|:---|:---|:---|
| Designated Limited Liability Partner |  | Ryoichi |
| Engagement Partner | CPA | Yoshida |
| Designated Limited Liability Partner |  | Tsukasa |
| Engagement Partner | CPA | Hasegawa |

---

Opinion

We have audited, pursuant to Article 444, Paragraph 4 of the Companies Act of Japan, the consolidated financial statements of giftee, Inc. for the consolidated fiscal year from 1st January, 2025 to 31st December, 2025, which comprise the consolidated balance sheet, consolidated statement of income, consolidated statement of changes in shareholders' equity, and the notes to the consolidated financial statements. In our opinion, the aforementioned consolidated financial statements present fairly, in all material respects, the financial position and results of operations of the corporate group consisting of giftee, Inc. and its consolidated subsidiaries for the period covered by the consolidated financial statements, in conformity with generally accepted accounting principles in Japan.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under those standards are described in the section titled "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements."

We are independent of the Company and its consolidated subsidiaries in accordance with the ethical requirements（includes provisions applicable to the audit of financial statements of entities with a significant public impact.） of Japan that are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Other Information

The other information comprises the Business Report and the Supplementary Schedules thereto. Management is responsible for the preparation and disclosure of the other information. The Board of Corporate Auditors Members and the Board of Corporate Auditors are responsible for overseeing the Directors' execution of duties relating to the development and operation of the reporting process for the other information. Our opinion on the consolidated financial statements does not cover the other information, and we do not express an audit opinion or any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and consider whether the other information is materially inconsistent with the consolidated financial statements or with the knowledge we obtained in the audit or otherwise appears to contain material misstatements. If, based on the work performed, we conclude that there is a material misstatement in the other information, we are required to report that fact. We have nothing to report in this regard.

------

Responsibilities of Management and the Board of Corporate Auditors and Its Members for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in Japan.

This responsibility includes the design, implementation, and maintenance of internal control that management determines is necessary to enable the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing whether it is appropriate to prepare the consolidated financial statements on a going concern basis, and, where required by accounting principles generally accepted in Japan, disclosing matters related to going concern. The responsibility of the Board of Corporate Auditors Members and the Board of Corporate Auditors is to oversee the Directors' execution of duties relating to the development and operation of the financial reporting process.

------

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

The auditor's responsibility is to express an independent opinion on the consolidated financial statements as a whole, based on the audit conducted, and to obtain reasonable assurance as to whether the consolidated financial statements are free from material misstatement, whether due to fraud or error. Misstatements may arise from fraud or error and are considered material if it is reasonably expected that they would influence the decisions of users of the consolidated financial statements, whether individually or in the aggregate.

In accordance with auditing standards generally accepted in Japan, the auditor exercises professional judgment and maintains professional skepticism throughout the audit. The auditor performs the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identifies and assesses the risks of material misstatement of the consolidated financial statements, whether due
to fraud or error; designs and performs audit procedures responsive to those risks; and obtains sufficient appropriate audit evidence to provide a basis for the audit opinion.

The selection and application of audit procedures depend on the auditor's judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although the purpose of the audit is not to express an opinion on the effectiveness of internal control, the
auditor considers internal control relevant to the audit in order to design audit procedures that are appropriate under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluates the appropriateness of accounting policies used by management and the reasonableness of accounting
estimates and related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concludes on the appropriateness of management's use of the going concern assumption, and, based on the
audit evidence obtained, determines whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's ability to continue as a going concern.

If such a material uncertainty exists, the auditor is required to draw attention to the related disclosures in the notes to the consolidated financial statements, or to express a modified opinion if those disclosures are inadequate.

The auditor's conclusions are based on the audit evidence obtained up to the date of the auditor's report; however, future events or conditions may cause the group to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluates whether the presentation, structure, and content of the consolidated financial statements, including
the related notes, are in accordance with accounting principles generally accepted in Japan, and whether the consolidated financial statements represent the underlying transactions and events in a fair and appropriate manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtains sufficient appropriate audit evidence regarding the financial information of the Company and its
consolidated subsidiaries to express an opinion on the consolidated financial statements. The auditor is responsible for the direction, supervision, and performance of the audit of the consolidated financial statements and is solely responsible for
the auditor's opinion.

The auditor reports to the Board of Corporate Auditors Members and the Board of Corporate Auditors on the planned scope and timing of the audit, significant audit findings including any significant deficiencies in internal control identified during the audit, and other matters required to be reported under auditing standards.

The auditor also reports to the Board of Corporate Auditors Members and the Board of Corporate Auditors that the auditor has complied with ethical requirements relating to independence and discloses all relationships and other matters that may reasonably be thought to bear on the auditor's independence, along with the related safeguards applied or measures taken to mitigate any threats to independence.

Relationships and Interests

There are no relationships or interests between the Company or its consolidated subsidiaries and the audit firm or its engagement partners that are required to be disclosed under the Certified Public Accountants Act of Japan.

End.

------

**Accounting Auditor's Report** 

Independent Auditor's Report

25th February 2025

To the Board of Directors of giftee, Inc.

---

| |
|:---|
| Ernst & Young ShinNihon LLC |
| Tokyo Office |

---

---

| | | |
|:---|:---|:---|
| Designated Limited Liability Partner |  | Ryoichi |
| Engagement Partner | CPA | Yoshida |
| Designated Limited Liability Partner |  | Tsukasa |
| Engagement Partner | CPA | Hasegawa |

---

Opinion

We have audited, pursuant to Article 436, Paragraph 2, Item 1 of the Companies Act of Japan, the financial statements of giftee, Inc. for the 16th fiscal year from January 1, 2025 to December 31, 2025, which comprise the balance sheet, the statement of income, the statement of changes in shareholders' equity, the notes to the non-consolidated financial statements, and the supplementary schedules (collectively, the "Financial Statements, etc."). In our opinion, the Financial Statements, etc. referred to above present fairly, in all material respects, the financial position and results of operations for the period covered by the Financial Statements, etc., in conformity with accounting principles generally accepted in Japan.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under those standards are described in the section titled "Auditor's Responsibilities for the Audit of the Financial Statements, etc."

We are independent of the Company in accordance with the ethical requirements（Includes provisions applicable to the audit of financial statements of entities with a significant public impact.) of Japan applicable to audits, and we have fulfilled our other ethical responsibilities in accordance with those requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

The other information comprises the Business Report and the supplementary schedules thereto. Management is responsible for the preparation and disclosure of this other information. The Board of Corporate Auditors Members and the Board of Corporate Auditors are responsible for overseeing the Directors' execution of duties relating to the development and operation of the reporting process for the other information.

Our opinion on the Financial Statements, etc. does not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the Financial Statements, etc., our responsibility is to read the other information and consider whether the other information is materially inconsistent with the Financial Statements, etc., or with the knowledge obtained in the audit, or otherwise appears to contain material misstatements.

If, based on the work performed, we conclude that there is a material misstatement in the other information, we are required to report that fact.

We have nothing to report in this regard.

------

Responsibilities of Management and the Board of Corporate Auditors and Its Members for the Financial Statements, etc.

Management is responsible for the preparation and fair presentation of the Financial Statements, etc. in accordance with accounting principles generally accepted in Japan.

This responsibility includes the design, implementation, and maintenance of internal control that management determines is necessary to enable the preparation and fair presentation of the Financial Statements, etc. that are free from material misstatement, whether due to fraud or error.

preparing the Financial Statements, etc., management is responsible for assessing whether it is appropriate to prepare the Financial Statements, etc. on a going concern basis, and, where required by accounting principles generally accepted in Japan, disclosing matters related to going concern.

The responsibility of the Board of Corporate Auditors Members and the Board of Corporate Auditors is to oversee the Directors' execution of duties relating to the development and operation of the financial reporting process.

------

Auditor's Responsibilities for the Audit of the Financial Statements, etc.

The auditor's responsibility is to express an independent opinion in the auditor's report, based on the audit performed, as to whether the Financial Statements, etc. as a whole are free from material misstatement, whether due to fraud or error, and to obtain reasonable assurance thereof. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they are reasonably expected to influence the decisions of users of the Financial Statements, etc.

In accordance with auditing standards generally accepted in Japan, the auditor exercises professional judgment and maintains professional skepticism throughout the audit, and performs the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identifies and assesses the risks of material misstatement of the Financial Statements, etc., whether due to
fraud or error; designs and performs audit procedures responsive to those risks; and obtains sufficient appropriate audit evidence to provide a basis for the opinion. The selection and application of audit procedures are matters of the
auditor's judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although the purpose of the audit is not to express an opinion on the effectiveness of internal control, the
auditor considers internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances as part of the risk assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluates the appropriateness of accounting policies adopted by management and the method of their application,
as well as the reasonableness of accounting estimates made by management and the adequacy of related disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concludes on the appropriateness of management's use of the going concern basis of accounting in preparing
the Financial Statements, etc., and, based on the audit evidence obtained, determines whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going
concern. If the auditor concludes that a material uncertainty exists, the auditor is required to draw attention in the auditor's report to the related disclosures in the Financial Statements, etc., or, if such disclosures are inadequate, to
express a modified opinion. The auditor's conclusions are based on the audit evidence obtained up to the date of the auditor's report; however, future events or conditions may cause the company to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluates whether the presentation and disclosures of the Financial Statements, etc. are in conformity with
accounting principles generally accepted in Japan, and whether the presentation, structure, and content of the Financial Statements, etc., including the related disclosures, appropriately present the underlying transactions and events.

The auditor reports to the Board of Corporate Auditors Members and the Board of Corporate Auditors on the planned scope and timing of the audit, significant audit findings including any significant deficiencies in internal control identified during the audit, and other matters required to be reported under auditing standards. The auditor also reports to the Board of Corporate Auditors Members and the Board of Corporate Auditors that the auditor has complied with the ethical requirements regarding independence under Japanese professional ethics, and discloses all relationships and other matters that may reasonably be thought to bear on the auditor's independence, together with the related safeguards applied or measures taken to eliminate such threats or reduce them to an acceptable level.

Relationships and Interests

There are no relationships or interests between the Company and the audit firm or its engagement partners that are required to be disclosed under the Certified Public Accountants Act of Japan.

End.

------

**Board of Corporate Auditors Report** 

Board of Corporate Auditors Report

The Board of Corporate Auditors has prepared this Audit Report, after due deliberation based on the audit reports prepared by each Board of Corporate Auditors Member, with respect to the execution of duties by the Directors during the 16th fiscal year from 1st January, 2025 to 31st December, 2025, and reports as follows.

１．Methods and Details of Audits Conducted by the Board of Corporate Auditors Members and the Board of Corporate Auditors

The Board of Corporate Auditors established the audit policy and audit plan, received reports from each Board of Corporate Auditors Member on the status and results of their audits, and also received reports from the Directors and the Accounting Auditor on the status of their execution of duties, requesting explanations as necessary.

Each Board of Corporate Auditors Member, in accordance with the standards for audits by Board of Corporate Auditors Members established by the Board of Corporate Auditors and pursuant to the audit policy and plan, communicated with the Directors, internal auditors, and other employees, and endeavored to collect information and improve the audit environment, including by utilizing means via telephone lines and the internet. Audits were conducted by the following methods:

① The members attended, in online format, meetings of the Board of Directors, the Management Meeting, and other important meetings; received reports from Directors and employees on the status of their execution of duties; requested explanations as necessary; reviewed important approval documents and other materials; and examined the status of operations and assets. With respect to subsidiaries, the members communicated and exchanged information with directors and others at subsidiaries and, as necessary, received reports on the status of subsidiary operations.

② Regarding the systems stipulated in Article 100, Paragraphs 1 and 3 of the Ordinance for Enforcement of the Companies Act being systems necessary to ensure the appropriateness of operations for the corporate group consisting of the Company and its subsidiaries, including systems to ensure that the execution of duties by Directors complies with laws, regulations, and the Articles of Incorporation the members reviewed the content of the resolution of the Board of Directors concerning the establishment of such systems and the systems established pursuant to the said resolution. They received periodic reports from Directors and employees on the development and operation of such systems, requested explanations as necessary, and expressed their opinions.

③ The members monitored and verified whether the Accounting Auditor maintained its independence and properly conducted its audit, received reports from the Accounting Auditor on the status of its execution of duties, and requested explanations as necessary. The members also received a notification from the Accounting Auditor that it had established the "system to ensure the proper execution of duties" (items listed in Article 131 of the Regulation on Corporate Accounting) in accordance with the "Quality Control Standards for Audits" (Business Accounting Council), and requested explanations as necessary. In addition, the members discussed key audit matters with the Accounting Auditor, received reports on the status of audit procedures performed, and requested explanations as necessary.

Based on the foregoing procedures, the members reviewed the Business Report and its supplementary schedules, the Financial Statements (the balance sheet, the statement of income, the statement of changes in shareholders' equity, and the notes to the Non-Consolidated financial statements) and their supplementary schedules, as well as the Consolidated Financial Statements (the consolidated balance sheet, the consolidated statement of income, the consolidated statement of changes in shareholders' equity, and the notes to the consolidated financial statements).

------

２ Results of the Audit

（１）Results of the audit of the Business Report, etc.

① The Business Report and its supplementary schedules are, in our opinion, in accordance with laws and regulations and the Articles of Incorporation, and fairly present the status of the Company.

② We found no wrongful acts in connection with the execution of duties by the Directors, nor any material facts in violation of laws and regulations or the Articles of Incorporation.

③ The content of the Board of Directors' resolutions regarding the internal control system is, in our view, appropriate. In addition, with respect to the descriptions in the Business Report concerning the internal control system and the Directors' execution of duties, we have no matters to point out.

（２）Results of the audit of the Financial Statements and their supplementary schedules

We consider the methods and results of the audit conducted by Ernst & Young Shin Nihon LLC, the Accounting Auditor, to be appropriate.

（３）Results of the audit of the Consolidated Financial Statements

We consider the methods and results of the audit conducted by Ernst & Young Shin Nihon LLC, the Accounting Auditor, to be appropriate.

---

| | | |
|:---|:---|:---|
| 25th February 2026 |  |  |
| Board of Corporate Auditors of giftee, Inc |  |  |
|  | Full-time Corporate Auditor | Daizo Kugi |
|  | (External) | Yoshihiro |
|  | Corporate Auditor (External) | Akimoto |
|  | Corporate Auditor (External) | Kazuhiro Ueno |

---

End.

------

Venue Map for the General Meeting of Shareholders

5-5-15 Kitashinagawa, Shinagawa-ku, Tokyo

Venue Osaki Bright Core 3F, Osaki Bright Core Hall

TEL 03（5447）7130

![LOGO](g22374snap3.jpg)

Please ensure that you do not mistake the venue for Osaki Bright Tower, located just before it. Proceed past the Starbucks, cross the intersection, and the building with a Seven-Eleven on the first floor is the correct venue.

---

| | |
|:---|:---|
| Nearest | OsakiStation (New East Exit / South Ticket Gate) on the JR Yamanote Line, Saikyo |
| Station | Line,Shonan-Shinjuku Line, and Rinkai Line: Approximately 5 minutes on foot |
|  | Shinagawa Station (Takanawa Exit) on the Keikyu Line: Approximately 12 minutes on foot |

---

![LOGO](g22374snap6.jpg)

## Exhibit 99.3

**Exhibit 99.3** 

This exchange offer or business combination is made for the securities of a foreign company. The offer is subject to disclosure requirements of a foreign country that are different from those of the United States. Financial statements included in the document, if any, have been prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.

It may be difficult for you to enforce your rights and any claim you may have arising under the federal securities laws, since the issuer is located in a foreign country, and some or all of its officers and directors may be residents of a foreign country. You may not be able to sue a foreign company or its officers or directors in a foreign court for violations of the U.S. securities laws. It may be difficult to compel a foreign company and its affiliates to subject themselves to a U.S. court's judgment.

You should be aware that the issuer may purchase securities otherwise than under the exchange offer, such as in open market or privately negotiated purchases.

16th Ordinary General Meeting of Shareholders

Reference Materials for the Shareholders' Meeting (Supplement)

Agenda Item No. 2: Approval of the Share Transfer Plan

Details of the Stock Acquisition Rights

(Appendix 2-①-1 to 2-①-2 of the "Share Transfer Plan" in the Notice of Convocation, p9)

giftee Inc.

Securities Code: 4449

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Appendix 2-①-1

giftee Inc. 8th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Inc. 8th Stock Acquisition Rights

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| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

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The total number shall be 19.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥210 per share.

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5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x   <u>1</u> <br> Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares =   <u>(Exercise Price Before Adjustment - Exercise Price After Adjustment) x<br>Number of Shares Exercised Prior to the Split</u> <br> Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

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6 Exercise Period of Stock Acquisition Rights

From 24 March 2020 to 23 March 2028.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying
the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

A number obtained by making reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such adjustment shall be rounded down.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

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| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

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No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

23 March 2018.

15 Method of Allocation

If an application for subscription is made by a person eligible to receive an allotment of the subscription stock acquisition rights, the rights shall be allotted to such person.

16 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

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Appendix 2-①-2

giftee Group Inc. 1st Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Group Inc. 1st Stock Acquisition Rights

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| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

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The total number shall be 19.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥210 per share.

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5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x   <u>1</u> <br> Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares =   <u> (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split</u> <br> Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

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6 Exercise Period of Stock Acquisition Rights

From 1 July 2026 to 23 March 2028.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying
the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

A number obtained by making reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such adjustment shall be rounded down.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights The property to be contributed upon
exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the
Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

If an application for subscription is made by a person eligible to receive an allotment of the subscription stock acquisition rights, the rights shall be allotted to such person.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

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| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

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No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

18 July 2018.

15 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

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Appendix 2-②-1

giftee Inc. 9th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Inc. 9th Stock Acquisition Rights

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|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

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The total number shall be 132.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Classand Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥210 per share.

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5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x   <u>1</u> <br> Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares =   <u>(Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split</u> <br> Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

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6 Exercise Period of Stock Acquisition Rights

From the date two years after the allotment date until 18 July 2028.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying
the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

18 July 2018.

15 Method of Allocation

If an application for subscription is made by a person eligible to receive an allotment of the subscription stock acquisition rights, the rights shall be allotted to such person.

16 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-②-2

giftee Group Inc. 2nd Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Group Inc. 2nd Stock Acquisition Rights

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| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 132.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥210 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares, the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x   <u>1</u> <br> Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares =   <u>(Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split</u> <br> Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 1 July 2026 to 18 July 2028.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

A number obtained by making reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

1 July 2026.

15 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-③-1

giftee Inc. 10th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Inc. 10th Stock Acquisition Rights

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| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 51.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥275 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 4 January 2021 to 3 January 2029.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

4 January 2019.

15 Method of Allocation

If an application for subscription is made by a person eligible to receive an allotment of the subscription stock acquisition rights, the rights shall be allotted to such person.

16 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-③-2

giftee Group Inc. 3rd Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Group Inc 3rd Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 51.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥275 per share.

------

5 Ajustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 1 July 2026 to 3 January 2029.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights No monetary payment shall be required.  |

---

14 Allocation Date of the Stock Acquisition Rights

1 July 2026.

15 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

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Appendix 2-④-1

giftee Inc. 12th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Inc. 12th Stock Acquisition Rights

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| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 28.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥1,500 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 18 May 2021 to 17 May 2029.

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| | |
|:---|:---|
| 7 | Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights Matters Concerning the Amount of Stated Capital and Capital Reserve to Be Increased upon Issuance of Shares through Exercise of the Stock Acquisition Rights  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying
the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

17 May 2019.

15 Method of Allocation

If an application for subscription is made by a person eligible to receive an allotment of the subscription stock acquisition rights, the rights shall be allotted to such person.

16 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

------

Appendix 2-④-2

giftee Group Inc. 4th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Group Inc. 4th Stock Acquisition Rights

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| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 28.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases—for example, due to a lack of subscription applications—the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥1,500 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights From

1 July 2026 to 17 May 2029.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

A number obtained by making reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights No monetary payment shall be required.  |

---

14 Allocation Date of the Stock Acquisition Rights

1 July 2026.

15 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-⑤-1

giftee Inc. 13th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Inc. 13th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 124.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases—for example, due to a lack of subscription applications—the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥3,215 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a stock
split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted on
the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of such
general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 14 November 2022 to 13 November 2030.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

A number obtained by making reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition To be determined
in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

1 December 2020.

15 Method of Allocation

If an application for subscription is made by a person eligible to receive an allotment of the subscription stock acquisition rights, the rights shall be allotted to such person.

16 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-⑤-2

giftee Group Inc. 5th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Group Inc 5th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 124.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases—for example, due to a lack of subscription applications—the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥3,215 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights From

1 July 2026 to 13 November 2030

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying
the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

A number obtained by making reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights No monetary payment shall be required.  |

---

14 Allocation Date of the Stock Acquisition Rights

1 July 2026.

15 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-⑥-1

giftee Inc. 14th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Inc. 14th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 263.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases—for example, due to a lack of subscription applications—the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥3,898 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights From

13 March 2023 to 12 March 2031.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

A number obtained by making reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

31 March 2021.

15 Method of Allocation

If an application for subscription is made by a person eligible to receive an allotment of the subscription stock acquisition rights, the rights shall be allotted to such person.

16 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-⑥-2

giftee Group Inc. 6th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Group Inc 6th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 263.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases—for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥3,898 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 1 July 2026 to 12 March 2031.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

A number obtained by making reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

1 July 2026.

15 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END

------

Appendix 2-⑦-1

giftee Inc. 15th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Inc. 15th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 68.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥3,528 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 13 November 2023 to 12 November 2031.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition To be determined
in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

1 December 2021.

15 Method of Allocation

If an application for subscription is made by a person eligible to receive an allotment of the subscription stock acquisition rights, the rights shall be allotted to such person.

16 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-⑦-2

giftee Group Inc. 7th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Inc. 7th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 68.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥3,528 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 1 July 2026 to 12 November 2031.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

1 July 2026.

15 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

**Appendix 2-**⑧**-1** 

giftee Inc. 16th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Inc. 16th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 64.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

pgssw exercise price shall be ¥2,291 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 15 November 2024 to 14 November 2032.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition To be determined
in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

1 December 2022.

15 Method of Allocation

If an application for subscription is made by a person eligible to receive an allotment of the subscription stock acquisition rights, the rights shall be allotted to such person.

16 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-⑧-2

giftee Group Inc. 8th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Group Inc. 8th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 64.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥2,291 per share.

------

5 Adjustment of Exercise Price

(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x   <u>I</u> <br> Stock Split or Reverse Stock Split Ratio

(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares =   <u> (Exercise Price Before Adjustment Exercise Price After Adjustment) xNumber of Shares Exercised Prior to the Split</u> <br> Exercise Price After Adjustment

(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 1 July 2026 to 14 November 2032.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying
the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

1 July 2026.

15 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-⑨-1

giftee Inc. 17th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Inc. 17th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 93.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥1,792 per share.

------

5 Adjustment of Exercise Price

(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x   <u>I</u> <br> Stock Split or Reverse Stock Split Ratio

(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares =   <u>(Exercise Price Before Adjustment - Exercise Price After Adjustment) xNumber of Shares Exercised Prior to the Split</u> <br> Exercise Price After Adjustment

(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights From

15 November 2025 to 14 November 2033

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying
the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

1 December 2023.

15 Method of Allocation

If an application for subscription is made by a person eligible to receive an allotment of the subscription stock acquisition rights, the rights shall be allotted to such person.

16 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-⑨-2

giftee Group Inc. 9th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Group Inc.

9th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 93.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥1,792 per share.

------

5 Adjustment of Exercise Price

(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x   <u>I</u> <br> Stock Split or Reverse Stock Split Ratio

(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares =   <u>(Exercise Price Before Adjustment - Exercise Price After Adjustment) xNumber of Shares<br>Exercised Prior to the Split</u> <br> Exercise Price After Adjustment

(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 1 July 2026 to 14 November 2033.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying
the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

1 July 2026.

15 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-⑩-1

giftee Inc. 18th Stock Acquisition Rights

---

| | |
|:---|:---|
| 1 | Total Number of Stock Acquisition Rights  |

---

4,000

The total number of shares to be delivered upon exercise of the stock acquisition rights shall be 400,000 shares of common stock of the Company. In the event that the number of shares to be granted per stock acquisition right is adjusted pursuant to 3.(1) below, the total number of shares shall be the adjusted number of shares to be granted multiplied by the total number of stock acquisition rights.

2 Cash to be Paid in Exchange for Stock Acquisition Rights

The issuance price per stock acquisition right shall be ¥10. The aforementioned amount was determined by reference to the calculation results obtained by Plutus Consulting Co., Ltd., an independent third-party valuation agency, using the Monte Carlo simulation method, a commonly used option pricing model, taking into account the Company's stock price information and other factors. As the said issuance price represents a fair value, this does not constitute a favorable issuance.

3 Details of the Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Class and Number of Shares Underlying the Stock Acquisition Rights

The number of shares of the Company's common stock underlying each stock acquisition right (hereinafter referred to as the "Number of Shares Granted") shall be 100 shares.

The Number of Shares Granted shall be adjusted in accordance with the following formula in the event that, after the allotment date of the stock acquisition rights, the Company conducts a stock split (including a gratis allotment of common stock of the Company; the same shall apply hereinafter) or a reverse stock split. Provided, however, that such adjustment shall be made only with respect to the number of shares underlying the stock acquisition rights that have not yet been exercised at the relevant time, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Adjusted Number of Shares Granted = Pre-Adjustment Number of Shares Granted × Stock Split or Reverse Stock Split Ratio

Furthermore, in the event that, after the allotment date of the stock acquisition rights, the Company conducts a merger, company split, share exchange, or share delivery, or in any other case where an adjustment to the Number of Shares Granted is deemed necessary on an analogous basis, the Company may make appropriate adjustments to the Number of Shares Granted within a reasonable scope.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Value of Property Contributed upon Exercise of the Stock Acquisition Rights, or Method of Calculation

The Value of Property Contributed upon Exercise of the Stock Acquisition Rights shall be the amount obtained by multiplying the amount to be paid in per share (hereinafter referred to as the "Exercise Price") by the Number of Shares Granted.

The Exercise Price shall be ¥1,253.

In the event that, after the allotment date of the stock acquisition rights, the Company conducts a stock split or a reverse stock split, the Exercise Price shall be adjusted in accordance with the following formula, and any fraction of less than ¥1 resulting from such adjustment shall be rounded up.

------

Adjusted Exercise Price = Pre-Adjustment Exercise Price x   <u>I</u> <br> Stock Split or Reverse Stock Split Ratio

Furthermore, in the event that, after the allotment date of the stock acquisition rights, the Company issues new shares or disposes of treasury shares of the Company's common stock at a price below the market price (excluding the issuance of new shares or disposal of treasury shares based on the exercise of stock acquisition rights, or the issuance of new shares or delivery of treasury shares through a merger, company split, share exchange, or share delivery), the Exercise Price shall be adjusted in accordance with the following formula, and any fraction of less than ¥1 resulting from such adjustment shall be rounded up.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Number of Newly Issued Shares x Amount<br> Paid per Newly Issued Share |
| Adjusted | = | Pre-Adjustment x | Number of Shares Already Issued + | Market Price per Newly Issued Share |
| Exercise Price | = | Exercise Price | Number of Shares Already Issued + Number of Newly Issued Shares | Number of Shares Already Issued + Number of Newly Issued Shares |

---

In the above formula, "Number of Shares Already Issued" shall mean the total number of issued shares of the Company's common stock less the number of treasury shares of the Company's common stock. In the event that the Company disposes of treasury shares of the Company's common stock, "Number of Newly Issued Shares" shall be read as "Number of Treasury Shares to be Disposed Of." Furthermore, in addition to the above, in the event that, after the allotment date of the stock acquisition rights, the Company conducts a merger, company split, share exchange, or share delivery, or in any other case where an adjustment to the Exercise Price is deemed necessary on an analogous basis, the Company may make appropriate adjustments to the Exercise Price within a reasonable scope.

(3) Exercise Period of the Stock Acquisition Rights

The period during which the stock acquisition rights may be exercised (hereinafter referred to as the "Exercise Period") shall be from 1 May 2026 to 30 April 2034.

(4) Matters Concerning the Increase in Capital Stock and Capital Reserve

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① The amount of increase in capital stock upon issuance of shares through exercise of the stock acquisition
rights shall be one-half of the maximum amount of increase in capital stock and other capital calculated pursuant to Article 17, Paragraph 1 of the Rules on Corporate Accounting. Any fraction of less than
¥1 resulting from such calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② The amount of increase in capital reserve upon issuance of shares through exercise of the stock acquisition
rights shall be the amount obtained by deducting the amount of increase in capital stock set forth in ① above from the maximum amount of increase in capital stock and other capital referred to in① above.

(5) Restriction on Acquisition of Stock Acquisition Rights by Transfer

The acquisition of the stock acquisition rights by transfer shall require the approval of a resolution of the Board of Directors of the Company.

(6) Conditions for Exercise of the Stock Acquisition Rights

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① The person to whom the stock acquisition rights have been allotted (hereinafter referred to

as the "Stock Acquisition Right Holder") may exercise the stock acquisition rights only up to the ratio specified in each of the following items (hereinafter referred to as the "Exercisable Ratio"), provided that EBITDA has satisfied any of the conditions set forth in (a) through (c) below in any fiscal year from 1 January 2024 to 31 December 2033. In the event that the number of stock acquisition rights that become exercisable under such exercisable ratio results in a fraction of less than one right, such fraction shall be rounded down.

(a) In the event that EBITDA exceeds ¥5,000,000,000 (¥5 billion) even once: Exercisable Ratio of 20%

(b) In the event that EBITDA exceeds ¥7,500,000,000 (¥7.5 billion) even once: Exercisable Ratio of 50%

(c) In the event that EBITDA exceeds ¥10,000,000,000 (¥10 billion) even once: Exercisable Ratio of 100%

For the purposes hereof, EBITDA shall be calculated by reference to the consolidated statement of profit and loss (or, if no consolidated statement of profit and loss is prepared, the statement of profit and loss; the same shall apply hereinafter) and the consolidated statement of cash flows (or, if no consolidated statement of cash flows is prepared, the statement of cash flows; the same shall apply hereinafter) as set out in the Company's Annual Securities Report, using the following formula: Operating Income + Amortization of Goodwill + Depreciation + Share-Based Compensation Expense + Interest Expense. In the event that a change in applicable accounting standards or an event having a material impact on the Company's business performance occurs and the Board of Directors determines that it is not appropriate to make the assessment based on the actual figures recorded in the Company's consolidated statement of profit and loss and consolidated statement of cash flows, the Company may, within a reasonable scope, exclude the impact of such event and make adjustments to the actual figures used for the assessment.

② The Stock Acquisition Right Holder must be a director, audit & supervisory board member, or employee
of the Company or an affiliate of the Company at the time of exercise of the stock acquisition rights. Provided, however, that this shall not apply where the Board of Directors recognizes that there are other legitimate reasons.

③ Exercise of the stock acquisition rights by the heirs of a Stock Acquisition Right Holder shall not be
permitted. Provided, however, that this shall not apply where the Board of Directors recognizes that there are other legitimate reasons.

④ The stock acquisition rights may not be exercised if such exercise would cause the total number of issued
shares of the Company to exceed the total number of authorized shares at the relevant time.

⑤ Exercise of less than one stock acquisition right shall not be permitted.

4. Allocation Date of the Stock Acquisition Rights

1 May 2024.

------

5. Matters Concerning Acquisition of Stock Acquisition Rights

(1) In the event that approval is obtained at a general meeting of shareholders (or, if shareholder Company. approval is not required, by a resolution of the Board of Directors) with respect to a merger agreement under which the Company becomes a dissolving company, a split agreement or split plan with respect to a company split under which the Company becomes a splitting company, or

a share exchange agreement, share delivery plan, or share transfer plan under which the Company becomes a wholly-owned subsidiary, the Company may acquire all of the stock acquisition rights at no cost upon the arrival of a date separately determined by the Board of Directors of the

(2) In the event that a Stock Acquisition Right Holder becomes unable to exercise the stock acquisition rights prior to such exercise pursuant to the provisions set forth in 3.(6) above, the Company may acquire such stock acquisition rights that have become unexercisable at no cost upon the arrival of a date separately determined by the Board of Directors of the Company.

6. Treatment of Stock Acquisition Rights in Organizational Restructuring

In the event that the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), an absorption-type company split, an incorporation-type company split, a share exchange, or a share transfer (hereinafter collectively referred to as an "Organizational Restructuring"), the Company shall, as of the effective date of the Organizational Restructuring, deliver to each Stock Acquisition Right Holder stock acquisition rights of the company listed in items (i) through (v) of Article 236, Paragraph 1, Item 8 of the Companies Act (hereinafter referred to as the "Reorganized Company"), in each case on the following terms and conditions. Provided, however, that this shall be limited to cases where it is stipulated in the absorption merger agreement, incorporation merger agreement, absorption-type company spli tagreement, incorporation-type company split plan, share exchange agreement, or share transfer plan that stock acquisition rights of the Reorganized Company shall be delivered on the following terms and conditions

（1）Number of stock acquisition rights to be granted by the Reorganized Company The number of stock acquisition rights to be delivered shall be equal to the number of stock acquisition rights held by each Stock Acquisition Right Holder.

（2）Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying the stock acquisition rights shall be common shares of the Reorganized Company.

（3）Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights To be determined in accordance with 3.(1) above, taking into account the terms and conditions of the Organizational Restructuring.

4 Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The shall Value be the of amount Property obtained Contributed by multiplying upon Exercise the of post-reorganization each stock acquisition exercise right price, to be delivered which is derived conditions by adjusting of the Organizational the Exercise Price Restructuring, set forth in by 3. the (2) above Number taking of Shares into account of the the Reorganized terms and Company Underlying the Stock Acquisition Rights as determined pursuant to 6.(3) above.

------

(5). Exercise Period of the Stock Acquisition Rights

The exercise period shall commence on the later of the first day of the Exercise Period set forth in 3.(3) above or the effective date of the Organizational Restructuring, and shall end on the last day of the Exercise Period set forth in 3.(3) above.

(6) Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with 3.(4) above.

(7) Restriction on Acquisition of Stock Acquisition Rights by Transfer

The acquisition of stock acquisition rights by transfer shall require the approval of a resolution of the Board of Directors of the Reorganized Company.

(8) Other Conditions for Exercise of the Stock Acquisition Rights

To be determined in accordance with 3.(6) above.

(9) Grounds and Conditions for Acquisition of Stock Acquisition Rights

To be determined in accordance with 5. above.

(10) Other Conditions shall be determined in accordance with the conditions of the Reorganized Company.

(7) Matters Concerning Certificates for Stock Acquisition Rights

The Company shall not issue certificates for the stock Oacquisition rights.

8. Payment Date for Cash to be Paid in Exchange for Stock Acquisition Rights

1 May 2024.

9 Application Date

30 April 2024.

10. Persons to be Allotted Stock Acquisition Rights and Number of Rights

Directors of the Company: 4 persons, 4,000 rights

END.

------

Appendix 2-⑩-2

giftee Group Inc. 10th Stock Acquisition Rights

---

| | |
|:---|:---|
| 1 | Total Number of Stock Acquisition Rights  |

---

4,000

The total number of shares to be delivered upon exercise of the stock acquisition rights shall be 400,000 shares of common stock of the Company. In the event that the number of shares to be granted per stock acquisition right is adjusted pursuant to 3.(1) below, the total number of shares shall be the adjusted number of shares to be granted multiplied by the total number of stock acquisition rights.

2 Cash to be Paid in Exchange for Stock Acquisition Rights

The issuance price per stock acquisition right shall be ¥10. The aforementioned amount was determined by reference to the calculation results obtained by Plutus Consulting Co., Ltd., an independent third-party valuation agency, using the Monte Carlo simulation method, a commonly used option pricing model, taking into account the Company's stock price information and other factors. As the said issuance price represents a fair value, this does not constitute a favorable issuance.

3 Details of the Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Class and Number of Shares Underlying the Stock Acquisition Rights

The number of shares of the Company's common stock underlying each stock acquisition right (hereinafter referred to as the "Number of Shares Granted") shall be 100 shares.

The Number of Shares Granted shall be adjusted in accordance with the following formula in the event that, after the allotment date of the stock acquisition rights, the Company conducts a stock split (including a gratis allotment of common stock of the Company; the same shall apply hereinafter) or a reverse stock split. Provided, however, that such adjustment shall be made only with respect to the number of shares underlying the stock acquisition rights that have not yet been exercised at the relevant time, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Adjusted Number of Shares Granted = Pre-Adjustment Number of Shares Granted × Stock Split or Reverse Stock Split Ratio

Furthermore, in the event that, after the allotment date of the stock acquisition rights, the Company conducts a merger, company split, share exchange, or share delivery, or in any other case where an adjustment to the Number of Shares Granted is deemed necessary on an analogous basis, the Company may make appropriate adjustments to the Number of Shares Granted within a reasonable scope.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Value of Property Contributed upon Exercise of the Stock Acquisition Rights, or Method of Calculation The Value
of Property Contributed upon Exercise of the Stock Acquisition Rights shall be the amount obtained by multiplying the amount to be paid in per share (hereinafter referred to as the "Exercise Price") by the Number of Shares Granted.

The Exercise Price shall be ¥1,253.

In the event that, after the allotment date of the stock acquisition rights, the Company conducts a stock split or a reverse stock split, the Exercise Price shall be adjusted in accordance with the following formula, and any fraction of less than ¥1 resulting from such adjustment shall be rounded up.

------

Adjusted Exercise Price = Pre-Adjustment Exercise Price x   <u>I</u> <br> Stock Split or Reverse Stock Split Ratio

Furthermore, in the event that, after the allotment date of the stock acquisition rights, the Company issues new shares or disposes of treasury shares of the Company's common stock at a price below the market price (excluding the issuance of new shares or disposal of treasury shares based on the exercise of stock acquisition rights, or the issuance of new shares or delivery of treasury shares through a merger, company split, share exchange, or share delivery), the Exercise Price shall be adjusted in accordance with the following formula, and any fraction of less than ¥1 resulting from such adjustment shall be rounded up.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Number of Newly Issued Shares x Amount<br> Paid per Newly Issued Share |
| Adjusted | = | Pre-Adjustment x | Number of Shares<br> Already Issued + | Market Price per Newly Issued Share |
| Exercise Price | = | Exercise Price | Number of Shares Already Issued + Number of Newly Issued Shares | Number of Shares Already Issued + Number of Newly Issued Shares |

---

In the above formula, "Number of Shares Already Issued" shall mean the total number of issued shares of the Company's common stock less the number of treasury shares of the Company's common stock. In the event that the Company disposes of treasury shares of the Company's common stock, "Number of Newly Issued Shares" shall be read as "Number of Treasury Shares to be Disposed Of. " Furthermore, in addition to the above, in the event that, after the allotment date of the stock acquisition rights, the Company conducts a merger, company split, share exchange, or share delivery, or in any other case where an adjustment to the Exercise Price is deemed necessary on an analogous basis, the Company may make appropriate adjustments to the Exercise Price within a reasonable scope.

(3) Exercise Period of the Stock Acquisition Rights

The period during which the stock acquisition rights may be exercised (hereinafter referred to as the "Exercise Period") shall be from 1 May 2026 to 30 April 2034.

(4) Matters Concerning the Increase in Capital Stock and Capital Reserve

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① The amount of increase in capital stock upon issuance of shares through exercise of the stock acquisition
rights shall be one-half of the maximum amount of increase in capital stock and other capital calculated pursuant to Article 17, Paragraph 1 of the Rules on Corporate Accounting. Any fraction of less than
¥1 resulting from such calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② The amount of increase in capital reserve upon issuance of shares through exercise of the stock acquisition
rights shall be the amount obtained by deducting the amount of increase in capital stock set forth in ① above from the maximum amount of increase in capital stock and other capital referred to in ① above.

(5) Restriction on Acquisition of Stock Acquisition Rights by Transfer

The acquisition of the stock acquisition rights by transfer shall require the approval of a resolution of the Board of Directors of the Company.

------

(6)Conditions for Exercise of the Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① The person to whom the stock acquisition rights have been allotted (hereinafter referred to as the "Stock
Acquisition Right Holder") may exercise the stock acquisition rights only up to the ratio specified in each of the following items (hereinafter referred to as the "Exercisable Ratio"), provided that EBITDA has satisfied any of the
conditions set forth in (a) through (c) below in any fiscal year from 1 January 2024 to 31 December 2033. In the event that the number of stock acquisition rights that become exercisable under such exercisable ratio results in a
fraction of less than one right, such fraction shall be rounded down.

(a) In the event that EBITDA exceeds ¥5,000,000,000 (¥5 billion) even once: Exercisable Ratio of 20%

(b) In the event that EBITDA exceeds ¥7,500,000,000 (¥7.5 billion) even once: Exercisable Ratio of 50%

(c) In the event that EBITDA exceeds ¥10,000,000,000 (¥10 billion) even once: Exercisable Ratio of 100%

For the purposes hereof, EBITDA shall be calculated by reference to the consolidated statement of profit and loss (or, if no consolidated statement of profit and loss is prepared, the statement of profit and loss; the same shall apply hereinafter) and the consolidated statement of cash flows (or, if no consolidated statement of cash flows is prepared, the statement of cash flows; the same shall apply hereinafter) as set out in the Company's Annual Securities Report, using the following formula: Operating Income + Amortization of Goodwill + Depreciation + Share-Based Compensation Expense + Interest Expense. In the event that a change in applicable accounting standards or an event having a material impact on the Company's business performance occurs and the Board of Directors determines that it is not appropriate to make the assessment based on the actual figures recorded in the Company's consolidated statement of profit and loss and consolidated statement of cash flows, the Company may, within a reasonable scope, exclude the impact of such event and make adjustments to the actual figures used for the assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② The Stock Acquisition Right Holder must be a director, audit & supervisory board member, or employee
of the Company or an affiliate of the Company at the time of exercise of the stock acquisition rights. Provided, however, that this shall not apply where the Board of Directors recognizes that there are other legitimate reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Exercise of the stock acquisition rights by the heirs of a Stock Acquisition Right Holder shall not be
permitted. Provided, however, that this shall not apply where the Board of Directors recognizes that there are other legitimate reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ The stock acquisition rights may not be exercised if such exercise would cause the total number of issued
shares of the Company to exceed the total number of authorized shares at the relevant time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Exercise of less than one stock acquisition right shall not be permitted.

4. Allocation Date of the Stock Acquisition Rights

1 July 2026.

------

5. Matters Concerning Acquisition of Stock Acquisition Rights

(1) In the event that approval is obtained at a general meeting of shareholders (or, if shareholder approval is not required, by a resolution of the Board of Directors) with respect to a merger

agreement under which the Company becomes a dissolving company, a split agreement or split plan with respect to a company split under which the Company becomes a splitting company, or a share exchange agreement, share delivery plan, or share transfer plan under which the Company becomes a wholly-owned subsidiary, the Company may acquire all of the stock acquisition rights at no cost upon the arrival of a date separately determined by the Board of Directors of the Company.

(2) In the event that a Stock Acquisition Right Holder becomes unable to exercise the stock acquisition rights prior to such exercise pursuant to the provisions set forth in 3.(6) above, the Company may acquire such stock acquisition rights that have become unexercisable at no cost upon the arrival of a date separately determined by the Board of Directors of the Company.

6. Treatment of Stock Acquisition Rights in Organizational Restructuring

In the event that the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), an absorption-type company split, an incorporation-type company split, a share exchange, or a share transfer (hereinafter collectively referred to as an "Organizational Restructuring"), the Company shall, as of the effective date of the Organizational Restructuring, deliver to each Stock Acquisition Right Holder stock acquisition rights of the company listed in items (i) through (v) of Article 236, Paragraph 1, Item 8 of the Companies Act (hereinafter referred to as the "Reorganized Company"), in each case on the following terms and conditions. Provided, however, that this shall be limited to cases where it is stipulated in the absorption merger agreement, incorporation merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan that stock acquisition rights of the Reorganized Company shall be delivered on the following terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Number of stock acquisition rights to be granted by the Reorganized Company

The number of stock acquisition rights to be delivered shall be equal to the number of stock acquisition rights held by each Stock Acquisition Right Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying the
stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights To be determined in
accordance with 3.(1) above, taking into account the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The Value of Property Contributed upon Exercise of each stock acquisition right to be delivered shall be the amount obtained by multiplying the post-reorganization exercise price, which is derived by adjusting the Exercise Price set forth in 3.(2) above taking into account the terms and conditions of the Organizational Restructuring, by the Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights as determined pursuant to 6.(3) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Exercise Period of the Stock Acquisition Rights

The exercise period shall commence on the later of the first day of the Exercise Period set forth in 3.(3) above or the effective date of the Organizational Restructuring, and shall end on the last day of the Exercise Period set forth in 3.(3) above.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with 3.(4) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Restriction on Acquisition of Stock Acquisition Rights by Transfer

The acquisition of stock acquisition rights by transfer shall require the approval of a resolution of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Other Conditions for Exercise of the Stock Acquisition Rights

To be determined in accordance with 3.(6) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Grounds and Conditions for Acquisition of Stock Acquisition Rights

To be determined in accordance with 5. above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Other Conditions shall be determined in accordance with the conditions of the Reorganized Company.

7. Matters Concerning Certificates for Stock Acquisition Rights

The Company shall not issue certificates for the stock acquisition rights.

8. Payment Date for Cash to be Paid in Exchange for Stock Acquisition Rights

No cash payment is required.

9. Application Date

No application is required.

10. Persons to be Allotted Stock Acquisition Rights and Number of Rights

Directors of the Company: 4 persons, 4,000 rights

END.

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Appendix 2-⑪-1

giftee Inc. 19th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Inc. 19th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 492.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥1,395 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 15 November 2026 to 14 November 2034. If the final day of the exercise period falls on a day that is not a bank business day, the immediately preceding bank business day shall be the final day. The stock acquisition rights may not be exercised after the expiration of the exercise period.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying
the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

2 December 2024.

15 Method of Allocation

If an application for subscription is made by a person eligible to receive an allotment of the subscription stock acquisition rights, the rights shall be allotted to such person.

16 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-⑪-2

giftee Group Inc. 11th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Group Inc. 11th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 492.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥1,395 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 15 November 2026 to 14 November 2034.

If the final day of the exercise period falls on a day that is not a bank business day, the immediately preceding bank business day shall be the final day. The stock acquisition rights may not be exercised after the expiration of the exercise period.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying
the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

1 July 2026.

15 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

------

Appendix 2-⑫-1

giftee Inc. 20th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Inc. 20th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 654.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥1,188 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

From 20 November 2027 to 19 November 2035. If the final day of the exercise period falls on a day that is not a bank business day, the immediately preceding bank business day shall be the final day. The stock acquisition rights may not be exercised after the expiration of the exercise period.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying
the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

19 December 2025.

15 Method of Allocation

If an application for subscription is made by a person eligible to receive an allotment of the subscription stock acquisition rights, the rights shall be allotted to such person.

16 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

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Appendix 2-⑫-2

giftee Group Inc. 12th Stock Acquisition Rights

1 Name of the Stock Acquisition Rights

giftee Group Inc. 12th Stock Acquisition Rights

---

| | |
|:---|:---|
| 2 | Total Number of Stock Acquisition Rights  |

---

The total number shall be 654.

The above total represents the number scheduled for allocation. If the total number of stock acquisition rights to be allocated decreases - for example, due to a lack of subscription applications - the total number of stock acquisition rights to be issued shall be the number actually allocated.

3 Class and Number of Shares Underlying the Stock Acquisition Rights

The shares underlying the stock acquisition rights shall be common shares of the Company, and each stock acquisition right shall entitle the holder to one share.

However, if, after the allocation date of the subscription stock acquisition rights set forth in Section 14 below (the "Allocation Date"), the Company conducts a stock split or reverse stock split of its common shares, the number of shares to be granted shall be adjusted in accordance with the following formula:

Adjusted Number of Shares = Number of Shares Before Adjustment × Stock Split or Reverse Stock Split Ratio

For a stock split, the adjusted number of shares shall apply from the day after the record date of the stock split (or, if no record date is set, from the effective date of the split). For a stock consolidation, the adjustment shall apply from the effective date of the consolidation. If a stock split is approved at a shareholders' meeting in connection with a proposal to decrease retained earnings and increase capital or reserves, and the record date for the split is set before the conclusion of the shareholders' meeting, the adjusted number of shares shall apply retroactively from the day after the conclusion of the meeting to the day following the record date.

In addition to the above, if the Company conducts a merger, company split, share exchange, or share transfer (collectively, "Mergers, etc."), makes a gratuitous allotment of its common shares, or if any other adjustment to the number of shares granted is deemed appropriate, the Company shall adjust the number of shares granted within a reasonable range.

Any fraction of less than one share resulting from the above adjustments shall be rounded down.

Furthermore, when making an adjustment to the number of shares granted, the Company shall notify or publicly announce the necessary matters to each holder of the subscription stock acquisition rights recorded in the stock acquisition rights register (hereinafter, the "Stock Acquisition Right Holders") no later than the day preceding the effective date of application of the adjusted number of shares. However, if such notification or public announcement cannot be made by the day preceding such effective date, it shall be made promptly thereafter.

4 Exercise Price of the Stock Acquisition Rights

The exercise price shall be ¥1,188 per share.

------

5 Adjustment of Exercise Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, after the Allocation Date, the Company conducts a stock split or reverse stock split of its common shares,
the exercise price shall be adjusted in accordance with the following formula (the "Exercise Price Adjustment Formula"), and any fraction of less than one yen resulting from such adjustment shall be rounded up.

Adjusted Exercise Price = Pre-Adjustment Exercise Price x 1 Stock Split or Reverse Stock Split Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an adjustment is made pursuant to (1) above, the adjusted exercise price shall apply, in the case of a
stock split, from the day following the record date of such stock split (or, if no record date is set, from its effective date), and in the case of a reverse stock split, from its effective date. However, in the event that a stock split is conducted
on the condition that a proposal to decrease retained earnings and increase stated capital or capital reserves is approved at a general meeting of shareholders, and the record date for such stock split is set on a date prior to the conclusion of
such general meeting of shareholders, the adjusted exercise price shall apply retroactively from the day following the conclusion of such general meeting of shareholders to the day following the relevant record date.

In the case set forth in the proviso above, with respect to Stock Acquisition Right Holders who exercised such rights during the period from the day following the record date for the stock split to the date of conclusion of the relevant general meeting of shareholders (the number of shares that may be delivered upon such exercise being hereinafter referred to as the "Number of Shares Exercised Prior to the Split"), the number of shares of the Company's common stock to be delivered shall be adjusted in accordance with the following formula, and any fraction of less than one share resulting from such adjustment shall be rounded down.

Number of Newly Issued Shares = (Exercise Price Before Adjustment - Exercise Price After Adjustment) x Number of Shares Exercised Prior to the Split Exercise Price After Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In addition to the cases set forth in (1) above, if the Company issues new shares or disposes of treasury
shares at a price below the exercise price before adjustment (excluding cases involving the exercise of stock acquisition rights outstanding as of the allocation date), if, after the allocation date, the Company makes a gratuitous allotment of a
different class of shares to holders of its common shares or distributes shares of another company as dividends to holders of its common shares, or if the Company conducts a merger or other corporate reorganization, or in any other case where
adjustment of the exercise price is deemed appropriate, the Company may adjust the exercise price within a reasonable range, taking into account the terms and conditions of such allotment, dividend, or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When making an adjustment to the exercise price, the Company shall notify or publicly announce the necessary
matters to the Stock Acquisition Right Holders no later than the day preceding the effective date of such adjustment; provided, however, that if such notice or public announcement cannot be made by the day preceding the effective date, it shall be
made promptly thereafter.

------

6 Exercise Period of Stock Acquisition Rights

The period shall be from 20 November 2027 to 19 November 2035.

7 Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise of Stock Acquisition Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in capital
stock shall be one-half of the maximum amount of capital increase calculated in accordance with Article 17, Paragraph 1 of the Company Accounting Regulations. Any fraction of less than one yen resulting from
this calculation shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② In the case of issuing shares upon the exercise of stock acquisition rights, the amount of increase in the
capital reserve shall be the amount obtained by subtracting the amount of capital stock increased pursuant to (1) above from the maximum amount of capital increase described in (1).

8 Matters Concerning Transfer-Restricted Stock Acquisition Rights

The transfer of these stock acquisition rights requires the approval of the Company's Board of Directors. Pledging or other use of these stock acquisition rights as collateral is not permitted.

9 Acquisition Provisions of Stock Acquisition Rights

None.

10 Granting of Stock Acquisition Rights in the Event of a Corporate Reorganization and Conditions Thereof

If the Company conducts a merger (limited to cases where the Company is dissolved as a result of the merger), absorption-type company split, incorporation-type company split, share exchange, or share transfer (collectively, "Organizational Restructuring"), the Company may deliver to holders of the stock acquisition rights that remain outstanding immediately prior to the effective time of such Organizational Restructuring (the "Remaining Stock Acquisition Rights"), stock acquisition rights of the stock company listed in Article 236, Paragraph 1, Item 8 (i) to (v) of the Companies Act (the "Reorganized Company"), subject to the following conditions. In such case, the Remaining Stock Acquisition Rights shall be extinguished, and the Reorganized Company shall newly issue stock acquisition rights. This shall apply only if the absorption-type merger agreement, incorporation-type merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement, or share transfer plan provides that stock acquisition rights of the Reorganized Company will be delivered in accordance with the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Number of stock acquisition rights to be granted by the Reorganized Company

The number shall be the same as the number of Remaining Stock Acquisition Rights held by each holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Class of Shares of the Reorganized Company Underlying the Stock Acquisition Rights The shares underlying
the stock acquisition rights shall be common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Number of Shares of the Reorganized Company Underlying the Stock Acquisition Rights A number obtained by making
reasonable adjustments to the number of underlying shares considering the terms and conditions of the Organizational Restructuring (the "Number of Shares After Succession"). Any fraction of less than one share resulting from such
adjustment shall be rounded down.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Exercise Period of the Stock Acquisition Rights

The period shall be from the later of the commencement date of the exercise period specified above and the effective date of the Organizational Restructuring, until the expiration date of the exercise period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Matters Concerning the Increase in Capital Stock and Capital Reserve Upon Issuance of Shares Through Exercise
of Stock Acquisition Rights

To be determined in accordance with the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ Value of Property Contributed upon Exercise of the Stock Acquisition Rights

The property to be contributed upon exercise of the stock acquisition rights shall be cash, and the amount thereof shall be the amount obtained by multiplying the Number of Shares after Succession by the exercise price as reasonably adjusted in light of the terms and conditions of the Organizational Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ Restriction on Acquisition of Stock Acquisition Rights by Transfer

Any acquisition of the stock acquisition rights by transfer shall require the approval of the Board of Directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ Conditions for Exercise of Stock Acquisition Rights and Grounds and Conditions for Acquisition

To be determined in accordance with the above.

11 Treatment of Fractions of Less Than One Share upon Exercise of the Stock Acquisition Rights

If the number of shares to be delivered to a stock acquisition right holder includes a fraction of less than one share, such fraction shall be rounded down.

12 Conditions for Exercise of the Stock Acquisition Rights

At the time of exercise of the stock acquisition rights, the holder must hold the position of director, executive officer, or employee (including advisor or consultant) of the Company, or director, executive officer, or employee (including advisor or consultant) of a subsidiary. In the event that the eligible person dies, the heir of such person may exercise the stock acquisition rights that remained unexercised at the time of death. However, if such heir dies, the heir of that heir may not exercise the stock acquisition rights, and such stock acquisition rights shall expire pursuant to Article 287 of the Companies Act.

---

| | |
|:---|:---|
| 13 | Amount to Be Paid for the Stock Acquisition Rights  |

---

No monetary payment shall be required.

14 Allocation Date of the Stock Acquisition Rights

1 July 2026.

15 Other conditions shall be as set forth in the stock acquisition rights allotment agreement to be entered into between the Company and each Stock Acquisition Right Holder pursuant to a resolution of the Board of Directors.

END.

## Exhibit 99.4

**Exhibit 99.4** 

This exchange offer or business combination is made for the securities of a foreign company. The offer is subject to disclosure requirements of a foreign country that are different from those of the United States. Financial statements included in the document, if any, have been prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.

It may be difficult for you to enforce your rights and any claim you may have arising under the federal securities laws, since the issuer is located in a foreign country, and some or all of its officers and directors may be residents of a foreign country. You may not be able to sue a foreign company or its officers or directors in a foreign court for violations of the U.S. securities laws. It may be difficult to compel a foreign company and its affiliates to subject themselves to a U.S. court's judgment.

You should be aware that the issuer may purchase securities otherwise than under the exchange offer, such as in open market or privately negotiated purchases.

Start date of electronic provision measures: March 6, 2026

16th Ordinary General Meeting of Shareholders

Matters Subject to Electronic Provision Measures

(Items Excluded from Paper-Based Documents Delivered Upon Request)

Matters Related to the Company's Share Options, etc.

Status of the Accounting Auditor

Company Structure and Policies

Consolidated Statement of Changes in Equity

Notes to Consolidated Financial Statements

Non-Consolidated Statement of Changes in Equity

Notes to Non-Consolidated Financial Statements

giftee, Inc.

------

Matters Related to the Company's Share Options, etc.

(1) Status of Share Options as of the End of the Fiscal Year

The status of share options, etc. as of the end of the fiscal year is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① 8th Share Options (Issued on March 23, 2018)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Share Options

19 options (1,000 shares per option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class and Number of Shares Underlying the Share Options

19,000 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue Price of Share Options

Issued without consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Price of Share Options

¥210 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Period of Share Options

From March 24, 2020 to March 23, 2028

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions for Exercise of Share Options

Holders must, at the time of exercising the share options, hold the position of director, executive officer, or employee of the Company (including advisor or consultant), or director, executive officer, or employee of a subsidiary (including advisor or consultant). In the event that an eligible holder dies, the holder's heir(s) may exercise the share options that remained unexercised at the time of the holder's death. However, if such heir also dies, the heir's successor(s) may not exercise the share options, and the relevant share options shall lapse pursuant to Article 287 of the Companies Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② 9th Share Options (Issued on July 18, 2018)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Share Options

132 options (1,000 shares per option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class and Number of Shares Underlying the Share Options

132,000 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue Price of Share Options

Issued without consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Price of Share Options

¥210 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Period of Share Options

From July 19, 2020 to July 18, 2028

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions for Exercise of Share Options

Holders must, at the time of exercising the share options, hold the position of director, executive officer, or employee of the Company (including advisor or consultant), or director, executive officer, or employee of a subsidiary (including advisor or consultant). In the event that an eligible holder dies, the holder's heir(s) may exercise the share options that remained unexercised at the time of the holder's death. However, if such heir also dies, the heir's successor(s) may not exercise the share options, and the relevant share options shall lapse pursuant to Article 287 of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ 10th Share Options (Issued on January 4, 2019)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Share Options

51 options (1,000 shares per option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class and Number of Shares Underlying the Share Options

51,000 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue Price of Share Options

Issued without consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Price of Share Options

¥275 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Period of Share Options

From January 4, 2021 to January 3, 2029

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions for Exercise of Share Options

Holders must, at the time of exercising the share options, hold the position of director, executive officer, or employee of the Company (including advisor or consultant), or director, executive officer, or employee of a subsidiary (including advisor or consultant). In the event that an eligible holder dies, the holder's heir(s) may exercise the share options that remained unexercised at the time of the holder's death. However, if such heir also dies, the heir's successor(s) may not exercise the share options, and the relevant share options shall lapse pursuant to Article 287 of the Companies Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ 12th Share Options (Issued on May 17, 2019)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Share Options

28 options (1,000 shares per option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class and Number of Shares Underlying the Share Options

28,000 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue Price of Share Options

Issued without consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Price of Share Options

¥1,500 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Period of Share Options

From May 18, 2021 to May 17, 2029

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions for Exercise of Share Options

Holders must, at the time of exercising the share options, hold the position of director, executive officer, or employee of the Company (including advisor or consultant), or director, executive officer, or employee of a subsidiary (including advisor or consultant). In the event that an eligible holder dies, the holder's heir(s) may exercise the share options that remained unexercised at the time of the holder's death. However, if such heir also dies, the heir's successor(s) may not exercise the share options, and the relevant share options shall lapse pursuant to Article 287 of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ 13th Share Options (Issued on November 13, 2020)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Share Options

124 options (1,000 shares per option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class and Number of Shares Underlying the Share Options

124,000 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue Price of Share Options

Issued without consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Price of Share Options

¥3,215 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Period of Share Options

From November 14, 2022 to November 13, 2030

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions for Exercise of Share Options

Holders must, at the time of exercising the share options, hold the position of director, executive officer, or employee of the Company (including advisor or consultant), or director, executive officer, or employee of a subsidiary (including advisor or consultant). In the event that an eligible holder dies, the holder's heir(s) may exercise the share options that remained unexercised at the time of the holder's death. However, if such heir also dies, the heir's successor(s) may not exercise the share options, and the relevant share options shall lapse pursuant to Article 287 of the Companies Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑥ 14th Share Options (Issued on March 12, 2021)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Share Options

263 options (100 shares per option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class and Number of Shares Underlying the Share Options 26,300 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue Price of Share Options

Issued without consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Price of Share Options

¥3,898 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Period of Share Options

From March 13, 2023 to March 12, 2031

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions for Exercise of Share Options

Holders must, at the time of exercising the share options, hold the position of director, executive officer, or employee of the Company (including advisor or consultant), or director, executive officer, or employee of a subsidiary (including advisor or consultant). In the event that an eligible holder dies, the holder's heir(s) may exercise the share options that remained unexercised at the time of the holder's death. However, if such heir also dies, the heir's successor(s) may not exercise the share options, and the relevant share options shall lapse pursuant to Article 287 of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑦ 15th Share Options (Issued on November 12, 2021)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Share Options

68 options (1,000 shares per option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class and Number of Shares Underlying the Share Options

68,000 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue Price of Share Options Issued without consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Price of Share Options

¥3,528 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Period of Share Options

From November 13, 2023 to November 12, 2031

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions for Exercise of Share Options

Holders must, at the time of exercising the share options, hold the position of director, executive officer, or employee of the Company (including advisor or consultant), or director, executive officer, or employee of a subsidiary (including advisor or consultant). In the event that an eligible holder dies, the holder's heir(s) may exercise the share options that remained unexercised at the time of the holder's death. However, if such heir also dies, the heir's successor(s) may not exercise the share options, and the relevant share options shall lapse pursuant to Article 287 of the Companies Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑧ 16th Share Options (Issued on November 14, 2022)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Share Options

64 options (1,000 shares per option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class and Number of Shares Underlying the Share Options

64,000 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue Price of Share Options

Issue without consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Price of Share Options

¥2,291 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Period of Share Options

From November 15, 2024 to November 14, 2032

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions for Exercise of Share Options

Holders must, at the time of exercising the share options, hold the position of director, executive officer, or employee of the Company (including advisor or consultant), or director, executive officer, or employee of a subsidiary (including advisor or consultant). In the event that an eligible holder dies, the holder's heir(s) may exercise the share options that remained unexercised at the time of the holder's death. However, if such heir also dies, the heir's successor(s) may not exercise the share options, and the relevant share options shall lapse pursuant to Article 287 of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑨ 17th Share Options (Issued on November 14, 2023)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Share Options

93 options (1,000 shares per option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class and Number of Shares Underlying the Share Options

93,000 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue Price of Share Options

Issued without consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Price of Share Options

¥1,792 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Period of Share Options

From November 15, 2025 to November 14, 2033

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions for Exercise of Share Options

Holders must, at the time of exercising the share options, hold the position of director, executive officer, or employee of the Company (including advisor or consultant), or director, executive officer, or employee of a subsidiary (including advisor or consultant). In the event that an eligible holder dies, the holder's heir(s) may exercise the share options that remained unexercised at the time of the holder's death. However, if such heir also dies, the heir's successor(s) may not exercise the share options, and the relevant share options shall lapse pursuant to Article 287 of the Companies Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑩ 19th Share Options (Issued on December 2, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Share Options

492 options (100 shares per option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class and Number of Shares Underlying the Share Options

49,200 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue Price of Share Options

Issued without consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Price of Share Options

¥1,395 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Period of Share Options

From November 15, 2026 to November 14, 2034

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions for Exercise of Share Options

Holders must, at the time of exercising the share options, hold the position of director, executive officer, or employee of the Company (including advisor or consultant), or director, executive officer, or employee of a subsidiary (including advisor or consultant). In the event that an eligible holder dies, the holder's heir(s) may exercise the share options that remained unexercised at the time of the holder's death. However, if such heir also dies, the heir's successor(s) may not exercise the share options, and the relevant share options shall lapse pursuant to Article 287 of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑪ 20th Share Options (Issued on December 19, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Share Options

654 options (100 shares per option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class and Number of Shares Underlying the Share Options

65,400 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue Price of Share Options

Issued without consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Price of Share Options

¥1,188 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Period of Share Options

From November 20, 2027 to November 19, 2035

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions for Exercise of Share Options

Holders must, at the time of exercising the share options, hold the position of director, executive officer, or employee of the Company (including advisor or consultant), or director, executive officer, or employee of a subsidiary (including advisor or consultant). In the event that an eligible holder dies, the holder's heir(s) may exercise the share options that remained unexercised at the time of the holder's death. However, if such heir also dies, the heir's successor(s) may not exercise the share options, and the relevant share options shall lapse pursuant to Article 287 of the Companies Act.

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Status of Share Options Held by the Company's Officers

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Share Option Series | Number of Share<br> Options | Number of Shares<br>Underlying the Share<br> Options | Number of Holders |
|  Directors (excluding<br> outside directors) | 8th Share Options |  |  |  |
|  Directors (excluding<br> outside directors) | 9th Share Options | 132 | 132000 | 2 |
|  Directors (excluding<br> outside directors) | 10th Share Options |  |  |  |
|  Directors (excluding<br> outside directors) | 12th Share Options |  |  |  |
|  Directors (excluding<br> outside directors) | 13th Share Options |  |  |  |
|  Directors (excluding<br> outside directors) | 14th Share Options |  |  |  |
|  Directors (excluding<br> outside directors) | 15th Share Options |  |  |  |
|  Directors (excluding<br> outside directors) | 16th Share Options |  |  |  |
|  Directors (excluding<br> outside directors) | 17th Share Options |  |  |  |
|  Directors (excluding<br> outside directors) | 19th Share Options |  |  |  |
|  Directors (excluding<br> outside directors) | 20th Share Options |  |  |  |
|  Outside Directors | 8th Share Options |  |  |  |
|  Outside Directors | 9th Share Options |  |  |  |
|  Outside Directors | 10th Share Options |  |  |  |
|  Outside Directors | 12th Share Options |  |  |  |
|  Outside Directors | 13th Share Options |  |  |  |
|  Outside Directors | 14th Share Options |  |  |  |
|  Outside Directors | 15th Share Options |  |  |  |
|  Outside Directors | 16th Share Options |  |  |  |
|  Outside Directors | 17th Share Options |  |  |  |
|  Outside Directors | 19th Share Options |  |  |  |
|  Outside Directors | 20th Share Options |  |  |  |
|  Corporate Auditor | 8th Share Options |  |  |  |
|  Corporate Auditor | 9th Share Options |  |  |  |
|  Corporate Auditor | 10th Share Options |  |  |  |
|  Corporate Auditor | 12th Share Options |  |  |  |
|  Corporate Auditor | 13th Share Options |  |  |  |
|  Corporate Auditor | 14th Share Options |  |  |  |
|  Corporate Auditor | 15th Share Options |  |  |  |
|  Corporate Auditor | 16th Share Options |  |  |  |
|  Corporate Auditor | 17th Share Options |  |  |  |
|  Corporate Auditor | 19th Share Options |  |  |  |
|  Corporate Auditor | 20th Share Options |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Status of Share Options Granted During the Fiscal Year

The details of such share options, etc. are as described in (1) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aggregate Totals of Share Options Granted to Company Employees, and Officers and Employees of Subsidiaries

<u> Share Option Series</u> <u> Number of Share Options</u> <u> Number of Grantees</u> <br> Company Employees (Excluding Officers) 18th Share Options 654 88

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Other Important Matters Related to Share Options, etc.

Summary of Paid Stock Options Issued Pursuant to the Board of Directors' Resolution Dated April 16, 2024

18th Share Options (Issued on May 1, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of Share Options

4,000 options (100 shares per option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class and Number of Shares Underlying the Share Options

400,000 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue Price of Share Options

¥10 per option

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Price of Share Options

¥1,253 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise Period of Share Options

From May 1, 2026 to April 30, 2034

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions for Exercise of Share Options

A person allotted share options (hereinafter referred to as a "Share Option Holder") may exercise the share options only if EBITDA, in any fiscal year between January 1, 2024 and December 31, 2033, satisfies one of the conditions (a) through (c) below. Exercise shall be permitted up to the applicable ratio specified for each condition (the "Exercise Ratio"). Any fractional share options resulting from the calculation of the number of exercisable share options shall be rounded down

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If EBITDA exceeds ¥5.0 billion at least once, the Exercise Ratio shall be 20%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If EBITDA exceeds ¥7.5 billion at least once, the Exercise Ratio shall be 50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If EBITDA exceeds ¥10.0 billion at least once, the Exercise Ratio shall be 100%.

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For the purpose hereof, EBITDA shall be determined by reference to "Operating Profit + Amortisation of Goodwill + Depreciation + Share-Based Compensation Expenses + Interest Expenses," based on the Consolidated Statement of Income (or the Statement of Income if consolidated financial statements are not prepared; the same shall apply hereinafter) and the Consolidated Statement of Cash Flows (or the Statement of Cash Flows if consolidated financial statements are not prepared; the same shall apply hereinafter) as presented in the Company's Annual Securities Report.

In the event of a change in applicable accounting standards, or upon the occurrence of any event that materially impacts the Company's financial results, where the Board of Directors determines that it is inappropriate to make such determination based on the reported figures presented in the Consolidated Statement of Income and Consolidated Statement of Cash Flows, the Company may, within a reasonable scope, exclude the effects of such event(s) and adjust the figures used for determination.

A Share Option Holder must, at the time of exercising the share options, hold the position of director, corporate auditor, or employee of the Company or its affiliated companies. However, this shall not apply where the Board of Directors recognizes other justifiable grounds.

Exercise of the share options by an heir of a Share Option Holder shall not be permitted. However, this shall not apply where the Board of Directors recognizes other justifiable grounds.

Share options may not be exercised if such exercise would cause the total number of issued shares of the Company to exceed the total number of shares authorized at that time.

Share options representing less than one option may not be exercised.

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Status of the Accounting Auditor

Matters Related to the Accounting Auditor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Name of the Accounting Auditor

EY ShinNihon LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Amount of Remuneration, etc.

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| | |
|:---|:---|
|  | Amount Paid |
|  Amount of Remuneration, etc. for the Accounting Auditor for the Fiscal Year | 48 millions of yen |
|  Total Amount of Monetary and Other Property Benefits Payable by the Company and Its Subsidiaries | 48 millions of yen |

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---

| | |
|:---|:---|
| Notes: | 1 Under the audit agreement between the Company and the Accounting Auditor, the audit remuneration, etc. attributable to audits conducted pursuant to the Companies Act and those conducted pursuant to the Financial Instruments and Exchange Act are not clearly segregated and cannot be practically separated. Accordingly, the Amount of Remuneration, etc. for the Accounting Auditor for the Fiscal Year includes the aggregate total of such amounts.  |

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2 The Board of Corporate Auditors, taking into consideration the "Practical Guidelines for Cooperation with Accounting Auditors" published by the Japan Audit & Supervisory Board Members Association, reviewed the audit results for prior fiscal years, including audit hours by audit item and organizational level, trends in remuneration amounts, and the Accounting Auditor's performance of duties. Based on its examination of the audit plan and remuneration for the fiscal year, the Board of Corporate Auditors has granted its consent to the Accounting Auditor's remuneration, etc. pursuant to Article 399, Paragraph 1 of the Companies Act.

3 Among the Company's significant subsidiaries, YouGotaGift.com Ltd. is audited by an audit firm that belongs to the same network (Ernst & Young LLC) as the Company's accounting auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Details of Non-Audit Services

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Matters Related to Audits of Subsidiaries

The Company's subsidiaries, GIFTEE MALAYSIA SDN. BHD., Giftee Mekong Company Ltd., PT giftee International Indonesia, and GIFTEE TECH VIETNAM COMPANY LIMITED, are audited by audit firms other than the Company's Accounting Auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Details and Summary of the Limitation of Liability Agreement

The Company and its Accounting Auditor, EY ShinNihon LLC, have entered into a limitation of liability agreement pursuant to Article 427, Paragraph 1 of the Companies Act. A summary of the agreement is as follows:

With respect to the liability of the Accounting Auditor under Article 423, Paragraph 1 of the Companies Act, where the Accounting Auditor has acted in good faith and without gross negligence in the performance of its duties, the maximum liability amount for damages owed to the Company shall be limited to the minimum liability amount provided for under Article 425, Paragraph 1 of the Companies Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Policy for Determining the Dismissal or Non-Reappointment of the
Accounting Auditor If the Board of Corporate Auditors determines that dismissal or non-reappointment of the Accounting Auditor is necessary, including cases where circumstances arise that interfere with the
proper execution of the Accounting Auditor's duties, the Board of Corporate Auditors shall determine the details of a proposal regarding the dismissal or non-reappointment of the Accounting Auditor. The
Board of Directors shall, based on such determination, submit the proposal to the General Meeting of Shareholders. Furthermore, if the Board of Corporate Auditors recognizes that the Accounting Auditor falls under any of the items set forth in
Article 340, Paragraph 1 of the Companies Act, the Board of Corporate Auditors shall dismiss the Accounting Auditor upon the unanimous consent of all Corporate Auditors. In such a case, a Corporate Auditor appointed by the Board of Corporate
Auditors shall report the dismissal of the Accounting Auditor and the reasons for it at the first General Meeting of Shareholders convened after the dismissal.

Company Structure and Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Systems to Ensure that the Execution of Duties by Directors Complies with Laws and Regulations and the Articles
of Incorporation, and Other Systems to Ensure the Appropriateness of Business Operations

The Company has adopted a basic policy regarding systems designed to ensure the appropriateness of business operations, pursuant to Article 362, Paragraph 5 of the Companies Act, including matters set forth in Article 362, Paragraph 4, Item 6 of the Companies Act and the respective provisions of Article 100, Paragraphs 1 and 3 of the Ordinance for Enforcement of the Companies Act. A summary of the policy is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Systems to Ensure that the Execution of Duties by Directors and Employees Complies with Laws and Regulations and the Articles of Incorporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has established a Board of Directors to supervise the execution of duties by Directors and a Board
of Corporate Auditors vested with auditing authority. By appointing Outside Directors and Outside Corporate Auditors, the Company ensures rigorous oversight of the execution of duties by Directors and of compliance with applicable laws and
regulations, the Articles of Incorporation, and internal regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To strengthen and enhance the compliance framework, the Company has enacted internal regulations, including the
Regulations on Authority and Responsibility, the Regulations on Segregation of Duties, the Compliance Regulations, and other rules relating to the internal control system. The internal audit function conducts proactive audits across the
Company's group, thereby ensuring the effectiveness and appropriateness of the compliance framework and verifying the validity and effectiveness of the internal control system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has introduced and operates an internal whistleblowing system with the aim of maintaining sound
organizational management.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Systems for the Storage and Management of Information Related to the Execution of Duties by Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Information related to the execution of duties by Directors shall be appropriately stored and managed in
accordance with applicable laws and regulations, the Articles of Incorporation, and the Company's internal regulations, including the Document Management Regulations and the Information System Management Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall maintain such stored and managed information in a condition that allows timely inspection
upon request by Directors or Corporate Auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Regulations and Other Systems for the Management of Risk of Loss

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The system for managing the risk of loss shall be addressed by the Board of Directors, where internal and
external information is consolidated. The Board of Directors shall undertake the identification, assessment, prevention, and response planning for risks, and oversee the implementation of relevant measures. When necessary, personnel responsible for
relevant departments shall attend meetings of the Board of Directors and report on the identification and evaluation of risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has established the Risk Management Regulations and shall maintain a management framework designed
to prevent the occurrence of risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Systems to Ensure the Efficient Execution of Duties by Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To ensure the efficient execution of duties by Directors, the Company shall, pursuant to the Board of Directors
Regulations, hold regular meetings of the Board of Directors in principle once per month, as well as extraordinary meetings whenever necessary, to make decisions concerning business execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to business execution, authority and responsibility are defined under internal regulations,
including the Organizational Regulations, the Regulations on Segregation of Duties, and the Regulations on Authority and Responsibility, which shall be reviewed and revised as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Systems to Ensure the Appropriateness of Business Operations within the Corporate Group Consisting of the Company and Its Subsidiaries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to the management of subsidiaries, the Company shall require compliance with the Affiliate
Management Regulations established by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company's internal audit function shall conduct audits of each company within the Group.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Matters Concerning Employees Assigned to Assist the Duties of Corporate Auditors, and the Independence of Such Employees from Directors

To ensure the independence of employees assigned to assist the duties of Corporate Auditors, any matters relating to personnel transfers, performance evaluations, or disciplinary actions involving such employees shall require the consent of the Board of Corporate Auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Systems for Reporting by Directors and Employees to Corporate Auditors, and Other Systems Relating to Reporting to Corporate Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Corporate Auditors shall attend meetings of the Board of Directors and receive reports on important matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directors and Employees shall promptly report to the Corporate Auditors upon discovering any fact that may
cause material damage to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Other Systems to Ensure the Effectiveness of Audits by Corporate Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Representative Director and President shall, whenever possible, hold meetings with the Corporate Auditors
to exchange views and enhance mutual communication regarding the management of the Company, independently of routine business reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Corporate Auditors shall periodically hold discussions with the Accounting Auditor and the internal audit
function to exchange information necessary to ensure the effectiveness of audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Systems to Ensure the Reliability of Financial Reporting

The Company shall establish internal controls over financial reporting, periodically evaluate the status of the development and operation of such controls, and implement measures for their maintenance and improvement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Basic Policy Regarding the Elimination of Transactions with Anti-Social Forces and the Status of Its Implementation

The Company shall maintain a firm stance against anti-social forces and organizations that threaten the order and safety of civil society, and shall have no involvement whatsoever with such parties. In response to any unreasonable demands, the Company shall cooperate with legal counsel, the police, and other relevant authorities, and address such matters resolutely.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Status of System for Ensuring the Proper Conduct of Business

The Company has established the systems described above to ensure the appropriateness of business operations and, based on the basic policy governing such systems, has implemented the following specific initiatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Board of Directors

The Company's Board of Directors is composed of seven Directors (including three Outside Directors). Meetings of the Board of Directors are held with the attendance of three Corporate Auditors. The Board makes decisions on important management matters and supervises the execution of duties by Directors. In addition to regular monthly meetings, extraordinary meetings are convened whenever necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Board of Corporate Auditors

The Company's Board of Corporate Auditors is composed of three Corporate Auditors, consisting of one full-time Corporate Auditor and two part-time Corporate Auditors. The Board of Corporate Auditors holds regular monthly meetings and, when necessary, extraordinary meetings. Through these meetings, the Board formulates audit plans, reviews the status of audit implementation, and facilitates information sharing among Corporate Auditors.

Corporate Auditors attend meetings of the Board of Directors and other important meetings. In accordance with the audit plan, they conduct audit procedures, including the inspection of important documents and inquiries to Directors and Employees, thereby ensuring appropriate oversight of management. In addition, Corporate Auditors maintain close coordination with the internal audit function and the Accounting Auditor and strive to enhance the effectiveness and efficiency of audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Nomination Committee and Compensation Committee

To strengthen the fairness, transparency, and objectivity of procedures relating to the nomination and remuneration of Directors, and to further enhance corporate governance, the Company has established the Nomination Committee and the Compensation Committee as voluntary advisory bodies to the Board of Directors. Matters concerning the nomination and remuneration of Directors are determined by the Board of Directors, taking into account the recommendations of each committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Accounting Auditor

The Company has entered into an audit agreement with EY ShinNihon LLC, and timely and appropriate audits are conducted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Management Committee

The Company has established the Management Committee as a body responsible for agile decision-making relating to management and business execution. The Committee is composed of full-time Directors and other members deemed necessary by the Representative Director and President. The Committee deliberates on and resolves important management matters. In addition, the full-time Corporate Auditor attends meetings of the Management Committee whenever necessary and monitors the status of its operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Basic Policy Regarding Control of the Company

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Policy on the Determination of Dividends from Surplus

The Company's basic policy is to achieve both sustainable profit growth and shareholder returns. The Company will implement a progressive dividend policy with a target dividend payout ratio of 30%\* and aims to increase dividends in line with profit growth.

*\** *The dividend payout ratio will be calculated based on Non-GAAP net income, adjusted to exclude extraordinary gains and losses and temporary profit or loss effects such as tax effects arising from the open innovation tax incentive and other non-recurring items.* 

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Consolidated Statement of Changes in Equity

From January 1, 2025

(To December 31, 2025)

(Unit: millions of yen)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shareholders' Equity | Shareholders' Equity | Shareholders' Equity | Shareholders' Equity | Shareholders' Equity |
|  | Share<br>Capital | Capital<br>Surplus | Retained<br>Earnings | Treasury<br>Shares | Total<br>Shareholders'<br>Equity |
|  Balance at Beginning of Period | 3248 | 3235 | 1008 | (0) | 7492 |
|  Changes During the Period |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of New Shares | 37 | 37 |  |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from Surplus |  |  | (296) |  | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit Attributable to Owners of Parent |  |  | 935 |  | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in Equity Resulting from Transactions with Non- Controlling Interests |  | 200 |  |  | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of Treasury Shares |  |  |  | (0) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Changes in Items Other |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Than Shareholders' Equity |  |  |  |  |  |
|  Total Changes During the Period | 37 | 237 | 639 | (0) | 914 |
|  Balance at End of Period | 3286 | 3473 | 1648 | (0) | 8407 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Accumulated<br>Other<br>Comprehensive<br>Income | | | | | |
|  | Other<br>Valuation<br>Difference on<br>Available-for-<br>Sale Securities | Foreign<br>Currency<br>Translation<br>Adjustments | Total<br>Accumulated<br>Other<br>Comprehensive<br>Income | Share<br>Acquisition<br>Rights | Non-<br>Controlling<br>Interests | Total<br>Net<br>Assets |
|  Balance at Beginning of Period | 113 | 28 | 141 | 622 | 97 | 8354 |
|  Changes During the Period |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of New Shares |  |  |  |  |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from Surplus |  |  |  |  |  | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit Attributable to Owners of Parent |  |  |  |  |  | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in Equity Resulting from Transactions with Non- Controlling Interests |  |  |  |  |  | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of Treasury Shares |  |  |  |  |  | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Changes in Items Other Than Shareholders' Equity | (7) | (70) | (77) | 54 | 26 | 3 |
|  Total Changes During the Period | (7) | (70) | (77) | 54 | 26 | 918 |
|  Balance at End of Period | 106 | (42) | 63 | 676 | 124 | 9272 |

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Notes to Consolidated Financial Statements

Notes on Significant Matters Forming the Basis for the Preparation of Consolidated Financial Statements

1. Scope of Consolidation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Number of Consolidated Subsidiaries: 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Names of Consolidated Subsidiaries

GIFTEE MALAYSIA SDN. BHD.

Sow Experience Co., Ltd.

Giftee Mekong Company Ltd.

PT giftee International Indonesia.

paintory Inc.

Brewtope Inc.

GIFTEE TECH VIETNAM COMPANY LIMITED.

YouGotaGift.com Ltd.

YouGotaGift.com for business services

YOUGOTAGIFT PRIVATE LIMITED

YouGotaGift LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Changes in the Scope of Consolidation

YouGotaGift for Designing Gifts and Luxuries was excluded from the scope of consolidation as its liquidation was completed during the consolidated fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Fiscal Year-End of Consolidated Subsidiaries

The fiscal year-end of the consolidated subsidiaries coincides with the consolidated fiscal year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Application of the Equity Method

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Number of Affiliates Accounted for Using the Equity Method: 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Names of Affiliates Accounted for Using the Equity Method

DIRIGIO Inc.

yui Inc.

orosy Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Names of Affiliates Not Accounted for Using the Equity Method

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Changes in the Scope of Application of the Equity Method

Not applicable.

3. Accounting Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Valuation Standards and Methods for Significant Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Securities

Investments in Affiliates: Stated at cost determined by the moving-average method Other Securities

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| | |
|:---|:---|
| Securities Other Than Shares Without Market Prices: | : Measured at fair value (valuation differences are recognised directly in net assets) |
| Shares Without Market Prices | : Stated at cost determined by the moving-average method |

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With respect to investments in limited liability investment partnerships, the Company applies a method whereby the Company's equity interest is recognised at the net amount based on the most recent financial statements of the partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Inventories

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merchandise | : Stated at cost determined by the moving-average method, the first-in, first-out (FIFO) method, or the last purchase cost method (The balance sheet value is determined by the method of writing down the book value based on a decline in profitability.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Work in Process | : Stated at cost determined by the specific identification method (The balance sheet value is determined by the method of writing down the book value based on a decline in profitability.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplies | : Stated at cost determined by the last purchase cost method (The balance sheet value is determined by the method of writing down the book value based on a decline in profitability.) |

---

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(2) Depreciation Methods for Significant Depreciable Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Tangible Fixed Assets

The Company applies the straight-line method for buildings and the declining-balance method for tools, furniture and fixtures.

Buildings : 8 ~ 15 years

Tools, Furniture and Fixtures : 3 ~ 15 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Intangible Assets

The Company applies the straight-line method. Software for internal use is amortised based on the estimated useful life for internal use (five years). Trademark rights are amortised using the straight-line method over ten years. Customer-related assets are amortised using the straight-line method over nine years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Recognition Criteria for Significant Provisions

Allowance for Doubtful Accounts: To provide for potential credit losses, the Company records an allowance for doubtful accounts. For general receivables, the allowance is calculated based on historical loss rates. For specific receivables, including those considered doubtful, recoverability is individually assessed and the estimated uncollectible amount is recognised.

Net Defined Benefit Liability: Certain consolidated subsidiaries apply the simplified method in calculating the liability and expenses related to retirement benefits for employees. Under this method, the retirement benefit obligation is measured at the amount payable at the fiscal year-end assuming voluntary termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Method of Accounting for Retirement Benefits

Certain consolidated subsidiaries, including YouGotaGift.com Ltd. and three other companies, apply the simplified method in calculating the liability for retirement benefits and retirement benefit expenses in order to provide for employees' retirement benefits. Under this method, the amount that would be required to be paid at the fiscal year-end assuming voluntary retirement is used as the retirement benefit obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Other Significant Matters for the Preparation of Consolidated Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Accounting Treatment of Deferred Assets

Share issuance costs are recognised as expenses in full at the time incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Translation of Significant Foreign Currency-Denominated Assets and Liabilities

Monetary receivables and payables denominated in foreign currencies are translated into yen at the spot exchange rate prevailing on the consolidated fiscal year-end date, and translation differences are recognised in profit or loss. Assets and liabilities of foreign subsidiaries are translated into yen at the spot exchange rate prevailing on the consolidated fiscal year-end date. Revenues and expenses are translated at the average exchange rate prevailing during the fiscal year. Translation differences are included in foreign currency translation adjustments and non-controlling interests within net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Amortisation Method and Period of Goodwill

Goodwill is amortised on a straight-line basis over a period of seven to eight years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Recognition Standards for Revenues and Expenses

With respect to revenues arising from contracts with customers in the Company's principal business, the e-Gift Platform Business, the main performance obligations and the usual timing of their satisfaction (the usual timing of revenue recognition) are as follows:

e-Gift Platform Business

Given that the Company arranges for and manages the issuance of e-gifts exchangeable for customers' products or services to third parties and ensures that such e-gifts are available for use by users, revenue is recognised at the point when an e-gift is issued to a third party and made available for use by the user; an issued e-gift is redeemed by the user; or management of the issued e-gift is terminated due to expiration.

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Notes on Changes in Accounting Policies

The Company has applied the "Accounting Standard for Corporate Taxes, Inhabitant Taxes and Enterprise Taxes, etc." (ASBJ Statement No. 27, October 28, 2022; hereinafter the "2022 Revised Accounting Standard") and related guidance from the beginning of the fiscal year under review.

With respect to the amendments concerning the classification of corporate taxes (taxation related to other comprehensive income), the Company has applied the transitional treatment prescribed in the proviso to paragraph 20-3 of the 2022 Revised Accounting Standard and the proviso to paragraph 65-2(2) of the "Implementation Guidance on Tax Effect Accounting" (ASBJ Guidance No. 28, October 28, 2022; hereinafter the "2022 Revised Implementation Guidance").

There is no impact on the consolidated financial statements resulting from this change in accounting policy. In addition, the amendments related to the review of the accounting treatment in consolidated financial statements when gains or losses arising from the sale of shares of subsidiaries, etc. among consolidated companies are deferred for tax purposes have been applied from the beginning of the fiscal year under review in accordance with the 2022 Revised Implementation Guidance.

Although this change in accounting policy is applied retrospectively, there were no applicable transactions, and therefore there is no impact on the consolidated financial statements for the previous fiscal year.

Notes on Accounting Estimates

1. Valuation of Investment Securities (Unlisted Shares)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Amounts Recorded in the Consolidated Financial Statements for the Fiscal Year

Investment securities (unlisted shares): ¥2,160 million

Loss on valuation of investment securities: ¥364 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Information on Significant Accounting Estimates Related to the Identified Item

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Method of Estimation

To achieve sustainable growth, the Group makes investments in startup companies. In making such investments, the Group expects excess earning power arising from the future growth of investees and therefore invests in multiple unlisted companies at prices significantly higher than amounts based on net assets per share.

Unlisted shares denominated in foreign currencies are translated at the exchange rate as of the fiscal year-end. In evaluating such unlisted shares, impairment losses are recognized when the carrying value is deemed to have declined significantly due to impairment of the excess earning power expected at the time of investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Key Assumptions Used in Significant Accounting Estimates

In assessing whether the excess earning power expected at the time of investment has been impaired, the Group considers factors such as the achievement status of the business plan at the time of investment, the progress of business operations, market trends, and the status of financing of the investee. In addition, the value of the shares is estimated based on the present value of future cash flows derived from the latest business plan of the investee, and such value is compared with the carrying amount of the shares.

This assessment involves estimation uncertainty. The key assumptions used in these estimates primarily include future revenue forecasts in the investee's business plan and the discount rate applied in calculating the present value of future cash flows.

Notes to Consolidated Balance Sheet

Accumulated Depreciation Deducted Directly from Assets

Tangible Fixed Assets ¥157 million

Buildings ¥71 million

Tools, Furniture and Fixtures ¥86 million

Notes to Consolidated Statement of Changes in Equity

1. Total Number of Issued Shares as of the End of the Consolidated Fiscal Year

Common stock 29,777,502 shares

2. Class and Number of Shares Underlying Share Options Outstanding as of the End of the Consolidated Fiscal
Year

Common stock 602,300 shares

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3. Matters Related to Dividends

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Dividends Paid |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ① Total Amount of Dividends | ¥ 296 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ② Dividend per Share | ¥10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ③ Record Date | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ④Effective Date | March 28, 2025 |

---

(2) Dividends with a Record Date Falling within the Consolidated Fiscal Year, whose Effective Date Falls The
Company plans to submit the following proposal regarding dividends on common stock at the Ordinary General Meeting of Shareholders scheduled for March 30, 2026.

---

| | |
|:---|:---|
| ① Total Amount of Dividends | ¥ 387 million |
| ② Dividend per Share | ¥13.00 |
| ③ Record Date | December 31, 2025 |
| ④ Effective Date | March 31, 2026 |

---

Notes on Financial Instruments

1. Matters Related to the Status of Financial Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Policy on Financial Instruments

The Group's policy for fund management is to invest primarily in short-term deposits. Funds are raised mainly through bank borrowings and the issuance of shares and bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Details of Financial Instruments and Associated Risks

Major financial assets include cash and deposits, trade receivables, and investment securities. Deposits consist of demand deposits and are exposed to credit risk of the financial institutions with which the deposits are placed. However, the counterparties are limited to highly creditworthy banks. Trade receivables, including accounts receivable, are exposed to customers' credit risk. Investment securities consist primarily of unlisted shares, unlisted bonds with share acquisition rights, and investments in limited liability investment partnerships. These instruments are exposed to credit risk of the respective issuers.

Major financial liabilities include trade payables, short-term borrowings, and long-term borrowings. Trade payables are mostly due within three months. Short-term and long-term borrowings are used primarily to finance working capital and investments. Borrowings with variable interest rates are exposed to interest rate fluctuation risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Risk Management System for Financial Instruments

Trade receivables, including accounts receivable, are managed through methods such as monitoring due dates and outstanding balances by counterparty. Investment securities are managed by periodically reviewing the financial condition of the respective issuers. Trade payables are exposed to liquidity risk; however, such risk is managed through the timely preparation and review of cash flow plans.

Interest rate fluctuation risk arising from borrowings is managed by closely monitoring interest rate trends and implementing appropriate measures when necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Supplementary Explanation on Fair Value of Financial Instruments

The fair value of financial instruments includes values based on market prices, as well as reasonably estimated values when market prices are not available. As these estimates incorporate variable factors, the fair values may change depending on the assumptions or inputs applied.

------

2. Fair Value of Financial Instruments

The carrying amounts recognised in the consolidated balance sheet, fair values, and the differences between them as of December 31, 2025 (the consolidated fiscal year-end) are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Carrying Amount<br>(Millions of Yen) | Fair Value<br>(Millions of Yen) | Difference<br>(Millions of Yen) |
|  (1)Investment Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted Bonds with Share Acquisition Rights | 656 | 656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J-KISS–type Share Acquisition Rights | 150 | 150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 806 | 806 |  |
|  (1)Long-term Borrowings (Including Current Portion) | 9262 | 9253 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 9262 | 9253 | (8) |

---

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| | |
|:---|:---|
| \*(1) | "Cash and deposits," "Trade receivables and contract assets," "Trade payables," and "Short-term borrowings" are not presented, as these items consist of cash or are settled within a short period of time, and their fair values therefore approximate their carrying amounts.  |

---

---

| | |
|:---|:---|
| \*(2) | Items with immaterial carrying amounts in the consolidated balance sheet are not presented.  |

---

\*(3) Shares and other instruments without market prices are not included in the table above.

The carrying amounts of such financial instruments in the consolidated balance sheet are as follows:

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| | | |
|:---|:---|:---|
| Category | Carrying Amount (Millions of Yen) | Carrying Amount (Millions of Yen) |
|  Unlisted Shares |  | 2160 |
|  Shares of Affiliates |  | 671 |
|  Investments in Limited Liability Investment Partnerships |  | 908 |

---

Impairment losses on unlisted shares of ¥250 million and ¥364 million were recognized in the previous fiscal year and the fiscal year under review, respectively.

3. Notes on Breakdown of Fair Value of Financial Instruments by Fair Value Hierarchy Level

Fair values of financial instruments are classified into the following three levels based on the observability and significance of inputs used in measuring fair value:

Level 1 Fair Value: Fair value measured using quoted prices in active markets for identical assets or liabilities among observable inputs.

Level 2 Fair Value: Fair value measured using observable inputs other than Level 1 inputs.

Level 3 Fair Value: Fair value measured using unobservable inputs.

When multiple inputs that have a significant impact on the fair value measurement are used, the fair value is classified into the level of the lowest priority input that is significant to the measurement.

(1)Financial Instruments Measured at Fair Value in the Consolidated Balance Sheet

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value (Millions of Yen) | Fair Value (Millions of Yen) | Fair Value (Millions of Yen) | Fair Value (Millions of Yen) |
| Category | Level 1 | Level 2 | Level 3 | Total |
|  Investment Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted Bonds with Share Acquisition Rights |  |  | 656 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J-KISS–type Share Acquisition Rights |  |  | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets |  |  | 806 | 806 |

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(2)Financial Instruments Not Measured at Fair Value in the Consolidated Balance Sheet

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category | Fair Value (Millions of Yen) | Fair Value (Millions of Yen) | Fair Value (Millions of Yen) | Fair Value (Millions of Yen) |
|  | Level 1 | Level 2 | Level 3 | Total |
|  Long-term Borrowings |  | 9253 |  | 9253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  | 9253 |  | 9253 |

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\* Description of Valuation Techniques and Inputs Used in the Measurement of Fair Value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Investment Securities

Unlisted bonds with share acquisition rights held by the Company are measured at fair value based on the most recent transaction prices when information on recent arm's length transactions or financing prices is available. As the measurement uses unobservable inputs, the fair value is classified as Level 3 fair value. The 2 most recent transaction price is assumed to remain valid for a certain period after the transaction date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Long-term Borrowings (Including Current Portion)

For long-term borrowings with variable interest rates, the carrying amount is deemed to appropriate fair value, as market interest rates are reflected within a short period. Accordingly, the carrying amount is used as fair value.

For long-term borrowings with fixed interest rates, fair value is measured as the present value of the total principal and interest, discounted using an interest rate assumed for similar new borrowings. Such fair value is classified as Level 2 fair value.

Notes on Business Combinations

1. Finalization of Provisional Accounting Treatment for a Business Combination

With respect to the business combinations involving YouGotaGift.com Ltd. and four other companies conducted on November 15, 2024, provisional accounting treatment had been applied in the previous consolidated fiscal year. The accounting treatment was finalized during the consolidated fiscal year.

As a result of the finalization of the provisional accounting treatment, significant revisions to the initial allocation of the acquisition cost have been reflected in the comparative information included in the consolidated financial statements for the consolidated full year.

Consequently, customer-related assets of ¥793 million, trademark rights of ¥348 million, and deferred tax liabilities of ¥414 million were newly recognised. Customer-related assets are amortised on a straight-line basis over nine years, and trademark rights are amortised on a straight=line basis over ten years. Provisionally recognised goodwill of ¥4,197 million decreased by ¥640 million upon finalization of the accounting treatment, resulting in goodwill of ¥3,557 million. There has been no change to the amortisation period of goodwill. The decrease in goodwill primarily reflects the recognition of customer-related assets, trademark rights, and deferred tax liabilities.

Notes on Revenue Recognition

1. Disaggregation of Revenue Arising from Contracts with Customers

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| | |
|:---|:---|
|  | e-Gift Platform Business (Millions of Yen) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; giftee Service | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; giftee for Business Service | 9188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eGift System Service | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Currency Service | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sow Experience Service | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YGG Service | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Service | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from Contracts with Customers | 14149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Revenue |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Sales to External Customers | 14149 |

---

Note: As the Group operates under a single segment, the "e-Gift Platform Business," disaggregated revenue information is not presented by segment.

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2. Basis for Understanding Revenue Arising from Contracts with Customers

Information forming the basis for understanding revenue is described in "Notes on Significant Matters Forming the Basis for the Preparation of Consolidated Financial Statements 3. Accounting Policies (4) Other Significant Matters ④ Recognition Standards for Revenues and Expenses"

3. Information for Understanding the Amount of Revenue for the Consolidated Fiscal Year and Subsequent Fiscal
Years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Balances Years of Contract Assets and Contract Liabilities

---

| | |
|:---|:---|
|  | Current Consolidated Fiscal Year<br>(Millions of Yen) |
|  Receivables from Contracts with Customers (Beginning Balance) | 10956 |
|  Receivables from Contracts with Customers (Ending Balance) | 10582 |
|  Contract Assets (Beginning Balance) | 262 |
|  Contract Assets (Ending Balance) | 70 |
|  Contract Liabilities (Beginning Balance) | 1425 |
|  Contract Liabilities (Ending Balance) | 2507 |

---

Of the revenue recognized during the consolidated fiscal year, ¥1,425 million was included in the contract liabilities balance at the beginning of the period.

There was no material revenue recognised during the consolidated fiscal year arising from performance 2Transaction obligations satisfied (or partially satisfied) in prior periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Transaction Price Allocated to Remaining Performance Obligations

As the Group has no material transactions with an initially expected contract term exceeding one year, the practical expedient has been applied, and the related information is not presented. In addition, there are no material amounts of consideration arising from contracts with customers that are excluded from the transaction price.

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| | |
|:---|:---|
| Notes on Per Share Information |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets per Share | ¥284.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit per Share | ¥31.51 |

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Notes on Significant Subsequent Events

The Company resolved at the meeting of the Board of Directors held on February 13, 2026, to establish "Giftee Group Inc." (the "Holding Company"), a pure holding company (wholly owning parent company), through a single share transfer by the Company (the "Share Transfer"), subject to approval at the Ordinary General Meeting of Shareholders scheduled for March 30, 2026, and the completion of other required procedures. The effective date of the Share Transfer is planned for July 1, 2026.

1. Background and Purpose of Transition to a Holding Company Structure through a Single Share Transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Background of the Holding Company Structure

Under its corporate vision—"Providing services that foster diverse connections among individuals, companies, and communities, centered on e-gifts"—the Company operates the e-Gift Platform Business both domestically and internationally, delivering end-to-end services from the issuance to distribution of e-gifts.

As part of its growth strategy, the Company has pursued the "expansion of the e-Gift Platform" and "geographical expansion," strengthening and accelerating these initiatives through agile M&A activities.

At the same time, with the expansion of business domains and geographic reach, the Company recognizes an increasing need to: ① enhance investment decision-making and capital allocation; ② strengthen group management, including post-merger integration (PMI); and ③ further reinforce group governance, including risk management and internal controls.

In light of these developments, the Company has determined that transitioning to a group management structure centered on a holding company—through the separation of management oversight functions and business execution functions—is the most appropriate approach to ensure sustainable growth and enhance medium- to long-term corporate value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Purpose of the Holding Company Structure

Following the transition to a holding company structure, the Holding Company will assume responsibility for ① formulating group-wide business portfolio strategies and overseeing capital allocation; ② developing and promoting the Group's growth strategies, including M&A and new business initiatives; and ③ enhancing group-wide risk management, compliance, and internal control systems. Through these initiatives, the Company aims to achieve both accelerated growth and strengthened management discipline.

Meanwhile, each operating company within the Group will pursue autonomous and accountable management aligned with its specific business characteristics and growth stage, enabling swift decision-making and flexible execution in response to changes in the external environment.

Through this structure, the Group seeks to balance agility in growth investments with capital discipline, further strengthen group governance, and enhance sustainable corporate value across the Group .

2. Summary of the Share Transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Schedule of the Share Transfer

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| | |
|:---|:---|
| Board of Directors Meeting Approving the Share Transfer Plan | February 13, 2026 |
| Record Date for the Ordinary General Meeting of Shareholders | December 31, 2025 |
| Ordinary General Meeting of Shareholders Approving the Share Transfer Plan | March 30, 2026<br>(planned) |
| Delisting Date of the Company's Shares | June 29, 2026 (planned) |
| Registration Date of Incorporation of the Holding Company (Effective Date) | July 1, 2026 (planned) |
| Listing Date of the Holding Company | July 1, 2026 (planned) |

---

\* The schedule is subject to change due to procedural requirements of the Share Transfer or other relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Method of the Share Transfer

The Share Transfer will be conducted as a single share transfer, whereby the Company will become a wholly owned subsidiary through the share transfer, and the Holding Company will be established as the wholly owning parent company.

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(3) Details of the Share Transfer Allocation (Share Transfer Ratio)

---

| | | |
|:---|:---|:---|
|  | giftee Group Inc.<br>(Wholly Owning Parent Company) | giftee Inc.<br>(Wholly Owned Subsidiary) |
| Share Transfer Ratio | 1 | 1 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Share Transfer Ratio

In the Share Transfer, the Holding Company will allot and deliver one share of its common stock for each share of the Company's common stock held by shareholders immediately prior to the time at which the Holding Company acquires all issued shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Number of Shares per Unit The Holding Company will adopt a share unit system, with 100 shares constituting one
share unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Basis for Determining the Share Transfer Ratio

This Share Transfer is a single share transfer conducted solely by the Company to establish one wholly owning parent company. As there will be no change in the shareholder composition of the Company and that of the Holding Company upon the Share Transfer, the Share Transfer Ratio has been determined with primary emphasis on avoiding any disadvantage or confusion to shareholders. Accordingly, one share of the Holding Company's common stock will be allotted and delivered for each share of the Company's common stock held by shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Results of Calculation by a Third-Party Valuation Institution, Valuation Methods, and Basis Thereof

For the reasons stated in ③ above, no calculation by a third-party valuation institution has been conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⑤ Number of New Shares to Be Delivered upon the Share Transfer (Planned)

Common stock: 29,827,502 shares (planned) However, if the total number of issued shares of the Company changes prior to the effective date of the Share Transfer, the number of new shares to be delivered by the Holding Company will be adjusted accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Treatment of Share Options and Bonds with Share Options in Connection with the Organizational Restructuring
With respect to the share options issued by the Company, the Holding Company intends to allot and deliver to the holders of such share options Holding Company share options that are equivalent in content and identical in number to the
Company's existing share options, in substitution for the Company's share options. The Company has not issued any bonds with share options; therefore, this item is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Application for Listing of the Holding Company The Company plans to apply for a new listing (technical listing)
of the shares of the newly established Holding Company on the Prime Market of the Tokyo Stock Exchange. The listing date is scheduled for July 1, 2026. As the Company will become a wholly owned subsidiary of the Holding Company as a result of the
Share Transfer, the Company's shares are scheduled to be delisted from the Prime Market of the Tokyo Stock Exchange on June 29, 2026, prior to the listing of the Holding Company.

The delisting date may be subject to change, as it will be determined in accordance with the rules of the Tokyo Stock Exchange

3. Overview of the Newly Established Company (Wholly Owning Parent Company / Holding Company) (Planned)

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| | |
|:---|:---|
| (1) Name | giftee Group, Inc. |
| (2) Head Office Location | 2-10-2 Higashi-Gotanda, Shinagawa-ku, Tokyo |
| (3) Title and Name of Representative | Representative Director: Mutsumi Ota |
|  | Representative Director: Tatsuya Suzuki |
| (4) Business Description | Management and administration of group companies, and related or ancillary operations |
| (5) Capital | 20 million yen |
| (6) Fiscal Year End | December 31 |

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4. Overview of Accounting Treatment

As this share transfer qualifies as a transaction under common control for accounting purposes, it will have no impact on profit or loss. In addition, no goodwill is expected to arise as a result of this share transfer.

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Statement of Changes in Equity

(From January 1, 2025)

(To December 31, 2025)

(Unit: millions of yen)

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Shareholders' Equity | Shareholders' Equity | Shareholders' Equity | Shareholders' Equity | Shareholders' Equity | Shareholders' Equity |  |  |  |  |  |  |
| | Capital Surplus | Capital Surplus | Capital Surplus | Retained Earnings | Retained Earnings | Retained Earnings |  |  |  |  |  |  |
| | Share<br>Capital | | | Other Retained Earnings | Other Retained Earnings | Other Retained Earnings |  |  |  |  |  |  |
| | Share<br>Capital | Capital<br>Reserve | Total Capital<br>Surplus | Reserve for<br>Specified<br>Shares | Retained<br>Earnings<br>Brought<br>Forward | Total<br>Retained<br>Earnings |  |  |  |  |  |  |
| | Share<br>Capital | Capital<br>Reserve | Total Capital<br>Surplus | Reserve for<br>Specified<br>Shares | Retained<br>Earnings<br>Brought<br>Forward | Total<br>Retained<br>Earnings | Balance at Beginning Period | 3248.0 | 3235.0 | 484.0 | 1356.0 | 1840.0 |
| | Share<br>Capital | Capital<br>Reserve | Total Capital<br>Surplus | Reserve for<br>Specified<br>Shares | Retained<br>Earnings<br>Brought<br>Forward | Total<br>Retained<br>Earnings | Changes During the Period |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of New Shares | 37 | 37 | 37 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from Surplus |  |  |  |  | (296) | (296) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the Period |  |  |  |  | 1481 | 1481 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of Reserve for Specified Shares |  |  |  | (204) | 204 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of Treasury Shares |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Changes in Items Other Than Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |  |
|  Total Changes During the Period | 37 | 37 | 37 | (204) | 1389 | 1184 |  |  |  |  |  |  |
|  Balance at End of Period | 3286 | 3273 | 3273 | 280 | 2745 | 3025 |  |  |  |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shareholders' Equity | Shareholders' Equity | Valuation and<br>Translation<br>Adjustments | Share<br>Acquisition<br>Rights | Total<br>Net<br>Assets |
|  | Treasury<br>Shares | Total<br>Shareholders'<br>Equity | Other Valuation<br>Difference on<br>Available-for-Sale<br>Securities | Share<br>Acquisition<br>Rights | Total<br>Net<br>Assets |
| Balance at Beginning Period | (0) | 8324 | 113 | 385 | 8823 |
| Changes During the Period |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of New Shares |  | 75 |  |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from Surplus |  | (296) |  |  | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the Period |  | 1481 |  |  | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of Reserve for Specified Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of Treasury Shares | (0) | (0) |  |  | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Changes in Items Other Than Shareholders' Equity |  |  | (7) | 6 | (0) |
| Total Changes During the Period | (0) | 1260 | (7) | 6 | 1259 |
| Balance at End of Period | (0) | 9584 | 106 | 391 | 10082 |

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Notes to Non-Consolidated Financial Statements

Notes on Significant Accounting Policies

1. Valuation Standards and Methods for Assets

(1) Valuation Standards and Methods for Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Shares of Subsidiaries and Affiliates: Stated at cost determined by the moving-average method

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Other Securities

Securities Other Than Shares Without: Market Prices : Measured at fair value (valuation differences are recognised directly in net assets) <br> Shares Without Market Prices : Stated at cost determined primarily by the moving-average method

With respect to investments in limited liability investment partnerships, the Company applies a method whereby the Company's equity interest is recognised at the net amount based on the most recent financial statements of the partnership.

(2) Valuation Standards and Methods for Inventories

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| | |
|:---|:---|
| Merchandise | : Stated at cost determined by the moving-average method (The balance sheet value is determined by writing down the book value based on a decline in profitability) |
| Work in Process : | Stated at cost determined by the specific identification method (The balance sheet value is determined by writing down the book value based on a decline in profitability.) |

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2. Depreciation Methods for Fixed Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Tangible Fixed Assets

The Company applies the straight-line method for buildings and the declining-balance method for tools, furniture and fixtures.

The estimated useful lives of major assets are as follows:

Buildings : 8 ~ 15 years <br> Tools, Furniture and Fixtures : 6 ~ 15 years

(2)Intangible Assets

The Company applies the straight-line method. Software for internal use is amortised based on the estimated useful life for internal use (five years).

3. Recognition Criteria for Provisions

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| | |
|:---|:---|
| Allowance for Doubtful Accounts | : For general receivables, the allowance is calculated based on historical loss rates. For specific receivables, including doubtful receivables, recoverability is individually assessed and the estimated uncollectible amount is recognised. |

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4. Recognition Standards for Revenues and Expenses

With respect to revenue arising from contracts with customers in the Company's principal business, the e-Gift Platform Business, the main performance obligations and the usual timing of their satisfaction (the usual timing of revenue recognition) are as follows:

e-Gift Platform Business

The Company provides integrated services encompassing the generation, distribution, sale, settlement, and performance management of e-gifts. Given that the Company arranges for and manages the issuance of e-gifts exchangeable for customers' products or services to third parties and ensures that such e-gifts are available for use by users, revenue is recognised at the point when an e-gift is issued to a third party and made available for use by the user; an issued e-gift is redeemed by the user; or management of the issued e-gift is terminated due to expiration.

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5. Other Significant Matters Forming the Basis for the Preparation of Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Accounting Treatment of Deferred Assets

Share issuance costs are recognised as expenses in full at the time incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Translation of Foreign Currency-Denominated Assets and Liabilities

Monetary receivables and payables denominated in foreign currencies are translated into yen at the spot exchange rate prevailing on the fiscal year-end date, and translation differences are recognised in profit or loss.

Notes on Changes in Accounting Policies

No description is provided as the information is the same as that presented in the Notes to the Consolidated Financial Statements.

Notes on Accounting Estimates

1. Valuation of Investment Securities (Unlisted Shares)

(1) Amounts Recorded in the Financial Statements for the Fiscal Year

Investment Securities (Unlisted Shares) ¥ 2,160 million <br> Loss on Valuation of Investment Securities ¥ 364 million

(2) Information on Significant Accounting Estimates Related to Identified Items

As the same information is disclosed in the Consolidated Financial Statements under

"Notes to Consolidated Financial Statements (Notes on Accounting Estimates), 1. Valuation of Investment Securities (Unlisted Shares)", the disclosure herein has been omitted.

1. Accumulated Depreciation Deducted Directly from Assets

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| | | |
|:---|:---|:---|
|  Fixed Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangible Fixed Assets | ¥ | 99 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buildings | ¥ | 59 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tools, Furniture and Fixtures | ¥ | 40 million |

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Notes to the Balance Sheet

2. Monetary Receivables from and Payables to Affiliates (Excluding those separately presented)

Short-term Monetary Receivables from Affiliates ¥ 22 million <br> Short-term Monetary Payables to Affiliates ¥ 7 million

Notes to the Statement of Profit or Loss

Total Amount of Transactions with Affiliates

Operating Transactions ¥ 42 million <br> Non-operating Transactions ¥ 24 million

Notes to the Statement of Changes in Equity

Type and Number of Treasury Shares as of the End of the Fiscal Year

Common Shares <br> 263<br>shares <br>

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Notes on Tax Effect Accounting

Breakdown of Deferred Tax Assets and Deferred Tax Liabilities by Major Causes

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| | |
|:---|:---|
|  | Fiscal Year Ended December<br>31, 2025 |
|  Deferred Tax Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess Depreciation | ¥2 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lump-Sum Depreciable Assets | ¥0 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Retirement Obligations | ¥39 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Enterprise Taxes | ¥40 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Bonuses | ¥104 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for Doubtful Accounts | ¥140 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on Valuation of Shares of Affiliates | ¥698 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on Valuation of Investment Securities | ¥350 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | ¥95 million |
|  Subtotal of Deferred Tax Assets | ¥1,472 million |
|  Valuation Allowance | (¥1,197 million) |
|  Total Deferred Tax Assets | ¥274 million |
|  Deferred Tax Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Removal Costs Corresponding to Asset Retirement Obligations | (¥33 million) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Gains (Losses) on Available-for-Sale Securities | (¥46 million) |
|  Total Deferred Tax Liabilities | (¥80 million) |
|  Net Deferred Tax Assets | ¥194 million |

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Notes on Transactions with Related Parties

(1) Subsidiaries, etc.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Category | Name of Company or<br>Individual | Voting Rights Held<br>(or Held by) (%) | Relationship with<br>Related Party | Nature of Transaction | Transaction<br>Amount (¥<br>millions) | Account | Balance at<br>End of Period<br>(¥ millions) |
|  Subsidiary | GIFTEE<br>MALAYSIA<br>SDN. BHD. | Held:<br>100<br>(direct) | Loan of funds | Loan of funds |  | Short-term loans receivable (Note 1) | 266 |
|  Subsidiary | paintory Inc. | Held:<br>100<br>(direct) | Loan of funds | Loan of funds (Note 2) | 75 | Short-term loans receivable | 374 |

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Notes:

1. The balance of allowance for doubtful accounts related to the above loan receivable at the end of the fiscal
year was ¥228 million. The provision for allowance for doubtful accounts recorded for the fiscal year was ¥154 million.

2. The interest rate on the loan was determined in consideration of prevailing market interest rates.

(2) Directors and Major Individual Shareholders, etc.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Category | Name of Company or<br>Individual | Voting Rights Held<br>(or Held by) (%) | Relationship with<br>Related Party | Nature of Transaction | Transaction<br>Amount (¥<br>millions) | Balance at<br>End of Period<br>(¥ millions) |
|  Director | Tatsuya<br>Suzuki | Held<br>by:<br>4.49<br>(direct) | Director<br>of the<br>Company | Contribution<br>in kind of<br>monetary<br>compensation<br>claims (Note) | 13 – |  |
|  Director | Yoshikazu<br>Fujita | Held<br>by:<br>1.63<br>(direct) | Director<br>of the<br>Company | Contribution<br>in kind of<br>monetary<br>compensation<br>claims (Note) | 12 – |  |

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Note: These transactions represent contributions in kind of monetary compensation claims in connection with the restricted stock compensation plan.

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Notes on Revenue Recognition

As the disclosure regarding revenue recognition is identical to that presented in the Notes to Consolidated Financial Statements, the disclosure herein has been omitted.

Notes on Per Share Information

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| | |
|:---|:---|
| **Net Assets per Share** | **¥325.46** |
|  Profit per Share | ¥49.87 |

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Notes on Significant Subsequent Events

As the disclosure regarding significant subsequent events is identical to that presented in the Notes to Consolidated Financial Statements, the disclosure herein has been omitted.