Whether or not to disclose the results of an extraordinary financial closing is at the discretion of each company under Tokyo Stock Exchange disclosure rules. For the reasons outlined below, we have decided to refrain from making a public announcement at this time.

For our company, share repurchases are not intended as a shareholder return; rather, they represent strategic procurement within our M&A strategy. Our goal is to secure capital at an attractive valuation to be utilized as consideration for future “stock-deal M&A.” Announcing the implementation of an extraordinary financial closing would signal the specific timing of our share repurchases to the market. Consequently, this poses a risk of inducing speculative trading by third parties. Therefore, we believe that refraining from disclosing the specific timing of acquisitions to ensure efficient share repurchases will contribute to the maximization of shareholder value over the medium to long term.