Bonds & Credit Ratings

Ratings

As of March 31, 2025

Issue	Issue Date	Redemption Date	Total Amount Issued (million yen)
Euro-yen denominated convertible bonds that will mature in 2026 based on a resolution	January 29th,2021	January 29th,2026	30,150
Fourth series of unsecured convertible bonds issuance	March 23rd,2016	March 31st,2021	20,000
"Third series of unsecured convertible bonds issuance"	December 17th,2013	December 28th,2018	15,000
Issuance of yen-denominated convertible bonds with stock acquisition rights due September 30,2011	September 29th,2006	September 30th,2011	10,000
Second series of unsecured convertible bonds issuance	September 9th,2004	September 30th,2009	5,000
First series of unsecured convertible bonds issuance	December 6th,1999	March 31st,2004	5,000

1. If a person who intends to exercise stock acquisition rights makes a request, the full amount to be paid upon the exercise of the stock acquisition rights will be deemed to have been paid in lieu of the full redemption of the bonds to which the stock acquisition rights are attached. In addition, when the stock acquisition rights are exercised, such a request will be deemed to have been made.
2. A 2-for-1 stock split was conducted on April 1, 2024. The issue price of the shares has been adjusted as a result.
3. At the 45th Ordinary General Meeting of Shareholders (for the fiscal year ending March 2024) held on June 26, 2024, a proposal to appropriate retained earnings to pay a year-end dividend of 33 yen per share was approved, and the annual dividend for the fiscal year ending March 2024 was determined to be 49 yen per share. As a result, the issue price of the shares has been adjusted in accordance with the conversion price adjustment clause of the Euro-yen convertible bonds with stock acquisition rights due in 2026.
4. We have proposed a surplus appropriation plan to pay a year-end dividend of 22 yen per share as an agenda item (resolution item) for the 46th Ordinary General Meeting of Shareholders (for the fiscal year ending March 31, 2025) to be held on June 26, 2025. If this proposal is approved, the issue price of the shares will be adjusted to 2,343.0 yen retroactively to April 1, 2025, in accordance with the conversion price adjustment clause of the Euro-yen Convertible Bonds with Stock Acquisition Rights due in 2026.

Issue	Euro-yen Denominated due 2026
Type of shares to be issued	Common shares
Issuance price of stock acquisition rights (yen)	Gratis
Issue price of share (yen)	2,355
Total amount issued (million yen)	30,150
Total amount of shares issued through the exercise of stock acquisition rights (million yen)	-
Allotment ratio of stock acquisition rights (%)	100
Exercise period of stock acquisition rights	From February 12, 2021 to January 15, 2026

Rating

As of March 31, 2025

Rating Agency	Rating Object	Rating (Outlook)
Japan Credit Rating Agency (JCR)	Long-term Issuer Rating	BBB (Positive)

Rating Trends (JCR)

Rating Definitions (JCR)

A plus (+) or minus (-) sign may be affixed to the rating symbols from AA to B to indicate relative standing within each of those rating scales.

AAA	The highest level of certainty of an obligor to honor its financial obligations.
AA	A very high level of certainty to honor its financial obligations.
A	A high level of certainty to honor its financial obligations.
BBB	An adequate level of certainty to honor its financial obligations; however, this certainty is more likely to diminish in the future than with higher rating categories.
BB	Although the certainty to honor financial obligations is not currently considered problematic, it may not persist in the future.
B	A low level of certainty to honor financial obligations, giving cause for concern.
CCC	There are factors of uncertainty regarding the ability to honor financial obligations, and there is a possibility of default.
CC	A high default risk.
C	A very high default risk.
LD	JCR judges that while part of the financial obligations are not honored as agreed, other financial obligations are being honored as agreed.
D	JCR judges that substantially all financial obligations are, in effect, in default.