MODEC : Plan to comply with the criteria to maintain listing under the Tokyo Stock Exchange (TSE) market categories

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

March 15, 2024

MODEC, INC.

Takeshi Kanamori, President & CEO

Plan to comply with the criteria to maintain listing

under the Tokyo Stock Exchange (TSE) market categories

MODEC, INC. announces that, as of December 31, 2023, the company did not comply with the criteria for listing on the Prime Market, and has prepared a plan to comply with the criteria as stated below.

• The status of compliance with the criteria and the planning period

As of December 31, 2023, our status of compliance with the criteria for listing on the Prime Market is as shown in the table below. The criterion regarding the floating stock ratio was not met.

(Note) Our status as of the reference date is calculated based on the information of distribution of share certificates, etc. as known by the TSE.

• Basic plan, issues and details of actions to comply with the criteria

(Basic plan)

Our company will continue to promote the FPSO business while considering the environment and working toward decarbonization. We will also focus on expanding into new businesses in the future, aiming for sustainable growth and improving our corporate value in the mid to long term. In that process, we will make efforts to improve the liquidity of our shares to comply with the criteria for maintaining our listing on the Prime Market.

(Issue)

In background of the circumstances surrounding the history of company's incorporation and the business alliance agreement for the promotion of the FPSO business, 70.24% of the listed shares are owned by the major shareholders as of December 31, 2023, resulting in a low floating stock ratio.

(Initiatives)

Regarding the shares held by business corporations and financial institutions deemed to lack liquidity under the Prime Market listing criteria, we will work on increasing the floating stock ratio by requesting their cooperation, including selling shares. We aim to comply with the Prime Market listing criteria by the end of December 2025.

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MODEC Inc. published this content on 15 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2024 06:35:02 UTC.