Tranche Update on Okayama Paper Industries Co., Ltd.'s Equity Buyback Plan announced on February 14, 2023.

Okayama Paper Industries CO., Ltd. is a Japan-based company primarily engaged in the manufacture and sale of paper boards and decorative paper boards. The Company operates through two business segments. The Paper Boards segment is engaged in the manufacture and sale of inner base paper used for manufacturing of cardboards, and base paper cores used for papers, clothes, cellophanes, tapes threads and others. The Decorative Paper Boards segment is involved in the manufacture and sale of packaging and gift boxes for fruits and vegetables, food, electrical appliances and others. The Company is also engaged in the sale of products.