Tranche Update on Raysum Co., Ltd.'s Equity Buyback Plan announced on August 13, 2018.

Raysum Co., Ltd. is a Japan-based company mainly engaged in the asset management, property management and other businesses. The Company operates through three business segments. Asset Management segment is engaged in the procurement of profitable real estate, and composition and sales of investment products. Its investment products include commerce, offices, condominiums, accommodation facilities, educational facilities, medical facilities and others. Property Management segment is engaged in the provision of building leasing and management services. Other segment is engaged in the operation of golf courses, hotels and stores, the production and sale of gas engine generators, the provision of open and support services.