GungHo Online Entertainment : Notice regarding the Setting of Limits for Acquisition of Treasury Shares

	February 13, 2020
Company name	GungHo Online Entertainment, Inc.
Representative	Kazuki Morishita, Representative Director & President, CEO
	(Securities code：3765)
Contact person	Kazuya Sakai, Director & CFO, Executive General Manager
	of Finance Accounting Division
	(TEL：[phone])

Notice regarding the Setting of Limits for Acquisition of Treasury Shares

(Acquisition of treasury shares based on the provision of Paragraph 2, Article 165 of the

Companies Act)

GungHo Online Entertainment, Inc. ("the Company") hereby announces that at a meeting held today, its Board of Directors resolved to set the limits on its acquisition of treasury shares, based on the provisions of Article 156 of the Companies Act as applied mutatis mutandis pursuant to the provision of Paragraph 3 of Article 165 of the Companies Act, as follows.

1. Reasons for acquisition of treasury shares

The Company will acquire its treasury shares based on the provisions of the Articles of Incorporation with the aim of delivering increased shareholder value through the flexible implementation of a capital policy that responds to changes in the business environment and improves capital efficiency.

2. Details of acquisition

1. Type of shares to be acquired
2. Total number of shares to be acquired
3. Total acquisition price
4. Acquisition period

Common shares

1,800,000 shares (maximum)

(2.6% of the total number of shares issued excluding treasury shares)

3,000,000,000 yen (maximum)

From February 17, 2020 to March 31, 2020

(Reference)

Number of treasury shares as of December 31, 2019

1. Number of shares issued (excluding treasury shares): 69,680,498 shares
2. Number of treasury shares: 25,529,818 shares