Change : Notice on the Determination of the Repurchase of Our Shares

This English translation is for reference purposes only. In the event a difference or inconsistency arises

regarding the meaning herein, the original Japanese version shall prevail as the official version.

	July 21, 2021
For Immediate Release
Company	CHANGE Inc.
CEO	Hiroshi Fukudome
	(Code: 3962,
	First Section of the Tokyo Stock Exchange)
Contact	Yutaka Yamada CFO
	(TEL.[phone])

Notice on the Determination of the Repurchase of Our Shares

(Acquisition of Treasury Shares pursuant to the Articles of Incorporation

based on Article 165, Paragraph 2 of the Companies Act)

At the meeting of the Board of Directors held on July 21, 2021, CHANGE Inc. (hereinafter, "we") has resolved the the acquision of treasury shares based on the provisions of Article 156 of the Companies Act (to be read as the replacement of Article 165, Paragraph 3 thereof) .

We hereby inform you of the details as follows:

Details

1. Reason for the Repurchase

To increase returns for shareholders and implement flexible investment strategies and capital policies, such as M&A and alliances, using treasury shares in the future.

2. Details of the Repurchase
(1) Type of shares:	Ordinary shares
(2) Total number of shares:	622,800 shares (maximum)
	(Percentage of the total number of issued shares (excluding
	treasury shares): 0.85%)
(3) Total purchase price:	2 billion yen (maximum)
(4) Repurchase period:	August 16, 2021 to September 30, 2021
(5) Repurchase method:	Purchase in the market based on discretionary exchange
	agreements on the Tokyo Stock Exchange.
3. Owning Status of Treasury Shares as of June 30, 2021
Total number of issued shares (excluding own shares)	72,679,127 shares
Number of owned treasury shares:		435 shares

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