Japan Excellent, Inc. announced the decision made concerning new debt financing as follows: Lender; Loan Amount; Interest Rate; Borrowing Period; Drawdown Date; Principal Repayment Date; and Borrowing Method, Repayment Method, Collateral. Mizuho Bank Ltd. Mizuho Trust & Banking: Co. Ltd.; ¥1.98 billion; Floating; Base interest rate +0.41%; 8.0 year; November 30, 2023; November 28, 2031; Term loan agreement, To be repaid in full on the repayment date, Unsecured Non-guaranteed.

The Norinchukin Bank Resona Bank, Limited Aozora Bank Ltd., The Bank of Fukuoka; ¥3.90 billion; Floating; Base interest rate +0.38%; 7.0 year; November 30, 2023; November 29, 2030; Term loan agreement, To be repaid in full on the repayment date, Unsecured Non-guaranteed. Sumitomo Mitsui Banking Corporation; ¥3.64 billion; Floating; Base interest rate +0.36%; 6.0 year; November 30, 2023; November 30, 2029; Term loan agreement, To be repaid in full on the repayment date, Unsecured Non-guaranteed. MUFG Bank Ltd. ¥1.25 billion; Floating; Base interest rate +0.32%; 4.0 year; November 30, 2023; November 30, 2027; Term loan agreement, To be repaid in full on the repayment date, Unsecured Non-guaranteed.

Total: ¥10.77 billion. Purpose of Debt Financing: JEI intends to apply the proceeds of the loan to repayment of the long-term borrowings of ¥10.77 billion (described in "Notice Concerning Debt Financing" 1 No.2 announced on November 27, 2017 and"Notice Concerning Debt Financing" 1 (1) announced on November 20, 2015) scheduled to fall due and payable on November 30, 2023. Total Amount to be Borrowed, Use of Proceeds and Scheduled Expenditure Date: Total Amount to be Borrowed: ¥10.77 billion.

Detailed Use of Proceeds and Scheduled Expenditure Date: Detailed Use of Proceeds: To be used for the repayment of long-term borrowings of ¥10.77 billion scheduled to fall due and payable on November 30, 2023. Scheduled Expenditure Date: November 30, 2023.