On August 27, 2020, BCJ-44 Co., Ltd. announced that it has submitted a notification with the purpose of make important proposals with the aim of making NichiiGakkan Co., Ltd. a wholly owned subsidiary. Specifically, based on Article 180 of the Companies Act 'Law No. 86 of 2005, including amendments thereafter', an extraordinary general meeting of shareholders of Company scheduled to be held in early September 2020, the consolidation of the common stock of the Company, and the abolition of the number of shares constituting one unit on the condition that the Share Consolidation takes effect.

The Company will be requested to include in the agenda item a partial amendment of the articles of incorporation. The submitter plans to support each of the proposals at this General Meeting of Shareholders.