The Board of Directors of Yellow Hat Ltd. (TSE:9882) authorized a share repurchase program on August 3, 2012. Under the program, the company will repurchase up to 500,000 shares of its common stock, representing 2.11% of its total number of outstanding shares, for a total cost of ¥750 million. The shares will be acquired through market repurchases on the Tokyo Stock Exchange based on the stipulations of Article 165, item 3, in lieu of Article 156 of the Company Act. The company is repurchasing shares to aim at strengthening the profit reduction to the stockholder, and to do a mobile capital policy corresponding to the change in the business environment. The program will run from August 6, 2012 and will end on September 21, 2012. As of August 31, 2012, the company has purchased 330,000 shares, representing 1.39% for ¥403.19 million.

Yellow Hat Ltd.'s share repurchase program expired on September 19, 2012. Under the plan, the company has repurchased 500,000 shares, representing 2.11% for ¥602.77 million.