Notice Regarding Completion of Liquidation of Subsidiary

Notice of Completion of Liquidation Procedures for Our Subsidiary "Crowd Media Co., Ltd."

We have been proceeding with the liquidation procedures for our subsidiary "Crowd Media Co., Ltd."

Record

1. Closing date of liquidation September 15, 2017

2. Completion date of liquidation registration October 2, 2017

3. Overview of the liquidation subsidiary Name: Crowd Media Co., Ltd.
English notation: Crowd Media inc.
Location: 6-15-1 Roppongi, Minato-ku, Tokyo
Roppongi Hills Keyakizaka Terrace 3F
Representative Director: Kouyoshi Shimizu Business description: Cloud media operating capital: 24 million yen (including capital reserve)
Date of establishment: May 1, 2015 Major shareholder and ratio: Ritz Co., Ltd. 48.5%
With Veto Stock