Court issuance of prohibition and stay order against Black Clover Limited and its manager.

In response to a petition filed on April 25, 2025, by the SESC with the Tokyo District Court for a prohibition and stay order against Black Clover Limited (hereinafter “BCL”), and SAKAMOTO Shungo, the Representative of BCL, for their acts in violation of the Financial Instruments and Exchange Act ((i) public offering or private placement, as well as intermediation for the purchase and sale, of interests in collective investment schemes under foreign laws and regulations, and (ii) management of interests in collective investment schemes under foreign laws and regulations without registration), a court order was issued as per the content of the petition.

Recommendation for an administrative monetary penalty payment order and order to submit amended reports against Alphax Food System Co., LTD. for making false statements in its disclosure documents.

<Summary>
The Securities and Exchange Surveillance Commission (SESC) made a recommendation that the Prime Minister and the Commissioner of the Financial Services Agency impose an administrative monetary penalty order of 34,860,000 yen and order to submit amended reports against Alphax Food System Co., LTD. (hereinafter, “the Company”). As a result of an inspection from a disclosure-regulation perspective, the SESC recognized that the Company made false statements in the Annual Securities Reports, Quarterly Reports, and Securities Registration Statement that it submitted due to improper accounting treatment.