Ryosan : Notice Concerning Purchase of Treasury Shares through Off-Auction Own Share Repurchase Trading (ToSTNeT-3)

November 2, 2018

For Immediate Release

Ryosan Company, Limited

Representative: Hiroyuki Kurihara,

Representative Director, President

Listing Code No.: 8140

Listing: First Section, Tokyo Stock Exchange

Inquiries: Norihiko Takahashi

General Manager

Corporate Strategy Office

TEL: [phone]

Notice Concerning Purchase of Treasury Shares through Off-Auction Own Share Repurchase Trading (ToSTNeT-3)

(Based on Articles of Incorporation in Accordance with Provisions of Article 459-1 of Companies Act)

Ryosan Company, Limited ("the Company") resolved items pertaining to share repurchases based on the Articles of Incorporation in accordance with the provisions of Article 459-1 of the Companies Act at the Board of Directors held on June 22, 2018. The company hereby announces that it has determined one method as a part of the share repurchases as follows.

• 1. Method of purchase

  The purchase will be entrusted to be made at 3,520 yen, the closing price (including the final special quote) of today (November 2, 2018), through off-auction own share repurchase trading (ToSTNeT-3) of the Tokyo Stock Exchange. The purchase will be effected at 8:45 a.m. on November 5, 2018 (no other changes to transaction system or transaction time will be made).

  The transaction shall not be conducted at any other time.

• 2. Details of purchase

(1) Class of stock to be purchased	:	Common stock
(2) Total number of shares to be	:	Up to 120,000 shares
purchased
(3) Announcement of results of	:	Purchase results shall be announced after the
purchase	transaction time of 8:45 a.m. on November 5, 2018.

(Note 1) No changes to the number of shares shall be made. There is a possibility that a portion of or the whole number of shares will not be purchased due to market conditions or other reasons.

(Note 2) The purchase will be made with a sell order corresponding to the number of shares to be acquired.

Reference:

1. Determination of items for the purchase of treasury shares (announced on June 22, 2018)

（１）Class of stock to be purchased: （２）Total number of shares to be purchased:

（３）Total value of shares to be purchased: （４）Purchase period:

Common stock

Up to 2,000,000 shares

Ratio of total number of issued shares as of March 31,

2018 (excluding treasury shares): 8.17%

Up to ¥8,000,000,000

June 25, 2018-March 31, 2019

2. Accumulated shares purchased under the determination (as of November 2, 2018) （１）Total number of shares purchased: 945,200 shares

（２）Total value of shares purchased: ¥3,869,303,000