The Board of Directors of Yellow Hat Ltd. (TSE:9882) authorized a share repurchase program on November 1, 2012. Under the program, the company will repurchase up to 500,000 shares of its common stock, representing 2.15% 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 paragraph 3, Article 165, of Japan's Corporate Law, as interpreted in lieu of Article 156 of Japan's Corporate Law.

The company is repurchasing shares to implement a flexible capital policy which supports changes in the business environment, while aiming at enhancing shareholder returns. The program will run from November 5, 2012 and will end on December 20, 2012. As of October 31, 2012, the company has 23,211,970 shares outstanding and holds 1,749,603 shares in treasury.