Notice of Company Merger

To All Our Business Associates, Patrons and all Others which it may Concern,

"WBF ONLINE CO., LTD." hereby announces that, as of December 25th 2018, it will be absorbed by the affiliated corporate company of "WHITE BEAR FAMILY CO., LTD." in an absorption-type merger. This occasion's absorption-type merger and structural reorganization is undertaken in the purpose of further empowering our administrative structure as we attempt to consolidate greater operational efficiency.

In line with this development, we will redouble our efforts in all aspects of our businesses, and as we strive to become an industry that will be of service to anyone and everyone, we hope that you will join us in this journey and honor us with your increased favor, patronage and support.

Notice Regarding the Merger(Japanese only)

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