CHANGE Holdings,Inc. announced that it has borrowed from Sumitomo Mitsui Banking Corporation to fund the settlement of the tender offer to E-Guardian Inc. and for the payment for the third-party allotment for the capital increase conducted thereby. After negotiation with SMBC for the long-term refinancing of the above borrowing, company have reached the agreement for the refinancing (hereinafter referred to as the "Borrowing"). Reason for the Borrowing: To extend the maturity of the existing borrowing for the Tender Offer and the Third-Party Allotment Capital Increase for longer term.

Outline of the Borrowing Lender: SMBC, Amount: JPY 5 billion, Interest rate: Base rate + spread, Date of the Agreement: October 31, 2023, Disbursement date: During November 2023, Period: 7 years, Repayment: Repayment in installments, Collateral or guarantee: Unsecured and unguaranteed.