Notice regarding merger by absorption (simplified merger/short-form merger) of INCJ by JIC

Tokyo, August 19, 2025 – Japan InvestmentCorporation (“JIC”) and INCJ, Ltd. (“INCJ”) hereby announce that, at theirrespective board of directors’ meetings held on August 14, 2025, they resolved toproceed with an absorption-type merger (hereinafter, “the merger”), with JIC asthe surviving company and INCJ as the absorbed company, effective as of October1, 2025. Given that JIC is the sole parent company of INCJ, JIC will not be deliveringcash or other consideration in exchange for the shares of INCJ held by INCJshareholders in connection with the merger.

Please refer to the following schedule.

<Schedule>

·      One month from the day following the mergerannouncement date of publication

·      Effective date of merger (Scheduled): October1, 2025