Announcement of Analyst Report Publication by J. Phoenix Research Co., Ltd.

We are pleased to announce that an analyst report on our company has been published by J. Phoenix Research Co., Ltd. (Headquarters: Minato-ku, Tokyo, Representative Director: Osamu Miyashita, hereinafter referred to as "JPR").

1. Overview of the Analyst Report

Report Name: GCC Management™ Analysis Report THE WHY HOW DO COMPANY Inc.

Prepared by: J. Phoenix Research Co., Ltd.

Publication Start Date: Monday, March 30, 2026

Publication URL: https://j-phoenix.com/wp-content/uploads/2026/03/3823_twhdc_AnalystReport_20260330.pdf

2. Main Contents of the Report

This report is an analysis of our group's corporate value based on the GCC Management™ (Growth/Connection/Confidence) framework, conducted by JPR, an independent and third-party research institution. The main contents are as follows:

・Evaluation of the diversification conglomerate strategy through "Human-Assisted M&A"

・Valuation analysis based on a 10-year shareholder value forecast model

・Analysis of the first quarter financial results for the fiscal year ending August 2026 (Sales doubled with new consolidated M&A, adjusted EBITDA profit guaranteed)

・Qualitative analysis interview between CEO Kameda and Analyst Miyashita (8 themes in total)

3. To Our Investors

Our group aims to solve the social issue of business succession and improve corporate value simultaneously by holding excellent small and medium-sized enterprises with no successors under our "Human-Assisted M&A" initiative, ensuring their perpetual existence.

This report has been objectively analyzed from a third-party perspective by JPR, an independent research institution, with the aim of deepening investors' understanding of our group's growth strategy and business structure.

We will continue to strive to enhance our information disclosure and actively communicate about the present and future of our group.

4. Overview of the Research Company

JPR is a company that strives to resolve information asymmetry for the formation of a sound securities market and provides objective corporate value analysis information from an independent standpoint.

(1) Company Name: J. Phoenix Research Co., Ltd.

(2) Website: https://www.j-phoenix.com

(3) Location: 14F, Hibiya Central Building, 1-2-9 Nishi-Shimbashi, Minato-ku, Tokyo 105-0003

(4) Representative: Osamu Miyashita, Representative Director

(5) Establishment Date: May 2003

(6) Business Description: IR Consulting Business

*This report was prepared by JPR from an independent standpoint, and our company does not guarantee the accuracy or completeness of its contents.

*This report is not intended for investment solicitation. Please make your own final investment decisions.

*Statements regarding future prospects are based on information available at the time of writing, and actual performance may vary due to various factors.

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