Japan Excellent Inc. : Notice Concerning Pricing for the Issue of New Investment Units and Secondary Offering

Japan Excellent, Inc.(TSE: 8987)

Hidehiko Ogawa, Executive Director

Asset Management Company:

Japan Excellent Asset Management Co., Ltd.

Representative:

Chifumi Toda, President

Contact:

Wataru Hasegawa
General Manager, Corporate Planning Dept.
TEL: [phone]

For Immediate Release For Translation Purposes Only

January 20, 2014

Notice Concerning Pricing for the Issue of New Investment Units and Secondary Offering

Japan Excellent, Inc. ("JEI" or the "Investment Corporation") announces its decision, by resolutions of its Board of Directors adopted on January 20, 2014, concerning the offer price and other details of the issue of new investment units and secondary offering determined at its Board of Directors on January 8, 2014. Brief details are as follows:

1. Public Offering for the Issue of New Investment Units (Primary Offering)

(1)	Total number of units to be issued	:	80,000 units
(2)	Offer price	:	¥118,072 per unit
(3)	Total offer price	:	¥9,445,760,000
(4)	Issue price	:	¥114,196 per unit
(5)	Total issue price	:	¥9,135,680,000
(6)	Application period	:	January 21, 2014 (Tuesday) through January 22, 2014 (Wednesday)
(7)	Payment date	:	January 27, 2014 (Monday)

(Note) Underwriters will underwrite and purchase the Investment Corporation's investment units at the above

issue price, and conduct a public offering at the above offer price. The proceeds, i.e., the difference between the offer and issue price, will be treated as the underwriting fee for the underwriters.

Note: This press release provides information regarding JEI's decision to issue new investment units and to conduct a secondary offering, and is not intended to, and does not, constitute or form a part of, and should not be construed as, an offer to sell or a solicitation of an offer to buy any units of JEI, and does not constitute any form of commitment or recommendation by JEI or any person acting on its behalf. You

should read carefully the Japanese Prospectus and must rely on your own examination of JEI or consult your own advisors before making any investment in it.

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2. Secondary Offering (Over-Allotment)

(1)	Total number of units to be offered	:	8,000 units
(2)	Offer price	:	¥118,072 per unit
(3)	Total offer price	:	¥944,576,000
(4)	Application period	:	January 21, 2014 (Tuesday) through January 22, 2014 (Wednesday)
(5)	Delivery date	:	January 28, 2014 (Tuesday)

3. Third-Party Allotment (Greenshoe Option)

(1)	Total number of units to be issued	:	8,000 units
(2)	Issue price	:	¥114,196 per unit
(3)	Total issue price	:	¥913,568,000
(4)	Application period (application date)	:	February 25, 2014 (Tuesday)
(5)	Payment date	:	February 26, 2014 (Wednesday)
(6)	Name of the third party (Number of units to be allotted)	:	Mizuho Securities Co., Ltd. (8,000 units)

(Note) If no application is made by the third party for all or a part of the investment units to be allotted, the issue of such investment units will be canceled.