Nippon Sangyo Suishin Kiko (“NSSK” ; www.nsskjapan.com) is pleased to announce that NSSK-J1 Co. Ltd., as a tender offeror, controlled by the investment limited partnership and the exempted limited partnerships managed or provided with services by NSSK affiliates has made the decision to commence a tender offer (the “Tender Offer”) for all common shares and stock acquisition rights issued by With us Corporation (“With us” ; https://www.with-us.co.jp).

The Tender Offer will be conducted with the approval of the special committee that was established to review the proposal and the Board of Directors of With us as well as the full support of the management team thereof.

With us was established in July 1976 as “Gakuryoku Kenshū-sha” (originating from the Matsubara Tutorial School), and changed its registered corporate name to With us Corporation in October 2003. Today, With us operates as a comprehensive education service group, focusing on nationwide, credit-granted correspondence high schools and cram schools. In accordance with the management philosophy of “Contributing to Customers, Employees and Society”, With us has the corporate vision of “Aim to be the best educational institution for developing individuals who can be active in society.” With us aims to realize such corporate vision for not only students, but also its employees and staffs through focusing all corporate activities on the development of individuals who can be active in society.

Founded in November 2014, NSSK is an investment management organization dedicated to supporting Japanese companies. NSSK provides its proprietary NSSK Value-up Program (NVP®)—a comprehensive operational improvement package covering cutting-edge business process optimization, talent development, and financial efficiency—alongside its NSSK Philosophy Program for developing and embedding corporate philosophies, and its NSSK Globalization Program, which leverages NSSK’s worldwide insights, expertise, and networks. Through these programs, NSSK helps portfolio companies accelerate growth and embed sustainable corporate values.

NSSK has extensive investment and operational track records in the education sector. Notably, NSSK-group company, WEWORLD, operates one of the largest Japanese-language schools in Japan, with roughly 10,000 students enrolled annually. Since joining the NSSK group, WEWORLD has tripled its total student body (from April 2022 to April 2025) by hiring experienced senior managers, opening new campuses, revamping digital marketing to improve customer acquisition costs, and making several add-on acquisitions through the support by NSSK.

Leveraging the business foundation built by With us, NSSK intends to deploy its NVP® toolkit and global know-how to help the company accelerate its next stage of growth. Specifically, NSSK will introduce KPI-driven management practices that give greater visibility and control, reinforce governance and compliance system, embed a corporate philosophy, promote ESG initiatives, enhance data-driven marketing strategies, and implement capital investments to upgrade and expand facilities and systems. Through these measures, NSSK seeks to sharpen competitive edge and raise its corporate value. The current With us management team will continue to lead day-to-day operations, with NSSK serving as a strategic partner and supporter.