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<span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.75pt">DESCRIPTION OF THE PLAN</span><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The following brief description of the Employee Stock Purchase Plan (Japan) (the “Plan”) is provided for general information purposes only. Members (“Participants”) should refer to the Plan document for a more complete description of the Plan provisions.</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The financial statement titles and line item descriptions for all years presented have been revised to align with Article 6A of Regulation S-X. Additionally, certain conforming changes have been made to the Notes to the Financial Statements. The revision had no impact on plan assets, liabilities, equity, income, or accounting policies.</span></div><div style="margin-bottom:6pt;margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General</span></div><div style="margin-bottom:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Plan includes the Employees’ Shareholding Association (the “Association”) of P&G Group for employees and executives of all P&G affiliates in Japan. The Plan covers the employees of P&G Japan G.K., P&G K.K., P&G Prestige Godo Kaisha, and P&G Innovation Godo Kaisha (collectively the “Companies”).</span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The purpose of the Plan is to contribute to the formation of assets by its participants by facilitating their acquisition of ordinary shares of The Procter & Gamble Company (the “Stock”), the Companies’ parent company. The Plan is administered by People Services and the Association. Daiwa Securities Co. Ltd., on the other hand, is in charge of purchasing, selling and safekeeping of the stocks.</span></div><div style="margin-bottom:6pt;margin-top:9pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Eligibility</span></div><div style="margin-bottom:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Regular employees hired by the Companies may, at any time, apply for the membership in the Plan.</span></div><div style="margin-bottom:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Contributions</span></div><div style="margin-bottom:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Participants may contribute a portion of their base pay in units of 1,000 yen, up to 150 units monthly, and three times the monthly base pay contributions limit from bonus pay. The Companies match 20% of participants’ contributions up to 30 units monthly (90 units of bonus pay contributions). All contributions are invested in the Stock.</span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Participants’ monthly contributions derived from salary deductions shall be in units of 1,000 yen, and the maximum monthly contribution from a Participant’s salary shall be 100,000 yen per Participant who gets paid semi-annual bonuses, and 150,000 yen per Participant who does not get paid semi-annual bonuses. Participant Contributions derived from semi-annual bonuses shall be 3 times the monthly Participant Contributions: in units of 3,000 yen, and the maximum contribution from a Participant’s bonus shall be 300,000 yen per Participant. Subject to the monthly and annual limits, there is no limit on the total amount of Participant Contributions that a Participant can make during his or her participation in the Plan.</span></div><div style="margin-bottom:6pt;margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Participant accounts </span></div><div style="margin-bottom:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Individual accounts are maintained for each Plan participant. Each account is credited with the participant’s contribution and allocations of: (a) the Companies’ contributions, and (b) realized earnings or losses of the Plan. Participant accounts are also charged with withdrawals. Allocations are based on participant earnings or account balances, as defined by the Plan. The benefit to which a participant is entitled to is the benefit that can be provided from the participant’s vested account.</span></div><div style="margin-bottom:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Investments</span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Participants are only permitted to invest in the Stock. The Association shall purchase the Stock on the New York Stock Exchange. Purchased Stock shall be allotted to and recorded for the account of each participant in proportion to the participant’s contribution each time the Stock is purchased. Dividends will be allotted and recorded for participants in proportion to the number of shares held by each participant and used for the next stock purchase.</span></div><div style="margin-bottom:6pt;margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Withdrawal</span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Participants may withdraw the allotted shares of Stock in multiples of 100 shares at any time. In the event that participants withdraw from the Plan either on termination of service or by their request, the allotted Stock in multiples of one share plus cash at the amount of the residual share at fair value shall be returned to them. </span></div><div style="margin-bottom:6pt;margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Plan termination</span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although it has not expressed any intent to do so, the Companies have the right under the Plan to discontinue their contributions to the Plan at any time and to terminate the Plan subject to the provisions set forth in the Plan document.</span></div>

1000 150000 3

0.20

30000 90000 1000 100000 150000 3 3000 300000 100 1 FINANCIAL REPORTING FRAMEWORK<div style="margin-bottom:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Statement of Compliance</span></div><div style="margin-bottom:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Basis of Preparation and Presentation</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The accompanying financial statements have been prepared on the historical cost basis, except for the Plan’s investments</span><span style="color:#ff0000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which are measured at fair value. </span></div>These financial statements are presented in Japanese Yen, the currency of the primary economic environment in which the Plan operates. The U.S. Dollar amounts presented in these financial statements are included solely for the convenience of the reader and should not be construed as the Plan’s presentation currency.

<div style="margin-bottom:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Statement of Compliance</span></div><div style="margin-bottom:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Basis of Preparation and Presentation</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The accompanying financial statements have been prepared on the historical cost basis, except for the Plan’s investments</span><span style="color:#ff0000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which are measured at fair value. </span></div>These financial statements are presented in Japanese Yen, the currency of the primary economic environment in which the Plan operates. The U.S. Dollar amounts presented in these financial statements are included solely for the convenience of the reader and should not be construed as the Plan’s presentation currency.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<div style="margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cash</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Amounts shown as cash are uninvested funds held by the Association on behalf of the Plan that are to be invested in Stock the following month.</span></div><div style="margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Investment in stock</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investment in stock is recognized and derecognized on trade date accounting when the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned.</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">At the end of each reporting period, investment in stock is stated at fair value, with any resultant gain or loss recognized in the Statements of Comprehensive Income and Changes in Plan Equity. Fair value is determined using quoted market prices.</span></div><div style="margin-top:9pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Plan derecognizes its investment in stock when the contractual rights to the cash flows from that investment expire; or when the Plan transfers all the risks and rewards of ownership of the asset to another entity. The difference between the carrying amount of the financial asset derecognized and the consideration received or receivable is recognized in the Statements of Comprehensive Income and Changes in Plan Equity.</span></div><div style="margin-bottom:9pt;margin-top:15pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Net appreciation or depreciation in fair value of investments</span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Net appreciation or depreciation includes realized gains and losses on investments that were both purchased and sold during the period as well as unrealized gains and losses of the investments held at year end.</span></div><div style="margin-bottom:6pt;margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Dividend income</span></div><div style="padding-left:14.4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Dividend income is recorded on the ex-dividend date; net of any U.S. withholding taxes.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%"> </span></div><div style="margin-bottom:6pt;margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Expenses of the plan </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Expenses arising from the operations of the Association are paid and ultimately borne by the Companies through reimbursement to the Plan. These include administrative fees and bank charges for transfer of contributions. These are included in the financial statements when incurred.</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Association incurs purchase fees based on the monthly purchase amount and share purchase price and these fees are covered by member contributions. The fees are included in member contributions in the Statements of Comprehensive Income and Changes in Plan Equity.</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Audit fees are excluded from the financial statements since these are not settled through and reimbursed to the Plan.</span></div><div style="margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Foreign currency transactions and translation</span></div>Transactions in currencies other than Japanese Yen are recorded at the rates of exchange prevailing on the dates of the transactions. At the end of each reporting period, monetary assets that are denominated in foreign currencies are retranslated at the rates prevailing at the end of the reporting period. Non-monetary assets carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date the fair value was determined.

<div style="margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cash</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Amounts shown as cash are uninvested funds held by the Association on behalf of the Plan that are to be invested in Stock the following month.</span></div>

<div style="margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Investment in stock</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investment in stock is recognized and derecognized on trade date accounting when the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned.</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">At the end of each reporting period, investment in stock is stated at fair value, with any resultant gain or loss recognized in the Statements of Comprehensive Income and Changes in Plan Equity. Fair value is determined using quoted market prices.</span></div><div style="margin-top:9pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Plan derecognizes its investment in stock when the contractual rights to the cash flows from that investment expire; or when the Plan transfers all the risks and rewards of ownership of the asset to another entity. The difference between the carrying amount of the financial asset derecognized and the consideration received or receivable is recognized in the Statements of Comprehensive Income and Changes in Plan Equity.</span></div><div style="margin-bottom:9pt;margin-top:15pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Net appreciation or depreciation in fair value of investments</span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Net appreciation or depreciation includes realized gains and losses on investments that were both purchased and sold during the period as well as unrealized gains and losses of the investments held at year end.</span></div>

<div style="margin-bottom:6pt;margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Expenses of the plan </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Expenses arising from the operations of the Association are paid and ultimately borne by the Companies through reimbursement to the Plan. These include administrative fees and bank charges for transfer of contributions. These are included in the financial statements when incurred.</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Association incurs purchase fees based on the monthly purchase amount and share purchase price and these fees are covered by member contributions. The fees are included in member contributions in the Statements of Comprehensive Income and Changes in Plan Equity.</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Audit fees are excluded from the financial statements since these are not settled through and reimbursed to the Plan.</span></div>

<div style="margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Foreign currency transactions and translation</span></div>Transactions in currencies other than Japanese Yen are recorded at the rates of exchange prevailing on the dates of the transactions. At the end of each reporting period, monetary assets that are denominated in foreign currencies are retranslated at the rates prevailing at the end of the reporting period. Non-monetary assets carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date the fair value was determined. CRITICAL ACCOUNTING JUDGMENTS <div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">In the application of the Plan’s accounting policies, management is required to make judgments and assumptions about the carrying amounts of assets, liabilities and plan equity that are not readily apparent from other sources. Actual results may differ from these estimates.</span></div><div style="margin-bottom:12pt;margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.</span></div><div style="margin-bottom:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Critical Judgments in Applying Accounting Policies </span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Below is a critical judgment that management has made in the process of applying the Plan’s accounting policies and that has the most significant effect on the amounts recognized in financial statements.</span></div><div style="margin-top:12pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Functional currency</span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Based on the economic substance of the underlying circumstances relevant to the Plan, the functional currency of Plan has been determined to be the Japanese Yen. The Japanese Yen is the currency of the primary economic environment in which the Plan operates. </span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"><br/>The Japanese Yen is the currency of the contributions received from</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">the Participants and the Companies.</span></div>

RISKS AND UNCERTAINTIES <div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Association, through the Plan, invests in ordinary shares of The Procter & Gamble Company </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">which represents a concentration in investments. Investment securities are exposed to market volatility. Due to the level of risk associated with the Stock, it is reasonably possible that changes in the value of the Stock will occur in the near term and those changes could materially affect the amounts reported in the financial statements.</span></div>

FAIR VALUE MEASUREMENTS<div style="margin-bottom:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. <br/>Fair value measurements assume that the transaction occurs in the principal market for the asset or liability (the market with the most volume and activity for the asset or liability from the perspective of the reporting entity), or in the absence of a principal market, the most advantageous market for the asset or liability (the market in which the reporting entity would be able to maximize the amount received or minimize the amount paid). The Plan applies fair value measurements to the investments in accordance with the requirements described above.</span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The fair value of the investment in stocks of The Procter and Gamble Company as disclosed in the Statements of Financial Condition are determined based on the quoted market price in an active market, which is Level 1 under fair value hierarchy.</span></div><div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period.</span></div><div style="padding-left:14.4pt;text-align:justify"><span><br/></span></div><div style="padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The fair value of cash held by the Association in the Statements of Financial Condition is determined at cost plus accrued interest.</span></div><div style="padding-left:14.4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.784%"><tr><td style="width:1.0%"></td><td style="width:45.947%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.732%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2025</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Asset Category</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 2.38pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 2.38pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Level 1</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Cash held by the Association</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥18,665,259 </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥18,189,658 </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Investment in stocks</span></td><td colspan="2" style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥22,462,822,770 </span></td><td style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:top"></td><td colspan="2" style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥22,936,731,446 </span></td><td style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:top"></td></tr></table></div>

<div style="padding-left:14.4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.784%"><tr><td style="width:1.0%"></td><td style="width:45.947%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.732%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2025</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Asset Category</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 2.38pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 2.38pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Level 1</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Cash held by the Association</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥18,665,259 </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥18,189,658 </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Investment in stocks</span></td><td colspan="2" style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥22,462,822,770 </span></td><td style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:top"></td><td colspan="2" style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥22,936,731,446 </span></td><td style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:top"></td></tr></table></div>

18665259

18189658

22462822770

22936731446

INVESTMENTS<div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The investments as of June 30, 2026, 2025 and 2024, and the related unrealized fair value gain (loss) and unrealized foreign exchange gain (loss) for the years ended June 30, 2026, 2025 and 2024, were as follows:</span></div><div style="padding-left:14.4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.975%"><tr><td style="width:1.0%"></td><td style="width:28.445%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.676%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.503%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Number of shares</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">943,306 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">994,167 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">1,060,102 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Cost </span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥21,771,245,332 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥26,308,145,092 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥23,463,946,070 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Unrealized fair value gain (loss)</span></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">(2,270,651,286)</span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">(845,369,895)</span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">2,175,341,330 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Unrealized foreign exchange gain (loss)</span></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">2,962,228,724 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">(2,526,043,751)</span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">2,520,906,356 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Market value</span></td><td colspan="2" style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥22,462,822,770 </span></td><td style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td><td colspan="2" style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥22,936,731,446 </span></td><td style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td><td colspan="2" style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥28,160,193,757 </span></td><td style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The realized gain (loss) on sale of stock for the years ended June 30, 2026, 2025 and 2024, was determined as follows:</span></div><div style="padding-left:14.4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.840%"><tr><td style="width:1.0%"></td><td style="width:29.229%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.697%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.991%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Proceeds on sale of shares</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥3,029,689,690 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:top"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥3,592,011,406 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:top"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥3,692,450,006 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Cost </span></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">3,202,696,961 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">3,522,418,823 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">3,549,892,766 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Realized fair value gain (loss)</span></td><td colspan="2" style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">(¥173,007,271)</span></td><td style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td><td colspan="2" style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥69,592,583 </span></td><td style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td><td colspan="2" style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥142,557,240 </span></td><td style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td></tr></table></div>

<div style="margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The investments as of June 30, 2026, 2025 and 2024, and the related unrealized fair value gain (loss) and unrealized foreign exchange gain (loss) for the years ended June 30, 2026, 2025 and 2024, were as follows:</span></div><div style="padding-left:14.4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.975%"><tr><td style="width:1.0%"></td><td style="width:28.445%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.676%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.503%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Number of shares</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">943,306 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">994,167 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">1,060,102 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Cost </span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥21,771,245,332 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥26,308,145,092 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥23,463,946,070 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Unrealized fair value gain (loss)</span></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">(2,270,651,286)</span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">(845,369,895)</span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">2,175,341,330 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Unrealized foreign exchange gain (loss)</span></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">2,962,228,724 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">(2,526,043,751)</span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">2,520,906,356 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Market value</span></td><td colspan="2" style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥22,462,822,770 </span></td><td style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td><td colspan="2" style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥22,936,731,446 </span></td><td style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td><td colspan="2" style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥28,160,193,757 </span></td><td style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:14.4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The realized gain (loss) on sale of stock for the years ended June 30, 2026, 2025 and 2024, was determined as follows:</span></div><div style="padding-left:14.4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.840%"><tr><td style="width:1.0%"></td><td style="width:29.229%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.697%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.991%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Proceeds on sale of shares</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥3,029,689,690 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:top"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥3,592,011,406 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:top"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥3,692,450,006 </span></td><td style="border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Cost </span></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">3,202,696,961 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">3,522,418,823 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">3,549,892,766 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Realized fair value gain (loss)</span></td><td colspan="2" style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">(¥173,007,271)</span></td><td style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td><td colspan="2" style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥69,592,583 </span></td><td style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td><td colspan="2" style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">¥142,557,240 </span></td><td style="border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"></td></tr></table></div>

943306

994167

1060102

21771245332

26308145092

23463946070

-2270651286

-845369895

2175341330

2962228724 -2526043751 2520906356

22462822770

22936731446

28160193757

3029689690 3592011406 3692450006 -3202696961 -3522418823 -3549892766

-173007271

69592583

142557240

<span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.75pt">FOREIGN EXCHANGE TRANSACTIONS AND TRANSLATIONS<br/></span>Contributions to the Plan are denominated in Japanese Yen; however, purchases and sales of Stock are measured in U.S. Dollars resulting in net unrealized foreign exchange gain of ¥2,962 million in 2026, net unrealized foreign exchange loss of ¥2,526 million in 2025, and net unrealized foreign exchange gain of ¥2,521 million in 2024, net realized foreign exchange gain of ¥221.54 million in 2026, net realized foreign exchange loss of ¥231.22 million in 2025, and net realized foreign exchange gain of ¥114.86 million in 2024 as disclosed in the Statements of Comprehensive Income and Changes in Plan Equity. 2962000000 -2526000000 2521000000 221540000 -231220000 114860000

RELATED PARTY TRANSACTIONS<div style="padding-left:14.4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Association, through the Plan, held 943,306 and 994,167 ordinary shares of The Procter & Gamble Company with a cost of ¥21.77 billion ($134.1 million) and ¥26.31 billion ($182.5 million), as of June 30, 2026 and 2025, respectively. For the years ended June 30, 2026, 2025 and 2024, dividend income of ¥463.14 million, ¥447.91 million and ¥459.31 million, respectively, are reported in the Statements of Comprehensive Income and Changes in Plan Equity.</span></div><div style="margin-top:6pt;padding-left:14.4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">During the years ended June 30, 2026, 2025 and 2024, contributions amounting to ¥199.07 million, ¥212.71 million, and ¥216.18 million, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">respectively, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">were received from the Companies.</span></div>

943306

994167

21770000000

134100000

26310000000

182500000

463140000

447910000

459310000

199070000.00

212710000

216180000

TAX STATUS<div style="padding-left:14.4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Plan is not subject to taxation in the United States, nor the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). All investment gains and losses, dividends received, and contributions are taxable to the participants.</span></div>

U.S. DOLLAR AMOUNTS<div style="padding-left:14.4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">U.S. Dollar amounts presented in these financial statements are included solely for the convenience of the reader. These translations should not be construed as representations that the Japanese Yen amounts have been, could have been or could in the future be, converted into U.S. Dollars. As the amounts shown in U.S. Dollars are for convenience only, the rate of ¥162.38 = US$1, the approximate current rate at June 30, 2026 has been used for the purpose of presentation of the U.S. Dollar amounts in the accompanying Statements of Financial Condition and Statements of Comprehensive Income and Changes in Plan Equity.</span></div>