The difference between MetaPlanet’s private placement (planned) and public offering 1. Difference from a typical “public offering” (e.g., listed shares) Public Offering: Widely advertised through TV commercials and newspaper ads—“Anyone can buy!”—and listed on the Tokyo Stock Exchange, allowing anyone with a securities account to purchase. Private Placement: **“Directly approached only by a limited group”**—a non-public sale. Almost no advertising is permitted; invitations are sent exclusively via email or a dedicated website to investors who meet specific criteria. Priority is given to existing shareholders. 2. Specific process for “private placement distribution” via MetaPlanet Securities (formerly Siiibo Securities) Siiibo Securities has previously operated an online platform for selling private corporate bonds (debt instruments issued by companies) directly to individual investors. MetaPlanet will use this same infrastructure to sell its own products. Example (if MetaPlanet issues BTC-linked preferred shares or bonds): MetaPlanet creates the product: Examples: “BTC-backed perpetual preferred shares (MARS)” or “Bitcoin-linked bonds” Investors receive annual dividends (interest) of approximately 4–8%. The underlying asset backing these instruments is MetaPlanet’s holdings of over 40,000 BTC. Target investors are restricted (this is the key point of private placement): Qualified institutional investors (banks, insurance companies, investment funds, etc.): No limit on number. Eligible individual investors: Selected from Siiibo’s existing customer base (~tens of thousands) and MetaPlanet shareholders (~250,000) who meet specific criteria. Total number of participants is typically small (often fewer than 50) or strictly limited to specific investors. Actual distribution process: Products are listed only on a dedicated page accessible to investors logged into the MetaPlanet Securities website. Eligible investors receive email or app notifications: “A new private placement offering has been announced. Click here for details.” Investors apply online → undergo simplified review → make payment → receive allocation of the product. Sold in minimum units such as ¥1 million or ¥10 million. Imagined scenario: If you are a MetaPlanet shareholder meeting the criteria, you might receive an email like: “Notification from MetaPlanet Securities: First private placement of Bitcoin-linked preferred shares is now open. Expected yield: ○%. Subscription period ends this week.” You then simply click to purchase via the dedicated portal. No listing required—faster process: Listing preferred shares on the TSE involves rigorous review and takes considerable time. With private placement, offerings can launch within weeks to months, with minimal disclosure documentation required. 3. Visualizing based on Siiibo’s actual track record Over 40 venture companies have previously issued private corporate bonds via Siiibo, allowing individual investors to purchase online yen-denominated bonds yielding 2–8% annually. Going forward, this model will be adapted for MetaPlanet’s BTC-linked products (e.g., yield-generating instruments secured by Bitcoin). Simple summary image: “Become a member of MetaPlanet Securities’ exclusive online shop, where you can directly purchase special financial products linked to Bitcoin.” Unlike a public supermarket open to everyone (public offering), it’s more like an invitation-only luxury salon offering products exclusively to a select clientele.