Parent-Teacher Conferences to determine each student's future begin at Shuchiin Academy. One wishes to continue in the academy's university, one is considering taking exams for a different university – both will declare their future plans. Fujiwara, who is joined by her father, jokes around and expresses her desire to go to a university outside of the academy. Meanwhile, Kaguya's father didn't show up, but she informs them just as her parents instructed – that she will continue to Shuchiin's university. While Maki, Hayasaka, and the others each discuss their dreams, last but not least is Shirogane who is taking the exam. In a clear and confident tone, he declares the road he must proceed. And that answer is...!

The moment the culture festival reached its finale, the jewel object made by Shirogane was stolen by a phantom thief who calls himself Arsène. Kaguya and the others headed to the roof where the phantom thief keeps appearing, but there was no one there. Fujiwara, who transformed into a genius detective, struggles to solve the mystery behind the calling card and uncover the thief's true identity. But Kaguya, left behind at the scene of the crime, had begun to figure out the criminal. The problem is the location. Kaguya traced the phantom thief's line of thinking and headed to where he is now...

Shroud in a cape and dressed in the guise of the phantom thief Arsène, Shirogane waited for Kaguya's arrival atop the clock tower roof overlooking Shuchiin. When asked why he would do such a thing, Shirogane answered that there was something he wanted to show Kaguya. The festival's afterparty has already begun as the sun set over this school and the students could be seen encircling and enjoying the bonfire. While the emotions that could not be expressed with words mingled between Shirogane and Kaguya's hearts... Shirogane carried out his ultra-romantic operation!!