Investor Relations

Ownership Summary (As of May 31, 2022)

Changes in Number of Shareholders

Distribution of Shares by Type of Shareholders

Major Shareholders (Top 10 Largest Shareholders)

No	Names	Number of shares	Ratio of Shareholding(%)
1	Dai Hirakawa	886,460	10.15%
2	Yuji Hirakawa	783,460	8.97%
3	Ryusuke Hayakawa	594,760	6.81%
4	Seigo Naito	322,500	3.69%
5	Kimihito Mizumoto	276,400	3.16%
6	Writeup, Inc.	107,800	1.23%
7	Satoshi Hoyano	100,000	1.14%
8	Yoshiko Hirakawa	93,720	1.07%
9	Yuka Hirakawa	91,020	1.04%
10	Yuki Hirakawa	83,920	0.96%

Share Price Transition (highest and lowest share prices by term for the past five years)

Fiscal year	FY2021	FY2022	FY2023	FY2024	FY2025
Highest (yen)	1,678	726(1,452)	523(1,046)	440(880)	382(764)
Lowest (yen)	388	355(710)	390(780)	314(628)	264(528)

*Notes：Regarding the share prices during FY2022, the highest and lowest share prices after the stock split are listed, and the highest and lowest share prices before the stock split are listed in brackets.