Certain Common Stock of Nareru Group Inc. are subject to a Lock-Up Agreement Ending on 16-JAN-2024. These Common Stock will be under lockup for 179 days starting from 21-JUL-2023 to 16-JAN-2024.

Details:
Advantage Partners V, AP Cayman Partners III, LP, Japan Fund V, LP and Advantage Partners Investment Partnership, which are both sellers and lenders, in connection with this offering and the secondary offering by purchase and acceptance by the underwriters No. 80, Hiromichi Kutsuzawa, the seller, and Muramatsuya Co., Ltd., a shareholder of the Company, will notify the joint lead managing company of 16 January 2024 (hereinafter referred to as the ?lock-up period?), without the prior written consent of the joint lead managers, the sale, etc. of the common stock of the Company (Except for Daiwa Securities Co., Ltd.'s acquisition of the Company's common stock subject to green shoe options, etc.).

In addition, Naoki Shibata, Yuta Nojiri and 48 other persons who hold the stock acquisition rights of the Company will not allow the joint lead managers to acquire new shares of the Company during the lockup period without the prior written consent of the joint lead managers. Sale, etc. of common stock of the Company acquired through the exercise of subscription rights and stock acquisition rights (however, if the sale price is 1.5 times or more of the issue price or selling price in the public offering, Tokyo Securities Co., Ltd. through Daiwa Securities Co., Ltd.) (excluding sales on exchange transactions, etc.).