Certain Shares of CIRCULATION Co.,Ltd. are subject to a Lock-Up Agreement Ending on 22-JAN-2022. These Shares will be under lockup for 179 days starting from 27-JUL-2021 to 22-JAN-2022. Details: Masatoshi Kubota, the seller and lender, Masato Yamaguchi, Yu Fukuda, the seller, and New Identity Creation Co., Ltd., a shareholder of the Company, are the main sellers in connection with the offering and the sale by the underwriter. During the period from the conclusion of the principal underwriting contract to January 22, 2022, which is the 180th day after the listing (starting of trading) date (including the day), the lead managing underwriter Without the prior written consent of the managing underwriter, the Company's common stock will be sold (however, the Company's common stock will be lent for sale by underwriter's purchase transaction, sale by over-allotment, and will be subject to the Green Shoe Option. they have agreed not to carry out such matters as the acquisition of the Company's common stock by the lead managing underwriter.