Certain Common Stock of ELEMENTS, Inc. are subject to a Lock-Up Agreement Ending on 26-MAR-2023. These Common Stock will be under lockup for 89 days starting from 27-DEC-2022 to 26-MAR-2023.

Details:
Yasuhiro Hisada, the lender, and BOC Co., Ltd., Hiroyuki Kato, Akihiro Yamatani, and Yagi Tanshi Co., Ltd., who are the Company's shareholders (including stock acquisition right holders), in connection with the offering and the secondary offering by way of purchase and acceptance by the underwriters Company, Kotael Trust Co., Ltd., Akira Tsuruoka, Takaki Hasegawa, KDDI Corporation, Tech Union Co., Ltd., Tachikawa Co., Ltd., Yoshiyuki Oiwa, Hideyuki Hoshina, Yuta Umeki, Mitsubishi Estate Co., Ltd., Ryohei Kojima, Ubicom Holdings Co., Ltd., B-Cos, Inc., Takashi Okita and Hodaka Kokubo will provide the lead managing company with the funds during the period from the date of conclusion of the primary underwriting contract to June 24, 2023, which is 180 days after the listing (trading start) date (including the day). , without the prior written consent of the lead managing company, the sale of the Company's common stock (excluding the sale of the Company's common stock by the underwriter's purchase and acceptance and the lending of the Company's common stock for the purpose of over-allotment), etc. the company has agreed not to do so.

In addition, our shareholders Daiwa Securities Group Inc., Mizuho FinTech Investment Business Limited Liability Union, SMBC Venture Capital No. 2 Investment Business Limited Liability Union, SBI Ventures Two Co., Ltd., SBI AI & Blockchain Investment Business Limited Liability Union, NREG Innovation No. 1 Investment Business Limited Liability Partnership, SMBC Business Development No. 2 Investment Business Limited Liability Partnership, Traders Investment Co., Ltd., JA Mitsui Leasing Co., Ltd., Hyakugo Bank, Ltd., and Mitsubishi UFJ Trust and Banking Co., Ltd. During the period from the date of conclusion of the principal underwriting agreement to March 26, 2023, which is 90 days after the listing (trading start) date (including the day), without the prior written consent of the lead managing company, common stock of the Company (However, sales on the Tokyo Stock Exchange where the sales price is 1.5 times or more of the issue price in the 1st Offering Matters and after the initial price on the Tokyo Stock Exchange has been established are excluded.) The company has agreed not to do so.