Certain Common Stock of KIYO Learning Co., Ltd. are subject to a Lock-Up Agreement Ending on 12-JAN-2021. These Common Stock will be under lockup for 181 days starting from 15-JUL-2020 to 12-JAN-2021. Details: Regarding this offer and sale by purchase of underwriters, Kiyoshi Ayabe, the stock lender and seller, Ryuichiro Hashino, the seller, Keisei Shimada and Motohide Hatano, the shareholders and executives, and the shareholders, Matching Service Japan Co., Ltd., freebit investment inc., Mynavi Corporation?Gurunavi, Inc., Michiaki Sato, Akio Hirai, Naoki Yamada, Hisanori Ichioka, Hiroyuki Kudo, Satoshi Ayabe?Entrelect Co., Ltd.?Masashi Yokozeki and Ken Takehar, as well as stock acquisition right holders, Satoshi Hosokane, Ruu Kobuna, Masayoshi Kobayahi, Mitsutaka Abe, Shohei Kunitomo, Ryuichi Shibuya and Keigo Fujita, have agreed with SMBC Nikko Securities Inc.( Lead managing company) that they will not issue, transfer, or sell the Company's common stock (including potential shares) and securities that have the right to acquire the Company's common stock, which are held by the calculation date of the original underwriting agreement without the prior written consent of the managing company during the period from January 10, 2021, which is 180 days after the listing date, starting from the date of conclusion of the original underwriting contract regarding the offering and sale by the underwriter. The shareholders, Mirai Creation No.1 Investment Limited Partnership?Innovation engine industry creation investment business limited liability partnership?GA No. 1 Investment Union?Kanshin Future Investment Limited Partnership?Will Group Fund Investment Limited Partnership?SMBC Venture Capital No. 4 Investment Business Limited Liability Union?Mitsubishi UFJ Capital No. 6 Investment Limited Partnership, GA No. 2 Investment Union and Edge Technology Limited Liability Partnership have promised the lead managing company that during the period from October 12th, 2020, which is the 90th day from the date of listing (start of trading), starting from the date of the original underwriting contract regarding the offering and sale by the underwriter's purchase transaction, they will not issue, transfer or sell the Company's common stock and securities that have the right to acquire the Company's common stock on the day of conclusion of the original underwriting contract without the prior written consent of the managing company. In addition, we have agreed with the lead managing company that during the period from January 10th, 2021 which is 180th day from the date of listing (start of trading), starting from the date of the original underwriting contract concerning the offering and the sale by the underwriter's purchase transaction, we will not issue or sell our common stock and securities that have the right or obligation to acquire our common stock (Excluding issuance of new shares relating to this third-party allotment, issuance of new shares through stock split, and issuance of stock acquisition rights relating to stock options) without the prior written consent of the managing company.