May 17, 2013
Company name: Sun Frontier Fudousan Co., Ltd.
Stock listing: Tokyo Stock Exchange 1st Section
Code number: 8934
URL: http://www.sunfrt.co.jp
Address: 14F, Toho Hibiya Building, 2-2, Yurakucho 1-chome, Chiyoda-ku, Tokyo 100-0006
Representative: Tomoaki Horiguchi, President
Inquiry: Seiichi Saito, Executive Vice-president(Phone: +81-3-5521-1301)

Notice Regarding Share Split, Adoption of Share Unit System, Partial Changes to the Articles ofIncorporation, and Revision to the Dividend Forecast

In the Board of Directors meeting held on May 17, 2013, the Company resolved to split shares,adopt a share unit system along with revise the dividend forecast, as described below. Also, in the same
Board of Directors meeting, it was resolved to add the “Matter of Partial Changes to the Articles ofIncorporation” as a discussion item in the 14th General Shareholders Meeting scheduled to be held on
June 20, 2013. As well, obtaining approval on the partial changes to the articles of incorporation matterat the 14th General Shareholders Meeting is a condition to the share split and adoption of a share unitsystem.

1. Purpose of Share Split and Implementation of Share Unit System
With the purpose of unifying the Share Unit Number (trading unit) to 100 shares, we willadopt a share unit system along with the share split, taking into consideration the intent of the“Action Plan for Consolidating Trading Units” (effective November 27, 2007) and “Transition
Period to Standardize Share Units to 100 or 1,000 Shares” (effective January 19, 2012) thatwere announced by all domestic stock exchanges of Japan. The number of investment units will
not actually change following the implementation of the share split and the adoption of the shareunit system.
2. Summary of Share Split(1) Method of Share Split
The share split shall have a record date of Monday, September 30, 2013 and shallinvolve the splitting of common shares held by shareholders whose names appear on or
are recorded in the latest Registry of Shareholders on the record date at a ratio of 1:100
shares.
(2) Number of Increase in Shares by Share Split (as of May 17, 2013)① Total number of outstanding shares before share split: 427,555shares② Increase of shares by share split: 42,327,945shares③ Total number of outstanding shares after share split: 42,755,500shares④ Total number of authorized shares after share split: 91,200,000shares(3) Schedule of Share Split
Public Notice Date of Record Date: September 13, 2013-1-

Record Date: September 30, 2013
Effective Date: September: October 1, 2013
3. Adoption of the Share Unit System(1) Number of Share Units that will be Newly EstablishedOn the Effective Date of the Share Split which is Tuesday, October 1, 2013, a Share Unit
System will be adopted and the number of share units will be 100 shares.
(2) Schedule for Establishment of New System
Effective Date: October 1, 2013
(NOTE)
Along with adopting the above Share Unit System, the trading unit on the Tokyo Stock Exchange will
also change from 1 share to 100 shares on Thursday, September 26, 2013.
4. Partial Changes to the Articles of Incorporation(1)Changes to the Articles of Incorporation
The necessary changes relating to the share split and adoption of the share unit system will be carriedout as follows, taking into consideration the intent of the “Action Plan for Consolidating Trading
Units” (effective November 27, 2007) and “Transition Period to Standardize Share Units to 100 or
1,000 Shares” (effective January 19, 2012) that were announced by all domestic stock exchanges ofJapan with the purpose of unifying the Share Unit Number (trading unit) to 100 shares.
① The Company shall make changes to Article 6 (Total Number of Authorized Shares) of thecurrent articles of incorporation to increase the total number of authorized shares inproportion to the share split ratio.
② The Company shall newly establish proposed Article 8 (Share Units) to adopt the share unit
system at the same time as the share split in order to make the share unit 100 shares.
③ To determine the rights of shareholders with less than one share unit, the Company shall
newly establish proposed Article 9 (Rights Regarding Shares Less than One Unit) andproposed Article 10 (Demand for Sale of Shares Less than One Unit).
④ Due to the new establishment of proposed Article 6 and proposed Article 8 to proposed
Article 10, necessary renumbering of the Articles will be done.
⑤ In order to establish the effective date of these changes to the Articles of Incorporation,
Article 1 will be newly established in the Supplementary Provisions.

-2-(2)Description of Changes
The description of the changes are as follows.

Current Articles of Incorporation(Total Number of Authorized Shares)
Article 6
The Company’s total number ofauthorized shares shall be 912,000 shares.
Article 7(Changes are underlined)
Proposed Changes(Total Number of Authorized Shares)
Article 6 The Company’s total number ofauthorized shares shall be 91,200,000shares.

(Omitted)
Article 7 (No Change)(Newly Established)(Share Units)
Article 8 The Company’s Share Units shall be
100 shares.
(Newly Established)(Rights Regarding Shares of Less than One Unit)
Article 9 The Company’s shareholders shall not
exercise rights except for those listed
below regarding the shares they possessof less than one unit.
(1) Rights stipulated in each item ofParagraph 2 of Article 189 of theCompany Act.
(2) Rights to claim based on the provisionsof Paragraph 1 of Article 166 of theCompany Act.
(3) Rights to be allotted the shares forsubscription and share options forsubscription according to the number ofshares a shareholder possesses.
(4) Rights to claim established in the next
Article.
(Newly Established)(Demand for Sale of Shares Less than One Unit)
Article 10 Based on the rules of the stock handling,
shareholders of the Company may
request to sell the number of sharesnecessary to add to currently owned
shares to make the number of shares to ashare unit.

Article 8 – Article 40(Omitted)
Article 11 – Article 43(Unchanged)(Newly Established)
Supplementary Provision
The effective date of these changes to the Articles
of Incorporation will be October 1, 2013. In
addition, this Supplementary Provision shall bedeleted after the effective date has passed.

-3-(3)Schedule
Date of Annual Shareholders’ Meeting on the Changes to the Articles of Incorporation: June 20, 2013
Effective Date of the Changes to the Articles of Incorporation: October 1, 2013
5．Revisions to Projected Dividends
Regarding the forecast on the year-end payment of dividends for the fiscal year ending March 2014,
which will be after the share split, as the Company splits common shares of 1 share into 100 shares, theforecast of dividend payment per share that was recorded in the “Consolidated Financial Results for theFiscal Year Ended March 31, 2013), announced on May 10, 2013, will be revised as follows.
Further, this revision is conducted due to the share split and causes no substantial changes in theforecast of year-end dividends per share and total amount of dividends for the year announced on May10, 2013.

Amount of Yearly Dividends

Previous forecast（May 10,2013）
Revised forecast
Payment previous fiscal year
(fiscal year ended March,31 2012)

2nd quarter period

Year end

Annual total0850

8500

8.5

8.50850

850-4-