Sun Frontier Fudousan Co., Ltd.
Business Report
Shareholder Newsletter 2024
Fiscal Year Ended March 31, 2024

Stock Code: 8934

T o o ur Sh ar e h olde r s
Summary of 25th Fiscal Year
Driven by the Real Estate Revitalization
Business, Operating Income, Ordinary Income,and Net Income Hit Record Highs.

We hope that things are going well with all of our shareholders, and would liketo express our sincere gratitude for your continued patronage.
In the business environment surrounding our group during the 25th ﬁscal
year, the Japanese economy emerged from the three-and-a-half-year-long
COVID-19 crisis, and wages and prices began to show signs of a virtuous cycle.
In addition, the Bank of Japan has lifted its negative interest rate policy, shiftingfrom a deﬂationary mindset to a Goldilocks economy with inﬂationary expectations. On the other hand, the global economy remains unpredictable due toprolonged high inﬂation and high interest rates in the U.S. and Europe, as wellas concerns such as the sharp depreciation of the yen and geopolitical risks.
Amid this business environment, the company's performance for the ﬁscal
year under review was driven by the strong performance of the real estate
revitalization business, which in turn was fueled by the smooth sales of high-occupancy, high-value buildings resulting from the replanning of properties in thecore downtown oﬃce business, with close collaboration among all departments. In addition, the real estate service business saw steady growth inearnings.
Furthermore, the sale of hotels in the hotel development business and theimprovement in the performance of the hotel operation business due to thefavorable demand from foreign visitors to Japan and other factors accelerated.
As a result, the company's performance for the ﬁscal year under review saw a
3.5% decrease in sales from the previous ﬁscal year, but operating income
increased 18%, ordinary income rose 18%, and net income grew 3%, reachingrecord highs.

quantitative targets of sales of 100 billion yen, an operating income of 20
billion yen, and a net income of 14 billion yen, all of which are record highs forthe company. Although this is an uncharted territory for our group, we willdeﬁnitely achieve these goals through the strength of our employees that wehave cultivated over the past 25 years since our founding and the businessfoundation we have steadily built. Our 26th ﬁscal year will lead to growth andcontribution in the following years.

Long-Term Vision 2035 and Next Medium-Term
Management Plan Established to Achievea Sustainable Growth PathOur group has formulated the "Long-Term Vision 2035" as our ideal vision in 10
years and the next medium-term management plan to realize it (please refer to
pp. 3-4 for details). We will clearly deﬁne our future strategies early on, unify
the wills of the entire group, and achieve a sustainable growth trajectory
toward the realization of our management philosophy.

Contributing to the Realization ofa Sustainable Society

In these turbulent times, the business environment is changing rapidly. However, our group will always strive to sincerely carry out our business with thespirit of altruism, which is our corporate philosophy, in order to help solve
social issues. Then, we are determined to contribute to the realization of asustainable society.
We would like to ask for the continued support and encouragement of ourshareholders.

Increased the Year-End Dividend.
The year-end dividend for the 25th ﬁscal year was 32 yen/share, up 6
yen/share (including the 25th anniversary commemorative dividend of 2 yen)from the initial forecast of 26 yen/share, with the annual dividend including theinterim dividend being 58 yen/share, up 10 yen/share from 48 yen/share forthe previous ﬁscal year. As a result, the company has continued to increase its
dividend for 11 consecutive years, aside from the ﬁscal year ended March
2021, when the dividend was maintained at the same level as the year before.
In addition, the dividend forecast for the next ﬁscal year is 33 yen/share forboth the interim and year-end dividends, for a total of 66 yen/share. The
company will continue to strive to increase the corporate value of the entire
group, achieve proﬁt growth, and return proﬁts in a sustainable and stablemanner in order to meet the support and expectations of shareholders.

The 26th Fiscal Year, the Final Year of
the Current Medium-Term Management Plan

In the current 26th ﬁscal year (ending March 2025), our group has entered theﬁnal year of its current medium-term management plan. Our group is aiming for01

Sun Frontier Fudousan Co., Ltd. Business Report

June, 2024
Sun Frontier Fudousan Co., Ltd.

President Seiichi Saito

Consolidated Business Report (Performance Highlights)
Points of Consolidated Financial Results

In the real estate revitalization business, our company's core business, property sales progressed steadily this ﬁscal year as well. The business maintained
a high segment proﬁt margin (30.6%) while driving overall corporate performance strongly. The amount of purchase have exceeded 50 billion yen for theﬁrst time, and our company is steadily accumulating inventory assets that will contribute to revenue generation in the following ﬁscal years.
● The hotel operation business made rapid progress in improving its performance, partly due to the demand from foreign visitors to Japan. In the hotel
development business, we completed the sale of one hotel at the end of April and recorded development proﬁt. In addition, in anticipation of future
growth, we are promoting numerous development projects nationwide and steadily building the foundation for future business.
●

Variations in Sales and Proﬁt/Loss■ Net Sales (million yen)
Year-end

Interim82,777Year-end
InterimOrdinary Proﬁt Ratio

14,722
12,21559,63217.1
48,99832,1643/2021

12.6

9,285

7,524

35,333Year-end
Interim
Net income per share

238.9821.8

11,612※17.8

152.26
11,9443/20233/20243/2021

11,917
8,463

7,415
87.77

8,035

5,862

4,274

5,368

3,459

5,384

3/2022245.5017,374

79,86871,25145,326■ Profit attributable to owners ofparent (million yen)・Net income per share (¥)■ Ordinary Profit (million yen)・
Ordinary Profit Ratio (％)

3/2022

3/20233/20243/2021

3/2022

3/20233/2024* In the ﬁscal year ended March 2023, proﬁt grew signiﬁcantly, thanks to uniquepositive factors such as the reduction in taxable income resulting from the deﬁcit
carried forward through the recovery of the hotel and tourism business and the tax
eﬀect from the recognition of deferred tax assets.

Summary of Consolidated Financial Statements

Composition of Sales by Segment
Other

3.0%

Sales: 2,409 million yen
Up 34.8% year on year

Hotel and Tourism
Business

Real Estate
Revitalization Business

63.0%

Sales: 51,027 million yen
Up 1.9% year on year（

Sales: 11,967 million yen
Down 26.1% year on year

Real Estate
Service Business

13.0%

Sales: 10,497 million yen
Up 18.7% year on year

Total
Sales: 79,868 million yen
down 3.5% year on year

Inventory
assets80,182）

188,661

152,519

152,519
Current
assets125,886

21.0%(Unit: million Yen)

188,661

Current
assets159,518（ Inventory
assets ）106,869

Non-current
assets
26,633

Non-current
assets29,1433/20233/2024Current liabilities
16,363
Non-current
liabilities
52,190Net
assets
83,965

3/2023Current liabilities
24,767
Non-current
liabilities
69,477Net
assets
94,4163/2024

Sun Frontier Fudousan Co., Ltd. Business Report02Announcement of Long-Term Vision 2035 and Formulation of the Next Medium-Term Management Plan
The ﬁscal year ending March 2025 is the ﬁnal year of the medium-term management plan, which is to be extended
for an extra two years as announced in May 2021, and the outlook for consolidated results is as planned. We
forecast net sales of 100,000 million yen (up 25.2% year on year), an operating income of 20,870 million yen (up18.6% year on year), an ordinary income of 20,000 million yen (up 15.1% year on year), and a proﬁt attributable toowners of parent of 14,000 million yen (up 17.5% year on year).
In addition, we have newly established a long-term vision for 2035, ten years from now, and have formulated thenext medium-term management plan, which will end in the ﬁscal year ending March 2028. By formulating the next
medium-term management plan prior to the completion of the medium-term management plan that will end in theﬁscal year ending March 2025, we will clearly deﬁne our future strategies early on, unify the wills of the entire
group, and achieve a sustainable growth trajectory toward the realization of our management philosophy.

Long-Term Vision 2035 (What We Aspire to Be in 10 Years)
Making the Best Use of Limited Resources to Fill the World With Smiles and Excitement!
Becoming a Corporate Group That Continues to Take on the Challengeof Creating Future Value

Next Medim-Term Management Plan(

Fiscal Year Ending March 2026 Fiscal Year Ending March 2028)

Through Products Guided by Customer Needs and Compassionate Services,
We Will Promote Diversiﬁcation Through Core Business Collaborations
and Actively Engage in Solving Societal Challenges.

We will contribute to solving social issues by strengthening our human resource base, expanding ourbusiness domain, and increasing opportunities to serve our customers through the diversiﬁcation of
pay-per-use businesses and the stable growth of recurring-revenue businesses.

Sales

135billion yen
03

Sun Frontier Fudousan Co., Ltd. Business Report

Ordinary income

27billion yen

Next Medium-Term Management Plan and the Long-Term Vision 2035
Long-term Vision
2035
Next Medium-Term
Management Plan
Fiscal year ending March 2026 tothe ﬁscal year ending March 2028

Current Medium-Term
Management Plan
Fiscal year ended March 2019 tothe ﬁscal year ending March 2025

Utilize limited resources to ﬁll the world with smiles andexcitement! Becoming a corporate group that con"nues tochallenge the crea"on of future value.

Net sales:
Ordinary profit:

300 billion yen
60 billion yen■ Basic Policy

Net sales:
135 billion yen
Ordinary profit:
27 billion yen
Ordinary profit margin:
20%ROE:
10% or higher
around 45%
Equity ratio:■ Basic Policy

Net sales:
Ordinary profit:
Ordinary profit margin:
ROE:
Equity ratio:

Work to resolve social issues by promoting cooperation anddiversiﬁcation within core business, providing manufacturing
through clients' point of view and heartwarming services.

Providing a place where people gather andcommunicate with each other, and create social
development and happiness for people

100 billion yen
20 billion yen
20%
10% or higher
50% level

We will maintain our high proﬁtability and growth potential while paying attention
to ﬁnancial discipline and investing more aggressively
in businesses to ensure capital eﬃciency.
Long-term vision goals

Plan for the ﬁscal year ending March 2028
Net sales:
135 billion yen
Ordinary profit: 27 billion yen
Ordinary profit margin:
20%
Management
ROE:
10% or higher
indicators
around 45%
Equity ratio:
Numerical
goals

Next medium-term plan targets(Unit: 100 million yen) ■ Net Sales

1,350■ Ordinary Proﬁt

827

712

596
75

122

1,000

798
147

3,000

600
173

Fiscal year Fiscal year Fiscal year Fiscal year
ended March ended March ended March ended March
2021
2022
2023
2024
(results)(results)(results)(results)

200
Fiscal year …
ending March2025(forecast)

270
Fiscal year
ending March2028(plan)…

Fiscal year
ending March2035(target)Sun Frontier Fudousan Co., Ltd. Business Report04

B u s in e s s T o p i c s

Steadily Advancing the Initiatives in Each Segment<Meeting Room Rental Business＞

We opened large-scale facilities in Shinjuku andShimbashi and accelerated business expansion.

<New businesses>

Launch of employment support businessfor foreigners in JapanIn November 2023, we opened Vision Center Shinjuku Maynds
Tower, boasting the largest conference room in the Shinjuku
area (total area: 796 tsubo [≒ 2,600 m2]). In February 2024,
we opened Vision Center Shimbashi, our ﬁrst base in the
Shimbashi area (total area: 391 tsubo [≒ 1,300 m2]), increasing
the total number of rental conference room facilities to 17. We
will continue to accelerate our business vigorously.

For more
information▼

Shinjuku Maynds Tower▼ Vision Center Shimbashi▼▲Signing at the Japan-Vietnam Economic Forum

For more
information▼

September 2023

October 2023

<Health-oriented management>

Certiﬁed as a Tokyo Sports Promotion Company

For more
information▼

In October 2023, we established SF Human Support Inc. (SFHS)
as a consolidated subsidiary to support the employment offoreigners with specialized skills in Japan. Under the promotionof SFHS, we have concluded an MOU with Dong-A University in
Da Nang, Vietnam, to strengthen human resource development
in both Japan and Vietnam further.

November 2023

December 2023

<Hotel Business>

Large-scale renovation of Tabino Hotel Express Narita

For more
information▼▲Annual sports camps

The Tokyo Metropolitan Government annually recognizes
companies that promote and support sports for their employees as "Tokyo Sports Promotion Companies." We have beenrecognized for our various eﬀorts to improve employees health,including the encouraging of various sports club activities andcompany-wide sports tournaments (sports camps), andreceived the "Tokyo Sports Promotion Company" designation.

05

Sun Frontier Fudousan Co., Ltd. Business Report

Sky Heart Hotel Narita underwent a major renovation. The
hotel reopened under the new Tabino Hotel brand. The hotel
is conveniently located only 7 minutes by car from Narita Airport
and is a specialized lodging hotel ideal for medium/long-termstays.

<Construction Solutions><Rental Brokerage>

Shimbashi and Ikebukuro branches opened
With a deep commitment to supporting building owners, we haveestablished new branches in Shimbashi, Minato-ku and Ikebukuro,
Toshima-ku to strengthen our rental brokerage business, which
serves as a key added value source for our core real estate revitalization operations and provide prompt solutions to building management challenges. By fostering closer relationships with our clientsand addressing all
Shimbashi Branch▼
Ikebukuro Branch▼
pr op er t y - r el a t e dconcerns, we aim toestablish a deeply
rootedpresence
within each community and expand ourbranch network to
be more locallyrooted.

January 2024

February 2024

AirPlugTM is installed to automatically adjust oﬃce
air conditioning to the appropriate temperature.

For more
information▼

We have decided to introduce the AirPlugTM power solution,
developed and manufactured by Aeterlink, into our managed
properties. By automatically adjusting the temperature of air
conditioning in oﬃce buildings using smart sensors, we will improvethe comfort of workers and contribute to the promotion of ZEBs
(zero energy buildings) and energy savings.

March 2024
<Health-oriented management><M&A>

M&A of Seifutei and Joytel Group Hotels

For more
information▼

Certiﬁed as a "2024 Health andProductivity Management Organization."

For more
information▼▲Joytel Hotel Osaka Shinsekai

In November 2023, we welcomed Seifutei, a hot spring inn
located in Inawashiro-machi, Fukushima Prefecture, and in
January 2024, Joytel Group Hotels, which operates ﬁve hotels
in Osaka and Hyogo Prefectures, into our group through M&A.
By strengthening our existing businesses and utilizing M&A
strategically, we will further accelerate our growth.

We have been certiﬁed as one of the Health and Productivity
Management Organizations in 2024. By maintaining and improving
our employees' physical and mental health, we aim to make themfeel fulﬁlled in their work and improve their productivity. Encouragedby this certiﬁcation, we will further strengthen our eﬀorts to maintainand promote the physical and mental health of our employees.

Sun Frontier Fudousan Co., Ltd. Business Report06

B u s in e s s T o pi c s

Real Estate
Revitalization CaseOﬃ ce Bu ildi ng B us i nes s

Building for Investment in Nihonbashi〜 We Used Our Revitalization Know-How and Our Ability to Collaborate With〜
Other Businesses to Revitalize Highly Liquid and Legally Compliant Real Estate.

The property had been enlarged in the past without proper application procedures, and at thetime of our purchase, the building had legal compliance issues and liquidity issues as a real estate
asset. Although it was extremely diﬃcult to carry out the work and coordination to rectify thesituation while the tenants were still occupying the building, we were able to successfullycomplete the rectiﬁcation work through persistent and constructive dialogue with theadministrative agencies and the building of close relationships with the tenants by ourmanagement department. Finally, we ﬁled an application for an enlargement, and after acompletion inspection, we were able to successfully receive an inspection certiﬁcate.
This project is an example of our company's unique revitalization expertise, honed through yearsof experience in reviving small and medium-sized oﬃce buildings and our ability to collaborate
with various businesses proved invaluable in transforming this property into a highly marketable
and compliant asset, eﬀectively reintroducing it to the market for the beneﬁt of society.
In addition, by creating a layout that capitalizes on the shape of the building, this property will
be selected for its proﬁtability and rental competitiveness, which will take full advantage of its
location in Nihonbashi.

Oﬃce
After

Elevator Hall

After

BeforeBeforeLoungeBeforeAfter

Entrance
Teleconference Booth
After

07

Sun Frontier Fudousan Co., Ltd. Business Report

Before

After

After

Shareh olde r Re tu r n■ Shareholder Special Beneﬁt
Shareholder Beneﬁt Program

Details of Shareholder Beneﬁts
Number of stocks held

We present discount coupons to shareholders listed in our company's
shareholder registry as of March 31. Shareholders who hold 500 or moreshares and meet the conditions for long-term holding will receive twice thenumber of discount coupons.

Frequency: Once a year with the record date being March 31
Distributed: around late June

Clariﬁcation of Long-Term Holding Conditions
Previously, the long-term shareholding period was calculated based on the end of
the ﬁrst March after acquiring a single unit of shares or more. The determination

䏅䏄䏄䏄

sharesor more䏉䏄䏄sharesor moreDiscount coupon worth

Discount coupon worth

Discount coupon worth

Discount coupon worth

5,000 y e n

5,000 y e n

was made at the end of each March, and the holding of shares was consideredlong-term holding from the end of March three years after the acquisition.
Moving forward, long-term shareholding will be recognized for shareholders who
have continuously held 500 or more shares under the same shareholder number forat least seven consecutive periods, as recorded in the shareholder register at theend of September and the end of March of each year, and who continue to hold thesame applies to shareholders who have continuously held 1,000 or more shares
under the same shareholder number for at least seven consecutive periods.

䏆For details, please refer to the two-dimensional barcode on the right or the
release on our website dated February 8, 2024.
For more information
https://www.sunfrt.co.jp/news̲release/ﬁles/2402̲0002/240208̲04.pdf

5,000 y e n䏌䏈Discount coupon worth䏇䏄䏄

5 , 0 0 0 ye nsharesor more䏅

Discount coupon worth䏅䏄䏄

1 , 0 0 0 ye nsharesor moreIn addition, we have set a transition period until the end of March 2026 topostpone the determination of long-term holding under clariﬁed conditions.

5,000 y e n䏅Holding period
less than䏇 years

䏇 years or longer *( )*Shareholders who have continuously held 500 or more shares, or
1,000 or more shares, under the same shareholder number for at least
seven consecutive periods, as recorded in the shareholder register atthe end of September and the end of March of each year, and who
continue to hold the required number of shares at the end of the ﬁrst
March following qualiﬁcation are eligible for certain beneﬁts.

Holding periodrequired number of shares at the end of the ﬁrst March following qualiﬁcation. The䏈

Hotels oﬀering shareholder beneﬁts[Seifutei- Inawashiro Bandaisanroku Onsen]
Joined our group through stock acquisition.

[Tabino Hotel Express Narita]
Reopened after renovation in December 2023.

▲ Exquisite open-air baths in guest rooms
where you can feel the grandeur ofnature with all ﬁve senses▲ Guest rooms with natural wood warmth ▲ Healthy breakfast buﬀet featuring
and relaxing color tones
delicacies from the mountains andthe sea produced in Chiba Prefecture▲ Spacious and elegant guest rooms
where you can spend your precious
time in pursuit of comfort

Sun Frontier Fudousan Co., Ltd. Business Report08I R To p i c s■ Measures for Realizing Management with Awareness of Cost of Capital and Stock Prices
In March 2023, the Tokyo Stock Exchange (hereinafter referred to as "TSE") issued a request to TSE Prime Market-listed companies titled "Measures for Realizing
Management with Awareness of Capital Costs and Stock Prices" (hereinafter referred to as "the measures"). This request urged companies to "practice managementwith awareness of capital costs and capital eﬃciency based on the balance sheet, not just the level of sales and proﬁts on the income statement." In response to
the TSE's request regarding the measures, our group will promote the following initiatives primarily to realize management with awareness of capital costs and stock
prices, thereby increasing corporate value.

Initiatives(1) Improve ROE through proﬁt growth by implementing speciﬁc measures(2) Strengthen IR activities

We will speed up the PDCA (Plan, Do, Check, Act) process regarding speciﬁc
measures that will be the driver of ROE improvement, which is a priority for ourgroup.

We will further enhance dialogue inthe capital markets and strive toimprove capital eﬃciency further.

■ Improved PBR due to improved ROE
（%）
20.0

ROE (left axis)
PBR (right axis)■ Ordinary profit margin × Total capital turnover ×
Equity ratio = ROE improvement

Stockholder capital cost* (left axis)
15.3

15.0

14.6

13.9

(times)
20.0

5.0
0.0

7.3

7.3

7.4

7.4

0.71

0.72

0.77

1.01

15.0

FY 3/2021

FY 3/2022

FY 3/2023

FY 3/2024

Ordinary proﬁt margin
Total capital turnover rate
52.3

50.0

46.8

40.0

10.0

52.2

54.3

52.2

52.9

Equity ratio

20.0
10.0
0.0

0.0
FY 3/2025(Full-year forecast)

50.1

48.0

48.0

42.3

30.0

5.0

6.5

（%）
70.0
60.0

10.8
10.0

For more
information

12.6
FY 3/2021

17.1

17.8

FY 3/2022

FY 3/2023

21.8

20.0

FY 3/2024

FY 3/2025(Full-year forecast)*Calculated using Capital Asset Model. Expected to remain 7-8% from the ﬁscal year ending March 2025

■ Dividends
The company maintained a dividend increase for 11 years except for the ﬁscal year ended March 2021, when the same
dividend amount was maintained. We will grow our business and continue to increase dividends.

(yen) 100

InterimYear-end

Dividend payout ratio

120.0

80

58.0

60
40
20
0

09

140.0（%）

14.0

12.8

3.5

8.5

13.5
14.4

16.5
14.0

25.0

13.1

30.0

20.0

33.5

38.5

42.0

42.0

44.0

66.0

48.0

21.1

19.2

40.0
28.9

20.1

23.6

FY 3/2012 FY 3/2013 FY 3/2014 FY 3/2015 FY 3/2016 FY 3/2017 FY 3/2018 FY 3/2019 FY 3/2020 FY 3/2021 FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025 FY 3/2026 FY 3/2027 FY 3/2028(Full-year forecast)

Sun Frontier Fudousan Co., Ltd. Business Report

80.0
60.0

47.9
21.3

100.0

20.0
0.0

F inancial High ligh ts■ Total Assets, Net Assets, Equity Ratio(million yen)
200,000
150,000

Total Assets

Equity Ratio

188,661

127,485

100,000

52.3

50,00069,7730

Net Assets■ Interest-bearing Debts・D/E Ratio*1

136,5122021/352.2

74,4522022/3（％） (million yen)100
80,000152,519

80

52.9

60

83,96548.0
94,41640202023/32024/300

15.3(million yen)
20,000
13.9

10.8
6.5

5,000

2022/355,663

1.0
0.88

0.71

0.72

0.69

2021/32022/32023/3

Cash ﬂows
from operating
activities

Cash ﬂows
from investing
activities

17,44315,00002021/351,07647,5230.5

02024/32023/32024/3*1 D/E ratio is calculated by interest-bearing debts /equity capital, and is anindicator of ﬁnancial soundness.
*2 ROE is calculated by net income/equity capital (average of y ear beginningand ending)× 100, and is an indicator for capital eﬃciency.

-5,000-10,000

Free cash
ﬂow

16,544(million yen)
24,00018,000

9,863

10,0005.0
0.0(times)
1.5

79,57720,000

ROE

15.0
10.0

40,000D/E Ratio■ Cash Flows■ Return on Equity（ROE*2）
（%）
20.0

60,000Interest-bearing Debts

5,186
4,733 451
2021/3

12,0006,000

8,057
2022/3-9,3862023/32024/3-6,681-11,003-4,254-15,257-15,000

0-6,000-12,000-18,000

Please refer to our homepage forthe detailed financial information.

Notice of the Resolutions at the 25th Annual General Meeting of Shareholders
Please be informed that the following matters were reported and resolved at the 25th Annual General Meeting of Shareholders held on June 25, 2024.

Matters to be reported

1. Business report, Consolidated Financial Statements for the 25th Fiscal Year (April 1, 2023 to March 31, 2024) and results of audits of the Consolidated
Financial Statements by the Accounting Auditors and the Audit & Supervisory Committee
2. Non-consolidated Financial Statements for the company's 25th Fiscal Year
This matter was reported as described in 1 and 2.

Matters to be resolved

Proposal No.1: Partial amendment to the Articles of Incorporation
The matter was approved and passed as proposed.

Proposal 2 Election of Eight (8) Directors who are not Audit & Supervisory
Committee members
Eight Directors, Tomoaki Horiguchi, Seiichi Saito, Izumi Nakamura, Yasushi
Yamada, Mitsuhiro Ninomiya, Kenji Honda, and Keiichi Asai (all reappointed)
and Koichi Ishimizu (newly appointed) were elected as proposed and assumed
oﬃce respectively. Keiichi Asai and Koichi Ishimizu are outside directors.

Proposal No. 3: Election of Three Directors as Audit and Supervisory Committee members
Three Directors, Shinichi Tominaga (reappointed), Kazutaka Okubo (newly appointed),
and Kyoko Edahiro (newly appointed) were elected and assumed their respective
positions as proposed. Kazutaka Okubo and Kyoko Edahiro are outside directors.

Proposal No. 4: Election of one director as a substitute Audit andSupervisory Committee member
Mr. Fumio Tsuchiya (reappointed) was elected as proposed. Mr. Tsuchiya is a
substitute Outside Director and a member of the Audit and Supervisory Committee.

Sun Frontier Fudousan Co., Ltd. Business Report10

Co rp o rate In for matio n
S h are I n f orma tio n

Com pany Overview

Total number of authorized shares

91,200,000

Total number of shares issued

48,755,500

Number of shareholders

Name

Sun Frontier Fudousan Co., Ltd. (Code number: 8934)

Capital¥11,965 million
Tomoaki Horiguchi
Chairman
Representative Director
President Representative Seiichi Saito
Director President
Executive Oﬃcer
Vice President Director Izumi Nakamura
Vice President Executive
Oﬃcer
Senior Managing Director Yasushi Yamada
Senior Managing ExecutiveOﬃcerManaging Director Mitsuhiro Ninomiya
Managing Executive
Oﬃcer
Kenji Honda
Director
Senior Executive Oﬃcer

Headquarters Toho Hibiya Building, 1-2-2, Yurakucho, Chiyoda-ku, Tokyo
100-0006
Tel.+81-3-5521-1301 https://www.sunfrt.co.jp/en/

14,404■ M a jor Sh ar e h old er s (T op 1 0 )Shareholder name(As of March 31, 2024)

Number of shares held Shareholding Ratio*

Houon

18,507,500

38.02

The Master Trust Bank of Japan, Ltd.
(Account in trust)

3,524,500

7.24

Tomoaki Horiguchi

2,478,396

5.09

Custody Bank of Japan, Ltd.
(Account in trust)

2,037,100

4.18

THE BANK OF NEW YORK MELLON
140044892,400

1.83

DFA INTL SMALL CAP VALUE
PORTOFOLIO

477,700

0.98

Keiko Horiguchi

416,500

0.86

Sun Frontier Employee Stock
Ownership Association

416,000

0.85

JPMorgan Chase & Co

374,851

0.77

SSBTC CLIENT OMNIBUS ACCOUNT

354,057

0.73* Numbers displayed are rounded oﬀ to the second decimal place.
Shareholding ratio is calculated by subtracting the treasury stock(74,908 shares).
The calculation for shareholding ratio includes the 128,300 shares of ourcompany held by Mizuho Trust & Banking as a trust account according to
the Japanese Employee Stock Ownership Plan (J-ESOP).

Executives
As of June25, 2024

Senior Executive
Oﬃcer
Senior Executive
Oﬃcer
Senior Executive
Oﬃcer
Executive Oﬃcer
Executive Oﬃcer
Executive Oﬃcer
Executive Oﬃcer
Executive Oﬃcer
Group ExecutiveOﬃcerGroup ExecutiveOﬃcer

Shuhei Oda
Kentaro Kawanishi
Takeshi Hirahara
Kenji Wakao
Hiroyuki Takekawa
Keiichiro Nishimoto
Hiroyuki Kobayashi
Testya Arai
Keitaro Otomichi
Kazuyuki Yanagimura

Keiichi Asai
Outside Director
Koichi Ishimizu
Outside Director
Full-time Audit & Supervisory Shinichi Tominaga
Committee Member
Outside Director & Kazutaka Okubo
Supervisory
Committee Member
Outside Director & Yukiko Edahiro
Supervisory
Committee Member

Notic e Billboard advertisement now posted at Tokyo Metro Hibiya Station

S h are h o l d e r M e mo
Fiscal year

From April 1 to March 31 of the following year

Annual shareholder
meeting

June

Date of record

March 31

Announcement
listing method

Electronic public notice (the Company
homepage)This ad has visualized Sun Frontier's hope of spreading SUN = radiant vigor(value creation) in local communities.

If an electronic public notice is not possible due to accident
or any other unavoidable circumstances, the notice will be
published in the Nihon Keizai Shimbun.

Shareholder registry Mizuho Trust and Banking Co., Ltd.
Location for handling 1-3-3 Marunoichi, Chiyoda-ku, Tokyo
Securities Agency Department, Head Oﬃce,
this business
Mizuho Trust and Banking Co., Ltd.
Contact address[Number for inquiries only]

0120-288-324

Location: Near Exit A5 of Hibiya Station on the Tokyo Metro Hibiya Line