Announcement of Opinion Statement Regarding Tender Offer for Our Shares by SI Co., Ltd., a Wholly Owned Subsidiary of ITOCHU Corporation

Overview of Tender Offer and Capital and Business Alliance

SI Co., Ltd., a wholly owned subsidiary of ITOCHU Corporation, will conduct a tender offer for up to 6,656,900 shares of Sun Frontier Fudosan at 2,800 yen per share (approximately 10.98% ownership after capital increase). In addition, Sun Frontier Fudosan plans to carry out a third-party allotment of 5,500,000 shares with ITOCHU Corporation as the allottee (subscription price 2,438 yen per share, totaling approximately 13.4 billion yen) on April 1, 2026. The two parties have entered into a capital and business alliance agreement. The tender offer is not aimed at delisting, and the company intends to maintain its listing on the Tokyo Stock Exchange Prime Market after the purchase.

Opinion Statement on the Tender Offer and Future Outlook

Sun Frontier Fudosan’s Board of Directors has expressed a supportive opinion regarding this tender offer and has resolved to leave the decision to accept or reject to the shareholders. The tender offer price includes approximately an 8.95% premium over the market price. An independent valuation by KPMG assessed the share value in the range of 2,382 yen to 3,033 yen. Through the capital and business alliance, both companies aim to expand their real estate regeneration business as well as their hotel and tourism businesses, pursuing mutually complementary collaboration.