Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

August 10, 2023

Consolidated Financial Results for the First Quarter of Fiscal Year Ending
March 31, 2024 (Japanese GAAP)
Company Name: Renaissance Inc.
Listing:
Tokyo Stock Exchange
Securities Code: 2378
URL:
https://www.s-renaissance.co.jp/
Representative:
Toshiharu Okamoto, Representative Director, President and Corporate Officer
Inquiries:
Yoshitsugu Anzawa, Director, Executive Corporate Officer Chief Financial Officer
Telephone:+81-3-5600-7811
Scheduled date to file quarterly securities report:
August 14, 2023
Scheduled date to commence dividend payments:
Preparation of supplementary materials on quarterly financial results: No
Holding of quarterly financial results briefing:
No(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated Financial Results for the First Quarter of Fiscal Year Ending March 31, 2024 (April 1,
2023 to June 30, 2023)(1) Consolidated operating results (YTD)(Percentages indicate year-on-year changes)

Net sales
Millions of yen%

Millions of yen

10,385

6.6

9,741

18.6

Three months ended June30, 2023
Three months ended June30, 2022
Note: Comprehensive income

Net income attributableto owners of parent
company

Ordinary income% Millions of yen%

Millions of yen

%

43

―

39

―

74

―

(54)

―

(62)

―

(21)

―

Three months ended June 30, 2023
Three months ended June 30, 2022

Basic earnings per
share

Diluted earnings per
share

Yen

Yen

Three months ended June30, 2023
Three months ended June30, 2022
Note:

Operating income

3.70

3.55

(1.16)―(0) million yen(103) million yen[ - %][ - %]

Diluted earnings per share for the first quarter of fiscal year ended March 31, 2023, is not shown because there were no
dilutive shares.

(2) Consolidated financial position
Total assets

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

As of June 30, 2023

42,35010,91225.7

As of March 31, 2023

42,272

10,991

26.0

Reference:

EquityAs of June 30, 2023:
As of March 31, 2023:

10,900 million yen
10,979 million yen

2. Cash Dividends
Annual dividend
End of firstquarter

End of second
quarter

End of third
quarter

End of term

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

―

4.00

―

4.00

8.00

Fiscal year ending March 31, 2024

―
3.00

―

5.00

8.00

Fiscal year ending March 31, 2024
(forecast)

Note:

Revisions to the most recently announced dividend forecast: None
The above “Cash Dividends” refers to the status of dividends related to common stock. Please refer to “Dividends on classshares” below for the status of dividends on class shares (unlisted) issued by the Company with different rights from thoseof common stock.

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2024 (April 1, 2023, to
March 31, 2024)(Percentages indicate year-on-year changes for the full year and from the same period of the previous year for the quarter)
Net income
attributable to
Net income per
Net sales
Operating income
Ordinary income
owners of parent
share
company
Millions ofyen%Millions ofyen%Millions ofyenFirst Six Months(YTD)

21,000

5.6

170

75.8

0

―

(100)

―

(5.29)

Full Year

44,000

7.9

900

32.3

350

12.4

100

―

5.29

Note:

%

Millions of
yen

%

Yen

Revisions to the most recently announced earnings forecast: Yes* Notes(1) Changes in significant subsidiaries during the period: None
(2) Application of accounting methods specific to the preparation of quarterly consolidated financial statements:
None(3) Changes in accounting policies, changes in accounting estimates, and restatementi)
Changes in accounting policies due to revisions to accounting standards and other regulations: Noneii) Changes in accounting policies due to other reasons: Noneiii) Changes in accounting estimates: Noneiv) Restatement: None
(4) Number of issued shares (common shares)i)ii)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023

21,379,000 shares

As of June 30, 2022

21,379,000 shares

Number of treasury shares at the end of the period
As of June 30, 2023

2,490,706 shares

As of June 30, 2022

2,490,706 sharesiii) Average number of shares outstanding during the period (YTD)
Three months ended June 30, 2023

18,888,294 shares

Three months ended June 30, 2022

18,888,294 shares

* Quarterly financial results are exempt from an audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters
The earnings forecasts and other forward-looking statements in this document are based on information
available to the Company and certain assumptions that the Company considers reasonable. Actual financial
results may differ significantly from the forecasts due to various factors. Please refer to “1. Qualitative
Information on Financial Results for the First Quarter of Fiscal Year Ending March 31, 2024” on page 2 of theSummary of Financial Results (Attachments) for the assumptions used in forecasting business results andprecautions regarding the use of the forecasts.
(Reference) Dividends on class shares
Breakdown of dividends per share related to class shares with different rights from those of common stock is as follows:
Annual dividend
End of first quarter
Class A SharesFiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024
Fiscal year ending
March 31, 2024
(forecast)(Note)End of second
quarter

End of third quarterEnd of term

Total

Yen

Yen

Yen

Yen

Yen

―

―

―

1.57

1.57

4.78

―

4.78

9.56

―

2,092,000 Class A shares were issued on January 31, 2023.

○

Table of Contents of Attachments
1.

Qualitative Information on Financial Results for the First Quarter of Fiscal Year Ending March 31,
2024 .............................................................................................................................................................. 2(1) Description of Operating Results ......................................................................................................... 2(2) Description of Financial Position ......................................................................................................... 4(3) Description of Consolidated Earnings Forecasts and Other Forward-Looking Information................ 42.

Consolidated Quarterly Financial Statements and Primary Notes ............................................................... 5(1) Consolidated quarterly balance sheet ................................................................................................... 5(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements ofComprehensive Income ........................................................................................................................ 7(3) Notes to Consolidated Quarterly Financial Statements ........................................................................ 9(Notes on Going Concern Assumption) ............................................................................................... 9(Notes on Significant Changes in the Amount of Shareholders’ Equity) ............................................. 9(Significant Subsequent Events) .......................................................................................................... 9

- 1 -

1.

(1)

Qualitative Information on Financial Results for the First Quarter of Fiscal Year Ending March 31, 2024
Description of Operating Results

During the first quarter of the current consolidated fiscal year (April 1, 2023, to June 30, 2023), the classification of COVID-19
under the Infectious Disease Control Law was changed and various restrictions were eased after May 8, resulting in strong growthin the number of new and enrolled members of sports clubs, leading to higher-than-expected net sales. In terms of costs, althoughutility costs have remained high, they were significantly lower than planned due to company-wide energy conservation measuresand government projects to mitigate drastic changes in electricity and gas prices. As a result, for the first quarter of the consolidated
fiscal year under review, net sales were 10,385 million yen (up 6.6% year-on-year), operating income came to 43 million yen (up98 million yen year-on-year), ordinary income posted 39 million yen (up 102 million yen year-on-year), and net income
attributable to owners of parent company was 74 million yen (up 96 million yen year-on-year).
During the first quarter of the consolidated fiscal year under review, the Japanese economy started to show signs of recovery as theimpact of COVID-19 eased and human flow and economic activity increased. On the other hand, the outlook remains uncertain due
to the protracted situation in Russia and Ukraine, soaring prices of global resources, and the rise in prices of goods due to the weakyen.
In the fitness industry, consumer spending is on the road to recovery as people are becoming increasingly motivated to be more
health-conscious along with the impact of COVID-19 being mitigated, leading to the diversification of store formats and thebroadening of the customer base. On the other hand, the business environment remains unpredictable due to high operating costs andother factors.
The Renaissance group has the corporate philosophy of a “company for creating purpose in life” (ikigai in Japanese), and its longterm vision is a “health solution company that enriches the age of the 100-year life span.” Based on these, it is working to realize ahealthy and long-lived society and resolve local social issues. It will do so through the maintenance and promotion of good health toenable people to work throughout their lifetime, which is becoming increasingly important with the arrival of the 100-year life period,
and the “shift from treatment to prevention” initiatives that will help reduce social security expenses such as medical expenses.
In the sports club business, the number of enrolled members as of June 30, 2023, exceeded the plan at 378,912 (including 41,361
online members) (up 10.5% year-on-year), due to new fitness members and steady growth in enrolled members. As a new initiative,
we have developed “KIDS FIT,” an exercise school that nurtures children’s motor and non-cognitive skills. Through this school, we
help children experience the “joy of exercise” and create opportunities for them to continue exercising, thereby helping them build afoundation for a healthy body and mind throughout their lives. We are also working to solve the social problem of children’s
disengagement from exercise in recent years. In addition, in June 2021, we introduced “Smart Swimming Lessons,” a sports ICT
solution developed by Sony Network Communications Inc., into our junior swimming schools nationwide, and this June, we newly
added such lessons to our athlete and adult classes. Through this service, we provide lessons that enable participants to improve theirswimming ability and experience the joy of swimming through the use of lesson videos. A portion of the business commencement
expenses for four integrated sports clubs scheduled to open this fiscal year was recorded in the first quarter of the current
consolidated fiscal year. In order to cope with various cost increases and to increase added value in our business through continuous
investment in human resources and facilities, we plan to revise membership fees for sports clubs, excluding some facilities, startingin July.
In the nursing care and nursing/medical care peripheral business, sales increased 14.4% year-on-year due to steady growth in theusage of “Genki Gym,” a rehabilitation-focused day service, and other services. In our nursing and rehabilitation efforts, we aim to
improve the quality of life of as many people as possible in response to their concerns through the provision and collaboration ofmultiple services including rehabilitation-focused day services, home nursing stations, in-home care support, and child development
support/after-school day services. In addition, we are promoting exercise support for people affected by cancer, and have worked toprovide support through our online lesson service “RENAISSANCE Online Livestream” in addition to support for improving
discomfort through exercise guidance at the “Renaissance Exercise Support Center” opened in the Osaka International Cancer
Institute’s patient exchange building. This initiative has expanded collaboration with companies, and as part of Daido Life Insurance
Company’s “DAIDO KENCO Action,” an activity to promote and spread health management among small and medium-sizedenterprises, the Company has begun offering “cancer rehabilitation exercise support,” a service to help those affected by cancer
return to work.
In our health promotion business targeting corporations and health insurance associations, we promoted support for healthmanagement initiatives, and newly developed and began offering smoking cessation support seminars called “What you need toknow about tobacco and health” and “Let’s try stopping smoking to succeed” in April. In addition, the Company has launched trials
of services that will contribute to improved productivity, with a focus on providing new solutions to continuously support the healthy
behavior of corporate employees. We will continue to enhance our seminar lineup and expand support for health promotion using
digital technology to meet the challenges related to health management of each company.

- 2 -In the health promotion business for local communities and municipalities, starting in April, the Company was commissioned tooperate a total of 40 sports facilities in Takeo-shi, Saga, and Ozu-machi, Kikuchi-gun, Kumamoto. Additionally, the Company
participated as a partner company in the opening of “Watashino,” a new disaster-prevention base-type complex government buildingin Koshimizu-cho, Hokkaido, which opened in May, and supervised “Gym & Studio HOTUS,” a fitness gym attached to “Nigiwai
Hiroba” inside the building. The Company has dispatched specialists with knowledge of health promotion and exercise guidance toKoshimizu-cho and 12 other municipalities to promote the health of residents and create communities in an attempt to revitalize thelocal community. Furthermore, in response to the growing importance of resolving issues surrounding swimming lessons at schools,
the Company has been engaged in the swimming lesson contract business on a full-scale basis since fiscal 2020, and conductedswimming lessons in 21 municipalities during the first quarter of the consolidated fiscal year under review.
At sports clubs operating in Vietnam, the number of new fitness members is on a recovery trend, and at junior swimming schools,
the number of affiliated kindergartens offering swimming lessons increased. In addition to improving the added value of our services
to customers, we will revise membership fees in August to increase the unit price per member.
BEACH TOWN Corporation, a consolidated subsidiary, has been involved in planning and proposing projects for participation in
the public-private partnership (PPP) projects for public facilities and the park private financing initiative (Park-PFI), and opened
three facilities: “BEACHTOWN OND PARK” (Takeo-shi, Saga) in April, “Outdoor Fitness Wakayama” (Wakayama-shi, Wakayama)and “Outdoor Fitness Edogawa” (Edogawa-ku, Tokyo) in May.
In our efforts with Advantage Advisors, Inc., with which we have entered into a capital business alliance, we have pursued several
projects, including strengthening store development, streamlining company-wide operations, and restructuring our business portfolio.
We will continue to mutually utilize Advantage Advisors’ knowledge and our know-how to steadily implement various measures inorder to enhance our corporate value over the medium to long term.
Since April, three employees from the Company have participated in the management of Tokyu Sports Oasis Corporation(hereinafter referred to as “Tokyu Sports Oasis”), in which the Company acquired a 40.0% stake on March 31, 2023, and have shared
their knowledge of sports club operations. To enhance the value provided to customers, members of the business divisions of bothcompanies have held multiple discussions and begun implementing specific measures, such as mutual promotion of online stores andaffiliated usage of sports clubs for corporate members.
Under these circumstances, while the operating conditions of Tokyu Sports Oasis are improving, the business environment ischanging significantly. And we believe that closer cooperation and collaboration between the two companies will be effective for the
future business development of both Tokyu Sports Oasis and the Company. As a result of discussions with Tokyu Land Corporation(hereinafter referred to as “Tokyu Land”), the parent company of Tokyu Sports Oasis, the Company has resolved to acquire all of theshares of Tokyu Sports Oasis held by Tokyu Land on March 31, 2024 (plan), as announced today in the “Notice Regarding
Additional Acquisition of Shares in Tokyu Sports Oasis Corporation, an Equity Method Affiliate.” Through collaboration between thetwo companies, we aim to achieve further business growth, and as a leading company in the industry, we will help each of ourcustomers to lead a healthy and prosperous lifestyle both physically and mentally, and promote health in Japan.
During the first quarter of the consolidated fiscal year under review, we opened new facilities and closed facilities listed in thetable below, and the number of our group’s facilities as of the end of June 2023, including the facilities of BEACH TOWN
Corporation, totaled 228: 168 sports clubs (104 directly managed, 62 entrusted, and two Renaissance Vietnam facilities), two studiotype facilities, 42 nursing and rehabilitation facilities (32 directly managed and 10 franchise), and 16 outdoor fitness facilities (fourdirectly managed and 12 entrusted).
Opening/Entrusted
Date

Facility Name

Facility Type

April 2023

Takeo Civic Baseball Stadium (and 26 other facilities) (Takeo-shi, Saga)

Designated management

April 2023

Five Ozu-machi athletic park facilities (and eight others) (Ozu-machi,
Kikuchi-gun, Kumamoto)

Designated management

April 2023

BEACHTOWN OND PARK (Takeo-shi, Saga)

May 2023

Outdoor Fitness Wakayama (Wakayama-shi, Wakayama)

May 2023

Outdoor Fitness Edogawa (Edogawa-ku, Tokyo)

Time of outlet closure/termination ofmanagement contract

Facility Name

End of April 2023

Community Park Okegawa (Okegawa-shi, Saitama)

End of June 2023

Sports Club Renaissance Sagami-Ono (Sagamihara-shi, Kanagawa)- 3 -Outdoor fitness(entrusted)
Outdoor fitness(entrusted)
Outdoor fitness(entrusted)
Facility Type
Outdoor fitness(directly managed)
Sports clubThe Company also plans to open new facilities listed in the table below in the second quarter of the consolidated fiscal year underreview and thereafter.
Opening Date

Facility Name

Facility Type

July 2023

Sports Club & Spa Renaissance Imazato 24 (Osaka-shi, Osaka)

Sports club

July 2023

Sports Club Renaissance Sendai Oroshimachi 24 (Sendai-shi, Miyagi)

Sports club

August 2023

Renaissance Genki Gym Musashi-Seki (Nerima-ku, Tokyo)

October 2023

Sports Club Renaissance Kumamoto Hikari no Mori 24 (Kikuyo-machi,
Kikuchi-gun, Kumamoto)Sports club

October 2023

Sports Club Renaissance Aeon Mall Zama 24 (Zama-shi, Kanagawa)Sports club

October 2023

RIVER PARK Seiseki-Sakuragaoka (Tama-shi, Tokyo)

Nursing rehabilitation (FC)

Outdoor fitness(entrusted)(2)

Description of Financial Position
Total assets at the end of the first quarter of the current consolidated fiscal year rose 77 million yen from the end of theprevious consolidated fiscal year to 42,350 million yen. This was mainly due to a decrease of 147 million yen in total
current assets resulting from a drop in taxes receivable (current assets, other), and an increase of 226 million yen in total
fixed assets, mainly due to a boost of 320 million yen in investments and other assets, mainly resulting from an increase indeposits for stores in preparation (investments and other assets, other).
Total liabilities at the end of the first quarter of the current consolidated fiscal year grew 156 million yen from the end of
the previous consolidated fiscal year to 31,438 million yen. This was mainly due to an increase of 810 million yen in total
current liabilities, resulting from greater accrued expenses (current liabilities, other), while noncurrent liabilities fell 654
million yen due to a decline in long-term borrowings and lease obligations.
Total net assets at the end of the first quarter of the current consolidated fiscal year were down 79 million yen from theend of the previous consolidated fiscal year to 10,912 million yen. This was mainly due to a decrease of 3 million yen inretained earnings mainly due to the posting of net income attributable to owners of parent company of 74 million yen andthe payment of dividends of 78 million yen, and a decrease of 78 million yen in foreign currency translation adjustments,
resulting in a decrease of 75 million yen in total accumulated other comprehensive income.

(3)

Description of Consolidated Earnings Forecasts and Other Forward-Looking Information
The consolidated earnings forecast for the fiscal year ending March 31, 2024, has been revised from that announced on
May 10, 2023, for the first half of the consolidated fiscal year. For details, please refer to the “Notice of Revision (Upward
Revision) of Consolidated Earnings Forecast for the Second Quarter of Fiscal Year Ending March 31, 2024” released today.

- 4 -

2.

(1)

Consolidated Quarterly Financial Statements and Primary Notes
Consolidated quarterly balance sheet(Thousands of yen)

As of March 31, 2023

As of June 30, 2023

AssetsCurrent assets
Cash and deposits

5,520,381

5,689,738

Accounts receivable – trade
Commodity

1,245,183
234,274

1,107,843
258,036

Other
Allowance for doubtful accounts

1,791,069(6,881)

1,588,418(7,085)

Total current assets

8,784,027

8,636,951

Fixed assets
Property, plant and equipment
Buildings and structures, net

5,586,215

5,588,922

Leased assets, net
Other, net

10,969,552
2,990,709

10,738,495
3,158,906

Total property, plant and equipment

19,546,478

19,486,324

461,076

427,676

Investment securities
Leasehold and guarantee deposits

1,645,137
8,814,555

1,661,602
8,817,156

Other

2,994,437

3,295,860

Total investments and other assets

13,454,129

13,774,620

33,461,683

33,688,621

Intangible fixed assets
Investments and other assets

Total fixed assets
Deferred assets

27,01824,78042,272,729

42,350,353

54,47984,5053,000,000
2,203,084

3,000,000
2,203,834

197,429
684,062

110,653
371,936

Asset retirement obligations
Other

13,453
4,189,421

13,466
5,368,327

Total current liabilities

10,341,931

11,152,723

1,499,988

1,499,988

3,751,721
11,400,747

3,230,200
11,224,330

851,520
1,357,079

860,938
1,361,838

Total assets
Liabilities
Current liabilities
Accounts payable – trade
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses

Non-current liabilities
Convertible-bond-type bonds with shareacquisition rights
Long-term borrowings
Lease obligations
Retirement benefit liability
Asset retirement obligations
Other

2,078,499

2,108,113

Total non-current liabilities

20,939,556

20,285,408

31,281,487

31,438,132

Total liabilities- 5 -(Thousands of yen)
As of March 31, 2023

As of June 30, 2023

Net assets
Shareholders’ equity
Share capital

3,210,356

3,210,356

Capital surplus
Retained earnings

5,813,491
4,644,051

5,813,491
4,640,113

Treasury shares(2,514,753)(2,514,753)

Total shareholders’ equity

11,153,145

11,149,206

4,846

5,996

(145,643)(223,862)

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans(32,779)(30,793)

Total accumulated other comprehensive income(173,576)(248,659)

Share acquisition rights
Total net assets
Total liabilities and net assets- 6 -11,673

11,673

10,991,242

10,912,220

42,272,729

42,350,353

(2)Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of Comprehensive Income
Consolidated quarterly statement of income
Three months ended June 30, 2023
(Thousands of yen)Three months ended
June 30, 2022

Three months ended
June 30, 2023

Net sales

9,741,540

10,385,261

Cost of sales

9,237,299

9,745,444

Gross profit

504,241

639,817

Selling, general and administrative expenses

559,036

596,426

Operating income (loss)(54,795)

43,391

Interest income
Foreign exchange gains
Share of profit of entities accounted for using equity
methodOther

2,042
89,367

2,027
83,226―

14,8099,717

37,693

Total non-operating income

101,127

137,756

99,731
9,410

129,422
12,137

Non-operating income

Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income (loss)

109,141

141,559(62,809)39,587

1,261
―

1,504
478

Extraordinary losses
Loss on retirement of non-current assets
Other
Total extraordinary losses
Net income (loss) before income taxes

1,261

1,983

(64,071)

37,604

Income taxes – current

30,682

38,180

Income taxes – deferred(69,530)(75,478)

Total income taxes(38,847)(37,297)

Net income (loss)(25,223)

74,902Net loss attributable to non-controlling interests
Net income (loss) attributable to owners of parent
company(3,306)―(21,917)74,902- 7 -Consolidated quarterly statement of comprehensive income
Three months ended June 30, 2023
(Thousands of yen)Three months ended
June 30, 2022
Net income (loss)

Three months ended
June 30, 2023

(25,223)

74,902Comprehensive income
Valuation difference on available-for-sale securities

(96)

1,149

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax(80,578)
1,902(78,218)
1,985

Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners ofparent company
Comprehensive income attributable to non-controllinginterests- 8 -(78,772)(75,082)(103,996)(180)(100,689)(180)(3,306)―

(3) Notes to Consolidated Quarterly Financial Statements(Notes on Going Concern Assumption)
Not applicable.
(Notes on Significant Changes in the Amount of Shareholders’ Equity)
Not applicable.
(Significant Subsequent Events)(Acquisition of Shares)
The Company hereby announces that it has reached a basic agreement to acquire additional shares held by Tokyu Land
Corporation (hereinafter referred to as “Tokyu Land”) in Tokyu Sports Oasis Corporation (hereinafter referred to as “Tokyu
Sports Oasis”), an equity-method affiliate of the Company, and has resolved at the Board of Directors meeting held today toacquire all shares of Tokyu Sports Oasis on March 31, 2024 (plan).
Tokyu Sports Oasis will become a consolidated subsidiary of the Company following this transfer.
1. Reasons for Additional Acquisition of Shares
On March 31, 2023, the Company acquired a portion (40.0%) of the shares of a newly established company(succeeding the trade name of “Tokyu Sports Oasis”), which took over the fitness management, home fitness, sports
facility management and operation entrustment, and digital health design businesses of Tokyu Sports Oasis Inc., asubsidiary of Tokyu Land, through a corporate divestiture.
Since April, three employees from the Company have participated in the management of Tokyu Sports Oasis, andbased on the partnership with Tokyu Sports Oasis, we have launched initiatives to strengthen the provision of added value
to customers and support the resolution of health issues for a diverse range of people. Under these circumstances, while
the operating conditions of Tokyu Sports Oasis are improving, the business environment is changing significantly due to
COVID-19 and other factors, and we believe that closer cooperation and collaboration between the two companies will
be effective for the future business development of Tokyu Sports Oasis and the Company. As a result of a series of
discussions with Tokyu Land, an agreement was reached for the Company to acquire all shares held by Tokyu Land.
Tokyu Sports Oasis is a leader in the home fitness and digital health design business in the fitness industry, and has awealth of digital content and content development capabilities and other businesses that complement those of theCompany. By becoming a consolidated subsidiary of the Company, we aim to further grow our business by leveraging thestrengths of both companies.
In addition, the Company will continue to contribute to the development of society and industry by collaborating with
Tokyu Land in business areas such as health promotion and healthcare, in line with the initiatives set forth in “GROUPVISION 2030” by the Tokyu Fudosan Holdings Group.
2. Overview of the Company Whose Shares Are to Be Acquiredi)Company Name

Tokyu Sports Oasis Corporationii)

Address

Ryogoku City Core, 4th floor, 2-10-14 Ryogoku, Sumida-ku, Tokyoiii)

Title and Name of Representative

Michiyasu Yamagishi, Representative Director, President and CEOiv)

Business Profile

Management of members-only sports clubs, etc.

v)

Share Capital

100 million yen

vi)Date of Establishment

March 31, 2023vii) Number of Outstanding Shares

400viii) Fiscal Year End

March

ix)

Major Shareholders andShareholding Ratio

Tokyu Land Corporation: 60%
Renaissance Inc.: 40%

x)

Relationship with the Company

Capital relationship

The Company holds 40% of the outstanding shares of
Tokyu Sports Oasis.

Human resource
relationship

Two directors and one employee of the Company
concurrently serve as directors of Tokyu Sports Oasis.

Business relationship There are business transactions between the Company
and Tokyu Sports Oasis.

- 9 -3. Overview of the Counterparty of the Share Acquisitioni)Company Name

Tokyu Land Corporationii)

Address

SHIBUYA SOLASTA, 1-21-1 Dogenzaka, Shibuya-ku, Tokyoiii)

Title and Name of Representative

Hiroaki Hoshino, President and CEOiv)

Business Profile

Urban development business, residential business, infrastructure and industry
business, wellness business, overseas business, etc.

v)

Share Capital

57,551 million yen

vi)Date of Establishment

December 17, 1953vii) Relationship with the Company

No relationships of note.

4. Number of Shares Acquired and Status of Shares Held Before and After Acquisitioni)

Number of Shares Held Before
Acquisitionii)

Number of Shares to Be Acquired 240iii)

Number of Shares to Be Held400
After Acquisition
The acquisition price is expected to be equivalent to at least 15% of the Company’s consolidated net assets. The
acquisition price will not be disclosed as discussed between the parties.

*

160

5. Schedulei)

Date of Resolution by the Boardof Directors

August 10, 2023

ii)

Date of Contract

August 10, 2023

iii)

Date of Share Acquisition

March 31, 2024 (plan)

6. Future Outlook
The impact of this share acquisition on the Company’s consolidated financial results for the fiscal year ending March
31, 2024, is currently under scrutiny and any matters will be promptly disclosed if and when such matters that require
disclosure arise.

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