Q3 (FY2024)Annual Securities Report(Third Quarter of the 52nd fiscal year)
From October 1, 2023 to December 31, 2023

MIRARTH HOLDINGS, Inc.

1-8-2, Marunouchi, Chiyoda-Ku, Tokyo

Contents
Page
Cover

Part I. Company Information

1

I. Company Overview

1

1 Trends in Major Management Indicators, Etc.

1

2 Businesses

1

II. Business Overview

2

1 Business Risks

2

2 Management's Analysis of Financial Position, Operating Results and Cash Flows2

3 Important Contracts Etc. Related to Management

3III. Information on the Reporting Company
1 Stock Information

44(1) Total Number of Shares, etc.

4(2) Information on the Share Acquisition Rights, Etc.

4

①Details of Stock Option Plan

4

②Other Subscription Rights

4(3) Exercise of Moving Strike Convertible Bonds, Etc.

4(4) Changes in Number of Shares Issued and Capital, Etc.

4(5) Status of Major Shareholders

4(6) Information on Voting Rights

5

2 Officers

5

IV. Financial Information

6

1 Quarterly Consolidated Financial Statements

7(1)Quarterly Consolidated Balance Sheets

7(2)Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income

9

Quarterly Consolidated Statements of Income

9

Quarterly Consolidated Statements of Comprehensive Income

10

2 OtherPart II. Information Concerning Guarantors of the Reporting Company[Quarterly Review Report]

15
16

[Cover][Filing]

Q3 (FY2024)Annual Securities Report[Applicable provision]

Article 24-4-7(1) of the Financial Instruments and Exchange Act[Submitted To]

Director-General of the Kanto Local Finance Bureau[Date of submission]

February 13, 2024

[Quarterly Accounting Period]

3rd quarter for the 52nd Fiscal Period (From October 1, 2023 to December 31, 2023)[Company name]

MIRARTH HOLDINGS, Inc.

[Representative]

Kazuichi Shimada, Representative Director, Group CEO, Group COO and President Executive Officer[Address of head office]1-8-2, Marunouchi, Chiyoda-Ku, Tokyo[Telephone]+81-3-6551-2133[Contact]

Masashi Yamamoto, Director, Group CFO and Managing Executive Officer[Contact address]

1-8-2, Marunouchi, Chiyoda-Ku, Tokyo[Telephone]+81-3-6551-2133[Contact]

Masashi Yamamoto, Director, Group CFO and Managing Executive Officer[Place for public inspection]

Kita-Kanto Branch of MIRARTH HOLDINGS, Inc.
(1-20-1, Takahanacho, Omiya-ku, Saitama-shi, Saitama)
Tokyo Stock Exchange, Inc.
(2-1 Nihombashi Kabutocho, Chuo-ku, Tokyo)

Part I. [Company Information]
I. [Company Overview]
1[Trends in Major Management Indicators, Etc.]
51st fiscal year
Third quarter Consolidated
Cumulative period

Fiscal term

52nd fiscal year
Third quarter Consolidated
Cumulative period

51st fiscal year

From April 1, 2022 to December From April 1, 2023 to December
31, 2022
31, 2023

Accounting period

From April 1, 2022 to March
31,2023

Net sales(Millions of yen)

95,081

93,279153,472

Ordinary income(Millions of yen)

1,179

243

5,033

(Millions of yen)

1,804

△1,461

4,584

Quarterly comprehensive income (loss)(Millions of yen)

1,175

△2,071

3,852

Net assets(Millions of yen)

61,596

62,984

65,142

Total assets(Millions of yen)

327,167

378,458

341,669

(Yen)

16.52

△13.30

41.90

(Yen)

16.39

-

41.58

(%)

17.9

14.9

18.0

Quarterly (current term) net income (loss) (△)
attributable to owners of the parent

Quarterly (current term) net income (loss) (△)
per share
Quarterly (current term) net income per share(fully diluted)
Equity ratio

Fiscal term

51st fiscal year Third
Quarter Consolidated
Accounting period

52nd fiscal year Third
Quarter Consolidated
Accounting period

Accounting period

From October 1,2022 to
December 31, 2022

From October 1, 2023 to
December 31, 2023

1 Shares Quarterly net loss (△)

△9.76

(Yen)

△14.07(NOTE)1. We have prepared our quarterly consolidated financial statements. Therefore, we have not provided any information on the major financial indicators ofSubmitting Company.
2.Quarterly diluted net income per share of Third quarter Consolidated Cumulative period for the 52nd fiscal period is not stated because there is a potential Equity
securities but it is a 1 Shares Per share quarterly net loss.
3.The provisional accounting treatment for the business combination conducted in 51st fiscal year Third quarter Consolidated Accounting period has been finalized
in the 52nd Third quarter Consolidated Accounting period. As a result of the finalization of this provisional accounting treatment, there has been no change
in the amounts of 51st fiscal year Third quarter Consolidated Cumulative period, 51st fiscal year Third quarter Consolidated Accounting period and 51st
fiscal year's Be related major management indicators, etc.

2[Businesses]
There have been no material changes to Details of the business conducted by our group (us and our affiliated companies) in Third-Quarter Consolidated
Cumulative period. There have also been no changes in major affiliated companies.

-1-Ⅱ. [Business Overview]
1[Business Risks]
There have been no significant changes in Third-Quarter Consolidated Cumulative period to the risks of new businesses or the risks of businesses described in
Prior taxable year's Securities Report Statement.

2[Management's Analysis of Financial Position, Operating Results and Cash Flows]
Forward-looking statements in the text are based on judgments made as of the end of the current quarterly consolidated accounting period.

(1)Management's discussion① Results of Operations by Segment
In Real Estate Business, Net sales for this segment was 80,108 Millions of yen (down 6.0% from the same quarter of the previous fiscal year) due to factors
such as new condominiums, liquidation, new detached house sales, renewal and resale, real estate rental, real estate management, and real estate Other.
In Energy Business, Net sales of this business was 7,846 Millions of yen (up 15.9% from the same quarter of the previous fiscal year) due to the revenue
from electricity sale of power generation facilities.
As for Asset Management Business, Net sales was 371 Millions of yen (down 54.4% from the same quarter of the previous fiscal year) due to management
fees and other factors.
In Other Businesses, Net sales of this business was 4,952 Millions of yen (up 117.4% from the same quarter of the previous fiscal year) due to construction
contracting and other factors.
Consequently, Third-Quarter Consolidated Cumulative period's results of operations are as follows: Net sales 93,279 Millions of yen (down 1.9% from thesame quarter of the previous fiscal year), Operating income 2,335 Millions of yen (up 5.9% from the same quarter of the previous fiscal year), Ordinary income
243 Millions of yen (down 79.4% from the same quarter of the previous fiscal year), and net loss attributable to owners of parent 1,461 Millions of yen(compared to Net income attributable to owners of parent of 1,804 Millions of yen in the same quarter of the previous fiscal year).

② Progress of contract execution
Regarding Third-Quarter Consolidated Cumulative period sales Actual, 2,168 units were contracted for Units 2,200 units scheduled to be delivered to Full
year, and the progress rate is 98.5%.

(Contract status for new built-for-sale condominiums)
Number of contracted units
Units scheduled for delivery

Units under contract April toContract progress ratio (%)

scheduled for delivery

DecemberPrevious period

1,780

1,777

99.8

1,747

Current period

2,200

2,168

98.5

1,454

(2)Explanation of Financial Position
Assets, Liabilities and Net Assets
At the end of our Third-Quarter Consolidated Accounting period, Assets, Liabilities and Net Assets of Total assets increased by 36,788 Millions of yen from378,458 Millions of yen to End of Previous Consolidated Accounting Period as a result of steady purchases of Assets for business use and other factors.

(Current Assets)
Thanks to steady purchases of business Assets and other factors, Current assets increased by 41,834 Millions of yen to 230,563 Millions of yen compared
to End of Previous Consolidated Accounting Period.

(Fixed Assets)
Despite the steady purchase of Assets for business use, Fixed assets decreased by 5,063 Millions of yen compared to 147,820 Millions of yen and End ofPrevious Consolidated Accounting Period mainly due to the transfer to Real estate for sale.

(Current Liabilities)
Due to the repayment of borrowings and other factors, Current liabilities decreased by 19,884 Millions of yen to 142,273 Millions of yen compared to
End of Previous Consolidated Accounting Period.

(Fixed Liabilities)
Fixed liabilities increased by 58,831 Millions of yen from 173,200 Millions of yen and End of Previous Consolidated Accounting Period due to anincrease in borrowings associated with new purchases, etc.

-2-

(Net Assets)
Due to the recording of quarterly net loss attributable to owners of the parent and Dividend of surplus, Total of Net assets decreased by 2,157 Millions of
yen compared to 62,984 Millions of yen and End of Previous Consolidated Accounting Period.
(3)Prioritized business and financial challenges
There have been no significant changes in the business and financial issues that our group should prioritize during the third quarter consolidated Cumulative
period.

(4)Research and Development
Not applicable.

(5)Major factors affecting performance
Our Group's mainstay real estate sales business tends to be influenced by buyer sentiment and supplier supply trends. Purchaser confidence is affected byfactors such as economic trends, interest rate trends, housing tax, consumption tax, and land price trends. In addition, supplier supply trends are susceptible tochanges in the outsourcing prices of Land suppliers, general contractors and other subcontractors, the failure of subcontractors, and financial trends. Therefore,
any changes in these trends could have a material impact on operating results.

3[Important Contracts Etc. Related to Management]
There have been no decisions or conclusions of significant management contracts, etc. in the third quarter consolidated Accounting period under review.

-3-Ⅲ. [Information on the Reporting Company]
1[Stock Information](1)[Total number of Shares, Etc.]①[Total number of shares]
Type

Number of authorized shares (shares)

Common stock

248,000,000
Total

248,000,000②[Issued shares]

Type

Number of shares issued as of the endof the third quarter(Shares)(As of December 31, 2023)

Number of shares issued as of thefiling date (Shares)(As of February 13, 2024)

Stock exchange on which thecompany is listed

Details

The number of shares constituting 1
CommonTokyo Stock Exchange
121,000,000

unit is 100 shares, which is the

121,000,000

stock

Prime market

standard for us with no limitation on
the content of rights.

Total

121,000,000

121,000,000--(2)[Information on the Share Acquisition Rights, Etc.]①[Details of Stock Option Plan]
Not applicable.
②[Other Subscription Rights]
Not applicable.
(3)[Exercise of Moving Strike Convertible Bonds, Etc.]
Not applicable.
(4)[Changes in Number of Shares Issued and Capital, Etc.]

Date

Change in the total
Total number of shares
number of issued
outstanding (shares)
shares (shares)

Change in capitalstock (Millions ofyen)

Balance of capitalstock (Millions ofyen)

Change in legal
capital surplus(Millions of yen)

Balance of legal
capital surplus(Millions of yen)

October 1, 2023-December-

121,000,000

-

4,819

31, 2023(5)[Status of Major Shareholders]This quarterly Accounting period is Accounting period for the third quarter, so there is no description.

-4-

-

4,817

(6)[Information on Voting Rights]
Status of voting rights" as of the end of Fiscal year's third quarter Accounting period cannot be stated because Details of the shareholder register cannot be
confirmed. Therefore, the shareholder register based on the immediately preceding Record Date (September 30, 2023) is used.
①[Issued shares]
As of December 31, 2023
Category

Number of shares (shares)

Shares without voting rights
Shares with limited voting rights (including
treasury shares)
Shares with restricted voting rights (otherthan the above)
Shares with full voting rights (including

Commontreasury shares)

stock

Shares with full voting rights (other than the

Commonabove)

stock

Number of voting rights (units)

Details

-

-

-

-

-

-

-

-

-

11,091,700-

The number of shares constituting 1 unit is 100
shares, which is the standard for us with nolimitation on the content of rights.
109,840,300

1,098,403

Same as above

68,000-Shares less than 1 unit (100 shares)

121,000,000

-

-

-

1,098,403-

CommonShares less than 1 unit
stock
Number of issued shares
Voting rights of all shareholders(NOTE) The column "Shares with full voting rights (other than the above)" includes 1,600 Shares of Equity securities in the name of the JASDEC. In addition, the"Number of voting rights" column includes 16 voting rights of shares with full voting rights held under the name of Japan Securities Depository Center, Inc.
②[Treasury stock, etc.]
As of December 31, 2023
Owner's Name Title
Or its name

MIRARTH Holdings Inc.
Total

Address of shareholder

1-8-2, Marunouchi, Chiyoda-Ku,
Tokyo-

Number of shares held
Number of shares held
Total number ofunder the shareholder’s under other shareholders’shares held (shares)
name (shares)
names (shares)

Ratio of shares held tototal number of sharesissued (%)

11,091,700-

11,091,700

9.17

11,091,700-

11,091,700

9.17(NOTE) We are able to confirm the actual ownership status of End of Third Quarter Accounting period, and the number of Treasury stock is 10,959,807 Shares.

2[Officers]
Not applicable.

-5-Ⅳ. [Financial Information]
1.Preparation of Quarterly Consolidated Financial Statements
Our quarterly consolidated financial statements have been prepared in accordance with "Regulations Concerning Terminology, Forms and Preparation Methods ofQuarterly Consolidated Financial Statements" (Cabinet Office No. 64, 2007).

2.About Audit Certification
Pursuant to the provisions of Article 193-2 I of the Financial Instruments and Exchange Law, the quarterly consolidated financial statements of Third quarter
Consolidated Accounting period (from October 1, 2023 to December 31, 2023) and Third quarter Consolidated Cumulative period (from April 1, 2023 to December
31, 2023) were reviewed by Grant Thornton Taiyo LLC. on a quarterly basis.

-6-

1[Quarterly Consolidated Financial Statements](1)[Quarterly Consolidated Balance Sheets](Millions of yen)
End of Previous Consolidated Accounting
Period (As of March 31,2023)

Third-Quarter Consolidated Accounting
period (As of December 31, 2023)

Cash and deposits

47,872

48,633

Notes, accounts receivable-trade and contract assets

3,477

AssetsCurrent assets

Real estate for sale

※1Power generation facilities for sale

34,147※1

Real estate for sale in progress

※1

2,998

82,713017※117,415

18,405△275△275

188,728

230,563

Allowance for doubtful accounts
Total current assets

3,375

53,370※1

Costs incurred on uncompleted contracts
Other

4,502
※1

※1

102,911

Fixed assets
Property, plant and equipment
Buildings and structures (net)※1

28,879※1

24,603

Machinery, equipment and vehicles, net※148,705※1

55,783Land※141,394※1

33,831Other (net)

※1

6,382

Total property, plant and equipment

125,362

118,616※1

4,398

Intangible assets
Goodwill
Other※1

Total intangible assets

3,918

3,483

4,457

4,665

8,376

8,148

Investments and other assets
Other

※1

19,148※1

21,055

Allowance for doubtful accounts△2△1

Total investments and other assets

19,14521,054

152,884

147,820

Total fixed assets
Deferred assets

56

74

341,669

378,458

Notes and accounts payable-trade

16,342

18,365

Short-term borrowings

92,06943,434

Total assets
Liabilities
Current liabilities

Current portion of bonds payable

190

206

Current portion of long-term loans payable

25,997

46,389

Income taxes payable

4,318

3,968

Allowance

1,250

974

Other

21,98728,934

Total current liabilities

162,157

142,273

104,828

158,314

4,015

9,643

Fixed liabilities
Long-term loans payable
Bonds payable
Allowance
Liabilities related to retirement benefits
Other
Total Fixed liabilities
Total liabilities

-7-

135

89

1,100

1,233

4,290

3,918

114,369

173,200

276,527

315,473

(Millions of yen)
End of Previous Consolidated Accounting
Period (As of March 31,2023)

Third-Quarter Consolidated Accounting
period (As of December 31, 2023)

Capital stock

4,819

4,819

Capital surplus

4,820

4,670

Retained earnings

55,971

51,874

Treasury stock△4,174△4,087

Total shareholders' equity

61,43657,276

Net assets
Shareholders' equity

Accumulated other comprehensive income△71

96

Deferred gains or losses on hedges

-

△837

Foreign currency translation adjustments

312Remeasurements of defined benefit plans

8

9

△59

△719

Net unrealized gains on available-for-sale securities

Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interest
Total net assets
Total liabilities and net assets

-8-

220

304

3,544

6,122

65,142

62,984

341,669

378,458

(2)[Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income][Quarterly Consolidated Statements of Income][Third Quarter Consolidated Cumulative period](Millions of yen)Previous 3rd Quarter Consolidated
Cumulative period (From April 1, 2022 to
December 31, 2022)

Current 3rd Quarter Consolidated
Cumulative period (From April 1, 2023 to
December 31, 2023)

Net sales

95,081

93,279

Cost of sales

75,70873,109Gross profit

19,373

20,169Selling, general and administrative expenses

17,167

17,833Operating income

2,205

2,335

Non-operating income
Interest income

1729

Dividend income

225

138

Commission received

56

56

Income from insurance claim

34

226

Gain from equity method investment-

192

Miscellaneous income

155

265

Total non-operating income

489

907

1,221

2,203

Non-operating expenses
Interest expenses
Losses from equity method investment

39-

Arrangement fee

85

637

Miscellaneous expenses

170

158

1,515

3,000

1,179

243

Gain on subsequent acquisitions

601-

Gain on sales of Fixed assets

31-

Gain on sales of stock of affiliates

-

12

632

12

Impairment loss

48

448

Office relocation expenses

26

18

Extraordinary losses Total

74

467

1,737

△212

-

86

1,737

△298

Total non-operating expenses
Ordinary income
Extraordinary income

Total extraordinary income
Extraordinary loss

Current net income for the quarter before income taxes and minority
interests or net loss (△) prior to distribution of gain/loss on silent
partnership
Distribution of loss in partnership
Quarterly net income (loss) (△) before income taxes and minority interests
Income taxes, inhabitant taxes and business taxes
Income tax adjustments

708

2,006

△621

△894

Total income and other taxes

86

1,112

Quarterly net income (loss) (△)

1,650△1,411

△154

49

1,804

△1,461

Quarterly net loss (△) attributable to Quarterly net income attributable tonon-controlling interests or non-controlling interests
Quarterly net income attributable to owners of the parent or quarterly net
loss attributable to owners of the parent (△)-9-[Quarterly Consolidated Statements of Comprehensive Income][Third Quarter Consolidated Cumulative period](Millions of yen)Previous 3rd Quarter Consolidated
Cumulative period (From April 1, 2022 to
December 31, 2022)

Current 3rd Quarter Consolidated
Cumulative period (From April 1, 2023 to
December 31, 2023)

1,650△1,411

Quarterly net income (loss) (△)
Other comprehensive income

△483

167

Deferred gains or losses on hedges

-

△837

Foreign currency translation adjustments

58Remeasurements of defined benefit plans

30

Net unrealized gains on available-for-sale securities

Total other comprehensive income
Quarterly comprehensive income

△475

△659

1,175

△2,071

1,329△2,120△154

49(Comprising)
Quarterly comprehensive income attributable to owners of the parent
Quarterly comprehensive income attributable to non-controllinginterests- 10 -

[Notes](Notes to Quarterly Consolidated Balance Sheets)※1 Change in holding purpose of Assets
End of Previous Consolidated Accounting Period (As of March 31,2023)
Power generation facilities for sale 1,024 Millions of yen was transferred to Machinery and equipment 1,024 Millions of yen in Current Consolidated Fiscal
Year due to a change in the holding purpose from resale to Assets for business use.
In addition, as a result of the change in the holding purpose from development and lease to resale in Current Consolidated Fiscal Year, a portion of the realestate owned was transferred to Buildings and structures 5,107 Millions of yen, Tools, furniture and fixtures 32 Millions of yen ("Other (net)" by Property, plantand equipment), 8,274 Millions of yen and 2,254 Millions of yen ("Other (net)" by Property, plant and equipment), Land Lease Right 14 Millions of yen("Land" by Intangible assets), and Software 0 ("Other" by Construction in progress 0) to Real estate for sale and Real estate for sale in progress. Certain of
Assets were sold in Current Consolidated Fiscal Year and 6,765 Millions of yen of the 15,308 Millions of yen transferred to Real estate for sale were recorded in
Cost of sales.
In addition, as a result of changing the holding purpose of a part of Mega solar generation Facilities to resale, Current Consolidated Fiscal Year transferred
Prepaid expenses 7 Millions of yen ("Other" of Current assets), Machinery and equipment 2,579 Millions of yen, Land 60 Millions of yen, Construction inprogress 525 Millions of yen ("Other (net)" of Property, plant and equipment), and long-term Prepaid expenses 235 Millions of yen ("Other" of Investments andother assets") to Power generation facilities for sale. Certain of Assets were sold in Current Consolidated Fiscal Year and 2,505 Millions of yen of the 3,408
Millions of yen transferred to Power generation facilities for sale were recorded in Cost of sales.

Third-Quarter Consolidated Accounting period (As of December 31, 2023)
As a result of the change in the holding objective from resale to Assets for business purposes, a portion of the real estate owned was transferred to ThirdQuarter Consolidated Cumulative period for Power generation facilities for sale 85 Millions of yen to Machinery and equipment 83 Millions of yen and longterm Prepaid expenses 2 Millions of yen ("Other" in Investments and other assets).
In addition, as a result of the change in the holding purpose from development and leasing to resale, a portion of real estate owned has been transferred toMillions of yen and Property, plant and equipment in Third-Quarter Consolidated Cumulative period as follows: Buildings and structures 5,716 Millions of yen,Tools, furniture and fixtures 22 Real estate for sale ("Other (net)" in Real estate for sale in progress), Land 12,306 Millions of yen, and Construction in progress
842 Millions of yen ("Other (net)" in Property, plant and equipment). Certain of Assets were sold in Third-Quarter Consolidated Cumulative period and 4,633
Millions of yen of the 16,379 Millions of yen transferred to Real estate for sale were recorded in Cost of sales.
In addition, a portion of Mega solar generation Facilities was transferred to Power generation facilities for sale in Third-Quarter Consolidated Cumulative
period for Machinery and equipment 29 Millions of yen and long-term Prepaid expenses 11 Millions of yen ("Other" in Investments and other assets). Assets
was sold in Third-Quarter Consolidated Cumulative period, and 41 Millions of yen was recorded in Cost of sales.

2 Contingent liabilities
Guarantees for loans from financial institutions
End of Previous Consolidated Accounting
Period (As of March 31,2023)

Current 3rd Quarter Consolidated Accounting
period (As of December 31, 2023)

Joint and several guarantee obligations to financial institutions,etc. until the completion of the registration of the establishment of

15,420Millions of yen

8,856Millions of yen

mortgages on our group customer housing loans
Minato Vietnam Co., Ltd.

112

615

WISE ESTATE 3 Co., Ltd.

1,615

615

WISE ESTATE 8 Co., Ltd.

246

531

WISE ESTATE 10 Co., Ltd.

237

706

17,632

11,325Total

3 In order to raise working capital efficiently, we have entered into overdraft and loan commitment agreements with 68 Financial institutions companies (End ofPrevious Consolidated Accounting Period 68 companies). The balance of undrawn lines of credit under these agreements is as follows:
End of Previous Consolidated Accounting
Period (As of March 31,2023)

Current 3rd Quarter Consolidated Accounting
period (As of December 31, 2023)

Maximum Overdraft Amount and Total Loan Commitments

85,033Millions of yen

96,669Millions of yen

Loan balance

51,10569,63833,92827,031

Net amount- 11 -

(Notes to Quarterly Consolidated Statements of Cash Flows)
Quarterly consolidated statements of cash flows pertaining to the third quarter consolidated Cumulative period have not been prepared. Depreciation andamortization (including depreciation related to Intangible assets excluding Goodwill) and Amortization of goodwill related to Third quarter Consolidated
Cumulative period are as follows.
Previous 3rd Quarter Consolidated Cumulative Current 3rd Quarter Consolidated Cumulative
period (From April 1, 2022 To December 31, period (From April 1, 2023 to December 31,
2022)
2023)
Depreciation and amortization

1,513Millions of yen

Amortization of goodwill

4,006Millions of yen

247

381

(Shareholders' Equity)
I Previous Third Quarter Consolidated Cumulative period (From April 1, 2022 to December 31, 2022)
1.Matters concerning dividends
Dividends paid
(Resolution)

Total dividends

Per share dividends(Millions of yen)

(yen)Class of shares

Record Date

Effective date

Source of dividends

June 24, 2022 Annual
Common stock

1,526

14

March 31, 2022

June 27, 2022

Retained earnings

Common stock

437

4

September 30, 2022

December 6, 2022

Retained earnings

Record Date

Effective date

Source of dividends

Shareholders' Meeting
October 31, 2022 Boardof Directors

2.Significant changes in the amount of Shareholders' equity
Not applicable.

II Third-Quarter Consolidated Cumulative period (From April 1, 2023 to December 31, 2023)
1.Matters concerning dividends
Dividends paid
(Resolution)

Total dividends

Per share dividends(Millions of yen)

(yen)Class of shares

June 23, 2023 Annual
Common stock

1,976

18

March 31,2023

June 26,2023

Retained earnings

Common stock659

6

September 30, 2023

December 4, 2023

Retained earnings

Shareholders' Meeting
October 30, 2023 Boardof Directors

2.Significant changes in the amount of Shareholders' equity
Not applicable.

- 12 -

(Segment information, etc.)[Segment Information]
I Previous 3rd Quarter Consolidated Cumulative period (From April 1, 2022 to December 31, 2022)
1.Information on the amount of Net sales and Profit or loss for each Reportable segments and breakdown information on revenue(Millions of yen)
Quarterly

Reportable segments

Consolidated
Asset

Others (Note)

Real Estate
Energy Business

Management

Total

Statements ofIncome amount

Business
Business

postedNet sales
Revenue arising from contracts with
80,821

6,770

813

88,405

2,277

90,683customers
Other revenue

4,397

-

-

4,397

-

4,397

Net sales to customers

85,2186,770

813

92,803

2,277

95,081

-

-

-

-

-

-

85,2186,770

813

92,803

2,277

95,081

2,953

△788

293

2,458

△253

2,205

Intersegment net sales or transfers
Total
Segment income (loss) (△)(NOTE)"Other" Category is a business Segment not included in Reportable segments and includes rehabilitation-oriented day services, construction
subcontracting, and Hotel businesses.

2.About Assets by Reportable segments
In Third-Quarter Consolidated Accounting period, Takara Leben Infrastructure Fund Inc. and the Green Energy LLC. became Consolidated
subsidiaries, and Assets amount of Third-Quarter Consolidated Accounting period's Reportable segments has increased by 74,448 Millions of yen
compared to the last day of End of Previous Consolidated Accounting Period in the "Energy Business" Segment.

3.Fixed assets's Impairment loss or Goodwill, etc. per Reportable segments(Significant changes in the amount of goodwill)"Energy Business" is included in the scope of consolidation due to the inclusion of Takara Leben Infrastructure Fund Inc. as a Consolidated
subsidiaries in Segment. The amount of Goodwill increased by 7,040 Millions of yen in the third quarter consolidated Cumulative period underreview.

- 13 -

II Third-Quarter Consolidated Cumulative period (From April 1, 2023 to December 31, 2023)
1.Information on the amount of Net sales and Profit or loss for each Reportable segments and breakdown information on revenue(Millions of yen)
Quarterly

Reportable segments

Consolidated
Asset

Others (Note)

Real Estate
Energy Business

Management

Total

Statements ofIncome amount

Business
Business

postedNet sales
Revenue arising from contracts with
75,7307,846

371

83,947

4,952

88,900

Other revenue

4,378

-

-

4,378

-

4,378

Net sales to customers

80,1087,846

371

88,326

4,952

93,279

-

-

-

-

-

-

80,1087,846

371

88,326

4,952

93,279

1,650

830

△171

2,310

25

2,335

customers

Intersegment net sales or transfers
Total
Segment income (loss) (△)(NOTE)"Other" Category is a business Segment not included in Reportable segments and includes businesses such as construction and Hotel
operations.

2.Fixed assets's Impairment loss or Goodwill, etc. per Reportable segments(Significant Impairment loss on Fixed assets)
Impairment loss of Fixed assets is recorded in Hotel business of "Real Estate Business" Segment and "Other." The recorded amount of
Impairment loss is 39 Millions of yen for "Real Estate Business" Segment and 408 Millions of yen for the "Other" Hotel operation business inThird-Quarter Consolidated Cumulative period.
(Business Combinations, etc.)(Determination of Provisional Accounting Treatment for Business Combinations)Green Energy LLC, our Consolidated subsidiaries with November 18, 2022, conducted a business combination with Takara Leben Infrastructure Fund Inc. ona provisional basis in End of Previous Consolidated Accounting Period, but has been finalized as Third-Quarter Consolidated Accounting period. There is nochange in the amount associated with the finalization of this provisional accounting treatment.
(Revenue Recognition)
Information disaggregating revenue from contracts with customers is presented in "Notes (Segment Information, etc.)."- 14 -

(Per Share Information)
Quarterly net income per share or 1 Shares Per share quarterly net loss and calculation basis, Quarterly diluted net income per share and calculation basis are as
follows.
Previous Third Quarter Consolidated
Cumulative period (From April 1, 2022 To
December 31, 2022)(1) Quarterly net income per share or 1 Shares Quarterly net loss (△)

Third-Quarter Consolidated Cumulative
period (From April 1, 2023 to December
31, 2023)

16.52 yen

△ 13.30yen

1,804△1,461

-

-

1,804

△1,461

109,275

109,889

16.39 yen

-

-

-

862

-

(Basis of calculation)
Quarterly net income attributable to owners of the parent orquarterly net loss attributable to owners of the parent (△)(Millions of yen)Amounts not attributable to common shareholders (Millions ofyen)
Quarterly net income attributable to owners of the parent orquarterly net loss attributable to owners of the parent (△) related
to common stock (Millions of yen)
Average number of shares of common stock outstanding during theperiod (Thousands of shares)(2) Quarterly diluted net income per share(Basis of calculation)
Quarterly adjustments to net income attributable to owners ofparent(Millions of yen)
Increase in common stock (thousands)
Summary of potential Equity securities that were not included in thecalculation of Quarterly diluted net income per share because the effect--of dilution was not Yes and there were significant changes from End of
End of Previous Consolidated Accounting Period(NOTE)Quarterly diluted net income per share of Third-Quarter Consolidated Cumulative period is not disclosed because the potential Equity securities exists but
it is 1 Shares Per share quarterly net loss.
(Significant Subsequent Events)
Not applicable.

2[Other]
At Board of Directors meeting held on October 30, 2023, the Company resolved the interim dividends as follows.
(1)Total dividends: 659 Millions of yen(2)Amount of 1 Shares Per share: 6 yen(3)Effective date of claims and payment commencement date: December 4, 2023
(NOTE)Payments were made to shareholders of record as of September 30, 2023.

- 15 -

Part II. [Information Concerning Guarantors of the Reporting Company]
Not applicable.

- 16 -

Independent Auditors' Quarterly Review ReportFebruary 9, 2024

MIRARTH HOLDINGS, Inc.
To the Board of Directors

Grant Thornton Taiyo LLC.
Tokyo Office
Designated Limited
Liability Partners
Managing Partner

Certified Public
Accountant

Tomohiro Ohki

Designated Limited
Liability Partners
Managing Partner

Certified Public
Accountant

Tetsuya Ishihara

Designated Limited
Liability Partners
Managing Partner

Certified Public
Accountant

Takafumi Shimokawa

Auditor's conclusion
Pursuant to the provisions of Article 193-2 I of the Financial Instruments and Exchange Act, Audit Corporation reviewed the quarterly consolidated financial statementsof Consolidated Balance Sheets, Quarterly Consolidated Statements of Income, MIRARTH HOLDINGS, Inc., and March 31 for the period from April 1, 2023 to Notes,
2024 of Quarterly Consolidated Statements of Comprehensive Income for Third quarter Consolidated Accounting period (from October 1, 2023 to December 31, 2023) and
Third quarter Consolidated Cumulative period (from April 1, 2023 to December 31, 2023), which are listed in the section entitled "Accounting."
In the quarterly review conducted by Audit Corporation, the aforementioned quarterly consolidated financial statements were not deemed to present fairly the financial
position of MIRARTH HOLDINGS, Inc. and Consolidated subsidiaries as of December 31, 2023, and the results of their operations for Third quarter Consolidated
Cumulative period then ended in conformity with the standards for the preparation of quarterly consolidated financial statements generally accepted in Japan in all material
respects.

Rationale for the auditor's conclusion
We conducted our quarterly reviews in accordance with quarterly review standards generally accepted in Japan. Audit Corporation's liability under the standards forquarterly reviews is set forth under "Auditor's Responsibility for the Quarterly Review of the Quarterly Consolidated Financial Statements." Audit Corporation is
independent of the Corporation and its Consolidated subsidiaries in accordance with the Code of Professional Ethics in Japan. As a Audit, the Corporation fulfills its For
Other ethical responsibilities. We believe that the evidence supporting the statements is available.

Responsibilities of Management, Corporate Auditors and the Board of Corporate Auditors to the Quarterly Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the quarterly consolidated financial statements in accordance with the standards for the preparationof quarterly consolidated financial statements generally accepted in Japan. This includes establishing and operating such internal control as management determines isnecessary to enable the preparation and fair presentation of quarterly consolidated financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the quarterly consolidated financial statements, management is responsible for assessing whether it is appropriate to prepare the quarterly consolidated
financial statements based on the going concern assumption, and disclosing matters related to a going concern in accordance with the standards for preparing quarterly
consolidated financial statements generally accepted in Japan.
The responsibility of the corporate auditors and the board of corporate auditors is to monitor the execution of directors' duties in the development and operation of thefinancial reporting process.

Auditor's Responsibility for the Quarterly Review of the Quarterly Consolidated Financial Statements
The responsibility of Audit is to express an independent view on the quarterly consolidated financial statements in the quarterly review Report based on the quarterly
review conducted by Audit.
In accordance with the standards of the quarterly review generally accepted in Japan, Audit shall, through the course of the quarterly review, make judgments as anprofessional expert and conduct the following with professional skepticism:
・ Inquiries and analytical procedures mainly for management, persons responsible for financial and accounting matters, and For Other quarterly review procedures shallbe implemented. Quarterly review procedures are limited compared to Audit of financial statements for the fiscal year in accordance with Audit standards generally
accepted in Japan.
・ In the event that the Company determines that there is significant uncertainty with respect to events or circumstances that raise substantial doubt about the Company's
ability to continue as a going concern, the Company will conclude, based on the evidence obtained, whether or not there are any matters that cause the Company tobelieve that they are not fairly stated in the quarterly consolidated financial statements in accordance with the standards for preparing quarterly consolidated financial
statements generally accepted in Japan. If there is a significant uncertainty regarding the Company's ability to continue as a going concern, the Company is required to
draw attention to Notes matters in the quarterly consolidated financial statements in the quarterly review Report or, if Notes matters in the quarterly consolidated
financial statements regarding a material uncertainty are not appropriate, to express a limited conclusion or a negative conclusion on the quarterly consolidated
financial statements. Although Auditor's conclusion is based on evidence obtained through the date of the quarterly review Report, future events and circumstances
may prevent an entity from continuing as a going concern.
・ Evaluate whether or not the presentation of quarterly consolidated financial statements and Notes matters are deemed not to be in accordance with the standards for
preparing quarterly consolidated financial statements generally accepted in Japan, as well as the presentation, composition and Details of quarterly consolidated
financial statements, including Be related Notes matters, and whether or not matters are deemed not to fairly present the transactions and accounting events underlying
the quarterly consolidated financial statements.
・ Obtain evidence regarding the financial information of the Corporation and Consolidated subsidiaries to express a conclusion on the quarterly consolidated financial
statements. The auditor is responsible for directing, supervising and implementing the quarterly review of the quarterly consolidated financial statements. The auditor
is solely responsible for the auditor's conclusion.
Audit will Report Audit & Supervisory Board Members and Audit & Supervisory Board on the scope of the planned quarterly review and the timing of its implementation,
as well as on significant findings during the quarterly review.
Audit will conduct Report of Audit & Supervisory Board Members and Audit & Supervisory Board with respect to compliance with the provisions of professional ethics
in Japan regarding independence and Details for matters that are reasonably likely to affect human independence, and for cases where measures are taken to eliminate
impediments or where safeguards are applied to reduce the impediments to an acceptable level.

Interests
The Company and Consolidated Subsidiaries have no interest in the Auditing Corporation or Operating Partners that should be stated pursuant to the provisions of theCertified Public Accountants Act.

Above

(NOTE) 1. The original of the above quarterly review Report document is stored separately by our company (Annual Securities Report Submitting Company).
2. XBRL data is not included in the scope of quarterly reviews.