May 15, 2019
Company Name :Candeal Co., Ltd.

Representative : Akio Hayashi, CEO(Code Number: 1446 TSE Mothers)
Contact Information for inquiry:Izumi Fujiwara
Director of Management Division(TEL. 03-6862-1701)

Notice of Conclusion of Business Alliance Agreement
This Business Alliance Agreement was made by and between Photoruction Co., Ltd.
(hereinafter referred to as “Photoruction”) and Burn Repair Co., Ltd. (hereinafterreferred to as “Burn Repair”), which is a 100% subsidiary of our company, for thedevelopment and sales of inspection management system (hereinafter referred to as"System") used for inspection services (is tentative) in the construction market(hereinafter referred to as "This Alliance") based on our today’s resolution at the Boardof Directors meeting.
1. The reasons and the contents
2. Many of the residential construction sites in Japan are still in the process ofdigitalizing the management of the construction status, and the management
system is centered on paper media. Especially, a strong demand for digitalization in
the field of reporting and management is particularly evident among of the interior
construction service provided by our group.
In light of such situation in the residential construction market, Burn Repair,which is the first company in the industry to commercialize the repair of scratches
on housing and provides the services of regular inspections, maintenance, andhousing related services for maintenance and management of a comfortable living
environment to be deployed nationwide, decided to develop cooperative
relationship with Photoruction which has proven experience of providing cloudservices in construction industries (shared platform of unitary management
information used on construction sites such as drawings and photos) with morethan 25,000 sites experience. These companies have been jointly developing thesystem that allows significant cost reduction in business costs such as dataorganization and information processing, and real-time data sharing withstakeholders. Burn Repair also concluded an exclusive sales agreement with
Photoruction for selling the system to the detached house market.
※ It is an inspection service to visually check the finish state of the buildingin This Alliance, is different from the inspection of expertise conducted byqualified applicants.
3. The role of between two companies◆ Photoruction⚫ To complete this system specialized in inspection services of cloudServices for construction industry that have already been developedwith the know-how related to inspection services provided byBurn Repair with add functions.
◆ Burn Repair⚫ Provide know-how of the high quality and efficient inspection
Services to Photoruction.
⚫ We sell exclusively of this system for business related in theconstruction of detached houses of system is used by housing
manufacturers, construction work shops, etc.
4. Overview of the partners in This Alliance(1) Name

Photoruction Co., Ltd.

(2) Address

5th Floor ACN Nihonbashi Building, 10-2 Nihonbashi
Hakozaki-cho, Chuo-ku, Tokyo, Japan(3) Tile & Name ofrepresentative(4) Nature of business

Takaharu Nakajima
Representative Director
Planning, development, and operation of internetservices(5) Capital

130 million(6) Date of established

14th March 2016(7) Major shareholders

Primal Capital, Genecia Ventures, SMBC Bencher
Capital, Mizuho Capital, etc. management team.

(8) Relationship

Capital relation

No applicable mattersbetween with a

Human relations

No applicable matterslisted company

Business relationships

No applicable matters

Status of the relevant

No applicable mattersparties

5. Dates
Date of conclusion of the Business Alliance Agreement: 15th May 2019
6. Future Outlook
We plan to start selling in June 2019. Although, we believe that This Alliance willcontribute to our group’s performance improvement in the medium to long term.
But, the effects of this change on our business performance will be minor for fiscal
year ending September 2019. We will promptly disclose any significant impact on
our business in the future.