Q3 (FY2023) Annual Securities
Report(Third Quarter of the 51st fiscal year)
from October 1, 2022
To December 31, 2022

MIRARTH HOLDINGS, Inc.
(Former company name: Takara Leben Co., Ltd.)
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

2

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

5III. Information on the Reporting Company
1 Stock Information

66(1)Total Number of Shares, Etc.

6(2)Information on the Share Acquisition Rights, Etc.

6①

Details of the Stock Option Plan

6②

Other Subscription Rights

6(3)Exercise of Moving Strike Convertible Bonds, Etc.

6(4)Changes in Number of Shares Issued and Capital, Etc.

6(5)Status of Major Shareholders

6(6)Information on Voting Rights

7

2 Officers
IV. Financial Information
1 Quarterly Consolidated Financial Statements(1)Quarterly Consolidated Balance Sheets(2)Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
IncomeQuarterly Consolidated Statements of Income
Quarterly Consolidated Statements of Comprehensive Income
2 OtherPart II. Information Concerning Guarantors of the Reporting Company[Quarterly Review Report]

8
9
10
10
12
12
13
21
22

[Cover][Filing]

Q3 (FY2023) 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, 2023

[Quarterly Accounting Period]

Third Quarter of the 51st Fiscal Year (From October 1, 2022 to December 31, 2022)[Company Name]

MIRARTH HOLDINGS, Inc．
(Former English company name: Takara Leben CO., Ltd.)(NOTE)As a result of the resolution of the 50th Annual Shareholders' Meeting held
at 24 June, 2022, the corporate name has been changed from October 1,
2022, as described above.

[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, Managing Executive Officer andExecutive General Manager of Corporate Planning Headquarters[Contact address]

Tekko Building 16F 1-8-2, Marunouchi, Chiyoda-ku, Tokyo, Japan[Telephone]+81-3-6551-2133[Contact]

Masashi Yamamoto, Director, Group CFO, Managing Executive Officer andExecutive General Manager of Corporate Planning Headquarters[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)-1-

Part I. [Company Information]
I. [Company Overview]
1[Trends in Major Management Indicators, Etc.]
Fiscal term

50th fiscal year Third
Quarter Consolidated
Cumulative Period

51st fiscal year Third
Quarter Consolidated
Cumulative Period

50th fiscal year

Accounting period

From April 1, 2021
To December 31, 2021

From April 1, 2022
To December 31, 2022

From April 1, 2021
To March 31, 2022

Net sales(Millions of yen)

100,042

95,081

162,744

Ordinary income(Millions of yen)

4,448

1,179

10,258(Millions of yen)

3,109

1,804

6,215

Quarterly comprehensive income(Millions of yen)

3,099

1,175

6,293

Net assets(Millions of yen)

56,104

61,59659,601

Total assets(Millions of yen)

226,713327,167

223,473

(Yen)

28.58

16.52

57.10

Quarterly (current term) net income
per share (fully diluted)

(Yen)

28.37

16.39

56.69

Equity ratio

(%)

24.5

17.9

26.5

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

Quarterly (current term) net income
per share

50th fiscal year Third Quarter
51st fiscal year Third Quarter
Consolidated Accounting period Consolidated Accounting period

Fiscal term

From October 1, 2021 To
December 31, 2021

Accounting period
Quarterly net income (loss) (△) per
share

(Yen)

From October 1, 2022 To
December 31, 2022

30.63

△9.76

(NOTE)1. We have prepared our quarterly consolidated financial statements. Therefore, we have not presented any changes in themain management indicators of the companies to which we submit the report.
2.The provisional accounting treatment for the business combination conducted in the previous First Quarter Consolidated
Accounting period has been finalized at the end of End of Previous Consolidated Accounting Period, and the related key
management indicators, etc. of the previous consolidated third quarter Cumulative period and the previous consolidated
third quarter Accounting period are based on the amount after reflecting the significant review of the initial allocation of
the acquisition cost due to the finalization of the provisional accounting treatment.

-2-2[Business]
There were no significant changes in Details of the business conducted by our group (us and our affiliated companies) during
the third quarter of the current consolidated Cumulative period. Category of Reportable segments has been changed from First
Quarter Consolidated Accounting period. The details are described in "Ⅳ Financial Information, 1. Quarterly Consolidated
Financial Statements, Notes (Segment Information, etc.)." On October 1, 2022, we transitioned to a holding company structure
and changed our name to MIRARTH HOLDINGS, Inc. on the same date. On the same date, the trade name of Takara Leben
West japan Co., Ltd. was changed to Takara Leben Co., Ltd.. The details are as described in "IV. Financial Information 1
Quarterly Consolidated Financial Statements Notes (Business Combinations, etc.)". Changes in major affiliated companies
related to respective segments in the third quarter consolidated Cumulative period are as follows.
< Energy Business >In the third quarter of the current consolidated Accounting period, Green Energy LLC, our consolidated subsidiary, has been
included in the scope of consolidation due to the implementation of a tender offer for Investment units of Takara Leben
Infrastructure Fund Inc..

Ⅱ. [Business Overview]
1[Business Risks]
There have been no significant changes in Current Third Quarter Consolidated Cumulative period to the new risks of businessesor the risks of businesses described in the Annual Securities Report for the previous fiscal year.

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.
As the provisional accounting treatment for the business combination conducted in the previous First Quarter Consolidated
Accounting period was finalized at the End of Previous Consolidated Accounting Period, Comparison and analysis with the samequarter of the previous year are based on the amount after reflecting the significant review of the initial allocation of theacquisition cost due to the finalization of the provisional accounting treatment.

(1)Management's discussion
In the third quarter of the current consolidated Cumulative period, the Japanese economy showed signs of a moderate
recovery due to the relaxation of action limits for preventing the new type of coronavirus infectious disease (COVID-19), as
well as travel support by the government and local governments and the recovery of inbound tourism. On the other hand,attention should be paid to the prolonged geopolitical tensions caused by the situation in Russia and Ukraine, as well as theimpact of global monetary tightening. In the real estate industry to which our group belongs, even though construction costs
are on the rise due to the recent surge in energy and raw material costs, demand for housing remains steady, and investment
by domestic and overseas investors, including mainstay condominiums, is robust, and the liquidation business, etc. are also
performing well. In addition to Real Estate Business and Asset Management Business, our policy is to expand Energy
Business as a growth pillar, and we will continue to contribute to a sustainable society through real estate and renewableenergy.
In conjunction with the "Notice of Business Segment Changes" announced on March 14, 2022, Category of the segment
has been changed from the previous 5 business segments to 4 business segments by First Quarter Consolidated Accounting
period. For the results for the previous third quarter in the explanations of each segment below, the figures have been
reclassified under the new segment.
(Millions of yen)Previous Third quarter
Segment name
Net sales

OperatingincomeCurrent Third quarter
Net sales

Comparison

OperatingincomeNet sales

OperatingincomeReal Estate Business

66,812

1,050

85,2182,953

18,405

1,903

Energy Business

30,329

4,188

6,770

△788

△23,558△4,976

Asset Management Business

1,053

581

813

293

△239

△287

-3-

Other Businesses

1,846

△149

2,277

△253

431

△103

Total

100,042

5,669

95,081

2,205△4,960△3,464①Operating Results by Segment
In Real Estate Business, Net sales was 85,218 Millions of yen (up 27.5% from the same quarter of the previous year) due
to new condominiums, liquidation, new detached house sales, renewal and resale, real estate rental, real estate management,
and real estate Others.
As for Energy Business, although sales of large-scale power generation facilities were recorded in the same quarter of theprevious fiscal year, Net sales for this business was 6,770 Millions of yen (down 77.7% from the same quarter of theprevious fiscal year) due solely to revenues from the sale of electricity generated by power generation facilities in the third
quarter of the fiscal year under review.
As for Asset Management Business, there were acquisition fees associated with the acquisition of Takara Leben
Infrastructure Fund Inc.'s power generation facilities in the same quarter of the previous fiscal year, but there were no
acquisition fees associated with Takara Leben Infrastructure Fund Inc. in the third quarter of the fiscal year under review. As
a result, the business Net sales was 813 Millions of yen, down 22.7% from the same quarter of the previous fiscal year.
In Other Businesses, Net sales of this business was 2,277 Millions of yen (up 23.4% from the same quarter of the previousyear) due to construction contracting and other factors.
Consequently, the operating results of Cumulative period for the third quarter of the fiscal year under review were as
follows: Net sales 95,081 Millions of yen (down 5.0% from the same quarter of the previous year), Operating income 2,205
Millions of yen (down 61.1% from the same quarter of the previous year), Ordinary income 1,179 Millions of yen (down
73.5% from the same quarter of the previous year), and Net income attributable to owners of parent 1,804 Millions of yen(down 42.0% from the same quarter of the previous year).
For details, please refer to the Fact Book posted on our website.

-4-

②Progress of contract
Regarding the sales performance of Cumulative period for the third quarter of the current fiscal year, contracts wereconcluded for 1,777 units against the 1,780 units scheduled to be delivered to Full year, and the progress ratio was 99.8%.
(Contract status for new built-for-sale condominiums)
Units scheduled fordelivery

Number of contracted
Units under contract
Contract progress ratio
units scheduled forFrom April to(%)
delivery
DecemberPrevious period

1,800

1,701

94.5

1,593

Current period

1,780

1,777

99.8

1,747

(2)Explanation of Financial Position
Assets, Liabilities and Net Assets
Our Total assets at the end of the third quarter of the current consolidated Accounting period was 327,167 Millions of yen,up 103,694 Millions of yen from the end of End of Previous Consolidated Accounting Period. This was mainly due to achange in the scope of consolidation as a result of a tender offer for Takara Leben Infrastructure Fund Inc.. Amounts arecalculated using the provisional accounting treatment for business combinations at the end of the third quarter consolidated
Accounting period of this fiscal year.
(Current Assets)
Due to steady purchases of business assets, Current assets increased 39,732 Millions of yen 182,357 Millions of yen
compared to the end of End of Previous Consolidated Accounting Period (of which, 6,491 Millions of yen increased due
to Takara Leben Infrastructure Fund Inc. acquisition).
(Fixed Assets)
Fixed assets increased by 63,953 Millions of yen from 144,746 Millions of yen and the end of End of Previous
Consolidated Accounting Period (of which, 60,888 Millions of yen was increased by the acquisition of Takara Leben
Infrastructure Fund Inc.) due to a change in the scope of consolidation of business assets.
(Current Liabilities)
Current liabilities increased by 45,847 Millions of yen as a result of a change in the scope of consolidation are 120,858
Millions of yen as compared to the end of End of Previous Consolidated Accounting Period (of which 3,657 Millions of
yen was increased due to the acquisition of Takara Leben Infrastructure Fund Inc.).
(Fixed Liabilities)
Fixed liabilities increased by 55,852 Millions of yen as a result of a change in the scope of consolidation-, are144,713
Millions of yen as compared to the end of End of Previous Consolidated Accounting Period (of which 33,183 Millions of
yen was increased due to the acquisition of Takara Leben Infrastructure Fund Inc.).
(Net Assets)
Due to factors such as an increase in Non-controlling interest resulting from a change in the scope of consolidation,
Total of Net assets increased by 1,995 Millions of yen from 61,596 Millions of yen at the end of End of Previous
Consolidated Accounting Period.
(3) Business and financial issues to be addressed with priority
There have been no material changes to the business and financial issues that our Current Third Quarter Consolidated
Cumulative period should prioritize.
(4)Research & Development Activities
Not applicable.

-5-(5)Number of employees①Consolidated level
There were no significant changes in the number of employees of our group in the consolidated Cumulative period for thethird quarter under review.
②Status of the submitting company
At the consolidated Cumulative period for the third quarter of this fiscal year, our number of employees decreased by 333
to 10. This is because, as stated in "I. Company Overview 2 Businesses," on October 1, 2022, Takara Leben Co., Ltd.
succeeded to the rights and obligations of all businesses except the Group Business Management Business (including thebusiness related to the operations required for us to operate as a holding company as a listed company), Energy Business andAsset Management Business, and shifted to a holding company structure.
The number of employees is the number of employees employed and excludes contract employees, part-time employees,
part-time employees, and temporary employees.
(6)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 by factors such as economic trends, interest rate trends, housing tax, consumption tax, andland price trends. In addition, supplier supply trends are susceptible to changes in the outsourcing prices of Land suppliers,
general contractors and other subcontractors, the failure of subcontractors, and financial trends. Therefore, any changes inthese trends could have a material impact on operating results.

3[Important Contracts Etc. Related to Management]
Current Third Quarter Consolidated Accounting Period has no significant management contracts, Etc. to be determined orconcluded.

-6-

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]
Number of shares issued as of
Number of shares issued as of Stock exchange on
the end of the Third quarterTypethe filing date (shares)
which the company is(Shares)
As of February 13, 2023
listed(As of December 31, 2022)

Details
The number of shares

Commonstock

121,000,000

Total

121,000,000

121,000,000

Tokyo Stock Exchange
Prime market

121,000,000

constituting 1 unit is 100
shares, which is the standard
for us with no limitation on
the content of rights.

--(2)[ Information on the Share Acquisition Rights, Etc.]①[Details of the 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.]
Issued shares
Legal capital
Legal capital
Issued shares Change in capital
Balance ofTotal number
surplussurplus
Date
Total balancestockcapital stockincrease/decrease
ChangeBalance(Shares)(Millions of yen) (Millions of yen)
(Shares)(Millions of yen) (Millions of yen)
From October 1, 2022
December 31, 2022-

121,000,000

-

4,819

-

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

-7-

4,817

(6)[ Information on Voting Rights]"Status of voting rights" as of the end of the third quarter of the current fiscal year is based on the shareholder register
under Record Date (As of September 30, 2022) immediately prior to the end of Accounting period because Details of theshareholder register cannot be confirmed and therefore cannot be stated.
①[Issued Shares]
As of December 31, 2022
Category

Number of shares (shares)

Number of voting
rights (units)

Details

-

-

-

-

-

-

-

-

-

-

The number of shares constituting 1
unit is 100 shares, which is thestandard for us with no limitation on
the content of rights.

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

Common stock

Shares with full voting rights(other than the above)

Common stock 109,261,000

Shares less than 1 unit

Common stock

Number of issued shares
Voting rights of all shareholders

11,680,200

1,092,610

Same as above

58,800-Shares less than 1 unit (100 shares)

121,000,000

-

-

-

1,092,610-(NOTE) The column "Shares with full voting rights (other than the above)" includes 1,600 Shares of shares held 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.]

Own name
Number of Shares
Owned (Shares)

As of December 31, 2022
To Number ofName of anotherTotal number ofissued sharespersonshares held
Percentage (%) in
Number of Shares(shares)the number ofOwned (Shares)
shares held

Owner's Name Title
Or its name

Address of shareholder

Takara Leben Co.,Ltd.

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

11,680,200-

11,680,200

9.65

Total

-

11,680,200-

11,680,200

9.65(NOTE)1. We changed our name from Takara Leben Co., Ltd. to MIRARTH HOLDINGS, Inc on October 1, 2022.
2.The actual ownership status as of the end of the third quarter Accounting period was confirmed at 11,307,607 Shares for
Treasury stock.

-8-

2[Officers]
Changes in officers at the quarterly Cumulative period after the filing date of the annual security report for the previous fiscal
year are as follows.
(1)Retired directors
Title

Name

Retirement Date

Kazuyuki Shimizu

September 16,2022

Yoshio Murayama

October 1, 2022

Masahiro Yoshida

October 1, 2022

Shoichi Akisawa

October 1, 2022

Hiroshi Iwamoto

October 1, 2022

Mika Takaara

October 1, 2022

Director, Chief Operating Officer (COO) and Vice
President Executive Officers(In charge of Corporate Planning Division and
Director in Charge of CSR)
Director and Chairman
Director, Managing Executive Officer andExecutive General Manager of Condominium
Businesses Headquarters
Director, Managing Executive Officer andExecutive General Manager of Investment
Development Business Headquarters
Director, Executive Officer, Executive General
Manager of Urban Development Business
Headquarters and General Manager of International
Business Division
Director, Executive Officer, General Manager ofBusiness Development Promotion Office andManager of Business Development Promotion
Division(2)Number of Directors and Female Employees after Transfers by Gender and Ratio of Female Employees
6 men and 3 women (33.3% of all directors are women)-9-Ⅳ. [Financial Information]
1. Method of Preparation of Quarterly Consolidated Financial Statements
Our quarterly consolidated financial statements have been prepared in accordance with "Regulations Concerning Terminology,
Forms and Preparation Methods of Quarterly Consolidated Financial Statements" (Cabinet Office No. 64, 2007).
2. Audit Certification
Pursuant to Article 193-2-1 of the Financial Instruments and Exchange Act, the quarterly consolidated financial statements forthe third quarter Accounting period (from October 1, 2022 to December 31, 2022) and the third quarter consolidated Cumulative
period (from April 1, 2022 to December 31, 2022) were reviewed by Grant Thornton Taiyo LLC. on a quarterly basis.

- 10 -

1[Quarterly Consolidated Financial Statements](1)[Quarterly Consolidated Balance Sheets]
End of Previous Consolidated
Accounting Period(As of March 31, 2022)
AssetsCurrent assets
Cash and deposits
Notes, accounts receivable-trade and contract
assetsReal estate for sale
Power generation facilities for sale
Real estate for sale in progress
Costs incurred on uncompleted contracts
Other
Allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures (net)
Machinery, equipment and vehicles, net
Land
Other (net)Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Deferred assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term borrowings
Current portion of bonds payable
Current portion of long-term loans payable
Income taxes payable
Allowance
Other
Total current liabilities
Fixed liabilities
Long-term loans payable
Bonds payable
Allowance
Liabilities related to retirement benefits
Other
Total Fixed liabilities
Total liabilities- 11 -(Millions of yen)
Third-Quarter Consolidated
Accounting period
As of December 31, 2022

33,42839,616

2,886

2,486

※1 32,616※1 34,852※1 1,001※1 3,575※1 58,036※1 88,449

12

77※1 14,919※1 13,574△275
142,625△275
182,357※1 9,553※1 26,443※1 12,777※1 41,583※1 36,948※1 43,430※1 4,459※1 5,560

63,739117,018

1,561

8,355

※1 948※1 4,340

2,510

12,696※1 14,554※1 15,044△12
14,54280,792
55
223,473△12
15,031
144,74663
327,167

15,411
14,1892,168
25,298
2,089
1,115
14,73875,0107,553
60,1162,160
31,793704
842
17,687
120,858

81,923
4,070
160
984
1,722
88,860163,871

137,458
4,080
131
1,093
1,948
144,713265,571End of Previous Consolidated
Accounting Period(As of March 31, 2022)
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Net unrealized gains on available-for-sale securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interest
Total net assets
Total liabilities and net assets- 12 -(Millions of yen)
Current Third Quarter
Consolidated Accounting period
As of December 31, 2022

4,819
4,817
53,395△4,45658,575

4,819
4,819
53,236△4,21758,658

548
0
△14
534
197
294
59,601
223,473

64
5
△11
58
263
2,616
61,596327,167

(2)[Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income][Quarterly Consolidated Statements of Income][Third Quarter Consolidated Cumulative period]

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Commission received
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Losses from equity method investment
Miscellaneous expenses
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on subsequent acquisitions
Gain on sales of Fixed assets
Gain on sales of stock of affiliates
Negative Goodwill gains
Total extraordinary income
Extraordinary loss
Impairment loss
Office relocation expenses
Extraordinary losses Total
Current net income for the quarter before income taxes
and minority interests
Income taxes, inhabitant taxes and business taxes
Income tax adjustments
Total income and other taxes
Net profit
Quarterly net loss (△) attributable to Quarterly net income
attributable to non-controlling interests or non-controllinginterests
Net income attributable to owners of parent(Millions of yen)Previous Third Quarter
Current Third Quarter
Consolidated Cumulative period Consolidated Cumulative period(From April 1, 2021 to December (From April 1, 2022 to December
31, 2021)
31, 2022)
100,042
95,08179,45275,70820,58919,373
14,91917,1675,669
2,205- 13 -

51
237
54
175
519

17
225
56
189
489

1,413
18
307
1,740
4,448

1,221
39
255
1,515
1,179

45
37
83

601
31
632

-

48
26
74

4,532

1,737

1,288
69
1,357
3,174

708
△621
86
1,650

65

△154

3,109

1,804

[Quarterly Consolidated Statements of Comprehensive Income][Third Quarter Consolidated Cumulative period]

Quarterly net income
Other comprehensive income
Net unrealized gains on available-for-sale securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other comprehensive income
Quarterly comprehensive income(Comprising)
Quarterly comprehensive income attributable toowners of the parent
Quarterly comprehensive income attributable to noncontrolling interests(Millions of yen)Previous Third Quarter
Current Third Quarter
Consolidated Cumulative period Consolidated Cumulative period(April 1, 2021
(From April 1, 2022
To December 31, 2021)
To December 31, 2022)
3,174
1,650

- 14 -

△78
0
2
△75
3,099

△483
5
3
△475
1,175

3,033

1,329

65

△154

[Notes](Change in scope of consolidation or equity method application)(Significant changes in the scope of consolidation)
In the third quarter of the current consolidated Accounting period, Green Energy LLC, our consolidated subsidiary, hasbeen included in the scope of consolidation due to the implementation of a tender offer for Investment units of Takara Leben
Infrastructure Fund Inc..
(Additional Information)(Impact on accounting estimates due to the impact of the new type of coronavirus infectious disease (COVID-19))
There were no significant changes in the impact of the impact of the new type of coronavirus infectious disease describedin Report for the previous fiscal year on accounting estimates during the third quarter consolidated Cumulative period.
(Notes to Quarterly Consolidated Balance Sheets)※1 Change in the purpose of holding assets
Previous fiscal year (As of March 31, 2022)
As a result of the change in the purpose of holding real estate from resale to lease, the Company transferred Real estate forsale in progress 95 Millions of yen and Real estate for sale 581 Millions of yen to Buildings and structures 449 Millions of
yen and Land 227 Millions of yen during the fiscal year under review.
In addition, due to the change in holding of some of the real estate held from development and leasing to resale, theCompany transferred 4,181 Millions of yen of buildings and structures, tools, furniture and fixtures to 31 Millions of yen("Other (net)" of Property, plant and equipment), Land 5,168 Millions of yen, Construction in progress 1,117 Millions of yen("Other (net)" of Property, plant and equipment), and Software 0 Millions of yen ("Other" of Intangible assets) to Real estate
for sale and Real estate for sale in progress in the current fiscal year. Certain of these assets were sold during the fiscal year
under review, and 8,800 Millions of yen of the 10,500 Millions of yen transferred to Real estate for sale were recorded in
Cost of sales.
In addition, due to the change in the intent to hold a portion of the mega-solar power generation facilities for resale,prepaid expenses of 69 Millions of yen ("Other" of Current assets), buildings and structures of 598 Millions of yen,machinery and equipment of 10,502 Millions of yen, Land of 4,219 Millions of yen, construction in progress of 1,000
Millions of yen ("Other (net)" of Property, plant and equipment), leasehold interest of 172 Millions of yen ("Other" of
Intangible assets), and long-term prepaid expenses of 932 Millions of yen ("Other" of Investments and other assets) weretransferred to Power generation facilities for sale. Certain of these assets were sold during the fiscal year under review, and16,495 Millions of yen of the 17,497 Millions of yen transferred to Power generation facilities for sale were recorded in Costof sales.
Third Quarter Consolidated Accounting period (As of December 31, 2022)
Following the change in the holding purpose from resale to business assets, the Company transferred Power generation
facilities for sale 386 Millions of yen to machinery, equipment and vehicles at 386 Millions of yen in the third quarter
consolidated Cumulative period.
In addition, in conjunction with the change in the purpose of holding real estate from development and leasing to resale,
the Company transferred 4,629 Millions of yen of buildings and structures, tools, furniture and fixtures, 32 Millions of yen("Other (net)" by Property, plant and equipment), Land 5,038 Millions of yen, construction in progress 2,222 Millions of yen("Cumulative period" by Property, plant and equipment), and 0 Millions of yen of software ("Other") to Real estate for saleand Real estate for sale in progress in the third quarter of this consolidated fiscal year. Certain of these assets were sold in
the third quarter consolidated Cumulative period, and 5,076 Millions of yen of the 11,608 Millions of yen transferred to Realestate for sale were recorded in Cost of sales.
In addition, in conjunction with the change in the intent to hold a portion of the mega-solar power generation facilities forresale, prepaid expenses of 7 Millions of yen ("Other (net)" of Current assets), machinery and equipment 2,589 Millions ofyen, Land 60 Millions of yen, construction-in-progress of 76 Millions of yen ("Cumulative period" of Property, plant andequipment), and long-term prepaid expenses of 235 Millions of yen ("Other") were transferred to Power generation facilities
for sale in the third quarter of the current consolidated fiscal year.

- 15 -

2 Contingent liabilities
Guarantees for loans from financial institutions
End of Previous Consolidated
Accounting Period(As of March 31, 2022)

Current Third Quarter Consolidated
Accounting period
As of December 31, 2022

Joint and several guarantee obligations tofinancial institutions, etc. until thecompletion of the registration of the

9,846 Millions of yen

2,169 Millions of yen

Minato Vietnam Co., Ltd.
WISE ESTATE 3 Co., Ltd.

917
564

108
1,259

WISE ESTATE 10 Co., Ltd.

-232

11,327

4,637

establishment of mortgages on our group
customer housing loans

Total

3 In order to raise working capital efficiently, we have entered into overdraft and loan commitment contracts with 69 financial
institutions (End of Previous Consolidated Accounting Period 64 companies). The balance of undrawn lines of credit underthese agreements is as follows:
End of Previous Consolidated
Accounting Period(As of March 31, 2022)
Maximum Overdraft Amount and Total
Loan Commitments

Current Third Quarter Consolidated
Accounting period
As of December 31, 2022

77,471 Millions of yen

100,701 Millions of yen

41,63456,29935,83744,402

Loan balance
Net amount(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 and amortization (including depreciation related to Intangible assets excluding Goodwill) andAmortization of goodwill related to the third quarter consolidated Cumulative period are as follows.
Previous Third Quarter Consolidated
Third-Quarter Consolidated
Cumulative period
Cumulative period(From April 1, 2021
(From April 1, 2022
to December 31, 2021)
to December 31, 2022)
Depreciation and amortization

2,268 Millions of yen

1,513 Millions of yen

247

247

Amortization of goodwill(Shareholders' Equity)

I Previous Third Quarter Consolidated Cumulative period (from April 1, 2021 to December 31, 2021)
1.Matters concerning dividends
Dividends paid
(Resolution)

Class of shares

25 -June, 2021
AnnualCommonShareholders'Meeting
29 –Oct,2021
Board ofDirectorsstockCommonstock

Total dividends
Per share(Millions of yen) dividends (yen)Record Date

Effective date

1,086

10

March 31, 2021

June 28, 2021

435

4

Sep. 30,- 2021

Dec. 6,-2021

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

- 16 -

Source ofdividends
Retainedearnings

Retainedearnings

II Third Quarter of Fiscal Year 2016 From Cumulative period (from April 1, 2022 to December 31, 2022
1.Matters concerning dividends
Dividends paid
(Resolution)

Class of shares

Total dividends

Per share(Millions of yen) dividends (yen)Record Date

Effective date

Source ofdividends

24 June, 2022
AnnualShareholders'Common
stock

1,526

14

March 31, 2022

June27, 2022

Retainedearnings

Common
stock

437

4

Sep. 30, 2022

Dec. 6, 2022

Retainedearnings

Meeting
31 Oct, 2022
Board ofDirectors

2.Significant changes in the amount of Shareholders' equity
Not applicable.
(Segment information, etc.)[Segment Information]
I Previous Third Quarter Consolidated Cumulative period (from April 1, 2021 to December 31, 2021)
1.Information on the amount of Net sales and income or loss for each Reportable segments and information on the
breakdown of revenue(Millions of yen)
Reportable segments

Net sales
Revenue arising fromcontracts with customers
Other revenue
Net sales to customers
Intersegment
Net sales or transfers
Total
Segment income (loss) (△)

Total

Total

Others(Note) 1

1,053

93,7291,846

95,575

-

-

4,466

-

4,466

66,81230,3291,053

98,195

1,846

100,042

-

28

-

28

-

28

66,81230,358

1,053

98,224

1,846

100,070

1,050

4,188

581

5,819

△149

5,669

Real Estate

EnergyBusiness

Business

62,34630,329

4,466

Asset
Management
Business(NOTE)1. "Other" Category is a business segment not included in Reportable segments and includes rehabilitationoriented day services, construction subcontracting, and hotel-related businesses.
2.Segment income (loss) (△) is in coordination with Quarterly Consolidated Statements of Income's
Operating income.
3.Segment information for the third quarter consolidated Cumulative period is disclosed after reflecting thesignificant review of the initial allocation of the acquisition cost due to the finalization of the provisional
accounting treatment described in "(Business Combinations, etc.) Notes."
2.Impairment-loss or Goodwill of Fixed assets by Reportable segments(Significant changes in the amount of goodwill)
In First Quarter Consolidated Accounting period, all outstanding shares of ACA Clean Energy Co., Ltd. (renamedLeben Clean Energy Co., Ltd. on June 22, 2021) were newly acquired and made a consolidated subsidiary. As aresult, the amount of Goodwill increased by 860 Millions of yen in Energy Business segment.
The amount of goodwill is after reflecting the allocation of the acquisition cost due to finalization of theprovisional accounting treatment.

- 17 -

II Current Third Quarter Cumulative period (from April 1, 2022 to December 31, 2022
1.Information on the amount of Net sales and income or loss for each Reportable segments and information on the
breakdown of revenue(Millions of yen)
Reportable segments
Asset

OthersManagement
Business

Total(Note) 1

813

88,405

2,277

90,683

-

-

4,397

-

4,397

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

Real EstateBusiness

EnergyBusiness

Revenue arising fromcontracts with customers

80,821

6,770

Other revenue

4,397

Net sales to customers
Intersegment
Net sales or transfers

Total

Net sales

Total
Segment income (loss) (△)(NOTE)1. "Other" Category is a business segment not included in Reportable segments and includes rehabilitationoriented day services, construction subcontracting, and hotel-related businesses.
2.Segment income (loss) (△) is in coordination with Quarterly Consolidated Statements of Income's
Operating income.
2.Changes in Reportable segments(Changes in reportable segments)
With the aim of further enhancing corporate value, our Group shifted to a holding company structure on October 1,
2022 from the viewpoint of clarifying profitability and business responsibilities for each segment and making
effective use of management resources through the transition to a pure holding company structure.
Accordingly, First Quarter Consolidated Accounting period has decided to change the 5 segments of "Real Estate
Sales Business," "Real Estate Leasing Business," "Real Estate Administration Business," "Energy Business," and"Other Businesses," which were previously disclosed as Reportable segments, to the 4 segments of "Real EstateBusiness," "Energy Business," "Asset Management Business," and "Other Businesses." In addition, the allocation
method of company-wide expenses has been reviewed.
Segment information for the previous consolidated third quarter Cumulative period is based on Reportablesegments's Category after the change.
3.Property Information by Reportable segments
Due to the consolidation of Takara Leben Infrastructure Fund Inc. and Green Energy LLC in the third quarter ofthe current consolidated Accounting period, the amount of Reportable segments's assets in the third quarter of thecurrent consolidated Accounting period has increased by 74,448 Millions of yen in the "Energy Business" segmentcompared to the end of End of Previous Consolidated Accounting Period.
The amount of additions to this segment's assets was calculated on a provisional basis as the allocation of
acquisition costs had not been completed at the end of the third quarter consolidated Accounting period.
4.Impairment-loss or Goodwill of Fixed assets by Reportable segments(Significant changes in the amount of goodwill)In the "Energy Business" segment, Takara Leben Infrastructure Fund Inc. was included in the scope of
consolidation due to its inclusion in the scope of consolidation. The amount of Goodwill increased by 7,040 Millionsof yen in the third quarter consolidated Cumulative period under review. The amount of Goodwill is calculated on aprovisional basis as the allocation of the acquisition cost has not been completed at the end of the third quarter
consolidated Accounting period.

- 18 -

(Business Combinations, etc.)(Significant revision of the initial allocation of the acquisition cost in comparative information)
The business combination with ACA Clean Energy Corporation (renamed Leben Clean Energy. Ltd on June 22, 2021),
which was conducted on April 13, 2021, was provisionally accounted for in the previous First Quarter Consolidated
Accounting period, but was finalized at the end of End of Previous Consolidated Accounting Period.
In conjunction with the finalization of this provisional accounting treatment, the initial allocation of the cost of theacquisition was significantly revised in Comparison information included in the quarterly consolidated financial statementsof the third quarter of the current consolidated Cumulative period, with Goodwill decreasing by 655 Millions of yen, Powergeneration facilities for sale increasing by 767 Millions of yen, machinery and equipment increasing by 176 Millions of yen,and deferred tax liabilities increasing by 289 Millions of yen ("Other" in Fixed liabilities).
Consequently, Quarterly Consolidated Statements of Income of Cumulative period for the third quarter of the previous
fiscal year increased by 782 Millions of yen for Cost of sales, decreased by 49 Millions of yen for Selling, general andadministrative expenses, and decreased by 733 Millions of yen for Operating income, Ordinary income, and income before
income taxes, respectively.
(Transactions Under Common Control)(Company Split in Accordance with Transition to a Holding Company Structure)
Following the approval of Board of Directors on May 30, 2022, we implemented an absorption-type company split on
October 1, 2022, in which we split up and Takara Leben West Japan Co., Ltd., our 100% owned subsidiary, became thesuccessor company, and we shifted to a holding company structure.
On the same date, our name was changed to MIRARTH HOLDINGS, Inc. and the name of Takara Leben West Japan
Co., Ltd. was changed to Takara Leben Co., Ltd..
1.Summary of Transactions(1)The name of the business covered and Details of such businessOf the businesses we operate, any and all businesses other than the Group Business Administration Business(including businesses related to the operations required for us to operate as a holding company as a listedcompany), Energy Business and Asset Management Business(2)Date of business combination
October 1, 2022
(3)Legal form of business combination
Corporate split (absorption-type company split) with us as Corporation which effects absorption-type demerger
and Takara Leben West Japan Co., Ltd., as Relation to absorption-type demerger(4)Name following business combination
・Split-off companies: MIRARTH HOLDINGS, Inc.
・Successor: Takara Leben Co., Ltd.
(5)Summary of Other Transactions
By shifting to a holding company structure, the Group aims to separate Group management functions frombusiness execution functions and build a robust governance system.
2.Accounting method
In accordance with the "Accounting Standard for Business Combinations" (ASBJ Statement No. 21, January 16,2019) and the "Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business
Divestitures" (ASBJ Guidance No. 10, January 16, 2019), these transactions are accounted for as transactions undercommon control.

- 19 -

(Business Combination through Acquisition)(Tender offer for Takara Leben Infrastructure Investment Corporation)
On September 28, 2022, Sumitomo Mitsui Banking Corporation, a wholly-owned subsidiary of Sumitomo Mitsui
Finance & Leasing Co., Ltd. and Sumitomo Mitsui Banking Corporation, a wholly-owned subsidiary of Sumitomo Mitsui
Financial Group, entered into a Tender Offer for Green Energy (collectively, 70% owned by Sumitomo Mitsui Financial
Group, as a consolidated subsidiary) for the investment units of Takara Leben Infrastructure Investment Corporation (the"Target Unit").The Company decided to acquire the shares through a tender offer under the Financial Instruments andExchange Act (Act No. 25 of 1948, as amended) (the "Tender Offer"), and on September 28, 2022, the Tender Offer The
Company decided to acquire the investor's units by means of a bargain, and from September 29, 2022, the Tender Offer
was executed and the Tender Offer was terminated on November 11, 2022.
As a result of the Tender Offer, on November 18, 2022 (the commencement date of the settlement of the Tender Offer),
we made the target company a consolidated subsidiary of ours.
1.The outline of the Business Combination(1)Name of the Tender Offeror
Name: Green Energy LLC of the Tender Offeror(2)Name of the acquired company and Details of its business
Name of acquired company: Takara Leben Infrastructure Fund Inc.
Business Details: Investments in Renewable Power Generation Facilities(3)Main reasons for the business combination
This is to expand the renewable Energy Business.
(4)Date of business combination
November 18, 2022
(5)Legal form of business combination
Acquiring Investment units for Cash(6)Name following business combination
Takara Leben Infrastructure Fund Inc.
(7)Acquired equity interest
Equity ownership held immediately prior to the business combination 6.60%
Equity interest additionally acquired on the date of the business combination 84.78%
Ownership ratio after acquisition 91.37%(8)Main rationale for determining the company to acquire
Green Energy, a consolidated subsidiary of the Company, acquired a majority interest in Takara Leben
Infrastructure Fund Inc.'s Investment units in exchange for cash. As a result, Green Energy is deemed to havesubstantial control.
2.Period of performance of the acquired company included in Quarterly Consolidated Statements of Income related toquarterly consolidated Cumulative period
Due to the deemed acquisition date of November 30, 2022 and the difference from the quarterly consolidated
closing date not exceeding 3 months, only the balance sheet was consolidated in the third quarter of the current
consolidated Accounting period. As a result, the results of the acquired company are not included in Quarterly
Consolidated Statements of Income related to the third quarter consolidated Cumulative period.
3.Breakdown of Acquisition Costs and Consideration of Acquired Enterprises by Type
Market value of Investment units held immediately prior to the business
2,499 Millions of yen
combination as of the business combination dateMarket value of Investment units acquired on the date of businesscombination

32,122Acquisition cost

34,622

4.Difference between the acquisition cost of the acquired company and Total of the acquisition cost for each transaction
leading up to the acquisition
Gain on step acquisitions 601 Millions of yen- 20 -

5.Amount, source, amortization method and amortization period of Goodwill incurred(1)Amount of Goodwill incurred
7,040 Millions of yen
The amount of Goodwill is calculated on a provisional basis as the allocation of the acquisition cost has not been
completed at the end of the third quarter consolidated Accounting period.
(2)Cause of occurrenceThis is generated from the excess earnings expected from future business development.
(3)Method and term to amortize goodwill
And will be amortized on a straight-line basis over the period in which the effect of excess earnings power isrealized. The amortization period will be determined based on the results of the allocation of acquisition costs.
(Revenue Recognition)
Information disaggregating revenue from contracts with customers is presented in "Notes (Segment Information, etc.)."(Per Share Information)
Quarterly net income per share and calculation basis, Quarterly diluted net income per share, and calculation basis are as
follows.
Previous Third Quarter
Third-Quarter Consolidated
Consolidated Cumulative period
Cumulative period(From April 1, 2021 to(From April 1, 2022 to
December 31, 2021)
December 31, 2022)(1) Quarterly net income per share

28.58 yen

16.52 yen

3,109

1,804

-

-

3,109

1,804

108,801

109,275

28.37 yen

16.39 yen

-

-

792

862

(Basis of calculation)
Net income attributable to owners of parent(Millions of yen)Amounts not attributable to common shareholders(Millions of yen)
Net income attributable to owners of parent(Millions of yen) related to Common stock
Average number of shares of common stock
outstanding during the period (Thousands ofshares)(2) Quarterly diluted net income per share(Basis of calculation)
Quarterly adjustments to net income attributableto owners of parent(Millions of yen)
Increase in common stock (thousands)
Summary of potentially dilutive shares not included in
the calculation of Quarterly diluted net income pershare due to their anti-dilutive effect, which hadsignificant changes from the end of End of Previous--

Consolidated Accounting Period(NOTE)Quarterly net income per share and Quarterly diluted net income per share of Cumulative period for the third quarterof the previous fiscal year are calculated after reflecting the significant review of the initial allocation of theacquisition cost due to the finalization of the provisional accounting treatment described in "(Business Combinations,etc.) of Notes."(Significant Subsequent Events)
Not applicable.

- 21 -

2[Other]At the meeting of the Board of Directors of October 31, 2022, the interim dividends for the fiscal year under review wereresolved as follows.
(1)Total dividends ・・・437 Millions of yen(2)1 Shares Amount per capita・・・4.00 yen(3)Effective date of claims and payment commencement date・・・December 6, 2022
(NOTE)Payments will be made to shareholders of record as of September 30, 2022.

- 22 -

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

- 23 -

Independent Auditors' Quarterly Review ReportFebruary 10, 2023
MIRARTH HOLDINGS, Inc.
To the Board of Directors

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

Certified Public
Accountant

Tooru Yurue

Designated Limited
Liability Partners
Managing Partner

Certified Public
Accountant

Takafumi Shimokawa

Auditor's conclusion
Pursuant to Article 193-2-1 of the Financial Instruments and Exchange Act, Audit Corporation reviewed the quarterly consolidated
financial statements, that is, the quarterly consolidated balance sheets, Quarterly Consolidated Statements of Income, Quarterly
Consolidated Statements of Comprehensive Income and notes, of MIRARTH HOLDINGS, Inc. (Former company name: Takara
Leben Co., Ltd.) for the consolidated fiscal year from April 1, 2022 to 31-Mar of 2023 for the third quarter (from October 1, 2022 to
December 31, 2022) and the quarterly consolidated financial statements for the third quarter Cumulative period (from April 1, 2022 to
December 31, 2022), which are listed in the "Accounting" section.
In the quarterly review conducted by Audit Corporation, the aforementioned quarterly consolidated financial statements were notdeemed to present fairly the financial position of MIRARTH HOLDINGS, Inc. (Former company name: Takara Leben Co., Ltd.) andits consolidated subsidiaries as of December 31, 2022, and the results of their operations for the third quarter of the fiscal year thenended in conformity with the standards for preparation of quarterly consolidated financial statements generally accepted in Japan.
These matters were not recognized 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 for quarterly reviews is set forth under "Auditor's Responsibility for the Quarterly Review of the Quarterly
Consolidated Financial Statements." Audit Corporation is independent from the Corporation and its consolidated subsidiaries. It is also
responsible for the ethical conduct of Other as a Audit in accordance with the Code of Professional Ethics. We believe that theevidence 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 accordancewith the standards for the preparation of quarterly consolidated financial statements generally accepted in Japan. This includes
establishing and operating such internal control as management determines is necessary to enable the preparation and fair presentationof 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 toprepare the quarterly consolidated financial statements based on the going concern assumption, and disclosing matters related to agoing 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 thedevelopment and operation of the financial reporting process.

- 24 -

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 an professional expert and conduct the following with professional skepticism:
・Questions, analytical procedures, and Other quarterly review procedures mainly for management, finance, and accounting-related
persons. 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 to believe 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. In addition, if material uncertainties regarding the Company's ability to continue as a going concern
are found, the Company is required to draw attention to the notes to the quarterly consolidated financial statements in thequarterly review Report or, if the notes to the quarterly consolidated financial statements regarding material uncertainties are notappropriate, 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 andcircumstances may prevent an entity from continuing as a going concern.
・Evaluate whether the presentation and Details of the quarterly consolidated financial statements, including the related notes, andthe matters which cause the Company to believe that the quarterly consolidated financial statements do not fairly present thetransactions and accounting events underlying the quarterly consolidated financial statements, as well as whether the matterswhich cause the Company to believe are not in accordance with the standards for the preparation of quarterly consolidated
financial statements generally accepted in Japan, are disallowed.
・Obtain evidence regarding the financial information of the Company and its consolidated subsidiaries to express a conclusion on
the quarterly consolidated financial statements. The auditor is responsible for directing, supervising and implementing thequarterly 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 shall conduct Report of Audit & Supervisory Board Members and Audit & Supervisory Board with respect to compliance withthe professional ethics-related provisions of Details regarding independence and matters that are reasonably likely to affect humanindependence and for which safeguards are in place to eliminate or mitigate impediments.
Interests
The Company and Consolidated Subsidiaries have no interest in the Auditing Corporation or Operating Partners that should be statedpursuant to the provisions of the Certified Public Accountants Act.
Above
(NOTE) 1. The original Quarterly Review Report above has been filed separately by us (Annual Securities Report Filing Firm).
2. XBRL data is not included in the scope of quarterly reviews.

- 25 -