Semi-Annual Report
Fiscal Year Ending Dec.31,2024
Sep.4th.2024【English Summary】
Disclaimer: This English summary is only for reference purpose.
When there are any discrepancies between original Japanese version andEnglish version, the original Japanese version always prevails.

STANDARD Market：3452

Contents･･･Q2 FY Dec. 31,2024･･・

１． Greetings

P.3

２． Medium-term Management Plan

P.5

３． Financial Highlights

P.15

４． Business Summary

P.20

５． Company Profile

P.30

Greetings･･･ Q2 FY Dec. 31,2024 ･･･

Our results have remained favorable, as the effects of inflation have been more than offset by the strong support
of wealthy customers.
We have made progress in bolstering our management foundation by investing in human capital and the strategic
sale of real estate.
Thank you very much for continuing to support the B-Lot Group.
We have already entered the second half of 2024, and there have been political and economic developments in Japan and around the world. Oneof the most significant is inflation.
In particular, Japan is experiencing a degree of inflation that has not been seen since the economic bubble. In the real estate market, we need tolook our the changes in the comparative superiority of real estate as a target for investment, in addition to rising costs, partly due to the effects of
the inflation. In addition, construction costs have continued to rise.
In these difficult market conditions, the earnings of the B-Lot Group in the current fiscal year have been extremely favorable.
More attractive real estate with strengths that are apparent and distinctive increases people's willingness to invest.
The real estate we have selected with a highly discerning eye before bringing out its maximum added value generates an extremely large profit when sold.
Our higher-quality services are customized to ensure even highly demanding customers are very satisfied.
By providing these properties and services, we receive strong support from wealthy customers. The impact of their support more than offsets theeffects of inflation.
On the management front, we have been steadily implementing measures under the Medium-term Management Plan.
We are working on initiatives described in the action plan: (1) secure and develop excellent human resources,(2) deepen and expand networks and alliances, (3) diversify fund procurement methods,(4) promote and accelerate DX, (5) establish new revenue models,and (6) strengthen corporate governance and risk management systems.
We will continue to take full advantage of our strengths to fulfill
the needs of wealthy customers and achieve the stable growthof our business.
In addition, we will strive to make new deals with wealthy customers
and non-financial corporations and increase our assets undermanagement while recognizing the expansion of the wealthy customer
market and the high salability of real estate properties that enable us torespond to the fluctuation of financial markets, which are strategic elements.
We ask for your continued guidance and support for the B-Lot Group.

President
Masahiro Mochizuki

CEO
Makoto Miyauchi

B-Lot Co., Ltd. All rights reserved. 3

B-Lot's History･･･ Q2 FY Dec. 31,2024 ･･・

Since 2015, B-Lot has established a group company or carried out M&A activity every year.
Human resources development and the increasing number of partner companies are expected
to contribute to stable, long-term growth.
M&A

M&A

M&A

T&K Group

LC Partners
Medical Asset Investment
Established

YOKOHAMA
SEIEN

Preparatory Officefor Okinawa Branch
TSE Standard Market

Nagoya Branch

Established

M&A

B-Lot Capital Link

Tokan
Real Estate
Dvelopment

TSEFirst Section
M&A

Revenue
売上高Net
profit for the period
当期純利益

Viento Creation
LLC
OWEN-IP

M&A

Established ・M&A

Life Stage
Established[Revenue]
Forecasts notdisclosed

OSAKA Branch
Established

B-Lot Asset Management
B-LOT SINGAPORETSE Mothers IPO
EstablishedEstablishedEstablished

Hokkaido Branch

B-Lot

Number of
Employees

Fukuoka Branch

FY2009

2010

2011

2012

2013

2014

2015

2016

2017

５

８

11

16

18

24

35

134 149

2018

2019

2020

2021

2022

2023

201 194

176

178

173

175

2024

2025

2026

Earnings Forecast(Notes) The figures from 2015 are consolidated figures.
*OWEN-IP LLC (formerly GK HEALTH CARE IP)
B-Lot Co., Ltd. All rights reserved. 4

Medium-Term
Management Plan
(2024-2026)
Review and Progress5

Our Mission･･･ Q2 FY Dec. 31,2024 ･･・

Helping our stakeholders create wealth,assets, and networks[Assets held and the number of households in each classification in terms of net financial assets held (2021)]

Super affluent[JPY 500 million-]

Affluent

90K households[JPY 100 million - 500 million]

Upper middle class[JPY 50 million - 100 million]

Middle class[JPY 30 million - 50 million]

Working class[Less than JPY 30 million]

Main customers

1.395M
households

3.254M households

7.263M households

Potential
customers

42.132M households

The number of main customers that we have andtheir needs are increasing steadily every year.
◆ Asset management consulting◆ Establishing a company responsible forinheritance measures and asset management(Change from 2019: +158,000 households)

Creating many points of contact withpotential customers and encouraging them tostart managing their assets◆ Sale of newly constructed condominiums
for sale◆ Crowdfunding initiative (B-Den)(Change from 2019: -47,000 households)

Total 54.134M households

Created by B-Lot based on Nomura Research Institute's estimate that 1.49 million households are wealthy in Japan and their total net financial assets are 364 trillion yen

B-Lot Co., Ltd. All rights reserved. 6

Advantages of Business with Wealthy Customers･･･ Q2 FY Dec. 31,2024 ･･・

We operate the business carefully by valuing confidentiality and partnerships.

WealthyService

AssetManagement

Investment
Proposal

FundingTax Saving
Inheritance

M&A

Business
Succession

Our Strengths❶ Expertise❷ Network❸ Planning ability

It is 15 years since our founding!
We excel in the market for
wealthy customers and have
many officers with more than 20
years of experience in the realestate industry

We deeply explore content thatwill interest wealthy customers!
Reliability backed by a trackrecord of transactions.

Providing real estate products that area step ahead of others, with apioneering spirit!
Developing businesses oriented tomaking a social contribution byattaching importance to creativity anda business perspective
B-Lot Co., Ltd. All rights reserved. 7

Evolving into a Strong Organization
That Can Contribute to Society･･･ Q2 FY Dec. 31,2024 ･･・

Donation activities aimed at contributing to the establishmentof a sustainable society
Environmental initiatives
In 2024, we issued Aigin SDGs Private Placement
Bond and donated a drone to Meikai University.

Social initiatives
In 2024, we made donations to the local governments of ten
cities, including cities where we have offices and cities which wereaffected by earthquakes, through the corporate version of thefurusato nozei (hometown tax) donation program.
SapporoKita-Hiroshima

Ishikawa
WajimaSuzu
Tsuruga

To be used to collect information forresponding to natural disasters, whose
severity and frequency are increasing

Aichi bank Tokyo brunch manager
Hiroshi Sugimoto

Meikai University Vice president
Hideo Ninomiya

Fukuoka
NagoyaOsaka

Mayor of Sapporo
Katsuhiro Akimoto

Chief Executive Housing & Urban
Planning Bureau of Fukuoka
Kenji Nakamura
B-Lot Co., Ltd. All rights reserved. 8

Medium-Term Management Plan (2024 - 2026)
Three-Year Management Plan
Fiscal Year

5,060 millions

FY2024KPI Goals

Net Profit

Ordinary Income･･･ Q2 FY Dec. 31,2024 ･･・

Dividend
payoutratio

3,470 millions

FY20255,320 millions

3,640 millions

FY2026

5,580 millions

3,830 millions

29.8%

Plan

FY Dec.31 2023 result

Fixed
assets

8.57B

Plan

6,000

5,000
3,000
4,000

2,000

ROE

28.1％
As of Jun 2024

Returning profits
to shareholders
JPY

2.0 billion

every fiscal year

million

4,000% or above

Increasing around

As of Jun 2024

*Profit attributable to owners of parent is presented as "net profit."

30

Plan

Reinforcing the managementfoundation by targeting30% or above

Reference: Breakdown of profit by segment for the
first half of 2024

3,000

2,000

28%

1,000

55%

1,000

17%
0

0
2020

2021

2022

2023

2024

2025

2026

B-Lot Co., Ltd. All rights reserved. 9

Action Plan･･･ Q2 FY Dec. 31,2024 ･･・

Pick up!
優秀な人材の確保と育成
Hire and foster competent１

personnel

Pick up!
優秀な人材の確保と育成
Deepen and expand networks

２ and alliances

Enhance measures to expand networks byfurther solidifying our relationships withreal-estate agents, partner companies, andwealthy private customers

Develop human resources who deeply understand the
Corporate Philosophy and business perspective of B-Lot
and who achieve great results by fulfilling their missions

優秀な人材の確保と育成

優秀な人材の確保と育成

Additionally, strengthen fund procurement
through direct financing with B-Den, a real-estate
crowdfunding initiative

Dramatically increase the speed of management andwork efficiency in existing businesses by using
technologies as we work to improve per-capita
productivity and information technology literacy

３

Diversifying funding methods

優秀な人材の確保と育成

5

Establish new revenue models

Joint investments with partner companies and
M&A activities
Increase our expertise in new business domains
and in the field of corporate revitalization

４

Promote and accelerate DX

優秀な人材の確保と育成
Strengthen corporate governance6

and risk management systems

Continue to develop the risk management system
Enhance training programs, including programs on
legal matters, mainly targeting managerial employees
B-Lot Co., Ltd. All rights reserved. 10

１． Hire and foster competent personnel･･･ Q2 FY Dec. 31,2024 ･･・

We will develop human resources who have a medium- to long-term perspective,
deeply understand the Corporate Philosophy and business perspective of B-Lot, andachieve great results by fulfilling their missions.
Aggressive
recruitment of humancapitalFirst half of 2024

13 new employees joined us*
FY2022：22 and FY2023：17*Including new graduates

New graduates in 2025
Informal job offers givento

11 persons

FY2023: 4 and FY2024: 2

Achieve self-actualization
through work pursuing theunique qualities of B-Lot!
Profession/Specialist
Contributing to theorganization withspecial capabilities
Pushing forward with workto achieve individual
missions

Management team/manager
Contributing to the growthof the organization throughteam management

Achieving major results byalso leveraging thecapabilities of other people

A significant increase in staff is expected.
B-Lot Co., Ltd. All rights reserved. 11

１． Hire and foster competent personnel･･･ Q2 FY Dec. 31,2024 ･･・

The first half of the year

Moving lively to growth!

Diversification ofwork styles
Part-time employees
working from home
4

Financial assistance for receiving
qualifications
The number of users aiming to bequalified real estate transaction
agents is increasing.

Ratio of employees who
returned to work afterchildcare leave
100％

Personnel expenses
increased approx. JPY
100 million YoY.

Director training
provided twice inthe first half.

Number of award
winners in the first
half:
14

Increase in thenumber of users of theTokyo Metropolitan
area short-distanceallowance

Preferential treatment in
the use of owned
facilitiesThe number offacilities increased by 2.

10% support theownership association
Increase in members
B-Lot Co., Ltd. All rights reserved. 12

２． Deepen and expand networks and alliances ･･･ Q2 FY Dec. 31,2024 ･･・
We will enhance the measures to expand networks by further solidifying our
relationships with real-estate agents, partner companies, and wealthy private
customers, so that they provide good real-estate information and place orders.
Increasing the number of fans of our services❻
Shareholders
Approx. 13,000
persons❶Superaffluent
90 K households❷Affluent
1.4 M
households❸ Potential➎Experts

customers

Approx. 52 million
households

Lawyers,accountant,
tax accountants, andjudicial scriveners(1) We will approach super-wealthy customers by fully
leveraging the human networks of our officers. We will
identify potential needs and gather information earlyon, drawing attention to our strengths using real-life
examples, such as inheritance planning and businesssuccession strategies.

❹Financial
institutions, funds,
and institutional
investors(2) We will expand alliances with IFA and PB andincrease our visibility, thereby increasing the numberof main customers.
(3) We will increase our visibility by using advertisingmass advertising, including B-Den videos that betteruse our touchpoints for condominium sales (approx.
60 salespeople).
(4) We will find new customers and properties bytaking advantage of our continuously being involved intransactions with approx. 55 banks nationwide over thelong term. Strengthening relationships withinstitutional investors and funds using our trackrecord in asset management transactions(5) Expert assistance is essential to more quickly
achieve corporate growth. We will increase points ofcontact and transactions with excellent experts to buytime.
(6) On B-Den, we will fund projects by raising moneyfrom only shareholders. We aim to build a systemthat offers a wider variety of coupons, etc. while
enabling shareholders to participate in the projects.
*The number of salespeople and number of banks we transact
business with are as of December 2023.
B-Lot Co., Ltd. All rights reserved. 13

２． Deepen and expand networks and alliances ･･･ Q2 FY Dec. 31,2024 ･･･
Strengthening relationships with institutional investors and funds based on our trackrecord in asset management transactions
Collaborations with Hokkaido AssetManagement Co., Ltd.

Participation in a project to develop one of thelargest refrigerated and cold-storage warehouses in
Hokuriku

An SPC managed by BAM* has sold two
properties to Hokkaido REIT Investment
Corporation., Ltd.

BAM will propose investment strategies
and build schemes based on the needsof general corporations.

Hokkaido/ Iwamizawa / Limited proprietary
right of land for commercial facility

Hokkaido/ Yurigahara /Commercial facility

Silentpartnershipinvestment

Silentpartnershipinvestment

PM
EntrustedAM
Entrusted

Diversifying
revenueopportunities

Planning
Investment
strategies

Partnership agreement signed with

Toyama /refrigerated and cold-storage warehouse

１ Hokkaido Asset Management Co., Ltd.

１

Investment in a limited liability
investment partnership in Hokkaido
Reit Investment Corporation., Ltd.

Initiatives for a new type of asset(For realizing the cold chain concept)

2

Investment in SPC
Asset management commissioned to BAM

2*BAM is B-Lot Asset Management Co., Ltd.

B-Lot Co., Ltd. All rights reserved. 14

Financial Highlights

Summary･･･ Q2 FY Dec. 31,2024 ･･・

1.

Progress has been good, with 67.3% of the full year consolidated
profit budget achieved.
Year-on-year growth was achieved in all segments.

2.

Adopted an aggressive stance towards diversification including
joint ventures and investment projects while carefully selecting
real estate for sale and sites under development (balance: JPY 34.1
billion) to purchase.
Achieved record-high first-half operating income in the Real EstateConsulting Business thanks to the development and active
participation of future leaders.

3.
4.

Strengthened SDG initiatives using sustainable financing.
Contribution to the realization of a sustainable society throughbusiness activities
B-Lot Co., Ltd. All rights reserved. 16

Performance Highlights･･･ Q2 FY Dec. 31,2024 ･･・

Aiming for Steady Growth, Paying Particular Attention to
Net Profit, a KPI
Revenue（JPY in Millions ）25,00020,000Ordinary Income（ Not disclosed ）23,510Net Profit（JPY in Millions）（JPY in Millions）

4,945

5,000

5,060

3,470

3,500

3,297

3,000

19,9114,000

2,500
15,000

3,000

2,000

2,415
10,000

1,637
1,500

2,000

2,333

3,196

16,079

1,000
5,000

1,000
500

-

2022

2023

2024

2022

2023

2024

2022

2023

2024

B-Lot Co., Ltd. All rights reserved. 17

Consolidated P&L Summary･･･ Q2 FY Dec. 31,2024 ･･・（ JPY in Millions ）2023/6.

2024/6.

Revenue

13,681

16,07917.5％(1) Real Estate Investment
and Development business

10,734

12,621

17.6％

941

1,176

24.9％

(3) Real EstateManagement business

2,005

2,281

13.8％

Gross profit

4,368

5,090

16.5％

SG&A

1,574

1,694

7.6％

Operating income

2,793

3,396

21.6％

(1) Real Estate Investment
and Development business

2,113

2,270

7.4％

(2) Real EstateConsulting business

426

709

66.5％

(3) Real EstateManagement business

990

1,166

17.7％

Other (company-wide
expenses)

△737

△750

1.8％

Ordinary income

2,510

3,196

27.3％

Net profit for the period

1,697

2,333

37.5％

(2) Real EstateConsulting businessYoY change

Revenue and Operating income
Revenue increased JPY 2,398 million, up 17.5％ year on year.
Operating income rose JPY 602 million, up 21.6％ year on
year.
Record first-half operating income was achieved in theReal Estate Consulting Business and Real EstateManagement Business.
Operating income from the Real Estate Management
Business accounts was 28.1% of the total, moving toward
an increase in recurring revenue and a change in therevenue structure.

SG&A
Personnel expanses increased approx. JPY 1.0 million, inline with the aggressive investment in human capital.
Return of profit to high performers and investment in
future leaders.

Net profit for the period

Increased JPY 636 million. Rose37.5％ year on year.
Progress rate 67.3％(Note) Revenue does not include inter-segment transactions.

B-Lot Co., Ltd. All rights reserved. 18

Consolidated P&L Summary（ JPY in Millions ）2023/12.

2024/6.

57,24057,873

1.1％

Current assets

48,26349,296

2.1％

Fixed assets

8,967

8,570

△4.4％

9

6

△30.5％

42,20041,254△2.2％

Current liabilities

16,74715,156△9.5％

Fixed liabilities

25,452

26,097

2.5％

Net assets

15,04016,619

10.5％

Total liabilities
and net assets

57,24057,873

1.1％

AssetsDeferred assets

Liabilities

YoY change･･･ Q2 FY Dec. 31,2024 ･･・

Asset
Increased JPY 633 million.
Cash and deposits increased JPY 2,187million.
Real estate decreased JPY 1,504 million
Real estate for sale in process JPY 172 million

Liabilities
Decrased JPY 945 million
Total interest-bearing debt declined JPY ▲451 million
There was progress in the repayment of borrowings
due to the sale of real estate for sale.
Improved the financial balance with an awareness ofcapital efficiency.

Net assets
Increased JPY 1,578 million.
Retained earnings rose JPY1,357 million.
The equity ratio stood at 28.1％(25.6％ a year ago）
Target equity ratio of more than 30% to establish
a stable financial base.
B-Lot Co., Ltd. All rights reserved. 19

Business Summary

Real Estate Investment Development Business
Revenue and Ordinary Income Trends･･･ Q2 FY Dec. 31,2024 ･･・

Sale of the third building in the B-LOT RESIDENCE series

12,621（JPY in Millions）

10,734

2,113

2,270

2023/62024/6

5,867
2,915
2,268

191

664
344

2020/62021/62022/6

Segment profit increased 7.4％ year on year
Profit margin exceeded the initial forecast,mainly for residential properties
23 properties were sold（27 properties a yearago）
21 residential properties, 1 office and retailproperty, and 1 land lot.

Nagoya/ Heiandori

Full occupancy achieved early after tenants began
to be solicited
Pursued high-quality design and highly functional
specifications
A co-working space created at the entrance
Sold to a major real-estate company
Sale of the newly constructed condominiums
was newly commissioned by the company
that designed and constructed the building
B-Lot Co., Ltd. All rights reserved. 21

Real Estate Investment Development Business･･･ Q2 FY Dec. 31,2024 ･･・

The Hokkaido Office sold four properties in Sapporo

Kita 1-jo

Market Topics
Residential
districts

Maruyamakoen

The official land price rose for the eighthconsecutive year in 2024.
Average price(yen/sqm）

Average volatility

2019

72,9004.0％

2020

78,8007.1％

2021

82,5004.3%

2022

89,7009.3%

2023

102,200

15.0%

2024

110,800

8.4%*Created by B-Lot based on a document describing trends in official land prices
in Sapporo published by the Sapporo city government in 2024

Kita 3-jo

Kita 24-jo

Steadily completed the commercialization of thefour buildings by identifying demand from wealthy
customers and non-financial corporations
Both the total profit and total profit margin
exceeded the initial plan2019 to June 2024
Official land price: Increased more than 1.5-foldNumber of buildings for which property management
has been commissioned to us: Increased more than
1.5-fold
We are also increasing our staff to expand
business in Hokkaido.
B-Lot Co., Ltd. All rights reserved. 22

Real Estate Investment Development Business
Balance of real estate for sale･･･ Q2 FY Dec. 31,2024 ･･・

Properties By Type38,86635,47834,147Development Site

21

29,536（単位：百万円）

26,93019,903

7

22
11

7
9

56

5
41

7

51

14,500

11,392 11,358

36

29

6,069

2023/122024/06*Properties owned by B-Lot Co., Ltd. by type
(Bulk deals are calculated as one.)

2015/12 2016/12 2017/12 2018/12 2019/12 2020/12 2021/12 2022/12 2023/12 2024/6

19 Properties acquired（15properties a year ago）
15 retail residence, and 4 land lots

In FY2023, approx. JPY 4.9 billion (five properties)
in real estate for sale was transferred to fixed
assets.
Will adopt an aggressive attitude towards newacquisitions of fixed assets as well

29 properties for residential purposes were purchased, adecrease of 7 from the previous year.
7 office and retail properties were purchased, a decreaseof 2 from the previous year.
In the first half, more properties were sold thanacquired, mainly properties for residential purposes.

In the second half, we expect to be aggressive inpurchasing while being flexible about area and type,taking advantage of the broad range of investments.

B-Lot Co., Ltd. All rights reserved. 23

Upcoming Properties･･･ Q2 FY Dec. 31,2024 ･･・

Real estate restoration

Real estate development

Development of a luxury hotel in Hakone

Tokyo / Minami-shinagawa

Tokyo/ Nihonbashi

Business
regeneration

High Rise Condominium

Tokyo/ Motoazabu

Nagoya /TakamineTokyo/ Nakameguro

Tsuruga Kokusai Golf Club

Projects are in progress although plans
were changed significantly in response
to COVID-19, which has had an ongoing
impact and the rise of construction costs.

Hotel

WISEOWL HOSTEL
SapporoAND HOTELHAKATA

B-Lot Co., Ltd. All rights reserved. 24

Real Estate Consulting Business
Revenue and Ordinary Income Trends

Number of Contracts Trends
Number of contracts
through brokerage

1,176

1,174
1,027

･･･ Q2 FY Dec. 31,2024 ･･・

600

7

400

19
20

675
529

709
426

10

263
0
2020/62021/62022/62023/62024/6

Business profit was 166.5％
Purchase desiring for commercial properties
increased rapidly with a background of growth ofaffluent market
achieved new record for profit in the first half！
In addition to newly hiring staff, we transferredsalespeople to positions where they would bein charge of brokerage.

529

13

30

673

606

8

40

941

Number of units delivered
through commissioned sale

20

200

2

3

0

2023/62024/6122023/62024/6

The number of contracts through brokerage was45（40 in the previous year）
Kanto 13、Hokkaido 8、Kyusyu 3、Kansai 20、Chubu 1

The number of newly constructedcondominiums for sale that were delivered was
114.6％ of the number in the previous year,
progressing as planned.
B-Lot Co., Ltd. All rights reserved. 25

Real Estate Consulting Business
Example of a contract with a sales agent･･･ Q2 FY Dec. 31,2024 ･･・
Consignment sale
Total units: 135

Request for asset
replacement

All units were soldbefore completion

Real estate purchase[Business owner]
Osaka Metro Co., Ltd.

Individual investor

Retail residence

Kanden Realty& Development Co.,Ltd.

Real estate agent[Features]
Property offer todiverse needs

The commemorative first property
in the Osaka Metro's condominiums
for sale business

Request for sell-off
Metrize Tower Osaka
Uehommachi

Provided appropriate opportunities in response to
the diverse needs of individual customers
Created multiple transactions for a single realestate property

Sold all of the units of ten properties in the first half
(The sales share was 100% for 4 of the properties)
Our sales capabilities were evaluated highly by a major
developer.

The average brokerage fee increased about
twofold from the previous year* due to theincrease in the real estate sales

Sold all of the units of three properties commissioned by
Kanden Realty & Development Co.,Ltd.
Aiming to sell all of the units of two properties which are
entrusted to us at present as quickly as possible*Excluding condominiums for senior citizens

B-Lot Co., Ltd. All rights reserved. 26

Newly-built condominium
Sale on consignment all over Japan！

Wellith Kakuozan Hoocho

Aoi CROSS TOWERPRESIS tower
Mishima Hirokoji･･･ Q2 FY Dec. 31,2024 ･･・

PREMIST
Asahikawathe tower

BRANZ Tower
Sapporo Odorikoen

GRANCIELO Kichijoji
PROUD TOWER Okayama

Sales
information
here ▼CIELIA CITY Akashi Okubo

Laurel Court kitatanabe

CIELIA azamino
B-Lot Co., Ltd. All rights reserved. 27

Real Estate Management Business
Revenue and Ordinary Income Trends
2,281･･･ Q2 FY Dec. 31,2024 ･･・

PM consignment building trends
160

147

2,005

116

120

120

157
28

28

101

1,166
1,218
1,014

990

80

68
59

894
40
40

320
2020/6

285

21

82

9
14

355

17

48
10

8
23

14

26

43
42

21
15

33

33

54

57

30
27

23

18
20

21

28

35

42

68

77

0
2021/62022/62023/62024/6

Segment profit increased 17.7％ year on year
Set new record for profit by a large margin

The increase in rental income contributed tothe increases in revenue and profit.
Revenue from hotel assets increased 1.4-foldyear on year.

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024/6

The number of buildings was 157（147 in theprevious year）
The number increased by 10 from the same
period in the previous fiscal year.
The earnings base expanded steadily due to theincrease in the number of buildings managed.
Repeated transactions with real estatecompanies increased thanks to outstanding
property management.
B-Lot Co., Ltd. All rights reserved. 28

Real Estate Management Business･･･ Q2 FY Dec. 31,2024 ･･・

Assets under management increased at each property management base!
Property management segment in numbers

Company owning hotels: M&A project completed

As of Jun 30,2024

Number of buildings wewere consigned to manage

157

Owners of managed
properties

81

Do-c Ebisu/ Do-c Gotanda※1

Percent of property management
consigned from other departments

54.8％

Cumulative period in FY 12/24
Rate of successful sales/brokerage contract withthe owners of managed properties

23.9％

※2

After merger, the manager of the property
management segment from B-Lot became thepresident.
Employees who were transferred to B-Lot continue towork with us at present (for more than five years).
They have been promoted to management positions
and they embody our corporate culture
Do-c Gotanda, an asset we own, was transferredto the owners of managed properties. We
continue to manage the property.
> Multilateral transactions realized*1 Both corporations and individuals were counted as one where the actual conditions were identical.
*2 Excluding condominiums for senior citizens for actual demand

B-Lot Co., Ltd. All rights reserved. 29Company Profile

Company Profile＝as of December 31, 2023＝
Company Name

B-Lot Company Limited

Head Office

1-11-7, Shimbashi, Minato-ku, Tokyo,
105-0041 Japan

Establishment

October 10, 2008

CapitalJPY 1,992,532,283

CEO

Makoto Miyauchi

Number of
Employee

131 employees (175 as Consolidated)

Listed Date

December 11, 2014 （TSE Mothers Market : 3452)
February 02, 2018 （TSE Standard : 3452)

Offices
Subsidiaries･･･ Q2 FY Dec. 31,2024 ･･･

Hokkaido, Nagoya, Osaka, Fukuoka, Okinawa(Preparatory Office for)

B-Lot Asset Management Co., Ltd（100％ Subsidiary）
B-Lot Singapore Pte., Ltd.（100％ Subsidiary）
B-Lot Hospitality Management Co., Ltd.（100％ Subsidiary）
T&K Co.,Ltd.
B-Lot Capital Link Co.,Ltd （100％ Subsidiary）
B-Lot Co., Ltd. All rights reserved. 31

The three founders･･･ Q2 FY Dec. 31,2024 ･･・

Makoto Miyauchi Chief Executive Officer （Born in February 1969)
Acquired BA in Political Science at Keio University, Tokyo and MBA at University of Washington,
Seattle. A former banker (at Sanwa Bank - currently MUFG) with expertise in project financing,property loans, and securitization.
Established B-Lot to start new real estate and financial businesses
in 2008. A well-known, influential business executive in Japan.

Masahiro Mochizuki President （Born in October 1972)
Acquired BA in Real Estate at Meikai University.
Established a new business field in real estate value-up called “Re-planning” in 2001,
responsible for purchasing, improving value, selling, and securitizing properties.
Specialized in ‘revitalization and conversion business on real estate’.
Has dealt more than 150 transactions, becoming a most recognized authority in the field of real estate value-up.
Held a number of seminars mainly about revitalization.

Shinichi Hasegawa Director and Deputy President （Born in July 1972)
Acquired BA in Commercial Science at Sapporo Gakuin University.
Has been responsible mainly for purchase and sales real estate brokerage business .
Made tremendous contribution for Sun Frontier Fudousan Co., Ltd.(TSE first section 8934)
to be listed in the JASDAQ Stock Exchange in 5 years and in the Tokyo Stock Exchange in 8 years
since its incorporation. Assumed the Deputy President of B-Lot in 2008.
Set up new branches in Singapore & Hokkaido by himself and creates new investment networks.
B-Lot Co., Ltd. All rights reserved. 32

History･･･ Q2 FY Dec. 31,2024 ･･・

The logo is ・・・
a symbol of our foundation.

Passion

Sincerity

Brightness

Total
harmonization

The rounded corners of the squares express flexibility
and balance.
The company was established in October 2008, and all three founders had different areas of expertiseand networks.
President Makoto Miyauchi has a strong background in finance, Deputy President Shinichi Hasegawa is
extensive expertise in consulting and customer development and Deputy President Masahiro Mochizuki
is skilled in property revitalization (acquisition and sales). Previously, they managed a real estatecompany listed on the TSE 1st Section.
In December 2014, B-Lot listed on the TSE Mothers market with 27 employees, just six years and twomonths after its founding, which was faster than any other real estate company following the global
financial crisis.
In February 2018, the company transferred its listing to the TSE 1st Section.
B-Lot Co., Ltd. All rights reserved. 33

Business Outline･･･ Q2 FY Dec. 31,2024 ･･・

B-Lot Co., Ltd. All rights reserved. 34

Real Estate Investment Development Business･･･ Q2 FY Dec. 31,2024 ･･・

B-Lot Co., Ltd. All rights reserved. 35

Real Estate Investment Development Business･･･ Q2 FY Dec. 31,2024 ･･・

B-Lot Co., Ltd. All rights reserved. 36

Real Estate Consulting Business･･･ Q2 FY Dec. 31,2024 ･･・

B-Lot Co., Ltd. All rights reserved. 37

Real Estate Consulting Business･･･ Q2 FY Dec. 31,2024 ･･・

B-Lot Co., Ltd. All rights reserved. 38

Real Estate Management Business･･･ Q2 FY Dec. 31,2024 ･･・

B-Lot Co., Ltd. All rights reserved. 39

Real Estate Management Business･･･ Q2 FY Dec. 31,2024 ･･・

B-Lot Co., Ltd. All rights reserved. 40

B-Lot Asset Management Company Limited
B-Lot Asset Management Co., Ltd. provides comprehensive real estate
operational services such as asset management with financial schemes
We originate a wide variety of real estate funds to meet the investors’ individual needs. As an asset manager

with deep knowledge, B-Lot provides quality services and has cultivated sales/purchases, brokerage, valuation,and property management of investment properties along with experience, expertise, and our own network inasset finance.

President Taro Togawa— Business Model ―Acquisition
・Analysis on targeted property
・Sourcing and negotiation
・Property valuation
・Debt financing
・Due diligence・Origination of structural vehicle
・Documentation

Operation（3 to 5 years）
・Implement asset management
strategies
・Improve the asset value (Rent,
occupancy rate, renovation, etc.)
・Supervision of property management
and building management companies
・Portfolio management and cash flow

Exit
・Provide exit strategies (Sale,
refinance etc.)
・Property valuation
・Negotiation with purchaser
・Documentation
・Closing of funds (pay off debt）

planning
・Investor reporting

Income Gain
Equity Investment

Investors

Capital Gain

T&K Co., Ltd.
T&K provides a range of services including outsourced golf course management,
design and repair planning, and golf tournament plan proposal by harnessing its
abundant experience and broad expertise related to golf.
T&K provides superior services with a focus on hospitality, and improves course maintenance to provide
high-quality course conditions. By doing so, the company enhances player satisfaction and boosts course
performance. The company leverages its strength in reflecting customers’ voices into product planning andmanagement, with the aim to increase the asset value of golf courses.
CEO Taizo Kawata— Business Model ―Outsourced management

Consulting services

Outsourced management of golf courses

The management of a total of threecourses, including contract as adesignated course manager
Comprehensive consulting services
related to golf, including renovation andcourse maintenance

Planning
Golf course design, renovation design,and supervision

Plan proposal
Proposing plans for golf tournaments
and events

Adviser services

Golf courses the company manages on an outsourced basis

Wakasu Golf Links(Management business designated by
the Tokyo Metropolitan Government)

North Shore Country Club

Strategic planning and practical training
to enhance the asset value of golfcourses as profit-earning real estate
Adviser services related to the purchaseor sale of golf course assets

Tsuruga Kokusai Golf Club・・・・・ Contact us ・・・・・
Corporate Planning Department
Tel ：+81 3-6891-2525
Fax：+81 3-6891-2522
E-mail ir@b-lot.co.jp
URL : https://en.b-lot.co.jp/
DISCLAIMER
Except for historical facts, all plans, forecasts, strategies and other information contained herein are forward-looking statements. Forwardlooking statements include but are not limited to descriptions of performance containing words such as or similar to “believe,” “expect,” “plan,”“strategy,” “anticipate,” “forecast,” and “estimate,” and are based on judgments derived from the information available to the Company at thetime of publication. Various factors could cause results to differ materially from any projections presented herein. The Company reserves theright to maintain or change its projections regardless of any new information, conditions or changes in performance. These materials are for
informational purposes only, and should not be construed as a recommendation to invest in the Company.