動B-Lot Semi-Annual Report Fiscal Year Ending Dec.31,2021 【English Summary】 Disclaimer: This English summary is only for reference purpose. When there are any discrepancies between original Japanese version and English version, the original Japanese version always prevails. O† co.,Ltd. 3452 TSE, First Section)
1 Initial fiscal year of the three-year medium-term management plan. Good progress made towards achieving the consolidated net income target for the full fiscal year of JPY 870 million. With strong real estate market and skill development among young staff. Consulting Business profit up 100.7% year on year. 3, Real estate for sale (JPY 30.4 billion) steadily increased. Progress in acquisition in tandem with development of portfolios by region and by type. Capital increased by procuring over JPY 1.6 billion in public offering. Aiming for real estate development triggering growth, REIT listing and contribution to crowdfunding.
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B-Lot Co., Ltd. All rights reserved. 3

～  Stable long-term growth through 2023  ～
2,500 2,000 1,500 1,000 500 eep Plowing of king Busil Delve deep into customer needs and promote geometric growth of existing businesses Steady 20%  Earning Aim for 20% yearly annualized growth in consulting and management Take measures to build up capital and lay stable financial foundation B-LOT REIT IPO Leverage our Group's information power to achieve JPY50bn AUM and ongoing business
Cultivate Future
Leaders Fortify business professionals Become a treasure trove of talented human resources Add More Corporate Find time to add to our number of corporate partners under principle of mutual prosperity 0 Gross profit breakdown results Gross profit breakdown targets B-Lot Co., Ltd. All rights reserved. 4 &B-Lot
The wealthy population in Japan is increasing. They have a problem on who they should consult regarding management. Distribution of millionaires worldwide Source: Created by B-Lot on the basis of Credit Suisse: The Global Wealth Report 2021 ■ Trend in wealthy households with assets of JPY 100 million or more in Japan Source: Created by B-Lot on the basis of a news release from Nomura Research Institute in 2020 ■ Change in views on management of personal assets under the pandemic (among wealthy and very wealthy business owners and managers) 42% need reliable experts who they 46% feel that asset can seek advice on asset management based on their management from. own ideas has a limitation. Source: Created by B-Lot on the basis of a news release from Nomura Research Institute in 2020 B-Lot Co., Ltd. All rights reserved. 5 @B-Lot
The total stock of real estate in Japan amounts to approx. JPY 2,606 trillion. As assets diversify, expertise in real estate is of increasing significance. Japan's real estate investment market   * Figure 1 ■ * Figure 3 ■ Economic ripple effect of sharing economy on real estate
Tenant attributes are increasingly diversifying, such as shared offices, rental meeting rooms and vacation rental accommodations. Hopes are laid on use of idle land. The market size is expected to grow. Assets invested in by J-REIT and asset scale   * Figure 2 Japan-U.S. comparison in assets invested in by REIT the United States. Signs of expansion of healthcare facilities, infrastructure and others in Japan as well? Source for Figures 1, 2 and 4: Ministry of Land, Infrastructure, Transport and Tourism: Current State of Real Extate Investment Market and Recent Moves Source for Figure 3: InfoCom Research, Inc.: Results of Research on Sharing Economy
Revenue JPY in Millions DOWN △9.0%YoY Net Profit 265 JPY in Millions UP (JPY in Millions) ■ FY2021 Forecast ■2Q FY2021 Actual results (JPY in Millions) ■ FY2021 Forecast ■2Q FY2021 Actual results (JPY in Millions) ■FY2021 Forecast ■2Q FY2021 Actual results
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I-4. Consolidated PL / BS Summary Consulting Business doubled its profit year on year. Equity ratio rose from 17.5% at the end of December 2020 to 20.2% through public offering.
Business profit was JPY344M (79.5% YoY)
(JPY in Millions) With smooth progress in acquisition, the balance of real estate for sale rose to JPY 30.4 billion. Proactively purchase housing and offi boosting the ratio to above 58%! *Bulk deal is calculated as one.(B-Lot Only) Built residence A series of B-LOT RESIDENCE
Revitalization Residence Revitalization Office Bldg. Development New projects Aichi / Heian-dori Residence Fukuoka / Hakata Coming Office Bldg. Soon
Business profit was JPY529M (100.7% YoY)
! The number of contracts concluded increased four folds amid diversification of transaction projects. (JPY in Millions) 🌸 Percentage of Brokerage / Consulting by area
Project for effective use of idle land Supervision of building construction and consultation Helping increase regional attraction Asset consulting for the wealthy provides reassurance in the era with life expectancy of 100 years. Yukkuri Fudosan on YouTube Presenting real properties to create a sensation More than one nillion views Scan this for details. II-3. Real Estate Management Business Business profit was JPY285M (△11.1% YoY)
Steady growth in commissioned management (JPY in Millions)
Actions in SDGs-based management Shift to electronic contracts ✓ Exceeding 700 contracts in cumulative total ✓ Encouraging the paperless shift Installation of digital signage ✓ Communication in case of emergency ✓ Distribution of disaster control information Push for LED lighting ✓ Reducing maintenance and management costs Promotion of unattended delivery ✓ Reducing redeliveries to cut CO2 160,000 120,000 100,000 20,000 140,000 ✔ Slashing energy consumption Business portfolio Indoor cemetery and Funeral hall Cemeteries in August 2021 Listed in Japan's Top 10 Japan's Top 10 Cemeteries is an award honoring the top ten cemeteries in terms of contracts obtained through the e-ohaka website in the period from February to July 2021 from among cemeteries across the country featured on the website. We merged and acquired a company owning and running an ossuary and a funeral hall in 2019. After large-scale renovation and extension, sales were started in August 2020. We are working on corporate revitalization. Yokohama Seien B-Lot Esaka Building in Osaka Prefecture
REIT B-Lot REIT under management
The first REIT investing in B-Lot Esaka Building came under management with assets under management (AUM) of approximately JPY 13.0 billion. It is aimed at increasing the AUM to JPY 50.0 billion by 2023. It is managed by a subsidiary, B-Lot Asset Management Co., Ltd. Asset動B-Lot consulting Condominiums 、Commissioned for subdivision sales The first case of outsourced sales in the Hokkaido region - Branz Tower Sapporo Odori Koen - Applications currently accepted on a first-come-first-served basis for a total of 179 units We merged and acquired a sales agency for newly constructed condominiums for subdivision in April 2016. In April 2021, an absorption-type merger was conducted to integrate the sales agency into B-Lot Co., Ltd. We will capitalize on the expertise and synergy we developed in past sales operations to continuously expand our scope of business. Sales results Sales results in East Japan in West Japan BRANZ TOWER   Sapporo Odori Koen Branz Tower Sapporo Odori Koen website 26敦賀国際ゴルフ倶楽部GOLF × re A much-awaited golf cart navigation system introduced in July 2021 In 2018, we merged and acquired a golf course in the city of Tsuruga in Fukui Prefecture. We have since been working on revitalizing it. In 2020, it served a cumulative total of more than 35,000 visitors. We are making contribution to local communities in the Hokuriku region as well. Tsuruga Kokusai Golf Club website Natural energy SDGs 30,000 m² of solar panels installed and in operation * Total area of land lots in the two properties owned The B-Lot Group will support the Sustainable Development Goals (SDGs). HOTEL × Regional vitality B-Lot Hospitality Management Co., Ltd. In January 2017, we merged and acquired a hotel operator to acquire the hotel it ran. In July 2021, its company name was changed to make a fresh start. We will engage in planning in the area of operation and in operation services as well. Close up! Towards creating epoch-making projects s and the state o SOURCE EVEN

～ Building up stable earnings and moving steadily
forward as we aspire to build a 100-year corporate group 20
◆ Aggressive investment strategies in the Post-COVID-19 ◆ Reinforceing business growth by expanding stable earnings ◆ Diversification of funding sources and sales techniques combining real estate and finance
Overview of Offering

We planned to carry out a public offering for increasing capital in February 2020 but unavoidably decided to cancel it since it was difficult to foresee whether or not the move would unfailingly increase our corporate value during a period of market turmoil after the indications of the global spread of COVID-19. Now we have decided to carry it out after estimating that our corporate value could be improved over the medium to long term by steadily allocating the funds for the purposes mentioned on the next page in a situation where the post-pandemic era was coming into sight.
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＜Funding ＞
() Projects funds for HakoneAshinoko Hotel Condominium JPY 1 billion We are advancing the biggest project since the founding of the B-Lot Group, in which a world-leading five- star luxury hotel operator wishes to launch.
②Purchase price of real estate asset for sale
JPY 356 million We are planning to actively purchase real estate for sale with a focus on properties for residential purposes and to use the fund for warehousing by B-Lot REIT, Inc. inaugurated last year.
6) Investment in JV company and SPCs in the healthcare field
JPY 300 million We have set up a joint venture with CARE TWENTYONE CORPORATION, a company listed on the JASDAQ section of the Tokyo Stock Exchange, with a view to creating healthcare facilities sought by society. We will invest in special purpose companies on a project-by-project basis in a bid to increase business opportunities.
@ Subordinated investment in B-Den (crowdfunding business)   JPY 200 million
We will use the fund for widening the product lineup in the real estate crowdfunding business launched in April 2021 in partnership with SBI Securities Co., Ltd. and for otherwise expanding this business. *Warehousing When a property is acquired in a REIT from a third party, the sponsor company holds the property for a certain period of time, and then the investment corporation acquires t
B-Lot Co., Ltd. All rights reserved. 23

Ashino-Lake 01'13 Prime location Right in front of Lake Ashinoko, Hakone with magnificent views and rich nature •	Bacing the shore of Lake Ashinoko •	Blevation differences of 30m within the site Ashino-Lake National park grounds Approx, 33, 200 m *The information on this page is based on current plans and images, and is subject to change without notice,
World-renowned luxury hotel operator Would be their second project in Japan and first in resort Outline of hotel condominiums (projected) Building area : Approx. 6,300㎡ Building floor area:  Approx. 13,100 m² Total no. of rooms : 74 rooms Hotel (NAGAYA)×53 rooms VILLA  ×21 rooms *The information on this page is based on current plans and images, and is subject to change without notice.
GK HEALTH CARE IP CARE TWENTYONE CORPORATION Project management for the development of healthcare facilities, etc., to make contributions to a super-aging society. • Sourcing • SPC formation • Mid-term management •Sales Aiming to provide consulting services for 6 facilities (SPC) in 2 years Investors in REITs, funds, etc.變 BHDEN    (crowdfunding business) Our Vision
B-Den  =  Assets
The name derives from the traditional Japanese word for biden, literally meaning "fertile rice paddies" and suggesting assets. B-Den aims to design products that will be assets for investors.
Attempt for new assets
Attempt to revitalize new assets subsequent to the ossuary and the golf course and to open new markets. Attempt to be a means of managing JPY 1,900 trillion worth of household financial asset balance. Creating a real estate investment market with high transparency.
Starting with a cumula
total value of JPY 5.0 l
Start with properties with a cumulative total value of JPY 5.0 billion to accumulate know-how  Offering earnings opportunities to investors and maximizing the Group's profit.

Product design
The fund acquires a property at a value equivalent to or lower than its appraised value. We determine a subordinated investment ratio according to the property. The risk of principal loss is reduced for preferred investors. Principal at the time of investment Subordinated investment B-Lot ZU% *Actual share of equity varies by  product. Percentages presented  here are for descriptive purposes • The customer's principle is not  affected (as long as the amount of  devaluation is less than B-Lot's  share of equity) Expected Yield Minimum Investment amount Tenor
Results in 2021
Condominiums 10minutes walk from Omote-sando station on the Tokyo Metro Ginza Line Osaka / Osaka city Condominiums
Fund No.3

Investor registration currently accepted Condominiums Preferred equity 80% Subordinated investment When the appraisal value decreases &B-Lot ອшџѕәлиі leto
(JPY in Millions) B-Lot Channel, Now Streaming! MOVIB YouTube B-Lot Search [B-Lot Channel] [History of B-Lot] @B-Lot
Company Name Head Office Establishment Capital President Number of Employee Listed Date Offices Subsidiaries
B-Lot Company Limited
1-11-7, Shimbashi, Minato-ku, Tokyo, 105-0041 Japan October 10, 2008 JPY 1,870,402,283 Makoto Miyauchi 134 employees (182 as Consolidated) December 11, 2014   (TSE Mothers Market : 3452) February 02, 2018 （TSE 1st Section : 3452) Hokkaido, Nagoya, Osaka , Fukuoka B-Lot Asset Management Co., Ltd  (100% Subsidiary) B-Lot Singapore Pte., Ltd.  (100% Subsidiary) B-Lot Hospitality Management Co., Ltd.  (100% Subsidiary) *July 01, 2021: Changes in the name of a company. T&K Co.,Ltd. B-Lot Capital Link Co.,Ltd （100％ Subsidiary）
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Makoto Miyauchi  Representative Director and President （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.
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.
Masahiro Mochizuki  Director and Deputy 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. Sincerity 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 expertise and 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 estate company listed on the TSE 1st Section. In December 2014, B-Lot listed on the TSE Mothers market with 27 employees, just six years and two months 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
Our Businesses
B-Lot is a real estate and financial consulting company providing one-stop service to our clients with profound experiences and networks. &B-Lot

Real estate revitalization
We acquire real estate that has been undervalued for various reasons, including problems with profitability and legal compliance. We improve asset value and profitability by utilizing the characteristics of each property and making full use of cur own planning capabilities and revitalization expertise. 6) Leasing management. etc. By ourselves, we acquire lands and commit to design and functionality through our integrated system of planning, development, management, and operation. We develop buildings as real estate that are familiar to local residents and tenants as well as generate long-term stable income. Real estate acquisitio by B-Lot and real estate revitalization expertise Value-added planning and Selling as income producing implomentation rosi estato Purchasing Advantages Investment range. Major clies, wide variety of uses, wide price range Information colaction: Unique purchasing notwork developed over the years Decision-making ability: Ability to make decisions at a tast peco Properties with issues: Accortain revitalization prospects and calculate optimal future price Adding value Increased incomed Leesing, operators reforms Raducing costs: Raducing mainlenance and menagament costs Ravising vidators: Consolidaing rights and purchasing adacent land Appropriate usel Renovations, conversions, repairs, new equipment ! We provide consulting services for your business success based on in-depth marketing. ) We plan high value-added products that moet the needs of consumers according to the needs of business owners and clients. 3) We are involved in all aspects of planning for development projects, including construction schedules and sales plans. ! We make designs with partner companies who have a wealth of experience. We supervise the progress of projects to ensure that the construction schedule and costs remain as planned. 6 Wo provide full support for leasing, management, and subsequent operations.
Real estate development

Corporate revitalization and business succession
B-Lot conducts M&A of companies and businesses that are facing issues such as lack of successors and shrinking markets. Through proper management and guidance, we are building an organization with a solid sense of unity and revitalizing our core businesses. Business revitalization is necessary • Formulating growth strategies • Reconstructing the business • Reorganization and integration of unprofitable areas • Asset sales, debt reduction, rescheduling • Finance structure M&A We provide specific solutions to companies that are facing various business challenges. Business revitalization is necessary • Group receparization through mergers, etc. • Utilizing external capital such as revitalization funds • MBO • Legal restructuring, private restructuring • Arrangement of accounting rules • Training and promotion of human resources • IT and system maintenance Strengthen profitability and growth potential Enhance corporate value
Real estate for seniors
In recent years, services for seniors have been garnering attention due to social changes such as the increase in the elderly population. We invest in real estate for seniors that meets the needs of society, and provide real estate in partnership with medical institutions and other organizations.
Features of real estate for seniors
Peace of mind thanks to a variety of shared facilities and health support services
Business details: Own and sell charnel house, operate adjoining restaurant Business details: Design and operate gold courses [Kanagawa Prefecture]

Real estate brokerage
We provide high quality real estate information by utilizing our extensive experience, knowledge, and network. Professionals who are well versed in the real estate investment market assist our clients in the purchase, sale, and operation of their properties. Sales support services We offer real estate not often available to the public through referrals from lawyers, tax accountants and financial institutions as well as real estate which individual investors and fisted companies can quickly sell with ease due to their circumstances. Purchasing support services Our purchasing support services meet the needs of investors because we research the area characteristics and market along with analyzing profitability of the real estate. Leasing brokerage Utilizing our own unique network, we provide leasing trokerage services for offices, stores and residences. Consulting
We also offer proposals for effective use of land, and conduct general negotiations related to real estate, such as rent and land rent revision.
Asset consulting
Our specialized consultants formulate real estate management strategies based on multifaceted analysis and provide comprehensive asset management support, including effective use of land and asset reconfiguration, as well as inheritance measures and business succession for the next generation. Inheritance and business succession We are building a real estate portfolio effective in formulating tax saving plans and inheritance measures through establishing an esset management company. Agency negotiation services We provide general negotiation services for real estate such as rent and land rent revision. Exchange and effective use We propose and achieve land exchange and effective unitzation.

Consignment Sales
We provide marketing and planning support to developers while providing them with feedback on customer needs that we have obtained through past experience. We develop highly specialized condominium sales as a partner for developers and clients. ! We receive requests from developers and conduct research on the potential of the development site through data and inforviews. ). We analyze various data to create and propose plans that predict market needs. (3) We offer integrated management of customer needs and desired life plans for visitors to the model rooms through a database of past proposals and negotiations. A consistent follow-up system in place from contract to delivery to improve the contract rate. ( ) After sales are completed, we complie and analyze the data and report it to the developer. These efforts are highly appreciated and lead to repeat business for the next development project.
Overseas investors support [B-LOT SINGAPORE PTE. LTD]
The B-Lot Group utilizes its own unique consulting capabilities to develop real estate information for inbound investment needs in Japan, and provides a one-stop services from purchase to operation and sale. Service structure of Singapore subsidiary [ B-LOT SINGAPORE PTE. LTD ] Coordinating investment in Japanese real estate • Japanese market referrals - Proposing fund raising methods - Speedy negotiations · Follow-up services About 6 hours 50 minutes from Singapore to Japan Japan corporate services system [ B-Lot Group ] Complete investment support • Developing real estate information tallored to investment needs • Real estate inspection affendance in English • Leasing and property management • Referrals to reliable professionals and other partners Asset management (AM subsidiary) • Fund formation support Investors

Property management
We provide contract-related management services such as tenant solicitation, tenant negotiation, contract work, renewal, and cancellation on behalf of owners to improve the profitability of properties owned by wealthy individuals and investors. Wide scale PR for soliciation information Listed on company metsile and real estate webs favi
Monthly reports
Income and expenditure report Formulation of operation rate table Terrant status report Repair history Annual budget formulation Building management schoolse formalizion Market reports etc...
Ownership and operation of income-producing real estate
SDGS Initiatives
B-Lot is committed to supporting the Sustainable Development Goals (SDGs). We have entered the solar power generation business because we believe that it is our role to protect the environment and leave a beautiful earth for future generations by We own real estate that has value, and we handle all operations related to leasing. We build relationships of trust with our tenants and clients, and we own and operate our properties with detailed services that give our tenants peace of mind.
B-Lot Singapore Pte. Ltd. was established to provide a variety of investment solutions for Asian investors. We are a one-stop service provider for real estate purchases, sales, property management and asset management in the part of the B-Lot Group that specializes in sourcing and consulting with real estate. B-Iot Singapore aims to meet the expectations of smooth asset operations for Asian investors regarding inbound investment needs in Japan. Chief Customer Officer Shinichi Hasegawa — Business Model — 1.Services at Singapore local office
(B-Lot Singapore Pte.Ltd.)
★Investment coordination • Provide the latest Japanese market information • Introduce a variety of financing plan • Speedy negotiations • After sale follow-up From Japanto Singapore: About 7 hours and 40 minutes From Singapore to Japan: About6 hours and 50 minutes
2. Service by B-Lot Group in Japan
(B-Lot Group)
★Wide range of operational support • Sourcing real estate information based on individual clients’ needs • Viewing tour with English speaker • Leasing and Property management • Introducing reliable lawyers, accountants, judicial scriveners, etc. ★B-Lot Asset Management • Fund origination Investors
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 in asset finance. President Taro Togawa — Business Model —
Investors
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 and management, with the aim to increase the asset value of golf courses. President Taizo Kawata — Business Model — Outsourced management Outsourced management of golf courses Planning Golf course design, renovation design, and supervision
Plan proposal
Proposing plans for golf tournaments and events
Consulting services
The management of a total of three courses, including contract as a designated course manager Comprehensive consulting services related to golf, including renovation and course maintenance
Adviser services
Strategic planning and practical training to enhance the asset value of golf courses as profit-earning real estate Adviser services related to the purchase or sale of golf course assets
Golf courses the company manages on an outsourced basis
Wakasu Golf Links (Management business designated by the Tokyo Metropolitan Government) North Shore Country Club Tsuruga Kokusai Golf Club
DISCLAIMER
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/ Except for historical facts, all plans, forecasts, strategies and other information contained herein are forward-looking statements. Forward- looking 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 the time of publication. Various factors could cause results to differ materially from any projections presented herein. The Company reserves the right 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.