Lear Research Memo (9): Continuing to consider dividend policy while balancing retained earnings.

The shareholder return strategy of Lear <2998> recognizes benefiting shareholders as a key management challenge, and as a basic policy, aims to provide continuous and stable Dividends while comprehensively considering the business environment, management performance, and financial condition. Currently, as the company is in a growth phase, it is believed that enhancing internal reserves and effectively utilizing funds for further growth will lead to maximum benefit returns to shareholders. In the future, Dividends will be provided considering management performance and financial conditions.

Fisco JapanDec 24 12:09

CREAL Research Memo (8): Aim to maximize the potential of the "CREAL" platform and achieve the growth of each service.

■Growth Global Strategy 1. In the Growth Global Strategy Lear <2998>, overall growth is being driven by "CREAL," and there is a policy to continue aggressive marketing and IT investment. Furthermore, considering that the partnership with SBI Holdings is significantly affecting performance expansion, the mid-term goal has been set to achieve an annual GMV of 80 billion yen and a total number of investors of 0.18 million by the fiscal year ending March 2027. To secure excellent asset management revenue towards this goal, in May 2024,

Fisco JapanDec 24 12:08

Lear Research Memo (6): Financial soundness is determined based on a balance sheet that excludes the specific impacts of crowdfunding.

■Performance Trends 4. Financial Condition and Management Indicators At the end of the second quarter of the fiscal year ending March 2025, Lear <2998> had total Assets of 42,415 million yen, an increase of 6,666 million yen compared to the end of the previous period. This was mainly due to an increase in cash and deposits of 3,263 million yen, an increase in A-REIT ETF of 2,385 million yen, and an increase in tangible fixed assets due to transference from A-REIT ETF amounting to 548 million yen. Total liabilities amounted to 37,827 million yen, an increase of 5,885 million yen compared to the end of the previous period. This was mainly due to

Fisco JapanDec 24 12:06

CREAL Research Memo (3): The online Market Overview service for Commercial Reits targeting individual investors, "CREAL" is the main product.

■Business Contents and Features 1. Overview of the Business The company group operates as an Asset Management platform business, offering four services: "CREAL", "CREAL PRO", "CREAL PB", and QITABANKUAI, tailored to the investment entities, investment amounts, and investment targets. Each service pursues a business concept aligned with the investment and management policies of the target customers, while also focusing on creating synergies among the services; thus, the business segment operates as a single segment.

Fisco JapanDec 24 12:03

Clearal Research Memo (2): By enabling small online investments, opportunities for Real Estate Investment have been expanded for individuals.

■Company Overview 1. Company Overview The company group currently consists of four entities: Creal <2998>, its consolidated subsidiary Creal Partners Co., Ltd., CREAL ASIA Pte Ltd, and Creal Hotels Co., Ltd. The name "Creal" is derived from "Clear Real Estate" and aims to resolve the industry's "closed nature" and the "information asymmetry and opacity" while promoting "information transparency" and "online investment opportunities."

Fisco JapanDec 24 12:02

Lear Research Memo (1): Significant increase in revenue and profit for the second quarter of the fiscal year ending March 2025. Planning for significant growth for the full year.

■Summary CREAL <2998> is a leading company in Real Estate Investment crowdfunding, operating in the online real estate investment market. The business structure consists of a single segment in the Asset Management platform business, offering real estate fund online market services "CREAL" for individual investors (investment amount from 0.01 million yen), and asset management services targeting large real estate for Institutions and ultra-high-net-worth individuals.

Fisco JapanDec 24 12:01