Interim report
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Note : This document has been translated from the Japanese original for reference purposes only . In the event of any discrepancy between this translated document and the Japanese original , the original shall prevail . Consolidated Financial Results for the Three Months Ended June 30 , 2026 ( Under Japanese GAAP ) https://www.mitsuifudosan.co.jp/english/ Company name : Listing : Mitsui Fudosan Co. , Ltd. Tokyo Stock Exchange Securities code : 8801 URL : Representative : Inquiries : Telephone : Takashi Ueda , President and Chief Executive Officer Hideto Hirahara , General Manager of Corporate Communications Department + 81-3-3246-3155 Scheduled date to commence dividend payments : Preparation of supplementary material on financial results : Holding of financial results briefing : Yes FASF MEMBERSHIP August 7 , 2026 Yes ( for institutional investors and analysts ) ( Yen amounts are rounded down to millions , unless otherwise noted ) 1. Consolidated Financial Results for the Three Months Ended June 30 , 2026 ( 1 ) Consolidated Operating Results ( Cumulative ) ( Percentages indicate year - on - year changes ) Revenue from operations Operating income Business income Ordinary income Three months ended Yen in millions % Yen in millions % Yen in millions % June 30 , 2026 June 30 , 2025 616,930 ( 23.1 ) 802,316 27.3 103,507 ( 35.4 ) 160,112 58.1 104,583 ( 44.3 ) 187,709 79.2 Yen in millions 89,493 ( 37.9 ) 144,005 59.7 % Net income attributable to shareholders of the Company Yen in millions % 75,818 ( 39.0 ) 124,232 91.1 Notes : Comprehensive income Three months ended June 30 , 2026 : Three months ended June 30 , 2025 : ¥ 56,108 million ( down 49.4 % ) ¥ 110,796 million ( up 24.2 % ) Business income = Operating income + Equity in net income ( loss ) of affiliated companies ( including gain ( loss ) on sale of investments in equity securities of affiliated companies for the purpose of real property sales ) + Gain ( loss ) on sale of non - current assets Three months ended June 30 , 2026 June 30 , 2025 Basic earnings per share Diluted earnings per share Yen Yen 28.04 44.81 28.03 44.80 ( 2 ) Consolidated Financial Position As of Total assets Net assets Equity ratio Net assets per share Yen in millions % Yen 3,347,662 3,384,844 31.4 1,205.44 32.4 1,206.06 Yen in millions 10,341,413 10,103,474 ¥ 3,244,188 million June 30 , 2026 March 31 , 2026 Reference : Equity As of June 30 , 2026 : As of March 31 , 2026 : ¥ 3,277,508 million
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2. Cash Dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2026 – 17.00 – 18.00 35.00 Fiscal year ending March 31, 2027 – Fiscal year ending March 31, 2027 (Forecast) 18.50 – 18.50 37.00 (Note) Revisions to the forecast of cash dividends since the latest announcement: None 3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2027 (Percentages indicate year-on-year changes) Revenue from operations Operating income Business income Ordinary income Net income attributable to shareholders of the Company Basic earnings per share Full year Yen in millions % Yen in millions % Yen in millions % Yen in millions % Yen in millions % Yen 2,800,000 3.3 410,000 3.1 450,000 1.1 315,000 0.5 285,000 2.3 105.77 (Note) Revisions to the earnings forecasts since the latest announcement: None * Notes (1) Significant changes in the scope of consolidation during the current period: None Newly Included: – companies (company name) – Excluded: – companies (company name) – (2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes (Notes) For details, please refer to “2. Quarterly Consolidated Financial Statements and Accompanying Notes (3) Notes to Quarterly Consolidated Financial Statements, Accounting Treatment Specific to the Preparation of Quarterly Consolidated Financial Statements” on page 7 of the Attached Documents. (3) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Number of shares outstanding (common stock) As of June 30, 2026 March 31, 2026 (i) Total number of issued shares at the end of the period (including treasury stock) 2,718,535,953 shares 2,755,914,511 shares (ii) Number of shares of treasury stock at the end of the period 27,250,106 shares 38,378,428 shares Three months ended June 30, 2026 2025 (iii) Average number of shares outstanding during the period (cumulative) 2,704,410,924 shares 2,772,371,049 shares * Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: Yes (voluntary) * Explanation on appropriate use of forecast and other special items The earnings forecasts contained in this document are based on information available as of the date of release of this document and assumptions concerning uncertain factors that could affect future performance as of the date of release of this document. They are not intended to be the Company’s commitment to achieve. Furthermore, actual performance may differ significantly due to various factors in the future.
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- 1 - Table of Contents of Attached Documents 1. Overview of Operating Results……………………………………………………………………………………………….. 2 2. Quarterly Consolidated Financial Statements and Accompanying Notes ……………………………………………………… 3 (1) Quarterly Consolidated Balance Sheets ………………………………………………………………………………… 3 (2) Quarterly Consolidated Statements of Income and Comprehensive Income …………………………………………… 5 (3) Notes to Quarterly Consolidated Financial Statements…………………………….………………………………….… 7 Accounting Treatment Specific to the Preparation of Quarterly Consolidated Financial Statements ……………..... 7 Segment Information ………………………………………………………………………………………………… 7 Significant Changes in Shareholders’ Equity ………………………………………………………………………… 8 Going Concern Assumption ……………………………………………………………………………………….… 8 Quarterly Consolidated Statements of Cash Flows …………………………………………………………………... 8 Quarterly Consolidated Balance Sheets …………………………………………………………………..…………… 9 [Independent Auditor’s Report on Review of Quarterly Consolidated Financial Statements]
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- 2 - 1. Overview of Operating Results For an overview of the operating results for the three months ended June 30, 2026, please refer to the supplementary explanatory materials for the financial results announced today (August 7, 2026). Please refer to the Company’s website for supplementary explanatory materials on financial results. The Company’s website URL: https://www.mitsuifudosan.co.jp/english/corporate/ir/library/
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- 3 - 2. Quarterly Consolidated Financial Statements and Accompanying Notes (1) Quarterly Consolidated Balance Sheets As of (Yen in millions) March 31, 2026 June 30, 2026 ASSETS CURRENT ASSETS Cash and deposits 82,354 237,949 Notes and accounts receivable – trade and contract assets 85,739 73,815 Real property for sale – completed 1,378,722 1,417,628 Real property for sale – in progress 591,214 666,308 Real property for sale – land held for development 559,200 586,886 Expenditure on contracts in progress 10,438 13,620 Other inventories 8,895 8,648 Advances paid for purchases 73,950 75,655 Short-term loans receivable 11,468 20,085 Equity investments in properties for sale 5,670 5,665 Other 439,368 425,373 Allowance for doubtful accounts (1,927) (1,971) Total current assets 3,245,095 3,529,665 NON-CURRENT ASSETS Property, plant and equipment Buildings and structures 3,148,773 3,182,142 Accumulated depreciation (1,253,563) (1,279,091) Buildings and structures, net 1,895,210 1,903,051 Machinery, equipment, and vehicles 188,990 192,368 Accumulated depreciation (107,878) (110,938) Machinery, equipment, and vehicles, net 81,112 81,430 Land 2,139,048 2,145,139 Construction in progress 209,090 210,443 Other 435,319 441,252 Accumulated depreciation (208,060) (213,485) Other, net 227,258 227,766 Total property, plant and equipment 4,551,721 4,567,830 Intangible assets Leasehold rights 61,033 61,278 Other 66,355 71,385 Total intangible assets 127,389 132,663 Investments and other assets Investment securities 1,480,844 1,389,685 Long-term loans receivable 47,072 61,313 Deposits and security deposits paid 178,767 180,917 Retirement benefit asset 105,015 104,818 Deferred tax assets 34,416 35,539 Deferred tax assets for land revaluation 132 132 Other 334,219 340,036 Allowance for doubtful accounts (1,200) (1,190) Total investments and other assets 2,179,269 2,111,253 Total non-current assets 6,858,379 6,811,748 Total assets 10,103,474 10,341,413
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- 4 - As of (Yen in millions) March 31, 2026 June 30, 2026 LIABILITIES CURRENT LIABILITIES Notes and accounts payable – trade 185,403 102,983 Short-term debt 792,271 1,074,774 Non-recourse short-term debt 17,991 – Commercial paper 132,794 200,000 Non-recourse bonds payable due within one year 13,100 13,100 Accrued income taxes 80,023 43,008 Contract liabilities 186,109 180,691 Provision for warranty repair on completed construction 1,816 1,692 Other 438,190 359,354 Total current liabilities 1,847,702 1,975,604 NON-CURRENT LIABILITIES Bonds payable 996,935 1,091,300 Non-recourse bonds payable 51,140 50,298 Long-term debt 2,357,874 2,370,466 Non-recourse long-term debt 270,439 291,944 Deposits and security deposits received 513,526 522,559 Deferred tax liabilities 263,501 247,326 Deferred tax liabilities for land revaluation 81,082 81,082 Retirement benefit liability 36,721 37,075 Provision for directors’ retirement benefits 939 925 Provision for stock compensation 1,699 2,075 Other 297,068 323,090 Total non-current liabilities 4,870,928 5,018,146 Total liabilities 6,718,630 6,993,751 NET ASSETS Shareholders’ equity Common stock 341,800 341,800 Capital surplus 311,560 249,407 Retained earnings 1,922,741 1,949,634 Treasury stock (67,463) (45,311) Total shareholders’ equity 2,508,639 2,495,532 Accumulated other comprehensive income Net unrealized holding gains (losses) on available-for-sale securities 335,470 297,411 Deferred gains (losses) on hedging instruments 8,744 8,572 Reserve on land revaluation 165,931 165,941 Foreign currency translation adjustments 216,411 236,025 Remeasurements of defined benefit plans 42,311 40,705 Total accumulated other comprehensive income 768,868 748,656 Share acquisition rights 585 585 Non-controlling interests 106,750 102,888 Total net assets 3,384,844 3,347,662 Total liabilities and net assets 10,103,474 10,341,413
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- 5 - (2) Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statements of Income For the three months ended June 30, (Yen in millions) 2025 2026 Revenue from operations 802,316 616,930 Cost of revenue from operations 575,222 443,571 Gross profit 227,094 173,358 Selling, general and administrative expenses 66,981 69,850 Operating income 160,112 103,507 Non-operating income Interest income 913 727 Dividend income 3,870 3,885 Equity in net income of affiliated companies 1,103 983 Other 870 2,200 Total non-operating income 6,756 7,796 Non-operating expenses Interest expenses 19,588 18,836 Other 3,275 2,974 Total non-operating expenses 22,863 21,811 Ordinary income 144,005 89,493 Extraordinary income Gain on sale of non-current assets 26,493 – Gain on sale of investment securities 7,815 24,232 Total extraordinary income 34,309 24,232 Income before income taxes 178,315 113,725 Income taxes 53,797 37,369 Net income 124,517 76,355 Net income attributable to non-controlling shareholders 285 537 Net income attributable to shareholders of the Company 124,232 75,818
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- 6 - Quarterly Consolidated Statements of Comprehensive Income For the three months ended June 30, (Yen in millions) 2025 2026 Net income 124,517 76,355 Other comprehensive income Net unrealized holding gains (losses) on available-for-sale securities 36,039 (38,068) Deferred gains (losses) on hedging instruments (1,713) (427) Foreign currency translation adjustments (19,022) 7,974 Remeasurements of defined benefit plans (1,086) (1,668) Equity in other comprehensive income of affiliated companies (27,937) 11,943 Total other comprehensive income (13,721) (20,247) Comprehensive income 110,796 56,108 (Breakdown) Comprehensive income attributable to shareholders of the Company 111,052 55,595 Comprehensive income attributable to non-controlling shareholders (256) 512
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- 7 - (3) Notes to Quarterly Consolidated Financial Statements Accounting Treatment Specific to the Preparation of Quarterly Consolidated Financial Statements Calculation of Tax Expenses For the calculation of tax expenses, the Company has reasonably estimated the effective tax rate by applying tax effect accounting to the income before taxes for the fiscal year, including the three months ended June 30, 2026. The tax expenses for the peri od are calculated by applying this estimated effective tax rate to the income before income taxes for the three months ended June 30, 2026. Segment Information I. First Quarter of the Previous Fiscal Year (from April 1, 2025, to June 30, 2025) 1. Information on the amounts of revenue from operations, income or loss for each reportable segment (Yen in millions) (Yen in millions) Leasing Property Sales Management Facility Operations Other Adjustment (Note 1) Carrying amount on quarterly consolidated statements of income (Note 3) Revenue from operations Sales to external customers 226,043 331,772 120,158 62,796 61,544 – 802,316 Intersegment sales or transfers 5,833 16 24,342 162 6,293 (36,648) – Total 231,877 331,789 144,501 62,959 67,837 (36,648) 802,316 Operating income (loss) 46,005 97,759 17,453 14,405 (832) (14,679) 160,112 Equity in net income (loss) of affiliated companies (Note 2) (240) 457 – – 885 – 1,103 Gain (loss) on sale of non-current assets – 26,493 – – – – 26,493 Segment income (business income) (loss) 45,764 124,710 17,453 14,405 53 (14,679) 187,709 (Notes) 1. The negative adjustment of ¥14,679 million to operating income (loss) comprised ¥407 million for the elimination of intersegment transactions and ¥14,272 million in unallocated corporate expenses. The corporate expenses mainly consist of the Company’s general and administrative expenses that were not attributable to any reportable segment. 2. No gain (loss) on sale of investments in equity securities of affiliated companies for the purpose of real property sales was recorded. 3. Segment income (business income) (loss) is reconciled to operating income (loss) presented in the quarterly consolidated statements of income, plus or minus equity in net income (loss) of affiliated companies (including gain (loss) on sale of investments in equity securities of affiliated companies for the purpose of real property sales) and gain (loss) on sale of non-current assets.
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- 8 - II. First Quarter of the Current Fiscal Year (from April 1, 2026, to June 30, 2026) 1. Information on the amounts of revenue from operations, income or loss for each reportable segment (Yen in millions) (Yen in millions) Leasing Property Sales Management Facility Operations Other Adjustment (Note 1) Carrying amount on quarterly consolidated statements of income (Note 3) Revenue from operations Sales to external customers 241,385 123,179 127,787 65,969 58,607 – 616,930 Intersegment sales or transfers 6,538 18 25,106 174 7,953 (39,791) – Total 247,924 123,198 152,894 66,143 66,560 (39,791) 616,930 Operating income (loss) 54,704 31,554 19,859 15,047 (1,238) (16,419) 103,507 Equity in net income (loss) of affiliated companies (Note 2) (2,932) 2,820 – – 1,043 – 931 Gain (loss) on sale of non-current assets – 144 – – – – 144 Segment income (business income) (loss) 51,771 34,519 19,859 15,047 (194) (16,419) 104,583 (Notes) 1. The negative adjustment of ¥16,419 million to operating income (loss) comprised ¥583 million for the elimination of intersegment transactions and ¥15,835 million in unallocated corporate expenses. The corporate expenses mainly consist of the Company’s general and administrative expenses that were not attributable to any reportable segment. 2. A loss of ¥52 million on sale of investments in equity securities of affiliated companies for the purpose of real property sales was included in the Property Sales segment. 3. Segment income (business income) (loss) is reconciled to operating income (loss) presented in the quarterly consolidated statements of income, plus or minus equity in net income (loss) of affiliated companies (including gain (loss) on sale of investments in equity securities of affiliated companies for the purpose of real property sales) and gain (loss) on sale of non-current assets. Significant Changes in Shareholders’ Equity Not applicable. Going Concern Assumption Not applicable. Quarterly Consolidated Statements of Cash Flows A quarterly consolidated statement of cash flows has not been prepared for the three months ended June 30, 2026. Depreciation expenses (including amortization expenses of intangible assets other than goodwill) for the three months ended June 30, 2026 were as follows. (Yen in millions) For the three months ended June 30, 2025 For the three months ended June 30, 2026 Depreciation expenses 36,451 38,440 (Note) The amount of amortization of goodwill has been omitted from the above disclosure because it is immaterial.
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- 9 - Quarterly Consolidated Balance Sheets Contingent liabilities Mitsui Fudosan Residential Co., Ltd. (hereinafter referred to as "Residential Company"), a consolidated subsidiary of the Company, presumed some defects in the piles forming the foundation of a condominium located in Yokohama City (hereinafter referred to as "the Condominium"). On April 11, 2016, the Residential Company was informed by Sumitomo Mitsui Construction Co., Ltd., the construction company, that the current condition survey revealed some of the piles failed to reach the supporting layer. Furthermore, on August 26, 2016, the Residential Company received a notice from Yokohama City stating that the Condominium was in violation of the Building Standards Act and that the Residential Company was required to discuss corrective measures for the violation with the unit owners of the Condominium and to take necessary actions to resolve the issue. On May 8, 2016, the Residential Company entered into an agreement with the management association of the Condominium regarding several corrective plans, including the reconstruction of the Condominium due to the pile defects, and the policy on compensation, as well as an agreement that the Residential Company would bear the costs related to the incident (hereinafter referred to as "t he Agreement"). Additionally, on September 19, 2016, the management association of the Condominium made a resolution based on the Act on Building Unit Ownership, as a corrective method, and decided to reconstruct the entire building, which was completed o n February 25, 2021. The Residential Company has received a report from Sumitomo Mitsui Construction Co., Ltd., the construction company, stating that the construction records were manipulated for the data of pile installation, and it has been confirmed that some of the piles did not reach the supporting layer, and that the Condominium was in violation of the Building Standards Act. Therefore, the Residential Company has been seeking compensation from Sumitomo Mitsui Construction Co., Ltd ., Hitachi High-Technologies Corporation (currently Hitachi High-Tech Corporation), and ASAHI KASEI CONSTRUCTION MATERIALS CORPORATION, the companies responsible for the pile installation, based on tort liability, warranty against defects, for all costs incurred, including the reconstruction costs of the Condominium and temporary housing expenses during the construction period. Following this compensation policy, on November 28, 2017, the Residential Company filed a lawsuit against the three companies for damages. On June 17, 2026, the Tokyo District Court handed down a first-instance judgment ordering the three companies to pay approximately ¥1.3 billion to the Residential Company, among other things. Dissatisfied with the judgment, the Residential Company filed an appeal with the Tokyo High Court on June 30, 2026. The amount of the claim is approximately ¥50.5 billion. The amount that the Residential Company has provisionally paid by the end of the first quarter of the fiscal year for the costs is recorded as curre nt assets in the Company’s quarterly consolidated balance sheets. In the future, depending on the progress of this incident, there is a possibility that it may affect the consolidated results of operations of the Group. At present, however, it is difficult to reasonably estimate the amount of the impact.
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- 10 - Independent Auditor’s Report on Review of Quarterly Consolidated Financial Statements August 7, 2026 To the Board of Directors of Mitsui Fudosan Co., Ltd.: KPMG AZSA LLC Tokyo Office, Japan Masako Kanno Designated Limited Liability Partner Engagement Partner Certified Public Accountant Tomomi Mase Designated Limited Liability Partner Engagement Partner Certified Public Accountant Masashi Gake Designated Limited Liability Partner Engagement Partner Certified Public Accountant Conclusion We have reviewed the accompanying quarterly consolidated financial statements of Mitsui Fudosan Co., Ltd. (“the Company”) and its consolidated subsidiaries (collectively referred to as “the Group”) provided in the “Attached Documents” in the Consolidated Financial Results for the Three Months Ended June 30, 2026, which comprise the quarterly consolidated balance sheet as at June 30, 2026, the quarterly consolidated statements of income and comprehensive income for the three-month period then ended, and the related notes. Based on our review, nothing has come to our attention that causes us to believe that the accompanying quarterly consolidated financial statements are not prepared, in all material respects, in accordance with Article 4(1) of Standard for Preparation of Quarterly Financial Statements of Tokyo Stock Exchange, Inc. (“the Standard”) (applying the omissions prescribed in Article 4(2) of the Standard) and accounting principles generally accepted in Japan for interim financial reporting. Basis for Conclusion We conducted our review in accordance with interim review standards generally accepted in Japan. Our responsibilities under t hose standards are further described in the Auditor’s Responsibilities for the Review of the Quarterly Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements in Japan (including those that are relevant to audits of the financial statements of public interest entities), and we have fulfilled our other ethical resp onsibilities in accordance with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Responsibilities of Management, Corporate Auditors and the Board of Corporate Auditors for the Quarterly Consolidated Financial Statements Management is responsible for the preparation and presentation of the quarterly consolidated financial statements in accordan ce with Article 4(1) of Standard for Preparation of Quarterly Financial Statements of Tokyo Stock Exchange, Inc. (applying the omi ssions prescribed in Article 4(2) of the Standard) and accounting principles generally accepted in Japan for interim financial reporting, and for such internal control as management determines is necessary to enable the preparation of the 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 the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern in accordance with Article 4(1) of Standard for Preparation of Quarterly Financial Statements of Tokyo Stock Exchange, Inc. (applying the omissions prescribed in Article 4(2) of the Standard) and accounting principles generally accepted in Japan for interim financial reporting and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Corporate auditors and the board of corporate auditors are responsible for overseeing the directors’ performance of their dut ies with regard to the design, implementation and maintenance of the Group’s financial reporting process.
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- 11 - Auditor’s Responsibilities for the Review of the Quarterly Consolidated Financial Statements Our responsibility is to express a conclusion on these quarterly consolidated financial statements based on our review in our report on the review of quarterly consolidated financial statements. As part of our review in accordance with interim review standards generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the review. We also: Make inquiries, primarily of management and persons responsible for financial and accounting matters, and apply analytical and other review procedures. An interim review is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in Japan. Conclude, based on the evidence obtained, that nothing has come to our attention that causes us to believe that the quarterly consolidated financial statements are not prepared in accordance with Article 4(1) of Standard for Preparation of Quarterly Financial Statements of Tokyo Stock Exchange, Inc. (applying the omissions prescribed in Article 4(2) of the Standard) and accounting principles generally accepted in Japan for interim financial reporting, if a material uncertainty relating to even ts or conditions comes to our attention that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report on the review of quarterly consolidated financial statements to the related disclosures in the quarterly consolidated financial statements or, if such disclosures are inadequate, to express a qualified conclusion or an adverse conclusion. Our conclusions are based on the evidence obtained up to the date of our report on the review of quarterly consolidated financial statements; however, future events or conditions may cause the Group to cease to continue as a going concern. Evaluate that nothing has come to our attention that causes us to believe that the presentation and disclosures in the quarte rly consolidated financial statements are not prepared in accordance with Article 4(1) of Standard for Preparation of Quarterly Financial Statements of Tokyo Stock Exchange, Inc. (applying the omissions prescribed in Article 4(2) of the Standard) and accounting principles generally accepted in Japan for interim financial reporting. Obtain sufficient appropriate evidence regarding the financial information of the entities or business activities within the Group as a basis for forming a conclusion on the quarterly consolidated financial statements. We are responsible for the direction, supervision and review of the interim review on the quarterly consolidated financial statements. We remain solely responsible for our review conclusion. We communicate with corporate auditors and the board of corporate auditors regarding, the planned scope and timing of the rev iew, significant review findings that we identify during our review. We also provide corporate auditors and the board of corporate auditors with a statement that we have complied with relevant e thical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. Interest required to be disclosed by the Certified Public Accountants Act of Japan We do not have any interest in the Group which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan. Notes to the Reader of Review Report: The Independent Auditor’s Report herein is the English translation of the Independent Auditor’s Report on Review of Quarterly Consolidated Financial Statements as required by the Securities Listing Regulations of the Tokyo Stock Exchange, Inc.