Microsoft Word _lifull_2018_09_q3_report_2018_08_01_japanese.docx

URL: www.walden.co.jp E-mail: info@walden.co.jp 03 (3553) 3769 LIFULL 2120 EPS DPS BPS EBITDA FY 29,920 5,312 4,066 2,765 23.3 5.7 155.6 FY 15,948 1,536 1,016 489 4.1 0.8 162.0 FY 34,000 5,190 4,000 2,800 23.6 - - FY * 15.9% (47.8%) (59.4%) (70.8%) - - - FY * 5.9% 32.8% 55.1% 77.5% - - - 3 EPS DPS BPS EBITDA - FY 20,864 3,821 3,043 2,008 - - - - FY 26,015 4,439 3,635 2,274 - - - - FY * 8.6% 56.9% 105.6% 104.8% - - - 1.0 2018 8 1 LIFULL HOME'S LIFULL 1 Mitula 2018 10 LIFULL HOME'SMitula Trovit 2014 11 Mitula Trovit 2020 9 50,000 EBITDA 20 Mitula 2017 12 2,800 EBITDA900 EBITDA 32Mitula EBITDA 2019 9 Trovit 100 200 200 300 68 85 90 IR IR 03 6774 1603 ir@lifull.com

2.0 LIFULL Web 1997 3 12 2010 3 12 1 2120 2006 10 31 3,999 2018 6 118,789,100 73,736 2018 6 LIFE FULL LIFULL HOME'S. HOME'S.. 27.7 20.0% 2018 3 1,280 : 200 118 2018 6 2

3.0 2018 9 3 2018 9 3 26,015 8.6 EBITDA4,439 56.9 3,635 105.6 2,274 104.8 EBITDA 17.1 5.3 EBITDA EBITDA 12,000 10,000 8,000 6,000 4,000 20.3% 22.4% 12.4% 16.5% 5.9% 13.2% EBITDA 17.3% 17.0% 16.9% 25.0% 20.0% 15.0% 10.0% 2,000 0 6,846 6,910 7,107 9,056 7,793 8,154 8,128 9,541 8,345 5.0% 0.0% EBITDA 2,000 1,500 221 217 468 274 266 263 3 1,000 266 500 0 1,171 1,331 338 540 1,022 253 205 811 1,134 1,358 1,142 IFRS EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EBITDA 26,015 8.63,635 105.6 2,058 1,867 EBITDA 17.1 5.3 8,515 815 18,798 401

17,353 25,017 6,472 13,288 6,742 14,805 21,638 - +1,547 2,324 3,193 859 1,718 883 1,819 2,802 - +324 1,183 1,709 461 941 502 1,045 1,573 - +185 20,864 29,920 7,793 15,948 8,128 17,669 26,015 - +2,058 2,183 3,080 915 1,862 928 1,875 2,872 - +284 5,116 7,039 1,993 3,810 1,962 3,746 5,709 - (18) 5,565 8,400 2,719 5,414 2,426 6,084 8,515 - +815 765 1,010 240 455 236 503 713 - (53) 3,332 4,957 1,393 2,766 1,236 2,516 3,860 - (341) 14,781 21,408 6,346 12,446 5,862 12,850 18,798 - +401 (79) (118) (72) (102) 71 89 95 - +238 3,821 5,312 458 1,536 1,408 3,033 4,439 - +1,610 777 1,245 253 519 274 540 803 - (256) 3,042 4,066 205 1,016 1,134 2,492 3,634 - +1,867 2,008 2,765 22 489 591 1,572 2,274 - +1,163 18.3% 17.8% 5.9% 9.6% 17.3% 17.2% 17.1% - +5.3% HOME'S 3 3,473 89.3 66 95 3,635 105.6 10,000 HOME'S 4 5,000 0 LIFULL HOME'SHOME S 21,638 7.7 3,284 90.9 15.2 6.6 83.2 94.5 HOME S EBITDA HOME S

2,000 HOME'S 1,000 0 (1,000) 2 3 3 26,728 2.6 3 ARPA ARPA 83,044 0.2 ARPA Average Revenue per Agent1 HOME S HOME'S 26,728 24,757 LIFULL HOME'S 5 24,757 1,971 LIFULL HOME'S LIFULL HOME'S 2 2 3 40,000 LIFULL HOME'S ARPA

HOME S ARPA 40,000 ARPA 150,000 112,492 105,824 83,326 83,620 83,074 83,212 87,329 84,048 83,044 100,000 30,000 22,511 22,969 23,629 24,010 26,040 26,492 27,042 27,411 26,728 50,000 20,000 0 HOME S 12,000 HOME'S ARPA 3 10,000 8,000 6,000 5,627 5,762 5,889 8,103 6,501 6,941 6,818 8,702 6,659 4,000 2,000 0 5,616 5,782 5,955 7,662 6,472 6,816 6,742 8,062 6,833 6 HOME S Google HOME S BS LIFULL HOME'S BS CRM

BS HOME S ARPA 2018 10 PDCA AI CVR Conversion Rate LIFULL HOME'S 2,802 13.1 264 81.9 9.4 3.6 Trovit LIFULL HOME'S 7 2018 9 2 LIFULL HOME'S 3 2018 10 Mitula 200 HOME'S

Trovit Mitula 10,000 8,200 8,700 6,300 5,000 3,500 2,800 0 Trovit) Mitula) ) ) ) EBITDA Trovit Mitula 4,000 3,000 2,400 2,900 2,000 1,800 1,000 900 900 0 Trovit Mitula 8 Mitula EBITDA 2017 12 Trovit 3,500 EBITDA900 2017 12 Mitula 2,800 EBITDA900 6,300 EBITDA1,800 Mitula Trovit Mitula 8,200 8,700 EBITDA 2,400 2,900 2019 9 2018 10 2019 9 2018 10 Mitula

8,200 2017 12 2019 9 8,500 100 200 8,500 200 8,700 EBITDA 200 300 EBITDA PPA Purchase Price Allocation Mitula Group Limited 9 2014 11 57 Trovit Trovit Search, S.L. Trovit Mitula Mitula Group Limited 50 Trovit

SEO SEO Mitula CPC Cost per Click CVR Conversion Rate 2018 6 28 Mitula Mitula 1 20,000 100 EPS EPS 15.6 2018 9 10 2,800 20 25 PPA Purchase Price Allocation 200

20,864 29,920 7,793 15,948 8,128 17,669 26,015 - +2,058 2,183 3,080 915 1,862 928 1,875 2,872 - +284 18,681 26,839 6,878 14,086 7,199 15,793 23,142 - +1,773 15,558 22,654 6,600 12,966 6,136 13,390 19,602 - +144 (79) (118) (72) (102) 71 89 95 - +238 3,043 4,066 205 1,016 1,134 2,492 3,635 - +1,867 52 53 0 0 0 0 33 - +31 30 34 2 20 5 10 15 - +8 0 2 5 (39) (47) (56) (101) - (109) 3,065 4,087 208 957 1,080 2,426 3,552 - +1,780 1,021 1,275 185 473 498 884 1,319 - +686 2,043 2,812 22 483 582 1,541 2,233 - +1,093 2,008 2,765 22 489 591 1,572 2,274 - +1,163 34 46 0 (5) (8) (30) (41) - (70) 2,043 2,812 22 483 582 1,541 2,233 - +1,093 +14.8% +16.4% +13.8% +15.9% +14.4% +9.3% +8.6% - - +3.6% +1.8% (82.5%) (59.4%) +109.9% +59.5% +105.6% - - +3.6% +1.7% (82.7%) (62.1%) +99.5% +55.1% +100.4% - - +4.0% +3.7% (97.0%) (71.5%) +67.3% +38.0% +96.0% - - +4.2% +3.6% (97.0%) (70.8%) +78.4% +44.4% +104.8% - - 89.5% 89.7% 88.2% 88.3% 88.6% 89.4% 89.0% - (0.2%) 74.6% 75.7% 84.7% 81.3% 75.5% 75.8% 75.4% - (5.9%) 14.6% 13.6% 2.6% 6.4% 14.0% 14.1% 14.0% - +6.6% 14.7% 13.7% 2.7% 6.0% 13.3% 13.7% 13.7% - +6.3% 9.8% 9.4% 0.3% 3.0% 7.2% 8.7% 8.6% - +3.8% 9.6% 9.2% 0.3% 3.1% 7.3% 8.9% 8.7% - +4.1% 33.3% 31.2% 89.2% 49.5% 46.1% 36.5% 37.1% - +1.4% 7,107 9,056 7,793 8,154 8,128 9,541 8,345 - +551 774 897 915 946 928 946 996 - +80 6,332 8,158 6,878 7,208 7,199 8,594 7,348 - +470 5,761 7,096 6,600 6,366 6,136 7,253 6,212 - (387) (30) (39) (72) (30) 71 18 6 - +78 540 1,022 205 811 1,134 1,358 1,142 - +937 0 0 0 0 0 0 33 - +32 0 3 2 17 5 4 4 - +1 0 2 5 (44) (47) (8) (45) - (50) 541 1,022 208 748 1,080 1,345 1,126 - +918 193 253 185 287 498 386 434 - +248 348 768 22 460 582 958 691 - +669 331 756 22 467 591 980 702 - +680 16 11 0 (6) (8) (21) (10) - (11) 348 768 22 460 582 958 691 - +669 +13.2% +20.3% +13.8% +18.0% +14.4% +5.4% +7.1% - - (49.8%) (3.3%) (82.5%) (39.1%) +109.9% +32.9% +456.6% - - (49.7%) (3.6%) (82.7%) (43.2%) +99.5% +31.6% +440.6% - - (49.9%) +3.1% (97.0%) (51.6%) +67.3% +24.7% - - - (52.2%) +2.0% (97.0%) (50.5%) +78.4% +29.5% - - - 89.1% 90.1% 88.2% 88.4% 88.6% 90.1% 88.1% - (0.2%) 81.1% 78.4% 84.7% 78.1% 75.5% 76.0% 74.4% - (10.2%) 7.6% 11.3% 2.6% 9.9% 14.0% 14.2% 13.7% - +11.1% 7.6% 11.3% 2.7% 9.2% 13.3% 14.1% 13.5% - +10.8% 4.9% 8.5% 0.3% 5.7% 7.2% 10.0% 8.3% - +8.0% 4.7% 8.4% 0.3% 5.7% 7.3% 10.3% 8.4% - +8.1% 35.7% 24.8% 89.2% 38.4% 46.1% 28.8% 38.6% - (50.6%) 11

17,354 25,017 6,472 13,288 6,742 14,805 21,638 - +1,547 2,325 3,193 859 1,718 883 1,819 2,802 - +324 1,184 1,709 461 941 502 1,045 1,573 - +185 20,864 29,920 7,793 15,948 8,128 17,669 26,015 - +2,058 2,649 3,594 264 1,067 943 2,223 3,284 - +1,564 276 346 65 131 130 208 264 - +119 117 136 (74) (120) (33) (72) (74) - (44) 3,043 4,077 255 1,078 1,040 2,358 3,473 - +1,638 79 106 22 41 22 44 66 - (9) (79) (118) (72) (102) 71 89 95 - +238 3,043 4,066 205 1,016 1,134 2,492 3,635 - +1,868 15.3% 14.4% 4.1% 8.0% 14.0% 15.0% 15.2% - +6.6% 11.9% 10.9% 7.6% 7.7% 14.8% 11.4% 9.4% - +3.6% 10.0% 8.0% (16.0%) (12.9%) (6.7%) (7.0%) (4.7%) - (2.6%) 14.6% 13.6% 3.3% 6.8% 12.8% 13.3% 13.3% - +5.7% 5,955 7,662 6,472 6,816 6,742 8,062 6,833 - +361 750 867 859 858 883 935 983 - +123 400 525 461 479 502 542 528 - +66 7,107 9,056 7,793 8,154 8,128 9,541 8,345 - +551 509 945 264 802 943 1,279 1,060 - +796 9 70 65 66 130 77 55 - (9) 25 18 (74) (46) (33) (38) (1) - +72 544 1,034 255 822 1,040 1,318 1,114 - +858 26 27 22 18 22 22 21-0 (30) (39) (72) (30) 71 18 6 - +78 540 1,022 205 811 1,134 1,358 1,142 - +937 8.6% 12.3% 4.1% 11.8% 14.0% 15.9% 15.5% - +11.4% 1.3% 8.1% 7.6% 7.8% 14.8% 8.3% 5.7% - (1.9%) 6.3% 3.6% (16.0%) (9.8%) (6.7%) (7.2%) (0.3%) - +15.7% 7.7% 11.4% 3.3% 10.1% 12.8% 13.8% 13.4% - +10.1% 12

6,263 6,046 5,013 5,509 5,275 5,446 7,136 - +2,122 3,517 4,712 3,916 4,229 4,091 5,131 4,282 - +365 492 492 51 - - 32 150 - +98 544 807 484 454 587 542 534 - +50 10,818 12,059 9,465 10,193 9,953 11,153 12,102 - +2,636 585 1,796 1,887 1,926 1,908 1,867 1,869 - (17) 8,805 8,860 9,520 9,857 10,001 9,690 9,514 - (5) 2,797 2,621 2,514 2,423 2,304 2,206 2,131 - (382) 42 48 293 278 188 489 438 - +144 1,140 1,123 1,157 1,170 1,600 1,606 1,624 - +467 429 594 625 509 397 435 560 - (64) 5 5 4 4 11 8 4 - - 13,806 15,050 16,003 16,170 16,412 16,303 16,144 - +141 24,625 27,110 25,469 26,363 26,366 27,457 28,247 - +2,778 2,350 3,441 2,283 2,936 2,380 2,983 2,449 - +165 981 969 968 970 971 476 482 - (486) - - - 3 3 3 3 - +3 41 661 78 277 354 783 1,171 - +1,092 - - - 28 26 22 16 - +16 209 249 - - - - - - - 1,520 1,766 2,339 1,898 1,676 1,707 2,161 - (178) 5,102 7,088 5,670 6,115 5,413 5,978 6,284 - +613 992 484 484 - - - - - (484) - - - 84 84 82 81 - +81-469 518 518 518 518 533 - +14 37 45 44 - - - - - (44) 264 205 299 317 325 313 314 - +15 - - - 33 34 31 32 - +32 1,294 1,205 1,346 954 962 946 963 - (383) 6,396 8,294 7,017 7,069 6,375 6,924 7,247 - +229 17,957 18,471 18,346 19,227 19,907 20,472 20,948 - +2,601 271 344 105 66 83 59 51 - (53) 18,228 18,815 18,451 19,293 19,990 20,532 21,000 - +2,548 24,625 27,110 25,469 26,363 26,366 27,457 28,247 - +2,778 1,973 1,454 1,453 1,059 1,059 563 568 - (885) (4,290) (4,592) (3,559) (4,450) (4,216) (4,883) (6,567) - (3,008) 72.9% 68.1% 72.0% 72.9% 75.5% 74.6% 74.2% - - (23.9%) (24.9%) (19.4%) (23.1%) (21.2%) (23.9%) (31.4%) - - 16.0% 15.6% 12.0% 8.8% 9.7% 10.6% 14.0% - - 17.0% 15.6% 12.5% 10.0% 12.0% 12.4% 16.0% - - 192% 152% 157% 159% 173% 177% 182% - - 212% 170% 167% 167% 184% 187% 193% - - 13 2,057 3,163 832 1,909 236 1,470 3,589 - +1,441 (1,334) (2,134) (868) (999) (425) (921) (1,311) - +737 722 1,028 (36) 910 (188) 548 2,277 - +2,179 (1,018) (1,517) (1,098) (1,601) (69) (580) (579) - +984 208 1,106 832 1,077 236 1,233 2,118 - +1,286 (380) (800) (868) (131) (425) (496) (389) - +478 (172) 306 (36) 946 (188) 737 1,729 - +1,765 33 (499) (1,098) (502) (69) (511) 1 - +1,099

2020 9 50,000 EBITDA 20 Mitula 2018 10 2017 9 6 100,000 50,000 17.3% 18,165 18.9% 25,707 17.8% 29,920 9.6% 15,948 EBITDA 15.3% 34,000 20.0% 50,000 25.0% 20.0% 15.0% 10.0% 5.0% 0 FY03/2015 FY03/2016 FY FY FY FY09/2019 FY09/2020 0.0% 2018 9 2020 9 14 50,000 EBITDA10,000 EBITDA 20.0 2019 9 2020 9 21.3 EBITDA 38.8 EBITDA 4.7 Mitula 2018 9 2018 7 26 34,000 5.9%EBITDA 5,190 32.8% 4,000 55.1 2,800 77.5 EBITDA 15.3 3.1 20 7,000 17.1 EBITDA 826 13.7 HOME S EBITDA Google HOME S 15

4.0 HOME'S HOME'S HOME'S 15 LIFULL HOME'S 2018 6 670 LIFULL HOME'S LIFULL HOME'S

HOME'S 2007 4 CRM 2017 10 1 2015 5 LIFULL Marketing Partners 10,000 LIFULL HOME'S LIFULL HOME'S LIFULL HOME'S 1 15 1 5.516 4.0 LIFULL senior LIFULL LIFULL SPACE LIFULL LIFULL MOVE LIFULL LIFULL FinTech LIFULL 16 4 2018 9 3 1,573 13.4 74 30

5.0-18,165 25,707 29,920 15,948 34,000 +1,888-583 2,127 3,080 1,862 3,700 +165-17,582 23,580 26,839 14,086 30,300 +1,722-14,849 19,489 22,654 12,966 26,390 +565 - (41) (95) (118) (102) 90 +262-2,691 3,994 4,066 1,016 4,000 +1,420-6 29 53 0 - - - 43 10 34 20 - - - 2 4 2 (39) - - - 2,656 4,018 4,087 957 - - - 851 1,306 1,275 473 - - - 1,805 2,711 2,812 483 - - - 1,796 2,670 2,765 489 2,800 +1,222-8 40 46 (5) - - - 1,805 2,711 2,812 483 - - - - +41.5% +16.4% +15.9% +5.9% - - - +48.4% +1.8% (59.4%) +55.1% - - - +51.3% +1.7% (62.1%) - - - - +50.2% +3.7% (71.5%) - - - - +48.7% +3.6% (70.8%) +77.5% - - 96.8% 91.7% 89.7% 88.3% 89.1% +0.1% - 81.7% 75.8% 75.7% 81.3% 77.6% (2.8%) - 14.8% 15.5% 13.6% 6.4% 11.8% +3.7% - 14.6% 15.6% 13.7% 6.0% - - - 9.9% 10.5% 9.4% 3.0% - - - 9.9% 10.4% 9.2% 3.1% 8.2% +3.3% - 32.1% 32.5% 31.2% 49.5% - - 17 - - - 25,017 13,288 28,100 +1,193 - - - 3,193 1,718 3,800 +462 - - - 1,709 941 2,100 +232-18,165 25,707 29,920 15,948 34,000 +1,888 - - - 3,594 1,067 - - - - - 346 131 - - - - - 136 (120) - - - - - 4,077 1,078 - - - - - 106 41 - - - - - (118) (102) - - - 2,691 3,994 4,066 1,016 4,000 +1,420 - - - 14.4% 8.0% - - - - - 10.9% 7.7% - - - - - 8.0% (12.9%) - - - - - 13.6% 6.8% - -

- 4,268 6,625 6,046 5,509 - - - 3,136 3,901 4,712 4,229 - - - 1,100 26 492 - - - - 253 418 807 454 - - - 8,758 10,970 12,059 10,193 - - - 645 624 1,796 1,926 - - - 9,165 9,150 8,860 9,857 - - - 2,930 3,076 2,621 2,423 - - - 37 42 48 278 - - - 571 808 1,123 1,170 - - - 479 587 594 509 - - - 3 3 5 4 - - - 13,833 14,294 15,050 16,170 - - - 22,592 25,265 27,110 26,363 - - - 2,440 2,267 3,441 2,936 - - - 7,000 970 969 970 - - - - - - 3 - - - 529 1,063 661 277 - - - - - - 28 - - - - - 249 - - - - 1,199 1,690 1,766 1,898 - - - 11,169 5,991 7,088 6,115 - - - 13 1,468 484 - - - - - - - 84 - - - 175 209 469 518 - - - - 76 45 - - - - 380 240 205 317 - - - - 137-33 - - - 569 2,132 1,205 954 - - - 11,738 8,123 8,294 7,069 - - - 10,824 16,922 18,471 19,227 - - - 28 219 344 66 - - - 10,853 17,142 18,815 19,293 - - - 22,592 25,265 27,110 26,363 - - - 7,013 2,439 1,454 1,059 - - - 2,745 (4,185) (4,592) (4,450) - - - 47.9% 67.0% 68.1% 72.9% - - - 25.4% (24.7%) (24.9%) (23.1%) - - - 17.1% 19.2% 15.6% 8.8% - - - 14.7% 16.8% 15.6% 10.0% - - - 66% 176% 152% 159% - - - 78% 183% 170% 167% - - 18

1 - - 118,789 118,789 118,789 - - - - 116,764 118,693 118,700 - - - - 74 74 74 - - - - 22.9 23.3 4.1 23.6 - - - - 23.3 4.1 - - - - 142.5 155.6 162.0 - - - - 4.5 5.7 0.8 - - - - 19.7% 24.3% 19.9% 20.0% - - - 1 1 1 - - - - 22.9 23.3 4.1 - - - - 142.5 155.6 162.0 - - - - 4.5 5.7 0.8 - - - 2,193 3,175 3,163 1,909 - - - (13,051) 93 (2,134) (999) - - - (10,858) 3,268 1,028 910 - - - 6,734 (868) (1,517) (1,601) - - 19

6.0 LIFE FULL 2017 4 LIFULL 1968 LIFULL LIFEFULL 2018 3 27.71995 7 1997 3 2006 10 2010 3 1 HOME S 20

1995 7 1997 3 LIFULL 4 HOME'S LIFULL HOME'S ) 2002 1 2006 10 2007 4 CRM 2010 3 2011 2 MONEYMO LIFULL 3 2012 4 PT. Rumah Media PT. LIFULL MEDIA INDONESIA 2014 4 EC HOME'S Style Market LIFULL ) 10 LIFULL FaM 11 Trovit Search, S.L. 2015 5 LIFULL Marketing Partners 7 100 LIFULL senior LIFULL MOVE LIFULL FinTech LIFULL SPACE 11 LIFULL bizas 100 12 LIFULL Australia Real Estate 2017 1 JG LIFULL Social Funding 4 LIFULL LIFULL Vietnam Creative Consulting Co., Ltd. LIFULL Tech Vietnam Co., Ltd. 5 LIFULL Marketing Partners 6 LIFULL STAY 10 11 IoT KAMARQ HOLDINGS PTE. LTD. 2018 1 链 Homelink 21

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