Net sales Operating profit Recurring profit

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1 CRE Inc. Summary of Financial Statements (Unaudited) For the First Quarter of the Fiscal Year ending July 31, 2018 (Translated from the Japanese original) December 8, 2017 Corporate Information Code: 3458 Listing: First Section of the Tokyo Stock Exchange (URL Representative: Tadahide Kameyama, Representative Director, President Contact: Hidetoshi Nagahama, Director Telephone: Anticipated date for filing Shihanki Hokokusho (a Japanese-language quarterly business report): December 13, 2017 Expected date of payment for dividends: Preparation of supplementary explanation material for quarterly financial results: Yes Presentation meeting for quarterly financial results: No (Rounded down to the nearest million) 1. Consolidated Performance for the first quarter of Fiscal 2018 (August 1, 2017 through October 31, 2017) (1) Consolidated Operating Results (accumulated total) (Percentages represent changes from corresponding period of previous year) Net sales Operating profit Recurring profit Net income attributable to owners of the parent company Millions of yen % Millions of yen % Millions of yen % Millions of yen % First quarter of Fiscal , First quarter of Fiscal , (Note) Comprehensive income: 255 million yen (196.7%) for the first quarter of fiscal million yen (143.7%) for the first quarter of fiscal 2017 Net income per share Yen Fully diluted net income per share Yen First quarter of Fiscal First quarter of Fiscal (Note) CRE executed a two-for-one stock split effective November 1, 2016, and net income per share and net income per share after adjustment for diluted shares have been calculated on the assumption that the two-for-one stock split of common stock was conducted at the beginning of fiscal (2) Consolidated Financial Position Total assets Net assets Equity ratio Millions of yen Millions of yen % First quarter of Fiscal ,795 15, Fiscal ,968 15, (Reference) Equity capital: 15,572 million yen for the first quarter of fiscal 2018, 15,802 million yen for fiscal Payment of Dividends Dividends per share First quarter-end At end of first half Third quarter-end Year-end For the year yen yen yen yen yen Fiscal Fiscal 2018 Fiscal 2018 (Estimated) (Notes) Change in the current quarter to dividend forecast: None 1

2 3. Anticipated Consolidated Results for Fiscal 2018 (August 1, 2017 through July 31, 2018) (Percentages represent changes from corresponding period of previous year) Net sales Operating profit Recurring profit Millions of yen % Millions of yen % Millions of yen % Full year 31,500 (22.2) 1,700 (67.2) 1,500 (69.7) Net income attributable to owners of the parent company Net income per share Millions of yen % Yen Full year 1,000 (72.1) (Notes) Change in the current quarter to consolidated results forecast: None *Notes: (1) Changes in significant subsidiaries during this quarter: None (Changes in specified subsidiaries involving change in consolidation scope) (2) Adoption of accounting methods specific to quarterly consolidated financial statements: Yes (3) Changes in accounting policy, changes in accounting estimate and retrospective restatement 1. Changes associated with revision of accounting standards, etc: None 2. Changes other than 1: None 3. Changes in accounting estimates: None 4. Restatements: None (4) Number of outstanding shares (common stock) 1. Number of outstanding shares, including treasury stock, at end of term: 12,711,400 shares at October 31, ,711,400 shares at July 31, Number of shares of treasury stock at end of term: 148,002 shares at October 31, shares at July 31, Average outstanding number of shares (quarterly cumulative period): 12,652,496 shares at October 31, ,876,229 shares at July 31, 2017 (Note) CRE executed a two-for-one stock split effective November 1, 2016, and number of outstanding shares (common stock) has been calculated on the assumption that the two-for-one stock split of common stock was conducted at the beginning of fiscal *This quarterly financial report falls outside the quarterly review procedures. *Information concerning proper use of forward-looking statements and other important matters This report contains forward-looking statements about plans and expectations pertaining to CRE s business activities, based on information available to management at the time of preparation and on certain assumptions that management believes to be reasonable. These forward-looking statements are not guarantees of future performance, and actual results, performance, achievements and financial position may differ materially from statements expressed or implied herein due to various factors. 2

3 Quarterly Consolidated Financial Statements (1) Quarterly Consolidated Balance Sheets Fiscal 2017 As of July 31, 2017 As of October 31, 2017 Assets Current assets Cash and deposits 11,392,773 11,583,047 Accounts receivable-trade 414, ,520 Accounts receivable from completed construction contracts 145, ,164 Securities 3,111, ,000 Real estate for sale 6,976,809 7,379,891 Real estate for sale in process 4,205,616 4,587,532 Prepaid expenses 385, ,559 Deferred tax assets 113, ,317 Others 469,837 2,694,191 Allowance for doubtful accounts (34,029) (42,753) Total current assets 27,180,489 27,762,470 Fixed assets Tangible fixed assets Buildings and structures 1,913,884 1,985,449 Accumulated depreciation (910,765) (929,663) Buildings and structures (net) 1,003,119 1,055,785 Machinery, equipment and vehicles 363, ,309 Accumulated depreciation (129,070) (136,106) Machinery, equipment and vehicles (net) 234, ,203 Tools, furniture and fixtures 62,605 64,483 Accumulated depreciation (43,522) (45,229) Tools, furniture and fixtures (net) 19,082 19,253 Land 874, ,182 Lease assets 472, ,049 Accumulated depreciation (170,879) (177,781) Lease assets (net) 301, ,268 Total tangible fixed assets 2,431,602 2,532,692 Intangible fixed assets Goodwill 100,550 94,517 Others 45,570 57,843 Total intangible assets 146, ,361 Investments and other fixed assets Investment securities 2,790,776 2,889,557 Claims provable in bankruptcy, claims provable in rehabilitation and other 155, ,078 Deferred tax assets 230, ,284 Lease and guarantee deposits 4,205,739 4,190,731 Others 95,947 93,619 Allowance for doubtful accounts (267,078) (211,078) Total investments and other fixed assets 7,210,748 7,348,193 Total fixed assets 9,788,472 10,033,247 Total assets 36,968,961 37,795,717 3

4 Fiscal 2017 As of July 31, 2017 As of October 31, 2017 Liabilities Current liabilities Accounts payable-trade 1,608,762 1,284,838 Accounts payable for construction contracts 203, ,268 Short-term loans payable 600, ,000 Current portion of long-term loans payable 5,547,372 5,594,372 Lease obligations 24,115 24,546 Accrued corporate and other taxes 288, ,887 Deposits received 209, ,561 Unearned revenue 1,170,718 1,169,872 Allowance for employees bonuses 40,633 74,998 Allowance for directors' bonuses 245,886 Allowance for sublease losses 15,752 28,282 Others 280, ,424 Total current liabilities 10,235,843 10,234,051 Fixed liabilities Long-term loans payable 5,435,510 6,484,542 Lease obligations 366, ,281 Liability for retirement benefits 238, ,353 Allowance for sublease losses 2,670 1,335 Asset retirement obligations 137, ,814 Lease and guarantee deposits received 4,533,248 4,551,613 Others 199, ,055 Total fixed liabilities 10,914,113 11,966,996 Total liabilities 21,149,956 22,201,047 Net assets Shareholders equity Common stock 2,088,248 2,088,248 Capital surplus 3,677,148 3,677,148 Retained earnings 10,067,335 10,052,918 Treasury stock (350) (213,489) Total shareholders equity 15,832,382 15,604,825 Accumulated other comprehensive income Unrealized gains (losses) on investment securities Deferred gains ( losses) on hedges (26,566) (29,301) Foreign currency translation adjustment (3,246) (2,807) Total accumulated other comprehensive income (29,480) (31,980) Stock acquisition rights 16,103 21,824 Total net assets 15,819,005 15,594,670 Total liabilities and net assets 36,968,961 37,795,717 4

5 (2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income Quarterly Consolidated Statements of Income First Quarter of Fiscal 2017 (August 1, 2016 through October 31, 2016) (August 1, 2017 through October 31, 2017) Net sales 4,114,357 4,755,135 Cost of sales 3,381,327 3,848,742 Gross profit 733, ,393 Selling, general and administrative expenses 556, ,205 Operating profit 176, ,187 Non-operating income Interest received 757 1,655 Equity in income of affiliates 47,092 Penalty income 20,000 Others 6,986 1,957 Total non-operating income 7,743 70,705 Non-operating expenses Interest paid 32,684 28,761 Commission fee 9,216 10,882 Others 8, Total non-operating expenses 50,073 40,578 Recurring profit 134, ,313 Extraordinary income Reversal of allowance for doubtful accounts 56,000 Others 0 Total extraordinary income 0 56,000 Extraordinary expenses Loss on liquidation of investments in capital 1,075 Loss on change in equity 2,441 Total extraordinary expenses 2,441 1,075 Income before income taxes 131, ,238 Income taxes 44, ,869 Net income 87, ,368 Net income attributable to non-controlling interests Net income attributable to owners of the parent company 87, ,368 Quarterly Consolidated Statements of Comprehensive Income First Quarter of Fiscal 2017 (August 1, 2016 through October 31, 2016) (August 1, 2017 through October 31, 2017) Net income 87, ,368 Other comprehensive income Unrealized gain (loss) on available-for-sale securities 1 (62) Share of other comprehensive income of entities accounted for using equity method (812) (2,437) Total other comprehensive income (811) (2,499) Comprehensive income 86, ,869 Comprehensive income attributable to owners of the parent company 86, ,869 Comprehensive income attributable to non-controlling interests 5