Announcement of Business Transfer: Relic Transfers 'Real Estate Investment Crowdfunding Construction Service' to Virtual Wall

Relic Inc. (Headquarters: Shibuya, Tokyo; CEO: Takaaki Kitajima), a business co-creation company, and Virtual Wall Inc. (Headquarters: Minato, Tokyo; CEO: Kazunori Saito), operator of the real estate crowdfunding comparison media 'Gokuraku,' have signed a business transfer agreement for Relic's 'Real Estate Investment Crowdfunding Construction Service' (hereinafter referred to as 'the Business').

Moving forward, Virtual Wall will integrate the system assets of the Business as the foundation for its operator system, 'Gokuraku Joto Powered by Gokuraku.' By combining the industry's largest fund comparison media 'Gokuraku' with the 'Gokuraku Joto' system, Virtual Wall aims to promote an ecosystem that contributes to the development of the entire real estate crowdfunding industry as a platform provider.

### Background According to the Ministry of Land, Infrastructure, Transport and Tourism's handbook, the annual investment amount in Japan's real estate crowdfunding market has surged from 1.27 billion JPY in 2018 to 176.3 billion JPY in 2024—a 139-fold increase in just six years. The number of new projects has also jumped from 26 to 875 in the same period. Market growth is expected to continue, driven by accessibility for individual investors and government support for 'shifting from savings to investment.'

As the infrastructure supporting this rapid expansion, the Business provided by Relic boasts the No.1 domestic share for real estate investment crowdfunding construction SaaS. It supports all schemes of the Real Estate Specified Joint Business Act (No. 1 to No. 4) and provides a comprehensive suite of functions necessary for operation, including eKYC, automated contract issuance, and first-come/lottery recruitment, establishing itself as a solid industry infrastructure.

Meanwhile, Virtual Wall has been operating 'Gokuraku,' a comparison media platform with information on approximately 150 operators and over 4,000 funds, along with the operator system 'Gokuraku Joto Powered by Gokuraku.' Through this business transfer, Virtual Wall will integrate Relic's system assets into 'Gokuraku Joto' to become an industry platform provider with both media and system capabilities. Relic will continue to support a smooth business succession through approximately seven months of PMI support while leveraging the expertise gained through this business to provide further value in new business development and co-creation.

### Overview of the Business Transfer - **Target Business:** Real Estate Investment Crowdfunding Construction Service - **Transferor:** Relic Inc. - **Transferee:** Virtual Wall Inc. - **Execution Date (Closing):** May 31, 2026 - **Post-Acquisition Strategy:** To be utilized as the system foundation for 'Gokuraku Joto Powered by Gokuraku.' - **Succession Structure:** Relic will provide approximately 7 months of PMI (Post-Merger Integration) support.

### Significance and Synergy This transaction is not merely an expansion of Virtual Wall's business portfolio but a strategic move to establish its position as a 'platform/ecosystem provider for the real estate crowdfunding industry.'

Starting from this point, Virtual Wall will create new value by operating both media and systems. Specifically, they plan to implement point-linked measures centered on 'Gokuraku Points,' offering a more attractive investment experience across multiple operators for investors and providing new engagement opportunities for operators. Several other measures leveraging media integration are planned and will be released sequentially following the PMI period.

### Representative Comment Kazunori Saito, CEO of Virtual Wall Inc. 'The real estate crowdfunding market is entering a phase where greater transparency and efficiency are required across the industry alongside the expansion of the investor base.'