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Investor Presentaiton

Business Model (4) Robust Cash Generation Economic Operating Cash Flow Exceeds Net Income Net Income Economic Operating Cash Flow (JPY billion) +32% 17.1 14.9 12.9 +44% 21.5 +19% 16.7 15.4 14.0 FY16/2 FY17/2 FY18/2 Note: Economic Operating Cash Flow = Cash Flows from Operations +/- any changes in Real Estate and Power Plants for Sale 一期一会| ICHIGO O Ichigo Inc. All rights reserved. FY19/2 +66% 25.5 17
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