Investor Presentaiton

Business Model (3) Value-Add Drives Durable Value Growth Gains on Sales Consistently Exceed Appraisal Value-Based Unrealized Gains 4.4X Appraisal Value-Based Unrealized Gains 2.5X GPM 26% Gains on Sales (Gross Profit) 2.2X GPM Unrealized Gains 23% (vs. Book Value) 9% Unrealized Gains (vs. Book Value) 12% JPY 7.2B JPY 6.4B JPY 3.3B FY16/2 一期一会| ICHIGO O Ichigo Inc. All rights reserved. 1.6X GPM 14% JPY 10.5B FY17/2 Unrealized Gains (vs. Book Value) 14% JPY 2.7B GPM 34% JPY 12.0B FY18/2 Unrealized Gains (vs. Book Value) 14% JPY 5.9B JPY 15.0B FY19/2 16

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