Investor Presentaiton

Consolidated Balance Sheet: Liabilities & Net Assets (JPY million) FY15/2 FY16/2 FY17/2 FY18/2 FY19/2 vs. FY18/2 Liabilities Current Liabilities Trade notes and accounts payable Short-term loans 124 80 110 1,416 2,188 805 1,042 3,275 +2,233 Short-term non-recourse loans 48 79 611 Bonds (due within one year) 112 112 112 Long-term loans (due within one year) 3,488 8,161 5,209 4,449 7,881 +3,432 Long-term non-recourse loans (due within one year) 786 2,975 6,825 3,921 1,666 -2,255 Income taxes payable 284 631 1,655 1,609 3,760 +2,151 Deferred tax liabilities 30 53 62 494 375 -119 Accrued bonuses Other current liabilities Total Current Liabilities Long-Term Liabilities Bonds 16 13 36 34 31 -3 3,677 3,979 9,872 18,161 4,119 19,548 4,652 16,316 5,178 22,280 +526 +5,964 Non-recourse bonds 100 100 632 100 520 538 +18 Long-term loans 53,409 94,409 91,604 112,366 131,569 Long-term non-recourse loans 43,004 56,193 68,319 63,588 51,068 +19,203 -12,520 Deferred tax liabilities 1,402 1,543 1,147 1,744 2,043 Long-term security deposits received 6,391 8,707 8,038 8,492 8,292 -200 Negative goodwill 90 Other long-term liabilities 96 475 624 758 946 +188 Total Long-Term Liabilities 104,494 161,430 170,467 187,470 114,367 179,591 190,015 203,787 194,458 216,739 +6,988 +12,952 Total Liabilities Net Assets Shareholders' Equity Capital Capital reserve Retained earnings Treasury shares Total Shareholders' Equity 26,499 26,575 26,650 26,723 26,820 +97 10,873 10,968 11,056 11,113 11,207 +94 17,201 29,454 42,840 54,324 66,730 +12,406 -78 -41 -15 -2,995 -5,988 -2,993 54,496 66,956 80,532 89,165 98,769 +9,604 Accumulated Other Comprehensive Income Valuation gain (loss) on other securities 1,208 761 117 543 386 -157 Deferred gain (loss) on long-term interest rate -36 -251 -365 -372 -408 -36 Foreign currency translation adjustment 6 23 55 Total Accumulated Other Comprehensive Income Stock Options 1,177 533 -192 171 -21 -192 198 319 491 666 827 +161 Minority Interests 2,505 Total Net Assets 58,377 一期一会| Total Liabilities and Net Assets 172,744 4,357 72,166 251,757 2,612 2,722 3,283 +561 83,443 273,459 92,725 296,512 102,859 +10,134 319,599 +23,087 ICHIGO O Ichigo Inc. All rights reserved. 67

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