Investor Presentaiton

一期一会| ICHIGO Business Model (2) Embedded Forward Earnings Full Economic Earnings From Value-Add Exceed Accounting Earnings Value-Add Thus Generates Significant Unrealized Gains that are an "Earnings Bank" for Future Periods 50.9 45.4 36.8 28.1 19.6 12.3 FY14/2 O Ichigo Inc. All rights reserved. FY15/2 FY16/2 FY17/2 Appraisal Value-Based Unrealized Gains FY18/2 FY19/2 (JPY billion) 15

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