RACCOON : (Delayed)FY 4/2021 (ending April 2021)Q1 Financial Results

FY 4/2021 (ending April 2021)

Q1 Financial Results

September 3, 2020

RACCOON HOLDINGS, Inc. Code: 3031 TSE 1st Section

Disclaimer

Opinions and estimates contained in this document are based on the judgement of the Company at the time of preparation and may include inaccuracies.

Actual decisions and results may differ due to various changes in the business environment.

© 2000 RACCOON HOLDINGS, Inc.

Executive Summary

HO LDI N GS

Key Points

Accelerated growth speed made the Company's characteristics visualized. (Characteristics of the Company's business structure)

The structure allows operating margin to grow in stride with topline growth, as both businesses have a high gross margin while fixed costs tend not to increase.

Impact of Novel Coronavirus (COVID-19)

Demand increased as the Company's services became more essential due to major changes in the social environment.

FY 4/2020 Q1 Results

• The transaction value of SUPER DELIVERY in the EC business increased significantly by 75.2% year on year, driving the overall business results.
• The cost of sales for the Financial business decreased as the amount of guarantees provided decreased. In addition to this, the Company reviewed allowance for guarantees, allowance for claim compensation, and allowance for doubtful accounts, in consideration of the recent situation of guarantees provided. → The cost of sales for the Financial business decreased significantly.

FY 4/2021 Full-Year Results Forecasts Revised Upward

Dividend Forecasts Revised

The Company revised its "Basic Policy on Shareholder Return" and set the target consolidated payout ratio at 45% - 50%.

© 2000 RACCOON HOLDINGS, Inc.	3

Summary of Consolidated Financial Results

HO LDI N GS

		YoY
Net sales	1,084 million yen	+32.5%
Operating income	344 million yen	+96.1%

• The transaction value of SUPER DELIVERY in the EC business increased significantly by 75.2% year on year.
  An increase in system usage sales in proportion to the transaction value contributed to a significant increase in consolidated net sales.
• The amount of guarantees provided by the Financial business decreased, lowering the cost of sales. Allowances additionally recorded in the preceding Q4 were partly reversed in consideration of the situation of guarantees provided (change from the preceding Q4 to Q1), causing the rate of cost of sales to drop significantly.
• Personnel cost and advertising expenses increased but other expenses remained at a low level.
  The rate of selling, general and administrative expenses dropped by 9 percentage points year on year to 52%.
• The relocation expenses of RACCOON RENT's head office totaling 10,006,000 yen were recorded as extraordinary losses.
• As the number of customer defaults in the Financial business was smaller than expected, the Company repaid its borrowings one by one.

© 2000 RACCOON HOLDINGS, Inc.	4

Trends in Consolidated Net Sales by Quarter

HO LDI N GS

Net sales increased by 32.5% year on year

The growth rate rose 10.2 percentage points from 22.3% in the previous year

(Unit: Million Yen)

1,200

												1,084
1,000
										818
800
								612	669
600								569
					490	533
					463
				426
			378
400
321	324
200
0
FY 4/2010	FY 4/2011	FY 4/2012	FY 4/2013	FY 4/2014	FY 4/2015	FY 4/2016	FY 4/2017	FY 4/2018	FY 4/2019	FY 4/2020	FY 4/2021
	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1

© 2000 RACCOON HOLDINGS, Inc.	5

Trends in Consolidated Net Sales by Quarter

HO LDI N GS

																				(Unit: Million Yen)
1,200
																					1,084
1,000					EC				Financial
																			953
													810	817	818	849	863			395
800
										682								387
							647	659	669					377	386
	612	627						351	362
						364
600
200	204		218	227	243	257
400
																					688
															466		472	476	558
200	411	422		429	431	425	425	446	455
0
Q1		Q2	Q3	Q4	Q1		Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
		FY 4/2018						FY 4/2019					FY 4/2020				FY 4/2021

© 2000 RACCOON HOLDINGS, Inc.	6

Trends in Consolidated Operating Income by Quarter

HO LDI N GS

Operating income increased significantly by 96.1% year on year

Operating margin also increased by 10.3 percentage points year on year to 31.8%

(Unit: Million Yen)

400		35.0%
Operating income	Operating margin	31.8%
350
	30.0%
300		25.0%
250	19.9%
	20.0%
	21.5%

200		16.6%
	17.3%
	16.4%	344	15.0%

150

11.7%

100	8.5%		7.4%		8.3%						10.0%
									175
				7.9%
								106	133	5.0%
50
	4.7%					87	94
				57
				38
			28	33
	27	15
0							0.0%

FY 4/2010

FY 4/2011

FY 4/2012

FY 4/2013

FY 4/2014

FY 4/2015

FY 4/2016

FY 4/2017

FY 4/2018

FY 4/2019

FY 4/2020

FY 4/2021

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

© 2000 RACCOON HOLDINGS, Inc.	7

Trends in Consolidated Operating Income by Quarter

HO LDI N GS

(Unit: Million Yen)

500

	EC	Financial	Adjustment

Partial reversal of allowances
added in the preceding Q4	344
(22 million yen)

400																										Additional 41 million yen
																												119
																										recorded for allowances
																																	220
300														M&A brokerage fees							189
													154	175		161					41
										133		137	149							75
															73			46
															45
200	106			106	122					26
		25	103	37		41		17
	26			19																						333
					5																								267
100
150			159	165	169	167		164	186			196	186		201		203
0																																				-8
	‐71			-72		-68		-70			-71			-68		-81				-87			-84			-87			-88				-80	-107
-100
-200
	Q1	Q2		Q3		Q4			Q1		Q2		Q3		Q4			Q1		Q2		Q3			Q4				Q1
					FY 4/2018								FY 4/2019									FY 4/2020							FY 4/2021

© 2000 RACCOON HOLDINGS, Inc.	8

FY 4/2020 Q1 Results

HO LDI N GS

						(Unit: Million Yen)
	FY 4/2021	FY 4/2020			Results
	YoY		forecasts before	Progress rate
	Q1 Results	Q1 Results
			revision
Net sales	1,084	818	+32.5%		3,900	27.8%
Gross profit	907	671	+35.2%		ー	ー
Selling, general and	563	495	+13.5%		ー	ー
administrative expenses
Advertising and sales	85	61	+39.2%		ー	ー
promotion expenses
EBITDA	382	211	+80.6%		980	39.0%
	1,070	35.7%
Operating income	344	175	+96.1%		810	42.6%
	900	38.3%
Operating margin	31.8%	21.5%	+10.3pt		20.8%	ー
	23.1%
Ordinary income	334	175	+91.1%		800	41.9%
	890	37.6%
Net income attributable to	220	111	+97.6%		490	45.0%
owners of parent		550	40.1%

© 2000 RACCOON HOLDINGS, Inc.	9

Trends in Results (Quarterly Basis)

HO LDI N GS

					(Unit: Million Yen)
		FY 4/2020			FY 4/2021
	Q1	Q2	Q3	Q4	Q1
Net sales	818	849	863	946	1,084
Gross profit	671	692	681	698	907
Selling, general and	495	503	519	519	563
administrative expenses
Advertising and sales	61	61	73	79	85
promotion expenses
Operating income	175	189	161	178	344
Operating margin	21.5%	22.3%	18.8%	18.9%	31.8%
Ordinary income	175	194	160	178	334
Net income attributable	111	125	101	113	220
to owners of parent

© 2000 RACCOON HOLDINGS, Inc.	10

Factors Behind Change in EBITDA (Year-on-Year Comparison)

HO LDI N GS

(Unit: Million Yen)

600

500	29	24
				14	27
400			Increase in cost
		of sales		Increase in
				Increase in
					advertising
						personnel	Increase in other
					expenses
						expenses
	266							expenses
300

200				382
		Increase in net
			sales

100 211

0

Q1 FY 4/2020	Q1 FY 4/2021
EBITDA	EBITDA

© 2000 RACCOON HOLDINGS, Inc.	11

Financial Position

HO LDI N GS

				(Unit: Million Yen)
				Compared with the
	FY 4/2021 Q1	FY 4/2020	Difference	end of the previous
				fiscal year
Current assets	10,450	10,923	-473	95.7%
Non-current assets	2,630	2,676	-46	98.3%
- Property, plant and equipment	1,465	1,473	-8	99.4%
- Intangible assets	491	505	-13	97.3%
- Investments and other assets	672	697	-24	96.5%
Current liabilities	6,975	8,146	-1,170	85.6%
Non-current liabilities	1,366	1,454	-88	93.9%
Net assets	4,738	3,999	738	118.5%
Total assets	13,080	13,600	-519	96.2%

© 2000 RACCOON HOLDINGS, Inc.	12

Summary by Segment

© 2000 RACCOON HOLDINGS, Inc.	13

EC Business FY 4/2021 Q1 Summary

HO LDI N GS

		YoY
Segment sales	688 million yen	+ 51.2%
Segment profit	333 million yen	+ 78.6%
	YoY	YoY
	(year-earlier)
Domestic	+74.9%	+5.6%
transaction value
Overseas	+76.4%	+31.5%
transaction value

Under the impact of the

prolonged COVID-19

pandemic

• Number of posting companies and member retailers increased, given the continued need for non-face-to- face transactions
• The trend of online purchasing accelerated.

Transaction value in the fashion categories of domestic retailers, which decreased by 45% year on year in April, recovered to a year-on- year increase of 23% in July. Transaction value in other categories also increased year on year.

• Value of overseas transactions also increased due to changes in the social environment forcing a shift to non-face-to-face transactions.

Total transaction value: 5,127,935,000 yen

(+75.2% YoY in contrast to +9.5% YoY a year ago)

System usage sales increased significantly as transaction value increased.

© 2000 RACCOON HOLDINGS, Inc.	14

EC Business Trends in Sales by Quarter

HO LDI N GS

(Unit: Million Yen)

800

700											688
600
										558
500		422	429	431	425	425	446	466	455	472	476
411
400

300

200

100

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

FY 4/2018

FY 4/2019

FY 4/2020

FY 4/2021

© 2000 RACCOON HOLDINGS, Inc.	15

EC Business Trends in Segment Profit by Quarter

HO LDI N GS

(Unit: Million Yen)

400

350

300

250

200

150

100

50

0

333

267

186 196 186 201 203

150	159	165	169	167	164

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

FY 4/2018

FY 4/2019

FY 4/2020

FY 4/2021

© 2000 RACCOON HOLDINGS, Inc.	16

EC Business Trends in Sales of SUPER DELIVERY

HO LDI N GS

(Unit: Million Yen)

800

		Posting company		Member retailer				System usage
700		sales		sales				sales	685
						92

600

500

400

300

200

100

0

											555	63
											94
						444	463	452	469	473
	421	427	429	423	423
410			91	95	62
	88	90
					88
94	93	90	91	89	87	61	61	62
						61
						60
	61	61	61	61	60
61							529
254	267	275	277	272	275	294	314	300	316	316	398

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2020

2018

2019

2021

© 2000 RACCOON HOLDINGS, Inc.	17

EC Business Trends in SUPER DELIVERY Transaction Value

HO LDI N GS

(Unit: Million Yen)

6,000

5,000				Domestic	Overseas total					5,127
4,000												3,854
3,000								2,852	3,044	2,927	2,957	3,069
				2,704	2,731	2,672
2,540	2,607	2,674

2,000

1,000

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2018

2019

2020

2021

© 2000 RACCOON HOLDINGS, Inc.	18

EC Business	No. of Buying Customers and Value of Transactions Per Customer HO LDI N GS

(Unit: Million Yen)

300,000									Value of transactions per	25,000
									customer
258,436	255,413	257,651							Number of retailers		260,512
247,304
250,000						237,608
			230,109		236,340						232,411	20,000
						220,969
					225,808		217,113	213,749
200,000
														15,000
150,000
														10,000
100,000
50,000														5,000
0														0
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1		Q2		Q3	Q4	Q1
	2018				2019					2020		2021

© 2000 RACCOON HOLDINGS, Inc.	19

Financial Business FY 4/2021 Q1 Summary

HO LDI N GS

		YoY
Segment Sales	458 million yen	+12.8%
Segment Profit	119 million yen	+61.9%

In terms of sales		YoY
	The number of inquiries continued to	+6.1%
	increase amidst the prolonged
Guarantee	COVID-19 pandemic.
	Inquiries increased especially from	+69.6%
	companies having no use record.
	The transaction volume of member
Payment	companies, which decreased in the	+5.3%
preceding Q4, has recovered since
	June.	* Comparison excluding internal sales
	The business environment stemming
	from the revision of the Civil Code
	provided tailwind.
Rent	+
Inquiries increased gradually as	+3.9%
guarantee
some firms reconsidered their	* Integrated separately operated
	guarantee companies in order to	services for business and residential
	prepare for the expanded risk of the	properties into RACOON RENT to
	COVID-19 pandemic.	start operations on May 1.

In terms of profit

The amount of guarantees provided were reduced to lower the cost of sales.

The Company reviewed allowance for guarantees, allowance for claim compensation, and allowance for doubtful accounts and partially reversed allowances additionally reserved in the preceding Q4.

© 2000 RACCOON HOLDINGS, Inc.	20

Financial Business Trends in Sales by Quarter

HO LDI N GS

(Unit: Million Yen)
450																		0
													387		395
400													386
								364		362	377		0
									351
350
300																		0
					243	257
250
			218	227											0
		204
	200
200
150																		0
100
															0
50
0																		0
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
			FY 4/2018				FY 4/2019			FY 4/2020			FY 4/2021

* Inter-segment transactions are excluded.
© 2000 RACCOON HOLDINGS, Inc.	21

Financial Business Trends in Segment Profit by Quarter

HO LDI N GS

Partial reversal of

(Unit: Million Yen)allowances added in the preceding Q4 (22 million yen)

140

120																			119
100
															Additional
80											73	75			41 million yen
												recorded for
						M&A brokerage						allowances
60							fees
				37	41			45			46
40
													33
26	19	25					26
20
			5				17
0
														-8
-20
Q1	Q2	Q3	Q4	Q1		Q2	Q3	Q4	Q1	Q2	Q3		Q4			Q1
		FY 4/2018				FY 4/2019				FY 4/2020					FY 4/2021

© 2000 RACCOON HOLDINGS, Inc.	22

Financial Business Trends in the Rate of Cost of Sales

HO LDI N GS

45.0%

42.1% Rate of cost of sales on settlement of accounts

40.0%

																																9.6%			Recording of additional
										35.1%											35.1%											allowances
35.0%
																													31.1%	32.6%
30.0%																			29.5%
															28.6%
			26.7%							27.0%												26.5%
25.0%						24.7%																24.6%																		Partial reversal of
																																														allowances added in
																																								4.9%					the preceding Q4
21.0%																																													Rate of cost of sales on
20.0%																																															settlement of accounts
																																			20.8%
15.0%
	Q1		Q2		Q3			Q4		Q1			Q2		Q3		Q4			Q1			Q2		Q3			Q4						Q1
					FY 4/2018									FY 4/2019									FY 4/2020					FY 4/2021

© 2000 RACCOON HOLDINGS, Inc.	23

Financial Business Trends in "Paid" Transaction Value

HO LDI N GS

(Unit: Million Yen)

8,000
			External transactions	Internal transactions						7,302
7,000
											6,586	6,604	6,605
									5,971	6,245	6,220				2,408
6,000
						5,225	5,602			1,670	1,737	1,713	1,802
						5,035		1,701	1,757
5,000					4,856		1,624
	4,644
4,512
					1,637
						1,737
4,000					1,751
	1,724
1,682
3,000
								4,270	4,488	4,549	4,848	4,891	4,802	4,894
2,000
							3,977
					3,105	3,297	3,588
1,000		2,920
2,829
0
Q1			Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
		2018			2019			2020		2021

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

© 2000 RACCOON HOLDINGS, Inc.	24

Financial Business Trends in the Credit Guarantee Balance

HO LDI N GS

(Unit: Million Yen)

20,000
		18,029	18,403
18,000
		16,012
16,000
		15,093
14,000		13,609	14,073
	12,194
12,000		11,404
9,908	10,311
10,000
8,583
8,000	7,744
6,785
6,000

4,000

2,000

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2018

2019

2020

2021

• The figures indicate the actual guarantee balance calculated under the formula of guarantee balance / guarantee period x average implementation period. Accordingly, the figures differ from the balances indicated in the relevant Summary of Financial Results and Securities Report.

© 2000 RACCOON HOLDINGS, Inc.	25

Financial Business Trends in the Rent Guarantee Balance (Actual Basis)

HO LDI N GS

(Unit: Million Yen)

8,000
					6,801
7,000
		AEMO was made a subsidiary				6,546
				6,049	6,265
6,000		and its residential rent
			5,832
	guarantee balance was added.	5,435	5,622
5,000

4,000

3,000

2,000
		979	1,113	1,224	1,252
1,000	737	857
0
Q1	Q2		Q3	Q4	Q1	Q2		Q3	Q4	Q1	Q2		Q3	Q4	Q1
			2018			2019				2020			2021

• The figures indicate the actual guarantee balance calculated by the formula of guarantee balance / guarantee period x average implementation period. Accordingly, the figures differ from the balances indicated in the relevant Summary of Financial Results and Securities Report.

© 2000 RACCOON HOLDINGS, Inc.	26

Revisions to the FY 4/2021 Results Forecasts

HO LDI N GS

Based on the progress made in Q1, the Company revised

its results forecasts upward

(Unit: Million Yen)	FY 4/2021	FY 4/2021
	full-year	FY 4/2020
	full-year results
	results	full-year	YoY
	forecasts
	forecasts	results
	(before revision)
	(after revision)
Net sales	3,900	4,450	3,477	+28.0%
4,600	+32.3%
EBITDA	980	1,330	848	+56.7%
1,070	1,410	+66.2%
Operating income	810	1,180	706	+67.1%
900	1,270	+79.9%
Operating margin	20.8%	26.5%	20.3%	ー
23.1%	27.6%	ー
Ordinary income	800	1,160	708	+63.7%
890	1,250	+76.4%
Net income	490	740		+64.0%
attributable to			451
550	800	+77.3%
owners of parent

In the EC business, the transaction value of SUPER DELIVERY is assumed to remain at a high level going forward against the backdrop of changes in the social environment where non-face-to- face economic activities are emphasized.

In the Financial business, the default cost is assumed to be reduced from the initially planned amount.

Aggressive Strategy

Plan to change the fee structure of SUPER DELIVERY in the EC business to accelerate attraction of posting companies. Will factor in the impact of the change (-100 million yen in sales and profits).

Plan to reinforce promotion activities to facilitate medium- to long-term growth both in the EC and Financial businesses. Advertising expenses will increase by around 100 million yen.

• The results forecasts anticipate that the transaction volume of SUPER DELIVERY will grow at a rate higher than initially assumed. However, as the impact of COVID-19 is still highly uncertain, it is difficult to discern accurately how much growth can be attained throughout the year at present. Accordingly, the transaction volume and net sales of the EC business after revision are estimates with ranges, and the results forecasts after revision are forecasts with ranges both for net sales and profits.

© 2000 RACCOON HOLDINGS, Inc.	27

Dividend Forecasts Revised

HO LDI N GS

Upon revising its "Basic Policy on Shareholder Return," the Company will deliver dividends with the consolidated payout ratio of 45% to 50% as a target going forward

	Trends in dividends				Trends in ROE
	Interim dividend	Year-end	Annual dividend	Payout			ROE
	(yen)	dividend (yen)	(yen)	ratio
FY 4/2021 (forecast)	8.0	8.0	16.0	around 45%		FY 4/2020	13.5%
FY 4/2020	－	6.5	6.5	27.4%		FY 4/2019	15.7%
FY 4/2019	－	6.0	6.0	28.5%		FY 4/2018	14.0%
FY 4/2018	－	5.2	5.2	32.4%		FY 4/2017	13.9%
FY 4/2017	－	4.5	4.5	30.9%		FY 4/2016	14.4%
FY 4/2016	－	4.5	4.5	32.5%		FY 4/2015	13.1%
FY 4/2015	－	2.27	2.27	19.7%
	FY 4/2014	8.6%
FY 4/2014	－	1.42	1.42	19.5%
	FY 4/2013	10.4%
FY 4/2013	－	1.33	1.33	16.3%
	FY 4/2012	9.3%
FY 4/2012	－	1.11	1.11	16.5%
	FY 4/2011	15.2%
FY 4/2011	－	0.92	0.92	9.3%
	FY 4/2010	11.6%
FY 4/2010	－	0.89	0.89	13.4%
	FY 4/2009	10.6%
FY 4/2009	－	0.81	0.81	14.7%

Going forward, the Company will endeavor to improve ROE, intending to achieve ROE of 20% or more over the medium to long term.

© 2000 RACCOON HOLDINGS, Inc.	28

Reference: Appendix

© 2000 RACCOON HOLDINGS, Inc.	29

Trends in Consolidated Net Sales by Quarter

HO LDI N GS

(Unit: Thousand Yen)

		2017				2018
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
EC	392,285	393,391	409,310	416,992	411,858	422,816	429,159	431,392
Financial	177,263	182,555	189,081	198,432	200,454	204,346	218,443	227,608
Total	569,548	575,946	598,391	615,424	612,313	627,162	647,603	659,000
		2019				2020
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
EC	425,150	425,472	446,243	466,189	455,214	472,263	476,792	558,665
Financial	243,873	257,229	364,526	351,713	362,899	377,467	386,461	387,906
Total	669,023	682,702	810,769	817,902	818,113	849,730	863,254	946,571
	2021
	Q1
EC	688,464
Financial	395,763
Total	1,084,227

© 2000 RACCOON HOLDINGS, Inc.	30

Trends in Consolidated Operating Income by Quarter

HO LDI N GS

(Unit: Thousand Yen)

		2017				2018
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
EC	139,203	140,305	154,643	150,387	150,866	159,467	165,583	169,227
Financial	13,878	13,679	14,979	13,470	26,952	19,235	25,016	5,055
Adjustment	-58,634	-48,480	-51,960	-60,661	-71,758	-72,556	-68,443	-70,957
Total	94,448	105,504	117,662	103,197	106,060	106,146	122,156	103,325
		2019				2020
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
EC	167,308	164,168	186,450	196,600	186,422	201,232	203,865	267,602
Financial	37,533	41,638	17,839	45,823	73,979	75,589	46,154	-8,196
Adjustment	-71,567	-68,219	-81,257	-87,592	-84,626	-87,353	-88,140	-80,443
Total	133,274	137,587	123,032	154,831	175,775	189,468	161,878	178,963
	2021
	Q1
EC	333,001
Financial	119,745
Adjustment	-107,999
Total	344,748

© 2000 RACCOON HOLDINGS, Inc.	31

EC: Trends in "SUPER DELIVERY" Sales

HO LDI N GS

(Unit: Thousand Yen)

		2017				2018
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
System usage sales	236,045	238,416	252,671	260,824	254,911	267,006	275,823	277,465
Member retailer sales	61,362	62,442	61,854	61,986	61,538	61,342	61,050	61,002
Posting company sales	94,181	91,496	93,793	92,986	94,273	93,141	90,785	91,183
Total	391,589	392,354	408,319	415,797	410,722	421,490	427,659	429,651
Transaction value	2,373,604	2,364,000	2,504,825	2,592,073	2,540,172	2,607,775	2,704,572	2,731,729
		2019				2020
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
System usage sales	272,082	275,301	294,524	314,239	300,684	316,377	316,321	398,846
Member retailer sales	61,170	60,712	60,888	61,070	61,814	61,801	62,315	62,285
Posting company sales	89,903	87,312	88,610	88,415	90,066	91,213	95,092	94,418
Total	423,155	423,326	444,023	463,724	452,564	469,392	473,730	555,550
Transaction value	2,672,949	2,674,929	2,852,157	3,044,716	2,927,620	2,957,307	3,069,019	3,854,776
	2021
	Q1
System usage sales	529,040
Member retailer sales	63,129
Posting company sales	92,962
Total	685,132
Transaction value	5,127,935

© 2000 RACCOON HOLDINGS, Inc.	32

EC: No. of Buying Customers That Purchased through "SUPER DELIVERY"

and Value of Transactions	HO LDI N GS

		2015				2016
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
No. of buying customers	8,759	8,662	8,796	8,937	8,919	8,763	8,875	9,027
Value of transactions per	263,338	275,998	273,161	272,449	254,966	268,478	270,505	283,623
customer
		2017				2018
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
No. of buying customers	9,077	9,129	9,318	9,654	9,829	10,210	10,497	11,046
Value of transactions per	261,496	258,955	268,815	268,497	258,436	255,413	257,651	247,304
customer
		2019				2020
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
No. of buying customers	11,616	11,846	12,068	12,814	13,249	13,621	14,358	16,586
Value of transactions per	230,109	225,808	236,340	237,608	220,969	217,113	213,749	232,411
customer
	2021
	Q1
No. of buying customers	19,684
Value of transactions per	260,512
customer

© 2000 RACCOON HOLDINGS, Inc.	33

Financial: Trends in Net Sales

HO LDI N GS

(Unit: Thousand Yen)

		2017				2018
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Internal sales	43,104	43,644	45,291	45,921	43,767	44,865	45,561	45,215
External sales	177,263	182,555	189,081	198,432	200,454	204,346	218,443	227,608
Total	220,367	226,199	234,372	244,353	244,222	249,212	264,005	272,824
		2019				2020
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Internal sales	42,624	42,288	44,290	45,734	43,481	45,239	44,605	46,936
External sales	243,873	257,229	364,526	351,713	362,899	377,467	386,461	387,906
Total	286,497	299,518	408,817	397,447	406,380	422,706	431,066	434,842
	2021
	Q1
Internal sales	62,668
External sales	395,763
Total	458,431

© 2000 RACCOON HOLDINGS, Inc.	34

Financial: Trends in "Paid" Transaction Value

HO LDI N GS

(Unit: Thousand Yen)

		2015				2016
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Internal transactions	1,598,398	1,735,527	1,703,691	1,750,567	1,637,797	1,699,168	1,733,022	1,869,146
External transactions	728,416	839,188	980,724	1,157,949	1,355,857	1,539,287	1,681,144	1,888,849
Total	2,326,815	2,574,716	2,684,416	2,908,517	2,993,654	3,238,455	3,414,167	3,757,996
		2017				2018
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Internal transactions	1,652,225	1,672,828	1,741,922	1,767,514	1,682,372	1,724,556	1,751,225	1,737,694
External transactions	2,000,291	2,311,575	2,597,637	2,841,259	2,829,913	2,920,373	3,105,237	3,297,511
Total	3,652,516	3,984,403	4,339,560	4,608,774	4,512,285	4,644,930	4,856,462	5,035,205
		2019				2020
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Internal transactions	1,637,880	1,624,883	1,701,840	1,757,236	1,670,517	1,737,978	1,713,416	1,802,943
External transactions	3,588,014	3,977,456	4,270,115	4,488,159	4,549,949	4,848,632	4,891,303	4,802,197
Total	5,225,894	5,602,340	5,971,955	6,245,395	6,220,467	6,586,611	6,604,719	6,605,141
	2021
	Q1
Internal transactions	2,408,086
External transactions	4,894,563
Total	7,302,650

© 2000 RACCOON HOLDINGS, Inc.	35

Financial: Trends in the Credit Guarantee Balance

HO LDI N GS

							(Unit: Thousand Yen)
	2016				2017
Q1	Q2	Q3	Q4	Q1	Q2	Q3		Q4
5,241,870	5,447,712	5,629,359	6,267,980	5,803,443	5,895,684	5,689,826		6,158,819
	2018				2019
Q1	Q2	Q3	Q4	Q1	Q2	Q3		Q4
6,785,008	7,743,693	8,583,315	9,907,803	10,311,384	11,403,717	12,193,958		13,609,462
	2020			2021
Q1	Q2	Q3	Q4	Q1
14,073,465	15,093,308	16,011,597	18,029,768	18,403,599

© 2000 RACCOON HOLDINGS, Inc.	36

Financial: Trends in the Rent Guarantee Balance

HO LDI N GS

							(Unit: Thousand Yen)
	2016				2017
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
117,323	170,098	221,702	267,139	340,143	402,415	458,777	594,519
	2018				2019
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
737,035	857,787	979,309	1,113,485	1,224,871	1,252,870	5,435,686	5,622,052
	2020			2021
Q1	Q2	Q3	Q4	Q1
5,832,274	6,049,021	6,265,811	6,546,084	6,801,684

• The figures indicate the actual guarantee balance calculated under the formula of guarantee balance / guarantee period x average implementation period. Accordingly, the figures differ from the balances indicated in the relevant Summary of Financial Results and Securities Report.

© 2000 RACCOON HOLDINGS, Inc.	37