AB&Company Co., Ltd.

FYE October 2021 - FYE October 2023 Medium-Term Management Plan
AB&Company Co., Ltd.(Head office: Shinjuku-ku, Tokyo; Representative Director: Kazuhiro Ichinose)
aims to become a beauty salon group loved by all stakeholders based on its corporate philosophy of"Providing happiness and joy to customers based on the principle of Stylist comes first."
In order to achieve sustainable growth and strengthen our earnings base, we have established the"2021-2023 Mid-Term Management Plan" as follows.
Numerical targets in the Medium-Term Management Plan
● Number of stores: Approx. 950 (end-October 2023)● Sales revenue growth: annual average of over 14% - 16%（※１）Annual average growth rate for FYE October 2023 over the actual results for FYE●●October 2020 (9,630 million yen)
Operating margin: Operating margin of over 17% - 19% (End-October 2023)
Adjusted EBITDA margin（※２）: EBITDA ratio of over 20% - 22% (End-October 2023)（※１） Unaudited figure（※２） EBITDA (IFRS standards) - "Depreciation on right-of-use assets” is the [Figure ofoperating profit and depreciation (and others)], adjusted
Corporate philosophy
Since its founding in 2009, our Group has been aiming to change the beauty salon industry, where low
wages and long working hours are the norm.
Believing that only when hairstylists who meet customers are able to work with a sense of worthwhileand fulfillment can they provide happiness to the customers they serve, we will achieve continuous
growth as a company by continuing to work diligently to "create an environment where hairstylists canwork with a true sense of satisfaction."
Strengths of our GroupThe strengths of our Group can be summarized in the following three points:
1. Customer acquisition ability
We can provide our customers with highly cost-effective services, by controlling material costs andothers, taking advantage of the economies of scale from operating more than 600 beauty salons (as ofApril 2021) and controlling the rent expenses on land and buildings by using the second floor or higherof buildings and opening salons in rural areas. In addition, we have achieved the high ability to attract
customers at low cost, having accumulated know-how on the efficient operation of HOT PEPPER   Beauty, which is frequently used for beauty salon reservations.  

April 26, 2021

2. Salon opening ability
We have built a structure that enables us to open stores quickly while reducing store opening costs, byincluding interior decorators in our Group through M&As. In addition, we can open stores in a mannerthat avoids competition while maintaining a sense of speed, by selecting senior FC owners in each area
and adjusting store openings as necessary.
3. Ability to acquire and retain human resources
Many hairstylists belonging to our Group work flexibly in accordance with individual lifestyles, due totheir outsourced working style, enabling many dormant beauticians to return to work as a result. Inaddition, it is a system that remunerations are paid for the treatment performed under the commissiononly remuneration system, which contributes to the enhancement of hairdresser satisfaction and in turnto their retention by our Group.
As a leading company in the beauty salon industry, our Group will continue to grow by steadily opening
new stores while maintaining a sense of speed by further refining the above strengths.
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This material is intended to provide our Company's corporate information and is not prepared or
published for the purpose of any investment solicitation or any other similar act in or outside of Japan.
In addition, the future information of our Company, including plans, estimates, forecasts, andexpectations contained in this document is only the judgment or opinion of our Company as of the dateof preparation of this document; and therefore, actual results of our Company's business performance,
financial conditions an other results may differ significantly from the contents of this document or thoseinferred from this document, depending on personal consumption and other economic conditions,changes in consumer preferences, and changes in competitors, among others.