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[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

Summary of Financial and Business Results for the First Quarterof the Fiscal Year Ending February 2012
July 14, 2011
Ichigo Group Holdings Co., Ltd. (JASDAQ, 2337)
Representative: Scott Callon, Chairman and Representative Statutory Executive Officer
Inquiries:Takashi Minamikawa, Senior Statutory Executive OfficerTelephone: +81-3-3502-4818
www.ichigo-holdings.co.jp/english
Date of Submission of Shihanki Hokokusho (Quarterly Report): July 15, 2011 (expected)
Date of Dividend Payment: N/A
Supplemental Material to Financial and Business Results: Yes
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. Consolidated Financial Results (from March 1, 2011 to May 31, 2011)(1) Consolidated Financial Results (Accumulated)(% change is year-on-year)
Revenues

Operating Profit(million yen)(%)

Feb 12 Q1

7,83790.9

Feb 11 Q14,104-52.9(million yen)

Recurring Profit

Net Profit(%)(million yen)(%)

181-63.9

211-50.4

105-94.8

503

66.6

426

263.1

2,041

873.9

Net Profit per
Share (basic, yen)

Net Profit per
Share (diluted, yen)Feb 12 Q1

45.29

-

Feb 11 Q1

1,155.99

873.80(million yen)(%)

(2) Consolidated Financial Condition
Total Assets(million yen)Feb 12 Q1Net Assets(million yen)

95,596Equity Ratio(%)

27,62926.6

Feb 11 Q4
98,653
27,771
Reference: Shareholders’ equity
Feb 12 Q1: 25,399 million yen

Net Assets perShare(yen)10,943.44

25.9
10,920.79
Feb 11 Q4: 25,514 million yen

2. Dividends
Dividend per Share (yen)SecondThirdFourthQuarter
Quarter
QuarterFirstQuarterFeb 11-

Feb 12-

Feb 12 (Expected)

FiscalYear0-

00--0-

Note 1: Changes in the dividend forecast during the period: None
Note 2: Dividend record dates are designated as the last day of the First Half and the Full Year in theCompany's Articles of Incorporation. As of the First Quarter, the Company has not forecast adividend.

3. Consolidated Forecast for the Fiscal Year Ending February 2012 (from March 1, 2011 toFebruary 29, 2012)(% change is year-on-year)
Operating Profit

Revenues(million yen)Feb 12 Q2Full Year

16,300(%)(million yen)

27.7

1,000Net Profit(million yen)

(%)

-26.0

Recurring Profit(million yen)700(%)-56.7

Net Profit per Share
(%)

(Yen)

Feb 12 Q2Full Year
1,300
109.5
559.43Note 1: Changes in the forecast during the period: None
Note 2: The Company has no official earnings forecast for the first half of the fiscal year.
Note 3: The forecast for Net Profit per Share has been estimated under the assumption that the number ofoutstanding shares as of the First Quarter-end is unchanged through the end of the full fiscal year.

4. Others(1) Changes in significant consolidated subsidiaries (material changes in scope ofconsolidation): None
(2) Application of simplified accounting treatments and accounting treatment specific tointerim consolidated financial statements: Yes(3) Changes in accounting principles, procedure and presentation(i) Change due to the amendments of accounting principles: Yes(ii) Change due to other than the above: None(4) Number of outstanding shares (common shares)(i) Number of outstanding shares including treasury stock
Feb 12 Q1:
2,336,559
Feb 11 Q4:
2,336,559(ii) Number of shares of treasury stock
Feb 12 Q1:
15,555
Feb 11 Q4:
240(iii) Average number of outstanding sharesFeb 12 Q1:
2,332,024
Feb 11 Q1:
1,766,000*Implementation Status of the Quarterly Review Procedures
As of the time of release, this quarterly summary of financial and business results has undergone thereview procedures for the quarterly consolidated financial statement under the Financial Instruments andExchange Act, although technically it is not subject to the quarterly review procedures under the Act.
*Explanation on the Appropriate Use of the Earnings Projection
Forward-looking statements contained in this material are based on judgments obtained from informationthat was available to the Company and the Group as of the announcement date. However, thesestatements involve risks and uncertainties. Therefore, please note that actual earnings may differ
significantly from the described earnings projection as a result of various factors.

2Consolidated Balance Sheet
Feb 12 Q1(May 31, 2011)
AssetsCurrent Assets
Cash and cash equivalents
Trade notes and accounts receivable
Operational investments in loans
Operational investments in securities
Real estate for sale
OthersLess: allowance for doubtful accounts
Total Current Assets
Fixed Assets
Tangible Assets
Intangible ssets
Goodwill
OthersTotal Intangible Assets
Investments and Other Assets
Investments in securities
Long-term loans receivable
Other investments
Less: allowance for doubtful accounts
Total Investments and Other Assets
Total Fixed Assets
Total Assets
Liabilities
Current Liabilities
Trade notes and accounts payable
Short-term borrowings
Corporate bonds (due within one year)
Non-recourse bonds (due within one year)
Long-term loans (due within one year)
Long-term non-recourse loans (due within oneyear)
Income taxes payable
Accrued bonuses
Other current liabilities
Total Current Liabilities
Long Term Liabilities
Long-term borrowings
Long-term non-recourse loans
Long-term security deposits received
Negative goodwill
Other long-term liabilities
Total Long Term Liabilities
Total Liabilities

3(Million Yen)Feb 11 Full Year(Feb 28, 2011)

11,670
626
379
5,223
67,164717(1,633)84,14812,343
696
1,135
8,035
68,823780(4,600)87,215

3,121

3,178

1,945
37
1,982

1,970
39
2,009

5,753
14
710
(134)
6,343
11,44895,5965,682
14684(131)6,249
11,43898,653

39
969
300
1,265
2,140

47
1,293
400
1,280
2,874

17,61625,24339
84
4,230
26,68499
24
4,155
35,417

6,525
31,0833,222
428
23
41,282
67,967

6,215
25,3903,392
451
1335,46370,881

Feb 12 Q1(May 31, 2011)
Net Assets
Shareholders’ Equity
CapitalCapital reserve
Retained earnings
Treasury stockTotal Shareholders’ Equity
Revaluation and Adjustment
Unrealized gain on other securities, net
Deferred gains and losses on hedges
Foreign currency translation adjustment
Total Revaluation and Adjustment
Stock Acquisition Rights
Minority Interests
Total Net Assets
Total Liabilities and Net Assets

4(Million Yen)Feb 11 Full Year
(Feb 28, 2011)

18,078
2,447
5,260
(179)
25,606

18,078
2,447
5,155
(36)
25,644155
10(373)
(207)
92
2,137
27,62995,596

362
(492)
(130)
80
2,177
27,771
98,653

Consolidated Income Statement(Million Yen)Feb 12 Q1Feb 11 Q1(From Mar 1, 2010
To May 31, 2010)

Revenues
Cost of Revenues
Gross Profit
SG&A
Operating Profit
Non-Operating Profit
Interest income
Amortization of negative goodwill
Equity in earnings of affiliates
OthersTotal Non-Operating Profit
Non-Operating Expenses
Interest on debt
Equity in losses of affiliates
Issuance cost of corporate bonds
OthersTotal Non-Operating Expenses
Recurring Profit
Extraordinary Gain
Gain on sales of equity holdings in affiliates
Reversal of allowance for doubtful accounts
OthersTotal Extraordinary Gain
Extraordinary Loss
Loss on sale of fixed assets
Office moveOthers
Total Extraordinary Loss
Profit before Income Taxes
Income taxes
Profit before Gain on Minority Interests
Gain on minority interests
Net Profit5(From Mar 1, 2011
To May 31, 2011)

4,104
3,017
1,087
583
503

7,837
6,959
877
695
181

13
22
17
53

0
22
142
11
176

95
17
16
129
426

97
43
5
146
211

2,328
92,338

628

15
15
2,749
5703
2,041

31
638
181
27
154
48
105

Consolidated Cash Flow Statement(Million Yen)Feb 12 Q1

Feb 11 Q1(From Mar 1, 2010
To May 31, 2010)

Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Share-based compensation expenses
Amortization of goodwill
Amortization of negative goodwill
Increase (decrease) in accrued bonuses
Increase (decrease) in allowance for doubtful
accounts
Interest and dividend income
Interest payable
Issuance cost of corporate bonds
Foreign exchange loss (gain)
Earnings of affiliates
Loss (gain) on sales of equity holdings in affiliates
Loss (gain) on sales of tangible assets
Decrease (increase) in trading notes and receivable
Decrease (increase) in operating loans receivable
Decrease (increase) in operational investments
in securities
Evaluation loss on operational investments
in securities
Decrease (increase) in real estate for sale
Evaluation loss in real estate for sale
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Increase (decrease) in security deposits received
Other, net
Sub-totalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net Cash from (Used for) Operating Activities

6(From Mar 1, 2011
To May 31, 2011)

2,749
32
1310(22)51181
401225(22)59

223(2,534)(14)95
117(2,328)
34(95)(0)97
43(142)
31
70
350

113

2,599

1054

1,158
14140(599)
(353)
(560)
692
14(94)(80)
531

71(100)
254
(171)
(383)
538
145
(94)
(84)
505

(Million Yen)Feb 12 Q1

Feb 11 Q1(From Mar 1, 2010
To May 31, 2010)

Cash Flows from Investing Activities:
Increase in time deposits
Refund from time deposits
Proceeds from sale of securities in affiliates
Payments for acquisitions of property
and equipment
Proceeds from sale of property and equipment
Payments for acquisitions of intangible assets
Payments for acquisitions of subsidiaries resultingin the change of consolidation scope
Payments of loans receivableCollection of loans receivable
Other, net
Net Cash from (Used for) Investing Activities
Cash Flows from Financing Activities:
Increase (decrease) in short-term bank loans, net
Proceeds from issuance of bonds
Redemption on corporate bonds
Proceeds from issuance of non-recourse bonds
Redemption of non-recourse bonds
Proceeds from long-term debt
Repayments of long-term debt
Proceeds from non-recourse loans
Repayment of non-recourse loans
Payment on share buyback
Cash dividends paid
Cash dividends paid to minority shareholders
Net Cash from (Used for) Financing Activities
Effect of Exchange Rate Changes
on Cash and Cash Equivalents
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents Excluded fromConsolidation
Cash and Cash Equivalents at End of Period

7(From Mar 1, 2011
To May 31, 2011)

(352)
40
2,482

(352)
-(8)

(13)

0-

9(1)

(578)

-

(30)
90
5
1,648

0(10)
(368)

102
1,900(1,200)(15)200(734)
3,500(3,695)(0)(0)
56(24)
6,056(6,200)2,100(2,115)300(1,024)5,610(5,533)
(143)
(0)
(0)
(973)

72

44

2,308
10,728(791)
12,343-(234)

13,036

11,317