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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 Third Quarter of the Fiscal Year Ending February 2012
January 13, 2012
Ichigo Group Holdings Co., Ltd. (JASDAQ, 2337)
Representative: Kenji Iwasaki, President and Representative Statutory Executive OfficerInquiries:Takashi Minamikawa, Senior Statutory Executive OfficerTelephone: +81-3-3502-4818
www.ichigo-holdings.co.jp/english
Date of Submission of Shihanki Hokokusho (Quarterly Report): January 16, 2012 (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 November 30, 2011)(1) Consolidated Financial Results(% change is year-on-year)
Revenues

Operating Profit(million yen)(%)(million yen)

Recurring Profit

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

Feb 12

Q3

16,34059.2

577-39.5

535-57.9

1,464-45.1

Feb 11

Q3

10,267-46.3

954-11.4

1,271

122.9

2,666

75.2

Net Profit per
Share (basic, yen)

Net Profit per
Share (diluted, yen)Feb 12

Q3

637.17-

Feb 11Q3

1,456.94

1,141.47(2) Consolidated Financial Condition
Total Assets(million yen)Feb 12

Q3

Feb 11Net Assets(million yen)

83,66027,80598,653

Reference: Shareholders’ equity

30.5

Net Assets per
Share(yen)11,371.63

25.9

10,920.79

Equity Ratio(%)

27,771
Feb 12 Q3: 25,504 million yen

Feb 11 Q4: 25,514 million yen

2. Dividends
Dividend per Share (yen)SecondThirdFourthQuarter
Quarter
QuarterFirstQuarterFeb 11-0-

Feb 12-0-

Feb 12 (Expected)

FiscalYear0-0-

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 Third 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)
Revenues(million yen)

Full Year

16,300Operating Profit(%)(million yen)

27.7

1,000

Net Profit(million yen)

(%)

-26.0

Recurring Profit(million yen)

700

(%)

-56.7

Net Profit per Share
(%)

(Yen)

Full Year
1,300
109.5
569.27Note 1: Changes in the forecast during the period: None
Note 2: The forecast for Net Profit per Share has been estimated under the assumption that the number ofoutstanding shares as of December 31, 2011 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 stockFeb 12 Q3:
2,298,012
Feb 11:2,336,559(ii) Number of shares of treasury stock
Feb 12 Q3:55,191
Feb 11:
240(iii) Average number of outstanding sharesFeb 12 Q3:
2,298,951
Feb 11 Q3:
1,830,447

Notes:
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 Q3(Nov 30, 2011)
AssetsCurrent Assets
Cash and cash equivalents
Trade notes and accounts receivable
Operational investments in loansOperational investments in securities
Real estate for sale
OthersLess: allowance for doubtful accounts
Total Current Assets
Fixed Assets
Tangible Assets
Intangible Assets
GoodwillOthers
Total 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 borrowings (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)

10,595
655
2,327
4,265
58,152
1,207(2,917)74,286

12,343
696
1,135
8,035
68,823780(4,600)87,215

3,082

3,178

2,095
282,123

1,970
39
2,009

3,651
14637(136)
4,166
9,373
83,6605,682
14684(131)6,249
11,43898,653

77
485
100
925
1,740

47
1,293
400
1,280
2,874

2,682

25,243

53
214
2,913
9,191

99
24
4,155
35,417

6,926
36,3912,949
383
1246,66355,854

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

Feb 12 Q3(Nov 30, 2011)
Net Assets
Shareholders’ Equity
CapitalCapital reserve
Retained earnings
Treasury stock
Total Shareholders’ Equity
Revaluation and Adjustment
Unrealized gain (loss) on other securities, net
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)

18,0782,395
6,414(518)
26,37018,078
2,447
5,155
(36)
25,644(857)
(8)
(866)
108
2,192
27,80583,660362(492)
(130)
80
2,177
27,771
98,653

Consolidated Income Statement(Million Yen)Feb 12 Q3

Feb 11 Q3(From Mar 1, 2010
To Nov 30, 2010)

Revenues
Cost of Revenues
Gross Profit
SG&A
Operating Profit
Non-Operating Profit
Interest incomeDividend income
Equity in earnings of affiliates
Amortization of negative goodwill
OthersTotal Non-Operating Profit
Non-Operating Expenses
Interest on debt
OthersTotal Non-Operating Expenses
Recurring Profit
Extraordinary Gain
Gain on sales of investment securities
Gain on sales of equity holdings in affiliates
OthersTotal Extraordinary Gain
Extraordinary Loss
Loss on sales and retirement of fixed assets
Valuation loss on investments
Loss on business liquidation
OthersTotal Extraordinary Loss
Profit before Income Taxes
Income taxes
Profit before Gain on Minority Interests
Gain (Loss) on Minority Interests
Net Profit

5(From Mar 1, 2011
To Nov 30, 2011)

10,267
7,325
2,941
1,986
954

16,34013,471
2,868
2,290
577

32
11470
67
57
639

0
19141
67
26256

273
49
323
1,271

226
72
298
535

1,556
2,344
93
3,995

1,173
17
1,190

760
44
804
4,461
22
1,772
2,666

37
40
50
128
1,597
96
1,501
36
1,464

Consolidated Income Statement(Million Yen)Feb 12 Q3

Feb 11 Q3(From Sep 1, 2010
To Nov 30, 2010)

Revenues
Cost of Revenues
Gross Profit
SG&A
Operating Profit
Non-Operating Profit
Interest income
Dividend income
Amortization of negative goodwill
OthersTotal Non-Operating Profit
Non-Operating Expenses
Interest on debt
Loss on investments by equity-method affiliates
OthersTotal Non-Operating Expenses
Recurring Profit
Extraordinary Gain
Gain on sales of investment securities
OthersTotal Extraordinary Gain
Extraordinary Loss
Loss on sales and retirement of fixed assets
Loss on business liquidation
OthersTotal Extraordinary Loss
Profit before Income Taxes
Income taxes
Profit before Gain on Minority Interests
Gain (Loss) on Minority Interests
Net Profit6(From Sep 1, 2011
To Nov 30, 2011)

3,1562,200955
685
269

3,610
2,563
1,047
784
262

982225
65

0722
13188
7
29
125
209

61
1475
218

1,556
54
1,611

77634
16650
1,170
9835
325

51
6218
49169
(2)
172

Consolidated Cash Flow Statement(Million Yen)Feb 12 Q3

Feb 11 Q3(From Mar 1, 2010
To Nov 30, 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
accountsInterest and dividend income
Interest payable
Issuance cost of corporate bonds
Foreign exchange loss (gain)
Equity in earnings of affiliates (gain)
Loss (gain) on sales of equity holdings in affiliates
Loss (gain) on sales of investment securities
Loss (gain) on sales and retirement of fixed assets
Loss (gain) on valuations of investment securities
Valuation loss on investments
Decrease (increase) in trading notes and receivable
Decrease (increase) in operating loans receivable
Decrease (increase) in operational investments
in securities
Valuation loss on operational investments
in securities
Decrease (increase) in operating investment
Decrease (increase) in real estate for sale
Valuation loss in real estate for sale
Decrease (increase) in accounts receivable
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

7(From Mar 1, 2011
To Nov 30, 2011)

4,461
123
3530(67)
180

1,597
118
2979(67)189234(3,497)

(44)
273
5(470)(2,344)(1,556)
25
0
113
(410)

(20)
226
47
(141)
(1,173)
37
40
89
651

(294)

3,173

249

88

(5)
1,651
111
(255)
183
189
(307)
174
2,287
826
(276)
(80)
2,756

1,426
142
(156)
(127)
647
(236)
(366)
2,797
165
(251)
(139)
2,571

(Million Yen)Feb 12 Q3

Feb 11 Q3(From Mar 1, 2010
To Nov 30, 2010)

Cash Flows from Investing Activities:
Increase in time deposits
Refund from time deposits
Proceeds from sale of investment securities
Proceeds from sale of securities in affiliates
Proceeds from capital decrease in affiliates
Payments for acquisitions of property
and equipment
Payments for acquisitions of intangible assets
Proceeds from sale of investments
Payments for acquisitions of subsidiaries resulting
in 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
Payments to minority shareholders for redemptionof common stock
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

8(From Mar 1, 2011
To Nov 30, 2011)

(352)
40
1,677
2,499
237

(352)
3,327
-

(65)

(31)

(19)
-

(4)
4(1,016)

(282)

(30)
982
52
4,005

0
(5)
2,654

(2,277)
4,900(4,900)
300
(878)
2,500
(2,218)3,500(4,484)
(0)
(539)

(808)
6,059
(6,400)2,100(2,455)2,050(2,472)
11,610(13,750)
(874)
(0)
(66)

(395)

(30)

(4,495)(5,038)

(348)

(45)

1,918
10,728141
12,343(58)(2,242)

12,587

10,242