Our Flow Experiences
The following messages were written prior to October 2023.
All costumes and items pictured are the personal belongings of the individual in question.

H __Hiroshi Aoi

President and Representative Director, Representative Executive Officer, CEO
President and Representative Director, okos Co., Ltd.
Director, D2C & Co. Inc.
Director, Muture Corporation
Management Committee (Chairman)
Compliance Promotion Board (Chairman)

I have always loved to tackle new challenges, even when I was a kid, and I have tried alot over the years. Right now, I am hooked on singing. I have even gone as far as to hirea professional coach, who is helping me practice an opera aria. Opera is a deep andcomplicated art, and this makes it all the more engaging. I don’t just love the artistic
element of it; I also love its unexpected physical benefits, like how you train your muscles to make your entire body an instrument. The fun of opera is how you are able totake on the role of the protagonist to experience a different personality and world. I canforget myself and lose all track of time as I really get into the flow. At the moment, I
mainly find myself singing the songs of princes and artists, but I hope to try out thesong of some Svengali or Machiavellian elder in the future.

E __Etsuko Okajima

External Director
President & CEO, ProNova Inc.

I am totally into the boy band BE:FIRST. I have gone beyond being a fan of a particularartist or group to become a fan of the BMSG production company itself. I get to experience a true state of flow for nearly five hours at a BMSG event. I also love auditionshows and watch pretty much every audition show out of Japan or Korea. BE:FIRST
was assembled through an audition show called THE FIRST, and I have watched all 20
episodes of the show over five times or so. My day job is to identify and develop
management candidates and future leaders, and the methods I use to recognize thatkind of potential are pretty much the same as those used in audition shows. I can really
understand the questions and feedback voiced by SKY-HI, the organizer of many ofthese shows. In fact, I even went as far as to tell him that I say the same things. When I
get to see the high-potential individuals I have discovered undergo a major transformation, I get to experience flow. I love seeking out such diamonds in the rough and watching them learn to shine.

Y __Yasunori Nakagami

External Director
Strategy Committee (Chairman)
Representative Director and CEO, Misaki Capital Inc.

I get into a flow from the thrill of surfing, a hobby I love despite not being particularly
good at it. Whether under the scorching summer sun or in the blistering cold of winter, I
am always happy to head to the beach. This is all because I am addicted to the feelingof riding the waves. For a city dweller, the beach itself is an exciting break from everyday routine, and the experience of riding the waves at the beach is a special one that
can’t be found anywhere else. Knowing that I can later escape my everyday life to havethis experience is what allows me to keep focused on my work in the city. I love surfing,
though I do need to get a little better!
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Our Flow Experiences

p __Peter David Pedersen

External Director
Sustainability Committee (Chairman)
Professor, Graduate School of Leadership and Innovation, Shizenkan University
Representative Director, Next Leaders’ Initiative for Sustainability

H __Hitoshi Kawai

I experience flow when I am so absorbed in my work or hobbies that I forget myself
completely and just keep moving forward. At work, for example, the stories I want toshare at a lecture or seminar will just come pouring out, without me having to put any
particular effort into it. It is not as if I am really thinking about what to say; the words I
need just come out by themselves. I also experience this type of flow state when I am
painting, my style being a clumsy take on watercolor painting that resembles oil painting. When I get into this state, I lose track of time and the painting just ends up getting
done, without me worrying about the shapes or colors or even about the quality of thepainting. There is probably no one correct answer about what produces this state.
However, I think the basic conditions for this state lie in loving a particular activity andhaving a certain degree of skill in it. Of course, there is some overlap between flow andthe Ikigai model that has become known around the world. Also, if you are looking toexperience flow in business or at work, you will also need to respond to social needs
and have a way to make money.

Audit & Supervisory Board Member (Full time)

I have loved to run ever since I was a kid, and I’ve been going on runs once or twice aweek since I graduated from university. Not only does working up a sweat leave me
feeling refreshed, I also come up with a lot of good ideas while running. Furthermore,when I am trying to meet a strict time goal, I am able to focus and lose track of myself.
It’s at times like these that I am able to come up with the type of ideas that I couldn’t
find elsewhere, and when I get into the flow and just keep running, it is refreshing for
my mind. However, those ideas start to fade as soon as I stop running, and I sometimes find myself feeling anxious trying to remember what I was thinking about.
This is when I turn to my tradition of a post-run glass of tomato juice, which leaves
me refreshed and looking forward to my next run and new idea.

H __Hirotsugu Kato

Director, Managing Executive Officer, and CFO
In charge of IR, Finance, Sustainability, and ESG Promotion
President and Representative Director, D2C & Co. Inc.
Director, MARUI CO., LTD.
Director, tsumiki Co., Ltd.
Director, okos Co., Ltd.
ESG Committee and Insider Trading Prevention Committee (Chairman)

My latest obsession is saunas. I used to have almost no experience with saunas. A
couple of years ago, however, I started going out to meals with young entrepreneurs,
and I remember feeling left out by not being able to get in on the conversation when it
came to saunas. It was at this time that I learned of a new sauna near my house. I
finally got up the courage to go around the end of last year. Experiencing a sauna is acycle of feeling hot, feeling cold, and feeling drained. You have nothing to do but thinkduring this process, and I was surprised to learn just how sharp my focus became at
the sauna. This intense focus is probably what you would call a flow experience. I
suspect that one of these days this focus will lead me to an idea that will shock theworld; at least I hope it will.

R __Reiko Kojima

Director, Senior Executive Officer, and CWO (Chief Well-being Officer)
General Manager, Wellbeing Promotion Department
Company Physician

Between my three years at high school and my six years at medical school, I have been
in a choir for nine years. My high school had a storied history of winning nationwide
choral contests, and I remember the extensive training we would do in the morning,
after lunch, in the evening, and on retreats. The experience of getting lost in song withthe other members, the nervousness felt on the day of competitions, and the time
rejoicing or lamenting the results and expressing our appreciation to one another are
all precious memories. I became the head of the choir at medical school. In this role,
I would find myself discussing our greater goals with members, getting help fromformer members and teachers, and arranging massive concerts. The process oforganizing support teams to help members who could not yet read music and talking
with members to help keep them motivated is what made me so committed to ensuring that everyone feels energized in what they do. This commitment stays with meeven in my work today. I still sometimes meet with my old choir friends to sing. The
time we spend lost in our melodies is truly a happy time.
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H __Hajime Sasaki

Audit & Supervisory Board Member (Full time)

I made my surfing debut two years ago, when I was 57. I am still a beginner, but I havepracticed a ton and am now able to stay on the board. It was the feeling of gliding
across a good wave that got me hooked. It is kind of difficult to put into words, but
I keep at it because I love that special feeling when you are soaring on a wave. The
challenge of surfing comes from how the waves and wind are different every time andhow the conditions are always changing. More than using your muscles, you need theability to adapt flexibly. It didn’t take me long to learn that; if you can’t adapt, you won’t
be able to control your board. We could even say the same of the current operating
environment.

Y __Yoko Suzuki

External Audit & Supervisory Board Member
Partner, Suzuki Sogo Law Office

It was not long after I became a lawyer that I went with my husband to see a production of THE LION KING by Shiki Theatre Company, and now watching musicals is ahobby we both share. The musical I have gotten the most into is MAMMA MIA!, a storyof love, friendship, and the bond between a mother and daughter set to the songs of
ABBA. I have been going to see this musical in theaters for two decades now. When I
first saw it, I shared the perspective of the daughter. After my own daughter was born,
I was able to laugh and cry to the musical from the perspective of a mother. From thediverse lives shown by the youths in a chorus line to the proud and distinctive catsliving in the street and the strong yet kind princesses illuminating the stage, I become
enthralled by the magic of the songs and dances of musicals. They truly energize andempower me and make me want to start something new.
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Our Flow Experiences

Y __Yoshinori Saito

External Audit & Supervisory Board Member
Tax Accountant, Hiroaki Matsumoto Certified Tax Accountant Office

Managing Executive Officer
In charge of Fintech BusinessPresident and Representative Director, Epos Card Co., Ltd.
Director, MRI Co., Ltd.
Director, Epos Small Amount and Short Term Insurance Co., Ltd.
Director, tsumiki Co., Ltd.

I experience flow in my home garden. I have been gardening for more than a decade,and my garden is now filled year-round with small plots of a wide variety of vegetables,
ranging from daikons and napa cabbages to spinach, carrots, cucumbers, tomatoes,
corn, eggplants, bell peppers, and potatoes. Today, I have brought with me an eggplant,
which is in season now (at time of photograph). There is so much to do and no time towait, whether the task at hand be preparing the soil, sowing seeds, thinning, transplanting, or weeding. When I lose myself in these tasks, I often find myself in a peculiar state
where time evaporates and I feel at one with the task and with the soil. Gardening canbe exhausting, but it leaves me feeling refreshed. Also, the fact that my garden makes
my life a little more sustainable gives me the energy I need for the next day.

Golf is without a doubt a popular hobby. Based on my experience, there seem to bequite a few golfers at MARUI GROUP. Golf lets you get a sensible amount of exercise
while also providing important opportunities for networking with colleagues andassociates outside the Company. I generally don’t experience a flow state outside ofwork, but when I am golfing, people often tell me how impressed they are with myintense focus while putting. The moment when the surrounding sights and sounds
fade away and I am able to turn my full attention toward the hole is precisely what you
would call a state of flow. The right clubs are also an important part of golf. I haveactually gone through more than 10 putters before I found the right one. With myfavorite Piretti, I hope to start shooting more scores in the 70s.

H __Hiroaki Matsumoto

M __Masao Nakamura

M __Masahiro Aono

I started cooking back when I was still in school, and I have been at it for more than four
decades now. I love to eat, and whenever I find a dish I like, I find myself compelled toreproduce it. With my trusty kitchen knife in hand, I will attempt to make anything fromdried horse mackerel dishes to roast beef and even traditional Japanese New Year’s
delicacies. When I am cooking, I enter into a state of flow in which I am fully relaxed while
being able to unleash my creativity. The time I spend focused on cooking is the easiest
way I can experience a sense of self-actualization and an important part of my personalfulfillment. Cooking is like business, there are unlimited possibilities to be found throughdifferent combinations of ingredients, seasonings, and preparation methods. I enjoy thecooking, the eating, the drinks I pair with the dishes, and the smiles of family and friends I
share these meals with. I love cooking for all the joy it brings me.

I don’t drink, but I still love company parties. Such parties have become a rarity of late.
They were on the decline even before the COVID-19 pandemic, but the pandemic prettymuch put an end to them altogether. I used to go to these parties once every twomonths or so. We had farewell parties, welcome parties, and year-end parties. Our
company even had sports events, festivals, and field trips, which entailed parties. I still
try to arrange company parties for those people who are interested. This year, for example, I got around 100 people to attend an event in which we walked 20 kilometers to a
hot spring, where we had a party. I love talking with people as well as the process ofplanning parties, finding attendees, and performing to make the party more fun. I get into
a flow when I try to get as many smiles as I can. Today, I dressed up as Nobita, a character from the children’s TV program Doraemon, and wore this costume at our Halloween
party. We had a group of more than 10, all dressed as Nobita, walking the streets ofNakano, the area around MARUI GROUP’s head office, on the day of that party.

Managing Executive Officer
In charge of Retailing BusinessPresident and Representative Director, MARUI CO., LTD.
Safety Control Committee (Chairman)

Senior Managing Executive Officer and CSO (Chief Security Officer)
In charge of Corporate Real Estate, Architecture
President and Representative Director, MARUI HOME SERVICE Co., Ltd.
President and Representative Director, MARUI HOME SERVICE MANAGEMENT Co., Ltd.
Internal Control Committee (Chairman)
Information Security Committee (Chairman)

T __Tomoo Ishii

Senior Managing Executive Officer and CHRO (Chief Human Resources Officer)
In charge of General Affairs, Personnel, Audit, and Well-being Promotion
Human Resource Strategy Committee (Chairman)
Public Relations IR Committee (Chairman)

I have two toy poodles at home. I often take them on drives and to dog parks. In the nine
years since I got my dogs, I have searched for hotels that allow dogs whenever we take atrip. Outings with my dogs give me a feeling of excitement that I can’t feel every day. I
bought them their own car seats online so that my wife wouldn’t have to watch them inthe back seat while I was left alone in the front to drive, which could be a little stressful attimes. Riku (pictured) is less active, and he will usually just watch me drive from thepassenger seat or even fall asleep. He is so cute; I just forget all feelings of exhaustion
both on the way to and from our excursions, and actually experience a state of exuberance and deep focus. Is that flow? I also experience a state of flow when I am weighttraining, but I thought I would present a different image for this year’s message.
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A __Akikazu Aida

Managing Executive Officer, CDO (Chief Digital Officer), and General Manager, Digital Transformation Office
In charge of Corporate Planning, Co-Creation with Future Generations, Co-Creative Investment
Director, D2C & Co. Inc.
Director, okos Co., Ltd.
Director, Muture Corporation

My everyday source of strength is working out at the gym, which is essentially a seriesof flow states. Working out with the goal of feeling the joy of surpassing my limits andclearing my mind to focus on my breathing, rather than on boosting my physicalcondition, is itself a flow state. Losing myself in concentration leaves me feelingrefreshed and mentally fulfilled. I think of myself as being a cheerful, optimistic, andstraightforward person. As such, having a change of pace like this makes it easier forme to enjoy things. At the same time, I tend to get tired of things quickly and amalways seeking new sources of stimulation. I am also a people lover and enjoy being
able to interact with a diverse range of people. This is why I am so dedicated to engaging in co-creation with various people to generate value for the betterment of society.
87Our Flow Experiences

Y __Yuko Ito

T __Takeshi Ebihara

Executive Officer in charge of Group Design Center
President and Representative Director, AIM CREATE CO., LTD.
Director, MARUI CO., LTD.

Senior Executive Officer and CIO (Chief Information Officer)
President and Representative Director, M & C SYSTEMS CO., LTD.
Director, Muture Corporation

In a world where it seems like you can do almost anything digitally, I experience a stateof flow when I’m on the side of a mountain actually exposed to the elements. When I
was still at school, I remember being moved by Yasushi Inoue’s novel Hyoheki (“Wall ofIce”). Inspired by this story, I set out for Karasawa Cirque in the heart of the Japan Alps
without even stopping to get the right equipment. The sense of exhilaration I felt as I
faced this rocky behemoth amid the snowy valley, set against the backdrop of a bluesky, had to be what you call flow. This was the start of my love affair with mountains. I
have scaled numerous peaks, from my local mountain to 3,000-meter giants in the
Northern Japan Alps. Even if I start to feel the effects of a strenuous climb, the hunger I
have for the fresh mountain air will always drive me to the peak. The invigorating senseof accomplishment and one-of-a-kind scenery are the greatest reward. I can also say
the same for when I am presented with a work project that I can really get absorbed in.

One thing that I really get immersed in is net fishing for ayu sweetfish. When I was akid, my dad would often take me out to the river. When net fishing, I try to enter the river
without making a noise and then focus only on casting my net in the quiet river, punctuated only by the sound of water. The feeling of anxiousness about whether I willcatch a fish the moment I cast my net into the water brings me into a state of flow.
I have been net fishing for a number of years, and I have come to learn the type ofplaces where sweetfish like to hide. I absorbed this knowledge through the series ofsuccesses and failures that has been my fishing career, but I cannot be completely
sure of the accuracy of this knowledge. I want to use the level of concentration I
experience when fishing to contribute to improved corporate value for MARUI GROUP.

M __Mayuki Igayama

N __Naofumi Tsuchiya

Executive Officer
President and Representative Director, MOVING CO., LTD.

Executive Officer and CDXO (Chief Digital Transformation Officer) (Non-full time)
Representative Director and CEO, Goodpatch Inc.
Director, Muture Corporation

I grew up on manga. The various manga I read in my adolescence no doubt played amajor role in making me the type of person I am today. Slam Dunk, in particular, could
be said to be my personal bible. When I want to raise my motivation for work or prepare
for a major project at work, I pick up this legendary manga and reread the part about the
big game against Sannoh High, the undefeated national champion. It was Slam Dunk
that taught me to never give up and to persevere to the very end, no matter how muchthe odds are stacked against me. At work, I constantly find myself thinking about Coach
Anzai’s famous line: “When you give up, that’s when the game is over.” I have alreadyseen the Slam Dunk movie that came out this year a ton of times. For what it’s worth,though, I wasn’t on the basketball team at school.

After joining the workforce, I got hooked on skiing. When I was a kid, I liked snow
mounds and fresh snow. Today, I set targets for the number of full runs I can do down
a mountain, from its peak to its foot, in a single day. I can clear massive courses withlengths of more than five kilometers and elevation differences of over 800 meters, like
Hakuba and Myoko, in about 10 minutes. Clearing my goals requires me to find themost comfortable position by using both my muscles and bones, and this position is
aways changing based on the snow condition or slope. If I am off balance, it can placepressure on my thighs. Sometimes, extending my knees will let me find the best
position. In this manner, I focus on interpreting the feedback between my bones andthe snow, and nothing beats the feeling of accomplishment when I reach the bottom.
Every year, the distance and the number of runs I can ski increases. This makes me
feel that I can continue to grow and evolve, no matter how old I get, as long as I makethe effort.

T __Tatsuo Niitsu
M __Masahisa Aoki
Executive Officer
CEO, tsumiki Co., Ltd.

I have loved motorcycles since the age of 17, and I am 54 now. Motorcycles are lesscomplete than cars, having only two wheels, and this means that they are most stable
when accelerating on a straightaway or a curve. The weakest level of stability occurs
when cruising at low speeds. As such, riding involves quickly accelerating from a stop,
having the courage to slow down before a dangerous curve, and checking that it is safe
before accelerating again. Of course, you have to do all of this while following the rulesof the road. There is a lot of overlap between this process and my job, like when it
comes to developing new businesses. No matter how old I get, I want to keep accelerating and evolving, going full speed whether at work or on the road, to live up to theaspirations of my younger self.
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Executive Officer
Director and General Manager, E-Commerce Business Department, MARUI CO., LTD.
Director, MOVING CO., LTD.
Director, okos Co., Ltd.

My hobby is travel. I particularly like to travel to different countries. After the start of
the COVID-19 pandemic, however, my travels have been limited to Japan, but this has
provided me with an opportunity to reconnect with the beauty of this country. In thepast couple of years, I have visited Okinawa, southern Kyushu, Shimane, Hiroshima,
Yamaguchi, Kusatsu, and Hokkaido, and even have taken a trip around Shikoku. WhenI am on a trip, I try to find things I can get immersed in. In the past, this has included
diving in Okinawa, visiting art and other museums, and touring shrines and temples.
What I get most lost in, though, is planning my trips. Researching online where I want
to go and deciding how to get the most out of a trip in the least amount of time reallygets the dopamine flowing. I remember having a lot of fun adjusting my plans toinclude a trip around Shikoku when heavy snowfall in the Chugoku region forced me tocancel my plans to go there. Not only that, the scenery I saw in Shikoku was amazing,
truly making it a trip to remember.
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Our Flow Experiences

A __Ayumi Hiromatsu

Executive Officer
Director and General Manager, Digital Promotion Department, M & C SYSTEMS CO., LTD.
Director, Epos Card Co., Ltd.

My love for horses inspired me to take up horse riding around when I was 30. Horseriding lets me feel a sense of improvement that can only be found in sports. I am alsoable to become immersed in the emotionally invigorating act of taking care of horses
while feeling their gentle gaze and in the sensation of riding. When I got to cantering, it
was even more fun. I experience a feeling of liberation when galloping across an open
plain or along the coast. Once, when I was galloping toward the horizon in Mongolia, I
was filled with a desire to continue riding headlong to the ends of the earth. It was such
an amazing feeling of immersion and liberation, exactly what you might call flow.
Horses are sensitive creatures, and they are able to detect and respond to our feelings.
This is why I really recommend horse riding to anyone who wants a sport that leaves
them feeling emotionally refreshed.

Y __Yuko Shiota

Executive Officer and General Manager, Sustainability Department and ESG Promotion Department

I experienced flow during the process of launching the Kesou brand. Our team started
from scratch, working for two years to create the world’s most sustainable shoes. There
were days when it felt like we had lost more progress than we had gained. Nevertheless,I continued to think about Kesou every day, becoming completely obsessed with thebrand. It was thus all the more moving when we had finally launched the brand, andcustomers starting buying the shoes and giving us messages of approval. I remember
the frustration felt when the COVID-19 pandemic delayed our shipping the brand andthe sense of appreciation for the customers who supported us regardless. I was able
to experience the full spectrum of emotions through the process of developing Kesou.
As a result, I now feel like I can keep going no matter what life throws at me. I do notexperience a state of flow in my daily life, but I think it’s a great thing to be able toexperience such a state at work, where we spend so much of our time.

J __Jiro Ishioka

A __Atsushi Nagasao

Executive Officer
Director and General Manager, Sales Planning Division, MARUI CO., LTD.
Director, Epos Card Co., Ltd.

Executive Officer and General Manager, Corporate Planning Division
Director, AIM CREATE CO., LTD.

I love basketball, and I have been playing it since junior high. I especially love making
three-point shots. When I make one shot, it’s a really good feeling, but when I sink fiveor six in a row, that is when I experience true exhilaration that makes me oblivious to
the sounds around me. The more I succeed, the better I feel and the more motivated I
am to pursue further success. I can’t help but wonder if this feeling is a flow state. I
have always been the type of person who searches for ways to enjoy even the mostchallenging tasks, and this commitment to enjoyment drives me to seek results. I
might even say the feeling of enjoyment I get from success is a flow experience for me.
I want to continue to tackle various new challenges so that I can also experience new
types of enjoyment.

T __Takahiro Matsumoto

T __Takeaki Yamane

I remember letting out a roar of excitement when Japan secured a ticket to the 2024
Paris Olympic Games at the FIBA Basketball World Cup 2023. I tend not to get overly
excited about things, but basketball has always been an exception. I have never experienced a more overwhelming state of flow after scoring a series of baskets and feeling
unstoppable, but I do sometimes experience more down-to-earth flow states, like being
able to jump a bit higher than usual on occasion. My flow states tend to have acommon trigger: having fun despite struggling to pull ahead in a close game. The samegoes for work; even when I feel behind without a clear path to success, I am still enjoying myself on some level. I hope to continue to enjoy the sense of pressure and tension
as I contribute to improvements in MARUI GROUP’s corporate value.

I am hooked on camping. My favorite things about camping are pitching the tent,sitting by the campfire at night, and drinking my morning coffee, in that order. Pitching
the tent is probably the part of camping that is most similar to experiencing a flow
state, which involves losing track of oneself and time moving more quickly. The firstthing you do when you get to a campsite is to set up the tent, and I go about this taskwith a sense of exhilaration, energized by the fact that I have just arrived at camp. If I
succeed in pitching the tent in a visually appealing manner, without any unsightly
creases, I can enjoy that sight throughout the duration of my time at camp. This is why
I devote such attention to the tent. If I don’t get it right, I will often reposition the frameand start over. The more I do this, the better I get. It brings me great joy when people
praise how good I have gotten lately at pitching a tent.

Executive Officer
General Manager, General Affairs Division
Director, MARUI FACILITIES Co., Ltd.

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On days off, I frequent public baths and hot springs, and I love to soak in the open sky
while enjoying outdoor baths. Gazing at the sky is not something I normally have theopportunity to do, but when I am able to relax and look up, I start to feel like the sky is
actually really close or that the clouds are moving at incredible speeds. My gears tend
to be turning quite a bit when this happens, and it is not uncommon for an idea tosuddenly pop into my head that solves a problem that has been troubling me for quite
some time. When I have the time, I can spend hours in the bath, and I always lookforward to a beer after the bath. Lately, I have been getting into craft beer, and I keep astock of beers of different tastes at all times. I do admit, though, that drinking after
exercising might be the better idea!

Executive Officer, Project A Product Owner
Director and General Manager, Fintech Business Department, Epos Card Co., Ltd.

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