MARUI GROUP’sVision

Definition of Corporate ValueMARUI GROUP practices co-creation management with the goal of co-creating happiness together with our stakeholders. MARUI GROUP’s various stakeholders include customers, business partners, investors, communities andsociety, and employees. When formulating its long-term vision for 2050 in 2019, MARUI GROUP included “futuregenerations” alongside the prior five rings of stakeholders it emphasized. The introduction of this sixth ring of stakeholders is a declaration of MARUI GROUP’s belief that true corporate value entails looking beyond the short-term
happiness of current generations to promote harmony and the expansion of the intersection between the interestsand happiness of all stakeholders, including future generations.

Vision of Co-Creation Management
MARUI GROUP’s mission incorporates cherished values such as happiness and inclusion. Moreover, thismission is differentiated from that of our peers through the co-creation that is characteristic of MARUI GROUP.
Our concept of co-creation originates from the co-creation of creditability that was advocated by our founder.

Customers

We refer to the practice of shaping our business based on this spirit of co-creation as “co-creation management.” MARUI GROUP is, of course, focused on the co-creation of happiness. At the same time, we seek to go
further to share the burden of the COVID-19 pandemic with our stakeholders and strengthen our bonds aspartners growing together. This is co-creation management in its truest form and is also the path we will taketoward overcoming this crisis.

Business
partners

Investors

Interests and Happiness
The value sought by stakeholders includes interests that can be measured monetarily. Such interests include
employee wages, shareholder dividends, product prices, and costs for business partners. These interests canHarmonization ofstakeholder interestsand happiness andexpansion ofintersection

sometimes appear to be in conflict when viewed from a short-term perspective. At the same time, stakeholders seek a value that cannot be measured monetarily—happiness. The types of value sought by stakeholders
sometimes fall into conflict with one another. However, we are confident that it is possible to achieve harmony
and expand the intersection between the interests and happiness of all stakeholders through dialogue andco-creation advanced over the medium-to-long term. As we move forward, we will formulate theories on typesof interests and happiness desired by all groups of stakeholders to be incorporated into indicators for evaluating the effectiveness of management.
P18 Growth of Corporate Value through Harmony between the Interests and Happiness of All Stakeholders

Communitiesand Society

Employees

View of Partnership

Futuregenerations

MARUI GROUP views its stakeholders as partners in its quest to co-create happiness for the future. In the faceof the COVID-19 pandemic, we could not help but feel the strong interdependent relationship between people
and society that was not previously apparent. Following the institution of a state of emergency declaration inJapan, we were forced to suddenly halt the operation of our stores. This placed the business partners thathave set up shop in our stores in a difficult position, pressing us with the need to decide whether to prioritize
contractual obligations, specifically rent payments, or partnerships. We quickly realized that it was our partner-Corporate value

Intersection of interests and happiness of all stakeholders

ship with these business operators that supported MARUI GROUP. This intangible partnership founded ontrust is what underpins co-creation at MARUI GROUP.

Harmonization and expansion of intersection

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Improvement of corporate value

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