Financial Results for the Fiscal Year Ended
March 31, 2024 (FY 2024/3) - Excerpt
TRADERS HOLDINGS CO., LTD.
Securities Code: 8704
Apr.30, 2024

This document has been translated from the Japanese original for reference purposes
only. In the event of any discrepancy between this translated document and theJapanese original, the original shall prevail.

100 billion yen in assets under custody achieved!
96.1

94.4

88.2
80.4
73.4
68.4

70.2

68.3

75.5

74.7

69.1

65.0

2

01 Highlights of FY 2024/3
02 Measures for FY 2024/3
03 Forecast for FY 2025/3

04 Capital Policy
05 Appendix

3

Highlights of FY 2024/3

4

FY 2024/3 Executive Summary
The annual increase in assets under custody reached a record high of 20.6 billion yen,reflecting the further expansion of the customer base, and operating revenue reached10.1 billion yen. Operating income was 4.4 billion yen, and operating revenue, operating
income, and net income all reached record highs.

FY 2023/3

Operating revenue

Operating income

FY 2024/3

9,194 Millions of yen

10,1033,742 Millions of yen

4,412

YoY

Millions of yen+ 9.9 ％
+ 17.9 ％Millions of yen

5Topics for FY 2024/3
Operating revenue

10.1

Billions of yen

YoY
前+ 9.9 ％

Although the volatility of foreign exchange rates decreased compared to FY 2023/3, trading volume expanded due to a significant increase in assets
under custody, which was attributable to the contribution of "LIGHT FX"s unique service strategy centered on the "LIGHT pair".

Operating income margin43.7 %

YoY

+

3.0 ％

(1) Complete in-house production of systems, (2) Specialization in over-the-counter derivatives, (3) Focus on fixed costs, (4) Continue tomaintain a high operating income margin by expanding the Company's strengths such as thorough cost management.
Reduced advertising costs by changing advertising agencies.

Corporate tax rate

23.5 %

前年同期比
前年同期比
YoY

+

12.2 ％* Total income taxes as a percentage of income before income taxes
A gradual increase in the corporate tax burden ratio due to a gradual decrease in the amount of past tax loss carryforwards for which deferred tax
assets are not recognized, which are applied to taxable income in each fiscal year.
The effective corporate tax rate is expected to approach the statutory effective tax rate (over 30%), which will lower the net income ratio.

Assets under custody

101

前年同期比

Billions of yen

Compared withthe end of FY 2023/3+ 20.6Billions of yen[As of the end of March 2024]

Achieved the target of 100 billion yen for assets under custody in the medium-term management plan by recovering the decline causedby realized losses by customers due to sudden market changes in the 3Q through marketing measures in the 4Q.

6

Summary of FY 2024/3
In the 4Q of FY 2023/3, the Company significantly changed its advertising strategy, terminated outsourcing related tomarketing, and changed its advertising agency. As a result, the Company shifted to a system in which planning,
implementation, and optimal budget allocation are carried out within the Company. As a result, the Company
achieved results in the fiscal year under review.

✓ By reviewing and improving marketing measures and optimizing budget allocation, we were able to maximize theeffects of the new plan release of “LIGHT FX”. As a result, FX assets under custody increased by a record 20.6
billion yen.
✓ Although overall market volatility was on a downward trend compared to the previous FY 2023/3, reflecting thestrong increase in assets under custody, operating revenue increased by approximately 10% year-on-year,
reaching a record high of 10.1 billion yen.
✓ Advertising expenses decreased by 440 million yen y-o-y due to a significant improvement in efficiency
following the termination of outsourced marketing.

As a result of the simultaneous effects of improved customer attraction and cost reductions,achieved record revenue and profit growth.

7

Assets Under Custody and Advertising Expenses✓

Advertising expenses declined over the period due to a change in advertising strategy in the 4Q of FY 2023/3 which led toa change in advertising agencies and the termination of outsourcing and a review of budget allocations for advertising expenses.

✓

The company started business with several new advertising agencies, strengthened its planning capabilities, increased campaign budgets, and improved the efficiency of new accountacquisition, resulting in an increased growth rate of assets under custody in the period under review.

5.0

Advertising Expense (Quarter)

4.5

Assets under custody[Billions of yen]

3.7

3.6

5.4

4.8

4.7

3.8

3.7
Change ofadvertising
agency

65.0

68.4

70.2

68.3

69.1

1Q

2Q

3Q

4Q

73.3

75.5

74.6

1Q

2Q

3Q

3.6
2.5

96.1

100
80

Additionalcosts for TV
commercials

80.3

88.2

3.5

101.0
94.4

60
40
20
0
4Q
FY 2021/3

FY 2022/3

FY 2023/3

4Q

1Q

2Q

3Q

4Q

FY 2024/3

8

Quarterly Comparison of Consolidated Operating Results
In the 4Q of FY 2024/3 under review, operating income decreased due to an increase in personnel expenses resulting
from the posting of a provision for bonuses in preparation for the payment of performance bonuses, in addition to adecrease in operating revenue due to lower volatility.
FY 2023/3[Millions of yen]

1Q

2Q

FY 2024/3

3Q

4Q

1Q

2Q

3Q

4Q

4Q o 4Q
comparison（Apr. to June）（July to Sep.）（Oct. to Dec.）（Jan. to Mar.）（Apr. to June）（July to Sep.）（Oct. to Dec.）（Jan. to Mar.）Operatingrevenue

2,397

2,021

2,317

2,458

2,840

1,773

3,216

2,273

(7.5)%

Operatingincome

1,108

676

952

1,004

1,593

269

1,905

644

[46.2%][33.5%][41.1%][40.9%][56.1%][15.2%][59.2%][28.3%](35.9)%

1,102

670

957

1,000

1,582

263

1,907

636

[46.0%][33.2%][41.3%][40.7%][55.7%][14.9%][59.3%][28.0%]

951

540

727

998

1,312

193

1,372

456

[39.7%][26.7%][31.4%][40.6%][46.2%][10.9%][42.7%][20.1%][Profit margin]

Ordinary
income[Profit margin]

Quarterly
net income[Profit margin](36.4)%(54.3)%
9

Business Results [Operating revenue]✓ Operating revenues in the current period were more affected by the increase and decrease in transaction volume than before dueto the expansion of the client base, and quarterly operating revenues fluctuated more widely than in the previous period.
✓ For the full year, the company achieved record revenues, reflecting the expansion of its customer base.
[Millions of yen]

3,216
2,840
2,397

2,235
1,666

2021
1Q

1,893

2021
3Q

2,066

2,273

2,021

1,773

1,553 1,569

1,489 1,464

2021
2Q

2,458
2,317

2021
4Q

2022
1Q

2022
2Q

2022
3Q

2022
4Q

2023
1Q

2023
2Q

2023
3Q

2023
4Q

2024
1Q

2024
2Q

2024
3Q

2024
4Q
10

SG&A expenses✓ Personnel expenses in 4Q were higher than in other quarters due to the provision for bonuses, and personnel expenses
increased by 395 million yen YOY*.
✓ As a result of the change in advertising agencies implemented in the previous FY, transaction-related expenses (including
advertising expenses) decreased by approximately 400 million yen, despite the effective implementation of marketing measures.
* Effective from the current fiscal year, certain personnel and other expenses that were included in "Cost of Sales" are now included in "Selling, General and Administrative Expenses." Therefore, thefigures for the previous fiscal year and the two previous fiscal years have been reclassified in the same manner.

129
109
Others102

Real estate

126

99

103

123

111

SG & A
371

123
111

100

101

130

163

160
175
182

410

475

406

560

587

742
494

478

expenses

Trading

166
162

372

407

166

188
188

548

expenses
Personnel

213

151

[Millions of yen]

530

579

561

614
453

574

423

427

452

1,024

1,056

1,040

1,318

1,223

1,268

1,286

1,383

1,194

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

related

439

457

1,462

1,263

1,579

2Q

3Q

4Q

339

expenses

Total SG&A

FY 2022/3

FY 2023/3

FY 2024/3

11

Pursue Both High Wages and High ROE✓ To achieve sustainable growth in the future, we aim to be a company that attracts excellent human resources from outside thecompany and where employees are highly motivated to work for a long time, pursuing both wage increases (salary and bonus
level increases) and high ROE as the result of such increases.
✓ Maintain high ROE and achieve sustainable growth by generating high earnings with high wages.

Personnel expenses: YoY＊
＊The above personnel expenses include those of cost of sales andselling, general and administrative expenses, and exclude those of theCompany's directors and corporate auditors.
（Millions of yen）

Average unit labor cost

7.46

Number of Group Personnel＊
400
FY 2024/3
2,147 Millions of yen

16.6% increase in unit labor cost

6.40

＊Employees of all group companies and directors of subsidiaries arecounted.

（Unit: persons）

FY 2023/3
1,862 Millions of yen

300

281

291

288

200

156

160

151

Overseas
Domestic

100

number of personnel

0

288

291

FY 2024/3

FY 2023/3

125

131

137

FY 2022/3

FY 2023/3

FY 2024/3

012Analysis of YoY Changes in Operating Income
Impact of higher salaries andincreased bonuses due toincreased performance.
(See P.12)(Millions of yen）
Increase inoperatingrevenue(See P.10)

+

+

4,412
Reduction due tochange in advertising
agency (See P.8)

3,742

Impact of rent
increase due
to new officerelocation

Established R&D
Promotion Dept.
in FG andincreased R&D
personnel

13Trends in Assets Under Custody
As of the end of FY 2024/3, assets under custody amounted to 101 billion yen,achieving the medium-term management plan target.
Assets under custody increased by 20.6 billion yen in the ended of FY 2024/3, setting a new record for the company.

101.0[Billions of yen]

96.1

94.4

88.2

80.3
68.4

70.2

65.0

4Q
FY 2021/3

1Q

2Q

73.3
68.3

69.1

3Q

4Q

FY 2022/3

1Q

75.5

74.6

2Q

3Q
FY 2023/3

4Q

1Q

2Q

3Q

4Q

FY 2024/3

14

Market Review for the FY 2024/3 (ⅰ)
USD/JPY（ Daily chart ）Oct.2023

Market Overview

Nov.2023

unchanged
YCC flexible

again.

U.S. CPI above

U.S. employment

forecast.

data downbeat

In February, the U.S. CPI came in above
expectations, and the speculation of a rate cut receded,
but there was no new information in the second half of themonth, and the yen remained in a range around the 150yen level.

Feb.2024
Dec.2023

BOJ policy rate

Mar.2024

In the 4Q, the Noto Peninsula earthquake that occurred in
January 2024 caused a retreat in the BOJ's policy ratechange speculation. Furthermore, the yen weakened due
to a retreat in the US from the expectation of an earlyinterest rate cut.

Jan.2024

U.S. interest rate
hike expected tobe halted.

BOJ lifting ofnegative interest
BOJ Governor

Suggests

rates and removal

Ueda'scontinued BOJ

of YCC.

Challenging

easingStatement.

U.S. interest rate
cut speculation

In March, the BOJ lifted negative interest rates andeliminated the YCC, the first monetary tightening in 17
years, but the yen remained centered in the mid-151-yen
range.

recedes.

15

Market Review for FY 2024/3 (ⅱ)
The market environment continued to be active, and the amount of OTC retail FX transactions remained at a high level
As in 2022, the total amount of annual FX transactions exceeded 10,000 trillion yen for the second consecutive year.
OTC FX Trading Volume (Domestic)

BOJ adjusted its
monetary easing.

[Trillions of yen]

The change of government
in the UK triggered a sharp
fall in the value of the poundand currency intervention by
the BOJ.

1,400

1,200

SVB bankruptcy
Credit Suisse
management crisis.

YCC adjustmentby the BOJ.

YCC abolishedby the BOJ.

Widening of the JapanU. S. interest rate
differential.

1,000

800
Russia's invasionof Ukraine.
600

400

200

0
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.

2021

Source from the Financial Futures Association of Japan (FFAJ)

2022

2023

2024

16

Market Review for FY 2024/3 (ⅲ）
Historical volatility for FY 2024/3 was higher in Q1 and Q3 and trended lower in Q2 and Q4.

Historical volatility * (USD / JPY)

Operating revenue (Millions of yen)
Historical volatility

3,216

20

2,840
2,397

15

1,893
1,553

2,066

2,021

2,317

2,458

2,273
1,773

1,569

10
5
0
Apr. May Jun.

Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun.

FY 2022/3

Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun.

FY 2023/3※Historical volatility is one of the technical analysis methods and is the rate of price fluctuation statistically calculated based on historical data.
If past price fluctuations are small, historical volatility will be small, and if past price fluctuations are large, historical volatility will be large.
The figure above is calculated based on price fluctuation data for the past 60 days, which is a quarterly accounting period.

Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.

FY 2024/3

17

Consolidated Net Assets, Consolidated Own Funds and Financial Security.
✓✓

Financial security was strengthened with an increase of 2.1 billion yen in consolidated net assets and 2.3 billion yen in consolidated own funds
on hand along with the expansion of business performance.
Capital adequacy ratio increased to 609% and stress test affordability ratio increased, increasing capacity for future business expansion.
18609.5%

16
14

466.1%
382.0%

481.1%

397.8%

9.2

Consolidated own funds
Capital Adequacy
Ratio
8

6

5.5

6.5

400.0%

10.2（Billions of yen）

Consolidated
10 net assets

14.1
12.5

11.9
12

600.0%

200.0%

7.7

7.3
5.9

0.0%

4
-200.0%2

0-400.0%FY 2020/3

FY 2021/3

FY 2022/3

Note; Consolidated own funds= Consolidated Cash and Deposits + Short-term Deposits - Interest-bearing Debt
[Short-term funds attributable to the Group, excluding cash segregated as deposits for customers]

FY 2023/3

FY 2024/3

18

Strengthening of Covered Banks✓ We entered into a prime broker agreement in February 2024 and addedfour (4) foreign financial institutions to our coverage.
✓ Expect further improvement in profitability in the future as more competitive prices are offered.

Prime Broker

Standard
Chartered BankUBS AGBank of America
Corporation

Citi Bank*The Company entered into the agreement in February 2024 and began trading in April 2024.

* We plan to add new banks in the future.

19

Loans from Financial Institutions✓ In the period under review, the company initiated new transactions with four (4) domestic
banks.
✓ We plan to continue to aggressively expand our credit line and develop new banks.
[Millions of yen]

FY 2023/3

Financial institution’s
name[Millions of yen]

Balance at the end of
March 2023

FY 2024/3

Financial institution’s
nameBalance at the endof March 2024

1 TOKYO SHOKEN SHINYOKUMIAI860

1 TOKYO SHOKEN SHINYOKUMIAI880

2 JOHNAN SHINKIN BANK

227

2 JOHNAN SHINKIN BANK

164

3 Japan Finance Corporation

17

3 The ChibaBank, Ltd.

110

4 SBI Shinsei Bank, Limited

100

5 THE KAGAWA BANK,Ltd.

42

6 Kiraboshi Bank, Ltd.

37

7 Japan Finance Corporation

7

Total

1,104

Total

New Transaction
Banks

1,342
20

Measures for FY 2024/3

21

Initiatives for FY 2024/3 (ⅰ)
The number of new accounts has increased by approximately 39,000 since Hiroiki Ariyoshi* was cast in
new CMs in July 2023. To further improve the brand, we promoted not only TV commercials but also digital
measures, outdoor signage, street vision, and other media mix enhancements.
*（Japanese celebrity)

TVCM

YouTubeNew commercials launched in July 2023
Broadcast nationwide to raise “Minna no FX’
and our company. The number of new
accounts opened since the start of thecommercial has increased by approximately
39,000.

Focus on digital marketing and strengthen
appeal to customers who are highly likely toopen new accounts on YouTube, etc.
Strengthen not only brand measures such ascommercials to increase recognition but alsomeasures to acquire customers.

Outdoor advertising
Signs are displayed on a large screen in front of
the Hachiko-Mae intersection at Shibuya Station,
where more than 2 million people get on and offeach day, at Senso-ji Temple, where 4.2 million
people pay their first New Year's visit to thetemple, and in the Yebisu Skywalk, which leads
to Garden Place, where our office is located.

22

Initiatives for FY 2024/3 (ⅱ)"LIGHT FX" launched a new currency pair, the "LIGHT pair", in June 2023, with even lower
spreads than the regular currency pair.
The new pair contributed to the acquisition of new customers and an increase in assets
under custody against the backdrop of brisk yen carry transactions.
✓ Introduced products for mid- tolong-term investment-oriented customers
that do not require large amounts of capital,
and which match the needs of young people
and beginners in the FX market,
resulting in strong new customer acquisition.
✓ The market environment and the current situation
where swap points are the best in the FX industry,
combined with the ease of yen carry transactions,contributed to the accumulation of assets under custody.

June 2023“LIGHT pair” begins.

December 2023
2 additional
currency pairs

23Initiatives for FY 2024/3 (ⅲ)
In addition to the product comparison services "Kakaku.com" and "mybest", newly ranked
No. 1 in the "MINKABU" popularity ranking.
✓ “Kakaku.com" is a comparison site used by 40 million people per month (as ofDecember 2023). In addition to items such as spreads and swaps, the site was
ranked No. 1 out of 16 FX account services in the overall ranking of FX accountpopularity based on actual user reviews.
✓ Ranked No. 1 in the "Popularity Ranking" of FX companies in the "MINKABU"
annual ranking for 2024, especially for the swap level of TRY/JPY.

✓ "mybest" is a product comparison service used by 30 million monthly users. 25
FX account services were compared and verified in terms of spread, swap point,and number of currency pairs handled, and rated as the best FX accountservice in Japan.

※* No. 1 in the “Kakaku. com” FX ranking (Calculation period: July 1 to December 31, 2023)

24

Initiatives for FY 2024/3 (ⅳ)"AI Support Desk", a generative AI solution for companies developed based on FleGrowth's
development capabilities and knowledge of AI, launched in April 2024.
✓ "AI Support Desk" is an "in-house consultation service" thatuses AI to answer various questions and queries from within
the company on behalf of the department in charge.
It is expected to reduce the administrative burden, improve
productivity, and enable prompt and effective decisionmaking at companies that have introduced it.
✓ FleGrowth will continue to develop and provide solution
services based on its accumulated knowledge andtechnological capabilities related to AI.
✓ In the future, we will increase the number of companies
introducing the system and aim to increase consolidated sales
while improving operational efficiency and productivity atcompanies that have introduced the system.
25

Initiatives for FY 2024 (ⅴ)
Established a CVC fund in April 2023 and started investing in several companies.
Invested in startup companies that are expected to generate synergies with our business.

We aim not only to generate financial returns, but also to increase corporate value in the FinTech and new
business areas that can drive growth.
Investment
Start Month

1

2

3

August 2023

December 2023

March 2024

Companies in which weinvestedLine of Business

Targeted Business Synergies

Doctors Inc.

Providing integrated solutions
related to business developmentwith medical DX as the businessdomain.

Improve customer satisfaction by
providing online medical services
to our customers.

Helpfeel Inc.

Developed and provided"Helpfeel," a search-based FAQ
system with a 98% hit ratio.

Improve the quality of FAQs on ourservice site.

Development of iPS cell-derived
cartilage products based on
research results from the iPS
Research Institute of Kyoto
University and Saga University.

Realization of well-being and asustainable society by extending
healthy life expectancy.

Arktus Therapeutics
Co., Ltd.

26

Forecast for FY 2025/3

27

Forecast for FY 2025/3✓ By increasing assets under custody to 115 billion yen,operating revenue is planned to reach a record high of 11.8 billion yen.
✓ Operating income is expected to increase by 5.0 billion yen due to an anticipated increase in transaction-related
expenses to achieve a significant increase in assets under custody and aggressive up-front investment inadvertising expenses.
✓ Profit attributable to owners of the parent is expected to be 3.4 billion yen, as the effective income tax rate will
return to near the statutory tax rate.
[Millions of yen]

FY 2024/3（Results）

FY 2025/3(Forecast）

Increase and decrease

Operating revenue

10,103

11,800＋1,696

Operating income

4,412

5,000

＋587

[43.7%](42.4%)

Ordinary income

4,389

5,000

+610

Profit attributable toowners of parent

3,334

3,400

＋65

Assets under custody

101 Billions of yen

115 Billions of yen＋14 Billions of yen[Operating profit ratio][(1.3)%]

28

Capital Policy

29

Shareholder Returns✓ Shareholder Return Policy:
・Stable dividends with a target consolidated dividend on equity ratio (DOE) of 4%.
・Implementation of flexible share buybacks.
✓ The annual dividend for FY 2024/3 was 24 yen per share (interim dividend: 8 yen).
✓ FY 2025/3 interim dividend is planned to be 12 yen(based on 1/2 of the previous fiscal year's annual dividend).
4.8%
4.1%

4.0%
3.5%

（Millions of yen）

1,500

1,379

1,000

705

500

ーDOE
■Purchase of treasury stock■ Total amount of dividends(Dividend per share)

302

320

488

（10 yen）（11 yen）（17 yen）

FY 2021/3

FY 2022/3

FY 2023/3

291
0

791

673
（24 yen plan）

TBD
334

Interim Dividend
Forecast(12 yen plan)

FY 2024/3

FY 2025/3

30

Stock Information (Shareholding Composition)✓ The share of acquisitions by foreign corporations with strict investment criteria is increasing,
Increase in the percentage of treasury stock acquired through share buybacks.
✓ The company has been selected for the JPX-Nikkei Mid Small and is attracting attention from institutional investors.
100.0%
90.0%
80.0%

42.1%

42.6%

36.4%

36.2%

4.8%

9.1%

6.1%

9.9%

7.9%

46.7%
70.0%

57.9%

61.1%

63.3%

53.6%

55.5%

60.0%
50.0%
40.0%

35.1%
30.9%

30.0%

31.3%
20.0%

31.3%

31.8%

5.9%

10.0%
0.0%

34.0%

0.4%

4.5%

5.6%

6.4%
1.5%

6.0%

4.1%

4.3%

Sep.

Mar.

FY 2021/3

Mar.

6.7%

0.1%

0.4%

Sep.

0.1%

FY 2022/3

0.7%

0.2%
2.7%

Sep.
FY 2023/3

8.6%
1.0%
0.8%

3.7%

5.6%

Sep.

Mar.

2.8%

Mar.

FY 2024/3

31

Compliance with Requirements for Listing on the TSE Prime Market(as of the end of March 2024)
The company's revenue base and financial condition are sufficiently satisfactory to meet the requirements, backed byits strong business performance.
We will continue to focus on strengthening governance and other organizational structures appropriate for a prime
market listed company as one of our top priorities in order to achieve conformity requirements.
TSE Prime Listing Requirements

Status of the Company

Conformance Status

Total market value ofoutstanding shares(Billions of yen)

10

10.7

※１

〇

Market capitalization(Billions of yen)

25

21.8

※１

×

Earnings base (Total profits for the(Billions of yen)last two years)

2.5

8.1

〇

Financial position(Net assets)(Billions of yen)

5.0

14.1

〇

(Accounts)

800

7,203

※2

〇

(Shares)

20,00014,571,527

※2

〇

35.0%

49.3%

※2

〇

Number of shareholders

Number of shares traded
Ratio of tradable shares※1※2

Calculated based on the stock price of 739 yen per share as of the end of FY 2024/3.
Information as of the end of March 2024 is used for shareholder register information.
32

Appendix

33

Our company was selected as an index component as a company
with high investment attractiveness.

Our company was selected as a constituent of "JPX-NIKKEIMid Small".

Selected for inclusion in the JPX-Nikkei Mid Small, which includes "companies with high investment
attractiveness for investors" such as efficient use of capital and investor-conscious management perspectives(included on August 31, 2023).
Re: JPX-NIKKEI Mid Small✓

A stock price index calculated jointly by JPX Research Institute and Nikkei Inc. that applies the same concept as the JPX Nikkei 400
to small- and mid-cap stocks and is composed of companies that are engaged in sustainable corporate value enhancement andshareholder-oriented management.

✓

The top 200 stocks are selected from the Tokyo Stock Exchange's Prime, Standard and Growth markets based on a scoring ofquantitative indicators plus qualitative factors✓

The stocks selected for 2023 were 177 companies in the Prime market, 12 companies in the Standard market, and 11 companies in
the Growth market, with the overwhelming majority of companies listed in the Prime market.
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Recognition from Forbes Asia, the world's leading
economic magazine.

Selected as “Forbes Asia’s 200 Best Under A Billion”✓ Over 20,000 listed companies in the Asia-Pacific region with annual sales between US$ 10 million and

US$ 1 billion, selected from 200 companies that have performed well based on their overall performance,
including sales and profit growth over the past 12 months and three years, and high ROE over the past five
years.
✓ Of the 200 companies selected this year, 26 are Japanese companies, 16 in the Prime Market, 4 in theStandard Market, and 6 in the Growth Market, more than half of which are listed in the Prime Market.
✓ Selection is based not only on quantitative performance criteria, but also on qualitative criteria, such as
excluding companies with serious governance problems, questionable accounting practices,
environmental problems, management problems, or legal trouble.

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Cautionary statement regarding this document
This document has been translated from the Japanese original forreference purposes only. In the event of any discrepancy between thistranslated document and the Japanese original, the original shall prevail.
Forward-looking statements such as business strategies, target figures, and forecasts contained in thismaterial are based on information currently available to the Company and actual results may differ
materially from these statements due to various uncertainties and other risks, including future
economic conditions, business environment, and trends in the foreign exchange market. In addition,some figures, such as market share and market size, are estimates made by the Company and may
differ depending on research methods and other factors.
This material is not intended as a solicitation to invest.

Inquiries about this material
TRADERS HOLDIONGS CO.,LTD.
ir@tradershd.co.jp
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