December 2023

TOKYO BISHOKU LABO, INC. Business Plan

Company

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

1

Philosophy

Mission・・・Smile
Connect Japanese gastronomy and make people all over the world smile-Exploring "gourmet" that pleases the body with "five senses" and making the world smileVision・・・Explore
Exploring for a wonderful "gourmet" that is delicious and good for the body (Labo)-Connecting producers and consumers to bring smiles to the worldStrategy・・・Deliver
Pursuing high-quality ingredients and delivery methods that combine "tradition" and "innovation”-Building a network of unique producers and sales channels all over the world-

Commitment

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

2

Business Philosophy
Promoting ONLY ONE BUSINESS that connects production and sales: 6th industrialization
Primary industry: “Discovering and creating” Japanese gastronomy together with producers
Secondary industry: Innovative "start-up of new business" and "product development"
Tertiary industry: “Sales and marketing” of gourmet food through our own domestic

and overseas sales channels Building a high-quality gourmet“platform/FC” that connects producers and customers

Pursuit of sustainable ONLY ONE BUSINESS: "SDGs"

For example, even branded beef such as Matsusaka beef, which is carefully raised, has the problem of surplus parts
that are not popular. Furthermore, due to the decrease in restaurant demand due to the COVID-19 crisis and theincrease in mail-order demand for some parts, demand has become more skewed. If the demand is not stable enoughto consume the whole cow, it will be a burden on livestock farmers, and as a result, the supply will not be stable.
While we are required to work on SDGs such as "Reducing food loss-Responsible consumption and production-" Inorder to deliver Wagyu, which is a cultural heritage of Japan, in a “delicious and efficient manner without waste”,
we offer “Specially Selected Matsusaka Beef Curry” as Japanʼs finest retort pouch curry.

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

3

Business Model
New Business/Product Development"Excavation and creation" of Japanese gastronomy with producers

Sales & Marketing
ONLY ONE BUSINESS"Sales and marketing" of gastronomy via our own domestic and overseas
sales channels

Pursuing high-quality ingredients and delivery methods thatcombine "tradition" and "innovation”-Building a network of unique producers and sales channels
all over the world-

Platform / FC
Creating a "platform" for high-quality gastronomy that connects
producers and customers

The food culture of the highest peak that Japan boasts to the world, and the producers and ingredients that
support it. In order to connect Japanese gastronomy and make people around the world smile, we will launchinnovative new businesses and develop products in pursuit of providing high-quality food.
We build our own sales channel and connect the products created with producers and developers who spare noeffort to "consumers who recognize added value". Combining “gift use” and “business use” enables flexible
development that meets the needs of domestic and overseas customers.
As a result of building a unique network with high "transparency" using cutting-edge technologies such as DX
and blockchain, we have created a high-quality gourmet platform, not only expanding stores throughout Japanand the world, but also e-commerce business, etc. Including FC business, we will expand to other various businessdevelopment.
This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

4Wholesale BusinessBusiness Development

EC Business

Sixth Industrialization

Shop Business

New Business/Product

Sales&Marketing

Platform"Excavation and creation" of Japanese
gastronomy with producers"Sales and marketing" of gastronomy via ourown domestic and overseas sales channels

Creating a "platform" for high-quality gastronomy
that connects producers and customers

Matsusaka Beef Curry Bread

Premium Curry Series

ONLY ONE BUSINESS
Matsusaka Beef Curry× Japanese Bread = Matsusaka Beef Curry Bread FC
Matsusaka Beef × Japanese Curry × Mitsukoshi Isetan/Selected EC/Overseas
Special Jidori Chicken × Indian Curry × Kokkai(National Diet)/TV Shopping/EC/LP
Matsusaka Beef/Jirodi/Pork × more than 12 Curry × Curry Shop(Direct/FC)

It is possible to build various “ONLY ONE” businesses that are “efficient and highly profitable” by combining
our strengths and receiving evaluations from food experts.
This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

5Wholesale Business

Alliance / M&A

EC Business

Expansion of Sixth Industrialization

Shop Business

New Business/Product

Sales&Marketing

Platform"Excavation and creation" of Japanese
gastronomy with producers"Sales and marketing" of gastronomy via ourown domestic and overseas sales channels

Creating a "platform" for high-quality gastronomy
that connects producers and customers

松阪牛カレーパン

Production Base
Alliance/M&A

Product Development
Alliance/M&A

Production base supporting
Japanese gastronomy

Japanese gourmet products/brands
spreading to the world

Shop/Sales Channel
Alliance/M&A
Stores and Matsusaka City
hometown tax payment bases, etc.

Evolving into “ONLY ONE” business construction by thickening “sixth industrialization” through businessacquisitions (M&A) that carefully select necessary areas
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6

M&A Synergy
Freshly Baked Bread

74 FC Shop
Product Line-up

Curry
Nihonbashi Takashimaya

Matsusaka Beef Curry

Freshly Baked Bread「IPPONDO」：74 FC Shop
https://shokupan-ippondo.jp/
FC Headquarter

Product Line-up

New Business

Matsusaka Beef
Curry FC franchise

Matsusaka Beef Curry BreadFreshly baked bread “Ippondo”
New products are now available
in addition to our extensive
product lineup“Matsusaka Beef Curry Bread”

FC Shop

Building a highly profitable FC business (estimate)

Build a unique/efficient "ONLY ONE" business through high synergy/product and market development
This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

7Organization
Build a flexible organizational structure to "connect smiles and provide them in a form"
centered on careful business development and investment strategies

株主総会
Shareholders Meeting
顧問
Advisors

事業投資本部
Investment Division

取締役会
Board of Directors

監査役
Auditors

経営戦略会議Management Committee

上場(IPO)準備室
IPO Preparation Office

マーケティング本部
Marketing Division

事業運営本部
Business Operation Division

事業開発部
Business Development Dept

マーケティング企画部
Marketing Planning Dept

事業運営部
Business Operation Dept

・事業開発/提携の推進

・商品企画の発案/実行/導入

・既存事業の運営/改善

投資戦略部
Investment Strategy Dept

マーケティング戦略部
Marketing Strategy Dept

事業管理部
Business Management Dept・業務提携・事業投資(M&A)

・中長期マーケティング施策

・事業管理業務(経理/総務等)This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

8Directors
Takeshi Ueda
Oversees product development and sales departments as head of division at European and US financial institutions. After returning to Barclays
from the head office in London, he participated in the JV of Sumitomo Mitsui Banking Corporation and Barclays Wealth as Product COO (Chief
Product Operating Officer). Plays a central role in business planning, revenue model, organizational structure and overall contract negotiations.
Many achievements in hands-on management participation and consulting in restaurant-related business investment. Engaged in founding
TOKYO BISHOKU LABO, INC. Start-up of Food Tech, livestock business and overseas expansion of restaurants. Established the “Curry Labo ”
business. Graduated from Tokyo University (Economics) / Azabu High School.
Marie Sakai
After retiring from Recruit Holdings, served as a director of the Public Interest Foundation International Swimming Hall of Fame and Asia. She
oversees overseas PR operations, mainly interpreting and translating. Graduated from the Department of International Relations, Faculty of
Liberal Arts, International Christian University (ICU)
Haruya Tanishiki
After working at a pharmaceutical company, he transferred to a major prep school and contributed to the expansion of the FC school. Although
he was selected as a general manager in his 30s, he decided to become an entrepreneur before he turned 40, deciding that he was done.
Fascinated by the possibilities of white bread, he founded Ippondo in 2013. In 2017, he established IFC Corporation and opened a bakery shop
"Ippondo" specializing in white bread. Graduated from Ritsumeikan University College of Industrial Social Sciences.
Nobumasa Ohmori
In 1993, established “Medical Corporation Tatsuokakai”. In 2007, established the Social Welfare Corporation Tatsuokakai. Co-chaired the board.
In addition, he holds various important posts such as the chairman of the International Medical Welfare Education Foundation.
Yukinobu Ohtake
Started a business while a student at Waseda University, and after working in creative fields such as music, video, and graphic design, graduallyspecialized in web production along with the times. Appointed as secretary general of the NPO National E-Commerce Association (now theJapan Electronic Commerce Business Promotion Foundation), an industry group for online shops. Two years after taking office, the number ofmembers quadrupled, and the Best EC Shop Grand Prize and Good Design Shop Certification Project were established. In 2005, he established a
web production company specializing in EC and achieved annual sales of 200 million in two years.
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9

Auditor / Outside Director
Auditor
Kimito Hori
After passing the Certified Public Accountant Secondary Examination and the National Tax Specialist Examination,
engaged in corporate tax investigations at the tax office under thejurisdiction of the Tokyo Regional Taxation Bureau. After that, joined
Showa Ota Audit Corporation (currently Ernst & Young ShinNihon LLC) and engaged in accounting audits and public offerings for major
precision equipment companies, real estate companies, system companies, REITs, etc., as well as revitalization projects and privately
owned state-owned businesses. various projects such as participate in. In 2019, when he became independent to make use of his
experience, he was appointed as an outside auditor of a company preparing for listing. Partner of Tokyo United Tax Accountant
Corporation. Certified public accountant (2002) Tax accountant (2019)。
Outside Director
Tomohiro Takagi
Partner of Nishimura Asahi Law Office. He is deeply involved in M&A strategies and IPOs such as MBO (target company side) andmanagement integration of companies listed on the First Section of the Tokyo Stock Exchange. Daiichi Tokyo Bar Association (registeredin 2005) / State of New York (registered in 2013) Graduated from the University of Tokyo Faculty of Law.
Aturo Sasaki

After 20 years of experience at a financial institution, he will become the representative director of Nippon Foods Co., Ltd.
in July 2022. Financial institutions mainly engaged as a financial consultant. Engaged in negotiations with large business
partners and management of production lines.
Yasuji Kibayashi

Responsible for major export companies/major distribution companies at the former Bank of Tokyo (currently Mitsubishi
UFJ Bank), personnel management and marketability for overseas bases. Engaged in product sales. Works in London/Singapore. Especiallyin the 1990s, Japanese companies in ASEAN countries Provides exchange information and other services to Transformed into a businesscompany due to bank merger. As a director of the management division of Nippon Relocation (currently Relo Holding/TSE First Section:8876), he was in charge of the company's initial public offering in 1999. After serving as the representative director of the company's
subsidiary and executive officer and manager of the Tokyo branch of SPK (TSE First Section: 7466), an auto parts wholesaler, he served as
the representative director and president of Kinrei Co., Ltd. from December 2005 to April 2012. Representative director of Asian Market
Planning Co.,Ltd.
Graduated
from
Kyoto
University
FacultyLaw. was created for the purpose of providing information for yourThismaterial
does notsolicitor recommend
anything.
Thisofdocument
reference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

10Advisor
AZX Professionals Group
AdvisorA professional firm with a wealth of experienceand knowledge that supports "everyone who
creates an innovative future”
AZX is a one-stop professional firm that covers
a wide range of areas such as legal affairs,
taxation, accounting, labor, and patents, which
are essential for corporate management andgrowth. As a firm that mainly supports venturesand startups, we have an unrivaled wealth ofachievements and experience, which is proof
that AZX has been trusted over many years in
the venture industry. enables reliable supportforThis material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

11

Audit Corporation
Audit Corporation
RSM Seiwa
https://www.rsm.global/japan/audit/en/firm-overview
Hideyuki Totani
Senior Partner (Chairman)/ CPA

At Ernst & Young ShinNihon Audit Corporation, he conducted a wide range of audits, including
manufacturing, railway companies, retailers, and transportation companies. In addition, engaged inconsulting work related to the Ministry of Finance.
After that, joined Seiwa Audit Corporation as a partner and engaged in business such as accounting audits andconsulting for operating companies. In addition to being involved in the first Hong Kong IPO of a Japanese company
as a responsible person, he has also been involved as a responsible person in projects such as domestic IPOs andaudits of correction reports. He is also the author of many books and lecturer at seminars. Appointed Senior Partner(General Manager) in July 2016
Registered Political Funds Auditor (#3551) Member of the Recommendation Committee of the Japanese Institute ofCertified Public Accountants Tokyo Association (July 2010-June 2014) Member of the Business Committee of theJapanese Institute of Certified Public Accountants Tokyo Branch (July 2018-June 2019)

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

12Wholesale BusinessThis material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

13

Business Partners
Major retailers / mail order / wholesale / OEM, etc. Developing unique sales channel construction that leverages
strengths for both gift and business use

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

14

Product Development
Developed “National Diet Curry” in collaboration with Akanedo, a café in the National Diet Building/Houseof Representatives (own product/Maker Position)

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

15

Sales Channel Development
Isetan Shinjuku Main Store, Ginza Mitsukoshi, Takashimaya, Haneda Airport, Shin-Marunouchi Building, etc.
→There are many requests to start trading in units of several thousand to tens of thousands of meals through major
wholesalers (planned to respond in order of priority)

HANEDA Airport
Souvenir Store「WAKURABA」

TAKASHIMAYA
Terakado JIMON Selection
All 5 products offered at Meetz STOREISETAN SHINJUKUAll 5 products occupy most of the top row

ONLY MI Campaign
Selected as an event foroutstanding products only

Shin-Maru Building
Select Shop「Gochiso EN」

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

16

Marketing Advantage
In addition to the original branding of “TOKYO BISHOKU LABO” of “highest grade”, “high quality” and “high quality”
In the case of KOKKAI CURRY (National Diet Curry), the presence of the "Chrysanthemum Crest" naturally creates a"polite" and "conspicuous" display (requests are also possible)■ Case: Haneda Airport/Shin Marunouchi Building

HANEDA Airport
Souvenir「WAKURABA」
Installed in the most conspicuous placenear the entrance
Respectful and noble treatment
Respectfully displayed on a brown wrapping cloth

Shinmaru Building "Gochiso EN"
Installed in a paulownia box on furoshiki in aconspicuous place next to the cash register

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17

Marketing Plan(2) B2B[Wholesale]
Isetan Mitsukoshi Holdings:
In addition to the 4 stores that have already introduced it, we are looking at more than 10 stores nationwide(scheduled to introduce at any time)

銀座三越

伊勢丹新宿本店

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EventSpecial events: Raise awareness at events at department stores
where carefully selected products are displayed
Isetan Shinjuku Main Store: Opened as "Food that you want to convey to the future" along with famous store
signboard products carefully selected by buyers up to 9

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19

Catalog
Catalog: Posting in product catalogs/bulletins for wealthy people withcarefully selected products
FOODIE vol.19 (July 2022)[Isetan Newsletter]

Delicious Sightseeing Selection (November 2021)[Mitsukoshi Gaisho]This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

20

Client EC website (1)Hitosara: Editor-in-chief's carefully selected
selection. Received annual grand prize

https://ec.hitosara.com/pages/ranking2023“First of all, I was attracted to the catchy word “Diet Curry”. It is also attractive to be able toenjoy the curry that has been eaten in the Diet for many years at home, which is a valuable
experience. When I actually tried it, the first bite made me think, "This is really well made." It isa high level that can not be thought of as a retort. The concept of retort was overturned. It
seems that they use the finest Indian spices, and the spices are working. The ingredients arelarge, and you can feel the richness of the combination of spices and Matsusaka beef.
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21

Client EC website (2)Souvenirs for entertainment: Selected forsouvenirs carefully selected by the secretary

https://temiyage.gnavi.co.jp/selection/2023/nyusen/
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22

Inbound Demand
Foreign visitors to Japan: Plan to open flagship stores for foreign customers seeking high-quality Japanese brands“Gastronomy” such as “Wagyu beef” and “Japanese-style curry” that are popular overseas are expanding
recognition among wealthy people overseas (spreading into cross-border e-commerce)This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

23

Overseas Factory Plan
Overseas factories: Build a value chain through “factories” and “export routes” that meet the standards of target
markets around the world
Utilization of “Food Factory of the World”~Utilization of factories certified by the target market to comply with HACCP, etc., which is not progressing in Japan
Production base

Ingredients/Recipes

ThailandMarketWorld

Factory(Compliant with global
standards such as HACCP)"Food Factory of the World"
Export route from Thailand
和牛
カレーレシピ

Hong Kong

Factory(Compliant with
Chinese standards)

China"Chinese Window"
Export route from Hong Kong

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24

EC(In-House)

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25

In-House EC
TV marketing receiver + Cross-border EC axis

Great potential for cross-border e-commerce (BtoC) with lower hurdles such as meat/food-related export
regulations than overseas wholesale (BtoB)
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26

LP Landing Page
LP：Customer retention (CRM) by building LPs that match the atmosphere and flow of TV shopping specials
Concept test → PDCA

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

27

TV Shopping
TV：Introduced in a special program of a key station as "the strongest retort curry in history". Other TV
Shopping projects are also being planned

出演者がカメラが止まっても食べ続け完食
した「レトルトを超えた最高級カレー」This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

28

Overseas EC/Buyers
Overseas Business：Cultivate demand for products/services/brands that have a strong influence on overseas
consumers and enhance their appeal
Utilization of JETRO's Comprehensive Support
Efficient product development in a wide range of countries(test marketing and discovery of latent demand)TOKYO
BISHOKU LABO
Introducing products to more than 60 partner EC
buyers around the world. Transactions are completedwith domestic delivery, domestic purchase, and yendenominated settlement.
Therefore, complicated export procedures areunnecessary. Collaborating partners and JETRO carryout promotions for products that have closed deals

Designatedtrading company

Overseas EC

Foreign and Japanesecompanies (BtoB)
Overseas Individual
Consumers (BtoC)

Sales
Dlivery

ExportSales

Sales
Dlivery

Payment
JPY

Payment
Local
Currency

Payment
Local
CurrencyTOKYO
BISHOKU LABO
Invitation-only online catalog site (closed to thegeneral public) that can be viewed only by alimited number of influential overseas buyers whomeet JETRO standards
JETRO constantly guides buyers about products, Post products on the online
catalog site Japan Street toSupport for quotations and negotiations

Japan Street

Overseas Buyer(BtoB)

Japan Street maximizes the chances of
Available only to buyers
inquiries from overseas buyers byinvited by JETRO. You canenhancing search andsearch for Japanesecreate business negotiations
recommendation functions, displaying
products online regardlessand transaction opportunities
products
that
match
the
interestsofof location or time.
with overseas buyers
buyers, setting special pages, etc.
This material does not solicit or recommend anything. This document was created for the purpose of providing information for your29
reference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

Shop Business (Direct/FC)

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30

FC ShopFranchise stores: Develop franchises with the aim of "expanding wholesale (sales channels)" as a manufacturer
position by separating operational risks
IPPONDO FC Shops
https://shokupan-ippondo.jp/shop

Click here for a list of Ippondo stores specializing in freshly baked bread.
As a specialty store, we are particular about taste and price, and we bakeeach piece with care in our store. Ippondo has stores all over the country.

Building a transparent system which is easy for franchise stores to succeed, and expanding wholesale (sales channels)
This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

31

Direct Shop(Curry Labo Tokyo)
Directly managed stores: Operates store business at carefully selected flagship directly managed stores in Tokyo
Nihombashi Takashimaya store (counter seats) [Scheduled to open in August]Before renewal

Front blueprint

As a base for building a system for FC stores (and wholesale business for stores) for the Eat-in/Take
Out/Delivery businessThis material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

32

Marketing Plan(3) B2B[Store Use]
Commercial use: In addition to the CAFE business, introduction at high-end cafes, employee cafeterias,
golf courses, BARs and other light dining establishments
512 CAFE & GRILL
Company Cafeteria: Lucyʼs CAFE & DINING
Matsusaka beef curry is being served at the company
cafeteria, which gathers gourmet foods from all over Japan.

Offering fresh and creative menus using seasonal
ingredients Collaborative menus with various brands arealso popular. Offering Matsusaka beef curry (Matsusaka
beef curry bread is also under development)

https://www.jbs.co.jp/aboutus/lucys
https://512.tokyo/
https://512.tokyo/news/2021/12/31/20220101/

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

33

Product ConceptThis material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

34

Problems
For example, one of Japan's world-class cultural heritages, "Wagyu beef”. Its quality is unmatched
However, due to various structural problems,
loss of original charm and potential
There is also a problem that is often seen
To compete with imported red meat, it grows quickly and big.
As a result of promoting feed that has beautiful marbling,
Yonezawa

Many wagyu beef has turned into "heavy fat" in the stomach

Kobe

Omi

Although KOBE BEEF has a certain reputation overseas,
In general, Australian WAGYU, which is of inferior quality, is misunderstoodMatsusakaas "Wagyu”. In addition, there are many cooking methods that do not bring
Out the original flavor.

Miyazaki

Due to the complexity and lack of flexibility of distribution channels, including overseas, In some cases, theproduct has not been delivered properly.
We want many people in Japan and around the world to know the “original charm” of wagyu beef.

As a means of giving shape to this feeling, we have produced the “highest grade retort pouch curry” that utilizes
the highest quality Matsusaka/Wagyu beef.
This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

35

Solutions
Why "special Matsusaka/Wagyu beef curry"?
Significance・High-quality meat/fat flavor condensed (original taste of Wagyu beef)・Stable quality (can be provided without blurring the taste)・Matsusaka/Wagyu beef overseas (development beyond export restrictions)

Advantage
・Mass production is possible (secure flexible production infrastructure)・High profitability (high added value compared to meat wholesale)・Long expiration date (no loss, easy to expand overseas)
・Secure a wide range of sales channels (develop gift-giving and business-use products)

It is possible to deliver Japanese beef of the highest quality in delicious,
waste-free, and efficient ways both domestically and internationally.

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36

Products

Premium Matsusaka Beef Curry/Hamburger Curry

Premium Matsusaka Beef Curry/Hamburger Curry [Spicy]

It's so delicious that even gourmets and heavyweights in the political, business, and entertainment worlds
groan, saying, "The concept of retort curry has been overturned."
Maximize the umami and complete a "hamburger curry" that cannot be reproduced in the normal process
We also manufactured “Spicy” to meet clientʼs needs, and now planning the “Hormone Curry”, which issuper rare and has high added value.
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37

Record■ Premium Matsusaka Beef Hamburger Curry: Crowd Funding Project
https://www.makuake.com/project/tokyobishokulabo/

Conducting test marketing of new products through crowdfunding. Collaborated with "Curry Land",
which has a proven track record as the opinion leader of retort curry.
Despite setting the highest price range, support purchases far exceeded expectations
This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

38

Competitive Advantage"World's best Wagyu beef" purchase power
We have a route to stably purchase high-quality
Japanese beef,
Securing the source of the rich flavor of meat and fat
Ability to develop “Highest price range products”
Grasping all the market data for retort curry,
It has the ability to realize value in the highest pricerange.
Ability to build “original sales channels”
Conduct effective marketing to sales channels
suitable for gift-giving,
The provision of products for business use will also
lead to the expansion of sales channels for gifts.

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

39Media”Premium Matsusaka Beef Curry" attracted a lot of attention, when the restaurant that provides the ingredients wasfeatured in the major media,■ Tokyo Calender December 2020 [WEB] “Do you know the ultimate beef, the Legendary Matsusaka beef, which is one in hundreds?”
https://tokyo-calendar.jp/article/19626”Premium Matsusaka beef curry" that was offered at the end of
the course menu is posted in the latter half of the article

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

40Media”Premium Matsusaka Beef Curry" attracted a lot of attention, when the restaurant that provides the ingredientswas featured in the major media,■ Tokyo Calender December 2020. [Paper Magagine(p14)]”Premium Matsusaka beef curry" that was offered at theend of the course menu is posted in the article

Luxurious rice bowl curry with meat brothmade from tendons and chunks of meat

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

41MediaAfter announcing the press release of "Kokusai Curry", it received a lot of attention on TV, newspapers, and web media.

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

42Media■ 「Hatsumono Q」NONSTOP（2022/5/17）■ 「Trend Watch」Kingʼs Brunch（2022/6/4）■ 「be on one's mind!」news every.（2022/6/15）■ 「Nowadays」Mezamashi TV（2022/6/24）

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

43Media■ 「A popular shop in no time」Hirunandesu（2022/9/28）

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Foodie■ Terakado Jimon's meat specialty channel (2020/10/10)
Mr. Jimon Terakado, who knows all about meat, highly praises
the rich flavor of the meat.

■ Tabelog gourmet celebrities (1st/2nd in number of followers)
Mr. Kawai and Mr. Kashiwabara, who have the highest number offollowers, highly evaluated the “Premium Matsusaka Beef Curry”

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

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Foodie■ "Ukon Onoe" 100% Appeal-chan (TV on 2022/3/3)
Too strong love for curry explodes! Eat curry 360 times a year
Kabuki actor Ukon Onoe, who is the best curry connoisseur in theentertainment world,
Appealing the charm of "Aigake Curry (2set of mixed curry)" that offers
abnormal love.Out of 3,000 retort pouched curries, the ”Premum Matsusaka
Beef Curry" is highly praised.

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

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Market Trend
Curry market is about 400 billion yen (250 billion yen for eating out / 150 billion yen for ready-made food)[as of 2017 (c.f. ramen market is about 1.1 trillion yen)]
Approximately 10 billion dishes are consumed annually (approximately 78 times per person per year) [SBFoods 2013 survey (calculated from curry powder production of 14,878 tons)]
The scale of the curry market is targeted at restaurants, instant curry, retort curry, convenience storesand supermarkets
There are a wide variety of items such as curry lunch boxes and curry bread on sale, making it difficult toaccurately grasp the market.
Japanese people eat 10 billion servingsof curry a year.

The retort pouch curry market continues to rise
(reversing roux curry)
Sales/Market Size (in 100million JPY)

retort pouch curryroux curry

https://www.1101.com/curryschool/shoutai/2017-02-12.html

https://www.intage.co.jp/gallery/curry/This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

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Market Trend
Expansion trend of the retort curry market at a pace that greatly exceeds market forecasts
Rapid expansion to 93.2 billion yen [as of 2021], which has already exceeded the expansion forecast
until 2024. Expected to exceed 100 billion yen in 2024~
Report in 2022
2021 Market Performance
Retort Curry
93.2 billion yen (102.8% YoY)
～Brisk sales of high-end products
such as curry from a restaurant
supervised by a famous restaurant
and Grand Prix winner. Exceeding 100
billion yen in 2024
Demand is shifting away from instantcurry due to the growing need forconvenience and individual servings, as it
can be eaten simply by heating it in a hotwater bath or by heating it in a microwave
oven. The market continues to expand
due to the development of products thatmeet user needs, such as improving thequality of taste, introducing low-priced
products for price-conscious users andhigh-priced products that focus on quality.
Exceeded the scale of the instant currymarket.
[Fuji Keizai: Press Release 2022.03.25]
https://www.fujikeizai.co.jp/file.html?dir=press&file=22029.pdf&nocache

Report in 2021
Market forecast for 2021 Retort Curry
92.5 billion yen (102.4% YoY)
- Demand increased against the backdrop of
growing needs for simple cooking andindividual meals

Improvements in taste and the diversification of
product variety from low to high prices have led
to an increase in the frequency of eating, and new
products are being launched one after another,revitalizing the market. In 2019, medium-to highpriced products that appealed to the taste ofrestaurants, such as spice curry and products
supervised by famous curry stores, and multipack products were strong.
[Fuji Keizai: Press Release 2021.04.02]
https://www.fujikeizai.co.jp/file.html?dir=press&file=21039.pdf&nocacheHome use up 13%, record high
The home-use retort pouch curry market is expected toachieve double-digit growth in fiscal 2020 (April-March),and the market size is likely to reach a record high. The
COVID-19 epidemic has drastically changed lifestyles,
and the expansion of home-cooking demand has
encouraged purchases of retort curry, stock purchases,
multiple packs, and significant growth in mid-to-highprice range products.
[Nihon Shokuryo Shimbunsha(WEB) 2021.03.12]
https://www.syokuryo-jokai.jp/degital/news/2021/03/news-21031201a.html

Report in 20202024 Market Forecast Retort Curry
92.2 billion yen (107.4% compared
to 2018)-Increase in demand due to increased needfor shorter working hours and moreindividual meals due to the increase indual-income households and the decreasein the number of household members.
Demand for retort pouch curry is increasing due
to an increase in the number of dual-income
households and a decrease in the number ofhousehold members. In 2019, medium- andhigh-priced products performed well, but lowpriced products struggled due to intensifying
competition.
[Fuji Keizai Press Release 2020.03.06]
https://www.fujikeizai.co.jp/file.html?dir=press&file=20020.pdf&nocache

Curry Feature: Retort pouch curry up 4.8%
year-on-year
The home-use retort pouch curry market in FY2019
continued to perform well, growing 4.8% year-onyear. Retort pouch curry overtook curry roux interms of market size in fiscal 2017, and the market
has continued to expand steadily since then.
[Nihon Shokuryo Shimbunsha 2020.07.01]
https://news.nissyoku.co.jp/news/takagiy20200622114255575

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Market Trend
Further expansion of “Japanese-style curry” in overseas markets in addition to the Japanese market~Furthermore, the demand for “Japanese beef curry” is increasing due to the trend change from “sushi” to “Wagyu”■ Example of CoCo Ichibanya's Overseas Opening Plan

Store sales 85 billion yen (domestic 76.2 billion
yen / overseas 8.7 billion yen)
(All formats, including direct management and franchises, fiscal
year ending February 2021)

Planning Number of Overseas Shops

Shop#

New Open(3years)

Shop#

Increase(3years)

China
Thailand
Korea
TaiwanHong Kong
USA
UK
OthersTOTAL

April 2021 Ichibanya Co., Ltd.: 7th Medium-Term Management Plan (FY2022-FY2024)

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Market Trend
Japanese curry is the best in theworld! [December 2022]〜Taste Atlas AWARDS 2022〜
European experiential travel site
Announcing the 100 Best Traditional
Cuisines of the World"Japanese curry" was chosen as No. 1
in the world
Proven global demand for Japanesestyle curryThis material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

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IPO Plan

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

51

Schedule for Listing
From July 2023, we will enter the N-2 term and start preparations for listing. Scheduled to apply for listing in
3Q (January-March 2026) of the fiscal period ending June 2026 (N period)

上場スケジュール(例)※2025年6⽉期を直前期として、2026年6⽉期に上場申請するケース

2024/62025/62026/6

注：・上表は2025/6期を直前期として上場スケジュールの⼀例であり、上場時期は翌年度の4Qと仮定していますが、実際のスケジュールは主幹事証券等と貴社の協議により決定されます。
・内部管理体制の整備の遅れ、業績の進捗状況や新たな課題発⽣等により上場スケジュールが延期となる場合があります。

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52

Significance of ListingRespond to further market expansion in major cities in Japan and overseas~ Listed in the fiscal year ending June 2026, and after listing, further expand “Connecting Japanese
BISHOKU(gastronomy) to make the world smile”
A platform (foundation) for the overseas expansion of various products (companies/businesses) related toJapanese "gastronomy"
Angel Round[1-2Q 2023]

・Expand sales channels and awareness of mainstay products such as “Kokkai Curry(National Diet Curry)” and“Premium Matsusaka Beef Curry”
・Business development in “directly managed stores” of “restaurant business” (Curry Labo Tokyo)

Seed / Series A[2023]

・Expansion of main product types such as “Kokkai Curry (National Diet Curry)” and “Premium Selected
Matsusaka Beef Curry” (promoting high-quality collaboration)
・Expansion of directly managed stores in the “restaurant business” in the “Tokyo metropolitan area”(preparing overseas stores)

Series B[2023-2024]

・Formation of “Tokyo Bishoku Labo Community” centered on “main products” (collaboration also centered)・Expansion of “CAFE business” directly operated/FC stores “nationwide” (overseas stores are on track)

Listing Period[2025-2026]

・Disseminate “Tokyo Bishoku Labo Community” to the “world” (Japanese gastronomy to the world)
・Expansion of “CAFE business” directly operated/FC stores “worldwide” (increase in overseas stores)

After Listing[2026-2027〜]

・Established the “World” brand of “Tokyo Bishoku Labo Community” (Making the world smile with Japanese
gastronomy)
・Expansion of “main products” and “CAFÉ business” “globally” through directly managed/FC stores

This material does not solicit or recommend anything. This document was created for the purpose of providing information for yourreference when considering this matter. We do not guarantee the relevant transactions. Past performance does not indicate future results.

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