28th June 2021
FOR IMMEDIATE RELEASE:

Integral Announces Investment in Kitamura Holdings Co., Ltd.
Integral Corporation and its related funds (collectively called “Integral”) are pleased to announce thatthey have acquired shares of Kitamura Holdings Co., Ltd. (“Kitamura Holdings”) by way of partial transferof shares from Culture Convenience Club Co., Ltd.
Kitamura Holdings is a leading company in photo-related products/services market in Japan, withsubsidiaries that boast high market share and profitability, including a camera retailing and photo printing
chain store “Camera-no-Kitamura”, family photo studios “Studio Mario” and “Shimauma Print”, a pioneer
in online photo-print market. Kitamura Holdings is a corporate group that proposes “photo-life” (i.e. lifewith photos) through developing photo-culture related infrastructure and providing photo-related products
and services, and it has built an overwhelmingly strong brand recognition and solid market position in
Japan by leveraging its nationwide network of brick-and-mortal stores and diverse business portfolio
centered on cameras and photography.
In recent years, Japanese photo-related market has been undergoing various changes due to shifts in
consumer demands. Even in this environment, Kitamura Holdings aims to maintain its market position
and achieve further business growth by focusing in areas that have growth potential, where it candemonstrate competitive advantage and achieve stable profitability.
Integral has track records of providing support to B2C businesses and their multi-store operations.
Integral will support the management of Kitamura Holdings through the "i-Engine", which is amanagement support function, while respecting the policies and strategies of the management team.
Integral will work together with the management and all the employees to support the further growth ofKitamura Holdings.

About Integral
Integral Corporation (Representative Director: Reijiro Yamamoto) was founded in September 2007 as anindependent Japanese private equity company investing in listed and unlisted companies in Japan.
“Integral” stands for “integral calculus—accumulation over time” meaning that the company will strive toestablish a relationship of highest trust with the management of invested companies, and will aim toaccumulate the highest wisdom over time. Integral makes equity investments from a long-range
perspective through its unique “hybrid investment” approach, utilizing both principal and fund money for1

investment. Subsequent to investment, the company will provide optimal support in terms of management
and finance through the “i-Engine” corporate value enhancement team, and will collaborate with theinvested company sharing the same objectives and time horizon and seeing eye-to-eye with itsmanagement. Integral aspires to be a trusted investment fund, contributing to society through the successof the invested companies.

Please Contact Integral for Additional Information:
10F, Gran Tokyo South Tower, 1-9-2, Marunouchi, Chiyoda-ku, Tokyo 100-6610 Japan
Integral Corporation / Integral Partners Corporation
Tel: +81-3-6212-6100 Fax: +81-3-6212-6099
URL: https://www.integralkk.com/en-home/2