Onward Group
Medium- to Long-Term Management
VisionONWARD VISION 2030

April 8, 2021

Greetings, my name is Michinobu Yasumoto, president and CEO of Onward Holdings Co., Ltd. Thankyou for taking the time to watch this video. I would like to use this opportunity to tell you about
ONWARD VISION 2030, the Onward Group’s medium- to long-term management vision, which wasannounced on April 8, 2021.
First, let me begin by talking about the backdrop that shaped this vision. As you know, fiscal year
2020, ended February 28, 2021, was heavily impacted by the global COVID-19 pandemic. Thispandemic dealt a devastating blow to the Group’s domestic and overseas operations, the damagesof which likely surpassed anything we have experienced since Onward’s founding. Moreover, theimpacts of the pandemic can be expected to continue on into foreseeable future, although these
impacts may be slightly diminished by widespread vaccinations going forward.
The COVID-19 pandemic was not the only change, as the fashion industry to which the Onward
Group caters was undergoing major structural changes since even before the pandemic. Specifically,factors such as the evolution of digital transformations have been greatly altering the landscape ofthe fashion industry. Amid this change, the Onward Group decided to undertake global businessreforms to its operations at home and abroad in October 2019. The pandemic started shortly
thereafter. Fortunately, a large portion of those reforms have since been completed as planned.
We recognize that formulating a long-term vision looking a decade into the future while rooted inour current situation, in a continuously changing operating environment, is no easy task. However,
we also understand that this time of great upheaval has created a need to explain the Onward
Group’s policies and the course it will take based on these policies to stakeholders in a concise
manner. ONWARD VISION 2030 was shaped based on this understanding.

1The Onward Group’s Raison D’etre

Enriching and adding color to people’s lives while caring for the planet

2

What you are looking at now is the presentation materials explaining ONWARD VISION
2030. We will begin with slide 2. On this slide, we present the Onward Group’s raisond’etre or its mission statement. The Onward Group traces its roots back to theestablishment of the Kashiyama Trading in 1927, and 2021 is our 95th year of operation.
Since its founding, the Onward Group has continued to act in accordance with its basic
management policy, which is to enrich and add color to people’s lives.” The mission
statement and corporate message put forth by ONWARD VISION 2030 inherit thephilosophy of this policy. However, that does not mean nothing has changed. Quite thecontrary, we have newly incorporated the Company’s responsibility toward
environmental issues, which are growing in importance in recent years, into our new
mission statement. Specifically, we introduced the perspective of sustainability
management. It is no longer sufficient to enrich and add color to people’s lives alone; wemust also enrich and preserve the color of the global environment in which we live.
Going forward, it will be crucial to balance our management based on these concerns.
Accordingly, we put forth the mission statement of “enriching and adding color topeople’s lives while caring for the planet.”

2

Desired Image of the Onward Group: Evolving into a Customer-CentricCompany, Making the Best Use of Employees’ Diverse Strengths
Up Until the Present

Desired Image

Planning, Production, Distribution

Produce

Sell

IT
Infrastructure

IT
Infrastructure

IT
Infrastructure

Online stores

オンラインストア
Members

Customers

Management

Content(Mainly apparel)

Employees/Partners

HR system/organization

Conventional physical stores

Plan

１
Customers

Organization/HR

OMO StoresManagement/
Financialmanagement

B2B

Stylists/ Designers/Pattern makers/
Staff/Partners

Communication between customers and employees
tends to be indirect and one-way, resulting in awidening of the gap between value provided and thevalue that customers are seeking

Achieve direct and two-way communication between
customers and employees to co-create value
provided to customers

3

Moving on to slide 3, we will now look at our desired image for the Onward Group:
evolving into a customer-centric company and making the best use of employees’
diverse strengths. On the left side of this slide, you will see the model used by the Groupup until the present. On the right side, you will see our desired image going forward. The
Onward Group has been around for nearly a century. Throughout this long history, theGroup has been prone to setting up several organization levels, sometimes belonging tous, sometimes belonging to our business partners. These levels have placed distance
between customers and employees. Furthermore, internal responsibilities have been
divided among a wide range of organizations separated based on functions, such as
product planning or sales; brands; and areas. This vertically-divided organization often
proved to be disadvantageous. Looking ahead, we intend to take advantage of progressin digital technologies to reduce the distance between customers and the Onward Group
employees that create value for them. We thereby aim operate our business in a mannerthat facilitates the co-creation of customer value together with customers.

3

Growth Roadmap
Transforming thebusiness modelMoving forward with thefull-blown growth strategy(amid COVID-19)(post-COVID-19)

Lifestyle

300.0(Billion yen)

Apparel

Sales

190.5

200.0

40.8

21%

50.0

25%

149.7

79%

150.0

75%

FY02/22

Operating
Profit

7.0
2.2
22

69%

1.0

31%

FY02/22

ROE
4

4.5

64%

2.5

36%

FY02/24

Approx. 8%

33%

200.0

67%

FY02/31

FY02/24

3.2

100.0

25.0

(Billion yen)

15.0

60%

10.0

40%

FY02/31

10% or more

Aim to achieve sales and operating profit growth by expanding the Lifestyle
Segment while transforming the business model of the Apparel Segmentwith a view to the post-COVID era.

We will look next at slide 4, which details the roadmap for the Onward Group’s medium- tolong-term growth. The roadmap encompasses an incredibly long period of 10 years leading up
to fiscal year 2030, ending February 2031, and this period has been divided into the first three
years and the last seven years. In the first three years, which includes fiscal year 2021, ending
February 2022, we anticipate that widespread vaccination will help gradually alleviate theimpacts of the global COVID-19 pandemic, although the impacts of the pandemic will no
doubt continue to linger in one form or another. As we will have likely to endure the impactsof the pandemic over the coming three years, these years will be devoted to reconstructing
and solidifying the operating foundations that will be utilized to pursue growth after the
pandemic has concluded.
Numerically, we will target net sales and operating profit of just over ¥190.0 billion and ¥3.0
billion, respectively, in fiscal year 2021, ending February 2022, and around ¥200.0 billion and¥7.0 billion in fiscal 2023, ending February 2024, at the end of the first three years. With
regard to net sales, in light of the COVID-19 pandemic, we will focus on cementing our current
position as opposed to pursuing substantial quantitative growth. Specifically, we look toachieve slight increases in net sales centered on the growth of the Lifestyle Business segment,
which has been posting strong performance, having accomplished a position of profitability infiscal year 2020, ended February 2021. Through this process, we aim to achieve net sales ofaround ¥300.0 billion and operating profit of about ¥25.0 billion in fiscal 2030, ending
February 2031, which will represent a historically high level for the Onward Group. We
envision a situation in this growth in the Group’s net sales and operating profit will be fueledby our core apparel business as well as by Lifestyle Business segment, which is comprised ofnumerous businesses that I will be touching on a little later. As for return on equity, we will
target a level of around 8% during the pandemic and over 10% in fiscal 2030.

4

Business Segments
Customers (Individuals and Corporate Clients)

Apparel Segment

Lifestyle Segment

B2C

Wellness

Unique Value

Beauty & Cosmetics
Pet & Home Life

Product Services

Gourmet Foods

Platform Services

Gifts

B2B

B2C

Neo Business Model

B2B

Business Segments

High-Quality Standard

Group Platforms (Systems)
Onward Holdings

5

Grow the Lifestyle Segment to be a core business on par with
the Apparel Segment.

Turning to slide 5, here you will see a breakdown of the Onward Group’s business bysegment. Put simply, we look to grow the Lifestyle Business segment to stand alongside
the Apparel Business segment as a pillar of management. Both segments are developing
various business-to-consumer and business-to-business operations. I will go into these
operations in a little more detail later on.

5

Management Platforms (Systems)
Customers (Individuals and Corporate Clients)

Apparel Segment

Lifestyle Segment

Product planning, production, and distribution platform
Group Platforms(Systems)

Sales platform (Onward Crosset/OMO stores)
Marketing platform (Onward Members)
Management and financial management platform
Organizational and HR platform
Onward Holdings

Build up-to-date Group platforms (systems) to enhance Group synergy
6

Let us now take a look at slide 6. This slide details the management platforms (systems)on which significant emphasis will be placed over the next three years. Whether we aretalking about the Apparel Business segment or the Lifestyle Business segment, weunderstand that there is a need to build up-to-date business and management platforms
for the Onward Group if we are to achieve stable growth after the COVID-19 pandemic.
The current Group platforms were built decades ago, and we have only made gradualimprovements to them since. Given the current dramatic change seen in the operating
environment and the progress of digitization, I believe it is necessary for us tocompletely rebuild these platforms, maybe even from the ground up.
The Group’s platforms currently consist of our product planning, production, anddistribution platform; our sales platform, which is comprised of online stores and theonline merges with offline-style stores currently under development; our marketing
platform, which includes the Onward Members’ loyalty point card system, our customer
bases currently consisting of nearly 4 million members; and our management andfinancial management platform and organizational and HR platform, which support thebusiness and sales activities advanced through the other platforms. These platforms will
be rebuilt in an integrated manner over the next three years.

6Five Strategies toward FY02/31
Targeting sales of 300 billion yen and operating profit of 25 billion yen in FY02/31

Five Strategies
1

Transform the Apparel Segment business model2

Accelerate growth in the Lifestyle Segment

3

Strengthen B2B business4

Evolve into a company where diverse and uniquepersonnel can exhibit their strengths

5Promote sustainable managementthat pursues coexistence with the environment

7

I would now like to move on to slide 7, with which we will look at five strategies aimed
at accomplishing the targets we have put forth for fiscal year 2030, ending February
2031. The first strategy is to the transform the Apparel Business segment business model
used to develop the Onward Group’s traditional core business. The second strategy is toaccelerate growth in the Lifestyle Business segment, which is expected to be a major
proponent of growth going forward. The third strategy is to strengthen our business-tobusiness operations. The fourth strategy is to evolve into a company where diverse andunique personnel can exhibit their strengths. And, the fifth and final strategy is topromote sustainable management that pursues coexistence with the environment.
These strategies are intimately intertwined, and each will be indispensable to theGroup’s growth over the next decade.

7

1Transform the Apparel Segment Business Model:
Three Main Policies(1) Transform communication with customers

Build a community that grows autonomously andco-create value with customers(2) Transform product planning, production, and distribution

Digitalize the production process to improve
speed, price optimization, and traceability(3) Transform sales*OMO = Online merges with offline

Develop OMO* stores that combine theadvantages of physical and online stores.

8

Next, on slide 8 you will see our three main policies for transforming the ApparelBusiness segment business model. These policies are (1) transform communication withcustomers; (2) transform product planning, production, and distribution; and (3)transform sales.

81Transform the Apparel Segment Business Model:
Brand Groups Developed under the Apparel Segment (B2C)

High-Quality Standard BusinessA group of brands that create“evolving staples” bybalancing quality and price,made possible by production
expertise cultivated overmany years

Unique Value Business

Neo-Business-Model BusinessA group of one and only
brands that continue toattract customers bycommunicating a strong
individuality and worldview

A group of brands thatprovide innovative customer
experiences through a new
business model that utilizes
the latest digital technologies.
We aim to make these brands
the core of our futurebusiness.

9

We will now turn to slide 9. The Apparel Business segment has long been growing the
Onward Group’s core business and has thereby developed a vast brand portfolio for theGroup. This slide shows some of the major brands that have continued to support our corebusiness. We have divided these brands into three categories, and we intend to define
growth strategies and transformation policies for each of these categories. On the left side of
the slide, you will see information on the high-quality standard business. The brands
included in this business create evolving stables by balancing quality and price as madepossible by the production expertise cultivated over our many years of operation. Thisbusiness is centered on major brands with annual sales exceeding ¥10.0 billion, such as
Nijyusanku.
In the center is information on the unique value business, a group of one and only brands
that continue to attract customers by communicating strong individuality and a uniqueworldview. The scale of sales from these brands is smaller than that of the brands includedin the high-quality standard business. However, we believe that the highly unique brands
operated in this business will contribute to earnings with a certain degree of sales if wesolicit their strong individuality through global, online venues going forward.
The right side of the slide displays information on the neo-business-model business. In thisbusiness, we develop a group of brands that provide innovative customer experiences
through a new business model that utilizes the latest digital technologies. These brands
include our KASHIYAMA brand of made-to-order clothing items and other brands that utilize
business models unique to the Onward Group. We aim to make these brands the core of our
future business by growing them to be suitable for inclusion in the high-quality standard
business or the unique value business as we anticipate that they have the potential to
become future growth drivers.
9

1Transform the Apparel Segment Business Model:(1) Transforming Communication with Customers
Up Until the Present

Desired Image for FY02/31

Indirect, one-way communication,
distancing customers

Community where customers growautonomously through directcommunications between customers andemployees, and through interactions amongcustomers

Distant connections to customers (indirect)

A community that grows autonomously
Onward staff

Limited Pointsof Contact

Product development,
personalization, made-toorder production

PhysicalStoresDirect communication
with customers

Customers

Customers
bring newcustomers

Customers

OnwardMass Media(TV Commercials,
Magazine Ads, Etc.)

Communication using
owned media and social
media sites
Service provided bypersonal stylists

New approaches such aslive commerce

Use owned media, social media, and live commerce to promote value co-creation throughdirect and two-way communication between customers and employees.
10[We will now move on to slide 10.] The transformation of the Apparel Business segment
will be advanced based on these three brand groups. Of our three transformation
policies, the policy of transform communication with customers will be the mostimportant with this regard. New communication venues, such as owned media, social
media, and live commerce, have been advancing rapidly, due in part to the impacts of
the COVID-19 pandemic. We will make full use of these venues going forward to create
value through direct and two-way communication between customers and Onward
Group employees. In the past, I feel that we have suffered from limited points of contact
with customers, which were previously restricted to such venues as physical stores andmass media. In the future, I hope to promote communication that autonomously grows
fans of our businesses and brands. This type of communication will include the fosteringof communities through interactions among customers.

10

1

Transform the Apparel Segment Business Model:(2) Transforming Product Planning, Production, and Distribution
Up Until the Present

Desired Image in FY02/31

A divided, opaque, and inefficient
supply chain

A streamlined supply chain with processes
made explicit based on data-sharing anddata-linking

Plan

ProcureProduce

Distribute

Tradingcompanies

Sell

Textile trading
companies

Retailers

Trading Companies
OnwardTextile trading
company

Garment
manufacturers

Yarn
manufacturers

Weavingfactories

Fabricmanufacturers

OnwardLogistics
companies

Retailers

Logistics
companies

OnwardYarn
manufacturers

Fabricmanufacturers

Garment
manufacturers

Weaving factories

Shorten delivery periods, optimize prices, and improve traceability through visualizationof processes and promotion of data-linking while digitalizing the supply chain.
11

On slide 11, you will find information on our plans to transform product planning,production, and distribution. Textile and apparel industries have an incredibly long
history, which has led to the creation of an extensive supply chain involving various
companies and other parties in the series of processes leading up to the creation of end
products. There are still a lot of cases in which communication between these various
parties is conducted through conventional means such as telephone and fax. Installing
digital communication methods throughout this supply chain will allow for better
tracking of manufacturing processes and for increased data linking. We anticipate thatsuch transformations will contribute to shorter deliver periods, optimized prices, andincreased traceability.

11

1Transform the Apparel Segment Business Model:(3) Transforming SalesOMO Stores*In B2C Areas

Physical Stores Limited store inventories
 Limited store hours andlocations Some customers feel annoyed bysales staff and are unable toshop at their own pace

Location Strategy
for OMO Stores
Shift from urban centers to abalance between urban andsuburban locations

 Can shop while enjoying theatmosphere of stores
 Can touch and try on items
 Can be helped by stylists
 Can take purchased products
home right away

 Operates 24/7, all year round Can purchase from anywhere Can select products fromnearly the entire inventory Select a stylist you like
 Can shop at your own pace

E-Commerce Sales Target
for FY02/31
100 billion yen(e-commerce ratio of 50%*)

 Cannot touch products or feelthe atmosphere of stores
 Cannot try on items
 Cannot receive customer service
 Lead times until products makeit to the customer

Online StoreUse OMO format that combine services provided at physical and online stores tomaximize the advantages of each for customers
12

Moving on, slide 12 displays information on efforts for transforming sales. Specifically,
we look to develop new store types through online merges with offline-style stores, or
OMO stores, that combine the benefits of both conventional physical stores and theonline stores that have growing rapidly as of late. The benefits of physical and online
stores shown on this slide are all indispensable to companies like Onward in the businessof fashion. In April 2021, we began developing three stores that merge the benefits ofphysical and online stores in Hanyu, Nagoya, and Minami-Funabashi. We look tocontinue to evolve these stores as they are operated by incorporating customer
feedback.
Our strategy for choosing OMO store locations will emphasize a balance of urban andsuburban locations, rather than focusing predominately on urban locations. We will
devote significant effort to promoting digital transformations in the area of sales going
forward, targeting e-commerce sales of ¥50.0 billion in the current fiscal year, ending
February 2022, and ¥100.0 billion in fiscal year 2030, ending February 2031 which is
projected to account for roughly 50% of sales from business-to-consumer operations.

122 Accelerate Growth of the Lifestyle Segment
Create Synergy Within
the Group
経営資源の
重点配分
Prioritized allocationof management
resources

Improve brand value
Wellness

Beauty &Cosmetics

テキスト
テキストテキストテキスト
GourmetGifts
テキストテキストテキスト
Foods
Pet &
Home Life

Expand communityand sales channels

Promote M&A

The five businesses of the Group’s Lifestyle Segment show steady results even amid the
COVID-19 pandemic. We will vigorously push forward with our growth strategy for the postCOVID world with the Lifestyle Segment as our core segment.
13

With slide 13, we will start looking at our initiatives for accelerating the growth of theLifestyle Business segment. The five businesses contained in the Lifestyle Businesssegment, which are as shown on slide 13, have been performing well, even in the midstof the COVID-19 pandemic, and were thus able to post operating profit in fiscal year
2020, ended February 2021. Significant effort will be dedicated to advancing growthstrategies that position this segment as a core area of operations for the period after the
pandemic.

13

2

Accelerate Growth of the Lifestyle Segment:
Strategy of Leading Companies in Different Areas
Wellness businessBusiness:
Comprehensive business development including thesale of ballet/dance goods and cosmetics, and theoperation of ballet schools

Beauty & Cosmetics businessBusiness:
Dealing in the “product,” an organic haircare andskincare brand Continue to develop the traditional core balletbusiness, while strengthening brands appealing towellness (Chacott Balance and Chacott Cosmetics) toexpress the worldview of the brand philosophy, “Makelife beautiful from the inside out.” Accelerate expansion of product categories in skincare
and body care

 Scheduled opening of a next-generation global
flagship store in Daikanyama in spring 2022

 Quickly establish a status as an organic cosmetics
brand Expand physical and online sales channels (including
global development) and increase brand recognition
through PR including collaborations

14

On slides 14 and 15, you will find information on the five businesses contained in theLifestyle Business segment. Onward is leader in each of these businesses. The wellness
business is developed by Chacott Co., Ltd., while the beauty and cosmetics business isadvanced by Kokobuy Co., Ltd. Both of these businesses are displayed on slide 14.

14

2Accelerate Growth of the Lifestyle Segment:
Strategy of Leading Companies in Different Areas

Pet & Home Life business

Gourmet Foods businessBusiness:
Development of comfort goods andpet-related products

Business:
Operation of a high-quality
e-commerce site for gourmet foods

 Expand selection of everyday
goods to enhance people’s lives as
they spend more time at home Contribute to enhancing
customers’ “home time” andexpanding sales channels for
producers Enhance the value and uniquenessof the site by expanding categories
handled and developing original
products
 Plan to begin cross-border ecommerce of delicious and safe
Japanese gourmet foods

 Enhance the lineup of cat products
in addition to mainstay dog
products
 Launch “Hinami,” a lifestyle brandfor hygienic and safe living

Gifts businessBusiness:
Development of a gift solutions
featuring gift catalogues
 Strengthen direct online sales andenter the “social gift” market,
which is expected to grow
 Provide new value to customers bydeveloping new products andservices

15

Displayed on slide 15 are the pet and home life business of Creative Yoko Co., Ltd.; thegourmet foods business of Onward Marche; and the gifts business of Yamato Co., Ltd. Allof these businesses are achieving incredibly strong performance by accommodating thedemand emerging as people are increasingly prompted to stay at home in response to
the COVID-19 pandemic. We will be concentrating resources on these businesses going
forward as we anticipate that they have significant growth potential.

15

3 Strengthen B2B Businesses
Product Services business

Platform Services business(for general corporate clients)(for retailers and the apparel industry)

Provides uniforms, promotional
products, and services to general
corporate clients. Assets shared within
the Group to maximize synergies.

OEM/ODM business for retailers and theapparel industry. Utilizes product planning,production, and distribution platforms thatare visualized and streamlined throughinformation sharing and data-linking.

Onward Trading’s uniform businessKashiyama Dalian

These businesses have been robust even amid the COVID-19 pandemic.
We position them as stable growth businesses in the post-COVID era,and target sales of 60 billion yen (20% of total sales) in FY02/31.
16

Slide 16 provides an overview of our policies for strengthening business-to-business
operations. These operations can largely be divided into two categories. The firstcategory is product services businesses, shown on the left side of the slide, which serve
general corporate clients. A prime example of these businesses is the uniform businessof Onward Trading Co., Ltd., a major member of the Onward Group. Shown on the rightside of the slide, the second category is platform services businesses, which cater to ourapparel industry peers. In these businesses, we look to create a new business area bymaking our production platform available for use by parties outside of the Onward
Group. Through these efforts, we aim to grow businesses in these two categories togenerate net sales of around ¥60.0 billion, on a combined basis, in fiscal year 2030,
ending February 2031, which should represent about 20% of consolidated net sales.

164Evolve into a Company Where Diverse and Unique Personnel Can
Exhibit Their Strengths
Promote theactivities of diverse
personnel

Achieve a flatorganization(achieve 50% women in
leadership positions by
FY02/31, and othergoals)

Diversify
workstyles

Organizational andHR platform reform
Transfer
authority to
the job site

Fair, multifaceted
evaluations
andperformancebased
compensation

Offer multiple
career paths
and personnel
development

By training in-house personnel who will spearhead change, or recruiting personnel
externally, and promoting organizational and HR platform reform, we will evolve into a
company where diverse and unique personnel can play an active role.
17

On slide 17, you will find information on our strategy of evolve into a company where
diverse and unique personnel can exhibit their strengths. The value sought by customers
can be expected to grow more diverse and unique in the future. Providing this diverseand unique value will require the Onward Group to foster a base of equally diverse andunique personnel. We will also need to develop an environment in which these
personnel can exhibit their strengths and utilize diverse workstyles. One area we must
address with this regard is the empowerment of female employees. From thisperspective, it is vital for us to foster female leaders so that such leaders come torepresent half of all Onward Group leaders 10 years from now. Over the past decade,more than half of new employees entering the Onward Group have been women. At thesame time, we have vigorously promoted teleworking in response to the COVID-19
pandemic. Moving forward with these trends, we hope to develop workplaceenvironments that allow women to continue working as long as they please while
exercising their individuality. Furthermore, we will seek to create a truly diverse
organizational and HR platform by fostering human resources capable of driving such
reforms within the Group while also ramping up recruitment of external individuals.
Such a platform will be vital to the realization of our medium- to long-term management
vision.

17

5 Promote Sustainable Management that Pursues Coexistence with the Environment
Example: Find more ways to use
recovered products(blanket donations incooperation with theJapanese Red Cross
Society, stepping up the
Reuse Park initiative)

Example: Expand the made-to-order businesscentered on Kashiyama DalianEliminate
wasteful
production(Expand made-toorder production)

Main initiatives
toward sustainable
management

Recover andreuse products

Example: Increase awareness offactory audits at the Japan
Apparel Quality Center

Improve
traceability

We will establish an organization dedicated to the promotion of sustainable management in FY02/22 andadvance efforts in this direction based on the recognition that sustainable management is an important
ideal that underpins our corporate activities.
18

Lastly, we will look at slide 18. The Onward Group realizes that it has a responsibility
toward society to promote sustainable management that pursues coexistence with theenvironment. This sentiment is apparent in our corporate message and mission
statement, and this responsibility forms the bedrock for our corporate activities. Basedon this recognition, Onward Holdings established a dedicated sustainability organizationin fiscal year 2021, ending February 2022. On this front, we have been engaged in efforts
to collect, recycle, and reuse our products for more than a decade through the Onward
Green Campaign, a project advanced together with the Japan Red Cross Society. In
addition, we have started developing made-to-order apparel businesses that eliminate
the production of unnecessary products. The Onward Group is also promoting theactivities of Japan Apparel Quality Center for the purpose of improving awarenessregarding factory audits and, as a result, traceability. We will build upon these existing
initiatives going forward while broadening our sustainable management efforts toinclude other activities.
With this, I conclude our look at ONWARD VISION 2030.

18

The information in this presentation is not a solicitation to purchase or sell Onward
Holdings stock. Opinions and forecasts stated herein represent the judgments of thecompany at the time this presentation was prepared. Onward Holdings makes noguarantee regarding the accuracy of the information in this presentation and may
make revisions without prior notice. Onward Holdings and the providers of thisinformation assume no responsibility whatsoever for any losses incurred inassociation with this information.

19

In closing, please allow me to express my sincere appreciation for your constantunderstanding and support of the Onward Group’s management. Some of the trends
emerging in the current dramatic changes seen in the operating environment create
cause for concern, and the impacts of the COVID-19 pandemic are expected to persist
for the foreseeable future. Regardless of these issues, we at Onward Group will unite in
our efforts to enact our mission statement in line with ONWARD VISION 2030 beginningwith the current fiscal year, ending February 2022. I ask for your ongoing understanding
and support as we tackle the challenges to come. Thank you for watching this video until
the end.

19