1

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I will now explain the retailing segment.

3Mr. Aono, and Ms. Aso of Marui will explain the progress and initiatives of the retailingsegment.

4Here are three key points.
We have received requests for specific details, not just numbers, so we will explain with
examples to make it easier to understand.

5

First is the progress of the medium-term plan and the breakdown of profits.

6

Operating profit for the last fiscal year ended March 31, 2024, was JPY7 billion,
an increase of JPY3.3 billion from the previous year.

7

The breakdown of the increase is as follows: a total of JPY2.1 billion was added due toincrease in tenant income, the expansion of events, and the expansion of e-commerce.
In addition to this, cost reductions and other factors resulted in increase of JPY1.3 billion,
for a total increase of JPY3.3 billion.

8

A similar breakdown is shown for the current fiscal year ending March 31, 2025, and thenext fiscal year ending March 31, 2026.
Positive results from the expansion of tenants, events, and e-commerce are expected to
be JPY2.3 billion this fiscal year and JPY2.4 billion next fiscal year, about the same as last
fiscal year. The difference is in expenses.

Last fiscal year we accomplished a cost reduction of JPY1.3 billion, but this fiscal year we
expect a one-time increase in expenses of JPY800 million.
We anticipate another JPY1.1 billion reduction in the next fiscal year.

9Factors that will cause expenses to increase this year are mainly the replacement ofclearing terminals, utility costs, and asset-related expenses.
In this fiscal year, we will replace a little over 3,000 payment terminals in all stores withthe latest models.
This will be plus JPY400 million, utilities expenses will increase by JPY300 million due tothe loss of government subsidies, and asset-related expenses are expected to increaseby JPY400 million for real estate repair costs and equipment costs.
We believe that these one-time cost increases will be eliminated in the next fiscal year,
and conversely, we will be able to reduce expenses by JPY1.1 billion.

10This is a graph of Operating revenue and Operating profit for the five years of themedium-term plan.
In the first two years, Operating revenue was negative due to voluntary withdrawal,
resulting in a decrease in revenue and profit.
However, the Company has returned to “increases in sales and profit” since the fiscal
year ended March 31, 2024.
We believe that we will be able to continuously increase Operating revenue andaccomplish “increases in sales and profit” in the future.

11Now, let me explain the specifics of our efforts.

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We are often asked whether or not we can really accomplish an increase in revenue ofmore than JPY2 billion for three consecutive fiscal years, which I explained earlier, andhow certain we are that we can do so.
Department stores are growing for the obvious reasons of increased consumption by theaffluent class and the expansion of inbound travel, but the impact of these factors on ourcompany is minor.
The reason why our company is growing, then, is that we are transforming our business in
response to changes in consumption over the medium to long term.

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These are the changes in the environment over the next 10 years that we focused onwhen formulating our medium-term plan.
We have also shifted our store development in response to long-term changes in theenvironment, not just short-term perspectives.

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Ten years ago, Marui was a typical fashionable clothing building.
The majority of tenants were traditional merchandise retailers, primarily apparel, with a
non-retail component of only 18%.
Although the “Stores that don't sell” concept is still a work in progress, Marui has
continued to change the content of its stores in response to changes in consumption, andas a result, the percentage of non-retail sales grew to 61% in the last fiscal year.

15Specifically, the number of interactive tenants has doubled compared to pre-covid.
Magical Chiikawa Store and Fantasy Village are crowded with many more customers than
expected as experience-based stores that support their "likes."
Outside of central Tokyo, Galaxy Studio Osaka, which does not sell any merchandise, andBYD AUTO Shizuoka, a showroom for EV vehicles, offer customers enjoyment throughexperience. As a result, more than 40 EV vehicles have been contracted in six months,
and tenants are happy with the results.

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The number of service tenants has also expanded to 1.3 times that of pre-covid. Amongother things, the need for learning continues to expand and we feel it is promising.
Ten years ago, Marui had only English conversation classes. However, the genre has now
expanded greatly to include mahjong classes, e-sports classes, casino schools, and drone
classes.

Egako, a manga illustration school with professional instruction, is highly supported andhas expanded to three locations. Bobinage famille in Mizoguchi is a sewing machine
workshop that male customers can enjoy too.
When we see the smiling faces of customers who use both of these services, we realizethat they are increasingly inclined to spend time and money on things they like to do,even if they are usually thrifty.

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These are the results for the last fiscal year.
Non-retail tenants have 1.4 times the number of customers and 1.1 times revenue perunit of conventional goods sales, resulting in a boost to overall tenant income.

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The nation's commercial facilities have yet to catch up with these medium- and long-termchanges in consumption. Shopping centers still focused on traditional merchandise sales
saw a 6% increase in vacancy due to COVID-19. Even last year, when COVID-19 haddissipated, vacancy rates had increased.
Converting from traditional retail to Stores that don't sell is not an easy task, as it
requires a review of the contract structure before replacing tenants.

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Next, let me explain about e-commerce.
E-commerce is currently undergoing a restructuring. Looking at transactions in previous
years, we had been struggling until the fiscal year ended March 31, 2010.
However, in the year before last and last year, we achieved double-digit growth for two
consecutive years, This fiscal year, we plan to reach a record high of JPY25 billion .

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Our efforts to date have been to use professional talents to transform e-commerce into
the online business it should be.
The number of visitors has increased 1.4 times from pre-covid due to SEO measures
such as expanding columns as well as improving the UI of merchandise pages.

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We are also steadily changing our product assortment.
Compared to pre-Covid, sales of animation-related merchandise increased fivefold andcosmetics fourfold.
The non-fashion sales mix expanded from 14% pre-covid to 25% last year.

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The growth of the world's e-commerce market has returned to its pre-covid cruising
speed of about 5% growth annually.
On the other hand, we believe that we can continue to grow our e-commerce businessfrom here by improving the UI and product lineup, which we are currently working on.

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I will continue by explaining the synergistic effects of the trinity business model.

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We have long been committed to a three-pronged strategy of Co-Creative investment,
retailing, and FinTech as the pillars of our business strategy.
We are often asked how the synergistic effects of the trinity are manifested in retailing.
We are often asked this question, so today we would like to explain in detail.

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We will explain the synergies to retailing, divided into Co-Creative investment and FinTech.

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We will explain the synergies to retailing, divided into Co-Creative investment and FinTech.

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In our Co-Creative investments, we select investees based on synergies with our corebusiness.
As a result, we have seen an increase in the number of investee companies opening
stores in Marui stores as tenants, and compared to the fiscal year ended March 31, 2019,the number of tenants has quadrupled, and the income generated by such tenants has
expanded to JPY900 million.
Surugaya, which buys and sells games and figures, has five stores, and magi, a tradingcard flea market application, has two stores, all of which are used by many customers who
have “interests” in specific things.

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In addition, the number of tenants as well as events has tripled, which has resulted in
110,000 customers visiting our stores.

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The “OMEMIE” online store opening service was also realized through collaboration withCounterWorks, a Co-Creative investment partner.
Tenants can easily select the location and period of time to open a store using asmartphone, and the entire contract process can be completed online, making this service
very popular among tenants.

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One of the benefits of the introduction to OMEMIE is an increase in the unit cost ofrevenue.
The unit cost per revenue is 1.4 times higher for events held via OMEMIE, and thepercentage of events held via OMEMIE increased to 60% in the last fiscal year, leading toan increase in the overall unit cost per revenue for events.

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Last year's event results showed a significant increase of plus JPY700 million in revenue
due to a 139% increase in unit revenue to JPY53,000, although the number of events held
and the area of events were kept at the same level as the previous year. We believe thisis largely due to the contribution made by OMEMIE.

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Another benefit of introducing OMEMIE is the encounter with new tenants.
Through OMEMIE, we have been able to meet with business partners that could not berealized through previous tenant development, such as Chaka, a popular pancake store in
Kitasenju, and TABINAKA, operated by a tour guide company on Yakushima Island.
We recognize that these encounters and others are synergies that would not have beenaccomplished without Co-Creative investment.

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We will explain the synergies to retailing, divided into Co-Creative investment and FinTech.

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Since its inception, the Company has expanded its business through both FinTech andretailing.
Up to now, our focus has been on expanding new cardholders at Marui stores andexpanding Platinum and Gold memberships, which have 1.9 times higher per-customer
spending, but now we will further strengthen our strategy of cards tailored to eachindividual's interests, and we expect significant synergy effects here as well.

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The reason for this is the change in the consumer values of our customers.
Looking at the 10-year trend in the household survey report, clothing and footwear, which
we call traditional goods sales, has declined significantly by 69%, while culture andentertainment has grown by 120%.
In addition, consumption expenditure by age group shows that those under 29 years old
increased by JPY17,000 compared to 2019, indicating here the values of spending timeand money on goods and things they like, especially among younger people.

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In light of this change in values, the number of cards tailored to each individual's interests
has expanded to 78 at the end of last fiscal year, 94% of which are linked to in-store ande-commerce events.
Revenue from events that support each individual’s interest has increased 11 times overthe fiscal year ended March 31, 2009, to 1.1 billion yen, contributing significantly to the
expansion of overall event revenue.

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Events to support “interests” at Marui stores were held 1,000 times last fiscal year, witha combined total of over 7 billion yen in transactions and 1 million customers visiting
Marui stores and E-Commerce Transactions.
Specifically, we have held events to support artists with 2.5 million YouTube subscribers,
such as “It should be midnight all the time. and “Evangelion”.Evangelion” events.

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In addition, the number of events held not only at Marui stores but also at outsidefacilities expanded to 300.
In addition to the need from animation copyright holders to expand events nationwide, we
are also receiving an increasing number of inquiries from commercial facilities nationwide
about the events as a measure to increase the number of customers.

Events require human resources to manage them, and since our own employees go
directly to the event sites, we have received comments from commercial facility managers
that they can trust us with their events.

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Events need people to run them. We have received comments from commercial facility
managers that they can rely on us because our own employees go directly to the event
site to manage the event. We believe this is a unique scheme that no other company canimitate, and it demonstrates the management capabilities of our retailing personnel andour planning ability to utilize the "likes" of our employees.
At events that attract many visitors, there will be confusion on site. I myself participatedin the operation of the Blue Rock Exhibition, which was held in Yokohama last year andwas a great success. All the staff members wore the same blue numbers, and theybrought the event to life with the same enthusiasm as the fans. These innovations enable
us to operate events that our customers can enjoy with peace of mind and a pleasantatmosphere.
In addition, the design of the cassette tape card on the right is the card designs that is
the face of the cards tailored to each individual's interests. Employees who are fans of
the work participated in the planning, and worked with the copyright holder to create adesign that expresses the retro world of the work. In addition, we are also creating
membership bonus goods, event venue and e-commerce exclusive goods, etc., with theworldview of the works and fans in mind, and we believe this has led to the trust of the
copyright holders.

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We estimate that the “effect of events” on new membership of cards tailored to eachindividual's interests accounts for 90% of the total, including membership at Marui storesand outside facilities, as well as the effect of increased online membership before andafter events due to the spread of event information on social networking services.
The synergy between retailing and FinTech, whereby the presence of cards tailored toeach individual's interests expands the number of “events” and the events in turn expand
the enrollment of cards tailored to each individual's interests, will continue to contributeto the expansion of the Group's profits in the future.

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We believe that our retailing business can continue to grow sustainably in the future by
expanding the synergistic effects of this unique trinity of strategies that no othercompany can match. We will work to achieve Operating profit of JPY8.5 billion this fiscal
year and JPY12 billion next fiscal year.
This concludes our explanation of the retailing segment. Thank you very much for yourattention.

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I'm Saito.
I would like to explain our progress and initiatives in fintech.

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,The presenters will be myself and Araki.

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I will explain the content of these two points, the first one from me and the second one
from Araki.

46

First, I will explain the results for the fiscal year ended March 31, 2024 and our plans forthe current fiscal year, based on the contents of the financial results briefing.

47

Here is the status of the main KPIs for the Fintech segment.
As you can see, Operating profit, excluding liquidation, was negative 0.7 billion yen
compared to the plan, although the improvement in profit in the second half of the year
ensured an increase for the full year.
On the other hand, total transactions remained steady at 4.3 trillion yen and new
cardholders recovered to the pre-covid level of 810,000, reaching a record high.

48

First, let us look at the status of credit card transaction volume.
Transactions for the last fiscal year was JPY4.1 trillion, up 14%, surpassing the JPY4 trillion
mark for the first time, but falling slightly short of the plan.
Growth in Travel & Entertainment, which had been growing rapidly, stalled in H2 of the year,
and a policybased review of prepaid card recharge usage resulted in a slight decline in thegrowth rate.
Meanwhile, transaction volume for rentals and commercial facilities remained steady, andthe number of member stores for small-value payments at supermarkets, convenience
stores, and other locations expanded steadily due to the spread of contactless payment.

49

Here is the status of the Epos Card contactless payment.
Last fiscal year, transaction volume was JPY200 billion, 2.6 times that of the previous
fiscal year, exceeding the growth of the code settlement market, and is currently
continuing to grow at a high rate.
Credit cards, which were not originally good at small-value payments, have steadily
expanded their use to areas where e-money and code payments are strong, thanks to theintroduction of contactless payments.

50

Next is the status of the number of customers and the unit cost per use.
The number of customers during the last fiscal year exceeded 5 million for the first time,
thanks to the expansion of our membership. The utilization rate, which temporarily
declined in COVID-19, rose to a record high of 68%, one of the highest in the industry,
thanks to the expansion of cards tailored to each individual's interests with highoccupancy.
The unit price per use also increased steadily to JPY650,000.

51

As a result of the above, card credit transaction volume has consistently outperformed
the industry average, expanding 1.6 times compared with the volume handled in the fiscal
year ended March 31, 2020.

52

This is the plan for the card credit business for the current fiscal year.
For the fiscal year ending March 31, 2025, we forecast transactions of JPY4.6 trillion, or112% of the previous year's level. The 12% increase was set to account for a lull in travel
and entertainment due to a rebound in revenge spending and other factors, as well as thecontinuing impact of the charge usage review for the next six months.

Despite wage hikes and tax cuts, on the other hand, the outlook for consumption is
uncertain, as consumers tend to economize in response to rising prices, and the impact of
future changes in the consumption environment has not been taken into account.

53

Next is the forecast for future transactions.
While the impact of macro factors is uncertain, the recent recovery in new cards is abright spot for the future. As you know, in the card business, transactions are composedof the accumulated use of members acquired in the past, like multi-layers.
Currently, the transaction volume is steadily increasing every year, but in the fiscal year
ended March 2024, we estimate that the transaction volume of new cardholders within 3
years of joining the card, whose usage is expanding, decreased by about 100 billion yen
compared to the previous year due to a sharp drop in new cardholders in COVID-19.
Since the number of new cards recovered to over 800,000 last year, we assume that a
steady increase in the number of new cardholders will contribute to the growth oftransactions.

54

Next is the status of installment and revolving credit.
In the previous fiscal year, installment revolving credit card transaction volume increased
15% from the previous fiscal year, exceeding the growth of credit card transactions for the
first time in five years, and remained mostly in line with the plan.
As a result, the balance of installments and revolving loans at the end of the fiscal year
was JPY436 billion, an increase of JPY80 billion over the three years from the fiscal year
ended March 31, 2021.
For the current fiscal year, we forecast that installment revolving credit transaction
volume will continue to outpace credit card transaction volume by 14%, and that thebalance at the end of the fiscal year will expand to more than JPY470 billion.

55

One of the factors behind the steady growth in Transaction volume of installment andrevolving payments is the expansion of cards tailored to each individual's interests.
Cards tailored to each individual's interests, which have a high composition of young
people, have a higher utilization rate of installment and revolving payments than Epos as awhole, and the rapid growth in Transaction volume of installment and revolving payments
due to the expansion of their membership has contributed to the growth of overall
installment and revolving payments.

56

Next, I would like to discuss the rent guarantee initiative.
Operating revenue for the previous year expanded to JPY16.7 billion, up 15% from theprevious year.
New partnerships with three major management companies have enabled us to dobusiness with properties under management comparable to ABLE's. Although the start ofthe project fell slightly short of the plan in the previous fiscal year due to a delayed start,
we forecast a steady contribution to earnings in the current fiscal year.
In addition, the office tenant rent guarantee business, which was started as a new
business, has increased its sales to JPY600 million, and we are aiming for sales of over
JPY1 billion in the current fiscal year, thanks to the expansion of our business partners.

57

Next is the number of cardholders.
Due to the increase in new cardholders, the number of members grew to approximately
7.6 million at the end of March.
For the fiscal year ending March 31, 2025, we aim to have 7.9 million members at the endof the fiscal year by continuing to expand membership of cards tailored to eachindividual's interests.
In addition, we expect the combined number of members of cards tailored to eachindividual's interests and Platinum and Gold members to reach more than 4.7 million, or
60% of our membership composition.

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Finally, here are our plans for the fiscal year ending March 31, 2025.
Total transactions are projected to be JPY4,760 billion, or 112% of the previous year's
level, and operating profit at JPY44.5 billion, or 105% of the previous year's level.
That's all from me.

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My name is Araki.
I will explain our future growth strategy.

60Here are the two contents.

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First, I would like to discuss the “cards tailored to each individual's interests”.

62The number of new cardholders for cards tailored to each individual's interests increased
by 260,000 over the three years from the fiscal year ended March 31, 2009, compared to
an increase of 280,000 for the entire membership.
Cards tailored to each individual's interests are the driving force behind the expansion of
Epos Card members.

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This growth in membership is supported by the expansion of cards tailored to eachindividual's interests.
In FY2023, 33 new projects were developed, bringing the total to 78 projects and 900,000
members. In order to respond to the diverse “interests" of our customers, we have
expanded from cards for anime, characters, games, and other activities of interest to
various genres, such as social contribution, music, and sports, and have newly added the
Only One card to our lineup.

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In March 2024, we began accepting applications for the Epos Pet Card, the first of our“Only One Card” program, which will realize a unique card in the world.
This is the actual card design that was applied for, featuring favorite moments of ourmembers' beloved family pets.

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The Epos Pet Card has received a great response on the Internet, and the number ofaccesses to the application site was approximately 40 times that of the general card.
The original design and efforts to donate to patronage organizations have been wellreceived on social networking sites.
We are off to a good start and expect to have more than 20,000 members in the first year.
In addition, we will consider a second or third “Only One Card” in the future.

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Next, as explained in the retailing segment, an important initiative to support membership
growth is the group-wide event.
Retailing and FinTech employees work together across business boundaries,Marui and its
partner facilities hold 1,300 events a year.The announcement of these events and thesocial networking posts by participants have a ripple effect, accomplishing membership
acquisition both in real life and on the Internet.
While other companies acquire members mainly through the Internet, this seemingly
analog and inefficient approach contributes to their differentiation from other companies
and is highly successful.

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Infrastructure and operations support the expansion of membership as explained above.
In order to Accomplish a shift from the large-scale issuance that card companies generally
aim for in order to respond to the “likes” of each and every member, we have developed aprint-on-demand infrastructure in cooperation with our business partners.
In addition, one of the most important aspects of cards tailored to each individual'sinterests is the benefits offered to cardholders when they join or use the card. Offering
attractive prizes that are not available elsewhere is the most important feature of cards
tailored to each individual's interests.
The development of these benefits and their meticulous operation are where we canleverage our expertise in retailing, giving us a competitive edge.

68In addition, as a new initiative last year, we held a competition across the Group to
support “interests."
The event was held in a hand-raising style to provide an opportunity for each employee todiscover a new project that makes use of his or her favorite things. A total of 130 people,
including not only employees but also part-time workers and interns, presented their ideas
for turning their “interests" into cards, and 11 projects were adopted foraccomplishments.
The event was well received by employees, with comments such as, “Everyone wassparkling and lively,” and “I will definitely participate again next time.” It was a good
opportunity for the “cards tailored to each individual's interests” initiative to permeate
the entire company as a personal matter.

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Next, I would like to discuss future directions.
With the number of projects and members steadily increasing, we will work to expand theuse of this service. Currently, there is a gap between the amount spent on the Gold Card,but we intend to steadily improve this gap.

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As part of this effort, last year we initiated a step-up in the utilization limit.
Some cards tailored to each individual's interests have not been converted to main cards
due to insufficient credit limits.
We will continue to make operational changes while verifying usage conditions and otherfactors.

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In addition, while the Gold Card offers bonus points based on annual spending, we willconsider introducing a new membership program for cards tailored to each individual'sinterests.
This program, which is limited to EPOS Cards supporting individual interests, will offer
benefits tailored to each individual's interests and will promote the card as a main cardthrough unique UX redemption that goes beyond point redemption.

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Finally, here is a mid-term plan for cards tailored to each individual's interests.
In the fiscal year ending March 31, 2026, the final year of the medium-term management
plan, we aim to achieve a transaction volume of more than JPY300 billion, and in the
future, more than JPY1 trillion for cards tailored to each individual's interests.

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Next, I will discuss the progress of the new service.

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Today, we will explain these three services.

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First is the owner card.
The trial started last June, with approximately 300 business owners applying for theservice.
Unit spending for both shopping and financing has exceeded expectations, at 7 times and
10 times the general card spending, respectively.
In addition, the bad debt write-off ratio is currently at zero, and the uniqueness of issuingbusiness cards based on the credit of individuals has been a success, getting us off to agood start.

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Since we have found through the trial that high utilization can be expected, we will conduct
full-scale membership recruitment, aiming for 10,000 members, JPY40 billion in transactions,and more than JPY1 billion in operating profit in five years.

77Then there is the status of dental credit.
In the fiscal year ended March 2024, transactions were JPY1.9 billion, a dramatic increase
from the previous year.
Transactions are largely related to the number of affiliated clinics, and we are making
steady progress in this area, with 1,900 clinics nationwide having adopted the service.

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Although the commission expenses for dental credit are low at 5.8%, the average unit
payment is JPY500,000, more than 10 times that of regular credit card installment
payments, and the average payment term is as long as 35 months, making it a highly
profitable business.

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We will continue to promote the expansion of our business partners and improve thequality of our services, including UI/UX improvements for applications.
In five years, we plan to have a transactions of JPY20 billion, a balance of JPY25 billion,
and an operating profit of more than JPY1 billion.

80◼

Finally, there is Apple residual value credit.
It has been one year since the service was launched, and our business partners are
expanding, including the Kumon Institute of Education and the University Co-op.
In the initiative with the University Co-op, Apple will be offering and accepting
applications for apple residual value credit at 200 University Co-op stores nationwide,
which is expected to increase the transactions.

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We plan to expand the number of customers to whom we introduce our products, and in
five years, we plan to have over JPY2 billion in transactions, a cumulative total of 100,000
users, and a cumulative total of more than 40,000 cardholders.
That concludes my explanation of the fintech segment. Thank you very much for yourattention.

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The forward-looking statements contained in this presentation are based on information available atthe time of preparation of this presentation and certain assumptions that MARUI GROUP deems to
be reasonable. The forward-looking statements may differ materially from actual results due to avariety of different factors. Please direct any inquiries to the IR Department (E-mail: marui-ir@0101.co.jp)

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