Materials for Financial
Results Brie ng
FYE January 2022

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02

Business performanceFYE January 202203

Performance for FYE January 2022 – Highlights

Withstanding the harsh external environment,
net sales reached a record high of 7.6 billion yen‣ Overall trading volume exceeded 67.6 billion yen, the largest gure ever
‣ Rate of operating income of 39% and ROE of 20.5%‣ Although the external environment remained severe in the second half, overall trading volume in the second half ofthe year was 97-98% of the previous year's level‣ Aiming for an easy-to-use platform for both buyers and sellers, we implemented a number of measures to increase
convenience, such as improving the search function, revamping the cart, improving the ef ciency of the listingprocess, providing tools to support sellers in making sales, shipping immediately from domestic warehouses, andadding new payment methods‣ Through our collaboration with Cafe24, a multi-lingual e-commerce platform, we facilitated the entry of foreign
corporations, especially Korean brands, that have had dif culty entering the Japanese market due to language
barriers. Corporate trading volume was brisk at 109% YoY‣ We made progress with the hiring of data analysts, and put in place a system to quantitatively verify theeffectiveness of our progress with KPIs and in the implementation of measures‣ The product review videos produced by owned media STYLE HAUS
‣ Overall trading volume in the lifestyle category exceeded 2 billion yen, and continues to grow at a high level‣ GLOBAL BUYMA entered an expansion phase with overall trading volume just short of 1 billion yen‣ Board passed a resolution to pay a regular dividend (10 yen/share)

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Performance for FYE January 2022 – Highlights

Net sales at record high,and operating income on par with last year
Net sales

Operating income

7.6

2.9
billionyenbillionyen( 百万円 )Overall trading volume ※ Including

FYE January 2022
(actual results)

FYE January 2022
(projection)FYE January 2021
(actual results for theprevious period)

Achievement
Rate

YoY

67.674--62.899107.6%Net Sales

7.616

7.521

101%

7.077

107.6%

Operating income

2.971

2.800

106%

3.033

98.0%

Ordinary income

2.979

2.810

106%

3.030

98.3%

Pro t

2.055

1.920

107%

2.098

97.9%

49.35 yen

46.11 yen107%

50.41 yen

97.9%

payment

Pro t per share(Unit: billion yen)

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Performance for FYE January 2022 – Net sales

Net sales 7.6 billion yen, 108% YoYConsolidated

Non-consolidated

7,616
7,077
6,097
5,283
4,492

FYE Jan. 2018

FYE Jan. 2019

FYE Jan. 2020

FYE Jan. 2021

FYE Jan. 2022

(Unit: million yen)

* FYE Jan. 2016 – FYE Jan. 2018 includes ROCKET VENTURE; second quarter of FYE Jan. 2017 – FYE Jan. 2018 includes ENIGMO KOREA

06

Performance for FYE January 2022 ‒ Selling expenses

Performance for FYE Jan. 2022 ‒ Selling expenses
Overall selling and administration costs were 117% YoY
GLOBAL spent 2.4 times more on advertising than the previous year

FYE January 2022
(performance)FYE January 2021
(actual results for theprevious period)

YoY

Personnel costs ※1,219 million yen

1,139 million yen

107%

Advertising costs

1,425 million yen

1,105 million yen

129%

Write offs

23 million yen

26 million yen

92%

Costs relating to systems

189 million yen

136 million yen

139%

Other

314 million yen

309 million yen

102%

3,172 million yen

2,716 million yen

117%

Selling and administration
costs※The personnel costs Include dispatching, outsourcing, etc. For FYE Jan. 2021, this includes the recording of expenses for performance-linked stock options07

Performance for FYE January 2022 - Operating income / margin

Operating income was 2.97 billion yen,maintaining the same level as the previous year
Consolidated

Non-consolidated

44.2%

3,500

3,000

40.6%

42.9%

45%

39.0%
3,033

35.1%

40%

2,971

2,692

35%

2,500
30%

2,143
2,000

25%

1,574

20%

1,500

15%

1,000
10%

500

5%
0%

0
FYE Jan. 2018
(Unit: million yen)FYE Jan. 2019
Operating income

FYE Jan. 2020

FYE Jan. 2021

FYE Jan. 2022

Operating Income ratio* FYE Jan. 2016 – FYE Jan. 2018 includes ROCKET VENTURE; second quarter of FYE Jan. 2017 – FYE Jan. 2018 includes ENIGMO KOREA

08

Performance for FYE January 2022 - Cash ow

Cash and cash equivalents at end of period increased to 12.8 billion yen
due to an increase in operating CF, maintaining a stable levelcompared to average monthly trading volumes
14,00012,0001,509-56

11,8071

12,844-416

10,000

8,000

5,639

6,000

4,000

2,000

Cash and cash
equivalents at
beginning of
periodOperatingCF

Investment
CF

Finance
CF

Effect ofexchange ratechange on cash
and cashequivalents

Cash and cash
equivalents at
end of period

Monthly
average trading
volume (at endof period)(Unit: million yen)

09
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Performance for FYE January 2022 – Shareholder returns

We plan to pay a regular dividend of 10 yen per share
Dividends paid for three consecutive fiscal years[F u t u re d ivide n d pol ic y]

In order to be in a continual state of growth, we have made investments in growth our top priority (this includes not only
M&A and capital tie-ups but also investments in human resources and strategic marketing investments that lead to
growth in turnover).
In regard to the dividend for the next term onward, while in some cases there may be no dividend payout depending on
investments in growth and the present demand for funds, we will adopt a policy of striking a balance with internal
reserves while giving comprehensive consideration to such factors as transitions in our performance, nancial
circumstances, and future business & investment plans.

Internal reserves

Operating CF

Investments (including M&A)
or dividendsfi

10Overview of
BUYMA business

11Performance for FYE January 2022 – Overall trading volume

Overall trading volume was 67.6 billion yen (108% YoY)

62,89967,67460,00053,27650,00040,00045,533

37,10930,00020,00010,0000
FYE Jan. 2018

FYE Jan. 2019

FYE Jan. 2020

FYE Jan. 2021

FYE Jan. 2022

(Unit: million yen)*Overall trading volume: Amount of account settlements including such things as payment for goods and fees for settlement of payment in contracted transactions

12Performance for FYE January 2022 – Number of members

Number of members topped 9.68 million
Acquired approx. 1.10 million new members

9,688,721

10,000,000
9,000,000

8,585,119

8,000,000

7,302,929

7,000,000

6,139,853
6,000,000
5,000,000

4,987,585

4,000,000
3,000,000
2,000,000
1,000,0000FYE Jan. 2018

FYE Jan. 2019

FYE Jan. 2020

FYE Jan. 2021

FYE Jan. 2022

(Unit: Person)

13Performance for FYE January 2022 – Number of active members

The number of active members exceeded
1.36 million people (104% YoY)

1,400,000

1,313,950

1,200,000

1,000,000

1,098,542

1,363,842

1,153,475

969,641

800,000

600,000

400,000

200,0000
FYE Jan. 2018

FYE Jan. 2019

FYE Jan. 2020

FYE Jan. 2021

FYE Jan. 2022

(Unit: Person)*Number of active members: members with a purchase history within the past year

14

Performance for FYE January 2022 – Number of transactions handled

The number of transactions handled
was 2.95 million (103% YoY)

3,000,000

2,864,917

2,957,037

2,544,540

2,500,000

2,374,841
2,058,758

2,000,000

1,500,000

1,000,000

500,0000
FYE Jan. 2018

FYE Jan. 2019

FYE Jan. 2020

FYE Jan. 2021

FYE Jan. 2022

(Unit: no. of transactions)15Performance for FYE January 2022 – Overall trading volume

The increase in members was moderate,as was growth in the number of active members,
but trading volume reached 108% YoY thanks to higher ARPU

Numberof active members

ARPU

YoY

YoY

104%

104%

16

Performance for FYE January 2022 – ARPU

Consumer confidence has been stagnant due to factors such as the spread of COVID-19.
The number of transactions per person remains on the same level.

Average annual number oftransactions per person

Average unit
price per transaction

ARPU

No.

Unit Price

YoY

YoY

YoY

104%

99%

104%

* Unit price could be impacted by trends,
having a kind of uncontrollable aspect17Mid-term Targets& Growth Strategy

18External environment - our performanceQ4 trading volume was 97% YoY and 2-year CAGR was 110% YoY,
so both were firm, though the external environment is
expected to take time to improve
GMV(Unit: million yen)

30,000150%

20,000100%

10,000

50%

0

0%
1Q

FYE 2020/1

2Q

FYE 2021/1

FYE 2022/1

CAGR

3Q

4Q

YoY

19

Toward further growth

Rather than waiting for the external environment to recover, we will make thisfiscal year a turning point to evolve into a high-growth company by taking
advantage of adversity
In order to be much more aware of our belief (purpose), "New trends that will change the world,"
building a good relationship with our users in the long term, and to growas a world-class company, it is essential for us to invest from a long-term perspective
without chasing short-term profits.

‣ Evolution of customer experience through pursuit of operational excellence‣ Mass/personalized advertising for high quality, high-volume recognition‣ Development of new business domains, including overseas business to levels thatwill contribute to the company's growth within three years

Deploy resources and set new targets to commit to the above

20

Revision of mid-term targets (Challenge 2025)
We will strengthen investments with the aim of returning to a path to growth.
We have set a milestone of achieving medium-term sales of 10 billion yen and continuing to maintaina compounded growth rate of 20% to reach long-term sales of 30 billion yen while, in principle,
increasing sales and securing surplus.

Targets before revisionRoadmap for achieving revised targets(unit: 100 million yen)

①Operating income of 5billion JPY by FYE January
2025

300

Focus onexpanding top line

②5-year total operating CF
of 15 billion JPY

200③5-year average ROE of

100

25%

0
FYE

22/1

Mid-Term
Investment phase

Long-Term
Sales expansion phase21

Mid- and long-term investment focus areas

In the mid-term, we will strengthen our efforts in the following areas,and evolve the customer experience in each area

BUYMA

GLOBAL BUYMA‣ Evolution of the customer experience from the supply side

‣ Expansion of network of exclusive sellers (PS Elite).

‣ Higher recognition through mass/personalized campaigns and‣ Information and better support to make purchasing easier‣ Strengthening of ad serving channels

through a more in-depth level of support for the activity oflisting/selling
stimulation of demand through enhanced content‣ Maximization of LTV using data technology

Commencement of development for making listing/selling moreconvenientLife Style Category

NEW BUSINESS‣ Reinforcement of lifestyle-specific advertising‣ Strong trading in existing categories + promotion of new listings‣ Establishment of new compensation system‣ Strengthening of delivery service.

‣ Leveraging of alliances to cultivate new fields such as the travelbusiness‣ Entry to new markets‣ Creation of new businesses with their roots in existing businesses

M&A‣ Deals that are aligned with the Specialty Marketplace strategy and can accelerate the growth of BUYMA and the evolution of the customer experience‣ Projects that can accelerate overseas expansion‣ Deals where the target company/business has high growth potential‣ Deals that can contribute to achieving mid- and long-term milestones

22Gaining recognition

Conduct mass campaigns to ga in high-quality rec og nit io n
Maximize effecti veness by leveraging s oc ial media and owned media

Impact of previous large-scale mass campaign

Measures to boost recognition going forward

Mass campaign in FYE Jan. ‘16 (approx. 1 billion yen)

We will maximize trading volume by promoting branding with a

Recognition* climbed from 25% to 40% during the campaign

long-term perspective while raising brand awareness throughEffect on trading volume was seen in following year, with an

disciplined use of mass media/Social media campaigns andincrease of 36%.

owned media with the aim of raising brand awareness from the

GMV(Unit: million yen)

Recognition

35,00050%

28,00040%

current level of about 50% to 70% within the next few years.

2015/11-12▼30%

21,000Use of social andowned media

Recognition
70%▲2015/6-7

14,000

20%

7,000

10%

0

0%
FYE 2015/1
GMV

FYE 2016/1

FYE 2017/1

Recognition
50%

Ongoing mass campaigns

Recognition

Source＊：According to our investigation (Subjects of investigation: Those who used fashion EC within six months)

23

Evolution of the customer experience

Maximize LTV by steadily translating high-quality recognition
into repeat businessMeasures for increasing repeat rate and LTVFirst EC site that comes tomind when making a
special purchase‣ Dig deeper into the UX that users want, and offer improved/additional functions
to make EC even easier‣ Launch a concierge service for loyal customers‣ Create conditions whereby people think “BUYMA for special purchases”

More attractive content that
motivates people to buy‣ Expand review videos and articles that are fair, as we are not influenced by thewishes of specific brands, and produced from the viewpoint of users, so as tostimulate desire to purchase using a method that fits with the times‣ Take full advantage of our team of data analysts and scientists, which we

Data utilization to actively
approach buyers

strengthened the previous year, to monitor/analyze KPIs management so as toboost repeat rate and LTV through quantitative analysis‣ Aim to raise repeat rate from the quantitative side by performing more detailed
segmentation of purchasers

24

Expanding new business areas - lifestyle category

Continued high growth in trading volume
Aiming for further expansion while raising recognition

Future initiatives

Steady growth in GMV

GMV has exceeded the 2 billion yen markAt +50%, the growth rate remains at a high level
Increaserecognition(Unit: million yen)

‣ Implement lifestyle-specific measures toboost recognition

2,000
Strengthen
product listings

1,500

YoY
＋57％

1,000

500

‣Increase the number of products listed byattracting more corporate sellers‣Expand the range of items in popular categories
such as outdoor goods and golf gear

Forge allianceswith logistics
companies‣ Pursue alliances with large-furniture delivery
companies and sequentially gradually expand
the areas where delivery services are offered

Introducecompensation
scheme‣ Draw in people who are reluctant to purchasefurniture online by providing compensation in
the event that the item purchased is defective

0
FYE 2020/1

FYE 2021/1

FYE 2022/1

25

Expanding new business areas - GLOBAL BUYMA

Established as a strong brand for luxury items
Number of GLOBAL BUYMA exclusive sellers also increasing steadilyHigh spend per transaction

Increase in the number of exclusive sellers

The average spent per transaction was around 3.8 times higher

Participation of corporations and individuals from thethan on the domestic site in FYE January 2022

US, Italy and the UK as exclusive sellers

Successful branding as an EC site that’s strong in the luxury space

Yen / Transaction

86,296（Cumulative number of registrations）

150

75,624100

21,843

22,662FYE 2021/1

FYE 2022/1

50

0

Domestic

FYE 2021/1

FYE 2022/1

FYE 2021/1

FYE 2022/1

GLOBAL26

Expanding new business areas - GLOBAL BUYMAStrengthening operating infrastructure while taking investment efficiency
into consideration, and trading volume climbing
Increase advertising expenses and scale up going forward

Continued high growth in GMV

Roadmap for achieving GMV target

Since the change in the team structure in October 2019,
GMV has steadily increased, and is expected to grow to
199% YoY in FYE Jan. 2022

With GMV on track to surpass the 1 billion yen mark, we will be
increasing advertising expenses as we enter an expansion phase.
We will be aiming for growth in trading volume at the same pace
as we achieved in the men's category and increase GMV(Unit: million yen)
Men's FYE 2017/1

1,000
900

75.8
Men's FYE 2013/1-2017/1 (100 million yen)800

GLOBALFYE 2022/1 100 (million yen)

700
600
500
400
300

Men's FYE 2013/1

200

8.9

14.5

100
0
FYE 2020/1

FYE 2021/1

FYE 2022/1

Year

1

2

3

4

5

6

7

27

Expanding new business areas - travel business

Aiming for growth in the optional tour industry, which has great potential for growth,by leveraging our customer base, which comprises people
with a strong interest in fashion and travel
F re q u e n t- t r a v e l e r me mb ers hip ba se * 1

Op tiona l tou rs + EC ’s hu ge growt h p oten tia lJapanese women in their 30s go abroad 0.22 times per year *2
but BUYMA members travel more frequently
In addition, approximately 80% of members make use of
optional tours and activities *1

The market for optional tours and activities for the overseas
segment alone is worth 1.3 trillion yen, and approximately 20% of
this market involves EC, so there is a lot of room for growth

At least
once every
six months
8%

At least once a year
22%

Overseas optional
tour and activity
market size *4
1,299 billion yen

Even less frequently
than that47%

Travel-related
EC market size *3
3,897 billion yen

At least once
every two years
13%
At least once
every 3 years
10%

Sources*1: Our company's survey (targeting women aged between 25 and 39 years old, conducted in 2019)*2: Immigration control statistics from the Japanese Ministry of Justice (2019)*3: Market research on electronic commerce conducted by the Japanese Ministry of Economy, Trade and Industry (2019)*4: Estimated by our company based on financial statements of companies in the travel industry

28

M&A and alliances

29

M&A and alliances

Five equity investments to be made between FYE
January 2022 Q4 and FYE January 2023 Q1
Actively pushing ahead with M&A and alliances
Optional Tour & Activity Platform

Digital Fashion

become an equity-method affiliate through additional
investment in February 2022

Marketplace & EC Platform

Fashion 3DCG and Apparel DX

Africa Focused Venture Capital

30

Accelerating implementation of our growth strategy
by leveraging M&A and alliances
Investment performance/purpose

Growth strategy

Evolve the customer
experience1(investment/commitment amounts and contract signing dates in parentheses)

Investment in FMB inc., which promotes DX (digital transformation) in the fashion industry
through high-end 3DCG technology (100 million yen, March ’22)
→Create a more appealing customer experience by improving the quality of images on listed
items and running promotions involving 3DCG avatars‣ Investment in Mansaart S.A.S., which operates African fashion EC site Afrikrea and SaaS EC
platform ANKA, and helps companies and individuals to engage in EC (€200K, December ’21)
→ Generate synergy with GLOBAL BUYMA in the future by utilizing Mansaart’s rich lineup of African

Strengthen developmentof overseas business2

fashion items and network of Africa-based companies/individuals‣ Investment in Verod Kepple Africa Partners, which has expertise in PE investments on the African
continent ($1M, February ‘22)
→ Strengthen access to overseas markets with high growth potential through LP investments in VC
rms

Expand in new
business domains

3‣ Additional investment in MEGURU Co., Ltd., which operates a platform for optional tours (270 million
yen, became an equity-method af liate, February ‘22)
→Leverage the product planning capabilities of MEGURU Co., Ltd. to strengthen the product portfolios
of both companies. Strengthen our travel services (BUYMA TRAVEL) for BUYMA users who are keen on
international travel‣ Investment ($1.7M, March 2022) in Sen Virtual Fashion Inc., a startup with top-level talent in the areasof digital fashion, NFT, and the metaverse planned→Create a foothold for entering the digital fashion eld, for which the market is rapidly expanding
overseas, particularly in the U.S., and simultaneously aim to expand overseas and nurture new
businessesfi※Each amount of money shown above is the amount of the investment/commitment, while the data is that of the conclusion of the contract
Sen Virtual Fashion Inc. is currently in the process of incorporation, and concluded a basic agreement on allotment of subscription rights in March 2022.
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M&A and alliances

31

ESG・SDGs

32

ESG・SDGs

Business models that can coexist with society are in keeping withthe times from the perspective of ESG investment

Environment
1. On BUYMA, fashion items awaiting "buyers" are distributed across borders. BUYMA has solved the problem of inventory
disposal by matching supply and demand in the apparel industry around the world.
2. From March 2020, we shifted to a remote work-based working style, which has allowed us to reduce the amount of paper
we use and become more energy ef cient than before. We have also reduced our of ce space by half, helping us further
reduce our environmental footprint.

Social
1. 189,000 personal shoppers in 166 countries are active on BUYMA. We contribute to society by creating jobs around theworld and providing people with satisfaction in work.
2. Around half of our employees are women, and we promote diversity. In FY 2021, women made up 54.9% of all employees
and 43.8% of management level employees (excluding executives), which is markedly higher than the 30% that theJapanese government has set as a target.
3. In addition to women, men also take parental leave, creating a comfortable working environment in which employees canenjoy long and rewarding careers.

Governance
1. Two of our ve directors are outside directors, and all three auditors are outside auditors, making for a highly independent
executive structure.
2. We established our internal systems based on fundamental policies for the establishment of internal control systems. In
addition to emphasizing the importance of compliance with laws and regulations, we are focusing on enhancing internal
control functions such as internal audits, our internal reporting system, and the Risk Management Committee.

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ESG・SDGs

Realization of a sustainable society through the growth of BUYMABUYMA, a cross-border EC infrastructurethat can be freely accessed by all

Sellers in 166 countries around the world,
enabling activities that transcend national borders

Reduction of waste loss by optimizing
inventory of fashion items around the world+ provision of services encouraging
the reuse of items

Providing opportunities
for 189,000 sellers

Ratio of female employees of 45%
Maternity and childcare leave systems
in place for women to maximize their abilities

Energy saving by reducing of ce space andpromoting remote work

Compliance with laws and regulations
Governance-oriented managementfi34ESG・SDGs

Emphasis on the compatibility of investments with the SDGs

Develops digital fashion items to be worn in the metaverse space

Solves the problem of excess inventory by bringing DX to the fashion industry

In the labor-intensive travel agency (OTA) industry, the optional tour and activity
platform improves economic productivity

ANKA, a SaaS platform, invigorates the economies of developing countries in Africa
and enables women to advance in society

A PE fund with a mission to create new industries in Africa

Helps orient society to recycling through a furniture subscription service

The rst Japanese independent VC rm with a female representative partner. Itemphasizes diversity, with 30% to 40% of the companies in its portfolio being
managed by women

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Forecast36Forecast

Forecasts for FYE January 2023 are not disclosed
Increase in Sales

Securing surplus

The future of the Japanese economy is expected to remain uncertain due to factors such as the spread of COVID-19 with variants appearing one after another.
With the global spread of COVID-19 due to the emergence of variants, countries around the world have been preoccupied with urgent measures to deal with the
spread, and there are concerns about the long-term impact of COVID-19 not only on the Japanese economy but also on the global economy. In addition to this,because of the ongoing tensions between Russia and Ukraine, there are concerns about impacts on international logistics due to soaring oil prices and thepossibility of restrictions on airspace for flights to and from Europe, and supply chains that support the economy are expected to be further disrupted in the
future.
Amid rapid changes in the external environment and economic situations as described above, we have determined that a medium-term plan for several years,
which prioritizes the achievement of profits, is not suitable for enhancing intrinsic corporate values.
Therefore, in order to move away from a perspective that gives the highest priority to short-term sales and profit targets and take a new approach for the
management with an ultra-long-term perspective, we have reviewed our medium-term management policy targeted at the fiscal year ending January 2025, andhave decided to be much more aware of our belief (purpose), "New trends that will change the world," which our company has been aiming to realize since its
founding, and to make it our policy to strive to create and enhance long-term corporate values based on this belief.
By making investments for this purpose over the next several years without pursuing short-term growth in profits, we aim to be a company that provides
timeless values, rather than transient ones.
The fiscal year ending January 2023 and the subsequent years are positioned as a turning point for achieving higher growth based on solid values, and, taking
advantage of our strong financial base and stable revenue base, we will make various investments flexibly according to the business environment and progressby allowing profits to decrease in the short term while assuming that the operating income will go into the black.
Based on the above policy, we expect net sales to increase from the previous fiscal year, and operating income, ordinary income and current net profit to be in
the black for the fiscal year ending January 2023. However, we have not disclosed specific forecast figures because it is difficult to calculate them rationally.
We will continuously reinvest our operating revenue, aiming to enhance our corporate values and accelerate sales growth from a long-term perspective.
For our core business, "Specialty" Marketplace "BUYMA," we will invest, from both human and product perspectives, in measures that will lead to enhanced
customer experience with a long-term perspective in order to strengthen the Specialty offered by BUYMA. Regarding the quality and quantity of recognition,
which is one of our targets, we will continue to work on measures for recognition while keeping in mind long-term branding. In addition, we will continue tomake strategic investments in new areas such as lifestyle, travel and "GLOBAL BUYMA," which has been growing rapidly, to contribute to the enhancement ofour corporate values.

37Growth potential

38Core Competence

Utilize customer insights accumulated through the operation of BUYMA to expand our economic sphereby adding product categories and new areas (e.g., travel)
Aiming to establish at as a global venture by providing products domestically and internationally
Leveraging data and technology to boost seller empowerment and customer engagement

STYLE HAUS
Owned MediaO cial SNS

Over 6,300,000 items

189,000

Registered

In 166Countries

PERSONAL
SHOPPERS

BeautyBaby Kids

Men’s & Ladies’

Empower

Fake Detection
Transaction Monitoring
Fashion Trend Analysis

Lifestyle

9,680,000

SportsCUSTOMERSEngageData &
Technology
DrivenSEO ExpertiseLTV Forecast
Churn Rate Management

Software for Shoppers

MA Tool

API Program

Personalized Recommendation

ffi

39

Growth potential

Much room for growth in the BUYMA business, both in Japan and overseas
The EC conversion rate is expected to increase and we will continue to maintain growth

Results of FYE January2022
GMV 67.6 billion yen

Fashion EC
US market size
12.7 trillion yen
GMVInterior goods EC domestic
market size
2.1 trillion yen *1（EC conversion rate 26.0％）

Fashion EC domestic market size
2.2 trillion yen *1（EC conversion rate19.4％）（EC conversion rate 46.0％ *2 ）Overseas optional
tours and activities
EC market size *3

260 billion yen（EC conversion rate
20.0％）*1：E-Commerce Market Survey, Ministry of Economy, Trade and Industry*2：Digital Commerce 360’s new 2021 Online Apparel Reportfi*3：Estimated by our company based on nancial statements of companies in the travel industry

40

Purchase of treasury stock

Management believes that our shares are considerably undervalued
given the company's growth prospects and profitability
We will therefore purchase up to 1.5 billion yen’s worth of our own shares

Upper limitof totalacquisition

Maximum
number ofshares

1.5 billion yen

2.5 million shares

Acquisition period: March 18, 2022 - February 28, 2023
We plan to continue holding the shares after acquiring themso that we can utilize them for future growth investments,
including M&A, and to pursue flexible capital policies

41Appendix

42

Company Pro leCompany Name

Enigmo Inc.

Main Business

Management of “Specialty” Marketplace “BUYMA”

Location

NMF Aoyama itchome Bldg. 6F 8-1-22 Akasaka, Minato-ku, Tokyo

Date of Establishment

February 10th, 2004

Representative

Representative Director and Chief Executive Of cer Shokei Suda

Capital381.9 million yen

Listed Market

Tokyo Stock Exchange First Section (Ticker：3665)

Number of Employee

121 people

Accounting Period

January 31stMajor Shareholder

Executive of cers & Sony Group Corporation*As of the end of Jan 2022

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History
February 2004

“Period of foundation” – 1st stage of foundation
Commencement of BUYMA services

Number of members:
0 – 100,000 people– Founded in February 2004
– BUYMA released in February 2005, the following year, under the theme of “It has value, no matter where
you are”

February 2006

“Period of expansion” – 2nd stage of foundation
Increase of capital / diversification of lines of business

Number of members:
100,000 - 800,000 people– February 2005 - March 2006 Implementation of capital increase through third-party allocation– BUYMA, which had achieved a positive balance on a monthly basis in 2008, grows into our company’s
main line of businessFebruary 2012

“Period of transition” – 3rd stage of foundation
Structural reforms

Number of members:
800,000 – 1.7 million people– 2012 - Heavy concentration of management resources on BUYMA– July 2012 - Listing of company on TSE Mothers

February 2014
Japanese, English and Korean
language versions of the site

“Period of globalization” – 4th stage of foundation
Commencement of global expansion /path to becoming the “No. 1 overseas online retailer”– December 2013 - Release of BUYMA Korea, the Korean language version of the site

Number of members:
1.7 million – 9.68 million people(as of the end of January 2022)– February 2015 - ROCKET VENTURE, a service which administers media aimed at young women, is
acquired as a subsidiary company (liquidated in January 2018)– October 2015 - Release of BUYMA, the English language version of the site
– March 2016 - BUYMA KOREA is acquired as a subsidiary company (liquidated in September 2017)– July 2018 – Release of BUYMA TRAVEL– April 2019 - Listing in the First Section of the Tokyo Stock Exchange

44Structure of business operations

SHOP

1

List item

2
Point

Point
Purchasing after
the order has
been received

3

Purchase
item

4

t f
en o e)m - icle % rtt (5 n p
se t or en ctiafo
e aym ns
Fe p tra
of e
th

Fe
of e utr co ndan nesa tra r act ct greion (5% em
prenic 〜e) 7% toftheJapanese and English
language versions of the site

Order item

Original payment
systemDispatch item

Personal shoppers(sellers)

Buy e rs

Turnover generated from fees paid by both parties involved in the transaction
Buyers: Around 5% of the item price (+ other optional fees)
Personal shoppers: Brokerage fee of 5% – 7% of the item price (depending on the status of the item)

Premium personal shoppers：

Shops：

Those among excellent personal shoppers who have cleared certain criteria andresponded to our invitation

Business operators that have met the criteria for selling items through BUYMA

Premium members：
Determined according to the amount of purchases made during the past 6 months. Platinum stage members: (total purchase amount of 300,000 yen or more)/Gold stage members: (totalpurchase amount of between 150,000 yen and 300,000 yen)/Bronze stage members: (total purchase amount of between 70,000 yen and 150,000 yen)45

BUYMA (Japanese language version) – Content of businessA specialty marketplace that brings individuals and companies from around the world
together and provides them with a special purchasing experience and limitlessencounters with fashion items
Number of items listed

More than

6.38 million items

Number of personal shoppers

189,000 people

Countries of residence of personal shoppers

166 countries

Average purchase amount

22,662 JPY

Average age of users

34.0 years
Users by sex

Female:70% Male: 30%*as of the end of Jan 2022

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Rede nition of BUYMA

We have rede ned BUYMA as a“Specialty” Marketplace

A Marketplace which constructs a platform breaking down the boundaries
between companies and individuals by giving full play to a diverse range ofexpertise in specialized categories, and which creates special experiences
for both sellers and buyers in a whole new way.

Product genres of all kinds“Specialty”

C2C / B2C

Marketplace(Malls, ea markets, classi ed ads, etc.)(UBER, Airbnb, etc.)

Transition from an “all-genre” to a “specialty” marketplace
C’s expertise increases, resulting in coexistence between C and B

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Rede nition of BUYMA’s business areas

BUYMA is not suited to mass produced products of a kind used on a day
to day basis. Rather than easily available items that one can obtainanytime, anywhere, BUYMA targets special items inhabiting the realm of
the extraordinary, such as sought after brands, things which are a joy toobtain, and other products which people crave to own.
Today fashion, tomorrow travel… As a “Specialty” Marketplace, BUYMA
aims to inhabit a unique position in this realm of the extraordinary,providing a broad range of items and services from around the world.

Realm of the everyday

Realm of the extraordinary

As the realm of the everyday becomes more convenient,
people tend to spend more money and time exploring
the realm of the extraordinaryfi

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BUYMA’s strategy for growth

1 Based on the concept of BUYMA as a “Specialty” Marketplace, provide a diverse range of options and special
items / experiences from all corners of the world in fashion, travel and other extraordinary elds, and help
people achieve new lifestyles through a formidable product lineup found nowhere else.
[Expansion in scale]2

Improve pro tability through the provision of related services that possess value for many BUYMA
users. [Improvement of pro tability]

3

Expand BUYMA overseas to become a much-loved brand among people around the world.
[Growth in the medium and long term]

TravelFashionOverseas
expansion

New

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These presentation materials are provided solely for the
purpose of better understanding of our company and are
not intended for the purpose of solicitation.
Forward-looking projections and forecasts contained
within this document are made based on information
available as of today.
Actual business performance may differ from projections
due to risks and uncertainties in the future.