#Z:BNPUUZ

Copyright 10X, Inc. All right reserved FY2018 # of Shop & GMV - Mall & Cart ASP 2 Name # of Shop GMV GMV/Shop / Rakuten 50,000 34,310 68.6 Amazon Marketplace 150,000 13,517 9.0 Yahoo! Shopping 750,000 7,690 1.0 ZOZOTOWN 1,255 3,231 258 MakeShop by GMO 22,000 1,594 7.2 COLOR ME by GMO 148,000 1,316 0.9 future shop 2,400 1,085 45.2 Wowma! 15,000 990 6.6 shopserve 15,900 970 6.1 Qoo10 11,000 930 8.5 BASE 700,000 269 0.04 1,915,555 65,902

Copyright 10X, Inc. All right reserved 3 FY2018 3 ASP GMV : https://shop-pro.jp/?mode=infographic2018 by GMO 1,300 future shop 1,085 : https://contents.xj-storage.jp/xcontents/AS08546/bc977325/1a86/ 44bb/9192/8cd150071b83/140120191114427228.pdf Makeshop by GMO 1,600 : https://www.makeshop.jp/main/company/ press_detail.html?date=20190306120000&type=press 2012 GMV ASP No.1 14 2,400 1,017

Copyright 10X, Inc. All right reserved EC Big3 - 4 50% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 11% 11% 12% 13% 12% 12% 10% 10% 9% 10% 8% 9% 9% 8% 8% 9% 10% 10% 12% 13% 11% 10% 10% 12% 13% 14% 10% 11% 12% 13% 14% 15% 15% 16% 16% 17% 18% 19% 19% Rakuten / JP-ALL Ratio Amazon / JP-ALL Ratio Yahoo! / JP-ALL Ratio

Copyright 10X, Inc. All right reserved FY2018 YoY Market Expansion - 62% Big3 5 16,000 Market Big3 +Other 5,589 1,413 4,345 3,444 14,791 All Rakuten Amazon Yahoo! Other 3 62%

Copyright 10X, Inc. All right reserved Rakuten Amazon via. Similarweb 6

Copyright 10X, Inc. All right reserved YoY vs GMV 7 100% 200% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 120% 115% 110% 116% 109% 112% 117% 115% 108% 110% 109% 109% Market Amazon Mercari BASE UNIQLO NITORI

Copyright 10X, Inc. All right reserved US Grocery 8 : https://techcrunch.com/2019/08/13/walmart-tops-u-s-online-grocery-market-with-62-more-customers-than-next-nearest-rival/

Copyright 10X, Inc. All right reserved 9 https://www.meti.go.jp/policy/it_policy/statistics/outlook/0201ecom3.pdf https://www.meti.go.jp/policy/it_policy/statistics/outlook/240828shusei%20bessi1H23ECchosakekkayoushi.pdf https://www.meti.go.jp/press/2018/04/20180425001/20180425001-2.pdf https://www.meti.go.jp/policy/it_policy/statistics/outlook/H30_hokokusho_new.pdf https://netshop.impress.co.jp/node/6235 https://www.z-holdings.co.jp/wp-content/uploads/2019/11/jp2019q2_kpi.pdf https://s.yimg.jp/i/docs/ir/archives/present/2016/jp160428presentation.pdf https://d31ex0fa3i203z.cloudfront.net/wp/wp-content/uploads/2018/02/J_2017_4Q_214.pdf https://www.future-shop.jp/magazine/ec_2018 https://www.makeshop.jp/main/company/press_detail.html?date=20190306120000&type=press https://www.makeshop.jp/main/plan/ https://shop-pro.jp/?mode=infographic2018 http://shop.serverkurabe.com/which-is-no1 https://www.au-cl.co.jp/ https://ecclab.empowershop.co.jp/archives/58388 https://urerunet.shop/1billionyen/choka190521 https://ecclab.empowershop.co.jp/archives/58388 https://netshop.impress.co.jp/node/5846 IR