ܾࢉઆ໌ࢿྉ 2024೥1݄ظ גࣜձࣾח૔৽ॻ ʢ6184ʣ ʛ2024೥3݄14೔

໨࣍ 2 3 4 5 ࿈ܾ݁ࢉ֓ཁ 1 ඇࡒ຿৘ใ தظܦӦܭը֓ཁ ձࣾ֓ཁ Appendix 1 ©Kamakura Shinsho, Ltd. All Rights Reserved.

ʢલظൺ +17.1% ʣ 5,859ඦສԁ 2024೥1݄ظϋΠϥΠτ 1ɹ࿈ܾ݁ࢉ֓ཁ ʢલظൺ +18.9% ʣ 816ඦສԁ ʢલظൺ +15.6% ʣ 952ඦສԁ ʢલظൺ +17.0% ʣ 530ඦສԁ ©Kamakura Shinsho, Ltd. All Rights Reserved. 2 ظॳܭըʹ͸଍Γͳ͔ͬͨ΋ͷͷɺ ച্ߴ ɾ Ӧۀརӹͱ΋ʹաڈ࠷ߴ طଘࣄۀ͸ճ෮جௐɺ ੒௕ࣄۀ͸ॱௐʹ৳௕ ࣄۀԣஅγεςϜϦϓϨΠεϝϯτΛ࣮ࢪɺ ॱ࣍ՔಇதͰੜ࢈ੑͷ޲্Λ໨ࢦ͢ ച্ߴ Highlight 1 Highlight 2 Highlight 3 Ӧۀརӹ *5%" ਌ձࣾ౰ظ७རӹ

࿈ ݁ ۀ ੷ ࿈ܾ݁ࢉ֓ཁٴͼ௨ظܭըʹର͢Δୡ੒཰ 1ɹ࿈ܾ݁ࢉ֓ཁ ©Kamakura Shinsho, Ltd. All Rights Reserved. 3 ࿈݁ച্ߴ ࿈݁Ӧۀརӹ *5%" ࿈݁ܦৗརӹ ਌ձࣾ౰ظ७རӹ ࿈݁Ӧۀརӹ཰ ุ͓෹ஃ ૴ّ Ξηο τ Ϛωδϝ ϯ τ հޢ ׭ຽ 2023೥1݄ظ ࣮੷ 5,004 686 824 683 453 13.7% 2,237 1,075 642 430 272 2,403 1,089 877 564 491 +166 +14 +235 +133 +219 +7.5% +1.3% +36.6% +31.0% +80.8% ʵ ʵ ʵ ʵ ʵ 5,859 816 952 811 530 13.9% +855 +129 +128 +128 +77 ʵ +17.1% +18.9% +15.6% +18.8% +17.0% +0.2pt 90.0% ʢ6,510ʣ 94.9% ʢ860ʣ 92.4% ʢ1,030ʣ 94.9% ʢ855ʣ 91.5% ʢ580ʣ ʵ 2024೥1݄ظ ࣮੷ ૿ݮֹ લظൺ ظॳܭըରൺ ୡ੒཰ ʢܭը਺஋ʣ ʢඦສԁʣ

ୈ4࢛൒ظͷܦӦ੒੷֓ཁ 1ɹ࿈ܾ݁ࢉ֓ཁ ࿈ ݁ ۀ ੷ ©Kamakura Shinsho, Ltd. All Rights Reserved. 4 ࿈݁ച্ߴ ࿈݁Ӧۀརӹ *5%" ࿈݁Ӧۀརӹ཰ ุ͓෹ஃ ૴ّ Ξηο τ Ϛωδϝ ϯ τ հޢ ׭ຽ 2023೥1݄ظ ୈ4࢛൒ظ࣮੷ 1,363 171 206 12.6% 579 293 186 126 95 607 331 223 155 168 +31 +38 +37 +29 +68 +4.8% +12.7% +19.6% +23.0% +75.6% 1,599 332 365 20.8% +235 +160 +159 ʵ +17.3% +93.6% +77.2% +8.2pt 2024೥1݄ظ ୈ4࢛൒ظ࣮੷ ૿ݮֹ લ೥ಉظൺ ʢඦສԁʣ

࢛൒ظ͝ͱͷܦӦ੒੷֓ཁ 1ɹ࿈ܾ݁ࢉ֓ཁ ࢛൒ظച্ਪҠ ࢛൒ظӦۀརӹਪҠ 2Q 3Q 4Q 4Q 1Q 2023೥ ݄ظ 2024೥ ݄ظ 2Q 3Q 4Q 4Q 1Q 2023೥ ݄ظ 2024೥ ݄ظ 1,354 1,363 171 191 159 133 1,436 1,469 1,599 332 +94 લ೥ಉظൺ ©Kamakura Shinsho, Ltd. All Rights Reserved. 5 ௨ظΛ௨ͯ͠ച্͸ॱௐʹ৳௕ɻ Ӧۀརӹ͸ඦສԁͰաڈ࠷ߴ ʢલ೥ಉظൺ ุ͓ ɾ ૴ࡇࣄۀ͕ೋܻ੒௕·Ͱճ෮͠ɺ ׭ຽڠಇࣄۀ΋རӹʹେ͖͘ߩݙ հޢࣄۀ͕࢛൒ظϕʔεͰࠇࣈԽΛ࣮ݱ Highlight 1 Highlight 2 0 500 1,000 1,500 2,000 0 50 100 150 200 250 300 350 ʢඦສԁʣ ʢඦສԁʣ

૴ࡇࣄۀ Ξηο τ Ϛωδϝϯτ લճهࡌͨ͠ୈ࢛൒ظͷݟ௨͠಺༰ ʢ࠶ܝʣ ݁Ռ ୈ4࢛൒ظͷৼΓฦΓ ʢ૯ׅʣ 1ɹ࿈ܾ݁ࢉ֓ཁτϐοΫε *5Խ ϓϩδΣΫτ ׭ຽڠಇࣄۀ հޢࣄۀ ©Kamakura Shinsho, Ltd. All Rights Reserved. 6 ˙ุ͓ɺ ૴ࡇɺ ෹ஃɺ ૬ଓɺ ෆಈ࢈͕ର৅ɻ ৽γεςϜ͸དྷظ2݄ΑΓՔಇ༧ఆ ˙ࠓظͷγεςϜվम͸׬શౚ݁ɺ ۀ੷΁ͷӨڹ͋Δ͕৽γεςϜ΁ͷϦϓϨΠεϝϯτΛ༏ઌ ˙্هʹΑΔվળޮՌͱͯ͠དྷظച্3ԯԁ૿ ɾ ίετ1.2ԯԁ࡟ݮ ˙͍͍૬ଓΛج൫ͱͯ͠पลχʔζʹର͢ΔαʔϏεϥΠϯφοϓ͕֦େத ˙૬ଓʹؔ࿈ͨۚ͠༥ ɾ ෆಈ࢈ͳͲͷ՝୊ղܾ΁ͷχʔζ͸େ͖͘ɺ ୈ࢛൒ظʹ͸อݥ୅ཧళ ʢࢠձࣾʣ Λઃཱ ˙ࠓظ͸ࣄۀ෦རӹ2ԯԁڧɺ དྷظҎ߱΋ߴ͍੒௕τϨϯυΛݟࠐΜͰ͍Δ ˙௚ۙʹ1-ϕʔεͰ୯݄ࠇࣈԽΛΑ͏΍͘ୡ੒ɺ ͦΕҎ߱΋ຖ݄ࠇࣈΛݟࠐΉ ˙ͦͷτϨϯυ͸དྷظ΋ܧଓ͢ΔͷͰࠇࣈ෯͸֦େ͢Δݟ௨͠ͱͳΔ ˙հޢࣄۀ͔Β೿ੜͯ͠ੜ·ΕΔࣄۀ ʢෆಈ࢈౳ʣ ΁ͷऔΓ૊ΈΛελʔτ ˙ୈ3࢛൒ظ͸લ೥ಉظൺͰϚΠφεͱͳͬͨ΋ͷͷɺ ू٬΍ίʔϧηϯλʔͷΦϖϨʔγϣϯͷվળʹՃ͑ 1݅౰ͨΓͷ୯Ձͷ޲্ʹΑΓϓϥεʹస׵ͭͭ͋͠Δ ˙ୈ4࢛൒ظҎ߱͸ࣄۀ෦ͷച্΍རӹ͕ڞʹલ೥ಉظൺͰʴ20ˋ੒௕ɺ དྷظ͸ߋͳΔ޲্Λ໨࿦ΜͰ͍Δ ˙ୈ3࢛൒ظʹ৽ͨʹఏܞ࣏ͨࣗ͠ମ਺͸67Ͱɺ τʔλϧ407࣏ࣗମ΁ͱେ͖͘৳௕ ˙Ҋ݅૿Ճͷதɺ ड஫࢒͕ߴਫ४ͰੵΈ্͕Δɻ ୈ4࢛൒ظͷೲ඼݅਺͸ୈ3࢛൒ظ͔Βഒ૿༧ఆ ˙౰ࣾͳΒͰ͸ͷϢχʔΫͳఏڙαʔϏεΛଞͷ࣏ࣗମʹԣల։͢Δ͜ͱͰདྷظҎ߱ͷۀ੷ʹେ͖͘د༩ ˙ࠓظ͸ࣄۀ෦རӹ1ԯԁڧΛݟࠐΉͱͱ΋ʹɺ དྷظ͸ച্ ɾ རӹͷߋͳΔ૿େΛ໨ࢦ͢

©Kamakura Shinsho, Ltd. All Rights Reserved. 7 ˙ɹ ΦϖϨʔγϣϯվળ΍ख਺ྉ୯Ձͷ޲্ࢪࡦ͕ޮՌΛ͋ΒΘ͢ ˙ɹ ୈ4࢛൒ظ͸લ೥ಉظൺͰച্+13%ɺ རӹ+25%Ҏ্ͷ੒௕Λ࣮ݱ 2025೥1݄ظ΋ಉਫ४ͷ੒௕ΛݟࠐΉ Ωʔϝοηʔδ ୈ4࢛൒ظͷৼΓฦΓ ʢ૴ࡇʣ 1ɹ࿈ܾ݁ࢉ֓ཁτϐοΫε ˞੒໿ֹۚ͝ͱͷฏۉख਺ྉֹۚ ίʔϧηϯλʔͷੜ࢈ੑ 2024೥1݄ظ ୈ4࢛൒ظ 2023೥1݄ظ ୈ4࢛൒ظ 0 20,000 40,000 60,000 80,000 100,000 120,000 ख਺ྉ୯Ձ ˞͓໰͍߹Θ͔ͤΒ঺հ·Ͱͷׂ߹ 10 15 20 1݄ 2݄ 3݄ 4݄ 5݄ 6݄ 7݄ 8݄ 9݄ 10݄ 11݄ 12݄ 1݄ 2024೥ 2023೥ +25 લ೥ಉ݄ൺ վળ +22 લ೥ಉظൺ ޲্ ʢʣ ˒ ˒ ʢԁʣ

˙ ࢛൒ظϕʔεͰͷࠇࣈԽΛ࣮ݱ ˙ ΫϩεϢʔεؚΊ৽ͨͳࢪࡦΛਪਐ͠ɺ རӹϕʔεͰͷେ෯৳௕Λ໨ࢦ͢ Ωʔϝοηʔδ ୈ4࢛൒ظͷৼΓฦΓ ʢհޢࣄۀʣ 1ɹ࿈ܾ݁ࢉ֓ཁτϐοΫε ੒໿͋ͨΓͷϢχοτΤίϊϛΫε ࢛൒ظ͝ͱͷച্ͱӦۀརӹͷਪҠ 0 50,000 -50,000 100,000 150,000 200,000 ച্ Ӧۀརӹ 2024೥݄ظ 2Q 3Q 4Q ©Kamakura Shinsho, Ltd. All Rights Reserved. 8 ˞೥݄ͷۀ੷਺஋͔Βࢉग़ ˞มಈඅʹ͸޿ࠂએ఻අɺ ૬ஊһͷਓ݅අɺ Ωϟϯϖʔϯඅ༻ؚ͕·ΕΔ ݶքརӹ 88,534ԁ ച্ 240,595ԁ มಈඅ 152,061ԁ ʢઍԁʣ

શࠃͷ஍ํ࣏ࣗମͰ͸ɺ ૴ࡇ΍ࢮޙͷखଓ͖Λ͸͡Ίͱ͢Δ૬ஊʹ೔ʑ ରԠ͍ͯ͠·͕͢ɺ Ҩ଒ʹͱͬͯࢮ๢΍૬ଓʹؔ͢Δखଓ͖͸ੜ֔Ͱ܁ Γฦ͠ൃੜ͢Δ΋ͷͰ͸ͳ͍ͨΊɺ ೰Έ΍ෆ҆Λ࣋ͭํ͕ଟ͍͜ͱ΋໌Β ͔ʹͳ͍ͬͯ·͢ɻ ͞Βʹɺ ͜ΕΒͷ͓͘΍Έؔ࿈ͷखଓ͖͸ɺ ෳ਺ͷ՝ Ͱखଓ͖Λߦ͏ඞཁ͕͋ΔͨΊɺ ෳࡶͰ௕࣌ؒʹ౉Δ͜ͱ΋ଟ͘ɺ Ҩ଒ͷ ෛ୲ͱͳ͍ͬͯ·͢ɻ ౰ࣾ͸࣏ࣗମ͕͓͘΍ΈίʔφʔӡӦʹ܎Δۀ຿Λ࣮ࢪ͢Δʹ͋ͨΓɺ ඞཁͳࢧԉΛߦ͏͜ͱͰɺ ͓͘΍ΈίʔφʔઃஔͳΒͼʹͦΕʹΑΔࢢຽ ʹର͢Δߦ੓αʔϏεͷॆ࣮ͱ࣭త޲্Λ໨ࢦ͍ͯ͠·͢ɻ ೥݄೔ɺ ԣ඿ࢢ಺ͷՕॴͷ۠໾ॴ ʢ௽ݟ۠ ɾ ੉୩۠ʣ Ͱ͓չ΍ Έ૭ޱͷࢼߦ͕ελʔτ͠·ͨ͠ɻ Ωʔϝοηʔδ ୈ4࢛൒ظͷৼΓฦΓ ʢ׭ຽڠಇࣄۀʣ 1ɹ࿈ܾ݁ࢉ֓ཁτϐοΫε ˙αʔϏεϥΠϯφοϓͷଟ༷ԽʹΑΓച্ ɾ རӹڞʹେ͖͘৳௕ ˙͓͘΍ΈDXਪਐҊ݅ ʢ࣏ࣗମͷ՝୊ղܾϏδωεʣ ͷར༻࣏ࣗମ͕૿Ճ ˙ऴ׆ఏܞڠఆ ɾ ɾ ɾ ɾ ॅຽͷํʑͷऴ׆ͷ͓ࠔΓ͝ͱͷղܾࢧԉ ˙͓͘΍Έ%9 ɾ ɾ ɾ ɾ ࣏ࣗମ๊͕͑Δऴ׆ʹ͓͚Δ՝୊ͷιϦϡʔγϣϯΛఏڙ ˙׭ຽڠಇൃߦഔମ ɾ ɾ ɾ ɾ ࣏ࣗମ΁ͷग़൛෺ʷऴ׆ϊ΢ϋ΢ͷఏڙͱ஍Ҭࣄۀऀͷൢଅࢧԉ ͓͘΍Έ %9ਪਐɹ ͓͘΍Έ %9ਪਐɹ ఏڙαʔϏεϥΠϯφοϓͷଟ༷Խ ࢢຽͷͨΊͷ ʮ͓չ΍Έ૭ޱʯ Λ։ઃ ੜલྖҬͷ࣏ࣗମࢧԉ ࢮޙྖҬͰͷ࣏ࣗମࢧԉ ऴ׆ఏܞ ڠఆ ׭ຽڠಇࣄۀ෦ ࣏ࣗମ ʢॅຽ ɾ Ҩ଒ʣ ׭ຽڠಇ ൃߦഔମ ©Kamakura Shinsho, Ltd. All Rights Reserved. 9

ݱࡏ ి࿩ ɾ '"9த৺ͷίϛϡχέʔγϣϯ ࣄۀ͝ͱʹಠࣗγεςϜͰސ٬ ɾ औҾઌΛ؅ཧ 8FCϕʔεͷڞ௨γεςϜ্ͰऔҾઌ ɾ ར༻ऀͱͭͳ͕Δ શࣾڞ௨ͷϓϥοτϑΥʔϜͰސ٬ ɾ औҾઌΛ؅ཧ ࠓޙ ʲձһγεςϜʳ ˙ɹ Phase1ͷ૴ࡇɺ ૬ଓ͕ແࣄʹϦϦʔεɺ 2025೥1݄ظͷ্ظதʹ҆ఆӡ༻ϑΣʔζʹೖΔ͜ͱͰ େ෯ͳੜ࢈ੑ޲্ݟࠐΉ ˙ɹ 2025೥1݄ظதʹุ͓ ɾ ෹ஃɺ ૬ଓෆಈ࢈΋ϦϦʔε༧ఆɺ Ճ͑ͯPhase2ͷϓϥϯχϯά΋։࢝ ɾ ސ٬%#͕શࣄۀ෦ڞ௨ʹͳΔ͜ͱͰɺ σʔλυϦϒϯͳࢪࡦ͕ՄೳʹͳΓɺ ੒໿୯Ձɺ ੒໿཰޲্ɺ ΫϩεϢʔεଅਐ ɾ औҾઌɺ ར༻ऀʹ΋8FCϕʔεͷγεςϜΛఏڙ͢Δ͜ͱͰɺ ঺հɺ ੒໿ใࠂɺ ੥ٻͳͲͷۀ຿͕େ෯ʹվળ ɾ ίϛϡχέʔγϣϯखஈͱސ٬ ɾ औҾઌ؅ཧ͕ܶతʹվળ γεςϜϦϓϨΠεϝϯτͷείʔϓ ʢPhase 1ʣ ɹ˞1IBTFͰ͸ϑϩϯτΤϯυͷൈຊվमΛ༧ఆ ୈ4࢛൒ظͷৼΓฦΓ ʢࣄۀԣஅγεςϜϦϓϨΠεϝϯτʣ 1ɹ࿈ܾ݁ࢉ֓ཁτϐοΫε γεςϜϦϓϨΠεϝϯτͷ۩ମతͳվળϙΠϯτ ุ͓ ૴ّ ૬ଓ ෆಈ࢈ ෹ஃ Ωʔϝοηʔδ αʔϏεར༻ऀ ח૔৽ॻ͕ۀ຿Ͱ࢖༻͢ΔγεςϜ औҾઌ͕ར༻͢ΔγεςϜ ©Kamakura Shinsho, Ltd. All Rights Reserved. 10 8FCϕʔεͷڞ௨γεςϜϓϥοτϑΥʔϜ ސ٬%# औҾઌ%#

©Kamakura Shinsho, Ltd. All Rights Reserved. 11 2025೥1݄ظܭը 1ɹ࿈ܾ݁ࢉ֓ཁ طଘ ɾ ੒௕ࣄۀͷ৳௕ʹΑΓɺ ച্ߴ7,250ඦສԁ ʢલ೥ൺ23.7ˋʣ Λܭը ੒௕ࣄۀ΍৽ྖҬʹ౤ࢿΛੵۃతʹߦ͍ͭͭརӹ໘Ͱ΋େ෯ͳ૿ӹΛ༧ఆ 2024೥1݄ظ 2025೥1݄ظܭը લ೥ൺ 5,859 816 952 811 530 13.9% 7,250 1,100 1,330 1,095 770 15.2% +23.7% +34.8% +39.6% +34.9% +45.1% ʵ ࿈ ݁ ۀ ੷ ࿈݁ച্ߴ ࿈݁Ӧۀརӹ *5%" ࿈݁ܦৗརӹ ਌ձࣾ౰ظ७རӹ ࿈݁Ӧۀརӹ཰ ʢඦສԁʣ

©Kamakura Shinsho, Ltd. All Rights Reserved. 12 ˙ɹ طଘ ɾ ੒௕ࣄۀ ɿ ༷ʑͳࢪࡦʹΑΓଛӹͷվળΛܭը ˙ɹ ৽ྖҬ ɿ ௕ظϏδϣϯʹैͬͯকདྷʹ޲͚ͨ౤ࢿΛੵۃతʹ࣮ࢪ Ωʔϝοηʔδ 2025೥1݄ظܭըαϚϦʔ 1ɹ࿈ܾ݁ࢉ֓ཁ ओͳ׆ಈ རӹ΁ͷ૝ఆΠϯύΫτ ࣄۀྖҬ +3ԯԁ +3ԯԁ ˛2ԯԁ طଘࣄۀ ੒௕ࣄۀ ৽ྖҬ ˙ุ͓ࣄۀʹ͓͚Δपล෼໺ͷڧԽ ˙͓٬༷ηϯλʔͷੜ࢈ੑ޲্ ˙γεςϜϦϓϨΠεϝϯτʹΑΔੜ࢈ੑ޲্ ˙հޢࣄۀͷ௨ظࠇࣈԽ ˙ΞηοτϚωδϝϯτपลαʔϏεͷڧԽ ɾ ଟ༷Խ ˙׭ຽڠಇࣄۀʹ͓͚Δ%9αʔϏε౳ͷ֦େ ˙γεςϜϦϓϨΠεϝϯτʹΑΔੜ࢈ੑ޲্ ˙ళฮࣄۀ ɾ ͓ͻͱΓ༷Ϗδωεͷਂߞ ˙อݥࣄۀ ʢࢠձࣾʣ ͷ্ཱͪ͛ ˙$3.ͷ͞ΒͳΔ੔උ ɾ ਪਐ ˙৽ͨͳࣄۀػձͷ୳ࡧ

©Kamakura Shinsho, Ltd. All Rights Reserved. 13 ˎैۀһ਺ʹ͸ɺ ਖ਼ࣾһɺ ܖ໿ࣾһɺ ύʔτɺ ΞϧόΠτؚΉ ओͳඅ༻ͷਪҠ ʢ࿈݁ϕʔεʣ 1ɹ࿈ܾ݁ࢉ֓ཁ ਓ݅අ౳ ޿ࠂએ఻අ ͦͷଞ 1,187 361 329 497 1,112 332 469 311 1,045 308 272 465 969 304 238 427 925 288 191 446 827 218 211 398 782 204 185 393 337 367 519 1,223 ैۀһ 235ਓ ैۀһ 200ਓ ैۀһ 249ਓ 737 217 160 360 1,245 350 374 520 1,310 369 433 509 1Q 2Q 3Q 4Q 2022೥݄ظ 1Q 2Q 3Q 4Q 2022೥݄ظ 1Q 2Q 3Q 4Q 2024೥݄ظ ʢඦສԁʣ 1,267 521 388 357

ˎ೥݄೔෇։ࣔɺ ೥݄೔෇։ࣔٴͼ೥݄೔෇։ࣔͷגओؐݩࡦ ʢࣗݾגࣜऔಘʣ ʹΑΔ΋ͷ ྲྀಈࢿ࢈ ɹ͏ͪݱۚٴͼ༬ۚ ݻఆࢿ࢈ ૯ࢿ࢈ ྲྀಈෛ࠴ ݻఆෛ࠴ ७ࢿ࢈ ɹ͏ͪࢿຊۚ ɹ͏ͪࣗݾגࣜˎ ࣗݾࢿຊൺ཰ 3,615 2,516 701 4,317 855 74 3,387 1,057 ˛671 78.2% 3,094 1,992 954 4,048 819 76 3,152 1,057 ˛1,336 77.8% 85.6% 79.2% 135.9% 93.8% 95.8% 102.4% 93.1% 100.0% - ˛0.4pt 2023೥1݄຤ 2024೥1݄຤ લظൺ ࿈ ݁ ି आ ର র ද ࿈݁ିआରরදͷ֓گ 1ɹ࿈ܾ݁ࢉ֓ཁ ©Kamakura Shinsho, Ltd. All Rights Reserved. 14 ʢඦສԁʣ

ॏཁͳࡒ຿ࢦඪͱגओؐݩํ਑ 1ɹ࿈ܾ݁ࢉ֓ཁ 1ג౰ͨΓ഑౰ۚ͸4.0ԁΛ༧ఆ ʢप೥ه೦഑౰ԁؚΉʣ &14ͷ௕ظతͳ੒௕ʹԠͨ҆͡ఆతͳ഑౰ੑ޲Λҡ࣋ ʢࠓظͷ഑౰ੑ޲ʣ EPS ʢԁʣ ROE ʢʣ ROIC ʢʣ גओࢿຊίετ ʢˋʣ ഑౰ੑ޲ ʢˋʣ ૯ؐݩੑ޲ ʢˋʣ 11.87 12.9 13.3 6.1 21.1 160.8 14.09 16.3 17.1 6.1 28.4 143.5 2023೥1݄ظ 2024೥1݄ظ ࢿ ຊ ޮ ཰ ͱ ؐ ݩ ੑ ޲ ͷ ঢ় گ ˞ྑ޷ͳࡒ຿ମ࣭ͱࢿຊޮ཰ͷ࣮ݱɺ 30&͓Αͼ30*$͕גओࢿຊίετΛܧଓతʹ্ճΔӡӦΛߦ͏ ˞೥݄ظ͸ඦສԁͷࣗݾגࣜͷऔಘ΋࣮ࢪ ©Kamakura Shinsho, Ltd. All Rights Reserved. 15

ุ͓ࣄۀͷച্ ɾ ঺հ਺͸ɺ ͱ΋ʹલ೥ಉظൺ11ˋͰ৳௕ UI/UXվળɺ ͓٬༷ηϯλʔͷੜ࢈ੑ޲্ʹ൐͍ऩӹੑ΋վળ ˞্ه੒໿཰͸ɺ ౰࢛൒ظ੒໿਺౰࢛൒ظ঺հ਺Λදࣔɺ ঺հ͔Β੒໿·ͰͷϦʔυλΠ Ϝ͕਺ϲ݄͋ΔͨΊɺ ͋͘ ·Ͱ΋ࢀߟࢦඪͱ͠ ͯܝࡌ͠ ͓ͯΓ·͢ ุ͓෹ஃࣄۀηάϝϯτ࣮੷ 1ɹ࿈ܾ݁ࢉ֓ཁ ุ͍͍͓ ͍͍෹ஃ ച্ߴ࢛൒ظਪҠ 1Q 4Q 3Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 5૿ લ೥ಉظൺ ุ͓Ѻટࣄۀͷঢ়گ ঺հ਺ ୯Ձ ʢ=ʣ ੒໿཰ ʢʣ 410 425 441 450 419 496 492 481 484 75 84 85 558 558 74 62 71 81 86 88 87 73 532 532 61 546 2022೥ ݄ظ 2024೥ ݄ظ 2023೥ ݄ظ 2022೥ ݄ظ 1Q 2Q 3Q 4Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q 1Q 2023೥ ݄ظ 2024೥ ݄ظ 12,201 14,557 14,901 12,609 14,415 19,333 15,819 18,558 18,596 22,400 17,598 11,462 24.1 28.9 21.5 27.1 20.6 29.2 22.1 26.7 22.9 26.3 79,004 73,951 78,931 79,109 72,780 75,489 70,404 69,248 68,187 70,913 70,913 70,133 70,133 21.2 21.2 73,065 25.8 ©Kamakura Shinsho, Ltd. All Rights Reserved. 16 ʢඦສԁʣ

૴ࡇࣄۀηάϝϯτ࣮੷ 1ɹ࿈ܾ݁ࢉ֓ཁ ΦϖϨʔγϣϯվળ΍ख਺ྉ୯Ձͷ޲্ࢪࡦ͕ޮՌΛ͋ΒΘ͢ ୈ4࢛൒ظ͸લ೥ಉظൺͰച্+13%ɺ རӹ+25%Ҏ্ͷ੒௕Λ࣮ݱ 282 293 279 244 230 245 331 253 234 224 243 258 ঺հ਺ ୯Ձ ʢ=ʣ ੒໿཰ ʢʣ ച্ߴ࢛൒ظਪҠ 1Q 4Q 3Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 13૿ લ೥ಉظൺ ૴ࡇѺટࣄۀͷঢ়گ 2022೥ ݄ظ 1Q 2Q 3Q 4Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q 1Q 2023೥ ݄ظ 2024೥ ݄ظ 2022೥ ݄ظ 2024೥ ݄ظ 2023೥ ݄ظ 8,960 8,414 7,300 7,660 6,295 6,130 6,915 6,871 100,691 92,658 86,412 87,955 83,284 88,219 81,917 83,252 82,529 29.6 6,808 28.1 28.2 31.2 31.2 32.3 31.6 31.2 28.8 101,845 26.7 7,674 6,803 9,145 104,887 104,887 112,748 27.9 27.9 27.1 ©Kamakura Shinsho, Ltd. All Rights Reserved. 17 ʢඦສԁʣ

ച্͸લ೥ಉظൺ+20ˋͰ৳௕ ͍͍૬ଓΛج൫ͱͯ͠पลχʔζʹର͢ΔαʔϏεϥΠϯφοϓ͕֦େத ΞηοτϚωδϝϯτࣄۀηάϝϯτ࣮੷ 1ɹ࿈ܾ݁ࢉ֓ཁ ˞ΞηοτϚωδϝϯτࣄۀ͸ɺ ैલͷ૬ଓࣄۀ෦ͱෆಈ࢈ࣄۀͱอݥࣄۀΛ߹ࢉͨ͠΋ͷ 100,558 3,301 95,950 32.5 3,453 93,671 35.3 3,180 92,526 37.9 2,839 92,156 37.0 2,812 100,126 43.1 2,357 104,028 42.7 1,855 93,971 44.7 1,918 89,308 42.0 2,072 94,682 41.4 3,210 3,251 3,590 31.5 98,672 98,672 103,886 40.0 40.0 35.2 84 15 64 10 116 14 120 10 119 20 126 23 142 24 156 29 190 190 39 184 184 36 167 34 ച্ߴ࢛൒ظਪҠ 1Q 4Q 3Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 20૿ લ೥ಉظൺ 2022೥ ݄ظ 1Q 2Q 3Q 4Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q 1Q 2023೥ ݄ظ 2024೥ ݄ظ 2022೥ ݄ظ 2024೥ ݄ظ 2023೥ ݄ظ ͍͍૬ଓ ͦͷଞ ૬ଓѺટࣄۀͷঢ়گ ঺հ਺ ୯Ձ ʢ=ʣ ੒໿཰ ʢʣ 18 ©Kamakura Shinsho, Ltd. All Rights Reserved. 182 40 ʢඦສԁʣ

հޢࣄۀηάϝϯτ࣮੷ 1ɹ࿈ܾ݁ࢉ֓ཁ ࢛൒ظϕʔεͰͷࠇࣈԽΛ࣮ݱ Webࢪࡦ͕ޭΛ૗͠঺հ਺΋ॱௐʹ৳௕͠ɺ લ೥ಉظൺ+26%ͰਪҠ ঺հ਺ ୯Ձ ʢ=ʣ ੒໿཰ ʢʣ հޢѺટࣄۀͷঢ়گ 5,308 5,122 5,818 5,785 4,606 224,420 10.0 12.8 239,969 3,769 12.0 240,039 3,167 9.8 267,016 2,317 10.3 227,753 10.2 307,695 9.9 272,189 497 8.2 10.4 152,368 433 191,030 1,826 851 200,246 200,246 211,575 211,575 11.3 10.2 10.2 ച্ߴ࢛൒ظਪҠ 2022೥ ݄ظ 1Q 2Q 3Q 4Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q 1Q 2023೥ ݄ظ 2024೥ ݄ظ 22 57 73 106 1Q 4Q 3Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 23૿ લ೥ಉظൺ 2022೥ ݄ظ 2024೥ ݄ظ 2023೥ ݄ظ 124 126 135 133 155 140 10.6 ©Kamakura Shinsho, Ltd. All Rights Reserved. 19 ʢඦສԁʣ 6 8 229,021

˙࣏ࣗମͱͷఏܞ׆ಈ։࢝ ˠ౦ژ౎΍ԣ඿ࢢɺ େࡕ෎ͱ͍ͬͨେن໛ͳ࣏ࣗମ΁֦େ ߴྸऀͷ՝୊ղܾʹח૔৽ॻͱ͍͏ೝ஌͕ਁಁ ˙αʔϏεϥΠϯφοϓͷଟ༷Խ ˠ͓͘΍ΈϋϯυϒοΫɺ ΤϯσΟϯάϊʔτɺ հޢอݥΨΠυ ϒοΫɺ ऴ׆ΨΠυϒοΫɺ ͓͘΍Έίʔφʔ։ઃࢧԉ ʢνϟο τϘοτɺ ࢧԉφϏ౳ʣ ͳͲ ׭ຽڠಇࣄۀ͸ج൫ͷߏங ʢSTEP1ʣ ͔ΒࣄۀͷਂԽ ɾ ଟ༷Խ ʢSTEP2ʣ ͷϑΣʔζ΁ ج൫ͷߏங ˙࣏ࣗମDXྖҬͷߩݙ ˠࢮ๢ޙखଓ͖ͷϫϯετοϓԽ ʢγεςϜఏڙʣ ˠ৬һͷۀ຿ܰݮͱॅຽͷखଓ͖࡟ݮΛՃ଎Խ ˙ऴ׆ఏܞڠఆͷਪਐʹ஍Ҭॅຽ΁ͷ ɹαʔϏεఏڙ΁ ˠ஍Ҭॅຽ΁ͷ৘ใൃ৴ͱ͓ࠔΓ͝ͱͷղܾ࣮ࢪ ˠ2024೥1݄຤ݱࡏ25࣏ࣗମͱͷఏܞڠఆక݁ࡁΈ ߴྸࣾձԼͰͷ࣏ࣗମχʔζͷ֦େٴͼ౰ࣾͷ஌໊౓޲্ʹΑΓɺ ఏܞ࣏ࣗମ਺͕େ෯ʹ૿Ճ χʔζ΁ͷରԠೳྗ ʢαʔϏεڙڅମ੍ʣ ΛڧԽͭͭ͠ɺ ਺೥ޙͷ10ഒ૿ʹ޲͚ͨઓུΛࡦఆத ׭ຽڠಇࣄۀओཁࢦඪͷਪҠͱ׆ಈํ਑ 1ɹ࿈ܾ݁ࢉ֓ཁ STEP1 ࣄۀͷਂԽ ɾ ଟ༷Խ STEP2 2024೥1݄31೔ݱࡏ 44.4 ఏܞ࣏ࣗମ ਓޱΧόʔ཰ ఏܞ࣏ࣗମ਺ਪҠ 300 340 407 459 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 4Q 2Q 3Q 4Q 268 237 170 134 111 95 80 55 459࣏ࣗମͱఏܞ ʢࡢ೥౓຤ൺ+191ʣ 2024೥1݄31೔ݱࡏ 0 100 200 300 400 500 2022೥1݄ظ 2023೥1݄ظ 2024೥1݄ظ ©Kamakura Shinsho, Ltd. All Rights Reserved. 20

1 3 4 5 ໨࣍ ඇࡒ຿৘ใ 2 ࿈ܾ݁ࢉ֓ཁ தظܦӦܭը֓ཁ ձࣾ֓ཁ Appendix ©Kamakura Shinsho, Ltd. All Rights Reserved. 21

2024೥1݄ظͷܾࢉ͸ɺ ച্ߴ58.5ԯԁ ʢલ೥౓ൺ17ˋ૿ʣ ɺ Ӧۀརӹ8.1ԯԁ ʢಉ19ˋ૿ʣ ɺ EBITDA9.5ԯԁ ʢલ೥౓ ൺ16ˋ૿ʣ ͱͳΓ·ͨ͠ɻ ͦΕͧΕ2ܻͷ৳ͼͱͳΓͦΕͧΕաڈ࠷ߴΛߋ৽ͨ͠΋ͷͷɺ લظͷॳΊʹܭըͨ͠΋ͷ ͱൺֱ͢Δͱɺ ച্ߴͰ10ˋऑɺ ӦۀརӹͰ5ˋڧಧ͍͓ͯΒͣɺ ͦͷ఺Ͱ͸গ͠࢒೦ͳ݁ՌͱͳΓ·ͨ͠ɻ ಺༰ʹ͖ͭ·͠ ͯ͸౰આ໌ࢿྉʹ͋Δ௨ΓͰ͕͢ɺ ୈ1࢛൒ظ͔Βୈ2࢛൒ظʹ͔͚ͯͭ·͍ͣͯ͠·ͬͨ૴ّࣄۀ͕ ௨ظͰલ೥ൺ1.3ˋ૿ͱɺ ૝ఆ͠ ͍ͯͨ2ܻ૿ʹେ͖͘ಧ͔ͳ͔ͬͨ͜ͱ΍ɺ γφδʔΛ໨࿦ΜͰ౷߹ุ͓ͨ͠෹ஃࣄ ۀͷ෹ஃࣄۀͰ੒Ռ͕ݟ͍ͩͤͳ͔ͬͨ͜ͱ͕૝ఆ௨Γͷച্ߴͱͳΒͳ͔ͬͨେ͖ͳཧ༝Ͱ͢ɻ ૒ํͷࣄۀ΋ద ੾ͳࢪࡦʹΑΓճ෮جௐʹ͋Γ·͢ͷͰɺ 2025೥1݄ظʹ͍ͭͯ͸Ұఆͷ੒௕ΛݟࠐΜͰ͍·͢ɻ ͍ͬΆ͏Ͱɺ ͦͷଞ ͷ੒௕ࣄۀʹ͖ͭ·͠ ͯ͸ॱௐʹਪҠ͠ ͍ͯ·͢ɻ հޢࣄۀ͕ୈ4࢛൒ظʹΑ͏΍͘ࠇࣈͱͳͬͨ͜ͱɺ ׭ຽڠಇࣄۀ ͕ୈ4࢛൒ظʹେ͖͘৳ͼͨ͜ͱɺ ૬ଓΛத৺ͱͨ͠ΞηοτϚωδϝϯτࣄۀ͕ߴ੒௕Λҡ࣋͠ ͍ͯΔ͜ͱͳͲ͸ɺ ࠓظͷۀ੷ʹϙδςΟϒʹد༩͢ Δ΋ͷͱߟ͍͑ͯ·͢ɻ ͞ΒʹళฮࣄۀͰͷ࣮ূ࣮ݧ΋ॱௐʹਐḿ͠ɺ རӹ໘Ͱ͸·ͩ·ͩͰ͕͢ച্͸૿͑ͭͭ͋Γ·͢ɻ ·ͨɺ ୯਎ߴྸऀ΁ͷαʔ ϏεࣄۀͰ͋Δ ʮ͓ͻͱΓ͞·ࣄۀʯ ΋গͣͭ͠੒௕͠ ͍ͯ·͢͠ɺ ࠓظ͔Β͸ߴྸࣾձͰͷਓʑͷχʔζʹ߹கͨۚ͠༥঎඼Λ͓ಧ͚͢Δอݥࢠձ ࣾͷऔΓ૊Έ΋ຊ֨తʹελʔτ ͠·͢ɻ Ҏ্ɺ લظͷۀ੷਺஋ʹදΕͨ׆ಈͱɺ ࠓظҎ߱ͷۀ੷਺஋ʹදΕΔͰ͋Ζ͏׆ಈʹ͍ͭͯͷུ֓Λ͓఻͑ ͠·ͨ͠ɻ ͦΜͳ͜ΜͳͰɺ ࠓظ͸͜Ε΋౰આ໌ࢿྉʹ͋Δ௨Γɺ ച্ߴ72.5ԯԁ ʢલ೥౓ൺ24ˋ૿ʣ ɺ Ӧۀརӹ11ԯԁ ʢಉ35ˋ૿ʣ ɺ EBITDA13.3ԯԁ ʢಉ40ˋ ૿ʣ Λܭը͠ ͍ͯ·͢ɻ ʮલظ͸20ˋ૿΋͍͔ͳ͔ͬͨͤ͘ʹɺ ͍ͣͿΜͱΞάϨογϒͳܭը͡Όͳ͍͔ʯ ͱݴΘΕͯ͠·͍ͦ͏Ͱ͕͢ɺ ֤ࣄۀ΍ࣄۀ ؒͷγφδʔΛ٬؍తʹੵΈॏͶͨ݁ՌͰ͢ɻ ߴ͍໨ඪΛ࣋ͬͯɺ εςʔΫϗϧμʔͷօ͞·͔Β ʮ͓৲Λୟ͔Ε͍ͯΔʯ ײ৮ʹਁΓͳ͕Β͜Εʹ޲͚ ͯؤுͬͯ·͍Γ·͢ɻ ߴ͍໨ඪ͕͋Δ͔Β৽͍͠ൃݟ΋͋Δɺ ͱ͍͏͔ߴ͍໨ඪ͕৽ͨͳൃݟΛݺͼࠐΜͰ͘ Δɻ ͦΜͳܦݧΛԿ౓΋͠ ͖ͯ·ͨ͠ɻ Ҿ ͖ଓ͖Ωϟ ογϡΛੜΈग़͢ࣄۀ͔Βɺ ࣾձʹඞཁͳࣄۀ΁ͷ౤ࢿΛܧଓతʹߦ͏͜ͱͰɺ ʮऴ׆ʯ ͷΠϯϑϥ ʢࠃຽͷੜ׆Λࢧ͑Δࣾձج൫ʣ ͷ࣮૷ͱ ͍͏اۀϛ ογϣϯΛਪਐ͠ ͯ·͍Γ·͢ɻ CEOਗ਼ਫΑΓ2024೥1݄ظͷϝοηʔδ 2ɹඇࡒ຿৘ใ 22 ©Kamakura Shinsho, Ltd. All Rights Reserved. ݁ՌͱৼΓฦΓ

લظ͸͔݄΄Ͳֻ͚ͯɺ ౰͕ࣾத௕ظతʹऔΓ૊Ή΂͖՝୊΍͋Δ΂͖࢟Λٞ࿦͠௚ ͠ɺ ݱߦͷதظܦӦܭըͷਐḿঢ়گͱরΒ͠߹Θͤͳ͕Βɺ ৽ͨͳதظܦӦܭըΛࡦఆ ͠ɺ ൃද͍͖ͤͯͨͩ͞·ͨ͠ɻ ࡦఆʹࡍ͠ ͯ͸ɺ ࣾ಺͚ͩͰ͸े෼ͳٞ࿦͕Ͱ͖ͳ͍ͱߟ ͑ɺ ֎෦ͷઐ໳Ոʹ΋ೖ͍ͬͯͨͩ͘ͳͲ૬ԠͷΤωϧΪʔΛඅ΍͠·ͨ͠ɻ ࠓޙ͸͜ͷ ܭըʹैͬͯɺ ࣮ߦϑΣʔζʹೖͬͯ·͍Γ·͕͢ɺ ͦͷͨΊͷ૊৫ฤ੒ͷݟ௚͠΋ߦ͍ɺ ςʔϚ͝ͱʹ؅ঠ͢ΔΦʔφʔΛఆΊ͔ͬ͠Γߦͬͯ·͍Γ·͢ɻ ͲͷΑ͏ͳνϟϨϯδΛ ߦ͍ɺ ͲͷΑ͏ͳ໨ඪΛ΋ͱʹ׆ಈ͢Δͷ͔ʹ͍ͭͯ͸ͦͪΒΛ͝ࢀর͍͚ͨͩΕ͹ͱࢥ ͍·͕͢ɺ લճൃදͨ͠தظܦӦܭըʹൺֱ͠ ͯऔΓ૊Ή΂͖ςʔϚ͕େ͖͘มΘͬͨΘ ͚Ͱ͸͋Γ·ͤΜ͕ɺ ͦͷղ૾౓͕ඈ༂తʹ্͕͍ͬͯ·͢ɻ େ͖ͳऔΓ૊ΈͰ͋Δ ʮΫϩ εϢʔεͷڧԽʯ ʮू٬νϟωϧͷଟ༷Խʯ ʮαʔϏεͷ֦ॆʯ ΛܭըʹԊͬͯਐΊ͍͚ͯ ͹ɺ ೥ޙ͸͋Γͱ͋ΒΏΔऴ׆ͷ՝୊ʹରԠͰ͖Δ૯߹తͳϓϥοτϑΥʔϜ ʢʹऴ׆Π ϯϑϥʣ ͕͓͓Αͦग़དྷ্͕Δ΋ͷͱߟ͍͑ͯ·͢ɻ ͦͷޙ͸ͦͷϓϥοτϑΥʔϜΛࣾձ ʹਁಁͤ͞ΔϑΣʔζʹͳΓ·͢ɻ ͦͷλΠϛϯάͰ͸େ͖ͳ޿ࠂ౤ࢿ΍޿ใ׆ಈ͕ॏཁ ʹͳ͖ͬͯ·͢ɻ ͦΕΒͷ׆ಈʹΑΓࠃຽͷར༻͕૿͍͚͑ͯ͹ɺ σʔλͷ஝ੵͱ૬·ͬ ͯɺ ଟ༷Ͱߴ౓ͳαʔϏεͷఏڙʹͭͳ͕Γɺ ϓϥοτϑΥʔϜ͸Ձ஋Λ্͛ଓ͚ΔͰ͠ ΐ ͏ɻ ͦͷΑ͏ͳ׆ಈͷઌʹ೥ͷऴ׆Πϯϑϥͷఆணɺ ച্΍རӹ͕ԯԁͱ͔ ԯԁҎ্ʹ͸ͳΔͩΖ͏ɺ ͱ͍͏ͷ͕ܭըͷུ֓Ͱ͢ɻ 㙽ʹ΋֯ʹ΋େ͖ͳࢢ৔͕ଘࡏ͠ ͍ͯΔ͜ͱ͸ؒҧ͍͋Γ·ͤΜͷͰɺ ͦΕΛ৴ͯ͡ܧଓతʹ೪Γڧ͘औΓ૊ΜͰ·͍Γ· ͢ɻ Ҏ্͕தظܦӦܭըͷ൪֎ฤͱͳΓ·͢ɻ ࠓޙͱ΋͝ࢧԉΛΑΖ͓͘͠ئ͍͍ͨ͠·͢ɻ ͔͜͜Β͸͓·͚Ͱ͢ɻ தظܦӦܭըͷࡦఆʹ͋ͨͬͯվΊͯײͨ͜͡ͱ͸ɺ ᶃاۀͱ͠ ͯͷ௕ظͷϛογϣϯ ɾ Ϗ δϣϯ͕ԿΑΓॏཁͰ͋Δ͜ͱɺ ᶄࡦఆ΍࣮ߦʹ͋ͨΔͷ͸Ͳ͜·Ͱ͍ͬͯ΋ਓࡐͰ͋Γɺ ਓࡐͰߏ੒͞Εͨ૊৫Ͱ͋Δͱ͍͏఺Ͱ͋Γ·͢ɻ ͦ͜Ͱ࿩Λগ͠୤ઢͤͪ͞Ό͍·͢ɻ Θͨ͠͸೥લʹ౰࣌͸ग़൛ࣾͰ͋ͬͨח૔৽ॻʹೖࣾ͠ɺ ʢ࠷ۙͰͦ͜ɺ தখͷެ։ا ۀʹͳ͍ͬͯ·͕͢ʣ ͦͷ΄ͱΜͲͷظؒΛྵࡉاۀͷܦӦऀͱ͠ ͯա͝͠ ͯ·͍Γ·͠ ͨɻ ྵࡉاۀ͸େ͛͞ʹݴ͑͹Φʔφʔɺ Ϛωʔδϟʔͦ͠ ͯϓϨʔϠʔͱ͠ ͯϦεΫͱ੹ ೚ΛਓͰҾ͖ड͚Δબ୒Ͱ͢ɻ ձ͕ࣾआۚΛ͢Ε͹࿈ଳอূਓͷཝʹݸਓͷ໊લΛα Πϯ͠ ʢձ͕ࣾฦࡁͰ͖ͳ͘ͳͬͨͱ͖ʹɺ Ͳ͏͠ ͯݸਓ͕ฦࡁͰ͖ΔͷͩΖ͏͔ɺ ஡൪ͩͳ ͜Ε͸ɺ ͳΜͯࢥ͍ͬͯ·͕ͨ͠ʣ ɺ ސ٬͔ΒͷΫϨʔϜ͕͋Ε͹ࣗΒ͕ਅͬઌʹँΓʹඈ ΜͰ͍͘ ͱ͍ͬͨ͜ͱΛ௕೥΍͍ͬͯ·ͨ͠ɻ ͦΕ͸ɺ ָ؍ͱ൵؍ɺ ϧϯϧϯͱ͕ͬ͘ Γͷؒ ΛߦͬͨΓདྷͨΓ͢Δੜ͖ํͳͷͰ͕͢ɺ ͦΕ͚ͩʹֶͼ΋ಠ઎తɺ ͔͠΋Ճ଎౓తʹͳ Δ఺Ͱ͸ૉ੖Β͍͜͠ͱͩͱࢥ͍ͬͯ·͢ɻ ͱ͍͏Θ͚Ͱɺ ͜ͷؒʹ͞·͟·ͳֶͼΛಘͯ ͖ͨΘ͚Ͱ͕͢ɺ தͰ΋େ͖ͳ΋ͷ͸ҎԼͷ఺͔ͱࢥ͍·͢ɻ ౰ࣾ͸΋ͱ΋ͱग़൛ۀΛӦΜͰ͍·ͨ͠ɻ Πϯλʔωοτ͕ීٴ͠ ͭͭ͋Δ೥୅ͷॳ ಄ͷ͜Ζɺ ࣾձͷ*5Խͱ͍͏େ͖ͳτϨϯυͱɺ ͦΕ͕ग़൛ۀʹٴ΅͢ϚΠφεͷӨڹΛ ߟ͑ɺ ࣄۀʹ*5Λ׆༻ͨ͠Ϗδωε΁γϑτ͠ ͖ͯ·ͨ͠ɻ େ͖ͳτϨϯυ͸ࣾձΛ͙͢ʹ ม͑ΔΘ͚Ͱ͸ͳ͍ͷͰɺ ܦӦऀ͸Ͳ͏͠ ͯ΋͜Ε·Ͱͷࣄۀʹݻ͕ࣥͪ͠Ͱ͕͢ɺ ͦΕ ͸೥೥͋Δ͍͸ͦΕҎ্ͷظؒΛֻ͚ͯࣾձΛେ͖͘ม͑ͯ͠·͍·͢ɻ ࣾձͷେ͖ ͳτϨϯυͷมԽΛ૝૾ɺ ௚ࢹ͠ɺ ͜ΕΛ৴ͯ͡௕ظతʹ೜଱ڧ͘औΓ૊ΈΛଓ͚Δ͜ͱ͕ େ੾ͩͱ͍͏͜ͱ͸ɺ ܦӦऀͱ͠ ͯͷେ͖ͳֶͼͱͳΓ·ͨ͠ɻ ࠓ೔ɺ Θ͕ࠃͷࣾձͰ͸ߴྸࣾձͷਐలͱ͍͏ τϨϯυ͕௕ظʹΘͨͬͯਐߦதͰ͢ɻ ౰ વͷ͜ͱͳ͕Βɺ ͦΕʹ൐ͬͯࣾձ՝୊ ʢফඅऀχʔζʹϏδωενϟϯεʣ ͕֦େ͠ ͭͭ ͋Γ·͢ɻ ͍ͬΆ͏Ͱ֦େ͢Δফඅऀχʔζʹର͠ ͯɺ ͦΕΒΛτʔλϧͰຬͨ͢ద੾ͳڙ څऀ͕͍Δ͔ͱ͍͑͹ɺ શͦ͘ͷΑ͏ͳঢ়گʹͳ͍ͬͯ·ͤΜɻ ͦ͜Ͱ౰ࣾ͸ɺ ऴ׆Πϯϑ ϥ ʢࠃຽͷੜ׆Λࢧ͑Δج൫ʣ Λ૑Δ͜ͱΛاۀϛογϣϯͱ੍ఆ͠ɺ ͞·͟·ͳࣄۀͷ૑ ग़Λ͓͜ͳ͍ͬͯ·͢ɻ ͜ͷ׆ಈʹ׬੒ܗ͸ͳ͘ɺ ೥೥͋Δ͍͸௕ظʹΘͨΔ΋ͷͩ CEOਗ਼ਫΑΓ2024೥1݄ظͷϝοηʔδ 2ɹඇࡒ຿৘ใ ©Kamakura Shinsho, Ltd. All Rights Reserved. 23 ੈͷதͷେ͖ͳτϨϯυΛݟఆΊ௕ظతʹ ೜଱ڧ͘औΓ૊ΈΛଓ͚Δ͜ͱ ৽ͨͳதظܦӦܭըͷࡦఆ ɾ ࠜڌ ɾ ݟ௨͠

ͱೝࣝΛ͠ ͍ͯ·͢ɻ ࣾձͷ*5Խͱɺ ߴྸࣾձͷਐల͸ͲͪΒ΋ࣾձͷେ͖ͳτϨϯυͰ͋Γɺ ౰ࣾ͸໨ઌʹͱ ΒΘΕΔ͜ͱͳ͘ɺ ऴ׆ΠϯϑϥͷߏஙΛ໨ࢦ͠ ͯɺ ௕ظతͳ໨ઢͰ೜଱ڧ͘औΓ૊ΈΛଓ ͚ͯ·͍Γ·͢ɻ େ͖͘௕ظతʹࣄۀΛଊ͑ɺ ࣄۀΛഒഒͱ͍͏ϨϕϧͰ͸ͳ͘ɺ ഒ ഒʹҾ্͖͍͖͍͛ͯͨͱߟ͍͑ͯ·͢ɻ ͜Ε͸೥୅ͷॳΊͷ͜ͱͩͬͨͱࢥ͍·͢ɻ ࣄۀ͕ग़൛ۀ͔ΒΠϯλʔωοτΛ࢖ͬ ͨ*5ϏδωεʹมԽ͠ ͍ͯ࣌͘ظʹ௧ײͨ͜͠ͱͱ͠ ͯɺ ਓ͕།ҰແೋͷܦӦࢿݯͩͱײ ͨ͜͡ͱ͕͋Γ·ͨ͠ɻ ग़൛ࣄۀͷൺ཰͕͡Θ͡ΘԼ͕͍ͬͯ͘தͰɺ අ༻ͷׂ߹ͷଟ͘ Λ઎Ί͍ͯͨҹ࡮අ͕ݮΓɺ ਓ݅අͷׂ߹͕͙Μ͙Μߴ·͍ͬͯͨ࣌ظͰ͢ɻ ౰࣌ɺ ૿͑ Ώ͘ਓ݅අΛ࠷దԽ͢Δ͜ͱɺ ͭ·Γ͍͔ʹ༏लͳਓࡐ͕ू·Γɺ ਓͱ૊৫Λ׆ੑԽͤ͞ Δ͜ͱ͕͜Ε͔Βͷ࣌୅ͷاۀʹͱͬͯ࠷΋ॏཁͳςʔϚͳͷͰ͸ͳ͍͔ͱߟ͑·ͨ͠ɻ ͔֬લʹ΋ग़ͨ͜͠ͱ͕͋ΔΑ͏ʹࢥ͏ͷͰ͕͢ɺ ͦͷ͜Ζʹॻ͍ͨίϥϜΛసࡌ͠·͢ɻ ೔ຊͷߴྸࣾձͷਐలͷதͰ৳ͼߦ͘ϚʔέοτΛ௥͍෩ʹɺ ࠓޙ΋ເͱ࣮ྗΛ࣋ͬͨ ਓࡐΛूΊɺ ·ͨͦ͏ͨ͠ਓࡐͷҭ੒Λ௨͠ ͯதظܦӦܭըͷ࣮ݱɺ ϛογϣϯͷ࣮ݱʹ ·͍ਐ͠ ͯ·͍Γ·͢ɻ CEOਗ਼ਫΑΓ2024೥1݄ظͷϝοηʔδ 2ɹඇࡒ຿৘ใ ʹ͓͍ͯ͸ɺ Ұਓͷਓؒͷ֫ಘ͢Δ෋͸ͦΕ΄Ͳͷဃ཭͕ͳ͔ͬͨɻ ྫ͑͹ɺ ถΛ࡞Δͨ ΊʹాΜ΅Λߞ͢࢓ࣄΛͨ͠ͱ͠Α͏ɻ ۈษͰ۶ڧͳਓؒͱͦ͏Ͱͳ͍ਓؒͱͷࠩ͸େ͖ ͍ͱ͸͍͑ɺ ൴Β͕ߞ͢ాΜ΅ͷ໘ੵͷࠩ͸͍͍ͤͥഒͱ͔ഒͱ͍͏ఔ౓ͩΖ͏ɻ ຋ͬͯɺ ࠓ೔ͷߴ౓৘ใԽࣾձͰ͸ɺ ࠷ઌ୺ͷڭҭΛड͚ɺ ίϯϐϡʔλʔͱ͍͏ಓ۩Λ ߴ౓ʹ࢖͍͜ͳͤΔ̖܅ͷΑ͏ͳਓؒ͸ɺ Ұൠతͳਓؒͷഒ΍ഒͷ෋Λ֫ಘ ͢Δ͜ͱ͕Ͱ͖Δɻ ಉ͡Α͏ʹਓతࢿຊΛ࿑ಇࢢ৔ʹ౤ࢿ͠ ͯ࿑௞ΛಘΔͷʹɺ ۚ༥޻ֶ ͱ৘ใٕज़͕ߴ౓ʹൃୡͨ͠ࠓ೔Ͱ͸ͱͯͭ΋ͳ͍͕ࠩͰ͖ͯ͠·͍ͬͯΔͷͩɻ ΋͜͠ ΕΛετϨʔτʹใुʹ൓өͤ͞Ε͹ɺ େ͖ͳԇᅀ͕ࣾձʹੜͯ͡͠·͍ɺ ͜ͷ͜ͱ͸ຽ ओओٛͷࠜװΛ༳Δ͕͔͠Ͷͳ͍ࣄଶͱͳΔةݥੑ͕͋Δɻ ʢதུʣ αʔϏεԽ͕ਐల͠ɺ ίϯϐϡʔλʔͳͲʹΑͬͯߴ౓ʹ৘ใԽ͞Εͨݱ୅ʹ͓͍ͯɺ ا ۀʹͱ ͬͯͷਓࡐͷՁ஋ͷࠩ͸ਓྨͷྺ্࢙࠷΋େ͖͘޿͕͍ͬͯΔɻ ݴ͍׵͑Ε͹ɺ ا ۀ͸঎඼΍αʔϏεɺ ͋Δ͍͸Ձ֨Λڝ͍ͬͯΔͱ͍͏ΑΓ΋ɺ ༏लͳਓࡐͷऔΓ߹͍Λ ͠ ͍ͯΔͷͰ͋Δɻ اۀ͕ఏڙ͢Δ঎඼΍αʔϏεɺ Ձ֨ͷࠩ͸ɺ ਓࡐͷऔΓ߹͍ͷ݁Ռ ੜ·ΕΔʹա͗ͳ͍ͷͰ͋Δɻ Ͳ͏΍ͬͯ༏लͳਓࡐΛ֬อ͠ɺ ͦ͜Ͱಇ͘͜ͱʹҙٛ΍ Ձ஋Λײͯ͡΋Β͏ͷ͔ɻ தখྵࡉاۀ͸ɺ ใु͚ͩͰ͸ͳ͍ັྗΛಇ͘ਓͨͪʹఏڙͰ ͖ͳ͚Ε͹ɺ اۀͷকདྷ͸͍ͭ΋ෆ҆ͩΒ͚ͩɻ ʮاۀ͸ਓͷऔΓ߹͍Λ͠ ͍ͯΔʯ ʢͷϒϩάΑΓʣ ͋Δେखͷۚ༥ػؔʹۈ຿͢Δถࠃਓͷ༑ਓ͕͍Δɻ Ծʹ̖܅ͱ͠ ͓ͯ͜͏ɻ ൴͸ΞΠ ϏʔϦʔάͷ໊໳ߍͰۚ༥޻ֶΛमΊͨεʔύʔΤϦʔτͰɺ ଔۀޙ͸͍͘ ͔ͭͷ֎ࢿ ܥͷେख౤ࢿۜߦͰ࠴݊ͷτϨʔμʔͱ͠ ͯ׆༂͠ ͖ͯͨɻ Ո௞ສԁͷߴڃϚϯγϣ ϯΛձࣾʹआΓ্͛ͯ΋Β͍ɺ ͓ͦΒ͘͸೥ऩ΋ԯ͸ԼΒͳ͍ͩΖ͏ɻ ʢແਮͳ͜ͱͳͷͰฉ͍ͨ͜ͱ͸ͳ͍͕ɺ গͳ͘ ͱ΋ϦʔϚϯγϣ οΫલ·Ͱ͸ؒҧ͍ͳ ͍ʣ ɻ Ͱ͸ɺ ̖܅͸Ͳ͏͠ ͯͦͷΑ͏ͳߴֹͷใु͕ಘΒΕΔͷͩΖ͏͔ʁ ౴͑͸࣮ʹ؆୯ͳ͜ͱͰɺ ใुʹे෼ݟ߹͏͚ͩͷऩӹΛձࣾʹ΋ͨΒ͠ ͍ͯΔ͔ΒͰ͋ Δɻ σεΫͱίϯϐϡʔλʔΛఏڙ͢Δ͚ͩͰɺ ԯԁͷऩӹΛձࣾʹ΋ͨΒ͠ ͯ͘ΕΔࣾ һʹɺ ԯԁͷใुΛ༩͑Δ͜ͱ͸اۀͱ͠ ͯ౰વͷߦಈͰ͋Δɻ ٯʹे෼ͳ଴۰Λاۀ ͕ఏڙ͠ͳ͚Ε͹ɺ ൴͸ผͷۚ༥ػؔʹస৬͠ ͯ͠·͏ͩΖ͏ ʢɻ தུʣ Ή͔͠ɺ ೶ߞࣾձ ©Kamakura Shinsho, Ltd. All Rights Reserved. 24 ώ τϞϊΧωͰ͸ͳ͘ ώ τ ώ τ ώ τ

౰ࣾʹ͓͚Δ ʮ&4(΁ͷऔΓ૊Έʯ ʹ͍ͭͯ 2ɹඇࡒ຿৘ใ E E S S S S G G G G G 5$'%ରԠ ESGʹ܎Δࢦඪͷ։ࣔ ϐʔϓϧϚωδϝϯτ ಇ͖ํ Well-being ಠཱࣾ֎औక໾ͷ׆༻ εΩϧϚτϦοΫε औక໾ձͷ࣮ޮੑධՁ ࢦ໊ ɾ ใुҕһձͷઃஔ টू௨஌ɺ *3ͷӳ༁։ࣔ ྖҬ ߲໨ ಺༰ 4%(T 2023೥1݄ظʹγεςϜಋೖ։࢝ɺ Scope1.2ͷଌఆऴྃޙɺ ։ࣔٴͼScope3ͷγφϦΦ෼ੳ·Ͱܭըɺ 2025೥ 1݄ظʹScope3ͷ։ࣔΛݕ౼த ౰ࣾʹ͓͚Δ ʮESG΁ͷऔΓ૊Έʯ Λ౰ࣾίʔϙϨʔταΠτ ʢhttps://www.kamakura-net.co.jp/ir/esg/ʣ ʹͯ։͓ࣔͯ͠Γ·͢ɻ ॥؀ܕࣾձͷ૑଄ʹߩݙ͢ΔͨΊɺ ؀ڥෛՙͷ௿ݮɺ ԹࣨޮՌΨε ʢ()(ʣ ഉग़ྔͷଌఆ౳ɺ ࠓޙͷ༗Ձূ݊ใ ࠂॻͷ։ࣔٛ຿Խʹ΋޲͚ɺ Ψόφϯεɺ ઓུɺ ϦεΫ؅ཧɺ ࢦඪ΍໨ඪͷͭͷࢹ఺Ͱ։ࣔΛ࣮ࢪͷ४උத ਓతࢿຊܦӦΛ͞Βʹਪਐɺ ໾৬һ̍ਓͻͱΓ͕݈શʹ׆༂Ͱ͖Δ؀ڥΛ੔උ͢ΔͨΊɺ ຖ೥શࣾΞϯέʔτ࣮ ࢪ͠ɺ ΤϯήʔδϝϯτϨϕϧΛ೺Ѳɺ ্࢘෦ԼͱPOʹΑΓର࿩ͷػձΛ૑ग़ ଟ༷ੑͱਓݖΛଚॏͨ͠؀ڥ੔උʹऔΓ૊Έɺ ݱࡏঁੑൺ཰ɺ ؅ཧ৬ʹ઎ΊΔঁੑ͸໊ ʢࣾ֎औక໾໊ɺ )#$ձ௕໊ɺ Ϛωʔδϟʔ໊ʣ ɺ ো֐ऀޏ༻໊ͷঢ়ଶ͔Βɺ ࠓޙ͸͞Βʹෳ਺໊ͷ࠾༻Λ໨ࢦ͢ ਓతࢿຊܦӦͷ΋ͱɺ ಇ͘؀ڥͷ੔උʹશྗΛਚ͘ ͠ɺ ঁੑɺ ͱ ͘ʹࢠҭͯੈ୅ͷಇ͖ํ΍؀ڥΛ੔උ͢ΔͨΊʹϛϞβϓ ϩδΣΫ τΛ࣮ࢪ͠ɺ ೥݄Α Γ؃ޢ ɾ հޢٳՋ෇༩೔਺૿ɺ ࣌ؒ୯ҐͰͷಛผٳՋऔಘ੍౓౳ɺ ॾنఆΛมߋ औక໾໊ͷ͏ͪɺ ౦ূͷಠཱੑཁ݅Λຬͨ͢ಠཱࣾ֎औక໾͸໊Ͱߏ੒͞Εɺ ࣾ಺औక໾໊ͷ͏ͪɺ ໊͸ ࡢ೥·Ͱಠཱࣾ֎औక໾Ͱ͋ͬͨެೝձܭ࢜ͷࢿ֨Λ༗͢Δऀ͕औక໾$'0ͱͯ͠ब೚ ֤औక໾ͷεΩϧϚτϦοΫεΛ࡞੒ ɾ ։ࣔ͠ɺ औక໾ձશମͱͯ͠ͷεΩϧ෼ੳʹऔΓ૊Έɺ ࠓޙͷऔక໾ձͷ ͋Γํͷݕ౼ʹ໾ཱ͍ͯͯΔ ୈࡾऀػؔʹΑΔऔక໾ձ࣮ޮੑධՁΛ̎೥࿈ଓͰ࣮ࢪɻ ධՁ෼ੳΛܦͨऔక໾ձ࣮ޮੑධՁͷ݁ՌΛެද ͠ɺ ࠓޙ΋ୈࡾऀػؔʹΑΔධՁΛܧଓ࣮ͯ͠ࢪ༧ఆ ೥݄ظ຤ΑΓऔక໾ձͷࢾ໰ػؔͱͯ͠ɺ ೚ҙͷࢦ໊ ɾ ใुࢾ໰ҕһձΛઃஔɻ ҕһձ͸ɺ ա൒਺ͱͳΔ ࣾ֎औక໾໊ͱɺ ୅දऔక໾$00ͷ໊Ͱߏ੒͞Εɺ ҕһ௕͸ಠཱࣾ֎औక໾͕ब೚ টू௨஌ͷӳ༁։ࣔΛ࣮ࢪɺ ܾࢉ୹৴΍༗Ձূ݊ใࠂॻ͸ࠓޙͷӳ༁ٛ຿Խ΋ࢹ໺ʹݕ౼தɻ άϩʔόϧͳػ ؔ౤ࢿՈ౳ͱͷݐઃతͳର࿩Λଅਐ͢ΔͨΊʹ৘ใ։ࣔͷॆ࣮ΛਤΔ ա౓ͷ௕࣌ؒ࿑ಇͷ࡟ݮΛؚΊͦͷ؀ڥΛ੔උ͠ɺ ݪଇ ɿ ि೔ͷςϨϫʔΫۈ຿ମ੍ɺ ৬छ΍ϋϯσ͋Δํʹ ͍ͭͯॊೈʹ࣌ؒ ɾ ৔ॴʹͱΒΘΕͳ͍ಇ͖ํΛਪਐ μ Π όʔγς Ο ͱ ΠϯΫ ϧʔδϣ ϯ ©Kamakura Shinsho, Ltd. All Rights Reserved. 25

໨࣍ தظܦӦܭը֓ཁ 1 2 4 5 3 ࿈ܾ݁ࢉ֓ཁ ඇࡒ຿৘ใ ձࣾ֓ཁ Appendix ©Kamakura Shinsho, Ltd. All Rights Reserved. 26

௕ظϏδϣϯ ɾ தظܦӦܭըͷ࡮৽ 3ɹதظܦӦܭը֓ཁ ·͢·֦͢େ͢Δऴ׆ϚʔέοτͷχʔζʹԠ͑Δ΂͘ 10೥ޙͷࣾձ΁ͷऴ׆Πϯϑϥਁಁʹ޲͚ͯϱ೥Ͱͦͷج൫Λ੔උ͢Δ ݱԼͷܦӦঢ়گͱ৽ͨͳՄೳੑΛؑΈɺ தظܦӦܭըͷݟ௚͠Λ࣮ࢪ ʢৄࡉ͸ ʦ೥݄೔෇͚தظܦӦܭըʧ Λࢀরʣ ച্ 500ԯԁҎ্ Ӧۀརӹ 100ԯԁҎ্ ച্11ԯԁ Ӧۀརӹ2.2ԯԁ ௕ظϏδϣϯ ௕ظϏδϣϯ ʢ10೥ޙ ɿ 2035೥ʣ 2027/1 ʢதظܦӦܭը࠷ऴ೥౓ʣ 2024/1 ʢݱࡏʣ 2016/1 ʢ্৔࣌ʣ ച্ 120ԯԁ Ӧۀརӹ 25ԯԁ ച্58ԯԁ Ӧۀརӹ8.1ԯԁ ڙཆࢢ৔͔Βऴ׆ࢢ৔΁ ऴ׆Πϯϑϥͷ੔උ ࣾձ΁ͷਁಁ ڙཆࢢ৔΁޲͚ͨ 8FCαʔϏε Ϋϩε Ϣʔεͷ ڧԽ ू٬ νϟωϧͷ ଟ༷Խ αʔϏεͷ ֦ॆ ࠃຽͷੜ׆Λࢧ͑Δࣾձج൫ ऴ׆Πϯϑϥ ͷఆண ʹ ©Kamakura Shinsho, Ltd. All Rights Reserved. 27

ॏཁͳࡒ຿ࢦඪ ɿ ,1* 3ɹதظܦӦܭը֓ཁ 2027೥1݄ظച্ߴ120ԯɺ ౰ظͷ2ഒҎ্ͷ੒௕Λ໨ࢦ͢ ৽ྖҬ΁ͷ౤ࢿΛߦ͍ͭͭɺ طଘ ɾ ੒௕ࣄۀͷੜ࢈ੑΛ޲্ͤ͞རӹϕʔεͰͷେ෯ͳ৳௕Λ໨࿦Ή ɾ ౰ࣾάϧʔϓ͸ɺ ऩӹͷ੒௕ੑΛࣔ͢ച্ߴɺ *5%"ɺ ӦۀརӹΛॏཁͳࡒ຿ࢦඪͱ͍ͯ͠·͢ ɾ ࢿຊޮ཰Λࣔ͢30& ʢࣗݾࢿຊརӹ཰ʣ ͓Αͼ30*$ ʢ౤Լࢿຊརӹ཰ʣ Λॏཁࢦඪͱ͍ͯ͠·͢ ࿈ ݁ ۀ ੷ ROE ROIC ©Kamakura Shinsho, Ltd. All Rights Reserved. 28 ച্ߴ લظൺ લظൺ *5%" Ӧۀརӹ લظൺ 2024೥1݄ظ 2026೥1݄ظ 2025೥1݄ظ 2027೥1݄ظ 2023೥1݄ظ 5,004 ʵ 824 686 12.9% 13.3% 16.3% 17.1% 22.3% 21.8% 26.4% 26.1% 32.6% 32.2% ʵ ʵ 5,859 17.1% 952 816 15.6% ʢඦສԁʣ 7,250 23.7% 1,330 1,100 39.6% 18.9% 34.8% 45.5% 9,200 26.9% 1,880 1,600 41.4% 56.3% 12,000 30.4% 2,850 2,500 51.6% ܭը ࣮੷

໨࣍ 1 2 3 5 ࿈ܾ݁ࢉ֓ཁ ඇࡒ຿৘ใ தظܦӦܭը֓ཁ ձࣾ֓ཁ Appendix 4 ©Kamakura Shinsho, Ltd. All Rights Reserved. 29

ձࣾ֓ཁ 4ɹձࣾ֓ཁ ©Kamakura Shinsho, Ltd. All Rights Reserved. 30 ձ໊ࣾ ୅දऀ໊ ઃཱ೔ ࢿຊۚ ॴࡏ஍ ैۀһ਺ ࣄۀ಺༰ άϧʔϓاۀ גࣜձࣾח૔৽ॻ ୅දऔక໾ձ௕CEOɹਗ਼ਫ༞޹ ୅දऔక໾ࣾ௕COOɹখྛ࢙ੜ 1984೥4݄17೔ 10ԯ5,708ສԁ ຊࣾ ɿ ౦ژ౎தԝ۠ژڮ2-14-1ɹ݉দϏϧσΟϯά3֊ ࢧళ ɿ େࡕʗ໊ݹ԰ʗ෱Ԭ 249໊ ʢܖ໿ࣾһɺ ύʔτɺ ΞϧόΠτؚΉʣ ߴྸࣾձʹ޲͚ͨऴ׆ؔ࿈αʔϏεࣄۀ ϚονϯάϓϥοτϑΥʔϜͱͳΔϙʔλϧαΠτӡӦΛத৺ͱͨ͠ɺ ऴ׆ʹؔΘΔ৘ใαʔϏεͷఏڙ גࣜձࣾϋ΢εϘʔτΫϥϒ גࣜձࣾΤΠδϓϥε גࣜձࣾח૔৽ॻϥΠϑύʔτφʔζ ˞2024೥1݄31೔ݱࡏ

Ϣʔβʔ ߴྸऀͱͦͷՈ଒ͷ ʮऴ׆ʯ ʹ͓͚Δɺ ͋ΒΏΔر๬΍՝୊Λղܾ͢ΔͨΊͷ৘ใͱαʔϏεΛఏڙ͢Δ͜ͱͰ ʮऴ׆Πϯϑϥʯ Λߏங͠ɺ զ͕ࠃͷߴྸࣾձʹߩݙͯ͠·͍Γ·͢ ྶԂʗ૴ّࣾʗ࢜ۀ ͓٬༷ͷ͞·͟·ͳ͓ࠔΓ͝ͱʹରԠ͢ΔαʔϏε ೝ஌౓Λ্͍͛ͨ and more ސ٬઀఺Λ͍࣋ͪͨ ঎඼Λఏڙ͍ͨ͠ ঎඼Λങ͍͍ͨ ऴ׆ͷ৘ใΛूΊ͍ͨ దਖ਼Ձ֨Ͱߪೖ͍ͨ͠ ৘ใΛ Ӿཡ ɾ ૬ஊ ༏ྑ ࣄۀऀΛ ঺հ ͓٬༷Λ ঺հ ৘ใΛ ܝࡌ ൢചͳͲͷαϙʔτ ू٬ͳͲͷίϯαϧςΟϯά खް͍ରԠͷίʔϧηϯλʔ ݟֶ ɾ ݟੵͳͲͷ৘ใαϙʔτ ༏ྑࣄۀऀ ח૔৽ॻͷϏδωεϞσϧ 4ɹձࣾ֓ཁ ©Kamakura Shinsho, Ltd. All Rights Reserved. 31

໨࣍ 1 2 3 4 ࿈ܾ݁ࢉ֓ཁ ඇࡒ຿৘ใ தظܦӦܭը֓ཁ ձࣾ֓ཁ Appendix 5 ©Kamakura Shinsho, Ltd. All Rights Reserved. 32

ʮεϐʔσΟ ʔͳࣄۀ֦େʯ ʮଞࣾͱͷࣄۀఏܞϓϥο τ ϑΥʔϜߏஙʯ ʮސ٬σʔλ෼ੳ ʢAI׆༻ʣ ϊ΢ϋ΢ετ οΫʯ ౰ࣾͷϏδϣϯͱϛογϣϯୡ੒ͷͨΊʹඞཁͳ্ه3ͭͷ֦ॆΛਤΓɺ૬৐ޮՌͰऩӹΛඈ༂త޲্ͤ͞Δ اۀཧ೦ͱऔΓ૊Έجຊํ਑ ऴ׆͕౰ͨΓલʹͳΔɺ ͦͷ࣌ͩΕ΋͕ח૔৽ॻΛΠϝʔδ ʢ૝ىʣ ͢Δ αʔϏεϥΠϯφοϓ֦ॆ ू٬਺ͷ֦ॆ 5ɹAppendix Vision Strategy ࢲͨͪ͸ɺ ໌Δ͘લ޲͖ͳࣾձΛ࣮ݱ͢ΔͨΊɺ ਓʑ͕չ͍ͷͳ͍ਓੜΛੜ͖ΔͨΊͷ͓ख఻͍Λ͠·͢ Mission ΫϩεϢʔε֦ॆ ©Kamakura Shinsho, Ltd. All Rights Reserved. 33

ച্ߴ Ӧۀརӹ 2022೥ ݄ظ 2023೥ ݄ظ 2024೥ ݄ظ 2025೥ ݄ظ 2026೥ ݄ظ 3,826 5,004 6,510 10,000 2022೥ ݄ظ 2023೥ ݄ظ 2024೥ ݄ظ 2025೥ ݄ظ 2026೥ ݄ظ 532 686 860 2,020 2025೥1݄ظʹશͯͷओͳࣄۀͷࠇࣈԽɺ 2026೥1݄ظ͸ച্ߴ100ԯԁΛ໨ࢦ͢ ݪՁ΍࢓ೖΕ͕ͳ͘ɺ ૈརӹͷߴ͍ࣄۀߏ଄Ͱ͋Γɺ ଛӹ෼ذ఺Λӽ͑Ε͹རӹͷେ෯޲্͕ݟࠐ·ΕΔ ͦͷͨΊʹඞཁͳਓࡐ֬อɺ ू٬΍αʔϏε֦ॆͷͨΊʹඞཁͳ౤ࢿΛܧଓతʹ࣮ࢪ 2026೥1݄ظʹ޲͚ͯ 5ɹAppendix ʢ೥݄ظެදʣ ©Kamakura Shinsho, Ltd. All Rights Reserved. 34 0 2,000 4,000 6,000 8,000 10,000 ʢඦສԁʣ 0 400 800 1,200 1,600 2,000 ʢඦສԁʣ 2026೥1݄ظ ച্ߴ Λ໨ࢦ͢ 100ԯԁ 8,000ʙ8,500 1,050ʙ1,550

׭ຽڠಇ ΫϩεϢʔε֦େ1+ ू٬νϟϯωϧ1+ 2022೥1݄ظ ࣄۀ ʢαʔϏεʣ 2023೥1݄ظ 2024೥1݄ظ 2025೥݄ظ ऴ׆Πϯϑϥͷ࣮ݱʹ޲͚ͯ৽ͨͳࣄۀΛੵۃతʹਪਐ͠ɺ ॱ࣍རӹߩݙ΁స׵͢Δ͜ͱͰ਺೥ޙͷඈ༂తͳརӹ૑ग़Λ໨࿦Ή ֤ࣄۀ ɾ ϓϩδΣΫτͷརӹߩݙϩʔυϚοϓ 5ɹAppendix ʢ೥݄ظެදʣ ©Kamakura Shinsho, Ltd. All Rights Reserved. 35 ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ʜࠇࣈ·ͨ͸ऩࢧۉߧɹ˔ʜ ʲ౤ࢿϑΣʔζʳ Ӧۀ੺ࣈ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔

ח૔৽ॻͷΤίγεςϜ 5ɹAppendix อݥ ෆಈ࢈ ૬ଓ ੜલ ܖ໿ ੔ཧ ૴ّ ෹ஃ ุ͓ ΞΫςΟϒ ޲͚ ऴ ຤ ظ ʢ ऴ ׆ ͷ ͜ͱΛߟ͍͑ͯΔਓʣ ࢮɹޙ ੜ ɹ લ &$04:45&. ސ٬σʔλ ߦಈσʔλ հޢ ίϯςϯπ ɾ αʔϏεΛϢʔβʔʹ͝ར༻͍ͨͩ͘͜ͱͰɺ ח૔৽ॻʹސ٬σʔλ͕஝ੵ ๲େͳސ٬σʔλͱϢʔβʔͷෳ਺ར༻ʹΑͬͯɺ ͞Βʹ σʔλ͕஝ੵ͞Ε͍ͯ͘ ౰ࣾಠࣗͷΤίγεςϜΛߏஙɺ ͞Βʹ"*౳ςΫ ϊϩδʔΛ ׆༻͢Δ ্هʹΑΓɺ Θ͕ࠃʹ͓͚Δ།Ұແೋͷऴ׆Πϯϑϥاۀ ͱͳΔ ΤίγεςϜʹΑͬͯ΋ͨΒ͞ΕΔ੒௕ 1 2 3 4 ৽نސ٬֫ಘͷೖΓޱ ࣏ࣗମʗຽؒΞϥΠΞϯεʗఏܞࣄۀऀʗࣗࣾళฮ ©Kamakura Shinsho, Ltd. All Rights Reserved. 36

࣏ࣗମ γχΞͱՈ଒ͷ૬ஊࣨ ۋࢳொϚϧΠళ ऴ׆ʹؔ͢Δ͓೰Έͷݸผ૬ஊ΍ɺ ऴ׆ ʹֶ͍ͭͯ΂Δηϛφʔ͕ແྉͰ։࠵ ຊࣄۀʹΑΓɺ ϦΞϧͰͷ͓٬༷ͱͷ઀ ఺ͮ͘ΓΛߦ͍ɺ ΑΓଟ͘ͷਓʑͷऴ׆ʹ ؔ͢Δ՝୊΍ෆ҆ͷղফΛ໨ࢦ͠·͢ ਆಸ઒ݝɹԣ඿ࢢ ਆಸ઒ݝɹ઒࡚ࢢ ਆಸ઒ݝɹח૔ࢢ ౦ژ౎ɹதԝ۠ ౦ژ౎ɹ໨ࠇ۠ ౦ژ౎ɹߐށ઒۠ ౦ژ౎ɹ࿅അ۠ ౦ژ౎ɹத໺۠ ౦ژ౎ɹ൘ڮ۠ େࡕ෎ɹࡖࢢ ෱Ԭݝɹ෱Ԭࢢ ઍ༿ݝɹઍ༿ࢢ ઍ༿ݝɹધڮࢢ େखۚ༥ػؔ ࣗࣾళฮ ੜલͷऴ׆ʹ͓͚Δ՝୊Λղܾ͢΂͘ɺ ଟ͘ͷސ٬ج൫Λ࣋ͭຽؒاۀ΍஍ํ࣏ࣗମͱ࿈ܞ Ճ͑ͯࣗࣾళฮؔ࿈Ͱ͞·͟·ͳ࣮ূ࣮ݧΛॏͶɺ ྖҬʹ͓͚Δ੒ޭࣄྫΛ࡞Γԣల։Λߦ͏ ϦΞϧωοτϫʔΫू٬ɹ ʢେखۚ༥ػؔ΍࣏ࣗମͱͷۀ຿ఏܞɾࣗࣾళฮʣ 5ɹAppendix and more ୈҰੜ໋อݥגࣜձࣾ גࣜձࣾࡾҪॅ༑ۜߦ גࣜձࣾࡾඛ6'+ۜߦ גࣜձࣾԣ඿ۜߦ גࣜձࣾ౦ژελʔۜߦ גࣜձࣾৗཅۜߦ גࣜձࣾ଍རۜߦ גࣜձࣾ܈അۜߦ ೔ຊ༣ศגࣜձࣾ and more ©Kamakura Shinsho, Ltd. All Rights Reserved. 37

ຊࢿྉʹهࡌ͞Εͨҙݟ΍༧ଌͳͲ͸ࢿྉ࡞੒࣌఺Ͱͷ౰ࣾͷ൑அͰ͋Γɺ ͦͷ৘ใͷਖ਼֬ੑΛอূ͢Δ΋ͷͰ͸͋Γ·ͤΜɻ ࢢ৔؀ڥ΍ۀքಈ޲ɺ ͦͷଞ಺෦ ɾ ֎෦ཁҼ౳ʹΑΓมಈ͢ΔՄೳੑ͕͋Γ·͢ɻ ࣮ࡍͷۀ੷΍݁Ռͱ͸େ͖͘ҟͳΔՄೳੑ͕͋Δ͜ͱΛ͝ঝ஌͓͖͍ͩ͘͞ɻ ໔੹ࣄ߲