Company Overview (IR)

Company Overview RAKSUL INC. (TSE PRIME: 4384)

2 1. Company Overview 2. Future Direction 3. Financial Highlights
and Policy 4. Printing and Offline Advertising - Raksul 5. TV commercial related - Novasell 6. Governance Policy and ESG Initiatives 7. Reference Material

3 Investment Highlight BETTER SYSTEMS, BETTER WORLD Vission Business Model
Combining business models to achieve industry transformation as fastest as possible as a B2B procurement and ordering platform Achieve sustainable growth through increased EC conversion rate of B2B transactions, expansion of RAKSUL's market share, expansion of product lineup and M&A EC / Marketplace SaaS BPO Business Domains Expanding from our original online printing business to a wide range of products, we have evolved into a platform that provides customized products and services needed in every situation Competitive Advantage Unique strength of being a software company that goes deep into the supply chain and leverages it with marketing Marketing Product & Technology Operation Automation of various processes in matching supply and demand and customized EC, UI Know-how and data analysis of brand strategy based on nominated search Building and managing complex supply chains Market Size of Current Target Areas JPY 11Tn Web Marketing JPY 0.3Tn TV, Taxi, Video Ads JPY 1.7Tn Package JPY 2.5Tn Offline Ads JPY 0.7Tn Novelty JPY 2.6Tn Stamps, Seals JPY 0.2Tn Business Stationary Printing JPY 1Tn Commercial Printing JPY 2Tn Market size of RAKSUL's consolidated scope 50,700 FY2024 (Forecast) Track Record of Revenue Growth (in JPY MM) Raksul Novasell

5 Medium-term direction of our expansion ◼ Expanded from our
original online printing business to a wide range of products and evolved into a platform that provides custom products and services needed in offices, stores, e-commerce, and all forms of businesses ◼ Going forward, RAKSUL will expand organically and through M&A in 3 key directions shown in the diagram on the right Business Supplies Printing Industry (Admin/Procurement Budget) Advertising Industry (Advertising Budget) Custom Merchandise Apparel Packaging Sales Promotion Web Sites Store Supplies Offline Ads Digital Ads Taxi Ads TV Commercials Payment Platform Customer Base New Domains 2. Supply Enhancement 1. Expansion into adjacent domains 3. Acquisition of new business models Widening target markets and product offerings Examples: Custom novelties and apparel Acquisition of AmidA Deeper penetration into each domain to increase the customer values we provide Examples: Acquisition of RAKSUL FACTORY, Acquisition of A-LINK Services Evolving into a B2B procurement platform through adding layers of infrastructure Examples: Raksul Enterprise Novasell's expansion into SaaS business Investment in Peraichi

6 Sales of store merchandise, packaging materials, and office supplies
within Raksul TAM Expansion through Organic Businesses ◼ This month, we have expanded our business into merchandising business and enhanced our advertising services for Raksul customers ◼ We will further provide convenience to Raksul’s customer base of more than 2.6 million users, mainly SMEs and sole proprietors SMEs account for 99% of all businesses in Japan, are Raksul's main customer base Needs for efficient procurement/purchase and customer attraction processes continue to be strong Scattered accounts, payment, and delivery information when purchasing through different e-commerce for each diverse product Unable to spend human resources and budget on complex & diverse customer acquisition activities Simple, low-cost advertising service, leveraging Novasell’s knowledge Expansion into Merchandising Domain Affordable PR video production service Enhanced Ad Service for Raksul Customers Background Geo-specific web advertisement service

7 M&A Track Record ◼ We continuously execute M&A transactions
to supplement organic growth. Six new companies were consolidated in this fiscal year ◼ The amount of investments related to new consolidations in FY2024 was approx. JPY 5.1Bn (stock acquisition costs excluding net cash, including future earn- outs, etc.) ◼ EV/EBITDA multiples are all less than 5x to earnings in the first year of consolidation (The consolidated subsidiaries will contribute a full year from FY2025 onwards) 1. Expansion into Adjacent Domains 2. Supply Enhancement FY2024 FY2023 FY2022 FY2021 Merged in August 2023 Consolidated in October 2023(1) Consolidated in August 2023 Consolidated in February 2022 Invested in December 2020 (Spin-off from Net Square) Invested in September 2021 Consolidated in March 2024 Consolidated in June 2024(2) Invested in October 2020 Consolidated in June 2024(2) 3. New Business Models Notes (1) Contribution to earnings began in FY2024 2Q (2) Contribution to earnings will start in FY2025 (Planned) Consolidated in August 2023 DANBALL ONE DANBALL ONE DANBALL ONE Peraichi Peraichi Newly consolidated Antoo Raksul Factory

8 Raksul M&A Cases in FY2024 ① ◼ Raksul business-related
assets of Net Square Co., Ltd. (“Net Square”)(1), an equity method affiliate, was carved out and became our wholly owned subsidiary as RAKSUL FACTORY INC (Spin-off from Net Square) RAKSUL FACTORY Financial impact • Financial impact for the next fiscal year is expected to be JPY +300-400 MM for gross profit, JPY +200-300MM for EBITDA (no change in consolidated revenue due to intercompany eliminations) • Assets are approx. JPY 600MM, liabilities are approx. JPY 200MM, accounting for approx. 1- 2% of consolidated assets and liabilities respectively • Annual capital investment is around JPY 50-100MM • Financial results of the acquired business will be disclosed as part of the Raksul business segment from next fiscal year onwards. Individual KPI will not be disclosed Purpose • Improve added value such as lower prices, shorter delivery times, and high quality through integrated business operations with Net Square, one of Japan's largest companies in the on- demand printing(1) field, while maintaining the flexibility and scalability of our sharing business model • On-demand printing has low CO₂ emissions and contributes to reducing the environmental impact of our supply chain

9 Raksul M&A Cases in FY2024 ② ◼ Temporary demand
due to invoice demand has run its course and growth at cruising speed is factored in ◼ PMI is underway with a plan in place Financial impact • The impact on our consolidated performance for FY2024 (consolidate from 2Q) is approximately JPY +2.0Bn in revenue, JPY +1.1Bn in gross profit, JPY +270MM in EBITDA, and JPY +80MM in operating profit (after goodwill amortization) • Acquisition-related expenses of approx. JPY 75MM are included for 1Q • AMIDA's business results are disclosed as Raksul Business Segment Business Performance Trends • Although temporary demand is being generated in the period up to October due to the start of the invoice system, we expect organic revenue growth in the low single digits from November, the month of the consolidation • With PMI plan in place, we are aiming to gradually create synergies starting with customer sharing, etc. and for it to become a highly competitive product category in the Raksul business Purpose • Expansion of customer base : A product category of Japanese business stamps has the potential to become a traffic builder (a product that drives new customers) comparable to flyers, business cards, cardboard and packaging materials. Around 10% of the new businesses registered in Japan each year (approx. 12,000 companies) uses AMIDA’s service. The market for Japanese business stamps is worth JPY 150-200Bn, and while the market is in a slight downtrend, there is a large room for e-commerce growth • Cross-selling potential : Japanese business stamps are often purchased together with office printing products, such as business cards and envelopes, and synergies can be expected from mutual cross-selling • Contribution to Quality Growth : With gross margin of around 55% and EBITDA margin of just under 15%, AMIDA’s level of profitability is higher than that of RAKSUL’s. Profitability is expected to improve further due to reduced listing maintenance costs

10 Raksul Business Overview Manufacture and sale of original tote
bags and operation of the "Tote Bag Kobo" e-commerce website Objectives • Market Share Expansion To increase the market share of tote bags, a major category in the custom merchandise domain, by capturing the user base of A-LINK Service, which is one of the leading specialty e-commerce websites in the industry • Supply Enhancement To reduce costs and increase the added value to customers in pricing and delivery time by having the production capability of material procurement and print processing Acquisition cost /Financing • Acquisition value : Approx. JPY 1.27Bn*/ Acquisition Fee : Approx. JPY 100MM • Funding: Cash on hand (No plan to raise funds in connection with this transaction) Financial Impact • Financial results of the acquired business will be disclosed as part of the Raksul business segment from next fiscal year onwards • Strong growth in the past 2 years benefiting from e-commerce acceleration & recovery demand from COVID-19 • Acquisition-related expenses of approx. JPY 100MM are included in FY2024 4Q • The impact on the consolidated results for FY2025 is expected to be about JPY 1.7Bn in revenue, JPY 700MM in gross profit, and JPY 300MM in EBITDA 908 1,180 1,505 87 164 287 (30) 20 70 120 170 220 270 FY2021/11 FY2022/11 FY2023/11 Revenue EBITDA (in JPY MM, inclusive of tax) Results for the last 3 years M&A Cases in FY2024 ③ ◼ We plan to acquire shares of A-LINK Services Co., Ltd (A-LINK Services) in June 2024 to expand the market share of tote bags, a major category in the custom merchandise domain, and increase added value to our customers

11 Novasell ◼ In order strengthen supply and expanding our
service menu, we acquired shares of Wild Side Inc. in March 2024 and Antoo Inc. in June 2024, making them subsidiaries Wild Side Inc. Antoo Inc. Business Overview One-stop service from branding to buying TV commercials in Japan with a small group of elite professionals Operation of video creation & production platform Objectives Supply Enhancement (TV media buying) Having our own media buying function enables us to specify programs for TV commercial slots and cater to short-duration/ quick-turnaround requests. This accelerates the PDCA cycle based on real-time effectiveness measurement, which is one of our strengths, enabling us to provide more effective marketing services Supply Enhancement (PR video creation) By having a PR video creation function that primarily targets SMEs, we can expand our service menu for small businesses, RAKSUL Group's main customer base Financial Impact Minor impact on consolidated financial results M&A Cases in FY2024 ④⑤

13 Our Value Creation Formula ◼ We focus on growing
revenue and gross profit through winning customer trust and maximizing added value to customers and suppliers ◼ In addition to our existing Ecommerce business (transaction based), our SaaS business is expected to expand. Although the revenue size of SaaS is small, its gross margin is high; we consider gross profit to be the indicator which directly links to enterprise value Gross Profit Customer Trust Added Value to Customers and Suppliers Revenue Gross Margin Platform Value Financials* KPI Number of users Value added services COGS reduction / improved productivity of suppliers ARPU *Accounting standards applied to our revenue and gross profit (excluding the broadcasting services of Novasell) Revenue = gross of payments from customers Gross profit = gross revenue - cost of sales Frequency of purchases Unit price

14 Continued and advanced Quality Growth ◼ Quality Growth (policy
of business expansion with profit/CF) continues ◼ By placing the highest priority in creating a virtuous cycle in the aspects of business, finance/investment, and organization, we are dedicated to pursuing customer value and improving competitiveness of our existing businesses (Raksul/Novasell), and thereby increasing profits as a result ◼ Define uses for cash to be generated in the future in addition to expanding cash flow Pursuit of Customer Value and Profit Growth in Existing Businesses Business Organization Domain Expansion and Customer Synergies through M&A Investment into Existing Businesses Achieving High ROE and Long-term Corporate Value Wider Financial Options such as M&A and Increase in Capital High Productivity and Retention Competitive Compensation Design Trust between Company and Employees and amongst Employees Increasing Companywide Profits through Disciplined Management Financial/ Investment Customer Synergies between Businesses

15 Medium Term Financial Policy ◼ We will continue with
Quality Growth (growth with profit/CF), aiming for gross profit of JPY 30Bn and EBITDA of JPY 10Bn in FY2027 ◼ Over the next 5 years, we will allocate capital with priorities on investing in attractive growth opportunities that exist in adjacent domains. This will allow RAKSUL to solidify our further growth and competitive edge. ◼ With stable and growing cash flow established, we will return minimum 10% of the cash generated through our business (minimum JPY 2.5Bn) to shareholders over the next five years, mainly through share buybacks. ◼ We have announced a change in the dividend forecast. While share buybacks will remain the primary means of shareholder return, we will continuously pay dividends in the future. 1.0 1.63 3.14 7.1 9.8 12.3 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2024-FY2027 CAGR Targets Gross Profit 20% EBITDA 30% Gross Profit JPY 30Bn EBITDA JPY 10Bn 170 4.3 （JPY Bn） Cash In Cash Out Cash Flow from Business JPY 25Bn+ Credit Line max. JPY 20Bn Growth Investments JPY 17.5Bn - up to 40.0Bn CB Redemption Approx. JPY 5.0Bn Bank loans & Private Placements Bonds JPY 6.7Bn Continuous M&A Capex and R&D Maximum repayment if the loans are not renewed is approximately JPY 14Bn over the next five years (Forecast) Notes (1) Capturing Peraichi ‘s deficit of JPY -0.2Bn (1) Capital Allocation Cumulative Total for FY2024 - FY2028 Gross profit and EBITDA targets For FY2027 (Target) (Target) (Target) March 2024 Share buyback of JPY 700MM October 2024 Planned dividend of JPY1.7 yen per share Shareholder Return PY 2.5Bn+

16 FY2022 FY2023 FY2024 FY2025 1Q 2Q 3Q 4Q 1Q
2Q 3Q 4Q Raksul Novasell Other Becoming a subsidiary (June 2024)(2) February 2022 August 2023 November 2023 August 2024 (Planned) March 2024 (Spun off from Net Square) August 2023 Seal and Stamp EC Cardboard EC On-demand printing Tote bag customization / EC Video Creation and Video Production Platform Management Branding and Buying TV commercials HP Creation SaaS Expansion into Adjacent Domains Supply Enhancement New Business Models Contribution period of each segment of consolidated subsidiaries ◼ Newly consolidated companies and the start of their contribution to PL are shown on the right. August 2024 (Planned)

17 Quarterly Financial Highlights and 4Q Forecast ◼ Steady growth
in revenue, gross profit, EBITDA, and other income categories ◼ EBITDA reached a new quarterly record high while maintaining sustained revenue growth ◼ Recorded an office-related extraordinary loss of approx. 140 million yen in 3Q, which was not incorporated in the revised plan ◼ Business environment remained largely unchanged in 4Q, making progress in line or slightly above the revised plan set in March ◼ In 4Q, we expect to make a one-time investment of approx. 300 million yen, including acquisition-related costs mentioned later, and advertising in focused categories from the next fiscal year. The actual EBITDA is more than 1.1-1.3 billion yen if without the investment costs FY2024 3Q （2024/2 - 2024/4） FY2024 3Q Cumulative Total （2023/8 - 2024/4） FY2024 4Q Forecast （in JPY MM） Actual FY2024 3Q Actual YoY Actual FY2023 3Q Cumulative Total YoY Forecast as of June 11 Revenue 13,566 10,610 +27.9% 37,557 30,120 +24.7% +22-25% Raksul 12,416 9,919 +25.2% 34,534 27,777 +24.3% Novasell 801 542 +47.7% 1,874 1,889 -0.7% Gross Profit 4,712 3,237 +45.5% 12,623 9,117 +38.4% +42-45% Raksul 3,997 2,847 +40.4% 10,700 7,935 +34.8% Novasell 495 352 +40.5% 1,172 1,068 9.7% Gross Margin 34.7% 30.5% +4.2pt 33.6% 30.3% +3.3pt EBITDA 1,378 859 +60.5% 3,556 2,495 +42.5% 800-1,000 Operating Profit (non-GAAP) 1,216 801 +51.9% 3,138 2,322 +35.1% Net Income (non-GAAP) 644 401 +60.5% 3,062 2,319 +32.0% EPS (non-GAAP) JPY 11.1 JPY 6.9 JPY +4.2 JPY 52.5 JPY 39.9 JPY +12.6

18 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2Q 3Q 4Q 1Q 2Q 3Q FY2021 FY2022 FY2023 FY2024 Total 5,372 6,650 7,061 6,439 7,007 8,033 9,383 9,556 9,338 10,172 10,610 10,897 11,228 12,762 13,566 Hacobell 553 1,004 655 723 741 835 869 1,031 0 0 0 0 0 0 0 Others & Corporate 66 73 77 73 84 97 80 84 154 151 147 151 416 382 348 Novasell 322 498 722 498 720 1,007 538 562 643 703 542 766 360 713 801 Packaging 0 0 0 0 0 0 1,501 1,543 1,723 1,951 1,893 1,924 1,973 2,182 2,104 Business Supplies & Peripherals 1,626 1,849 2,167 2,000 2,174 2,345 2,506 2,501 2,732 2,972 3,364 3,418 3,639 4,562 4,958 Printing & Solutions 2,803 3,223 3,438 3,144 3,286 3,747 3,886 3,833 4,084 4,392 4,661 4,635 4,838 4,921 5,353 5,372 6,650 7,061 6,439 7,007 8,033 9,383 9,556 9,338 10,172 10,610 10,897 11,228 12,762 13,566 Revenue by Business Segment ◼ Revenues continue to grow quarter over quarter ◼ Raksul segment revenue is broken down into the following 3 categories from 2Q Printing & Solutions Printed materials on paper used by customers in their business activities, and printing solutions for large companies Business Supplies & Peripherals Customized items used by customers in offices and stores, as well as other services Packaging Cardboard, paper bags, and other types of packaging (in JPY MM)

19 1,484 1,740 2,062 1,804 1,921 2,274 2,807 2,799 2,847
3,032 3,237 3,177 3,659 4,252 4,712 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2021 FY2022 FY2023 FY2024 Raksul Novasell Others and Corporate Hacobell Gross Profit ◼ Gross profit continues its growth trend driven by revenue growth and stable gross margin ◼ Expected range of gross margin over the medium term • - Raksul Business : 30 - 33% • - Novasell Business : 50 - 60% (in JPY MM)

20 585 660 777 533 714 741 912 752 765
938 1,129 8.4% 8.2% 8.3% 5.6% 7.7% 7.3% 8.6% 6.9% 6.8% 7.4% 8.3% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2022 FY2023 FY2024 SG&A Spend(1) ◼ Continued investment in growth, mainly in advertising and technology development ◼ Ratio of advertising expenses to revenue increased in 3Q due to high season and consolidation of AmidA （in JPY MM） 420 446 489 481 470 432 465 506 564 503 614 6.0% 5.6% 5.2% 5.0% 5.0% 4.2% 4.4% 4.7% 5.0% 3.9% 4.5% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2022 FY2023 FY2024 Ratio of Tech & Development Investments to Revenue FY2022 FY2023 FY2024 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Total SG&A expenses(1) 1,873 2,034 2,308 2,180 2,151 2,206 2,436 2,587 2,833 3,155 3,495 Sales & Marketing 622 695 826 577 736 750 923 811 809 976 1,174 Tech & Development 420 446 489 481 470 432 465 506 564 503 614 Others 831 891 992 1,120 944 1,023 1,047 1,268 1,458 1,675 1,706 Ratio of Advertising Expenses to Revenue Notes (1) Stock-based compensation expenses and amortization goodwill not included

21 209 315 490 15 99 292 560 681 753
882 859 649 938 1,238 1,378 160 266 440 -35 48 239 499 619 696 825 801 590 825 1,096 1,216 66 146 307 -299 -105 64 191 313 391 559 506 307 541 749 898 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2021 FY2022 FY2023 FY2024 EBITDA (non-GAAP) Operating Profit (non-GAAP) Operating Profit（J-GAAP) EBITDA and Operating Profit ◼ Quarterly EBITDA exceeded JPY 1.3Bn and landed at a record high following Q2 ◼ Non-GAAP and J-GAAP operating profits on a similar trend, updating record-high profits ◼ Non-GAAP adjustments at the operating profit level include stock-based compensation expense and amortization of goodwill (in JPY MM)

22 15,587 10,878 16,173 17,198 6,856 18,584 Assets Liabilities &
Net Assets Short-term borrowings Current portion of long-term borrowings and bonds CB(Due On Nov 2024) Other Current Assets Current Liabilities (43.6% of Total Assets) (36.6% of Total Assets) Non-Current Assets Cash & Deposits Non-Current Liabilities Net Assets (in JPY MM) Quarterly Financial Highlights: BS ◼ With the financing package, the current cash position will be maintained even if the CBs will be redeemed ◼ We expect to accumulate both the operating cash flow and accounting profits in the future Bank Loan 9,591 Goodwill 6,810 Share Capital 2,780 Capital Surplus 5,590 Retained Earnings 3,645 Treasury shares -1,001 Stock Acquisition Rights 1,356 Others 3,217 2,350 1,992 5,005

24 Raksul Business Model ◼ Offer high quality printing products
at low price by utilizing non-operating hours of printing companies nationwide ◼ Provide one-stop service for offline advertisement (design, newspaper inserts, and posting) through the website Posting Companies Printing Companies Service Money Users’ Targeted Customers (1) Order (1) Payment (2) Order (2) Payment (3) Delivery (4) Delivery to users’ targeted customers through posting companies (2) Order (2) Payment Users Raksul (3’)Delivery

25 Raksul Self-perpetuating Platform Driven by Growing Demand and Supply
Base Note (1) Number of cumulative registered users of Raksul as of January 2024 Lower Cost Empower Users More Transactions Empower Suppliers More Users Approx. 2.5 million Users(1) Manufacturing Advantage of Scale Printing/Posting Partners Raksul

26 Raksul Suppliers Sharing business structure Printing (Office/Industry supplies) -
Small lot printing on paper such as flyers - We have achieved the highest growth in this market Market scale: JPY 2.6Tn EC penetration ratio: 5-6% Improve customer ARPU by cross- selling to existing customers Market scale: JPY 1-2Tn (excl. TV commercials) EC penetration ratio: less than 1% (excl. websites) Penetration into small-lot printing for office/industrial items by utilizing sharing know-how Market scale: JPY 3-5Tn EC penetration ratio: 1% - Labels - Clothing - Stationary - Mobile phone peripherals - Bags - Cardboard and packaging materials (DANBALL ONE) Local Advertising Services - Inserted leaflets - Posting - Direct mail - TV commercials (Novasell) - Websites (Peraichi) Source : Estimated based on Yano Research Institute, METI, Dentsu “Advertising Expenditures in Japan”, financial information of domestic online printing companies Market and Growth Strategy ◼ By utilizing the customer and supplier base we have acquired through our flyer printing business, we aim to expand TAM and increase revenue per customer through the following expansions: 1) Increase ARPU of existing customers by expanding offline advertising services 2) Expand the customer base by launching additional unique product lines ◼ Making DANBALL ONE a consolidated subsidiary is an important step in expanding into the industrial supplies field related to printing Customer Base Advertising budgets of SMEs Printing (Paper) - Flyers - Business cards - Booklets - Envelopes - Postcards, etc.

27 Raksul Historical Trends of Japanese Printing Market ◼ The
overall printing market size decreased due to the shrinking publishing segment, while the segment size of business stationery printing and commercial printing (i.e. Raksul’s target segments) remained roughly flat Source : Estimated based on “Summary of the Economic Census of Activities by industry (manufacturing industry, summary version)” and “Current Production Statistics: Paper, Printing, and Plastic” (METI) 22 22 23 23 22 21 21 19 21 20 22 23 21 22 22 21 19 19 19 10 10 9 9 9 8 8 8 8 8 9 9 8 9 9 9 8 7 7 9 9 9 9 10 10 10 12 12 13 12 11 11 12 12 13 13 13 14 20 20 22 22 19 18 18 16 15 14 12 12 11 10 10 9 9 9 8 7 7 7 7 7 6 5 5 7 7 7 7 7 6 6 6 6 6 6 68 68 70 70 67 63 62 60 63 62 62 61 58 59 58 58 54 55 55 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Commercial Printing Business Stationery Printing Packaging Publishing Other (in JPY 100Bn)

28 Raksul Growth of the Domestic Online Printing Market ◼
Domestic mail-order printing market is expected to grow to JPY 134Bn in 2022(1), and the EC rate has grown to 5.1%(2) 543 599 659 751 910 1,040 1,176 1,209 1,237 1,340 1.9% 1.9% 2.1% 2.6% 3.0% 3.4% 4.0% 4.6% 4.6% 5.1% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 0 200 400 600 800 1,000 1,200 1,400 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Domestic Online Printing Market EC Penetration Rate (in JPY 100MM) (1) (2) Notes (1) Yano Research Institute "Survey on the Domestic Online Printing Market," February 2023 (2) Calculated by dividing the market size of Yano Research Institute “Survey of the Domestic Online Printing Market” by the market size of Commercial printing and office printing, which we estimated based on “Summary of the Economic Census of Activities by industry (manufacturing industry, summary version)” and “Current Production Statistics: Paper, Printing, and Plastic” (METI)

29 Raksul Japan Germany TAM Expansion Driven by Further EC
Penetration ◼ There is still huge potential for E-commerce penetration in the printing industry (3) （2018 Actual） Domestic Online Printing Market (2) JPY 134Bn Domestic Business Stationery and Commercial Printing Market (1) JPY 2.6Tn 5.1% ~30% Source : Yano Research Institute, METI Notes (1) Calculated based on “Current Production Statistics: Paper, Printing, and Plastic” (METI) (2) Calculated based on the financial information of domestic online printing companies (2019) (3) Source : zipcon consulting (2019)

30 Raksul Number of Registered Users on raksul.com Platform(1) ◼
Our customer base continues to grow ◼ The number of total users for 3Q was 2,635,410 Notes (1) Number of total registered users for raksul.com (unit: 1,000 users) 0 500 1,000 1,500 2,000 2,500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Individuals Enterprises 2,635 2,208 2,522

31 Raksul 2,635 5,200 9,106 Over Significant Potential to Further
Expand as BtoB Platform Notes (1) Raksul and MonotaRO are based on the number of registered accounts including sole proprietor, while ASKUL based on the number of companies Source IR materials and website of BUSINESSMART CORPORATION ▪ Number of Users of Major BtoB Platform Leaders in Japan(1) Enterprise (unit: 1,000 users) Individuals Raksul

32 Raksul Raksul Business Performance ◼ Gross margin rose to
a record high of 32.2%, due to the impact of AmidA consolidation and improvement in unit prices ◼ Revenue organic growth, including DANBALL ONE, improved from 15.8% in 2Q to 16.3% in 3Q ◼ Improvement trend in growth momentum continues and is expected to continue in 4Q as mentioned in the monthly trend on a later page (EBITDA) (in JPY MM) Notes (1) SG&A expenses include internal transactions (1) 4,430 5,073 5,605 5,144 5,461 6,092 7,894 7,877 8,540 9,316 9,919 9,979 10,451 11,666 12,416 1,201 1,361 1,514 1,373 1,478 1,697 2,395 2,347 2,440 2,646 2,847 2,763 3,111 3,591 3,997 453 568 767 565 583 697 1,055 1,153 1,073 1,172 1,161 1,180 1,458 1,649 1,831 27.1% 26.8% 27.0% 26.7% 27.1% 27.9% 30.3% 29.8% 28.6% 28.4% 28.7% 27.7% 29.8% 30.8% 32.2% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2021 FY2022 FY2023 FY2024 Revenue Gross Profit Segment Profit Gross Margin

33 Raksul -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 1Q
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021 FY2022 FY2023 FY2024 Average Revenue per Order Average Number of Orders 319 0 200 400 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2021 FY2022 FY2023 FY2024 raksul.com Done AmidA 201 Raksul Business KPI Trends(1) ◼ Growth in customer ARPU will expand due to an increase in purchase frequency and unit price as a result of progress with cross-selling ◼ User growth on raksul.com is at 10%, organic growth including DANBALL ONE at 8.5% ◼ Through successive acquisitions, the number of purchasing users has been accumulating, mainly businesses and sole proprietors raksul.com +9.9％ Entire segment including new M&A +41.8％(2) Number of Purchasing Users per quarter (Organic growth rate of existing services only) Average number of purchases 2.3 times +2.5% Average revenue per order JPY 12,549 +4.5% 521 367 Note (1) For each indicator disclosed in March 2024, refer to the excel on our IR website (2) There is some overlap between AmidA users and aksul.com users Organic growth +8.5％ Services acquired through M&A Average Number of Orders per quarter & Average Revenue per Order YoY (unit: 1,000 users) hankoya.com Danball One

35 Novasell Service designed to build long-term relationships with customers
◼ Novasell provides a one-stop service from research & planning, video production, broadcasting to analysis in the advertising market (TV commercials, in-taxi commercials, digital marketing, etc.) ◼ Suite of software (SaaS) enables clients to visualize effectiveness and select the right strategy in marketing ◼ Novasell Professional is a consulting and execution service, offering a third party perspective and services in addition to software and transaction ◼ We aim to build long-term relationships with our clients and provide neutral campaign design, evaluation, and execution services that only Novasell can provide Execution Process Consulting Creation of media planning and evaluation mechanisms/improvement of business processes through professional staffing and analysis using proprietary tools Resolving advertisers' lack of resources for ad operations and analysis through the dispatch of professional staff and analysis using proprietary tools Analysis of TV commercial effectiveness for the client company and other companies Visualization of the impact of variables that can affect business KPIs Integrated Vertical Platform Transactions E-commerce / Marketplace Software SaaS Services BPO etc. Analysis of the effectiveness of TV commercials, including CVs (Conversions) Novasell Analytics Novasell Trend Novasell MMM MMM Agency Business (Creative, Media Transactions in TV, Taxi ads, Web, etc.) Agency Services

36 Novasell Data and Software Advantage at Novasell ◼ Started
with "Novasell Analytics" and launched "Novasell Trends" in April 2022 in response to the need for competitive comparison Novasell Trend enables comparison of the effectiveness of our client’s and other companies' TV commercials using "nominated searches" as an indicator Novasell Analytics (SaaS) enables real- time visualization of the broadcast stations, time slots, programs, and creative materials that worked well Novasell Analytics Novasell Trend

37 Novasell Domestic Advertising Market ◼ The Terrestrial TV Commercial
market remained mostly flat and growth of Internet ad spending accelerated Source: Dentsu “Advertising Expenditures in Japan” (2022) (in JPY 100Bn) 18 18 18 18 18 18 18 17 15 17 17 16 1 1 1 1 1 1 1 1 1 1 1 1 10 10 10 9 9 8 8 7 6 6 6 6 9 9 11 12 13 15 18 21 22 27 31 33 21 21 22 21 21 21 21 22 17 16 16 16 59 60 62 62 63 64 65 69 62 68 71 73 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Terrestrial TVCM Satellite Media-related Newspapers/Magazines/Radio Internet Promotional Media

38 Novasell Programmatic TV Commercial Market 50 115 205 375
700 1,300 CY2020 CY2021E CY2022E CY2023E CY2024E CY2025E (in JPY 100MM) Source: digitalinfact/ telecy

39 Novasell 322 498 722 498 720 1,007 538 562
643 703 542 766 360 713 801 165 206 405 305 313 433 253 292 368 348 352 375 262 414 495 19 17 94 -95 -18 69 -122 -32 24 34 12 -39 -124 79 85 51.2% 41.5% 56.0% 61.3% 43.5% 43.0% 47.0% 52.0% 57.2% 49.5% 65.0% 48.9% 72.9% 58.1% 61.8% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2021 FY2022 FY2023 FY2024 Revenue Gross Profit Segment Profit Gross Margin Novasell Business Performance (1) ◼ 3Q gross profit hits record high, EBITDA similarly strong. Both gross profit and gross margin improved in YoY with strong agency business and continuously solid SaaS business ◼ SaaS quarterly revenue grew to 170MM (YoY +109.5%), with continuous growth in every quarter since the start of the business ◼ 4Q revenue is expected to decline in QoQ, partly due to the off-peak season ◼ By applying the new revenue recognition standards, revenue is netted for broadcasting services, and gross revenue is recognized for production and SaaS services (in JPY MM) (EBITDA) Notes (1) Internal transactions included in revenue, gross profit, and SG&A 872 1,248 2,613 1,983 1,727 2,641 1,614 1,493 1,680 1,819 1,847 2,023 1,157 1,997 2,163 Gross Revenue

40 Novasell 55.5 58.6 % % 292 344 2022/5-2023/4 2023/5-2024/4
+17.8% Novasell Business KPI Trends ◼ ARPA declined due to strong SaaS business. In the meantime, unit price is on an increasing trend in SaaS business (+25.2% YoY) ◼ Total number of SaaS users for 2023/5- 2024/4 was 251 companies (+33.5% YoY). More than 95% of them are using paid services, and the number of companies using paid services increased +40.1% YoY 292 474 1,068 1,072 -8.6% +5.6% Number of Annual User Companies ARPA(1) Gross Profit and Breakdown Gross Margin JPY 8.3MM JPY 7.6MM JPY 1,361MM JPY 1,547MM Notes (1) ARPA=Average Revenue Per Account +13.7% Agency Business SaaS Business

42 Audit & Supervisory Committee Management and execution of each
business segment/corporate function Governance System to Support Adequate Risk-Taking ◼ We have built a governance structure that preserves and maximizes corporate value while conducting portfolio management of multiple businesses ◼ Both companywide optimization and autonomous business management are ensured ◼ Shifted to an executive structure centered with SVPs from FY2023 to clarify roles and responsibilities in execution. The number of internal directors to be reduced to 2 (1) to further refine the position of the Board of Directors as part of the governance ◼ A Sustainability Committee has been newly established to enhance corporate value through pursuit of sustainability Governance Companywide Optimization Autonomous Business Management SVP meeting CEO and Representative Director Board of Directors Companywide optimization/ decision- making (budgeting etc.) Nomination and Remuneration Committee Executive Committee (EC) Sustainability Committee Decides on Nomination/Remuneration of Directors (majority of the members are Outside Directors) Business portfolio/capital optimization etc., Long-term corporate value enhancement, Nomination of business CEO Long-term corporate value improvement through addressing management issues related to Sustainability and ESG Raksul Board Meeting Kozo Fukushima, SVP of Raksul Novasell Board Meeting Masaki Tabe, SVP of Novasell Corporate Board Meeting Yo Nagami, SVP of Corporate Audit function Management supervision function Notes (1) Of the retiring directors, Kozo Fukushima, Masaki Tabe and Sota Mizushima continue to serve as SVP (Senior Vice President) and be responsible for the execution of the Company's management Novasell Raksul Investment Committee Increase corporate value through continuous M&A

43 Why ESG is Important for Our Business ◼ Our
corporate vision, “Better Systems, Better World” which encompasses our mission to make the society a better place, is the DNA of our company and the very purpose of our business ◼ Therefore, we believe our business activities based on our corporate vision and our contributions towards resolving environmental/social issues should be compatible Various environmental/social issues to be faced as part of society Industrial/social/customer challenges we address as an industry platformer

44 ESG Materiality ◼ We have identified our materiality by
referring to external guidelines such as SASB and SDGs, as well as multiple discussions with stakeholders and the Board of Directors ◼ We will further strengthen our ESG initiatives in accordance with this materiality map ◼ We will review the map every 1-2 years, taking into account changes in social conditions and dialogues with stakeholders

45 External Ratings / Strengthening ESG Information Disclosure ◼ RAKSUL
was selected as constituent of the FTSE Blossom Japan Index(1) in June 2023 for the first time ◼ We have been maintaining an “BBB" rating by MSCI ESG Research (2) as of June 2024 ◼ We expressed our support for TCFD (3) recommendations and joined the TCFD consortium in April 2021. In addition, we conducted and disclosed a scenario analysis using the disclosure framework recommended by TCFD *THE USE BY RAKSUL INC. OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES ("MSCI") DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF RAKSUL INC. BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED 'AS-IS' AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI As of 2024, RAKSUL INC. received an MSCI ESG Rating of BBB. Notes (1) FTSE Blossom Japan Index is an index designed by FTSE Russel, a member of the London Stock Exchange Group, to measure the performance of Japanese companies with high ESG ratings and consists of 310 Japanese stocks with excellent ESG ratings as of June 19, 2023. FTSE Blossom Japan Index Series website: https://www.ftserussell.com/ja/products/indices/blossom-japan (2) MSCI is a financial service provider headquartered in New York, U.S.A. The company is listed on the New York Stock Exchange and provides a range of tools that support the investment decision making of institutional investors around the world, including large public pension funds, asset management firms, and hedge funds. MSCI website: https://www.msci.com/ (3) TCFD: Task Force on Climate-related Financial Disclosures (TCFD) was established by the Financial Stability Board (FSB), an international body consisting of national financial authorities and international standard-setting bodies. This international initiative aims to support companies with climate related disclosure and to stabilize the financial market through a smooth transition to a low-carbon society https://corp.raksul.com/en/esg/environment/tcfd/

46 Current Organizational Status ◼ Diversity has been promoted as
the organization continuous to expand Number of Employees (1) Average Age (2) Average Years of Service (2) Male/Female Ratio (1) 533 Employees 32.9 Years old 2.5 Years Male 54.8% Notes (1) Headcount as of July 2023, including full-time, part-time, and contract employees of RAKSUL, DANBALL ONE, NOVASELL, and overseas development centers (non-consolidated subsidiaries) (2) Full-time employees of RAKSUL, DANBALL ONE, NOVASELL, and overseas development centers (non-consolidated subsidiaries) as of July 2023 (Japan only: 445 employees) (Japan only: 50.6%) (Japan only: 49.4%) (Japan only: 2.8 years) (Japan only: 34.0 years old) Female 44.7%

47 HR Organization Policy ◼ Organizational design with the overarching
objective of realizing the vision and maximizing long-term corporate value ◼ Return to a culture of coming to the office in the after COVID-19 environment, fostering a culture of mutual trust, and focusing on improving productivity. Job turnover rate, which had been rising during COVID-19 environment, is now decreasing Our Vision and Raksul Style • Organizational design that places the highest priority on our vision “BETTER SYSTEMS, BETTER WORLD” and the Raksul Style (Code of Conduct)* to realize such vision *Reality/System/Transparency/Team first Diversity & Inclusion • We will take advantage of the fact that the ratio of female employees in the company is already about 45% and the ratio of foreign nationals is about 17%, and provide an environment and opportunities to recruit and retain the best talents from both Japan and overseas • In the coming future, we plan to increase the ratio of female and foreign-national members in management positions Productivity Improvement • To improve productivity (gross profit per employee, gross profit divided by labor cost) year by year is the long-term policy for new hire planning in each business Strengthening Our Technology Team • Investment in technology is essential in redesigning the industry structure, and we will focus on strengthening our teams in Japan and overseas • We have established development centers in India and Vietnam, with plans for expansion Incentive design linked to long-term equity value • In addition to cash remuneration, we have a stock-based compensation system (stock options and restricted stock), which provides compensation for individual performance through long-term increases in equity value

48 Competitive Compensation: Strengthening Equity Incentives ◼ Our basic purpose
and approach to equity incentives have remained the same since the disclosure of our RS system implementation in FY2019 4Q Notes (1) Estimate as of September 2023. The amount will be affected by stock price. Decrease from the previous period due to the vesting of Stock Acquisition Rights No.14 (Paid-in SO) upon achievement of performance requirements and the abandonment of the Stock Acquisition Rights No.15 (Trust SO) Purpose • To align the incentives and commitment of directors and employees with the maximization of long-term shareholder value • To ensure the competitiveness of our compensation level in order to attract and retain talent which is the foundation of our competitive advantage Structure • Structure: restricted stock (RS) and stock options • Simple design that both investors and recipients can expect Dilution • Expected dilution of max. 10% over 10 years from FY2019 (around 1% per year) • Designed with flexibility for variation in each year • Abandonment of outstanding Trust SO will reduce dilutive impact by 0.58% (disclosed today) • Our percentage of dilutive shares was 7.3% at IPO and 5.1% as of the end of the fiscal year ending July 2023 - lower than other growing companies (see other pages for stock incentive balance) Impact on P&L/CF • Stock-based compensation expense for FY2023 was JPY 652MM per year • Stock-based compensation expense for FY2024 will be maximum JPY 550MM per year (1) • As the impact is neutral in terms of cash flow, we disclose non-GAAP profits, excluding the impact of RS

49 Incentive Design for CEO ◼ Multiple alignment tools with
the shareholders’ viewpoint, in order to ensure that the new CEO will not merely be a hired successor, but become a "founder" who will be responsible for increasing the company's value over the next 10 years ◼ While monetary compensation level is lower than that of other listed companies, the ratio of equity compensation is set at the highest possible level to encourage long-term commitment ◼ All incentive grants to be contingent upon approval of the grant of RSUs at the 14th Annual General Meeting of Shareholders Name Format Number of Shares(Dilution %(1)) Conditions of Exercise, etc. PL/BS Impact(2) Monetary Compensation ｰｰ Executive compensation expenses Stock-Based Compensation (Service requirement + Single year performance requirement) Total for 10 years Maximum 877,000 Shares (1.50%) Removal of restrictions on the transfer of 87,700 shares each after the end of each fiscal year, provided that the following two conditions are met (if not met, the share will be forfeited for that fiscal year) ・Remain as CEO until the end of each fiscal year ・Consolidated gross profit growth of over 15% YoY Expense of approx. JPY 120MM per year Performance Target Linked (Stock price requirement + Performance requirement) 877,000 Shares (1.50%) 3 tranches setting (share price requirement and performance requirement) 1. Share price of 8,500 yen (market capitalization of approximately 500 billion yen) + EBITDA of 10 billion yen: 20% exercisable 2. Share price 12,000 yen (market cap of approx. 700 billion yen) + EBITDA of 15 billion yen: 33% exercisable 3. Stock price of 17,000 yen (market capitalization of approximately 1 trillion yen) + EBITDA of 20 billion yen: 47% exercisable Performance evaluation after 5 years for a period of 10 years Expense of approx. JPY 80MM per year Capital Gain 877,000 Shares (0.00%) No dilution due to the fact that this is a secondary transaction and not an issuance of new shares Company stocks will be purchased from the founder, Yasukane Matsumoto, and the stock market in a negotiated transaction (We lend part or all of the funds) - Total Expense of approx. JPY 200MM per year Monetary Compensation Stock Options （Paid-in SO） Restricted Stock Units （RSU） Negotiated Transaction Notes (1) Based on 58,476,092 shares (581,858 voting rights), the total number of outstanding shares of the Company as of July 31, 2023 (2) Calculated based on an estimated share price of JPY 1,400 yen 1,754,000 Shares + 877,000 Shares (3.00%) (0.00%)

50 Issuance of Stock-Based Compensation and Performance Target Linked Stock
Options(1) ◼ Issued a total of 4 stock options linked to stock-based compensation and performance target linked stock options in December 2022 ◼ 1. and 2. are stock-based compensations as annual incentives (1-yen SO instead of RS has been implemented for employees from the current fiscal year) ◼ 3. and 4. (collectively called Quality Growth Stock Option 2022) are stock- based compensations linked to performance targets and serve as medium-term incentives. However, the decision was made to abandon the Trust SO because it could no longer fulfill its original purpose Name Type Number of Shares (Dilution %(2)) Allotees Conditions for Exercise, etc. 1.Restricted Stock-Based Compensation (RS) Stock-Based Compensation 11,260 shares (0.04%) Directors Restriction on transfers lifted in a lump sum after 3 years 2. Stock Acquisition Rights No.13 (1-yen SO) Stock-Based Compensation 42,370 shares (0.15%) Employees Exercisable in one sixth increments every 6 months 3. Stock Acquisition Rights No.14 (Paid-in SO) Performance Target Linked (Quality Growth Stock Option 2022) 192,500 shares (0.66%) Directors Employees When EBITDA(3) a) Exceeds JPY 2.8Bn in FY2023 or FY2024: 50% exercisable b) Exceeds JPY 4.0Bn in FY2024 or FY2025: 50% exercisable 4. Stock Acquisition Rights No.15 (Trust SO) Performance Target Linked (Quality Growth Stock Option 2022) 167,500 shares (0.58%) Directors Employees New hires Same as above Total 413,630 shares (1.42%) Notes (1) In February 2023, we executed a stock split (from 1 share to 2 shares). This page shows the number of shares before the stock split. (2) Dilution rate based on 29,080,100 shares (290,297 voting rights), the total number of outstanding shares of the Company as of July 31, 2022 (3) Stock Acquisition Rights described in the "Announcement of Issuance of Stock-based Compensation Stock Options (Stock Acquisition Rights No.13)" disclosed on November 17, 2022 (4) Stock Acquisition Rights described in the "Announcement of Issuance of Stock Acquisition Rights No.15 Using a Third-party Allotment Collectively Called “Quality Growth Stock Option 2022”, and Introduction of a Market Value Issued Stock Acquisition Rights Trust" disclosed on November 17, 2022 (3) (4)

51 Reference Material

52 Company Overview Name: RAKSUL INC. HQ: Shinagawa-ku, Tokyo, Japan
Foundation: September 2009 Management Team: Yo Nagami, CEO Yasukane Matsumoto, Founder / Chairman Tatsuru Watanabe, SVP of Raksul Masaki Tabe, CMO / SVP of Novasell Masaru Sugiyama, CFO / SVP of Finance Shinnosuke Nishida, CAO / SVP of Corporate Sota Mizushima, CPO / SVP of Technology Yukiko Shiozaki, CHRO / SVP of HR Yoshihiko Miyauchi, Outside Director Kenji Kobayashi, Outside Director Yumiko Murakami, Outside Director Naomi Mori, Outside Director, Audit & Supervisory Committee Member Masahiro Kotosaka, Outside Director, Audit & Supervisory Committee Member Junko Utsunomiya, Outside Director, Audit & Supervisory Committee Member

53 Management Team Yasukane Matsumoto Founder / Chairman • Graduated
from Keio University, Commerce • Established the company in September 2009 after working for A.T. Kearney • Established a business model called "Sharing Economy" to utilize idle assets in the printing industry • Graduated from Keio University, Policy Studies; MBA from Wharton School of the University of Pennsylvania • Joined RAKSUL in April 2014 after working at Mizuho Securities, Carlyle, and DeNA • Has a wide range of knowledge through finance and investment companies and is well versed in all aspects of financial strategy Yo Nagami CEO • Graduated from Chuo University, Literature • Joined RAKSUL in August 2014 after working for Marui Group and TAKE AND GIVE NEEDS • Specializes in new customer acquisition centered on TV commercials and stabilizing the repeat rate through data-driven CRM, and oversees not only promotions but also the 4P strategy in general Masaki Tabe CMO / SVP of Novasell • Graduated from Graduate School of Media and Governance, Keio University • Joined RAKSUL in October 2017 after working for IBM Japan and DeNA, serving as CPO and product owner of the printing business. Launched Raksul Vietnam and Design Promotion Office and leads product development Sota Mizushima CPO / SVP of Technology • Graduated from Tsuda University, Arts and Sciences; MPS & MA from Cornell University • Joined RAKSUL in December 2022 after holding a key HR leadership positions at several U.S. based companies, including GE/IBM. Has extensive knowledge in strategic planning and organizational transformation of HR organizations, and oversees the HR area of the entire company Yukiko Shiozaki CHRO / SVP of HR • Graduate School of Engineering, Kyoto University • Joined RAKSUL in July 2017, after working for TOYOTA MOTOR CORPORATION. Responsible for the overall management planning, organizational planning, and PMI of investment portfolio companies for the overall Raksul business segment Tatsuru Watanabe SVP of Raksul • Graduated from Aoyama Gakuin University, International Political Economy • Joined RAKSUL in August 2014 after working for MORI BUILDING and DeNA; responsible for the 2018 Mothers listing and all corporate actions over the past few years, serving as a director and auditor for Novasell and Peraichi Shinnosuke Nishida CAO / SVP of Corporate • Graduated from Waseda University, International Liberal Studies • Joined RAKSUL in November 2023 after working for Goldman Sachs, as an analyst in the technology sector and Xica, as CFO ; Oversees investor relations, capital policy, and planning of financial resources required for growth Masaru Sugiyama CFO / SVP of Finance

54 Yumiko Murakami Outside Director Management Team (Outside Directors) •
Graduated from Kansei Gakuin University, Commerce; MBA from University of Washington • Long standing career at ORIX Corporation since 1964, previous positions include Representative Executive Officer, Chairman, and CEO • Senior Chairman of ORIX Corporation since 2014 • Joined RAKSUL as Outside Director in October 2019 • Graduated from Saitama University, Education • Joined Tohmatsu & Co. (currently Deloitte Touche Tohmatsu LLC) in 1997 • Joined Asahi & Co. (currently KPMG AZSA LLC) in 1998 • Joined Makoto Sato Accounting Office in 2013 • Joined RAKSUL as Outside Corporate Auditor in October 2014 • Graduated from The University of Tokyo; Law; LL.M. from Columbia University • Registered as attorney at law and joined a law firm, Nagashima Ohno & Tsunematsu in 2000 • Temporarily transferred to the Tokyo Stock Exchange, Inc. in 2007 • Established Utsunomiya Law Office in 2011 • Established a law firm, Utsunomiya Shimizu & Haruki, and assumed office as Partner since 2018 • Joined RAKSUL as Outside Corporate Auditor in October 2018 Yoshihiko Miyauchi Outside Director • Graduated from The University of Tokyo; Master of Literature, Graduate School of Humanities and Sociology • Joined Corporate Direction, Inc. in 2005 • Joined DeNA Co., Ltd., where he served as a director and executive officer (2009-2017) • Co-Founder of Signifiant Inc., since 2017 • Joined RAKSUL as Outside Director in October 2020 Kenji Kobayashi Outside Director Masahiro Kotosaka Outside Director, Audit & Supervisory Committee member Junko Utsunomiya Outside Director, Audit & Supervisory Committee member Naomi Mori Outside Director, Audit & Supervisory Committee member • Graduated from Sophia University; M.S., Stanford University; M.A., Harvard University • United Nations Transitional Authority in Cambodia in 1991 • Managing Director at Goldman Sachs and Co in 1997 • Managing Director at Credit Suisse Securities (Japan) Limited in 2009 • Founded MPower Partners Fund L.P. General Partner in 2021 • Joined RAKSUL as Outside Director in October 2021 • Graduated from Keio University; MSc. in Management Research with Distinction; D.Phil. in Management Studies from University of Oxford • Joined McKinsey & Company, Inc. in 2004 • Associate Professor of College of Business Administration, Ritsumeikan University in 2013 • Associate Fellow at the Foundation France-Japon de L’École des Hautes Études en Sciences Socials in 2015 • Associate Professor at Faculty of Policy Management, Keio University since 2016 • Joined RAKSUL as Outside Corporate Auditor in June 2017

55 Difference between non-GAAP Profit and Accounting Profit ◼ Previously,
the only GAAP adjustment item was stock-based compensation expense, however from 2Q, amortization of goodwill was added ◼ The amount in “Difference (stock-based compensation expense)” varies between operating profit and ordinary profit as RS held by retired/resigned employees are recorded as non-operating expenses (in JPY MM) FY2024 3Q (2023/11-2024/1) Actual (non-GAAP) Difference (stock-based compensation expense + amortization goodwill) Actual (J-GAAP) Revenue 13,566 - 13,566 Gross Profit 4,712 - 4,712 Operating Profit 1,216 318 898 Ordinary Profit 1,120 319 801 Net Profit 644 319 325

56 Group Companies Equity method affiliate • Accelerating growth towards
an open platform in the logistics industry with a new shareholder, JAPAN POST CAPITAL Co., Ltd., joining in January 2024 • Quarterly revenue is approximately JPY 1.53Bn Consolidation possible in the future • Business is up and running smoothly and has procured Series B funding of JPY 13.5Bn • Started providing services in the US and APAC in addition to Japan • Consolidated from this fiscal year • No change in our shareholding, managed as Other Businesses • Quarterly revenue is approximately JPY 0.26Bn Investments Organic Businesses Consolidated Peraichi Hacobell Josys

57 Hacobell Issues in Logistics Industry and the Solutions Hacobell
Provides ◼ A matching platform to realize smooth transactions by directly connecting clients (shippers) and drivers ◼ Hacobell Connect (SaaS) to reduce operation cost for clients (shippers) and drivers Multiple-Layered Structure of Intermediaries Low Productivity due to analog operations Issues in the Industry Smooth transactions by digitizing transactions and connecting clients (shippers) and drivers Improve productivity and reduce operational costs by digitizing delivery operations - Inefficient operations using phone and fax - Unable to allocate time for what “needs to be done” Hacobell’s Solutions and Business Model Matching Platform →Transaction Fee Hacobell Connect (SaaS) →Monthly System Usage Fee - Shippers: difficulty finding trucks + price increase - Drivers: low profit and low income due to low utilization rate

58 Josys - IT Devices & SaaS Integrated Management Cloud
Platform ◼ We have launched our 4th business line, Josys, which automates the analog operations of corporate IT functions through SaaS/EC/BPO services ◼ Josys reduces the increasing burden of corporate IT operations due to increase in teleworking and SaaS implementation under the COVID situation ◼ Leveraging Raksul’s strengths in procurement and operations, we aim to resolve the "inefficiencies" of the corporate IT domain and create an environment in which IT can shift their focus to real challenges such as DX Reduce operational costs and improve security levels by automating analog IT support operations Real Time Cloud Management IT Device Return IT Device Storage SaaS Account Deletion Offboarding IT Device Procurement Configuration SaaS Account Creation Onboarding During Employment Inventory Management of IT Devices and Software Help Desk Support Reassignment of IT Devices, SaaS Authorization Changes Josys

59 127 136 165 184 199 215 233 298 102
108 133 148 160 169 182 242 0 50 100 150 200 250 300 350 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2022 FY2023 (in JPY MM) Overview of Peraichi Inc. ◼ As part of the software business expansion into the sales promotion area utilizing Raksul's customer base, we acquired their shares in September 2020 and consolidated from 1Q FY2024 ◼ The financial impact on FY2024 results is expected to be about JPY +1.1Bn in revenue, +0.8Bn in gross profit, -0.2Bn in EBITDA, and -0.3Bn in operating profit (including amortization of goodwill). Managed as part of other businesses ◼ Although not included in the forecast at the beginning of the fiscal year, each figure in the initial plan is expected to be achieved due to strong company-wide performance Company name : Peraichi Inc. Business : Operation of Website creation SaaS “Peraichi” CEO : Kunihiro Yasui Service Overview • SaaS service which enables anyone to easily create a website • Offers payment function for online shops • Highly compatible with printing E-commerce (commercial printing) as the service is utilized by SMEs in various industries nationwide for sales promotion and marketing purposes Financial Performance(1) Notes (1) The fiscal year differs from that of RAKSUL, and the financial results of Peraichi are disclosed on a non-consolidated basis

60 Sources Indirect cost market Estimated based on the total
selling, general and administrative expenses of all stocks listed on the Tokyo Stock Exchange (excluding ETFs, REITs and securities investments) Raksul Business stationery and commercial printing Calculated based on “Current Production Statistics: Paper, Printing, and Plastic” (METI), production volume basis Novelty items Estimated based on "Corporate Gift Market“ (Yano Research Institute Report, 2020) Promotional media = Offline advertising Total of inserts, direct mail, and free magazines from “Advertising Expenditures in Japan” (Dentsu, 2020) Hacobell Trucking Estimated based on “Japan Trucking Industry 2018 - Current Status and Issues” (Japan Trucking Association) Novasell TV commercials "Advertising Expenditures in Japan" (Dentsu, 2024) Taxi advertising Not added as value since it is part of the transportation digital signage market JOSYS Total device value in the domestic IT market shipment forecast “Domestic IT Market Forecast by Industry Sector / Employee Size / Annual Sales Size, 2021-2025: Considering the Impact of COVID-19 as of the End of March 2021” (IDC Japan, May 2021) Industry general-purpose SaaS "2021 Current Status and Future Prospects of Cloud Computing <Market>" (Fuji Chimera Research Institute, March 2021) DANBALL ONE Packaging materials Shipment volume of Japan packaging industry 2020, Japan Packaging Institute, paper and cardboard products Peraichi Website production Estimated based on “Web Integration & Internet Advertising Platform Market Status and Outlook 2017 Edition” (Mick Economic Research Institute) + CMS providers’ revenue AMIDA Business Stamps Shipment value of seals, inkpads, stamps, and stamp stands from the "Survey of Economic Structure (Survey of Manufacturing Plants)" (2022) by the Ministry of Economy, Trade and Industry

61 Better Systems, Better World

62 Disclaimer Handling of this material This material includes forward-looking
statements. These forward-looking statements were created based on the information available at the time they were created. They do not guarantee our future results and involve certain risks and uncertainties. Please note that actual results may differ materially from those discussed in the forward-looking statements due to changes in environments surrounding Raksul or any other factors. The factors which may affect actual results include but are not limited to: Japanese and global economic conditions, and conditions of markets in which Raksul operates. Raksul is not obligated to update or revise any content of the forward-looking statements within this material, even in cases such as where new information becomes available or future events take place. Information contained within this material on other topics besides Raksul is quoted from published information and other sources. As such, the accuracy, appropriateness, etc. of such information has not been verified, nor do we guarantee them thereof. Contact Us IR Group E-mail: [email protected] IR Information: https://corp.raksul.com/en/

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