Company Overview (IR)

Company Overview
RAKSUL INC. (TSE PRIME: 4384)

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2
1. Company Overview
2. Printing and Offline Advertising - Raksul
3. TV commercial related - Novasell
4. Business and Organization that Support Realization of Our Vision
5. Governance Policy and ESG Initiatives
6. Financial Policy and Highlights
7. Reference Material

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Company Overview

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Launched in April 2020
Launched in December 2015
(% of shares held: 49.9%)
Our Vision and
What We Do
◼ We strongly believe in
redesigning the structure and the
value chain of conventional
industries with the help of the
Internet
Printing & offline advertising
Platform
Logistics
Platform
Launched in March 2013
TV commercial-related
Platform
Better Systems, Better World
Novasell
Raksul
Hacobell
Launched in September 2021
(Consolidation possible in the future)
Invested in September 2020
(49.9%)
No-code Website Builder with
Payment Functions (SaaS)
Integrated IT Device &
SaaS Management Cloud
Leading Digital Printing
Company
(41.4%)
Net Square
DANBALL ONE
Peraichi
Cardboard and packaging materials
ordering platform
Invested in December 2020
(Became wholly owned subsidiary in Feb 2022)
Josys
Accounting Segment Group Companies

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New Businesses/
Large-scale
investments
◼ An Integrated Vertical Platform with
“Transactions” as the primary focus as
well as “Software” and “Services” for
each indirect cost market
◼ We achieve continuous monetization
through transactions (current main
source of revenue) by penetrating
deeply into both supply and demand,
rather than simply matching them
◼ As a result, our business transforms
traditional industries into highly
productive and profitable industries by
improving the cost efficiencies of
transactions and operations
Business Model
Integrated Vertical Platform
Transactions
E-commerce / Marketplace
Software
SaaS
Services
Payment, BPO etc.
Novasell
Raksul
Value additions based on data and transactions
-> Resolving pain points on both supply and demand sides
A two-sided platform with deep penetration
into both supply and demand sides
-> Optimizing transaction costs
Data processing of clients’ internal information
and source of transaction accumulation
-> Optimizing operational costs

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TAM Total
JPY
31Tn
Domestic Indirect Cost Market JPY
140Tn in Total
Source: Please see Reference Materials for details
Direction of Growth
■ We will redesign the industrial
structure of each indirect cost
(indirect materials/services) market
through our Integrated Vertical
Platform
■ The TAM of the peripheral markets
is also large, and there is room for
expansion (e.g., printing →
packaging, logistics → warehousing)
■ With a fragmented supply-side
structure, our strength is in building
businesses in markets with room for
Ecommerce progression
Revenue Direct Cost Indirect Cost Operating Profit
Company P&L
Raksul
Josys
Mar. 2013~
Dec. 2015~
Apr. 2020~
Sep. 2021~
Business Stationery and Commercial Printing
Novelty goods
Promotion Media (Offline Advertising)
6.3
Tn
TV commercials
Taxi Ads
Novasell
1.7
Tn
Trucking
Hacobell
14
Tn
Corporate IT
6.2
Tn
Packaging
2.5
Tn
Website Production 0.3Tn
DANBALL ONE
Peraichi

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Expansion Leveraging
Existing Customer &
Business Base
Our growth drivers:
1. Expansion of the target markets
through E-commerce
penetration
2. Product category expansion
through organic businesses and
acquisitions
3. Expansion of customer base
from sole proprietor/SME
customers to large enterprise
customers
Commercial
Printing
2Tn
Novelty goods
2.6Tn
TV
Commercials
1.7Tn
Taxi Ads
Tens of Bn
Promotion Media
(Offline Advertising)
0.7Tn
Website
Production
0.3Tn
Business
Stationery
1Tn
Packaging
JPY 2.5Tn
revenue Promotion and Advertising Budget
Administration and
Procurement Budget
Raksul - Number of
Annual Purchasers
2. Product category expansion through
organic businesses and acquisitions
3. Expansion of customer base from
SME to large enterprises
1. Expansion through
EC penetration
LE
SME
Sole
proprietors
/SME
Approx.
9k
Approx.
240k
Approx.
250k
14.6M
(11k companies)
14.4M
(Approx.1.7M
companies)
Number of
Employees
(Number of
Companies)
Enterprise
Source: Please see Reference Materials for details
-
(Approx.1.9M
Sole proprietors)
Raksul
DANBALL ONE
Peraichi
Novasell
Raksul

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Vision-based Long-term
Management Approach
Integration of organizational management
capabilities and entrepreneurship
◼ Organizational management
capabilities to continuously expand
existing business domains
◼ Entrepreneurship to create new dots
(business domains) in new areas, even
if they are initially outside of existing
business domains
◼ Management capabilities to connect
and integrate the dots over the long
term and utilize management assets
and capabilities acquired in new
domains across the group
Creating new mechanisms for society and industries
- Entry into mass advertising and digital advertising
budget domains
- Development of enterprise SaaS business model
VISION
Net Square
- Expansion into IT budget domain
- Development of enterprise SaaS business model
- Challenge in the global market
- Expansion into digital sales promotion budget domain
- Development of PLG (Product Led Growth) SaaS business model
- Expansion into the logistics budget domain
- Horizontal expansion of the matching business model
- Business expansion in the area of
administration and procurement budget
Josys
Novasell
Hacobell
DANBALL ONE
Peraichi
New Future Businesses
- Business expansion in on-demand printing area
Raksul
Indirect Cost Market
New Future Businesses
Parent Company,
consolidated subsidiaries
Equity Method
Affiliates
Consolidation possible
in the future 8

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Portfolio Management of
Multiple Businesses
◼ To further expand TAM, we have
established a structure based on
portfolio management of
multiple businesses
To increase
competitiveness by
combining forces as
a portfolio
company
Duplicatable
business
model
Allowance for
time to grow
Synergy
Strong hiring
and financing
power
Why We Build a Business Portfolio
To utilize know-how
gained from
building an online
printing service
To share customer
base and teams
(technology and
corporate functions)
To absorb time
needed for each
business to
penetrate its
market

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69.3% 66.3%
60.2%
54.0% 54.5%
17.8%
17.5%
19.1%
26.4%
37.0%
3.0% 4.4%
8.0% 8.3%
6.9%
9.3% 11.2% 11.5% 10.2%
0.6% 0.6% 1.1% 1.0% 1.6%
FY2019 FY2020 FY2021 FY2022 FY2023
Cumulative
Total
Other Business and Internal Transaction Reconciliation
Hacobell
Novasell
Raksul: Offline Ads / New Domains (including DANBALL ONE)
Raksul: Printing E-commerce
Revenue Composition
by Business Segment
■ While the printing e-commerce
continues its growth, offline
advertising services, new
domains, and DANBALL ONE
within Raksul business segment
have been steadily expanding,
creating multiple strong revenue
streams
Gross Margin of Raksul
27%-30%
Gross Margin of Novasell
40%-50%

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Organizational Structure
that Enables Deep
Penetration into the
Industries
◼ Raksul is a technology company
with operational know-how and
marketing expertise - this is how
we clearly differentiate ourselves
from other pure-Internet players
and legacy industry incumbents
Technology
Marketing Operation
Continuous product development led by
industry-leading engineers
Efficient production process developed
through in-house R&D
with 3 printing machines
Experience with total of JPY 5Bn+
advertising campaigns with in-house
expertise from planning to effectiveness
analysis

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Management Team Yasukane Matsumoto
Founder and CEO
• Founded RAKSUL in September 2009
• Introduced the “Sharing Economy” model to the printing
industry, in which idle assets are used more effectively
• Ex-consultant from A.T. Kearney
• Graduated from Keio University
• Joined RAKSUL in April 2014
• Well-versed in financial strategies with a wide range of
knowledge obtained through experience in the financial
and investment sectors
• Previously worked at Mizuho Securities, Carlyle Japan
LLC, and DeNA
• Graduated from Keio University; MBA from The
Wharton School of the University of Pennsylvania
• Joined RAKSUL in August 2014
• Committed to expanding the scope of our services from
marketing perspectives
• Previously worked at Marui Group and TAKE AND GIVE.
NEEDS
• Graduated from Chuo University
• Joined RAKSUL in July 2015
• Expert in business planning, corporate development,
and production control
• Previously worked at Future Architect and ex-Principal
of Boston Consulting Group
Masaki Tabe
CMO / SVP of Novasell
Yo Nagami
CFO / SVP of Corporate
Kozo Fukushima
COO / SVP of Raksul
• Joined RAKSUL in October 2017
• Has been working as a CPO and a product owner of our
printing business, launched RAKSUL Vietnam and
the Design Promotion Office to lead product development
Sota Mizushima
CPO / SVP of Technology
• Joined RAKSUL in December 2022
• Extensive knowledge in strategic planning and
organizational transformation of HR organizations. Currently
oversees the HR domain of the entire company
• Previously held key leadership roles in HR for several US-
based companies including GE and IBM
• BA from Tsuda College and an MPS & MA from Cornell
University
Yukiko Shiozaki
CHRO / SVP of HR

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Yumiko Murakami
Outside Director
Management Team
(Outside Directors)
• Joined RAKSUL as an outside director in October 2019
• Senior Chairman of ORIX Corporation since June 2014
• Long standing career at ORIX Corporation since 1964,
previous positions include the Representative Executive
Officer, Chairman, and CEO
• Graduated from Kansai Gakuin University; MBA from the
University of Washington
• Joined RAKSUL as an Outside Corporate Auditor in October 2014
• Joined Makoto Sato Accounting Office (2013)
• Joined Asahi & Co. (currently KPMG AZSA LLC)(1998)
• Joined Tohmatsu & Co. (currently Deloitte Touche Tohmatsu LLC)
(1997)
• Graduated from Saitama University
• Joined RAKSUL as an Outside Corporate Auditor in June 2017
• Associate Professor at Faculty of Policy Management, Keio
University (2016 to present)
• Associate Fellow at the Foundation France-Japon de L’École des
Hautes Études en Sciences Socials (2015)
• Associate Professor of College of Business Administration,
Ritsumeikan University (2013)
• Joined McKinsey & Company, Inc. (2004)
• Graduated from Keio University; MSc. in Management Research
with Distinction; D.Phil. in Management Studies from University
of Oxford
• Joined RAKSUL as an Outside Corporate Auditor in October 2018
• Established the law firm, Utsunomiya Shimizu & Haruki, and
assumed office as Partner (2018 to present)
• Established Utsunomiya Law Office (2011)
• Temporarily transferred to the Tokyo Stock Exchange, Inc. (2007)
• Registered as attorney at law and joined the law firm, Nagashima
Ohno & Tsunematsu (2000)
• Graduated from The University of Tokyo; LL.M. from Columbia
University
Yoshihiko Miyauchi
Outside Director
• Co-Founder of Signifiant Inc., since July 2017 to present
• Joined DeNA Co., Ltd., where he served as a director and
executive officer (2009-2017)
• Joined Corporate Direction, Inc.(2005-2009)
• Graduated from The University of Tokyo; Master of
Literature, Graduate School of Humanities and Sociology
Kenji Kobayashi
Outside Director
Masahiro Kotosaka
Outside Director,
Audit & Supervisory Committee member
Junko Utsunomiya
Outside Director,
Naomi Mori
Outside Director,
• Founded MPower Partners Fund L.P.
General Partner (2021 to present)
• Managing Director at Credit Suisse Securities (Japan) Limited
(2009)
• Managing Director at Goldman Sachs Japan Co., Ltd.(2008)
• Managing Director at Goldman Sachs and Co. (1997)
• Vice President at Goldman Sachs International(1994)
• United Nations Transitional Authority in Cambodia (Phnom Penh)(1998)
• United Nations Secretariat (New York)(1991)
• United Nations Development Program (Barbados)(1991)
• Graduated from Sophia University
• M.S., Stanford University
• M.A., Harvard University

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Printing & Offline ads
Raksul

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Raksul
1. Business Model
2. Market Opportunities
3. Financial highlights
4. Overview of DANBALL ONE Inc.

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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

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Raksul
Self-perpetuating
Platform Driven by
Growing Demand and
Supply Base
Note
1. Number of cumulative registered users of Raksul as of January 2023
Lower Cost
Empower Users
More
Transactions
Empower Suppliers
More Users
Approx. 2.08 million
Users(1)
Manufacturing
Advantage of Scale
Printing/Posting Partners
Raksul

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Raksul
Fabless Model Brings
Unique Competitive
Advantages
■ Raksul’s Value Proposition and
Competitive Advantages are:
■ Improvement in utilization rate and
productivity by redistributing excess
capacity
→Scalable capacity
→Asset-light model (Higher capital
efficiency)
■ Easier and flexible order at lower price
(Able to capture the long tail of printing
demand from SME)
→Highly-engaged user base
→Highly diversified users (not heavily
relying on specific users)
Printing Companies
Network of
suppliers
Users
Large
Enterprises
SME Individuals
Non-Operating
Hours
Operating
Hours
Raksul

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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: 3-4%
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 as an independent
business segment)
- Websites (Peraichi)
Source: Estimated based on Yano Research Institute, METI, Dentsu “Advertising Expenditures in Japan”
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.
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Raksul
Overview of Peraichi Inc.
■ We have acquired shares in
Peraichi Inc. as part of business
development in revenue
promotion area by leveraging the
customer base of existing Raksul
business
■ Accounting as equity-method
affiliate from FY2022 3Q onward
Company name : Peraichi Inc.
Business : Operation of Website creation SaaS “Peraichi”
CEO : Kunihiro Yasui
Financial standing : Monthly revenue around JPY 70MM; growth accelerating under the COVID environment
Deal Overview : Share purchase from existing shareholders and subscription of newly issued shares,
resulting in shareholding ratio of approximately 49%
Service Overview
・A SaaS service which enables anyone to easily create a website
・Offer payment function for online shops
・Highly compatible with printing EC (commercial printing) as the
service is utilized by SMEs in various industries nationwide for
revenue promotion and marketing purposes
20

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Raksul
Acquisition of Raksul
business-related assets
of Net Square Co., Ltd.
◼ Raksul business-related assets
of Net Square Co., Ltd. (“Net
Square”), an equity method
affiliate, will be carved out and
become our wholly owned
subsidiary
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
Acquisition cost
/Financing
• Acquisition cost: around JPY 900MM (Additional JPY 200MM in tax savings
from amortization of goodwill)
• Financing : Funds on hand (No additional financing planned)
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
Completion date
(scheduled)
August 2023
Notes
(1) A printing method that prints directly from data onto paper or other printing media without using plates. As there is no need to make plates, products can be offered in small lots and at low prices

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Raksul
1. Business Model
3. Financial Highlights

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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
10 10 9 9 9
8 8
8
8 8
9 9
8
9 9 9
8 7
9 9 9 9 10
10 10 12
12 13
12 11
11
12 12 13
13 13
20 20 22 22
19
18 18 16
15 14 12 12
11
10 10 9
9 9
7 7
7 7
7
6 5
5
7 7 7 7
7
6 6 6
6 6
68 68
70 70
67
63 62
60
63 62 62 61
58 59 58 58
54 55
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Commercial Printing Business Stationery Printing Packaging Publishing Other
(in JPY 100Bn)

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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
4.6%
~30%
Source: Yano Research Institute, METI
Notes
(1) 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)
(2) Yano Research Institute "Survey on the Domestic Online Printing Market," February 2023
(3) Source: zipcon consulting (2019)
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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 4.6%(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%
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
(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)

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26
Raksul
Room for Further
Expansion of Customer
Base in the SME space
Restaurants 500,000 Hair Salons 240,000 Acupuncture/Orthopedic Clinics 50,000
Dental Clinics 60,000 Real Estate Agents 270,000 Prep Schools 40,000
Businesses using local marketing channels (Flyer, DM, etc.)
Other: local retailer, home delivery, other professional services, etc.
Source “2016 Economic Census” published by Ministry of Internal Affairs and Communications

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27
Raksul
Number of Registered
Users on Printing
Platform(1)
■ Our customer base continues to
grow
■ The number of total users for 2Q
was 2,085,619. Raksul became
the No.1 online printing
company in Japan(1) in terms of
the number of users
(unit: 1,000 users)
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
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
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 -
Individuals Enterprise
FY2023
2,085
1,979
1,693
Note
(1) Number of total registered users for raksul.com
(2) Tokyo Shoko Research (Major Online Printing Services, as of December 2022)

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28
Raksul
1. Business Model

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Raksul
4,013
4,359
4,024 3,872
4,430
5,073
5,605
5,144
5,461
6,092
7,894 7,877
8,540
9,316
992 1,052 995 1,103 1,201 1,361 1,514 1,373 1,478
1,697
2,395 2,347 2,440 2,646
351 228 252
640
453 568 767 565 583 697
1,055 1,153 1,073 1,172
24.7% 24.1% 24.7%
28.5%
27.1% 26.8% 27.0% 26.7% 27.1% 27.9%
30.3% 29.8%
28.6% 28.4%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
100
2,100
4,100
6,100
8,100
10,100
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2020 FY2021 FY2022 FY2023
Revenue Gross Profit Segment Profit Gross Margin
Business Segment
Performance
■ Continued growth both YoY and QoQ
under solid economic conditions
■ Gross margin remained at 28% despite
the impact of rising costs. We continue
to operate the business while managing
the growth rate and gross margin
■ Growth continued in organic businesses
excluding DANBALL ONE; revenue
growth was +20.9% YoY, and gross profit
growth was +21.6% YoY
■ DANBALL ONE's 2Q performance was as
follows; revenue JPY 1.95Bn (+22.4%
YoY), gross profit JPY 583MM (+16.6%
YoY), gross margin 29.9%, and EBITDA
JPY 214MM
(EBITDA)
(in JPY MM)
Notes
(1) SG&A expenses include internal transactions
(1)
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Raksul
KPI Trend (1)
■ Annual number of purchasers
continues to grow
■ The average revenue per order
decreased due to an increase number
of users in low-price products such as
business cards. Excluding business
cards, the average order unit price is
around JPY 15,500 (YoY -1.3%). The
downward trend is expected to
continue as the product lineup
expands
■ For DANBALL ONE (2022/2-2023/1)(2),
the number of annual purchasers is
JPY 170k users and ARPU (Average
Number of Orders per Year x Average
Revenue per Order) is around JPY 37k
Number of Annual Purchasers Average Number of Orders per Year Average Revenue per Order (JPY)
Note
(1) Excluding DANBALL ONE, calculated based on management accounting
(2) Only transactions through the company's own e-commerce website
Enterprise Users
All Users
451,765
569,667
2021/2-2022/1 2022/2-2023/1
3.97 3.93
5.33 5.30
12,427 12,026
2018/11-2019/10 2019/11-2020/10
-1.1% -3.2%
+23.5% -2.5%
+26.1%
-0.6%
14,859 14,493
2018/11-2019/10 2019/11-2020/10
227,831
281,301
2021/2-2022/1 2022/1-2023/1
30

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31
Raksul
(Reference)
Key Drivers and Investment
Points for KPI Improvement
Number of Annual
Users
・Continuous improvement of marketing measures
・Expansion of business areas and product line-up
Average Number of
Orders per Year
• Improvement of customer experience
• Continuous CRM and cross-sell expansion
Average Revenue per
Order
• Provide services to promote usage by large enterprises
Gross Margin
• Price optimization
• Support towards suppliers in productivity and cost
improvement
• Cost improvement through joint procurement of
materials

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Raksul
1. Business Model

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33
Raksul
■ DANBALL ONE operates a
platform for packaging materials
under the same vision as RAKSUL,
“Better Systems, Better World”
■ No.1 domestic sales share for 4
consecutive years as an E-
commerce website specializing in
cardboard boxes and packaging
materials
Company name : DANBALL ONE. Inc.
Business : Operation of “DANBALL ONE,” an online order platform for
cardboard and packaging materials
CEO : Tatsuru Watanabe
HQ : Kanazawa, Ishikawa, Japan
Vision/Overview of
DANBALL ONE. Inc.
VISION
Overview
No.1 domestic sales share for 4 consecutive years as an EC site specializing
in cardboards and packaging materials
*EC site specializing in cardboard and packaging materials,
Survey by TOKYO SHOKO RESEARCH (as of September 2021)
*Revenue, number of orders, number of users, number of reviews,
revenue growth rate
DANBALL
ONE

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34
Raksul
◼ An online platform where users can
easily purchase cardboard and
packaging materials at low cost
◼ DANBALL ONE possesses the industry's
largest network of cardboard
manufacturers and packaging material
manufacturers. It has also established a
system to provide products at low cost
and in small lots
◼ Similar to Raksul's business
characteristics in terms of both
attracting customers through marketing
and building a supplier network through
SCM, we can utilize Raksul's business
creation model directly in the PMI
process
Business Model
Order Order
Payment Payment
Custom-made products delivered directly to users
Some standard products are in finished stock for short-
term delivery and small-lot shipment
Value to Users : Low cost, easy to order
Value to Suppliers : Improve operational inefficiencies and maximize productivity
Cardboard
manufacturers
Users
Logistics
warehouses
DANBALL ONE

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35
Raksul
Domestic Cardboard EC Market Share
Over
50%
Domestic Cardboard EC
Market
◼ The market benefits from the
growing demand of EC in
Japan
◼ The domestic cardboard EC
market is growing at a CAGR of
30％
◼ DANBALL ONE accounts for
approximately over 50% of the
domestic cardboard EC market Domestic Cardboard EC Market
JPY 8.5Bn (2)
Domestic Cardboard Market
JPY 1.8Tn (1)
Source
(1) Shipment volume of Japan packaging industry 2020, Japan Packaging Institute, cardboard products
(2) Estimated based on financial information of domestic cardboard EC companies (2021)
DANBALL ONE

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36
Raksul
PMI/ Synergies
◼ Significant expansion of business
value through hands-on approach
of organizational enhancement,
sharing of customer base, and
marketing support by Novasell
◼ Minimizing the risk of impairment
by allocating sufficient resources to
PMI
Organization
Customer
Marketing
SMB / EC Companies SMB / EC Companies
No.1 domestic cardboard EC site
• A team of industry-savvy
professionals
• Experienced management team in
B2B platform business
• One and only global technology team
in the industry
Full support in providing
management and
technology know-how
Purchase of cardboard
materials
Purchase of labels / DM
Full support of production
/ planning / broadcasting /
analyses
Novasell
DANBALL ONE

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37
Raksul
Comprehensive Support
in PMI
◼ Over 10 members from RAKSUL with
management and business experience
dispatched to DANBALL ONE
◼ Provides comprehensive support
towards creating business and
management foundations with a very
hands-on approach compared to
consulting firms and investment firms
(such as private equity and venture
capital firms)
◼ We are also creating opportunities for
the next generation of leaders to gain
hands-on management experience
Board of Directors
Marketing
Product
Development
Technology
SCM
CS
Corporate
Functions
• Sharing of RAKSUL management know-how
• Strengthening governance
• Growth support (from Novasell) utilizing TV
commercials
• Improve efficiency of digital marketing
• Sharing of business development know-
how: expansion of products / pricing
strategies
• Launch of development organization
utilizing RAKSUL VIETNAM
• Implementing cost management methods
• Stabilization of operations
• Ensuring business scalability
• Implementing a personnel assessment
system
• Establishing accounting/legal/HR
labor/internal control systems
• Establishing internal infrastructure
Support Details
Members from RAKSUL
(including concurrent positions)
DANBALL ONE

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38
TV commercial-related
Novasell

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39
Novasell
1. Business Model

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40
Novasell
Business Model
■ 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.)
■ Novasell Analytics (SaaS)
enables clients to broadcast
programmatic video ads

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41
Novasell
Business Model

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42
Novasell
Novasell Analytics
■ Novasell Analytics (SaaS)
enables real-time visualization
of the broadcast stations, time
slots, programs, and creative
materials that worked well
Stations Time Slots Programs Contents
Novasell Analytics

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43
Novasell
運用型サービス
TV commercial services which
visualize and improve its
effectiveness via Novasell Analytics
TV commercial services utilizing
a unique tool which can optimize
planning across on-line and off-line
media, maximize target
viewership, and conduct central media
buying
ソリューション開発
System development capability including
automation etc. in addition to Novasell
Analytics
Development support for clients such
as access to DMP(1) owned by ADK
Group, and building CDP(2)
実績・ノウハウ
Marketing experience and expertise from
Raksul business which directly connects to
customer management
Experience and expertise as a full-
service ad agency handling various
marketing challenges
Partnership with ADK
Marketing Solutions
Inc.
■ This partnership aims to
expand the Programmatic TV
Commercials market
■ Additionally, the business value
of Novasell will greatly benefit
from utilizing the various
resources (programmatic
online advertising, media
buying function, data
infrastructure) provided by a
full-service ad agency
Notes
(1) "Data Management Platform", a platform for managing various information stored on the Internet
(2) "Customer Data Platform", a data platform which collects, accumulates, and integrates data on the attributes and behavior of individual customers
Novasell
Service
Software/Solution
Development
Experience and
Expertise

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44
Novasell
1. Business Model

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45
Novasell
Domestic Advertising
Market
◼ The Terrestrial TV Commercial
market recovered in the second
half of 2021 and growth of
Internet ad spending accelerated
Source: Dentsu “Advertising Expenditures in Japan” (2021)
(in JPY 100Bn)
18 18 18 18 18 18 18 17 15 17
1 1 1 1 1 1 1 1
1 1
10 10 10 9 9 8 8 7
6
6
9 9 11 12 13 15 18 21
22
27
21 21 22 21 21 21 21
22
17
16
59 60 62 62 63 64 65
69
62
68
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Terrestrial TVCM Satellite Media-related Newspapers/Magazines/Radio Internet Promotional Media

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46
Novasell
Novasell Leading the
Programmatic TV
Commercial Market
Novasell Ratings
Source: Raksul survey on “TV CM campaigns”
- Scope: 300 directors/managers/employees in marketing/PR/corporate planning, ages 22-69,
in companies with annual ad spend of over JPY 1bn with experience in TV CM campaigns
- Method: Internet
- Survey monitor provider: GMO Research, Inc.
- Period: Jan 25th – 29th, 2021
◼ The programmatic TV commercial
market has been expanding due to
expectations on visualization and
maximization of TV ad
effectiveness
◼ More and more clients are using
Novasell; usage is accelerating in
the market
What to Focus on in TV Ad Campaigns
#1 Visualization of effectiveness
#2 Increase in revenue/customers
#1 in frequency/willingness of usage and
recognition
(%, Top5 items)

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47
Novasell
1. Business Model

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48
Novasell
199
274
203 177
322
498
722
498
720
1,007
538 562
643
703
118 122
142
102
165
206
405
305 313
433
253
292
368 348
22 4 9
-25
19 17
94
-95
-18
69
-122
-32
24 34
59.2%
44.7%
69.8%
57.6%
51.2%
41.5%
56.0%
61.3%
43.5% 43.0%
47.0%
52.0%
57.2%
49.5%
-50.0%
-11.0%
28.0%
67.0%
-300
-100
100
300
500
700
900
1,100
1,300
1,500
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2020 FY2021 FY2022 FY2023
Segment Performance (1)
(in JPY MM)
(EBITDA)
Notes
(1) Including internal transactions in revenue, gross profit, and SG&A
■ Shift in customer base led to a
recovery trend after bottoming out
in 3Q
■ Gross margin tends to decline in 2Q
due to the large number of
production service orders.
Recovery is expected in the second
half, with gross margin expected to
stay around 40-50% in the
medium-to-long term
■ By applying the new revenue
recognition standards, revenue is
netted for broadcasting services,
and gross revenue is recognized for
production and SaaS services
732 743 847 530 872 1,248 2,613 1,983 1,727 2,641 1,614 1,493 1,680 1,819
Gross Revenue

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49
Novasell
KPI Trend
■ KPIs are disclosed with consideration
of the characteristics of
programmatic TV commercials
■ With the new incoming clients, the
proportion of SaaS-only users is
currently increasing. As a result, the
average number of broadcasting
months has been pushed down in
the calculation, however, repeat
usage from broadcasting users has
been strong
■ The total number of SaaS
users for 2022/2-2023/1
was 185 companies (YoY +31.2%)
Number of Annual Users (companies) Average Broadcasting Months Average Monthly Unit Price (JPY)
(Ref.) Previous Accounting
Methods
New Revenue
Recognition Standards
193
267
2021/2-2022/1 2022/2-2023/1
2.23
1.4
6.8MM 6.5MM
17.6MM
20.8MM
-37.1% -15.3%
-4.6%
+38.3%

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50
Novasell
(Reference)
Key Drivers and
Investment Points for
KPI Improvement
Number of Annual User
Companies
• Expansion of marketing channels
• Collaboration with external advertising agencies
ARPU
• Formulate/implement marketing strategies working closely together
with the clients
• Improvement in analysis contents for Novasell Analytics
• Expansion and enhancement of media
Gross Margin • Expansion of SaaS business (with high profit margin)

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51
Business and Organization that Support Realization of
Our Vision

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52
Customers Suppliers
ラクスル
ノバセル
491Companies
Total # of Customers
(Cumulative)
National TV Stations
Major taxi companies in Tokyo
2.08M Users
# of registered users
130Partners (Approximately)
# of Suppliers
Customer and Supplier
Base by Business
Segment
◼ Customer base and supplier/
partner base accumulated over
the years is a strong entry barrier
Raksul
Novasell

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53
Track record of Profit
Growth in Core Business
◼ CF from core business (Raksul) is
steadily increasing, and the business is
capable of generating profit
◼ The printing e-commerce market is
oligopolistic, with no new players and
no major fluctuations in the
competitive environment. We have
been expanding presence in this
market year by year, by leveraging our
advantage as a sharing economy
business model, which does not
require significant CapEx and our
ability to generate CF as a business has
been increasing
3,529
4,144
5,451
7,918
+17.4%
+31.5%
+45.3%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
FY2019 FY2020 FY2021 FY2022
Gross Profit YoY
1,392 1,472
2,355
3,491
+5.7%
+60.0%
+48.2%
-70.0%
-50.0%
-30.0%
-10.0%
10.0%
30.0%
50.0%
70.0%
0
1,000
2,000
3,000
4,000
FY2019 FY2020 FY2021 FY2022
EBITDA (non-GAAP) YoY
Raksul Business Segment
Gross Profit / EBITDA (non-GAAP) (1)
Notes
(1) Before allocation of corporate expenses

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54
Expansion of Growth
Investment (1)
◼ Continuous expansion of growth
investment to achieve an upward
spiral of value creation through
reinvestment
◼ We mainly use growth investments
for the organization (recruiting /
talent development) and
marketing. While continuously
creating new businesses, we are
improving our organization and
marketing efficiency year by year
(in JPY MM)
Notes
(1) Growth investment = Sales & marketing expenses + engineer personnel expenses. Figures differ from those disclosed in the previous year due to the new revenue recognition standards for
sales & marketing and the adjustment of capitalized engineer personnel expenses
1,234
1,702
2,093
2,721
349
535
936
1,297
1,583
2,238
3,029
4,019
FY2019 FY2020 FY2021 FY2022
Sales & Marketing Engineer Personnel Expenses
Growth Investment (1)

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55
Business Portfolio
Management
◼ Business portfolio management that
clearly identifies points for CF
generating and investment
◼ In the exploration phase, we invest
in multiple themes with the aim of
fostering growth phase businesses
◼ In the growth phase, we strengthen
investments with the basis of sound
economics
◼ Compared to the time of IPO, cash
generation is stronger while there
are more businesses in the
exploration and growth phases
Profit Phase
Growth Phase
Exploration Phase
Printing EC Business
Offline Advertising
Business (DM, Flyers)
3-4 Businesses
Novelty Business
Novasell Analytics
Novasell Trend
(SaaS)
Hacobell Connect (SaaS)
Growth Investment CF Generation
Profit Phase
Positioning of
Portfolio
・Business themes that
can be transitioned to
the growth phase
Ad Agency Business
Logistics Matching
Business
Raksul
Hacobell
Novasell
• High growth
• Sound economics
• Stable growth
• CF generation
(profitable)
： Main business structure at the time of IPO
Raksul Enterprise
Cardboard EC Business
(DANBALL ONE)

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56
Project System that Supports
Continuous Growth
◼ Implemented “project” system
before going public to create
discontinuous value in businesses
and to develop business leaders Results (Examples) from Past Projects
Purpose of the Project System
◼ To set and solve problems by thinking backwards from the discontinuous value that we want to
create in the future, which is different from the continuous operational approach of businesses
◼ Develop business leaders through projects
Raksul
• Automatic data checking and
processing system for
printing data
• Online design creation
function
• Optimal ordering
infrastructure for suppliers
• Automated matching
mechanism
• Discontinuous improvement
in gross margin
• Launch and service
development of Novasell
business (as a new business)
Novasell
Hacobell

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57
Business Development
Driven M&A
◼ The ability of our organization to create new
businesses in-house is rare and continues to
be a top priority
◼ On the other hand, we will continue to
develop new businesses through "buy & build"
type M&A of growth companies
◼ There are two criteria for M&A/investments:
(1) Expansion of target areas (2) Within
existing areas, the objective is not just to
expand the scale, but to strengthen and
integrate the value we provide
◼ The source of our competitive advantage is
the creation of value through PMI support and
the pursuit of synergies by fully utilizing the
business, organizational, and financial assets
we have accumulated to date
Buy Buy & Build Build
内製での新規事業創出
Acquiring businesses that
have already been developed
Growth investment based on
PMI support and pursuit of
synergies
Build
Organic business
development
Acquisition/Start-up costs
Integration costs
Time required till PL contribution
High Low
High Low
Short Long

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58
Continuing to Take on
Bold Challenges
◼ Based on our vision, our
management stance to reinvent
the B2B industries with large TAM,
especially the indirect cost market,
remains the same
◼ Even if there may be no
contribution to our consolidated
financial results in the short term,
we will continue to create
innovations and realize financial
contributions in the medium-to-
long term
• Established a JV with SEINO HD in
August 2022 to become an open
platform widely used in the
logistics industry
FY2022 Business Segment
(consolidated)
↓
FY2023 Equity method affiliate
• Raised approx. JPY 4.4Bn in
September 2022 and was
removed from our consolidated
accounting
• Capital structure designed to
enable re-consolidation in the
future
Launched in September 2022
Integrated IT Device & SaaS
Management Cloud
↓
FY2023 Removed from
consolidated accounting
• Invested in September 2020 to
establish a footing in the digital
promotion domain. Currently
holds 49%
• Capital structure designed to
allow for consolidation in the
future
No-code Website Builder with
Payment Functions (SaaS)
↓
Launched in December 2015
Logistics Platform
Josys
Peraichi
Hacobell

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59
Group Companies
Equity method affiliate
• JV with Seino Holdings Co., Ltd. (“SEINO HD”) was established in
August 2022. Our shareholding ratio is currently 49.9%
• Quarterly revenue was approximately JPY 1.15Bn. Customers
referral support from SEINO HD account for approx. 5% of total
revenue and the number is continuously increasing
Consolidation possible
in the future
• Business is up and running smoothly, and has procured Series A
funding of JPY 4.4Bn
• Preparations are underway to launch the service globally in
addition to the Japanese market
• Monthly revenue has grown to approx. JPY 70MM with service
price revisions
Net Square
• Promoting efficiency and automation in the digital printing domain
through collaboration. Expected to contribute around JPY 100MM
to the improvement of Raksul's gross profit in the current fiscal
year
• As described in previous page, business assets related to our
business will be carved out and become our wholly owned
subsidiary at the beginning of next fiscal year
Josys
Hacobell
Peraichi
Investments
Organic Businesses

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60
Core Technology
◼ Our competitive advantage is
our capabilities to develop an
Integrated Vertical Platform
that can innovate the industrial
structure from multiple
perspectives such as
purchasing experience,
operational process, and
ordering process
◼ Rather than relying on a
specific technology, we can
provide optimal solutions by
combining multiple
technologies
Capabilities that
Enable Our Core
Technology
Core Technology
Examples of
Solutions Created
in Each Business
skills that incorporate such
core technology into
software and logic
skills to provide solutions
based on high resolution to
each industry
skills to maximize customer
experience
Integrated Vertical Platform Development Capabilities
Infrastructure that innovates purchasing experience and
operational/ordering processes by industry
Raksul
• Automatic generation of print
designs
• Automation of the print data
generation process
Novasell
• Real-time visualization of
effectiveness of TV
commercials (patented)
Hacobell
• Algorithm for optimal order
placement to transportation
companies (contractors)
• System to simplify truck
ordering operations for clients
(SaaS)
Engineering
Product
Management
Design

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61
Our New Technology
Development Centers
◼ In order to strengthen our
technology development,
we have established two new
technology development
centers in Vietnam and India
in 2020
Vietnam India
• We have established a development center in
Bengaluru, India, the third largest country in the
world in terms of the number of IT engineers (1), to
strengthen our development capabilities
• Since 2018, we have been conducting
operations/service development for Raksul
business segment together with local companies
responsible for offshore development
• By establishing a center, we will strengthen our
ability to recruit local development members and
refine products and services mainly for the Raksul
business segment
＜Overview＞
RAKSUL VIETNAM COMPANY LIMITED
Location : Ho Chi Minh, Socialist Republic of Vietnam
Establishment date : June 2020
＜Overview＞
RAKSUL INDIA PRIVATE LIMITED
Location : Bengaluru, Republic of India
Establishment date : July 2020
Notes
(1) Source: Human Resocia “IT Engineer Report”
Vietnam Office

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62
Current Organizational
Status Number of Employees (1)
Average Age (2) Average Years of Service (2)
Male/Female Ratio (1)
529 Employees
33.7 Years old
2.4 Years
Male
58.0%
Notes
(1) Headcount as of July 2022, including full-time, part-time, and contract employees in RAKSUL, DANBALL ONE, NOVASELL, HACOBELL, overseas development centers (non-consolidated
subsidiaries). Temporary workers are excluded from the total from this year as necessary information cannot be obtained
(2) Full-time employees only in RAKSUL, DANBALL ONE, NOVASELL, HACOBELL, overseas development centers (non-consolidated subsidiaries), as of July 2022
(Japan: 472 employees)
(Japan: 55.5%)
(Japan: 44.5%)
(Japan: 2.6 years)
(Japan: 34.0 years old)
Female
42.0%
◼ Diversity is promoted as the
organization continuously
expands

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63
HR Organization Policy
◼ Same as last year's disclosure,
organizational design with the
overarching objective of realizing
our vision and maximizing long-
term corporate value
◼ To achieve Quality Growth, we
emphasize a culture of mutual
trust and productivity
improvement
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/Co-operation
Diversity & Inclusion
• We will take advantage of the fact that the ratio of female employees in
the company is already about 42% and the ratio of foreign nationals is
about 13%, 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

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64
Building an Organization
that Fosters Trust
◼ A project is currently under way
to foster a culture of mutual trust
in all organizations within the
company, which can become a
challenge in remote work
environment
Redesigning
Evaluation
1 Onboarding
2 Training
3
Goal setting/
Evaluation Process
4 Career Path
5 Alumni
6
Diversity
7 Hybrid Work Style
8
HR Team
Enhancement
9
5
1
9
2
8
3
7
4
6
Be Trusted

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65
High Productivity and
Organization where
Every Employee Thrives
◼ Even as the organization expands,
the gross profit per employee
continues to increase each year. In
the short term, we aim to grow
toward JPY 25MM per employee
◼ In line with improving productivity
per employee, we will continue to
revise compensation levels to be
more competitive and aim to
become a company with high
productivity and a high labor share
Gross Profit per Employee(1) (in JPY MM)
Notes
(1) Gross profit for the fiscal year divided by the annual average of the number of employees at the end of each month (total of internal directors, regular employees, and
contract employees, including overseas development centers)
6.6
10.6
13.2
18.2 18.2
16.8 17.4
21.3
22.9
FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022

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66
Competitive
Compensation:
Strengthening Equity
Incentives
Notes
(1) Estimated as of September 2022. The amount will be affected by stock price
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
• Our percentage of dilutive shares was 7.3% at IPO and 4.4% as of the end of
the fiscal year ending July 2022 - lower than other growing companies (see
next page for stock incentive balance)
Impact on P&L/CF
• Stock-based compensation expense for FY2022 was JPY 695MM per year
• Stock-based compensation expense for FY2023 will be around JPY 650-700MM
per year (1)
• As the impact is neutral in terms of cash flow, we disclose non-GAAP profits,
excluding the impact of RS
■ Our basic purpose and approach
to equity incentives have
remained the same since the
disclosure of our RS system
implementation in FY2019 4Q

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67
Stock Incentive Balance
FY2021 FY2022 FY2023 2Q
Stock Options Beginning balance 1,824,700 1,455,500 1,153,900
Granted 0 0 402,370
Vested -367,200 -291,200 -97,500
Forfeited/canceled -2,000 -10,400 -1,890
Ending balance 1,455,500 1,153,900 1,456,880
Restricted Stock Beginning balance 66,817 120,479 125,944
Granted 91,930 59,680 11,260
(as % of shares outstanding
at year-end)
0.32％ 0.21％ 0.04%
Released -27,302 -37,722 -45,940
Ending balance 120,479 125,944 84,264
Total Beginning balance 1,891,517 1,575,979 1,279,844
Granted 91,930 59,680 413,630
(as % of shares outstanding at
year-end)
0.32％ 0.21% 0.04%
Vested/released -394,502 -328,922 -143,440
Ending balance 1,575,979 1,279,844 1,541,144
Equity incentive ratio
(as a % of shares outstanding at year-end)
5.49% 4.40% 5.28%
Shares outstanding at year-end 28,729,220 29,080,100 29,188,860
Granted Restricted Stock Information
Amount (JPY MM) 485 376 35
Stock price (JPY) 5,280 6,830 3,115
Notes
(1) As of January 31, 2023. A 2-for-1 stock split of shares of common stock has been executed as of February 1, 2023

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68
Issuance of Stock-Based
Compensation and
Performance Target
Linked Stock Options
◼ 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 compensation as
an incentive issued annually (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
compensation linked to performance
targets and serve as medium-term
incentives. Trust SO was introduced in
anticipation of granting it not only to
current executives and employees but also
to executives and employees who will join
the company in the future
(3)
(3)
Name Format
Number of Shares
(Dilution %(1)) Allotees Conditions of 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) Based on 29,080,100 shares (29,801 voting rights) of the total number of outstanding shares of the Company as of July 31, 2022
(2) 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
(3) 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

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69
Governance Policy and ESG Initiatives

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70
Audit & Supervisory
Committee
Management and execution of each business segment/corporate function
Governance System to
Support Adequate
Risk-Taking
Governance
Companywide
Optimization
Autonomous
Business
Management
◼ 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
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

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71
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

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72
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

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73
External Ratings /
Strengthening
Information Disclosure
■ We were awarded an “A" rating by
MSCI ESG Research (1) in October 2022.
The rating was upgraded from last
year's "BBB“ rating, especially for
addressing key issues in governance
■ We expressed our support for TCFD(2)
recommendations and joined the
TCFD consortium in April 2021.
In addition, we conducted and
disclosed a scenario analysis using the
disclosure framework recommended
by the 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 2022, RAKSUL INC. received an MSCI ESG Rating of A.
Notes
(1) MSCI is a financial services provider headquartered in New York, U.S.A. The company is listed in 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/
(2) 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/

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74
Financial Policy and Highlights

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75
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

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76
Upward Spiral of
Value Creation Through
Reinvestment
◼ By maximizing gross profit, we can
continuously generate profit while
reinvesting towards greater
platform value
Further Enhancement of Enterprise Value
Growth in
Gross Profit
Acceleration of
Growth Investments
Current
Enterprise
Value

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77
Changes in Accounting
for Each Segment
■ From FY2023, DANBALL ONE is
consolidated for the full-year,
and Hacobell has become an
equity-method affiliate
(therefore non-consolidated
from 1Q)
FY2022 FY2023
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Equity-Method Affiliate (Non-consolidated)
DANBALL ONE as a Wholly-Owned Subsidiary (Consolidated)
Net-basis Revenue Recognition for Broadcasting Services, based on the New Accounting Standards
Raksul
Novasell
Hacobell
Introduction of Consolidated Accounting

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78
Novasell
Raksul
Corporate
Actions
Quarterly Financial
Summary
◼ Continued profitable growth (Quality Growth). Quarterly revenue exceeded JPY 10Bn for
the first time, and EBITDA reached a record high
◼ All items exceeded 2Q guidance disclosed in 1Q. Given the steady progress against full year
forecast, upward revision was disclosed today
Company
wide
Raksul Business Segment (“Raksul”): Revenue +52.9% YoY, Gross Profit +55.9％ YoY
◼ Growth accelerated with the contribution from DANBALL ONE. Inc. (“DANBALL ONE”),
consolidated since FY2022 3Q
◼ With 2.08 million registered users, Raksul has grown to become the top player in the
domestic printing EC market (2)
Novasell Business Segment (“Novasell”): Revenue -30.2% YoY, Gross Profit -19.7% YoY
◼ Revenue continued to grow QoQ after bottoming out in 3Q of FY2022
Revenue +26.6% YoY, Gross Profit +33.3%, EBITDA(non-GAAP)(1) JPY 882MM
-----YoY growth excluding Hacobell business segment-----
Revenue +41.3% YoY Gross Profit +39.8% YoY
Acquisition of Raksul business-related assets of Net Square Co., Ltd., an equity method affiliate
◼ As one of the largest digital printing companies in Japan, we decided that it would be
desirable to operate the company in an integrated manner with Raksul in order to maximize
values for users, such as low prices, short delivery time, and high quality
◼ The process will be completed at the beginning of next fiscal year. Financial impact for
FY2024 will be JPY +300-400MM in gross profit and JPY +200-300MM in EBITDA
Notes
(1)EBITDA (non-GAAP) = Operating Profit(J-GAAP) + Depreciation + Amortization of goodwill + Stock-based compensation expenses. Hereinafter referred to as "EBITDA”
(2)Tokyo Shoko Research (Major Online Printing Services, as of December 2022)

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79
Notes
(1) As consolidated accounting was not conducted for FY2022 1Q, non-consolidated accounting results and growth rates are provided for reference. The same applies hereinafter
Quarterly Financial
Highlights
(in JPY MM)
FY2023 2Q (2022/11-2023/1) FY2023 Year to date (2022/8-2023/1)
Actual
FY2022 2Q
Actual(1)
YoY Growth Actual
FY2022
Actual(1)
YoY Growth
Revenue 10,172 8,033
+26.6%
19,510 15,041
+29.7%
Raksul 9,316 6,092 +52.9% 17,857 11,553 +54.6%
Novasell 703 1,007 -30.2% 1,347 1,728 -22.1%
Hacobell - 835 - - 1,577 -
Gross Profit 3,032 2,274
+33.3%
5,880 4,196
+40.1%
Raksul 2,646 1,697 +55.9% 5,087 3,175 +60.2%
Novasell 348 433 -19.7% 716 746 -4.1%
Hacobell - 104 - - 202 -
Gross Margin 29.8% 28.3% +1.5pt 30.1% 27.9% +2.2pt
Incl.: Stock-based
compensation expenses
141 175 -19.1% 322 329 -2.1%
Incl.: Ad spend 741 660 +12.2% 1,455 1,246 +16.8%
Operating Profit
(J-GAAP)
559 64 +769.2% 951 -41 -
EBITDA 882 292 +202.1% 1,636 391 +317.7%
■ 2Q revenue +41.3% YoY, gross
profit +39.8% YoY (excluding
Hacobell). High gross profit
growth was driven by DANBALL
ONE's contribution and organic
growth
■ EBITDA reached a record high
with significant improvement
while maintaining sustained
growth
■ Exceeded 2Q guidance for all
items
Excl. Hacobell
+39.8%
Excl. Hacobell
+41.3%
Excl. Hacobell
+47.2%
Excl. Hacobell
+44.9%

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80
売上高
売上高
隙間
売上総利
益
売上総利
益
Progress Rate against
Full-Year Forecast
◼ For both revenue and gross
profit, our progress rate against
the lower range of full-year
forecast disclosed on September
2022 is higher compared to the
past 3 years
◼ Due to steady progress, the full-
year forecast has been revised
upward
Lower Range of
the Forecast
JPY
38.2Bn
Lower Range of
the Forecast
JPY
11.6Bn
JPY
19.5Bn
51.1%
JPY
5.8Bn
50.7%
47.8%
Revenue
Gross Profit
45.7%
FY2023
Cumulative Total
FY2020-2022
Average Progress Rate
for Q2
FY2023
Cumulative Total
FY2020-2022
Average Progress Rate
for Q2

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81
Realization of Quality
Growth
◼Our gross profit is similar in
nature to net revenue of general
software companies
◼Track record of EBITDA margin
improvement while continuing the
gross profit growth
FY2020 FY2021 FY2022 FY2023
Cumulative Total
Gross Profit Growth
(Excl. Hacobell) +24.6% +42.1% +40.5% +47.2%
EBITDA Margin
vs Gross Profit
0.0%
14.5%
16.7%
27.8%

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82
(Reference)
Monthly Financials
(in JPY MM)
■ January is a quiet month for all
businesses
■ Monthly revenue for February
landed at around JPY 3.15Bn
■ 3Q revenue is expected to be
around +7-10% YoY, and gross
profit around +8-12% YoY.
(excluding Hacobell, Revenue is
expected to be around +17-20%
YoY, and gross profit around +13-
17% YoY)
EBITDA is expected to land at
around JPY 600-700MM
2,737
3,081
3,520 3,566 3,570
3,035
835 935
1,076 1,024 1,072 935
30.5% 30.4% 30.6%
28.7%
30.0%
30.8%
10.0%
13.0%
16.0%
19.0%
22.0%
25.0%
28.0%
31.0%
2022/8 2022/9 2022/10 2022/11 2022/12 2023/1
Revenue Gross Profit Gross Margin

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83
4,805
5,301
4,789
4,539
5,372
6,650
7,061
6,439
7,007
8,033
9,383 9,556 9,338
10,172
0
2,000
4,000
6,000
8,000
10,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2020 FY2021 FY2022 FY2023
Raksul Novasell Other Business and Internal Transaction Reconciliation Hacobell
Revenue by Business
Segment
(in JPY MM)
■ Companywide revenue continues
to grow
■ Under normal circumstances, the
peak season is 3Q for Raksul and
Novasell
9,316
703
151

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84
1,154 1,221 1,197
1,292
1,484
1,740
2,062
1,804
1,921
2,274
2,807 2,799 2,847
3,032
0
500
1,000
1,500
2,000
2,500
3,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2020 FY2021 FY2022 FY2023
Raksul Novasell Other Business and Internal Transaction Reconciliation Hacobell
Gross Profit
■ Gross profit continues its growth
trend driven by revenue growth
and higher gross margin
(in JPY MM)
2,646
348
37

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85
SG&A Spend(1)
Sales & Marketing Others
Tech & Development
Engineering Personnel
Expenses
IT Infrastructure
Expenses Ad Spend
Sales Personnel
Expenses
Note
(1) Stock-based compensation expenses not included
(2) Includes amortization of goodwill. See EBITDA slide for amounts
(in JPY MM, % of revenue)
246 298 336 402 420 446 489 481 470 432
510
529 511
541 622
695
826
577
736 750
566
645
773
895
831
892
1,116
1,245 1,068 1,147
0
500
1,000
1,500
2,000
2,500
3,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2021 FY2022 FY2023
■ We continue to invest in growth
mainly in advertising and
technology development
(5.6%)
(8.7%)
(11.1%)
(4.6%)
(9.5%)
(10.5%)
(4.5%)
(8.0%)
(9.7%)
(4.8%)
(7.2%)
(11.0%)
(6.2%)
(8.4%)
(13.9%)
(6.0%)
(8.9%)
(11.9%)
(5.2%)
(8.8%)
(11.9%)
(5.0%)
(6.0%)
(13.0%)
(5.0%)
(7.9%)
(11.4%)
(4.2%)
(7.4%)
(11.3%)
(2)

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86
Ad Spend and
Percentage of Ad Spend
per Revenue
■ We continue to invest in
advertising, mainly in TV
commercials for the Raksul
business segment
■ The estimated ad spend per
revenue throughout FY2023 is in
the low 7% range
(in JPY MM)
Notes
(1) Ad spend for Raksul business segment only is added for reference purposes
(1)
320
482
403
149
414 426
344 337
469
536
685
464
633
684
376
531
471
193
477
496 481
501
585
660
777
533
714
741
7.8%
10.0% 9.8%
4.3%
8.9%
7.5% 6.8% 7.8% 8.4% 8.2% 8.3%
5.6%
7.7% 7.3%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
0
100
200
300
400
500
600
700
800
900
1,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2020 FY2021 FY2022 FY2023
Ad Spend Ad Spend (Raksul) % of Revenue

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87
-10
-165
-110
289
209
315
490
15
99
292
560
681
753
882
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2020 FY2021 FY2022 FY2023
EBITDA (in JPY MM)
Depreciation and amortization of goodwill
32 34 41 52 48 48 49 51 51 52 185 185 181 181
Stock compensation expense
- 15 22 46 94 120 133 263 154 175 183 182 180 141
■ EBITDA reached record high.
Expansion of both growth and
profitability achieved
simultaneously
■ The only GAAP adjustment item is
stock-based compensation
expenses; therefore J-GAAP
EBITDA equals non-GAAP EBITDA
minus stock-based compensation
expenses. J-GAAP operating profit
is the J-GAAP EBITDA minus
depreciation and amortization of
goodwill

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88
169 166 175 169 161 161 167 175 173 180
250 258 261 273
16 22 22 25 29 34 40 46 57 66
80 81 75 77
41 45 53 61 57 64
77
79
91
95
88 88 75 73
10 18
25
34
42
48
48
57 57
62 63
64 70
65 58 57
54
54
57
66
58
58 55
290 303 315 323 322
338
372
399
435 447
533 539
473 486
0
100
200
300
400
500
600
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2020 FY2021 FY2022 FY2023
Raksul Novasell Corporate Overseas Hacobell
Number of Employees(1)
Notes
(1) Headcount based
(# of employees)
(Non-consolidated)
■ Moderate increase expected in
FY2023, considering the balance
with profitability
■ Productivity (gross profit per
employee) of the organization is
improving
■ Cash compensation levels are
being raised in line with the
realization of Quality Growth

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89
10,648
10,700
7,506
9,063
5,192
14,598
Assets Liabilities & Net Assets
Short-term borrowings 800
Current portion of long-term borrowings 1,680
Goodwill 4,460
Other Current Assets
Current Liabilities
(51% of Total Assets)
(37% of Total Assets)
Non-Current Assets
Cash & Deposits
Non-Current Liabilities
Net Assets
(in JPY MM)
◼ Conducted bank borrowing of JPY
3.6Bn in July 2022 (5-7 years term);
cash and deposits of over JPY 14.5Bn
◼ In addition, we expect to accumulate
both the operating cash flow and
accounting profits in the coming
future
Quarterly Financial
Highlights: BS
Bank Loan 5,576
CB (Due in Nov 2024) 5,018
Share Capital 2,726
Capital Surplus 5,534
Retained Earnings 1,538
Stock Acquisition Rights 1,136
Treasury shares -300

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90
Composition of
Shareholders
◼ It has been 4 years since IPO in
May 2018, and the percentage of
shares held by institutional
investors (1) has increased to
around 70%
◼ There are no shareholders that
would be a concern for overhang
◼ We have approx. 8,200
shareholders, which is an increase
of approx. 5,000 in the past year.
We aim to meet the expectations
of our diverse shareholders
Notes
(1) Financial institutions, financial instruments business operators, and foreign corporations, etc. (other than individuals) among attributes defined in Form No. 3 of Cabinet
Office Ordinance on Disclosure of Corporate Information, etc. “Part I: Corporate Information, Section 4: Status of the Submitting Company, 1. Status of Shares, etc. ⑸
Status by each owner”
As of July 2022
Total
Institutional Investors
70%
Institutional Investors (International)
Our officers and employees
Institutional Investors (Domestic)
Private Investors etc.
As of July 2018
Total
Institutional Investors
53%
27%
26%
19%
28%
37%
33%
20%
10%

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91
Approach to Shareholder
Return
◼ Focus on the long-term share price
increase in terms of Total Shareholder
Return (TSR)
◼ We aim to achieve long-term share
price increase by growing gross profit,
EBITDA, and CF and improving capital
efficiency
◼ Depending on stock price levels, share
buybacks will be considered in order to
improve capital efficiency
Total Shareholder Return
Capital gain
(Increase in share price)
Income gain
(Dividend)
• No plan in the short term
• Will be implemented on a small scale at a time
when stable profit and CF growth from existing
businesses and accumulation of retained earnings
are expected to continue
• Aim for long-term increase in share price by
maximizing gross profit and operating cashflow
Our
focus

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92
Share Buyback and
Stock Split
◼ BoD resolution today on share
buyback to improve capital
efficiency as well as stock split
to increase liquidity
◼ Share buybacks to minimize
dilution by covering the dilution
caused by the annual 1-yen
SO/RS issuance
◼ The number of shareholders has
increased significantly over the
past year, and we will further
strengthen our commitment to
rewarding our diverse
shareholders
Share Buyback Stock Split
• Purpose
Liquidity improvement
• Method
2-for-1 stock split of our common stock
• Effective date
February 1, 2023
• Purpose
Capital efficiency improvement
• Total amount to be paid for acquisition
JPY 300MM (maximum)
• Period of acquisition
December 19, 2022 - January 31, 2023
Our Policy on Shareholder Profit and Returns
37%
33%
19%
11%
Institutional investors
(International)
Institutional investors
(Domestic)
Our officers and
employees
Private Investors etc.
• Focus on the long-term share price increase in
terms of Total Shareholder Return (TSR)
• We aim to achieve long-term share price
increase by growing gross profit, EBITDA, and CF
and improving capital efficiency
• Depending on stock price levels, share buybacks
will be considered in order to improve capital
efficiency
Composition of Shareholders
(As of October 31,2022)
Number of shareholders:
7,493

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93
Focus of FY2023:
Quality Growth
◼ By placing highest priority on
creating a virtuous cycle in terms of
business, finance/investment, and
organization, we are dedicated to
pursuing customer value and
improving competitiveness of
existing businesses (Raksul and
Novasell), and thereby increasing
profits
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

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94
FY2023 Full-year
（2022/8-2023/7）
FY2022 Full-year
（2021/8-2022/7）
(in JPY Bn)
Revised
Forecast
Disclosed on
September 2022
Previously
Announced
Forecast
Difference Actual YoY
Revenue 39.0 - 39.6 38.2 - 39.6 0% - +2.1% 33.9 +14.8% - +16.5%
Gross Profit 11.8 - 12.2 11.6 - 12.2 0% - +1.7% 9.8 +20.4% - +24.4%
Gross Margin 30.3% - 30.8% 30.4% - 30.8% -0.1pt - 0pt 28.9% +1.4pt - +2.0pt
Operating Profit
(J-GAAP)
1.40 - 1.70 1.02 - 1.33 +27.8% - +37.3% 0.46 +202.4% - +267.2%
EBITDA 2.70 - 2.95 2.45 - 2.77 +6.5% - +10.2% 1.63 +65.2% - +80.5%
EBITDA
Margin
6.9% - 7.4% 6.4% - 7.0% Around +0.5pt 4.8% +2.1pt - +2.6pt
Ordinary Profit
(J-GAAP)
0.80 - 1.00 0.40 - 0.70 +42.9% - +100.0% -0.16 -
FY2023 Full-Year Revised
Consolidated Financial
Forecast
◼ Upward revision of the forecast
due to steady profit generation
and growth under the Quality
Growth policy
◼ To realize growth in FY2024, we
will invest approximately JPY
100MM per quarter in the latter
half of the year. As such, EBITDA
in 2H is expected to be lower
than in 1H
Excl. Hacobell
+26.4% - +30.7%
Excl. Hacobell
+28.6% - +30.6%

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95
1.6
2.7
3.9
4.9
7.1
9.8
1.63
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023E FY2024E FY2025E
FY2021~FY2025
CAGR Target30%
FY2017~FY2022
CAGR43%
17.5 – 20.0
(1)
EBITDA
EBITDA
11.8 – 12.2
2.70 – 2.95
Gross Profit: Medium-Term Target (in JPY Bn)
Medium- Term
Financial Policy
◼ The EBITDA amount will increase
when gross profit increases.
Drivers of profitability
improvement are gross margin
improvement and efficiency in
SG&A expenses
◼ Our ROE/ROIC target is over 20%
◼ There is no change in the gross
profit target of JPY 17.5-20.0Bn
for FY2025
Gross Profit 15.0 20.0 30.0
▼ ▼ ▼
EBITDA 3.0-4.0 5.0-6.0 7.5-10.0
Correlation between Gross Profit and EBITDA (in JPY Bn)
ROE/ROIC
Over 20％
Notes
(1) Lower range of full-year forecast disclosed on September 10, 2020 (JPY 6.45Bn)

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96
Stock Incentive Design
based on Quality Growth
◼ Performance target-linked stock
options (collectively called Quality
Growth Stock Option 2022) issued in
December 2022
◼ Gross profit, the condition for
exercising the Stock Acquisition
Rights No.12 issued in July 2020, was
substantially achieved. EBITDA has
been now set as the condition for
the exercise, with the aim of
generating profit while continuing
the growth
◼ Potential dilution from these stock
options is 1.24%
Purpose
With the intention of improving our business performance and corporate value over the
medium-to-long term, we aim to further enhance the motivation and morale of our
directors and employees and further strengthen company cohesiveness
Condition of Exercise
Issued in July 2020
Stock Acquisition Rights No.12
(Paid-in SO)
Issued in December 2022
Quality Growth Stock Option 2022
(Paid-in SO/Trust SO)
EBITDA
a) FY2023 or FY2024
JPY 2.8Bn (50% Exercisable)
b) FY2024 or FY2025
JPY 4.0Bn (50% Exercisable)
FY2022 Result
JPY 9.8Bn
Achieved
Gross Profit
FY2022 - FY2024
JPY 7.7Bn

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97
Reference Material

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98
Company Overview Name: RAKSUL INC.
HQ: Shinagawa-ku, Tokyo, Japan
Foundation: September 2009
Management Team: Yasukane Matsumoto, Founder and CEO
Yo Nagami, CFO / SVP of Corporate
Masaki Tabe, CMO / SVP of Novasell
Kozo Fukushima, COO / SVP of Raksul
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

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99
Financial Highlights
by Business Segment
(New Revenue
Recognition Standards)
FY2021 FY2022 FY2023
(in JPY MM) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Revenue
Raksul 4,430 5,073 5,605 5,144 5,461 6,092 7,894 7,877 8,540 9,316
Novasell 322 498 722 498 720 1,007 538 562 643 703
Hacobell 553 1,004 655 723 741 835 869 1,031 - -
Others 66 73 77 73 84 97 80 84 154 151
Gross Profit
Raksul 1,201 1,361 1,514 1,373 1,478 1,697 2,395 2,347 2,440 2,646
Novasell 165 206 405 305 313 433 253 292 368 348
Hacobell 91 142 112 96 97 104 131 130 - -
Others 26 29 29 28 33 38 27 29 38 37
Segment
Profit
(non-GAAP)
Raksul 453 568 767 565 583 697 1,055 1,153 1,073 1,172
Novasell 19 17 94 -95 -18 69 -122 -32 24 34
Hacobell -21 21 -17 -59 -68 -46 -11 -2 - -
Others and
corporate
expenses
-242 -291 -354 -394 -396 -429 -361 -436 -345 -324
Segment
Profit
(financial
accounting)
Raksul 408 515 711 505 534 641 863 962 875 942
Novasell 16 10 85 -103 -25 63 -129 -39 17 21
Hacobell -27 11 -28 -70 -79 -59 -25 -16 - -
Others and
corporate
expenses
-330 -391 -462 -631 -534 -580 -517 -592 -501 -404
Operating Profit
(non-GAAP)
Company
wide
209 315 490 15 99 292 560 681 753 882

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100
Difference between
non-GAAP profit and
accounting profit
■ From FY2020, we have been
disclosing non-GAAP profits
after adding back the stock-
based compensation expense
■ The amount in “Difference
(stock-based compensation
expense)” varies between
operating profit and ordinary
profit as RS held by resignees
are expensed off as non-
operating expenses
(JPY MM)
FY2023 2Q
(2022/11-2023/1)
FY2023 Cumulative Total
(2022/8-2023/1)
Actual
(non-GAAP)
Difference
(stock-based
compensation
expense)
Actual
(financial accounting)
Actual
(non-GAAP)
Difference
(stock-based
compensation
expense)
Actual
(financial accounting)
Revenue 10,172 - 10,172 19,510 - 19,510
Gross Profit 3,032 - 3,032 5,880 - 5,880
Operating Profit 701 141 559 1,273 322 951
EBITDA 882 141 740 1,636 322 1,313
Ordinary Profit 696 160 536 1,135 343 791
Net Profit 489 160 328 1,670 343 1,326

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101
Balance Sheet (in JPY MM) FY2022 4Q FY2023 2Q
Current Assets 19,660 19,791
Cash & Deposits 13,682 14,598
Non-Current Assets 8,973 9,063
Total Assets 28,633 28,855
Current Liabilities
(interest-bearing liabilities)
7,774
(2,495)
7,506
(2,480)
Non-Current Liabilities
(interest-bearing liabilities)
11,546
(11,440)
10,700
(10,595)
Net Assets 9,312 10,648
Share Capital 2,694 2,726
Capital Surplus 5,501 5,534
Retained Earnings 165 1,538
Total Liabilities & Net Assets 28,633 28,855

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102
Cash Flow Statement
(in JPY MM)
FY2022 2Q FY2022 FY2023 2Q
Cash flow from operating activities -87 837 1,542
Cash flow from investing activities -438 -2,808 468
Cash flow from financing activities -449 2,206 -1,094
Net increase/decrease in cash and cash
equivalents
-976 235 916
Cash and cash equivalents at end of
quarter
12,471 13,682 14,598

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103
Hacobell
Company Split of Hacobell Business Segment and
Establishment of a Joint Venture with Seino Holdings Co., Ltd.

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104
Hacobell
Summary
Overview
• We will transfer the Hacobell business through company split, and establish a
JV with Seino Holdings Co., Ltd. (“SEINO HD”), a leading company in the logistics
industry
• Shareholding ratio of the JV will be RAKSUL 49.9%, SEINO HD 50.1%
Scheduled date • August 2022
Purpose
• Implementing a capital policy that enables Hacobell to become an open public
platform in solving diverse challenges of the logistics industry
• Decision was made based on RAKSUL’s vision and mission to transform multiple
industries
Impact on
companywide
financials
• Hacobell business segment will become an equity-method affiliate from FY2023.
Losses in Hacobell business segment will not be included in our operating profit
• Hacobell contribution to companywide gross profit is around 4-5%, thus the
impact is negligible
• As a result of this transaction, we will incorporate deferred tax assets as
adjustments to income taxes (gain) in FY2022 4Q, and record extraordinary
income and adjustments to income taxes (loss) in FY2023. Overall impact is on
the profitable side

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105
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
→Monthly System Usage Fee
- Shippers:
difficulty finding trucks + price increase
- Drivers:
low profit and low income due to
low utilization rate

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106
Hacobell
Business Model Clients Trucking Company
Designated
Address
(1) Order
(1) Payment
(2) Matching
(3) Order
(3) Payment
(4) Delivery to designated address
Service
Money
Clients Trucking Company A
(1) Monthly fee
(1) Provide system
(2) Order
(2) Payment
Matching Platform
Trucking Company B
Trucking Company C
Hacobell
Hacobell
Hacobell Connect

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107
Hacobell
228
324
452
534 563
638
532
448
553
1,004
655
723 741
835
869
1,031
22 23 30 27 34 35 48 69 91
142
112 96 97 104 131 130
-16 -30 -39
-71 -99 -125
-79
-46 -21
21
-17
-59 -68 -46
-11 -2
9.7%
7.3% 6.6%
5.2% 6.1% 5.6%
9.1%
15.5%
16.5%
14.2%
17.2%
13.3% 13.1% 12.6%
15.1%
12.7%
-30.0%
-10.0%
10.0%
-200
0
200
400
600
800
1000
1200
1400
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY2019 FY2020 FY2021 FY2022
■ Steady growth in revenue continues
and segment losses are on a
shrinking trend
■ As a result of forming a JV with
SEINO HD, Hacobell will be
accounted for as the equity
method affiliate from FY2023
onward
■ 24 companies have implemented
Hacobell Connect (SaaS), and the
average monthly charge per client is
roughly JPY 310K, contributing to
+1.7pt increase in gross margin
Business Segment
Performance
(in JPY MM)
(non-GAAP, EBITDA)

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108
Hacobell
Number of
Registered Vehicles(1)
■ Number of registered vehicles has
increased steadily, which leads to
securing our transportation
capacity to support business
growth
■ We have established a recognition
within the industry, particularly for
lightweight vehicles, therefore
organic inflow will continue at a
certain level
(# of vehicles)
Note
(1) Including companies registered on Hacobell Connect (SaaS)
1,246 1,800 2,940
4,911
6,590 7,451 8,175
9,975
11,599
13,157
15,053
16,609
18,507
20,276
21,572
23,464
1,961
2,386
3,372
4,590
5,729
6,886
8,014
8,892
9,618
10,853
11,865
12,687
13,224
13,726
14,343
14,978
3,207
4,186
6,312
9,501
12,319
14,337
16,189
18,867
21,217
24,010
26,918
29,296
31,731
34,002
35,915
38,442
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY2019 FY2020 FY2021 FY2022
Heavyweight Vehicles Lightweight Vehicles

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109
Hacobell
Overview
■ We will transfer the Hacobell
business through company split
and establish a JV with SEINO HD,
a leading company in the logistics
industry in August 2022
Transfer Hacobell business through company split
as of August 1, 2022 (incorporation type company
split)
1. Company Split 2. Establishment of JV
HACOBELL INC.
HACOBELL INC.
By transfer of shares from RAKSUL to SEINO HD,
and issuance of new shares through third party
allotment to SEINO HD, the JV will be established
with RAKSUL holding 49.9% and SEINO HD
holding 50.1% of the shares
49.9% 50.1%
Hacobell
Segment
100%

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110
Hacobell
● Nationwide customer base and sales network
● Number of customers: 120,000
Number of partners (origin and destination
combined): 800,000
● No.1 share in BtoB logistics
● Wide range of business in logistics (other than
trucking)
● Logistic warehouse / facilities
● Warehouse Management System (WMS)
● Investment in startup companies via CVC (drones,
etc.)
Purpose of the JV
■ By choosing to establish a JV with
SEINO HD instead of pursuing
growth on a stand-alone basis,
Hacobell can achieve significant
business growth by leveraging the
strengths of both companies
■ In the medium-to-long term,
Hacobell will aim to become an
open public platform in solving
diverse challenges of the logistics
industry
■ Decision was made based on
RAKSUL’s vision and mission to
transform multiple industries
● Matching technology and operational capabilities
based on digital knowledge and expertise in
vehicle dispatch operations
● Providing superior UI/UX software based on deep
understanding of the logistics industry's
transportation and delivery operations
● Supplier network
Various challenges in the logistics industry
Resolving challenges through synergies between the
two companies and creating an open platform within
the industry in the future
Promotion of carbon neutrality
Low utilization rate
Decrease in the number of drivers
and aging of drivers

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111
Hacobell
Outlook of Hacobell
performance / impact on
companywide financials
• Hacobell business segment will become an equity-method affiliate from
FY2023. Losses in the Hacobell business segment will not be included in our
operating profit
• Hacobell contribution to companywide gross profit is around 4-5%, thus the
impact is negligible
• As a result of this transaction, we will incorporate deferred tax assets as
adjustments to income taxes (gain) in FY2022 4Q, and record extraordinary
income and adjustments to income taxes (loss) in FY2023. Overall impact is on
the profitable side
Outlook of
Hacobell
performance
Impact on
companywide
financials
• Revenue growth pace will accelerate by receiving customer referral support
from SEINO HD. Short-term loss will incur in view of focusing on service
development and customer services
• Aim for IPO in the future

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112
Number of
Employees
Calculation by RAKSUL INC. based on the 2019 White Paper on Small Enterprises and the 2016 Statistical data on SMEs (number of companies per major
city and prefectures, number of full-time employees, number of employees (private, non-primary industries)
Number of
Companies
2019 White Paper on Small Enterprises, 2020 White Paper on Small Enterprises
Sources
P6, P7
Indirect cost
market
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
Novelties Estimate based on "Corporate Gift Market“ (Yano Research Institute Report, 2020)
Promotional media = Offline
advertising
Total of inserts, DM, and free papers 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, 2021)
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 " (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
P7

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113

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114
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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