Company Overview (IR)

Company Overview RAKSUL INC. (TSE PRIME: 4384)

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

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

5 Medium-term direction of our expansion  Going forward, RAKSUL
will expand organically and through M&A in 3 key directions shown in the diagram on the right Business Supplies Printing Industry (Admin/Procurement Budget) Advertising Industry (Advertising Budget) Custom Merchandise Apparel Packaging Sales Promotion Web Sites Store Supplies Offline Ads Digital Ads Taxi Ads TV Commercials Payment Platform Customer Base New Domains 2. Supply Enhancement 1. Expansion into adjacent domains 3. Acquisition of new business models Widening target markets and product offerings Examples: Custom novelties and apparel Acquisition of AMIDA Deeper penetration into each domain to increase the customer values we provide Examples: Acquisition of RAKSUL FACTORY, Wild Side Evolving into a B2B procurement platform through adding layers of infrastructure Examples: Raksul Enterprise Novasell's expansion into SaaS business Investment in Peraichi

6 M&A Track Record  Conducted several M&A transactions in
the past in order to both expand TAM and refine our core values, and will continue to conduct M&A transactions on a continuous basis in the future TAM Expansion Supply Enhancement FY2024 FY2023 FY2022 FY2021 Purpose New Business Model Adjacent Domains • Invested in September 2021 • Became a subsidiary in August 2023 • Became a subsidiary in March 2024 • Invested in December 2020 • Became a subsidiary in February 2022 • Merger in August 2023 • Became a subsidiary in October 2023(1) • Invested in October 2020 (Spin-off from Net Square) Net Square Peraichi DANBALL ONE DANBALL ONE DANBALL ONE RAKSUL FACTORY Notes (1) AMIDA's contribution to earnings started in 2Q

7 Buy & Build Building value after M&A  In
M&A we value and prioritize unlocking synergy through creating new value for customers and rationalizing overlapping functions and will be a priority in searching for future acquisitions  With DANBALL ONE (consolidated from Feb 2022), we have already achieved strong profit growth through cross selling and cost synergies  With AMIDA (consolidated from Nov 2023), we are at early phase of post- merger integration with lessons learned from DANBALL ONE PMI • Promoting cross selling on Raksul and DANBALL ONE customers (Active) • Developing new product lines (Active) • Promoting cross selling on RAKSUL and AMIDA customers • Integrating corporate functions (Completed) • Streamlining marketing (Active) • Sharing payment platform (Planned) • Sharing logistics and procurement (Planned) • Integrating corporate functions • Streamlining marketing • Sharing payment platform • Sharing procurement EBITDA growth between FY2020 to FY2023 Approx. JPY 520MM With sizeable potential for synergy remaining EBITDA improvement from synergy alone expected in next 3 years More than JPY 100MM Revenue Synergy Measures EBITDA Improvement Cost Synergy Measures Consolidation from Oct 2023 Invested in November 2020, Consolidation from Feb 2022 DANBALL ONE Planned items at this time Planned items at this time

8 M&A Cases in FY2024 ①  Raksul business-related assets
of Net Square Co., Ltd. (“Net Square”)(1), an equity method affiliate, was carved out and became our wholly owned subsidiary as RAKSUL FACTORY INC Notes (1) The capital relationship with Net Square was dissolved in July 2023 (2) 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 (Spin-off from Net Square) RAKSUL FACTORY Financial Impact • Financial impact for the next fiscal year is expected to be JPY +300-400 MM for gross profit, JPY +200-300MM for EBITDA (no change in consolidated revenue due to intercompany eliminations) • Assets are approx. JPY 600MM, liabilities are approx. JPY 200MM, accounting for approx. 1-2% of consolidated assets and liabilities respectively • Annual capital investment is around JPY 50-100MM • Financial results of the acquired business will be disclosed as part of the Raksul business segment from next fiscal year onwards. Individual KPI will not be disclosed Purpose • Improve added value such as lower prices, shorter delivery times, and high quality through integrated business operations with Net Square, one of Japan's largest companies in the on- demand printing(1) field, while maintaining the flexibility and scalability of our sharing business model • On-demand printing has low CO₂ emissions and contributes to reducing the environmental impact of our supply chain

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

10 M&A Cases in FY2024 ③  In-house media buying
function in Novasell business  Enables fast PDCA cycle based on program designation, short-time and quick-delivery buying and real-time effectiveness measurement Financial Impact • The impact on consolidated results is negligible Purpose • Supply Enhancement : Wildside has the ability to purchase media directly with TV stations, which is rare outside of major advertising agencies. With the acquisition of the company, Novasell is to have the ability to provide media buying services to its group companies, and can support marketing activities that lead to more effective results by providing TV commercials with program designation, short-time and quick-delivery buying, and PDCA cycles based on real-time effectiveness measurements

12 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

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

14 Confidence in reaching our current medium-term target  Announced
in 2021, our current medium- term financial targets of JPY 17.5-20.0Bn in gross profit and JPY 5.0-6.0Bn in EBITDA for FY2025 is within reach 1.6 2.7 3.9 4.9 7.1 9.8 12.3 1.03 1.63 3.14 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024E FY2025E 17.5-20.0 EBITDA 17.0 4.3 Gross Profit Mid-term Target and Actual/Estimate (in JPY Bn) disclosed in September 2021 5.0-6.0 Growth highlights from FY2021 Gross Profit (in JPY Bn) Group EBITDA (non-GAAP/in JPY Bn) Targets in Mid-Term Financial Policy EBITDA range in Mid-Term Financial Policy Newly Consolidated・New Services 7.1 17.0 FY2021 FY2024E 1.0 4.3 FY2021 FY2024E DANBALL ONE Peraichi RAKSUL FACTORY 2.4x 4.2x Gross Profit

15 1.0 1.6 3.1 7.1 9.8 12.2 FY2021 FY2022 FY2023
FY2024E FY2025E FY2026E FY2027E FY2024-FY2027 EBITDA CAGR Target 30% EBITDA 10.0 30.0 Gross Profit 17.0 4.3 New Medium Term Financial Policy  Medium-term growth targets will be re- established as the previous targets are certain to be met  Target through FY2027 will be 20% gross profit and 30% EBITDA annual average growth, aiming for gross profit of JPY 30Bn and EBITDA of JPY 10Bn in FY2027  Drivers to achieve the targets will be the continued organic growth of Raksul/Novasell businesses, continuous M&A, and synergy generation with acquired businesses  Quality Growth (policy of business expansion with profit/CF) continues (in JPY Bn) Peraichi JPY -0.2Bn taken in FY2024-FY2027 Gross Profit CAGR Target 20%

16 Continuous M&A Capex and R&D Medium-term Capital Allocation 
Many attractive investment opportunities exist around RAKSUL. Main use of cash will be investing in our business and M&A to solidify our growth and competitiveness  As we generate sustainably growing cash flow, we intend to return minimum 10% of the cash generated through our business (minimum JPY 2.5Bn) to shareholders over the next five years, mainly through share buybacks. The actual rate of return and timing will depend on the stock price and the pace of M&A opportunities  We will buy back shares when we believe the share price level is low relative to the intrinsic value and growth of RAKSUL, effectively limiting the dilutive effect of future stock-based compensation Cash In Cash Out Cash Flow from Business more than JPY 25Bn Bank loans & Private Placements Bonds JPY 6.7Bn Credit Line Up to JPY 20Bn Growth Investments JPY 17.5Bn - up to 40.0Bn CB Redemption Approx. JPY 5.0Bn Capital Allocation Cumulative Total for FY2024/7 - FY2028/7 Financing Package Share buyback of JPY 700MM planned for this fiscal year Maximum repayment if the loans are not renewed is approximately JPY 14Bn over the next five years Shareholder Return more than JPY 2.5Bn

17 FY2023 FY2024 1Q 2Q 3Q 4Q 1Q 2Q 3Q
4Q Changes in Accounting for Each Segment  Three changes from 1Q for FY2024  Merger of DANBALL ONE has no numerical impact  Consolidation of RAKSUL FACTORY has no impact on revenue, but boosted gross margin of Raksul business by approx. +1pt  Consolidation of Peraichi expect to add JPY +0.3Bn to 1Q revenue, JPY +0.24Bn to gross profit, and has almost no impact on EBITDA  AMIDA started contribution to business performance in 2Q AMIDA as a Wholly-Owned Subsidiary (Consolidated) Merged with DANBALL ONE RAKSUL FACTORY as a Wholly-Owned Subsidiary (Consolidated) Equity-Method Affiliate (Non-consolidated) Raksul Hacobell Consolidated subsidiary of DANBALL ONE Net Square, equity-method affiliate RAKSUL FACTORY founded Others Consolidation of Peraichi Peraichi, equity-method affiliate

18 Quarterly Financial Highlights and 3Q Forecast  Steady growth
in revenue, gross profit, EBITDA, and other income categories  Growth accelerated with the consolidation of AMIDA from 2Q  Quarterly EBITDA exceeded JPY 1Bn for the first time while maintaining sustainable revenue growth  Business environment expected to be largely unchanged in 3Q FY2024 2Q （2023/11 - 2024/1） FY2024 2Q Cumulative Total （2023/8 - 2024/1） FY2024 3Q Forecast （in JPY MM） Actual FY2023 2Q Actual YoY Actual FY2023 2Q Cumulative Total YoY Forecast as of Mar 13 Revenue 12,762 10,172 +25.5% 23,990 19,510 +23.0% +25-28% Raksul 11,666 9,316 +25.2% 22,118 17,857 +23.9% Novasell 713 703 +1.4% 1,073 1,347 -20.3% Gross Profit 4,252 3,032 +40.2% 7,911 5,880 +34.5% +41-44% Raksul 3,591 2,646 +35.7% 6,702 5,087 +31.8% Novasell 414 348 +19.0% 676 716 -5.5% Gross Margin 33.3% 29.8% +3.5pt 33.0% 30.1% +2.8pt EBITDA 1,238 882 +40.3% 2,177 1,636 +33.1% 1,150-1,250 Operating Profit (non-GAAP) 1,096 825 +32.9% 1,921 1,521 +26.3% Net Income (non-GAAP) 891 613 +45.4% 2,417 1,918 +26.0% EPS (non-GAAP) JPY 15.1 JPY 10.5 JPY +4.6 JPY 41.1 JPY 32.8 JPY +8.2

19 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2Q 3Q 4Q 1Q 2Q FY2021 FY2022 FY2023 FY2024 Total 5,372 6,650 7,061 6,439 7,007 8,033 9,383 9,556 9,338 10,172 10,610 10,897 11,228 12,762 Hacobell 553 1,004 655 723 741 835 869 1,031 0 0 0 0 0 0 Others & Corporate 66 73 77 73 84 97 80 84 154 151 147 151 416 382 Novasell 322 498 722 498 720 1,007 538 562 643 703 542 766 360 713 Packaging 0 0 0 0 0 0 1,501 1,543 1,723 1,951 1,893 1,924 1,973 2,182 Business Supplies & Peripherals 1,626 1,849 2,167 2,000 2,174 2,345 2,506 2,501 2,732 2,972 3,364 3,418 3,639 4,562 Printing & Solutions 2,803 3,223 3,438 3,144 3,286 3,747 3,886 3,833 4,084 4,392 4,661 4,635 4,838 4,921 5,372 6,650 7,061 6,439 7,007 8,033 9,383 9,556 9,338 10,172 10,610 10,897 11,228 12,762 Revenue by Business Segment  Revenues continue to grow quarter over quarter  Raksul segment revenue is broken down into the following 3 categories from 2Q Printing & Solutions Printed materials on paper used by customers in their business activities, and printing solutions for large companies Business Supplies & Peripherals Customized items used by customers in offices and stores, as well as other services Packaging Cardboard, paper bags, and other types of packaging (in JPY MM)

20 1,484 1,740 2,062 1,804 1,921 2,274 2,807 2,799 2,847
3,032 3,237 3,177 3,659 4,252 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2021 FY2022 FY2023 FY2024 Raksul Novasell Others and Corporate Hacobell Gross Profit  Gross profit continues its growth trend driven by revenue growth and stable gross margin  Expected range of gross margin over the medium term, both revised upwards • Raksul Business : 30 - 33% • Novasell Business : 50 - 60% (in JPY MM) 3,591 414 246

21 585 660 777 533 714 741 912 752 765
938 8.4% 8.2% 8.3% 5.6% 7.7% 7.3% 8.6% 6.9% 6.8% 7.4% 0 200 400 600 800 1000 1200 1400 1600 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2022 FY2023 FY2024 SG&A Spend(1)  Continued investment in growth, mainly in advertising and technology development  In 2Q, the ratio of advertising expenses to revenue and the amount of other SG&A expenses increased due to the consolidation of AMIDA （in JPY MM） 420 446 489 481 470 432 465 506 564 503 6.0% 5.6% 5.2% 5.0% 5.0% 4.2% 4.4% 4.7% 5.0% 3.9% 0 200 400 600 800 1000 1200 1400 1600 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2022 FY2023 FY2024 Ratio Tech & Development Investments to Revenue FY2022 FY2023 FY2024 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Total SG&A expenses(1) 1,873 2,034 2,308 2,180 2,151 2,206 2,436 2,587 2,833 3,155 Sales & Marketing 622 695 826 577 736 750 923 811 809 976 Tech & Development 420 446 489 481 470 432 465 506 564 503 Depreciation 32 33 42 42 36 36 37 38 44 55 Others 799 858 950 1,078 908 987 1,010 1,230 1,414 1,620 Ratio of Advertising Expenses to Revenue Notes (1) Stock-based compensation expenses and amortization goodwill not included

22 209 315 490 15 99 292 560 681 753
882 859 649 938 1,238 160 266 440 -35 48 239 499 619 696 825 801 590 825 1,096 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2021 FY2022 FY2023 FY2024 EBITDA (non-GAAP) Operating Profit (non-GAAP) EBITDA and Operating Profit  Quarterly EBITDA exceeded JPY 1Bn for the first time and landed at a record high following Q1  Non-GAAP operating profits trending similarly with record profits in Q2  Non-GAAP adjustments include stock- based compensation expense and amortization of goodwill on operating profit level (in JPY MM)

23 15,800 11,797 9,103 17,117 7,047 12,536 Assets Liabilities &
Net Assets Short-term borrowings 800 Current portion of long-term borrowings 1,787 Other Current Assets Current Liabilities (34% of Total Assets) (43% of Total Assets) Non-Current Assets Cash & Deposits Non-Current Liabilities Net Assets (in JPY MM) Quarterly Financial Highlights: BS  With the financing package, the current cash position will be maintained even if the CBs will be redeemed  We expect to accumulate both the operating cash flow and accounting profits in the future Bank Loan 5,564 CB (Due on Nov 2024) 5,008 Goodwill 6,799 Share Capital 2,768 Capital Surplus 5,576 Retained Earnings 3,319 Treasury shares -300 Stock Acquisition Rights 1,310 Others 3,126

24 Financing Package for Medium to Long-Term Growth  The
purposes of the financing are to secure working capital to support mid- to long-term organic growth, to realize domain expansion through continuous M&A, and to achieve optimal capital efficiency  Optimized financing conditions and interest rate costs to meet the required funding needs through a combination of bank loans, private placement bonds, committed credit lines (commitment lines), and variable/ fixed interest rates Types Financial Institutions Interest Rates Period Total amount of Loan and Committed Credit Line Sumitomo Mitsui Banking Corporation Resona Bank, Limited. Nippon Life Insurance Company and other 0.41 - 0.85% Per annum Variable and Fixed rates (planned) 5 - 10 years JPY 4.25Bn (planned) 2 domestic financial institutions All-in cost including interest and issuance fees 0.80 - 1.49% Per annum Fixed rates (planned) 4 - 5 years JPY 2.45Bn (planned) Mizuho Bank, Ltd. Base interest rate + spread Renewed every year (Renewal requires an evaluation by Mizuho Bank） JPY 1.0Bn Up to JPY 20Bn with request for increase Credit line increase up to JPY 20Bn can be requested to fund acquisitions in M&A transactions （increase in the credit line requires an evaluation by Mizuho Bank) - - - JPY 26.7Bn Maximum amount to be raised, including committed credit lines and requests for increase Bank Loans Private Placement Bonds Committed Credit Lines Total

26 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

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

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

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

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

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

32 Raksul Number of Registered Users on raksul.com Platform(1) 
Our customer base continues to grow  The number of total users for 2Q was 2,522,497 Notes (1) Number of total registered users for raksul.com (unit: 1,000 users) 0 500 1,000 1,500 2,000 2,500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 - Individuals Enterprises 2,522 2,085 2,422 FY2024

33 Raksul 2,522 5,200 9,106 Over Significant Potential to Further
Expand as BtoB Platform Notes (1) Raksul and MonotaRO are based on the number of registered accounts including sole proprietor, while ASKUL based on the number of companies Source IR materials and website of BUSINESSMART CORPORATION ▪ Number of Users of Major BtoB Platform Leaders in Japan(1) Enterprise (unit: 1,000 users) Individuals Raksul

34 Raksul Raksul Business Performance  Gross margin rose to
30.8% due to contributions from AMIDA  Gross profit of Raksul business, excluding the new consolidation, grew by 20% YoY (EBITDA) (in JPY MM) Notes (1) SG&A expenses include internal transactions (1) 4,430 5,073 5,605 5,144 5,461 6,092 7,894 7,877 8,540 9,316 9,919 9,979 10,451 11,666 1,201 1,361 1,514 1,373 1,478 1,697 2,395 2,347 2,440 2,646 2,847 2,763 3,111 3,591 453 568 767 565 583 697 1,055 1,153 1,073 1,172 1,161 1,180 1,458 1,649 27.1% 26.8% 27.0% 26.7% 27.1% 27.9% 30.3% 29.8% 28.6% 28.4% 28.7% 27.7% 29.8% 30.8% -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 12,100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2021 FY2022 FY2023 FY2024 Revenue Gross Profit Segment Profit Gross Margin

35 Raksul Raksul Business KPI Trends  Gross profit grew
35.7% YoY; 20% growth excluding AMIDA consolidation  1. Customer ARPU has returned to a normal growth pace due to an increase in the number of purchases and unit price  2. Growth in the number of purchasers slowed due to controlled marketing investment, particularly in the business card category, as well as the slowdown in the growth of the cardboard etc.  No meaningful change in growth drivers or competitive environment, and we expect purchaser growth within the previous range FY2021 FY2022 FY2023 FY2024 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Raksul Business Gross Profit (in JPY MM) 1,201 1,361 1,514 1,373 1,478 1,697 2,395 2,347 2,440 2,646 2,847 2,763 3,111 3,591 YoY +21.0% +29.4% +52.1% +24.5% +23.0% +24.6% +58.2% +70.9% +65.1% +55.9% +18.9% +17.7% +27.5% +35.7% a. Number of Annual Purchasers YoY -1.0% +4.4% +26.1% +46.4% +25.6% +27.7% +21.0% +27.1% +32.7% +24.1% +28.7% +24.8% +17.9% +11.4% b. Average Number of Orders YoY +1.5% +0.7% +8.2% +2.5% +2.7% +1.1% -2.1% -0.1% -1.8% -0.7% -0.1% +0.3% +0.6% +0.9% c. Average Revenue per Order YoY +9.9% +10.7% +2.1% -11.5% -4.5% -7.0% -3.7% -3.0% -4.2% -1.9% -2.3% +1.1% +3.1% +3.0% d. Gross Margin YoY +9.7% +11.2% +9.2% -6.3% -0.2% +3.8% +12.0% +10.3% +4.7% +0.6% -5.4% -7.1% +4.2% +3.7% e. Contribution of New Consolidations to Gross Profit 30.4% 35.1% 34.4% 34.3% 15.7% DANBALL ONE AMIDA １ 2

37 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

38 Novasell Service design to build long-term relationships with customers
 Launched a consulting service called “Novasell Professional” on November 30th, providing a third-party perspective in addition to the layers of Novasell’s existing services such as software and transactions  We build long-term relationships with our clients and provide neutral campaign design, evaluation, and execution services that only Novasell can provide Agency Business (TV, Taxi ads, Web, etc.) Execution Process Consulting Creation of media planning and evaluation mechanisms/improvement of business processes through professional staffing and analysis using proprietary tools Resolving advertisers' lack of resources for ad operations and analysis through the dispatch of professional staff and analysis using proprietary tools Analysis of TV commercial effectiveness for the client company and other companies Visualization of the impact of variables that can affect business KPIs Integrated Vertical Platform Transactions E-commerce / Marketplace Software SaaS Services BPO etc. Analysis of the effectiveness of TV commercials, including CVs (Conversions) Novasell Analytics Novasell Trend Novasell MMM MMM

39 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

40 Novasell SaaS Products Currently Offered  Started with "Novasell
Analytics" and launched "Novasell Trends" in April 2022 in response to the need for competitive comparison A service that enables comparison of the effectiveness of our client’s and other companies' TV commercials using "nominated searches" as an indicator A service offers a comprehensive analysis of the impact and effectiveness of our clients' TV commercials, including conversions Novasell Analytics Novasell Trend

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

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

43 Novasell 322 498 722 498 720 1,007 538 562
643 703 542 766 360 713 165 206 405 305 313 433 253 292 368 348 352 375 262 414 19 17 94 -95 -18 69 -122 -32 24 34 12 -39 -124 79 51.2% 41.5% 56.0% 61.3% 43.5% 43.0% 47.0% 52.0% 57.2% 49.5% 65.0% 48.9% 72.9% 58.1% -120.0% -70.0% -20.0% 30.0% 80.0% -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 FY2021 FY2022 FY2023 FY2024 Revenue Gross Profit Segment Profit Gross Margin Novasell Business Performance (1)  Business returns to positive growth in YoY due to recovery in the agency business and a solid SaaS business  Gross profit is expected to reach a record high in 3Q due to the current order situation, and the segment is expected to be profitable for the full year  SaaS quarterly revenue increased to JPY 121MM (YoY +55.2%)  By applying the new revenue recognition standards, revenue is netted for broadcasting services, and gross revenue is recognized for production and SaaS services (in JPY MM) (EBITDA) Notes (1) Internal transactions included in revenue, gross profit, and SG&A 872 1,248 2,613 1,983 1,727 2,641 1,614 1,493 1,680 1,819 1,847 2,023 1,157 1,997 Gross Revenue

44 Novasell 51.6 58.9 % % 267 312 2022/2-2023/1 2023/2-2024/1
+16.9% Novasell Business KPI Trends  ARPA declined due to strong SaaS business. In the meantime, unit price is rising in SaaS business (+16.8% YoY)  Total number of SaaS users for 2023/2- 2024/1 was 200 companies (+22.7% YoY). More than 95% of them are using paid services, and the number of companies using paid services increased +35.7% YoY 276 387 985 1,016 -16.7% +14.3% Number of Annual User Companies ARPA(1) Gross Profit and Breakdown Gross Margin JPY9.1MM JPY7.6MM JPY1,261MM JPY1,404MM Notes (1) ARPA=Average Revenue Per Account +11.3% Agency Business SaaS Business

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

47 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

48 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

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

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

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

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

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

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

55 Reference Material

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

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

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

59 Difference between non-GAAP Profit and Accounting Profit  Previously,
the only GAAP adjustment item was stock-based compensation expense, however from 2Q, amortization of goodwill was added  The amount in “Difference (stock-based compensation expense)” varies between operating profit and ordinary profit as RS held by retired/resigned employees are recorded as non-operating expenses (in JPY MM) FY2024 2Q (2023/11-2024/1) Actual (non-GAAP) Difference (stock-based compensation expense + amortization goodwill) Actual (J-GAAP) Revenue 12,762 - 12,762 Gross Profit 4,252 - 4,252 Operating Profit 1,096 346 749 Ordinary Profit 992 352 639 Net Profit 891 352 538

60 Group Companies Equity method affiliate • Accelerating growth towards
an open platform in the logistics industry with a new shareholder, JAPAN POST CAPITAL Co., Ltd., joining in January 2024 • Quarterly revenue is approximately JPY 1.6Bn Consolidation possible in the future • Business is up and running smoothly and has procured Series B funding of JPY 13.5Bn • Started providing services in the US and APAC in addition to Japan • Consolidated from this fiscal year • No change in our shareholding, managed as Other Businesses • Quarterly revenue is approximately JPY 0.25Bn Investments Organic Businesses Consolidated Peraichi Hacobell Josys

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

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

63 127 136 165 184 199 215 233 298 102
108 133 148 160 169 182 242 0 50 100 150 200 250 300 350 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2022 FY2023 (in JPY MM) Overview of Peraichi Inc.  As part of the software business expansion into the sales promotion area utilizing Raksul's customer base, we acquired their shares in September 2020 and consolidated from 1Q FY2024  The financial impact on FY2024 results is expected to be about JPY +1.1Bn in revenue, +0.8Bn in gross profit, -0.2Bn in EBITDA, and -0.3Bn in operating profit (including amortization of goodwill). Managed as part of other businesses  Although not included in the forecast at the beginning of the fiscal year, each figure in the initial plan is expected to be achieved due to strong company-wide performance Company name : Peraichi Inc. Business : Operation of Website creation SaaS “Peraichi” CEO : Kunihiro Yasui Service Overview • SaaS service which enables anyone to easily create a website • Offers payment function for online shops • Highly compatible with printing E-commerce (commercial printing) as the service is utilized by SMEs in various industries nationwide for sales promotion and marketing purposes Financial Performance(1) Notes (1) The fiscal year differs from that of RAKSUL, and the financial results of Peraichi are disclosed on a non-consolidated basis

64 Sources Indirect cost market Estimated based on the total
selling, general and administrative expenses of all stocks listed on the Tokyo Stock Exchange (excluding ETFs, REITs and securities investments) Raksul Business stationery and commercial printing Calculated based on “Current Production Statistics: Paper, Printing, and Plastic” (METI), production volume basis Novelty items Estimated based on "Corporate Gift Market“ (Yano Research Institute Report, 2020) Promotional media = Offline advertising Total of inserts, direct mail, and free magazines from “Advertising Expenditures in Japan” (Dentsu, 2020) Hacobell Trucking Estimated based on “Japan Trucking Industry 2018 - Current Status and Issues” (Japan Trucking Association) Novasell TV commercials "Advertising Expenditures in Japan" (Dentsu, 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 <Market>" (Fuji Chimera Research Institute, March 2021) DANBALL ONE Packaging materials Shipment volume of Japan packaging industry 2020, Japan Packaging Institute, paper and cardboard products Peraichi Website production Estimated based on “Web Integration & Internet Advertising Platform Market Status and Outlook 2017 Edition” (Mick Economic Research Institute) + CMS providers’ revenue AMIDA Business Stamps Shipment value of seals, inkpads, stamps, and stamp stands from the "Survey of Economic Structure (Survey of Manufacturing Plants)" (2022) by the Ministry of Economy, Trade and Industry

65 Better Systems, Better World

66 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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