Oisix ra daichi : FY2021/3 1Q Results Explanatory Materials

FY2021/3 1Q Results Explanatory Materials

Oisix ra daichi 2020.8.14

Table of Contents

1. FY2021/3 1Q Achievements
2. Our Current Situation and Response to COVID-19
3. Results on Business segment
4. New Business Topics
5. Profits outlook after FY2021/3 2Q
6. ESG Topics

• APPENDIX・DATA SHEET

1

1. FY2021/3 1Q Achievements

Special factor in comparison with the same period of the previous year

【Consolidation of Purple Carrot】

• Purple Carrot, a U.S. meal-kit home delivery service specialized in vegan, became a subsidiary in Apr.2019. Recognition of sales, profits/losses and goodwill began in FY2020/3 3Q.
• Full-yearrecognition in consolidated reports this fiscal year versus half-year (3Q/4Q) last year.

Fiscal Year

Consolidated

1Q

2Q

3Q

4Q

period

Previous

From FY2020/3 3Q

half-year

Start of consolidation

fiscal year

(3Q/4Q)

(FY2020/3)

This fiscal year

Full-year

(FY2021/3)

*Due to the difference in fiscal year-ends, consolidated results are delayed by 3 months (1Q is consolidated from Jun to Mar).

3

Executive summary

ーFY2021/3 1QResults Against Initial Target,

●Sales

• Owing to COVID-19, the increase in home delivery demand has exceeded initial forecast. Led by the domestic business, both subscriptions and ARPU have increased.
• Regarding subscriber numbers, Oisix implemented a about 1-month suspension of new customer acquisitions. Since May, however, acquisitions have gradually been resumed.
• Daichi and Radish Boya have seen subscriptions rise reflecting both an organic increase in customer inquiries as well as inquiries being redirected to them from Oisix (owing to Oisix's temporary suspension of new customer acquisitions).
• ARPU increased significantly by about 25 to 30% YoY for all three brands

●Profits

• Marginal profit ratio improved due to increased ARPU in addition to increased profits due to increased sales
• Also, due to the tight capacity of Oisix, we stopped new acquisition for about 1 month, resulting in unused new promotional costs of about 650 min yen, which was temporarily added.

4

FY2021/3 1QHighlights

Sales : Affected by COVID-19, the number of subscribers and ARPU exceeds the initial forecast.

Profits ：In addition to the sales boost from COVID-19, unspent customer acquisition expenses at Oisix resulted in profits above normalized growth.

Sales	23.13bn yen
vsTarget +19％

YoY +42％

	2.07bn yen
Operating
vsTarget +76％
Income
	YoY +282％

EBITDA

Net

income

Attributable to owners of the parent

2.41bn yen

vsTarget +60％

YoY +222％

1.18bn yen

YoY +338％

5

Consolidated Results Overview

Sales and profit both increased YoY. For profits, in addition to the impact of COVID-19, Oisix's new sales promotion expenses have not yet been used. Temporarily greatly exceeded the forecast.

Sales

23.13bn yen

vs Target +19%
YoY		+42%
			23.13
		16.26
	15.25
9.60
FY	FY	FY	FY
2018/3	2019/3	2020/3	2021/3
1Q	1Q	1Q	1Q

EBITDA

2.41bn yen

	vs Target	+60%
	YoY	+222%
			2.41
	0.73	0.75
0.32
FY	FY	FY	FY
2018/3	2019/3	2020/3	2021/3
1Q	1Q	1Q	1Q

Operating Income

2.07bn yen

vs Target +76%

YoY +282%

			2.07
	0.54	0.54
0.14
FY	FY	FY	FY
2018/3	2019/3	2020/3	2021/3
1Q	1Q	1Q	1Q

*For the purposes of like-for-like vs Target comparisons, one extra month of Radish 6 Boya data (March 2018) was deducted from FY 3/2019 data.

YoY: Sales

ARPU and subscribers increased due

to increased demand for home delivery due to COVID-19

Sales（bn yen）

2 Sales

increase:

Other About

0.4

About

16.26 4.9

1 Sales increase: 3 home delivery brands

• Sales increase

		About	23.13		(3 home delivery brands)
			: about4.9bn yen
1.6
						19.50	・Increase in ARPU	：about3.7bn yen
						・ Increase in subsribers	：about1.2bn yen
	3 Purple
		Carrot				2 Sales increase: Other
	Consolida
		tion				：about0.4bn yen
							：about0.5bn yen
							・EC support/Hong Kong
							・Kindergarten wholesale ：about▲0.1bn yen
							Etc.,

• Purple Carrot Consolidation ：about1.6bn yen

FY2020/3	FY2021/3	Forecast
	1Q	1Q

7

YoY: EBITDA

Marginal profit ratio improved due to increased ARPU in addition to increased profits due to increased sales.Oisix's new sales promotion expenses

have not yet been used, resulting in a temporary increase in profit.

EBITDA（bn yen）

１

Profits increase:

３ Profits

About

(3 home delivery brands)

About

：about1.25bn yen

increase

0.05

0.1

5

・Increase in ARPU

：about0.95bn yen

:Other

About

2.41

0.4

・ Increase in subsribers：about0.3bn yen

Profits increase:

1

About

４

2

Oisix New promotional

3 home delivery

Purple

brands

6.5

Carrot

５

expenses unused：about0.65bn yen

Consolidat

fixed

３

Profits increase(Other)

ion

costs

increase

：about0.05bn yen

2 Oisix New

1.50

：about0.05bn yen

・EC support/Hong Kong

About

promotional

・Kindergarten wholesale

：±0bn yen

1.25

expenses

Etc.,

unused

４

Purple Carrot Consolidation

0.75

：about0.1bn yen

5

Companywide fixed costs

increase：about0.4bn yen

・Costs for COVID-19

：about0.05bn yen

・Costs for Listing

：about0.25bn yen

to First Section of the TSE

FY2020/3

FY2021/3 Forecast

・Personnel expenses, etc. ：about0.1bn yen

1Q

1Q

8

Unused Oisix new promotional expenses

Existing shipping capacity exceeded due to rapid demand expansion.The suspension of new customer acquisitions for a period of roughly one month (March-endand April-end)resulted in promotional expense savings of roughly 450 mn yen

• Exceeded shipping capacity

due to COVID-19

・・Expanding the shipping capacity upper limit, but could not cover

October 2021: New Ebina Station started.

About 3 times the shipping capacity

Shipment		Overcapacity due to
	rapid demand
		expansion due to
quantity			COVID-19
Demand		～
				Maximum shipping capacity
		Mar. 2020		Oct.2021

• Suspension of new subscribers acquisitions

・・Give priority to delivering products to existing subscribers and suspension of new subscribers acquisition during 1-month.

3月		4月	5月	6月	7月
Over					Resuming
capacity		Stop
				new acquisitions
		acquiring
		new			in stages
		subscribers

• new promotional expenses：
  About 650 mn yen unused
• Subscribers：

Lost about 10,000 net increase

9

Business segment Results

		Sales		Marginal profit
	11.26bn yen	2.36bn yen
Oisix
		(YoY +36％)		(YoY +154％)
		3.63bn yen	0.72bn yen
Daichi
	(YoY +41％)		(YoY +59％)
		4.72bn yen	0.89bn yen
Radish
Boya*		(YoY +25％)		(YoY +31%)
		3.60bn yen	0.39bn yen
Other
business		(YoY +117％)		(YoY +53％)

Overview

ARPU increased significantly, and both sales and profits increased. Suspension of new acquisition for about 1 month.

It gradually resumed acquisition from the end of April, and even with increased subscribers, it has not been completely resumed. Profit temporarily increased due to unused new promotional expenses

ARPU increased significantly, and both sales and profits increased. Significant increase of subscribers also due to an increase in natural inquiries and the effect derived from Oisix new acquisition page.

ARPU increased significantly, and both sales and profits increased. Originally, the number of subscribers was in the phase of prioritizing service improvement and suppressing new acquisitions, but due to the increase in natural queries and the effect derived from Oisix new acquisition page, it temporarily increased.

In the real business, such as the kindergarten wholesale, both sales and profits declined, but EC support from and overseas business grew steadily.

In addition, due to the impact of the consolidation of Purple Carrot, both sales and profits increased overall.

10

Business segment Results Overview

Sales

23.13bn yen

Other	Marginal profit Segment costs
10.9％
			Total segment costs
Radish	Marginal profit Segment costs	187.5bn yen
Boya	19.0％

Daichi	Marginal profit	Segment costs
19.9％
	Total
		Companywide fixed costs,
		Marginal profit
		Goodwill etc
		43.8bn yen
		23.0bn yen
Oisix	Marginal profit	Segment costs	Operating Income
21.0％		2.07bn yen
			11

2. Our Current Situation and Response to COVID-19

Executive summary

ーResponse to COVID-19

Domestic delivery business

✔

✔

Demand was strong with a peak occurring in April-May when a state of emergency was declared. Average ARPU in 1Q was up 25%~ 30% YoY.

New customer inquiries also saw an increase resulting in 25,000 new subscriptions for the three brands combined. New subscribers continue to use our services more than initially expected.

• Oisix's most important management issue, the increase in shipping capacity, is expected to be resolved
  by the operation of the Sayama station from October.

Other

• In the real business such as nursery wholesale, although sales decreased in April and May,
  Since June, it is gradually recovering to pre-COVID-19 levels

13

Our Current Situation

and Response to COVID-19

• Business Impact in 1Q

• Support activities with COVID-19

14

Business impact summary

ーOisix Oisix

As of end of 4Q

Owing to stronger home delivery demand vis-à-vis stay home initiatives, existing subscriber ARPU increased by some 20% on Mar.

We have been implementing various support initiatives related to COVID-

19. Examples are the "Sale of School Lunch Milk" and the "Hokkaido Product Exhibition."

• Due to shipments exceeding capacity, we stopped new customer acquisitions for a period of 1 month from Mar 26th
  to Apr 29th. We are now guiding new Oisix inquiries to Daichi and Radish Boya.

In the short-term, profits have benefited from lower implementation of PR expenses.

But this suggests lost sales in the future.

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

Current status

Demand was strong with a peak occurring in April-May when a state of emergency was declared. Average ARPU in 1Q was up 25%YoY.

Increased sales of Harumi Kurihara Kit and Vegan Kit due to increased meal opportunities at home and increased health awareness.

With the rapid increase in access,

Access delay occurs. Stabilized by carrying out maintenance in Jun.

• Due to suspension of new acquisition
  for 1-month, Lost increase in subscribers of about 10,000.
  From the end of April,
  Resuming new customers gradually.
  The expansion of the Sayama station made it possible to eliminate capacity.

15

Business impact in Oisix	Domestic Delivery business
（Three major brands）
ーKit Oisix	Domestic Delivery business
（Other）
	Other Business

Vis-à-visCOVID-19, sales of meal kits designed to address new customer behavior - "increasing cooking time at home" and "increasing health awareness" - were strong.

■Kit Oisix supervised by	■Vegan Kit
cook Harumi Kurihara

• Kurihara Harumi's online video Kit "Harumi Lesson" captures the growing needs of cooking more at home. In June alone, 36,000 meals sold.

Awareness of healthy eating

• habits have increased with COVID-19. Unit Vegan Kit sales has increased by roughly 1.6 times QoQ.

16

Business impact in Oisix	Domestic Delivery business
（Three major brands）
ーServer maintenance	Domestic Delivery business
（Other）
	Other Business

Owing to the sudden increase in server access, the EC site experienced slowing processing speeds. Stabilized by carrying out maintenance in June

Accident

• Vis-à -visCOVID-19, the sudden increase in access resulted in the Oisix EC data server experiencing significant slowing.

Action

• In early June, the EC site was shut down (about
  24-hours) to carry out large-scale inspection/repair

and stabilization.

• We plan continuation of environmental measures in line with the pace of business expansion,

17

Business impact in Oisix ーSakutto Oisix

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

The new subscription course "Sakutto Oisix" with limited SKUs is seeing levels of ARPU that are in line with other subscription courses. In 2Q, we aim to continue with new customer acquisitions using "Sakutto Oisix" as a core

driver.

■ Sakutto Oisix

✔

✔

Specialized service for shortening cooking time and shopping time launched in end of Apr.

Despite a small number of SKUs, it is

used with the same ARPU as other subscription courses.

While improving the service, we will continue to acquire new customers centered on Sakutto Oisix in 2Q.

18

(Re-posting)

Oisix Sayama Station

1. Facility name (tentative)

Oisix Sayama Station

2. address (planned)

Sayama city Saitama Pre.

3. Scheduled start date

Oct. 2020

4. Increased shipping capacity

We plan to cover the capacity until the start of operation of the Shin-Ebina Station in October 2021

－Up to +50% higher than current capacity

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

5. Initial investment

About 300 million (vehicles, in-house management system, initial rent cost, etc.)

19

(Re-posting)

Future shipping system

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

Oisix's most important management issue, the increase in shipping capacity,

is expected to be resolved by the operation of the Sayama station from October.

Status

/Measures

Logistics

Base

Shipping Capacity

Apr.2020 Oct.2020 Oct.2021

	・Launch of Sakutto Oisix,	NEW
	・With the start of operation
Exceeding	a small SKU service	of the Sayama station,	・Large increase in capacity
・Expansion of satellite center	there was a goal to solve
	due to operation
	⇒Resuming new	the capacity problem
	of Shin-Ebina Station
	acquisitions gradually from	・Actively resume
	the end of April
	new acquisitions
logistics	・Current Ebina Station	・Current Ebina Station	Shin-Ebina Station
・Sayama
	＋	・Fujisawa
	・Fujisawa	・Zama	（※Fujisawa and Sayama will be
	+	closed after Oct. 2021.
	・Zama
		Zama is dedicated
capacity			to shipping radish）
in shipping capacity	*Covers capacity up to	capacity +200% increase
		Up to +50% increase
	+10% increase	in shipping capacity	Maximum shipping
		the start of operation of
		the Shin-Ebina Station

20

Business impact summary

ーDaichi/Radish Boya

Daichi		Radish Boya

As of end of 4Q

Owing to stronger home delivery demand vis-à-vis stay home initiatives, existing subscriber ARPU increased by some 20%.

Number of new subscribers grew as a result of more new inquiries from natural searches and introductions via Oisix inquiries

There are no issues with shipment capacity currently, but with increased demand in the future, there is the possibility capacity will be increased in the future.

• Due to the sudden increase in demand, some products became out of stock or were sold out.

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

Current status

Demand was strong with a peak occurring in April-May when a state of emergency was declared. Average ARPU in 1Q was up 25%~ 30% YoY.

The number of subscribers also increased by about 6,000 in the 1Q with the Daichi and Radish-Boya

Continued stable supply at existing distribution centers and improved center utilization rate

Although the out-of-stock rate has improved significantly compared to peak demand, it has remained slightly higher than during normal .

21

Business impact	Domestic Delivery business
（Three major brands）
in Daichi/Radish Boya	Domestic Delivery business
（Other）
	Other Business

Responding to changes in customer needs such as "increasing health/immunity awareness" and "increasing cooking opportunities" according to the target segment of each brand

✓Response to health /	✓Providing services
immunity improvement	that make cooking fun
・Collaboration with "Dr. Croissant"	・Weekend Meal Kit cooked with Kids

・Proposal of "immune diet" under	・Present edible flower
the supervision of "NHK Publishing"

22

Business impact summary

Domestic Delivery business

（Three major brands）

Domestic Delivery business

ーOther

As of end of 4Q

Current status

（Other）

Other Business

Domestic		EC support（ISETAN DOOR、d-meal kit）
	Increased sales due to increased
Delivery		demand for home deliver
	Similar to Oisix, shipping capacity is
		approaching the upper limit and new
business	× acquisition is stopped
	Tokushimaru
（
Other		Owing to COVID-19, the number of customers
）		and the unit price for purchase increase, and
	the daily sales amount increases by about
	10%.
Overseas		Oisix Hong Kong
	Earlier than Japan, home delivery
Delivery		demand began growing in mid-Feb.
	Purple Carrot（US）
Business
	The number of shipments doubled
		as the demand for home delivery
		increased sharply.

Both purchasing frequency and price have increased from April to May. Resuming new acquisitions gradually from the end of April

Daily sales amount continuously increased by about 10%. Strengthening the business of watching over elderly people

in partnership with the community

The number of local Hong Kong subscribers is increasing rapidly.

Sales have increased to about 3 times YoY

Demand increased from March, peaking from April to May.

Completed measures for shipping capacity

23

Business impact summary

Domestic Delivery business

（Three major brands）

Domestic Delivery business

ーOther

As of end of 4Q

Current status

（Other）

Other Business

		SinS
		From April, both positive factors of
		increased store visits and negative
		effects of department store
		closures are expected to occur.
		Kindergarten wholesale
Other
	After April, expected to deteriorate
	× due to the Kindergarten closures.
business
	Advertisement
		After April, expected to deteriorated
		× due to the curbing advertising
		expenses of business partners
		DEAN&DELUCA
		Significant decrease in
	× sales and profit due to
		temporary closure

Owing to the COVID-19, increase in supermarket visits, some stores saw higher sales. Others have been hurt by temporary closure of fresh produce sections within department stores.

Owing to the Kindergarten closure,

sales decreased by about 50% in April and May, but gradually recovered to normal levels after June.

Performance in the real-media advertising business deteriorated, but the flyer business for parcel delivery subscribers performed well

Significant increase in April and May due to temporary closure.

The decline in sales and profits also gradually recovered from June. Online shop sales remain strong

24

Other support activities ーWe support

"We Support," which is a food support platform for medical professionals, has supplied a cumulative total of 100,000 food items to medical institutions. We look to continue our efforts in light of recent increases in new COVID-19 cases and inpatient hospitalizations.

• We support

・・A platform that connects medical institutions with food support companies

Support achievement
						About
◆Total amount
of support：				0.24bn yen
◆Total amount of				About
support meals：		250,000meals
◆Support company：	82
・Ajinomoto
・Ito-en
・Kameda Seika etc.
◆Support medical					71
institution：

・Eiju General Hospital

・Tokyo shinagawa Hospital etc.

*As of 31 Jul. 2020 25

Our Current Situation

and Response to COVID-19

• Business Impact in 1Q

• Support activities with COVID-19

26

Support activities with COVID-19

ーRestaurant support

The "Home Restaurant" initiative which supports restaurants affected by COVID-19 saw large expansion in users. Customer satisfaction also rose beyond 80%. Going forward, product offerings will be expanded and support measures continued.

Oisix Home resuaurant

• Since launch in April, we have expanded to 16 shops and 24 items with our alliance partners. We will continue to expand the products we handle and provide ongoing support.

	・Voice from support resuaurant
	While sales at stores could not be expected,
	as a result of online sales in July, we were
	able to cover about 40% of sales.
	Up until now, I had no particular EC know-
	how, but I was able to gain a great deal of
	momentum.
	Not only e-commerce but also store
	recognition has increased for customers
NEW(From August)	nationwide.
I am very grateful.

27

Support activities with COVID-19

ーSightseeing spot support

With ongoing travel and hometown visit restrictions extending into summer holidays, we launched in August "Oisix Home Travel", an initiative that supports local specialty sales and allows users to enjoy local specialties at home.

✓Sakmon（Hokkaido）

✓Matcha sweets（Kyoto）

"Oisix Home Travel"

・We support the sales effort of locally produced specialty products that have effectively lost normal sales channels owing

to travel restrictions and their impact on ✓Oyster/Shrimp（Hiroshima） ✓Seafood（Saga） tourism and hometown visits.

(Reference) Questionnaire on how to spend this summer

✓Over 70% of the respondents said that they would refrain from going home or travel or who could not decide

*Our own survey in 2020

28

3. Results on Business segment

Overview of Business Segments

• Domestic Delivery business（Three major brands）

Oisix

Daichi

Radish Boya

• Domestic Delivery business（Other）

EC support business for other companies（Alliance） Tokushimaru（Subsidiary）

• Other Business

Overseas Business

Real Retail Business

30

Overview of Business Segments

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

• Domestic Delivery business（Three major brands）

Oisix

Daichi

Radish Boya

• Domestic Delivery business（Other）

EC support business for other companies（Alliance） Tokushimaru（Subsidiary）

• Other Business

Overseas Business

Real Retail Business

31

					Domestic Delivery business
Oisix KPI	＊From this term, the definition of the number of				（Three major brands）
members and ARPU has been changed to reflect
		Domestic Delivery business
more appropriate business conditions.				（Other）
	Please refer to page 76 for figures for the past
	two periods				Other Business

No. of subscribers：Although suspended for roughly 1-month, new customer acquisitions have gradually been restarted since May resulting in an increase of roughly 12,000. ARPU：Vis-à-visCOVID-19, both customer baskets and purchase frequency have risen reflecting increased orders from existing members.

		No. of subscribers			ARPU※
252,303	13,822yen

（YoY

+13.8％）

252,303

（YoY

+24.6％）

239,837

FY2020/3

226,187230,393

FY2021/3

221,612

13,822

202,427

193,461

186,929

177,606

11,745

11,095

11,379

10,634

FY2019/3

FY2019/3

FY2019/3

FY2019/3

FY2020/3

FY2020/3

FY2020/3

FY2020/3

FY2021/3

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

*ARPU=Average Monthly Revenue Per User

32

Oisix KPI

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

Kit Oisix sales steadily expanded due to increased opportunities for home rice. Cumulative number of meals sold exceeds 55 million

No. of meal kit course subscribers		Kit Oisix Quarterly Sales Meals
(Includes Oisix subscribers)

160,112			5.26mn
		meals
	4.18mn
	+24.6％）
（YoY	3.01mn	meals
	160,112	meals
	150,093		CARG
	141,292
	134,895		＋33％
	128,551
	111,169
		FY2019/3	FY2020/3	FY2021/3
	94,841	1Q	１Q	1Q
87,232
79,674

✔ Sales increased due to an increase in meal opportunities at home,

										surpassing a cumulative total of
										55 million meals
	FY2019/3 FY2019/3 FY2019/3 FY2019/3 FY2020/3 FY2020/3 FY2020/3 FY2020/3 FY2021/3
	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q

33

Oisix Topics

In June we celebrated our 20th anniversary and held an "Oisix Thanksgiving Day" on our EC site.

With Kit Oisix, we continue to release various collaborative menus.

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

Oisix Thanksgiving Day		Collaboration in 1Q

✔ Collaboration Kit with Benesse "Kodomo Challenge"

✔ Collaboration Salad Kit with "Lifestyle

Navigator" Emi Sugiyama

• Loved for many years, we promote mainly PB products that contribute to frequency and Price.

34

Daichi KPI

＊From this term, the definition of the number of members and ARPU has been changed to reflect more appropriate business conditions.

Please refer to page 76 for figures for the past two periods

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

No. of subscribers：Significant increase due to increase in new queries by natural search and induction from Oisix page

ARPU：Due to the rapid increase in needs due to COVID-19,both purchasing frequency and price increased significantly

No. of subscribers

43,941

（YoY	+14.1%）
44,086 43,775						43,941
	42,071	40,189 38,517 37,532 37,121 37,127
FY2019/3	FY2019/3	FY2019/3	FY2019/3	FY2020/3	FY2020/3	FY2020/3	FY2020/3	FY2021/3
1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q

ARPU※

27,117yen

（YoY +30.2％）

FY2020/3

FY2021/3

27,117

22,391

21,604

20,821

21,159

1Q

2Q

3Q

4Q

*ARPU=Average Monthly Revenue Per User

35

らでぃっしゅぼーや KPI

＊From this term, the definition of the number of members and ARPU has been changed to reflect more appropriate business conditions.

Please refer to page 76 for figures for the past two periods

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

No. of subscribers：Significant increase due to increase in new queries by natural search and induction from Oisix page

ARPU：Due to the rapid increase in needs due to COVID-19,both purchasing frequency and price increased significantly

	No. of subscribers		ARPU※

62,515

23,189円

（YoY 2.8%）

（YoY

+27.4％）

74,240 71,616

FY2020/3

66,070

23,189

FY2021/3

62,935 61,009 59,400 58,528

62,515

56,935

19,659

18,202

18,621

17,926

FY2019/3

FY2019/3

FY2019/3

FY2019/3

FY2020/3

FY2020/3

FY2020/3

FY2020/3

FY2021/3

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

*ARPU=Average Monthly Revenue Per User

36

Overview of Business Segments

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

• Domestic Delivery business（Three major brands）

Oisix

Daichi

Radish Boya

• Domestic Delivery business（Other）

EC support business for other companies（Alliance） Tokushimaru（Subsidiary）

• Other Business

Overseas Business

Real Retail Business

37

EC support

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

Whilst shipping capacity was tight and COVID-19 led to suspension of new customer acquisitions similar to Oisix, acquisitions have gradually resumed since May. Like the domestic Home Delivery business, ARPU has seen significant increase.

ISETAN DOOR

• Support for Isetan Mitsukoshi's EC business Commissioned from operation and management of EC sites to distribution and delivery
• Subscribers continues to grow steadily in 1Q

D-meal Kit

• Started in July 2019 in collaboration with NTT DOCOMO. Offer regular delivery services, mainly meal kit for NTT DOCOMO's customers
• Responding to changing customer needs by expanding the lineup of retorts
  and frozen side dishes

38

	Domestic Delivery business
Tokushimaru(subsidiary)	（Three major brands）
（Other）
	Domestic Delivery business

Other Business

Significant growth in both total distribution and operating units.

Daily sales amount continuously increased by about 10%. We started a new partnership with Ito-Yokado in April and aim to further accelerate expansion.

The value of circulation

3.79bn yen
（YoY	+57.1%）		3.79
Number of vehicles
in operation
555	2.41		555
		1.78
	1.22		415
0.69		314
	243
168
FY2017/3	FY2018/3	FY2019/3	FY2020/3		FY2021/3
1Q	1Q	1Q	1Q		1Q

Development Scale

Number of affiliated

supermarkets

130

39

（Re-posting）			Domestic Delivery business
		（Three major brands）
Changes in Tokushimaru's management
		Domestic Delivery business
structure and future growth strategies			（Other）
		Other Business

While continuing efforts to expand our mobile sales business for shopping refugees, we are also advancing development of new businesses such as the media business.

• Changes in Tokushimaru's management structure

Name	New position	Previous position
Shingu Ayumu	President and Representative	Director
Director
Sumitomo Tatsuya	Director, Founder,	President and Representative
In charge of new business	Director

• Future growth strategies

Strategy1

Accelerate expansion of mobile sales business for shopping refugees

⇒Until the number of vehicles in operation reaches 1,000 we are prioritizing infrastructure development over profitability.

Mr. Shingu is in charge of strengthening cooperation with the Oisix ra daichi to accelerate expansion

Strategy2

New business development	Mr. Sumitomo, who has strengths in the
such as media business
media business, is in charge of.
⇒We look to develop new businesses that leverage our ability
to make in-person contact with roughly 150,000 senior
citizens twice a week.
	＊1,000台到達時の利用者数試算 40

Overview of Business Segments

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

• Domestic Delivery business（Three major brands）

Oisix

Daichi

Radish Boya

• Domestic Delivery business（Other）

EC support business for other companies（Alliance） Tokushimaru（Subsidiary）

• Other Business

Overseas Business

Real Retail Business

41

			Domestic Delivery business
Purple Carrot(U.S.)			（Three major brands）
situation from Jan. to Mar.
	（Other）
	※Purple Carrot shows the business		Domestic Delivery business

Other Business

We achieved a quarterly profitability earlier than initially expected.

Since this is a temporary increase in sales, we aim to continuously generate revenue. Started selling meal kits at "Whole Foods Markets" from July

Business status

• On the back of Netflix's "Vegan Dietary Life Special Issue" in the U.S. and the effect of COVID-19, subscriptions increased by roughly 30% QoQ.
• Even in the phase of increasing the number of subscribers, the main complaint rate continued to decrease by 30% YoY.

New Topics

• In July we commended sales of meal kits at "Whole Foods Markets," the largest organic retailer in the United States.

◆No. of subscribers

QoQ

	about+30％
QoQ
about+20％
FY2019/12	FY2019/12	FY2020/12
3Q	4Q	1Q

42

	Domestic Delivery business
Hong Kong/Shanghai	（Three major brands）
（Other）
	Domestic Delivery business

Other Business

Hong Kong：Owing to COVID-19, subscriptions in Hong Kong has seen strong growth. We reinforced Ec site to meet the needs of the residents of HK. Shanghai：Started trial service of meal kit from June

• Hong Kong

• Owing to COVID-19, subscriptions in Hong Kong has seen strong growth. We reinforced Ec site to meet the needs of the residents of HK.
• We sales of Oisix branded agricultural products and juices in Hong Kong's largest newly opened MUJI stores. We Aim to increase local recognition and induct to home delivery business

■ Shanghai

✔ StartedJune trial service of meal kit from

✔ Through continuous customer hearings, we look to adjust recipe content, marketing, and refine our products to a level that meets the needs of the Chinese people.

▲Sales floor for newly opened MUJI store

43

Real Retail Business

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

SinS：We have continued to expand Kit Oisix sales shops to enhance brand touch-points

kindergarten wholesale：About 100 mn yen in sales declined due to the effects of kindergarten closures, but gradually recovered to previous levels from June

Shop in Shop

Sales

0.19bn yen

No. of shops

152

0.18 0.18 0.19

0.1

FY2018/3	FY2019/3	FY2020/3	FY2021/3
1Q	1Q	1Q	1Q

Kindergarten Wholesale

Sales

0.16bn yen

No. of trading kindergartens

402

0.24

0.170.16

0.05

FY2018/3	FY2019/3	FY2020/3	FY2021/3
1Q	1Q	1Q	1Q

44

Kindergarten Wholesale Topics

Domestic Delivery business

（Three major brands）

Domestic Delivery business

（Other）

Other Business

In addition to providing lunch menus and ingredients, since April we have begun offering "food education content" at nursery schools. Demand has been high as many nursery schools lack the resources for food education. Already more than 100 nurseries have introduced the program.

45

	Domestic Delivery business
Future Food Fund	（Three major brands）
（Other）
	Domestic Delivery business

Other Business

Toyota Tsusho Corp. and TV Tokyo Direct Co., Ltd. will newly invest in the Future Food Fund as LPs. For its part, FFF has determined to make new investments in Base Food and Foods Cacao.

The only corporate venture capital in Japan that specializes in the area of ​​food innovation.

As a business in the food sector, we aim to build an entire ecosystem by actively investing in advanced processes in "food, agriculture, and healthcare" both in Japan and overseas.

Limited Partnar

NEW

Food Start-ups

◆Base Food	NEW

Subscription sales of full meal pasta and whole grain bread

◆Foods cacao

・Cacao bean development in Southeast Asia

・Sale of original chocolate brand

46

Impact of heavy rain in July

Whilst the heavy rainfall in July, mainly in the Kyushu region, had no major business impact, we continue to implement risk reduction measures under BCP for natural disasters.

Impact

• there was no major impact on harvest of fruits and vegetables
• Although some suppliers of processed products suffered flood damage, there was no major impact.

Although impact was minimal this time around, as part of a continuous BCP program against natural disasters, we aim to build a more robust supply network via a geographical portfolio of suppliers.

Support for disaster area

• Supporting our products
  such as vegetable juice and donuts according to the needs of the disaster area.

47

4. New Business Topics

Business alliance with

OOTOYA Holdings

An alliance was concluded with OOTOYA Holdings, a chain with roughly 350 restaurants nationwide. Utilizing a new EC site where users can readily access

OOTOYA menus at home, we aim to build a 3 bn yen (annual Circulation) business

Oisix ra daichiOOTOYA

	×
・Direct transactions with producers	・Brand power
・Meal kit own factory	・High customer loyalty
・Manufacturing and logistics infrastructure	・Product planning ability/
specialized for subscribers	Menu development ability
・About 360,000 subscription members	・About 460 restaurant networks nationwide*

"Home OOTOYA Subscription Business (tentative name)"

• Launch subscription service for frozen side dishes, bosed lunch
• Kit Oisix supervised by "OOTOYA restaurant"
• Providing a collaboration menu with us at "OOTOYA restaurant"

*Number of restaurants in Otoya HD as a whole

49

Strengthening joint business with other companies' EC

We will use our subscription know-how and assets to strengthen joint business with other companies' EC

Own brands	other companies' EC
	NEW

・Direct transactions with producers

・Meal kit own factory

・Manufacturing and logistics infrastructure specialized for subscribers

・About 360,000 subscription members

✓According to the Oisix user survey, "OOTOYA" was selected as

the most satisfying store*. We believe that the affinity between Oisix users and OOTOYA is very high.

✓There is a great need for eating at a restaurant menu at home, and the "home restaurant" project is also well received. The joint business with OOTOYA matches the needs of with COVID-19 period.

*Results of questionnaire in Japanese food category 50

5. Profits outlook after FY2021/3 2Q

Profits outlook after

FY2021/3 2Q

Given that tight shipping capacity issues will not be completely resolved in 2Q.

In the 2H, we plan to increase in logistics costs associated with the operation of the Sayama station and a large-scale PR investment.

On the other hand, it is difficult to forecast the impact of CIVID-19, so the forecast announced in May remains unchanged.

Profits outlook		Sales		Costs

2Q

Sustained boost to sales vis-a- vi COVID-19 and restrained new promotional spending suggest continuation of growth above normalized levels.

Shorter summer vacation

• and increased demand due to self-restraint

Continue to suppress new sales promotion expenses to adjust shipping capacity

－ Oisix auturm PR costs

3Q

4Q

Sales are expected to increase during the year- end/New Year holidays. On the other hand, expenses are expected to rise reflecting the start-up of Sayama Station and autumn PR spending.

To secure growth next fiscal year and beyond, we plan in spring a large-scale PR campaign which will likely impact profit margins.

＋

－

Sales increase due to year- end and New Year sales promotion (Same as usual)

Possibility that ARPU will gradually decrease

to pre-COVID-19 levels

－ Initial fee of Sayama station

Increase in logistics costs

－ associated with Sayama

station operation

－ costsOisix Spring large-scale PR

(Planned large-scale upfront

investment for the next term,

including unused portion of

this term)

52

6. ESG Topics

Farm for Tomorrow, Table for Tomorrow

We provide services that enable a better food life for more people.

We evolve continuously where good farmers are rewarded and proud.

We realize a society that deliver a sustainable framework that links farm and table.

We solve social issues related to food through business approaches.

We create and expand Tomorrow's Food.

Hosting events online

Social events previously held offline were reviewed and held online for the first time. In short order, we built a new model overcoming physical constraints to deliver new value.

Tokyo Harvest		A Million People Candle night

• One of Japan's top harvest festivals in honor of those who produce our food.
• It was pleased to talk from the field.
• Over 10,000 views have been delivered.

• We proposed a slow life without using electricity.
• It was held in conjunction with the radio station.
• The number of views were more than 4 times the plan

▲Online relay from the ship and farm

▲Unmanned live by online

55

Sustainable food culture

Proposing sustainable means to enjoy the endangered Japanese eel.

Daily promotions reflecting customer desire for "preservation of food

culture" and "alternative eating styles" being implemented

			Change the sell way				Suggest how to eat				For next generation
								✓ We established "Sasaeel
		✓ Accept reservations,			✓ We suggest sustainable
			sell the required amount.			"Doyo no Ushinohi". By telling			Unagi Fund".
		✓ Handling only frozen			you how to enjoy smaller			✓ The donation is used for
				amounts and eat alternative
		products with long shelf life.					joint research with the
				ingredients.
								university and contributes to
										the elucidation of eel ecology

*Our own survey in 2018 56

New producer group "F5"

We consolidated several producers and manufacturers and aim to make the resulting organization "the foremost group challenging the future of food in Japan."

• Farmers & Fishermen For Future Food（F５）
• Further improve agricultural technology and acquire expertise by facilitating interactions between producers and experts.
• Develop products that meet needs by providing opportunities for dialogue with customers.

・technique, experience, knowledge ・product background

・product development, logistics ・network with customers

Increase our brand value by continue to provide best products.

57

Welcome Back Ceremony

Since 2017, we have held an annual "Return-to-Work Ceremony" to

smooth the process of mothers returning to the workforce. In FY3/21, three male employees are scheduled to take childcare leave.

	Taking maternity		Returning to work		Number of
	and childcare leave		after taking leave		returned to work
	100%		95%		59

*Period：Mar.2013～ Jun.2020

58

APPENDIX・DATA SHEET

Corporate Overview

Name：

Oisix ra daichi Inc.

Location： Shinagawa-ku, Tokyo

Established：

June 2000

Representative： Kohey Takashima, Representative Director & CEO

Capital：

3,993,005 thousand yen

Employees： 860 (consolidated), as of the end of March 2020

60

Overview of Affiliates

Consolidated subsidiaries

Tokushi-maru Inc.

Fruits Basket Co., Ltd.

Develops alliances with supermarkets in the mobile supermarket business; provides expertise to sales partners.

Handles processing, product development, and sales, for agricultural produce, including fruits and vegetables.

Karabiner Inc.	Develops and operates platform systems for EC sites; produces websites.
Crazy Kitchen Co., Ltd.	Handles catering, event production, and space production businesses.
Oisix Hong Kong Co.,Ltd.	Operates our businesses in Hong Kong under contract.
Oisix Shanghai Co., Ltd.	Operates the food products home delivery business in China.
Purple Carrot	Meal kit delivery service in the United States
Oisix Inc.	Overseas investment business
Future Food Fund Inc.	Investment business for food-related startup companies
Future Food Fund No.1	Investment business for food-related startup companies
investment limited partnership

Affiliates

Nihon Agri Inc.

DEAN & DELUCA

Exports agricultural products.

Lifestyle business through retail and restaurant businesses

61

Trend in No. of Employees

860

735

680

				421
		192	210
163	179
FY2012	FY2013	FY2014	FY2015	FY2017/3	FY2018/3	FY2019/3	FY2020/3
					(Consolidated)	(Consolidated)	(Consolidated)
							62

Main Business Risks

Effects of poor weather

Fresh produce accounts for about 30 % of Group sales. We deploy a structure for fresh produce that makes it possible to secure supplies from other regions if poor weather in specific regions prevents harvests or results in poor quality. The system distributes transactions and in principle allows procurement of key products from multiple producer regions. Nevertheless, poor weather lasting longer and having more broad-ranging effects than expected may lead to product shortages and quality issues, with potential consequences for Group businesses and business results.

Effects of concentration of logistics centers

We operate our own logistics centers, where logistics functions such as inspection, storage, sorting, and packing of our products are concentrated. For the most part, products under the Oisix brand are shipped to customers through our logistics center located in the city of Ebina, Kanagawa Prefecture. Those under the DWMK brand are shipped through a center located in the city of Narashino, Chiba Prefecture. If a natural disaster, fire, or other cause were render either or both logistics centers unable to operate, potential consequences include inventory losses, shipping delay, and temporary suspension of services, which in turn would affect Group businesses and business results.

Issues related to food safety

We have established proprietary standards for the products handled for all our major brands. Whenever possible, we seek to offer produce grown without pesticides or chemical fertilizers. Our processed food products are made using the fewest possible additives. We have also established unique inspection systems for produce (including inspections of production sites and testing for residual pesticides) and processed food products (including use of third-party experts and independent institutions). We also strive to secure appropriate quality and safety that can be objectively demonstrated and evaluated through health and safety management guidance provided to suppliers and other means.

Nevertheless, it remains possible that those who produce the products we offer may provide misleading or fraudulent labels regarding use of pesticides and similar matters or provide false quality information. Such cases could well lead to rebuke or penalties from regulators, customer complaints, and compensation for

damages, in turn damaging the image of the Group's brands or leading to a loss

of confidence in the Group and potentially affecting Group businesses and business results.

Effects of relationship

with Yamato Transport Co., Ltd.

Most deliveries of the Group's products to subscribers are handled by Yamato Transport. While the Group strives to maintain a favorable ties to Yamato while building relationships with alternative delivery services, due to current conditions in the logistics business, if the Yamato Group were to demand a major increase in delivery fees or if transaction volumes between us were to shrink, the resulting changes may affect Group businesses and business results.

63

Our Subscription Model

Expanding our business areas to include alliances and marketing support for other companies based on subscription model strengths in our three home delivery brands.

consumers		Our Strength

Home delivery

	Own brand	Alliance

Purchasing

Producers

Marketing for home delivery subscriptions

Managing subscriptions

to ensure thorough

management of revenue structures

Subscription network with producers

64

What Our Three Brands Deliver

Based on the distribution of safe, reliable food products, each of our three brands delivers products tailored to the lives and values of our customers.

Working mothers with		Mothers focusing on		Senior women in two-
small children		the home and children		person households

Meals that can be boasted	Self realization	Healthy daily living
without taking time	through Cooking

Producers

65

Subscription Management

Building a subscription model that generates sustained profits through rapid returns on investment to secure new customers

and rigorous management of per delivery revenue and expenditures

	Rigorous CPA and LTV management	Rigorous management
				of unit revenues and expenditures
	Setting a period to recoup CPA and rigorously	Making percentages of loss-making deliveries visible
	managing CPA within this range	for each unit and reducing them structurally
			Building a sustained profit stream
Profit	CPA		Price
			per
		recovery
		purchase
		period
		Profit LTV
				Profitable
	0			deliveries
			Time
CPA			CPA: cost per acquisition	Loss-making
			Profit LTV: lifetime acquisition value	deliveries
				Subscribers

66

Subscription Network

Reducing risks and securing stable transactions through a subscription network based on 4,000 producers nationwide and procurement under transaction conditions arranged in advance

Typical distribution of agricultural products

Consumers	Purchase prices vary
	widely with
	production
	conditions.

Retail store	Inability to control
	volumes purchased
	and prices due to
Wholesale market
market conditions
Agricultural cooperative
	Revenue prospects
Producers
	unclear due to price
	variations resulting
	from market
	conditions

Our efforts

consumers

Purchases at stable pricing regardless of market conditions

Oisix ra daichi	Facilitating demand
	control/projections
	through sales plans
	based on projected
	supply volumes

Advance purchase commitment based on specified product types, quantities, timing, and prices

Producers	Clear revenue
	projections to back
	sound investment
	decisions

67

Differences in the assets of the three brands

How to

join

How to

order

Logistics

bases

Last One

Mile

WEB mainly

WEB only

2 place in Kanagawa

Yamato trucks approximately 99％

WEB/ door-to-door sales

WEB/

Paper catalogs/

TEL

6 places

in Hokkaido, Miyagi, Tokyo, Kanagawa, Aichi, Osaka,.

Our trucks approximately 95％ （area around Logistics bases）

WEB mainly

WEB/

Paper catalogs/

TEL

1 place in Chiba

Our trucks approximately 85％

（area around metropolitan area）

68

EC support

Utilizing the subscription know-how and assets that we have got in the domestic food delivery business, which is our strength, we develop the business of supporting other companies' EC

69

Tokushimaru

Offering mobile supermarkets for seniors and "shopping refugees" difficult

to approach via the Internet

Business model

Tokushimaru

Headquarters

Contractual fees	Brands, expertise,
Royalties	information provision

Regional supermarkets

Bases for supply of products

	13％
Products			＋5 yen
Product gross profits
	30％
17％
Sales partners	In-person	Customers
sales

Owner-operators		+10 yen rule
	＋5 yen

70

Overseas Home Delivery

Hong Kong / Shanghai: Aim to establish services that meet the needs of local Chinese consumers

U.S.: Utilize management know-how in food subscription model for Purple Carrot

Oisix Shanghai

• Started the service in 2017. Grasp the needs to establish

the subscriptionmodel for

Chinese customers

Oisix Hong Kong

• Launched the service in Hong Kong in 2009. Cross-borderdelivery of Japanese products
• With the spread of coronavirus, both users and sales are dramatically increasing

U.S. Meal Kit Market*

$2.5	$9
Billion
Billion
USD	USD

20172025

PurpleCarrot Business(U.S.)

×

• Global expansion of vegan food x Japanese food "Health Conscious Food" both in Asia and the U.S.
• Recognize consolidated from FY2020/3 3Q

* Hexa Research『Global Meal kit Delivery Service Market Size And Forecast,	71
/ByType (Fresh Food, Process Food) And Trend Analysis, 2015 - 2025』

Shop in Shop

Setting up booths for individual brands in the produce sections of partner supermarkets

to sell produce and products that meet each brand's standards

72

Kindergarten wholesale

The kindergarten wholesale business was launched in FY2015. Based on the Omakase Boya system that makes it possible to order ingredients for student meals based on menus,

it provides support for kindergarten operations in both serving meals and nutrition.

Kindergarten	Oisix ra daichi

◆Stable purchases of safe produce and processed food meeting strict standards

◆A wide-ranging product lineup that eliminates the need for additional purchasing

◆Full-time senior nutritionists develop unique menus for use by kindergartens; they also respond to requests for nutritional consultations.

◆Easy ordering using a simplified Web form ◆Simplified single supplier management

Omakase Boya system

for receiving orders from kindergartens

Ordering	Producers

Delivery	Purchase
on
Requested

date

73

Business Solutions

We propose B2B business solutions based on our safe, reliable products, outstanding customer base, and expertise in subscription-based EC.

EC consulting

Solutions support based

on our expertise in repeat marketing, site user interface/user experience improvements,

food logistics in three temperature zones, securing new EC customers, and omni-channel management

Ad Oisix:

Periodic advertisements delivered to subscribers

In addition to an EC site that boasts 1.2 million unique views per month, this service delivers advertising to about 300,000 households, including subscribers to DWMK and Radish Boya.

Tavelty：

seasonal vegetable novelty products

We offer novelty products based on our expertise in service, products, and delivery, established through more than 3 million regular deliveries a year.

74

DATA SHEET：Results

Results

			FY2019/3			FY2020/3		FY2021/3
	（mn yen）	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q
	Sales	16,853	31,720	48,906	64,026	16,265	32,552	52,425	71,040	23,132
	Operating Profit	610	1,115	2,265	2,312	543	900	1,597	2,467	2,076
	EBITDA	808	1,513	2,882	3,154	755	1,348	2,381	3,595	2,419
	381Net income
	Attributable to	537	893	2,533	2,387	270	390	695	790	1,184
	owners of the
	parent
										75

DATA SHEET：

Business Segment Result

Business Segment Result

			FY2019/3			FY2020/3		FY2021/3
（mn yen）		1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q
	Sales	6,863	13,769	22,190	29,619	8,308	16,524	26,522	35,829	11,265
Oisix	Marginal	970	1,943	3,371	4,036	933	1,868	3,261	4,801	2,367
	profit
	Sales	2,769	5,440	8,405	10,902	2,587	5,137	7,936	10,541	3,636
Daichi	Marginal	479	960	1,536	1,989	457	885	1,397	1,889	724
	profit
	Sales	5,811	9,926	14,346	18,028	3,770	7,459	11,410	14,980	4,721
Radish Boya	Marginal	1,030	1,765	2,657	3,342	688	1,273	2,001	2,667	899
	profit
Other	Sales	1,482	2,755	4,198	5,793	1,663	3,529	6,383	9,497	3,601
Business	Marginal	154	290	479	724	256	557	656	846	391
	profit
Companywide fixed costs,	2,024	3,844	5,779	7,779	1,792	3,683	5,719	7,736	2,305
Goodwill etc

76

Data Sheet：Main KPI

KPI trend

				FY2019/3			FY2020/3		FY2021/3
			1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q
		Subscribers
		177,606	186,929	193,461	202,427	221,612	226,187	230,393	239,837	252,303
		(number)
		ARPU	11,558	11,118	11,522	11,173	11,095	10,634	11,379	11,745	13,822
		（yen）
	Oisix
	Price/	6,005	5,973	6,149	6,013	5,884	5,840	6,055	6,166	6,748
		purchase
		（yen）
		Purchase	1.92	1.86	1.87	1.86	1.89	1.82	1.88	1.90	2.05
		Frequency
		(number)
		Subscribers	44,086	43,775	42,071	40,189	38,517	37,532	37,121	37,127	43,941
		(number)
		ARPU	20,247	19,807	20,226	19,171	20,821	21,159	22,391	21,604	27,117
		（yen）
	Daichi
	Price/	7,899	8,121	8,573	8,046	8,195	8,292	8,732	8,508	9,234
		purchase
		（yen）
		Purchase	2.56	2.44	2.36	2.38	2.54	2.55	2.56	2.54	2.94
		Frequency
		(number)
		Subscribers	74,240	71,616	66,070	62,935	61,009	59,400	58,528	56,935	62,515
		(number)
		ARPU	17,158	17,076	18,439	17,401	18,202	17,926	19,659	18,621	23,189
	Radish	（yen）
	Boya	Price/	5,460	5,616	6,114	5,869	6,055	6,060	6,398	6,206	7,028
		purchase
		（yen）
		Purchase	3.14	3.04	3.02	2.97	3.01	2.96	3.07	3.00	3.30
		Frequency
		(number)
											77

Disclaimers

◆This material is intended to provide an understanding of Oisix ra daichi activities, not to solicit investment

◆Forecasts of Oisix ra Daichi's operating results and future performance are based on information

available to Oisix ra daichi at the time this material was drafted and are not guaranteed to be accurate.

Actual operating results may differ from the future outlooks contained in this material.

78