FY2018 2Q CONSOLIDATED BUSINESS RESULTS

FY218 2Q CONSOLIDATED BUSINESS RESULTS

FY218 2Q HIGHLIGHTS 1 Overview Gross Merchandise Value : 141,221 million yen ( + 18.%,Yoy) Operating Profit : 1,53 million yen ( ー 27.3%,Yoy) Gross ZOZOTOWN BUSINESS Merchandise Gross Merchandise Value : 136,719 million yen ( + 17.4%,Yoy) Value Consignment Business : 129,12 million yen ( + 17.5%,Yoy) Purchased Stock Business : 94 million yen ( + 2.7%,Yoy) ZOZOUSED Business : 7,612 million yen ( + 16.1%,Yoy) Private Brand Business : 658 million yen Average Retail Price : 3,655 yen ( ー.2%,Yoy) Average Purchase Amount per Shipment : 7,777 yen ( ー 5.%,Yoy) *Average retail price and average purchase amount per shipment are averages calculated from combined results of the ZOZOTOWN business and the PB business. B to B Business : 3,843 million yen ( + 21.9%,Yoy) Profitability Operating profit margin (to the total gross merchandise value) : 7.1% (11.6% for FY217 2Q) Factors improving profitability : Increase in GPM, Decrease in the commission regarding payment collection Factors worsening profitability : Increase in the rate of shipping cost due to the change of shipping charge from the carrier, Initiation of mass distribution of ZOZOSUIT, Increase in the rate of other expenses, Increase in the rate of payroll Topic Investment of a Singapore based sizing recommendation software development company Pixibo (August, 218) Start Today Research commenced collective research with Kyushu Institute of Technology (September, 218) Start Today Group changed its corporate name to ZOZO (October, 218) About Private brand ZOZO Number of selling items which started to offer during the Q2 Men s :11 items Women s:1 items Total:21 items

OVERVIEW OF THE FY218 2Q 3 (million ) Item FY217 2Q FY218 2Q YoY Change(%) Target Progress Rate(%) Gross Merchandise Value 119,656 141,221 18.% 36, 39.2% Net sales 42,694 53,764 25.9% 147, 36.6% Gross profit 39,378 48,989 24.4% - - (%Gross Merchandise Value) 32.9% 34.7% 1.8% - - SG&A 25,547 38,936 52.4% - - (%Gross Merchandise Value) 21.4% 27.6% 6.2% - - Operating profit 13,831 1,53-27.3% 4, 25.1% (%Gross Merchandise Value) 11.6% 7.1% -4.5% 11.1% - Recurring profit 13,837 1,7-27.7% 4, 25.% Profit attributable to owners of parent 9,551 6,291-34.1% 28, 22.5%

4 Item (million ) FY217 FY218 1Q 2Q 3Q 4Q 1Q 2Q Gross Merchandise Value 59,574 6,82 77,331 73,555 7,46 7,814 YoY (%) 4.9% 35.9% 25.5% 14.9% 18.2% 17.9% Net sales 21,451 21,242 28,22 27,517 26,552 27,212 SG&A 11,863 13,684 16,476 15,77 18,376 2,559 YoY (%) 35.% 48.3% 45.2% 16.3% 54.9% 5.2% (%Gross Merchandise Value) 19.9% 22.8% 21.3% 21.4% 26.1% 29.% Operating profit 7,981 5,85 9,72 9,118 5,874 4,178 YoY (%) 59.3% 4.9% 11.7% 3.4% -26.4% -28.6% (%Gross Merchandise Value) 13.4% 9.7% 12.6% 12.4% 8.3% 5.9%

5 Gross Merchandise Value increase effect +2.4 Improvement in gross profit margin +2.5 Increase in other revenue Decrease in the rate of commission regarding payment collection +.6 Change in the composition of settlement manners Increase in shipping cost -3.1 Change in shipping charge from the carrier Drop in purchase amount per shipment Increase in promotion expenses -3.1 Initiation of mass distribution of ZOZOSUIT PB-related advertisement Increase in the rate of payroll -1.1 Increase in the number of employees on consolidated basis Others -1.8 Operating Profit 13.8 Increase in expenses due to the increase in the number of logistics centers Operating Profit 1. (bn ) FY217 2Q FY218 2Q

6 (million ) FY217 (as of March 31, 218) FY218 2Q (as of September 3, 218) FY217 (as of March 31, 218) FY218 2Q (as of September 3, 218) Current assets 53,574 52,2 Current liabilities 27,243 49,921 Cash and deposits 24,571 19,188 short-term borrowing - 24, Merchandise inventory 2,194 3,177 Noncurrent liabilities 2,659 2,817 Noncurrent assets 17,138 17,993 Total liabilities 29,92 52,739 Tangible assets 5,668 4,856 Shareholders' equity 4,892 17,18 Intangible assets 3,222 3,317 Treasury stock - -24,412 Investments and other assets 8,247 9,819 Total net assets 4,81 17,256 Total assets 7,712 69,995 Total liabilities and net assets 7,712 69,995

CASH FLOWS 7 (million ) Item FY217 2Q FY218 2Q YoY Reasons for change Cash flows from operating activities 6,548 2,588-3,96 (FY218)Decrease in profit before income taxes Cash flows from investing activities -1,989-2,642-653 (FY218)Expenditure of purchase of investment securities Cash flows from financing activities -5,428-5,77-279 (FY218)Increase in short-term borrowings (FY218)Expenditure of purchase of treasury stock Cash and cash equivalents at the end of the year 21,263 19,188-2,75

8 7% ROE Net Profit Margin(to the Gross Merchandise Value) 1% 72.7% 6% 55.5% 57.4% 56.% 9% 5% 4% 3% 34.8% 6.2% 26.3% 3.4% 37.8% 4.4% 41.5% 5.% 6.8% 4.4% 7.% 7.5% 8.% 7.5% 7.8% 8% 7% 2% 1% 5.9% 5.1% 5.5% 5.8% 5.6% 6% % FY27 FY28 FY29 FY21 FY211 FY212 FY213 FY214 FY215 FY216 FY217 FY218(Plan) 5%

GROSS MERCHANDISE VALUE 9 Gross merchandise value of new shops opened in FY218 2Q ZOZOTOWN Business ( purchased stock & consignment sales ) : 1.6 billion (accounts for 1.2% of the total gross merchandise value) 4,5 4, ZOZOFURIMA BtoB Business Private Brand Business 3,5 ZOZOUSED 3, 2,5 2, 1,5 1, 5 95.8 Purchased stock Consignment sales 11.8%.6% 8.5% 79.1% 114.6 13.4% 2.% 4.7% 79.9% 129. 13.7% 3.4%.6% 82.2% 159.5.1% 8.3% 5.%.4% 86.2% 212..4% 2.9% 6.1%.1% 9.5% 27.5.% 2.8%.% 5.9%.1% 91.2% 141.2.% 2.7%.5% 5.4%.1% 91.3% (bn ) FY212 FY213 FY214 FY215 FY216 FY217 FY218 2Q ZOZO FURIMA Business ended on June 3, 217.

GROSS MERCHANDISE VALUE(QUARTERLY) 8 6 4 42.2 ZOZOFURIMA BtoB Business Private Brand Business ZOZOUSED Purchased stock Consignment sales.5% 4.% 6.2%.1% 44.2.4% 2.8% 5.8%.1% 91.% 61.5.4% 2.6% 6.7%.1% 9.2% 64..4% 2.7% 5.6%.1% 91.2% 59.5 6..1% 2.7% 5.5%.1% 91.6%.% 2.6% 5.4%.1% 91.9% 77.3.% 2.9% 6.2%.% 9.8% 73.5.% 2.9% 6.2%.1% 9.8% 7.4 7.8 1.% 2.6%.%.8% 2.8% 5.1%.2%.1% 5.7%.1% 91.4% 91.2% YoY +17.9% 2 89.2% (bn ) FY216 1Q FY216 2Q FY216 3Q FY216 4Q FY217 1Q FY217 2Q FY217 3Q FY217 4Q FY218 1Q FY218 2Q ZOZO FURIMA Business ended on June 3, 217.

11 12, Others 11, Advertisement business 1, 9, 8, 7, 6, 5, 4, 3, 2, ZOZOFURIMA BtoB Business Private Brand Business ZOZOUSED Purchased stock Consignment sales 35,5 2,389 2,976 577 8,139 38,58 41,182 1,766 1,573 4,477 4,16 2,285 4,446 5,381 766 54,422 3,192 6 3,256 7,958 693 39,313 76,393 6,731 1,338 12,875 193 55,253 98,432 9,498 1,642 15,931 166 53,764 6,119 236 898 658 7,57 71,192 94 38,249 1, 2,968 25,324 29,725 (million ) FY212 FY213 FY214 FY215 FY216 FY217 FY218 2Q ZOZO FURIMA Business ended on June 3, 217.

12 35, 3, 25, 2, 15, 1, 15,386 Others Advertisement business ZOZOFURIMA BtoB Business Private Brand Business ZOZOUSED Purchased stock Consignment sales 1,521 387 2,61 63 16,18 22,127 22,699 4,114 1,666 39 274 2,554 42 1,697 1,846 325 35 3,65 48 21,451 21,242 2,54 1,772 33 336 3,31 3,257 48 43 28,22 2,713 494 4,812 37 2,163 2,957 2,942 3,176 45 191 481 46 438 4,56 113 545 37 19,479 3,968 YoY +28.1% 27,517 26,552 27,212 44 49 3,539 18,976 19,272 15,951 16,848 15,716 15,832 5, 1,812 11,641 (million ) FY216 1Q FY216 2Q FY216 3Q FY216 4Q FY217 1Q FY217 2Q FY217 3Q FY217 4Q FY218 1Q FY218 2Q ZOZO FURIMA Business ended on June 3, 217.

13 45, Operating Profit 2.% 4, Operating Profit Margin (% Gross Merchandise Value) 35, 32,669 16.% 3, 25, 1.8% 11.7% 11.1% 26,284 12.4% 12.1% 12.% 8.9% 2, 15, 1, 8,529 12,388 15,84 17,756 1,53 7.1% 8.% 4.% 5, (million ) FY212 FY213 FY214 FY215 FY216 FY217 FY218 2Q.%

14 (million ) item Amount FY217 2Q FY218 2Q YoY %Gross Merchandise Value Amount %Gross Merchandise Value %Gross Merchandise Value Payroll(*) 7,348 6.1% 9,842 7.%.9% Increase decrease factors Employee 2,889 2.4% 4,48 2.9%.5% Details are described in the next page Logistics-Related Expenses (Including Outsourcing) 4,458 3.7% 5,794 4.1%.4% Outsourcing Expenses (Excluding Logistics- Related Expenses) 2,19 1.7% 2,13 1.4% -.3% Increase in proportion of outsourced workers with higher unit price due to changes in logistics Centers / Increase in proportion in line with the drop in retail price / Shipping expenses between logistics centers Increase in operation expenses due to the increase in the number of logistics centers / Increase in expenses of trademarks registration (FY217 2Q) Outsourcing of development of ZOZOSUIT 1 and PB branding Shipping 5,548 4.6% 9,741 6.9% 2.3% change in shipping fees / Initiation of mass distribution of ZOZOSUIT Commission of Payment collection 3,991 3.3% 4,18 2.9% -.4% Changes in the composition ratio of settlement manners Promotion related expenses 2,6 1.7% 5,56 3.9% 2.2% Advertising 739.6% 4,29 3.% 2.4% Reward points related expenses 1,32 1.1% 1,269.9% -.2% Initiation of mass distribution of ZOZOSUIT / Advertising expenses of PB business / Implementation of overseas campaign Rent expense 1,354 1.1% 1,748 1.2%.1% Depreciation 48.3% 624.4%.1% Amortization of goodwill 113.1% 238.2%.1% VASILY Inc. (Nov. 217~) and Colorcle Inc. (Feb. 218~) *Both subsidiaries have been merged to ZOZO TECHNOLOGIES Inc. from Apr. 218 Stock Compensation Expenses - - 179.1%.1% Others 2,72 2.3% 4,878 3.5% 1.2% Details are described in the next page Total SG&A 25,547 21.4% 38,936 27.6% 6.2% *Payroll includes directors remuneration, employee salaries, bonus, legal welfare expenses, welfare expenses, retirement benefits cost, provision for employee bonus, expenses of company pension premium, subcontracting payroll, a portion of expenses at logistics centers operation. Employee includes directors and employees, Logistics-Related Expenses includes part-timers, dispatched workers(subcontracting payroll) and substantial personnel expenses within outsourcing commission of staff working for logistics operations.

15 Payroll (Employee): % towards gross merchandise value +.5% YoY Increase due to the increase in the number of employees on consolidated basis: 838 FY217 2Q end 1,31 at FY218 2Q end Actively hiring employees for PB business and engineer / Increase in the number of consolidated subsidiaries - PB Business: 19 at FY217 2Q end 79 at FY218 2Q end - Engineer: 133 at FY217 2Q end 225 at FY218 2Q end - Overseas subsidiaries: 28 at FY218 2Q end (included in the scope of consolidation from FY218 1Q) Increase in the amount of provision for reserve for bonuses and legal welfare expenses due to the change in bonus payment policy - FY217: bonuses based on monthly budget achievements - FY218: fix amount bonuses Others: % towards gross merchandise value +1.2% YoY Occurrence of one-time high expenses(impact to % towards gross merchandise value +.5%) Detail 1Q 2Q Expenses for ZOZOSUIT1 material disposal - Contingency fee for ZOZOSUIT improvement research Donation to affected area - All the expenses listed above are not expected to occur from 3Q onward. Increase in ordinary expenses(impact to % towards gross merchandise value +.4%) - Increase in the rate of supplies expenses due to the drop in retail price and purchase amount per shipment - Increase in communication expenses for the improvement of websites and services

16 15, 15.% 13, 11, 9, 11.9% 14.1% 12.6% 1.9% 8,73 13.4% 9.7% 12.6% 12.4% 12.7% 9,72 9,118 8,934 8,162 11.6% 11.% 7, 5, 3, 5,11 5,576 6,992 7,981 5,85 8.3% 7.% 5.9% YoY ー 28.6% 4,178 1, (million ) -1, FY216 1Q FY216 2Q FY216 3Q FY216 4Q FY217 1Q FY217 2Q FY217 3Q FY217 4Q FY218 1Q FY218 2Q 3.% -3, -5, -3,6-3,984-1.% Existing Business Excluding PB OP Private Business OPM (% Gross Merchandise Value) Existing Business Excluding PB OPM (% Gross Merchandise Value) OPM (% Gross Merchandise Value)

17 (QUARTERLY) 25, SG&A (Quarterly) Promotion related expenses(% Gross Merchandise Value) 2,559 2% 2, 18,376 16% 16,476 15,77 15, 13,561 13,684 12% 11,35 11,863 1, 8,788 9,228 8% 4.5% 4.7% 5, 3.2% 4% (million ) 1.9% 1.8% 2.3% 1.2% 2.% 1.5% 1.5% FY216 1Q FY216 2Q FY216 3Q FY216 4Q FY217 1Q FY217 2Q FY217 3Q FY217 4Q FY218 1Q FY218 2Q %

18 (million ) item Amount FY217 FY218 1Q 2Q 3Q 4Q 1Q 2Q %Gross Merchandise Value Amount %Gross Merchandise Value Amount %Gross Merchandise Value Amount %Gross Merchandise Value Amount %Gross Merchandise Value Amount %Gross Merchandise Value Payroll(*) 3,534 5.9% 3,814 6.3% 4,37 5.6% 4,198 5.7% 4,825 6.9% 5,17 7.1% Employee 1,423 2.4% 1,465 2.4% 1,469 1.9% 1,299 1.8% 1,988 2.8% 2,6 2.9% Logistics-Related Expenses (Including Outsourcing) 2,11 3.5% 2,348 3.9% 2,837 3.7% 2,898 3.9% 2,836 4.% 2,957 4.2% Outsourcing Expenses (Excluding Logistics- Related Expenses) 746 1.3% 1,272 2.1% 1,25 1.3% 913 1.2% 995 1.4% 1,17 1.4% Shipping 2,616 4.4% 2,931 4.9% 4,282 5.5% 4,341 5.9% 4,665 6.6% 5,76 7.2% Commission of Payment collection 1,953 3.3% 2,37 3.4% 2,42 3.1% 2,126 2.9% 2,3 2.9% 2,77 2.9% Promotion related expenses 899 1.5% 1,16 1.9% 1,391 1.8% 895 1.2% 2,228 3.2% 3,331 4.7% Advertising 345.6% 393.7% 529.7% 283.4% 1,548 2.2% 2,741 3.9% Reward points related expenses 554.9% 766 1.3% 861 1.1% 612.8% 679 1.% 59.8% Rent expense 597 1.% 757 1.3% 828 1.1% 828 1.1% 856 1.2% 891 1.3% Depreciation 197.3% 211.4% 278.4% 33.4% 29.4% 333.5% Amortization of goodwill 56.1% 56.1% 86.1% 113.2% 119.2% 119.2% Stock Compensation Expenses - - - - - - - - - - 179.3% Others 1,259 2.1% 1,442 2.4% 1,874 2.4% 2,5 2.8% 2,365 3.4% 2,513 3.5% Total SG&A 11,863 19.9% 13,684 22.8% 16,476 21.3% 15,77 21.4% 18,376 26.1% 2,559 29.% Payroll includes directors remuneration, employee salaries, bonus, legal welfare expenses, welfare expenses, retirement benefits cost, provision for employee bonus, expenses of company pension premium, subcontracting payroll, a portion of expenses at logistics centers operation. Employee includes directors and employees, Logistics-Related Expenses includes part-timers, dispatched workers(subcontracting payroll) and substantial personnel expenses within outsourcing commission of staff working for logistics operations.

19 Number of total buyers = Active members and guest buyers who made at least one purchase within a year Guest buyers = Total number of guest purchases within a year Active members = Members who have made at least one purchase within a year 8,, 7,, 6,, 5,, Guest buyers Active members 5,252,541 4,832,558 5,783,381 6,324,33 2,43,877 6,734,74 2,552,867 6,963,986 2,372,969 7,25,777 7,223,227 2,247,916 2,11,366 7,392,126 1,933,483 7,769,546 1,987,319 2,361,941 4,, 1,988,387 2,192,55 3,, 2,, 2,844,171 3,59,991 3,421,44 3,893,156 4,181,873 4,591,17 4,957,861 5,112,861 5,458,643 5,782,227 1,, (members) FY216 1Q FY216 2Q FY216 3Q FY216 4Q FY217 1Q FY217 2Q FY217 3Q FY217 4Q FY218 1Q FY218 2Q * Excluding the users only purchased the body measurement device ZOZOSUIT

NUMBER OF SHOPS ON ZOZOTOWN 2 1,2 1, 8 Purchased stock Consignment sales 842 872 1 7 934 7 954 7 987 8 1,16 7 1,94 1,111 6 6 1,139 1,183 5 5 6 4 832 865 927 947 979 1,9 1,88 1,15 1,134 1,178 2 (shops) FY216 1Q FY216 2Q FY216 3Q FY216 4Q FY217 1Q FY217 2Q FY217 3Q FY217 4Q FY218 1Q FY218 2Q Private brand ZOZO is not included to the number of shops

21 Gender ratio Geographical distribution Age distribution Kyushu/Okinawa 8.9% Hokkaido 3.5% Tohoku 5.5% Chugoku/Shikoku 7.5% Kinki/Tokai 27.8% Kanto 41.1% (Tokyo 17.3%) Hokuriku/Koshinetsu 5.7%

22 5, 48, 48,644 48,556 48,275 46,417 47,119 Annual purchase amount Annual purchase pieces 47,661 46,818 46,77 46,87 46,12 14 13 46, 44, 42, 4, 38, 9.9 1.4 1.5 1.3 1.7 1.9 11. 11.4 11.3 11.2 Due to the increase of light users 12 11 1 36, 9 34, 8 32, ( ) 3, FY216 1Q FY216 2Q FY216 3Q FY216 4Q FY217 1Q FY217 2Q FY217 3Q FY217 4Q FY218 1Q FY218 2Q * Excluding the users only purchased the body measurement device ZOZOSUIT (item) 7

ANNUAL PURCHASE AMOUNT AND PIECES PER EXISTING ACTIVE MEMBER 23 7, Existing active members:active members who have passed over 1 year since registration Annual purchase amount Annual purchase pieces 18 65, 6, 58,953 6,16 6,929 61,77 63,4 14.1 64,29 62,761 61,98 14.6 14.5 14.4 59,569 14.2 57,563 17 16 15 55, 13.6 14 13.1 13.8 5, 11.8 12.6 Increase in the proportion of short-term registered existing active members as the registered period gets longer, the annual purchase amount also becomes higher 13 12 45, 11 ( ) (Item) 4, 1 FY216 1Q FY216 2Q FY216 3Q FY216 4Q FY217 1Q FY217 2Q FY217 3Q FY217 4Q FY218 1Q FY218 2Q * Excluding the users only purchased the body measurement device ZOZOSUIT

24 1,, 9,, 8,, Shipment volume YoY comparison 8,33,595 8,293,761 8,425,33 8,865,33 14% 12% 7,, 6,931,318 7,148,647 6,787,599 1% 6,, 5,, 5,391,93 4,652,11 5,886,58 8% 4,, 54.7% 61.9% 6% 3,, 5.9% 42.3% 45.9% 32.6% 41.1% 4% 2,, 19.7% 24.1% 24.% 1,, 2% (shipment) FY216 1Q FY216 2Q FY216 3Q FY216 4Q FY217 1Q FY217 2Q FY217 3Q FY217 4Q FY218 1Q FY218 2Q % * Excluding the number of shipment of the body measurement device ZOZOSUIT only. * The number of shipment is the combined results of the ZOZOTOWN business and the PB business.

25 7, 6, Average retail price = Gross Merchandise Value / Number of pieces (ZOZOTOWN Business) Average retail price YoY comparison 25% 2% 5, 4, 4,468 3,855 5,236 4,474 4,99 3,664 4,858 4,23 3,953 3,655 15% 1% 5% % 3, 2, -11.4% -11.8% -9.1% -8.3% -5.% -7.2% -6.1% -3.6% -.2% -5% -1% -14.7% -15% 1, -2% ( ) FY216 1Q FY216 2Q FY216 3Q FY216 4Q FY217 1Q FY217 2Q FY217 3Q FY217 4Q FY218 1Q FY218 2Q * The numbers of average retail price are averages calculated from combined results of the ZOZOTOWN business and the PB business. -25%

26 14, Average purchase amount per shipment = Gross Merchandise Value / Number of shipments (ZOZOTOWN Business) Average purchase amount per shipment YoY comparison 25% 12, 1,143 15% 1, 8, 8,68 7,941 8,955 8,53 8,186 3.1% 9,43 8,611 8,122 7,777 5% 6, -4.8% -2.5% -1.7% -3.8% -4.8% -5.% -5% 4, -9.6% -1.9% -14.4% -15% 2, ( ) FY216 1Q FY216 2Q FY216 3Q FY216 4Q FY217 1Q FY217 2Q FY217 3Q FY217 4Q FY218 1Q FY218 2Q -25% * The numbers of average purchase amount per shipment are averages calculated from combined results of the ZOZOTOWN business and the PB business.

27 1% PC Feature Phones Smart Phones 9% 8% 7% 69.9% 71.6% 75.2% 77.5% 79.4% 8.4% 82.1% 83.2% 84.2% 85.3% 6% 5% 4% 3% 29.7% 28.1% 24.6% 22.3% 2% 2.5% 19.5% 17.8% 16.7% 15.7% 14.7% 1% %.4%.3%.2%.2%.1%.1%.1%.1%.1%.% FY216 1Q FY216 2Q FY216 3Q FY216 4Q FY217 1Q FY217 2Q FY217 3Q FY217 4Q FY218 1Q FY218 2Q

FY218 29 FY218 Plan Growth Rate(%) Gross Merchandise Value 36. billion yen 33.1% Net Sales 147. billion yen 49.3% Operating Profit 4. billion yen 22.4% Operating Profit Margin ( to the Gross Merchandise Value) 11.1 % - Recurring Profit 4. billion yen 22.2% Profit attributable to owners of parent 28. billion yen 38.9% Earnings per share 91.4 yen - Estimated dividends per share (Plan) 36. yen -

FY218 TARGET BY BUSINESS SEGMENT 3 Target for Gross Merchandise Value Yoy ZOZO Group 36. billion yen +33.1% ZOZOTOWN Business 33. billion yen +25.5% Consignment Business 39. billion yen +25.2% ZOZOUSED 21. billion yen +31.7% Private Brand Business 2. billion yen - BtoB Business 1. billion yen +32.7% Target for Net Sales Yoy Advertisement Business 3. billion yen -

Gross Merchandise Value 31 5 45 Gross merchandise value Operating profit margin(to the Gross merchandise value) 1.8% 1.4% 11.7% 11.1% 12.4% 12.1% 11.1% 12% 4 35 8.8% 9.6% 8.9% 36. 1% 3 27.5 8% 25 212. 6% 2 15 1 5 36.6 56.1 8.2 95.8 114.6 129. 159.5 4% 2% (bn ) FY29 FY21 FY211 FY212 FY213 FY214 FY215 FY216 FY217 FY218(Target) %

32 5, 4,5 Capital Investment Depreciation Cost Amortization of Goodwill 4,565 4,1 4, 3,5 3, 2,5 2,162 2, 48 1,5 1, 5 (million ) 466 153 57 1,47 113 15 277 322 231 586 353 FY21 FY211 FY212 FY213 FY214 49 1,174 1,17 744 786 765 825 312 843 989 FY215 FY216 FY217 FY218 (Plan) 1,8

33 5 Dividends per share 5% 45 4 Payout ratio 35.6% 4.3% 34.3% 4.6% 41.8% 41.5% 44.8% 4.1% 36. 45% 4% 35 35% 3 29. 3% 25 21.5% 24.1% 24.9% 24.8% 22.7 25% 2 15 1 5 ( ) 15.6 11.3 8.3 6.6 5..7.9 1.4 2.3 FY27 FY28 FY29 FY21 FY211 FY212 FY213 FY214 FY215 FY216 FY217 FY218(Plan) 2% 15% 1% 5% %

MEDIUM-TERM VISION 35 8 7 6 Medium-term Gross Merchandise Value FY22 Gross Merchandise Value 715 billion Operating profit 9 billion 715. 5 58. 4 36. 3 27.5 212. 2 1 (bn ) 36.6 56.1 8.2 95.8 114.6 129. 159.5 FY29 FY21 FY211 FY212 FY213 FY214 FY215 FY216 FY217 FY218(Target) FY219(Target) FY22(Target)

DETAIL OF MEDIUM-TERM VISION 36 (bn ) FY218 FY219 FY22 Target Yoy Target Yoy Target Yoy Gross Merchandise Value 36. 33.1% 58. 41.1% 715. 4.7% ZOZOTOWN Business 33. 25.5% 48. 23.6% 485. 18.9% Private Brand Business 2. ー 8. 3.% 2. 15.% From Domestic 18. ー 6. 233.3% 12. 1.% From Overseas 2. ー 2. 9.% 8. 3.% BtoB Business 1. 32.7% 2. 1.% 3. 5.% Net Sales 147. 49.3% 241. 63.9% 393. 63.1% Advertisement Business 3. ー 5. 66.7% 1. 1.% Operating Profit 4. 22.4% 58. 45.% 9. 55.2% (% GMV) 11.1% -1.% 11.4%.3% 12.6% 1.2%

38 6,957 1,31 32.3 32,431 名 776

39 ZOZOTOWN Japan s Largest Online Retailer of Apparel and Accessories 1,183 stores offering 6,957 brands. At any given time, more than 65, items are available with an average of 3,1 new items added each day. Systems, design, to fulfillment, all functions are built in house. WEAR Japan s largest fashion coordination app When uploading coordinate pics, tag each item worn in the look, using information on our data base. The systems allows anyone to search for coordinates and items by various queries. Official users who we call WEARISTAs, include popular models, singers, actors and actresses. Over 12. million DL Now available in all geographic areas. Private Brand ZOZO Sales and manufacture of made-to-order basic items fitting every body uniquely and perfectly, from measurement data extracted from the body measurement device the company developed ZOZOSUIT. Offering U-neck/V-neck T-shirt, denim pants, Oxford shirt, business suit, dress shirt etc. Sold at ZOZOTOWN and dedicated sales sites for overseas.

4

MAJOR SERVICES 41 ZOZOTOWN Business Consignment Sales We operate 1,178 shops as consignment sales businesses. This business model allows us to carry a certain amount of products from the brands, while giving us low inventory risk. Sales = Gross merchandise value of each store x commission rate Purchased Stock We operate 5 stores within ZOZOTOWN, which offer products we purchase from brands. Sales = Gross merchandise value generated by each store ZOZOUSED Business We purchase used fashion products from our users, and resell them as a second-hand business. Sales = Gross merchandise value of purchase stock + Consignment commission of marketplace Private Brand Business The business model which manufacture and sell order-made basic items with best fit for each customer, by utilizing the data measured by the body measurement suit ZOZOSUIT developed by Start Today. Items are sold at the private brand shop on ZOZOTOWN in Japan, and will be sold at dedicated sales websites at overseas. Sales = Gross merchandise value of private brand items BtoB Business We help develop and operate online shops on behalf of various brands, such as United Arrows. We currently provide back-end service to 12 stores. Sales = Gross merchandise value of these online shops x commission rate Above sales includes other sales such as initial shop opening commission, shipping income etc. Advertisement Business Advertisement business will gain advertisement income from client companies including brands by providing advertisement spots utilizing the user base of ZOZOTOWN and WEAR. Sales = Advertisement income

This material has been created for the sole purpose of introducing the company s business activities, and not for soliciting investments. The business forecasts and the future outlook described in the material is based on information currently available. The forecast includes uncertainties such as sudden changes, therefore actual results may differ.