2Q FY03/20 Financial Results Presentation

TSE JASDAQ Standard; Code 2138CROOZ, Inc.

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* To be achieved through CROOZ’ Vision for Continual Evolution. for details.Click here

Key strategies for CROOZ

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Make SHOPLIST a brand that represents fast fashion e-commerce

Invest in new businesses to create second and third core businessesafter SHOPLIST

Adopt two-pronged strategy for new businesses: (1) new launches within group, and (2) M&A

100 managers x JPY10.0bn business*

Make investments to maximize sales so long as this does not pushoperating profit or net profit into the red

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* Includes businesses expected to generate sales of JPY1.0bn or more over the medium to long term.

(FY03/19 result) JPY25.0bn

Ultralong objective for CROOZ

Expand market cap to JPY1tn by 20XXUltralongobjective

Medium- tolong-termtargets

SHOPLISTannual sales

Second and thirdbusinesses

after SHOPLIST

Businesses withsales of JPY1.0bn

or more Representative

directors

8 320

100 100人10

Q1FY03/20

＊

JPY100.0bn

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* Figures are updated at the end of each fiscal year. Figures for Q1 FY03/20 are as of end-March 2019.

Key strategy for SHOPLIST

Make SHOPLIST a brand that represents fast fashion e-commerce

Annual uniquepurchasers

Average annualspend per user

Annual frequency ofpurchases per user

1.88mn 2.67 timesJPY13,401＊＊

5mn

Annual sales

4 timesJPY20,000

Keystrategy

Medium- tolong-termtargets

Q1FY03/20 (FY03/19 result)

JPY25.0bn

JPY100.0bn

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Consolidated results summary

Transactionvalue

Sales

Operatingprofit

EBITDA

Q2FY03/19

Q2FY03/20 YoY

(million yen)

7,701

7,305

120

212

9,828

9,462

(41)

87

+27.6%

+29.5%

－

−59.0%

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* From Q1 FY03/20, the Advertising agency business and the Investment business, which were previously classified under the other business, 　have been reorganized into independent segments and their figures disclosed accordingly.

Segment results summary

AdvertisingAgency

Businesses

InvestmentBusinesses

Other Businesses

ITBusinesses

SHOPLIST Business

Q2 FY03/19

Sales Operating profit Sales Operating profit

Q2 FY03/20

(million yen)

454

328

0

336

36

33

(44)

(162)

499

1,725

0

747

23

6,186 257 6,490 126

12

(64)

(139)

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Consolidated balance sheet summary

Current assets

　Cash and deposits

Non-current assets

　Goodwill

Total assets

Current liabilities

Non-current liabilities

Total liabilities

Total net assets

Q4FY03/19

19,35712,8614,8641,093

24,4105,530

10,22015,7508,660

Q2FY03/20

YoY

(million yen)

2.6%－7.2%11.1%－11.6%

4.3%12.8%4.1%7.2%－1.0%

19,86711,9335,406

96625,4536,237

10,64016,8788,574

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9,462

8,144

2,2525,884 5,486 5,102

7,799 6,159 7,752

6,067 5,048 6,728

8,048

5,674

7,305

2,725

6,1365,749

8,762

7,541

7,380

8,744

4,119

5,264

4,555

7,1935,111

6,272

6,480

4,780

(million yen) Q1 Q2 Q3 Q4

Sales trends

FY03/13 FY03/14 FY03/15 FY03/16 FY03/17 FY03/18 FY03/19 FY03/20Q2

13,878

23,35220,841

27,787 28,50025,486

30,282

17,60617,606

Q1

Q2

Q3

Q4

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*1 In November 2016, CROOZ sold the bulk of its IT Businesses operations, retaining only a portion of the business. *2 From Q1 FY03/20, the Advertising agency business and the Investment business, which were previously classified under the other business, have been 　 reorganized into independent segments and their figures disclosed accordingly.

(million yen) SHOPLIST Business IT Businesses Advertising Agency Businesses Investment Businesses Other Businesses

Sales trends (by segment)

11,189

26116,652

210

10,945

16913,080

138

9,114

327

2,701

2,211

3,103

1,329

2,4276,488

9,72614,567

19,05821,455

24,966

FY03/13 FY03/14 FY03/15 FY03/16 FY03/17 FY03/18 FY03/19 FY03/20Q2

13,878

23,35220,841

27,787 28,50025,486

30,282

12,729

1,264612,4791,070

17,60617,606

＊1

＊2

9

-41

FY03/20Q2

(million yen)

Operating profit trends

1,923

4,227

2,373 2,4802,105

725

-1,002

-347

FY03/13 FY03/14 FY03/15 FY03/16 FY03/17 FY03/18 FY03/19 FY03/20Q1

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*The company revised its investment strategy concerning new businesses in Q1 FY03/20

As mentioned in the Q1 fiscal results announcement, the group as a whole will avoid wasteful investment moving forward, instead following the principle of “investing to maximize sales while maintaining profitability.” *

We have begun to see some of our businesses achieve profitability in FY03/20 and we expect group sales and operating profit to climb in 2H, providing a foundation allowing us to sufficiently invest in new businesses without pouring all of our profits into them. Thus, we will continue to invest in new businesses, including considering M&A, while avoiding wasteful investment.

Investment strategy concerning new businesses

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The CROOZ GROUP comprises the pure holding companyCROOZ, Inc., and the present 32 subsidiaries.

E-commerce fieldPlanning, development, and operation of fashion e-commerce platform SHOPLIST.com by CROOZCROOZ SHOPLIST, Inc.

Social games fieldPlanning, development, and operation of smartphone gamesStudioZ, Inc.

Operation of fund of fund (FoF) business (specializing in private equity funds) andinvestment business focused on domestic and overseas startups

Sevenwoods Investment, Inc.

Solutions business handling e-commerce website system development, contracted operation, fulfilment, etc.CROOZ EC Partners, Inc.

Investment/financing field

Planning, development, and operation of low-cost airline ticket sales and price comparisonwebsite TRAVELIST by CROOZ

CROOZ TRAVELIST, Inc.

Planning, development, and operation of media business and new businessesCandle, Inc.

Agency business mainly handling advertising and mediaCROOZ Media Partners, Inc.

Media/advertisingfield

* As of March 31, 2019, CROOZ had also set up 25 other subsidiaries. These are not listed above because the impact and probability of success for these ventures are unclear at present. If there is any progress with related initiatives, we will provide reports through appropriate channels such as press releases and results briefing materials.

Overview of the CROOZ Group

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Glossary

EBITDA

Vision forContinual Evolution

Annual uniquepurchasers

Meaning / definition

Operating profit that excludes M&A-related goodwill amortization and other non-recurring factors

Topics expected tohave a future impact

Topics regarded as potential positive or negative future catalysts based on internal or external factors presently known to the CROOZ Group

The number of unique purchasers that have purchased products from SHOPLIST at least once in the most recent year* If a user purchases items on four separate occasions during the period, that user is still counted as one unique purchaser.

A framework to create the strongest company organization through an ecosystem of people, equipment, and money, and facilitate (1) the creation and growth of next-generation businesses, (2) the development and growth of next-generation managers, and (3) continued development at the pace of a venture company

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Earnings forecastsReference

The CROOZ Group operates in a business environment that is susceptible to major changes, and aggressively engages in new businesses and businesses distinguished by a high degree of novelty.

This makes it difficult to calculate appropriate and reasonable forecasts, and the Group has therefore not disclosed earnings forecasts since FY03/15.

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The material herein contains medium- to long-term plans and forecasts made by CROOZ.

The information contained in these pages is not intended to guarantee the future business results of the company and bears certain risks and uncertainties.

As future business results can be affected by various factors and may change from the company outlook, we ask the reader to refrain from relying solely on the information presented herein.

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