ASKUL : Announcement of Financial Results by Other Affiliated Company

Disclaimer

This is an English translation of the captioned release. This document has been prepared and provided solely for the purpose of the reader's convenience. All readers are recommended to refer to the original Japanese release for complete information. In the event of any discrepancy between this English translation and the original Japanese release, the original Japanese document shall prevail in all respects. -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

April 28, 2022

To whom it may concern:

Company Name:	ASKUL Corporation
(Code No.: 2678, Tokyo Stock Exchange Prime Market)
Representative:	Akira Yoshioka
President and Chief Executive Officer
Contact Person:	Tsuguhiro Tamai
Director and Chief Financial Officer
Phone: [phone]

Announcement of Financial Results by Other Affiliated Company

ASKUL Corporation (hereinafter referred to as the "Company") hereby announces that there are some descriptions about the Company in the financial results briefing presentation materials for the full year and the fourth quarter of fiscal year 2021 announced today by Z Holdings Corporation (headquarters: 1-3 Kioicho, Chiyoda-ku, Tokyo; representative: Kentaro Kawabe, President and Representative Director, Co-CEO, hereinafter referred to as "Z Holdings"), a company defined as "other affiliated company" of the Company.

Please refer to the appendix for the applicable page of the presentation materials.

In the attached material, there are descriptions of the ASKUL Group's revenue and cost of sales. Please note that the consolidated accounting periods of Z Holdings Corporation and the Company differ as shown in the table below, and therefore the figures described in the material do not match the financial results to be announced by the Company.

Consolidated

accounting period

Z Holdings Corporation

CompanyFrom April 1, 2021, to March 31, 2022

Full year

・Page 1

From May 21, 2021 to May 20, 2022

B-to-B net sales placed via the internet in every year

From January 1, 2022, to March 31, 2022

・Page 3

In the attached material, ASKUL Group's

Fourth quarter revenue and cost of sales are described as factors of increase and decrease of Z Holdings financial results.

From February 21, 2022 to May 20, 2022

・Page 5

B-to-B net sales placed via the internet in every quarter

Appendix: Z Holdings Financial Briefing Presentation Materials for FY2021 Full year and Q4 (excerpt)

Note: Z Holdings holds 44.92% of the Company's outstanding shares as of November 20, 2021.

1

Full-Year Merchandise Transaction Value

• • Shopping business transaction value landed at JPY1.69 T (YoY+13.0%) due to the utilization of Group assets, etc.

• • Reuse business transaction value achieved highest growth since FY2013, due to higher spend per YAHUOKU! user and expansion of PayPay Flea Market.

Merchandise Transaction Value1

(JPY B)

44.6

1,733.361.7

1,876.9 49.8

2,147.350.2

228.5

242.7

2,671.2 52.0

FY2017

FY2018

FY2019

FY2020

Shopping Business

ASKUL Online BtoB Business

Reuse BusinessOther Merchandise

1. Please refer to page 27 of the Appendix for definition of transaction value.

Merchandise Transaction Value1 - YoY Growth Rate

2,952.5

+45.1%

281.8

FY2021

FY2017

FY2018

FY2019

FY2020

FY2021

OverallShopping BusinessReuse Business

1

FY2022 Focus Area: Expansion of Commerce Business Leveraging the Strengths of Z Holdings

• • Through the provision of new purchasing experiences utilizing LINE's social graphs and Group assets, aim to differentiate services from competitors and increase the number of new buyers.

Competitive Advantages of Z Holdings

New e-commerce experience optimized for LINE/

Utilization of LINE Official Accounts

Collaborations with Yahoo! JAPAN Shopping and PayPay MallUtilization of and collaborations between Group assets

Focus Areas

• • Increase buyers/frequency of purchases by strengthening product lineup and promoting use in life events such as birthdays

• • Establish a successful store experience/new purchasing experience for users toward full-scale launch

• • Acquire key tenants

• • Enhance collaboration with LINE Official Accounts

2

FY2021 Q4 Factors of Change in Operating Income

Whole Group

(JPY B)

72.1

FY2021 Q4

YoY Difference

YoY

Major Factors of Change (JPY B)

(Major items)

Personnel expense

+31.6

+78.2%

• • LINE consolidation +24.5

• • Yahoo Japan +5.5

51.8

+11.3

+28.1%

• • Yahoo Japan +7.7

  Sales promotion cost

• • LINE consolidation +3.3

Depreciation and amortizationBusiness commissions

34.0 31.1

+6.7 +8.7

+24.8% +39.2%

• • LINE consolidation +8.1

• • LINE consolidation +6.1

  -

  Operating income

  12.9

  -6.9

  -34.7%

  3

｜ Yahoo! JAPAN Mart by ASKUL

• • Rebranded to "Yahoo! JAPAN Mart by ASKUL" for full launch. Number of stores increased to 19.

• • Efforts continue to speedily establish a system that can serve all 23 wards of Tokyo within FY2022.

Item Status Next Steps
Target area (delivery bases)	Expanded to 19 stores ▶ Speedily establish a system that can serve all 23 wards of Tokyo within FY2022
Users	Main customer segments: • Male customers in their mid 20s - early 40s ▶ • Female customers in their mid 20s - 30s Increase no. of users through measures to raise recognition and user incentives
No. of products handled	Approx. 1,500 types • Started handling fresh fruits/vegetables ▶ Expand brands and product lineup utilizing ASKUL's product procurement capabilities

• 1. As of April 28, 2022

• 2. Based on the number of households

4