Mercuria : Financial Highlights for the Q1 of FY2022

Mercuria Holdings Co., Ltd.

Financial Highlights for the First Quarter of the Fiscal Year Ending December 31, 2022

Stock code: 7347 (TSE Prime Market)

May 12, 2022

Notes:

The information in this presentation is based on the judgments of Mercuria Holdings as of the time this presentation was prepared. Mercuria Holdings does not guarantee the accuracy of this information, which may be revised at any time without prior notice. Opinions, forecasts, and other information not based on facts may differ significantly from actual results of operations and other outcomes for a variety of reasons.

The provision of information is the sole purpose of this presentation. This is not a solicitation to invest in securities issued by Mercuria Holdings or in a fund operated by the group. This presentation is copyrighted material of Mercuria Holdings. The contents of this presentation cannot be disclosed or leaked to a third party without the consent of Mercuria Holdings. All figures in this presentation are on a consolidated basis.

© Mercuria Holdings Co., Ltd. All rights reserved.

1Q 2022 Highlights

• Buyout business (Business investments)

• Management and investments of Buyout Fund I are as planned (total funds: ¥21.3 billion/principal investments: ¥2.2 billion)
• Announced Tokyo Denkai exit to JX Nippon Mining & Metals Corp. (April 4); four cumulative exits for nine cumulative investments
• First close of Buyout Fund II is ¥26.4 billion, including new investors; aiming for ¥40-¥50billion for this fund

• Spring REIT business
• Asset investment business
• Consolidated earnings

• Occupancy is 98% at the Beijing office building, a key component of the portfolio
• Announced plan to purchase for about ¥33 billion a large high-end shopping mall in China's Guangdong province (May 10)
• Taiwan solar power development: Decided to make a ¥1.0 billion principal investment for joint activities with Maiora, a partner with
  Enex Infrastructure Investment Corporation and others
• Inbound real estate: Operating a real estate investment business targeting the demand for and high interest in Japanese real estate
• First quarter operating revenue of ¥0.66 billion and ordinary profit of ¥0.2 billion vs. the 2022 forecasts of ¥4.0 billion and ¥1.9 billion, respectively
• In 2022, management fees are expected to increase due to raising funds for Buyout Fund II and other funds and principal investment revenue is expected to increase as Buyout Fund I exits several investments

© Mercuria Holdings Co., Ltd. All rights reserved.

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Contents

1. Update of Progress Report
2. Financial Highlights
3. Revenue and Earnings Composition and Trends
4. The Holding Company Structure

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1. Update of Progress Report

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1.1 Buyout Business (Profile and Progress Report)

• Since Mercuria Holdings starting the buyout business in 2016, Buyout Fund I has performed very well in terms of investments and asset management. On April 4, the fund announced the exit from Tokyo Denkai by selling the company to JX Nippon Mining & Metals Corp.
• The launch of Buyout Fund II is under way with the goal of total funds of ¥40-¥50 billion.
• • Buyout Fund I was established in 2016. Prior to this, Mercuria Holdings was

Buyout	using growth investments and target funds to make substantial investments
in companies in Japan and other countries.
business profile
• The core strength is targeting "manufacturing x middle-market companies."
	Many entry investments at low multiples, mainly proprietary deals.
	• Total funds are ¥21.3 billion.
	• Strong performance with exits of four of nine holdings (including the Tokyo
	Denkai exit announced on April 4).
Buyout Fund I	• Fund return is high, currently above the target (15% net IRR).

			Pentel
		•	First close of ¥26.4 billion, mainly Buyout Fund I limited partnership
Buyout Fund II			investors.
		•	The goal is ¥40-¥50 billion by the final close.

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