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In the Medium-term Business Plan for fiscal years 2021 through 2023, JFR Group promoted three key strategies to quickly achieve a full recovery from the COVID-19 pandemic: Real X Digital Strategy, Prime Life Strategy, and Developer Strategy.

We also undertook reforms of our management structure such as reducing fixed costs and liquidating low-operating and unprofitable businesses. Moreover, we began unprecedented initiatives for innovation creation, including the launch of a CVC fund and entry into the e-sports business.

The quality of consumption has changed dramatically since the COVID-19 pandemic, and the JFR Group has steadily turned these trends into opportunities. We were able to grasp changes in the market, such as the expansion of the affluent segment, including younger consumers, and the rapid recovery of the inbound market along with the diversification of visitors to Japan.

This put our full recovery as a group in sight, with retail as the driving force. Although there were some tailwinds, I believe that we were able to translate the various measures into concrete results based on our strategy.

Looking ahead, however, we recognize that the future is full of challenges that must be addressed. The business environment is expected to change more drastically than ever before going forward, as inflation, which has not been seen in Japan for many years, is now in full swing, while the day is fast approaching when Japan becomes a declining population society.

In such an environment, how will the Group achieve medium- to long-term growth? Clearly, we will soon reach our limits if we cling only to the conventional practices we have used up to now.

Leadership of our group was passed to me in March of this year. While age is only one of the characteristics of diversity, I also recognize that youth can be an advantage in promoting drastic change with a medium- to long-term perspective.

In our Medium-term Business plan for fiscal years 2024 through 2026, which we plan to announce at the same time as our financial results in April this year, we will aim to build a solid foundation for growth as a group by evolving and deepening our core retail business, as well as pursuing full-scale growth in developer business and creating new customers.

We believe that what is lacking in JFR, which has a price book value ratio (PBR) of around 1x, is exactly what is expected of us from a medium- to long-term perspective. Therefore, will think about the future of the Group and society and work decisively to transform the company toward our envisioned future.

We are deeply committed to co-creating with our stakeholders and gaining a clearer vision of our future to realize new growth for the JFR Group.

March 2024

                    ONO Keiichi
President and Representative Executive Officer
J. Front Retailing Co., Ltd.

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