WILLPLUS : （Delayed)Financial Results Presentation for the Second Quarter of the Fiscal Year Ending June 30,2021

Fiscal Year Ending June 30, 2021

Financial Results Presentation Materials

WILLPLUS Holdings Corporation

(First Section of the Tokyo Stock Exchange: 3538)

Organized by The Securities Analysts Association of Japan

Copyright © 2021 WILLPLUS Holdings Corporation. All rights reserved.

Contents

Outline of 2Q Financial Results

Initiatives in the Fiscal Year Ending June 30, 2021

Consolidated Financial Results

Consolidated Financial Forecasts for the Fiscal Year Ending June 30, 2021

Shareholder Returns

APPENDIX

Copyright © 2021 WILLPLUS Holdings Corporation. All rights reserved.

Outline of 2Q Financial Results

Japan's Market for Imported Vehicles

・COVID-19 cases surged once again starting in the 2nd half of November, as the end of the pandemic remains difficult to predict

・In recent months, the market for imported new cars has almost completely recovered to previous-year levels. However, on a full-year basis, vehicle purchases and registrations remain down, YoY

・Forecast 2020 levels during the pandemic; then a gradual convergence to the annual average

WILLPLUS HD's Initiative Policies

Transition to optimal business activities adapted to changes caused by the COVID-19 pandemic - such as business negotiations conducted online and digitizing documents, etc. - all the while carrying out thorough infection prevention measures, and promote efficiency improvements to our operations.

New cars are the key to growing recurring revenue business.

New cars remain a special purchase, even during the COVID-19 pandemic, so demand for test drives at dealerships is high.

The worldwide trend towards decarbonization is making its way to Japan, making this an issue in need to be tackled pro-actively.

European vehicles have the advantage, as Europe is a pioneer in terms of EVs.

Towards the widespread adoption of EVs - which is expected to accelerate going forward - we will be promoting CapEx and providing opportunities - as soon as possible - for customers to experience EVs.

working toward increasing market share through pro-active dealership openings.

・Continued focusing on new car sales, towards the expansion of recurring revenue business ・Advance both COVID-19 countermeasures and optimize internal corporate functions ・Customer footfall increased YoY for October and November, with December registering record YoY growth

Initiatives Amidst the COVID-19 Pandemic

・Thorough countermeasures ・Shorter business hours ・B商u談sin予es約s 制discussions by reservation

Accelerating Trend Toward Decarbonization Also in Japan

EU: Reduce greenhouse gas emissions by 80～95% from 1990-levels (Effectively net zero)

UK：Ban the sale of new gasoline and diesel vehicles

December 2015 ～

Following the signing of the Paris Agreement, countries around the world - with Europe at the forefront - started formulating targets and initiatives towards a decarbonized society

EU: Reduce greenhouse gas emissions by at least 40% from 1990-levels; 30 million EVs

UK：Ban the sale of new hybrid vehicles

US : (State of California, etc.):

Ban the sale of new gasoline vehicles

(including HVs)

China：All new vehicles sold to be hybrid or electric-powered

Share of NEV(EV/PHV/FCV) above 50%

(including PHV)

Achieve a "Decarbonized Society"

Japan also formulated its "Green Growth Strategy"

Decarbonization target: "2nd half of the 21st Century" → "Within the next 30 years"

Reduce CO2 emissions by 26% from 2013-levels

（Expected to revise this in 2021, to a more ambitious target)

All new passenger cars sold are expected to be electric-powered by the mid-2030s at the latest

* Electric-powered ＝EV / PHV / FCV

(Zero net emissions of greenhouse gases)

Share of electric-powered vehicles through to 2019: approx. 35%)

Initiatives Towards the Transition to EVs

European countries are ahead in decarbonization, with auto makers moving to EVs ahead of Japan

WILLPLUS has already carried out CapEx towards the transition to EVs, and we will continue expanding this into the future

* Example

2020～

・JEEP 『Renegade 4Xe』*PHV ・FIAT 『500e』

・BMW 『iX』『iX3』

Model based on the popular X3

・MINI 『MINI Cooper SE』

・VOLVO 『XC40 Recharge』

EV model of the popular XC40

・PORSCHE『Taycan』

Porsche's first full EV

Charging infrastructure already installed at 84%

of our dealerships

Additionally, we are in the process of installing

quick chargers

Cutting-edge quick charger at Porsche Center Sendai → 175w

Approx. 400km of range after charging for 15 minutes

・Introduce full-featured demonstration acars giving customers the experience of test driving EVs

connected

An increasing number of repairs will only be possible at dealerships, as these will require exclusive diagnosis tools offered by manufacturers. → The importance of official dealerships will grow

Vehicles incorporating SIM cards and allowing users to check up on the status of their vehicle or control it remotely are on the rise.

Some manufacturers offer over-the-air updates for the car navigation system and vehicle control program.

Initiatives in the Fiscal Year Ending June 30, 2021

Initiatives in the Fiscal Year Ending June 30, 2021

• • Focus on the sale of new cars - primarily of new models

• • We expect continued instability in the supply of new cars, so we will also be focusing on used car sales

• • Further strengthen recurring revenue-based businesses

FY 2021

DEFENDER

5 Series

Taycan

Initiatives Related to Opening Dealerships

Relocated and reopened the Jaguar/Land Rover Approved Shonan and Jaguar/Land Rover Shonan Service dealerships on December 5,2020

Conforming to the latest corporate identity (CI) features

Proactively Invest in Dealerships

 Provide high-quality services through cutting-edge facilities, etc.

Increase the number of repeat customers by increasing the number of customers visiting dealerships, and by improving customer satisfaction

13

Consolidated Financial Results

Consolidated Financial Highlights

• • Net Sales: ¥19,909 million (Up 10.7% YoY)

• • Operating Profit: ¥1,205 million (Up 61.0％ YoY)

+10.7%

2Q FY 2020

2Q FY 2021

O営p業er利at益ing

Profit

+61.0%

2Q FY 2020

2Q FY 2021

■ Delays in new car shipments on a slight recovery trend

■ Sales of used cars were also strong

■ Recurring revenue-based business like vehicle maintenance and insurance were also strong

Reasons for the increase in operating profit

■ Increase in used car sales - which offer high levels of profitability

■ Efficiency improvements through the effective use of resources and by reviewing workflows ■ Employee training expenses and travel expenses decreased due to the COVID-19 pandemic

Consolidated Statements of Income

(Millions of yen)

17,981

Operating profit margin continued improving, following an improvement in 1Q

Trend in Operating Profit (Analysis of Changes)

Net sales were up YoY across almost all categories, primarily used cars

Increase in expenses due to an increase in the number of dealerships and personnel

(Millions of yen)

2Q FY 2020

Analysis of Changes in Net Sales by Category

Net sales increased across almost all categories, centered on used cars

(Millions of yen)

We have caught up on our efforts to address a wider variety of engine types. This resulted in a flat growth trend in the number of demonstration cars per dealership.

The percentage of vehicle depreciation expenses out of total depreciation expenses decreased slightly.

However, total amounts increased as a result of an increase in the number of dealerships and the handling of high-priced vehicles.

Total assets decreased by ¥146 million

While cash and deposits increased by ¥587 million, merchandise decreased by ¥762 million

Consolidated Statement of Cash Flows

(Millions of yen)

Net increase (decrease) in cash and cash equivalents Cash and cash equivalents

Main reasons for an increase in Operating CF

Decrease in notes and accounts payable-trade:¥1,305 million

Main reasons for a decrease in investing CF

Expenses for the acquisition of non-current assets: ¥259 million…Expenses related to dealership relocations

Consolidated Financial Forecasts for the Fiscal Year

Ending June 30, 2021

1,160

Operating Profit Margin

3.3% 1,196 3.4%

2.2%

Based on the recent level of orders and 2Q results, we have revised the forecast as shown above

Net sales: ¥38,344 million (Up 9.3% YoY)

Operating profit: ¥1,836 million (Up 58.2%YoY)

・We expect the impact of COVID-19 to continue being felt at least during the current fiscal year

・Focus on the sale of new cars - primarily of new models

・We expect continued instability in the supply of new cars, so we will also be focusing on used car sales

・Expansion of Recurring revenue-based businesses

・Improve inventory rotation and aim for management with high capital efficiency

Shareholder Returns

Shareholder Returns

・Raised the dividend payout ratio target from 15.0%→17.5%, starting in fiscal year 2021

・We expect to raise the annual dividend for fiscal year 2021, to ¥21.77, on the basis of an upward guidance revision

(Per share)

FY 2020 (Results)FY 2021 (Initial forecast)

Ordinary Shareholder Benefits

Number of shares held*

APPENDIX

Corporate Outline and History

Corporate Outline

Tradename

Representative Takaaki Naruse, President

Established Head office

Capital Listed stock exchange

First Section, Tokyo Stock Exchange

(Securities code: 3538)

Shiba Mita Mori Building 8th Floor, 5-13-15, Shiba,Minato-ku, Tokyo, Japan

¥218 million (as of December 31, 2020)

October 25, 2007

Corporate History

Copyright © 2021 WILLPLUS Holdings Corporation. All rights reserved.

35

CHECKER MOTORS Co., LTD.

Approved Munakata

786-4, Omaru, Munakata, Fukuoka Prefecture

TEL: 0940-37-7007

Copyright © 2021 WILLPLUS Holdings Corporation. All rights reserved.

44

Description of Business

Recurring Revenue-Based Businesses

The vehicle maintenance and other business has a recurring revenue-based business model

Because of our large sales volume,

• (1) Vehicle maintenance generates a large amount of revenue

• (2) Commissions are paid on favorable terms

Growth Strategies

Multi-Brand Strategy

Level out the impact of differences in the timing of launching new models among brands by carrying a total of ten brands

Dominant Strategy

神奈川エリア ディーラーネットワー

Kanagawa area dealer network ク

M&A Strategy

Expanding into new areas

Expanding the market share of existing brands

M&A Strategy

Candidate areas for 進出候補エリア new dealerships

Government designated 人口100万人超の cities with a population 政of令ov指er定1 都mi市llion

Core cities with 人口40万人超のa population of 中ov核er都40市0,000

53

M&A Strategy

Identification and execution of M&A deals

▪️Identify deals through such means as referrals from financial institutions and other intermediaries, and proposals put forward by importers and business owners

▪️Conduct due diligence only on M&A deals that meet the Company's criteria for recovering investment, and execute the M&A deals following negotiations

• • Confirm the investment recovery period, etc.

  • • Perform various types of due diligence

  • • Formulate business plans

  Internally consider matters centered on the following:

  • • Future growth potential

  • • Business synergies, etc.

  Financial institution intermediaries

  The Company approaches the counterpart directly

  Importers

  The counterpart approaches the Company directly

  • • Imported car dealers

  • • Domestic car dealers

  • • Specialist used car distributors

• • • Car rental companies, etc.

*As of June 30, 2020

Trend in the Number of Dealerships and Net Sales

Net sales increased due to proactive M&A

and new dealership openings

Net Sales

Market Trends

Japan's Automobile Market

A declining trend in the number of new motor vehicle registrations in Japan

Aging society with fewer children

Lengthening periods of vehicle ownership due to improved vehicle performance

Changes in consumption styles and

preferences

Trend in the number of new motor vehicle registrations in Japan (excluding kei minicars)

Source: Prepared by WILLPLUS Holdings based on reports issued by the JAPAN AUTOMOBILE DEALERS ASSOCIATION

Japan's market for Imported Vehicles

Growth trend in Japan's market

for imported vehicles

The number of new motor vehicle registrations has increased since the Lehman Brothers bankruptcy

Number of new motor vehicle registrations for foreign branded imported vehicles

161,000

Source: Prepared by WILLPLUS Holdings based on reports =by the JAPAN AUTOMOBILE DEALERS ASSOCIATION

Japan's Market for Imported Vehicles

The share of imported vehicles in the domestic passenger vehicle market (excluding kei minicars) has increased

Share of imported vehicle registrations in the number of new motor vehicle registrations in Japan (excluding kei minicars)

1996 2020

Market Share Expansion of Imported Vehicles in Japan

The market share of imported vehicles in Japan is growing, but it is still lower than in various other countries

Copyright © 2021 WILLPLUS Holdings Corporation. All rights reserved.

61

The Importance of the Recurring Revenue- Based Business Model Going Forward

The automobile industry is about to undergo aperiod of great change

1970

Changes in the Market Environment

Changes in domestic population and vehicle ownership numbers

70 140

1989

1996

Ownership

Pop.

2009

2019

Households

(Unit:years)

14 13 12 11 10 9 8 7

(Unit:10million)

Market Scale and Future Outlook

Continued robust growth in the market scale and WILLPLUS HD's net sales.

Amidst a consolidation trend amongst small-to-medium-sized dealers, we will aim to expand our share through M&A

Market scale for imported new cars 2019

FY 2016

FY 2017

These presentation materials contain forward-looking statements such as the forecasts of the Company (including consolidated subsidiaries).

The forward-looking statements concerning plans, forecasts, strategies, and other matters in these presentation materials are based on the judgments and assumptions of management, reflecting information currently available to the company. In light of the uncertainties inherent in these judgements and assumptions, and the possibility of changes in future business management and internal and external conditions, the Company's actual financial results could differ materially from those forward-looking statements. In addition, information on companies and other entities other than the Company and the WILLPLUS Holdings Group, are derived from published information and related sources. Accordingly, the Company cannot guarantee the accuracy of this information.

For investor-relations inquiries, please contact:

IR Department, WILLPLUS Holdings Corporation

E-mail：ir-info@willplus.co.jp

Tel.: (+81)3-5730-0589 (10 a.m. - 5 p.m. excluding weekends and holidays)

URL：https://www.willplus.co.jp

+More pleasure for your future

We will continuously tackle the challenge of presenting customers with lifestyle proposals featuring imported cars, thereby contributing to the happiness of everyone we serve