• A serial incubator of digital businesses, trading at a material discount – Ceres has a demonstrated track record of building businesses from scratch and crystallizing value at attractive returns. The Company incubated D2C from ¥10mn to ¥4.9bn in revenue, grew labol's GMV approximately 70x in four years, and generated a post-tax MOIC of 6.6x and ~31% IRR on the YUMEMI investment over eight years. The Company’s involvement in cryptocurrency appears to overshadow other achievements. Founder and CEO Satoshi Takagi retains a ~16.7% economic interest in the Company, reflecting strong management alignment with shareholders. We believe the market has not given Ceres adequate credit for this track record.
