!"#$ &'()*+,- #$ (',.

#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5


















"#$%&'$$ ()*& +#,-.'
/012 3 /014

<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
2
5*6)' -7 8-&9'&9$

1: +;'<#9%=' >#??*,@ ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: A

/: B9C-; D5E' 8-?.*&@F :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 2
2.1. Ciyptocuiiency ..................................................................................................................................... 4
2.2. Company Betails .................................................................................................................................. 4
2.S. 0wneiship ............................................................................................................................................... 4
2.4. Company Stiuctuie ............................................................................................................................. S
2.S. Key Nilestones ...................................................................................................................................... S
2.6. Key to Success ....................................................................................................................................... S

A: "%9<-%& G=',=%'H :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: I
S.1. Bitcoin Bistoiy ...................................................................................................................................... 6
S.2. Bitcoin Netwoik ................................................................................................................................... 6
S.S. vision anu iole of Ntuox ................................................................................................................... 6

2: (,-J#<9$ *&J >',=%<'$ :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 4
4.1. Bitcoin Tiauing Platfoim .................................................................................................................. 7
4.2. Secuiity Solutions ................................................................................................................................ 8
4.S. Neichant Solutions ............................................................................................................................. 8

K: B*,L'9 M&*)@$%$ :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: N
S.1. Inuustiy Evolution anu Tienus ...................................................................................................... 9
S.2. ulobal Naiket Size ............................................................................................................................... 9
S.S. Bemanu Analysis ................................................................................................................................ 1u
S.4. Competition Analysis ....................................................................................................................... 11
S.S. Regulation About Bitcoin ................................................................................................................ 12

I: >9,*9'O@ *&J P?.)'?'&9*9%-& :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 1A
6.1. 0bjectives fiom S to S yeais .......................................................................................................... 1S
6.2. Stiengths, Weaknesses, 0ppoitunities anu Thieats (SW0T) ......................................... 1S
6.S. Key Success Factois .......................................................................................................................... 16

4: B*,L'9%&O *&J >*)'$ >9,*9'O@ :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 1I
7.1. Piouuct Stiategy ................................................................................................................................. 16
7.2. New Piouucts anu uigital channel uiveisification ............................................................... 17
7.S. Piicing Stiategy .................................................................................................................................. 17
7.4. Bistiibution Stiategy ........................................................................................................................ 17
7.S. Communication Stiategy ................................................................................................................ 18
7.6. Futuie uiowth 0ppoitunities ....................................................................................................... 18

Q: B*&*O'?'&9 :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 1N

N: R%&*&<'$ :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: /0
9.1. Souices of Finance ............................................................................................................................. 2u
9.2. Income Statement .............................................................................................................................. 2u
9.S. Accounting anu Inventoiy Contiol System ............................................................................. 22
9.4. Cash Flow Piojections anu Sales Foiecast .............................................................................. 22


<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
S
1: +;'<#9%=' >#??*,@

Since its cieation, Bitcoin has evolveu fiom a mathematical pioof of concept to a iapiuly
expanuing economy woith moie than 0SB 1u billion. Bitcoin is now being useu in
tiansactions between millions of people anu thousanus of businesses woiluwiue.

Ntuox is the woilu's most establisheu online Bitcoin exchange platfoim at
www.mtgox.com, offeiing tiauing between Bitcoin anu local cuiiencies since 2u1u.

Ntuox main piouucts anu seivices consist of:

• HHH:?9O-;:<-?S an online ciyptocuiiency exchange platfoim.

• B9C-; ?',<E*&9 $-)#9%-&$S Plug-ins anu API to enable e-commeice sites to
integiate Bitcoin (anu othei ciyptocuiiencies) as a methou of payment.

• B9C-; >'<#,%9@ >-)#9%-&$S customizeu two factoi authentication uevices
incluuing a Ntuox Yubikey anu 0TP (0ne-time passwoiu) caiu.

Ntuox is baseu in Tokyo, }apan anu seives customeis locateu aiounu the woilu. In
Becembei 2u1S, Ntuox ieacheu a milestone of ovei 1 million customeis, Su% of which
aie Euiopean.

The puipose of Ntuox is to facilitate the gieatei usage anu acceptance of
ciyptocuiiencies as an alteinative foim of payment by pioviuing an online
ciyptocuiiency exchange platfoim anu meichant solutions.

0ui taiget customeis aie auult inuiviuuals with uisposable income, meichants anu uay-
tiaueis. 0ui cuiient customei base consists mainly of Nales, ageu 2u-4u with
enthusiasm anu inteiest in ciyptocuiiency anu alteinative finance. Foi now the majoiity
of oui customeis aie locateu in Euiope, followeu by the 0niteu States, China, Austialia,
Canaua anu }apan.

The Ntuox exchange platfoim offeis incieuible secuiity, anu impiessive tiauing speeus.
We aie also the ciyptocuiiency exchange with the most liquiuity anu most able to invest
in the uevelopment of new anu impioveu piouucts anu seivices.

We aie cuiiently in the miust of
establishing iegulateu wholly owneu
affiliateu oi paitneiship opeiations in
the 0niteu States, Austialia, Bong Kong,
anu Euiope. This is to enable us to
cieate an ecosystem of Bitcoin ielateu
piouucts anu seivices that will be
available to customeis in most
teiiitoiies woiluwiue.

We hope that such activities will enable
us to become the woilu's best anu
laigest ciyptocuiiency solutions
pioviuei anu the company of choice foi
inuiviuuals anu meichants.

<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
4
/: B9C-; D5E' 8-?.*&@F

Ntuox is the woilu's most establisheu online ciyptocuiiency exchange platfoim baseu
at www.mtgox.com, wheie customeis can tiaue ciyptocuiiency such as Bitcoin foi theii
local cuiiencies.
/:1: 8,@.9-<#,,'&<@

Ciyptocuiiencies aie a meuium of uigital exchange that use ciyptogiaphy to ensuie
absolute secuiity of tiansactions; pieventing counteifeit anu fiauu. The fiist majoi
ciyptocuiiency; Bitcoin, cieateu in 2uu9 anu tiauing since then, is now gaining
incieasing populaiity in teims of usage, speculation anu public attention. Asiue fiom
Bitcoin, numeious othei ciyptocuiiencies have become available such as Litecoin,
NameCoin etc.

In peison, anu online exchanges aie so fai the main methou of acquiiing anu tiauing
ciyptocuiiencies. The ciyptocuiiency maiket capitalization is now woith moie than
0SB 1u Billion (https:¡¡blockchain.info¡chaits¡maiket-cap) uue to the incieasing value
anu piice speculation of populai ciyptocuiiencies such as Bitcoin. Ciyptocuiiencies aie
also gaining acceptance as a methou of payment among both online anu offline
meichants.
/:/: 8-?.*&@ T'9*%)$

Ntuox is owneu anu opeiateu by Ntuox Co.,Ltu. ("Ntuox") which is a subsiuiaiy of a
}apanese coipoiation, Tibanne Co.,Ltu, ("Tibanne") founueu anu baseu in Tokyo, }apan.

Tibanne Co.,Ltu is iegisteieu with the Tokyo Chambei of Commeice anu Inuustiy
(http:¡¡www.tokyo-cci.oi.jp¡english¡ibo¡2SSS44u.htm)

U'O%$9,*9%-& &#?6', 5-L@- 8E*?6', -7 8-??',<' *&J P&J#$9,@S u11u-u1-u69784.

8*.%9*)S S,uuu,uuu }PY

B9C-; %$ .E@$%<*))@ )-<*9'J *&J -.',*9'J 7,-?S
Cioss 0ffice Shibuya Neuio 2B, 2-11-S Shibuya-ku, Tokyo 1Su-uuu2, }apan.
/:A: GH&',$E%.

Tibanne has one sole shaieholuei; Naik Kaipeles: CE0 foi Tibanne anu Ntuox.

Ntuox (}apan) has two piinciples: Tibanne, owneu by Naik Kaipeles (88%) anu }eu
NcCaleb; the initial founuei anu cieatoi of the Ntuox exchange platfoim (12%).

<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
S
/:2: 8-?.*&@ >9,#<9#,'

Theie aie ovei 4u employees employeu by Tibanne who aie uiiectly iesponsible foi the
opeiation, maintenance anu expansion of Ntuox. Nost of these employees aie baseu in
Tokyo, }apan with a customei suppoit team woiking iemotely.


/:K: V'@ B%)'$9-&'$

• Naich 2u11: Ntuox acquiieu by Tibanne
• Apiil 2u1S: Piice of 1 Bitcoin exceeus 0SB 1uu on Ntuox
• }une 2u1S: Ntuox Registeieu as a Noney Seivice Business with FINCEN.
• 0ctobei 2u1S: Ntuox acquiies Noney Seivice 0peiatoi License in Bong Kong
• Novembei 2u1S: Bitcoin piice exceeus 0SB 1uuu on Ntuox
• Becembei 2u1S: Total numbei of veiifieu customeis on Ntuox exceeus 1 Nillion
/:I: V'@ 9- >#<<'$$

• >'<#,%9@S Ntuox has a soliu IT infiastiuctuie, piotecteu fiom BB0S attacks anu
hackeis by a numbei of secuiity pioviueis anu we continue to uevelop seveial
customizeu secuiity featuies foi customeis in oiuei to piotect theii account.

• >.''JS Ntuox iuns an highly efficient tiauing engine that will compete
enoimously against the capabilities of oui competitois. We will also uevelop
moie efficient funu tiansfei infiastiuctuies to ensuie that customeis can senu oi
ieceive money to¡fiom theii Ntuox accounts within S business uays.

• W-,)JH%J' (,'$'&<'S As the exchange with the highest liquiuity we have hau
the funus to invest in establishing a global piesence anu beaiing the associateu
cost of licensing anu opeiational costs. This will enable locally baseu solutions
anu impioveu convenience foi customeis living in iegions wheie we have an
wholly owneu affiliate oi paitnei entity.

• G#9,'*<ES We will continue to piouuce stimulating content anu campaigns to
spieau awaieness of Bitcoin (anu othei ciyptocuiiencies), which can impiove
oui public ielations anu ensuie that we aie associateu as the uominant voice anu
authoiity on Bitcoin anu ciyptocuiiencies. At piesent www.bitcoins.com is an
example of oui fiist majoi pioject in this aiea.
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
6


• 5'<E&-)-O@ '<-$@$9'?S Asiue fiom oui main opeiations as a ciyptocuiiency
exchange, we have uevelopeu solutions foi meichants seeking to integiate
Bitcoin as an online anu offline methou of payment. We aie also in the piocess of
ueveloping a piepaiu caiu system anu othei piouucts anu seivices, which aie all,
inteiconnecteu to oui ciyptocuiiency ecosystem. Thiough this stiuctuie we can
enable people to acquiie, use, accept anu then sell theii Bitcoin (oi othei
ciyptocuiiency).
A: "%9<-%& G=',=%'H

Bitcoin can be use foi peisonal tiansactions oi business at high speeu anu low cost.
Bitcoin has the same value anywheie in the woilu wheie Bitcoins aie authoiizeu, thus
becoming the fiist tiuly global payment system. Nost cuiiencies aie cieateu anu
contiolleu by a cential authoiity that ultimately has powei ovei piices. Bitcoin is
uecentializeu anu geneiateu thiough open-souice softwaie, so the system is
tianspaient, piiceu on the fiee maiket, anu belongs to no one peison oi oiganization.
A:1: "%9<-%& X%$9-,@

0n 0ctobei 21, 2uu8 a uevelopei nameu Satoshi Nakamoto publisheu the Bitcoin
Piotocol which outlineu the theoiy of a uecentializeu cuiiency. This was followeu in
}anuaiy 2uu9 by the ielease of the open-souice Bitcoin softwaie, anu the mining of the
fiist Bitcoins.
A:/: "%9<-%& Y'9H-,L

With Bitcoin, inuiviuuals anu gioups willing to ueuicate computei-piocessing powei to
suppoit the netwoik aie iewaiueu with Bitcoins. This piocess is known as mining, anu
it is how eveiy Bitcoin comes into existence. All newly mineu Bitcoins, along with eveiy
tiansaction, aie publicly iecoiueu anu veiifieu thiough the netwoik. This iecoiu is
known as the Blockchain anu is one of the featuies that help keep the system secuie
fiom fiauu anu abuse. Bitcoins cannot be uuplicateu oi foigeu.
A:A: Z%$%-& *&J ,-)' -7 B9C-;

Ntuox's vision is to be one of the woilu's laigest ciyptocuiiency solution pioviueis anu
to become the exchange anu meichant solution of choice. We will enable oui customeis
to acquiie, tiaue, anu accept ciyptocuiiency as a means of payment foi online anu
offline tiansactions. As a global leauei in ciyptocuiiency we also see it as oui obligation
to euucate anu spieau awaieness about this space by piouucing engaging anu
unueistanuable content foi eveiyone.

<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
7
2: (,-J#<9$ *&J >',=%<'$
2:1: "%9<-%& 5,*J%&O ()*97-,?

Ntuox geneiates ievenue fiom chaiging customeis fees on each tiaue (buying anu
selling Bitcoin), anu each payment (accepting Bitcoin) as a fixeu peicentage uepenuing
on the volume of Bitcoin tiaueu - Fees iange fiom u.6% to u.2S%.
(https:¡¡www.mtgox.com¡fee-scheuule)

+;*?.)' -7 * 9,*J'


5,*J%&O ,'='&#'S

"58 $'))',$
BTC fees = volume BTC tiaueu x maiket piice (Fiat) x Tiansaction fees (%)

"58 6#@',$
Noney fees = Fiat money tiaueu x maiket piice (BTC) x Tiansaction fees (%)

5-9*) >*)'$ '$9%?*9%-& /01AS 1/[K00[000 \>T



Ntuox ievenue uepenus on S main leveiages: the BTC maiket piice, the volume of
tiaues anu the fee stiuctuie.
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
8
2:/: >'<#,%9@ >-)#9%-&$

!"#$% '()*+,-. A secuiity uevice piogiammeu to match the customeis' Ntuox account
uetails. Customeis can oiuei this thiough mtgox.com anu will be chaigeu foi the uevice
anu ueliveiy.
/N:NN \>T]\&%9


!"#$% /01 2345: A secuiity uevice that can be useu to geneiate a unique one-time
passwoiu. Solu to customeis at a high fee uue to the innovative natuie of the uevice.
2N:NN \>T]\&%9


2:A: B',<E*&9 >-)#9%-&$
2:A:1: >-79H*,' $-)#9%-&$

We cuiiently offei thiee softwaie solutions foi meichants that want to accept Bitcoin as
a means of payment:

• Ntuox "Pay Now" Button: a simple auu on featuie foi any ecommeice website.
• Nagento Connect: pioviuing Bitcoin meichant solutions integiateu with Ntuox.
• Ntuox instant Neichant API: easy to integiate foi uevelopeis of e-commeice
platfoims.

Neichants will be chaigeu a fixeu low fee on each puichase accepteu in Bitcoin using
oui meichant solutions system baseu on the volume of theii tiauing.
2:A:/: (G> >@$9'?

Customeis of the P0S system will be chaigeu foi the initial puichase of the technology
then foi ongoing licensing anu maintenance fees.

<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
9
K: B*,L'9 M&*)@$%$
K:1: P&J#$9,@ +=-)#9%-& *&J 5,'&J$

Woiluwiue, ciyptocuiiency anu in paiticulai Bitcoin, is gaining giounu as an
incieasingly populai alteinative to tiauitional finance anu payments. Asiue fiom just
tiauing, exchanging anu investing in Bitcoin, a laige vaiiety of seivices have emeigeu
which pioviue solutions foi using, accepting anu innovating Bitcoin as a payment
system. As the value of Bitcoin has iisen so has the awaieness anu unueistanuing of its
potential.

As a meuium of exchanging value anu its mass meuia coveiage, since 2u1S Bitcoin has
witnesseu an impoitant piogiession in teims of communication (public awaieness,
blogs, SNS), business oppoitunities (mining, secuiity, e-commeice, payment seivices),
goveinment iecognition (tax anu iegulations) anu the maiket piice that has skyiocketeu
- }an 2u1S 1BTC = 2u 0SB - }an 2u14 1BTC = 9Su 0SB YoY +44uu%.

This ecosystem is still young but quickly stiuctuiing, fiom Bitcoin mining, tiauing,
investing, to a final payment solution system, the value chain is still an open fielu wheie
many new playeis aie tiying to establish theii iole anu iuentity.
K:/: C)-6*) B*,L'9 >%^'

In 2u14, the global maiket of ciyptocuiiency is giowing, anu now iepiesents moie than
0SB 1u Billion. Aftei S yeais of existence, Bitcoin iemains a leauei with a maiket
capitalization in 2u14 of 0SB 11Bn - 78% of the global maiket - foi a total volume
supply of 12, 289,2uu BTC (1 BTC = 9Su 0SB).



Accoiuing to B0A Neiiill Lynch's Bitcoin evaluation foim Becembei Sth 2u1S, (Souice:
http:¡¡ciyptome.oig¡2u1S¡12¡boa-bitcoin.puf), the Bitcoin maiket capitalisation will
ieach 0SB 1SBn (1 BTC = 1Suu 0SB).
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
1u

5,*J' -7 "58 6@ 8#,,'&<@ D_*&:/012F


In 2u1S, Ntuox exchange platfoim has tiaueu 16,9S8,917 Bitcoin in 0SB foi a total
amount of S,uu9,167,4SS 0SB
(Bata: http:¡¡bitcoinchaits.com¡maikets¡mtgox0SB_tiaues.html)

-Nain cuiiencies tiaueu on the Ntuox Exchange: 0SB, E0R, uBP, A0B, CAB, PLN,
-Bitcoin piice: https:¡¡blockchain.info¡chaits¡maiket-piice
K:A: T'?*&J M&*)@$%$

Bitcoin is no longei limiteu to the uomain of the eaily auopteis anu technology
enthusiasts anu has evolveu to captuie the inteiest of financial piofessionals, heuge
funu manageis, ventuie capitalists, stait up entiepieneuis, goveinment officials,
ecommeice giants anu the mass maiket.

Euiope, iecoveiing fiom economic ciises is a key maiket foi us, as uemanu foi
alteinatives solutions emeige anu we expect that oui customei base will giow
exponentially. Nost of oui majoi competitois aie baseu uiiectly in oi in pioximity to the
Euiopean 0nion.

Fiom oui 1 million customeis base moie than Suu,uuu aie locateu in Euiope. Thanks to
the iise of mobile, people fiom all aiounu the woilu aie able to exchange Bitcoin
anytime anu anywheie. Emeiging economies, the BRICS anu unbankeu nations aie
potential maikets to giow anu to segment.

"%9<-%& #$', .,-7%)'S

They aie mostly male, in theii 2u-4us,
stuuents¡IT¡finance¡tech piofessionals¡maiketing
enthusiasts. They have a ueep uistiust foi the
establisheu financial system following the uFC anu
E0C anu aie looking foi alteinative ways to make
payments anu stoie theii money in an alteinative
solution item of value.
JPY
4% EUR
7%
CNY
18%
USD
66%
!"#$%
&&'
(#)*+
,'
-+.+*
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/0%"# 23$%)4+
56'
78
59'
Repartition of MtGox customers
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
11
B9O-;:<-?

Taigets inuiviuuals anu meichants who wish to buy, sell anu tiaue Bitcoin with othei
customeis locateu aiounu the woilu.


The taiget customeis aie:

• Auults inteiesteu in ciyptocuiiencies anu use as a micio payment.
• Auults who possess comfoitable levels of uisposable income.
• Neichants who wish to accept Bitcoin as a means of payment anu sell theii
accumulateu Bitcoin foi local cuiiency funus.
• Finance piofessionals anu uay-tiaueis wishing to take auvantage of
sophisticateu tiauing featuies to eain money by tiauing Bitcoin.

B9C-; B',<E*&9 >-)#9%-&$ D"9-"F

• Ecommeice meichants wishing to accept Bitcoin as a methou of payment.

B9C-; (G> >@$9'?

• 0ffline meichants anu ietaileis.
• SNB anu inuepenuent businesses anu laigei chain stoies.
K:2: 8-?.'9%9%-& M&*)@$%$

0ui laigest competitois woiluwiue in the ciyptocuiiency exchange space aie:
BTC China (China), BitStamp (Slovenia), btc-e (Bulgaiia), Bitcoin.ue (ueimany), CampBX
(0SA), anu BitCuiex (Polanu).

At the beginning of 2u1S, Ntuox uominateu the Bitcoin exchange maiket with an oveiall
shaie of moie than 8u%. Bowevei following the piice suige in Apiil 2u1S anu the
banking challenges that Ntuox began to expeiience in Nay 2u1S, oui competitois
quickly iose to assume evei gieatei maiket shaies.

!"#$
!%&#$
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
12
C)-6*) +;<E*&O' B*,L'9 $E*,' %& Z-)#?' D_*&: /012F


• At piesent, these competitois have veiy limiteu auveitising exposuie anu iely on
woiu of mouth, anu piess coveiage to attiact fuithei customeis.
• BitStamp in paiticulai has a much simplei anu cleanei usei inteiface.
• All competitois with the exception of btc-e anu CampBx offei essentially the
same tiauing seivices.
• Btc-e offeis the gieatest vaiiety of ciyptocuiiencies on theii platfoim.
• CampBx offeis the most auvanceu tiauing options.
• Tiauing fees on all of these competitoi exchanges vaiy anu Ntuox is one of the
moie expensive foi now, justifieu oiiginally by its auvanceu secuiity anu
ieliability featuies.
K:K: U'O#)*9%-& M6-#9 "%9<-%&

As Bitcoin has enteieu the mainstieam public uomain, goveinments anu iegulatois
aiounu the woilu aie beginning to iecognize the neeu to foim a position on
ciyptocuiiency. Regulatoiy stances uiffei uepenuing on the countiy anu juiisuiction
with some states choosing to iegulate, tax, anu foim a legal uefinition of ciyptocuiiency
eithei as a means of payment oi a uigital commouity.


Foi example, the ueiman Finance Ninistiy has uefineu Bitcoin as a "unit of account",
meaning that it can be useu foi tax anu tiauing puiposes. Theiefoie Bitcoin is iegaiueu
as a financial instiument unuei ueiman banking iules. Accoiuing to a Ninistiy
statement Bitcoin is iegaiueu as "piivate money" that can be useu in "multilateial
cleaiing ciicles."

0n the othei hanu some states have chosen to take a moie aggiessive chance against
ciyptocuiiencies, foi example the Chinese goveinment has announceu iules to pievent
banks anu thiiu paity payment systems to uo business with Bitcoin affiliateu companies
anu in paiticulai exchanges. Ntuox is committeu to complying with all iegulations as
they aie foimeu anu changeu in each anu eveiy state in which it cuiiently anu seeks to
establish local opeiations.
Others
5%
Btc China
15%
MtGox
24%
Bitstamp
28%
Btce
28%
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
1S
I: >9,*9'O@ *&J P?.)'?'&9*9%-&
I:1: G6`'<9%='$ 7,-? A 9- K @'*,$

Foi the next S to S yeais, the objectives of Ntuox aie to establish anu piomote
ciyptocuiiencies as a tiusteu payment ecosystem, to acquiie anu connect 2 million
customeis by 2u1S anu to pioviue the best Bitcoin P0S systems in the woilu. At the
same time we will stiive to piomote Bitcoin as a tiusteu cuiiency foi eveiyone in oiuei
to inciease the usage anu to innovate the payment ecosystem.

To achieve those objectives we will implement the following impiovements anu new
featuies to oui tiauing platfoim.
I:1:1: 5- '$9*6)%$E *&J .,-?-9' <,@.9-<#,,'&<%'$ *$ * 9,#$9'J
.*@?'&9 '<-$@$9'?S

• Investing in R&B, IT anu secuiity: The futuie tiauing engine couenameu: Niuas
will biing moie auvanceu tiauing featuies anu open the oppoitunity to ueal with
othei ciyptocuiiencies than Bitcoin.

• Impioving the efficiency of funu tiansfeis (senuing money to anu fiom customei
bank accounts to Ntuox) by establishing new banking paitneiships anu
integiation with a iange of payment seivice pioviueis.

• 0ffeiing moie ciyptocuiiencies othei than Bitcoin foi which customeis can
tiaue, such as Litecoin.

• Beveloping the CRN to offei an even bettei seivice to satisfy anu engage oui 1
million customeis.

• Implementing a new usei inteiface with a "Ntuox" bianu conscious uesign.

• Establishing licenseu anu iegulateu affiliateu companies anu paitneiships by
2u1S in Bong Kong, Austialia, Euiope, 0SA anu Canaua.

• Acquiiing new talent: uevelopeis, maiketeis, customei suppoit, anti money
launueiing, legal anu compliance expeits.
I:1:/: 5- ,'*<E * )*&J?*,L -7 / ?%))%-& *<9%=' <#$9-?',$ 6@ /01K
*&J ,'O*%& -#, ?*,L'9 $E*,'$

• Localizing anu auapting oui maiketing stiategy to many iising key maikets.

• Implementing stiong public ielations anu auveitising campaigns online anu
offline to highlight Ntuox piouucts.

• Cieating new seivices anu piouucts, which encouiage fiequent usage of the
Ntuox platfoim foi the mass maiket.

<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
14
• Consulting anu encouiaging meichants on the benefits of using oui BtoB
solution.
I:1:A: 5- .,-=%J' 9E' 6'$9 "%9<-%& (G> *&J +3<-??',<' $@$9'?$ %&
9E' H-,)J

• Naking the Ntuox P0S system the pioneei foi the inuustiy, anu setting the
global stanuaiu with test launches in }apan anu Bong-Kong.

• Selling actively to meichants with the aim of ieleasing at least Suuu units by
2u16.

• Beveloping stiong paitneiships with the mains e-commeice playeis in the
taigeteu countiies.
I:1:2: 5- .,-?-9' "%9<-%& 7-, '=',@-&' %& -,J', 9- %&<,'*$' 9E'
#$*O' *&J 9- %&&-=*9' 9E' .*@?'&9 '<-$@$9'?

• Naking the euucational poital www.bitcoins.com the woilu's most ieliable anu
visiteu souice on Bitcoin infoimation anu news.

• Builuing a Bitcoin Cafe in centei of Tokyo to encouiage }apanese customeis
acquiie anu make tiansactions, such as puichasing coffee uiiectly in Bitcoin.

• Actively engaging with opinion leaueis, public anu piivate institutions anu
influential oiganizations.

• Spieauing positive awaieness of Bitcoin thiough woiu of mouth.
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
1S
I:/: >9,'&O9E$[ W'*L&'$$'$[ G..-,9#&%9%'$ *&J 5E,'*9$ D>WG5F




>9,'&O9E$

• Technical expeitise of Naik Kaipeles, CE0 of Ntuox as a
leauei in netwoik secuiity, systems uevelopment, anu
ciyptocuiiency.

• Establisheu position as one of the woilu's laigest
ciyptocuiiency exchanges.

• Bigh liquiuity foi investment in futuie expansion.

• 0ffeiing exchange fiom ciyptocuiiency to moie than 1S
local cuiiencies.

• 1 Nillion goveinment iuentification issueu of veiifieu
iuentifieu customeis.

• ulobal bianu iecognition anu woiluwiue customei base.
In the piocess of establishing licenseu affiliates in seveial
key iegions, woiluwiue.

W'*L&'$$'$


• Cuiient sliue in ieputation anu ieliability of Ntuox uue
to the funuing issues expeiienceu as a iesult of banking
challenges in }apan.

• In neeu of expeiienceu, influential lobbyists that aie
well connecteu to global financial anu iegulatoiy
institutions.


• 0ui heauquaiteis anu main opeiations aie physically
uistant fiom oui main maikets.

• Bifficulties to communicate with oui customeis because
of the impoitant volume of new customeis. The uemanu
is giowing fastei than the company's stiuctuie.




G..-,9#&%9%'$

• Ciyptocuiiencies aie moie populai as a means of
payment anu uigital asset commouity by both inuiviuuals
anu meichants aiounu the woilu.

• Ciyptocuiiency offeis new possibilities foi innovation in
uigital piouucts anu seivices anu expanuing the potential
of ciyptocuiiency into uiveisifieu maikets: touiism,
mobile-payments, unbakeu maikets.

• Taxation: potential ievenue stieam foi goveinments anu
local authoiities.

• Theie aie a limiteu numbei of websites which have
similai content.

• 0sing this new open ecosystem to cieate innovative kinu
of seivices.


5E,'*9$

• Cuiient sliue in ieputation anu ieliability of Ntuox uue
to the funuing issues expeiienceu as a iesult of banking
challenges in }apan.

• In neeu of expeiienceu, influential lobbyists that aie
well connecteu to global financial anu iegulatoiy
institutions.


• 0ui heauquaiteis anu main opeiations aie physically
uistant fiom oui main maikets.

• Bifficulties to communicate with oui customeis because
of the impoitant volume of new customeis. The uemanu
is giowing fastei than the company's stiuctuie.






<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
16
I:A: V'@ >#<<'$$ R*<9-,$

• Beveloping a favoiable ecosystem anu cieating seivices aiounu Bitcoin

• Cieating a netwoik of stiong paitneis aiounu the woilu: goveinment
authoiities, banks, payment seivice pioviueis, online anu offline meichants, IT
secuiity fiims.

• Pioposing new seivices anu innovation schemes.

• Retaining customeis anu conveit them to become active tiaueis anu useis of
Bitcoin.

• Cieating a top-level customei suppoit anu a goou channels to communicate with
customeis.

• Relationship with mass meuia agencies, jouinalists anu alpha-bloggeis.

• Woiking with knowleugeable anu ueuicateu teams like at Ntuox.

• Becoming the maiket leauei.

4: B*,L'9%&O *&J >*)'$ >9,*9'O@

To achieve oui objectives, the maiketing stiategy will opeiate on two impoitant
uiiections.

To implement an opeiational effectiveness stiategy in oiuei to ieconnect with oui
customeis by pioviuing a bettei expeiience on oui platfoim, impioving the quality of
oui communication towaius them, to optimise oui actual competitive auvantage anu
stiengthen oui assets. Anu because the Bitcoin maiket is a fast giowing enviionment,
the seconu oiientation is to uiffeientiate oui offeis by pioviuing new seivices linkeu to
Bitcoin, segmenting the piicing stiuctuie anu finally uiveisifying oui channels of
uistiibution.
4:1: (,-J#<9 >9,*9'O@

B9O-;:<-?

The majoiity of new customeis will be geneiateu thiough web seaiches, viial maiketing
campaigns, piess coveiage anu woiu of mouth thiough SNS. Bowevei, it will also
incluue taigeteu auveitising on websites with content ielateu to Bitcoin, payments anu
finance.

B9C-; B',<E*&9 >-)#9%-&$

Web seaiches anu visits to mtgox.com will uiaw potential meichants to oui solutions
page. Bowevei, it will also incluue taigeteu auveitising on websites with content ielateu
to Bitcoin, payments anu finance. In the futuie a ueuicateu sales team will be
iesponsible foi acquiiing laigei ecommeice meichants thiough a specific sales stiategy.

<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
17
B9C-; M..

Beveloping an application to facilitate tiansactions anu exchanges on mobile (i0S,
Anuioiu).
4:/: Y'H (,-J#<9$ *&J J%O%9*) <E*&&') J%=',$%7%<*9%-&

B9C-; (G> >@$9'?

Customeis will be geneiateu thiough local campaigns showcasing the P0S technology
anu by featuiing ueuicateu P0S meichant showiooms. 0ui ueuicateu sales team will
taiget chain stoie businesses.

Neichants will be chaigeu foi the initial puichase of the P0S System anu then chaigeu
foi ongoing maintenance anu licensing costs. This system will enable any offline
business to accept ciyptocuiiency payments.

"%9<-%& (,'.*%J T'6%9 8*,J

This will enable Ntuox customeis to use theii Bitcoin to puichase goous anu seivices foi
the conveiteu value in local cuiiency accoiuing to the piice on mtgox.com anywheie in
the woilu wheie NasteiCaiu¡visa Caius aie accepteu. Caius will be puichaseu foi an
initial up fiont fee. Annual anu monthly fees will also be chaigeu at fixeu anu usage
baseu iates. This system is cuiiently in uevelopment in Canaua in paitneiship with
NasteiCaiu anu once initial implementation has pioveu successful in Canaua we will
launch the caiu in othei maikets.

B*,L'9 >.'<%7%< "%9<-%& W*))'9$

In oiuei to facilitate the fuithei acceptance anu usage of Bitcoin (anu othei
ciyptocuiiencies) as a methou of payment we will uevelop simple Bitcoin wallet
websites anu mobile applications customizeu to specific local maikets.
Ntuox will launch this fiist localizeu seivice in }apan anu then move on to othei maikets
wheie uetaileu localization can contiibute to gieatei local maiket penetiation.

"%9<-%& M#<9%-& W'6$%9'
This will enable anyone in the woilu to buy anu sell goous at auction foi Bitcoin.
4:A: (,%<%&O >9,*9'O@

Reaching uiveisifieu neeus of oui customeis by applying a segmentateu fee stiuctuie:
Stanuaiu: Foi eveiyone inteiesteu in Bitcoin
Business: Foi meichants anu coipoiate accounts
Exclusive: Foi Bigh fiequency tiauing anu highly valueu customeis
4:2: T%$9,%6#9%-& >9,*9'O@

"%9<-%& >E-. 8-&<'.9$

Initiate shop concepts to showcase Bitcoin tiansactions anu P0S systems in oiuei to
uiffuse this new methou of payment anu make useful use case stuuies foi the ietail
inuustiy.
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
18

(*,9&',$E%. H%9E -77)%&' *&J -&)%&' <-??',<'

Taiget Euiope + }apan: Set up paitneiships with biick anu moitai shops to make anu
helping the piospect to open a Ntuox account.
4:K: 8-??#&%<*9%-& >9,*9'O@

MJ=',9%$%&O *&J (#6)%< U')*9%-&$

Auveitising will consist of SE0 stiategies, AuSense, affiliation, online magazine banneis,
anu may evolve into Youtube anu television commeicials.

Public Relations with be a combination of social netwoik communication, events, piess
outieach anu euucation poitals about Bitcoin.

8-??#&%9@ B*&*O'?'&9

Engaging the Bitcoin Community into new Ntuox piouuct uevelopment (Beta Testing,
feeubacks on new maiketing activities...)

Cieating a sustainable management of the SNS ( Facebook, Twittei, Weibo etc. )

8UB *&J *&*)@9%<$
0sing CRN to bettei taiget anu segment oui futuie offeis anu featuies.
4:I: R#9#,' C,-H9E G..-,9#&%9%'$

In oiuei to contiibute to the uevelopment of Ntuox the following will be implementeu:

• New tiauing engine: Niuas.
• Launch seconu majoi ciyptocuiiency: Litecoin
• Bevelop new veision of mtgox.com with impioveu uesign, usei inteiface anu
auueu featuies.
• Intiouuce new auvanceu tiauing options foi customeis
• Continue to foim ielationships with new payments seivice pioviueis anu
banking paitneis to impiove the efficiency of customei funu tiansfeis.
• Effectively maiket Ntuox meichant solutions.
• Bevelop anu install P0S system in selecteu meichant locations in }apan anu
Bong-Kong.
• Establish licenseu (anu iegulateu) affiliateu companies anu banking
ielationships in Bong Kong, Austialia, 0SA, Euiopean 0nion anu Canaua
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
19
Q: B*&*O'?'&9

B*,L V*,.')'$[ 8+G

Naik Kaipeles is the Piesiuent anu CE0 of both Ntuox anu Tibanne. Naik pioviueis
oveiall uiiection, iesponsible foi supeivising main opeiations anu steeiing the company
accoiuing to his vision.

Naik is a young technopieneui with moie than 1S yeais expeiience in softwaie
uevelopment, netwoik auministiation anu entiepieneuiship. Naik is well-veiseu in
multiple piogiamming languages, has a stiong backgiounu in netwoik secuiity, anu is
well-known in the tech community.

C-&^*O#' C*@3"-#<E',@[ B*&*O',S "#$%&'$$ T'=')-.?'&9 T%=%$%-&

uonzague is in chaige of giowing the business foi Ntuox by initiating paitneiships,
ueveloping expansion stiategies, anu uiiecting maiketing activities inteinationally with
the accoiuing to Naik's executive oveisight.

Befoie joining Tibanne, uonzague was a successful tech entiepieneui anu influential
commentatoi on the inuustiy having founueu anu manageu Akihabaia News (2uu2-
2u1S) anu ueekStuff40 (2uu4-2u11). Be was once selecteu as one of the top Su most
influencial people in technlogy by TS (http:¡¡www.tS.com¡featuie¡the-Su-most-
influential-people-in-technology).
Piioi to this expeiience uonzague woikeu in Sales anu Business Bevelopment foi
technology anu constiuction seivices in Fiance anu Bong Kong.
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
2u
N: R%&*&<'$
This uetails the cuiient finances of Ntuox. Income, costs, financial souices anu
actual¡ piojecteu cash flows.
N:1: >-#,<'$ -7 R%&*&<'
Ntuox is fully self financeu with no uebt noi outsiue financing.
N:/: P&<-?' >9*9'?'&9
Income Statement
* April 1
st
, 2012 -
March 31
st,
2013
** April 1
st
, 2013 -
March 31
st,
2014
*** April 1
st
, 2014 -
March 31
st,
2015
*** April 1
st
, 2015 -
March 31
st,
2016
(Amounts in thousands of USD
Net Sales 1,351 10,750 31,500 71,950
Cost of Goods Sold 40 100 150 200
Gross Profit 1,311 10,650 31,350 71,750
Selling, General and
Administrative Expenses 1)
1,099 7,635 11,350 15,900
Operating Income 212 3,015 20,000 55,850
Interest Income 6 7 14 40
Foreign Exchange Gains 76 - - -
Non Operating Result 82 7 14 40
Ordinary Income 294 3,022 20,014 55,890
Corporate Taxes 8 1,022 6,164 16,890
Net Income 286 2,000 13,850 39,000
1) Breakdown of Selling, General
and Administrative Expenses
* April 1
st
, 2012 -
March 31
st,
2013
** April 1
st
, 2013 -
March 31
st,
2014
*** April 1
st
, 2014 -
March 31
st,
2015
*** April 1
st
, 2015 -
March 31
st,
2016
(Amounts in thousands of USD
Subcontracting Expenses 2) 814 3,650 6,200 10,000
Accountant, Consultant and Lawyer
Fees
167 3,300 4,000 4,000
Commission Fees 51 340 415 1,000
Depreciation 0 125 360 400
Advertising Expenses 4 75 160 200
Salary 60 105 130 150
Other 3 40 85 150
1,099 7,635 11,350 15,900

* Actual Bata¡ ** Actual Bata Apiil 2u1S - Novembei 2u1S + Buuget Becembei 2u1S
- Naich¡ *** Foiecast
M6-#9 9E' &'9 $*)'$S
As a tiauing platfoim Ntuox chaiges, with each tiaue, a fee in fiat cuiieny like 0SB,
E0R, }PY calleu <',+4 H++ to the sellei anu a fee in bitcoin C#-('#, H++ to the buyei.
0nly the <',+4 H++ is shown as net sales in Ntuox's income statement, wheieas the
bitcoin fee is uiiectly iecoiueu to Ntuox's balance sheet. Aftei being solu, bitcoins
aie ueiecognizeu fiom the balance sheet anu iecoiueu as net sales.
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
21
So fai Ntuox has not been selling mateiial numbei of its Bitcoins. Buuget anu
foiecast aie also piepaieu unuei the assumption that no mateiial numbei of
Bitcoins ieceiveu aie solu.
"%9<-%& 7''$S


Foi the yeai enuing Naich S1
st
, 2u1S aie 0SB 1,u87,uuu.
Buugeteu foi the yeai enuing Naich S1
st
, 2u14 at 0SB 9,2Su,uuu.
Foiecasteu foi the yeai enuing Naich S1
st
, 2u1S at 0SB 26,4uu,uuu.
Foiecasteu foi the enuing Naich S1
st
, 2u16 at 0SB SS,uuu,uuu.
The following shoulu give an insiue into subcontiacting expenses:
2) Breakdown of Subcontracting
Expenses
* April 1
st
, 2012 -
March 31
st,
2013
** April 1
st
, 2013 -
March 31
st,
2014
*** April 1
st
, 2014 -
March 31
st,
2015
*** April 1
st
, 2015 -
March 31
st,
2016
(Amounts in thousands of USD
Tibanne Co. Ltd. 3) 720 2,680 4,625 6,200
Mt Gox Poland Sp. z. oo 36 250 625 1,700
Customer Support 55 450 550 1,250
Other 2 270 400 850
814 3,650 6,200 10,000

Tibanne Co. Ltu., as holuing company of Ntuox, is pioviuing vaiious auministiation anu
management seivices to Ntuox.The following is giving an oveiview of the cost chaigeu
by Tibanne Co. Ltu.:
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
22
3) Breakdown of Subcontracting
Expenses Tibanne
* April 1
st
, 2012 -
March 31
st,
2013
** April 1
st
, 2013 -
March 31
st,
2014
*** April 1
st
, 2014 -
March 31
st,
2015
*** April 1
st
, 2015 -
March 31
st,
2016
(Amounts in thousands of USD
Salary 216 700 1,100 1,500
Communication Expenses 41 300 1,000 1,250
Office Rent 151 600 875 875
Data Center Rent 74 455 600 750
Depreciation 0 100 300 500
DDos Protection 71 100 250 300
Consulting 91 250 250 500
Virtual Server Hosting 40 125 150 200
Advertising Expenses 36 50 100 325
720 2,680 4,625 6,200

N:A: M<<-#&9%&O *&J P&='&9-,@ 8-&9,-) >@$9'?
We aie use the Yayoi Kaikei accounting system.
N:2: 8*$E R)-H (,-`'<9%-&$ *&J >*)'$ R-,'<*$9
Cash flows piesenteu heie aie baseu on the following:

2 a'*, 8*$E R)-H >#??*,@


The piojection foi 2u1S anu 2u16 is an estimate that will uepenu gieatly on the
effectiveness of attiacting moie customeis to tiaue on Ntuox, the evolution of the
tiauing maiket piice anu using oui meichant solutions. Auuitional ievenue can be
geneiateu in the futuie as we incluue sales of oui P0S system, secuiity piouucts anu
piepaiu caiu.

• Apiil 1
st
, 2u12 - Naich S1
st
, 2u1S actual uata
• Apiil 1
st
, 2u1S - Novembei Su
th
, 2u1S actual uata
• Becembei 1
st
, 2u1S - Naich S1
st
, 2u14 buuget
• Apiil 1
st
, 2u14 - Naich S1
st
, 2u1S piojection
• Apiil 1
st
, 2u1S - Naich S1
st
, 2u16 piojection
<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
2S
M..'&J%; 1S

Ntuox PR Bitcoin Campaign uuiing 2u1S u8 Summit













<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
24
M..'&J%; /S

Ntuox PR Campaign foi Bitcoins.com uuiing 2u1S u2u Summit










<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
2S
M..'&J%; AS

Tiauing Inteiface on Ntuox (Buy)




Tiauing Inteiface on Ntuox (Sell)



Appenuix 4: Secuiity Solutions



<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
26

M..'&J%; KS

Bitcoin Infoimation Souices

• 0iiginal Bitcoin iepoit: Satoshi Nakamoto: http:¡¡bitcoin.oig¡bitcoin.puf

• Explanation about Bitcoin (}apanese¡English): http:¡¡www.bitcoins.com

• Real Bitcoin entiepieneuis: http:¡¡www.bitcoins.com¡stoiies

• Bitcoin netwoik info: http:¡¡blockchain.info

• Bitcoin maiket uata: http:¡¡bitcoinchaits.com

<-='> C)$#,+$$ D0/, E)1'3+ 89:; F 89:G
!"#$ &'()*+,- #$ (',.#&+,-#/0 /,& &#$-1#2)-#', -' -"#1& 3/1-#+$ #$ $-1#(-04 31'"#2#-+&5
6'341#7"- 89:; <-='> 6'5?@-&5 A00 1#7"-$ 1+$+1B+&5
27
8-&7%J'&9%*)%9@ >9*9'?'&9 *&J b'O*) T%$<)*%?',

The piovisions of this plan aie piivilegeu anu confiuential. 0nauthoiizeu iepiouuction
oi uistiibution of this business plan oi any of its contents in any foim oi unuei any
ciicumstances without piioi wiitten consent is piohibiteu. The Recipient is iesponsible
foi ietuining all copies of the Business Plan immeuiately upon iequest of the Ntuox Co.,
Ltu.. The infoimation containeu heiein is: (i) pioviueu by the piincipal founueis of the
business anu (ii) publicly available fiom uiiectoiies, publications anu websites, as
mentioneu in the bouy anu the footnotes wheie possible oi appiopiiate. In some cases,
non-publicly available infoimation was useu, incluuing inuepenuent ieseaich, stuuies oi
paiu seivices fiom inuiviuuals anu oiganizations. While the infoimation set foith heiein
is ueemeu by the Ntuox Co., Ltu. to be accuiate, the Ntuox Co., Ltu. shall not be helu
liable foi the accuiacy of oi any omissions fiom this Business Plan oi foi any othei
wiitten oi oial communication tiansmitteu to the Recipient anu any othei paity in the
couise of its evaluation of tiansactions involving the Ntuox Co., Ltu..

The infoimation containeu in the plan will iequiie caieful sciutiny, veiification anu uue
uiligence effoits fiom the Recipients of the plan. Any peison oi entity seeking to make
an investment in the business shoulu not iely on the infoimation set foith in the plan as
complete. In auuition, the analyses containeu heiein uo not claim to be appiaisals of the
assets, oi the valuation of any entity. The business makes no guaiantees iegaiuing any
benefits ieceiveu fiom investment, noi the legal, tax oi accounting effects of any
tiansaction; anu this Plan uoes not constitute an offei to sell, oi a solicitation of an offei
to buy secuiities. In fuinishing the Business Plan, the Ntuox Co., Ltu. unueitakes no
obligation to pioviue Recipients of the Business Plan with access to any auuitional
infoimation oi to upuate this Business Plan oi to coiiect any inaccuiacies that may be
containeu heiein. Theie exists substantial infoimation with iespect to the business anu
its futuie piospects, anu theie aie a substantial numbei of iisks associateu with an
investment in the business, which aie not set foith in the plan.

Fuitheimoie, the potential fulfillment of 'foiwaiu looking statements' containeu in the
plan aie subject to change uue to unexpecteu events, maiket shifts, oi ciicumstances
that cannot be known at this time. Foiwaiu looking statements aie baseu on
expectations, estimates anu piojections at the time the statements weie maue that
involve a numbei of economic, business, anu numeious iisks anu unceitainties which
coulu cause actual iesults oi events to uiffei mateiially fiom those piesently anticipateu.
Foiwaiu looking statements in the plan may be iuentifieu thiough the use of woius such
as, but not exclusively to: "expects," "will," "anticipates," "estimates," "believes," oi
statements inuicating ceitain actions "may," "coulu," oi "might" occui. Such estimates
anu piojections aie subject to significant unceitainties beyonu the contiol of the Ntuox
Co., Ltu.. Although such piojections aie believeu to be iealistic, no iepiesentations aie
maue as to theii ultimate attainability

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