#1Recruit Holdings Co., Ltd. Investor Presentation November 2023 PRECRUIT#2Disclaimer Forward-Looking Statements This material contains forward-looking statements, which reflect the Company's assumptions, estimates and outlook for the future based on information available to the Company and the Company's plans and expectations as of the date of this material unless the context otherwise indicates. There can be no assurance that the relevant forward-looking statements will be achieved. Please note that significant differences between such forward-looking statements and actual results may arise due to various factors, including changes in economic conditions, changes in individual users' preferences and business clients' needs, competition, changes in the legal and regulatory environment, fluctuations in foreign exchange rates, climate change or other changes in the natural environment, the impact of the spread of COVID-19, the occurrence of large-scale natural disasters, and other factors. Accordingly, readers are cautioned against placing undue reliance on any such forward-looking statements. The Company has no obligation to update or revise any information contained in this material based on any subsequent developments except as required by applicable law or stock exchange rules and regulations. Third-Party Information This material includes information derived from or based on third-party sources, including information about the markets in which we operate. These statements are based on statistics and other information from third-party sources as cited herein, and the Company has not independently verified and cannot assure the accuracy or completeness of any information derived from or based on third-party sources. Notes Of This Document This material has been prepared for the sole purpose of providing general reference information. Neither this material nor any of its contents may be disclosed or used by any third party for any other purpose without the prior written consent of the Company. The Company makes no representation as to the accuracy or completeness of the information contained in this material and shall not be liable for any loss or damage arising from the use of this material.#3MISSION Opportunities for Life. Faster, simpler and closer to you. "Couldn't this be faster and easier?" and "How can we make this more convenient?" - Hisayuki "Deko" Idekoba President, CEO, and Representative Director of the Board#4Recruit Group: A Matching Company Global leader in HR Technology and Business Solutions Founded 1960 Revenue³ ¥3.42T Headquarters Tokyo Employees² 51K+ Adjusted EBITDA 3,4 ¥545B Adjusted EPS3,5 ¥199.35 1 Recruit Holdings Co., Ltd. and its consolidated subsidiaries 2 As of March 31, 2022 (HR Tech:13,161, M&S: 21,526, Staffing: 16,934, Corporate: 136) 3 Consolidated results as of March 31, 2023. From FY2022, the Company changed the adjustment items for adjusted EBITDA and adjusted EPS and figures in this report are based on the new definition. (Please refer to FAQ for Q4FY2021) 4 Adj EBITDA : Operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses ± other operating income/expenses 5 Adj EPS : Adjusted profit/ (number of issued shares at the end of the period - number of treasury stock at the end of the period) 6 Adjusted profit: Profit attributable to owners of the parent + Non-recurring income/losses (excluding non-controlling interests) + tax reconciliation related to certain non-recurring income/losses 7 Non-recurring income/losses: Gains or losses from disposals of shares of associates, expenses relating to company restructuring, gains or losses from the sale or impairment of property and equipment, and income and expense items that the Company believes are unusual or non-recurring in nature which do not reflect the Company's underlying results of operations. キャリアガー 不況下の専卒 14--12:1764#5Our Business Model A history of connecting businesses and individuals in multiple industries Individual Users Recruit Group $ Employment Housing & Real Beauty Estate boo Business Clients Li Travel Bridal Dining Matching platforms in Jobs, Life Events, and Lifestyle PRECRUIT 5#6Proven track record of business expansion, digital transformation and disruption PRECRUIT Expanded SaaS business through Air Business Tools, a group of cloud-based operational and management support services. Expansion of online HR Matching business Transition from paper to the internet. Continued growth of domestic HR businesses Expanded marketing and media businesses to other areas of life to increase choice and opportunities Founded job advertising business, disrupting the established graduate recruitment process Human Resources 1960 1970 Life Event 0 → Life Style HR Technology SaaS Solutions 1980 1990 2000 2010 2020 6#7Globalization of HR Matching businesses through M&A PRECRUIT FY2022 Consolidated Revenue 3.42tn yen Staffing (US) Staffing (US) HR Technology (US) Staffing (AU) HR Technology (US) HR Technology (US) HR Technology (US, CA) HR Technology (UK) HR Technology (US) 1 CSI Companies Staffmark. indeed peoplebank Simply Hired in terviewed 'GLASSDOOR ZAPinfo CHANDLER MACLEOD GROUP 1 HR Technology (NL) syft ClickIQ resume.com Staffing (US,NL) Advantage Resourcing 2010 2011 2012 usg people² WORKOPOLIS 57% Overseas 43% 3 Japan 2015 2016 2017 2018 2019 2020 2022 1 Peoplebank and Chandler Macleod Group were rebranded as RGF Staffing APEJ in November 2021 2 Company name of USG People Holdings B.V. was changed to RGF Staffing the Netherlands B.V. in April 2021, and other USG People group companies were rebranded to RGF Staffing in March 2021 3 Revenue breakdown between Japan and overseas is calculated based on the revenue in FY2023 7#8Opportunities For Life. Faster, simpler and closer to you. 01 02 Our business model A history of connecting businesses and individuals in multiple industries Our business strategy A three-part strategy combining historical strengths and future opportunities 03 Our leadership and Capital Allocation Policy 8 00 PRECRUIT#9Leading brands across three Strategic Business Units (SBU) Matching & Solutions SBU HR Technology SBU Marketing Solutions HR Solutions PRECRUIT Staffing SBU Business Global platforms on jobs, hiring solutions and real-time conversations Matching platforms and SaaS solutions in Japan Temporary staffing services in Japan, Europe, US and Australia Brands indeed "GLASSDOOR Source of Revenue Pay for performance Subscription fees HOT PEPPER Suumo↑ Beauty ゼクシィ HOT PEPPER HTILX リクナビ TOWNWORK PRECRUIT O STAFF SERVICE GROUP リクルートスタッフィング +E NEXT RECRUIT AGENT Staffmark Air BUSINESS TOOLS Subscription fees Transaction fees PRGF Staffing Group PRGF Staffing CSI Companies APEJ Fee for dispatching temporary staff 9#10Opportunities For Life. Faster, simpler and closer to you. 01 Our business model A history of connecting businesses and individuals in multiple industries 02 Our business strategy A three-part strategy combining historical strengths and future opportunities 03 Our leadership and Capital Allocation Policy PRECRUIT 10#11Our Business Strategy Three strategic pillars combining our historical strengths with future opportunities PRECRUIT 1 2 3 Simplify Hiring Connect people with jobs, Faster and easier Help Businesses Work Smarter Improve the productivity and performance of clients' businesses through SaaS solutions in Japan Prosper Together Sustainable growth shared by all stakeholders#121 Simplify Hiring Connect people with jobs, Faster and easier Led by HR Technology PRECRUIT リクナビ リクナビNEXT TOWNWORK RECRUIT AGENT PRECRUIT リクルートスタッフィング indeed We help people get jobs 'GLASSDOOR' The new home for workplace conversations O STAFF SERVICE GROUP PRGF Staffing CSI Companies Staffmark RGF RGF Staffing Group APEJ#13PRECRUIT CRECRUIT Recruit Holdings Co.,t "I just want to make 661 it easier for people to find better jobs.99 Hisayuki "Deko" Idekoba Representative Director, President and CEO Recruit Holdings Co., Ltd. 13#14Pillar 1: Simplify Hiring Our Vision to Simplify Hiring Leading the transformation of job search and hiring Today Future RECRUIT Get a job PRECRUIT Complicated, confusing, manual and slow Easier and faster for people to get jobs Reduced cost and time to hire for employers 14#15Pillar 1: Simplify Hiring Large and growing HR Matching market Addressable across our three SBUS Temporary Staffing $128B 8,9,10 Internal Recruitment Automation $64B *Please refer to the page 40 and 41 for footnotes 11,12,13 14 $327B PRECRUIT Job Advertising and Talent Sourcing $32B 34 Direct Hire $61B567 Retained Search $42B567 15#16Pillar 1: Simplify Hiring Definitions of HR Matching Markets Addressable Markets 3,4 PRECRUIT Job Advertising and Talent Sourcing Direct Hire 5,6,7 Retained Search 5,6,7 Temporary Staffing 8,9,10 11,12,13 Internal Recruitment Automation a collection of online and offline tools and services that help employers advertise jobs, source candidates, and build and promote their online employer brand where agencies are paid fees for placing permanent workers at employers (alt: Permanent Placement) where agencies are paid an upfront fee to exclusively search for employees to fill specific roles at employers, commonly executive roles where agencies are paid to find and employ, or facilitate employment of, workers for a temporary period for business clients estimate of how much of spending on internal talent acquisition resources and tasks that can reasonably be automated and monetized by third parties *Please refer to the page 40 and 41 for footnotes 16#17Pillar 1: Simplify Hiring Trends that support long term growth of HR Matching industry PRECRUIT Tight labor markets Virtual recruiting Globalization of talent € Flexible work Automation and Al (data-driven recruitment) X High labor market churn ☐ Outsourced recruiting ♡ Workforce diversity 17#18Pillar 1: Simplify Hiring Improving quality and speed of matching Leveraging data and technology across our HR Matching businesses • 245M resumes¹ • 850M total ratings and reviews² • 435M assessments taken³ ⚫ 30M jobs4 More Employer Accounts JOBS JOB More Jobs B More Outcome Data Automated HR Matching 1 Internal data, total number of searchable resumes on Indeed as of March 31, 2023 2 Internal data, on Indeed as of March 31, 2023 3 Internal data, cumulative number of Indeed Assessments completed by job seekers as of March 31, 2023 4 Daily average number of jobs searchable on Indeed, worldwide, March 2023 ...... More Data about Jobs More Traffic More Applies More Data about Workers More Worker Accounts PRECRUIT 18#19Pillar 1: Simplify Hiring HR Technology: Global two-sided talent marketplace Online job matching platforms to become world's leading job site in the HR Matching market indeed World's leading jobsite" PRECRUIT Job Seekers Simple, Fast, More human Indeed: 350M+² UV Glassdoor: 55M3+ UV HR Technology Flywheel Employers NNL Reduce cost and time to hire "GLASSDOOR Leader on job and company insights 3.5M+ (Use Indeed each year to hire) 1 Source: comScore, Total Visits, March 2023 2 Source: Internal data, an average of each month's total of distinct cookie IDs visiting Indeed's site between April 2023 to September 2023 3 Source: Internal data based on Google Analytics, an average of each month's total of distinct cookie IDs visiting Glassdoor's site between October 2022 - March 2023 4 Source: Internal data, number of distinct organizations that have either spent on any Indeed product or a hosted job between January 2022 and December 2022. Note, that organization can be counted multiple times 19#20Pillar 1: Simplify Hiring Job seekers hired every minute¹ 18 2021 23 2022 PRECRUIT approx. +30% YoY 1 Hires per minutes increased from approx. 18 in calendar 2021 to approx. 23 in calendar 2022 (approx. 30% increase). See P19 of "Consolidated Financial Results for the Year Ended March 31, 2023 (IFRS, Unaudited)" for calculation methodology. 20#21Pillar 1: Simplify Hiring Applying the HR Matching engine Collaborating across our three SBUs to target the entire HR matching market Staffing indeed HR Technology indeed flex PRGF Staffing 'GLASSDOOR RECRUIT AGENT リクナビNEXT Matching Engine from Anavi タウンワーク TOWN WORK AirWORK A*! Matching & Solutions リクナビ PRECRUIT 21#22Pillar 1: Simplify Hiring Automating the recruitment process Removing inefficiencies from search to hire Hiring process (traditional method) Employers: Get closer to the hire (Our solution) Job seekers: Only 12% of applications reach interview¹ Search Click 80% of manual tasks are between apply and interview² Apply Search Click Apply זזזז Interview Hire PRECRUIT Interview Hire Create Profile / Resume Screener Questions Evaluate Candidates Submit Offer Screen Offer Negotiation Accept Offer Background Check Read Reviews / Insights Submit Candidates Assessments Schedule Interviews Interview Preparation Evaluate Interviews Onboard indeedⓇ 1 In 2018 JobVite 2019 Recruiting Benchmark Report 2 Indeed Data (US) 222#23Pillar 1: Simplify Hiring Manage your hiring from start to finish Pay for Performance: Ads, Resume, Indeed Hiring Platform, and Employer Branding 1 PRECRUIT indeed Account Coordinator Account Coordinator indeed resume INDEED ADS INDEED RESUME Find great people & get quality applicants Resume Connie Savage Austin TX 123456-7991 jobseekere gmail.com Engaging Senior Customer Service Rec with 15+ years cantor arwiono Download 731 erview Reviews 82 Jobs. encena fast pad cal ATJ Why Work With Us? Our Story Culture Collaborative Team Work Experience Senior Customer Service Representative Wwwwwood Jul 19 Curent Handle 310 Trace custo ban El abste athmanent de the moteuse of o Created 10 customer service eme iscrpits use For the company to intonat women INDEED HIRING PLATFORM Connect directly with your top picks Fast track your recruiting efforts with automation 1 Does not represent all Indeed and Glassdoor products currently available Job May atj atj atj GLASSDOOR BRANDING Showcase why you're a great place to work 23#24PRECRUIT Led by Matching & Solutions SBU リクナビ リクナビNEXT TOWN WORK RECRUIT AGENT 2 Help Businesses Work Smarter Improve the productivity and performance of clients' businesses through SaaS solutions in Japan Suumo Air BUSINESS TOOLS HOT PEPPER Beauty ゼクシィ HOT PEPPER HTILX#25Pillar 2: Help Businesses Work Smarter Simplify Business Operational Processes Simplify Entire Business Process by Replacing Complicated Administrative and Operational Processes with Air Business Tools PRECRUIT Reservations Order / Apply 0 Payments 1 Reservations 2 Order/Apply 3 Payments 25#26Pillar 2: Help Businesses Work Smarter Our New Business Model Evolved with Technology Maximize Number of Actions with our Ecosystem Combined with Matching Platforms and SaaS Simplify Business Processes PRECRUIT PRGF Staffing indeed flex indeed "GLASSDOOR HR Matching Services RECRUIT AGENT From Anavi リクナビNEXT Matching Engine リクナビ AirWORK A TOWN WORK Business Support SaaS Air BUSINESS TOOLS Marketing Matching Platforms Housing & Real Estate Beauty & suumo HOT PEPPER Beauty Vertical-Specific Business Support SaaS B SALON BOARD Travel Bridal ゼクシィ One of the Largest Matching Platforms in Japan Dining HOT PEPPER HHグルメ Restaurant BOARD Others 26#27Pillar 2: Help Businesses Work Smarter Our Ecosystem to help businesses work smarter in Japan Efficiently Circulating Flow of People, Goods and Services, and Payments within the Ecosystem Help Businesses Work Smarter Marketing Matching Platforms HOT PEPPER Beauty Suumo ゼクシィ HOT PEPPER HHグルメ 0 Simplify Hiring HR Matching Services PRGF Staffing indeed flex RECRUIT AGENT from Anavi AirWORK AN indeed "GLASSDOOR Matching Engine TOWN WORK リクナビNEXT リクナビ PRECRUIT Air BUSINESS TOOLS (Business Support SaaS Solutions) Financial AirCASH Assistance Invoice Management AirINVOICE ATS AirWORK AirPAY OR △AirPAY ポイント Cloud-based AirREGI Corporate Card AirCARD POS System Reception Management AirWAIT Payroll AirWORK 18 System Order Entry AirREGI-9- Business Analysis AirMATE Reservation Management Shift & Attendance AirRESERVE AirSHIFT Management Payment AirPAY Trends that support "Help Businesses Work Smarter" in Japan Aging population and low birth rate drives need to improve productivity Need for Digital transformation 27 27#28Pillar 2: Help Businesses Work Smarter FY 2022 KPI Results Three KPIs will be Expanded, Maximized, and Sustained in a Chain Reaction # of Actions 1 YOY +34% # of SaaS Accounts² YoY +30% 420M 3.18M 5 GPV³ PRECRUIT YOY +69% 1.3trl yen 6 1 The total of the number of applications on Rikunabi NEXT, TOWNWORK, and RECRUIT AGENT, the number of individual users who were referred to our business clients at SUUMO Counter, the number of online reservation on Hot Pepper Beauty, the number of hotel bookings on Jalan, the number of seats reserved on Hot Pepper Gourmet, and the number of payments through AirPAY during the period from April 1, 2022 to March 31, 2023. 2 Cumulative number of registered accounts of paid and unpaid SaaS solutions provided by Matching & Solutions SBU in Japan as of March 31, 2023. Registered accounts refer to the number of stores and business locations that have registered for each relevant service including both active and non-active accounts. 3 Total gross payment volume of offline payments through AirPAY terminals, including QR code payments through AirPAY QR, and online payments through AirPAY ONLINE. (Since the revenue generated from the payment processing fee we collect is based on a very small percentage basis of total gross payment volume, changes in total gross payment volume are not necessarily proportional to changes in our total revenue) 4 Rounded down to the whole number. 5 Rounded down to the third decimal place. 6 Rounded down to the second decimal place. 28#29Pillar 2: Help Businesses Work Smarter The Estimated Number of Business Locations and Stores Huge Potential for Account Expansion through Further Introduction of Existing Services and Launching New Services 3.18M in FY 2022 Potential # of SaaS accounts SaaS 4.53M X Cross-Use # of Business Locations & Stores PRECRUIT 1 The Company estimated the number of business locations and stores that can be potential users of SaaS solutions provided by Matching & Solutions SBU as of June 30, 2022 in Japan by identifying the total number of business locations and stores of small and medium-sized enterprises in Japan (using the definition used by Small and Medium Enterprise Agency) based on the 2016 Economic Census for Business Activity conducted by the Ministry of Internal Affairs and Communications and the Ministry of Economy, Trade and Industry. Considering the solutions (including AirWORK ATS) provided by Matching & Solutions SBU in Japan as of June 30, 2022, the Company now believes it is possible to provide its SaaS solutions to all business locations and stores of small and medium-sized businesses regardless of the industry. Accordingly, the Company decided to count all such business locations and stores as potential users of its SaaS solutions. Matching & Solutions SBU continues to target potential users among small and medium-sized businesses as defined by Small and Medium Enterprise Agency based on the current major target for potential users of SaaS solutions. 29#303 Prosper Together Seek sustainable growth that every stakeholder shares PRECRUIT#31Pillar 3: Prosper Together Our Commitment to Sustainability¹ PRECRUIT E Environmental Climate Action Become carbon neutral throughout our business activities by FY2021 and our entire value chain by FY2030² S Social Social Impact Shorten the time it takes to get hired by half by FY20303 Help 30 million people facing barriers get hired by FY20304 S Social Our People Achieve gender parity across all employee levels by FY20305 G Governance Corporate Governance Reach gender parity of the Board of Directors members including Audit & Supervisory Board members by FY20306 1 The years indicated are Recruit Holdings' fiscal years (FY), which begin on April 1 each year and end on March 31 of the following year. All targeted figures displayed here are approximate. 2 Carbon neutrality includes reducing greenhouse gas (GHG) emissions as well as offsetting the remaining emissions. GHG emissions throughout business activities are the sum of direct emissions from the use of fuels in owned or controlled sources (Scope 1) and indirect emissions from the use of purchased electricity, heat, or steam in owned or controlled sources (Scope 2). GHG emissions from the value chain are indirect emissions other than Scope 1 and 2 (Scope 3). The entire value chain represents the total of Scopes 1, 2 and 3. 3 The period from the time a user starts an active job search on the Indeed job platform to the time the users confirm receipt of a job offer. 4 The initiative as of today includes providing assistance through the Company's online job platform, and through partnerships with NPOs and other organizations with whom the Company collaborates. The Company may also aim to reduce other various barriers, including newly emerging issues in the labor market by FY2030. 5 All employee levels refer to the following three groups including all employees, managerial positions, and senior executives. Senior executive positions are defined as Senior Vice Presidents and Corporate Officers of Recruit Holdings and Matching & Solutions Strategic Business Unit (SBU), and CEOs of the Company's major subsidiaries and heads of key functions in the HR Technology and Staffing SBUS. Figures for managerial positions and employees are calculated from Recruit Holdings, SBU Headquarters, and primary operating companies of each SBU. Managerial positions mean all of those that 31 have subordinate employees. 6 The Board of Directors members are defined as Directors of the Board and Audit & Supervisory Board members.#32Opportunities For Life. Faster, simpler and closer to you. 01 02 Our business model A history of connecting businesses and individuals in multiple industries Our business strategy A three-part strategy combining historical strengths and future opportunities 03 Our leadership and Capital Allocation Policy PRECRUIT 32#33Our leadership and Capital Allocation policy Board of Directors PRECRUIT Masumi Minegishi Representative Director and Chairperson Hisayuki Idekoba Representative Director, President and CEO Head of HR Technology SBU Ayano Senaha Director, Executive Vice President and COO Rony Kahan Director of the Board Naoki Izumiya Independent Director Hiroki Totoki Independent Director Keiko Honda Independent Director Katrina Lake Independent Director 33#34Our leadership and Capital Allocation policy Disciplined Capital Allocation toward Strategic Action and Shareholder Returns supported by Strong Financial Position PRECRUIT 01 Product development and marketing expense for existing businesses for future growth 02 Continuous payment of stable per-share dividends 03 Strategic M&A mainly focused on HR Technology in the HR Matching Market 04 Share repurchase program, depending on the capital markets environment and the outlook of the Company's financial position 1 The Company's ROE target is approximately 15%. The Company also applies a hurdle rate exceeding the cost of capital when evaluating each investment opportunity, and focuses on achieving capital efficiency above the cost of shareholders' equity on a consolidated basis. 34#35Appendix#36Appendix: Consolidated Financial Results Revenue Unit: Billion JPY 3,000 2,000 1,000 2,399.4 2,269.3 PRECRUIT Adjusted EBITDA & Adjusted EBITDA Margin¹ Unit: Billion JPY 3,429.5 2,871.7 600 FY2019 FY2020 FY2021 FY2022 326.7 13.6% 400 246.9 10.9% 200 511.8 17.8% 545.0 15.9% FY2019 FY2020 FY2021 FY2022 HR Technology O Matching & Solutions Staffing Adjusted EBITDA Margin 1 From FY2022, the Company changed the adjustment items for adjusted EBITDA. New definition of adjusted EBITDA has been applied retroactively to FY2019 through FY2021. Adjusted EBITDA: Operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses ± other operating income/expenses 36#37Appendix: HR Technology SBU Financial Results Revenue Unit: Million USD 9,000 PRECRUIT Adjusted EBITDA & Adjusted EBITDA Margin¹ Unit: Billion JPY 400 8,243 7,653 323.3 37.5% 342.3 30.7% 8,000 4,000 3,907 3,993 2,000 FY2019 FY2020 FY2021 FY2022 300 200 71.2 16.8% 70.5 16.7% 100 FY2019 FY2020 FY2021 FY2022 Adjusted EBITDA Margin 1 New definition of adjusted EBITDA has been applied retroactively to FY2019 through FY2021. Adjusted EBITDA : Operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses + other operating income/expenses 37 50#38Appendix: Matching & Solutions SBU Financial Results Revenue Unit: Billion JPY 800 PRECRUIT Adjusted EBITDA & Adjusted EBITDA Margin¹ Unit: Billion JPY 200 183.4 24.3% 600 400 755.9 760.6 438.5 672.0 658.6 451.5 456.0 396.5 150 100 314.1 297.4 249.3 200 50 214.0 3.1 FY2019 1.9 FY2020 12.7 FY2021 11.5 FY2022 Marketing Solutions HR Solutions 107.1 15.9% 102.8 15.6% 109.8 14.4% FY2019 FY2020 FY2021 FY2022 Others & Elimination Adjusted EBITDA Margin 1 New definition of adjusted EBITDA has been applied retroactively to FY2019 through FY2021. Adjusted EBITDA : Operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses + other operating income/expenses 38#39PRECRUIT Adjusted EBITDA & Adjusted EBITDA Margin¹ Appendix: Staffing SBU Financial Results Revenue Unit: Billion JPY 1,500 Unit: Billion JPY 1,585.2 100 1,378.4 684.1 1,248.1 1,198.8 604.9 567.8 569.9 1,000 100.2 93.2 6.5% 6.8% 81.2 76.3 55.7 6.5% 6.4% 52.3 75 47.1 48.7 901.1 50 773.5 680.3 628.8 500 FY2019 FY2020 FY2021 FY2022 Japan Europe, US & Australia 1 New definition of adjusted EBITDA has been applied retroactively to FY2019 through FY2021. 46.4 40.9 34.1 25 27.5 FY2019 FY2020 FY2021 FY2022 Adjusted EBITDA Margin Adjusted EBITDA : Operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses + other operating income/expenses 39#40Appendix: Footnote Page 15, 16 1 The Company is aware there may be legal restrictions in this area and so will endeavor that the Company's work meets those requirements. PRECRUIT 2 Sum of the estimated size of addressable markets for the job advertising & talent sourcing tools market, the direct hire market, and the retained search market in terms of annual revenue, the estimated size of the addressable market for the internal recruitment automation market in terms of the amount of current expenses of employers for internal talent acquisition resources that could be reasonably automated and monetized, and the addressable markets for the temporary staffing market in terms of annual gross profit, in each case based on the Company's estimates and third party market data as described in the notes below. 3 Estimated size of the global online job advertising and talent sourcing tools market calculated by adding together the revenue of HR Technology in the relevant year, the Company's estimates for revenue of competing job advertising boards in the Company's target operating markets in the relevant year based on third party reports and internal research, and the Company's estimates for annual revenue of the talent solutions business of LinkedIn in the Company's target operating markets in the relevant year based on publicly available information and internal research. 4 Estimated size of the global offline job advertising market derived based on the proportion of online to offline spending (excluding TV, cinema and radio advertising) in the overall advertising market in the relevant year based on third party reports and the estimated size of global online job advertising and talent sourcing tools market. The numbers in this chart are the sum of the global offline job advertising market and global online job advertising and talent sourcing tools market. 5 Source for 2021 as of May 16, 2022: SIA, Global Staffing Market Estimates and Forecast: November 2021 Update. Placement & Search market is derived by applying 14%, which was Placement & Search's share of 2021 Global Staffing Revenue to 550 billion US dollars, the estimated 2021 Global Staffing Revenue, derived by applying the estimated 2021 14% growth rate to the estimated 2020 market of 483 billion US dollars. Direct Hire Market is defined as a segment of Placement & Search Market, which in turn is a segment of Global Staffing Industry Market. Direct Hire Market segment was derived by applying SIA's Global Staffing Industry Market figure to country-by-country ratios of the relative proportion attributable to this segment within the total market based on proprietary third party market data. Retained Search Market is defined as the portion of Placement & Search Market not attributable to the Direct Hire Market and derived as the difference between these two segments. 6 Source for 2021 [updated]: SIA, Global Staffing Market Estimates and Forecast: November 2022 Update. Placement & Search market is derived by applying 15% [, adjusted from 14% estimated in the prior year], which was Placement & Search's share of 2021 Global Staffing Revenue to 620 billion US dollars[, upwardly revised from the prior estimate of 550 billion US dollars], which was estimated 2021 Global Staffing Revenue. Direct Hire Market is defined as a segment of Placement & Search Market, which in turn is a segment of Global Staffing Industry Market. Direct Hire Market segment was derived by applying SIA's Global Staffing Industry Market figure to country-by-country ratios of the relative proportion attributable to this segment within the total market based on proprietary third party market data. Retained Search Market is defined as the portion of Placement & Search Market not attributable to the Direct Hire Market and derived as the difference between these two segments. 7 Source for 2022: SIA, Global Staffing Market Estimates and Forecast: November 2022 Update. Placement & Search market is derived by applying 15%, which was Placement & Search's share of 2022 Global Staffing Revenue to 688 billion US dollars, which was estimated 2022 Global Staffing Revenue, derived by applying the estimated 2022 11% growth rate to the estimated 2021 market of 620 billion US dollars. Direct Hire Market is defined as a segment of Placement & Search Market, which in turn is a segment of Global Staffing Industry Market. Direct Hire Market segment was derived by applying SIA's Global Staffing Industry Market figure to country-by-country ratios of the relative proportion attributable to this segment within the total market based on proprietary third party market data. Retained Search Market is defined as the portion of Placement & Search Market not attributable to the Direct Hire Market and derived as the difference between these two segments. 40#41Appendix: Footnote Page 15, 16 PRECRUIT 8 Source for 2021 as of May 16, 2022: derived by applying a gross profit margin of 18.68%, which was calculated based on the weighted average of the top 3 publicly traded global staffing companies in terms of revenue in 2021 to 473 billion US dollars, which was the revenue of the temporary staffing market in 2021 from SIA, Global Staffing Market Estimates and Forecast: November 2021 Update by applying the estimated 2021 14% growth rate to the estimated 2020 market of 415 billion US dollars. 9 Source for 2021 [updated]: derived by applying a gross profit margin of 18.68%, which was calculated based on the weighted average of the top 3 publicly traded global staffing companies in terms of revenue in 2021 to 527 billion US dollars[, upwardly revised from 473 billion US dollars], which was the revenue of the temporary staffing market in 2021 from SIA, Global Staffing Market Estimates and Forecast: November 2022 Update. Additionally, this revised market estimate includes the estimated markets for each of the Talent Platforms, Staffing Platforms, VMS/FMS, MSP and RPO. 10 Source for 2022: derived by applying a gross profit margin of 19.85% which was calculated based on the weighted average of the top 3 publicly traded global staffing companies in terms of revenue in 2022 to 585 billion US dollars, which was the revenue of the temporary staffing market in 2021 from SIA, Global Staffing Market Estimates and Forecast: November 2022 Update by applying the estimated 2022 11% growth rate to the restated estimated 2021 market of 527 billion US dollars. Additionally, this revised market estimate includes the estimated markets for each of the Talent Platforms, Staffing Platforms, VMS/FMS, MSP and RPO. 11 Source for 2021 as of May 16, 2022: Amount derived by applying an approximately 5% growth rate estimated by the Company to the estimated 2020 market of roughly 42 billion US dollars based on SIA, The Evolution of Recruiting: Estimating the Addressable Market for Recruitment Automation (custom research commissioned by Indeed): March 2022. SIA's estimates are based on the assumption that 35% of historical spending on internal talent acquisition resources could be reasonably captured by current technology and that technology would result in 35% cost savings from historical spending. In the report, SIA notes given the challenges in making global estimates with incomplete information, and in estimating potential automation and savings, SIA advises readers to think of the estimated market size as a midpoint in a range with a 20% spread. 12 Source for 2021 [updated]: Amount derived by applying an approximately 11% growth rate estimate by the Company to the estimated 2020 market of roughly 55 billion US dollars based on SIA, The Evolution of Recruiting: Estimating the Addressable Market for Recruitment Automation (custom research commissioned by Indeed): March 2022 and the updated assumptions as described below in SIA, The Evolution of Recruiting: Estimating the Addressable Market for Recruitment Automation (custom research commissioned by Indeed): January 2023 Update. SIA's estimates are based on the assumption that 40%, upwardly revised from 35%, of historical spending on internal talent acquisition resources could be reasonably captured by current technology and that technology would result in 28%, downwardly revised from 35%, cost savings from historical spending. In the report, SIA notes given the challenges in making global estimates with incomplete information, and in estimating potential automation and savings, SIA advises readers to think of the estimated market size as a midpoint in a range with a 20% spread. Additionally, this revised market estimate includes the addition of the ATS market and the Background Checks market. 13 Source for 2022: SIA, The Evolution of Recruiting: Estimating the Addressable Market for Recruitment Automation (custom research commissioned by Indeed): January 2023 Update. SIA's estimates are based on the assumption that 40% of historical spending on internal talent acquisition resources could be reasonably captured by current technology and that technology would result in 28% cost savings from historical spending. In the report, SIA notes given the challenges in making global estimates with incomplete information, and in estimating potential automation and savings, SIA advises readers to think of the estimated market size as a midpoint in a range with a 20% spread. This market estimate includes the addition of the ATS market and the Background Checks market. 14 As described above, the estimates of the job advertising & talent sourcing tools market, the direct hire market, the retained search market, the internal recruitment automation market and the temporary staffing market are based on internal estimates and independent market research in addition to third party market data. Accordingly, the estimates described above may differ materially from the actual size of such markets. Page 29 1 The Company estimated the number of business locations and stores that can be potential users of SaaS solutions provided by Matching & Solutions SBU as of June 30, 2022 in Japan by identifying the total number of business locations and stores of small and medium-sized enterprises in Japan (using the definition used by Small and Medium Enterprise Agency) based on the 2016 Economic Census for Business Activity conducted by the Ministry of Internal Affairs and Communications and the Ministry of Economy, Trade and Industry. Considering the solutions (including AirWORK ATS) provided by Matching & Solutions SBU in Japan as of June 30, 2022, the Company now believes it is possible to provide its SaaS solutions to all business locations and stores of small and medium-sized businesses regardless of the industry. Accordingly, the Company decided to count all such business locations and stores as potential users of its SaaS solutions. Matching & Solutions SBU continues to target potential users among small and medium-sized businesses as defined by Small and Medium Enterprise Agency based on the current major target for potential users of SaaS solutions. 41