Investor Presentaiton

ALL Definition of Total Addressable Market (TAM) *1 *2 Total Addressable Market. Potential market size for four domains of Money Forward is estimated, by using certain assumptions, based on third party research, publication as well as Money Forward historical data. Total sum of Back office SaaS TAM and Domestic SaaS marketing TAM. Back office SaaS TAM is calculated based on total annual expenditure when the Group's all potential customers introduced Money Forward Cloud in Japan. The total number of potential customers is the sum of sole proprietors and corporates with less than 1,000 employees. Created by Money Forward based on National Tax Agency 2017 Survey and MIAC June 2016 Economic Census Activity Survey. Domestic SaaS Marketing TAM is estimated based on 24% of the total investment in business systems in the domestic software market in FY 2020 by Fuji Chimera Research Institute, Inc., "2019 New Software Business Market" and the potential market size of back-office SaaS described above. Average advertising costs to net sales ratio of domestic major listed SaaS companies which was calculated by Money Forward based on financial reports and presentation documents of Money Forward, RAKUS, User Local, kaonavi, Chatwork, Sansan, freee, Cybozu, and TeamSpirit. *3 See P88 for details. *4 *5 Calculated for potential market size that is related to service provided by Money Forward X within domestic contract development software market. Data based on Information and Communication Basic Survey in 2020 as well as company historical data and estimates. Calculated by annual required working capital for corporate under revenue of ¥500 million multiplied by ratio of post payment settlement usage as well as annual fee potentially charged by Money Forward Kessai for its service. Working capital receivable + inventory - payable. Data based on Small and Medium Enterprise Agency's report on basic survey on SMEs in FY2019 as well as company estimates. 56

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