Investor Presentaiton

ALL Gross Profit/ EBITDA (Quarterly Trend) Gross profit and gross profit margin both reached record highs. EBITDA excluding advertising expenses and EBITDA reached ¥1.02 billion and ¥0.29 billion, continuing to be in the black. 14 Gross Profit EBITDA (\mn) Gross Profit Gross Profit Margin (\mn) EBITDA EBITDA (excl. advertising expenses) 80% 73% FY11/18 FY11/19 FY11/20 FY11/21 71% 2,800 67% 70% 65% 67% 68% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 65% 65% 1,300 60% 2,400 59% 62% 60% 1,017 910 54%53% 900 2,000 65 59 100 1,600 500 40% 2840 2,543 1,200 2,279 1840 1,831 800 1,668 1335 1220 1,022 400 610 709 672 792 746 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY11/18 FY11/19 FY11/20 FY11/21 506 398 355 1358 290 152 22 22 20% 82 A55 445 A300 118150 A225 234 A147 199 A221 354 A478 A478 460 421 A700 0% 1,100 A921 A923 == EBITDA operating profit/loss + depreciation and amortization + tax expenses included in operating expenses + share-based remuneration expenses * From FY11/20, started capitalizing software for development projects that are expected to generate revenue going forward, owing to continued enhancement of development capabilities.

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