Coincheck SPAC Presentation Deck

Large and Attractive Market in Early Stages of Adoption Japanese Crypto Penetration 0.03 125M¹ 5.5M² 1.5M³ Japan Japan Population Select Crypto Adoption Rankings Today, Japan's digital asset adoption is relatively low, representing an opportunity to 'catch-up' to countries of similar economic size 0.22 0.06 Japan Crypto Community Coincheck User Base 0.13 0.16 Coincheck Massive Untapped Market Opportunity Japan is the 3rd largest global economy ($5tn+ GDP), comprised of sophisticated and wealthy investors Only 4% of Japanese population owns crypto (versus 16% of US population), reflecting the nascency of the Japanese market ✓ Large opportunity to service institutional demand Insulated from competition by regulation, language, and cultural understanding Japan's thoughtful crypto regulation model is designed around protecting consumers Germany United Kingdom China United States Source: World Bank; Japan Virtual and Crypto assets Exchange Association; Chainalysis, Pew Research Note: As of Dec-2020,2 Includes the number of accounts used for intermediary services to other exchanges; Represents KYC-verified accounts as of Dec-2021 Index of crypto adoption in 157 countries dependent on on-chain cryptocurrency value received, on-chain retail value received, and peer-to-peer exchange trade volume, ranging from 0 (lowest rank) to 1 (highest rank) by Chainalysis; As of Sep-2021 8

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