2Q 2020 Financial Results BriefingTime and Date: August 13, 6:00–7:00 PM (Zoom accessible from 5:50 PM)

Speakers: Yusuke Umeda (CEO), Yusuke Inagaki (COO)

Taira Sakuma (Board Director), Daisuke Chiba (CFO)

For English audio and slides, please register via the following URL:

https://zoom.us/webinar/register/WN_rrh-bKLaQ2eRTOsQQPXt9Q* English audio to be provided by a professional interpreter.

For Japanese audio and slides, please register via the following URL:

https://zoom.us/webinar/register/WN_-CHFB2UXTFG8QX0SxTjUjA

Notes:

A service called "Sli.do" will be used for the Q&A session.

Sli.do can be accessed via a URL which will be shared by the organizers during the presentation.

Individual investors are also welcome to attend!

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2Q 2020 Financial Results 4

Our Services

Business Intelligence PlatformA business intelligence platform that provides financial institutions and corporations with the insights they need to analyze and formulate business strategies, including global company financials, industry reports, market data, and M&A deals.

B2B Service

5

Our Services

2Q 2020 Financial Results

B2B Marketing PlatformA B2B marketing platform that integrates Uzabase Group's company information database with each customer's internal data to identify prospects with a high probability of closing based on in-depth data analysis. It also provides support for implementing Account Based Marketing practices.

B2B Service

6

Our Services

2Q 2020 Financial Results

Startup Information PlatformA startup information platform that provides a one-stop source for general data, financing, investors, and business partners of startups, as well as original articles on related topics.

B2B Service

7

Our Services

2Q 2020 Financial Results

Social Business Media (Japanese Market)A business news media for the Japanese market that provides users with economic and business news articles, along with comments from business professionals and experts. On top of news articles from over 100 worldwide media, NewsPicks' Editorial Team distributes its own original articles and video content.

B2C Service

8

Our Services

2Q 2020 Financial Results

B2C Service

Business Media (Global Market)A business news media for the global market that provides global business news and insights for a new generation of business leaders around the world. Main content produced by Quartz includes Daily Briefs—email newsletters delivering news on global events every morning and Field Guides—in-depth reports on specific topics.

Highlights of Consolidated Results

Highlights for SPEEDA

Highlights for Other B2B Businesses

Highlights for NewsPicks

Highlights for Quartz

Appendix

01

02

03

04

05

06

Index

Highlights of Consolidated Results* All financials presented in this section are consolidated cumulative totals for each fiscal year.

01

● Figures calculated based on paid-in amount. For more details, refer to the “Notice Regarding Issuance of New Shares by Offering to Overseas Investors” and “Notice Regarding the Determination of Issue Price” released on 9 July 2020.● LO refers to long-only investors; HF refers to hedge funds

Raised JPY 5 billion through stock offering for overseas investors. Aiming to reinforce the financial base towards future business expansion.

Highlights of Consolidated Results: Fundraising

11

Pre-Fundraising(End-June 2020)

21,083

Total Assets

7,983Cash

14,048

Total Liabilities

9,443

Interest-Bearing Liabilities

8,794

Goodwill

7,035

Total Net Assets

Post-Fundraising(+JPY 5 billion compared to

end-June 2020)

26,176

Total Assets

13,076Cash

14,048

Total Liabilities

9,443

Interest-Bearing Liabilities

8,794

Goodwill

12,128

Total Net Assets

Categories of Participating Investors

LO51%

HF49%

Unit: JPY MM

JPY 2,000 MMJPY 2,350 MM

Highlights of Consolidated Results: Purpose of Fundraising and Intended Use of Proceeds

12

Strategic investment to be directed to SPEEDA and NewsPicks to drive the next stage of growth in each business.

Loan Repayment

Funds to be used to strengthen the financial foundation, securing the capacity for flexible investments. Will continue to aim for further business growth through M&As and business investments.

Investments towards the development and operation of the expert network service, as well as reinforcing sales and marketing efforts, including enhanced customer success.

With a goal to ensure continuous growth in paid subscription business, investment will be directed toward the development of large-scale product improvements, as well as marketing efforts to increase brand recognition.

2Q 2020 Financial Results

JPY 650 MM

Both net sales and

EBITDA recorded

favourable growth.

Paid subscriptions

grew substantially.

Advertising revenue

also expanding steadily.

Advertising revenue

significantly decreased.

Paid subscriptions saw

accelerated growth.

Net sales growth

decelerated.

Profitability achieved

for the full 1H.

(Other B2B Businesses)

Highlights of Consolidated Results: Performance Overview

132Q 2020 Financial Results

Highlights of Consolidated Results: Forecast vs Actual

14

Net sales behind targets due to sluggish growth in advertising business, but EBITDA growth outpaced forecast, indicating steady progress towards achieving profitability for the full year.

● Full-Year Forecast refers to the figures announced on 12 February 2020.● All monetary amounts and percentages are rounded to the nearest whole. (Same applies for slides that follow)

6,354 15,000-16,000

Profitability

Net Sales

EBITDA

2020 Results

Full-Year Forecast Progress rate:

40%-42%

-104

Unit: JPY MM

Due to substantial contributions from NewsPicks, MRR for the entire group was up by JPY 68 MM QoQ. ARR also increased to JPY 9,524 MM.

Highlights of Consolidated Results: MRR

15

Dec 2020Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019

MRR: JPY 793 MM

Ratio of Recurring Revenue

in 2Q: 68%

● One-off transactions such as initial costs and advertising sales are excluded.● ARR refers to Annual Recurring Revenue, calculated as MRR multiplied by 12 months.

Robust growth seen in domestic businesses despite COVID-19. Contraction of advertising business at Quartz led to a drop in net sales.

Highlights of Consolidated Results: Net Sales

16● Financials for MIMIR, acquired earlier this year, are included as part of SPEEDA since 2Q 2020.

1,6942,142 2,638

1,249

1,885

2,511

660

360124

3,068

5,665NewsPicks Quartz

SPEEDA

Other B2B

1,276

544

+12%

+32%

YoY Change

Excluding Quartz

1H 2018 1H 2019 1H 2020

6,354

● “Other B2B” is a total for FORCAS and INITIAL.● Internal transactions between segments are excluded.

Unit: JPY MM

468

-53

826

-1,433

-1,216

1,049324133

82

-122

11

-10

EBITDA significantly improved due to increase in profit for SPEEDA and reduced deficit for Quartz.

Highlights of Consolidated Results: EBITDA

17

+26%

YoY ChangeNewsPicks

Quartz

SPEEDA

Other B2B

Consolidated EBITDA

● EBITDA = Operating Profit + Depreciation and Amortisation (including Goodwill Amortisation).

● All EBITDA figures shown are calculated according to the revised cost allocation system.

-528

-104

+424 MM

Excluding Quartz

Unit: JPY MM

1H 2018 1H 2019 1H 2020

Highlights for SPEEDA

02

MRR demonstrated steady growth.

Highlights for SPEEDA: MRR

19

June 2020June 2011 June 2012 June 2013 June 2014 June 2015 June 2016 June 2017 June 2018 June 2019

● MRR refers to Monthly Recurring Revenue and excludes all one-off transactions such as initial costs.● MRR figure includes both the domestic and the overseas businesses.

435

2236

5586

122

174

228

296

373

・

・・

・

・

・

・

・

・

・Unit: JPY MM

Net sales maintaining a growth rate of over 20% even amid the COVID-19 pandemic.

Highlights for SPEEDA: Net Sales

20● Internal transactions between segments are included.● Financials for MIMIR, acquired earlier this year, are included as part of SPEEDA since 2Q 2020.

1,694

2,148

2,644

+23%YoY Change

Unit: JPY MM

1H 2018 1H 2019 1H 2020

High earnings maintained even after MIMIR acquisition.Planning to reinforce growth investments towards next year from 3Q onward.

Highlights for SPEEDA: EBITDA

21● All EBITDA figures shown are calculated according to the revised cost allocation system.● Financials for MIMIR, acquired earlier this year, are included as part of SPEEDA since 2Q 2020.

+27%YoY ChangeEBITDA Margin

EBITDA 826

1,049

468

27.7%

38.4%39.7%

Unit: JPY MM

1H 2018 1H 2019 1H 2020

Highlights for SPEEDA: Recent News

22

Following the acquisition of MIMIR, a capital alliance agreement was also signed with US company GlobalWonks, Inc. Going forward, will aim to provide global expert opinions on SPEEDA.

2Q 2020 Financial Results

Company and industry information platform covering over 8 million companies from 200

countries

Network of around 7,000 experts in Japan

Network of around 10,000 experts in 180 countries worldwide

Global Network Japan Network

Highlights for Other B2B Businesses

03

Growth rate sluggish due to factors including the COVID-19 pandemic.

Highlights for Other B2B Businesses: FORCAS MRR

24

Mar 2020Mar 2019

● MRR refers to Monthly Recurring Revenue and excludes any one-off transactions such as initial costs.

83

June 2018 Sep 2018 Dec 2018 June 2019 Sep 2019 Dec 2019

・

Mar 2018 Jun 2020

Unit: JPY MM

Total net sales across all Other B2B Businesses significantly increased.

Highlights for Other B2B Businesses: Net Sales

25● Internal transactions between segments are included.

+84%YoY Change

128

361

665

INITIAL

FORCAS

Unit: JPY MM

1H 2018 1H 2019 1H 2020

-122

-53

11

Profitability achieved for the entire segment on a 2Q cumulative basis.

Highlights for Other B2B Businesses: EBITDA

26● All EBITDA figures shown are calculated according to the revised cost allocation system.

YoY Change

+65 MM

Unit: JPY MM

1H 2018 1H 2019 1H 2020

Highlights for NewsPicks

04

MRR surged along with the substantial increase in paid subscriptions.

Highlights for NewsPicks: MRR

28

June 2020June 2015 June 2019

● MRR refers to Monthly Recurring Revenue and excludes any one-off transactions such as initial costs.

Unit: JPY MM

・

June 2016 June 2017 June 2018

229

724

61

102

150・

・

・

・

・

In addition to the paid subscription business, the advertising business also recorded growth despite COVID-19.

Highlights for NewsPicks: Net Sales

29● “Other Income” mainly includes video production and external sales of content.● Internal transactions between segments are included.

1,252

1,894

2,516

Other Businesses

Paid Subscriptions

Advertising

+33%YoY Change

Unit: JPY MM

1H 2018 1H 2019 1H 2020

Profit decreased compared to last year due to concentrated investments in marketing for the favourable paid subscription business, as well as the new NewsPicks NewSchool business.

Highlights for NewsPicks: EBITDA

30● All EBITDA figures shown are calculated according to the revised cost allocation system.

YoY Change

EBITDA

-10

133

82

EBITDA Margin-0.8%

7.1%

3.3%

-51 MM

Unit: JPY MM

1H 2018 1H 2019 1H 2020

Highlights for Quartz

05

USD146K(JPY 15 MM)

Paid subscriptions accelerated in Q2 amid the COVID-19 pandemic, with favorable growth in MRR, and ARR at around JPY 200 million.

Highlights for Quartz: MRR

32

Mar 2020Jun 2019

● MRR refers to Monthly Recurring Revenue and excludes any one-off transactions such as initial fees.● Conversion rate of USD 1 = JPY 108.30 (January-June 2020) used.

Sep 2019 Dec 2019Mar 2019Dec 2018 Jun 2020

USD11.6MM

JPY

1,276MM

JPY

544MM

USD5.0MM

Advertising

JPY

1,312MM

USD11.9MM

Favorable growth seen in paid subscription business, but advertising sales continued to decrease year-on-year in Q2 due to the impact of COVID-19.

Highlights for Quartz: Net Sales

33● Conversion rate of USD 1 = JPY 108.30 (January-June 2020) used for 2Q 2020 (Cumulative) figures.● Advertising business includes other revenue such as grants and syndication.

YoY Change

1H 2018 1H 2019 1H 2020

-732JPY MM

Paid Subscriptions

● Data for 2Q 2018 (Cumulative) includes business results prior to the acquisition, which are unaudited.

USD-13.0MM

USD-11.2MM

JPY

-1,433MM

JPY

-1,216MM

JPY

-984MM

USD-9.0MM

Despite a significant year-on-year decrease in revenue, loss shrank due to cost structure reforms undertaken since 2019. The cost saving effects of the restructuring in May this year will be reflected fully starting in Q3 and profitability is expected to improve further

Highlights for Quartz: EBITDA

34● Conversion rate of USD 1 = JPY 108.30 (January-June 2020) used for 2Q 2020 (Cumulative) figures.　　　　　　　● Data for 2Q 2018 (Cumulative) includes business results prior to the acquisition, which are unaudited.

YoY Change

1H 2018 1H 2019 1H 2020

+216JPY MM

● All EBITDA figures shown are calculated according to the revised cost allocation system.

Appendix

06

Appendix: EBITDA for 2018 Onwards Following Revision of Cost Allocation System

36

(Unit: JPY MM)

(Unit: JPY MM)

● Table contains corrections to erroneous figures for 4Q 2018 (New System) used in previous materials.● Figures for 2Q, 3Q, and 4Q are cumulative, denoted as “(C.)” . 1Q figures are for that quarter only.

　　　　　　　　　　　　　　

● Under the previous system up to 4Q 2019, costs pertaining to the US business were excluded from the segment figures, but these are now allocated to each segment, resulting in some discrepancies in total EBITDA.　　　　　

New System2018 2019 2020

1Q 2Q (C.) 3Q (C.) 4Q (C.) 1Q 2Q (C.) 3Q (C.) 4Q (C.) 1Q 2Q (C.)

SPEEDA 234 468 682 1,033 416 826 1,224 1,597 513 1,049

Other B2B -47 -122 -165 -194 -22 -53 -92 -144 5 11

NewsPicks 57 -10 77 202 179 133 86 282 121 82

Quartz - - -327 146 -752 -1,433 -2,044 -2,160 -682 -1,216

Previous System2018 2019 2020年

1Q 2Q (C.) 3Q (C.) 4Q (C.) 1Q 2Q (C.) 3Q (C.) 4Q (C.) 1Q 2Q (C.)

SPEEDA 210 408 566 845 376 739 1,096 1,386 - -

Other B2B -53 -126 -169 -193 -22 -47 -81 -127 - -

NewsPicks 87 53 172 303 197 171 144 389 - -

Quartz - - -301 232 -730 -1,389 -1,986 -2,052 - -

Appendix: Consolidated Profit and Loss Sheet

37

Consolidated Profit and Loss Sheet (Actuals)

37

(Unit: JPY MM) 2Q 2018(C.) 2Q 2019(C.) 2Q 2020(C.)

Net Sales 3,068 5,665 6,354

Net Sales Growth Rate 51% 85% 12%

　SPEEDA 1,694 2,142 2,638

　Other B2B 124 360 660

　NewsPicks 1,249 1,885 2,511

　Quartz - 1,276 544

EBITDA 324 -528 -104

EBITDA Margin 11% - -

Operating Profit 292 -931 -551

Operating Profit Margin 10% - -

Ordinary Profit 204 -1,007 -665

Ordinary Profit Margin 7% - -

Quarterly Net Profit Attributable to Parent Company Shareholders 67 -965 -1,110

Quarterly Net Profit Margin Attributable to Parent Company Shareholders 2% - -

● Internal transactions between segments are excluded.

Appendix: Consolidated Balance Sheet

38

Consolidated Balance Sheet Comparison

2Q 2020 Financial Results

(Unit: JPY MM) End-2019 End-2Q 2020 Change

Current Assets 10,224 9,639 -585

(Cash and Deposits) 7,954 7,983 29

Fixed Assets 10,733 11,444 710

Total Assets 20,958 21,083 125

Current Liabilities 5,131 6,216 1,085

Fixed Liabilities 8,695 7,831 -863

Total Liabilities 13,826 14,048 221

(Interest-Bearing Liabilities) 9,879 9,443 -436

Total Net Assets 7,131 7,035 -96

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For more information on financial records, refer to the full “FY12/2020 2Q Financial Report (Consolidated)”

39

13 August 2020

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DisclaimerThe purpose of this material is to provide information to investors, and not to solicit investment in any particular service.

The information disclosed in this material and projections for future performance are based on the data and information available at the time when this material was composed, and may contain uncertainties.

Please be aware that actual future performance and results may differ significantly from projections due to various factors.