Note: This is a summary translation of an original Japanese document, prepared and provided solely for readers’ convenience.
In the case of any discrepancy between this document and the original Japanese document, the original Japanese document
shall prevail.

February 9, 2021
To whom it may concern,
Corporate name:

Makuake, Inc.

Representative:

Ryotaro Nakayama, CEO(Code: 4479)

Contact info:

Yuki Tamura,
Corporate Officer and General Manager ofBusiness Management DivisionTel:+81-3-6328-4038

Notice of Issuance of New Shares through International Offering
Makuake, Inc. (the “Company”) hereby notifies you that the Company has resolved at its Board ofDirectors’ meeting, held on February 9, 2021, on matters regarding the issuance of new shares through aninternational offering (the “International Offering”), as follows.
I. Issuance of New Shares through the International Offering(1) Class and Number of Shares 500,000 shares of common stock of the Company
to be Offered(2) Method of Determination ofPayment AmountThe payment amount will be determined on either February 9, 2021,
or February 10, 2021 (such determination date, the “Pricing Date”)
pursuant to a process equivalent to the book-building processprovided under Article 25 of the Regulations concerning
Underwriting of Securities, etc. of the Japan Securities Dealers
Association.

(3) Amount of Stated Capital

The amount of stated capital to be increased will be half of theand Additional Paid-in

maximum amount of the stated capital increase, as calculated in

Capital to be Increased

accordance with Article 14, Paragraph 1 of the Rules on AccountSettlement of Corporations, with any fraction less than one yen
resulting from such calculation being rounded up to the nearest oneyen. The amount of additional paid-in capital to be increased will be

Note: This document does not constitute an offer of any securities for sale. This press release has been prepared for the sole
purpose of publicly announcing the International Offering, and not for the purpose of soliciting investment or engaging in
any other similar activities within or outside Japan. This press release is not an offer of securities for sale in the United States.
The securities referred to above have not been and will not be registered under the United States Securities Act of 1933, asamended (the “Securities Act”). The securities referred to above may not be offered or sold in the United States absent
registration or an exemption from registration under the Securities Act.

-1-Note: This is a summary translation of an original Japanese document, prepared and provided solely for readers’ convenience.
In the case of any discrepancy between this document and the original Japanese document, the original Japanese document
shall prevail.

the amount obtained by subtracting the relevant amount of statedcapital to be increased from the relevant maximum amount of statedcapital increase.
(4) Method of Offering

The International Offering will be made in overseas markets,primarily in Europe and Asia (excluding the United States andCanada)(5) Date of Payment

February 24, 2021

(6) Date of Share Delivery

February 25, 2021

<Reference>
1. Total Number of Issued Shares Before and After the Issuance of New Shares
11,714,700 shares

Current total number of issued shares:(as of January 31, 2021)
Number of shares to be issued by the issuance of new shares:

500,000 shares

Total number of issued shares after the issuance of new shares:

12,214,700 shares

Note: As the Company has issued stock acquisition rights, the number of shares issued upon exercise of
the stock acquisition rights on and after February 1, 2021, is not included in the total number ofissued shares after the issuance of new shares.
2. Use of Proceeds
The net proceeds from the issuance of new shares, which are estimated to be approximately ¥3,715
million, will be used for the following:(1) ¥1,115 million as advertising and promotion costs to reinforce the branding of “Makuake” to beused by September 2023;(2) ¥900 million as costs for the recruitment and employment of personnel for the purpose ofstrengthening the organization primarily through maintaining and improving the quality assurance
system in connection with the business expansion to be used by September 2023;(3) ¥1,000 million as system development costs to be used by September 2023; and(4) ¥700 million as M&A and capital alliances in order to enhance the ecosystem of “Makuake” to beused by September 2022.
In respect of the usage of funds under (4) above, in the event that the Company has not conducted M&Aand/or the capital alliances requiring the above amount of expenditure during the period described above, itplans to apply the remainder towards either in-house system development or investment in advertising.
The amount of the estimated net proceeds was calculated based on the closing price of the shares ofcommon stock of the Company on the Tokyo Stock Exchange, Inc. during regular trading on Monday,

Note: This document does not constitute an offer of any securities for sale. This press release has been prepared for the sole
purpose of publicly announcing the International Offering, and not for the purpose of soliciting investment or engaging in
any other similar activities within or outside Japan. This press release is not an offer of securities for sale in the United States.
The securities referred to above have not been and will not be registered under the United States Securities Act of 1933, asamended (the “Securities Act”). The securities referred to above may not be offered or sold in the United States absent
registration or an exemption from registration under the Securities Act.

-2-Note: This is a summary translation of an original Japanese document, prepared and provided solely for readers’ convenience.
In the case of any discrepancy between this document and the original Japanese document, the original Japanese document
shall prevail.

February 8, 2021.
3. Lock-up
In connection with the International Offering, a shareholder of the Company, CyberAgent, Inc.
(“CyberAgent”), has agreed with the underwriter that, without the prior written consent of the underwriter,
CyberAgent will not, during the period commencing on the Pricing Date in respect of the InternationalOffering and ending on the date 180 days from and including the Date of Share Delivery in respect of theissuance of new shares (the “Lock-up Period”), conduct a sale or the like of the shares of the Company,securities convertible into or exchangeable for the shares of the Company, or securities representing any rights
to acquire or receive the shares of the Company.
Furthermore, the Company has agreed with the underwriter that, without the prior written consent of theunderwriter, the Company will not, during the Lock-up Period, conduct an issuance or the like of the sharesof the Company, securities convertible into or exchangeable for the shares of the Company, or securities
representing any rights to acquire or receive the shares of the Company (excluding certain actions such as theissuance of new shares through the International Offering, stock splits, the issuance of new shares inaccordance with the incentive plan of the Company (including the issuance of restricted shares in respect of
the restricted stock compensation plan) and the issuance of new shares upon the exercise of stock acquisitionrights).
The underwriter has the authority at its discretion to cancel either of the above agreements in whole orin part, including during the Lock-up Period.

Note: This document does not constitute an offer of any securities for sale. This press release has been prepared for the solepurpose of publicly announcing the International Offering, and not for the purpose of soliciting investment or engaging in
any other similar activities within or outside Japan. This press release is not an offer of securities for sale in the United States.
The securities referred to above have not been and will not be registered under the United States Securities Act of 1933, asamended (the “Securities Act”). The securities referred to above may not be offered or sold in the United States absent
registration or an exemption from registration under the Securities Act.

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