December 29, 2020
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

Items regarding controlling shareholders
The items regarding controlling shareholders are as follows.
1. Names, etc. of the parent company, controlling shareholders (excluding the parent company), otherrelated companies or the parent companies of other related companies(As of September 30, 2020)
Name

AttributeOwnership ratio of voting rights
DirectCombinedownership

partTotal

Financial
instruments
exchange or
the like where
sharecertificatesare listed

CyberAgent,ParentInc.

company

55.6%-55.6%

The first
section ofTokyo Stock
Exchange

2. Name of the company that is considered to influence our company the most among the parentcompany, etc. and the reason for the influence
Name

CyberAgent, Inc.

Reason

It is the direct parent company of our company, and holds 55.6% of the total numberof voting rights.

3. Positioning of the listed company in the corporate group of the parent company, etc. and therelationship between the listed company and the parent company, etc.
(1) Relationship with the parent company
Our company’s business is categorized into the other business segment of the parent company’sgroup, in which there are no enterprises that operate business in the same field as our company, so ourcompany does not compete with any other companies in the group.
(2) Regarding the securing of independence from the parent company, etc.
One of directors of our company is a director of CyberAgent, Inc., which is the parent company,
but said director was appointed in response to a request from our company, so we think that it ispossible to make a managerial judgment by ourselves. Furthermore, from the viewpoint of furtherenhancing the independence of management, 5 outside directors have been appointed from outside theparent company’s group.
The director’s concurrent post in the parent company, etc. is as follows.
Post in ourNamecompany
Director

Post in the parent

Reason for appointmentcompany, etc.
Go Nakayama

CyberAgent, Inc.

To

receiveadviceDirector and Senioradministration and financial affairs as a

Corporative Executive

director,

Officerknowledge and profound experience inutilizingonthebusinesstechnical

the listed company or the management of
the Internet business
4. Items regarding transactions with controlling shareholders, etc.
The major transactions between our company and the parent company’s group in the term ended
September 2020 are as follows.
“Reimbursement of expenses” is mainly for the payment of server usage charges, etc.
The above transactions are continued, but we are striving to secure appropriate conditions fortransactions. In transactions with the parent company’s group, we take into account the risk of conflictof interest with general shareholders. Especially for important transactions, whether appropriate
conditions for transactions have been secured is discussed in the council of independent executives,
which is composed of independent executives only. From now on, we will make efforts to remove therisk.
(As of September 30, 2020)

The other party

Description ofAmountthe transaction

Method for determining conditions fortransactions, etc.

(Parent company)

Reimbursement

55,004

The amount of reimbursement of actual

CyberAgent, Inc.

of expenses

thousand yen

expenses to be borne by our company

5. Status of implementation of measures for protecting minority shareholders in transactions with
controlling shareholders, etc.
Our company determines selling prices based on fair, appropriate market prices whileconsidering expenses and fair profit for each transaction, market trends, etc. like the case oftransactions with other companies in transactions, etc. with the parent company. In addition, we
estimate and determine price conditions, after thorough discussions so that they will not unfairly
damage the rights of minority shareholders.