This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or
any other forms of damage arising from the translation.

November 30, 2022
Address
Corporate name
Representative
Contact

5-27-5 Sendagaya, Shibuya-ku, Tokyo
Demae-can Co., Ltd.
Hideo Fujii, President & CEO(TSE Standard Code : 2484)
Finance and Accounting GroupTEL: 050-5445-5390
URL: https://corporate.demae-can.com/

Notice Concerning Controlling Shareholders
Notice concerning other related companies of Demae-can Co., Ltd.(the Company), Softbank Group Corporation,Softbank Group Japan Corporation, Softbank Corporation, A Holdings Corporation, Z Holdings Corporation, and NAVER
Corporation, NAVER J. Hub Corporation, LINE Corporation, and Mirai Fund Limited Liability Partnership, are as follows.
Detail
1. Parent company of other affiliated company or trade name of other affiliated company, etc.
Percentage of voting rights (%)
DirectIndirectTotal
ownershipownership(As of August 31st, 2022)

Financial instruments
exchanges, etc. where issued
share certificates are listed

NameRelationship

Softbank GroupCorporation

Other relatedcompanies

－

36.9

36.9

Tokyo Stock Exchange, Inc.
Prime Market

Softbank Group Japan
Corporation

Other relatedcompanies

－

36.9

36.9

Unlisted

Softbank Corporation

Other relatedcompanies

－

36.9

36.9

Tokyo Stock Exchange, Inc.
Prime Market

A Holdings Corporation

Other relatedcompanies

－

36.9

36.9

Unlisted

Z Holdings Corporation

Other relatedcompanies

14.6

22.4

36.9

Tokyo Stock Exchange, Inc.
Prime Market

7.9

15.6

23.5

Korea Exchange

－15.6

15.6

Unlisted

22.4

－

22.4

Unlisted

15.6

－

15.6

Unlisted

NAVER Corporation
NAVER J. HubCorporationLINE Corporation

Other relatedcompanies
Other relatedcompanies
Other relatedcompanies

Mirai Fund Limited
Other related
Liability Partnershipcompanies(Note) Figures are rounded to the first decimal place

This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or
any other forms of damage arising from the translation.

2. Names of parent companies, etc. that are deemed to have the greatest impact on the listed company and the reasons forsuchNameLINE Corporation

ReasonThe company directly owns 22.4% of the Company's voting rights, and the Company has one
seconded director from the company.

3. Position of the listed company in the corporate group and other relationships with the parent company, etc.
(1) Relationship with parent company, etc.
Z Holdings Corporation, an other related company, as described above, holds 14.6% of the voting rights of theCompany (excluding latent shares), NAVER Corporation holds 7.9% of the Company's voting rights (excluding latentshares), and LINE Corporation (hereinafter referred to as "LINE") holds 22.4% of the voting rights in the Company(excluding latent shares), and Mirai Fund Limited Liability Partnership directly holds 15.6% of the Company's votingrights (excluding latent shares). The Company is an equity-method affiliate of LINE.
The directors of the Company concurrently hold positions at the parent company, etc., as described below. In addition,
the Company’s Group also accepts seconded employees from the LINE Group.
(Status of concurrent holding of directors' posts)
Position at parent company,
Position in the Company
Nameetc.
Director CSMO, LINECorporation,
Z Holdings Corporation,Director
Jun Masuda
Director, Senior Managing
Executive Officer
Entertainment CPO
Z Holdings Corporation
TakaoDirector,
DirectorOzawa
Senior Managing Executive
Officer E-Commerce CPO(As of August 31st 2022)
Reason for appointment

To obtain appropriate opinions and advice on themanagement of the Company's group

To obtain appropriate opinions and advice on themanagement of the Company's group(Acceptance of officers on secondment)
Position in the Company
President andRepresentative Director(As of August 31st 2022)

Position at the original
Reason for appointmentcompanyLINE Corporation
To obtain appropriate opinions and advice on theHideo Fujii
General Manager,
management of the Company's groupDemaecan Business Division
Name(2) Policies and Measures to Ensure a Certain Level of Independence from the Parent Company, etc.
Although there are some concurrent directors and seconded directors with other affiliated companies, etc. as
described above, there are no business restrictions from other affiliated companies, etc., and as an independent listedcompany, the Company makes independent decisions regarding the management policies, policy decisions, andbusiness development of the Group. In addition, the Board of Directors Regulations stipulate that those with a special
interest in a resolution of the Board of Directors shall not participate in the resolution of that agenda item, thus acertain degree of independence is maintained.
4. Matters related to transactions with controlling shareholders, etc.
There are no applicable items.
5. Status of Implementation of Measures to Protect Minority Shareholders in Transactions with Controlling
Shareholders, etc.
From the viewpoint of protecting minority shareholders, the Company has established "Related Party Transaction
Management Regulations." When the Company or any of its subsidiaries enters into a new transaction that falls under thecategory of a related party transaction, it is subject to approval by the Executive Committee after careful consideration ofthe necessity of the transaction and the appropriateness of the transaction terms. The transaction, which has been
approved, will be discussed by the Related Party Transaction Verification Advisory Committee consisting of two outside

This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or
any other forms of damage arising from the translation.

directors regarding the reasonableness of the transaction, appropriateness of the transaction terms, etc., and the committee
will report to the Board of Directors, which will then consult and approve the transaction at a meeting of the Board ofDirectors. The committee reports to the Board of Directors, and approval is obtained from the Board of Directors afterconsultation.
In addition, the reasonableness of the transaction and the appropriateness of the transaction terms are reported once ayear to the Related Party Transaction Verification Advisory Committee and the Board of Directors, and the opinions of theindependent directors and corporate auditors who attend the Board of Directors meetings are sought.