Note: 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.

September 7, 2023

To our shareholders
Masao Ito
President CEOUser Local, Inc.
2-11-1 Osaki, Shinagawa-ku,Tokyo, Japan

Notice of Convocation Annual General Meeting 2023
You are hereby notified that the 18th Ordinary General Meeting of the Shareholders of User Local, Inc. (“theCompany”) will be held as indicated below.
This General Meeting of the Shareholders will be one convened without specified location (a so-called virtualonly the Shareholders’ meeting), based on the Supplementary Provisions of the Act for Partially Amending theIndustrial Competitiveness Enhancement Act and Other Related Acts (Act No. 70 of 2021).
When convening this General Meeting of the Shareholders, the Company has taken measures for providing
information in electronic format (the “electronic provision measures”) and has posted matters subject to theelectronic provision measures on the following website.
・The Company website : https://www.userlocal.jp/

The information is also available on the following website.
・The Tokyo Stock Exchange website: https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show

To view the information, please access the website above, input the name or securities code “3984” of theCompany, and click “Search”, and then click on “Basic information” and select “Documents for public
inspection/PR information”.
In addition, if you will not attend the meeting on the meeting date, or even if you will attend the meeting on themeeting date, you may exercise your voting rights in advance via the Internet or in writing in preparation. We
kindly request that you review the attached Reference Documents for General Meeting of the Shareholders, andexercise your voting rights no later than 18:30(JST) on Thursday, September 21, 2023.

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Date and Time:

September 22, 2023 (Friday) 10:00 a.m. (JST)(The website will be accessible from 9:45 a.m.)
In the event that this General Meeting of the Shareholders cannot be held on theabove date and time due to communication problems or other reasons, the meeting
will be postponed to Monday, September 25, 2023, at 10:00 a.m. (JST)12.

Method of Convening the Meeting:
The General Meeting of the Shareholders without specified location(a so-called virtual only the Shareholders’ meeting)
Please attend the Meeting through our designated website.
*There is no specified venue as it will be held completely online.

3. Purpose of the Meeting
Matters to be reported:
The Business Report and the Financial Statements for the 18th fiscal year (from July1, 2022 to June 30,2023), and the results of audits of the Financial Statements by Accounting Auditor and Audit &Supervisory Board
Matters to be resolved:
Proposal: Appropriation of the Surplus
4. Participation in the virtual only the Shareholders’ meeting
The General Meeting of the Shareholders will be held via the Internet as the method of communication.
(1) Date and Time: September 22, 2023 (Friday) 10:00 a.m. (JST)(The website will be accessible from 9:45 a.m.)(2) The Website for the virtual only the shareholder’s meeting
URL：https://web.sharely.app/login/userlocal-18

・Please access the website above.
・Please log in by entering the "Shareholder Number", "Zip Code" and "Number of Shares Held" asindicated on the voting form.
5. Decision Matters Upon Convening(1) The method of communication used to send and receive information in the proceedings of the General
Meeting of the Shareholders shall be via the Internet.
(2) If the Shareholders who have exercised their voting rights in advance via the Internet or by postal mailattend the General Meeting of the Shareholders and exercise their voting rights more than once, the vote
placed at the General Meeting of the Shareholders shall be treated as valid. If voting rights are not exercisedat the General Meeting of the Shareholders, the vote placed in advance via the Internet or by postal mailshall be treated as valid.
(3) If the Shareholders exercise your voting rights both by the Internet and postal mail, ONLY the vote placed via
the Internet shall be treated as valid.
[Exercising voting rights via the Internet]
Please access the website (https://soukai.mizuho-tb.co.jp/) for exercising voting rights from your personal
computer, smartphone, or mobile phone, using the Voting Code and the Password provided on the enclosed
voting form. Then, enter your approval or disapproval of each proposal following the online instructions,
upon having examined the attached Reference Documents for General Meeting of the Shareholders forexercising voting rights no later than 18:30 on Thursday, September 21, 2023.
[Exercising voting rights by postal mail]Please review the attached Reference Documents for General Meeting of the Shareholders and indicate
your approval or disapproval of each proposal on the enclosed voting form, and return it to us so that it
arrives by no later than 18:30 on Thursday, September 21, 2023.
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Notes:- In the event that any revision is made to the Reference Documents for the General Meeting of theShareholders, the Business Report, or the Financial Statements, the revised matters of these documents will
be posted on the Company’s website mentioned below.
- Upon conclusion of this General Meeting of the Shareholders, results of resolutions thereof shall be posted
to our website (*), in lieu of sending written notice of resolutions.
-*The Company’s website: https://www.userlocal.jp/ir/

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Reference Documents for the General Meeting of the Shareholders
Proposal: Appropriation of the Surplus
The Company regards the continuous return of profits to its the Shareholders as a highly important management
issue, and our basic policy is to stably implement dividends in consideration of maintaining a balance withinternal reserves.
With regard to the appropriation of the surplus, having taken into account the performance for the fiscal year
under review and future business expansion, the Company proposes the following:
Year-end dividends(1) Type of dividends: Cash
(2) Dividend allocation and their aggregate amount thereof
Dividend per common share of the Company: ¥4
Total dividends: ¥63,885,900(3) Effective date of dividends of surplus: September 26, 2023

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