To the shareholders of our company
March 10th, 2017 (Updated)
USEN Corporation

Regarding Inquiries from the Shareholders of our company (Updated)

As for the our release of “Regarding Inquiries from the Shareholders of our company” as ofFebruary 27, 2017 and March 3, 2017, please be informed that according to the changes in tender
offer conditions announced as of today, we hereby further additionally update the original answers(no. 1 and 7) as marked with red and add the new answers (no. 12~14) for the below issues.
It is appreciated if the shareholders of our company examine the following questions and answers
and participate in the Tender Offer.

1

What is the opinion of USEN Corporation (“USEN”) on the Tender Offer?
Our company’s board of directors has resolved in the board meeting of February 13,
2017 to favor the Tender Offer and recommend participation by the shareholders of ourcompany to the same.

It is appreciated if the shareholders of our company participate in the Tender Offer.

For the details on the reasons why participation to the Tender Offer is recommended,
please refer to the Tender Offer Explanatory Statement or “Position statement andrecommendation to tender in response to the tender offer for share certificates of USEN
Corporation by Kabushiki Kaisha U-NEXT SPC1 and announcement of execution of thebasic agreement for consolidation with U-NEXT Co., Ltd.” on February, 13, 2017.
(http://www.usen.com/news/cms_data/news/images/2017/20170216_169_3.pdf)

The minimum number of shares to be tendered is lowered by the Tender Offeror on
March 10, 2017. Our company’s board of directors resolved at the board meeting heldon March 10, 2017 that even with the lowered minimum number of shares to betendered, USEN maintains its view favoring the Tender Offer and recommendation thatthe shareholders of our company apply for the Tender Offer.

7Can we sell all of the USEN Shares which we apply for the Tender offer?
If the total number of shares tendered to the Tender Offer (“Tendered Shares”) reaches
the minimum number of shares to be tendered (65,934,200 shares), then all tenderedshall be purchased.

If the total number of the Tendered Shares does not reach the minimum number ofshares to be tendered (65,934,200 shares), Kabushiki Kaisha U-NEXT SPC1 will notpurchase all Tendered Shares.

(Note) The above minimum number of shares to be tendered reflects the change made on March 10, 2017 to theminimum number of shares to be tendered.

12What is the outline of the corrections made to the press release on March 10, 2017?
The outline of the corrections is as set out below.
The execution of a tender offer agreement between Tender Offeror and GSTK2
Holdings Godo Kaisha (“GS”) whereby GS will apply for the Tender Offer withrespect to all of the Shares held by it (24,509,810 shares representing theownership ratio of 11.90%)

Change of the minimum number of shares to be tendered from 71,465,300 shares(ownership ratio: 34.68%) to 65,934,200 shares (ownership ratio of 32.00%).

13

What is the background of GS applying for the Tender Offer with respect to all of the Shares
held by it?
According to Tender Offeror, Tender Offeror was originally hoping that GS would apply
for the Tender Offer with respect to part of the Shares held by it and continue to hold therest. However, as GS explained to the tender offeror that it was the intention of GS tocooperate in the Tender Offer by applying for the Tender Offer, the tender offeror
executed a tender offer agreement with GS on March 10, 2017 whereby GS would applyfor the Tender Offer with respect to all of the Shares held by it (24,509,810 shares
representing the ownership ratio of 11.90%).

14

Why was the minimum number of shares to be tendered changed?
According to Tender Offeror, Tender Offeror observed the trading activities of the Shareson the stock market after the start of the Tender Offer, and reconsidered its position onthe minimum number of shares to be tendered.

As a result, Ttender Offeror

determined to lower the minimum number of shares to be tendered, so as to make thecompletion of the tender offer more definite and reflect the intent of the shareholders
supporting the purpose of the Tender Offer as much as possible.
According to Tender Offeror, this lowering of the minimum number of shares to betendered makes the Tender Offer easier to be completed, because the Tender Offer will
be completed with the fewer number of shares to be tendered.

Accordingly, asoriginally scheduled, the tender offeror intends to complete the Tender Offer andproceed with the squeeze-out procedure.

---Although the Tender Offer will be conducted in accordance with the procedures and information
disclosure standards prescribed in the Financial Instruments and Exchange Act, these procedures andinformation disclosure standards may differ from the procedures and information disclosure standards
in the United States. In particular, Sections 13(e) and 14(d) of the U.S. Securities Exchange Act of1934, as amended, and the rules prescribed thereunder do not apply to the Tender Offer, and theTender Offer does not conform to those procedures and standards. All financial information containedin this guidance has been prepared in accordance with Japanese accounting standards, and not inaccordance with U.S. accounting standards, and may not be comparable to the financial information ofU.S. companies. It may be difficult to enforce any right or claim arising under U.S. federal securities
laws because Kabushiki Kaisha U-NEXT SPC1 and our company are companies established outside
the United States and their directors are non-U.S. residents. Shareholders may not be able to sue acompany outside the United States and its directors in a non-U.S. court for violations of the U.S.
federal securities laws. There is also no guarantee that shareholders will be able to compel a company
outside the United States and its subsidiaries and affiliated companies to subject themselves to a U.S.
court’s jurisdiction.
Unless otherwise specified, all procedures relating to the Tender Offer are to be conducted entirely inJapanese. If all or any portion of the documentation relating to the Tender Offer is prepared in English
and there is any inconsistency between the English documentation and the Japanese documentation,
the Japanese documentation will prevail.
Each of the financial advisors (including their affiliated companies) to Kabushiki Kaisha U-NEXT SPC1
and to our company may, in its ordinary course of business, purchase shares in our company for its
own account or for the account of its clients prior to the Tender Offer or during the period of the Tender
Offer outside the Tender Offer in accordance with the requirements of Rule 14e-5(b) of the U.S.
Securities Exchange Act of 1934 or take actions for such purchase to the extent permitted by financial
instruments and exchange related laws and regulations and other applicable laws and regulations ofJapan. If any information concerning such purchase is disclosed in Japan, the relevant financial
advisor will disclose such information on its English website (or by any other means of public
disclosure).