Fiscal Year Ending March 2023

Financial Results
Our Business Plan and Growth Potential

May 11, 2023

United, Inc.
(TSE Growth: code 2497)

0Agenda1

FY03/23 Financial Highlights

P2

2

FY03/23 Business Overview

P6

3

FY03/24 Outlook

P11

4

Appendix

P41

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was created,
and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of
the respective companies.

1

FY03/23 Financial Highlights
Achieved growth in both sales and profit, primarily driven by robust performance in Investment and Ad Technology.

Consolidated
Operating
Performance

Sales:¥13,140 million (+3.3% YoY)
Operating profit: ¥5,823 million (+1.5% YoY)DX Platform

Sales:
Operating profit:¥2,343 million (+0.3% YoY)-¥406 million (-¥23 million YoY)

KiRAMEX Co.
LIBASE Inc.
Cocodoru, Inc.
Innoop Inc.

Investment

Sales:
Operating profit:¥7,028 million (+6.8% YoY)
¥6,620 million (+6.7% YoY)

Investment Division

Kasooku inc.
Brewus, Inc.
DX Solution Division

Content

Sales:
Operating profit:¥2,816 million (-2.4% YoY)
¥41 million (-90.0% YoY)

Fogg, inc.
International Sports Marketing Co., Ltd.
Plus U, Inc.
TREiS, inc.

Ad Technology

Sales:
Operating profit:¥961 million (+4.7% YoY)¥477 million (+5.3% YoY)

UNITED Marketing Technologies Inc.

For
details

P6

For
details

P7

For
details

P8

For
detailsP92

FY22 Results vs. Forecast• Sales, operating profit, and ordinary profit outperformed our forecasts.
• An extraordinary profit of ¥365 million was recorded from the transfer of joint operation rights for Crash Fever. Despite this,net income slightly fell short of the forecast, mainly due to higher-than-anticipated income taxes and other expenses*.
• EPS surpassed the forecast, resulting from the retirement of treasury shares.

Forecast

Vs. Forecast

YoY

12,800 million yen 13,140 million yen

+2.7%

+3.3%

Operating profit

5,800 million yen

5,823 million yen

+0.4%

+1.5%

Ordinary profit

5,800 million yen

5,851 million yen

+0.9%

+1.6%

Net income*

4,200 million yen

4,139 million yen

-1.4%

+8.2%

EPS

208.00 yen

209.33 yen+0.6%+15.5%

Sales

Actual* Refers to net income attributable to owners of parent*Unplanned goodwill amortization expenses occurred due to M&A executed during the period.
Although operating profit, including the goodwill amortization expenses, was in line with the forecast, the pre-goodwill amortization operating profit, which forms the basis forcalculating taxable income, exceeded the projected value.

3

Dividend for FY03/23
We plan to pay a year-end dividend of ¥23.0 in accordance with our consolidated payout ratio target of 20%.
This will bring the full-year dividend up to ¥43.0.*
Details of Annual Dividends

FY03/23

FY03/22

InterimYear-EndInterimYear-End

Record date

Sep. 30, 2022

Mar. 31, 2023

Sep. 30, 2021

Mar. 31, 2022

Dividend pershare (interim)

¥20.0

¥23.0

¥17.0

¥20.0

Dividend per share(full year)

¥43.0

¥37.0

Total annual
dividends¥842 million¥764 million

Payout ratio(Anual)

20.3%

20.4％

*To be decided at the 26th Annual General Meeting of Shareholders to be held in late June 2023.

4

Agenda1

FY03/23 Financial Highlights

P2

2

FY03/23 Business Overview

P6

3

FY03/24 Outlook

P11

4

Appendix

P41

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was created,
and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of
the respective companies.

5

DX Platform: Sales and Operating Profit
Sales increased YoY, as the growth in the Personnel Matching business offset the decline in sales from the Education business.
The operating loss expanded YoY due to our proactive investments in the Personnel Matching business.

Sales Trend (Millions of yen)
Education business

Operating Profit Trend (Millions of yen)

Personnel Matching business

Other businesses+0.3％ YoY

2,335

2,343

684

664

565
540

-¥23 million
YoY

586

564

9

559

0

512

～～～

～～～
-78

-92
-119

-142
-382

2022年3月期
FY03/222023年3月期
FY03/23

1Q

2Q

3Q

FY03/22

4Q

1Q

2Q

3Q

FY03/234Q

FY03/22-170-406

FY03/23

-194

1Q

2Q

3Q

FY03/22

4Q

1Q

2Q

3Q

4Q

FY03/236

Investment Business:
Sales and Breakdown of Operational Investment Securities
Sales increased YoY driven by the sale of investment securities and the recording of profits from investments made throughlimited partnerships (LPs).

Sales Trend (Millions of yen)

Breakdown of Operational Investment Securities+7％ YoY

InvesteeCompanies

7,028

As of March 31,
2023(amount on BS)

6,580

Listed shares

FY03/222022年3月期

FY03/232023年3月期•Mercari, Inc.
•Wonder Planet, Inc.
•CyberBuzz, Inc.
•Socialwire Co., Ltd.
•Confidence Inc.

Approx.

¥5.8 bn*

Unlisted
shares76 companies

Approx.

¥3.8 bn

Investment infunds as LP

36 funds

Approx.

¥1.5 bn*Of this amount, operational investment securities related to Mercari totaled ¥5,396 million.
*We have forward contracts for some stocks. Including derivatives in the balance sheet,
the amount was ¥9,851 million as of end-March 2023.
7

Content: Sales and Operating Profit
Although sales decreased YoY due to the business transfer of Crash Fever, both Fogg, inc. and International Sports
Marketing Co., Ltd. experienced an increase in sales.
Operating profit declined YoY due to the impact of the aforementioned transfer.
Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

-2％ YoY

2,886-90％ YoY

418
2,816

174

765

760

733

699

704 717

661

660

82

76

84

39
17
6
41
-22
FY03/222022年3月期

FY03/232023年3月期

1Q
1Q

2Q
2Q

3Q
3Q

FY03/22

4Q
4Q

1Q
1Q

2Q
2Q

3Q
3Q

FY03/23

4Q
4Q

FY03/222022年3月期

FY03/232023年3月期

1Q

2Q

3Q

FY03/22

4Q

1Q

2Q

3Q

4Q

FY03/238

Ad Technology: Sales and Operating Profit
Mainly in the first half of the fiscal year, large advertisers increased their advertising budgets, leading to higher sales andprofit YoY.

Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

+5％ YoY+5％ YoY

477
961

453

917
307

174
270

268 261

155

152
144

212
193 195

169
94
76

77
55

FY03/222022年3月期

FY03/232023年3月期

1Q
1Q

2Q
2Q

3Q
3Q

FY03/22

4Q
4Q

1Q
1Q

2Q
2Q

3Q
3Q

FY03/23

4Q
4Q

FY03/222022年3月期

FY03/232023年3月期

1Q
1Q

2Q
2Q

3Q
3Q

FY03/22

4Q
4Q

1Q
1Q

2Q
2Q

3Q
3Q

4Q
4Q

FY03/239

Agenda1

FY03/23 Financial Highlights

P2

2

FY03/23 Business Overview

P6

3

FY03/24 Outlook

P11

4

Appendix

P41

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was created,
and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of
the respective companies.

10

Business Segments for FY03/24 and Beyond
We are restructuring the segments to clarify our core businesses: Education, Personnel Matching, and Investment.
FY03/23

FY03/24

Core Businesses

Core Businesses

Education business

KiRAMEX Co.

Education business
DX Platform

LIBASE Inc.

Personnel Matching business

Personnel Matchingbusiness

Innoop Inc.
Kasooku inc.*1

Investment

Investment business

Investment business

Investment Division

Earnings drivers
UNITED Marketing Technologies Inc.*2

Content
Ad Tech/Content
business
Ad Technology

Brewus Inc.
Fogg, inc.
International Sports Marketing Co., Ltd.

*1 Kasooku inc. acquired Cocodoru, Inc.
*2 United Marketing Technologies Inc. acquired Plus U Inc. and TREiS, inc.

11

Overall Strategy for FY03/24
In order to drive medium-term growth for the Personnel Matching business, we will actively invest profits generated fromour other businesses.

Continuous profit generation

Medium-term earnings generation

Education business

Investment business

Upfront
investments

Personnel Matchingbusiness

Ad Tech/Content business

12

FY03/24 Forecast• Considering market conditions, we expect to restrain the sale of held listed shares compared to FY03/23.
• We project net profit to decrease by 20.3% YoY due to the dropout of the extraordinary profit *1 recorded in FY03/23.

Forecast

ActualYoY

13,150 million yen 13,140 million yen+0.1%

Operating profit

5,000 million yen

5,823 million yen-14.1%

Ordinary profit

5,000 million yen

5,851 million yen-14.5%Net income

3,300 million yen

4,139 million yen-20.3%

EPS

159.00 yen

209.33 yen-24.0%

Sales(79.50 yen*2)* Refers to net income attributable to owners of parent*1 Extraordinary profit of ¥365 million from the transfer of joint operation rights for Crash Fever*2 EPS after considering the stock split (Scheduled to implement a 2-for-1 stock split of common stock with June 1, 2023 as the effective date)13

FY23 Outlook by Segment

Segment

Sales
(YoY)

Operating profit(YoY)

Forecast

Core Businesses

Education business

Expecting increased sales and operating profit due to the expansion of services
offered such as Yahoo! TechAcademy.

Personnel Matchingbusiness

Projecting sales growth as a result of the expansion in each business.
Anticipating operating profit to remain flat due to increased advertising expenses andpersonnel costs for organizational strengthening.

Investment business

Implementing the sale of a portion of held listed shares through forward contracts.
For other held listed shares, expecting to restrain sales compared to FY03/23,
considering market conditions.

Earnings
drivers

Ad Tech/Content
business

Anticipating sales expansion due to the growth of Fogg, inc.
Projecting operating profit to decline in the Ad Technology business, as a decrease inadvertising volume is expected in some industries.

14

Use of Funds
To improve capital efficiency and optimize fund utilization, we will continue business investment and expand shareholder
returns.
Continue Business Investment

Expand Shareholder Returns

Change in policy
Upfront investment in the
Personnel Matching business

Dividend payout
ratio of 20%
Share buyback

DOE of 4%
Dividend payout ratioof 50%
Whichever amount is larger

M&A and capital & businessalliances

Implementation ofcommemorative dividend
A commemorative dividend of ¥50 per sharein celebration of United's 10th anniversary

Implementation of stock split
Investment in startups in theInvestment business

A 2-for-1 split of outstanding shares

1 share2 shares15

Dividend Forecast for FY03/24
Due to the change in dividend policy, we expect the ordinary dividend to be ¥46 per share, an increase of ¥3 per share compared to FY03/23.
With the addition of the ¥50 per share commemorative dividend, the total dividend is projected to be ¥96 per share, an increase of ¥53 per sharecompared to FY03/23.
Dividend per Share Forecast
Dividend
Forecast*1

Previous Fiscal
Year*1(FY03/24)(FY03/23)

Ordinary
dividend¥46

Commemorative
dividend

¥50

Total

¥96

(¥23*2)(¥25*2)(¥23*2)

DOE

Payout ratio

9.5%(Including commemorative
dividend)

56.8%(Including commemorative
dividend)

YoY

¥43

+¥3

-

+¥50

¥43

+¥53

4.3%

+4.9%

20.3%

+36.3%*1 To be decided at the 26th Annual General Meeting of Shareholders to be held in late June 2023.
*2 Dividend after considering stock split (Scheduled to implement a 2-for-1 stock split of common stock with June 1, 2023 as the effective date)16

Expanding Shareholder Returns (1): Change in Dividend Policy
Starting this fiscal year, the dividend policy has been changed to "the larger amount of either DOE of 4% or a dividend
payout ratio of 50%."
Adopting DOE allows for stable dividends without being affected by short-term performance fluctuations due to the timing ofselling shares held in Investment business.
Meanwhile, the dividend payout ratio is also used to enable shareholder returns corresponding to any substantial profits
generated.
Policy until FY22

Policy from FY23

DOE of 4%

Dividend payout ratio of 20%
Share buyback

Dividend payout ratio of 50%
Whichever amount is larger

17

Expanding Shareholder Returns (2): Implementation of Commemorative Dividend
In commemoration of United's 10th anniversary in the previous fiscal year, a commemorative dividend of ¥50 per share will
be distributed.

Trends in Dividend per Share*
Dividend payout ratio of 20%

DOE of 4% or dividend payout ratio of 50%

96+¥53 YoY

Commemorative dividend

50
(yen)

Dividend
payout ratioof 20%*Amount without considering stock split

DOE of 4%

43

46

FY03/232023年3月期

FY03/24
2024年3月期(予想)(Forecast)18

Trends in Total Payout Ratio
Considering the decrease in the number of outstanding shares, share buybacks that were implemented until FY03/23 will be put
on hold from FY03/24. However, the total payout ratio is expected to increase due to the change in dividend policy and theimplementation of the commemorative dividend.
Trend in Total Payout Ratio
Total payout ratio
総還元性向

57%
3,000

44%
(Millions of yen)
2,000

1,842

1,874
Commemorative dividend

Share buyback

1,000

976

1,000

Ordinary dividend

Ordinary dividend

842

898

2023年3月期
FY03/232024年3月期(予想)
FY03/24 (Forecast)019Expanding Shareholder Returns (3): Stock Split
By implementing a stock split, we aim to lower the investment unit amount, which will in turn improve stock liquidity andexpand the investor base. We will conduct the stock split at a ratio of 2-for-1, using May 31, 2023, as the base date.

Stock Split
Stock split ratio
Number of outstanding shares
before the split
Number of outstanding shares
after the split

1:2

20,206,345 shares
40,412,690 shares

Announcement date

May 16, 2023

Record date

May 31, 2023

20

Education Business21

Education Business: Service Overview & Business Model
We operate the online school TechAcademy, where students can learn programming and app development, and we offer
TechAcademy Works, which provides practical work opportunities for acquiring hands-on skills and supports career changes.

Service Overview

Business Model

Online programming school for individuals andcorporations

TechAcademy

Online tutoring

Online tutoring¥

Launched in
January 2023

Service that allows students to acquire practicalskills based on Yahoo's expertise

TechAcademy/
Yahoo! TechAcademy

Individuals
aspiring tobecome digitalprofessionals

Tuition fees¥

Tuition fees

TechAcademy WorksTechAcademy Works
Project-based
compensation

Worker* referral¥¥

Companies
aiming for
growththrough digitaltechnology

Outsourcing fees

Service where graduates and mentors collaborate
on corporate development projects*TechAcademy graduates working on TechAcademy Works projects
22

Education Business: Competitive Advantage (KIRAMEX Co.)
KIRAMEX provides high-quality education through three sources of competitive strength.

1. High quality mentors
Approximately 1,000 quality mentors who havepassed the selection process with around a 10%
acceptance rate, testing both technical andcommunication skills, provide instruction to students.
Practicing engineers*1 who havepassed our selection process(10% acceptance rate)

2. Improved proficiency and retention
through mentoring

3. Acquisition of practical skills

High education quality is achieved throughregular mentoring and daily Slack support from
active engineers.

Through TechAcademy Works, students canacquire hands-on skills by working on real-world
projects with mentors after graduation.

Mentoring from practicing
engineers*2• Online mentoring twice a week
• Daily Slack support from 3pm to 11pm

Improve student proficiency
and retention

Tech Academy
graduates

Mentors

Collaborate on real-world projects*1 Some courses are taught by practicing professionals in various fields (designers, marketers, etc.) depending on the course content.
*2 The services offered vary depending on the course.

23

Education Business: Growth Strategy

12

Regrowth through expanding
service offerings

Expanding businessdomains• Further enhance the added value
centered around TechAcademy.
• Expand the value of services offeredthrough business initiatives such asYahoo! TechAcademy and First Prompt
Engineering Course.

Launch education services in new areas,
based on the needs identified in theInvestment business and the Personnel
Matching business.

24

Planning to Launch a New Course for Generative AI Utilization
We plan to launch the First Prompt Engineering Course in June, designed for utilizing Generative AI* in real-world work.

First Prompt Engineering Course

Learning content

Understand large-scale language models and acquire skills for practical use

Target students• Those who want to utilize Generative AI in their business• Those who want to relearn digital skills or are interested in reskilling

Duration andprice

4-week course: ¥55,000 (tax included)*Generative AI, as represented by OpenAI's ChatGPT, is an artificial intelligence capable of generating various content such as text, images, audio, program code, andstructured data.

25

Personnel Matching Business

26

Personnel Matching Business: Business Model & Overview
As the core company of the Personnel Matching business, Kasooku inc. focuses on matching digital professionals in theareas of career changes, side jobs, and freelancing with growth-oriented companies.
Business Model

Business Overview

Side-job worker referral¥
Service registration/
job application

Kasooku inc.

Referral fees

Side job and career change matching platform"Kasooku"
Consolidation started in December 2022

Matching side job workers/
career change talent

Job change talentreferral¥Referral fees

LIBASE Inc.

Side-job workers/
Freelancers¥

Service registration/
job application

Designer referral

Project-based
compensation

Outsourcing
expenses

Designer matching¥

Outsourced recruiting
messaging services

Recruiter messaging services
for job seekers¥

Agency fees

Designer-focused crowdsourcing service "JOOi"

Growth-oriented
companies

Consolidation started in June 2021

Innoop Inc.
Recruitment support business "offerBrain"
Consolidation started in August 2022
27

Personnel Matching Business: Growth Strategy

1

2

3

Promote growth ofexisting businesses

Strengthen
collaboration with
Investment business

Strengthen M&A andnew businessdevelopment

By merging Kasooku inc. andThrough collaboration with theWe will expand services that match

Cocodoru, Inc., we will consolidate

Investment business, we will refergrowth-oriented companies andmanagement resources, strengthen

ready-to-contribute talent todigital talent.

investment in Kasooku as a core

startups, thereby acceleratingcompany in the Personnel Matchinghands-on support for our investee

business, and aim for growth.

companies.

28Personnel Matching Business: Growth of Existing Business and Strengthening
Collaboration with Investment Business• The number of companies using our services, which serves as a key performance indicator (KPI), is increasing.
• Through collaboration with the Investment business, we will introduce ready-to-contribute talent to investee companies,
thereby facilitating their growth.
1. Promote growth of existing business

2. Strengthen collaboration with investee companies

Number of corporate users+150％ YoY

(users)300

Referral of ready-to-contribute talent necessary
for the growth of investee startups

250

200

We will supply the necessary talent for growth inadaptable ways, such as part-time roles and careertransitions, tailored to the stage of investee startups.
Our aim is to elevate the certainty of valueenhancement for investee companies.

150

100

50

0
2022年3月期 2Q

2Q

2022年3月期 3Q

3Q

FY03/222022年3月期 4Q

4Q

2023年3月期 1Q

1Q

2023年3月期 2Q

2Q

2023年3月期 3Q

3Q

2023年3月期 4Q

4Q

FY03/24

29

Investment Business30

Investment Business: Competitive Advantages
Drawing on four core competitive advantages, we are well-equipped to invest in promising startups.

Characteristics of the Investment business

Extensive
track record

Investments
using own
funds

We can reach out to startups that are potential
investees and make investment
decisions with foresight thanks to ourinvestment and exit track record.

Wide range of
network

Our network including management andventure capitalists, and our investment inmany external funds throughlimited partnerships, enables us to maintainrelationships with a wide range of start-ups.

We can make flexible and quick decisions
because we invest only with our own funds.

Knowledge
gained frombusiness
operations

We can make investments and provide
hands-on support based on our experienceand track record in various businessdevelopments.

31

Investment Business: Growth Strategy

12

Expand number ofinvestment projects

Strengthen hands-on support
through business collaboration• Plan to continuously invest in 20
companies annually with a total
investment amount of ¥1 billion *1.

• Provide hands-on support for valueenhancement by UNITED Venture Success(UVS*3), an investee support organization.

• Increase the number of investments as alead investor *2 to strengthen hands-on
support for investees.

• Foster collaboration with the Personnel
Matching business to supply digital talent
tailored to the needs of investee startups.

*1 Equivalent to the scale of a ¥4 billion-plus fund (if committed over three years)*2 Largest investor in a funding round*3 UNITED Venture Success. Investee support organization comprised of venture capitalists and consultants

32

Investment Business (1): Increase in Investment Projects, Growth of Investees
In FY03/23, we executed investments totaling ¥825 million across 18 companies.
To bolster hands-on support for our investee companies, we are reinforcing our role as a lead investor.

Number of investment projects, the amount of investment

Valuation of shares held as of end-March 2023

Number of investment projects (number of investees)
Investment amount (million yen)

1,000

825

Unrealized gain

750

Approx.
20
18

Market capitalization*

18

Approx.

362¥8.0 bn¥12.5 bn
Investment value
Approx.

¥4.5 bn5

FY03/21

FY03/22

FY03/23

FY03/24(Plan)* For unlisted companies, the calculation is based on their most recent reports.

33

Investment Business (2): Strengthening Hands-on Support through Business
Collaboration
Concentrating on seed and early-stage startups, we deliver funding and hands-on support to boost their value.
Our investee support organization, UVS, made up of capitalists and strategists*, carries out this hands-on assistance.

Examples of UVS support
Formulating business strategies
and plans• Strategy formulation• KPI design• Dashboard construction support

Providing financial assistance• Business plan updates• Advice on pitch decks• Introducing suitable investors and financial
institutions

Developing and implementing
organizational strategies

Developing and executing digitalmarketing strategies• Talent requirements planning• Search and selection of professional side job
talent• Introduction of recruitment experts• Design of stock option and other systems• Digital marketing strategy development andlaunch• Project management office (PMO)*A hands-on support team mainly consisting of members with consulting firm backgrounds.

34

Investment Business: IPO of Investee Companies
Our investee company, Excite Holdings Co., Ltd., has been newly listed on the Tokyo Stock Exchange Standard Market.

Listing date and ourownership status⚫ Listing date: April 19, 2023 (Wednesday)⚫ We had an 12.91% stake in the company at the time of IPO approval.

Excite Holdings Co., Ltd. Overview
Representative

President and CEO: Shinichi Saijo

Business

Platform Business, Broadband Business, SaaS & DX BusinessResults

Sales of ¥7,131 million, operating profit of ¥398 million(Consolidated financial results for FY21)

35

Investment Business: Major Startup Investments
Invested in six companies during the fourth quarter, including Ms. Engineer Inc. as a lead investor.
Post IPO

Middle to later stage

Seed to early stage
new

new

new

new

36

Investment Business: Major Funds We Invest in as LP
We expect to record gains on distribution from the multiple external funds we invest in as an LP. These funds, which allow us toreach out to over 1,000 startups, also serve as our source of new investment projects.

Funds we invest in as LP

37

Ad Tech/Content

business

38

Ad Tech・Content

business: Strategy for Each Business• Merge Plus U, Inc., and TREiS, inc. into UNITED Marketing Technologies Inc., which will continue as thesurviving entity.
• Establish a stable earnings foundation by implementing tailored strategies for each company as earnings
driver businesses.
UNITED Marketing Technologies Inc.'s Strategy

Individual Strategies for Each Company

Operate ad technology businesses centered on DSP and SSP.

UNITED Marketing Technologies Inc.

Fogg, inc.

Operate fan business in the entertainment industry,
focusing on IP monetization and promotional/PR
support through the online raffle, "Raffle."International Sports
Marketing Co., Ltd.

Run a digital marketing support business for the
sports industry, focusing on expanding themembership management cloud service, "MiiT+."

Brewus Inc.

Operate a business focused on outsourced
development of both apps and systems, with anemphasis on the creation of live streaming tools.

Merge

Plus U, Inc.

TREiS, inc.

39

Agenda1

FY03/23 Financial Highlights

P2

2

FY03/23 Business Overview

P6

3

FY03/24 Outlook

P11

4

Appendix

P41

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was created,
and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of
the respective companies.

40

Purpose
People who push themselves forward.
Businesses that move society forward.
The betterment of society is driven by people andbusinesses with willpower.

Strong willpower is the source of energy thatchanges society for the better.

Maximize willpower andaccelerate the betterment ofsociety.

UNITED will maximize this energy and willpower.
We will provide knowledge and opportunities topeople with willpower.
We will provide funds and know-how to businesses
with willpower.
And when both parties meet, their mutual growth
will spark even further growth.
This cycle of growth will enrich society.
We will move society in a better direction fasterwith willpower.
We will maximize willpower and accelerate thebetterment of society.

41Core Businesses
In line with our purpose statement, we designated the Education business, the Personnel Matching business, and theInvestment business as core businesses starting this fiscal year. These businesses will drive our growth going forward. We will
tackle social issues through these core businesses and help improve society.

Education business

Personnel Matchingbusiness

Investment business

Online education service thatallows students to gain digitalskillsMatching of digital personnel(mainly freelancers and thosetaking on side jobs) with growthoriented companies

Provision of capital andhands-on support toenhance the value of startups

Efforts to address social issues
Fostering ofdigital personnel

Optimal allocation ofhuman resources

Creation of
new businesses

42Collaboration of the Core Businesses
We will create synergies by strengthening collaboration of our core businesses.

Supply trained digital
personnel

Education business

Match personnel who cancontribute to growth ofinvestee companies

Personnel Matchingbusiness

Develop and improveeducational curriculum

Investment business

Provide access to staffing
needs at startups

43

Growth Mechanism
We will build a unique growth mechanism where the growth of each core business will lead to mutual enhancement ofcompetitive strengths and KPIs.

Education business

Personnel Matching business

Investment business

Increase the levelof skills gained

Improvematching rate

Expand investment
opportunities

Expand/improveeducation service

Expand/improvetalent pool

Discover superior
growth companies

Widen reach to growthcompanies

Accumulate
skills/know-how

Increase matching
opportunities

KPI The number of individual users

KPI The number of corporate users

Build investment
track record

KPI The number of investment projects

Growth of core businesses as a whole44
44

Education Business Market Environment: Growth in Digital Talent Development andDigital Education Content Markets
Amid a shortage of domestic digital talent, the market for digital talent development and training services is on the rise.
Furthermore, the digital education content market is experiencing growth, driven by heightened demand in the wake of the
COVID-19 pandemic.
Digital Talent Development & Training Service Market*1

Digital Education Content Market Size Trend*2(billions of yen)(billions of yen)

63.5
89.0

55.5

86.0
46.5
83.0

33.4
77.0
75.0

FY18

FY19

35.3

76.0

FY20

FY21

FY22 (Forecast)

FY23(Projection)*1 Yano Research Institute Ltd., "Digital Talent-Related Services Market: Current Status and Prospects, 2023 Edition" - Market Size
Trends by Type of Digital Talent-Related Services

FY18

FY19

FY20

FY21

FY22

*2 Yano Research Institute Ltd., "EdTech/Digital Education Contents Business Report 2022" - Digital Education Content Market Size
Trends45

Education Business: Competitive Environment and Positioning (KIRAMEX Co.)
Our goal is to establish a competitive edge by delivering high-quality educational programs led by practicing engineers andby presenting growth opportunities through the introduction of development projects.
Lower-priced
serviceFees¥175,000 to ¥540,000¥50,000 to ¥100,000

Mentors

Practicing engineers who have passed ahighly selective screening process with a
10% acceptance rate

Full-time instructor at the school withengineering experience

Mentoring

Dedicated practicing engineers* assigned
exclusively to each student conduct
sessions twice a week×

Introduction ofdevelopment projects
for graduates〇(TechAcademy Works)

×

Career change
supportAvailable for all courses

×

Number of jobseeking companies

Over 1,000

×*Some courses are taught by professionals in each respective field, depending on the content.

46

Personnel Matching Business Market Environment
Work style reforms and the rise of remote work during the COVID-19 pandemic have led to a surge in the number ofindividuals working side jobs and freelancing, contributing to the growth of the gig economy's size.
Side-Job & Freelance Population*1 (unit: 10,000 people)

Size of Side-Job & Freelance Economy*2 (unit: trillions of yen)

36.2

2,482

1,882

1,895

1,775

28.5
1,854

1,770

29.0
25.6

25.2
21.8

1,470
17.5

2015

2016

2017

2018

2019

2020

2021

*1 Lancers, Inc. (2021) "New Freelance Fact-Finding Investigation Report 2021-2022" Segment-Specific Trends
Lancers, Inc. (2021) “Freelance Fact-Finding Investigation Report 2021" Increase of Side-job and Multiple-job
Workers
Lancers, Inc. (2018) “Freelance Fact-Finding Investigation Report 2018" Trends in the Economic Scale andPopulation of Side-job Workforce

2015

2016

2017

2018

2019

2020

2021

*2 CrowdWorks, Inc. (2022) "Side-Job Data Book 2022" Potential Side-job Market Size
Lancers, Inc. (2021) "New Freelance Fact-Finding Investigation Report 2021-2022" Current Population of Freelance
Workforce and Economic Scale
Lancers, Inc. (2018) “Freelance Fact-Finding Investigation Report 2018" Trends in the Economic Scale and Population ofSide-job Workforce

47

Investment Business Market Environment• As international investors enter the market and domestic investor participation rises, capital raised by homegrown startups continues totrend upwards.
• While the number of successful exits has generally been increasing, a market downturn in 2022 led to a decline compared to theprevious year.
Startup Funding Amount1 (unit: billions of yen)

Number of Startup Exits2 (unit: companies)
IPO

850.8

M&A

877.4
251
216

214
600.0

186

179

555.4

195

486.8

185

357.6

2017

158

168
143

132

2018

2019

2020

*1 INITIAL Inc., "JAPAN Startup Finance 2022," Domestic Startup Funding Amount

2021

2022

145

47

46

43

50

2017

2018

2019

2020

66

58

2021

2022

*2 INITIAL Inc., "JAPAN Startup Finance 2022," Domestic Startup IPOs, Acquisitions/Subsidiaries, and Business Transfer Situations
Startup definition: Refers to unlisted companies in Japan (including those established by foreigners in Japan and those founded by Japaneseindividuals overseas) that possess distinctive technologies, products/services, or business models, and actively pursue investment to facilitatebusiness growth and expansion.
48

Risk Awareness and Countermeasures

Item

Affected Segment

Key RisksTechnologicalInnovation

Education Business
Personnel Matching Business
Ad Tech/Content business

Obsolescence of existing
businesses due to the
spread of newtechnologies

Investment Business

Market fluctuations andperformance decline ofinvestee companies

Ad Tech/Content

Stagnation of the entire
market due to theintroduction ofregulations in the internet
sectorInvestment

Business
Environment

Competitive
Environment

business

Education Business
Personnel Matching Business

Rising competition andincreased presence ofdigital transformation
talent development
providers

Manifestation
Probability

Low

MediumLow

MediumManifestation
PeriodLong term

Medium term

Medium term

Medium term

Manifestation
ImpactRisk Countermeasures

Large

Establishing extensive networks with startups
for early information gathering and, whennecessary, implementing strategies such as
M&A.

Large

Diversifying investments and managing
businesses with lower volatility compared toinvestments, thereby reducing overall
company risk.

Large

In the Education Business, Personnel
Matching Business and Investment Business,
operating businesses that do not solely relyon the internet, diversifying risk.

MediumContinuously evolving and differentiating
business models through launching new
businesses, engaging in M&A, and making
strategic investments.

For other risks recognized by our company, please refer to the “Business and Other Risks" section in the securities report.

49

Consolidated P/L Statement for FY22
We transferred joint operating rights for Crash Fever on May 1, 2022. This resulted in ¥365 million in extraordinary profit.

(Millions of yen)

FY03/22

FY03/23

YoY (%)

Sales

12,714

13,140+3.3%

Gross profit

8,363

8,797

+5.2%

SG&A expenses

2,625

2,973

+13.3%

Operating Profit

5,738

5,823

+1.5%

Non-operating profit

26

40+55.4%

No-operating expenses

7

13+89.9%

5,757

5,851

+1.6%

Extraordinary profit

64

365

+468.6%Extraordinary losses

1049+350.9%Profit before income taxes

5,811

6,167

+6.1%

Net Income*

3,825

4,139

+8.2%

Ordinary Profit*Refers to net income attributable to owners of parent

50

Consolidated P/L Statement for FY22 Q4(Millions of yen)
Sales
DX Platform
Investment
Content
Ad Technology
Other
Gross Profit*1
DX Platform
Investment
Content
Ad Technology
Other
SG&A Expenses
Operating Profit
DX Platform
Investment
Content

Ad Technology
Other
Ordinary Profit
Net Income*2

FY03/22 Q4

Difference

FY03/23 Q4

1,927
664
304
765
195
△1
837
209
252
245
130
△0
711
125
0
230
84
77
△ 267
138
△ 49

*1 Cost of sales for each business mainly includes advertising, outsourcing, and personnel expenses*2 Refers to net income attributable to owners of parent

YoY (Amount)

2,965
684
1,398
717
169
△4
1,766
169
1,279
219
101
△2
876
890
△ 194
1,261
39
55
△ 271
902
547

+1,037+19+1,093
△ 47
△ 25
△2
+929
△ 39
+1,026
△ 26
△ 28
△1
+164
+765
△ 195
+1,031
△ 45
△ 21
△4
+764
+597

YoY (%)

+54%
+3%
+359%
△ 6%
△ 13%
+111%
△ 19%
+406%
△ 11%
△ 22%
+23%
+610%
+448%
△ 53%
△ 28%
+553%
-

51

Consolidated B/S Statement
Decrease in assets and liabilities mainly due to mark-to-market valuation and sales of listed shares held.
Goodwill amortization increased because of the acquisition of Cocodoru, Inc., Innoop Inc., and Kasooku inc.

(Millions of yen)

End of FY03/22(March 31, 2022)

End of FY03/23(March 31, 2023)

Difference

34,17927,891△ 6,287

Cash & Deposits

12,165

13,370+1,205

Operating Investment Securities

18,78911,236△ 7,553 *1

4,521

4,426

△ 95

327

905

+578

Total Assets

38,70132,318△ 6,382

Current Liabilities

2,812

2,777

△ 34

Non Current Liabilities

5,600

2,893

△ 2,706

5,524

2,838

△ 2,685

Total Liabilities

8,412

5,671

△ 2,741

Net Assets

30,28826,647△ 3,641

9,601

3,934

△ 5,667 *3

Current Assets

Non Current Assets
Amortization of Goodwill

Deferred Tax Liabilities

Unrealized Gain on Securities*2Note) Of this amount, the impact of revaluation (mark-to-market) and disposal of operational investment securities (listed share s) were as follows:*1 Operational investment securities -¥8,299 million*2 Deferred tax liabilities -¥2,509 million*3 Unrealized gain on securities -¥5,687 million.

52

Cashflow
Net cash provided by operating activities increased YoY due to an increase in the sales of investment securities.
Net cash used in financing activities decreased YoY due to a decrease in share repurchase-related expenses.

(Millions of yen)

FY03/22

FY03/23

Difference*1*2

Cash Flow from Operating Activities

2,718

3,947

+1,228Cash Flow from Investing Activities

△ 477

△ 839

△ 361

*3

Cash Flow from Financing Activities

Cash and Cash Equivalents at
End of Period*4△ 3,849△ 1,903+1,946

12,165

13,370+1,205*1 The amount factors in ¥6,281 million from sale of operational investment securities and ¥2,107 million from income taxes paid
*2 The amount factors in ¥6,937 million from sale of operational investment securities and -¥1,989 million from income taxes paid
*3 The amount factors in -¥3,000 million from share repurchase and -¥775 million from cash dividends paid
*4 The amount factors in -¥1,001 million from share repurchase and -¥794 million from cash dividends paid

53
53

Sales and Earnings (FY03/13–FY03/23)(Millions of yen)

Recorded gains on the saleof securities accompanying
the listing of Mercari, Inc.

Sales
Operating profit

Designate corebusinesses in line with
our purpose statement
22,31816,267

13,15013,14012,714

12,60911,084

8,385

8,383

5,552

5,101

5,606

5,738

5,823
5,000

4,325

3,955
2,530

1,509
2
FY12

138
FY13

1,395

1,648

370
FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY22
(Forecast)*We adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29) and the ASBJ Guidance No. 30 (Implementation Guidance on Accounting Standard for Revenue
Recognition) from FY21. In this document, we applied this standard to the past earnings of the Ad Technology business in order to make the comparison easier.

54

Number of Consolidated Employees and Directors
Temporary employees

Headquarters divisions full-time employees
Investment full-time employees
Ad Technology full-time employees
Content full-time employees
DX Plat form full-time employees
Officers (Directors and corporate auditors of parent, including outside directors/auditors)

365(Numbers employed)

348

342

50
48

332

334

335

50

48

54

49

331

6

33

35
31

6
6
68

57

101

97

96

99

40

6
35

97

94

107

108

30
7
32

28
6
32

97

97

112

110

325

54

67

56

51

28

24

21
6

6

22
6

22
6

6

20
7
31

31

31

30

100

103

100

102

105

105

103

106

11

11

11

11

1Q
1Q

2Q
2Q

3Q
3Q

4Q
4Q

32

31

93

94

106

106

8

8

8

8

8

8

8

8

1Q
1Q

2Q
2Q

3Q
3Q

4Q
4Q

1Q
1Q

2Q
2Q

3Q
3Q

4Q
4Q

FY20

FY21

331

346

325

58

36

340

69

FY22
55

56