FY2023/5 Financial Results for Q2

Gunosy Inc.
TSE Prime (6047)
January 13, 2023

INDEX

1. Executive Summary

P3

2. Financial Results for FY2023/5 Q2

P 14

3. FY2023/5 Outlook

P 20

4. Business Overview by Division

P 25

5.

Reference Materials: Overview of Gunosy Inc

C

P 31

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2

Executive SummaryC

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3

Financial Summary for FY2023/5 Q2

Net sales

Summary

2,001

QonQ

103.9

million yen

YonY

95.1

Operating profit-79

million yen

-

-

QonQ

YonY

1

Net sales increased QonQ due to improved profitability of Gunosy Ads, mainly in the “Gunosy” app.

2

Advertising investment in the "Gunosy" app was increased from November in response to improved profitability.

3“slice” launched a product that adheres to the RBI (Reserve Bank of India)'s new guidelines on digital lending.

Mediabusiness•

Profitability improved more than expected, which is attributed to adjustments in ad logic and an increasein new user acquisition.

•

We increased our advertising investment in November more than planned because KPIs were strong and•gross profit grew in line with sales.
The full-year forecast was revised in response to the increased investment in the “Gunosy” app (see p.21
for details).

Game8

•
•

Sales increased slightly QonQ.
Major titles were released in November, and the rate of PV growth immediately after the article publishedremained strong.

Investment•

The new "slice" products release was completed on schedule on December 1, 2022.
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4

Factors behind Sales Increase / Decrease
Gunosy Ads net sales increased QonQ due to steady progress in improving profitability and increased
investment in advertising. Game8 and Others also posted sales increases.
Sales increase / decrease by Segment

FY2023/5
Q2 result(Million yen)

Difference
YonY

Factors behind increase/decrease

QonQ
Improved

Gunosy Ads

1,248

Gunosy Ads

34

-86

l

YonY sales decline is mainly attributed to the YonY decrease in
DAUs of Gunosy and NewsPass, due to the curbing ofadvertising expenses in the same term last year.
l Sales increased QonQ mainly due to improved profitability of

ADNW

168

-58

-32

the Gunosy app. In addition to ad logic adjustments, the increasein new users resulting from increased advertising investments sinceNovember also contributed to improvements. performance.

ADNW

Improved

Game8

381

11

-9
Improved

Others203

50

Both YonY and QonQ decline in sales was due to lower CPM. We willcontinue to pursue business that yields the advertising effectiveness(CPA) expected by advertisers, strengthen cross-selling with Gunosy
Ads, and improve operational processes.

Game8

60

Sales increased QonQ despite lower demand for walkthroughs ofgame titles published on Game8, supported by strong performancein the solutions business for game publishers.
Others

Total

2,001

-103

74

Sales increased both YonY and QonQ due to stronger-than-expected
performance of Smarprise.

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5

Gunosy

Policy Regarding Advertising Investment in Gunosy

In November, as planned, we used our advertising budget ahead of schedule to verify the return on
investment. As a result, user acquisition was stronger than expected and exceeded our return-oninvestment criteria, so we made the decision to increase advertising investment for the second half ofthe year.
Advertising expenses (Plan and Results + Forecast scenario)

Plan to examine flexibly
investment amount while
monitoring return on investment

Plan

In FY2023/5 2H, based on the strength of KPIs,
we will increase advertising expenses to about
100 million yen/month, while keeping in mind theuncertain macro environment.

Results + Scenario withincreased ad expenses

6
Jun

FY2023
Status of media

7
Jul

8
Aug

Q1

10
Oct

11
Nov

Q2

It was believed that various KPIs had been improved
and that it was possible to expand the scale of users.
Examined accelerated use

Measures

9
Sep

Examined the use of 2H
advertising budget
ahead of schedule.

Implemented
accelerated use
2H advertising budget
spent ahead of schedule

12
Dec

1Jan

2
Feb

3Mar

4Apr

Q3

5
May

Q4

The ad logic adjustments and advertising investments
resulting in a high return on investment and creating anenvironment for users to build up.
Decision made to increase advertising investment
Increase of approx. 410 million yen for the full year(including budget used ahead of schedule)C

Next FY
and beyond
PolicyExpansion ofuser scale
throughadvertising
investment

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6

Background Leading to Decision to Increase
Advertising Expenses

GunosyDuring the 1H, we carefully evaluated the status of KPI improvement at Gunosy app and actually verified
the increase in advertising investment. As a result, we determined that the investment level could beraised while fully satisfying the IRR criteria we set.
FY23 Q1
Gunosy's basic KPIs turned to an improving trend as a result of product improvements made since thebeginning of the period, and it was confirmed that advertising investment at the level of Q1 would
consistently meet IRR criteria above our investment criteria. Accordingly, we began to re-evaluate
growth opportunities for Gunosy through increased investment.
FY23 Q2
Since the estimated IRR remained strong, we almost doubled advertising investment in November to
120 million yen/month and verified the effect thereof. It was confirmed that the return on
investment would meet our IRR criteria, including an improvement in profitability due to the inflow of
new users.
FY23 Q3
We re-evaluated the medium- to long-term growth potential of Gunosy and raised the level of ouradvertising investment level to 100 million yen/month, while taking into account the uncertainty ofthe macro environment. Since this is an upfront expenditure, we expect it to have a negative impact on
operating profit/loss in the short term, but we are focusing on medium- to long-term growth.
We will determine flexibly the level of investment for the next period and beyond, based on the performancetrends in the 2H and the macro environment, while remaining conscious of the mid-term numerical targets (sales
and gross profit growth of 10% YonY).
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Advertising Expenses and Estimated IRR
Through the improvement of Gunosy's products, the estimated IRR for 1H has consistently exceeded ourinvestment criteria. We doubled our advertising investment in November (at the ¥120 million/month level),and the results it yielded also exceeded our criteria.
Advertising expenses (actual)

Estimated IRR and advertising expenses

Estimated IRR(Three-year IRR estimated from acquisition costs (CPI) and estimated marginal profit per user)

POINT
Achieved an estimated IRR
that meets our investment
criteria with investment

Criteria

1H estimated IRR
consistently exceeding ourinvestment criteria withincreased advertising
investment

Dec
2021

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

levels nearly doubled.

Sep

Oct

Nov

2022

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8

Gunosy's Basic KPIs on an Improving Trend

GunosyProfitability of Gunosy app per user has been on an upward trend since September through the
improvement of ad logic. It has been further improved by increased advertising investment sinceNovember.

Financial
data

KPI

Gunosy’s net sales

Profitability per user

Number of users

Retention rate

(Indicator: Sales/DAU)(Indicator: DAU)

(Indicator: RR)

Profitability improving

DAU remaining stable

Retention rate slightly
increasing

121%
comparedto the endof theprevious
quarter

Nov Jan Mar May Jul Sep Nov
2021

StableStable2022

Nov Jan Mar May Jul Sep Nov

2021

2022

Nov Jan Mar May Jul Sep Nov

2021

2022

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9

Gunosy(Reference) Indicators Referred to When Making

Advertising Investment Decisions

We make our decisions based on the improvement of KPIs and the final return on investment.
The advertising investments made since November were examined with KPIs set to criteria that would
provide a satisfactory return on investment.

Indicators constituting the elements

Resulting indicators

Importantindicators andA

Acquisition cost

CPI

results when
makingdecisions

B

Retention rate

RR

C

Profitability

S/D

Balance between risk andreturn, with focus on IRR
and payback periodabout
advertisingexpenditures

Return on
investment

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10sliceTimeline since the Release of the Guidelines

For "slice," the product experience was changed to adhere to the Digital Lending Guidelines issued by
the Reserve Bank of India (RBI), and the new product release was completed on time. The transition to
the new product is well underway with no major issues.

September 2, 2022

Digital Lending Guidelines issued

November 30, 2022

Deadline for updates to adhere to the Guidelines

From December 1,
2022

New product experience launched that complies with theDigital Lending Guidelines

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11sliceRelease of New Products

The new products, released on December 1 and adhering to the Digital Lending Guidelines, provide a
flexible and seamless payment experience.

slice UPI

slice borrowslice mini

Most seamless UPI
experience

Most flexible way to borrowYour account for everyday
payments
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12

Progress on KPIs

slice

Business at "slice“ is operating under controlled marketing expenses. Furthermore, the transition to new
products has been underway since September, and temporary declines in AUM are continuing.

AUM

Commencement ofinvestment control

AUM (outstanding loan balance)

Sep: RBI Guidelines issued

Update completed inaccordance with the
Guidelines (as of Dec. 22).

YonY

366

Number of registered users

12million+

users
JanFebMar AprMayJun Jul AugSep Oct NovDec JanFebMar AprMayJun Jul AugSep
2021

2022
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13

Financial Results for FY2023/5 Q2CGunosy Inc. All Rights Reserved.

14

FY2023/5 Consolidated Results for Q2
In Q2, net sales increased QonQ as a result of improved profitability of Gunosy Ads and a recovery of
Game8's performance. Ordinary profit improved QonQ due to a steady decrease in the loss at "slice".

(Million yen)QonQ

FY2023/5 Q2

FY2023/5 Q1

QonQ

2,001

1,927

-79

Net sales
Operating profit
Operating margin
Ordinary profit
Profit attributableto owners of parent
1

YonY

FY2023/5 1H

FY2022/5 1H

YonY

103.9%

3,928

4,383

89.6%

-83

-

-162

161

-

-

-

-

-

3.7%

-

-300

-628

-

-929

-40

-

-544

384

-

-160

-27

-

1

The difference between ordinary profit and profit attributable to owners of parent in FY2023/5 Q2 was mainly due to the reversal of deferred tax assets. For
details, please refer to "Notice Regarding Revisions to the Full-Year Forecasts for the FY2023/5 and Reversal of Deferred Tax Assets" released on January
13, 2023.
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15

Total Number of Active Users (MAU)*
MAU of Gunosy app continued to increase due to an improvement in retention rates and increased
advertising investment since November. MAU of au Service Today increased supported by the campaign.

QonQ
LUCRA

GrowthNewsPass + au Service Today
GunosyQ1

Q2

Q3

FY2020/5

Q4

Q1

Q2

Q3

FY2021/5

Q4

Q1

Q2

Q3

Q4

FY2022/5*Average for each quarter of MAU (monthly active users) of “Gunosy”, “NewsPass”, “au Service Today” and “LUCRA

Q1

Q2

FY2023/5

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Breakdown of Net Sales*1
Net sales of Gunosy Ads, Game8, and Others increased QonQ. Meanwhile, net sales of ADNW
decreased. (See p.5 for details).

Others
Game8
ADNW
*2
Gunosy Ads(Million yen)

4,500
178

3,000

19

223

240

1,357

1,480

128

317
1,298

251

320
530

1,500
2,119

1,964

1,960

1,594

203

221
275

441

371

375
262

435

267

1,267

1,198

1,189

Q1

Q2

Q3

366

246

168

451

153

192

194

457

254

390
227

420
247

1,526

1,403

1,334

1,352

1,492

Q4

Q1

Q2

Q3

Q4

260

257

142

203

369
201

381
168

1,214

1,248

Q1

Q2

0
Q1

Q2

Q3

FY2020/5

Q4

FY2021/5

FY2022/5

FY2023/5*1: Sales of Gunosy Ads, ADNW and Game8 are presented on a nonconsolidated basis. Internal trade adjustments are included in Others*2:Sales of Gunosy Ads are the total of “Gunosy”, “NewsPass”, “au Service Today” and “LUCRA”

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Cost Structure
In November, we began to increase advertising expenses for the Gunosy app business. Whilecommunication expenses increased in line with the growth in the number of active users, costs arestrictly controlled. There has been no significant change QonQ.

3,646 3,781
3,362(Million yen)

3,000

1,111

1025
983
2,337

822

1,500

51
526
157

917
72
526
146

2,048

583
90
541
134

957
193
86
560

977

1,091 1,027

0
Q1

Q2

Q3

FY2020/5

2,304

125

1,866

1,090

810
779
153
94
583

1,974

920

2,135 2,085 2,187 2,176
540
370

515
334

537
348

2,010 2,080

580
419

550

561

331

330

153
93

152
88

318
64

375
36

371
39

389
39

535

513

518

515

538

575

607

629

624

Revenue sharing *Advertising expenses
Rent expenses on land

227
39

197
37

288
40

and buildings
Personnel expenses
Server expenses

413

128
278

121
182

111
187

115
195

109
186

118
168

114
181

114
186

107
146

120
125

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY2021/5

Others

FY2022/5* “Revenue sharing” included in “Others” in FY2021/5 and earlier, but separated from “Others” from FY2022/5 Q1.
“Live video production expenses” is included in “Others” from FY2022/5 Q1.

Ad network costs

FY2023/5

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18

Game8
Although operating profit declined YonY following Q1 due to lower sales in the media business, which hasa high gross margin, the solutions business remained strong resulting in operating profit on a recovery
track QonQ. In Q3, we expect to see a positive impact from major game titles.

(Million yen)

500

435
366

Net sales

317
250

223

441

451
390

375

457

420

369

381

320

240

113
54

50

Q1

Q2

113

151
108

111

127

136
97

129

109

28

48

0
Q3

FY2020/3

Q4

Q1

Q2

Q3

FY2021/3

Q4

Q1

Q2

Q3

Q4

FY2022/3* Nonconsolidated results (before consolidated adjustment). Results of Smarprise, our subsidiary is not included.
FY2022 Q4 results are for the period from January to March 2022 due to a gap with the parent company's
consolidated accounting period.

Q1

Q2

FY2023/3

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FY2023/5 Outlook

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20

Revision of FY2023/5 Results Forecast (Consolidated)
The sales forecast was revised downward, mainly due to the weak performance of ADNW. We decided toincrease our advertising investment in the Gunosy app based on the strength of the current KPIs,
keeping in mind the uncertainty of the macro environment. While operating profit is expected to decline in
the short term, we remain focused on optimizing mid- to long-term growth.
(Million yen)

FY2023/5
1Q-2Q

RevisedInitial forecast
forecast (full(full-year)
year)

Increase /decrease

Progression
rate

Net sales

3,928

9,000

8,250

-8.3%

47.6%

Operatingprofit

-162

200

-290

-

-

Operatingmargin

-

2.2%

-

-

-

Ordinary
profit

-929

-312

-

-

-

Profitattributable toowners ofparent

-160

547

-

Not disclosed--"slice" launched new products in December, 2022 that adhere to the Digital Lending Guidelines issued by the RBI (Reserve Bankof India) and the transition to the new product is well underway with no major issues. It is difficult, however, to reasonably
calculate the share of loss (profit) of entities accounted for using the equity method for "slice" based on user trends since the new
products have only been released for a short time. Ordinary profit and profit attributable to owners of the parent in the full-year
consolidated results for FY2023/5 are not disclosed.
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21

Background of Revision of Results Forecasts: Operating
Profit (Consolidated)
Operating profit (initial forecast and revised forecast)(Million yen)

POINT
Increase due toGunosy app

1• Sales of Gunosy app
increased driven by higher
profitability and increased
advertising expenses.

3
Cost reduction

Increase in
Gunosy app
gross profit

88

284
2

Decreasein gross
profit-449• SG&A expenses decreased
due to cost reductions,
including personnel
expenses.

1
4

200
-412

Decrease in grossprofit3

Increase inadvertisingexpenses0

Increase due to cost
reduction

2• Impact of ADNW
significantly missing targets-290• Impact of lower demand forwalkthroughs of existing
game titles at Game8

OperatingprofitOperatingprofit

BeforerevisionAfterrevision

Decrease due toincrease inadvertising expenses

4• Increase in expenses due
to higher advertisingexpenses for Gunosy app.
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22

Investment Policy Updates
In the media business, the return on investment showed progress due to the improvement of KPIs in
Gunosy app. Therefore, we reassessed the growth potential of the Gunosy business and updated ourinvestment policy, focusing on increasing investment as a medium- to long-term growth driver.
Media business

Investment

New business

Aim to achieve a market capitalization of ¥100 billion over the mid- to long-term

Guideline

Issues

Game8 group

Improve growth and profitability
by establishing our unique value
and improving UI and marketing
efficiencies.

Acquire new growth drivers

Discover promising investmentsthat could serve as growth
drivers for the entire group

Create businesses that will
become new growth drivers witha group-wide perspective

UpdateInvestment
policy for
growthlCurrently, profitability and retention
rates have improved, confirming an
improved return on investment.

lWhile monitoring KPI trends,
aggressively invest in advertising on
Gunosy app, aiming to expand thebusiness to a certain scale.

Growth potential raised by improving businessstructurell

In existing businesses, a certain levelof investment in content made inorder to gain a stable share of themarket.
Consider expanding investment at atime when promising new businesses
begin to grow in terms of growthpotential and return on investment.

Raise growth potential through new businessdevelopmentlMove from concentration in slice todiversified investment.

lContinue to invest in India to capture
growth in the Indian market.

lContinue to invest selectively inJapanese startups

Continue to invest in promising stocks inJapan/India

Portfolio status

Room
for
growthMid-high

CapitalreturnMid-high

Mid-high

Mid-high

Investm
ent

Aggressive investment inadvertising while paying
attention to the macro
environment

Invest to stabilize existing
businesses and develop new
businesses

Invest up to 1.5 billion yen by
FY2024/5

Present
LowmidMid-high

Invest flexibly in new businesses and
M&A while monitoring the resource
allocation of the entire group.

lPromote the creation of new
businesses by leveraging our strengths,
such as Gunosy's advanced technology
and marketing.

Shift upward by creating new businesses

FutureuplPresent

Mid-high

FutureCreateMid-high

CreateMid-high

Invest when a promisingbusiness emerges thatdeserves an investment phase
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23

Medium Term Management Plan Released in FY2022/5 Q2•

Following the revision of the full-year forecast for FY23/5, we will review the target values in
the Medium-Term Management Plan announced on January 14, 2022.

•

While there are significant delays in the ADNW business, improvements in the media businessthrough Q2 provide greater growth potential, particularly for Gunosy. We aim to achieve further
growth by aggressively investing in advertising to expand the scale of our business, while
paying attention to the uncertainties in the macro environment.

•

We will disclose the target values upon the release of the FY23/5 full-year results after
reviewing the impact of advertising investments in 2H.

•

There is no change in the policy of aiming for growth focusing on the media business, Game8,
and the investment business.

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24

Business Overview by DivisionC

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25

Media Business

GunosyOriginal characters were released on December 26, 2022.
They will be featured in tutorials etc. within the Gunosy app to make it more fun and exciting.

Original characters

KuwasyGunopen

TokumaroC

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26

Media Businessau Service Today

A point campaign was launched for au users with the aim of encouraging them to establish the habit ofreading news articles.
Profitability per user remained stable.
Ponta point present campaign

Status of profitability

2021

Nov

Oct

Sep

Aug

Jul

Jun

May

Apr

Mar

Feb

Jan

Dec

Nov

Oct

Sep

Aug

Jul

Jun

Profitability per user remained stable

2022

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27

Media Business

Ad Network (ADNW)CPM has been weak since Q1. From Q3 onward, we will strive to increase the number of customers bystrengthening our organizational capabilities through cross-selling with Gunosy Ads.

Number of Impressions and CPM(Million imp)

60,000¥40¥31.3345,000¥29.06imp¥27.7030,00043,32550,988CPM¥15.1446,71834,54315,000¥20¥12.5929,432¥11.48 ¥11.91 ¥11.87¥11.14 ¥11.22

22,489 21,892 22,763 23,165 20,493¥11.86¥10.87¥7.99

21,037 23,941¥7.25
23,51325,228

0

¥0

Q1

Q2

Q3

FY2020/5

Q4

Q1

Q2

Q3

Q4

FY2021/5* CPM (cost per mille): Price per 1,000 impressions of advertisement

Q1

Q2

Q3

Q4

FY2022/5

Q1

Q2

FY2023/5

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28

Investment

Investment*1

The overall cumulative investment remains in the range of approximately 5 billion yen. There was no
major change in the overall portfolio except for one new investment in an Indian company.
* Investments made since October 2018, when the investment project was launched, are included in the following:

Share

Main investee companies
NEW

Early

Fintech

India

Exit
executed

Approx.
Mid-to-late

75%

Early

Education

Commerce

MaaS

Real estatetechCommerce

FintechFintechAudio
deliveryFintech

Japan

Exit
executed

Mid-to-late

Approx.

25%

Organic EL

HRtechInvestment as alimited partner*1 Investment balance including investments as an LPC

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29

New Business

YOU INAs a part of new market exploration, new products deriving from tea were developed and released.
Inquiries increased as a result of media coverage, and the number of business partners increased.

Sales by business
operators

Develop new products
Sparkling tea

CHEERS-MOOD• The perfect new sparkling tea for a
toasting mood.

Partnershipbusiness expanding
including oversea
marketSencha green tea truffle chocolate

GOHOUBI MOOD
• Products in collaboration with
CRAFT CHOCOLATE WORKS• Earl Grey-scented sencha green
tea chocolates

Jan Mra May Jul Sep Nov
2022
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30

Reference Materials: Overview of Gunosy Inc.

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31

Overview of Gunosy Inc.
Basic Information
Company name:Gunosy Inc.

Representative:

Shinji Kimura

Representative Director and Chairman,
Officers: Group Chief Executive Officer (CEO),
Shinji Kimura

Yuya Taketani

Representative Director and President,
Yuya Taketani

Established:

November 14, 2012

Director and Chief Investment Officer (CIO),
Yuki Maniwa

Fiscal year end:May

Director, Kentaro Nishio

Capital:Director, Takuya Sawada

Stock Code:4,099 million yen (as of the end of
November 2022)
6047 (TSE Prime)

Audit corporation:

Ernst & Young ShinNihon LLC

Director (Outside), Junichi Shiroshita

Number of
employees:

260(as of the end of November 2022, on aconsolidated basis)2-24-12 Shibuya, Shibuya-ku, Tokyo

Director (Outside), Hirokazu Mashita

Head office:Business:

Development and operation of information
curation service and other media

Director (Outside), Suguru Tomizuka

Director (Outside), Lei-Isabelle Nakao
Corporate Auditor, Masakazu Ishibashi
Corporate Auditor (Outside), Kenji Shimizu
Corporate Auditor (Outside), Noboru Kashiwagi
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32

Our Management TeamThe management structure for FY2023/5 is as follows. We are continuing to strengthen our governance,
including the transition from a non-statutory Compensation Committee to a non-statutory Nomination
and Compensation Committee in December 2021.

N&C

N&C

Representative Chief Director andChairman, Group Chief Executive
Officer (CEO)

Representative
Director andPresident

Shinji
KimuraDirector and Chief
Investment Officer (CIO)

Director

Director

Yuki
ManiwaKentaroNishioTakuyaSawadaYuya
Taketani
N&C

Director (Outside)

SuguruTomizuka

N&C

Director (Outside)

Junichi
Shiroshita

N&C

Director (Outside)

Hirokazu
Mashita

Director (Outside)

Lei-Isabelle
NakaoC

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33

From “Gunosy Way” to “Gunosy Pride”
The concept of "Gunosy Way", which had been defined as a milestone for Gunosy to follow, wasredesigned as "Gunosy Pride“, which inherits the original thoughts and concepts.

1“Triple win” philosophy
Benefit the customer, the user, and the world. Benefit yourself, others, andyour fellow employees. We will continue to create a cycle of goodness not
only outside the company and society, but within our company as well.

2

Creating opportunities with science
We will use data and technology to accelerate innovation with facts. We will
also use science to solve social issues.

3

Centennial quality
We do not stop working until we feel that this is the best we can do, rather
than thinking that this is good enough. We will face the work in front of us
with sincerity and honesty, seeking quality that will endure for a hundredyears.

4

Respond to adversity in a positive way
There are as many adversities as there are challenges. However, we
believe that it is the adversity that brings us the opportunity for growth. We
will not run away from the obstacles in front of us, but rather we will
aggressively pursue our business in adversity.

C

Gunosy Inc. All Rights Reserved.

34

Investment Portfolio (Reposted from FY2022/5 Financial Results released on July 15, 2022)

May 2019

May 2020

May 2021

May 2022

0.98

0.99

1.11

5.36

Investment
ratio(Million yen)

25,741*1

Accumulated investment*2

Estimated value + Sale price“Accumulated
investment” and“Estimated value + Sale
price”

5.4
times

253

249

813

808

1,867

4,805

2,068

Japan

30

259

770

880

(accumulated
)

India

223

553

1,097

3,924

Market
value

Japan

30

259

776

1,037

(accumul
ated)

India

218

547

1,291

24,703

Investment*1. Accumulated investment: Calculated in yen at the exchange rate at the time of investment. Includes investments in issues already sold.
*2. Estimated value: Value that we estimated as the price at which shares, etc. would be transferred in an arm's-length transaction, based on the following method. Note that such estimatedvalue is generally not based on the results of a valuation report by an external third party or an audit by an accounting auditor, but is calculated by us at our own discretion.
(1)
(2)
(3)

Issues that raised funds in a recent funding round: The estimated valuation is the valuation at the time of the relevant round, with a 20.7% illiquidity discount applied.
Issues for which an external third-party valuation was previously obtained: The estimated valuation is based on such valuation.
Other issues: Valued at book value at the time of investment. For those acquired in foreign currency, the value is converted at the most recent exchange rate.

The estimated value of GaragePreneurs Internet Pvt. Ltd. (slice) is based on the valuation in the most recent funding round in June 2022 (with an illiquidity discount of 20.7% applied).

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Gunosy Inc. All Rights Reserved.

35

Disclaimer

Forward-looking statements contained in these materials are prepared from judgments andassumptions based on information available at the time of preparing the materials, and do notguarantee their accuracy. These materials contain financial data that have not been audited byan independent certified public accountant or an auditing firm.
Please note that actual results may differ materially from the forecasts due to various
uncertainties included in these judgments and assumptions and changes in risk factors and theeconomic environment.

C

Gunosy Inc. All Rights Reserved.

36

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