FY2023/5 Financial Results for Q3

Gunosy Inc.
TSE Prime (6047)
April 14, 2023

INDEX

1. Executive Summary

P3

2. Financial Results for FY2023/5 Q3

P 13

3. FY2023/5 Outlook

P 19

4. Business Overview by Division

P 21

5.

Reference Materials: Overview of Gunosy Inc

P 27（C） Gunosy Inc. All Rights Reserved.

2

Executive Summary（C） Gunosy Inc. All Rights Reserved.

3

Financial Summary for FY2023/5 Q3

Net salesQ3 summary

2,116

Operating profit

million yen

QonQ

105.7％

YonY 95.5％

QonQ

-

6

million yen

YonY 22.3％

1

KPIs for the Gunosy app remained stable, so advertising investment was carried out as planned.

2

As a result of the advertising investment, Gunosy app sales increased for the second consecutive
quarter since Q2.

3

Game8 recorded a significant QoQ increase in sales and profit due to strong PV growth as aresult of major title releases.
•Mediabusiness••

New major game titles were released in November and the number of PVs on the gamewalkthrough media remained strong. As a result, Game8 sales increased QoQ, hitting a
new record for a single quarter.

•"slice" released a new product in December and AUM turned to growth in January 2023.

•

We invested in Blume Ventures Fund IV as a limited partner.

Game8

Investment

While overall sales of Gunosy Ads decreased QoQ, sales of the Gunosy app
increased for two consecutive quarters since Q2, which led to a steady increase ingross profit.
au Service Today saw a QoQ decline in MAUs due to the absence of a campaign.

（C） Gunosy Inc. All Rights Reserved.

4

Factors behind Sales Increase / Decrease

In Game8, the number of page views increased due to major titles released in November, and sales
increased both QoQ and YoY. While overall sales of Gunosy Ads decreased YoY and QoQ, sales ofGunosy app increased QoQ.
Sales increase / decrease by Segment*1

Gunosy Ads(Million yen)

Difference

FY2023/5
Q3 result

YoY

1,209

-142

Factors behind increase/decrease

QoQ

-38

l

Gunosy Ads
The YoY sales decrease is mainly attributed to the decrease in
DAUs in Gunosy app, NewsPass and au Service Today fromthe previous FY which is attributed mainly to curbing
advertising expenses in the same year.

ADNW

140

-107

-28

l

Overall sales of Gunosy Ads decreased QoQ, mainly due tolower-than-expected DAUs in au service Today. After
resumption of advertising investment in the Gunosy app,however, profitability improved as a result of an increase in new

Increase

Game8

470

89

49
Increase

Others

295

101

92

users, resulting in sales growth of 5.2% QoQ.
ADNW
Factors behind the YoY and QoQ sales decline were lower CPMs andnumber of impressions. We will continue to pursue business thatyields the advertising effectiveness expected by advertisers andstrengthen cross-selling with Gunosy Ads.
Game8
New major game titles were released in November and the numberof PVs on the game walkthrough media remained strong. Sales
increased both QoQ and YoY.

Total

2,116

-99

114

OthersSales increased both YoY and QoQ due to strong performance of
Smarprise.

*1:Sales of Gunosy Ads are the total of “Gunosy”, “NewsPass”, “au Service Today” and “LUCRA”（C） Gunosy Inc. All Rights Reserved.

5

Gunosy's Basic KPIs

GunosyProfitability per user remained high throughout Q3, including in December when advertisingdemand increased due to seasonal factors, resulting in QoQ sales growth. The retention rate
remained steady and the number of users remained as planned.

Financialdata

Gunosy’s net sales

Profitability per user

Number of users

Retention rate

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

(Indicator: RR)

Remained high in Q3

DAU remained stable

Retention rate remained
stableFeb Apr Jun Aug Oct Dec Fev

Feb Apr Jun Aug Oct Dec Feb

Feb Apr Jun Aug Oct Dec Feb

KPI

2022

2023

2022

2023

2022

2023

In Q4, retention rate rose due to news factors, etc., and the number of users
showed a slight upward trend（C） Gunosy Inc. All Rights Reserved.

6

Advertising Expenses and Estimated IRR

GunosyAlthough cost per acquisition temporarily deteriorated in December, which is the advertising demandseason, user acquisition progressed efficiently in Q3 as a whole. The estimated IRR remained
above the investment criteria due to a stable retention rate and improved profitability.
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

Criteria

Estimated IRRs above theinvestment criteria wereachieved even after increasing
advertising investment toaround 100 million yen/month.

Mar

Apr

May

Jun

Jul
2022

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2023

（C） Gunosy Inc. All Rights Reserved.

7

Gunosy

Advertising Investment in Gunosy

In Q3, increased amount of advertising investments were executed as had been planned. In Q4, we plan toinvest at the planned level, considering return on investment and other factors.

Advertising expenses (Plan and Results + Forecast scenario)
Investment implemented
as planned

Plan to examine flexibly
investment amount while
monitoring return on
investment

Plan
Results + Scenario with increased ad expenses

6⽉
Jun

FY2023
Status of media

Measures

7⽉
Jul

8⽉
Aug

Q1

9⽉
Sep

10⽉
Oct

11⽉
Nov

Q2

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

12⽉
Dec

1⽉
Jan

Q3

2⽉
Feb

3⽉
Mar

4⽉
Apr

5⽉
May

Q4

Next FY
and beyond

The ad logic adjustments and advertising investments

Policyresulting in a high return on investment and creating an

Expansion ofenvironment for users to build up.

user scale

Examined accelerated use

Implemented
accelerated use

Decision made to increase advertising investment

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

2H advertising budget
spent ahead of schedule

Increase of approx. 410 million yen for the full year(including budget used ahead of schedule)

throughadvertising
investment（C） Gunosy Inc. All Rights Reserved.

8

Gunosy

Status of product improvement in Q4 and policy
for the future
FY23 Q4以降
FY23 Q1

Gunosy's basic
KPIs turning to an
improving trend
Gunosy's basic KPIs turned to an
improving trend as a result of
product improvements made since
the beginning 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 throughincreased investment.

FY23 Q2
Confirmed that
グノシーの基礎
return on
KPIが改善傾向

investment (IRR)
maintained on an
ongoing basis.

Since the estimated IRR remained
strong, we almost doubled
advertising investment in November
to 120 million yen/month andverified 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 newusers.

FY23 Q3
IRR remaining
stable after raising
the investment
level
We re-evaluated the medium- to

In Q4, focusing on improving thelong-term growth potential ofretention rate in order to improve

Gunosy and raised the level of our

return on investment, while

advertising investment level to 100

implementing advertising investment

million yen/month, while taking intoof around 100 million yen/month on

account the uncertainty of the macroa stable basis and maintaining theenvironment. Since this is an upfront

estimated IRR.

expenditure, we expect it to have anegative impact on operating
profit/loss in the short term, but weare focusing on medium- to long-Major
improvements

Focusing on
improving theretention rate while
implementing
advertising
investments of 100
million yen/month

As a result of improving retention rates
and profitability,
term growth.
IRR to be sustainable even with increased advertising
investment of up to 100 million yen/month

Q4〜
RefocusRetention
rate

Focus on improving the retention rate from Q4 onwards to achieve "improved IRR" and "shorter
payout period" at the current investment level. This way we aim to (i) improve short-term P/L or (ii)maximize medium- to long-term profits through increased investment.

（C） Gunosy Inc. All Rights Reserved.

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

Profitability

S/D

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

C

Return on
investment（C） Gunosy Inc. All Rights Reserved.

10

Progress on KPIs

slice

Following the release of new products that comply with RBI guidelines (details: p 12), the AUM decline
bottomed out and turned to growth from January.

AUM

Commencement of investment control
Product transition
periodAUM (outstanding loan balance)

AUM recorded a temporary decline

New productreleased on
December 1

following the product relaunch thattook place prior to the November 30
deadline.

Then turned to growth inJanuary.

Jan

Feb

Mar

Apr

May JunJul

2021

Aug Sep

Oct

Nov Dec

Jan

Feb

Mar

Apr

May JunJul

2022

Aug Sep

Oct

Nov DecJan2023（C） Gunosy Inc. All Rights Reserved.

11slice(Reference) Timeline 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（C） Gunosy Inc. All Rights Reserved.

12

Financial Results for FY2023/5 Q3（C） Gunosy Inc. All Rights Reserved.

13

FY2023/5 Consolidated Results for Q3
For the nine months ended 28 February 2023, sales and profits were down year-on-year. Q3 sales andprofits, however, increased QoQ due to the positive impact on Game8 from major titles and improved
profitability due to the acquisition of new users in Gunosy app.

(Million yen)

QoQ comparison

FY2023/5 Q3

YoY comparison

FY2023/5
Q1-Q3

FY2023/5
Q2

QoQ

2,116

2,001

105.7%

6,045

6,598

91.6%

6

-79

-

-156

189

-

Operatingmargin

0.3%

-

-

-

2.9%

-

Ordinary profit

-304

-300

-

-1,233-31-

Profitattributable toowners ofparent

-332

-544

-

-492

-14

-

Net sales
Operating profit

FY2022/5
Q1-Q3

YoY

（C） Gunosy Inc. All Rights Reserved.

14

Total Number of Active Users (MAU)*
MAU of Gunosy app increased compared to Q1 this year due to an improvement in retention rates
and increased advertising investment since November 2022. MAU of au Service Today declined QoQ
due to the absence of a campaign implemented in the previous quarter.

LUCRA
NewsPass+au Service Today
GunosyQ1

Q2

Q3

FY2020/5

Q4

Q1

Q2

Q3

FY2021/5

Q4

Q1

Q2

Q3

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

Q4

Q1

Q2

Q3

FY2023/5（C） Gunosy Inc. All Rights Reserved.

15

Breakdown of Net Sales*1

Game8's sales marked a significant QoQ increase. Gunosy Ads sales declined as a whole, but Gunosy
app sales recorded an increase for the second consecutive quarter since Q2.

Others
Game8
ADNW
*2
Gunosy Ads(Million yen)

4,500
178

223
3,000

19

240

128

317

1,357 1,480
1,298

251

320
530

1,500

203

366
371

2,119 1,964 1,960

1,594

221
246

375
262

275

435
260

441
267

168

451
254

153

390
227

194

420
247

192

457
257

142

369
201

203

381
168

295

470
140

1,267 1,198 1,189

1,526 1,403 1,334 1,352 1,492
1,214 1,248 1,209

Q1

Q4

0

Q1

Q2

Q3

FY2020/5

Q4

Q2

Q3

FY2021/5

Q1

Q2

Q3

FY2022/5

Q4

Q1

Q2

Q3

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

16Cost Structure'Others' increased due to sales growth at subsidiaries. Otherwise, there was no significant QoQ change.
We will continue to operate our business with strict cost control.

(Million yen)

3,646 3,781
3,362

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 1,027 125

0

Q1

Q2

Q3

FY2020/5

2,304
1,866

1,090

810
153
94
583

1,974

779

920

153
93

152
88

535

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

515

537
348

580

2,010 2,080

2,110

550

639

331

301

Advertising expenses
Rent expenses on

561

Others

370

334

318
64

375
36

371
39

389
39

227
39

197
37

288
40

282
39

513

518

515

538

575

607

629

624

630

419

330

413

128
278

121
182

111
187

115
195

109
186

118
168

114
181

114
186

107
146

120
125

116
102

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

FY2021/5

FY2022/5

Revenue sharing *land and buildings
Personnel e xpenses
Se rver expe nse s

FY2023/5* “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.

（C） Gunosy Inc. All Rights Reserved.

17

Game8As announced in the previous quarter, the positive impact of the release of major game titles was fullyreflected throughout Q3, resulting in record sales. On the other hand, these positive impacts are
expected to settle down from Q4 onwards.

Recordsales(Million yen)

500

451
435 441

Net sales390

366 375

Operating profit

420

457

470

369 381317 320
250

223

240
151
113

54

50

Q1

Q2

113

108

111

127

136
97

109

129

123
28

48

0
Q3

FY2020/3

Q4

Q1

Q2

Q3

FY2021/3

Q4

Q1

Q2

Q3

FY2022/3* Nonconsolidated results (before consolidated adjustment). Results of Smarprise, our subsidiary is not included.
FY2023 Q3 results are for the period from October to December 2022 due to a gap with the parent company's
consolidated accounting period.

Q4

Q1

Q2

Q3

FY2023/3（C） Gunosy Inc. All Rights Reserved.

18

FY2023/5 Outlook（C） Gunosy Inc. All Rights Reserved.

19

FY2023/5 Results Forecast (Consolidated)
The Results Forecast remains unchanged from the previous disclosure. In “slice”, AUM showed a recovery
trend in the January-March period following the release of new products, but ordinary profit and profit*1
attributable to owners of parent remain undisclosed as discussions are still underway with the auditors
regarding the application of some of the accounting treatments related to the application of the equity method.
(Million yen)

FY2023/5
Full-year forecast

Progression rate

6,045

8,250

73.3%

-156

-290

-

-

-

-

FY2023/5
1Q-3Q
Net sales
Operating profit
Operating margin
Ordinary profit
Profit attributable to ownersof parent-1,233-492

Not disclosed-*1: Regarding the accounting treatment of PPA (Procedure for Purchase Price Allocation) for “slice”, discussions areunderway with the auditors to recognize the part that is currently amortized as goodwill as intangible assets with a shorter
amortization period. As a result, amortization may increase in FY2023/5.
（C） Gunosy Inc. All Rights Reserved.

20

Business Overview by Division（C） Gunosy Inc. All Rights Reserved.

21

Media Business“AI-powered Video Summarization Service”(Beta Version) LaunchedAs part of creating our unique value, we launched a beta version of "AI-powered video summarization service"utilizing GPT-3.*1 We will continue to provide new value to both users and media partners while leveraging new*2technologies. Besides this, LLM-based experiments and preparations, including internal digital transformation,
are underway on an ongoing basis.
Outline of “AI-powered video summarization service”

Articles of video content summarized automatically by AI into a few lines of text
To view the original video based on the summary text, click on the link in the article

Development BackgroundText-based summarization oflong video was not available
Text-based summarization of short video
content of a few minutes was available, butthat for many lengthy video content, including
YouTube videos, was not covered.

Development breakthroughs
enabled by the technologicaldevelopment of AI
Technological developments such as LLM(Large-scale Language Models) dramaticallyshortened the time from conception todevelopment of automatically generated
content and functions, and expanded the rangeof content that can be handled including long
videos.

Future LLM Initiatives
Promote internal
digital transformation

Develop services
utilizing LLM*1: "GPT-3" is a large-scale language model developed by OpenAI, that has been trained on a massive amount of text data, and is capable of generating human-like text.
*2: Large Language Models (LLM) are natural language processing models trained on a massive amount of text data.

（C） Gunosy Inc. All Rights Reserved.

22

Media Businessau Service Today

In Q3, we improved the user interface to enhance the user experience and profitability of the main
screen of the application. We are working on joint campaigns with KDDI. Profitability remained stable.

Various measures under way

Measures toimprove user
experience

Joint campaigns
with KDDI(Implemented in Q4(March))Status of profitability
Profitability per user remained stable
Increase due toseasonal factor

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb

2022

2023

（C） Gunosy Inc. All Rights Reserved.

23

Media Business

Ad Network (ADNW)CPMs and number of impressions remained lower. We will continue to pursue business that yields theadvertising effectiveness expected by advertisers and strengthen 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¥11.86¥10.8722,489 21,892 22,763 23,165 20,493 21,037 23,941¥7.99 ¥7.25¥6.81
25,228 23,513 20,915

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

FY2022/5

Q4

Q1

Q2

Q3

FY2023/5（C） Gunosy Inc. All Rights Reserved.

24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 new investment in Indian VC as a LP
* Investments made since October 2018, when the investment project was launched, are included in the following:

Share

Main investee companies

Early

FintechEducation
Exit
executedIndia

Mid-to-late

Approx.

Commerce

MaaS

75%

FintechFintechNEW

Investment as alimited partner

Early
Real estate techCommerce

Audio
deliveryFintech

Japan

Exit
executed

Mid-to-late

Approx.

25%

Organic EL

HRtechInvestment as alimited partner*1：Investment balance including investments as a LP

（C） Gunosy Inc. All Rights Reserved.

25

New Business

YOU IN

We expanded our sales channels to retail stores with high gift demand, including Tsutaya, which has 11
stores nationwide. Increased awareness in offline stores leads to purchases through online sales,
contributing to sales growth.

Offline sales@Tsutaya Bookstore(January 16th - )Quarterly sales

Sales are growing

Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY2022

FY2023（C） Gunosy Inc. All Rights Reserved.

26

Reference Materials: Overview of Gunosy Inc.

（C） Gunosy Inc. All Rights Reserved.

27

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:4,099 million yen

Director, Takuya Sawada(as of the end of February 2023)

Stock Code:6047 (TSE Prime)

Director (Outside), Suguru Tomizuka

Audit corporation:

Ernst & Young ShinNihon LLC

Director (Outside), Junichi Shiroshita

Number of
employees:

260

Director (Outside), Hirokazu Mashita

Head office:2-24-12 Shibuya, Shibuya-ku, Tokyo

Business:

Development and operation of information
curation service and other media(as of the end of February 2023,
on a consolidated basis)

Director (Outside), Lei-Isabelle Nakao
Corporate Auditor, Masakazu Ishibashi
Corporate Auditor (Outside), Kenji Shimizu
Corporate Auditor (Outside), Noboru Kashiwagi（C） Gunosy Inc. All Rights Reserved.

28

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（N&C） 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
Nakao（C） Gunosy Inc. All Rights Reserved.

29

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.

30

Investment Policy Updates (Reposted from FY2023/5 Financial Results for Q2)
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.

lMove from concentration in slice todiversified investment.

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

Consider expanding investment at atime when promising new businesses
begin to grow in terms of growthpotential and return on investment.

lRaise growth potential through new businessdevelopmentl

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

lContinue to invest selectively inJapanese startups

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

Continue to invest in promising stocks inJapan/India

Shift upward by creating new businesses

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
LowmidFutureup

Mid-high

Present

Mid-high

FutureCreateMid-high

CreateMid-high

Invest when a promisingbusiness emerges thatdeserves an investment phase（C） Gunosy Inc. All Rights Reserved.

31

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

2,068

4,805

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).

（C） Gunosy Inc. All Rights Reserved.

32

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.

33

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