FY2023/5 Financial Results for Q1

Gunosy Inc.
TSE Prime (6047)
October 14, 2022

INDEX

1.

Executive SummaryP3

2.

Financial Results for FY2023/5 Q1

P 13

3.

FY2023/5 Outlook

P 20

4.

Business Overview by Division

P 22

5.

Reference Materials: Overview of Gunosy Inc.

P 30

C

Gunosy Inc. All Rights Reserved.

2

Executive SummaryC

Gunosy Inc. All Rights Reserved.

3

Financial Summary for FY2023/5 Q1

Net sales

Summary

1,927

million yen

YonYOperating profit-83 million yen

84.6

YonY

-

DAUs declined YonY due to restrained advertising investment and other factors, resulting in
the decline of sales and profit. However, long-term retention rate for the “Gunosy” app
improved, creating an environment in which DAUs can easily accumulate.
*DAUs Daily Active Users

Media
Business

Game8•

DAUs remained stable, despite the curbing of advertising investment supported by improvement of thelong-term retention rate.

•

In Q2 and beyond, we plan to use a portion of advertising expenses for 2H ahead of schedule. If DAUs
accumulate and profitability improves in line with our forecast, we will consider increasing advertisingexpenses for the full year.

•

On the other hand, profitability decline is an issue at the moment, which we are currently addressing.

•

Despite YonY and QonQ declines in sales and profit, results were in line with the plan.

•

The number of customers in the solutions business showed a steady increase.

•

The overall business conditions of our investments are favorable, and there are no changes in

Investment

our portfolio.
•

We made two investments in Japan, including a follow-on investment deal.
C

Gunosy Inc. All Rights Reserved.

4

Factors behind YonY and QonQ Sales Decline, andCountermeasures
Due to individual factors in each business, YonY and QonQ sales declines were recorded in all
businesses.
Sales by Segment(Million yen)

FY2023/5
Q1 result

Difference
YonY

Factors and Countermeasures

QonQ

Gunosy Ads

Gunosy Ads

1,214

-189

-278

l

the Gunosy and NewsPass apps due to curbs on advertisingexpenses and other factors.
l

ADNW

201

-53

The main factor behind the YonY decline was a decrease in DAUs for

The factors behind the QonQ decline were: (1) the previous quartercovered March in which advertising demand increases due toseasonal factors, (2) suspension of ad placement due to stock-outs on
the part of a major advertiser, and (3) profitability declined due to a-56

decrease in new users as a result of reduced advertising expenses.
l

Game8

369

-82

To improve profitability, the ad serving logic was tuned to fit thecurrent user base, leading to an improvement in Gunosy's current
profitability. We intend to expand similar measures to other media as
well.

-88

ADNW
l

Others

142

-25

-49

Both YonY and QonQ sales declines were due to lower CPM. Since wewere able to expand ad inventory through media acquisitions, we will
focus on customer acquisition to improve CPM.

Game8
l

Total

1,927

-350

-472

The financial results were in line with our forecasts. Sales declined
YonY and QonQ as a result of lower demand for walkthroughs forgame titles newly released or posted on Game8.
l We are preparing to expand our solutions business for game
publishers and secure our share of page views for major titles.
C

Gunosy Inc. All Rights Reserved.

5

Basic KPI of the “Gunosy” App
User levels are being maintained even with curbed advertising investment, and DAUs remain(*)
above plan. Sales/DAU did not reach the plan, but other indicators remained strong.
*S/D: Sales/DAU

Basic KPI of “Gunosy”
DAU

(*)

% of new users

Retention rate

S/D (*)FY2023
Q1•

Compared
to ourplan•

DAUs have been trending
higher than planned sinceJuly, in which the long-term
retention rate showed asignificant improvement.
DAUs remain stable QonQ
despite the curbing ofadvertising expenses.

•

The retention rate remained
unchanged QonQ, in linewith the plan.

•Long-term retention rate
improved due to various
efforts, and conditions havebeen set up for DAUs toaccumulate.

•Despite curbing advertisingexpenses, the percentage of
new users increased 4
points from 33% at the endof the previous quarter to37%, which is in line with theplan.

DAUs performing wellcompared to plan•

S/D(*) decreased QonQ and
did not reach the plannedlevel as the previous quarter
was an advertising demandseason.

•The previous quarter was anadvertising demand season
Currently improving supported
by successful measures

Factors behind strong DAUs (compared to plan)
Algorithm and push notifications were improved. As a result of an improved long-term
retention rate and a larger-than-expected user buildup, DAUs have been exceeding theplan.
Hypothesis

We believe an environment has been set up that will allow us to expand thescale of our user base.
C

Gunosy Inc. All Rights Reserved.

6

Future Investment Policy Considering the Current Statusof the Media BusinessLong-term retention rate for the “Gunosy” app improved, and marketing efficiency increased. In order toverify the growth potential of the media business, we plan to use a portion of Gunosy’s advertising expenses
in 2Q and beyond ahead of schedule. At the same time, we will improve profitability by acquiring new users.

Page 28 of FY2022/5 Financial Results(Released on July 15, 2022)

Room for growthReexamineroom forgrowthCurrent status of media business andinvestment policyl

It is likely that the long-term retention
rate improved and investment
efficiency increased.

l

We plan to use a portion of advertisingexpenses in Gunosy ahead of schedule
to verify growth potential before
NewsPass and au Service Today.

l

We are focusing on creating uniquevalue so that we can increase the valueof our apps for KDDI users and deepen
our relationship with them.

Previousannouncement

Possible change

Low-midMid-highC

Gunosy Inc. All Rights Reserved.

7

Improvement in the Long-term Retention Rate Contributed
to the Buildup of DAUs
In Q1, we started measures to improve the long-term retention rate for the “Gunosy” app. Since July,when we began to see the effects of these measures, DAUs have been exceeding the plan.

DAUs of Gunosy (compared to plan)
Since July, when the effectsof the measures began toemerge, DAUs have been
exceeding the plan.
Plan

Observations on
Improvements

ResultJune 2022

Improvementof long-term
retention rate

(Comparison with past trends)

July 2022lImproved algorithms and push
notifications in order to slow
down the decrease rate of longterm users.

l

A closer look at the trend of thelong-term retention rate showsthat DAUs started to improveafter the start of the measures.

l

The number of long-term users
has been building up faster than
expected, and DAUs haveremained stable, therefore, theimprovement is not considered
to be a temporary factor at thistime.

August 2022

Improvement in the long-term
retention rate contributed tothe buildup of DAUs.

C

Gunosy Inc. All Rights Reserved.

8

Policy Regarding Advertising Investment in Gunosy
In Q2 and beyond, we plan to use a portion of advertising expenses of the “Gunosy” app for 2H
ahead of schedule. Once the user build-up situation and profitability improvement is confirmed, we willconsider increasing advertising expenses on a full-year basis.
Advertising expenses (Plan and Results + Forecast scenario)*S/D: Sales/DAU
Advertising expenses

Advertising expenses

CurbedUsed ahead ofschedule

DAUs performing above plan

Monitor DAUs and S/D(*)

DAUs building up
steadily

Advertising expenses

Re-expansion

Based on the results of up-frontuse, examine policy for
February and beyond.

ResultPlan

Policy (1H)

Results + Scenario with increased ad
expenses

Advertising expenses for
2H used in Q2 and beyond
ahead of schedule

Consider policies
according to KPI
trends

Policy (full-year)
Compared to forecast, if
DAUs and Sales/DAU are

Jun

Jul

Aug

Sep

Oct

Nov

2022
Results

Dec

Jan

May
2023

Forecast scenario

C

above
forecast

below
forecast

policy for
February andbeyond should
be discussed

should curb
expenses to be inline with the level
planned at the
beginning of FY on
a full-year basis

Gunosy Inc. All Rights Reserved.

9

Medium-Term Target (Released in July 2021)
We intend to maintain the goal announced in the Medium-Term Management Plan, which was released in
2021. Through growth of the Gunosy Group as a whole, we aim to achieve a market capitalization of 100
billion yen over the mid- to long-term.

Investment
business

Enhance corporate value through growth of existing businesses anddevelopment of new businesses

We aim for group-wide growth withthe medium- to long-term goal ofGame8achieving a market capitalizationof 100 billion yen.

Media business

Present
C

Gunosy Inc. All Rights Reserved.

10

(Reference Material) Indicators of Gunosy: Improvement ofProfitability per User
DAUs of the “Gunosy” app remained steady, although advertising expenses were curbed inaccordance with the policy announced in the previous quarter. Meanwhile, profitability per user has been
in decline, and measures are currently underway to address this issue.

Financial
Data

Net sales of Gunosy

Profitability per user

Number of users(Indicator: Sales/DAU)(Indicator: DAU)

Profitability declined slightly

DAUs remained unchanged despite
curbs on advertising investment

KPI

May Jul Sep Nov Jan Mar May Jul

2021

2022

May Jul Sep Nov Jan Mar May Jul

2021

2022

C

Gunosy Inc. All Rights Reserved.

11

(Reference Material) Indicators of Gunosy: Improvementof Gunosy's Retention Rate
The percentage of new users of the “Gunosy” app has been steadily increasing, rising to approx. 37%of the total user mix as of August 2022. Retention rate remains at an improved level.

New users as % of DAU

Improvement of retention rate

The percentage of new users with higher profitability
increased to approx. 37% of the total.
100%

New users% of newusers

Existing users

37%

80%

FY2023 Q1
60%

Investment
controlledeActiv ent
stm
inve

40%

20%

The retention rate of new users
remains at an improved level
after resumption of advertising
investment.

Y
Retention
rate(vs. Feb 2021)

1.5 times(As of Aug 2022)

2021

Aug

Jul

Jun

May

Apr

Mar

Feb

Jan

Dec

Nov

Oct

Sep

Aug

Jul

Jun

May

Apr

Mar

Feb

0%

2022

C

Gunosy Inc. All Rights Reserved.

12

Financial Results for FY2023/5 Q1

CGunosy Inc. All Rights Reserved.

13

FY2023/5 Consolidated Results for Q1
In Q1, net sales declined QonQ and YonY. Ordinary profit decreased significantly QonQ and YonY due toequity in earnings of “slice”, our equity method affiliate. Profit, however, increased YonY and QonQ
due to the gain accompanying the changes in equity in "slice“.

(Million yen)

QonQ comparison

FY2023/5 Q1

FY2022/5 Q4YonY comparison

QonQ

FY2022/5 Q1

YonY

1,927

2,399

80.3%

2,277

84.6%

-83

223

-

141

-

-

9.3%

-

6.2%

-

Ordinary profit

-628

222

-

39

-

Profit attributable toowners of parent

384

144

265.2%Net sales
Operating profit
Operating margin

33 1,140.0%

C

Gunosy Inc. All Rights Reserved.

14

Total Number of Active Users *(MAU)
MAUs of Gunosy remained steady despite curbing advertising expenses.
Those of NewsPass + au Service Today declined.

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 MAUs (monthly active users) of “Gunosy”, “NewsPass”, “au Service Today” and “LUCRA".

C

Q4

Q1
FY2023/5

Gunosy Inc. All Rights Reserved.

15

Breakdown of Net Sales *1
Net sales declined QonQ and YonY in all businesses. (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

194

153

192

457

254

390
227

420
247

1,526

1,403

1,334

1,352

1,492

Q4

Q1

Q2

Q3

Q4

260

257

142

369
201
1,214

0
Q1

Q2

Q3

FY2020/5

Q4

FY2021/5

FY2022/5*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”.

C

Q1
FY2023/5

Gunosy Inc. All Rights Reserved.

16

Cost Structure
Up to the current 1st quarter, we have operated our business under a policy of continued control ofadvertising investments. The increase in personnel expenses is attributed to the reinforcement of themedia business and Game8 implemented up to the previous period. We will control these expenses while
monitoring the business situation.
3,646 3,781
3,362(Million yen)

3,000

1,111

1025
983
2,337

822

1,500

51
526
157

917

90

526

541

146

2,048

583

72

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
Others

580

561

419

330

389
39

227
39

197
37

153
93

152
88

318
64

535

513

518

515

538

575

607

629

375
36

371
39

413

128
278

121
182

111
187

115
195

109
186

118
168

114
181

114
186

107
146

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

FY2021/5

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.

Revenue sharing*

Advertising expenses
Rent expenses onland and building
Personnel expenses
Server expenses

FY2023/5

C

Gunosy Inc. All Rights Reserved.

17

Game8The severe impact of lower sales in the media business, which has a high gross margin, was not fully
offset by the steady expansion of the solutions business. As a result, net sales and profit declined YonY
and QonQ. We will maintain a certain level of investment in new businesses.
(Million yen)

500

Net sales

435

Operatingprofit

250

223

366
317

441

451
390

375

420

457
369

320

240
151
113

54

50

Q1

Q2

113

108

111

127

136

109

97

129

28

0
Q3

FY2020/3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY2021/3* 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.

Q3

FY2022/3

CQ4Q1
FY2023/3

Gunosy Inc. All Rights Reserved.

18

Game8: Supplementary Information
We developed the plan taking into account that a certain degree of volatility will occur depending on thesituation of game title launches. Profits are expected to be skewed toward 2H as major titles arescheduled to be released in 2H.

Game8's net sales and operating profit plan for the current fiscal year

Centered on 2H
Factors behind the
profit centered on 2H

2H
1H
Centered on 2H

Major title releases
scheduled in 2H

2H
1H

Net sales

Operating profit* 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.

C

Gunosy Inc. All Rights Reserved.

19

FY2023/5 Outlook

C

Gunosy Inc. All Rights Reserved.

20

FY2023/5 Results Forecast (Consolidated)
Progression rate of sales for Q1 marked 21.4%. We aim to achieve our full-year forecast through higher
DAUs by using advertising expenses ahead of schedule and improved profitability by refining
advertising logic, etc.

(Million yen)

FY2023/5 full-year
forecast

FY2023/5 Q1

Progression rate

1,927

9,000

21.4%

-83

200

-

-

2.2%

-

Ordinary profit

-628

-312

-

Profit attributable toowners of parent

384

547

70.2%

Net sales
Operating profit
Operating margin

C

Gunosy Inc. All Rights Reserved.

21

Business Overview by DivisionC

Gunosy Inc. All Rights Reserved.

22

Media Business

GunosyWe are currently conducting tests with a selected group of the “Gunosy” app users to verify achange in the method of transition to the coupon tab to meet the needs of both news and coupon
users.
The “Gunosy” app: Under testing withselected users

Background of
Verification

Provide optimal UI and UX for bothnews-oriented and coupon-oriented
users.
News-oriented
users
Ensure that news-oriented users
not disturbed by the coupon tab

Coupon-oriented
users
Improve usability for those who
use the app for coupon purposesC

Gunosy Inc. All Rights Reserved.

23

Media Businessau Service Today

Aiming to become the most used application for au users as an information tool, au Service Today offersa variety of content. As a result of our efforts, profitability per user remained strong following theprevious fiscal year.
Baseball score widget provided

Status of profitability

Profitability per user remained strong
Growth

20%

2021

Aug

Jul

Jun

May

Apr

Mar

Feb

Jan

Dec

Nov

Oct

Sep

Aug

Jul

Jun

(vs. August 2021)

2022

C

Gunosy Inc. All Rights Reserved.

24

Media Business

Ad Network (ADNW)

Number of Impressions increased YonY and QonQ due to successful media development. CPM,
however, remained weak. We will strengthen collaboration with Gunosy Ads and seek to increase thenumber of customers to improve CPM.
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
22,48921,892

22,763¥11.86¥11.14 ¥11.22¥10.87

21,03723,941

23,165

20,493¥7.99
25,228

0

¥0

Q1

Q2

Q3

FY2020/5

Q4

Q1

Q2

Q3

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

Q4

Q1

Q2

Q3

FY2022/5

CQ4Q1
FY2023/5

Gunosy Inc. All Rights Reserved.

25

Game8 Group

Progress in Game8

Support for game publishers by providing solutions, one of our new business pillars, is steadily
expanding, which contributed to business results.

Solution Development
Business

Solution Support Sales

Support for resolving various issues in the game life cycle
ranging from game development, pre/post-release tooverseas expansion.

Expanding

Development CBT

Before release

Pre- and postrelease

After release

Overseas
expansionDevelopment
supportAttract
customers

Increase
visibility

Long-term
continuation

Overseas
support• CBT for writers• Prior registration• Homepage
takeover• News articles• PR throughinfluencers• Gamewalkthrough wiki

• Overseas
wiki@Game8.co

Apr

May

Jun

Jul

Aug

2022
C

Gunosy Inc. All Rights Reserved.

26

" slice": Progress on KPIs

Investment

Most recently, in line with our business plan, we have been operating our business while restraining
marketing activities. As a result, AUM grew only 13% QonQ, but grew as high as 670% YonY.

AUM growth

Approx.

+13%

AUM (outstanding
loan balance)

Number of registered users

AUM growth+670%

approx.

12 million+

2020

2021

Jun

May

Apr

Mar

Feb

Jan

Dec

Nov

Oct

Sep

Aug

Jul

Jun

users

May

Apr

Mar

Feb

Jan

Dec

Nov

Oct

Sep

(YonY)

2022
C

Gunosy Inc. All Rights Reserved.

27

Investment

Investment*1

The overall cumulative investment remains in the range of approximately 5 billion yen. Although exits
were executed, there was no major change in the overall portfolio.
* Investments made since October 2018, when the investment project was launched, are included in the following:

Share

Main investee companies

Early

FintechEducation

India

Exit
executed

Mid-to-late

75%

Approx.

Commerce

MaaS

FintechFintech

NEW

Early

Real estatetechCommerce

Audio
deliveryFintech

Japan

Exit
executed

Mid-to-late
Approx.

25%

Organic EL

HR techInvestment as alimited partner*1: Investment balance including investments as an LP.

C

Gunosy Inc. All Rights Reserved.

28

New Business

YOU INWe are currently focusing on our business through "amenity and accommodation plans" deployed atseveral hotels and Japanese inns, resulting in the use of YOU IN to expand for special occasions attravel locations. Sales channels also expanded steadily, and the percentage of sales accounted for bybusiness operators (wholesale and consignment distributors etc.) grew steadily.

Products offered at
hotelsMitsui Garden Hotel Jingugaien Tokyo Premier(July 18, 2022-)

Sales by business
operators

Growing number oftransactions with a wide
variety of industries

Growth

Mar

Apr

May

Jun

Jul

Aug

2022

C

Gunosy Inc. All Rights Reserved.

29

Reference Materials: Overview of Gunosy Inc.

C

Gunosy Inc. All Rights Reserved.

30

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 August2022)
6047 (TSE Prime)

Audit corporation:

Ernst & Young ShinNihon LLC

Director (Outside), Junichi Shiroshita

Number of
employees:271(as of the end of August 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
C

Gunosy Inc. All Rights Reserved.

31

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

Gunosy Inc. All Rights Reserved.

32

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.

33

Investment Portfolio (Reposted from FY2022/5 Financial Results)

May 2019

May 2020

May 2021

May 2022

0.98

0.99

1.11

5.36

Investment
ratio(Million yen)

25,741*1

Accumulated* 2investment“Accumulated
investment” and“Estimated value + Sale
price”

5.4
Estimated value + Sale price

253

249

813

times

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).

C

Gunosy Inc. All Rights Reserved.

34

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.

35

Optimally deliver information to people around the world