June 10, 2022
Company Name: HEROZ, Inc.
Name of Representatives:
Takahiro Hayashi,
Co-Chief Executive Officer:
Stock Code: 4382, TSE Prime Market
Contact: Hiroya Mori,
Chief Financial Officer(Telephone: +81-3-6435-2495)

Notice: This document is an excerpt translation of the original Japanese document and is only for reference
purposes. In the event of any discrepancy between this translated document and the original Japanese
document, the latter shall prevail.

Notice of Changes in Uses of Funds
HEROZ, Inc. (the “Company”) hereby announces that its Board of Directors passed a resolution today tomake partial changes to uses of raised funds (“Uses of Funds”) disclosed in “Notice of Issuance and Sale ofNew Shares” dated December 6, 2019, and “Notice of Determination of Issuance Price and Selling Price, etc.”
dated December 16, 2019 (the “Public Stock Offering”), as follows.

1.

Background
The Company executed the Public Stock Offering to fund recruiting-related expenses, investments in servers
and other equipment, telecommunications expenses relating to the use of external servers, deposits and expenses,etc. for expansion of office floor space, investments and loans to companies, etc. with peripheral technologies thatcan be applied to the Company’s business, and necessary working capital to business operations.
As disclosed in “Notice of Capital and Business Alliance with VarioSecure Inc.” dated September 10, 2021, theCompany acquired VarioSecure Inc. shares pursuant to the capital and business alliance agreement. The Company
decided to change Uses of Funds raised in the Public Stock Offering after using raised funds to acquire VarioSecureInc. shares.
With respect to investments and loans to companies, etc. with peripheral technologies that can be applied to theCompany’s business, the Company is monitoring market trends on a continuous basis to consider potential
investments and loans. However, the Company expects that it will take some time for such projects to materialize, it
decided to revise the expected date for such expenditures.

12.

Changes Made
Changes made to Uses of Funds are as follows (changes underlined).

<Before>Specific Uses

AmountExpected Date for Expenditures① Recruiting-related expenses to increase capable¥1,967 million

Dec. 2019~Apr. 2022

¥1,060 million

Dec. 2019~Apr. 2022

¥234 million

Dec. 2019~Apr. 2022

¥300 million

Dec. 2019~Nov. 2021

⑤ Necessary working capital to business operations¥315 million

Dec. 2019~Apr. 2021

Total Uses of Funds¥3,876 million

AI engineers, etc.
② Investments in servers and other equipment andtelecommunications expenses relating to the useof external servers③ Deposits and expenses, etc. for expansion ofoffice floor space④ Investments and loans to companies, etc. withperipheral technologies that can be applied to theCompany’s business<After>Specific UsesAmount① Recruiting-related expenses to increase capable

Expected Date for Expenditures¥130 million

Dec. 2019~Apr. 2022

¥590 million

Dec. 2019~Apr. 2022

¥100 million

Dec. 2019~Apr. 2022

AI engineers, etc.
② Investments in servers and other equipment andtelecommunications expenses relating to the useof external servers③ Deposits and expenses, etc. for expansion ofoffice floor space④ Acquisition of VarioSecure, Inc. shares¥1,995 million

Sep. 2021⑤ Investments and loans to companies, etc. with

¥1,000 million

May 2022~Apr. 2025

¥61 million

Dec. 2019~Apr. 2021

peripheral technologies that can be applied to theCompany’s business⑥ Necessary working capital to business operations
Total Uses of Funds

3.

¥3,876 million

Future Outlook
While the impact of these changes on the Company’s performance is expected to be negligible, the Company will

make timely disclosures if relevant events that may affect future performance arise.

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