Third Quarter, Fiscal Year Ending March 2022

Financial Results

February 8, 2021

United, Inc.
(TSE Mothers: code 2497)

Agenda1

Financial Highlights of theFirst Nine Months of FY03/22

P1

2

Performance by Segment in Q3 FY03/22

P7

3

Appendix

P17

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 wascreated, and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registeredtrademarks of the respective companies.
1Segments and Their Businesses

Growth drivers

Earnings drivers

We actively invest in these businesses,
which we position as our future growth drivers.

We generate stable earnings in these businesses
through operation focusing on profitability.

DX Platform Segment

Content Segment

KiRAMEX Co.

Operates TechAcademy, an online
programming school

Operates game apps such as CocoPPa Play andCrash Fever

Plus U, Inc.

Operates CHEERZ, a service to help
invigorate artists’ activities

Develops apps and systems
Brewus Inc.

DX Solution Division

Fogg, inc.

Offers consulting services to support
digital transformation (DX)* of companies

International Sports
Marketing Co., Ltd.

Operates JOOi, a crowdsourcing service
specializing in designers

LIBASE Inc.

Plans and operates Dream Mail, asweepstakes and gift site

TREiS, inc.

Investment Segment

VENTURE UNITED, inc.

Invests in a wide range of startups withgrowth potential, from seed to early stage
and middle to later stage companies

Produces sports-related websites andplans and develops media

Ad Technology Segment

UNITED MarketingTechnologies Inc.

Operates Bypass, a DSP service specializing
in smartphones; adstir, an SSP servicespecializing in smartphones; and HaiNa, an adoptimization network* Digital transformation refers to the process of companies transforming their products, services, and business models based on the needs of customers and society byusing data and digital technology in response to drastic changes in the business environment, as well as transforming the business itself, organization, processes, andcorporate culture and climate to establish a competitive advantage. (Ministry of Economy, Trade and Industry, "DX Promotion Index")2

Financial Highlights of Q3 FY03/22※Consolidated
Operating
Performance

Sales:
Operating Income:¥10,786 million (-1% YoY)
¥5,612 million (-1% YoY)

Growth Drivers
DX Platform
Segment

Sales:¥1,670 million (-13% YoY)
Operating Income: -¥382 million (-¥391 million YoY)

KiRAMEX Co.
Brewus, Inc.
DX Solution Division
LIBASE Inc.

Investment
Segment

Sales:¥6,275 million (+7% YoY)
Operating Income: ¥5,976 million (+7% YoY)

VENTURE UNITED, inc.

Content Segment

Sales:
Operating Income:¥2,121 million (+0% YoY)¥334 million (-5% YoY)

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

詳細はForP15Details
P16Ad TechnologySegment

Sales:
Operating Income:¥722 million (-32% YoY)¥376 million (-22% YoY)

UNITED Marketing Technologies Inc.

For
P16
Details

ForP8Details

ForP11
Details

Earnings Drivers*1*1 In accordance with the application of the new revenue recognition standard (ASBJ Statement No. 29 "Accounting Standard for Revenue Recognition" and ASBJ
Guidance No. 30 "Guidance on Accounting Standard for Revenue Recognition”) from FY03/22, prior year results for the Ad Technology Segment are calculated
and presented using the same standard in this report for ease of comparison. Figures before the application of the new standard are presented in the consolidated
financial statements and quarterly report disclosed on the same day as this report.
3Q3 Progress vs. Full-year FY03/22 Forecast
We have nearly reached the full-year targets for all profit lines from operating income and below.
However, we decided to leave our forecast for the full year unchanged in light of our continued investment
into the DX Platform Segment.

¥13,000 million (+3% YoY)
Operating Income: ¥5,700 million (+2% YoY)

Sales:

ConsolidatedForecast

Ordinary Income:¥5,700 million (+1% YoY)

Net Income:¥3,900 million (+5% YoY)¥186.00 (+11% YoY)EPS:

Q3 Progress vs. Full-year Forecast
83.0%

Sales
Operating Income

98.5%

Ordinary Income

98.6%

Net Income

99.4%
0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%
4

Consolidated P/L Statement
SG&A expenses decreased 16% YoY, owing largely to the office downsizing we carried out in FY03/21.

Q3 FY03/21

Q3 FY03/22

YoY(Millions of yen)Sales

10,941

10,786-1%

Gross profit

7,984

7,526-6%

SG&A expenses

2,291

1,913-16%

Operating Income

5,693

5,612-1%Non-operating income

9212-86%

Non-operating expenses

76-21%

5,777

5,619-3%

Extraordinary profit

18--100%

Extraordinary loss

177--100%

Profit before income taxes

5,619

5,619-0%

Quarterly net Income *3,850

3,875+1%

Ordinary Income* Refers to net income attributable to owners of parent
5Status of Share RepurchaseWe are currently repurchasing shares to increase our capital efficiency and stock value.
All shares being repurchased at this time are slated for cancellation at the end of March 2022.
Status of share repurchase (As of December 31, 2021)
Class of shares
repurchased

Common shares of United, Inc.

Total number ofshares repurchased

1,189,500 shares (59% of the upper limit of 2,000,000 shares)

Total purchase price¥2,010 million (67% of the upper limit of ¥3,000 million)

Period of repurchase

From May 12, 2021 to December 31, 2021
(Repurchase period ends on February 28, 2022)

Method of repurchaseMarket purchase on the Tokyo Stock Exchange(Market purchase based on discretionary dealing contract)

Cancelation of own shares (Scheduled for end of March 2022)
Cancelation of shares
being repurchased

All of the shares being repurchased at this time will be subject tocancelation(In the event the repurchase reaches the upper limit of 2,000,000 shares, thecancelation would amount to 8.9% of the total number of issued shares as ofDecember 31, 2021)

6

Agenda1

Financial Highlights of theFirst Nine Months of FY03/22

P1

2

Performance by Segment in Q3 FY03/22

P7

3Appendix

P17All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material wascreated, and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registeredtrademarks of the respective companies.
7

DX Platform Segment: Sales and Operating Income
Sales in services for companies continued to grow as we proactively expanded our business areas.
In services for individuals, rivals increased in tandem with market growth, and sales at TechAcademy continued tofall due to intensified competition for securing student enrolment.
In Q4, we expect to sustain business growth through continued expansion of services for companies and valueenhancement in services for individuals.

Sales Trend (Millions of yen)

Operating Income Trend (Millions of yen)

Services for companies
Services for individuals

712
679

-17% YoY

661

540

525

565

68

-¥50 million
YoY564

Q1-17Q2

Q3-42

Q4

Q1

Q2

Q3～～～～-92

Services forcompanies-119+101% YoY

-170-201

Q1

Q2

Q3
FY03/21Q4Q1Q2
FY03/22Q3
FY03/21

FY03/22
8

DX Platform Segment: Overall Policy

We will promote the digital transformation (DX) of individuals and companies, and advance DX in society
as a platform that can also match the two.
For the time being, we will focus on strengthening our ability to match individuals and companies in order toencourage the spread of DX for both. Thereafter, we will aim for growth of the DX Platform Segment as awhole.

Business for Individuals

Match companies andindividuals

Business for Companies

TechAcademy

TechAcademy WorksTechAcademy Career

IT Training for companies

Contributing
businesses*1*2(Wholly owned subsidiary ofKiRAMEX Co.)

*1 TechAcademy Works provides TechAcademy graduates with the opportunity to gain practical experience before findinga job or starting their own business by working with mentors on real-world projects.
*2 TechAcademy Career provides career support to TechAcademy graduates and recruitment support to companies.

9

DX Platform Segment: Strengthening the Education Quality of TechAcademy

TechAcademy, managed by KiRAMEX Co., formed a business alliance with Techpit, Inc., which operates
Techpit, a marketplace specializing in learning materials for programming.

Business alliance

The business alliance aims to offer higher-value-added services to students and companies byutilizing TechAcademy’s over 1,000 active engineers serving as mentors, and Techpit’s richcollection (over 140 kinds) of practical learning content

Representative: Representative Director Kohei Yamada
Business:

Operates Techpit, a marketplace forprogramming learning materials. Offers over
140 kinds of learning content to individuals andcompanies

10Investment Segment: Sales and Breakdown of Operational Investment Securities

We completed the sale of securities in line with the full-year plan, and recorded gains on distribution from fundinvestment as LP.

Sales Trend (Millions of yen)

Breakdown of Operational Investment Securities

5,456

InvesteeCompanies

As of December 31,2021(amount on BS)

Listed shares

Mercari, Inc.
Wonder Planet, Inc.
Cyber・Buzz, Inc.
Socialwire Co., Ltd.,etc.

Approx. ¥25.7 bn*

Unlisted
sharesMore than55 companies

Approx. ¥2.9 bn

Investment infunds as LP

31 funds

Approx. ¥1.5 bn

3,283

1,761
1,230

Q1

152

249

Q2

Q3

FY03/21

79
Q4

Q1

Q2

Q3

FY03/22*Of this amount, operational investment securities related to Mercari totaled ¥25,022 million (2.7% of shares held, as of December 31, 2021).
Listed shares are marked to market. Unlisted shares are valued at investment book value.
11

Investment Segment: New Startup Investments

In Q3, we made new investments in four startups.

Investee companies
C2C PTE. LTD.

Business description

Provides systems that support the matching of service providers and users, primarilyin C2C businesses

ventus Inc.
Supports fan business in sports and entertainment through digital trading cards

HOMMA Group Inc.

Offers housing that integrates unique proprietary architectural design with in-housedeveloped smart-home technology

Biophilia Inc.
Develops and sells fresh pet food CoCo Gourmet

12Investment Segment: Major Startup Investments

We expect to achieve consistent capital gains by continuing to invest widely in promising startups.

Post IPO

Seedto early stage
シード～アーリー

Middle to later stage

newnewnewnew

13Investment Segment: 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 to reach out to over 1,000 startups, also serve as our source of new investment projects.

Funds we invest in as LP14

Content Segment: Sales and Operating Income

Sales were up 1% YoY, while operating income declined 34% YoY. However, these YoY changes follow thetypical trend of our performance in previous years, and we expect the full-year results to come in as planned.

Sales Trend (Millions of yen)

Operating Income Trend(Millions of yen)

YoY

+1％760

749
694

671

668

699
660

174
149

125

116

Q2
FY03/21

Q3

Q4

Q1

Q2
FY03/22Q3

1Q827674

Q1

YoY-34％2Q
FY03/21

3Q

4Q

1Q2Q3Q

FY03/2215

Ad Technology Segment: Sales and Operating Income

Sales and operating income fell YoY in Web Install Ad, our continuing business, as major advertisers
temporarily reined in advertising expenditures in reaction to the falloff of stay-at-home-related spending seen ayear ago. We expect performance to recover from Q4 onward and full-year results to come in as planned.

Operating Income Trend

Sales Trend (Millions of yen)

(Millions of yen)

App Install Ad (Discontinued)
Web Install Ad (Continuing)

375359330

131-42％ YoY-53％ YoY10285260268261

15340165161162124243244268261219

193

144
Web Install Ad-46% YoY1189193257155

129148155

14076
14410976

Web Install Ad-21% YoY
Q1Q2
FY03/21Q3Q4Q1

Q2
FY03/22Q3Q1Q2
FY03/21

Q3

Q4

Q1

Q2

Q3

FY03/22

16

Agenda1

Financial Highlights of theFirst Nine Months of FY03/22

P1

2Performance by Segment in Q3 FY03/22

P7

3Appendix

P17All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material wascreated, and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registeredtrademarks of the respective companies.
17Consolidated P/L Statement for Q3 FY03/22
Difference
Q3 FY03/21

Q2 FY03/22

Q3 FY03/22
YoY(Millions of yen)

QoQ

1,943

3,347

2,686

+38%-20%DX Platform Segment

679

565

564

-17%-0%Investment Segment

249

1,761

1,230

+393%-30%

Content Segment

694

760

699+1%- 8%

Ad Technology Segment

330

261193- 42%- 26%

Other Segment-10-1-1--931

2,213

1,661

+78%

- 25%

DX Platform Segment

156

9383

- 46%

- 11%

Investment Segment

208

1,602

1,220+485%- 24%

Content Segment

320324

231

- 28%

- 29%

Ad Technology Segment

246

193

126

- 49%

- 35%

Other Segment-----

SG&A Expenses

703

657

608

-14%-8%Operating Income

227

1,556

1,053

+363%

-32%

DX Platform Segment-42-119-92--

Investment Segment

190

1,577

1,196+529%-24%

Content Segment

125

174

82-34%-53%

Ad Technology Segment

161

144

76-53%-47%

Other Segment-208-221-208--Ordinary※Income217

1,544

1,066

+390%

-31%

Quarterly net Income*

127

1,086

728

+472%

-33%

Sales

Gross Profit* Refers to net income attributable to owners of parent
18

Consolidated Balance Sheet for Q3 FY03/22(Millions of yen)

Current Assets

End of FY03/21(March 31, 2021)

End of Q3 FY03/22(December 31, 2021)

Difference

46,11544,958-1,156

Cash & Deposits

13,774

12,962-811 *Operating Investment Securities

30,95330,012-941

1,240

2,009+768-346+346

Total Assets

47,356

46,968-387

Current Liabilities

3,114

2,635-479Non Current Liabilities

8,206

7,846-359 *

8,098

7,756

-342

Total Liabilities

11,321

10,482-838

Net Assets

36,03436,486+451*

18,571

17,621-950

Non Current Assets
Amortization of Goodwill

Deferred Tax Liabilities

Unrealized Gain on Securities* Of this amount, the impact of revaluation (mark-to-market) and disposal of operational investment securities (listed shares) was as follows:
operational investment securities, +¥1,562 million; deferred tax liabilities, +¥458 million; and valuation difference on available-for-sale securities, +¥1,038 million.
19

Consolidated Sales and Operating Income in Previous Fiscal Years(Millions of yen)

Recorded gains on thesale of securities
accompanying the listingof Mercari, Inc.

Sales
Operating Income

Profitability improved despite
lower sales due to the completionof selection and concentration

22,31816,267
13,00012,609
8,385
5,552

1,509

FY03/16

11,084

8,383
1,395

FY03/17

5,101

1,648
FY03/18

FY03/19

FY03/20

5,606

FY03/215,700

FY03/22(Forecast)20

Number of Consolidated Employees and Directors(Numbers employed)
Temporary employees653

Other full-time employees (Investment Segment/HQ staff)

612
135
126
51

540

Personnel transfers
accompanying shift infocus to the DX PlatformSegment

106
46

97

79307

365
74

23
11

31
11

Q1

Q2

Q3
FY03/20

50
42348

342

332

334

335

331

48

49

50

48

54

39

58

41

37
32

34
32

34
32

70

68

57

40

37
35

101

97

97

94

97

97

134

93

65

96

99

107

108

112

110

106

267

21
11

Officers (Directors and corporate auditors of parent,including outside directors/auditors)

400

46332

Content Segment full-time employees
DX Platform Segment full-time employees48103

Ad Technology Segment full-time employees

Decline in number ofconsolidated subsidiaries
due to realignment
centered on focus areas

118888888Q4Q1Q2Q3Q4Q1Q2Q3

FY03/21

FY03/2221