First Quarter, Fiscal Year Ending March 2023

Financial Results

August 4, 2022

United, Inc.
(TSE Growth: code 2497)

Agenda1 Financial Highlights of Q1 FY03/23

P12 FY03/23 Business Policy

P11

3 Strategies for Core Businesses

P16

4 Appendix

P26

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 was created, and actual performance andresults may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of the respective companies.

1

Business Domains and Their Components

DX Platform

Brewus Inc.

App andsystem development

Investment

DX Solution Division

KiRAMEX Co.

LIBASE Inc.

Investment Division

Consulting service
to support thedigital transformation (DX*)
of companies

The TechAcademy online
programming school, and
TechAcademy Works
through which graduates andmentors offer development
support to companies

JOOi, a crowdsourcing
service specializing
in designers

Investment in startups
and provision of support
to boost their value

Content

Ad Technology

フォッグ株式会社

株式会社インターナショナル
スポーツマーケティング

プラスユー株式会社

トレイス株式会社

ユナイテッドマーケティング
テクノロジーズ株式会社

CHEERZ, a service to help
invigorate artists’ activities

Sports-related business

CocoPPa Play,an avatar game app

Dream Mail,a sweepstakes and gift site

Bypass (DSP),adstir (SSP)* Digital transformation (DX) refers to the process of companies transforming their products, services, and business models based on the needs of customers and society by using data and digital technology in response to drastic changes in the business environment, as
well as transforming the business itself, organization, processes, and corporate culture and climate to establish a competitive advantage. (Ministry of Economy, Trade and Industry, "DX Promotion Indices")2

Financial Highlights of Q1 FY03/23

Consolidated
OperatingPerformance

Sales:¥4,776 million (+0% YoY)

Operating Profit:¥3,125 million (+4% YoY)¥586 million (+9% YoY)
¥9 million (+¥179 million YoY)

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

DX Platform

Sales:
Operating Profit:

Investment

Sales:
Operating Profit:¥3,528 million (-1％ YoY)
¥3,206 million (+0% YoY)

Investment DivisionFor
Details P8Content

Sales:
Operating Profit:¥661 million (+0% YoY)-¥22 million (-99% YoY)

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

ForDetails
P16P9Ad Technology

Sales:
Operating Profit:¥270 million (+1% YoY)
¥152 million (-2% YoY)

UNITED Marketing Technologies Inc.

ForDetails P10For
Details P72Q詳細は3

Consolidated P/L Statement
We transferred joint operating rights for Crash Fever on May 1, 2022. This resulted in ¥359 million in extraordinary income.

Q1 FY03/22

Q1 FY03/23

YoY(Millions of yen)

Sales

4,752

4,776

+0%

Gross profit

3,651

3,796+4%

SG&A expenses

647

670+4%

Operating Profit

3,003

3,125+4%

Non-operating Income

109△11%Non-operating expenses

59+65%

3,008

3,125+4%

Extraordinary income-359+359

Extraordinary losses-2+2Profit before income taxes

3,008

3,481

+16%Profit*

2,060

2,399+16%

Ordinary Profit※* Refers to profit attributable to owners of parent

4

Q1 Progress vs. Full-year FY03/23 Forecast
Progress versus the full-year targets exceeded 50% for all profit lines from operating profit down, owing to the sale of securities
partially executed ahead of schedule. However, we decided to maintain our forecast for the full year as we will continue to makeinvestments for the growth of our core businesses.

Consolidated
Forecast

Sales:：¥12,800million（+ 1% YoY）

Operating Profit：¥5,800million （+ 1% YoY）

Ordinary Profit：¥5,800million （+ 1% YoY）

Profit *：¥4,200million （+10% YoY）

EPS：

¥208.00（+12% YoY）

Q1 Progress vs. Full-year Forecast (as of the end of Q1 FY03/23)
Sales

37.3%

Operating Profit

53.9%

Ordinary Profit

53.9%

Net Income

57.1%

5Status of Share Repurchase
We have been repurchasing our shares to improve capital efficiency and boost share value.
All treasury shares resulting from the repurchase at this time are scheduled for retirement effective February 28, 2023.

Status of share repurchase (as of June 30, 2022)
Class of shares
repurchased

Common shares of United, Inc.

Total number ofshares repurchased

165,900 shares (30% of the upper limit of 550,000 shares)

Total amountrepurchased¥269 million (27% of the upper limit of ¥1,000 million)

Period of repurchase

May 12, 2022 to June 30, 2022
(Repurchase period ends on December 23, 2022)

Method of repurchaseMarket purchases on the Tokyo Stock Exchange(based on a discretionary trading contract)

Retirement of treasury shares (Planned retirement date: February 28, 2023)
All shares to be repurchased as part of the program will be subject to retirement.
Retirement of treasury
shares being repurchased(In the event the repurchase reaches the upper limit of 550,000 shares, theretirement would amount to 2.7% of the total number of issued shares as of May11, 2022)

6

DX Platform: Sales and Operating Profit
Sales were up YoY thanks to expansion of the Personnel Matching business.
Operating profit increased YoY on improved efficiency in securing student enrollment at TechAcademy in the Education business.

Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

Education business
Personnel Matching business
Other businesses

YoY：+9％

YoY：+179万円

664540565586564

9～ ～ ～0△92△119△170
1Q
1Q

2Q
2Q

3Q
3Q
FY03/22

4Q
4Q

1Q
1Q
FY03/23

1Q

2Q

3Q
FY03/224Q

1Q
FY03/237

Investment: Sales and Breakdown of Operational Investment Securities
Sales came in largely on par YoY as we booked gains on sales of investment securities and gains on distributions from investment
in funds as LP.

Sales Trend (Millions of yen)

Breakdown of Operational Investment Securities

InvesteeCompanies

YoY：△1％

3,283

3,258

Listed shares

Unlisted
shares

1,761• Mercari, Inc.
• Wonder Planet, Inc.
• CyberBuzz, Inc.
• Socialwire Co., Ltd.,etc.

As of March 31,2022(amount on BS)

Approx.

78bn

More than※

62 companies

Approx.

31bn

35funds

Approx.

17bn

1,230
Investment infunds as LP

304
1Q
1Q

2Q
2Q

FY03/22

3Q
3Q

4Q
4Q

1Q
1Q

FY03/23*Of this amount, operational investment securities related to Mercari totaled¥7,098 million.
8Content: Sales and Operating Profit
Sales were largely on par YoY. Growth at Fogg, Inc. offset a sales decline resulting from the transfer of joint operating rights for Crash
Fever. Operating profit fell YoY because of the transfer and an increase in sales promotion costs at Fogg.

Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

YoY：+0％

YoY：△99百万円

174765760

699660661827684

△221Q
1Q

2Q
2Q

3Q
3Q
FY03/224Q
4Q1Q
1Q
FY03/23

1Q

2Q

3Q
FY03/224Q

1Q
FY03/239

Ad Technology: Sales and Operating Profit
Results were largely on par YoY thanks to the recovery of ad placement demand among major advertisers.
We expect to generate stable sales and earnings in Q2 and beyond.

Sales Trend (Millions of yen)

Operating profit Trend (Millions of yen)

YoY：+1％268

270261
193

1Q
1Q

YoY：△2%

2Q
2Q

3Q
3Q
FY03/22155152

144

195

4Q
4Q

1Q
1Q
FY03/23

1Q
1Q

2Q
2Q

FY03/227677

3Q
3Q

4Q
4Q

1Q
1Q

FY03/2310Agenda

1 Financial Highlights of Q1 FY03/23

P1

2 FY03/23 Business Policy

P11

3 Strategies for Core Businesses

P16

4 Appendix

P26

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 was created, and actual performance andresults may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of the respective companies.

11Purpose
People who push themselves forward.
Businesses that move society forward.
The betterment of society is driven by people
and businesses with willpower.
Strong willpower is the source of energy thatchanges society for the better.

Maximize willpower andaccelerate the bettermentof society.

UNITED will maximize this energy and willpower.
We will provide knowledge and opportunities topeople with willpower.
We will provide funds and know-how tobusinesses with willpower.
And when both parties meet, their mutual
growth will spark even further growth.
This cycle of growth will enrich society.
We will move society in a better direction fasterwith willpower.

We will maximize willpower and accelerate thebetterment of society.
12Core Businesses
In line with our purpose statement, the Education and Personnel Matching businesses within the DX Platform as well as theInvestment business have been designated as our core businesses for driving growth going forward.

DX Platform

Investment

Brewus Inc.

DX Solution Division

KiRAMEX Co.

TechAcademy

CoreBusiness

Educationbusiness

LIBASE Inc.

Investment Division

TechAcademy
Works

Personnel Matchingbusiness

Investment
business

13Collaboration of the Core Businesses
We will build unique strengths by enhancing collaboration among core businesses and creating synergies.

Supply trained digital
personnel

Education business
Online education service thatallows students to gain digitalskillsMatch personnel who
can contribute to growthof investee companies

Personnel Matchingbusiness

Investment business

Matching of digital personnel(mainly freelancers and thosetaking on side jobs) with growthoriented companies

Provision of capital andhands-on support toenhance the value of startups

Provide education
curriculum

Provide access tostaffing needs atstartups

14Growth Mechanism
We will build a unique growth mechanism where the growth of each core business will lead to mutual enhancement of competitive
strengths and KPIs.

教育事業

人材マッチング事業

投資事業

Increase the levelof skills gained

Improvematching rate

Expand investment
opportunities

Expand/improveeducation service

Expand/improvetalent pool

Accumulate
skills/know-how

KPI

Widen reach to
growth companies

Increase matching
opportunities

Boost number and averagespend of service users

KPI

Boost number and averagespend of client companies

Discover superior
growth companies

Build investment
track record

KPI

Increase investment projects
and raise growth rate

Growth of core businesses as a whole15Agenda1 Financial Highlights of Q1 FY03/23

P1

2 FY03/23 Business Policy

P11

3 Strategies for Core Businesses

P16

4 Appendix

P26

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 was created, and actual performance andresults may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of the respective companies.

16

Education

Personnel Matching

Investment

Personnel Matching Business: Growth Policy
We match digital personnel, particularly those who take on side jobs or work freelance, with growth-oriented companies.
We plan to step up our investments based on the growth policy outlined below.

①Promote growth ofexisting businesses②Strengthen M&A as
well as capital andbusiness alliances③Strengthen
development of newbusinesses

Expand business scale of JOOi

Expand and improve ourLaunch matching service(LIBASE Inc.) andbusiness portfolio throughbetween digital personnel andTechAcademy Works

M&A as well as capital andgrowth-oriented companies,(KiRAMEX Co.)business alliances.

focusing on our investeestartups, in multiple fields.

17Education

Personnel Matching

Investment

Personnel Matching Business: 1. Promote Growth of Existing Businesses
The numbers of projects handled by JOOi and TechAcademy Works are both rising steadily. We will enhance the strengths of thesebusinesses to further expand the scale of their operations.

JOOi

TechAcademy Works

Increase the number of high-skilled top designers by

Increase project count by continuously expanding theinvesting in ads and stepping up marketing efforts

number of workers* in collaboration with TechAcademy

Number of projects

Number of projects＋68%

1Q FY03/22＋712%

1Q FY03/23

1Q FY03/22

1Q FY03/23※Tech Academy Graduate
18Education

Personnel Matching

Investment

Personnel Matching Business: 2. M&A and Capital/Business Alliances
We executed two M&A transactions and two capital/business alliances in order to expand the domain of the Personnel Matchingbusiness. We will continue to actively pursue M&As and capital/business alliances.

M&A

Capital/ Business Alliances
2022. 7. 4

Cocodoru, Inc.

2022. 6. 10

HeaR Inc.

Operates a work-ready-resource sharing

Offers Job Test, a SaaS to test

business and a job-by-job matching businessapplicants’ skills, and operates a recruitment

for those who take on side jobs

consulting service

2022. 8. 3Innoop Inc.

Operates a hiring support business,an RPA support business, anda consulting service

2022. 6. 23

Lbose, Inc.

Operates ATTEND biz, a support platform forthe development of digital products
19Education

Personnel Matching

Investment

Education Business: Growth Policy
We provide online education services that enable students to gain digital skills.
We intend to expand the scope of this business based on the growth policy outlined below.

①Enhance the value we provide bycollaborating with the Personnel
Matching business②Expand into new fields

Strengthen collaboration between

Launch education service in new fields,

TechAcademy and TechAcademy Works toleveraging the needs cultivated in thesupport the acquisition of practical skills thatInvestment business and the Personnel

lead to various career paths

Matching business.

20

Education

Education Business:
Enhance Value through Collaboration with Personnel Matching

Personnel Matching

Investment

We will provide graduates of TechAcademy with the opportunity to acquire practical skills through TechAcademy Works, thereby
supporting the realization of diverse career paths.

Education business
Takes
classes

Personnel Matching business
Completion

Student learns digital skills
online with the support ofan active engineer who
serves as a mentor

Practical work
opportunities

Improves
skillsStudent gains practical skills
by working with the mentor
to provide development
support to a company

Employment/
career change
Career PathSide job/
freelancing

21Education

Personnel Matching

Investment

Investment Business: Growth Strategy
We provide funding and hands-on support mainly to seed- to early-stage startups so that their value can be enhanced.

①Strengthen hands-on support
through business collaboration②Expand number ofinvestment projects• Cooperate with the DX Solution Division toutilize their consulting expertise and provide
investee startups the know-how for growth.

In line with our purpose statement, boost
the number of investment projects,
particularly those involving seed- to earlystage startups.

• Work with the Personnel Matching businessto provide digital personnel that suit theneeds of investee startups.

22

Education

Personnel Matching

Investment

Investment Business: Major Startup Investments

Post IPO

Middle to later stage

Seed to early stage

23

Education

Personnel Matching

Investment

Investment Business: 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 LP24

Agenda1 Financial Highlights of Q1 FY03/23

P1

2 FY03/23 Business Policy

P11

3 Strategies for Core Businesses

P16

4 Appendix

P26

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 was created, and actual performance andresults may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of the respective companies.

25

Consolidated P/L Statement for Q1 FY03/23(Millions of yen)

Q1 FY03/22

Difference

Q1 FY03/23

YoY (Amount)

YoY (%)

4,752

4,776+23+0％

DX Platform

540

587+46+9％

Investment

3,283

3,258

△25△1％Content660

661+0+0％Ad Technology268270+2+1％

Other△0△1△0-Gross Profit*1

3,651

3,796+145+4％

DX Platform△3215+218-

Investment

3,226

3,226

△0△0％

Content

223153△70△31％Ad Technology

204201

△2△1％

Other

△0△0+0-

SG&A Expenses

647

670+23+4％

Operating Profit

3,003

3,125+122+4％

DX Platform△1709+179-

Investment

3,202

3,206+4+0％

Content

76△22△99-Ad Technology

155152

△2△2％

Other

△260△221+39-

Ordinary Profit

3,003

3,125+117+4％

Profit*2

2,060

2,399+339+16％

Sales*1 Cost of sales for each business mainly includes advertising, outsourcing, and personnel expenses.

*2 Refers to profit attributable to owners of parent26

Consolidated B/S Statement for Q1 FY03/23
Decrease in assets and liabilities mainly due to mark-to-market valuation and sales of listed shares held.

(Millions of yen)

End of FY03/21(March 31, 2021)

End of Q1 FY03/23(June 30, 2022)

Difference

34,17929,962△4,217

Cash & Deposits

12,165

13,095+930

Operational Investment
Securities

18,78912,613△6,176

4,521

3,908

△612327308△1938,701

33,870△4,830Current Liabilities

2,812

2,763

△49

Non Current Liabilities

5,600

3,593

△2,006

5,524

3,531

△1,992

8,412

6,356

△2,05530,28827,513△2,774

9,601

5,216

△4,385Current Assets

Non Current Assets
Amortization of Goodwill
Total Assets

Deferred Tax Liabilities
Total Liabilities
Net Assets
Valuation Difference on
Available-for-sale Securities* Of this amount, the impact of revaluation (mark -to-market) and disposal of operational investment securities (listed shares) w as as follows:※operational investment securities, -¥6,332 million; deferred tax liabilities, -¥1,935 million; and valuation difference on avail able-for-sale securities, -¥4,385 million.
27

Sales and Earnings (FY03/13–FY03/22)(Millions of yen)

Recorded gains on the saleof securities accompanying
the listing of Mercari, Inc.

SalsesOperating Profit

Designate core businesses
in line with our purpose
statement

22,318

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

16,267

12,60912,80012,714

11,084
8,385

8,383

5,552

5,101

4,325

3,955
2,530

1,509
2138370

FY03/13

FY03/14

FY03/15

FY03/16

1,395
FY03/17

5,606

5,738

5,800

1,648

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22※

FY03/23*We adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29) and the ASBJ Guidance No. 30 (Implementat ion Guidance on Accounting Standard for
Revenue Recognition) from FY03/22. In this document, we applied this standard to the past earnings of the Ad Technology busin ess in order to make the comparison easier.
28

Number of Consolidated Employees and Directors（単位：百万円）
Temporary employees

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

Ad Technology full-time employees

Content full-time employees

DX Platform full-time employees

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

365

348

342

332

334

335

331

325

325

50

48

54

58

56

51

41

37

37

3457

34

30

40

35

3232

32

31

27
31

101

97

97

94

97

97

93

94

100

96

99

107

108

112

110

106

106

105

88

8

8

8

88

8

11

1Q
1Q

2Q
2Q

3Q
3Q

4Q
4Q

1Q
1Q

2Q
2Q

3Q
3Q

4Q
4Q

50
42

68

48

49

39

FY03/21

FY03/22

1Q
1Q

FY03/2329