Risk s & Oppor tunitie s

053

Risks & Opportunities

Risks to Sustainable Growth of the Company

Sustainability
Classification

Superior
Creation

Risk item

Social Change

Adaptability
to change

Superior
Technology
Adaptability
to change

TechnologicalInnovation

CyberAgent has implemented various initiatives to continue to create new opportunities in the everchanging internet domain. We strive for sustainable growth by focusing on our ability to respond tochange while adapting our initiatives to the situation.

Our Approach

Procedures and Systems
that Provide Countermeasures

・Risks related to future
uncertainties, includingchanges in social conditions,
economic conditions/economic downturn, andmajor changes in accounting
standards or taxation systems

We are implementing a series of initiatives to enhance our ability torespond to change as we develop our business based on the internet
industry, where technological innovation and consumer preferenceschange rapidly.
While continuously creating new businesses and aggressively investing inareas that need strengthening for business expansion, we can flexibly
change our business portfolio and achieve sustainable growth by making
timely business transformation and market exit decisions. We are currently
using AI technology to develop products and improve operational efficiency
in various areas, including the advertising business.

"Ashita Kaigi"

・Existing technologies andservices becoming obsolete
due to the emergence of newtechnologies

Our group's wide range of services―including ABEMA, over 50 titles ofsmartphone games, and advertising products using AI technologies―arecreated by over 2,500 engineers and creators. We have formed a researchorganization to promote industry-academia collaboration to incorporate
the latest technologies across various business areas. Aiming to balance
solving business challenges and contributing to academia, CyberAgentleads Japan* in the number of scientific papers adopted at international
conferences in AI research.
To promote technology management, we have also allocated highly
skilled and experienced personnel as leaders who can make quick
decisions with management strategy and development. Furthermore, touse cutting-edge technologies in our business, we certify individuals withoutstanding knowledge and skills in specific areas as experts and support
their activities internally and externally.

AI LabContent

・Loss of competitiveness dueto the inability to predict orslow prediction oftechnological innovation* Source: "AI Research Ranking 2022," calculated based on the paper results of
ICML2021 and NeurIPS2022(a meeting to decide on new business initiatives
and solutions to company-wide issues)

Opportunities(value creation)

To generate new value
through the creation of
new businesses

Financial Strategy Meeting(strategy presentations by business managers)

CAKK Program(a program to manage the growth ofCyberAgent's (CA) businesses and subsidiaries
with the goal of continuously increasing"enterprise" (K, Japanese=kigyou)"value" (K, Japanese=kachi).

(R&D organization)

Leader Certification Program(technology management)

Developer Experts Program(enhance technical capabilities)

CA BASE SUMMIT("Ashita Kaigi" for technical staff)

CA BASE CAMP
(technology conference)

To create new value,
including new services
that utilize the latest
in technology

054

Risks to Sustainable Growth of the Company

Sustainability
Classification

Superior
Technology

Risk item

Information
Security

Adaptability
to change

Content

・System outages due to malware
infection or unauthorizedaccess, data corruption, andinformation theft

Our Approach

Procedures and Systems
that Provide Countermeasures

As an internet service provider entrusted with significant amounts ofpersonal data, we are working to reduce information security risks andprotect personal information through measures based on four key
elements: organization, people, technology and office.

Information Security
Protection of personal information
Japan CSIRT Association

・Loss, leakage, removal or
misuse of personal, technical orother important information

FIRST

・Financial damage or loss oftechnological competitivenessdue to a third party exploiting
leaked critical information

Japan Network Security Association

Opportunities(value creation)

To gain public trust byproviding safe, secureand reliable services(Forum of Incident Response and Security
Teams)(JNSA)

・Reputation damage, incurringof damage compensation, lossof public trust, loss ofopportunities, etc. arising fromthe above

Superior Talent
Adaptability
to change

Securing
Human
Resources

・Intense hiring competition
making it virtually impossible
to recruit and retain enoughtalented people
・Lack of management
succession

To secure highly capable personnel, we have implemented a number ofHR measures that emphasize "hiring, training, active utilization, andputting the right person in the right place" and provide an environmentand system in which each and ever y employee is able to wor k
independently and produce results. To recruit outstanding talent fromacross Japan, we continue to aggressively recruit employees in line withthe times, such as through inter nships and online recr uitment
conferences, and we also create a culture in which employees areactively involved in recruitment efforts.
To develop the next generation of leaders, we also work to develop
successors by providing the opportunity for approximately 20 selected
members to participate in a President Training Program based on acustomized curriculum.

DASH(onboarding policy for prospective employees)

President Training Program(successor development)

CyberAgent Awards(company-wide awards)

CA BASE AWARD(technical awards)

JB Career Program(technical career development)

YMCA(youth activation)

Reskilling Center(skill improvement)

CA Seminar Program(skill improvement)

To boost
competitiveness andachieve sustained
corporate growth bybolstering humanresources

Risks to Sustainable Growth of the Company

055

Our Approach

Procedures and Systems
that Provide Countermeasures

・Outflow of talent due to lack ofa healthy, hygienic work
environment for employees

We place a high value on employee job satisfaction and strive tomaintain an environment and health management system that allow
employees to do their best work without experiencing physical ormental stress. We promote a number of health initiatives, including
monitoring of working hours to prevent overwork, measures to increase
the rate of regular health check-ups, and in-house seasonal flu
vaccinations (free of charge), as well as the opportunity to meet with an
occupational health physician as needed and a licensed clinicalpsychologist once a month for those who wish to see a counselor.

Healthy Workstyle

To boost hiring
competitiveness andensure growth
opportunities by
providing a pleasantworking environment

NaturalDisasters, etc.

・Changes in the businessenvironment due to climatechangeTo contribute to the realization of a sustainable society, CyberAgent
strives for a balance in reducing the environmental impact of climatechange while maintaining the efficiency of business activities.
If an earthquake, typhoon, or other natural disaster should occur,
CyberAgent has systems in place to quickly and appropr iately
implement crisis management and recovery measures.

Environment

To create sustainable
societies

Legal
Regulations

・Impact on business activities
due to tightening of regulations
and the establishment of new
guidelines and self-regulatory
rules in our business areas

Including the Japan Association of New Economy (JANE), we belong toindustry groups connected to each of our business areas, and we strive
to build relationships with relevant ministries and agencies while
carrying out other activities such as information gathering and making
policy recommendations.

Japan Association of New Economy

To create business
opportunities

・Loss of trust or damage tocorporate value as a result ofstaff violating laws orinfringing on the intellectual
property rights of a third party

Our Mission Statement, which is our code of conduct, clearly states ourintention to be a "highly moral company that thoroughly complies withthe law." Accordingly, we require all employees to act with a strong
sense of ethic s and responsibility for their actions, provide thenecessarytraining to do so, and conduct regular audits.

Mission Statement

Sustainability
Classification

Risk item

Superior TalentWorking
Environment

External
Environment

External
Environment

Adaptability
to change

GovernanceComplianceContent(JANE)

Opportunities(value creation)Council for Sports Ecosystem Promotion
Lobbying activities

Risk GEPPO(pulse survey of all employees 4 times a year
to identify potential risks in the company)

Compliance Training

To eliminate
non-compliance andfoster public trust

056

Risks to Business Growth

Sustainability
Classification

Governance

Governance

GovernanceRisk itemMedia
Business

Internet
Advertising
Business

Game
Business

Our Approach

Procedures and Systems
that Provide Countermeasures

・Damage to our brand image,loss of public trust or
confidence, and claims fordamages compensation fromusers, including minors, who
suffer damage while using our
media services.

CyberAgent is committed to sound management of all media services
that we operate in order to protect underage users as well as provide asafe and secure environment for all people who use our services.

Safe and Sound Media Service Operation

・Improper billing of advertisingexpenses from ad fraud, loss of
public trust or confidence in the
Company's advertising businessdue to damage to advertisers'
brand value, compensation
claims due to damages, changes
in transaction conditions or
product specifications due torestrictions on personal
information in and outside Japan,
guidelines and regulations on AI
ethics, infringement of third
party rights by AI-basedalgorithms and deliverables, etc.

In our advertising business, CyberAgent has been focused on improving
our advertising-related compliance structure. As a leading internet
advertising company, our goals are to promote sound and transparent
advertising transactions, and to be an advertising agency to which
advertisers can place ads with full confidence. In addition, we promote
the use of AI with caution, understanding the need to avoid bias andinfringement of rights about the data used, the scope of use, decision
criteria, the algorithms that lead to decisions, and deliverables.

Advertising Compliance

・Damage to our brand image,loss of public trust or
confidence, and claims fordamages compensation fromusers, including minors, who
suffer damage while using ourgames

In all the games that we operate, CyberAgent is committed to protecting
young users and providing fun games in a safe and secure environment
for all people who use our services. To ensure this, we deliver services
in strict compliance with all relevant guidelines.

Safe and Sound Gaming Operations

Content

Safe and Sound Dating App Service
Japan Internet Safety Promotion
Association (JISPA)

Opportunities(value creation)

To foster social trust as asafe and secure service
provider by developing
procedures and systems
that protect users

Mobile Content Forum (MCF)
Marriage Support Project

Research Ethics Guideline
Japan Interactive Advertising
Association (JIAA)
Japan Advertising Review Organization(JARO)
Japan Joint Industry Committee for
Digital Advertising Quality & Qualify(JICDAQ)

Computer Entertainment Supplier's
Association (CESA)

To foster public trust asa safe and secureservice provider by
understanding theimportance of
establishing procedures
and systems that protect
advertisers as well as AI
ethics.

To foster social trust as asafe and secure service
provider by developing
procedures and systems
that protect users

Risks to Business Growth057

Sustainability
Classification

Risk item

Adaptability
to change

Investment
development
business

Adaptability
to change

M&A(corporate
acquisitions,etc.)

Our Approach

Procedures and Systems
that Provide Countermeasures

・Situations where theperformance of a company
that we have invested inpublicly or privately
deteriorates to a point that weare unable to recover ourinvestment.

With investment and support areas that are specialized for the internet,
we implement highly-specialized incubation activities that provide
CyberAgent's internet business expertise.

CyberAgent Capital, Inc.

・Discovery of unrecognizedliabilities after an M&A,
occurrence of contingent
liabilities, poor businessdevelopment after theacquisition, etc.

We investigate the target company in as much detail as possible inadvance, and after fully considering any risks, we rapidly proceed with
the M&A if we deem it necessary for future growth.

Content(investment development business)

Fujita Fund(an initiative that supports entrepreneurs)

Monthly Pitch(monthly event that brings together start-up
companies, other VCS, etc. to pitch ideas)

Rapid investment action
Operational support by dispatchinga management team
Follow-up governance support
by CyberAgent Group

Opportunities(value creation)

To contribute to the
expansion of theinternet industry bysupporting venturecompanies withcommitments from seedand early stages.

To strengthen businessby acquiring new
management resources
and increase thecorporate value of thetarget company andCyberAgent Group

ESG

059

ー

A Corporate Culture of Taking on Challenges ー

At CyberAgent, employees significantly contribute to our competitiveness and are thesource of our corporate growth. It goes without saying that we have focused on humanresource development, but our efforts do more than just that.
We believe cultivating a corporate culture and foundation of growth for our talentcomes first.
We spoke with Senior Managing Executive Officer Yuko Ishida to learn more about ourhuman resource development policy, our philosophy regarding “self-leadership” and“freedom and responsibility,” as well as why 87.5%* of employees believe working at
CyberAgent is “meaningful and rewarding.”* Stress test conducted in FY2023

060

Yuko Ishida
Senior Managing Executive Officer
General Manager, Recruitment Strategy DivisionCorporate Culture: The Foundation of
Employee Development― What is CyberAgent’s human resource development policy?
Our mission is to “nurture talent with decision-making
experience.” We aim to develop talent with self-reliance and theability to make their own decisions so that they may growindependently.
To achieve this goal, we identify the unique talents of each
employee and utilize their knowledge and skills while also
providing tasks and opportunities to develop their strengths. As
they gain various experiences and knowledge in the process,even failure becomes a valuable ingredient for the next
opportunity. We consider this entire cycle to be “humanresource development.”
Of course, every employee must possess the knowledge
necessary for each division/line of work and receive training invarious areas, such as risk management and leadership.
However, rather than a one-size-fits-all approach, we prefer to leteach business and line of work create its own development plan
based on what best supports growth in their respective positions.
This is because, as a company that deploys diverse businesses
in line with changing times and technological innovation, theskills and knowledge required are constantly being updated.
Training alone won't help our people to grow. These efforts
would be pointless without providing a 'nurturing foundation'
where they can make use of what they have learned and haveopportunities to make decisions and implement them.
Since the dawn of the internet, we have worked to realize ourvision “to create the 21st century’s leading company” and havegrown by cultivating new markets and developing numerous
business ventures. The cumulative experience of success andfailure over the past 25 years has created a culture of taking onchallenges, even the most difficult ones.
The growth of individuals can be achieved by a combination of
the number of decisions they've made and the difficulty of themissions they've been on. Missions completed will lead to thecompany's growth- so the individual's growth equals thec o m p a n y ' s g r o w t h . We b e l i e v e t h a t c r e a t i n g g r o w t hopportunities for individual employees is critical to thedevelopment of our people.

Ideally, We Want to Cultivate a Cycle of
Self-Growth for Employees― Since CyberAgent’s foundation, there have been a numberof original growth measures and systems.
We value being self-directed to "think, decide, and do yourwork." The same goes for training and development - we canthink and try quickly as long as it is part of our principle torecruit, develop, nurture, and place people.
A notable example of this philosophy is Ashita Kaigi (Meeting
for Tomorrow), which brings together management andemployees from different areas and levels of experience todiscuss issues and future prospects for the company. The main
purpose of this meeting is to generate new business andregularly identify issues within the company. But it is also avaluable opportunity for employees to stimulate management
thinking. It has helped to launch countless initiatives.

061

Ashita Kaigi is an annual company-wide event, but it is also held
on a smaller scale in each subsidiary, division, department,
profession, and age group, contributing to the growth of many
employees.
Examples of Ashita Kaigi initiatives include Career Agent, ourinternal headhunting team, and GEPPO, a survey system tomonitor employee conditions and career aspirations. Bycollecting and analyzing information on employees, we canidentify their talents and help them to develop and achieve
appropriate placement.
Career Agent is also responsible for the operation of Career
Challenge, an internal transfer listing system for employeesinterested in changing divisions, which has successfullytransferred roughly 70% of applicants.
Another example is YMCA (Young Man CyberAgent), a projectthat supports and encourages young employees in their 20s.
This project brings together willing younger members to discuss
issues such as how to further develop high-performing
20-somethings, what factors are missing in younger employees
like themselves, and what activities can benefit the company inthe future. Younger members think for themselves, make theirown decisions, and carry out activities, recruiting those aroundthem as they see fit. These activities are then passed on to thenext generation. The whole process is an opportunity for growth.
"Freedom and responsibility" is an important philosophy at
CyberAgent. These activities to think freely and realize one's
visions with one's own hands also help to bring out the
motivation and commitment of the members. Simply put, ourYuko Ishida
Senior Managing Executive Officer
General Manager,
Recruitment Strategy Division

Apr. 2004 Joined CyberAgent, Inc.
Feb. 2013 President of Pashaoku, Inc.
Sep. 2014 President of Woman&Crowd, Inc.
Oct. 2016 Executive Officer
Oct. 2020 Senior Managing Executive Officer(current position)

062

ideal is for people to achieve a natural cycle of self-learning, overcoming challenges on their own andusing any failures to move on to the next opportunity as they see fit. This ensures the growth of both
our people and our business.
― How is top management involved in employee development?
At CyberAgent, executives and employees have a close relationship where they can freely consult with

Our unique measures and projects to elicit motivation and commitment
Explanatory note

［Typical Initiatives］

CultureHuman Resource Development

2000

Creativity
Technological Capability

each other, and there is a high level of executive participation in various internal events, such as
recruitment activities and social gatherings. We pride ourselves on our high level of internal

Created Visioncommunication, both in terms of frequency and quality. When executives are committed to employee
development, it boosts the enthusiasm and intent of those on the receiving side, our employees.
involves extensive discussion of member-related agendas. This is where we share information about
members' current circumstances and decide their placement based on their profile pictures. As a company

2005

Internal transfer
recruitment
systemCAJJ Program
Transformed to CAKK
program in 2022.

――What kind of personality will be needed to take the company forward?

Strengthen
recruitment andtraining of engineers

Our vision for the future is reflected in our Vision and Purpose.
We have chosen to use abstract language so that employees are free to interpret our statements andReleased
Missionstatement

visualize the company's future in relation to themselves.
It's okay for everyone to be different. We don't believe everyone's goal should be to become amanager or leader, and we don't intend to create a highly homogeneous organization.
of employees who are surprised by their own abilities." We are trying to create an environment that helps

Monthlymeeting

Career
Challenge

with over 6,000 employees, I don't think many companies of a similar size go into this level of detail.

As Managing Executive Officer and CHO Tetsuhito Soyama always says, "We want to increase the number

CyberAgentAward

To createthe 21st century sleading company

In addition, more than half of our weekly board meeting is devoted to human talent strategies, which

87.5%* of Employees Responded That
Their Work is "Meaningful and Rewarding"*Years indicate the year inwhich each project started.

The slogan"Technology-Led
CyberAgent" is made.

GEPPO
Pulse survey toBusiness
Idea Contest*Discontinued
in 2015.

Meeting
for Tomorrow
The management meeting
to decide on new businessand solutions tochallenges

CA8
Director rotation
system2010

Trainersystem*Discontinued
in 2018.

Career Agent
Support for employeetransfers and talentdevelopment

ProjegtReporting

check employee s
condition

List organizational
and individual goals
on a poster

063

macalonpackage

YMCA
our people be motivated, be themselves, be self-directed, and perform to the best of their potential.

2015

System for supporting
young people at
the workplace

ENERGY
System for supporting
engineers s careersand skill training― Have you noticed any differences since the Purpose was first introduced?

Career
Programshift is regardless of the length of service. Whether they are in their first year or their tenth, they can beclearer about their own intentions and what they want to achieve. I believe that the introduction of the
future that the company is aiming for and overlap it with their own raison d'être.

high compared to the average in Japan.
I imagine that 'why do you think so' is different for everyone. However, I believe that creating anenvironment where people can feel a clear sense of growth is one aspect that contributes greatly.
At CyberAgent, we select and promote people for new opportunities on a regular basis. It's not about
handing out titles. It's about valuing people and giving them certain types of work with highexpectations - even for tasks that may seem small. The cycle of decision-making, success or failure,

CAramelNext-genManagement
OfficePurpose has increased the number of employees motivated to work because they resonate with the― 87.5% of employees responded that their work is "meaningful and rewarding,"*1, which is quite

YJC

JB

The clarity of the vision that each of the employees has seems to have improved considerably. This

Developer
Experts
Program

2020
Created Purpose

To break throughstagnation with new power
and the internet

perspective shifts more toward the bigger picture, leading to encouraging a team mindset aroundthem. Ultimately, these things make for a meaningful and rewarding workplace.
In recent years, human capital has become a more widely recognized concept, and at CyberAgent, we
also believe that people are our best source of competitiveness and business growth.
We will continue to broaden the horizons of each and every one of our employees and aim for evengreater growth. I believe that the new businesses and values created through such ventures will help
create a vibrant society.
* Stress test conducted in FY2023

Recruitment projectby employees who
are not in the HR
department

Financial
Strategy Meetings

Executive
Education
for leadership
succession

Reskilling
CenterPresentations by businessheads on their strategies for
managerial development
and business growth

CTO
Management
Officeand reflection and learning will build confidence in our people.
When employees see how their own growth contributes to the organization as a whole, their

System for supporting
women atthe workplace

CAKK Program
Meeting structure forcontinuous improvementof the group s
corporate value

Tech
DE&I
Project

Principal
recognition
system forengineers andscientists

064

New employees
who feel they are taking
on challenges*
Senior Managing Executive Office Yuta Iizuka, who provides opportunities for dialog
with over 70 new and prospective employees, explains that "people are the mostimportant thing for a company's growth, which is why I believe it is important for me
to fulfill my role by meeting directly with the people I will be working with to help them
* New employee respondents:
Employees in the April 2023 CyberAgent Business Course

understand the company and its operations, and to pique their interest in thecompany. Another reason I'm eager to meet with young employees is to identify theirtalents as soon as possible.""Regardless of how long they have been with the company, employees at CyberAgentare given a great deal of autonomy. In fact, I myself launched Sirok, Inc. as a
subsidiary when I was still a prospective employee. I want them to know that if they

Yuta Iizuka
Senior Managing Executive Officer
Nov. 2011 President of SIROK, Inc. (current position)
Apr. 2012 Joined CyberAgent, Inc.
Oct. 2014 Became CyberAgent's youngest Executive Officer (at the time)
Oct. 2020 Senior Managing Executive Officer (current position)find the right approach and work hard, such as being the first to volunteer for projects
and setting high goals, they can achieve unimaginable things. I also believe that acompany's culture can flourish when new hires are given the opportunity to makedecisions and contribute to an atmosphere conducive to achieving their best."

065

AI analysis of traffic volume torealize smart cities

AI x Solving
Society's
Challenges
CyberAgent is utilizing AI technology to solvea variety of challenges faced by society.

Automated telephone support service
Enhancing telephone support, which is in high demand by
local governments, takes a lot of time and money
because it normally requires securing personnel andtraining them. By automating telephone support throughthe use of AI, we make it possible to set up highly
convenient and satisfying public services while
minimizing costs, such as the cost of operating a
24/7/365 call center.

Assessing urban traffic volume is essential for
improving the efficiency of traffic systems interms of road traffic capacity and signal timing, as
well as citizen safety and quality of life. By
providing "Census AI," our AI-based traffic volume
analysis service, we are contributing to thedevelopment of systems capable of real-timedata analysis and the realization of smart cities.

Example of Services

Example Features
・Measurement of pedestrian and vehicular traffic・Measurement of flooding and snowfall levels
・Prediction of road surface icing
・Forecasting the prevalence of next-generation
vehicles, etc.

Promotion of evidence-based
policymaking (EBPM)
EBPM, or Evidence Based Policy Making, isbecoming increasingly important in improving thequality of policies. EBPM can be initiated quickly
by eliminating the time and effort required fordata collection and analysis by utilizing our EBPM
database, which organizes summaries of existing
evidence.

Example Features
・Browse the results of previous policy validations
・Submit new articles and revise existing ones・Qualitative assessment of evidence by experts

AI・ Appointments and inquiries regarding COVID-19 vaccinations
・Appointments for consultations on tax reporting andresidents' tax returns
・Information on the issuance of My Number Cards (national
identification number)・Inquiries during a large-scale disaster・Information on garbage procedures, etc.

Research on the admissions
process of daycare centers
As the percentage of women in the workforce increases,
the number of children awaiting admission to daycare
and the efficiency of the selection process have become
major issues. By researching the admissions process fordaycare centers, we aim to reduce the number ofchildren awaiting admission through a combination of
improvements in its rules, demonstration experiments toprovide easy-to-understand information, and thedevelopment of a selection system for daycare center
admissions.

Examples of Initiatives
・Improvement of rules for admission to daycare centers
・Demonstration experiments on providing daycare
information
・Demonstration experiments on the daycare admission
system066

Contributing toSociety ThroughOur Businesses

Strengthening Information Infrastructures
Launched in April 2016, ABEMA allows users to browse thelatest news and information for free on their smartphone.
Taking advantage of the smart devices that people carry withthem at all times, we have also added an emergency
channel that provides real-time information to affected
people 24 hours a day in the event of a disaster or otheremergency, such as an earthquake early warning. We willcontinue to pursue business activities that recognize theimportance of ABEMA's role in society as a new information
infrastructure in the age of the internet.

Tech Talent Development
To develop the talent to lead the 21st century through IT, in May
2013, we established "CA Tech Kids" in a joint venture with Life isTech, Inc. to offer programming education projects for elementary
school students. We also host Japan's largest programmingcompetition and provide career development opportunities for IT
professionals. Our efforts go beyond just helping kids acquire IT
programming knowledge and skills, as we also strive to foster thedevelopment of "talent capable of using technology as a tool torealize their own ideas and actively engage in society."

CyberAgent believes that continuing to innovate andgrow will help break through Japan's sense ofstagnation and revitalize society.
By creating long-term social and economic value
through the businesses it operates, CyberAgent also
aims to contribute to the development of a moresustainable and vibrant society.

Support for Creating Social Value
One of our consolidated subsidiaries, Makuake Inc., isdeveloping "Makuake," a crowdfunding platform that
venture capital firms and small businesses can use formarketing purposes. Through Makuake, we hope tocontribute to the further vitalization of the Japanese
economy.

Driving Forward Digital Transformation (DX)As AI and other IT technologies continue to evolve, there is anurgent need for DX to help companies in all industries, including
retail, government, healthcare, and entertainment, maintain theircompetitive edge and achieve growth. We are working to develop
and deliver solutions to our clients' problems by applying ourunique knowledge and technological capabilities in the digitaldomain.

Please visit our corporate website for more information on our SDG initiatives.

SDG Initiatives

067

Sports Support
The CyberAgent Group supports the revitalization ofsociety through sports by sponsoring a variety of teams,
including the J-League club "FC Machida ZELVIA"; DDT
Pro-Wrestling; Pro Wrestling Noah; Shibuya ABEMAS,
which competes in the professional mahjong league "MLeague"; and CyberAgent Legit, which competes in theprofessional dance league "D. LEAGUE."

©FCMZ

068

Human Rights Policy

Respect for
Human Rights

CyberAgent respects the human rights of all people involved in its businessactivities, including directors, employees (including part-time and temporary
employees), and subcontractors, and strives to create an environment where
people can be their true selves and be treated as equals without
discrimination or harassment based on race, religion, gender, age, sexual
orientation, gender identity, gender expression, disability, or nationality.
In addition, based on the policy that emphasizes dialogue with employees
and respect for each individual, we are implementing various measures led bydedicated departments to promote healthy work styles, such as monitoringworking hours and visualizing workload to prevent long working hours,
assigning the right person to the right job, and providing mental health care.
We provide a safe and secure environment to maintain mental and physical

Guidelines

health, and support each employee to reach their full potential.
Furthermore, we comply with laws and labor standards related to wages,
including minimum wages applicable in the countries and regions in which we
operate, and provide appropriate wage levels. We have been maintaining
good labor-management relations by accounting for labor rights andconferring with an appointed employee representative selected throughproper methods.
CyberAgent has established a system whereby directors and employees canconsult and report to members of the Risk Committee when they becomeaware of any conduct that may violate compliance or that is perceived asharassment. We also conduct ethics training on a regular basis covering
moral principles to ensure compliance in our entire business activities.

What we do at CyberAgent

Ethical Business Guideline

Research Ethics Guideline

Information Security
As a provider that handles a lot of personal information, CyberAgent, Inc.
and CyberAgent Group have various internal regulations, including a
Privacy Policy, Information Security Policy, and Personal Information
Protection Regulations, in place and make efforts to handle and protect
such information properly. If, for example, changes are made to thepolicies, we will announce them promptly.

[Tech DE&I Project]
We actively promote DE&I in our development organisation to bridge thegender gap in the IT industry. Our aim is to foster an environment of mutual
understanding and acceptance of differences among the people we work with,and to create an organisation that can deliver innovation one after another.

Youth Protection and Assuring Safety and Security for All Users
CyberAgent is committed to sound management of all services we operate
in order to protect underage users and to provide a safe and secureenvironment for all people who use our services.
Safe and Secure Media Service Operation
Safe and Secure Gaming Operations

Privacy Policy

Information Security Policy

Information Security Measures
Commitments to Protect Personal Information

Safe and Secure Dating App Service

069

Total number of directors :Directors who are not Audit andSupervisory Committee members :(Outside Directors)

Governance
Overview85 (2)Directors who are Audit
and Supervisory Committee members :(Outside Directors)

Internal

3(2)External

CyberAgent is committed to conducting corporate
activities in accordance with laws, regulations, social
norms, ethics, and other rules as working to enhance
the supervisory functions, transparency, and fairnessof the Board of Directors.
Outside director
ratio

Female director
ratio

Board of Directors
participation ratio

50% 13% 100%

Average age

Age of theyoungest officer

*

*

32

Introduction of
measures toprevent takeover bids

None

* Figures include directors and executive officers. (As of the end of September, 2023)

070

Changes in Our
Management
Structure
CyberAgent has been reinventing its management
structure by utilizing a unique system that is tailored

2008

2018

2021

Using a competitive environment
to promote the execution of
directors' duties and develop the
management teamStrengthening the management
system in response to ourdiversifying business portfolio

Further strengthening and enhancing
our management structure bymaking a clear separation between
supervision and execution

CA8

Bulking up

We introduced a system in which two of theeight directors are replaced every two
years. While the system continued for 10
years, it ended in 2018 when the systemreached its limits due to difficulty inreplacing key positions.

New executive officer structure

In order to realize a more robust
management structure in the medium tolong term, the number of directors was
temporarily increased to improve risk
management amid diversifying business
operations.

to the company's growth phases and businessstrategy. To further strengthen corporate governance,

A clear separation between supervision andexecution was established to further
strengthen corporate governance. In addition
to transitioning to a new executive officer
structure, the company also realized thestructure in which half of the board members
are from outside the company to further
enhance the supervisory function of directors.

in December 2020 CyberAgent transitioned to a new
executive officer structure with a clear separation
between supervision and execution, and to further
enhance supervisory functions, the structure ensuresthat half of the board members are from outside thecompany.

Outsidedirectorratio

0%Outsidedirector
ratio

20 %

Outsidedirector
ratio

50 %

071

Directors

Susumu Fujita

Yusuke Hidaka

Go Nakayama

Representative Director, CEO

Director

Director

Toko Shiotsuki

Director (Full-time Audit andSupervisory Committee member)

Number of shares held: 89,121,600
Number of board meetings attended:
13/13(100%)

Number of shares held: 3,002,000
Number of board meetings attended:
13/13(100%)

Number of shares held: 1,618,707
Number of board meetings attended:
13/13(100%)

Number of shares held: 38,400
Number of board meetings attended:
13/13(100%)

Koichi Nakamura

Kozo Takaoka

Masao Horiuchi

Tomomi Nakamura

Supervisory Committee member)Supervisory Committee member)

FamaleThe Company chooses candidates for the Board of
Directors by considering a proper balance of knowledge,
experience, and ability concerning the Company and its
various businesses, while also ensuring that the number ofcandidates is sufficient and appropriate to ensure
constructive discussion at Board of Directors meetings. As
of December 2023, the Company had a total of eight
directors, including three who are members of the Audit
and Supervisory Committee. There are four outside
directors who meet the requirements for outside directors
under the Japan Companies Act and the independence
standards set by the Tokyo Stock Exchange.

Outside Director
Independent

Number of shares held: 28,000
Number of board meetings attended:
13/13(100%)

Outside Director
Independent

Number of shares held: 0
Number of board meetings attended:
13/13(100%)

Outside Director (Audit andIndependent

Number of shares held: 160,000
Number of board meetings attended:
13/13(100%)

Outside Director (Audit andIndependent

Number of shares held: 0
Number of board meetings attended:
11/11(100%)* For speciﬁc reasons for director selections, see the Corporate Governance Report.

072Media Business

Susumu Fujita

Norishige Nagase

CEO, President

Executive officer

Yosuke Sato

Executive officer

Tatsuhiko Taniguchi

Managing Executive Officer

Executive officer

Chihiro Sano
Executive officer

Rina Takai

Executive officer

Creative work

Executive Officers

Takahito Naito

Managing Executive Officer

Hiroyuki Ishii
Executive Officer

Tomohisa Nomura
Executive officer

Yuka Yokoyama
Executive officer
FemaleFemaleEiji Koike

Managing Executive Officer

Daiki Nakata
Executive officer

Advertising business

Takunori Fujii

Riku Yamada

Senior Managing Executive Officer, CTO
Technology

Yasuo Okamoto

Executive Vice President

Gaku Miyata

Takahiro Yamauchi

Senior Managing Executive Officer

Noriko Kawai

Executive officer

Executive officer
FemaleIncreased by 5 members from FY2023. Female executive
officers comprise 18%, or 5 members.

Company-wide functions

Go Nakayama

Senior Managing Executive Officer

Yusuke Hidaka

Executive Vice President

Yuko Ishida

Senior Managing Executive Officer
FemaleKoki Ukita

Tetsuhito Soyama

Masato SatoManaging Executive Officer

Managing Executive Officer, CHO

Yuta Iizuka

Senior Managing Executive Officer

Executive officer
Technology

Investment Development BusinessFemaleNew Business

Executive officer

Game Business

Hino Takeuchi

Hirofumi Kondo
Executive officer

Takehiro Takeda

Managing Executive Officer

073

Board of Directors

Board of Directors
and Audit
and Supervisory
Committee·There are a total of 8 directors (7 male and 1 female). Of these, 5 are directors who are not Audit and Supervisory Committee members (2 of the 5
are outside directors), and 3 are dtirectors who are Audit and Supervisory Committee members (2 of the 3 are outside directors).
·The Board meets regularly once a month and also holds unscheduled meetings whenever necessary·Meetings in 2023: 13

Questionnaire on the Effectiveness of the Board of Director Meetings
At the end of September 2022, the Board of Directors (including Audit and Supervisory Committee members) was given a questionnaire on theeffectiveness of Board of Directors meetings.
The resulting questionnaire scores were high overall, demonstrating that the company's Board is functioning properly and maintaining its effectiveness. The questionnaire found no indications of problems with the number of Board of Directors meetings, the scope and quantity of proposals, orthe time set aside for deliberation. The questionnaire also found that directors have an appropriate decision-making process that is rooted inadequate coordination with outside directors as well as discussions that consider budget, earnings outlook, risk of impact on business or management, etc., and that the board strives to improve corporate value, selection and concentration, and business expansion not only in the directors'
specific realm of responsibility, but also across the entire company.
In response to the survey results, steps have also been taken to improve the content of report materials in order to further facilitate discussion.

Audit and Supervisory Committee
・Directors who are members of the Audit Committee attend Board of Director meetings and other important meetings to audit and supervise thelegality and appropriateness of the directors' business execution.
・As necessary, the Audit and Supervisory Committee receives reports or explanations from company executives and employees, and implements
surveys etc. of major subsidiaries or workplaces.
・The committee meets regularly once a month and holds unscheduled meetings whenever necessary.
・13 meetings were held in 2023

Structure of the Audit and Supervisory Committee
Toko Shiotsuki

Audit and Supervisory Committee
Meeting attendance: 13/13（100%）

Director,full-time Audit and Supervisory Committee member

Masao Horiuchi

Audit and Supervisory Committee
Meeting attendance: 13/13（100%）

Outside Director, Audit and Supervisory Committee member
OutsideIndependent

Tomomi Nakamura

Audit and Supervisory Committee
Meeting attendance: 13/13(100%)

Outside Director, Audit and Supervisory Committee member
OutsideIndependent

074

Process policy of determining remuneration, etc. of
individual Board Directors

Director
Remuneration

At the Board of Directors meeting held on December 9, 2022, it resolved the following
policy for determining the content of individual remuneration, etc. of Directors(excluding Directors who are members of the Audit Committee). The Company
consulted the Remuneration Advisory Committee, which is composed mainly of
independent Outside Directors, regarding the details of the resolution, and obtained its
report for approval. The Board of Directors has also confirmed that the decision on thedetails of remuneration and other compensation for individual Directors for the fiscal
year under review are consistent with the determination policy approved by the Boardof Directors and that the report from the Remuneration Advisory Committee has been
respected, and the Board of Directors has determined that such decisions are in linewith the determination policy. The amount of remuneration for each individual Director
who is a member of the Audit and Supervisory Committee is determined throughdiscussions among the Audit and Supervisory Committee members.

Matters concerning the resolution of the Annual General
Meeting of Shareholders regarding remuneration of Directors
The annual aggregate remuneration of Board Directors of the Company wasapproved at ¥800 million (of which, up to 30 million yen per year allocated to Outside
Directors) by the resolution at the 20th Annual General Meeting of Shareholders held
on December 15, 2017. However, at the 24thAnnual General Meeting of Shareholders
held on December 10, 2021, the amount of remuneration for Outside Directors(excluding Directors who are members of the Audit and Supervisory Committee) was
revised from 30 million yen per year to 60 million yen per year, taking into
consideration the future increase in the number of Outside Directors, the increasedrole required of Outside Directors, and various circumstances such as the economic
situation. The number of Directors as of the close of this Annual General Meeting of
Shareholders is eight (8), consisting of five (5) Directors excluding Directors serving on
the Audit and Supervisory Committee, (including two (2) Outside Director) and three(3) Directors serving on the Audit Committee (including two (2) Outside Directors). At
the 25thAnnual General Meeting of Shareholders held on December 9, 2022, a
resolution was approved to issue up to 1,352 stock acquisition rights as stock
options to Directors (excluding Outside Directors and Directors who are members of
the Audit and Supervisory Committee). The number of Directors as of the close of thisAnnual General Meeting of Shareholders is three (3) directors (excluding Outside
Directors and Directors who are members of the Audit and Supervisory Committee).

Total amount of remuneration of Directors

Classification

Director who is NOT the
Audit and Supervisory
Committee members(Outside)

Director who IS the
Audit and Supervisory
Committee members(Outside)

Total(Outside)

Number ofrecipients

Amount of
remuneration

Subtotals for each typeof remuneration (¥ million)
Monetary
remuneration

Stock options

5（2）（36 million yen）（35 million yen）（1 million yen）

3
（2）

（8 million yen） （8 million yen）

293 million yen 200 million yen 93 million yen

19 million yen

19 million yen-

8
312 million yen 219 million yen 93 million yen（4） （44 million yen）（43 million yen）（1 million yen）

Note: Of the monetary compensation, performance-linked remuneration is 0 yen.

075

Basic policy for information disclosureManagement
Transparency

CyberAgent strives to provide prompt information to shareholders and investors based on transparency and fairness. We are also
dedicated to timely and proactive disclosure of information in accordance with the Financial Instruments and Exchange Act andTokyo Stock Exchange timely disclosure rules, as well as information we deem valid for better understanding the company.

Initiatives to Annual General Meeting of Shareholders
We are accelerating the delivery of convocation notices to ensure that our shareholders have sufficient time to review the agenda.
Convocation notices are sent out at least one week prior to the statutory date (at least three weeks before the General Meeting of
Shareholders). In addition, before notices are sent out, their Japanese and English versions are posted on CyberAgent’s corporatewebsite (released on November 16, 2023.), on the Tokyo stock exchange website, and also on the electronic voting platform forrights holders. Exercise of voting rights through the internet has been available since 2007.
To maximize shareholder attendance by minimizing conflicts with other company shareholder meetings, CyberAgent has scheduled
the 26th Annual Shareholders Meeting for December 8, 2023, with a company information session to be held on the same day.
To maximize shareholder attendance by minimizing conflicts with other company shareholder meetings, CyberAgent has scheduled
the 26th Annual Shareholders Meeting for December 8, 2023, with a company information session to be held on the same day.

076

■ Emissions Intensity per Net Sales■ CO2 emissions by scope（t-CO2）(Emissions of Scope 1 + 2/ Consolidated Net Sales)

Data item

FY2021

FY2022

Scope 1

321

371

FY2023

Scope 2 (location-based)*2

10,782

12,002

12,210 ★

Total Scope 1 + Scope 2 emissions(location-based)

11,103

12,37313,000 ★

Scope 3

14,15821,63430,916790★ *1

Data item

FY2021

FY2022

FY2023CO2 emissions intensity per unit of sales(t-CO2/million yen) - location-based

0.01670.01740.0181

Consolidated sales (in millions of yen)

666,460

710,575

720,207

Environment
Recognizing climate change as one of the mostcritical business challenges, CyberAgent strives tomonitor the amount of greenhouse gas emissions,improve the efficiency of business activities, build andoperate necessary systems, and disclose information
appropriately. From FY2022, an independent■ Scope 3: CO2 emissions by category（t-CO2）
FY2021

FY2022

FY2023Purchased goods and services

4,895

10,79814,708 ★

Public cloud services

4,684

3,572

2,755 *33

Not included in Scope 1 or 2
Fuel and energy related activities

1,589

1,763

1,963 ★

6

Business trips

2,298

4,172

9,456★ *4

7Commuting

692

1,180

1,548 ★

13

Downstream leased assets

-

149

486★

Category

1

assurance report has been provided by KPMG
AZUSA Sustainability Ltd. for CO2 emissions toclarify the calculation process and improve thereliability of the disclosed information.

Data item*1: The emissions have increased due to expanding the coverage of vehicles used for business activities
and the inclusion of minor gas usage in the calculation since FY2023.
*2: The market-based scope 2 emissions of FY2023 were 12,384 (t-CO2) ★.
*3: The emissions have decreased due to service providers' efforts towards decarbonization.
*4: The emissions have increased due to the acceleration of domestic and international businesstravel resulted from the economic recovery after the COVID-19 pandemic.

Figures denoted by the "★" have been externally assured by KPMG AZSA Sustainability Co., Ltd.
Information on disclosure based on TCFD recommendations, the data boundary for CO2 emissions,the calculation method and third party verification reports are available on the Environment sectionof the corporate website.

Environment

077

Creating
Opportunities toSolve
Environmental
IssuesCyberagent Begins Using IoT Technology to Provide Energy-Saving Solutions for Office Buildings
Due to the increased focus on energy conservation due to therecent rise in electricity costs and the tight supply and high demandfor electricity, in many office buildings, air conditioning and lighting
were often centrally managed for the entire building or all floors.
This caused problems in that the brightness of the lighting and thetemperature of the air conditioner could not be adjusted flexibly, andthe comfort of the users was not taken into account.
With this in mind, our AI business unit's Retail GX Center has
begun offering a unique energy-saving solution for all companies
with office buildings, regardless of industry, that enables flexible
management of the office environment while taking into accountthe environment of employees. By leveraging our knowledge
from actively researching and developing AI and robotics
technology for many years, we can provide a system capable ofrealizing energy savings while reducing installation costs byflexibly and efficiently controlling lighting and air conditioning
based on area occupancy trends.

In a demonstration experiment conducted in April 2023 at our officebuilding in preparation for the provision of this service, we were able
to reduce monthly electricity bills and CO₂ emissions by 40%
compared to previous practices by combining the system already inplace as an intelligent building with the IoT method of this service.
We estimate that this will yield a cost savings of around 100 million
yen or more per year. Going forward, we will continue to utilize theknowledge we have accumulated in the development and operationof IoT and sensor technologies, as well as the development of usercentric services, to promote GX* in all industries, including retail,with the aim of achieving both improved management efficiency anddecarbonization.
* GX (Green Transformation): Initiatives aimed at achieving a decarbonizing society.

C ompany O ver v iew

079

Company Name

CyberAgent, Inc.

Office Locations

Tok yo, Osaka, Nagoya, Fukuoka, Sapporo,
Sendai, Kanazawa, Kyoto, Saga, Okayama,
Okinawa United States (Guam), China (Beiing),

Head Office

Abema Towers 40-1 Udagawacho Shibuya-ku, Tok yo 150-0042

Taiwan (Taipei), Korea (Seoul),

Representative

Susumu Fujita

Vietnam (Ho Chi Minh City), Singapore

Foundation

March 18, 1998

*Main operating locations including consolidated subsidiaries

Capital7,369 million yen (A s of the end of September, 2023)

Employment Headcount7,374 (A s of the end of September, 2023)

AGM

DecemberBusiness Por tfolio

Media Business
Internet Adver tising BusinessGame Business
Investment Development Business080

Stock Information *1

Top Holders *3

Listed Market

TSE Prime market

Code

4751

Number of SharesName

506,191,200 shares

Outstanding

108,871

Number of Shareholder

Type of Shareholders *2

4.3 %

1.1 %

0.0001 %25.5 %

34.9%
Type of
Shareholders*2

Foreign Institutions andIndividuals

Number of Shares

% O/S

1

Susumu Fujita

89,121,600

17.6 %

2

The Master Trust Bank of Japan, Ltd. (trust account)

81,338,900

16.1 %

3

Custody Bank of Japan, Ltd.(Trust account)

38,630,800

7.6 %

4

THE BANK OF NE W YORK MELLON 140051

14,776,500

2.9 %

5

SSBTC CLIENT OMNIBUS ACCOUNT

10,586,058

2.1 %

6

STATE STREE T BANK WEST CLIENT – TRE AT Y 505234

7,384,116

1.5 %

7

JPMorgan Securities Japan Co., Ltd.

6,472,805

1.3 %

8

JP MORGAN CHA SE BANK 380072

5,742,200

1.1 %

9

JP MORGAN CHA SE BANK 385632

5,527,293

1.1 %

10

DAIWA CM SINGAPORE LTD – NOMINEE ROBERT LUKE COLLICK

4,430,000

0.9 %Individual ,other
Financial Institutions
Secur ities Company
Treasur y Stock s

34.2 %

Domestic Cor porations

Major Shareholders *4

Shareholders' meeting

Institution

Submit ting Date

Baillie Gifford & Co

12.11 %

August 15, 2022

Nomura A sset Management Co.,Ltd.

6.38 %

November 6, 2023

139

Sumitomo Mitsui Trust A sset Management Co., Ltd.

6.21 %

Januar y 20, 2022

139

BlackRock Japan Co., Ltd.

6.06 %March 20, 2023

F Y2020

F Y2021

F Y2022

12,94639,87352,041

Shareholders attendance at AGM

60

122

Viewers of live streaming of AGM

116

84

Number of Shareholder% O/S*1 ,2,3 As of September 30, 2023

*4 In the case of joint ownership, the submitter of the large shareholding report or the major shareholder is listed.

081

Investor Relations
Activities

CyberAgent promotes understanding of its management policies and business strategies mainly through information disclosure on
its investor relations website, meetings with institutional investors, and participation in conferences. CyberAgent is dedicated todelivering prompt and fair information disclosure and continuing to improve our IR activities.

F Y2023 IR Activities Summar y

ESG Ratings

Number of institutional investors we had meetings

1251

Number of our participation at conferences organized by securities companies

8

Number of ESG/Department theme-specific meetings we held

8

Number of posts on the official LINE account60

We are working to improve our ESG rating by disclosing ESG information, which has become increasingly
important in recent years, on our corporate website.
THE USE BY CyberAgent, Inc. OF ANY MSCI ESG RESEARCH LLC
OR ITS AFFILIATES ( MSCI ) DATA , AND THE USE OF MSCILOGOS, TR ADEMARK S, SERVICE MARK S OR INDE X NAMESHEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT,RECOMMENDATION, OR PROMOTION OF CyberAgent, Inc. BY
MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCIOR ITS INFORMATION PROVIDERS, AND ARE PROVIDED AS-IS
AND WITHOUT WARR ANT Y. MSCI NAMES AND LOGOS ARE
TRADEMARKS OR SERVICE MARKS OF MSCI.

Percentage of Institutional Investors by Region

7%

Sustainalytic s

13%

47%
32%

■ Japan(Includes sell-side analysts)■ ASIA excl.Japan■ North America■ Europe

Copyr ight © 2023 Mor ningstar Sustainalytic s. All r ight s
reser ved. This sec tion contains information developed by
Sustainalytics (www.sustainalytics.com). Such information anddata are proprietar y of Sustainalytics and/or its third par ty
suppliers and are provided for informational purposes only. They
do not constitute an endorsement of any product or project, nor
an investment advice and are not warranted to be complete,timely, accurate or suitable for a particular purpose. Their use issubject to conditions available at https://www.sustainalytics.
com/legal-disclaimers.

082

Inclusions

JPX Prime 150 Index

Nikkei Stock
Average

JPX-Nikkei Index 400

Nikkei Stock Index 300

ESG

Nikkei 225
Climate Change
1.5 ℃ Target Index

Nikkei 500 Stock
Average

ESG

Japan New
Economy Index

F TSE All-World Index

F TSE JAPANS&P/JPX Carbon
Efficient Index* As of September 30, 2023

083

Investor Relations
WebsiteIR Channel
The IR Channel was created to provide
video content for shareholders andinvestors and includes 28* videos that
explain the competitive edges of ourbusinesses, including core competencies,
in an easy-to-understand manner.

Go to IR Channel

Our corporate website enhances the company's ability to communicate information with owned media and to ensurecompatibility with all types of device. In addition to earnings and financial information, we proactively use SNS to not only
communicate qualitative information on financial and operating results, but also technological capabilities, competitive advantage,
governance, empowering women, and more

084

Find Us on Social MediaLINECEO Susumu Fujita on X

@cyberagent_ir

twitter.com/susumu_fujita

FacebookX

www.facebook.com/CyberAgent.Inc

twitter.com/CyberAgent_PR

Youtubeyoutube.com/c/cyberagentof ficial

085Disclosure Policy

Basic Policy for Disclosure
CyberAgent, Inc. ( the "Company") will swiftly provide shareholders and investors with information whileemphasizing transparency, fairness. The Company will disclose information under the timely disclosure
regulations specified by the Financial Instruments and Exchange Act and the Tokyo Stock Exchange.
Simultaneously, the Company provides prompt and proactive disclosure of material information that is not
subject to the timely disclosure regulations, which could influence investors' investment decisions.

For ward-looking Statement
We may provide earnings forecasts in addition to the earnings forecasts we file with the Tokyo Stock
Exchange, where we are listed. Also, news releases, earnings presentations, question-and-answer sessions atanalyst meetings, etc., may contain information about our plans, prospects, strategies, etc. The information
the Company publishes is based upon the currently available information, which involves risks anduncertainties. There can be no assurance that forward-looking statements will prove accurate or achieved, as
actual results may differ materially from those anticipated in such statements.

Method for Disclosing Information
According to the rules, the Company discloses the information subject to the timely disclosure regulations on
the Tokyo Stock Exchange website through the timely disclosure network (TDnet). The released information, as
well as the information that is not subject to the timely disclosure regulations will be uploaded to theCompany's investor relations website to inform investors accurately and equally.

Quiet Period
In order to prevent the leakage of important corporate information and ensure fairness, we have a quiet period"from two weeks before the end of the fiscal quarter to the earnings release day" as a general rule. In thisperiod, the Company refrains from answering questions regarding our results and giving relevant comments.
However, this does not apply to the occurrence of material events that we believe will have a significant
impact on the investment decisions of investors, even during this period.

086

For ward-looking Statement
The future information, such as the earnings forecast, written in this document is based upon the currently available
information, which involves risks and uncertainties. There can be no assurance that forward-looking statements will proveaccurate or achieved, as actual results may differ materially from those anticipated in such statements.

Contact
IR&SR Division, CyberAgent, Inc

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