2023
Integrated Report
Value Creation Story©DeNA Co., Ltd.

Delight
Noun:a high degree of gratification or pleasure;something that gives great pleasureVerb:
to take great pleasure;to give keen enjoyment  Merriam-Webster definition

MISSION

We delight people beyond

their wildest dreams.

VISION
We w i l l b e t h e w o r l d ’ s p r e m i e r p r o v i d e r o finternet and AI technology to delight peoplee v e r y w h e r e .

We s e e k t o e n t e r t a i n a n d e n r i c h l i v e s , a n d t os e r v e a n d m a k e t h e w o r l d a b e t t e r p l a c e .

Each of us harnesses our individual strengths
to make our unique business succeed.

Entertain

ServeVALUE
DeNA PromiseCommitment to Product & Service Quality
Cooperation & Prosperity for All

Overcoming Challenges

Acting with Transparency
Providing Growth Opportunities

Acting Sustaina b ly

Our Social PromiseDeNA Quality

One Team in Pursuit of Delight

We deliver delight to our customers through an obsessivecommitment to making our products and services
trustworthy and easy to use.

Focus on Su b stance

We focus on providing value, and each of us works as apart of an effective, purposeful team.

We cooperate with business partners and other membersof the community to create prosperity for everyone.

B eing Our B est

We strive for the highest degree of professionalism in all
our actions.

We provide delight that surpasses expectations. We
challenge ourselves to develop new technology andservices while overcoming any issues that may arise.

Spea k Up & Listen

We share our thoughts and listen carefully, regardless of
our position in the organization.

As a member of the community, we believe thattransparency should be reflected in the actions ofeveryone on staff and in management.

R espect Diversity

We appreciate the diverse strengths of our colleagues andharness them to achieve success.

En j oy the J ourney

Mindful that challenges can lead to success or failure, we
thoroughly enjoy the journey.

We seek to provide a unique and invaluable work
experience, enabling our employees to contribute tosociety.

As a global citizen, we strive for harmony with theeconomy, society, and the environment in order tocontribute to a sustainable future.

Stepping

stone

to

the

futureThrough the power of ICT, we help to eliminate
disparities and inefficiencies in healthcare, while
increasing the access to quality care andwellbeing for all
At DeNA, we provide the following services:Join, a secure communication app for medical practitioners,
enables real time information sharing in a highly secureenvironment. Join connects with PACS (picture archive andcommunication system) and other systems to share medical
information for remote treatment purposes.

JoinTriage, a triage app for EMS providers, provides reference
information for quick and accurate triage for stroke and heartdisease to emergency personnel, and suggests optimal medical
institutions for transport. JoinTriage can link with Join to sharepatient information in advance, reducing the time before
treatment can begin and improving the rate of lives saved.

Extending healthy lifespans and rationalizing
medical costs
DeNA has built a database of health data for approximately 18 million people, one of the largest in Japan. We are promoting
various uses of health big data for the benefit of society, withconsent for secondary use. Health big data includes medical
checkup data, insurance claim data, kencom lifelogs andsurveys, etc. Data is also used in local municipality healthbusinesses and at research and educational institutions, suchas universities.

Machizukuri built on bold ideas

Delightful City Concept
DeNA announced a project aiming to open a new entertainment complex centered on an
arena for approximately 10,000 people that will serve as a new home base for the
Kawasaki Brave Thunders, the B.LEAGUE professional basketball club. DeNA isaccelerating the Delightful City Concept, a machizukuri initiative overflowing with Delight.
We are leveraging the knowhow of managing the professional baseball club the Yokohama
DeNA BayStars and the J League SC Sagamihara team, who joined us in 2023, but we do
not limit ourselves to simply providing a match day experience to enjoy.

Through dialogue, We value continuously updating our services even after launch with an eye to the user response, anddelivering Delight to more users, that value through mobile devices, and as a result have enjoyed a great deal of support from users sincefor longer

evolve our services so that users can enjoy them over a long period. At DeNA, we were quick to deliver
the time of our founding. As a leader with a successful track record of achieving this major shift, how do
we at DeNA view the future of games, entertainment, and live streaming? We plan to figure that out
together with our many partners, and deliver Delight that brings people together.

Introduction

M i s s i o n , V i s i o n , a n d Va l u e

P 0 4

S t e p p i n g S t o n e t o t h e F u t u r e

P 1 0

T h e M a k i n g o f t h i s I n t e g r a t e d R e p o r t

P 1 9

C E O M e s s a g e

P 2 0

Financial Highlights

P26

Value Creation

D e N A M i l e s to n e s

P 2 9

D e N A Va l u e C r e a t i o n M o d e l

P 3 1

D e N A S e rv i c e s

P 3 2

D e N A C o r e C o m p e te n c e

P37

Growth Strategy

P 5 0Long Term Portfolio and Initiatives to Enhance Financial Performance & Growth

P 5 1

Strategy & Initiatives for Each Business

P63(Special) Potential of the Health Big Data Business & Medical Digital Transformation BusinessESG

O u ts i d e D i r e cto r M e s s a ge

P 6 8

C o r p o r a te G ove r n a n c e

P 6 9

R i s k M a n a ge m e n t

P 8 1

I n fo r m a t i o n S e c u r i t y / P r i va cy M a n a ge m e n t

P 8 3

S u s ta i n a b i l i t y M a n a ge m e n t

P84

L i s t of Aff i l i a te C o m pa n i e s

P 9 1

F i n a n c i a l D a ta

P 9 2

E S G D a ta

P 9 3

S to c k I n fo r m a t i o n

P 9 4

C o m pa ny I n fo r m a t i o n

P95

The

MakingofthisIntegrated

ReportSince the founding of DeNA in 1999, we have constantly pursued new challenges.

From our origin operating an internet auction site, we have grown our businesses in mobile games,
social networking, and other primarily internet-based services. After that we built on our experienceand expanded our service offerings into other areas, including the live streaming and automotive
spaces. In addition, our Sports Business has developed since we entered into professional baseball in2011 to now cover a range of initiatives that energize the surrounding community. 

In 2022 we significantly strengthened our business portfolio in the healthcare & medical area. We aretaking on the challenge of providing new value in this space that is facing many social issues, such as
the need to rationalize medical costs. 

We have our unique characteristics and our core competencies of Technology & Monozukuri,
Organization & People, and our Home Base (Yokohama / Kanagawa), which serve as the source for ourvalue creation. In this report we will describe our DeNA strategy, built on those three corecompetencies, referencing the IFRS Foundation integrated report framework, and based upon thediscussions at the Board of Directors meetings and management meetings. 

Going forward, we at DeNA aim to bring about a society of plenty where all people can live as
themselves. We will continue to entertain and enrich lives, and to serve and make the world a better
place, and in so doing deliver Delight for the future. I hope that you will continue to expect great
Delight from DeNA.

F o u n d e r & E xe c u t i v e C h a i r m a n

To m o ko

N a m baHarnessing DeNA’s
Core Competencies toAchieve Business
Growth and Develop
New Areas to Deliver
Delight to People
Around the World
President & CEO

S h i n go O ka m u r aDelight–the Meaning Behind the Key to Our Mission“We delight people beyond their wildest dreams.” The “Delight” in our
mission can be viewed in a variety of ways depending on the person. In
my view, “Delight” means people feeling joy, feeling a meaning in theirlives, and shining the light of hope on the uncertain present andfuture. 

Previously at DeNA our aim was to “Delight and Impact the World,” butin 2021 we renewed our Mission, Vision, and Value, and during thatprocess many of our team members expressed their strong
dedication to “Delight.” The internet and technology have grown moresophisticated, complex, and diverse, and I believe they have the power
to lead us in the direction of more fulfilled, richer lives. We at DeNA
have an enterprising team who have mastered the use of technology
and wish to use it to shine the light of hope and leave a mark on theworld. 

Our mission is to deliver our Delight to as many people as possible all
around the world.

Waves of Social Transformation Caused by the Internet

Broadened Our Pursuit of Delight into the Serve Approach
The world continues to be in the midst of uncertainty, with the standoff between the US & China andRussia’s invasion of Ukraine. Meanwhile, technologies such as generative AI, Web3, and others are
evolving at a breathtaking pace. There are some pessimistic views about the changes in society and thefuture of humanity out there, but my view is that we will need to make smart use of technology, includinginternet technology, to create a better society and ensure that everyone benefits from increased comfort
and convenience while making use of limited resources. The internet began its expansion in the areas of
information and entertainment, but now I am confident that it can be used as the key to fundamentallytransform existing systems that support our modern lives, including for example medicine and mobility. In
the case of Japan, there has been a focus on technology since the passage of the Basic Act on theFormation of an Advanced Information and Telecommunications Network Society over 20 years ago in
2001, which was recently replaced by the Basic Act on the Formation of a Digital Society. One possibility
identified from that time was the potential for leveraging information technology in medicine, and we are
now finally seeing the spread of remote medicine given high priority for discussion. The timing is ripe.
Japan today faces issues including not just the shortage and uneven distribution of doctors, but we also
expect to see a working style transformation for doctors aiming to address the issue of long working
hours. In other countries around the world, we expect to see a greater effort to make medicine more
efficient against a backdrop of medical resource shortages.

The spread of COVID-19 also threw many various social issues into sharp relief and pushed us towards atransformation. However, in the medical field in particular the pandemic made it clear that the potential oftechnology, in particular information and communication technology, was not being sufficiently
harnessed, and the need for a transformation became more generally recognized. Given all this, we arecommitted to delivering medical digital transformation for the future, to enable more people to accessmedicine without anxiety and to save many more lives.

As the waves of social change have rolled in, since our founding we at DeNA have continuously expanded
our business areas in the internet space. Beginning in online auctions, we added games, video, andcommunication to the types of services users can enjoy under our entertain approach. In this approach
we have provided added value to users around the world, but in recent years we have deepened ourexperience in our serve approach as well, covering machizukuri, healthcare, and medical. In 2014 weentered into the healthcare space, and one of the services we subsequently developed was the healthcare
entertainment app kencom, which leverages ICT to support everyday health promotion and encourages
behavior change. In 2020 we doubled down on our health big data initiatives, and in 2022 we expanded ourbusiness areas to include medical. As a unique technology company we consider it our duty to take on thechallenge of pursuing new areas with the changing times. We are proud of being a top player thatdevelops new business areas leveraging internet and AI technology, and going forward we intend to makeour presence felt in the serve approach.

Solidifying Our Base and Achieving 

New Growth as a Company By Strengthening Serve Approach Businesses

To Add to Entertain Approach
The mid to long term growth strategy that DeNA kicked off in FY2021 was formulated with these social changes
in mind. Up through the second year of the strategy, FY2022, we strengthened our growth foundation throughthe M&A of Nippontect Systems, Allm, and DATA HORIZON in the Healthcare & Medical Business. In our FY2022
consolidated financial performance we saw a decrease in our operating profit, but growth in revenue year-over-year, and we are making steady progress in our mid to long term initiatives. Going forward we willleverage this foundation for growth and combine our robust technological base of infrastructure and security
built up through our entertain approach initiatives in order to build a structure to support industry use andsocial systems to serve the community and solve social issues. This includes services to encourage healthpromotion and behavior change, building up medical evidence through accumulated data, and promoting
medical digital transformation. We also aim to provide a greater level of detail, including numerical targets, for
our next growth strategy set to begin in FY2024. For our sports & smart city initiatives, we are involved in the
project to develop the old city hall district in Yokohama. We are also involved in the Kawasaki! Arena City Project,announced in March 2023, which will become the new home base for the Kawasaki Brave Thunders. Throughthese projects we are making steady progress in pursuing our Delightful City machizukuri concept, centered onentertainment and in collaboration with the surrounding community. Of course we will continue refining ourstrategy in the entertain approach and produce good results. For example, in the Game Business we willcontinue to regularly launch new games based on major IP, but we will also increase the feasibility of ourdevelopment strategy to enable us to adapt to changes in the market. In this way we aim to re-strengthen thisbusiness and secure a good level of profit in the entertainment space, despite volatility. For the Live Streaming
Business, which saw growth in the midst of COVID-19, we will continue to invest appropriately while controlling
costs to pursue growth, including the global expansion of Pococha.

Key to Enhancing Competitiveness is the Three Core Competencies of the DeNA GroupTo make our growth scenario a reality, we need unique strengths as a Group. DeNA’s core competencies
are Technology & Monozukuri (Intellectual Capital), Organization & People (Human Capital), and Home Base(Social Capital). For Organization & People, our culture emphasizes leveraging the unique strength of eachindividual in the DeNA Group, as exemplified in our flat organization. Many members of team DeNA joined
us with the same mindset as if they were joining a startup, making me personally feel as though I had
joined the legendary ranks of the band of heroes who gathered at Mount Liang in the ancient Chinese
novel Water Margin. Many of the leaders of our businesses, who are in a position of important
responsibility to grow their business, are in their 30s, which is not common to see in a large company. I
feel that our company culture and organization that focuses on the strength of individual uniqueness & a
person’s ability, and that enables ambitious young people to rise through the ranks, directly connects to
the DeNA Quality of being an “eternal venture.” As the head of this unique organization, I value the motto“Only connect!” from the E.M. Forster novel Howards End. At DeNA, strong individual uniqueness isleveraged, and through a connection of these individual uniquenesses we achieve something great. I am
also confident that this will lead to delivering Delight beyond imagination to the world. If we think of thevarious individual uniquenesses as stars, there may be first-magnitude stars and some stars that shine
less brightly, but each star has its own important role. At DeNA we aim to allow the light of all these stars
to shine and make DeNA into a place to draw many beautiful constellations.

Technology&

Monozukuri

In Technology & Monozukuri, we have taken the approach of allowing each individual to update their skills inline with the times and their own interest, and as a result have more & more team members who havecultivated various skills, from server engineers to AI specialists. We are also eagerly absorbing Web3,
generative AI, and other cutting edge technological trends. The combination of technical skills andexperience in our team serves as one of DeNA’s core competencies. For Home Base, we believe that having
a real base in Kanagawa Prefecture, which boasts a population of about 9.2 million people, while being aninternet company, is a major core competence. This allows us to provide services that combine real andvirtual, and promote machizukuri businesses that leverage technology. At DeNA, we aim to pursue
initiatives that help to create a DeNA-like customer base who enjoy the variety of Delight that DeNA
provides. DeNA aims to strengthen our competitiveness leveraging our core competencies, which are
non-financial capital, and achieve sustainable growth. However, we are aware that the capital market’s
assessment of us is not high. Of course we value metrics such as capital cost, return on equity, and theshare price, but many in the capital market simply view us as a game company, and their view tends to bethat the company growth stalls without hit titles. At present we are investing in our growth strategy,
leveraging our healthy balance sheet. We will work to provide more information about our progress andother updates and deepen dialogue with the capital market.

Organization&

PeopleHome Base(Yokohama / Kanagawa)Taking on New Areas to Achieve Sustainable Growth
In recent years, national and international organizations have been developing and strengthening
disclosure frameworks and other measures related to sustainability. However, these initiatives should
really be taken on by companies themselves, at a commensurate degree to their level of growth, to gain
the trust of people and society in general. One example we have at DeNA was the formulation of our DeNAGroup AI Policy in February 2023. We laid out the meaning of engaging in AI development and the insightrequired to master the use of generative AI, but we believe continued deeper discussions will be neededon the topic of society and corporate sustainability.

In my view, to solve social issues such as investment into human capital and environmental problems likeclimate change and energy, we will need not just a standard response from government, but rather amovement where companies like us can actively participate as good citizens and provide diverse andvaried solutions in our services that bring together people’s hearts and minds. For us to be good citizens
that support the public good, and for us to take on the challenge of developing new areas, DeNA itself willneed to continue to grow. At the DeNA Group we aim to deliver Delight to people and to society. We
continue to value our nature as an “eternal venture,” and will continue our pursuit of further company
growth and challenges in new areas. We hope that all of our stakeholders will continue to provide us withyour understanding and support.

Financial Highlights
DeNA regards continuing growth of our corporate value to be the most importantmanagement priority, while also considering ROE. 

Therefore, we view such indicators as revenue, operating profit, and EPS, etc. to beimportant management indicators, and we engage in initiatives in line with eachbusiness's characteristics and phases, while endeavoring to increase our non-GAAP
operating profit. 

We are using our healthy balance sheet for investment into new growth and initiatives.
As described on the next page, in FY2022 we enhanced our business portfolio bymaking Allm Inc. and DATA HORIZON CO., LTD. into subsidiaries, and we made major
progress towards our mid to long term growth strategy by proactively investing in
growth phase businesses. 

Going forward we will focus on further growth of our strengthened business portfolio
and earnings base enhancement to achieve our goal for our mid to long term strategy.
To increase asset efficiency we reviewed our shareholdings for policy purposes andendeavor to deliver shareholder returns, including share buybacks.

Billion yen
Financial Highlights

As of Mar. 31, 2023

Initiatives in FY2022

YoY

Current assets

133.3

22.9

Cash and cash equivalents

97.7

19.4

Non-current assets

215.6

-14.5

Property and equipment & Right-of-use assets

20.2

-0.3

Goodwill

49.1

31.6

Intangible assets

23.0

9.9

Investments accounted for using the equity method

58.0

2.1

Other non-current financial assets

63.2

-59.0

Total assets

348.9

8.4

Total liabilities

114.9

19.3

Total equity

234.0

-10.9

Total liabilities and equity

348.9

8.4

Made DATA HORIZON CO., LTD. into a subsidiary to accelerate thehealth big data strategy (August 2022

Investment in New
Growth & Initiatives

Made Allm Inc. into a subsidiary to expand & leap into aperipheral area (October 2022
Investing in Healthcare & Medical Business, with a now-enhanced
business portfolio, and Live Streaming Business, a growth phasebusiness

Increasing Asset
Efficiency

Updated shareholdings for policy purpose
With the update, sold approx. half of DeNA-held shares ofNintendo Co., Ltd. (879,700 shares,* sold May 2022) *Number of shares before stock spli
For M&A conducted 15.0 billion yen total in borrowings in FY2022

Conducted a share buyback of 15.0 billion yen and canceled theShareholder
Returns

acquired shares during FY202

FY2022 dividend was set to 20 yen per share of common stock(dividend payout ratio of 26.0%, total dividend amount 2.2 billion
yen) in accordance with our dividend policy

ROE (%)

3.8

Value Creation

Introduction to businesses and services from multiple angles

DeNA Milestones
DeNA was founded in 1999, the dawn of the internet era, starting with the launch of an online auction service. 

Over the more than twenty years since then, Founding

we at DeNA have challenged ourselves in many different businesses while keeping up with the development of the internet and accompanying changes in society.
DeNA’s first service Bidders born in the dawn of the internet era

Shift to Mobile

Early focus on mobile with camera phones and fixed price data plans making for conducive environment

Entry into Sports

Start of previously unknown
professional baseball club operations,no restrictions on business areas

Internet & Real Industries

2014-

Start of healthcare and automotive businesses,
combining existing industry strengths and ourtechnology capabilities

Entertain & Serve

Making use of the knowhow built over the past
twenty plus years to create synergies

DeNA was founded in March 1999 to begin an online auction service. DeNA launched Bidders, a PC
auction site that aimed to bring the online auction services popular in the US to Japan inNovember 1999, and while the business did not immediately take off, we were able to significantly
grow our financial performance by incorporating shopping mall functionality to the auction
service for greater user convenience.

In 2004 with the increased transmission speed, fixed price data plans, and camera phones more
widely available, we determined that the environment was now conducive to a mobile service, andwe quickly began our focus on this area. We used our online auction service knowhow to start theservice Mobaoku, where the bidding and subsequent procedures could all be completed on yourphone, and at the same time also started a phone-dedicated affiliate service. The next challenge wetook on was the creation of the mobile game and social networking service Mobage Town. We
gathered users and engaged the community through free games, and virtual avatars became
popular particularly among those in their teens and twenties.

Then in 2009 we spotted that game social apps were gaining popularity, mainly on Facebook, andentered in to the social game business. Kaito Royale was born, among other popular games, and a
few months later we opened Mobage Town as a game platform.

In 2011 we entered into professional baseball. This was a completely different area than ourprevious businesses, but in line with our history of challenging ourselves to take on unknown
fields. We focused on the pursuit of Delight, and also evolved through the realization of joint
management of the baseball club and stadium. We utilize our knowhow from professional baseballmanagement for professional basketball and soccer, and also combine that with our problemsolving methods from our businesses under Entertain to expand into machizukuri, centered on
sports.

From 2013 onwards we have used our expertise in internet and AI technology to enter into adiverse range of industries, such as healthcare, live streaming, and automotive, under ourapproaches to Entertain and to Serve.

D e N A Va l u e  Creation Model

The DeNA value creation model is to deliver new Delight to the world, harnessing our uniquestrengths and using internet and AI technology to entertain and enrich lives, and toserve and make the world a better place.

Entertain

Games

Live Streaming

Serve

New Business Areas

Sports & Community

Healthcare

New Business Areas

Application of unique problem-solving methods
Business using diverse structures, including partnershipDeNA’s Core CompetenceTechnology & Monozukuri

Organization & People

Home Base (Yokohama / Kanagawa)Entertain

Game BusinessIn our Game Business we develop and operate smartphone games
ourselves and also partner with other companies on partner titles
in a variety of genres. We have development and operations
locations in Japan and China, and one of our core competencies is
our KPI improvement through community initiatives and analytics
that makes use of our community operations knowhow built
through our history as a company that operates technology andweb services.

Percentage of Revenue

47.4%[ 64.0 billion yen ]Entertain

Live Streaming
We launched the live communication app Pococha in January 2017
in Japan, and we have since expanded to also provide service in the
US and India. In August 2021 we also welcomed IRIAM Inc., who
operate the novel Vtuber experience app IRIAM, into the DeNAGroup.

Percentage of Revenue

29.7%[ 40.1 billion yen ]01Sports Business

Value Creation

Serve

Since we joined the professional baseball league in 2011, we have
expanded our Sports Business, including succeeding to theoperations of the Kawasaki Brave Thunders in the B.LEAGUE in 2018
and making SC SAGAMIHARA in the J League a consolidated
subsidiary in 2021. Our mission is “Delighting People and theCommunity Through Sports” and we are engaged in machizukuri
focused on sports and surrounding facilities.

35

Percentage of Revenue

15.5%[ 21.0 billion yen ]Value Creation Story

ServeHealthcare & Medical BusinessIn addition to our initiatives to date, in FY2022 we made majorchanges to our business portfolio, including bringing DATA HORIZON
CO., LTD. and Allm Inc. into the Group as consolidated subsidiaries. In
the Healthcare Area we engage in the Data Health Business for
insurers and the Data Use Business for industry and the publicsphere. In the Medical Area we provide solutions related to medical
digital transformation, such as Join, the communication app for
medical practitioners.

Percentage of Revenue

5.2%[ 7.0 billion yen ]DeNA Core Competence

At DeNA, we seek to Entertain and to Serve through our businesses.

Corporate Capital Serving as Growth Drivers

Technology & Monozukuri, Organization & People, and Home Base (Yokohama / Kanagawa).

Our unique business portfolio is supported by our core competencies in38Technology & Monozukuri

Organization & People

Home Base (Yokohama / Kanagawa)Superior Quality Produced By Industry Leading Engineers

Culture of Challenging Ourselves to Pioneer New Business Areas

Creating an Exciting Community Through Sports

Since our founding, DeNA started out in e-commerce and expanded
into games, sports, live streaming, healthcare, and medical, and ourbusinesses now cover internet services to businesses in the realworld related to society and the public sphere. The driver behind
our business area expansion and growth is our culture ofchallenging ourselves and our diverse people. We keep abreast of
the trends in our ever-changing world, ascertain the changes weneed to make for the future, and connect that to new challenges topursue. Constantly delivering on these challenges while enjoying thechange is our DeNA culture.

We joined professional baseball in 2011 when we became theowners of the Yokohama DeNA BayStars. We worked on various
initiatives to bring fans to the home Yokohama Stadium, and now
over 2 million people annually gather in our home stadium. We arealso drawing out even further potential from the City of
Yokohama through various approaches in cooperation with thelocal government and many other companies. We also plan toexpand these initiatives to Kawasaki and Sagamihara throughbasketball and soccer.

At DeNA, all the people involved in service development gather fromthe start to share assumptions, such as user needs, and gain adeeper understanding of that context and work to shape theservice into reality. We also aim to provide that high level of expected
quality for all our services, including making sure there are no bugs,
the service doesn’t drop, and that it is safe. To ensure this we have avariety of professionals in design and product as well as
infrastructure, security, quality management, and customer
support in house.

Enhancing Management Capital: (1) Technology & Monozukuri

Unique Development Style Where All Hands Come Together Qualityin Upstream Process to Produce Superior Quality
At DeNA, we believe that quality is something that every single person must be involved in building
into our products and projects. We make sure to build in quality and make improvements for our
Many technology companies have the basic monozukuri functions of development, design, andupstream processes, including defining requirements and designing functions, and our
product, but DeNA believes that having quality, infrastructure, and security helps increase thedownstream processes, including the detailed design and implementation. We also develop
chance of success for a business, and has set up dedicated departments for each established in averification processes and technology to ensure we achieve the optimal quality required in DeNA’s
cross-department organization.
various business areas, and we work to enhance our verification through a deep understandingof the business and technical domains as well as performing validity checks based on customer
feedback.
D e N A V i ew o n M o n o z u ku r i S t r u ct u r e

I n f r a s t r u ct u r e

Dev/AI

DeNA currently handles approx. 5 billion requests* every day, with data volume traffic in thepetabytes. In the event that an active system has an issue, we have a mechanism to switch over to

Quality

Securitya standby system to keep downtime as close to zero as possible. Depending on the service we maybuild mechanisms in line with the infrastructure environment to provide a pleasant environment
for our users.

*Request: Transmissions requesting information from a server

Product

DesignSecurity

We have formed DeNA CERT as our security team made up of members from various

Infra-

structure

departments to adapt security initiatives to businesses from an organization and technology
perspective. In regular circumstances this team coordinates with the business departments andworks to ensure that the security policy has permeated the organization and that the most up-to-date security measures are in place, with the goal of providing safe and secure services. If
the possibility of an incident occurs, then DeNA CERT takes a central role in the response. This
team is made up of team members with specialized knowledge, enabling a rapid response.

DeNA Core Competence : Enhancing Management Capital

Technology & Monozukuri

Cross-Department Service QCD Improvement Capabilities
At DeNA, we have business side engineers who are placed in each of our businesses, including the Game, Live Streaming, Sports, and Healthcare & Medical Businesses, and who work close to users, andcross-department engineers with high level specialization who accumulate experience and knowhow that they use to contribute to the whole company. By having these two sets of engineers coordinate
closely we provide high quality services.

Cross-Organization Engineering Organization in Pursuit of Service Quality
No matter how novel or revolutionary a service may be, if users feel uncertain about any aspect ofusing it, the appeal of the service will not be conveyed, and not only that, but trust in DeNA as theservice provider will be lost. For this reason, we have built a framework to ensure quality,
incorporating cross-organization specialist departments for infrastructure, quality management,
and security, among others. We also have functions we can share across the organization andcustomize them to meet the needs of the business, utilizing knowhow accumulated in each of ourbusiness departments.
Entertain
Games

Collaboration Between Leading AI & UX Specialists and Each Business Departmentn our vision we say that “We will be the world’s premier provider of internet and AI technology todelight people everywhere.” DeNA boasts many AI technology specialists, including accomplishedKaggle Grandmasters, a rarity in Japan, among our data scientists. These specialists have high-level expertise in video processing, speech generation, reinforcement learning, and natural
language processing among other fields. We also established an Experience Strategy Office in the
Design Unit, whose purpose is to create processes and model examples for UX design and spreadthem throughout the organization. This team doesn’t stop at generating ideas–rather, they
coordinate with business departments and product owners to do user research, consider how togive back to society, and become involved in the actual monozukuri.

I

Serve

Live Streaming New Business Areas

Sports & Community Healthcare

New Business Areas

Cross-Department Organization

Infrastructure, quality management, security, design, data AI, product development

DeNA Kaggle Rank ProgramDeNA Core Competence : Enhancing Management Capital

Technology & Monozukuri

New Value Created Through Collaboration Between Top Engineers in Japan and Business Departments
IT Platform Team Halved Infrastructure Costs for Medical Business

Developed Game Engine Syntax Analyzer Leveraging AI Machine Learning

AI Analysis Leveraged for Match Data and Footage to Benefit Players and Coaches

At DeNA, we were able to apply our knowhow in systeminfrastructure of handling large-scale traffic on services suchas Mobage to our Live Streaming Business. As a result, we arecapable of providing stable operations while handling massive
traffic every day. In the Healthcare & Medical Business, our
specialist team was able to thoroughly review theinfrastructure costs for the newly acquired Allm Inc. andsuccessfully halved those costs. These are just a few examplesof the successes the team has achieved in more efficientmonozukuri.

Our top class quality management team developed a gameengine syntax analyzer leveraging machine learning to analyze
places in a game likely to have bugs. The team reached out tothe top level internal AI personnel and the dedicated data
analytics team to recommend the development of a programfor automated testing leveraging AI technology. As a result, weare now able to analyze about 99% of data, and have filed for apatent in the field.

The Yokohama DeNA BayStars coaches, researchers &analysts assigned to the baseball club, and the AI specialists on
the DeNA AI team have all joined forces to develop and operate
AI solutions to enhance the team. These solutions are being
repeatedly updated by applying feedback collected from theplayers, coaches, and analysts as they use the solutions. This AI
model analysis is also being used for the Kawasaki Brave
Thunders basketball team.

Bac k drop & Issues
The types of data and amount were increasing significantly,
including detailed match result data, sensor data, andmatch footage data, making the data analysis more complex
every yea
There was increased need for data-driven initiatives
leveraging AI technology, such as forecasting models using
machine learning and sophisticated video analytics

U se of AI
AI personnel did not work alone, but collaborated with thebaseball club to develop AI solution
The final product is actually being used by players, coaches,
and analysts every day in practice, and their feedback andsuggestions are being incorporated

DeNA Core Competence : Enhancing Management Capital

Technology & Monozukuri

DeNA’s Focus on Creating and Nurturing Services

Game Growth & Long Term Contribution That Stands Apart from the General Life Cycle

Promoting Business Strategy Through Avenue of Design

In general, the popularity of a game gradually fades after launch, but by leveraging ourDeNA leverages the power of design for getting new plans off the ground and creating innovation,

accumulated service and community live operations knowhow we work to improve our services

while at the same time leveraging various frameworks and methods such as social listening andand increase monetization based on continued dialogue with users. For example, with Pokémon

ethnography. We also make sure to commit to pursuing customer Delight, which runs the risk of

Masters EX we successfully increased the topline by 1.3x in the 3rd year compared to the 2nd year

being left by the wayside on the ground in our business departments, and we work to discoverafter launch. For the game Gyakuten Othellonia, which started out at a small scale, we have grownfundamental issues. We produce creative solutions that are not bound by what has come before.

the financial contribution steadily over multiple years, and now this game has provided long term

When a new proposal has gotten off the ground in each of our business departments our Design

earnings contribution. This shows the power of DeNA’s live operations capabilities, and we are

Unit team members bring their knowhow into play from the upstream part of the process. We do

applying that expertise to our other businesses.

not just want it to look good. We calculate how our users will feel and incorporate that as we build
the entire story for the service experience.

1st year ≈ 2nd year < 3rd year (1.3x year over year)

2nd year

3nd yearEnhancing Management Capital: (2) Organization & People
Basic Approach to Human Capital

Our basic approach is the DeNA Promise, and we welcome diversity and commit to personnel growth
Focus Investment for Human Capital
Proactive transfers of key personne
Programs to allow employees to choose their own locations for growt
Enabling pursuit of challenges in business creation at Delight Ventures, the DeNA  Group’s fund, and at portfolio companie
Going independent, founding a startup, and spinouts available as official career path

Social Backdrop

Approach Needed

Creating Opportunities to L everage Individuality

Talent acquisition
Overheated  
Hiring Market

Diversification of Growth Opportunities
Personnel training& allocation

Heightened Job Mobility

At DeNA we have the DeNA Promise within our Value (page 8) as our basic approach to humancapital. We welcome the diversity of our employees and are committed to developing a workforce
that will be active and contribute to society both within and outside of our company by making theexperience with us irreplaceable for all employees involved and enriching their individual lives andcareers. We define diversity as bringing different strengths and multiple perspectives to theorganization based on each individual's background, experience, skills, and personality, and wehave introduced various measures to attract such diverse human resources and provide themwith opportunities and venues to make the most of their individuality.

Greater Growth Opportunities

Focus on talent quality, not limiting ourselves to existing hiring method

Specific Measure E x amples

Going independent, founding a startup, and spinouts available  
as official career path

Separate new graduate hiring, Direct recruiting, Referral hiring, DeNA Alumni, Owned media, Use of side jobs, Hiring of people living in distant locations

Proactive transfers of key personne
Programs to allow employees to choose their own locations for growt
Enabling pursuit of challenges in business creation at Delight Ventures,  
the DeNA Group’s fund, and at investment target companies

OpenQuest, Shake Hands program, Cross Job & Side Job
programs, Group Executive Program, Delight Ventures, Career
consultation, 360 degree feedback, Monthly survey

Creating Venues to L everage Individuality
Creation of organization with feeling of solidarity through employee dialogue  

Demographic ShiftDiversification of Working Styles

Corporate culture

Working environmentMore information about DeNA careersand our working environment

may be found on our website (Japanese only).

and exchang
Establishing organization structure to allow diverse employees  
to exercise their unique strengths, create synergy, and work to the fullest

Initiatives to support employees in balancing their work and private live
Organization that enables employees to feel secure in giving their best
performance mentally and physically

Onboarding program, All Hands Meeting, Employee sports gamevisits, Family Day, Distant location work program, Hybrid work
combining office and remote work, DeNA LIFE DESIGN PROJECTDeNA Core Competence : Enhancing Management Capital

Organization & People

Career Support P rogra m s to Leverage Diverse Hu m an R esources

Creating Opportunities to Make the Most of Individuality
Talent Acquisition

We do not try to gather talented people around a business–rather, we believe thatbusinesses are born around talented people. We want to be the best possible
workplace for people who are independent thinkers that do not bow to authority andif anything enjoy overcoming a good challenge. To ensure that our hiring gets the best
possible results, DeNA's executives and other ace-level personnel in the businessdivisions are taking the lead in recruiting activities. To strengthen our team thatshares a base of common values while also welcoming unique team members, we areendeavoring to expand our working styles. Of course this includes not only hybrid
work, but also allowing side jobs and other initiatives to proactively expand themethods available to bring highly skilled engineers and designers onto the team. We
are also focusing efforts into owned media and YouTube branding initiatives. Our
newly begun distant location hiring has brought on seven talented engineers over thecourse of a year. 

Further, we leverage the DeNA alumni community to offer chances for former
employees to come back, and in this way we secure talent who are ready to hit the
ground running.
Human Resource Development and Placement

For human resource development, we have introduced our own in-house recruiting
system (OpenQuest) to support employees' autonomous career development, and weare building a place where employees can take on challenging and rewarding workthrough the latest HR technology and management enhancements. We also
introduced the Group Executive System to allow executives to incubate businessleaders and enhance our organization as a part of a broader approach to promotefurther expansion of our business areas. In terms of human resource allocation, weare actively transferring core personnel so that they can experience various
businesses. We also have various systems in place, such as the "Shake Hands System,"
which allows employees to transfer regardless of the wishes of their current
department if the general manager of the other department (the host department)
agrees, the "Cross Job System," which allows employees to concurrently work inother departments for up to 30% of their work time at their own request, and the"Side Job System," which allows employees to work outside the company on the side.

Increasing Knowledge

DeNA University
Learning About the Work of Others

OpenQuest
Take onDifferent Duties

Cross Job
Transfer

Shake Hands
E ntrepreneurship

Delight Ventures

Based on the concept of a “place for job learning to come to life, by DeNA team members, for DeNA team members,” DeNA employees teach seminars in the following 4 areas:
Strategy & Business Plannin
Business & Technology Knowledg
Communication & Critical Thinking
DeNA Shared Value

Unique in-house job board (job posting site) deployed to support employees in their autonomous career formation

Program to allow employees to choose their own place to grow, permits employees to allocate up to 30% of their working hours to work for another department at their own discretion

Program to proactively encourage transfers among key personnel, where employees can transfer regardless of the wishes of their current department if the general manager of the other department (the host department) agrees

Take on the challenge of creating a business at Delight Ventures, the DeNA Group’s fund, or at portfolio companies

DeNA Core Competence : Enhancing Management Capital

Organization & People

Creating Venues to Leverage Individuality
Corporate Culture

In order to create an organization where DeNA Quality and the DeNA Promise(page 8) are disseminated and put into practice, DeNA implements an onboarding
program to support employees who are new to the organization so that they canplay an active role as quickly as possible. In addition, to strengthen managementthat makes the most of diverse human resources, DeNA conducts management
training, 360 degree feedback, monthly surveys, and other programs. In
addition, to create an organization with a sense of solidarity through dialogue andinteraction, we conduct status checks twice a year by means of an organizational
status questionnaire, organize employee sports viewing events, and promote a
hybrid work style that combines work at home and remote work.
Working Environment

In addition to promoting a transformation of the conventional working style, DeNAis working to create an office environment that allows flexible work by combining
work at the office and remote work depending on the nature of the work, andcreate the optimal work environment for the post-COVID-19 era. In addition, we
also have been developing new systems to secure workers, including a multi
location system that allows employees to flexibly choose where to work fromdepending on the situation, work from a distant location (application required), sidejobs and so on. To create an environment in which a diverse range of employees
can play an active role, we launched the DeNA LIFE DESIGN PROJECT in October
2019. This project is designed to support employees in balancing work with various
life events that occur regardless of gender, such as marriage, childcare, family
care/nursing care, and their own illness and self-care. Along with regular reviewsof systems and benefits, we have established a contact point to receive
consultation from employees. For childbirth and childcare support, in addition tosystems and benefits such as shorter working hours, babysitter subsidies, andfinancial support for early return to work, we provide pre-maternity leave
interviews, workshops for those returning to work after maternity leave, andreturn-to-work interviews. As a result of these efforts, the number of resignations
due to work-life balance has decreased significantly over the past several years.
DeNA LIFE DESIGN PROJECT site (Japanese only)

Dissemination of information on DeNA employee working styles through owned media Fullswing

Sharing of DeNA employee interview videos on “DNA of an Entrepreneur” YouTube channel

We b s i te

Yo u Tu b eEnhancing Management Capital: (3) Home Base (Yokohama & Kanagawa)
Horizontal Expansion Using Core Competence of Real Place
DeNA participates in the management of three professional sports teams in three cities in Kanagawa Prefecture: the City of Yokohama professional baseball team Yokohama DeNA BayStars, the Kawasaki
City professional basketball team Kawasaki Brave Thunders, and the Sagamihara City professional soccer team SC Sagamihara. Each of these sports have different business characteristics, so there areopportunities to learn different knowhow. DeNA gathers up this knowhow, centralizes it, and returns all the learnings to each team. DeNA also proactively transfers personnel so that knowhow is spreadaround, and DeNA’s overall technology service knowhow is being actively used in the Sports Business.

Participating in 3 Sports in 3 Cities in Home Base Kanagawa

1.million
54● Digital maketing

including YouTube
to increase● Measuresschool members● Promotion of SDGs

Kawasaki City

Sagamihara City

Accumulate

Aikawa Town

1.12

million● Team Enhancement Knowhow

Zama City
Ebina Ayase
City City

Customer Base

Brand

Fans, business customers, etc.

Personnel

Team personnel, marketing,MD, sales, business development, etc.

Yokohama City

Use

4.14
 

million● Event performance experience● Club & stadium coordination● Experience increasing attendance● Partnership promotion knowhow(Awareness & customer attraction
initiatives, social media operations, etc.)

CX(Events, performance experience, food,beverages, and merchandise sales, etc.)
Yokosuka City

Population data source: Kanagawa Prefecture Population Census (Monthly Report) January 2023

MarketingStakeholder Relations

Machizukuri

DeNA Core Competence : Enhancing Management Capital

Home Base (Yokohama / Kanagawa)

Delightful City ( Smart City ) Concept
At DeNA we leverage sports content and jointly operate the stadium and arena, which are the center of excitement, and spread that excitement into the neighboring and surrounding regions. This is how wepromote our Delightful City (Smart City) Concept. In the City of Yokohama we have our business to make use of the old city hall district, where we have started exploring several projects, including the Live
Viewing Area (a new entertainment space) and the edutainment facility for children to play. We also have similar activities underway in Kawasaki City.

Yokohama
Yokohama DeNA BayStars

IP Content(2011 onward)

Knowhow

Kawasaki
Kawasaki Brave Thunders(2018 onward)

Joint

Operation

Yokohama Stadium

Stadium & Arena(2016 onward)

Reciprocal

sending ofcustomers

Neighboring

Regions

Old City Hall District &Yokohama Park

(Spring 2026 open planned)
Sendcustomers

Surrounding

Regions

Starting provision from 2022

Kawasaki!

Arena City Project kicks off

Knowhow

Sagamihara
SC Sagamihara(2021 onward)

DeNA Core Competence : Enhancing Management Capital

Home Base (Yokohama / Kanagawa)Business Strategy To Make the Delightful City a Reality
By aiming to build a robust business foundation through the joint operation of the stadium and arena, DeNA aims to provide an appealing sports entertainment experience and at the same time expand thatout to the regional community and create excitement through experiences and gatherings other than in sports.

Creating this excitement will foster civic pride among the people in the area, energizing the surrounding region, and this in turn will lead to higher engagement for DeNA–we intend to make this cycle a
reality. If this cycle works well, then we will be able to deliver Delight to large numbers of people.

Robust Business Foundation of Joint Operations of Stadium and Arena
Content & Stadium
Providing appealing entertainment and experiences

Civic pride

incubated by acquiring

new fans and sustained support

Endeavoring to Create New Machizukuri through Sports & Region
Energizing the region through sports

Regional 

Community

Creating
excitement

through experiences
outside sports and gathering customers
leveraging technology

Growth Strategy

Introduction to DeNA’s long term growth strategy and initiatives in each area and businessLong Term Portfolio and Initiatives to Enhance Financial Performance & Growth
Mid to Long Term Growth Strategy Began in FY2021

In our businesses, DeNA has two approaches: our Entertain approach, including live streaming
and games, and our Serve approach, including healthcare, medical, and sports. We aim to evolve
into a new, unique kind of tech company, including encouraging synergy between the two
approaches. With that goal in mind, we kicked off our mid to long term growth strategy for FY2021
to FY2023. In the established core approach of Entertain, we are aiming to secure a good level ofprofit, despite the volatility in the Game Business. For the Live Streaming Business we are aiming
to achieve continuous growth for Pococha Japan while also expanding in global markets. We also
made IRIAM Inc., who run a novel experience Vtuber app, into a subsidiary.

With consideration for the characteristics of these businesses we are also controlling costs andbeing agile in our growth investment. In the Serve approach, which includes the Sports Businessand Healthcare & Medical Business, we are continuing efforts to further grow our strengthened
business portfolio and enhance the earnings base to achieve the structural shift for Serve tocontribute about the same level of profit as Entertain at the end of this three year period. As apart of this effort, we made DATA HORIZON CO., LTD., a leading company in supporting data healthplans, into a subsidiary in August 2022. We also made Allm Inc., a developer and provider of
medical ICT, into a subsidiary in October 2022. We kicked off the newly inaugurated Healthcare &Medical Business with this enhancement of our business portfolio. In FY2023 we aim to achieve
profitability for both Healthcare and Medical Areas, and in FY2024 we aim to achieve 20 billion yen
in revenue and 5 billion yen in profit for the business as a whole.

Long Term Structure Shift(Profit, billion yen)Entertain

20.0

im to secure a good level of rofit, des ite volatility

A

15.0

FY202

2

Strengthenebusiness ortfolio

10.0

d

p

FY202

Serve

AAP

p

t

0

im to secure similar level of rofit contribution to Entertai
im to achieve full year rofitability in both ealthcare & Medical in FY202
im to achieve rofit contribution of a ro . .0 billion yen er year in S orts
& ommunity in the mid to long term
A

-5.0

p

A

Mid Term Strategy Start Year

(FY2021 results)p3Year-on-year revenue

and non-Go erating rofi
increase (goal)
p

5.0

p

Long Term Structure(FY2024 onward)

p

A

p

C

H

pp

x

3

p

p

E n t e r ta i n

GameBusiness

Business Content & Characteristics
The DeNA mobile game business began with the success of the hit title Kaito Royale, launched in 2009,and our business expanded from there in line with changes in the market (see “Game BusinessHistory” on the next page).

Currently we have many app games available in Japan and internationally, and legacy mobile

browser games in Mobage also in Japan. In the Game Business we develop our own games and also
work with partners to develop and operate games in our two locations: Japan and China.

Strengths & Advantage
As a company with origins in internet services, we boast data analytics with our dashboard ofservice data, game live operations with a high speed PDCA cycle, and infrastructure
operations that can accommodate traffic for large-scale global game title
Partnership with IP holder
Unique development & live operations structure in Japan & China

Looking Back on FY2022

Business Opportunity

In FY2022 there were some delays in new titles, among other factors, and revenue and segment

The Japan smartphone game market was over 1.2 trillion yen in 2022,* and it continues to be a

profit declined. However, this business was supported by results from our long-contributing

major entertainment marke

x

x

.

e isting title operations and streamlining fi ed costs

A buildup of performance from new titles is important to enhance the earnings base. During

FY2022

The global smartphone game market was over 8.9 trillion yen in 2022 (97.2% compared to lastyear),* with the demand from people staying at home coming to an end. However, China, where

DeNA launched 2 new titles, and we are making steady progress in preparing our titles scheduled

FY2023 and beyond, including running closed beta testing and pre-registration.

In addition to these measures, we are continuing to streamline our cost structure and optimize our
fixed costs.

DeNA has a development and live operations studio, saw 114.6% growth year-over-year, making

for release in

G a m e B u s i n e s s P e r fo r m a n c e■ Revenue

it the largest market in the world*Source: Famitsu Mobile Game White Paper 2023 (KADOKAWA ASCII Research Laboratories, Inc.)G a m e B u s i n e s s H i s to ry

I nternationa l a pp

J a pan b ro w se r

37.8 billion

47.9 billion■ Segment profit / loss

2009 -

2013 -

2020 -

billion yen

100.0

91.3
83.8

●

74.7
64.0

to apps●

Opens Mobage to third-party

beloved to this day, including● Structural transformation

developer titles, and many

FINAL FANTASY Record Keeper

and streamlining costs

long-term popular hits are

and Gyakuten Othellonia● Updating mid to long term
strategy

GranBlue Fantasy

11.6

●

9.6

●

J a pan a pp

0
FY2021

FY202234.2 billion

global market focused on

Creates cohort of app titles

born, such as Cygames, Inc.’s

18.9● Pipeline strategy for the

major IP●billionFY2020Shifts from mobile browser

Mobageconsumption

119.8

50.0

FY2019●including Kaito Royale, on

Virtual currency

14.2

Launches social games,

Enhances partnerships,

Shifts to smartphones andincluding the business &goes global

capital alliance with NintendoCo., Ltd., and providing ofcollaborative titles with The
Pokémon Company

Growth Strategy
Existing title performance currently makes up the majority of performance for the GameBusiness, and we are continuing to address structural issues including the need to create newhits and streamline our cost structure. 

Meanwhile, we will continue aiming to create business opportunities in the broader

entertainment space, in order to achieve enhancement of our long term business value. In thelong term we aim to secure a good level of profit in the entertainment space, despite the volatility
in games.

Game Business Strategy To Date
Continuous new title launches at a pace of approx. 5 new titles per yea
Pipeline centered on major IP for the global market
Further optimizing new development structure and streamlining related costs*Release timings are based on current estimates and are subject to change.

Game Business Strategy to Date
Recently we pursued a pipeline strategy centered on major IP for the global market, based on ourstrengths of the development & live operations in China and Japan, partnership with IP holders,and global publishing structure.

We have a structure in place to release approx. 3 - 5 new titles per year. We are also further
optimizing our structure and streamlining related costs for new title development, and aiming tosecure sound profitability.

Initiatives to Achieve Long Term Business Value Enhancement
In addition to our strategy to date, going forward we aim to proactively create business
opportunities in the broader entertainment space, making use of our strengths including ourpartnerships and technological expertise. 

DeNA and Nintendo have had a business & capital alliance since March 2015. During that time, wehave built a solid relationship of trust while jointly working on various projects. Going forward, we
will move to the next stage in enhancing the relationship between the two companies, building on
the foundation established over the past 8 years. This includes, for example, the establishment of
the joint venture Nintendo Systems in April 2023, which will conduct R&D and operations, andcreate added value with the goal of enhancing the digitalization of Nintendo’s business.

Shueisha and DeNA have been making use of each others’ core competencies in cooperation in
the broader entertainment space since 2019, and we are engaging in new initiatives in this space,including in the joint venture Shueisha DeNA Projects.

Mid to Long Term Business Opportunities
Create business opportunities in the broader entertainment space, making
use of our core competencies in partnerships, technology, and live operations
capabilities, etc.

E n t e r ta i n

Live Streaming

Business
Business Content & Characteristics
We operate Pococha, a live broadcasting service where anyone can broadcast easily with just asmartphone, and IRIAM, a live streaming service featuring a novel Vtuber experience. 

Through these services people can use their free time to join diverse communities that match

their unique preferences, so we can appeal to a wide variety of broadcasters and viewers. We

provide a new type of entertainment, a place for self expression for the broadcasters, andthrough item purchases by the viewers broadcasters can receive compensation in line with theengagement in their broadcast.

Strengths & Advantage
Our services have a unique strength in the formation of communities of broadcasters andviewers, and the service evolves through exchanging opinions with user
Design focused on UI/UX (Pococha first live broadcasting app to receive Good Design award in2020
Educational activities and AI & system-powered monitoring to prevent issues in the community,
building on knowhow from other service live operations

Looking Back on FY2022

Business Opportunity

We achieved continuous revenue growth while also conducting proactive growth investment withVibrantly interactive, real time live streamin

an emphasis on the positioning in each of our investment regions.

Development of an interactive service that empowers individual

Pococha Japan achieved 4.86 million downloads as of March 31, 2023. Pococha in the US also

Growth opportunities in Japan & overseas

achieved 1.1 million downloads. FY2022 full year revenue growth for our subsidiary IRIAM Inc.,
who operate the novel Vtuber experience app IRIAM, was solid, with doubled year-over-year
growth. As of March 31, 2023 IRIAM achieved 1.55 million downloads and achieved the highest everPococha Positioning

DAU* for the service.

*Daily Active Users

Characteristics:

Easy live broadcasting with just a smartphon

L i v e S t r e a m i n g B u s i n e s s P e r fo r m a n c e■ Revenue

Two-way communication between broadcaster and their viewers■ Segment profit / lossLivebillion yen

40.1

40.0

34.7

SHOWROOM

ABEMA

30.0

24.2

Commun cat oni

20.0

Cont nt / Informat on

i

e

i

ouTub

Y

10.0

9.1
5.2

Amazon Pr m V d o

T kTok

i

i

3.5

e

e

i

N tfl x
e

0

-1.4

-0.6

Arch

ive

-5.0
FY2019FY2020

FY2021e

FY2022i

Growth Strategy

Initiatives to Achieve Leaps in Growth

The Live Streaming Business is in the growth phase, and wecontinue to pursue sustained growth in Pococha Japan while
also continuing growth investment into our initiatives toachieve leaps in growth, including the global version and new
genres. For Pococha Japan, there will be short-term variability
depending on the degree of openness of social activities as the
COVID-19 pandemic comes to an end. However, we aresupported by the stable activity of our existing active users
and have built a solid business foundation. Going forward we
will continue our efforts on intrinsic service measures andmarketing measures to acquire new users and engage them inthe service.

Pococha Global Expansion

Pococha Japan Results*

Global Pococha■ Revenue“Live Link Life. Enjoy this moment, forever.” With this concept, we launched our service in the US in May 2021, and in India in March
2022. In the US we took steps to balance the service to foster sound communities in the service. We have made steady progress,
including achieving 1.1 million downloads in the US as of March 31, 2023. We are continuing to verify the appropriate investment sizeand focusing on enhancing the service balance to form a solid foundation for growth.

Expansion into New Live Streaming Genres
IRIAM is an app where anyone can enjoy a novel Vtuber experience anytime, anywhere, using just a smartphone and an illustration. 

Simply by uploading a character illustration, our system will make the character come alive, matching the user’s expressions andmovements, making for an easily accessible live streaming experience. 

IRIAM achieved 1.55 million downloads as of March 31, 2023, and revenue more than doubled year-over-year, showing the strong
growth in this service.

Novel Vtuber Experience App IRIAM■ Profit/loss

billion yen
35.0
30.0
25.0
20.0
15.0
10.0

Pococha US monthly paying unique users

Monthly average DAU

5.00
FY2019FY2020

FY2021

FY2022*The revenue and profit/loss figures from management accounting for each segment shown above are for reference purposes.

Q1

Q2
FY2021

Q3

Q4

Q1

Q2
FY2022

Q3

Q4

Q1

Q2 Q3
FY2020

Q4

Q1

Q2 Q3
FY2021

Q4

Q1

Q2 Q3
FY2022

Q4

ServeSportsBusiness

B u s i n e s s C o n te n t & C h a r a c te r i s t i c s

S t r e n g t h s & Ad va n t a ge

DeNA participates in the management of major Japanese professional sports teams in three

Accumulation of professional sports knowhow through operations of baseball, basketball, andordinance-designated cities in Kanagawa Prefecture, namely baseball, basketball, and soccer.

soccer (planning & performance, social media operations, data analysis, activating fan

Through joint management of the professional baseball club & the stadium and coordination with

communities

the surrounding area we have increased our stadium attendance and created vibrant activity inthe community. We also share knowhow accumulated in each team laterally and have establishedour DeNA SPORTS GROUP including baseball, basketball, soccer, and track & field and have begun
initiatives in collaboration with partner companies to create the future “for sports and thefurther evolution of society.” We are using the power of sports to inspire passion in people tobring excitement to the community and contribute to new machizukuri.

Trust & expectation from government (city) and region through commitment to the arePartnerships, including field tests with diverse companies

L oo k in g Bac k on FY2022

Business Opportunity

In FY2022 there were no restrictions on attendance related to COVID-19, unlike the previous fiscal
year, and we saw a significant year-over-year improvement in financial performance. The total
attendance for official home games for the Yokohama DeNA BayStars in the 2022 season was 1.78
million people, a major increase compared to the 730,000 of the previous fiscal year. The Kawasaki
Brave Thunders also saw increases in revenue despite COVID-19. 

DeNA made steady progress in the mid to long term business strategy. This includes how in March2022 DeNA announced the launch of a project to jointly explore a machizukuri initiative centered ona new arena with capacity for 10,000 people* in Kawasaki together with Keikyu Corporation.

Machizukuri in City of Yokohama, such as old city hall district development projec
Home bases in three ordinance-designated cities, home base populations cover 60% of
Kanagawa Prefecture population*This is an estimate as of the project launch, and the actual number may change as the project planning progresses.

Sports Business History

Sports Business Performance■ Revenue

Characteristics: Sharing of experience & knowhow, and creation of business opportunities &synergy with the establishment of the DeNA SPORTS GROUP brand■ Segment profit / loss

STEP 1billion yen
30.0

20.0

21.0

20.2
12.8

14.7

10.0

0

1.2
-3.6

-2.6

-0.0

-10.0
FY2019FY2020

FY2021

FY2022

2011 - 18

Entry into professional
baseball business,acquisition of successknowhow and trainingof personnel

STEP 22018 onward

Entry into professional
basketball and soccer
business, lateralexpansion of businessand vertical growth

STEP 32021 onward

Synergy ofmanagement
resources, growth
expansion for each
sport

Growth Strategy
Delighting People and the Community through Sports
We aim to develop a Delightful City that has fans not only
among the residents but also visitors. We are providing
content and drawing out the appeal of the community byenhancing our sports content with strong connection to fans,
expanding real businesses that make use of local businesses
and our locations, and expanding into a broader area & utilizing

technology.

+ Broad Expansion & Use of Technology

Continuous Initiatives
Maximizing Sports Content Value
By continuing to invest in baseball, basketball, and soccer, wegrow the business & content value, expand our earnings base,and secure stable profitability. We will enhance this business asa foundation for mid to long term growth and business
opportunities.

Real Business Expansion Using Local Businesses& Locations
We will expand into areas with high affinity for our content,
including our stadium, arena, merchandise shops, schools, andother commercial facilities. We are also involved in the live
viewing arena and edutainment facility in the City of Yokohama
old city hall redevelopment project next to our stadium, whichis planned for a 2026 opening.

Stepping Stone to the F uture
Broad Expansion & Use of Technology
Providing Exciting Experiences Even At a Distance
We are expanding into digital and lifestyle areas, including
online streaming, fan clubs, and merchandise and food &beverage.
Development into Delightful City

In addition to providing content to attract visitors from within
and outside the region to the stadium and surrounding
facilities, we will contribute to sustainable development bycollaborating with the City of Yokohama and local businesses
and organizations to promote a system that supports thevibrancy of the area and takes into consideration issues suchas energy consumption and waste disposal that occur behindthe scenes.

+ Stadium & Other Locations+ Content

Project launched aiming to open an entertainment complex including an approx.
10,000 person arena by October 2028

Live viewing arena (for illustrative purposes)

ServeHealthcare & Medical Business
Business Content & Characteristics
In this business we enhanced the business portfolio in FY2022, and changed the name to the
Healthcare & Medical Business. As the name suggests, in this business we have initiatives in boththe Healthcare Area and the Medical Area. For the Healthcare Area we are using the foundation
established in health big data in the Data Health Business built up to date by DATA HORIZON CO.,LTD., while also working to launch the Data Use Business. 

In the Medical Area we are working to promote medical digital transformation both in Japan andoverseas centered on Join, a communication app for medical professionals provided by Allm Inc.

Strengths & Advantage
Relationships with local municipalities and health insurance societies through the Data HealthBusines
Early mover in medical digital transformation and global expansio
Collaborative structure between industry, government, and academia, such as with Hisayama
Town in Fukuoka Prefecture and Kyushu University

02
G

Business Opportunity

For the Healthcare & Medical Business, revenue was 7.0 billion yen, a 133% increase year-overyear, and the segment loss was 2.2 billion yen, compared to a 0.6 billion yen loss last fiscal year. 

At DeNA we have been proactively pursuing mid to long term growth opportunities, andconducted M&A, etc. for new growth and to take on new challenges. In FY2022 for this business wemade significant progress in enhancing the business portfolio. On August 3, 2022 we made DATAHORIZON CO., LTD. into a subsidiary, and on October 3, 2022 we made Allm Inc. into a subsidiary.
Since those dates the performance of each company respectively has been included in the results
for this business.

In the graph below “Healthcare Area, etc.” includes health big data and other initiatives, and as ofAugust 2022 it includes the performance of DATA HORIZON CO., LTD. “Medical Area” includes
medical digital transformation and other initiatives, and as of September 2022 it includes
Nippontect Systems Co., Ltd., and as of October 2022 it includes Allm Inc. performance.

Healthcare & Medical Business Performance (Reference)*
Revenue by Area

Profit/Loss by Area

billion yen

billion yen■ Medical Area
■ Healthcare Area, etc.

■ Medical Area
■ Healthcare Area, etc.

2.1

3.4

1.2
1.8

3.6

FY2021

FY2022

-0.3
-0.3

-1.2

-0.6

ave of digital transformation dramatically changing how medical services work andaddressing medical sustainabilit

W

Increased opportunities to use digital technologies in the healthcare and medical spheres,
including addressing dementia and the three major adult diseases in conjunction with Japan’s
increasingly super-aged societyD

e N A Healthcare & Medical Business Approach
成In the Medical Area, we aim to improve work efficiency in medical care, nursing care, and othersettings by leveraging medical digital transformation, and to maintain regional medical structuresand enhance the quality of medical care and nursing care. In the Healthcare Area, we aim to workwith academia, pharmaceutical companies, and others to enable the use of health big data for
drug discovery and new product development, and in so doing to contribute to health promotion
and rationalization of medical costs. 

We are focusing on further growth of the strengthened business portfolio and earnings baseenhancement. We aim to achieve full year profitability in both Healthcare & Medical Areas in
FY2023 and 20.0 billion yen in revenue and 5.0 billion yen in profit for the whole business in
FY2024.

FY2021

戦

略

61

-1.2
-0.8

-2.0

T

he Healthcare & Medical Business was transformed in FY2022 .

S

FY2020長

FY2022

Potential of the Health Big D ata Business & Medical D igital Transformation” in the follow ing pages for more information on the background and grow th strategy.

alue Creation Story*The figures shown here are on a management accounting basis, not including asset-related amortization costs, etc., which have begun to berecognized upon completion of PPA, and do not match the segment results. The same definition was applied to FY2021 results. The FY2020
results, prior to the major portfolio enhancement, are shown for the Healthcare Business for reference.

“

ee the special coverage in  V

FY20203.1

7.0

National & regional local municipality initiatives to rationalize medical costrowth Strategy

Looking Back on FY2022

S

pecialPotential of the Health Big Data Business & Medical Digital Transformation BusinessS o l v i n g S o c i a l I s s u e s  

i n t h e H e a l t h ca r e & M e d i ca l S p h e r e s

With its rapidly aging society, Japan faces rising national healthcare
expenditures, and there are concerns that it will become impossible tomaintain the health insurance system. The shortage and uneven
distribution of doctors on the ground as well as the lack of specialists is
also a concern. The transformation of working styles for doctors will
come into effect in 2024, meaning that the current style of medical carethat relies upon the benevolence of medical personnel to work longhours will no longer be tenable. To solve these social issues a great dealof attention has been directed towards the health big data market andmedical digital transformation market, which have seen growth in size.
(See the chart on the right)

DeNA entered into the healthcare space in 2014. “Making the shift from‘sick care’ to ‘healthcare’ and lengthening healthy lifespans” is themission of the Healthcare Business, and we provide services thatencourage health promotion and behavior change, including kencom, aservice for promoting daily health. Based on this foundation, from about2020 we accelerated our health big data strategy.

To expand & leap into surrounding areas and enhance the earnings
base we broadened our initiatives into the Medical Area in 2022. In the
Medical Area we aim to achieve fair medical welfare for all people aroundthe world by solving medical disparity and mismatches through theprovision of our solutions to support digital transformation in medical
and care settings, among others, including through the service Join
provided by Allm.

People / Insured

Pharma / Insurance

Medicine

Maintaining health &p r eve n t i o n E ff i c i e n t d r u g d eve l o p m e n t→ E x te n d i n g h e a l t hy

& m a r ke t i n g

O p e r a t i o n s e ff i c i e n cy i nm e d i c i n e a n d ca r e , e tc . 
→ Maintain regional medical l i fe s pa n s

structure

Issues to SolveN ew p r o d u c t d eve l o p m e n t 

E ffe c t i ve h e a l t h→ H e a l t h p r o m o t i o n fo r  

b u s i n e s s 

Increasing medicine andmembers→ R a t i o n a l i z a t i o n o f  

ca r e q u a l i t ym e d i ca l c o s t sHealth Big Data Market

Fo c u s M a r ke t s

Data health

Data use

Medical Digital Transformation Market

J a pa n

G l o ba l

PHR* / services

Made Allm Inc., provider ️Made DATA HORIZON CO., LTD. 

of medical digital transformation into a subsidiary
solutions, into a subsidiaryR e c e n t I n i t i a t i ve s
Enhanced partnership in health big data
Made Nippontect Systems Co., Ltd., through business alliance with Medical
Data

Vision Co., Ltd.

the ICT startup company active against dementia, into a subsidiaryU nique DeNA Group Endeavors
The foundation of the health big data strategy is the Data Health Business. In the Data HealthBusiness, we provide services to provide holistic support for running the data health PDCA cycle
for local municipalities & prefectures (who act as regional insurers), and health insurance
societies. In the Data Use Business we use the data and other information accumulated in the
Data Health Business in an appropriate way to give back to society by allowing the information to
be used for public good and in industry, such as by pharmaceutical companies and insurancecompanies. These two businesses add value to the health big data business overall, and serve as
the two wheels that drive growth. (For more information see page 65)

In the medical digital transformation market, we are focusing on Join, the communication app for
medical practitioners. Join is an app that supports communication between medical practitioners
in a secure environment through the combination of mobile and the cloud. Going forward, we will

enhance our relationship with the prefectures, who are responsible for regional medical care,
expand our coverage area, and aim to increase the number of hospitals and medical practitioner
users who use our service. We also believe there is an opportunity to bring insights from Japan, acountry serving as an example to the world taking the lead facing issues yet to be solved, to theworld and turn that into a growth opportunity. (For more information see page 66)

The social issues in the healthcare & medical spaces are too large to be solved by the private or
public sectors alone. Collaboration will be the key. At DeNA we have a core competence in external
partnerships, technology, specifically security and service design, and the people and organization
to support them. We leverage these core competencies to drive our business. We are also actively
pursuing synergies within the Healthcare & Medical Business. (For more information on technology
see pages 39 - 42)

Health Big Data

Key Strategic Indices(Business Foundation)

Coordination & Cooperation with Local Municipalities

Medical Digital Transformation● Service deployment & number of users● Number of hospitals using service● Database size and quality● Number of medical practitioner users● Initiatives with over 600 local municipalities

Going forward aim for expansion and maintaining top share
Expanding deployment of services such as kencom ● in cooperation with local municipalities

Accelerating public use of insured data, ● including of elderly people● Expanding deployment regions for key focus

service Join* in cooperation with prefectures*Communication app for medical practitioners● Coordinating and cooperating with local

municipalities to help sustain regional medical
structures overseas

Health Big Data – Aim to be No. 1 in Growing Data Use Market
From around 2020 DeNA has enhanced partnerships with the aim of expanding industry
use in the health big data area, among other uses, to solve social problems. 

As a part of this, DeNA made DATA HORIZON CO., LTD., which was a business partner from
August 2020, into a consolidated subsidiary, and now DeNA and DATA HORIZON (along with
their subsidiaries) are working together, with DATA HORIZON taking a central role in thehealth big data strategy. In the Data Health Business DATA HORIZON provides services thatrun the PDCA cycle in its entirety for data health, based on analysis, covering proposals

for health business to improvement plans for the next cycle. DATA HORIZON is the mostrecommended service by local municipal national health insurance programs, with records ofproviding service to over 600 local municipalities. There are significant core competencies forboth the Data Health Business and Data Use Business.

In data use, our existing initiatives are beginning to bear fruit, while the number of clients,
including pharmaceutical companies and insurance companies, has grown. Revenue also grewsignificantly from 250 million yen in FY2022 to 750 million yen in FY2023.

Expected Market Size*: Around 30.0 billion yen
Data Health Business (Business for insured)

Expected Market Size*: Around 100.0 billion yen
Two wheels of vehicle

Date Use Business (Business for industry/public)

PeopleDrug discovery, insurance products, provide service
Customer: Pharmaceutical & insurance companies, etc.

Provide service

Customers: insurers

Permission,

anonymous processing(Health insurance societies, local municipalities)

DATA HORIZON GROUP

Health & medical data

(Total 18.2 million people)**Enhance quality & quantity ofusable data through partnershipwith MDV*** & others

02

Join is an app that supports communication between medical practitioners. Some examples of
how Join can contribute include facilitating the working style transformation in medical
workplaces, such as by reducing the number of callouts to on-call doctors at home, and facilitating
greater workplace efficiency by reducing the amount of time required before a diagnosis can bemade after the onset of a stroke. Join was approved as the first medical device program in Japan
in 2016, meaning it now falls under insurance coverage. Against this backdrop, the DeNA Groupdecided to shift strategy. Previously Allm had spread the use of Join through individual
approaches to medical institutions, etc., but after joining the DeNA Group we now aim to expand
Join to a large scale and broad area in coordination with the prefectures. As of March 31, 2023,
examples of deployment to medical institutions through local municipality subsidies, etc. have
expanded into 5 prefectures, including Hokkaido.

Join also links with various medical devices and services, providing further additional value as aplatform. One example is how Join links with an ophthalmic IoT device connected to a smartphone
to allow remote ophthalmic treatment. We expect to see more examples of this type of usage ofJoin in the future.

Allm has provided solutions in a total of 32 countries to date. During COVID-19 the importance of
having regional medical structures was reaffirmed around the world, and the insight from Japan,
a country serving as an example to the world taking the lead facing issues yet to be solved, wasleveraged, leading to deployment of Join in some individual local municipalities overseas.
Meanwhile, deep usages of Join, for example collaborations between global pharmaceuticalcompanies and Join, have made more progress overseas, such as in Brazil, and we intend to bringthose results to Japan.

Individual Approach

Accelerate Regional Expansion

Evolve as a Platform

Expected market size*: Around 10.0 billion yen

Expected market size*: Several hundred billion yen(Build relationship with Key Opinion Leaders)(Form medical personnel communication platform)

Facilities using

Join in Japan**

164

207

FY2020

Medical services,

data use,

platform business

Join platform customer base expansion(Further insurance coverage,

expanding area, etc.

FY2021

FY2022

Value Creation Story

FY201966

334

78
FY2018(Develop application)

Sensors & IoT x AI

278

Growth Strategy

Medical Digital Transformation – Medical Practitioner C ommunication Support Platform

03
E SG

Introduction to ESG initiatives that support sustained growth at DeNA

Outside Director Message
Incubating & Nominating Management
Candidates to Contribute to the Expansion of
the DeNA Group

Designing Compensation to Energize theOrganization & Personnel to Increase
Corporate Value

Nomination Committee Chair (FY2022)

Outside Director

Compensation Committee Chair (FY2022)

Outside Director

Hiroyasu Asami

Haruo Miyagi

Based on my experience in companies providing consumer services I believe that DeNA needs to reorganize the business

I was appointed as an outside director in June 2021. I believe that the DeNA Board of Directors has had a high level of

portfolio and foster structural core competencies to increase corporate value, and since my appointment as an outside

preparation for checking the state of business execution and decision-making, and in my view appropriate discussions anddirector in 2020 I have made my statements to the Board of Directors with that in mind. In particular I believe that the majordecision-making are being done. However, it is also my view that there is scope for further growth in corporate value in

M&A that DeNA has proactively engaged in to date are bringing about a significant transformation in the company’s

consideration of the organization and personnel of the DeNA Group, which is an eternal venture, and the potential for thebusiness areas. 

DeNA Group to have an impact on society in general, and I proactively share my thoughts on this matter.

DeNA has established the voluntary Nomination Committee and Compensation Committee in order to increase the

The Nomination and Compensation Committees, which consider nomination and compensation respectively, both importanttransparency and objectivity of management leadership by the Board of Directors in personnel selection andmanagement functions, are made up of a majority of outside directors. I serve as a member of both committees, and I wascompensation, both important matters for the monitoring function of the Board of Directors. The other outside directors

chair of the Compensation Committee until June 2023. The Compensation Committee deliberates on the evaluation of andand I are members of these committees, and I was chair of the Nomination Committee until June 2023. 

compensation system for directors and executive officers, and on individual evaluation and compensation for directors andIn FY2021, in the context of personnel selection for officers, we identified required skills for officers and the approach for

executive officers, based on that system, among other topics.

the composition of the Board of Directors, and the Nomination Committee engaged in lively discussions based on that. 

The compensation system for the Board of Directors must consider the compensation levels of other companies, and the

In FY2022, the year the company engaged in the business portfolio reorganization, we also reviewed the areas ofevaluation indices for director compensation must also evaluate the actual specific state of business execution. This includes,

responsibility for each executive director. We, the Nomination Committee, also discussed the CEO succession plan, which

for example, DeNA Group mid to long term goals. However, it is not only management indices such as the Group overall

was provided as an area with scope for improvement in the future during the evaluation of the board’s effectiveness. We

operating profit. Important KPI in focus businesses and other quantitative indices must also be included. We are also

identified the aspects necessary for a CEO of DeNA and explored how to narrow down possible CEO successor candidates,

endeavoring to ensure the evaluation and compensation in our compensation system reflects important aspects forand compiled our findings. We also deliberated on whether the representative directors should continue in office andincreasing corporate value, such as the enhancement of the Group organization & personnel as well as the impact on society. 

whether to maintain the two representative director system, among other topics. In addition to these various initiatives, theFY2023 is the final year of the 3 year mid term plan, so we are deliberating on setting indices on that basis in the

Nomination Committee also deliberated on designing systems. The group executive system has reached its second year,

Compensation Committee, and will bring it to a resolution in the Board of Directors. 

establishing an environment to incubate leaders, so the foundation for future management is laid. 

The officer compensation system of DeNA must function as an incentive for officers to energize the organization and people

Going forward, management incubation and nomination will continue to be key for the expansion of the DeNA Group, andof the eternal venture that is the DeNA Group, and maximize the impact on society. It must do this in a sound way, and must

the Nomination Committee will continue to endeavor to fulfill its function.

lead to long term corporate value growth. I intend to contribute to the exercise of this function of the Compensation
Committee.

Corporate GovernanceDirectors
Representative Director &Executive Chairman

Chairperson for the Board
Meetings

Nomination Committee Member

Compensation Committee
MemberRepresentative Director,
President & CEO

Director and Executive
Officer

Director and Executive
Officer

Shingo Okamura

Jun Oi

Ke igo Wa tanab e

Tomoko Namba
1986

Entered McKinsey & Co., Inc. (Japan)

1999

Established DeNA and became Representative
Director

2016

Entered DeNA

2013

Entered DeNA

2004

Representative Director and President of DeNA

2017

2015

2015

Director and Owner of YOKOHAMA DeNABAYSTARS BASEBALL CLUB, INC. (present)

Executive Officer, Head of the Sports Business
Unit of DeNA

Executive Officer, Head of the Healthcare
Business Division of DeNA

Director, COO, and Head of the Sports Business
Unit of DeNA

2021

Representative Director, President and CEO of
DeNA (present)

2022

2017

Representative Director and Executive Chairmanof DeNA (present)

1995

2019
2021

Outside Director

Compensation Committee
Chair

Nomination Committee
Member(currently Ministry of Internal Affairs and Communications)

1995

Outside Director

Nomination Committee Chair

Compensation Committee
MemberEntered Nippon Telegraph and Telephone Public
Corporation (Currently NIPPON TELEGRAPH AND
TELEPHONE CORPORATION)

2000

2016

Senior Executive Vice President, Representative
Member of the Board of Directors of NTT
DOCOMO INC.

2021

2019

Representative Director and President of
DOCOMO CS Inc.

2020

Outside Director of DeNA (present)Entered Ministry of Home Affairs (currently
Ministry of Internal Affairs and Communications)

Director, CFO, and Head of the Corporate Unit ofDeNA
Director and Executive Officer (present)

Outside Director

Nomination Committee
MemberCompensation Committee
MemberH aruo M i yagi

H iroya s u As ami
1980

Entered Ministry of Posts and Telecommunications Sachiko Kuno

Established the Non-Profit Organization ETIC.
(Entrepreneurial Training for Innovative
Communities) and became CEO

1983
2000

Entered Mitsubishi-Kasei Institute of Life Sciences

Outside Director of DeNA (present)

2012

Co-Founded VLP Therapeutics, Inc and became
Officer (present)

2018

Co-Founded Phoenixi Co., Ltd. and became
Executive Director (present)

2023

Outside Director of DeNA (present)

Co-Founded S&R Foundation and became
President and CEO (present)

2001

Entered Zenyaku Kogyo Co., Ltd.

2002

Entered DeNA

2014

Executive Officer, Head of the External
Partnership & Alliances Unit of DeNA

2021

Director, CBO,* and Head of the External
Partnership & Alliances Unit of DeNA

2022

Director and Executive Officer (present)*CBO: Chief Business development OfficerC o r p o r at e G ov e r n a n c e

Corporate Auditors

Standing Outside Corporate

Outside Corporate Auditor

Outside Corporate Auditor

Outside Corporate Auditor

N o b u ko I n a ba

Ats u ko S a to

H i r o h i ko I m u r a

AuditorS h i n i c h i Ko i z u m i

1971

Joined Toray Industries, Inc.

2008

Executive Vice President and Representative

1989

Entered NIPPON TELEGRAPH AND TELEPHONE1989

CORPORATION

Member of the Board of Toray Industries, Inc.

1993

Entered Century Audit Corporation (currently

Entered Goldman Sachs (Japan) Ltd. (currently

1981

Joined Sumitomo Corporation

2017

Representative Director and Senior Management

Goldman Sachs Japan Co., Ltd.)2007

Entered Unison Capital, Inc.

2017

Associate Professor, Faculty of Economics,

Executive Officer of Sumitomo Corporation

Ernst & Young ShinNihon LLC)
2017

Standing Outside Corporate Auditor of DeNA(present)

2007

2020

Takasaki City University of Economics (present)

Founded PAS Co., Ltd. (currently Hayabusa

Chairman of the Board and Representative
Director of Jupiter Telecommunications Co., Ltd.

Consulting Co., Ltd.) and became Representative(currently JCOM Co., Ltd.)
2019

Outside Corporate Auditor of DeNA (present)

Director (present)
2022
2019

Outside Corporate Auditor of DeNA (present)

Outside Corporate Auditor of DeNA (present)

E x e c u t i v e O ff i c e r s
Introduction of the Group Executive System

Representative Director, President & CEO

Managing Executive Officer

S h i n go O ka m u r a

At s u s h i Ko baya s h i

Director and Executive Officer

Managing Executive Officer & CSO*

K e i g o Wa t a n a b e

Akinori Harada

Director and Executive Officer

Jun Oi*CSO: Chief Strategy Officer

From April 2022 DeNA decided to implement a Group Executive System to makepersonnel who fulfil an important role in business operations into group
executives. Through the implementation of this program, DeNA aims to incubate
and produce more leaders from among our diverse personnel to lead ourbusinesses, and build an even stronger business execution structure.  

Please see our website for a list of the group executives.
https://dena.com/intl/company/officer.html

Corporate Governance

Basic Approach
The DeNA Group mission is “We delightpeople beyond their wildest dreams.”
Included in this mission is the goal of theGroup to bring delight and joy to each andevery customer, beyond their imagination,and create a world where people’s
individuality can shine. 

We will embody our mission throughappropriate dialogue and cooperation witha variety of stakeholders including
customers, partners, employees,
shareholders, and regional society. We willcontinue to establish and enhance effective
corporate governance and aim tocontinuously maximize our corporate
value.

Corporate Governance Structure
Organization Form

DeNA is a company with a board of corporate auditors. DeNA believes that we can vigorously pursue our business strategy through prompt decisionmaking regarding important management issues by the Board of Directors consisting of directors who are familiar with our business. At the same time,
we aim to ensure oversight and supervision through the double system of supervision, with monitoring by the Board of Directors, which includes
multiple outside directors with a high degree of independence, and auditing by the Board of Corporate Auditors. The outside directors and corporate
auditors share information, exchange opinions, and coordinate as necessary to ensure effective oversight of management via the double system ofoversight and supervision through the outside directors and corporate auditors. 

The outside directors fulfill their roles as members of the Nomination Committee and Compensation Committee, both voluntary bodies, and in so doing
function to supervise business execution.

Board of Directors

The Board of Directors is composed of seven directors, three of whom are independent directors. In addition to regular monthly Board meetings, theBoard convenes extraordinary meetings when necessary. The Board of Directors makes important management decisions and performs an oversightfunction for overall business execution which is centered on the President & CEO.

The Chairperson for the Board Meetings will be selected at the meeting of the Board of Directors every fiscal year, and will be the director in the Board of
Directors most appropriate to serve an oversight function. The Chairperson for the Board Meetings will officiate the approval and denial of agenda items
and the setting of the agenda, including deliberation and resolution items for the Board of Directors, and reports on business execution. As of June
2023, the Chairperson for the Board Meetings is the Representative Director & Executive Chairman Tomoko Namba. 

The term for directors in one year. 

The Board of Directors has delegated decision-making authority on specific business execution issues to unit heads, and other responsible persons. By
doing so, DeNA aims to enhance oversight of business execution, as well as place greater focus on management strategy, etc. discussions from a mid tolong-term perspective as well as a big picture perspective. Also, DeNA analyses and evaluates the effectiveness of the Board of Directors as a whole,engages in discussion to further enhance the effectiveness of the Board of Directors, and engages in other initiatives to strengthen the functions of theBoard of Directors. 

DeNA has established the Board of Directors Office as a department to support the operations of the Board of Directors. In FY2022, the Board of
Directors met 17 times (excluding Board of Directors meetings by written resolution), and all directors were present at all meetings.

03

Shareholders’ Meeting

Nomination

Committee

ppo t
in

/DismissA

B o a r d o f D i r e c t o r s

eo

R

c

Chairperson: Executive Chairman

Directors (7)

e

mm

nd

Compensation

Committee
Board of Directors Office

R

eport

ee t
ppo t

S
(A

l

t

(

Cooperate

per e

c /DismissSuinof which 4 are Independent Outside Corporate Auditors, 1 is a Standing Corporate Auditor

R

eport

Cooperate)t

Dismiss

Audi

Acc

o t
t

un ingAudi

Management Meeting
R

eport

Ex

pre

ss O

p

ini

o

n

Compliance & Risk Management Office

Office Head

President (CEO)
R

eport

E ecuti e Officers, Unit Heads, and Other Responsi le Personsv

Cooperate

Committees

for RiskManagement72

Cooperate
Internal Audit Departmentx/Dismiss

Cooperate

Corporate Auditors (4)Auditing Department

vis

in /Dismiss)in/Dismiss

Board of Corporate Auditors/

Corporate Auditor

Audi(of which 3 are Independent Outside Directors)

ppo t

ppo t

Accounting Auditor

AA

E nv i r o n m e n t , S o c i a l , G ove r n a n c e

Corporate Governance

Cooperate

b

M

o tor
ni

U n i t s / D e p a r t m e n t s / O ff i c e s / G r o u p C o m p a n i e s
Va l u e C r e a t i o n S to ryCorporate Governance

Advisory Committees (Nomination Committee & Compensation Committee)

DeNA has established a Nomination Committee and a Compensation Committee, which arevoluntary advisory bodies for the Board of Directors. This is in order to ensure transparency andobjectivity as well as with the objective of ensuring accountability, including the appropriate
participation of and advice from outside directors, in matters regarding personnel selection andcompensation, which are key factors for the Board of Directors to fulfill its oversight function. 

Both committees are made up of a majority of independent outside directors, who fulfill the Tokyo
Stock Exchange requirements for independent outside directors in addition to the standard
separately established by DeNA. The chairman is also chosen from among the independent
outside directors, to enhance independence and objectivity. An executive director also serves as acommittee member so that the business execution viewpoint is considered for substantive
discussion on personnel selection and compensation.

Nomination Committee

The Nomination Committee is providing recommendations regarding the initial proposals andbasic approach to nomination policy for directors, corporate auditors, and executive officers, andproviding recommendations on advice regarding initial proposals for the succession plan and theapproach for training management and executive officer candidates. For these recommendations
on proposals related to nomination and dismissal, etc. the independent outside director
committee members meet with candidates to select an individual with an excellent diversity ofinsight and who has the skills required to realize the Group mission, vision, and value, regardlessof individual candidate characteristics such as gender or age, etc., and the Board of Directors
duly consider the recommendations before making resolutions regarding nomination. 

The Nomination Committee met eleven (11) times in fiscal year 2022, and all four then-committee
members attended 100% of meetings.

Compensation Committee

The Compensation Committee is providing recommendations regarding initial proposals for thecompensation structure for directors and individual allocation, as well as the compensation

structure, incentive plans, and evaluation criteria for executive officers, and the Board of

Directors duly considers the recommendations before making resolutions regarding

compensation. 

The Compensation Committee met six (6) times in fiscal year 2022, and all fourthen-committee members attended 100% of meetings.

Delegation of Authority

DeNA is proceeding with delegating authority to unit heads, and other responsible persons inorder to clarify roles and responsibilities for oversight and execution, and with the aim to enhancethe oversight function of the Board of Directors while also improving the efficiency of businessexecution. Each responsible person is responsible for business execution related to proposing
and carrying out strategy and plans for each business or functional area. 

The representative directors shall be responsible for and oversee the business execution by

these responsible persons.

Corporate GovernanceManagement Meeting

The management meeting in principle is held weekly and is made up of the executive directors who
were selected as executive officers, and managing executive officers. The management meeting’s
chairman is a constituent member determined beforehand in the management meeting, and the
management meeting makes decisions regarding important business execution matters. Also, inorder to ensure consistency in execution approach, and improve efficiency, reports anddeliberations about each area shall be conducted by the respective responsible person. 

Further, resolutions of the management meeting are approved by a majority vote of theconstituent members present (at least one for vote must be from a constituent member who is
not a representative director), in order to better ensure the effectiveness of governance fordecision-making in important business execution matters.

Internal Audit

The internal audit department conducts internal audit of DeNA. Based on DeNA's rules for internal
audit and an internal audit plan approved by the Board of Directors, the internal audit department
conducts audits of each relevant department or division (including material subsidiaries of DeNA).
The internal audit department only reports directly on the results of each audit to DeNA’s
representative directors, the Board of Directors, and the Board of Corporate Auditors. The
department/division subject to such audit also receives notice of the results of such audit andthereafter, the internal audit department follows up on improvements made based onrecommendations from such audit.

Corporate Auditors / Board of Corporate Auditors

DeNA has four (4) corporate auditors, all of whom are independent outside corporate auditors.
The standing corporate auditor was selected from among the independent outside corporate
auditors. Two of the outside corporate auditors have extensive experience in finance andaccounting at a business corporation, one worked on audit operations among others primarily
for financial institutions for many years, and the last has many years of experience working in
finance and accounting in a financial institution, and each has considerable expertise in financeand accounting. 

Each corporate auditor attends meetings of the Board of Directors and the management
meetings, interviews officers and employees, reviews materials relating to important decisions
and authorizations and broadly monitors the management of DeNA in general. Each corporate
auditor conducts appropriate monitoring of management from an independent standpoint while
also sharing information with the other corporate auditors at meetings of the Board of Corporate
Auditors, and strives to perform his/her audit duties efficiently and with a high degree ofeffectiveness. 

DeNA has established the Corporate Auditors Office as a department to support the duties of thecorporate auditors.

Accounting Auditor

DeNA has engaged Ernst & Young ShinNihon LLC as its accounting auditor. Further, the certified
public accountants who conduct DeNA’s audit are changed regularly in compliance with theCertified Public Accountants Act.

Corporate Governance

Board of Directors Meeting Composition Approach
In DeNA’s view, members of the Board of Directors and Board of Corporate Auditors, who fulfill
important corporate management functions, must at a minimum have the ability to achieve andencourage the following.
Sustained enhancement of corporate value
Ensuring management transparency and fairness
Establishing and maintaining a compliance structure“We delight people beyond their wildest dreams” is the DeNA mission. We have technology,
monozukuri, organization, personnel, and the home base (base for initiatives in the real space,specifically Yokohama and Kanagawa) as strengths, including a focus on them in our vision andvalue, and we endeavor to entertain and to serve. DeNA aims to bring Delight across country
borders, from the virtual world to the real world, especially Yokohama and Kanagawa, andcontribute to creating a world where everyone is able to shine.
For DeNA to achieve our mission, the Board of Directors must fulfill important functions and rolesin the following areas.

Important functions and roles for the Board of Directors
Leadership for growth in the mid to long term
Checks and monitoring of whether management decision-making and business execution
are being done appropriately
Personnel selection for representative directors
To realize the above mission and to ensure the function and effectiveness of the role of the Boardof Directors meetings, DeNA has defined the following important skills for directors.

Ability to spark discussion with the right questions in the Board of Directors meeting rather

than encouraging discussion solely based on personal experience or strengths

Good sense of balance, flexibility to input (Ex: opinions of others and new information)
Ability to see big picture dynamism in the global market and discuss the investment/businessportfolio with a big picture view

Ability to direct organization transformation to draw out the abilities of officers andemployees to the maximum

DeNA considers the above elements and skills as necessary conditions when nominating director
candidates. In addition, we consider skills other than the above valuable to realize our mission,
vision, and value, as well as the business strategy, as described below.

Other skills include the following, and each skill is an important element that has been extracted
from the DeNA mission, vision, and value.
DeNA Group management experience
Management experience outside the DeNA Group
Insight into entertain domain

insight into serve/public works domain
Organization & personnel training experience
Other skills include the above, and each skill is an important element that has been extracted fromthe DeNA mission, vision, and value.

In addition, the DeNA approach is to select director candidates who have superior diverse insight,
regardless of characteristics such as gender or age, and ensure a well-balanced Board of
Directors meeting composition.

The composition approach for the Board of Directors aside from the director elements and skills
are as follows.
In order to ensure transparency and fairness, the Board must include Outside Directors witha high level of independence; andIn order to allow for active discussion and prompt decision-making, the Board must have anappropriate number of members.

Corporate GovernanceDeNA Director Skills

Required Skills

Other

Ability to draw out discussion with right questions
Sense of balance and input flexibility
Big picture view of global markets
Ability to guide organizational transformation to
enable people to succeed

DeNA GroupManagement

Experience◎○

Shingo Okamura

◎

○

○

Jun Oi
Director◎○○

K eigo Watanabe◎○

H iroyasu Asami◎○

H aruo Miyagi◎

Sachiko Kuno◎

Tomoko Namba

Representative Director & Executive Chairman
Representative Director, President & CEO

Director

Outside Director

Outside Director

Outside Director

Management
Experience Outside
the DeNA Group

Insight into
Entertain
DomainInsight into
Serve / Public
Works Domain○

Organization &Personnel Training
Experience
○
○

○
○

○

○

○

○

○

○

○

Key:

◎: Most important skills, universally required for DeNA directors〇: Skills that are not universally required, but particular strengths of individual directors that are valuable to realize the DeNA mission, vision, and value, as well as the business strategy○

Corporate GovernanceEvaluation of the Board’s EffectivenessDeNA has a policy of analyzing and evaluating the Board’s effectiveness as a whole (hereinafter referred to as “Effectiveness Analysis”) at least once per year. 

DeNA performed the Effectiveness Analysis from October to December 2022, and the summary of the results are as follows.

Key Points for Analysis and Evaluation

During the Board meeting held on October 26, 2022, the previous Effectiveness Analysis (fromOctober to December 2021) was reflected on, and after deliberation the following key points wereconfirmed.
Whether the Board meeting was fulfilling the above roles and functions (page 75)
Whether the operation of the Board meeting was appropriate
Whether there was improvement on previously identified improvement points

Questionnaire questions

Implementation Method
Director in charge

Chairperson for the Board Meetings

Office in charge

Board of Directors Office

Participants

all the directors and corporate auditors (the opinion of outside legal counsel and Board of Directors Office
was also considered)

Implementation method

DeNA provided a questionnaire, and based on those responses,
the Chairperson for the Board Meetings held individual meetings
with outside directors and others as requested. Afterwards
discussions were held at the Board meeting and the future
approach was put together.

Whether the Board (and the Nomination Committee and Compensation Committee) were fulfilling their role and functio
Otherwise, concerning the discussions and general operations of the Board meetin
Other free response​Corporate Governance

Results of Effectiveness Evaluation Conducted in 2022
Main Evaluation Opinions
The CEO change, improvement to theorganization status, establishment of anenvironment to incubate leaders through theintroduction of the group executive system, andportfolio change from the execution of major
M&A, etc. were implemented, and the foundation
for business management has been establishe
Discussions on the mid to long term, such as on
structural strengths, have become fuller than
before, and progress has been made inorganizing the business structur
The degree of detail to realize the mid term plan
has increased through free discussion andoffsite meeting
Sufficient time is secured for discussion,
including at offsite meetings, etc
Frank, lively, and free discussions are being hel
Progress has been made in sharing and making
visible the content of the discussions of the
management meeting to the Board meetings

Main Opinions on Scope for Further Improvement and Approach
Opinion : Potential for fuller discussions regarding response measures for deviation from plans (or expected deviation)
Provide greater visibility to the Board on the status of plan achievement, unexpected events, response measures andtheir implementation, of which the executive directors are aware, and utilize them in discussions at the Board meetings
Opinion : Potential to enhance follow-up on implementation after decision-making, a matter is identified or proposed, or a priority
issue is identified as needing addressed at the Board meeting
Enhance progress sharing to the Board and management of priority matters, make these processes routine, andcreate format
Opinion : Potential to keep overall strategy in mind during various discussions on individual topics
The Board will continue to ensure sufficient checks on the rationality of decision-making for each discussion, and be
more aware of the mid to long term perspective
Opinion : Potential to have fuller discussions on the following topics: 
Structural strengths such as accumulated customer base, technology and creativity, corporate culture, information forinvestors and other stakeholders, post-M&A PMI information, macro market trends
Make discussions fuller while making use of offsite meetings and free discussions
Opinion : Potential to clarify and enhance the representative director quality and performance evaluation, CEO succession plan, andappointment and removal process (including external view)
Continue to deepen exploration in the Nomination CommitteeCash compensation

Corporate Governance

Officer Compensation
Method for Determining the Policy for Determining Compensation Content for Individual Officers
The representative directors create a proposal for the director compensation structure and incentive plans(including the policy for determining the content of compensation for individual directors), and submit suchproposal to the Compensation Committee, a voluntary advisory committee established by the Board of
Directors. The Compensation Committee deliberates and provides a recommendation to the Board of Directors.
The Board of Directors considers the Compensation Committee’s opinion on said proposal and determines thecompensation structure and incentive plans (including the policy for determining the content of compensation
for individual directors).

The policy for determining the content of compensation for corporate auditors is determined by discussion of
the corporate auditors.

Summary of Policy for Determining Content of Compensation for Individual Officers
The compensation of directors consists of cash compensation and compensation in the form of stock options,and the compensation of corporate auditors consists of only cash compensation.

Total Amount of Officer Compensation, etc. for FY2022
Compensation, etc. total (millions of yen)Compensation, etc. total (millions of yen)(cash compensation)

Cashcompensation

Stock

options

Directors  (of that, outside directors)

260（35）215（35）23（ - ）

23（ - ）

7 people(3 people)

Corporate auditors (of that,outside corporate auditors)

42（40）

42（40）--

5 people(4 people)

Total

302

257

23

23

12 people

Category

Fixed portion 

Performance-linked portion

Recipients*From the perspective of continuously enhancing the corporate value of the DeNA Group and performing a multifaceted evaluation of ourbusiness and organizational status, etc., using specified management indicators for the fiscal year, we set the targets for performance-linked
compensation indicators as the percentage of achievement of operating indicators, which were determined by comprehensively considering
consolidated revenue, consolidated operating profit, important KPIs in the DeNA Group's business, and qualitative evaluation of priority initiatives.

Cash compensation for directors other than outside directors includes a fixed portion and a variable portion basedon DeNA’s performance in the previous fiscal year. Cash compensation for outside directors and corporate auditors
consists of a fixed portion only. 

The upper limit on cash compensation for directors was set at the 15th Ordinary General Meeting of Shareholders
held on June 22, 2013, and the 19th Ordinary General Meeting of Shareholders held on June 24, 2017. For the fixed
portion, the upper limit was set at 320 million yen per year (of which the amount allocable to outside directors was set
at 60 million yen per year), while the limit for the performance-linked portion was set at an amount equal to 1.0% of theamount of the Company’s profit for the year attributable to owners of the parent as set forth in the consolidated
income statement for the previous fiscal year. Such amount may not exceed 1.0% of such profit when such
performance-liked portion is added to the compensation derived from stock options (for the year).

Outside directors are not eligible for performance-linked compensation due to the nature of their duties andservices. Cash compensation for corporate auditors was set at the Extraordinary General Meeting of Shareholders
held on September 28, 2004, and may not exceed 60 million yen per year.

Stock option incentive system
The stock option incentive system ensures that directors share with DeNA’s shareholders the benefits of risingstock prices as well as the risks of falling stock prices, giving the directors an incentive to contribute to the overall
performance of DeNA and increase our corporate value. This system also helps to raise the directors’ awarenessof shareholder-oriented management.

The upper limit on stock option compensation for directors, which is separate from cash compensation, wasapproved by the resolution of the 15th Ordinary General Meeting of Shareholders held on June 22, 2013. For
directors other than outside directors, this was set at an amount equal to 1.0% of the amount of DeNA’s profit for
the year attributable to owners of the parent as set forth in the consolidated income statement for the previous
fiscal year. However, such amount may not exceed 1.0% of such profit when added to the cash compensation (forthe year) for such directors. In addition, the upper limit for the number of stock acquisition rights to be issued as
stock options per year was set at 160,000 units. For outside directors, in consideration of the nature of theirduties and services, the amount of stock option compensation is limited to 20 million yen per year and the upper
limit for stock acquisition rights to be issued as stock options per year was set at 15,000 units.

Procedures for determining individual compensation allocations
The representative directors create a proposal for individual allocation of director compensation (subject to thelimitations described above), and submit such proposal to the Compensation Committee, a voluntary advisorycommittee established by the Company. The Board of Directors considers the Compensation Committee’s opinion on
said proposal and determines the individual allocation of director compensation. 

The individual allocation of corporate auditor compensation is determined by discussion of the corporate auditors.

Corporate Governance

Method for determining individual director compensation
The current method for determining individual director compensation is as follows.

Basic approach (compensation
structure)

Director compensation, etc. is composed of a fixed portion and a variable portion based on DeNA’s performance in theprevious fiscal year (performance-linked compensation), and both types of compensation are provided as cash
compensation or stock option compensation.
Of the director compensation, etc., the fixed portion shall be only provided as cash compensation.
Due to the nature of their duties and services, the outside directors’ compensation, etc. shall only be a fixed portion.

Method for determining individualcompensation allocations for fixedcompensation, etc. (includes
method for determining the timing
to give compensation and theconditions, etc.)

The fixed portion of the cash compensation shall be a monthly fixed amount, and this monthly compensation amount shallbe determined for the representative directors, other executive directors, and outside directors respectively withconsideration for the nature of their responsibilities, duties, and services, and taking into account the standards of othercompanies. However, there may be instances where compensation that is not based on the above classification is paid after
considering the actual state of their responsibilities, duties, and services.

Method for determining the
calculation method for the details,
amount, or number of theperformance-linked compensation,etc. and non-monetarycompensation, etc. (includes
method for determining the timing
to give compensation and theconditions, etc.)

In order to evaluate the role and performance of each director in their duties from multiple perspectives, the key indicesand key initiatives, etc. for the performance-linked portion of cash compensation and stock option compensation for
directors other than outside directors shall be set for each fiscal year based on the evaluation of indices, quantitative
standards, and qualitative items set in accordance with the business plan, etc.

Method for determining the fixedcompensation amount andperformance-linked compensation,etc. or the ratio of the individual
director compensation, etc. of thenon-monetary compensation, etc.
amount

The payment date shall be in compliance with the rules related to officer compensation, etc.

The performance-linked portion of the cash compensation shall be calculated based on the evaluation of the indices,quantitative standards, and qualitative items, and paid as a bonus every year at a certain time.
The stock option compensation for the performance-linked portion shall be the standard amount calculated based on theevaluation of the indices, quantitative standards, and qualitative items, and an equivalent amount of new stock acquisitionrights shall be allocated every year at a certain time.
The ratio of each type of director compensation, etc. for directors other than outside directors shall be such that thestandard amount for the performance-linked compensation (the amount of performance-linked compensation in the caseof a standard evaluation of results related to performance-linked compensation) shall not exceed 1/2 of the expected totalcompensation (the total amount of compensation, etc. in the case of a standard evaluation of results related toperformance-linked compensation). The ratio of performance-linked compensation for the representative directors shallbe set higher than for the other directors. Depending on the degree of achievement of results related to performancelinked compensation, the monetary amount of the performance-linked compensation may exceed the monetary amount of
fixed compensation.
As a rule, the aim for the ratio of the cash compensation to stock option compensation in the performance-linked
compensation, which is for the directors other than the outside directors, shall be 1:1.
The outside directors’ compensation, etc. shall only be fixed compensation in cash.

Method for determining the detailsof the individual director
compensation, etc.

The representative directors shall create a draft method and proposal for the individual allocation for director
compensation (including draft indices, quantitative standards, and qualitative items related to the performance-linked
portion that should be set for each fiscal year), and submit it to the Compensation Committee, a voluntary advisorycommittee to the Board meeting. The Compensation Committee shall deliberate on the method and individual allocation
proposal and make a recommendation to the Board meeting. The Board meeting shall make a determination on the method
for individual allocation and actual individual allocation of compensation for directors for the fiscal year. Making changes tothe already determined method for individual allocation and the actual individual allocation of director compensation shallundergo the same process.
The details of officer compensation shall be determined by the date three months after the beginning of the period, in
accordance with the rules related to officer compensation, etc.

hareholdings for Policy Purposes

S

DeNA’s internal rules require Board of Directors approval orreport to the Board in the event DeNA acquires shares orother equity interests in another company in excess of a
specified amount or voting percentage. In addition, when DeNA
considers investing in the share or other equity interests ofanother company for policy purposes, it considers the factors
below. If such shareholdings are not determined to bemeaningful, DeNA will not invest.
hether the investment will lead to an increase in DeNA’s
corporate value over the mid to long termw

hether the investment would adversely affect the financial
health of DeNAw

hether the amount of the investment and its shareholding
percentage exceed a level that is reasonably necessaryw

In the case of any such investment, the Board of Directors
reviews the appropriateness of the investment objective andthe benefits & risks versus the capital costs, among othermeasures, for such investment at least annually. If said review
finds that the investment is not justified, DeNA considers
reducing it. The Board of Directors has confirmed theappropriateness of each investment individually after such
review.

With respect to exercising voting rights arising from suchinvestment, DeNA’s internal rules require approval of thecorporate departments and comprehensive review (in light of
the above factors) of the business and financial condition of theinvestment target from the standpoint of increasing DeNA’s
corporate value over the mid to long term.

Risk Management
Basic Approach
In the midst of a dramatically changing social environment, in order for a company to grow anddevelop, it is important to correctly identify risks and implement appropriate controls to avoid or
reduce negative consequences that may occur in the future, as well as to invest for growth. The
DeNA Board of Directors has established a basic policy for internal control systems and we havedeveloped a risk management system based on this policy. We have established and are operatinga risk management flow in order to promote risk management led by our on-the-ground teams. To
prepare for emergencies, we have established a crisis management system and business
continuity plan, and as part of our compliance activities, we formulate and disseminate rules andguidelines, and conduct ongoing training.

Risk Management Structure & Flow
We have established a Compliance and Risk Management Department. This department oversees
the company-wide risk management flow (a series of flows related to risk identification,
management, and monitoring) and supports the risk management of each department. This
department also works with the managing department, internal audit department, and various
risk management-related committees to comprehensively identify the DeNA Group's business andmanagement risks, analyze and evaluate risks, compile measures, and centrally manage andmonitor risk information on an ongoing basis.

The status of risk management and monitoring shall be reported regularly to the Board of
Directors, corporate auditors and the management meeting. In each department, the department
head, president of a subsidiary, or other head of the organization shall be responsible forpromoting risk management, and shall analyze, evaluate, and manage the business andoperational risks for which they are responsible on an organizational basis.

Diagram of Risk Management Structure Led By On-The-Ground Teams

Board of Directors/Corporate Auditors

Management Meeting
ReportPerson Responsible for Promoting Risk Management

Cooperate

Unit Heads, Subsidiary Presidents, and Other Organization Heads
Nominate

ReportReportCompliance & Risk Management

Department

AssistRisk Managers for

Each Department

Risk Management 

Monitoring

Risk Management Promotion

Units / Departments / O ff ices / Group C ompanies

Risk Management & Flow

Identify

risks

EvaluaterisksCompile risk

information

Respond torisks

Monitoring

Address /improve

03

Crisis Management
A crisis management system is in place to ensure prompt and accurate reporting,communication, and response in the event of unforeseen events. Each crisis is classified intolevels according to the impact of damage on business operations and management, and escalation
flows and crisis management teams are established according to the level of the crisis to respondto it. In addition, as an after-the-fact response, we review the crisis, take steps to prevent
recurrence, and reflect them in our risk management activities during normal times.

Business Continuity Planning
We have formulated a Business Continuity Plan (BCP) to maintain or quickly restore our businessas much as possible in the event of a natural disaster such as a large-scale earthquake, thespread of infectious diseases, or terrorism.

Compliance
The DeNA Group is deeply aware of our corporate social responsibility, and we have establishedthe Group Code of Conduct to ensure compliance with laws and regulations and conformity withsocial ethics in our daily work. The Code of Conduct stipulates matters that all officers andemployees must comply with. The Compliance and Risk Management Department, in cooperation
with the legal department, identifies compliance-related issues and formulates and implements
various regulations, guidelines, manuals, and other rules to ensure more effective management
and operation. In addition, to further improve compliance knowledge and prevent complianceviolations, DeNA conducts educational activities such as distribution of a compliance handbook
and monthly compliance training sessions.

Environment, Social, GovernanceRisk Management

More information about business etc., risks may be found in the Securities Report (Japanese only).

https://dena.com/jp/ir/library/report.html
82

The Compliance and Risk Management Department, in cooperation with each organization, isreviewing the business continuity plan and adding a new business continuity plan for infectious
diseases to establish a response flow in the event of an unforeseen event.

In the COVID-19 pandemic that broke out in 2020, various guidelines were established for work,
travel, etc. according to the infection spread situation, and maintained stable business operations.

Value Creation Story/

Information Security Privacy Management

Security Response Team DeNA CERT*DeNA CERT is a cross-departmental security response team centered on the security department. In ordinary
times DeNA CERT supports the security side for business departments and focuses on providing safe andB a s i c A p p r oa c hsecure services. However, in the event of a suspected incident, the cross-departmental team members utilize
their expert knowledge and respond rapidly to first and foremost protect customers.

DeNA provides a variety of services using the internet and AI to delight people beyond their wildest dreams.
However, by their nature these services face the threat of cyberattack and privacy violation. For this reason, at
DeNA our basic approach for information security is to protect customer information appropriately and ensure thesecurity of the services we provide and our internal systems, and in that way provide safe and secure services.

*CERT: Computer Emergency Response TeamGroup Information Security Policy
We have established the DeNA Group Information Security Policy to make our basic approach a reality. We also
have the Group Information Management Standard, stipulating appropriate handling of information assets, andInformation Security and Privacy Governance Structure
At DeNA we have a personal information management committee and an information security management
committee, both with the Representative Director& President as head, and have established and operate apersonal information and information security management structure that covers the entire DeNA Group.

/

Matters discussed at the personal information management committee information security management
committee are regularly reported to the management meeting, and matters important to management are

B

discussed at the management meeting, with highly important matters being reported to the oard of Directors.
The DeNA Group information security management structure is also inspected by the security department andff

its e ectiveness is audited by the internal audit department.

Information Security Structure

Role of DeNA CERTManagement Meeting
Instruct/Report
Information Security Management Committee/

Personal Information Management Committee

DeNA

Business

Units

Group

Companies

Support

EntrustInformation Security
Management Supervisor/

Personal Information
Management Supervisor(Security Head)
DeNA

CERT

Personal Information
Management

Supervisor Groupthe Group Information System Standard, stipulating security measures to incorporate into service
development and operations, and these standards apply to all DeNA Group companies.

Privacy Protection
The DeNA Group respects our customers’ rights to privacy. We acquire personal information from customers
in various services, and we always share the usage purpose in advance before using such customer personal
information. For this purpose we have established the Group Personal Information Management Guidelines, and
we endeavor to handle personal information appropriately, including acquiring the minimum amount of
information necessary, optimizing our access permissions, and deleting information after the usage purpose
has been achieved.

Education & Training

DeNA

To ensure that our workers all abide by and give due consideration to the rules for personal information andI n te r n a l R e s p o n s ewhen they take up a management position, during a period of change in the internal or external environment,

security, we conduct education and training appropriate to an individual’s role when they begin work, annually,

Security consultation, monitoring & abnormality detection, infrastructure, security awareness & education, legal response, emergency response, etc.

DeNA CERT

Securit
IT Infrastructure

ega
CorporateLand at other appropriate timings.

Security Measures
The DeNA Group has introduced security measures based on attack scenarios. We reduce risk by implementing
multi-layered measures, including controlling transmissions not required for business, monitoring andanalyzing transmissions, responding to vulnerabilities,* secure coding, and encryption of data item by item.

/

External Security Community Activities

Nippon CSIRT Association (NCA), Security Camp Committee, etc.

Vulnerability diagnosis of smartphone apps, hacking countermeasures, and automatic auditing of cloud settings
are particularly important to us as a company that provides services over the internet, so we have developed
our own countermeasure tools and implemented measures tailored to the DeNA Group.

*Vulnerability: A software security flaw caused by a program defect or design flaw.

Sustainability Management

Basic Approach & Structure

Basic Approach
The DeNA Group has our mission, vision, and value as the basic approach for DeNA sustainability
initiatives.

DeNA’s mission is “We delight people beyond their wildest dreams.” DeNA collaborates with various
stakeholders as appropriate with the aim to deliver Delight to a variety of areas and contribute tocreating a world where all people can shine.

The DeNA Promise (Our Social Promise), part of the value, includes “Acting Sustainably.” As a global
citizen, DeNA will contribute to a sustainable future by promoting corporate activities thatemphasize harmony among the economy, society, and the environment. 

The Board of Directors proactively works to address sustainability issues on the basis of thisbasic approach.

Governance
The DeNA Board of Directors oversees DeNA’s sustainability approach and measures, etc., basedon DeNA’s basic approach on efforts surrounding sustainability and recognition of the risks andopportunities related to sustainability. Each department, centered on the CEO, who is the director
responsible for sustainability, takes the initiative in promoting said response policies andmeasures, etc., and reports on the progress of these measures to the Board of Directors on aregular basis.

MISSION

VISION
VALUE
DeNA PromiseDeNA Quality

DeNA Group Code of Conduct*

Risk Management
For risks related to sustainability, each department coordinates with the Compliance & Risk
Management Office, which oversees the company-wide risk management process, to promoterecognition of individual risks and formulate response policies. 

Such risks are reported to the Board of Directors and the management meeting on a regularbasis in accordance with the company-wide risk management process.

*DeNA Group Code of Conduct: All the executives and employees of the DeNA Group are required to fully understand the contents and act in accordance with this Code.

Sustainability Management

Environment

Approach to Climate Change
Basic Approach
The DeNA Group has our mission, vision, and value as the basic approach for DeNA sustainability
initiatives.

DeNA’s mission is “We delight people beyond their wildest dreams.” DeNA collaborates with various
stakeholders as appropriate with the aim to deliver Delight to a variety of areas and contribute tocreating a world where all people can shine.

The DeNA Promise (Our Social Promise), part of the value, includes “Acting Sustainably.” As a global
citizen, DeNA will contribute to a sustainable future by promoting corporate activities thatemphasize harmony among the economy, society, and the environment. 

Among social issues, DeNA believes that climate change has a particularly large impact on society,and as a corporate group that upholds the above mission, vision, and value, DeNA recognizes theimportance of addressing climate change. With this in mind, DeNA announced our support of therecommendations of the Task Force on Climate-related Financial Disclosure (TCFD) in June 2022
and provides information disclosure based on TCFD recommendations.

Governance
The DeNA Board of Directors oversees DeNA’s climate change response policies and measures,etc., based on DeNA’s basic policy on efforts surrounding sustainability and recognition of therisks and opportunities of climate change. 

The DeNA management meeting deliberates and decides on policies and measures to address
climate change, and reports regularly to the Board of Directors on the progress of thesemeasures and other matters. 

The department responsible for sustainability, centered on the CEO, who is the director
responsible for sustainability, coordinates the response policies and measures, etc. decided at the
management meeting and each internal department takes the initiative in promoting said
response policies and measures, etc.

Board of Directors

ReportDirector Responsible

for Sustainability
Supervise

ReportManagement Meeting

ReportDeliberate & decide on response policies and measures,etc. for climate change

Department Responsible for

Sustainability
Coordinate

Internal Departments

Cooperate

Compliance & Risk

Management OfficeStrategy

Risk Management

Indices and Targets

The DeNA Group currently recognizes the following risks,measures, and opportunities posed by climate change, taking
into account the characteristics of the Group's business. 

In considering risks, measures, and opportunities, we havedivided them into two scenarios: the below 2°C scenario in
which the transition to a decarbonized society is promoted andthe average temperature increase is limited to less than 2°C(assume mainly transition risks* will materialize), and the 4°C
scenario in which the transition to a decarbonized society is
not promoted and the average temperature increases 4°C(assume physical risks will materialize).

For risks related to climate change, the department
responsible for sustainability coordinates with the Compliance& Risk Management Office, which oversees the company-widerisk management process, to promote recognition of individual
risks and formulate response policies by each internal
department. 

Such risks are reported to the Board of Directors and the
management meeting on a regular basis in accordance withthe company-wide risk management process.

DeNA has calculated the greenhouse gas emissions on a nonconsolidated basis as an indicator for managing climate-relatedrisks and opportunities for the DeNA Group.

DeNA’s actual greenhouse gas emissions are as follows.

*Transition risks: Risks associated with the transition to a low-carbon economy (policy
and law (e.g., tightened regulation), technology (e.g., costs of introducing newtechnology), markets (e.g., consumer preferences), reputation)

B e low 2°C

s c enari o

Risk (Negative Effect)

MeasuresOpportunity (Positive Effect)

Increased costs from conversion to
renewable energy (including introductionof carbon tax and regulations)

Promotion of energy conservation andefficient use of renewable energy

Loss of reputation and market
recognition among stakeholders due tolack of action on climate change

Development of a system for
decarbonization that meets the needs ofstakeholders and customers

Development of new businesses andservices that respond to changes inbehavior and values due to heightened
environmental awareness

Loss of reputation and deterioration ofbusiness profitability in the event that
DeNA is unable to respond to changes inbehavior and values from heightened
environmental awarenessPhysical and human damage to DeNA
offices, entertainment facilities, data
centers, etc., and supply chain
disruptions due to the severity andfrequency of disasters
4°C

s c enari oIncreased costs to cope with risingtemperatures
Decline in profitability of business (sports
entertainment, etc.) due to changes in
consumer trends (refraining from goingout) and regulations caused by risingtemperatures, infectious disease
outbreaks, etc.

Prompt compliance with regulations

Capturing of new business opportunities
by leveraging strengths and assets, suchas technology and human resources, tocontribute to sustainable community
development (machizukuri )Enhancement of corporate brand image

and reputation through realization of theabove measures
Strengthening of business continuity

Expansion of business in response toDiversification of risk of damage tofacilities by moving data centers to thecloud

Diversification of earnings andimprovement of profitability bypromoting businesses that make greateruse of online and digital technologies

plan (BCP) (including promotion of workfrom home and use of shared officespaces)Promotion of businesses that makebetter use of online and digitaltechnologies

increasing demand for businesses thatcan be enjoyed and used from home

Enhancement of corporate brand image

and reputation through the realization of
the above measures

Greenhouse Gas Emissions (Coverage: DeNA non-consolidated, unit: t-CO2

FY2019FY2020

FY2021

Scope 1

19

13

31

Scope 2

514

453

303

Scope 335,90540,912

41,983*Scope 1: All direct greenhouse gas emissions

Scope 2: Indirect greenhouse gas emissions from purchased electricity, heating, or  

steam consumption

Scope 3: All other indirect emissions in the value chain not covered by Scope 2

In the future, DeNA will also explore the possibility of calculating theGroup's Scope 1, 2, and 3 greenhouse gas emissions.

Sustainability Management

SocialCo-Existence with Consumers and Regional Society

Promoting the Smart City “Delightful CirCle Concept”

Through programming education, internet awareness activities, and other content tailored to thegrowth process, DeNA supports the development of human resources who understand theconvenience and challenges of IT and can actively utilize it.

For example, we have been providing programming education for elementary school students
since 2014. For classes, we support children's learning using Programming Zemi, a freeprogramming learning app that we developed with input from the impressions of the children who
use it and the teachers who work with it on the ground. In 2021 DeNA concluded an agreement
related to developing IT human resources with Taragi Town in Kumamoto Prefecture. The aim of
the agreement is to provide support for training for teachers, hold classes in elementary schools,
and hold career seminars, etc. 

Since 2016, we have been holding DeNA TechCon, a technology conference for students andworking adults, with the aim of contributing to the improvement of technology in society by
disseminating the knowledge our engineers have gained through their work. 

In addition, four Shibuya-based technology companies, DeNA, CyberAgent, GMO Internet, andMIXI, launched the BIT VALLEY project in July 2018 with the hope of accelerating technology
innovation in Japan. Through conferences and other activities, the companies are working on
measures to develop IT human resources and raise the skills of those involved in IT monozukuri.

In the smart city area, we are promoting the "Delightful City" concept with the mission of creating a
new urban space that will continue to develop sustainably and improve people's quality of life byproviding more convenient daily lives and exciting extraordinary experiences, centering on sports. 

We believe that in future machizukuri, it is important not only to create prosperity, but also to
consider issues such as energy consumption and waste disposal that occur behindthe scenes of prosperity. Many of these social issues have causes that are intertwined, and any one
company or one individual will not be able to solve them alone. 

DeNA aims to change this, and by having many individuals and groups take on appropriate roles we
aim to foster a much larger movement. This is the thought behind the Delightful CirCle Concept,
where we aim to create mechanisms encouraging everyone to come together to serve thecommunity. Through Delightful CirCle we aim to develop actions that are easy for many people andcompanies to take to address SDGs issues, create mechanisms to make the results of those efforts
quantifiably visible, and create mechanisms to ensure these initiatives continue. We have begun
exploring services and products that combine these three approaches. 

We aim to have this initiative bring vibrancy, and by providing Delightful CirCle services andproducts that leverage entertainment and technology we will create a new normal for serving thecommunity and solving social issues, and foster a society where anyone, anytime, can easily andenjoyably participate in activities to create the future of the community.

DeNA TechCon 2023

Contribution in the Healthcare & Medical Sphere
The communication app for medical practitioners Join, provided by Allm, enables securecommunication by leveraging mobile and cloud technologies, allowing stakeholders to share
medical information including medical imaging, bioinformation monitors, and real-time video fromthe operating room. This allows early diagnosis and treatment even in emergency medicine,leading to more lives saved. In hospitals where Join is deployed, for example, the time from onset
to diagnosis of stroke was reduced on average by 40 minutes, with a 15% reduction* in the days
hospitalized. Allm will continue to promote medical digital transformation, and aims to provide fairmedical welfare to all. 

Japan is also facing the social problem of increasing medical costs amidst an aging population.
Encouraging healthy behavior and providing an effective health business is key to addressing
diseases at an early stage before they become more severe. 

DeSC Healthcare provides the healthcare entertainment app kencom to support individual healthpromotion on the theme of becoming more healthy while having fun. Every year in spring and fall
there are walking events held where users can compete in the number of steps they take. Every
year the number of participants increases, with approx. 235,000 people participating in the event
held in the fall of 2022. The DeNA Group combines engagement science accumulated in the Gameand Sports Businesses with gamification knowhow to allow people to enjoyably continue to use theapp regardless of their health awareness level.
*Report from Dr. Hiroyuki Takao, Jikei University School of Medicine

Approach to Securing Diversity
The DeNA vision states in part that “Each of us harnesses our individual strengths to make ourunique business succeed.” The DeNA value includes “Providing Growth Opportunities” in the DeNA
Promise, which is our social promise, and “Respect Diversity” in DeNA Quality, which is thecornerstone for employee decision-making to provide Delight.

Under DeNA’s basic approach, securing diversity is necessary to provide Delight to society andcontinuously raise corporate value. Diversity means that each individual brings their own uniquestrengths and diverse view on matters to the organization from their background, experience,skills, and personality. While DeNA acknowledges that gender, nationality, hiring channel, andother characteristics are related to such diversity, these characteristics are used as one
alternative metric. On the basis of the above approach, DeNA does not only prioritize quantitative
measures such as the number of employees with a particular gender, nationality, hiring channel,
or other characteristic information. DeNA aims to create a situation where all diverse employees
feel they can be successful regardless of their individual characteristics and perform to thefullest to provide Delight.

As a part of this effort, DeNA conducted a survey to analyze if employees felt that their gender,
nationality, hiring channel, or other characteristic information caused difficulty in being promoted
to important positions or achieving success. This survey was titled “Survey on Environment for
Diverse Personnel Success,” and conducted in October 2022. Of the respondents (826 of 1,372
DeNA regular employees), the percentage of those with a particular characteristic that perceived
difficulty in achieving success due to the relevant characteristic were as follows.

Women: 15.2% (31 of 204), foreign nationals: 20.5% (9 of 44), mid-career hires: 11.7% (74 of 635)

Previously when this survey was conducted from September to October 2021, the results were as
follows:

Women: 20.6% (36 of 175), foreign nationals: 22.2% (8 of 36), mid-career hires: 15.4% (85 of 553)

Each of these percentages has shown improvement. 

After the previous survey was conducted, DeNA began sending messages from the CEO on
respecting diversity, disseminating information regarding the state of diversity internally,
providing training for officers and employees to become aware of and improve unconscious
biases, etc. Going forward, DeNA aims to continue to lower the percentage of employees who feelthere is difficulty in achieving success in all of the question items and establish an environment
and promote various initiatives so that diverse employees can succeed.

F o r m u l a t i o n o f t h e H u m a n R i g h t s  Promoting Health and Productivity Management Even in Hybrid Working Styles

P o l i cy a n d A I P o l i cy
We believe that when each individual's life becomes richer and more vibrant, it gives the company the vitality to provide better

In September 2022, DeNA formulated the DeNA Group Human Rights
Policy as the guideline promoting respect for human rights throughout
the DeNA Group, and the policy was adopted through a Board of
Directors resolution. This policy expresses our support for human rights
as set forth in international norms such as the International Bill of Human
Rights (including the Universal Declaration of Human Rights), the ILO
Declaration on Fundamental Principles and Rights at Work, the Guiding
Principles on Business and Human Rights, and the Ten Principles of the
UN Global Compact. The policy also stipulates appreciation for diversity
and prohibition of harassment/discrimination, prohibition of forced labor/child labor, and respect for freedom of association and the exercise of
the right to collective bargaining, among other matters. This policy applies
to all officers and employees of the DeNA Group, and we sincerely
appreciate the understanding and cooperation of our business partners,
suppliers, and other business operators with the intent and content of
this policy.

To increase awareness of human rights internally, DeNA created thecompliance handbook, featuring analysis of specific examples, and we
conduct training to ensure dissemination of important information for all
officers and employees. Topics covered human rights, the code of
conduct, and unconscious bias. DeNA also endeavors to prevent
harassment by providing harassment training to all DeNA Group officers
and employees through an e-learning system. All newly appointed
managers are required to undergo this training when promoted. In thisway DeNA strives to ensure thorough understanding of harassment.

In February 2023 DeNA formulated the DeNA Group AI Policy. While theuse of AI has the potential to drive the DeNA Group's business operations,depending on how it is used, it may also lead to detrimental effects, suchas disadvantages to stakeholders. We hope to prevent this fromhappening and provide safe, secure, and reliable services andtechnologies. Based on this approach, the DeNA Group has formulated
this policy as a guideline to comply with laws and regulations and topromote the appropriate use of AI throughout the DeNA Group, and thepolicy was adopted through a Board of Directors resolution.

services, which in turn leads to the company's own development. Based on this belief, in 2016 we established the Chief Health
Officer (CHO) Office, a department dedicated to supporting employee health, in addition to the human resources and generalaffairs department, which is in charge of overall health management, including working hours and sanitary conditions, and ourresident industrial physicians and public health nurses. The CHO Office conducts regular employee surveys in the four mainareas of exercise, diet, sleep, and mental health, and conducts a variety of seminars, programs, and training with thecooperation of outside experts, focusing on issues identified from the survey results. In addition, amidst the spread of COVID-19,
beginning in 2020, DeNA adopted a new working style that better matched the way people were living, and we have now shifted toa hybrid working style that mixes remote work and coming to the office. At the same time, DeNA is working on initiatives tomaintain employee health, both physical and mental, and enable employees to maximize their performance from a variety ofangles. Some examples include food, issues with internal communication, PMS, allergic rhinitis, headaches, and many otherproblems that can negatively impact work. We have also explored some initiatives from a medical perspective.

In recognition of these efforts, we were selected as a 2023 Health & Productivity Company (White 500) under the program jointly
conducted by the Ministry of Economy, Trade and Industry (METI) and the Tokyo Stock Exchange (TSE). In particular, DeNA
received high marks in the three categories of "lifestyle habit improvement," "promotion of communication among employees,"and "information disclosure/spread to other companies.” This is the seventh year running for DeNA to be selected as a Health &Productivity Company (White 500), and in 2019 and 2020, DeNA was also selected as one of the Health & Productivity Stocks.

We will continue to promote health management by leveraging the knowledge we have gained from our healthcare business andinternal health support initiatives.

*The term "health and productivity management" is a registered trademark of the Nonprofit Organization Kenkokeiei.

List of Affiliate Companies
Consolidated Subsidiaries (As of March 31, 2023)
Company Name

Description of Major Businesses*1

E uity Method A iliate Companies (As of March 31, 2023)q

Percentage of Voting Rights Held (Owned)*1-

ff

Company Name

Mobaoku Co., Ltd.

New Businesses and Others

66.6

Cygames, Inc.

Yokohama DeNA BayStars Baseball Club, Inc.

Sports Business

97.7

SHO ROOM Inc.

DeNA Life Science, Inc.

Healthcare & Medical Business

100.0

P DeNA Inc.

DeSC Healthcare, Inc.

Healthcare & Medical Business95.0（95.0）*4

DeNA SOMPO Mobility Co., Ltd.

DeNA Games Tokyo Co., Ltd.

Game Business

100.0

DeNA SOMPO Carlife Co., Ltd.

Yokohama Stadium Co., Ltd. *2

Sports Business

76.9（76.9）*4

Kawasaki Brave Thunders Co., Ltd.

Sports Business

75.0

W

F

Mobility Technologies Co., Ltd. (now GO Inc.)
Manga Bo Co., Ltd.
x

SHUEISHA DeNA Projects Co., Ltd.

Game Business

50.1

IRIAM Inc.

Live Streaming Business

100.0

Nippontect Systems Co., Ltd.

Healthcare & Medical Business

100.0

DATA HORI ON CO., LTD. *2 *Healthcare & Medical Business

51.7

Allm Inc.

Healthcare & Medical Business

52.3

APT LTD.*2

Game Business

100.0

DeNA Seoul Co., Ltd.

Game Business

100.0

Delight Ventures I Investment

New Businesses and Others

Z

W

3

X

Limited Partnership
33 others

100.0（1.01）*4 *5

Description of Major Businesses

Game planning, development, and operations
Operations of live video streaming
platform SHO ROOM and program
production, etc.
Arti cial intelligence (AI) 

technology research & development
Car sharing business centered on operations of Anyca
Operations of car subscription service SOMPO de Noru
Mobility related business, including provision of dispatch system for ta i
operators, etc.
Operations of Manga Bo platform and Manga Bo editorial department
operations“

W

Percentage of Voting Rights Held (Owned)*1

20.0
0.9

”

4

50.0

fi

50.0
25.5（25.5）*4

x

2 .1
8

x

x

30 others*1 In the “Description of Major Businesses” column for consolidated subsidiaries the segment name is shown*2 Specified subsidiary company*3 Securities Report submitting company*4 The number in the parenthesis for percentage of voting rights held indicates the indirect percentage held therein*5 The percentage of voting rights held indicates the investment percentage in the investment limited partnership

9.0

4

Financial Data
5 Year Summary

Financial Results by Segment(Millions of yen)
FY2018FY2019FY2020

FY2021

FY2022

FY2020

FY2021

FY2022

Revenue(Millions of yen)

124,116

121,387

136,971

130,868

134,914

Revenue

136,971

130,868

134,914

Operating profit (loss)(Millions of yen)

13,512−45,676

22,495

11,462

4,202

Game

91,307

74,69764,006

Finance income(Millions of yen)

3,349

2,667

5,625

5,195

7,805

Live Streaming

24,211

34,664

40,106

Finance costs(Millions of yen)

−668

−567

−137

−1,463−182
Sports12,821

14,712

20,958

Healthcare & Medical

2,099

3,000

6,985

New Businesses and Others

6,826

3,850

2,928

-294

-55

-69

22,495

11,462

4,202

16,861

8,717

4,131

18,86911,596

9,582

Share of profit (loss) of associates accounted for using the equity(Millions of yen)

1,875

3,341

3,275

14,226

1,770

Profit (loss) before tax(Millions of yen)

18,069−40,235

31,25929,41913,595

Profit (loss) for the period attributable to owners of the parent(Millions of yen)

12,709−49,166

25,63030,532

8,857

Total capital attributable to owners of the parent(Millions of yen)

251,737

180,486

223,711240,626

221,626

Total assets(Millions of yen)

296,460

255,740

327,121340,570

348,942

methodAdjustments

L

I

Operating Profit ( oss) ( FRS)
Operating Profit by Segment(Millions of yen)−

12,83627,13928,26945,157

Equity per share attributable to owners of the parent(yen)

1,727.52

1,432.14

1,826.73

2,024.39

1,983.78

Basic earnings (loss) per share attributable to owners of the parent

(yen)

87.47

−352.49207.54

256.45

76.78

Live Streaming

5,191

3,484

-572

Diluted earnings (loss) per share attributable to owners of the parent

(yen)

87.35

−352.49207.24256.2076.70

Sports-3,589-2,575-23

Healthcare & Medical-1,194-624-2,202

-162

-326

-882

-2,254-2,838-1,772Other income

11,323

7,145

1,263

Other expenses-5,689-4,400-1,192

15,625

7,469

4,299

-357

128

75

3,420

0

335

-9,934-4,121-313

Total interest-bearing liabilities (Borrowings and lease liabilities)

Ratio of equity attributable to owners of the parent

( )

%

84.9

70.6

68.4

70.7

63.5

Ratio of profit to equity attributable to owners of the parent

( )

%

4.9

−22.8

12.7

13.2

3.8

Ratio)

19.1

−

10.4

7.3

23.5

Net cash flows from (used in) operating activities(Millions of yen)

22,97912,94629,967

18,375

10,808Net cash flows from (used in) investment activities(Millions of yen)

−21,008−8,706−8,640−19,924

12,451

Net cash flows from (used in) financing activities(Millions of yen)

−4,656−32,1546,614−18,549−4,930(Millions of yen)

1,971

4,240

21,327−1,54823,258Cash and cash equivalents at end of period(Millions of yen)

101,386

73,53697,301

78,296

97,732

Depreciation and amortization(Millions of yen)

10,883

11,543

6,703

5,593

5,445

Impairment loss

(Millions of yen)

1,193

51,165

5,146

4,244

364

Goodwill(Millions of yen)

46,048

5,883

5,883

17,45149,088

(yen)

40

20

32

39

20

(Millions of yen)

5,814

2,510

3,906

4,623

2,227

( )

%

45.7

−

15.4

15.2

26.0

(Millions of yen)

033,852

5,557

10,86815,000Shares)150,810,033

150,810,033

130,210,945

130,210,945

122,145,545

Shares)5,460,269

25,310,018

8,152,593

11,674,919

10,805,997

Price-earnings ratio

Free cash

(

flows

Dividends per share
Total dividends
Payout ratio (consolidated)
Expenses for acquisition of treasury stock

Total number of shares issued at the end of the period
Total number of shares of treasury stoc

k at the end of the period

(
(

Game

New Businesses and Others
Overhead costs andAdjustments

Non-GAAP Operating Profit (Loss)
Accounting adjustments related to seasonality & one-time factors (Net)
Acquisition and restructuring related expenses

Sales and disposition related gains*From Q2 FY2022 the segment previously reported as the “Healthcare Business” has been changed to the “Healthcare & Medical Business”

ESG Data
GovernanceSocialFY2020

FY20217

No. of directors

FY2022

7

7

FY2020

FY2021

FY20222,100 / 1,251

2,194 / 1,264

2,951 / 1,326

732 / 359

710 / 266

653 / 226

398

328

343

Total employees

25.5

25.5

25.5

Management*3

10.2

9.1

10.5

Total employees

5.0

4.9

4.6

Management

2.3

2.4

2.4

Percentage of local hires in management
at overseas offices*4

91.8

93.8

95.4

Total employees

76.4

75.7

77.2

Management

87.4

79.7

81.0

Officers

100

100

100

36.1

36.8

37.4

5 years 0 months

5 years 6 months

5 years 7 months

Men

4.8 years

5.4 years

5.4 years

Women

5.7 years

6.4 years

6.5 years

No. of people taking maternity leave

18

17

19

No. of people taking childcare leave*5

35

64

57

Of that, no. of men

16

29

37

Percentage of people who return from childcare leave

100

100

100

Percentage of male employees who take childcare leave*6

30.2

33.0

54.5

Percentage of employees with disabilities*7

2.5

2.5

3.1

Percentage of people using side job program

14.1

13.4

13.2

No. of employees (consolidated / standalone)*1
Average no. of temporary employees (consolidated / standalone)*2

3

No. of outside directors

Percentage of independent outside
directors

3

No. of dispatch employees
Percentage of women

42.9

42.9

42.9

4

4

4

No. of corporate auditors

3

3

4

33.3

27.3

27.3

No. of outside corporate auditors

Percentage of women among officers

3

Percentage of foreign nationals

Percentage of mid-career hires

Average age

Environment

Average tenure
FY2020CO2 Emissions

Scope 1
Scope 2
Scope 3（t-CO2)（t-CO2)（t-CO2)*Above figures are on a DeNA standalone basis.

FY2021

FY2022

19

13

31

514

453

303

35,90540,912

41,983

Unless stated otherwise all figures are on a DeNA standalone basis.
*1 Within this chart “employees” refers to the number of employees excluding temporary employees and dispatch employees, unless stated otherwise. The figures exclude DeNA employees
seconded to other companies, and include employees seconded from other companies to DeNA.
*2 Temporary employees include part time and contract employees, and excludes dispatch employees.
*3 This is the percentage of employees, employed by DeNA, in management positions at DeNA or seconded to another company who are women. For those seconded to another company, they areincluded in the calculation if DeNA has confirmed them to be in a management position.
*4 This is the percentage of employees in management positions in DeNA Group overseas offices who were hired locally.
*5 This includes employees seconded from DeNA to other companies, and excludes employees seconded from other companies to DeNA.

*6 This is the percentage of male employees who took childcare leave among those with a spouse who gave birth. It includes employees seconded from DeNA to other companies, and excludes
employees seconded from other companies to DeNA.
This
is the sum total of standalone, specified subsidiary companies, and group affiliate companies.
*7

S to c k I n fo r m a t i o n
Top 10 Shareholders (as of March 31, 2023)

Overview
Total number ofauthorized shares

540,900,000 shares(as of March 31, 2023)

Shareholders
Tomoko Namba

19,807

17.79

Total number ofshares issued

122,145,545 shares (as of March 31, 2023)

The Master Trust Bank of Japan, Ltd.

17,412

15.64

Nintendo Co., Ltd.

15,081

13.55

Custody Bank of Japan, Ltd.

6,522

5.86

NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST

4,318

3.88

Shogo Kawada

3,663

3.29

NORTHERN TRUST CO.(AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS

1,919

1.72

J.P. MORGAN BANK LUXEMBOURG S.A. 381572

1,670

1.50

STATE STREET BANK AND TRUST COMPANY 505103

1,612

1.45

NORTHERN TRUST CO.(AVFC) SUB A/C NON TREATY

1,585

1.42

Total number oftreasury shares
Share listing

Number of shares
per unit

10,805,997 shares(as of March 31, 2023)*
The Prime Market of the Tokyo Stock
Exchange
100

Number ofshareholders

30,884 (as of March 31, 2023)

Ordinary General
Meeting of
Shareholders held

June

Base date

March 31

Shares Owned

Shareholding Ratio (%)

Note 1: The Company owns 10,805,997 shares (8.85%) (including 178,871 shares of Company stock held through the trust for the Stock Grant Employee Stock Ownership Plan "ESOP") of treasury stock, but this has
been omitted from the major shareholders list above.

Note 2: The Percentage is calculated using the total number of issued shares (122,145,545) excluding the treasury stock owned by the Company (10,805,997 shares, including 178,871 shares of Company stock held
through the trust for the Stock Grant Employee Stock Ownership Plan "ESOP").

D istribution of the shares (as of March 31, 2022)

Share transfer
agent

Mitsubishi UFJ Trust and Banking
Corporation

Administrativedept.

Mit s u b i s hi UFJ Tru s t an d B anking
C or p oratio n

C or p orate A gency D i v i s io n1-1, N ikko cho , F uchu -s hi , Tokyo , Ja pa n

Te l e p hone : +81-42-204-0303*Includes 178,871 shares of DeNA stock held through the trust for the DeNA
employee stock ownership plan (ESOP) as of March 31, 2023

F inan c ial institutions / Se c urities fi rm s

Treasury sto ck

21 . 5

8.8%

I ndividuals and Other I nvestor s

30 . 9 %Shareholdin g

distribution%

Other C orporation s

13 . 4%Foreign C orporation s

25 . 4%

C o m p a n y I n fo r m a t i o nOverview

ESG RaCompany nameDeNA Co., Ltd.

Name & title ofrepresentatives

Tomoko Namba, Representative Director& Executive Chairman

Shingo Okamura, Representative
Director, President & CEO

Headquarters

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The TSE lossom Japan Sector Relative ndex re ects the relative environmental, social, andgovernance ES per ormance o Japanese companies in each sector. n 2022, DeNA as
selected as a constituent or the rst time.
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March 4, 1999

Stated capital

10,397 million yen (as of March 31, 2023)

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e has een certi ed as a ealth rod cti ity Com any ( hite 500) for se en years r nninsince 2017, nder a ro ram to select com anies ith e cellent health and rod cti ity
mana ement ointly r n y the Ministry of conomy, rade and nd stry and the o yo toc
chan e e as also selected as a ealth rod cti ity toc in 2019 and 2020
he term health and rod cti ity mana ement is a re istered trademar of the on ro t
r ani ation en o eiei

Consolidated: 2,951 (standalone: 1,326)(as of March 31, 2023)

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The SC Japan Empo ering omen ndex N is an index built on select companies ith
superior gender diversity in their industry, based on gender diversity scores. DeNA has also
been selected or the SC Japan Empo ering omen ndex Select ndex.

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DeNA has been certi ed under the Act on Advancement o easures to Support Raising Next
eneration Children, and granted the right to use the kurumin mark, a symbol o a company
supporting childcare. DeNA proactively promotes the creation o an environment here
employees are able to per orm to the ullest ithin a limited amount o time, even in a variety oli e events such as childbirth, childcare, child rearing, as ell as amily nursing, caregiving, andpersonal health and ellness.
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TSE Russell a registered trademark o TSE nternational Limited and rank Russell Company hereby certi es that DeNA Co., Ltd. ul lls the requirements to be included in the TSE lossom Japan Sector
Relative ndex a ter a third party investigation, and has included DeNA in said index.

The TSE lossom Japan Sector Relative ndex is idely used to create and evaluate sustainable investment unds and other nancial products.
THE NCLUS ON O DeNA Co., Ltd. N ANY SC NDEX, AND THE USE O SC LO OS, TRADE ARKS, SERV CE ARKS OR NDEX NA ES HERE N, DO NOT CONST TUTE A SPONSORSH P, ENDORSE ENT OR
PRO OT ON O DeNA Co., Ltd. Y SC OR ANY O TS A L ATES. THE SC NDEXES ARE THE EXCLUS VE PROPERTY O SC . SC AND THE SC NDEX NA ES AND LO OS ARE TRADE ARKS OR SERV CE
ARKS O SC OR TS A L ATES.
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Disclaimer The or ard-looking statements in this document are based on in ormation currently available to DeNA and certain assumptions that are judged to be reasonable, and are not intended as a promise by DeNA that they ill be achieved. Actual results may differ signi cantly due to various actors.
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