FY2019 4Q Presentation Material

0. Contents

1. FY2019 Full Year Results (October 2018 - September 2019)

2. FY2020 Forecast (October 2019 - September 2020)

3. Internet Advertisement Business

4. Game Business

5. Media Business

6. FY2020

7. References Quarterly Results (July – September 2019)

1 1. FY2019 Full Year Results

FY2019 Full Year Results October 2018 - September 2019

2 1. FY2019 Full Year Results

Marked a record-high sales. OP surpassed the forecast. FY2019 Sales: 453.6 billion yen UP 8.1% YoY OP: 30.8billion yen （Existing Business* 51.1B,”AbemaTV”etc -20.3B)

Three and a half years since AbemaTV launched. WAU reached over 10 million. Media Sales: 37.3 billion yen UP 18.5% YoY OP: -17.8billion yen （”AbemaTV”etc -20.3B）

Focused on new customer acquisition resulted in a steady performance. Ad Sales: 260.2 billion yen UP 8.4% YoY*** OP: 20.6 billion yen Down 3.4% YoY

Strong major titles delivered sales and OP rose. Game Sales: 152.2 billion yen UP 3.9% YoY OP: 26.0 billion yen UP 2.9% YoY

*Existing Business：Advertisement, Game, “Ameba,” “Tapple,” in Media and Investment development business. **WAU：Weekly Active User 3 ***YoY comparison: Excluding Cyber Buzz, Inc. that became unconsolidated (FY2018 full year sales: 1.51 billion yen) 1. FY2019 Full Year Results

[Consolidated Sales]

453.6 453.6 billion yen (up 8.1% YoY) 419.5

Marked a new record high 371.3

310.6

254.3

205.2

162.4 141.1 119.5

93.8 96.6 87.0 76.0 Unit：billion yen 60.1 43.2 26.7 10.8 16.2 3.2 6.3

FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019

4 1. FY2019 Full Year Results

[Consolidated OP]

51.6 51.1 51.0 OP of existing businesses* 51.1 billion yen 46.7 Up-front investment** in AbemaTV etc. 20.3 billion yen 32.7

OP of existing businesses 22.2

OP of up-front investment 17.4 Unit：billion yen 14.3 30.8B

9.3 10.3 5.5 4.3 4.6 4.4 1.7 2.6

FY2000FY2001FY2002FY2003FY2004FY2005FY2006FY2007FY2008FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019 -1.6 -0.1 -0.2 -0.1

-9.9

*Existing businesses : Advertisement, Game, Ameba and Tapple etc., in Media, Investment Development Business -20.3 **Up-front investment : AbemaTV, Inc. etc. -20.8 -20.9 5 1. FY2019 Full Year Results

[No. of Employees] [SG&A Expenses] 5,282 employees (up 294 people YoY) 102.4 billion yen (up 2.6% YoY)

Investment Development Cost was almost flat Headquarters 5,282 102.4 11 Other 4,988 99.8 Game 370 Earnings Incentives 15 * Internet Ad 350 Other 4,543 Sales related costs 92.2 Media(exsisting business) 608 Media(up-front Investment business) 17 Office costs 28.5 336 503 Advertisement costs 27.0 Unit：people 3,971 Personnel 21.3 19 406 76.1 3,566 297 Unit：billion yen 3.1 35 5.1 267 1,612 4.8 5.0 296 1,453 15.4 7.8 8.5 1,346 59.4 6.5 582 3.4 1,253 5.3 12.7 5.3 29.1 27.2 32.0 1,132 5.1 1,900 1,924 4.5 25.3 1,778 1,539 13.4

1,121 33.0 27.5 30.8 464 431 20.1 21.5 436 445 400 160 215 303 326 FY2015 FY2016 FY2017 FY2018 FY2019 FY2015 FY2016 FY2017 FY2018 FY2019 6 *Other: Outsourcing expenses, R&D expenses. 1. FY2019 Full Year Results

[PL]

Unit: million yen FY2019 FY2018 YoY

Net Sales 453,611 419,512 8.1%

Gross profit 133,300 130,015 2.5%

SG&A expenses 102,474 99,852 2.6%

Operating profit 30,825 30,163 2.2%

OPM 6.8% 7.2% -0.4points

Ordinary profit 30,493 28,565 6.8%

Extraordinary income 1,912 981 94.9%

Extraordinary loss* 12,985 5,498 136.1%

Income before income taxes 19,420 24,047 -19.2% and non-controlling interests

Net profit** 1,694 4,849 -65.1%

*Extraordinary loss : Booked 9,502 million yen of impairment loss and 2,769 million yen of head office relocation expenses etc. **Net profit: Profit attributable to shareholders of parent. 7 Affected by the fact that AbemaTV, Inc. is exempted from consolidated tax payment, and non-controlling equity interest (minority interest) of Cygames, Inc. 1. FY2019 Full Year Results

[BS]

Unit: million yen End of Sept. 2019 End of Sept. 2018 YoY

Current assets 168,662 170,411 -1.0%

Cash deposits 84,565 92,381 -8.5%

Fixed assets 56,172 55,021 2.1%

Total assets 224,876 225,484 -0.3%

Current liabilities 70,749 72,449 -2.3%

（Income tax payable） 7,014 7,069 -0.8%

Fixed liabilities 43,774 43,784 -0.02%

Shareholders' equity 74,015 76,129 -2.8%

Net assets 110,352 109,250 1.0%

8 2. FY2020 Forecast

FY2020 Forecast October 2019 - September 2020

9 2. FY2020 Forecast

465.0 Sales 465 billion yen（UP 2.5% YoY） 453.6

419.5 OP 28~32 billion yen (Down 9.2%~UP 3.8% YoY)

371.3

310.6 36.7

32.7 32.0 254.3 30.7 30.1 30.8

205.2 28.0 22.2 162.4 141.1 17.4 119.5 Continue up-front Sales 14.3 93.8 96.6 investment in OP 87.0 10.3 76.0 9.3 AbemaTV Unit: billion yen 60.1 43.2 5.5 4.3 4.6 4.4 Invest in 26.7 2.6 10.8 16.2 1.7 Smartphone 3.2 6.3 Invest in blog service business

FY2000 FY2001-0.1 FY2002-0.2 FY2003-0.1 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020E -1.6 10 2. FY2020 Forecast

[Business Forecast] FY2020 Unit: billion yen FY2019 YoY Forecast

Maximum Minimum Maximum Minimum

Net Sales 465 453.6 2.5%

0 Operating profit 32 28 30.8 3.8% -9.2%

Ordinary profit 32 28 30.4 4.9% -8.2%

Net profit* 10 8 1.6 490.1% 372.1%

[Dividend Forecast] Management index DOE5% is guidance for forecast

Dividend** ** 33 yen 33 yen 0.0%

*Net profit: Profit attributable to shareholders of parent. Affected by the fact that AbemaTV, Inc. is exempted from consolidated tax payment, and non-controlling equity interest (minority interest) of Cygames, Inc. 11 **Dividend of FY2019 (33 yen): We plan to discuss a surplus disposal plan at the annual General meeting of Shareholders to be held in December 2019. 3. Internet Advertisement Business

Internet Advertisement

12 3. Internet Advertisement Business

[Full Year Sales] [Full Year OP] Focused on new customer acquisition (up 8.4% YoY*) 260.2 21.34 20.60

241.4 18.71

208.1

15.16 Unit: billion yen Unit: billion yen 175.4

142.8 11.52

8.6% 9.0% 8.8% 8.1% 7.9%

FY2015 FY2016 FY2017 FY2018 FY2019 FY2015 FY2016 FY2017 FY2018 FY2019 13 *YoY comparison: Excluding Cyber Buzz, Inc. that became unconsolidated (FY2018 full year sales: 1.51 billion yen) 3. Internet Advertisement Business

[Quarterly Sales] 4Q 64.6 billion yen (up 4.3% YoY) Maintained steady sales

67.4 64.6 65.3 61.4 62.8 60.7 61.9 57.2 55.7 52.5 51.0 47.9 48.7 43.7 43.0 Unit: billion yen 40.7 38.8 35.1 35.5 33.3

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2015 FY2016 FY2017 FY2018 FY2019

14 3. Internet Advertisement Business

[Quarterly OP] 4Q 5.25 billion yen OPM 8.1%

6.55

5.48 5.61 5.25 5.31 5.19 4.72 4.78 Unit: billion yen 4.54 4.52 4.54 4.37 4.29 4.13 3.80 3.74 3.58

2.88 2.88 2.79

10.8% 10.0% 10.1% 10.7% 8.8% 8.7%9.0% 9.7% 9.6% 8.1% 8.6% 8.1% 8.1% 7.2% 8.1% 7.9% 7.3% 7.2% 8.3% 8.0%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2015 FY2016 FY2017 FY2018 FY2019

*Quarterly OP and OPM: Exclude earnings incentive until FY2016. 15 3. Internet Advertisement Business

[Future Strategy] Aim to increase our share with collective strength.

Internet Advertisement Business Focal Points

Advertising 1 Increase advertising billings of new clients.

AI Create new business 2 AI Business Unit AI Shift, Inc. opportunities utilizing AI.

Ad Creativity Ad Operation Maximize ad effectiveness through 3 ad operation capability.

16 4. Game Business

Game

17 4. Game Business

[Full Year Sales] [Full Year OP] Sales were driven by major titles Game business keeps steady revenue (up 3.9% YoY) 152.2 (up 2.9% YoY) 146.5 30.45 140.3

122.6 26.50 26.04 25.30

Unit: billion yen Unit: billion yen

87.0 17.87

18 FY2015 FY2016 FY2017 FY2018 FY2019 FY2015 FY2016 FY2017 FY2018 FY2019 4. Game Business

[Quarterly Sales] 4Q 37.7 billion yen (up 2.4% YoY)

FY2019 40.4 39.9 FY2018 38.2 37.7 FY2017 36.3 36.8 36.3 35.8 35.5 FY2016 34.5 34.6 33.4 33.7 FY2015 30.6 FY2014 29.7 27.6 FY2013 or before(For browser games & Others*) 26.0

20.8 19.7 20.4

THE iDOLM@STER Dragon Quest CINDERELLA GIRLS Monsters 4STARLIGHT STAGE *** 5Shadowverse* 33 Super Light**

BanG Dream! PRINCESS GRANBLUE Dragalia Lost Girls Band CONNECT! 8 ***** 2 FANTASY * 6 Party! **** 7 Re:Dive*

Sengoku Enbu 1 -KIZNA-

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q １Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY2015 FY2016 FY2017 FY2018 FY2019 * ”GRANBLUE FANTASY”, ”Shadowverse”, “PRINCESS CONNECT! Re:Dive” : ©Cygames, Inc. ** Dragon Quest Monsters Super Light : © 2014-2019 ARMOR PROJECT/BIRD STUDIO/SQUARE ENIX All Rights Reserved. Developed by Cygames, Inc. Publisher: SQUARE ENIX *** THE iDOLM@STER CINDERELLA GIRLS STARLIGHT STAGE : ©BANDAI NAMCO Entertainment Inc. It was jointly developed and is operated by ©BANDAI NAMCO Entertainment Inc. and Cygames, Inc. **** BanG Dream! Girls Band Party! : ©BanG Dream! Project ©Craft Egg Inc. ©bushiroad All Rights Reserved. 19 ***** Dragalia Lost : ©Nintendo / Cygames Publisher: Nintendo ****** Balloon : Selected major titles only 4. Game Business

[Quarterly OP] Moderate promotion cost is improving OP 4Q 7.0 billion yen（up 61.5% YoY）

8.83 8.55 8.31 8.37 7.91 7.51 7.47 7.00 6.93 6.89 6.77 6.45 6.07 Unit: billion yen 5.64 5.23 4.77 4.60 4.33

3.66 3.19

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2015 FY2016 FY2017 FY2018 FY2019

20 *Quarterly OP: Exclude earnings incentives until FY2016. 4. Game Business

Major titles are going strong with operational capability.

“PRINCESS CONNECT! Re:Dive”* “GRANBLUE FANTASY”* Released in 2014 Released in 2018 RPG Published by Cygames, Inc. Animation RPG Published by Cygames, Inc.

24M Accumulated High in Registered ranking Players**

“BanG Dream! Girls Band Party!”***Released in 2017 Rhythm & Adventure Published by Craft Egg, Inc.

More than 10M users in JP****

*”GRANBLUE FANTASY”, “PRINCESS CONNECT! Re:Dive” : ©Cygames, Inc. **”GRANBLUE FANTASY” : The number of registered players as of June 2019. *** BanG Dream! Girls Band Party! : ©BanG Dream! Project ©Craft Egg Inc. ©bushiroad All Rights Reserved. 21 **** BanG Dream! Girls Band Party! : The number of users as of July 2019. 4. Game Business

Increase fan base of original IP. 「グランブルーファンタジー For PS4 “GRANBLUE FANTASY Oct. 2019 “GRANBLUE FANTASY Versus”** ジ・アニメーション Feb. 2020 On Sale The Animation Season2 “ * On Air Action Combat RPG シーズン2※」

「グランブルーファンタジーヴァーサス」対戦アクションRPG

“GRANBLUE FANTASY Relink”*** For PS4 Action RPG In development

2019年10月放送開始

*”GRANBLUE FANTASY The Animation Season2” : ©GRANBLUE FANTASY The Animation Project On air on AbemaTV, TOKYOMX, MBS since October 4, 2019. 22 “*GRANBLUE FANTASY Versus” ©Cygames, Inc. Developed by ARC SYSTEM WORKS ***”GRANBLUE FANTASY Relink” : ©Cygames, Inc 4. Game Business

[Future Plan] About six new original games will be released annually.

SEVEN’s CODE Released on BLADE XLORD Released on Kick-Flight Coming out Rhythmic Novel Action Oct. 21 Full-blown RPG Oct. 25 Action battle in the air in 2019

Provided by Applibot, Inc. Provided by Applibot, Inc. Provided by Grenge, Inc.

HOSHINARI ECOHS Coming out KonoSuba: God's Blessing on this This “UMA MUSUME Pretty Derby”* in 2019 Training謎解きリズムアクション Simulation Wonderful World! Fantastic Days* winter Training simulation game

Provided by GCREST, Inc. Provided by Sumzap, Inc. Provided by Cygames, Inc.

*KonoSuba: God‘s Blessing on this Wonderful World! Fantastic Days : ©2019 Akatsuki Natsume, Mishima Kurone / KADOKAWA/ KonoSuba Movie Production Committee ©Sumzap, Inc. 23 ** “UMA MUSUME Pretty Derby” : ©Cygames, Inc 5. Media Business

Media

24 5. Media Business

[Full Year Sales] [Sales and OP of up-front investment]

Sales were driven by AbemaTV Sales of AbemaTVetc. increased 180% YoY (up 18.5% YoY) 11.1

37.3 Unit: billion yen

31.4 6.3 25.6

21.9 Unit: billion yen

1.9

0.2

FY2016FY2016 FY2017FY2017 FY2018FY2018 FY2019FY2019

-9.9 FY2016 FY2017 FY2018 FY2019 -20.9 -20.8 -20.3 25 5. Media Business

[Quarterly Sales] [Quarterly OP] 4Q 9.1 billion yen (UP 3.9% YoY) 4Q -4.3 billion yen Up-front investment in AbemaTV etc.

9.73 9.52 0.42 0.82 0.86 0.94 9.10 0.71 0.66 0.67 0.75 0.69 0.78 0.65 8.93 0.49 0.47 0.51 0.44 8.76 0.30 Unit: billion yen 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 7.79 -0.14 7.54 FY2016 FY2017 FY2018 FY2019 7.38 -0.68 6.84 6.40 6.46 Up-front investment (AbemaTV, etc.) 5.93 5.81 5.73 Existing Business( Blog services, Tapple , etc) 5.30 5.07

-3.4

-4.0 -4.3

-4.7 -4.8 -4.9 -5.0 -5.1 -5.2

-5.6 -5.7 -5.8 -5.9

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q -6.2 Unit: billion yen FY2016 FY2017 FY2018 FY2019

26 ** OP : Earnings incentive paid until FY2016 are excluded. 5. Media Business

45M DL

Exceeded 45 million downloads in three and a half years after the launch.

Unit：DL

April 11 2016 Release

Apr. Jun. Sep. Dec. Mar Jun. Sep. Dec. Mar Jun. Sep. Dec. Mar Jun. Sep. 2016 2017 . 2018 . 2019 . 27 5. Media Business

[AbemaTV] WAU hit 10 million resulting from breaking news and dating reality shows. User base is increasing steadily. 13.30 12.69

WAU Growth* 10.59 10.70 10.27 10.05

9.18 9.28 8.55

8.43 7.29

6.79 7.32 6.58 6.28 6.23 5.91 5.68 5.50 5.50 Unit：million of user 5.10 4.75

Breaking News on Jul. 22 Regular program on Sept. 8 Breaking news on Oct. 12 2.67 4.18 3.52

2.69

Live streaming of press conference 1.18 of Akihiko Okamoto, president of Broadcast dating reality show Live report of typhoon Hagibis Yoshimoto Kogyo

Apr. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep.

2016 2017 2018 2019 28 *WAU: Weekly Active Users **Available on browsers: on-demand watch became available on smartphone browsers from Oct. 22, 2018. ©AbemaTV 5. Media Business

[AbemaTV] AbemaTV established viewing habits of users. “When something happened, turn on AbemaTV.”

FY2019 Review

Entertainment News Live Streaming Natural Disaster

(Press conference for announcing the marriage) (New era name announcement) (Earthquake in Hokkaido)

(Comedians apologized at a news conference) (Enthronement ceremony) (Typhoon Hagibis)

29 ©AbemaTV 5. Media Business

[AbemaTV] Dating reality show “Mr. Wolf” series marked 150 million accumulated viewership. 84% of users watch “You can’t fool me, Miss. Wolfy” on-demand.

FY2019 Review

30 ©AbemaTV 5. Media Business

[AbemaTV] AbemaPremium subscribers reached 518K by increasing contents and improvement of features.

Paid service “AbemaPremium” Subscribers Linear vs On-demand viewing

518K On- demand 44％ On- Sept. demand Linear 2019 28％ Sept. 56％ Linear 2018 72％

＜Service Comparison＞

AbemaPremium Basic （960yen/month*） (Free)

Free Video Free Video

80K Paid Video Paid Video Replay on demand Replay on demand

Download Download

View comments View comments 2017Dec. 年201712月 Sept. 2019 31 *960yen/month:tax included 5. Media Business

[AbemaTV] Focus on original programs aimed at young users.

Plan for FY2020

Drama Travel show

[AbemaTV] The user interface will be redesigned to integrate on-demand video seamlessly into linear TV. Plan for FY2020

Linear

On-demand

[AbemaTV] We continue to actively promote collaborations with partner companies in FY2020.

Remotes with a dedicated button Business Alliance* to access AbemaTV**

Sony Panasonic Marketing Inc. Corporation

Toshiba Visual FUNAI Solutions ELECTRIC CO., Partnership Corporation LTD.

Mitsubishi Electric Gonosy Corporation

New Billing Service Added on set top box

Jupiter Telecommunications Co., Ltd.

*Shareholding ratio : CyberAgent, Inc. 55.2%, TV Asahi Corporation 36.8%, Dentsu Inc. 5.0%, Hakuhodo DY Media Partners Inc. 3.0% **Remotes with a dedicated button to access AbemaTV : As of the end of October 2019. (adopted model only) ©AbemaTV 34 5. Media Business

[AbemaTV] Related businesses of AbemaTV to be increased.

Public Gambling ”WinTicket” Shopping Channel “Kaeru AbemaTV, Inc. “

Strengthen new customer acquisition. Subscription service for bestseller products has started. New public gambling will start following Keirin.

Influencer clothing brands are launched and on sale.

Collaborating items with YouTubers or animation IPs are released.

Live streaming of Place a bet while you Keirin races watch the race

[AbemaTV]

Medium and Long-Term Sales Pipeline

Related Accelerate monetization by related business etc. Business while increasing advertising and subscription revenues. etc.

Subscription

Advertising

2016 2019 36 6. FY2020

FY2020

37 6. FY2020

Grow AbemaTV as a medium to long-term pillar

Media Improve AbemaTV monetization

Ad Increase advertising billings of new clients.

Make successful games and enhance the Game operational capability to run long term games

38 Aiming to be a company with medium to long-term supporters 7. Reference

Reference Quarterly Results (July – September 2019)

40 7. Reference : Quarterly Results

[Consolidated Sales] 111.7 billion yen (up 3.9% YoY)

117.3 113.6111.7 109.5 110.8 107.5 104.4 101.8 97.9 93.3 89.5 85.6 86.5 Unit: billion yen

76.4 74.0 74.6 69.2 63.4 60.5 61.1

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2015 FY2016 FY2017 FY2018 FY2019

41 7. Reference : Quarterly Results

[Consolidated OP ] 7.4 billion yen (up 106.1% YoY)

16.4

0.68

14.6 Unit: billion yen 14.2 13.7 13.7 0.12 0.79 12.9 13.1 0.65 0.09 12.2 12.4 11.9 11.7 4.13 11.8 11.4 11.8 0.51 0.82 11.2 0.66

4.84 9.9 9.8 9.1 0.60 0.61 3.39 0.03

15.7 6.9 0.13 13.6 13.4 5.9 13.0 13.1 11.9 12.0 12.0 11.5 11.7 11.6 11.1 10.5 7.4B

9.0 9.3 9.2 8.1 7.8 6.8 6.0

-0.2 -0.6 -0.4 -0.9 -0.7 -0.03 -0.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q -0.02 FY2015 FY2016 FY2017 FY2018 FY2019 OP of Investment Development business -4.7 -4.3 -3.4 -0.24 OP of existing businesses excluding investment -4.0 development business( Internet Advertisement, Game, -5.0 -4.8 -5.1 -0.25 -5.2 Ameba and Tapple etc., in Media) -5.7 -5.6 -0.09 -4.9 OP of up-front investment (AbemaTV, Inc. etc.) -5.8 -5.9 42 -6.2 7. Reference : Quarterly Results

[SG&A Expenses] 25.0 billion yen (down 2.3 billion yen YoY)

28.9 Unit: billion yen 27.3 Earnings Incentives 25.6 24.9 25.0 Other* 24.6 24.5 7.5 25.0 Sales related costs 23.1 23.4 3.1 23.0 22.6 7.3 Office costs 21.6 5.8 Personnel 6.4 6.8 7.0 6.8 1.2 Advertisement cost 4.4 4.9 5.0 6.3 18.8 18.7 7.0 1.2 2.1 5.3 1.2 2.0 1.2 1.2 1.3 1.2 1.3 1.3 3.4 15.6 16.0 3.9 1.3 1.7 1.4 1.5 1.1 14.4 1.5 1.1 1.8 2.0 2.1 1.2 2.2 1.8 13.4 3.5 1.3 1.6 8.0 2.1 12.7 3.5 3.5 3.1 1.3 5.3 8.5 2.9 1.2 6.1 7.9 3.0 1.3 1.4 6.8 7.7 1.2 1.2 6.8 7.6 8.5 1.2 1.2 1.2 6.6 8.6 1.1 5.5 7.6 1.3 1.0 1.0 5.0 5.5 5.3 5.1 5.0 4.6 9.9 9.1 9.9 7.9 8.1 8.1 6.5 6.7 7.0 7.1 6.8 6.1 5.3 5.8 3.6 4.0 4.4 4.4 2.6 3.1

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2015 FY2016 FY2017 FY2018 FY2019

*Other: Outsourcing expenses, R&D expenses. 43 7. Reference : Quarterly Results

[No. of Employees] 5,282 employees (down 151 people QoQ)

Investment Development Headquarters Other 5,282 5,433 Game 11 5,109 5,111 369 11 4,988 Internet Ad 4,902 14 12 370 15 15 372 362 Media(exsisting business) 350 4,523 4,543 4,537 4,576 352 601 Media(up-front Investment business) 15 608 18 17 15 490 487 330 4,153 335 336 344 503 4,054 501 3,971 18 Unit：people 3,894 19 19 310 357 406 406 425 22 296 297 3,566 3,623 3,623 290 3,511 301 1,644 35 22 21 285 33 267 1,522 1,554 1,612 296 303 297 259 1,453 3,168 3,183 302 1,459 266 33 33 263 1,330 1,346 1,347 1,349 322 288 582 574 1,272 1,267 1,215 1,253 505 510 1,149 1,139

1,090 1,132 955 1,011 1,920 2,008 1,822 1,900 1,934 1,924 1,802 1,778 1,758 1,754 1,633 1,530 1,539 1,560 1,392 1,401 1,098 1,121 981 985

453 464 499 470 464 431 468 445 441 446 430 436 440 432 412 392 414 372 356 400 257 300 303 292 292 336 326 82 107 148 160 182 192 213 215 226 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2015 FY2016 FY2017 FY2018 FY2019 44 7. Reference : Quarterly Results

[PL]

FY2019 4Q FY2018 4Q FY2019 3Q Unit: million yen YoY QoQ Jul-Sept. 2019 Jul.-Sept. 2019 Apr.-Jun. 2019

Net Sales 111,759 107,551 3.9% 113,667 -1.7%

Gross profit 32,494 30,965 4.9% 32,917 -1.3%

SG&A expenses 25,062 27,359 -8.4% 23,473 6.8%

Operating profit 7,431 3,605 106.1% 9,444 -21.3%

OPM 6.6% 3.4% 3.3points 8.3% -1.7points

Ordinary profit 7,319 3,437 112.9% 9,444 -22.5%

Extraordinary income 881 191 360.8% 112 684.8%

Extraordinary loss 5,183 1,037 399.6% 3,237 60.1%

Income before income taxes 3,018 2,591 16.5% 6,319 -52.2% and non-controlling interests

Net profit* -82 -149 -45.0% 689 -111.9% ※ ※

[BS]

End of End of End of Unit: million yen YoY QoQ Sept. 2019 Sept. 2018 June 2019

Current assets 168,662 170,411 -1.0% 161,862 4.2%

Cash deposits 84,565 92,381 -8.5% 79,908 5.8%

Fixed assets 56,172 55,021 2.1% 53,772 4.5%

Total assets 224,876 225,484 -0.3% 215,679 4.3%

Current liabilities 70,749 72,449 -2.3% 63,570 11.3%

（Income tax payable） 7,014 7,069 -0.8% 2,997 134.0%

Fixed liabilities 43,774 43,784 -0.02% 43,329 1.0%

Shareholders' equity 74,015 76,129 -2.8% 74,053 -0.1%

Net Assets 110,352 109,250 1.0% 108,780 1.4%

46 Integrated Report CyberAgent Way 2018

We updated the annual report as an integrated report “CyberAgent Way 2018” to share our framework for realizing sustainable growth in business and human resources and also to present our ESG activities which have been drawing attention.

The FY2019 report will be released in mid- December.

“CyberAgent Way 2018”won the Silver award in Corporate Activity Report category at The 40th Japan BtoB Advertising Awards hosted by Japan BtoB Advertising Association.

Integrated Report CyberAgent Way 2018 https://www.cyberagent.co.jp/en/ir/ Click!! 47 [Forward-looking statement] The future information, such as earnings forecast, written in this document is based on our expectations and assumptions as of the date the forecast was made. Our actual results could differ materially from those described in this forecast because of various risks and uncertainties.

The financial results of FY2020 Q1 are scheduled to be released at 3pm or later on Wednesday, January 29, 2020.