Summary of Analyst Meeting for the Third Quarter of the

Results BriefingFY3/21 Q3

Good afternoon. I’m Shonosuke Hata, president of Kakaku.com. I will now report on our operating results for the third quarter of the fiscal year ending March 31, 2021.

1

2

① Operating Results and Financial Position

② Operating Results and Operational Progressby Business

③ Current Situation

④ Initiatives Going Forward

⑤ Earnings Forecast

⑥ Appendix

©2021 Kakaku.com, Inc.

2

Operating Results and Financial Position

3

Q3 9 monthsForecast

Achievement RatioFY3/20 FY3/21 YoY FY3/20 FY3/21 YoY

Revenue 15,727 16,023 +1.9％ 45,256 37,768 -16.5% - -

Operating Profit 7,315 6,592 -9.9% 20,885 13,469 -35.5% - -

OP Margin 46.5％ 41.1％ -5.4pt 46.1％ 35.7% -10.4pt - -

Profit BeforeIncome Taxes 7,191 6,537 -9.1% 20,534 13,116 -36.1% - -

Profit Attributable to Owners of the Parent Company

4,884 4,448 -8.9% 13,979 8,889 -36.4% - -


(Unit: million yen)

First, here is a summary of our third-quarter consolidated operating results.

Revenue increased 1.9% year on year to ¥16,023 million, while operating profit decreased 9.9% to ¥6,592 million, for an operating margin of 41.1%. Profit before income taxes was ¥6,537 million, down 9.1% year on year, and profit attributable to owners of the parent company was ¥4,448 million, down 8.9%.

Total revenue for the first three quarters came to ¥37,768 million, a 16.5% year-on-year decline. Operating profit fell 35.5% to ¥13,469 million, for an operating margin of 35.7%. Profit before income taxes was ¥13,116 million, down 36.1% year on year, and profit attributable to owners of the parent company came to ¥8,889 million, down 36.4%.

3

Operating Results and Financial Position

4©2021 Kakaku.com, Inc.

1,631 1,971 1,985 2,383 2,313 2,710 2,680 2,947 1,809 2,277

2,718

5,701 5,952 6,370 6,330 6,313

6,494 7,048 6,513

1,735

4,493

7,371

5,181 5,209

5,885 6,236 5,597

6,101 5,999 6,262

5,958

5,474

5,933

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY3/19 FY3/20 FY3/21

Kakaku.com Tabelog New Media & Solutions/Finance

12,51313,132

14,23914,948

14,22415,305 15,727 15,722

9,502(41.4％)

(39.7％)(41.3％)

(41.7％)(39.3％)

(39.9％)(38.1％) (39.8％)

(62.7％)

(45.6％)(45.3％) (44.7％)

(42.3％) (44.4％)(42.4％) (44.8％) (41.4％)

(18.3％)

(13.0％)(15.0％) (14.0％)

(16.0％) (16.3％)(17.7％) (17.1％) (18.7％)

(19.0％)

12,243

(44.7％)

(36.7%)

(18.6％)

(37.0％)

(46.0%)

(17.0％)

16,023(Unit: million yen)

Note: Figures in () are sales ratios

Next, a quarterly breakdown of consolidated revenue from the fiscal year ending March 31, 2019 onward. Revenue rebounded to above prior-year levels in the third quarter. Compared with the first and second quarters, the three months of the third quarter saw a return to the levels of the previous fiscal year.

4

Quarterly Consolidated Operating Expenses

5

• Advertising: T-point-related costs grew due to a sharp increase inonline reservations on Tabelog.

• Commissions: Commissions paid to sales agencies rose with salesrecovery from last quarter in Tabelog’s restaurant promotion business.

• Outsourcing: Costs rose owing to a need to set up a support desk, etc.after being commissioned to handle Go to Eat campaign-relatedoperations.

• Other: Recruiting 39 million yen, server maintenance 32 million yen.

YoY

Advertising 13.7% +3.4pt

Commissions 13.1% -1.1pt

Personnel Expenses 15.3% +0.6pt

Outsourcing 8.1% +2.3pt

Depreciation 2.9% +0.1pt

Rent 2.3% +0.1pt

Other 3.7% +0.1pt

Sales ratio of costs

460 428 424 521 493 593 564 691 478 307 596 229 230 230 229 235 236 354 436 344 360 373 401 401 400 394 408 419 449 498 449 450 466 719 792 837 843 825 841 898 900 760 794

1,290 1,936 1,995 2,049 2,067 2,225 2,199 2,310 2,396

2,452 2,498 2,452

1,862 1,801 2,056 2,015 1,953 2,146 2,228 2,234 1,233 1,729

2,095 1,347 1,376 1,741 2,004 1,639 1,766 1,611

2,245

1,601 1,463

2,189

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY3/19 FY3/20 FY3/21

Advertising

Commissions

Personnel Expenses

Outsourcing

Depreciation

Rent

Other

（Unit: million yen)

7,0237,737 8,074 7,777 8,200 8,415

7,317

9,399

7,599

9,462

6,955


This graph shows a breakdown of quarterly consolidated operating expenses.

While the composition ratios for each expense category are largely unchanged, advertising expense rose slightly owing to an increase in T-point related costs due to a sharp increase in Tabelog’s online reservations.

In addition, Tabelog’s restaurant promotion business saw an increase in commissions and outsourcing expenses. Particularly in the third quarter, the sudden increase in reservations owing to the “Go to Eat” campaign caused a slight increase in expenses due to agency commissions and costs related to setting up a support desk to handle “Go to Eat” campaign-related inquiries.

The composition ratios for other expenses—including fixed costs from personnel expenses and rent as well as non-Tabelog advertising expenses—were largely unchanged.

5



② Operating Results and Operational Progressby Business




⑥ Appendix

6

Operating Results by Business

7

RevenueQ3 YoY Revenue

9 months YoY

Kakaku.com

5,933 -1.1% 17,365 -1.9％Shopping 2,394 +2.0% 7,635 +10.1％

Service 2,077 -10.6% 6,441 -11.2％

Advertising 1,462 +9.8% 3,289 -6.3％

Tabelog

7,371 +4.6% 13,598 -31.5％Restaurant Promotion 5,330 -5.6% 10,024 -38.0％

Premium Memberships 422 -26.1% 1,284 -28.2％

Advertising 772 -6.6% 1,433 -24.7％Income from Commissioned

Operations1 846 ― 858 ―

New Media and Solutions/Finance

2,718 +1.4% 6,805 -11.7％

New Media and Solutions 2,107 -0.1% 5,011 -18.1％

Finance 611 +7.0% 1,794 +13.4％


Note 1: Refers to revenue from Go To Eat Campaign related operations commissioned by the Ministry of Agriculture, Forestry and Fisheries, and the Osaka Prefectural Government’s campaign to support restaurants serving small groups only. I t does not, however, include advertis ing income (booked in the Tabelog’s advertis ing business) related to these commissioned operations.

(Unit: million yen)

Next, I will explain the operating results for each business and explain operational progress made during the third quarter.

The Kakaku.com segment’s third-quarter revenue fell 1.1% year on year while cumulative revenue for the first three quarters of the fiscal year was down 1.9%. The Tabelog segment’s third-quarter revenue was up 4.6% year on year while cumulative revenue over the first three quarters fell 31.5%. The New Media and Solutions/Finance segment’s third-quarter revenue rose 1.4% year-on-year while cumulative revenue over the first three quarters was down 11.7% year on year.

A closer look at revenue within each segment’s businesses shows that Kakaku.com’sshopping business achieved year-on-year gains of 2.0% in the third quarter and 10.1% over the first three quarters. Revenue at its service business was down 10.6% in the third quarter and down 11.2% over the first three quarters of the year. Kakaku.com’s advertising business revenue was up 9.8% in the third quarter but was down 6.3% year on year over the first three quarters.

I will present the results for the Tabelog and New Media and Solutions/Finance segment later on when reporting on their operational progress.

7

FY3/20 FY3/21

• Shopping business revenue increased due to year-on-year growth in sales both for durable goodsand consumer goods.

• Among durable goods, sales of home appliances continued to show strong results, with 7.2% growthyear-on-year. Compared to last years strong results, sales for personal computers declined by 12.6%YoY, with shortages of semiconductors and other key components delaying product shipments.

Shopping: Revenue

Operational Progress: Kakaku.com


Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY3/20 FY3/21

Durables Consumables Other

- 16.0 ％YoY

+ 7.3 ％YoY

+ 1.5 ％YoY

+ 5.0％YoY

- 12.6％YoY

+ 13.7％YoY+ 7.2％

YoY

Durables (excl. PCs) Personal Computers

9 months 9 monthsQ3 Q3

Durables: Comparison of revenue growth

But first, let’s look at the operational progress of the Kakaku.com segment.

Please look at the graph on the left. As shown here, shopping business revenue from durable goods and consumable goods respectively increased 1.5% and 7.3% year on year in the third quarter, but revenue from other business fell 16%.

Looking now at the graph on the right, which breaks durable goods revenue into results for personal computers and durables other than personal computers. Revenue from non-PC durables were up 7.2% year on year in the third quarter, while revenue from PCs was down 12.6%. Overall, revenue from durable goods increased 1.5% year on year.

While the shopping business performed strongly as a whole, the decline in third-quarter PC sales reflects the shortage in supplies of PC components, which delayed product shipments.

8

Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY3/20 FY3/21

Personal Finance TelecommunicationsAutomotive Other

• Service business revenue declined, with revenue from overseas Wi-Fi rentals continuingto fall sharply owing to COVID-19.

Service: Revenue Trends by Service Category


9

- 2.4 ％YoY

- 35.2 ％YoY

+ 19.1 ％YoY

- 3.4 ％YoY


OtherApplications for online English lessons and residential moving services increased.

AutomotiveApplications for car insurance estimates fell but inquiries for used car estimates and availability increased.

Telecommunications

Applications for overseas Wi-Fi services decreased. Optical fiber line applications increased but pace is gradually slowing.

PersonalFinance

Credit card issuance and card loan applications declined.

Next, let’s look at the Kakaku.com segment’s service business.

Here the segment’s service revenue has been broken into four categories: personal finance, telecommunications, automotive, and other business. In the third quarter, personal finance revenue declined 2.4% year on year, telecommunications revenue fell 35.2%, and automotive-related revenue was down 3.4%, while revenue from the “other” category expanded 19.1%. As a net result, the service business overall saw its third-quarter revenue fall 10.6% year on year.

Revenue in the telecommunications category remained sharply down by a large margin as revenue from overseas Wi-Fi rental services was close to zero.

In the personal finance category, revenue was still down year on year but improved slightly compared to the first and second quarter results.

9

• Advertising revenue increased, as recovery from the previous quarter continued. The number ofcompanies placing ads increased, as advertisements cancelled or postponed due to the spread ofCOVID-19 were resumed, and transactions with new clients expanded.

Advertising: Revenue


10

Banner & Tie-in Ads: Number of advertisers


Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY3/20 FY3/21

Network & Listing Ads Banner & Tie-in Ads

- 9.8 ％YoY

+ 13.7 ％YoY

188 188 184 181157

172194

Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY3/20 FY3/21

10

I will now discuss the Kakaku.com segment’s advertising business results.

Here, advertising revenue has broken into revenue from network and listing ads, and revenue from site-designated banner and tie-in ads. Banner and tie-in ads account for most of the advertising business’ revenues. In the third quarter, revenue from these ads was up 13.7% year on year. Meanwhile, revenue from network and listing ads fell 9.8%. The overall result was a 9.8% increase in advertising revenue.

In the first two quarters of the year, deterioration of the outlook caused by the COVID-19 pandemic suppressed ad placements, but the third quarter saw a rebound in digital advertising.

Please look at the graph on the right. As shown here, the number of companies placing banner and tie-in ads increased in the third quarter to 194, the highest quarterly number in several years.

• Quarterly number of online seat reservations rose to 16.89 million. Launch of the “Go To Eat”campaign supported the large increase, but reservation numbers have been declining sharply sincemid-November owing to the end of awarding Go To Eat points for online reservations, the resurgenceof COVID-19 infections, and shortened restaurant operating hours. Online seat reservations receivedin the week of December 28, 2020 were about 30% lower year on year.

Number of seat reservations (weekly)

Operational Progress: Tabelog


*厚⽣労働省による公表値

874 901

1,137

865

178

468

1,689

Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY3/20 FY3/21

（Unit: million seats）

0 9/28 10/5 10/12 10/19 10/26 11/2 11/9 11/16 11/23 11/30 12/7 12/14 12/21 12/28

No. of positive PCR tests (daily) 1

Growth rate of weekly online reservation numbers (vs. last year)

10/1

Go To Eat Campaign: Oct 1, 2020 – Mar 31, 2021

112.8％of prev. year


3/31


Number of seat reservations (quarterly total)

8.65

11.37

9.018.74

1.78

4.68

16.89

w/o

Note 1 : Dai l y num ber of pos i t ive PCR tes ts , as announced by the Japanese Min i s t ry of Heal th, Labour and Wel fare

1

Next let’s look at the operational progress of the Tabelog segment.

These two graphs focus on the number of online seat reservations made using Tabelog. The graph on the left shows the quarterly trend for the number of online seat reservations. As you can see, reservations expanded sharply in the third quarter. This sharp growth reflects the impact of the “Go to Eat” campaign, which commenced in October. Online reservations in the third quarter rose to 16.89 million seats, roughly 50% more than a year earlier.

However, the numbers for October, November, and December reveal considerable volatility. Please look now at the graph on the right. When the “Go to Eat” campaign began, online reservations were up 12.8% over the previous year. The campaign drove that growth figure up by 314.9% just before the campaign ceased awarding points for online reservations.

From November 16 onwards, online reservations fell sharply and until the end of the year trended 26.9% lower than year-earlier levels.

11

• Fee-paying restaurants came to 59,900 on the back of new sign-ups for the Online ReservationCampaign Plan. The total number of restaurants subscribing to the New and Old Pricing Plan grewslightly to 48.800.

• Monthly revenue per restaurant (incl. those subscribing to the Online Reservation Campaign Plan)grew to 31.200 yen. ARPU for restaurants in the New an Old Plan was 35,000yen.

Number of fee-paying restaurants

Operational Progress: Tabelog


38.7 40.5 42.4 43.3 35.9 35.6 40.2

19.2 17.7 16.7 15.814.0 12.5 8.2

11.5

JUN SEP DEC MAR JUN SEP DEC

2019 2020

Online Reservation Campaign Plan Old Pricing Plan New Pricing Plan

57.9 58.2 59.1 59.149.9 48.1

59.9

29.9 30.4 32.0 30.2

6.9

25.0

31.2

Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY3/20 FY3/21

0

Average monthly revenue per restaurant (quarterly average) incl. restaurants subscribing to the Online Reservation Campaign Plan(Unit: thousand restaurants)

(Unit: thousand yen)

Next, please look at the left graph showing the number of fee-paying restaurants.

As of December 31, the number of fee-paying restaurants was 59,900, slightly up year on year.

However, 11,500 of these restaurants were not paying a fixed subscription fee but had signed up for the new Online Reservation Campaign Plan launched along with the start of the “Go to Eat” campaign. Meanwhile, the number of subscribers to our new and old pricing plans that include a fixed monthly fee was 48,400, up slightly from September 30, but there have been few new subscriptions.

Next, please look at the graph on the right showing average monthly revenue per restaurant, or “ARPU”.

Third-quarter ARPU was ¥31,200, down slightly year on year as the decline in fixed-monthly-fee-paying restaurants offset the roughly 50% growth in online net reservations.

That concludes my explanation of Tabelog’s results.

12

Operational Progress: New Media and Solutions/Finance

13

• In the New Media and Solutions business, results continue to be brisk for Kyujin Box, Sumaity andKinarino.

• Businesses in the travel and transportation domain continues to face headwinds, but revenue for TimeDesign increased while LCL’s revenue showed signs of improvement.


Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY3/20 FY3/21

webCG gaie eiga.com Kinarino 4travel Time Design LCL Sumaity Kyujin Box

New Media and Solutions: Revenue by business and business domain webCG+29.5% YoY

gaie- 33.6 % YoY

eiga.com- 31.4 % YoY

Kinarino+ 19.5 % YoY

4travel- 84.5 % YoY

Time Design+ 79.6 % YoY

LCL- 71.2 % YoY

Sumaity+ 29.1 % YoY

Kyujin Box+ 47.5 % YoY

Entertainment/Hobbies

- 13.2 % YoY

Travel/Transportation- 41.5 % YoY

Real Estate+ 29.1 % YoY

Recruiting+ 47.5 % YoY

Next, I will report on the New Media and Solutions/Finance segment.

Here, the New Media and Solutions segment has broken into four domains—entertainment and hobbies, travel and transportation, real estate, and recruiting.

The blue sections at the bottom of the bars in the graph shows revenue for KyujinBox. Kyujin Box revenue expanded 47.5% year on year in the third quarter, well above target.

The orange sections second from the bottom in the bar graphs shows revenue from our Sumaity real estate website. Sumaity revenues increased 29.1% in the third quarter, sustaining the strong performance seen in recent quarters.

In the travel and transportation domain, the “Go to Travel” campaign boosted some types of reservations for a certain period of time, but the decline in travel opportunities during the pandemic, especially overseas travel, meant that overall third-quarter revenue was 41.5% down year on year earlier.

Next let’s look at the entertainment and hobbies domain. The Kinarino business performed strongly with revenue up 19.5% year on year, but overall the entertainment and hobbies domain (movie-related business, Web CG, and Kinarino) saw revenue fall 13.2% year on year in the third quarter.

13

• Kyujin Box revenue increased thanks to growth in the number of companies placing ads on the site.Also, the number of users maintains a high level.

• Sumaity revenue grew as more people continued to search for real-estate and housing informationonline.

Kyujin Box: No. of users and revenue


14

Sumaity: No. of users and revenue

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

FY20/3 FY21/3

Quarterly RevenueMonthly users (Quarterly average)

+ 27.5 ％YoY

+ 47.5 ％YoY

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

FY20/3 FY21/3

Quarterly Revenue

Monthly users (Quarterly average)

+ 32.1 ％YoY

+ 29.1 ％YoY


Next, I will provide a little more detail about results for Kyujin Box and Sumaity.

Please look at the graph on the left. The line in this graph shows Kyujin Box's monthly users and the bars represent quarterly revenue. In the third quarter, average monthly users increased and revenue growth was even stronger. While average monthly users increased 27.5% year on year, and revenue expanded 47.5%.

The revenue growth was driven by an increase in the number of companies placing ads on the site after Kyujin Box introduced a new fee system. Although the market for job ads remains somewhat subdued, Kyujin Box enjoyed steady growth in revenue during the third quarter.

Now please look at the graph on the right. As you can see, our residential real estate site Sumaity also enjoyed a very strong third quarter, with average monthly users increasing 32.1% year on year to support revenue growth of 29.1%.

14

• Time Design revenue from its domestic dynamic packaging solution (DP) grew, as the number ofcontracted hotels increased, and domestic travel demand expanded in October and November.

• In the entertainment/hobbies domain, revenue from eiga.com and gaie continued to decline due tofewer ad placements but remained brisk for Kinarino through its e-commerce shopping site, KinarinoMall.


15

Time Design: No. of hotels using Dynamic Packaging solution in Japan


JUN SEP DEC MAR JUN SEP DEC

2019 2020

+ 13.9 ％YoY

• Ad placements remain flat as new movie releases continue to be delayed.

• Developing new services based on experience gained in existing businesses, such as the online movie pre-release screening platform “Screening Master”.

• Tie-ups with new partners to expand gaie’s proprietary ad distribution platform.

• Content lineup, including recipes and interior goods, remains strong.

• E-commerce (Kinarino Mall) results continue to be brisk, but the pace is declining.

• Ad placements from car manufacturers are gradually recovering as site traffic remains stable.

Entertainment/hobbies related sites and services

Next, let’s look at the results in the travel and transportation domain and the entertainment and hobbies domain.

In the travel domain, revenue from our Time Design site increased in the third quarter as the “Go to Travel” campaign in October and November helped drive up the number of lodging facilities in Japan using Time Design’s domestic dynamic packaging solution.

As the graph on the left shows, the number of lodging facilities using the dynamic packaging solution was up 13.9% year on year. This growth is indicative of the steady expansion of Time Design’s business platform.

The text on the right side of the page summarizes the progress made at our entertainment and hobbies-related businesses. As noted at the bottom, eiga.com and gaie sites continued to see weak demand for ad placements as new movie releases have been delayed.

15

• Kakaku.com Insurance revenue increased on the back of continued demand from users consideringand applying for insurance policies online.

• Launched new service providing online consultations with specialists about selecting insuranceproducts.

Kakaku.com Insurance: Revenue


16

Start of online consultation service


459 552 571 640 573 609 611

Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY3/20 FY3/21

+ 7.0 ％YoY

• Speak with insurance consultants without leaving your home

• No App required• Contracts can be

concluded during consultations1

Note1: Some insurances require Face-to-face meetings withan insurance consultant.

Traditional consultation

Phone Face to face Online

Start12/3

(Unit: million yen)

16

Next, I will report on our finance business, Kakaku.com Insurance.

This site continues to enjoy rising demand from users considering and applying for insurance policies online. Revenue has continued to rise steadily since last year, increasing 7.0% year on year in the third quarter.

A key topic is presented on the right side of the page. Kakaku.com Insurance launched an online consultation service on December 3. The siteʼs users are now able to speak with insurance consultants online as well as the more traditional face-to-face and telephone consultations. Users can even conclude contracts for some insurance products introduced in these online consultations, and we intend to further expand our business in this domain.

This concludes my explanation of third-quarter operational progress by segment.



② Operating Results and OperationalProgress by Business




⑥ Appendix

17

Current Situation: Tabelog


• In response to the resurgence of COVID-19 infections, in January theJapanese government declared a state of emergency for 11 prefectures(incl. Tokyo). The declaration requests that people refrain from outings andthat restaurants shorten operating hours.

１）Caution notices to usersContinue to provide information about restaurants’ measures to control spread of

infection. Information regarding national and local government requests to prevent the spread

of infections.

２）Responses related to restaurants’ paid subscription service contracts Expanded acceptance of subscription suspensions (in addition to restaurants that have

suspended operations, also accepting suspensions for restaurants that have shortened

their operating hours in compliance with local government requests).Note: Promotional services will be suspended, and no charges will accrue during the suspension period.

• Tabelog’s response to the nationwide resurgence in COVID-19 infections andrestaurant closures/shortened operating hours

Next, I would like to discuss the current situation.

We are now in the midst of another state of emergency declared by the government and applied to 11 prefectures since January. This page presents two ways Tabelog is responding.

Firstly, the website is posting caution notices to users. These notices include information about restaurants’ measures to control the spread of infection as well as information about national and local government requests to prevent the spread of infections.

Secondly Tabelog has also adopted measures to support subscription-paying member restaurants during the state of emergency. Specifically, Tabelog is now accepting requests to suspend promotional services and related fees from restaurants that have shortened their operating hours to comply with government requests in prefectures subject to the state of emergency in addition to restaurants that have suspended operations. Recently, some member restaurants have suspended their fee-based contracts.

18

40.2 41.3

8.2 7.011.5 10.5

DEC JAN

2021

Online Reservation Campaign Plan Old Pricing Plan New Pricing Plan

No. of confirmed COVID-19 cases (daily)

Growth rate of weekly online reservation numbers (vs. last year)

• The numbers of online seat reservations and fee-paying restaurants have decreased since the resurgence in COVID-19 infections and the second state of emergency declaration.

Growth rate of online reservation numbers after declaration of State of Emergency

Number of fee-paying restaurants

Current Situation: Tabelog




2020

59.9 58.8

(Unit: thousand restaurants)

w/o

Note 1 : Dai l y num ber of pos i t ive PCR tes ts , as announced by the Japanese Min i s t ry of Heal th, Labour and Wel fare

Next, I will report on the current situation at Tabelog. Please look at the graph on the left. It shows that online reservation numbers, which as previously noted were down 26.9% year on year in the week of December 28, were down roughly 70.9% year on year to less than a third of the previous year’s levels from January. More recent numbers are about the same.

The state of emergency has already been extended once, and it’s not clear when it will be lifted, recent online reservation numbers are in line with the figures I have reported.

Now look at the graph on the right showing the number of fee-paying restaurants. The number fell from 59,900 in December to 58,800 in January. The second declaration of a state of emergency prompted some restaurants to cancel their subscriptions. Some of the 1,100 or so decline in fee-paying restaurants is attributed to restaurants that had contracts expiring around the same time that we announced we would accept temporary suspensions of service contracts. We think that some of those restaurants may renew their contracts when conditions improve.

19







⑥ Appendix

20

Initiatives Going Forward: Kakaku.com

21

• Make site improvements, expand and enhance content, and provide more meaningful information so that users can feel more satisfied with their purchases.

Broad rollout of site improvements Expand Information

Roll out A.I. and machine learning-powered site improvements across

categories

Improve comprehensiveness of information that users require when

making comparisons

• In the telecom category, remove division of mobile carriers and inexpensive SIM card providers. Integrate and add information to meet a wide range of user needs.

Aim to have everyone feel glad about their purchases.

• Improve UI based on user behavior.• Add new product selection angles.

Initiatives Initiatives


That brings me to the last two topics I want to report on today—initiatives going forward and our earnings forecast.

This page presents initiatives that will be undertaken at Kakaku.com. The first is an extension of an initiative already underway, namely site enhancement utilizing AI and machine learning. We have already made such improvements in some categories and are now ready to expand the effort to other categories while conducting necessary tests.

We will also make user reviews easier to reference by classifying and organizing this information.

Expanding and enhancing the information we provide is another very important initiative. In service categories, such as telecommunications, where we have introduced new products and fee structures, including some rather complex ones, we will continue efforts to respond to user needs by rapidly collecting, organizing, and displaying information online.

21

Initiatives

Initiatives Going Forward: Tabelog

22

• Remain the first choice for users searching for restaurants and making reservations, whilealso provide a broad range of new services with a focus on food.

• Aim to provide services that help restaurants deal with a variety of operational andbusiness issues.

• Improve UI and functionality for smartphones.

• Improve accuracy of keyword searches by genre or specific requirements.

• Trial phase of delivery function in Tabelog Takeout.

• Increase number of registered restaurants and users.

Even with fuzzy searches, users can find the restaurant they are looking for


Enhance content and

functions needed to

choose restaurants

Provide a broad range of new

services with a focus on food

Italia

Italin

Italiam

Italian

“Current location” search will automatically expand search area

to find restaurants

When a “current location” search cannot find a restaurant within a 500m radius, the search area wil l expand automatically unti l a restaurant is found.

Next, I’ll further explain the initiatives being taken at Tabelog.

As shown on the left side of the page, we are enhancing the content and functions that are used to select restaurants and also are developing apps and new sites to introduce eat-out services other than in-store dining. We have already launched take-out and delivery functions and plan to expand the lineup for Tabelog Mall, an online food shopping site.

On the right side of the page is an example of how we are enhancing Tabelog’srestaurant search functions and information. We will continue our efforts to make the site more convenient for users by introducing language analysis and certain types of AI to facilitate fuzzy searches for restaurants, and location-based searches in which search areas are automatically expanded until a restaurant is found.

22

Initiatives Going Forward: New Media and Solutions/Finance

23

• Kyujin Box will aim to enhance content and improve the site’s functions whilst also seeking to expandtie-ups with new business partners, to make it easier for job seekers to find the right job for them, fromamong many listings.


Original content on what you should know when

changing jobs

Online Video Advertising

New features to make it easier for companies to manage their listings on

Saiyo Board

Initiatives

Enhance information and improve functions to help

find the right job

Expand partnerships and increase job listings

• Original content such as articles.

• Improve accuracy of keyword searches for job classifieds

• Provide Saiyo Board (Hiring Board), a platform for direct posting of job openings, and expand and enhance its functions

Next, I will report on initiatives that Kyujin Box is undertaking.

The job classifieds site is enhancing its content and improving functionality while also seeking to expand its number of business partners. Kyujin Box is seeing more companies post jobs on its Saiyo Board (Hiring Board), and it is developing a more flexible fee structure, which we believe will help attract even more new business partners.

The photos on the right show scenes from Kyujin Box’s online video ads. We are using web-based advertising to increase awareness and promote the appeal of the Kyujin Box.

23

• Time Design will continue to expand the provision of its dynamic package (DP) solution.• Kakaku.com Insurance will expand its information and comparison/consultation functions so that

users can browse and consider insurance products online.

Time Design: Expand range of DP offering



Make insurance

products easier to understand

Make insurance

products easier to compare and select

• Increase number of partner hotels as well as partnerships with other hospitality solutions.

• Increase overseas destinations where DP is available

Increaselodging options

More optional services to

combine with lodging

reservations

• Increase transportation options• Increase added options, such

as activities or insurances.

• Original content, such as articles on the characteristics of different insurance products or articles by insurance experts on the newest market trends.

• Enhanced functions for comparing insurance products, such as rankings and simulations.

• Online consultation services.

• Diagnostic tool to find the right insurance product.

Kakaku.com Insurance: Enhance content and consulting functions

24

Next, I will now explain initiatives of Time Design and Kakaku.com Insurance.

The left side of the page shows initiatives that Time Design will be pursuing. Although the COVID-19 pandemic has virtually eliminated outbound and inbound tourism, Time Design is working to expand contracts with overseas destinations.

Time Design also plans to expand travel packages in which users can combine lodging reservations with transportation and other options.

Turning to Kakaku.com Insurance on the right side of the page, in addition to the online consultation service that I mentioned earlier when presenting third-quarter results, we are enhancing and expanding functions such as diagnostic functions to help users find optimal insurance products, making it easier for them to conclude contracts online, and making services more user-friendly.

• eiga.com will draw on know-how gained from its current business and aim to expand its videostreaming business in response to the diversification of the ways people watch movies.

• gaie will step up expansion of its existing publicity/advertising business and video content creationbusinesses.

eiga.com: Expand video streaming business gaie: Offer services to businesses in other industries



Pub/Ads

VideoContentClients

OnlineEvents

MovieInformation

New Releases

Movie Database

VideoStreaming

Movies(Distributors)

VOD(Streaming

PFs)

OtherIndustries

Next let’s look at our movie-related business. As you can see, we are not only providing information about movies but also have started video streaming services. In addition to the OSOREZONE subscription-based streaming platform, we also provide StreamingMaster, an online movie prerelease screening platform.

25

Business Strategy Going Forward

• Aiming to grow monthly users on group-wide basis and increase New Media andSolutions/Finance businesses’ share of total revenue to 20%.


FY3/19 FY3/20 mid-term

Make site improvements, expand and enhance content, and provide more meaningful information so that users can feel more satisfied with their purchases.

Provide a broad range of new services with a focus on food, while also remaining the first choice for users searching for restaurants and making reservations.Aim to provide services that help restaurants deal with a variety of operational and business issues.

Expand usership by enhancing content of existing businesses and make aggressive investments according to the growth stage of each service

Kakaku.com

Tabelog

New Media and Solutions/Finance

41.1%39.3%

44.4%

14.5% 17.5% 20%

43.2%

Next I will explain our overall business strategy going forward.

As before, we aim to expand the Kakaku.com and Tabelog segments while increasing the New Media and Solutions/Finance segment’s share of total revenue to build a more diversified and balanced business portfolio.

26







⑥ Appendix

27

FY3/2021 Earnings Forecast


Owing to the difficulty of reasonably estimating the impact of COVID-19, we have yet to determine our consolidated earnings forecasts for FY3/2021.

We will promptly disclose the forecast as soon as it becomes possible to do so.

That brings me to our consolidated earnings forecast for the fiscal year ending March 31, 2021. Current conditions make reasonable estimates difficult at this point in time.

We do not know whether the current state of emergency will be lifted or extended. In addition, the fate of the Tokyo Olympics is still unclear. In such an environment, performance could be subject to a considerable degree of fluctuation between now and the end of March. We have therefore opted to leave our earnings forecasts undetermined at this time.

This concludes my presentation on the results for the third quarter.

28


① Operating Results and Financial Position② Operating Results and Operational

Progress by Business③ Current Situation④ Initiatives Going Forward


⑥ Appendix

29

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY3/19 FY3/20 FY3/21

Number of Employees

30

917(166)

934(174)

965(186)

977(196)

1,028(231)

1,028(240)

1,058(243)

1,082(244)

1,148(254)

1,160(245)

1,155(257)


20-2925％

40+25％

30-3950％

Breakdownby agegroup

Breakdownby job

function

Planning, design and management of web

sites/services38％

Sales16％

Engineers24％

Breakdown by age group and job function (Employees of Kakaku.com Inc. as of Dec 2020)

Average number of regular employees by quarter(No. of temporary employees shown in parentheses)

30

Business Model by Segment and Business


Inte

rnet

Med

iaFi

nanc

e

Kakaku.com

Tabelog

New Media and Solutions /

Finance

Commission from registeredshops, based on the number of clicks and sales performance.

Commission based on the number of contracts for personal

finance and telecommunications etc.

Advertising revenue from banner and text ads, content and search- based advertising.

Monthly fees for promotional services for restaurants as well as

commissions based on online reservations.

User fees for access to premium content.

Advertising revenue from banner and text ads, content and search- based advertising.

Revenue generated by sites and service, such as Kyujin-box, Sumaity, Kinarino, Bus Hikaku Navioperated by LCL, Inc or Dynamic package reservation system developed by Time Design Co., Ltd.

Commission from general insurance business for life insurances and non-life insurance, etc. operated by Kakaku.com Insurance, Inc.

Shopping Service Advertising

Restaurant Promotion Premium Memberships Advertising

New Media and Solutions

Finance

【Clients】EC Malls and Shops, Electronics Retail Stores, etc. 【Clients】Service Providers, etc. 【Clients】Consumer Electronics

Manufacturers, etc.

【Clients】Restaurants 【Clients】Users 【Clients】Beverage companies,local governments, etc.

31

Kakaku.com Group Service Overview

Monthly Users: 67.15 million

32

29% 71%PC Smartphone

12% 88%PC Smartphone

1% 12% 16% 24% 23% 24%10-19 20-29 30-39 40-49 50-59 60 and over

1% 19% 16% 23% 21% 20%10-19 20-29 30-39 40-49 50-59 60 and over


Purchase support site [Kakaku.com]

Restaurant discovery and reservation site [Tabelog]

Users by device:

Users byage group:1

Monthly Users: 111.13 millionUsers by device:

Users byage group:1

Initiatives Gong ForwardMake site improvements, expand and enhance content, and provide more meaningful information so that users can feel more satisfied with their purchases.

Initiatives Gong ForwardProvide a broad range of new services with a focus on food,while also remaining the first choice for users searching forrestaurants and making reservations.Aim to provide services that help restaurants deal with a varietyof operational and business issues.

Job classifieds site[Kyujin Box]

Dynamic package reservation system[Time Design Co., Ltd.]

Initiatives Going ForwardIn addition to the dynamic package platform mainly used onhotel websites, Time Design will look to provide solutions thatenable unbundled accommodation sales using arranged travel.

Initiatives Gong ForwardMaking it easier for job seekers to find the right job from amongthe many listings by providing original content and improvingthe search function accuracy.

Initiatives Going ForwardWorking to gain new policyholders and make switchingbetween policies easier by expanding insurance products andimproving chat functions.

Initiatives Going ForwardAiming to increase number of users by providing more businformation.

Insurance consulting service[Kakaku.com Insurance]

Highway busses and bus tours comparison site [Bus Hikaku Navi]

Note1: Users by age group for Kakaku.com and Tabelog are as of November 2020

32

Kakaku.com Group Service Overview

写真共有サイト写真共有サイト


Initiatives Going ForwardWorking to expand scope of services by providing moreproperty sales information and improving site functionality.

Online residential real estate site[Sumaity]

Initiatives Going ForwardImprove content quality and increase no. of stores featured inKinarino Mall, to increase users and provide more opportunitiesfor them to visit the site.

Lifestyle media [Kinarino]

Initiatives Going ForwardTo address the changes in how people now watch movies,eiga.com will take on the challenge of entering the videostreaming services business under the eiga.com brand name.

Online database for movies and showtimes [eiga.com]

Travel review and comparison site [4travel]

Initiatives Gong ForwardAiming to provide high quality travel guide content by improvingfunctions for users to post journal entries as well as holding photocontests and other events.

Purchase support site for SE Asia [priceprice.com]

Online travel Information media [icotto]

Photo sharing community site:[PHOTOHITO]

Town information media:[CHIKU-WA]

Online magazine for men’s Fashion: [TASCLAP]

Animation and Akihabaraculture information media :

[Akiba Souken]

Comparison site for the cheapest bus, airline and bullet train tickets: [Low price trips]

Cryptocurrency and Blockchain related information site[Kasotsuka-rashinban]

FX and Exchange Rate related information site :[FX-rashinban]

Online media for bus trips, travel and sightseeing: [Bus Trip]

Online information site forcar lovers: [webCG]

Horror movie streaming service [OSORE ZONE]

Digital promotion agency for movies [gaie, Inc.]

General information site for Anime [Anime-Hack]

33

FY3/21 Dividend Forecast

34

41.1%43.3%

45.2% 45.3%

14 16 18 20 20

1416

1820 20

0.0%

25.0%

50.0%

0

15

30

45

FY3/17（JGAAP） FY3/18（IFRS） FY3/19（IFRS） FY3/20（IFRS） FY3/21（IFRS）

Dividends Payout Ratio


Annual Dividends (Unit: yen) Payout Ratio (Unit:%)

34

Total Accumulated Traffic for Kakaku.com Group

35

• Total accumulated monthly traffic for all services of Kakaku.com Group as of December 2020, was 259.32million visitors, down by 2.9% year-on-year.


0

50

100

150

200

250

300

JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC

2016 2017 2018 2019 2020

icotto

Kyujin Box

TASCLAP

Kinarino

webCG

eiga.com

Sumaity

4travel

Low Price Trips

Bus Hikaku Navi

Priceprice.com

Tabelog

Kakaku.com

Other

About monthly unique user countsThe number of monthly unique users is the number of browsers that visited the site, not the number of cumulative visits, during a month. We have measured monthly user numbers exclude overlapping users which occurs by the mobile webpage speed and mechanical access such as automatic collecting program by third parties.

（Unit: million UU）

35

Management Index and Financial Strategy


Management Index

Approach to allocation of management resources

Approach to profit growth

Realize stable profit growth through business expansion and optimal resource allocation.

Growth investment• Invest in human resources in process of expanding existing businesses and creating new ones.• Invest in researching, developing and commercially deploying leading-edge technologies.• Engage in M&A and make minority investments to expand the business portfolio and expedite

growth.

Shareholder returns• Leave enough funds necessary for the operation of existing businesses and investments for

growth at hand, and return excess retained earnings to shareholders.• Continue to pay dividends (twice a year) and buy back shares (flexible).

Targeting 40% ROE

36

Financial Indices


JGAAP IFRS

FY3/2013 FY3/2014 FY3/2015 FY3/2016 FY3/2017 FY3/2018 FY3/2019 FY3/2020

ROE 1 38.0% 40.4% 41.7% 45.2% 44.5% 45.7% 45.1% 44.0％

Dividend per share (yen) 35 12.5 16 21 28 32 36 40

Total dividend (100 million yen) 20 28 35 46 61 68 75 83

Payout ratio 28.1% 30.9% 32.5% 35.2% 41.1% 43.3% 45.2% 45.3%

Acquisition cost of treasury stock(100 million yen)

53 0 81 50 42 108 30 80

Total return ratio 2 103.1％ 30.9％ 106.7％ 73.2％ 69.3％ 112.2％ 63.1％ 88.8%

Notes:1. ROE = Profit attributable to owners of the parent company / (Total net assets – Stock options – Non controlling assets) x 100, %2. Total return ratio= (Total dividend + Acquisition cost of treasury stock) / Profit attributable owners of the parent company x 100, %Acquisition cost of treasury cost does not include fees or other expenses paid to the Tender Order Agent.

37

We strive to be a part of people’s daily lives. As such, we continue to contribute to economic development, as well as pursue social

and environmental issues through our business activities.

Our main initiatives

ESG Initiatives


Economy: Contributing to the growth of the internet industry• Provide safe and secure services• Support development of new technologies• Engineer training

Society: Creating a vibrant society• Human resource development and improving work

environment• Support development of sports culture• Support disaster relief efforts• Provide information that can help people enrich

their lives

Environment: Protecting our planet’s environment• Reduce environmental impact of offices• Coordinate with environmental conservation groups• Provide information on environmental conservation

LIFE with-To become a part of people’s daily lives-

38

ESG Initiatives

39

Details of our initiatives in each area:

Economy

Reduce environmental impact of offices• Reduce waste and promote recycling• Switch to procuring products compliant with Japanʼs

Act on Promoting Green Procurement

Coordinate with environmental conservation groups• Support NPOs focusing on biodiversity conservation• Installing vending machines which make donations to

forestation programs, with each purchase.

Support disaster relief efforts• Donations for disaster relief efforts in Japan and

overseas• Continued support for areas affected by the Great East

Japan Earthquake

Environment

Society

Provide safe and secure services• Strengthen data security• Prevent unauthorized access• Measures to protect personal data

Support development of new technologies• Sponsor conferences• Coordinate with industry bodies

Human resource development and improved work environment• Support employeesʼ work-life balance• Provide environment to promote flexible working styles

Support development of sports culture• Support development of music culture• Support popularization of e-sports

Engineer training• Train engineers using original curriculum• Hold in-house study group sessions on various topics

Provide information that can help people enrich their lives• Provide local sightseeing information• ProvideLocal information (disaster prevention,

education)

Provide information on environmental conservation• Provide information about energy saving products and

renewable energy• Provide information on second-hand products (home

appliances, smartphones, cars)

39

Consolidated Results


FY3/2019 (IFRS) Q1 Q2 Q3 Q4 Full YearRevenue 12,513 13,132 14,239 14,948 54,832

Kakaku.com / sales ratio 5,181 / 41.4% 5,209 / 39.7% 5,885 / 41.3% 6,236 / 41.7% 22,510 / 41.1%Tabelog / sales ratio 5,701 / 45.6% 5,952 / 45.3% 6,370 / 44.7% 6,330 / 42.4% 24,352 / 44.4%New Media, etc. / sales ratio 1,631 / 13.0% 1,971 / 15.0% 1,985 / 14.0% 2,383 / 15.9% 7,970 / 14.5%

Operating Profit 5,560 6,123 6,513 6,873 25,070Operating Margin 44.4% 46.6% 45.7% 46.0% 45.7%ROE - - - - 45.1%Total return ratio - - - - 61.0%

FY3/2020 (IFRS) Q1 Q2 Q3 Q4 Full YearRevenue 14,224 15,305 15,727 15,722 60,978

Kakaku.com / sales ratio 5,597 / 39.3% 6,101 / 39.9% 5,999 / 38.2% 6,262 / 39.8% 23,960 / 39.3%Tabelog / sales ratio 6,313 / 44.4% 6,494 / 42.4% 7,048 / 44.8% 6,513 / 41.4% 26,369 / 43.2%New Media, etc. / sales ratio 2,313 / 16.3% 2,710 / 17.7% 2,680 / 17.0% 2,947 / 18.7% 10,649 / 17.5%

Operating Profit 6,448 7,121 7,315 6,333 27,217Operating Margin 45.3% 46.5% 46.5% 40.3％ 44.6％ROE - - - - 44.0%Total return ratio - - - - 88.9%

FY3/2021 (IFRS) Q1 Q2 Q3 Q4 Full YearRevenue 9,502 12,243 16,023 37,768

Kakaku.com / sales ratio 5,958 / 62.7% 5,474 / 44.7% 5,933 / 37.0% 17,365 / 46.0%Tabelog / sales ratio 1,735 / 18.3% 4,493 / 36.7% 7,371 / 46.0% 13,598 / 36.0%New Media, etc. / sales ratio 1,809 / 19.0% 2,277 / 18.6% 2,718 / 17.0% 6,805 / 18.0%

Operating Profit 2,209 4,667 6,592 13,469Operating Margin 23.2％ 38.1％ 41.1％ 35.7%ROE - - - -Total return ratio - - - -

(Unit: million yen)

40

Company Profile


Company Name Kakaku.com, Inc.

Address 3-5-7 Ebisu minami,

Shibuya-ku, Tokyo 150-0022

Founded December 1997

Website https://corporate.kakaku.com/

Share Listing The First Section of Tokyo Stock Exchange

Stock Code 2371

Related Companies Kakaku.com Insurance, Inc. URL: https://kakakucom-insurance.co.jp/

4travel, Inc. URL: https://fortravel.jp/

eiga.com, Inc URL: https://eiga.com/

Time Design Co., Ltd. URL: https://www.timedesign.co.jp/

webCG, Inc. URL: https://www.webcg.net/

LCL, Inc. URL: https://www.lclco.com/

gaie, Inc. URL: https://gaie.jp/

Catapult Ventures Pte. Ltd. URL: https://www.moneysmart.sg/

LoveBonito Holdings Pte. Ltd. URL: https://www.lovebonito.com/

TabSquare Pte. Ltd. URL: https://www.tabsquare.ai/

Note: Information and projections of future performance contained in this document include the Companyʼs judgments premised on information available at the time ofpreparation and assumptions concerning uncertainties. They may differ from actual business performance and results due to a variety of factors.

41

Documents

Summary of Analyst Meeting for the Third Quarter of the