NEW JOURNEY, NEW STANDARD

2021 2 12

3688

AGENDA

P.87

P.13

P.02

P.41

P.17

P.80

P.92

2020 12

224.834.6

YonY 1.2% YonY 12.6%

9

DOE5%

15 2020

25 40

2020 12

2019 1 1

CCI

CCI

2018 12 28

601 1 9 a

2020 12 28

2020 12

20191 −12

2020

CMerTV (11 10 )

2019

22,213 22,000 22,487 102.2% +1.2%

19,266 19,635 +1.9%

16,191 16,172 -0.1%

3,075 3,250 3,463 106.6% +12.6%

1,639 1,650 1,781 108.0% +8.7%

E B I T D A※ 1 3,976 4,000 4,131 103.3% +3.9%

※1 EBITDA

2020 12

72.4

21.5

YonY 33.8%

YonY 71.9%

87.5

15.5

YonY 15.1%

YonY 34.8%

64.9

7.3

YonY 0.9%

YonY 167.1%

9

1.2%33.8%

-176 -64 -8

4,624 5,4167,248

5,9946,553

6,494

9,484

10,3088,752

19,926

22,213 22,487

2018 2019 2020

+33.8%

-15.1%

-0.9%

+17.1%

+8.7%

+9.3%

7,613 8,425 8,565

1,124

1,406 1,399 1,359

1,619 1,790

4,184

3,820 3,411

663 635

255 369

14,282

16,191 16,172

2018 2019 2020

4.0

-10.7%

+10.5%

-0.5%

+1.7%

+44.8%

-4.3%

-8.7%

+19.1%

+25.1%

+10.7%

12.6 34.6

-211 -582 -615

-255 -369

9271,254

2,156211

276

739

1,870

2,382

1,552

2,798

3,075

3,463

2018 2019 2020

+71.9%

-34.8%

+167.1%

+35.2%

+27.4%

+30.7%

3.6 34.6

+368

+

+

1,832

+

2019 1 −12 2020

22,927 22,487 -1,9%

19,980 19,635 -1.7%

16,987 16,172 -4.3%

3,082 3,463 +12.4%

157 149 -4.9%

195 277 +41.7%

3,044 3,335 +9.6%

141 231 +64.2%

428 511 +19.4%

2,756 3,055 +10.8%

1,622 1,781 +9.8%

EB I TDA※1 4,033 4,131 +2.4%

※1 EBITDA

2019 12 2020 12

36,283 37,004 +720

14,546 15,600 +1,054

14,338 12,255 -2,082

50,621 49,259 -1,361

25,019 23,287 -1,732

1,881 1,417 -463

23,720 24,553 +833

50,621 49,259 -1,361

156 49%

AGENDA

P.87

P.13

P.02

P.41

P.17

P.80

P.92

2021 12

2020 2021

22,487 24,500 +8.9%

3,463 3,800 +9.7%

1,781 2,400 +34.7%

EB I TDA※1 4,131 5,000 +21.0%

ATRAC KAIKETSU OKPR

20212020

ATRAC KAIKETSU OKPR

ATRAC KAIKETSU OKPR

(*1) 25 /

15 / 48 /

2021 50 / 25 / 25

8 8

25

10 10 15 15

8

25

25

10

15

20

10

15 15 16

48 50

14.4% 16.2% 15.5% 16.0% 17.0%

68.0%

2015 9 2016 9 2017 9 2018 9 2019 12 2020 12 2021 12

%

AGENDA

P.87

P.13

P.02

P.41

P.17

P.80

P.92

//

/ /

DSP /

SSPCPC

/

CPI/CPA

SSP

PMP

41 ID

3PAS

DOOH

CM

CM

PremiumDOOH

EC

EC

SNS

DMP

PR

PR BPO

/ /

AD PLATFORM

2014

/

SSPDSP

2021

/

SSP

DSP

SSP

DSP

/

Google

CPC

CPI/CPA

PDCAPR

CM

1,1661,1761,100

1,181

1,232 1,139 1,417

1,626

1,753 1,839 1,761

1,893

1-3

4-6

7-9

10

-12

1-3

4-6

7-9

10

-12

1-3

4-6

7-9

10

-12

2018 2019 2020

※ 2018 VOYAGE GROUP CCI※※ 2019 CMerTV

16% 18.99% 5.1

317 300 174

135

277 136 354

567

569 482 588

516

1-3

4-6

7-9

10

-12

1-3

4-6

7-9

10

-12

1-3

4-6

7-9

10

-12

2018 2019 2020

559 497 524 521 564 499 526 602 603 544638 710

625 703 669767 675

682

913

1,0681,151 1,205

1,1541,119

-19 -24 -93 -107-7 -41 -22 -44 -1

89

-31

62

1,166 1,176 1,1001,181 1,232

1,139

1,417

1,6261,753

1,8391,761

1,893

1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12

2018 2019 2020

※ 2018 VOYAGE GROUP CCI※ 2019 CMerTV

4%18%

2020 4Q

2020 10 2020 11 2020 12

SNS SONARInstagram

2020 10 5

Premium View

Google DSP

360

2020 10 29

Foursquare

2020 11 11

PORTO tv

2020 12 1

SNS SONAR

2 YouTube

2020 12 16

Adjust

CM CM

2020 12 18

TELECY

CMVOYAGE GROUP

50 90190

350

560

920

0

200

400

600

800

1000

2020 2021 2022 2023 2024 2025

CM

2021 1 4

CMCM

POINT

3

POINT

2

100 CMPOINT

1

CM

CM2020 12 7 27

PORTO

PORTO VOYAGE GROUP

PORTO

2021 1 4

POINT

3

POINT

2

POINT

1

CARTA

PARTNER SALES

DMP DMP

1,500

/

EC

2,471 2,284 1,725

3,002

3,013 2,349 2,135

2,810

2,476 1,843 1,841

2,591

1-3

4-6

7-9

10

-12

1-3

4-6

7-9

10

-12

1-3

4-6

7-9

10

-12

2018 2019 2020

※ 2018 CCI※

7% 25.9 22% 6.0

702 504

-179

842

1,085 287 226

783

708 187 47

608

1-3

4-6

7-9

10

-12

1-3

4-6

7-9

10

-12

1-3

4-6

7-9

10

-12

2018 2019 2020

548426 397

534 613466 449 548

670

325449

828

1,0831,063

345

1,031

1,222

953

672 402

895

647663

665

840

795

982

1,4361,177

928

1,013

1,859911

869728

1,097

2,4712,284

1,725

3,002 3,013

2,349

2,135

2,810

2,476

1,843 1,841

2,591

1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12

2018 2019 2020

65 51

※ 2018 CCI

2.3%2.1%

2.4%

3.1%

3.6%

3.2%

3.7%

5.1%

4.4%4.3%

4.1%

5.2%

1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12

2018 2019 2020

CARTA

9

※ CMerTV 2019 12

CARTA Zucks / fluct / PORTO / KAIKETSU

2020 4Q

2020 10 2020 11 2020 12

SNS

2020 12 4

2020 10 9

ABEMA Quark tokyo

Mediator

2020 10 13

2020 10 21

TikTok For Business Award

2020

2020 12 17

2020 12 18

CONSUMER

/

//

EC

/

/

/

/

PeXEC

EC

1,466 1,387 1,322

1,818

1,626 1,342 1,396

2,188

1,720 1,494 1,595

1,683

1-3

4-6

7-9

10

-12

1-3

4-6

7-9

10

-12

1-3

4-6

7-9

10

-12

2018 2019 2020

※ 2018 VOYAGE GROUP※

87 2.8

25 11

-6

180

71 54 0

151

138 213 104

282

1-3

4-6

7-9

10

-12

1-3

4-6

7-9

10

-12

1-3

4-6

7-9

10

-12

2018 2019 2020

1,147997 1,045

1,311 1,365

1,0431,147

1,750

1,466

1,158 1,217 1,262

318

390 277

506260

298249

437

254

335378

4201,466

1,3871,322

1,818

1,626

1,342 1,396

2,188

1,720

1,4941,595

1,683

1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12

2018 2019 2020

※ 2018 VOYAGE GROUP

27% / / 3%

EC

2020 4Q

2020 10 2020 11 2020 12

EXPO

2020 12 19

SDGs

2020 10 9

Amazon

50,000

2020 10 12

VOYAGE GROUP

2020 12 1 2020 12 8

20010

2020 10 6

AGENDA

P.87

P.13

P.02

P.41

P.17

P.80

P.92

CARTA2022

※ 12 12 2019 15※ 2018 VOYAGE GROUP CCI

EBITDA 2022 60

20,701

4,335

2018

3,676

M&A

32,000

6,000

2019 (12 ) 2020 2021 2022

EBITDA

CARTA2022

CARTA2022

EBITDA

2019 1 −12 2020

22,800 22,927 26,300 22,487

3,082 3,463

1,622 1,781

EB I TDA 3,100 4,033 3,700 4,131

1VG CCI

CARTA

PORTO

3

IR 1

2IPG

Dentsu Engagement 360™

1

M&AM&A

2

M&A

OOH

3

CARTA2022

2 0 2 2

60※

EBITDA

%5DOE

12ROE%

EBITDA60

2019 2020 2021 2022

22,927 22,487 24,50026,000

28,000

3,082 3,463 3,8004,500

4,800

1,622 1,781 2,4002,700

2,900

E B I T D A 4,033 4,131 5,000 6,000

ROE

ROE V

6,174

7,860 8,527

23,444 24,376

731

1,161 1,117

2,139

1,781

0

500

1,000

1,500

2,000

2,500

3,000

0

5,000

10,000

15,000

20,000

25,000

30,000

2016 2017 2018 2019 2020 2021 2022

12.0%

16.6%

13.6%13.4%

7.5%

12.0%

ROE %

※1 2019 15

※ 1

25 DOE 5

35%

2018 2019 2020 20222021

1615

48

DOE 5%

A15

338 25

25

50

25

25

15

33

1

CARTA2022EBITDA

2022 1

1

2

3

1

v

2022 1

CCI VG

CARTA CARTA

CARTA

CARTA

CCI VG

CARTA

2022 1

CCI/VG CARTACARTA

3 CARTA

CARTA

2022 1

CCI VG

CARTA

CCI/VG CARTA/ /

1

31 3

5 32

2

3 43

5

2

7

4

SBUSBU

SBU

CTOSBUSBU

CFO

3

5

3

1989 5 2

20172019 2021

10 2005 dof

19732000 6 2016 5

20172018

2020 4

2014Farfetch 40

2017 Ignite Coaching & Consulting

NPV ≧ 0 ( )ROIC ≧ 9%IRR 9% ( 30% )

KPIEVA

ROIC WACC

3

EVA NOPAT ( )3

/

M&A

M&A

NPV ROIC

ROIC WACC

M&A

WACC ROIC5

4

3

2

1

DD

( )( )

M&A

※2

DOE 5%

35%

M&A

1 PeX

(※1)

CARTA

✕

CARTA HOLDINGS

WEB/

1,000

imp/

AI

100/ /

CARTA

DX

CARTA − Phase1−

VOYAGEGROUP

/

/

CCI CARTA

CARTA − Phase2−OOH

CARTA CARTA

DX(

/

/ OOH

1.5 2.5

CARTA − Phase3−

DX(

/ / OOH

/

CARTA

4

CARTA CARTA

CARTA

CARTA

EC/

SNS

SNS/

CARTA

1

M&AM&A

2

/DX)

3

2019 2020 2022

5,416 7,2488,000

9,000

1,254 2,1562,300

2,500

DX

2019 2020 2022

10,308 8,75210,000

11,000

2,382 1,5522,000

2,200

/EC /

2019 2020 2022

6,494 6,5957,500

9,000

276 739600

800

M&A

/

AGENDA

P.87

P.13

P.02

P.41

P.17

P.80

P.92

2020 12 4

2019 10-12

CMerTV

2020 10-12

6,614 6,166 -6.8%

5,617 5,498 -2.1%

4,541 4,613 +1.6%

1,076 884 -17.8%

EB I TDA※1 1,363 854 -37.3%

※1 EBITDA

2020 12 4

201910-12

CMerTV

2020 10-12

1,626 1,893 +16.4%

※1 567 516 -9.0%

2,810 2,591 -7.8%

※1 783 608 -22.3%

2,188 1,683 -23.1%

※1 151 282 +87.3%

※1

2,941

2,2862,136

3,282

2,5932,418

1,857

3,231

2,5682,222 2,132

2,441 2,458 2,379 2,242

2,746

5,924

4,7304,943

6,614

5,944

5,169 5,208

6,166

1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12

2017 2018 2019 2020

6% 61.6

※ 2018 VOYAGE GROUP CCI※ 2019 CMerTV

CCI

2,941

2,2862,136

3,282

2,4522,189

1,616

2,985

2,0431,750 1,667

1,906 1,845 1,910 1,809

2,271

5,136

4,197 4,315

5,617

5,088

4,477 4,570

5,498

1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12

2017 2018 2019 2020

2% 54.9

※ 2018 VOYAGE GROUP CCI※ 2019 CMerTV

CCI

0.7 46.1

665 689 659 682 661 695 690 707

2,022 2,030 2,1002,272

2,060 2,0182,213 2,273

155 163 257 185 200 258 180439

418 301 290

395

284 326

332455

134 144 150 182 200216

218

211

370412 418

417

464 457

449418

441 411 398 445 401427 504

563

890 975 924

1,030

862 791

825

932161 161 170

170

153153

164

164

255 369

1,755

1,986 1,925

2,444

1,842 1,7371,895

2,227

1,397 1,408 1,466 1,495 1,4631,598 1,594

1,921

3,863 3,881 3,905

4,541

3,825 3,7473,985

4,613

1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12

2017 2018 2019 2019

※ 2018 VOYAGE GROUP CCI※ 2019 CMerTV

CCI

17 8.8

1,185

299

211

837

610

452

-279

757

645

342

200

410 381311

214 349

1,272

316409

1,076

1,263

729

585

884

31.6%

19.5%

12.0%

21.5% 20.7%

16.3%11.9%

15.4%

24.8%

7.5%9.5%

19.2%

24.8%

18.5%15.4%

18.5%

1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12

2017 2018 2019 2020

※ 2018 VOYAGE GROUP CCI※ = ※ 2019 CMerTV

CCI

%

AGENDA

P.87

P.13

P.02

P.41

P.17

P.80

P.92

Q.

A. 2

2022 1

Q.

A. CCI 100% PMPCARTA

CARTA /PORTO TV

/

Q.M&A

A. M&A M&A

Q.

A.KPI

PL

Q.

A. 2020 15%GAFA

DX

Q.Google Y FB

A. 5 Google GCPPZucks

ZucksDX GAFA

Q. cookie IDFA

A. cookie IDFA /

cookie IDFA /

IDFA iOS142021 Apple

SKAdNetwork

Q.

A. 15%

CARTA

Q.2019

A. 2019 ⇒ ⇒CCI⇒ /2019 Google Y! ⇒ ⇒ CCI

/2020 ⇒CCI⇒

/

Q.

A.

Q Q

Q.

A. EC/ / 2 CARTA

M&AEC/ / D2C

CARTA 3

Q.

A.D2C

Q.

A.

AGENDA

P.87

P.13

P.02

P.41

P.17

P.80

P.92

CARTA HOLDINGS

1999 10 8 1,1962020 12

1-21-1 15

DataCurrent

fluct

ATRAC

VOYAGE MARKETING

VOYAGE SYNC GAMES

VOYAGE VENTURES

rakanu

PORTO

VOYAGE GROUP

Barriz

Zucks

Zucks China

Anchor

OKPR

KAIKETSU

VOYAGE GAMES

VOYAGE Lighthouse Studio

v

v

CARTA HOLDINGS

2019 1

VOYAGE GROUP

100%

CCI

VOYAGE GROUP

CCI

VOYAGE GROUP

47% 53%

100% 100%

CARTA

CARTA HOLDINGS

CARTA

✕

CARTA HOLDINGS

WEB/

1,000

imp/

AI

100/ /

CARTA

2012

※1 ※2 CCI 2015 12 3 12 9

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '15 '16 '17 '18

2008 ECEC 100

2021 1ISO14001 2015

Environmental

CCI

4,000

Social

2021 3 13 42%

ISO27001

Governance