Slides
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Bengo4.com, Inc. FY3/2026 Q2 RESULTS Nov. 12, 2025
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Contents 1 01 FY3/2026 Q2 Results P. 3−12 02 LEGAL BRAIN P. 13−21 03 Business Overview P. 22−38 04 Appendix P. 39−77
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VISION・MISSION 2 VISION MISSION Drive a paradigm shift for the better world. Be the Professional-Tech Company. Do what only professionals can do. Contribute to society using expert knowledge and technologies.
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FY3/2026 Q2 Results 3
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Net Sales 7,764 Mil. JPY ー + 16.0 %（YoY） EBITDA 1,535 Mil. JPY ー + 67.0 %（YoY） Operating Profit 1,084 Mil. JPY ー + 98.8 %（YoY） Ordinary Profit 1,085 Mil. JPY ー + 92.7 %（YoY） Net Profit 655 Mil. JPY ー + 93.5 %（YoY） Net sales increased 16.0% YoY and operating profit surged 98.8% YoY , exceeding the first-half budget. Topics for FY3/2026 1H 4 *EBITDA = Operating Profit + Depreciation and amortization + Goodwill amortization +Stock-based compensation expense + Equity gains (losses) of affiliated companies
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Quarterly trend in Net Sales 5 911 1,012 1,086 1,258 1,232 1,356 1,421 1,610 1,571 1,674 1,780 1,943 2,021 2,120 743 737 743 792 748 752 1,160 1,172 1,215 1,171 1,166 1,197 1,213 1,210 173 182 210 224 233 253 293 312 322 329 356 325 347 331 131 153 176 170 177 189 199 207 187 218 282 327 219 299 0 2,000 4,000 Q1 2023.3 Q2 Q3 Q4 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Business Lawyers and others Zeirishi.com Bengoshi.com CloudSign 合計（経理報告の数値） Advertising revenue rose QoQ, driven by an increase in the number of conferences held in Q2. While the change in advertising operations improved the unit price per successful contract, the number of contracts temporarily declined. Achieved the highest-ever new MRR and net MRR for Q2. Transitioning to a growth model independent of resellers' performance. The number of CloudSign Review paying companies exceeded 300. 1,959 2,086 2,218 2,466 2,392 2,553 3,075 3,962 3,302 3,297 3,394 3,586 Cross-selling sales of Hanreihisho and Bengoshi.com LIBRARY remained strong, and recurring sales increased. Bengoshi.com Career also achieved YoY growth. 3,793 Strong growth of sales continued in Q2. The progress rate reached 48.2% toward the full-year net sales forecast of 16.1 billion yen, exceeding the planned pace. A large-scale order was secured for Legal Brain Agent, and marking a strong start to the second half. 3,802 （Mil. Yen ） * Self-serve A channel for customers to apply for paid plans by themselves without sales staff.
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Quarterly trend in ARR 6 3.7 4.0 4.2 4.8 4.9 5.2 5.6 6.2 6.2 6.6 7.2 8.1 8.1 8.5 2.7 2.8 2.8 2.8 2.8 2.9 4.4 4.5 4.5 4.5 4.6 4.6 4.7 4.7 0.0 6.5 13.0 Q1 2023.3 Q2 Q3 Q4 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Bengoshi.com and others CloudSign 64.5 68.1 69.7 76.2 76.7 80.9 100.2 106.6 107.2 111.2 117.7 ARR 13.22 Bil. JPY 127.3 127.7 Company-wide ARR was 13.22 billion yen. ⚫ CloudSign ARR grew by 29.2% YoY . YoY CloudSign ＋29.2% （Bil.Yen） *ARR for Bengoshi.com and others are total billing revenue excluding Bengoshi.com Career, Zeirishi.com, Business Lawyers Compliance, and advertising sales. *ARR = Annual Recurring Revenue. Calculated by multiplying Monthly Recurring Revenue at the end of each period by 12.
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Quarterly trend in SGA 7 605 677 721 746 786 833 929 943 1,027 1,050 1,131 1,090 1,179 1,176 81 96 80 81 72 78 84 94 109 129 186 148 171 187 514 407 389 412 418 421 467 546 497 506 582 444 472 490 125 140 149 157 157 169 176 189 184 191 196 201 206 215 27 27 27 27 49 50 64 64 64 64 65 66 67 66 31 51 47 43 41 41 41 41 155 164 169 212 231 223 295 323 324 327 319 359 355 340 0 1,300 2,600 Q1 2023.3 Q2 Q3 Q4 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Other Expenses Amortization of goodwill and other Rent Sales Partner Fee & Payment Charges Advertise Expenses Outsourcing Expenses Personnel Expenses The results of the recruitment efforts, especially for the CloudSign service, were as planned. A little under 40 employees were hired during Q2. Expenses declined QoQ due to lower recruitment fees. 1,510 1,515 1,537 1,638 1,716 1,776 2,523 2,050 Investment in advertising for CloudSign, primarily web-based advertising. 2,213 2,254 2,313 2,518 2,350 2,492 （Mil. Yen） (incl. compensation for directors and recruitment) Personnel expenses will be managed by hiring staff as planned while controlling recruitment fees. Sales growth was achieved while improving profitability.
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138 233 322 395 246 303 337 348 282 263 213 630 510 573 7.0% 11.2% 14.6% 16.2% 10.3% 11.9% 11.0% 10.6% 8.6% 7.8% 6.0% 16.6% 13.4% 14.5% 0.0% 10.0% 20.0% 30.0% 0 350 700 Q1 2023.3 Q2 Q3 Q4 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Operating Profits Operating Profit Raito Quarterly trend in Operating Profits In Q2, we achieved record quarterly operating profit of 573 million yen and an operating profit ratio of 14.5%. Exceeded the first-half budget. Operating profit was 54.2% of the full-year operating profit forecast, which is 2 billion yen. EBITDA reached 810 million yen, with the EBITDA margin at 20.5%. 8 YoY ＋118%（Mil. Yen）
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Promoting AI Co-creation Management Positioning AI not as a tool to replace human work, but as a management resource that co-creates with people. By maximizing the expertise and potential of every professional and fostering co-creation with AI, we aim to fulfill our mission: Be the Professional-Tech Company. 9 Co-creation Management Unlocking Human Potential with AI
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Management systems × AI Specialists & Developers × AI Customer Engagement & Relationship Building × AI Business Execution & Operations × AI Level 5 Strategic co -creation ⚫ AI analyzes past data and market trends to propose potential next investment areas and resource allocation scenarios. ⚫ AI takes the lead in exploring and selecting strategic options, while executives make the final decisions. Self-learning and creativity enhancement ⚫ AI continuously learns from past knowledge and proactively proposes ideas for the next operational improvements and new features. ⚫ Experts focus on judgment and creativity as AI becomes a true co -creation partner. Co-creative customer relationships ⚫ AI captures real-time customer feedback and instantly reflects it in service or product improvements. ⚫ AI analyzes customer interactions to propose new service ideas. Unmanned operation and value creation ⚫ Routine tasks are largely automated, enabling people to focus on advanced decision-making, strategic planning, and new business development. ⚫ AI analyzes operational data and identifies new revenue opportunities. Level 4 Automated monitoring of progress and risks ⚫ AI continuously monitors OKRs and KPIs, issuing alerts and proposing corrective actions when deviations are detected. ⚫ Managers focus on decision -making rather than issue detection. Process optimization and advancement ⚫ AI automatically detects bottlenecks in development efficiency and planning tasks and generates improvement proposals such as resource allocation plans. ⚫ Both quality and speed are consistently achieved. Early detection and proactive actions ⚫ AI detects potential churn risks in advance and proposes recovery measures. ⚫ AI analyzes candidate motivation and retention risks. Autonomous operations ⚫ AI adjusts resource allocation (personnel, time, and system operations) in real time. ⚫ Issues are prevented before they occur. Level 3 Scenario analysis ⚫ AI automatically generates multiple scenarios—optimistic, realistic, and pessimistic —based on trends in contract growth and churn rate. ⚫ Management decisions can be made based on data. Pair-work assistance ⚫ AI serves as a design review partner, identifying oversights and proposing alternatives. ⚫ AI detects logical inconsistencies in legal documents and code bugs in real time. Personalized optimization ⚫ AI analyzes transaction history and consultation records to support customized proposals for each customer. ⚫ Personalized experiences enhance satisfaction. Operational optimization ⚫ AI analyzes workflows to optimize task sequencing and workload allocation. ⚫ Both operational efficiency and cost reduction are achieved. Level 2 Issue structuring support ⚫ AI summarizes key issues and trends and compiles them into briefing materials ahead of regular meetings. ⚫ Meeting time shifts from fact -checking to decision-making. Standardization and efficiency at team level ⚫ AI prompts and document formats are standardized. ⚫ Review criteria and quality checks are automated, reducing variations in deliverables. Streamline the handling of inquiries ⚫ AI chatbots provide instant responses to FAQs. ⚫ Basic customer support is automated to shorten waiting times. Exception handling support ⚫ AI automatically detects irregular cases and proposes response plans. ⚫ People focus only on approval and judgment. Level 1 Visualization of management information ⚫ AI automatically collects and visualizes business KPIs (e.g., sales, LTV, churn) in a simple dashboard. ⚫ Executives share the same metrics in real time, eliminating discrepancies in understanding. Individual task efficiency ⚫ AI assists with drafting documents, generating minutes, and code completion. ⚫ Time spent on routine work is reduced, and dependence on individual expertise is minimized. Supporting staff ⚫ AI assists in gathering information needed for business meetings and preparing proposals. ⚫ AI supports discussions by providing real - time suggestions and conversation ideas. Automation of routine processes ⚫ AI automates expense verification, contract data entry, and other recurring tasks. ⚫ Manual workloads are reduced and human error is minimized. AI Co-creation Management Maturity Model The AI Co-creation Management Maturity Model defines AI proficiency levels across four business categories based on the characteristics of each function—Management, Specialists, Customer Engagement, and Operations. Through this structured framework, the Company quantitatively manages organization-wide progress in AI utilization and drives sustainable productivity improvements. 10
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Enhancing "thinking and judgement skills" and "AI utilization skills" The Company implements a human resource development strategy built on two pillars: the reinforcement of human reasoning—creative thinking and judgement that embody uniquely human value, and the systematic enhancement of AI utilization skills for all employees. 11 • Fukatsu, the Company’s CXO and a leading expert in the AI field, spearheads the adoption of advanced AI utilization methods across the organization. • A strategic training program designed to refine human strengths that cannot be replaced by AI—conceptualization, insight, and ethical judgment • fundamentally improving employees’ intellectual productivity. “Fukatsu Method” AI Practical Program Led by CXO Reasoning Enhancement Program for the AI Era • A company-wide contest where on-site employees present successful cases of AI utilization. • Outstanding examples are selected and shared across the organization to enhance overall capabilities. • A database of verified, high-precision prompts and practical know-how • providing an environment where anyone can instantly access and apply best practices. “AI Innovation Challenge” Company-wide Knowledge - Sharing Platform, Prompt Library Human Resource Development Strategy Thinking and judgment skills01 AI utilization skills02
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Use Cases Scene Details Automated management agenda generation system Internal Use AI analyzes and integrates vast amounts of internal and external data to visualize critical issues that may otherwise become management blind spots. Communication guardian Internal Use It analyzes chat messages in real time and immediately alerts users when potentially harassing or inappropriate expressions are detected. Product Implementation Legal Brain Agent which is built using the Legal Brain, AI platform specialized in the legal domain. Simply enter your question in natural language to complete searches across laws, precedents, legal profession books, and guidelines. Product Implementation A tool for effectively organizing and utilizing digitized case records Generate “Summaries,” “ Timelines,” and “Statements” from case records. Product Implementation When users input text for posting, the system evaluates risk based on three points: aggressiveness, discriminatory content, and misleading expressions. It clearly displays the risk level. Product Implementation Based on over 1.45 million consultation cases submitted to the free legal consultation service “Legal Consultation for All,” AI automatically provides generated text tailored to the consultation content. Not just for internal use, we're launching AI-native products Actively advancing the development of AI-native products and the implementation of AI features, not limited to internal AI utilization. 12
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13 LEGAL BRAIN
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Legal Brain initiative 14 M&A also utilized to acquire legal knowledge Strengthen development capabilities by hiring engineers, forming alliances, etc. Lawyer database Database of legal precedents Secret Leagal consultation Q&A Legal profession book database Contract database Public Prosecutor database Judge database
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LAWYER BUSINESS CONSUMER What we hope to accomplish through Legal Brain 15 Empowering Japanese society through legal services as "Japan's Legal Department"
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Launch Provision of Legal Brain Agent 16 Main features From May 23, we started offering features to support complex legal research tasks. Going forward, we will gradually add features to comprehensively cover legal operations. 01 Advanced research support using natural language • Extracts highly relevant information based on a single query • Supports rapid analysis and decision-making by professionals 02 Presentation of reliable sources and evidence • Provides links to relevant laws, precedents, books, and guidelines, etc. • Enables professionals to easily verify the accuracy and validity of information for themselves 03 Organization and visualization of complex key points / issues • Automatically identifies legal issues and structures them clearly as bullet points • Enables professionals to efficiently grasp the key points of complex issues
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By entering specific case details, users can search for precisely matching precedents. Full-Scale Launch of Legal AI Research Function for Lawyers 17 Question display View case summaries Display rulings by issue Check sources from Hanreihisho
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169 132 107 62 0 35 70 105 140 175 （Points） （96.5%） （75.4%） （61.1%） （35.4%） General AI model A General AI model B General AI model C Bar exam （multiple-choice section ） 175 points maximum ( ) indicates the correct answer rate Legal Brain Achieves Human-Surpassing Accuracy In the 2025 bar exam （multiple-choice section）, a score of 169 out of 175 points （96.5% correct answer rate ） was achieved. Achieved results exceeding the highest score among examinees （167 points） 18 *Source: Ministry of Justice “Results of the 2025 Judicial Examination (Multiple-Choice Test)” Bar exam passers Average score: 110.6 points*
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Companies using Legal Brain Agent * Benefits Legal Brain Agent Usage and Benefits Legal Brain Agent is used in the legal departments of major financial institutions, large corporations, and law firms handling mainly corporate legal affairs. 19 01 Speedy research • Makes it possible to quickly conduct research in various fields outside your area of specialization. • Provides access to relevant information, including books, precedents, laws, and guidelines. 02 Utilization for new employee training • Facilitates the development of human resources in the legal profession by assisting them in the organization of legal issues and the acquisition of systematic knowledge from original sources, including books. 03 High-quality output • Makes it possible to find new related information, facilitating more in-depth research. ※Including trial use / Logos and company names of companies that have given individual permission are posted.
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Future scheme image Introduction of Legal Brain Agent at Anderson Mori & Tomotsune 20 Following the successful verification of utility in the trial phase, all lawyers and paralegals at the firm have begun to make full use of the system. In parallel, Anderson Mori & Tomotsune, Mirai Translate, and Bengo4.com are jointly conducting Japan’s first proof-of-concept trial of multi-agent collaboration in the legal domain. *Source： Anderson Mori & Tomotsune （https://www.amt-law.com/aboutus/） *excluding paralegals Number of lawyers and others: 744* As of October 1, 2025
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Legal Domain TAM The target market for Legal Brain has expanded to include the corporate legal affairs market in addition to the lawyer and contract markets. Legal needs continue to grow and the market is expected to continue to grow. 21 Lawyer market 3.5trillion yen Corporate legal affairs and Contract-related market 7.5 trillion yen＊ 11 trillion yen Potential market for business expansion through Legal Brain * We estimated the number of legal staff by company size for Japanese companies using our questionnaire. The average annual salary and social insurance premiums were multiplied by the estimated number of legal staff. Source: Ministry of Internal Affairs and Communications, "2016 Economic Census".
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Business Overview 22
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23 CLOUDSIGN
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0 1,000 2,000 Q1 2023.3 Q2 Q3 Q4 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Spot sales: Introduction support consulting, etc. Variable sales: Number of paying companies X number of contracts sent per company X price per contract sent Fixed sales: Number of paying companies X fixed sales per company In Q2, new MRR and net MRR reached record highs. Driven by strong demand for electronic contract services, the growth rate of recurring sales accelerated compared with the previous fiscal year. Trend in net sales Trend in Net Sales 24 ■ Fixed sales Achieved record new MRR and net MRR for Q2. Plans to implement changes to the free plan's maximum number of contracts in December 2025. Improved sales activities and a focus on high-value products led to an increase in the average unit price for new orders. The number of CloudSign Review paying companies exceeded 300, CloudSign KANRI also begins contributing to performance. Recurring sales 911 2,120 1,012 1,086 1,258 1,232 1,356 1,421 1,5711,610 1,675 1,781 1,944 Growth pace of recurring sales accelerated from the previous fiscal year. 2,021（Mil.Yen） ■ Variable sales The price increase in December 2024 raised the average contracted transmission unit price, which increased total variable sales. * ARR = Annual Recurring Revenue. Calculated by multiplying Monthly Recurring Revenue at the end of each period by 12. * New MRR = Initial monthly recurring revenue generated from new customers (Monthly Recurring Revenue). Sales E-contract market
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【For Reference 】 Impact of the July 2023 changes to the contracts limit （from 5 to 3 contracts ） Change in the limit on the number of contracts sent for free plans in December 2025 25 From December 2025, the limit on the number of contracts sent under the Free Plan will be changed from 3 to 2. Anticipating an increase in new self-service acquisitions. 2023.3 Q2 2024.3 Q2 Before change Maximum of 5 YoY +59.0% New self-service acquisitions * Self-serve A channel for customers to apply for paid plans by themselves without sales staff. After change Maximum of 3
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26 Trend in the number of contracts （The number of contracts sent bearing an electronic signature and a timestamp） The number of contracts sent increased steadily, surpassing 2.8 million in the quarter. 0 1,400 2,800 Q1 2021.3 Q2 Q3 Q4 Q1 2022.3 Q2 Q3 Q4 Q1 2023.3 Q2 Q3 Q4 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 2,804 Trend in the Number of Contracts by Quarter （1,000 contracts） Network effects of electronic contract service Increase in entities that receive contracts Entities that receive contracts are registered in CloudSign. Sending contracts using CloudSign Increase in contracts sent * The number of contracts sent refers to the number of contracts sent bearing an electronic signature and a timestamp in light of requirements for electronic signature under the Act on Electronic Signatures and Certification Business (excludes contracts bearing a timestamp only). 491 570 715 910 1,002 1,153 1,350 1,428 1,520 1,758 1,820 1,900 2,095 2,343 2,377 904 2,380 k 2,538 1,320 2,786 2,791
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Status of Introduction by Local Governments 27 • Kobe, Hyogo • Hamamatsu, Shizuoka • Niseko-cho, Hokkaid • Awashimaura-mura, Niigata • Ashikaga, Tochigi • Kasama, Ibaraki • Urayasu, Chiba • Sakado, Saitama • Nakano, Nagano • Ikoma, Nara • Hashimoto, Wakayama • Matsuno-cho, Ehime • Amacho, Shimane • Setouchi, Okayama • Kikuchi, Kumamoto • Ogi, Saga • Shibushi, Kagoshima • Taketomi-cho, Okinawa Municipalities Prefectures • Tokyo • Aomori • Akita • Miyagi • Tochigi • Ibaraki • Chiba • Saitama • Niigata • Nagano • Aichi • Toyama • Gifu • Nara • Wakayama • Hyogo • Kagawa • Kouchi • Tokushima • Kagoshima Number of governments E-contract market Local governments using CloudSign and support services （Partial excerpt） * Comparison developed in-house based on information on public solicitations, tenders and proposals released by municipalities nationwide and information from inquiries made to municipalities. * Municipalities that have paid for e-contract services and have decided to introduce e-contract services are counted (surveyed as of November 1, 2025). * Municipalities that have introduced OEM products, including SMBC CloudSign, are included. Of 505 local governments that have introduced electronic contracts, 343 local governments (approx. 70%)* have introduced CloudSign. We have expanded the number of municipalities introducing the system while maintaining market share. Introduction share: approx. 70%
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CloudSign introduction in different industries 28 東京都 長野県 三菱地所 The introduction of CloudSign by enterprises is accelerating just like local governments. IT services, information, telecommunications, human resources and media Transportation equipment, food, chemical, pharmaceutical, and other manufacturing Local governments and other Construction / Real estate Banks, securities, insurance and other financials Transport / Logistics * Companies that have introduced CloudSign include OEM products such as SMBC CloudSign. * Logos and names of companies that have granted individual permission are listed.
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29 BENGOSHI.COM Bengoshi means lawyer
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Trend in Net Sales 30 Following the acquisition of Hanreihisho, the customer attraction support service has increased revenue for eight quarters in a row, showing signs of recovery. Cross-selling of Bengoshi.com Library and Hanreihisho is in progress. Trend in net sales 495 492 486 485 484 486 879 880 884 892 898 906 916 929 161 166 163 164 165 167 166 165 161 155 153 153 150 147 87 78 94 143 98 98 114 126 168 123 116 137 147 134 0 600 1,200 Q1 2023.3 Q2 Q3 Q4 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Bengoshi.com career etc. Paid member services Customer attraction and business support services 743 737 743 792 748 752 1,160 1,172 1,215 1,210 1,171 1,167 1,197 1,213 （Mil.Yen） ■ Bengoshi.com career etc. Career change support service focusing on lawyers and corporate legal affairs. Revenue increased as a result of the concentration of resources in the legal field. The profit structure improved. ■ Paid member service The percentage of users paying 500 yen per month increased after the price hike. The unit price is rising. ■ Customer attraction and business support services Cross-selling initiatives for Hanreihisho and Bengoshi.com cus tomers hav e started, and are progres sing smoothly. We will aim to accelerate these sales further. In customer attraction support services, the termination rate is declining as the number of inquiries that lawyers receive increases. Recurring sales
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5,152 5,181 5,220 5,297 5,334 5,330 14,080 14,034 14,377 14,479 14,418 14,421 14,602 14,657 22,045 22,241 22,431 22,984 23,050 23,126 27,370 27,782 28,167 28,227 28,288 28,344 28,935 29,062 20,834 20,815 20,508 20,653 20,751 21,077 21,023 21,126 19700 20700 0 15,000 30,000 2022.6 2022.9 2022.12 2023.3 2023.6 2023.9 2023.12 2024.3 2024.6 2024.9 2024.12 2025.3 2025.6 2025.9 Number of paid registered lawyers Number of registered lawyers ARRPU Trend in the Number of Registered Lawyers The number of registered lawyers reached 29,062,accounting for a 62% share of lawyers in Japan. Accelerated sales of BengoKakumei and cross-selling of Bengoshi.com LIBRARY and Hanreihisho drove an increase in paid registered lawyers. 31 JPY Trends in Number of Registered Lawyers / ARPPU *1 (at month end) （members） 62% Share of domestic lawyers*2 From Q1 of FY3/2025, we have pursued a three- pronged approach with Bengoshi.com, Hanreihisho, and Bengo Kakumei. *1 Sales of customer attraction and business support services excluding spot sales in the last month of each fiscal year divided by the number of paid registered lawyers. *2 Share of domestic lawyers is calculated based on the number of lawyers in Japan as of Oct. 1, 2025.
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Promotion of Sales Collaboration in Products for Lawyers In the domain of services for lawyers, promoted group collaboration with Bengoshi.com, Hanreihisho, and BengoKakumei. Cross-selling of Hanreihisho and Bengoshi.com Library is progressing steadily , and sales of BengoKakumei are accelerating. 32 LAWYER 4,200 lawyers（Fixed price: 30,000 yen） 11,000 lawyers （Fixed price: 30,000 yen） 3,100 lawyers （Fixed price: 9,000 yen） Marketing domain Research domain Document domain 600 lawyers （Fixed price: 8,000 yen） Promoting product collaboration between Bengoshi.com LIBRARY and Hanreihisho Bengo Kakumei is making steady PMI progress Accelerate sales expansion and development toward 2026
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33 ZEIRISHI.COM Zeirishi means tax accountant
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Zeirishi.com 34 Japan’s largest tax consultation portal site which has 526k visitors/month. 1. T ax Accountant introduction service Provide introduction service by experienced tax coordinators. They choose the best one for client from among 7,145 registered tax accountants. 2. T ax consultation service Provide tax consultation service free of charge. Total number of tax consultation cases is approximately 150k. 3. T ax Account Profile · T ax Accountant Search Search for the best tax accountant for yourself from the region, focus areas etc. as of Sep. 2025
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138 137 174 154 173 182 210 224 233 253 293 312 322 329 0 150 300 Q1 2022.3 Q2 Q3 Q4 Q1 2023.3 Q2 Q3 Q4 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Trend in net sales Net sales remained steady; the contract unit price reached a record high. Although the number of contracts temporarily declined following changes in listing ad operation methods, it is expected to increase going forward. 35 356 331326 347 Trend in net sales （Mil.Yen）
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36 BUSINESS LAWYERS
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1. Registered lawyers The lawyer who works in Nishimura & Asahi, Mori Hamada & Matsumoto, Nagashima Ohno & Tsunematsu, Anderson Mori & Tomotsune, TMI etc. 2. “Business Lawyers Library” Browse practical books online and streamline your research. 6,300 yen per month, Over 3,200 books, 43 legal publishers participate. 3. “Business Lawyers Compliance ” Supporting the training challenges faced by companies with online videos. Business Lawyers Japan’s largest Corporate legal portal site which has 447k visitors/month. 37 as of Sep. 2025
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0 60 120 2023.3 2023.6 2023.9 2023.12 2024.3 2024.6 2024.9 2024.12 2025.3 2025.6 2025.9 Business Lawyers Library also grows steadily 38 1,154 1,302 1,392 1,509 1,623 1,730 1,823 1,895 17,780 17,500 17,197 17,065 17,283 17,309 17,360 17,766 18,615 19,090 0 1,000 2,000 2023.6 2023.9 2023.12 2024.3 2024.6 2024.9 2024.12 2025.3 2025.6 2025.9 JPY 127 89 93 97 102 106 110 114 118 121 1,880 124 1,885 The number of Business Lawyers users steadily increases. Reflecting the upselling, the number of companies that have implemented Business Lawyers Library was 1,880, and ARPPU rose. Trend in the users （monthly) Number of companies that have introduced Business Lawyers Library （1,000 people ） （No. of company ）
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39 Appendix
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Summary for FY3/2026 Q2 40 FY3/2026 Q2 Actual FY3/2025 Q2 Actual YoY FY3/2026 Q1 Actual QoQ Net Sales 3,962 3,394 +16.8% 3,802 +4.2% CoGS 870 816 +6.5% 798 +8.9% Gross Profit 3,092 2,577 +20.0% 3,003 +3.0% SGA 2,518 2,313 +8.8% 2,492 +1.0% EBITDA 810 435 +86.3% 724 +12.0% Operating Profit 573 263 +118.0% 510 +12.4% Operating Profit Ratio 14.5% 7.8% +6.7pt 13.4% +7.9pt Ordinary Profit 571 269 +112.3% 513 +11.2% Profit 334 155 +115.0% 321 +4.2% Net sales increased 16.8% YoY . Operating profit rose 118% YoY . *EBITDA = Operating Profit + Depreciation and amortization + Goodwill amortization +Stock-based compensation expense + Equity gains (losses) of affiliated companies （Mil. Yen）
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Balance sheet 41 FY3/2026 Q2 FY3/2026 Q1 QoQ Current Assets 6,988 6,517 +470 Cash and equivalents 4,390 3,943 +446 Fixed Assets 4,797 4,762 +34 Total Assets 11,785 11,280 +504 Current Liabilities 3,614 3,052 +561 Fixed Liabilities 2,048 2,468 -419 Net Assets 6,123 5,760 +362 Capital-to-Asset Ratio 51.4% 50.5% +0.8pt Net assets increased 362 million yen due to higher retained earnings. Equity ratio rose to 51.4%. (Mil. Yen)
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Corporate Profile Name Bengo4.com, Inc. Place 4-1-4 Roppongi, Minato-ku, T okyo Date of establishment 4th Jul., 2005 RepresentativeDirector T aichiro Motoe Employees Consolidated: 613, Non-consolidated: 585 (As of September 30, 2025) Group companies LIC CO., Ltd ／ SMBC CLOUDSIGN, Inc. 42
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VISION・MISSION 43 VISION MISSION Drive a paradigm shift for the better world. Be the Professional-Tech Company. Do what only professionals can do. Contribute to society using professional knowledge and technologies.
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Director CFO Masaoki Sawada Joined SBI Securities Co., Ltd. Engaged in corporate sales, targeting listed and unlisted companies.Joined Paraca Inc. in 2013. Worked for Paraca to be listed on the First Section of the Tokyo Stock Exchange. Joined our company in 2014 / Jun. 2022 Inaugurated as a director Board Members 44 Outside Director Fumihiko Ishimaru Representative Director of Accord Ventures, Inc. Former executive officer of Digital Garage, Inc. Former director and COO of DG Ventures, Inc. Has strong track records of investments Aug. 2012 Inaugurated as an outside director Outside Director Atsuhiro Murakami Representative Director, President of Kakaku.com, Inc. Founded and developed “Tabelog”, the most popular gourmet word-of-mouth website in Japan. Joined the company as an advisor in 2013 Aug. 2014 Inaugurated as an outside director Chairman of Board of Directors Yosuke Uchida Former director of Kakaku.com, Inc. Oct. 2015 Joined as an outside director/ Jun. 2017 Inaugurated as a Co-representative director / Jun. 2019 Inaugurated as aChairman of board of directors Outside Director Katsuya Uenoyama Representative Director of PKSHA Technology Inc. Worked for a major foreign-affiliated consulting firm Obtained a Ph.D (in machine learning) at Matsuo Laboratory 2012 Founded PKSHA Technology Inc. Jun. 2021 Appointed outside director Joined Anderson Mori & Tomotsune Foreign Law Joint Enterprise and subsequently founded Authense Law Office. Jul. 2005 Established Bengo4.com, Inc., President and CEO/ Jun. 2017 Takes office as Chairman and Co-representative Director/ Sep. 2020 Becomes Parliamentary Vice-Minister of Finance and resigns as Chairman/Dec. 2021 Resigns as a Parliamentary Vice-Minister of Finance and becomes Chairman / 2022 reappointed as a President and Representative Director. Representative Director, President and CEO TaichiroMotoe Outside Director Noriko Shiono Outside Director of Kirin Holdings Company, Limited and Outside Director, JAPAN POST HOLDINGS Co., Ltd. Former Marketing and Sales Vice President of The Walt Disney Company (Japan) Ltd., former President and Representative Director of SSP CO., LTD., and former President and Representative Director of Konami Sports Co., Ltd. Becomes an Outside Director of Bengo4.com in Jun. 2024.
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Corporate History 45 Established Authense Group Co., Ltd. Released Bengoshi.com, a legal consultation portal site Released Zeirishi.com, an accountant consultation portal site Changed the company name to Bengo4.com, Inc Listed its shares on the Mothers Section of the Tokyo Stock Exchange Released CloudSign, a completely online cloud-based contract conclusion service Released Business Lawyers, a corporate legal affairs portal siteReleased Bengoshi.com Career, a recruitment service for lawyers Established SMBC CloudSign, a joint venture with Sumitomo Mitsui Financial Group, Inc. Released Bengo4.com Library and Business Lawyers Library, flat-rate reading services for legal books and journals Announced Legal Brain Initiative Released Bengoshi.com AI chat legal consultation Released CloudSign Review Released Bengoshi.com LIBRARY AI Assistant LIC CO., Ltd, a Prvider of the Hanreihisho database of legal precedents, etc., joined the Group Released Business Lawyers Library AI Assistant 2006 2013 2014 2015 2016 2019 2020 2005 2023 2024 Bengo Kakumei Inc., a Provider of Digital Case Recordkeeping Tools for Lawyers, Joined the Group 2025 Released “Legal Brain Agent” to support legal research work Released CloudSign KANRI Released AI Enjo Checker AI businessSaaS businessMedia business
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46 BENGOSHI.COM Bengoshi means lawyer
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Social background of legal consulting services in Japan 14.87 Million people had troubles / disputes over legal matters in a year. Only 28.1% of these people sought Lawyer’s advices. Reasons why they hesitated to ask professional’s help were: Concerns over professional fees 36.3%; / It’s a too minor problem to seek professional’s help 43.9%; 47 People who had legal disputes in a year Sought Lawyer’s help? Based on the research conducted by Macromill, Inc in Dec. 2024 Target：Individuals from 18 to 69 years old, respondents of 10,000 individuals Yes No 28.1% 71.9% 14.87 million 18.6% of total Population aged from 18 to 69 in Japan (about 79.99 million) Have experienced legal trouble in the past year.
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Number of Lawyers in Japan Background of lawyer’s business in Japan Environments of lawyer’s business has been changing rapidly since the judicial system reform in 2000, such as lifting of ban on advertisements, liberalization of fees, and new bar examination, which was meant to increase number of lawyers in Japan. Source：Excerpted from the 2023 edition of the White Paper on Lawyers, published by the Japan Federation of Bar Associations (if the number of lawyers who have passed the bar exam is maintained at 1,500) 18,838 63,615 0 35,000 70,000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2024 2030 2035 2040 2045 2050 （year） 48 46,166Over 3x （people）
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49 Source：Estimated based on the 2018 and 2023 edition of the White Paper on Lawyers, published by the Japan Federation of Bar Associations 6,495 7,971 8,486 9,511 8,417 8,814 11,287 15,596 16,272 0 8,250 16,500 2000 2006 2008 2010 2014 2018 2022 2040 2050 25.6 million yen × 63,615 people Bil yen （year） Legal services market size Market Environment of the Legal Services Industry in Japan The legal services industry has been growing since 2000 due to progress in the development of new customers, as marketing needs for lawyers grow together with the increase in the actual number of lawyers. • Temporarily increased thanks to “repayment requests for overpaid interests” • Including revenues from services other than legal in 2010 （100M JPY）
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Want to reach out to prospective customers Consumers Lawyers Value proposition of Bengoshi.com A web-based platform for consumers and lawyers, to realize “familiar legal service”. Provides information and services about free legal consulting and detailed information about lawyers for consumers. 50 ・Hesitate to seek ・Support for fear of charges and unfamiliarity
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Why Bengoshi.com? 51 The largest free legal consultation portal in Japan which has 6.45M visitors/month.* *as of Sep. 2025 1. Because the lawyer offers user legal advice for free on the internet service • The outstanding database which has over 1,459k records of consulting cases* 2. Because it has a substantial database of lawyers • 29,062 lawyers registered*, More than one in two of the approximately 47,000 lawyers in the country are registered • Consumers can search lawyers based on their needs • Lawyers utilize it as a promotion media to acquire new customers 3. Because it has a popular news site which attracts readers even who are not keen in legal matters • “Bengoshi.con news” offers articles about legal and business implication of current topics • More than 4.87M people visited monthly*, thanks to its distinctive positioning, “Legal × news topics”
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Services of Bengoshi.com provides Targets Contents provided Benefit for users Consumers who have urgent matters and are willing to seek help to lawyers “List of lawyers” “Lawyers search” Users can search for the most appropriate lawyer for free thanks to profound profile data of lawyers and detailed search options Consumers who have legal disputes and want to collect information about them “Legal consulting for everyone” Users can seek advice on the consulting board to lawyers for free Not only that, users can read all counselling questions by other users and answers by lawyers as well. Consumers who don’t have any legal disputes “Bengoshi.com news” Users can obtain legal knowledge and protect themselves by the knowledge from any disputes which may occur in future Provides each kind of contents according to seriousness of issues users have. 52
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Overview of “marketing support service for lawyers” 53 A marketing support service for lawyers, which helps them acquire clients • The number of visitors to the site has exceeded 10 million. • Acquiring potential clients efficiently based on the focus area of each lawyer Price 20,000 yen or more per month (4 plans in total)
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Overview of “research support service for lawyers” 54 Making lawyer book research more comfortable. • Monthly subscription service for law books • "Book browsing" "research service" functions can be used while working from home Price 9,000yen per month Number of books Over 3,700 books Participating publishers Legal publishers 45
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Overview of Services for Lawyers (Research Support) 55 • The usage rate of the precedents search service by lawyers is 95%. • Hanreihisho in particular is used by all judges and prosecutors, and is the dominant service among the three elements of the judicial community Precedents database with by far the largest share in the industry
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Overview of Services for Lawyers (Business Support) 56 • It supports transition of lawyers’ practice style to one that makes efficient use of digitalized documents. • Empowering Lawyers with the Power of Digital x AI • It supports the core business operations of lawyers such as case analysis and document creation. Digital document organization tool developed by lawyers for lawyers
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Growth Cycle of — Bengoshi.com Increased DB draws more visitors, which stimulates new registration of lawyers who seek to reach out expanded number of users. 57 Advice for consumers Register to the website Lawyer’s action Counselling Lawyer list Databases grow Registration for paid services Seek advice to lawyers Consumer’s action Read contents Visit the website Lawyers Consumers
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58 CLOUDSIGN
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Overview of CloudSign Cloud-based e-contracting service from contract conclusion to contract management. Upload a completed contract that has been negotiated and approved by the other party, and the contract is concluded. The recipient of the document does not need to be registered with CloudSign. 59 Upload file Agree Agree Sender RecipientE-signature (tamper prevention)
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Usage Image 60 Sender Receiver Sender・Receiver Upload PDF documents Enter Destination Document preparation Send Receive by mail Contract confirmation and agreement Final step after conclusion of agreement The signed documents will be automatically e-mailed to the sender and receiver. (It is automatically stored on the CloudSign.)
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Documents used for CloudSign (examples) 61 Human Resources Sales Leases Outsourcing and ContractingLoans and borrowingsSales and Purchasing Others Employment contract Working conditions notice Offer of employment Employment agreement Sales Contract Land purchase agreement Building Sales Contract Real estate sales contract Building Lease Agreement Land Lease Agreement Parking Lot Rental Agreement Building Use Lease Agreement Basic Transaction Agreement Service Application Form Order Forms Purchase Orders Invoices Receipts Loan Agreement Written acknowledgment of debt Debt acknowledgment and repayment agreement Assignment of receivables agreement Outsourcing Agreement Construction Contracts Agency Contract Merchandise Sales Consignment Agreement Supply Contract Nondisclosure agreement Stock Transfer Agreement Personal Information Handling Agreement Contract Modification Agreement Contract Termination Notification Estate Division Agreement Cause of death gift agreement Copyright Transfer Agreement Merger agreement Minutes of board of directors meetings
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Benefits of CloudSign 62 With CloudSign, contract signing process will be shorten by 1 -2 weeks, which boosts up upside of your business. Shipping cost, paper cost,printer ink cost, and stamp tax will no longer pressure your business. Also human resource cost can be reduced who envolves around contract signin process. No more losing/missing paper or altering of contract. By managing contract via CloudSign, transparency of business will be improved. Reduce cost Strengthening of compliance Speed up process
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Price of CloudSign 63 Fixed fee：To be inquired ・Functions featured by the Corporate plan ・Restriction of contract approvers ・Restriction of internal users ・IP address -based restriction of accesses ・Provision of the Single Sign On functionality ・Multi-department management ・Smart Cabinet ・Provision of support by telephone Features Number of users : Unlimited Number of contracts : Unlimited Plan contents Pay- per-use：200 JPY/Sending Enterprise Fixed fee ：28,000 JPY/Month ・Functions featured by the Light plan ・Creation of audit logs ・Paper document importing ・Web API function ・Recipient Authentication Features Number of users : Unlimited Number of contracts : Unlimited Plan contents Pay- per-use：200 JPY/Sending Corporate ・Functions featured by the Free plan ・Collective creation and sending of documents ・Provision of document templates ・Alerts ・Conclusion of contracts in English and/or Chinese. ・AI contract management Features Fixed fee ：10,000 JPY/Month Pay- per-use：200 JPY/Sending Number of users : Unlimited Number of contracts : Unlimited Plan contents Light Fixed fee ：0 JPY/Month Pay- per-use：0 JPY/Month ・Sending, storage and search of contracts ・Two-factor authentication Features Number of users : 1 user Number of contracts : 3 Plan contents Free
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Why CloudSign? 64 1. Cloud contracting service offered by Bengoshi.com • Our Company, which has a deep understanding and knowledge of Japanese law, provides legally reliable products under the supervision of a lawyer. 2. Product development in line with Japanese business practices • In order to expand electronic contract services that were not familiar in Japan, we developed a user interface that is easy to understand even for first-time users. • The best and fastest product development in line with Japanese business practices, while referring to the opinions of many user companies. 3. Industry-standard cloud contracting service • Proliferation as a standard service in the industry based on the advantages of a first-mover and the network effect of a cloud contracting service.
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CloudSign services 65 CloudSign scan CloudSign paymentCloudSign review It facilitates contract management operations with AI, which automatically identifies the counterparty to the contract, the amount of the contract, and other items based on PDF data of the contract document stored in CloudSign and converts them to data. It handles the process from scanning contract documents to storing documents and entering document information into CloudSign. CloudSign Kanri Payment by credit card is made at the same time as the signing of the contract. Automatic conversion to data Conclusion of a contract Sending contract or invoice Billing party Payer Signing of the contract and payment by credit card Lawyer-developed instantly determines risk points for each article and displays examples of changed articles and explanations. Documents before checking AI-checked documents Input to AI Expert lawyer's knowledge Legal Literature Legal Reform Information
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66 BUSINESS LAWYERS
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Business Lawyers Library fee structure Business Lawyers Library, an all -you-can-read book service for corporate legal affairs. 67 * If a customer wishes to add additional accounts, such as 6 or more accounts in the Standard Plan, a separate charge of 6,600 yen (tax included) per account per month will be incurred. Light plan The plan enables an individual to conduct minimum research about legal affairs 6,930yen (tax included) per month One account (annual subscription) ） Invoice Payments (lump sum) • AI Assistant • Attending seminars: 3,300 yen per seminar Standard plan A standard plan that includes education and information for legal teams 33,000yen (tax included) per month Five accounts maximum (annual subscription) Invoice Payments (lump sum) • AI Assistant • Free Seminar Attendance • Seminar archives can be viewed • Explanations about types of contract can be viewed • Various video content can be viewed • Compliance training ※(Note) Part of the plan can be viewed as a bonus. Enterprise plan he plan includes compliance training for legal departments Negotiable The number of accounts is negotiable (annual subscription). Invoice Payments (lump sum) • AI Assistant • Free Seminar Attendance • Seminar archives can be viewed • Explanations about types of contract can be viewed • Various video content can be viewed • Compliance training ※(Note) Need to be discussed
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Status of introduction of “ BUSINESS LAWYERS LIBRARY ” The service is used by mainly leading law offices and large companies. 68 From the website of "BUSINESS LAWYERS LIBRARY” https://www.businesslawyers.jp/lib/about
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Website Advertisement on the websites Advertising sales on the "Bengoshi.com" and "Zeirishi.com" websites, as well as advertising sales associated with the Business Lawyers conference. 69 Conference Advetisements
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SUSTAINABILITY 70
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Basic Policy on Sustainability 71 Three Viewpoints For General01 For Professional02 For Enterprise03 Bengo4.com aims to help everyone, including those in socially vulnerable positions, by enabling the general public to connect quickly with lawyers and other professionals. As law firms and corporations face the challenges of a declining population, we will contribute to improving the competitiveness of companies— and Japan as a whole—by improving productivity and governance, and by reducing legal risk. SocietyProfessional Enterprise General Going forward, we will work together with all stakeholders to drive the creation of a sustainable society, by facing the resolution of social issues from three perspectives, and empowering society.
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72 Importance to society Materiality for the CompanyEnvironment Social Governance Access to and use of expert knowledge Advancing DX services and improving productivity Training and creation of IT human resources Information security and protection of privacy Diversity and inclusion Strengthening corporate governance Corporate ethics and compliance Response to climate change Material Issue Map
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MSCI ESG Ratings 73 THE USE BY Bengo4.com,Inc. OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES (“MSCI”) DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF Bengo4.com, Inc. BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED ‘AS-IS’ AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI. Bengo4.com receives “BBB” rating from MSCI ESG Ratings The MSCI ESG Ratings,* issued by Morgan Stanley Capital International Inc. (MSCI), evaluate companies worldwide based on their Environmental, Social, and Governance (ESG) efforts, ranking them on a seven- tier scale from "AAA" (highest) to "CCC" (lowest). Recognized for strong initiatives in "Information security and protection of privacy," a key material issue. * MSCI Inc.「ESG Rating」 https://www.msci.com/sustainable-investing/esg-ratings
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RISK INFORMATION 74
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Item Major Risks Possibility/Timing Degree of Influence Countermeasure Business Environment Technological innovation Rapid changes that we do not anticipate, and delays in responding to such changes, could cause our services to become obsolete or less competitive, which could affect our business and results of operations. Medium/Medium - to long-term Medium Responding by diversifying our business. Business Environment Competitive situation If for some reason we lose the support of lawyers for our flagship website, Bengo4.com, or if a competitor enters the service with a certain level of support from lawyers, competition will intensify and our business and earnings may be affected. In addition, if for some reason the Company loses the support of corporate users for the "CloudSign" contract management platform that it operates, or if competitors other than the Company gain a certain level of support from corporate users, the Company's business development may be hindered due to intensified competition, this could have an impact on our business and financial results. Medium/Medium - to long-term Big Respond by developing products and services that are superior to those of competitors. Business Environment Internet market Although our business areas are Media business and IT/Solutions business, if the Internet usage environment deteriorates or the steady development of Internet usage is impeded due to new regulations on Internet usage or other unforeseen factors, our business and financial performance may be affected. Low/ Medium- to long-term Big Responding to changes in the business environment by developing diversified services in Internet -related markets. Business New business The company will continue to diversify its business lines and pursue new business initiatives to expand the scale of its operations and increase earnings, but will incur one-time expenses such as hiring personnel and software. If the new business does not perform as expected, we may not be able to recoup the additional expenditures and our profit margin may temporarily decline. Medium/Medium - to long-term Medium Respond by conducting market research as much as possible in advance, and promote new business only after fully considering the risks. Business Soundness of site operation The company allows regular users to anonymously consult with experts through “Legal Consultation for Everyone” or “Tax Consultation for Everyone” after registering as a member. The company has established a system to monitor all consultations and responses, and operates the site in a sound manner in accordance with its terms of use. However, in the event that we are unable to adequately respond to inappropriate postings despite the establishment of the system described above, we may lose credibility as a site operator, which may affect our business and performance. Low/ Medium- to long-term Big Respond by building an earnings base that is less susceptible to the impact of the business by diversifying the business while constantly strengthening the monitoring system. Business Impairment losses on non-current assets The Group has non -current assets such as goodwill and software, and applies accounting standards for the impairment of non -current assets. If the total amount of undiscounted future cash flows to be obtained for an asset or asset group for which impairment loss is recognized is less than its carrying amount, the carrying amount is reduced to the recoverable amount. The carrying amount of the asset or asset group shall be reduced to its recoverable amount and the amount of the reduction shall be recognized as an impairment loss. If it becomes necessary to record impairment losses on non-current assets due to significant changes in the business environment or deterioration in earnings conditions of such assets or asset groups, business and earnings of the Group could be adversely affected. Medium/Medium - to long-term Medium Respond by minimizing risk through thorough investigation and study of the target businesses and the business environment . Risk Information 1_ Risks identified as having the potential to materially impact future growth 75
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Item Major Risks Possibility/Timing Degree of Influence Countermeasure Business operation structure As the Group expands its business in the future, it will need to continually recruit and train personnel. If it is unable to recruit and train personnel as planned, its business and earnings could be affected. Low/Medium- to long-term Medium The Group will use a variety of recruiting methods to secure talented human resources, and it will also focus on human resource development through education and training programs. System The Group's business is conducted in an Internet environment, and although it has security measures in place to ensure the stable provision of services, its business and earnings could be affected by system failures or other events that it does not anticipate. Low/Unknown Big The Group will monitor systems to detect improper configurations, implement security software, and recruit talent with expertise in new development techniques. Legal restrictions Legal restrictions The Group provides marketing support services to lawyers and certified tax accountants, and must comply with the Attorneys Act and the Licensed Tax Accountants Act, but if the content or interpretation of these laws were to change, its services could be restricted, which could affect its business and earnings. Low/Medium- to long-term Big When considering new business services and other matters, the Group will check with the Japan Federation of Bar Associations and other organizations with jurisdiction as appropriate, and will manage its business with the utmost care. Legal restrictions Management of personal information If personal information held by the Group were to be leaked and used improperly, it would be held liable and lose public trust, which could hinder its business operations and negatively impact its business and earnings. Low/Unknown Medium Respond by establishing a strict management system for personal information and confidential information, maintaining regulations for information handling, and enhancing information security through audits by external organizations. Legal restrictions Intellectual property rights If a third party has established intellectual property rights that the Group is not aware of, and the Group is sued for damages or an injunction for infringing upon those rights, this could negatively impact the Group's business and earnings. Low/Unknown Medium The Group will use intellectual property, properly establish intellectual property rights, and conduct investigations to prevent infringement on the rights of others. Investment As part of its growth strategy, the Group may make investments such as through capital contributions, M&A activities, the establishment of joint ventures, or the forming of alliances, both domestically and internationally. It is sometimes difficult to predict with certainty the impact that the businesses it invests in will have on the Group, and if it is unable to recover the amount invested or if the business becomes subject to impairment, the Group's performance and financial position may be affected. Medium/Medium - to long-term Medium Respond by minimizing risk through a thorough preliminary assessment of risk and recoverability. Risk Information 2_ Risks identified as having the potential to materially impact future growth 76 * Selected major risks affecting the realization of growth and the execution of the business plan from those listed in "Business and Other Risks" in the Annual Securities Report. Refer to "Business and Other Risks" in the Annual Securities Report for other risks.
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77 ＜WARNING＞ This document is meant for explaining the company’s business itself and doesn’t mean any inducement or persuasion for buying stocks or/and bonds of the company. This document include descriptions about prospects for future which are based on information available as of today, and actual situation mentioned in it would be significantly different from what it was stated, because of change of macro-economic trends, business trends the company faces, intrinsic and extrinsic factors. Therefore, please note that this document doesn’t guarantee any future of the company as well as other institutions.