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FY3 / 2027 Q1 RESULTS 弁護士 ドット コム Bengo4.com , Inc. August 12 , 2026 Note : This document has been translated from the Japanese original for reference purposes only . In the event of any discrepancy between this translated document and the Japanese original , the original shall prevail . © Bengo4.com , Inc. 2026
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Contents 1 01 Impact of the Spread of Generative AI P. 2−10 02 FY3/2027 Q1 Results P. 11−16 03 About LegalBrain P. 17−24 04 Business Overview P. 25−43 05 Appendix P. 44−82
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Impact of the Spread of Generative AI 2
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Hallucination is a structural risk ⚫ Over 1,353 AI miscitation lawsuits worldwide, with approximately 90% concentrated in 2025 ⚫ The need for final verification by lawyers is increasing 01 Technology The value of lawyers as final decision -makers is increasing ⚫ AI only replaces initial to intermediate processes (research and drafting) ⚫ The entity that assumes responsibility is the lawyer, not the AI 02 Respon- sibility As a result, the number of cases handled has increased due to the efficiency of intermediate processes, and industry sales have expanded ⚫ Even if contract review is compressed from 40 hours to 4 hours, sales of "Am Law 100*" increased by +13% (in 2025) 03 Market Impact on lawyers Will lawyers be disrupted by generative AI? 3 * A ranking of the top 100 law firms in the U.S. by revenue, published annually by the American legal magazine "The American La wyer" No!
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Impact on LegalBrain Will LegalBrain be disrupted by generative AI ? 4 No!! Rapid growth of LegalBrain Agent ⚫ Achieved exponential ARR growth ⚫ Sales increased 3.8x in 4 months from March 2026 (see page 6 for details) 03 sales Product development by qualified lawyers ⚫ Providing high-precision products supervised by lawyers ⚫ Realizing optimal UI/UX for legal professionals 02 Reliability ⚫ Providing high-precision output capable of withstanding legal practice based on One&Only legal data ⚫ Proven even in Japan's most difficult exam, the "Preliminary Bar Examination" (see page 2 1 for details) One&Only legal data exclusive to Bengo4.com, Inc. 01 Data
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LegalBrain's AI Technology Infrastructure Cycle Cultivating an AI technology infrastructure that supports all users—individuals, corporations, and lawyers—in the legal domain 5 Bengo4.com, Inc.’s AI Technology Infrastructure Finance Unified Legal AI Agent Contracts Legal Consultation
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0 100 200 300 400 2026.1 2026.2 2026.3 2026.4 2026.5 2026.6 2026.7 LegalBrain Agent's ARR trend New business is growing rapidly by leveraging LegalBrain LegalBrain Agent achieves exponential ARR growth ARR in July 2026 grew 3.8 times in 4 months from March 2026 Furthermore, applying the post-upgrade pricing from June 2026 results in 11 times growth compared to March 2026 6 Compared to March 2026 3.8 x in 1 month +78.1% in 1 month +29.2% in 1 month +24.3%in 1 month +32.4% +78.1 %MoM July 2026
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N N+1 N+2 N+3 N+4 N+5 N+6 N+7 N+8 N+9 N+10 N+11 N+12 N+13 N+14 LegalBrain Agent ARR LegalBrain Agent Growth Speed Against the backdrop of high demand for AI, we will leverage company assets such as our existing sales structure and customer base to grow to a scale equivalent to CloudSign at an early stage. 7 CloudSign's Over 30x growth speed Further strengthen collaboration between product and sales ARR10 billion yen As of July 2026 (Month)
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CloudSign demonstrates competitive advantage through synergy with LegalBrain Promoting corporate AX from two starting points: CloudSign and LegalBrain Agent 8 https://docs.google.com/presentation/d/1Xsq0-iMmcFpqXxVw0jtswBrieJF13MH1mVvOen00uSQ/edit?slide=id.g34b99b99463_0_0#slide=id.g34b99b99463_0_0 Inquiry Research Knowledge Utilization Contract Creation Contract Review Contract Conclusion Document Management Invoices Receipt Invoices Issuance Transaction AXLegal AX
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Impact on CloudSign Will CloudSign be disrupted by generative AI ? 9 No!!! CloudSign sales also growing strongly ⚫ CloudSign has recently achieved record highs in New MRR and Net MRR ⚫ Achieved record-high new acquisitions, exceeding the levels during the COVID-19 pandemic 04 Sales Proof of legal validity by a third party ⚫ It is important that the legal validity of a contract is proven by a third party (our company), and e -contracting services developed in -house for internal use are difficult for counterparties to accept in terms of legal validity. 02 Reliability Synergy with LegalBrain ⚫ By leveraging synergies with LegalBrain, which also possesses a competitive advantage, it will become an even stronger service 03 Synergy ⚫ Unlike services where users are limited to the same organization, e - contracting services are transactions that involve counterparties such as external parties. ⚫ Even if a company develops an e -contracting service for internal use by leveraging generative AI, it does not mean that the counterparty will accept it. Widespread adoption is the value -add. Contract conclusion is a transaction between two or more parties 01 Network effects
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Resolution to Implement Shareholder Returns on June 11, 2026 Strong conviction in the further growth of Bengo4.com, which implements AI in the professional domain for society 10 Total number of shares to be acquired 350,000 shares (maximum) 1.5% of total shares issued (excluding treasury shares) Total acquisition cost of shares 500,000,000 yen (maximum) Acquisition period June 12, 2026 – November 30, 2026 Acquisition method Market purchase on the Tokyo Stock Exchange Details of treasury stock acquisition ⚫ We recognize that our current stock price level isextremely undervaluedrelative to our current favorable earnings trends and future growth expectations. ⚫ We have determined that acquiring our own shares at this time is"an investment opportunity with the highest certainty and extremely high return efficiency,"surpassing other investment projects. ⚫ To demonstrate his strong commitment to enhancing corporate value over the medium to long term, Taichiro Motoe, President and CEO, has continued to aggressively invest in the Company’s shares at a level exceeding his own executive compensationfor approximately two years since its inception, through the directors' stock ownership association.
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FY3/2027 Q1 Results 11
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Net Sales 4,838 million yen — YoY +27.3 % EBITDA 1,001 million yen — YoY +38.2 % Operating Profit 698 million yen — YoY +36.8 % Ordinary Profit 697 million yen — YoY +35.7 % Net Profit 439 million yen — YoY +37.0 % FY3/2027 Q1 Consolidated Financial Results Highlights (April - June) Net sales increased 27.3% YoY,and operating profit increased 36.8 % YoY All key figures exceeded the planned targets. Quarterly EBITDA surpassed 1 billion yen 12 *EBITDA = Operating Profit + Depreciation and amortization + Goodwill amortization +Stock -based compensation expense + Equity ga ins (losses) of affiliated companies
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1,232 1,356 1,421 1,610 1,571 1,674 1,780 1,943 2,021 2,120 2,230 2,383 2,508 748 752 1,160 1,172 1,215 1,171 1,166 1,197 1,213 1,210 1,186 1,223 1,565 233 253 293 312 322 329 356 325 347 331 382 415 426 177 189 199 207 187 218 282 327 219 299 308 393 337 0 2,500 5,000 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Q3 Q4 Q1 2027.3 Business Lawyers and others Zeirishi.com Bengoshi.com CloudSign Total (Financial reporting figures) （Mil. Yen） Quarterly trend in Net Sales Q1 Net Sales achieved high growth of +27.3% YoY Progress rate of 23.6% against the full-year Net Sales forecast of 20.5 billion yen, exceeding the planned pace 13 Sales of LegalBrain Agent are strong Number of contracts increased while maintaining high unit prices Achieved record highs for new MRR and net MRR Continued to update record highs for new acquisitions Transitioning to a growth model independent of resellers' performance. 2,392 2,553 3,075 3,302 3,297 3,394 3,586 The customer attraction and business support services performed well, leading to an increase in recurring sales Sales from MIKATA Small Amount Short Term Insurance Co., Ltd., which has recently joined the group, are added Net Sales from small-amount short-term insurance added 3,793 3,802 3,962 4,108 4,838 4,415
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4.85 5.23 5.57 6.21 6.23 6.57 7.21 8.09 8.07 8.49 8.82 9.75 9.98 2.83 2.87 4.45 4.45 4.49 4.54 4.56 4.63 4.69 4.72 4.85 4.83 6.33 7.67 8.09 10.02 10.66 10.72 11.12 11.77 12.73 12.77 13.22 13.67 14.59 16.32 0.0 8.0 16.0 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Q3 Q4 Q1 2027.3 Bengoshi.com and others CloudSign (billion yen) Quarterly trend in ARR Company-wide ARR is 16.32 billion yen, YoY +27.8% ⚫ With the addition of Bengoshi Hoken Mikata's ARR, Bengoshi.com and others' ARR is YoY +35.1% ⚫ CloudSign's ARR is YoY +23.6% 14 *ARR for Bengoshi.com and others are total billing revenue excluding Bengoshi.com Career, Zeirishi.com, Business Lawyers Comp liance, and advertising sales. *ARR = Annual Recurring Revenue. Calculated by multiplying Monthly Recurring Revenue at the end of each period by 12. ARR 16.32 billion yen Bengoshi.com and others YoY +35.1%
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786 833 929 943 1,027 1,050 1,131 1,090 1,179 1,176 1,208 1,338 1,386 72 78 84 94 109 129 186 148 171 187 220 228 242 418 421 467 546 497 506 582 444 472 490 548 578 560 157 169 176 189 184 191 196 201 206 215 224 241 270 49 50 64 64 64 64 65 66 67 66 66 66 72 31 51 47 43 41 41 41 41 41 41 85 231 223 295 323 324 327 319 359 355 340 347 458 518 0 1,600 3,200 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Q3 Q4 Q1 2027.3 Other Expenses Amortization of goodwill and other Rent Sales Partner Fee & Payment Charges Advertising Expenses Outsourcing Expenses Personnel Expenses Quarterly trend in SGA In Q1, expenses increased due to the new consolidation of MIKATA Small Amount Short Term Insurance Co., Ltd. For existing businesses, we executed disciplined investments while improving productivity 15 In Q1, primarily for CloudSign sales, including 25 new graduates, we hired nearly 70 people. 1,716 1,776 2,523 2,050 Investment in advertising for CloudSign, primarily web -based advertising. 2,213 2,254 2,313 2,350 2,492 2,518 2,618 Added expenses for MIKATA Small Amount Short Term Insurance Co., Ltd. 3,136 2,952 Increase in goodwill amortization expenses for MIKATA Small Amount Short Term Insurance Co., Ltd. （Mil. Yen）
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246 303 337 348 282 263 213 630 510 573 578 541 698 10.3% 11.9% 11.0% 10.6% 8.6% 7.8% 6.0% 16.6% 13.4% 14.5% 14.1% 12.3% 14.4% 0.0% 15.0% 30.0% 0 350 700 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Q3 Q4 Q1 2027.3 Operating Profit Operating Profit Margin Quarterly trend in Operating Profits Achieved record profit of 698 million yen in Operating Profit and an Operating Profit Ratio of 14.4% Exceeding the plan for Q1. 23.3% progress against the full-year operating profit forecast of 3billion yen We will continue to balance upfront investments for future growth and the improvement of productivity 16 （Mil. Yen）
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17 LEGALBRAIN
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LegalBrain initiative 18 Lawyer database Database of legal precedents Dispute Case database Leagal consultation Q&A Legal profession book database Contract database Public Prosecutor database Judge database Lawyer Practice database M&A also utilized to acquire legal knowledge Strengthen development capabilities by hiring engineers, forming alliances, etc.
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What we hope to accomplish through LegalBrain 19 Professional LAWYER General CONSUMER Enterprise BUSINESS As Japan's Legal Department, empowering Japanese society through legal services
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By integrating data from Japanese laws, precedents, guidelines, and specialized legal books, and through iterative dialogue, it becomes possible to advance legal tasks ranging from issue examination to research, analysis, and the drafting of emails and documents. 20 LegalBrain Agent evolves into Japan's first Unified legal AI Agent Upgraded “LegalBrain Agent” Selected Use Cases
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375 pts 257 pts 271 pts 0 250 500 (Points) 2025 Judicial Examination Preliminary Examination Essay Test Achieved "Top-Tier Passing Level*" in Japan's Most Difficult Exam, the "Judicial Examination Preliminary Examination Essay Test" In the 2025 Judicial Examination Preliminary Examination Essay Test, it outperformed general-purpose AI in all 10 subjects, achieving 375 points* out of a possible 500 in Ito Juku's scoring and evaluation. 21 *The evaluation of "Top -Tier Passing Level" is a view based on Hogakukan Co., Ltd.'s many years of guidance experience and uniqu e scoring criteria, in relation to the 375 points achieved in this scoring result. It does not indicate official results or rankings published by the Ministry of Justice. *The scoring criteria for this examination are not public, and official scores are calculated after adjustments for scoring d isparities among all examinees. The 375 points in this release (the score based on Ito Juku's evaluation) are not directly comparable to official scores or rankings. Furthermore, c ertification of passing the Judicial Examination Preliminary Examination is conducted solely by the Ministry of Justice, and this release does not indicate official passage o f the exam. ChatGPT 5.5 Pro Gemini 3.1 Pro
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*Including trial use / Logos and company names of companies that have given individual permission are posted. Companies using LegalBrain Agent* Benefits 01 Speedy and high -quality 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 • Supports a wide range of tasks, from organizing legal consultations to brainstorming, research, and document creation. LegalBrain Agent Usage and Benefits LegalBrain Agent is used in the legal departments of major financial institutions, large corporations, and law firms handling mainly corporate legal affairs. 22
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Promoting an AI strategy that aligns with the "Government ’s Basic Policies / Japan Growth Strategy" Promoting an AI strategy Government policy explicitly states the promotion of vertical AI (domain -specific AI) Deploying LegalBrain Agent ahead of national strategy to accelerate Japan's AX 23 July 21, 2026 Cabinet decision on the Japan Growth Strategy and Public-Private Investment Roadmap In the "Issues and Policy Package for Promoting Public-Private Investment in 'Vertical AI (Domain-Specific AI)'", the promotion of AI utilization in legal work is listed as a concrete example February 26, 2026 The Regulatory Reform Promotion Council compiled an interim report, requesting the Ministry of Justice to "reach a conclusion in the first half of fiscal 2026 and take measures as soon as the conclusion is reached" March 2026 Established an internal task force under State Minister of Justice Hidehiro Mitani to examine the relationship between AI legal tech and the Attorneys Act, as well as governance for the appropriate use of AI legal tech January 9, 2026 Keidanren requested a review of the terms for providing legal tech services utilizing generative AI at the Cabinet Office's Regulatory Reform Promotion Council The Ministry of Justice expressed the "necessity to conduct a re -examination in line with current and future needs and to consider necessary measures" August 1, 2023 The Ministry of Justice published "Regarding the Provision of Business Support Services for Contracts, etc. Using AI, etc., and its Relationship with Article 72 of the Attorneys Act" With the evolution of generative AI, the creation of national -level rules premised on AI utilization is proceeding at a rapid pace
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Legal Domain TAM Users of LegalBrain Agent include the lawyer market and contract-related market, as well as the corporate legal affairs market. Expected to gain widespread adoption not merely as a tool but as a service that replaces labor costs. 24 * We estimated the number of legal staff by company size for Japanese companies using our questionnaire. The average annual s alary and social insurance premiums were multiplied by the estimated number of legal staff. Source: Ministry of Internal Affairs and Communications, "2016 Economic Census". 12.2 trillion yen through LegalBrain Potential market for business expansion Lawyer market 3.5 trillion yen Corporate legal affairs / Contract-related market 7.5 trillion yen * Finance markets 1.2 trillion yen
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Business Overview 25
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26 CLOUDSIGN
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0 1,000 2,000 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Q3 Q4 Q1 2027.3 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 Trend in Net Sales Trend in Net Sales New MRR and net MRR continue to reach record highs Driven by strong demand for e-contracting services, the number of new acquisitions reached a record high, exceeding the levels seen during the COVID -19 pandemic. 27 * 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). ■ Variable sales The price increase in April 2026 raised the average contracted transmission unit price, which increased total variable sales. ■ Fixed sales Achieved record-high new MRR and net MRR, continuing from the previous quarter Achieved record-high new acquisitions, exceeding the levels during the COVID -19 pandemic Implemented a price revision in April 2026 Sales of CloudSign Review and CloudSign KANRI are progressing well. Recurring sales （Mil. Yen） Net Sales 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 2,120 2,230 2,508 2,383
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Trend in the Number of Contracts by Quarter Trend in the number of contracts (The number of contracts sent bearing an electronic signature and a timestamp) The number of contracts sent surpassed 3.23 million in the quarter 28 * The number of contracts sent refers to the number of contracts sent bearing an electronic signature and a timestamp in ligh t of requirements for electronic signature under the Act on Electronic Signatures and Certification Business (excludes contracts bearing a timestamp only). 910 1,002 1,153 1,320 1,350 1,420 1,520 1,758 1,820 1,900 2,095 2,343 2,377 2,382 2,538 2,787 2,791 2,804 2,904 3,246 3,230 0 1,000 2,000 3,000 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 Q3 Q4 Q1 2027.3 (1,000 contracts) Increase in entities that receive contracts Entities that receive contracts are registered in CloudSign Sending contracts using CloudSign Increase in contracts sent Network effects of electronic contract service
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CloudSign introduction in different industries The introduction of CloudSign continued to accelerate, especially among large companies and local governments. 29 * Companies that have introduced CloudSign include OEM products such as SMBC CloudSign. * Logos and names of companies that have granted individual permission are listed. IT services, information, telecommunications, human resources and media Transportation equipment, food, chemical, pharmaceutical, and other manufacturing Local governments and other 三菱地所 Construction / Real estate Banks, securities, insurance and other financials Transport / Logistics 東京都 長野県
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Release of Document Management Product 30 Launched CloudSign Document Management on August 29 to minimize input and search efforts and increase productivity.All CloudSign users are targets for upselling, which will increase ARPPU https://docs.google.com/presentation/ d/1kq28qUjroLCXdSLCwypOq5tZwiu wvGoboQWGgcO18qw/edit?slide=id. g3f57d586f0e_11_0#slide=id.g3f57d5 86f0e_11_0 CLOUDSIGN AI → It would be good to have a declaration that it will become agentic in the future
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31 BENGOSHI.COM Bengoshi means lawyer
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Trend in Net Sales Trend in Net Sales Customer attraction and business support services have seen 11 consecutive quarters of revenue growth and strong performance since Hanreihisho joined the group. Sales of BengoKakumei are performing well, buoyed by the digitalisation of civil court proceedings. 32 ■ 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 With the digitalization of civil court procedures, sales of BengoKakumei are strong. Price revision for customer attraction support services is scheduled to be implemented from October 2026. Recurring sales 484 486 879 880 884 892 898 906 916 929 938 946 947 165 167 166 165 161 155 153 153 150 147 140 134 131 351 98 98 114 126 168 123 116 137 147 134 107 143 136 0 800 1,600 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Q3 Q4 Q1 2027.3 Bengoshi.com career etc. Legal finance service Paid member service Customer attraction and business support services （Mil. Yen） 748 752 1,160 1,172 1,171 1,167 1,197 1,213 1,210 1,1851,215 1,565 1,223 ■ Legal finance service Providing ins ur anc e s er vices to prepar e for troubles before they occ ur .
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5,334 5,330 14,080 14,034 14,377 14,479 14,418 14,421 14,602 14,657 14,676 14,722 14,860 23,050 23,126 27,370 27,782 28,167 28,227 28,288 28,344 28,935 29,062 29,105 29,172 32,442 20,834 20,815 20,508 20,653 20,751 21,077 21,023 21,126 21,450 21,415 21,210 183000 15,000 30,000 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Q3 Q4 Q1 2027.3 Number of paid registered lawyers Number of registered lawyers ARRPU (people) Trends in Number of registered lawyers/ARPPU *1 (at month end) Trend in the Number of Registered Lawyers The number of registered lawyers reached 32,439, accounting for a 2/3 share of lawyers in Japan Accelerated sales of Hanreihisho and BengoKakumei drove an increase in paid registered lawyers. 33 *1 Sales of customer attraction and business support services excluding spot sales in the last month of each fiscal year divi ded by the number of paid registered lawyers. *2 Share of domestic lawyers is calculated based on the number of lawyers in Japan as of Jul. 1, 2026. *2 From Q1 of FY3/2027, the number of all lawyers using services of Bengo4.com, Inc. is counted. From Q1 of FY3/2025, we have pursued a three-pronged approach ・Bengoshi.com ・Hanreihisho ・BengoKakumei Number of lawyers Share of domestic lawyers *2 67% JPY
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Total support for lawyers from all aspects Creating synergies by strengthening collaboration between services 34 Sales of LegalBrain Agent are included in Business Lawyers and others Resolving cost-related concerns for consumers through legal finance Promoting collaboration between products Pursuing optimal UI/UX for lawyers Consumers Lawyers Business Support domainMarketing domain Consultation
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35 ZEIRISHI.COM Zeirishi means tax accountant
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1. Tax Accountant introduction service • From among 7,477 registered tax accountants, experienced tax coordinators introduce the best tax accountant 2. Tax Consultation for Everyone • A free Q&A service where you can consult with tax accountants about tax matters, boasting a total number of approximately 160,000 tax consultation cases 3. Tax Account Profile · Tax Accountant Search • Search for the best tax accountant for yourself from the region, focus areas etc. Zeirishi.com Approximately 950,000 monthly site visitors, one of Japan's largest tax consultation portal sites 36 The above figures are actual results as of the end of June 2026
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173 182 210 224 233 253 293 312 322 329 0 200 400 Q1 2023.3 Q2 Q3 Q4 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Q3 Q4 Q1 2027.3 Trend in Net Sales Trend in Net Sales Net sales reached record highs, and the average contract price remained at a high level After changes in listing ad operations, operations stabilized and the number of contracts trended upward. 37 （Mil. Yen） 356 326 347 331 382 YoY +22.8 % 426 415
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38 BUSINESS LAWYERS Business Lawyers
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Business Lawyers 39 The above figures are actual results as of the end of June 2026 1. Registered lawyers explain the latest legal amendments and precedents • The lawyer who works in Nishimura & Asahi, Mori Hamada & Matsumoto, Nagashima Ohno & Tsunematsu, Anderson Mori & Tomotsune, TMI etc. 2. E-book service "Business Lawyers Library" • Browse practical books online and streamline your research. 6,300 yen/month, over 4,000 books, 45 legal publishers participate 3. Video service "Business Lawyers Compliance" • Supporting the training challenges faced by companies with online videos. Monthly site visitors of approximately 400,000, one of Japan's largest corporate legal portal sites
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Quarterly trend in ARR Quarterly trend in ARR Business Lawyers Library saw a slight decrease in the number of companies and an improvement in unit price Organizational changes have strengthened the sales structure of LegalBrain Agent, accelerating future sales 40 ■ Business Lawyers Library, etc. Business Lawyers Library improves overall average revenue per customer by charging full price upon renewal for customers who received a discount during their first contract year. Shift to a structure for full-scale expansion of LegalBrain Agent sales 142 166 194 213 246 273 287 309 336 359 379 403 425 439 529 540 659 0 300 600 Q1 2023.3 Q2 Q3 Q4 Q1 2024.3 Q2 Q3 Q4 Q1 2025.3 Q2 Q3 Q4 Q1 2026.3 Q2 Q3 Q4 Q1 2027.3 （Mil. Yen） Recurring sales
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Corporate Topics 41
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First User Conference "Bengo4.com PARADIGM 2026" to be held on October 2 A user conference for professionals such as lawyers and corporate legal affairs Featuring guest speakers including Professor Hiroaki Miyata of Keio University 42
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An award program honoring "Lawyers Driving Corporate and Social Change" Holding the "BUSINESS LAWYERS AWARD 2026" Over 600 total entries across 5 categories. The Grand Prix and top awards will be announced on November 4, 2026 43
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Appendix 44
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Summary for FY3/2027 Q1 45 （Mil. Yen） FY3/2027 Q1 Actual FY3/2026 Q1 Actual FY3/2026 Q1 YoY FY3/2026 Q4 Actual FY3/2026 Q4 QoQ Net Sales 4,838 3,802 +27.3% 4,415 +9.6% COGS 1,003 798 +25.6% 921 +8.9% Gross Profit 3,834 3,003 +27.7% 3,494 +9.7% SGA expenses 3,136 2,492 +25.8% 2,952 +6.2% EBITDA 1,001 724 +38.2% 810 +23.6% Operating Profit 698 510 +36.8% 541 +28.9% Operating Profit Ratio 14.4% 13.4% +1.0pt 12.3% +2.1pt Ordinary Profit 697 513 +35.7% 552 +26.1% Profit 439 321 +37.0% 519 -15.3% *EBITDA = Operating Profit + Depreciation and amortization + Goodwill amortization + Stock -based compensation expense + Equity gains (losses) of affiliated companies
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Net assets increased 1,734 million yen due to higher retained earnings. Equity ratio is 53.2% Balance sheet 46 （Mil. Yen） FY3/2027 Q1 FY3/2026 Q4 QoQ Current Assets 7,627 8,525 -898 Cash and equivalents 4,193 5,199 -1,006 Fixed Assets 8,946 4,855 +4,091 T otal Assets 16,573 13,381 +3,192 Current Liabilities 4,029 3,770 +259 Fixed Liabilities 4,928 2,400 +2,527 Net Assets 7,615 7,209 +405 Capital-to-Asset Ratio 44.2% 53.2% -9.0pt
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Corporate Profile Name Bengo4.com, Inc. Place 4-1-4 Roppongi, Minato -ku, Tokyo Date of establishment 4th Jul., 2005 Representative Director Taichiro Motoe Employees Consolidated: 734, Non -consolidated: 659 (As of June 30, 2026) Group companies LIC CO., Ltd Bengo4.com Legal Finance, Inc. Mikata Small Amount and Short Term Insurance Co., Ltd. 47
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VISION・MISSION 48 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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Board Members 49 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 Outside Director Fumihiko Ishimaru Representative Director of Accord Ventures, Inc. Former executive officer of Digital Garage, Inc. and director and COO of DG Ventures, Inc. Has strong track records of investments Aug. 2012 Inaugurated as an outside director 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 Outside Director Noriko Shiono Former Marketing and Sales Vice President of The Walt Disney Company (Japan) Ltd., former President and Representative Director of SSP CO., LTD., former President and Representative Director of Konami Sports Co., Ltd. held successive positions Becomes an Outside Director of Bengo4.com in Jun. 2024. Outside Director of Kirin Holdings Company, Limited and Outside Director, JAPAN POST HOLDINGS Co., Ltd. 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 Representative Director, President and CEO Taichiro Motoe 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. Outside Director Rie Nakamura Former Representative Director and President of Demae -can Co., Ltd. and Representative Director and President of M3 Solutions, Inc. Becomes an Outside Director of Bengo4.com in Jun. 2026. Director of M3, Inc.
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Corporate History 50 AI businessSaaS businessMedia business 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 LegalBrain Initiative LIC CO., Ltd, a Prvider of the Hanreihisho database of legal precedents, etc., joined the Group 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 “LegalBrain Agent” to support legal research work Transferred to the Tokyo Stock Exchange Prime Market Bengo4.com Legal Finance Inc.* Mikata Micro Insurance Co., Ltd. joined the Group 2026 * Company name of Japan Legal Network Inc. changed effective August 1, 2026
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51 BENGOSHI.COM Bengoshi means lawyer
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Social background of legal consulting services in Japan Approximately 11.11 million people (13.9%) have experienced some form of legal trouble in a year The percentage of people who actually consult a lawyer is 26.5% Reasons for not consulting include "concerns over costs" 34.7%, and "it is not a serious enough matter to request help" 40.1% 52 Based on the research conducted by Macromill, Inc in Jan. 2026 (Target: Individuals from 18 to 69 years old, respondents of 1 0,000 individuals) Sought Lawyer’s help? Approximately11.11million 13.9 % of total Population aged from 18 to 69 in Japan (about 79.99 million) Have experienced legal trouble in the past year. Yes No 26.5% 73.5% who had legal disputes 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. 53 Source : Excerpted from the 2024 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 63,804 0 35,000 70,000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2023 2025 2031 2036 2041 2046 Over 3x (people) (year) 46,840
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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. 54 Source：Estimated based on the 2018 and 2024 edition of the White Paper on Lawyers, published by the Japan Federation of Bar Associat ions 649.5 797.1 848.6 951.1 841.7 881.4 1,128.7 1,469.2 1,632.1 0.0 825.0 1,650.0 2000 2006 2008 2010 2014 2018 2022 2036 2046 (billion yen) Temporarily increased thanks to “repayment requests for overpaid interests ” Figures for 2010 include income from activities other than legal practice (income from other businesses, real estate income, etc.) billion yen (year) 25.6 million yen × 63,804 people
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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. 55 ・Hesitate to seek ・Support for fear of charges and unfamiliarity
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Why Bengoshi.com? Approximately 7.11 million monthly site visitors, one of Japan's largest free legal consultation portals 56 The above figures are actual results as of the end of June 2026 1. Free internet legal consultation answered by lawyers • An overwhelming database with a total of approximately 1.49 million legal consultation cases 2. Extensive lawyer database • Number of registered lawyers: 29,974 ; more than half of the approximately 47,000 lawyers in Japan are registered • Consumers can search lawyers based on their needs • Lawyers utilize it as a promotion media to acquire new customers 3. News media that also reaches light users • “Bengoshi.con news ” offers articles about legal and business implication of current topics • Approximately 5.03 million monthly visitors due to our unique positioning of Legal × News
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Services of Bengoshi.com provides T argets Contents provided Benefit for users Consumers who have urgent matters and are willing to seek help to lawyers List of lawyers Lawyers search Profound profile data of lawyers and detailed search options thanks to which, users can search forthe most appropriate lawyer for free 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 andprotect themselves by the knowledge from any disputes which may occur in future Provides each kind of contents according to seriousness of issues users have. 57
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Overview of "marketing support service for lawyers" 58 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” 59 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 4,500 books Participating publishers Legal publishers 47
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Overview of “research support service for lawyers” 60 • 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) 61 • 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, Due to user-generated content, consultation posts and lawyer responses automatically increase daily A growth cycle where the expanded DB attracts more visitors, and the DB of registered lawyers also expands to meet the inquiries from the increased number of visitors 62 Advice for consumers Register to the website Lawyer’s action Counselling Lawyer database Databases grow Registration for paid services Seek advice to lawyers Consumer’s action Read contents Visit the website Lawyers Consumers
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63 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. 64 Upload file Agree Agree Sender RecipientE-signature (tamper prevention)
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Usage Image 65 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) 66 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 67 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 68 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：220 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：220 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：11,000 JPY/Month Pay- per-use：220 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 : 2 Plan contents Free
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Why CloudSign? 69 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 70 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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71 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. 72 * 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. 73 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. 74 Conference Advetisements
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SUSTAINABILITY 75
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Basic Policy on Sustainability 76 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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77 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 78 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 79
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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 80
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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 81 * Selected major risks affecting the realization of growth and the execution of the business plan from those listed in "Busines s 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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82 ＜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.