COVER_Presentation for New Investors

Materials for Growth Opportunities and Strategies M a y 1
3 t h , 2 0 2 4

Introduction 2

3 C T O Ikko Fukuda C E O Motoaki
Tanigo *1 : UGC: Abbreviation for User Generated Contents. It refers to content created and shared by general consumers who use Livestreaming service, SNS, and other entertainment services Background Imagineer Co., Ltd. istyle Inc. Sony Corporation Agile Media Network Inc. Experienced management of IP development and UGC*1 services Executive Management

4 Together, Let's Create Culture Loved by All. We are
continuing to build a platform to bring together unique and diverse content creators. With the latest technology, users are exposed to new, exciting, high-quality experiences every single day. We bring about the best 2D entertainment loved by all, regardless of age, gender, and nationality. To bring all this to fruition, we continue to challenge the norm. Mission

Company Overview *As of the end of March 2024 Name
COVER Corporation Capital 973 million yen Establishment June 13, 2016 CEO Motoaki Tanigo Directors Ikko Fukuda, Kimiyuki Suda, Yoichi Wada, Shuhei Ueda Employees 509 Business VTuber Production Business (Streaming/Content, Concerts/Events, Merchandising, Licensing/Collaborations) 5

6 Performer Avatar VTuber IP belongs to COVER A VTuber
is a virtual entertainer who livestreams, while utilizing motion capture technology, as an animated avatar What is VTuber?

A Living IP that Combines the Characteristics of Each Influencer
and Character 7 Achieve high expressiveness and fan engagement as a “living IP” by integrating the latest IT technologies such as VR, AR, and network transmission with character IP

Achieve strong growth with the industry-leading VTuber production and the
passionate fan community 8 30.1% Overseas Sales Ratio in EC 141MM Related Twitter Posts *2 Fan Community 88.4MM Total # of ch. Subs. *1 Financials ￥ 30.1Bn FY2024/3 Revenue + 47.5% YoY Sales Growth ￥ 355MM Yearly Revenue Per VTuber *3 hololive production 85 # of VTubers 38 # of channels with 1M+ Subs. *1 92,000 Total # of Streaming Videos *1 *1 : Aggregated from each channel and official channel on YouTube as of March 31, 2024 *2 : # of mentions through official Twitter hashtags of FY2024/3 *3 : Calculated by dividing FY2023/3 sales by the number of enrolled VTubers at the end of FY2024/3 COVER at a Glance

Commerce Activities via IP Building up Our VTuber IP and
Fan Community Major Rev. Sources Major Cost Items Services Revenue Mix *1 (vs Prev. Year) Streaming / Content Merchandising Licensing / Collaborations Concerts / Events Livestreaming through streaming platforms Live events offline / online Real / digital merchandise IP license-out and Promotional support like tie-up ads. Super Chat *2, Channel Membership *3 Tickets sales, Product sales In-house/External EC sales Royalties collected from licensees, Promotional fees from advertisers Platform Fees, Rev. share w/ VTubers Event production costs, Rev. share w/ VTubers Sales Commission, Raw Materials, Rev. share w/ VTubers Production Costs, Rev. share w/ VTubers 41.4％（YoY +55.9%） 14.7％（YoY +65.9%） 18.6％（YoY +63.4%） 25.3％（YoY +20.6%） 9 *1 : Breakdown of FY2023/4 Revenue *2 : A system that allows viewers to pay a fee to make their chat messages stand out when livestreaming is published using YouTube's live chat *3 : A system on YouTube whereby members pay a monthly fee to become channel members and receive badges, emotes, limited video distribution and other similar privileges Development of various businesses opportunities by leveraging hololive’s brand recognition and the fan community gained through livestreams and live events From VTuber Agency to an Expanding IP Business

46.0% 38.4% 31.0% 25.3% 14.2% 16.1% 16.8% 18.6% 32.3% 35.4%
39.1% 41.4% 7.5% 10.1% 13.1% 14.7% 2021/3期 2022/3期 2023/3期 2024/3期 Revenue approx. 5.7B Revenue approx. 13.7B Revenue approx. 20.5B Revenue approx. 30.1B 39.8％ approx. 2.3B 56.1％ approx. 16.9B Licensing/Collaborations Streaming/Content Concerts/Events Merchandising In a period of approximately three years since 2021, COVER has earned more from Merchandising and Licensing / Collaborations than from streaming and concerts. Our revenue structure is shifting to that of IP companies (Unit: JPY) FY2021/3 FY2022/3 FY2023/3 FY2024/3 Change to Sales Structure of IP Companies 10

Step 2 the Company has developed its medium- to long-term
strategy and has established a new three-step business strategy. Aim to gradually expand into a large-scale IP business while ensuring reproducibility 11 Create a new content culture and global economic zone originating from Japan Step 3 Step 1 Milestones towards Mission Accomplishment Establish the VTuber business Evolution to IP business Expansion of creator economic zone  Modeling the planning, production, and hit process of VTuber using video media, SNS, etc.  Recognition and brand establishment of hololive Production  Fostering a passionate fan community  Diverting IP to MD and licensing out  Promote cross-selling by marketing through diverse channels for product sales  Widespread penetration among generations and regions familiar with anime culture and the culture of Oshikatsu (supporting your favorite things in various ways, such as admiring and supporting idols and characters)  Expand to adjacent content areas such as anime and games  Expand revenue opportunities for creators by diversifying products and services  Reach even the mass population with low awareness of VTubers Focus areas Medium-term goal Establish reproducibility Details are described in Investment Highlights ①② (p.17-27) Details are described in Investment Highlights ③ (p.28-33) Details are described in Investment Highlights ④ (p.34-37)

Extended reinvestment in content to reach even more potential fans
and continue to expand our brand and the creator economy zone 12 Expansion of Creator Economic Zone through Extended Reinvestment Expand awareness among fans who enjoy entertainment content Development of mass- targeted content such as anime and games Participation in the VTuber community Deployment of IP content such as MD VTuber streaming for fans Forming a passionate fandom Provide content globally to diverse entertainment fan base Give back to creators and reinvest in content development Light fandom Middle fandom Core fandom

Areas to Consider for Strategic Partnerships or M&A In addition
to in-house business development, we will actively consider strategic partnerships and M&A in areas where we can expect to increase corporate value through synergies with our IP and developed businesses 13 Step 2 Step 3 Step 1 Establish the VTuber business Evolution to IP business Expansion of creator economic zone Expansion of technical and production capabilities • Expansion of state-of-the-art motion capture technology and 3DCG technology • Expansion of product planning and production systems based on the premise of simultaneous transactions with numerous licensee companies and product manufacturing companies, etc. • Securing advanced content production lines such as large-scale music videos and TV animation series • Expansion of human resources related to metaverse Expanding the content areas • Diversification of content planning such as short videos and animated shorts • Expansion of promotion through music • Larger and more sophisticated events • Diversification of MD and licensed-out products, including advanced products such as card games, apparel and figures • Media mix development of larger anime content • Expanding content in the game/metaverse areas Localization development • Content localization in multiple languages • Holding overseas events • Securing overseas local production and distribution networks for products • Partnerships with overseas local media companies and sales agents

14 Approach larger markets incrementally by gradually expanding the breadth
of content and the target audience Step 1 Step 2 Step 3 Breadth of cognition Everyone who enjoys entertainment content Younger generations who are familiar with anime culture and Oshikatsu VTuber native generation familiar with video streaming Streaming/Events/ MD/Collaborations Content width VTuber Direct Market 80 billion yen *1 Global Content Market 123.6 trillion yen *3 Global Anime Market 2.9 trillion yen *2 Local content/ Anime/ Card game Metaverse content/ Video game *1: Refer to the VTuber market size forecast for 2023 from Yano Research Institute’s “Survey on the VTuber market” *2: Refer to the 2022 anime industry market (broadly defined anime market) from The Association of Japanese Animations “Anime Industry Report 2023” *3: Refer to the global market size of the content industry in 2019 described in "Basic Materials of the No. 23 New Capitalism Realization Conference" of the Cabinet Secretariat Expanded Image of TAM Linked to Medium- to Long-Term Strategy

Investment Highlights 15

Investment Highlights 16 Unique Positioning with Global Top-Tier VTubers and
Highly Passionate Fan Community Distinctive Competitive Advantage Created by the Flywheel of Brand Development Potential for Commerce Expansion through Multifaceted IP Development Advancing to Game and Metaverse Platform 2 3 1 4

18 *1 : The above represents our own views of
the positioning of entertainment companies, including our own, in the entertainment industry *2 : PGC: Abbreviation for Professionally Generated Contents. It refers to contents produced by professionals/agencies *3 : UGC: Abbreviation for User Generated Contents. It refers to content created and shared by general consumers who use Livestreaming service, SNS, and other entertainment services Owned IP Third-party IP Interactive PGC×UGC *2, 3 One-way Only PGC *2 Need to borrow IP to attract customers (Internet media platformer etc.) Creating IP Trends and Contents with Fans w/ low cost Restricted IP commerce deployment (Traditional celebrity talent agency etc.) High cost of IP creation and long-term development (Major game company, Publisher etc.) A unique business model that enables a low-cost, continuous supply of highly engaging content for fans through Interactive communication between IP and fans Unique Positioning in the Entertainment Sector *1

VTuber IP can be deployed in areas that performer IP
and character IP are good at respectively 19 Celeblity IP Caracter IP # of VTuber 85 Specialty Strengths Example Influencers, entertainers, athletes, idols, etc. Entertainment content such as anime, games, and manga Real events such as live performances/videos and streaming content/music/fan goods Games/Anime/Comics/Toys and Hobbies/Collection/Fan Goods • Easy to create enthusiasm through two-way interaction with fans • Easy to increase the frequency of contact with fans by mass-producing immersive content • Easy to collaborate with products • Easy to work in virtual media such as anime, games, and metaverse Cases of VTuber VTuber’s Unique IP Development with Characteristics of Celeblity and Character

20 Kobo Kanaeru SEA No.1 # VTuber Affiliation YouTube ch.
Subs. 1 Gawr Gura hololive EN 4,450,000 2 Houshou Marine hololive 3,140,000 3 Kizuna Ai Kizuna AI 2,980,000 4 filian Mythic 2,600,000 5 Usada Pekora hololive 2,510,000 6 Kobo Kanaeru hololive ID 2,400,000 7 Mori Calliope hololive EN 2,370,000 8 Shirakami Fubuki hololive 2,350,000 9 Hoshimachi Suisei hololive 2,250,000 10 Inugami Korone hololive 2,090,000 Source： User Local（April 30, 2024） Houshou Marine Japan No.1 Gawr Gura U.S. No.1 ▪ VTuber ch. Subs. Global Ranking Ownership of the worlds leading VTubers, including the No.1 VTuber within Japan, North America, and Southeast Asia Ownership of Global Top-Tier VTubers

21 # of VTubers w/ 1M+ ch. Subs. Company A
Company B *1 # of VTubers (Last Fiscal Year End) *1 Total # of ch. Subs. (MM) Yearly Revenue Per VTuber *1 (MM JPY) 89.4 72.1 10.7 39 8 0 355 176 N/A 85 156 0 N/A Recognition, popularity, and revenue per IP at hololive are best-in-class within VTuber Industry Source : User Local (as of March 30, 2024) *1 : For COVER, this was calculated by dividing FY2023 Revenue by # of enrolled VTubers at the end of the same period; for Company A calculated by dividing FY2023 Revenue by # of enrolled VTubers at the end of the same period High Recognition and Brand Awareness as Production

FY2021/3 FY2022/3 FY2023/3 FY2024/3 FY2018/3 FY2019/3 FY2020/3 FY2021/3 FY2022/3 FY2023/3
FY2024/3 FY2020/3 FY2021/3 FY2022/3 FY2023/3 FY2024/3 FY2018/3 FY2019/3 FY2020/3 FY2021/3 FY2022/3 FY2023/3 FY2024/3 23 Enhance hololive Brand Expanding Fan Community UGC *1 PGC *2 Increased Contents Volume Multilingual Localization Livestreaming and Contents Supply (PGC*2) Fan Viewership and UGC*1 Posts Total # of Streaming Videos : 92K (YoY +34%) *3 Shipped Goods in FY2024/3 : 2.40MM Total # of Views : 14.8Bn (YoY +40%) *4 # of Related Tweets FY2023/3 : 141MM *5 Fiscal year Videos Past yeas Videos Fiscal year Views Past yeas Views *1 : PGC: Abbreviation for Professionally Generated Contents. It refers to contents produced by professionals/agencies *2 : UGC: Abbreviation for User Generated Contents. It refers to content created and shared by general consumers who use Livestreaming service, SNS, and other entertainment services *3 : Cumulative # of videos posted since September 2017. In addition to the channels of COVER’s VTubers, we have also included our sub-channels, official channels, etc. as well. YoY is the increase ratio of the total # of videos posted as of March 31, 2024 compared to the total # of videos posted as of March 31, 2023 *4 : Cumulative # of video views since September 2017. In addition to the channels of COVER’s VTubers, we have also included our sub-channels, official channels, etc. as well. YoY is the increase ratio of the total # of views as of March 31, 2024 compared to the total # of views as of March 31, 2023 *5 : # of mentions of official Twitter hashtags Synergy between VTubers' live streaming and fans' UGC*1 in response contributes to establishing a strong brand Enthusiastic Fan Community Expansion Creates an Irreplaceable Moat

Fans Concerts Streaming Anime Merch Original works (PGC) Consumption and
derivative works Video clips Fan games Singing/Dancing clips Fans Consumption and derivative works (UGC) Consumption Higher content volume and creation speed can deliver content to a broader audience Fan ads 24 Thanks to actively promoting not only content we provide (PGC), but also fan-created derivative works (UGC), creating IP content together with fans and fan communities leads to an overwhelming amount of enthusiasm Marketing Leverage between PGC and UGC (1)

Marketing Leverage between PGC and UGC (2) UGC PGC Fan
community of hololive COVER On TikTok Total number of views 300 MM Total number of clips used this music is 50 Thousands On YouTube, 4 thousands movies and clips are released Leveraging the content power by UGC enhances the possibility of spreading to unviewed audiences Leading to increase of new fans YouTube official MV Total number of views 37.35 MM Houshou Marine “Bishoujo Muzai♡Pirates” as of the end of February 2024 Figures as of the time when the data could be collected 25

26 0.2 0.4 0.6 1.0 1.5 2.2 3.5 6.1 10.0
18.1 28.8 37.3 44.2 50.8 58.0 61.4 65.3 70.0 72.4 75.6 77.8 83.2 86.3 88.4 4 11 18 21 22 23 27 30 31 32 33 36 36 38 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2019/3 FY2020/3 FY2021/3 FY2022/3 FY2023/3 FY2024/3 1 2 2 5 8 9 11 21 17 24 42 34 47 42 71 65 53 59 71 102 69 87 81 129 5 11 14 15 19 25 30 36 42 46 51 52 52 57 62 68 68 71 71 75 75 82 86 85 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2019/3 FY2020/3 FY2021/3 FY2022/3 FY2023/3 FY2024/3 ▪ Revenue per VTuber / # of hololive VTubers ▪ # of ch. Subs./ # of channels with 1M+ Subs. * Quarterly Revenue per VTuber (MM JPY) # of hololive VTubers # of JP ch. Subs. (MM) # of Official ch. Subs. (MM) # of channels with 1M+ Subs. # of INT ch. Subs. (MM) *： YouTube Channel Subscriber Count In line with the rapid growth in # of fans of our VTubers worldwide, the value of the IPs itself and ability to attract customers have increased Steady Growth of Our Fan Base and IPs

Total # of ch. Subs. 88.4 MM 355 MM JPY
Yearly Revenue per VTuber 27 The valued hololive brand attracts the best talent Team up with top-class talents with affinity to each IP concept Entertainment-savvy production Attractive performers selected through auditions Top-tier illustrators with high industry influence Concept Adjustment suited to the performer/creator Interaction with fans via SNS Production of concept movies/arts Source： YouTube Analytics（as of March 31, 2024） *1 : Calculated by adding up # of registrations for the official YouTube channel and each VTuber's channel *2 : Calculated by dividing FY 2024/3 Revenue by # of enrolled VTubers at the end of the same period *3 : Performance of VTubers debuting after 2021 (hololive, hololive English, hololive Indonesia) *1 *2 Promoting and debuting VTubers as one team # of ch. Subs. at the debut >100 k Debut livestream *3 113 k # of concurrent viewers at the debut *3 Brilliant IP planning team, performers, and creators attracted by the hololive brand work as one team to create a hit IP Sustainable Planning and Structure to Create High-quality IP

28 Unique Positioning with Global Top-Tier VTubers and Highly Passionate
Fan Community Distinctive Competitive Advantage Created by the Flywheel of Brand Development Potential for Commerce Expansion through Multifaceted IP Development Advancing to Game and Metaverse Platform 2 3 1 4 Investment Highlights

Expand recognition through highly diffusive media such as music videos,
anime, and short videos, and encourage people to become a fan by increasing contact opportunities with VTuber IP 29 Multi-faceted Content Development with an Eye on Fan Nurturing Target group Content  Music video (MV), anime, short video  UGC content,  Collaboration with other brands  Follow YouTube and social media accounts  Watch live streaming  Purchase introductory goods at retailers and e-commerce sites  Attend a live concert at a local venue (or watch online streaming)  Purchase of multiple IP products by cross-selling Internet natives who are familiar with the culture of anime and Oshikatsu Nurturing journey Step 1 Acquisition and expansion of recognition Step 2 Increase in contact points Step 3 Improve engagement >>> >>> >>> Reference indicators ＃ of related video views per year 4.1 billion times* The mass population who enjoy entertainment content YouTube Total # of YouTube channel followers* 88 million people # of annual event attendees* 340 thousand people Core fandom that loves VTuber culture *1: Including affiliated VTubers and official channels *2: Total number of attendees for on-site and streaming tickets at the company's own paid live concerts. Pass-through tickets are duplicated and counted for each concert.

Expanding Customer Contacts through High-quality PGC The expansion of our
VTuber IP presence in the music scene has resulted in a significant influx of new fans. High-quality PGC will generate more user generated content (UGC) and expand customer contacts 30 0 5 10 15 20 25 0 10 20 30 40 50 60 70 80 90 100 2022/3期 2023/3期 2024/3期チャンネル登録者数(左軸) 平均月間UU数(右軸) （MM）（MM） Wide spreading on YouTube Tik Tok X(former Twitter) Primary creation PGC Derivative works PGC Derivative works UGC Multifaceted business development is possible by nurturing VTuber IP and brand strength *Changes in the number of channel subscribers of the affiliated VTubers as of the end of each fiscal year, including the official ones, and the average number of monthly UU for each fiscal year Expand new customer contacts and fans PGC × UGC cycle by IP Changes in # of channel subs. and average # of unique users (UU)* FY2022/3 FY2023/3 FY2024/3 # of Subscribers (left) # of average monthly UU (right)

Expand Customer Contact Points through Partnerships Increase IP contact points
with potential fans globally through partnerships with influential advertising and sales agencies and retailers in each region 31 Expanding stores in North America • Starting sales at animate Los Angeles from September 2023 • Starting sales at more than 30 stores of Tokyo Japanese Lifestyle from April 2024 • Develop agency companies in more than 140 countries around the world and consider collaboration with more than 250 client companies • By expanding our B2B network with partner companies, we will increase awareness and promote products globally through mutual customer referrals • Expanding sales channels utilizing local e-commerce (EC) and retail stores in North America and Asia, the main e- commerce regions • In addition to expanding the range of products that are easy to stock in stores, develop a sales network that can reach a wide range of fan bases Expansion of the agency network Development of retail stores Indonesia “Indomie” • Acquired a project for local national instant noodles through a local agent in Indonesia • Recognition spread widely and quickly among local fans

0 500 1,000 1,500 2,000 2,500 3,000 FY2022/3 FY2023/3 FY2024/3
Increase in IP Contact Opportunities for Potential Fans via Expansion of MD Business Expand product purchasing opportunities for potential fans by promoting distribution of products to retail stores globally. Plan cross-selling to specific VTuber fans through series products such as trading card games, etc. *: Number of product SKUs sold on official EC sites at the end of each fiscal year (including out-of-stock products during the sales period). # of SKU/frequency of purchase Sales channel/ sales region Changes in the number of SKU on the official EC Promotion of large-series product planning Stuffed toy/acrylic stand series Trading cards 32

As for overseas expansion areas, emphasis is placed on North
America and Asia, where the anime market has highly penetrated. Aim to increase the number of events, products and services accessible to potential fans in each region Enhancement of Products and Services for Overseas Fans 33 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 FY2023/3 FY2024/3 US 東アジア東南アジアその他 25 58 FY2023/3 FY2024/3 # of overseas business partners Current status Future development Service development Live streaming via distribution platform Holding offline/online live events Selling physical/digital VTuber goods Support for promotion such as IP licensing out and tie-up ads to manufacturers Streaming/Content Merchandising Licensing/Collaborations Concerts/Events # of event participants “hololive English 1stz Concert: Connect the World” Venue: 5,000 Online: 25,000 5th Fes. / EXPO # of overseas audience members: 8,000 FY2023/3 Overseas events # of exhibitors: 29 # of VTuber channel subs. by region (as of the end of March 2024) # of official EC orders by region • Planning and implementation of offline live performances on site • Actively exhibiting at local events • Expansion of global sales channels in e- commerce • Product delivery to local stores • Strengthen partnerships with sales agents and local companies • Expansion of localized collaboration products through licensing out • Debut of diverse VTubers who develop new audiences • Execution of large-scale projects to develop IP • Local community management through SNS and promotion of UGC Commerce development using IP Cultivate VTuber IP/fan base US Others East Asia South East Asia

34 Unique Positioning with Global Top-Tier VTubers and Highly Passionate
Fan Community Distinctive Competitive Advantage Created by the Flywheel of Brand Development Potential for Commerce Expansion through Multifaceted IP Development Advancing to Game and Metaverse Platform 2 3 1 4 Investment Highlights

Types of and Outlook for Our Game/Metaverse Related Business 35
Summary Revenue model holo Indie IP Licensing out to game developers Holoearth Development cost • Brand for derivative work games using our IP • Indie game creators, etc. can publish games using our IP under the relevant brand Borne by creators, in principle The operating costs are borne by the Company Amortize assets recorded on the B/S at time of profit and loss (PL) Large part of cost is borne by developer companies Revenue share Revenue share • Development of original games through licensing out our IP to game development and management companies • The Company supervise original games and handle a part of promotion • Metaverse platform that provides fans with new experiences • In-house development from the viewpoint of development flexibility with a view to collaborating with our other services The Company’s revenue The development period of gaming-related businesses, which can be a major source of revenue in the medium term, is long. Therefore, financial risks are managed in a decentralized manner by type

Anime-look Metaverse “Holoearth” 36  Immediate financial impact  Approx.
2 billion yen of development costs as of the end of March 2024 is recorded as software assets on the B/S  Operating expenses and amortization of software assets will be recorded in PL from FY2025/3  Amortization is expected to start around Oct. 2024 (amortization period; 5 years)  The overall cost impact on PL for the FY2025/3 is expected to be around 500 million yen  Development costs in the phase after amortization begins from October 2024 will be capitalized additionally, depending on engineering and other man-hours in operation  Additional capitalized costs will be amortized depending on release of each additional services * The images are things under development  Summary  Metaverse platform developed in-house by the Company  Provide users with interaction opportunities and content experiences in a virtual space community via their avatars The function expansion of the open beta version will be executed in 2024 gradually

37 Up to Now After Holoearth Grand Launch Streaming/Viewing Content
Participation in Holoearth Real Merchandise Digital Merchandise Streaming Services Real Stage Performances Virtual Live Performances in Holoearth SNS/movie/Illustration Sharing Avatar Communication in Holoearth Contents Experiences Merchandise Live Performances Interaction/UGC Holoearth will enable more flexible and closer communication in addition to the existing activities and interactions on multiple platforms Providing New Experiences through a Metaverse Platform

Financial Highlights 38

1,479 5,724 13,663 20,451 30,166 16.4% 29.7% 13.6% 16.7% 18.4%
2020/3期 2021/3期 2022/3期 2023/3期 2024/3期 2025/3期 2026/3期 Remarkable Financial Profile that Combines High Growth and High Profits 39 ▪ Annual Revenues & Margin ▪ Quarterly Revenue & Margin FY2024/3 FY2021/3 FY2022/3 Streaming/Content Revenue （MM） Licensing/Collaborations Revenue（MM） Operating Margin （%） Concerts/Events Revenue （MM） Merchandising Revenue （MM） Streaming/Content Revenue （MM） Licensing/Collaborations Revenue（MM） Operating Margin （%） Concerts/Events Revenue （MM） Merchandising Revenue （MM） FY2023/3 Earnings upside from new media mix planning, etc. is budgeted conservatively at this point 36,481 Drive growth/profitability by expanding commerce development based on high-value-added IP. Aim for continuous improvement of sales growth and profit margin while focusing on investments to maintain/improve competitive advantage over the medium to long term FY2020/3 FY2021/3 FY2023/3 FY2024/3 FY2022/3 FY2025/3 FY2026/3 708 1,107 2,152 1,756 2,423 2,422 4,423 4,394 3,601 4,190 5,010 7,648 5,142 7,133 6,949 10,941 25.3% 31.9% 36.5% 21.6% 25.7% 13.4% 17.1% 3.3% 10.0% 12.3% 17.0% 21.9% 17.4% 19.7% 17.1% 18.7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

40 FY2021/3 FY2022/3 FY2023/3 FY2024/3 Long-term Goal (deferred) Gross profit
margin 48% 38% 45% 46% 50% • Steady progress of marginal profit in improvements due to changes in sales mix • Promote profitable commerce and content development utilizing the brand and planning capabilities of the production while ensuring revenue-sharing with VTubers SG&A expense ratio 18% 25% 29% 28% 20% • The SG&A expense ratio tends to decrease gradually as the scale of sales increases • Based on costs related with metaverse game development and continued investment in human resources, particularly in areas with high growth potential, we expect to maintain a level of around 20% Operating margin 29% 13% 16% 18% 30% • The 30% target remains unchanged as the overall business mix, including pilot investments in multifaceted content • Establish investment decision that takes into account potential profit for investment for new business and M&A as well ▪Major cost items to sales ratio Medium- to Long-term Profit Target Profitability is improving due to focus on highly profitable commerce development and economies of scale. While investing in multi-faceted content development, the target of 30% for operating profit remains unchanged

Appendix 41

42 Major Risks Measures Proba- bility Impact Time Span Dependence
on video distribution platforms operated by other companies We provide livestreaming content to viewers through video distribution platforms such as YouTube. If it becomes difficult for us to continue providing livestreaming content due to changes in the business strategies of these video distribution platforms or in our relationship with them, or if there are significant changes in economic conditions, our revenue from viewers via these platforms may decrease, which may affect our business and earnings. We do not solely rely on livestreaming. We have been able to advance the diversification of our revenue stream opportunities to include merchandising, events, and licensing of intellectual property. Our content creators are also active on multiple video streaming platforms other than YouTube. Furthermore, we are planning for our content creators to eventually stream on our own platform, which is currently under development. Therefore, we do not solely depend on a single platform. Med. Med. Long- Term Risks related to the popularity, frequency of activities, and continuity of activities of our VTubers Our business performance depends to a certain degree on the popularity of the VTubers that are affiliated with our company and the frequency of content being produced. We have responded to scandals, incidents of social turmoil and defamation and other similar matters concerning our tubers from the beginning. We are taking measures such as expanding our technical and organizational systems to support VTubers so they can carry out their activities comfortably. However, the nature and frequency of VTuber activities depend on the activities of the content creators who use anime-like avatars. Therefore, there is a possibility that our reputation, business performance and financial situation may be affected due to a decline in the added value of our intellectual property, content, merchandise and the like that may occur in cases, such as: (i) when our content creators are unable to continue receiving support from viewers due to the streaming of inappropriate content, scandals, incitement of social controversy, defamation, or other similar reasons related to maintaining a healthy environment for streaming activities; (ii) when the frequency of our content creator’s activities declines significantly; or (iii) when it becomes difficult for our content creators to continue their activities. In looking at individual content creators, these risks may not emerge at a high frequency. However, we are taking countermeasures such as: (I) promoting the streaming of content in a healthy environment; (ii) responding to scandals, incitement of social controversy, defamation and the like; (iii) expanding technical and organizational systems to support VTubers so they can carry out their activities comfortably; (iv) collaborating with other related organizations within our industry; and (v) stabilizing the provision of content by providing content via our productions, as a whole, by a variety of popular VTubers. Med. Med. Mid- Term Reputation risk due to inappropriate content in video content Unexpected events that occur in content streaming that occurs daily may lead to a decline in our reputation of our content creators or may lead to disputes, which may affect our business development, financial circumstances, and business results. In order to prevent any violations of public order/morality by our content creators and any infringements of intellectual property rights, we are working to expand our guidelines and provide guidance to our content creators. In addition, we are striving to improve our management system by taking steps such as monitoring streaming activities so that we can promptly identify and respond to such events when they arise or when there are signs that they may arise. Med. Med. Mid- Term * For risks other than the above, please refer to "Business Risks" in the Securities Registration Statement, etc. Major Risks and Countermeasures

0% 10% 20% 30% 40% 50% 0.0% 1.0% 2.0% 3.0%
4.0% 5.0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 43 ▪ Sales Trend (Domestic/Overseas) *2 15,701 22,613 4,750 7,553 20,451 30,166 FY2023/3 FY2024/3 Domestic Sales (MM JPY) Overseas Sales (MM JPY) ▪ Revenue Ratio by VTuber (Top 20) *1 Revenue Ratio (%) Cumulative Profit Ratio (%) Source : YouTube (as of March 31, 2024) *1：The revenue ratio (left axis) is the ratio of the revenue of the top 20 VTubers to the total revenue of all VTubers belonging to our Company. The cumulative revenue ratio (right axis) is the cumulative value from the top of the revenue ratio *2： Aggregate revenue of items for which overseas revenue can be reasonably estimated and aggregated by each service, as opposed to overseas revenue by location. Revenue for which overseas transactions cannot be estimated is aggregated as domestic sales. Built up a structure that provides revenue diversification of all VTubers and groups, achieving stability Revenue Diversification of COVER’s VTubers and Overseas Sales

Conceptual Image of Expanding the VTuber Economic Zone 123,600 billion
yen Global Content Market 2,900 billion yen Global Anime Market 80 billion yen VTuber market The VTuber business in Japan will be established as a collection of various pieces of content VTuber business will expand into anime market, mainly in countries with high affinity for anime and IP content VTuber content will transcend regions and generations, creating a unique economic zone and penetrating each market Toy Hobby Music Game Anime LIVE streaming Events such as live activities Goods ...... ...... Anime market Game market Publishing market Manga market Music market Character market North America East Asia Southeast Asia Europe ...... Make VTubers elevate to the culture of the youth generation, especially in countries with an anime culture, and penetrate the global content market that transcends countries and generations 44

Deploying Offline Events Globally Confirming the existence of passionate fan
communities at events and expos in each region 45 Anime Revolution (Canada) Thailand Comic Con (Thailand) Seoul POPCON (Republic of Korea) DreamHack (Australia) hololive Meet x TAIPEI (Taiwan) hololive English 1st Concert -Connect the World- (California)

Professional Generated Content (Content created by professionals) Content created by
professional creators and specialists who have special knowledge and skills #TVShows #MusicVideos #ArtistMusic PGC User Generated Content (Content created by users) Content created and shared by ordinary users and consumers #E-CommerceSiteReviewsComments #VideoClips UGC 46 What is UGC? In recent years, UGC as well as PGC has been attracting much attention

Create an Environment that Promotes UGC Although derivative works are
usually limited to that for non-profit purposes, the monetization function provided by the video-sharing site can be used for clipped videos, and derivative work games can be distributed for a fee by posting them on Steam using the game brand “holo Indie” for derivative work games. Build a reward ecosystem that allows creators to monetize under certain conditions and increases their desire to create We have established Derivative Works Guidelines with the aim of ensuring that more fans can enjoy the content provided by the Company in a variety of ways 47

Holo Parade Holo X Break WOWOWOW KORONE BOX Idol Showdown
Miko in Maguma In November 2023, we launched “holo Indie,” a new game brand for derivative work games, to co-create with fans and creators around the world. The Game Creator Support Program* is provided as a reward ecosystem to support the continued activities of derivative work game creators. As a result, in the market of derivative work games, which are normally produced for free, distribution of games for a fee is permitted, and creative activities of derivative work games are supported. * A system that consolidates the publishing of derivative work games and returns rewards to creators by posting, reviewing, managing, and doing other necessary management tasks on websites such as Steam accounts though our subsidiary CCMC Corp. (head office: Minato-ku, Tokyo) Track record of holo Indie “holo Indie” Project 48

49 ▪ Activities involving defamation *As of March 31, 2024
 About the company’s streaming moderator system Stream moderation services are in Japanese, English and Indonesian, 24 hours a day by approximately 70 moderators.  Organizations and activities Joined as an industry association involved in game distribution and metaverse development. Participate in the development of guidelines and study groups. Japan Online Game Association (JOGA) Creator Economy Association (CEA) Joined as an industry group addressing issues surrounding creators such as defamation and social tipping. Cooperate in exchanging opinions and conducting surveys regarding creators. Music Publishers Association of Japan (MPA) Joined as an industry organization involved in the processing and distribution of rights around music. Safer Internet Association (SIA) Joined as an industry organization addressing Internet issues such as defamation and underage protection. Cooperate in exchanging opinions and conducting research on various issues related to our services. Activities during the one-year period from January 2022 to December 2022 Number of cases in which actions were taken against defamatory acts toward affiliated talents: 116 • Legal Action Against Infringements of Rights on Online Forums and Social Media • Legal Action Against Harassment Directed at Overseas Talents • Legal Action Against Aggregator Websites In June 2023, we released an additional joint statement announcing the formation of a “Anti-Defamation Study Group” with the cooperation of Google LLC, note inc., UUUM Co., Ltd., ANYCOLOR, Inc., and related experts. To support the activities of our content creators, we are working with various industry associations to improve their working environment and implement various anti-defamation measures, etc. ESG-related Activities

50 ▪ Awareness campaign with the Japan AED Foundation ▪
Appointment as Tokyo Tourism Ambassador Shirakami Fubuki, a talent associated with hololive, supports the foundation’s activities as a “Lifesaving Supporter” in the “Lifesaving Supporter Project team ASUKA.” AED training videos and other information are available on the YouTube channel of the Japan AED Foundation. hololive production talents have been selected as “Tokyo Tourism Ambassadors” to promote the appeal of Tokyo both domestically and internationally. “Sakura Miko” is affiliated with hololive, “Mori Calliope” and “Gawr Gura” affiliated with hololive English, were appointed. Contribute to public awareness and PR activities by leveraging the communication skills of affiliated VTubers CSR-related Activities

51 Corporate Planning Administrators Management Metaverse Development Media Mix Expansion
Talent Management Agency Management VTuber Branding Planning and Developing New Vtubers Streaming Application and Software Development Studio Content Creation ▪ Company Structure *1 (as of March 31, 2024) Advertisement・PR Event Planning Sales & MD *1 : Organizational structure in full-time employees IP Planning, Content Creation, Infrastructure Development 35% Sales & Marketing 21% Agency Management 19% Metaverse 11% Back Office 14% Live Event Management COVER boasts an industry-leading and diverse workforce with a large number of specialized employees Organizational Structure

2 2 2 2 2 2 2 3 3 4
9 13 22 36 48 51 75 93 110 132 170 215 262 300 373 376 392 409 455 480 492 509 6 9 12 3 6 9 12 3 6 9 12 3 6 9 12 3 6 9 12 3 6 9 12 3 6 9 12 3 6 9 12 3 2016 2017 2018 2019 2020 2021 2022 2023 2024 52 Historical Trends in Employees

53 FY2021/3 FY2022/3 FY2023/3 FY2024/3 Q1 Q2 Q3 Q4 Q1
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total # of ch. Subs. (MM) 1,003 1,808 2,884 3,733 4,418 5,081 5,799 5,986 6,525 7,002 7,238 7,558 7,782 8,319 8,625 8,841 Revenue（MM JPY） 708 1,107 2,152 1,756 2,423 2,422 4,423 4,394 3,601 4,190 5,010 7,648 5,142 7,133 6,949 10,941 Streaming / Content 420 571 797 844 1,220 1,200 1,416 1,412 1,450 1,572 1,575 1,744 1,651 1,799 2,038 2,157 Concerts / Events 0 58 515 240 293 287 563 1,059 193 581 466 2,187 376 1,285 954 2,985 Merchandising 262 424 656 503 756 713 1,904 1,457 1,574 1,597 2,090 2,740 2,091 3,269 2,701 4,414 Licensing / Collaborations 24 52 182 168 152 220 540 464 382 439 878 976 1,023 778 1,254 1,383 W e d e f i n e t h e f o l l o w i n g K P I s a s i m p o r t a n t m a n a g e m e n t i n d i c a t o r s ; " T o t a l # o f c h . S u b s . " , a d i r e c t i n d i c a t o r o f # o f h o l o l i v e f a n s , a n d “ T o t a l r e v e n u e " / “ T o t a l r e v e n u e b y s e r v i c e " , w h i c h a r e t h e s o u r c e o f a t t r a c t i v e c o n t e n t p r o d u c t i o n Objective Indicators to Judge the Achievement of Management Goals

MM JPY FY2021/3 FY2022/3 FY2023/3 FY2024/3 Total Revenue 5,724 13,663
20,451 30,166 YoY Growth +287% +138% +49% +48% Gross Profit 2,777 5,274 9,396 13,988 Margin 48% 38% 45% 46% Operating Profit 1,698 1,855 3,417 5,536 Margin 29% 13% 16% 18% Net Income 1,220 1,244 2,508 4,137 Margin 21% 9% 12% 14% 54 PL Summary

55 MM JPY FY2021/3 FY2022/3 FY2023/3 FY2024/3 Total Current Assets
3,048 7,168 11,740 14,798 Cash and Cash Equivalents 1,899 4,644 7,793 8,666 Total Fixed Assets 467 1,069 4,146 7,914 Total Asset 3,516 8,238 15,887 22,713 Total Liabilities 1,303 4,780 8,880 11,569 Total Equity 2,212 3,457 7,006 11,143 BS Summary

56 MM JPY FY2021/3 FY2022/3 FY2023/3 FY2024/3 Cash flows from
operating activities 1,419 3,537 4,866 4,765 Cash flows from investing activities (402) (793) (2,759) (3,893) Cash flows from financing activities 526 - 1,040 (0) Net increase in cash and cash equivalents 1,543 2,745 3,148 873 Cash and cash equivalents at beginning of period 356 1,899 4,644 7,793 Cash and cash equivalents at end of period 1,899 4,644 7,793 8,666 CF Summary

57 This material has been prepared by COVER Corporation (the
“Company”) solely for information purpose only, and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in the United States, Japan or any other jurisdictions. Any information contained in this material other than facts in the past and at present is referred to as such forward-looking statements. Forward-looking statements include but are not limited to expressions such as “believe”, “strive to", “anticipate”, “predict", “expect", “confirm", “continue", “try", “estimate“, “forecast“ “to take measures to", “hope”, “intend", “attempt", “it is possible…", “plan“, “strategy”, “potential", “probability", “project", “risk", “pursue", “should be…", “working to…", “have the goal of…“ and “planning to" as well as other similar expressions to explain future business activities, achievements, events and circumstances. Forward-looking statements are predictions about the future that reflect management's judgment based on currently-available information. As such, these forward-looking statements are subject to various risks and uncertainties. It is possible that the actual business content, results and the like in the future may significantly differ from those expressed in or suggested by the forward-looking statements. Therefore, please do not rely on forward-looking statements. For the business plan for FY2025/3, please refer to the “Presentation Materials for FY2024.3". The next disclosure of “Materials for Growth Opportunities and Strategies” is scheduled to be made at the time of the announcement of full-year financial results for FY2025/3. Handling of these Materials

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