CARTA HOLDINGS New Investors Materials The Evolution Factory TSE Prime Market Securities code: 3688 FY12/23

CARTA HOLDINGS Inc. CONTENTS 01 What is CARTA HOLDINGS? 02 Advertising Market Trends 03 Business Overview -Digital Marketing Business -Internet-related Services Business 2 04 Business Results sustainability Policies Shareholder Returns Policy Medium-Term Business Plan (Reposted) and Progress APPENDIX

CARTA HOLDINGS Inc. Corporate Profile 3 Existing shareholders Approx. 47% Dentsu Inc. Approx. 53% Management integration in 2019 Company name CARTA HOLDINGS, INC. Representative Shinsuke Usami, Chairperson and CEO Akio Niizawa, President and COO Address SHIBUYA SOLASTA 15F, 1-21-1, Dogenzaka, Shibuya, Tokyo Business Digital marketing business and Internet-related services business Capital 1,514 million yen Major shareholder Dentsu Group Inc. Established 2019 CARTA HOLDINGS was established in January 2019 as a result of the integration of the businesses of Voyage Group and CCI. At the same time, it became a consolidated subsidiary of Dentsu Group Inc. and signed a capital and business partnership with it.

CARTA HOLDINGS Inc. CARTA in Numbers 4 Online advertising transaction value*2 ¥120.8billion About 4.5% share of online advertising expenses in Japan Gross profit *2 ¥23.1billion Operating income *2 2.41billion Gross profit CAGR 7.9% Average annual growth rate in the five-year period from 2018 Established Employees *1 1999 1,492人 Number of bases*1 Number of subsidiaries*1 6bases 26companies *1 As of the end of March 2023 *2 As of FY2022

CARTA HOLDINGS Inc. CONTENTS 01 What is CARTA HOLDINGS? 02 Advertising Market Trends 03 Business Overview -Digital Marketing Business -Internet-related Services Business 5 04 Business Results sustainability Policies Shareholder Returns Policy Medium-Term Business Plan (Reposted) and Progress APPENDIX

CARTA HOLDINGS Inc. Advertising Industry 6 Advertisers Consumers Ad agencies Proposals Ad platforms Media representatives Ad production companies Sales promotion companies Event companies 4 types of mass media TV, radio, newspapers, magazines Transportation advertising Flyers Outdoor advertising (OOH) Direct Mail (DM) Internet Websites, social media, apps Request Ad placement Purchase of advertising slots Ad placement Advertising Advertising Request Proposals Implementation of events/ Advertising Commission Internet media rose quickly over the past two decades. Around it, new markets based on technologies matured rapidly.

CARTA HOLDINGS Inc. 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 28,000 30,000 1991 92 93 94 95 96 97 98 99 2000 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 改定 General Trend of Advertising Expenditures 7 Internet advertising Promotional media advertising SP advertising Terrestrial TV Newspaper Radio Magazine Satellite media Source: Dentsu Inc. “2022 Advertising Expenditures in Japan” In 2020, advertising expenditures amounted to ¥7,102.1 billion in Japan. Internet advertising expenses stood at ¥3,091.2 billion, accounting for 43.5% of the total advertising expenditures.

CARTA HOLDINGS Inc. Changes in Total Expenditures on Internet Advertising Media 8 6,189 6,629 7,203 8,245 9,194 10,378 12,206 14,480 16,630 17,567 21,571 24,801 1.8% 7.1% 8.7% 14.5% 11.5% 12.9% 17.6% 18.6% 14.8% 5.6% 22.8% 15.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (Billions of yen) Expenditures on Internet advertising media Growth rate Source: Dentsu Inc. “2021 Advertising Expenditures in Japan” The Internet advertising market expanded steadily, and expenditures on Internet advertising media in 2022 reached ¥2,480.1 billion, up 15.0% year on year.

CARTA HOLDINGS Inc. Market Breakdown by Type of Expenditures on Internet Advertising Media 9 6,226 7,383 9,400 11,518 13,267 14,558 18,382 1,596 1,538 1,759 1,971 2,314 2,024 2,249 1,372 1,457 1,049 990 1,049 985 940 9,194 10,378 12,207 14,480 16,630 17,567 21,571 2015 2016 2017 2018 2019 2020 2021 (Billions of yen) Programmatic advertising “Programmatic advertising” shows particularly high growth, with expenditures reaching just under ¥1.8 trillion in 2021 and accounting for approximately 85% of the Internet advertising market. Source: D2C Inc. / CARTA COMMUNICATIONS, Inc. / Dentsu Inc. / Dentsu Digital Inc. "2021 Advertising Expenditures in Japan: Detailed Analysis of Expenditures on Internet Advertising Media.” Reservation-based advertising Performance-based advertising

CARTA HOLDINGS Inc. Types of Online Advertising 10 Reservation-based advertising Performance-based advertising Programmatic advertising Advertisers / Ad agencies Media / Placement position Conditions relating to ad placement are changed after conclusion of contract Advertisers / Ad agencies Media / Placement position Advertising fees are paid only for results (e.g. purchases and downloads). Buy / Download Tender Google/Y!, etc. Keyword-targeted ads Tender Ad networks Display ads Tender Tender Tender Tender DSP1 DSP2 DSP3 SSP1 SSP2 SSP3 Advertisers and ad agencies Media and ad placement position Conditions relating to ad placement are determined at conclusion of contract Following the advancement of technologies for ad distribution, programmatic advertising is now a mainstream approach. It is designed to distribute ads matched to users in real time.

CARTA HOLDINGS Inc. Marketing Funnel and Online Advertising 11 Recognition Interest Comparison/ Consideration Purchase Reservation-based advertising Programmatic advertising Performance-based advertising Marketing funnel Objectives Types of online advertising Number of users User phases For branding ads, reservation-based advertising and programmatic advertising are often used as the main types of advertising. For direct response ads, programmatic advertising and performance-based advertising are usually used as the main types of advertising. Branding-focused Convey many different positive aspects of a product or company to get the user to like the brand Convey the advantages of a product in a straightforward way to get the user to buy Direct response- focused

CARTA HOLDINGS Inc. CONTENTS 01 What is CARTA HOLDINGS? 02 Advertising Market Trends 03 Business Overview -Digital Marketing Business -Internet-related Services Business 12 04 Business Results sustainability Policies Shareholder Returns Policy Medium-Term Business Plan (Reposted) and Progress APPENDIX

CARTA HOLDINGS Inc. 13 Business Model Overview Clients Consumers Digital Marketing Business ⚫ Support for the digital marketing activities of advertising companies ⚫ Support for the digital marketing activities of clients ⚫ DX support for media Internet-related Services Business. ⚫ Media content ⚫ EC ⚫ HR, etc. Advertising Firms Media/ Platformers Dentsu TV stations Advertising proposals Selling of advertising slots Provide services Purchasing of advertising spots Provision of services / consulting Provide services Advertising proposals / provision of services / consulting Provide services Purchasing of advertising spots Purchasing of advertising spots Provide services Sell products Provide services Purchasing of advertising spots

DIGITAL MARKETING

CARTA Digital Marketing Business 15 Collaboration Overview of the Digital Marketing Business Clients Consumers Digital Marketing Business Internet-related Services Business. Advertising Firms Advertising proposals Selling of advertising slots Provide services Purchasing of advertising spots Provision of services / consulting Provide services Advertising proposals / provision of services / consulting Purchasing of advertising spots Purchasing of advertising spots Provide services TV stations Dentsu For advertising companies ⚫ Planning / buying / reporting ⚫ Solutions for advertising companies ⚫ Trading desk, etc. For media ⚫ Digital Marketing in general ⚫ DX support in the advertising and retail sectors ⚫ Data consulting ⚫ Influencer marketing, etc. For clients ⚫ SSP (ad revenue maximization platform) ⚫ Solutions for media ⚫ Sale of advertising slots ⚫ Data consulting, etc. We will drive the evolution of digital marketing as a digital marketing and DX partner to clients, advertising companies and media Media/ Platformers

CARTA Digital Marketing Business 16 Digital Marketing Business Policy Overall Policy ⚫ We will switch from a business structure involving media representation and the provision of platforms to a business structure for a customer-driven digital marketing business. ⚫ We will cultivate DX support in the advertising sector such as TV commercials and DX support in the retail sectors as growth drivers. ⚫ We will create a new model for collaboration with the Dentsu Group. Customer-specific Policies We will switch from a structure that is dependent on revenue from media margins to a revenue structure with diverse revenue streams through collaboration with various agencies, aiming to achieve profitable growth as a business partner. For advertising companies Using unique solutions, platforms and advertising sales capabilities as strengths, we will solve media DX issues and maximize media revenue. For media Leveraging unique solutions and platforms, we will solve clients' digital marketing challenges and maximize the marketing ROI of customers. For clients

CARTA Digital Marketing Business 1,278 670 645 1,134 1,645 1,278 752 1,957 1,708 457 580 622 654 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar 2020 2021 2022 2023 4,230 3,683 3,602 4,484 4,849 4,490 4,241 5,575 5,401 4,407 4,532 4,537 4,685 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar 2020 2021 2022 2023 Digital Marketing Business Results 17 Segment sales ¥ 4.68billion -13% (Millions of yen) Segment operating income ¥ 0.65billion -61% (Millions of yen) * Segment operating income includes adjustment items such as goodwill, so the sum of segment operating incomes does not match consolidated operating income. * Retroactively adjusted after segment classification changes in Q1 FY12/23. Sales declined 13% year on year, to ¥4.68 billion. Operating income decreased 61% year on year, to ¥0.65 billion.

CARTA Digital Marketing Business Transaction value by ad type and by advertiser industry 18 Transaction value by ad type Transaction value by advertiser industry 14,325 11,324 12,134 15,616 14,814 14,861 15,032 18,399 18,279 15,390 16,250 18,461 18,346 14,396 10,365 10,665 13,840 16,260 10,789 11,834 13,455 12,190 8,684 9,666 11,223 9,960 1,609 1,222 1,094 898 854 434 -329 -477 -61 -688 -593 -1,248 -1,557 30,330 22,911 23,893 30,354 31,928 26,084 26,537 31,377 30,408 23,386 25,323 28,436 26,749 Jan- Mar Apr- Jun Jul- Sep Oct- Dec Jan- Mar Apr- Jun Jul- Sep Oct- Dec Jan- Mar Apr- Jun Jul- Sep Oct- Dec Jan- Mar 2020 2021 2022 2023 Information and communication, 16.2% Finance and insurance, 10.0% Cosmetics and toiletry, 9.0% Hobby and sports items, 8.7% Beverages and luxury items, 7.9% Government and organizations, 6.5% Automobiles and related items, 6.2% Restaurant, cafes and other services, 5.3% Education, medical services and religion, 4.9% Drugs and medical supplies, 4.0% Food, 4.0% Other, 17.4% Reservation -based ads Programmatic ads Other/intra-segment eliminations (Millions of yen)

CARTA Digital Marketing Business 2,427 2,855 1,914 2,116 2,277 2,109 2,926 2,713 3,662 3,754 4,244 4,456 5,031 28,005 20,130 21,690 28,062 29,341 24,026 23,366 28,334 26,676 19,592 20,912 23,828 21,754 -102 -74 290 176 311 -49 245 331 71 40 167 152 -36 30,330 22,911 23,894 30,354 31,929 26,086 26,537 31,378 30,409 23,386 25,323 28,436 26,749 8.0% 12.5% 8.0% 7.0% 7.1% 8.1% 11.0% 8.6% 12.0% 16.1% 16.8% 15.7% 18.8% Jan- Mar Apr- Jun Jul- Sep Oct- Dec Jan- Mar Apr- Jun Jul- Sep Oct- Dec Jan- Mar Apr- Jun Jul- Sep Oct- Dec Jan- Mar 2020 2021 2022 2023 Ratio of Direct Sales to Transaction Value 19 Value of direct sales transactions in Q1 5.03 billion yen Direct sales ratio for Q1 18.8% +4.1pt Value of direct sales transactions Value of agent sales transactions Other/intra-segment eliminations Direct sales ratio (%) The direct sales ratio increased to 18%. The value of transactions in direct sales grew 37% YoY to ¥5.03 billion. (Millions of yen) +37.4%

CARTA Digital Marketing Business Taking on the Challenge of New Fields in the Digital Marketing Business 20 DX for TV commercials CTV (connected TV) Digital signage DX support in the advertising sector DX support in the retail sector Development of a sales promotional data infrastructure Development of retail media Digitalization of in-store solutions

CARTA Digital Marketing Business 13 115 261 167 929 859 1,534 1,792 1,600 1,403 1,891 7-9月 10-12月 1-3月 4-6月 7-9月 10-12月 1-3月 4-6月 7-9月 10-12月 1-3月 2020年 2021年 2022年 2023年 TELECY Gross Net Sales Trend 21 Gross Net Sales Q4 Gross Net Sales 18.9billion +23.3% (Millions of yen) Gross net sales increased 23.3% from the same quarter in the previous year, hitting a record high.

CARTA Digital Marketing Business Taking on the Challenge of New Fields in the Digital Marketing Business 22 DX for TV commercials CTV (connected TV) Digital signage DX support in the advertising sector DX support in the retail sector Development of a sales promotional data infrastructure Development of retail media Digitalization of in-store solutions

CARTA Digital Marketing Business 40 65 110 200 300 450 50 70 135 210 290 355 Retail media market 23 2021年 2022年 2023年 2024年 2025年 2026年 90 135 245 410 590 805 0 200 400 600 800 1,000 (Billions of yen) Online media (owned media / digital advertising) Digital signage 出典：株式会社CARTA HOLDINGS / 株式会社デジタルインファクト 「リテールメディア広告市場調査」 In 2022 the retail media market was worth ¥13.5 billion, and is expected to growth around 6 times to ¥80.5 billion by 2026

CARTA Digital Marketing Business What is Retail Media? 24 An approach to utilize the customer data that retailers possess to develop advertising platforms that cover their own stores, e-commerce sites and mobile apps Outside media (e.g. Google) Consumers Stores and e-commerce sites In-house app, etc. Delivery of highly relevant ads Advertisers Database Increased opportunities for contact with products that strongly interest customers Increased sales opportunities and securing of revenue other than from sales Delivery of ads that are highly cost effective Registration and usage Delivery of ads and coupons based on customer data Store visits and purchases Data linking

CARTA Digital Marketing Business Outside media (e.g. Google) In-house app, etc. Delivery of highly relevant ads Implementation Structure for the Retail Sector 25 Utilize the expertise of individual companies while maintaining group coordination to provide optimum solutions for clients and consumers SSP, ad server provision, advertising media support Support the development and operation of retail apps and sales promotion solutions Provide data strategy consulting and construct a customer data platform (CDP) Consumers Stores and e-commerce sites Advertisers Database Registration and usage Delivery of ads and coupons based on customer data Store visits and purchases Support advertisers' sales promotion in collaboration with the Dentsu Group Cultivate retail and improve products in collaboration with arara inc. Data linking

CARTA Digital Marketing Business Retail DX Service History 26 Makiya Preca can be used on smartphones. Makiya's official LINE mini- app has been released. DigiClue introduces digital membership cards for Shinseidoyakkyoku Co., Ltd. and the online transmission of prescriptions to its pharmacies. DigiClue supports digital sales promotion campaigns for Daiso's stores across the country as well as its online store. DigiClue is selected as the Technology Partner in the LINE Mini App Category under the LINE Biz Partner Program. * Initial selection was in 2022 and maintained in 2023 DigiClue launches DigiClue Product Reservations, a service enabling the centralized management of product reservation operations at retail stores using LINE. DigiClue launches DigiClue Plus, a platform for sales promotion at stores providing a variety of sales promotion campaign functions. We develop and provide retail campaign platforms, digital membership certificates, goods booking services and other services irrespective of their provision as a LINE mini-app or a native app.

CARTA Digital Marketing Business Clients Served in Retail DX Services (in Japanese syllabary order) 27 and many others DAISO We offer the services mainly to retailers. We offer continuous support from app development to operation using data.

CARTA Digital Marketing Business 100 143 184 207 277 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar 2022 2023 Gross Net Sales (Index) in Retail Domain 28 Gross net sales (index) Gross net sales (index) for Q1 277 +177% * An index value of 100 represents net sales in the Jan.-Mar. period in 2022. Gross net sales increased 177% year on year

INTERNET RELATED SERVICES

CARTA Internet-related Services Business 30 Overview of the Internet-related Services Business Internet-related Services Business. Send customers Media,Solution EC, HR, other Collaboration Digital Marketing Business Advertising Firms Advertisers Client companies Manufacturers E-commerce websites Stores Provide solutions Send customers Provide solutions Provision of information, delivery of services, product sales Consumers Users While coordinating with the Digital Marketing Business, we will aim for growth in tandem with financial discipline, promoting the withdrawal from unprofitable businesses and improvements to revenue structure.

CARTA Internet-related Services Business 1,720 1,494 1,595 1,683 1,636 1,658 1,603 1,785 1,583 1,810 1,752 1,953 1,755 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar 2020 2021 2022 2023 138 213 104 282 192 145 19 195 -16 -73 -152 -112 129 176 158 327 542 205 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar 2020 2021 2022 2023 31 Segment sales ¥ 1.75 billion +10% (Millions of yen) Segment operating income ¥ 0.12 billion +0.1 billion (Millions of yen) Operating income Advertising expenses Internet-related Services Business Results * Segment operating income includes adjustment items such as goodwill, so the sum of segment operating incomes does not match consolidated operating income. Net sales rose 10% year on year, to ¥1.75 billion, and operating income increased ¥0.14 billion, to ¥0.12 billion.

CARTA Internet-related Services Business 250 394 374 355 282 429 499 477 448 748 643 673 589 1,467 1,284 1,203 1,327 1,513 1,363 1,225 1,342 1,358 1,248 1,284 1,293 1,339 3 -184 18 1 -159 -134 -121 -34 -223 -186 -175 -13 -173 1,720 1,494 1,595 1,683 1,636 1,658 1,603 1,785 1,583 1,810 1,752 1,953 1,755 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar 2020 2021 2022 2023 Internet-related Services Business: Sales Composition 32 Media/Solutions Media/Solutions -1.4% (Millions of yen) Yomite, Inc. in the D2C business was buoyant. 1.33billion yen E-commerce/HR Other/intra-segment eliminations E-commerce and recruiting +31.5% 0.58billion yen

CARTA HOLDINGS Inc. CONTENTS 01 What is CARTA HOLDINGS? 02 Advertising Market Trends 03 Business Overview -Digital Marketing Business -Internet-related Services Business 33 04 Business Results sustainability Policies Shareholder Returns Policy Medium-Term Business Plan (Reposted) and Progress APPENDIX

CARTA HOLDINGS Inc. 5,088 4,477 4,570 5,498 5,682 5,568 5,213 6,736 6,241 5,584 5,608 5,755 5,722 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar 2020 2021 2022 2023 Quarterly Gross Profit (Consolidated) (Millions of yen) Gross profit Q1 Gross Profit ¥ 5.72billion -8.3% 34

CARTA HOLDINGS Inc. 1,263 729 585 884 1,675 1,265 613 1,419 1,541 234 279 361 626 24.8% 18.5% 15.4% 18.5% 29.5% 22.7% 11.8% 21.1% 24.7% 4.2% 5.0% 6.3% 11.0% Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar 2020 2021 2022 2023 Quarterly Operating Income (Consolidated) Operating income Q1 Operating Income ¥ 0.62billion -59.3% 35 Operating margin（%） (Millions of yen)

CARTA HOLDINGS Inc. CONTENTS 01 What is CARTA HOLDINGS? 02 Advertising Market Trends 03 Business Overview -Digital Marketing Business -Internet-related Services Business 36 04 Business Results sustainability Policies Shareholder Returns Policy Medium-Term Business Plan (Reposted) and Progress APPENDIX

CARTA 新中期経営方針 37

CARTA 新中期経営方針 Evolution of Management Promoting data-driven decision making Development and expansion of human capital ⚫ People Analytics Evolution of the growth environment and organizational development ⚫ Developing a growth environment tailored to individual aspirations ⚫ Developing an organization with deep relationships that produces spontaneous motivation ⚫ Update the fundamental principles of the organization and human resources, and disseminate them throughout the company as Carta's vision Strengthening of hiring capabilities ⚫ Strengthening the recruitment brand ⚫ Developing work and workplaces that are attractive and fulfilling Promoting BP introduction back office department Strengthen management foundations Streamlining back office operations ⚫ Revise back office operations from the ground up and digitalize work ⚫ Make active investments related to DX and try to streamline business from a companywide perspective ⚫ Promote data-driven business management ⚫ Optimization of operations and separation between in-house and external production Promotion of measures and decision-making that goes beyond business units ⚫ Optimal business portfolio Detailed checking of monitoring indicators / simplification / visualization Improved capital efficiency 38 Improved immediacy and predictability of data sharing Balance sheet optimization

CARTA HOLDINGS Inc. 39 Carta's Material Issues Society and the Environment ⚫ Development of society and industry through the promotion of digital transformation ⚫ Sound development of the digital advertising industry ⚫ Mitigating and adapting to climate change Human capital ⚫ Diversity & Inclusion ⚫ Maintaining and improving human capital ⚫ Respect for human rights Corporate governance ⚫ Developing more sophisticated corporate governance and ensuring effectiveness ⚫ Responding to compliance requirements and preventing corruption ⚫ Ensuring thorough risk management

CARTA HOLDINGS Inc. 02 03 01 Activities to Take on Material Issues 40 Main D&I-related activities in the past Launch the WAVE cross-organizational D&I project within the CARTA HOLDINGS Group based on a suggestion from an employee Carry out an internal awareness survey on D&I Facilitate women's professional participation and advancement • Coaching training for female leaders • Introduce online gynecological health checkups and a program for helping take low-dose contraceptive pills in employee welfare programs Support for balancing work and childcare • Financial support program for baby-sitting services • Health and childcare seminars Carry out activities concerning LGBTQ+ issues • Introduce a gender diversity partnership program • Launch helpdesks (inside and outside the Group) • Training for recruitment interviewers Accelerate the employment and promotion of workers with disabilities • Launch an outside helpline • Provide assistance in establishing their positions at work and support at workplaces We established the Sustainability Committee to enable continuous business development and create social value. Establish the Diversity and Inclusion (D&I) Promotion Department and the D&I Promotion Committee to ensure that diverse employees are able to display their individual development to the fullest degree and that the business will grow continuously. Publish information about the professional participation and advancement of women under the Act on the Promotion of Women’s Active Engagement in Professional Life

CARTA HOLDINGS Inc. Number of Employees, Turnover and eNPS 41 After the Group reorganization in January 2022, we conducted active recruiting activities and worked to reduce turnover. The number of employees increased by 57 YoY. The Group reorganization led to a temporary fall in eNPS. Since then, the state of the organization has been steadily improving. 1,378 1,442 1,432 1,436 1,434 1,465 1,453 1,434 1,435 1,477 1,501 1,526 1,492 10.5% 9.5% 8.3% 6.5% 6.3% 7.8% 8.6% 10.2% 10.8% 11.1% 10.4% 9.1% 8.5% Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar 2020 2021 2022 2023 Trends in the number of employees*1 and annual turnover*2 Trend in the employee net promotor score (eNPS)*3 *1 Average number of employees at the end of each quarter *2 Calculated based on the number of employees in the most recent 12 months *3 A score indicating the level of recommendation of the workplace surveyed by asking employees how strongly they feel about recommending their workplace to their close friends A score closer to zero is considered more desirable. The average score ranges from -50 to -55. -38.3 -31.2 -42.7 -37 -33 -31.1 -70 -60 -50 -40 -30 -20 -10 0 Aug 2020 Feb 2021 Aug 2021 Mar 2022 Aug 2022 Feb 2023 Number of employees Annual turnover

CARTA HOLDINGS Inc. ESG Initiatives - Environment and Society - 42 Diversity CCI was certified by the Minister of Health, Labour and Welfare as an “Eruboshi” company at the highest level, recognized as an excellent company in light of the Act on the Promotion of Female Participation and Career Advancement in the Workplace. Social contribution activities Furusatohonpo supports business operators suffering from the impact of the COVID-19 pandemic, such as declining sales, by paying a Hometown Tax. Support for job-hunting students Supporterz held the Geek SAI tech conference online for students as future engineers. This event attracted 4,000 students Participation in a public-private platform pursuing regional revitalization and the achievement of the SDGs We are helping to build a sustainable society by proactively supporting activities, leading to regional revitalization through public-private collaboration. Environmental protection activities We established Katsunuma EC Navi Forest in Koshu City, Yamanashi, in 2008. We conduct forest development activities in a 100-hectare area. Environmental management We operate our environmental management system certified to the ISO 14001:2015 international standard with the goal of conserving the environment.

CARTA HOLDINGS Inc. ESG Initiatives - Governance - 43 We position corporate governance as a key component of our ongoing business expansion. While conducting corporate activities in accordance with laws, regulations, social norms, ethics and other rules, we aim to increase the effectiveness of the Board of Directors. For this purpose, we have three independent outside directors. In 2021, we established a nomination and compensation advisory committee to ensure the fairness, transparency and objectiveness of the nomination, remuneration and other procedures regarding directors. A majority of its members are outside directors. We are continuing to work on enhancing the supervisory function of the Board of Directors and improving its transparency and fairness. We are developing an internal control system to help drive sustainable growth for the overall Group. We have established a framework for operating and monitoring the internal control system. We seek to maintain high business quality and improve quality further by responding flexibly to rapid changes in the operating environment. We operate our information management system certified to the ISO 27001 international standard to ensure we are able to properly respond to information security risks and improve the continuity of business and the efficiency of operations. Corporate governance Internal control system Information security management

CARTA HOLDINGS Inc. Shareholder Returns Policy 44 Previous shareholder returns policy Consolidated dividend payout ratio of 25% Flexible acquisition of treasury shares New shareholder returns policy Aim for DOE 5% Purchase treasury shares in a flexible manner assuming listing on the prime market Dividend per share 27 33 27 15 15 16 48 51 54 54 2018 2019 2020 2021 2022 2023 Consolidated dividend payout ratio of 25% Aim for DOE 5% (Yen) Carta Holdings changed its shareholder returns policy from February 2021, also attaching importance to increasing capital efficiency.

CARTA HOLDINGS Inc. 45 Basic Policy Concerning Capital Allocation Investment for growth Investment for organic growth Investment for inorganic growth Acquisition of treasury shares Implement flexibly to the extent that number of tradable shares is 35% or more of the listed stocks Dividend policy Shareholder return policy is to aim for DOE 5%, while taking capital efficiency and financial soundness into consideration Enhancement of corporate value Ensure value creation with a certain spread in NPV, ROIC and IRR M&A Capital and business alliances (establishment of joint ventures, application of equity method) Seek to maximize corporate value by balancing investment for growth and shareholder returns. Investment in growth will be top priority when allocating surplus funds or cash provided by operating activities.

CARTA HOLDINGS Inc. 46 Basic Policy Concerning Business Portfolio Operations Investment/ Establishment (1) NPV ≥ 0 (standard cost of capital applied) Withdrawal Monitoring and performance evaluation (2) ROIC ≥ 9% (3) IRR of at least 9% (at least 30% during venture investment) (i) Timely monitoring of business plan and KPIs (ii) [Scale of earnings] sales growth rate, operating income, EVA (iii) [Efficiency] ROIC > WACC (i) Losses for three consecutive fiscal years (ii) Significant downward deviation from plan at time of investment (iii) Cumulative EVA [NOPAT - (capital invested  WAAC)] for three consecutive fiscal years is negative Investment criteria Monitoring and performance evaluation Withdrawal criteria Achieve continuous enhancement of corporate value through portfolio management balancing business creation/growth and capital productivity Assess whether business continuation is possible based on breach of following criteria

CARTA HOLDINGS Inc. 47 Basic Policy Concerning M&A ⚫ Actively pursue M&A, which is positioned as a key growth strategy ⚫ Attach importance not only on earnings potential and growth potential but also to WACC ⚫ Use NPV and ROIC to calculate whether return which is greater than WACC can be expected and invest on condition that the deal clears the company criteria ⚫ Continue to compare ROIC and WACC and confirm synergistic effects after completion of acquisition and regularly monitor contribution to corporate value Basic Policy STEP 1 Deal sourcing ⚫ Limit deals to business domains in keeping with medium and long term business growth scenarios ⚫ Confirm that terms and conditions meet the investment criteria, taking WACC into consideration ⚫ Select M&A scheme based on awareness of goodwill and incentives ⚫ Person responsible (Officer in charge) of business validates business plan ⚫ Finance departments calculate reasonable level for acquisition price (maximum investment amount) ⚫ Comprehensively consider matters identified in DD ⚫ Negotiate terms and conditions mindful of avoiding downside risks ⚫ Strengthen collaboration within the Group including cross-selling to realize the expected synergies ⚫ Achieve/maintain ROIC that is greater than WACC STEP 2 Initial investment judgment STEP 3 Due diligence STEP 4 Agreement negotiation and conclusion STEP 5 PMI M&A Process

CARTA HOLDINGS Inc. 48 Liabilities Net assets Current assets Non-current assets Interest- bearing debt Shareholders’ equity Cash and deposits Surplus cash Liabilities Interest-bearing debt • Avoid unnecessary borrowing as investment for growth can be funded with cash holdings • Use borrowing in cases where fund procurement is necessary such as large-scale M&A Net assets Shareholders’ equity (*2) • Be mindful of improving capital efficiency by actively investing in growth and returning profits to shareholders • Aim for DOE 5% • Acquire treasury shares to the extent that the number of tradable shares is 35% or more of listed stocks Current assets Cash and cash equivalents • Aim for one’ months ordinary income + PeX business deposits Non-current assets Cross-shareholdings • Avoid holding shares with an excessively high WACC, in principle Surplus cash • Actively allocate surplus cash (*1) to investment for growth and shareholder returns (As of the end of December 2022) *1: Surplus funds = ¥16.1 billion (cash equivalents) - ¥11.9 billion (one month of average current spending) - ¥1.7 billion (PeX deposits received) = ¥2.5 billion *2: Current shareholders' equity = ¥27.1 billion Balance Sheet Management Build structure where ROE ≥ ROIC > WACC Aim to improve balance sheet efficiency through capital allocation mindful of capital efficiency

CARTA HOLDINGS Inc. Opinions and forward-looking statements in this material are based on information available to us at the time this material was prepared, and we do not guarantee the accuracy of the information therein. Actual operating results and future business performance may differ significantly, owing to changes in a variety of factors. Furthermore, please note that these materials contain financial information based on historical financial statements or financial documents that have not been audited by an independent certified public accountant or accounting firm, as well as management data that is not based on financial statements or financial documents.