As of May 2025 

　　 Index Company Overview P3: Group Mission P4: Company Overview P5: About P6–7: Our Leadership P8: Values P9: Business Growth Leveraging C2C Base P10: Mid-Term Objectives of Main Businesses P11: Positive Impact of Mercari’s Business P12: Consolidated Revenue & Core Operating Profit P13: Marketplace—GMV/MAU P14: Market Potential of C2C E-Commerce in Japan Businesses P15: Marketplace P16–29: Mercari JP P30–32: Mercari Shops P33-34 Mercari Mobile P35: Fintech P36–48: Merpay P49–59: Mercoin P60–67: Mercari Hallo P68–63: Mercari US Appendix P75: Governance Structure P76–80: Leadership Profiles P81: Work Environment P82: ESG Policy (Materiality) P83–84: Inclusion & Diversity P85: Mercari R4D (R&D) P86: Sports Business P87–89: History 2 

　　 “Circulate all forms of value to unleash the potential in all people” 3 Group Mission 

　　 Japan Region Mercari Group Fintech 4 Mercari Group is made up of Mercari, Inc., and its consolidated subsidiaries. Marketplace Mercari, Inc. Established Activities Locations Offices Representative Executive Officer, Senior Vice President of Japan Region Representative of Mercari marketplace February 1, 2013 Planning, development, and operation of the Mercari marketplace app Roppongi Hills Mori Tower, 6-10-1 Roppongi, Minato-ku, Tokyo 106-6118, Japan Tokyo, Fukuoka Shintaro Yamada Masato Yamamoto Shunsuke Sako 1. November 20, 2017 2. Financial-related businesses 3. Takeshi Nagasawa Merpay, Inc. 1. January 2014 2. Planning, development, and operation of the US version of Mercari 3. Shintaro Yamada 4. Palo Alto, CA, USA Mercari, Inc. (US) 1. October 1, 1991 2. Management of a soccer club 3. Fumiaki Koizumi 4. Higashiyama 2887, Aō, Kashima, Ibaraki, Japan Kashima Antlers F.C. Co., Ltd. 1. June 2022 2. Development of internet services 3. Carlos Donderis (Managing Director) 4. Bangalore, Karnataka, India Mercari Software Technologies India Private Limited 1. April 28, 2021 2. Cryptoasset- and blockchain-related services 3. Keita Nakamura Mercoin, Inc. 1. Established, 2. Activities, 3. Representative, 4. Locations Company Overview 

　　 February 1st, 2013 Established Tokyo, Fukuoka, Osaka, Palo Alto, Bangalore Offices 2,190 (including subsidiaries) Headcount 5 About 

　　 Independent Outside Directors (8) 12 Directors Directors (4) Shintaro Yamada 　　　Representative Executive　　　Officer and CEO Fumiaki Koizumi President / CEO of Kashima Antlers F.C. Co., Ltd. Makiko Shinoda 6 Kazuhiko Toyama Takuya Kitagawa Daiken Tsunoda Mayumi Tochinoki　 Sayaka Eda Executive Officer, Senior Vice President of Corporate, and CFO Shiho Konno Kumi Fujisawa Mayumi Umezawa Kikka Hanazawa Our Leadership: Directors 

　　 7 Shintaro Yamada Director, Representative Executive Officer and CEO Shuji Kawano Masato Yamamoto Executive Officer, Senior Vice President of Japan Region Sayaka Eda Executive Officer, Senior Vice President of Corporate, and Chief Financial Officer Executive Officer, Senior Vice President of Management Strategy Our Leadership: Executive Officers 

　　 8 Values Go Bold All for One Be a Pro Move Fast 

　　 9 9 Business Growth Leveraging C2C Base 

　　 10 Group-wide Mid-Term Objectives Focus Areas Marketplace Fintech US Mid-Term Objectives Mid-Term Objectives Mid-Term Objectives Focus Areas Focus Areas Focus Areas ■ Work with external partners to realize an ecosystem ■ Promote global expansion by growing our US business and strengthening crossborder transactions ■ Create a borderless organization where talent from all over the world can thrive and strengthen I&D ■ In addition to the stable growth of the C2C business, continue to lead the market with high-level growth of crossborder transactions, B2C, etc. ■ Become No. 1 in the on-demand work industry - Redesign UI/UX using AI/LLMs - Strengthen categories with high price ranges - Enhance crossborder transactions - Grow B2C - Expand on-demand work ■ Expand Group synergy ■ Lift core operating profit to over 10B JPY and establish Fintech as the second pillar of Mercari Group ■ Engage Gen Z and establish name recognition and the reputation as "the easiest and safest selling app" ■ Realize sustainable growth while essentially continuing to break even - Expand payments and credit balance focused on the loyalty program - Maintain and enhance AI credit accuracy and collection rates - Expand our available cryptoasset types and usage scenarios - Acquire Gen Z users - Expand crossborder transactions with Japan - Leverage AI and machine learning to improve UX - Strengthen AI/LLM and data infrastructure - Strengthen our safe and secure usage environment - Reinforce information security - Promote I&D - Expand globally focused on crossborder business Mid-Term Objectives of Main Businesses 

　　 Positive Impact of Mercari’s Business (Avoided Greenhouse Gas Emissions) 11 ● In our calculations, we found that approximately 610,000 tons1,2 of greenhouse gas emissions are avoided annually through transactions in select categories on Mercari in Japan and the US. ● By encouraging the concept of reuse through the growth of our business, Mercari strives to be a planet-positive company that contributes to the creation of a circular economy in which all forms of value circulate seamlessly. Equivalent to the amount of CO 2 absorbed by approx. 69M cedar trees in one year4 Equivalent to approx. 250 covered baseball stadiums (Tokyo Dome)3 Equivalent to the amount of CO 2 emissions generated by one person flying from Tokyo to New York and back approx. 280K times5 Weight of apparel waste avoided (Japan only) ＝ ＝ Through listings on Mercari, avoided the disposal of approx. 10％ of apparel thrown away in Japan6 Avoided greenhouse gas emissions 1. Target categories: Clothing; Sneakers; Electronics; Books, Magazines & Comics; CDs, DVDs & Blu-rays; Bags [added to the calculations this year] 2. Calculations based on items for which a transaction was completed in the target categories on the Mercari Japan and Mercari US services from April 2023 to March 2024 3. CO2 equivalent to one covered baseball stadium: approx. 2,436t-CO2 (covered baseball stadium volume: 1.24M KL; 1 mol = 22.4 L = 44 g-CO2; Source: Tokyo Dome) 4. From “How Much Carbon Dioxide Do Forests Absorb?” published on the website of the Forestry Agency (available only in Japanese) 5. From “Carbon Dioxide Emissions in Transport Sector” published on the Ministry of Labour, Infrastructure and Transport website (available only in Japanese) 6. Yano Research Institute Ltd. “Ministry of the Environment 2022 Survey on Promotion Guidelines for Circular Fashion” (March 2023) 

　　 12 Consolidated Revenue & Core Operating Profit (Quarterly) 1. In compliance with accounting standards, from FY2024.6 Q4, a portion of point-related expenses (attributed to advertising costs) are deducted from revenue figures. 2. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. Core Operating Profit2 Revenue A portion of point-related expenses are deducted from revenue figures1 (since FY2024.6 Q4 for Marketplace and since FY2025.6 Q3 for Fintech) (Impact in Q3 was 400M JPY, YoY growth before deductions: +4%) +3% YoY +85% YoY (Billion JPY) (Billion JPY) 

　　 13 Marketplace—GMV/MAU YoY +6% YoY +0.4% YoY +5% (Billion JPY) GMV (Billion JPY) MAU (Million users) GMV1/MAU2 Revenue From FY2024.6 Q4, a portion of point-related expenses are deducted from revenue figures.3 (Impact in Q3 was 200M JPY, YoY growth before deductions: +6%) 1. Aggregate transaction value after adjusting for cancellations (includes transaction value of “Mercari NFT” and data transmission costs); does not include Mercari Hallo 2. Quarterly average number of users who browsed our service (app or web) at least once during a given month 3. In compliance with accounting standards, from FY2024.6 Q4, a portion of point-related expenses (attributed to advertising costs) are deducted from revenue figures. 

　　 The market for C2C EC marketplace apps in Japan has grown to 2,363.0 billion yen (6.8% increase from the previous year) over 11 years. This is enormous growth considering that C2C marketplace apps only started to gain traction in Japan in 2012, and the market continues to hold great potential for growth. 
 2,212.1
 billion JPY 2021 C2C EC Market Size in Japan 2022 2,363.0
 billion JPY 14 1. Source: Ministry of Economy, Trade and Industry (April 2017, April 2018). The total market size of sales of secondhand goods in stores, sales of secondhand goods online, auctions, etc. 　Excludes automobiles, motorcycles, and motor scooters. 2. Source: “FY2023 E-Commerce Market Survey Report”, Ministry of Economy, Trade and Industry (published September 25, 2024). Includes B2B and B2C transactions in addition to C2C transactions. 3. Source: “FY2023 E-Commerce Market Survey Report”, Ministry of Economy, Trade and Industry (published September 25, 2024). Includes the C2C EC market, such as marketplace apps and online auctions, and the B2C market for used items (both brick and mortar shops and online shops) 4. Source: Company materials; C2C and B2C GMV from January 2022 to December 2022 Market Potential of C2C E-Commerce in Japan 

Marketplace 15 

　　 ● Service launch: July 2013 ● Operating systems: Android, iOS (Can also be accessed through web browsers) ● Usage fee: Free (Sales fee for sold items: 10% of the sales price) ● Regions/languages supported: Base specs for Japan/Japanese ● Total number of listings to date: More than 4 billion (As of September 2024) Many sellers enjoy having the items they no longer need purchased and used by buyers who need them, and buyers enjoy the feeling of hunting for treasure as they search through unique and diverse items for lucky finds. In addition to buying and selling, users actively communicate through the buyer/seller chat and the “Like” feature. The Mercari app is a C2C marketplace where individuals can easily sell used items. We want to provide both buyers and sellers with a service where they can enjoy safe and secure transactions. Mercari offers a unique user experience, with a transaction environment that uses an escrow system, where Mercari temporarily holds payments, and simple and affordable shipping options. 16 What Is Mercari? 

　　 Mercari’s Strengths Mercari provides our many users with an easy-to-use, fun & engaging, and safe & secure marketplace. Safe & Secure Fun & Engaging For All Easy-to-Use 17 

　　 18 Escrow payment Mercari Shipping
 AI Listing Barcode Listing
 Mercari acts as a go-between in transactions to prevent disputes
 - Flat-rate shipping across the country - No need to write addresses - Anonymous shipping - Drop-off delivery - Automatic data entry - Price suggestions
 Seller Buyer Listing Payment notification Buyer rating Balance Payment Seller rating Delivery Mercari’s Strengths: Easy-to-Use 

　　 Simplified listing and communication features We simplify listing with features like Barcode Listing*, Easy Listing, and AI Listing Support, which use machine learning. We also provide plenty of communication features, such as desired price registration and emoji reactions. 19 *Barcode Listing is available for books, music, games, cosmetics/perfumes, consumer electrical appliances, and cameras. Mercari’s Strengths: Easy-to-Use 

　　 20 RakuRaku Mercari Shipping YuYu Mercari Shipping Eco Mercari Shipping Pick & Pack TanoMer Shipping Shipping service in partnership with Yamato. This service supports a wide range of item sizes, with safe and secure anonymous shipping and flat rates across Japan. Sellers can ship items from a Yamato Transport Office, convenience store, use the contactless shipping service PUDO, or have their package collected from their home. Shipping service in partnership with Japan Post. This service supports a wide range of item sizes, with safe and secure anonymous shipping and flat rates across Japan. Sellers can send items from any post office or convenience store. YuPacket Post and YuPacket Post mini packages can be mailed from a post box. Shipping service in partnership with SBS Group. Eco Mercari Shipping enables packages up to sizes 60 to 100 to be shipped for a flat rate of 730 yen. Only unattended delivery is available with this service. Sellers can ship items exclusively using the contactless shipping service SMARI. Shipping service in partnership with Art Setting Delivery. No need to pack up the item; just wait at home and we’ll come to you. This shipping service supports a wide range of item sizes from 80 to 450, as well as safe and secure anonymous shipping. Mercari’s Strengths: Easy-to-Use Convenient, safe, and secure shipping options We offer a wide range of shipping and delivery options so our users can choose the methods that are right for them. 

　　 Because Mercari enables numerous sellers to list their unique, individual items, it’s possible to come across lucky bargains that can’t be found on other services. The most popular category of items in 2014 was the Fashion category, which mainly consisted of items marketed toward women. However, as of 2023, the Entertainment & Hobbies category has grown by 17%, taking the top spot with items such as books, games, and toys. Lifestyle changes triggered by the pandemic increased the popularity of those kinds of items that are primarily intended for indoor use. This trend has continued since. A diverse lineup of items from all categories 21 Buying is like a treasure hunt where you can find any sort of item! Mercari’s Strengths: Fun & Engaging for All 

　　 In 2013, the top-selling brand on Mercari was Chanel. Fast-forward to 2022, and this has been replaced by UNIQLO. We believe the reason for this is that in 2013, our users were not in the habit of easily selling personal items. Instead, our users tended to select high-priced brands that did not lose their value easily, even if the items were slightly old. However, more recently, the behavior of using our marketplace as a way to easily sell items that are no longer needed has taken root1. As a result, the number of transactions involving brands used in everyday life has increased. What’s more, in 2013, our top-ranking apparel brands included Babydoll, Hysteric Mini, and Ingni. However, in 2022, Nike, GU, and Zara were among the top sellers. In 2013, brands for children and young women were popular, but more recently there are more transactions involving brands that are not exclusive to any particular generation or gender. 22 Brands used in daily life and not exclusive to any age or gender rank among our top sellers 1. “Consumption Behavior Among Users and Non-Users of Marketplace Apps in 2019” Consumer Survey (September 2019) https://about.mercari.com/press/news/articles/20190425_consumersurvey/ Mercari’s Strengths: Fun & Engaging for All 

　　 Maintaining a customer service system Mercari’s customer service system operates all day, every day, ensuring users can enjoy a safe and secure experience. Mercari monitors listings/transactions both manually and with automated detection systems to identify items that violate terms of use, making every effort to promptly remove any counterfeit/stolen goods. These systems are based on copius data from item information and transactions as well as AI technology. We strive to improve their accuracy and expand their scope in an effort to create a secure environment for users. 365-day/ 24-hour support お問い合わせ 23 Detecting violations with AI Mercari employs AI technology to automatically detect transactions that violate the terms of use. By combining this technology with extensive transaction data and item information data, the company aims to improve the accuracy of the detection systems and use them for a wider range of applications to provide an even safer and more secure environment for all users. 2. Calculate violation scores 1. Item listed 3. CS checks reported items Listings violating terms of use →will be deleted Normal listings →will be unhidden Examples of items that violate terms of use: gaming accounts, counterfeit items, medicine, etc. × Mercari’s Strengths: Safe & Secure 

　　 Cooperating with authorities Mercari strives to provide a safe and secure service for all users by cooperating with public institutions and law enforcement. The aim is to work towards making not just Mercari, but the industry as a whole safer and more secure by participating in organizations such as the Council for Intellectual Property Protection (CIPP), EC Business Association, Japan Cybercrime Control Center (JC3), and the National Shoplifting Prevention Organization (NSPO). The company also takes a proactive role in exchanging opinions and drawing up guidelines. 24 Inquiries & information Responses & reports Removes Arrests Criminals Law enforcement/ Public institutions Mercari provides several identity authentication services, such as phone number authentication and 3D Secure 2.0 authentication, to create a safe and secure marketplace. In April 2023, Mercari implemented a password-less biometric feature called Passkey to enhance security and convenience through the use of FIDO authentication. In January 2024, Mercari expanded the use of the Passkey biometric feature to include the sign-in process for all services. Enabling biometric sign-in Mercari’s Strengths: Safe & Secure 

　　 Inhibiting fraud by enhancing identity verification Users are required to provide user information (full name/date of birth) when registering for a new Mercari account. A user’s sales balance cannot be withdrawn if the name registered does not match the name of the bank account for the balance transfer; this prevents fraudulent listings, such as stolen goods. Identity verification is also required for all users who wish to buy or sell high-value items, ensuring that only verified users can participate in high-value transactions for a more secure marketplace. 　 Compensation If a product arrives damaged or defective, we offer returns and compensation. Eligible items include unintentionally purchased counterfeit goods, items with a defect or damage not included in the description, and shipping fees for when an accident occurs with Mercari Shipping. Mercari strives to ensure legitimate items are safely delivered to the buyer, but in the event that a user purchases counterfeit or defective goods, they are also eligible for a return or compensation. Awareness activities for adolescents and educators We hold educational activities across the country for middle school and high school students, as well as parents and teaching staff, where we teach them how to avoid trouble on marketplace apps, to ensure they can use Mercari with a sense of security. 25 Mercari’s Strengths: Safe & Secure 

　　 Mercari responds to requests to delete items that infringe IP rights as stipulated by the Provider Liability Limitation Act, but this program simplifies and speeds up this process for rights holders. By entering the program, not only are rights holders able to cut down on the time spent on submitting documents every time they file a claim, but the time to complete their takedown request is also shortened. 26 Intellectual Property (IP) Protection Program Recalled Items Program Mercari’s Recalled Items Program aims to deliver information issued by manufacturers/importers about product recalls and similar product safety issues directly to Mercari users who own the products in question (users who have listed or bought the item on Mercari). We believe that identifying those who own affected products and ensuring they receive the safety information they need will increase the percentage of items successfully returned to the manufacturer, help prevent accidents, and contribute to manufacturer/importer product safety initiatives. Safe Appraisal With Mercari’s Safe Appraisal service, after the lister ships an item, it first goes to the authentication service. After the authentication service determines that the item meets the authentication criteria they have defined, the service ships the item to the buyer. However, if the item does not meet the authentication criteria and cannot be appraised as authentic, the transaction is canceled automatically, and the purchase price of the item and the authentication fees are refunded to the buyer. The result is a partnership that allows users to purchase items safely and securely. Mercari’s Strengths: Safe & Secure 

　　 ● Establishing a new item returns center - Collecting switched, counterfeit, etc. items - Investigating returns by comparing item images and descriptions with the actual items ● Strengthening involvement in hard-to-resolve disputes between users to resolve them quickly ● Thoroughly confirming transaction history and status of past usage 27 Expansion of User Compensation Strengthening of User Support ● Compensating users who use the platform correctly ● Collecting actual items and confirming them visually ● Addressing inappropriate receipt of compensation by using identity verification, systemization, etc. ● Expanding the scope of identity verification ● Strengthening partnerships with police and other related authorities ● Thoroughly monitoring transactions suspected of being fraudulent ● Building AI systems and other mechanisms for detecting fraudulent behavior (planned) Elimination of Fraudulent Users Mercari’s Strengths: Strengthened Support System and New Compensation Policy Starting November 2024, we strengthened our user support and implemented a new compensation policy 

　　 Mercari’s crossborder transactions business began in 2019, promoting the creation of a circular economy that includes overseas users In collaboration with 79 crossborder e-commerce companies, items listed on Mercari are currently being purchased by users from over 120 countries and regions worldwide1. Anime and idol merchandise dominate the top three transaction categories, with C2C transactions enabling overseas users to purchase merchandise of their favorite character or celebrity. Launched our services in approx. 120 countries and regions through partnerships with 79 companies FY2024.6 Annual GMV Approx. 3.5 times larger YoY 2 1. As of April 30, 2025 2. Source: Mercari. Inc. Full-Year Financial Results Documents for FY2024.6 Expanding Our Crossborder Transactions Business 

　　 Items listed on the Mercari marketplace in Japan now available for purchase in Taiwan and Hong Kong— Reached over 300,000 registered users in Taiwan in seven months As part of our global strategy, we expanded operations through crossborder transactions to Taiwan in August 2024, and to Hong Kong in May 2025. Taiwan and Hong Kong residents are now able to register as Mercari users and use the Mercari website to purchase items listed in Japan. Expanding Our Crossborder Transactions Business: Mercari Expands to Taiwan and Hong Kong With Crossborder Transactions 

　　 Under a concept of “sell with ease,” Mercari Shops is an e-commerce platform that allows users to establish their own online shop using just a smartphone and sell their products directly to consumers as a business. 30 What Is Mercari Shops? 

　　 Issue 1 Opening an online shop is difficult without tech knowledge or experience Common issues faced by business owners starting online shops Issue 2 Many business owners find that even if they open an online shop, their products don’t sell With Mercari Shops, we leverage our strengths in the C2C marketplace business to solve common issues faced by business owners when opening online shops Easy Sell Provides easy-to-use online store management with familiar Mercari UX Provides the opportunity to sell directly to Mercari's 23.0 million MAU, removing the need to gather customers 31 Utilizing Mercari’s Strengths to Solve Barriers to Online Sales 

　　 32 1. From an internet survey by Appliv TOPICS (https;//mag.app-liv.jp/archive/142044) 2. From RAGTAG on Mercari Shops Magazine (https://shops.mercari.com/magazine/posts/50047) No monthly or entry fees Large user base of 23.0M monthly users Distinct user demographics compared to other malls Features tailored to businesses Mercari Shops uses a simple system where the only cost to shops is a fee when an item sells (10% of the item price). With no fixed costs, it’s easy for anyone to get started. Open an online store on Mercari Shops to sell your items on Mercari and reach approximately 23.0M monthly users without any advertising costs! Mercari Shops now supports crossborder sales, too. Besides listing items in just three steps, Mercari Shops offers many features not available to C2C Mercari accounts, including centralized inventory management through Next Engine, Cross Mall, and many other ASPs, batch CSV registration, and staff accounts. Large percentages of buyers are women and young demographics1, indicating user demographics distinct from other online malls2. A B2C marketplace where anyone can sell with ease Mercari Shops’ Strengths 

　　 33 Unique in Japan! Mercari’s mobile service that allows users to buy and sell mobile data Mobile data can be freely priced, starting from 200 JPY for 1GB No transaction messages or feedback required Purchased mobile data can be used right away Proceeds are directly added to the user’s sales balance Mercari Mobile Sell! Buy! 

　　 Mercari Mobile 34 Two simple mobile service plans Connection provider docomo Domestic phone calls Pay for what you use, charged at 22 JPY for 30 seconds Fixed call rate option to be released at a later date SIM card type eSIM Registration fees 3,300 JPY at start of contract Services provided Voice call, short message service, and data plan Phone number Continue using your current phone number or a newly issued phone number Supported devices eSIM-compatible iPhone, Android, and tablet devices Payment methods Mercard, Merpay deferred payment Basic services 2GB 990 JPY 20GB 2,390 JPY (incl. tax) (incl. tax) 

Fintech 35 

　　 36 Merpay is a mobile payment service operated by Merpay, Inc., that can be used within the Mercari marketplace app. This service enables users to utilize their Mercari sales balance1, funds added to their Merpay balance from a bank account or ATM, or the BNPL (buy now, pay later) Merpay Smart Payments service to pay for purchases at physical stores and online with their smartphone. Merpay supports both iD contactless payments2 and code payments and can be used at JCB merchants across Japan with Mercard, a credit card with a point-back rate that increases based on use of Mercari and Merpay. 1. In order to use Mercari sales balance, users must configure certain settings or use their sales balance to purchase Mercari points. 2. ”iD” is a registered trademark of NTT DOCOMO, INC. What Is Merpay? 

　　 37 The addition of Merpay (money and credit) and Mercoin (cryptoassets) to Mercari’s item lifecycle creates a circular relationship between users’ items, money, and credit, facilitating the growth of “circular finance” that grants users greater freedom and flexibility. It provides users with a valuable, uniquely Mercari experience. Money Payment Credit Crypto- assets Money Sales Listing Aiming to achieve their dreams Bitcoin Ethereum XRP Money Mercard Transaction History Credit Information Value Circulation Goods Mercari Group’s “Circular Finance” 

　　 38 Pay for everyday purchases all at once the following month Pay over several months at a user-set fixed amount or over a specified number of installments iD Code Payment Various payment methods available Various services that utilize unique credit based on behavior history such as usage history on Mercari Payment Credit Asset Management Hold your phone over a reader Scan a code Virtual Card Input a card number Borrow when needed and repay flexibly: interest rates fluctuate depending on the borrower's usage of Mercari クレジットカード Lump-Sum Payment Installment Payment / Fixed-Amount Payment NEW Merpay Smart Money Merpay Smart Payments Credit Card Service that allows users to buy and sell bitcoin and other cryptoassets from within Mercari Fintech’s Three Focus Areas 

　　 39 1. As of December 31, 2024, the aggregated number of unique users (excludes users who have deleted their accounts) who had registered for Merpay Electronic Money, set up Virtual Card, applied for Mercard, opened an account for exchanging cryptoassets, or used Merpay QR Code Payments, Online Payments, or Merpay Smart Payments (lump-sum payment or fixed-amount payment), etc. Number of Merpay Users/Verified Users Identity Verification Rate (Million users) Million users Million users 93.7% 

　　 40 Receives sales proceeds/adds money to balance Receives item Mercari Group’s services form a sustainable cycle in which users sell things they no longer need on Mercari and use the resulting sales proceeds to shop at physical and online stores (primary distribution) through Merpay. Sells things they no longer need on Mercari Buys new things using Mercari sales balance Building a Primary-Secondary Distribution Cycle With Mercari and Merpay 

　　 41 ● Smart Payments enables users to pay for purchases later, with the credit limit determined by their Mercari usage history. ● The service also allows users to set their own usage limit and check their usage history, so they can manage their payments themselves. ● Smart Payments provides flexible deferred payment, installment payment, and fixed-amount payment options, allowing users to adjust repayment amount at any time. Notes: Users 18 or 19 years of age have an upper usage limit of 100,000 yen. (Feature not available to users under the age of 18.) Fixed-amount payment not available to high school students. Merpay Smart Payments— A Credit Service Based on “Trust” 

　　 42 We measure “trust” based not on who people are, but on what they have done. We determine whether a user will uphold their promise to repay based on their unique transaction data from Mercari. In this way, we can build trust, creating a new form of credit for the user. Length of employment Address Income Occupation Family structure Merpay’s Definition of "Trust" 

　　 Displays the amount of time until repayment is complete, as well as the monthly payment amount and fees Enables flexible payments + Can use Mercari sales balance + Can pay whenever you want + Can adjust the payment amount after purchase Visualizes usage status Allows users to create a payment schedule that reasonably fits with their lifestyle 43 Visualization of Usage Status and Flexible Payment Methods 

　　 44 In approximately 2 years from the date when all users became eligible to apply, we have issued 4 million1 cards. Mercard allows users to make purchases at approximately 53 million JCB merchants worldwide2, on top of the stores that support code payments and iD payments. Code payment iD payment 1. Number of cards issued as of November 30, 2024 (approx. two years starting from December 2022, the month of the full release of the service) 2. Number of JCB merchants as of September 31, 2024. Mercard is a credit card shopping service. Significantly Increasing Stores Supporting Merpay Payment Mercard More than 4M cards issued in approx. 2 years 

　　 Launched Mercard Gold in March 2025 
 
 2% points-back on everyday purchases Maximum usage limit of 3 million JPY Complete lineup of additional services (Includes shopping insurance, smartphone insurance, travel insurance, and free usage of airport lounges) Bonus point awards according to annual usage No annual fees If card usage is 500,000 JPY/year or more 

　　 Flexibly choose the timing and method of your payments 46 Complete the Mercard application from the Mercari app in as little as one minute Point 1 Visualize and manage your Mercard usage right from the Mercari app Point 2 Point 3 Benefit from a unique credit system that doesn’t rely only on conventional factors like age and occupation Point 4 Verified users 17.4 million (As of Dec. 31, 2024) The Four Pillars of Mercard 

　　 47 In addition to the launch of Mercard, we have started offering point-back rewards to Mercard and Merpay Smart Payments deferred payment users. Using these services, users receive 1% back for purchases made at stores and a maximum of 4% for purchases made on Mercari. The point-back rate for purchases made on Mercari can be increased not just by making payments at stores, but by buying and selling items on Mercari. Constant Point-Back Rewards System 

　　 48 ● In August 2021, we launched Merpay Smart Money, a small-sum loan service that Mercari users can apply for within the Mercari app and that utilizes Mercari usage history to determine a user’s interest rate and borrowing limit ● The service focuses on not only providing appropriate credit, but making that credit balance easy to repay, allowing users to repay using their Mercari points/sales balance and change their monthly repayment day, repayment amount, and other repayment plan details within the app Maximum borrowing limit is 500,000 yen. Interest rate and borrowing limit are determined through a screening process based on the user’s Mercari usage history. Not available to users less than 20 years of age or over 70 years of age. Fluctuation Interest Borrowing limit Merpay Smart Money —Small-Sum Loan Based on Mercari Usage 

　　 49 Creating a marketplace where people can easily exchange value in all its forms Mercoin, Inc. was established on April 28, 2021, with the goal of planning and developing services related to cryptoassets and blockchain technologies. On June 17, 2022, Mercoin completed registration as a cryptocurrency exchange in accordance with the Payment Services Act. On March 9, 2023, we released a service enabling bitcoin transactions using the regular Mercari app, enabling users to convert items they no longer need into future assets. One year following the full release of the service (March 16, 2023), the number of users surpassed 2 million*. We also launched a feature enabling users to make purchases on Mercari using bitcoin in February 2024. Mercari has also started work on blockchain technologies, which present new opportunities for individuals to exchange value. The company wants to redefine what it means to buy and sell, enabling anyone and everyone to easily exchange value in all its forms—not only as belongings and money, but services and digital content like non-fungible tokens (NFTs). *The number of people who have opened an account to buy and sell bitcoin on Mercari Mercoin 

Three strengths of our easy-to-use-for-anyone platform ● Apply on the Mercari app in as little as 30 seconds ● All prices listed in JPY, with trades starting from 1 JPY ● Service offers three types of cryptocurrency Bitcoin, ethereum, and XRP (added April 2025) In March 2023, we launched bitcoin trading on Mercari 50 Bitcoin Trading Now Available on Mercari Marketplace App (Cryptoasset-related services are provided by Mercoin, Inc.) 

　　 51 Source: Mercoin survey on cryptoassets (February 2023) Reasons for not holding cryptoassets Responses from 1,227 people who do not hold cryptoassets Note: Respondents were able to select multiple answers 36.9% 30.5% 26.6% 1 2 3 Low stress and easy to start! It seems like a way to lose money I find it to be intimidating I don’t have the money to buy in New Uses for Sales Balance & Points (Cryptoasset-related services are provided by Mercoin, Inc.) 

　　 21 months after the service launched Reached 3M accounts Oct. 2023 May 2024 Dec. 2024 2M accounts 1M accounts 3M accounts Note: Number of cryptoasset accounts as of December 17, 2024 Service started in Mar. 2023 (Cryptoasset-related services are provided by Mercoin, Inc.) Accessible Bitcoin—3M Accounts in 21 Months 

　　 Cryptoasset Trading Experience Mercoin is chosen by users who have had no prior connections to cryptoassets 87% of account holders had no prior experience trading cryptoassets Broad age ranges User Demographics 50s or older 23.8% 40s 24.8% 30s 24.4% 18–20s 27.0% Notes: Data on users of Mercari’s bitcoin trading service (as of March 31, 2025). The numbers in the graph are rounded to the nearest tenths place, and as such, may not total 100%. (Cryptoasset-related services are provided by Mercoin, Inc.) Expanding Crypto’s Reach 

　　 → Sales balance/points/ money added Cryptoassets (bitcoin, ethereum, and XRP) Earn points for holding cryptoassets ● Buy and sell at any time ● Automatic bitcoin savings feature (can be set to 1, 2, or 4 times per month) ● Bitcoin payment feature Holding ethereum in your account will earn you points every month (Cryptoasset-related services are provided by Mercoin, Inc.) Cryptoasset Trading on the Mercari App 

　　 In February 2024, we started offering a service that allows users to use bitcoin to make purchases on Mercari. One month after the full release of the service, over 100,000 payments were made using bitcoin. Choose an item on Mercari and go to check out Select “Use Bitcoin” Choose how much to use Confirm purchase details Purchase the item (Cryptoasset-related services are provided by Mercoin, Inc.) Bitcoin Payment on Mercari 

　　 *Service not available to users under the age of 18 or over the age of 74. Anyone* Easy Secure Create an account in as little as 30 seconds and set up savings right away Modify or turn off your plan and return the savings to your Merpay balance at any time Choose the savings plan that’s right for you Start in as little as 30 seconds! Savings Feature Easy and Secure for Anyone (XRP savings not offered) (Cryptoasset-related services are provided by Mercoin, Inc.) 

　　 2.1% Notes: Expected annual revenue as of April, 2024 Subject to monthly change at the discretion of Mercari Group No fixed annual rate guaranteed In the dynamic cryptoasset market, we have introduced a method of earning stable point revenue Any user who holds ethereum on the Mercari app Expected annual rate Who is eligible Notes: Mercoin began offering an ethereum staking service on December 18 The annual rate of points awarded to users will be calculated independently of income obtained via staking (Cryptoasset-related services are provided by Mercoin, Inc.) Earn Points Automatically Each Month 

58 as an investment 58
 メルカリNFTのKV 

　　 59 Buy Collect List NFTs can be bought using your usual payment method on the Mercari app, such as your Merpay balance or Mercard. Users can view a list of the NFTs they own on the “My items & listings” screen. Just as when you buy and sell on Mercari, revenue from selling NFTs will be immediately reflected in your sales balance. Mercari NFT 

Work 60 

　　 61 A service within the Mercari app that’s “quick and easy for anyone” Mercari Hallo is a “quick and easy for anyone” on-demand work service enabling Mercari’s 23 million monthly users to find work right from the Mercari app. The service launched on March 6, 2024, and initially featured job listings from work locations in Tokyo and the three surrounding prefectures. We announced the nationwide expansion of the service on April 16,2024, and are rolling out job listings from 150,000 partner locations across the country. Starting with the circulation of items through the Mercari marketplace app, Mercari has expanded the types of value circulated to include money, credit, and cryptoassets. With the addition of the on-demand work service Mercari Hallo, this circulation now includes time and skills as well. On-Demand Work Service Mercari Hallo 

　　 62 「メルカリ ハロ」3つの特徴 Service Concept “Not for me” ”These services are aimed at students; I don’t think I’ll find jobs that suit me” “Looks difficult” ”Finding and working shifts seems difficult, and signing up seems like a lot of work” “Seems intimidating” ”I don’t know if I can set aside enough time to work; I’m not comfortable with working through on-demand labor services” For anyone Find work right from Mercari, used by 23 million people of all ages and genders Quick Apply using your information registered on Mercari, with no need to submit a resume or undergo an interview Easy Discover work as easily as shopping on Mercari; work shifts as short as one hour at a time that fits your schedule 62 

　　 63 According to the Japan Spot Work Association, the number of people registered for on-demand work services in Japan reached approximately 32 million as of February 15, 2025, indicating that the on-demand work market has doubled in the span of a year. The number of registrations on Mercari Hallo reached 11 million within the service’s first 13.5 months, contributing to this expansion. The number of users registered for on-demand work services has increased to 32 million Number of users registered for on-demand work services (Source: Japan Spot Work Association) As of February, 2024 As of February 15, 2024 Approx. 15M Approx. 32M Approx. doubled in about 1 year Reached 11 Million Registrations In Approximately 1 Year 58.8% of new registrations are from Mercari Hallo Source: Japan Spot Work Association 

　　 Over half (55%) of crew reported that Mercari Hallo was their first experience using an on-demand labor service. Additionally, approximately 80% of job listings welcome workers with no experience, indicating results in line with the service concept of “quick and easy for anyone.” Over Half of Crew Are New to On-Demand Work Over half of crew said Mercari Hallo was their first experience with on-demand labor Approximately 80% of job listings welcome workers with no experience More than half (55%) of Crew said Mercari Hallo was their first experience with on-demand work
 Survey target: Crew who worked shifts through Mercari Hallo Number of respondents: n=1,986 Survey period: February 5–10, 2025 Method: Mercari app survey Survey provider: Mercari, Inc. *Percentage of job listings that accept workers with no experience, excluding limited job listings and hidden job listings (March 2025) Workers with no experience welcome Easy to Use for Crew New to On-Demand Work 

　　 65 Used by a Wide Range of Ages; 1 in 3 Mercari Hallo Users Register in Order to Earn Side Income While the general perception of the on-demand labor market is that it is aimed at young people and/or students, Mercari Hallo users cover a wide age range, from 20s to 50s and over. More than one-third of registered users are office workers or employees of non-governmental/non-profit organizations. Used by a wide range of ages Source: As of September 30, 2024 Mercari Hallo users 20s 30.8% 10s 7.9% 30s 23.4% 40s 19.6% 50s and over 18.3% Over 30% of registered users are office workers or employees of non-governmental/non-profit organizations Mercari Hallo users 32% Working adults Source: As of September 30, 2024 

　　 Major logistics company Yamato Transport and major sushi restaurant chain Sushizanmai have incorporated Mercari Hallo in staffing their operations. Since the service’s launch, various job listing partners have introduced Mercari Hallo to their businesses, leading to the number of partner locations practically quadrupling from 40,000 at time of launch to 150,000 just over 11 months later. 66 Major sushi restaurant chain Sushizanmai scheduled to expand use of Mercari Hallo to locations nationwide beginning November Yamato Transport, the largest company in the logistics industry, formally started incorporating Mercari Hallo in staffing their operations in October Mercari Hallo partner locations* and more! Note: As of October 23, 2024. Not all locations of the above businesses use Mercari Hallo. As of Mar 6, 2024 As of Jan 31, 2025 40K 150K *Cumulative total of locations that have agreed to accept applications received from Mercari Hallo 380% growth in approx. 11 months Mercari Hallo Now Filling Positions at Yamato Transport and Sushizanmai 

　　 In addition to screening job listing partners and job listing content, we will introduce all-year-round 24/7 job listing monitoring and a customer support system, which will strengthen the foundation of our safe and secure user experience and create an experience where trying out on-demand work is quick and easy for anyone. Going forward, we also plan to implement risk detection using AI. 67 Screening of job listing partners upon registration Quick risk detection using AI Screening of job listing content before posting Screening of job listing content when listing is updated All-year-round 24/7 job listing monitoring Introduction of a customer support system Collaboration with relevant authorities and police Creating a Safe and Secure Base User Experience 

Mercari US 68 

　　 Mercari’s mission is to “create value in a global marketplace where anyone can buy & sell,” and the year after our founding, we began to expand overseas. We started our business in the US in April 2014, and we adapted our branding, improved our UI/UX, and created a delivery network to match local preferences and the characteristics of the US market. We recognize that succeeding in the US, with its enormous and diverse population, is an important milestone to achieving our mission, so that is where we are devoting our energy. 69 ● Service launch: September 2014 ● Operating systems: Android, iOS (Can also be accessed through web browsers) ● Usage fees: None ● Revenue structure: After the transaction is complete, the seller is charged a service fee of 10% of the listing price Mercari US 

　　 70 Jan 2014 Launched Mercari, Inc. Opened San Francisco office FY2014.6 FY2017.6 Introduction of fees Launched a model in which sellers pay 10% of transaction amounts as a selling fee FY2018.6 Localization of management structure FY2016.6 FY2021.6 Rebranding Carried out rebranding and an app redesign as a step toward localization Launched Mercari Local, a contactless same-day pickup and delivery service, nationwide in partnership with Uber Launch of deferred payment service FY2023.6 Enhancement of AI usage Launched Merchat AI, a new shopping assistant powered by ChatGPT FY2024.6 Diversification of shipping methods Service launch Rebrand to a design aimed at Gen Z Launched deferred payment (BNPL) service with Zip (later launched BNPL service with PayPal in 2022) FY2025.6 Launch of crossborder transactions with Mercari in Japan Looking Back on the US Business 

　　 71 We aim to be "the easiest and safest selling app" by providing a variety of delivery options in addition to continuing to pursue ease of use toward establishing a unique position in the US market. Cross-category Category-specific Local pickup only Ship only Enhanced local shipping, including meet-up options Existing shipping options Positioning 

　　 72 US Business in Numbers YoY -13% YoY -24% YoY -17% Revenue GMV (Million USD) MAU (Million users) GMV2/MAU3 (Billion JPY) (Billion JPY) Core Operating Profit 1. Transitioned to IFRS notation starting FY2025.6 2. Aggregate transaction value after adjusting for cancellations 3. Quarterly average number of users who browsed our service (app or web) at least once during a given month 

　　 73 Crossborder Transactions From Mercari in Japan to Mercari in the US Aiming to activate transactions by increasing available listings of items from Japan that are in high demand in the US (the Entertainment & Hobbies category, etc.) US Japan Listing Purchase 

Appendix 74 

　　 　　Company with Three Committees Board of Directors 75 Executive Officers Yamada Eda Kawano Yamamoto Decides on important business execution matters Chair Four directors Six indep. Outside Directors • Majority indep. Outside Directors • Majority female directors Chair Chair Chair Nominating Committee Compensation Committee Audit Committee Decides on candidate for directors Decides on executive compensation Performs audits Execution Supervision Toyama Fujisawa Toyama Shinoda Kitagawa Hanasawa Yamada Yamada Konno Tsunoda Tochinoki At the 11th Annual General Meeting of Shareholders held on September 28, 2023, Mercari approved a revision of the company’s Articles of Incorporation, thereby transitioning to a Company with Three Committees. By separating the supervisory and executive functions of the company to clarify their roles, we have built a structure that supports the timely and resolute decision-making as well as assertive and sound risk-taking of our executive function, while strengthening the supervisory function of the Board of Directors. Transition from a company with company auditors to a Company with Three Committees Yamada Koizumi Shinoda Kitagawa Tsunoda Eda Tochinoki Konno Fujisawa Toyama Umezawa Hanazawa Umezawa Governance Structure 

　　 After graduating from Waseda University, Shintaro Yamada established Unoh Inc., where he launched various internet services including "Movie Life," "Photozou," and "Machitsuku!". In 2010, he sold Unoh to Zynga. After leaving Zynga in 2012, he went on a trip around the world. In February 2013, he established Mercari, Inc. He also established the YAMADA Shintaro D&I Foundation in July 2021. Shintaro Yamada Profile Aug 2001 Feb 2005 Sep 2010 Feb 2013 Mar 2014 Sep 2015 Nov 2015 Apr 2016 Apr 2017 Sep 2019 Sep 2023 Jan 2025 Unoh Ltd Representative Director Unoh Ltd renamed to Unoh Inc. Zynga Japan K.K. General Manager (due to acquisition) Kouzoh, Inc. (currently Mercari, Inc.) Founder and CEO Mercari, Inc. Director (current position) Souzoh, Inc. (old) Director Mercari Europe Ltd Director Merpay Ltd Director CEO Representative Director, President, Chief Executive Officer Director, Representative Executive Officer and CEO (current position) Mercari, Inc. (US) CEO (current position) Director, Representative Executive Officer and CEO 76 Leadership (Executive Officer) 

　　 After graduating from Waseda University, Fumiaki Koizumi joined Daiwa Securities SMBC, where he managed the IPOs of tech companies including mixi, Inc. and DeNA Co., Ltd. In 2006, he joined mixi, Inc. as Director, Executive Officer, and CFO, and supervised the Corporate Division. After leaving mixi in 2012, Koizumi supported a number of startup companies. In December 2013, he joined Mercari, Inc., where he assumed the role of Director in March 2014. He was appointed as President & COO in April 2017, and as Director, President in September 2019. He also assumed the role of CEO of Kashima Antlers F.C. Co., Ltd. in August 2019. Fumiaki Koizumi Profile Apr 2003 Dec 2006 Jun 2008 Jun 2012 Jul 2012 Dec 2013 Dec 2013 Mar 2014 Sep 2015 Apr 2017 Aug 2019 Sep 2019 Mar 2022 Director, President / President of Kashima Antlers F.C. Co., Ltd. Joined Daiwa Securities SMBC Co. Ltd. (currently Daiwa Securities Capital Markets Co. Ltd.) Joined mixi, Inc. mixi, Inc. Director FreakOut, Inc. Outside Corporate Auditor RAKSUL INC. Outside Corporate Auditor trippiece Outside Director Joined Mercari, Inc. Mercari Director, Corporate Division Souzoh, Inc. Director Mercari COO; Director, Corporate Division Chief Executive Officer of Kashima Antlers F.C. Co., Ltd. (current position) Director, Chairperson (current position) Director of Japan Professional Football League (J.League) (part-time) 77 Leadership 

　　 78 Sayaka completed her pre-doctoral course (master’s degree) at the Graduate School of Science and Engineering from Keio University Graduate School. In April 2006, she joined Goldman Sachs Japan Co., Ltd. After joining the company, she was engaged in investment/loan projects that utilize their own funds, etc., and was appointed as a Managing Director at the same company in 2017 based on her extensive financial knowledge outside of corporate finance. Outside of her work, she also serves as the Co-Chair of the Japan Women’s Network and leads the promotion of D&I. Sayaka joined Mercari, Inc. as CFO in January 2021. In January 2023, she assumed the position of Senior Vice President of Corporate and CFO. She has been in her current position of Director, Executive Officer, Senior Vice President of Corporate, CFO since September 2023. Sayaka Eda Profile Apr 2006 Nov 2017 Jan 2021 July 2022 Jan 2023 Sep 2023 Director, Executive Officer, Senior Vice President of Corporate, and Chief Financial Officer Joined Goldman Sachs Japan Co., Ltd. Appointed Managing Director at Goldman Sachs Japan Co., Ltd. Joined Mercari Group as Chief Financial Officer/CFO of Merpay, Inc. Appointed Vice President of Corporate and Chief Financial Officer of Merpay, Inc. Appointed Senior Vice President of Corporate and Chief Financial Officer Director, Executive Officer, Senior Vice President of Corporate, and Chief Financial Officer (current position) Leadership (Executive Officer) 

　　 Masato completed his master’s in the Graduate School of Interdisciplinary Information Studies at the University of Tokyo in 2004. After working at NTT Docomo, he began working as the Head of Partner Sales in the Enterprise Division at Google Japan in 2008. In 2014, he became the Head of Business Development and Sales at Square Japan, and in 2016, he became the Head of Apple Pay Merchant Business at Apple Japan. He joined Merpay as Chief Business Officer in April 2018, where he oversaw general business operations, such as credit design and merchant development. He was appointed Representative Director, Chief Executive Officer of Merpay in January 2022; Vice President, Chief Executive Officer (Fintech) in July 2022; and Mercari Vice President, Chief Executive Officer (Marketplace) in November 2023. In January 2024, he assumed the positions of Mercari Executive Officer, Senior Vice President of Japan Region and Chief Executive Officer (Marketplace). He was appointed to his current role of Executive Officer, Senior Vice President of Japan Region in March, 2025. Profile Apr 2004 Nov 2008 Jul 2014 Jan 2016 Apr 2018 Jan 2021 Jan 2022 Jul 2022 Nov 2023 Jan 2024 Mar 2025 Joined NTT Docomo Inc. Joined Google Japan Inc. as Head of Partner Sales Joined Square K. K. as Head of Business Development and Sales Joined Apple Japan, Inc. as Head of Apple Pay Merchant Business Joined Merpay, Inc. Appointed Director of Merpay, Inc. (current position) Appointed Representative Director, Chief Executive Officer of Merpay, Inc. Appointed Vice President, Chief Executive Officer (Fintech) / Director of Mercoin, Inc. (current position) Appointed Vice President, Chief Executive Officer (Marketplace) Appointed Executive Officer, Senior Vice President of Japan Region and Chief Executive Officer (Marketplace) Appointed Executive Officer, Senior Vice President of Japan Region (current position) 79 Masato Yamamoto Executive Officer, Senior Vice President of Japan Region Leadership (Executive Officer) 

　　 80 After working in a joint investment fund between Livedoor's investment bank division, Goldman Sachs Securities, and SBI Holdings, Shuji Kawano joined Industrial Growth Platform, Inc. (IGPI), a strategy consulting company. After that, he started his own business. He was also head of Gunosy’s Management Strategy Office when the company listed. He joined Mercari in July 2018. In October 2019, he was appointed Vice President of Strategy, and became Senior Vice President of Strategy in September 2020. He assumed the role of Senior Vice President of Management Strategy in November 2021, and was appointed to his current role of Executive Officer, Senior Vice President of Management Strategy in September 2023. Shuji Kawano Profile May 2005 Nov 2007 Dec 2008 Oct 2014 July 2018 Oct 2019 Sep 2020 Nov 2021 Sep 2023 Joined livedoor Co., Ltd. Joined SBI Capital Co., Ltd. Joined Industrial Growth Platform, Inc. (IGPI) Joined Gunosy Inc. Joined Mercari, Inc. as Vice President and CEO Office Head Appointed Vice President of Strategy Appointed Senior Vice President of Strategy Appointed Senior Vice President of Management Strategy Executive Officer, Senior Vice President of Management Strategy (current position) Executive Officer, Senior Vice President of Management Strategy Leadership (Executive Officer) 

　　 Mercari has various systems in place to create an environment where all employees can feel free to take on Go Bold challenges. Our benefits system, Merci Box, was introduced in February 2016 in order to provide an environment where members can Go Bold to the fullest and give 100% both inside and outside of the office. We also provide a monetary gift to employees who return from childbirth/childcare leave, financial support for fertility treatment, financial support for non-certified daycare, and financial support for children who are ill, as well as life insurance for all employees. In May 2021, we also introduced two related financial support programs on a trial basis: one is financial support for egg freezing, and the other is financial support for early childcare. Extended support for childbirth, childcare, and nursing care leave Paid childcare and caregiving leaves Support for fertility treatments Financial support for daycare for sick children Financial support for non-certified daycare Support in times of need 81 Mercari as a Work Environment 

　　 82 ● Mercari defines our materiality as important topics that relate to creating value to contribute to resolving social and environmental issues through our business, and creating the management foundation necessary for continuous growth. In FY2023.6, we updated our materiality. tional and Management Foundations Supporting the Creation of Value (3) Creating a New User Experience Through Technology (4) Building Long-Term Public Trust (2) Creating a World That Circulates All Forms of Value (5) Unleashing the Potential in Diverse Talent Worldwide By creating opportunities for anyone to realize their dreams and contribute to society and the people around them, we will achieve a world that unleashes the potential in all people. We strive to be a planet-positive company that contributes to solving environmental issues through its business activities by realizing a society in which all forms of value—not just physical goods and money—circulate seamlessly. We utilize data, AI, and other innovative technologies to constantly evolve our products and create new user experiences through the seamless exchange of value. We fulfill our responsibilities as a public entity and build public trust by establishing a robust and highly transparent decision-making process, and through more effective corporate governance and thorough compliance. We contribute to the realization of healthy internet services around the world by achieving a safe, secure, and fair transaction environment, and also by educating and sharing information throughout the industry. We will aim to be a company that can continue to grow sustainably by creating an environment in which people from diverse backgrounds all around the world can reach their full potential. Social Impact Circulate all forms of value to unleash the potential in all people MISSON Organizational and Management Foundations Supporting the Creation of Value Business Value Created Through Our Products and Services (1) Empowerment of Individuals and Society By creating opportunities for anyone to realize their dreams and contribute to society and the people around them, we will achieve a world that unleashes the potential in all people. ESG—Materiality Update 

　　 Unconscious Bias Workshop
 83 The Unconscious Bias Workshop is mandatory for managers at Mercari. It is designed to help participants understand unconscious bias (unconscious prejudice) and develop a habit of recognizing unconscious bias in daily life, with the ultimate goal of promoting IDI. (Materials available for free online) We entered into a school education partnership with Kamiyama Marugoto Technical High School (tentative name), a private technical high school preparing to open in April 2023, to promote I&D. Through this partnership, we will incorporate Mercari’s D&I expertise into school education. We run Build@Mercari, a software engineer training program to support tech industry minorities such as women, the LGBT+ community, or other people who feel that they are part of an underrepresented group. Partnerships with educational institutions
 Build@Mercari
 Since 2018, Mercari has continued to promote inclusion and diversity (I&D) as an essential element of achieving our mission, aiming to create globally competitive teams that value individual diverse experiences and perspectives. In January 2021, we established the I&D Council, a cross-organization internal committee with CEO Shintaro Yamada as chairperson. In these ways, we work to promote I&D both inside and outside of Mercari Group. Inclusion & Diversity (I&D) 

　　 84 Inclusion & Diversity (I&D) 

　　 85 Research for Design Development Deployment Disruption Mercari R4D was established by Mercari, Inc. in December 2017 as a research and development organization that aims to implement its findings practically, as part of the world at large. R4D stands for Research and 4 D’s: Development, Design, Deployment, and Disruption. Our goal is to create new value through research and development designed to be deployed in our future society while introducing disruptive ideas and technologies. Under its mission of “pioneering the path toward undiscovered value,” R4D promotes a co-innovation approach to solving complex social issues by leveraging the power of science and technology, and also by going beyond the conventional boundaries of industry, academia, and nationality in order to realize a society where limited resources are circulated and all people can unleash their potential. Value exchange engineering Quantum information technology ELSI HCI AI Mobility Blockchain Communication research Fields of Research/Projects R&D Organization 

　　 On July 30, 2019, Mercari announced it took control of Kashima Antlers. ● Powerful recognition and reputation ● J.League’s top-level management and business development ● Promotion of digitization Strengthening business base through technology and business management know-how Energizing local economy by leveraging technology ● Marketing and business development ● Top-notch technology in the industry ● Management supporting rapid growth ● Strong bond with Kashima Antlers as its hometown ● Tourism development leveraging rich resources Promoting DMO1 (community development) by leveraging tourism resources 1. DMO, Destination Management Organization, takes full advantage of local resources and promotes ”profitable” tourism community development with an aim to effectively and efficiently attract customers (as stated in a document prepared by the Japan Tourism Agency) 86 Sports Business 

　　 Feb Jul Aug Nov 2013 Founded Kouzoh, Inc. with a capital of 20M yen Funding: Acquired 50M yen from East Ventures Launched the Mercari marketplace app Funding: Acquired 300M yen from UNITED Renamed company Mercari, Inc. 87 Jan Mar Apr Sep Oct Nov New company: Founded US subsidiary Mercari, Inc. Funding: Acquired 1.45B yen from Global Brain and others New office: Opened the Sendai customer service center Fully launched the Mercari US app Mercari (JP) began to charge sales fees (free→10%) Funding: Acquired 2.36B yen from WiL and others New company: Founded UK subsidiary Mercari Europe Ltd 2014 2015 Mar Apr Sep Relocated the head office (Roppongi Hills) Started the RakuRaku Mercari Shipping delivery service New company: Founded Souzoh, Inc. to manage new businesses within Mercari Group 2016 Feb Mar Apr Oct New initiative: Introduced the benefits system Merci Box Funding: Acquired 8.4B yen from Mitsui & Co. and others Released the community classifieds app Mercari Atte New company: Founded UK subsidiary Merpay Ltd Mercari (US) began to charge sales fees (free→10%) 2017 Feb Mar May Jul Aug Nov Dec New company: Zawatt Inc. became a wholly owned subsidiary New office: Opened the Fukuoka customer support center Released the Mercari UK app Launched marketplace app for books, CDs, and DVDs Mercari Kauru Released live video streaming feature Mercari Channel Launched marketplace app exclusively for brand name items Mercari Maisonz Released immediate purchase service Mercari NOW New company: Founded Merpay, Inc. New organization: Established R4D, a research and development team with the goal of social implementation History 

　　 88 2018 Feb Mar Apr May Jun Jul Oct Dec Launched bike share service Merchari in Fukuoka Rebranded the Mercari US app Closed Mercari Atte Launched skill sharing service teacha Received new listing approval Listed on the Mothers Section of the Tokyo Stock Exchange Closed Mercari Maisonz, Mercari NOW, and teacha Rebranded Mercari, Inc. Dissolved UK subsidiaries Closed Mercari Kauru 2019 Closed the Mercari UK app Began requiring identity verification when signing up Launched the mobile payment service Merpay LINE Pay and Merpay formed a strategic business partnership Dissolved Souzoh, Inc./Merchari succeeded to neuet, Inc. Closed Mercari Channel Kashima Antlers F.C. Co., Ltd. became an owned subsidiary Started cross-border sales to over 100 countries and regions Jan Feb Mar Jul Aug Dec 2020 Merpay entered a basic agreement to acquire all shares of Origami Inc. Mercari, Merpay, and NTT DOCOMO formed a business partnership Began the pre-opening of Mercari Station, Mercari’s first physical shop, in Shinjuku Marui Main Building Established Experts Committee on the Ideal Form of a Marketplace Jan Feb Jun Jul 2021 Announced our Marketplace Principles Established Souzoh, Inc. Established Mercoin, Inc. Launched Mercari Shops on a trial basis Launched a small-sum loan service Merpay Smart Money Mercoin acquired all shares of Basset Inc. Introduced a new work style policy called “Mercari’s New Normal Work Style ‘Your Choice’” Established Merlogi, Inc. Launched full rollout of Mercari Shops Joined forces with the six Pacific League baseball teams and Pacific League Marketing on “Pacific League Exciting Moments β” Collection NFTs Jan Apr Jul Aug Sep Oct Dec History 

　　 2022 Jan Jun Sep Oct Nov Shifted to new management execution structure for Mercari Group and changed responsibilities for members of leadership Changed listing on the Tokyo Stock Exchange from the Growth Market segment to the Prime Market segment Established Mercari Software Technologies India Private Limited in Bengaluru, Republic of India Opened the new office, Mercari Base Tokyo Conducted a large-scale update to the app Completed series A round investing in Beebs Launched the Mercard credit card 2023 Jan Feb Mar May Jun Jul Sep Oct Absorbed Merlogi, Inc. Unveiled a new Group mission on Mercari, Inc.’s 10th anniversary Started offering a service for trading bitcoin Established a team dedicated to generative AI/LLM Established the Recommerce Institute to research the new recommerce market Celebrated the Mercari marketplace app’s 10th anniversary Established our Basic Human Rights policy Published FY2023 Impact Report Announced transition to a Company with Three Committees and changes to executive structure Launched Mercari AI Assistant feature leveraging generative AI/LLM technology 2024 Celebrated Mercari, Inc. (US)’s 10th anniversary Mercari US became first major marketplace in the US with no selling fees Absorbed Souzoh, Inc. Released a feature enabling users to list items with no price Launched the crossborder service Mercari × Japan on Mercari, Inc. (US) Expanded to Taiwan with crossborder transactions Jan Mar Apr May Aug 89 History 2025 Launched Mercari NFT Launched full rollout of Mercari Ads, a business for advertising within the Mercari marketplace app Launched the MVNO mobile service Mercari Mobile Launched the Mercard Gold credit card Jan Feb Mar