Presentation Material for New Investors GameWith.Inc Standard Market,Tokyo Stock Exchange Securities Code 6552 Update date：2025/4/28 

INDEX 03 02 01 Medium-Term Business Strategy Services About the GameWith 04 Appendix 03.2 03.1 Network Business: “GameWith Hikari” Media 03.3 NFT Games 03.4 eSports 

01 About the GameWith 

3 “Create a more enjoyable gaming experience” We are passionate about gaming, have a connection with games, and are proud to work in the game industry. We at GameWith endeavor to “create a more enjoyable gaming experience.” About the GameWith / Mission “Create a more enjoyable gaming experience” 

4 Media eSports/ Entertainment New Business For both users who play games and makers who develop games, GameWith provides experiences and values that no one else can, and will become the infrastructure for the enjoyment of everyone involved in games. We will expand beyond the media business into all business areas to make games more entertaining. About the GameWith / Vision “Become the world’s game infrastructure” 

5 About the GameWith / History of GameWith 2013 2023 2017 2018 2019 2020 2021 2022 • Established in a condominium room • Game media "GameWith" released • Launched new game reviews • Started video streaming business through YouTube • Listed on Tokyo Stock Exchange Mothers 2015 • Entered eSports business • Changed to the First Section of the Tokyo Stock Exchange • Business transfer of AtWiki • NFT game EGGRYPTO released • Acquired DetonatioN Inc. as a subsidiary • Changed market classification to TSE Standard • “GameWith Hikari" Optical network business launched Establishment 10th anniversary of establishment 

6 About the GameWith / Our Approach to Capital Investment and Shareholder Return Policy • Stable business condition with high capital adequacy ratio and liquidity • Places the highest priority on growth investments, while also placing importance on shareholder returns. We will continue to explore the best approaches while considering balance 1,056 2,920 2,828 963 Balance Sheet for the Fiscal Year Ended May 2024 Growth investment Shareholder return Aiming to maximize corporate value over the medium to long term, we placed the highest priority on aggressive growth investment in eSports and New Businesses to create the second and third profit pillars after the Media Business. Our basic policy We recognize shareholder returns as a key management issue, and have recently decided to implement a shareholder benefit program and a share buyback. We will continue to explore the best approaches while considering balance. Key management issue and recognition Capital adequacy ratio：75.2％ Cash and deposits Other Assets Liabilities Net assets 

7 About the GameWith / Company Outline Company Name GameWith, Inc. Address Sumitomo Fudosan Azabu-juban Bldg. 4F, 1-4-1 Mita, Minato-ku, Tokyo, 108-0073, Japan Representative and President Takuya Imaizumi Date of Foundation June 2013 Number of employees 175employees（Average number of temporary employees:61/as of May 31, 2024） Capital 553 million yen (as of May 31, 2024) Group Company AtWiki, Inc. DetonatioN, Inc. GameWith Contents Studio, Inc. GameWith NFT, Inc. GameWith ARTERIA, Inc. Company Outline Member Organization Japan esports Union (JeSU) 

8 About the GameWith / Top message Thank you very much for the continuous business with us. GameWith was started in 2013 in an apartment room. By employing top gamers and providing high-quality articles to coincide with game events and updates, GameWith has succeeded in winning user support and has grown into the operator of one of the largest sites for game-playing tips in Japan. Currently, we will expand beyond the realm of media into new fields such as NFT game and Network Businesses and eSports businesses while continuing to provide game-playing tips as the core business. "Get absorbed in games, be connected through games, and focus on games as a business." With this approach, we aim to create a more enjoyable gaming experience. We hope that we can count on your continued understanding and support as we pursue these initiatives. GameWith, Inc. Representative and President Takuya Imaizumi 

02 Services 

10 Services / Three segments Planning and management of Japan's largest game information media including “GameWith” Provision of information on game guides and introductions Management of one of Japan's leading professional eSports teams, creator management for live video game distributors, etc. Developing various new businesses related to games to realize our corporate philosophy Recently focused on NFTs and Network business 65.0％ 23.7％ 11.3％ Ad network advertising revenue, tie-up advertising revenue, etc. Sponsor revenue, tie-ups/events, tournament prize money/support funding, fan business, etc. NFT Games: In-game purchases Network business: Monthly fees, etc. Media eSports/Entertainment New Business *Sales composition ratios are based on figures as of May 31, 2024. Sales composition ratio Sales composition ratio Sales composition ratio 

11 Users Provision of Advertising Space Advertising Rates eSports/Entertainment Provision of Articles Service Offerings (Fan clubs, merchandise sales, etc.) YouTube Video Streaming Advertising Revenue Advertisement Delivery Video Views Charge Viewing of Articles New Business (NFT, network business, etc.) Service Offerings (NFT games, network service, etc.) Charge Advertising Sponsors Creators eSports Teams Management Charge Service Offerings (Tie-ups, event production, etc.) Game Companies Sponsors Tournament Organizers Earnings Distribution Sponsors/ Prize Money Business collaboration/ earnings distribution, etc. Affiliated Companies Media Clients Services / GameWith's Business Model 

02-1 Media 

13 Media / Operating one of the largest game media sites in Japan GameWith is a service that provides information and functions necessary for better enjoying games. Operating "GameWith," one of the largest game media sites in Japan 

14 Media / Operating one of the largest game media sites in Japan 41 st 31 st 37 th 49 th 56 th Recipe site C * Source: SimilarWeb Total number of visits to websites in Japan (1 year from March 2024 to February 2025) Total number of visits to domestic websites 31st in Japan 1st in Japan: Search site G 2nd in Japan: Portal site Y 3rd in Japan: Video site Y Game media No.1 in Japan Comic site C Portal site L IT News site I 

15 Media Media Strengths Products Multiple Advertising Sponsors Ad Auction Server Advertising Sponsors • Operation of the largest game media in Japan by PV count • In-house ad monetization team to achieve stable and high ad unit prices • In-house game cheat site management • Paid game cheat site management • Takeover ads at the top of the game cheat site • Creation of game review articles • Twitter advertising products, etc. • Reach gamers through the largest gaming media in Japan • Reliable solution sales specializing in gaming Network advertising Tie-up advertising A model in which multiple advertising sponsors bid for and obtain advertising spaces A model in which advertising spaces are obtained through direct contracting with advertising sponsors Strengths Products • A model that generates network advertising revenue by generating traffic through the operation of in-house game cheat sites for hit titles, while at the same time generating tie-up advertising revenue by leveraging media value through the provision of a variety of commercial products for corporations. Media / Media Business Model 

16 Media / Media Business Model Management of organizations specializing in content creation Utilization of game-playing workers Implement the optimal organizational structure for writers, improve business efficiency and article quality Propose a progressive work style that allows people to turn playing games into work as a side job remotely from anywhere in the country, and hire top players Establishment of a system that can provide higher quality articles more quickly Training/ Education Manuals/ Tools Specialization Rating System • Establish a system that enables rapid provision of higher quality articles by operating an organization specializing in content creation and utilizing game-playing workers, etc. 

17 Media / Basic Agreement for Strategic Partnership with Digital Garage, Inc. × Efforts to promote fair competition in the smartphone market have been gaining momentum worldwide, with the EU, UK, and other regions advancing legislative developments Even in Japan, the so-called “Smartphone Software Competition Promotion Act” was passed in June 2024 Monopolistic in-app payment policies by platform providers are being relaxed, and the trend toward out-of-app payment is steadily increasing Aiming to be the No.1 out-of-app payment provider for smartphone games Together with Digital Garage, Inc., which has a payment business that provides diverse, comprehensive payment platforms, we have entered into a basic agreement for a strategic partnership to jointly promote the out-of-app payment business Background 

18 Media / Opening of the Kyoto Branch GameWith has established “GameWith KYOTO,” its first regional branch, to strengthen our collaboration with customers in the Kansai region Opening of the Kyoto Branch ■Regarding the opening of the Kyoto Branch GameWith offers a variety of useful services to gaming companies, including the production of promotional articles and official game cheat sites through “GameWith,” one of Japan’s largest gaming media, development of multilingual content articles, branding advertising using media channels, and out-of- app payments, which is our current focus. We are now opening a new branch in Kyoto to strengthen our collaboration with customers in the Kansai region. The opening of this branch will enable us to communicate directly and closely with customers in the Kansai region, enabling us to propose services that are more in line with their needs. 

19 Media / About the Out-of-App Payment • Out-of-app payment is a payment method where users make payments on an external website instead of within the app • Compared to in-app payment processed by Google and Apple, the amount of transaction fees paid by gaming companies is lower, and users can often get great deals, so there are advantages for both users and gaming companies alike *Reference: “What is App Payment? An Explanation of Payment Methods, Along with Their Advantages and Disadvantages” https://www.sbpayment.jp/support/ec/app-billing/ User User Payment Purchase Smartphone game app In-game item Play Payment Purchase Website In-game item Play Integration with app User ■In-app payment: A payment method where users make payments within the app ■Out-of-app payment: A payment method where users make payments on an external website instead of within the app Commission rate Approx. 30% Commission rate 3 to 15% maximum Through the passage of the “Smartphone Software Competition Promotion Act,” the move to implementing out-of-app payment is accelerating rapidly 

20 Media / Outline of the Out-of-App Payment Business (1) • By entering the out-of-app payment business, we will create a new business model for the smartphone game industry and contribute to improving profits for the industry as a whole • Reaching the market valued at approximately 1.2 trillion yen, as GameWith, we will create new monetization points *1 Excerpt for gaming apps (smart devices + social media) from “Trends in Domestic Online Platform Game Content Market Size” on page 49 of FAMITSU GAME HAKUSHO 2024 *2 Calculated as a rough estimate from when the conventional app store commission rate was 30% Domestic smartphone game market size*1 Approx. 1.2 trillion yen Conventional payment transaction fees Estimated 360 billion yen*2 Conventional commission rate Approx. 30%*2 ① Increased payment revenue from smartphone games by enhancing users’ payment experience through media ② Reduced payment transaction fees through implementation of out-of-app payment Simultaneously contribute to improving profits for the smartphone game industry as a whole and reach the market valued at approximately 1.2 trillion yen by entering the out-of-app payment business (1) Increased payment revenue (2) Reduced transaction fees 

21 Media / Outline of the Out-of-App Payment Business (2) • By providing information and functions necessary for payment, including for game guides, we will be able to improve the user experience and realize a seamless payment experience from media • The linkage with “AppPay” enables us to lead GameWith users to out-of-app payment. We will expand payment functions utilizing media in the future • We are aiming to be the No.1 out-of-app payment provider for smartphone games, with our reach to gamers as the No.1 game media in Japan and our relationships with gaming companies as our strengths *Aggregated from the period between 2021 to September 2024 User Provision of products Charge Viewing of articles Provision of articles Gaming company Provision of game guides Provision of introduction information Pre-registration functions, etc. Addition of payment functions to media Payment (Purchase of in- game items, etc.) Provision of payment functions Marketing/attracting customers Payment transaction fees Conventional media functions Provision of information and functions necessary for payment Approx. 500 million PV per month Approx. 35 million UU Cumulative total number of business partners Over 400 companies* ■Advantages ・Can get better deals than in-app payment ・Improved user experience in payment ■Advantages ・Transaction fees are lower compared to in- app payment ・Enables out-of- app payment without in-house development ・Easy to increase usage rate of out-of-app payment through use of media 

22 Media / Started Collaboration to Lead Users with “AppPay,” an Out-of-App Payment Service • From December 16, 2024, as the first initiative based on the partnership, the Company will begin working with “AppPay,” an out-of-app payment service provided by Digital Garage • Enables us to lead “GameWith” users, who are highly motivated to pay to “AppPay” and promote the use of out-of-app payment for the smartphone games introduced by the Company • Also implemented in our NFT game “EGGRYPTO.” The release of limited products in December led to high initial usage rate. While no new limited products have been added since January, usage rate is on the upward trend due to increased awareness of out-of-app payment and promotional measures, etc. 34.6% 18.1% 27.5% 2024/12 2025/1 2025/2 2025/3 × 36.2％ Web page image Purchase page *Ratio of sales from out-of-app payment to total payments. December results for “EGGRYPTO” (period: Dec. 16, 2024 to Dec. 31, 2024) Trends in usage rate of out-of-app payment in “EGGRYPTO”* Set up a banner on the web page 

23 Media / Progress of Global Expansion 2024/7 2024/8 2024/9 2024/10 2024/11 2024/12 • With regard to global expansion, which is the focus of the company’s efforts to achieve its Medium Term Business Plan, investment in human resources for article creation is progressing well, and the number of new launches increased compared to the previous year. Steady growth in average search rankings • On the other hand, traffic remains low and there has been a limited impact on profits. Continue to focus on medium to long term growth by acquiring search rankings for major titles, etc. *According to “DemandSphere”: Average of the display rankings of titles that have been newly launched and have received a certain level of traffic on the English version of “GameWith” when searched for keywords First half of FY ended May 2024 First half of FY ending May 2025 3x Number of English-language “GameWith” titles launched Performing favorably Average search rankings for newly launched titles* 

02-2 eSports/Entertainment 

25 eSports/Entertainment / Services Other Business DetonatioN FocusMe eSports player management Fan club management Official merchandise sale Video distribution etc. GGGstudio Creator management Video Streaming etc. Internal and external event planning and management https://e-sports.gamewith.co.jp/ http://team-detonation.net/ https://ggg-studio.com/ https://www.gamewith-arteria.com/ Creator Management eSports Team Management Event planning and management Live-Streaming Studio Business 

26 6,118 8,354 9,868 12,536 14,685 17,268 19,982 2019 2020 2021 2022 2023 2024 2025 4,829 6,859 7,434 7,759 8,560 9,184 10,166 2019 2020 2021 2022 2023 2024 2025 eSports/Entertainment / About the eSports • The eSports market is expanding in Japan. • Sales of GameWith’s eSports business are steadily increasing and look set to grow further. eSports market in Japan* （Unit：Thousand people） The number of eSports fans in Japan* (Unit: Millions of yen) *According to “The market size and future forecasts of the eSports industry. Analysis of market trends. Data yearbook ‘Japan eSports White Paper 2024’ released. The domestic eSports market in 2023 grew 117% year-on-year to 14.685 billion yen. The number of domestic eSports fans in 2023 also grew to 8.56 million” https://jesu.or.jp/contents/news/news-250331/ 

27 eSports/Entertainment / Business Model Business model Fixed Remuneration Strengthening the Team Distribution/Video Production Support Event Planning etc. Affiliations and Player Activities etc. Earnings Distribution Prize Money Appearance Players/ Streamers Tournament Improving the brand value of teams Invest in players and streamers to increase their value, support promotion, and monetize through consumer services. Clients Promotion Support Advertising Expenses, etc. Sponsors Tournament Prize Money Tie-up Examples Event Planning/Management Features Realize various monetization points by leveraging one of the strongest and most well-known e-Sports teams in Japan Operate one of the best eSports teams in Japan 

28 eSports/Entertainment / The history of eSports and the journey of DetonatioN • Kicked off a professional eSports league (LJL) for LoL in Japan. 2009 • The term eSports appeared in the 2000s. • League of Legends (LoL) released in in North America • DetonatioN started their activities as an eSports team at an early stage in 2012. • In 2015, DetonatioN introduced Japan's first dedicated full-time professional gaming system. • DetonatioN joined the GameWith Group in 2021, and GameWith became the first listed company in Japan to report a business segment related to eSports*. • Experience as members of the Japanese national team in League of Legends and VALORANT, which are leading eSports titles, competition experience at World Championships, and global recognition 2011 2012 • Held the first official national tournament, “The 1st eSports JAPAN CUP.” • Establishment of DetonatioN • Started activities as an eSports team 2018 • The year is referred to as the “first year of eSports” in Japan. • Establishment of Japan esports Union (JeSU) 2021 2022 • Joined GameWith Group • Advanced from the group stage and reached the Top 16 at the World Championships in the LoL Division for the first time as a Japanese team • Conclusion of business alliance agreements with Crazy Raccoon • Won sixth consecutive LJL championships in the LoL division • Entered into a strategic partnership with Riot Games, Inc. • VALORANT division competed in the Asian League • eSports became a medal event for the first time at the Asian Games. • The Japanese government announced enhanced support for eSports with an eye on adoption for the Olympics. 2015 • Introduced Japan's first dedicated full-time professional gaming system. 2023 • Japan made its first-ever appearance in the best 20 at the World Championships in the LoL division. 2014 • Won the LJL Grand Final to become the first champion of the event *Based on our research 

29 eSports/Entertainment / Significant Achievements of DetonatioN FocusMe (DFM) • Boasts top-class skills in Japan for two titles that represent globally popular eSports • The highest potential for growth in the global market among Japanese e-sports teams The world's most played multiplayer online battle arena (MOBA) game in teams of 5 vs. 5 ✓ Chosen as eSports Game of the Year*1 for 2020 and 2021. ✓ The maximum number of simultaneous viewers for the 2023 World Championships exceeded 6.4 million worldwide, making it the most watched eSports event to date*2 ✓ Also selected as an official medal event for the Asian Games Highly-competitive tactical shooting game with 5 vs 5 battles ✓ Chosen as “ESPORTS GAME OF THE YEAR” for 2022 and 2023*1 ✓ Sales of in-game merchandise during the 2023 World Championships exceeded 40 million USD (approximately 5.8 billion yen) Half of the sales is distributed to the teams participating in the league*3. ✓ Total number of visitors to the 2023 World Championships, the first to be held in Japan, exceeded 37,000*4. Won six consecutive Japan league championships (as of December 2023) Advanced from the group stage and reached the Top 16 at the 2021 World Championships for the first time as a Japanese team Selected to join a league with some of the world's top teams and competed in the Asia-Pacific region Only two teams from Japan were selected and competed based out of Korea. Game titles Overview DFM Results ©2024 Riot Games, Inc. Used With Permission. *1 https://esportsawards.com/previous-winners/esports-awards-2023/ *2 From the article “Led by Faker, T1 Triumphs at LoL Worlds 2023: South Korean President Extends Congratulations as Event Sets New eSports Peak Viewership Record Amidst Celebratory Frenzy” https://roundup-gamers.jp/article/2023/11/20/1927.html *3 “VALORANT Champions 2023 Skin Revenue Surpasses 5.8 Billion Yen, with Each Team Receiving a Distribution of Approximately 180 Million Yen” https://gamewith.jp/valorant/article/show/414410 *4 “Generation Z Goes Wild for VALORANT World Championship: The Rise of Fandom Culture in eSports” https://xtrend.nikkei.com/atcl/contents/watch/00013/02280/ 

30 eSports/Entertainment / Entered into a partnership with Riot Games, Inc. in the VALORANT division • In the VALORANT division, we entered into a partnership with the developer Riot Games, Inc. Only 2 teams from Japan and 30 teams from around the world were selected through a strict screening process. • In addition to competing in a league with the world's top teams, participants also receive financial support which is a great value from a monetization standpoint. ✓ The goal is to grow the eSports scene in a long-term and stable manner. ✓ Right to participate in a league of the world's most powerful teams ✓ Weekly broadcasts of the hotly contested matches in multiple languages to fans around the world ✓ Yearly financial support from Riot Games ✓ Provision of unique and exclusive in-game content/product collaboration opportunities ✓ Branded content can now be offered to 15 million monthly active VALORANT players worldwide ✓ Significantly increased sponsorship value as a team Entered into a partnership with Riot Games, Inc. in the VALORANT division Details and benefits VALORANT International League Participating teams ©2024 Riot Games, Inc. Used With Permission. *Reference: “Riot Games Announces New Plans for VALORANT eSports” https://prtimes.jp/main/html/rd/p/000000381.000024470.html “Riot Games Announces 10 Teams for 2023 VCT PACIFIC LEAGUE! ZETA DIVISION and DetonatioN Gaming to Participate” https://prtimes.jp/main/html/rd/p/000000452.000024470.html 

31 eSports/Entertainment / Strong Performance in the VALORANT Division In the pre-league event of the Asian League, the “VCT Pacific Kickoff,” in which DFM is participating, the team’s match attracted significant attention, recording a peak of 380,000 simultaneous viewers *1 DFM’s match in the Asian League was the most-watched match of the tournament, attracting attention not only from within Japan but also from overseas. It also ranked No.1 in domestic X trends for a time Earnings distribution from digital goods Sponsor revenue In the case of foreign teams, for example, sponsorships amounting to several hundred million yen per year are also available. A globally active team would improve the unit price This year, a total of $78.4 million (approx. 12.2 billion yen) was distributed to the partnership teams, of which $44.3 million (approx. 6.9 billion yen) came from digital goods revenue. *3 Fan business Sales of original goods such as uniforms and apparel at the most recent offline event were strong Strong performance in the mainstay VALORANT division A promising situation in the Asian League in which we are participating Future growth is also expected as team wins lead to higher sales *1 According to “DFM vs PRX Becomes the Most Watched Match at the VCT Pacific Kickoff...Unexpected Matchup also Attracts Attention in EMEA [VCT Kickoff]” https://fistbump-news.jp/article/2025/02/18/731.html *2: From X post by Leo Faria, head of eSports at VALORANT, https://x.com/lhfaria/status/1865033534743974357 (calculated at $1 = 156 yen) 

32 eSports/Entertainment / Percentage by revenue item • For eSports, the Company has various monetization points and has achieved a well-balanced revenue structure that does not depend on a single revenue source • Support funding and earnings distribution from digital goods, etc. increased due to the conclusion of a partnership with Riot Games for the VALORANT Division in the fiscal year ended May 2024 Sponsor revenue Providing logo placement on uniforms, etc. Tie-ups and events Tie-ups and events for companies, etc. Tournament prize money and support funding Tournament prize money, support from publishers, etc. Fan business Video distribution, merchandise, fan clubs, etc. “eSports” sales for FY ended May 2024 cumulative total: Percentage by revenue item Sponsor revenue 23% Tie-ups and events 15% Tournament prize money, support funding, and earnings distribution from digital goods, etc. 42％ Fan business 19% Other 

02-3 New Business (NFTs, Network Business, etc.) 

34 New Business / Services https://eggrypto.com/ https://gamewith-nft.jp/ https://gamewith-hikari.gamewith.co.jp/ GameWith Hikari Networks business for gamers EGGRYPTO NFT Game New Business GameWith NFT NFT Game media Other Business Network Business NFTs eSports training software etc. 

35 New Business / NFT games: “EGGRYPTO” • EGGRYPTO has pursued casual gameplay and has achieved unusual long-term growth for an NFT game. Rare monsters (NFTs) that can be obtained in the game are sometimes traded for high amounts, indicating the high value of these NFTs. Annual app revenue Casual gameplay General NFT Games Initial investment Necessary Unnecessary Crypto asset wallet Necessary Unnecessary Platform PC browser Smartphone app Users’ main purpose of playing Earning > Enjoyment Enjoyment > Earning User continuity Quit when they no longer make any money Continue playing the game itself EGGRYPTO has pursued casual gameplay since its initial release. Realization of an NFT game with an emphasis on “fun” Continuous growth Continuous growth on the four-year anniversary of the release This is rare for an NFT game and could serve as a model case for future markets. ＊ The number of transactions that combine multiple processes on the blockchain into one, an indicator of how actively NFTs are being exchanged. FY ended May 2021 FY ended May 2022 FY ended May 2023 FY ended May 2024 

36 NFT games are difficult for beginners Quality writers Media operation know-how Brand credibility Reach to gamers Contribute to the development and popularization of NFT games Management of media exclusively for NFT games • GameWith NFT, a media platform specializing in NFT games that provides information to help even beginners enjoy NFT games, opened on Wednesday, July 19, 2022. New Business / Media exclusively for NFT games 

37 New Business / Network Business: “GameWith Hikari” • This service utilizes high-quality networks and know-how from ARTERIA Networks, a capital and business alliance partner, to deliver a quality unmatched by our competitors • It does not require capital investment, and we have realized a business model that enables us to secure stable profits • We are currently focusing on user acquisition to achieve medium to long term growth, and are investing in promotional costs High quality Secured stable profit No capital investment required • We achieve high quality by utilizing the lines and know-how of our capital and business partner, ARTERIA Networks, which mainly provides fiber optic lines to corporate customers • Through specialization in games, the service is actually being used by many eSports players and teams • It is possible to acquire new users, especially gamers, even without offering significant cashback or discounts like major competitors • Able to secure stable profits for a business model that generates recurring revenue from users' monthly usage fees • If the number of users increases, it is expected to become a large source of profits in the future • No capital investment is required because the service utilizes the networks of ARTERIA Networks • The only major cost is promotional expenses, and profitability can be achieved once the promotion has stopped • We are currently focusing on acquiring users for medium to long term growth and moving forward within the recoverable range 

38 New Business / Results of the Survey on Gamers’ Opinions about Internet Network Performance • According to the results of the survey conducted, the percentage of gamers who play games online was high at 86%, and of those, over 75% (3 out of 4) prioritize network performance, and over 68% had experienced dissatisfaction with network performance • It was found that gamers have strong opinions on network performance, so it can be said that there is great market potential for “GameWith Hikari,” which is a service specialized for gamers Percentage of online gamers who prioritize network performance Percentage of online gamers who have experienced dissatisfaction with network performance 75％ 68％ Percentage of gamers who play online 86％ *From the Company’s press release “Over 75% of Online Gamers Prioritize the Speed of Internet Network Performance [Survey on Internet Network Performance and Games]” https://gamewith.co.jp/posts/CcHCSADi 

39 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2023年5月期 2024年5月期 2025年5月期 5,800 3,000 1,200 • The cumulative number of contracts for “GameWith Hikari” is growing steadily, reaching 5,300 connections as of the end of the third quarter of the fiscal year ending May 2025 Trend in the cumulative number of contracts for "GameWith Hikari” New Business / Trend in the cumulative number of contracts for "GameWith Hikari” Leveraging our positioning as a high-quality service specialized for games, the number of users is growing steadily • Provision of “GameWith Hikari eSports Club Support Plan,” a dedicated plan for eSports clubs for schools nationwide • GameWith participated as a gold sponsor of Japan’s biggest high-school eSports festival “STAGE:0 eSPORTS High-School Championship 2024.” GameWith Hikari 10G Pro was used at the venue for the tournament finals ■Recent branding measures FY ended May 2023 FY ended May 2024 FY ended May 2025 

40 NFT game EGGRYPTO “GameWith Hikari" Network Business Users Service Offerings Billing Revenue NFT sales revenue Earnings Distribution Internet Connection Service Provision of Optical Fiber Business Expertise Charge Users Service Offerings Promotion Usage Fees A revenue-sharing model jointly developed with our investment company Kyuzan Inc. × Joint Development A model that purchases Internet access services from a joint venture with Arteria Networks and sells them to users • Develop new businesses that leverage GameWith's strengths while also collaborating with business partners. New Business / Business Model 

03 Medium-Term Business Strategy 

Medium Term Business Plan Concepts Aiming for accelerated growth rather than stable growth, we aggressively promote investments For the enhancement of corporate value in the medium to long term, we work towards building a monetization base aimed at achieving our mission/vision as a comprehensive game-related company, not limited to domestic media 

-146 -121 -172 -41 -205 -201 301 459 191 Media eSports/ Entertainment New Business (NFTs, Network Business, etc.) Other Total Medium Term Business Plan Formulation Policy The media segment alone has recently generated a profit of over 900 million yen In order to enhance corporate value in the medium to long term, the cash generated from our media business is being invested in new areas, which is impacting the overall profit 837 1,100 948 • It is also possible to shrink investments in new areas to achieve short term profits • On the other hand, we believe that what is required for startups like ours is accelerated growth, not stable growth • The media business has become a cash cow, providing ample cash, which serves as a source for investments (Cash and deposits amounted to 2.8 billion yen) • We intend to continue with our policy of aggressively promoting investments and aim to achieve accelerated growth (Unit: Millions of yen) Annual transition of EBITDA* by segment Formulate a medium term business plan to commit to growth * EBITDA = Operating profit + Depreciation + Amortization of goodwill FY ended May 2022 FY ended May 2023 FY ended May 2024 

Management Issue 7 389 994 1,581 2,677 3,148 2,890 2,880 3,120 3,512 3,497 FY ended May 2014 FY ended May 2015 FY ended May 2016 FY ended May 2017 FY ended May 2018 FY ended May 2019 FY ended May 2020 FY ended May 2021 FY ended May 2022 FY ended May 2023 FY ended May 2024 Media eSports/Entertainment New Business 100% 65% FY ended May 2014 FY ended May 2015 FY ended May 2016 FY ended May 2017 FY ended May 2018 FY ended May 2019 FY ended May 2020 FY ended May 2021 FY ended May 2022 FY ended May 2023 FY ended May 2024 Media eSports/Entertainment New Business (Unit: Millions of yen) The current management issue is the slowdown in the growth rate of the cash cow media segment and establishing a new pillar of revenue to follow the media business Annual sales trends Annual sales composition ratio 35% 

Medium Term Business Plan Outline ✓ Addressing the slowing growth of the media business ✓ Creation and monetization of new areas following the media business ✓ Resurgence of the media business through full-scale global expansion ✓ Creation of the second and third pillars following media in new areas ✓ Making strategic investments to build a monetization base with an eye on medium to long term growth Current management issue Medium term business plan outline 

Positioning of Medium Term Business Plan 35 35 35~40 FY ended May 2023 (Actual) ～ FY ended May 2024 (Actual) FY ending May 2025 (Forecast) FY ending May 2029 (Goal) FY ending May 20XX 7 billion yen Medium term business plan (five-year plan) (Strategic investments and business growth) Present (Actual) Future (Toward achieving our mission) Plan for Growth (Unit: Hundreds of millions of yen) ～ Investment period Monetization The goal of doubling sales 

03-1 Media 

Media: Summary Promotion of global expansion • A current issue with the English version of GameWith is the limited title coverage • Investing in human resources for creating English articles to expand title coverage • Aiming to replicate our media success in Japan by achieving higher search engine rankings and dramatically increasing PV counts • With the increase of media value, we will horizontally expand our business through tie-up articles, etc. • Further expansion beyond English-speaking regions is planned, including the expansion into the South Korean market through collaboration with DIGITAL HEARTS Seoul Co., Ltd. The evolution of game guide dissemination utilizing AI • With the advancement of AI technology, the methods for providing game guides are increasing • We will implement push-style information dissemination, without being confined to the form of web media • We are aiming to acquire traffic through methods other than traditional search FY ending May 2025 FY ending May 2027 FY ending May 2029 Investment in human resources Expansion of title coverage for English- speaking regions Global monetization Investment in AI utilization Practical application of AI ~ ~ Roadmap 

Media: Promotion of Global Expansion Overseas game market Approximately 26.8 trillion yen Game content market size*1 PV unit price*2 (Annual average performance) Approximately 2.5 times higher Domestic GameWith English version GameWith The global market potential is significant Leveraging our track record as the No.1 domestic game media in Japan, we will make a full-scale effort to acquire global market share Domestic game market Approximately 2.1 trillion yen More than 10 times higher *1 “Global Game Content Market Size in 2022” from page 2 and “Trends in Domestic Game Market Size (Home Video Games & Online Platforms)” from page 38 of FAMITSU GAME HAKUSHO 2023 *2 Based on the annual average performance of the advertising unit price per PV of domestic GameWith and English version GameWith in the fiscal year ended May 2024 

Media: Entered Into a Partnership with DIGITAL HEARTS Seoul Co., Ltd. • Establishing a GameWith team within DIGITAL HEARTS Seoul Co., Ltd. to support Korean gaming companies with sales, conduct joint seminars, and engage in sales activities such as menu development and package sales, leveraging respective know-how and existing assets for comprehensive business collaboration Details of partnership × Maintains strong ties with Korean gaming companies and exerts significant influence in the Korean gaming market Extensive track record of supporting numerous gaming companies by leveraging the value of being Japan's largest game media An issue is that GameWith has low recognition overseas and has few connections with international gaming companies We are aiming to improve GameWith's brand recognition and expand transactions in the South Korean market Entered into a partnership with the subsidiary DIGITAL HEARTS Seoul Co., Ltd. as the second phase of synergy enhancement based on a capital and business alliance with DIGITAL HEARTS HOLDINGS Co., Ltd. 

Media: The evolution of game guide dissemination utilizing AI Search engine I want to know how to defeat this boss I want to know the evaluation of this character I want to know the location of this item Search Visits the site Provision of information Current game guides Providing information to users who search for desired information through web media Future game guides we are aiming to create Analyze user game progress utilizing AI Providing real-time game guides without the need for searching This information could be useful if the user is using this character It would be helpful to indicate the location of this item Let's provide some advice since the user might get stuck on this boss next AI Providing real-time game guides Gamer 

03-2 Network Business: “GameWith Hikari” 

Network Business “GameWith Hikari”: Summary Promotional strategy • In a stock-based business model, we believe it is crucial to make upfront investments in promotional expenses to acquire users early. Therefore, we will continue to carry out promotions to maximize future revenue • By specializing in games, we have secured our positioning, and our strengths include providing high-quality connections used by eSports players and teams, as well as having a strong reach to gamers as part of the GameWith Group • By implementing branding initiatives, etc. utilizing media and eSports teams, we will increase awareness among gamers and establish our position as the No.1 gaming network Promotion enhancement/Branding initiatives Monetization FY ending May 2025 FY ending May 2027 FY ending May 2029 ~ ~ Roadmap 

Sales Gross profit Network Business “GameWith Hikari”: Visualization of Monetization -11,800 -1,100 8,200 16,500 23,900 yen 1st year 2nd year 3rd year 4th year 5th year FY ending May 2025 (Forecast) FY ending May 2026 FY ending May 2027 FY ending May 2028 FY ending May 2029 (Goal) SG&A expenses 1.4 billion yen 350 million yen Cumulative profit per user will turn to profitability from the third year, reaching 23,900 yen by the fifth year, with an estimated return on promotional expenses for user acquisition of approximately 190% in the fifth year We actively pursued user acquisition to improve revenue over the medium to long term and the number of users grew steadily. We will continue to implement promotion enhancement to develop this business into one that generates significant future sales and profit Average cumulative profit per user Visualization of future monetization of the entire business 300 million yen 70 million yen 

03-3 NFT Games 

NFT Games: Summary Development and release of new games • In fiscal year ending May 2026, we are aiming to release the new NFT game “EGGRYPTO X”, which is currently under development • The current “EGGRYPTO” continues to experience sales growth as it approaches its 4th anniversary • Our strength lies in possessing the know-how for the development/operation of NFT games that can generate revenue while keeping development costs lower compared to conventional social games. We will undertake the in-house development of new games by utilizing this know-how • Around the same time,we are also aiming to release “AIM NOVA”, which is currently under development by adding game and NFT elements to our aim training software Development of new games Promotion Release of new games Monetization FY ending May 2025 FY ending May 2027 FY ending May 2029 ~ ~ Roadmap 

NFT Game: EGGRYPTO X Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY ended May 2021 FY ended May 2022 FY ended May 2023 FY ended May 2024 Policy of the new NFT game “EGGRYPTO X” Approximately 500 yen Over 2.5 million 30-day ARPU for new users Cumulative number of downloads Steady growth in sales as we celebrate our 4th anniversary Achievements of the NFT game “EGGRYPTO” • Leveraging the know-how cultivated with “EGGRYPTO”, we anticipate being able to reduce initial development costs • Based on the ARPU performance and influx of users to “EGGRYPTO”, the initial costs are expected to be recovered in a few months • We anticipate continued revenue by leveraging over four years of long term operational know-how from EGGRYPTO EGGRYPTO app sales trends *Images of game under development 

NFT Game: AIM NOVA Aim training software Game elements NFT elements Fight with honed aiming ability Acquire NFT monsters by playing Usable in-game • Developed as software to train aiming ability*, which is fundamental in shooting games • To differentiate this game from its competitors, it will not just be training software, but will also incorporate game elements and NFT elements • Assuming a release as a PC game, the monetization will primarily focus on revenue from in-game purchases General game users Earn NFTs by playing Influx from the combination of gaming and NFT NFT users Influx for the purpose of earning through NFT Shooting game users Influx for the purpose of aim training Leveraging the know-how from the development/operation of EGGRYPTO *Aiming ability refers to the ability to align a gun’s sights with the target in shooting games Overview of the new NFT game “AIM NOVA” Features of the new NFT game “AIM NOVA” *Images of game under development 

03-4 eSports 

eSports: Summary Strengthening the team of VALORANT division • In the globally popular VALORANT division, our partnership with Riot Games, Inc. has already placed us on the world stage, making it crucial to continue winning. Winning attracts more fans, leading to increased merchandise sales revenue and sponsor revenue, etc. • Therefore, we will aggressively invest in our teams to create ones capable of winning around the world Acquisition of streamers to strengthen influencer business • As a current trend, influencer business utilizing streaming is very important, not just in the competition scene • Establish a system to attract new influencers by acquiring core streamers • Not only will revenue from video streaming, tie-ups, and merchandise sales increase, but the improved value of the team also leads to higher sponsorship revenue, etc. Initiatives for regional revitalization • In the lead up to the Asian Games to be held in Nagoya in 2026, there is an increasing need for regional revitalization initiatives utilizing eSports as a tool, not only to invigorate the competitive scene but also to attract young people to local areas • We will enhance collaboration with local governments and undertake initiatives aimed at regional revitalization through eSports and the development of the eSports industry by leveraging our strengths as a pioneer in eSports Investment in VALORANT division Acquisition of streamers Initiatives for regional revitalization Influencer business/monetization of regional revitalization Expansion of revenue Maturation of the eSports market FY ending May 2025 FY ending May 2027 FY ending May 2029 ~ ~ Roadmap 

eSports: The Roles of Each Strategy -Key Strengths Pioneer in the eSports industry Strength in the competition scene Entered into a partnership with Riot Games, Inc. in the VALORANT division Connections and know-how in various areas gained through initiatives such as introducing Japan's first dedicated full-time professional gaming system and obtaining athlete visas from the early stages Opportunity Strategy Policy Strengthening the team of VALORANT division • We are already drawing attention on the world stage • All that remains is to aggressively invest in our teams and players to win Strengthening collaboration with local governments and initiatives for regional revitalization • Issues faced by local governments, such as the outflow of young people • National support for eSports Events, tie-ups, eSports consulting, education, increased sponsorship revenue, etc. ▼Weak Points Influencer business While we have many “strong” players in the competition scene, the number of “popular” streamers is relatively fewer compared to other teams Acquisition of streamers to strengthen influencer business • The rising popularity of eSports streamers • If we can acquire core streamers, we have the recognition as a team capable of building a system to attract new streamers Video streaming revenue, merchandise sales, events, tie-ups, fan clubs, increased sponsorship revenue, etc. Formulate a strategy that includes investments leveraging DFM's strengths and those that compensate for its weaknesses Expand monetization points in the eSports business 

05 Appendix 

63 Representative and President Takuya Imaizumi Director Hideyuki Hiyoshi Director (outside) Tomoyuki Takechi Director (outside) Hirokazu Hamamura Director (outside) Toru Kobayashi Permanent auditor (outside) Tomoyuki Hangai Auditor (outside) Katsunari Goto Auditor (outside) Toru Morita Director Takahiro Yazaki Appendix / Board member 

64 Appendix / Company history June 2013 GameWith, Inc. established September 2013 Game media site "GameWith" released June 2017 GameWith stocks go public on the Tokyo Stock Exchange Mothers market August 2019 GameWith moves to the First Section of the Tokyo Stock Exchange December 2019 Established subsidiary, AtWiki, Inc. July 2021 Established subsidiary, GameWith NFT, Inc. October 2021 DetonatioN, Inc. became subsidiary December 2021 Established subsidiary, GameWith Contents Studio, Inc. May 2022 Established GameWith ARTERIA, Inc. a joint venture with ARTERIA Networks, Inc. April 2022 Overseas subsidiary (sub-subsidiary) "DetonatioN KOREA Co.,Ltd." established by DetonatioN June 2023 January 2023 GameWith moves from the First Section to the Standard Market due to the revision of the Tokyo Stock Exchange market classification Conclusion of capital and business alliance agreements with ARTERIA Networks Corporation and DIGITAL HEARTS HOLDINGS Co., Ltd. Conclusion of comprehensive business alliance agreements with DetonatioN, Inc. and SAMURAI KOBO Co., Ltd. managementing of a professional eSports team “CRAZY RACCOON” November 2023 September 2024 Together with Digital Garage, Inc., we have entered into a basic agreement for a strategic partnership to jointly promote the out-of-app payment business May 2025 Joined General Incorporated Association Japan Online Game Association (JOGA) as a full member Established “GameWith KYOTO,” its first regional branch May 2025 

65 Appendix / Our Initiatives for Sustainability（ESG/SDGs） https://gamewith.co.jp/sustainability With the goal of contributing to solving social issues with games, GameWith has come up with the three key themes of “With Consumers,” “With Society,” and “With Work,” each indicating our area of focus in business. 

66 Appendix / List of Investments A venture capital fund supporting mostly North American and European startups in the digital media and entertainment spaces Planning, development, and operation of software applications that promote the use of technology in sports Provision of back-end server services specialized in mobile game development Development and operation of the blockchain game Planning, development, and operation of the blockchain game and digital asset tokens, and development of services using blockchain and cryptocurrency technology 

67 The forward-looking forecast statements included in this document, are prepared based on judgements and assumptions based on information available at the time of presentation of this material, and no guarantees are made as to their accuracy. Accordingly, there is a possibility that actual results may differ greatly from forecasts due to various uncertain factors included in these judgements and assumptions, changes in risk factors, and changes in the economic environment. Contact information Disclaimer Please use the inquiry form on the IR website IR website https://gamewith.co.jp/ir Corporate website https://gamewith.co.jp/ GameWith, Inc. X https://twitter.com/GameWith_inc note https://note.com/gamewith