Financial Results Briefing Material

for the Second Quarter of the Fiscal Year 2021

Bushiroad Inc.

Securities code: 7803

March 16, 2021

Ⓒbushiroad All Rights Reserved.

Keyword

from

Investment phase

to

Growth phase!

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Table of Contents

  • FY2021 Second Quarter
    Financial Results Summary/Overview

-

Summary Income Statement

NOTICE

-

Financial Performance Trend

The Company has changed

-

Sales Trend by Segments

its fiscal year end

from July 1 to June 30

-

Topics

since FY2021.

Now FY2021 is

・ Upcoming Activities

11 monthsfrom

August 1, 2020 to June 30, 2021.

・ Appendix

1Q: Aug.-Oct.

2Q: Nov.-Jan.

3Q: Feb.-Apr.

4Q: May and June

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3

FY2021 Second Quarter

Financial Results

Summary/Overview

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4

2Q of FY2021: Financial Results Summary

Net sales maintained

Get out of Red of 1Q to Black

almost same level as the previous FY.

just in a Quarter.

・Net sales was almost same level as the 2Q in the previous FY that had achieved the highest record, and deficit in 1Q turned to the black just in a quarter.

・Digital IP business segment achieved the highest net sales in two quarters in a rowsince 1Q, due to contribution by "D4DJ Groovy Mix" during the current quarter. Advertising and promotion expenses decreased compared to 1Q, but due to higher cost rate in MD Dept. and MOG Dept. and increasing depreciation for TV animation, segment profit was the black only slightly.

・Live IP business segment turned to the blackafter four previous quarters, due to organizing a big match "WRESTLE KINGDOM 15"(Ittenyon)of New Japan Pro- Wrestling.

・Extraordinary loss of 179 million yen was allocatedas impairment of goodwill.

Unit: million yen

FY21 2Q

FY20 2Q

+/- amount

+/- %

FY21 1Q

+/- amount

+/- %

（①）

（②）

（①－②＝③）

（③／②）

（④）

（①－④＝⑤）

（⑤／④）

Net sales

9,054

9,123

-69

-0.7％

8,971

＋83

＋0.9％

Operating profit

241

1,029

-788

-76.5％

-82

＋323

－

Ordinary profit

256

1,036

-780

-75.2％

-93

＋349

－

Profit (loss) attributable

-36

635

-671

－

-154

＋118

－

to owners of parent

Digital IP business

Net sales

6,708

6,218

＋490

+7.8％

6,651

＋57

＋0.8％

Segment profit

24

502

-478

-95.2％

3

＋21

－

Live IP business

Net sales

2,347

2,904

-557

-19.1％

2,320

＋27

＋1.1％

Segment profit

215

502

-287

-57.1％

-91

＋306

－

* For segment profit, amount of adjusted inventories is not shown.

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5

Goodwill Impairment of Hikosen Theater Company

◆Background

We recognized that live stages would be further important as an element in IP production,so after acquiring Hikousen, some synergy has gradually emerged such as producing/operating "We are RAISE A SUILEN -BanGDream! The Stage-",a live stage utilizing our in-houseIP.

Meanwhile, Hikosen expects to show a deficit in the immediate future

because more than 180 stages from August, 2020 to March, 2021 are cancelled due to widespread of COVID-19, and as such it was decided that

its goodwill should be been fully booked as impairment loss considering uncertainty and other factors under the environment of COVID-19.

This will lead, during the second half and onward, no more burden caused by amortization of goodwill which costs about 40 million yen per year concerning Hikosen Theater Company.

◆Balance of goodwill

Before impairment loss

183,321,000 yen

Impairment loss

179,439,000 yen

Balance

3,881,000 yen

Hikosen Theater Company

Established: 1966

Capital: 43,789,000 yen

For over 50 years, it produced "Mask Play Musical" centered on World Masterpiece Theater and

performed all over Japan and overseas. In recent years it has also engaged in planning and production of 2.5-dimensional musical stages.

It became a subsidiary of Bushiroad Inc. in February, 2020.

"The Seven Baby Goats and the Wolf"

©Thearter Company HIKOSEN All rights reserved. Ⓒbushiroad All Rights Reserved.

6

Action Plan of Hikosen Theater Company

◆Expanding stage production

・Converting Bushiroad IP into live stages, and distributing and selling the video

・Approaching major IPs, and converting them into live stages as mask play musical.

"PreCure" series are very popular live stages

organized every year since 2014.

The latest "Healin' Good ♥ PreCure Dream Stage♪" was played at 22 places nationwide.

◆Mid-term growth strategy

Through providing new values of live stages, a subscription model of live stages should be established, aiming at

increasing corporate value by sustained growth.

・Fusion of real stage and online stage

The stage performances provide unprecedented special feeling for the audience who watch on-site, and using special video effects in the online shows would make the audience move because of the experience not found in the daily life.

・3D anime / 3D picture book

3D anime will be developed emphasizing worldview of animation which attracts people having less interests in live stages, also aiming at further evolution of theatrical shows as 3D picture books.

"We are RAISE A SUILEN -BanG Dream! The Stage-"

July, 2020

"Healin' Good ♥ PreCure Dream Stage♪"

Aug. 2020-Feb. 2021

ⒸBanG Dream! Project ©ABC-A・東映アニメーション ©Thearter Company HIKOSEN All rights reserved. Ⓒbushiroad All Rights Reserved.

7

* As consolidated performance forecasts are not disclosed, progress thereof is not shown.

Summary Income Statement (Consolidated)

・Cumulative net sales in the first half period exceeded the same in the precious FY. In addition, cumulative operating profit and ordinary profit in the first half period returned to the black.

・Due to several factors such as increased depreciation for TV animation programs (*1) broadcasted last autumn, higher percentage of in-house distribution of MOG, and higher cost rates of MD / live stages / events, gross profit decreased.

・Advertising expenses increased due to launching new application games (*2), but its amount has been held down as compared to the same incurred in relation to launching D4DJ during 1Q. In addition, effects of cost-cutting carried out as measures against COVID-19 still continue. In these contexts, SG&A expenses returned to normal level.

Quarter

Cumulative total

Unit: million yen

FY21 2Q

FY20 2Q

+/- amount

+/- %

FY21 2Q

FY20 2Q

+/- amount

+/- %

（①）

（②）

（①－②＝③）

（③／②）

（④）

（⑤）

（④－⑤＝⑥）

（⑥／⑤）

Net sales

9,054

9,123

-69

-0.7％

18,026

17,429

＋597

＋3.4％

Gross profit

3,200

4,256

-1,056

-24.8%

6,625

8,146

-1,521

-18.6%

SG&A expenses

2,960

3,226

-266

-8.2％

6,466

5,913

＋553

＋9.3％

Advertising

1,436

1,347

＋89

6.6%

3,293

2,454

＋839

＋34.1%

expenses

Promotion

158

515

-357

-69.3%

375

828

-453

-54.7%

expenses

Operating profit

241

1,029

-788

-76.5％

158

2,233

-2,075

-92.9%

Operating profit

2.6%

11.3%

-8.7pt

－

0.8%

12.8%

-12.0pt

－

margin

Ordinary profit

256

1,036

-780

-75.2％

162

2,260

-2,098

-92.8%

Ordinary profit rate

2.8%

11.4%

-8.6pt

－

0.9%

13.0%

-12.1pt

－

Profit (loss)

-36

635

-671

－

-191

1,278

-1,469

－

attributable to owners of

parent

*1 "Assault Lily BOUQUET" and "D4DJ First Mix".

*2 "Assault Lily Last Bullet" (released on Jan. 20, 2021), "ARGONAVIS from BanG Dream! AAside" (released on Jan. 14, 2021), and "GRISAIA -CHRONOSREBELLION-" (released on Nov. 26, 2020).

Ⓒbushiroad All Rights Reserved.

8

Future prospects concerning cost of sales

Cost rate of

MOG

Depreciation for TV animation

Cost rates of MD / music live shows / pro- wrestling events

Since in-house distribution is accounted as gross allocation, its cost rate is higher than net allocation for external distribution.

Application games of in-house distribution type have been increased, such as "D4DJ Groovy Mix" and "Vanguard ZERO", which aim at extending top lines making greater amount of gross profit.

Cost rates may continue to shift depending on net sales proportion of in-house distribution and external distribution.

Depreciation for TV animation programs broadcasted last autumn has passed its peak during 2Q and will decrease. In addition, production of TV animation will be put back from 100% investment to production committee style, thereby holding down total expenses incurred by the Company.

As the impacts of COVID-19 become smaller and consequently economic activities would recover gradually then consumption demand for MD and attendance rates in music live shows and pro-wrestling events would improve, cost rates would be better as well.

Also, by making effective use of various supportive measures such as "J-LODlive (*1)", expenses related to organizing events will be supplemented. (*2)

(ref.) Image of MOG allocation

In-house distribution

(gross allocation)

Net

External distribution

(net allocation)

sales

Expenses

Revenue share

Expenses

（Cost）

（Net sales）

（Cost）

Revenue

share

Gross

profit

（Cost

）

Gross profit

Quarterly Trend of

Consolidated Net Sales and Cost Rate

(million yen)

Net sales

Cost rate

10,000

120.0%

8,000

100.0%

Widespread of COVID-19

Depreciation for TV animation

6,000

programs broadcasted

80.0%

Cost rates of MD / live shows /

last autumn increased

events rose

4,000

60.0%

2,000

40.0%

(ref.) Monthly percentage of depreciation for TV animation

*Based on in-house criteria. Before depreciation, these are allocated as work in progress on the consolidated BS.

  • Depreciation starts in the month of starting broadcast, and the table below shows an example where Oct. 2020 is the 1st month.

Nov. 2020

16.7%

20.0%

Dec. 2020

16.7%

Jan. 2021

10.0%

FY21 2Q total

15.0%

43.3%

Feb. 2021

10.0%

10.0%

Mar. 2021

10.0%

Apr. 2021

5.0%

5.0%

FY21 3Q total

25.5%

0.0%

0

20.0%

1st

2nd

3th

4th

5th

6th

7th

8th

9th

10th 11th

12th

FY20 1Q

FY20 2Q

FY20 3Q

FY20 4Q

FY21 1Q

FY21 2Q

*1

"J-LODlive" = Content Global demand creation promotion business expenses subsidy

(month)

It is a supportive measure for organizers having postponed/cancelled public shows due to COVID-19, which subsidizes some portions of expenses for organizing live shows planned for the future and production/distribution of videos

making use of such shows recorded.

*2

Upon receiving, such subsidies will be recognized as non-operating profit.

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9

Quarterly Trend of Consolidated Performances

(million yen)

Legend

Net sales

Ordinary profit

Ordinary profit rate

10,000

20.0%

9,123

8,971

9,054

9,000

8,652

18.0%

7,962

8,188

8,306

7,794

8,000

7,776

16.0%

14.7%

7,372

7,000

13.5%

14.0%

Held "BanG Dream!" live

11.4%

6,000

Sales of "BanG

12.0%

shows and reduced

Dream!" live shows &

9.4%

9.1%

promotion expenses

CDs are strong

5,000

10.0%

4,000

5.9%

7.1%

8.0%

3,000

Advertising and

6.0%

promotion expenses

Promotion expenses increased

increased due to

2,000

due to multiple large real events

full-swing launch of

4.0%

1,102

1,224

1,036

Impact of COVID-19

new IP "D4DJ"

2.8%

1,000

696

724

508

550

2.0%

256

0

-54

-93

0.0%

-0.7%

-1.0%

-1,000

-2.0%

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

２Q

FY2019

FY2020

FY2021

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10

Quarterly Trend of Sales and Operating Profit by Segments

(million yen)

Sales (left)

Digital IP

10,000

Legend Operating profit (right)

Digital IP

9,000

2,907

2,347

2,320

2,466

8,000

2,319

2,102

2,399

1,756

1,604

7,000

1,794

6,000

6,651

6,708

6,187

6,217

5,860

5,790

5,986

6,039

6,172

5,577

5,000

450

4,000

490

502

3,000

353

259

760

588

595

2,000

513

98

502

462

1,000

338

215

105

3

0

-123

-105

-91

24

-1,000

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

FY2019

FY2020

FY2021

* Segment sales are sales to external customers. * For segment operating profit, adjusted amount is not shown.

Live IP

Live IP

(百万円)

1,250

1,000

750

500

250

0

-250

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11

Quarterly Trend of Net Sales by Department: ① Digital IP Business

(million yen)

5,575

5,858

5,786

6,184

5,983

6,214

6,036

6,172

6,649

6,705

8,000

86

7,000

133

64

103

34

21

88

54

420

602

6,000

53

22

471

527

434

359

327

807

751

403

314

536

841

5,000

756

1,209

909

886

911

1,228

1,202

4,000

1,827

1,930

1,912

1,762

2,442

3,147

2,441

3,172

1,979

3,000

3,311

2,000

2,526

2,735

2,374

2,590

2,254

2,065

2,878

2,094

1,000

1,803

1,369

0

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

FY2019年

FY2020

FY2021

Legend

TCG Dept.

MD Dept.

Media Dept.

Other

MOG Dept.

YonY QonQ

YonY

QonQ

YonY

QonQ

YonY

QonQ

The highest sales in two

successive quarters!

Media Dept.: Projects outside the Group in ad agency business continuously increased, resulting in higher net sales.

MD Dept.: Affected by scale-down, postponement and cancellation of real events due to reissuance of the state of emergency, net sales in this department got softened ongoingly.

MOG Dept.: Contribution of "D4DJ

Groovy Mix" throughout the quarterand releasing new applicationshelped net sales growing up to as much as 3 billion yen.

TCG Dept.: Net sales decreased due to

withholding release of Vanguard products before shifting them to new

series, but it could arrive at as much as pre-COVID-19 level of 2 billion yen.

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12

Quarterly Trend of Net Sales by Department: ② Live IP Business

1,793

2,101

2,398

2,465

2,318

2,906

1,755

1,604

2,319

2,346

(million yen)

3,000

2,500

1,102

2,000

1,155

1,029

851

1,071

893

745

329

1,500

779

832

1,000

1,464

1,467

1,804

1,453

500

1,356

1,243

1,436

1,248

976

772

0

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

FY2019

FY2020

FY2021

Legend

Music Dept.

YonY

QonQ

Sports Dept.

YonY

QonQ

Music Dept.: Music software maintained steady growth, such as releasing 12 single-CDsand 2 albums, mainly those of "BanG Dream!" and "D4DJ", and notably Poppin'Party 16th Single "Photograph" achieving No.1 on the Oricon weekly singles ranking. As for live shows/stages, music live shows/stages are organized: live shows of "BanG Dream!", "Girls☆Musical Revue Starlight" and "D4DJ", and the first stage of new IP "ROAD59-SHINJIDAININKYOU TOKKU". However, reissuance of the state of

emergency in January, 2021 caused postponement/cancellation of a portion of events, consequently net sales decreased as compared to 1Q.

Sports Dept.: One of the biggest events organized by New Japan Pro-Wrestling,"WRESTLE KINGDOM 15" was held for two daysas done last year, attracting 20,490 spectators. Besides, New Japan Pro-Wrestling organized 53 events, and STARDOM, a brand of women's pro-wrestling, organized 26 events, leading to

higher net sales as compared to 1Q.

Meanwhile, number of paid subscribersof the video streaming service "New Japan Pro-WrestlingWorld" reached 116,000, the highest ever. (*1)

*1 As of Jan. 2021

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13

Topics

New application games were released

TCG "Weiss Schwarz" going well

Three new application games were released during the current 2Q. In particular, "Assault Lily Last Bullet" allows enjoying stories linked to the TV animation "Assault Lily BOUQUET" broadcasted in October, which is appreciated well among mainly IP fans.

For every application, vitalization of game- playing will be pursued through updating such as organizing in-game events and functional modification.

GRISAIA -CHRONOS REBELLION-

(released on Nov. 26, 2020)

Developed by Frontwing Lab. Inc.

Distributed by Bushiroad Inc.

It achieved net sales of 2 billion yen in the first half period. Overseas sales have grown mainly in East Asia, maintaining a pace which may achieve the highest net sales for the full- term.

Change in net sales of

Weiss Schwarz related products

(million yen)

4,000 Net sales Forecast for 2nd half (*1)

3,000

2,000

1,000

0

FY18FY19FY20FY21

*1 5 months from Feb. 2021

Web comic site "COMIC BUSHIROAD WEB", was opened on Jan. 22, 2021.

Assault Lily Last Bullet

(released on Jan. 20, 2021)

Developed by Pokelabo Inc. and Bushiroad Inc.

Distributed by Pokelabo Inc.

ARGONAVIS from BanG Dream! AAside

(released on Jan. 14, 2021)

Developed and distributed by DeNA Co., Ltd.

Including Bushiroad's IP converted into comic, which is called "comicalized" version, and WEB-original new series, a lot of updated comics are delivered which can be enjoyed regardless gender and genre.

©Frontwing ©AZONE INTERNATIONAL・acus/アサルトリリィプロジェクト ©Pokelabo, Inc. ©Tokyo Broadcasting System Television, Inc. ©SHAFT ©ARGONAVIS Project. © DeNA Co., Ltd. All rights reserved. ©BUSHIROAD MEDIA Ⓒbushiroad All Rights Reserved.

14

Financing: Loan

◆The Company borrowed 2,700 million yen as a supplemental loan for working capital.

(1)

Lender

Mizuho Bank, Ltd., MUFG Bank, Ltd., Sumitomo Mitsui Banking Corp.

(2)

Amount

2,700 million yen

(3) Rate

Fixed rate

(4)

Execution date

December, 2020

(5)

Repayment method

Principal equal repayment

(6)

Final repayment date

5 years from execution date

(7)

Collaterals

No collateral and guarantee required

◆(ref.) Past bank loans and financing

Execution date

Amount

Use of funds

Dec. 2018

2,490 million yen

Working capital, and additional acquisition of shares

in a subsidiary

Dec. 2019

3,450 million yen

Working capital

Mar. 2020

8,050 million yen

Measures against COVID-19

Aug. 2020 (*1)

5,000 million yen

IP development, IP expansion

*1 Convertible bond-type bonds with subscription rights to shares

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15

Upcoming Activities

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16

Upcoming Activities ① : Scheduled Principal Projects

*Below listed ones are as announced as of Mar. 16, 2021, to be held/released. *Order of listing may not be in line with actual timing of holding/releasing.

D4DJ

ARGONAVIS

ROAD59

-SHINJIDAI NINKYOU TOKKU

BanG Dream!

Assault Lily

CARDFIGHT!! VANGUARD

Girls☆Musical Revue Starlight

New Japan Pro-Wrestling

Live Shows/Stages

Music/Video Software

Topics

.Mar

.Apr

May From

ARGONAVIS 3rd LIVE

「CROSSING」

アサルトリリィ BOUQUET

スペシャルライブベント「Edel Lilie」

アルゴナビス Acoustic Tour 2021 -

Spring Session-

舞台「ROAD59 -新時代任侠特区-」

摩天楼ヨザクラ抗争

Poppin'Party×SILENT SIREN

対バンライブ

「NO GIRL NO CRY -Round2-」

ハロー、ハッピーワールド！

Sound Only Live

「うぇるかむ to OUR MUSIC♪」

RAISE A SUILEN

ZEPP TOUR 2021「BE LIGHT」

BanG Dream! Special☆LIVE

Girls Band Party!

2020→2021

Happy Around! 2nd LIVE 「みんなにハピやね♪」

燐舞曲 1st LIVE

「[Re] incarnation ─甦生─ 」

Merm4id 1st LIVE

「Luv♡4U」

Lyrical Lily×Merm4id

合同LIVE「NYAN-NYAN SHAKE!」

Peaky P-key×Photon Maiden 合同LIVE「Ultimate Melodies」

Fantôme Iris 1st LIVE

C'est la vie!

Fuji-Q Highland Conifer Forest

D4DJ D4 FES.

-Be Happy- REMIX

ARGONAVIS LIVE 2021

JUNCTION A-G

舞台「ARGONAVIS

the Live Stage」

Afterglow 1st Album

TVアニメ アサルトリリィ BOUQUET #3

Happy Around! 2nd Single

｢少女☆歌劇 レヴュースタァライト｣ ベストアルバム（*1）

GYROAXIA 1st Album

Peaky P-key 2nd Single

RAISE A SUILEN 7th Single

TVアニメ アサルトリリィ BOUQUET #4

Poppin'Party×SILENT SIREN

「NO GIRL NO CRY」

Pastel＊Palettes 1st Album

Photon Maiden 2nd Single

Argonavis 4th Single

Merm4id 2nd Single

*1 Released from PONY CANYON INC.

TOKYO DOME CITY "Gallery AaMo"

ガルパ4周年記念展

D4DJ展リリィ展

スタァライト展 ヴァンガード展

TVアニメ「カードファイト ヴァンガード

overDress 」放送開始

劇場版「BanG Dream! Episode of

Roselia Ⅰ ：約束」

ブシロードカードゲーム祭2021

新日本プロレス

「WRESTLE GRAND SLAM 」

劇場版「少女☆歌劇 レヴュースタァライト」

劇場版「BanG Dream! Episode of

Roselia Ⅱ : Song I am. 」

Ⓒbushiroad All Rights Reserved.

17

Upcoming Activities ②: "CARDFIGHT!! VANGUARD"

"CARDFIGHT!! VANGUARD" series marked their 10th anniversary on Feb. 2021. Celebrating this, a new TV animation program titled "CARDFIGHT!! VANGUARD overDress" will start from Apr. 2021, which appeals widely and strongly to not only those enjoying VANGUARD now but also those who would be new or returning players of TCG.

←Start Deck

Booster Pack→

◆Schedule of releasing new series articles

Mar. 25: 3 types of Start Deck

Apr. 3: 2 types of Start Deck

Apr. 17: The first Booster Pack

©ヴァンガードプロジェクト ©VANGUARD overDress Character Design ©2021 CLAMP・ST Ⓒbushiroad All Rights Reserved.

18

Upcoming Activities ③: "CARDFIGHT!! VANGUARD"

As of Mar. 2021, video works of "CARDFIGHT!! VANGUARD" series are available in more than 30 countries/territories, and TCG products are translated into five different languages. For "CARDFIGHT!! VANGUARD" to be a global service in the future, we enhance simultaneous dispatch of information and products'

distribution so that the market overseas expands.

©VANGUARD overDress Character Design ©2021 CLAMP・ST Ⓒbushiroad All Rights Reserved.

19

Upcoming Activities ④: BanG Dream!

"BanG Dream! Girls Band Party!" 4th anniversary

Our application game "BanG Dream! Girls Band Party!", also called "Garupa", marked its 4th anniversary on Mar. 16, 2021. Besides the updates of application, BanG Dream! project provides a variety of campaigns and events.

Production of "theater version" animation

"BanG Dream! Episode of Roselia I: Promise", a movie of "Roselia" performing also as a real band, will be on screen at more than 100 theaters nationwide from Apr. 23. In addition, its second part titled "BanG Dream! Episode of Roselia II: Song I am." comes next from June 25.

Large-scale music live shows

"BanG Dream! Special☆LIVE Girls Band Party! 2020→2021" will be held on June 5 and 6 at MetLife Dome. And "BanG Dream! 9th☆LIVE" will be held on Aug. 21 and 22 also on Sept. 4 and 5 at Fuji-Q Highland Conifer Forest. These are high-profilelarge-scale music live shows.

Nintendo SwitchTM ver.

Scheduled to be released in 2021.

©BanG Dream! Project ©Craft Egg Inc. ©2017 Nintendo Ⓒbushiroad All Rights Reserved. ※Nintendo Switchは任天堂の商標です。

20

Upcoming Activities ⑤: MOG

Since its release in Oct. 2020, number of downloads of "D4DJ Groovy Mix" exceeded one million in just three months, and a major update was carried out in Feb. 2021. In Jan. 2021, a large-scaleevent that collaborated with "Monster Hunter", a very popular hunting action game, was held where seven music numbers remixed for this event were implemented. Moreover, original pieces of many artists such as "hololive production", "Nana Mizuki",

"Momoiro Clover Z" and "Claris" were implemented.

These strengthen the application as the platform for music games.

In the event "WRESTLE KINGDOM 15", the news of releasing application game of New Japan Pro-Wrestling titled "New Japan Pro- Wrestling STRONG SPIRITS" was announced. The application is developed with Drecom Co., Ltd., and would be released at the same moment worldwide in 2021.

  1. global version of "INVICTUS: Lost Soul", a real-time card controlled PvP fighting game which has been rolled out in South-East Asia since Aug. 2020, was released on Mar. 1, 2021 from Bushiroad International Pte. Ltd.

© Donuts Co. Ltd. All rights reserved. ©CAPCOM CO., LTD. ©New Japan Pro-Wrestling Co.,Ltd. ©Drecom Co.,Ltd. ©True Axion Interactive ©bushiroad All Rights Reserved.

21

Upcoming Activities ⑥

TV animation

"Joran: The Princess of Snow and Blood"

Press conference

Press conference for a TV animation "Joran: The Princess of Snow and Blood" to be broadcasted from Apr. 2021 was held at Meijiza.

The theme songs of opening and ending for the anime are sung by "RAISE A SUILEN", a real band from the BanG Dream! project. And, Raychell who is the bassist & vocalist of this band acts as Elena Hanakaze appearing in this program. In addition, a live stage version of this piece is planned to be performed at Meijiza with the same casting as TV animation in the next autumn.

"D_CIDE TRAWMEREI"

Project Announcement

As a new project produced by Sumzap, Inc., Drecom Co., Ltd. and Bushiroad Inc., production of "D_CIDE TRAWMEREI" was announced on Mar. 16, 2021. TV animation version is planned to start next summer 2021, which is produced by SANZIGEN Inc. In addition, an application game of this piece is also planned to be released next summer 2021.

©擾乱製作委員会 D_CIDE TRAUMEREI PROJECT Ⓒbushiroad All Rights Reserved.

22

Upcoming Activities ⑦

"ROAD59-SHINJIDAI NINKYOU TOKKU-"

2nd live stage is coming

"ROAD59-SHINJIDAININKYOU TOKKU-" is a new media-mix project with its theme as a new-generation "Ninkyoumono" (Japanese chivalrous story).

Following the first in Dec. 2020, the second live stage of

"ROAD59-SHINJIDAININKYOU TOKKU-"Matenrou Yozakura Kousou will be performed at Kanagawa Arts Theatre on Apr. 15 through18, 2021.

OP/ED themes for the TV animation

"Bokutachi no Remake (Remake our Life!)" are played by two

real bands "Poppin' Party" and "Argonavis".

For the TV animation "Bokutachi no Remake (Remake our Life!)" starting next July 2021, its opening and ending themes are played by Poppin' Party and by Argonavis, respectively. Also in this piece, Aimi who is the guitarist & vocalist of Poppin' Party acts the voice of Nanako Kogure, and Masahiro Ito who is the vocalist of Argonavis acts the voice of Kyoya Hashiba.

Movie "White Snake"

Japanese-dubbed version is

distributed jointly.

Japanese-dubbed version of the animation movie "White Snake" that has made a huge hit in China will be distributed jointly by Bushiroad Move, and it will be on screen in the next summer. As the main casts, Suzuko Mimori from HiBiKi acts the voice of Blanca, and Daisuke Sakuma, a member of "Snow Man", acts the voice of Xuan.

©木緒なち・KADOKAWA／ぼくたちのリメイク製作委員会 ⒸBanG Dream! Project ©ARGONAVIS Project. © DeNA Co., Ltd. All rights reserved. ©LIGHTCHASER ANIMATION STUDIOS ©Bushiroad Move. ©TEAM JOY CO.,LTD. Ⓒbushiroad All Rights Reserved.

23

Upcoming Activities ⑧: Pro-Wrestling

New Japan Pro-Wrestling partners

with Roku

Started internet broadcasting in

the USA, Canada, and UK

We have started the internet broadcasting in the USA, Canada and UK from Feb. 2021 on "The Roku Channel", a major streaming service in the USA with more than 40 million users.

New Japan Pro-Wrestling is the very first pro- wrestling company that entered into Advertising Video On Demand of "The Roku Channel".

May 15 and 29, 2021

Big matches at Yokohama

Stadium and Tokyo Dome

It was announced that big match "WRESTLE GRAND SLAM" would be held on May 15 and 19, 2021.

It is a challenging attempt for New Japan Pro- Wrestling to organize such events successively at two major stadiums in just three weeks, and we expect it to be a huge event that following "WRESTLE KINGDOM" in Jan. and "G1 CLIMAX" in July and Aug. (*1) each year.

*1 In 2020, it was held from Sept. 19 to Oct. 18.

Women's pro-wrestling "STARDOM"

Their first event at Nippon Budokan

Giulia, left, and Tam Nakano fought in the main match at

Nippon Budokan

"LEC Presents STARDOM's 10th Anniversary

-HinamatsuriALLSTAR DREAM CINDERELLA- ", the first event at Nippon Budokan for STARDOM, was held on Mar. 3, 2021, attracting 3,318 spectators. On Apr.4, 2021, another at Yokohama Budokan will be held.

©新日本プロレス ©スターダム Ⓒbushiroad All Rights Reserved.

24

Appendix

Ⓒbushiroad All Rights Reserved.

25

Company Overview

Bushiroad Group's management philosophy

Intellectual Property

The Company uses this term to mean entertainment works,

characters and a variety of other products.

Creating entertainment of new era

Bushiroad Group's business and departments

Digital IP business

Live IP business

TCG Dept.

MOG Dept.

MD Dept.

Media Dept.

Music Dept.

Sports Dept.

Ⓒbushiroad All Rights Reserved.

26

What is the IP Developer Strategy?

"One-stopmedia mix" is to carry out various corporate activities, essential for IP creation/growth speedily, within the Group.

And IP will be widely perceived upon strong dissemination by group-wide"promotion development" using of our know-how and alliance.

This is the Bushiroad's "IP Developer Strategy".

A case of BanG Dream! Project

It is a new generation girls band project where anime, games, comics and live performances all come together as a media mix. Among many music related anime contents, the project took the initiative in style that the voice actresses of the characters actually play instruments and perform in live events. Its feature is allowing to see the growth of characters through anime, games, and comics at the same time that real bands also grow through live stages and releasing songs.

Music Dept.

Media Dept.

MD Dept.

TCG Dept.

MOG Dept.

TV commercials

mixmediastop-One

strategiespromotionVarious

Transit

Advertising

SNS

Events

Web

advertisement

Recital

Distribution

©BanG Dream! Project ©Craft Egg Inc. Ⓒbushiroad All Rights Reserved.

27

Image of shift in IP Developer Strategy amid COVID-19

◆To a strategy with dual axes of offline and online

  • Amid COVID-19, the development in offline areas has been contracted and thus exploration in online areas became necessary, which resulted in obtaining much know-how in online areas, such as free live streaming and one with charge.
  • In view of recovery in offline areas and strengthening online areas, the Strategy shifted to the one with dual axes.

Before

Amid COVID-19

Offline

postponing

Dual axes

events

resuming events

strategy

scale recovery

Online

Online not

Strengthened streaming

Further strengthened with

expected

both for free and

more know-how

for a charge

After

DualD axeses

strategyst gy

Ⓒbushiroad All Rights Reserved.

28

Toward an IP Promotion Platform

We aim to enhance our presence in the entertainment market more by strengthening our position as a "platform company" that make more value of IPs by leveraging know-how to create in-house IPs and collaborate with other companies' leading IPs.

IP

IP

IP

IP Promotion

Platform

MD,

Music

Transit

advertisement

merchandising

Digital marketing

Program

Books/comics

distribution

Trading card games

Live shows/stages

Anime

Web media

Mobile online games

Events

SNS

Talents

TV commercials

PA

IP

IP

IP

Ⓒbushiroad All Rights Reserved.

29

Notice on changing business year

From FY2021, the company has changed its fiscal year end from July 1 to June 30.

As a transitional period for changing business year, the term of FY2021 is for 11 monthsfrom August 1, 2020 to June 30, 2021.

Ending June 30

2020

2021

2022

…

June

July

.Aug

.Sept

.Oct

.Nov

.Dec

.Feb .Jan

.Mar

.Apr

May

June

July

.Aug

…

June

July

…

1Q

2Q

3Q

4Q

FY20

FY21

FY22

FY23

FY21 is for 11 months

4Q is for 2 months

◆Reason for the change

As Live IP business has its peak in July and August every year due to its business characteristics, this changing is required so as to mitigate impacts of seasonal factors on the financial results including net sales and to gain more efficiency in business operations, as well as to improve transparency in management by disclosing management information such as financial results timely and properly.

Ⓒbushiroad All Rights Reserved.

30

Bushiroad Inc.

Securities code: 7803

Disclaimer

This material has been prepared based on the information available to the Company at the time of its preparation. The Company offers no guarantee of its realization.

Furthermore, please note that the material includes financial information based on past financial statements or the like that has not been audited by an independent certified public accountant or audit corporation, or management figures not based on financial statements or the like.

Ⓒbushiroad All Rights Reserved.

31

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Bushiroad Inc. published this content on 08 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 April 2021 06:31:05 UTC.