Mercari-Fact-book_en

As of Aug 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  2,159  (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 FY2027.6—Mid-Term Objectives of Main Businesses   Marketplace  Fintech 
US  ▪ In addition to the stable growth of C2C, lead the market with high growth of crossborder transactions and B2C  ▪ Establish a firm position in the on-demand work industry  - Strengthen the core experience of the product  - Redesign UI/UX using AI/LLMs  - Crossborder transactions/B2C  - On-demand work  - Ads  ▪ Expand Group synergy  ▪ Lift core operating profit to over 10B JPY and establish Fintech as the second pillar of Mercari Group  - Expand payments and credit balance focused on the loyalty program  - Maintain and enhance AI credit accuracy and collection rates  - Expand usage situations and types of cryptoassets  ▪ Establish an independent position by distinguishing our product clearly  ▪ Realize sustainable growth while essentially continuing to break even  - Enhance the product’s core experience  - Use AI to innovate our UI/UX  - Differentiate Mercari from our competitors with category-specific strategies  Objectives  Objectives  Objectives  Focus Areas  Focus Areas  Focus Areas  Group-wide  Mid-Term Objectives  ▪ 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  ▪ Create an AI-Native company    1. The underlined items indicate additions/modifications to the mid-term objectives announced in FY2024.6 Q4 

　　 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 Core Operating Profit3   Revenue  A portion of
point-related expenses is deducted from revenue figures.2  (Impact was 3.13B JPY, YoY growth before deductions: +4%)  +3%  YoY  +46%  YoY  (Billion JPY)  (Billion JPY)  Consolidated Revenue1 (Full Year)  1. Following the transition to IFRS as of FY2024.6, disclosure is conducted based on IFRS beginning with the business results for FY2023.6  2. From FY2024.6 Q4, a portion of point-related expenses (attributed to advertising costs) is deducted from revenue figures  3. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc.   

　　 13 Marketplace—Results (Full Year)    GMV1/MAU2  Revenue3  +0.3% YoY
+4%  YoY  (Billion JPY)  Impact of change where a portion of point-related expenses is now deducted from revenue4  (Impact in FY2025.6 was 1.5B JPY; impact in FY2024.6 was 1.2B JPY. YoY growth before deductions: +4%)  +4%  YoY  GMV (Billion JPY)  MAU (Million users)      1. Aggregate transaction value after adjusting for cancellations (includes transaction value of Mercari NFT); 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; graph compares the averages for Q4 of each ﬁscal year  3. The business results of Mercari Hallo are included starting in FY2025.6 Q4  4. Starting in FY2024.6 Q4, a portion of point-related expenses (attributed to advertising costs) is deducted from revenue ﬁgures   

　　 The market for C2C EC marketplace apps in Japan
has grown to 2,481.7 billion yen (5.0% increase from the previous year) over 13 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.   2,363.0  billion JPY  2022  C2C EC Market Size in Japan  2023  2,481.7  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*, AI Listing Support, and Seller Search, which use machine learning. We also provide plenty of communication features, such as adding images to transaction messages, and reacting to messages with emojis.  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.    The Entertainment & Hobbies category continues to surge in popularity year after year, and accounted for 43% of all transactions in 2024. In this category, the most popular items were character and celebrity merchandise, reﬂecting the fandom culture boom of recent years.  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 

　　 Two promises to our users  On May 21, 2025,
we announced two promises to our users to ensure a safe and secure marketplace going forward. We will increase our involvement in hard-to-resolve disputes between users, not only preventing fraudulent use but also eliminating users identiﬁed as fraudulent users. We will also fully compensate users who use the platform correctly in the event they run into any issues.  お問い合わせ 23 Full Compensation Support Program  On July 1, 2025, we started the Full Compensation Support Program to fully compensate users for any lost funds or sales proceeds due to issues on Mercari. Also on July 1, we launched the Safe and Secure Portal, a resource of information that helps all users be safe and secure. Through the portal, users can check the information they need to ensure safe and secure transactions anytime, anywhere.  Mercari’s Strengths: Safe & Secure 

　　 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 24 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.  25 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.  26 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.  27 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 

　　 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  FY2025.6 Annual GMV  90.0B JPY   15x in the past 3 years  1. As of April 30, 2025  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  29

　　 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, or unlimited call plan  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 Number of Merpay Users/Verified Users  Note: As of
June 30, 2025, 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.    Identity Verification Rate  (Million users)  Million users    Million users    94.3% 

　　 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 We have issued as many as 5 million1
Mercards. Mercard allows users to make purchases at approximately 56 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 June 30, 2025.  2. Number of JCB merchants as of March 31, 2025. Mercard is a credit card shopping service.  Signiﬁcantly Increasing Stores   Supporting Merpay Payment  Mercard  More than   5M   cards issued 

　　 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  Length of employment  Address  Income  Occupation  Family structure 

　　 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 and nine months following the full release of the service (March 16, 2023), the number of users surpassed 3 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/m oney 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 12 million within the service’s ﬁrst 15 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, 2025  Approx. 15M  Approx. 32M  Approx. doubled in about 1 year  Reached 12 Million Registrations In Approximately 1 Year  58.8% of new registrations are from Mercari Hallo  Source: Japan Spot Work Association  Mercari Hallo   reached  12M  registrations in its ﬁrst 15 months  Note: The cumulative number of registered users who have agreed to the terms of service for the on-demand work service Mercari Hallo (as of June 15,2025) 

　　 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  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 

　　 US Business in Numbers  72 Financial Results Presentation Material
-17%  YoY  -13%  YoY  -17%  YoY    1. Transitioned to IFRS notation starting FY2024.6  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  4. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc.    Revenue  GMV (Million USD)  MAU (Million users)  GMV2/MAU3  (Billion JPY)  (Billion JPY)  Core Operating Profit4 

　　 73 US—Category-Specific Strategies  FY2026.6  FY2027.6 and beyond    Focus
on fashion-related categories    Expand to other categories Establish Mercari as a trusted marketplace where users can list items stress-free and find good deals  To firmly distinguish Mercari from our competitors in fashion categories, which have the highest GMV share, we will offer competitive shipping options and carry out initiatives such as a proof-of-concept of a clothing exchange program in FY2026.6  In the mid-to-long term, will aim to expand to other categories 

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 R&D Organization  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. Propelled by Mercari Group’s mission to “circulate all forms of value to unleash the potential in all people,” R4D works on research and development focused on creating innovation.  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.  Research for   Design  Development  Deployment  Disruption  ◼ R&D Organization R4D  ◼ Mercari R4D Lab—Mercari’s research and  development network  R4D Lab is a research and development network that consists of collaboration across industry, academia, and government. This cooperation transcending sectors and occupations to solve social issues (co-innovation) is indispensable to creating the world we envision. By working together, from identifying issues to implementing solutions and conducting research across ﬁelds toward a common goal, we aim to create a world in which all forms of value are circulated to unleash the potential in all people. 

　　 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  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  Celebrated the Mercari marketplace app’s 10th anniversary  Established our Basic Human Rights policy  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  Launched on-demand work service Mercari Hallo  Absorbed Souzoh, Inc.  Launched the crossborder service Mercari × Japan on Mercari, Inc. (US)  Expanded to Taiwan with crossborder transactions    Jan  Mar  Apr  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  Launched crossborder transactions to Hong Kong  Signed a naming rights agreement for Ibaraki Prefecture's Kashima Soccer Stadium, changing the name to “Mercari Stadium”  Jan  Feb    Mar    May  Jul 

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