Announcement of Share Split

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Announcement of Share Split

User Local, Inc (the "Company") hereby announces that at its Board of Directors meeting held on May 13, 2021, the Company resolved to conduct a share split ("Share Split"). Details are as follows.

1. Purpose of the Share Split

The purpose of the share split is to expand the investor base by increasing the liquidity of our shares and developing an environment for investors to invest in our shares more easily through the reduction of the investment amount per investment unit of our shares.

2. Overview of the Share Split

1. Split method

The Company will conduct a two-for-one share split of our common shares owned by shareholders who are stated or recorded in the final shareholder registry on Wednesday, June 30, 2021, with this day as the record date.

1. Number of shares to be added by the share split

ⅰ Total number of shares outstanding before the share split: 7,913,500

ⅱ Number of shares to be added by the share split this time: 7,913,500

• Total number of shares outstanding after the share split: 15,827,000 ⅳ Total number of authorized shares after the share split: 26,000,000

The number above is based on the calculation using the total number of shares outstanding as of May 12, 2021. It may be added due to the exercise of the subscription rights during the period between this Board of Directors meeting and the record date for the stock split.

(3) Schedule

Announcement date of the record date: Tuesday, June 15, 2021

(4) Change of the amount of capital stock

The amount of capital stock will not change as a result of the share split this time.

(5) Adjustment of the exercise price of subscription rights to shares

In association with the share split, the Company will make an adjustment to the exercise price of subscription rights to shares issued by the Company after July 1, 2021 as follows: