FY03/2023

Financial Results
Briefing Presentation
May 11, 2023
Dream Incubator Inc.
(Stock Code: 4310)
本資料は機密性の高い情報や第三者の権利に関連しうる情報を含んでおり、開示は貴社内に限定され、また、使用目的もご依頼の際に合意した目的に限定されます。外部への開示や、目的外の使用を検討される場合は、事前に当社にご相談のうえ、書面の同意を取得していただくよう御願いいたします。

SUMMARYFirst year of Medium-Term Management Plan ended. Made steady progress centered on threepriority themes● Build a foundation for sustainable growth by expanding Business Production– Sales were up from JPY2.8bn in FY03/2022 to JPY3.8bn. Net income (JPY0.3bn) alsoachieved Medium-Term Management Plan target.
– Number of business producers increased significantly from 58 at end-FY03/2022 to87● Reap appropriate harvest from Incubation (Business Investment and Venture Capital)– DI’s largest incubation investment, ipet, and two other investee companies sold
– Also sold 11 companies in Venture Capital● Maintain balance between growth investment toward enhancing corporate value, andshareholder returns– Announced a return of JPY10.0bn in profit sharing from sale of ipet
Consolidated results were sales of JPY30.1bn and net income of JPY11.5bn. Record profits
In FY03/2024, year two of the Medium-Term Management Plan, continue upfront investments
while steadily achieving the goals in the plan
● Launch of Technology & Amplify (DX/IT) practice● Continue to expand Business Production through promoting collaboration with partners/ strengthening the business model / implementing shareholder returns© DI 2023 － ALL RIGHTS RESERVED.

1

1. FY03/2023 Financial Results Summary
2. Medium-Term Management Plan
1) (repeat) Summary of the plan2) Toward year two© DI 2023 － ALL RIGHTS RESERVED.

2

FY03/2023 CONSOLIDATED P&L(JPYbn)YoY change

FY03/
2022

FY03/
2023

AmountPercentage

Sales

35.56

30.13

▲5.43

▲15.3%

Gross profit

14.72

13.38

▲1.33

▲9.1%

Operating profit

▲0.16

1.19

1.35

－

Recurring profit

0.04

1.22

1.18

－

Net income

0.007

11.55

11.54

－

Note: Disclosure of profit (loss) after adjustment for insurance items discontinued due to the transfer of ipet Holdings© DI 2023 － ALL RIGHTS RESERVED.

3

FY03/2023 P&L BY SEGMENT(JPYbn)FY03/2022 FY03/2023

YoYchange● Sales● Recurring
profit

2.83

3.83

35.3%

0.37

0.33

-11.1%

VentureCapital● Sales● Recurring
profit0.83

1.91

129.2%

-0.02

0.32

－

● Sales● Recurring
profit**

28.65

24.37

-14.9%

0.09

0.56

471.8%● Sales

1.32

－

－

profit

-0.15

－

－

● Sales

2.00

－

－

● Recurring
profit

-0.25

－

－

Business Investment

Business
Production

Pet
LifestyleHR
Innovation ● Recurring

Fan
Marketing

Notes● Sales significantly increased from
FY03/2022● Profit margin declined due toinvestments to strengthen recruitment● Sold 11 companies* including several
large ones
● Impairment losses for eight companies● Sold in Q4 FY03/2023 and recorded
JPY18.4bn in extraordinary income● Excluded from consolidation from Q4● Sold in Q1 FY03/2023 and recorded
JPY0.03bn in extraordinary income● Excluded from consolidation frombeginning of FY03/2023● Sold in Q1 FY03/2023 and recorded
JPY0.51bn in extraordinary income● Excluded from consolidation frombeginning of FY03/2023

Note: Recurring profit was calculated as segment profit - companywide expenses ± non-operating profit/loss*
Includes company after impairment losses**
Disclosure of profit (loss) after adjustment for insurance items discontinued due to the transfer of ipet Holdings© DI 2023 － ALL RIGHTS RESERVED.

4

CORE BUSINESS PRODUCTION CONTINUES TO EXPAND
Status of Business Producing
Continued to attract new customers,** whilesteadily expanding existing customers

Quarterly sales*(Sales by existing/new customers*)(JPYbn)
1.2

1.13
0.99

1.0
0.8

0.71

0.78

’21/3

0.86 0.84

0.52

0.4

’23/3

3.22
1.41

0.2

22/3
1Q

22/3
2Q

22/3
3Q

22/3
4Q

23/3
1Q

23/3
2Q

23/3
3Q

23/3
4Q

New

0.0

*
**

’22/3

0.61

Existing

0.6(JPYbn)Excludes sold businesses
Includes customers for which sales have not been recorded for past two years or
more© DI 2023 － ALL RIGHTS RESERVED.

0.67

2.13

0.56

0.61

5

SOLD IPET IN FY03/2023, WHICH DI HAD GROWNSIGNIFICANTLY
Sales and policies in force after DI investment
350
35.0
300
30.0

Policies in force(thousand)

80
800

Sales
Policies in force

70
700
600
60

250
25.0

500
50

9-fold

200
20.0

30
300

11-fold50
5.000'10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Initial investment

*

20
200
10
100
00

(FY)

Value provided by DI

400
40

150
15.0
100
10.0

Financial impact

Sales(JPYbn)Incubation performance

IPO● Amount invested: JPY1.8bn(Feb. 2011)● Sale amount:
JPY21.5bn (Jan. 2023)● Gain on sale:
JPY18.4bn*● Cash inflow after tax:
approx. JPY15.0bn
Sent officers, employees toprovide end-to-end support,
from strategy formulation to
execution
●
●
●
●
●

Built management andgovernance framework
Growth strategy planning,
execution support
Digital marketing support
Capital policy, IPO support
M&A support
・・・

Proceeds from sale and capabilities accumulated are utilized to return profits to shareholders
and further develop Business Production

On a consolidated basis, taking into account profit and loss from consolidations in previous years© DI 2023 － ALL RIGHTS RESERVED.

6

FY03/2023 CONSOLIDATED BALANCE SHEETMarch 31, 2022

March 31,2023（Total assets: JPY31.3bn）(Total assets: JPY33.5bn)

Cash anddeposits
JPY12.9bn

Liabilities
JPY21.1bn

・ Net income

Venture capital
JPY6.1bn*

・ Valuation differences onavailable-for-sale securities＋JPY0.10bn

Net assets
JPY12.4bn

・ Other comprehensive income-JPY0.09bn
・ Capial surplus

・ TotalLiabilities
JPY9.4bn＋JPY11.55bn

・ Non-controlling interests-JPY2.19bn

iPet investment
securities
JPY3.0bn

Other assets
JPY11.4bn

Breakdown of change in net assets

Cash anddeposits
JPY10.3bn＋JPY0.09bn＋JPY9.46bn

DI investment
Securities*
JPY13.8bn

Net assets
JPY21.9bn

Venture capital
JPY5.4bn
Other assets
JPY1.7bn

Includes non-controlling

Includes non-controllinginterests of JPY2.6bn

interests of JPY0.48bn

Short-term investment asset under management（joint money trust ）© DI 2023 － ALL RIGHTS RESERVED.

7

1. FY03/2023 Financial Results Summary
2. Medium-Term Management Plan
1) (repeat) Summary of the plan2) Toward year two© DI 2023 － ALL RIGHTS RESERVED.

8

DIRECTION THAT DI INTENDS TO TAKE
Incorporate investment assets to further strengthen Business Production
Expand service lineup

Expand our team
Expandcollaborations

Expandfunctions

Industry
Production

Business
Production
Global SX

Business
Production
Installation● Further strengthen our Business Production platform● Enhance profitability by investing in related andperipheral businesses

Integrate assets (harvested funds/capabilities) byincorporating them into Business Production

Incubation© DI 2023 － ALL RIGHTS RESERVED.

9

MAINTAIN BALANCE BETWEEN GROWTH INVESTMENT TOWARD
ENHANCING CORPORATE VALUE, AND SHAREHOLDER RETURNS
As we transition from NAV-based to P&L-based management, we will
be resuming shareholder returns.
Growth investment: Improve profitability(Expand functions)

Balance

Disciplined investment(cost effectiveness)

Shareholder returns: Improve EPS and PER
Based on profits from stable growth in P&L
and harvested funds(1) Further strengthen our Business
Production platform

Realized appropriately● Invest in recruitment and HR

development

Incubation(Harvests)● Invest in infrastructure to raise

productivity(2) Enhance profitability by investing in
related and peripheral businesses ofBusiness Production● Invest to bolster capabilities, expand

Business
Production(Profit)revenue opportunities, etc.

● Estimated ROIC*＞12%*

Net income ÷ invested capital© DI 2023 － ALL RIGHTS RESERVED.

Returned toshareholders
except for
funds forgrowthinvestment
and required
cash flow

Dividend
from
Business
Production

10

MEDIUM-TERM PROFIT PLAN (FY03/2023–FY03/2025）
Net income from Business Production ＋ Potential upside of harvests from Incubation
Net income

attributable toparent company
shareholders*＋ JPY11.0bn (unrealized gains after tax)***(JPYbn)Incubation(Harvests:
Upside)1.0
0.3
FY03/2023

FY03/2024

FY03/2025

3.3

4.8

5.9

Personnel(headcount)

70

93

115

EPS (JPY)**

31

56

102

Sales
(JPYbn)

*
**
***

0.6

Simplified calculation of recurring profit × tax rate of 30%
Calculation assumes number of shares outstanding as of end-March 2022
As of end-March 2022
© DI 2023 － ALL RIGHTS RESERVED.

Business
Production(Base)

11

1. FY03/2023 Financial Results Summary
2. Medium-Term Management Plan
1) (repeat) Summary of the plan2) Toward year two© DI 2023 － ALL RIGHTS RESERVED.

12YEAR ONE PROGRESS SUMMARY AND YEAR TWO FOCUS
POINTS
Priority themes

Major progress in year one

Focus points for year two

Business Production● Reinforced structure by organizing

Expandservice lineup
Expandour team
Expandcollaborations
Expandfunctions
Incubation● Appropriate harvest
Company-wide
management● Balance growthinvestments andshareholder returns

into three divisions● Recruited executives for new
Technology & Amplify practice● Expand the Technology & Amplify

business and get it on track● Accelerated hiring ahead of schedule● Started strengthening branding● Built foundation for collaboration● Continue and steadily implementwith clients and business partners● (First, secured funds to expand● Continue consideration to● ipet, 13 other companies sold● Continue and steadily implement● Decided on allocation of recovered funds– Shareholder returns JPY10.0bn● Continue and steadily implement

functions)(including JPY2.0bn as special
dividend at end-FY03/2023)– Growth investments JPY5.0bn© DI 2023 － ALL RIGHTS RESERVED.

strengthen the business model

shareholder returns

13

QUANTITATIVE SUMMARY:
ACHIEVED SALES AND NET INCOME TARGETS IN YEAR ONE
Business production vs. plan
Sales progress vs. plan

Net income* progress vs. plan

(JPYbn)(JPYbn)
10
1.0

7
7.0
5.9
59

6
6.0

0.88

48
4.8

5
5.0
4
4.0

33
3.3

6
0.6

0.66

38
3.8

3
3.0

0.44

2.0
2

3
0.3

3
0.3

FY
通期

FY
通期

FY
通期

計画

実績

計画

0.22

1
1.0
0.0
0

1.0

FY
通期
Plan

計画

FY
通期
Actual実績

FY03/2023

FY
通期
Plan

計画

FY
通期
Actual実績

FY03/2024

FY
通期
Plan

計画

FY
通期
Actual実績

FY03/2025

0.00
Plan

ActualFY03/2023

Plan

FY
通期
Actual実績

FY03/2024

FY
通期
Plan

計画

FY
通期
Actual実績

FY03/2025

Full-year plan for year two remains unchanged. However, accelerated HR investment
anticipating business expansion may result in losses at early stages.
*

Simply calculated by deducting taxes (30% tax rate) from profit adjusted for income from non-controlling interests© DI 2023 － ALL RIGHTS RESERVED.

14

STRONG DEMAND FOR BUSINESS CREATION AND EXPANSION
OF SERVICE LINEUP AS MAIN FACTORS FOR ACHIEVEMENT
Sales* by service

Example project themes(JPYbn)
4.5
45
4.0
40

Support for establishment and operationof organization for new business creation
Support for realization of sustainability plans
Promotion of concrete business concept
for hydrogen society
Support for procurement of the non-fossil certificate
Support for development of cloud-based data services
Support for building new businesses using metaverse
Support for realization of business creation (various)⚫
⚫
⚫

Concept/strategy support**
Realization promotion***

35
3.5
30
3.0

18.1
1.81

⚫
⚫
⚫
⚫

25
2.5
20
2.0

9.9
0.99

⚫

15
1.5
10
1.0

1.69
16.9

2.03
20.3

0.55

00

*
**
***

FY03/2022
22/3期

FY03/2023
23/3期

Excludes sold businesses
Industry Production, Business Production, Global SX
Business Production Installation

⚫
⚫
⚫
⚫
⚫
⚫
⚫
⚫

New business concept based on social issues +policy trends
Business creation as backbone of GX area
Industry production of sinks/forests
AI strategy formulation
Cross-industry alliance business expansion strategy
Mobility services x Commercialization
Exploring entry into US healthcare device market
Investment strategy centered on public-private
partnerships in Asia
Support for startups’ global expansion© DI 2023 － ALL RIGHTS RESERVED.

15

BUSINESS CREATION BECOMING THE TOP AGENDA AT AN
ACCELERATED PACE
Interest in new business creation
increased the most in past 10 years

80% of top 100 companies3 by sales have
put in place a framework for new businesses

Issues of interest to
Japanese top management1

Aggregate number of companies
establishing new business divisions 4(companies)
100

(％)
100
80
60

Sales growth

2011 vs 2021

-40％
80

-20％
Improving cost efficiency
and profitability

40
Improving shareholder value,enhancing governance, etc.

20Developing concrete planfor new business 2

+50％

21

60

Pace of establishment
17
has accelerated
year on year
11

40

81

companies

8

+110％

0
'11 '12'13'14'15'16'17'18'19'20'21 (year)

20
0

3

1

2

2

5

5

6

'11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 (year)

Notes:

1 Compiled based on the “Survey on Current Corporate Management Issues” published annually by Japan Management Association.
Each year, top leaders of approximately 500 large companies and SMEs choose the three issues they perceive as most significant.
2 Includes development of new products, services, and businesses, strategic investment in digital technology, etc.
3 Top 100 TSE Prime-listed companies in FY03/2021, ranked by sales
4 Number of independent divisions dedicated to the planning and promotion of new business. Limited to those dedicated to business creation;
R&D and other divisions engaged in technological innovation/nascent business before commercialization are excluded.
Source: “Survey on Current Corporate Management Issues” by Japan Management Association; press releases/organizational charts of the companies© DI 2023 － ALL RIGHTS RESERVED.

16

EXPAND SERVICE LINEUP:LAUNCH OF NEW T&A PRACTICE
Significance and Aim of Technology & Amplify
Businesses created through Business Production are
amplified through technology● Integration and collaboration with existing Business
Production teamLocal communities
Consumers

Innovation

Designingsuperior value

Creating value
amplification
mechanisms

Amplify(Value Amplification)

Conceptualize from 0

Promotingvalue realization

Industry Production TurnBusiness Produce concepts

from 0 to 1

Business
Produce
Installation

CreateBusinesses
andChangeSocieties

Gathering value
beyond boundaries

Transform 1 into
10 and even 100

Technology& Amplify

Shareholders

Companies

Employees

National and local
governments

Current status
Built initial system● Six executive officers/
managing directors– All are DX/technology
professionals● Expanding to a team ofseveral dozen people

Full-scale start of proposal
activities to customers● Receiving many inquiries withhigh expectations● Proposal from furthest
upstream to amplification● Growing opportunities for
new consultations/proposals
for DI– Corporate DX/IT, accounting

departments, etc.

© DI 2023 － ALL RIGHTS RESERVED.

17

EXPAND OUR TEAM (1):
STEADILY SECURE PERSONNEL AND IMPROVE THE ENVIRONMENTBusiness producer* team size against plan(No. ofpeople)120

Developing environment
for investment in human capital
Respond to an increase in personnel withdiverse backgrounds and values

115● Promote diversity, equity, and100
87– Increase female businessproducers

80
60

inclusion

93

70
56

– Enhance training, etc.

● Maintain system to support success of58

professionals– Encourage male employees to take40

childcare leave, etc.

● Expand office spaces

20– Respond to increase in personnel– Improve productivity by activating

0
FY
通期
Plan

Actual
実績(endMar)

FY
Plan
通期

Actual
実績(endMar)

FY
通期
Plan

Actual実績

計画 (3月末) 計画 (3月末) 計画
FY03/2022*

FY03/2023

Excluding incubation specialists

FY
通期
Plan

Actual
実績

計画

FY03/2024

communication● Build alumni network

FY03/2025© DI 2023 － ALL RIGHTS RESERVED.

– Awarded Jury Prize at Japan

Alumni Awards 2022

18

EXPAND OUR TEAM (2):STRENGTHEN BRANDING ACTIVITIESFY03/2023: Start full-scale activity

FY03/2024: Expand scope while ensuring quality● Created original comic series to widely
convey the social significance of DI andthe appeal of our work, developed
marketing measures focused on businessproducers● Accelerated hiring of ambitious, highly
talented personnel, which also feeds into
retention● Unveil new Technology & Amplify practice● Plan to release Business Production book(fourth book)● President Miyake’s Twitter● Other article planning, etc.

Strategy consulting firm DI
proposes the new normal
for ease of work
The keys to maximizing
performance are
freedom and autonomy.

Increase exposure with the key term Business Production© DI 2023 － ALL RIGHTS RESERVED.

19

EXPAND COLLABORATIONS:DEEPEN COLLABORATIONS WITH CLIENTS/BUSINESS PARTNERS
Accelerating Business Production
through collaboration with MUFG
Mitsubishi UFJ Financial Group (MUFG)
established a new unit to contribute to thebusiness creation of large corporate clients andcollaborated with DI Industry Production andBusiness Production.
They proposed new concept and business plan tolarge corporate clients and several projects started
to move toward realization.

Collaboration with Dentsu Group
Activities so far● Personnel exchange● Joint product development + press
releases− Launch of R&D Transformation
Promotion Team− Business Production Support
Program for the ASEAN market● Received orders for joint projects● Support for skills transfer to accelerate
Dentsu Group’s BX*
Aim to further deepen collaboration in the futuresuch as in joint projects and winning orders forlarge-scale projects

New scheme to create and propose Industry and Business Production seeds together*

Business Transformation© DI 2023 － ALL RIGHTS RESERVED.

20

EXPAND FUNCTIONS:STRENGTHEN BUSINESS MODEL FOR SUSTAINABLE GROWTH
Pursue even more profitable model incorporating Incubation and digital/IT
capabilities
Business Production
Strategy/
Conceptualization

Policycoordination＋＋

Digital/IT capability

Incubation capability(business management,
investment/finance)(Technology & Amplify)

Digital implementation of
innovation● New business system
operation, etc.

*

Partnershipbuilding

Social Impact Bond

Conventional fee model● Manpower
dependency/Non-Asset

Trial-based model● Asset utilization● Foothold for
scalability/sustainability

Creating new business eco-cycle● SIB*+ licensing, etc.

© DI 2023 － ALL RIGHTS RESERVED.

21

INCUBATION: STEADY PROGRESS IN HARVESTING
Portfolio and market value(JPYbn)End-March 2023

End-March 2022

Core venture
portfolio )3Book value 1)

Market value 2)

Book value 1)Japan

1.0 (12 co.)

2.4

0.1 (9 co.)

1.4

India

1.8 (27 co.)

4.3

1.8 (21 co.)6.5

0.00 (1 co.)0.3

2.0 (31 co.)

8.2

2.4

(6 co.)

2.4

4.5 (37 co.)

10.7

－

－

Other

0.02 (2 co.)

0.4

Total

2.9 (41 co.)7.2

LP investment
in fund 4)

2.4 (6 co.)

2.4

Venture Capital

5.3 (47 co.)

9.6

2.6 (3 co.)13.9

Business
Investment 5)＋Investment 6)(4 co.)▲ Sale 7)(4 co.)▲ Impairment
loss (8 co.)(1.1)

▲ Sale (3 co.)

(3.4)

（－）

Market value 2)(1.7)1) For investees in own funds, only the value equivalent to DI’s interest is included.
2) Before taxes. Taxes are shown in parentheses (included in the value above).
3) Excludes companies for which impairment losses have been recorded and that experienced no up-round financing thereafter, and stock options not subject to valuation.
4) Book value reflects profit/loss in investments. Market value is not calculated as calculation methods differ by fund.
5) Boardwalk is included in venture portfolio.
6) Includes additional investments.
7) Excludes companies for which impairment losses have been recorded.

© DI 2023 － ALL RIGHTS RESERVED.

22

INCUBATION BUSINESS PERFORMANCE

Reference

Cumulative cash flows* from establishment to FY03/2023(including amount of estimated recovery)
Total
10.7

Business Investment**

Venture Capital

6.4

0
23.8

23.4

46.3

(JPYbn)

2.1
16.9

＝ 4.3

10.7

＋

4.2
6.9

22.4 22.8

26.8

Amount invested
*
**
***

Before tax
Include BOARDWALK in venture business portfolio
Listed companies: Market capitalization at period-end × DI’s interests
Unlisted companies: Book value of investment at period-end ± mark-to-market valuationdifference (recent financing prices and third party transaction prices)
When these prices are unavailable, book value is used without revaluation.

© DI 2023 － ALL RIGHTS RESERVED.

Recovery realized
Estimated recovery(book value＋unrealized gains)
Operating expenses(DI HQs’ personnel and other expenses）
Cumulative cash flows
23

SHAREHOLDER RETURNS FOR FY03/2024
Proceeds from ipet sale

Shareholder
return of
JPY10.0bn

FY03/2023

FY03/2024

JPY2.0bn

Mainly through share repurchase;
dividends will be paid for the portion
that cannot be repurchased.

FY03/2023
specialdividend

FY03/2025

JPY4.0bn+

Remainder

Growthinvestmentof JPY5.0bn

JPY2.5bn
HR investment +new businesses,
etc.

Own-Share repurchase of up to JPY3.0bn disclosed this day© DI 2023 － ALL RIGHTS RESERVED.

24

CORPORATE GOVERNANCE
Operational status

Board of Directors
Name
Tetsuro Harada(Candidate for appointment)

Takayuki Miyake(Candidate for appointment)

Current position
Representative Director &CEO
Chairman of the Board of
Directors

Representative Director,
President & COO(Candidate for appointment)

Director, Vice President &COO

Tsutomu Fujita

Director

Kyohei Hosono(Candidate for appointment)

Type

OutsideIndependent

Soichiro Uno

Director, Audit & Supervisory
Committee member

OutsideYuriya Komatsu

Director, Audit & Supervisory
Committee member

OutsideIndependent

Director, Audit & Supervisory
Committee member

OutsideIndependent(Candidate for appointment)

Sakon Uda

Change in representative director (as of June 20, 2023)
Representative Director & CEO Harada→ Director, Chairman of the Board of Directors**

Board of Directors● Shift to a monitoring model from FY03/2023
with a majority of outside directors● Number of representative directors reduced
from two to one* due to progress in
structural reforms resulting in end of
conglomerate structure (as of June 20)● Focus on monitoring sustainable growth andcontinually updating succession plans going
forwardConsultation with the nomination andcompensation committee● Commenced operation of remuneration
system for directors which was reviewed in
FY03/2022– Increased weight of executive
remuneration linked to businessperformance to encourage efforts toenhance corporate value in short,medium and long term
● In line with the recording of extraordinary
income, special bonuses of JPY2.0bn for
executives and employees as HR investment
were allocated, in addition to shareholder
returns of JPY10.0bn

Subject to approval at the Annual General Meeting of Shareholders
scheduled for June 20© DI 2023 － ALL RIGHTS RESERVED.

25

DI ＝ The Business Producing Company

Mission: Create Businesses and Change Societies
Vision:Become the First Choice of Challengers

Value:

Advance Beyond Boundaries.
‒ Envision Beyond Boundaries of Areas‒ Formulate Beyond Boundaries of Customaries‒ Partner Beyond Boundaries of Organizations‒ Challenge Beyond Boundaries of Ourselves© DI 2023 － ALL RIGHTS RESERVED.

26

Disclaimer

These materials contain forward-looking statements pertaining to forecasts
and future strategies, which are based on information available to theCompany at the time the materials were prepared. These statements are notguarantees that targets and forecasts will be reached, nor an assurance of
future operating results. Future performance may vary substantially due tochanges in the operating environment, downturns in performance at investee
companies, share price fluctuations in the markets for financial products, andother factors.
Also, the content of these materials may change without notice. People using
these materials are advised to refer also to other sources of information andmake any decisions based on their own judgment. The Company accepts
absolutely no responsibly for losses arising from the use of these materials.

© DI 2023 － ALL RIGHTS RESERVED.

27

The Business Producing Company