Full
Full--Term Results Briefing for the Year
Ended June 30, 2012 (FY13)First Section, Tokyo Stock Exchange (3730)

１．Results
１．
Results for the Fiscal Year Ended
June 30, 2012 (FY13)

Overview of FullFull-Term Results
for the Year Ended June 2012
✓ Both sales and income reached targets, posting record high levels✓ Income growth exceeded sales growth
4th quarter (standalone)（April 1 – June 30）
FY2012/6

FY2011/6

YoY

Full year（July 1 – June 30）
FY2012/6

FY2011/6(million yen)

Full-year forecast(July 1-June 30)
YoY(% achieved)

Consolidated

Net sales

3,510

2,973

118.0%

14,22912,210116.5%

14,200（100.2%）

Ordinary
incomeOrdinary profit
marginExtraordinary
loss

417

367

113.6%

2,975

2,522

118.0%

2,900（102.6%）

11.9%

12.4%

△0.5pt

20.9%

20.7%

+0.2pt20.4%+0.5pt

0

2

19.2%

8

259

-

-

-

Net income

160

104

153.2%

1,525

1,171

130.3%

1,500（101.7%）

Net sales

3,195

2,964

107.8%

13,847

12,212113.4%

Ordinary
income

534

682

78.3%

3,642

2,912

125.1%*Reference
Non-Nonconsoli-consoli
dated（Note) On August 1, 2010, the Company succeeded to the market research business of Yahoo Value Insight, Inc.
through an absorption-type demerger.

2

FY2012/6 Context and Summary
Major theme 1

Realized steady growthin domestic marketing research business✓ Also realized double-digit growth in sales and ordinary income in 13th fiscal term
✓ Over 10% growth in almost all client industries except for the electrical industry
Specifically, the food industry
realized 20% growth due to cross selling with QPR and qualitative research
Major theme 2

Preparing, sowing seeds for medium-term growth✓ Issued 5 billion yen in CBs. Fund procurement aimed at growth investment,
improving capital structure✓ Major investment in South Korean corporation EMBRAIN and integration with Macromill Korea
Sets the stage for business expansion in South Korea✓ Investment in new business domain; challenges and opportunities have become apparent
as business develops in China✓ Realizes improved EPS/ROE

3

Changes in Income and Cost Structure (full year)
FY2012/6

・Upfront investment in subsidiaries andloss from existing investments

FY2011/6

Nonconsolidated

Amount%Amount%YoY

Net sales

13,847100.0

12,212

100.0

113.4

COGS

6,717

48.5

6,119

50.1

109.8

Personnel

1,879

13.6

1,758

14.4

106.9

Panelists andoutsourcing

3,760

27.2

3,060

25.1

122.9

Other

1,077

7.8

1,299

10.6

82.9

3,480

25.1

3,235

26.5

107.6

SG&A

M-Cube and Associates -140
M-WARP -269
Macromill China -104. etc.

3,642

2,912

2012/6

ordinary income

Non
Non--consolidated
ordinary income

Consolidated
ordinary
income

23.9%

26.3%

20.9%

2,093

15.1

1,957

16.0

106.9

Other

1,386

10.0

1,277

10.5

108.6 Non
Non--consolidated

Ordinary
income

3,642

26.3

2,912

23.9

125.0

(consolidated
ordinary income)

2,975

Net income

2,016

14.6

1,424

11.7

141.5

2,975

2012/6

Personnel

117.9

▲667

＋730

2011/6

2,522(million yen)4Macromill Strategy Map

Research
DomainOverseas
Business
DomainDatabase
DomainNew
Business
Domain5

Breakdown of Sales by Category(non(non-consolidated) Realizes over 10% growth year on year in nearly all industries
except for electricals . Solid expansion continues.
 Growth in food industry was especially positive.
Differentiated against the competition by proposing added value
through cross selling with QPR
Industries
in which sales increased（％）¥13,847 M¥12,212 M

2.9
3.0

１．Food companies
65.3■ Government agencies,
associations,schools, etc.
■ General companies■ Research companies,
consulting firms■ Advertising agencies(year-on-year change of sales amount)

66.0＋ 21.6 %+¥380 M

Research companies
２．
/consulting firms

14.3

15.4

16.7

16.4

FY2011/6
FY 2011/6

FY2012/6
FY 2012/6＋21.5%+¥370 M

３．Services＋14.5%+¥230 M
6

Changes in Breakdown by Service(non(non-consolidated)
 Sales increased in almost all services
 Proportion of sales from automatic research has been on the decline
Heightened importance of the company’s existence as a comprehensive
marketing research firm
6.2
3.5 0.7
10.0

8.1
3.5 0.5
9.8

8.2
9.6
6.1

8.7

55.7

10.0
6.3

Other services
Mobile research
Global research
Customized research
Qualitative researchservices
Analysis

53.1

Tabulation
Automatic research（％）

FY2011/6

FY2012/6

7

Status of Other Services(QPR, bdb, AIRsMEMBERS) Achieved total budgeted target of 1 billion yen in FY2012/6
Steady growth in number of contracts signed for QPR during the year;
client base expands centering on the food industry(million yen)
FY2012/6

FY2011/6

YoY

746

410

182.0%

198

165

120.0%

SaaS-type service with functions
that combine member
management and questionnaire
for companies

152

105

144.8%

Total

1,097

681

161.0%

Consumer purchasing
database collected from30,000 panelists

FY2012 results¥1.097 M
FY 2011 results¥681 M

Research results database on
items owned and preferenceof 30,000 people

8

Business Development in South Korea✓ Integration of South Korean corporation
EMBRAIN and Macromill Korea(details in August 8 press release)

１．Selected method to transfer business from Macromill Korea to EMBRAIN
２．Changed the trade name EMBRAIN to Macromill EMBRAIN
３．280 million yen contribution to consolidated earnings
in the three months of April-Jun for fourth quarter FY2012 (April-Jun)→ full contribution starting in 14th fiscal term

Aim for further expansion in the field of marketing research in South Korea
by reorganizing and centralizing management resources9Overseas and New Business Development
Business in South Korea: EMBRAIN, Macromill Korea✓ EMBRAIN, with the largest share of South Korea’s Internet research market, became a subsidiary
Contribution to consolidated earnings in 13th fiscal term (280 million yen in Apr-Jun), full consolidated
earnings contribution starting in 14th fiscal term
✓ Further structural reinforcement through integration of EMBRAIN and Macromill Korea(from a press release dated August 8)

Business in China： Macromill China, Shanghai United-Cities✓ Macromill China struggled; orders from Japanese corporations are increasing, but the Company
urgently needs to expand transactions with Chinese, European and North American companies✓ Buys equity stake in Shanghai United-Cities, planning an IPO in the Shenzhen market
Considering development of a promotion service in Shanghai

New Business: M-WARP✓ Developed apps for the interest graph domain; not yet monetized, but accumulating expertise in researchand development in the new domain, securing valuable personnel for app development
10Changes in Balance Sheet (consolidated)
 Pressure on capital structure due to acquisition of treasury stock
Liabilities ¥ 8.8 B
Liabilities ¥2.7 B

CB issuanceTotal assets¥18.7 B

¥5B

Total assets¥13.9 B
Cash and deposits
Cash and deposits Net assets ¥11.1 B¥ 8.4 B
Net assets ¥9.8 B¥ 6.7 BEnd of June 2012

End of June 2011

 Acquisition of treasury stock completed(acquisition period: August, 2011 - August 2012, Amount that can be acquired: ¥2.5 billion)
Acquisition period

Number of sharesacquired

Total amount acquired

From August 4, 2011
to August 3, 2012

2,951,000 shares¥2,493 M

11Changes in EPS and ROE
 Realized improvement in EPS and ROE as a result of treasury stockacquisition and increase in net income
（¥）

60.0

17.0%

16.4%

EPS

ROE

54.4

18.0%
16.0%

47.4

50.0
40.0

15.7%
38.3

38.1

12.0%
10.0%

10.7%

30.0

14.0%

8.0%
20.0

6.0%
4.0%

10.0
2.0%
0.0

0.0%
2009/6

2010/6

2011/6

2012/6*ROE based on shareholders’ equity at the end of each fiscal year
*For EPS: 1) based on the number of issued shares after deducting treasury stock; 2) FY2009/6、FY2010/6 calculated after adjusting for 1:200 stock split.

12２．FY2013/6
２．
FY2013/6 Financial Plan and
Future Business Plan

13

業績目標
MediumMedium--Term Management Plan 20122012--2014(announced August 3, 2011)
Upward revisions for the current fiscal year (units: million yen)Management target

FY2011
actual result

FY2012FY2013Compared to
FY2011FY2014

Consolidated net sales

12,21014,20015,50020,000+64％

Ordinary income

2,522

2,900

3,600

4,700

+86％

Ordinary income margin

20%

20%

23%

24%

+4pt

FY2011 actual
resultSales
breakdown(Notes)

FY2013Compared to
FY2011FY2014

Domestic marketing
research business 1

12,21014,00015,10016,00031％

Overseas business2

-

200

400

1,000

-

New business3

-

-

-

-

-

M&A (domestic,
overseas)

-

-

-

3,000

-

Refernce

Investment
plan

FY2012FY2011 actual
result

FY2012FY2013

FY2014

Total investment

Systems investment4

-

500

300

200

1,000

New business
investment

-

300

300

200

800

M&A, otherinvestments

-

500

1,500

3,000

5,000

1 Including Internet research and peripheral businesses
2 Excludes equity-method affiliate Macromill Korea

3 The contribution to net sales from new businesses has not been factored in
4 Includes multi-lingual , multi-device AIRs in anticipation of the development of overseas markets

14

FY2013/6 Performance Targets

 Upwardly revised performance forecasts
 Aiming for double-digit growth in sales and income for four fiscal years
in a row with income growth＞net sales growth Total consolidated ordinary income surpasses non-consolidated number;business expansion for the entire group fully under way
FY2013/6
Medium-term
management plan

FY2012/6(actual)Targets after revision(released on August 3, 2011)

Ratio to sales(%)

AmountAmountRatio tosales (%)

YoY

(consolidated)

AmountRatio tosales

(million yen)（％）

Net sales

15,500100.0

16,800100.0118.1%

14,229100.0

Ordinary income

3,600

23.0

3,900

23.2

131.1%

2,975

20.9

-

-

2,100

12.5

137.6%

1,525

10.7

15,100100.0

15,100100.0

109.0%

13,847100.0

Net income(non-consolidated)
Net sales
Ordinary income

-

3,800

25.2

104.3%

3,642

26.3

Net sales

-

2,200

14.6

125.6%

1,751

12.6

15

Dividend Policy
 Passed a resolution for FY2012/6 year-end dividend per share(interim: ¥10, year-end: ¥13)
 Expected dividend per share for FY2013/6
Full year: ¥25 (interim: ¥12, year-end: ¥13), payout ratio 33.4%（planned）¥2 dividend
increase(planned)→ Maintaining consolidated payout ratio of 30% or more
（yen）

25

Interim dividends

Year-end dividends

60%

Consolidated payout ratio
49.4%

15
10

31.4%

6

33.4%
9

9
8

5

13
32.4%

30.8%

7

6

50%

43.7%

44.4%

20

7.5

30%

13

9
7.5

※1

7.5
+
2.5

40%

20%
12

10

10%

※2

0

0%
2007/6

2008/6

2009/6

2010/6

2011/6

2012/6*1 Dividends listed above are adjusted for 1:200 stock split that took place in January 2011.
*2 The payout ratio for FY2013/6 is calculated based on the projected number of shares outstanding as of the end of June 2013.

2013/6(planned)
16

Research and Database Domains
Strengthen response to demandfor comprehensive research
Differentiate against competition
by offering added value

・Offer a comprehensive service ranging fromautomatic research to conventional researchand global research, etc.
・Cross selling with QPR→Continue to expand business at a rate that
surpasses growth of the marketing researchindustry (+1.9% in FY2011)17

Overseas Business Domain
in China and South Korea
Business in South Korea✓ Fully incorporated Macromill EMBRAIN (formerly
EMBRAIN) earnings into consolidated results→ around ¥1.4 billion (forecast) in 14th fiscal termAll-out pursuit for synergy by leveraging strengths ofboth entities (sales, systems, management structure)
Get to a point where IPO is possible by accelerating
growth pace

Business in China✓ Continue to prepare and complete a structure that
could fully respond to clients’ needs (Japanese firms)
for research in China✓ Explore ways to increase transactions with foreigncompanies based in China and Chinese companies✓ Created a project team with Shanghai United-Cities;
considering business tie-up in the promotion market 18

Overseas Business Domain
Accelerate business expansion not only in Asia but also by
exploring business development in the United States and Europe
Size of marketing research industry in each countryHigh-growth market, but re-consideringbusiness opportunities and methods

Source: GLOBAL MARKET RESEARCH 2011 （ESOMAR）

UK
3,185
France2,533

Germany
2,889
China
1,114

Korea
338
Japan
1,916

(million US dollars)

US
9,915

Market is steady in Europe and the US and their market sizes are larger than in Japan
Proactively looking for investment opportunities amid active industry reorganization
19
through M&As

Reasons for Fully Engaging in
Development of the New Business Domain
Changes in market size
Marketingresearch market
マーケティングリサーチ市場

Internet survey market
インターネット調査(100 million yen)
1,766

1,731

1,699

1,672

Maturing market
404

394

430

459
Source:Japan Marketing Research
Association (JMRA)
37th survey on business management

FY2008FY2009FY2010FY2011＜Purpose of businessdevelopment＞
Diversify business domains andrealize long-term growth as theresearch market matures

20

Market Recognition (1)Smart phones: Threats and Opportunities

Threats

Shift in usage time due
to utilizing the Internet
more on mobile devices
rather than on PCs

Diminishingpredominance of online
research that caters to
PC usage

Opportunities

Can be used intuitively
by anybody from age 3
to 100; a highfunctioning computerconnected to theInternet

An era in whichconnecting to various
types of people ispossible, regardless of
IT literacy
21Market Recognition (2) Consumer Evolution
Changes in Consumer Behavior Model

AIDMA

AISAS

SIPS

Proposed in the 1920s (US)

Proposed in 2004 (Dentsu)

Proposed in 2011 (Dentsu)

Attention

Attention

SympathyInterest

Interest

Identify

DesireSearchParticipate

MemoryActionShare &
SpreadAction～2000

IT Revolution

Share
2000～2015

Social Revolution
Today

2015～

Consumers in the social media era actively bring out and share
their own story in selecting products and services before purchase.

22Macromill’s DNA

Product brochure created when Macromill was established (2000)

23

Macromill’s DNA

By pursuing innovation,
realize a society
in which anybody
can use a marketing service

24Macromill’s Innovation:
CreationandDestruction
Marketing budget (research)
Step 3
Secure competitive edge in low-end market
and capture high-end market and become apredominant force

Step 2Completely destruct existing low-end market
with an exceptional cost structure in place
Step3
Expansion

Step 1Create a market by offering products ofunbelievable quality and value

Step2
Destruction

Step１
Creation

Hundreds of companies
Number of marketing research clients
before Macromill’s entry

7,000 - 9,000 companies
Number of marketing research clients
after Macromill’s entry

Number ofcompanies 25

Direction of New Businesses Going Forward
The next step is to continuously pursue a policy of creation and destructionthat has been followed since the company was founded,
while keeping an eye on the overall marketing domain
Marketing budget(advertisements, promotions, CRM)

Marketing budget(research)

Develop existing business
Destruction services

Offer a marketing service for existing clientswith an eye on the next generation→Develop research and promotion services

Research market size(tens of billions of yen)Creation

Destruction
Promotion market size
(hundreds of billions of yen)Create a new market
Creation

A revival of the beef bowl concept.
Re-creation of long tail market→ Mesh promotion service(tentative name)26Overview: New Business Development Strategy
Mesh promotion Service

Service

Structure

・A service that enables small- (including very small firms) andmedium-sized companies to offer promotions and conduct
research on smartphones at a low cost・Monetize by making the service a smartphone platform:
combine coupons and simple research without having a
traditional sales force
・Established a development division, Future lab, that reports directly
to the president
To realize fast development without getting caught up in the interestsof the existing businesses.
→Utilize knowledge and human resource development network
gained from developing apps with M-WARP
・Established a general headquarters for the promotion businesswithin Marketing Business Company (July 2012)
Preparing a structure for new service development for existing clients27

Summary of Future Business Development
Japan

Existing
domainExisting domestic businesses

Global development

Domestic marketing researchBusiness expansion thatexceeds market growthIntegration and differentiation

Geographical expansionof the existing research businessNew domestic domainNewdomainOverseas

Pursue long-term growthby increasing the number ofbusiness locations
Promotion and research
Mesh promotion

Asia, North America, Europe

Aim for further expansion
by developing Macromill’s DNA
overseas and in new domains✓from Asia to North America and Europe✓Enter the domestic promotion market
28

We aspire to become Japan’s largest andstrongest IT marketing company
that is one-of-a-kind in the world.

29

Business Results Details

30Unit price, Number of Active Companies (Servers)
and VIP Clients
FY2011/6
Indicator

Unit

1Ｑ

2Ｑ

3Ｑ

77.3

79.1

80.0

53.9

52.2

FY2012/6
4Ｑ(Full-year)

1Ｑ

2Ｑ

3Ｑ

4Ｑ
(Full-year)

75.5

78.3

79.7

83.7

77.2

52.0

49.8

52.5

52.0

54.9

49.7

Quarterly average unit price perorder (automatic research only) (*1)

Tenthousandyen
Tenthousandyen

Quarterly average unit price perorder (for reference) (*1)

Tenthousand
yen

79.7

82.2

83.5

78.7

81.3

83.3

87.5

80.7

companies

904

1,386

1,675

1,895

985

1,371

1,711

1,924

Number of active servers(annual) (*2)

servers

2,221

3,870

4,988

6,067

2,485

3,988

5,382

6,327

Number of VIP clients (*3)

companies

242

240

240

229

254

256

251

249

Number of VIP clients with averagecompanies
quarterly sales of ¥10 million ormore (*4)

（59）

（58）

（55）

（53）

（61）

（63）

（67）

（64）

Quarterly average unit price perorder (*1)

Number of active companies(annual) (*2)

*1The services of the former YVI were not included in the calculation of the average unit price for the year ended June 30, 2011. Orders for qualitative researchwere not included in the calculation of the quarterly average unit price per order (for reference). In order to calculate realistic unit prices, from here on forward,
overall unit prices will be calculated using a method that counts qualitative research as one order, as shown in the top row above.
*2 Year-to-date total for each fiscal year; number of companies/servers that posted sales at least once between the beginning of the fiscal year and the end of thequarter.
*3 Year-to-date total for each fiscal year; priority clients with annual sales of ¥10 million or more are defined as VIP clients.
*4 Year-to-date total for each fiscal year31

Status of Personnel
FY2011/6

Indicator
Number of
employees(consolidated)*
Number of
employees (nonconsolidated)*

FY2012/6

Unit

1Ｑ

2Ｑ

3Ｑ

4Ｑ

1Ｑ

2Ｑ

3Ｑ

4Ｑ

people

605

553

545

557

566

594

735

768

people

596

542

528

542

541

550

560

582

* Number of employees includes contracted employees and those on leave.

 Breakdown of personnel by job type
Sales
146

Operations
115

Researchers
143

Others include those inbusiness planning,business administration,
panelists support andregular staff, etc.

* Executive officers and those at higher levels, employees on leave are not included.
* As of July 1, 2012

 Number of employees at consolidated subsidiaries 175→186
M-CUBE & ASSOCIATES: 5→ 6
M-WARP：17→20
Macromill China: 17→20
EMBRAIN：136→139
M-PROMO：→1

32

Status of Panel Members
FY2011/6

FY2012/6

Indicator

Unit

1Ｑ

2Ｑ

3Ｑ

4Ｑ

1Ｑ

2Ｑ

3Ｑ

4Ｑ

Macromill panel
membersTenthousandpeople

94.0

100.2

98.5

104.0

105.9

107.1

108.6

109.5

*As of July 2012

PC panelists
Macromill panel
members:
1,090,000

Yahoo!
Research panel
members:(includes smartphone
panel members)

Approx. 1,460,000

Mobile panel members

Approx.
320,000

Approx.
50,000(The mobile devices here refer to feature phones.)✔ A smartphone-capable questionnaire response screen was released in March 2012
(AIRs)→Answers to the same survey will be possible on a dedicated screen from either a PC or a smartphone→As panel members will not be restricted by time and place, the response collection rate and the number ofpanel members are expected to increase.
33

Reference34

History, Business Results Trend(million yen)
16,0002010年8月
August2010
Successor to marketing research
ヤフーバリューインサイト株式
business of Yahoo
Value Insight, Inc.
会社のby absorption-type demerger
マーケティングリサー業を吸収分割により承継

14,000January 2004
12,00014,22912,210Listed on MOTHERS
market of theTokyo Stock Exchange

10,000April 2005
Transferred to 1st Section ofTokyo Stock Exchange

8,000

7,413

7,755

7,353

売上高
Net
sales

6,392
6,000

4,000

経常利益
Ordinary
incomeJanuary 2000
5,179

Company established

August 2000

3,613
2,975

AIRs completed,
operations start-up

2,077

2,000
106

379

29

851
201

1,259

1,653

1,984

2,157

1,753

2,135

2,522

614

0
-87
FY2001/6
FY2002/6
FY2003/6
FY2004/6
FY2006/6
FY2007/6
FY2008/6
FY2009/6
FY2010/6
FY2012/6
FY2011/6
FY2005/6(Non(Non(Non(Non(Consolidated) (Consolidated) (Consolidated) (Consolidate ) (Consolidated) (Consolidated)(Consolidated)(NonConsolidated)Consolidated) Consolidated) Consolidated) Consolidated)-2,00035

(Reference) Status of Capital/Business TieTie-Ups,
Ups,
Group Companies(million yen)

Equity-method affiliates

Consolidated subsidiaries
Japan

Overseas

Dentsu Macromill
NEW

FY2012/6
Net sales：553
Ordinary
income： -140

⇒Integration of EMBRAIN and
Macromill Korea (August 2012)⇒Construction of QPR panels
Collection of consumer purchase data
Shareholders：
HAKUHODO DY HOLDINGSINCORPORATED. etc.

⇒40.0% stake

Capital/business tie-ups⇒10.66% stake (ratio of voting rights)

FY2012/6
Net sales：52
Ordinary
income：-268⇒Marketing solutions business mainly inthe smartphone area
Next generation marketing platformbusiness (app development, etc.)
2012/6 4Q
Net sales：9
Ordinary
income：3⇒Marketing support business using the Internet
Accepted transfer of business from regain, Inc.

Shanghai United-Cities Industry Co., Ltd.
⇒Research business in China
Sales launched in
September 2011

⇒6.9% stake

Business tie-ups

Dentsu marketing insight36

Flow of Online Research Service
ClientMacromill① Research request④Send
questionnaires

People surveyed
Macromillpanel members

Automatic Internet Research System

・Computer panelists
・Mobile panelists
・Cell phone panelists

Domestic corporations
Overseas corporations ⑤View tabulationof responses inreal time・Advertising agencies
・Manufacturers
・Consulting・Service companies
・IT companies
・Mass media
・Public sector…etc.

②Prepare research③Select people tobe surveyed⑤Response toquestionnaires⑤Real-time
tabulation⑦Delivery of
research results⑥Generate data fordelivery⑤ Offer reward points(real time)

OutsidePanel members

・Doctor panelists(business tie
tie--uppanelists)
・Overseas researchpanelists
・Member lists ofclients…etc.

*For Macromill panelists*This is a representative example of the flow of online research using AIRs. Depending upon the subject of the research, AIRs may not be used or the flow
may change.
* If a research plan is required, this happens before step ① in the flow chart. If an analysis of research results is required, this happens after
step ⑦ in the flow chart.

37

Share Information
As of June 30, 2012

Total number ofshares authorized
for issuanceTotal number ofshares issued
Number ofshareholders
Round lot

Ownership(%)

Yahoo Japan Corporation

7,071,100

22.91

Vanillasky Corporation

2,402,000

7.78

Goldman Sachs International

2,369,426

7.68

Japan Trustee Services Bank, Ltd.
(Trust account)

1,079,800

3.50

Tetsuya Sugimoto

912,400

2.96

Goldman Sachs & Co. Regular Account738,100

2.39

Satoshi Shibata

732,000

2.37

Yasunori Fukuha

709,600

2.30

INTEC Inc.

514,400

1.67

The Master Trust Bank of Japan, Ltd.
(Trust account)

507,300

1.64

83,712,000
30,868,400
9,467
100

Financial products
Treasury stock
traders
Individuals, others
9.19％
0.47％
30.34％
Other
corporations
33.45％

Overseas
corporations, etc
17.11％

Number ofshares held

Major shareholders

Financial
institutions
9.44％

Note 1. The Company’s total treasury stock ownership of 2,835,700 is notincluded in the list of major shareholders above.
Note 2. The ownership ratio is calculated based on the number of shares issued.
Note 3. Vanillasky Corporation listed above is represented by director Tetsuya
Sugimoto.

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Cautionary Statement
Macromill does not guarantee the accuracy of the information
contained in this presentation, which reflects judgments madeby Macromill management based on information currently
available.
Given that the business environment may vary significantly inthe future due to a number of factors, please be aware that
Macromill’s actual performance and results may differ fromthose expressed today.

Inquiries regarding information contained in this presentation:
IR Group, Corporate Strategy Unit, Macromill Inc.
Tel: 03-6716-0706 Fax: 03-6716-0701
E-mail： ir@macromill.com
39