Digital Garage, Inc.

- 2Q of FYE June 30, 2013 –Financial ReportFebruary 13, 2013

Contents

Mission and Business Model ・・・・・・・

3

Group Financial Performance Review ・・・

9

2Q FYE 2012 Segment Performance Review ・・・・ 19-2-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Mission and Business Model-3-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

DG’s Mission
context company

Digital Garage creates
innovative business “context”
for the new internet age andprovides unique businesssolutions for new lifestyles,
society and industries bylinking:-4-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

DG’s Business Modelcontext company

Produce and incubate Internet businesses

with optimal use of our three core strengths: IT, MT and FT★ Information Technology★ Marketing Technology★ Financial Technology-5-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

DG's Unique Incubation Model with Enabling Platform
context company

DG continues to incubate and offer original internet services
using unique enabling platform since earliest days of Internet

Twitter

1995-2000

2000-2008

Advertising/promotion

Advertising and promotion

Payment infrastructure

Social media marketing

e-commerce/social media commerce
Completion of Japan’s largest payment infrastructure
Number of affiliated websites: Over 80,000

Over 700 national clients(FY13.6 2Q)

2008-

Enabling Platform/Two Profit Bases-6-(FY13.6 2Q)

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Investment Highlights
context company

Projections Outperformed in First Year of New Mid-tem Plan
Global Development of “Incubation” and “Payment” Segment Accelerated,
Capital/Business Alliance Formed with DENTSUI

Q2 FYE 2013 forecasts revised up■ Business driven by “Payment” which consolidated VeriTrans while “Marketing” remains solid■ Despite cut-off error of share disposal, results greatly surpass initial consolidated budget for“Incubation”

Capital/business alliance formed with DENTSU,
mid-term marketing strategy commenced centering on all types of data

II

■ Alliance to explore and internationally commercialize cutting-edge marketing technologies■ Digital marketing and business intelligence services promoted

III

Mid-term strategy for Incubation and Payment segments pursued■ M&A of agile development company Neo completed toward acceleration of global incubation■ Payment HQ established in Hong Kong, business in fast-growing emerging Asian market
initiated-7-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Capital and Business Alliance with DENTSU
context company

One of the new pillar for mid-term strategy is Audience data business, expanding
Incubation and Advertisement-to-Commerce into Marketing business space.
Content of Capital/Business Alliance

Exploration and commercializationof cutting-edge marketing
technologies

Equity holding
DG:74%, Dentsu G:20%, ADK6%

Promotion of digital marketingand business intelligence
services using diverse data
Equity holding
Fund raising throughthird-party allotment

20%
Largestshareholder

Settlement data

Media data

Equity holding
7%

Technology

Audience
data businessBusiness intelligence

Users per month:

Equity holding
15%
Second largest
shareholder

99.56 million(January 2013)*1 Source: Kakaku.com IR material-8-Japan’s largest
Comprehensive ad agency¥1.9 trillion sales(FY12.3)

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Group Financial Performance Review-9-

Copyright © 2013 Digital Garage, Inc. All Rights ReservedIrregular Accounting in FY13.6
context company

International Financial Reporting Standards (IFRS)
implemented at econtext ASIA (Hong Kong HQ)
Fiscal year made uniform across consolidated subsidiaries/
Asian business accelerated by strengthening group management

 Irregular accounting for Q2 FYE2013
End of fiscal year shifted from March to June at VeriTrans and its 4 consolidated subsidiaries.
Six-month results anomalously combined in Q2 due to the company changing fiscal year.
2012
March

June

Digital Garage1)

VeriTrans2)

September December

1Q

1Q

2Q

2Q

2013
March

June

3Q

4Q

3Q

4Q

Note 1: Digital Garage, Inc., ECONTEXT, Inc., econtext ASIA Ltd., DG Incubation Inc., Open Network Lab, Inc. and CGM Marketing, Inc.
Note 2: VeriTrans Inc., NaviPlus Co., Ltd., eCURE Co., Ltd., iResearch Japan Co., Ltd. and shereee-china, Inc. Fiscal year remained through March at US
subsidiary DGUS, Inc., its subsidiaries DG Development LLC, Neo Innovation, Inc. and its consolidated subsidiaries.

-10-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

FY13.6 2Q Summary: Profit and Loss (Consolidated)
context company

Sales and EBITDA more than doubled YoY

In despite of 533-million-yen amortization, operating income +56% YoY(\ million)

Net sales

FY13.6 2Q

FY12.6 2Q（Cumulative Actual）（Initial Forecast）

Ratio（Cumulative Actual）（Year-on-Year）（Actual vs Forecast）

6,297

11,00013,846×2.2+26%

Incubation

600

1,000

748

+25%

-25%

Marketing

3,845

4,300

5,113

+33%

+19%

Payment

1,851

5,700

7,984

×4.3

+40%

302

150

472

+56%

×3.1

Incubation

250

50

▲ 202

n.a

n.a

Marketing

282

200

249

-11%

+25%

Payment

282

450

789

×2.8

+75%

Ordinary income

665

700

1,167

+75%

+67%

Net income

610

350

913

+50%

×2.6

EBITDA

869

1,400

2,269

×2.6

+62%

88

400

533

×6.1

+33%

Operationg income

Amortization

Note: Operating income per segment is based on figures prior to elimination or Group deduction. EBITDA is based on preliminary calculation.

-11-

Copyright © 2013 Digital Garage, Inc. All Rights ReservedHalf-year Comparisons of Consolidated Sales/Operating Income
context company～ Sales grew 2.2 times, operating income rose +56% YoY ～（¥ million）

×2.2

+56%

-12-

Copyright © 2013 Digital Garage, Inc. All Rights ReservedHalf-year Comparisons of Operating Income Before Amortization
context company～ Operating income before amortization grew 2.6 times YoY ～（¥ million）

Consolidated Operating Income
Amortization【FY13.6 1H】
 Neo, etc.
+590
 Amortization
-533

×2.6
【FY12.6 2H】
 VeriTrans+10,216
 Neo, etc.
+309
 Amortization-100

Note: 1) Operating Income Before Amortization-13-

Copyright © 2013 Digital Garage, Inc. All Rights ReservedHalf-year Comparisons of Incubation Segment’s Performance～ Recognition of equity sales was carried over to FY13.6 2H;

context company

recorded initial loss of Neo Innovation, Inc. ～（¥ million）

+25%

-14-

Copyright © 2013 Digital Garage, Inc. All Rights ReservedHalf-year Comparisons of Marketing Segment’s Performancecontext company～ Being driven by strong performance of Internet Advertising, at the sametime, initiated R&D on next-generation marketing business ～（¥ million）

+33%

-15-

Copyright © 2013 Digital Garage, Inc. All Rights ReservedHalf-year Comparisons of Payment Segment’s Performancecontext company～ Strong performance of econtext and VeriTrans ～（¥ million）

×4.31)

5,577

Note: VeriTrans has been consolidated since FY13.6.

Note: 1) VeriTrans has been consolidated since FY13.6.

Because of consolidation adjustments such as amortization,

If it had been consolidated before FY12.6, sales would have grow 1.5 times YoY.

it is impossible to express each entity’s operating income separately.

-16-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

FY13.6 Full-year Profit and Loss Forecast (Consolidated)
context company

Upward revision of FY13.6 full-year forecast(\ million)

FY12.6（Actual）

FY13.6（Initial Forecast）

FY13.6 2Q（Revised Forecast）（Accumulated Actual）（Actual vs Revised
Forecast）

Net sales

14,90325,00027,00013,84651%

Operating income

1,621

1,650

1,650

472

29%

Ordinary income

2,708

2,800

2,800

1,167

42%

Net income

2,106

1,700

1,700

913

54%

EBITDA

2,967

4,000

4,000

2,269

57%

< The reasons for upward revision of FY13.6 full-year forecast > Upward revision of net sales Because of VeriTrans's financial term change, its 15-month results are consolidated for DG’s FY13.6 fullyear profit and loss

 Leaving Profits unchanged
 The initial running expenses for Payment HQ in Hong Kong, which was not taken into account in the initial
forecast, is accrued in FY13.6.

Note: EBITDA is based on preliminary calculation.

-17-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

FY13.6 Financial Summary for B/S (Consolidated)
context company（¥ million）

FY12.6

FY13.6 2Q

Year-on-Year

Current assets

28,00531,124+3,119Cash and deposits

12,308

11,814-494

Receivables

7,577

10,295+2,718payment-business-related items

Money held in trust

3,404

3,662

+258

payment-business-related items

Operational investment securities

1,904

2,327

+423

21,33322,482+1,149

2,677

2,543

-134

real estate in San Francisco

Goodwill

12,104

12,161+57■ Current ratio

Total assets

49,33853,606+4,268Current liabilities

28,50523,593-4,912

Deposits

14,95618,758+3,802

Short-term borrowing

10,7402,562-8,178Fixed liabilities

355

9,211

+8,856Long-term borrowing

183

9,047

+8,864

20,47620,802+326

Retained earnings

4,505

5,201

+696

Liabilities/Net assets

49,33853,606+4,268Fixed assets
Investment real estate

Net assets-18-

Reason for change/Remarks

corporate tax for FY12.6 and dividends

98%(12/6) → 132%(12/12)

payment-business-related items

Debt conversion from short-term tolong-term in order to improvefinancial soundness■ Capital-to-asset ratio
41%(12/6) → 38%(12/12)

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Second Quarter FYE 2012 Segment Performance Review-19-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Concept and Slogan of the New Mid-term Business Plancontext company-20-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

DG’s Three Headquarters
context company

Three HQs
Settlement HQ

DG Group HQ-21-

Incubation Center andAgile Development HQ

Copyright © 2013 Digital Garage, Inc. All Rights ReservedNew Business Segments
新たな事業セグメント
context company

New business segments of Lean Global DG
Incubation Segment
Integration of incubation-related businesses(Integration of Media Incubation and Venture Incubation)
Investment to cultivate promising ventures inside and outside Japan
Development of media inside and outside Japan
Technology/business development using Lean Startup Method

Marketing Segment
Establishment of new marketing business(DG&Ibex Company and CGM Marketing run as one unit)
DSP business utilizing advertisement andpromotion as well as Group media’s audience data

Payment Segment
Centralization of settlement businesses
resulting from consolidation of VeriTrans(Settlement business focus on Japan/Asia Market)

Asia payment platform
One of the largest online settlement
infrastructures in Japan-22-

Copyright © 2013 Digital Garage, Inc. All Rights ReservedIncubation Segment
context company

Ⅰ

Incubation
インキュベーション
Net Sales

Operating Income

FY12.62Q(7-12)Actual

600 million yen

250 million yen

FY13.62Q(7-12)Actual

748 million yen▲ 202 million yen

FY13.6

Full Year Forecast

2,800 million yen

500 million yen➤ DG Incubation, Inc.
Invests and incubates cutting-edge Internet startups➤ Open Network Lab, Inc.
Provides support for Internet business entrepreneurs with global visions➤ Neo Innovation, Inc.
Offers software development solutions and entrepreneurship support throughLean Startup methodology➤ Global Incubation Div.,
Supports and develops new media services from a global perspective-23-

Copyright © 2013 Digital Garage, Inc. All Rights ReservedIncubation Segment: Business Concept
context company

Establishment of incubation ecosystem within DG Group network
Maximize investment results with global incubation ecosystem, which covers comprehensively
from discovery/investment to agile/business development and support
Collaboration with MIT,
Provide topnotch mentors andglobal development environment

Incubation experiencefor over 20 years

Sourcing
Investment

Business
Development
Agile
Development
Japan market localization,
Twitter-incubation-type
Business support

N.A.

S.A.

Asia

Euro
Fuse agile development andlean startup methodology-24-

Copyright © 2013 Digital Garage, Inc. All Rights ReservedIncubation Segment: Business Strategy
context company

Overseas investment focused on Silicon Valley
Investment and development for prospective venture companies originated from Japan
In conjunction with global agile development network/San Francisco Incubation Center
Establishment of multi-directional investment/development including “import/export” and “global” models

Import model

Export model・Prospective venture investment/development

・Prospective Japanese venture investment

・Global development support with Japanese・Global development support “Lean Global”
ventures originated from Japan

market localization for overseas businesses

Stage-specific investmentin prospective ventures

Seed
stage

Early
stage

IPO

 Utilization of agile
development network

M&A Collaboration with
new Incubation Center

Middlestage ~

Accelerate
Global Incubation-25-

Incubation of prospective
seed-stage Japanese ventures

http://onlab.jp/

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

DG Incubation: Highlights of FY13.6 2Q
context company

Actively investing in international and domestic startups.
Supporting growth by integrating DG’s payment and marketing solutions.
Current portfolio as of December 2012

Current major new investments

NumberBook Value

Equity55

2,218

Domestic company

16

961

Overseas company

39

1,257

Fund

4

416

Total

59

2,634

Category

Tokyo Otaku Mode Inc.

(million yen)[Overseas/media]

Develops and operates media which provides information about
the Japanese Otaku culture. Over 10M Likes on Facebook.

Kiip, Inc. [Overseas/ad tech]Develops and operates a smartphone app based ad platform.
Integrated in over 600 apps in the US. Selected as one of theWorld’s 50 Most Innovative Companies 2013 (Fast Company)

Authense Group, Inc. [Domestic/media]
Develops and operates Japan’s largest legal advice portal site.

■ Distribution by sector (equity)

Number of registered lawyers exceeds 5,000.

Vuzz Inc. [Domestic/media]

Develops and operates a smartphone service for posting food photos.

Company
numberbasis

More than 600,000 downloads in 81 countries including US and Asia

Value
basis

Driving Global Incubation with maximum
utilization of the DG group’s Enabling Platform-26-

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Open Network Lab Highlights
context company

Onlab brand smoothly established as seed accelerator representing Japan・ A total of more than 100 entrepreneurs/engineers raised in two and a half years since start・ Business development in San Francisco, Asia and related program/events being prepared

Entrepreneur support example

Onlab business model■ Events inviting top entrepreneurs across world
hosted regularly① Seed accelerator（incubation program）② Events related to starting new business③ Investment

Onlab
MentorFormer IDEO director

Startups
Incubation
Investment

Space
Fund

GitHub founders

Entrepreneur
network
including graduates■ Sets up Open Network Space in Daikanyama andKamakura as co-working space for entrepreneurs

Capital gain

Provision of second business commencement

Sixth program being carried out

Daikanyama-27-

Kamakura

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Neo Innovation: Highlights of FY13.6 2Q
context company

The M&A phase to group agile development companies have completed
and have established a global business structure

Changed company brand from New Context to Neo and now into the phase of expanding its business

Management
Kaoru Hayashi

Global Coverage
Co-Chairman

Digital Garage Group CEO
Joi ItoCo-Chairman

MIT Media Lab Director
Ian McFarland

President

ex-Pivotal Labs Principal, etc.
Eric Ries【North America】
San Francisco(HQ)
New York
Columbus
Cincinnati
Durham【South America】
Montevideo/Uruguay

General Partner

Lean Startup advocate
Mikihiro Yasuda【Asia】
Singapore

Conference
The Lean Startup Conference 2012

CEO

ex- Kakaku.com CTO and COO, etc.
Kent Lindstrom【Europe】
Edinburgh
Dublin(coming soon) London

Held in December 2012, hosted by Neo Innovation, Inc.
Attracted many prospective clients from large companies, startups and the government.

COO

ex-Friendster CEO, etc.
Evan Henshaw-PlathCTO

ex-Lead developer of Twitter’s
predecessor Odeo, etc.

Eric Ries

CTO of the United States

Founder of Dropbox

Marc Andreessen■ Participants more than 10,000（including live stream）■ US Gove CTO as one of the speaker more than 50-28-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Global Incubation Division Highlights
context company

Shifting to new structure focusing on completion of development
structure overseas and collaboration with MIT Media Lab
Driving global incubation as core to strengthen group alliance inside and outside Japan
Completion of
global development structure
North America

South America

Asia

EuropePractical development
structure established globallyby fusing agile development
and Lean Startup, mostadvanced methods of all.

Exploration of world’s
most advanced R&D seeds

Settlement
alliance
Onlab
alliance

In-house
Development

Group
media

MIT Media Lab
Researchers dispatchedfrom DG to MIT Media Lab
primarily to determine whichseeds to monetize.
Constantly explores world’s
cutting-edge R&D seeds.

DGI
alliance

GlobalIncubation
Division

R&D

TBA...

-29-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Marketing Segment
context company

Ⅱ

Marketing
Net Sales

Operating Income

FY12.62Q(7-12)Actual

3,845 million yen

282 million yen

FY13.62Q(7-12)Actual

5,113 million yen

249 million yen

FY13.6

Full Year Forecast

9,200 million yen

600 million yen➤ DG&Ibex company
Supports Client’s business through O2O strategy and web marketing➤ CGM Marketing, Inc.
Develops and provides ad products incorporating social media audience data,and cutting-edge ad technology➤ NaviPlus Co., Ltd.
Offers website support tools including personalized recommendation engines-30-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Marketing Segment: Business Strategy
context company

Digging deeper into existing business and establishing next generation strategic business rapidly◆ Growth of solid Marketing Solution Business accelerated⇒Further branding of “No.1 social business company = DG” and practice of O2O strategy◆ Group-wide efforts to develop “Audience Data Business” into next-generation mainstay throughcapital/business alliance with Dentsu⇒Establishing “Business Intelligence Service” by introducing U.S. cutting-edge technology ahead of others

Group resources
Payment

Introducing
latest US
technologies

Group-related DB
Settlement/
recommendation

Shopping

Recommendation/Development

Integrated DBMedia
Expandingtowards Asia

-31-

Media

Other

Existing media DB
Copyright © 2013 Digital Garage, Inc. All Rights Reserved

DG&Ibex Company Highlights
context company

Cumulative Results in FY13.6 Q2 (July to December)
Total sales

Number of clients

Sales per client

4.56 billion yen

236 companies

19.3 million yen(Year-on-year) +29%

(Year-on-year) +0%(Year-on-year) +29%

Strong performance continued from FYE 2012 with new six-month sales record
Sales growth
Continued growth of market-specific solutions based on DG’s
knowledge about social media apps

 Digital solution area
 Sales increased 29% YoY with cosmetic, financial and other marketspecific strategies and unique digital planning ability highly valued.
 Mall distribution value (for six months) rose 37% YoY to 19.7 billion
yen at Point Mall, meeting consumer needs.

Sales (100 million yen)

Growth factors

129%
year-on-year New marketing solution area
 Launch of the Audience Data Business Initiation of the O2O Solution Business fusing cyber and realtechnologies(Ad-conjunction marketing between
andSnap Dish, for example)-32-

1st half 2nd half 1st half 2nd half 1st half
2011

2012

2013

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

CGM Marketing: Highlights of FY13.6 2Q
context company◆ Advertising commenced on Facebook and LinkedIn following Twitter◆ Began smartphone advertising business with application ad-network provider: Kiip from the US

Driving new businesses leveraging cutting-edge ad technologies
 Began Facebook retargeting advertising business through
DSP provider

DSP. LinkedIn has followed.

 Deliver smartphone advertising through our application
ad-network provider
 Combined with Twitter, we cover a wide area in SNS
and smart phone application.

Social By taking advantage of our ad-technology, we deliver
next-generation advertisement distribution network.

Twitter

Smart
phone
LinkedInFavorable performance of existing businesses (official banner advertising, Tweetmanager)

Twitter’s official banner advertising business grew steadily.

 Expanding number of

installation to infrastructure and CRM-focused companies

through partnerships with DENTSU and ADK.
-33-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

NaviPlus: Highlights of FY13.6 2Q
context company

Provide tools as ASP for in-site search and recommendations in order to increase theEC user’s conversion rate, thereby increasing overall sales for the EC sites
Business model

Acquisition of top in-site search company KotoHako
Japan’s largest in-site search & recommendation

User purchase process on EC site

Users are led to

Search/comparison

Purchase
Recommendation service

purchasing without dropping-off from EC-site

Service price

Site visit

examples of recommendation
What other customers are looking atright now
What kind of products are bought

In-site product search service

Recommendation market positioning
Standard features/
diffused edition
Single feature/
lower-price edition

Site scale

togetherLow cost, easy to install, implemented in EC
sites big and small, utilize our recommendationengineetc.
Installed at more than 600 dominant sites in Japan-34-

Copyright © 2013 Digital Garage, Inc. All Rights ReservedPayment Segment
context company

Ⅲ

Payment
Net Sales

Operating Income

FY12.62Q(7-12)Actual

1,851 million

282 million

FY13.62Q(7-12)Actual

7,984 million

789 million

FY13.6

Full Year Forecast

13,000 million

1,400 million➤ econtext Asia Limited
Payment Segment headquarter established in order to expand e-commerce platforms
into Asia market➤ ECONTEXT, Inc.
Pioneer in integrating online and offline payment businesses for convenience stores➤ VeriTrans Inc.
The leading e-commerce payment solution provider
・ eCURE Inc.

(Provides security services for e-commerce sites)

・ iResearch Japan Inc.

(Provides China IT industry market research)・ Shareee-china Inc.

(Provides inbound business for Chinese tourists)-35-

Copyright © 2013 Digital Garage, Inc. All Rights ReservedPayment Segment: Business Strategy
context company

To scale Japan’s payment platform into Asia’s No.1 payment platform•

Success of econtext Japan and VeriTrans is based on building customer centric products and solution•

For each region that econtext ASIA does business, we plan to curate into local culture

Payment HQ

Japan

Asia

One of the largest payment platform

Asia’s No.1 payment platform

Major Asiancompanies

Cross sellingoriented developments

・・・

Market reorganization

Local culture/customer

Indonesia

CAGR26%

Hong Kong（¥ 100 million）

Alliance/JV【Combined net sales】

Scale merit-36-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Highlight: Domestic Payment Business
context company

Fy13.6 1H（July to December）Results
Number ofaffiliated websites

Number of transactions

Total amount of transactions

83,33373.8 million

344.8 billion yen（Year-on-year）+69.3%（Year-on-year）+16.7%（Year-on-year）+21.1%

Both econtext and VeriTrans hit record highs on number and value of transactions【Growth factors】
Expansion of existing business utilizing econtext andYear-on-year

VeriTrans competence and contribution of proactive+21%

exploitation of new fields
 econtext
 Mainstay fields (games and travel) remain healthYear-on-year Hit record-high transaction value by +34% YoY+34%

 VeriTrans Improved price competitiveness against competitors
through fusion of payment and advertising services
 Hit record-high transaction value by +21% YoY
Note: Although VeriTrans has been consolidated since FY13.6, above numbers include VeriTrans’s for comparison convenience.

-37-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

DG’s Incubation Stream and Payment Segment
context company

Combining the cutting-edge technologies
and expanding into growth of emerging markets.

- Cutting-edge digital media- Development/marketing/acquisition
of/investment in payment technologies- Media development/takeover/M&A

2011-present- Develop monetization platform-Develop New Media-Pursuit user growth/sharing experience-Execute monetization

2012-2013
Connect with Global Incubation HQ

2013-2015
Connect with Settlement HQ

From Japan to world
From U.S. to Japan
Mutually beneficial
investment

Establishing next generation
development network which goes far
beyond world-famous agile
development process
Creating critical presence through the
Incubation Center in USA

Investment in Asia focused settlement
platforms-38-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Global Incubation Ecosystemcontext company

establish a high-performance
global incubation ecosystemthat incubation
will function continuously
ToToestablish
globalecosystem

Global Internet world
Investment anddevelopment
Startupcompany

Incubation Center

Monetization
Business/
technology support-39-

Copyright © 2013 Digital Garage, Inc. All Rights Reserved

Please note that the business forecasts and strategies covered in today’spresentation are based on our current evaluation and future results may varysignificantly depending on unforeseeable events or circumstances.