Results Briefing for the Fiscal Year ended March 31, 2016€¦ · Full Year Results for FY 2015 Operating income grew by 16.2% YoY and reached a record high of 19.5 billion yen. Steady

Results Briefing for

the Fiscal Year ended March 31, 2016

May 11, 2016

Kakaku.com, Inc.

1

1. Full Year Financial Highlights

2. Review of Fourth Quarter, Fiscal Year 2015

3. Outlook for Fiscal Year 2016

Contents

1. Full Year Financial Highlights

2

3

FY 2014

results

FY2015

results YoY

Full-year forecast

Achievement ratio (%)

Sales 35,787 41,275 +15.3% 42,500 97.1%

Operating

Income 16,808 19,534 +16.2% 19,700 99.2%

Ordinary

Income 17,167 19,580 +14.1% 19,700 99.4%

Net Income attributable to

shareholders of the parent company

10,890 13,100 +20.3% 13,130 99.8%

Operating

Margin 47.0% 47.3% +0.3pts 46.4% -

Full Year Results for FY 2015

Operating income grew by 16.2% YoY and reached a record high of 19.5 billion yen.

Steady growth of our tabelog business was able to compensate for declining sales

from broadband network contracts, which fell short of our forecast. (million yen)

2. Review of Fourth Quarter, Fiscal Year 2015

4

FY2015 4Q Highlights

5

Sales increased by 5.9% YoY, as good results in the shopping and advertising categories compensated for a decrease in commissions received from broadband service providers

Individual paid subscribers surpassed 1.57 million users, as of end-March.

The number of fee-paying showed steady growth, increasing 24.9% YoY.

Travel business Time Design and real estate site Sumaity continue to post

strong sales.

Kinarino Mall, an online shopping mall, opened in February.

A revision of the maximum contract period for fire insurances, in October

2015, led to a decrease in commissions.

The number of unique users for Priceprice.com reached 7.36 million users

(four-country total) as of end-March Ka

ka

ku

.co

m

Domestic

Overseas

tab

elo

g Domestic

Overseas

Improved content quality has led to steady growth in site traffic. The number of monthly unique users reached 1.39 million, more than four times as many as last FY.

New Media

Insurance

6

FY 2014 4Q （Jan-Mar 2015）

FY 2015 4Q （Jan-Mar 2016）

YoY

Sales 10,052 11,507 +14.5%

Operating Income 5,017 5,791 +15.4%

Ordinary Income 5,010 5,770 +15.2%

Net Income attributable to

shareholders of the parent company

3,199 3,854 +20.5%

Operating Margin 49.9% 50.3% +0.4pts

FY2015 4Q Results (Quarterly)

(million yen)

4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY2013 FY2014 FY2015

Shopping 2,479 2,145 2,066 2,339 2,353 2,130 2,175 2,513 2,478

Service 2,188 1,481 1,555 1,590 2,317 1,750 1,584 1,538 2,346

Advertising 1,060 953 912 1,276 1,001 941 949 1,377 1,182

Tabelog 2,413 2,729 3,104 3,234 3,408 3,556 3,851 4,119 4,255

New Media 429 451 705 543 707 676 1,021 782 1,017

Finance 206 204 206 233 264 270 300 227 228

Quarterly Sales by Business Category (Consolidated)

7

2.5%

7,965

26.9%

18.6%

12.0%

34.3%

5.7% 2.4%

8,777

28.2%

24.9%

12.1%

27.5%

4.9% 2.3%

8,551

24.2%

18.2%

10.7%

36.3%

8.3%

2.5%

9,217

25.4%

17.3%

13.8%

35.1%

5.9% 2.6%

10,052

23.4%

23.1%

10.0%

33.9%

7.0%

3.1%

9,881

22.0%

16.0%

9.6%

39.0%

10.3%

2.9%

9,327

22.8%

18.8%

10.1%

38.1%

7.3%

2.2%

10,558

23.8%

14.6%

13.0%

39.0%

7.4%

2.0%

11,507

21.5%

20.4%

10.3%

37.0%

8.8%

Note: Amounts

exclude inter-segment sales and

transfers.

(Unit: million yen)

Shopping

Service

Advertising

tabelog

New Media

Finance

Ka

ka

ku

.co

m

4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY2013 FY2014 FY2015

Advertising 1,184 912 926 905 1,196 1,005 1,029 988 1,137

Comission*1 865 990 1,104 1,152 1,134 1,199 1,213 1,436 1,401

Personnel-related 1,346 1,356 1,411 1,383 1,358 1,478 1,468 1,499 1,476

Outsourcing 332 380 399 405 466 483 619 575 640

Depreciation 132 154 170 159 187 189 200 220 241

Rent 137 138 150 161 166 167 176 174 180

Other 407 522 673 482 524 527 779 594 637

Quarterly Cost Breakdown (Consolidated)

8

4,456

20.5%

30.5%

22.2%

3.1%

8.5%

11.7%

3.5%

570(90) 616(90)

4,407

26.9%

30.5%

19.6%

3.0% 7.6%

9.3%

3.1%

639(96)

4,836

19.2%

29.2%

22.8%

3.1%

8.3%

13.9%

3.5%

653(97)

4,650

19.5%

29.7%

24.8%

3.5%

8.7%

10.4%

3.4%

5,035

23.8%

27.0%

22.5%

3.3%

9.3%

10.4%

3.7%

660(97)

5,486

18.8%

26.8%

22.1%

3.2%

11.3%

14.1%

3.7%

695(106 )

5,050

19.9%

29.3%

23.8%

3.3%

9.6%

10.3%

3.8%

689(99 )

5,487

18.0%

27.3%

26.2%

3.2%

10.5%

10.8%

4.0%

987

1,498

1,435

710(109)

5,715

19.9%

25.8%

24.5%

3.2%

11.2%

11.2%

4.2%

708(111)

*1 Commission = Various commissions paid + Advertising agency commissions *2 The number of regular employees, with the average number of temporary employees for each quarter shown separately in parentheses

Advertising

Personnel-related

Outsourcing

Depreciation

Rent

Other

Employee headcount*2

Jan-Mar 2016

Breakdown of “Other"

expenses

• Server maintenance

¥87mn

• TimeDesign cost of

goods purchased

¥297mn

• Goodwill

amortization ¥6mn

• Employee

recruitment ¥24mn

(Unit: million yen)

Kakaku.com

9

Kakaku.com

Kakaku.com Business Overview

10

Quarterly Sales Trend (million yen)

Sales rose by 5.9 %, as our shopping and advertising businesses continue to post strong sales.

The total number of domestic and overseas users rose by 4.2% YoY.

ARPU for domestic users shows an upward trend, rising from 38 Yen last year to 40 Yen.

YoY +4.2%

4,821

5,671 6,006

5,428

YoY

+5.9%

4,708

Domestic and Overseas Monthly Unique Users (million)

Kakaku.com （Japan）

Priceprice （SE Asia）

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015

Shopping 2,353 2,130 2,175 2,513 2,478

Service 2,317 1,750 1,584 1,538 2,346

Advertising 1,001 941 949 1,377 1,182

0

1,000

2,000

3,000

4,000

5,000

6,000

*Monthly users are defined as the number of visitors to the site, not the cumulative number of visits, per month. Visitors who visit the site multiple times

within a month are counted as a single user.

*ARPU is measured as a 3 month average (January – March 2016)

0

10

20

30

40

50

60

Mar 2015 Mar 2016

57.63 55.28

Kakaku.com

Shopping Business

11

Quarterly Sales (million yen)

Quarterly Sales Growth Rates (%)

Durable Goods/Consumer Goods Sales Ratio (%)

YoY

+5.3%

※ Durable Goods: PC・Household Appliances・Cameras, etc. ※ Consumer Goods: Clothing, accessories, everyday goods, food and beverages

Durable

goods

66%

Durable

goods

64%

Consumer

goods

34%

Consumer

goods

36%

0%

20%

40%

60%

80%

100%

FY3/2015 4Q FY3/16 4Q

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015

Shopping 2,353 2,130 2,175 2,513 2,478

0

1,000

2,000

3,000

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015

Shopping -5.1% -0.7% 5.3% 7.5% 5.3%

-10%

0%

10% Consumer Goods, such as furniture and

shoes were especially strong.

FY2014 4Q FY2015 4Q

Kakaku.com

38% 29%

62% 71%

0%

50%

100%

FY3/15 4Q FY3/16 4Q

12

Service Business

Quarterly Sales (million yen)

Quarterly Sales Growth Rates (%)

Breakdown of Service Revenues (%)

Growth Rate of Finance Related Categories (%)

YoY

+1.3%

FY3/2015 4Q FY3/16 4Q

Credit Cards

YoY +47.1%

Credit Card Loans

YoY +32.9%

Real Estate Loans

YoY +162.3%

Other YoY -1.4％

Commissions from broadband network contracts and estimates for car insurances are declining, while searches for used cars and finance related categories show strong growth

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015

Service 2,317 1,750 1,584 1,538 2,346

0

1,000

2,000

3,000

Information services

Telecom

service

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015

Service 5.9% 18.2% 1.8% -3.3% 1.3%

-10%

0%

10%

20%

FY2014 4Q FY2015 4Q

FY2014 4Q FY2015 4Q

Kakaku.com

Advertising Business

13

Quarterly Sales (million yen)

Quarterly Sales Growth Rates (%)

Advertising sales breakdown by device (%)

YoY

+18.0%

Car related Ads continue to drive advertising sales

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015

Advertising 1,001 941 949 1,377 1,182

0

500

1,000

1,500

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015

Advertising -5.6% -1.2% 4.0% 8.0% 18.0%

-10%

0%

10%

20%

PC Ads

83% PC Ads

72%

Smartphone

Ads

17% Smartphone

Ads

28%

0%

20%

40%

60%

80%

100%

FY3/15 4Q FY3/16 4Q FY2014 4Q FY2015 4Q

Kakaku.com

Kakaku.com Overseas Business: Priceprice.com

14

Monthly Unique Users by Country (million)

Improved smart phone site for all 4 countries

Indonesia

YoY +62.6%

Philippines

YoY +16.1%

Thailand

YoY +47.5%

India

YoY 63.6x

Improved usability and design (Jan) and new categories added (Feb)

0.64 1.14

1.68

1.81

2.10

1.81

2.94

0

400

800

2015年3月 2016年3月 March 2015 March 2016

4.76

7.36

tabelog

15

Tabelog

tabelog Business Overview

16

tabelog Quarterly Sales (million yen) Domestic and Overseas Monthly Unique Users (million)

Sales rose by 24.9% YoY, as the number of both fee-paying restaurants and individual

paid subscribers are showing steady growth.

The total number of domestic and overseas users has surpassed 76 million as of end-

March.

YoY

+10.4%

3,556 3,408

4,255 4,119

YoY

+24.9%

3,851

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015

Paying individuals 519 534 666 743 783

Corporate sales 2,889 3,021 3,182 3,373 3,469

0

1,000

2,000

3,000

4,000

5,000

20

30

40

50

60

70

80

Mar 2015 Mar 2016

76.09

68.93

tabelog （Japan）

Tabélog （USA）

Tabelog

42.2K

restaurants

44.7K

restaurants

46.1K

restaurants

47.5K

restaurants

49.0K

restaurants

18,000

17,500

18,500

19,500

19,600

17,000

18,000

19,000

20,000

30

40

50

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015 FY2015

549k

837k

1,133k

1,280k

1,573k

0

800

1,600

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015 FY2015

tabelog Domestic Business

17

Number of Fee-paying Restaurants and ARPU Number of Individual Paid Subscribers

（Nr. of Restaurants：thousands） (ARPU: yen)

FY2015 FY2015

（Nr. of Subscribers：thousands）

Tabelog

tabelog Overseas Business: Tabélog

18

Number of Reviews

Improved Content Quality

0

100,000

200,000

300,000

400,000

4Q 4Q

FY2014 FY2015

YoY x7.0

Improved quality of review articles resulted in better user engagement (social media sharing) and higher site traffic.

New Media

19

New Media

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015

New Media 64.8% 49.9% 44.7% 43.8% 43.9%

0%

20%

40%

60%

80%

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015

New Media 707 676 1,021 782 1,017

0

200

400

600

800

1,000

1,200

New Media Overview

20

Travel: Time Design maintains high growth with its dynamic packaging business,

4Travel has developed a new source for revenues and is off to a good start.

Real Estate: Stimulated by a traditionally strong spring season, Sumaity has shown

continued growth both in traffic and revenues.

YoY

+43.9% Growth rates have become moderate,

as the sales denominator rises

*Dynamic packaging: enables consumers to build their own package of flights and accommodation instead of purchasing a pre-defined package.

Quarterly Sales (million yen) Quarterly Sales Growth Rates (%)

New Media

New Developments in New Media

21

4Travel starts promotion service fro hotels Kinarino Mall reaches more than 500,000 monthly users

• As of December 2015, 4Travel is offering hotels a new paid service for marketing promotion.

• Hotels are able to send out information or coupons, as well as edit their landing page.

As of February, readers of the fashion and lifestyle web magazine Kinarino are able to buy products introduced on the site, in Kinarino’s own online shopping site.

※User numbers are as of end-March 2016

Finance

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015

Finance 28.2% 32.4% 45.3% -2.5% -13.7%

-20%

0%

20%

40%

60%

4Q 1Q 2Q 3Q 4Q

FY2014 FY2015

Finance 264 270 300 227 228

0

100

200

300

Finance (Insurance) Business

22

Quarterly Sales (million yen)

Number of Contracts for Fire Insurances

Revision of the maximum contract period for fire insurance policies, as of October

2015, has negative impact on sales.

YoY

-13.7%

Quarterly Sales Growth Rates (%)

YoY

+17.8%

4Q 4Q

FY2014 FY2015

3. Outlook for FY2016

23

23,276

29,814

35,787

41,257

48,000

11,616

14,680 16,808

19,534

23,000

7,090 9,066

10,890 13,100

15,900

0

10,000

20,000

30,000

40,000

50,000

FY3/13 FY3/14 FY3/15 FY3/16 FY3/17E

Sales Operating Income Net Income attributable to shareholders of the parent company

FY2016 Earnings Forecast

24

Forecasting increase in sales, driven by continued growth of existing businesses,

paired with sales growth through new synergies in the travel business.

Aiming to distribute 37-38%of consolidated net income as dividends.

(million yen)

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Initiatives in the energy sector

25

Improve content for our Electricity price comparison site while starting to prepare

for the liberalization of the gas market in 2017.

Electricity price comparison Liberalization of gas market

• 264 pricing plans from 39 providers listed since the start of new applications in April 2016.

• Aim for more unique users, by generating more site traffic and improved usability of the site

• Release of first content on the liberalization of the Gas market in April 2017

*The number of companies and pricing plans listed on Kakaku.com’s electricity price comparison site are as of May 10, 2016.

Drive tabelog sales through fee-paying restaurants

26

Continued to drive sales by increasing the number of fee-paying restaurants and

higher ARPU

Increase fee-paying restaurants

Improve

ARPU

•Build an efficient sales system and increase the number of sales staff

•Enhance after-service and improve satisfaction of client restaurants.

•Add a usage based monetization for customer acquisition based on online reservations.

Greater synergy between travel related businesses

27

Word-of-mouth Travel Site

・MAU: 8.29mn

・Business Promotion Clients: 1,060 hotels

Dynamic Package Reservation System

・Number of Partners: 1,880 hotels ・Number of Partner Airlines: 13 carriers

Website for last-minute discounts on hotels and Japanese-style inns

・MAU: 600,000

・Number Registered users: 630,000

A newly established supervisory department will help drive synergies and growth for

our travel related businesses.

* Data is as of March 2016

Management Target

28

Aim at medium and long-term stable growth through focus on shareholder value

with maintenance of high capital efficiency

Capital Efficiency:

ROE 40% as a target Quantitative

Target

29

0%

100%

現報酬体系 新報酬体系

Revision of executive compensation for executive officers and directors, by

introducing a performance based bonus, as well as stock-based compensation,

as mid- to long-term incentives.

Aim to increase corporate value, by strengthening mid- to long term shared

interests with our share holders.

Fixed Compensation

Fixed Compensation

Performance Based Bonus

Stock-based

Compensation

Introduction of incentives in executive compensation

Current Compensation Structure New Compensation Structure

Priorities for FY 2016

30

Raise sales ratio of consumer goods and improve user engagement. Establish a firm market position in the liberalized electricity market and start preparations for the liberalization of the gas market in 2017.

Continue to drive sales by increasing the number of fee-paying restaurants and raising ARPU. Explore usage based monetization for customer acquisitions.

Drive sales through greater synergy between travel related businesses.

Raise transaction volume of Kinarino Mall and expand E-Commerce sales.

Take measures to address revision of Insurance Business Act and strengthen

customer consultation.

Aim for 10 million monthly unique users (four-country total) and continue to

further improve site content. Ka

ka

ku

.co

m

Domestic

Overseas

tab

elo

g Domestic

Overseas Aim for 5 million monthly unique users, by driving site traffic with stronger site

content and an improved smartphone app.

New Media

Insurance

Reference Data

31

Segments and Business Description

32

Segment Site

Category

Business

Category Business Description

Inte

rne

t Me

dia

Kakaku. Com

Shopping Commission income from registered shops based on the number

of clicks and sales performance

Service

Commission income based on factors including the number of broadband network contracts

Commission income based on requests for estimates and/or information materials for car insurance, finance, and used car searches

Advertising Advertising income from banners, text advertisements, content

and search based advertising on Kakaku.com

tabelog tabelog

Income from tabelog (income from advertisements for restaurants

and other companies, income from a pay-per-use business targeting individuals, etc.)

Other New Media Income from operated sites such as yoyaQ.com, 4travel, Sumaity,

Time Design, eiga.com,and webCG

Fin

an

ce

Finance Commission income from a general independent insurance

agency business for life insurance, non-life insurance, etc. *Operated by Kakaku.com Insurance, Inc.

Operated Website User Profile

Users above 30 account for less than 90% of total users on PC, and only 70% on martphones.

While male user ratio is higher for PC, male-female ratio on smartphones is almost 50/50.

33

Male-Female Ratio Age Distribution

*Age distribution and male-female ratio: Excerpted from a Nielsen Online Mar 2016 study (Home & Work Data）

48.4%

19.3%

29.3%

21.7%

13.0%

28.5%

6.6%

25.3%

2.7% 5.2%

0%

20%

40%

60%

80%

100%

PC スマートフォン

50歳- 40-49歳 30-39歳 21-29歳 -20歳

67.9%

53.7%

32.1%

46.3%

0%

20%

40%

60%

80%

100%

PC スマートフォン

男性 女性 50- 40-49 30-39 20-29 -20 Male Female

PC PC Smartphone Smartphone

4Q

5

1Q

6

2Q

7

3Q

42

4Q

52

1Q

62

2Q

63

3Q

64

4Q

65

Operating Income 4,369 3,509 3,715 4,566 5,017 4,276 4,395 5,071 5,791

Operating margin 49.8% 44.1% 43.4% 49.5% 49.9% 45.9% 44.5% 48.0% 50.3%

0%

10%

20%

30%

40%

50%

60%

0

1,000

2,000

3,000

4,000

5,000

6,000

Operating Income by Quarter (Consolidated)

34

FY2013 FY2014 FY2015

(million yen, %)

* Tabelog Inc. and Time Design Co, Ltd. are included in consolidated accounts from FY2014 1Q

* webCG, Inc. is included in consolidated accounts from FY2015 1Q

FY2011 FY2012 FY2013 FY2014 FY2015

Operating Income 9,010 11,616 14,680 16,808 19,534

Operating margin 48.8% 49.9% 49.2% 47.0% 47.3%

35%

40%

45%

50%

55%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Operating Income by Fiscal Year (Consolidated)

35

(million yen, %)

FY2011 FY2012 FY2013 FY2014 FY2015

Shopping 6,445 7,342 8,721 8,904 9,298

Service 4,520 6,160 7,173 6,944 7,220

Advertising 2,988 3,269 3,774 4,144 4,450

Tabelog 2,539 4,136 7,695 12,476 15,782

New media 1,384 1,726 1,712 2,408 3,498

Finance 585 641 735 909 1,026

Sales Contribution by Business by Fiscal Year (Consolidated)

36

18,463

24.5%

16.2%

13.7%

34.9%

7.5% 3.2%

23,276

31.5%

26.5%

14.0%

17.8%

7.4% 2.8%

29,814

29.3%

24.1%

12.7%

25.8%

5.7% 2.4%

35,787

24.9%

19.4%

11.6%

34.9%

6.7% 2.5%

Service

Advertising

Shopping

tabelog

Finance

Ka

ka

ku

.co

m

New Media

Note: Amounts

exclude inter-segment

sales and transfers.

(million yen,%)

41,275

22.5%

17.5%

10.9%

38.2%

8.4%

2.5%

37

◆Customer Purchasing Support Site Kakaku.com

This site provides price, product, and word-of-mouth information on various products and services.

◆Restaurant Ranking and Review Site tabelog

This site provides reliable restaurant rankings by rating restaurants on a scale of one to five based on word-of-mouth and reviews collected from users.

◆Website for last-minute discounts at hotels and

Japanese-style inns yoyaQ.com This is a service for reserving rooms at hotels and

Japanese-style inns at bargain rates, mainly for plans discounted

due to last-minute cancellations or other special reasons.

◆Photo Community Site PHOTOHITO

Based on the concept “Connecting people with photos,” the site provides a place for people to share their favorite photos.

◆Travel review and comparison site 4travel

Based on the concept “Collaborative online travel guide,” this site provides information on domestic and international travel posted by users.

(Operated by consolidated subsidiary 4travel, Inc.)

◆Comprehensive Movie Information Site eiga.com

This site provides wide-ranging movie information reviews by professional critics and our editorial staff, as well as reviews posted by users.

(Operated by consolidated subsidiary eiga.com, Inc.)

◆Real Estate/Housing Information Website Sumaity

This site provides information on rental properties, apartments and houses for sale.

◆Insurance Selection Consulting Service Offers a wide range of insurance, including life insurance, non-life insurance, car insurance, and travel insurance. (Operated by consolidated subsidiary Kakaku.com Insurance, Inc.)

◆Cooking Support App recipom

“Recipom is a free app that supports daily meal preparation. It allows users to easily and confidently search over 80,000 delicious recipes provided by professionals.

◆Wine Share/Management App Vinica

This is a free camera app that allows users to share their favorite new wines with friends and record tasting reviews.

◆Customer purchasing support site for non-Japan Asia Priceprice.com

Priceprice.com serves the Philippines, Thailand, Indonesia and India based on the “Enjoy Smart Shopping” concept. It provides user reviews and pricing and product information on products.

◆Tabélog Modeled after the tabelog site for the Japanese market, Tabélog is tailored to the US market with a fresh design and leading-edge functionality.

◆Kinarino Kinarino provides a full range of lifestyle information on topics such as fashion, household goods and food based on a theme of "beautiful and gentle lifestyle."

◆Dynamic package reservation system

Consolidated subsidiary Time Design provides a dynamic package reservation system that enables users to purchase airline tickets and reserve hotel rooms via airlines and hotels' official websites.

◆webCG, daily must-visit site for car lovers

Launched in 1998 as the online version of the automobile magazine CAR GRAPHIC, webCG is an old-school online magazine for car lovers. Enjoyably provides in-depth, reader-friendly information mainly on new models. (Operated by consolidated subsidiary webCG, Inc.)

Services Provided by the Kakaku.com Group

38

Company Profile

Company name Address

Founded URL

Share Listing Stock Code Related Companies

Kakaku.com Insurance, Inc. URL: http://hoken.kakaku.com/insurance/company.html

4travel, Inc. URL: http://4travel.jp/

eiga.com, Inc. URL: http://eiga.com/

Time Design Co. Ltd. URL: http://www.timedesign.co.jp/

Tabélog, Inc. URL: http://www.tabelog.us/

webCG, Inc. URL: http://www.webcg.net/

Information and projections of future performance contained in this document include the

Company’s judgments premised on information available at the time of preparation and

assumptions concerning uncertainties. They may differ from actual business performance and results

due to a variety of factors

Kakaku.com, Inc. DIGITAL GATE BUILDING, 3-5-7, Ebisu minami, Shibuya-ku, Tokyo 150-0022 December 1997 http://corporate.kakaku.com/?lang=en The First Section of Tokyo Stock Exchange 2371