Results Briefing for the Third Quarter of the Fiscal Year ending March 31, 2016 · 2016-02-05 · Results Briefing for the Third Quarter of the Fiscal Year ending March 31, 2016 Feb

Results Briefing for the Third Quarter

of the Fiscal Year ending March 31, 2016

Feb 3th, 2016

Kakaku.com, Inc.

Summary

1

FY3/2016 3Q highlights

2

Sales increased 4.3% YoY as strong sales of consumer goods and personal finance categories compensated for a decrease in commissions from broadband service providers.

The number of fee-paying users surpassed 1.28 mn as of end-December.

ARPU at fee-paying restaurants increased from 18,500 in 2Q to 19,500 in 3Q.

Travel business Time Design and real estate information site Sumaity

posted strong sales and continued to maintain high growth.

Although Finance sales decreased in reaction to a premium rate increase

for fire insurance, sales of online insurance contracts were robust.

Monetization trials started in November in Thailand and December in India. Priceprice.com increased its number of unique users (four-country total) to 6.66 mn as of end-December.

The number of unique users reached 960,000 at end-December, 3.3 times

the level at end-December 2014, due to stronger ties with SNS sites.

Ka

ka

ku

.co

m

Domestic

Overseas

tab

elo

g Domestic

Overseas

New Media

Finance

3

FY3/2015

3Q (Oct-Dec 2014)

FY3/2016

3Q (Oct-Dec 2015)

YoY Full-year

forecast

Progress

relative to

forecast

Sales 9,217 10,558 +14.6% 42,500 70.0%

Operating

income 4,566 5,071 +11.1% 19,700 69.8%

Ordinary

income 4,913 5,095 +3.7% 19,700 70.1%

Net income attributable to

shareholders of the parent company

3,120 3,378 +8.3% 13,131 70.4%

Operating

margin 49.5% 48.0% -1.5pts 46.4% -

FY3/2016 3Q Results (Quarterly)

(Unit: million yen)

*FY3/15 3Q ordinary income includes a gain on sales of investment securities.

Quarterly Sales by Business Category (Consolidated)

4

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

FY2013 FY2014 FY2015

Shopping 2,253 2,479 2,145 2,066 2,339 2,353 2,130 2,175 2,513

Service 1,560 2,188 1,481 1,555 1,590 2,317 1,750 1,584 1,538

Advertising 1,159 1,060 953 912 1,276 1,001 941 949 1,377

Tabelog 2,084 2,413 2,729 3,104 3,234 3,409 3,556 3,851 4,119

New Media 422 429 451 705 543 705 676 1,021 782

Finance 179 206 204 206 233 264 270 300 227

7,660

2.5%

29.4%

20.4%

15.1%

27.2%

5.5%

7,965

26.9%

18.6%

12.0%

34.3%

5.7% 2.4% 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%

2.9%

9,327

22.8%

18.8%

10.1%

38.1%

7.3%

Shopping

Service

Advertising

tabelog

New Media

Finance

Ka

ka

ku

.co

m

Note: Amounts

exclude inter-

segment sales and

transfers.

(Unit: million yen) 3.1%

9,881

22.0%

16.0%

9.6%

39.0%

10.3% 2.2%

10,558

23.8%

14.6%

13.0%

39.0%

7.4%

Quarterly Cost Breakdown (Consolidated)

5

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

FY2013 FY2014 FY2015

Advertising 863 1,184 912 926 905 1,196 1,005 1,029 987

Comission*1 784 865 990 1,104 1,152 1,134 1,199 1,213 1,435

Personnel-related 1,198 1,346 1,356 1,411 1,383 1,358 1,478 1,468 1,498

Outsourcing 309 332 380 399 405 466 483 619 575

Depreciation 135 132 154 170 159 187 189 200 220

Rent 143 137 138 150 161 166 167 176 174

Other 416 407 522 673 482 524 527 779 594

553(89)

3,850

22.4%

31.1%

20.4%

3.7%

8.0%

10.9%

3.5%

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)

5,050

19.9%

29.3%

23.8%

3.3%

9.6%

10.3%

3.8%

689(99 )

*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

(Unit: million yen)

Employee headcount*2

Advertising

Personnel-related

Outsourcing

Depreciation

Rent

Other

Oct-Dec 2015

Breakdown of “Other"

expenses

・Server maintenance ¥87mn

・TimeDesign cost of goods purchased

¥264mn

・Goodwill amortization ¥6mn

・Employee recruitment ¥42mn

etc.

5,486

18.8%

26.8%

22.1%

3.2%

11.3%

14.1%

3.7%

695(106 )

5,487

18.0%

27.3%

26.2%

3.2%

10.5%

10.8%

4.0%

710(109)

Kakaku.com

6

Kakaku.com

0

10

20

30

40

50

60

Dec 2014 Dec 2015

Kakaku.com-related businesses' usership

7

Domestic and overseas monthly unique users (in millions) Domestic and overseas monthly unique users

Breakdown by device(%)

The number of users of Kakaku.com and related sites, including Priceprice.com,

grew 3.8% YoY.

The number of domestic and overseas smartphone users increased dramatically

and exceeded the number of PC users as of end-December.

*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.

YoY +3.8%

58.11 55.98

Kakaku.com （Japan）

Priceprice （Southeast Asia）

PC 48%

Smartphone

52%

Kakaku.com

35 37

0

10

20

30

40

FY3/15 3Q FY3/16 3Q

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

Shopping 2,339 2,353 2,130 2,175 2,513

Service 1,590 2,317 1,750 1,584 1,538

Advertising 1,276 1,001 941 949 1,377

0

1,000

2,000

3,000

4,000

5,000

6,000

52.25 51.45

40

45

50

55

Dec 2014 Dec 2015

Businesses' progress

8

Monthly unique users (in millions)

ARPU (yen)

Kakaku.com quarterly Sales Trend (million yen)

4,821

5,671

5,205

YoY

+4.3% YoY -1.5%

4,708

5,428

Negative growth YoY from a high level in December 2014 that resulted from products with booming sales

※3month average

YoY

+5.7%

Kakaku.com

Shopping business

9

Quarterly Sales Trend (million yen)

Quarterly sales growth rates (%)

Durable goods/consumer goods: Sales ratio (%)

Growth rate rebound as a result of robust consumer goods sales despite slack demand for seasonal products due to warm winter weather

YoY

+7.5%

*Durable goods: Household appliances, PCs, cameras, etc.

*Consumer goods: Fashion Apparels, Accessories, Household items, beverages, etc.

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

Shopping 2,339 2,353 2,130 2,175 2,513

0

1,000

2,000

3,000

Durable

goods

67%

Durable

goods

61%

Consumer

goods

33%

Consumer

goods

39%

0%

20%

40%

60%

80%

100%

FY3/15 3Q FY3/16 3Q

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

Shopping 3.8% -5.1% -0.7% 5.3% 7.5%

-10%

0%

10%

Kakaku.com

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

Service 1,590 2,317 1,750 1,584 1,538

0

1,000

2,000

3,000

3Q 3Q

FY2014 FY2015

10

Service business

Quarterly Sales Trend (million yen)

Quarterly sales growth rates (%)

Breakdown of service revenues (%)

Low-cost smartphone and SIM card contracts

Continued sluggish performance from the broadband agency business, but robust performance from

personal finance categories and used car searches

YoY

-3.3% Information services

Telecom

service

YoY x2.3

42% 28%

58% 72%

0%

50%

100%

FY3/15 3Q FY3/16 3Q

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

Service 1.9% 5.9% 18.2% 1.8% -3.3%

-10%

0%

10%

20%

Kakaku.com

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

Advertising 10.1% -5.6% -1.2% 4.0% 8.0%

-10%

0%

10%

20%

Advertising business

11

Quarterly Sales Trend (million yen)

Quarterly sales growth rates(%)

Ad Sales Breakdown by Device (%)

Buoyant sales of automotive and finance-related advertising

YoY

+8.0%

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

Advertising 1,276 1,001 941 949 1,377

0

500

1,000

1,500

PC Ads

83% PC Ads

78%

Smartphone

Ads

17%

Smartphone

Ads

22%

0%

20%

40%

60%

80%

100%

FY3/15 3Q FY3/16 3Q

Kakaku.com

Current status - Action for the electricity liberalization

12 12

“Kakaku.com Electricity Rate Comparison” provides information on 126 electricity rate plans from 22 companies and the information is constantly being updated.

Kakaku.com also has limited offers for its users.

The business model will shift from a fee or ad-based model to a commission based model starting

April.

Electric power suppliers

Existing major power

companies

New Power Producers

and Suppliers

(PPS)

Users

Approx. 50 mn

households

Posting of Plans and rates

Ad placement Rate

comparison

Applications

Switching of Power Suppliers *Starting April 2016

• Organization of information

• Simulated rate plan comparison

• Exclusive rate plans for Kakaku.com users

* The number of companies and electricity rate plans on “Kakaku.com Electricity Rate Comparison” as of February 1, 2016. * Source: Population Census of Japan (Ministry of Internal Affairs and Communications, Statistics Bureau, Statistical Survey Department, Survey Planning Division)

Kakaku.com

3.73

6.66

0

4

8

Dec 2014 Dec 2015

Overseas businesses' progress

13

Monthly unique users (in millions)

*Total monthly users in Philippines, Thailand, Indonesia and India.

YoY x1.8

・Monetization trials utilizing affiliate service providers started in November in Thailand and December in India. ・A monetization trial in Indonesia beginning in January is under consideration.

Monetization trials

tabelog

14

Tabelog

20

30

40

50

60

70

80

Dec 2014 Dec 2015

tabelog-related businesses' usership

15

Domestic and overseas monthly unique users (in millions) Domestic and overseas monthly unique users

Breakdown by device(%)

The number of domestic and overseas users reached a little under 73 mn as of end-December.

The cumulative number of users making restaurant reservations in Japan using the online reservation service surpassed 5 mn in January.

72.87

63.98 YoY +13.9%

Tabélog （US）

tabelog （Japan）

PC 33%

Smartphone

67%

Tabelog

63.69

71.92

55

60

65

70

75

Dec 2014 Dec 2015

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

Paying individuals 465 519 534 666 743

Corporate sales 2,767 2,889 3,021 3,182 3,373

0

1,000

2,000

3,000

4,000

5,000

40.6K

restaurants

42.2K

restaurants

44.7K

restaurants

46.1K

restaurants

47.5K

restaurants

17,600 18,000 17,500

18,500

19,600

17,000

18,000

19,000

20,000

3.0

4.0

5.0

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

Businesses' progress

16

tabelog quarterly Sales Trend (million yen)

Monthly unique users (in millions)

Fee-paying restaurants (in 1,000s) and ARPU (yen)

YoY +12.9%

3,556 3,409 3,234

YoY

+27.4%

3,851

（ ARPU:yen ） （fee-paying restaurants）

Number of individual paid subscribers (in 1,000s)

4,119

505k 549k

837k

1,133k 1,280k

700

1,400

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

50

40

30

0

Tabelog

Accelerate

use of tabelog

online reservations

Current status - Expansion of business scope to include

operational support for restaurants

17

Full-scale roll out of the “Yoyaku Note" reservation system app for iPads beginning in January

Implementation of a cross-communication platform that closely links users and restaurants

Operational support

for restaurants

CRM solution

for restaurants

The automatic linkage with tabelog’s existing online reservation system will maximize the number seats available for online reservation.

By using an app instead of the traditional paper based system, less time has to be spent on reservation management, making operations more efficient lowering cost.

Customer information is automatically imported into a customer database, once a reservation is recorded, providing a new solution for increasing repeat customers and CRM.

Tabelog

0

50,000

100,000

150,000

200,000

250,000

3Q 3Q

FY2014 FY2015

Overseas businesses' progress

18

Number of reviews (Unit: reviews)

Tabélog monthly unique users (in millions)

YoY x8.0

YoY

x3.3

Expansion of priority geographical areas to cover major cities throughout the U.S.

0.29

0.96

0.0

0.5

1.0

Jan 2014 Jan 2015 Dec 2014 Dec 2015

New Media

19

New Media

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

New Media 543 707 676 1,021 782

0

200

400

600

800

1,000

1,200

New Media

20

Quarterly Sales Trend (million yen) Quarterly sales growth rates (%)

Travel business site Time Design and real estate information site Sumaity posted

strong sales and continued to maintain high growth.

YoY

+43.8%

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

New Media 28.8% 64.8% 49.9% 44.7% 43.8%

0%

20%

40%

60%

80%

New Media

1,710

1,850

1,000

1,500

2,000

3Q 3Q

FY2014 FY2015

0.48

0.54 0.51

0.0

0.2

0.4

0.6

Dec 2013 Dec 2014 Dec 2015

4.89

6.87

7.24

0

2

4

6

8

Dec 2013 Dec 2014 Dec 2015

Travel

21

4travel monthly unique users (in millions) yoyaQ.com monthly unique users (in millions) Time Design

Participating lodging facilities

YoY

+5.4%

YoY

-4.4% YoY

+8.4%

New Media

6.92

10.80

9.25

0

2

4

6

8

10

12

Dec 2013 Dec 2014 Dec 2015

0.92

1.18

1.39

0.5

1.0

1.5

Dec 2013 Dec 2014 Dec 2015

PC

81% PC

48%

Smartphone

19% Smartphone

52%

0%

20%

40%

60%

80%

100%

FY3/15 3Q FY3/16 3Q

Real Estate and Movie

22

Sumaity monthly unique users (in millions) eiga.com monthly unique users (in millions)

YoY

-14.3% YoY

+17.2%

Start of news distribution using LINE in December Number of rental inquiries

Percentage by device type (%)

New Media

2.61

5.79

0

2

4

6

Jan 2014 Jan 2015

0.73 0.77

0.0

0.4

0.8

Jan 2014 Jan 2015

Automobile and Lifestyle Information

23

webCG monthly unique users (in millions) Kinarino monthly unique users (in millions)

YoY

+6.2%

YoY

X2.2

2014

※Image is for illustration purposes.

Dec 2014 Dec 2015 Dec 2014 Dec 2015

Renewal of the Motor Show page in October Opening of Kinarino Mall in February, development of a

new revenue model

Finance

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

Finance 233 264 270 300 227

0

100

200

300

3Q 3Q

FY2014 FY2015

Finance(Insurance)business

24

Quarterly Sales Trend (million yen)

Number of contracts for Online

Registration Insurance

Although sales decreased in reaction to premium rate increases for fire insurance, sales of overseas travel insurance and life insurance purchasable online remained strong.

YoY

+6.9%

YoY

-2.5%

Quarterly sales growth rates(%)

3Q 4Q 1Q 2Q 3Q

FY2014 FY2015

Finance 30.2% 28.2% 32.4% 45.3% -2.5%

-20%

0%

20%

40%

60%

Shareholder returns policy

25

The payout ratio is gradually increasing, and the forecast for the FY2016 year-end

dividend is 21 yen per share.

* A 200-for-1 common stock split was conducted on August 1, 2011.

* A 2-for-1 common stock split was conducted on April 1, 2013, and a 2-for-1 common stock split was conducted on September 1, 2013.

* Dividend per share has been calculated on the premise that a stock split occurred in FY2012

6.3

8.6

12.5

16.0

21.0 27.5% 28.1%

30.9% 32.5%

35.1%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0 yen

5 yen

10 yen

15 yen

20 yen

25 yen

30 yen

FY2012 FY2013 FY2014 FY2015 FY2016

（expectation）

Dividend per share

Payout ratio

Reference Data

26

Segments and Business Description

27

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

38.9%

23.8%

25.7%

23%

14%

25.9%

9.6% 20.8%

11.8% 6.5%

0%

20%

40%

60%

80%

100%

PC Smartphone

50+ 40-49 30-39 20-29 -19

59.4% 51.1%

40.6% 48.9%

0%

20%

40%

60%

80%

100%

PC Smartphone

Male Female

Age distribution and male-female ratio: Excerpted from a Nielsen Online Dec 2015 study (Home & Work Data）

Age Distribution

Users above 30 account for less than 80% of total users on PC and 70% on smartphone.

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

28

Male-Female Ratio

2Q

3

3Q

4

4Q

5

1Q

6

2Q

7

3Q

42

4Q

52

1Q

62

2Q

63

Operating Income 3,189 3,810 4,369 3,509 3,715 4,566 5,017 4,276 4,395

Operating margin 47.0% 49.7% 49.8% 44.1% 43.4% 49.5% 49.9% 45.9% 44.5%

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)

29

FY2013 FY2014 FY2015

(Unit: million yen,%)

* Tabelog Inc. and Time Design Co, Ltd. are included in consolidated accounts from FY3/2015 1Q

* webCG, Inc. is included in consolidated accounts from FY3/2016 1Q

FY2010 FY2011 FY2012 FY2013 FY2014

Operating Income 7,854 9,010 11,616 14,680 16,808

Operating margin 50.3% 48.8% 49.9% 49.2% 47.0%

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)

30

(Unit: million yen,%)

FY2010 FY2011 FY2012 FY2013 FY2014

Shopping 6,043 6,445 7,342 8,721 8,904

Service 3,426 4,520 6,160 7,173 6,944

Advertising 2,848 2,988 3,269 3,774 4,144

Tabelog 1,584 2,539 4,136 7,695 12,476

New media 1,213 1,384 1,726 1,712 2,408

Finance 487 585 641 735 909

Sales Contribution by Business by Fiscal Year (Consolidated)

31

18,463

24.5%

16.2%

13.7%

34.9%

7.5% 3.2%

15,603

22.0%

18.2%

10.2%

38.7%

7.8% 3.1%

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.

(Unit: million yen,%)

32

◆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 and Indonesia 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, TABElog 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

33

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