investors’ guide 2009irvision2next.blob.core.windows.net/4326/ir/jslo.pdf · as a result, during...

INVESTORS’ GUIDE 2009

The fiscal year ended March 31, 2009

1 company history

2 ask the President

10 Business domains

12 review of Operations

14 consolidated eight-year summary

16 Management’s discussion and analysis

20 consolidated Balance sheets

22 consolidated statements of income

23 consolidated statements of changes in net assets

24 consolidated statements of cash flows

26 Board of directors and corporate auditors

27 corporate information/stock information

Forward-Looking StatementsThis investors’ Guide contains forward-looking statements concerning future strate-gies of inTaGe inc. These forward-looking statements are not historical facts. They are expectations and projections based on information currently available to the company and are subject to a number of risks, uncertainties, and assumptions. as such, actual results may differ materially from those projected.

CONTENTS

ThE INTEllIGENcE PROVIDERINTELLIGENCE INSPIRING MARKETING INNOVATION,EMPOWERING BUSINESS SOLUTIONS — COMPANY HISTORY —Since its founding in 1960, the INTAGE Group has achieved continuous growth as Japan’s foremost market-

ing research firm. Upon commencing system operations in 1963, we introduced a mainframe computer

and launched the System Solutions business, followed by continuous innovation and efforts to enhance

technological advancements and business capacities within the INTAGE Group, and in 2000, we expanded

the Drug Development Solutions business by acquiring ASKlEP Inc. (formerly IBRD JAPAN), a

company engaged in the contract research organization (cRO) business. In this way, INTAGE has

developed into a globally unique corporate group that provides information services in the areas

of marketing research, system solutions, and healthcare.

Our corporate mission is to contribute to the advancement of society and the enrichment of

consumers’ lives through the comprehensive support of our clients’ business success. To accomplish

this mission we aim to serve as an intelligence provider that at all times satisfies client require-

ments for business intelligence valuable in decision making.

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2008

100

0

200

300

400

Marketing Research and consulting

Growth in Net Sales

1960: sdi launched custom research launched

1964: sci launched

March 1960: inTaGe (formerly Mic) established

1963: system solutions business launched

System Solutions

Intage Inc. Investors’ guide 2009 1

20091960 1965 1970 1975 1980 1985 1990 1995 2000 2005

10,000

0

20,000

30,000

40,000

Hibarigaoka Office

(millions of yen)

2004: Personal eye launched

2002: Intage Marketing Consulting (Shanghai) Co., Ltd. established

2002: Intage InteRaCtIVe Inc. established

april 2001: Company name changed to Intage Inc.

november 2001: Shares listed on JaSDaQ

november 2005: Intage akihabara Building opened, head office moved

Drug Development Solutions

1999: Drug Development Solutions launched

2000: aSKLeP Inc. (formerly IBRD JaPan CORPORatIOn) becomes a subsidiary through acquisition

2003: CRO operation fully integrated into aSKLeP

1977: SLI launched

1992: SCI scanning system introduced

1994: SRI launched

1981: POS data service project launched

March 1973: Former head office completed (now Hibarigaoka Office)

Location of Sales Company name Headquarters (Millions of U.S. dollars)

1 the nielsen Company USa $4,575.0

2 the Kantar group U.K. 3,615.1

3 IMS Health Inc. USa 2,329.5

4 gfK Se germany 1,797.2

5 Ipsos group S.a. France 1,442.1

6 Synovate U.K. 961.0

7 Information Resources Inc. USa 725.0

8 Westat Inc. USa 469.5

9 arbitron Inc. USa 368.8

10 INTAGE Inc.* Japan 332.2

11 J.D. Power and associates USa 272.2

12 Maritz Research USa 230.7

13 Opinion Research Corp. USa 227.7

14 the nPD group Inc. USa 226.1

15 Harris Interactive Inc. USa 221.8

* Figure for fiscal year ended March 31, 2009

Top 15 Global Research CompaniesSource: Marketing News august 2009 edition (american Marketing association)

global Headquarters in akihabara

January 2008: Intage listed on the Second Section of the tokyo Stock exchange

March 2009: Intage listed on the First Section of the tokyo Stock exchange

1999: Shanghai Office opened

2008: Intage (thailand) Co., Ltd. established

1999: Internet research launched

2 Intage Inc. Investors’ guide 2009

ASk The PReSiDenT

Q1


Answer: We saw higher year-on-year revenues in the year ended March 2009, and profits

edged up slightly as well. Nevertheless, we fell short of our targets, and even

given the unanticipated changes to the economic environment, I believe we need

to take that shortfall very seriously.

First, in our mainstay Marketing Research and Consulting business, in 2007 one of our competitors withdrew

from the Japanese market, which allowed us to expand steadily in SRi (Syndicated POS Retailer Panel Data)

services. We also grew our sales in SPi (Syndicated in-Store Promotions Panel Data). however, two areas which

we had expected to drive growth—custom research and monitoring services in the Drug Development Solutions

business—struggled as price competition intensified due to the economic deterioration.

We aggressively invested in new areas during the year under review. it will be some time yet before these

investments start contributing to sales and operating income, but we have made definite progress. examples

of some of the projects we pursued were creating a platform to promote development of next-generation

consumer information and collaboration between manufacturing and sales, increasing the number of internet

survey monitors, and developing systems.

As a result, during the year ended March 2009 we recorded net sales of ¥34,346 million, up 3.7% year on

year, and operating income rose 0.2% to ¥3,321 million—both all-time highs. however, we also recorded an

extraordinary loss on retirement of software assets, impairment losses and loss on valuation of investment

securities. Consequently, net income decreased 2.1% to ¥1,728 million.

Also, on March 23, 2009 we were listed on the First Section of the Tokyo Stock exchange. We are

deeply grateful to the many shareholders and investors whose support made it possible for us to achieve

major growth.


Q2


Answer: We have identified three keywords that will be integral to our future business

advancement: Internet, global, and platforms.

With respect to the internet, we are now in the age of consumer-generated media (CGM*), in which informa-

tion is generated more and more by the average consumer. information service providers, therefore, must acquire

independent skills and expertise in deploying on the internet. By bringing together its amassed research know-

how and systems technology capabilities, inTAGe intends to forge a significant presence in this evolving era.

The second keyword is “global.” We cannot expect market growth in Japan as society ages and the popu-

lation and number of households decline. in this context, many of our client companies are shifting to Asia,

and therefore need intelligence that transcends national borders. in order to support our customers’ overseas

expansion and promote the globalization of our own business, in July 2008, we opened inTAGe Thailand Co.,

Ltd. in Bangkok as our second overseas operation, following Shanghai in 1999.

in March 2009, we came to an agreement regarding the acquisition of hyperlink Research Co., Ltd. of

Shanghai. hyperlink Research has offices not only in Shanghai, but also in Beijing and Guangzhou, which will

enable us to create a network covering all of China. in addition to hyperlink Research, we also have survey

partner companies in hong kong, Vietnam, Malaysia, Singapore and indonesia, and in April 2009 we hosted

our fifth Partner Conference. in the CRO (Contract Research Organization) business, we are working to establish

global clinical trial capabilities, and we already have tie-ups with companies in South korea, Taiwan, Germany

and Canada.

Finally, in the area of platforms, there is an urgent need to build platforms that permit information-sharing

and promote collaboration. Syndicated panel data provided by our company already function as industry

platforms used in the food, beverage, sundries, non-prescription medications, and other sectors. As we further

broaden this base of data, we will be able to incorporate diverse solutions and contribute to the advancement

of client companies with a more sophisticated information base.

* CGM stands for Consumer Generated Media, generally media content created by consumers using the internet and other tools.


Q3


Answer: We at INTAGE define a “platform” as a “foundation for promoting

cross-organizational collaboration through information-sharing.”

At present, corporations exchange a diversity of data with their business partners. however, such exchange

takes place in the context of individual relationships, giving rise to huge volumes of processes and information

traffic within each company. Moreover, expansion of such relationships further increases overall complexity,

making information more and more difficult to process.

how should we address this situation? By positioning “platforms” at center stage, inTAGe proposes to

generate new forms of information flows. Through sharing of information and its associated costs, we can

substantially lower the volume of information traffic and deploy solutions more efficiently. Panel data and

travel accounting systems provided by inTAGe already occupy positions as industry standards. Going forward

we want to mobilize this base to achieve further expansion of our platforms as social systems.

The most important challenge is to gain a new social acceptance of the changing competition paradigm.

Sharing data and systems leads to lower costs, and competing companies will need to gain the acceptance of

the public in order to develop strategies and measures that use such shared resources.


Q4


Answer: In essence, I believe that a company is a social entity whose role is to benefit

society by using its specialized capabilities to handle specific social work functions.

By satisfying customers and honing its competitiveness, a company can generate revenues and earnings.

At inTAGe, we will work relentlessly to raise the value of the services we provide as our most important task.

At the same time, we recognize that sustained corporate growth depends crucially on the ability of employees,

who are key in our endeavors, to realize their potential through work. Our quest is to create a cycle of stakeholder

satisfaction without compromise—playing a management role conducive to win-win relationships.

We also have a basic stance with respect to corporate social responsibility (CSR). This means reaching

beyond normal business activities to benefit and assist society in other ways. in a recent initiative, we began

supporting the C. W. nicol Afan Woodland Trust, headed by C. W. nicol, a noted author and environmentalist.

in the year under review, we asked all participants in our market research activities to donate part of their

gratuities to the trust.

Meanwhile, we are working aggressively to create a working environment that is motivating for our

employees, who represent the wellspring of our competitiveness. in 2007, we received the “kurumin” certi-

fication mark in recognition of our childrearing support activities. Seeking to achieve further diversity as only

we are capable, we have launched a project spearheaded by female employees. in these ways, we support

the childrearing activities of our employees, including men, so that everyone can attain a suitable work-life

balance. We will target further proactive measures in the future.

By fulfilling our social responsibility as an “intelligence provider,” we will help realize a sustainable society.

As the inTAGe Group continues on its path of progress, we ask for your ongoing patronage.

August 2009

norio Taori

President and Representative Director


Contribution to consolidated net sales in the year ended March 31, 2009

67.3%

Consumer Panel SurveysSCi (nationwide Consumer household Panel Survey)—SCI is a

nationwide consumer household panel survey that continuously tracks

purchase trends in the market for daily foods and household sundries

for 12,640 households around the country, including for consumers in

their 70s.

Our research also targets a wide range of products, and thanks to

our long-term data collection, we are able to get a comprehensive grasp

on consumer market trends.

SLi (nationwide Female Consumer Panel Survey)—SLI is a nation-

wide female consumer panel survey that gathers specialized purchase

data on cosmetics, hair care products, sanitary products, and other

personal products from 10,175 female access panel members aged 12

to 69. Data is then provided to clients, primarily cosmetics manufactur-

ers, along with analysis.

Personal eye (individual Consumer Panel Survey)—personal eye is a

next-generation form of consumer panel survey that fuses Intage’s

consumer panel expertise with the latest information technology. this

research targets 5,000 men and women aged 15 to 59 living in the greater

tokyo metropolitan area and Kinki region in the southwest, home to

Kyoto, Osaka, and other major cities. Using a compact barcode scanner

developed by Intage, this service offers insight not only into the con-

ventional household consumption, but also into purchasing behavior

outside the home, such as cold drinks and snacks.

Retail Panel SurveysSRi (nationwide Retailer Panel Survey)—SRI is a service that collects

and analyzes POS data from 5,251 leading retailers nationwide, and

provides information that is essential for marketing strategies. nearly all of

Japan’s major consumer goods manufacturers use this data, which is based

on know-how and a high level of analysis, and Intage enjoys an over-

whelming competitive advantage in this field.

SDi (nationwide Panel Survey of Pharmacies and Drugstores)—SDI

is a specialized panel that collects POS data from 1,200 pharmacies and

drugstores nationwide on a number of healthcare product categories, with

an emphasis on non-prescription medications.

Intage has been engaged in SDI since it was founded, and has

established a place as the industry-standard index for the retail non-

prescription medication market.

Custom Researchinternet Research—Intage was quick to realize the potential for

applying information technology to marketing research. Intage works

with a pool of approximately 2,100,000 respondents in conducting its

research. We operate an independently developed Internet-based access

panel and have accumulated extensive expertise in Internet research.

the fusion of Intage’s high-level, wide-ranging research expertise and

analysis capabilities enables us to provide sophisticated intelligence that

reflects actual market conditions.

Traditional Research Model—the traditional research model covered

the full range of research methods, from mail surveys to in-home interview

surveys, qualitative research, and hall tests. this model makes use of the

latest and more appropriate statistical analysis methods for each topic.

We provide our customers with the high level of information they need

to contribute to continuous growth by combining Intage’s unique ser-

vices with panel research.

BuSINESS DoMAINS

Marketing Research and ConsultingPanel surveys are a mainstay product of the Intage group, and involve the continuous collection

of data from individuals, households, retailers and others recruited to serve as respondents on a

long-term basis. Surveys based on these data make it possible to assess market trends on a time-

series basis.

Custom research is a service whereby the Intage group develops optimal surveys based on themes

that emerge from customers’ specific marketing issues. the service covers everything from the

formulation of survey forms and field work, to data compiling and analysis. In recent years, the

group has turned attention to Internet-based surveys, which allow for faster data collection.

The inTAGe Group is a globally unique firm that consists of three core businesses: Marketing Research and Consulting,

System Solutions and Drug Development Solutions.

in this section, we introduce the major products and services of each business.



17.2%


15.5%

In the System Solutions business, Intage is transforming its business

model from the conventional contract-type model to one in which it

leverages its own customers and industry expertise to provide industry-

specific solutions. going forward, the Company will provide business

solutions that include marketing topics, such as data analysis that fuses

extensive business data and marketing data that other information services

cannot provide, as well as support for utilization of data and data-based

decision-making. this will be accomplished by taking advantage of

Intage’s years of accumulated knowledge and understanding of the

special characteristics of fields as diverse as pharmaceuticals, travel,

logistics, finance and education.

the drug development process requires not only the expertise and know-

how of physicians and statisticians, but also strict management standards

for regulatory compliance, accuracy and quality, and scheduling. the

Intage group provides pharmaceutical companies with high-quality

services primarily through group affiliate aSKLeP Inc. as an outsourcing

partner for pharmaceutical companies in the drug development process,

this company brings together industry professionals with extensive experi-

ence and a high level of expertise, including in clinical trial services in

areas including contract research organization (CRO) and site manage-

ment organization (SMO).

In recent years, Japanese pharmaceutical companies have been faced

with increasingly rigorous regulations, such as good Clinical Practice

(gCP) and good Post-marketing Surveillance Practice (gPSP), as well as

intensifying international competition. In line with these changes,

Intage aims to draw on its experience, information sources, and

customer base to expand this solutions business with such offerings as

Marketing Research Support Solutions tailored to the special needs of

the pharmaceutical industry, or by expanding the travel Industry Collabo-

ration Support Platform, which links rail, air travel, accommodation and

travel agencies. through these efforts, the Company has already achieved

improved earnings.

processes have become more specialized, the speed of drug development

has accelerated, and business is moving toward greater efficiency.

amid the changing environment of the Drug Development Solutions

business, we are working to both strengthen our infrastructure and cultivate

new business fields in order to position ourselves as a total solutions provider

for the drug development process. to reinforce our infrastructure, we will

push forward with establishing a total solutions system that extends to

consultancy on drug approvals and applications, while maximizing synergies

derived from group functions including research and systems development.

With regard to the development of new business fields, we continue to set

ambitious goals for ourselves, including bolstering clinical trial outsourcing

in the field of anticancer drugs, and establishing a clinical trial outsourcing

system in asia to meet the needs of global studies.

System SolutionsIn the System Solutions business, Intage works in software development and sales through to

systems operations, upkeep and management, as well as data center operations.

Intage support services are not limited to improving the operational processes related to system

development and operation, but extend to a wide range of other services in support of management

strategies, encompassing evaluation, analysis, and consultation concerning the vast amount of data

involved in clients’ business activities.

Drug Development Solutionsthe Drug Development Solutions business’ operations consist of contract research organization

(CRO) and site management organization (SMO) services.

through CRO services, Intage offers a range of clinical development services to pharmaceutical companies,

including clinical trial monitoring and data management and analysis, among other services.

With SMO services, Intage provides clinical research coordinator (CRC) services, whereby coordinators

are dispatched to clinical sites to support ongoing trials, in addition to serving as a clinical trials site

support responsible for preparing and managing documents pertaining to clinical trials.


REvIEW of oPERATIoNS

thousands of Millions of yen U.S. dollars

2009 2008 2007 2009

net sales ¥34,346 ¥33,105 ¥30,800 $349,649

Operating income 3,321 3,315 2,931 33,809

Income before income taxes and minority interests 3,204 3,309 2,984 32,618

net income 1,728 1,766 1,627 17,592

total assets 21,180 21,262 20,273 215,616

total net assets 11,591 10,288 9,035 117,998

Yen U.S. dollars

amounts per share of common stock:

net income ¥168.69 ¥170.10 ¥157.58 $ 1.72

Cash dividends 50.00 40.00 30.00 0.51

note: U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥98.23 to US$1 prevailing on March 31, 2009.

15.5%

17.2% 67.3%

Drug Development Solutions

System Solutions

Marketing Research and Consulting

2007 2008 2009

2,399

95

437

2,931

2,922

14

384

3,321

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2,915

–40

440

3,315

2007 2008 2009

19,825

6,929

4,046

30,800

23,105

5,907

5,334

34,346

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

21,796

6,702

4,607

33,105

Contribution to Consolidated Net Sales

Net Sales by Segment(Millions of yen)

operating Income (Loss) by Segment(Millions of yen)

(Years ended March 31) (Years ended March 31)

Consolidated financial Highlights


Marketing Research and ConsultingIn syndicated panel data services, both revenue and earnings rose from the previous fiscal year

due to the withdrawal of a competitor from the retail panel market. SRI (nationwide Retailer

Panel Survey) sales continued to rise with the acquisition of new clients and the expansion of

contracted categories.

In custom research services, earnings were lower, despite revenues on a par with the previous fiscal

year. this was attributable to the deceleration of growth in Internet research—the growth driver for

the past several years—and a decline in the unit value of orders due to more intense competition.

Intage also made investments during the year under review. these included creating a platform

to further collaboration in production and marketing, development of next-generation customer data,

and increased number of Internet survey monitors, and development of new It systems.

as a result, consolidated sales in the Marketing Research and Consulting business amounted

to ¥23,105 million, up 6.0% from the previous year, with operating income of ¥2,922 million

(up 0.3%).

System SolutionsRevenues in the System Solutions business fell below initial plan as a result of the economic

slowdown in the second half. Operating income, however, was positive due to the benefits reaped

from such measures as wide-ranging cuts in outsourcing and other administrative costs, and

optimization of human resource costs through transfer of personnel to other business segments.

as a result, consolidated sales in the System Solutions business amounted to ¥5,907 million,

down 11.9% from the previous fiscal year, with operating income of ¥14 million, compared to

an operating loss of ¥40 million posted in the previous year.

Drug Development SolutionsIn the Contract Research Organization (CRO) business, revenue from data management

and analysis services increased considerably. However, operating income was down from

the previous fiscal year due to below-target sales volume in monitoring services and the

Site Management Organization (SMO) business, as well as investments in future overseas

business development.

as a result, consolidated sales in the Drug Development Solutions business amounted to

¥5,334 million, up 15.8% from the previous fiscal year. Operating income amounted to ¥384

million, a year-on-year decrease of 12.5%.

2007 2008 20090

2,500

5,000

7,500

0

5

10

15

2007 2008 2009

0

5

10

15

0

2,500

5,000

7,500

2007 2008 20090

5,000

10,000

15,000

20,000

25,000

0

5

10

15

20

25

Net Sales(Millions of yen/%)

● net Sales (left scale)● Operating Income ratio (right scale)


● net Sales (left scale)● Operating Income (Loss) ratio (right scale)


● net Sales (left scale)● Operating Income ratio (right scale)

(Years ended March 31)




Millions of yenthousands of U.S. dollars

2009 2008 2007 2006 2005 2004 2003 2002 2009

For the Year:

net sales ¥ 34,346 ¥33,105 ¥30,800 ¥28,778 ¥26,619 ¥23,899 ¥23,494 ¥23,352 $349,649

Cost of sales 23,870 22,755 21,959 20,682 19,285 17,626 17,557 17,632 243,001

Selling, general and administrative expenses 7,155 7,035 5,910 5,481 5,148 4,565 4,116 4,139 72,839

Operating income 3,321 3,315 2,931 2,615 2,186 1,708 1,821 1,581 33,809

net income 1,728 1,766 1,627 1,362 997 666 721 408 17,592

Cash flows from operating activities 3,191 2,248 2,042 1,627 1,230 968 1,061 281 32,485

Cash flows from investing activities (1,554) (1,033) (1,902) (1,061) (1,652) (377) (180) (697) (15,820)

Cash flows from financing activities (1,708) (546) 9 (597) 668 97 (790) 1,280 (17,388)

Cash and cash equivalents at end of year 3,304 3,394 2,721 2,569 2,595 2,349 1,667 1,583 33,636

At year-end:

total assets 21,180 21,262 20,273 17,946 17,365 15,191 14,638 13,885 215,616

total net assets 11,591 10,288 9,035 7,454 6,238 5,367 4,835 4,268 117,998

equity ratio (%) 54.2 47.9 43.4 41.5 35.9 35.3 33.0 30.7 –

Per share data (¥/U.S. dollars):

net income 168.69 170.10 157.58 129.34 94.13 63.33 68.39 42.21 1.72

total shareholders’ equity 1,120.90 994.41 851.35 719.52 601.81 518.71 466.93 413.42 11.41

Cash dividends 50.00 40.00 30.00 26.00 14.00 12.00 12.00 12.00 0.51

Financial data (%):

Operating income ratio 9.7 10.0 9.5 9.1 8.2 7.1 7.8 6.8 –

ROa 8.1 8.5 8.5 7.7 6.1 4.5 5.1 3.1 –

ROe 15.9 18.6 20.0 19.9 17.2 13.1 15.8 11.2 –

notes: 1. U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥98.23 to US$1 prevailing on March 31, 2009. 2. attendant on the enforcement of the Companies act of Japan in 2006, from the year ended March 31, 2007 and onward, “total net assets” has

been calculated by adding minority interests and other factors to “total shareholders’ equity” from prior years. 3. ROe for fiscal years ended March 2007 and beyond = net income ÷ average shareholders’ equity x 100

CONSOLIDATED EIGHT-YEAR SUMMARYIntage Inc. and Consolidated SubsidiariesYears ended March 31, 2009, 2008, 2007, 2006, 2005, 2004, 2003 and 2002



2009 2008 2007 2006 2005 2004 2003 2002 2009

For the Year:

net sales ¥ 34,346 ¥33,105 ¥30,800 ¥28,778 ¥26,619 ¥23,899 ¥23,494 ¥23,352 $349,649

Cost of sales 23,870 22,755 21,959 20,682 19,285 17,626 17,557 17,632 243,001

Selling, general and administrative expenses 7,155 7,035 5,910 5,481 5,148 4,565 4,116 4,139 72,839

Operating income 3,321 3,315 2,931 2,615 2,186 1,708 1,821 1,581 33,809

net income 1,728 1,766 1,627 1,362 997 666 721 408 17,592

Cash flows from operating activities 3,191 2,248 2,042 1,627 1,230 968 1,061 281 32,485

Cash flows from investing activities (1,554) (1,033) (1,902) (1,061) (1,652) (377) (180) (697) (15,820)

Cash flows from financing activities (1,708) (546) 9 (597) 668 97 (790) 1,280 (17,388)

Cash and cash equivalents at end of year 3,304 3,394 2,721 2,569 2,595 2,349 1,667 1,583 33,636

At year-end:

total assets 21,180 21,262 20,273 17,946 17,365 15,191 14,638 13,885 215,616

total net assets 11,591 10,288 9,035 7,454 6,238 5,367 4,835 4,268 117,998

equity ratio (%) 54.2 47.9 43.4 41.5 35.9 35.3 33.0 30.7 –

Per share data (¥/U.S. dollars):

net income 168.69 170.10 157.58 129.34 94.13 63.33 68.39 42.21 1.72

total shareholders’ equity 1,120.90 994.41 851.35 719.52 601.81 518.71 466.93 413.42 11.41

Cash dividends 50.00 40.00 30.00 26.00 14.00 12.00 12.00 12.00 0.51

Financial data (%):

Operating income ratio 9.7 10.0 9.5 9.1 8.2 7.1 7.8 6.8 –

ROa 8.1 8.5 8.5 7.7 6.1 4.5 5.1 3.1 –

ROe 15.9 18.6 20.0 19.9 17.2 13.1 15.8 11.2 –

notes: 1. U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥98.23 to US$1 prevailing on March 31, 2009. 2. attendant on the enforcement of the Companies act of Japan in 2006, from the year ended March 31, 2007 and onward, “total net assets” has

been calculated by adding minority interests and other factors to “total shareholders’ equity” from prior years. 3. ROe for fiscal years ended March 2007 and beyond = net income ÷ average shareholders’ equity x 100


2005 2006 2007 2008 20090

10,000

20,000

30,000

40,000

2005 2006 2007 2008 20090

1,000

2,000

3,000

4,000

0

5

10

15

20

MANAGEMENT’S DISCUSSION AND ANALYSISIntage Inc. and Consolidated SubsidiariesFiscal year ended March 31, 2009

Net sales(Millions of yen)

Operating income and Operating income ratio(Millions of yen/%)

● Operating income (left scale)● Operating income ratio (right scale)

Scope of Consolidation

the consolidated financial statements include the accounts of

the Company and its subsidiaries, which are controlled through

substantial ownership of majority voting rights or the existence

of certain conditions (9 companies in 2009 and 7 companies in

2008). the nine consolidated subsidiaries in the fiscal year under

review, the year ended March 31, 2009, were: aSKLeP Inc.,

Intage Research Inc., Intage nagano Inc., Intage associates,

Inc., Intage Interactive Inc., tM Marketing Inc., Intage Marketing

Consulting (Shanghai) Co., Ltd., aSKLeP Medio Inc., and Intage

(thailand) Co., Ltd.

Overview of Operations

Business Environment

the Japanese economy during the year under review entered a

recession, due in part to major fluctuations in raw materials prices

and exchange rates. Conditions deteriorated further after the

collapse of Lehman Brothers triggered a global financial crisis,

resulting in an extremely severe situation.

In the information services industry to which the Intage group

belongs, monthly sales for the fiscal year remained on an upward

track until august 2008, but, with the exception of January 2009,

have been on a downward trend from September 2008 and

onward, according to the Survey of Selected Service Industries

prepared by the Ministry of economy, trade and Industry (MetI).

amid this operating environment, the Intage group worked

under the basic policy of “full-scale realization of the Intelligence

Provider Business through construction of industry-specific plat-

forms—transition to a business model for the next 50 years,”

fusing its marketing research and system solution functions, and

strove to improve customer satisfaction by providing the solutions

that clients require.

In the fiscal year under review, the group worked to clarify its

strategy by industry and take on the challenge of creating new busi-

ness models under the basic policy of building new business models

and enhancing the operating base. Intage promoted industry-specific

strategies, such as reorganizing the Marketing Division along client-

industry lines, and also established a Business Development Division

to develop new business models based on an industry-specific plat-

form concept. Meanwhile, the group enhanced its existing business

infrastructure with a view to driving the Internet shift forward.

Moreover, thanks to the support of its many clients and busi-

ness partners, on March 23, 2009 the Company followed up its

listing on the Second Section of the tokyo Stock exchange in the

previous fiscal year with listing on the First Section.

Business Performance

Net Sales and Operating Income

Consolidated net sales in the fiscal year ended March 31, 2009

increased by 3.7% year on year to ¥34,346 million. although

(Years ended March 31) (Years ended March 31)


2005 2006 2007 2008 20090

500

1,000

1,500

2,000

0

10

20

30

40

2005 2006 2007 2008 20090

5,000

10,000

15,000

20,000

25,000

0

20

40

60

80

100

Net income, ROE and ROA(Millions of yen/%)

Total assets, Total net assets and Equity ratio(Millions of yen/%)

● net income (left scale)● ROe (right scale)● ROa (right scale)

● total assets (left scale)● total net assets (left scale)● equity ratio (right scale)

the cost of sales increased by 4.9% to ¥23,870 million and

selling, general and administrative (Sg&a) expenses increased

by 1.7% to ¥7,155 million, operating income rose by 0.2% to

¥3,321 million, reflecting an increase in gross profit.

Net Income

net income decreased by 2.1% year on year to ¥1,728 million

as a result of extraordinary losses, including retirement of software

assets, impairment losses, and loss on valuation of investment

securities. net income per share fell from ¥170.10 to ¥168.69,

while ROe declined by 2.7 percentage points to 15.9%, compared

to 18.6% in the previous fiscal year.

Segment Information

Intage’s operations comprise the following three business

segments.

Marketing Research and Consulting — Segment sales increased

by 6.0% to ¥23,105 million, and operating income rose by 0.3% to

¥2,922 million. this segment accounted for 67.3% of consolidated

net sales, an increase of 1.5 percentage points from the previous

year, and 88.0% of consolidated operating income.

System Solutions — Segment sales decreased by 11.9% to ¥5,907

million, while operating income was ¥14 million (compared to an

operating loss of ¥40 million in the previous year). this segment

accounted for 17.2% of consolidated net sales, a decrease of 3.0

percentage points from the previous year, and 0.4% of consolidated

operating income.

Drug Development Solutions—Segment sales increased by

15.8% to ¥5,334 million, while operating income declined by

12.5% to ¥384 million. this segment accounted for 15.5% of

consolidated net sales, an increase of 1.5 percentage points from

the previous year, and 11.6% of consolidated operating income.

Financial Position

total assets at the fiscal year-end were ¥21,180 million (current

assets of ¥12,110 million and fixed assets of ¥9,070 million), a

decrease of ¥82 million from a year earlier. the principal reasons

were a decline in current assets due to decreases in notes and

accounts receivable—trade, and work in progress, which offset an

increase in fixed assets due to acquisition of tangible fixed assets.

total liabilities were ¥9,589 million (current liabilities of

¥6,742 million and long-term liabilities of ¥2,847 million), a

decrease of ¥1,385 million from the previous fiscal year-end.

the principal reasons were the redemption of corporate bonds

and a decrease in short-term bank loans, despite an increase

in long-term debt. In financing, the Company maintains a

syndicated commitment line contract in the amount of ¥4,000

million with the objective of stably and flexibly procuring the

capital necessary for business activities.

(Years ended March 31) (as of March 31)


Shareholders’ equity at the fiscal year-end was ¥11,493 million,

an increase of ¥1,318 million from a year earlier. the main reason

for the change was an increase in retained earnings accompanying

the posting of net income. the shareholders’ equity ratio increased

by 6.3 percentage points to 54.2%.

Cash Flows

Cash and cash equivalents at March 31, 2009 were ¥3,304 million,

a decrease of ¥90 million from the previous fiscal year-end.

net cash provided by operating activities was ¥3,191 million,

an increase of ¥943 million from the previous year. the change is

primarily attributable to decreases in inventories and notes and

accounts receivable—trade, offsetting a drop in income before

income taxes and minority interests.

net cash used in investing activities was ¥1,554 million, an

increase of ¥521 million in cash used from the previous year. the

change is primarily attributable to an increase in payments for

purchases of property and equipment.

net cash used in financing activities was ¥1,708 million, an

increase of ¥1,162 million in cash used in the previous fiscal year.

the change was mainly attributable to a decrease in proceeds from

short-term bank loans, despite proceeds from long-term bank loans,

which were used to fund the redemption of corporate bonds.

Operational Risks

among the matters pertaining to the business overview and

financial overview described in the annual Securities Report, the

following could have a material impact on the decisions of inves-

tors. Forward-looking statements in this section are based on

the assumptions and beliefs of the management of the Intage

group as of March 31, 2009.

(1) Information Management

Owing to the nature of the business of the information services

industry in which the Intage group operates, the group handles

large volumes of diverse information relating to companies and

individuals. Since long before the Personal Information Protection

Law went into effect in april 2005, the Intage group has exercised

adequate care in information management by means of measures

including application of the Privacy Mark personal information

protection system and the establishment of a dedicated organization

for information management and the ongoing construction of an

Information Security Management System (ISMS).

nevertheless, the unauthorized disclosure of such information

would result in the loss of public trust in the Intage group and

could adversely affect the Intage group’s business performance.

(2) Disproportionate Dependence on Second-Half

Performance

the business performance of the Intage group is disproportion-

ately weighted toward the second half of the fiscal year. this

imbalance is attributable to three main factors: in the Marketing

Research and Consulting business, research required by corpora-

tions for the preparation of the following year’s marketing plans

is concentrated toward the end of the fiscal year; completion and

delivery periods for reports commissioned by governmental agen-

cies are concentrated toward the end of the fiscal year; and, in

the System Solutions business, a high proportion of systems

development contracts stipulate delivery at the fiscal year-end.

Consequently, carryover of fiscal year-end sales into the fol-

lowing fiscal year could adversely affect the Intage group’s

business performance.

(3) Business Investment

the Intage group actively makes up-front investments with a

view to securing growth, increasing competitive advantage, and

expanding its business domain. Management makes investment

decisions on the basis of sufficient deliberation of factors including

the prospects for investment recovery.

However, it is difficult to accurately forecast results and profits

commensurate with those upfront investments, and demand could

fail to develop in line with forecasts.

For this reason, the inability to achieve results and profits com-

mensurate with investment within a certain period of time could

adversely affect the Intage group’s business performance.

(4) Business Risk

1. In the Intage group’s mainstay Marketing Research and Con-

sulting business, the panel surveys that heretofore have sup-

ported growth and profits are approaching the limits of market

share potential. to secure further growth potential the group

is introducing new products and working to increase added

value through a shift from data provision to solutions provision.

Should these efforts fail to develop as anticipated, it could



In the custom research sector, the Intage group has made

the “Internet shift” a critical business strategy and is investing

to achieve further growth. However, competition in this sector

is intensifying, and the results of competition could adversely

affect the Intage group’s business performance.

2. In the System Solutions business, although the integrated solu-

tions business involving the integration of research and solutions

is gradually delivering results, it has not reached the scale neces-

sary to contribute to the Intage group’s profits. Intage plans

to continue to devote efforts to this sector and develop integrated

solutions into a major business. However, should considerable

time be required to transform the business structure, this could


3. the Drug Development Solutions business is subject to the

effects of trends in the pharmaceuticals industry. Should the

market contract as a result of factors such as a reduction in the

number of clients due to mergers between pharmaceutical

companies or a decrease in new drug development or clinical

testing in Japan, this could adversely affect the Intage group’s

business performance. also, as this is a business that could be

affected by regulations such as the Pharmaceutical affairs Law,

regulatory trends could adversely affect the Intage group’s


(5) Office Integration and Relocation

the Intage group opened new offices in the akihabara district of

tokyo in november 2005 in order to create an office environment

to support future growth and activate communications by reducing

physical distance from clients. a series of relocation projects was

completed with extraordinary smoothness and efficiency. the group

expects the true value of the office integration and relocation to

be demonstrated over the long-term, and anticipates being able

to absorb the increase in costs associated with opening the new

offices by maintaining the trend of higher revenue and earnings.

However, should business performance fail to develop as

planned, inability to absorb the increase in costs could adversely

affect the Intage group’s business performance.

(6) Personnel Recruitment

as the Intage group engages in many highly specialized business

processes, the recruitment and development of human assets is

a critical matter. accordingly, Intage has formulated a personnel

development plan to improve the personnel recruitment,

development, and evaluation structure and personnel utilization

measures, and is continuously reviewing the plan. Furthermore,

the group is implementing measures to develop the next genera-

tion of leaders as an important management priority.

nevertheless, should personnel development fail to progress

satisfactorily, it could adversely affect the Intage group’s


(7) The Situation in China

the Intage group engages in marketing research operations in

China through consolidated subsidiary Intage Marketing Consulting

(Shanghai) Co., Ltd.

Changes in legal regulations governing the group’s business

in China or circumstances in which political factors affect busi-

ness operation could adversely affect the Intage group’s busi-

ness performance.

(8) Management Issues

the Intage group maintains the Management Systems Commit-

tee to respond to various management issues. Furthermore,

Intage newly established the Internal Control Implementation

Committee in april 2006 and is placing particular emphasis on

reinforcement of the compliance structure.

nevertheless, should these mechanisms fail to function ade-

quately and inadequate inculcation of the spirit of compliance at

the individual employee level occur, it could adversely affect the

Intage group’s business performance.

(9) Systems Failure

the Company’s data center is manned around the clock, and the

management system incorporates thorough security measures

including the installation of surveillance cameras and information

control at the time of entrance and exit by means of electronic

key cards. Furthermore, all possible measures have been taken to

ensure stable operation around the clock, 365 days a year, includ-

ing an earthquake-resistant structure, fire-extinguishing equip-

ment, and power supply redundancy.

nevertheless, the inability to use the Company’s facilities or

networks due to unexpected serious events such as the occurrence

of system or hardware failure, a malicious computer virus, a hacker

attack, a large-scale power outage, an earthquake of unexpected

magnitude, or fire, flooding, or accident could adversely affect

the Intage group’s business performance.


CONSOLIDATED BALANCE SHEETSIntage Inc.as of March 31, 2009 and 2008

Millions of yen thousands of U.S. dollars

Assets 2009 2008 2009

Current assets:

Cash and deposits ¥ 3,394 ¥ 3,480 $ 34,552

notes and accounts receivable—trade 6,299 6,454 64,125

Inventories – 1,682 –

Work in progress 1,257 – 12,797

Stored item 40 – 407

allowance for doubtful accounts (3) (3) (31)

Deferred tax assets 732 728 7,452

Other current assets 391 310 3,980

total current assets 12,110 12,651 123,282

Property and equipment:

Land 1,998 1,998 20,340

Buildings and structures 5,268 4,846 53,629

equipment 1,163 917 11,839

Lease assets 255 – 2,596

total property and equipment 8,684 7,761 88,404

accumulated depreciation (3,798) (3,415) (38,664)

net property and equipment 4,886 4,346 49,740

Investments and other assets:

Investment securities 198 208 2,016

Deferred tax assets 957 1,043 9,742

goodwill 807 1,091 8,215

Other assets 2,222 1,932 22,621

allowance for doubtful accounts – (9) –

total investments and other assets 4,184 4,265 42,594

total assets ¥21,180 ¥21,262 $215,616



Liabilities and net assets 2009 2008 2009

Current liabilities:

Short-term bank loans ¥ 1,942 ¥ 2,400 $ 19,770

Long-term debt due within one year – 1,387 –

accounts payable—trade 1,601 1,816 16,298

Income taxes payable 831 795 8,460

accrued employees’ bonuses 1,321 1,361 13,448

Other current liabilities 1,047 1,207 10,659

total current liabilities 6,742 8,966 68,635

Long-term liabilities:

Long-term debt 564 – 5,742

Retirement benefits:

employees 2,058 1,979 20,951

Directors and corporate statutory auditors 29 29 295

Other long-term liabilities 196 – 1,995

total long-term liabilities 2,847 2,008 28,893

Net assets:

Shareholders’ equity

Common stock authorized—37,000,000 shares in 2009 and 2008

Issued— 10,404,000 shares in 2009 and 2008 1,681 1,681 17,113

Capital surplus 1,337 1,337 13,611

Retained earnings 8,722 7,404 88,792

treasury stock, at cost — 157,109 shares in 2009 and 2008 (247) (247) (2,515)

Valuation and translation adjustments

Unrealized gains (losses) on securities, net of taxes 10 13 102

Deferred gain (loss) on hedges 2 – 20

Foreign currency translation adjustments (19) 2 (193)

Minority interests 105 98 1,069

total net assets 11,591 10,288 117,998

total liabilities and net assets ¥21,180 ¥21,262 $215,616


CONSOLIDATED STATEMENTS OF INCOMEIntage Inc.Years ended March 31, 2009 and 2008


2009 2008 2009

Net sales ¥34,346 ¥33,105 $349,649

Cost of sales 23,870 22,755 243,001

Gross profit 10,476 10,350 106,648

Selling, general and administrative expenses 7,155 7,035 72,839

Operating income 3,321 3,315 33,809

Other income (expenses):

Interest and dividend income 28 12 285

Insurance benefit received and dividends 27 – 275

Interest expenses (47) (44) (478)

Commission fee (9) – (92)

Loss on disposal of property and equipment (32) – (326)

Impairment loss on fixed assets (7) – (71)

Other, net (77) 26 (784)

Income before income taxes and minority interests 3,204 3,309 32,618

Income taxes:

Current 1,390 1,348 14,150

Deferred 83 123 845

1,473 1,471 14,995

Minority interests in net income of consolidated subsidiaries 3 72 31

Net income ¥ 1,728 ¥ 1,766 $ 17,592

Yen U.S. dollars

2009 2008 2009

Amounts per share of common stock:

net income ¥168.69 ¥170.10 $1.72

Cash dividends applicable to the year 50.00 40.00 0.51


CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETSIntage Inc.Years ended March 31, 2009 and 2008

Millions of yen

number of shares of

common stockCommon

stockCapital surplus

Retained earnings

treasury stock

Unrealized gains (losses) on securities, net of taxes

Deferred gain (Loss) on Hedges

Foreign currency

translation adjustments

Minority interests

total net assets

Balance at March 31, 2007 10,330,000 ¥1,681 ¥1,126 ¥5,948 ¥ (7) ¥ 41 ¥ – ¥ (0) ¥ 246 ¥10,288

net income – – – 1,766 – – – – – –

Issuance of common shares 74,000 – 211 – – – – – – –

Cash dividends paid (¥40 per share) – – – (310) – – – – – –

acquisition of treasury stock – – – – (240) – – – – –

net changes other than

shareholders’ equity – – – – – (28) – 2 (148) –

Balance at March 31, 2008 10,404,000 1,681 1,337 7,404 (247) 13 – 2 98 10,288

net income – – 1,728 – – – – – 1,728

Issuance of common shares – – – – – – – – –

Cash dividends paid (¥40 per share) – – (410) – – – – – (410)

acquisition of treasury stock – – – – – – – – –


shareholders’ equity – – – – (3) 2 (21) 6 (15)

Balance at March 31, 2009 10,404,000 ¥1,681 ¥1,337 ¥8,722 ¥(247) ¥10 ¥2 ¥(19) ¥ 105 ¥11,591

thousands of U.S. dollars

Common stock

Capital surplus

Retained earnings

treasury stock

Unrealized gains (losses) on securities, net of taxes

Deferred gain (Loss) on Hedges

Foreign currency

translation adjustments

Minority interests

total net assets

Balance at March 31, 2008 $17,113 $13,611 $75,374 $ (2,515) $132 $ – $ 20 $1,008 $104,734

net income – – 17,592 – – – – – 17,591

Issuance of common shares – – – – – – – – –

Cash dividends paid ($0.40 per share) – – (4,174) – – – – – (4,164)

acquisition of treasury stock – – – – – – – – –


shareholders’ equity – – – – (31) 20 (214) 61 (163)

Balance at March 31, 2009 $17,113 $13,611 $88,792 $(2,515) $102 $20 $(193) $1,069 $117,998


CONSOLIDATED STATEMENTS OF CASH FLOWSIntage Inc.Years ended March 31, 2009 and 2008


2009 2008 2009

Cash flows from operating activities: Income before income taxes and minority interests ¥ 3,204 ¥ 3,309 $ 32,618 adjustments to reconcile income before income taxes and minority interests to cash provided by operating activities: Depreciation and amortization 1,224 1,020 12,461 Impairment loss on fixed assets 7 – 71 Interest and dividend income (28) (12) (285) Interest expenses 47 44 478 Decrease (increase) in employees’ retirement benefits 79 (182) 804 Increase (decrease) in accrued employees’ bonuses (40) 90 (407) Increase (decrease) in notes and accounts receivable—trade 90 (210) 916 Decrease (increase) in inventories 383 (99) 3,899 Increase in accounts payable—trade (214) (10) (2,179) Other—net (120) (235) (1,221) Sub total 4,632 3,715 47,154 Interest and dividends received 28 12 285 Interest expenses paid (47) (48) (478) Income taxes paid (1,422) (1,431) (14,476) net cash provided by operating activities 3,191 2,248 32,485

Cash flows from investing activities: Payments for time deposits (119) (119) (1,211) Proceeds from time deposits 116 114 1,181 Proceeds from redemption of marketable securities – 37 – Payments for purchases of property and equipment (869) (341) (8,847) Proceeds from sales of property and equipment – 69 – Payments for acquisition of intangible assets (620) (531) (6,312) Payments for purchases of investment securities (2) (88) (20) Proceeds from sales of investment securities – 66 – Payments for acquisition of investment in affiliated companies – (204) – Payments for acquisition of newly consolidated subsidiaries – – – Payments for acquisition of business – (15) – Other (60) (21) (611) net cash used in investing activities (1,554) (1,033) (15,820)

Cash flows from financing activities: Proceeds from short-term bank loans 7,420 8,880 75,537 Repayments of short-term bank loans (8,348) (8,270) (84,984) Proceeds from long-term bank loans 1,200 – 12,216 Repayments of long-term bank loans (553) (604) (5,630) Repayments of lease obligations (23) – (234) Payments for redemption of corporate bonds (1,000) – (10,180) Proceeds from minority interests 5 – 51 Payments for acquisition of treasury stock – (240) – Dividends paid (409) (312) (4,164) net cash provided by (used in) financing activities (1,708) (546) (17,388)

Effect of exchange rate changes on cash and cash equivalents (19) 4 (193)Net increase (decrease) in cash and cash equivalents (90) 673 (916)Cash and cash equivalents at beginning of year 3,394 2,721 34,552Cash and cash equivalents at end of year ¥ 3,304 ¥ 3,394 $ 33,636


For the benefit of readers outside Japan, line items in this translation have been modified slightly from the financial

statements prepared according to the corporate accounting standards generally accepted in Japan (Japanese gaaP).

Because of this, these items have not been reviewed by the independent auditors.

In addition, certain items are displayed in U.S. dollar amounts, also for the convenience of readers outside Japan.

these amounts have been calculated using the actual exchange rate on the tokyo Foreign exchange Market at March

31, 2009 of ¥98.23 to US$1.


BOARD OF DIRECTORS AND CORPORATE AUDITORS(as of June 24, 2009)

Directors

1. President and

Representative Director

Norio Taori

2. executive Managing

Director

Koshiro Uezumi

3. executive Director

Itaru Nango

4. Director

Osamu Kudo

5. Director

Hiroyuki Ichinose

6. Director

Shigeru Ichinose

7. Director

Susumu Yokota

8. Director

Noriaki Ishizuka

9. Director

Kenji Miyakubi

10. Director

Susumu Matsumoto

11. Director*

Yukihiko Uehara

*Outside Director

Corporate Auditors

12. Senior Corporate

auditor

Takeshi Kurosu

13. Senior Corporate

auditor

Kiyoji Ito

14. Corporate auditor*

Masaru Takagi

15. Corporate auditor*

Toshio Saito

* Outside auditor

1 2

4 53

10

6 7 8

9 11

1312 14 15

inTaGe inc. investors’ Guide 2009 27

STOCK INFORMATION(As of March 31, 2009)

Corporate Name:

INTAGE Inc.

Location of Head Office: inTaGe akihabara Building,

3 Kanda-neribeicho, chiyoda-ku, Tokyo 101-8201, Japan

Founded: March 1, 1960

Primary Business Areas• Marketing Research and Consulting

• System Solutions

• Drug Development Solutions

Capital: ¥1,681.40 million

Number of Employees: consolidated: 1,779

non-consolidated: 880 (as of March 31, 2009)

Offices:hibarigaoka Office

higashikurume Office

Osaka Office

inTaGe shanghai Office

Group Companies:

ASKlEP Inc. (cRO)

Url: http://www.asklep.co.jp/english/

ASKlEP Medio Inc. (SMO)

Url: http://www.asklep-medio.co.jp/

INTAGE Research Inc. (Survey data collection)

Url: http://www.intage-research.co.jp/

INTAGE Nagano Inc. (Systems development and operation)

Url: http://www.intage-nagano.co.jp/

INTAGE Associates Inc. (Shared services/Staffing)

Url: http://www.intage-associates.jp/

INTAGE Interactive Inc. (Internet-based market research)

Url: http://www.intage-interactive.co.jp/

TM Marketing Inc. (healthcare research)

Url: http://www.tmmarketing.co.jp/e/index.html

INTAGE Marketing consulting (Shanghai) co., ltd.

(Marketing research in china)

Url: http://www.intage.com.cn/

INTAGE (Thailand) co., ltd. (Marketing research in Southeast Asia)

http://www.intage-thailand.com/english/

CORPORATE INFORMATION(As of June 24, 2009)

authorized shares 37,000,000 shares

shares issued 10,404,000 shares

number of shareholders 2,509

Major Shareholdersinvestment in intage

number of shares held

stockholding (%)

eisai co., ltd. 900,000 8.8

BBh for fidelity low-Priced stock fund 832,200 8.1

intage employees’ stockholding association 618,050 6.0

northern Trust company aVfc sub account american clients 519,200 5.1

Japan Trustee services Bank, ltd. (Trust account) 476,600 4.7

hoei Jitsugyo co., ltd. 455,000 4.4

saitama resona Bank, ltd. 450,000 4.4

Mizuho Bank, ltd. 350,000 3.4

nippon life insurance company 350,000 3.4

The dai-ichi Mutual life insurance company 350,000 3.4

note: shareholding ratio is calculated after deducting treasury stock (157,109 shares).

Shareholdings by Type of Shareholder

n individuals and Other 29.8%

n financial institutions 28.9%

n Other corporations 20.7%

n foreign companies—Other 18.5%

n securities companies 0.6%

n Treasury stock 1.5%

Type of Shareholder

Total

2,509

Further Information:

Financial Management Department

Corporate Communications and IR Group

INTAGE Akihabara Building,

3 Kanda-Neribeicho, Chiyoda-ku, Tokyo 101-8201, Japan

Tel.+81-3-5294-0111 Fax.+81-3-5294-0199

URL: http://www.intage.co.jp/english/

Printed in Japan

0908100

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