Ｍ＆Ａキャピタルパートナーズ（6080） – [Delayed]Presentation Materials for the Earnings Briefing for the Six Months Ended March 2022

2022 2nd Quarter Financial ResultsApril 28th, 2022Table of Contents1234556Management Philosophy and Company OverviewResultsCharacteristics and Strengths of the CompanyThe Company’s Social Mission and Role in the M&A IndustryThe Company’s Sustainability InitiativesGrowth StrategyP2P10P21P36P50P541Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved1. Management Philosophy and Company OverviewOur Management PhilosophyAiming to be the world’s leading investment bank seeking maximum contributions to clients and the happiness of all employees3Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedOur Action GuidelinesW h o l e h e a r t e d l y r e s p o n d i n g t o d e c i s i o n s .W e w i l l c o n t i n u a l l y p u r s u e h i g h e r k n o w l e d g e , s e r v i c e l e v e l s , t e a m w o r k a n dn e w f i e l d s a s o n e o f t h e w o r l d ’ s l e a d i n g g r o u p s o f p r o f e s s i o n a l s a n d , a b o v e a l l ,w i l l w o r k t o a c h i e v e t h e s o l u t i o n s a n d g a i n s o u r c u s t o m e r s e x p e c t w i t he a r n e s t n e s s a n d p a s s i o n t h a t f a r e x c e e d s o u r c o m p e t i t o r s .O u r e m p l o y e e s w i l l a c h i e v e p e r s o n a l g r o w t h , e c o n o m i c p r o s p e r i t y a n dh a p p y f a m i l y l i v e s t h r o u g h w o r k a t a b r o a d e r a n d h i g h e r l e v e l . W eu n d e r s t a n d t h a t o u r b u s i n e s s r e s u l t s a n d f u t u r e d e p e n d o n t h e s u c c e s s o f o u re m p l o y e e s.W e a r e n o t a s m a l l – s c a l e b o u t i q u e b u t w i l l c o n t i n u a l l y m o v e f o r w a r d a n de x p a n d i n t o a n i n v e s t m e n t b a n k w i t h t h e w o r l d ’ s t o p b r a n d , h u m a n r e s o u r c e sa n d c a p a b i l i t i e s . W e w i l l m a i n t a i n t h o r o u g h c o n f i d e n t i a l i t y a n d l e g a lc o m p l i a n c e t o p r o t e c t o u r c r e d i b i l i t y a n d h i g h p r o f i t a b i l i t y t o s t r e n g t h e n o u rc a p i t a l a n d a t t r a c t t h e t o p h u m a n r e s o u r c e s.1234Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedCompany OverviewTrade NameM&A Capital Partners Co., Ltd.Listed MarketTokyo Stock Exchange Prime Market (Securities Code: 6080)38F, Gran Tokyo North Tower,1-9-1 Marunouchi, Chiyoda-ku, TokyoHead Office LocationBusiness ContentM&A-related servicesRepresentativeSatoru Nakamura, President and Representative Director EstablishedOctober 2005Capital2.8 billion yen (as of March 31, 2022)EmployeesConsolidated: 214 Non-consolidated: 146 (as of March 31, 2022)AffiliatesRECOF Corporation, RECOF DATA Corporation, Mirai Financial Planning Co., Ltd.MARR MATCHING Co., Ltd.5Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedBusiness ContentBusiness ContentM&A-related servicesWe provide advisory services for the realization of M&A standing between the transferor (seller) and the transferee (buyer) from an independent and impartial position.CharacteristicsWe propose M&A-focused solutions and support them to implementation for company owners who have concerns about finding a successor for the business.Owner of transferred company (seller)Provision of advisory servicesM&A Capital Partners (Intermediation / advice)Provision of advisory servicesTransferee (buyer)Interim feeContingency feeSuccessor issuesNo successorAging presidentUncertainty about businessShrinking domestic market Intensifying competitionTransfer of shares and businessesPayment of consideration for the transferInterim feeContingency feeIntensifying competition in existing business due to shrinking marketGlobal competition6Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedM&A coverage spanning a wide range of industries and businessesDealsPharmacyPharmacyConstruction/ engineering worksAir-conditioning facility constructionWater supply/drainage facility constructionElectrical facilities constructionTelecommunications constructionGeneral contractor constructionPublic worksReinforcing steel constructionBuilding metal constructionResidential constructionInterior work Construction-related surveysBuilding structural designBuilding structural diagnosticsPaintingTemporary material rentalWholesalingBuilding materials wholesalingWooden building materials wholesalingProcessed lumber products wholesalingChemicals wholesalingFuel wholesalingCosmetics wholesalingLifestyle products wholesalingMachinery and appliances wholesalingElectronic materials wholesalingDental materials/pharmaceuticals wholesalingSolar power wholesalingTextiles/clothing wholesalingMiscellaneous goods wholesalingFood ingredient wholesalingFood import wholesalingFishery product wholesalingAgricultural and livestock wholesalingWholesaling of confectionerySecond-hand machinery wholesalingManufacturing industryMetal products manufacture/processingChemical industryIndustrial machinery manufactureTool manufactureIT/ information servicesData miningInformation servicesOutsourced software developmentSystem developmentPrecision parts manufactureConsultingElectrical machinery/appliance manufactureSteel fabricationRolled-copper product processingResearch/analysisDistribution General freight transportationNewspaper deliveryDistribution processingTruck rentalWarehousingEating outEating outHome-delivered mealsElectronic components manufacture/processingTransportation machinery/appliance manufactureAutomotive parts manufactureAir-conditioning equipmentEnergy-saving machinery design/manufactureCleaning/drying equipment manufactureMachinery repairConcrete products manufactureMedical appliance manufactureSupplement planning/manufactureWomen’s clothing manufactureDaily goods planning/manufactureTextile product manufactureFishery product processingConfectionery manufactureFood manufacture/processingPharmaceutical manufactureBeauty products manufactureReal estate Real estate brokerageMulti-unit apartment maintenanceInvestment real estate developmentBuilding maintenanceLease managementNursing care/healthcare/welfareNursing care businessClinical study supportMedical corporationsDaycareOtherLease/rentalTemporary staffingTemporary engineer staffingBPOMedical preparatory schoolChildcare facilitiesPreparatoryschoolHotspringresortsHotelsOperationofamusementfacilitiesFacilitiessecurityInsurance/InsuranceagencyBuying/sellingofticketsSales promotionTradingcompanyWasteprocessingFuneralsTranslationRetail and distributionSupermarketsDiscount storesMail orderApparelSupplementsHealth food productsOA equipmentInteriorsDaily goodsOutdoorVehicle sales/servicingGas and fuel salesAdvertising/printing/mediaPrintingAdvertising agencyPaper bag manufactureEvent planning/preparationDesignVideo creationPackage software developmentGame development7Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedBrandEstablished the No.1 brand in Japan among M&A intermediary companies against a backdrop of unparalleled awareness*Research conducted by TOKYO SHOKO RESEARCH, LTD.Survey overview: As of March 31, 2022Competitive survey for specified area of listed and major unlisted M&A intermediary companies, and others*The above is referenced from M&A capital website8Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedBusiness AreasJapan’s leading professional group able to provide optimal M&A for all clientsBusiness continuity/growth strategy supportCorporate revitalizationJoined Group in October 2021SMEs/large enterprisesIndustryrestructuring/Cross-border/Business successionFinancial advisoryMatching supportCompanies considering corporate revitalizationAgencies, local governments and people engaged in media M&ADatabase/publishingCommunication/human resource developmentCoverage of all service areas related to a variety of forms of M&A by 4 group companies9Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved2. ResultsNumber of Deals MadeRecord high of 87 deals made in 2Q (cumulative) (up 3.6% year on year)Large deals* were also at the highest level on record at 22 (up 29.4% year on year)Number of Deals MadeForecast for the year193 deals172 dealsNumber of deals (consolidated)Non-consolidated2Q (cumulative)Forecast for the yearProgress for Entire Year8719345.1%144 deals139 deals111 deals115 dealsM&A Capital Partners Co., Ltd.21 of the 79 deals closed (+5.3% year on year) were large deals58 deals44 deals35 deals2Q (cumulative) 8718 deals21 deals13 deals１Q46dealsRECOFYE Sep 2011 EndYE Sep 2012 EndYE Sep 2013 EndYE Sep 2014 EndYE Sep 2015 EndYE Sep 2016 EndYE Sep 2017 EndYE Sep 2018 EndYE Sep 2019 EndYE Sep 2020 EndYE Sep 2021 EndYE Sep 2022 2Q EndNon-consolidatedConsolidated- Record number of deals 79 closed in first six months1 of the 8 deals closed (-11.1% year on year) were large deals* Deals with a commission of 100 million yen or moreEarnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved20018016014012010080604020011Consolidated Financial Highlights for 2Q (cumulative) FY09/22Achieved record number of deals and record results in 2Q (cumulative)Net salesOrdinary income8,972 million yen(+17.8% year-on-year)4,299 million yen(+25.8% year-on-year)Number of Deals87 deals(+3.6% year-on-year)Large dealsRecord number of 22 deals(+29.4% year-on-year)Number of consultants154(-3 year-on-year)Contract liabilities (previously advances received)*, which is a useful indicator of order backlog, also increased steadily to ¥992 million (+40.4% YoY)12Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved*The change in presentation from “advances received” to “contract liabilities” is due to revision of accounting policies.Non-consolidated Financial Highlights for 2Q (cumulative)FY09/22M&A Capital Partners Co., Ltd.RECOFResultYear-on-year ChangeResultYear-on-year ChangeNet sales8,272 million yen+22.0%503 million yen-30.3%Ordinary income4,515 million yen+31.3%-83 million yenNumber of Deals79 deals+5.3%8 deals-11.1%Large dealsNumber of consultants21 deals+40.0%1 deal-50.0%118+536*Because non-consolidated information is shown, amortization (122 million yen) due to business integration is not included.*We have omitted listing Group companies of relatively low importance.*The figures for RECOF are simple aggregate figures including RECOF Vietnam Co., Ltd.–813Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedNumber of Active Deals338 active deals (+3.0 % year on year)Continues to maintain high levelNumber of Active Deals (Non-consolidated)400350300250200150100500347328328350 360379338214 220 224 228 239 226274 273272197172175155 149139*Moving average:simple average for the end of each quarter for the most recent year in which the period is includedYE Sep20171Q endYE Sep20172Q endYE Sep20173Q endYE Sep2017endYE Sep20181Q endYE Sep20182Q endYE Sep20183Q endYE Sep2018endYE Sep20191Q endYE Sep20192Q endYE Sep20193Q endYE Sep2019Q endYE Sep20201Q endYE Sep20202Q endYE Sep20203Q endYE Sep2020endYE Sep20211Q endYE Sep20212Q endYE Sep20213Q endYE Sep2021endYE Sep20221Q endYE Sep20222Q endNumber of Active Deals (non-Consolodsated)Numberof Active Deals (non-Consolodated)Moving average*14Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedChanges in EarningsIn 8 years since listing (year ended September 2013), sales have increased rapidly by more than 13x.Units: Millions of yen2Q (cumulative)Forecast for the yearProgress for Entire YearNet salesOrdinary income8,9724,29916,2206,823Net salesOrdinary income55.3%63.0%5,855 Ordinary income ratioForecast for the year6,8236,588 53.8% 51.9% 48.5%53.5% 49.6%45.9%43.3%39.4%5,050 46.5% 42.5% 43.5% 47.9%3,612 3,160 1,860 2Q (cumulative)4,2991Q2,573Forecast for the year16,22015,161 12,592 11,871 8,337 8,018 3,755 2Q (cumulative)8,972(million yen)7,0006,0005,0004,0003,0002,0001,00001Q5,105YE Sep 20222Q（cumulative）1,073 1,157 1,667 571 577 600 808 262 YE_SEP 2011YE_SEP 2012YE_SEP 2013YE_SEP 2014YE_SEP 2015YE_SEP 2016YE_SEP 2017YE_SEP 2018YE_SEP 2019YE_SEP 2020YE_SEP 2021YE_SEP 2011YE_SEP 2012YE_SEP 2013YE_SEP 2014YE_SEP 2015YE_SEP 2016YE_SEP 2017YE_SEP 2018YE_SEP 2019YE_SEP 2020YE_SEP 2021YE Sep 20222Q（cumulative）Non-consolidatedConsolidatedNon-consolidatedConsolidatedEarnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved(million yen)16,00014,00012,00010,0008,0006,0004,0002,000015Overview of 2Q (cumulative) FY09/22 Statements of Income (Consolidated)Achieved record net sales, operating income and ordinary income in 2Q2Q FY09/21 (Consolidated)(Units: millions of yen, second line is composition ratio )2Q FY09/22 (Consolidated)Year-on-year ChangeMain Factors Causing Change+17.8% At non-consolidated level, closed record number of deals in 2Q (cumulative) Closed 22 large deals+14.6% Impact of higher revenue+25.1% Impact of higher revenue-6.9%+25.8%+27.3%8,972(100%)5,817(64.8%)1,550(17.3%)4,266(47.5%)4,299(47.9%)2,887(32.2%)Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved7,616(100.0%)5,076(66.7%)1,664(21.9%)3,411(44.8%)3,416(44.9%)2,267(29.8%)Net salesGross profitSG&AOperating incomeOrdinary incomeNet income16Overview of 1Q FY09/22 Balance Sheet (Consolidated)Solid financial condition backed by stable shareholders equity(Units: millions of yen, second line is composition ratio)FY09/22 2Q-end (Consolidated)ChangeMain Factors Causing Change+2,927 Cash and deposits +2,564-98 Goodwill -96 (Amortization of goodwill) Contract liabilities (previously “advances received”) +155 Accrued consumption taxes -130Current assetsNoncurrent assetsTotal assetsCurrent liabilitiesNoncurrent liabilitiesTotal liabilitiesTotal net assetsTotal liabilities and net assetsSeptember 30, 202127,720(90.0%)3,076(10.0%)30,796(100.0%)4,690(15.2%)264(0.9%)4,954(16.1%)25,841(83.9%)30,796(100.0%)30,647(91.1%)2,978(8.9%)33,625(100.0%)4,710(14.0%)242(0.7%)4,953(14.7%)28,671(85.3%)33,625(100.0%)+2,829+20-21-0+2,830+2,82917Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedMarket CapitalizationHighest rate of growth among M&A intermediary companies listed on TSE PrimeMarket capitalization has increased about 10 times over the 8 years since listing.Units: 100 million yenMarket CapitalizationMarket Capitalization2,5002,0001,5001,0005002,033 1,966 1,966 1,262 1,654 1,532 1,383 848 1,011 803 1,072 593 305 220 132 135 02013年9月YE_SEP 201318Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved2014年9月YE_SEP 20142015年9月YE_SEP 20152016年9月YE_SEP 20162017年9月YE_SEP 20172018年9月YE_SEP 20182019年9月YE_SEP 20192020年9月YE_SEP 20202021年9月YE_SEP 2021*As of April 27, 2022Consolidated Earnings Forecasts for the Fiscal Year Ending September 30, 2022Earnings ForecastsThe number of active deals will remain strong, and the best performance on record is forecastNet salesOrdinary income16,220 million yen6,823 million yen(+7.0% year on year)(+3.6% year on year)Number of DealsLarge dealsNumber of consultants193 deals(+12.2% year on year)33 deals(-8.3% year on year)203(+35 year on year)19Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedNon-consolidated Earnings Forecasts for the Fiscal Year Ending September 30, 2022Earnings ForecastsOrdinary incomeNumber of DealsLarge dealsNumber of consultantsM&A Capital Partners Co., Ltd.RECOFForecastYear-on-year ChangeForecastYear-on-year ChangeNet sales14,368 million yen1,448 million yen+34.37,083 million yen104 million yen-+3.9%+2.8%+8.4%-11.8%+31168 deals30 deals15425 deals+47.1%3 deals+50.0%49+420Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved*Because non-consolidated information is shown, amortization (226 million yen) due to business integration is not included.*We have omitted listing Group companies of relatively low importance.*The figures for RECOF are simple aggregate figures including RECOF Vietnam Co., Ltd.3. Characteristics and Strengths of the CompanyM&A CAPITAL PARTNERS CORPORATE IDENTITYA i m i n g t o b e t h e w o r l d ‘ s l e a d i n g i n v e s t m e n t b a n k s e e k i n g maximum contributions to clients a n d t h e h a p p i n e s s o f a l l e m p l o y e e sClear Fee Structure Maintained Since the Company Was FoundedThe clear “no commencement fee” system enabling customers to consult with peace of mind has continued since the company was foundedInitial consultationCalculation of company valueConclusion of agreement with intermediary companyFinding the counterpartyDeciding the transfer recipientAudit Conclusion of agreementDeal closedM&A Capital0 yen * No feesInterim feeCompany AFreeCalculation feeCommencement feeInterim feeCompany BFreeMonthly feeInterim feeContingency feeContingency feeContingency feeTime is required to find the counterparty23Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedThe Fee Amount Is Determined Using the “Lehman Formula Based on Share Value”We use the “Lehman Formula based on share value” that leads to overwhelmingly lower costs as the formula for calculating fees in a way that convinces customersWhat is the Lehman Formula?A general calculation formula used for M&A intermediary contingency fees. Calculating fees according to a fixed commission rate against the value of the transactionTypical examples are the “Lehman formula based on the total assets moved” multiplying the total assets moved by a commission rate and the “Lehman Formula based on share value” multiplying the share value by a commission rate* It is a calculation formula created by referring to the fee structure used by the U.S. investment bank Lehman Brothers. The M&A team of the former Yamaichi Securities led by RECOF Corporation founder Masaaki Yoshida first adopted it in the Japanese market in 1974, and it has been widely used by RECOF Corporation to calculate contingency fees in the M&A industry since then. It is also referred to as the “Lehman Scale.”MACP using the Lehman Formula based on share valueExamples of Lehman Formula ratesCalculation using the Lehman FormulaLehman Formula based on the total assets moved used by other companies 2 billion yen x commission rateBalance SheetTotal assets moved2.0 billion yenDebt1.5 billion yenEquity value500 million yenLehman Formula based on share value used by MACP500 million yen x commission rateOver 10 billion yen5 billion yen up to 10 billion yen1 billion yen up to 5 billion yen500 million yen up to 1 billion yen1%2%3%4%5%1 billion yen or more1 billion yen or more×3% = 30 million yen500 million to 1 billion yen500 million to 1 billion yen×4% = 20 million yenUp to 500 million yenUp to 500 million yen×5% = 25 million yenUp to 500 million yen2.0 billion yenContingency fee75 million yenTransaction value, etc.Commission rateIf the transaction value of 2 billion yen is estimated using the Lehman Formula based on the total assets moved24Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedOverwhelmingly Low Commission Rate Using the Lehman Formula Based on Share ValueOverwhelmingly low commission rate within the M&A intermediary industryLehman Formula based on share value devised with the customer in mindLehman Formula based on the total assets movedPeer companiesCalculated based on 2 billion yenBalance SheetTotal assets moved2.0 billion yenDebt1.5 billion yenEquity value500 million yenLehman Formula based on share valueM&A CapitalCalculated based on 500 million yenUse of the “Lehman Formula based on share value” resulting in overwhelmingly low costContingency fee75 million yenFee is triple the amountIntermediary commission rate2.9% *Contingency fee25 million yen* Fiscal year ended September 30, 2021* Intermediary commission rateEffective intermediary commission rate per client calculated by multiplying the total commission value ratio for the share transfer value by 0.5.25Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedM&A Capital Partners Business ModelA “true M&A intermediary” that does not rely on just referralsA unique business model in the industry made possible by overwhelming ability to make direct proposals[Other companies] Business model based on “referrals”[MACP] Business model based on “ability to make direct proposals”Serves as an intermediary for companies considering Ability to make direct proposals by conducting sales M&A who are referred by accounting firms and financial directed at transferring companies requiring M&A without institutionsTransferring companies, receiving companiesOwn companyReferring institution¥ ¥ ¥¥ ¥Commencement fee and other costsContingency feePayment of referral commission¥Cash remaining on handrelying on referralsTransferring companies, receiving companiesOwn company¥ ¥¥¥Cash remaining on handLower contingency fee than other companiesHigh profitabilityRealization of not only conventional “business succession M&A” deals where the transferring company emerges, but also latent “business succession M&A” and “business growth M&A”26Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedBusiness Succession M&A and Business Growth M&A“Business succession M&A” resolving the absence of successor, which continues to be in demand and “business growth M&A” leading to growth with an eye to the future that has been increasing in recent yearsManagement’s reasons for transferring the businessWhat is “business growth M&A”?“For future growth of the company” has increased to 21% as a reason for transferring the companyHeightened needs for “business growth M&A”M&A utilizing the resources of the buyer company by joining the group of the buyer company with the aim of business growthOther3%Resolving concerns about the future and human resource shortages11%Other8%Resolving concerns about the future and human resource shortages14%Selection and concentration14%For growth and development of the company19%Absence of successor (including absence of a suitable successor)53%Absence of successor (including absence of a suitable successor)50%Selection and concentration7%For growth and development of the company21%(Year ended September 30, 2020)(Year ended September 30, 2021)Now3 years later5 years laterExpansion of scale requires securing resources and time✓ The seller company often survives without changing its name, and with the president continuing to manage the company✓ Shortening of time required for company growth✓ Strengthening of company’s base✓ Creation of synergiesa groupWhen jionngi groupjiionng a Whennot 27Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedLarge Deals Where M&A Capital Partners ExcelsRealizing an extraordinary average value of share transfer in the M&A intermediary industry by working on many difficult large dealsHandling difficult large deals21.9%34 large M&A dealsTotal number of deals closed155 deals1 in 5 deals are large deals with a commission of 100 million yen or moreUp by 13 deals year-on-yearAverage value of share transfer: Approx. 1.33 billion yen28Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved* Non-consolidated for the year ended September 30, 2021M&A CAPITAL PARTNERS CORPORATE IDENTITYAiming to be the world’s leading investment bank seeking maximum contributions to clients andthe happiness of all employeesCompensation Structure Attracting the Best Talent in JapanThe highest level of compensation in Japan attracts the best talent in the country, enabling the company to provide the highest level of M&A services■ 2021 ranking of companies by annual income (top 5)RankCompany nameAverage annual income(10,000 yen)Average age(years)M&A Capital Partners Co., Ltd.12345Company ACompany BCompany CCompany D2,269.901,751.801,708.201,678.401,627.8031.435.839.442.742Source: Diamond Online (July 19, 2021)The most important element in an M&A intermediary company is “human resources” and the abilities of M&A consultants are very important in particular30Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedReasons the Best Talent in Japan is RequiredImportance of a sense of responsibility and mission to growth the Japanese economyHighly specialized and diverse M&A operationsContent of highly specialized and diverse M&A operations(1) Consideration/preparation phase(2) Approach/negotiation phase(3) Final agreement phaselConcusono if NDARecept iof various maeriastlPreparationo f vaualtion reportagreementliConcuson of advsory iilseection of canddates to approachPreparation of proposal materias and lapproachCommencement of anonymous liDscosureo f deatil edmaeriastlcompany vsits, etc.iMeetings with top management, of termsAdditional tmaerias, lnegotiation iirecevng companyDetermnaitiono f direction in M&A successagreementExpressono if itnent, basc iIlmpemenattiono f dued iligencetermsFInal adustmenjt of deatiled lConcusono if final agreementThe skills required of an M&A consultant include not only a wide range of specialized knowledge on M&A, but it is also important to be able to make proposals that match the customer’s feelings31Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedProgram for Developing the World’s Best TalentWe have created a training program for further developing the best talent in Japan into the best talent in the worldGenerous trainingAccumulation of knowledgeOJT roadmapCreation of databaseSystematic organization of when to learn from whomStock of knowledge on successful cases through companywide meetings and workshopsOpen atmosphereRole playingGuidance by superiors and senior Collection of information from staff for six months after joining the throughout the company whenever companysomeone wants to know somethingIndividual growth leads to growth of the organization as a whole32Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedNetwork that has Achieved Explosive GrowthIndividual growth is a source of growth of the organization as a wholeCorporate culture emphasizing deep-rooted teamwork since the company was foundedCulture of mutual supportVarious employees have a positive approach for realizing M&AEmployees in charge shake hands with all employeesSharing the joy of closingToward “happiness for all employees” envisaged by M&A Capital Partners33Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedOverwhelming Productivity Per Person in the M&A IndustryOverwhelming productivity per person in the M&A industry proving that we have the best consultants in JapanNet sales per consultantOrdinary income per consultant135.61 million yen67.54 million yen(+10.4% year-on-year)(+13.1% year-on-year)* Non-consolidated fiscal year ended September 30, 2021 (number of consultants is based on the start of the fiscal year)34Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedWholeheartedly responding to customers’ resolutions.M&A Capital Partners’ passion for customers since the company was foundedSatoru NakamuraPassion for customers that has continued since the company was founded in 1987RECOF founder Masaaki YoshidaM&A with heartDNA passed on from the founders of M&A in Japan4. The Company’s Social Mission and Role in the M&A IndustryThe Social Mission to Be Fulfilled by the CompanySave as many SMEs as possible from closure, and contribute to growth of the Japanese economy through M&AA social issue in the headlinesAbsence of approximately 1.27 million successors2.45 million company owners over the age of 70Approx. 1.27 have not determined their successorsCorporationsUnder 70(approx. 790,000)70 or over(approx. 930,000)Sole proprietorsApprox. 60,000 companies require support each yearApprox. 1.27 have not determined their successors600,000 companies670,000 companiesCompanies at risk of black-ink bankruptcy in the decade until 2025Approx. 60,000 business operators require M&A support each yearOmittedUnder 70(approx. 570,000)70 or over(approx. 1.52 million)Source: The Nikkei, October 6, 2017Source: Small and Medium Enterprise Agency SME Business Succession Support Package (December 20, 2019)Source: Small and Medium Enterprise Agency (December 20, 2019)The Company’s social mission of “business succession” and “creating new growth opportunities” for the next generation of SMEs37Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedSMEs Choosing to Close Business and Economic LossIncrease in SMEs choosing to close business Further accelerated by uncertainty caused by COVID-19Trend of suspensions, closures and dissolutions of SMEsEconomic loss caused by suspensions and closures in 2021Incidents per yearTotal net sales(100 million yen)Employees 59,70258,51959,22556,10325,89024,64125,93425,49987,92281,54888,81087,3662017201820192020202154,70922,32578,411Source: Survey of Trends in “Suspensions, Closures and Dissolutions” of Companies Nationwide (2021) (Teikoku Databank)Loss in net sales2.2325 trillion yenJobs lost78,411Closures have an extremely large impact on reginal economies and the Japanese economy, such as the loss of employees’ jobs and the impact on business partners38Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedCompany owners are faced with four options when determining business successionFour Choices of Company OwnersCompany value2Public offering3M&A (succession to third party)Generation change1Succession to successorClosure (liquidation)Founding periodGrowth periodMaturation periodSecond founding periodDecline periodTime39Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedThe Choice of M&A Saves SMEs from ClosureM&A maintains employees’ jobs and relationships with business partnersThe personal suretyship is also lifted, making it the optimal means of maximizing founder’s profitOption● Advantages▲ DisadvantagesClosure (liquidation)● Securing profit for founder (less than other options)123Succession to successorRelatives ● Continue status as owner’s familyOfficers and employeesbusiness● Passed on to officers and employee who understand the Public offering● Separation of management and capital● Improvement of recruiting and funding capabilitiesM&A (succession to third party)● Company: Growth with stronger operating base● Owner: Securing profit for the founder, removal of personal suretyship● Employees: Stability of employment▲ Termination of business (inconveniencing business partners)▲ Dismissal of all employees▲ Risk of being unable to repay debt during closure▲ Absence of successor▲ Time required for share transfer▲ Takes on risks including personal suretyship▲ Need to consider suitability of successor▲ Lack of funds to purchase shares▲ Risk of being unable to remove president’s personal suretyship▲ Stricter listing criteria▲ Requires years of time▲ Does not lead to succession of capital (shares cannot be converted into cash)▲ Time may be required for consideration40Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedOur Contribution to Sustainability of Japanese Economy through M&AOur contribution to sustainability of the Japanese economy ever since the Company was founded is over 1.2144 trillion yenIn the 16th fiscal year, the level of contribution was 260.2 billion yen and 7,716 jobs in terms of sustainability of the economy and jobs, respectivelyContribution to sustainability of Japanese economy since the Company was foundedContribution to sustainability of Japanese economy in the 16th fiscal yearOver 1.2144 trillion yen(Cumulative sales of transferred companies)260.2 billion yen(Cumulative sales of transferred companies)Contribution to sustainability of jobs in the 16th fiscal year7,716 jobs(Cumulative number of employees of transferred companies)* Estimates based on internal research (as of September 30, 2021)41Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedContinually Growing M&A MarketJanuary-March 2022: M&A deals involving Japanese companies reached record highExceeded previous-year level in all marketsOUT-ININ-OUTIN-INM&A of Japanese companies by foreign companiesM&A of foreign companies by Japanese companiesM&A of Japanese companies by Japanese companiesM&A market expected to remain lively even after COVID-1919851990199520002005201020152020Source: RCOF M&A DatabaseLatestJan-Mar 2022Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved4,5004,0003,5003,0002,5002,0001,5001,000500042Continually Increasing M&A Advisory FirmsM&A advisory firms have rapidly increased since 2020Number of M&A advisory firms registered with the Small and Medium Enterprise AgencyNumber of M&A advisory firms registered with the “Small and Medium Enterprise Agency’s “Registration System for M&A Advisory Firms”753 sole proprietorsTotal registrations2,8232,070 corporationsCumulative number of registrations1980 to 198917Until 199961Until 2009358Increased by 1,329Until 2019Until 20211,4942,823Increased by 1,329 in just the past two yearsSource: Small and Medium Enterprise Agency “Final Announcement of Registered Financial Advisors and Brokers for the M&A Support Institution Registration System” (as of March 10, 2022)There is an urgent need to establish a foundation for increasing M&A advisory firms to enable SMEs to engage in M&A with confidence43Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedCoordinated Initiatives by Government and the Private Sector to Address Social Issues We have begun working with the Small and Medium Enterprise Agency to provide managers of SMEs with understanding of M&A and enable M&A advisory firms to conduct appropriate M&A in order to resolve the business succession problem SME M&A Guidelines established on March 31, 2020 “Business Succession Guidelines” Review CommitteeTwo people from the MACP Group participated in draftingToward resolution of (1) lack of knowledge and experience, (2) concerns about cost, and (3) distrust of M&A support that cause SMEs hesitate to engage in M&AOther coordinated support activities by government and the private sector■ “SME and Small Business Operator Policy Study Group” ■ “Establishment of M&A Support Institution Registration System” (December 3, 2019)(August 2, 2021)Publication of basic matters to encourage understanding of M&A among SMEs without successors and ensure the appropriate execution of M&A by M&A advisory firmsStrong coordination between government and the private sector continues to be vital going forward for addressing the progressing problem of absence of successors44Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedThe M&A Intermediary Industry Is Moving from Competition to a New Era of CooperationThe “M&A Intermediaries Association” was established on October 1, 2021 as an industry group aimed at the sound advancement of the M&A industry and developing and maintaining the Japanese economy, starting in earnest in April 2022Directors of the M&A Intermediaries Association at the launch press conference, MACP President Nakamura is at the center of the photoMACP President Nakamura commenting on his appointment as a director at the launch press conferenceOur greatest mission as a leading company in the M&A industry is the creation of a sound M&A industry45Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedRole as a Leading Company in the M&A IndustryToward the creation of a sound M&A industry to save approximately 60,000 business operators per year from black-ink bankruptcyNumber of suspensions, closures and dissolutionsNumber of bankruptcies related to COVID-19Approximately 60,000 business operators choose to closure or bankruptcy every year2017201820192020202159,70258,51959,22556,10354,7093,231 businesses went bankrupt due to COVID-19Source: Survey of Trends in “Suspensions, Closures and Dissolutions” of Companies Nationwide (2021) (Teikoku Databank)Source: Survey of Trends in “Bankruptcies Related to COVID-19” (April 26, 2022) (Teikoku Databank)Owners of SMEs need an environment in which they can utilize M&A with confidence46Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedDNA Passed On from the Founders of M&A in JapanPhilosophy and visual symbol of RECOF since it was founded in 1987We hope every M&A deal we have been involved in to be the best M&A for our clients.47Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedSocial Significance of M&A Capital PartnersDrive “fair M&A” to realize a sound future for the Japanese economy48Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedWhat is the “Fair M&A” concept advocated by M&A Capital Partners?Social significance (purpose)Ever since the founding of the Company, our concept of “Fair M&A” has been that of a“client-first M&A” that prioritizes the interests of the customer.Our role is to guide clients to the best option through high-quality M&A that addresses the issues and dreams that customers wish to resolve or achieve, such as business succession or corporate expansion, and that takes a serious approach to the new lives of business owners and employees both in the transferred company and the receiving company.In addition, by engaging as a leading company in M&A that provides a model for the M&A intermediary industry, we hope to contribute to a sound future for the Japanese economy.Through this “Fair M&A,” we will contribute to sustainability and fulfill our social responsibilities.49Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved5. The Company’s Sustainability InitiativesOur approach to sustainabilityWe will contribute to a sustainable future by encouraging the development of the Japanese economy and working to solve social problems.SDGsSDGs (Sustainable Development Goals): shared goals forinternational society to create a more sustainable world,adopted at the United Nations Sustainable DevelopmentSummit held in September 2015.At a meeting held in November 2021, the Company’s Board of Directors set material ESG issues that incorporate an SDGs perspective.51Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedImportant sustainability issues (materiality)End poverty everywhere, ensure healthy lives for allImplementing business succession M&A to maintain employment based on a stable platform by ensuring the continuation of the businessDecent work and economic growthWorkplace environment that supports sustainable growth and self-realization for outstanding consultantsBuild a base for infrastructure and technological innovation, and develop sustainable human settlementsDevelop industry through synergistic M&A,and create M&A nationwide to contribute to local economiesMaintaining a robust system of governance as one of the industry’s leading companiesWork together in partnership to achieve goalsFulfilling our social responsibilities through cooperation with government agencies, and contributing to sustainability by facilitating business succession52Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedESG initiativesBy implementing ESG initiatives through our M&A business, we help achieve a sustainable society.EnvironmentOur approach to ESGSocialGovernanceOver 1.2144 trillion yen(Cumulative sales of transferred companies)The sharp rise in suspensions and closures of SMEs in Japan is widely recognized to be an important issue.According to calculations made by the Small and Medium Enterprise Agency, if it is left to continue it could lead to a loss of as much as ¥22 trillion in GDP by 2025. There is an urgent need for companies to contribute to resolving this serious social problem through the use of M&A for business succession.Since the founding of the company, we at M&A Capital Partners have made contributions to the sustainability of the Japanese economy of more than ¥1.2144 trillion.Going forward, by implementing ESG initiatives through our M&A-related service business, we will continue to help achieve a sustainable society.Selected for February 2022 Forbes JAPAN ranking of potential: “Expecting performance improvements: growth stocks promoting SDGs/ESG”53Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved5. Growth StrategyM&A CAPITAL PARTNERS CORPORATE IDENTITYAiming to be the world’s leading investment bankseeking maximum contributions to clients and the happiness of all employeesCurrent Business EnvironmentAges of company presidents are higher than everThe number of companies without successors also remains highAverage age of company presidents61.5% of companies do not have a successor60.3Two in three companies do not have a successorAverage age of CEO in 2021 was 60.3 years, a new highSuccessor Successor presentpresent34.9%38.5%No No successor successor presentpresent61.5%65.1%1990200020102020Source: Nationwide Analysis of Company Presidents (March 4, 2022) (Teikoku Databank)Source: Survey of Trends in “Rate of Absence of Successor” of Companies Nationwide (2021) (Teikoku Databank)Business succession by companies without a successor is a major key for the future growth of the Japanese economy56Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reserved62.0(years)60.058.056.054.052.050.054.0High Latent Needs for Business Succession70% of company owners are conscious of business succession but have not reached the point of planningIt is necessary to dig up latent needs for M&AGap between business succession awareness and planningIssues in implementation of business successionNot leading to action is a factor in the current situation of Past difficulties%Potential difficulties%AwarenesslPannngibusiness succession not going aheadGap■Highest priority management issue■A management issue■Not a management issue■Don’t know■Business succession is already complete■Have a plan and it is being implemented■Have a plan but have not implemented it yet ■Don’t have a plan■Don’t know020406080100(%)12345Development of successorTax measures such as inheritance tax and gift taxHandling of assets such as the company’s sharesDetermination of successorTransfer of authority to successor48.331.730.528.226.412345Development of successorDetermination of successorUnderstanding of employeesEnhancement of future potential and appeal of businessHandling of assets such as the company’s shares55.444.625.522.319.6Source: Teikoku Databank “Survey of Corporate Attidudes towards Business Succession”Source: Teikoku Databank “Survey of Corporate Attidudes towards Business Succession”Latent needs can be approached through the ability to make direct proposals, which is MACP’s strength57Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedScale of the Business Succession M&A MarketThere is still a large business succession M&A market, and approaches will continue to be made to companies with business succession needsTargets of Business Succession M&AIt is estimated that the targets for business succession M&A number around 240,000Joint stock companiesApprox. 2,550,000 companiesPresident aged 60 or moreApprox. 1,230,000 companiesNo successorApprox. 630,000 companiesCompanies recording profitApprox. 240,000 companiesMain targets of business succession M&AThe Company has handled 172 business succession M&A deals (full year in 2016)The business succession M&A market is extremely largeAble to grow steadily by continually hiring consultantsSources: Estimated by M&A Capital Partners based on Teikoku Databank “Nationwide Analysis of Company Presidents,” Teikoku Databank “Nationwide Analysis of Owner-operated Companies” and National Tax Agency “Results of Sample Survey of Companies” Focus on M&A intermediary business centered on business succession M&A58Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedTarget Area for the GroupLeverage distinctive features of Group companies to address everything from small companies to large corporations to support every target areaMain organizations capable of operating in each areaAreas in which M&A Capital excelsMajor financial institutionsLarge corporationsSales >= ¥10.0bnMedium-sized enterprisesSales >= ¥1.0bnSmall companiesSales >= ¥300mnM&A intermediationFinancial advisory (FA)Micro enterprisesSales < ¥300mnM&A matching supportM&A intermediary organizationsPlatformoperator59Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedGrowth Scenario Envisaged by the MACP GroupTo b e t h e w o r l d ' s l e a d i n g i n v e s t m e n t b a n kResolve the business succession problem and support the growth of SMEs for the development of the Japanese economyTo be the world’s leading investment bankOne of the world’s leading M&A companiesFlagship company supporting the Japanese economyEstablishedListed on Tokyo Stock Exchange MothersListed on Tokyo Stock Exchange First SectionNow200520132014202160Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedThe MACP Group’s Medium-term VisionThree-year plan for the number of deals and the number of consultants required to fulfill our social mission(Year Ending September 2022 to Year Ending September 2024)Number of DealsNumber of consultantsM&A Capital PartnersRECOFM&A Capital PartnersRECOF30243272022517155168Averageincrease of 20% per yearAverageincrease of 10% per yearwill be maintained57242511934715445123Averageincrease of 25% per yearAverageincrease of 10% per yearwill be maintainedYE S E P 2 0 2 1R E S U L TYE S E P 2 0 2 2T A R G E TYE S E P 2 0 2 3T A R G E TYE S E P 2 0 2 4T A R G E TY E S E P 2 0 2 1R E S U L TY E S E P 2 0 2 2T A R G E TY E S E P 2 0 2 3T A R G E TY E S E P 2 0 2 4T A R G E T61Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedRelocation of Head Office to Achieve GrowthThe head office will be relocated to Tokyo Midtown Yaesu on January 1, 2023 to expand business in pace with growth and lead to further developmentDepiction of completed Tokyo Midtown YaesuGood access directly connected to Tokyo Station62Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedSource: Mitsui Fudosan Co., Ltd.Strengthening Matching“Alliance partner matching business” aimed at building nationwide M&A networkReinforcing system and beginning full-fledged operationStrengthening the “alliance partner matching platform” that forms the core of the businessCompanies considering receiving transferCurrent alliance partner finance institutions19 companies(as of March 31, 2022)Financial institution in role of alliance partnerRegional revitalizationCompanies considering receiving transferApril 2022New recruitmentOctober 2022RenewalAlliance partner matching platformCompany considering transferGradual increase ofpersonnelCompany considering transferAchieving regional revitalization through matching via financial institution alliance partners nationwide, and exposure in major media63Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedActivities to Raise Awareness of M&ARole of communicating “M&A” to the public as a leading company in the industryIncreased awareness of “M&A” through the popular “lion president” commercialsTelevision commercial lineupTV Asahi Network Hodo Station, Fuji Television Network Nichiyo Hodo THE PRIMETV TOKYO World Business Satellite (WBS), TV TOKYO Morning SatelliteTV TOKYO Cambria Kyuden, TV TOKYO Gaia no Yoake10 patterns of “lion president” commercials“TSE Prime” version, from April 2022 onward (excerpt)64Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedActivities to Raise Awareness of M&AInterviews with business owners who have actually experienced M&A: “Various choices”Web content that depicts the feelings of business owners as they come to a decision about M&AExamples of most recent dealsSecurity business + share transferMaking the M&A decision to protect a group company built by parents and childrenMetal manufacturing + share transferAn M&A partner who convinces you, and walks beside you, one step at a time.https://www.ma-cp.com/case/success/Teaching people about real M&A through interviews, packed with different emotions, conducted with those who have completed deals65Earnings Briefing Presentation Materials for FY09/2022 | Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedActivities to Raise Awareness to Learn about Correct M&AStrengthen seminars to advocate for “Fair M&A” and drive a sound M&A industry with ownersSeminars providing information on “correct M&A” will be heldBusiness growth M&A seminarBusiness succession M&A seminarUsing seminars to advocate for “Fair M&A” for all those involved in the process66Earnings Briefing Presentation Materials for FY09/2022｜ Copyright © 2022 M&A Capital Partners Co., Ltd. All rights reservedA i m i n g t o b e t h e w o r l d ‘ s l e a d i n g i n v e s t m e n t b a n k s e e k i n g m a x i m u m c o n t r i b u t i o n s t o c l i e n t s a n d t h e h a p p i n e s s o f a l l e m p l o y e e sThe plans, forecasts and strategies, etc. contained in these materials are forecasts on future performance based on information available at the time the materials were prepared, and these include inherent risk and uncertainty. Actual performance may differ from forecasts and predictions due to such risk and uncertainty.Information considered useful for explaining our business environment has been provided in these materials. The results in the data may vary depending on the method or timing of the survey.Information within these materials on other topics besides the Company is quoted from published information and other sources. As such, the accuracy, appropriateness, etc. of the information has not been verified, nor are any guarantees provided thereof.