山田コンサルティンググループ（4792） – [Delayed]Financial Results for the Fiscal Year Ended March 31, 2022

Notice: This English translation is for reference purposes only. In the event a difference with the original Japanese version arises herein, the original shall prevail.Financial Results for the Fiscal Year Ended March 31, 2022May 17, 2022YAMADA Consulting Group Co., Ltd.山田コンサルティンググループ株式会社© YAMADA Consulting Group Co., Ltd.CONTENTSFY2021 Consolidated Financial Results Highlights and FY2022 Forecast1. FY2021 Financial Results[1] Consolidated Highlights… 3[2] Factors Affected Operating Profit … 4… 5[3] Consolidated Annual Results… 6[4] Net Sales by Quarter[5] Profit and Loss[6] Balance Sheet[7] Cash Flow2. FY2022 Full Year Forecast3. Shareholder Return… 7… 8… 9… 10… 11Initiatives to Enhance Corporate Value1. History of YCG’s Growth and Challenges for Further Growth… 202. YCG’s Business Model: Maximizing Client Lifetime Value … 213. YCG’s Advantages and Sustainable Growth System … 224. YCG’s Sustainable Growth System in Detail… 235. Basic Policies on HR Strategy:For Individual and Organizational Sustainable Growth6. Organizational Structure Applying Matrix Management… 257. FY2021 Results and FY2022 Forecast Gross Profit Based on… 26Matrix Management8. History of YCG’s Global Business Consulting ServicesFY2021 Highlights and FY2022Forecast: By Segment1. Management Consulting Business:… 13M&A Advisory Services Track Record … 14… 152. Real Estate Consulting Business3. Education and Training/FP Related Business … 16… 174. Investment/Fund Business Reference1. Company Overview2. Organizational Structure 3. Domestic and Global Business Locations4. Global Network5. Line of BusinessFeatures… 186. Public Relations ActivitiesSeminarsReports on Global BusinessMay 17, 2022… 24… 27… 29… 30… 31… 32… 33… 34… 35… 36© YAMADA Consulting Group Co., Ltd.May 17, 2022FY2021 Consolidated Financial Results Highlights and FY2022 Forecast© YAMADA Consulting Group Co., Ltd.1. FY2021 Financial Results [1] Consolidated HighlightsMay 17, 2022 Net Sales were down by 4.3％ to 14,645 million yen year on year, on the other hand both Gross and Operating Profits were up by 4.9％ to 12,444 million yen and by 11.0％ to 2,501 million yen respectively. Factors leading to a drop in sales include Net Sales in investment/fund business decreased by 1,982 million yen year on year without large share sales in invested companies in FY2021. (Meanwhile, Net Sales in consulting business increased by 1,312 million yen.)Refer to the following slide for the details. Unit: Million yenFY2020Consolidated ResultsFY2021ConsolidatedResultsYoYSummaryNet Sales 15,31514,645-4.3%Gross Profit11,85912,444+4.9%Operating Profit2,2522,501+11.0%© YAMADA Consulting Group Co., Ltd.31. FY2021 Financial Results [2] Factors Affected Operating ProfitMay 17, 2022 Gross Profit in the investment/fund business was down by 538 million yen, while that in the consulting business (excluding the investment/fund business) was greatly up by 1,122 million. SG&A Expenses increased by 334 million yen with higher personnel, travel, and transportation expenses.Gross profit from consulting services:+1,122Unit: Million yen2,5012,252Changes in SG&A expenses+334Increase in personnel expenses due to pay rise/bonus:-192Increase in travel/ transportation expenses: -24Increase in other SG&Aexpenses:-118Gross profit from fund business: -538FY2020OP(Previous period)© YAMADA Consulting Group Co., Ltd.FY2021OP(Period under review)41. FY2021 Financial Results [3] Consolidated Annual ResultsMay 17, 2022 Despite achieving a record-high OP of 2,917 million yen in FY2017, we struggled over the following three years, due to slowdowns in sales growth caused by stagnation in the M&A business and increased costs, mainly personnel expenses, with investments in new overseas businesses and human resources. In FY2021, we saw that our efforts of operational enhancement made some results and entered the recovery phase. We now expect further growth going forward. ▍Net SalesUnit: Million yen▍Operating ProfitUnit: Million yenFull year13,11013,40013,57615,31514,645Full year2,9177,1357,5807,2749,6978,7892H1,6622H1H2,3082,2082,2521,8551,2922,0072,5011,9735,9755,8206,3015,6185,8551H1,2552018/32019/32020/32021/32022/39164522018/32019/32020/32442021/35282022/3© YAMADA Consulting Group Co., Ltd.51. FY2021 Financial Results [4] Net Sales by Quarter We typically gain more sales in the second half of the fiscal year. In recent years, the amount of quarterly Net Sales tends to undergo large fluctuations, depending on when we complete a large-scale M&A project or when the exit of any fund project is.May 17, 2022▍Net Sales by QuarterUnit: Million yenExit of a large-scale investment fund project7,0006,0005,0004,0003,0002,0001,000-2018/3FY2017 ended March 20182019/32020/32021/32022/31Q 2Q 3Q 4Q1Q 2Q 3Q 4Q1Q 2Q 3Q 4Q1Q 2Q 3Q 4Q1Q 2Q 3Q 4Q© YAMADA Consulting Group Co., Ltd.61. FY2021 Financial Results [5] Profit and LossFY2020Consolidated ResultsFY2021ConsolidatedResultsYoY (Amount)YoY (%)FY2021Consolidatedforecast revised on April 5, 2022 FY2020Consolidated forecast first released on May 7, 2021 14,645-669-4.3%14,56014,10015,3153,45511,8599,6072,2522,3221,975Net Sales Cost of SalesGross ProfitSG&AExpensesOperating ProfitOrdinary ProfitAnnual Profit before Income TaxesProfit attributable to owners of parent© YAMADA Consulting Group Co., Ltd.2,201-1,254-36.2%12,444+584+4.9%9,9422,5012,570+334+3.4%+249+11.0%+248+10.7%2,570+595+30.1%—-2,4902,5301,3941,716+321+23.0%1,700 1,400May 17, 2022Unit: Million yen—-2,1002,10071. FY2021 Financial Results [6] Balance SheetMay 17, 2022AssetsLiabilitiesNet AssetsCurrent AssetsNon-Current AssetsProperty, Plant and EquipmentIntangible Fixed AssetsInvestments and Other AssetsTotal AssetsCurrent LiabilitiesNon-Current LiabilitiesTotal LiabilitiesCapital StockTreasury StockCapital Surplus and Retained EarningsTotal Shareholders’ EquityOther Accumulated Comprehensive IncomeShare Acquisition RightsNon-Controlling InterestsTotal Net AssetsAt the end of FY2020At the end of FY2021Unit: Million yenYoY(Amount)+2,08014,2402,6524501572,04316,8924,079804,1591,59911,470-52312,546313012412,73316,89216,3202,0984721181,50818,4194,500844,5841,59912,442-51013,5311003416813,83418,419+1,526-554+21-39-535+421+4+425-+972+12+985+68+3+44+1,101+1,526Total Liabilities and Net Assets© YAMADA Consulting Group Co., Ltd.81. FY2021 Financial Results [7] Cash FlowMay 17, 2022Unit: Million yenCash and cash equivalents at beginning of periodCash flows from operating activitiesProfit before income taxesDecrease/increase in investment securities for saleDecrease/increase in other CF from operating activitiesCash flows from investing activitiesPurchase of property, plant, and equipmentPurchase of intangible assetsPurchase of investment securitiesPayments of leasehold and guarantee depositsDecrease/increase in other CF from investing activitiesCash flows from financing activities*Increase/decrease in short-term borrowingsDividends paidDecrease/increase in other CF from financing activitiesNet increase/decrease in cash and cash equivalentsCash and cash equivalents at end of periodFY2020FY2021Consolidated Results6,055Consolidated Results10,1953,3151,9751,726-38623-87-21-52-662497991,500-721204,13910,1952172,570-1,770-583-86-110–28-961-663–76097-5329,662*Cash flows from financing activities include the effect of exchange rate changes on cash and cash equivalents. Cash flows from operating activities Decrease/increase in investment securities for sale was mainly attributable to investments made by capital solution funds managed by our subsidiary. Cash flows from operating activities significantly vary depending on investments and sales in the investment/fund business during the year under review.© YAMADA Consulting Group Co., Ltd.92. FY2022 Full Year ForecastMay 17, 2022Unit: Million yenYoY(Amount)YoY(%)ConsolidatedResultsFY2022ConsolidatedForecastFY2021Consolidated ResultsNet Sales Gross ProfitOperating ProfitOrdinary ProfitProfit attributable to owners of parent16,68013,3602,7002,6601,77014,645+2,034+13.8%12,4442,5012,5701,716+915+198+89+53+7.3%+7.9%+3.4%+3.1%10© YAMADA Consulting Group Co., Ltd.3.Shareholder ReturnBasic Policy on DividendWith the recognition that shareholder returns are one of our business management’s important tasks, we continuously aim to maintain a high and stable dividend capacity. Consolidated Payout RatioUp to 50%Dividend on Equity(DOE) Ratio5% of stable dividendsMay 17, 202260504030201004623234623232019/3Payout RatioDOE54.6%7.8%2020/370.8%7.5%© YAMADA Consulting Group Co., Ltd.■ Year end (Yen）■ Interim (Yen)Guaranteed46Forecast473722152021/350.4%5.7%28182022/350.9%6.4%24232023/350.5%6.2%Forecast11May 17, 2022FY2021 Highlights and FY2022 Forecast: By Segment© YAMADA Consulting Group Co., Ltd.1. Management Consulting Business: Full-year Results and Forecast Net Sales were up by 10.1％ to 12,479 million yen, while OP significantly increased by 59.3％ to 2,121 million yen. In the field of sustainable growth, various consulting needs have been growing, feeding robust inquiries and orders. Meanwhile, business succession related inquiries and orders have also come steadily at a higher pace than the previous year. Going forward, we expect projects in the business revitalization to grow, including medium-term business plan development support and M&A transactions to deal with cash flow concerns and business restructuring.▍Net SalesUnit: Million yen▍Operating ProfitUnit: Million yenMay 17, 2022Forecast13,16015,000Full year10,0002H1H5,000-11,22411,97911,32612,4796,5506,4257,3986,6194,6735,5544,7065,081Headcount TotalBreakdownConsultant engaged in comprehensive workConsultant engaged in practical operations*Corporate staff member7145021041087345201111037505341061107595421041132019/32020/32021/32022/32023/32019/32020/32021/32022/32023/3* Consultant engaged in practical operations*:Members who take an integral part of the entire consulting work, including processing data and analyzing information.© YAMADA Consulting Group Co., Ltd.13Forecast2,0902,121Full year2H1H3,0002,0001,8231,0001,671-1511,9391,1358041,3311,2071231,7283921. Management Consulting Business: M&A Advisory Services Track Record By exercising our expertise in diverse consulting services, we seek high-value added M&A deals to fulfill clients’ needs. M&A related Gross Profit: 3,961 million yen (102 deals) in FY2021 We ranked 20th in the M&A league table*1 and 9th in the mid-market*2, released by Refinitiv Japan.*1: Refinitiv Japan’s M&A review on publicly disclosed deals in Japan in 2021 : Ranking of financial advisors in value terms for Japanese companies, including 3,719 million yen (101 deals) in FY2020*2: Refinitiv Japan’s M&A review on publicly disclosed deals in the mid-market (up to 100 million dollars) in Japan in 2021: Ranking of financial advisors in value May 17, 2022their affiliates. terms.▍Annual M&A AchievementsUnit: Million yen■ 1H■ Full year3,38696 3,614112 50 4,0003,0002,0001,0000● 1H● Full year3,961102 3,719101 140120100806040200▍Composition of Sales from Clients by Channel (FY2021)Law/ accounting firms 4％Other9％Financialinstitutions29％Existing consulting clients38％36 32 23 1,100 1,739 1,259 1,148 2019/32020/32021/32022/3B2B(Direct)20％Note: The amount represents gross profit after sharing consulting fee with joint FAs.© YAMADA Consulting Group Co., Ltd.142. Real Estate Consulting Business: Full-year Results and ForecastMay 17, 2022 Net Sales were up by 25.7％ to 1,079 million yen, while OP was down by 8.3% to 212 million yen. We received increased number of consultations on asset sales and comprehensive real estate matters amid uncertain climate about the future. During the fiscal year under review, we successfully won a large real estate brokerage deal but saw a decline in OP with increased SG&A expenses mainly due to an increase in personnel. We seek new deals by closely cooperating with consulting divisions.▍Net SalesUnit: Million yen▍Operating ProfitUnit: Million yenForecast1,050400300Full year2H2001921001601H-32Forecast30023023215772217142021/3212137742019/3332020/3292021/3282022/3332023/32019/32020/32022/32023/3Full year2H1H1,000800600400200-Headcount TotalBreakdownConsultant engaged in comprehensive workConsultant engaged in practical operationsCorporate staff member9295678114828585673293612901,07954253724-922-720-825-8© YAMADA Consulting Group Co., Ltd.153. Education and Training/FP Related Business: Full-year Results and ForecastMay 17, 2022 Sales were 605 million yen, up 8.4％, while OP was 20 million yen. We seek product differentiation with customized seminars and curriculums to meet diversified corporate training We engage in further enhancing the user-friendliness of our inheritance procedure support (Souzoku Anshin Support) services by offering a wider range of services for the elderly and by collaborating with our business partners.▍Net SalesUnit: Million yen▍Operating ProfitUnit: Million yenForecast80Forecast 720751735355331558292605303395403266302Full year2H1H80604020-△ 20416353140△ 91△ 11△ 102021/3201272019/32020/32022/32023/3A number with △indicates a negative value. 2019/32020/32021/32022/32023/3Headcount TotalBreakdownConsultant engaged in comprehensive workConsultant engaged in practical operationsCorporate staff member4219-234318-254018-223716-21needs.Full year2H1H900600300-© YAMADA Consulting Group Co., Ltd.164.Investment/Fund Business: Full-year Results and ForecastMay 17, 2022 Both sales and profits decreased year on year, as there was no large-scale selling of invested shares. Meanwhile, OP was 147 million yen due to dividend income from fund investees and capital gains from sales of investee shares. We continue to seek new opportunities in investing in fundamentally healthy medium-sized companies. Investment Amount in FY2021: 2,242 million yen; Investment Balance as of March 31, 2022: 3,965 million yen (6 deals) ▍Net Sales▍Operating Profit3,0002,0001,000-Full year2H1HHeadcount TotalBreakdownConsultant engaged in comprehensive workConsultant engaged in practical operationsCorporate staff memberUnit: Million yenForecast1,7502,6192,253800600400200-△ 200Full year2H1H2502331768△ 1Unit: Million yenForecast 23014794526995801182019/32021/32022/32023/32019/32020/32021/32022/32023/3A number with △indicates a negative value. 66822744042412020/311——6375573667943-175-2Note: The operations under Investment/Fund Business are actually performed together with Management Consulting Business. Management Consulting Business members engage in roles related to Investment/Fund Business, including maintaining long relationships with clients and unearthing potential investment targets.© YAMADA Consulting Group Co., Ltd.174.Investment/Fund Business: FeaturesFeaturesMay 17, 2022With the goal of supporting clients’ successful succession of business, the Fund Business Department acquires shares as means of aggregating dispersed stock of the client company or responding to minority shareholders’ request, then earning return of the investment through realignment of ownership structure.• The investment is 99% funded with our own capital. • Not only solve financial issues associated with business succession, but we also provide a full range of support, making the maximum use of our consulting functions, offering support for corporate governance reforms, potential successor education, and management systems enhancement.• Unlike conventional buy-out funds, the Fund Business Department sets the goal of supporting the client’s business succession, and not controlling the investee, hence we make minority investments in principle.• The investments are made only in financially sound companies, so that the investment risk is very low.Policies•••By actively engaging in investment opportunities arising from our consulting business, we pursue earnings opportunities from and beyond the consulting business.=> Investment balance goal in FY2025: 8 billion yenThe biggest advantage is that we can manage the funds with a concerted approach involving our highly skilled business consultants, as the investments are in principle limited to our clients. In addition, this is a business model that allows us to control investment risks. => Going forward, in addition to the current targets, unlisted companies, we will proactively expand the scope of the business by also targeting clients for the real estate business, the wealthy, and institutional investors, responding to those clients’ needs. © YAMADA Consulting Group Co., Ltd.18May 17, 2022Initiatives to Enhance Corporate Value© YAMADA Consulting Group Co., Ltd.Initiatives to Enhance Corporate Value１．History of YCG’s Growth and Challenges for Further GrowthUnit: Million yen18,000Net Sales売上高Gross Profit 売上総利益Headcount従業員数May 17, 2022Headcount900FY2021Net Sales: 14,645Gross Profit: 12,444Headcount:856FY1999(Ended Mar. 2000)Net Sales: 1,974Gross Profit: 1,079Headcount: 6716,00014,00012,00010,0008,0006,0004,0002,000-Declining/aging population-led issues: Shrinking domestic market, succession at SMEs, excess supply, non-urban areas economic status, social securityJapanese banks’ non-performing loan issuesAbenomicsCOVID-19 pandemicSocial EnvironmentMore challenging/diversified needs (higher added value services):Various value offerings from the client’s perspective 2007-08 financial crisis’ blowFinance act forSMEs (time-limited)Innovations in IT/digital technology 2011 quake’s blowIncreases in mega-disastersClimate change and energy IssuesClients’ Challenges =Offering Value/Services (Competitive edge)Business revitalization: Offer a full range of support for revitalization from revitalization planning to supporting M&A transactionsManagement: Deliver solutions to all kinds of challenges: sustainable growth, organization strategy, corporate governance Business succession: Provide comprehensive support to business owners, includingasset/biz successionFAS (VA=>FA services)M&A: Serve clients for a long time as a consultant, not as a matchmakerGlobal business: Offer a full-support from inside and outside JapanReal estate: Shift focus from property management and real estate brokerage for owners to a comprehensive real estate consultingEducation, training/FP: Shift focus from targeting financial to operating firms with HR training program planning/development, collaborating with consultant members© YAMADA Consulting Group Co., Ltd.800700600500400300200100-2020Initiatives to Enhance Corporate Value2. YCG’s Business Model: Maximizing Client Lifetime ValueMay 17, 2022 A major strength in our business model lies in maximizing client lifetime value. In order to respond to all the challenges in business our clients may face, we are determined tocontinuously seek new business and service opportunities. To this end, we take advantage of ourcomprehensive consulting capabilities, including cross-sell, to enhance client loyalty.Client companyFund ServicesE.g., business succession, real estateinvestment management ServicesE.g., asset management, safeguarding of assets, asset successionDevelopment of new business/servicesBusiness Revitalization ConsultingGlobal Business ConsultingSustainable Growth ConsultingPeople and Organization ConsultingBusiness Succession ConsultingM&A ConsultingIT ConsultingCorporate Governance ConsultingEducation and TrainingReal Estate Consulting© YAMADA Consulting Group Co., Ltd.21Initiatives to Enhance Corporate Value3. YCG’s Advantages and Sustainable Growth System May 17, 2022 Our business model is built on the three advantages we have gained in the course of business. We seek further growth by enforcing our strengths with comprehensive knowledge management through the Sustainable Growth System.▍Current advantages ▍Sustainable Growth SystemCorporate Philosophy: Social contribution on harmonized individual and organizational growthHigh profitable/sustainable growth = Results of the harmonyOrganizational growthTrack records and capabilities have been proven through our service offerings to various companies.Activities outside YCGIndividualgrowth＋Activities inside YCGFoundation＝Aiming for further growthA wide range of service solutions are available. We have good and long-lasting relationships with clients.The foundation supporting the harmonization of individual and organizational growth© YAMADA Consulting Group Co., Ltd.22Initiatives to Enhance Corporate Value4. YCG’s Sustainable Growth System in DetailMay 17, 2022 The Sustainable Growth System aims to bring about our sustainable growth by harmonizing individualgrowth of self-directed employees and organizational growth arising from individual achievement.Individual Individual growthIndividual growth of self-directed employees stimulates intellectual activities and then brings greater achievement.Corporate Philosophy: Social contribution on harmonized individual and organizational growthHigh profitable/sustainable growth = Results of the harmonyOrganizational Organizational growthAchievementAchievementAchievementAchievementAchievementAchievementThe achievement led by individual intellectual activities grows the organization sustainably.Open innovationFoundationThe foundation supporting the harmonization of individual and organizational growth© YAMADA Consulting Group Co., Ltd.23Initiatives to Enhance Corporate ValueMay 17, 20225. Basic Policies on HR Strategy: For Individual and Organizational Sustainable Growth We would like both our employees and the organization to keep growing. To this end, we maintain afavorable working environment for employees at any stage in life, so they can strike a good balanceamong their work, life, and individual development. We would like to our employees to:• Appreciate and understand the corporate culture and values;• Always take on more challenging, new work; and•Establish their specialties where they can pursue their development in the long term. Employer branding:RecruitPublicizing our corporate culture and values=> To be a company that talent wants to joinDevelopment/Retention Skills Upgrading Program for managers=> To support a long-term career formation Enhancement of training programs and contents for basic skills Carrying out of F2F talks between employees and board members and employee pulse survey=> To support those at an early stage of their career Working arrangements to meet diverse demand, e.g., Awork-at-home, shorter-hour-working Higher productivity and shorter hours=> To maintain a working environment where diverse members can keep working comfortably over long yearsEvaluation As evaluation items, adding individual skills to management skills and revenue contributionSkills Upgrading Program:It aims to expand the “horizontal and vertical lines of a letter of T”. Here, the horizontal line refers to skills beyond their specialty, while the vertical one is their specialty. Each member picks up themes based on talks with their bosses and spends 5% (100 hours) of their annual working hours to upgrade their skills.BTo further deepen the current specialtiesABTo diversify the skill set by acquiring knowledge beyond the current specialtiesAfter widening their knowledge, they embark on a new, more challenging domain.Individual career advancement is a source of the company’s sustainable growth.© YAMADA Consulting Group Co., Ltd.24Initiatives to Enhance Corporate ValueMay 17, 20226. Organizational Structure Applying Matrix Management In addition to the existing by-business-unit/location management, we add a by-business-category approach to developing and implementing company-wide strategies. By applying matrix management, we aim to be more competitive in each business area.Business Management DepartmentBusiness Management DivisionArea Business Planning DivisionGlobal Business DepartmentChinaThailandVietnamSpireUS/TohokuKoriyamaNagoya/Hamamatsu/KyushuKumamotoSingapore/IndonesiaBy business-unit/locationKeihanshin+Hiroshima/OkayamaBy business-categoryManagement Consulting BusinessTokyoBusiness Revitalization BusinessM&A Advisory BusinessBusiness Succession AdvisoryBusinessReal Estate Consulting BusinessSouzoku Anshin Support BusinessFund Business© YAMADA Consulting Group Co., Ltd. Sales andMarketingDivision 25Initiatives to Enhance Corporate ValueMay 17, 20227. FY2021 Results and FY2022 Forecast Gross Profit Based on Matrix ManagementFY2021 ResultsBy business-category(horizontal axis)M&A Advisory Management ConsultingBusiness Succession AdvisoryBusiness RevitalizationReal Estate ConsultingFundSouzoku Anshin SupportBy business-unit/locationFY2022 ForecastBy business-category(horizontal axis)M&A Advisory Management ConsultingBusiness Succession AdvisoryBusiness RevitalizationReal Estate ConsultingFund Business Souzoku Anshin SupportBy business-unit/locationBy business-unit/location (vertical axis)Management ConsultingCorporate AdvisoryFinancial SolutionsGlobal Business KeihanshinNagoya/HamamatsuKyushu/KumamotoTohoku/KoriyamaReal Estate ConsultingFund4,0351,3892,0201,4011,5731,0051,2232,15810645001,30238050001,0522,28806634001,300800502002901151,32740100281204801201,225355001662,0764287378615000593842180145002168111172941268390835125360130028731280314120275340803550034475517600312110604516000375181132671710055113013530180004750000066166100000650650By business-unit/location (vertical axis)Management ConsultingCorporate AdvisoryFinancial SolutionsGlobal Business KeihanshinNagoya/HamamatsuKyushu/KumamotoTohoku/KoriyamaReal Estate ConsultingFundUnit: Million yenBy business-category totalUnit: Million yenBy business-category total3,9614,3491,7421,83989916212013,0724,3304,7001,6851,94889025016613,96912612600000000002502504,0431,4501,7601,8401,050Note: Since figures in the above tables are before deducting inter-company sales and other items, they are different from those in the financial accounting. © YAMADA Consulting Group Co., Ltd.26Initiatives to Enhance Corporate ValueMay 17, 20228. History of YCG’s Global Business Consulting Services We started offering global business consulting services in 2016. During the course, we have expanded client channels, increased high-added value serviceofferings, and significantly deepened our relationships with clients.FY20191,140 MFY20201,023 MFY20211,401 MFY20221,760 M(Target)FY2016(Ended March 2017)FY2017465 MFY2018851 MLaunched subsidiary in Vietnam in Jun. 2018Launched subsidiary in US in Oct. 2018Launched Hanoibranch office in Jun. 2019Partnered with ZICO Holdings Inc. and Clairfield Intl. In Mar. 2020Partnered with JAC in Aug. 2019Acquired Spire in Apr. 2016Launched subsidiary in Thailand in Oct. 2016ChannelsServicesClientsMain channel: financial institutionsSimple services (E.g., supporting market entry research)Supporting small to mid-sized company clients© YAMADA Consulting Group Co., Ltd.HoldingseminarsLocal sales activitiesReferrals from clients• Research as a preliminary step for certain level of investment• Strategy development• Determination of whether to withdraw business• M&A or other transactionsIncrease in direct ordersFY2021: 51.9%Increase in high-added value service offeringsIncrease in repeat clients that are mid-large to large firms making a certain level of investment27May 17, 2022Reference© YAMADA Consulting Group Co., Ltd.1. Company OverviewMay 17, 2022As one of the largest independent consulting firms in Japan with over 700 consultants, we support clients with over 2,000projects a year focusing on its core business, providing solutions to diverse management challenges.Company OverviewCompany NameYAMADA Consulting Group Co., Ltd.Date of EstablishmentJuly 10, 1989Representative Keisaku Masuda, PresidentCapital1,599.53 million yenStock Exchange Tokyo Stock Exchange Prime MarketSecurities 4792Fiscal YearFrom April 1 to March 31Head OfficeMarunouchi Trust Tower North,1-8-1 Marunouchi, Chiyoda-ku, Tokyo, 100-0005URLhttps://www.yamada-cg.co.jp/en/Consolidated BusinessesManagement Consulting BusinessReal Estate Consulting BusinessEducation and Training/FP Related BusinessInvestment/Fund BusinessNumber of Employees947 (including temporary staff; As of May 1, 2022)Advantages of Yamada Consulting GroupComplete Support Up To ExecutionOffer complete support from making a proposalup to executionExtensive ExperiencesCapable of providing solutions based on extensive experience with over 2,000 projects a year © YAMADA Consulting Group Co., Ltd.Listed on TSE Prime MarketComprehensive One of the largest independent consulting firms listed on the Prime MarketCapabilityHigh level consulting services are available for the entire corporate management challenges292. Organizational Structure for the FY2021 (As of April 1, 2022)May 17, 2022・Information Security Management Committee・Labor and Safety Committee・Quality Enhancement CommitteeNomination and Compensation Advisory CommitteeBoard of DirectorsAudit and Supervisory CommitteePresidentInternal Audit DivisionGroup Risk Management / Compliance CommitteeExecutive Officers MeetingCorporate Planning DivisionAdministration Department• Human Resources Division• Finance and Accounting Division• General Affairs Division• Legal and Compliance Division• Information System DivisionBusiness Management DepartmentBusiness Management DivisionPublic Relations DivisionManagement Consulting DepartmentCorporate Advisory DepartmentFinancial Solutions DepartmentGlobal Business Department• General Consulting Division• M&A Advisory • Business Revitalization DivisionDivision • Business-Succession Advisory Division• Structure Advisory • Asset Management • Business Administration • IT Consulting Division• FAS Division• Education and Training Business Planning Division• Healthcare Consulting • Cross-Border M&A DivisionDivision• Souzoku AnshinSupport Co., Ltd. KeihanshinArea Business Department• Osaka Branch• Kyoto Branch• Kobe BranchReal Estate Consulting Business Department• Sales Division• Business Promotion DivisionOkayama Office• Asset Management • Hiroshima BranchDivisionNagoya Branch• Administration Hamamatsu OfficeDivision• Osaka Sales DivisionKyushu BranchKumamoto OfficeTohoku BranchKoriyama OfficeFund Business DepartmentData & ResearchDivision• Sales Division• Business Administration Division• Operation Management DivisionDivisionDivisionDivision• Singapore Branch• YAMADA Consulting Group (Shanghai) Co., Ltd.• YAMADA Consulting & Spire (Thailand) Co., Ltd.• YC Capital Co., Ltd.• YAMADA Consulting & Spire Vietnam Co., Ltd.• YAMADA Consulting Group USA Inc.• Spire Research andConsulting Pte Ltd.• PT Spire Indonesia© YAMADA Consulting Group Co., Ltd.303. Domestic and Global Business LocationsMay 17, 2022Yamada Consulting Group has branches in major cities in Japan, while deploying business internationally focusing on Asia.JapanGlobal● Yamada Consulting Group’s branches● Branches of Yamada’s subsidiary,Spire Research and Consulting Pte LtdMoriokaTohoku (Sendai)KoriyamaKobeKyotoOkayamaHiroshimaOsakaNagoyaTokyoHamamatsuKyushu (Fukuoka)KumamotoChina(Shanghai)KoreaIndia (Gurugram)Thailand (Bangkok)Malaysia）Vietnam (Ho Chi Minh, Hanoi)SingaporeIndonesia (Jakarta)United States (Los Angeles)© YAMADA Consulting Group Co., Ltd.314. Global Network: Positioning and Features of International AffiliatesYamada Consulting Group is capable of offering seamless services with its established network covering almost all markets where Japanese businesses have entered.May 17, 2022ChinaPartnersChinaIndiaVietnamThailandMalaysiaSingaporeIndonesiaYingke Law FirmLeading law firm in China, providing wide range of services including legal due diligence and labor related services in market-exit in collaborations with YCG.UDCShanghai government affiliated consulting firm under a national company, with strengthen in handling of various registration work, trade and customs consulting and networks with abundant Chinese firms.SUNRISE ORIENTAL CAPITALM&A firm/fund based in China, capable of widely aligning with YCG, e.g., for M&A and alliance between Japanese and Chinese businesses.EUROPEAMERICASPartnersLos AngelesMCYWorld Service Group, a globally recognized legal network having covered over 100 jurisdictions since 2019. Many of the members are independent lawyers with advantages in legal transactions and legal due diligence in their home regions.Yamada’s or its subsidiary Spire’s branches: Overseas affiliates’ branches: Takenaka PartnersAdvisory firm in the US, engaged in both buy and sell sides in M&A transactions, providing financial/business due diligence services.MCYJV founded by YCG, Marubeni, and Crow Holdings to offer real estate asset management services.CLAIRFIELDAdvisory firm doing business in Europe and the US, Australia, and South Africa, engaged in both buy and sell sides in M&A transactions.32ASIAPartnersSpire (Asia)Market research firm mainly focusing on emerging markets, also supporting partner matching in the markets.TOYO Business (Thailand)Firm mainly supporting Japanese clients, delivering a seamless support to build a structure to prevent troubles.ZICO Holdings (Asia)Affiliate of a law firm, engaged in both buy and sell sides M&A transactions, capable of supporting IPO.Japan Asia Consultants (Indonesia)Supporting Japanese clients to enter or having entered Indonesian market, by offering accounting/tax/HR-related, VISA application and other services.© YAMADA Consulting Group Co., Ltd.5. Line of BusinessMay 17, 2022Yamada Consulting Group takes advantages of its professionals in various business arenas shown below to deliver the optimal solution.Clients can rely on a single resource support backed by widespread viewpoints with our expertise and hands-on approach.Business Revitalization ConsultingGlobal Business ConsultingSustainable Growth ConsultingPeople and Organization ConsultingBusiness Succession ConsultingM&A ConsultingIT ConsultingCorporate Governance ConsultingEducation and TrainingReal Estate Consulting© YAMADA Consulting Group Co., Ltd.336．Public Relations ActivitiesNotice:The section of Public Relations Activities is nottranslated into English and is available only in Japanese.May 17, 2022目的 金融機関に、当社の業務範囲の広さを知ってもらうこと 一般顧客から、当社の認知および信頼を獲得すること金融機関向けの広報活動行員・社員向けの研修コンテンツとして “WEBチャンネル” を開設し、定期的にアップデート「中国のシルバー業界動向及びビジネスチャンス」「パチンコホール業界動向」等々のレジュメ・動画を提供一般顧客向けの広報活動動画：ダイヤモンドオンライン『学びの動画』掲載・「サステナ経営の死活」（全5回）2022年3月2日より公開・「事業承継の新常識！後悔しないための完全マニュアル」（全6回）2022年5月2日より公開ビジネス誌（オンライン含む）への寄稿、インタビュー記事掲載・月刊金融ジャーナル 2022年5月号：「主要19業種分析 目利きのポイント」（６業種７ページ）（鉄鋼・非鉄金属、宿泊、外食・飲食サービス、農業、パチンコ・娯楽、学習支援・塾）・週刊東洋経済 2022年1月29日号：「トップに直撃」（２ページ）・季刊監事 2022年1月号：「オンライン診療の普及が進まない理由は何ですか？」（8ページ）© YAMADA Consulting Group Co., Ltd.346．Public Relations Activities [1] SeminarsNotice:The section of Public Relations Activities is nottranslated into English and is available only in Japanese.May 17, 2022WEBセミナーを毎月定期的に開催 申込者数・参加者数過去最多、問い合わせや案件成約につながっている2022年3月期のセミナー開催状況計18回開催 2023年3月期の開催・開催予定セミナーセミナー内容セミナー内容開催地オンライン2022年5月その不動産有効活用は大丈夫？知っておきたい成功ポイント5月【緊急企画】製造拠点として注目されるベトナム最新情報オンライン5月 中国でのM&A「売却」成功のポイントオンラインベトナムの「流通」と「物流」の現状と市場参入のポイントオンライン2021年4月中国事業縮小・撤退のケーススタディ4月 改訂CGコード実務対応5月 今、知っておきたい「ベトナム産業動向」第１回5月 不動産購入の落とし穴7月 保有不動産を“勝ち組”不動産に変える３つの方法7月 今、知っておきたい「ベトナム産業動向」第２回オンライン5月8月タイでのM&A・事業提携を成功に導く！「マーケットリサーチ」を通じた経営戦略の重要性9月 日本企業がアメリカでM&Aを着実に実行する方法9月 アメリカ企業買収後のPMI・ガバナンス体制の構築9月 中国のシルバー業界動向及びビジネスチャンス10月 2021年下半期どうなる?! コロナ禍の不動産市況10月 中国からの撤退に向けた事前準備のポイント11月アメリカでM&Aを着実に実行する方法と企業買収後のPMI・ガバナンス体制の構築（再配信）12月 Withコロナを見据えたタイにおける最新取り組み事例2022年1月2021年の取引事例から予測する2022年の不動産市況1月 カーボンニュートラル時代におけるベトナムのエネルギー市場オンライン1月 2022年版コロナ禍における中国子会社マネジメントのポイントオンライン開催地オンラインオンラインオンラインオンラインオンラインオンラインオンラインオンラインオンラインオンラインオンライン動画配信オンラインオンライン3月 事業・人事・組織からみる中国再編のポイントオンラインその他今後のセミナー情報は当社公式HPよりご確認いただけます© YAMADA Consulting Group Co., Ltd.356．Public Relations Activities [2] Reports on Global Business海外レポートを月に2〜3本定期的に発信海外駐在員が現地最新情報・調査結果等、ビジネスのヒントをお届けNotice:The section of Public Relations Activities is nottranslated into English and is available only in Japanese.2022年3月期に掲載したレポート計24件掲載May 17, 2022クーデター後のミャンマー事業方針策定マニュアル11月 インドネシアにおけるコロナ禍での日系企業の状況 2021タイ事業撤退に関する実務上のポイント12月 INDONESIA INSIGHT vol.2 − オムニバス法 −フードバリューチェーンに変革をもたらすアグリフードテックの潮流植物肉市場 ：タイとASEAN近隣国の「ミートレス」事情INDONESIA INSIGHT vol.3 − インドネシアの食品関連業界について −タイの家電製品市場とスマート家電製造を通じたスマート産業への適応5月中国の物流業界概要EV（電気自動車）生産ハブへ加速するタイと今後の課題INDONESIA INSIGHT vol.1 − インドネシア撤退について −タイの産業用・医療用大麻の規制に関する最新情報ベトナムの為替政策と今後の動向【前編】タイの化粧品・パーソナルケア製品のパッケージ業界ベトナム不動産開発事情と住宅設備市場ベトナムの為替政策と今後の動向【後編】タイの再生可能エネルギー事情カーボンニュートラル時代におけるベトナムのエネルギー市場12月12月2022年1月2月2月2月3月2021年4月4月5月5月5月7月7月7月7月8月9月9月9月タイのアルコール飲料市場の概要と今後の動向ASEANにおけるアグリフードテックのポテンシャルと日本企業の事業機会中国保険業界におけるインシュアテック（InsurTech）の動向タイのデータセンター市場ベトナムの住宅不動産市場レポート10月 プレミアム志向が高まるタイのコーヒー市場© YAMADA Consulting Group Co., Ltd.その他海外レポートは当社公式HPよりご確認いただけます36May 17, 2022DisclaimerThe performance forecasts and future outlooks described in these materials are forecasts that the Company has determined based on currently available information, and include potential risks and uncertainties.Therefore, please be aware that actual performance may differ significantly from the forecasts described due to changes in various factors.Contact InformationYAMADA Consulting Group Co., Ltd.Corporate Planning OfficeFinance and Accounting DepartmentMail: ml-ir@yamada-cg.co.jp© YAMADA Consulting Group Co., Ltd.