CORRECTION TO COMPANY INFORMATION MATERIALS FOR Business ...

CORRECTION TO COMPANY INFORMATION MATERIALS FOR Business Strategy Meeting 2008 (JANUARY 23, 2008)

February 20, 2008

Digital Garage, Inc.(JASDAQ Stock Code: 4819)

The company information materials for Business Strategy Meeting 2008

released on January 23, 2008 contained the following incorrect figure.

Page 30: Performance Overview: Finance Segment Performance

The following number in the operating income graph for the Finance segment was incorrect.

Operating Income for Finance Segmentfor the year ending June 30, 2008 (Forecast) 1,000 (million yen) 1,100 (million yen)

[Incorrect] [Correct]

Contact InformationCorporate Communication Department

Phone: +81-3-5465-7747

Business Strategy Meeting 2008

January 17th - 18th 2008

(JASDAQ: 4819)

Digital Garage, Inc.

JPMorgan’s Japan New Spring Corporate Access Days in London

Copyright © 2007 Digital Garage, Inc. All Rights Reserved

Mission & Business Model ・・・・・・・ 3

Corporate Information ・・・・・・・ 6

Business Summary ・・・・・・・ 12

Long- & Mid-term Strategies ・・・・・・・ 33

Contents


Mission & Business Model


context company

-4-

Digital Garage creates innovative business “contexts” for the new internet age and provides unique business solutions for Japan’s new lifestyles, society and industries by linking:

OfflineLocal

MarketingPresent

&&&&

OnlineInternationalTechnologyFuture

Context CompanyContext Company

DG’s Mission


context company

-5-

★ Information Technology

★ Marketing Technology

★ Financial Technology

Produce and incubate Japan’s Internet businesses with optimal use of our three core strengths: IT, MT and FT

DG’s Business Model

IT

FTMT


Corporate Information


context company

-7-

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10

Change in number of Internet users

(Source: Statistics Bureau)Early Stage

「富ケ谷」Internet World Expo’96

SearchTechnology

AD/ResearchPortal

EC/CVS

BroadbandPlatformASP

Multi DeviceMulti Platform

BLOG/MobileWeb 2.0Finance

The history of Digital Garage is the history of creating new businesses

- DG continues to contribute to society by producing many “first-in-Japan” business contexts -

Alwaysthe “first-in-Japan”a “half-step-ahead”

History


context company

-8-

Group Structure

FinanceIncubationPortal/WeblogsSolutions

DG Solutions Co., Ltd.

DG&Ibex, Inc.

Sogei, Inc.

Creative Garage, Inc.

DG Media Marketing, Inc.

✔Kakaku.com, Inc.(1st section of TSE)

4Travel, Inc.DG Mobile, Inc.Technorati Japan, Inc.WEB2.0, Inc.CGM Marketing, Inc.

DG Incubation, Inc.

DG&Partners, Inc.

DG New Context Fund

Joi Ito’s Lab

✔ECONTEXT, Inc. (HC)

Kakaku.com Insurance, Inc.

Kakaku.com Financial, Inc.

Growth Partners, Inc.

✔ Digital Garage, Inc.Holding Company

Through headquarters management of subsidiaries, DG is able to optimize andcross-support human resource, finance and business functions

・Advertising, promotion

・Media consulting

・Real x Cyber

・Portal site operation

・Mobile contents

・CGM promotion development

・Domestic investment

・Overseas investment

・R&D for latest technologies

・Settlement distributioninfrastructure

・Foreign exchangetransactions

・Online/face-to-face insurance brokerage


context company

-9-

■Company Name

■Established

■Head Office

■Stock Capitalization

■Consolidated Subsidiaries

■Number of Employees

■Net Sales

■Net Income

■Total Assets

■Net Assets

■Stock Listing

Digital Garage, Inc.

August 17th, 1995

Yamazaki Bldg., 2-43-15 Tomigaya, Shibuya-ku Tokyo 151-0063, Japan

27.374 billion Yen (As of December 17th, 2007)

22 (As of the end of June, 2007)

718 (As of the end of June, 2007)

17.338 billion yen (As of the end of June, 2007)

588 million yen (As of the end of June, 2007)



(4819)

Corporate Information


context company

-10-

(% chg)FYE 2006 FYE 2007 FYE 2008 (E)

Net Sales

Operating Income

Ordinary Income

Net Income

12,476

1,703

338

1,505

17,338

1,613

588

2,475

+150%

+90%

+19%

+9%

43,000

3,000

700

2,700

(¥ million)

Financial Performance Forecast for FYE 2008

Consolidated


context company

-11-

FYE 2005 FYE 2006 FYE 2007 FYE 2007FYE 2006FYE 2005(yoy)

■ Finance 1,293 2,167 2,718 255 666 635(+25%) (-5%)

■ Portal/Weblog 2,084 2,885 4,847 704 788 1,348(+68%) (+71%)

■ Solutions 4,469 4,972 7,761 458 354 644(+56%) (+82%)Total 7,846 12,476 17,338 1,416 2,909 2,911(+39%) (+0.1%)

* Based on figures prior to elimination or Group deduction

(yoy)

■ Incubation 2,449- 2,012 － 1,101 285(-18%) (-74%)

Three-year Comparison of Segment Information

(¥ million)(¥ million)

458 354644

704 788

1,348255666

6351,101

285

0

0

500

1,000

1,500

2,000

2,500

3,000Net Sales EBITDA

4,469 4,972

7,761

2,0842,885

4,847

1,293

2,167

2,718

2,449

2,012

0

0

5,000

10,000

15,000

20,000


Business Summary


context company

-13-

Solutions Segment

Intermediate holding company of Solutions Business segment

Sales promotion solution provider

Graphics, video and other creative media production services

Group media operations/total Web advertising sales

General advertising agency with a focus on real estate*

* Consolidated since FYE 2008

Ⅰ Solutions Segment IT system design and development, design/plan/implement marketing activities

➤DG Solutions Co., Ltd.

➤DG&Ibex, Inc.

➤ Creative Garage, Inc.

➤ DG Media Marketing, Inc.

➤ Sogei, Inc.


context company

-14-

Solutions Segment Overview

◆ Comprehensively engaged in commissioned businesses such as IT solutions and marketing solutions as the stable revenue base of DG Group

◆ Launch ROI-oriented next-generation marketing solution business by integrating real media and web media, including advertising solicitation gateway operation for the Group’s media business

◆ Achieve significant increase in sales due to consolidation of Sogei in FYE 2008. Achieve double-digit profit increase by absorbing MansionDB’s development costs.

◆ Comprehensively engaged in commissioned businesses such as IT solutions and marketing solutions as the stable revenue base of DG Group

◆ Launch ROI-oriented next-generation marketing solution business by integrating real media and web media, including advertising solicitation gateway operation for the Group’s media business

◆ Achieve significant increase in sales due to consolidation of Sogei in FYE 2008. Achieve double-digit profit increase by absorbing MansionDB’s development costs.

Solutions

Net Sales

Solutions

Operating Income

124

430

550

0

100

200

300

400

500

600

FYE 2006 FYE 2007 FYE 2008 (E)

7,761

31,000

4,9730

5,000

10,000

15,000

20,000

25,000

30,000

35,000

FYE 2006 FYE 2007 FYE 2008 (E)

+28%+ 300%

Net Sales 7.761 billion yen Operating Income 430 million yen EBITDA 644 million yen(247% increase year-on-year) (82% increase year-on-year)(56 % increase year-on-year)

FYE 2007

Segment Positioning/Strategy

(¥ million) (¥ million)


context company

-15-

Changes in Business Environment

Change in consumer media usageConsumers began sourcing information through customized media rather than traditional mass media

Shift in advertising business trendsPromotion methods shifted from using four mass media formats(newspapers/magazines/radio/television) to cross-media incorporating IT media.

Change in IT solutions businessMore organizations adopt Web services model instead of legacy systems.

Growing needs for cross-media solutions that combine both digital and analog media

The business environment for IT and MKT solutions drastically changed due to the widespread use of broadband and 3G mobile technology

The business environment for IT and MKT solutions drastically changed due to the widespread use of broadband and 3G mobile technology

Background


context company

-16-

Portal/Weblog Segment

➤Kakaku.com, Inc.

➤4travel, Inc.

➤Technorati Japan, Inc.

➤WEB2.0, Inc.

➤DG Mobile, Inc.

➤CGM Marketing, Inc.

Travel information exchange site “4Travel” operator

Blog search engine “Technorati Japan” operator

Development and operation of Internet information sharing site “pingking”

Mobile e-book distribution platform and contents provider

Blogger-and-advertiser matching service “AD-Butterfly” operator

Price comparison site “Kakaku.com” operator

Ⅱ Portal/Weblog SegmentPortal business (e.g., Kakaku.com, CGM and weblog services)


context company

-17-

Portal/Weblog Segment Overview

◆ Achieve further growth of Kakaku.com, the Group’s core media business and promptly establish next-generation CGM business (Consumer Generated Media).

◆ Kakaku.com’s performance improvement and expansion of e-book market to improve DG Mobile’s results in FYE 2008.

◆ Achieve further growth of Kakaku.com, the Group’s core media business and promptly establish next-generation CGM business (Consumer Generated Media).

◆ Kakaku.com’s performance improvement and expansion of e-book market to improve DG Mobile’s results in FYE 2008.

Portal/Weblog

Net Sales

(¥ million)

2,885

6,800

4,847

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

FYE 2006 FYE 2007 FYE 2008 (E)

1,650

907

2860

400

800

1,200

1,600

2,000

+40%+82%

FYE 2007

Net Sales 4.847 billion yen Operating Income 907 million yen EBITDA 1.348 billion yen(68% increase year-on-year) (217% increase year-on-year) (71% increase year-on-year)


FYE 2006 FYE 2007 FYE 2008 (E)

Portal/Weblog

Operating Income

(¥ million)


context company

-18-

Numerous weblog sites in “long tail” market

CGM advertising businessCGM advertising business

CGM search & syndication businessCGM search & syndication business

CGM content/media business CGM content/media business

Search TrafficAdvertising Revenue

API/Tag Network

Expand and Enhance CGM Business in Three Individual Areas

Portal/Weblog Segment Business Structure and DG Group’s Business Activities

DentsucciADKDGMM

Shopping portal Shopping portal

Traffic


context company

-19-

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

Business Achievement by Fiscal Year

FYE 2004 FYE 2007 (Consolidated)

Net SalesOrdinary IncomeNet Income

FYE 2006 (Consolidated)

FYE 2008 (Forecast)(Consolidated)

¥ thousand

Net SalesOrdinary IncomeNet income

1,256,624474,867274,774

2,138,873790,877478,045

2,921,883780,864417,072

4,887,4211,304,610

856,247

6,300,0001,600,0001,140,000

FYE 2005(Consolidated)


context company

-20-

50

150

250

350

450

200

500

800

1,100

1,400Page Views

# of Users

Monthly Access(April 2002 - September 2007)

Increased traffic through Group websites rapidly strengthened our media value

Acquisition of eiga.comtabelog released

fx-rashinban releasedAcquisition of 4travelmansion-DB released

Monthly users of Monthly users of Group websitesGroup websites

15.04M

*The total of the monthly unique users for every site

measured with the IP addresses : kakaku.com, yoyaq.com, e.yoyaq.com, fx-rashinban.com, kakakufx.com

measured by the number of browsers : tabelog.com, 4travel.jp, mansion-db.com, eiga.com, tv.eiga.com

Total monthly page Total monthly page views of Group websitesviews of Group websites

503.16M

Acquisition of yoyaQ

**

**

Page Views(¥ million)

Users(¥ ten thousand)

Apr 2002 Oct Apr 2003 OctApr 2004 Oct Apr 2005 OctOct Apr 2006 Apr 2007

(as of the end of September 2007)

Status of Kakaku.com Group Websites

Sep


context company

-21-

Expand kakaku.com's market and scope to increase reach

AprilApril 2004200455..5454M M UUUU

September 2007September 20071515..0404M M UUUU

kakaku.com only

To all internet users!To all internet users!

Internet Population: about 80M peopleInternet Population: about 80M people

Total of 7 sites including tabelog and 4travel

Net Literacy

Net Literacy

Light User

Light User

High

High -- end

endM

iddleM

iddle

ShoppingShopping EntertainmentEntertainment LifestyleLifestyle

Genre CoveredGenre Covered

Reach Every Scene in the Life of a Consumer


context company

-22-

All-inclusiveness Integrated Service Information Platform

Provide support for all shopping activities of customers

Three strategies deployed

through the kakaku.com Group sites and companies

Medium-term Strategy for Realization


context company

-23-

Incubation Segment

➤DG Incubation, Inc.

➤DG&Partners, Inc.

Venture business investor

Investment fund operator

＜新設＞Ⅲ Incubation SegmentInvestment and incubation of Internet businesses


context company

-24-

Incubation Segment Overview

◆ - Play supportive role for further growth for each DG segment and achieve steady profit contribution to Group

- Increased seed and early stage investments through Joi's Lab◆ Achieve profit mainly through overseas investment in FYE 2008

◆ - Play supportive role for further growth for each DG segment and achieve steady profit contribution to Group

- Increased seed and early stage investments through Joi's Lab◆ Achieve profit mainly through overseas investment in FYE 2008

Incubation

Net Sales

2,4492,012

1,500

0

500

1,000

1,500

2,000

2,500

3,000

1,098

285

800

0

200

400

600

800

1,000

1,200

+180%

-25%

FYE 2007

Net Sales 2.012 billion yen Operating Income 284 million yen EBITDA 285 million yen(18% decrease year-on-year) (74% decrease year-on-year) (74% decrease year-on-year)


FYE 2006 FYE 2007 FYE 2008 (E)FYE 2006 FYE 2007 FYE 2008 (E)

Incubation

Operating Income



context company

-25-

International collaboration on early stage businesses

Led by Joichi Ito, member of the Board of Directors of Digital Garage, Joi Ito’s Lab is an R&D open lab for open source software, next-generation technology using Web 2.0 and 3.0, as well as new business models.

Led by Joichi Ito, member of the Board of Directors of Digital Garage, Joi Ito’s Lab is an R&D open lab for open source software, next-generation technology using Web 2.0 and 3.0, as well as new business models.

Network for international angel investors and entrepreneurs

Joi Ito’s Lab Joi Ito’s Lab

New business consulting

Community for engineers & entrepreneurs

Vision sharing Initial capital

Leading international network for IT engineersHighly capable engineers

Advanced internet technology seeding

Promising venture companies overseas

DGI

Net investment

Secure capital gain through international IPO

Domestic market cultivation for new international businesses

Service capability enhancement through collaboration with other businesses in DG Group

- International business angel scheme -


Joint ventures

Alliances


context company

-26-

Overseas Portfolio

Etology, Inc.Provides ad market place for international web sites Position: Investment and board seat, localization

FON Wireless LimitedProvides WiFi services where users share bandwidthPosition: Investment and localization

Rupture, Inc.Manages next-generation SNS services for on-line gamersPosition: Investment andBoard seat

LinkedIn CorporationManages next-generation SNS services for business peoplePosition: Localization and marketing support

Twitter, Inc.Provides microblogging and social networking servicesPosition: Investment and localization


Technorati, Inc.Manages internet search engine dedicated to blogsPosition: Investment and board seat, localization


context company

-27-

3 companies(11.1%)

7 companies(25.9%)

3 companies(11.1%)

1 company(3.7%)

DGI’s Investment Summary

792,000,000 yen(21.4%)

310,000,000 yen(8.3%)

470,000,000 yen(12.7%)

2,123,000,000 yen(57.3%)

13 companies(48.1%)

0 yen(0.0%)

Solutions

Solutions

Web 2.0

Content

Finance Other

Finance

Content

Other

Web 2.0

- As of the end of June 2007 -

Number of Investments Investment Balance

Total 3,700,000,000

yen

Total 27 companies


ソリューション

WEB2.0

コンテンツ

ファイナンス

その他

SolutionsWeb 2.0ContentFinanceOther


context company

-28-

DGI’s Investment Cycle

Seed StageEarly StageSeed StageEarly Stage

Middle StageMiddle Stage

Later StageSecondary StageLater StageSecondary Stage

Overseas Network

ALC GroupCELSYS

ECONTEXT, Inc.Just Planning, Inc.

Daiki Sound Co., Ltd.ZionDAC

DGI/Investment Funds

Domestic Network

IPO

Joi Ito’s Lab

- Capital gains re-investment -

Invested in 6 companies





context company

-29-

Finance Segment

➤ECONTEXT, Inc.

➤Kakaku.com Financial, Inc.

➤Kakaku.com Insurance, Inc.

➤Growth Partners, Inc.

Settlement/distribution service platform for e-commerce sites

Foreign exchange transaction business

Insurance brokerage

IR portal site “STOCKCAFÉ” operation

＜新設＞

Ⅳ Finance SegmentInternet financial services for settlement, currency exchange and insurance, etc.


context company

-30-

605 503200

400

600

800

1,000

1,200

1,100

Finance Segment Overview

Finance

Net Sales

2,1672,718

3,700

0

1,000

2,000

3,000

4,000+36% +118%

FYE 2007Net Sales 2.718 billion yen Operating Income 503 million yen EBITDA 635 million yen

(25% increase year-on-year) (17% decrease year-on-year) (5% decrease year-on-year)


FYE 2006 FYE 2007 FYE 2008 (E) FYE 2006 FYE 2007 FYE 2008 (E)

Finance

Operating Income

◆ With ECONTEXT’s financial settlement business at the core, achieve interim growth ofinsurance/finance/securities businesses by utilizing Kakaku.com’s traffic.

◆ ECONTEXT to grow in FYE 2008 as e-commerce market expands and new businesses are launched.

Kakaku.com Financial to achieve significant profit increase through foreign exchange transaction business (FX).

◆ With ECONTEXT’s financial settlement business at the core, achieve interim growth ofinsurance/finance/securities businesses by utilizing Kakaku.com’s traffic.

◆ ECONTEXT to grow in FYE 2008 as e-commerce market expands and new businesses are launched.

Kakaku.com Financial to achieve significant profit increase through foreign exchange transaction business (FX).



context company

-31-

Diversify profit base and expand business scope with further focus on enhanced consumer protection capability by using trust account scheme, secure payment ASP through information management, market revitalization by offering complex Web services and settlement and management services for Web communities and drop shipping businesses

For more information, please refer to disclosed information on ECONTEXT, Inc.

Highlights and Forecasts of Subsidiaries in Finance Segment

ECONTEXT, Inc.Settlement Business

- Provided e-money sales system to Hanbit Ubiquitous Entertainment Inc., a leading on-line game provider- Strengthened business collaboration by utilizing newly introduced Edy settlement at Microsoft- Provided fee settlement services for Style Walker, mobile fashion SNS.

EC Media Operation- Collaborated with IT Boost Co., Ltd., a leading shopping cart business and provided first settlement services in this area- Launched daiko.net, a comprehensive platform for settlement and transportation of used cars, for Yahoo! Auctions

Web 2.0 Business- Provided first settlement service for drop shipping operator, OCHANOKO NET- Provided first settlement service for CtoC market for shopping community, ENIGMO

Global Development- Participated in establishment of new U.S. settlement service provider, OPA, through Japan-China-Korea alliance


context company

-32-

Business Direction and Growth Potential for ECONTEXT, Inc.

With focus on settlement service, expand business from existing areas (I) to new areas (II to IV) in the EC industry

Credit card

companiesConvenience

stores BanksPost office Distributors ・・・

Blanket contract/factoring services

Credit management Customer management

Media operation

Sales management

Product/price management

Promotional management

Distribution management Inventory management

User support

Settlement area

EC media operation area

Corporations Individuals

CGM

WEB 2.0 area

EC Business

Glob

al Co

mpa

nies

Consumers

Existing business areaExisting business area

ⅡⅡ

Global Area

ⅠⅠ

ⅢⅢⅣⅣ

ⅠⅠDevelop new settlement services and provide multi-functional EC operations that broaden the EC market

ⅡⅡDevelop multi-functional settlement service platform that can respond to industry challenges

ⅢⅢ Adapt business to new Long Tail market in the era of WEB 2.0

ⅣⅣForm a consortium with major Asian business organizations in order to create global synergy effect

*Launch one payment alliance

Edy/Suica settlement


Long- & Mid-term Strategies


context company

-34-

Group Strategy and Mid-term Business Plan

Evolve businesses that adapt to new Web trends and promptly establish next-generation internet businessesEvolve businesses that adapt to new Web trends and

promptly establish next-generation internet businesses

Group Strategy

Achieve FYE 2009 net sales of 50 billion yen and EBITDA of 5.5 billion yenAchieve FYE 2009 net sales of 50 billion yen and EBITDA of 5.5 billion yen

Mid-term Target

Solutions Portal/Weblog Incubation Finance

Current Term Target

Expand client base and develop new profit model (initiative led by Sogei and DG&Ibex)

Further enhance Kakaku.com and establish Group’s second-generation businesses

Continue to contribute profit and indirect support to all Group businesses

Establish new business to follow ECONTEXT, Inc. as contributor of significant profit to Group

Mid-term Target

Establish as ROI-oriented total marketing partner that can bridge ever-changing media and consumer businesses

Establish CGM businesses and develop additional core business units

Yield results from international projects with Joi’s Lab as gateway

Optimize business infrastructure to further improve profitability of new businesses and expand ECONTEXT business

Identify challenges and positioning for each segment and promote businesses that are beneficial to societyIdentify challenges and positioning for each segment and promote businesses that are beneficial to society


context company

-35-

Medium-term Segment Forecasts







■ Finance 2,718 3,700 (+36%)

■ Portal/Weblog 4,847 6,800 (+40%)

■ Solutions 7,761 31,000 (+400%)

■ Incubation 1,500 (-25%)2,012

Net Sales EBITDA

Total Net Sales 17,338 43,000 (+250%) 50,000 (+16%)

635 1,240 (+95%)

1,348 2,250 (+67%)

644 850 (+32%)

800 (+280%)285

2,911 5,140 (+67%) 7,000 (+44%)Total EBITDA

■ Finance

■ Portal/Weblog

■ Solutions

■ Incubation

After elimination or Group deductionTotal EBITDA

2,406 4,113 (+58%) 5,500 (+34%)

7,761

31,000

4,847

6,800

2,718

3,700

1,500

2,012

0

10,000

20,000

30,000

40,000

50,000

60,000

50,00070億円

644 850

1,348

2,250635

1,240

285

800

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

7,000



context company

-36-

Segment Positioning

Growth Potential

Web 2.0

Kakaku.com- 4Travel, Inc.- Technorati Japan, Inc.- WEB 2.0, Inc.- DG Mobile, Inc.- CGM Marketing, Inc.

Kakaku.com- 4Travel, Inc.- Technorati Japan, Inc.- WEB 2.0, Inc.- DG Mobile, Inc.- CGM Marketing, Inc.

ECONTEXT, Inc.- Kakaku.com Insurance, Inc.- Kakaku.com Financial, Inc- Growth Partners, Inc.

ECONTEXT, Inc.- Kakaku.com Insurance, Inc.- Kakaku.com Financial, Inc- Growth Partners, Inc.

Sogei/DG&Ibex/ DG Solutions- Creative Garage, Inc.- DG Media Marketing, Inc.

Sogei/DG&Ibex/ DG Solutions- Creative Garage, Inc.- DG Media Marketing, Inc.

Solution

Portal & Blog

Finance

Incubation

Increasing Returns

DG Incubation, Inc.- DG&Partners, Inc.

(DG new context fund)- Joi Ito’s Lab

DG Incubation, Inc.- DG&Partners, Inc.

(DG new context fund)- Joi Ito’s Lab

Segment Core Businesses

Organic Growth ModelIncreasing Returns Model

Group Share Prices（listed holdings of Digital Garage’s holding companies)

Price Cost basis Mkt Cap.Unrealized

Gain(Y) (M Yen) (M Yen) (M Yen)

Kakaku.com, Inc. 500,000 58,360 1,771 29,180 27,409

ECONTEXT, inc. 118,000 37,757 622 4,455 3,833

Total 33,635 31,242

(Shares Out)Digital Garage, inc. 228,000 159,152 36,287

Shares Held

As of Jan 08, 2008

Please note that the business forecasts and strategies covered in today’s presentation are based on our current evaluation and future results may vary significantly depending on unforeseeable events or circumstances.

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