Subsidiaries and Affiliates

(As of March 31, 2013)

Dentsu conducts its business together with its subsidiaries and affiliates. As of March 31, 2013, the Dentsu Group included 656 consolidated subsidiaries and 56 affiliated companies accounted for under the equity method.

Consolidated Subsidiaries

Dentsu East Japan Inc.
Geographic Area: Japan
Equity Held by Dentsu: 100.0%
Description of Business: Advertising in the Kanto and Tohoku regions as well as Shizuoka and Niigata prefectures
Dentsu West Japan Inc.
Geographic Area: Japan
Equity Held by Dentsu: 100.0%
Description of Business: Advertising in the Chugoku region and Shikoku as well as Hyogo, Ishikawa, Fukui and Toyama prefectures
Dentsu Kyushu Inc.
Geographic Area: Japan
Equity Held by Dentsu: 100.0%
Description of Business: Advertising in Kyushu
Dentsu Hokkaido Inc.
Geographic Area: Japan
Equity Held by Dentsu: 100.0%
Description of Business: Advertising in Hokkaido
Ad Dentsu Osaka Inc.
Geographic Area: Japan
Equity Held by Dentsu: 100.0%
Description of Business: Advertising in the Kansai region
Dentsu Meitetsu Communications Inc.1
Geographic Area: Japan
Equity Held by Dentsu: 50.0%
Description of Business: Total advertising services, specializing in promotion and OOH
Dentsu Ad-Gear Inc.
Geographic Area: Japan
Equity Held by Dentsu: 66.7%
Description of Business: Advertising firm specializing in out-of-home media and store promotions
Dentsu Young & Rubicam Inc.
Geographic Area: Japan
Equity Held by Dentsu: 51.0%
Description of Business: Advertising company established by Dentsu and Young & Rubicam
Cyber Communications Inc.
Geographic Area: Japan
Equity Held by Dentsu: 100.0%
Description of Business: Internet-based advertising media rep
DA search & link Inc.
Geographic Area: Japan
Equity Held by Dentsu: 55.0%
Equity Held Indirectly: 55.0%
Description of Business: Internet advertising
The Goal Inc.
Geographic Area: Japan
Equity Held by Dentsu: 77.8%
Description of Business: Fashion and accessories industry advertising
Dentsu Tec Inc.
Geographic Area: Japan
Equity Held by Dentsu: 100.0%
Description of Business: Planning and production for sales promotions, events, commercials, print, etc.
Dentsu Creative X Inc.
Geographic Area: Japan
Equity Held by Dentsu: 100.0%
Description of Business: All areas of the creative content production business
Dentsu Customer Access Center Inc.
Geographic Area: Japan
Equity Held by Dentsu: 100.0%
Equity Held Indirectly: 100.0%
Description of Business: Client services for promotions
Dentsu Public Relations Inc.
Geographic Area: Japan
Equity Held by Dentsu: 100.0%
Description of Business: Public relations planning and implementation
Dentsu Casting and Entertainment Inc.
Geographic Area: Japan
Equity Held by Dentsu: 100.0%
Description of Business: Casting services related to advertising
Dentsu Table Media Communications Inc.
Geographic Area: Japan
Equity Held by Dentsu: 95.0%
Equity Held Indirectly: 95.0%
Description of Business: Company specializing in advertising inserts
Information Services International-Dentsu, Ltd.
Geographic Area: Japan
Equity Held by Dentsu: 61.9%
Equity Held Indirectly: 0.0%
Description of Business: Information systems building; software sales and support for various business areas
Dentsu Works Inc.
Geographic Area: Japan
Equity Held by Dentsu: 100.0%
Description of Business: Environment-related consulting, building management, real estate services and business consulting services
Dentsu Aegis Network Ltd.2
Geographic Area: United Kingdom
Equity Held by Dentsu: 100.0%
Description of Business: Headquarters of the Dentsu Group's global business, which oversees operations outside of Japan
Dentsu Holdings USA, Inc.
Geographic Area: U.S.A.
Equity Held by Dentsu: 100.0%
Description of Business: Holding company in the U.S.A.
Dentsu McGarry Bowen, LLC
Geographic Area: U.S.A.
Equity Held by Dentsu: 100.0%
Equity Held Indirectly: 100.0%
Description of Business: Agency built around serving its clients and developing "Big, Organizing Ideas" that drive results for icon brands. Awarded Advertising Age's 2009 and 2011 Agency of the Year
Dentsu Innovation Interactive, LLC
Geographic Area: U.S.A.
Equity Held by Dentsu: 100.0%
Equity Held Indirectly: 100.0%
Description of Business: Technology-led innovation partner, which includes 360i, the leading-edge digital agency who wrote the book on search, social media, and now mobile; IgnitionOne, offering solutions from online advertising optimization to attributing results across channels, allowing marketers to improve their online performance within a single interface
Dentsu Latin America Propaganda Ltda.
Geographic Area: Brazil
Equity Held by Dentsu: 100.0%
Description of Business: Undertakes activities deeply rooted in the region through its office in São Paulo. Is achieving sustained spectacular growth in the Latin American advertising market for which steady growth is foreseen
Dentsu-Smart LLC
Geographic Area: Russia
Equity Held by Dentsu: 51.0%
Equity Held Indirectly: 51.0%
Description of Business: Dentsu Network operating subsidiary in Russia and the Commonwealth of Independent States (CIS). Occupies a leading position in the Russian advertising world and is ranked in the top class as a media agency
Beijing Dentsu Advertising Co., Ltd.
Geographic Area: China
Equity Held by Dentsu: 70.0%
Description of Business: With more than 15 years of history and experience in China, where the market is dynamically changing amidst rapid economic development, it holds a top position in the Chinese advertising industry
&c. Inc.
Geographic Area: China
Equity Held by Dentsu: 100.0%
Description of Business: A top-class digital agency which plays a major role in the rapidly growing Chinese Internet market. Leveraging its expertise in the interactive domain, offers strategic planning as well as media buying and creative development services. Is working to develop new Chinese and multinational clients in addition to strengthening its Japanese client base
Media Palette (Taiwan) Inc.
Geographic Area: Taiwan
Equity Held by Dentsu: 100.0%
Equity Held Indirectly: 30.0%
Description of Business: An integrated media communications agency. Has garnered the industry's No. 1 position not only in media services, but also in the areas of branded entertainment and casting. Chosen as Taiwan's Media Agency of the Year in both 2007 and 2009
Dentsu (Thailand) Ltd.
Geographic Area: Thailand
Equity Held by Dentsu: 100.0%
Equity Held Indirectly: 98.4%
Description of Business: A full-service communications agency with rich experience in the long history of advertising in Thailand. Has continuously been ranked within the top 10 in the region, and has received various awards in the creative sphere
Dentsu Media (Thailand) Ltd.
Geographic Area: Thailand
Equity Held by Dentsu: 100.0%
Equity Held Indirectly: 51.0%
Description of Business: A Dentsu media agency. Proposes innovative solutions with advanced planning theories using an array of original strategic tools and unique content projects
Dentsu Media Korea Inc.
Geographic Area: Republic of Korea
Equity Held by Dentsu: 67.0%
Description of Business: A large-scale media agency that focuses on the local media business. Demonstrates a high standard of know-how on media planning and buying

and 625 other companies

1
Although Dentsu's ownership is 50% or less, the company is considered a subsidiary because Dentsu exerts effective control.
2
Aegis Group plc changed its name to Dentsu Aegis Network Ltd. on March 26, 2013.

Affiliated Companies Accounted for under the Equity Method

Beacon Communications K.K.
Geographic Area: Japan
Equity Held by Dentsu: 34.0%
Description of Business: Advertising firm established by Dentsu and the Publicis Groupe
Frontage Inc.
Geographic Area: Japan
Equity Held by Dentsu: 40.0%
Description of Business: Advertising firm that focuses on branding
Video Research Ltd.
Geographic Area: Japan
Equity Held by Dentsu: 34.2%
Description of Business: TV audience rating surveys, radio audience rating surveys and other research
Opt, Inc.
Geographic Area: Japan
Equity Held by Dentsu: 20.7%
Equity Held Indirectly: 20.7%
Description of Business: e-Marketing business focusing on Internet advertising
D2C1
Geographic Area: Japan
Equity Held by Dentsu: 46.0%
Equity Held Indirectly: 10.0%
Description of Business: Advertising for i-mode and other mobile platforms
Kakaku.com, Inc.
Geographic Area: Japan
Equity Held by Dentsu: 15.6%
Description of Business: An Internet media company that operates the customer purchasing support site Kakaku.com, word-of-mouth restaurant and gourmet guide site Tabelog and other sites
DCTP Entwicklungsgesellschaft für TV-Programm mbH
Geographic Area: Germany
Equity Held by Dentsu: 37.5%
Description of Business: Development company for TV programs
Phoenix Communications Inc.
Geographic Area: Republic of Korea
Equity Held by Dentsu: 33.0%
Description of Business: A listed company that is top-ranked in the Korean advertising industry. Is attracting attention in Korea where in-house agencies are the norm.

and 48 other companies

1
D2 Communications Inc. changed its name to D2C on June 1, 2012.