Press Release

December 24, 2002

Advantage Partners’ Investment into
Intuit K.K. Management Buy-Out (MBO)

Advantage Partners, Inc., (AP) (Head office: Chiyoda-ku, Tokyo, Representatives: Taisuke Sasanuma and Richard L. Folsom) today announced that it has signed a definitive agreement to purchase all outstanding shares of Intuit K.K. (Head office: Minato-ku, Tokyo, Representative: Kozo Hiramatsu) from Intuit Inc. (Head office: Mountain View, California, Representative: Steve Bennett) in a management buy-out (MBO) with management and employees of Intuit K.K.

Management of Intuit K.K., in cooperation with AP’s MBI Fund II, will make Intuit K.K. an independent company and pursue further business expansion as a leading provider of business and financial management solution software in the Japanese market.

Intuit K.K. is a market leader of business and financial management packaged software for medium and small businesses. Its flagship product group, “Yayoi Kaikei”, which has developed a base of more than 300,000 customers, has been awarded “The Best Software” in the PC business solution division from Nikkei BP for the last 7 years from 1996.

AP, a pioneer in private equity investment in Japan, has been actively involved in investing in Japanese companies through buy-outs and acquisitions, as well as actively helping them to achieve substantial improvements in earnings and corporate value after investing. AP has made 10 private equity investments, including 5 acquisitions or buy-outs of non-core divisions and subsidiaries of large corporate parents.

The agreement for this MBO is the result of the convergence of the strong desire of Intuit K.K. management, led by Kozo Hiramatsu, to continue to pursue further growth in the Japanese market, the strategic decision of Intuit Inc. to focus its resources on growth opportunities and businesses in North America where it can achieve higher levels of synergies, and the investment philosophy of AP to support Intuit K.K.

Mr. Hiramatsu, President and CEO of Intuit K.K., and the current management team will continue to operate Intuit K.K., and AP will participate in the board of directors, as well as provide support in the development and implementation of Intuit K.K.’s growth strategy. AP and Intuit K.K.’s management view this MBO investment as an opportunity to build upon the company’s market leadership position, which is based on its leading “Yayoi” series brand, sales force, and broad customer base. We strongly believe that both the expansion of strategic options by becoming an independent company, coupled with the enhancement of management capability supported by AP will enable Intuit K.K. to reach a higher stage in terms of business performance and social presence. The company will decide upon a new company name as part of the transaction.

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About Advantage Partners
Advantage Partners, Inc., is a private equity investment firm founded in 1992. The firm manages private equity funds that focus on investing in acquisitions, buy-outs, buy-ins and other private equity opportunities in Japan. Prior to 1997, the firm focused on making direct investments of partner capital in a small number of portfolio companies, in which the partners took an active role in management. As deregulation in Japan began to make it possible to invest in buy-outs and acquisitions via a limited partnership vehicle, Advantage Partners raised its first fund of capital from outside limited partners in 1997, which was the first buy-out fund in Japan. The firm raised a second fund in 2000, and is now preparing to establish its third fund, continuing the successful investment strategy and philosophy of the first two funds. URL: www.advantagegroup.co.jp

About Intuit K.K.
Intuit K.K. develops, sells, and supports business and financial management packaged software for medium and small businesses. Its flagship product group, “Yayoi” series, designed to provide high quality, user friendly, and low cost solutions, has been the number one selling business software (winner of BCN Award 2002 in business software by Computer News Inc.) at the major electric appliance stores for the last 3 years. The company also provides business solutions support for accounting firms, and more than 1,600 firms have registered in its partnership program, IPAP (Intuit Professional Advisors Program).