1

Toridoll Holdings Corporation FY2016(2Q) Financial Result

Nov 2, 2016

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Financial Result Digest FY2016(2Q)

Consolidated PL (IFRS)

Actual Ratio toRevenue Planned Ratio to

RevenueRatio to

Plannede Amount Ratio toRevenue

Ratio toPrev.period

Planned Ratio toRevenue

Revenue 50,183 100.0% 49,660 100.0% 101.1% 47,797 100.0% 105.0% 102,660 100.0%

EBITDA 5,905 11.8% - - - 5,727 12.0% 103.1% - 0.0%

Adjusted EBITDA 6,088 12.1% - - - 6,173 12.9% 98.6% 14,110 13.7%

Operating profit 4,363 8.7% 4,490 9.0% 97.2% 4,457 9.3% 97.9% 8,760 8.5%

Profit before tax 3,911 7.8% 4,380 8.8% 89.3% 4,130 8.6% 94.7% 8,580 8.4%

Profit for the year 2,587 5.2% 2,800 5.6% 92.4% 2,638 5.5% 98.1% 5,490 5.3%Profit for the yearattributable toowners of theparents 2,608 5.2% 2,810 5.7% 92.8% 2,618 5.5% 99.6% 5,500 5.4%

FY 2016Previous periodFY 2016(2Q)

Profit for the year -1.9% vs. last year: Sales up, but other Operating revenues decrease, Foreign exchange loss counted.

Business result highlights •Sales stably went up (+5.0% vs. last year), but other Operating revenues decreased (-340 mil. yen) and Foreign exchange loss was counted, which resulted in -1.9% (vs. last year) of Profit for the year. •Accumulated Sales for this period of all Domestic Existing Stores: +3.1% (+3.3% for Marugameseimen brand) Product measures and Marketing measures contributed to increase of both guest count and average spending per customer. •Overseas business kept in the black (+170 mil. yen in segment profit).

（Unit: Million yen）

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※ Adjusted EBITDA = EBITDA + Impairment loss + Extraordinary expenses (EBITDA = Operating profit + Other operating expenses - Other operating income + Depreciation and amortization)

Profit & Loss Outline

Overseas(Subsidiaries, JVs, FCs) *（）:Investment ratio

Open CloseHawaii Marugame Seimen 2 0 0 2Korea Marugame Seimen 11 1 -1 11TDC Tokyo Table 1 0 0 1GEORGE’S CRACKIN KITCHEN 1 0 0 1Taiwan（90%） Marugame Seimen、Tonichi 18 6 0 24Kenya（90%） Teriyaki Japan 2 0 -2 0Cambodia（65%） Marugame Seimen 1 0 0 1Nom Nom（60%） Kaya street kitchen 1 0 0 1WOK TO WALK（60%） WOK TO WALK 77 5 -8 74

Russia（49%） Marugame Seimen 5 1 0 6

Thailand（40%） Marugame Seimen 25 6 -5 26

Malaysia（40%）　 Boat Noodle, Others 17 7 0 24China （37%） Marugame Seimen 42 18 0 60Malaysia（30%） Marugame Seimen 1 0 0 1Indonesia Marugame Seimen、Toridoll 28 1 0 29Vietnam Marugame Seimen、Others 10 2 -5 7Australia Marugame Seimen 1 0 0 1

243 47 -21 269Total

BrandsMarch2016

During period Ｓｅｐ

2016

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Open/Close Stores Outline

+15 stores for Domestic(net +10); +47 stores in Overseas(net +26) Steady and changes, which lead 1,128 stores of Toridoll HD Group.

Domestic

Open Close775 4 -1 778

Road Side 615 1 0 616Shopping Center 160 3 -1 162

Toridoll (Yakitori) 18 0 0 18Marushoya (Ramen) 13 0 0 13Nagatahonjoken (Yakisoba) 12 0 0 12

7 4 0 116 0 -3 3

Others 18 7 -1 24

849 15 -5 859

Kona's CoffeeRoasted（Cafe）

Marugame Seimen (Udon)

Clover Coffee R（Cafe）

Total

March2016

During period Ｓｅｐ

2016

Adjusted EBITDA ratio: 12.1% -0.8 point (vs. last year) : Utility cost down but COGS & Labor cost up

※

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12.9% -0.8pt -0.4pt

-0.4pt

-0.1pt

12.1%

+1.0pt

※ Adjusted EBITDA = EBITDA + Impairment loss + Extraordinary expenses (EBITDA = Operating profit + Other operating expenses - Other operating income + Depreciation and amortization)

Year-on-year Analysis of Adjusted EBITDA

Marugameseimen segment

Actual Ratio toRevenue

Amount Ratio toRevenue

Ratio toPrev. period

Revenue 43,002 - 41,725 - 103.1%Operating profit ofMarugameseimensegment 6,734 15.7% 6,415 15.4% 105.0%

FY 2016(2Q) Previous period

Marugame seimen segument’s PL Outline

Business result highlights ■Revenue +3.1% (vs. last year): Good performance of Existing Stores. ■Segment profit

COGS up (+0.3 pt.) by increase of Seasonal fair product ratio and Labor cost up (+0.4 pt.), but Utility cost down (-0.9 pt.), which contributed to profit in total.

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Marugame seimen segument’s PL Outline

（Unit: Million yen）

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Sales of Existing stores of Marugameseimen brand keep rising for 24 months until July, 2016

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

Net Sales 117.0% 113.3% 106.2% 111.8% 102.0% 101.1% 103.6% 103.2% 108.5% 109.6% 103.3% 103.5% 100.9% 105.8% 109.2% 102.7% 97.7% 105.4%# of

Guests108.9% 106.5% 99.2% 104.5% 99.2% 98.6% 101.1% 100.2% 101.9% 103.8% 98.3% 99.6% 99.1% 101.9% 109.3%

102.9% 98.7% 104.0%Sales per

Guest107.4% 106.4% 107.0% 107.0% 102.8% 102.5% 102.5% 103.0% 106.5% 105.6% 105.0% 104.0% 101.8% 103.8% 100.0%

99.8% 99.0% 101.3%

Sales keep increasing for consecutive

24 months

Non-consolidated Sales Change of Existing Stores of Marugame Seimen Brand

（unit: Million yen）

※Calculation is based on the Existing Stores at the end of March, 2014. Moving average for 12 months of Existing Stores

（Year –over-year result in domestic Existing Stores）

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Measures Implemented in the 2nd Half

Major Measures for good performances of Existing stores ■Sales & Marketing Measures ・Raise of Product ratio of high-value-added fair products (e.g. “Tarutoriten Bukkake Udon”) and their lineups <Example> approx. 13% “Gyusuki Kamatama” + approx. 4% “Gyusuki Kake” → Keeping approx. 16-17% of product ratio in total ・Introduction of “Oyako-Don”; Keeps 3-4% Oyako-Don Set (680 yen) product ratio Expansion of dealer stores (247 on 30-Jun. to 564 on 30-Sep.) contributes to increase average spending of customer ・Marugameseimen App renewal: Achieves 1 Mil. DLs in 2 weeks More DLs every month: 2.24 Mil. DLs on 30-Jun.; Contributes to gust counts ■Measure to keep & increase guest count Continues to increase staff sufficiency: average +1,800/month vs. last year (registered part-time workers base) Opening new stores ■Opening new stores in metropolis area ・Establishes new store policy department, and increases its members (from 4 to 11) for aggressive opening new stores ■Opening stores of new brands ・Opens 5 “Butaya Ton-ichi” brand stores and 4 café stores in 1st Half (including brand change)

Overseas segment

Actual Ratio toRevenue

Amount Ratio toRevenue

Ratio toPrev. period

Revenue 2,783 100% 2,674 100.0% 104.1%Operating profit ofOverseas segment 204 7.3% 39 1.5% 523.1%

FY 2016(2Q) Previous period

Overseas Consolidated Subsidiary Companies’ PL Outline

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Overseas Consolidated Subsidiary Companies’ PL Outline

Business result highlights ■Revenue

Taiwan (ROC): approx. +180 mil. yen by business expansion GEORGE’S: approx. +180 mil. yen by brand change Approx. -290 mil. yen by change from direct management to JV in Russia and to FC in Australia

■Segment profit Taiwan (ROC): -100 mil. yen by Sales down GEORGE’S: improves 120 mil. yen 50 mil. yen improvement in Korea, 70 mil. yen improvement by JV in Russia and FC in Australia

（Unit: Million yen）

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Stable expansion in Overseas business: Keeps good.

Overview of Overseas Businesses by Locations

Area Country/Brand Status Out l ine

TDC (Tokyo Table) New store to open Keeps good. 2nd store to open in late November.

Marugame Seimen New store to openKeeps good. World's Top 1-2 sales stores. New store to open innext spring.

CRACKIN'KITCHEN New store to openKeeps good. World's Top 1-2 sales stores. New store to open innext spring.

Taiwan (ROC) Profit being improvedKeeps good, but labor cost uptrend. Also operating 3 "Tonkatsu"brand stores.

Korea Profit being improvedImpact of MARS, but recovers. Expected to change into the black byclosing deficit stores.

China (PRC) Opening new stores Keeps good. New stores also good. Keeps aggressive expansion.

Thailand Profit being improvedTo improve profit by closing deficit stores and by opening smallstores. "Boat Noodle" brand stores also being planned.

Indonesia Opening new storesKeeps good. Gets halal approval in last October. "Yakitori" brandstores increase to 3.

Vietnam Profit being improvedKeeps opening stores. Improves profit by closing deficit stores. JVbeing considered.

Cambodia Profit being improvedMeasures for improving profits (e.g. introducing "Giant Menu") beingimplemented.

Malaysia(Boat Noodle)

Opening new storesKeeps opening stores after grouped: now 24 stores. To open total35 stores in this year.FCs to be opened in neighbor countries.

Others WOK TO WALK Opening new stores

Keeps aggressive opening after grouped to 77. Establishes subsidiarycompanies in UK & US. Plans for Direct management stores and forexpansion of FC areas being implemented. To accelerate openingnew stores in US.

Hawaii (USA)

Asia

Main factors of fluctuation Increase of assets ●Adding up of goodwill by M&A Increase of liabilities ●Borrowing money

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Equity attributable to owner of parent company for this period: 51.0% Interest-bearing liabilities dependence: 27.4%

Consolidated BS (IFRS) (unit: Million yen)

Amount Ratio Amount Ratio DifferenceTotal assets 59,907 100.0% 57,793 100.0% 2,114

Current assets 15,103 25.2% 13,680 23.7% 1,423

Non-current assets 44,805 74.8% 44,113 76.3% 692

Total liabilities and equity 59,907 100.0% 57,793 100.0% 2,114

Liabilities 28,595 47.7% 26,921 46.6% 1,674

(included interest-bearingliabilities) 16,428 27.4% 14,614 25.3% 1,814

Current liabilities 15,859 26.5% 15,804 27.3% 55

Non-current liabilities 12,736 21.3% 11,117 19.2% 1,619

Total equity 31,312 52.3% 30,872 53.4% 440

(Equity attributable toowners of the parent) 30,564 51.0% 29,989 51.9% 575

This period End of previous year

BS Outline

Main factors of fluctuation Net cash provided by (used

in) operating activities ●Increase of Trade payables Net cash provided by (used

in) investing activities ●Decrease by opening stores and M&A ■ Net cash provided by (used in) financing activities ●Increase by borrowing money

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CF by operating activities increase by increase of Trade payables CF by financing activities decrease by borrowing money

CF Outline

Consolidated CF (IFRS) (unit: Million yen)This

periodPrevious

periodDifference

Net cash provided by (used in)operating activities 4,319 3,431 888

Net cash provided by (used in)investing activities △ 4,294 △ 3,776 △ 518

Net cash provided by (used in)financing activities 789 △ 3,850 4,639

Cash and cash equivalents atend of period 10,867 10,814 53

Financial forecast for FY 2016 / Future measures

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Ratio toPrev. period

Revenue 85,254 1 82,423 100% 103.4%Operating profit ofMarugameseimen segment 14,775 17.3% 12,943 15.7% 114.2%

Ratio toPrev. period

Revenue 5,848 1 6,255 100% 93.5%Operating profit of Overseassegment 478 8.2% 436 7.0% 109.6%

Overseas segment FY 2017 FY 2016

Marugameseimensegment

FY 2017 FY 2016

Consolidated PL (IFRS)Ratio to

Prev.period

Revenue 102,660 100.0% 95,587 100.0% 107.4%

Adjusted EBITDA 14,110 13.7% 12,799 13.4% 110.2%

Operating profit 8,760 8.5% 8,733 9.1% 100.3%

Profit before tax 8,580 8.4% 8,117 8.5% 105.7%

Profit for the year 5,490 5.3% 5,242 5.5% 104.7%Profit for the year attributableto owners of the parents 5,500 5.4% 5,212 5.5% 105.5%

FY 2017 FY 2016

14 ※ 15 months consolidated in last period in Taiwan (ROC); Adjusted results are Revenue: 5,543 mil. yen Segment profit: 271 mil. yen

Financial forecast for FY 2016

（Unit: Million yen）

（Unit: Million yen）

Consolidated PL (IFRS)

ActualRatio toRevenu

eModified

plan

Ratio toRevenu

eOriginal

plan

Ratio toRevenu

e

Difference

PlannedRatio toRevenu

eRevenue 50,183 100.0% 52,477 100.0% 53,000 100.0% ▲ 523 102,660 100.0%

Operating profit 4,363 8.7% 4,397 8.4% 4,270 8.1% 127 8,760 8.5%

Profit before tax 3,911 7.8% 4,669 8.9% 4,200 7.9% 469 8,580 8.4%

Profit for the year 2,587 5.2% 2,903 5.5% 2,690 5.1% 213 5,490 5.3%Profit for the yearattributable to ownersof the parents 2,608 5.2% 2,892 5.5% 2,690 5.1% 202 5,500 5.4%

FY 2016(2Q) FY 2017 FY 2016

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（Unit: Million yen）

Budget for 2nd half; Differences from the beginning

Revision of premises ■New stores to open Domestic Whole year: 34 to 35 (20 stores for 2nd half) Overseas Whole year: 80 (11 for direct management, 69 for JV/FC) to 104 (28 for DM, 76 for JV/FC (57 for 2nd half (16 for DM, 41 for JV/FC)) ■Performances of domestic Existing stores Whole year: 100.6% to 102.8% (2nd half: 101.2% to 102.5%) ■Impairment loss budget: 1,590 mil. yen to 1,300 mil. yen

Consolidated PL (IFRS)

ActualRatio toRevenu

eModified

plan

Ratio toRevenu

eOriginal

plan

Ratio toRevenu

e

Difference

PlannedRatio toRevenu

eRevenue 50,183 100.0% 52,477 100.0% 53,000 100.0% ▲ 523 102,660 100.0%

Operating profit 4,363 8.7% 4,397 8.4% 4,270 8.1% 127 8,760 8.5%

Profit before tax 3,911 7.8% 4,669 8.9% 4,200 7.9% 469 8,580 8.4%

Profit for the year 2,587 5.2% 2,903 5.5% 2,690 5.1% 213 5,490 5.3%Profit for the yearattributable to ownersof the parents 2,608 5.2% 2,892 5.5% 2,690 5.1% 202 5,500 5.4%

FY 2016(2Q) FY 2017 FY 2016

Budget for 2nd half; Differences from the beginning

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Budget for 2nd half; Differences from the beginning ■Revenue: +1 bil. yen (Domestic), approx.+1.5 bil. yen (Overseas) ■Operating profit: approx.+380 mil. yen (Domestic), approx.+370 mil.yen(Overseas) Impairment loss: -200 mil. yen Other Operating revenues & expenses: -80 mil. yen ■Profit before tax: approx.+330 mil. yen for financial expenses

（Unit: Million yen）

Existing Brands ■Expansion in metropolis area ・Organization being reinforced: Rooms for new stores to be prioritized 200+ new stores for next 4 years expected ・Strategic redecoration (e.g. improvement of customer flow) to be implemented More seats (from counter seats to table seats) Double cashiers for operation improvement

■Progress of Product & Marketing measures ・To continue seasonal fair-menus: Introduction of “Oyako-Don” complete in October, To enhance set menu for more average customer spending ・TVCM: To improve cost effectiveness by measuring effects in each area ・App: To implement flexible promotion for user, To shift to aggressive promotion for each target by accumulation and analysis of customer data ■To keep aggressive personnel investment (QSC improvement by staff sufficiency) ・To keep and improve work force stability by enhancing education (e.g. introduction of Trainer system) ・To start employing high-school graduates in addition to university graduates

Domestic: Existing Brands

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PatternNumber of

TableNumber of

SeatNumber of

TableNumber of

Seat

Counter Table 14 14 0 0

Big Table 3 22 22

4-seat (box seat) 0 0 6 24

4-seat (side by side) 5 20 0 0

6-seat (tatami seat) 5 30 5 30

4-seat (tatami seat) 0 0 5 20

Total Number of seat - 86 - 96

After modificationBefore modification

Casual High quality

High price

Low price

Tonkatsu, TempuraSpecialty store

Katsudon, tempura FF

Price

Specialty

¥1,500～

¥500～700

Domestic: New Brand (1)

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To capture customers’ needs in economic deflation or for cost-sensitivities

To capture customers’ needs for something new/petit-sumptuous

New Brands ■Expansion of “Tempura” and “Tonkatsu” brands Aggressive open for “Makino” & “Ton-ichi” ・To realize low price in high-value-added brands with Hand-made & Just-cooked ・To cultivate new markets for specialty stores of “Tempura Set”, “Tonkatsu” and “Tonteki”, distinguished from other general “Ten-Don / Katsu-Don”, “Tonkatsu Set / Tempura” stores.

“Makino” & “Ton-ichi”

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Domestic: New Brand (2)

New Brands ■To utilize real estate property list in metropolis area ・To develop real estate properties with “Marugameseimen”, and to place “Tempura” or “Tonkatsu” brand stores when cannibalization of “Marugameseimen” is concerned. ・To prioritize rooms for new “Ton-ichi” stores in each location condition Plan to open 120 new stores for 4 years from next business year

“Makino”

“Ton-ichi”

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Domestic: New Brand (3)

New Brands ■Expansion of Café brands In growing café markets, to differentiate ours with following features: ・To provide Store-roasted & Hand-dripped coffee; To enrich various lineups for meal menus such as pancakes ・Relaxing interiors/decorations like holiday in Hawaii To cultivate demands by offering new “unusual” life-space in local areas

Location requirements

metropolis area

Localarea

Meal

Cafe

Use purpose

Cafe of Seattle origin

Suburbs model cafe

Our brandsDespite the red ocean for café use in suburbs, our advantage/competitiveness is the richness of meal menu lineups: Our stores are capable to match with variety of customer needs from café use to meal use.

These stores are targeting local areas which our strong know-how for real estate development will work.

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Domestic: New Brand (4)

New Brands ■To continue opening or changing into “Kona’s Coffee” brand Plan to open 100+ stores for 4 years from next business year <Example> ・Kona’s Coffee / Kurume: Changed from “Marugameseimen”; Sales become 2.8 times ・Kona’s Coffee / Ritsurinkoen: Changed from “Clover Coffee”; Sales become 1.9 times

Measures in Taiwan (ROC) Present situation ・Sales down by reaction of open-break and economic recession Guest count recovering but keeps low average spending per customer ・Not sufficient in new menus and promotion measures ・Rise of labor cost by change of minimum wage laws/acts/regulations Also insufficiencies of work force and training: Sales-chance loss, insufficient customer satisfactions Recovery plan ■Product measures ・To renew Grand menus; introduce original menus; enrich rice-bowl menu lineups ・To introduce new Tempura products and to enhance their displays ・To enrich side menu lineups (e.g. desserts and drinks) ■Promotion measures ・To implement Student discount and Facility-Employee discount ■Personnel measures ・To build mid-term career-up system by accepting specialists from Japan ・Revision of systems: Introduction of incentive system, allowances for long-term work, Bonus system ⇒ Tries to recover Existing stores’ sales to 100+% (vs. last year) within a half year 22

Overseas: Marugame seimen

To keep opening new stores especially in Asia; To implement recovery plan in Taiwan (ROC)

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Overseas: Boat Noodle / WOK TO WALK / Others

Boat Noodle Keeps increasing sores to 24; Plans total 35 stores in this business year Plans to expand to neighbor countries (e.g. Indonesia, Thailand, etc.) WOK TO WALK Keeps increasing stores to 74 Contracts being made in US; To accelerate opening new stores from next spring Other progresses in US “Marugameseimen” 1st shop in US mainland to open in next spring “Tokyo Table” 2nd shop to open in this November CRACKIN’KITCHEN to open in LA in next spring ⇒ Expects stable profit contribution by expanding current High-Sales/High-Profit brands into mainland

Our goal is 4,000 stores in overseas in 2025 with multi-portfolio strategy

●Develop various regions as our market ●Adopt the culture and taste in each county/region ●Pursue mass-market by local customization ●Not mono-brand strategy but multi-brand strategy

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Overseas: Multi-portfolio Strategy

Asia

Russia

Hawaii

Australia

EU

To be ranked in ten years

2016年 2025年

1) At May, 2014

To be ranked Revenue

To achieve 500 billion yen revenue and 6,000 restaurants in the world in 2025 Rank in top ten companies in restaurant industry

5,000 bil yen

956 bil yen

Overseas business

4,000 stores 2,900 bil yen

Future Vison

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(Unit: million USD)

Existing domestic brands

1,300 stores 1,300 bil yen

New domestic brands

700 stores 800 bil yen

2016 2025

Current world Restaurant company TOP10 1)

Affiliated companies(Overseas)

Affiliated companies(Domestic)

Toridoll

Toridoll HoldingsToridoll

Affiliated companies(Overseas)

Affiliated companies(Domestic)

Transforms into holding company system from October 1, 2016; Changes company name to “Toridoll Holdings”

Transformation to holding company

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Backgrounds and purposes of transformation into holding company Backgrounds: Change of market environments; Increase of affiliated companies Purposes:

・To optimize management by separating into strategy group and operation group ・To build flexible system for changes of market environments ・To bring up new managers from next generation ・To aggressively allocate managerial resources into new growing fields

Marugame seimen, etc.

Marugame seimen, etc.

27

Reference materials

Year-on-year analysis of Segment profit ratio of “Marugameseimen”

Segment profit ratio of “Marugameseimen” for 1st half: 15.7% +0.3% (vs. last year): COGS ratio up and Labor cost ratio up, but Utility cost ratio down

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15.4% -0.1pt

-0.3pt

-0.4pt

+0.02pt 15.7% +0.9pt

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Basic information of Overseas Marugame Seimen brand

※ ・Sales, # of Guests, Sales per Guests are the means in the period from January to June of 2016. (But the means in the period from April to September of 2016 about Taiwan and Japan.) ・Adopt an exchange rate at end of September, 2016

Overseas Marugame Seimen brand　Basic information (Monthly date per store)

Sales (1,000 yen)

# of Guests (person)

Sales perGuest (yen)

USA 26,725 26,231 1,019

South Korea 5,709 7,409 770

Taiwan (ROC) 12,154 22,186 548

Russia<JV> 8,773 11,920 736

Cina(PRC) <JV> 6,877 11,360 605

Thailand <JV> 2,494 5,063 493

Japan 9,226 16,928 545

Consolidated PL (IFRS)

Amount

Ratio toRevenue

Ratio toPrev.period Amount

Ratio toRevenue

Ratio toPrev.period Amount

Ratio toRevenue

Ratio toPrev.period

Revenue 102,660 100.0% 107.4% 111,277 100.0% 108% 126,976 100.0% 114%

Adjusted EBITDA 14,110 13.7% 110.2% 15,120 13.6% 107% 17,628 13.9% 117%

Operating profit 8,760 8.5% 100.3% 9,934 8.9% 113% 11,664 9.2% 117%

Profit before tax 8,580 8.4% 105.7% 10,400 9.3% 121% 12,240 9.6% 118%

Profit for the year 5,490 5.3% 104.7% 7,162 6.4% 130% 8,562 6.7% 120%

Profit for the year attributableto owners of the parents 5,500 5.4% 105.5% 6,898 6.2% 125.4% 7,984 6.3% 115.7%

Overseas segment

Revenue 5,848 100.0% 93.5% 11,915 100.0% 204% 20,476 100.0% 172%Operating profit of Overseassegment 478 8.2% 109.6% 1,679 14.1% 351% 3,044 14.9% 181%

Numbers of openingstores(numbers inoverseas） - - -Total numbers ofstores(numbers ofoverses) - - -1,200(327) 1,373 (446) 1,623(612)

FY2016 FY2017 FY2018

139(104) 183 (119) 260 (166)

3 years Expansion Plan

30

To keep expanding business to 1,620 stores in the world in FY2018 （Unit: Million yen）

Granting new stocks to shareholders

31

Changes in Dividends

Year endedMarch 31,

2012

Year endedMarch 31,

2013

Year endedMarch 31,

2014

Year endedMarch 31,

2015

Year endedMarch 31,

2016

Year endedMarch 31,

2017Amount of

annualDividends Per

Share

15.50yen 16.50yen 8.00yen 10.00yen 24.00yen 25.50yen

DividendPayout Ratio

19.90% 19.90% 37.00% 20.50% 19.90% 20.10%

We believe the appropriate redistribution of profits to shareholders is one of the most important missions of the company, and hold up the basic policy to continue paying stable dividends while reserving retained profits for necessary investments for the group growth.

Number of shares Incentive

100 - 500 2,000 yen value coupon

500 - 1,000 6,000 yen value coupon

1,000+ 10,000 yen value coupon

Contents of shareholder incentive