February 1, 2011

To whom it may concern:
Company Name
Corporate representativeContact:

TOHO HOLDINGS CO., LTD.
Norio Hamada, President and Representative Director(First Section of Tokyo Stock Exchange Securities Code: 8129)
Mamoru Ogino, Corporate Officer and General Manager of FinancialDepartment(Tel: 03-5259-9520)

Notice regarding the Revision of the Full-year Earnings Forecasts
for the Fiscal Year ending March 2011
TOHO HOLDINGS CO., LTD. hereby announces that, in the light of matters such as the recent trends in the Company’s
performance, it has revised its consolidated full-year earnings forecasts for the fiscal year ending March 2011 (April 1,2010-March 31, 2011), which were announced on May 12, 2010, as follows:● The Revision of the Full-year Earnings Forecasts for the Fiscal Year ending March 2011
Revision of the consolidated forecast for the fiscal year ending March 2011 (From April 1, 2010 to March 31, 2011)
Operating
IncomeOrdinary
IncomeMillion yen
1,060,000
1,043,000-17,000-1.6

Million yen
12,0005,600-6,400-53.3

Million yen
14,7008,900-5,800-39.5

Million yen
8,300
6,800
-1,500-18.1

yen
111.4991.34

1,002,122

10,93914,133

8,263

125.69Net Sales
Previous forecast (A)Revised forecast (B)Increase/Decrease (B-A)
Change (%)(Reference)
Result of fiscal 2010

Net IncomeNet Income per
Share

Reason for the Revision
For the fiscal year ending March 2011, with the introduction, on a trial basis, of a new pricing system centering on thepromotional point addition system for new drug discovery/off-label drug dissolution, the Company has promoted finely
tailored marketing activities according to the characteristics of the products, in order to secure adequate profits by reducing
the gap between NHI prices and market prices under the business policy of securing adequate profits. However,consolidated net sales for the cumulative third quarter of the fiscal year ending March 2011 were below our projections,affected by a decline in the sales of long-listed drugs in the pharmaceutical wholesaling business due to the lower level ofinfluenza activity compared with the same period of the preceding year and the growth in sales of generic pharmaceuticals.
On the other hand, the reduction in the gap between NHI prices and market prices, which the Group has made every effort
to promote in order to cover the rise in the manufacturers’ real invoice prices (purchasing costs) has not made progress asplanned mainly in the third quarter, due to intensified competition among pharmaceutical wholesalers and delays inagreements on price negotiations (the rate of agreement as of the end of December 2010: 52.3% on a sales basis). As aresult, gross profit rate fell below projections. As for SG&A expenses, the Company succeeded in keeping them within thetarget levels on a value basis. However, the consolidated operating income, ordinary income and net income for thecumulative third quarter of the fiscal year ending March 2011 fell below the targets, affected by the lower-than-expected
effects of the consolidation with ASUCOME CO., LTD., which was newly included in the consolidation in February 2010,
in addition to failing to meet sales targets and decreased gross profit rate.
In this business environment, the Company has revised its consolidated full-year earnings forecasts for the fiscal year
ending March 2011 (April 1, 2010-March 31, 2011) announced on May 12, 2010, as shown above, since the Company
considers it will be difficult to achieve the initial projections due to intensifying competition and severe prospects foragreements on invoice price that are yet to be negotiated in the near future.
(Note) The above earnings forecasts have been prepared based on information available as of the announcement date ofthis document. Actual performance may differ from the forecasted figures for various reasons.