YONDOSHI HOLDINGS INC.
First Section, Tokyo Stock Exchange (8008)

Investors’ Presentation
Results for the First Half of Fiscal 2017
(The Fiscal Year Ending February 28, 2018)
October 10, 2017

Contents
Ⅰ. Overview and Summary of the First Half of Fiscal 2017, the Fiscal YearEnding February 28, 2018
Ⅱ. Business Results Forecasts for Fiscal 2017 as well as Priority Issues andMeasures for the Second Half
Ⅲ. Progress under the Fourth Medium-Term Management Plan

Hidenori Suzuki, President and Representative Director. YONDOSHI HOLDINGS INC.
Note: Amounts identified in this report are presented in millions of yen rounded down. Percentage figures are calculated from raw data.

Disclaimer: Operating forecasts and forward-looking statements that are not of historic fact are based on information available
to management as of the date of this report. Subject to a variety of risks and uncertainties, these forecasts and forward-looking
statements may differ substantially from actual results due to a diversity of factors including changes in the Company’s
operating environment, market trends and fluctuations in foreign currency exchange rates. As a result, readers are advised not
to rely solely on the information provided as the basis for investment decisions.

2Fiscal 2017 First Half Highlights and Outlook for
the Full Fiscal Year (1)Fiscal 2017 First Half Results Decrease in revenue and earnings compared with a forecast increase inrevenue and decrease in earnings
 In the jewelry business, trends in mainstay 4ºC fashion jewelry were
essentially in line with plans; bridal jewelry on the other hand fell below
forecast levels
 Increase in revenue in the apparel business; from a profit perspective,
earnings exceeded plans

Financial and Capital Efficiency
 Continued to maintain a sound financial position
 Achieved the ROE target of 10% or more in the second year of the Fourth
Medium-Term Management Plan; also projected to achieve an ROE of
10% or more in the fiscal year ending February 28, 2018, the final year of
the Medium-Term Management Plan
3

Fiscal 2017 First Half Highlights and Outlook for
the Full Fiscal Year (2)Return of Profits to Shareholders
 With the basic policy of providing stable and continuous dividends,
YONDOSHI HOLDINGS will work to increase the level of returns toshareholders by also adopting a flexible approach toward the acquisition oftreasury stock Projecting the payment of a full period dividend of ¥65 per share in fiscal
2017; achieve the medium-term goal of securing a dividend payout ratio of
30% through a seventh consecutive period of dividend increase

Outlook for the Full Fiscal Year
 Maintain forecasts set at the beginning of the period; continued plans toachieve an increase in revenue and earnings
 Implement a variety of measures aimed at ensuring a recovery in bridal
jewelry as well as for the peak demand Christmas season
 Focus on securing profits by controlling overhead expenses
4Overview of Consolidated Operating Results for
the First Half of Fiscal 2017
Despite a decrease in revenue, record high net income for a second consecutive period
Net sales: ¥22,427 million (－2.2% YoY)

Operating income: ¥2,408 million (－10.9% YoY)

Ordinary income: ¥3,046 million (－6.9% YoY) Net income: ¥2,164 million (+4.0% YoY)
(Millions of yen)

Net sales
22,935

Operating income

Ordinary income

2,704

3,273

22,4272,408

Net income
2,081

3,046

2,164

－2.2%

－10.9%－6.9%+ 4.0%

1H FY2016
1H FY2017
Actual Results Actual Results

1H FY2016
1H FY2017
Actual Results Actual Results

1H FY2016
1H FY2017
Actual Results Actual Results

1H FY2016
1H FY2017
Actual Results Actual Results

1H FY2016 (2016/8)

1H FY2017 (2017/8)

1H FY2017 (2017/8)

YoY

vs. Plan
Increase(Decrease) (%)(Millions of yen, %)Net sales

22,935100.0

23,000100.0

22,427

100.0

－2.2

－2.5

Gross profit

13,32258.1

13,50758.7

12,983

57.9

－2.5

－3.9

－0.2pt－0.8ptGross profit margin

Plans

(%)

58.1

(%)

58.7

ActualResults

Increase(Decrease) (%)

ActualResults(%)

57.9

SG&A expenses

10,61846.3

11,00747.9

10,575

47.2

+0.9

－3.9

Operating ncome

2,704

11.8

2,500

10.9

2,408

10.7

－10.9

－3.7

Ordinary income

3,273

14.3

3,150

13.7

3,046

13.7

－6.9

－3.3

Net income

2,081

9.0

2,150

9.3

2,164

9.8

+4.0

+0.7

5

Operating Income
Operating income: ¥2.4 billion (－10.9% YoY)
Operating income margin :10.7% (－1.1pt YoY)
Cost of sales ratio
1H FY2016 1H FY 201741.9% ⇒ 42.1%+0.2pt(Millions of yen)

－ 508
－ 169

2,704

SG&A expenses to net sales ratio
1H FY2016 1H FY 201746.3 % ⇒ 47.2%+0.9pt－ 43
2,408OperatingincomemarginOperatingincomemargin

11.8%

10.7%

Operating income
1H FY2016(2016/8)

Net sales

Cost of sales

SG&A expenses Operating income
1H FY2017(2017/8)

6

Trends in Operating Income, Ordinary Income,and Net Income(Millions of yen/ %)Levels of Revenues andEarnings

1Q
FY2016

Net sales

11,588Gross profit
Operating income

2Q
FY2016

1H FY2016(2016/8)

1Q
FY20172Q
FY2017

1H FY2017(2017/8)

Increase /(Decrease)

11,34722,935

11,341

11,08622,427

(508)

－2.2

6,831

6,491

13,322

6,607

6,376

12,983

(338)

－2.5

1,547

1,157

2,704

1,341

1,067

2,408

(295)

－10.9

Non-operating income

325

277

602

375

267

642

+40

+6.6

Non-operating expenses

12

20

33

3

1

4

(28)

－87.9

Ordinary income

1,860

1,412

3,273

1,714

1,332

3,046

(227)

－6.9

Ordinary income

―

―

―

―

―

―

―

―

Extraordinary loss

503

102

605

6

12

18

(587)

－3.0

Net income before taxes

1,357

1,310

2,667

1,707

1,320

3,027

+360

+13.5

Net income

1,217

864

2,081

1,189

976

2,164

+84

+4.0

YoY

7

Trends in Quarterly Business Results
Trends in Net Sales by Quarter
1Q

11,61812,672 12,306

'14/2

'15/2

(Millions of yen)

3Q

2Q

4Q

11,588 11,341

11,037 11,142 11,742 11,347 11,086

11,803 12,095 12,251 11,541

'17/2

'14/2

'14/2

'16/2

'18/2

'15/2

'16/2

'17/2

'18/2

'15/2

'16/2

'17/2

14,543 14,815

'18/2

'14/2

16,583'15/2

Trends in Operating Income by Quarter
1Q

2Q

'16/2

15,321

'17/2

'18/2

(Millions of yen)

3Q

4Q
2,732 2,564
1,919

1,560
1,091

'14/2

'15/2

1,348

'16/2

1,547

'17/2

1,341

'18/2

805

700

'14/2

'15/2

855

'16/2

1,157 1,067

1,261
1,090 1,043 1,172

'17/2

'14/2

'18/2

'15/2

'16/2

'17/2

'18/2

'14/2

2,163

'15/2

'16/2

'17/2

'18/2

8

Overview of Business Results by Segment～The Jewelry Business

Bridal jewelry sales fell below plans; as a result, revenue and earnings decreased
Fashion jewelry results were essentially in line with plans buoyed by brisk sales of the limited edition 45th
anniversary Aquanista COLLECTION; the 4ºC BRIDAL brand is moving forward with large-scale
product development with more than 100 items(Millions of yen)

Net sales
14,541

Operating income

Ordinary income

2,432

2,486

13,957－4.0%

1H FY2016
1H FY2017
Actual Results Actual Results－9.8%

ActualResults

(%)

1,626

2,260

－9.2%

1H FY2016
1H FY2017
Actual Results Actual Results

1H FY2016 (2016/8)(Millions ofyen, %)

2,193

Net income－2.3%

1H FY2016
1H FY2017
Actual Results Actual Results

1H FY2016
1H FY2017
Actual Results Actual Results

1H FY2017 (2017/8)

1H FY2017 (2017/8)

Plans

ActualResults

(%)

1,589

(%)

YoY

vs. Plan

Increase(Decrease) (%)

Increase(Decrease) (%)

Net sales

14,541

100.0

14,551

100.0

13,957

100.0

－4.0

－4.1

Operating income

2,432

16.7

2,359

16.2

2,193

15.7

－9.8

－7.0

Ordinary income

2,489

17.1

2,420

16.6

2,260

16.2

－9.2

－6.6

Net income

1,626

11.2

1,623

11.2

1,589

11.4

－2.3

－2.1

9

Overview of Business Results by Segment～The Apparel Business

Increase in revenue; trends at each major level of profit in excess of plans
Successful efforts to strengthen transactions with existing major customers in the Apparel Manufacturing
Business
Robust trends in the Everyday Fashion Brand Business with an eighth consecutive fiscal year of existing
store sales growth(Millions of yen)

Net sales
8,393

Operating income

8,469

304

+0.9%

277

ActualResults

(%)

249
177

+4.0%

1H FY2016
1H FY2017
Actual Results Actual Results

1H FY2016 (2016/8)

Net income

396

381

－8.7%

1H FY2016
1H FY2017
Actual Results Actual Results(Millions ofyen, %)

Ordinary income+40.9%

1H FY2016
1H FY2017
Actual Results Actual Results

1H FY2017 (2017/8)

1H FY2017 (2017/8)

Plans

ActualResults(%)

1H FY2016
1H FY2017
Actual Results Actual Results

(%)

YoY

vs. Plan

Increase(Decrease) (%)

Increase(Decrease) (%)

8,393

100.0

8,516

100.0

8,469

100.0

+0.9

－0.5

Operating income

304

3.6

229

2.7

277

3.3

－8.7

+21.0

Ordinary income

381

4.5

339

4.0

396

4.7

+4.0

+17.7

Net income

177

2.1

224

2.6

249

2.9

+40.9

+12.3

Net sales

10Overview of Financial Position and Cash Flows(Consolidated)Total assets, liabilities, and net assets stood at ¥63.9 billion, ¥13.0 billion, and ¥50.8 billion, respectively
Cash flows from financing activities: Paid cash dividends of ¥659 million as a part of efforts to return
profits to shareholders

Financial Position

Cash Flows
As of August 31, 2017

Total assets¥63.9 billion¥50.8 billion

Total liabilities Total net assets¥ 13.0 billion

Millions of yen)

1H FY2016 1H FY2017 Increase(2016/8)(2017/8) (Decrease)

Operatingcash flows

738

1,621

+883

Investingcash flows(1,404)

(659)

+745

Financing
cash flows(1,519)

(743)

+776

Free
cash flows

(665)

+962

+1,627

11

Status of Store Openings and Closures
 Opening of stores essentially in line with plans in the first half; continued efforts to promotea scrap & build policy in the second half
 From an overseas perspective, steps taken to temporarily review store opening plans and to
focus on test marketing
ApparelBusiness

Jewelry BusinessJapan

FY2016(2017/2)
FY2017
1H Actual
Results(2017/8)

FY20172H Plan(2018/2)

Fashion
Building

Overseas

Total

age
Co., Ltd

Roadsidebutique

Department
store

Bridal Shop

Fiscalyearend

5

86

37

87

215

7

79

283

Storesopened

0

3

3*1

7

13

1

4

18

Storesclosed

0

7

1

3

11

1

1

13

2Hend

5

82

39

91

217

7

82

288

Storesopened

0

2

4*1

5

11

0

4

15

Storesclosed

0

4

0

6

10

1

2

13

Fiscalyearend

5

80

43

90

218

6

84

290

Total

*2

Note 1. The seven bridal store openings represent certain 4ºC stores that are separated into 4ºC and 4ºC BRIDAL specialty stores.
Note 2. Jewelry sales agent stores at age Co., Ltd.; FY 2016-end store adjustment (-18)

12

Status of the Number of Domestic Brand Stores in the
Jewelry Business Increase in the number of domestic brand stores handling jewelry In addition to the opening of Luria 4ºC stores, continued to implement a changeover from
4ºC bags to Luria 4ºC
4ºC

4ºC
FY2016(2017/2)

FY2017
1H Actual
Results(2017/8)

FY20172H Plan(2018/2)

BRIDAL

canal 4ºC

Other*

Jewelry
Total

4ºC bags

Luria 4ºC

Bag Total

Fiscal yearend

92

37

48

30

207

49

33

82

Storesopened

2

3

1

3

9

1

28

28

Stores closed

0

1

1

0

2

23

2

24

2H-end

94

39

48

33

214

27

59

86

Storesopened

3

4

1

2

10

0

3

3

Stores closed

4

0

1

6

11

27

2

29

Fiscal yearend

93

43

48

29

213

0

60

60

1. Other: EAUDOUCE 4ºC, MAISON JEWELL
2. Composite stores that handle multiple brands are recorded as a single store by each individual brand.

13

Return of Profits to Shareholders
 With the basic policy of providing stable and continuous dividends, YONDOSHIHOLDINGS also maintains a flexible approach toward the acquisition of treasury stock⇒ YoY increase of ¥7.5 per share to ¥32.5 per share in the interim dividend for the fiscal year ending
February 28, 2018
⇒ Plan to pay a cash dividend of ¥65 per share, up ¥15 per share, for the fiscal year ending February 28, 2018
(seventh consecutive fiscal year of dividend increase)⇒ Dividend payout ratio forecast for the fiscal year ending February 28, 2018 :
29.9%, up 4.0 of a percentage point YoY⇒ Achieve the medium-term goal of securing a dividend payout ratio of 30%(Millions of yen)

(%)

6,000
5,000
4,000

5,550

4,962

4,277

29.9

30.0

25.9

Net income (left scale)24.5 2,600

3,000
2,000

1,070

1,000

25.0

1,318

865

0

0
FY2015 (2016/2)

Total dividends (left scale)

1,632

FY2016 (2017/2)

Total amount of treasury stock
purchase (left scale)
Payout ratio (right scale)

20.0

FY2017 (2018/2) Forecast

FY2015 (2016/2)

FY2016 (2017/2)

FY2017 (2018/2) Forecast

Annual dividends per share (Yen)

40.0

50.0

65.0

Net income per share (Yen)

163.22

193.38217.55

Payout ratio (%)

24.5

25.9

29.9

Total amount of treasury stock purchased(Millions of yen)

2,600

865

0

Total payout ratio (%)

85.8

44.0

29.9 14

Ⅰ. Overview and Summary of the First Half of Fiscal 2017, the Fiscal YearEnding February 28, 2018
Ⅱ. Business Results Forecasts for Fiscal 2017 as well as Priority Issues andMeasures for the Second Half
Ⅲ. Progress under the Fourth Medium-Term Management Plan

15

Business Results Forecasts for Fiscal 2017
Increase in both revenue and earnings; operating income and net income projected
to reach a record high for the sixth consecutive fiscal year; ordinary income is forecast
to reach a record high for the seventh consecutive fiscal year
Net sales: ¥51,000 million (+2.4% YoY)
Operating income: ¥ 6,850 million (+4.9% YoY)
Ordinary income:¥ 8,250 million (+5.8% YoY) Net income : ¥ 5.550 million (+11.8% YoY)

(Millions of yen)

Net sales
51,50051,00049,797

Operating income
6,550

+2.4%

+4.9%

+5.8%

FY2016FY2017 Plan
Actual Results

FY2016FY2017 Plan
Actual Results

FY2016FY2017 Plan
Actual Results

6,529

Ordinary income
7,700

6,850

FY2016 (2017/2) Results(Millions of yen, %)Results

8,250

7,796

Net income
4,950+11.8%FY2016FY2017 Plan
Actual Results

FY2017 (2018/2)（％）

Full-year
forecast

5,550

4,962

YoY
（％）

Increase (Decrease)(%)

Net sales

49,797100.0

51,000

100.0

+2.4

Gross profit

29,34858.930,36259.5+3.5

Gross profit margin
Selling, general and administrative
expenses

59.5

58.9

+0.6Pt22,81845.8

23,51246.1+3.0

Operating income

6,529

13.1

6,850

13.4

+4.9

Ordinary income

7,796

15.7

8,250

15.7

+5.8

Net income

4,962

10.0

5,550

10.9

+11.8

16

Full Fiscal Year Business Results Forecasts by Segment(Figures are after accounting for intrasegment net sales and transfers)
 The Jewelry Business is projected to experience ongoing revenue and earnings growth on theback of a recovery in the bridal jewelry and efforts to implement a variety of measurestargeting the peak demand Christmas period The Apparel Business is also expected to experience a continued increase in revenue andearnings largely reflecting stable growth
FY2016(2017/2)(Millions of yen, %)Results

The Jewelry
Business

The ApparelBusiness

FY2017 (2018/2)
1H Results

Full Fiscal YearYoY

Net sales

33,166

13,95733,664+1.5

Operating income

5,980

2,193

6,367

+6.5

Ordinary income

6,073

2,260

6,482

+6.7

Net income

3,823

1,589

4,236

+10.8

Net sales

16,6308,469

17,410+4.7

Operating income

494

277

592

+20.0

Ordinary income

751

396

805

+7.3

Net income

398

249

523

+31.9

17

Issues and Measures for the Second Half
Jewelry Business Engage in activities that encompass product and sales promotion measurestargeting the Christmas season
 Improve the ability to attract bridal jewelry customers
 Invigorate the canal 4ºC and Luria 4ºC growth brands
 Open MAISON JEWELL stores, a brand earmarked for cultivation
 Further expand the e-commerce businessApparel Business Strengthen marketing capabilities by further enhancing product planningcapabilities and ensuring the proper use of exhibitions
 Secure profit margins through the stable operation of overseas factories
 Implement measures aimed at securing an eighth consecutive fiscal year ofrevenue growth in existing PALETTE store sales Capture and expand blue chip customers utilizing the point card system
 Plans to open eight stores during the period; further entrench the Group’s
dominant position in the Kansai area

18

Jewelry Business: Targeting the Christmas Season
 Upgrade and expand limited edition products beginning with the 45th
anniversary limited Aquanista COLLECTION
 Engage in highly textured Christmas promotion activities

45th限定「Aquanista COLLECTION」

19

Jewelry Business: Enhance the Ability to Attract
Bridal Jewelry Customers
 Growing confidence in the innovation, upgrade and expansion of items throughthe rollout of limited edition and new products including PERFECTPLATINUM999 and 4ºC AQUANITY Collection
 Strengthen efforts to attract visitors through bridal fairs
 Increase visibility and awareness while also enhancing the Group’s image throughsales and promotion activities focusing mainly on online advertising

PERFECT PLATINUM999

4ºC AQUANITY Collection20

Jewelry Business: Cultivate Growth Brands
 Invigorate existing stores by upgrading and expanding canal 4ºC products Significantly expand the rollout of Luria 4ºC stores; increase the handling bags

canal 4ºC Perie Chiba Store

Luria 4ºC LUMINE Kitasenju Store21

Jewelry Business: Expand the Opening of MAISON JEWELL
Stores Continued robust trends in bridal jewelry; promote efforts to further upgradeand expand items
 Plans to open one new store in the second half

MAISON JEWELL Chikushino StoreMAISON JEWELL bridal jewelry

22Jewelry Business: Further Expand the e-commerce Business Promote further growth expansion of the Company-run JEWELRY BOUTIQUE
online shopping site Substantial expansion of mall-type e-commerce sites
 Continue to increase convenience by stabilizing inventories and periodicallyupgrading online shopping sites

Top page JEWELRY BOUTIQUE site23

Apparel Business: Apparel Manufacturing Business Continue to promote stable transactions with existing major customers bystrengthening marketing capabilities through efforts to further enhance productplanning capabilities and ensure the proper use of exhibitions
 Secure profit margins through the stable operation of overseas factories

AS’TY Inc. exhibition24

Apparel Business: Everyday Fashion Brand Business Implement measures aimed at securing an eighth consecutive fiscal year ofrevenue growth in existing PALETTE store sales Capture and expand blue chip customers utilizing the point card system
 Plans to open eight stores during the period; further entrench the Group’s
dominant position in the Kansai area

PALETTE ECOLL Mami Store25

Ⅰ. Overview and Summary of the First Half of Fiscal 2017, the Fiscal YearEnding February 28, 2018
Ⅱ. Business Results Forecasts for Fiscal 2017 as well as Priority Issues andMeasures for the Second Half
Ⅲ. Progress under the Fourth Medium-Term Management Plan

26

Fourth Medium-Term Management Plan–Progressin Achieving the Numerical Vision
 Ordinary income: Forecast to come in at ¥8,250 million exceeding plans
for the fiscal year ending February 28, 2018
 ROE: Achieve the numerical target of 10% or more one year in advance⇒ Projected to reach 10.9% in the final fiscal year of the Plan
Progressive Image of Numerical Vision Achievement― Ordinary Income and ROE Outlook
RevisedNumerical
Vision after
Completion of
the First Fiscal
Year
Consolidated
net sales¥55.0 billion
or more90.0

Final Fiscal
Year
Consolidated
Performance
Forecasts¥51.0 billion

ROE¥8.0 billion
or more10.0%
or more¥8,250
million

12.0¥7.79 billion

80.0

11.5
11.0

10.9％

75.0
70.0

ROE
¥8.25 billion

85.0

65.0

Ordinary
incomeOrdinary income

10.5％¥6.85 billion

10.5
10.0
9.5

9.4％

60.0

9.0

55.0

8.5

50.0

8.0

10.9%
FY2015 (2016/2)

FY2016 (2017/2)

FY2017 (2018/2)
Forecast

First Fiscal Year

Second Fiscal Year

Final Fiscal Year27

Priority Measures under the Fourth Medium-Term Management Plan:
Projected Level of Achievement in the Final Fiscal Year of the Plan (1) Steadily implement priority measures; projected to achieve plans in the final
fiscal year
Priority Strategies

Pursue an aggressive store opening strategy; plans to open 70
new stores* over the three-year period

Projected level of achievement in the final fiscal year of the Plan

Plan to open 85 new stores* over the three-year period to theend of February 28, 2018
Note: Excluding the seven 4ºC BRIDAL store re-openings that represent certain 4ºC stores that are separated into 4ºC and
4ºC BRIDAL specialty stores.

28

Priority Measures under the Fourth Medium-Term Management Plan:
Projected Level of Achievement in the Final Fiscal Year of the Plan (2)Priority Strategies

Develop businesses that will play an important role in the next
set of growth strategies

Projected level of achievement in the final fiscal year of the Plan

Luria4ºC
Substantial increase in the number of stores from seven to 60 as of the end of the Third
Medium-Term Management Plan

MAISON JEWELL
Steady progress in efforts to cultivate the brand; also implement the opening of new storese-commerce business
Launch of a bridal ring specialty site; continued growth focusing mainly on Company-run sites

Overseas businessTemporary review plans to open stores in China; link to future business development by
undertaking test marketing in a bid to uncover wide-ranging potential29Priority Measures under the Fourth Medium-Term Management Plan:
Projected Level of Achievement in the Final Fiscal Year of the Plan (3)Priority Strategies

Expand the scale of business by continuing to push forward theGroup’s five growth engine pillars
Projected level of achievement in the final fiscal year of the Plan

4ºC Jewelry
Growing confidence toward efforts aimed at invigorating existing stores through such measures
as new product development

4ºC BRIDAL

Implement large-scale product development with a view to showcasing the unique features of
specialty stores

canal 4ºC
Plans for a net increase of 13 stores over a three-year period

Apparel Manufacturing BusinessSuccess in enhancing product planning capabilities through such measures as the stable
operation of overseas production sites and the proper use of exhibitions

PALETTE Everyday Fashion Brand Business
Forecast increase in existing store sales for an eighth consecutive fiscal year through sales andpromotional activities as well as efforts to strengthen product composition30

Toward Stable and Sustainable Growth— Creating Sustainable Value
Work toward enhancing value in the three jewelry SPA, apparel OEM, andretail businesses
OutputInputsSustainable
GrowthShareholders
Customers

Jewelry SPA
Employees

Shareholders
Customers
Employees

Manufacturers

Manufacturers
Partnercompanies

Apparel OEM

RetailPartnercompanies

SocietySociety

Management and business platforms
The environment, society, and governance (ESG)31

Activities Aimed at Addressing ESG Issues— Work Style ReformPromote work life balance Continue to hold work style reform study groups targeting management personnel; success withincreasing awareness toward the management of work hours and specific measures andinitiatives by department
Promote an environment in which women can excel Continue Implement support measures that help the Group’s female employees balance the needs of workwith maternity and childcare leave

32

Assumptions Underpinning the Fifth Medium-Term
Management Plan and Direction
 Plans to commence the new three-year Fifth Medium-Term Management
Plan from March 1, 2018
 Focus on further enhancing the quality of management and operations
under the Fifth Medium-Term Management Plan in order to become acentury-old company and brand Aggressively invest in human resources in order to ensure future mediumand long-term growth Continue to hone the mainstay 4ºC brand and convey its growing appeal
to the market
 Continue to promote a channel strategy that includes new brands going
forward Continue to emphasize the ongoing increase in dividends commensuratewith profit growth; work to increase the level of returns to shareholders
through the stable and continuous payment of dividends and the flexible
acquisition of treasury stock33

We kindly request that you direct all inquiries regarding this document and investor relations
in general to the following point of contact:

YONDOSHI HOLDINGS INC.
Corporate Planning Division (Kozuka)
TEL+81-3-5719-3429
FAX+81-3-5719-3289
E-mail ir-yondoshi@yondoshi.co.jp

Disclaimer: Forecasts and forward-looking statements are based on a wide range of assumptions.
YONDOSHI HOLDINSG INC. takes no responsibility for the accuracy of the information contained inthis document and does not guarantee its validity or outcome. Readers are asked to use this information
with the understanding that actual results may differ materially from estimates and forecasts.