November 7, 2012

To whom it may concern:
TOHO HOLDINGS CO., LTD.
Norio Hamada, President and Representative Director(Tokyo Stock Exchange Securities Code: 8129)
Contact: Katsuya Kato
Corporate Officer and General Manager ofCorporate Communications Officeand Corporate Planning Office(TEL: 03-5259－9520)

Results of Operations during the Second Quarter of Fiscal 2013
During the consolidated cumulative second quarter of the fiscal year ending March 2013, the market for prescription
pharmaceuticals faced a revision of the medical fees and NHI drug prices in April this year, and NHI drug prices werereduced by 6.0% on average (6.25% on average if the additional price reduction for long-listed drugs is included).
Under these circumstances, the TOHO Group, while harnessing its unique customer support systems as a competitive
advantage, deployed a “strategy of balance” between provision of customer support services and sales ofpharmaceuticals, and also actively promoted painstaking proposal-based marketing and sales in order to enhance
relationships with medical institutions as well as efforts for sales of new pharmaceuticals for which there is apossibility for the expansion of the market.
As a result, the Company’s operating results for the consolidated cumulative second quarter of the fiscal year ending
March 2013 recorded 556,184 million yen in net sales (an increase of 3.1% on a year-on-year basis), marking a rate ofachievement of 100.0% of the initial projection for the first-half. As it has traditionally practiced, the Company strictly
operated a price lock system to secure appropriate profits based on price systems in accordance with the value of eachproduct, and tackled improvements in relation to distribution problems, including total value transactions and the issueof the gap between the NHI price and the market prices as well as the problem of provisional shipping with the pricing
yet to be negotiated. The Company also promoted the expansion of fee-based businesses and cost reduction activities
within the companies of the whole Group. As a result of these efforts, operating income increased by 76.4% on ayear-on-year basis to 7,252 million yen with a rate of achievement of 102.1% of the initial projection for the first-half,and ordinary income was 8,640 million yen, an increase of 42.6% on a year-on-year basis, marking a rate ofachievement of 101.7% against the initial projection, and consolidated net income for the first half stood at 5,145
million yen, up by 52.9% from a year earlier, recording a rate of achievement of 105.0% against the initial projection.

1. Results in the second quarter of fiscal 2013 (Consolidated)(1) Comparison with the same period in the previous fiscal year
Unit: million yen, %Consolidated

Net Sales

Operating

Ordinary

Quarterly netIncome

IncomeIncomeFirst Half, Fiscal 2013

556,184

7,252

8,640

5,145

First Half, Fiscal 2012539,360

4,110

6,059

3,364

YoY Change

16,824

3,141

2,580

1,780

YoY Change Ratio (%)

103.1

176.4

142.6

152.9

(2)Comparison with the forecast for the first half of fiscal 2013
Unit: million yen, %Ordinary
Quarterly net
IncomeIncome8,640
5,145First Half, Fiscal 2013

556,184

Operating
Income7,252

Forecasts for the First Half,

556,000

7,100

8,500

4,900

100.0

102.1

101.7

105.0

Consolidated

Fiscal 2013
Achievement rate compared tothe forecasts (%)

Net Sales(3) Comparison with the forecast for full fiscal 2013
Unit: million yen, %OrdinaryQuarterly net
IncomeIncome8,640
5,145First Half, Fiscal 2013

556,184

Operating
Income7,252

Forecast for the Fiscal 2013
Percentage against the Full-year
Earnings Forecasts (%)

1,140,000

15,70018,40010,400

48.8

46.2

47.0

49.5

Consolidated

Net Sales

2. Forecast for fiscal 2013 (Full-year)
There has been no change in our forecast for fiscal 2013 performance from the figures announced on May 9, 2012.

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