To whom it may concern:

August 1, 2012
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 First Quarter of Fiscal 2013

The market for prescription pharmaceuticals faced the revision of medical fees and NHI drug prices in April thisyear, and NHI drug prices were reduced by 6.0% on average (6.25% on average if the additional price reduction for
long-listed drugs is included). In addition, measures to hold down medical expenses have been spreading, as seenin the accelerated use of generic drugs due partly to the promotion of generic name prescription. However, themarket is continuing to grow moderately and constantly, assisted primarily by the progressive aging of thepopulation and the sales of new drugs and orphan drugs.
Under these circumstances, the TOHO Group deployed proposal-based marketing and sales and expansion offee-based businesses by taking advantage of its unique customer support systems, and continued to tackle
improvements in relation to distribution problems, including provisional shipping with the pricing yet to benegotiated, total value transactions and the issue of the gap between the NHI price and the market prices. In thepharmaceutical wholesaling operations, the Company strived to formulate reasonable selling prices in proportion to
the value of each pharmaceutical product and to secure appropriate profits through the strict operation of the pricelock system. On the other hand, in the field of dispensing pharmacy operations, the Company has promoted theexpansion of operations and the efficiency in the businesses of its existing subsidiaries, as well as bringing higher
added value to their businesses.
As a result, the Company’s operating results for the consolidated cumulative first quarter of the fiscal year ending
March 2013 recorded 277,545 million yen for net sales (an increase of 4.5% on a year-on-year basis), 2,893
million yen for operating income (an increase of 65.9% on a year-on-year basis), 3,830 million yen for ordinary
income (an increase of 31.9% on a year-on-year basis), and 2,411 million yen for net income (an increase of24.0% on a year-on-year basis).

11. Results in the first 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 net

IncomeIncomeIncomeFirst Quarter, Fiscal 2013

277,545

2,893

3,830

2,411

First Quarter, Fiscal 2012

265,548

1,744

2,905

1,944

YoY Change

11,997

1,148925

466

YoY Change Ratio (%)

104.5

165.9

131.9

124.0

(2) Comparison with the cumulative forecast for the first half of fiscal 2012
Unit: million yen, %Ordinary
Quarterly net
IncomeIncome
3,830
2,411First Quarter, Fiscal 2013

277,545

Operating
Income2,893

Cumulative Forecast for the

556,000

7,100

8,500

4,900

49.9

40.7

45.1

49.2

Consolidated

Net SalesFirst Half of Fiscal 2013
Progress (%)
2. Forecast for fiscal 2013 (Full-year)
There has been no change in our forecast for fiscal 2013 performance, both in the first half and thefull-year period, from the figures announced on May 9, 2012.

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