February 1, 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 Third Quarter of Fiscal 2012
In the prescription pharmaceuticals market during the consolidated cumulative third quarter of thefiscal year ending March 2012, while we saw an increase of 4.3% compared with the same period of
the preceding year (estimates by Crecon Research & Consulting Inc.), our pharmaceuticalwholesaling business was able to ensure the growth of sales at nearly the same level of market
average, backed up by the thorough operation of a price management, as well as proposal-based
marketing and sales based on customer support systems.
Under these circumstances, the Group’s consolidated net sales for the third quarter (cumulative)
were 837,391 million yen, achieving 77.9% of the progress rate against the initial projection for thefull-term. Gross profit showed a progress rate of 75.6%, assisted by the strict operation of a pricelock system and the growth of fee-businesses resulting from sufficient use of Meissa and customer
support systems. At the same time, the Company strived to reduce expenses together with all thegroup companies, and consequently, the Company was able to keep the progress rate of SG&A
expenses down to 72.7% compared with the initial target. As a result, consolidated operating income
was 7,631 million yen, achieving a progress rate of 110.6%, which means operating income for thecumulative third quarter exceeded the initial projection for the full-term. The ratio of operating
income to net sales stood at 0.9%, up by 0.3 percentage points from the initial target of 0.6%.
Ordinary income was 10,538 million yen with a progress rate of 110.9%. Ordinary income for thethird quarter also exceeded the initial projection for the full-term as with operating income. The
ratio of ordinary income to net sales was 1.3%, surpassing by 0.4 points the initial projection of 0.9%
for the full-term. Net income for the cumulative third quarter stood at 6,698 million yen, resulting
in a progress rate of 136.7%. The ratio of net income to net sales was 0.8%, up by 0.3 points
compared with 0.5% in the initial projection for the full-term.
In addition, based on recent trends in the Company’s performance, the Company announced, onJanuary 24, 2012, a revision of the earnings forecast for full of fiscal 2012 , which was published on
May 11, 2011.

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1. Results in the Third Quarter of Fiscal 2012 (Consolidated)(1) Comparison with the same period in the previous fiscal year
Consolidated

Operating
IncomeNet Sales

Third Quarter, Fiscal 2012

837,391

Third Quarter, Fiscal 2011

800,004

YoY Change
YoY Change Ratio (%)

7,631Unit: million yen, %Ordinary
Quarterly net
IncomeIncome10,538

6,698

6,506

9,392

5,650

37,387

1,125

1,146

1,048

104.7

117.3

112.2

118.6

(2) Progress Rate Compared to the Initial Forecasts for Fiscal 2012
Consolidated

Operating
IncomeNet Sales

Third Quarter, Fiscal 2012

837,391

Initial Forecasts for

1,075,000
77.9

7,631

Unit: million yen, %Ordinary
Quarterly net
IncomeIncome10,538

6,698

6,900

9,500

4,900

110.6

110.9

136.7

Fiscal 2012
Comparison with the Initial
Forecast for Fiscal 2012(%)

2. Forecast for Fiscal 2012 (Full-year)
The Company announced, on January 24, 2012, a revision of the earnings forecast for full offiscal 2012 , which was published on May 11, 2011.

Consolidated
Revised Forecasts for Fiscal

Operating
IncomeNet Sales

Unit: million yen, %Ordinary
Net Income
Income1,094,000

10,80014,0008,500

1,075,000

6,900

9,500

4,900

19,000

3,900

4,500

3,600

2012
Initial Forecasts for Fiscal 2012
Increase/Decrease

3. Progress Rate Compared to the Revised Forecasts for Fiscal 2012
Unit: million yen, %Ordinary
Quarterly net
IncomeIncome10,538
6,698

Third Quarter, Fiscal 2012

837,391

Operating
Income7,631

Revised Forecasts for Fiscal

1,094,000

10,80014,000

8,500

76.5

70.7

75.3

78.8

Consolidated

Net Sales2012
Comparison with the Revised
Forecast for Fiscal 2012(%)

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