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

Investors’ Presentation
Results for the Fiscal 2014
(The Fiscal Year Ended February 28, 2015)
April 13, 2015

Contents
Ⅰ. Overview and Summary of the Fiscal 2014, the Fiscal Year Ended
February 28, 2015
Ⅱ. Overview of the 3rd Medium-Term Management Plan
Ⅲ. Business Results Forecasts for Fiscal 2015 as well as Priority Issues andMeasures

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.

Overview of Consolidated Operating Results
Increase in revenues and earnings; historic highs in operating income and net income aswell as ordinary income for the third and fourth successive accounting periods, respectively
Operating revenues: ¥50,726 million (+3.5% YoY)
Ordinary income: ¥6,216 million (+10.2% YoY)

+3.5%
49,003+11.5%
4,906

Operating revenues

Operating income

FY2013
Actual Results

FY2013
Actual Results

FY2014
Actual Results

5,642

FY2013
Actual Results

FY2013 (2014/2)

FY2014 (2015/2)

ActualResults

Plans

(%)

6,216

(%)

Net income

FY2014
Actual Results

FY2013
Actual Results

FY2014 (2015/2)
ActualResults(%)

YoY

vs. Plan

Increase(Decrease) (%)

Increase(Decrease) (%)

+3.5

－1.5

49,003

Net sales

48,140100.050,650100.049,868

100.0

+3.6

－1.5

Gross profit

26,87855.8

28,75056.8

28,079

56.3

+4.5

－2.3

+0.5pt－0.5pt55.8

50,726FY2014
Actual Results

Operating revenues

Gross profit margin (%)

51,500

3,642

3,183

Ordinary income

FY2014
Actual Results(Millions of yen)

+14.4%+10.2%

5,467

50,726(Millions of yen, %)Operating income: ¥5,467 million (+11.5% YoY)
Net income: ¥3,642 million (+14.4% YoY)

56.8

56.3

Selling, general andadministrative (SG&A) expenses

22,83547.4

24,20047.8

23,469

47.1

+2.8

－3.0

Operating income

4,906

10.2

5,400

10.7

5,467

11.0

+11.5

+1.2

Ordinary income

5,642

11.7

6,300

12.4

6,216

12.5

+10.2

－1.3

Net income

3,183

6.6

3,750

7.4

3,642

7.3

+14.4

－2.9

Improvement in Profit Margins (1)Improvement in the earnings structure; decrease in the breakeven point

60
55
50

52.4
48.8

50.8

53.6

53.9

55.0

55.8

56.3

50.8
48.6

47.9

48.0

47.4

2013/2

2014/2

45

47.1

40
2009/2

2010/2

2011/2

2012/2Gross Profit Margin(The denominator for all ratios is product net sales)

2015/2

Operating Expenses RatioImprovement in Profit Margins (2)Substantial increases in both the ordinary income margin and ROE

14
11.7

12

10.3

10

8.5

8
6
4

5.6

4.7
4.6

2
0

12.5

1.9
2009/2

6.6

5.2

5.5

2.6

2.6

2010/2

2011/2

ROE

7.5

9.1

11.0

10.2

7.0

7.5

2013/2

2014/2

8.1

5.1

2012/2

Operating Income Margin

2015/2

Ordinary Income Margin(Product sales serve as the denominators for both operating and ordinary income margins)Factors Contributing to the Increase in Operating Income
Operating income: ¥5,467 million ; overall trend is in excess of plans

Cost of sales ratio
FY2013 FY 2014
44.2% ⇒ 43.7%－ 0.5pt(Millions of yen)

＋1,727－4＋527

FY2013(2014/2)

SG&A expenses to net sales ratio
FY2013 FY 2014
47.4% ⇒ 47.1%－ 0.3pt

＋633

5,467

4,906

Operatingincomemargin11.0%

Operatingincomemargin10.2%

OperatingincomeFY2014(2015/2)

Net sales

Real estate rental
revenue

Cost of sales

SG&A
expenses

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

FY2013(2014/2)

1Q
FY20142Q
FY20143Q
FY20144Q
FY2014FY2014(2015/2)

Increase /(Decrease)

Operating revenues

49,003

12,672

11,14312,095

14,81650,726

1,723

+3.5

Gross profit

26,878

6,953

5,913

6,728

8,483

28,079

1,200

+4.5

Operating income

4,906

1,560

700

1,044

2,163

5,467

561

+11.5

Non-operating income

752

299

41

210

246

797

45

+6.0

Non-operating
expenses

15

3

39

3

3

49

33

+209.3

Ordinary income

5,642

1,856

703

1,251

2,406

6,216

574

+10.2

Ordinary income

35

47

104

―

―

152

117

+329.2Extraordinary loss

243

19

80

33

219

352

108

+44.8

Net income before
taxes

5,435

1,884

727

1,218

2,187

6,017

582

+10.7

Net income

3,183

1,184

358

746

1,354

3,642

459

+14.4

YoY

Trends in Quarterly Business Results
Steady growth in both operating revenues and operating income(Millions of yen)

Trends in Operating Revenues by Quarter
FY2010(2011/2)

FY2011(2012/2)

2Ｑ

3Ｑ

4Ｑ

1Ｑ

2Ｑ

3Ｑ

4Ｑ

1Ｑ

2Ｑ

3Ｑ

FY2014(2015/2)

4Ｑ

14,816

14,543
12,672

11,618 11,037 11,803

11,386 11,239 11,735

11,443
10,551 10,959

10,993 10,754 11,407

FY2013(2014/2)
13,876

13,73813,2791Ｑ

FY2012(2013/2)

1Ｑ

2Ｑ

3Ｑ

4Ｑ

1Q

Trends in Operating Income by Quarter
FY2010(2011/2)

11,143

2Ｑ

12,095

3Ｑ(Millions of yen)

FY2011(2012/2)

FY2012(2013/2)

FY2013(2014/2)

FY2014(2015/2)
2,163

1,919
1,310

1,142
605
240
1Ｑ

2Ｑ

512

3Ｑ

4Ｑ

607

692

1Ｑ

2Ｑ

4Ｑ

1,117

813

3Ｑ

4Ｑ

1,560

1,451

1Ｑ

843

875

2Ｑ

3Ｑ

1,091

1,090

1,044

805

4Ｑ

1Ｑ

2Ｑ

700

3Ｑ

4Ｑ

1Q

2Ｑ

3Ｑ

4Ｑ

Overview of Business Results by Business GroupThe F.D.C. Products Group Posted record highs at all levels of earnings; reported an increase in existing store
sales for the fourth consecutive year Experienced robust results in 4ºC brand fashion jewelry Recorded an increase in revenues thanks mainly to contributions from the openingof new 4ºC BRIDAL and canal 4ºC stores+14.1%+8.5%+13.9%+9.6%(Millions of yen)

28,41026,189

4,406

5,026

Operating revenues

Operating income

FY2013
Actual Results

FY2013
Actual Results

FY2014
Actual Results

FY2014
Actual Results

FY2013 (2014/2)(Millions of yen, %)ActualResults

5,161

4,533

Ordinary income
FY2013
Actual Results

Net income

FY2014
Actual Results

FY2013
Actual Results

FY2014 (2015/2)

(%)

Plans

(%)

2,991

2,729

ActualResults(%)

FY2014
Actual Results

YoY

vs. Plan

Increase(Decrease) (%)

Increase(Decrease) (%)

Operating revenues

26,189100.0

28,180100.0

28,410

100.0

+8.5

+0.8

Operating income

4,406

16.8

4,858

17.2

5,026

17.7

+14.1

+3.4

Ordinary income

4,533

17.3

4,982

17.7

5,161

18.2

+13.9

+3.6

Net income

2,729

10.4

2,896

10.3

2,991

10.5

+9.6

+3.3

(Note: Figures are before accounting for intrasegment operating revenues and transfers)

Overview of Business Results by Business GroupThe AS’TY Group Reported a decrease in revenues due mainly to the difficulties confronted bysubsidiaries
 Experienced a drop in profit margins as a result of sudden and dramatic downturnin the value of the yen－24.3%－1.0%
11,627

Operating revenues
FY2013
Actual Results

FY2014
Actual Results

779

559

11,509Operating income

Ordinary income

FY2014
Actual Results

FY2013
Actual Results

FY2013 (2014/2)(Millions of yen, %)ActualResults

Net income

FY2014
Actual Results

FY2013
Actual Results

FY2014 (2015/2)

(%)

Plans

ActualResults(%)(Millions of yen)

567

452

684

423

FY2013
Actual Results+25.4%－12.2%(%)

FY2014
Actual Results

YoY

vs. Plan

Increase(Decrease) (%)

Increase(Decrease)(%)

Operating revenues

11,627100.0

12,127100.0

11,509

100.0

－1.0

－5.1

Operating income

559

4.8

587

4.8

423

3.7

－24.3

－28.0

Ordinary income

779

6.7

798

6.6

684

5.9

－12.2

－14.3

Net income

452

3.9

589

4.9

567

4.9

+25.4

－3.7

(Note: Figures are before accounting for intrasegment operating revenues and transfers)

Overview of Business Results by Business GroupMISUZU Co., Ltd.

 Continued to rationalize unprofitable stores and to strengthen sales and promotion
activities in an effort to revitalize existing stores Succeeded in securing a return to the black by reducing overhead expenses
－9.1%
5,905

5,365

Operating revenues+¥83 million+¥83 million

Operating income
14

Ordinary income
53(69)
FY2013
Actual Results

FY2014
Actual Results

FY2013
Actual Results

FY2014
Actual Results

ActualResults

6(137)

FY2013
Actual Results

FY2014
Actual Results

FY2013
Actual Results

FY2014 (2015/2)

(%)

Plans

ActualResults(%)(Millions of yen)

Net income(30)

FY2013 (2014/2)(Millions of yen, %)+¥143 million(%)

FY2014
Actual Results

YoY

vs. Plan

Increase (Decrease)(%)

Increase(Decrease) (%)

Operating revenues

5,905

100.0

5,506

100.0

5,365

100.0

－9.1

－2.6

Operating income

(69)

―

70

1.3

14

0.3

＋¥83 million－79.9

Ordinary income

(30)

―

100

1.8

53

1.0

＋¥83 million－46.8

Net income (loss)

(137)

―

50

0.9

6

0.1

＋¥143 million－88.0

Overview of Business Results by Business Group age Co., Ltd.

 Reported a year-on-year increase in existing store sales in the daily fashion item
business for a fifth consecutive year Experienced difficult conditions in the RAPPORT brand retail membership salebusiness while struggling as a result of withdrawal from the LOU brand business－46.3%

+4.6%
7,978

8,343

－43.3%
164

160

Operating revenues

Operating income

FY2013
Actual Results

FY2013
Actual Results

FY2014
Actual Results

FY2013 (2014/2)(Millions of yen, %)ActualResults

93

21

Ordinary income

Net income

FY2013
Actual Results

FY2014
Actual Results

FY2014 (2015/2)

(%)

Plans

ActualResults(%)(Millions of yen)

84

86
FY2014
Actual Results－77.4%(%)

FY2013
Actual Results

FY2014
Actual Results

YoY

vs. Plan

Increase (Decrease)(%)

Increase(Decrease) (%)

Operating revenues

7,978

100.0

8,841

100.0

8,343

100.0

+4.6

－5.6

Operating income

160

2.0

190

2.1

86

1.0

－46.3

－54.7

Ordinary income

164

2.1

193

2.2

93

1.1

－43.3

－51.9

Net income

84

1.1

98

1.1

21

0.2

－77.4

－80.6

Overview of Financial Position and Cash Flows (Consolidated)
Total assets, liabilities, and net assets stood at ¥60.9 billion, ¥15.1 billion, and¥45.8 billion, respectively
Decrease in operating cash flows mainly due to income taxes paid
Increase in free cash flows of ¥47 million
Financial Position

As of February 28, 2015

Total assets¥60.9 billion¥45.8 billion

Total liabilities Total net assets¥15.1 billion

Cash FlowsFY2013(2014/2)

FY2014(2015/2)

Increase(Decrease)

Operatingcash flows

5,185

4,329

(855)

Investingcash flows(2,389)(1,184)

1,204

Financing
cash flows(823)(3,298)(2,474)Freecash flows

2,796

3,144

348

(Millions of yen)Overview of Capital Investment as well as Depreciation
and Amortization (Consolidated)
Capital investment: ¥1,730 million(Millions of yen, %)Capital investment(including long-term
prepaid expenses)(cash flow basis)
Security andleasehold deposits
Total

Depreciation and amortization: ¥1,097 million

FY2013 (2014/2)

FY2014 (2015/2)
YoY

Actual Results

Actual Results

1,136

1,676

+540

72

54

－18

1,209

1,730

+521

FY2013 (2014/2)

FY2014 (2015/2)
YoY(Millions of yen, %)Actual Results
Depreciation andamortization

987

Actual Results

1,097

+110

Overview of Fiscal 2014
Reported record high earnings in the jewelry business and experienced robust trends
Secured improvements in the apparel business despite difficult conditions; exceeded
overall plans
Posted record highs in operating income, ordinary income, and net income
1．The FDC Products Group⇒ Posted an increase in revenues and earnings including record highprofits due mainly to robust trends in 4ºC jewelry and canal 4ºC
fashion jewelry as well as store expansion
2．The AS’TY Group⇒ Reported a decrease in revenues and earnings owing primarily to theimpact of the weak yen
3．MISUZU Co., Ltd.
⇒ Secured a return to the black largely by implementing a variety ofmeasures including the rationalization of unprofitable stores4．age Co., Ltd.
⇒ Benefited from the effects of new stores in the mainstay PALETTE brand;reported an increase in revenues, but a decrease in earnings due mainly todifficult conditions confronted by the RAPPORT brandStatus of Store Openings and Closures as well as Plans
Implemented the opening of stores in accordance with plans; opened six stores during
the period under review for each of the 4ºC BRIDAL and canal 4ºC brands; plans toopen six Luria 4ºC stores by the end of the fiscal 2015
The F.D.C. Products Group
Jewelry business in Japan

FY2013(2014/2)
FY2014
ActualResults(2015/2)

FY2015Plan(2016/2)

BRIDAL

canal
4ºC

Other

Total

4ºC

4ºC

Jewelrybusinessoverseas

Luria
4ºC

4ºC
bags

age

MISUZU
Co., Ltd.

Co., Ltd.

Total

Fiscalyearend

88

31

30

21

170

5

-

28

88

80

359

Storesopened

3

6

6

4

19

2

6

7

1

9

41

Storesclosed

3

1

1

4

9

1

0

1

13

13

37

Fiscalyearend

88

36

35

21

180

6

6

34

76

76

363

Storesopened

3

2

9

1

15

0

6

9

1

5

35

Storesclosed

0

0

1

5

6

0

0

0

3

0

9

Fiscalyearend

91

38

43

17

189

6

12

43

74

81

391

Other: EAUDOUCE4ºC, RUGIADA, MASION JEWELL, deux et deux, otherNotes: Figures for the F.D.C. Products Group represent the number of stores which deal the Company’s brands.
Data after adjust for age Co., Ltd. sales agent stores

Policy regarding the Return of Profits to Shareholders






With a view to providing stable and continuous dividends, YONDOSHI HOLDINGS has set a basic
target of 25% for its dividend payout ratio⇒ Increased its annual dividend by ¥2 per share to ¥32 per share for the fiscal year ended
February 28, 2015
⇒ Purchased 1,040,100 shares of treasury stock in September 2014
Plans to increase its annual dividend by ¥8 per share to ¥40 per share for the fiscal year ending
February 29, 2016
YONDOSHI HOLDINGS is looking to progressively increase its target dividend payout ratio to 30%
over the medium term
Continue to adopt a flexible approach toward the acquisition of treasury stock(%)(Millions of yen)

5,000
4,000
3,000

3,642

3,183

2,000

25.8

1,000

83.5

2,080

26.3

899

855

0

FY2013 (2014/2)

100

4,100

1,100
FY2014 (2015/2)

80

Net income (left axis)

60

Total dividends (left axis)

40
20

Total amount of treasury stock
purchase (left axis)

0

Total payout ratio (right axis)

FY2015 (2016/2)
Forecast

FY2013 (2014/2)

FY2014 (2015/2)

FY2015 (2016/2) Forecast

Annual dividends per share (Yen)

30

32

40

Total amount of treasury stock
purchased (Millions of yen)

－

2,080

－

25.8

83.5

26.3

116.40134.99151.95

Total payout ratio (%)
Net income per share (Yen)Strengthening Corporate Governance Introduced an executive officer system on March 1, 2015
⇒ Promoted the delegation of authority to executive officers;
increased the speed of decision-making as well as efficiency withrespect to the execution of business operations⇒ Took steps to nurture management by promoting outstanding
employees to the position of executive officer

 Considering the transition to a company with Board of Audit
Committee structure⇒ Considering steps to grant voting rights to directors,
who are members of the Board of Audit Committee; taking steps
to further bolster the audit and oversight functions⇒ Looking to implement the aforementioned plans following
approval at the Company’s Annual General Meeting of
Shareholders in May 2015

Ⅰ. Overview and Summary of the Fiscal 2014, the Fiscal Year Ended
February 28, 2015
Ⅱ. Overview of the 3rd Medium-Term Management Plan
Ⅲ. Business Results Forecasts for Fiscal 2015 as well as Priority Issues andMeasuresThird Medium-Term Management Plan: Basic Policies and Results
Basic policies of the Third Medium-Term Management Plan (Fiscal 2012 to Fiscal 2014)

 Expand net sales by aggressively undertaking investments and realize acommensurate level of profit growth Positioning the key phrases, “taking every possible measure to respondto expectations of the future” and “envisaging the ideal scenario six
years hence,” at the heart of the Company’s activities going forward,
adopt a proactive stance toward promoting business strategies

Identify a business, organizational, numerical vision andsteadily implement measures accordingly

Promote the steadfast transition to a growth trajectory

Third Medium-Term Management Plan: Three-Year Operating Results
 Substantial increase in earnings in the three years from FY 2012 to FY 2014
 Operating income, ordinary income, and net income all reached record highs foreach fiscal year.
 Substantial improvement in ROE exceeding 8%
Operating Income

Ordinary Income(Billions of yen)(Billions of yen)

Net Income

ROE(Billions of yen)

(%)

62.2
54.7

36.4

56.4

49.1

7.0

31.8

48.8

7.5

8.1

27.9

42.9

5.1

38.9
19.7

34.3

FY2011 FY2012 FY2013
第62期（2012/2）
第63期（2013/2）
第64期（2014/2）(2012/2)(2013/2)(2014/2)

FY2014(2015/2)

第65期（2015/2）

Third MediumTerm Management
Plan Period

第62期（2012/2）
第63期（2013/2）
第64期（2014/2）
FY2011FY2012FY2013(2012/2) (2013/2) (2014/2)

FY2014

第65期（2015/2）(2015/2)

Third MediumTerm Management
Plan Period

第62期（2012/2）
第63期（2013/2）
第64期（2014/2）
FY2011FY2012FY2013(2012/2) (2013/2) (2014/2)

FY2014

第65期（2015/2）(2015/2)

Third MediumTerm Management
Plan Period

第62期（2012/2）
FY2011(2012/2)

FY2012 第64期（2014/2）
FY2013 第65期（2015/2）
FY2014(2013/2) (2014/2) (2015/2)

第63期（2013/2）

Third MediumTerm Management
Plan Period

Third Medium-Term Management Plan ― Results of Priority Measures
Undertake steady efforts to actively invest in growth fields and bolster
organizational capabilities
Targets

Priority Strategies— Actively invest
in growth field— Bolsterorganizational
capabilities

Store opening development
100 stores in Japan over three years

Results for the final Year ended February 2015

Opened 106 stores by the end of February
2015

Enhance the value of the 4ºC brandTop up advertising and promotional
expenses by approximately ¥1.0 billion
over three years for a total investment ofaround ¥4.0 billion

Altered store fixtures on a trial basis;
undertook investment in TV commercials andother promotions totaling ¥5.2 billion over thethree-year period of the plan

M&A
Consider investing in opportunities ofbetween ¥10.0 to ¥20.0 billion by bolstering
own funds

Generated profits mainly in jewelry-related activities; whileenergies were channeled toward the promotion of brands
with sound potential in fields where the Company is not
active as well as M&A opportunities, considerations remain
ongoing

Introduce a director control andresponsibility system
Strengthen the development of
human resources

Decided to adopt an executive officer system intandem with overseas production and humanresource development endeavors

Priority Strategies — Actively Invest in Growth Fields
Target the opening of 100 stores in Japan over three years⇒ Opened 106 stores, the results exceeded plans
Store in Japan over Three Years;
Number of Newly Opened Stores

Total 68 stores
FY 2014 (2015/2) 2H Actual Results
FY 2014 (2015/2) 1H Actual Results

20 stores

FY 2013 (2014/2) Full Fiscal Year Actual Results
FY 2012 (2013/2) Full Fiscal Year Actual Results

11 stores

21 stores

Total 19 stores
1 store8 stores16 stores

F.D.C. Products

10 stores

MISUZU

Total 19 stores
4 stores5 stores5 stores5 storesage

Ⅰ. Overview and Summary of the Fiscal 2014, the Fiscal Year Ended
February 28, 2015
Ⅱ. Overview of the 3rd Medium-Term Management Plan
Ⅲ. Business Results Forecasts for Fiscal 2015 as well as Priority Issues andMeasures

Business Results Forecasts for Fiscal 2015
Increase in revenues and earnings; plant to record historic highs in eachof operating income, ordinary income, and net income
Operating revenues: ¥52,500 million (+3.5% YoY)
Ordinary income: ¥6,700 million (+7.8% YoY)

+6.1%

+3.5%
50,72652,500Operating income: ¥5,800 million (+6.1% YoY)
Net income: ¥4,100 million (+12.6% YoY)

5,467

+7.8%

5,800

+12.6%

6,700

6,126

Operating revenues

Operating income

Ordinary income

FY2014FY2015 Plan
Actual Results

FY2014
Actual Results

FY2014FY2015 Plan
Actual Results

FY2015 Plan

FY2014 (2015/2)(Millions of yen, %)Results

4,100

3,642

Net income
FY2014
Actual Results

YoY

FY2015 (2016/2)
Plan

(%)

FY2015 Plan

Increase (Decrease)(%)(%)
52,500+3.5

Operating revenues

50,726

Net sales

49,868100.0

51,660

100.0

+3.6

Gross profit

28,07956.3

29,500

57.1

+5.1

57.1

+0.8ptGross profit margin56.3

Selling, general andadministrative expenses

23,46947.1

24,55047.5+0.4

Operating income

5,467

11.0

5,800

11.2

+6.1

Ordinary income

6,126

12.5

6,700

13.0

+7.8

Net income

3,642

7.3

4,100

7.9

+12.6

Change in Business Segments
Building on the growth trajectory established through to the fiscal year ended
February 28, 2015, YONDOSHI HOLDINGS plans to change its business segments
effective from the fiscal year ending February 29, 2016 in order to clarify operating
management and to promote further growth.

Previous business segments
The F.D.C. Products GroupNew business segments
The Jewelry Business(business anticipated to drive
growth)The AS’TY GroupMISUZU Co., Ltd.
age Co., Ltd.

The Apparel Business(business expected to provide
a stable earnings platform)

Full Fiscal Year Business Results Forecasts by Group Operating Company(Figures are before accounting for intrasegment operating revenues and transfers)

The Jewelry Business is projected to generate continued growth in revenues andearnings
Operating revenues and operating income are expected to remain unchanged on the
Apparel Business
FY2014(2015/2)(Millions of yen, %)FY2015 (2016/2)

Results

The Jewelry
Business

The ApparelBusiness

Forecast

YoY

Operating revenues

28,41030,170+6.2

Operating income

5,026

5,361

+6.7

Ordinary income

5,161

5,493

+6.4

Net income

2,991

3,400

+13.7

Operating revenues

25,21725,014－0.8

Operating income

523

556

+6.4

Ordinary income

830

803

－3.3

Net income

594

433

－27.1

*1 Numerical data for the fiscal year ended February 28, 2015 has been retroactively adjusted.
*2 Real estate leasing revenues and management fees are included in operating revenues.

Fiscal 2015 Priority Measures ― Six Pillar Plan and Progress
The three jewelry pillars driving the business forward as a whole
Six pillar growth engine plan
FY2015 PlanFY 2014 Actual Results(Millions of yen)

Net sales

YoY (%)

Ordinary
incomeYoY (%)Net sales

YoY (%)

Ordinary
income4ºC jewelry total

21,322

+1.5

3,868

－5.3

22,620

+6.1

4,100

+6.0

[4ºC jewelry]

14,956

+3.5

2,819

+3.5

15,620

+4.4

2,940

+4.3

[4ºC BRIDAL]

6,366

－3.1

1,049

－23.5

7,000

+10.0

1,150

+9.6

canal4ºC

3,445

+19.5

581

+46.2

3,963

+15.0

670

+15.3

Apparel manufacturingbusiness

4,832

－0.8

156

－11.1

5,145

+6.5

235

+50.6

Apparel SPA business

5,365

－9.1

53

+¥83
million

5,100

－4.9

74

+39.6

Daily fashion item
business

6,847

+9.0

74

－36.7

7,286

+6.4

63

－15.8

Total

41,811

+2.1

4,732

－0.3

44,114

+5.6

5,142

+8.7

YoY (%)

Fiscal 2015 Priority Measures ― The Jewelry Business ― Continue store opening strategy
 Accelerate the pace of canal 4ºC store expansion; plans to open nine stores by theend of the year Plans to open six Luria 4ºC stores by the end of the year

Fiscal 2015 Priority Measures ― The Jewelry Business ― Reinvigorate existing stores by reassessing the product mix in linewith renovation plans Propose and implement the development of multiple brand stores in line withrenovation plans
 Continue to expand floor space through the development of such brands as 4ºC
Pregence and 4ºC Watch

Fiscal 2015 Priority Measures ― The Apparel Business ― Apparel manufacturing: Increase profit margins by shifting production
to Bangladesh Promote annual production in Bangladesh of one million units; lift the ratio ofoverseas production in the apparel business to 30%

 Apparel SPA: Improve profitability by rebuilding the Rew de Rew
platform brand Strengthen sales channels by maintaining a focus on merchandising that takes
into consideration the attributes of urban and regional as well as suburban
stores Daily fashion: Increase sales by continuing to open PALETTE stores thatreinforce the Group’s dominant position in the Kansai area
 Continue to open PALETTE stores that reinforce the Group’s dominantposition in the Kansai area; plan to open five stores annually

Fiscal 2015 Priority Measures― Bolster organizational capabilities ― Activities that help women excel (implemented on March 1, 2015)
 Appointed a female executive officer at F.D.C. Friends Inc.
 168 contract employees revised to full-time, permanent employee status at
F.D.C. Friends Inc.

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.
General Affairs Division (Kozuka)
TEL+81-3-5719-3429
FAX+81-3-5719-4462
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.