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

Investors’ Presentation
Results for the First Half of Fiscal 2018
(The Fiscal Year Ending February 28, 2019)
October 9, 2018

Contents
Ⅰ. Overview and Summary of the First Half of Fiscal 2018, the Fiscal YearEnding February 28, 2019
Ⅱ. Business Results Forecasts for Fiscal 2018 and Measures for the Second
Half
Ⅲ. Medium-Term Strategic Approach

Saishi Kimura. Chairman and Representative Director・CEO
Akihiro Takiguchi, President and Representative Director・COO
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Overview of Consolidated Operating Results for
the First Half of Fiscal 2018
Decrease in revenue and earnings compared with a forecast increase in revenue anddecrease in earnings
Net sales: ¥22,094 million (－1.5% YoY ) Operating income: ¥1,994 million (－17.2% YoY)
Ordinary income: ¥2,578 million (－15.4% YoY) Net income: ¥1,817million －16.0% YoY)
(Millions of yen)

Net sales
22,427

Operating income

22,094

Ordinary income

2,164

3,046

2,408

Net income

2,578

1,994

1,817

－1.5%

－17.2%－15.4%－16.0%

1H FY2017
1H FY2018
Actual Results Actual Results

1H FY2017
1H FY2018
Actual Results Actual Results

1H FY2017
1H FY2018
Actual Results Actual Results

1H FY2017
1H FY2018
Actual Results Actual Results

1H FY2017 (2017/8)

1H FY2018 (2018/8)

1H FY2018 (2018/8)

YoY

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

22,427100.0

22,500100.0

22,094

100.0

－1.5

－1.8

Gross profit

12,983

57.9

13,082

58.1

12,582

56.9

－3.1

－3.8

－1.0pt－1.2ptGross profit margin

Plans

(%)

57.9

(%)

58.1

ActualResults

Increase(Decrease) (%)

ActualResults(%)

56.9

SG&A expenses

10,57547.2

10,783

47.9

10,587

47.9

+0.1

－1.8

Operating income

2,408

10.7

2,300

10.2

1,994

9.0

－17.2

－13.3

Ordinary income

3,046

13.7

3,000

13.3

2,578

11.6

－15.4

－14.1

Net income

2,164

9.8

2,100

9.3

1,817

8.2

－16.0

－13.5

3

Operating Income
Cost of sales ratio
1H FY2017 1H FY 2018
42.1% ⇒ 43.1%+1.0pt(Millions of yen)

SG&A expenses to net sales ratio
1H FY2017 1H FY 201847.2 % ⇒ 47.9%+0.7pt

－ 333
2,408

+67

+12

Operatingincomemargin

1,994

10.7%

Operatingincomemargin9.0%

Operating income
1H FY2017(2017/8)

Net sales

Cost of sales

SG&A expenses Operating income
1H FY2018(2018/8)

4

Trends in Quarterly Business Results
Trends in Net Sales by Quarter
1Q
12,672 12,306

'15/2

'16/2

(Millions of yen)

3Q

2Q

4Q
14,815

11,588 11,341 11,216

11,142 11,742 11,347 11,086 10,878

12,095 12,251 11,541 11,407

'17/2

'15/2

'15/2

'18/2

'19/2

'16/2

'17/2

'18/2

'19/2

'16/2

'17/2

'18/2

'19/2

'15/2

16,583'16/2

Trends in Operating Income by Quarter
1Q

2Q

15,321'17/2

14,226

'18/2

'19/2

(Millions of yen)

3Q

4Q
2,732 2,564 2,615
2,163

1,560

1,348

1,547

1,341 1,196
700

'15/2

'16/2

'17/2

'18/2

'19/2

'15/2

855

'16/2

1,157 1,067

'17/2

'18/2

797

'19/2

1,261
1,079
1,043 1,172

'15/2

'16/2

'17/2

'18/2

'19/2

'15/2

'16/2

'17/2

'18/2

'19/2

1Q
FY20172Q
FY20171H
FY2017(2017/8)

1Q
FY20182Q
FY20181H
FY2018(2018/8)

Increase /(Decrease)

Net sales

11,341

11,08622,427

11,216

10,87822,094

(333)

－1.5

Gross profit

6,607

6,376

12,983

6,497

6,085

12,582

(401)

－3.1

Operating income

1,341

1,067

2,408

1,196

797

1,994

(413)

－17.2

(Millions of yen)

YoY

5

Overview of Business Results by Segment～The Jewelry Business Decrease in revenue and earnings owing mainly to a delay in the recovery of bridal jewelrysales Upward trend in average spending per customer owing largely to the roll-out of fashion
jewelry by price range and measures aimed at enhancing brand value(Millions of yen)

Net sales
13,957

13,108Operating income

Ordinary income

2,193

2,260

1H FY2017
Actual Results

1H FY2018
Actual Results

ActualResults

1,795

1,171

－21.1%－20.6%

1H FY2017
1H FY2018
Actual Results Actual Results

1H FY2017
1H FY2018
Actual Results Actual Results

1H FY2017 (2017/8)(Millions ofyen, %)

1,589

1,731

－6.1%

Net income

1H FY2017
Actual Results

1H FY2018 (2018/8)
Plans

(%)

－26.3%(%)

ActualResults(%)

1H FY2018
Actual Results

YoY

vs. Plan

Increase(Decrease) (%)

Increase(Decrease) (%)

Net sales

13,957100.0

13,875100.0

13,108

100.0

－6.1

－5.5

Operating income

2,193

15.7

2,056

14.8

1,731

13.2

－21.1

－15.8

Ordinary income

2,260

16.2

2,117

15.3

1,795

13.7

－20.6

－15.2

Net income

1,589

11.4

1,436

10.3

1,171

8.9

－26.3

－18.5

6

Overview of Business Results by Segment～The Apparel Business Firm trends in both the apparel manufacturing and everyday fashion businesses; increase inrevenue and earnings
 Successful steps to strengthen measures with major clients in the apparel manufacturing business Sound trends in the everyday fashion business together with an increase in point card members(Millions of yen)

Net sales
8,469

Operating income

8,985

Net income

Ordinary income
518

351

433

396

277

249

+6.9%

+26.3%+30.7%

1H FY2017
1H FY2018
Actual Results Actual Results

1H FY2017
1H FY2018
Actual Results Actual Results

1H FY2017
1H FY2018
Actual Results Actual Results

1H FY2017 (2017/8)(Millions ofyen, %)

ActualResults

1H FY2017
1H FY2018
Actual Results Actual Results

1H FY2018 (2018/8)
Plans

(%)

+73.7%

ActualResults

(%)

(%)

YoY

vs. Plan

Increase(Decrease) (%)

Increase(Decrease) (%)

8,469

100.0

8,826

100.0

8,985

100.0

+6.9

+1.8

Operating income

277

3.3

377

4.2

351

3.9

+26.3

－6.9

Ordinary income

396

4.7

506

5.7

518

5.8

+30.7

+2.3

Net income

249

2.9

321

3.6

433

4.8

+73.7

+34.8

Net sales7Overview of Financial Position and Cash Flows(Consolidated)Total assets, liabilities, and net assets stood at ¥66.6 billion, ¥12.6 billion, and ¥54.0 billion, respectively
Cash flows from financing activities: Paid cash dividends of ¥859 million as a part of efforts toreturn profits to shareholders

Financial Position

Cash Flows
As of August 31, 2018

Total assets¥66.6 billion¥54.0 billion

Liabilities Net assets¥ 12.6 billion(Millions of yen)

1H FY2017 1H FY2018 Increase(2017/8)(2018/8) (Decrease)

Operatingcash flows

1,621

1,230

(390)

Investingcash flows(659)(1,020)(361)

Financing
cash flows

(743)

(967)

(223)

Free
cash flows

+962

+210

(752)

8

Status and Plan of Store Openings and Closures
ApparelBusiness

Jewelry BusinessJapan

FY2017(2018/2)

FY2018
1H Actual
Results(2018/8)

FY20182H Plan(2019/2)

Total
Overseas

PALETTE

217

5

65

287

1

3

0

3

6

1

1

4

0

0

4

79

42

90

216

5

68

289

0

1

0

1

2

0

4

6

Storesclosed

0

3

0

1

4

1

1

6

Fiscalyearend

5

77

42

90

214

4

71

289

Roadsidebutique

Department
store

Bridal Shop

Fashion
Building

Fiscalyearend

5

79

43

90

Storesopened020Storesclosed

0

2

2Hend

5

StoresopenedTotal

9

Status of the Number of Domestic Brand Storesin the Jewelry Business

4ºC
FY2017(2018/2)

FY2018
1H Actual
Results(2018/8)

FY2018 2H
Plan(2019/2)

4ºC
BRIDAL

canal4ºC

EAU
DOUCE
4ºC

MAISONJEWELL

Jewelry
Total

Luria 4ºC

Total

Fiscal yearend

92

43

48

23

7

213

61

274

Storesopened

1

0

1

0

1

3

0

3

Stores closed

1

1

1

0

0

3

1

4

2H-end

92

42

48

23

8

213

60

273

Storesopened

1

0

1

0

0

2

0

2

Stores closed

2

0

1

1

0

4

2

6

Fiscal yearend

91

42

48

22

8

211

58

269

*Composite stores that handle multiple brands are recorded as a single store by each individual brand.

10Return of Profits to Shareholders
With the basic policy of providing stable and continuous dividends, YONDOSHI HOLDINGS
also maintains a flexible approach toward the acquisition of treasury stock YoY increase of ¥5.0 per share to ¥37.5 per share in the interim dividend for the fiscal year ending
February 28, 2019
 Plan to pay a cash dividend of ¥75 per share, up ¥10 per share, for the fiscal year ending February 28, 2019(eighth consecutive fiscal year of dividend increase) Dividend payout ratio forecast for the fiscal year ending February 28, 2019 :
38.5%, up 7.1 of a percentage point YoY(Millions of yen)

(%)

6,000

5,293

4,962

5,000

5,000

38.5

35.0

31.4

4,000

40.0

3,000

30.0

25.9

2,000

1,984

1,716

1,318

Net income (left scale)
Total dividends (left scale)
Payout retio (right scale)

25.0

1,000
0

20.0
FY2017 (2017/2)

FY2018 (2018/2)

FY2019 (2019/2)Forecast

FY2016 (2017/2)

Annual dividends per share (Yen)
Net income per share (Yen)
Payout ratio (%)

FY2017 (2018/2)

FY2018 (2019/2) Forecast

50.0

65.0

75.0

193.38207.09194.71

25.9

31.4

38.5
11

Summary of the First Half of Fiscal 2018,
the Fiscal Year Ending February 28, 2019
 Decrease in revenue and earnings compared with a forecast increase inrevenue and decrease in earnings
 Jewelry Business Promoted efforts aimed at strengthening the Company’s foundation throughproactive investment in human resources Upward trend in average spending per customer owing largely to the roll-out of
4ºC fashion jewelry by price range and measures aimed at enhancing brand value
 Drop in net sales and profit below plans due to a variety of factors including adelay in the recovery of bridal jewelry sales

 Apparel Business Successful steps to strengthen relationships with major clients in the apparel
manufacturing business

Robust trends also in the everyday fashion brand PALETTE business Continued emphasis on maintaining consecutive increases in the payment ofcash dividends; expected to achieve a dividend payout ratio of more than
30% through an increase in dividends for an eighth consecutive fiscal period
12

Contents
Ⅰ. Overview and Summary of the First Half of Fiscal 2018,
the Fiscal Year Ending February 28, 2019
Ⅱ. Business Results Forecasts for Fiscal 2018 and Measures for
the Second Half
Ⅲ. Medium-Term Strategic ApproachBusiness Results Forecasts for Fiscal 2018
 Revised forecasts for the full fiscal year after taking into consideration trends
in the first half
(Millions of yen)

Net sales
51,50048,00048,060Operating income
6,550

Ordinary income
7,700

6,102

7,562

－0.1%

－13.2%FY2017
Actual Results

FY2018
Revised
Forecasts

5,300

FY2017
Actual Results(Millions ofyen, %)

5,293

－9.4%

FY2018
Revised
Forecasts

FY2017 (2018/2)

6,850

Net income
4,950

FY2017
Actual Results

5,000

－5.5%

FY2018
Revised
Forecasts

FY2018 (2019/2)

FY2017
Actual Results

FY2018
Revised
Forecasts

FY2018 (2019/2) 2H
Revisedforecasts

vs. plan(%)

26,50025,905－2.2－1.8

15,85014,972－8.3―－1.0pt59.8

57.8－2.0pt22,25446.4+1.4

11,99911,666

－2.8

6,150

5,300

11.0

－13.2

3,850

3,305

－14.1

15.7

7,650

6,850

14.3

－9.4

4,650

4,271

－8.1

11.0

5,350

5,000

10.4

－5.5

3,250

3,182

－2.1 14Full-year
results(%)

Initialplans

Revisedforecasts

Net sales

48,060100.0

49,00048,000

100.0

－0.1

Gross profit

28,04958.4

28,932

27,55457.4

Gross profit
margin

58.4

―

59.0

57.4

Selling, general andadministrative expenses

21,94745.7

22,782

Operating income

6,102

12.7

Ordinary income

7,561

Net income

5,293

YoY (%)(%)

Initialplans

Full Fiscal Year Business Results Forecasts by Segment(Figures are after accounting for intrasegment net sales and transfers)
 Actively implement a variety of measures for the peak demand Christmas season and target
a year-on-year increase in existing store sales in the second half in the jewelry business Projecting increases in both revenue and earnings in the apparel business through the steady
implementation of measures
FY2017(2018/2)(Millions ofyen, %)The Jewelry
Business

The ApparelBusiness

Results

FY2018 (2019/2)
1H Results

2H
Forecasts

Full-year
Forecasts(Revised)

YoY

Net sales

30,981

13,05016,85029,900－3.5

Operating income

5,470

1,734

2,916

4,650

－15.0

Ordinary income

5,598

1,800

2,980

4,780

－14.6

Net income

3,749

1,200

1,900

3,100

－17.3

Net sales

17,080

8,826

9,174

18,000+5.4

Operating income

566

377

323

700

+23.7

Ordinary income

817

506

494

1,000

+22.4

Net income

526

249

741

990

+88.2
15

Outlook for Operating Income(Millions of yen)

Cost of sales ratio
FY2017 FY 2018 (Forecast)
41.6% ⇒ 42.6%+1.0pt

－60

+435

6,102

SG&A expenses to net sales ratio
FY2017 FY 2018 (Forecast)
45.7% ⇒ 46.6%+0.7pt+307
5,300

OperatingincomemarginOperatingincomemargin
11.0%

12.7%

Operating income
FY2017(2018/2)

Net sales

Cost of sales

SG&A expenses

Operating income
FY2018
Forecast(2019/2)

16

Key Second Half Issues
Work toward a recovery at existing stores Roll out limited edition products targeting the Christmas season andstrengthen sales promotion activities
 Increase the competitiveness of bridal jewelry
Develop growth businesses
 Promote stable canal 4ºC growth Strengthen the composition of Luria 4ºC products
 Expand e-commerce business growth
Promote stable apparel business growth Strengthen overseas manufacturing bases in the apparel manufacturingbusiness Expand the level of awareness toward the everyday fashion brand
PALETTE business
17

Work Toward a Recovery at Existing Stores:
Target the Christmas Season (1) Roll out limited edition Christmas products; capture the need of Christmas
presents with a special feel
 Nurture a sense of elation by strengthening over-the-counter and store displays
 Reduce opportunity loss by upgrading and expanding product inventory

18

Work Toward a Recovery at Existing Stores:
Target the Christmas Season (2) Engage in high-quality promotional activities Pursue a new image through various initiatives and media including TV
commercials as well as online and railway advertising

19

Work Toward a Recovery at Existing Stores:
Increase the Competitiveness of Bridal Jewelry Shorten semi-order delivery from 45 to 30 days Upgrade and expand the product lineup including the size of store inventories Participate in department store bridal benefit programs

Aqua Crown

20

Develop Growth Businesses:
Promote stable canal 4ºC growth Existing store sales in the first half increased year on year on the back of successful
efforts aimed at upgrading and expanding items as well as product designs
 Work toward definitive growth through a year-on-year increase in existing store
sales for the full fiscal year

21

Develop Growth Businesses:
Strengthen the Composition of Luria 4ºC Products Upgrade and expand the lineup of folded and compact wallets
 Expand bag variations

Luria 4ºC brand folded and compact wallet

Luria 4ºC bag

22

Develop Growth Businesses:
Expand the e-commerce Business Improve the Group’s visual image and overall convenience by completely renewing
online sites
 Expand sales through the sale on limited edition online products
E-commerce business sales(Millions of yen)

1,950

1,545

1,643

1,184
845
679
550
FY2012 (2013/2) FY2013 (2014/2) FY2014 (2015/2) FY2015 (2016/2) FY2016 (2017/2) FY2017 (2018/2) FY2018 (2019/2)
Plans

23

Promote Stable Apparel Business Growth: Strengthen Overseas
Manufacturing Bases in the Apparel Manufacturing Business Strengthen initiatives with clients drawing on the strengths of product planningcapabilities and overseas production framework
 Expand production in Bangladesh; forecast of annual production of more than 1.7
million units

AS’TY Inc. exhibition

24

Promote Stable Apparel Business Growth: Expand the Level ofAwareness Toward the Everyday Fashion Brand PALETTE Business Further entrench the Group’s dominant position in the Kansai area by opening
PALETTE stores Target a ninth consecutive fiscal year of existing store sales revenue growth bystrengthening sales and promotion measures as well as increasing the number of
PALETTE point card members

25

Contents
Ⅰ. Overview and Summary of the First Half of Fiscal 2018,
the Fiscal Year Ending February 28, 2019
Ⅱ. Business Results Forecasts for Fiscal 2018 and Measures for
the Second Half
Ⅲ. Medium-Term Strategic Approach

Strategic Approach In order to enhance the value of the 4ºC brand1. Actively reinforce human resources and enhance the quality ofmanagement in the core Jewelry Business2. In addition to bringing about a recovery and growth in existing store
sales, develop and cultivate businesses that will underpin the Group next
growth strategies
 Measures aimed at achieving the Group’s vision; major progress in the first half

Develop human resources

Strengthened the management and businessplatforms through investment in human resources
while also considering steps to bolster creating
personnel

Strengthen the competitiveness of products

Rolled out products by price range; increase inaverage spending per customer by enhancing brandvalue

Ascertain market trends

Strengthened efforts aimed at analyzing customer
needs for each brand; worked toward reinforcing
relationships through customer management27Jewelry Business:
Increase the Value of the 4ºC Jewelry Brand (1) Roll out products by price range from the fiscal year under review; expand sales
floor space for products in the mid- and high-price range
 Further enhance the 4ºC jewelry brand image and work toward increasing
average spending per customer
1st Line

2nd Line

3rd Line28Jewelry Business:
Increase the Value of the 4ºC Jewelry Brand
 Undertake definitive steps to shift toward new prototype stores; work toward 14 stores by
the end of the fiscal year under review
 Steady trends following the transition to new prototype stores; sales up 5% year on year
compared with existing stores Image renewal of store promotions: sophisticated display couples with strong message value

4ºC Sendai Fujisaki Store 29

Basic Policy of the Fifth Medium-Term Management Plan
― Progress under the Business Vision
Jewelry Business: Business Vision (1)Bring about a recovery and growth in existing store sales by improving
products, marketing and services
First Half Fiscal 2018, the Fiscal Year Ending February 28, 2019, Progress and Results Rolled out product by price range in the 4ºC fashion jewelry business Implemented definitive measures aimed enhancing brand value; increased average spending
per customer thanks largely to the growing composition of mid- and high-price range productsales
 Newly opened and renovated 12 stores (as of the end of September 2018) in line with thetransition to new prototype stores; robust trends with new 4ºC prototype existing store sales
up 5% year on year in the first half Promoted the introduction of human resources at the management level; strengthened the
management and business platforms
 Expanded various measures in a bid to attract customers; this including advertising throughnew media and tie-ups with ceremonial halls in the 4ºC Bridal business First half existing store sales increased year on year due mainly to efforts aimed at upgradingand expanding canal 4ºC items and design30Basic Policy of the Fifth Medium-Term Management Plan
― Progress under the Business Vision
Jewelry Business: Business Vision (2)Expand the e-commerce business by strengthening information technology
capabilities
First Half Fiscal 2018, the Fiscal Year Ending February 28, 2019, Progress and Results
 Introduced Chatbot utilizing AI
Increased the purchase rate through consumer purchase selection support
 Decided to undertake a complete renewal of online sites
Facilitated smooth navigation through the integration of brand and online sites

Jewelry Business: Business Vision (3)Rebuild the overseas strategy
First Half Fiscal 2018, the Fiscal Year Ending February 28, 2019, Progress and Results
 Continued test marketing in China
 Assessed the possibility of opening stores in other parts of Asia
31

Basic Policy of the Fifth Medium-Term Management Plan
― Progress under the Business Vision
Apparel Business: Business Vision (1)Strengthen ODM and planning capabilities

First Half Fiscal 2018, the Fiscal Year Ending February 28, 2019, Progress and Results Robust results with respect to efforts aimed at strengthening initiatives with major clients
drawing on the strengths of product planning capabilities and the Group’s production
framework Expanded the ratio of production in Bangladesh (increase from 27.5% to 40.3% on a numberof items basis)

Apparel Business: Business Vision (2)Expand the market by opening store that can secure a dominant position in
the Kansai area

First Half Fiscal 2018, the Fiscal Year Ending February 28, 2019, Progress and Results
 Newly opened PALLETE stores (three stores in the first half; plans to open four stores in thesecond half) Captured PALLETE members (increase of 32,000 for a total of 245,000)
32

Return of Profits to Shareholders and Capital Efficiency
In addition to maintaining the Company’s emphasis on continuously
increasing cash dividend payments, maintain a dividend payout ratioof 30% or more

Target as cash dividend of ¥100
per share

Engage in management with a view to securing ROE of 10%
or higher

33

Toward Stable and Continuous Growth～Creating Sustainable Value
Work toward enhancing value in the three jewelry SPA, apparel ODM, andretail businesses
VisionInputsBusinesses

Outputs

Customers

Jewelry SPA

Customers

Employees

Employees

Manufacturers

Manufacturers

Partnercompanies

Apparel OEM

RetailPartnercompanies
SocietySocietyEnhanced corporate value;
increased customer satisfaction

A century-old company and brandShareholders

Shareholders

Outcomes

Management and business platforms
The environment, society, and governance (ESG)34

Activities Aimed at Addressing ESG Issues (1) About F.D.C. Products Inc.
Affiliation with the Responsible Jewellery Council (RJC)
 Only three Japanese companies (including F.D.C. Products Inc.) wereaffiliated with the Council as of September 30, 2018
 Every effort is made to promote responsible business practices while
engaging in activities that help realize a sustainable society and business
operations
 Work toward further enhancing value by clarifying the integrity of the
F.D.C. Products brand※What is the RJC・・・
The Responsible Jewellery Council is an international not-for-profit, standards and certification
organization. Covering social and environmental responsibility focusing on the jewelry industry,
the Council strives to realize responsible business practices for diamonds, gold and platinum acrossthe entire jewelry supply chain and processes from mine to retail.
35

Activities Aimed at Addressing ESG Issues (2) Reinforce personnel and promote human resource
development across the Group as a whole Develop next-generation leaders Engage in Group-wide cross-sectional human resource education,
assignment, and hiring activities Continue to engage in promote awareness toward the Group’s corporate
university, which engages in education focusing on values and traditions

 Promote diversity management
 Promote workstyle reform (work-life balance) Promote opportunities that allow women to excel

 Quality assurance
 Further upgrade and expand the Group’s industry leading quality
assurance structure and systems
 Enhance the integrity of products and services
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In Conclusion Decrease in revenue and earnings compared with a forecast increase inrevenue and decrease in earnings for the first half of the fiscal year underreview; revised full fiscal year forecasts
 Jewelry business: Definitively implement measures aimed at enhancing the
4ºC brand value; work toward a turnaround and existing store growth from
December through a recovery in bridal jewelry and successful measureduring the peak Christmas period
 Apparel business: Maintain robust first half results and ensure continued
stable growth Continue implementing comprehensive measures in such areas as store
renovations, products and promotions in a bid to enhance the 4ºC brandvalue, an issue of the utmost priority under the Group’s medium-term
strategic approach
 Maintain a dividend payout ratio of 30% or more through plans to provide
an eighth consecutive fiscal period of dividend growth37

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, Moriyama, Mori)
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.