First Half Results for FY2012(Six months ended August 31, 2012)

Lawson, Inc.
October 4, 2012

Copyright (c) 2012 Lawson, Inc. All rights reserved.

1

Financial Results
for the First Half of FY2012
Tomoki Takanishi
Division Director
Finance and Accounting Office

Copyright (c) 2012 Lawson, Inc. All rights reserved.

2

First Half of FY2012 Earnings Summary
FY2010-1H
Actual(Billions of yen)
Net sales of all stores
837.8
Operating profit
30.1
Operating profit ratio
3.6%
Recurring profit
29.6
Net profit
12.2
EPS（Yen）
123.44
Dividend payout ratio
68.9%
Dividend per share (Yen)85
Total number of stores in Japan
9,860

FY2011-1H
Actual
916.1
32.5
3.6%
32.6
8.9
89.72
97.0%
87
10,221

Actual
970.9
34.5
3.6%
34.2
17.8
178.8255.9%
100
10,912FY2012-1H
YoY
106.0%
106.1%
0.0%P
105.1%
199.3%
199.3%▲ 41.1%P
13691

vs. Plan

98.7%
101.6%
0.1%P
102.0%
107.0%
107.0%
5145

Note: Change vs. the plan indicates comparison with the initial plan.

 Consolidated operating profit exceeded the plan by 0.6 billion yen, and increased by 6.1% yoy.
Sales growth of products with higher GPM and efforts to mark-up processed foods helped improve
GPM. Reduction in SG&A expenses by review of IT operational costs and others also helped improve
GPM.
 Consolidated net profit exceeded the plan by 1.1 billion yen and almost doubled yoy.
In addition to profit from organic growth, extraordinary loss decreased from the previous year whenasset liability obligations and disaster-related losses of 11.6 billion yen in aggregate were recorded.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

3

Existing Stores (Non-Consolidated)
110.0%

1.5%＜1H of 2012＞
Gross profit up 2.0%

105.0%

1.0%
0.5%

100.0%

0.0%
Existing store sales up 1.0%
(Number of customers down 0.2%
Spending per customer up 1.2%）

95.0%
90.0%

-0.5%
-1.0%
-1.5%

1H

2H

1H

FY20092H
FY2010Change in existing stores sales（YoY, LH）
Change in gross profit（YoY, LH）

1H

2H
FY2011

1H

2H
FY2012

Change in gross profit exc. cigarettes（YoY, LH）
Gross profit margin change (RH）

 Existing store sales were in line with the plan, up 1.1% yoy, due to favorable sales of OTC fast
foods with high gross profit margin (GPM), delicatessen items, salad, and fresh foods, whichwere enhanced to expand customer base to women and seniors.
 Overall GPM improved 0.2 pp from the previous year despite the negative impact of cigarettesales (0.4 pp). GPM of merchandise excluding cigarettes were 0.2pp higher than the plan and
0.6pp higher than a year ago, thanks to contribution by OTC fast foods, confectionery, andbeverages.
 As a result, existing store gross profit, an important figure for the company, was up 2.0% yoy.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

4

Store Opening (Non-Consolidated)(Opening/Closing/
Net store Increase)600

Net store increase （LH）
Store opening (LH)

(Daily sales per new store;
Store closure （LH）
Thousands of yen)
Daily sales per new store （RH）
600

500
500
400
300

400

200
300
100
0

200

-100
100
-200
-300

0
FY2009-1H

FY2010-1H

FY2011-1H

FY2012-1H

 Successful expansion of customer base has led to more store opening opportunities, mainly inresidential areas. We opened 119 more stores than the plan. Favorable operations of existing
stores resulted in 21 less closures. A net increase of 430 stores exceeded the plan.
 Daily sales per new store were firm and reached 533,000 yen.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

5Key Components SG&A Expenses
FY2011-1H FY2012-1H（Billions of yen）

ActualActual Change

FY2011
Forecast

Non-consolidated

Selling, general and administrative expenses

93.1 100.8

7.7 Increase 5-10%＜Major Strategic Expenses＞
Personnel costs
IT-related costs

17.5
7.6

17.7
7.6

0.2
Almost flat
0.0 Increase 0-5%

5.6

7.0

1.4 Increase 20-25%

128.7 138.8

10.1 Increase 5-10%(Hardware leasing, software amortzation, maintenance, etc.）

Advertising and promotional expenses

Consolidated SG&A expenses

Compared to Plan

Compared to 1H of FY2011

Copyright (c) 2012 Lawson, Inc. All rights reserved.

0.5 billion yen less than the plan.
 Reduction in IT-related costs due to revision in
operation and maintenance costs

Consolidated

Consolidated

 Advertising and promotional expenses toenhance Lawson HMV Entertainment’s ticket
business
 Higher lease expenses due to an increase ininstallation of ATMs operated by Lawson ATM
Networks

NonConsolidated

Nonconsolidated

 Advertising and promotional expenses toenhance promotional activities targeted at Ponta
card members and the point-collecting campaign
 Other: More expenses for facilities associatedwith net increase in stores and remodeling

1.2 billion yen less than the plan
(In addition to the above reason)
 Contributed by cost cut efforts of Ninety-nine
Plus Opened less stores overseas such as inShanghai
6

Earnings of Major Subsidiaries and Affiliates＜Operating Profit of Major Subsidiaries＞

Ninety-nine Plus, Inc.
Lawson HMV Entertainment, Inc.
Shanghai Hualian Lawson, Inc.
Lawson ATM Networks, Inc.

FY2012-1H

FY-end Ownership

ActualChangeFY2012
Forecast

Feb.
Feb.
Dec.
Feb.

1.08
0.03
1.13
0.19
▲ 0.50 * ▲ 0.50
2.38
0.63

2.10
2.30
▲ 0.904.30

100.0%
100.0%
85.0%
76.6%* Actual results from January 2012 to June 2012

＜Operating Profit of Equity-method Subsidiaries＞

Lawson Okinawa, Inc.

Feb.

49.0%

FY2012-1H
0.46
0.06

Ninety-nine Plus

Slight increase in operating profit as cost cuts and operational improvement offset the impact
from a tough comparison to the previous year’s hot summer. Steady progress in conversion tofranchise stores.

Lawson HMV Entertainment

The measures to enhance entertainment business resulted to capturing sales opportunities of
big performances. Favorable ticket sales led to profit growth.

Shanghai Hualian Lawson

After acquiring a controlling interest, the internal system was reviewed and the measure to
improve operation was implemented. Profit dropped du to restructuring costs but was in linewith the plan.

Lawson ATM Networks

Net increase in store openings led to more ATM installation. The number of transactions roseand profit increased thanks to being better known.

Copyright (c) 2012 Lawson, Inc. All rights reserved.

7

First Half of FY2012 Balance Sheet and Cash Flow (Consolidated)(Billions of yen)Aug. 31,2012
Total current assets（Cash and deposits）（Marketable securities）（Accounts receivable）
Total noncurrent assets
Property, plant and equipment
Intangible assets
Investments and other assets(Long-terms loans receivable）(Guatantee deposits）
Total Assets

Chg. fromFeb. 28,

177.7
90.5
4.9
38.3
385.4
196.8
36.4
152.1
33.6
85.0
563.2

17.6
11.4
0.0
5.6
14.1
13.0
▲ 2.5
3.6
1.5
1.4
31.8

Aug. 31,2011
Total current liabilities（Accounts payable-trade）（Deposits payable）
Total noncurrent liabilities(Long-term guarantee deposits）
Net Assets（Common stock）（Retained earnings）
Liabilities, and net assets

236.7
105.6
76.3
103.7
35.4
222.8
58.5
115.8
563.2

Chg. fromFeb. 28,

18.7
17.4
1.3
4.8
▲ 0.2
8.1
0.0
8.5
31.8

（Billions of yen）

FY2010-1H FY2011-1H FY2012-1H
Cash flows from operating activities
63.4
67.8
53.3
Cash flows from investing activities▲ 12.6▲ 28.4▲ 28.9
Free cash flows
50.7
39.3
24.3
Cash flows from financing activities▲ 16.1▲ 13.2▲ 14.7（Reference）Cash and deposits
Copyright (c) 2012 Lawson, Inc. All rights reserved.

97.6

94.3

90.5
8

FY2012 Consolidated Results Forecasts(Billions of yen)
Net sales of all stores
Operating profit
Operating profit ratio
Recurring profit
Net profit
ROE
EPS（Yen）
Dividend payout ratio
Dividend per share (Yen)
Total number of stores in Japan

FY2010
Actual
1,682.8
55.5
3.3%
54.5
25.3
12.8%
254.6166.8%
170

FY2011
Actual
1,825.8
61.7
3.4%
61.7
24.8
12.0%
249.1772.2%
180FY2012 Forecast
Plan
YoY
106.8%
1,950.0
106.8%
66.0
0.0%P
3.4%
105.5%
65.1
134.2%
33.4
3.3%P
15.3%
134.2%
334.3759.8% ▲ 12.4%P
20
200

9,994

10,457

11,047590

101.4%
100.8%
30.6%
0.5%

104.0%
105.4%
30.1%
0.5%

102.3%
100.5%
30.6%
0.6%▲ 1.7%P▲ 4.9%P
0.0
0.1%P（Non-Consolidated）
Gross profit at existing stores (YoY)

Net sales at existing stores (YoY)

Gross profit margin ratio
Change in GPM exc. Cigarettes

Note: Figures in italic indicate the revised figures from the initial plan.

 Strengthen fresh foods, ready-made meals, Lawson select, fresh coffee, etc. to expand customer base.
 Spend strategic expenses such as promotional expenses to become well recognized and increase retention of
Ponta card holders.
 Aim at GPM increase by 0.5pp, through growth in sales of high GPM products and the SCM reform.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

9

Initiatives for the CVS Business
Genichi Tamatsuka
Chief Operating Officer,
CVS Operating Group CEO

Copyright (c) 2012 Lawson, Inc. All rights reserved.

10

Key Points
1. Review of the First Half of FY2012
2. Fresh food-type convenience stores
3. Private brand strategy
4. Enhancing fast foods
5. Initiatives for the Second Half of FY2012

Copyright (c) 2012 Lawson, Inc. All rights reserved.

111. Review of the First Half of FY2012
Existing Store Sales, Number of Customers, Cigarette Sales (Jan to Aug 2012)
Increase from the absenceof the quake-related impact

15.0%

Earthquake impact waned
in yoy comparison

10.0%

6.6%
5.0%
Tough comparison withlast year’s hot summer

0.0%

-1.3%

-1.7%

Fluctuation due to last year’s cigarette
supply problem caused by the Earthquake-5.0%-10.0%

YoY growth in existing store sales
YoY growth in number of existing store cutomers
YoY growth in existing store cigarette sales

Jan

Feb

Mar

Apr

-6.5%
May

Jun

Jul

Aug

Favorable sales of merchandise aimed at expanding customer base

The number of customers decreased because of a tough comparison
with last year’s hot summer and lower cigarette sales
Copyright (c) 2012 Lawson, Inc. All rights reserved.

122. Fresh Food-type CVS Attract Customers(No. of stores) Number of Fresh Food-Type Convenience Stores
7,000
6,000

(Target) 6,220

LAWSON STORE100
Fresh food-type LAWSON

5,792
5,085

5,000

1,220
1,191

1,172
4,000
3,000

2,262
4,601

2,000
1,223
1,000
0

996

1,076

5,000

3,913

1,186

227
Feb. 2010

Feb. 2011

Feb. 2012

Aug. 2012

Feb. 2013(Target)Note: The number of LAWSON STORE 100 stores includes the former SHOP99 stores. The number of fresh food-type LAWSON stores from theend of fiscal 2011 includes those with three rows of shelves in addition to the former hybrid type (with one gondola shelving.)

The number of fresh food-type CVS increased by over 700 in six months
Copyright (c) 2012 Lawson, Inc. All rights reserved.

13

3. Private Brand Strategy “Lawson select”
Steady sales growth for our private brand “Lawson select”
Sales increased three times more than a year ago,
as of August 2012

Lawson Group’s Private Brands

Lawson select, Oyatsugoro (snack items), Value LinePB sales (exc. ready-made meals)
account for over 7% of total sales
Lawson’s PB strategy
Capture customers’
needs with our Ponta
card data analysis
Copyright (c) 2012 Lawson, Inc. All rights reserved.

Optimize the balance of
PB and NB (national brand)
for each item in developing PB.
→ No reckless PB
category expansion
14

4. Enhancing Fast Foods by Promoting MACHI café
Achieve good flavor and savor
which cannot copied by peers”Good flavor and taste”
that beats the conventional
expectation regarding
Convenience stores“Hospitable savor”
Warm customer
services

By achieving good flavor and savor, we stayed out of pricecompetition and substantially improved the gross profit margin.
Simply placing self-service coffee machine doesn’t make success.
⇒ We offer face-to-face selling with good store operation⇒ Effective in peer competition

We aim to increase repeat customers with good taste and savor
and establish another differentiating competence.
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15

4. Enhancing Fast Foods：MACHI café Ingredients and Machines Selected coffee beans
Quality green coffee beans procured frompartner growers in Brazil
Imported green beans, then roasted in Japan
Different beans are used, depending on the menu
Use beans stamped with “Rainforest Alliance Certified”

 Fresh milk
Use pasteurized milk to realize raw milk flavor

 Authentic coffee extract machines
Enable extraction of milk, which our peers struggle to achieve
Direct negotiation with the Italian manufacturer enabled us to offer original
coffee at lower prices

Offer great flavored coffee, beyond the conventional
expectation regarding convenience store coffee
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16

4. Enhancing Fast Foods：MACHI café Introduction and Effects
Example of a Store in Minami Kanto Branch
Sales: 165 cups of coffee/day
Purchasing ratio: 21.8% (One out of 5 customers
purchased coffee)

Change since introduction of MACHI café
OTC fast food sales: from 23,800 yen/day to 56,000 yen/day
YoY increase in the number of customers: from decrease of 10% to increase of 9%

Introduction of MACHI café led to an increase in the number ofcustomers, despite being surrounded by competitors’ stores

MACHI café
introduction

By Aug. 2012

1,700 stores

Copyright (c) 2012 Lawson, Inc. All rights reserved.

By Feb. 2013

Expand to 3,000 stores17

5. Initiatives to take in the Second Half of FY2012

Handlefresh foodsin all stores

Enhance
OTC fast
food sales

Strategic,
proactive sales
promotion

Increase the number of customers
with two major strategies:
Customer base expansion and increase in loyal customers
Aim to increase gross profits andachieve full-year earnings forecasts
Copyright (c) 2012 Lawson, Inc. All rights reserved.

18

Strategy for Value Creation

Takeshi Niinami
President & CEO

Copyright (c) 2012 Lawson, Inc. All rights reserved.

19

Key Points

 Shareholder-oriented capital policy
Emphasis on high level of Total Shareholder Return
Sustainable dividend growth
ROIC standards in store openings
 Our growth drivers and ROE improvementDifferentiation through products with higher GPM andhealth care businesses
High customer retention through CRM
Productivity improvement through SCM reform Cash flow allocation strategies
Copyright (c) 2012 Lawson, Inc. All rights reserved.

20

Emphasis on High Level of Total Shareholder Return
Total Shareholder Return (TSR) for recent three years*
(%)

70
60

59.6%

50
40

24.9%

30
20
10
0
-10
-20

-19.2%-30

LawsonAverage of 2 major
competitors

Tokyo Stock
Exchange 1st
SectionWe are focusing on sustainable profit growth and dividend growth
and achieving a high level of TSR* Three-year TSR = Total return of a stock (capital gain plus dividends) from September 2009 to August 2012
Average of 2 major competitors = Simple average of Seven & i Holdings and FamilyMart (Company estimates)

Copyright (c) 2012 Lawson, Inc. All rights reserved.

21

Sustainable Dividend Growth
Consider the appropriate level of dividend yield as a cost which weshould pay as the return to our shareholders

Annual Dividend per Share and Dividend Yield(JPY)

Further increaseby 10JPY
200JPY 5.0%

200
180

4.5%

DPS（left）

160

3.8%

Dividend Yield(right)

140

4.0%
3.5%

120

2.4%

100

3.0%
2.5%

Average DY
of Global Top 20s*

80

2.0%

60

1.5%

40

1.0%

20

0.5%

0

0.0%
FY2001

FY03

FY05

FY07

FY09

FY11

• Global top 20 retailers (excluding apparel retailers) by market capitalization

Copyright (c) 2012 Lawson, Inc. All rights reserved.

22

ROIC Standards in Store Openings
Change in ROIC in Comparison to Competitors (FY2002-FY2011)
Average ROIC for the period (%)

16.0

Average oftwo competitors
ROIC: -3.6%Pt

14.0
12.0
10.0
8.0
6.0
4.0

Lawson
ROIC: +1.4%Pt
840 new opening storesinclude stores rebrandedfrom CVS Bay Area, Inc.

2.0
0.0
0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Increase in
6.0% number of stores

Although competitors continue to reduce ROIC by excessive store
openings, we are focusing on opening strategies based on ROIC criteria.
Note 1 ROIC = After-tax operating profit (@40% tax rate)/Averaged invested capital for the period (equity + interest-bearing debts)
Note 2 The horizontal axis indicates changes in number of stores (from fiscal 2002 to fiscal 2011)
Note 3 The arrows indicate changes in ROIC from fiscal 2002 to fiscal 2011

Copyright (c) 2012 Lawson, Inc. All rights reserved.

23

Raising ROE through Three Profit Growth Drivers
ROE target: 15.1% => 20%
Operating profit ratio target: 3.5% => 5.0%

Profit growth
drivers

Card data analysis

Differentiation throughProductivity improvement
products with higher GPM andthrough advanced SCM reform
various store formats
High customer retention
through CRM
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24

Increasing Original Products with Higher GPM
Improve GPM
for each category

Gross Profit Margin (GMP)
Present

OTC Fast Food
Prepared food, fresh-brewed coffee, etc.
Fast Food on Shelves
Rice balls, lunch boxes, pasta, etc.

Others×Over 50%

Increase the share of
products with higher
GPM

33%
35%

Fresh Food

20%

Cigarettes

10%

Average31%⇒

Beverages, alcohol, non-food items, etc.

Medium-termtargets

Improve overall GPM
35%

 Enhance the line-up of products with higher GPM
through SCM reform More than double sales ratio of OTC Fast Food toover 10% of total sales
Copyright (c) 2012 Lawson, Inc. All rights reserved.

25

Pharmacy LAWSON and Healthcare Businesses

Pharmacy LAWSON⇒Lawson’s unique system tohandle prescription drugs

NATURALLAWSON

Hospital LAWSON

Pharmacy-combined NATURAL LAWSON
We acquired 5% of outstanding shares of our businessalliance partner Qol Co., Ltd., the pharmacy chain.
⇒ Enhance our credibility among senior customers, as
convenience stores with a registered pharmacist⇒High growth potential in the rapidly aging society
Copyright (c) 2012 Lawson, Inc. All rights reserved.

26

High Customer Retention through CRM
Uniqueness of Ponta Card
（Aug 2012） Large number of card holders:
44 million
 High customer loyalty:
Over 40% of our sales come from
Ponta card members

Product
development⇒ 50％ （End of FY2012）⇒ 60％ （End of FY2013）
・・⇒
CRM through card
data analysis

Sales
promotion

Case of Akita Prefecture
Purchases by Ponta card members
as % of all sales (Apr 2012)

62%
AverageRaised customer retention bymerchandise assortment meeting thecustomer needs⇒ Keep resilience even after
competitors’ invasion

Differentiated analysis with high accuracy and full leverage of customer profiles⇒ Achieve high customer retention and expansion of customer base
Copyright (c) 2012 Lawson, Inc. All rights reserved.

27

Productivity Improvement through SCM Reform
SCM Reform since FY2008

R&D

Procurement

CRM Reform since FY2010

Manufacturing

Ponta card Set up the Procurement
Department
data analysis

Distribution

Sales
PRiSM

Current operating profit margin: 3.5%

Advanced SCM Reform since FY2012
R&D
Ponta card
data analysis

Procurement
Enhanceprocurement
efficiency

Manufacturing

Distribution

Improve productivity of factories
and distribution centers

Sales
PRiSM

Target operating profit margin: 5.0%

We will add value in the value chain and raise GPM (exc. cigarettes)
by 4 percentage points in the mid-term through product differentiation, CRM,
and advanced SCM reform.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

28

Optimal Cash Flow Allocation and ROE Growth Cycle
How to allocate operating cash flow

*The figures indicated the accumulated amount for the recent five years.

Investing cash flow
180 bln yen

Operatingcash flow
300 bln yen

ReturnEquityShareholder
return99 bln yen(%) 20.0

ROE

Dividend increase
74 bln yen
Share buyback &cancelation
25 bln yen

15.3%(FY2012 target）

15.0
10.0
5.0

*Approximate estimated ROE of 15.1%
excluding the effects of the earthquake
and asset retirement obligations

0.0

Reinvest cashwith emphasis on ROI =>Increase in operating cash flow
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012=> Generate free cash flow after reinvestment => Proactive reward shareholders(esp. dividend increase) => Realize sustainable growth
Copyright (c) 2012 Lawson, Inc. All rights reserved.

29

Realize Both Cash Flow Growth and Shareholder Return
How we have allocated operating cash flowin the past 10 years (FY2002 to FY2011)
Operating CF¥306.8 bln

×1.44

Operating CF¥213.1 bln

×1.08

Investing CF¥164.7 bln

Investing CF¥178.2 bln

Share buyback¥20.3 bln
FCF
Dividend¥48.4 bln
¥32.6 bln

FY2002-FY2006
Copyright (c) 2012 Lawson, Inc. All rights reserved.

Ensured investment in businessand stores for growth

Shareholder Free cash flow after investment
return
was not reserved¥98.3 bln

×1.86

Shareholder
return¥52.9 bln

Operating cash flow increased steadily

Share buyback¥24.5 bln

but used for shareholder returns

FCF¥128.6 bln

Dividend¥73.8 bln

FY2007-FY201130

Roadmap of Medium-term Growth and ROE Target 20%
Higher grossprofitConsolidated
operating profit
100 bn yen

ROE 20%Share buyback &cancelation /Dividend increase

Parentcompany

GPM up 4 pp

Lower
SG&A
expenses
Consolidated
subsidiaries

Higher gross profit
of existing stores

Net increase of
500 storesper yearIndustry
consolidation

Initiatives toward our goals of 100 billion yen in operating profit and ROE of 20%
 Maintain capital discipline with emphasis on ROIC Improve GPM by product differentiation, CRM leveraged by Ponta card
data analysis and advanced SCM reform Capitalize consolidation opportunities with accumulated lessons learned
from M&A
Copyright (c) 2012 Lawson, Inc. All rights reserved.

31

Reference

Copyright (c) 2012 Lawson, Inc. All rights reserved.

32

Half Year Breakdown of FY2012 Forecast(Consolidated: Billions of yen)

Net sales of all stores
Operating profit
Operating profit ratio
Recurring profit
Net profit(Non-consolidated)
Gross profit at existing stores (YoY)

Net sales at existing stores (YoY)

Gross profit margin ratio
Change in GPM exc. Cigarettes

FY2012
1H Initial Plan 1H Actual
2H PlanFull-Year Plan
984.0
970.9
979.0
1950.0
34.0
34.5
31.4
66.0
3.5%
3.6%
3.2%
3.4%
33.6
34.2
30.8
65.1
16.7
17.8
15.5
33.4
102.4%
101.0%
30.6%+0.4%P

102.0%
101.0%
30.4%+0.6%P

102.5%
100.0%
30.9%+0.6%P

102.3%
100.5%
30.6%+0.6%P

Note: Figures in italic indicate the revised figures from the initial plan.

Copyright (c) 2012 Lawson, Inc. All rights reserved.

33

Capital Expenditure(Consolidated: Billions of yen)

New stores
Existing stores
IT-related
Other
Subtotal for capital expenditure
Depreciation and amortization

FY2010-1H
Actual
7.1
3.7
4.3
0.6
15.8
15.7

FY2011-1H
Actual
9.8
4.8
3.7
0.4
18.8
17.9

FY2012-1H
Actual
18.6
3.9
2.7
1.3
26.7
20.8

FY2012
Plan
34.0
11.0
6.0
2.0
53.0
44.1

Note: Figures in italic indicate the revised figures from the initial plan.

Copyright (c) 2012 Lawson, Inc. All rights reserved.

34

Cautionary Statement
This presentation contains forward-looking statements and forecasts regarding the future plans, strategies and performances of
Lawson and its subsidiaries and affiliates. These statements and forecasts are not historical fact. They are expectations based onassumptions and beliefs derived from information currently available to the Company and are subject to risks and uncertainties
including, but not limited to, economic trends, heightened competition in the domestic convenience store sector, personal
consumption, market demand, the tax system and other legislation. As such, actual results may differ materially from estimates.
Figures in this presentation have been rounded down.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

35