Financial Results for Second Quarter of Fiscal YearEnding March 31, 2014
(Based on Japanese GAAP)(Translation of Japanese Flash Report, Released on November 5, 2013)
Company name: Sun Frontier Fudousan Co., Ltd.
Stock listing: Tokyo Stock Exchange 1st Section
Code number: 8934
URL: http://www.sunfrt.co.jp
Address: 14F, Toho Hibiya Building, 2-2, Yurakucho 1-chome, Chiyoda-ku, Tokyo 100-0006
Representative: Tomoaki Horiguchi, President
Inquiry: Seiichi Saito, Executive Vice-president(Phone: +81-3-5521-1301)*Amounts under one million yen have been rounded down.

1. Consolidated Performance in Second Quarter of Fiscal Year Ending March 31, 2014
(1) Operating results*Percentage figures shown under sales, operating income, ordinary income, and net income columns indicate year-on-year changes for those
items.
(Millions of yen, except for per share figures)

Net Sales

Operating Income

Ordinary Income

2nd Quarter of FY ending March 31, 2014

¥7,086 (70.0%)¥2,075 (148.7%)¥2,021(154.1%)

2nd Quarter of FY ended March 31, 2013

¥4,169 (24.5%)¥834 (163.1%)¥ 795(178.6%)(Note) Comprehensive income, 2nd quarter of FY ending March 2014: ¥1,871 million (80.0%), 2nd quarter of FY ended March 2013:¥1,039 million (308.5%)

Net Income

Net Income per Share(Yen)

Fully Diluted
Net Income per
Share(Yen)

2nd Quarter of FY ending March 31, 2014

¥1,870 (80.0%)¥43.74－

2nd Quater of FY ended March 31, 2013

¥1,039 (308.4%)¥27.97¥27.97(Note) On October 1, 2013, the Company split each common share into 100 shares. Net Income per Share and Fully Diluted Net Income
per Share are calculated assuming the share split coming into effect at the beginning of the previous consolidated fiscal year.

(2) Financial Position (at end of the term)(Millions of yen, except for per share figures)

Total Assets

Net Assets

Equity Ratio(%)

2nd Quarter of FY ending March 31, 2014¥25,229¥16,069

63.7%

FY ended March 31, 2013

¥21,265¥14,56168.5%(Note) Equity at term-end: 2nd Quarter of FY ending March 31, 2014 (as of September 30, 2013): ¥16,069 million
FY ended March 31, 2013 (as of March 31, 2013): ¥14,561 million

2. Cash Dividends(Yen)
Cash Dividends per Share
1st quarter period

2nd quarter period

3rd quarter period

FY ended March 31, 2013

-

¥0.00

-

FY ending March 31, 2014-

Year end¥850.00

Annual total¥850.00

FY ending March 31, 2014
¥0.00
¥8.50
¥8.50
(Projections)(Note) Changes from the latest released dividend forecasts:No
On October 1, 2013, the Company split each common share into 100 shares. Dividends for the FY ending March 2014 (projected) willtake this share splitting into consideration.

3. Projections for Consolidated Performance in the Fiscal Year Ending March 31, 2014
(From April 1, 2013 to March 31, 2014) *Percentage figures are indicated year-on year changes for those items.

Net Sales
FY ending March 31, 2014

¥16,000 (51.2%)

Operating Income(Loss)

Ordinary Income(Loss)¥2,950 (36.8%)¥2,800 (37.3%)(Millions of yen, except for per share figures)
Net Income (Loss) per
Net Income
Share (Yen)(Loss)(Yen)¥2,600 (4.7%)¥60.81(Note) Changes from the latest released performance:NoOn October 1, 2013, the Company split each common share into 100 shares. Net income per share for projected consolidated
performance for the FY ending March 2014 takes this share splitting into consideration.

Reference: Overview of Non-consolidated Performance(1) Significant changes in scope of consolidation during the period (change of specified subsidiaries that lead to a change inthe scope of consolidation): None
New Companies: -- Company (Company Name)
Excluded Companies: -- Company (Company Name)(2) Application of accounting methods which are exceptional for quarterly consolidated financial statement: None
(3) Changes in accounting policies, accounting estimates and restatement of corrections
1) Changes caused by revision of accounting standards: None
2) Changes other than those included in 1): None
3) Changes in accounting estimates: None
4) Restatement of corrections: None
(4) Number of shares issued and outstanding (common shares)
1) Number of shares issued and outstanding at the end of the period (including treasury stock):
September 2013: 42,755,500 shares
March 2013: 42,755,500 shares
2) Number of treasury stock at the end of period:
September 2013: － shares
March 2013: － shares3) Weighted average number of shares for the second quarter period (July 1 – September 30):
September 2013: 42,755,500 shares September 2012: 37,152,450 shares※Disclosure concerning status of implementation of quarterly review procedure
This quarterly financial results report is exempt from the quarterly review procedure based on the Financial Instruments andExchange Law. At the time of disclosure of this quarterly financial results report, such review procedure for quarterly reports
based on the Financial Instruments and Exchange Law had been under development.

※Appropriate use of projections for performance, other notes
2. On October 1, 2013, the Company split each common share into 100 shares. The status of dividends for FY ending March 2014
(projected) and Net Income per Share for the projected consolidated performance for the FY ending March 2014 both take thisshare splitting into consideration.
1.The projections for performance in this report contain forward-looking statements based on information available to the Company
at the date of publication, and on certain set assumptions that have been deemed reasonable. Actual earnings may vary greatly inaccordance with a wide range of factors. Refer to Item 3, “Qualitative information on consolidated earnings forecasts” on page 4.

Table of Contents of Appendix
1. Qualitative Information Concerning Consolidated Business Performance for the Quarter Under Review ............... 2(1) Qualitative information on consolidated operating results ..................................................................................... 2(2) Qualitative information on consolidated financial position .................................................................................... 3(3) Qualitative information on consolidated earnings forecasts ................................................................................... 4
2. Summary Information (Notes) ................................................................................................................................... 5(1) Significant changes in scope of consolidation during the period............................................................................ 5(2) Application of accounting methods which are exceptional for quarterly consolidated financial statements ......... 5(3) Changes to accounting policies/ changes to accounting estimates/ restatements ................................................... 5
3. Consolidated Financial Statements............................................................................................................................. 6(1) Quarterly consolidated balance sheets .................................................................................................................... 6(2) Quarterly consolidated statements of income and quarterly consolidated statements ofcomprehensive income ......................................................................................................................................... 8(3) Quarterly Consolidated Cash Flow Statement ...................................................................................................... 10(4) Notes to quarterly financial statements ................................................................................................................. 11(Notes regarding the conditions of going business) ............................................................................................. 11(Notes in the case of major changes in shareholders’ equity) .............................................................................. 11(Segment information, etc.) .................................................................................................................................. 11(Important Subsequent Events) ............................................................................................................................ 121

1. Qualitative Information Concerning Consolidated Business Performance for the Quarter Under Review(1) Qualitative information on consolidated operating results
In the first and second quarters of this consolidated fiscal year, the Japanese economy showed improvements in
production and personal consumption due to economic measures and drastic monetary easing by the Japanese government
and the Bank of Japan, and there is a gentle trend towards recovery.
In the real estate industry, the supply of large office buildings that peaked in 2012 has settled down, gradually putting a
brake on vacancy rates and decreases in rent for the office building market in Tokyo. In the real estate investment market,
there has been clear signs of recovery for the market with J-REIT actively acquiring properties, and a background of eased
monetary policy leading to an influx of capital into real estate.
In these circumstances, the Group continued to improve approaches to building owners in central Tokyo. By responding
to a wide variety of issues building owners face with property, the Company worked on creating a range of business
opportunities with a one-stop menu of in-house services from negotiations to management, construction, rental andpurchases and sales. In the replanning business, we have actively promoted the procurement of real estate, in order to meetthe needs of the recovering real estate investment market.
As a result, our operating results for the second quarter of fiscal year ending March 2014 were as follows:
Sales of ¥7,086 million (up by 70.0% from the same period of the previous fiscal year), operating income of ¥2,075
million (up by 148.7%), and ordinary income of ¥2,021 million (up by 154.1%). Net income was ¥1,870 million (up by
80.0%).
The performance of each segment is as follows. The business segment titled “Construction Planning Business” in the
category of “Others” was renamed “Construction Solution Business” in the first quarter of this consolidated fiscal year in
response to the change of the name for internal administration. We changed the name only, and segment categories, etc.
were not changed.

Real Estate Revitalization
As for the replanning business, we sold 6 buildings, working on maximizing property value by attracting
tenants and revising commercialization processes, including renovation. As a result, sales and income
both increased significantly compared to the same period of the previous year. Considering the trend ofrecovery in the market, we also focused on acquiring and commercializing properties to sell in the second
half of the fiscal year.
As for the rental building business, we sold one building for rent in September of the previous consolidated fiscal year,
but the income from rents of replanning real estate increased. Consequently, sales and income increased from the same
period of the previous fiscal year.
As a result of the above activities, sales were ¥5,347 million (up by 125.2% from the same period of the previous fiscal
year) and segment income was ¥2,133 million (up by 225.4%).

Real Estate Brokerage
In our sales brokerage business, we strengthened our efforts to take on property introductions from internal departments
and financial institutions, etc. In view of the recovery of the real estate investment market, etc., we have been working toincrease the number and amount of transactions. However, sales and income decreased from the same period of theprevious fiscal year.
In the rental brokerage business, we continued to focus our efforts on building owners. Although both sales and income
decreased from the same period of the previous fiscal year, we put our efforts into resolving the various concerns held byowners regarding building management by cooperating with internal departments. In addition, we introduced our own
properties and replanning properties that are undergoing commercialization for tenants. These efforts contributed to the
profitability of the group as a whole.
As a result of the above activities, sales were ¥688 million (down by16.8% from the same period of the previous fiscal
year) and segment income was ¥589 million (down by 20.8%).

2

Property Management
In the property management business, we aimed to create business opportunities from taking on the sales, construction,and revitalization needs arising from administrative tasks, and put our efforts in increasing the number of rental properties.
Also, adding to the increase in rental operations, we put our efforts into increasing the occupancy rate of rental properties
as well as preventing vacancies by aiming to increase customer satisfaction through smooth tenant communications. As aresult, both sales and income increased from the same period of the previous fiscal year.
As for the building maintenance business, we worked on increasing the number of properties handled in cooperation
with existing sections, particularly the property management business section, but due in significant part to the loss of amajor existing contract, sales and income declined from the same period of the previous fiscal year.
As a result of the above activities, sales were ¥540 million (down by 3.3% from the same period of the previous fiscal
year) and segment income was ¥234 million (up by 7.1%).

Other Businesses
As for the construction solution business, due to an increase in the number of construction requests from managed
properties, both sales and income increased compared to the same period of the previous fiscal year.
In the delinquent rent guarantee business, adding to the existing service menu, transaction volume of new productplans steadily increased. As a result, both sales and income increased from the same period of the previous fiscal year.
As a result of the above activities, sales were ¥509 million (up by 25.0% from the same period of the previous fiscal
year) and segment income was ¥179 million (up by 11.2%).
(2) Qualitative information on consolidated financial position
At the end of the second quarter of this consolidated fiscal year, total assets were 25,229 million yen (18.6% increase
compared with the end of the previous consolidated fiscal year), and liabilities were 9,159 million yen (36.6% increase).
The main reason for the increase in total assets was that there was a 3,383 million yen increase in inventory assets and a
955 million yen increase in cash and deposits, despite a 267 million yen decrease in advance payments, which is includedin the “others” section of current assets, and a 85 million yen decrease in investment securities, which is included in the“others” section of investments and other assets, etc. The main reason for the increase in liabilities was that long-termloans payable increased by 2,017 million yen, accounts payable-trade increased by 112 million yen and income tax
payable increased by 90 million yen.
Net assets were 16,069 million yen (10.4% increase). The main reason for the increase in net assets was posting 1,870
million yen in quarterly net income, despite 363 million yen being paid out for year-end dividends.

3Cash FlowsAt the end of the second quarter of this consolidated fiscal year, cash and cash equivalents (referred to as “funds”
hereafter) were 10,440 million yen, an increase of 448 million yen compared to the beginning of the period. This is due
mainly to income before income taxes and minority interests of 2,019 million yen and proceeds from long-term loans
payable of 3,500 million yen, despite a 3,454 million yen increase in inventory assets and repayment of long-term loans
payable of 1,393 million yen.
The different cash flows and factors involved in them for the second quarter of this consolidated fiscal year are provided
below.
(Cash Flow from Operating Activities)
Cash used in operating activity was 821 million yen (1,307 million yen was used in the same period of the previous
fiscal year). This was mainly due to a 3,454 million yen increase in inventory assets, although there was an income
before income taxes and minority interests of 2,019 million yen and an increase in notes and accounts payable-trade of 380
million yen.
(Cash Flow from Investing Activities)
Cash used in investing activity was 534 million yen (1,552 million yen was obtained in the same period of the previous
fiscal year). This was mainly due to payments into time deposits of 1,859 million yen, although there were proceedsfrom withdrawal of time deposits of 1,353 million yen.
(Cash Flow from Financing Activities)
Cash obtained from financing activity was 1,803 million yen (572 million yen was obtained in the same period of theprevious fiscal year). This is mainly due to 3,500 million yen in proceeds from long-term loans payable, although there
were repayment of long-term loans payable of 1,393 million yen and cash dividends paid of 360 million yen.
(3) Qualitative information on consolidated earnings forecasts
As for the results for the term ending March 2014, the forecasted values announced on May 10, 2013
have not been revised.

4

2. Summary Information (Notes)(1) Significant changes in scope of consolidation during the period
Not applicable.
(2) Application of accounting methods which are exceptional for quarterly consolidated financial statements
Not applicable.
(3) Changes to accounting policies/ changes to accounting estimates/ restatements
Not applicable.

53. Consolidated Financial Statements*Amounts under one thousand yen have been rounded down.

(1) Quarterly Consolidated Balance Sheets
FY ended March 31, 2013(as of March 31, 2013)ASSETS
Current assets
Cash and deposits
Accounts receivable-trade
Real estate for sale
Real estate for sale in process
Trust beneficiary right of real estate for sale in process
Supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

11,008,528
324,426
589,712
5,834,510

6(Thousands of yen）
End of 2Q of FY ending
March 31, 2014(as of September 30, 2013)

916
481,722
640,490△6,347
18,873,960

11,963,910
283,302
1,327,887
6,994,784
1,485,081
916
485,027
401,312△3,36322,938,858

447,273
1,167,307
13,038
1,627,618

438,534
1,167,307
14,3591,620,200

396,068
2,993
399,062371,252
2,717
373,970

371,415△6,417364,997
2,391,678
21,265,638

301,967△5,650296,3172,290,488
25,229,347

FY ended March 31, 2013(as of March 31, 2013)
LIABILITIESCurrent liabilities
Accounts payable-trade
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Provision for bonuses
Provision for directors' bonuses
Construction warranty reserve
Provision for loss on guarantees for rent
Provison for office transfer expenses
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Deferred tax liabilities
Other
Total noncurrent liabilities
Total liabilities
NET ASSETS
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

7(Thousands of yen）
End of 2Q of FY ending
March 31, 2014(as of September 30, 2013)

380,782
130,000
274,320
114,639
90,55515,00026,9552,700
3,140
808,943
1,847,036

493,478
200,000
363,000
205,097
86,4957,500
34,1206,927
850,895
2,247,514

4,246,860
30,646579,691
4,857,197
6,704,234

6,264,580
1,100
646,798
6,912,479
9,159,993

8,387,211
2,871,767
3,301,465
14,560,445

8,387,211
2,871,767
4,808,234
16,067,213

2,606△1,647959
14,561,404
21,265,638

2,297
△158
2,139
16,069,353
25,229,347

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of comprehensive income
Quarterly Consolidated Statements of Income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Interest on refund
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Total extraordinary income
Extraordinary loss
Office transfer expenses
Lump-sum paymants due to withdrawal from employees' pension fund
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Net income

2Q of FY ended
March 31, 2013
(April 1-September 30, 2013)
4,169,308
2,275,508
1,893,799
1,059,214
834,584(Thousands of yen）
2Q of FY ending
March 31, 2014
(April 1-September 30, 2013)
7,086,505
3,808,712
3,277,792
1,201,969
2,075,822

739
336
66
1,478
2,621

1,770
367
1,977
2,820
6,935

33,637
8,160
41,797795,408

52,435
9,153
61,5892,021,168

298,300
298,300
1,796
20,787975
21,762
1,071,946
46,080△13,359
32,7201,039,225
1,039,225

8

83
1,879
2,019,288
181,778△32,680
149,098
1,870,190
1,870,190

Quarterly Consolidated Statements of comprehensive income

2Q of FY ended
March 31, 2013
(April 1-September 30, 2012)(Thousands of yen）
2Q of FY ending
March 31, 2014
(April 1-September 30, 2013)

1,039,225

1,870,190

212
212
1,039,437

△308
1,488
1,179
1,871,370

1,039,437

1,871,370

Consolidated quarterly statements of comprehensive income
Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent

9

（3））Quarterly Consolidated Cash Flow Statement
2Q of FY ended
March 31, 2013
(April 1-September 30, 2013)
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in construction warranty reserve
Increase (decrease) in provision for loss on guarantees for rent
Increase (decrease) in provision for directors' bonuses
Increase (decrease) in Provision for office transfer
Interest and dividends income
Interest expenses
Loss (gain) on sales of noncurrent assets
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Decrease (increase) in investment securities for sale
Increase (decrease) in notes and accounts payable-trade
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Redemption of bonds
Cash dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

1,071,946
60,94024,81617
32,471
19,546△1,699△5,000△1,07633,637△297,392
43,900△2,743,183
180,000
86,774
237,249△1,257,051
1,068△32,464△18,983△1,307,430△456,830
136,544△10,161
1,886,862△3,537
1,552,878

2,895,000△2,140,631△54,000△128,630
400
572,137
817,5853,619,580
4,437,166

10(Thousands of yen）
2Q of FY ending
March 31, 2014
(April 1-September 30, 2013)
2,019,288
86,091
24,816△3,750△4,0607,165
4,227△7,500△3,003△2,13852,43572,071△3,454,400
380,411
133,668△694,675
2,134△54,123△74,883△821,548△1,859,772
1,353,142△7,563△20,341△534,535
70,0003,500,000△1,393,600△360,073△12,950
1,803,376
1,459
448,752
9,991,433
10,440,185

(4) Notes to quarterly financial statements(Notes regarding the conditions of going business)
Not applicable.
(Notes in the case of major changes in shareholders’ equity)
Not applicable.
(Segment information, etc.)
I Second Quarter of Fiscal Year Ended March 31, 2014 (April 1, 2013 – September 30, 2013)
1. Information concerning sales and income or loss amount by reporting segment(Thousands of yen)
Quarterly
consolidated
Other
Adjustment
inocme/loss
business Totalamounts
Real Estate Real Estate Property
statement
Total(Note 1)
(Note 2)
Revitalization Brokerage Management
amount(Note 3)
2,374,828
827,566
558,985 3,761,380 407,9274,169,308
4,169,308－
Reporting segment

Sales
Segment
655,627
743,627
218,861 1,618,451 161,1121,779,563 (944,979)
834,584
income(loss)
Notes: 1. The classification “other business” refers to business segments that are not included in reporting segments, andincludes construction solution business and delinquent rent guarantee business, etc.
2. The segment income adjustments amount, -944,979 thousand yen, includes -978,338 thousand yen incompany-wide expenses that are not allocated to reporting segments and 33,359 thousand yen in adjustment
amounts for interest expense. The company-wide expenses are mainly selling, general and administrative
expenses that are not allocated to reporting segments.
3. Segment income (loss) is adjusted with operating incomes calculated in consolidated quarterly statements ofincome.
2. Information on impairment of non-current assets and goodwill etc. for each reporting segment
Not applicable.
II Second Quarter of Fiscal Year Ending March 31, 2014 (April 1, 2013 – September 30, 2013)
1. Information concerning sales and income or loss amount by reporting segment(Thousands of yen)
Quarterly
Reporting segment
consolidated
Adjustment
Other
inocme/loss
business Totalamounts
Real Estate Real Estate
Property
statement
Total(Note 1)
(Note 2)
Revitalization Brokerage Management
amount(Note 3)
5,347,151
688,855
540,547 6,576,555 509,950 7,086,505
7,086,505－

Sales
Segment
2,133,220
589,536
234,421 2,957,179 179,128 3,136,307 (1,060,484)
2,075,822
income(loss)
Notes: 1. The classification “other business” refers to business segments that are not included in reporting segments, andincludes construction solution business and delinquent rent guarantee business, etc. The former “construction
planning business” has been renamed as “construction solution business” from the first quarter of this fiscal year
in response to the change of the name for internal administration. This change has no influence on the segment
information.
3. The segment income adjustments amount, -1,060,484 thousand yen, includes -1,112,920 thousand yen incompany-wide expenses that are not allocated to reporting segments and 52,435 thousand yen in adjustment
amounts for interest expense. The company-wide expenses are mainly selling, general and administrative
expenses that are not allocated to reporting segments.
3. Segment income (loss) is adjusted with operating incomes calculated in consolidated quarterly statements ofincome.
2. Information on impairment of non-current assets and goodwill etc. for each reporting segment
Not applicable.
11

(Important Subsequent Events)
Share Splitting and Adoption of Unit Share System
At the board of directors’ meeting held on May 17, 2013 and at the 14th general shareholders meeting held on
June 20, 2013, the Company made the decision to split shares and adopt the unit share system, and to change thenecessary articles of incorporation. The shares were split on October 1, 2013.
1. Goal of Share Splitting and Adoption of Unit Share System
Considering the goals of the Action Plan for the Consolidation of Trading Units (November 27, 2007) and theDecision on Transferring Trading Units to 100 Shares and 1000 Shares (January 19, 2012) announced by
Japanese stock exchanges, which is to consolidate the number of unit shares (trading units) at 100, it was decided
that the unit share system would be adopted along with splitting the shares.
2. Summary of Share Splitting(1) Splitting Method
With September 30, 2013 as the base date, for each 1 common share shareholders held at the end of this day, 100
shares were allocated.
(2) Increased Common Share Numbers Due to Splitting
Number of Shares Issued Before Splitting
Increase in Number of Shares from Splitting
Number of Shares Issued After Splitting
Total Number of Authorized Shares After Splitting(3) Date Splitting Enters into Force

427,555
42,327,945
42,755,500
91,200,000

October 1, 2013

3. Adoption of Unit Share System(1) New Number of Unit Shares EstablishedWith the splitting mentioned above entering into force, the number of unit shares is set at 100 shares.
(2) Date Unit Share System Adoption Enters into Force

October 1, 2013

4. Influence on Information per Share
The values for information per share assuming this share splitting had happened at the beginning of the previous
consolidated fiscal year are given below.
From 1Q to 2Q of FY ended
From 1Q to 2Q of FY ended
March 31, 2012
March 31, 2013
(April 1‐September 30, 2012)(April 1‐September 30, 2013)
Net Income Per Share
27.97
43.74
Fully Diluted Net Income per
27.97
Share
(Note) Since no dilutive shares exist, Fully Diluted Net Income per Share for the first and second quarters of thecurrent consolidated fiscal year is not listed.

12