Terumo CorporationMay 10, 2017

Q&A Session at the Financial Results Briefing
for the Fiscal Year Ended March 31, 2017
Outlined below are the principal Q&As from the financial results briefing of May 10, 2017. Certain
details have been expanded or modified to provide readers with a deeper understanding of Terumo
Corporation’s performance and activities.

Q1: In your operating income guidance for FY2017, you estimate operating income excluding
amortization of ¥3 billion as profit contribution from the three acquisitions made in FY2016.
Can you give a breakdown of this profit contribution? Does this include the temporary costposted in tandem with the acquisitions?
A1: We cannot provide you with an accurate profit forecast for each business as we have notcompleted our post-acquisition PPA (Purchase Price Allocation: an acquisition accounting
process whereby the purchase price is allocated for financial reporting purposes based on avaluation of the fair value of the acquired assets and liabilities). As a provisional figure at thismoment, we estimate profit of roughly ¥3 billion based on the net of profit from the vascularclosure device business and losses from other businesses. This reflects little-to-no temporary
cost incurred due to the acquisitions.

Q2: In the operating income variance analysis in FY2016 (on page 5/30 of the presentationmaterial), the amount of SG&A increase due to sales force expansion in U.S. interventional
systems and neurovascular divisions was roughly 50% lower than the estimate at the start of thefiscal year. Why were these outlays lower than expected?
A2: This is primarily attributable to reduced expenses as a result of the recall of Misago andstronger-than-expected sales, which made it unnecessary for us to use the budget for salespromotions.

Q3: In your FY2017 operating income guidance (on page 16/30 of the presentation material), you
anticipate a lower level of gross profit improvement by cost reduction, and set your estimate ata higher level for SG&A increase due to sales force expansion in U.S. interventional systems
and neurovascular divisions compared with FY2016. Your outlook seems slightly conservative.
Do you expect operating income results for FY2017 to outperform your guidance?
A3: Unlike FY2016, we no longer expect to see contribution to profit growth from the following
three factors in FY2017. The first one is the temporary suspension of medical device excise tax
in the U.S. The second one is that, in drug-eluting stents, we are shifting to Ultimaster
1The information contained in this report does not constitute an inducement to engage in any investment activity related to Terumo. The opinions and projections contained inthis report are based on our assessments when the material was being prepared. The accuracy of this information cannot be guaranteed and the information may be subject tochange without notice. Please be advised that Terumo or any party providing this information will not accept any liability for any damages that result from the use of thisinformation.

Terumo Corporation
May 10, 2017
developed by us, and away from Nobori, for which we paid a third-party licensing fee. The
third one is the reduced cost for quality management system improvement in TCVS. In FY2017,
we expect the profit increase backed by our steady cost reduction efforts, which excludes thesethree factors.

Q4: Why were sales brisk in Q4?
A4: This was mainly attributable to performance in the Cardiac and Vascular Company. Sales grewin the interventional systems business, mainly for access devices, and overseas sales in theneurovascular intervention business, including sales in China, were brisk. Moreover, sales werefavorable in the recently-acquired vascular closure device business, trending above our initial
forecast.

Q5: When do you plan to launch Ultimaster Tansei, which offers improved deliverability
compared with the current Ultimaster?
A5: We are planning to launch the Ultimaster Tansei in FY2018.

2
The information contained in this report does not constitute an inducement to engage in any investment activity related to Terumo. The opinions and projections contained inthis report are based on our assessments when the material was being prepared. The accuracy of this information cannot be guaranteed and the information may be subject tochange without notice. Please be advised that Terumo or any party providing this information will not accept any liability for any damages that result from the use of thisinformation.