November 8, 2011

To whom it may concern:

TOHO HOLDINGS CO., LTD.
Norio Hamada, President and Representative Director(Tokyo Stock Exchange Securities Code: 8129)
Contact: Katsuya Kato
Corporate Officer and General Manager ofCorporate Communications Officeand Corporate Planning Office(TEL: 03-5259-9520)

Results of Operations during the Second Quarter of Fiscal 2012

During the consolidated cumulative period of the current second quarter of the fiscal year ending
March 2012, the TOHO Group has been promoting proposal-based marketing and sales by taking
advantage of its unique customer support systems based on the major business target of securing
appropriate profits, and has been tackling improvements in relation to distribution problems,
including provisional shipping with the pricing yet to be negotiated, total value transactions and theissue of the gap between the NHI price and the market price.
In the field of pharmaceutical wholesaling business, while sales of the market for prescription
pharmaceuticals grew by 3.4% compared with the same period of the previous year (estimates byCrecon Research & Consulting Inc.), the Company could ensure the growth of sales at nearly thesame level as this industry average, supported mainly by the effects of business administration tosecure appropriate profits and proposal-based marketing and sales.
Under these circumstances, the Group’s consolidated net sales for the second quarter of fiscal 2012were 539,360 million yen, by surpassing 100% of the progress towards the projection for the firsthalf, resulting in the achievement of 101.8% of the progress. While the gross profits on sales for thefirst half were on nearly the same level as the initial projection, the SG&A expenses were held lower
than those of the originally planned figure for the first half by approx. 1,400 million yen, assisted byGroup-wide efforts to curtail expenses. As a result, the consolidated operating income for the firsthalf was 4,110 million yen, thus significantly exceeding the initial projections, showing anachievement of 141.7% of the initial projection for the first half and progress of 59.6% towards theinitial projection for the full-term operating income. The rate of operating income to net sales was0.8%, exceeding initial planning of 0.5% for the first half by 0.3%. Ordinary income was 6,059
million yen, with the achievement rate of 137.7% of the initial projection for the first half andprogress of 63.8% towards the planned figure for ordinary income for the full-term. The rate ofordinary income to net sales was 1.1%, surpassing the initial planning of 0.8% for the first half by0.3%. Net income stood at 3,364 million yen, showing an achievement rate of 146.3% of the initialprojection for the first half, and progress of 68.7% towards the projection for the full-term. The net
income rate to net sales was 0.6%, exceeding the originally planned 0.4% by 0.2%.
In addition, based on recent trends in the Company’s performance, the Company announced, on
October 31, 2011, a revision of the earnings forecast for the first half of fiscal 2012 , which waspublished on May 11, 2011.

1

1. Results in the Second Quarter of Fiscal 2012 (Consolidated)(1) Comparison with the same period in the previous fiscal year
Consolidated
First Half, Fiscal 2012
First Half, Fiscal 2011
YoY Change
YoY Change Ratio (%)

Net Sales
539,360
519,858
19,502
103.8

Operating
Income
4,110
5,060
-950
81.2

Unit: million yen, %OrdinaryQuarterly net
IncomeIncome
6,059
3,364
7,140
3,692-1,081-328
84.9
91.1

(2) Comparison with the initial forecast for the first half of fiscal 2012
Consolidated
First Half, Fiscal 2012
Revised forecasts for the First
Half, Fiscal 2012
Initial forecasts for the First
Half, Fiscal 2012
Achievement rate compared tothe initial forecasts (%)

539,360
539,000

4,100

6,000

3,300

530,000
101.8

2,900
141.7

4,400
137.7

2,300
146.3

Net Sales(3) Comparison with the forecast for full fiscal 2012
Consolidated
First Half, Fiscal 2012
Forecast for the Fiscal 2012
Percentage against theFull-year Earnings Forecasts

Unit: million yen, %Ordinary
Quarterly net
IncomeIncome6,059
3,364

Operating
Income4,110

539,360
1,075,000

Operating
Income
4,110
6,900

50.2

59.6

Net Sales

Unit: million yen, %Ordinary
Net Income
Income
6,059
3,364
9,500
4,900
63.8

68.7（％）

2. Forecast for Fiscal 2012 (Full-year)
Though the Company’s performance for the first half of consolidated fiscal 2012 exceeded that
estimated in the initial forecasts, the Company has not revised the consolidated earnings forecastfor the full-term of the fiscal year ending March 2012 announced on May 11, 2011, due touncertain factors, including the impact of the NHI drug price revisions in April next year.