February 3, 2014

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

Results of Operations during the Third Quarter of Fiscal 2014
During the cumulative third quarter under review, the market for prescription pharmaceuticals grew by only 2.7%
on a year-on-year basis (estimates by Crecon Research & Consulting Inc.). Nevertheless, the Group successfully
achieved higher growth than the market average as a result of boldly promoting proposal-based marketing and sales
toward the achievement of the Group’s medium-term management plan “Total Commitment to Good Health 14-16.”
To cite a specific example, the Company’s pharmaceutical wholesaling business proposed new service menus bycapitalizing on the Company’s unique customer support systems that demonstrate our competitive advantage.
Under these circumstances, the Group’s consolidated net sales for the third quarter (cumulative) were 898,889
million yen, an increase of 4.2% on a year-on-year basis, achieving 76.1% of the rate of progress against the initialprojection for the full-term. In the pharmaceutical wholesaling operations, the Company strictly operated a price locksystem to secure appropriate profits, and tackled improvements in relation to distribution problems, including total
value transactions and the issue of the gap between the NHI price and the market prices as well as the problem ofprovisional shipping with the pricing yet to be negotiated. The Company has also promoted the expansion offee-based businesses resulting from the sufficient use of Meissa and customer support systems as well as cost
reduction activities within the companies of the whole Group. In the field of dispensing pharmacy operations, theCompany constantly expanded its business scale through setting up new dispensing pharmacies, however, theincreased expenses for setting up new pharmacies and employing pharmacists have weighed on profits.
As a result, the operating income increased by 22.2% on a year-on-year basis to 10,432 million yen, achieving
71.0% of the rate of progress against the initial projection for the full-term, and the ordinary income was 15,102
million yen, an increase of 15.7% on a year-on-year basis, marking a rate of progress of 74.0% against the initialprojection for the full-term, and the consolidated net income for the third quarter stood at 9,134 million yen, up by
16.3% from a year earlier, recording a rate of progress of 78.7% against the initial projection for the full-term.
Meanwhile, the “loss before deduction of temporary consumption tax payment (non-deductible consumption tax,etc.)” that had traditionally been booked under the classification of “non-operating expenses” has started to be posted
under a new accounting treatment employed from the first quarter of the consolidated fiscal year ending March 2014
as “selling, general and administrative (SG&A) expenses.” For the purpose of year-on-year comparison, thecomparative figure of the previous year has been re-calculated based on the new accounting treatment.

11. Results in the third quarter of fiscal 2014 (Consolidated)(1) Comparison with the same period in the previous fiscal year
Unit: million yen, %Quarterly net
Ordinary Income
Income15,102
9,134

Third Quarter, Fiscal 2014

898,889

Operating
Income10,432

Third Quarter, Fiscal 2013

862,368

8,539

13,051

7,852

YoY Change

36,521

1,892

2,050

1,281

YoY Change Ratio (%)

104.2

122.2

115.7

116.3

Consolidated

Net Sales(2) Comparison with the forecast for the full fiscal 2014
Unit: million yen, %Quarterly net
Ordinary Income
Income15,102
9,134

Third Quarter, Fiscal 2014

898,889

Operating
Income10,432

Forecast for Fiscal 2014

1,181,000

14,70020,40011,600

76.1

71.0

74.0

78.7

Consolidated

Percentage against the Full-year
Earnings Forecasts (%)

Net Sales

2. Forecast for fiscal 2014 (Full-year)
There has been no change in our forecast for the fiscal 2014 performance from the figures announced on May 10,
2013.

2