 This presentation contains FY2016 business policy.

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 First, I will talk about what we have done in FY2015.

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1 This slide shows FY2015 forecast. Out of three numeric targets in CV2015,
our mid‐term management plan, we expect to accomplish 350 billion yen
operating profit and cumulative 600 billion yen FCF one year ahead of ourschedule and plan to achieve 5% operating profit margin in next fiscal year.

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2 We have done a major part of our business restructuring in sevenchallenging businesses. Some businesses are still in red but we haveshaped directions of their strategy and believe the business restructuring
is mostly completed.

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3 Next, I will talk about FY2016 business strategy.

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4 In FY2016, we will:
1) further improve profitability to achieve 5% operating profit margin inour CV2015 target,2) generate profit by sales expansion.
We will further invest for growth.

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5 The slide shows FY2016 financial target.
Sales: 8 trillion yen, +250 billion yen vs FY2015. The sales will increase evenexcluding effect of FX fluctuation.
Operating profit: 430 billion yen, +80 billion yen vs FY2015
Operating profit margin: 5.4%

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6 We will focus on improvement in these six BDs to achieve 8 trillion yen sales
and 430 billion yen operating profit.
 Since each of them has quite large sales with more than 300 billion yen,improving their profitability will lead to a corporate‐wide profit enlargement.
 Their average profitability is expected to improve from 3% to 5% level in
FY2016. We also expect increase of 150 billion yen in sales and 39 billion yen
in operating profit.

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7 This slide shows how we will improve operating profit. We expanded
operating profit by restructuring and fixed cost reduction for the past twoyears, and the sales will drive earnings growth mainly in the six businessdivisions from FY2016 onward.

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8 We set our sales target of 10 trillion yen in FY2019. This slide shows how weare going to progress towards this target: 8.4 trillion yen in FY2017 and 9.1
trillion yen in FY2018.
 We believe making constant progress is imperative to accomplish 10 trillion
yen sales target. We will steadily move forward each year to maximize ourbusiness performance towards FY2019.
 Next, I will talk about our growth strategy with housing and automotive
businesses.

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9 In housing business, we are very unique in the industry who has all thebusiness of appliance, equipment and housing. Therefore, we integrate ourskill and knowledge to offer ‘value of new lifestyle’ to customers andexpand whole housing business.
 Housing equipment, services in Japan: we will accelerate ‘Age‐free’ (elderlycare) business in addition to product sales increase.
 Housing in Japan: we will strive to gain No.1 market share in remodelingbusiness in Japan, with PanaHome as a center of this business, where weare going to become an ‘all‐around remodeling company’ doing from large
scale renovation of houses to small scale installation of components.
 Overseas: we will further expand housing business in Taiwan and ASEAN
countries. In Taiwan, we promote business collaborating with localdevelopers. In ASEAN countries, we target a high‐volume market andexpand ‘Smart City’ business, with locally developed housing units built in
a new building method.

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10 I will go into more detail on ‘Age‐free’ (elderly care) and remodelingbusinesses. ‘Age‐free’ (elderly care) business is the area where we can makethe best use of our skill and knowledge by selling nursing care products andoffering elderly care services to support their day‐to‐day life. We opened‘Age‐free’ service facility in Noborito, Kanagawa prefecture in Japan inMarch 2015, where we offer temporary stay at the facility for a few days andweeks to those who need 24/7 nursing services. We expand this businessacross the country to treble ‘Age‐free’ (elderly care) business sales to 100billion yen in FY2019.
 In remodeling business, we strengthen our relationship with customers byincreasing a number of our showrooms. Besides, we will rise whole
remodeling business sales 1.7‐fold to 580 billion yen in FY2019 byintegrating prime contractor capability and expanding markets.

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11 In automotive business, we have already confirmed receiving 70% of orders
towards 2.1 trillion yen sales target in FY2019. Adding promising orders anddiscontinuous measures, we intend to achieve 2.1 trillion yen sales.
 We will accelerate receiving orders in all areas: comfort, safety andenvironment.
 We are going to spend some money on R&D for a next few years to receive
more orders, and we believe this will be rewarding and our automotive
business will become a driver for a corporate‐wide growth.

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12 In strategic regions, we will expand business in consumer electronics
towards FY2019. We will establish AP Asia and AP China, as regional
companies in April 2015 to accelerate localized marketing including products
and services in each country. These two companies will be more responsible
for R&D, production and sales.
 In AP Asia, we will establish prestigious brand, ‘Japan Premium’ especially inVietnam, Indonesia and the Philippines.
 In AP China, we will concentrate our resources on marketing for a wealthyclass with premium products and differentiate ourselves from local
manufacturers by offering high‐value added products.

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13 This chart shows 10 trillion yen sales target in FY2019 broken into 5businesses and 3 regions. We need investment to achieve the red portion ineach bar which indicates an increase vs FY2015. We will concentrate ourpersonnel, material and financial resources on six highlighted business areas.

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14 We believe the U.S. market is promising in B2B Solutions, where many
companies globally do their business. We have not taken advantage of themarket yet to boost sales. Therefore, we decided that a newly appointed
president of AVC Networks Company which is a core Divisional Company forour B2B solutions business, Yasuji Enokido will work based in the U.S. fromApril 2015.
 Being away from Japan and being more globalized is crucial. He will work inthe U.S., the largest market in the world to create more business in a timely
manner, as our executive vice president, Yoshihiko Yamada started work
based in India to expand business in the strategic regions.
 We will work with our major clients in a mid‐ and long‐term perspective andmake a better investment decision and management including M&A basedin the U.S.

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15 We plan to spend 1 trillion yen in total besides our regular capex to achieve
10 trillion yen sales target. This includes M&As to achieve discontinuous
growth, and advertising and R&D expenses to accelerate growth, focusing
on six highlighted area on the previous page.
 In FY2016, we expect to spend 200 billion yen out of 1 trillion yen.
 While we are more active on investment, we have learned from our past
mistakes that most of our large scale investments ended in write‐down.
We will surely manage our asset from investment to do business without
write‐down.

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16 Thank you for your continuous cooperation.

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