November 2, 2021

Summary of Consolidated Financial and Business Results
for the Second Quarter of the Year Ending March 2022
Oji Holdings Corporation(Code No. 3861 Tokyo Stock Exchange)
https://www.ojiholdings.co.jp/
Masatoshi Kaku, President & Chief Executive Officer
Hiroyuki Isono, Director of the Board, Senior Executive Officer
03-3563-1111+81-3-3563-1111(overseas)

Company Name:
URL:
Representative:
Contact:
Telephone:(All yen figures are rounded down to the nearest one million yen)

1. Results for the Second Quarter of the Year Ending March 31, 2022 (April 1, 2021 - September 30, 2021)(Unaudited)(1) Consolidated Business Results(Figures shown in percentage are ratios compared to the same period of the previous year)

Net sales
Millions of yen

First Half of FY2021
First Half of FY2020
Note: Comprehensive income

Operating profit

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen% Millions of yen%

708,529

8.6

63,681

117.3

68,835211.545,582343.0

652,423(14.2)

29,306(47.3)

22,097(57.0)

10,289(64.3)First Half of FY2021
First Half of FY2020

72,934 million yen
138 million yen

Profit per share

Diluted profit per
share

Yen

Yen

46.02

46.00

First Half of FY2021

10.39
10.39
First Half of FY2020
Note: Oji Holdings has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020),
etc. effective from the beginning of the first quarter of the current consolidated fiscal year.
The figures for the first half of the fiscal year ending March 31, 2022 are the figures after the application of the accounting
standards.
(2) Consolidated Financial Condition

First Half of FY2021

Total assets

Net assets

Shareholders'equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

2,030,733

852,21839.6

811.26865,60637.9

758.28Year ended March 2021

1,981,438

Note: Shareholders' equity

First Half of FY2021
FY2020803,601 million yen
750,981 million yen

2. Cash Dividends
End of 1Q

End of 2Q

Dividend per share
End of 3Q

End of FY

Annual

Yen

Yen

Yen

Yen

Yen

FY2020

－

7.00

－

7.00

14.00

FY2021

－

7.00
－

7.00

14.00

FY2021 (Forecast)
Note : Change in forecast of dividend … None

3. Consolidated Forecasts for the Year Ending March 2022 (April 1, 2021-March 31, 2022)(Figures shown in percentage are ratios compared to the previous year)

Net sales

Operating profit

Millions of yen

Full year

1,450,000% Millions of yen

6.7

120,000

Ordinary profit% Millions of yen

41.5

120,000

Note : Change in consolidated forecasts … No

1 / 12

Profit attributable toowners of parent% Millions of yen

44.5

70,000

Profit per share

%

41.0

Yen

70.68

4. Notes(1) Changes in important subsidiaries(changes regarding specified subsidiaries accompanying changes in the scope of consolidation) : None
(2) Application of simple accounting methods and quarterly peculiar accounting methods : None
(3) Changes in accounting methods compared with recent consolidated accounting periods(i) Changes due to accounting standard changes :Yes(ii) Changes besides (i) :None(iii) Accounting estimate change :None(iv) Restatement :None(Note)Please refer to “Consolidated Quarterly Financial Statements and Notes (Changes in accounting policies)” on page 12 of
the attached document for more details.
(4) Outstanding balance of issued shares (common stock)(i) Outstanding balance of issued shares at the end of fiscal year (Including treasury shares)
First Half of FY2021
1,014,381,817
FY2020(ii) Outstanding balance of treasury shares at the end of fiscal year
First Half of FY2021
23,820,587
FY2020(iii) Weighted average number of shares during fiscal year
First Half of FY2021
990,430,547
First Half of FY2020

1,014,381,817
24,002,558
990,099,521

NOTICE・ This document is exempt from audit procedures required by Financial Instruments and Exchange Act.
・The statements regarding future mentioned in this document are based on the information currently available and thepremisedeemed reasonable. The actual results may differ drastically from these forecasts due to various factors that may arise in the future.
・ This document is an excerpt translation of the Japanese original and is only for reference purposes. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail.

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1. Qualitative Information Concerning Business Performance and Financial Situation(1) Qualitative Information Concerning Business Performance
Business Performance for the First Half of FY2021
Net Sales

Operating Profit

Billions of yen

Billions of yen

Ordinary Profit
Billions of yen

Profit Attributable to
Owners of Parent
Billions of yen

Profit Per ShareYen

1st Half of FY2021

708.5

63.7

68.8

45.6

46.02

1st Half of FY2020

652.4

29.3

22.1

10.3

10.39

Increase (Decrease)

56.1

34.4

46.7

35.3

Increase (Decrease)

8.6%

117.3%

211.5%

343.0%The Oji Group has set "Profitability Improvement of Domestic Business", "Expansion of Overseas Business" and"Promotion of Innovation" as the fundamental policies of its FY2019-2021 Medium-term Management Plan. Through"Contribution to a Sustainable Society", we aim to become a global corporate group which stably maintains consolidated
operating profit of more than ¥100.0 billion.
Based on the fundamental policies, in the domestic business, we have focused on restructuring our production system torespond to the structural changes in demand, and worked to improve capital efficiency while concentrating management
resources on promising businesses to strengthen our ability to generate cash flow. In regard to overseas business, we haveorganically expanded the existing operations by expanding the number of overseas operations as well as developing new
businesses utilizing existing infrastructure. We have also worked to create synergies among our businesses as well as
operations. In regard to promoting innovation, we have promoted the development and the early commercialization of new
businesses and products that meet the needs of the environment and society, in order to actualize "Contribution to a
Sustainable Society".
As the business environment has changed drastically due to the spread of COVID-19, consumption structure, lifestyles,
and working styles have diversified, and many opportunities and risks are expected to expand. Meanwhile, we willcontinue to steadily implement strategic measures to improve our corporate value in line with our fundamental policies ofmanagement strategies in Medium-term Management Plan. We will also promptly and appropriately implement businessstructure reforms in light of environmental changes caused by COVID-19.
Consolidated net sales for the first half of FY2021 increased by ¥56.1 billion to ¥708.5 billion (year-on-year increase of
8.6%) due to a gradual recovery in demand resulting from the resumption of economic activities that had been stagnant
due to the spread of COVID-19 and higher pulp sales prices. Overseas sales ratio increased by 3.8 points from theprevious year to 32.4%.
Consolidated operating profit increased by ¥34.4 billion to ¥63.7 billion (year-on-year increase of 117.3%) due toincreased sales volume, higher pulp sales prices, and cost reduction efforts throughout the Group. Ordinary profit
increased by ¥46.7 billion to ¥68.8 billion (year-on-year increase of 211.5%) due in part to an increase in operating profit
and foreign exchange gains from revaluation of foreign currency-denominated receivables and payables. Profit before
taxes increased by ¥45.6 billion to ¥67.8 billion (year-on-year increase of 205.1%), and profit attributable to owners ofparent increased by ¥35.3 billion to ¥45.6 billion (year-on-year increase of 343.0%).
Effective from the beginning of the first quarter of FY2021, Oji Holdings has applied “Accounting Standard for Revenue
Recognition (ASBJ Statement No. 29, March 31, 2020)” and has changed the accounting method for revenue recognition.
Please refer to “Consolidated Quarterly Financial Statements and Notes (Changes in accounting policies)” on page 12 of
the attached document for more details.

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Overview of Business Performance for the First Half of FY2021 by Segment(I) Business Performance by Segment(Unit: Billions of yen)
Net Sales

Operating Profit

1st Half of FY2020 1st Half of FY2021
ReportingSegment

Increase
Increase
1st Half of FY2020 1st Half of FY2021(Decrease)(Decrease)

Household &Industrial Materials

309.6

343.6

11.0%

13.0

18.1

39.4%

Functional Materials

90.9

91.4

0.5%

5.1

7.2

40.5%

Forest Resources &Environment Marketing

119.3

141.6

18.7%

6.7

23.7

256.6%

Printing &Communications Media

114.1

117.6

3.0%

0.7

10.8

1,463.0%

Total

634.0

694.1

9.5%

25.4

59.8

135.2%

128.1

144.3

12.6%

2.8

4.1

48.1%

10.0%

28.2

64.0

126.6%

1.1

(0.3)

29.3

63.7

Others
Total

762.1

838.4

Adjustment (*)(109.7)(129.8)

Consolidated total

652.4

708.5

8.6%

117.3%*Adjustment is mainly those concerning internal transactions.
(ii) Overview of Business Performance by Segment
The Oji Group's four reporting segments are: "Household and Industrial Materials", "Functional Materials", "Forest
Resources and Environment Marketing", and "Printing and Communications Media". Each of the reporting segment
consists of those that are recognized to be similar in terms of economic characteristics, manufacturing methods orprocesses of products, markets in which products are sold, and types of customers, among the constituent units of the Oji
Group.
Business segments that are not included in the reporting segments are classified as "Others".
Major business lineup for the segments are as follows.
- Household and Industrial Materials:
Containerboard/corrugated containers, boxboard/folding cartons, packing paper/paper bags, household paper,
disposable diapers, etc.
- Functional Materials:
Specialty paper, thermal paper, adhesive materials, film, etc.
- Forest Resources and Environment Marketing:Pulp, energy, forest plantation/lumber processing, etc.
- Printing and Communications Media:
Newsprint, printing/publication/communication paper, etc.
- Others:
Real estate, engineering, trading business, logistics, etc.
As stated in “Changes in accounting policies”, “Accounting Standard for Revenue Recognition (ASBJ Statement No. 29,
March 31, 2020)” has been adopted from the beginning of the first quarter of FY2021 and the accounting method forrevenue recognition and the method used to calculate profit and loss for business segments have been changed.
As a result of this change, compared to the previous method, net sales in the first quarter of FY2021 decreased by ¥1.2
billion for Household and Industrial Materials segment, ¥6.6 billion for Functional Materials segment, ¥0.3 billion for
Forest Resources and Environment Marketing segment, ¥13.3 billion for Printing and Communications Media segment,and ¥2.6 billion for Others. The effects on each segment's profit is immaterial.

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○Household and Industrial Materials
In the first half of FY2021, net sales amounted to ¥343.6 billion (year-on-year increase of 11.0%), and operating profit
was ¥18.1 billion (year-on-year increase of 39.4%).
Regarding domestic business, domestic sales volume of containerboard and corrugated containers increased from theprevious year, due to continued steady sales for e-commerce industry as a result of a trend of staying home to prevent the
spread of COVID-19, in addition to the overall recovery in demand. As for containerboard, export sales volume
decreased from the previous year. As for boxboard, domestic sales volume increased from the previous year due to arecovery in demand for goods for events, souvenirs and gifts, which had declined in the previous year on account of thetrends of staying home and refraining from holding events. Export sales volume increased from the previous year. As forpacking paper, domestic sales volume increased from the previous year due to the overall recovery in demand. Export
sales volume increased from the previous year mainly in Southeast Asia. As for disposable diapers for babies, both
domestic and export sales volume decresed from the previous year. As for disposable diapers for adults, sales volume
decreased from the previous year. As for household paper, sales volume increased from the previous year due to anincrease in sales promotional campaigns and events, which had been refrained from due to the spread of COVID-19. As
for processed goods including masks and wet wipes, sales volume decreased from the previous year as the temporary
increase in demand accompanying the spread of COVID-19 in the previous year has subsided.
Regarding overseas business, in Southeast Asia, in containerboard business, both sales volume and sales amountincreased from the previous year due to strong demand from converting companies. As for corrugated containers, sales
volume and sales amount increased from the previous year due to strong sales since the end of last year and thepenetration of price increases. As for disposable diapers, in Indonesia, sales volume increased significantly from theprevious year due to our continual efforts for sales expansion at convenience stores. In Malaysia, sales volume decreased
from the previous year due to sluggish sales at retail stores on account of the impact of COVID-19. In Oceania, as forcontainerboard, export sales volume decreased from the previous year due in part to a disruption of marine transportschedules accompanying the worldwide shortage of containers. As for corrugated containers, sales volume increased
from the previous year both in New Zealand and Australia.
○Functional Materials
In the first half of FY2021, net sales amounted to ¥91.4 billion (year-on-year increase of 0.5%), and operating profit was¥7.2 billion (year-on-year increase of 40.5%).
Regarding domestic business, overall sales volume and sales amount increased from the previous year due to an increasein demands for films for condensers used in electric vehicles (electric vehicles, hybrid vehicles, plug-in hybrid vehicles
and fuel cell vehicles), film separate for manufacturing electronic components for smartphones, and paper for
manufacturing electronic components, although demands for tickets and luxury packages have continued to decreaseaccompanying the spread of COVID-19. As for thermal paper, sales volume increased from the previous year due to arecovery in demand.
Regarding overseas business, as for thermal paper, sales volume increased from the previous year in North America,
Southeast Asia and South America. However, sales volume decreased in Europe from the previous year in reaction tocustomers' trends to secure inventories in the previous year.
○Forest Resources and Environment Marketing
In the first half of FY2021, net sales amounted to ¥141.6 billion (year-on-year increase of 18.7%), and operating profit
was ¥23.7 billion (year-on-year increase of 256.6%).
Regarding domestic business, sales volume of pulp business increased from the previous year mainly because of anincrease in the export volume of dissolving pulp to China due to a recovery from the economic stagnation caused by the
spread of COVID-19. Sales volume of energy business decreased from the previous year due to regular inspections forfacilities at MPM Oji Eco-Energy Co., Ltd. As for lumber business, sales volume increased from the previous year.
Regarding overseas business, sales volume of pulp business decreased from the previous year, while sales amountincreased due to higher pulp sales prices. As for lumber business, sales volume increased from the previous year.

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○Printing and Communications MediaIn the first half of FY2021, net sales amounted to ¥117.6 billion (year-on-year increase of 3.0%), and operating profit
was ¥10.8 billion (year-on-year increase of 1,463.0%).
Regarding domestic business, sales volume of newsprint decreased from the previous year due to the continual
downward trend in demand. As for printing paper, sales volume increased from the previous year rebounding from theeconomic stagnation caused by the spread of COVID-19 in the previous year. In regard to those for publication use, sales
volume decreased due in part to reduced circulation of women's magazines, travel magazines, sports magazines, etc. In
regard to those for commercial printing use, sales volume increased from the previous year due in part to a recovery froma significant decline in demand for catalogs, posters, flyers, etc. as a result of the trend of refraining from holding eventsin the previous year. As for communication paper, sales volume increased from the previous year due to a recovery froma significant decline in demand in offices as a result of the spread of working from home in the previous year.
Regarding overseas business, at Jiangsu Oji Paper Co., Ltd., sales volume of printing paper increased from the previous
year as the economic activity began to recover after the outbreak of COVID-19 in China began to come under control.

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2. Outline of Business Performance and Financial Situation
Billions of yen
Forecasts for FY2021

Business PerformanceFirst Half of FY2021
Increase(Decrease)

Net Sales

708.5

56.1

Domestic

478.9

12.9

Overseas

229.6

43.2

32.4%

3.8%

Operating Profit

63.7

Ordinary Profit

Increase(Decrease)1,450.0

91.0

34.4

120.0

35.2

68.8

46.7

120.0

36.9

Profit attributable to owners of parent

45.6

35.3

70.0

20.4

Depreciation

30.9

0.7

62.3

Billions of yen(0.4)

Capital expenditure

52.0

8.5

109.5

16.0

ratio

Average foreign exchange rate
First Half of FY2021

Forecasts for FY2021

Increase(Decrease)

Increase(Decrease)

JPY ／ USD April to March

109.8

2.9

112.4

6.3

BRL ／ USD January to December

5.38

0.46

5.44

0.28

NZD ／ USD January to December

1.39(0.21)

1.40(0.14)

CNY／ USD January to December

6.47(0.57)

6.43(0.47)

Financial situation

Billions of yen
Sep 30,2021
Increase(Decrease)from Mar 31,2021

Total assets

2,030.7

49.3

Net assets

852.2(13.4)

Interest bearing debts

692.2

44.6

Net debts

586.0

74.5

Number of employees

personSep 30,2021
Increase(Decrease)from Mar 31,2021

Number of employees

35,834(200)

Domestic

16,523(55)

Overseas

19,311(145)

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3.Consolidated Quarterly Financial Statements and Notes
Consolidated quarterly balance sheets(Unit : Millions of yen)

FY2020Mar 31,2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract assets
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

8 / 12First Half /FY2021
Sep 30,2021

130,529297,718－
5,725
86,44019,27389,09041,667(1,675)
668,770

93,079－306,303
13,192
95,751
21,437
97,52440,038(1,645)
665,682

191,231
298,937
239,052
312,192
1,041,413

190,537
310,745
239,188
347,220
1,087,691

3,122
9,049
12,171

2,902
7,638
10,540163,961
96,073(952)
259,083
1,312,668
1,981,438

170,140
97,647(968)
266,819
1,365,050
2,030,733

(Unit : Millions of yen)

FY2020Mar 31,2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Commercial papers
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Provisions
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

9 / 12First Half /FY2021
Sep 30,2021

197,950
129,963－
11,526
4,874
97,399441,713

212,722
135,155
20,00018,613
4,582
91,713482,787

155,000
362,718
4,991
54,01097,397674,117
1,115,831

155,000
382,086
4,606
54,724
99,310695,727
1,178,514

103,880
109,100
493,224(13,400)
692,805

103,880
104,287
532,224(13,308)
727,083

31,654
2,721
5,684(6,418)24,53358,176
199
114,426
865,606
1,981,438

33,6201,049
5,684
13,087
23,07576,517
179
48,437852,218
2,030,733

Consolidated quarterly statements of income(Unit : Millions of yen)First Half /FY2020
Apr '20 - Sep '20
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Freight and incidental costs
Employees' salaries
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity method
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Insurance claim income
Gain on sale of businesses
Other
Total extraordinary income
Extraordinary losses
Loss on sale of investment securities
Loss on retirement of non-current assets
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

10 / 12First Half /FY2021
Apr '21 - Sep '21

652,423
503,998
148,425

708,529535,957
172,571

63,751
25,77929,588
119,119
29,306

53,10826,12829,654
108,890
63,681

678
1,650
－
－
2,748
5,076

388
1,591
5,505
1,450
4,204
13,141

3,053
3,722
1,122
4,386
12,28522,097

3,407
－
－
4,580
7,987
68,835

134
1,857
906
1,206
4,104

1,316
397
－
13
1,727

725
624
2,623
3,973
22,228
10,948707
11,655
10,573283
10,289

847
556
1,333
2,737
67,824
18,617651
19,26848,556
2,973
45,582

Consolidated quarterly statements of comprehensive income(Unit : Millions of yen)First Half /FY2020
Apr '20 - Sep '20
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

11 / 12First Half /FY2021
Apr '21 - Sep '21

10,57348,556

2,039
1,144(13,102)
(666)
150

1,294
(1,690)25,044(1,458)
1,188(10,434)
138

24,37772,934

2,803(2,664)64,0338,900

(Changes in accounting policies)（Application of Accounting Standard for Revenue Recognition, etc.）“Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020. Hereinafter “Revenue
Recognition Standard”) and related guidelines have been adopted from the beginning of the first quarter. In line withthis adoption, revenue is recognized at the time of the transfer of controls for promised goods or services to customers in
the amount that reflects the consideration to which they expect to be entitled in exchange for those goods or services.
The main changes due to the adoption of the new accounting standard are in the accounting treatment of consideration
paid to customers, such as sales incentives, and in the accounting treatment of transactions in which purchased goods
are sold to customers. With respect to sales incentives and other consideration paid to customers, a portion of theexpenses that were previously recorded in selling, general and administrative expenses are now reduced from sales. In
addition, as for transactions in which purchased goods are sold to customers, revenue was previously recognized at the
total amount of consideration received from the customer, but has partly changed to be recognized at the net amountreceived from the customer less the amount paid to the supplier.
In adopting the Revenue Recognition Standard, in accordance with the transitional treatment set forth in the proviso of
Article 84 of the Revenue Recognition Standard, the cumulative effect of retrospective application of the standards prior
to the beginning of the first quarter was added to or subtracted from retained earnings at the beginning of the firstquarter. The new accounting policy was applied from the beginning balance of the first quarter.
However, Oji Holdings has applied the method prescribed in Article 86 of the Revenue Recognition Standard and has
not retrospectively applied the new accounting policy to contracts in which almost all the revenue amounts wererecognized in accordance with the previous treatment prior to the beginning of the first quarter. In addition, Oji
Holdings has applied the method prescribed in Article 86, Paragraph (1) of the Revenue Recognition Standard, andaccounted for contract changes made prior to the beginning of the first quarter based on the contract terms afterreflecting all contract changes, and added or subtracted the cumulative effect of such changes to retained earnings at the
beginning of the first quarter.
As a result, for the period of current first half, net sales decreased by ¥23,922 million, cost of sales decreased by ¥9,382
million, selling, general and administrative expenses decreased by ¥14,485 million, non-operating expenses decreasedby ¥57 million, operating profit decreased by ¥54 million, and ordinary profit and profit before income taxes increasedby ¥3 million. In addition, the balance of retained earnings at the beginning of the current fiscal year increased by ¥110
million. The impact on information per share is immaterial.
Due to the adoption of the Revenue Recognition Standard, "Notes and accounts receivable - trade" which was presented
in "Current assets" of the consolidated balance sheet for the previous fiscal year, is included in "Notes and accounts
receivable - trade, and contract assets" from the first quarter of the current fiscal year. In accordance with thetransitional treatment set forth in Article 89-2 of the Revenue Recognition Standard, consolidated financial statementsfor past periods have not been reclassified using the new presentation method.
（Application of Accounting Standard for Fair Value Measurement, etc.）“Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019. Hereinafter “Fair Value
Measurement Standard”) and other standards have been adopted from the beginning of the first quarter, and inaccordance with the transitional treatment set forth in Article 19 of Fair Value Measurement Standard and Article 44-2
of “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019), Oji Holdings will continue
to apply new accounting policies prescribed by Fair Value Measurement Standard and other standards into the future.
The effects of this adoption on the quarterly consolidated financial statements are immaterial.

12 / 12