To whom it may concern:

March 18, 2014
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)

Notice regarding the Establishment of “Mirai Research Institute”
TOHO HOLDINGS CO., LTD. (Head Office: Setagaya-ku, Tokyo; President and Representative Director:
Norio Hamada; hereinafter “TOHO HOLDINGS”), hereby announces that “Mirai Research Institute”(a research institute and think-tank) will be established as an organization within TOHO HOLDINGS led
by external intellectuals, in order to embody our corporate slogan of “Total commitment to good health”
and to contribute to medical care and social welfare.
1. Background of the establishment
In Japan, where the population is rapidly aging and there are fewer children, the sustainability ofsocial security scheme is being called into question. In particular, the “social health insurance scheme,”with which our operations are significantly associated, is undergoing a paradigm shift in which the“1970s model” based on population growth and ever-expanding economic growth no longer applies, andthe relevant financial resources can no longer keep up with the expenditures.
With the aim of reconstructing its social security scheme, the national government has been advocating“Comprehensive Reform of Social Security and Tax” and is making efforts such as by establishingseamless medical care delivery systems; promoting an integrated community care system that will
combine the provision of medical care, nursing care, and welfare; introducing social security cards (theMy Number system); and reviewing medical programs. All of these are policies that look towards theyear 2025 when the baby-boomer generation will enter the 75 and over age group, or the so-called“latter-stage elderly.”
Now that the shift to the “2025-era model” is urgently needed, we, as a pharmaceutical wholesaling
company, will establish an organization to listen sincerely to external intellectuals and to reflect theirrecommendations in our policies, which is the first attempt of its kind, and strive to realize the dreamof the Kyoso Mirai Group.
2. Purpose of establishment
The new organization will make policy recommendations through and in light of research and studies
on medical care, pharmaceutical distribution, and health insurance pharmacies, etc.; clarify themodalities of medical care as well as the roles of pharmaceutical distribution industry and healthinsurance pharmacies; and ultimately aim to contribute to the development of our nation’s medicalcare and social welfare.

13. Action of Mirai Research Institute(1) Research and studies to contribute to the development of medical care and social welfare(2) Holding of seminars, lectures and other meetings to publicly release the contents of research andstudies(3) Holding of symposiums (panel discussions) for the sake of research and studies(4) Publication of the above contents as well as research and study outcomes(5) Holding of consultative meetings and other conferences to research and study various issues
concerning medical care(6) Collection of and access to literature and other materials on research and studies about various
issues concerning medical care
(7) Other activities, including projects necessary for achieving the purpose
4. Councilors
Representatives
・Shunsuke Watanabe(Professor of Tokyo Women’s Medical College / former Editorial Writer of the Nikkei)
・Masaharu Ito(Chairman of The national association for home-visit nursing care / former Director-General of theHealth Policy Bureau, Ministry of Health, Labour and Welfare)・Nobuyuki Imanishi(Head Director of the Tokyo University of Pharmacy and Life Sciences / Doctor of Medicine)・Takeshi Erikawa(Chairman of The Health Care Science Institute / former President of the National PersonnelAuthority)
・Yoshihito Karasawa(Karasawa Clinic / former President of the Japan Medical Association)
・Ryuji Kimura(Chairman of Aomori Pharmaceutical Association / immediate past President of the Japan CareManager Association）
・Keiichi Saya
(Chairman of Asuka Pharmacy / former Chairman of the Japan Pharmaceutical Association)
・Yasufumi Sawada(Professor of the University of Tokyo Graduate School / Doctor of Pharmacology)
・Norio Hamada(President and Representative Director of TOHO HOLDINGS）
・Yukiko Mimura(Professor of Aoyama Gakuin University / Doctor of Commercial Science)
・Masaki Muto
(Professor of International University of Health and Welfare Graduate School / Doctor of Medicine)・Shosaku Murayama(President & CEO of iPS Academia Japan, Inc. / former Director-General of the Research andStatistics Department, Bank of Japan)
Auditor・Takaaki Matsutani (Director and Senior Adviser of TOHO HOLDINGS)
Chief Secretary・Minoru Kashiwagi (Director of PharmaCluster)
5. Date of establishment
April 1, 2014
6. Secretariat
GranTokyo South Tower 13F, 1-9-2 Marunouchi, Chiyoda-ku, Tokyo 100-6613, JapanTOHO HOLDINGS CO., LTD., Marunouchi office2