Summary of Results for FY2011

Lawson, Inc.
April 13, 2012

Copyright (c) 2012 Lawson, Inc. All rights reserved.

1

Financial Results for FY2011
Yoshiyuki Yahagi
Chief Financial Officer

Copyright (c) 2012 Lawson, Inc. All rights reserved.

2

FY2011 Earnings Summary(Consolidated：Billions of yen)

Net sales of all stores
Operating profit
Operating profit ratio
Recurring profit
Net profit
EPS (Yen)
Dividend payout ratio
Projected dividend per share (Yen)
Total no. of stores in Japan

FY2009Actual
1,666.1
50.2
3.0%
49.4
12.5
126.67126.3%
160
9,761

FY2010
Actual
1,682.8
55.5
3.3%
54.5
25.3
254.61
66.8%
170
9,994

Actual
1,825.8
61.7
3.4%
61.7
24.8
249.1772.2%
180
10,457FY2011
YoY
108.5%
111.2%
0.1%P
113.1%
98.0%
97.9%
5.5%
105.9%
463

vs. Plan

101.0%
100.4%
0%P
102.2%
105.9%
105.9%
83

Note: Change vs. the plan indicates comparison with the revised plan at the second quarter.

 Consolidated operating profit exceeded the revised plan announced at the second quarter by 0.3 billion yen, andincreased by 11.2% yoy.
Sales of rice dishes, over-the-counter fast foods, desserts, daily delivered foods and cigarettes grew yoy. Partly due
to growing handling of fresh foods, the customer base (women and seniors) steadily expanded and contributed tosales growth.
 Consolidated net profit exceeded the revised plan announced at the second quarter by 1.4 billion yen
but slightly decreased yoy.
Affected by asset liability obligations (8.2 billion yen) and loss on disaster (3.4 billion yen).
Copyright (c) 2012 Lawson, Inc. All rights reserved.

3

Existing Stores (Non-Consolidated)
110.0%

1.5%
1.0%

105.0%
0.5%
0.0%

100.0%

-0.5%
95.0%
-1.0%
90.0%

-1.5%
1H

2H

1H

FY20082H
FY2009Gross profit margin difference (YoY, Right）
Existing stores gross profit（YoY, Left)

1H

2H
FY2010

1H

2H
FY2011Gross profit margin difference, excl. cigarette sales (YoY, Right）
Existing stores sales（YoY, Left）（Reference) FY2011 YoY Growth
Gross profit: 104.0%; sales 105.4%; number of customers 101.0%; spend per customer 104.3%

 Existing store sales increased by 6.4% yoy in the 1st half and by 4.4% in the 2nd half. Thanks to increased
recognition as a small format retailer and progress in expanding customers, sales of ready-made meal items andcigarettes grew enough to offset the negative impact of the Great East Japan Earthquake.
 Overall gross profit margin deteriorated due to a drop in cigarette sales (decrease 1.0 pp) but improved by 0.5 pp
yoy, which surpassed the plan when excluding cigarettes, thanks to combination of SCM and CRM.
 As a result, existing store gross profit exceeded the plan by 1.3% and increased 4.0% yoy, which raised franchiseowners’ profit as well.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

4

Store Opening (Non-Consolidated)(Opening,
Closure,Net store increase)

Net store increase （Left）
Store opening (Left)Store Closure （Left）
Daily sales per new store （Right）(Daily sales per new store:
Thousands of yen)

600

600

400

500

200

400

0

300

-200

200

-400

100

-600

0
FY2007

FY2008FY2009FY2010FY2011

 Favorable operations of existing stores resulted in 94 less closures and 25 more openings than planned.
A net increase of 289 stores exceeded the plan.
 Daily sales per new store increased by 10 thousand yen from a year ago to 516 thousand yen.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

5Key Components of SG&A Expenses
FY2010
Actual
179.9(Billions of yen)

Non-consolidated

Selling, general & administrative expenses＜Major Strategic Expenses＞
Personnel expenses
IT-related expenses(Hardware leasing, software amortization, maintenance, etc.)
Advertising and promotional expenses

Consolidated SG&A expenses

Compared to Fiscal 2010

Copyright (c) 2012 Lawson, Inc. All rights reserved.

35.7
14.7

35.8
15.7

0.1
1.0

9.0

11.1

2.1 Increase 15-20%

242.6

260.9

18.3

Slight increase
Increase 5-10%

Increase 5-10%

Compared to Plan
Exceeded the plan by 1 billion yen
Enhance promotion of Lawson select and to
Ponta card members

Consolidated

Consolidated

 Increased due to newly consolidating HMV Japan
HMVを当社グループに取り込んだ影響により増加
 Increased due to an increase in installation of ATMs
 LANsのATM設置台数増により増加
operated by Lawson ATM Networks (LANs)

FY2012
Forecast
Increase 5-10%

Nonconsolidated

Non-consolidated

 Personnel expenses: Provision for bonus increased
resulting from favorable operating results IT-related expenses: Increased due to upfront investments
人件費：業績好調による賞与引当金分が増加
in e-commerce and servicesand promotional expenses: Enhanced
 Advertising
IT関連費用：EC・サービス関連の先行投資で増加
promotional activities targeted at Ponta card members

広告宣伝費：Pontaカード会員向け販促活動を強化 Other: Expenses for facilities associated with net increase in
その他：店舗純増に伴う施設費等の経費が増加
stores

FY2011
Actual Change
188.1
8.2

Exceeded the plan by 1.8 billion yen
In addition to the reasons stated for the nonconsolidated basis,
 Lawson HMV Entertainment, Inc. enhanced
promotional activities reflecting favorable ticket
sales and product sales (CD/DVD) LANs increased promotional activities
6

Earnings of Major Subsidiaries & Affiliates(Billions of yen)

＜Operating Profit of Major Subsidiaries＞
Ninety-nine Plus, Inc.
Lawson HMV Entertainment, Inc.
Shanghai Hualian Lawson, Inc.
Lawson ATM Networks, Inc.

FY2011
FY-end Ownership

Actual100.0%
100.0%
85.0%
70.9%

1.88
1.65
*
▲0.28
3.63

Feb.
Feb.
Dec.
Feb.

FY2012
YoY change Forecast

0.11
0.53
▲ 0.29
0.48

2.1
2.3
▲ 0.9
4.3

* Actual results for one year from January 2011 to December 2011

＜Operating Profit of Equity-method Affiliates＞
Lawson Okinawa, Inc.
Feb.

Ninety-nine Plus

49.0%

FY2011
0.77

0.17

Quake-led delay in introduction of PRiSM and shortage of merchandise resulted to OP
lower than the planned, however, still OP increase in 6%. Steady progress in store
openings and conversion to franchise stores.

Lawson HMV Entertainment

The launch of a comprehensive entertainment mall and other measures had a positiveeffect and ticket sales were strong. The use of high-margin sales channels, such as Loppi
and Lawson’s own website, also contributed.

Shanghai Hualian Lawson

Raised the equity stake from 49% to 85% and acquired a controlling interest.
Consolidation of three-month (Oct. to Dec. 2011) results generated a 20 million yen loss in
Lawson’s consolidating operating profit.

Lawson ATM Networks

The number of transactions rose due to growth in ATM installation in line with net growth instores and a demand intake caused by financial institutions’ shorter ATM operating hours
aimed at saving electricity.

Copyright (c) 2012 Lawson, Inc. All rights reserved.

7

FY2011 Balance Sheet & Cash Flows (Consolidated)
As of Feb. 29,
2012

Change fromFeb. 28, 2011

160.1
79.0
4.9
32.6
371.2
183.8
38.9
148.4
32.1
83.6
531.4

15.1
4.2
1.9
3.3
40.2
25.0
2.8
12.3
0.3
2.0
55.4

Total current assets(Cash and deposits)(Marketable securities)(Accounts receivable)

Total noncurrent assets
Property, plant and equipment
Intangible assets
Investments and other assets(Long-terms loans receivable)(Guatantee deposits)

Total Assets

As of Feb. 29,
2012

Change fromFeb. 28, 2011

217.9
88.2
75.0
98.8
35.7
214.6
58.5
107.2
531.4

25.3
6.8
12.6
23.8
▲ 1.4
6.1
7.6
55.4

Total current liabilities(Accounts payable-trade)(Deposits payable)
Total noncurrent liabilities(Long-term guarantee deposits)

Net Assets(Common stock)(Retained earnings)

Liabilities and net assets

Impact of adopting the new lease accounting:
Property, plant & equipment 54.1 bln yen
Current/noncurrent liabilities 49.1 bln yen（Billions of yen）

Cash flows from operating activities
Cash flows from investing activities

Free cash flows
Cash flows from financing activities（Reference）Cash and deposits
Copyright (c) 2012 Lawson, Inc. All rights reserved.

FY200940.6▲ 42.5▲ 1.9

FY201072.2▲ 30.541.6

FY201186.3▲ 52.933.4▲ 27.2▲ 28.7▲ 27.5

64.0

74.8

79.0
8

FY2012 Forecast (Consolidated)
FY2012 Forecast
Plan
YoY
1,964.0
107.6%
66.0
106.8%
3.4%
0.0%P
65.1
105.5%
33.4
134.2%
15.3%
3.3%P
334.38134.2%
56.8% ▲15.4%P
190
10Net sales of all stores
Operating profit
Operating profit ratio
Recurring profit
Net profit
ROE
EPS（Yen）
Dividend payout ratio
Dividend per share (YoY)

FY2010
Actual
1,682.8
55.5
3.3%
54.5
25.3
12.8%
254.6166.8%
170

FY2011
Actual
1,825.8
61.7
3.4%
61.7
24.8
12.0%*
249.17
72.2%
180

Total no. of stores in Japan

9,994

10,457

11,007550

101.4%
100.8%
30.6%

104.0%
105.4%
30.1%

102.7%
101.0%
30.6%▲1.3%P
▲4.4%P
0.5%P

0.5%

0.5%

0.5%

0.0%P

（Billions of yen）

*Approximate
estimated ROEof 15.1% when excluding
the effects of the earthquake
and asset retirement
obligations(Non-Consolidated)

Gross profit at existing stores (YoY)

Net sales at existing stores (YoY)

Gross profit margin ratio
Gross profit margin difference
excluding cigarette sales (YoY) Enhance sales promotion targeted at Ponta card members.
 Promote development of fresh foods, fast foods, ready-made meals, private brand Lawson select items, andother products to expand customer base.
 Gross profit margin is expected to increase by 0.5 pp, due to leveraging of raw material procurement
advantages and combination of SCM and CRM.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

9

Initiatives for the CVS Business
Genichi Tamatsuka
Chief Operating Officer
CVS Operating Group CEO

Copyright (c) 2012 Lawson, Inc. All rights reserved.

10Today’s Topics

1. Expanding customer base
2. Enhancing product development capability
3. Promoting initiatives targeted at Ponta members

Copyright (c) 2012 Lawson, Inc. All rights reserved.

111. Expanding Customer Base:
Enhancement of Fresh Food-Type CVS(No. of stores)

Number of Fresh Food-Type Convenience Stores

7,000
6,000
5,000

6,220
LAWSON STORE 100
Fresh-food type stores

5,085

1,220

1,172
4,000
3,000
2,000
1,000
0

2,262
1,223

1,076

996
227

1,186

End of FY2009

End of FY2010

5,000
3,913

End of FY2011

End of FY2012(Plan)

Note: The number of LAWSON STORE100 stores includes the former SHOP99 stores. The number of fresh food-type LAWSON storesat the end of fiscal 2011 includes those with three rows of shelves in addition to the former hybrid type (with one line of gondola
shelving.)

A year-on-year increase of around 2,800 fresh food-type CVS in FY2011
Copyright (c) 2012 Lawson, Inc. All rights reserved.

121. Expanding Customer Base:
Issues and Solutions for LAWSON STORE100
Solutions in FY2012
Issues in FY2011
 Delay in realizing Lawson
Group synergies
 Delay in advancement of
product development
 Delay in launching a new
system, due to theimpacts of the Great East
Japan Earthquake Enhance synergies with Lawson by reviewing themanagement of Ninety-nine Plus, Inc.

 Strengthen the product line such as the private
brand Value Line by using Lawson’s productdevelopment expertise Strengthen fresh food items by using Lawson’spurchasing capability and improve markups
 Raise accuracy in order placement by promoting
the innovative operation process through PRiSM
 Promote the area strategy that is focused on fresh
food convenience stores＋
Raise the number of customers and thespend per customer by leveraging Ponta
loyalty card program
Copyright (c) 2012 Lawson, Inc. All rights reserved.

131. Expanding Customer Base: Enhancing Fresh Foods (1)Ratio of Female Customers in 2nd Half of Fiscal 2011（based on average purchase amount）
50.0%(n=444)47.5%(n=744)

47.5%

45.0%

(n=1,590)
44.6%

45.9%

(n=5,034)
43.2%

42.5%

40.0%
Non-remodeled stores

6-months to 1yr.

1yr to 1.5yrs.

1.5yrs and over.

Fresh food-type stores (since remodeling)
Note: Ratio of spending by female Ponta card customers to total spend by all Ponta card customers at 9,082 LAWSON stores which existedon February 28, 2011.

Increase in ratio of female customers at stores remodeled throughstrengthening of fresh food items.
Store reforms led to new appeal to and increase in female customers, whohave tended to stay as regular customers over time.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

141. Expanding Customer Base: Enhancing Fresh Foods (2)Ratio of Senior Customers in 2nd Half of Fiscal 2011（based on average purchase amount by store）
30.0%
28.0%
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%

27.2%
23.5%
4.9%
18.6%

Non-remodeled
stores

25.3%
7.1%

28.2%
7.9%

5.5%

Aged 65 - 90
years

19.8%

20.1%

20.3%

6-months to 1yr.

1yr to 1.5yrs.

1.5yrs and over.

Aged 50 - 65
years

Fresh food-type stores (since remodeling)
Note: Ratio of spending by senior Ponta card customers to total spend by all Ponta card customers at 9,082 LAWSON stores which
existed on February 28, 2011. The number of samples for each category is the same as the data on the previous slide.

Store reforms led to new appeal to and increase in senior customers(aged 65-90 years), who have tended to stay as regular customers
over time.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

15

1. Expanding Customer Base: Images of Fresh Food-Type CVS (1)(1) Expand the number of stores
dominantly in residential areas.

Ratio of Sales to Female Customers(Ponta Card Members)
55.0%

Aim to raise the ratio of fresh food-type stores toover 60% of LAWSON stores within the area.

50.5%

Aim to establish the recognition that “fresh foods
50.0%
equal LAWSON” within the area.

45.0%

43.2%
Kanagawa Minami
Branch Area

40.0%
Average of non-remodeled stores

Average of fresh food-type stores in
Kanagawa Minami

Note 1: Non-remodeled stores are non-fresh food-type stores out of 9,082
existing stores as of February 28, 2011.
Note 2: Average of 30 remodeled fresh food-type stores out of all 80 existing
stores in the Kanagawa Minami Branch.

Copyright (c) 2012 Lawson, Inc. All rights reserved.

16

1. Expanding Customer Base: Images of Fresh Food-Type CVS (2)(2) Continue to focus on fresh foods and strengthen related merchandise
assortments
Daily Sales of Fresh Foods
Improve ways to display and sell fresh foods
and grow out of the image of“conventional CVS.”

Thousands of
yen

35
30
25
20

and Other Related Items(End of February 2011)
Other fresh food
related items
Lawson selectFresh foods

Doubled15
10
50
Average of non-remodeled stores

Average of fresh food-type stores in
Kanagawa Minami

Note 1: Non-remodeled stores are non-fresh food-type stores out of 9,082 existing stores as of Feb. 28, 2011.
Note 2: Average of 30 remodeled fresh food-type stores out of all 80 existing stores in the Kanagawa Minami
Branch.

Promote the similar approaches in residential areas across Japan
Copyright (c) 2012 Lawson, Inc. All rights reserved.

17

2. Enhancing Product Development Capability
Rice
dishesCookednoodles

Chilled sushi

Cold noodles

Desserts

Fast foods

Lawson select(Private Brand)

冷し麺
Unrefrigerated
Japanese and Westerndesserts

Copyright (c) 2012 Lawson, Inc. All rights reserved.

18

3. Promoting Initiatives Targeted at Ponta Members（Ratio of sales tomembers）
60.0%

50％

103.0%(Mid-term target)

40％

50.0%

(End of FY2011)

40.0%

Ratio of sales to members andcustomer growth yoy(2nd Half of FY2011）
Growth yoy)

Ratio of sales to(Customer
members

Number of Ponta
card members

30.0%

40 mln(End of FY2011)101.8%

102.0%
101.1%
101.0%

30 mln100.4%（End of FY2010)

20.0%

100.1%
100.0%

10.0%

20 mln0.0% (End of FY2009)
Feb.2010 Feb.2011 Feb.2012

99.0%
35-40%

40-45%

45-50%

50% and more

Note: Relationship between the ratio of sales to members by store
and the average yoy growth in the number of customers per store(Ratio of sales tomembers)

Shift from a stage to increase the number of card members to a stage toincrease the ratio of sales to card members. Take measures targeted at loyal
customers and enforce promotions in a selective and focused way.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

19

Initiatives toward Sustainable Growth

Takeshi Niinami
President & CEO

Copyright (c) 2012 Lawson, Inc. All rights reserved.

20

Realized Sustainable Growth in Operating Profit
Operating Profit of Three Major Convenience Store Companies（FY2002＝100）(Indexing based on the profit level of FY2002 being 100)200
Lawson

A

B

180
160
140
120
100
80
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (FY)

Achieved Profit Growth for Nine Consecutive Years with CAGR* of 7% (FY2002 to 2011)*CAGR（Compound Annual Growth Rate）
Copyright (c) 2012 Lawson, Inc. All rights reserved.

21

Continually Improved Gross Profit Margin
Gross Profit Margin Excluding Cigarettes
38.0%

37.0%

Full-scale of CRM
Improvement of SCM

Innovative Operation Process

SCM CRM
36.0%

35.0%
2006

2007

2008

2009

2010

2011 (FY)

Since the launch of the innovative operation process “PRiSM”,
gross margin has improved consistently
Copyright (c) 2012 Lawson, Inc. All rights reserved.

22

Mid-Term Road Map Toward Achieving 100 Bln Yen in Operating Profit

Consolidated
operating profit
100 bln yen

ROE 20%+40 bln yen

ParentcompanyGrossoperatingprofit+40 bln yen

SG&A
expenses
Consolidated
subsidiaries

Gross profit ofexisting stores

Gross profit
marginincrease 3-4pp(Accumulated)

Net increase of
2,000-3,000
stores(Accumulated)

Existing
store sales
increase 4-5%
(Accumulated)

Share buyback &cancelation/
Dividend

Initiatives toward the goal of 100 billion yen in operating profit
 Full-scale CRM based on use of Ponta cards
 Visualization of cost structure in SCM
 Increase Ponta card members’ wallet share through mutual movementof customers between the real store and e-commerce Overseas development through use of know-how of Japanese CVS＊上記の累計数値はそれぞれのカテゴリーごとの目標値を示しており、合計すると営業利益目標を超過
Copyright (c) 2012 Lawson, Inc. All rights reserved.

23

Revisions of Franchise Package■ New FC package’s background and features
Reduce opportunity loss

Some waste is borne by the head office

Save electricity and introduce
refrigerating/cooling equipment

Half of electricity costs are borneby the head officeEnhance fresh foods and promotion of
Ponta cards. Secure attractive properties

Revise the royalty rate
Strengthen support for new stores

Realized through continual communication between franchise stores andthe head office
Copyright (c) 2012 Lawson, Inc. All rights reserved.

24

Online to Offline / Offline to Online through Ponta Cards
Home Convenience(Virtual store)

Neighborhood Store
Settlement services
Receiving merchandise at the CVS(Real store)

Mutual movement of customers

Loppi（EC mall）
Expand the numberof SKU40 million Ponta LAWSON
card members
Application
SNS

Data analysis

WiｰFi
つかえます

WiFi

3,000SKU

Strong brand power
High quality

Checked by Lawson（Merchandising function)

Aim to increase the wallet share of the spend of 40 million Ponta card members,by leveraging trust and CRM, which have been accumulated from CVS operations,in the EC business
Copyright (c) 2012 Lawson, Inc. All rights reserved.

25

Develop Overseas BusinessEntering a phase to expand Japanese-type CVS model that uses SCM and CRM

Shenyang
BeijingChengdu Tianjin

DalianTsingtau

Shanghai
Chongqing
Myanmar

Wuhan
Guangzhou

India

Hong Kong
Thailand
Vietnam
Malaysia
Singapore
Indonesia

Open more stores by transplanting accumulated know-how regarding Japanesetype CVS and accelerating M&A activities
Plan to open 400 stores in China and 100 in Indonesia, making a total of 500
Copyright (c) 2012 Lawson, Inc. All rights reserved.

26

Store Opening Strategy with Emphasis on ROIC
Change in ROIC in Comparison to Competitors for Eight Years
16.0
Average ROIC for the period (%)

Average oftwo competitors
ROIC: -3.6%Pt

14.0
12.0
10.0

Lawson
ROIC: +1.2%Pt

8.0
6.0
4.0
2.0
0.0
0.0%

Increase in
number of stores
Note 1 ROIC = After-tax operating profit (@40% tax rate)/Averaged invested capital for the period(equity + interest-bearing debts)
Note 2 The horizontal axis indicates changes in number of stores (from fiscal 2002 to fiscal 2010)
Note 3 The arrows indicate changes in ROIC from fiscal 2002 to fiscal 2010

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Maintain store opening strategy emphasizing ROIC even during thephase of accelerating store openings
Copyright (c) 2012 Lawson, Inc. All rights reserved.

27

Sustain Continual Dividend Growth
Dividend per Share
(Yen)
200

180

180

190

160
140
120
100
80
60
40
20
0

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

(FY)

(Plan)

Plan to increase dividend per share by 10 yen to 190 yen in FY2012,
as in FY2011
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28

Sustainable ROE Growth and Shareholder Return■ Improve ROE through optimal allocation of cash flow
Reinvestment（focus on ROIC）

ReturnEquityConsolidated
operating profit
100 bln yen

Cash flow
Shareholder
return

ROE

（％）

20.0
15.0

Dividend
increaseSharebuyback*Approximate estimated ROEof 15.1% excluding
the effects of the earthquake
15.3%
and asset retirement
obligations(FY2012 target)

10.0
5.0

Achieve sustainable growth by allocating cash flow to reinvestment andshareholder
0.0 return
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (Plan) (FY)
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29

Reference

Copyright (c) 2012 Lawson, Inc. All rights reserved.

30

Half Year Breakdown of FY2012 Forecasts(Consolidated: Billions of yen)

Net sales of all stores
Operating profit
Operating profit ratio
Recurring profit
Net profit

FY2012 Forecast
1st Half 2nd Half Full year
984.0
980.0 1,964.0
34.0
32.0
66.0
3.5%
3.3%
3.4%
33.6
31.5
65.1
16.7
16.7
33.4

(Non-consolidated)

102.4%Net sales at existing stores (YoY) 101.0%
Gross profit margin ratio
30.6%

Gross profit at existing stores (YoY)

Copyright (c) 2012 Lawson, Inc. All rights reserved.

103.0%
101.0%
30.7%

102.7%
101.0%
30.6%

31

Capital Expenditure(Consolidated: Billions of yen)

New stores
Existing stores
IT-related
Other
Subtotal for capital expenditure
Depreciation and amortization

FY2009Actual
19.8
8.1
9.4
0.6
38.0
27.4

FY2010
Actual
13.6
8.9
7.4
0.1
31.0
33.0

FY2011
Actual
21.5
10.2
7.7
0.6
40.2
37.8

FY2012
Forecast
31.0
13.0
6.0
50.0
43.7

Allocate resources for new store investments based on the Group’s store
opening strategies
Existing store investments are mainly for remodeling to fresh food-type stores

Copyright (c) 2012 Lawson, Inc. All rights reserved.

32

Cautionary Statement
This presentation contains forward-looking statements and forecasts regarding the future plans, strategies and performances of
Lawson and its subsidiaries and affiliates. These statements and forecasts are not historical fact. They are expectations based onassumptions and beliefs derived from information currently available to the Company and are subject to risks and uncertainties
including, but not limited to, economic trends, heightened competition in the domestic convenience store sector, personal
consumption, market demand, the tax system and other legislation. As such, actual results may differ materially from estimates.
Figures in this presentation have been rounded down.
Copyright (c) 2012 Lawson, Inc. All rights reserved.

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