Kyoritsu Maintenance Co., Ltd.
(Securities Code:9616)

Third Quarter of Fiscal Year March 2012
Consolidated Earnings Results Update
February 2012

100,000

Consolidated Sales and YY Change

35%

90,00030%
80,00025%

70,00060,00020%

50,00015%

40,00030,00010%

20,0005%
10,00000%3/99 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12E

m

Consolidated Operating Income and YY Change
6,000

50%
40%

5,000

30%
4,000
20%
3,000

10%
0%

2,000
-10%
1,000
-20%
0

-30%
3/99 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12Em(Units: Million Yen)

160,000
140,000
120,000
100,000

80,00060,00040,00020,000
0
3/99

3/00

3/01

3/02

3/03

3/04

total assets

3/05

3/06

3/07

3/08

3/09

3/10

3/11

net assets (shareholders' equity)(Units: Million Yen)
14.0%
12.0%
10.0%
8.0%

6.0%
4.0%
2.0%
0.0%

3/99

3/00

3/01

3/02

3/03
ROE

3/04

3/05

3/06
ROA

3/07

3/08

3/09

3/10

3/11

(Units: Million Yen)

3/00
36,788
7,173
2,369
2,281
907

23,79340,47864,32728,51322,06450,577
13,747

3/01
37,884
7,834
2,828
2,643
1,147

32.2%
30.5%
38.2%
35.4%
58.8%

18,10047,76865,86727,031
23,76150,792
15,073

3/02
50,065
10,221
3,908
3,580
1,822

21.5%
8.3%
7.8%
4.1%

0.1%
5.5%
6.1%
8.5%
11.9%

22,13849,49771,64731,61023,14654,755
16,824

3/03
50,10910,785
4,149
3,885
2,039

11.3%
2.7%
24.3%

19.5%
7.4%
7.5%
4.0%

7.9%
-2.3%
-3.5%
4.5%
4.8%

22,122
55,71577,86529,37429,43358,806
18,935

3/04
54,081
10,541
4,004
4,060
2,138

11.3%
2.7%
24.3%

18.8%
7.6%
7.6%
4.0%

7.3%
3.3%
10.1%
8.6%
9.6%

23,25462,336
85,62031,58533,07764,663
20,788

3/05
58,014
10,894
4,407
4,411
2,343

7.9%
2.1%
26.0%

18.7%
7.3%
7.6%
3.2%

8.7%
8.2%
4.6%
9.4%
-14.2%

18.5%
5.6%
5.7%
3.6%

5.1%
3.9%
-18.8%-21.5%
20.0%

9.9%
2.4%
23.8%

18.8%
5.9%
5.5%
3.6%

14.1%
15.9%
19.9%
10.0%
13.6%

23,350 24,901 19,967
74,681 85,562 95,728
98,047 110,507 115,738
44,039 37,342 44,119
28,316 46,068 44,079
72,355 83,411 88,199
25,512 27,096 27,538

3/06
63,085
11,783
4,611
4,824
2,011

8.9%
2.2%
24.5%

7.4%
1.7%
22.8%

18.8%
6.5%
5.5%
2.6%

8.9%
9.3%
19.1%
8.2%
-22.2%

4.2%
0.9%
21.2%

16.5%
4.8%
3.6%
1.5%

2.7%
-10.0%-24.6%-33.2%-41.2%

21,852 23,104
103,891 115,980
125,793 139,209
41,615 41,499
55,266 67,956
96,882 109,455
28,911 29,753

3.5%
0.7%
21.3%

18.1%
5.4%
3.9%
1.2%

0.6%
10.4%
14.3%
9.8%
-16.1%

36,783
104,428
141,31450,54660,600111,147
30,166

3/11
84,983
15,408
4,610
3,308
1,052

Consolidated Income S tatement
net sales
gross income
operating income
ordinary income
net income

19,90029,86749,88019,731
16,97736,707
13,169

3.0%
9.2%
19.4%
15.9%
26.5%

20.4%
7.8%
7.2%
3.6%

12.1%
2.8%
23.5%

3/10
84,513
13,957
4,033
3,012
1,254

Consolidated Balance S heetcurrent assets
fixed assets
total assets
current liabilities
fixed liabilities
total liabilities
net assets (shareholders' equity)

13.3%
9.0%
-3.9%
3.5%
6.7%

20.7%
7.5%
7.0%
3.0%

12.1%
2.8%
22.9%

3/09
82,303
15,507
5,349
4,510
2,133

yy change
net sales
gross income
operating income
ordinary income
net income

19.5%
6.4%
6.2%
2.5%

8.3%
1.8%
21.4%

3/08
75,60614,183
4,492
4,167
2,740

margins
gross margins
operating margins
ordinary margins
net margins

6.9%
1.8%
26.4%

3/07
66,287
12,242
3,745
3,787
2,413

other benchmarks
ROE
ROA
net asset ratio
Units: million yen

3/12E *
91,600 *na *5,570 *
4,250 *
1,760 *
*
*
na *
na *
na *
na *
na *
na *
na *
*
*
7.8% *
na *
20.8% *
28.4% *
67.2% ***
na *
6.1% *
4.6% *
1.9% *
*
*
na *
na *
na *
*

na
na
23.0%

17.4%
5.3%
4.1%
1.6%

0.7%
-7.9%
-19.0%-27.3%-32.0%

21,852
103,891
125,793
41,61555,26696,882
28,911

3Q3/1062,545
10,852
3,335
2,553
1,028

na
na
22.5%

18.6%
5.5%
3.9%
1.1%

-0.2%
6.9%
2.1%
-3.9%
-32.2%

19,552
11,326
132,919
51,21851,808103,026
29,892

3Q3/11
62,401
11,601
3,405
2,453
697

3Q3/12 *65,151 *
12,770 *4,145 *
3,032 *
1,267 ***
20,757 *101,408 *122,264 *36,295 *55,490 *91,786 *30,477 ***
4.4% *
10.1% *
21.7% *
23.6% *
81.7% ***
19.6% *
6.4% *
4.7% *
1.9% *
*
*
na *
na *
24.9% **

3rd Quarter of Fiscal Year March 2012 Consolidated Earnings Announcement
February 9, 2012

Company Name: Kyoritsu Maintenance Co., Ltd.
Stock Code: 9616, URL: http://www.kyoritsugroup.co.jp/
Director: Mitsutaka Sato, President
Contact: Takumi Ueda, Vice President, Tel: +81-3-5295-7778

Tokyo Stock Exchange

Quarterly Earnings Announcement Report Filing Date (Anticipated):
Dividend Payment Date (Anticipated): NA
Quarterly Earnings Presentation Document (Anticipated): NA
Quarterly Earnings Presentation Meeting (Anticipated): NA

February 14, 2012(All figures of less than one million yen are rounded down to the nearest digit)

1. 3rd Quarter of Fiscal Year March 2012 Consolidated Earnings (From April 1, 2011 to December 31, 2011)(1) Consolidated Earnings (Aggregated)
Net Sales
3Q FY3/12
3Q FY3/11

Operating Income

Ordinary Income

Net Income

Million Yen％yy

Million Yen％yy

Million Yen％yy

Million Yen％yy

65,151
62,401

4.4
-0.2

4,145
3,405

21.7
2.1

3,032
2,453

23.6
-3.9

1,267
697

81.7
-32.2

(Note) Comprehensive income:¥1,166 million (24.7% yy) in 3Q FY3/12, ¥935 million (--% yy) in 3Q FY3/11
EPS

Fully Diluted EPS

3Q FY3/12
3Q FY3/11

Yen

Yen

88.34
48.56

78.80
40.58

(2) Consolidated Financial Position
Total Assets
3Q FY3/12
FY3/11(Note) Capital:

Net Assets

Net Asset Ratio

Million Yen

Million Yen％

122,264
141,31430,47730,16624.9
21.3¥30,477 million in 3Q FY3/12, ¥30,164 million in FY3/11

2. Dividend Conditions
Dividends per Share
End 1Q
FY3/11
FY3/12FYFY (Projected)
FY3/12

End 2QEnd 3QEnd Year

Total

Yen

Yen

Yen

Yen

Yen

―
―

19.00
19.00

―
―

19.00

38.00

19.00

38.00

(Note) Recent changes in dividend projections: None

3. Fiscal Year March 2012 Consolidated Earnings Estimate (April 1, 2011 to March 31, 2012)
Net Sales

Operating Income

Ordinary Income

Net Income

EPS

Million Yen％yy

Million Yen％yy

Million Yen％yy

Million Yen

％yy

Yen

91,600

7.8

5,570

20.8

4,250

28.4

1,760

67.2

124.53(Note) Recent changes in earnings estimates:

Applicable

Full Year4. Others(1) Important changes in our subsidiaries, including changes to the scope of our consolidation: None
(2) Application of special accounting procedures in the preparation of our quarterly consolidated financial
statements:
Applicable(3) Changes in the accounting policies, procedures, and changes or revisions in the display of accounting estimates:① Changes accompanying revisions in accounting standards: None
② Other changes: None
③ Changes in accounting estimates: None
④ Redisplay of revisions: None
(4) Shares issued (Common shares)①②③

Shares issued as of term end (including treasury shares):
Treasury stock as of term end:
Average during the term:

3Q FY3/12
3Q FY3/12
3Q FY3/12

15,125,582 FY3/11
992,575 FY3/11
14,343,457 3Q FY3/11

15,125,582
760,687
14,365,240

 Information Regarding Quarterly Review Practices:
The practices for review of quarterly consolidated earnings statements pursuant to the “Financial Instruments and Exchange
Act” of Japan have not been conducted for the disclosure of this document.
 Notes and explanations regarding the appropriate uses of our earnings projections:
All projections provided within this document are based on the most accurate information available at the time of thiswriting. However our actual results may differ from our projections due to various unforeseen reasons.

Kyoritsu Maintenance Co., Ltd. (9616), 3Q FY3/12 Earnings Announcement

Index
1. Qualitative Information about Quarterly Earnings ··························································································· 2(1) Qualitative Information about Consolidated Business Performance ······························································ 2(2) Qualitative Information about Consolidated Financial Position ··································································· 3(3) Qualitative Information about Consolidated Earnings Forecast ···································································· 3
2. Summary Information (Others) ················································································································· 3(1) Changes in Important Consolidated Subsidiaries during the Quarter ····························································· 3(2) Implementation of Special Accounting Methods in the Creation of Quarterly Consolidated Financial Statements ······· 3
3. Quarterly Consolidated Financial Statements ································································································ 4(1) Quarterly Consolidated Balance Sheets ································································································ 4(2) Quarterly Consolidated Income Statements and Comprehensive Income Statements ·········································· 6
Quarterly Consolidated Income Statement
Consolidated Cumulative Third Quarter ·························································································· 6
Quarterly Consolidated Comprehensive Income Statements
Consolidated Cumulative Third Quarter ·························································································· 7(3) Notes on Assumption Regarding Going Concern ···················································································· 8(4) Segment Information ······················································································································ 8(5) Note regarding Significant Changes in Shareholders’ Equity ······································································ 9-1-

Kyoritsu Maintenance Co., Ltd. (9616), 3Q FY3/12 Earnings Announcement

1. Qualitative Information about Quarterly Earnings(1) Qualitative Information about Consolidated Business Performance
During the third quarter of the term under review, the Japanese economy gradually recovered from the negative impact of
the Great East Japan Earthquake, but uncertainties about the future and fears of an economic slowdown were sparked by theflooding disaster in Thailand, sovereign debt crisis in Europe, and slowing growth in China. Against this backdrop, thedormitory business trended strongly, and the hotel business, which had been impacted by the earthquake disaster, recordedhigh occupancy rates due to increases in occupancy rates in the Dormy Inn (Business Hotel) operations to levels higher thanthe previous year, and strong recoveries in occupancy rates in the resort hotel operations during both the Golden Week
(Early May) and summer vacation (July to September) seasons. Consequently sales, and operating, ordinary and net
incomes rose by 4.4%, 21.7%, 23.6% and 81.7% year-over-year to ¥65,151, ¥4,145, ¥3,032 and ¥1,267 million
respectively, to surpass the previous year’s earnings by large margins.
Our earnings results by business segment are as follows.
Dormitory Business
While our dormitory business was affected by the earthquake disaster with cancellations from students living in the disaster
affected areas, we started the term with a 95.3% occupancy rate, which marks a 2.4% point increase from the previous year.
In addition, sales of new contract fees grew on the back of increases in contracts for new recruit training facilities by major
corporations and large corporate contracts for foreign students. Consequently the number of resident contracts rose by 332
year-over-year to 27,800 residents at the end of December. Consequently sales and operating income rose by 2.1% and2.8% year-to-year to ¥29,242 and ¥3,986 million, respectively.
Hotel BusinessIn our hotel business, we opened three new facilities including “Natural Hot Springs Fugaku no Yu Dormy Inn Mishima,”“Natural Hot Springs Shirasagi no Yu Dormy Inn Himeji,” and “Natural Hot Springs Sodeminato no Yu Dormy Inn
Premium Hakata Canal City Front” during the current term. In addition, occupancy rates at our existing Dormy Inn
business hotel facilities trended strongly on the back of special demand from the recovery and reconstruction efforts andother factors. With regards to our resort hotels, we opened a new facility called “Kyoto Arashiyama Natural Hot Springs
KADENSHO,” and conducted detailed marketing efforts to overcome the impact from restraint in travel due to theearthquake related disasters at our existing facilities, which were successful in improving occupancy rates during theGolden Week peak travel season. Consequently, sales rose by 9.1% year-over-year to ¥25,688 million, and operating
income rose by 87.6% year-over-year to ¥1,706 million.
Contracted Services BusinessIn our contracted services business, which saw cancellations of large contracts in the building rental division during theprevious term, capacity utilization recovered, but declines in rents prevented Kyoritsu from realizing a full scale recovery in
profits. Consequently, sales rose by 4.8% from the previous year to ¥8,797 million, and operating income rose by ¥34
million from the loss in the previous year to ¥21 million.
Food Service Business
The operating environment for our food service business remained difficult with the deterioration in consumption. As aresult, sales rose by 6.1% from the previous year to ¥3,313 million, and operating losses contracted by ¥12 million from theprevious year to ¥110 million.
Construction BusinessIn our construction business, the trend towards a greater amount of development projects booked during the fourth quarter led
to a decline in completion and delivery of construction projects during the third quarter from the previous year.
Consequently sales fell by 29.9% year-over-year to ¥2,461 million and operating income fell by 74.4% year-over-year to ¥17
million.
Other Business
Our other business is comprised of the wellness life business (Management of senior citizen housing), the PKP business(Consigned services business provided to regional government bodies), single life support business and insurance agency
business, comprehensive human resource service business, and financing services and administrative outsourcing services.
Sales of this business rose by 18.1% from the previous year to ¥2,971 million, but operating losses expanded by ¥188
million from the previous year to ¥227 million. The main factor behind this operating loss was anticipatory marketing
expenses arising from the launch of PKP business.
-2-

Kyoritsu Maintenance Co., Ltd. (9616), 3Q FY3/12 Earnings Announcement(2) Qualitative Information about Consolidated Financial Position
At the end of the current term, total consolidated assets declined by ¥19,049 million from the end of the previous fiscal
year to ¥122,264 million. The main factor behind this decrease was a fall in cash and equivalents. Total liabilities also
declined by ¥19,360 million from the end of the previous term to ¥91,786 million. The main factors behind this decline
were drops in corporate bonds redeemable within one year and long term debt. Net assets grew by ¥311 million from theend of the previous year to ¥30,477 million. The main factor behind this increase was a rise in retained earnings.
Consequently net asset ratio rose by 3.6% point from the end of the previous fiscal year to 24.9%.
(3) Qualitative Information about Consolidated Earnings Forecast
In light of the trends in our earnings during the most recent third quarter, the higher than expected occupancy rates in bothour business and resort hotel operations, and favorable trends in our dormitory operations despite fears of the negative
influence of the Great East Japan Earthquake, we now expect our earnings to exceed our forecasts by a large margin andhave reviewed our earnings forecasts for the full year. And while clouds of uncertainty on the horizon make it difficult
to predict the future, we have taken the decision to revise our full year earnings forecasts upwards. For details of thisrevision, please refer to our announcement released on February 9, 2012 entitled “Announcement of a Revision to Our
Earnings Forecasts). However please note that our actual earnings results may diverge from our forecasts by large
margins due to various unforeseen factors.
2. Summary Information (Others)(1) Changes in Important Consolidated Subsidiaries during the Quarter
There were no changes in important consolidated subsidiaries during the term under review.
(2) Implementation of Special Accounting Methods in the Creation of Quarterly Consolidated Financial Statements(Calculation of tax expense)
With regards to taxes, a rational estimate of the effective tax rate has been used to calculate the tax effect accounting fornet income before taxes during the third quarter, and this rate has been applied in the calculation of net income before
taxes.

-3-

Kyoritsu Maintenance Co., Ltd. (9616), 3Q FY3/12 Earnings Announcement

3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Units: Million Yen)
FY3/11(March 31, 2011)
AssetsCurrent assets
Cash and deposits
Notes, accounts receivable
Real estate for sale
Uncompleted real estate for sale
Uncompleted construction payment
OthersDoubtful account reserves
Total current assets
Fixed assets
Tangible fixed assets
Buildings, structures (net)Land
Others (net)Total tangible fixed assets
Intangible fixed assets
Investments, other assets
Marketable securities
Security deposits
Deposits
OthersDoubtful account reserves
Total investments, other assets
Total fixed assets
Deferred assets
Total assets-4-

3Q FY3/12(December 31, 2011)27,855
2,832
1,081
－
235
4,811
-32
36,783

9,685
3,117
1,838
1,239
270
4,650
-45
20,75730,32724,454
16,50471,285
3,785

32,247
24,492
11,82468,564
3,733

5,783
8,948
7,787
7,007
-169
29,357

5,458
9,168
7,974
6,674
-165
29,109104,428

101,408101
141,31499
122,264

Kyoritsu Maintenance Co., Ltd. (9616), 3Q FY3/12 Earnings Announcement(Units: Million Yen)
FY3/11(March 31, 2011)
Liabilities
Current liabilities
Notes, accounts payable
Short term debt
Bond, portion redeemable within 1 year
ithin
1 yearUnpaidcorporate taxes
Prepayments
Bonus reserves
Director bonus reserves
Completed construction guarantee reserves
Construction work loss reserves
OthersTotal current liabilities
Fixed liabilities
Bonds
Long term debt
Retirement benefit reserves
Director retirement benefits reserves
OthersTotal fixed liabilities

3Q FY3/12(December 31, 2011)

2,609
17,945
11,640955
10,975
581
128
12
4
5,694
50,546

2,232
19,127
1,680
625
8,232
448
112
11
－
3,825
36,295

7,745
45,701
1,223
313
5,616
60,6008,535
39,998
1,269
305
5,381
55,490Total liabilities
Net assets
Shareholders’ equity
CapitalCapital reserves
Retained earnings
Treasury stock
Total shareholders’ equity
Other comprehensive income, aggregated
Other marketable security valuation gains
Total other comprehensive income, aggregatedMinority interests
Total net assets

111,147

91,786

5,136
5,943
21,211-1,47030,820

5,136
5,943
21,932-1,77831,233-655-655
130,166-756-756－
30,477

Total liabilities, net assets

141,314122,264-5-

Kyoritsu Maintenance Co., Ltd. (9616), 3Q FY3/12 Earnings Announcement(2) Quarterly Consolidated Income Statement and Comprehensive Income Statement
Quarterly Consolidated Income Statement
Consolidated Cumulative Third Quarter(Units: Million Yen)
3Q FY3/11(From April 1, 2010
To December 31, 2010)

3Q FY3/12(From April 1, 2011
To December 31, 2011)

62,40150,79911,601
8,195
3,405

65,151
52,381
12,770
8,624
4,145

60
33
131
181
406

69
31
90
56
248

1,041
317
1,358

1,097
263
1,361

Ordinary income
Extraordinary income
Fixed asset liquidation
OthersTotal extraordinary income
Extraordinary loss
Disaster related loss
Marketable securities valuation loss
Impact from implementation of asset retirement obligation
OthersTotal extraordinary loss

2,453

3,032

65
115
180

124
21
145

－
88
696
127
911

106
365
－
31
504

Net income before taxes

1,722

2,674

Taxes
Net income before adjustment for minority interests in income
Minority interests in income

1,007
714

1,407
1,267

16

0

Net income

697

1,267

Net sales
CGS
Gross income
SG&A
Operating income
Non-operating income
Interest income
Dividend income
Deposit redemption income
OthersTotal non-operating income
Non-operating expense
Interest payment
OthersTotal non-operating expense-6-

Kyoritsu Maintenance Co., Ltd. (9616), 3Q FY3/12 Earnings Announcement

Quarterly Consolidated Comprehensive Income Statements,
Consolidated Cumulative Third Quarter(Units: Million Yen)
3Q FY3/11(From April 1, 2010
To December 31, 2010)

3Q FY3/12(From April 1, 2011
To December 31, 2011)

Net income before adjustment for minority interests in income
Other comprehensive income
Other marketable securities valuation gains
Total other comprehensive income

714

1,267

221
221

-100
-100

Quarterly Comprehensive income(Details)
Comprehensive income of parent company shareholders
Comprehensive income of minority shareholdings

935

1,166

919
16

1,166
0

-7-

Kyoritsu Maintenance Co., Ltd. (9616), 3Q FY3/12 Earnings Announcement(3) Notes on Assumptions Regarding Going Concern
Not applicable(4) Segment Information(Segment Information)
Consolidated Data for Third Quarter of Fiscal Year March 2011 (April 1, 2010 to December 31, 2010)
1. Reported Segment Sales and Profit, Loss Data s(Units: Million Yen)
Reported Segments
Dormitories

Contracted
Services

HotelsFood
Service

Construction Sub total

Others(Note) 1

Total

Adjustments(Note) 2

Consolidated(Note) 3

Sales
External sales

28,550Internal sales

80

23,482

5,377

982

2,090

60,483

1,917

62,401－

62,401

61

3,021

2,140

1,423

6,727

598

7,325

-7,325－

Total

28,631

23,544

8,398

3,122

3,513

67,2102,515

69,726-7,32562,401

Operating income

3,878

909

-12

-122

69

4,722

-39

4,683

-1,2773,405(Note)

1. Others is not considered as a reported business segment and is comprised of the wellness life (management of senior citizen
housing), rental property brokerage and management, single life support services, insurance agency business, comprehensive
human resources and administrative outsourcing services, financing services and advertising agency services.
2. Adjustment for segment profit, loss of ¥1,277 million includes ¥34 million for inter-segment transaction eliminations, and¥1,311 million in companywide expenses which cannot be allocated to specific reported segments. Companywide expenses
are primarily those expenses arising from the finance and accounting, and management divisions.
3. Segment profits, losses are derived by adjusting the operating income used in the quarterly consolidated income statements.

2. Impairment accounting losses and goodwill amortization by reported segments
None

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Kyoritsu Maintenance Co., Ltd. (9616), 3Q FY3/12 Earnings Announcement

Consolidated Data for Third Quarter of Fiscal Year March 2012 (From April 1, 2011 to December 31, 2011)
1. Reported Segment Sales and Profit, Loss Data
(Units: Million Yen)
Reported Segments
Dormitories

Contracted
Services

HotelsFood
Service

Construction

Sub total

Others(Note) 1

Total

Adjustments Consolidated(Note) 2(Note) 3

Sales
External sales

29,15925,626

5,503

1,035

1,131

62,457

2,694

65,151－

65,151

Internal sales

83

62

3,294

2,277

1,330

7,047

276

7,323

-7,323－

Total

29,242

25,688

8,797

3,313

2,461

69,504

2,971

72,475-7,32365,151

Operating income

3,986

1,706

21

-110

17

5,621

-227

5,393

-1,2484,145(Notes)1. Other is not considered as a reported business segment and is comprised of the wellness life (management of senior citizen
housing), Public Kyoritsu Partnership (PKP: Consigned services business provided to regional government bodies) services,
single life support services, insurance agency business, comprehensive human resources and administrative outsourcing
services, financing services and other related services.
2. Adjustment for segment profit, loss of ¥1,248 million includes ¥6 million for inter-segment transaction eliminations, and¥1,254 million in companywide expenses which cannot be allocated to specific reported segments. Companywide expenses
are primarily those expenses arising from the finance and accounting, and management divisions.
3. Segment profits, losses are derived by adjusting the operating income used in the quarterly consolidated income statements.
2. Impairment accounting losses and goodwill amortization by reported segments
None(5) Note regarding Significant Changes in Shareholders’ Equity
During the third quarter of fiscal year March 2012, treasury shares were acquired in accordance with the resolution passed during theboard of directors’ meeting held on November 9, 2011. Total treasury shares increased by ¥307 million to ¥1,778 million at the end of
the third quarter due to the purchase of treasury shares and odd-lot shares.

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