Financial Results for Third Quarter of Fiscal Year Ending
March 31, 2013
(Based on Japanese GAAP)(Translation of Japanese Flash Report, Released on February 7, 2013)
Company name: Sun Frontier Fudousan Co., Ltd.
Stock listing: Tokyo Stock Exchange 1st Section
Code number: 8934
URL: http://www.sunfrt.co.jp
Address: 14F, Toho Hibiya Building, 2-2, Yurakucho 1-chome, Chiyoda-ku, Tokyo 100-0006
Representative: Tomoaki Horiguchi, President
Inquiry: Seiichi Saito, Executive Vice-president(Phone: +81-3-5521-1301)*Amounts under one million yen have been rounded down.

1. Consolidated Performance in Third Quater of Fiscal Year Ending March 31, 2013
(1) Operating results*Percentage figures shown under sales, operating income, ordinary income, and net income columns indicate year-on-year changes for thoseitems.
(Millions of yen, except for per share figures)

Net Sales

Operating Income

Ordinary Income

3rd Quater of FY ending March 31, 2013

¥6,045 (27.4%)¥1,391 (197.9%)¥1,334(217.8%)

3rd Quater of FY ended March 31, 2012

¥4,744 (58.3%)¥467 (-5.0%)¥ 419(4.3%)

Net Income

Net Income per Share(Yen)

Fully Diluted
Net Income perShare(Yen)

3rd Quater of FY ending March 31, 2013

¥1,577 (308.7%)¥4,246.49¥4,246.36

3rd Quater of FY ended March 31, 2012¥386 (67.8%)¥1,039.12¥1,039.09(2) Financial Position (at end of the term)(Millions of yen, except for per share figures)

Total Assets

Net Assets

Equity Ratio(%)

3rd Quater of FY ending March 31, 2013¥12,972¥7,91261.0%

FY ended March 31, 2012

¥11,247¥6,463

57.5%

Reference) Equity at term-end: 3rd Quater of FY ending March 31, 2013 (as of December 31, 2012): ¥7,912 million
FY ended March 31, 2012 (as of March 31, 2012): ¥6,463 million

12. Cash Dividends(Yen)
Cash Dividends per Share
1st quarter period

2nd quarter period

3rd quarter period

FY ended March 31, 2012

-

¥0.00

-

¥350.00¥350.00

FY ending March 31, 2013

¥0.00

-

¥700.00¥700.00

FY ending March 31, 2013
(Projections)
Note: Changes from the latest released dividend forecasts:NoYear end

Annual total

3. Projections for Consolidated Performance in the Fiscal Year Ending March 31, 2013
(From April 1, 2012 to March 31, 2013) *Percentage figures are indicated year-on year changes for those items.

Net Sales

FY ending March 31,2013

Operating Income(Loss)¥10,500 (51.7%)¥1,600 (85.8%)(Millions of yen, except for per share figures)
Net Income (Loss) per
Ordinary Income
Net Income
Share (Yen)(Loss)(Loss)(Yen)¥1,550 ( 93.9%)¥1,700 (83.2%)¥4,575.56

Note: Changes from the latest released performance:No

Reference: Overview of Non-consolidated Performance(1) Significant changes in scope of consolidation during the period (change of specified subsidiaries that lead to a change inthe scope of consolidation): None
New Companies: -- Company (Company Name)
Excluded Companies: -- Company (Company Name)(2) Application of accounting methods which are exceptional for quarterly consolidated financial statement: None
(3) Changes in accounting policies, accounting estimates and restatement of corrections
1) Changes caused by revision of accounting standards: Yes
2) Changes other than those included in 1): None
3) Changes in accounting estimates: Yes
4) Restatement of corrections: None
(4) Number of shares issued and outstanding (common shares)
1) Number of shares issued and outstanding at the end of the period (including treasury stock):
March 2013: 371,555 shares
March 2012: 371,495 shares
2) Number of treasury stock at the end of period:
Narch 2013: － shares
March 2012: － shares3) Weighted average number of shares for the second quarter period (July 1 – September 30):
March 2013: 371,534 shares
September 2012: 371,495 shares※Disclosure concerning status of implementation of quarterly review procedure
This quarterly financial results report is exempt from the quarterly review procedure based on the Financial Instruments andExchange Law. At the time of disclosure of this quarterly financial results report, such review procedure for quarterly reports
based on the Financial Instruments and Exchange Law had been under development.

※Appropriate use of projections for performance, other notes
The projections for performance in this report contain forward-looking statements based on information available to the Company
at the date of publication, and on certain set assumptions that have been deemed reasonable. Actual earnings may vary greatly inaccordance with a wide range of factors. Refer to Item 3, “Qualitative information on consolidated earnings forecasts” on page 4.

2

1. Qualitative information concerning consolidated business performance for the quarter under review(1) Qualitative information on consolidated operating results
In this consolidated third quarter period (April 1, 2012 to December 31, 2012), the Japanese economy was weakened dueto the slowdown of the global economy, but since the new government in December there have been signs of a correction to
the high value of the yen and increasing stock prices, bringing increasing hopes for an economic recovery after the turn of
the year.
In the real estate industry, the supply of large office buildings that peaked in 2012 has settled down, putting a brake onvacancy rates and decreases in rent for the office building market in Tokyo. In the real estate investment market, there has
been clear signs of recovery for the market with an increase in real estate investment needs for the wealthy and activetrading, on the background of hopes that easing of monetary policy will lead to an influx of capital into real estate.
In this circumstance, the Group continued to improve approaches to building owners in central Tokyo. By responding
to a wide variety of issues building owners face with property, from rental negotiations to sales, construction andrevitalization, the Company worked on creating a range of business opportunities.

As a result, our operating results for the third quater of fiscal year ending March 2013 were as follows:sales of ¥6,045 million (up by 27.4% from the same period of the previous fiscal year), operating income of ¥1,391
million (up by 197.9%), and ordinary income of ¥1,334 million (up by 217.8%). Net income was ¥1,577 million (upby 308.7%).
Business performance by segment is as follows.
Real Estate Revitalization
In the replanning business, we focused on acquisition of properties while carefully observing the market situation tobottom out and purchased 8 buildings. While only 5 buildings were sold, effort was put into attracting tenants and thecommercialization process for repairs, which together with the recovery of the real estate investment market led tomaintaining a high level of profitability ratios. As a result, although sales maintained a level similar to the same period of
the previous year, segment income increased.
In the rental building business, due to selling 4 buildings during the previous fiscal year (end of May 2011) rental income
from buildings in our possession decreased, but with the increase in rental income from replanning properties currently
being commercialized both sales and segment income maintained a level similar to the same period of the previous year.
In the real estate securitization business, since there were investment allocation received from the sale of a large fundproperty which has been undertaken as a financing business and other revenues, the sales and segment income bothincreased compared to the same period of the previous year.

As a result of the above activities, sales were ¥3,575 million (up by 8.9% from the same period of the previous fiscalyear) and segment income was ¥1,297 million (up by 112.1%).
Real Estate Brokerage
In the sales brokerage business, we strengthened businesses introduced by financial institutions and related departments
within the company. With the recovery of the real estate investment market both the number and scale of properties
handled increased, leading to an increase in both sales and segment income compared to the same period of the previousyear.
In the rental brokerage business, we focused on strengthening our approach to building owners. With close
collaboration between internal departments working to solve all issues building owners might face in building management,
we worked on improving fee income including income from related businesses.

As a result of the above activities, sales were ¥1,101 million (up by 43.0% from the same period of the previous
fiscal year) and segment income was ¥975 million (up by 52.6%).
Property Management
In the property management business, we worked on increasing the number of properties commissioned in an attempt toincrease business opportunities from related sales, construction and renewal needs. In order to increase the occupancy rateof commissioned properties, rental marketing was increased. Also, we sought to prevent vacancies by improving customer
satisfaction through detailed tenant services for commissioned properties.
In the building maintenance business operated by K.K. Yubi which was made into a subsidiary company at the end of theprevious consolidated fiscal year and K.K Yubi’s 1 subsidiary company, we worked on increasing the number of properties
maintained through collaboration with existing businesses, in particular property management, and also focused on its
specialty of cleaning services in high locations in order to increase profitability.
Since the profits and losses of the building maintenance business became consolidated into this segment as of this period,
both sales and segment income increased significantly.

As a result of the above activities, sales were 852 million yen (up by 154.7% from the same period of the previousyear) and segment income was 341 million yen (up by 39.0%).
Other Businesses
In the construction planning business, we worked on increasing commissions in construction management
for building repairs through collaboration with the brokerage business departments, and as a result bothsales and segment income increased compared to the same period of the previous year..

In the delinquent rent guarantee business, we focused on discovering latent customer needs through proposing new3

product plans in addition to the existing menu of services, leading to a steady growth in new guarantee contracts.
As a result of the above activities, sales were 515 million yen (up by 44.9% from the same period of the previousyear) and segment income was 217 million yen (up by 29.3%).
(2) Qualitative information on consolidated financial position
At the end of the third quarter of this consolidated accounting period, total assets were 12,972 million yen (15.3%increase from the end of the previous year) and liabilities were 5,060 million yen (5.8% increase). The main reason
for the increase in total assets was that there was a 1,076 million yen increase in cash and deposits and a 2,505 million
yen increase in inventory assets, despite a 1,583 million yen decrease in property, plant and equipment. The main
reason for the increase in liabilities was a 383 million yen increase in long-term loans payable.
Net assets were 7,912 million yen (22.4% increase). The main reason for the increase in net assets was quarterly
net income of 1,577 million yen, despite 130 million yen in payments of year-end dividends. As a result, the equity
ratio became 61.0%.
(3) Qualitative information on consolidated earnings forecasts
Earnings forecasts for the fiscal year ending March 2013 have not been revised since the forecasts released on November
2, 2012.

2. SUMMARY INFORMATION （NOTES））(1) Significant changes in scope of consolidation during the period:None(2) Application of accounting methods which are exceptional for quarterly consolidated financial statements:
None(3) Changes to Accounting Policies/ Changes to Accounting Estimates/ Restatements
Changes to Accounting Estimates and Changes to Accounting Policies Difficult to Differentiate
Following changes in the Corporation Tax Act, the Company and domestic subsidiaries will, as of this first quarter
consolidated accounting period, change the method for depreciation based on the revised Corporation Tax Act for allproperty, plant and equipment acquired from April 1, 2012 onwards.
There will be a minor impact on the operating income, ordinary income and income before income taxes andminority interests for the first quarter of this consolidated accounting period.

43. Consolidated Financial Statements*Amounts under one thousand yen have been rounded down.

(1) Quarterly Consolidated Balance Sheets(Thousands of yen ）FY ended March 31, 2012(as of March 31, 2012)ASSETS
Current assets
Cash and deposits
Accounts receivable-trade
Operational investment securities
Real estate for sale
Trust beneficiary right of real estate for sale
Real estate for sale in process
Work in process construction
Supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
VehiclesAccumulated depreciation
Vehicles, net
Land
Other
Accumulated depreciation
Other, net
Total property, plant and equipmentIntangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

3,912,155
287,204
180,000
57,143
1,633,325
6,500

5End of 3Q of FY ending
March 31, 2013(as of December 31, 2012)

4,989,142
271,324

626,7633,574,360

166,669
287,131△8,577
6,521,551

939
179,451
369,383△10,144
10,001,220

2,176,800△275,890
1,900,909
11,290△9,4401,849
1,936,846
64,693△54,885
9,808
3,849,414

948,897△200,850
748,046
13,654△10,718
2,935
1,506,807
66,067△57,796
8,271
2,266,061

445,701
5,542
451,243

408,477
3,080
411,557

11,067423,790△9,107425,749
4,726,408
11,247,959

920
301,280△8,419293,780
2,971,400
12,972,620

(Thousands of yen）
FY ended March 31, 2012(as of March 31, 2012)
LIABILITIESCurrent liabilities
Accounts payable-trade
Current portion of bonds
Current portion of long-term loans payable
Income taxes payable
Provision for bonusesProvision for directors' bonuses
Construction warranty reserve
Provision for loss on guarantees for rent
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Deferred tax liabilities
Other
Total noncurrent liabilities
Total liabilities

265,393
54,000234,907
22,97145,056
10,0003,635
5,251
737,369
1,378,585
2,957,050
448,643
3,405,693
4,784,279

NET ASSETS
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

5,515,443

6

End of 3Q of FY ending
March 31, 2013(as of December 31, 2012)

171,925
235,572
29,393
46,1107,500
27,2003,651
746,754
1,268,107
3,340,362
533
451,431
3,792,327
5,060,434

947,614
6,463,057

5,515,643
199
2,395,307
7,911,151

622
622
6,463,679
11,247,959

1,034
1,034
7,912,186
12,972,620

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of comprehensive income
Quarterly Consolidated Statements of Income(Thousands of yen）

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Subsidy income
Commission fee
Compensation income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Gain on reversal of subscription rights to shares
Other
Total extraordinary income
Extraordinary loss
Lump-sum paymants due to withdrawal from employees' pension fund
Loss on derivatives cancellation
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Net income

From 1Q to 3Q of FY ended
March 31, 2012
(April 1-December 31, 2012)

From 1Q to 3Q of FY ending
March 31, 2013
(April 1-December 31, 2013)

4,744,737
3,007,997
1,736,739
1,269,635
467,104

6,045,246
3,049,163
2,996,083
1,604,788
1,391,294

907
331

854
336845
952

4,200
5,047
10,486

1,036
4,024

49,141
8,585
57,727
419,863

52,6908,175
60,866
1,334,453

2,702
18,893

298,240

21,5952,800
301,040
20,78741,5101,596
43,107398,352
11,947373
12,320386,031
386,0317975
21,762
1,613,731
38,345△2,33136,014
1,577,716
1,577,716

Quarterly Consolidated Statements of comprehensive income(Thousands of yen）
From 1Q to 3Q of FY ended
March 31, 2012
(April 1-December 31, 2012)

From 1Q to 3Q of FY ending
March 31, 2013
(April 1-December 31, 2013)

386,031

1,577,716

△638
△638
385,392

412
412
1,578,129

385,392

1,578,129

Consolidated quarterly statements of comprehensive income
Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent8