August 1, 2011

To whom it may concern:
TOHO HOLDINGS CO., LTD.
Norio Hamada, President and Representative Director(Tokyo Stock Exchange Securities Code: 8129)
Contact: Katsuya Kato
Corporate Officer and General Manager ofCorporate Communications Officeand Corporate Planning Office(TEL: 03-5259－9520)

Results of Operations during the First Quarter of Fiscal 2012
The market for prescription pharmaceuticals during the first quarter of fiscal 2012 grew only 1.2% compared withthe same period of the preceding year (estimates by Crecon Research & Consulting Inc.), due partly to the adverse
effects of the Great East Japan Earthquake that occurred on March 11, 2011. In the preceding fiscal year,
profitability declined significantly, owing primarily to hikes in manufacturer invoice prices and difficult conditions
for price negotiations with medical institutions, as well as intensified price competition among wholesalers.
However, for fiscal 2012, the Company has been promoting proposal-based marketing and sales by taking
advantage of its unique customer support systems based on the major business target of securing appropriate profits,
and has been tackling improvements in relation to distribution problems, including provisional shipping with thepricing yet to be negotiated, total value transactions and the issue of the gap between the NHI price and the marketprice.
Under these circumstances, the Group’s consolidated net sales for the first quarter of fiscal 2012 were 265,548
million yen, a favorable start for the first half of fiscal 2012, by surpassing 50% of the progress towards theprojection for the first half, resulting in the achievement of 50.1% of the progress. Gross profit for the first quartermade steady progress in line with profit planning, supported primarily by the effect of the business administration
for securing appropriate profits in the pharmaceutical wholesaling operations and the effect of increase in thenumber of newly consolidated subsidiaries in the field of dispensing pharmacy operations for the previous fiscal
year as well as steady growth in existing subsidiaries. The SG&A expenses for the first quarter came below thelevel targeted for the first half of fiscal 2012. As a result, the consolidated operating income for the first quarter was1,744 million yen, a successful beginning for fiscal 2012 with the achievement of 60.1% of the progress towards theprojection for the first half. The ratio of operating income to net sales was 0.7%, exceeding the projected rate for thefirst half of 0.5% by 0.2%. Ordinary income stood at 2,905 million yen, 66.0% of the progress towards theprojection for the first half, and the ratio of ordinary income to net sales was 1.1%, exceeding the projected rate forthe first half of 0.8% by 0.3%. The consolidated net income for the first quarter of fiscal 2012 was 1,944 million yen,
84.5% of the progress towards the projection for the first half. The ratio of net profit to net sales was 0.7%,
exceeding the projected rate for the first half of 0.4% by 0.3%.

1. Results in the first quarter of fiscal 2012 (Consolidated)(1) Comparison with the cumulative forecast for the first half of fiscal 2012
Consolidated
First Quarter, Fiscal 2012
Cumulative Forecast for theFirst Half of Fiscal 2012
Progress (%)

265,548
530,000

Operating
Income
1,744
2,900

50.1

60.1

Net Sales

1

Unit: million yen, %Ordinary
Quarterly net
IncomeIncome
2,905
1,944
4,400
2,300
66.084.5

(2) Comparison with the same period in the previous fiscal yearConsolidated
First Quarter, Fiscal 2012
First Quarter, Fiscal 2011
YoY Change
YoY Change Ratio (%)

Operating
Income1,744
2,773-1,029
62.9

Net Sales
265,548
258,786
6,762
102.6

Unit: million yen, %Ordinary
Quarterly net
IncomeIncome
2,905
1,944
3,946
1,969-1,041-25
73.6
98.7

2. Forecast for fiscal 2012 (Full-year)
There has been no change in our forecast for fiscal 2012 performance, both in the first half and the full-year
period, from the figures announced on May 11, 2011.

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