In consideration of current business trends, Lion Corporation has revised its consolidated performance forecasts announced on February 10, 2015. Details are as follows.

1. Revision of Consolidated Performance Forecasts
First Half of Fiscal 2015 (January 1-June 30, 2015)

(Millions of yen)

Net Sales Operating Income Ordinary Income Net Income EPS
Previous forecast (A) 178,000 4,200 4,800 2,500 9.32 yen
Current revision (B) 180,200 5,600 6,600 3,800 14.17 yen
Change (B - A) 2,200 1,400 1,800 1,300
Percentage change 1.2% 33.3% 37.5% 52.0%
Reference: Final figures for first half of fiscal 2014 176,633 3,958 4,508 2,466 9.19 yen

Full Fiscal Year (January 1-December 31, 2015)

(Millions of yen)

Net Sales Operating Income Ordinary Income Net Income EPS
Previous forecast (A) 375,000 13,500 15,000 7,500 27.97 yen
Current revision (B) 375,000 14,200 15,700 8,500 31.70 yen
Change (B - A) 0 700 700 1,000
Percentage change 0.0% 5.2% 4.7% 13.3%
Reference: Final figures for fiscal 2014 367,396 12,406 14,059 7,368 27.47 yen

2. Reasons for the Revisions
(1) First Half of Fiscal 2015 (January 1-June 30, 2015)
a.

 Net sales
While results both in and outside Japan have been largely within the range of forecasts, the impact of exchange rate fluctuations has exceeded assumptions. As a result of these and other factors, net sales are expected to surpass the initial forecast.

b.

 Operating income and ordinary income
Within Lion's mainstay Consumer Products business, sales of highly profitable products in such areas as oral care and over-the-counter drugs were strong. In addition, materials costs fell and cost reductions surpassed assumptions. Due to these and other factors, results are expected to exceed initial forecasts.

c.

 Net income
In addition to the increase in ordinary income, the Company recorded extraordinary income resulting from the sale of idle assets. Accordingly, net income is expected to surpass the previous forecast.

(2) Full Fiscal Year (January 1-December 31, 2015)
Forecasts for the full fiscal year have been revised based on conditions during the first half of fiscal 2015.

Dividend forecasts (a ¥5 per share interim dividend and a ¥5 per share year-end dividend for a ¥10 per share annual dividend) remain unchanged from those announced on February 10, 2015.
Note:
The above forecasts and projected operating results are based on information available at the time of preparation and thus involve inherent risks and uncertainties that could result in such forecasts and projections differing from actual results.
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