Kintetsu World Express : Notice of Revised Targets of Medium-Term Management Plan

May 11, 2017

Kintetsu World Express, Inc.

Notice of Revised Targets of Medium-Term Management Plan

We revised the targets for the second and third year of the Medium-Term Management Plan "Going to the Next Phase!" for the three-year period from the fiscal year ended March 31, 2017 (FY 2016) announced on May 11, 2016, as follows.

1. Details of the revision

   (Millions of yen)

   FY2015 (Results)	FY2016		FY2017		FY2018
   	Initial targets	Results	Initial targets	Revised targets	Initial targets	Revised targets
   Net Sales	420,252	534,000	474,330	569,000	500,000	634,000	568,000
   Operating income	15,356	16,400	13,075	19,000	13,500	22,000	18,000
   Ordinary income	17,907	17,000	13,036	19,500	13,000	22,300	17,600
   Net income attributable to owners of the parent	9,773	9,800	4,487	10,900	5,000	13,300	7,200

   *Based on the exchange rate of U.S. $1 = ¥106.63 (The initial targets were based on U.S. $1 = ¥113.62)

2. Reason of revision

In light of the financial results for the year ended March 31, 2017 announced today and the recent business environment, we reviewed the numerical targets and decided to make the above revisions.

No change has been made to our vision and key strategies set in the Medium-Term Management Plan.

We will further strengthen our main businesses, air freight and sea freight forwarding, in order to establish and reinforce management base enabling us to compete evenly in the global market with competitors in the U.S. and Europe, as well as focus on increasing the total handling volume of the Group to sustain a long-term growth.

(Note) Cautionary Statement concerning Earnings Forecasts

The forecasts above are based on information currently available. Actual performance may differ from the above forecasts due to various factors.