Starts Corporation Inc. · TSE:8850

Starts — Q2 FY2016 Earnings Presentation

35 slides from Starts's earnings presentation, Nov 19, 2015

1. Slide 1: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   Copyright 2015 Starts Corporation Inc. All Rights Reserved

2. Slide 2: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   Copyright 2015 Starts Corporation Inc. All Rights Reserved 1

3. Slide 3: Group companies

   Starts Guam Golf Resort Inc. Starts International Hawaii Inc. Starts Pacific Inc. 1 Copyright 2015 Starts Corporation Inc. All Rights Reserved 2

4. Slide 4: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   Copyright 2015 Starts Corporation Inc. All Rights Reserved 3

5. Slide 5: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   . . Copyright 2015 Starts Corporation Inc. All Rights Reserved 4

6. Slide 6: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   Copyright 2015 Starts Corporation Inc. All Rights Reserved 5

7. Slide 7: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   Copyright 2015 Starts Corporation Inc. All Rights Reserved 6

8. Slide 8: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   0.4 0.5% 0.2 0.2% 0.4 0.6% 1.0 0.6% Copyright 2015 Starts Corporation Inc. All Rights Reserved 7

9. Slide 9: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   2016 3 2016 3 2015 3 77,000 80,991 68,015 +12,975 19.1% +3,991 5.2% 7,600 8,858 7,521 +1,336 17.8% +1,258 16.6% 7,350 8,789 7,401 +1,387 18.8% +1,439 19.6% 4,500 5,586 6,987 1,401 20.1% +1,086 24.1% 87.59 106.19 139.34 33.15 23.8% +18.60 31.2% 葛 Copyright 2015 Starts Corporation Inc. All Rights Rese

10. Slide 10: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    21,668 2,485 2,466 30,697 23,703 2,371 1,928 29,210 2,034 114 537 1,486 2,175 351 718 2,992 2,975 425 428 3,196 800 73 289 204 捗 Copyright 2015 Starts Corporation Inc. All Rights Reserved 9

11. Slide 11: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    12,703 6,521 1,842 1,667 937 847 5,945 1,444 1,623 939 11,855 576 397 44 1 1,646 709 440 46 22 255 574 307 45 46 1,902 135 132 1 24 葛 Copyright 2015 Starts Corporation Inc. All Rights Reserved 10

12. Slide 12: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    Copyright 2015 Starts Corporation Inc. All Rights Reserved 11

13. Slide 13: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    70,000 6,000 ✓ 捗 60,000 5,000 ✓ 50,000 4,000 捗 40,000 ✓ 3,000 30,000 2,000 20,000 1,000 10,000 0 0 13/9 14/9 15/9 14/3 15/3 16/3 17/3 21,635 23,703 21,668 51,181 51,191 51,700 57,000 2,230 2,975 2,175 5,439 5,201 4,400 5,100 Copyright 2015 Starts Corporation Inc. All Rights Reserved 12

14. Slide 14: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    60,000 40,239 54,756 52,554 54,000 ✓ 50,000 5,621 7,000 16,358 40,000 5,056 30,000 ✓ 23,378 22,829 21,519 43,888 44,600 20,000 6,452 36,056 2,485 32,387 5,457 10,000 15,541 19,219 15,553 ✓ 0 2,794 1,384 2,342 1,124 3,044 580 2,400 13/3 13/9 14/3 14/9 15/3 15/9 16/3 68,303 70,044 71,878 71,004 73,241

15. Slide 15: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    Copyright 2015 Starts Corporation Inc. All Rights Reserved 14

16. Slide 16: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    Copyright 2015 Starts Corporation Inc. All Rights Reserved 15

17. Slide 17: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    7,000 2,000 ✓ 6,000 1,500 ✓ 5,000 4,000 1,000 3,000 ✓ 2,000 500 1,000 0 0 ✓ 13/9 14/9 15/9 14/3 15/3 16/3 17/3 2,296 2,371 2,485 5,335 5,440 5,800 6,600 ✓ 424 425 351 1,701 1,634 1,700 1,800 6,000 2,000 5,000 1,500 4,000 3,000 1,000 2,000 500 1,000 0 0 13/9 14/9 15/9 14/3 15/3 16/3 17/3 2,279 1,928

18. Slide 18: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    Copyright 2015 Starts Corporation Inc. All Rights Reserved 17

19. Slide 19: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    429,333 450,306 458,517 477,835 501,497 517,681 544,873 600,000 3,873 3,681 3,681 500,000 78,000 3,486 3,363 70,000 3,363 64,080 3,363 62,726 60,369 60,838 400,000 57,423 118,000 114,000 111,671 110,792 108,325 109,095 106,573 300,000 200,000 330,000 345,000 322,065 285,690 300,831 261,974 277,780 1

20. Slide 20: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    129,332 131,800 131,493 133,879 133,997 137,948 142,900 140,000 11,000 10,548 9,652 10,337 10,548 9,583 10,093 120,000 41,400 37,400 34,013 33,043 34,353 34,928 32,307 100,000 80,000 60,000 87,442 88,135 88,357 89,189 88,521 90,000 90,500 40,000 20,000 0 13/9 14/3 14/9 15/3 15/9 16/3 17/3 Copyright

21. Slide 21: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    80,000 8,000 70,000 7,000 60,000 6,000 50,000 5,000 40,000 4,000 30,000 3,000 20,000 2,000 10,000 1,000 0 0 13/9 14/9 15/9 14/3 15/3 16/3 17/3 27,457 29,210 30,697 57,026 60,075 64,000 69,000 2,719 3,196 2,992 5,315 6,394 6,500 6,900 Copyright 2015 Starts Corporation Inc. All Rights Reserved 20

22. Slide 22: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    14/09 2,939 551 3,491 15/09 3,030 617 3,648 ✓ 0 1,000 2,000 3,000 4,000 ✓ 14/09 4,991 3,241 8,233 ✓ 15/09 5,488 3,364 8,853 0 2,000 4,000 6,000 8,000 10,000 , 14/09 13,431 4,054 17,485 15/09 13,762 4,433 18,195 0 2,500 5,000 7,500 10,000 12,500 15,000 17,500 20,000 Copyright 2015 Starts Corporation

23. Slide 23: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    葛 茨 Copyright 2015 Starts Corporation Inc. All Rights Reserved 22

24. Slide 24: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    15,000 2,000 12,000 1,500 9,000 1,000 6,000 500 3,000 0 0 △ 500 13/9 14/9 15/9 14/3 15/3 16/3 17/3 10,116 847 12,703 12,332 13,968 13,600 3,800 47 △ 255 1,646 △ 200 △ 78 1,300 50 Copyright 2015 Starts Corporation Inc. All Rights Reserved 23

25. Slide 25: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    15,000 2,000 12,000 1,500 葛 葛 9,000 1,000 6,000 500 3,000 0 0 13/9 14/9 15/9 14/3 15/3 16/3 17/3 5,440 5,945 6,521 11,577 12,514 13,100 14,000 646 574 709 1,104 1,127 800 900 Copyright 2015 Starts Corporation Inc. All Rights Reserved 24

26. Slide 26: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    380 584 176 312 Copyright 2015 Starts Corporation Inc. All Rights Reserved 25

27. Slide 27: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    ✓ 4,000 1,000 ✓ 800 3,000 ✓ 600 2,000 ✓ 400 1,000 200 0 0 13/9 14/9 15/9 14/3 15/3 16/3 17/3 1,534 1,444 1,842 3,037 3,225 3,400 3,600 383 307 440 609 701 800 900 Copyright 2015 Starts Corporation Inc. All Rights Reserved 26

28. Slide 28: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    5,000 500 4,000 400 3,000 300 2,000 200 1,000 100 0 0 13/9 14/9 15/9 14/3 15/3 16/3 17/3 1,921 1,623 1,667 3,757 3,484 3,700 4,000 256 45 46 449 239 250 300 2,500 250 2,000 200 1,500 150 1,000 100 500 50 0 0 13/9 14/9 15/9 14/3 15/3 16/3 17/3 928 939 937 1,908 2,098 1,900 2,200 106 46 22 216 174 100

29. Slide 29: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    300 900 809 736 800 250 232 680 700 579 197 205 200 600 170 500 150 400 100 88 87 300 74 75 75 74 69 53 50 55 200 50 38 21 100 0 0 12/9 13/9 14/9 15/9 600 1,800 1,620 1,650 1,567 1,510 1,600 500 480 1,283 436 450 1,400 1,177 416 400 342 363 1,200 1,000 300 800 170 175 200 160 164 170 600 161 163 165

30. Slide 30: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    1,800 190 1.5 22 170 1 9 1,600 19 36 8 20 34 1 9 32 140 2 7 8 19 131 6 2 3 0.5 30 125 150 11 1,400 37 40 11 13 115 38 2 34 4 37 136 139 130 123 1,200 69 110 53 63 65 1,000 690 640 570 600 90 800 14 17 13 70 15 52 17 600 48 46 48 62 16 18 53 55 58 50 17 400 30 570 54 52 51 511 511 517 44 200 10 △2 △

31. Slide 31: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    Copyright 2015 Starts Corporation Inc. All Rights Reserved 30

32. Slide 32: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    2,000 1,950 45.0 1,789 1,760 1,800 1,725 1,736 40.0 1,672 1,600 34.5 34.8 34.4 35.0 1,453 1,404 1,400 29.1 30.1 30.0 1,200 25.0 22.9 1,000 20.0 20.8 20.0 782 787 800 738 689 700 680 660 665 603 575 608 15.0 600 538 504 358 10.0 400 321 291 200 5.0 0 0.0 13/3 13/9 14/3 14/9 15/3 15/9 16/3 17/3 % % Co

33. Slide 33: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    Copyright 2015 Starts Corporation Inc. All Rights Reserved 32

34. Slide 34: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    ©K.MIURA © Copyright 2015 Starts Corporation Inc. All Rights Reserved 33

35. Slide 35: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    03-6202-0111 Copyright 2015 Starts Corporation Inc. All Rights Reserved 34

Starts — Q2 FY2016 Earnings Presentation on 6ix