2. Dividends Dividends per share (yen) End of 1Q End of 2Q End of 3Q End of 4Q Total (Full year) FY FY FY2016 (full year

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1 Disclaimer: This financial information, a digest of Taisei Corporation's "Consolidated Financial Results for the Nine Months Ended December 31, 2016" ("Kessan Tanshin") disclosed at the Tokyo Stock Exchange on February 8, 2017 was translated into English and presented solely for the convenience of non-japanese speaking users. If there is any discrepancy between Japanese "Kessan Tanshin" and this document, Japanese "Kessan Tanshin" will prevail. February 8, 2017 Consolidated Financial Results for the Nine Months Ended December 31, 2015 [Japanese GAAP] Listed company name: Taisei Corporation Stock exchange listings: Tokyo Stock Exchange, 1st Section Nagoya Stock Exchange, 1st Section Stock code: 1801 Location of headquarters: Tokyo, Japan Website: Representative: Yoshiyuki Murata, President and Chief Executive Officer Contact: Shuichi Okuda, General Manager of Accounting Department TEL: (from overseas) Scheduled date for submission of quarterly report: February 9, 2017 Scheduled date for dividend payment: Supplementary materials for quarterly financial summaries: Yes Quarterly financial results briefing: Yes (for analysts and institutional investors) 1. Consolidated financial results for the Nine Months Ended December 31, 2016 (From April 1, 2016 to December 31, 2016) (1) Operating results (cumulative total) (Millions of yen, rounded down) (Percentages indicate changes from the same period in the previous fiscal year.) Net sales Operating income Ordinary income Net income attributable to owners of parent As of December 31, ,019,026 (8.6) 104, , , rd Quarter of FY2015 As of December 31, ,114, , , , (Note) Comprehensive income: (As of December 31, 2016) 81,666 million yen rd Quarter of FY2015 (As of December 31, 2015) 37,375 million yen (32.3) As of December 31, rd Quarter of FY2015 As of December 31, 2015 Net income per share Diluted net income per share yen Yen (2) Financial position (Millions of yen, rounded down) Total assets Net assets Equity ratio As of December 31, ,602, , FY2015 (full year) As of March 31, ,660, , (Reference) Shareholders equity: December 31, ,563 million yen March 31, ,875 million yen 1

2 2. Dividends Dividends per share (yen) End of 1Q End of 2Q End of 3Q End of 4Q Total (Full year) FY FY FY2016 (full year) (forecast) (Note) Revisions of projected dividends most recently announced: None Consolidated results forecast for the fiscal year ending March 31, 2017 (FY2016) (From April 1, 2016 to March 31, 2017) (Millions of yen, rounded down) (Percentages indicate the rate of change from the same period of the previous fiscal year) Net sales Operating income Ordinary income Net income attributable to owners of parent Net income per share yen Full year 1,470,000 (4.9) 112,000 (4.7) 109,000 (7.4) 76,000 (1.4) (Note) Revisions of consolidated forecasts most recently announced: None *Notes (1) Changes in principal subsidiaries during the quarter under review (Changes in specified subsidiaries accompanying changes in scope of consolidation): None (2) Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements: Yes (3) Changes in accounting principles, changes in accounting estimates and restatements (i) Changes in accounting principles due to revisions to accounting standards, etc.: Yes (ii) Changes due to accounting principles other than (i): None (iii) Changes in accounting estimates: None (iv) Restatements: None (4) Number of shares outstanding (common stock) i. Number of shares outstanding at the end of period (including treasury stock) As of December 31, ,146,752,860 shares As of March 31, ,171,268,860 shares ii. Number of treasury stock at the end of period As of December 31, ,399,852 shares As of March 31, ,370,964 shares iii. Average number of shares during the period (quarterly cumulative total) (As of December 31, 2016) 1,154,998,326 shares 3rd Quarter of FY2015 (As of December 31, 2015) 1,169,941,439 shares * Implementation status of auditing procedures This financial results report is not subject to the quarterly auditing procedures stipulated by the Financial Instruments and Exchange Act. The auditing procedures of the consolidated financial statements were not completed at the time of the release of this report. * Disclaimer regarding appropriate use of forecasts and related points of note Earnings forecasts in this document are based on information available at present and logical assessments and do not represent any promise by the Company. Actual results may be materially different from expectations due to a variety of factors. 2

3 Overview of Consolidated Earnings Forecasts for Fiscal Year 2016 ending in March 2017 (Unit: 100 million yen; amounts less than 100 million yen are rounded up to the nearest 100 million yen (partially adjusted for fractions)) The third quarters Full fiscal year (From April 1, 2015 to December 31, 2015) Current fiscal year (From April 1, 2016 to December 31, 2016) (From April 1, 2015 to March 31, 2016) Current fiscal year (From April 1, 2016 to March 31, 2017) Result Result Over previous Result Forecast * fiscal year Over previous fiscal year Amount of orders received 11,584 11, ,711 16,000 (711) Civil engineering 3,078 3,033 (45) 4,445 3,700 (745) Building construction 7,694 8, ,019 11,000 (19) Real estate development ,122 1, Other (20) (25) Net sales 11,144 10,190 (954) 15,459 14,700 (759) Civil engineering 3,080 2,881 (199) 4,339 4,200 (139) Building construction 7,164 6,503 (661) 9,782 9,300 (482) Real estate development (74) 1,213 1,100 (113) Other (20) (25) 11.9 Gross Profit 1, Civil engineering 418 Building construction Real estate 19.9 development 164 Other SG&A expenses (5.0) (559) Operating income , (5.9) (598) , (1) (0.9) (39) , , (5.2) (801) , , (5.7) (840) Non-operating income (expenses) (30) (32) (Net financial revenue) (2) Ordinary income ,096 Extraordinary income (loss) (11) Income before income taxes and minority interests ,121 Income taxes and others (275) (354) (79) (410) (350) 60 Net income , , , , , , (16) (2.3) (120) (3.0) (6) (0.5) (39) - (55) (0.2) (87) - (68) 0.2 (8) Net income (loss) attributable to non-controlling interests 0 (0) (0) 2 - (2) Net income attributable to owners of parent * The Forecasts refer to the revised earnings forecasts outlined on November 11, (10) 3

4 Overview of Non-consolidated Earnings Forecasts for Fiscal Year 2016 ending in March 2017 (Unit: 100 million yen; amounts less than 100 million yen are rounded up to the nearest 100 million yen (partially adjusted for fractions)) The third quarters Full fiscal year (From April 1, 2015 to December 31, 2015) Current fiscal year (From April 1, 2016 to December 31, 2016) (From April 1, 2015 to March 31, 2016) Current fiscal year (From April 1, 2016 to March 31, 2017) Result Result Over previous Result Forecast * fiscal year Over previous fiscal year Amount of orders received 9,307 9, ,518 13,000 (518) Civil engineering 2,131 2,128 (3) 3,239 2,720 (519) Domestic 1,873 2, ,854 2,650 (204) Overseas 258 (254) (512) (315) Building construction 7,058 7, ,070 10,000 (70) Domestic 7,005 7, ,049 9,600 (449) Overseas Total 9,189 9, ,309 12,720 (589) Real estate development Other (21) (40) Net sales 8,968 8,163 (805) 12,219 11,600 (619) Civil engineering 2,269 2,166 (103) 3,133 3,100 (33) Domestic 2,095 2,053 (42) 2,931 2,900 (31) Overseas (61) (2) Building construction 6,501 5,843 (658) 8,796 8,300 (496) Domestic 6,404 5,658 (746) 8,705 8,100 (605) Overseas Total 8,770 8,009 (761) 11,929 11,400 (529) Real estate development (23) (50) Other (21) (40) Gross Profit ,000 Civil engineering Building construction Total Real estate development Other SG&A expenses (4.1) (360) Operating income , , (4.9) (405) (0.8) (45) , , (4.3) (522) , , , (4.8) (560) Non-operating income (expenses) (27) (Net financial revenue) Ordinary income ,012 Extraordinary income (loss) (1) Income before income taxes , Income taxes and others (221) (308) (87) (325) (290) Net income * The Forecasts refer to the revised earnings forecasts outlined on November 11, (2.4) (81) (1) (2) (0.5) (38) 0.4 (5)

5 Quarterly consolidated financial statements (1) Quarterly consolidated balance sheet As of March 31, 2016 As of December 31, 2016 Assets Current assets Cash and deposits 374, ,142 Notes receivable-trade and accounts receivable from completed construction contracts 443, ,283 Costs on uncompleted construction contracts 84, ,803 Real estate for sale and development projects in progress 107, ,711 Other inventories 4,008 5,413 Other 98, ,094 Allowance for doubtful accounts (353) (269) Total current assets 1,112,304 1,057,180 Noncurrent assets Property, plant and equipment 177, ,463 Intangible assets 4,875 5,013 Investments and other assets Investment securities 321, ,679 Net defined benefit asset 10,944 10,597 Other 37,111 38,074 Allowance for doubtful accounts (3,262) (2,620) Total investments and other assets 366, ,730 Total noncurrent assets 548, ,207 Total assets 1,660,821 1,602,388 5

6 As of March 31, rd Quarter of FY2015 As of December 31, 2015 Liabilities Current liabilities Notes payable, accounts payable for construction contracts and other 442, ,933 Short-term loans payable 108, ,161 Short-term non-recourse loans Current portion of bonds 10,000 10,000 Advances received on uncompleted construction contracts 160, ,034 Income taxes payable 23,633 20,363 Provision for warranties for completed construction 3,316 2,433 Provision for loss on construction contracts 22,117 5,649 Provision for loss on order received Other 156, ,285 Total current liabilities 927, ,004 Noncurrent liabilities Bonds payable 40,000 30,000 Non-recourse bonds payable Long-term loans payable 90,564 76,461 Long-term non-recourse loans payable 4,550 3,000 Provision for directors' retirement benefits Provision for loss on business of subsidiaries and associates Provision for environmental measures Net defined benefit liability 43,926 45,150 Other 31,655 38,000 Total noncurrent liabilities 211, ,677 Total liabilities 1,139,544 1,042,681 Net assets Shareholders' equity Capital stock 122, ,742 Capital surplus 104,464 85,150 Retained earnings 210, ,300 Treasury stock (394) (1,103) Total shareholders' equity 437, ,089 Accumulated other comprehensive income Valuation difference on available-for-sale securities 85,160 89,696 Deferred gain (loss) on hedges (213) (197) Revaluation reserve for land Foreign currency translation adjustment (2,158) (3,753) Remeasurements of defined benefit plans (2,623) (449) Total accumulated other comprehensive income 80,342 85,474 Non-controlling interests 3,402 2,142 Total net assets 521, ,706 Total liabilities and net assets 1,660,821 1,602,388 6

7 (2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income Quarterly consolidated statement of income 3Q of FY2016 (April 1, 2016 to December 31, 2016) Net sales 3Q of FY2015 April 1, 2015 to December 31, Q of FY2016 April 1, 2016 to December 31, 2016 Net sales of completed construction contracts 1,013, ,376 Net sales of development business and other 101,223 92,650 Total net sales 1,114,369 1,019,026 Cost of sales Cost of sales of completed construction contracts 900, ,663 Cost of sales on development business and other 80,297 72,129 Total cost of sales 981, ,793 Gross profit Gross profit on completed construction contracts 112, ,712 Gross profit on development business and other 20,926 20,520 Total gross profit 133, ,233 Selling, general and administrative expenses 55,902 59,836 Operating income 77, ,396 Non-operating income Interest income Dividends income 2,652 2,954 Foreign exchange gains - 3,404 Share of profit of entities accounted for using equity method 1, Other Total non-operating income 5,100 8,302 Non-operating expenses Interest expenses 2,127 1,692 Foreign exchange losses 1,260 - Taxes and dues Other Total non-operating expenses 4,220 3,068 Ordinary income 78, ,630 Extraordinary income Gain on sales of investment securities 17 2,868 Gain on return of assets from retirement benefit trust 4,021 - Other Total extraordinary income 4,244 3,477 Extraordinary loss Loss on valuation of investment securities Loss on related business Loss related on Anti-Monopoly Act Other Total extraordinary loss 667 1,013 Income before income taxes and minority interests 81, ,094 Income taxes 27,544 35,353 Net income 54,156 76,741 Net income (loss) attributable to non-controlling interests (89) 91 Net income attributable to owners of parent 54,245 76,650 7

8 Quarterly consolidated statement of comprehensive income 3Q of FY2016 (April 1, 2016 to December 31, 2016) 3Q of FY2015 April 1, 2015 to December 31, Q of FY2016 April 1, 2016 to December 31, 2016 Net income 54,156 76,741 Other comprehensive income Valuation difference on available-for-sale securities (12,608) 4,543 Deferred gain (loss) on hedges (2) 2 Foreign currency translation adjustment (480) (913) Remeasurements of defined benefit plans (3,210) 2,198 Share of other comprehensive income of associates accounted for using equity method (478) (905) Total other comprehensive income (16,780) 4,925 Comprehensive income 37,375 81,666 Comprehensive income attributable to owners of the parent 37,607 81,783 Comprehensive income attributable to non-controlling interests (231) (116) 8

9 (3) Segment Information Reporting segment information (net sales and income (loss)) 3Q of FY 2015 (April 1, 2015 December 31, 2015) Civil engineering Reporting Segment Building construction Real estate development Subtotal Others (Note 1) Total Adjustments (Note 2) Amounts on Quarterly consolidated income statement (Note 3) Net sales Sales on third party Intersegment sales and transfers 307, ,405 82,261 1,106,627 7,742 1,114,369-1,114,369 14,423 25,156 3,867 43,447 1,677 45,125 (45,125) - Total 322, ,561 86,128 1,150,074 9,419 1,159,494 (45,125) 1,114,369 Segment income 29,127 40,565 7,279 76, ,792 (548) 77,243 Note 1: Businesses that cannot be classified into the company s reporting segments are shown as Others. This includes the incidental business of construction business such as cooperative research, technical service, and environmental measurement, and also, leisure-related business and other service business. Note 2: The adjustments of segment income, 548 million yen, include elimination of intra-segment transaction. Note 3: The segment income is adjusted in accordance with operating income on quarterly consolidated income statement. Reporting segment information (net sales and income (loss)) 3Q of FY 2016 (April 1, 2016 December 31, 2016) Civil engineering Reporting Segment Building construction Real estate development Subtotal Others (Note 1) Total Adjustments (Note 2) Amounts on Quarterly consolidated income statement (Note 3) Net sales Sales on third party Intersegment sales and transfers 288, ,331 74,885 1,013,305 5,721 1,019,026-1,019,026 15,960 26,865 4,407 47,233 1,755 48,988 (48,988) - Total 304, ,197 79,293 1,060,538 7,476 1,068,015 (48,988) 1,019,026 Segment income 33,598 62,656 7, , ,990 (594) 104,396 Note 1: Businesses that cannot be classified into the company s reporting segments are shown as Others. This includes the incidental business of construction business such as cooperative research, technical service, and environmental measurement, and also, leisure-related business and other service business. Note 2: The adjustments of segment income, 594 million yen, include elimination of intra-segment transaction. Note 3: The segment income is adjusted in accordance with operating income on quarterly consolidated income statement. 9

10 (Reference) Quarterly non-consolidated financial statements (1) (Summary) Quarterly non-consolidated balance sheet Assets Current assets As of March 31, 2016 As of December 31, 2016 Cash and deposits 322, ,018 Notes receivable-trade, accounts receivable from completed construction contracts and other 374, ,323 Real estate for sale 51,484 47,771 Costs on uncompleted construction contracts and other 79,623 95,947 Development projects in progress 2,267 3,097 Other 93,872 96,980 Allowance for doubtful accounts (164) (163) Total current assets 923, ,974 Noncurrent assets Property, plant and equipment 90,111 90,310 Intangible assets 2,186 2,334 Investments and other assets Investment securities 369, ,886 Other 37,429 35,846 Allowance for doubtful accounts (9,662) (9,221) Total investments and other assets 397, ,511 Total noncurrent assets 490, ,156 Total assets 1,413,943 1,372,131 10

11 Liabilities As of March 31, 2016 As of December 31, 2016 Current liabilities Notes payable, accounts payable for construction contracts and other 381, ,356 Short-term loans payable 64,505 69,815 Current portion of bonds 10,000 10,000 Income taxes payable 21,490 16,756 Advances received on uncompleted construction contracts 149, ,832 Deposits received 155, ,945 Provision for warranties for completed construction 2,384 1,673 Provision for loss on construction contracts 21,347 5,085 Other 23,956 16,130 Total current liabilities 829, ,595 Noncurrent liabilities Bonds payable 40,000 30,000 Long-term loans payable 63,590 55,190 Provision for retirement benefits 14,845 19,541 Provision for loss on business of subsidiaries and associates 1,225 1,161 Provision for environmental measures Other 27,827 30,357 Total noncurrent liabilities 147, ,340 Total liabilities 977, ,936 Net assets Shareholders' equity Capital stock 122, ,742 Capital surplus 104,482 85,167 Legal capital surplus 66,832 30,686 Other capital surplus 37,650 54,481 Retained earnings 127, ,124 Other retained earnings 127, ,124 Reserve for advanced depreciation of noncurrent assets 1,414 1,414 General reserve 62,500 94,500 Retained earnings brought forward 63,193 82,210 Treasury stock (394) (1,103) Total shareholders' equity 353, ,931 Valuation and translation adjustments Valuation difference on available-for-sale securities 82,900 87,263 Deferred gains or losses on hedges - 0 Total valuation and translation adjustments 82,900 87,263 Total net assets 436, ,194 Total liabilities and net assets 1,413,943 1,372,131 11

12 (2) (Summary) Quarterly non-consolidated statements of income 3Q of FY2016 (April 1, 2016 to December 31, 2016) 3Q of FY2015 3Q of FY2016 April 1, 2015 to December 31, 2015 April 1, 2016 to December 31, 2016 Net sales Net sales of completed construction contracts 877, ,928 Net sales of development business and other 19,763 15,387 Total net sales 896, ,316 Cost of sales Cost of sales of completed construction contracts 780, ,779 Cost of sales on development business and other 16,035 9,853 Total cost of sales 796, ,632 Gross profit Gross profit on completed construction contracts 96, ,149 Gross profit on development business and other 3,728 5,534 Total gross profit 100, ,684 Selling, general and administrative expenses 36,043 40,500 Operating income 63,976 91,184 Non-operating income 4,900 12,540 Non-operating expenses 3,746 2,521 Ordinary income 65, ,202 Extraordinary income 4,090 2,936 Extraordinary loss 1, Income before income taxes 67, ,750 Income taxes 22,088 30,701 Net income 45,180 73,048 (Reference) Net income per share : yen 3rd Quarter of FY2015: yen (Note) 1. The Company s quarterly financial statements are prepared in accordance with the Ordinance on Terminology, Forms and Preparation Methods of Quarterly Financial Statements, etc. and the Construction Industry Law s enforcement regulations. 2. Classifications of categories are noted in summary. 12

13 Supplementary Information (1) (Non-consolidated) Amount of orders received, net sales and balance carried forward (i) Amount of orders received (Millions of yen, rounded down) 3rd Quarter of FY2015 April 1, 2015 to December 31, 2015 April 1, 2016 to December 31, 2016 Change over previous year Rate of change FY2015 April to March 31, 2016 Civil engineering (1) Domestic public sector 114, , , , Domestic private sector 72, , , , Overseas 25, (25,391) (2.6) (51,232) (198.3) 38, Total 213, , (310) (0.1) 323, Building construction (2) Domestic public sector 103, , , , Domestic private sector 597, , (99,646) (16.7) 861, Overseas 5, , (8,858) , Total 705, , , ,006, Total (1) + (2) Domestic public sector 218, , , , Domestic private sector 669, , (91,479) (13.7) 984, Overseas 31, (11,220) (1.2) (42,373) (136.0) 40, Subtotal 918, , , ,330, Real estate development 4, , , , Other 7, , (2,034) (27.6) 12, Total 930, , , ,351, Note: The percentages indicate the proportion. (ii) Net sales (Millions of yen, rounded down) 3rd Quarter of FY2015 April 1, 2015 to December 31, 2015 April 1, 2016 to December 31, 2016 Change over previous year Rate of change FY2015 April to March 31, 2016 Civil engineering (1) Domestic public sector 151, , (13,987) (9.3) 207, Domestic private sector 58, , , , Overseas 17, , (6,148) (35.2) 20, Total 226, , (10,315) (4.5) 313, Building construction (2) Domestic public sector 86, , (9,742) (11.3) 118, Domestic private sector 553, , (64,889) (11.7) 752, Overseas 9, , , , Total 650, , (65,817) (10.1) 879, Total (1) + (2) Domestic public sector 237, , (23,730) (10.0) 326, Domestic private sector 612, , (55,069) (9.0) 837, Overseas 27, , , , Subtotal 877, , (76,132) (8.7) 1,192, Real estate development 12, , (2,340) (18.9) 16, Other 7, , (2,034) (27.6) 12, Total 896, , (80,508) (9.0) 1,221, Note: The percentages indicate the proportion. 13

14 (iii) Balance carried forward Civil engineering (1) (Millions of yen, rounded down) 3rd Quarter of FY2015 As of December 31, 2015 As of December 31, 2016 Change over previous year Rate of change FY2015 As of March 31, 2016 Domestic public sector 316, , , , Domestic private sector 193, , , , Overseas 75, , (26,763) (35.6) 85, Total 585, , , , Building construction (2) Domestic public sector 270, , , , Domestic private sector 1,002, ,077, , ,069, Overseas 12, , (6,916) (56.4) 9, Total 1,285, ,515, , ,356, Total (1) + (2) Domestic public sector 586, , , , Domestic private sector 1,196, ,306, , ,286, Overseas 87, , (33,680) (38.5) 94, Subtotal 1,870, ,121, , ,966, Real estate development Other Total 1,871, ,121, , ,967, Note: The percentages indicate the proportion. 14