1.Consolidated Operating Results

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Bartholomew Turner
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1 1.Consolidated Operating Results (1) Results and Forecasts for Major Financial Indicators (Billions of yen) FY YOY YOY YOY FY (Forecast) Total net sales 1, % 1, % 1, % 1, % Total operating revenues % % % % Operating profit % % % % Recurring profit % % % % Net profit % % % % YOY Net profit per share Net assets Total assets Net assets per share 1, , , ROA 10.3% 11.8% 10.0% ROE 12.2% 12.5% 10.0% Current ratio 90.1% 84.2% 76.1% Fixed ratio 140.1% 144.1% 154.0% Capital adequacy ratio 44.2% 44.8% 45.1% Number of stores 9,442 9,527 9,694 Note1: Total operating revenues includes total sales of Company-owned stores and royalties from franchised stores. 2: Number of stores are consolidated figures of LAWSON Group. 3: Forecast net profit per share in the full-year plan is calculated based on the number of outstanding shares as of November 30, (2) Number of Stores FY2008 FY2009 Sep Oct Nov Sep - Nov Sep Oct Nov Sep - Nov Opening( + ) Closure( - ) Re-location( - ) Total number of stores 8,598 8,597 8,604 8,604 9,631 9,665 9,694 9,694 Net increase (decrease) (16) (1) 7 (10) Note: Number of stores are consolidated figures of LAWSON Group. However, the figures in FY2008 does not include stores operated by Ninety-Nine Plus Inc and Ninety-Nine Plus Kansai Inc

2 (3) Number of Stores by Region and Prefecture Net Increase (Decrease) LAWSON STORE 100 LAWSON STORE 100 LAWSON STORE 100 LAWSON / SHOP99 Total LAWSON / SHOP99 Total LAWSON / SHOP99 Total Hokkaido Hokkaido Aomori Iwate (3) - (3) Miyagi Akita Yamagata Fukushima Tohoku Ibaraki (2) - (2) Tochigi Gunma (2) - (2) Saitama (2) 2 - Chiba Tokyo , ,242 (2) 11 9 Kanagawa Kanto 2, ,866 2, , Niigata Yamanashi (2) - (2) Nagano (1) - (1) Koshinetsu Toyama Ishikawa Fukui Hokuriku Shizuoka Aichi Gifu Mie Tokai Shiga (2) - (2) Kyoto Osaka Hyogo Nara (1) - (1) Wakayama Kinki 1, ,037 1, , Tottori Shimane Okayama (2) - (2) Hiroshima Yamaguchi Chugoku Tokushima (2) - (2) Kagawa (2) - (2) Ehime Kouchi Shikoku Fukuoka Saga Nagasaki Kumamoto Oita Miyazaki (2) - (2) Kagoshima Okinawa Kyusyu 1,012-1,012 1,039-1, Total 8, ,527 8, , Note: Number of stores are consolidated figures of LAWSON Group (store)

3 (4) Number of Stores of Equity Method Affiliate by Region SHANGHAI HUALIAN LAWSON CO., LTD (store) Net Increase (Decrease) Shanghai (6) This company has a December 31 fiscal year-end. (5) Number of Stores by Store Type Type B Type G Type C NATURAL LAWSON LAWSON STORE100 SHOP99 Franchised Stores LAWSON NATURAL LAWSON LAWSON STORE100 SHOP99 Company-Owned Stores Total Note:Number of stores are consolidated figures of LAWSON Group (store) Net Increase Share Share Share (Decrease) 1, % 1, % 1, % (35) 2, % 2, % 1, % (44) 4, % 4, % 5, % % % % % % % 14 8, % 8, % 8, % % % % (7) % % % (2) % % % 18 1, % 1, % 1, % 9 9, % 9, % 9, %

4 (6) Consolidated Statement of Income Fiscal Period Previous Current 3rd Quarter 3rd Quarter Increase From March 1, 2008 From March 1, 2009 (Decrease) Account Item to November 30, 2008 to November 30, 2009 Ⅰ Operating revenues 175, ,559 2,935 Franchise commission from franchised stores 143, ,635 (610) (Net sales reported by franchised stores) 1,089,544 1,092,309 2,764 (Total net sales of lawson stores including franchised stores) 1,155,528 1,252,727 97,198 Other 32,378 35,924 3,545 Ⅱ Net sales 66, ,096 94,535 Total operating revenues 242, ,656 97,471 Ⅲ Cost of goods sold 48, ,744 71,362 Gross profit on sales 18,179 41,352 23,173 Operating gross profit 193, ,911 26,108 Ⅳ Selling, general and administrative expenses 150, ,910 25,433 Operating profit 43,325 44, Ⅴ Non-operating income 1,624 1,199 (424) Ⅵ Non-operating expenses 1,872 1,765 (106) Recurring profit 43,077 43, Ⅶ Special gains Ⅷ Special losses 4,687 9,816 5,129 Income before income taxes and minority interests 38,484 34,273 (4,210) Income taxes 14,865 14,303 (561) Minority interests in net profit (312) Net profit 23,142 19,805 (3,336) (7) Selling, General and Administrative Expenses (Consolidated) Fiscal Period Previous Current 3rd Quarter 3rd Quarter Increase From March 1, 2008 From March 1, 2009 (Decrease) Account Item to November 30, 2008 to November 30, 2009 Rent 45,636 52,006 6,370 Personnel expenses 31,620 43,529 11,908 Equipment lease 11,165 10,144 (1,020) Depreciation expenses (property and store equipment) 12,041 14,621 2,579 Advertising and promotional expenses 9,866 7,950 (1,916) Other 40,146 47,658 7,511 Total 150, ,910 25,

5 (8) Consolidated Statement of Income Fiscal Period Previous Current 3rd Quarter 3rd Quarter Increase From September 1, 2008 From September 1, 2009 (Decrease) Account Item to November 30, 2008 to November 30, 2009 Ⅰ Operating revenues 57,983 58, Franchise commission from franchised stores 47,017 46,877 (139) (Net sales reported by franchised stores) 363, ,711 (5,747) (Total net sales of lawson stores including franchised stores) 385, ,985 26,848 Other 10,966 11, Ⅱ Net sales 21,870 54,569 32,699 Total operating revenues 79, ,059 33,204 Ⅲ Cost of goods sold 16,002 40,555 24,553 Gross profit on sales 5,868 14,014 8,145 Operating gross profit 63,852 72,504 8,651 Ⅳ Selling, general and administrative expenses 49,627 58,639 9,012 Operating profit 14,225 13,864 (360) Ⅴ Non-operating income (144) Ⅵ Non-operating expenses Recurring profit 14,186 13,664 (522) Ⅶ Special gains 93 3 (90) Ⅷ Special losses 843 5,286 4,442 Income before income taxes and minority interests 13,436 8,382 (5,054) Income taxes 5,655 5,193 (462) Minority interests in net profit 147 (733) (880) Net profit 7,634 3,921 (3,712) (9) Selling, General and Administrative Expenses (Consolidated) Fiscal Period Previous Current 3rd Quarter 3rd Quarter Increase From September 1, 2008 From September 1, 2009 (Decrease) Account Item to November 30, 2008 to November 30, 2009 Rent 15,368 17,592 2,224 Personnel expenses 10,408 14,504 4,095 Equipment lease 3,580 3,143 (437) Depreciation expenses (property and store equipment) 4,142 5,274 1,132 Advertising and promotional expenses 2,999 2,280 (719) Other 13,127 15,844 2,716 Total 49,627 58,639 9,

6 (10) Consolidated Balance Sheet Fiscal Period Last Fiscal Year Current 3rd Quarter Increase (Decrease) (As of Feb 28, 2009) (As of Nov 30, 2009) Account Item Amounts Amounts Amounts (Assets) Current assets 154, ,673 (20,086) Cash and bank deposits 82,486 75,099 (7,386) Accounts receivable - due from franchised stores 21,376 15,456 (5,920) Marketable securities 5,299 3,499 (1,799) Merchandise inventories 5,292 5,090 (202) Accounts receivable - other 26,692 23,013 (3,678) Deferred tax assets 4,061 3,330 (731) Other 9,692 9,316 (376) Allowance for doubtful accounts (140) (132) 7 Fixed assets 281, ,510 25,175 Property and store equipment-at net book value 114, ,893 18,893 Buildings and structures 94,321 96,444 2,122 Vehicles, tools, furniture and fixtures 13,458 13,018 (439) Other 7,219 24,429 17,210 Intangible assets 31,902 35,178 3,276 Investments and other 134, ,439 3,005 long-term loans receivable 27,422 29,383 1,961 Lease deposits 85,357 84,975 (382) Deferred tax assets 14,469 16,560 2,091 Deferred tax assets for land revaluation (180) Other 11,346 14,885 3,538 Allowance for doubtful accounts (4,342) (8,365) (4,023) Total assets 436, ,184 5,088 Accumulated depreciation for property and store equipment 127, ,652 4,765 Fiscal Period Last Fiscal Year Current 3rd Quarter Increase (Decrease) (As of Feb 28, 2009) (As of Nov 30, 2009) Account Item Amounts Amounts Amounts (Liabilities) Current liabilities 183, ,003 (6,736) Accounts payable-trade 77,215 81,436 4,221 Accounts payable-due to franchised stores 822 1, Long-term debt due within one year (816) Income taxes payable 9,455 6,710 (2,745) Deposits received 60,780 63,048 2,267 Accrued employees' bonuses 3,199 1,759 (1,440) Provision for use of points granted 933 1, Other 30,517 21,535 (8,982) Long-term liabilities 51,188 58,946 7,758 Long-term debt 1,152 - (1,152) Allowance for employees' retirement benefits 5,050 5, Allowance for retirement benefits to executive officers and corporate auditors Deposits received from franchisees and lessees 42,440 39,366 (3,073) Other 2,344 13,420 11,076 Total liabilities 234, ,950 1,021 (Net assets) Owners' equity 196, ,799 3,674 Common stock 58,506 58,506 - Capital surplus 41,520 41,520 - Retained earnings 97, ,486 3,675 Treasury stock (1,712) (1,713) (0) Valuation and translation adjustments (950) (726) 223 Net unrealized gain (loss) on available-for-sale securities (40) (76) (35) Land revaluation difference (969) (705) 263 Foreign currency translation adjustments (4) Stock acquisition rights Minority interests 5,717 5, Total net assets 201, ,234 4,067 Total liabilities,and total net assets 436, ,184 5,

7 (11) Capital Expenditure (Consolidated) FY2008 FY2009 FY (Forcast) (actual results) New store 9,045 13,515 17,500 15,635 Existing store 3,750 5,406 9,000 6,747 IT 7,383 7,475 14,000 12,064 Other 2, ,000 3,886 Subtotal 23,048 27,395 41,500 38,331 Investments & loan (14,453) 73 0 (14,564) Lease 12,149 22,983 36,500 19,140 Total 20,744 50,452 78,000 42,907 Property and store equipment 12,041 14,621 20,900 16,752 Intangible assets 2,931 4,400 7,200 4,126 Depreciation 14,972 19,021 28,100 20,879 Note1: Lease is the amount of equivalency charge in each fiscal term. Note2:Depreciation of property and store equipment in the 3rd quarter of the fiscal year ending February 28, 2010 includes depreciation for leased property treated as a sale-and-purchase transaction due to the application of new lease accounting standards in Japan. Note3:Amortization expenses for intangible assets in the current fiscal year are included in consolidated depreciation and amortization

8 (12)Consolidated Statement of Cash Flows Previous 3rd Quarter Current 3rd Quarter Increase From March 1, 2008 From March 1, 2009 (Decrease) to November 30, 2008 to November 30, 2009 Ⅰ.Operating activities Income before income taxes and minority interests 38,484 34,273 (4,210) Depreciation of fixed assets 14,972 19,021 4,049 Increase in provision for allowance for retirement benefits to employees Interest received (731) (521) 209 Interest expense Loss on impairment of long-lived assets 1,788 2, Loss from disposal of fixed assets 1,523 1, Other - net 946 3,470 2,523 Decrease (increase) in accounts receivable due from franchised stores (14,475) 5,920 20,395 Decrease (increase) in accounts receivable - other 5,456 3,680 (1,776) Increase (decrease) in accounts payable-trade and due to franchised stores 10,245 4,553 (5,692) Iincrease (decrease) in accounts payable - other 4,548 (11,144) (15,693) Increase (decrease) in deposit received 5,425 2,267 (3,158) Decrease in lease deposits from franchisee and lessees (2,024) (3,073) (1,049) Other - net (746) (4,929) (4,183) Subtotal 66,137 58,555 (7,581) Interest received (214) Interest expenses paid (17) (229) (212) Income taxes paid (19,698) (17,977) 1,721 Net cash provided by operating activities 47,155 40,868 (6,287) Ⅱ.Investing activities Payments into time deposits (3,000) (6,080) (3,080) Proceeds from withdrawl of time deposits 1,600 1,500 (100) Payments for purchase of marketable securities (25,454) (2,799) 22,654 Proceeds from redemption of marketable securities 24,400 4,100 (20,300) Payment for acquisition of property and store equipment (12,706) (18,672) (5,966) Payment for acquisition of intangible fixed assets (8,610) (7,256) 1,353 Increase in advances to associated company (49) (110) (60) Other - net 20,847 (1,729) (22,577) Net cash used in investing activities (2,973) (31,048) (28,074) Ⅲ.Financing activities Repayments of long-term loans payable - (1,968) (1,968) Repayments of lease obligations - (4,233) (4,233) Cash dividends paid (13,385) (15,866) (2,481) Other - net 64 (217) (282) Net cash used in financing activities (13,320) (22,286) (8,965) Ⅳ.Net increase in cash and cash equivalents 30,861 (12,466) (43,327) Ⅴ.Cash and cash equivalents, beginning of year 62,822 83,981 21,158 Ⅵ.Cash and cash equivalents at the end of the 3rd quarter 93,684 71,515 (22,169) - 8 -

2.Non-Consolidated Operating Results

2.Non-Consolidated Operating Results (1) Results and Forecasts for Major Financial Indicators (Billions of yen) 2008.11 YOY 2009.2 Total net sales 1,144.9 107.6% 1,506.3 107.4% 1,127.6 98.5% 1,497.0 99.4%