Consolidated Financial Results for the Fiscal Year Ended March 31, 2012 (FY2011) [Japanese GAAP]

Member of the Financial Accounting Standards Foundation Disclaimer: This is a Japanese-English translation of the summary of financial statements of the Company produced for your convenience. Since no auditor audited this report, officially only the Japanese version is assumed to be the summary of financial statements of the Company. This summary does not constitute any guarantee and will not compensate any losses and/or damage stemming from actions taken based on these statements. In the case that there is any discrepancy between the Japanese and English versions, the Japanese version is assumed to be correct. May 14, 2012 Consolidated Financial Results for the Fiscal Year Ended March 31, 2012 (FY2011) [Japanese GAAP] Listed company name: Taisei Corporation Stock exchange listing: Tokyo Stock Exchange, 1st Section Osaka Securities Exchange, 1st Section Nagoya Stock Exchange, 1st Section Stock code: 1801 Location of headquarters: Tokyo, Japan Website: http://www.taisei.co.jp Representative: Takashi Yamauchi, President and Chief Executive Officer Contact: Shigeyuki Sakurai, Executive Officer, General Manager, Accounting Department TEL: 81-3-3348-1111 (from overseas) Scheduled date for ordinary general meeting of shareholders: June 28, 2012 Scheduled date for dividend payment: June 29, 2012 Scheduled date for submission of securities report: June 29, 2012 Supplementary materials for financial summaries: Yes Financial results briefing: Yes (for analysts and institutional investors) 1. Consolidated financial results for the fiscal year ended March 31, 2012 (FY2011) ( ) (1) Operating results (Millions of yen, rounded down) (Percentages indicate changes from the same period in the previous fiscal year.) Net sales Operating Ordinary Net income income income % % % % Fiscal year ended March 31, 2012 1,323,503 8.7 36,485 0.5 30,242 25.8 1,181 (89.1) Fiscal year ended March 31, 2011 1,218,118 (15.5) 36,294 1.9 24,043 (13.3) 10,883 (48.7) Note: Comprehensive income: FY2011 7,661 million yen (-%) FY2010-1,165 million yen (-%) Net income per share Diluted net income per share Equity ratio Recurring profit/total assets Operating profit/net sales yen yen % % % Fiscal year ended March 31, 2012 1.04-0.4 2.1 2.8 Fiscal year ended March 31, 2011 9.58 9.56 3.8 1.7 3.0 Reference: Equity in earnings of affiliates March 31, 2012 335 million yen March 31, 2011 313 million yen

(2) Financial position (Millions of yen, rounded down) Total assets Equity Equity ratio Equity per share % yen As of March 31, 2012 1,494,695 292,601 19.5 255.60 As of March 31, 2011 1,395,493 290,598 20.7 253.94 Reference: Shareholders equity March 31, 2012 March 31, 2011 291,268 million yen 289,389 million yen (3) Cash flows (Millions of yen, rounded down) Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents at end of period Fiscal year ended March 31, 2012 Fiscal year ended March 31, 2011 105,100 (8,095) (58,821) 241,163 118,894 (3,902) (64,750) 203,674 2. Dividends Year ended March 31, 2011 Year ended March 31, 2012 Year ending March 31, 2013 (Forecast) First quarter end Dividends per share (yen) Interim -end Third quarter end Year -end Total (Full year) Total dividends (annual) (Millions of yen, rounded down) Payout ratio (consolidated) Ratio of dividends to equity (consolidated) yen yen yen yen yen % % - 2.50-2.50 5.00 5,697 52.2 1.9-2.50-2.50 5.00 5,697 482.3 2.0-2.50-2.50 5.00 38.0 3. Consolidated results forecast for the fiscal year ending March 31, 2013 (FY2012) (From April 1, 2012 to March 31, 2013) Cumulative total for the six months Fiscal year ending March 31, 2013 (Millions of yen, rounded down) (Percentages indicate the rate of change from the same period of the previous fiscal year) Net income Net sales Operating income Ordinary income Net income per share % % % % yen 640,000 15.9 14,000 7.3 11,000 33.3 5,000 236.5 4.39 1,380,000 4.3 41,000 12.4 31,000 2.5 15,000-13.16 *Notes (1) Changes in significant subsidiaries during the period: (Changes in specified subsidiaries accompanying changes in scope of consolidation): None (2) Changes in accounting principles, changes in accounting estimates and restatements (i) Changes in accounting principles due to revisions to accounting standards, etc.: None (ii) Changes due to accounting principles other than (i): None (iii) Changes in accounting estimates: None (iv) Restatements: None

(3) Number of shares outstanding (common stock) i. Number of shares outstanding at the end of period (including treasury stock) As of March 31, 2012 1,140,268,860 shares As of March 31, 2011 1,140,268,860 shares ii. Number of treasury stock at the end of period As of March 31, 2012 704,234 shares As of March 31, 2011 684,348 shares iii. Average number of shares during the period As of March 31, 2012 1,139,576,976 shares As of March 31, 2011 1,135,680,714 shares Reference: SUMMARY OF NON-CONSOLIDATED FINANCIAL STATEMENTS 1. Non-consolidated financial results for the fiscal year ended March 31, 2012 (FY2011) ( ) (1) Operating results (Millions of yen, rounded down) Fiscal year ended March 31, 2012 Fiscal year ended March 31, 2011 Net sales (Percentages indicate year-on-year changes.) Operating Ordinary Net income income income % % % % 1,025,100 9.2 27,478 (5.0) 24,597 11.4 3,127 (64.5) 938,487 (17.0) 28,914 7.4 22,086 (11.9) 8,815 20.8 Fiscal year ended March 31, 2012 Fiscal year ended March 31, 2011 Net income per share yen Diluted net income per share yen 2.74-7.76 - (2) Financial position (Millions of yen, rounded down) Total assets Net assets Equity ratio Net assets per share % yen As of March 31, 2012 1,263,722 259,747 20.6 227.94 As of March 31, 2011 1,143,424 257,112 22.5 225.62 Reference: Shareholders equity March 31, 2012 259,747 million yen March 31, 2011 257,112 million yen 2. Non-consolidated results forecast for the fiscal year ending March 31, 2013 (FY2012) (From April 1, 2012 to March 31, 2013) Cumulative total for the six months Fiscal year ending March 31, 2013 (Millions of yen, rounded down) (Percentages indicate the rate of change from the same period of the previous fiscal year) Net income Net sales Operating income Ordinary income Net income per share % % % % yen 510,000 15.8 14,000 (3.0) 12,000 (2.5) 6,000 20.6 5.27 1,070,000 4.4 32,000 16.5 25,000 1.6 12,000 283.7 10.53 * Implementation status of auditing procedures This financial results report is not subject to the 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 can be materially different from expectations due to a variety of factors.

Overview of Consolidated Earnings Forecasts for Fiscal Year 2012 ending in March 2013 (Unit: 100 million yen; amounts less than 100 million yen are rounded up to the nearest 100 million yen (partially adjusted for fractions)) Full fiscal year First two quarters Previous fiscal year (From April 1, 2010 to March 31, 2011) Actual Forecast *1 Current fiscal year ( ) Actual Over previous fiscal year Over forecast Next fiscal year (From April 1, 2012 to March 31, 2013) Forecast *2*3 Over current fiscal year Current fiscal year (From April 1, 2011 to September 30, 2011) Actual Next fiscal year (From April 1, 2012 to September 30, 2012) Forecast *2*3 Over current fiscal year Amount of orders received 12,541 13,700 13,796 1,255 96 13,600 (196) 5,591 5,900 309 Civil engineering 3,288 3,400 3,587 299 187 3,300 (287) 1,300 1,600 300 Building construction 8,026 8,900 8,777 751 (123) 8,900 123 3,778 3,700 (78) Real estate development 774 900 957 183 57 1,300 343 301 550 249 Other 453 500 475 22 (25) 100 (375) 212 50 (162) Net sales 12,181 13,400 13,235 1,054 (165) 13,800 565 5,520 6,400 880 Civil engineering 3,120 3,350 3,335 215 (15) 3,400 65 1,325 1,500 175 Building construction 7,834 8,650 8,569 735 (81) 9,000 431 3,726 4,300 574 Real estate development 773 900 855 82 (45) 1,300 445 264 550 286 Other 454 500 476 22 (24) 100 (376) 205 50 (155) Gross Profit % 9.7 8.3 8.9 (0.8) 0.6 8.9-9.3 8.4 (0.9) 1,181 1,110 1,175 (6) 65 1,230 55 511 540 29 Civil % 5.9 9.0 9.6 3.7 0.6 9.7 0.1 6.8 9.0 2.2 engineering 184 300 321 137 21 330 9 90 135 45 Building % 10.3 8.1 9.1 (1.2) 1.0 7.6 (1.5) 9.6 7.2 (2.4) construction 807 700 777 (30) 77 680 (97) 357 310 (47) Real estate % 17.1 6.7 2.6 (14.5) (4.1) 16.2 13.6 14.9 16.4 1.5 development 132 60 23 (109) (37) 210 187 40 90 50 Other % 12.8 10.0 11.3 (1.5) 1.3 10.0 (1.3) 11.7 10.0 (1.7) 58 50 54 (4) 4 10 (44) 24 5 (19) SG&A expenses % (6.7) (6.2) (6.1) 0.6 0.1 (5.9) 0.2 (6.9) (6.2) 0.7 (818) (830) (810) 8 20 (820) (10) (381) (400) (19) Operating % 3.0 2.1 2.8 (0.2) 0.7 3.0 0.2 2.4 2.2 (0.2) income 363 280 365 2 85 410 45.0 130 140 10 Non-operating income 42 30 44 2 14 40 (4) 23 20 (3) Non-operating expenses (165) (110) (107) 58 3 (140) (33) (70) (50) 20 (Net financial revenue) (55) (49) (43) 12 6 (60) (17) (21) (25) (4) Ordinary % 2.0 1.5 2.3 0.3 0.8 2.2 (0.1) 1.5 1.7 0.2 income 240 200 302 62 102 310 8 83 110 27 Extraordinary income 33 10 16 (17) 6 - (16) 0-0 Extraordinary loss (79) (140) (151) (72) (11) (10) 141 (20) - 20 Income before % 1.6 0.5 1.3 (0.3) 0.8 2.2 0.9 1.1 1.7 0.6 income taxes and minority interests 194 70 167 (27) 97 300 133 63 110 47 Income taxes and others % (85) (105) (155) (70) (50) (150) 5 (48) (60) (12) Net income before 0.9 (0.3) 0.1 (0.8) 0.4 1.1 1.0 0.3 0.8 0.5 adjusting for minority interests 109 (35) 12 (97) 47 150 138 15 50 35 Minority interests 0-0 0 0-0 0-0 % 0.9 (0.3) 0.1 (0.8) 0.4 1.1 1.0 0.3 0.8 0.5 Net income 109 (35) 12 (97) 47 150 138 15 50 35 *1 Forecasts for the fiscal year under review are the revised figures released on January 25, 2012. *2 Forecasts for the next fiscal year are projections based on information available at the time, and actual results could differ from the forecasts as a result of changes in operating conditions and other factors. *3 Taisei Service Co., Ltd. was categorized under Other through the fiscal year under review, but is now categorized under Real Estate Development as a result of its merger with Yuraku Real Estate Co., Ltd. on April 1, 2012.

Overview of Non-consolidated Earnings Forecasts for Fiscal Year 2012 ending in March 2013 (Unit: 100 million yen; amounts less than 100 million yen are rounded up to the nearest 100 million yen (partially adjusted for fractions)) Previous fiscal year (From April 1, 2010 to March 31, 2011) Actual Forecast *1 Full fiscal year Current fiscal year ( ) Actual Over previous fiscal year Over forecast Next fiscal year (From April 1, 2012 to March 31, 2013) Forecast *2 Over current fiscal year Current fiscal year (From April 1, 2011 to September 30, 2011) Actual First two quarters Next fiscal year (From April 1, 2012 to September 30, 2012) Amount of orders received 9,737 10,700 10,773 1,036 73 10,500 (273) 4,341 4,400 59 Civil engineering 2,299 2,350 2,447 148 97 2,150 (297) 794 1,030 236 Domestic 2,023 1,950 2,146 123 196 1,950 (196) 830 900 70 Overseas 276 400 301 25 (99) 200 (101) (36) 130 166 Building construction 7,217 8,100 7,926 709 (174) 8,100 174 3,439 3,290 (149) Domestic 7,068 7,300 7,212 144 (88) 7,300 88 3,407 3,050 (357) Overseas 149 800 714 565 (86) 800 86 32 240 208 Total 9,516 10,450 10,373 857 (77) 10,250 (123) 4,233 4,320 87 Real estate development 135 180 305 170 125 180 (125) 86 50 (36) Other 86 70 95 9 25 70 (25) 22 30 8 Net sales 9,385 10,400 10,251 866 (149) 10,700 449 4,403 5,100 697 Civil engineering 2,082 2,280 2,196 114 (84) 2,320 124 897 1,110 213 Domestic 1,644 1,780 1,804 160 24 1,980 176 714 960 246 Overseas 438 500 392 (46) (108) 340 (52) 183 150 (33) Building construction 7,083 7,870 7,757 674 (113) 8,120 363 3,434 3,920 486 Domestic 6,434 7,120 7,019 585 (101) 7,580 561 3,098 3,640 542 Overseas 649 750 738 89 (12) 540 (198) 336 280 (56) Total 9,165 10,150 9,953 788 (197) 10,440 487 4,331 5,030 699 Real estate development 134 180 203 69 23 190 (13) 50 40 (10) Other 86 70 95 9 25 70 (25) 22 30 8 Gross Profit % 8.6 7.0 7.8 (0.8) 0.8 7.9 0.1 8.8 7.6 (1.2) 810 730 797 (13) 67 840 43 387 390 3 Civil engineering % 5.0 9.2 10.2 5.2 1.0 10.4 0.2 7.2 9.9 2.7 105 210 224 119 14 242 18 64 110 46 Building % 9.8 7.6 8.6 (1.2) 1.0 7.1 (1.5) 9.5 6.9 (2.6) construction 691 600 665 (26) 65 580 (85) 325 271 (54) Total % 8.7 8.0 8.9 0.2 0.9 7.9 (1.0) 9.0 7.6 (1.4) 796 810 889 93 79 822 (67) 389 381 (8) Real estate % 6.8 (46.1) (48.3) (55.1) (2.2) 7.9 56.2 (8.6) 20.0 28.6 development 9 (83) (98) (107) (15) 15 113 (4) 8 12 Other % 5.8 4.3 6.9 1.1 2.6 4.3 (2.6) 12.0 3.3 (8.7) 5 3 6 1 3 3 (3) 2 1 (1) SG&A expenses % (5.5) (5.1) (5.1) 0.4 - (4.9) 0.2 (5.5) (4.9) 0.6 (521) (530) (522) (1) 8 (520) 2 (243) (250) (7) Operating income 3.1 1.9 2.7 (0.4) 0.8 3.0 0.3 3.3 2.7 (0.6) 289 200 275 (14) 75 320 45 144 140 (4) Non-operating income 73 50 56 (17) 6 30 (26) 38 20 (18) Non-operating expenses (141) (100) (85) 56 15 (100) (15) (59) (40) 19 (Net financial revenue) 2 (10) (6) (8) 4 (38) (32) 7 (13) (20) Ordinary income % 2.4 1.4 2.4-1.0 2.3 (0.1) 2.8 2.4 (0.4) 221 150 246 25 96 250 4 123 120 (3) Extraordinary income 16 10 14 (2) 4 - (14) 0-0 Extraordinary loss (59) (30) (52) 7 (22) (10) 42 (19) - 19 Income before % 1.9 1.3 2.0 0.1 0.7 2.2 0.2 2.4 2.4 - income taxes 178 130 208 30 78 240 32 104 120 16 Income taxes and others (90) (125) (177) (87) (52) (120) 57 (54) (60) (6) % 0.9 0.0 0.3 (0.6) 0.3 1.1 0.8 1.1 1.2 0.1 Net income 88 5 31 (57) 26 120 89 50 60 10 *1 Forecasts for the fiscal year under review are the revised figures released on January 25, 2012. *2 Forecasts for the next fiscal year are projections based on information available at the time, and actual results could differ from the forecasts as a result of changes in operating conditions and other factors. Forecast *2 Over current fiscal year

3. Consolidated financial statements (1) Consolidated balance sheets (Millions of yen) Assets Current assets As of March 31, 2011 As of March 31, 2012 Cash and deposits 203,995 243,736 Notes receivable-trade and accounts receivable from completed construction contracts 292,757 384,779 Costs on uncompleted construction contracts 108,595 111,012 Real estate for sale and development projects in progress 149,280 145,359 Other inventories 10,184 10,250 Deferred tax assets 37,366 36,595 Other 45,931 52,310 Allowance for doubtful accounts (504) (1,112) Total current assets 847,467 982,931 Noncurrent assets Property, plant and equipment Buildings and structures 152,662 147,770 Machinery, vehicles, tools and fixtures 60,005 57,960 Land 155,184 141,848 Construction in progress 99 603 Accumulated depreciation (135,951) (135,544) Total property, plant and equipment 231,999 212,638 Intangible assets 7,434 7,167 Investments and other assets Investment securities 194,924 194,057 Deferred tax assets 49,521 38,277 Other 82,079 74,814 Allowance for doubtful accounts (17,932) (15,191) Total investments and other assets 308,591 291,958 Total noncurrent assets 548,025 511,764 Total assets 1,395,493 1,494,695

Liabilities (Millions of yen) As of March 31, 2011 As of March 31, 2012 Current liabilities Notes payable, accounts payable for construction contracts and other 365,024 447,520 Short-term loans payable 214,226 197,947 Current portion of bonds 22,200 2,200 Lease obligations 196 274 Advances received on uncompleted construction contracts 100,303 132,007 Deposits received 64,167 85,675 Provision for warranties for completed construction 1,975 2,168 Provision for loss on construction contracts 10,619 24,084 Asset retirement obligations - 2 Other 29,337 29,316 Total current liabilities 808,052 921,195 Noncurrent liabilities Bonds payable 40,600 48,400 Bonds with subscription rights to shares 20,000 20,000 Long-term loans payable 175,006 150,701 Lease obligations 453 700 Deferred tax liabilities for land revaluation 7,735 5,921 Provision for retirement benefits 29,564 31,859 Provision for directors' retirement benefits 642 386 Provision for loss on business of subsidiaries and affiliates 305 1,184 Provision for environmental measures 284 308 Asset retirement obligations 1,202 1,210 Other 21,047 20,226 Total noncurrent liabilities 296,842 280,898 Total liabilities 1,104,894 1,202,094 Net assets Shareholders' equity Capital stock 112,448 112,448 Capital surplus 94,169 94,169 Retained earnings 83,857 78,292 Treasury stock (193) (196) Total shareholders' equity 290,282 284,713 Accumulated other comprehensive income Valuation difference on available-for-sale securities 4,792 9,942 Deferred gain (loss) on hedges (138) (61) Revaluation reserve for land (2,483) (587) Foreign currency translation adjustment (3,063) (2,739) Total accumulated other comprehensive income (892) 6,554 Minority interests 1,209 1,333 Total net assets 290,598 292,601 Total liabilities and net assets 1,395,493 1,494,695

(2) Consolidated income statement and consolidated comprehensive income statement Consolidated statements of income (Millions of yen) Net sales Net sales of completed construction contracts 1,079,139 1,171,926 Net sales of development business and other 138,979 151,577 Total net sales 1,218,118 1,323,503 Cost of sales Cost of sales of completed construction contracts 982,501 1,065,693 Cost of sales on development business and other 117,519 140,320 Total cost of sales 1,100,021 1,206,013 Gross profit Gross profit on completed construction contracts 96,637 106,233 Gross profit on development business and other 21,459 11,257 Total gross profit 118,097 117,490 Selling, general and administrative expenses Selling expenses 35,875 39,073 General and administrative expenses 45,927 41,931 Total selling, general and administrative expenses 81,803 81,004 Operating income 36,294 36,485 Non-operating income Interest income 728 660 Dividends income 2,554 2,510 Other 1,000 1,277 Total non-operating income 4,283 4,448 Non-operating expenses Interest expenses 8,677 7,505 Provision of allowance for doubtful accounts 66 23 Foreign exchange losses 4,040 1,934 Taxes and dues 2,115 364 Other 1,633 864 Total non-operating expenses 16,534 10,692 Ordinary income 24,043 30,242

(Millions of yen) Extraordinary income Gain on prior period adjustment 1,842 - Gain on sales of noncurrent assets 18 78 Gain on sales of investment securities 1,265 1,474 Other 203 44 Total extraordinary income 3,329 1,597 Extraordinary loss Loss on sales of noncurrent assets 33 - Loss on valuation of investment securities 2,522 557 Impairment loss 3,205 12,174 Loss on retirement of noncurrent assets 87 105 Losses on related businesses 826 1,569 Other 1,323 759 Total extraordinary losses 7,998 15,166 Income before income taxes and minority interests 19,373 16,672 Income taxes-current 2,008 6,337 Income taxes-deferred 6,504 9,142 Total income taxes 8,513 15,479 Income before minority interests 10,860 1,193 Minority interests (losses) in income (22) 11 Net income 10,883 1,181

Consolidated comprehensive income statement (Millions of yen) Income before minority interests 10,860 1,193 Other comprehensive income Valuation difference on available-for-sale securities (11,503) 5,158 Deferred gain (loss) on hedges (78) 76 Foreign currency translation adjustment (376) 420 Share of other comprehensive income of associates accounted for using equity method (66) (35) Revaluation reserve for land - 848 Total other comprehensive income (12,025) 6,468 Comprehensive income (1,165) 7,661 Comprehensive income attributable to Comprehensive income attributable to owners of the parent (1,041) 7,580 Comprehensive income attributable to minority interests (124) 81

(3) Consolidated statements of changes in equity (Millions of yen) Shareholders' equity Capital stock Balance at the beginning of current period 112,448 112,448 Total changes of items during the period - - Balance at the end of current period 112,448 112,448 Capital surplus Balance at the beginning of current period 83,901 94,169 Increase by share exchanges 10,253 - Disposal of treasury stock 14 (0) Total changes of items during the period 10,268 (0) Balance at the end of current period 94,169 94,169 Retained earnings Balance at the beginning of current period 78,604 83,857 Dividends from surplus (5,574) (5,697) Net income 10,883 1,181 Reversal of revaluation reserve for land (56) (1,047) Total changes of items during the period 5,252 (5,564) Balance at the end of current period 83,857 78,292 Treasury stock Balance at the beginning of current period (175) (193) Disposal of treasury stock 3 0 Purchase of treasury stock (21) (4) Total changes of items during the period (17) (3) Balance at the end of current period (193) (196) Total shareholders' equity Balance at the beginning of current period 274,778 290,282 Increase by share exchanges 10,253 - Dividends from surplus (5,574) (5,697) Net income 10,883 1,181 Disposal of treasury stock 18 0 Purchase of treasury stock (21) (4) Reversal of revaluation reserve for land (56) (1,047) Total changes of items during the period 15,503 (5,568) Balance at the end of current period 290,282 284,713

(Millions of yen) Accumulated other comprehensive income Valuation difference on available-for-sale securities Balance at the beginning of current period 16,212 4,792 Net changes of items other than shareholders' equity (11,420) 5,150 Total changes of items during the period (11,420) 5,150 Balance at the end of current period 4,792 9,942 Deferred gain (loss) on hedges Balance at the beginning of current period (63) (138) Net changes of items other than shareholders' equity (75) 76 Total changes of items during the period (75) 76 Balance at the end of current period (138) (61) Revaluation reserve for land Balance at the beginning of current period (2,540) (2,483) Reversal of revaluation reserve for land 56 1,047 Net changes of items other than shareholders' equity - 848 Total changes of items during the period 56 1,896 Balance at the end of current period (2,483) (587) Foreign currency translation adjustment Balance at the beginning of current period (2,634) (3,063) Net changes of items other than shareholders' equity (428) 324 Total changes of items during the period (428) 324 Balance at the end of current period (3,063) (2,739) Total accumulated other comprehensive income Balance at the beginning of current period 10,974 (892) Reversal of revaluation reserve for land 56 1,047 Net changes of items other than shareholders' equity (11,924) 6,399 Total changes of items during the period (11,867) 7,447 Balance at the end of current period (892) 6,554 Minority interests Balance at the beginning of current period 11,425 1,209 Net changes of items other than shareholders' equity (10,216) 124 Total changes of items during the period (10,216) 124 Balance at the end of current period 1,209 1,333

(Millions of yen) Total net assets Balance at the beginning of current period 297,179 290,598 Increase by share exchanges 10,253 - Dividends from surplus (5,574) (5,697) Net income 10,883 1,181 Disposal of treasury stock 18 0 Purchase of treasury stock (21) (4) Reversal of revaluation reserve for land - - Net changes of items other than shareholders' equity (22,140) 6,523 Total changes of items during the period (6,580) 2,003 Balance at the end of current period 290,598 292,601

(4) Consolidated statements of cash flows (Millions of yen) Net cash flow from operating activities Income before income taxes and minority interests 19,373 16,672 Depreciation and amortization 8,520 8,002 Impairment loss 3,205 12,174 Increase (decrease) in allowance for doubtful accounts (4,552) (2,132) Increase (decrease) in provision for loss on construction contracts (1,245) 13,465 Increase (decrease) in provision for retirement benefits 1,746 2,304 Interest and dividends income (3,283) (3,171) Interest expenses 8,677 7,505 Foreign exchange losses (gains) 4,040 1,934 Loss (gain) on valuation of short-term and long term investment securities 2,522 12,657 Loss (gain) on sales of short-term and long term investment securities (1,259) (1,365) Loss on valuation of real estate for sale and development projects in progress 4,518 5,771 Loss (gain) on sales of noncurrent assets 15 (78) Loss on retirement of noncurrent assets 87 105 Decrease (increase) in notes and accounts receivable-trade 101,201 (92,192) Decrease (increase) in costs on uncompleted construction contracts 1,098 (2,130) Decrease (increase) in real estate for sale and development projects in progress 2,354 8,496 Decrease (increase) in other inventories 701 (71) Decrease (increase) in other current assets 5,511 (7,124) Decrease (increase) in investments, other assets and other 19,948 5,208 Increase (decrease) in notes and accounts payable-trade (4,787) 83,355 Increase (decrease) in advances received on uncompleted construction contracts (2,366) 31,760 Increase (decrease) in deposits received (23,252) 21,510 Increase (decrease) in other current liabilities (5,339) (3,781) Other (8,524) (6,679) Subtotal 128,915 112,199 Interest and dividends income received 3,679 3,099 Interest expenses paid (8,568) (7,571) Income taxes paid (5,131) (2,626) Net cash provided by (used in) operating activities 118,894 105,100

(Millions of yen) Net cash flow from investing activities Decrease (increase) in time deposits 360 (2,259) Purchase of short-term and long term investment securities (6,468) (5,831) Proceeds from sales of short-term and long term investment securities 7,352 5,169 Purchase of property, plant and equipment and intangible assets (5,537) (6,721) Proceeds from sales of property, plant and equipment and intangible assets 659 1,946 Payments for sales of investments in subsidiaries resulting in change in scope of consolidation (239) (100) Other (29) (299) Net cash flow from investing activities (3,902) (8,095) Net cash flow from financing activities Increase (decrease) in short-term loans payable (33,613) (23,901) Increase (decrease) in commercial papers (29,990) - Proceeds from long-term loans payable 73,082 79,440 Repayment of long-term loans payable (90,991) (96,123) Proceeds from issuance of bonds 24,890 9,955 Redemption of bonds (2,200) (22,200) Cash dividends paid (5,574) (5,697) Other (354) (295) Net cash flow from financing activities (64,750) (58,821) Effect of exchange rate change on cash and cash equivalents (2,496) (694) Net increase (decrease) in cash and cash equivalents 47,744 37,489 Cash and cash equivalents at beginning of period 155,929 203,674 Cash and cash equivalents at end of period 203,674 241,163

4. Non-consolidated financial statements (1) Balance sheets (Millions of yen) As of March 31, 2011 As of March 31, 2012 Assets Current assets Cash and deposits 178,708 223,582 Notes receivable-trade 17,293 8,920 Accounts receivable from completed construction contracts 222,422 310,599 Real estate for sale 64,688 68,159 Costs on uncompleted construction contracts 98,105 99,826 Development projects in progress 28,731 27,017 Materials and supplies 258 437 Prepaid expenses 1,069 583 Deferred tax assets 34,628 33,704 Accounts receivable 30,408 39,720 Other 9,729 8,696 Allowance for doubtful accounts (130) (664) Total current assets 685,914 820,583 Noncurrent assets Property, plant and equipment Buildings 68,587 68,483 Structures 3,047 3,036 Machinery and equipment 11,337 10,857 Vessels 1,457 - Vehicles 798 706 Tools, furniture and fixtures 7,997 8,256 Land 79,048 77,850 Construction in progress 22 182 Accumulated depreciation (59,927) (60,061) Total property, plant and equipment 112,369 109,311 Intangible assets 4,054 3,537 Investments and other assets Investment securities 172,581 171,211 Stocks of subsidiaries and affiliates 70,007 78,297 Bonds of subsidiaries and affiliates 100 100 Investments in other securities of subsidiaries and affiliates 6,998 6,773 Investments in capital 159 124 Long-term loans receivable 330 - Long-term loans receivable from directors and employees 248 197 Current portion of long-term loans receivable from subsidiaries and affiliates 9,636 8,495 Claims provable in bankruptcy, claims provable in rehabilitation and other 7,704 6,856 Long-term prepaid expenses 374 356 Deferred tax assets 33,889 20,588 Long-term deposits 11,139 11,127 Long-term non-operating accounts receivable 36,034 29,530 Other 15,629 16,594 Allowance for doubtful accounts (23,746) (19,963) Total investments and other assets 341,086 330,290 Total noncurrent assets 457,510 443,138 Total assets 1,143,424 1,263,722

(Millions of yen) As of March 31, 2011 As of March 31, 2012 Liabilities Current liabilities Notes receivable-trade 17,651 31,102 Accounts payable for construction contracts 287,118 343,867 Short-term loans payable 136,203 129,346 Current portion of bonds 22,200 2,200 Lease obligations 99 148 Accounts payable-other 10,849 8,138 Accrued expenses 9,426 10,902 Income taxes payable 571 3,926 Advances received on uncompleted construction contracts 81,339 107,868 Advances received on development project in progress 9,324 13,528 Deposits received 97,100 135,793 Unearned revenue - 0 Provision for warranties for completed construction 1,373 1,491 Provision for loss on construction contracts 9,996 23,419 Other 506 360 Total current liabilities 683,762 812,093 Noncurrent liabilities Bonds payable 40,600 48,400 Bonds with subscription rights to shares 20,000 20,000 Long-term loans payable 120,508 99,012 Lease obligations 170 388 Provision for retirement benefits 14,064 16,701 Provision for loss on business of subsidiaries and affiliates 1,445 1,972 Provision for environmental measures 246 271 Asset retirement obligations 643 656 Other 4,871 4,478 Total noncurrent liabilities 202,550 191,881 Total liabilities 886,312 1,003,974 Net assets Shareholders' equity Capital stock 112,448 112,448 Capital surplus Legal capital surplus 56,538 56,538 Other capital surplus 37,649 37,648 Total capital surpluses 94,187 94,187 Retained earnings Other retained earnings Reserve for advanced depreciation of noncurrent assets 2,822 3,000 General reserve 31,500 34,500 Retained earnings brought forward 12,226 6,478 Total retained earnings 46,549 43,978 Treasury stock (193) (196) Total shareholders' equity 252,991 250,417 Valuation and translation adjustments Valuation difference on available-for-sale securities 4,255 9,388 Deferred gain (loss) on hedges (135) (58) Total valuation and translation adjustments 4,120 9,329 Total net assets 257,112 259,747 Total liabilities and net assets 1,143,424 1,263,722

(2) Statements of income (Millions of yen) Net sales Net sales of construction contracts 916,487 995,258 Net sales of development business and other 21,999 29,842 Total net sales 938,487 1,025,100 Cost of sales Cost of sales of completed construction contracts 836,899 906,407 Cost of sales on development business and other 20,587 39,016 Total cost of sales 857,487 945,424 Gross profit Gross profit on completed construction contracts 79,587 88,850 Gross profit (loss) on development business and other 1,412 (9,174) Total gross profit 80,999 79,676 Selling, general and administrative expenses 52,085 52,197 Operating income 28,914 27,478 Non-operating income Interest income 694 518 Interest on securities 40 85 Dividends income 6,122 4,290 Other 467 693 Total non-operating income 7,324 5,588 Non-operating expenses Interest expenses 4,687 3,724 Interest on bonds 1,802 1,758 Provision of allowance for doubtful accounts 64 15 Bad debts expenses 372 - Foreign exchange losses 3,946 1,871 Taxes and dues 2,115 364 Other 1,164 734 Total non-operating expenses 14,152 8,469 Ordinary income 22,086 24,597 Extraordinary income Gain on prior period adjustment 433 - Gain on sales of noncurrent assets - 14 Gain on sales of investment securities 1,180 1,344 Other 0 36 Total extraordinary income 1,613 1,394 Extraordinary loss Loss on valuation of investment securities 2,428 521 Loss on related businesses 2,438 2,420 Impairment loss 103 1,504 Other 939 765 Total extraordinary losses 5,909 5,211 Income before income taxes 17,790 20,781 Income taxes-current (224) 5,754 Income taxes-deferred 9,199 11,898 Total income taxes 8,975 17,653 Net income 8,815 3,127

(3) Statement of changes in net assets (Millions of yen) Shareholders' equity Capital stock Balance at the beginning of current period 112,448 112,448 Total changes of items during the period - - Balance at the end of current period 112,448 112,448 Capital surplus Legal capital surplus Balance at the beginning of current period 46,248 56,538 Increase by share exchanges 10,290 - Total changes of items during the period 10,290 - Balance at the end of current period 56,538 56,538 Other capital surplus Balance at the beginning of current period 37,650 37,649 Disposal of treasury stock (1) (0) Total changes of items during the period (1) (0) Balance at the end of current period 37,649 37,648 Total capital surpluses Balance at the beginning of current period 83,898 94,187 Increase by share exchanges 10,290 - Disposal of treasury stock (1) (0) Total changes of items during the period 10,289 (0) Balance at the end of current period 94,187 94,187 Retained earnings Other retained earnings Reserve for advanced depreciation of noncurrent assets Balance at the beginning of current period 2,822 2,822 Reversal of reserve for advanced depreciation of noncurrent assets - 177 Total changes of items during the period - 177 Balance at the end of current period 2,822 3,000 General reserve Balance at the beginning of current period 29,500 31,500 Provision of general reserve 2,000 3,000 Total changes of items during the period 2,000 3,000 Balance at the end of current period 31,500 34,500

(Millions of yen) Retained earnings brought forward Balance at the beginning of current period 10,984 12,226 Provision of reserve for advanced depreciation of noncurrent assets - (177) Provision of general reserve (2,000) (3,000) Dividends from surplus (5,574) (5,697) Net income 8,815 3,127 Total changes of items during the period 1,241 (5,747) Balance at the end of current period 12,226 6,478 Total retained earnings Balance at the beginning of current period 43,307 46,549 Provision of reserve for advanced depreciation of noncurrent assets - - Provision of general reserve - - Dividends from surplus (5,574) (5,697) Net income 8,815 3,127 Total changes of items during the period 3,241 (2,570) Balance at the end of current period 46,549 43,978 Treasury stock Balance at the beginning of current period (175) (193) Disposal of treasury stock 3 0 Purchase of treasury stock (21) (4) Total changes of items during the period (17) (3) Balance at the end of current period (193) (196) Total shareholders' equity Balance at the beginning of current period 239,479 252,991 Increase by share exchanges 10,290 - Dividends from surplus (5,574) (5,697) Net income 8,815 3,127 Disposal of treasury stock 2 0 Purchase of treasury stock (21) (4) Total changes of items during the period 13,512 (2,574) Balance at the end of current period 252,991 250,417

(Millions of yen) Valuation and translation adjustments Valuation difference on available-for-sale securities Balance at the beginning of current period 15,300 4,255 Net changes of items other than shareholders' equity (11,045) 5,133 Total changes of items during the period (11,045) 5,133 Balance at the end of current period 4,255 9,388 Deferred gain (loss) on hedges Balance at the beginning of current period (56) (135) Net changes of items other than shareholders' equity (78) 76 Total changes of items during the period (78) 76 Balance at the end of current period (135) (58) Total valuation and translation adjustments Balance at the beginning of current period 15,244 4,120 Net changes of items other than shareholders' equity (11,124) 5,209 Total changes of items during the period (11,124) 5,209 Balance at the end of current period 4,120 9,329 Total net assets Balance at the beginning of current period 254,723 257,112 Increase by share exchanges 10,290 - Dividends from surplus (5,574) (5,697) Net income 8,815 3,127 Disposal of treasury stock 2 0 Purchase of treasury stock (21) (4) Net changes of items other than shareholders' equity (11,124) 5,209 Total changes of items during the period 2,388 2,635 Balance at the end of current period 257,112 259,747

(2) (Consolidated) Amount of orders received, net sales and balance carried (i) Amount of orders received (Millions of yen, rounded down) Change over Rate of change previous year % Civil engineering 328,819 358,732 29,912 9.1 Building construction 802,591 877,695 75,103 9.4 Real estate development 77,380 95,661 18,281 23.6 Other 45,304 47,483 2,179 4.8 Total 1,254,094 1,379,572 125,477 10.0 (ii) Net sales (Millions of yen, rounded down) Change over Rate of change previous year % Civil engineering 311,999 333,526 21,527 6.9 Building construction 783,397 856,909 73,511 9.4 Real estate development 77,307 85,496 8,189 10.6 Other 45,414 47,571 2,156 4.7 Total 1,218,118 1,323,503 105,384 8.7 (iii) Balance carried forward (Millions of yen, rounded down) Change over Rate of change previous year % Civil engineering 395,350 420,555 25,205 6.4 Building construction 1,211,458 1,232,244 20,786 1.7 Real estate development 225 10,390 10,164 - Other 355 267 (87) (24.6) Total 1,607,390 1,663,459 56,068 3.5

(3) (Non-consolidated) Amount of orders received, net sales and balance carried (i) Amount of orders received (Millions of yen, rounded down) Change over previous year Rate of change % % % Civil engineering (1) Domestic public sector 121,468 12.5 110,613 10.3 (10,855) (8.9) Domestic private sector 80,840 8.3 103,982 9.6 23,141 28.6 Overseas 27,588 2.8 30,122 2.8 2,533 9.2 Total 229,898 23.6 244,717 22.7 14,818 6.4 Building construction (2) Domestic public sector 40,942 4.2 54,594 5.1 13,651 33.3 Domestic private sector 665,933 68.4 666,612 61.9 678 0.1 Overseas 14,897 1.5 71,321 6.6 56,423 378.7 Total 721,774 74.1 792,528 73.6 70,754 9.8 Total (1) + (2) Domestic public sector 162,411 16.7 165,207 15.4 2,796 1.7 Domestic private sector 746,774 76.7 770,594 71.5 23,820 3.2 Overseas 42,486 4.3 101,443 9.4 58,957 138.8 Total 951,672 97.7 1,037,245 96.3 85,573 9.0 Real estate development 13,505 1.4 30,512 2.8 17,006 125.9 Other 8,567 0.9 9,495 0.9 927 10.8 Total 973,745 100.0 1,077,253 100.0 103.507 10.6 Note: The percentages indicate the proportion. Major new construction orders in fiscal period under review NTT Urban Development Corporation, Taisei Corporation, Hulic Co., Ltd., Tokyo City-Development Co., Ltd. Socialist Republic of Vietnam, Northern Airports Corporation, Vietnam Kita-Shinagawa 5-Chome Area 1 Urban Redevelopment Association Tokyo Metropolitan Government Bureau of Sewerage West Nippon Expressway Co., Ltd., Kansai Branch Upper-level section redevelopment project associated with the reconstruction of the Shibaura Water Reclamation Center (tentative name) Terminal 2 Construction Project in Noi Bai International Airport, Vietnam Kita-Shinagawa 5-Chome Area 1 Redevelopment Project, New construction of office buildings (A1 and C1 buildings) Shibaura Water Reclamation Center Storm Water Storage Tank Project 3 (Tokyo) Shin-Meishin Expressway, Kawanishi Tunnel Construction

(ii) Net sales Civil engineering (1) (Millions of yen, rounded down) Change over previous year Rate of change % % % Domestic public sector 94,573 10.1 90,847 8.9 (3,725) (3.9) Domestic private sector 69,842 7.4 89,514 8.7 19,672 28.2 Overseas 43,817 4.7 39,242 3.8 (4,574) (10.4) Subtotal 208,233 22.2 219,604 21.4 11,371 5.5 Building construction (2) Domestic public sector 73,974 7.9 106,044 10.4 32,069 43.4 Domestic private sector 569,378 60.7 595,798 58.1 26,419 4.6 Overseas 64,900 6.9 73,811 7.2 8,910 13.7 Subtotal 708,253 75.5 775,653 75.7 67,400 9.5 Total (1) + (2) Domestic public sector 168,547 18.0 196,891 19.3 28,344 16.8 Domestic private sector 639,221 68.1 685,312 66.8 46,091 7.2 Overseas 108,718 11.6 113,054 11.0 4,336 4.0 Subtotal 916,487 97.7 995,258 97.1 78,771 8.6 Real estate development 13,432 1.4 20,347 2.0 6,915 51.5 Other 8,567 0.9 9,495 0.9 927 10.8 Total 938,487 100.0 1,025,100 100.0 86,613 9.2 Note: The percentages indicate the proportion. Major construction projects completed in fiscal period under review Nishi Shinjuku 8-Chome Naruko Area Urban Redevelopment Association Mitsui Fudosan Co., Ltd. Road Development Authority, Sri Lankan Ministry of Ports and Highways Roppongi 3-Chome Area Urban Redevelopment Association Nagoya Horse Racing Co., Ltd., Japan Racing Association Nishi Shinjuku 8-Chome Naruko Area Urban Redevelopment, new construction of facilities and buildings and construction of public facilities New construction of Yokohama Mitsui Building Sri Lanka s Southern Highway Project (Package 2) Roppongi 3-Chome Area Urban Redevelopment Construction, new construction of facilities and buildings Chukyo Racetrack Remodeling Project and other construction

(iii) Balance carried forward Civil engineering (1) (Millions of yen, rounded down) Change over previous year Rate of change % % % Domestic public sector 160,661 10.6 180,427 11.5 19,765 12.3 Domestic private sector 104,059 6.9 118,526 7.6 14,467 13.9 Overseas 94,255 6.2 85,134 5.4 (9,120) (9.7) Subtotal 358,976 23.7 384,089 24.5 25,112 7.0 Building construction (2) Domestic public sector 158,643 10.5 107,194 6.8 (51,449) (32.4) Domestic private sector 892,123 58.8 962,937 61.4 70,814 7.9 Overseas 105,388 7.0 102,898 6.6 (2,489) (2.4) Subtotal 1,156,155 76.3 1,173,030 74.8 16,875 1.5 Total (1) + (2) Domestic public sector 319,305 21.1 287,621 18.3 (31,683) (9.9) Domestic private sector 996,183 65.7 1,081,464 69.0 85,281 8.6 Overseas 199,643 13.2 188,033 12.0 (11,610) (5.8) Subtotal 1,515,132 100.0 1,557,119 99.3 41,987 2.8 Real estate development 225 0.0 10,390 0.7 10,164 - Other - - - - - - Total 1,515,358 100.0 1,567,510 100.0 52,152 3.4 Note: The percentages indicate the proportion. Major new construction orders carried over into next fiscal period New Doha International Airport Steering Committee Algerian government s Ministry of Public Works, Expressway Public Corporation Japan Post Network Co., Ltd. Turkey s Directorate of State Railroads, Ports and Airports Construction, Ministry of Transport and Communications Tokyo Prime Stage Ltd. New construction of the New Doha International Airport Terminal Complex in Qatar Algeria East-West Expressway (eastern section) New construction for Marunouchi 2-Chome Project (tentative name) Bosphorus Rail Tube Crossing Tunnel construction project in Turkey Construction work on site Otemachi 1-6 Planning (tentative name)