Dunlop Sports Co. Ltd.

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1 Dunlop Sports Co. Ltd. First Quarter of FY 2017 Financial Results Briefing Material May 9, 2017

Summary of Consolidated Financial Results Operating profit and profit before tax both increased Operating Profit (%) IFRS 2017

0 *Amounts less than 100 million yen are rounded off, amounts less than ± 50 million yen are shown as zero (+0%) 1.0 0.6 +0.

8 - y-o-y 96% Japanese golf equipment market -4% 97% Japanese tennis equipment market -3% 96% U.S.

2 Summary of Consolidated Financial Results Operating profit and profit before tax both increased Operating Profit (%) IFRS Jan.-Mar. Jan.-Mar. Revenue *Amounts less than 100 million yen are rounded off, amounts less than ± 50 million yen are shown as zero (+0%) (6.1%) (3.3%) (+83%) Profit before tax Net Profit y-o-y (% change) +1.0 (+670%) y-o-y 96% Japanese golf equipment market -4% 97% Japanese tennis equipment market -3% 96% U.S. golf equipment market -4% y-o-y Revenue increased slightly. Operating profit rose because of strong overseas sales, improved gross margin, and reduced expenses. Profit before tax increased as foreign exchange operations in financial revenue mainly turned profitable. <2>

Revenue by Products Golf club sales declined, golf ball sales rose 2017 Jan.-Mar.

12.7-0.1-1% +0.1 1.6 +0.1 +5% +0.1 0.2 +0.1 +46% +0.1 14.5 +0.0 +0% +0.2 0.3-0.1-13% -0.1 2.1 +0.

2 *Amounts less than 100 million yen are rounded off, amounts less than ± 50 million yen are

3 Revenue by Products Golf club sales declined, golf ball sales rose 2017 Jan.-Mar. Amount % Excluding currency effect Golf clubs % -0.7 Golf balls % +0.9 Golf others % -0.1 Golf equipment Tennis equipment License revenue Sports equipment Services Wellness Total y-o-y % % % % % % % +0.2 *Amounts less than 100 million yen are rounded off, amounts less than ± 50 million yen are shown as zero <3> Japan Overseas (ex.currency) Golf clubs Golf balls Golf others Total Golf clubs Revenue in Japan fell because of market demand and increased competition. Revenue from overseas increased mainly with wedges. Golf balls Revenue increased significantly both in Japan and abroad with strong sales of the new Z-STAR product. Wellness Revenue rose with continuation of opening new compact gyms.

Revenue by Region Sales increased overseas despite declining in Japan 2017 Jan.-Mar. y-o-y change Excluding currency effect Japan 9.5-1.4-1.4 North America 2.4 +0.8 +0.9 Europe 1.4 +0.1 +0.

4 Revenue by Region Sales increased overseas despite declining in Japan 2017 Jan.-Mar. y-o-y change Excluding currency effect Japan North America Europe Japan Golf equipment revenue decreased because of golf clubs. Revenue from tennis equipment and wellness increased. North America/Europe/Asia Revenue increased from strong sales of golf clubs and golf balls. Asia Australia South Africa Overseas Revenue Ratio of Overseas Revenue 44.0% +8.3P +8.8P (Equipment business) (51.3%) (+9.6P) (+10.2P) Consolidated Revenue *Amounts less than 100 million yen are rounded off, amounts less than ± 50 million yen are shown as zero <4> [Exchange rate of major currencies] yen Change % USD % KRW % EUR %

Operating Profit Analysis Profit increased

2016 Jan.-Mar. Sales vol. Product mix +0.

1 Cost reduction Currency exchange Other

0 +0.5 0.5 Golf clubs -0.01 Golf balls -0.

01 [Exchange rate of major currencies] yen

5 Operating Profit Analysis Profit increased with rise in overseas sales, reduced expense 2016 Jan.-Mar. Sales vol. Product mix +0.2 Material costs -0.1 Cost reduction Currency exchange Other expenses Jan.-Mar Golf clubs Golf balls Tennis balls [Exchange rate of major currencies] yen Change % USD % KRW % EUR % 1.0 <5>

6 Statement of Financial Position (B/S) Interest-bearing debt grew * 3.3 billion yen, equity ratio dropped 3.2P 流動資産 (*) Mainly for financing the investment in Dunlop International End of Dec End of Mar Current assets ( 億円 ) 2016 年 12 月末 2017 年 3 月末 Liabilities *Amounts less than 100 million yen are rounded off 億円未満四捨五入 Current 20.7 負債 23.1 負債 assets 207 流動資産 Liabilities Noncurrent assets 非流動資産 Shareholders equity 34.9 資本 349 Noncurrent assets 非流動資産 Shareholders equity 34.6 資本 Total assets 55.6 Total assets 57.7 Capital to asset ratio 60.6% Capital to asset ratio 57.4% 総資産 556 総資産 577 Interest-bearing debt 5.6 Interest-bearing debt 8.9 自己資本比率 60.6% 自己資本比率 57.4% <6> 有利子負債 56 有利子負債 89 3

7 Consolidated revenue/operating profit Although revenue was unchanged y-o-y, operating profit rose Billion yen Sales Operating profit Japanese GAAP IFRS 2010_1Q 2011_1Q 2012_1Q 2013_1Q 2014_1Q 2015_1Q 2016_1Q 2017_1Q USD exchange rate <7>

8 This document was prepared for the benefit of investors to contribute to their understanding of the current situation of Dunlop Sports Co. Ltd. The contents described in this document are prepared and based on generally acknowledged economic/social conditions and certain assumptions determined reasonable by the company at the time of preparation of the material and are subject to change without advance notice due to factors, including changes in the management environment. We kindly ask investors to make investments at their discretion. ~ Contact ~ Dunlop Sports Co. Ltd. Public Relations TEL: +81-(0) FAX: +81-(0) dunlopsports.ir@dunlopsports.co.jp URL:

Dunlop Sports Co. Ltd.

Dunlop Sports Co. Ltd. (Stock Code :7825 Tokyo Stock Exchange) Second Quarter of FY Financial Results Briefing Material August 7, First Half Earnings Summary of Consolidated Financial Results Overseas