2PARTReview of OperationsReview of Fiscal 2016While aftermarket friction materials products sales declined, expansion in products sold to global platform applications (common platforms for global distribution) and full scale sales of disc brake calipers for mass produced high performance vehicles allowed sales to grow by 6.5% year-on-year to JPY11.6 billion. With regard to prots, the increase in one-off expenses arising from preparations for increased production at the newly established Slovakia Plant and deterioration in the product sales mix due to declines in the friction materials business caused operating loss to expand to JPY1.3 from JPY0.9 billion in the previous term.Outlook for Fiscal 2017The start of full scale production at the Slovakia Plant, which is a manufacturing center for disc brake calipers Review of Fiscal 2016In China orders grew due to favorable sales of SUVs and compact cars on the back of special tax incentives and sales rose by 2.8% year-on-year to JPY20.0 billion. With regard to prots, changes in sales composition arising from increases in orders for friction materials and cost reduction efforts allowed operating prot to rise by 1.7% year-on-year to JPY2.6 billion despite increases in labor cost and depreciation related to environmental responses and an increase in manufacturing lines. In Thailand increases in production of exported compact cars, start of production of newly ordered parts, optimization of production within the Akebono Group arising from transfer of production from North America and increases in orders in Europe, increases in capital investments to facilitate a stable supply structure to satisfy future growth, and expenses for support provided from Japan are expected to contribute to a continued operating loss. The Slovakia Plant is the most important manufacturing facility in the midterm business plan of expanding the brake calipers business for high performance vehicles, and efforts will be made to establish a rm foundation for this business. In addition, the responsibility of the company overseeing all operations in Europe located in Belgium will be divided and transferred to three companies located in France, Germany and Slovakia, and supervision will be provided directly from the headquarters as part of the restructuring of the European operations. These measures are being undertaken to strengthen the global network and improve earnings of the European operations.in general allowed sales to rise by 10.1% year-on-year to JPY6.6 billion. With regard to prots, higher depreciation accompanying the start of new businesses for compact cars, increases in labor expenses and start-up expenses arising from the start of production at a new foundry caused operating prot to fall by 9.5% year-on-year to JPY0.4 billion despite higher sales. In Indonesia orders within Indonesia associated with new business for multi-purpose vehicles (MPVs) that meet low-cost green car (LCGC) regulations, and shipments of products for global platform vehicle applications in Europe remained favorable and allowed sales in local currency terms to grow. However, the negative inuence of the stronger yen (-JPY1.8 billion) caused sales to decline AESA presented an exhibition booth at Automechanika Frankfurt 2016, held in Frankfurt, Germany in September 2016. Automechanika is one of the world’s largest exhibitions held for companies that provide services to the automotive industry. This time, there were 4,820 exhibitions from companies representing 74 countries, ranging from major corporations to workshops and retailers involved in the automobile industry. AESA’s booth was visited by more than 300 people from 30 countries in Europe, the Middle East, and Africa. AESA displayed its current production model brake pads and calipers, in addition to new copper-free brake pads, which offer improved braking performance, less noise, Review of Operations by Region|EuropeReview of Operations by Region|AsiaAkebono Europe S.A.S. (AESA) Exhibits at Automechanikaand better pedal feeling, along with exceptional anti-fade performance and comfort, all while helping keep wheels clean. Akebono Booth at Automechanika Frankfurt 201627 AKEBONO REPORT 2017

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