2016 FISCAL YEAR* FINANCIAL STATEMENTS

  JPY** USD***
Total Income ¥ 158,064 $ 1,419
Total Expenses ¥ 149,339 $ 1,341
Increase in Net Asset ¥ 8,725 $78

I. Juntendo was assigned an "AA Stable " in December 12, 2012, by Rating and Investment Information, Inc.
II. 32,254** JPY (287*** USD) was spent on research expenses, personal expenses excluded.

100 JPY = 0.898 USD, March 31, 2017

*
Japanese fiscal year: April 1, 2016 - March 31, 2017
**
Unit: Million JPY
***
Unit: Million USD