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Establishment of PT. Daikin Airconditioning Indonesia

To Strengthen and Expand Sales in the Rapidly Growing Indonesian Market

27 April 2012

Daikin Industries, Ltd. recently established PT. Daikin Airconditioning Indonesia (Head Office: Special Capital Territory of Jakarta) as a joint venture in Indonesia with its local distributor PT. Imora Makmur (hereinafter referred to as "Imora"). Business operations of the new company are set to begin from June 1, 2012.

In establishing its own sales company, Daikin is looking to promote new development of sales offices and build a solid sales network that utilizes a wide-ranging product lineup and comprehensive services. In doing so, the company sets its sights on sales of 25 billion yen in the year 2016.

Indonesia continues to experience steady growth as seen by the GDP growth rate of 6.1% in fiscal year 2010 and is the largest among ASEAN countries in population at approximately 230 million people. Middle class wage earners receiving an annual income over 5,000 dollars are expected to rapidly increase in the future, and while the penetration rate of air conditioners among general households is currently at the level of 10 to 15% (Daikin's estimation), the rate is projected to steadily rise from now. Accompanying this, the air conditioning market, which recorded sales of approximately 57 billion yen in fiscal year 2010, is anticipated to double in fiscal year 2016.

Daikin has been selling air conditioning equipment through Imora since 1976; however, in order to expand its business in line with the speed of market growth, the need for strengthening capabilities in sales and support as well as in after sales services has become a key topic for the company.

By establishing a joint venture together with Imora at this time, Daikin hopes to leverage Imora's local sales network and expertise in doing business in Indonesia. Until now, Daikin has been accelerating the strengthening of its sales and service capabilities, such as in the development of sales offices cultivated in each region of the world, transfer of sales know-how, and new establishment of training centers. In establishing this joint venture, Daikin aims for the No. 1 share in the Indonesian market in the future.

Summary of New Company

1) Name PT. Daikin Airconditioning Indonesia
2) Place of Incorporation Special Capital Territory of Jakarta
3) Representative President Isao Tsumura
4) Capital 1.6 billion yen (200 million dollars,rate calculated at $1=¥80)
5) Investment ratio Daikin Industries, Ltd    60%
PT. Imora Makmur    40%
6) Establishment April 2012
7) Description of Business Sales of AC equipment and after sales service
8) Number of Employees 297 people

Summary of PT. Imora Makmur

1) Name PT. Imora Makmur
2) Place of Incorporation Special Capital Territory of Jakarta
3) Representative President Mr. Urip Sugiono
4) Establishment 1976
5) Description of Business Sales of AC equipment and after sales service
6) Sales 4.8 billion yen (60 million dollars, rate calculated at $1=¥80, as of March 2011 term)
7) Number of Employees Approximately 350 people (as of March end 2012)
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