Eyeing the Next Stage

Eyeing the Next Stage 2014 3 2014

Our Values CONTENTS 1 2 6 8 10 18 24 26 30 36 38 42 47 48 49 89 90 92 At a Glance CEO CSR 2014 3 12 3 31 IMSJPM 2014 IMS Health IMS-JPM 2009.4-2014.3

1 1. 1890 120 Santen Pharmaceutical Co., Ltd. Annual Report 2014 1

Our Vision 2020 2020 40% 50% 5 1. 2. 3. 4. 5. 2 Santen Pharmaceutical Co., Ltd. Annual Report 2014

2014-2017 2020 1 2011-2013 2014-2017 P.10 CEO Santen Pharmaceutical Co., Ltd. Annual Report 2014 3

Our 85.7% No.1 1 3,000 400MR No.2 No.2 2014 3 1,487 P.30 4 Santen Pharmaceutical Co., Ltd. Annual Report 2014

Advantage 121550 4 3 1 1. 5mL P.18 P.36 3 50 Santen Pharmaceutical Co., Ltd. Annual Report 2014 5

At a Glance 127,396 39.4% 1 1 85.7% 25.5% 43.5% 12 28.9% P.30 P.36 10,251 38.4% 2 1 6.9% DMARDs 2 EN 3.8% P.34 6,455 19.3% 2 3 4.3% FX 0.3% P.35 2,678 1.8% 19.3% P.36 1,883 1.3% 8.8% 1. 2014 3DMARDs IMS-JPM 2. 3. 2014 3 6 Santen Pharmaceutical Co., Ltd. Annual Report 2014

2013 10 1 2013 11 At a Glance 2014 5 4 2013 400 4. COSOPT 5 2013 400 72 5. COSOPT COSOPT PF TRUSOPT TRUSOPT PF TIMOPTIC TIMOPTIC PF TIMOPTIC-XE SAFLUTAN TAPTIQOM 56 33 2014 5 15 4 72 37 Santen Pharmaceutical Co., Ltd. Annual Report 2014 7

3 31 2010 2011 2012 2013 2014 2014 2014/2013 110,594 29,640 18,723 18,826 14,123 1,315 3,421 110,812 30,739 21,333 19,797 13,221 1,651 2,976 114,416 26,732 17,161 16,966 17,225 3,281 2,949 119,066 24,681 16,521 21,729 16,720 3,609 3,291 148,663 27,414 17,109 25,379 19,040 4,786 3,927 $ 1,444,456 266,363 166,239 246,585 184,998 46,502 38,155 24.9% 11.1 3.6 16.8 13.9 32.6 19.3 166,878 75 137,343 184,801 152 156,099 198,801 179 164,514 199,641 145 164,808 231,106 102 180,811 $ 2,245,489 991 1,756,804 15.8% (29.7) 9.7 1 EPS 220.10 219.85 1,614.08 80.00 249.71 249.42 1,793.15 90.00 196.96 196.76 1,887.81 100.00 195.81 195.51 1,998.44 100.00 207.29 206.65 2,189.50 100.00 $ 2.01 2.01 21.27 0.97 5.9% 5.7 9.6 0.0 % % % ROE% DOE% 26.8 19.0 12.8 14.3 5.2 2,756 27.7 16.5 11.9 14.5 5.3 2,867 23.4 16.6 15.1 10.7 5.4 3,053 20.7 15.4 14.0 10.0 5.1 3,050 18.4 17.9 12.8 9.9 4.8 3,072 1. 2014 32013 312 2. 2014 3 311102.92 3. 12 17 134. 5. 1,500 1,487 % 30 400 % 40 750 0 1,191 1,144 1,106 1,108 17.9 16.5 16.6 19.0 15.4 2010 2011 2012 2013 2014 15 0 200 0 296 307 267 274 26.8 27.7 247 23.4 20.7 18.4 2010 2011 2012 2013 2014 20 0 8 Santen Pharmaceutical Co., Ltd. Annual Report 2014

EPS 200 190 % 30 300 300 100 0 172 167 141 132 15.1 14.0 12.8 12.8 11.9 2010 2011 2012 2013 2014 15 0 2014 3 TRC105 DE-122 150 0 249.71 220.10 187 213 196.96 207.29 195.81 172 165 171 2010 2011 2012 2013 2014 150 0 20102011 3 2 EPS 2,000 1,000 0 ROE 1,373 14.3 1,561 14.5 1,645 10.7 1,648 10.0 1,808 9.9 2010 2011 2012 2013 2014 % 20 10 0 20102011 3 ROE 120 60 0 1 DOE 80 90 100 5.2 5.3 5.4 100 5.1 100 4.8 2010 2011 2012 2013 2014 % 10 5 0 DOE5 2011-2013 DOE 5.1 ROE 1 DOE 6 % 140 134.4 2012 8137 70 48.2 2012 11 50.8 36.3 36.0 5.67 0 2010 2011 2012 2013 2014 6. P.50 P.54 P.56 11 Santen Pharmaceutical Co., Ltd. Annual Report 2014 9

CEO President and CEO s Message 2014 9 CEO 10

2014 3 2011-2013 2014 3 24.9%1,487 11.1%274 3.6%171 2012 11 VEGF 2013 11 60 1 2013 12Ikervis : : DE-109 150 3 2014 5 QOL Quality of Life 1. 2014 3 31 2014 3 1 100 48.2% CEO Santen Pharmaceutical Co., Ltd. Annual Report 2014 11

2011-2013 2011-2013 2011-2013 2014 3 2014 3 ROE 1. 2011 2013 3 1,210 1,487 310 200 155 274 171 190 10% 10.2% 1 2011-2013 3 4 2 2. 43. 12 Santen Pharmaceutical Co., Ltd. Annual Report 2014

2014-2017 2020 2014-2017 8% 5 2020 3 2020 CEO 5 1. 2. 3. 4. 5. 2014-2017 2018 3 2,050 450 ROE 310 13% 210 545 40% Santen Pharmaceutical Co., Ltd. Annual Report 2014 13

1 2 3 1. 2. 3. 2014-2017 2,050 1,450 1,487 4 185 1,221 4 34 1,864 1,416 2014 3 2018 3 2014 3 2018 3 4. 2014 5 14 Santen Pharmaceutical Co., Ltd. Annual Report 2014

20201 CEO 275 4 23 310 4 128 132 252 123 181 2014 3 2018 3 2014 3 2018 3 Santen Pharmaceutical Co., Ltd. Annual Report 2014 15

4 2020 2014 5 9 1 2020 3772 1. COSOPT COSOPT PF TRUSOPT TRUSOPT PF TIMOPTIC TIMOPTIC PF TIMOPTIC-XE SAFLUTAN TAPTIQOM 2018 3 185 128 23 34 16 Santen Pharmaceutical Co., Ltd. Annual Report 2014

CSR CSR CSR CSR CSR 3 ISO26000 2 7 CSR CSR 2020 CSR CSR 2. ISO NGO CEO Santen Pharmaceutical Co., Ltd. Annual Report 2014 17

No.1 Expanding Operations in Asia 2020 No.1 18 Santen Pharmaceutical Co., Ltd. Annual Report 2014

2020 No.1 2014 3 53.9%132 12 31.1%112 2015 3 12% 1232% No.1 * 2014 8 18.9 % * wth in the Asian Market 25.5% Santen Pharmaceutical Co., Ltd. Annual Report 2014 19

1 Expanding 22.3 % 30.2% 800 1980 1989 10 2005 2007 2012 400 0 2010 2011 2012 2013 2014 2009 2013 9 GSP 2 GSP 1. 2. Good Supply Practice 20 Santen Pharmaceutical Co., Ltd. Annual Report 2014

200 MR 10 MR M essage 2011 1 2012 1 2020 20% No.2 QOL No.1 Santen Pharmaceutical Co., Ltd. Annual Report 2014 21

No.1 2010 3 2017 No.1 150 10 100 5 50 0 2010 2011 2012 2013 2014 0 2010 2011 2012 2013 2014 22 Santen Pharmaceutical Co., Ltd. Annual Report 2014

2014 5 2013 10 M essage 2013 10 2013 12 No.1 QOL QOV Quality of Vision: QOL Quality of Life No.1 28 APAO20132013 1 Santen Pharmaceutical Co., Ltd. Annual Report 2014 23

CEO QOL Quality of Life 3 POC 1 2013 4 2 3 24 Santen Pharmaceutical Co., Ltd. Annual Report 2014

Ikervis 2013 10 1 2014 3TRACONTRC105 DE-122 4 DE-122VEGF 150 DE-109 3 SAKURA 5 1 1 6 2013 12Ikervis 1. Proof of Concept 2. 3. 4. 5. Study Assessing double-masked Uveitis treatment 6. 7. Standardization of Uveitis Nomenclature Working Group DE-109 SAKURA1 4+ 3+ 2+ 1+ Trace 0 SUN 7 0SAKURA 1 347 DE-109 3 5 0 1 Santen Pharmaceutical Co., Ltd. Annual Report 2014 25

1 2 3 DE-089 Merck Sharp & Dohme Corp. 2012 1 2013 10 1 2 3 2010 3 DE-085 2011 1 DE-111 2013 6 2013 9 DE-117 2b DE-118 2013 10 2014 3 DE-090 MSD 1 2 3 DE-109 DE-120 1/2a 2014 8 5 26 Santen Pharmaceutical Co., Ltd. Annual Report 2014

DE-089 2010 12 2013 10 DE-090 2 NMDA MSD DE-085 2008 12 2008 6 DE-109 3 DE-120 VEGF PDGF 2014 1 1/2a DE-111 2013 9 DE-117 EP2 2014 62b DE-118 1 2013 10 Santen Pharmaceutical Co., Ltd. Annual Report 2014 27

1 2 3 Cyclokat 2013 12 Vekacia Catioprost Cortiject 1/2 2 2014 8 5 1 2 1 3 1. 2 POC Proof of Concept 28 Santen Pharmaceutical Co., Ltd. Annual Report 2014

Cyclokat M essage 2013 12 2 Vekacia 3 Catioprost F2 Cortiject 10 2008 DE-109 2011 DE-109 3 DE-109 2014 4 3 1 DE-109 M Santen Pharmaceutical Co., Ltd. Annual Report 2014 29

2014 3 101,779 25.5% 2014 3 10.2%3,013 25.5%1,017 79 39.4% 6 800 400 0 2010 2011 2012 2013 2014 1,200 1,018 6 1,200 727 756 778 811 600 600 0 2010 2011 2012 2013 2014 0 2010 2011 2012 2013 2014 6 4,000 2,000 0 3,013 2,734 2,474 2,549 2,349 2010 2011 2012 2013 2014 VEGF 30 Santen Pharmaceutical Co., Ltd. Annual Report 2014

11.5%442 2014 3 0.5%181 78 2010 12 40.8%78 31 70.5% 800 250 125 0 1995 2010 2011 2012 2013 2014 2010 P2Y2 1 1. TOPICS Osaka Study Osaka Study 2014 3 25 2011 Osaka Study 65% Osaka Study 2013 Santen Pharmaceutical Co., Ltd. Annual Report 2014 31

10.5%1,047 35% 1 250 125 0 2010 2011 2012 2013 2014 2008 12 2014 3 17.8%89 56 2010 6 31.5%118 46 2013 101 30.5% 2015 3 2008 2010 1 VEGF 52.6%431 2012 11 VEGF 2014 3 187 56 32 Santen Pharmaceutical Co., Ltd. Annual Report 2014

200 100 0 2013 2014 2012 58.5% 1.5%2011 6 VEGF VEGF 1 48.7%2015 3 VEGF 150 75 0 2010 2011 2012 2013 2014 2000 3.0%183 2014 3 4.7%91 30 1987 Santen Pharmaceutical Co., Ltd. Annual Report 2014 33

9.7% 279 21.2% 2015 3 2014 3 2013 11 14.9%46 37 50 2014 3 10,162 +3.6% 120 98 97 99 98 102 60 25 0 2010 2011 2012 2013 2014 0 2010 2011 2012 2013 2014 2001 H1 H1 DMARDs 1 5.5%287 70 1. 2013 H1 EN 2014 3 3.6%101 62 34 Santen Pharmaceutical Co., Ltd. Annual Report 2014

DMARDs 38.4% DMARDs EN QOL Quality of Life 3 2014 3 6,418-0.6% 80 65 64 52 47 46 40 100 50 0 2010 2011 2012 2013 2014 2014 3 3.1%560 0 2010 2011 2012 2013 2014 EN 1987 EN1995 EN QOL FX 40 2014 3 FX 0.6%64 18 2014 3 PC 2004 Santen Pharmaceutical Co., Ltd. Annual Report 2014 35

2014 3 2,625 +20.5% 2014 3 26,550 +44.6 1 % 30 19 22 26 250 210 183 190 184 266 15 10 15 125 0 2010 2011 2012 2013 2014 0 2010 2011 2012 2013 2014 2008 2009 2011 2013 2014 3 20.5%26 25 1. 12 +30.4% 43.5%256 1712 28.9%230 11 26 6 44.6%265 5012 30.4%239 32 8% 36 Santen Pharmaceutical Co., Ltd. Annual Report 2014

30 27 40 24 56 1980 2005 2008 2009 31 305 MR 2010 52013 10 MR 2012 2013 9 2013 12 No.1 TOPICS 34 WOC2014 TOKYO 2014 4 WOC2014 TOKYO 2 10 5,000 WOC2014 TOKYO2020 Santen Pharmaceutical Co., Ltd. Annual Report 2014 37

CSR CSR 1890 120 3 2020 QOL Quality of Life CSR CSR QO QOL L Quality of Life 38 Santen Pharmaceutical Co., Ltd. Annual Report 2014

CSR CSR CSR 3 ISO26000 1 CSR CSR CSR CSR CSR 1. ISO NGO CSR CSR CSR CSR CSR 7 CSR Plan Do Check Action PDCA KPI CSR CSR CSR CSR Plan P CSR Action 2 3 Check Do KPI A 1 C D CSR NPO NGO Santen Pharmaceutical Co., Ltd. Annual Report 2014 39

CSR 3 MR CSR 1997 http://www.santen.co.jp 40 Santen Pharmaceutical Co., Ltd. Annual Report 2014

CO 2 t-co2 4 2 0 3.10 ISO14001 201322 2005 3.07 2.91 2010 2011 2012 2.81 2013 2.55 2014 22 2013 4 2013 6 70 3 3 4 36,000 9,000 CSR NGO CSR http://www.santen.co.jp/ja/csr Santen Pharmaceutical Co., Ltd. Annual Report 2014 41

Corporate Governance 12014 6 2 35 2014 3 13 34 2014 3 10 2014 6 CSR 1 1 1 CEO 1. 42 Santen Pharmaceutical Co., Ltd. Annual Report 2014

3 2014 613 3 3 165 25 63 116 25 63 45 2 3 1 6 http://www.santen.co.jp 43 Santen Pharmaceutical Co., Ltd. Annual Report 2014 2013 6 25 45 1 2013 6

44 Santen Pharmaceutical Co., Ltd. Annual Report 2014 http://www.santen.co.jp 1999 12 CSR 4 3

BCM PDCA 1 IR 2 1 3 2014 5 1. P PlanD DoC CheckA Action 2013 2013IR http://www.santen.co.jp Santen Pharmaceutical Co., Ltd. Annual Report 2014 45

Message 7015 67 2020 46 Santen Pharmaceutical Co., Ltd. Annual Report 2014

2014 8 CEO 52 9 13 16 18 COO 20 CEO 52 17 19 23 23 25 26 12 17 17 17 18 63 20 23 26 18 23 24 24 51 11 18 20 22 11 16 22 23 16 21 23 25 8 20 21 26 Santen Pharmaceutical Co., Ltd. Annual Report 2014 47

2014 8 CEO CSR 48 Santen Pharmaceutical Co., Ltd. Annual Report 2014

11 50 54 56 58 60 61 62 64 87 88 Santen Pharmaceutical m Co., Ltd. Annual Report 2014 49

2 98.0% 24.7%1,457 13 30.8% 29 50 24.9%1,486 63 26.2%1,392 58 93.7% 25.5%1,017 79 43.5%256 17 FX 0.3%64 55 19.3%26 78 2 72 % 2014 3 2013 3 145,713 116,810 24.7 139,258 110,336 26.2 127,396 98,981 28.7 10,251 9,874 3.8 1,611 1,481 8.8 6,455 6,474 (0.3) 2,950 2,256 30.8 2,678 2,246 19.3 272 10 148,663 119,066 24.9 28.7%1,273 96 1,600 1,487 1,106 1,108 1,144 1,191 EN 800 3.8%102 51 0 2010 2011 2012 2013 2014 50 Santen Pharmaceutical Co., Ltd. Annual Report 2014

40.0%581 4 4.2 39.1% % 700 100 % 400 40 296 307 267 274 247 26.8 27.7 200 23.4 20 20.7 18.4 581 415 0 2010 2011 2012 2013 2014 0 350 347 31.4 344 31.1 354 30.9 34.9 39.1 50 0 2010 2011 2012 2013 2014 0 5 21 4 74 4 24 14 50 19.4% 631 45 13.9%190 40 13 81 18 56 19 71 700 631 462 456 523 529 97 84 35.4% 350 36.4% 0 2010 2011 2012 2013 2014 3.6%171 9 13.9% 11.1%274 14 20.7%18.4% 11.5% 1EPS 195.81 207.291 195.51 206.65 Santen Pharmaceutical Co., Ltd. Annual Report 2014 51

1EPS 1 300 150 220.10 187 249.71 213 19 6.96 172 195.81 165 207.29 171 300 150 153 87 498 96 2013 6 390 94 108 2 0 2010 2011 2012 2013 2014 0 31.4% 27 60 15.8% 314 65 2,311 6 ROA 8.3% 7.4% 1,560 6 66.4%67.5% 276 29 474 71 ROA ROA % 2,500 20 2,311 1,988 1,996 1,848 1,669 160 78 1,812 10 82.6%78.2% 1 9.6% 191.06 2,189.50ROE 10.0%9.9% ROE ROE % 2,000 20 1,808 1,645 1,648 1,561 1,373 14.3 14.5 1,000 10 10.7 10.0 9.9 1,250 11.8 12.1 10 8.9 8.3 7.4 0 2010 2011 2012 2013 2014 0 0 2010 2011 2012 2013 2014 0 52 Santen Pharmaceutical Co., Ltd. Annual Report 2014

126723 97 259 58 66 9579 53 259 58 268 93 76 72 70 6749 27 66 95 25 20 47 86 42 21 79 53 82 47 126723 97 ROE DOE 2011 2013 DOE5% 1100 DOE 4.8% 2011 2013 DOE5.1% 1DOE 1 DOE % 120 10 100 100 100 90 80 60 5.2 5.3 5.4 5.1 4.8 5 2014 3 2013 3 25,958 9,943 16,015 0 2010 2011 2012 2013 2014 0 (6,695) (4,596) (2,099) (7,953) (21,557) 13,604 72,397 59,797 12,600 Santen Pharmaceutical Co., Ltd. Annual Report 2014 53

PL 2014 3 17.9% 2 2014 3 23% XE EN 54 Santen Pharmaceutical Co., Ltd. Annual Report 2014

10 70% PL Santen Pharmaceutical Co., Ltd. Annual Report 2014 55

11 3 31 2004 2005 2006 2007 89,858 92,696 98,398 100,486 31,859 33,710 34,535 35,484 43,475 40,004 42,868 44,590 14,524 18,982 20,995 20,412 366 182 94 91 13,775 18,436 20,342 21,039 7,454 7,413 7,319 7,891 6,321 11,023 13,023 13,148 3,226 4,907 2,106 3,556 4,521 4,750 4,824 4,761 11,853 12,620 13,971 13,663 1 71.65 125.85 150.26 151.58 71.64 125.71 150.01 151.31 1,176.83 1,249.32 1,368.27 1,481.83 40.00 50.00 60.00 65.00 23,196 6,619 20,879 14,959 5,246 (2,907) (1,330) (5,846) (12,122) (12,712) (5,900) (5,691) 70.6 36.1 218.7 164.3 % 54.7 104.0 26.9 36.4 91,231 82,735 93,893 100,820 37,237 32,676 30,395 30,485 150,238 139,980 150,458 159,099 12,686 6,882 5,614 5,446 103,500 108,240 118,637 128,587 ROE% 6.3 10.4 11.5 10.6 ROA% 4.3 7.6 9.0 8.5 % 68.9 77.3 78.9 80.8 % 101.8 142.3 163.0 165.3 PER 24.3 18.3 18.8 20.0 DOE% 3.5 4.1 4.6 4.6 87,963 86,659 86,751 86,825 2,335 2,308 2,312 2,409 1. 2014 3 311102.92 2. 12 1713 3. 56 Santen Pharmaceutical Co., Ltd. Annual Report 2014

2008 2009 2010 2011 2012 2013 2014 2014 103,394 101,619 110,594 110,812 114,416 119,066 148,663 $1,444,456 36,513 35,947 34,710 34,437 35,385 41,501 58,104 564,564 46,510 50,178 46,244 45,636 52,299 52,884 63,145 613,529 20,371 15,494 29,640 30,739 26,732 24,681 27,414 266,363 97 65 53 36 23 7 6 55 20,483 15,824 28,610 31,074 27,791 25,592 26,893 261,302 7,832 5,701 9,887 9,741 10,630 9,071 9,784 95,063 12,651 10,123 18,723 21,333 17,161 16,521 17,109 166,239 3,151 2,953 1,315 1,651 3,281 3,609 4,786 46,502 4,593 4,210 3,421 2,976 2,949 3,291 3,927 38,155 12,942 18,458 14,123 13,221 17,225 16,720 19,040 184,998 146.15 119.08 220.10 249.71 196.96 195.81 207.29 $ 2.01 145.94 118.97 219.85 249.42 196.76 195.51 206.65 2.01 1,494.48 1,472.32 1,614.08 1,793.15 1,887.81 1,998.44 2,189.50 21.27 80.00 80.00 80.00 90.00 100.00 100.00 100.00 0.97 15,468 11,849 26,110 17,768 21,483 9,943 25,958 $ 252,218 (2,083) (5,619) (829) (7,676) (10,273) (4,596) (6,695) (65,049) (11,415) (11,373) (6,753) (1,570) (8,559) (21,557) (7,953) (77,276) 163.6 165.5 558.1 488.5 1,285.0 3,037.8 9,020.2 34.1 5.5 2.5 1.1 1.1 1.9 0.6 102,754 101,053 118,832 137,668 140,288 132,583 156,006 $1,515,803 29,849 28,665 26,574 24,957 25,523 27,420 27,629 268,448 156,547 151,012 166,878 184,801 198,801 199,641 231,106 2,245,489 5,278 154 75 152 179 145 102 991 126,998 125,181 137,343 156,099 164,514 164,808 180,811 1,756,804 9.9 8.0 14.3 14.5 10.7 10.0 9.9 8.0 6.6 11.8 12.1 8.9 8.3 7.4 81.1 82.9 82.3 84.5 82.8 82.6 78.2 126.2 154.3 143.1 156.2 155.0 183.8 163.7 15.9 23.0 12.7 13.3 17.9 22.7 22.1 5.4 5.4 5.2 5.3 5.4 5.1 4.8 86,867 86,916 86,992 87,053 87,147 82,469 82,583 2,483 2,690 2,756 2,867 3,053 3,050 3,072 Santen Pharmaceutical Co., Ltd. Annual Report 2014 57

20142013 3 31 3 2014 2013 2014 6 72,397 59,797 $ 703,425 6 7 4,225 2,094 41,048 6 470 763 4,571 51,616 43,078 501,511 (4) (2) (36) 52,082 43,839 506,046 8 20,031 20,949 194,630 17 2,346 1,880 22,796 4,925 4,024 47,858 156,006 132,583 1,515,803 9 10 8,266 8,241 80,315 45,033 42,807 437,554 13,347 11,818 129,684 12,910 11,936 125,445 286 252 2,775 817 2,455 7,937 80,659 77,509 783,710 (53,030) (50,089) (515,262) 27,629 27,420 268,448 16 6 7 21,740 18,158 211,229 6,298 5,936 61,193 8,357 6,768 81,202 1,930 1,420 18,751 17 5,488 4,460 53,327 3,658 2,880 35,536 47,471 39,638 461,238 231,106 199,641 $2,245,489 58 Santen Pharmaceutical Co., Ltd. Annual Report 2014

3 2014 2013 2014 6 14,270 9,266 $ 138,655 6 9,696 9,868 94,207 5,459 4,202 53,039 6 17 8,170 3,039 79,379 1,499 636 14,568 39,094 27,011 379,848 11 102 145 991 12 3,664 12 249 12 5,401 52,473 17 2,796 2,269 27,171 221 160 2,150 802 7,797 1,480 1,011 14,376 10,802 7,498 104,958 18 49,896 34,509 484,806 13 13 220,000,0002013 220,000,000 82,582,9032013 82,469,103 7,264 7,081 70,581 13 7,959 7,775 77,327 160,116 151,002 1,555,728 2,3242013 900 (9) (2) (90) 175,330 165,856 1,703,546 7 4,036 1,920 39,214 2,574 (2,968) 25,010 (1,129) (10,966) 5,481 (1,048) 53,258 14 399 324 3,879 181,210 165,132 1,760,683 231,106 199,641 $2,245,489 Santen Pharmaceutical Co., Ltd. Annual Report 2014 59

201420132012 3 31 3 2014 2013 2012 2014 148,663 119,066 114,416 $1,444,456 58,104 41,501 35,385 564,564 90,559 77,565 79,031 879,892 63,145 52,884 52,299 613,529 27,414 24,681 26,732 266,363 602 522 529 5,848 148 158 143 1,438 (223) 92 107 (2,163) (6) (7) (23) (55) 474 42 4,605 16 (1,381) (13,415) 10 (94) (19) (916) (41) 146 280 (403) 26,893 25,592 27,791 261,302 17 11,763 7,908 9,912 114,291 (1,979) 1,163 718 (19,228) 9,784 9,071 10,630 95,063 17,109 16,521 17,161 166,239 17,109 16,521 17,161 166,239 17,109 16,521 17,161 166,239 4 2,143 1,869 494 20,816 5,542 3,339 (689) 53,844 585 5,686 8,270 5,208 (195) 80,346 25,379 21,729 16,966 246,585 25,379 21,729 16,966 $ 246,585 3 1 2014 2013 2012 2014 207.29 195.81 196.96 $ 2.01 206.65 195.51 196.76 2.01 100.00 100.00 100.00 0.97 60 Santen Pharmaceutical Co., Ltd. Annual Report 2014

201420132012 3 31 2011 4 1 6,615 7,969 147,578 (2) (443) (5,618) 305 80 80 (8,709) 17,161 (2) 0 0 494 (689) 42 2012 3 31 6,695 8,049 156,030 (4) 51 (6,307) 347 386 386 (8,469) 16,521 (13,738) (660) (13,080) 13,740 1,869 3,339 (23) 2013 3 31 7,081 7,775 151,002 (2) 1,920 (2,968) 324 228 (1,714) 7,081 7,775 151,230 (2) 1,920 (2,968) (1,714) 324 183 184 (8,250) 17,109 (7) 0 0 27 2,116 5,542 585 75 2014 3 31 7,264 7,959 160,116 (9) 4,036 2,574 (1,129) 399 3 2013 4 1 $68,800 $75,547 $1,467,178 $ (25) $18,656 $(28,834) $ $3,155 2,214 (16,652) 68,800 75,547 1,469,392 (25) 18,656 (28,834) (16,652) 3,155 1,781 1,780 (80,161) 166,239 (65) 0 0 258 20,558 53,844 5,686 724 2014 3 31 $70,581 $77,327 $1,555,728 $ (90) $39,214 $ 25,010 $(10,966) $3,879 Santen Pharmaceutical Co., Ltd. Annual Report 2014 61

201420132012 3 31 62 Santen Pharmaceutical Co., Ltd. Annual Report 2014 3 2014 2013 2012 2014 26,893 25,592 27,791 $261,302 2,914 2,657 2,787 28,314 1,013 634 162 9,841 (474) (42) (4,605) 10 94 19 916 1,381 13,415 187 179 313 3,045 (602) (522) (529) (5,848) 6 7 23 55 (7,672) (5,560) 1,037 (74,547) 1,650 (2,589) (3,294) 16,033 4,927 1,170 2,034 47,875 1,970 (1,790) 52 19,136 32,413 19,786 30,219 314,932 615 532 549 5,972 (3) (3) (17) (28) (7,067) (10,372) (9,268) (68,658) 25,958 9,943 21,483 252,218 (4,786) (3,609) (3,281) (46,502) 11 37 6 108 (4,221) (4,883) (2,420) (41,008) 524 1 377 5,096 (734) (807) (1,783) (7,135) 2,520 4,680 7,632 24,483 (10,804) (3) (7) (26) 3 8 (6) (18) (1) (65) (6,695) (4,596) (10,273) (65,049) (7) (13,763) (2) (66) 0 0 1 (8,247) (8,469) (8,706) (80,134) 301 675 149 2,923 (7,953) (21,557) (8,559) (77,276) 1,290 972 (98) 12,526 12,600 (15,238) 2,553 122,419 59,797 75,035 72,482 581,006 72,397 59,797 75,035 $703,425

3 2014 2013 2012 2014 1,171 $ 6,251 6,195 (340) (2,320) (2) 10,955 (32) (119) 10,804 $ Santen Pharmaceutical Co., Ltd. Annual Report 2014 63

1. 185 a b c d e 2. 1 2012 3 31 2 1 2014 3 31 2 2013 3 31 2013 4 2 2014 3 31 2 28 3 3112 31 3 31 12 31 2014 3 31 3 31 2014 3 31 2013 3 1 2014 3 31 13 2013 1 1 2014 3 3115 2013 3 1 2013 3 312013 1 1 2013 3 312,79127,119 3273,173 1,04210,123 1,05710,271 3 4 6 7 3 1 64 Santen Pharmaceutical Co., Ltd. Annual Report 2014

56 6 7 8 8 2013 3 31 1998 4 1 1998 4 1 2014 3 31 31 50 7 8 4 10 9 10 9 2008 3 31 11 10 12 10 Santen Pharmaceutical Co., Ltd. Annual Report 2014 65

1312 2014 3 31 2014 3 31 2013 3 31 2013 3 31 14 16 15 17 113 1 2014 20132012 3 313 82,537 84,368 87,127 1 20142013 2012 3 313 82,790 84,500 87,214 1 1817 19 3 15 20 2014 3 31 66 Santen Pharmaceutical Co., Ltd. Annual Report 2014

21 2012 3 31 24 21 12 4 24 21 12 4 2014 3 31 10 4 1 20112013 2013 7467,247 6035,856 6145,965 19. 2014 3 31 26 24 5 17 25 24 5 17 2013 4 1 2014 3 31 37 2014 3 31 2014 3 31 2014 3 31 5,96657,969 1,71416,652 2282,214 2014 3 31 3. 2014 3 311 102.92 Santen Pharmaceutical Co., Ltd. Annual Report 2014 67

4. 2014 3 313 2014 2013 2012 2014 3,316 2,896 881 $ 32,218 (57) 3,316 2,896 824 32,218 (1,173) (1,027) (330) (11,402) 2,143 1,869 494 20,816 5,542 3,339 (689) 53,844 637 6,187 269 2,612 906 8,799 (321) (3,113) 585 5,686 8,270 5,208 (195) $ 80,346 5. 2012 3 31 1 Novasorb* Cyclokat Novasorb * 2011 10 11 100% 100% 2 2011 10 11 2011 12 31 3 10,402 553 10,955 4 6,195 68 Santen Pharmaceutical Co., Ltd. Annual Report 2014

10 5 1,171 12,446 13,617 340 2,320 2,660 6 6,170 7 2012 3 6. 1 2 1 Santen Pharmaceutical Co., Ltd. Annual Report 2014 69

20142013 3 31 3 2014 2013 72,397 72,396 (1) 59,797 59,797 (0) 52,085 52,085 43,841 43,841 113 113 86 86 4,112 4,111 (1) 4,218 4,218 (0) 21,235 21,235 15,477 15,477 (14,270) (14,270) (9,266) (9,266) (9,696) (9,696) (9,868) (9,868) (8,170) (8,170) (3,039) (3,039) 2014 $ 703,425 $ 703,420 $ (5) 506,082 506,082 : 1,094 1,094 39,954 39,947 (7) 206,321 206,321 (138,655) (138,655) (94,207) (94,207) (79,379) (79,379) 1. 2. 70 Santen Pharmaceutical Co., Ltd. Annual Report 2014

3. 2014 2013 2014 488 468 $4,741 17 19 167 505 487 $4,908 4. 2014 2013 2014 1 1 1 1 1 1 72,397 59,797 $ 703,425 $ 52,085 43,841 506,082 : 113 86 1,094 4,100 2,000 2,200 39,837 128,695 105,724 2,200 $1,250,438 $ 5. 11 7. 20142013 3 31 2014 2013 1,000 1,000 0 1,704 1,705 1 3,112 3,111 (1) 2,514 2,513 (1) 4,112 4,111 (1) 4,218 4,218 (0) : 2014 $ 9,718 $ 9,720 $ 2 30,236 30,227 (9) $39,954 $39,947 $(7) Santen Pharmaceutical Co., Ltd. Annual Report 2014 71

20142013 3 31 2014 2013 10,244 16,597 6,353 12,012 15,061 3,049 0 0 0 0 4,776 4,638 (138) 500 416 (84) 15,020 21,235 6,215 12,512 15,477 2,965 2014 $ 99,532 $161,263 $61,731 0 0 46,409 45,058 (1,351) $145,941 $206,321 $60,380 20142013 3 315054,908471 20142013 3 2014 2013 2014 40 1 $389 2014 3 31 50% 30 50% 72 Santen Pharmaceutical Co., Ltd. Annual Report 2014

8. 20142013 3 31 2014 2013 2014 16,222 16,703 $157,628 391 625 3,796 3,418 3,621 33,206 20,031 20,949 $194,630 9. 2008 3 31 2014 3 313 2014 2013 2012 2014 13 $ 12 $ 0 $ 20142013 3 31 2014 2013 2014 1 489 428 $ 4,748 1 733 847 7,124 1,222 1,275 $11,872 10. Santen Pharmaceutical Co., Ltd. Annual Report 2014 73

2014 3 313 2014 2013 2012 2014 19 $ 50 488 24 236 20 192 94 19 $916 2012 3 31 2014 3 31 11. 20142013 3 31 2014 2013 2014 2015 9 30 42 58 $410 60 87 581 102 145 $991 2014 3 31 3 31 2016 58 $559 2017 20 193 2018 7 67 2019 7 66 2020 10 106 102 $991 74 Santen Pharmaceutical Co., Ltd. Annual Report 2014

12. 20132012 3 31 2 13 100% 2013 3 31 2013 (17,372) 11,053 (6,319) 2,655 (249) (3,913) 2013 3 312012 3 312 2013 2012 989 896 294 279 (208) (198) 309 182 928 862 2,312 2,021 52 69 2013 3 312 2013 2012 0.99% 2.00% 2.00% 2.00% * 14 14 * Santen Pharmaceutical Co., Ltd. Annual Report 2014 75

1 1 100% 2014 3 31 1. 2. i 2014 2014 17,372 $168,789 (353) (3,431) 17,019 165,358 1,069 10,384 199 1,938 (190) (1,844) (916) (8,903) 36 348 17,217 $167,281 ii 2014 2014 11,052 $107,389 222 2,159 447 4,343 438 4,251 (351) (3,415) 8 81 11,816 $114,808 76 Santen Pharmaceutical Co., Ltd. Annual Report 2014

iii 2014 2014 17,036 $165,523 11,816 114,808 5,220 50,715 181 1,758 5,401 52,473 5,401 52,473 5,401 52,473 iv 2014 2014 1,069 $10,384 199 1,938 (222) (2,159) 269 2,612 1,315 $12,775 v 2014 2014 906 $8,799 906 $8,799 vi 2014 2014 1,749 $16,997 1,749 $16,997 Santen Pharmaceutical Co., Ltd. Annual Report 2014 77

vii 1. 34% 50% 16% 100% 35% 2. 2014 viii 2014 1.22% 2.0% 3. 1,19011,558 13. 50% 25% 10% 2014 2013 3 31 1,551 15,0741,551 2013 3 31 2012 8 1 2013 3 31 13,739 2012 11 1 2012 11 16 4,938,500 2013 3 31 660 13,080 13,740 2014 3 313 2014 3 31 2014 6 25 1500.49 4,129 40,120 78 Santen Pharmaceutical Co., Ltd. Annual Report 2014

14. 2012 2 2013 3 10 2013 8 6 2012 6 20 2011 6 22 2010 6 23 2 7 3 7 3 7 4 6 30,600 124,300 114,500 120,500 2013 8 31 2012 7 4 2011 7 5 2010 7 6 2016 9 1 2023 9 1 2014 6 23 2022 6 20 2013 6 24 2021 6 22 2012 6 25 2020 6 23 2009 6 24 2008 6 25 2007 6 26 2006 6 27 4 8 4 8 4 8 7 8 168,400 161,700 99,300 102,700 2009 7 3 2008 7 2 2007 7 3 2006 7 4 2011 6 27 2019 6 24 2010 6 28 2018 6 25 2009 6 27 2017 6 26 2008 6 28 2016 6 24 2005 6 24 2004 6 25 2003 6 26 8 5 2 5 4 2 5 5 2 129,200 78,200 137,600 2005 7 4 2004 7 5 2003 7 4 2007 6 25 2015 6 23 2006 6 26 2014 6 24 2005 6 27 2013 6 25 Santen Pharmaceutical Co., Ltd. Annual Report 2014 79

2013 8 6 2012 6 20 2011 6 22 2010 6 23 2009 6 24 2008 6 25 30,600 30,600 2007 6 26 2006 6 27 2005 6 24 2004 6 25 2003 6 26 2013 8 6 2012 6 20 2011 6 22 2010 6 23 2009 6 24 2008 6 25 124,300 114,500 91,700 110,800 104,000 30,600 5,800 3,100 700 21,900 30,600 124,300 108,700 88,600 110,100 82,100 2007 6 26 2006 6 27 2005 6 24 2004 6 25 2003 6 26 89,500 70,800 38,900 2,300 900 33,000 27,800 18,300 2,300 900 56,500 43,000 20,600 2013 8 6 2012 6 20 2011 6 22 2010 6 23 2009 6 24 2008 6 25 1 3,315 3,230 3,170 2,920 2,734 4,747 4,425 4,425 4,506 4,049.52 439.00 402.99 403.71 427.73 423.16 2007 6 26 2006 6 27 2005 6 24 2004 6 25 2003 6 26 3,050 2,715 2,480 1,743 1,176 4,446 4,500 4,648 4,525 4,555 * 609.45 579.05 * 2006 5 1 15. 201420132012 3 313 19,040184,99816,72017,225 80 Santen Pharmaceutical Co., Ltd. Annual Report 2014

16. 2014 3 31 17. 2014 3 31337.9% 37.9% 40.4% 2014 3 313 2014 2013 2012 37.9% 37.9% 40.4% 2.6 1.5 1.1 0.9 2.8 (0.3) 0.9 (0.5) 0.3 0.7 (0.5) 2.7 (5.0) (5.1) (6.2) (1.6) (0.7) 0.2 36.4% 35.4% 38.2% 20142013 3 31 2014 2013 2014 7,294 5,842 $70,873 3,298 32,046 1,166 821 11,330 1,116 1,037 10,842 852 882 8,276 712 626 6,922 610 321 5,928 59 58 569 57 57 552 53 18 519 25 43 240 2,562 88 3,028 1,837 29,417 18,270 14,192 177,514 (8,188) (6,764) (79,559) 10,082 7,428 97,955 (2,786) (2,256) (27,065) (2,225) (1,057) (21,616) (11) (18) (109) (22) (26) (213) (5,044) (3,357) (49,003) 5,038 4,071 $48,952 Santen Pharmaceutical Co., Ltd. Annual Report 2014 81

20142013 3 31 2014 2013 2014 2,346 1,880 $ 22,796 5,488 4,460 53,327 (2,796) (2,269) (27,171) 5,038 4,071 $ 48,952 2012 3 31 23114 23 117 2011 12 2 2012 4 1 40.44% 2012 4 12014 4 1 37.86%2015 4 1 35.48% 2014 3 31 2014 3 31 23117 2014 4 1 37.86% 35.48% 18. 2014 3 311031,005 19. 2. 2014 3 31 10 4 1 602 585 82 Santen Pharmaceutical Co., Ltd. Annual Report 2014

2014 3 31 145,713 2,950 148,663 148,663 124 124 (124) 145,713 3,074 148,787 (124) 148,663 27,828 (414) 27,414 27,414 138,283 3,466 141,749 89,357 231,106 2,861 53 2,914 2,914 1,013 1,013 1,013 3,816 54 3,870 3,870 2013 3 31 116,810 2,256 119,066 119,066 114 114 (114) 116,810 2,370 119,180 (114) 119,066 25,354 (673) 24,681 24,681 120,546 2,444 122,990 76,651 199,641 2,607 50 2,657 2,657 634 634 634 5,198 45 5,243 5,243 2012 3 31 111,846 2,570 114,416 114,416 113 113 (113) 111,846 2,683 114,529 (113) 114,416 26,684 48 26,732 26,732 106,535 2,126 108,661 90,140 198,801 2,718 69 2,787 2,787 162 162 162 15,902 69 15,971 15,971 Santen Pharmaceutical Co., Ltd. Annual Report 2014 83

2014 3 31 $1,415,789 $28,667 $1,444,456 $ $1,444,456 1,196 1,196 (1,196) 1,415,789 29,863 1,445,652 (1,196) 1,444,456 270,381 (4,018) 266,363 266,363 1,343,598 33,675 1,377,273 868,216 2,245,489 27,802 512 28,314 28,314 9,841 9,841 9,841 37,081 522 37,603 37,603 1. 2. 3. 4. 2014 2013 2012 2014 127,396 98,981 93,620 $1,237,814 10,251 9,874 9,987 99,605 1,611 1,481 3,642 15,649 6,455 6,474 4,597 62,721 2,678 2,246 2,558 26,023 272 10 12 2,644 148,663 119,066 114,416 $1,444,456 84 Santen Pharmaceutical Co., Ltd. Annual Report 2014

2014 2013 2012 2014 122,113 100,712 95,374 $1,186,486 12,295 9,202 8,880 119,459 1,073 582 3,451 10,428 13,174 8,560 6,706 127,999 8 10 5 84 148,663 119,066 114,416 $1,444,456 22,826 22,560 21,157 $ 221,785 2,106 2,597 2,245 20,460 644 710 635 6,259 2,053 1,553 1,486 19,944 27,629 27,420 25,523 $ 268,448 2014 2013 2012 2014 32,546 25,486 23,297 $316,230 26,334 21,716 20,392 255,873 2014 2013 2012 2014 19 $ 94 916 94 19 $916 2014 2013 2014 1,013 634 $ 9,841 1,013 634 $ 9,841 6,298 5,936 $61,193 6,298 5,936 $61,193 Santen Pharmaceutical Co., Ltd. Annual Report 2014 85

20. 2014 5 13 Merck & Co., Inc. 2014 7 1 1 2020 5 2014 7 1 2014 10 2014 5 13 2014 6 202014 6 27 1 2 UFJ 2. Merck & Co., Inc... Kenneth C. Frazier. 1,788. 3 450 437,233 4 2014 6 20 2015 6 20 5 3 COSOPT, COSOPT PF, TRUSOPTT, TRUSOPT PF, TIMOPTIC, TIMOPTIC PF, TIMOPTIC XE, SAFLUTAN, T APTIQOM 4 2014 7 1 548 50 6 2015 6 20 7 8 350 340,070 2014 6 27 86 Santen Pharmaceutical Co., Ltd. Annual Report 2014

1 CEO 2 1. 2014 3 31 2 80% 3 4 5 2014 8 8 CEO Santen Pharmaceutical Co.,Ltd. Annual Report 2014Internal Control Report Santen Pharmaceutical Co., Ltd. Annual Report 2014 87

2014 2013 3 312014 3 31 3 2014 2013 3 31 2014 3 31 3 1. 226 2012 5 17 25 2012 5 17 2. 20 2014 5 13 Merck & Co., Inc. 2014 7 1 3. 20 2014 5 13 2014 6 20 2014 6 27 2014 3 31 3 2014 3 31 2014 3 31 KPMG AZSA LLC 2014 8 8 Santen Pharmaceutical Co., Ltd. Annual Report 2014Independent Auditor s Report 88 Santen Pharmaceutical Co., Ltd. Annual Report 2014

2014 3 31 URL 530-8552 4 20 A TEL 06-6321-7000 06-4802-9360 IR ir@santen.co.jp http://www.santen.co.jp 1890 7,264 7,780 4536 2013 7 16 UFJ 541-8502 36 3 TEL 0120-094-777 3,0721,878 82,582,903 8.9 % 0.0% 10 5,516 6.7 505223 35.1% 45.5% 92.1% 9.6% 0.9% 0.0% 0.8% 0.4% 1.5% 5.2% 5,463 6.6 3,310 4.0 2,794 3.4 2,398 2.9 UFJ 2,120 2.6 1,861 2.3 1,836 2.2 GIC PRIVA TE LIMITED 1,568 1.9 1,438 1.7 6,000 4,500 3,000 1,500 0 TOPIX 09/4 10/4 11/4 12/4 13/4 14/4 12,000 9,000 6,000 3,000 0 09/4 10/4 11/4 12/4 13/4 14/4 2010 2011 2012 2013 2014 3,195 3,445 3,655 5,050 6,150 2,694 2,731 2,778 3,330 4,065 1. 1 1 12 31 2. 20147 3. 2013 7 16 Santen Pharmaceutical Co., Ltd. Annual Report 2014 89

2014 8 929-1494 2-14 TEL 0767-29-2666 FAX 0767-29-4233 522-0314 348-3 TEL 0749-48-2900 FAX 0749-48-2901 Niittyhaankatu 20, P.O. Box 33, FIN-33721 Tampere, Finland TEL +358-3-284-8111 FAX +358-3-318-1900 215026 169 TEL +86-512-6295-7500 FAX +86-512-6295-7800 630-0101 8916-16 TEL 0743-79-4501 FAX 0743-79-4521 90 Santen Pharmaceutical Co., Ltd. Annual Report 2014

530-85524-20 A TEL 06-6321-7000 FAX 06-6328-5082 522-0314 348-3 TEL 0749-48-2234 FAX 0749-48-2239 Santen Holdings U.S. Inc. 2100 Powell Street, Suite 1600, Emeryville, California 94608, U.S.A. Santen Inc. 2100 Powell Street, Suite 1600, Emeryville, California 94608, U.S.A. TEL +1-415-268-9100 FAX +1-510-655-5682 Advanced Vision Science, Inc. 5743 Thornwood Drive, Goleta, California 93117, U.S.A. TEL +1-805-683-3851 FAX +1-805-964-3065 Santen Holdings EU B.V. Herikerbergweg 238, 1101CM Amsterdam Zuidoost, Netherlands Santen Oy Niittyhaankatu 20, P.O. Box 33, FIN-33721 Tampere, Finland TEL +358-3-284-8111 FAX +358-3-318-1900 Santen S.A.S. 1 rue Pierre Fontaine, Genavenir IV, F-91058 Evry cedex, France TEL:+33-1-69-87-40-20 FAX: +33-1-69-87-40-30 Santen GmbH Erika-Mann-Strasse 21 80636 Munchen, Germany TEL +49-89-848078-0 FAX +49-89-848078-60 SantenPharma AB Solna torg 3, SE-17145 Solna, Sweden TEL +46-8-83-4140 FAX +46-8-83-4145 Santen Pharmaceutical (China) Co., Ltd. 215026 169 TEL +86-512-6295-7500 FAX +86-512-6295-7800 Santen Pharmaceutical Korea Co., Ltd. KCUBE Tower 3F, 35, Yeoksam-ro 25-gil, Yeoksam-dong, Gangnam-gu, Seoul, 135-921, Korea TEL +82-2-754-1434 FAX +82-2-754-2929 Taiwan Santen Pharmaceutical Co., Ltd. 10681 57 16 TEL +886-2-2700-1553 FAX +886-2-2700-1730 Santen India Private Limited No. 216, Raheja Chambers, 12 Museum Road, Bangalore 560 001, India TEL:+91-80-4932-3700 FAX:+91-80-4932-3799 Santen Pharmaceutical Asia Pte.Ltd. One Raffles Place, Level 24 Tower 1, 1 Raffles Place 048616, Singapore TEL +65-6408-0573 FAX +65-6408-0601 100738 1 W3-1206B TEL +86-10-8515-1515 FAX +86-10-8515-1020 Unit 1406, Fl.14, Empress Tower, 138-142 Hai Ba Trung, Dakao Ward, District 1, HCMC, Vietnam TEL +84-8-3824-2585 FAX +84-8-3824-2586 Santen Pharmaceutical Co., Ltd. Annual Report 2014 91

92 Santen Pharmaceutical Co., Ltd. Annual Report 2014 1900 1990 1890 1925 1935 1944 1945 1958 1996 1997 1998 21 2000 2001 1977 1 1982 1985 1990 100 1993 1994 1991 FX 1992 1995 EN 1999 XE FX 1970 1975 1978 1981 1985 40NE 1986 1987 1952 1953 1954 1962 P 1963 1965 1899

2002 2003 2003-2005 ISO14001 SAIN 2004 2005 2006 2006-2010 2007 2008 2009 2010 2011 2011-2013 2000 2010 2012 100% 2013 2014 2014-2017 2000 2001 2002 E 40 2003 2004 2006 10 AL 2007 2008 40i 2009 FX V 2010 2012 VEGF 40 2013 PC Santen Pharmaceutical Co., Ltd. Annual Report 2014 93

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