Revenues Operating income Ordinary income. JPY mil % JPY mil % JPY mil % JPY mil % JPY - - Total equity. Total JPY FY2015 FY2016 FY2016 (Forecast)

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1 Disclaimer: All financial information has been prepared in accordance with generally accepted accounting principles in Japan. This document is a partial English translation of the Japanese Financial Statements which were filed with Stock Exchanges in Japan on August 9, The Company provides this translation for your reference and convenience only without any warranty as to its accuracy. In case of any discrepancy between the translation and the Japanese original, the latter shall prevail. August 9, 2016 Consolidated and Nonconsolidated Financial Statements <under Japanese GAAP> For the first quarter of the fiscal year ending March 31, 2017 ("Q1/FY2016") (For the period from April 1, 2016 to June 30, 2016) Company name : Kajima Corporation Stock exchange listings : Tokyo 1st section, Nagoya 1st section Securities code : 1812 URL : Representative : Yoshikazu Oshimi, President, Representative Director Inquiries : Ken Uchida, Executive Officer, General Manager of Accounting Department, Treasury Division Tel. +81-(0) Dividend payable date (as planned) : - Supplemental material on financial results : Available *Amounts less than one million yen have been rounded down. 1. Consolidated Financial Highlights (1) Financial Results % : Representing year-on-year change Revenues Operating income Ordinary income Net income attributable to owners of the parent JPY mil % JPY mil % JPY mil % JPY mil % Q1/FY2016 Q1/FY , , ,365 11, ,162 15, ,557 10, (Note) Comprehensive income (loss) Q1/FY2016 (1,090) JPY mil ( - %) Q1/FY2015 8,170 JPY mil (20.7%) Q1/FY2016 Q1/FY2015 Basic net income per share JPY Diluted net income per share JPY - - (2) Financial Positions Total assets Total equity Owners' equity ratio JPY mil JPY mil % As of June 30, 2016 As of March 31, ,756,422 1,886, , , (Reference) Owners' equity (Total equity less noncontrolling interests) As of June 30, ,964 JPY mil As of March 31, ,295 JPY mil 2. Dividends Dividends per share End of Q1 End of Q2 End of Q3 Year-End Total JPY JPY JPY JPY JPY FY2015 FY2016 FY2016 (Forecast) Forecast of Consolidated Financial Results for the fiscal year ending March 31, 2017 % : Representing year-on-year change Revenues Operating income Ordinary income Net income attributable Basic net income to owners of the parent per share JPY mil % JPY mil % JPY mil % JPY mil % JPY Half-year 870, , , , Full-year 1,900, ,000 ( 23.5) 90,000 ( 20.6) 60,000 ( 17.0) 57.79

2 * Notes (1) s in significant subsidiaries during the period : None (2) Specific accounting treatments as to the quarterly financial statements : None (3) s in accounting policies and accounting estimates, retrospective restatements a. s in accounting policies based on revisions of accounting standards : Applicable b. s in accounting policies other than "a" above : None c. s in accounting estimates : None d. Retrospective restatements : None (4) Number of issued and outstanding shares (common stock) a. Number of issued and outstanding shares (including treasury stock) As of June 30, ,057,312,022 As of March 31, ,057,312,022 b. Number of treasury stock As of June 30, ,067,668 As of March 31, ,060,876 c. Average number of shares Q1/FY2016 1,038,247,885 Q1/FY2015 1,038,310,639 (5) Forecast of nonconsolidated financial results for the fiscal year ending March 31, 2017 % : Representing year-on-year change Basic net income Revenues Operating income Ordinary income Net income per share JPY mil % JPY mil % JPY mil % JPY mil % JPY Half-year 590, , , , Full-year 1,270, ,000 ( 31.0) 60,000 ( 26.5) 40, * Information regarding the status of quarterly review procedures These financial statements are outside the scope of quarterly review procedures under the Financial Instruments and Exchange Act. As at the time of disclosure of these financial statements, quarterly review procedures for the financial statements under the Financial Instruments and Exchange Act have not been completed. * Explanation regarding appropriate use of forecasts, and other notes The forecasts contained herein are based on information available as of the date of this announcement, and the actual results may differ materially from forecasts due to various factors.

3 Consolidated Financial Statements (1) Consolidated Balance Sheet (JPY mil) As of March 31, 2016 As of June 30, 2016 Assets Current assets Cash and deposits 241, ,481 Notes and accounts receivable - trade 588, ,281 Inventories - real estate for sale 57,282 55,010 Inventories - construction projects in progress 85,039 95,400 Inventories - development projects in progress 34,364 40,554 Other inventories 14,390 16,190 Other 178, ,459 Allowance for doubtful accounts (1,572) (1,554) Total current assets 1,198,473 1,093,822 Noncurrent assets Property and equipment Land 180, ,505 Other 170, ,538 Total property and equipment 350, ,044 Intangible assets 7,356 8,113 Investments and other assets Investments in securities 270, ,248 Other 69,575 66,804 Allowance for doubtful accounts (9,673) (9,610) Total investments and other assets 330, ,442 Total noncurrent assets 688, ,600 Total assets 1,886,781 1,756,

4 (JPY mil) As of March 31, 2016 As of June 30, 2016 Liabilities Current liabilities Notes and accounts payable - trade 517, ,186 Short-term loans payable 84,890 82,378 Commercial paper 80,000 - Current portion of bonds payable 20,000 20,000 Advances received on construction projects in progress 155, ,291 Provision for loss on construction projects 45,432 40,342 Other provision 5,373 6,591 Other 174, ,592 Total current liabilities 1,082, ,383 Long-term liabilities Bonds payable 60,000 60,000 Long-term loans payable 133, ,519 Liability for retirement benefits 55,551 55,529 Other 80,834 74,751 Total long-term liabilities 330, ,801 Total liabilities 1,412,730 1,292,184 Equity Shareholders' equity Common stock 81,447 81,447 Capital surplus 45,304 45,304 Retained earnings 231, ,712 Treasury stock (6,307) (6,311) Total shareholders' equity 351, ,151 Accumulated other comprehensive income (loss) Unrealized gain (loss) on available-for-sale securities 82,587 69,836 Deferred gain (loss) on derivatives under hedge accounting (724) (732) Revaluation surplus of land 20,196 20,196 Foreign currency translation adjustments 19,485 10,622 Defined retirement benefit plans (2,193) (2,111) Total accumulated other comprehensive income (loss) 119,351 97,812 Noncontrolling interests 2,756 3,273 Total equity 474, ,237 Total liabilities and equity 1,886,781 1,756,

5 (2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income Consolidated Statement of Income (JPY mil) Q1/FY2015 (Apr 1, Jun 30, 2015) Q1/FY2016 (Apr 1, Jun 30, 2016) Revenues Construction projects 329, ,248 Real estate and other 31,020 36,401 Total revenues 360, ,650 Cost of revenues Construction projects 303, ,651 Real estate and other 26,536 30,027 Total cost of revenues 329, ,679 Gross profit Construction projects 26,602 44,597 Real estate and other 4,483 6,373 Total gross profit 31,086 50,971 Selling, general and administrative expenses 19,432 20,605 Operating income 11,653 30,365 Nonoperating income Dividends income 1,864 2,352 Foreign currency exchange gain 1,237 - Other 2,926 2,556 Total nonoperating income 6,027 4,908 Nonoperating expenses Interest expense 1, Foreign currency exchange loss - 1,571 Other Total nonoperating expenses 1,810 3,111 Ordinary income 15,871 32,162 Extraordinary income Gain on sales of noncurrent assets Total extraordinary income Extraordinary losses Valuation loss on investment securities Other Total extraordinary losses Income before income taxes 15,952 31,670 Income taxes - current 749 3,196 Income taxes - deferred 4,512 7,841 Total income taxes 5,261 11,037 Net income 10,690 20,633 Net income attributable to noncontrolling interests Net income attributable to owners of the parent 10,650 20,

6 Consolidated Statement of Comprehensive Income (JPY mil) Q1/FY2015 (Apr 1, Jun 30, 2015) Q1/FY2016 (Apr 1, Jun 30, 2016) Net income 10,690 20,633 Other comprehensive income (loss) Unrealized gain (loss) on available-for-sale securities (99) (12,745) Deferred gain (loss) on derivatives under hedge accounting 2 (22) Foreign currency translation adjustments (3,610) (8,406) Defined retirement benefit plans Share of other comprehensive income (loss) in unconsolidated subsidiaries and affiliates 1,042 (628) Total other comprehensive income (loss) (2,519) (21,723) Comprehensive income (loss) 8,170 (1,090) Total comprehensive income (loss) attributable to: Owners of the parent 8,136 (981) Noncontrolling interests 34 (108) - 4 -

7 Segment Information Information about Revenues, Profit (Loss) and Other Items Q1/FY2015 (April 1, 2015 June 30, 2015) Revenues: Sales to external customers Intersegment sales or transfers Civil Engineering Building Construction Real Estate Development and Other Domestic Subsidiaries and Affiliates Overseas Subsidiaries and Affiliates Total (JPY mil) Reconciliations Consolidated 73, ,315 5,054 41,346 69, , , , ,096 (35,096) - Total 73, ,506 5,323 75,976 69, ,085 (35,096) 360,989 Segment profit (loss) 6,602 1,963 (286) 2,128 1,232 11, ,653 Q1/FY2016 (April 1, 2016 June 30, 2016) Revenues: Sales to external customers Intersegment sales or transfers Civil Engineering Building Construction Real Estate Development and Other Domestic Subsidiaries and Affiliates Overseas Subsidiaries and Affiliates Total (JPY mil) Reconciliations Consolidated 61, ,454 6,104 44,483 90, , ,650-1, , ,003 (30,003) - Total 61, ,609 6,535 72,896 90, ,654 (30,003) 390,650 Segment profit 7,683 17, ,202 1,830 29, ,

8 Nonconsolidated Financial Statements (1) Nonconsolidated Balance Sheet (JPY mil) As of March 31, 2016 As of June 30, 2016 Assets Current assets Cash and deposits 153, ,377 Notes and accounts receivable - trade 450, ,704 Inventories - real estate for sale 24,138 24,041 Inventories - construction projects in progress 66,498 76,448 Inventories - development projects in progress 30,870 36,562 Other 153, ,100 Allowance for doubtful accounts (70) (78) Total current assets 879, ,156 Noncurrent assets Property and equipment Land 140, ,526 Other 75,055 74,273 Total property and equipment 215, ,799 Intangible assets 3,303 4,274 Investments and other assets Investments in securities 317, ,438 Other 29,631 31,304 Allowance for doubtful accounts (9,160) (9,151) Total investments and other assets 338, ,591 Total noncurrent assets 557, ,664 Total assets 1,436,418 1,332,

9 (JPY mil) As of March 31, 2016 As of June 30, 2016 Liabilities Current liabilities Notes and accounts payable - trade 378, ,656 Short-term loans payable 39,597 39,597 Commercial paper 80,000 - Current portion of bonds payable 20,000 20,000 Advances received on construction projects in progress 138, ,875 Provision for warranties for completed construction projects 4,765 5,851 Provision for loss on construction projects 45,360 40,320 Other 144, ,804 Total current liabilities 851, ,105 Long-term liabilities Bonds payable 60,000 60,000 Long-term loans payable 95,776 95,772 Liability for retirement benefits 46,882 46,880 Allowance for loss on investments in subsidiaries and affiliates 6,226 6,226 Other 67,076 61,466 Total long-term liabilities 275, ,345 Total liabilities 1,127,670 1,026,450 Equity Shareholders' equity Common stock 81,447 81,447 Capital surplus 45,378 45,378 Retained earnings 87,564 97,982 Treasury stock (5,935) (5,940) Total shareholders' equity 208, ,868 Valuation and translation adjustments Unrealized gain (loss) on available-for-sale securities 82,146 69,380 Deferred gain (loss) on derivatives under hedge accounting (440) (465) Revaluation surplus of land 18,586 18,586 Total valuation and translation adjustments 100,291 87,502 Total equity 308, ,370 Total liabilities and equity 1,436,418 1,332,

10 (2) Nonconsolidated Statement of Income (JPY mil) Q1/FY2015 (Apr 1, Jun 30, 2015) Q1/FY2016 (Apr 1, Jun 30, 2016) Revenues Construction projects 245, ,981 Real estate and other 5,323 6,535 Total revenues 250, ,517 Cost of revenues Construction projects 226, ,829 Real estate and other 5,116 5,516 Total cost of revenues 231, ,345 Gross profit Construction projects 19,383 36,151 Real estate and other 207 1,019 Total gross profit 19,591 37,171 Selling, general and administrative expenses 11,311 11,521 Operating income 8,280 25,649 Nonoperating income 3,716 5,869 Nonoperating expenses 1,494 1,794 Ordinary income 10,501 29,725 Extraordinary income 1 22 Extraordinary losses Income before income taxes 10,446 29,237 Income taxes 4,017 9,461 Net income 6,428 19,

11 Financial Highlights Operating Results Consolidated JPY bil % JPY bil % JPY bil % Revenues Construction Real estate and other Gross profit % % Construction % % Real estate and other % % Selling, general and administrative expenses Operating income % % Nonoperating income - net (2.4) Financing Ordinary income % % Extraordinary income - net 0.0 (0.4) (0.5) Net income attributable to owners of the parent Q1 / FY2015 Q1 / FY2016 (Apr 1, Jun 30, 2015) (Apr 1, Jun 30, 2016) % % Contract awards (Construction) Domestic Overseas (88.7) (62.3) Nonconsolidated Q1 / FY2015 Q1 / FY2016 (Apr 1, Jun 30, 2015) (Apr 1, Jun 30, 2016) JPY bil % JPY bil % JPY bil % Revenues Construction (Civil engineering) (11.7) (16.0) (Building construction) Real estate and other Gross profit % % Construction % % (Civil engineering) % % (Building construction) % % Real estate and other % % Selling, general and administrative expenses Operating income % % Nonoperating income - net Financing Ordinary income % % Extraordinary income - net (0.0) (0.4) (0.4) Net income % % Contract awards Construction (Civil engineering) (Building construction) Real estate and other (5.3) (31.5) - 9 -

12 Financial Highlights - continued Forecast of Operating Results - Full-year Consolidated JPY bil % JPY bil % JPY bil % JPY bil % Revenues 1, , ,900.0 Construction 1, , ,700.0 Real estate and other Gross profit % % (24.0) (12.1) % Construction % % (32.2) (18.7) % Real estate and other % % % Selling, general and administrative expenses Operating income % % (26.0) (23.5) % Nonoperating income - net Financing (1.5) 1.7 Ordinary income % % (23.3) (20.6) % Extraordinary income - net (4.8) (1.0) 3.8 (1.0) Net income attributable to owners of the parent % % (12.3) (17.0) % Contract awards (Construction) 1, ,700.0 (95.8) (5.3) 1,700.0 Domestic 1, , ,320.0 Overseas (106.9) (22.0) (Note) No revisions have been made to our projection announced on May 13, Nonconsolidated FY2015 Result FY2016 Projection JPY bil % JPY bil % JPY bil % JPY bil % Revenues 1, , ,270.0 Construction 1, , ,205.0 (Civil engineering) (Building construction) Real estate and other Gross profit % % (27.4) (20.0) % Construction % % (35.3) (26.3) % (Civil engineering) % % (12.0) (26.7) % (Building construction) % % (23.3) (26.1) % Real estate and other % % % Selling, general and administrative expenses (0.5) (1.0) 50.0 Operating income % % (26.9) (31.0) % Nonoperating income - net (5.2) Financing Ordinary income % % (21.6) (26.5) % Extraordinary income - net (11.5) (1.0) 10.5 (1.0) Net income % % % Contract awards 1, , ,250.0 Construction 1, , ,220.0 (Civil engineering) (5.9) (2.1) (Building construction) Real estate and other (18.8) (38.5) 30.0 (Note) No revisions have been made to our projection announced on May 13, FY2016 Projection (Apr 1, Mar 31, 2016) (Apr 1, Mar 31, 2017) (announced on May 13, 2016) FY2015 Result FY2016 Projection FY2016 Projection (Apr 1, Mar 31, 2016) (Apr 1, Mar 31, 2017) (announced on May 13, 2016)

13 Financial Highlights - continued Forecast of Operating Results - Half-year Consolidated JPY bil % JPY bil % JPY bil % JPY bil % Revenues Construction Real estate and other Gross profit % % % Construction % % % Real estate and other % % % Selling, general and administrative expenses Operating income % % % Nonoperating income - net (2.6) 2.0 Financing (1.2) 1.0 Ordinary income % % % Extraordinary income - net (1.1) (0.5) 0.6 (0.5) Net income attributable to owners of the parent % % % Contract awards (Construction) Domestic Overseas (71.2) (32.2) (Note) No revisions have been made to our projection announced on May 13, Nonconsolidated FY2015 Half-year Result FY2016 Half-year Projection JPY bil % JPY bil % JPY bil % JPY bil % Revenues Construction (Civil engineering) (15.1) (10.4) (Building construction) Real estate and other Gross profit % % % Construction % % % (Civil engineering) % % (4.7) (26.1) % (Building construction) % % % Real estate and other % % % Selling, general and administrative expenses Operating income % % % Nonoperating income - net Financing Ordinary income % % % Extraordinary income - net (1.2) (0.5) 0.7 (0.5) Net income % % % Contract awards Construction (Civil engineering) (Building construction) Real estate and other (14.7) (49.6) 15.0 (Note) No revisions have been made to our projection announced on May 13, FY2016 Half-year Projection (Apr 1, Sep 30, 2015) (Apr 1, Sep 30, 2016) (announced on May 13, 2016) FY2015 Half-year Result FY2016 Half-year Projection FY2016 Half-year Projection (Apr 1, Sep 30, 2015) (Apr 1, Sep 30, 2016) (announced on May 13, 2016)

14 Supplementary Information: Contract Awards, Revenues and Contract Backlogs (Nonconsolidated) (1) Breakdown of Contract Awards (Nonconsolidated) Q1 / FY2015 Q1 / FY2016 FY2015 (Apr 1, Jun 30, 2015) (Apr 1, Jun 30, 2016) (Apr 1, Mar 31, 2016) JPY mil Proportion JPY mil Proportion JPY mil % JPY mil Proportion Civil engineering Domestic - Public 44, % 105, % 60, , % Domestic - Private 25, % 27, % 1, , % Overseas % (2,335) (0.4%) (2,630) - (4,717) (0.4%) Sub-total 70, % 130, % 59, , % Building construction Domestic - Public 14, % 20, % 6, , % Domestic - Private 238, % 387, % 148, , % Overseas 0 0.0% - - (0) % Sub-total 253, % 408, % 155, , % Construction total Domestic - Public 59, % 126, % 66, , % Domestic - Private 264, % 415, % 150, , % Overseas % (2,335) (0.4%) (2,630) - (4,712) (0.4%) Sub-total 324, % 539, % 215, ,188, % Real estate and other 16, % 11, % (5,349) (31.5) 48, % Grand total 341, % 550, % 209, ,236, % (2) Forecast of Contract Awards (Nonconsolidated) FY2015 Result FY2016 Projection FY2016 Projection (Apr 1, Mar 31, 2016) (Apr 1, Mar 31, 2017) (announced on May 13, 2016) JPY bil Proportion JPY bil Proportion JPY bil % JPY bil Proportion Civil engineering Domestic % % (15.6) (5.4) % Overseas (4.7) (0.4%) % % Sub-total % % (5.9) (2.1) % Building construction Domestic % % % Overseas % % (0.0) % Sub-total % % % Construction total Domestic 1, % 1, % , % Overseas (4.7) (0.4%) % % Sub-total 1, % 1, % , % Real estate and other % % (18.8) (38.5) % Grand total 1, % 1, % , % (Note) No revisions have been made to our projection announced on May 13,

15 (3) Breakdown of Revenues (Nonconsolidated) Q1 / FY2015 Q1 / FY2016 FY2015 (Apr 1, Jun 30, 2015) (Apr 1, Jun 30, 2016) (Apr 1, Mar 31, 2016) JPY mil Proportion JPY mil Proportion JPY mil % JPY mil Proportion Civil engineering Domestic - Public 40, % 37, % (3,242) (8.0) 173, % Domestic - Private 30, % 22, % (7,540) (24.9) 127, % Overseas 2, % 1, % (934) (40.1) 7, % Sub-total 73, % 61, % (11,717) (16.0) 307, % Building construction Domestic - Public 24, % 24, % , % Domestic - Private 147, % 164, % 16, , % Overseas % Sub-total 172, % 189, % 17, , % Construction total Domestic - Public 65, % 62, % (3,065) (4.7) 298, % Domestic - Private 178, % 187, % 9, , % Overseas 2, % 1, % (934) (40.1) 7, % Sub-total 245, % 250, % 5, ,132, % Real estate and other 5, % 6, % 1, , % Grand total 250, % 257, % 6, ,166, % (4) Breakdown of Contract Backlogs (Nonconsolidated) As of June 30, 2015 June 30, 2016 March 31, 2016 JPY mil Proportion JPY mil Proportion JPY mil % JPY mil Proportion Civil engineering Domestic - Public 341, % 411, % 69, , % Domestic - Private 136, % 129, % (6,566) (4.8) 125, % Overseas 62, % 49, % (13,607) (21.7) 52, % Sub-total 540, % 590, % 49, , % Building construction Domestic - Public 182, % 153, % (29,571) (16.2) 157, % Domestic - Private 811, % 1,056, % 245, , % Overseas 0 0.0% - - (0) Sub-total 993, % 1,209, % 215, , % Construction total Domestic - Public 523, % 564, % 40, , % Domestic - Private 947, % 1,186, % 238, , % Overseas 62, % 49, % (13,607) (21.7) 52, % Sub-total 1,534, % 1,799, % 265, ,511, % Real estate and other 56, % 64, % 8, , % Grand total 1,590, % 1,864, % 273, ,571, %