[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is an English translation of the original Japanese-language document and is provided for convenience only. In all cases,
the Japanese-language original shall prevail.

(Securities code: 9006)
June 5, 2024
To our shareholders
Yukihiro Kawamata
President

Keikyu Corporation
1-2-8, Takashima, Nishi-ku, Yokohama-shi,
Kanagawa, JAPAN

Notice of the 103rd Annual General Meeting of Shareholders
We are pleased to announce the 103rd Annual General Meeting of Shareholders of Keikyu Corporation(hereinafter “the Company”), which will be held as described below.
When convening this general meeting of shareholders, the Company takes measures for providing
information that constitutes the content of reference documents for the general meeting of shareholders, etc.
(matters for which measures for providing information in electronic format are to be taken) in electronic
format, and posts this information to the following websites, which can be accessed by using the Internet
addresses shown below.
[Website with documents regarding the general meeting of shareholders]
https://d.sokai.jp/9006/teiji/ (in Japanese)[The Company website]
https://www.keikyu.co.jp/ir/stock/meeting.html (in Japanese)[Tokyo Stock Exchange (TSE) website (Listed Company Search)]https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show
Access the TSE website by using the Internet address shown above, enter “Keikyu Corporation” in “Issue
name (company name)” or the Company’s securities code “9006” in “Code,” and click “Search.” Then,click “Basic information” and select “Documents for public inspection/PR information.” Under “Filed
information available for public inspection,” click “Click here for access” under “[Notice of General
Shareholders Meeting /Informational Materials for a General Shareholders Meeting].”
If not attending the meeting on the day, you may exercise your voting rights in writing or via the Internet.
Please review the Reference Documents for the General Meeting of Shareholders provided at the back ofthis document, and make sure that your votes are submitted no later than 5:45 p.m. on Wednesday, June 26,
2024 (Japan Standard Time).

-1-1. Date and Time:Thursday, June 27, 2024, at 10:00 a.m. (Japan Standard Time)

2. Venue:

Shintoshi Hall, 9th floor, Yokohama Shintoshi BLDG (SOGO YOKOHAMA)
2-18-1, Takashima, Nishi-ku, Yokohama-shi, Kanagawa, JAPAN3. Purpose of the Meeting
Matters to be reported:
1. Business Report, Consolidated Financial Statements and Audit Reports for the Consolidated
Financial Statements by the Accounting Auditor and the Audit & Supervisory Board, for the 103rd
Fiscal Year (from April 1, 2023 to March 31, 2024)
2. Non-consolidated Financial Statements for the 103rd Fiscal Year (from April 1, 2023 to March 31,
2024)
Matters to be resolved:
Proposal No. 1: Appropriation of surplus
Proposal No. 2: Election of nine (9) Directors
Proposal No. 3: Election of two (2) Audit & Supervisory Board Members
1) Pursuant to the relevant laws and regulations and the Company’s Articles of Incorporation, with regard
to matters for which measures for providing information in electronic format are to be taken, major
business activities in the Business Report, major business locations, etc., the status of employees, thestatus of the Accounting Auditor, the frameworks and policies of the Company, the Consolidated
Statement of Changes in Equity, the Notes to the Consolidated Financial Statements, the Nonconsolidated Statement of Changes in Equity and the Notes to the Non-consolidated Financial
Statements are not included in paper-based documents provided to shareholders at the shareholder’srequest. Accordingly, the documents that are delivered to shareholders who have made a request fordelivery of paper-based documents are part of the documents included in the scope of audits by the
Audit & Supervisory Board Members and the Financial Auditor when they create their respective audit
reports.
2) If revisions to the matters subject to measures for electronic provision arise, or to the same mattersdescribed in writing, a notice of the revisions and the details of the matters before and after therevisions will be posted on each website.
Exercising Voting Rights
Please be noted that the following conditions will apply to the cases of exercising voting rights using avoting form or via the Internet.
1. If no indication of approval or disapproval is provided for each proposal in the voting form
submitted, it shall be deemed as an intention of approval.
2. If you have exercised your voting rights more than once via the Internet, the last exercise will bedeemed valid.
3. If you have exercised your voting rights both by voting form and via the Internet, the one arriving
latest will be deemed valid.
4. If the results of exercise both by voting form and via the Internet happen to arrive on the same day,the one exercised via the Internet will be deemed valid.

-2-Reference Documents for the General Meeting of Shareholders
Proposals and Reference Documents
Proposal No. 1: Appropriation of surplus
The Company regards the appropriate return of profits to shareholders as one of the most importantmanagement priorities. In order to contribute to sustainable growth and the enhancement of corporate value
over the medium to long term, the Company’s basic strategy is to balance investment for growth withshareholder returns, while striving to ensure financial soundness.
To reward shareholders’ ongoing support and to meet shareholders’ expectations, the Company plans to
pay a year-end dividend for the current fiscal year as follows:
Items on year-end dividend
1. Items on allocation of dividend property to shareholders and its total amount¥8 per the Company’s common share
Total: ¥2,203,198,352
As we paid ¥7 per share as the interim dividend, the total annual dividend for the term will be ¥15 pershare.
2. Effective date of dividends from surplus
June 28, 2024

-3-

Proposal No. 2: Election of nine (9) Directors
The terms of office of all nine (9) Directors will expire at the conclusion of this General Meeting of
Shareholders. Accordingly, we propose that nine (9) Directors be elected.
The candidates for Director are as follows:
These candidates have been approved by the Board of Directors upon consultation with the Nomination andRemuneration Advisory Committees whose majority is comprised of Independent Outside Directors, andwhich are chaired by an Independent Outside Director.
Attributes

1

Reappointment

Kazuyuki Harada

Chairperson of the Board
Representative Director

13/13

2

Reappointment

Yukihiro Kawamata

President, Representative Director
President and Executive Officer

13/13

3

Reappointment

Kazuhide Sakurai

Director, Managing Executive Officer

13/13

4

Reappointment

Yuichi Kaneko

Director, Managing Executive Officer

10/10

5

Reappointment

Hideki Takeya

Director, Managing Executive Officer

10/10

6

New

Isao Sugiyama

Managing Executive Officer

7

Reappointment
OutsideIndependent

Yoshinori Terajima

Director

13/13

8

Reappointment
OutsideIndependent

Tamaki Kakizaki

Director

13/13

9

Reappointment
OutsideIndependent

Sawako Nohara

Director

13/13

Notes:Name of Director

Current Position in the Company

Number of Boardof Directors
Meetings AttendedNo.

–

1. The number of Board of Directors meetings attended by Mr. Yuichi Kaneko and Mr. Hideki Takeya considers
only the Board of Directors meetings held after their assumption as Directors on June 29, 2023.
2. The Company has entered into a directors and officers liability insurance policy as provided for in Article 4303, paragraph 1 of the Companies Act with an insurance company. Each candidate is insured under the policy.
Each of the candidates including a new candidate will be an insured under the policy if they are elected. For
details of the insurance policy, please refer to “1. Names, etc. of Directors and Audit & Supervisory Board
Members” (Notes) 11 in section “IV Officers” of the Business Report, and the Company plans to renew thepolicy after this General Meeting of Shareholders.
3. The Company has introduced a stock remuneration plan for Directors (excluding Outside Directors) and
Executive Officers, and the planned number of shares to be provided under the plan in principle to eachcandidate when they retire (as of March 31, 2024) is stated together with the number of the Company’s shares
owned.

-4-

[Reference]
Skills Matrix
Provided that Proposal No. 2 and Proposal No. 3 are approved as proposed at this General Meeting of
Shareholders, the skills of Directors and Audit & Supervisory Board Members will be as follows.
Name

Attributes

Corporate
management

Human
Governance/
Sustainability/
resource
Finance/ Legal affairs/
Sales/
Businessdevelopment/
Risk
Accounting
strategy
Organizational Marketing
management
strategy

ICT/
DigitalTransformation

Transportation

Real estate/
Lifestyleservices

Director
KazuyukiHarada

Male

●

●

●

●

Yukihiro
Kawamata

Male

●

●

●

●

Kazuhide
SakuraiMale●

Yuichi
KanekoMale●

HidekiTakeya

Male

●

●

Isao
Sugiyama

Male

○

●

Yoshinori
Terajima

Male

TamakiKakizakiFemaleSawakoNoharaFemaleOutsideIndependent

OutsideIndependent

●

●

●
●

Independent

●

●
●

●
●

●

●

Outside

●

●

●

●

●
○

●

●

●

●

●
●

●
●

●

●

●

●

●

●

●

Audit & Supervisory Board Member
Osamu
Harada

Male

Kazuo
Urabe

Male

TakashiSuetsuna

Male

Osamu
Sudoh

Male

OutsideIndependent●●

OutsideIndependent
OutsideIndependent

●
●

●

●

●

●

●

●

●

●

●

-5-

●

●

The Company has introduced an executive officer system. The following table shows the skills of executive
officers who do not concurrently serve as directors.
Corporate
management

Name

Human
Governance/
Sustainability/
resource
Finance/
Sales/
Legal affairs/
Businessdevelopment/
Risk
Accounting
Marketingstrategy
Organizational
management
strategy

ICT/
DigitalTransformation

Transportation

Real estate/
Lifestyleservices●●

Executive Officers who do not concurrently serve as directors
Masahito
NomuraMale

Akio
TakeuchiMaleMotohiko
Sakasai

Male●

Yoshio
Aono

Male

●

HidekiMuramatsu

Male

Notes:

●

●
●
○

●

●

●
○

●

●
●

1. A “○” check mark signifies skills to be developed going forward as the officer in charge.
2. The above matrix does not represent all the skills possessed by Directors, Audit & Supervisory Board Members,
and executive officers who do not concurrently serve as directors.

The reasons for selecting each skill are as follows.
SkillsReasons for selection

Corporate management

To appropriately fulfill management supervisory roles and to promote the enhancementof management capital, which forms the basis for corporate value creation.

Sustainability/
Business strategy

To formulate strategies that contribute to the sustained growth of the Group and theenhancement of social and corporate value over the medium to long term, thereby
promoting management and business activities.

Finance/
Accounting

To ensure the appropriateness and accuracy of financial reporting. Additionally, toensure financial soundness for promoting large-scale growth investments, and todevelop management practices focused on the profitability of capital and stock price.

Governance/
Legal affairs/
Risk management

To build a corporate structure that is resilient to risk by possessing a knowledge ofgovernance as the foundations of business management while accurately identifying
management risks and taking appropriate countermeasures.

Human resource development/
Organizational strategy

To promote human capital management through the development of human resources
who can create and co-create value from a customer perspective, and through thecreation of an innovation-encouraging culture.

Sales/
Marketing

To improve the corporate brand and the brand image of communities along the Keikyu
lines by delivering services that cater to the diverse needs of customers.

ICT/
Digital Transformation

To achieve next-generation operations in transportation by combining digital and realelements and to drive strategic marketing initiatives by leveraging data.

Transportation

To ensure core businesses provide and sustain services that both meet public needs andrealize profitability and to optimize all modes of transportation to enhance the value ofcommunities and expand the scale of lineside areas.

Real estate/
Lifestyle services

To strengthen and promote the real estate operations, developing them into the Group’s
second most profitable business, and to create opportunities for people to move aroundand increase the flow of people by establishing hubs and providing living support.

-6-

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1976 Joined the Company
Kazuyuki HaradaJun. 2007 Director, the Company
Jun. 2010 Executive Director, the Company
Date of birthJun. 2011 Senior Executive Director, the Company
January 22, 1954 (70 years old) Jun. 2013 President, the Company
Tenure as Director
Jun. 2013 Representative Director, the Company (present)
Jun. 2019 President and Executive Officer, the Company
17 years (At the conclusion ofApr. 2022 Chairperson of the Board, the Company (present)
this General Meeting of(Significant concurrent positions)Shareholders)Number of Board of Directors President, Yokohama Shintoshi Center Corporation
Chairman, JAPAN PRIVATE RAILWAY ASSOCIATION
Meetings Attended
1
Outside Director, JAPAN POST INSURANCE Co., Ltd.
Reappointment 13/13
Outside Director, LUMINE Co., Ltd.
Number of the Company’s
MaleOutside Director, NKB Inc.
shares owned[Reasons for nominating the candidate for Director]
Mr. Kazuyuki Harada has extensive operating experience primarily in the
51,500 Sharesrailway business and human resource management, and possesses a broad
Number of shares to berange of knowledge on corporate management, and is expected toprovided under the stockenhance the corporate value of the Company. He assumed the position of
remuneration plan
President of the Company in June 2013, and has served as Chairperson of
14,750 Shares
the Board responsible for the business management of the Group sinceApril 2022. The Company considers that he has properly performed his
duties in decision-making on important business matters, supervisingbusiness execution, etc. and hence, has appointed him as a candidate for
Director.
Notes: 1. Mr. Kazuyuki Harada currently serves as the President of Yokohama Shintoshi Center Corporation, which
conducts transactions (leasing of buildings, operation of parking lots) that pertain to the category of theCompany’s business. The Company has business relationships related to lease agreements for buildings, as well asa reward services merchant agreement and an electronic money usage merchant agreement, etc. with Yokohama
Shintoshi Center Corporation.
2. Mr. Kazuyuki Harada currently serves as the Chairman of JAPAN PRIVATE RAILWAY ASSOCIATION. This
Association receives membership fees and other payments from the Company.
No.

Name, etc. of Director

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1986 Joined the Company
Yukihiro Kawamata Jun. 2016 Director, the Company
Jun. 2019 Director, Managing Executive Officer, the Company
Date of birth
Apr. 2022 President and Executive Officer, the Company (present)
February 10, 1964 (60 years
Apr. 2022 Representative Director, the Company (present)
old)Apr. 2022 In charge of Inquiry and Auditing Group Operating
Department, the Company (present)
Tenure as Director(Significant
concurrent
positions)
8 years (At the conclusion of
OutsideDirector,
Japan
Airport Terminal Co., Ltd.
this General Meeting of
Outside Director, Yokohama Shintoshi Center Corporation
2
Shareholders)
Chairman, Urban Redevelopment Preparatory Association 1 for the
Reappointment Number of Board of Directors
City Area around the West Exit of Keikyu Kawasaki Station
Male
Meetings Attended[Reasons for nominating the candidate for Director]
13/13
Mr. Yukihiro Kawamata has extensive operating experience primarily inthe hotel business and business administration, and is expected to
Number of the Company’s
leverage his broad range of knowledge of corporate management toshares owned
enhance the corporate value of the Company. He has served as President
14,500 Sharesof the Company responsible for the business management of the Group
Number of shares to besince April 2022. The Company considers that he has properly performed
provided under the stock
his duties in decision-making on important business matters, supervising
remuneration planbusiness execution, etc. and hence, has appointed him as a candidate for
Director.
12,075 Shares
Note:
Mr. Yukihiro Kawamata serves as Chairman of Urban Redevelopment Preparatory Association 1 for the City Areaaround the West Exit of Keikyu Kawasaki Station. This Association receives payment from the Company such as
costs for survey, design, and planning work and business consignment costs.
No.

Name, etc. of Director-7-Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1988 Joined the Company
Kazuhide Sakurai
Jun. 2019 Executive Officer, the Company
Apr. 2022 Managing Executive Officer, the Company
Date of birthJun. 2022 Director, Managing Executive Officer, the Company
January 8, 1966 (58 years old)(present)
Tenure as Director
Apr. 2023 Senior General Manager, Development andAdministration of Facilities Headquarters, the Company
2 years (At the conclusion of(present)
this General Meeting ofApr. 2023 In charge of Railway Headquarters, the Company
Shareholders)3(present)
Reappointment Number of Board of Directors [Reasons for nominating the candidate for Director]
Meetings Attended
Male
Mr. Kazuhide Sakurai has extensive operating experience primarily in the
13/13
railway business, and is expected to leverage his broad knowledge of
Number of the Company’s
corporate management, sales and marketing, transportation, and realestate and lifestyle services to enhance the corporate value of theshares owned
Company. He has served as Director of the Company since June 2022.
10,600 Shares
The Company considers that he has properly performed his duties in
Number of shares to be
decision-making on important business matters, supervising businessprovided under the stock
execution, etc. and hence, has appointed him as a candidate for Director.
remuneration plan
7,000 SharesNo.

Name, etc. of Director

No.

Name, etc. of Director

Yuichi Kaneko
Date of birth
April 18, 1965 (59 years old)
Tenure as Director
1 year (At the conclusion ofthis General Meeting of
Shareholders)
4
Reappointment Number of Board of
Directors Meetings Attended
Male
10/10
Number of the Company’s
shares owned
7,900 Shares
Number of shares to beprovided under the stock
remuneration plan
7,375 Shares

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1988 Joined the Company
Jun. 2019 Executive Officer, the Company
Jun. 2021 Managing Executive Officer, the Company
Apr. 2023 Office Manager, Management Strategy Department, theCompany (present)
Apr. 2023 In charge of Human Resources Strategy Department, theCompany (present)
Jun. 2023 Director, Managing Executive Officer, the Company(present)[Reasons for nominating the candidate for Director]
Mr. Yuichi Kaneko has extensive operating experience primarily indevelopment projects, and is expected to leverage his broad knowledge ofsustainability and business strategy, finance and accounting, humanresource development and organizational strategy, sales and marketing,and real estate and lifestyle services to enhance the corporate value of theCompany. He has served as Director of the Company since June 2023.
The Company considers that he has properly performed his duties indecision-making on important business matters, supervising businessexecution, etc. and hence, has appointed him as a candidate for Director.

-8-

No.

Name, etc. of Director

Hideki Takeya
Date of birth
April 8, 1964 (60 years old)
Tenure as Director
1 year (At the conclusion ofthis General Meeting of
Shareholders)5
Number of Board of
Reappointment
Directors Meetings Attended
Male
10/10
Number of the Company’s
shares owned
5,200 Shares
Number of shares to beprovided under the stock
remuneration plan
6,500 SharesNo.

Name, etc. of Director

Isao Sugiyama

6
New
Male

Date of birth
October 2, 1967 (56 years old)
Tenure as Director–
Number of Board of
Directors Meetings Attended–
Number of the Company’s
shares owned
2,800 Shares
Number of shares to beprovided under the stock
remuneration plan
4,400 Shares

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1988 Joined the Company
Jun. 2020 Executive Officer, the Company
Apr. 2023 Managing Executive Officer, the Company
Apr. 2023 Senior General Manager, Railway Headquarters, theCompany (present)
Apr. 2023 In charge of Shinagawa Development Department,
Development and Administration of Facilities
Headquarters, the Company (present)
Jun. 2023 Director, Managing Executive Officer, the Company(present)[Reasons for nominating the candidate for Director]
Mr. Hideki Takeya has extensive operating experience primarily inretailing business and human resources management, and is expected toleverage his broad knowledge of corporate management, governance,
legal affairs, risk management, human resource development andorganizational strategy, sales and marketing, transportation, and realestate and lifestyle services to enhance the corporate value of theCompany. He has served as Director of the Company since June 2023.
The Company considers that he has properly performed his duties indecision-making on important business matters, supervising businessexecution, etc. and hence, has appointed him as a candidate for
Director.
Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1990 Joined the Company
Sep. 2014 Director, Keihin Kyuko Bus Co., Ltd.
Jun. 2017 Executive Director, Keihin Kyuko Bus Co., Ltd.
Jun. 2018 General Manager, Shinagawa Development Department,
the Company
Jun. 2020 General Manager, General Affairs Department, theCompany
Jun. 2021 Executive Officer, the Company
Apr. 2024 Managing Executive Officer, the Company (present)
Apr. 2024 Office Manager, New Value Co-Creation Department, theCompany (present)[Reasons for nominating the candidate for Director]
Mr. Isao Sugiyama has extensive operating experience primarily ingeneral affairs, and is expected to leverage his broad knowledge ofgovernance, legal affairs, and risk management, ICT and Digital
Transformation, and transportation to enhance the corporate value of
the Company. He has served as Executive Officer of the Company sinceJune 2021. The Company considers that he has appropriately performed
his duties in business execution of the Company and hence, theCompany judges him to be qualified to serve as a Director of theCompany and has appointed him as a candidate for Director.

-9-Brief Personal Profile, Position and Responsibility in the Company,
and Significant Concurrent Positions
Mar. 2017 Representative Director, Executive Vice President,
Yoshinori Terajima
NIPPON LIFE INSURANCE COMPANY
Mar. 2018 Director, NIPPON LIFE INSURANCE COMPANY
Date of birth(resigned in July 2018)
Apr. 2018 President, Representative Director, Taisay Building
January 2, 1959 (65 years old)Management Co., Ltd. (present)
Tenure as Outside Director
Jun. 2018 Director, the Company (present)
6 years (At the conclusion ofJan. 2022 Chairperson, Nomination and Remuneration Advisory
this General Meeting ofCommittee, the Company (present)
7
Shareholders)(Significant concurrent positions)
Reappointment
Number of Board of Directors President, Representative Director, Taisay Building Management Co.,
OutsideMeetings AttendedLtd.
Independent
13/13[Reasons for nominating the candidate for Outside Director andMale
expected role]
Number of the Company’s
As a former manager of a major life insurance company, Mr. Yoshinori
shares owned
Terajima has abundant experience and broad insight relating to fund
0 Sharesmanagement and investment management, etc., and hence, the Company
expects him to play a role in leveraging his experience and insight in his
duties in supervising business execution, etc. of the Company. The
Company considers that he has properly performed his duties as Outside
Director of the Company since June 2018 and hence, has appointed him
as a candidate for Outside Director.
Notes: 1. Mr. Yoshinori Terajima satisfies the “Independence Criteria for Outside Officers” established by the Company(Please see pages 17 and 18). He was formerly serving as Director of NIPPON LIFE INSURANCECOMPANY (resigned in July 2018), with which the Company has transactions such as borrowing of funds.
However, because the amount of such borrowing accounts for less than 10% of the total amount of borrowingof the Company, the company does not fall under the criteria for “a major lender of the Company” (a financial
institution or other large creditor that the Company was relying on, with no substitute, for its funds procurement
at the end of the most recent business year) as stipulated in the “Independence Criteria for Outside Officers.”
2. He is the President and Representative Director of Taisay Building Management Co., Ltd., which conducts
transactions (real estate leasing business) that pertain to the category of the Company’s business.
3. The Company has designated him as an independent officer pursuant to the requirements of the Tokyo Stock
Exchange and has given notification thereof to the exchange.
4. The Company has entered into an agreement with him to limit his liability for damages pursuant to Article 423,
paragraph 1 of the Companies Act, and the limit amount for liability for damages pursuant to the agreement is
the minimum liability amount prescribed by laws and regulations. If he is elected as proposed, the Company
plans to conclude a limited liability agreement with the same content with him.
No.

Name, etc. of Director- 10 -

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 2008 Professor, Graduate School of Law, Toyo University
Tamaki Kakizaki(resigned in March 2012)
Apr. 2012 Professor, Graduate School of International Social
Date of birth
Sciences, Yokohama National University(resigned in March 2014)
January 16, 1961 (63 years old)
Apr. 2014 Professor, School of Law, Meiji University (present)
Tenure as Outside Director
Jun. 2016 Outside Director, Eisai Co., Ltd.
4 years (At the conclusion of(resigned in June 2020)
this General Meeting ofJun. 2016 Outside Director, Mitsubishi Shokuhin Co., Ltd.
Shareholders)(present)
Number of Board of Directors Jun. 2017 Outside Auditor, Japan Airport Terminal Co., Ltd.
Meetings Attended(resigned in June 2022)
13/13
Jun. 2019 Member of the Corporate Value Analysis Committee, theCompany (present)
Number of the Company’sJun. 2020 Director, the Company (present)
shares owned
Jun. 2021 Outside Director, The Akita Bank, Ltd. (present)
8
0 SharesJun. 2022 Outside Director (Audit and Supervisory Committee
Reappointment
Member), Japan Airport Terminal Co., Ltd. (present)
Outside(Significant
concurrent
positions)
Independent
Professor, School of Law, Meiji University
FemaleOutside Director (Audit and Supervisory Committee Member), Japan
Airport Terminal Co., Ltd.
Outside Director, Mitsubishi Shokuhin Co., Ltd.
Outside Director, The Akita Bank, Ltd.
[Reasons for nominating the candidate for Outside Director andexpected role]
Ms. Tamaki Kakizaki is a university professor specialized in the field ofinternal controls and internal audits and an outside officer of an airport
terminal building operation company, etc. She was an outside officer of amajor pharmaceutical company, and obtained abundant experience andbroad insight in these areas and hence, the Company expects her to play arole in leveraging her experience and insight in her duties in supervisingbusiness execution, etc. of the Company. The Company considers that
she has properly performed her duties as Outside Director of theCompany since June 2020 and hence, has appointed her as a candidate for
Outside Director.
Notes: 1. Ms. Tamaki Kakizaki satisfies the “Independence Criteria for Outside Officers” established by the Company(Please see pages 17 and 18). She serves as Outside Director of The Akita Bank, Ltd. but is not a businessexecutive. In addition, there are transactions, such as borrowing of funds, between the Company and The
Akita Bank, Ltd. However, because the amount of borrowing accounts for less than 10% of the total amountof borrowing of the Company, the company does not fall under the criteria for “a major lender of theCompany” (a financial institution or other large creditor that the Company was relying on, with no substitute,for its funds procurement at the end of the most recent business year) as stipulated in the “Independence
Criteria for Outside Officers.”
2. The Company has designated her as an independent officer pursuant to the requirements of the Tokyo Stock
Exchange and has given notification thereof to the exchange.
3. The Company has entered into an agreement with her to limit her liability for damages pursuant to Article
423, paragraph 1 of the Companies Act, and the limit amount for liability for damages pursuant to theagreement is the minimum liability amount prescribed by laws and regulations. If she is elected as proposed,
the Company plans to conclude a limited liability agreement with the same content with her.
No.

Name, etc. of Director- 11 -

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Dec. 2001 President, Representative Director, IPSe Marketing, Inc.
Sawako Nohara(present)
Jun. 2006 Outside Director, NEC Corporation
Date of birth(resigned in June 2012)
January 16, 1958 (66 years old) Oct. 2009 Project Professor, Graduate School of Media andGovernance, Keio University
Tenure as Outside Director(resigned in September 2019)3 years (At the conclusion ofJun. 2012 Outside Audit & Supervisory Board Member, Sompo
this General Meeting ofJapan Insurance Inc.
Shareholders)(resigned in June 2013)
Number of Board of Directors Jun. 2013 Outside Director, NKSJ Holdings, Inc. (current Sompo
Meetings Attended
Holdings, Inc.)(resigned in June 2021)
13/13
Number of the Company’s Jun. 2014 Outside Director, JAPAN POST BANK Co., Ltd.
(resigned in June 2020)
shares owned
Jun. 2018 Outside Audit & Supervisory Board Member, TOKYO
0 Shares
GAS CO., LTD.
(resigned in June 2021)
Jun. 2019 Member of the Board (Outside), DAIICHI SANKYO
9
COMPANY, LIMITED (present)
Reappointment
Apr. 2020 Project Professor, Graduate School of Media andOutsideGovernance, Keio University(resigned in March 2022)
Independent
Jun. 2021 Director, the Company (present)
FemaleJun. 2021 Outside Director, TOKYO GAS CO., LTD.
(resigned in June 2022)
Jun. 2022 Outside Director, Resona Holdings, Inc. (present)(Significant concurrent positions)
President, Representative Director, IPSe Marketing, Inc.
Member of the Board (Outside), DAIICHI SANKYO COMPANY,
LIMITED
Outside Director, Resona Holdings, Inc.
[Reasons for nominating the candidate for Outside Director andexpected role]
Ms. Sawako Nohara is a manager of a company related to business andmarketing strategies in the IT business and an outside officer of a major
pharmaceutical company, etc. She is an expert member of government
committees, and obtained abundant experience and broad insight in theseareas and hence, the Company expects her to play a role in leveraging her
experience and insight in her duties in supervising business execution,etc. of the Company. The Company considers that she has properly
performed her duties as Outside Director of the Company since June
2021 and hence, has appointed her as a candidate for Outside Director.
Notes: 1. Ms. Sawako Nohara satisfies the “Independence Criteria for Outside Officers” established by the Company(Please see pages 17 and 18). She serves as Outside Director of Resona Holdings, Inc., but is not a businessexecutive. In addition, there are transactions, such as borrowing of funds, between the Company and Resona
Bank, Limited, a subsidiary of Resona Holdings, Inc. However, because the amount of borrowing accounts forless than 10% of the total amount of borrowing of the Company, the company does not fall under the criteria
for “a major lender of the Company” (a financial institution or other large creditor that the Company was
relying on, with no substitute, for its funds procurement at the end of the most recent business year) as
stipulated in the “Independence Criteria for Outside Officers.”
2. The Company has designated her as an independent officer pursuant to the requirements of the Tokyo Stock
Exchange and has given notification thereof to the exchange.
3. The Company has entered into an agreement with her to limit her liability for damages pursuant to Article 423,
paragraph 1 of the Companies Act, and the limit amount for liability for damages pursuant to the agreement is
the minimum liability amount prescribed by laws and regulations. If she is elected as proposed, the Company
plans to conclude a limited liability agreement with the same content with her.
4. In December 2023, Sompo Japan Insurance Inc., a subsidiary of Sompo Holdings, Inc. where she served as an
Outside Director until June 2021, received a business improvement order from the Financial Services Agency.
This order was issued under the Insurance Business Act for conduct considered to be in conflict with the
Antimonopoly Act, inappropriate conduct in light of the purpose of the Act, and system issues underlying suchconduct identified during a period that included her term of office. In addition, in January 2024, Sompo
Holdings, Inc. and Sompo Japan Insurance Inc. each received a business improvement order from the Financial
No.

Name, etc. of Director- 12 -

Services Agency. This order was issued under the Insurance Business Act to Sompo Japan Insurance Inc. forfraudulent insurance claims and other matters and to Sompo Holdings, Inc. for business management and othermatters carried out over Sompo Japan Insurance Inc. Although she was unaware of these facts during her tenure
as an Outside Director of Sompo Holdings, Inc., she consistently provided opinions and suggestions with afocus on ensuring compliance with laws and regulations.

- 13 -

Proposal No. 3: Election of two (2) Audit & Supervisory Board Members
Among the four (4) Audit & Supervisory Board Members currently in office, the term of office of Mr.
Takashi Suetsuna and Mr. Osamu Sudoh will expire at the conclusion of this General Meeting of
Shareholders. Accordingly, we propose that two (2) Audit & Supervisory Board Members be elected.
The candidates for Audit & Supervisory Board Member are as follows.
The Company has already received the approval for this proposal from the Audit & Supervisory Board.
Name, etc. of Audit & Supervisory Board
MemberBrief Personal Profile, Position in the Company, and Significant
Concurrent Positions
Apr. 1974 Joined National Police Agency
Takashi Suetsuna
Feb. 1994 Chief, Kochi Prefectural Police Headquarters
Sep. 1997 Director, Finance Division, Commissioner General’sDate of birth
Secretariat, National Police Agency
March 8, 1949 (75 years old)
Sep. 2001 Chief Inspector General, Commissioner General’s
Secretariat, National Police Agency
Tenure as Outside Audit &Aug. 2002 Chief, Kanagawa Prefectural Police Headquarters
Supervisory Board Member
Aug. 2004 Deputy Superintendent General, Tokyo Metropolitan
8 years (At the conclusion of
Police Department
this General Meeting of
Sep. 2005 Chief Chamberlain, the Board of the Crown Prince’s
Shareholders)Household, Imperial Household Agency
Number of Board of Directors Apr. 2009 Ambassador Extraordinary and Plenipotentiary of Japan to
Meetings Attended
Grand Duchy of Luxembourg
12/13
Jun. 2013 Outside Audit & Supervisory Board Member, Marubeni
Corporation
Number of Audit &(resigned in June 2017)
Supervisory Board Meetings
Jun. 2015 Outside Director, Totetsu Kogyo Co., Ltd. (present)
Attended1Jun. 2016 Outside Auditor, Kandenko Co., Ltd. (present)
Reappointment 11/12
Jun. 2016 Outside Audit & Supervisory Board Member, theNumber of the Company’s
OutsideCompany (present)
shares owned
Independent
Jun. 2017 Outside Director, JCR Pharmaceuticals Co., Ltd. (present)
0 Shares
Male
Jun. 2018 Outside Audit & Supervisory Member of the Board, Aioi
Nissay Dowa Insurance Co., Ltd.
(resigned in June 2022)(Significant concurrent positions)
Outside Auditor, Kandenko Co., Ltd.
Outside Director, Totetsu Kogyo Co., Ltd.
Outside Director, JCR Pharmaceuticals Co., Ltd.
[Reasons for nominating the candidate for Outside Audit & Supervisory
Board Member]
Mr. Takashi Suetsuna has once served as Chief of Kanagawa Prefectural
Police Headquarters and Deputy Superintendent General of the Tokyo
Metropolitan Police Department, and as a former outside officer of amajor general trading company, etc. has abundant experience and broad
insights. He has served as Outside Audit & Supervisory Board Memberof the Company since June 2016. The Company considers that he has
properly performed his duties in auditing business management of theCompany and hence, reappointed him as an Outside Audit &Supervisory Board Member.
Notes: 1. Mr. Takashi Suetsuna satisfies the “Independence Criteria for Outside Officers” established by the Company(Please see pages 17 and 18).
2. The Company has designated him as an independent officer pursuant to the requirements of the Tokyo Stock
Exchange and has given notification thereof to the exchange.
3. The Company has entered into an agreement with him to limit his liability for damages pursuant to Article 423,
paragraph 1 of the Companies Act, and the limit amount for liability for damages pursuant to the agreement is
the minimum liability amount prescribed by laws and regulations. If he is elected as proposed, the Company
plans to conclude a limited liability agreement with the same content with him.
4. The Company has entered into a directors and officers liability insurance policy as provided for in Article 4303, paragraph 1 of the Companies Act with an insurance company. The new candidate is insured under thepolicy. The new candidate will be an insured under the policy if he is elected. For details of the insurance
policy, please refer to “1. Names, etc. of Directors and Audit & Supervisory Board Members” (Notes) 11 insection “IV Officers” of the Business Report, and the Company plans to renew the policy after this General
Meeting of Shareholders.

- 14 -

5. In December 2023, Aioi Nissay Dowa Insurance Co., Ltd., where he served as an Outside Audit & Supervisory
Member of the Board until June 2022, received a business improvement order from the Financial Services
Agency. This order was issued under the Insurance Business Act for conduct considered to be in conflict with
the Antimonopoly Act, inappropriate conduct in light of the purpose of the Act, and system issues underlying
such conduct identified during a period that included his term of office. Although he was unaware of this fact
during his tenure as an Outside Audit & Supervisory Member of the Board of the company, he consistently
provided opinions and suggestions with a focus on ensuring compliance with laws and regulations.

- 15 -Name, etc. of Audit & Supervisory Board
MemberBrief Personal Profile, Position in the Company, and Significant
Concurrent Positions
Apr. 1980 Registered as attorney at law
Osamu Sudoh
Apr. 1983 Partner, Tokyo Yaesu Law Office
Apr. 1993 Established and Partner, Asahi Law Offices
Date of birthJun. 1999 Established and Partner, SUDOH & TAKAI LAWJanuary 24, 1952 (72 years old)
OFFICES
Sep. 2005 Outside Audit & Supervisory Board Member, BANDAI
Tenure as Outside Audit &NAMCO Holdings Inc.
Supervisory Board Member(resigned in June 2022)
8 years (At the conclusion ofJun. 2011 Outside Audit & Supervisory Board Member, MITSUIthis General Meeting of
SOKO Co., Ltd. (current MITSUI-SOKO HOLDINGS
Shareholders)Co., Ltd.)
Number of Board of Directors(resigned in June 2023)
Meetings Attended
May 2016 Established and Partner, SUDOH & PARTNERS (present)
13/13
Jun. 2016 Outside Audit & Supervisory Board Member, Pronexus
Inc. (present)
Number of Audit &2
Supervisory Board Meetings Jun. 2016 Outside Audit & Supervisory Board Member, theCompany (present)
Reappointment Attended
Jun.
2018
Memberof the Corporate Value Analysis Committee, theOutside12/12
Company (present)
Independent
Number of the Company’sJun. 2022 Outside Audit & Supervisory Board Member, Bandai
Maleshares owned
Namco Amusement Inc. (present)
0 Shares(Significant concurrent positions)
Attorney at law
Outside Audit & Supervisory Board Member, Pronexus Inc.
Outside Audit & Supervisory Board Member, Bandai Namco
Amusement Inc.
[Reasons for nominating the candidate for Outside Audit & Supervisory
Board Member]
Mr. Osamu Sudoh has high expertise in corporate legal affairs as an
attorney at law and served as a former outside officer of a major total
entertainment company, and obtained abundant experiences and broad
insight into these areas. He has served as Outside Audit & Supervisory
Board Member of the Company since June 2016. The Company
considers that he has properly performed his duties in auditing business
management of the Company and hence, reappointed him as an Outside
Audit & Supervisory Board Member.
Notes: 1. Mr. Osamu Sudoh satisfies the “Independence Criteria for Outside Officers” established by the Company(Please see pages 17 and 18).
2. The Company has designated him as an independent officer pursuant to the requirements of the Tokyo Stock
Exchange and has given notification thereof to the exchange.
3. The Company has entered into an agreement with him to limit his liability for damages pursuant to Article
423, paragraph 1 of the Companies Act, and the limit amount for liability for damages pursuant to theagreement is the minimum liability amount prescribed by laws and regulations. If he is elected as proposed,
the Company plans to conclude a limited liability agreement with the same content with him.
4. The Company has entered into a directors and officers liability insurance policy as provided for in Article
430-3, paragraph 1 of the Companies Act with an insurance company. The new candidate is insured under thepolicy. The new candidate will be an insured under the policy if he is elected. For details of the insurance
policy, please refer to “1. Names, etc. of Directors and Audit & Supervisory Board Members” (Notes) 11 insection “IV Officers” of the Business Report, and the Company plans to renew the policy after this General
Meeting of Shareholders.

- 16 -

[Reference 1]
Independence Criteria for Outside Officers
Outside Directors or Outside Audit & Supervisory Board Members of the Company must not fall under anyof the following categories if they are to be considered independent.
1. A person executing business of the Company and its group companies (hereinafter, collectively the“Company”)
2. A major shareholder of the Company, or a person who executes business of a company that is a major
shareholder of the Company
3. A person who is a major lender of the Company, or a person who executes business of a company thatis a major lender partner
4. A person for whom the Company is a major trading partner or an executive officer of a company forwhich the Company is a major trading partner
5. A person who is a major trading partner of the Company or a person who executes business of acompany which is a major trading partner of the Company
6. A person receiving donations or financial assistance in an amount exceeding a certain threshold fromthe Company, or a director or other person executing business of a corporation, or group such as aunion, etc. receiving donations or financial assistance in an amount exceeding a certain threshold fromthe Company
7. An attorney-at-law, certified accountant, tax accountant or consultant who receives money or otherproperty benefits in an amount exceeding a certain threshold from the Company other than director
remuneration
8. A person who belongs to a corporation, such as a law firm, audit corporation, tax accountant
corporation, or consulting firm; or a group, such as a union, which receives money or other property
benefits in an amount exceeding a certain threshold from the Company
9. A person executing business of another company with which the Company has a mutual appointment
relationship related to an Outside Director or an Outside Audit & Supervisory Board Member
10. A person who has fallen under the category described in Item 1 above in the past 10 years, ora person who has fallen under the category described in any of Items 2 to 9 above in the past 5 years
11. If a person with an important position falls under the category described in any of Items 1 to 9 above,
then the spouse or relative within the second degree of kinship of such person
Notes:
1. The term “person executing business” refers to an “executive director, executive officer, manager, or person or
employee equivalent to this.”
2. The term “major shareholder” in Item 2 means “a person (or a company) who holds 10% or more of the total voting
rights of the Company directly or indirectly at the end of the most recent business year.”
3. The term “a person (or a company) who is a major lender of the Company” in Item 3 means “a financial institution orother large creditor that the Company was relying on, with no substitute, for its fund procurement at the end of the mostrecent business year.”
4. The term “a person (or a company) for whom/which the Company is a major trading partner” in Item 4 means a “person(or a company) who has received payments from the Company in an amount equivalent to 2% or more of theconsolidated annual net sales of that person (or company) in the most recent business year.”
5. The term “a person (or a company) who is a major trading partner of the Company” in Item 5 means a “person (or acompany) who has made payments to the Company in an amount equivalent to 2% or more of the consolidated annual
net sales of the Company in the latest business year.”
6. The term “a certain threshold” in Items 6 and 7 means “10 million yen in the most recent business year.”
7. The term “a certain threshold” in Item 8 means “2% of the total net sales of the corporation, or group such as a union in
the latest business year.”- 17 -

8.

The term “mutual appointment relationship” in Item 9 means “a relationship where the person executing business of theCompany in the most recent business year is an outside director or an outside Audit & Supervisory Board Member ofanother company and a person who executes business of that other company is an Outside Director or an Outside Audit& Supervisory Board Member of the Company.”
9. The term a “person with an important position” in Item 11 means “a person holding a position of general manager orhigher with authority equivalent to that of a person who executes business.”
10. Any matters not stated herein that may significantly affect the judgment of independence shall be managed in an
appropriate manner.

- 18 -

[Reference 2]
Matters concerning Cross-shareholdings
1. Policy on Cross-shareholdings
The Company’s policy is to maintain cross-shareholdings if there is a meaningful argument to be madewith regard to business cooperation, the building and strengthening of collaborative relationships, andthe Company’s business strategy that such cross-shareholdings contribute to sustained growth of thebusiness and the raising of corporate value over the medium to long term. If the meaning of holding a
stock diminishes, the relevant cross-shareholding will be gradually reduced, and cross-shareholding is
reduced accordingly as follows. Annually, the rationale for holding each stock is subject to bothquantitative and qualitative verification at meetings of the Board of Directors, resulting in acomprehensive decision as to whether to maintain a particular cross-shareholding and as to the numberof shares that should be held.
The amount of cross-shareholdings (including deemed holding of shares) of consolidated net assets(hereafter, the “holdings rate”) as of the end of the current term was 18.11%. The Company achieved its
reduction target to be less than 20%, as aimed by the end of FY2023.
Furthermore, the Company will improve the profitability of capital by continuously reducing theholdings rate actively from FY2024 onward, thereby promoting the enhancement of corporate value.
2. Status of Cross-shareholdings (as of March 31, 2024)
Category

Total carrying
amount(Millions of yen)

Holdings rate (%)

FY2020100th Term

FY2021101st Term

FY2022102nd Term

FY2023103rd Term (FYE
March 31, 2024)

Specified equity
securities

46,83639,184

31,16937,463Deemed holdings ofequity securities

43,57740,85235,27327,296

Total amount

90,41380,03666,44264,760Specified equity
securities

18.81

15.25

11.40

10.47

Deemed holdings ofequity securities

17.50

15.90

12.90

7.63

Total

36.30

31.16

24.30

18.11

- 19 -

Consolidated Balance Sheet(As of March 31, 2024)
Item
AssetsAmountItem
Liabilities
Current assets
242,157
Current liabilities
Cash and deposits
149,223
Notes and accounts payable - trade
Notes and accounts receivable - trade,
Short-term borrowings
16,037and contract assets
Income taxes payable
Merchandise and finished goods
2,031
Advances received
Land and buildings for sale in lots
65,451
Provision for bonuses
Work in process
711
Provision for bonuses for directors(and other officers)
Raw materials and supplies
291
Other
8,427
Allowance for construction loss
Allowance for doubtful accounts
(16)
Other
Non-current assets
844,745
Non-current liabilities
Property, plant and equipment
680,050
Bonds payable
Buildings and structures, net
297,923
Long-term borrowings
Machinery, equipment andDeferred tax liabilities
35,154vehicles, net
Provision for retirement benefits for
directors (and other officers)Land
168,371
Construction in progress
172,666
Retirement benefit liability
Other, net
5,934Long-term deferred contribution for
construction
Intangible assets
8,194
Investments and other assets
156,500
Reserve for dismantling costs
Investment securities
103,100
Other
Long-term loans receivable
667
Total liabilities
Deferred tax assets
7,092
Net assets
Retirement benefit asset
25,338
Shareholders’ equity
Other
20,571
Share capital
Allowance for doubtful accounts(268)
Capital surplus
Retained earnings
Treasury shares
Accumulated other comprehensive
incomeValuation difference on available-forsale securities
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Non-controlling interests
Total net assets
Total assets
1,086,902
Total liabilities and net assets
Note:
The figures presented are rounded down to the nearest million yen.

- 20 -(Millions of yen)Amount259,468
39,206133,256
36,06816,3771,676
59
983
31,838469,749
125,000
229,117
4,983
273
11,487
81,266
4,109
13,512
729,218
332,423
43,73844,158245,334(809)
22,684
13,769
613
8,301
2,576
357,684
1,086,902

Consolidated Statements of Income(From April 1, 2023 to March 31, 2024)(Millions of yen)
Item

AmountOperating revenue
Operating expenses
Operating expenses and cost of sales of transportation
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest and dividend income
Share of profit of entities accounted for using equity method
Gain on sale of investment securities
Subsidy income
Other
Non-operating expenses
Interest expenses
Other
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on cancellation of retirement benefit trustContribution received for construction
Other
Extraordinary losses
Impairment losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Loss on tax purpose reduction entry of non-current assets
Other
Profit before income taxes
Income taxes - current
Income taxes - deferred
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent
Note:
The figures presented are rounded down to the nearest million yen.

- 21 -

280,624
211,224
41,359

577
565
2,458
311
1,089
3,745
894

90,614
4,427
421
122
3,012
624
466
421
185
37,669(2,202)

252,584
28,040

5,002

4,640
28,402

95,586

4,710
119,279
35,466
83,812
61
83,750Non-consolidated Balance Sheet(As of March 31, 2024)
Item
AssetsCurrent assets
Cash and deposits
Railway fares receivables
Accounts receivable
Consumption taxes refund receivable
Short-term loans receivable
Land and buildings for sale in lots
Prepaid expenses
Other current assets

Non-current assets
Non-current assets - railway
Non-current assets - real estate,leisure services
Non-current assets - affiliatedConstruction in progress
Investments and other assets
Shares of subsidiaries and associates
Investment securities
Investments in other securities ofsubsidiaries and associates

Amount198,018
122,123
1,884
13,792611
379
53,1332,415
3,679

785,773
310,434
100,559
20,059177,989
176,73143,006
72,901

Item
Liabilities
Current liabilities
Short-term borrowings
Accounts payable - otherAccrued expenses
Income taxes payable
Inter-line fares received
Deposits received
Prepaid fares received
Advances received
Unearned revenue
Deposits received from subsidiaries
and associates
Other current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Provision for retirement benefits
Provision for loss on business of
subsidiaries and associates
Long-term deferred contribution for
construction

13,064

Asset retirement obligations

Provision for expenses for
dismantling
Prepaid pension costs
11,589Other non-current liabilities
Other
16,979Total liabilities
Allowance for doubtful accounts(888)
Net assets
Shareholders’ equity
Share capital
Capital surplus
Legal capital surplus
Other capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for tax purpose reduction
entry of non-current assets
Reserve for special account for tax
purpose reduction entry of noncurrent assets
General reserve
Retained earnings brought forward
Treasury shares
Valuation and translation adjustments
Valuation difference on available-forsale securities
Total net assets
Total assets
983,792
Total liabilities and net assets
Note:
The figures presented are rounded down to the nearest million yen.
Long-term loans receivable

20,078- 22 -(Millions of yen)Amount311,008
133,256
35,251
5,051
33,073
119
1,185
4,111
12,466445
77,4778,569
446,924
125,000
229,117339
23
637
81,266
801
4,109
5,628
757,932
212,253
43,73840,363
17,861
22,502
128,932
6,665
122,267
10,301
1,328
2,050
108,587(781)
13,606
13,606
225,860
983,792

Non-consolidated Statements of Income(From April 1, 2023 to March 31, 2024)(Millions of yen)
Item

AmountRailway:
Operating revenue
Operating expenses
Operating profit
Real estate and leisure services:
Operating revenue
Operating expenses
Operating profit
Operating profit - all businesses
Non-operating income
Interest and dividend income
Gain on sale of investment securities
Other revenue
Non-operating expenses
Interest expenses
Provision of allowance for doubtful accounts
Other expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on cancellation of retirement benefit trustContribution received for construction
Compensation income
Extraordinary losses
Impairment losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Loss on tax purpose reduction entry of non-current assets
Profit before income taxes
Income taxes - current
Income taxes - deferred
ProfitNote:
The figures presented are rounded down to the nearest million yen.

- 23 -

77,25367,581
9,671
38,80632,0006,805
16,477
1,619
2,458
794
3,831
19
792

90,406
4,427
183
107
2,629
466
334
183

4,871

4,643
16,705

95,1253,614
108,216
33,548(1,273)75,942