Please note that this document is a translation of the official announcement that was released on July 5, 2012. The translation isprepared and provided for the purpose of the readers’ convenience only. All readers are strongly recommended to refer to theoriginal Japanese version of the news release for complete and accurate information.

Summary of Consolidated Financial Statements for the First Six Months of the Fiscal YearEnding November 30, 2012 (Japanese Accounting Standards)

July 5, 2012

Tosei Corporation
Code number: 8923
Representative: Seiichiro Yamaguchi, President and CEO
Contact: Noboru Hirano, Director and CFO
Scheduled date of filing of quarterly report:
Start of distribution of dividends:
Preparation of supplementary materials for quarterly financial results:
Holding of quarterly financial results meeting:Stock exchange listings: Tokyo, First Section
URL:http://www.toseicorp.co.jp/english/
Phone: +81-3-3435-2864
July 10, 2012
Yes
Yes (for institutional investors and analysts)

1. Consolidated Operating Results for the First Six Months of the Fiscal Year Ending November 30, 2012
Note: All amounts are rounded down to the nearest million yen.
(December 1, 2011 – May 31, 2012)(1) Revenues and Income (cumulative)
Revenues

Operating income
Change(¥ million)

Six months ended May
31, 2012
Six months ended May
31, 2011(Percentages represent change compared with the previous fiscal year.)(¥ million)(%)

Ordinary income

Change(%)

Net income

Change(¥ million)(¥ million)(%)

Change(%)

10,151(5.1)

922(16.9)

537(17.3)

286(25.0)

10,701(33.6)

1,110(45.3)

650(60.4)

381(59.8)(Note) Comprehensive income: The First Six Months of the FY Ending November 30, 2012: ¥285 million (- 25.0%)
The First Six Months of the FY Ended November 30, 2011: ¥381 million (－%)

Earnings per share(diluted)

Earnings per share
Six months ended May 31, 2012
Six months ended May 31, 2011

(¥)

(¥)

626.14
834.39－－(2) Financial Position
Total assets
As of May 31, 2012
As of Nov. 30, 2011

Net assets

Equity ratio(¥ million)(¥ million)(%)

59,69659,96725,033
24,97641.9
41.6(Reference) Equity: As of May 31, 2012: ¥25,033 million

As of November 30, 2011: ¥24,976 million

2. Dividends
Dividends per share (¥)(Record Date)

1Q-endYear ended Nov. 30, 2011
Year ending Nov. 30, 2012
Year ending Nov. 30, 2012
(projected)

2Q-end3Q-endYear-end

Full year

(¥)

(¥)

(¥)

(¥)

(¥)

－
－

0.00
0.00

－

500.00500.00－500.00500.00(Note) Corrections regarding the latest dividend forecast: No

3. Projected Results for the Fiscal Year Ending November 30, 2012 (December 1, 2011 - November 30, 2012)(Percentages represent change compared with the same period of the previous fiscal year)

Revenues

Full year

Operating income

Ordinary income

Earnings
per share

Net income(¥ million)(%)(¥ million)(%)(¥ million)(%)(¥ million)

(%)

(¥)

29,063

17.4

3,079

28.9

2,226

41.4

1,278

70.1

2,799.12(Note) Corrections regarding the latest consolidated forecast figures: No

1

4. Other(1) Changes in major subsidiaries during the period:(Changes in specified subsidiaries involving change of scopeof consolidation)
Newly added: -No(2) Application of special accounting methods to quarterly
financial statements :No

Excluded: -(3) Changes in accounting policies, accounting estimates, and retrospective restatements(a) Changes in accounting policies associated with revision ofYesaccounting standards:(b) Changes in accounting policies other than (a) above:No(c) Changes in accounting estimates:

No(d) Retrospective restatements:

No

Note: For details, please refer to “2. Matters Concerning Other Information (3) Changes in accounting policy, accounting
estimates, and retrospective restatements” on page 6 of the attached documents.
(4) Number of shares issued and outstanding (common stock)(a) Number of shares issued and outstanding
As of May 31, 2012at end of period (including treasury stock)(b) Treasury stock at end of period
As of May 31, 2012(c) Average number of issued shares during
the period:

Six months ended
May 31, 2012

456,840
shares

As of Nov. 30, 2011

456,840
shares－

As of Nov. 30, 2011－

456,840
sharesSix months ended May
31, 2011

456,840
shares(* Information regarding the implementation of quarterly review procedures)
The current quarterly financial statements are exempted from quarterly review procedures based on the Financial
Instruments and Exchange Act. At the time of disclosure, we have not completed the review process for these
consolidated statements.
(* Proper use of the earnings forecasts and other notes)
Forecasts of future performance in this report are based on assumptions judged to be valid and information currently
available to the Company. Actual results may differ significantly from these forecasts due to a number of factors.
Please refer to “1. Qualitative Information on Quarterly Consolidated Financial Performance (3) Qualitative
Information Regarding the Consolidated Performance Forecasts” on page 6 of the attached documents for cautionary
notes concerning assumptions for earnings forecasts and use of earnings forecasts.

2

○ Contents of attached documents
1. Qualitative Information on Quarterly Consolidated Financial Performance ................................................ 4(1) Qualitative Information Regarding Consolidated Results ........................................................................ 4(2) Qualitative Information Regarding Consolidated Financial Position ....................................................... 5(3) Qualitative Information Regarding the Consolidated Performance Forecasts ......................................... 6
2. Matters Concerning Other Information ......................................................................................................... 6(1) Changes in Major Subsidiaries During the Period ................................................................................... 6(2) Application of special accounting methods to quarterly financial statements .......................................... 6(3) Changes in accounting policy, accounting estimates, and retrospective restatements .............................. 6(4) Additional information ............................................................................................................................. 6
3. Quarterly Consolidated Financial Statements ............................................................................................... 8(1) Quarterly Consolidated Balance Sheets .................................................................................................... 8(2) Quarterly Consolidated Statements of Operations and Consolidated Statements ofComprehensive Income .......................................................................................................................... 10(3) Quarterly Consolidated Statements of Cash Flows ................................................................................ 12(4) Notes on Going-Concern Assumption .................................................................................................... 13(5) Segment Information .............................................................................................................................. 13(6) Significant Changes in Shareholders’ Equity ......................................................................................... 143

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Qualitative Information Regarding Consolidated Results
During the first six months ended May 31, 2012 (December 1, 2011 to May 31, 2012), the Japanese
economy experienced an upward trend backed by demand for post-disaster reconstruction, yet it still
remains uncertain due to the fluctuations in the financial and capital markets caused by the fallout from theEuropean sovereign debt crisis and the downturn in world economy.
In the real estate industry where Tosei Group operates, the contracted rate of condos in the greater Tokyo
area had been topping the boom-or-bust threshold of 70% during the period from January 2010 to April
2012.
In the market for leased office building in the five business wards of Tokyo, the average vacancy rate
hovered at a high 9% range that it became 9.23% at the end of April, 2012. Consequently, the averageasking rent in the area continued to decline caused by the challenging situation where tenants are difficult
to be lured, and it showed a year-on-year decrease by ¥708 to ¥16,711 at the end of April, 2012.
In the market for securitized real estate, the AUM balance for private placement funds recorded as of theend of December, 2011 increased by ¥0.4 trillion to ¥17.8 trillion from the end of June, 2011. This was
mainly due to the improvement in the financing environment as well as growing appetites of equity
investors.
In this business environment, Tosei Group has sold its self-developed office building Nihonbashi
Hongokucho Tosei Building as well as other properties under its Restyling business. The Mitaka Symphony,Tosei’s product line of residential properties consisting of two self-developed condos and detached houses
were all sold out by the end of the first six months ended May 31, 2012. Tosei has also accelerated its
purchase of properties primarily centering on the quality office buildings and lands for high-demanded
housing development. Further, sale of self-developed condos has been progressing well and they will betransferred to purchasers within the second-half of the current fiscal year.
As a result, for the first six months ended May 31, 2012, consolidated revenues totaled ¥10,151 million (adecrease of 5.1% compared with the same period of the previous fiscal year), operating income was ¥922
million (a decrease of 16.9%), ordinary income was ¥537 million (a decrease of 17.3%), and net income
was ¥286 million (a decrease of 25.0%).
Segment results were as follows.
Revitalization Business
During the six months ended May 31, 2012, the Company sold a total of 49 units under its Restylingbusiness, including Hilltop Yokohama Negishi (Yokohama City, Kanagawa Prefecture), Renai Higashi
Terao (Yokohama City, Kanagawa Prefecture), and Estage Kaminoge (Setagaya Ward, Tokyo). In addition,
the Company sold 3 buildings it had revitalized such as Uchikanda Kitahara Building (Chiyoda Ward,
Tokyo).
As a result, segment revenues became ¥3,354 million, a decrease of 48.3% compared with the same
period last year, and the segment operating income was ¥361 million, a decrease of 67.0%.
Development Business
During the six months ended May 31, 2012, the Development business sold Nihonbashi Hongokucho
Tosei Building (Chuo Ward, Tokyo), the land in Hiro 5-Chome (Shibuya Ward, Tokyo), 10 newly-built
condominiums including THE Palms Mitaka Leggero and THE Palms Mitaka Vivace (Mitaka City,
Tokyo), as well as 3 detached houses in Palms Court Yokohama Negishi (Yokohama City, Kanagawa
Prefecture).
As a result, segment revenues came to ¥ 3,016 million, an increase of 676.9% compared with the same
period last year, and the segment operating income came to ¥388million. (The segment operating loss ofthe same period last year was ¥ 596 million.)
Rental Business
During the six months ended May 31, 2012, the Company worked to sustain a certain level of occupancy
rate amid the challenging market condition of rental office buildings where vacancy rates are rising.

4As a result, segment revenues were ¥1,148 million, a decrease of 6.1% compared with the same period
last year, and the segment operating income was ¥553 million, a decrease of 12.2%.
Fund Business
During the six months ended May 31, 2012, the income from asset management fees decreased in
response to a decline in the balance of assets under management. This is due to the amount of property
sales, a portion of decrease, surpassed that of newly-acquired contracts, a portion of increase.
As a result, the segment revenues were ¥387 million, a decrease of 59.5% compared with the same period
last year, and the segment operating income was ¥84 million, a decrease of 84.2%. The primary factor forthe substantial year-on-year decrease is that the brokerage fees concerning the sale of large-scaled
properties had been recorded in the same period last year.
As of May 31, 2012, the balance of assets under management* totaled ¥277,053 million.
*Note: The balance of assets under management includes the balance of assets which were subject toconsulting contracts and etc.
Property Management Business
During the six months ended May 31, 2012, regarding the sector for office buildings, parking lots andschools, the number of properties the Company managed increased by 9 to 312 properties as of April 30,
2012, while the number of condominiums and rental apartments, increased by 12 to 207 properties, whichbrings the overall total to 519, an increase of 21 compared with the same period last year.
As a result, the segment revenues were ¥1,780 million, an increase of 14.5% compared with the same
period last year, and the segment operating income was ¥85 million, an increase of 106.0%.
Alternative Investment Business
During the six months ended May 31, 2012, the segment focused on the sale of properties acquired
through M&A, collection of debt, and leasing of the properties which the Company acquired through likekind exchanges. As a result, the segment earned interest income and revenues from sale of properties andloan receivables, as well as rental income from properties acquired through like-kind exchanges.
Consequently, segment revenues came to ¥462 million, an increase of 416.3% compared with the same
period last year, and the segment operating income was ¥31 million (The segment operating loss of thesame period last year was ¥ 10 million.)(2) Qualitative Information Regarding Consolidated Financial Position
Total assets as of May 31, 2012 were ¥59,696 million, a decrease of ¥271 million from the end of theprevious fiscal year. The primary factor is a decrease in cash on hand resulted from the fact that the amountof property purchase under the Revitalization and Development business surpassed that of sale. Total
liabilities also decreased by ¥328 million to ¥34,662 million, contributed by a decrease in notes andaccounts payable.
Net assets increased by ¥57 million to ¥25,033 million, primarily in response to an increase in retained
earnings.
Cash Flow for the First Six Months Ended May 31, 2012
Cash and cash equivalents as of May 31, 2012 totaled ¥6,900 million, a decrease of ¥1,406 million fromthe end of the previous fiscal year, as the result of recording ¥ 535 million of income before income taxes
and an increase in inventory accompanied by progressed purchase of properties in the Revitalization andDevelopment businesses.
Cash Flows from Operating Activities
Net cash used in operating activities totaled ¥1,028 million, as the result of recording ¥535 million ofincome before income taxes, an increase of ¥1,280 million in inventory, which was resulted from the factthat the purchase of properties exceeded the sale of properties in the Revitalization and Development
businesses, as well as ¥56 million of income tax payment (Net cash provided by operating activities in the5same period of the previous fiscal year was ¥760 million).
Cash Flows from Investing Activities
Net cash used in investing activities totaled ¥188 million, a decrease of 7.2% compared with the same
period in the previous fiscal year. This is primarily due to an increase in investment in tangible fixed assets
totaling ¥122 million.
Cash Flows from Financing Activities
Net cash used by financing activities totaled ¥189 million, a decrease of 77.5% compared with the same
period in the previous fiscal year. This is mainly because there were a repayment of long-term loans
payable totaling ¥6,835 million and ¥227 million of cash dividends paid, despite of the proceeds from longterm loans payable totaling ¥6,297 million.

(3) Qualitative Information Regarding the Consolidated Performance Forecasts
The business result during the six months ended May 31, 2012 basically remained stable as planned.
There has not been any revision on the performance forecasts for the first six months of the fiscal year
ending May 31, 2012 and the full-year ending November 30, 2012, which have been announced on January
10, 2012.
The projections are forward-looking statements based on currently available information and assumptions
judged to be valid, and therefore contain elements of uncertainty. Actual performance may differ fromprojections due to changes in operating conditions.
2. Matters Concerning Other Information(1) Changes in Major Subsidiaries During the Period:No(2) Application of Special Accounting Methods to Quarterly Financial Statements:
No(3) Changes in Accounting Policy, Accounting Estimates, and Retrospective Restatements:(Changes in Accounting Policy Difficult to be differentiated from Changes in Accounting Estimates)
In response to the revision of the Corporation Tax Act, the Company and its subsidiaries adopted thedepreciation method, which is based on the revised Act, to be applied to the assets acquired on and after
April 1, 2012. The change has been put into effect as from the current quarter of the fiscal year ending
November 30, 2012.
The impact on the profits and losses of the first six months of the current fiscal year is minor.

(4) Additional Information:(Application of Accounting Standard for Accounting Changes and Error Corrections)
The Company adopted “Accounting Standard for Accounting Changes and Error Corrections” (ASBJ
Statement No.24, December 4, 2009) and “Guidance on Accounting Standard for Accounting Changes andError Corrections” (ASBJ Guidance No.24, December 4, 2009) as from the beginning of the first threemonths of the fiscal year.

6(Effects of Changes in Corporation Tax Rates)
Following the promulgation on December 2, 2011 of the “Act for Partial Revision of the Income Tax Act
etc. for the Purpose of Creating Taxation System Responding to Changes in Economic and Social
Structures” (Act No. 114 of 2011) and the “Act on Special Measures for Securing Financial Resources
Necessary to Implement Measures for Reconstruction following the Great East Japan Earthquake” (Act No.
117 of 2011), corporation tax rate used to measure differed tax assets and liabilities for the period from
December 1, 2012 to November 30, 2015 will be 38.01%. The rate to be applied for the consolidated fiscal
years beginning on or after December 1, 2015 will be 35.64%.
As a result, the differed tax asset in current assets decreased by ¥14,792 thousand, the differed tax asset in
fixed assets decreased by ¥66,927 thousand, the differed tax liability in long-term liabilities decreased by¥2,700 thousand, the valuation difference on available-for-sale securities increased by ¥174 thousand, andthe income taxes-deferred increased by ¥78,844 thousand.

7

3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Thousands of yen, rounded down to the nearest thousand)As of May 31, 2012ASSETS
Current assets
Cash and deposits
Notes and accounts receivable
Marketable securities
Real estate for sale
Real estate for sale in progress
Purchased receivables
Other
Allowance for doubtful accounts

As of Nov. 30, 2011

6,920,130
340,721
10,00025,987,260
8,957,975
78,744
1,304,566(4,820)8,326,305
399,856
10,00027,360,973
6,374,335
81,361
1,361,100(5,697)43,594,578

43,908,234

5,375,792(1,008,971)

5,337,567(947,482)

Buildings and structures (net)4,366,821

4,390,084

Land
Other
Accumulated depreciation

10,235,996
137,568(92,760)

10,175,285
127,756(93,573)

Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation

Other (net)Total tangible fixed assets
Intangible fixed assets
Other

44,80834,183

14,647,626

14,599,553

57,002

67,70557,002

67,705Investments and other assets

1,397,298

1,392,110

Total fixed assets

16,101,927

16,059,369

59,696,505

59,967,603

378,262
577,000
6,049,132
67,731
153,733
1,524,344

806,396－
6,170,937
79,271
150,520
1,584,090

8,750,204

8,791,215

23,488,003
139,368
317,088
1,968,260

23,904,245
133,154
312,586
1,850,349

25,912,721

26,200,336

34,662,926

34,991,552

Total intangible fixed assets

Total assets
LIABILITIESCurrent liabilities
Notes and accounts payable
Short-term debt
Long-term debt due within one year
Income taxes payable
Accrued bonuses to employees
Other
Total current liabilities
Long-term liabilities
Long-term debt
Accrued severance costs
Accrued retirement benefits to officers
Other
Total long-term liabilities
Total liabilities

8

(Thousands of yen, rounded down to the nearest thousand)As of May 31, 2012

As of Nov. 30, 2011

NET ASSETS
Shareholders’ equity
Common stock
Additional paid-in capital
Retained earnings

5,454,673
5,538,149
14,043,223

5,454,673
5,538,149
13,985,597

Total shareholders' equity

25,036,046

24,978,420

Accumulated amount of other comprehensive income
Unrealized gain (loss) on securities
Foreign currency translation adjustment(2,097)(369)(2,369)

Accumulated total of other comprehensive income(2,466)－(2,369)25,033,579

24,976,051

59,696,505

59,967,603

Total net assets
Total liabilities and net assets

9(2) Quarterly Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income
Quarterly Consolidated Statements of Operations(For the Six Months Period)(Thousands of yen, rounded down to the nearest thousand)Six months ended
May 31, 2012
(Dec. 1, 2011-May 31, 2012)

Six months ended
May 31, 2011
(Dec. 1, 2010-May 31, 2011)

Revenues
Cost of revenues

10,151,048
7,709,427

10,701,594
8,065,179

Gross profit

2,441,621

2,636,414

Selling, general and administrative expenses

1,518,872

1,526,196

922,748

1,110,218

871
1,272
－
9,894

1,927
1,272
745
13,43012,03817,376393,408
3,585

476,506
959

396,993

477,466

537,793

650,128

2,377

－

－

19,932

Operating income
Non-operating income
Interest income
Dividend income
Amortization of negative goodwill
Other
Total non-operating income
Non-operating expenses
Interest expense
Other
Total non-operating expense
Ordinary income
Extraordinary loss
Loss on retirement of fixed assets
Loss on adjustment for changes of accounting standard
for asset retirement obligations
Total extraordinary losses

2,377

19,932

Income before income taxes

535,416

630,195

Current income taxes
Deferred income taxes

50,241
199,128

26,496
222,516

Total income taxes

249,370

249,012

Income before minority interests

286,046

381,182

Net income

286,046

381,18210

Quarterly Consolidated Statements of Comprehensive Income(For the Six Months Period)(Thousands of yen, rounded down to the nearest thousand)Six months ended
May 31, 2012
(Dec. 1, 2011-May 31, 2012)

Six months ended
May 31, 2011
(Dec. 1, 2010-May 31, 2011)

286,046

381,182271(41)

Income before minority interests
Other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Total of other comprehensive income
Comprehensive income

11

(369)

－

(97)

(41)

285,948

381,141

(3) Quarterly Consolidated Statements of Cash Flows(Thousands of yen, rounded down to the nearest thousand)Six months ended
May 31, 2012
(Dec. 1, 2011-May 31, 2012)

Six months ended
May 31, 2011
(Dec. 1, 2010-May 31, 2011)

535,416
157,130
12,074

630,195
172,180
124,989－

19,932(2,144)393,408(3,199)476,506

58,752(49,216)(1,280,292)(428,133)(183,501)(485,777)(43,179)
63,264

112,860

48,583

Cash from operating activities
Income before income taxes
Depreciation
Increase (decrease) in allowances
Loss on adjustment for changes of accounting
standard for asset retirement obligations
Interest and dividend income
Interest expenses
Decrease (increase) in notes and accounts
receivable
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable
Increase (decrease) in accrued consumption taxes
Increase (decrease) in lease and guarantee deposits
received
Other

44,976

307,384

Subtotal(579,451)

1,261,663

Receipts of interest and dividends
Payments of interest
Payment of income taxes

6,889(399,883)(56,164)2,546(490,699)(13,313)(1,028,610)

760,196

Cash flows from investing activities
Purchases of tangible fixed assets
Purchase of intangible assets
Purchase of investment securities
Other

Net cash provided by (used in) operating activities(122,879)(4,280)(22,000)(38,970)(34,835)(31,570)(153,350)
17,003

Net cash provided by (used in) investing activities(188,129)(202,752)

577,000
6,297,000(6,835,046)(227,235)(783)－
5,395,000(6,008,372)(226,785)(783)(189,065)(840,941)

Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from long-term debt
Repayments of long-term debt
Cash dividends paid
Other
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents

(369)

－

(1,406,174)(283,497)

Cash and cash equivalents at beginning of year

8,306,305

6,821,288

Cash and cash equivalents at end of year

6,900,130

6,537,791

12

(4) Notes on Going-Concern Assumption
None(5) Segment Information(Business Segment Information)
Six months ended May 31, 2012 (December 1, 2011 to May 31, 2012)(Thousands of yen, rounded down to the nearest thousand)Reportable segments
Revitalization Development Rental
Business
Business
Business

Fund
Business

Property
Alternative
Management Investment
Business
Business

Total

IncomeAccording to
Quarterly
Adjustment
Consolidated(Note 1)
Statements ofOperations(Note 2)

Revenues
Outside Customers
Intersegment andTransfers

3,354,962－

Total

3,354,962

Segment
Operating Income

361,316

3,016,295 1,148,976

387,446

1,780,955

462,412

10,151,048－

10,151,048

26,276

11,824

158,351

2,269

472,725(472,725)－

3,290,299 1,175,252

399,271

1,939,306

464,682

10,623,774(472,725)

10,151,048

84,47885,67931,593

1,504,902(582,153)

922,748

274,003388,302553,531

Note 1. The downward adjustment of segment operating income by -¥582,153 thousand includes the elimination ofintersegment transactions of -¥17,782 thousand and general expenses that cannot be allocated to any particular
reportable segment of -¥564,370 thousand. General expenses mainly consist of SG&A expenses of the parent company
that are not attributable to any particular reportable segment.
2. Segment operating income is adjusted with income according to the Quarterly Consolidated Statements of Operations.
Six months ended May 31, 2011 (December 1, 2010 to May 31, 2011)(Thousands of yen, rounded down to the nearest thousand)Reportable segments
Revitalization Development
Business
Business

Property
Alternative
Management Investment
Business
Business

IncomeAccording to
Quarterly
Adjustment
Consolidated(Note 1)
Statements ofOperations(Note 2)

RentalBusiness

Fund
Business

388,222 1,223,825

955,756

1,554,762

89,571

10,701,594－

10,701,594

24,221

10,925

199,788－234,936(234,936)

－

Total

Revenues
OutsideCustomers
Intersegment andTransfers

6,489,456
－

－

Total

6,489,456

388,222 1,248,047

966,6811,754,551

89,571

10,936,531(234,936)

10,701,594

Segment
Operating
Income (Loss)

1,094,513(596,267)

534,000

41,593(10,750)

1,693,480(583,261)

1,110,218

630,390

Note 1. The downward adjustment of segment operating income (loss) by -¥583,261 thousand includes the elimination ofintersegment transactions of -¥5,745 thousand and general expenses that cannot be allocated to any particular reportablesegment of -¥577,516 thousand. General expenses mainly consist of SG&A expenses of the parent company that are not
attributable to any particular reportable segment.
2. Segment operating income (loss) is adjusted with income according to the Quarterly Consolidated Statements ofOperations.

13

(6) Significant Changes in Shareholders’ Equity
None

14