TSE Code 8511
June 2, 2011

To Shareholders
President
Minoru Masubuchi
JAPAN SECURITIES FINANCE CO., LTD.
1-2-10, Nihonbashi-Kayabacho, Chuo-ku, Tokyo, JapanNOTICE OF THE 101ST ORDINARY GENERAL MEETING OF SHAREHOLDERS〜extract
Dear Shareholders,
You are hereby advised of the convocation of the 101st Ordinary General Meeting of Shareholders ofthe Company, details of which are indicated below. We hope very much that you will be able to attend thisMeeting.
In order to exercise your rights, please review the attached reference materials, and indicate yourapproval or disapproval of the proposals on the enclosed document, then return it or vote on the Internet
site (http://www.e-kosi.jp) by 5:20 p.m. Japan Standard Time on 23rd June, 2011.
We are pleased to announce you that we participate in the ICJ voting platform, improving the voting
environment for all our shareholders. The ICJ is offering access to the world's most widely used andsophisticated electronic voting platform, ADP's Proxy Edge voting platform.
Details
1. Date and Time:
2. Venue:

10:00 a.m. on Friday, 24th June, 2011

JAPAN SECURITIES FINANCE CO., LTD., Conference Room
1-2-10 Nihonbashi-Kayabacho, Chuo-ku, Tokyo, Japan

3. Agenda for the Meeting
Items to be reported:
Report 1: The 101st fiscal year (from Apr. 1, 2010 to Mar. 31, 2011)
Business Report, Consolidated Financial Statements and Report of audits of theconsolidated financial statements by the Independent Auditor and the Board ofAuditors.
Report 2:

The 101st fiscal year (from Apr. 1, 2010 to Mar. 31, 2011)
Financial Statements.

Items to be resolved:
Agenda 1: Appropriation of Retained Earnings
Agenda 2: Election of nine Directors
Agenda 3: Election of two Auditors
Agenda 4: Election of one Substitute Auditor

Note:This English version is not a legally accurate translation of the original Japanese text.

REFERENCE DOCUMENTS PERTAINING TO EXERCISE OF VOTING RIGHTS

Agenda and Reference Information

Agenda 1:

Appropriation of Retained Earnings

The Company proposes the appropriation of retained earnings in the following manner.
Year-end dividend
The Company determines the rate of dividend in accordance with the company’s dividend policy for
distributing dividend by taking account of its financial results, while considering its shareholders' equity andappropriate internal reserves as a financial institution.
With respect to dividends for the term, in consideration of the company’s dividend policy, Company’syear-end dividends will be calculated at 7 yen per share. Accordingly, annual dividends which include theinterim dividends of 7 yen per share will be calculated at 14 yen per share.
(1) Type of dividend asset
Cash(2) Allocation of dividend assets and total amount of allocation
7 yen per share of common stock
Total amount of payout: 651,343,000 yen(3) Effective date of dividend payment
June 27, 2011-2-Agenda 2:

Election of nine Directors

As the term of office of nine directors will expire at the conclusion of this Ordinary General Meeting ofShareholders, the Company proposes the election of nine directors.
The candidates are as listed below.

No.
1Name
(Date of birth)
Minoru Masubuchi(Nov. 3, 1943)

Brief personal history &Significant concurrent positions
May 1993
May 1994
Jul. 1998
Jul. 2002
Jun. 2004
Jun. 2005
Jun. 2006
Jun. 2008
Jun. 2010

Adviser to Governor of Market Operations
Dept, Bank of Japan (BOJ)
Director-General of Financial and Payment
System Dept., BOJ
Executive Director of BOJ
Standing Adviser of IBM Japan, Ltd.
President of JSF(to the present)
Director of JSF Trust and Banking Co., Ltd.
Director of Japan Information Processing
Service Co., Ltd.
(to the present)
Director of Nihon Building Co., Ltd. (to the present)
Director of Tokyo Rope Manufacturing Co.,
Ltd. (to the present)

Shares of
JSF owned
33,000(Significant concurrent positions)- Director of Nihon Building Co., Ltd.
- Director of Japan Information Processing Service Co., Ltd.
- Director of Tokyo Rope Manufacturing Co., Ltd.
2Hiromitsu Matsuda(Sep. 11, 1948)

Jul. 1998
Aug. 1999
Aug. 2001

Chief of Fukuoka Regional Taxation Bureau
Superintendent of Nagano Prefectural Police Headquarters
Deputy Director-General of Financial Bureau,
Ministry of Finance
Executive Director of Government Housing Loan Corp.
Deputy-Chairman of Japan Housing Financial Agency
Executive Vice President of JSF,
Responsibility for Audit Dept and Compliance Dept
(to the present)

16,400

Director-General of Personnel and Corporate
Affairs Dept., BOJ
May 2000
Director-General of Bank Examination andSurveillance Dept., BOJ
Jun. 2002
Executive Director of BOJ
Senior Advisor of Aflac JapanMay 2006
Vice Chairman of Aflac JapanJul. 2007
May 2010
Adviser of JSF
Jun. 2010
Senior Managing Director of JSF, Responsibilityfor Risk Management Dept
(to the present)(Significant concurrent positions)- Director of Cross Plus Inc.
- Director of Shinhan Bank Japan

3,900

Aug. 2002
Apr. 2007
Jun. 2008

3Eizo Kobayashi(Sep. 8, 1948)

May 1999-3-No.
4Name(Date of birth)
Yasuhisa Hashimoto(Feb. 27, 1951)

Brief personal history &Significant concurrent positions
May 1996
May 1998
Feb. 2002
May 2003
Feb. 2005
May 2005
Jun. 2005
Jun. 2006
Jun. 2009

Apr. 2010

General Manager of Naha Branch, BOJ
Director-General, Senior Secretary to Governor of BOJDirector-General of Secretariat of Policy Board Dept, BOJ
Director-General of Currency Issue Dept, BOJ
Personal and Corporate Affairs Dept, BOJ
Adviser of JSF
Managing Director of JSF
Director of Japan Securities Agents, Ltd. (to the present)
Senior Managing Director of JSF, Responsibility for General
Affairs Dept, Accounting Dept, Branches and Affiliates
Director of JBIS Business Service, Inc. (to the present)
Senior Managing Director of JSF, Responsibility for General
Affairs Dept, Accounting Dept and Affiliates (to the present)

Shares ofJSF owned
19,000(Significant concurrent positions)- Director of Japan Securities Agents, Ltd.
- Director of JBIS Business Service, Inc.
5Hiroshi Nasuno(Jan. 12, 1950)

Apr. 1973
Jun. 2000
Jun. 2002
Jun. 2005
Jun. 2005
Jun. 2006
Oct. 2006
Jun. 2007
Jun. 2009

Joined JSF
General Manager of Securities Custody Dept
General Manager of Settlement & Custody Dept
Auditor of Japan Securities Agents, Ltd. (to the present)
Director & General Manager of Accounting Dept
Executive Officer & General Manager of Accounting Dept
Auditor of JBIS Holdings, Inc. (to the present)
Managing Director
Managing Director, Responsibility for Risk Mgmt
Dept, Planning Dept, Settlement & Custody Dept
and Information Systems Planning Dept
Auditor of JBIS Business Service, Inc. (to the present)
Jun. 2010
Managing Director, Responsibility for Planning
Dept, Settlement & Custody Dept and Information
Systems Planning Dept
(to the present)(Significant concurrent positions)- Auditor of JBIS Holdings, Inc.
- Auditor of Japan Securities Agents, Ltd.
- Auditor of JBIS Business Service, Inc.

35,5006Hiroshi Asakura(Nov. 1, 1955)

Apr. 1978
Jun. 2002
Jun. 2005
Jun. 2006

20,500Joined JSF
General Manager of Planning Dept
General Manager of Margin Loan Dept
Executive Officer & General Manager ofMargin Loan Dept
Oct. 2006
Director of JBIS Holdings, Inc.
(to the present)
Feb. 2008
Executive Officer & General Manager of Loan Dept
Jun. 2009Managing Director, Responsibility for Treasury Dept,
Margin Loan Dept and Loan Dept
(to the present)(Significant concurrent positions)- Director of JBIS Holdings, Inc.

-4-

No.
7Name
(Date of birth)
Takashi Imai
(Dec. 23, 1929)

Brief personal history &Significant concurrent positions
Jun. 1993
Apr. 1998
May 1998
May 2002
Jun. 2002
Apr. 2003
Jun. 2003
Jun. 2008

President of Nippon Steel Corp.
Chairman of Nippon Steel Corp.
Chairman of Nippon Keidanren (Japan Business Federation)
Honorary Chairman of Nippon Keidanren (to the present)
Director of JSF(to the present)
Director & Senior Adviser / Honorary Chairman ofNippon Steel Corp.
Senior Adviser (Sodanyaku) / Honorary Chairman of
Nippon Steel Corp.
Senior Adviser (Shayuu) / Honorary Chairman of Nippon
Steel Corp.
(to the present)

Shares of
JSF owned
4,000(Significant concurrent positions)- Director of Nippon Telegraph and Telephone Corp.
- Director of Nippon Television Network Corp.
- Auditor of Nippon Life Insurance Co.
- Director of Tokyo Financial Exchange Inc.
8Akira Kanno(Dec. 1, 1932)Dec. 1986
May 1992
May 1994

Executive Director of BOJ
Deputy Governor of Export-Import Bank of Japan
Vice-Chairman & Senior Managing Governor ofFederation of Bankers Associations of Japan
Apr. 1999
Vice-Chairman & Senior Managing Governor ofJapanese Bankers Association (renamed)
Jun. 2003
Director of JSF(to the present)
Dec. 2004
Chairman of Japan Electric Power Exchange (to the present)(Significant concurrent positions)- Chairman of Japan Electric Power Exchange- Director of Sohgo Security Services Co., Ltd.

33,8009Hiroshi Koshida(May. 21, 1937)

Jun. 1991
Jun. 1998
Jun. 2001

3,000

Vice President of Daiwa Securities Co., Ltd.
President of Daiwa Asset Management Co., Ltd.
Chairman of Daiwa Asset Management Co., Ltd.
Chairman of Investment Trusts AssociationJun. 2003
Standing Adviser of Daiwa Asset Management Co., Ltd.
Jul. 2003
Chairman of Japan Securities Dealers Association
Jul. 2006
Public Governor of Japan Securities Dealers Association
Chairman of NPO-APROSIS (Association for Promoting
Securities Investment and Study)
Sep. 2006
Director of Kanpo Co., Ltd. (currently, Japan Post
Insurance Co., Ltd.)(to the present)
Jul. 2007
Adviser of Daiwa Asset Management Co., Ltd. (to the present)
Jun. 2008
Director of JSF(to the present)
Jul. 2008
Adviser of Japan Securities Dealers Association (to the present)(Significant concurrent positions)- Director of Japan Post Insurance Co., Ltd.
- Director of Paramount Bed Co., Ltd.

-5-Note 1:
Note 2:
Note 3:

The Company has no conflict of interest with each candidate.
Takashi Imai, Akira Kanno and Hiroshi Koshida are candidates for outside directors.
Reasons for recommending them as candidates for outside directors are as follows.
(1) Takashi Imai is nominated in the expectation of his abundant experience and wide
knowledge in economic circles as well as his objective standpoint which is independent fromexecutive directors. He has been our outside director since June 2002 and acted for 9years at the conclusion of this meeting.
(2) Akira Kanno is nominated in the expectation of his abundant experience and wide knowledge
in financial circles as well as his objective standpoint which is independent from executivedirectors. He has been our outside director since June 2003 and acted for 8 years at theconclusion of this meeting.
(3) Hiroshi Koshida is nominated in the expectation of his abundant experience and wide
knowledge in securities circles as well as his objective standpoint which is independent fromexecutive directors. He also holds the post of the chairman of NPO-APROSIS until lastJune. The Company pays annual charge of 300,000 yen for this organization as theassociate member. He has been our outside director since June 2008 and acted for 3years at the conclusion of this meeting.
Note 4: In November of 2008, Nippon Television Network Corporation, where Takashi Imai serves as
Outside Director, broadcasted a news program based on a false recognition of the truth. InMarch 2009, Nippon Television Network Corporation apologized to persons concerned andbroadcasted the corrected information in accordance with the Broadcast Act. Though he was
not directly involved with the aforementioned news program, after the broadcast in question, heappropriately executed his role as Outside Director through various measures including Board
Meeting deliberations for proposals to ensure the prevention of reoccurrence of such incidents.
Note 5: Takashi Imai, Akira Kanno and Hiroshi Koshida are Independent Directors as defined by theTokyo Stock Exchange. If they are elected as proposed, they will continue to be IndependentDirectors.

-6-Agenda 3:

Election of two Auditors

As the term of office of two Auditors, Shigeru Awashima and Toshio Kamiyama, will expire at theconclusion of this Ordinary General Meeting of Shareholders, the Company proposes the election of twoauditors.
The candidates are as listed below.
The consent of the Board of Auditors has been obtained for this proposal.
No.

Name
(Date of birth)
Masao Iguchi

1* (Jun. 12, 1954)

Brief personal history &Significant concurrent positions
Apr. 1978

Joined Industrial Bank of Japan, Ltd. (currently,Mizuho Corporate Bank, Ltd. (Mizuho CB))
General Manager of Securities Business
Operations Dept., Mizuho CB.
General Manager of Human Resource Dept.
(General Manager of Human ResourceDevelopment Office), Mizuho CB.
General Manager of Accounting Dept., JSF
General Manager of Risk Management Dept.
Executive Officer & General Manager of Risk
Management Dept.
Retired Executive Officer & General Manager ofRisk Management Dept.

6,400

Registered certified public accountants
Representative of Kamiyama CPA Office (tothe present)
Apr. 1969
Registered certified tax accountants
Jul. 1992
Director of the Japanese Institute of Certified
Public Accountants
Feb. 1995
Representative President of Japanese
Accountants School (to the present)
Aug. 2001
Commissioner of JICPA for objection inquiry
Aug. 2001
Commissioner of CPA examination
Jun. 2003
Auditor of JSF (to the present)
Jul. 2004
Auditor of JICPA (to the present)(Significant concurrent positions)- Representative of Kamiyama CPA Office- Representative President of Japanese Accountants
School

14,200

Apr. 2003
Jul. 2005

Jun. 2007
Jun. 2008
Jun. 2009
Jun. 2011
2Toshio Kamiyama(Nov. 18, 1941)

Shares of
JSF owned

Feb. 1969
Feb. 1969

Note 1: Person shown with asterisk (*) is a new candidate of Auditors.
Note 2: The Company has no conflict of interest with each candidate.
Note 3: Toshio Kamiyama is a candidate for an outside auditor.

The Company asks for his election in expectation of his special knowledge and abundant
experience as Certificated Public Accountant and Certified Tax Accountant. He has been ouroutside auditor since June 2003 and acted for 8 years as of the end of this meeting.
During his tenure as outside auditor, on December 14, 2007 the Company received anadministrative order from the Financial Services Agency in regard to an unfair adjustment ofstock procurement through bidding. The administrative order commanded the Company tostrengthen its compliance and internal control system. Prior to this, at meetings of the Board-7-

of Directors and the Board of Auditors, he made remarks based on his accounting expertiseand emphasized the importance of compliance. Furthermore, following the confirmation of theunfair adjustment, he has fulfilled his responsibilities to prevent a reoccurrence by suggesting
the reinforcement of the company-wide compliance system and proposing business
improvements.
He is an Independent Auditor as defined by the Tokyo Stock Exchange. If he is elected as
proposed, he will continue to be an Independent Auditor.

Agenda 4:

Election of one Substitute Auditor

At the commencement of this Ordinary General Meeting of Shareholders, the decision of the 100th
Ordinary General Meeting of Shareholders held on June 25th, 2010 to elect Masato Denawa as Substitute
Auditor will expire. Accordingly, the Company proposes the reappointment of Masato Denawa as
Substitute Auditor in order to provide for the possible case scenario in which the number of incumbent
auditors provided by laws or regulations becomes insufficient.
The candidate is as listed below.
The consent of the Board of Auditors has been obtained for this proposal.
Name(Date of birth)
Masato Denawa(Feb. 5, 1964)

Brief personal history &Significant concurrent positions
Apr. 1990

Jan. 1999
Jun. 2000
Apr. 2002
Feb. 2005
Jul. 2007
Sep. 2007
Jun. 2008
Apr. 2009
Apr. 2011

RegisteredLawyer(DaiichiTokyoBarAssociation)
Joined Okinobu & Ishihara Law Office (currently,Spring Partners)
Partner attorney at Spring Partners(to the present)
Auditor of Kinkan Co., Ltd.
(to the present)
Lecturer at Keio Univ. Faculty of Law.
Auditor of ULVEX Inc.
(to the present)
Director of Advise Link Co., Ltd. (to the present)
Auditor of Japan Prime Realty Investment Corp.
(to the present)
Substitute Auditor of JSF(to the present)
Lecturer at Keio Law School
Practicing-Attorney-Professor for Civil Advocacy
at the Legal Training and Research Institute ofthe Supreme Court of Japan(to the present)

Shares of
JSF owned―Note 1: The Company has no conflict of interest with a candidate.
Note 2: Masato Denawa is a candidate for substitute outside auditor.
The Company asks for his election in expectation of his special knowledge and abundant
experience as a lawyer.

-8-CONSOLIDATED BALANCE SHEETSAs of March 31, 2011

Millions of Yen

ASSETS
Current assets:
Cash
Short-term investments
Short-term loans receivable
Securities lent
Securities in custody
Securities in deposit
Deferred tax assets
Collateral money for securities borrowed
Other current assets
Allowance for doubtful receivables
Total current assets

44,4003,126,870
568,893
197,941
37,191
190,416681
1,516,586
4,153(1,393)
5,685,741

Non-current assets:
Tangible non-current assets:
Buildings and structures
Tools, furniture and fixtures
LandLeased assets

2,835
361
3,305
26
6,528

Intangible non-current assets:
Software
Other intangible non-current assets

1,094
22
1,117

Investments and other assets:
Investments in securities
In-house loan
Other investments and other assets
Allowance for doubtful receivables

1,383,841
276
1,448(815)
1,384,750

Total non-current assets

1,392,396

Total Assets

7,078,138-9-As of March 31, 2011

Millions of Yen

LIABILITIES AND NET ASSETS
Current liabilities:
Call money
Short-term borrowings
Current portion of Long-term borrowings
Commercial paper
Accrued income taxes
Allowance for bonuses (Employees)
Allowance for bonuses (Directors & Executive Officers)
Collateral money received for securities lentCollateral securities deposited
Securities borrowed
Securities lent opposite account
Other current liabilities
Total current liabilities

1,264,300
4,032,010
17,000
7,500
129
414
50
1,165,936
305,083
119,020
1,444
22,9206,935,810

Non-current liabilities:
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Allowance for employees retirement benefitsAllowance for officers retirement rewards
Asset retirement obligations
Other non-current liabilities

21,500
2,700
98
2,324
8944641

Total non-current liabilities

27,400Total liabilities

6,963,211

Net assets:
Shareholders’ equity:
Common stock
Additional paid-in capital
Retained earnings
Treasury stock

10,0005,181
96,835(663)

Total Shareholders’ equity

111,353

Accumulated other comprehensive income
Net unrealized gain on other securities
Gain on revaluation of land
Total Accumulated other comprehensive income
Total net assets

3,430
143
3,573
114,927

Total liabilities and net assets

7,078,138- 10 -

CONSOLIDATED STATEMENTS OF OPERATIONS

For the year ended March 31, 2011

Millions of Yen

Operating Revenues
Operating Expenses

22,848
11,327

Operating Profit
General and administrative expenses

11,521
7,865

Operating Income
Non-operating Revenues:
Interest received and dividends received
Rental fees
Miscellaneous revenue

3,655
117
4722187

Non-operating Expenses:
Interest on borrowing
Equity in losses of affiliates
Miscellaneous expenses

0484
12497

Recurring Income

3,345

Extraordinary Profit:
Gain on sale of non-current assets
Reversal of allowance for doubtful receivables
Recoveries of written-off claims

11,292
4
1,297

Extraordinary Loss:
Loss on prior period adjustment
Loss on sale of non-current assets
Loss on retirement of non-current assets

028
1947

Income before income taxes
Income Taxes
Current
Deferred

4,596
884219

Income before minority interests
Minority interests

1,103
3,492−Net Income

3,492- 11 -CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Millions of Yen
Shareholders’ equity

Balance at March 31, 2010

Common stock

Additional
paid-in capital

Retainedearnings

Treasury stock

Total
shareholders’equity10,0005,181

94,646(662)

109,164

Changes arising during the year:
Cash dividends(1,302)(1,302)Net Income

3,492

3,492

Purchase of treasury stock

(1)

(1)

Net changes other thanshareholders’ equity
Total changes during the year
Balance at March 31, 2011

−−

2,189

(1)

2,188

10,0005,181

96,835(663)

111,353

Accumulated other comprehensive income
Net unrealized
gain or loss on
securities
Balance at March 31, 2010

Gain onTotal accumulated
revaluation of other comprehensive
land
incomeTotal net assets

3,491

112,656

3,348

143

Changes arising during the year
Cash dividends(1,302)Net Income

3,492(1)Purchase of treasury stock
Net changes other thanshareholders’ equity

81

−

81

81

Total changes during the year

81

−

81

2,270

3,430

143

3,573

114,927

Balance at March 31, 2011- 12 -

NON-CONSOLIDATED BALANCE SHEETSAs of March 31, 2011

Millions of Yen

ASSETS
Current assets:
CashCall loans
Short-term investments
Loan for margin transactions
Bond financing and General loans
Other loans
Securities lent for margin transactions
Other securities lent
Securities in custody
Securities in deposit
Prepaid expenses
Deferred tax assets
Collateral money for securities borrowed
Accrued revenue
Other current assets
Allowance for doubtful receivables
Total current assets

732
60,0001,870,087
305,083
39,782
12,500196,442
1,499
37,191
190,4160433
1,363,565
1,609
1,002
(698)
4,079,648

Non-current assets:
Tangible non-current assets:
Buildings and structures
Tools, furniture and fixtures
Land
Leased assets

685282
830
23
1,822

Intangible non-current assets:
Software
Other intangible non-current assets
Investments and other assets:
Investments in securities
Shares in affiliates
Investments in capital
Guaranty money deposited
In-house loan
Other investments and other assets
Allowance for doubtful receivables

954
21
976
1,119,334
27,374
61
288
276
272
(275)
1,147,332
1,150,131
5,229,779

Total non-current assets
Total Assets- 13 -

As of March 31, 2011
LIABILITIES AND NET ASSETS
Current liabilities:
Call money
Short-term borrowings
Current portion of Long-term borrowings
Commercial paper
Accrued expenses
Accrued income taxes
Allowance for bonuses (Employees)
Allowance for bonuses (Directors & Executive Officers)
Collateral money received for margin transactions
Collateral money received for securities lent
Deposit received
Collateral securities deposited
Securities borrowed
Securities lent opposite account
Advanced received profit
Other current liabilities
Total current liabilities
Non-current liabilities:
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Allowance for employees retirement benefits
Allowance for officers retirement rewards
Asset retirement obligations
Other non-current liabilities
Total non-current liabilities
Total liabilities
Net assets:
Shareholders’ equity
Common stock
Capital surplus
Additional paid-in capital
Retained earnings
Earned surplus reserve
Reserve for dividends
Special reserve
Retained earnings carried forward
Treasury stock
Total Shareholders’ equity
Valuation and translation adjustments
Net unrealized gain on other securities
Gain on revaluation of land
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets- 14 -

Millions of Yen

1,009,300
2,390,3202,000
7,500
429
65
369
50
21,317
1,256,31093
305,083
119,0201,444
4
143
5,113,452

2,000
2,156
98
2,226
53
44
17
6,596
5,120,048

10,0005,181
5,181
90,0472,278
2,030
77,0308,709(505)
104,723

4,863
143
5,006
109,730
5,229,779

NON-CONSOLIDATED STATEMENTS OF OPERATIONS

For the year ended March 31, 2011

Millions of Yen

Operating Revenues
Operating Expenses

17,639
8,977

Operating Profit
General and administrative expenses

8,661
6,524

Operating Income
Non-operating Revenues
Interest received and dividends received
Miscellaneous revenues

2,137
348
66
415

Non-operating Expenses
Miscellaneous expenses

00Recurring Income

2,553

Extraordinary Profit
Gain on sale of non-current assets
Reversal of allowance for doubtful receivables

13233

Extraordinary Loss
Loss on prior period adjustment
Loss on sale of non-current assets
Loss on retirement of non-current assets

028
432

Income before income taxes
Income Taxes
Current
Deferred

2,553
742
196
939

Net Income

1,613- 15 -NON-CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Millions of Yen
Shareholders’ equity
Capitalsurplus

Retained earnings
Other retained earnings
Retainedearnings
carriedforward

Additional
Commonpaid-in Earned Reserve for Special
stock
capital reserves
dividends reserves
Balance at March 31, 2010

10,000

5,181

2,278

2,030

77,030Total
retained Treasury
earnings
stock
(504)

Total
shareholders’equity8,398

89,736

104,413

Cash dividends(1,302)(1,302)(1,302)

Net income

1,613

1,613

1,613

Changes arising during the year:

Purchase of treasury stock

(1)

(1)

Net changes other thanshareholders’ equity
Total changes during the year
Balance at March 31, 2011

−−−−−

311

311

(1)

310

10,000

5,181

2,278

2,030

77,0308,709

90,047(505)

104,723

Valuation and translation adjustments
Net unrealized
gain or loss onsecurities
Balance at March 31, 2010

4,422

Gain on Total valuation
revaluation of and translation
landadjustments
143

4,565

Total net assets
108,979

Changes arising during the year:
Cash dividends(1,302)

Net income

1,613

Purchase of treasury stock(1)

Net changes other thanshareholders’ equity

441

−

441

441

Total changes during the year

441

−

441

751

Balance at March 31, 2011

4,863

143

5,006

109,730- 16 -