TSE Code 8511
June 2, 2015

To Shareholders
President
Eizo Kobayashi
JAPAN SECURITIES FINANCE CO., LTD.
1-2-10, Nihonbashi-Kayabacho, Chuo-ku, Tokyo, JapanNOTICE OF THE 105th ORDINARY GENERAL MEETING OF SHAREHOLDERS～extract
Dear Shareholders,
You are hereby advised of the convocation of the 105th Ordinary General Meeting of Shareholders of
the 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-sokai.jp) by 5:20 p.m. Japan Standard Time on 23rd June, 2015.
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 Wednesday, 24th June, 2015

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 105th fiscal year (from Apr. 1, 2014 to Mar. 31, 2015)
Business Report, Consolidated Financial Statements and Report of audits of theconsolidated financial statements by the Independent Auditor and the Board ofAuditors.
Report 2:

The 105th fiscal year (from Apr. 1, 2014 to Mar. 31, 2015)
Financial Statements.

Items to be resolved:
Agenda 1: Appropriation of Retained Earnings
Agenda 2: Election of ten 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, profits excluding special factors arising from a merger with
Osaka Securities Finance Co.,Ltd. in the previous fiscal year were increased in real terms, Company’s
year-end dividends will be calculated at 8 yen per share. Accordingly, annual dividends which include theinterim dividends of 7 yen per share will be calculated at 15 yen per share.
(1) Type of dividend asset
Cash(2) Allocation of dividend assets and total amount of allocation
8 yen per share of common stock
Total amount of payout: 798,639,264 yen(3) Effective date of dividend payment
June 25, 2015

-2-

Agenda 2:

Election of ten Directors

As the term of office of ten directors will expire at the conclusion of this Ordinary General Meeting of
Shareholders, the Company proposes the election of ten directors.
The candidates are as listed below.
No.

Name
(Date of birth)

Brief personal history &Significant concurrent positions

Shares of
JSF owned

1

Minoru Masubuchi(Nov. 3, 1943)

May. 1993

Adviser to Governor of Market Operations
Dept, Bank of Japan (BOJ)
Director-General of Financial and Payment
May. 1994
System Dept., BOJ
Executive Director of BOJ
Jul. 1998
Standing Adviser of IBM Japan, Ltd.
Jul. 2002
President of JSF
Jun. 2004
Director of JSF Trust and Banking Co., Ltd.
Jun. 2005
Director of Japan Information Processing
Jun. 2006
Service Co., Ltd.
(to the present)
Jun. 2008
Director of Nihon Building Co., Ltd. (to the present)
Jun. 2010
Director of Tokyo Rope Manufacturing Co.,Ltd.
(to the present)
Jun. 2012
Chairperson of JSF(to the present)(Significant concurrent positions)- Director of Nihon Building Co., Ltd.
- Director of Japan Information Processing Service Co., Ltd.
- Director of Tokyo Rope Manufacturing Co., Ltd.

63,7002

Takao Hotta(Jan. 1, 1946)

Jul. 1997

21,203

Secretary-General of the Executive Bureau, Securities
and Exchange Surveillance Commission
Jul. 1998
Director-General of the Mint Bureau. Ministry of FinanceJul. 1999
Senior Director of Tokyo Financial Exchange Inc.
Jun. 2003
Executive Deputy President of Japan
Tobacco Inc.(JT)
Jun. 2005
Representative Director-Executive Deputy
President of JT
May 2007
Advisor of Osaka Securities Finance
Company, Ltd. (OSF)
Jun. 2007
President of OSF
Jun. 2011
Auditor of Mazda Motor Corporation, Ltd.
(to the present)
Jul. 2013
Vice Chairperson of JSF(to the present)(Significant concurrent positions)- Auditor of Mazda Motor Corporation, Ltd.

-3-

No.

Name
(Date of birth)

Brief personal history &Significant concurrent positions
Director-General of Personnel and Corporate
Affairs Dept., BOJ
Director-General of Bank Examination and
May 2000
Surveillance Dept., BOJ
Executive Director of BOJ
Jun. 2002
Senior Advisor of Aflac JapanMay 2006
Vice Chairman of Aflac Japan
Jul. 2007
Adviser of JSF
May 2010
Jun. 2010
Senior Managing Director of JSF, Responsibility
for Risk Management Dept
Jun. 2012
President of JSF,
Jun. 2013
President of JSF
Responsibility for Execution of Business,
Responsibility for Audit Dept and ComplianceDept(to the present)(Significant concurrent positions)- Director of Cross Plus Inc.
- Director of Shinhan Bank Japan- Director of Anicom Holdings, Inc.

30,500Joined JSF
General Manager of Planning Dept
General Manager of Margin Loan Dept
Executive Officer & General Manager ofMargin Loan Dept
Director of JBIS Holdings, Inc.
Executive Officer & General Manager of Loan DeptManaging Director of JSF
Responsibility for Treasury Dept, Margin
Loan Dept and Loan Dept
Auditor of Japan Information Processing
Service Co., Ltd.
Senior Managing Director of JSF
Responsibility for Treasury Dept, Margin
Loan Dept and Loan Dept
Senior Managing Director of JSF
Responsibility for Treasury Dept, Margin
Loan Dept, Institutional Sales Dept andRetail Business Dept
(to the present)

41,400

Associate Director-General of Financial
System and Bank Examination Dept., BOJ
Associate General Manager Planning Dept., OSF
Director and General Manager Planning Dept., OSF
Managing Director and General Manager
Planning Dept. OSF
Managing Director of JSF, General Manager
of Osaka branch(to the present)

6,443

3

Eizo Kobayashi(Sep. 8, 1948)

May 1999

4

Hiroshi Asakura(Nov. 1, 1955)

Apr. 1978
Jun. 2002
Jun. 2005
Jun. 2006
Oct. 2006
Feb. 2008
Jun. 2009

Jun. 2011
Jun. 2013

Jul. 20135

Yasufumi Oda(Nov. 6, 1953)

Shares of
JSF owned

Jul. 2005
Jun. 2010
Jun. 2011
Jun. 2012
Jun. 2013

-4-

No.
6

Name
(Date of birth)
Toshihiro Oritate(Dec. 6, 1957)

Brief personal history &Significant concurrent positions
General Manager of Aomori Branch, BOJ
Deputy Director-General of Personnel andCorporate Affairs Dept, BOJ
Director-General of Payment and Settlement
Systems Dept, BOJ
Director-General of Currency Issue Dept, BOJ
Director–General of Personnel and Corporate
Affairs Dept, BOJ
Advisor of JSF
Managing Director of JSF
Responsibility for General Affairs Dept,
Accounting Dept and Affiliates
Managing Director of JSF
Responsibility for General Affairs Dept,
Accounting Dept, Affiliates and International
Relations(to the present)

11,500Joined JSF
General Manager of Accounting Dept
Executive Officer & General Manager of Accounting Dept
Senior Executive Officer & General Manager
of Treasury Dept
(to the present)

32,100President of Nippon Steel Corp.
Chairman of Nippon Steel Corp.
Chairman of Nippon Keidanren (Japan
Business Federation)
May 2002
Honorary Chairman of Nippon Keidanren (to the present)
Jun. 2002
Director of JSF(to the present)
Apr. 2003
Director & Senior Adviser / Honorary
Chairman of Nippon Steel Corp.
Jun. 2003
Senior Adviser (Sodanyaku) / Honorary
Chairman of Nippon Steel Corp.
Jun. 2008
Senior Adviser (Shayuu) / Honorary
Chairman of Nippon Steel Corp. (to the present)(Significant concurrent positions)- Director of Nippon Television Holdings, Inc.
- Auditor of Nippon Life Insurance Co.
- Director of Tokyo Financial Exchange Inc.

4,000

Jan. 2002
Jul. 2006
Apr. 2008
Nov. 2009
Jun. 2010
May. 2012
Jun. 2012

Jun. 2013*

Tomoyoshi Sugaya(Oct. 20, 1958)

Apr. 1981
Jun. 2007
Jun. 2009
Jun. 20138

Takashi Imai
(Dec. 23, 1929)

Jun. 1993
Apr. 1998
May 1998

7

Shares of
JSF owned

-5-

No.
9

10

Name
(Date of birth)

Brief personal history &Significant concurrent positions

Tetsuo Mae(Jul. 25, 1945)

Jun. 2003

Eiko Shinotsuka

Apr. 1993* (May. 1, 1942)

Deputy President of Daiwa Securities Co., Ltd. &Executive Officer of Daiwa Securities Group Inc.
Jun. 2004
Deputy President of Daiwa Securities Co., Ltd. &Director & Corporate Executive Officer, Deputy
President of Daiwa Securities Group Inc.
Apr. 2008
Adviser of Daiwa Securities Co., Ltd.
Jul. 2010
Chairman of Japan Securities Dealers Association
Jul. 2011
Chairman of Japan Investor Protection Fund
Jun. 2013
Chairman of NPO-APROSIS (Association for Promoting
Securities Investment and Study) (to the present)
Jul. 2013
Adviser of Daiwa Securities Co., Ltd. (to the present)
Adviser of Japan Securities Dealers Association(to the present)
Jun. 2014
Director of JSF(to the present)(Significant concurrent positions)- Chairman of NPO-APROSIS

Apr. 1998
Apr. 2001
Jan. 2002
Jul. 2005
Mar. 2008
Apr. 2009
Apr. 2010
May. 2013
Note 1:
Note 2:
Note 3:Note 4:

Professor at Faculty of Human Life and Environmental
Sciences of Ochanomizu University
Member of the Policy Board, Bank of Japan
Visiting Research Fellow of Japan Center for
Economic Research(to the present)
Professor at Faculty of Letters and Education of
Ochanomizu University
Outside Auditor of Sumitomo Life Insurance Co.
Emeritus professor of Ochanomizu University(to the present)
Executive Director of Japan Legal Support Center
Commissioners of the National Personnel Authority
Adviser of the National Personnel Authority(to the present)

Shares of
JSF owned
3,000―

Person shown with asterisk (*) is a new candidate of Directors.
The Company has no conflict of interest with each candidate.
Takashi Imai, Tetsuo Mae and Eiko Shinotsuka 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 13
years at the conclusion of this meeting.
(2) Tetsuo Mae is nominated in the expectation of his abundant experience and wide knowledge
in securities circles as well as his objective standpoint which is independent from executive
directors. He also holds the post of the chairman of NPO-APROSIS. The Company pays
annual charge of 300,000 yen for this organization as the associate member. He has been
our outside director since June 2014 and acted for 1 year at the conclusion of this meeting.
(3) Eiko Shinotsuka is nominated in the expectation of her advanced expert knowledge andabundant experience in finance and economics as well as her objective standpoint which is
independent from executive directors. Although She has no experience in corporate-6-Note 5:management in any way other than as an outside auditor, we believe in consideration of her
careers mentioned above that she will perform her duties appropriately as an outside
director.
Takashi Imai and Tetsuo Mae are Independent Directors as defined by the Tokyo Stock
Exchange. If Takashi Imai, Tetsuo Mae and Eiko Shinotsuka elected as proposed, Takashi
Imai and Tetsuo Mae will continue to be Independent Directors, Eiko Shinotsuka will be a new
Independent Director.

Agenda 3:

Election of two Auditors

As the term of office of two Auditors, Masao Iguchi and Toshio Kamiyama, will expire at the conclusionof this Ordinary General Meeting of Shareholders, the Company proposes the election of two auditors.
The candidates are as listed below.
The consent of the Board of Auditors has been obtained for this proposal.
Name(Date of birth)No.

Masayuki Hamada

1* (Sep. 17, 1956)

Brief personal history &Significant concurrent positions
Apr. 1980
Jun. 2005
Jun. 2008

Joined JSF
General Manager of Planning Dept
Executive Officer & General Manager ofPlanning DeptManaging Director of JSF Trust and Banking
Co., Ltd.

34,900Registered certified public accountant
Representative of Kamiyama CPA Office(to the present)
May. 1969 Registered certified tax accountant
Director of the Japanese Institute of Certified
Jul. 1992
Public Accountants
Representative Chairman of Japanese
Feb. 1995
Accountants School(to the present)
Commissioner of JICPA for objection inquiry
Aug. 2001
Commissioner of CPA examination
Aug. 2001
Auditor of JSF(to the present)
Jun. 2003
Auditor of JICPA
Jul. 2004(Significant concurrent positions)- Representative of Kamiyama CPA Office- Representative Chairman of Japanese Accountants
School30,500Jun. 20092

Toshio Kamiyama(Nov. 18, 1941)

Note 1:
Note 2:
Note 3:Note 4:

Shares of
JSF owned

Feb. 1969
Feb. 1969

Person shown with asterisk (*) is a new candidate of Auditors.
The Company has no conflict of interest with each candidate.
Masayuki Hamada is scheduled to retire JSF Trust and Banking Co., Ltd. Managing Director
at this year June 23 date.
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 12 years as of the end of this meeting.
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.
-7-

Agenda 4:

Election of one Substitute Auditor

At the commencement of this Ordinary General Meeting of Shareholders, the decision of the 104th
Ordinary General Meeting of Shareholders held on June 25th, 2014 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
Jul. 2007
Sep. 2007
Jun. 2008
Apr. 2009
Apr. 2011

Apr. 2013

Sep. 2014

Registered Lawyer (Daiichi Tokyo Bar Association)
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.
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 of
the Supreme Court of Japan
Practicing-Attorney-Senior Professor for Civil
Advocacy at the Legal Training and ResearchInstitute of the Supreme Court of Japan
Lecturer at Keio Law School(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, 2015

Millions of Yen

ASSETS
Current assets:
Cash
Short-term investments
Operating loans
Deferred tax assets
Collateral money for securities borrowed
Other current assets
Allowance for doubtful receivables
Total current assets

31,792588,813883,101390
974,973
5,686(339)
2,484,418

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

2,947
362
3,264
119
333
7,027

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

627
1,736
23
2,387

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

987,897
87
1,800
775
(1,792)
988,768

Total non-current assets

998,183

Total Assets

3,482,601-9-

As of March 31, 2015
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 lent
Other current liabilities
Total current liabilities
Non-current liabilities:
Long-term Borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Allowance for officers retirement rewards
Liabilities for retirement and severance benefit
Asset retirement obligations
Derivative financial instruments
Other non-current liabilities
Total non-current liabilities
Total liabilities
Net assets:
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity

Millions of Yen

1,587,600
436,5103,000
440,000
298
502
108
788,716
72,9883,329,124

2,000
7,189
78
50
2,537
48
3,693
733
16,331
3,345,456

10,00011,470103,608(114)
124,964

Accumulated other comprehensive income
Net unrealized gain on other securities
Deferred loss on hedges
Gain on revaluation of land
Accumulated amount for adjustment retirement and severance benefit
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets- 10 -

14,787(2,766)163(4)12,180137,145
3,482,601

CONSOLIDATED STATEMENTS OF OPERATIONS

For the year ended March 31, 2015

Millions of Yen

Operating revenues
Operating expenses

20,3009,450Operating profit
General and administrative expenses

10,8497,824

Operating income

3,025

Non-operating revenues
Interest received and dividends received
Rental fees
Gain on investment in investment partnership
Gain on bad debts recovered
Miscellaneous revenues

398
50
591
270
51
1,361

Non-operating expenses
Interest expenses
Equity in losses of affiliates
Miscellaneous expenses

0
144
12
156
4,230

Recurring income
Extraordinary profit
Gain on sales of investment securities
Subsidy income

22
38
61

Extraordinary loss
Loss on retirement of non-current assets

6
6Income before income taxes
Income taxes
Current
Deferred

4,285
443
321
764

Income before minority interests
Minority interests

3,520
‐

Net income

3,520- 11 -

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Millions of Yen
Shareholders’ equity

Common stock
Balance at April 1, 2014

Additional
paid-in capital

10,000Retainedearnings

Treasury stock

Total
shareholders’equity(16)

127,606

101,595

16,026

Cumulative effects of changes in64

64

accounting policies
Restated balance

10,000101,660

16,026(16)

127,606

Changes arising during the year:
Cash dividends(1,469)(1,469)Net Income

3,520

3,520

Change of scope of equity method(103)

Purchase of treasury stock(4,555)Retirement of Treasury stock

0

(102)

(4,654)(4,654)

4,555－

Net changes other thanshareholders’ equity－(4,555)

1,947

(97)

(2,706)

10,00011,470103,608(114)

124,964

Total changes during the year
Balance at March 31, 2015

Accumulated other comprehensive incomeNet
unrealized Deferred gains
gain or loss
or losses onon securities
hedgesBalance at April 1, 2014

8,346

(597)

Gain on Remeasurements
revaluationof definedof landbenefit plans
155

(282)

Total accumulated
othercomprehensive
income Total net assets
7,621

135,227

Cumulative effects of changes in
64
accounting policies
Restated balance

8,346

(597)

155

(282)

7,621

135,292

Changes arising during the year
Cash dividends(1,469)Net Income

3,520
(102)

Change of scope of equity method

Purchase of treasury stock(4,654)－Retirement of Treasury stock
Net changes other thanshareholders’ equity
Total changes during the year
Balance at March 31, 2015

6,440

(2,168)

7

278

4,558

4,558

6,440

(2,168)

7

278

4,558

1,852

14,787(2,766)163(4)12,180137,145- 12 -

NON-CONSOLIDATED BALANCE SHEETSAs of March 31, 2015

Millions of Yen

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

1,249
20,000238,216541,052
254,71732,50042360986,464
1,034
605
(273)
2,075,968

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

2,113
540
276
830
119
345

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

2,158
343
1,792
22

Investments and other assets:
Investments in securities
Shares in affiliates
Derivatives
Fixed operating claims
Other investments and other assets
Allowance for doubtful receivables

800,813772,780
26,893
701
1,568
437
(1,569)Total non-current assets

805,085

Total Assets

2,881,053- 13 -

As of March 31, 2015
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 margin transactions
Collateral money received for securities lent
Other current liabilities
Total current liabilities
Non-current liabilities:
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Allowance for employees retirement benefits
Allowance for officers retirement rewards
Derivatives liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
Net assets:
Shareholders’ equity
Common stock
Capital surplus
Additional paid-in capital
Other capital surplus
Retained earnings
Earned surplus reserve
Other retained earnings
Reserve for dividends
Special reserve
Retained earnings carried forward
Treasury stock
Total shareholders’ equity
Valuation and translation adjustments
Net unrealized gain on other securities
Deferred Gain or Loss on Hedges
Gain on revaluation of land
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets- 14 -

Millions of Yen

1,109,200
365,6803,000
440,000
84
448
108
39,359753,993
32,5182,744,393

5,262
78
2,445
43
446
197
8,473
2,752,866

10,00011,4705,181
6,289
94,721
2,278
92,443
2,030
77,03013,383(106)
116,085

11,436501
163
12,101
128,187
2,881,053

NON-CONSOLIDATED STATEMENTS OF INCOME

For the year ended March 31, 2015

Millions of Yen

Operating revenues
Operating expenses

17,185
8,288

Operating profit
General and administrative expenses

8,897
6,886

Operating income

2,010

Non-operating revenues
Interest received and dividends received
Rental fees
Miscellaneous revenues

500
50
104
654

Non-operating expenses
Miscellaneous expenses

12
12
2,653

Recurring income
Extraordinary profit
Gain on sale of investments in securities

22
22

Extraordinary loss－
Income before income taxes
Income taxes
Current
Deferred

2,676
162
294
456

Net income

2,219- 15 -

NON-CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Millions of Yen
Shareholders’ equity
Capital surplus

Retained earnings
Other retained earnings
Reservefordividends

Specialreserves

Retainedearnings
carriedforward

2,030

77,03012,64893,986(15)(15)

12,633

93,971

Cash dividends(1,469)(1,469)(1,469)Net income

2,219

2,219

2,219

Balance at April 1, 2014

Commonstock

Additional
paid-in
capitalOther
capitalsurplusTotal
capitalEarnedsurplus reserves

10,0005,181

10,84516,026

2,278

Total
Total
retained Treasury shareholders’earnings
stock
equity(7)

120,006

Cumulative effects of changes in(15)

accounting policies
Restated balance

10,0005,181

10,84516,026

2,278

2,030

77,030(7)

119,990

Changes arising during the year:

Purchase of treasury stock
Retirement of treasury stock
Net changes other thanshareholders’ equity
Total changes during the year
Balance at March 31, 2015

(4,555)(4,555)(4,555)

－

－

－

750

750

(98)

(3,904)10,000

5,181

6,289

11,470

2,278

2,030

77,03013,383

94,721(106)

116,0856,908

Gain onDeferred
gains or revaluation of
land
losses onhedges－155

Total valuationand translation
adjustments
7,064

Total net assets
127,070(15)accounting policies
6,908

－

155

7,064

127,054

Changes arising during the year:
Cash dividends(1,469)Net income

2,219

Purchase of treasury stock(4,654)Retirement of treasury stock

－
4,527

501

7

5,037

5,037

Total changes during the year

4,527

501

7

5,037

1,132

Balance at March 31, 2015

11,436501

163

12,101

128,187

shareholders’ equity－(4,555)

Cumulative effects of changes in

Net changes other than

4,555

－

Valuation and translation adjustments

Restated balance(4,654)－

Net unrealized
gain or loss on
securities
Balance at April 1, 2014

(4,654)- 16 -