TSE Code 8511
June 4, 2009

To Shareholders
President
Minoru Masubuchi
JAPAN SECURITIES FINANCE CO., LTD.
1-2-10, Nihonbashi-Kayabacho, Chuo-ku, Tokyo, JapanNOTICE OF THE 99TH ORDINARY GENERAL MEETING OF SHAREHOLDERS～extract
Dear Shareholders,
You are hereby advised of the convocation of the 99th 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-kosi.jp) by 5:20 p.m. Japan Standard Time on 25th June, 2009.
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, 26th June, 2009

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 99th fiscal year (from Apr. 1, 2008 to Mar. 31, 2009)
Business Report, Consolidated Financial Statements and Report of audits of theconsolidated financial statements by the Independent Auditor and the Board ofAuditors.
Report 2:

The 99th fiscal year (from Apr. 1, 2008 to Mar. 31, 2009)
Financial Statements.

Items to be resolved:
Agenda 1: Appropriation of Retained Earnings
Agenda 2: Partial Amendment to the Articles of Incorporation
Agenda 3: Election of eight Directors
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, its financial
results and the severity of the projected business environment surrounding the Company, it is with deep
regret that Company’s year-end dividends will be calculated at 10 yen per share, down 3 yen per sharefrom the previous year’s level. The Company humbly asks for the understanding of its shareholders alongwith their acknowledgement of the current situation. Accordingly, annual dividends which include the interim
dividends of 10 yen per share, will be calculated at 20 yen per share, down 6 yen per share from theprevious year’s level.
In view of the earnings conditions of the term, directors’ bonuses are not to be paid.
(1) Type of dividend asset
Cash(2) Allocation of dividend assets and total amount of allocation
10 yen per share of common stock
Total amount of payout: 930,530,230 yen(3) Effective date of dividend payment
June 29, 20092

Agenda 2:

Partial Amendment to the Articles of Incorporation(Summary of agenda and its reasons)
Following enforcement of Law for partial amendments to the Law Concerning Book-entry Transfer ofCorporate Bonds and other securities for the purpose of streamlining the settlement for trades of stocks andother securities (Law No.88 of 2004, hereinafter referred to as “the Law”) of January 5th 2009, theCompany’s Articles of Incorporation are to be amended as required to accommodate any necessary
deletions of provisions included on the premise of share certificates.
In addition, in accordance with Article 6, Paragraph 1 of Supplementary Provisions of the Law, Article
7 of the Company’s Articles of Incorporation shall be deemed to have been deleted on the date ofenforcement of the Law.
Amendments to the Articles of Incorporation(Amendment parts are underlined)
Current

AmendedChapter II Shares

Chapter II Shares

Article 7. (Issuing of Stock Certificates)
The Company shall issue stock certificates for its
capital stock.
Article 8. (Acquisition of Own Shares)
The Company may purchase its own shares inmarket transactions, etc. pursuant to a resolution of
the Board of Directors in accordance with theprovisions of Article 165, Paragraph 2 of theCompany Law.
Article 9. (Share Units and Non-Issue of Fractional
Shares)1. Unit of the shares of the Company shall be
100 shares.
2. Notwithstanding the provisions of Article 7,
the Company shall not issue fractional stock
certificates of less than unit. However, thisshall not apply in the cases set forth in theRules on Handling Shares.

(Deleted)
Article 7. (Acquisition of Own Shares)(No change)

Article 8. (Share Units)
Unit of the shares of the Company shall be 100
shares.
(Deleted)3

Current

Amended

Article 10. (Rights with Respect to Fractional
Shares)
The shareholders of the Company (including thebeneficial shareholders’ registry, and the same
throughout) shall not exercise any rights withrespect to fractional shares that they hold other than
the rights listed below:(1) Rights as set forth in the subparagraphs
to Article 189, Paragraph 2 of theCompany Law;
(2) Rights to lodge claims pursuant to theprovisions of Article 166, Paragraph 1 of
the Company Law;
(3) Rights to receive allocations ofsubscription shares and subscription
warrants proportional to the number ofshares held by the shareholder.
Article 11. (Shareholder Register Manager)
1. The Company shall appoint a shareholder
register manager.
2. The shareholder register manager and its
office shall be designated by the Board of
Directors of the Company, and a public notice
shall be given with regard to this designation.
3. The creation and maintenance of theshareholder register (including the beneficial
shareholder register, and the same
throughout), the lost stock certificate registerand the warrant register, and all otherservices with respect to the shareholder
register, the lost stock certificate register andthe warrant register shall be entrusted to theshareholder register manager and theCompany shall not handle these services.

Article 9. (Rights with Respect to Fractional Shares)

Article 12～Article 37

The shareholders of the Company shall not exercise
any rights with respect to fractional shares that theyhold other than the rights listed below:(1)～(3)(No change)

Article 10. (Shareholder Register Manager)
1. (No change)(Omitted)2.

(No change)

3.

The creation and maintenance of theshareholder register and the warrant register,and all other services with respect to theshareholder register and the warrant registershall be entrusted to the shareholder registermanager and the Company shall not handle
these services.

Article 11～Article 36

4(No change)Current

AmendedChapter VI Accounting
Article 38. (Surplus Dividends)
1. The Company may, in accordance with aresolution of the general meeting ofshareholders, pay year-end dividends toshareholders noted and/or recorded on the
final shareholder register and to registeredpledge-holders as at March 31 of each year.
2. The Company may, in accordance with aresolution of the Board of Directors, payinterim dividends to shareholders noted
and/or recorded on the final shareholder
register and to registered pledge-holders as
at September 30 of each year.
Article 39 (Exclusion of Dividends)
In the event that dividend assets are cash, theCompany shall be exempted from liability for
payment if a shareholder has not collected
dividends within three years of the date on which
payment of dividends begins.

Chapter VI Accounting
Article 37. (Surplus Dividends)
1. The Company may, in accordance with aresolution of the general meeting ofshareholders, pay year-end dividends toshareholders
recorded
on
the
final
shareholder register and to registeredpledge-holders as at March 31 of each year.
2. The Company may, in accordance with aresolution of the Board of Directors, payinterim dividends to shareholders recordedon the final shareholder register and toregistered pledge-holders as at September
30 of each year.
Article 38 (Exclusion of Dividends)(No change)(Newly established)(Newly established)

Supplementary Provisions
1. The creation and maintenance of the lost
stock certificate register and all otherservices with respect to the lost stock
certificate register shall be entrusted to theshareholder register manager and theCompany shall not handle these services.
2. This preceding paragraph and this paragraphshall be effective until January 5, 2010, andshall be deleted as of January 6, 2010.

(Newly established)5

Agenda 3:

Election of eight Directors

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

No.
1

Name
(Date of birth)
Minoru Masubuchi(Nov. 3, 1943)

Brief personal history &Representation of other companies
May 1993
May 1994
Jul. 1998
Jul. 2002
Jun. 2004
Jun. 2005
Jun. 2006
Jun. 2008

2

Hiromitsu Matsuda(Sep. 11, 1948)

Jul. 1998
Aug. 1999
Aug. 2001
Aug. 2002
Apr. 2007
Jun. 2008

3

Yasuhisa Hashimoto(Feb. 27, 1951)

May 1996
May 1998
Feb. 2002
May 2003
Feb. 2005
May 2005
Jun. 2005

Jun. 2006

Shares of
JSF owned

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)

18,100Chief 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-ChairmanofJapan
Housing
Financial Agency
Executive Vice President of JSF,
Responsibility for Audit Dept and ComplianceDept(to the present)

4,700

General Manager of Naha Branch, BOJ
Director-General, Senior Secretary toGovernor of BOJ
Director-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, Responsibility for
General Affairs Dept, Accounting Dept,
Branches and Affiliates(to the present)
Director of Japan Securities Agents, Ltd.
(to the present)

9,800

6

No.
4

Name
(Date of birth)
Hiroshi Nasuno(Jan. 12, 1950)

Brief personal history &Representation of other companies
Apr. 1973
Jun. 2000
Jun. 2002

Joined JSF
General Manager of Securities Custody Dept
General Manager of Settlement & Custody
DeptJun. 2005

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
forTreasury Dept, Margin Loan Dept and Loan
Dept
(to the present)

Jun. 2005
Jun. 2006
Oct. 2006
Jun. 2007
Jun. 2008

5

Hiroshi Asakura(Nov. 1, 1955)

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

6

Takashi Imai
(Dec. 23, 1929)

Jun. 1993
Apr. 1998
May 1998
May 2002
Jun. 2002
Apr. 2003
Jun. 2003
Jun. 2008

Shares of
JSF owned
25,700Joined JSF
General Manager of Planning Dept
General Manager of Margin Loan Dept
Executive Officer & General Manager ofMargin Loan Dept
Director of JBIS Holdings Inc. (to the present)
Executive Officer & General Manager of Loan
Dept
(to the present)

10,600President 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 of Nippon Steel Corp.
Senior Adviser (Sodanyaku) / Honorary
Chairman of Nippon Steel Corp.
Senior Adviser (Shayuu) / Honorary
Chairman of Nippon Steel Corp.
(to the present)

4,000

7

No.
7

Name
(Date of birth)
Akira Kanno(Dec. 1, 1932)

Brief personal history &Representation of other companies
Dec. 1986
May 1992
May 1994

Apr. 1999

Jun. 2003
Dec. 2004
8

Hiroshi Koshida(May. 21, 1937)

Jun. 1991
Jun. 1998
Jun. 2001
Jun. 2003
Jul. 2003
Jul. 2006

Sep. 2006
Jul. 2007
Jun. 2008
Jul. 2008
Note 1:
Note 2:
Note 3:

Shares of
JSF owned

Executive Director of BOJ
Deputy Governor of Export-Import Bank ofJapan
Vice-Chairman & Senior Managing Governorof Federation of Bankers Associations ofJapan
Vice-Chairman & Senior Managing GovernorofJapanese
Bankers
Association(renamed)
Director of JSF(to the present)
Chairman of Japan Electric Power Exchange(to the present)

22,100Vice President of Daiwa Securities Co., Ltd.
President of Daiwa Asset Management Co., Ltd.
Chairman of Daiwa Asset Management Co., Ltd.
Chairman of Investment Trusts Association
Standing
Adviser
of
Daiwa
Asset
Management Co., Ltd.
Chairman of Japan Securities Dealers
Association
Public Governor of Japan Securities Dealers
Association
Chairman of NPO-APROSIS (Association for
Promoting Securities Investment and Study)(to the present)
Director of Kanpo Co., Ltd. (currently, Japan
Post Insurance Co., Ltd.)(to the present)
Adviser of Daiwa Asset Management Co.,Ltd.
(to the present)
Director of JSF(to the present)
Adviser of Japan Securities Dealers
Association(to the present)―

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 7
years 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 executive
directors. He has been our outside director since June 2003 and acted for 6 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 from8

Note 4:

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 2008 and acted for 1 year at the conclusion ofthis meeting.
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. In
March 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, he
appropriately executed his role as Outside Director through various measures including Board
Meeting deliberations for proposals to ensure the prevention of reoccurrence of such incidents.

9Agenda 4:

Election of one Substitute Auditor

At the commencement of this Ordinary General Meeting of Shareholders, the decision of the 98th
Ordinary General Meeting of Shareholders held on June 26th, 2008 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 &Representation of other companies
Apr. 1990

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

Registered
Lawyer(DaiichiTokyo
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.
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(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.

10

CONSOLIDATED BALANCE SHEETSAs of March 31, 2009

Millions of Yen

ASSETS
Current assets:
Cash
Call loans
Short-term investment securities
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
Non-current assets:
Tangible non-current assets:
Buildings and structures
Tools, furniture and fixtures
Land
Lease assets
Construction in progress

2,957
7,000
2,697,282
503,070
460,437
23,00094,262536
1,042,222
33,382(2,820)4,861,332

3,050
463
3,315
23
112
6,965

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

1,588
23
1,611

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

422,115
396
107
1,531
(782)
423,367
431,945

Total fixed assets
Total Assets

5,293,27711

As of March 31, 2009

Millions of Yen

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

1,387,800
1,673,810
2,500
15,000637,881103432
28
791,540
244,306
332,259
1,133
46,682
5,133,479
48,500
505
98
2,307
277
876
52,565

Total liabilities

5,186,044

Net assets:
Shareholders’ equity:
Common stock
Capital surplus
Retained earnings
Treasury stock

10,0005,181
92,471(648)

Total Shareholders’ equity

107,004

Valuation and translation adjustments:
Net unrealized gain on other securities
Gain on revaluation of land
Total valuation and translation adjustments
Total net assets

84
143
228
107,232

Total liabilities and net assets

5,293,277

12

CONSOLIDATED STATEMENTS OF OPERATIONS

For the year ended March 31, 2009

Millions of Yen

Operating Revenues
Operating Expenses

44,29937,690Operating Profit
General and administrative expenses

6,609
11,406

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

4,797
182
51
58
292

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

0
951
23
975
5,479

Recurring Loss
Extraordinary Profit:
Profit on sale of fixed assets
Reversal of allowance for officers retirement rewards

0
26
26

Extraordinary Loss:
Loss on retirement of non-current assets
Loss of devaluation of investments in securities
Impairment loss
Other extraordinary loss

81
487
209
0
778
6,231

Loss before income taxes
Income Taxes
Current
Deferred

1,646
(373)
1,272

Net Loss

7,503

13

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

Balance at March 31, 2008

Common stock

Capital surplus

Retainedearnings

10,0005,181

106,873

Treasury stock

Total
shareholders’equity(440)

121,615

Changes arising during the year:
Dividends(2,222)(2,222)Net loss(7,503)(7,503)Acquired treasury stock
Retired treasury stock(4,885)(4,885)(4,676)

4,676－

Net changes other thanshareholders’ equity
Total changes during the year
Balance at March 31, 2009－－

(14,402)(208)(14,610)

10,0005,181

92,471(648)

107,004

Valuation and translation adjustments

Balance at March 31, 2008

Net unrealized
gain or loss on
securities

Gain onrevaluation of
land

Total valuationand translation
adjustments

Total net assets(10,455)

143(10,311)

111,303

Changes arising during the year
Dividends(2,222)Net loss(7,503)Acquired treasury stock(4,885)－Retired treasury stock
Net changes other thanshareholders’ equity

10,540－

10,540

10,540Total changes during the year

10,540－

10,540(4,070)

84

143

228

107,232

Balance at March 31, 200914

NON-CONSOLIDATED BALANCE SHEETSAs of March 31, 2009

Millions of Yen

ASSETS
Current assets:
Cash
Call loans
Securities
Loan for margin transactions
Bond financing and General loans
Other loans
Stocks 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
Non-current assets:
Tangible non-current assets:
Buildings and structures
Tools, furniture and fixtures
Land
Lease assets
Construction in progress

821
50,0001,760,788
244,306
53,141
14,500459,098
1,338
23,00094,262
14526
995,423709
30,923(907)
3,727,948

797
408
840
23
118
2,189

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
Deferred tax assets
Other investments and other assets
Allowance for doubtful receivables
Total non-current assets
Total Assets

15

1,517
21
1,539
255,672
27,374
61
319
396
107
360
(362)
283,929
287,657
4,015,606

As of March 31, 2009
LIABILITIES AND NET ASSETS
Current liabilities:
Call money
Short-term borrowings
Current portion of Long-term borrowings
Commercial paper
Payables under repurchase agreements
Accrued expenses
Accrued income taxes
Allowance for bonus (Employees)
Allowance for bonus (Directors & Executive Officers)
Collateral money received for margin transactions
Collateral money received for securities lent
Deposit received
Collateral securities deposited
Securities borrowed
Securities lent offsetting account
Advanced received profit
Other current liabilities
Total current liabilities
Non-current liabilities:
Long-term borrowings
Deferred tax liabilities for land revaluation
Allowance for employees retirement benefits
Allowance for officers retirement rewards
Other non-current liabilities
Total non-current liabilities
Total liabilities
Net assets:
Shareholders’ equity
Common stock
Capital surplus
Capital reserve
Retained earnings
Earned surplus reserve
Reserve for dividends
General reserve
Earned surplus carried forward
Treasury stock
Total Shareholders’ equity

Millions of Yen

1,058,200
1,208,500
2,500
15,000252,984
345
47
384
9
30,124754,617131
244,306
332,259
1,133
21
3,268
3,903836

4,000
98
2,219
86
20
6,425
3,910,261

10,0005,181
5,18188,8052,278
2,030
77,0307,467(502)
103,484

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

16

1,716
143
1,859
105,344
4,015,606

NON-CONSOLIDATED STATEMENTS OF OPERATIONS

For the year ended March 31, 2009

Millions of Yen

Operating Revenues
Operating Expenses

34,93823,812

Operating Profit
General and administrative expenses

11,125
8,283

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

2,842
992
75
1,067

Non-operating Expenses
Expenses for acquisition of treasury stock
Miscellaneous expenses

9
0
9
3,899

Recurring Income
Extraordinary Profit－
Extraordinary Loss
Loss on retirement of non-current assets
Loss on devaluation of investments in securities

6
4
11
3,888

Income before income taxes

Income Taxes
1,618
(386)

Current
Deferred

1,231
Net Income

2,657

17

NON-CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Millions of Yen
Shareholders’ equity
CapitalsurplusRetained earnings
Other retained earnings

Total
Earned sur
CommonCapital Earned Reserve for Special plus carried Total retained Treasury shareholders
stock reserves reserves
earnings
stock’ equity
dividends reserves
forwardBalance at March 31, 2008

10,000

5,181

2,278

2,030

82,0306,709

93,047(294)

107,934(2,222)(2,222)(2,222)

5,000

－

－

2,657

2,657

2,657

Changes arising during the year:
Cash dividends
Special reserves(5,000)Net income
Acquired treasury stock
Retired treasury stock(4,885)(4,885)(4,676)(4,676)

4,676－

Net changes other thanshareholders’ equity
Total changes during the year
Balance at March 31, 2009

－

－

－

－

(5,000)758(4,241)(208)(4,449)10,000

5,181

2,278

2,030

77,0307,467

88,805(502)

103,484

Valuation and translation adjustments
Net unrealized
gain or loss on
securities
Balance at March 31, 2008

(5,354)Gain on Total valuation
revaluation of and translation
land
adjustments
143(5,211)

Total net assets
102,722

Changes arising during the year:
Dividends(2,222)－

Special reserves
Net income

2,657

Acquired treasury stock(4,885)Retired treasury stock
Net changes other thanshareholders’ equity

－
7,071

－

7,071

7,071

Total changes during the year

7,071

－

7,071

2,621

Balance at March 31, 2009

1,716

143

1,859

105,34418