82ND INTERIM

To Our Shareholders and Investors

KURODA ELECTRIC REPORT
82ND INTERIM KURODA ELECTRIC REPORT
April 1, 2016

September 30, 2016

KURODA ELECTRIC Co., Ltd.

Securities code: 7517

TO OUR SHAREHOLDERS

Greeting
We would like to express our sincere gratitude for your continued support.
Upon the conclusion of the first half of the 82nd term (from
April 1, 2016 to September 30, 2016), we hereby report on
our business results.
We look forward to your ongoing guidance and encouragement.

Takashi Kaneko

Koichi Hosokawa

Chairman & Chief Executive Officer

President & Chief Operating Officer

Consolidated Results for the First Half of the Fiscal Year
During the six months ended September 30, 2016, the outlookchanges in Japan and overseas. Under these circumstances, thefor the Japanese economy became increasingly uncertain dueGroup is working to restructure its business through the selec-

to the impact from the appreciation of the yen since the begin-tion and concentration of core businesses, while also actively

ning of the year coupled with the sluggishness of domestic de-working to strengthen governance to increase corporate valuemand. As for the overseas markets, although the US economy

under the slogan “A Challenge to Change Our Business Struc-remained strong, the future outlook remained uncertain due toture.”

the slowing economies in China and emerging nations, as wellas growing concerns of an economic slowdown in Europe due

As a result, for the six months ended September 30, 2016, net

to the decision by the UK to withdraw from the Europeansales amounted to ¥117,551 million (a year-on-year decrease

Union.

of 28.6%), operating income amounted to ¥3,488 million (ayear-on-year decrease of 23.4%), ordinary income amounted

With regard to the business environment surrounding theto ¥3,400 million (a year-on-year decrease of 25.0%), andGroup, although the automotive-related business remained ro-

profit attributable to owners of parent amounted to ¥2,385

bust, the LCD-related business, which is the Group’s main busi-

million (a year-on-year decrease of 22.9%).

ness, experienced a slump in demand due to major market
01 KURODA ELECTRIC REPORTFINANCIAL HIGHLIGHTSNet sales=First half

Operating income=Full year

350,000(¥ millions)

287,839

9,895

10,0006,445

135,414 139,699

9,075
7,719

8,000

4,097

4,552

4,242

6,000

2,000

Net income per share=First half=First half(¥ millions)

8,000

0

78th term 79th term 80th term 81st term 82nd term

Profit attributable to owners of parent=Full year

3,400

2,775

2,000

0

200

Dividend per share=Full year

186.9378th term 79th term 80th term 81st term 82nd term(¥)

=First half

=Full year

(¥)

80

189.44

6,765

7,000

67.00

5,792

6,000

150

60

134.03

47.00

5,000

4,000

4,135

2,000

3,871
3,086

3,000

4,536

4,000

50,00078th term 79th term 80th term 81st term 82nd term

4,353

4,306

3,488

2,709

84,551(¥ millions)

6,566

4,000

117,551=Full year

10,303

8,108

6,000

164,728

0=First half
12,0008,000

194,960

150,000

100,000(¥ millions)

8,669

285,605

250,000

200,000

Ordinary income=Full year

10,000326,412300,000=First half

3,067

100

3,091

102.86
87.96

62.70

2,385

1,934

100.0440

82.15 *2

30.00

32.00

15.00

15.00

63.37
20

50

47.00

36.00

16.00

1,000

0

0

78th term 79th term 80th term 81st term 82nd term

78th term 79th term 80th term 81st term 82nd term

0

78th term 79th term 80th term 81st term 82nd term

Full-Year Forecast *1
Net sales¥260,000 million Operating ¥8,500 million(year-on-year decrease of 9.0%)

income(year-on-year increase of 4.8%)

Ordinary
income¥8,500 million¥5,500

Profitmillionattributable to(year-on-year increase of 10.1%) owners of parent (year-on-year increase of 42.1%)*1 Should any revision of the full-year consolidated business forecasts become necessary in light of future trends, an announcement will be made promptly.
*2 ‌The decrease in net income per share for the first half of the 81st term was due to the increase in the average number of outstanding shares during theperiod resulting from the exercise of subscription rights to shares.

KURODA ELECTRIC REPORT 02

CONSOLIDATED FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets (¥ millions)
科 目

当第２四半期

前 期

As of September 30, 2016

As of March 31, 2016

Condensed Consolidated Income Statements (¥ millions)
Six months ended
Six months ended
September 30, 2016 September 30, 2015

科 目

(From April 1, 2016 to
September 30, 2016)(From April 1, 2015 to
September 30, 2015)

Assets

Net sales

117,551

164,728

Current assets

90,381

Cost of sales

106,683

151,702

Gross profit

10,867

13,025

Selling, general and administrative expenses

7,379

8,472

Operating income

3,488

4,552

202

213

103,853

Cash and deposits

30,782

19,053

Notes and accounts receivable – trade54,32853,155Inventories

13,665

15,379Others

5,077

2,793

Fixed assets

22,91824,433

Total assets

126,771

114,814

Liabilities
Current liabilities
Notes and accounts payable – trade
Electronically recorded obligations – operating

170

10

146

3,390

4,560

28,257

Income taxes

917

1,351

1,623

Net income

2,472

3,209

Profit attributable to non-controlling interests

87

117

Profit attributable to owners of parent

2,385

3,091

3,010

Long-term liabilities

2,743

2,809

Total liabilities

52,142

38,04071,89470,417

Capital stock

10,045

10,045

Capital surplus

9,918

10,074Retained earnings

53,83652,204

Treasury stock(1,907)(1,907)

258

3,583

Non-controlling interests

2,476

2,772

Total net assets

74,628

Total liabilities and net assets

126,771

Net assets(Figures are rounded down to the nearest million yen.)

Condensed Consolidated Statements of Cash Flows (¥ millions)
Six months ended Six months ended
September 30, 2016 September 30, 2015

科 目

(From April 1, 2016 to
September 30, 2016)(From April 1, 2015 to
September 30, 2015)

Net cash from operating activities

14,5652,950

Net cash from investing activities

(272)

(328)

Net cash from financing activities

(483)

(732)

Effect of exchange rate change on cash and cash equivalents

(997)

165

Net increase (decrease) in cash and cash equivalents

12,811

2,054

76,774

Cash and cash equivalents at beginning of year

16,836

15,204

114,814

Cash and cash equivalents at end of period

29,647

17,259(Figures are rounded down to the nearest million yen.)

03 KURODA ELECTRIC REPORT–

Extraordinary loss
40,581

4,881

Other comprehensive income

Extraordinary income
Income before income taxes

5,063

Shareholders’ equity

230
4,536

Ordinary income

35,231

468

Others290
3,400

Non-operating expenses

49,399743

Short-term loans payableNon-operating income(Figures are rounded down to the nearest million yen.)REVIEW OF OPERATIONS

Automotive
Design and sale of automotive printed circuit boards (Trading Department and Design Department)S ale of LCD panels for car navigation systems, automotive electronic
components, molded article, plastic materials, etc. (Trading Department)
Manufacture and sale of aluminum die-casting products (Manufacturing Department)
Manufacture and sale of metal molds and pressed parts (Manufacturing Department)
Manufacture and sale of large-size plastic molds (Manufacturing Department)
Manufacture and sale of metal-pressed parts and welding-processed products (Manufacturing Department)
Manufacture and sale of plastic molded products (Manufacturing Department)

DisplayS ale of LCD modules, peripheral components for LCD
TVs, and optical films (Trading Department)S ale of LCD panels, processed film products, assembly parts for printed
circuit boards, and parts for assembling modules (Trading Department)M anufacture and sale of alignment layer printing plates
and printing presses (Manufacturing Department)

HDD (Hard Disk Drive)M anufacture and sale of HDD components (Trading Department and Manufacturing Department)M anufacture and sale of assembly & inspection equipment for HDD units (Manufacturing Department)

MobileS ale of parts for smartphones, tablet PCs, personal computers, digital cameras, etc. (Trading Department)M anufacture and sale of plastic molded products andprocessed film products (Manufacturing Department)

Overview of the First Half
[Trading Department]
Sales of electrical components and plastic materials were strong forboth the domestic and overseas bases.
[Manufacturing Department]
Excluding the special factors of structural reforms
implemented at a production base in Mexico andchanges to a specified subsidiary in India, net sales
were largely unchanged from the previous fiscal year.

Contribution
to net sales

19%

Overview of the First Half
[Trading Department]
Orders in the small- and medium-size LCD-related business for
smartphones decreased significantly. In addition, the large-size
LCD-related business also experienced a significant year-on-year reduction, partly due to the downturn in market prices.
[Manufacturing Department]
Although sales of printing presses increased, net
Contribution
to net sales
sales remained unchanged from the previous fiscal
year due to slowdown in sales of the mainstay
57%
alignment layer printing plates.

Overview of the First Half
[Trading Department]
Sales of components by the Company decreased year on year due
to a contraction in the global market for HDD-related business.
[Manufacturing Department]
Sales in components manufacturing remained unContributionchanged from the previous fiscal year.
to net sales
Sales of assembly & inspection equipment for HDD
3%units, which were favorable in the previous fiscal year,
showed a year-on-year decrease.

Overview of the First Half
[Trading Department]
Net sales decreased year-on-year due to a reduction in orders forcomponents for smartphones overseas.
[Manufacturing Department]
Net sales increased year-on-year as a result of increased orders for plastic molded products for tablet
PCs.

Contribution
to net sales

8%

KURODA ELECTRIC REPORT 04

WORLDWIDE NETWORKThe global business environment is continuing to undergo
complex and intensifying changes. Customers’ needs havebecome diverse, and we must deal with all such needs inthe areas of development, manufacturing, procurement
and logistics. KURODA ELECTRIC’s global network will flexibly cater to various business models and continue to increase customer satisfaction.

North America
sales bases
KURODA ELECTRIC U.S.A. INC.
KURODA ELECTRIC U.S.A. INC. Tennessee Branch
KURODA ELECTRIC U.S.A. INC. San Diego Branch

Net Sales by Region (destination basis)
Japan
Net sales decreased year-on-year due to a significant decrease in orders in the small- and medium-size LCD-related
business for smartphones.
Asia
Net sales decreased year-on-year due to a significant decrease in sales of large-size LCD panels.
North America and Europe
Sales were largely unchanged from the previous fiscal year.

KURODA ELECTRIC U.S.A. INC. Michigan Branch
NANKAI Enviro-Tech Corporation
Kuroda Electric Mexico S.A. de C.V. *1

Europe10%

manufacturing base
NANKAI Mexico, S.A. DE C.V.

Japan

North
America20%

Ratio ofNet Salesby Region

33%

Asia
37%

Japan
=First half

=Full year

Asia(¥ millions)=First half

North America=Full year(¥ millions)=First half

=Full year(¥ millions)

Europe=First half

=Full year(¥ millions)

116,749 117,380
128,042 129,836

46,46391,065

108,851

38,926

69,79454,722

65,61053,77935,41951,421

122,823

55,93559,25438,55278th term 79th term 80th term 81st term 82nd term

05 KURODA ELECTRIC REPORT

38,752

47,83044,09325,64478th term 79th term 80th term 81st term 82nd term

21,583

26,177

20,47520,44823,327 23,459
9,469

8,903
3,048
78th term 79th term 80th term 81st term 82nd term

11,913 12,353 11,447

2,080
1,135
78th term 79th term 80th term 81st term 82nd termEuropesales base
KURODA ELECTRIC CZECH s.r.o.

Japansales bases
main logistics bases
manufacturing bases
KURODA TECHNO CO., LTD.
KOMURA-TECH CO., LTD.
SOHWA & SOPHIA TECHNOLOGIES CO., LTD.
NICHIDO-DENKO CO., LTD.
holding company
Tenma-trust Co., Ltd.

Asia
sales bases

manufacturing bases
PT TRIMITRA CHITRAHASTA

Z. KURODA (SINGAPORE) PTE. LTD.

Z. KURODA (THAILAND) CO., LTD.

KURODA ELECTRIC (MALAYSIA) SDN.BHD.

KURODA AUTO-TECH (THAILAND) LTD.

P.T. KURODA ELECTRIC INDONESIABORAMTEK (VIETNAM) CO., LTD.

Z. KURODA (THAILAND) CO., LTD. Bangkok Branch

ECOREA & KURODA ELECTRIC INDIA PVT. LTD. *2

Z. KURODA (THAILAND) CO., LTD. Hanoi Branch

RAINBOW METAL TECHNOLOGIES CO., LTD.

KURODA ELECTRIC PHILIPPINES, INC.

KC AUTOMATION (SHENZHEN) CO., LTD.

KURODA ELECTRIC KOREA INC.

KURODA PRECISION TECHNOLOGY CO., LTD.

KURODA ELECTRIC INDIA PVT. LTD.
Z. KURODA (HONG KONG) CO., LTD.
KURODA ELECTRIC (SHENZHEN) CO., LTD.
Kuroda GKM Co., Ltd.
SHANGHAI KURODA TRADING CO., LTD.
SHANGHAI KURODA TRADING CO., LTD. Nanjing Branch
SHANGHAI KURODA TRADING CO., LTD. WUXI Branchmanagement and administrative companies, etc.
SHANGHAI KURODA MANAGEMENT CO., LTD.
HiVAT Global Co., Ltd.
Eco-Techwell Investment Inc.
*1 Non-consolidated subsidiary*2 Equity-method affiliate

TIANJIN KURODA TRADING CO., LTD.
TAIWAN KURODA ELECTRIC CO., LTD.

KURODA ELECTRIC REPORT 06

GROUP COMPANY INFORMATION (KOMURA-TECH CO.,LTD.) e support the LCD display manufacturers throughout the world with advanced technoW
logical strengths, which make us the proud holders of the top global market share.
We support the future of printed electronics with flexographic printing.
Alignment layer
printing plates

Alignment Layer Printing System
Doctor roll (blade)Anilox rollSpecial alignment layer
printing plates (magnified)

Sixth-generation alignment layer printingpress for LCD panel manufacturing

Flexographic printing

Plate

Sheet
copperStage

The total solutions with flexographic printing
contribute to the narrowing of LCD TV andsmartphone frames.

Glass

Multifunctional printingpress for research
SmartLabo-III

Market environment surrounding
KOMURA-TECH CO., LTD.

Development of printing devices

Organic OLED
Multilayer capacitor
Touch panels

(W) 9

50m

m

(D)

8

m
50m

Compact printing press forhigh-precision flexographic
and gravure printing

Corporate name:
KOMURA-TECH CO., LTD.
Start of operations:
1980
Capital:100,000,000 yen
Number of Employees: 100 (As of September 2016)
Stockholder:
KURODA ELECTRIC Co., Ltd. (100%)
Primary business:
Manufacturing and selling of alignment layer printing plates(special printing plates for LCD)
Manufacturing and selling of gravure offset printing presses
Head office & Factory: 6-2-67, Naka-Ishikiri-cho, Higashiosaka City, OsakaMechatronic
17-3, Roppo-cho, Inage-ku, Chiba-city,
Technology Center: Chiba
Nissho Komura
12F-2, No. 41 Nanjing West Road, Taipei
Gakken Co., Ltd.
City, Taiwan
Taiwan Branch:Market share:
Top global market share of alignment
layer printing plates (85%)
Overseas net sales ratio: 70%
Main customers:
Domestic and overseas LCD manufacturers
Website:http://www.komura-tech.co.jp

07 KURODA ELECTRIC REPORTLight control films

Gravure printing

New sensory displays (NINJATM)

Overseas net sales ratio(as of the end of March 2016)
Others

2%

China

12%

Korea

17%

Domestic
Japan

30%

Taiwan39%

Overseas70%30%

What is Alignment Layer?

Alignment layer is a film thataligns liquid crystal molecules
in a set direction on someparticularly important layers
comprised of liquid crystal
panels. The film is generally
coated with polyimides using
various techniques. Because
Komura Tech plates used in
the flexographic printing
process can produce a wide
range of thin, uniform
coatings (printing), they areused in liquid crystal panel
plants around the world,
making us proud holders of
the top global market share.

TOPICS

Return to Shareholders
We believe that the appropriate return of profits to shareholders is one of our most pressing
management policies.
Our basic policy is to continue the stable distribution of profits from a long-term perspective,
based on a comprehensive consideration of profitability for our shareholders, future businessexpansion, and the strengthening of financial structure of the Company.

<Return Policy Diagram>(Profit attributable to owners of parent)
50%

50%

(1) 70% to growthinvestments(1) 30% payout
ratio
Fixed

(2) 50% - 100%
payout ratio
Variable

The payout ratio will be at a level between 40% and 65%.
Dividend per share: ¥47 for the first half, ¥48 for the year-end (forecast)¥95 for the full year (forecast)(1) ‌From the equivalent of 50% of “profit attributable to owners of parent,” the payout ratio will be
30%, and 70% will be allocated to growth investment.
(2) ‌From the remaining 50% of “profit attributable to owners of parent,” the Company shall decide ona payout ratio between 50% and 100%, after comprehensively determining the economic situationand the Company’s fund requirements at the time.
This policy is intended to actively implement returns to shareholders while taking into consideration opportunities for future growth investment based on trends in the capital market and the business environment going forward, and shall be applied from the 81st term to the 83rd term (from the fiscal year
ending March 31, 2016 to the fiscal year ending March 31, 2018).
The dividend per share for the 81st term (the fiscal year ending March 31, 2016) was set at ¥67.
KURODA ELECTRIC REPORT 08

CORPORATE SOCIAL RESPONSIBILITY
Corporate Philosophy Company Motto Mission Statement The DNA of Kuroda Electric
The United Nations Global Compact

Joined on March 2, 2011

The 10 Principles of the UN Global Compact/sustainable development plan (SDGs)* The Backbone of our CSR Activities
The 3 Pillars of our Social Contribution Activities
Universal Primary Education

Periodic Release of CSR Report

Educational Support

Environmental Sustainability

Environmental
Contribution Activities

Support for the Construction of Ban Community & Household The Kuroda Electric Company Forest
Parai Elementary School in Thailand(Oume Tokyo, Kawanishi Hyogo)
Activities
Environmentally-Conscious Actionin the Home and Community
Kuroda ECO Point System* “17 plans and 169 targets for sustainable development” adopted in 2015 as agenda to be achieved toward 2030 (Replacement of Millennium development plan)

Educational Support

Community & Household Activities and Environmental Contribution Activities

Educational Support for an Elementary School in Thailand

Environmental Contribution Activities with Elementary School Students in Thailand

We donated 45 abandoned bicycles to the Watdonputza School, an elementary school close to Rojana Industrial Park (*). Although neglectedbicycles are normally supplied to recycling shops for a fee, they weretransferred to the Company from Shinagawa Ward free of charge on
the condition that they are to be used for making a social contribution,
and we sent them to Thailand.

Together with children from two elementary schools, ZKT employees
planted trees in a municipal park located approximately 15 minutes by
car from Rojana Industrial Park under an arrangement with the Thailand branch of OISCA (The Organization for Industrial, Spiritual andCultural Advancement-International).

After being inspected, repaired and cleaned by Z. KURODA (THAILAND)
CO., LTD. (hereafter abbreviated as “ZKT”), which is located in Rojana
Industrial Park, the bicycles sent from Japan were donated to a local elementary school where they were treated with great care.

Since seedlings of low height are washed away in floods, we planted
trees that were about 3 meters in height. Through activities such astree planting and nature games, not only the children but also the ZKT
employees were able to learn the importance of environmental preservation activities.

“I can now go to school everyday thanks to the bicycle you donated.”
These were some of the words of appreciation we received from children who had difficulties going to school because of the distance they
had to travelfrom theirhomes.
We will continue to provide
educational
support like thisgoing forward.
Rojana Industrial Park (*): ‌One of Thailand’s largest domestic private industrial parks, located in Ayutthaya, of which 50% or more of the occupants are Japanese companies. Two of the Company’s
affiliates (factories) operate within the industrial park.

09 KURODA ELECTRIC REPORTCORPORATE INFORMATION / STOCK INFORMATIONAs of September 30, 2016

会社概要

Status of Shares

Corporate Name

Kuroda Electric Co., Ltd.

Total number of shares authorized to be issued
120,000,000 shares
39,446,162 shares
Total number of shares issued and outstanding(stock trading unit: 100 shares)
Number of shareholders
9,537

EstablishedMarch 29, 1947

Capital10,045.76 million

Number of Employees

327 (232 males, 95 females)
3,952 total employees including group companies

Kuroda Group Network
Domestic Network Sales Bases: 16
Logistics Bases: 5
Manufacturing Bases: 4
Holding Company: 1
Overseas Network Sales Bases: 23
Manufacturing Bases: 9
Management and Administrative Companies, etc.: 3Major Shareholders
Number of shares held Shareholding ratio(1,000 shares)(%)

Name of shareholder

JAPAN TRUSTEE SERVICES BANK, LTD.

5,016

13.32

AYA NOMURA

3,722

9.89

RENO, INC.

3,484

9.25

THE MASTER TRUST BANK OF JAPAN, LTD.

1,106

2.94

J.P. MORGAN BANK LUXEMBOURG S.A. 380578

1,084

2.88

Head Office140-0013
5-17-9 Minami-Oi, Shinagawa-ku, Tokyo
TEL: 03-5764-5500 FAX: 03-5764-1500

MINAMI AOYAMA REAL ESTATE CO., LTD.

1,076

2.85

STATE STREET BANK AND TRUST COMPANY

949

2.52

Osaka Head Office532-0012
4-11-3, Kikawahigashi, Yodogawa-ku, Osaka
TEL: 06-6303-1300 FAX: 06-6303-3078

JP MORGAN CHASE BANK 385166

840

2.23

STATE STREET BANK AND TRUST COMPANY 505103

623

1.65

CITIZEN HOLDINGS CO., LTD.

600

1.59

Officers
Directors

Executive Officers

Director

Takashi Kaneko

Director

Koichi Hosokawa

Director

Nobuyuki Kuroda

Director

Kunio Tsuneyama

Chairman & Chief Takashi Kaneko*
Executive Officer
President & Chief Koichi Hosokawa*Operating Officer
Corporate Executive
Masami Murakami
Vice President

Director

Shigetoshi Okada

Executive Vice President Yoshinori Nakae

Director

Atsushi Yamashita

Executive Officer

Masahiko Kira

Director

Shuichi Shino

Executive Officer

Yasunobu Mori

Executive Officer

Shigeo Yamamoto

Note: ‌Messrs. Kunio Tsuneyama,
Shigetoshi Okada, Atsushi
Yamashita and Shuichi Shino are
outside directors as stipulated in
Article 2, Item 15 of theCompanies Act.

(Note) 1. Shares have been rounded down to the nearest thousand shares.
2. The‌Company owns 1,811,145 shares of treasury stock but is excluded fromthe ten shareholders noted above. The shareholding ratio is calculated after
the deduction of treasury stock.

Shareholder Composition

Compositionby shareholder* Concurrently serving as director

Composition
by no. ofowned shares

Shareholder type

Number ofshareholders

Number of shares(1,000 shares)

Shareholding
ratio (%)

Financial institutions
Financial instruments business operators
Other entities
Foreign entities, etc.
Individuals and others
Treasury stock

32
32
86
179
9,207
1

7,327
1,154
6,701
10,811
11,639
1,811

18.58
2.93
16.99
27.41
29.50
4.59

Number of
Number of owned shares shareholders

Number of shares(1,000 shares)

Shareholding
ratio (%)

17,997
11,641
1,926
3,214
743
2,102
656
1,155
9

45.64
29.51
4.88
8.15
1.88
5.33
1.66
2.93
0.02

5,000 units or more
1,000 units or more
500 units or more
100 units or more
50 units or more
10 units or more
5 units or more
1 unit or more
Less than 1 unit

12
52
27
150
116
1,276
1,102
6,463
339

KURODA ELECTRIC REPORT 10

Information for Shareholders
Fiscal Year

From April 1 to March 31

Shareholder Record Date forYear-end Dividend Payment

March 31

Shareholder Record Date forInterim Dividend Payment

September 30

Ordinary General
Annually in June
Meeting of Shareholders

N o t e s
1. Following the introduction of electronic share certificates, procedures for matters such as change of addressof shareholders and requests for purchase are, in principle, handled by the account management institution
where your account was established (such as a securities
company). Please forward such related inquiries to thesecurities company or other institution that established
the account, as these procedures are not handled by the
Stock Transfer Agent (Mitsubishi UFJ Trust and Banking
Corporation).

Stock Transfer Agent andAccount Management
Institution for Special Accounts

Mitsubishi UFJ Trust and Banking
Corporation

Contact Information

Mitsubishi UFJ Trust and Banking Corporation
Osaka Stock Transfer Agency
3-6-3 Fushimi-cho, Chuo-ku, Osaka 541-8502
TEL: 0120-094-777 (free dial)

2. Regarding procedures for matters relating to shares
recorded in special accounts, Mitsubishi UFJ Trust andBanking Corporation is the Account Management Institution. Please forward related inquiries to the AccountManagement Institution for Special Accounts (Mitsubishi
UFJ Trust and Banking Corporation) through the contact
information written on the left. Please be informed thatnationwide branches of Mitsubishi UFJ Trust and Banking Corporation also act as agents.

Stock Exchange ListingFirst Section of the Tokyo Stock Exchange

3. Unclaimed dividend payments shall be paid to the head
office of Mitsubishi UFJ Trust and Banking Corporation.

Media of Public Notice

Nihon Keizai Shimbun

Corporate Profile

Information for Investors

Various information for a better understanding of theCompany, including the latest news and IR information,
are posted on our website.

KURODA ELECTRIC

140-0013 5-17-9 Minami-Oi, Shinagawa-ku, Tokyo TEL: 03-5764-5500 FAX: 03-5764-1500

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