KURODA ELECTRICREPORT 82ND

To Our Shareholders
and Investors

82ND KURODA ELECTRIC REPORT(April 1, 2016 - March 31, 2017)

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 82nd term (from April 1, 2016 to
March 31, 2017), we hereby report on our business results.
We look forward to your ongoing guidance and encouragement.
Consolidated Results for the Current Fiscal Year
During the current consolidated fiscal year, despite steady corporate earnings and employment environment on the back of thesolid U.S. economy as well as the continued monetary policies adopted by the government and the Bank of Japan, the Japanese
economy remained unstable, reflecting lack of stability in foreignexchange and stock market amid intensifying uncertainty about
the global economic outlook due to factors such as Brexit and thestart of the new U.S. administration.
With regard to the business environment surrounding the Group,
although the automotive-related business remained robust, theLCD-related business changed significantly at the end of the fiscal
year, affected by change in business policy of a client company.
As a result, for the consolidated fiscal year ended March 31, 2017,
net sales amounted to ¥229,571 million (a year-on-year decreaseof 19.6%), operating profit amounted to ¥7,088 million (a yearon-year decrease of 12.6%), ordinary profit amounted to ¥6,953
million (a year-on-year decrease of 9.9%), and profit attributableto owners of parent amounted to ¥4,844 million (a year-on-yearincrease of 25.2%).
Performance by segment was as follows.
In Japan, net sales decreased year on year due to decreased orders
for large-size LCD as well as components and manufacturing facili-ties for HDD. As a result, net sales amounted to ¥169,264 million(a year-on-year decrease of 11.7%), and operating profit amounted to ¥4,411 million (a year-on-year decrease of 23.2%).
In Asia, net sales decreased year on year mainly due to a significant decrease in orders in the small- and medium-size LCD-related
business for smartphones in the Chinese market. As a result, net
sales amounted to ¥55,109 million (a year-on-year decrease of
36.4%), and operating profit amounted to ¥2,469 million (a yearon-year increase of 11.4%).
With regard to other segments (North America and Europe), net
sales amounted to ¥5,198 million (a year-on-year decrease of
29.7%), and operating profit amounted to ¥25 million (in the previous year, operating loss amounted to ¥133 million).
Our Future Initiatives
In terms of the consolidated business forecasts for the 83rd term,
we project net sales of ¥160,000 million, operating profit of¥5,700 million, ordinary profit of ¥5,600 million, and profit attributable to owners of parent of ¥3,600 million.
Under the Mid-term Management Plan announced in May 2015,
the Group aimed to achieve net sales of ¥400,000 million and operating profit of ¥13,000 million in the fiscal year ending March2018. However, the LCD-related business experienced decline inJapan and overseas, affected by change in business policy of a client company. As a result, net sales of the Group are expected to
be lower than the initial forecast. In response to such change inbusiness environment, we announced the New Mid-term Management Plan in May 2017. (The New Mid-term Management Plan isstated on pages 7 and 8.)

FINANCIAL HIGHLIGHTSNet sales

Operating profit(¥ millions)

350,000

8,669

285,605

8,000

229,571

250,000
200,000

9,895

10,000326,412287,839300,000

194,960

Ordinary profit(¥ millions)

6,445(¥ millions)
12,0008,10810,303

10,000

9,075

7,088
8,000

6,566

6,000

7,719

6,953

6,000
150,000

4,000
4,000

100,000
2,000

50,0000

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

01 KURODA ELECTRIC REPORT

2,000

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

0

78th term 79th term 80th term 81st term 82nd termMessage to Our Shareholders
Our basic policy on dividends is to continue the stable distributionof 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 theCompany.
The dividend per share for the fiscal year under review was set at¥95. For the next fiscal year, we plan to pay an annual dividend of¥67 per share.
We sincerely request the ongoing support of all our shareholders.

Koichi Hosokawa
President
CEO and COO

Forecast for the Next Fiscal Year (83rd Term)¥160,000 million

Net sales

Operating profit(year-on-year decrease of 30.3%)¥5,600 million

Ordinary profit

Profit attributable toowners of parent(year-on-year decrease of 19.5%)¥5,700 million(year-on-year decrease of 19.6%)¥3,600 million(year-on-year decrease of 25.7%)* Should any revision of the full-year consolidated business forecasts become necessary in light of future trends, an announcement will be made promptly.

Profit attributable to owners of parent

Earnings per share

Dividend per share(¥ millions)

6,765

7,000

200

186.93

4,844

5,000

4,135

150

3,871
100

189.4467.00

128.73102.86

60

40

2,000

50

0

30.00

32.00

36.00

20

1,000

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

95.00

80

134.03

3,000

0

(¥)
100

5,792

6,000

4,000

(¥)

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

0

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

KURODA ELECTRIC REPORT 02

CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets (¥ millions)

Condensed Consolidated Income Statements (¥ millions)

As of
As of
March 31, 2017 March 31, 2016

Account(From April 1, 2016 to
March 31, 2017)(From April 1, 2015 toMarch 31, 2016)

Net sales

229,571285,605

90,381

Cost of sales

206,937

261,233

22,63324,372

Assets93,380Current assets

Fiscal year ended Fiscal year ended
March 31, 2017 March 31, 2016

Account

Cash and deposits

29,055

19,053Gross profit

Notes and accounts receivable – trade

50,78953,155

Selling, general and administrative expenses

15,545

16,263Inventories

10,844

15,379Operating profit

7,088

8,108

2,689

2,793

Non-operating income

328

404

Non-current assets

24,14424,433Non-operating expenses

463

793

Total assets

117,525

114,814

Ordinary profit

6,953

7,719

163

170

Other

Extraordinary income

Liabilities
36,706

Current liabilities

35,231

Extraordinary losses

101

1,244

Profit before income taxes

7,014

6,645

Income taxes

1,929

2,531

Profit

5,084

4,113

Notes and accounts payable – trade28,652

28,257

Electronically recorded obligations – operating

2,899

1,623

894

468

4,258

4,881

Short-term loans payable
Other

Profit attributable to non-controlling interests

239

242

Profit attributable to owners of parent

4,844

3,871

Non-current liabilities

2,911

2,809

Total liabilities

39,61738,04072,58470,417

Capital stock

10,045

10,045

Account

Capital surplus

9,918

10,074Retained earnings

54,52752,204

Treasury shares(1,907)(1,907)

2,654

3,583

Net assets
Shareholders’ equity

Accumulated other comprehensive income(Figures are rounded down to the nearest million yen.)

Condensed Consolidated Statements of Cash Flows (¥ millions)Fiscal year ended
March 31, 2017

Fiscal year ended
March 31, 2016

Cash flows from operating activities

15,0306,866Cash flows from investing activities(263)(1,775)

Cash flows from financing activities(2,777)(2,905)

Effect of exchange rate change on cash and cash equivalents

(589)

(553)

(From April 1, 2016 to
March 31, 2017)(From April 1, 2015 toMarch 31, 2016)

Non-controlling interests

2,669

2,772

Net increase (decrease) in cash and cash equivalents

11,399

1,631

Total net assets

77,90876,774

Cash and cash equivalents at beginning of period

16,836

15,204

Total liabilities and net assets

117,525

114,814

Cash and cash equivalents at end of period

28,236

16,836(Figures are rounded down to the nearest million yen.)

03 KURODA ELECTRIC REPORT(Figures are rounded down to the nearest million yen.)REVIEW OF OPERATIONS

AutomotiveD esign 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) anufacture and sale of aluminum die-casting products (Manufacturing Department)M anufacture and sale of metal molds and pressed parts (Manufacturing Department)M anufacture and sale of metal molds for large-size plastic products (Manufacturing Department)
MM anufacture and sale of metal-pressed parts and welding-processed products (Manufacturing Department) anufacture and sale of plastic molded products (Manufacturing Department)
M

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 Fiscal Year Under Review[Trading Department]
Sales of electrical components and plastic materials were strong forboth the domestic and overseas bases.
[Manufacturing Department]
Net sales decreased year on year due to implementation of a downsizing as part of structural reforms
at a production base in Mexico. For other manufacturing companies, net sales were unchanged fromthe previous fiscal year.

Contribution
to net sales

21%

Overview of the Fiscal Year Under Review[Trading Department]
Orders in the small- and medium-size LCD-related business for
smartphones decreased significantly. In addition, net sales decreased significantly year on year due to change in business policyof a client company.
[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
52%alignment layer printing plates.

Overview of the Fiscal Year Under Review[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]
Contribution
Sales in components manufacturing remained unto net sales
changed from the previous fiscal year.
4%
Sales of assembly & inspection equipment for HDD
units showed a year-on-year decrease.

Overview of the Fiscal Year Under Review[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 forplastic molded products for tablet PCs.
Contribution
to net sales

9%

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.

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

Europe8%manufacturing baseAsia
Net sales decreased year-on-year due to a significant de- North
Americacrease in sales of large-size LCD panels.
North America and Europe
Sales were largely unchanged from the previous fiscal year.

16%

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

Japan
Ratio ofNet Salesby Region

34%

Asia
42%

Japan

Asia
(¥ millions)

128,042 129,836

North America(¥ millions)

116,749 117,380

122,823
108,851

91,065

Europe(¥ millions)

46,46396,371(¥ millions)

35,41951,421
38,926 37,327

77,20020,47555,93520,44818,673

8,903
2,080
78th term 79th term 80th term 81st term 82nd term

05 KURODA ELECTRIC REPORT78th term 79th term 80th term 81st term 82nd term

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

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

NEW MIDTERM MANAGEMENT PLAN

About New Mid-term Management Plan
After the Company announced the Mid-term Management Plan (81st term - 83rd term) on the Company’s website in May
2015, business environment surrounding the Company and its group has significantly changed. Given the circumstance,
the Company has conducted a comprehensive review and formulated the New Mid-term Management Plan (83rd term 85th term).
For the next three years during the New Mid-term Management Plan, the Company will focus on increase of operating
profit by increasing operating profit margin as a basic policy and will not pursue to enlarge the size of sales revenue accompanied by reduced operating profit margin. While we will not cease our Trading business, the Company will achieve
the objectives by aiming to transform itself into a “Not-only a specialized whole-seller company” meaning to become abusiness enterprise with continued improvement of the existing business model and creation of the next core business(new business) to provide higher value-added services and products to customers.

Segment strategy(¥ billions)

Strategy

Existing
business

Manufacturing /processing in Japan•	R&D into new technologies

Manufacturing /processing outside Japan•	Capital investment for automotive relatedDomestic tradingbusiness
Overseas tradingbusiness

Next corebusiness(new business)

Trading business /services
Development /manufacturingbusiness•	Concentrate on key accounts•	Accelerate commercial rights acquisition

83rd term

85th term

2.5

3.0

1.5

2.0

0.6

1.3

1.1

1.5

0

0.6

0

0.4

5.7

8.8

investment business•	Expand non-Japanese company businessthrough non-overlapping areas•	Create new demand through cross-industrial
collaboration

Total
07 KURODA ELECTRIC REPORT

Operating profit goals

New Mid-term Management Plan: Numerical Targets

Final year (85th term): ¥8.8 billion operating profit, 4.9% operating profit margin
Changing businessenvironment

Initiatives to decrease
reliance on specialized
trading companies(¥ billions)

New Mid-term Management Plan

4.3%

285.6
229.5
3.0%

5.0%

4.9%

326.4

3.6%

3.1%
2.8%

170.0

160.0

180.0

9.8
8.1

7.0

5.7

7.3

New Mid-term Management Plan

VisionEstablish businessfoundation
Operating profit of¥10.0 billion
200.0

82nd term

83rd term

84th term

85th term

86th term

Net sales(¥ billions)

229.5

160.0

170.0

180.0

200.0

Operating profit(¥ billions)

7.0

5.7

7.3

8.8

10.0

Operating profit
margin

3.1%

3.6%

4.3%

4.9%

5.0%

6.5%

4.8%

6.5%

7.6%

8.4%

6.1%

4.4%

6.0%

7.1%

7.8%

¥128

¥95

¥132

¥159

¥181

ROE
(Return on equity)

8.8

10.0

ROIC
Sales
OperatingprofitMargin(Return on
invested capital)

Earnings
per share

80th term 81st term 82nd term 83rd term 84th term 85th term 86th term

Return to Shareholders[Basic policy]
Our basic policy is to continue the stable distribution of profits from a long-term perspective, based on a comprehensive considerationof profitability for our shareholders, future Sustained growthbusiness expansion, and the strengthening of ROE of 8% or higher
financial structure of the Company.
[Payout ratio]
As a general rule, the payout ratio is at alevel between 40% and 65%.

Strategic investments
M&As/tie-ups, capital investment,
HR investment, etc.

ProfitCorporate value
creation

Shareholder return(payout ratio 40% - 65%)

Cycle of corporate
Shareholder return
value and(dividends, etc.)
shareholder return

Anticipated dividend per share
83rd term¥67

84th term¥53 - ¥86

85th term¥63 - ¥103

Make strategy
investments

Internal reserves
Cash liquidity

Maintain financial base
Reallocate to growth investment

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
SDGs Goal 4: Ensure quality education for all

Educational Support in Thailand(1)	Periodical activities with and continued support for Ban Parai Elementary School (Srisaket Province) in Thailand(2)	Continued support for Watdonputza School (Ayutthaya Province), an
elementary school close to Rojana Industrial Park

SDGs Goal 15: Protect terrestrial richness as wellEnvironmental Contribution Activities(1)	Forest preservation activities in cooperation with the government andNGOs (Tokyo, Aichi, Hyogo)(2)	Expansion of activities in surrounding areas of the Group’s bases inSoutheast Asia

UNGC Principle 6: Businesses should uphold the elimination of discrimination in respect of employment and occupation.
SDGs Goal 5: Achieve gender equality

Changing Work-styles(1)	Change of awareness throughout the Company about support of promotion of women’s advancement(2)	Improvement of system for support of work-family balance concerning childcare, family care, etc. and promotion of taking leaves by
employees including male employees.
(3) Expansion of job scope and categories of female employees(4) Promotion of control of overtime hours(5) Promotion of ensuring diversity within the Company* “17 plans and 169 targets for sustainable development” adopted in 2015 as agenda to be achieved toward 2030

Educational Support

Community & Household Activities

Educational Support for an Elementary School in Thailand

Hold Basketball Clinics

In Thailand, “Children’s Day” is set on the second Saturday in January
every year, and around this time of year, local staff of the Group visit elementary schools to provide
educational support and conduct activities with children on
a continuous basis.

As part of activities which
contribute to the local
community and household, we hold Basketball
Clinics (technical guidance) for students of elementary school age andolder in Shinagawa Wardin order to help promoteinterest in sports in the ward. Staff and current members of our basketball team, a Division 1
Kanto Industrial andCommercial Basketball
Federation team, heldsuch clinic in February
this year once again to
help children experience
the fun and excitementof basketball.

In February 2017, we visitedBan Parai Elementary School
and interacted with children
through playing various gameswith them.
Furthermore, we provided financial aid
for building communication network inclassrooms, and 10 computers were installed. The Group will continue to
conduct activities like this.

09 KURODA ELECTRIC REPORTCORPORATE INFORMATION / STOCK INFORMATION

Corporate Profile(As of March 31, 2017)

Major Shareholders(As of March 31, 2017)
Number of shares held Shareholding ratio(1,000 shares)(%)

Corporate Name

Kuroda Electric Co., Ltd.

Name of shareholder

EstablishedMarch 29, 1947

AYA NOMURA

3,722

9.89

FUMINORI NAKASHIMA

3,562

9.46

Capital¥10,045.76 million

JAPAN TRUSTEE SERVICES BANK, LTD.

3,521

9.35

324 (231 males, 93 females)

RENO, INC.

3,484

9.25

3,844 total employees including groupcompanies

OFFICE SUPPORT CORPORATION

3,213

8.53

STATE STREET BANK AND TRUST COMPANY

910

2.41

THE MASTER TRUST BANK OF JAPAN, LTD.

908

2.41

CBNY-GOVERNMENT OF NORWAY

670

1.78

CITIZEN WATCH CO., LTD.

600

1.59

JP MORGAN CHASE BANK 385151

487

1.29

Number of Employees

Kuroda Group Network
Domestic Network

Sales Bases: 16
Logistics Bases: 5
Manufacturing Bases: 4
Holding Company: 1

Overseas Network

Head OfficeOsaka Head Office(Notes) 1. Shares have been rounded down to the nearest thousand shares.
2.	The Company owns 1,811,271 shares of treasury stock but is excluded fromthe ten shareholders noted above. The shareholding ratio is calculated after
the deduction of treasury stock.

Sales Bases: 23
Manufacturing Bases: 9
Management and Administrative
Companies, etc.: 3

Shareholder Composition

140-0013
5-17-9 Minami-Oi, Shinagawa-ku, Tokyo
TEL: 03-5764-5500 FAX: 03-5764-1500
532-0012
4-11-3, Kikawahigashi, Yodogawa-ku,
Osaka
TEL: 06-6303-1300 FAX: 06-6303-3078

Status of Shares
Total number of shares authorized to be issued

Number of shares(1,000 shares)

Shareholding
ratio (%)

Financial institutions

31

5,514

13.98

Financial instruments business operators

26

251

0.64

Other entities

92

8,802

22.32

Foreign entities, etc.

183

9,306

23.59

Individuals and others

7,939

13,759

34.88

1

1,811

4.59
Shareholding
ratio (%)

Treasury stock(As of March 31, 2017)

Number of owned shares

Number ofshareholders

Number of shares(1,000 shares)

120,000,000 shares

5,000 units or more

11

20,47251.90

1,000 units or more

44

9,820

24.90

Total number of shares issued and outstanding
39,446,162 shares(stock trading unit: 100 shares)
Number of shareholders

Number ofshareholders

Shareholder type

Compositionby shareholder(As of March 31, 2017)

8,272

Composition
by no. ofowned shares

500 units or more

25

1,814

4.60

100 units or more

146

3,271

8.29

50 units or more

114

755

1.91

10 units or more

1,087

1,762

4.47
1.40

5 units or more

930

552

1 unit or more

5,610

989

2.51

Less than 1 unit

305

8

0.02

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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