October 2000 Company Financial Statements Summary

December 14, 2000

Listed Company Name
Kanamoto Company, Ltd.
Listing Exchanges Tokyo Stock Exchange, First Section; Sapporo Stock Exchange
９６７８Company Code Number
Head Office Address
1-19, Odori Higashi 3-chome, Chuo-ku, Sapporo, Hokkaido Japan 060-0041
Inquiries Person to Contact
Director and General Manager, Accounting Department
Name
Nobuhito Utatsu
TEL (011)-209-1600
Date of Report to the Board of Directors
December 14, 2000
Regular General Meeting of the Shareholders
January 30, 2001
1. Operating results for the fiscal year ended October 31, 2000 (November 1, 1999 - October 31, 2000)(1) Operating results(Numbers less than one million yen have been rounded down)
Revenues

Fiscal year ended
October 31, 2000
Fiscal year ended
October 31, 2000

Operating Income

Ordinary Income¥ millions

Net Income

61,030

0.7 ％

3,104

△24.1％

2,668△28.2％

1,455△15.7％

60,584

4.5％

4,091

40.1％

3,715

25.5％

1,726

△13.0％Net income pershare of common
stock

Net income per share ofcommon stock after
adjustment for potential
ordinary shares

Return on
shareholders’equityReturn on total
assetsOrdinary income
margin

Yen

Yen

％

％

％

48.66

38.73

4.8

2.6

4.4

58.95

51.71

6.0

3.7

6.1

Fiscal year ended
October 31, 2000
Fiscal year ended
October 31, 1999

(Notes) 1. Average number of shares outstanding during the period Fiscal year ended October 31, 2000 29,908,158 sharesFiscal year ended October 31, 1999 29,290,498 shares
2. Are there any changes in accounting method?

No

3. The percentages shown for revenues, operating income, ordinary income and fiscal year net income are the percent
increase or decrease compared to the prior fiscal year(2) Dividends
Total
dividends(Annual)Annual dividend per share of common stock
InterimYen
Fiscal year ended
October 31, 2000
Fiscal year ended
October 31, 1999

Year-end

Yen

Yen

Dividend
payout ratio¥ millions

Dividends as apercentage ofshareholders’ equity

％

％

18.00

9.00

9.00

543

37.4

1.8

19.00

9.00

10.00

558

32.3

1.9

(3) Financial position
Total assets

Shareholders’ equity¥ millions
Fiscal year ended
October 31, 2000
Fiscal year ended
October 31, 1999

¥ millions

Shareholders’ equity
ratio％

Shareholders’ equity
per share
Yen

102,92030,92630.0

1,023.06

102,194

29,50228.9

1,000.85(Note) Number of shares issued and outstanding at fiscal year-end Fiscal year ended October 31, 2000
Fiscal year ended October 31, 1999

30,229,241 shares

29,477,019 shares

2. Projected operating results for the fiscal year ending October 31, 2001 (November 1, 2000 – October 31, 2001)
Revenues¥ millions

Ordinary
IncomeNet Income¥ millions¥ millions

Interim period

29,5201,610

300

F u l l60,0002,500

210y e a rAnnual dividend per share of common stock
InterimYear-end

Yen

Yen

Yen

9.00
9.00

18.00

(Reference) Projected net income per share of common stock (Full year) ¥6.95― 19 ―

Fiscal Year ending October 31, 2000
Consolidated Accounting Bulletin

Ⅷ

Company Financial Statements

1. Comparative balance sheet(Amounts less than ¥1,000 have been rounded down)
PeriodCategory
（A
Ⅰ

Ⅱ

s

s

e

t

s）

Current assets
Cash and deposits
Notes receivable, trade
Accounts receivable, trade
Negotiable securities
Treasury stock
Merchandise inventory
Construction equipment
Supplies
Short-term loans
Prepaid expenses
Deferred consumption andother taxes
Deferred tax assets
Other current assets
Allowancefordoubtfulaccounts
Total current assets

Current fiscal year

Prior fiscal year

(As of October 31, 2000)(As of October 31, 1999)

A m o u n t o fincrease ord e c r e a s e

A m o u n t

Percent

AmountPercentA¥ thousands％¥ thousands

％

m

o

u

n

¥ thousands

16,297,173
11,858,956
11,486,658
746,051165
740,621
3,691,573
76,587−
270,305

16,192,095
14,784,165
10,774,469
922,134
972
834,806
3,346,464
83,23337,500280,619

24,844−

24,844

105,066
128,646

264,780
52,328△159,713
76,318△173,025△135,602△37,423

45,253,626

44.0

47,437,967

t105,078△2,925,208
712,188△176,083△807△94,184
345,109△6,646△37,500△10,31446.4△2,184,341

Fixed assets）(1 Tangible fixed assets
Rental equipment
Buildings
Structures
Machineryandequipment
Vehicles and delivery
equipment
Tools, furnishings andfixturesLand

18,825,760
6,344,520
1,685,708

16,909,278
5,686,554
1,545,349

1,916,482
657,966
140,359

1,366,338

1,346,938

19,399

2,112

2,706

△594

217,602210,609

6,993

24,042,995

24,033,210

Construction in progressTotaltangiblefixed(2） assets
Intangible fixed assets
Total intangible fixed
assetsInvestments and other）(3
assetsInvestment securities
Stockof
affiliatedcompanies
Bonds
ofaffiliatedcompanies
Advances
Long-term loans
Long-term
prepaid
expensesInsurance reserve
Deferred tax assets
Other
Allowance for doubtful
accounts
Total investments andother assets
Total fixed assets

338,959

1,031,419

9,785△692,459

Total assets

52,823,998

51.3

50,766,066

49.7

2,057,932

57,1220.1

40,1780.0

16,9432,860,812

2,343,472

517,340

224,199

187,500

36,69910,00010,000−158,435
100,000

18,201
100,000

140,234−

173,119

178,521△5,401

179,524
485,310825,021

168,161
271,926
857,597

11,362
213,383△32,576△230,181△184,825△45,355

4,786,242

4.6

3,950,555

3.9

835,686

57,667,363

56.0

54,756,801

53.6

2,910,562

102,920,989

100.0

102,194,769

100.0

726,220― 20 ―

Fiscal Year ending October 31, 2000
Consolidated Accounting Bulletin

(Amounts less than ¥1 thousand have been rounded down)
PeriodCategory（L i a b i l i t i e s）

Current fiscal year

Prior fiscal year

(As of October 31, 2000)(As of October 31, 1999)

Amount ofincrease ord e c r e a s e

A m o u n t

Percent

AmountPercentA¥ thousands％¥ thousands

％

m

o

u

n

t

¥ thousands

Ⅰ Current liabilities
Notes payable, trade

8,367,393

9,195,512△828,119

Accounts payable, trade

2,784,599

2,605,958

178,641

Short-term bank loans

12,135,000

15,799,590△3,664,590

Accounts payable, other7,582,990

8,333,094△750,103

Corporate taxes payable

202,872

1,556,903△1,354,031

Consumption and other taxes
p
a
y
a
b
l
e

−

42,749△42,749e x p e n s e s

244,309237,655

6,653

Accrued bonuses to employees

491,873

479,417

12,456Equipment notes payable

792,559

917,963△125,403

Other current liabilities

158,656

192,824△34,168

Total current liabilities

32,760,254

A c c r u e d

Ⅱ

31.9

39,361,668

38.5△6,601,414

L o n g- term liabilities
Straight bonds

5,277,692

5,277,692−

Convertible bonds

9,796,000

5,641,000

4,155,000

Long-term bank loans

12,865,000

13,504,000△639,000

Long-term accrued expenses

11,008,272

8,629,522

2,378,750

287,454

278,801

8,653

Retirement
allowances
auditors and directors

toTotal long-term liabilities

39,234,418

38.1

33,331,015

32.6

5,903,403

Total liabilities

71,994,672

70.0

72,692,684

71.1△698,011（ Shareholders’ equity）

Ⅰ

Common stock

8,591,481

8.3

8,316,362

8.2

275,119Ⅱ

Additional paid-in capital

9,715,111

9.4

9,440,093

9.2

275,018

Ⅲ

Legal earned surplus

1,245,262

1.2

1,118,086

1.1

127,175Ⅳ

Retained earnings(1） Voluntary reserves
General reserve
Unappropriated(2）
earnings

retained

9,550,000

8,250,000

1,300,000

1,824,461

2,377,542△553,080

Total other reserves

11,374,461

11.1

10,627,542

10.4

746,919

Shareholders’ equity

30,926,316

30.0

29,502,085

28.9

1,424,231

102,920,989

100.0

102,194,769

100.0

726,220

Total
liabilities
shareholders’ equity

and― 21 ―

Fiscal Year ending October 31, 2000
Consolidated Accounting Bulletin2. Comparative statement of income(Amounts less than ¥1 thousand have been rounded down)
PeriodCategory

Current fiscal year
From November 1, 1999
To October 31, 2000

Prior fiscal year
From November 1, 1998
To October 31, 1999

Amount ofincrease ord e c r e a s eAA m o u n t

Percent

AmountPercent¥ thousands％¥ thousands％

61,030,048

100.0

60,584,159

100.0

445,888

46,456,372

76.1

45,226,804

74.6

1,229,567

14,573,675

23.9

15,357,354

25.4△783,679

11,468,912

18.8

11,265,682

18.6

203,230

Operating income

3,104,762

5.1

4,091,672

6.8△986,909

Ⅳ Non-operating revenue

815,807

1.3

626,334

1.0

189,472

Interest and dividends

91,196

98,251△7,055Gain on redemption ofbonds

28,35893,413△65,055

Other

696,252

434,670

261,581

Ⅰ Operating revenues
Ⅱ Cost of revenues
operations

from

Gross profit
Ⅲ Selling and administrative
expenses

2.0

1,002,484

1.7

m

o

u

n

¥ thousands

Ⅴ Non-operating expenses

1,252,351

Interest expense

479,845569,406△89,561

Bond interest expense

132,001

133,576△1,575

Stock issue expense

1,182

1,003

179

Bond issue expense

147,500

4,259

143,240

Other

491,821294,237

197,583

249,867

Ordinary income

2,668,218

4.4

3,715,522

6.1△1,047,304

Ⅵ Extraordinary profit

175,433

0.3

17,0800.1

158,352

Adjustmentofprior
period profit or loss
Other
Ⅶ Extraordinary loss

971

67

903

174,461

17,013

157,448

215,415

Loss on sale or disposal of
fixed assets
Valuationloss
oninvestment securities
Other
Income before income taxes
Corporate, local and business
taxes
Adjustment for corporate andother taxes
Net income
Profit carryforward from priorperiodAdjustment for prior fiscal
year tax effect0.4

177,704

0.3

37,711

199,063

118,883

80,18016,351

2,770

13,581−56,050△56,050

2,628,236

4.3

3,554,899

5.9△926,662

1,226,610

2.0

2,080,920

3.4△854,309△53,669△0.1△252,783△0.4

199,114

1,455,295

2.4

1,726,762

2.9△271,467

668,096656,720

11,375−283,923△283,923

Cash dividends

271,754

263,5138,241

Additions to legal reserve

27,17526,351824

1,824,461

2,377,542△553,080

Unappropriatedearnings

retained― 22 ―t

Fiscal Year ending October 31, 2000
Consolidated Accounting Bulletin3. Comparative appropriation of retained earnings (proposed)(Amounts less than ¥1 thousand have been rounded down)
PeriodCategory

Current fiscal year
Prior fiscal year
(proposed)
General Meeting of theGeneral Meeting of the
Shareholders approval date
Shareholders approval date
(January 28, 2000)(January 30, 2001)

Amount of increaseor decrease¥ thousands¥ thousands¥ thousands

1,824,461

2,377,542△553,080

1,188,660

1,709,446△520,785

100,000

100,000-

272,060(¥9 per share)

294,746(¥10 per share)△22,685

Directors bonuses

16,60014,7001,900(Auditors bonuses)(1,700)(1,200)800,000

1,300,000△500,000

635,801

668,096△32,295

Unappropriatedearnings

retained

To be appropriated as follows
Amount of appropriated retained
earnings
Transfer to legal earned
surplus(Note)Cash dividends

(

500)

Voluntary reserve
General reserve
Net income carried forward to thenext period(Notes) 1. The Company paid an interim dividend of ¥271,754,000 (¥9 per share) on July 21, 2000.
2. The shareholder dividend is calculated excluding 277 shares of treasury stock.

― 23 ―

Fiscal Year ending October 31, 2000
Consolidated Accounting Bulletin4. Notes to the financial statements(Significant accounting policies)
PeriodCategory
1. Valuation standards
and valuation methods
for negotiable securities

2.

Appraisal standards
and appraisal methodforconstruction
equipment
3. Appraisal standards
and appraisal methodformerchandise
inventories
andsupplies
4. Depreciation method
for fixed assets

5. Deferred charges

Current fiscal year
From November 1, 1999
To October 31, 2000
Negotiable securities with a market on asecurities exchange……Lower of cost or market method based
upon the moving average method
Other negotiable securities……Cost method based upon the moving
average method
Amount after deduction of depreciation
expense calculated according to the decliningbalance method from the original prices, byseparate fiscal year of purchase(1) Merchandise inventories
Lower of cost or market based on the Lastin, First-out method(2) Supplies
The Latest Purchase Cost method(1) Tangible fixed assets
The Company has adopted the decliningbalance method based upon provisions in the
Corporate Income Tax Law. Buildings on landthat is leased under a fixed-term land leaseagreement, however, are depreciated using thestraight-line method using the remaining
period of the fixed-term lease as thedepreciable life and zero residual value.

(2) Intangible fixed assets
Software for use within the Company isdepreciated using the straight-line method
based on the assumed useful life for internaluse (5 years).
(3) Long-term prepaid expenses
Straight-line depreciation based upon
provisions in the Corporate Income Tax Law.
New share issue expenses and bond issue
expenses are charged to income as incurred.

― 24 ―

Prior fiscal year
From November 1, 1998
To October 31, 1999
Negotiable securities with a market on asecurities exchange
Same as at left
Other negotiable securities
Same as at left
Same as at left

(1) Merchandise inventories
Same as at left
(2) Supplies

Same as at left
(1) Tangible fixed assets
The Company has adopted the declining balance method based upon provisions in the
Corporate Income Tax Law. Buildings on landthat is leased under a fixed-term land leaseagreement, however, are depreciated using thestraight-line method using the remaining
period of the fixed-term lease as thedepreciable life and zero residual value.
（Change in depreciable life ）Beginning in the current period thedepreciable life for buildings (excluding
equipment installed in buildings) has beenshortened based upon amendment of the
Corporate Income Tax Law in Fiscal Year1998.
As a result, depreciation expense increasedby ¥82,736,000 over what it would have beenusing the standards applied in the priorperiod, and ordinary income and income before
income taxes, respectively, have been
decreased by the same amount.

(3) Long-term prepaid expenses
Same as at left
Same as at left

Fiscal Year ending October 31, 2000
Consolidated Accounting Bulletin

PeriodCategory
6. Accounting standards
for allowances andreserves

Current fiscal year
From November 1, 1999
To October 31, 2000
(1) Reserve for doubtful accounts
To provide for losses from doubtful accounts
held at the end of the fiscal year, the Company
charges to income the maximum amount thatcan be charged based on the provisions of the
Corporate Income Tax Law, plus an amount for
projected unrecoverable amounts based on
assessments of individual accounts.

(2) Accrued bonuses to employees
To fully provide for expenditures of bonuses
the Company will pay to employees, an amountis appropriated to the reserve based upon asalary estimate amount.

(3) Retirement allowances to directors andauditors
The Company provides for retirement
allowances to directors and auditors based
upon pertinent rules and appropriated to theaccount proportio nately based upon length ofservice.
7. Lease transactions

For finance lease transactions except forleases that transfer ownership of the property
to the lessee, rent expenses are charged toincome as payments are made.

8.

(1) Qualified pension plan
1. The Company adopted a fully qualified
pension plan (Kanamoto Pension Fund)for its retirement benefit system on July
1, 1990.
2. Past service costs are being funded over a
period of 7 years.

Othersignificant
matters for preparationofthefinancialstatements

3. The liability for past service cost as ofMarch 31, 2000 was ¥505,081,000.
(2) Accounting treatment of consumption tax
Consumption tax is taken out of all
Statement of Income items and Balance Sheet
items, except mainly for receivables andpayables.

― 25 ―

Prior fiscal year
From November 1, 1998
To October 31, 1999
(1) Reserve for doubtful accounts
To provide for losses from doubtful accounts
held at the end of the fiscal year, the Company
charges to income the maximum amount thatcan be charged based on the provisions of the
Corporate Income Tax Law, plus an amount for
projected unrecoverable amounts based on
assessments of individual accounts.
(Supplemental information)
Following amendment of Japan’s Tax Codein Fiscal 1998, the reserve calculation waschanged by replacing the maximum amountthat could be charged to income under the
Corporate Income Tax Law with the maximum
amount that is actually charged to income
under the Code.
As a result, selling and administrative
expense increased by ¥17,805,000 andordinary income and income before taxes
declined by the same amount, respectively,
compared to what they would have been using
the standards applied in the prior period.
(2) Accrued bonuses to employees
To fully provide for expenditures of bonuses
the Company will pay to employees, anamount is appropriated to the reserve based
upon a salary estimate amount.
(Supplemental information)
In prior years, accrued bonuses to employees
were appropriated as the amount equivalent to
the maximum deposit according to the hourlysalary standard for salaries based onprovisions of the Corporate Tax Law.
Following amendment of the Corporate Tax
Law in Fiscal 1998, however, beginning withthis fiscal year the method was changed to an
appropriation of a salary estimate amount.
The effective amount based upon this change
is immaterial.
(3) Retirement allowances to directors andauditors
Same as at left

Same as at left

(1) Qualified pension plan
1.
Same as at left

2. Past service costs are being funded over a
period of more than 10 years but not morethan 20 years.
3. The liability for past service cost as ofMarch 31, 1999 was ¥524,376,000.
(2) Accounting treatment of consumption tax
Same as at left

Fiscal Year ending October 31, 2000
Consolidated Accounting Bulletin(Supplemental information)
PeriodCategory

Current fiscal year
From November 1, 1999
To October 31, 2000

Application of tax effectaccounting

Prior fiscal year
From November 1, 1998
To October 31, 1999
Beginning with this fiscal year accounting
period, Kanamoto applied tax effectaccounting based on Appendix Paragraph 3 ofthe“OrdinancetoPartially
ReviseRegulations Concerning Terminology, Forms
and Procedures for Preparation of Financial
Statements” (Ministry of Finance Ordinance
No. 173 dated December 21, 1998).
As a result, net income increased by¥252,783,000 and unappropriated retained
earnings
increasedby¥536,707,000,
respectively, compared to what they would
have been if tax effect accountin g were notapplied.

(Change in reporting method)
Current fiscal year
From November 1, 1999
To October 31, 2000

Prior fiscal year
From November 1, 1998
To October 31, 1999
In prior fiscal years business taxes payable and branchlocation taxes payable were reported in business taxes
payable. Beginning with this fiscal year, business taxes
payable of ¥316,549,000 are included in corporate taxes
payable, and branch location taxes payable of ¥13,583,000
are included in accounts payable, other.
Based upon the amendment of the Regulations
Concerning Financial Statements, for the current fiscal year
the business tax that was included in taxes and publiccharges in the prior fiscal year is reported in corporate, local
and business taxes (¥419,213,000 for the current fiscal
year).

― 26 ―

Fiscal Year ending October 31, 2000
Consolidated Accounting Bulletin

(Notes to the Balance Sheets)
PeriodCategory
Total
accumulated
depreciation for tangible
fixed assets
2. Treasury stock
Treasury stock shares
Amount reported on thebalance sheet
3. Common stock issued during
the fiscal year
Form of issue

Current fiscal year
(As of October 31, 2000)

Prior fiscal year
(As of October 31, 1999)

1.

NumberofsharesissuedShare issue price
Capitalization amount
4. Reduction to book value
Amounts for assets
acquiredfor
whichaccumulated book values
werereducedbygovernment subsidies
Machinery & equipment
L
a
n
d
T
o
t
a
l

¥49,118,380,000¥49,200,962,000277 shares

2,384 shares¥165,000¥972,000

Conversion of
convertible bonds(Yen-denominatedconvertible bonds
maturing in 2003)

Exercise ofsubscription rights

Exercise of subscription rights(Stock option)(Stock option)

651,000 shares

101,000 shares

¥777
¥388

¥437
¥219

¥5,044,000¥3,569,000¥8,613,000

5. Accounting treatment ofnotes maturing at the endof the period

289,000 shares
¥437
¥219

¥5,044,000¥3,569,000¥8,613,000
The fiscal year-end was October 31, 1999,
a business holiday in Japan. Notes
receivable and payable that matured onthat date were settled on the immediately
following business day, as is customary inJapan. Notes outstanding on October 31,
1999 for which settlement was postponed
and which are included in the interim
balances were as follows.
Notes
receivable,¥1,291,723,000
trade
Notes
payable,¥896,634,000
trade
Equipmentnotes¥85,141,000
payable― 27 ―

Fiscal Year ending October 31, 2000
Consolidated Accounting Bulletin

(Lease transactions)
Current fiscal year
From November 1, 1999
To October 31, 2000

Prior fiscal year
From November 1, 1998
To October 31, 1999

1. For finance lease transactions except for leases thattransfer ownership of the property to th e lessee.
(1) Amounts corresponding to lease property acquisition
prices, accumulated depreciation and outstandingbalances at the end of the fiscal year accounting
period.

1. For finance lease transactions except for leases thattransfer ownership of the property to the lessee.
(1) Amounts corresponding to lease property acquisition
prices, accumulated depreciation and outstandingbalances at the end of the fiscal year accounting
period.

Acquisition Accumulated Outstanding
price
depreciation
balanceAcquisition Accumulated Outstanding
price
depreciation
balance

Rental assets
Tools, furnishings
and fixturesTotal¥ ‘ 000¥ ‘ 000¥ ‘00016,688,293

8,788,906

7,899,386

653,650

308,993344,656

17,341,943

9,097,900

8,244,043(2) Outstanding balance of future lease payments at theend of the fiscal year
Within one year
¥2,638,858,000
After one year
¥5,402,652,000
T o t a l
¥8,041,510,000(3) Amount of lease payments, depreciation expense andinterest expense
Lease payments¥3,080,428,000
Depreciation expense¥2,820,125,000Interest expense¥291,429,000(4) Accounting method for amount equivalent todepreciation expense
Straight-line depreciation using the lease term as
the depreciable life and zero residual value.
(5) Accounting method for amount equivalent tointerest expense
Interest method using the difference between totallease payments and the acquisition price of the leaseproperty, allocated equally to each year.
2. Operating leases
Future lease payments
Within one year
¥1,422,400,000
After one year
¥2,704,382,000
T o t a l¥4,126,782,000

Rental assets
Tools, furnishings& fixturesTotal¥ ‘ 000¥ 000¥ ‘00015,605,416

5,922,316

9,683,099

593,459

360,127

233,331

16,198,875

6,282,444

9,916,431(2) Outstanding balance of future lease payments at theend of the fiscal year
Within one year
¥2,880,127,000
After one year
¥7,130,792,000
T o t a l
¥10,010,919,000(3) Amount of lease payments, depreciation expense andinterest expense
Lease payments¥2,982,359,000
Depreciation expense¥2,717,859,000Interest expense¥327,507,000(4) Accounting method for amount equivalent todepreciation expense
Same as at left
(5) Accounting method for amount equivalent tointerest expense
Same as at left

2. Operating leases
Future lease payments
Within o n e y e a r
After one year
T o t a l¥994,391,000¥1,922,620,000¥2,917,011,000(Significant subsequent events)
Current fiscal year
From November 1, 1999
To October 31, 2000

Prior fiscal year
From November 1, 1998
To October 31, 1999
At the board of directors meeting held on October 13,
1999, the board approved the issue of ¥5,000 million of
yen-denominated convertible bonds in the Swiss market
on November 1, 1999 (Switzerland time). The bonds were
subsequently issued and the funds received on that date.

― 28 ―

Fiscal Year ending October 31, 2000
Consolidated Accounting Bulletin

Ⅸ

Changes to directors and auditors
1. Changes to representative directors
There were no changes to the Company’s representative directors.

2. Changes to other directors and auditors
New candidates for director
・Director (not full-time)Masahiro Matono (Currently Executive Director, ORIX Corporation Deputy General Manager, Tokyo Sales
Office)Retiring directors
・Director General Manager, Credit Management Division, in charge of the Auditing Department
Eichu Kanamoto (Will assume position as an Executive Director, Kanamoto Co., Ltd.
・Director General Manager, Administrative Division and Manager of the Affiliated Enterprises Division
Kimio Tsujioka (Will assume position as an Executive Director, Kanamoto Co., Ltd.)・Director General Manager, Construction Rental Equipment Division, Hokkaido
Kenichi Katayama (Will assume position as an Executive Director, Kanamoto Co., Ltd.)・Director

Deputy General Manager, Construction Rental Equipment Division, Kanto Region and General

Manger, Computer and Peripheral Equipment rental Division
Takemitsu Ikeda (Will assume position as an Executive Director, Kanamoto Co., Ltd.)・Director General Manager, Construction Equipment Rental Division, Sea of Japan Region
Kazuaki Tanaka (Will assume position as an Executive Director, Kanamoto Co., Ltd.)・Director General Manager, Steel Sales Division
Yoshikatsu Kon (Will assume position as an Executive Director, Kanamoto Co., Ltd.)・Director General Manager, Accounting Department
Nobuhito Utatsu (Will assume position as an Executive Director, Kanamoto Co., Ltd.)・Director (not a full-time employee)
Hiroshi Furukawa (currently Managing Director, ORIX Corporation)
Candidate to assume a position as auditor
・Corporate Auditor (Standing)
Norizumi Tsuda (currently Vice President and Director, Dogin Card Co., Ltd.)
Retiring auditor
・Corporate Auditor (Standing)
Setsuo Aburakawa― 29 ―

Fiscal Year ending October 31, 2000
Consolidated Accounting Bulletin