SBS Business Report（Interim）

For the Six Months Ended June 30, 2015
（Security Code：2384）

Sp ec ia l Fea t u r eReal Estate Business of the SBS GroupC o n t en t s

Business Highlights ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 0 1
Message from the President ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 0 2
Special Feature ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 0 3Highlights ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 0 5
Topics ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 0 6
Consolidated Performance ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 0 7
Corporate Profile & Stock Information ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 1 0

BUSINESS HIGHLIGHTS 2015 (1st Half of FY 2015)

SBS Group meets the various logistics needs withthe utmost quality.
Results and plans

Medium-term management plan
(Millions of yen)

（1st Half of FY2015）

FY2015

PlannedActuralPlannedNet Sales

79,00079,229165,000

Operating Income

1,500

1,788

5,500

Ordinary Income

1,200

1,978

4,900

Net Income

1,900

2,033

3,800

〈SBS Growth 2017〉
Net sales (Organic growth)
Net sales (M&A contribution)

Net sales（Billions of yen）
2,000

1,000

0

1,322

1,415

41

41

2013

2014

Operating income

Medium-term Operating
incometargets（Billions of yen）
2,000
100
1,650
80
55

1,550

2015

2017

50

0

An overview of businesses

Logistic
Business

General
Logistics●3PL ●International Logistics●Warehouse/Logistics Center Operation●Customs Clearance Handling ●Distributive Processing●Internal Logistics ●Office Relocation●Logistics Consulting Others

Food
Logistics●Three-Temperature Nationwide Logistics ●3PL
●Distributive Processing ●Home Delivery●Logistics Consulting●Delivery of Online Supermarket Orders
OthersSpecialized
Logistics

Logistics
SupportBusiness●Same-Day Delivery●Just-in-Time Delivery

Property●Development and sale of logistic facilities
Management
OthersOthersOthers●Human resources ●Environment-related ●Marketing●Solar power generation Others

Important aims and strategy
Expanding 3PL businessand ensuring stablefoundations (by working
with the food industry)Business strategy

Overseasdevelopment focusing
on the Asian markets

M&A anddevelopment oflogistics facilities

International
strategy

Investment
strategyStrengthening of the Group's management foundations
Establishment of a low-cost operation system :creation of an environment enabling synergetic effectThreestrategies

3PL Corporate Group
which has the logistic
functions in all
directions, aiming tobecome a top-level.

＊The statements made in connection with the forecasts present in these materials are based on assumptions, which include
information available at the present time and uncertain components, which may affect future business results.The actual
business results may differ from the forecasts due to various causes that may affect them in the future.

1 SBS Business Report 2015

MESSAGE FROM THE PRESIDENT

In the first half of2015, we recorded
the highest sales andprofits since listing.
President : Masahiko Kamata

In the first half of 2015, the second year of theand it has been operating reliably as a distribu-

medium-term management plan SBS Growthtion base for a major beverage maker since2017, the SBS Group reinforced its marketingthen. In March, we began construction on a

structure in line with its new management

logistics facility solely for a major department

policy of strengthening marketing capabilities

store in Tokorozawa City, Saitama Prefecture.

and brand recognition. From January to April,

Combined with the logistics center that has

we reorganized and expanded the marketing

been under construction in Sugita, Yokohamaorganization, putting in place an organization

City since December 2014, these two facilities

able to precisely address the expectations ofwill add 20,000 tsubo of distribution center ca-

our customers, including the establishment ofpacity next spring. We have also taken a bal-

our first marketing bases in western Japan.

anced approach to investing and making aOverseas, we began to restructure Atlas Logistics and other subsidiaries around SBS

return on these investments, by advancing ourplans to securitize existing facilities.

Transpole, which was added to the Group last

In the second quarter of the current fiscal year,

year. In the near future, SBS Transpole will play

the SBS Group benefitted from a favorable busi-

a central role in overseas business develop-

ness environment with lower crude oil prices

ment for the SBS Group in Asia and otherand a weaker yen, on top of the results of its

regions. The SBS Group will strongly back SBS

business activities. As a consequence, the SBSTranspole as it evolve into an integrated logis-

Group posted its highest-ever net sales, operat-

tics company that has extensive know-how ining income and net income since listing. The SBS

logistics, including transportation, delivery andGroup will continue to move unwaveringly for-logistic center operations and thereby provides

ward as an innovator in the logistics industry

high-quality 3PL solutions.

while refining its overwhelming advantages inIn the property management business, inmarketing, operations, and branding that canJanuary, we completed construction on awithstand changes in the external business envi-

14,000 tsubo (about 3.3 m ) logistics centerronment. We ask for the continued understand-located in Nagatsuta, Midori Ward, Yokohama,ing and support of our shareholders.

2

SBS Business Report 2015

2

SPECIAL FEATURE

Real Estate Business of the SBS Group
1 Logistics Facility Development Business Closely Connected withthe 3PL Business
The SBS Group has internalized expertise in real estate securitization through the acquisition and divestureof office buildings from 2005 to 2007. We have built a system that strikes a balance between property
development and securitization over the past decade. Our team of specialists consists of members withadvanced expert knowledge of real estate and finance, backed by extensive experience. These specialists
develop logistics facilities while working closely with the marketing departments and on-site logistics
operations, providing our customers with optimal logistics facilities. This system is the wellspring of ourconsiderable competitive strength in the 3PL business.

■ History of Property Development
Liquidation Completed Facilities

Omiya Center Building
Completion: Nov. 2005
Transfer: Dec. 2006/
Jul. 2007
Liquidation experimentfor office building was
conducted.

West Japan Logistics Center
Site area: 25,854㎡
Total floor space: 37,676㎡
Completion: Mar. 2007
Transfer: Dec. 2013/Sep. 2014

Noda Logistics Center
Site area: 24,063㎡
Total floor space: 35,567㎡
Completion: Mar. 2009
Transfer: Sep. 2010

Iwatsuki Logistics Center
Site area: 39,310㎡
Total floor space: 8,309㎡
Completion: Dec. 2007
Transfer: Apr. 2008/Sep. 2010

Tokorozawa Warehouse
Site area: 8,693㎡
Total floor space: 5,801㎡
Completion: Nov. 2009
Transfer: Jan. 2015

Noda Yoshiharu Logistics Center
Site area: 17,048㎡
Total floor space: 25,375㎡
Completion: Oct. 2012
Transfer: Jul. 2015

Iruma Logistics Center
Site area: 26,127㎡
Total floor space: 25,898㎡
Completion: Jan. 2008
Transfer: Sep. 2010

Kawagoe Logistics Center
Site area: 32,666㎡
Total floor space: 47,284㎡
Completion: Nov. 2007

Thailand Logistics Warehouse
No. 1/No. 2
Site area: 63,840㎡
Total floor space: 19,426㎡
Completion: Jun. 2014

Chikuma Logistics Center
Site area: 11,245㎡
Total floor space: 5,744㎡
Completion: Aug. 2007

Nagatsuda Logistics Center
Site area: 47,622㎡
Total floor space: 46,214㎡
Completion: Jan. 2015

Shinsuna Logistics Center
Site area: 2,189㎡
Total floor space: 3,790㎡
Completion: Jun. 2008
Kawagoe Warehouse
Site area: 4,132㎡
Total floor space:6,360㎡
Completion: May. 2006

Sugita（Yokohama）
Tokorozawa（Saitama）

Toyohashi Logistics Center
Site area: 5,939㎡
Total floor space: 2,972㎡
Completion: Apr. 2008

Kanazawa(Yokohama City, Kanagawa)Ami (Ibaraki Prefecture)

Kimitsu Material Warehouse No. 3
Site area: 15,524㎡
Total floor space: 2,984㎡
Completion: Mar. 2008

’
05

’
06

’
07

’
08

Logistics facilities that can be securitized
Planned logistics facilities

3 SBS Business Report 2015

’
09 ’
10

Nanko (Osaka)

’
12

14
’

’
16

’
18

Logistics facilities under construction

SPECIAL FEATURE

Facilities under Construction

To be Completed in FY2016 (Plan)

Yokohama Sugita Logistics Center(tentative name)

Tokorozawa New Logistics Center(tentative name)

Osaka Nanko Logistics Site

Location: Isogo-ku, Yokohama City
Site area: 17,151㎡
Total floor space: 38,252㎡
Completion: Jan. 2016

Location: Tokorozawa City,
Saitama Prefecture
Site area: 27,463㎡
Total floor space: 38,252㎡
Completion: Mar. 2016

Location: Suminoe-ku, Osaka
Site are: 24,859㎡
Use districts: Quasi-industrial districts(Land coverage ratio: 60%/Floor-Area ratio: 200%)
Construction start: 2016

2 Stable Leasing BusinessApproximately half of the profits in the real estate business of the SBS Group is generated by the leasing
business. In addition to rental income from logistics facilities that have not been securitized yet, almost
all of our leasing contracts are with major blue-chip companies, including car dealerships, operators ofconvenience stores on roadside locations and office buildings in central urban locations, so there islittle risk of non-payments and vacancies. As a result, our properties maintain a high level of capacity
utilization and are a reliable source of income.

Shibuya Shin Minami-guchi Building
Location: Shibuya-ku, Tokyo
Site area: 874㎡
Total floor space: 8,819㎡
Completion: Jan. 2000

Minami Shinjuku SK Building
Location: Shibuya-ku, Tokyo
Site area: 749㎡
Total floor space: 7,226㎡
Completion: Jul. 1997

SANTOKOA Kagurazaka
Location: Shinjuku-ku, Tokyo
Site area: 534㎡
Total floor space: 1,691㎡
Completion: Jul. 2003

■ Performance of Property Management BusinessP rop e rty
M an ag e me n t B usi ness
S ale s
YOY change

Property leasing
Property development
O p e rat in g in c o me
YOY change

Property leasing
Property development

FY2012FY2013Highnest Residence
Location: Koto-ku, Tokyo
Site area: 496㎡
Total floor space: 1,849㎡
Completion: Feb. 2003

(Millions of yen)

FY2014FY2015 (Plan)

2,504

5,554

5,103

8,300

4.6％

121.8％

△8.1％

62.6％

2,504

2,672

2,285

2,600

0

2,881

2,818

5,700

1,206

2,550

2,359

3,000

9.6％

111.3％

△7.5％

27.2％

1,206

1,358

1,119

1,400

0

1,191

1,240

1,600

SBS Business Report 2015

4

HIGHLIGHTS

Measures to Strengthen Marketing and Brand Recognition
The SBS Group has added to its Group policies the objective of strengthening its marketing and brand capabilities fromthis fiscal year. We aim to provide our customers with optimal solutions, and to do so, we are striving to be a company
where people work with enthusiasm and is chosen by customers. Based on this policy, in the first half, we proactively
worked to bolster marketing initiatives and share our operational know-how and expertise with industry and society.

■ Renewal of Marketing Organization～ Marketing organization renewed,
seven departments now with additionof international sales ～New structure

Previous structure〈SBS Logicom Co., Ltd.〉SBS Logicom’s Sales Headquarters

3PL Sales Development
Department

SBS Logicom embarked on a renewal of its
marketing organization in January with theSales Development
objective of spurring further growth in the
Department 1
3PL business. We established theSales Development
International Sales Department in March andDepartment 2
began operations at the West Japan Sales
Development Department in April, bringing
the total number of departments to sevenfrom three previously and finishing thereorganization of the sales structure. With 〈SBS Global Network Co., Ltd.〉
100 salespeople, we are able to form
International Sales
marketing teams that specialize in providing
Department, etc.
services to specific customer industries.

Solutions Development Department
3PL Sales Development Department 1
3PL Sales Development Department 2
West Japan Sales Development Department
Facility Sales Development Department
Newly established
Express Sales Development Department
International Sales Development Department■ Publication of LOGILINK brochure～ First issue of LOGILINK brochure ～SBS Logicom published the LOGILINK brochure as a way to connect and expand contact
points with customers while enhancing the activities of the marketing organization. The
brochure is targeted at managers and key employees in the logistics departments of major
corporations, groups and government agencies. The brochure is published four times a yearwith the latest information and case studies about logistics solutions.

■ Exhibitions at forums
The SBS Group has started to participate in various forums
from this fiscal year in a bid to broaden awareness of its
business offerings. We exhibited at Interpets 2015 in April
and at Asia Seamless Logistics Forum 2015, which wasco-sponsored by SBS Logicom and SBS Holdings. Both ofthese exhibitions were well attended by customers, and we
received many new inquiries from potential customers.

Interpets 2015

Asia Seamless Logistics Forum2015■ Lectures at seminars and research conferences
Our executives and employees, who haveadvanced expert knowledge andknow-how garnered from their many years
of practical experience in logistics
operations, have proactively registered togive presentations about logistics
concepts and discuss case studies atforum seminars, industry research
associations, and university seminars. By
widely sharing their expertise, we aim toshed light on unknown aspects of thelogistics business and increase knowledge.

5 SBS Business Report 2015

SBS Zentsu Director
Masaru Yuasa presents acase study about a collection of near-miss incidents

SBS Logicom Sales Department Assistant Manager
Naoto Sanmi discusses theintroduction of in-houselogistics and key operational points

SBS Flec Sales Management
Department Manager
Hiroaki Morita provides
examples of low-temperature logistics quality management and improvement
measures

TOPICS

G-Mark Certiﬁcation Acquisition
Reaches 80%

January（SBS Group）

New subsidiaries start
operations aimed at boostinghiring of drivers

May（SBS Logicom Co., Ltd.）In December 2014, the Japan
Trucking Association implemented
the G-Mark certification system.
In fiscal 2014, the SBS Group
received new certifications for 12
business sites for excellent safety
performance evaluations, bringing the total numberof business sites with G-Mark certification to 107
sites. Currently, 80% of all our business sites haveobtained this certification, an improvement of 2
percentage points from the previous year. This is
far higher than the national average of 25%.

In accordance withbusiness expansion, SBS
Logicom established SBS
Logicom Minamikanto and
SBS Logicom Kitakanto
i n o rder to boost truck
transportation capacity.
We are working to secure
personnel by updating our personnel system andhiring truck drivers as full-time employees.

Meeting peak moving demandin spring with Moving Safety
Mark

Futako-Tamagawa Rise andsecond-stage business in-houselogistics consignment

January（SBS Transport Co., Ltd. ）SBS Transport has been certified
under the Excellent Moving
Company Certification Systemcreated in 2014 by the Japan
Trucking Association. We meetdemand for residential and officemoving while bearing the Moving
Safety Mark, which stands
testament to our continued provision of safe andworry-free moving services.

May

Since starting operations in
2011, SBS Logicom hastaken on the consigned
operations of in-houselogistics operations for
the Futako-Tamagawa
Rise, a major shopping andresidential complex. SBS
Logicom was consigned to handle the in-houselogistics for the second-stage business area that
opened this spring, expanding the size of the area it
manages from 120,000 m2 to 270,000 m2.

Launch of delivery services
for online supermarket directfrom logistics centers

Third Consumer Logistics
Driver Contest Held

April

（SBS Zentsu Co., Ltd.）SBS Zentsu held the Third
Consumer Logistics Driver
Contest. On this occasion, a
total of 147 people attended,
including 42 contestants, 105
executives and employees,
as well as guests fromconsumer cooperatives. The
contestants showed off their driving skills in front of
their coworkers and customers.

（SBS Logicom Co., Ltd.）

June（SBS Flec Co., Ltd.）

Food distributor SBS Flec
was hired to handle delivery
operation s f o r a n o n l i n esupermarket that ships
directly from the Chofu
Logistics Center of major
supermarket operator Aeon
Co., Ltd. Operations started
on May 1 with the delivery of goods to the 23
wards of Tokyo and some neighboring cities.

SBS Business Report 2015

6

CONSOLIDATED FINANCIAL PERFORMANCE

Under the medium-term management plan SBS Growth 2017, the SBS Group has rallied behind a
uniﬁed business strategy and investment strategy. In our business strategy, we have begun torestructure overseas bases while advancing on schedule with the updating of our sales organization andthe launch of new logistics centers. In our investment strategy, we have started construction on new
logistics facilities and ﬁnished building a major logistics center. As a result of these cumulative eﬀorts,
we have successfully increased sales and proﬁts.

■ Net Sales■ Operating Income
1st Half(Millions of yen)
150,000

120,000

121,148

127,935

132,205

141,535

58,022

62,84661,805

1st Half

YOY
Change20.5％
UP90,00060,000

Full Year

65,777YOY
Change(Millions of yen)
5,000

4,116

4,000

2,000

2,153

1,467

1,320
1,000

30,000

0

2011

2012

2013

■ Ordinary Income

2014

1st Half

YOY
Change

5,000

45.3％

3,779

4,000

3,000

2,746
1,633

7 SBS Business Report 2015

1,361

2012

2013

0
2014

2015

UP

1,788

2013

2014

1st Half

2015

Full Year

YOY
Change

16.3％

3,000

UP

2,725

2,502
1,626

1,549

1,749

2,033

818

1,000

523

2012

(Millions of yen)
4,000

2,000

1,411

280
2011

2011

1,978

1,000

0

UP

3,648

21.9％

691

507

■ Net Income

Full Year(Millions of yen)

2,000

0

2015

4,098

2,876

3,000

79,229Full Year

138

△486
2011

2012

2013

2014

2015

CONSOLIDATED FINANCIAL PERFORMANCE■ Sales by Segment(Millions of yen)
1st Half of FY2015

1st Half of FY2014

Operating Net Sales Operating
Net Sales
IncomeIncomeLogistics

73,810973

61,237605

Property
Management

2,510

805

1,195

612

Other

2,908

125

3,344

171

Adjusted Total

79,2291,788

65,777

1,467● Logistics Business :Net sales increased as a result of growth inproducts handled for some retailers anddepartment stores that benefitted from an influxof foreign tourists, as well as the addition ofoverseas subsidiaries to the scope of
consolidation. Despite higher subcontracting
costs and personnel expenses, profits also roseon account of a decline in fuel prices and a hikein service prices.
● Property Management Business :The Nagatsuta Logistics Center (Midori Ward,
Yokohama City) began operations in January,leading to an increase in rental income.
Moreover, a gain was realized on the sale of alogistics facility in Tokorozawa City, which had
been held as real estate for sale, leading to
growth in both sales and profits.
● Other Business :In the mainstay personnel business, opportunity
losses arose as the number of registeredtemporary staff came in below projections. In
addition, a marketing subsidiary was sold off
during the previous fiscal year, leading to
year-on-year declines in both sales and profits.

■ Net Debt, Total Shareholders' Equity（left）,
Net Debt-to-Equity Ratio（right）
Net Debt

Total Shareholders' Equity■ Net Assets, Equity Ratio

Net Debt-to-Equity Ratio

Net Assets(Millions of yen)（Times）(Millions of yen)

60,0003.0

40,0002.5

30,0002.0

20,00051,22045,00030,00015,00039,09038,12824,90027,402

30,778

1.66

1.57

11/12

35,09132,22925,137

27,780

26.3％

12/12

1.68

1.5

10,0001.0

037,70429,218

35

30

26.7％

24.6％

1.39
0

28,630（％）

54,09939,215Equity Ratio

24.3％

25.5％

25

20

1.37
13/12

14/12

15/06

11/12

12/12

13/12

14/12

15/06

0

＊Net Debt=Long-term loans + Short-term loans + Bond-Cash and deposits＊Net Debt-to-Equity Ratio=Net debt/Total shareholders' equity

SBS Business Report 20158

DIVIDEND■ Dividends per Share
(yen)
40

30

40.0

Basic Policy regarding the Profit Distribution

40.0

The SBS Group considers the return of proﬁts toCommemorative Commemorative
dividend
dividend
¥10.0

30.0

shareholders an important management objective.

¥10.0

Accordingly, our basic policy on proﬁt distribution calls
for the maintenance of stable dividends and eﬀorts toincrease dividend levels in line with operating

20

performance, balanced against augmenting internal

16.0

15.0

reserves to ensure a stronger management base. We
forecast a dividend of ¥16 per share for the ﬁscal year

10

ending December 31, 2015.
0

2011

2012

2013

2014

2015
(Forecast)

Notes:The Group conducted a three-for-one split of common shares on June 1, 2014.
The commemorative dividend distributed in 2012 commemorates the Group’s listing on the Second Section of the Tokyo Stock Exchange.
The commemorative dividend distributed in 2013 commemorates the Group’s listing on the First Section of the Tokyo Stock Exchange.

PERFORMANCE FORECASTS (For the year ending December 31, 2015)

Net Sales¥ 165,000 million

YOYchange¥ 4,900 million

YOYchangeOrdinary
Income

16.6％
UP

34.3％

Operating
Income¥ 5,500 million

YOYchangeNet Income¥ 3,800 million

YOYchangeUP■ By Segment

34.2％
UP

39.5％
UP

(Millions of yen)

Logistics

Property
Management

Other

Adjusted Total

Net Sales

150,000

8,300

6,700

165,000

YOY Change+15.5％+62.6％

+2.3％

16.6％

Operating Income

2,100

3,000

400

5,500

YOY Change+29.3％+27.2％+16.1％

34.2％

Operating Margin

1.4％

36.1％

6.0％

3.3％

※Figures of the earnings forecast exclude the proceeds of internal sales between segments.

9 SBS Business Report 2015

CORPORATE PROFILE & STOCK INFORMATION (As of June 30, 2015)■Corporate ProﬁleCompany name■ Stock Information

SBS Holdings, Inc.

President

Masahiko Kamata

FoundedDecember 16, 1987

Paid-in Capital¥3,918.21 million

Net sales¥141.5 billion (consolidated)*For the year ended December 31, 2014

Head oﬃce

4-1-3 Taihei, Sumida-ku, Tokyo 130-0012, Japan
Tel: +81-3-3829-2222(main)
Fax: +81-3-3829-2822

Lines of Business Logistics, property management,
marketing, human resources, etc.
Consolidated
Subsidiaries■Domestic
SBS Logicom Co., Ltd.

SBS Freight Service Co., Ltd.
Nippon Record Center Co., Ltd.
SBS Transport Co., Ltd.
SBS Global Network Co, Ltd.
SBS Logicom Kitakanto Co., Ltd.
SBS Logicom Minamikanto Co., Ltd.

SBS Flec Co., Ltd.
SBS Flecnet Co., Ltd.
SBS Zentsu Co., Ltd.
SBS Sokuhai Support Co., Ltd. *Launched on July 1, 2015
SBS Staff Co., Ltd.
SBS Finance Co., Ltd.
A-MAX Co., Ltd.
L-MAX Co., Ltd.
Marketing Partner Co., Ltd.
■Overseas
SBS Logistics Holdings Singapore Pte. Ltd.
（Regional Headquarter of Asia）
SBS Transpole Logistics Pvt. Ltd.（India）
SBS Transpole Logistics Holdings Co., Ltd.（Hong Kong）
SBS Transpole Logistics Pvt. Ltd.（Hong Kong）
SBS Transpole Logistics Pte. Ltd.（Singapore）
Atlas Logistics Pvt. Ltd.（India）

Number of shares authorized

154,705,200 shares

Number of shares issued

39,703,200 shares

Unit Stock System

Yes (100 shares)

Number of shareholders

3,863■Major Shareholders
Ratio of
Shares Held(%)

Shareholder

SharesHeld

Masahiko Kamata

17,888,400

45.05

SBS Holdings Employee ShareOwnership Association

1,666,700

4.19Japan Trustee Services Bank, Ltd.
(trust account)

1,462,100

3.68

SMBC TRUST BANK Designated
Securities Trust

1,200,000

3.02

Junichi Ouchi

928,200

2.33

The Master Trust Bank of Japan, Ltd.
(Trust Account)

893,000

2.24

TOBU Properties Co., Ltd.

826,800

2.08

STATE STREET BANK AND TRUSTCOMPANY 505224

750,000

1.88

CBNY-GOVERNMENT OF NORWAY

686,400

1.72

BNY GCM CLIENT ACCOUNT JPRD
AC ISG（FE-AC）

537,995

1.35

Note: Japan Trustee Services Bank, Ltd. (trust account) is are-trusted employee share ownership association, and thenumber of shares its trust account holds includes 404,200
of our shares.
The ratio of shares held against number of shares issued
is truncated after the third decimal place.

■ Board of Directors and Auditors
President

Masahiko Kamata

Senior Director

Kenichi Iriyama

Directors

Taiji Sugino

Number of share issued: 39,703,200 shares

Makoto Watanabe

Japanese corporations■Distribution of Shares by Shareholder Type

Securities firms

Jiro Iwasaki

1,824,227 shares(4.59%)

948,659 shares(2.39%)

Tetsuya Sekimoto

Non-Japanese corporations

Treasury stock

Audit & Supervisory Board
Member (full-time)

Yasuhiro Yamashita

Audit & Supervisory Board
Member (outside)

Shigetaka Shomatsumoto
Masahito Takeda

Notes:Jiro Iwasaki and Tetsuya Sekimoto are outside directors.
Shigetaka Shomatsumoto and Masahito Takeda are outside

385 shares(0.00%)

4,687,837 shares(11.81%)

Financial institutions
5,760,900 shares(14.51%)

Individuals and others
26,481,192 shares(66.7%)

auditors.

SBS Business Report 201510