SBS Business Report（Interim）

For the Six Months Ended June 30, 2017
（Security Code：2384）

Sp e cial Fe at u r e

A Variety of Work Styles
Expanding Out of the Frontline

Contents

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 2017 (1st Half of FY 2017)

The SBS Group meets various logistics needs withthe utmost quality.
Results and plans(Millions of yen)

（1st Half of FY2017） FY2017
PlannedActuralPlannedNet Sales

70,00071,762150,000

Operating Income

1,800

1,743

6,200

Ordinary Income

2,000

2,055

6,400

Net Income

1,200

1,417

4,000

Logistics 93.6％

Other 4.6％

（Human resources,
environment-related,marketing and solar
power generation）

Property
Management
1.8％

Sales
Composition

Adding logistics
support businessto our corelogistics business,
providing logistics
services with highadded value

An overview of businesses

Logistic
Business

General
Logistics●3PL ●International Logistics●Warehouse/Logistics Center Operation●Customs Clearance Handling ●Distribution Processing●On-site Logistics ●Office Relocation●Consultation Others

Food
Logistics●Three-Temperature Nationwide Logistics ●3PL
●Distribution Processing ●Home Delivery●Consultation●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 2017

MESSAGE FROM THE PRESIDENTThe SBS Group placed
considerable emphasis on amix of both offensive anddefensive initiatives in a bid totake a further leap forward.
President: Masahiko Kamata

In connection with the largest facility expansion

result of the replacement of tenants attributable toin the SBS Group’s history undertaken during theseasonal factors. Despite this temporary downturn,previous period, energies were channeled toward

total floor space is currently operating on a fully

further increasing the efficiency of operations as aoccupied basis. In line with its asset portfolio

part of efforts to address key issues going forward.

realignment strategy, the SBS Group is taking

At the same time, the SBS Group focused on securing

preparatory steps toward the sale of certain

new 3PL orders throughout the first half of fiscal

logistics facilities in the second half.

2017, the fiscal year ending December 31, 2017.

In the other business segment, marketing

Working in unison to advance these endeavors,

operations continued to increase throughout the

the Group’s performance progressed at a pacefirst half of fiscal 2017. This is primarily due to thethat was roughly in line with projections identified

prolonged period of rapid e-commerce market

at the beginning of the period.

expansion. Turning to the solar power generation

In the logistics business, the SBS Group pushedforward efforts aimed at stabilizing operations andbusiness, revenue and earnings also grew in linewith plans.

increasing cost efficiency at logistics locations with

As far as recent trends in the logistics industry are

a total floor space of 165,000 square meters start-

concerned, continued rapid growth in theed up during the previous period. In the period

e-commerce market is changing the structure ofunder review, the Group was also successful in

consumption, which is in turn creating a host of

supporting the smooth frontline operations of amanagement issues. This includes a shortage ofvariety of new customers. This included the needs

labor focusing mainly on drivers and frontlineof companies encompassing the apparel, import

operating personnel. In addition, uncertainty

food and alcoholic beverages, food and other sec-surrounding future economic conditions istors, the manufacture and sale of pet foods as wellcontinuing to mount as a result of such factors as

as rental service and other operations. In addition,

political instability in certain countries. Taking eachthe SBS Group took steps to address the sharpof the aforementioned into consideration, theincrease in demand for home delivery services

current business environment is decidedly complex.

from major e-commerce companies operating in

Nevertheless, the SBS Group regards these

the Tokyo inner-city areas. Complementing thecircumstances as an opportunity to push forward areassignment of staff across the Group as a whole,solutions that will help reform the logistics function.

emphasis was placed on securing personnel by

On the basis, the Group is confident in its ability to

upgrading and expanding support systems in line

create added value. Moving forward, the Group willwith diverse work styles.

continue to meet this challenge.

In the property management business, the SBS

As we work toward achieving our goals, weGroup experienced a temporary drop in lease fees.

ask for the ongoing support and understanding

This reflected the incidence of vacancies as aof all shareholders.
SBS Business Report 20172

SPECIAL FEATURE

A Variety ofWork Styles Expanding
Out of the Frontline
Each company in the SBS Group develops their logistics

services in line with the distinctiveness of their business,
and we have established a system supporting the work
styles of the numerous employees that contribute to thesmooth operation of these logistics sites. This report will
introduce some of these people.

The working life of a recently graduated female home delivery driver
SBS Zentsu
In 2014, SBS Zentsu began hiring recent graduates to work as drivers delivering goods to co-op members
all over the country. As the aging of society progresses and the birthrate declines, the number of seniorcitizens living alone continues to climb. Amid such an environment, the company’s delivery drivers are being
increasingly called upon to take special care and respond flexibly to the needs of our customers, including
by providing simple assistance and watching over them.
While a student, I was a member of the athletic association’s track and field team.
I started job hunting after the fall competitions in my fourth year, and was fortunate
to receive job offers from a number of companies. I was hoping to find a position
suitable for someone like myself who enjoys communicating with people whilemoving about, and I accordingly decided to give my all being a delivery driver for

SBS Zentsu. While being paired with men for the loading of heavy items into thetruck at the logistics site, one person is responsible for delivering about fifty items
each day.

There are 74 female drivers at SBS Zentsu. This is only about 5%‒6% of the total,so women are still a minority, though at meetings for women only we can freely

will see a steady increase in theLifestyle Logistics
Department
Home delivery section
No. 1
Home delivery area
No. 1 ‒ Touto

I think now is a very good time

Mizuki Yamamoto(Joined in 2016)exchange information with each other, regardless of whether it is job-related orotherwise. We hope that by continuing to work after being married and after giving
birth, it will encourage other

women to enter the field and we
number of female drivers.

to be able to choose a job basedon your interest, regardless of yourgender. Working in an office, you
don’t enjoy just because you area woman would cause greatstress, and giving up on a job you
enjoyed, where you could be
driving and physically active,
would just be a waste.

3 SBS Business Report 2017

SPECIAL FEATURE

Moving toward work styles that align with indivisual ways of living
The SBS group is focused on pursuing group synergies by making full use of theindividual characteristics of each group company. This naturally contributes to thegroup putting an emphasis on respecting the individuality and lifestyle of each
employee. The labor shortage is indeed a serious issue confronting the group, but
we are working to offset this harsh operating environment by creating an“easy-to-work system”at each company and an attitude aimed at never giving up.
We believe the source of the improvement in corporate value at the group is thefact that everyone working in the SBS Group can advance their professional life,
regardless of age, gender, nationality, or educational background.
SBS Holdings Director Masato Taiji

Satisfying the needs of part-time employees with“a work style you can choose”
Nippon Record Center
Nippon Record Center specializes in third-party logistics (3PL) for multi-product/small lot shipments,
including Internet orders and packaged software such as music and videos. In this business, part-time
employees who can pick out and sort a number of small items swiftly and accurately are indeed highly
valued. We are using a“work style you can choose”system so that each of our part-time employees canwork for as long as they choose.

We have created for all our hard-working
part-time employees a system thatallows them when joining the company
to select from a diverse group ofschedules a work style that best fits theirneeds. For example, an employee thatwants to be able to see their young childwhen that child returns home fromschool could select a schedule ofworking from 10:00am to 2:00pm. The

system also allows the possibility that after a few years pass and that employee's
child is older and needs less hands-on care, the employee may move to a

9:00am to 4:00pm schedule in line with their desire to earn a little more money.

Human Resources
Department
Miho Shimomura

While on-site adjustments and procedures related to social insurance may be a

bit complicated, we believe it is more important for us to do what we can for ourbest part-time employees so that they can have a long and pleasant work
experience at the company.

We also hold workplace tours during

summer vacation when children canparticipate, hold drawing classes withcelebrities invited, and sponsor regular
events in which local residents canparticipate, including power walking

workshops. We believe these efforts

further serve to support our part-time
employees as members of the local
community.

SBS Business Report 2017

4

HIGHLIGHTS

Using On-the-Job Training to Rapidly
Unlock the Potential ofYounger Employees
SBS Logicom Co., Ltd. Tokorozawa Logistics Center

SBS Logicom Co., Ltd. Tokorozawa Logistics Center
Dedicated Major Department Store Chain Center(began operations in March 2016)

SBS Group member SBS Logicom has been actively recruiting high school graduates at each branch over aroundthe past decade. SBS Logicom is addressing labor shortages as well as tackling issues posed by the lack of on-site
supervisors by bringing young employees up to speed in a short period of time. We interviewed the manager of
the Tokorozawa Branch and three on-site supervisors to highlight the initiatives being undertaken there.
Employees with Diverse Backgrounds Working
Hard Together Leads to Better Performance

Working to Give Junior Employees the Same
Support I Received

With labor shortage issues becoming a reality, SBS
Logicom has been actively recruiting high school
graduates. While each branch has its own uniqueapproach to hiring, they have grown by honing
their critical capabilities. Assigning employees touniversity graduates encourages them to improve
themselves along with fostering a desire to takeon challenges at work, generatingsynergies that contribute to better
branch performance. Going forward,
we plan to proactively assign eager
young employees to important posts.
I want young employees to take on
Branch Manager challenges without being afraid ofmaking mistakes.
Akira Koyanagi

I joined the Company because I wanted to pursue my interestin logistics through a job that allows me to handle various
goods while understanding the inner working of this business. In
my current role as a supervisor, I manage a core group of
full-time employees and around 150 part-time employees. My
duties include arranging the dispatch of personnel and vehicles.
Having received support from on-site senior employees who
provided specific directions and a varietyof advice when I went through very
difficult times, I want to provide the same
type of support to younger employees.
In the future, I want to gain experience ina variety of positions such as branch
Section Manager manager, department manager, and head
Daisuke Yoshino office administration.

Striving to Be a Role Model for Junior Employees

Eagerly Taking on Responsible Leadership Positions

Interested in on-site operations, I joined the Company
at a different branch 11 years ago just after graduatingfrom high school. I currently supervise co-workers
who handle a wide array of goods ranging from apparelto sundry goods. My duties changed from on-site
operations to administration (general office work)
several years ago after receiving recommendation frommy boss, which was very thrilling forme. Even now, I try to live up to these
expectations. I work hard to be a rolemodel for junior employees to aspire
to, as someone who has continued todevelop through my work duties even
without a university degree.
Center Manager
Akira Kimae

Joining the Company four years ago, I chose to gain
experience as a working adult rather than spend four years
in university. Becoming interested in how apparel is stored
and goods management after a company tour promptedme to join SBS Logicom. I am involved in directing part-time
employees and arranging for transportation in order todeliver goods in keeping with customer requests. Having
worked for the Company for a few
years now, I am very keen on taking on
responsible team-oriented leadership.
However, there is a lot that I need learn,
including communication skills andcreating standardization schemes. I
want to become center manager or
Employeebranch manager someday.
Taiki Yoshida

Books
Worth
Reading!

5 SBS Business Report 2017

Kousotsu Saiyo wa Takara no Yama

Yoshiki Moribe Nikkei Business Publications, Inc. August 2017

Interviews with Branch Manager Akira Koyanagi and company employee
Taiki Yoshida are included in this publication as examples of companies
where new high school graduates flourish. We highly recommend this book.

TOPICS

Honored with the 1st Prizein the Overall Ranking
in "LOGI-BIZ" This Year

February（SBS Logicom）

Holds Groundbreaking Ceremony
for the Ibaraki Logistics Center(provisional name)May（SBS Flec）

The monthly logistics industry magazine LOGI-BIZ
formally announces its annual rankings of the top
2,000 logistics companies in terms of net sales
based on evaluations of eachcompany’s growth potential,
earnings capability, and stability
as well as an analysis of theiractual merits. This year,
LOGI-BIZ ranked SBS Logicom
No. 1 overall.

Construction on the Ibaraki Logistic Center(provisional name) located in Ami Town, Inashiki
County, Ibaraki Prefecture is scheduled to becompleted in April 2018. This facility will serve as alogistics center operating in three different
temperature zones. As an expression of our desire that
construction proceeds safely, we held a groundbreaking
ceremony with numerous
guests in attendance,
including officials fromAmi Town and the SBSGroup.

Gains Foothold in Chubu Region by
Opening a Branch Oﬃce at Chubu
Centrair International Airport

Opens 3PL Facility together
with a Vehicle Dispatch Centerin Nagoya

March（SBS Global Network）

SBS Global Network provides international air andsea freight forwarding in Japan and abroad as wellas customs clearance services. The Company has
expanded its international freight services in the
Chubu region by openinga branch office at Chubu
Centrair International
Airport.

June

Engaging in wide-area logistics for the Group, SBS
Freight Service opened the Nagoya Center in Minami
Ward, Nagoya City. The Nagoya Center has begun
providing 3PL (third party logistics) services in the
Chukyo region. In so doing,
we aim to establish aregionally based, high-quality
3PL facility for companies
that manufacture and sell
pet food.

Conducts Inaugural Lifesaving
Training for Group Employees

April（SBS Holdings）

The SBS Group conducted lifesaving training for
employees focusing on CPR and the use of AEDs
(automated external defibrillators) with the aim ofenabling them to save the lives of
those who become sick or injured
close by such at work and home.
The aim of this training program isto provide employees with theknowledge and skills to takeappropriate actions during
emergencies.

（SBS Freight Service）

Wins Truck Driver Contest in
Nagano Prefecture

July（SBS Flecnet）

The Nagano Trucking Association holds the Nagano
Prefecture Truck Driver Contest mainly with the aimof improving driving skills, increasing maintenanceand inspection techniques, and raising awarenessof drivers’social responsibilities. Held for the
23rd time this year, two
drivers from SBS Flec
subsidiary Furukoshi
Bussan emerged as winnersof this competition.

SBS Business Report 2017

6

CONSOLIDATED OPERATING PERFORMANCEIn this period, the SBS Group made every eﬀort to promote stable operations at logistics locations thatwere newly established and expanded during the previous ﬁscal year. Energies were also channeledtoward securing new 3PL orders. Working in unison, the Group took steps to achieve its objectives inthe ﬁnal year of“SBS Growth 2017,”its four-year medium-term management plan. As a result, bothrevenue and earnings increased in the logistics business. Accounting for the fact that the Group did notundertake the sale of logistics facilities during the period as it had in the corresponding period of theprevious ﬁscal year, results declined substantially in the property management business. Looking at theGroup’s business as a whole, revenue and earnings were therefore lower than the levels recorded forthe same period of ﬁscal 2016.

■ Net Sales

YOY
Change1st Half

157,996(Millions of yen)
150,000

132,205

141,535

Full Year

6.2％
DOWN

149,054

61,80565,777

79,22976,531

71,762

2014

2015

2016

■ Ordinary Income(Millions of yen)

5,772

6,000

2,000

Full Year

63.5％
DOWN

7,832

8,000

3,779

2017

YOY
Change1st Half

5,347
4,116

2013

2013

5,632

1st Half(Millions of yen)

2015

2017

YOY
ChangeFull Year

64.6％
DOWN

2,725
1,549

1,749

2,033

1,417

1,000
0

2016

2017

4,002

3,000

2,055

2016

5,111

138

－3,000
2014

2015

2014

1,743

■ Net Income Attributable to
Owners of Parent

2,000

1,978

5,347

1,788

1,467

4,000

3,648

1,361

0

DOWN

4,098

5,000

523
0

4,000

67.4％

7,514

691
2013

Full Year(Millions of yen)

2,000

30,0004,000

1st Half

6,000

90,0000

YOY
Change

8,000

120,000

60,000■ Operating Income

2013

2014

(3,815)

2015

2016

2017

Notes: Effective from the fiscal year under review, the Company has conducted the advance application of the“Practical Solution on Unification of Accounting
Policies Applied to Foreign Subsidiaries for Consolidated Financial Statements”and the“Practical Solution on Unification of Accounting Policies Applied
to Associates Accounted for Using the Equity Method.”With regard to year-on-year comparison, the Company has retroactively applied these solutions
to figures for the same period of the previous fiscal year.

7 SBS Business Report 2017

CONSOLIDATED OPERATING PERFORMANCE■ Performance by Segment(Millions of yen)

1st Half of FY2017
Net Sales

1st Half of FY2016

Operating Income

Net Sales

Operating Income

Logistics

67,153928

64,562916

Property Management

1,302

653

8,935

4,390

Other

3,306

229

3,034

172

Adjusted Total

71,762

1,743

76,531

5,347● Logistics Business :Net sales in the logistics business increased substantially owing mainly to the business expansion undertaken
during the previous period and contributions from new facilities set up in the period. Results were also
positively impacted by increased efficiency at facilities established during the previous period and such factors
as the upswing in existing agreement prices. Despite this substantial increase in net sales, operating income
improved only slightly. This largely reflects the upswing in labor and vehicle hiring costs as well as lease
payments and depreciation associated with the replacement of facilities.

● Property Management Business :Both revenue and earnings declined substantially in the property management business. This was mainly due
to the incidence of temporary vacancies as a result of the replacement of tenants that occurred at certain
rental properties in the leasing business and the absence of any large-scale logistics facility sale in thedevelopment business, which helped boost results in the previous period.

● Other Business :Revenue and earnings both increased in the other business. This was largely the result of steady growth in
the marketing business and stable contributions from the solar power generation and human resourcesbusinesses.

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

Total Shareholders' Equity

Net Debt-to-Equity Ratio(Millions of yen)（Times）
3.0

60,00051,22045,00030,00051,53447,18545,56339,21528,63030,778 1.95
26,483

31,9701.48

1.66

15,000■ Net Assets, Equity Ratio
Net Assets(Millions of yen)
40,00035,0912.5

30,00029,2182.0

20,00026.7％

32,7191.5

10,0001.0

034,53335,461

29,947

（％）
35

30

26.6％
24.3％

1.39

Equity Ratio

26.8％

22.5％

25

20

1.37
0

13/12

14/12

15/12

16/12

17/06

13/12

14/12

15/12

16/12

17/06

0

Notes: 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 20178

DIVIDEND■ Dividends per Share
（yen）
40

30

Basic Policy on the Distribution of Profits
The SBS Group has positioned the return of proﬁt to its

40.0

shareholders as an important management objective.

Quarterly
dividend

Commemorative
dividend

Accordingly, our basic policy on the distribution of

16.0

¥10.0

proﬁts is to maintain a steady stream of ongoing
dividends while working to increase dividend levels inline with the Group’s operating performance. In

20

implementing this policy, we also take into

15.0
10

0

17.0

17.0

consideration the need to boost internal reserves toensure a stronger management base.
Based on the aforementioned, we plan to pay a
period-end dividend for the ﬁscal year ending

0
2013

2014

2015

2016

2017
（Forecast）

December 31, 2017 of ¥17 per share.

Notes:The Group conducted a three-for-one split of common shares on June 1, 2014.
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, 2017)

Net Sales¥ 150,000 million

YOYchange¥ 6,200 million

YOYchangeOperating
Income

0.6％
UP

17.5％
DOWN

Ordinary
IncomeNet Income
Attributable to
Owners of Parent¥ 6,400 million¥ 4,000 million■ By Segment

YOYchange

18.4％
DOWN

YOY
change21.8％
DOWN(Millions of yen)

Logistics

Property
Management

Other

Adjusted Total

Net Sales

136,500

6,800

6,700

150,000

YOY Change

3.0％（33.8）
％

6.5％

0.6％

Operating Income

2,500

3,600

350

6,200

YOY Change

10.3％（29.5）％

9.0％（17.5）％

Operating Margin

1.8％

52.9％

5.2％

4.1％

9 SBS Business Report 2017

CORPORATE PROFILE & STOCK INFORMATION (As of June 30, 2017)■Corporate Proﬁle■ Stock Information

Company nameSBS Holdings, Inc.

President

Masahiko Kamata

FoundedDecember 16, 1987

Paid-in Capital¥3,918.21 million

Net sales¥149.0 billion (consolidated)*For the year ended December 31, 2016

Head oﬃce

4-1-3 Taihei, Sumida-ku, Tokyo 130-0012, Japan

Number of shares authorized

154,705,200 shares

Number of shares issued

39,718,200 shares

Unit Stock System

Yes (100 shares)

Number of shareholders

4,650■Major Shareholders
Shareholder

SharesHeld

Ratio of
Shares Held(%)

Masahiko Kamata

14,888,400

37.48%

Japan Trustee Services Bank, Ltd.
(trust account)

3,954,500

9.95%

SBS Holdings Employee ShareOwnership Association

1,529,400

3.85%

SMBC TRUST BANK Designated
Securities Trust

1,200,000

3.02%

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

1,107,800

2.78%

TOBU Properties Co., Ltd.

954,800

2.40%

SBS Flec Co., Ltd.
SBS Flecnet Co., Ltd.
SBS Zentsu Co., Ltd.
SBS Sokuhai Support Co., Ltd.
SBS Staff Co., Ltd.
SBS Finance Co., Ltd.
SBS Asset Management Co., Ltd.
L-MAX Co., Ltd.
Marketing Partner Co., Ltd.

Junichi Ouchi

875,000

2.20%

CBNY-GOVERNMENT OF NORWAY

823,300

2.07%

STATE STREET BANK AND TRUSTCOMPANY 505224

675,000

1.69%

3E Holdings Co., Ltd.

422,000

1.06%

SBS Logistics Singapore Pte. Ltd.
（Regional Headquarter of Asia）

Note: The ratio of shares held against number of shares issued
is truncated after the third decimal place.

■ Board of Directors and Auditors■Distribution of Shares by Shareholder Type

President

Masahiko Kamata

Number of share issued: 39,718,200 shares

Senior Director

Kenichi Iriyama

Directors

Taiji Masato

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 Global Network Co, Ltd.
SBS Logicom Kitakanto Co., Ltd.
SBS Logicom Minamikanto Co., Ltd.

■Overseas

Yoshitsugu Sato
Jiro Iwasaki
Tetsuya Sekimoto
Audit & Supervisory Board
MemberYasuhiro Yamashita
Shigetaka Shomatsumoto
Masahito Takeda

Notes: Jiro Iwasaki and Tetsuya Sekimoto are outside directors.

Japanese corporations

Securities firms

Non-Japanese corporations

Treasury stock

2,013,000 shares（5.07％）

792,251 shares（1.99％）

423 shares（0.00％）

3,965,003 shares（9.98％）

Financial institutions

8,622,100 shares（21.71％）

Individuals
andothers24,325,423 shares（61.25％）

Shigetaka Shomatsumoto and Masahito Takeda are outside
audit & supervisory board members.

SBS Business Report 201710