[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is an English translation of the original Japanese-language document and is provided for convenience only. In allcases, the Japanese-language original shall prevail.

(Securities code: 9006)
June 4, 2020
To our shareholders
Kazuyuki Harada
President

Keikyu Corporation
1-2-8, Takashima, Nishi-ku, Yokohama-shi,
Kanagawa, JAPAN

Notice of the 99th Annual General Meeting of Shareholders
We are pleased to announce the 99th Annual General Meeting of Shareholders of Keikyu Corporation(hereinafter “the Company”), which will be held as described below.
Moreover, to prevent the spread of the novel coronavirus disease (COVID-19), we ask that you exercise
your voting rights in advance by mail or via the Internet, etc., no later than 5.45 p.m. on Thursday, June 25,
2020 (Japan Standard Time), and refrain from attending the meeting in person.
1. Date and Time: Friday, June 26, 2020, at 10:00 a.m. (Japan Standard Time)
2. Venue:

Shintoshi Hall, 9th floor, Yokohama Shintoshi BLDG (SOGO YOKOHAMA)
2-18-1, Takashima, Nishi-ku, Yokohama-shi, Kanagawa, JAPAN(As the head office has been relocated, the venue is changed starting from this General
Meeting of Shareholders.)

3. Purpose of the Meeting
Matters to be reported:
1. Business Report, Consolidated Financial Statements and Audit Reports for the Consolidated
Financial Statements by the Accounting Auditor and the Audit & Supervisory Board, for the 99th
Fiscal Year (from April 1, 2019 to March 31, 2020)
2. Non-consolidated Financial Statements for the 99th Fiscal Year (from April 1, 2019 to March 31,
2020)
Matters to be resolved:

1)

Proposal No. 1:

Appropriation of surplus

Proposal No. 2:

Election of twelve (12) Directors

Proposal No. 3:

Election of two (2) Audit & Supervisory Board Members

Proposal No. 4:

Introduction of stock remuneration plan for Directors

The Business Report audited by the Audit & Supervisory Board Members and the Consolidated
Financial Statements and the Non-consolidated Financial Statements audited by the Accounting
Auditor and the Audit & Supervisory Board Members include, in addition to each statement attachedto this notice, major business activities in the Business Report, major business locations, etc., thestatus of employees, the status of the Accounting Auditor, the frameworks and policies of theCompany, the Consolidated Statement of Changes in Equity, the Notes to the Consolidated Financial
Statements, the Non-consolidated Statement of Changes in Equity and the Notes to the Nonconsolidated Financial Statements that have been posted on the Company’s website(https://www.keikyu.co.jp). Pursuant to the relevant laws and regulations and Article 15 of theCompany’s Articles of Incorporation, major business activities in the Business Report, major business-1-

locations, etc., the status of employees, the status of the Accounting Auditor, the frameworks andpolicies of the Company, the Consolidated Statement of Changes in Equity, the Notes to theConsolidated Financial Statements, the Non-consolidated Statement of Changes in Equity and theNotes to the Non-consolidated Financial Statements are not attached to this notice.
2)

Please note that any modifications to the Reference Documents for the General Meeting of
Shareholders, the Business Report, the Consolidated Financial Statements and the Non-consolidated
Financial Statements shall be posted on the Company’s website. (https://www.keikyu.co.jp)

Exercising Voting Rights
Please be noted that the following conditions will apply to the cases of exercising voting rights using avoting form or via the Internet.
1. If you have exercised your voting rights more than once via the Internet, the last exercise will bedeemed valid.
2. If you have exercised your voting rights both by voting form and via the Internet, the one arriving
latest will be deemed valid.
3. If the results of exercise both by voting form and via the Internet happen to arrive on the same day,the one exercised via the Internet will be deemed valid.

-2-Reference Documents for the General Meeting of Shareholders
Proposals and Reference Documents
Proposal No. 1: Appropriation of surplus
The Company regards the appropriate return of profits to shareholders as one of the most importantmanagement priorities. The Company’s policy on distribution of profits is to maintain stable dividend
payments, taking operating performance and financial position into consideration.
To reward shareholders’ ongoing support and to meet shareholders’ expectations, the Company plans to pay
a year-end dividend for the current fiscal year as follows:
Items on year-end dividend
1. Items on allocation of dividend property to shareholders and its total amount¥8 per the Company’s common share
Total: ¥2,203,263,648
As we paid ¥8 per share as the interim dividend, the total annual dividend for the term will be ¥16 pershare.
2. Effective date of dividends from surplus
June 29, 2020-3-

Proposal No. 2: Election of twelve (12) Directors
The terms of office of all thirteen (13) Directors will expire at the conclusion of this General Meeting of
Shareholders. Accordingly, we propose that twelve (12) Directors be elected.
The candidates for Directors are as follows:
These candidates have been approved by the Board of Directors upon consultation with the Nomination andRemuneration Advisory Committees whose majority is comprised of Independent Outside Directors.
No.

Name of Directors

Current Position in the Company

Number of Boardof Directors
Meetings Attended

1

Reappointment Tsuneo Ishiwata

Male

Chairman of the Board,
Representative Director

13/13

2

Reappointment Kazuyuki Harada

Male

President, Representative Director
President and Executive Officer

13/13

3

Reappointment Toshiyuki Ogura

Male

Director, Vice President and Executive
Officer

13/13

4

Reappointment Takashi Michihira

Male

Director, Senior Managing Executive
Officer

13/13

5Reappointment Toshiaki Honda

Male

Director, Senior Managing Executive
Officer

13/13

6Reappointment Kazuo Urabe

Male

Director, Managing Executive Officer

13/13

7

Reappointment Shizuyoshi Watanabe

Male

Director, Managing Executive Officer

13/13

8

Reappointment Yukihiro Kawamata

Male

Director, Managing Executive Officer

13/13

9

Reappointment Kenji Sato

Male

Director, Executive Officer

13/13

10

Reappointment
OutsideMichiko Tomonaga
Independent

FemaleDirector

13/13

11

Reappointment
Outside
Yoshinori Terajima
Independent

Male

Director

13/13

12

New
OutsideIndependent

Female––/–Tamaki Kakizaki-4-Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1964 Joined the Company
Tsuneo Ishiwata
Jun. 1995 Director, the Company
Jun. 1999 Executive Director, the Company
Date of birthJun. 2003 Senior Executive Director, the Company
April 5, 1941 (79 years old)
Jun. 2003 Representative Director, the Company (present)
Tenure as Director
Jun. 2005 President, the Company
Jun. 2013 Chairman of the Board, the Company (present)
25 years (At the conclusion of(Significant concurrent positions)this General Meeting ofChairman, Kanagawa-ken Employer’s Association
Shareholders)
Chairman, Kanagawa Association of Corporate Executives
1
Number of Board of Directors
Outside Audit & Supervisory Board Member, Gurunavi, Inc. (scheduled
Reappointment Meetings Attended
to resign in June, 2020)
Male
13/13
Outside Director, Tokai Kisen Co., Ltd.
Number of the Company’s[Reasons for nominating the candidate for Director]
Mr. Tsuneo Ishiwata has been engaged primarily in accounting andshares owned
business management etc. and obtained abundant experiences and deep
93,900 Sharesinsights in these areas. He assumed the position of President of theCompany in June 2005, and has served as Chairman of the Board
responsible for the business management of the Group since June 2013.
The Company considers that he has properly performed his duties indecision-making on important business matters, supervising businessexecution, etc. and hence, appointed him as a candidate for Director.
Note:
Mr. Tsuneo Ishiwata is Chairman of the Kanagawa-ken Employer’s Association, and the Company pays
membership fees, etc. to said association. He is also Chairman of the Kanagawa Association of Corporate
Executives. Although the Company pays membership fees, etc. to said association, the amounts are small.
No.

No.

2
Reappointment

Male

Name, etc. of Director

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1976 Joined the Company
Kazuyuki HaradaJun. 2007 Director, the Company
Jun. 2010 Executive Director, the Company
Date of birthJun. 2011 Senior Executive Director, the Company
January 22, 1954 (66 years old) Jun. 2013 President, the Company (present)
Tenure as Director
Jun. 2013 Representative Director, the Company (present)
Jun. 2013 In charge of Inquiry and Auditing Group Operating
13 years (At the conclusion of
Department, the Company (present)
this General Meeting of
Jun.
2019
President
and Executive Officer, the Company (present)
Shareholders)(Significant
concurrent
positions)
Number of Board of Directors
Outside Director, Japan Post Insurance Co., Ltd.
Meetings Attended
Outside Director, Japan Airport Terminal Co., Ltd.
13/13
Outside Director, NKB Inc.
Number of the Company’s
Outside Director, Yokohama Shintoshi Center Corporation
shares owned[Reasons for nominating the candidate for Director]
Mr. Kazuyuki Harada has been engaged primarily in railway business
49,800 Sharesand human resources and obtained abundant experiences and deep
insights in these areas. He has served as President of the Company
responsible for the business management of the Group since June 2013.
The Company considers that he has properly performed his duties indecision-making on important business matters, supervising businessexecution, etc. and hence, appointed him as a candidate for Director.
Name, etc. of Director

-5-

No.

Name, etc. of Director

Toshiyuki Ogura

3
Reappointment

Male

No.

4
Reappointment

Male

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1978 Joined the Company
Jun. 2007 Director, the Company
Jun. 2011 Executive Director, the Company
Jun. 2014 Senior Executive Director, the Company
Jun. 2015 Senior General Manager, Development and Administrationof Facilities Headquarters and Office Manager, Shinagawa
Development Department, the Company (present)
Jun. 2016 Executive Vice President, the Company

Date of birth
October 12, 1954 (65 years old)
Tenure as Director
13 years (At the conclusion ofthis General Meeting ofJun. 2016 Executive Manager, the Company (present)
Shareholders)Number of Board of Directors Jun. 2019 Director, Vice President and Executive Officer, theCompany (present)
Meetings Attended(Significant concurrent positions)
13/13
Outside Director, KAGETSUEN KANKO Co., Ltd. (scheduled to
Number of the Company’s
resign in June, 2020)
shares owned[Reasons for nominating the candidate for Director]
32,700 Shares
Mr. Toshiyuki Ogura has been engaged primarily in railway businessand development projects, and obtained abundant experiences and deep
insights in these areas. He has served as Director of the Company sinceJune 2007. The Company considers that he has properly performed his
duties in decision-making on important business matters, supervisingbusiness execution, etc. and hence, appointed him as a candidate for
Director.

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1982 Joined the Company
Takashi Michihira Jun. 2011 Director, the Company
Jun. 2015 Executive Director, the Company
Date of birthJun. 2015 Senior General Manager, Railway Headquarters, theApril 10, 1958 (62 years old)
Company (present)
Jun. 2018 Senior Executive Director, the Company
Tenure as Director
Jun. 2018 In charge of Public Relations and Press Department, the9 years (At the conclusion ofCompany (present)
this General Meeting of
Jun.
2019
Director, Senior Managing Executive Officer, the Company
Shareholders)(present)
Number of Board of Directors(Significant concurrent positions)Meetings Attended
Outside Director, Yokohama Minatomirai Railway Company
13/13[Reasons for nominating the candidate for Director]
Number of the Company’s
Mr. Takashi Michihira has been engaged primarily in railway businessand obtained abundant experiences and deep insights in this area. He
shares owned
has served as Director of the Company since June 2011. The Company
18,400 Sharesconsiders that he has properly performed his duties in decision-making
on important business matters, supervising business execution, etc. andhence, appointed him as a candidate for Director.
Name, etc. of Director-6-Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1982 Joined the Company
Toshiaki Honda
Jun. 2011 Director, the Company
Jun. 2016 Executive Director, the Company
Date of birthSep. 2016 General Manager, Machi Creation Department,
July 12, 1958 (61 years old)
Development and Administration of Facilities
Headquarters, the Company (present)
Tenure as Director
Jun. 2017 Office Manager, Business Creation Department, the9 years (At the conclusion ofCompany (present)
this General Meeting ofApr. 2018 President, R-Bank Co., Ltd. (present)
Shareholders)Jun. 2019 Director, Senior Managing Executive Officer, the Company
Number of Board of Directors(present)
5
Meetings Attended
Jun. 2019 Vice Senior General Manager, Development andReappointment
13/13
Administration of Facilities Headquarters, the Company
Male
Number of the Company’s(present)(Significant concurrent positions)shares owned
President, R-Bank Co., Ltd.
20,100 Shares[Reasons for nominating the candidate for Director]
Mr. Toshiaki Honda has been engaged primarily in leisure services
business and development projects, and obtained abundant experiencesand deep insights in these areas. He has served as Director of theCompany since June 2011. The Company considers that he has properly
performed his duties in decision-making on important business matters,
supervising business execution, etc. and hence, appointed him as a
candidate for Director.
Note:
Mr. Toshiaki Honda is President of R-Bank Co., Ltd., a subsidiary which operates renovation business, etc.
Transactions for contracted operations of hostel business, among others, are conducted between the Company and
R-Bank Co., Ltd., and the amount paid by the Company to R-Bank Co., Ltd. was ¥125 million.
No.

No.

6
Reappointment

Male

Name, etc. of Director

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1984 Joined the Company
Kazuo Urabe
Jun. 2015 Director, the Company
Jun. 2015 In charge of Personnel Department, the Company (present)
Date of birthJun. 2019 Director, Managing Executive Officer, the Company
November 3, 1961 (58 years(present)
old)Jun. 2019 In charge of Accounts and Finance Department, theCompany (present)
Tenure as Director[Reasons for nominating the candidate for Director]
5 years (At the conclusion of
Mr. Kazuo Urabe has been engaged primarily in railway business,this General Meeting ofaccounting, human resources and general affairs and obtained abundant
Shareholders)experiences and deep insights in these areas. He has served as Director
Number of Board of Directors of the Company since June 2015. The Company considers that he has
Meetings Attended
properly performed his duties in decision-making on important business
13/13
matters, supervising business execution, etc. and hence, appointed him
as a candidate for Director.
Number of the Company’s
shares owned
8,900 Shares
Name, etc. of Director

-7-

No.

7
Reappointment

Male

No.

8
Reappointment

Male

No.

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1986 Joined the Company
Shizuyoshi Watanabe Jun. 2010 General Manager, General Affairs Department, theCompany (present)
Date of birthJun. 2015 Director, the Company
December 6, 1961 (58 years old) Jun. 2019 Director, Managing Executive Officer (present)
Tenure as Director
Jun. 2019 General Manager, Business Creation Department, theCompany (present)
5 years (At the conclusion of[Reasons for nominating the candidate for Director]
this General Meeting of
Mr. Shizuyoshi Watanabe has been engaged primarily in general affairs
Shareholders)Number of Board of Directors and business management and obtained abundant experiences and deep
insights in these areas. He has served as Director of the Company since
Meetings Attended
June 2015. The Company considers that he has properly performed his
13/13
duties in decision-making on important business matters, supervising
Number of the Company’sbusiness execution, etc. and hence, appointed him as a candidate for
Director.
shares owned
6,900 Shares
Name, etc. of Director

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1986 Joined the Company
Yukihiro Kawamata Jun. 2016 Director, the Company
Jun. 2019 Director, Managing Executive Officer, the Company
Date of birth(present)
February 10, 1964 (56 years old) Jun. 2019 Office Manager, Corporate Strategy Department, theCompany (present)
Tenure as Director[Reasonsfornominating the candidate for Director]
4 years (At the conclusion ofMr.
Yukihiro
Kawamata has been engaged primarily in hotel businessthis General Meeting ofand business management and obtained abundant experiences and deep
Shareholders)insights in these areas. He has served as Director of the Company since
Number of Board of Directors June 2016. The Company considers that he has properly performed his
Meetings Attended
duties in decision-making on important business matters, supervisingbusiness execution, etc. and hence, appointed him as a candidate for
13/13
Director.
Number of the Company’s
shares owned
14,100 Shares
Name, etc. of Director

Name, etc. of Director

Kenji Sato

9
Reappointment

Male

Date of birthJanuary 24, 1962 (58 years old)
Tenure as Director
3 years (At the conclusion ofthis General Meeting of
Shareholders)Number of Board of Directors
Meetings Attended
13/13
Number of the Company’s
shares owned
4,910 Shares

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 1984 Joined the Company
Jun. 2017 Director, the Company
Jun. 2017 President, Keikyu Store Co., Ltd. (present)
Jun. 2019 Director, Executive Officer, the Company (present)(Significant concurrent positions)
President, Keikyu Store Co., Ltd.
[Reasons for nominating the candidate for Director]
Mr. Kenji Sato has been engaged primarily in retailing business andobtained abundant experiences and deep insights in this area. He hasserved as Director of the Company since June 2017. The Company
considers that he has properly performed his duties in decision-making
on important business matters, supervising business execution, etc. andhence, appointed him as a candidate for Director.

-8-Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Mar. 1975 Registered as Certified Public Accountant
Michiko Tomonaga Jul. 2007 Vice President, the Japanese Institute of Certified Public
Accountants (resigned in July 2010)
Date of birthJul. 2008 Senior Partner, Ernst & Young ShinNihon LLC (resigned inJune 2010)
July 26, 1947 (72 years old)
Jun. 2010 Audit & Supervisory Board Member, the Company
Tenure as Outside Director(resigned in June 2016)
4 years (At the conclusion ofJun. 2011 Outside Audit & Supervisory Board Member, NIPPON
this General Meeting of
TELEGRAPH AND TELEPHONE CORPORATION
Shareholders)(resigned in June 2019)10
Number of Board of Directors Jun. 2016 Director, the Company (present)
Reappointment
Meetings Attended(Significant concurrent positions)
OutsideCertified Public Accountant
13/13
Independent[Reasons for nominating the candidate for Outside Director]
Number of the Company’s
FemaleMs. Michiko Tomonaga has once served as Vice President of theshares owned
Japanese Institute of Certified Public Accountants as well as the former
0 Sharesoutside officer of major telecommunications company, and obtained
abundant experiences and broad insights. After properly performing her
duties as Outside Audit & Supervisory Board Member of the Company
during June 2010 through June 2016, she has served as Outside Directorof the Company since June 2016. The Company considers that she has
properly performed her duties in supervising business execution, etc. of
the Company and hence, appointed her as a candidate for Outside
Director.
Notes: 1. Ms. Michiko Tomonaga satisfies the “Independence Criteria for Outside Officers” established by the Company(Please see pages 19 and 20). While she is a former Senior Partner of Ernst & Young ShinNihon LLC (resigned
in June 2010), with which the Company has transactions including auditing of the Company by the audit
corporation, the total amount of remuneration paid by the Company to Ernst & Young ShinNihon LLC
pertaining to the fiscal year under review is ¥210 million (0.2% of the total net sales of the audit corporation in
the latest business year), which is below the criterion of “audit corporation that receives money or otherproperty benefits in an amount exceeding a certain threshold from the Company” (2% of the total net sales of
the audit corporation in the latest business year) in the “Independence Criteria for Outside Officers.”
2. The Company has designated her as an independent officer pursuant to the requirements of the Tokyo Stock
Exchange and has given notification thereof to the exchange.
3. The Company has entered into an agreement with her to limit liability for damages pursuant to Article 423,
paragraph 1 of the Companies Act, and the limit amount for liability for damages pursuant to the agreement is
the minimum liability amount prescribed by laws and regulations. If she is elected as proposed, the Company
plans to conclude a limited liability agreement of the same content with her.
No.

Name, etc. of Director-9-Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Mar. 2017 Representative Director, Executive Vice President, Nippon
Yoshinori Terajima
Life Insurance Company
Mar. 2018 Director, Nippon Life Insurance Company (resigned in July
Date of birth
2018)
Apr. 2018 President, Representative Director, Taisay Building
January 2, 1959 (61 years old)Management Co., Ltd. (present)
Tenure as Outside Director
11Jun. 2018 Director, the Company (present)
2 years (At the conclusion of
Reappointment(Significant concurrent positions)this General Meeting of
OutsidePresident, Representative Director, Taisay Building Management Co.,
Shareholders)Ltd.
Independent
Number of Board of Directors [Reasons for nominating the candidate for Outside Director]
Male
Meetings Attended
Mr. Yoshinori Terajima has once served as an executive of a major life
13/13
insurance company, and obtained abundant experiences and broad
insights. He has served as Outside Director of the Company since June
Number of the Company’s
2018. The Company considers that he has properly performed his duties
shares ownedin supervising business execution, etc. of the Company and hence,
0 Sharesappointed him as a candidate for Outside Director.
Notes: 1. Mr. Yoshinori Terajima satisfies the “Independence Criteria for Outside Officers” established by the Company(Please see pages 19 and 20). He was formerly serving as Director of Nippon Life Insurance Company, withwhich the Company has transactions such as borrowing of funds. However, because the amount of borrowing
accounts for less than 10% of the total amount of borrowing of the Company, the company does not fall under
the criteria, “a major lender of the Company” (a financial institution with which the Company was relying on,
with no substitute, for its funds procurement at the end of the most recent business year) as stipulated in the“Independence Criteria for Outside Officers.”
2. He is the President and Representative Director of Taisay Building Management Co., Ltd., which conducts
transactions (real estate leasing) that pertain to the category of the Company’s business.
3. The Company has designated him as an independent officer pursuant to the requirements of the Tokyo Stock
Exchange and has given notification thereof to the exchange.
4. The Company has entered into an agreement with him to limit liability for damages pursuant to Article 423,
paragraph 1 of the Companies Act, and the limit amount for liability for damages pursuant to the agreement is
the minimum liability amount prescribed by laws and regulations. If he is elected as proposed, the Company
plans to conclude a limited liability agreement of the same content with him.
No.

Name, etc. of Director- 10 -

Brief Personal Profile, Position and Responsibility in the Company, andSignificant Concurrent Positions
Apr. 2008 Professor, Graduate School of Law, Toyo University
Tamaki Kakizaki(resigned in March, 2012)
Apr. 2012 Professor, Graduate School of International Social
Date of birth
Sciences, YOKOHAMA National University (resigned in
March, 2014)
January 16, 1961 (59 years old)
Apr. 2014 Professor, School of Law, Meiji University (present)
Tenure as Outside Director
Jun. 2016 Outside Director, Eisai Co., Ltd. (present) (scheduled to–resign in June, 2020)
Number of Board of Directors
Jun. 2016 Outside Director, Mitsubishi Shokuhin Co., Ltd. (present)
Meetings Attended
Jun. 2017 Outside Auditor, Japan Airport Terminal Co., Ltd. (present)
12–/–Jun. 2019 Member of the Corporate Value Analysis Committee, theNew
Number of the Company’s
Company (present)
Outsideshares owned(Significant concurrent positions)
Independent
0 Shares
Professor, School of Law, Meiji University
FemaleOutside Director, Eisai Co., Ltd. (scheduled to resign in June, 2020)
Outside Auditor, Japan Airport Terminal Co., Ltd.
Outside Director, Mitsubishi Shokuhin Co., Ltd.
[Reasons for nominating the candidate for Outside Director]
Ms. Tamaki Kakizaki is a university professor in the field of internal
controls and internal audit, as well as the outside officer of major
pharmaceuticals and other companies, and obtained abundant
experiences and broad insights in these areas and hence, the Company
judges her to be qualified to serve as a Director of the Company andappointed her as a candidate for Outside Director.
Notes: 1. Ms. Tamaki Kakizaki satisfies the “Independence Criteria for Outside Officers” established by the Company(Please see pages 19 and 20).
2. If the election of Ms. Tamaki Kakizaki is approved, the Company plans to designate her as an independent
officer pursuant to the requirements of the Tokyo Stock Exchange and has given notification thereof to theexchange.
3. The Company plans to enter into an agreement with her to limit liability for damages pursuant to Article 423,
paragraph 1 of the Companies Act, and the limit amount for liability for damages pursuant to this agreement is
the minimum liability amount prescribed by laws and regulations.
No.

Name, etc. of Director- 11 -

Proposal No. 3: Election of two (2) Audit & Supervisory Board Members
Among the four (4) Audit & Supervisory Board Members currently in office, the term of office of Mr.
Takashi Suetsuna and Mr. Osamu Sudoh will expire at the conclusion of this General Meeting of
Shareholders. Accordingly, we propose that two (2) Audit & Supervisory Board Members be elected.
The candidates for Audit & Supervisory Board Member are as follows.
The Company has already received the approval for this proposal from the Audit & Supervisory Board.
Brief Personal Profile, Position in the Company,
and Significant Concurrent Positions
Apr. 1974 Joined National Police Agency
Takashi Suetsuna
Feb. 1994 Chief, Kochi Prefectural Police Headquarters
Sep. 1997 Director, Finance Division, Commissioner General’sDate of birth
Secretariat, National Police Agency
March 8, 1949 (71 years old)
Sep. 2001 Chief Inspector General, Commissioner General’s
Secretariat, National Police Agency
Tenure as Outside Audit &Aug. 2002 Chief, Kanagawa Prefectural Police Headquarters
Supervisory Board Member
Aug. 2004 Deputy Superintendent General, Tokyo Metropolitan Police
4 years (At the conclusion of
Department
this General Meeting of
Sep. 2005 Chief Chamberlain, the Board of the Crown Prince’s
Shareholders)Household, Imperial Household Agency
Number of Board of Directors Apr. 2009 Ambassador Extraordinary and Plenipotentiary of Japan to
Meetings Attended
Grand Duchy of Luxembourg
11/13
Jun. 2013 Outside Audit & Supervisory Board Member, Marubeni
Corporation (resigned in June 2017)
Number of Audit &Jun. 2015 Outside Director, Totetsu Kogyo Co., Ltd. (present)
Supervisory Board Meetings
Jun. 2016 Outside Auditor, Kandenko Co., Ltd. (present)
Attended1Jun. 2016 Outside Audit & Supervisory Board Member, the Company
7/8
Reappointment(present)
Number of the Company’s
OutsideJun. 2017 Outside Director, JCR Pharmaceuticals Co., Ltd. (present)
Independent shares owned
Jun. 2018 Outside Audit & Supervisory Member of the Board, Aioi
0 Shares
Male
Nissay Dowa Insurance Co., Ltd. (present)(Significant concurrent positions)
Outside Audit & Supervisory Member of the Board, Aioi Nissay Dowa
Insurance Co., Ltd.
Outside Auditor, Kandenko Co., Ltd.
Outside Director, Totetsu Kogyo Co., Ltd.
Outside Director, JCR Pharmaceuticals Co., Ltd.
[Reasons for nominating the candidate for Outside Audit & Supervisory
Board Member]
Mr. Takashi Suetsuna has once served as Chief of Kanagawa Prefectural
Police Headquarters and Deputy Superintendent General of the Tokyo
Metropolitan Police Department, and as a former outside officer of amajor general trading company, etc. has abundant experience and broad
insights. He has served as Outside Audit & Supervisory Board Memberof the Company since June 2016. The Company considers that he has
properly performed his duties in auditing business management of theCompany and hence, reappointed him as an Outside Audit &Supervisory Board Member.
Notes: 1. Mr. Takashi Suetsuna satisfies the “Independence Criteria for Outside Officers” established by the Company(Please see pages 19 and 20).
2. The Company has designated him as an independent officer pursuant to the requirements of the Tokyo Stock
Exchange and has given notification thereof to the exchange.
3. The Company has entered into an agreement with him to limit liability for damages pursuant to Article 423,
paragraph 1 of the Companies Act, and the limit amount for liability for damages pursuant to the agreement is
the minimum liability amount prescribed by laws and regulations. If he is elected as proposed, the Company
plans to conclude a limited liability agreement of the same content with him.
No.

Name, etc. of Audit &Supervisory Board Member- 12 -

Brief Personal Profile, Position in the Company,
and Significant Concurrent Positions
Apr. 1980 Registered as attorney at law
Osamu Sudoh
Apr. 1983 Partner, Tokyo Yaesu Law Office
Apr. 1993 Established and Partner, Asahi Law Offices
Date of birthJun. 1999 Established and Partner, SUDOH & TAKAI LAWJanuary 24, 1952 (68 years old)
OFFICES (current SUDOH & PARTNERS) (present)
Sep. 2005 Outside Audit & Supervisory Board Member, BANDAI
Tenure as Outside Audit &NAMCO Holdings Inc. (present)
Supervisory Board Member
Jun. 2011 Outside Audit & Supervisory Board Member, MITSUI4 years (At the conclusion of
SOKO Co., Ltd. (current MITSUI-SOKO HOLDINGS Co.,
this General Meeting ofLtd.) (present)
Shareholders)Jun. 2016 Outside Audit & Supervisory Board Member, Pronexus Inc.
Number of Board of Directors(present)
Meetings Attended
Jun. 2016 Outside Audit & Supervisory Board Member, the Company
13/13(present)2
Jun. 2018 Member of the Corporate Value Analysis Committee, theNumber of Audit &Reappointment
Company (present)
Supervisory Board Meetings
Outside(Significant concurrent positions)
Attended
Independent
Attorney at law
8/8
Outside Audit & Supervisory Board Member, BANDAI NAMCO
Male
Number of the Company’s
Holdings Inc.
shares owned
Outside Audit & Supervisory Board Member, Pronexus Inc.
0 Shares
Outside Audit & Supervisory Board Member, MITSUI-SOKO
HOLDINGS Co., Ltd.
[Reasons for nominating the candidate for Outside Audit & Supervisory
Board Member]
Mr. Osamu Sudoh has high expertise in corporate legal affairs as an
attorney at law and serves as an outside officer of total entertainment
company, etc., and obtained abundant experiences and broad insight
into these areas. He has served as Outside Audit & Supervisory Board
Member of the Company since June 2016. The Company considers that
he has properly performed his duties in auditing business managementof the Company and hence, reappointed him as an Outside Audit &Supervisory Board Member.
Notes: 1. Mr. Osamu Sudoh satisfies the “Independence Criteria for Outside Officers” established by the Company(Please see pages 19 and 20).
2. The Company has designated him as an independent officer pursuant to the requirements of the Tokyo Stock
Exchange and has given notification thereof to the exchange.
3. The Company has entered into an agreement with him to limit liability for damages pursuant to Article 423,
paragraph 1 of the Companies Act, and the limit amount for liability for damages pursuant to the agreement is
the minimum liability amount prescribed by laws and regulations. If he is elected as proposed, the Company
plans to conclude a limited liability agreement of the same content with him.
No.

Name, etc. of Audit &Supervisory Board Member- 13 -

Proposal No. 4: Introduction of stock remuneration plan for Directors
1.

Reasons for the proposal
The Company proposes that the introduction of a new stock remuneration plan “Board Benefit Trust(BBT)” (hereinafter the “Plan”) for Directors (excluding Outside Directors; hereinafter the same shallapply in this proposal unless otherwise stated) and executive officers (hereinafter “Directors, Etc.”) of
the Company be approved.
This proposal introduces the Plan in place of the conventional remuneration for Directors, Etc.,
namely remuneration deferred to retirement and the stock purchase funds included in fixed
remuneration. The aim of this proposal is to heighten the awareness of contribution to an increase incorporate value among Directors, Etc. by making the linkage between their remuneration and stock
value clearer and having Directors, Etc. share not only benefits of an increase but also risks of adecline in stock prices with shareholders. The Company believes that the contents of this proposal areappropriate in light of said purpose.
In this proposal, we propose the amount of remuneration, etc. be approved in order to pay the newstock remuneration to Directors of the Company separately from the amount of remuneration for
Directors approved by the shareholders in the 93rd Annual General Meeting of Shareholders held on
June 27, 2014 and the 97th Annual General Meeting of Shareholders held on June 28, 2018 (¥550
million or less per year (¥75 million or less of which to be paid to Outside Directors), excludingsalaries as employee). We also propose that the details of the Plan be left entirely to the discretion of
the Board of Directors within the framework specified in 2. below.
While the number of Directors currently covered by the Plan is ten (10), if Proposal No. 2 is approved
and adopted as originally proposed, the number will be nine (9).
The introduction of the Plan has already been consulted with the Nomination and Remuneration
Advisory Committees whose majority is comprised of Independent Outside Directors.

2.

Amount of remuneration, etc. pertaining to the Plan and reference information(1) Overview of the Plan
The Plan is a stock remuneration plan in which stock of the Company is to be acquired through atrust (the trust established under the Plan is hereinafter referred to as the “Trust”) using money
contributed by the Company as the source of funds and stock of the Company and money in theamount of monetary equivalence of stock of the Company measured at fair value (hereinafter“Stock, Etc. of the Company”) are to be provided to Directors, Etc. through the Trust inaccordance with the Officer Stock Benefit Regulations stipulated by the Company. The time
when a Director, Etc. receives Stock, Etc. of the Company is, as a general rule, when the Director,
Etc. retires.
(2) Individuals covered by the Plan
Directors and executive officers (Outside Directors and Audit & Supervisory Board Members are
not covered by the Plan)(3) Trust period
From August 2020 (scheduled) to the termination of the Trust (There is no specific end date of
the Trust period and the Trust will continue as long as the Plan continues. The Plan will end forreasons such as delisting of stock of the Company and abolishment of the Officer Stock Benefit
Regulations.)(4) Amount of trust money (amount of remuneration, etc.)
Subject to the approval of this proposal, the Company will introduce the Plan for three businessyears from the business year ending March 31, 2021 to the business year ending March 31, 2023
(the period of the three business years is hereinafter referred to as the “Initial Covered Period”;
and the Initial Covered Period and each period of every three business years commencing after
the end of the Initial Covered Period are individually referred to as the “Covered Period”) and foreach subsequent Covered Period, and contribute the following money to the Trust as the source offunds for the Trust to acquire stock of the Company which is to be used to provide Stock, Etc. of- 14 -

the Company to Directors, Etc.
First, at the time of the establishment of the Trust (August 2020 (scheduled)), the Company willcontribute funds in the maximum amount of ¥360 million (of which, ¥250 million is for
Directors) to the Trust as the funds necessary to provide for the Initial Covered Period.
Subsequently, after the end of the Initial Covered Period and until the Plan is terminated, as a
general rule for each Covered Period, the Company will make additional contribution in the
maximum amount of ¥360 million (of which, ¥250 million is for Directors) to the Trust.
However, when making such additional contribution, if there is any stock of the Company(excluding stock of the Company which is equivalent to the number of points awarded to
Directors, Etc. in relation to each immediately preceding Covered Period and the provision ofwhich to Directors, Etc. is not yet complete) and/or any money remaining in the trust asset(hereinafter the “Remaining Stock, Etc.”), the total of the amount of the Remaining Stock, Etc.
(the amount of stock of the Company will be measured at fair value as of the last day of theimmediately preceding Covered Period) and the amount of money additionally contributed is¥360 million (of which, ¥250 million is for Directors) at the maximum.
The Company shall be entitled to make contribution of funds to the Trust in a multiple number oftimes during the Covered Periods including the Initial Covered Period until the cumulative
amount of the contribution reaches the maximum amount set for the relevant Covered Period.
When the Company decides to make additional contribution, we shall disclose the fact in a timely
and appropriate manner.
(5) Method of acquiring stock of the Company and the number of such stock to be acquired
The Trust acquires stock of the Company through the exchange market or by way of undertaking
the disposition of treasury stock of the Company using the funds contributed as per (4) above as
the source. For the Initial Covered Period, up to 113,100 shares shall be acquired without delay
after the establishment of the trust. The details of the acquisition of stock of the Company by theTrust shall be disclosed in a timely and appropriate manner.
(6) Method of calculating the number of Stock, Etc. of the Company provided to Directors, Etc.
Points will be awarded to Directors, Etc. for each business year in the number establishedpursuant to the Officer Stock Benefit Regulations and in consideration of the position. The total
maximum number of points per business year to be awarded to Directors, Etc. is 37,700 points(of which, 26,200 points are for Directors). This has been determined by comprehensively taking
into consideration the current level of officer remuneration and the trend of the number of
Directors, Etc. as well as the expected number thereof in the future, among other things, and theCompany believes it to be appropriate.
The points awarded to Directors, Etc. will be converted into common stock of the Company at
the ratio of one point being equivalent to one share when Stock, Etc. of the Company is to beprovided as per (7) below. (However, if split, gratis allotment, consolidation, etc. concerning
stock of the Company has been implemented after the approval of this proposal, reasonableadjustments will be made to the maximum number of the points, the number of the points whichhave already been awarded or the conversion ratio, in proportion to the ratio of such change.)
The number of points for Directors, Etc. which serves as the basis for providing Stock, Etc. of theCompany as per (7) below shall be, as a general rule, the number of points which has been
awarded to the Directors, Etc. up to the time of their retirement (the number of points calculated
in this manner is hereinafter referred to as the “Finalized Number of Points”).
(7) Provision of Stock, Etc. of the Company
When a Director, Etc. retires, if he/she satisfies the requirements for a beneficiary set forth in the
Officer Stock Benefit Regulations, stock of the Company will be provided to the Director, Etc., asa general rule, in the number according to the “Finalized Number of Points” calculated inaccordance with the stipulations in (6) above from the Trust after the retirement by following thepredetermined procedures to determine the beneficiary. However, if the Director, Etc. satisfies therelevant requirements set forth in the Officer Stock Benefit Regulations, money in the amountequivalent to the fair value of stock of the Company will be provided to the Director, Etc. for acertain portion of stock of the Company in lieu of the provision of such stock. The Trust may- 15 -

sometimes sell stock of the Company to provide such monetary benefit.
(8) Exercise of voting rights
Voting rights represented by stock of the Company held in the Trust’s account shall not be
exercised under any circumstances, without exception, in accordance with the instruction fromthe trust administrator. Such approach is intended to ensure the neutrality for the management of
the Company with respect to the exercise of the voting rights represented by stock of theCompany held in the Trust’s account.
(9) Treatment of dividends
The Trust will receive dividends from stock of the Company in the Trust’s account and use themfor payments to acquire stock of the Company and trust fees, etc. for the trustee of the Trust. If
the Trust is terminated, dividends, etc. remaining in the Trust will be distributed to incumbent
Directors, Etc. as of that time in proportion to the number of points held by each of them inaccordance with the provisions of the Officer Stock Benefit Regulations.
(10) Treatment upon termination of the Trust
The Trust will be terminated in the case of any event such as delisting of stock of the Company
and abolishment of the Officer Stock Benefit Regulations.
Among the residual asset in the Trust as of the termination thereof, the Company plans to acquire
all of the stock of the Company without charge and cancel them upon resolution by the Board of
Directors. Among the residual asset in the Trust as of the termination thereof, money will be
provided to the Company in the amount remaining after excluding the money to be provided to
Directors, Etc. as per (9) above.

- 16 -

<Reference>
1. Framework of the Plan(i)

The Company shall establish the “Officer Stock Benefit Regulations” within the framework approved
for this proposal.
(ii) The Company entrusts money within the limit approved for this proposal.
(iii) The Trust will acquire stock of the Company through the exchange market or by way of undertaking
the disposition of treasury stock of the Company using the money entrusted as per (ii) as the sourceof funds.
(iv) The Company awards points to Directors, Etc. in accordance with the “Officer Stock Benefit
Regulations.”(v) The Trust will not exercise voting rights represented by stock of the Company held in the Trust’s
account in accordance with the instruction from the trust administrator independent of the Company.
(vi) The Trust will provide Stock, Etc. of the Company to a Director, Etc. who has retired from office andsatisfies the requirements for a beneficiary set forth in the “Officer Stock Benefit Regulations”(hereinafter the “Beneficiary”) according to the number of points awarded to that Beneficiary.
However, if the Director, Etc. satisfies the relevant requirements set forth in the Officer Stock Benefit
Regulations, money in the amount equivalent to the fair value of stock of the Company will be
provided to the Director, Etc. for a certain portion of the points.

- 17 -

2.

Changes from the current remuneration system (internal Directors and executive officers)- 18 -

[Reference]
Independence Criteria for Outside Officers
Outside Directors or Outside Audit & Supervisory Board Members of the Company must not
fall under any of the following categories if they are to be considered independent.
1. An executing person of the Company and its group companies (hereinafter, collectively the“Company”)
2. A major shareholder of the Company, or an executing person of a company that is a major shareholderof the Company
3. A person who is a major lender of the Company, or an executing person of a company that is a major
lender partner
4. A person for whom the Company is a major trading partner or an executive officer of a company forwhich the Company is a major trading partner
5. A person who is a major trading partner of the Company or an executing person of a company which isa major trading partner of the Company
6. A person receiving donations or financial assistance in an amount exceeding a certain threshold fromthe Company, or a director or other executing person of a corporation, or group such as a union, etc.
receiving donations or financial assistance in an amount exceeding a certain threshold from theCompany
7. An attorney-at-law, certified accountant, tax accountant or consultant who receives money or otherproperty benefits in an amount exceeding a certain threshold from the Company other than director
remunerations
8. A person who belongs to a corporation, such as a law firm, audit corporation, tax accountant
corporation, or consulting firm; or a group, such as a union that receives money or other property
benefits in an amount exceeding a certain threshold from the Company
9. An executing person of another company with which the Company holds an Outside Director or an
Outside Audit & Supervisory Board Member mutual appointment relationship
10. A person who falls under the category described in Item 1 above for the past 10 years, or a person who
falls under the category described in any of the Items 2 to 9 above for the past 5 years
11. If a person with an important position falls under the category described in any of the Items 1 to 9
above, then the spouse or relative within the second degree of kinship of such person

Notes:
1.

The term “executing person” refers to an “executive director, executive officer, manager, or person or employee
equivalent to this.”2.

The term “major shareholder” in Item 2 means “a person (or a company) who holds 10% or more of the total voting
rights of the Company directly or indirectly at the end of the most recent business year.”3.

The term “a person (or a company) who is a major lender of the Company” in Item 3 means “a financial institution orother large creditor with which/whom the Company was relying on, with no substitute, for its funds procurement at theend of the most recent business year.”

4.

The term “a person (or a company) for whom/which the Company is a major trading partner” in Item 4 means a “person(or a company) who has received payments from the Company in an amount equivalent to 2% or more of theconsolidated annual net sales of that person (or company) in the latest business year.”

5.

The term “a person (or a company) who is a major trading partner of the Company” in Item 5 means a “person (or acompany) who has made payments to the Company in an amount equivalent to 2% or more of the consolidated annual
net sales of the Company in the latest business year.”- 19 -

6.

The term “a certain threshold” in Items 6 and 7 means “10 million yen per year.”

7.

The term “a certain threshold” in Item 8 means “2% of the total net sales of the corporation, or group such as a union in
the latest business year.”

8.

The term “mutual appointment relationship” in Item 9 means “a relationship where the executing person of theCompany in the latest business year is an outside director or an outside Audit & Supervisory Board Member of anothercompany and an executing person of that other company is an Outside Director or an Outside Audit & Supervisory
Board Member of the Company.”

9.

The term a “person with an important position” in Item 11 means “a person holding a position of general manager orhigher with authority equivalent to that of an executing person.”

10. Any matters not stated herein that may significantly affect the judgment of independence shall be managed inappropriate manner.

- 20 -

Consolidated Balance Sheet(As of March 31, 2020)
Item
AssetsAmountItem
Liabilities
Current assets
101,179
Current liabilities
Cash and deposits
35,555
Notes and accounts payable - trade
Notes and accounts receivable - trade
12,591
Short-term borrowings
Merchandise and finished goods
2,532
Current portion of bonds payable
Land and buildings for sale in lots
41,016
Income taxes payable
Work in process
799
Advances received
Raw materials and supplies
331
Provision for bonuses
Other
8,475
Provision for bonuses for directors(and other officers)
Allowance for doubtful accounts(123)
Provision for loss on disaster
Other provisions
Other
Non-current assets
787,232
Non-current liabilities
Property, plant and equipment
662,085
Bonds payable
Buildings and structures
336,260
Long-term borrowings
Deferred tax liabilities
Machinery, equipment and45,667
vehiclesProvision for retirement benefits for
directors (and other officers)Land
186,411
Construction in progress
84,915Retirement benefit liability
Other
8,829
Long-term deferred contribution for
construction
Intangible assets
7,390
Investments and other assets
117,756
Other
Investment securities
68,051
Total liabilities
Long-term loans receivable
689
Net assets
Deferred tax assets
6,506
Shareholders’ equity
Retirement benefit asset
19,192
Share capital
Other
23,469
Capital surplus
Allowance for doubtful accounts(153)
Retained earnings
Treasury shares
Accumulated other comprehensive
incomeValuation difference on available-forsale securities
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Non-controlling interests
Total net assets
Total assets
888,412
Total liabilities and net assets
Note: The figures presented are rounded down to the nearest million yen.

- 21 -(Millions of yen)Amount209,646
33,126
121,224
10,000
3,602
7,996
1,615
104
290
63
31,622
411,109
110,000
203,511
6,622
437
10,89562,075
17,566
620,756
259,381
43,73844,158172,144
(660)
7,261
8,906
135
(1,779)1,012
267,655
888,412

Consolidated Statement of Income(From April 1, 2019 to March 31, 2020)(Millions of yen)
Item

AmountOperating revenue
Operating expenses
Operating expenses and cost of sales of transportation
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest and dividend income
Share of profit of entities accounted for using equity method
Other
Non-operating expenses
Interest expenses
Other
Ordinary profit
Extraordinary income
Contribution for construction
Gain on sales of non-current assets
Other
Extraordinary losses
Impairment loss
Loss on tax purpose reduction entry of non-current assets
Compensation expenses
Loss on retirement of non-current assets
Other
Profit before income taxes
Income taxes - current
Income taxes - deferred
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent
Note: The figures presented are rounded down to the nearest million yen.

- 22 -

312,751
244,326
38,935

897
653
799
4,111
893

1,126
277
34
1,714
1,126
796
736
50
7,970
295

283,262
29,489

2,349

5,004
26,834

1,438

4,423
23,8508,266
15,584(66)
15,650Non-consolidated Balance Sheet(As of March 31, 2020)
Item
AssetsAmountItem
Liabilities
Current assets
61,285Current liabilities
Cash and deposits
17,023
Short-term borrowings
Railway fares receivables
802
Current portion of bonds payable
Accounts receivable
2,231
Accounts payable - other
Short-term loans receivable
9,124
Accrued expenses
Land and buildings for sale in lots
27,870
Income taxes payable
Prepaid expenses
2,751Inter-line fares received
Other current assets
1,481
Deposits received
Prepaid fares received
Advances received
Unearned revenue
Other provisions
Other current liabilities
Non-current assets
726,486
Non-current liabilities
Non-current assets - railway
315,644
Bonds payableNon-current assets - incidental
148,536
Long-term borrowings
Non-current assets - affiliated22,379Deferred tax liabilities
Construction in progress
87,775
Provision for loss on business of
subsidiaries and associates
Investments and other assets
152,150
Long-term deferred contribution for
Shares of subsidiaries and41,188construction
associates
Investment securities
51,999Asset retirement obligations
Long-term loans receivable
20,146
Other non-current liabilities
Prepaid pension cost
19,603
Total liabilities
Other
20,291
Net assets
Allowance for doubtful accounts(1,079)
Shareholders’ equity
Share capital
Capital surplus
Legal capital surplus
Other capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for tax purpose
reduction entry of non-current
assetsReserve for special depreciation
General reserve
Retained earnings brought
forwardTreasury shares
Valuation and translation adjustments
Valuation difference on available-forsale securities
Total net assets
Total assets
787,772
Total liabilities and net assets
Note: The figures presented are rounded down to the nearest million yen.

- 23 -(Millions of yen)Amount239,885
121,224
10,00031,441
3,572
656
842
1,391
3,895
4,724
1,217
63
60,855
392,627
110,000
202,642
6,599
750
62,075782
9,777
632,512
146,406
43,73840,363
17,861
22,50262,936
6,665
56,271
14,668166
2,050
39,385
(632)
8,853
8,853
155,259
787,772

Non-consolidated Statement of Income(From April 1, 2019 to March 31, 2020)(Millions of yen)
Item

AmountRailway:
Operating revenue
Operating expenses
Operating profit
Incidental:
Operating revenue
Operating expenses
Operating profit
Operating profit - all businesses
Non-operating income
Interest and dividend income
Other revenue
Non-operating expenses
Interest expenses
Other expenses
Ordinary profit
Extraordinary income
Contribution for construction
Gain on extinguishment of tie-in shares
Extraordinary losses
Loss on tax purpose reduction entry of non-current assets
Compensation expenses
Impairment loss
Loss on retirement of non-current assets
Profit before income taxes
Income taxes - current
Income taxes - deferred
ProfitNote: The figures presented are rounded down to the nearest million yen.

- 24 -

83,53971,16912,36950,45843,3497,109
19,479
2,456
451
4,103
783

1,006
54
1,006
796
768
426

2,907

4,887
17,499

1,061

2,997
15,562
3,637
636
11,288