This document has been translated from a portion of the Japanese original for reference purposes only. In theevent any discrepancy arises between this translated document and the Japanese original, the original shallprevail. The Company assumes no responsibility for this translation, or for direct, indirect, or any other form ofSecurities Code: 8804
damages that may arise from using this translation.
Securities Code: 8804
March 3, 2020
To Those Shareholders with Voting Rights:
Hitoshi Nomura
Representative Director,
President and Chief Executive Officer
Tokyo Tatemono Co., Ltd.
9-9 Yaesu 1-Chome, Chuo-ku, TokyoNOTICE OF THE 202nd ORDINARY GENERAL MEETING OF SHAREHOLDERS
You are cordially invited to attend the 202nd Ordinary General Meeting of Shareholders of Tokyo Tatemono
Co., Ltd. (hereinafter “the Company”). The meeting will be held as described below.
If you are unable to attend the meeting, you are asked to review the Reference Documents for the General
Meeting of Shareholders and exercise your voting rights by 5:30 p.m., Tuesday, March 24, 2020, by either one of
the following methods indicated on the next page.
Date and Time:

10:00 a.m., Wednesday, March 25, 2020 (Reception starts at 9:00 a.m.)

Place:

Tokyo Convention Hall, 5F Tokyo Square Garden
1-1 Kyobashi 3-Chome, Chuo-ku, Tokyo

Agenda of the Meeting:
Matters to be reported:

The Business Report, the Consolidated Financial Statements and the NonConsolidated Financial Statements for the 202nd Fiscal Term (from January 1,
2019 to December 31, 2019), as well as the results of audits by the Accounting
Auditor and Audit and Supervisory Board of the Consolidated Financial
Statements

Proposals to be resolved:
Appropriation of Surplus
Proposal No. 1
Election of Two (2) Audit and Supervisory Board Members
Proposal No. 2
Election of One (1) Substitute Audit and Supervisory Board Member
Proposal No. 3-1-

Guide to Exercise of Voting Rights
If you are attending the General Meeting of Shareholders
Please present the enclosed Voting Rights Exercise Form at the reception desk of the venue.
Please bring this booklet with you for your reference.
Date/time of convocation of the General Meeting of Shareholders

10:00 a.m., Wednesday, March 25, 2020

If you wish to exercise your voting rights by proxy, you may appoint one other shareholder who owns theCompany’s voting shares as your proxy; in such case, however, the submission of a document proving yourauthorization of said shareholder as your proxy is required.
The meeting will be held in Japanese. Please be informed that the Company will not be arranging for aninterpreter to be present.
Exercise of voting rights in writing (by postal mail)Please return the enclosed Voting Rights Exercise Form indicating your approval or rejection of the proposals to
be made at the above meeting, so that the Company receives it by the exercise deadline.
Exercise deadline

Form must arrive by 5:30 p.m., Tuesday, March 24, 2020

Exercise of voting rights by electromagnetic means (via the Internet, etc.)
If you wish to exercise your voting rights via the Internet, please refer to the next page, follow the instructions on
the screen, and indicate your approval or rejection of the proposal.
Exercise deadline

5:30 p.m., Tuesday, March 24, 2020

“Net de Shoshu” (Japanese only)
The main content of this Notice is available on your PC/smartphone.
Access the website below or scan the QR code to access the website to read the Notice.
https://s.srdb.jp/8804/

In the event that you exercise your voting rights both by electromagnetic means (via the Internet, etc.) and by
returning the Voting Rights Exercise Form, only those votes cast via the Internet, etc., shall be deemed effective.
In the event that you exercise your voting rights more than once via the Internet, etc., only the last cast vote shallbe deemed effective.
Disclosure via the Internet on our website (https://www.tatemono.com/ir/)- Of the documents that should be attached to this Notice, Matters Related to Subscription Rights to Shares andOverview of the Structures to Ensure Appropriateness of Business Operations and Operational Status in theBusiness Reports, Consolidated Statements of Changes in Shareholders’ Equity and Notes to Consolidated
Financial Statements in the Consolidated Financial Statements, and Statements of Changes in Shareholders’Equity and Notes to Non-Consolidated Financial Statements in the Non-Consolidated Financial Statements
are posted on our website (https://www.tatemono.com/ir/) (available in Japanese only) in accordance with thelaws and regulations and Article 16 of the Articles of Incorporation of the Company, and not included in theattached documents related to matters to be reported. The documents provided on our website above havebeen audited as part of the Business Report, Consolidated and Non-Consolidated Financial Statements whenthe Audit Report was prepared by the Audit and Supervisory Board Members or by the Audit and Supervisory
Board Members and the Accounting Auditor.
-2-

- After preparation of this document, in the event that changes are made to any of the Reference Documents for
the General Meeting of Shareholders, Business Reports, or Consolidated and Non-Consolidated Financial
Statements, the amended documents will be posted on our website mentioned above.
- The voting results on the resolutions of this General Meeting of Shareholders shall be posted on our website
mentioned above.

-3-

Exercise of Voting Rights via the Internet
1. Using “Smart Exercise” by scanning the QR code
“Smart Exercise”
No need to enter the code for exercising voting rights (ID) or the password
Voting Rights Exercise Form (front)
Please scan the QR Code* printed on the right-hand side of the enclosed Voting Rights Exercise Form with yoursmartphone etc., access the “Smart Exercise” website designated by the Company, follow the instructions on thescreen, and indicate your approval or rejection of the proposal.
If you wish to change your vote after exercising your voting rights by “Smart Exercise,” follow the method describedin 2. below and change your vote.

2. Entering the code for exercising voting rights (ID) and the password
https://soukai.mizuho-tb.co.jp/
1. Access the designated website for exercising voting rights (URL indicated above).
Click “Proceed.”

2. Log in.
Enter the code for exercising voting rights (ID) and the password printed on the right-hand side of the reverse sideof the enclosed Voting Rights Exercise Form.
You will be asked to change your password when you log in for the first time.
Then, follow the instructions on the screen, and indicate your approval or rejection of the proposal.
 The code for exercising voting rights (ID) and password (including your chosen password) shall be effective
only for this General Meeting of Shareholders. At the time of the next General Meeting of Shareholders, a newcode and password will be issued.
 Since the password is a means to confirm that the person exercising voting rights is the relevant shareholder,please handle it with care. The Company or the shareholder register administrator will not contact you to ask foryour password.
 If you enter your password incorrectly a certain number of times, you will no longer be able to use it. If thisoccurs, please complete the procedures indicated in the guidance on the screen.

Inquiries
If you have any inquiries, please contact the Securities Agent Department of Mizuho Trust & Banking Co., Ltd.,
which is the Company’s shareholder register administrator, as shown below.
 Inquiries regarding operation of Smart Exercise and the website for exercising voting rights:
Tel: 0120-768-524 (toll free only from Japan) (Business hours: 9:00 a.m. to 9:00 p.m. on weekdays) Inquiries regarding share procedures other than the above:Tel: 0120-288-324 (toll free only from Japan) (Business hours: 9:00 a.m. to 5:00 p.m. on weekdays)*The “QR Code” is a registered trademark of DENSO WAVE INCORPORATED.

-4-

(Reference) Institutional investors may use the platform operated by ICJ, Inc. to electronically exercise the voting rights for this
General Meeting of Shareholders.

-5-Reference Documents for General Meeting of Shareholders
Proposal and references
Proposal No. 1:
Appropriation of Surplus
The Company’s basic policy regarding profit distribution is to steadily maintain and improve its dividend payout
ratio while comprehensively accounting for future operations, business expansion, and business outlook, as wellas to enhance retained earnings to be used for reinvestment for improving its corporate value. Also, the Company
aims to provide a dividend payout ratio of around 30%.
The business environment is expected to remain unpredictable moving forward. However, the following yearend dividends for this fiscal term are proposed in consideration of the above policy and the business performancefor the term.
The Company’s baseline dividend payout ratio for the period covered by the medium-term business plan (thefiscal term ending December 31, 2020 to the fiscal term ending December 31, 2024), which will be launched in
the next fiscal term, is at least 30%.
Year-end dividends:(1)
Type of dividend property: Cash
(2)
Details of the allotment of dividend property: ¥22 per share of the Company’s common stock
Total amount: ¥4,601,027,090
The Company paid an interim dividend of ¥19 per share. As a result, the annual dividend for the term
shall be ¥41 per share.
(3)
Date on which dividends from surplus become effective: March 26, 2020== Reference == <Acquisition, etc. of own shares>
At its meeting held on January 18, 2019, the Company’s Board of Directors passed a resolution to acquire theCompany’s own shares and the Company acquired 7,795,700 shares of its common stock on the Tokyo Stock
Exchange at an acquisition cost of ¥9,999,985,500 during the period from February 6, 2019 to December 31,
2019.
At its meeting held on January 20, 2020, the Company’s Board of Directors passed a resolution to cancel the
Company’s own shares and the Company cancelled 7,795,700 shares of its common stock as of January 31, 2020.

-6-

Proposal No. 2:
Election of Two (2) Audit and Supervisory Board Members
The term of office of Audit and Supervisory Board Members Mr. Takashi Yoshino and Ms. Sayaka Hieda will
expire upon the conclusion of this Ordinary General Meeting of Shareholders. Accordingly, it is proposed that thefollowing two (2) nominees be appointed as Audit and Supervisory Board Members.
The nominees for Audit and Supervisory Board Members are as follows.
The Audit and Supervisory Board has consented to this proposal.

No.

Name
(Date of birth)

1

Takashi Yoshino(December 6, 1960)
For reappointment
Number of theCompany’s shares held:
200
Served as Audit andSupervisory Board
Member for 1 year to
dateAttended 11 out of 11
meetings of Board of
Directors in fiscal term
ended Dec. 31, 2019(100%)

Brief personal profile, title and important concurrent positions with companies other than the
Company
April 1983
Joined The Yasuda Fire and Marine Insurance Co., Ltd.
April 2009
General Manager of Marine Insurance Office of Sompo Japan InsuranceInc.
October 2011
President and Director of Sompo Japan Nipponkoa Insurance Company ofEurope Limited (retired in March 2016)
April 2013
General Manager of Europe Division of Sompo Japan Insurance Inc.
April 2014
Executive Officer and General Manager of Europe Division of Sompo
Japan Insurance Inc.
Executive Officer and General Manager of Europe Division of
NIPPONKOA Insurance Co., Ltd.
September 2014
Executive Officer and General Manager of Europe Division of Sompo
Japan Nipponkoa Insurance Inc.
Executive Officer and General Manager of Europe Division of Sompo
Japan Nipponkoa Holdings, Inc. (retired in March 2016)
April 2016
Executive Vice President of Sompo Japan Nipponkoa Insurance Inc.
April 2018
Executive Vice President and General Manager of Enterprise Market
Promotion Division of Sompo Japan Nipponkoa Insurance Inc. (retired in
March 2019)
March 2019
Audit and Supervisory Board Member (full-time) of the Company (to thepresent)

Attended 11 out of 11
meetings of Audit andSupervisory Board in
fiscal term ended Dec.
31, 2019 (100%)
Reasons for selection as a nominee for Audit and Supervisory Board Member:
Mr. Takashi Yoshino was selected as a nominee for Audit and Supervisory Board Member, on the basis of his considerable
management experience and wide-ranging insight, in the expectation that he will leverage these qualities to continue tocontribute to the strengthening of the audit system.

Notes:
1. No special relationships of interest exist between the Company and the nominee for Audit and Supervisory
Board Member.
2. The Company has concluded a contract with Mr. Takashi Yoshino to limit his liability for damages specified
in Article 423, Paragraph 1 of the Companies Act, in accordance with the provision in Article 427, Paragraph
1 of the Companies Act. The amount of the limit for the liability for damages under this contract shall be theamount specified by laws and regulations. If Mr. Takashi Yoshino is reappointed as proposed, the Company
plans to continue the above-mentioned contract with him.

-7-

No.

2

Name
(Date of birth)

Sayaka Hieda(October 22, 1978)
For reappointment
External
Independent
FemaleBrief personal profile, title and important concurrent positions with companies other than the
Company
September 2007
Registered as a lawyer
September 2007
Joined HANZOMON SOGO LAW OFFICE (resigned in December 2009)
January 2010
Joined OMOTESANDO SOGO LAW OFFICE (to the present)
March 2019
External Audit and Supervisory Board Member of the Company (to thepresent)

Number of theCompany’s shares held:
0Served as Audit andSupervisory Board
Member for 1 year to
dateAttended 11 out of 11
meetings of Board of
Directors in fiscal term
ended Dec. 31, 2019(100%)
Attended 11 out of 11
meetings of Audit andSupervisory Board in
fiscal term ended Dec.
31, 2019 (100%)
Reasons for selection as a nominee for External Audit and Supervisory Board Member:
Ms. Sayaka Hieda was selected as a nominee for External Audit and Supervisory Board Member, on the basis of her
specialized knowledge and experience as a lawyer, in the expectation that she will leverage these qualities to continue tocontribute to the strengthening of the audit system from an independent point of view.
Important concurrent positions with companies other than the Company:
Lawyer, OMOTESANDO SOGO LAW OFFICE

Notes:
1. No special relationships of interest exist between the Company and the nominee for Audit and Supervisory
Board Member.
2. Ms. Sayaka Hieda is a nominee for External Audit and Supervisory Board Member.
3. The Company has concluded a contract with Ms. Sayaka Hieda to limit her liability for damages specified in
Article 423, Paragraph 1 of the Companies Act, in accordance with the provision in Article 427, Paragraph 1of the Companies Act. The amount of the limit for the liability for damages under this contract shall be theamount specified by laws and regulations. If Ms. Sayaka Hieda is reappointed as proposed, the Company
plans to continue the above-mentioned contract with her.
4. Although Ms. Sayaka Hieda has never been involved in corporate management other than serving as anexternal officer, the Company judges that her specialized knowledge and experience as a lawyer make her asuitable person for the position of External Audit and Supervisory Board Member.
5. Ms. Sayaka Hieda is currently an External Audit and Supervisory Board Member of the Company and she
will have served for one (1) year since her appointment at the time of conclusion of this Ordinary General
Meeting of Shareholders.
6. The Company has notified the Tokyo Stock Exchange (TSE) of the status of Ms. Sayaka Hieda as an
Independent Audit and Supervisory Board Member in compliance with TSE provisions.
7. The name of Ms. Sayaka Hieda on the family register is Sayaka Kimura.
(Reference: Policy and procedure for the appointment of nominees for Directors and Audit and Supervisory
Board Members)
By comprehensively judging their character, ability, knowledge and experience, the Company selects persons as
executives capable of contributing to improving the corporate value of the Tokyo Tatemono Group over the
medium to long term, and nominates them as candidates for Directors and Audit and Supervisory Board Members.
Appointment and dismissal of Representative Directors and nomination of candidates for Directors and Audit andSupervisory Board Members are subject to the resolution of the Board of Directors based on the deliberation of
the Nomination/Compensation Advisory Committee which mainly consists of independent external directors.
-8-

Proposal No. 3:
Election of One (1) Substitute Audit and Supervisory Board Member
To prepare for any shortage in the number of Audit and Supervisory Board Members from the number provided
for in laws and regulations, it is proposed that the following one (1) nominee be appointed as Substitute Audit andSupervisory Board Member in advance pursuant to the provision of Article 329, Paragraph 3 of the Companies
Act.
It is also proposed that the appointment be made revocable by the resolution of the Board of Directors with theconsent of the Audit and Supervisory Board, provided that such resolution takes place before his/her appointment.
The nominee for Substitute Audit and Supervisory Board Member is as follows.
The Audit and Supervisory Board has consented to this proposal.
Name(Date of birth)

Masahiro Uehara(April 8, 1946)
External
Independent

Brief personal profile, title and important concurrent positions with companies other than the
Company
March 1975
Registered as a Certified Public Accountant
July 1984
Established Certified Public Accountant Office of Masahiro Uehara; Head ofCertified Public Accountant Office of Masahiro Uehara (to the present)
March 2014
External Audit and Supervisory Board Member of the Company (retired in
March 2016)

Number of theCompany’s shares held:
0
Reasons for selection as a nominee for Substitute External Audit and Supervisory Board Member:
Mr. Masahiro Uehara was selected as a nominee for Substitute External Audit and Supervisory Board Member, on the basis of
his specialized knowledge and experience as a Certified Public Accountant, in the expectation that he will leverage thesequalities to contribute to the strengthening of the audit system from an independent point of view.
Important concurrent positions with companies other than the Company:
Certified Public Accountant, Head of Uehara Certified Public Accountant Office
Audit member, Zama City, Kanagawa Prefecture

Notes:
1. No special relationships of interest exist between the Company and the nominee for Substitute Audit andSupervisory Board Member.
2. Mr. Masahiro Uehara is a nominee for Substitute External Audit and Supervisory Board Member.
3. If Mr. Masahiro Uehara is appointed as External Audit and Supervisory Board Member, the Company plans toconclude a contract with him to limit his liability for damages specified in Article 423, Paragraph 1 of theCompanies Act, in accordance with the provision in Article 427, Paragraph 1 of the Companies Act. The
amount of the limit for the liability for damages under this contract shall be the amount specified by laws andregulations.
4. Although Mr. Masahiro Uehara has never been involved in corporate management other than serving as anexternal officer, the Company judges that his specialized knowledge and experience as a Certified Public
Accountant make him a suitable person for the position of External Audit and Supervisory Board Member.
5. Mr. Masahiro Uehara satisfies the requirements for Independent Audit and Supervisory Board Members incompliance with TSE provisions. If Mr. Masahiro Uehara is appointed External Audit and Supervisory Board
Member, the Company intends to notify the TSE of the status of Mr. Masahiro Uehara as an Independent Audit
and Supervisory Board Member.

-9-* This is an excerpt translation of the Business Report (Japanese original).

Business Report (from January 1, 2019 to December 31, 2019)
1. Shares of the Company(1) The number of shares
Total number of shares authorized to be issued
Total number of shares outstanding

400,000,000 shares
216,963,374 shares(including 7,825,779 sharesof treasury stock)(Note) The number of shares of treasury stock does not include 120,600 shares owned by the Board Benefit Trust.

(2) Number of shareholders
Number of shareholders

13,339 persons(3) Major shareholders
Shareholder name

Number of shares

Shareholding ratio

thousand shares%

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

20,4309.77

Japan Trustee Services Bank, Ltd. (Trust Account)

17,2508.25

J.P. MORGAN BANK LUXEMBOURG S.A. 384500

9,098

4.35

Sompo Japan Nipponkoa Insurance Inc.

4,744

2.27

Meiji Yasuda Life Insurance Company

4,729

2.26

THE BANK OF NEW YORK MELLON 140051

4,396

2.10

Japan Trustee Services Bank, Ltd. (Trust Account 5)

4,369

2.09

SMBC Nikko Securities Inc.

3,244

1.55

JP MORGAN CHASE BANK 385151

3,211

1.54

BNYM AS AGT/CLTS 10 PERCENT

3,039

1.45

(Notes) 1. The Company’s treasury shares (7,825,779 shares) were excluded in the calculation of the shareholding ratio.
2. The Company holding treasury stock (7,825,779 shares) is excluded from the major shareholders listed above.

(4) Other important matters concerning shares
At its meeting held on January 18, 2019, the Company’s Board of Directors passed a resolution to acquire
the Company’s own shares and the Company acquired 7,795,700 shares of its common stock on the Tokyo
Stock Exchange at an acquisition cost of ¥9,999,985,500 during the period from February 6, 2019 to
December 31, 2019.
At its meeting held on January 20, 2020, the Company’s Board of Directors passed a resolution to cancel
the Company’s own shares and the Company cancelled 7,795,700 shares of its common stock as of January
31, 2020.
-10-2. Company Officers(1) Directors and Audit and Supervisory Board Members
Position

Areas of responsibility and importantconcurrent positions
Director and Chairman of Tokyo Tatemono
Real Estate Sales Co., Ltd.

Name

Representative Director andChairman

Makio Tanehashi

President and Chief
Executive Officer, andRepresentative Director

Hitoshi Nomura

Masami Kamo

Division Director of Real Estate Solution
Service Division
President & Chief Executive Officer ofTokyo Tatemono Real Estate Sales Co.,Ltd.

Kengo Fukui

Responsible for Kansai Branch, Sapporo
Branch, Kyushu Branch and Nagoya
Branch; and Division Director ofCommercial Properties Division

Katsuhito Ozawa

Responsible for Corporate
Communications Department, Finance
Department, and Accounting Department;
Division Director of International Business
Division; and General Manager ofInternational Business Department

Akira Izumi

Responsible for Personnel Department,
Corporate Planning Department, General
Affairs Department, and Market Research
Department; and General Manager ofCorporate Planning Department

Executive Managing Officer
and Director

Hisatoshi Kato

Division Director of Senior Business
Division and Leisure Business Division;and General Manager of Business Planning
Department of Senior Business Division
and Business Planning Department of
Leisure Business Division
President and CEO of Tokyo Tatemono
Senior Life Support Co., Ltd.

Executive Managing Officer
and Director

Hideshi Akita

Division Director of Residential
Development Division

Director

Yoshiyuki Imai

Director

Yoshimitsu Onji

Director

Shuichi Hattori

Director

Mitsuhiro Nagahama

Audit and Supervisory
Board Member(full-time)

Kouji Kawakubo

Audit and Supervisory
Board Member(full-time)

Takashi Yoshino

Audit and Supervisory
Board Member

Takao Yamaguchi

Senior Executive Managing
Officer and Director

Senior Executive Managing
Officer and Director

Executive Managing Officer
and Director

Executive Managing Officer
and Director-11-Position
Audit and Supervisory
Board Member(Notes)Areas of responsibility and importantconcurrent positions

Name
Sayaka Hieda

1.

Mr. Yoshiyuki Imai, Mr. Yoshimitsu Onji, Mr. Shuichi Hattori, and Mr. Mitsuhiro Nagahama are External
Directors stipulated in Article 2, Item 15 of the Companies Act. The Company has notified the TSE of theirstatus as Independent Directors in compliance with TSE provisions.
2. Mr. Takao Yamaguchi and Ms. Sayaka Hieda are External Audit and Supervisory Board Members stipulated in
Article 2, Item 16 of the Companies Act. The Company has notified the TSE of their status as Independent Audit
and Supervisory Board Members in compliance with TSE provisions.
3. Important concurrent positions held by External Directors and External Audit and Supervisory Board Members
are described in “(4) External Officers” below.
4. Mr. Takao Yamaguchi is a certified public accountant and has considerable financial and accounting knowledge.
5. At the 201st Ordinary General Meeting of Shareholders held on March 27, 2019, Mr. Hisatoshi Kato, Mr. Hideshi
Akita, Mr. Shuichi Hattori, and Mr. Mitsuhiro Nagahama were newly elected and assumed office as Directors
and Mr. Takashi Yoshino and Ms. Sayaka Hieda were newly elected and assumed office as Audit and Supervisory
Board Members.
6. Upon the conclusion of the 201st Ordinary General Meeting of Shareholders held on March 27, 2019, Mr.
Hajime Sakuma, Mr. Hisao Shibayama, Mr. Kyonosuke Sasaki, and Mr. Norimasa Kuroda retired from theirpositions as Directors and Mr. Toshiyuki Hanazawa and Mr. Shuichi Hattori resigned from their positions as
Audit and Supervisory Board Members.
7. The term of office of each Director shall be from the conclusion of the 201st Ordinary General Meeting of
Shareholders held on March 27, 2019 to the conclusion of the Ordinary General Meeting of Shareholders for the203rd Fiscal Term from January 1, 2020 to December 31, 2020.
8. The term of office of Audit and Supervisory Board Members Mr. Kouji Kawakubo and Mr. Takao Yamaguchi
shall be from the conclusion of the 201st Ordinary General Meeting of Shareholders held on March 27, 2019 tothe conclusion of the Ordinary General Meeting of Shareholders for the 205th Fiscal Term from January 1, 2022
to December 31, 2022.
9. The term of office of Audit and Supervisory Board Member Mr. Takashi Yoshino and Ms. Sayaka Hieda shallbe from the conclusion of the 201st Ordinary General Meeting of Shareholders held on March 27, 2019 to theconclusion of the Ordinary General Meeting of Shareholders for the 202nd Fiscal Term from January 1, 2019 to
December 31, 2019.
10. The name of Ms. Sayaka Hieda on the family register is Sayaka Kimura.
11. The Company has introduced the managing officer system. Directors excluding External Directors andManaging Officers of the Company as of January 1, 2020, are as follows.

Position
Representative Director andChairman

Makio Tanehashi

President and Chief
Executive Officer, andRepresentative Director

Hitoshi Nomura

Senior Executive Managing
Officer and Director

Senior Executive Managing
Officer and Director

Areas of responsibility and importantconcurrent positions
Director and Chairman of Tokyo Tatemono
Real Estate Sales Co., Ltd.

Name

Masami Kamo

Responsible for Solution Service
Department (joint responsibility); Division
Director of Real Estate Solution Service
Division
President & Chief Executive Officer ofTokyo Tatemono Real Estate Sales Co.,Ltd.

Kengo Fukui

Responsible for Kansai Branch, Sapporo
Branch, Kyushu Branch and Nagoya
Branch; and Division Director ofCommercial Properties Division-12-

Position

Executive Managing Officer
and Director

Areas of responsibility and importantconcurrent positions
Responsible for Corporate
Communications Department, Finance
Department and Accounting Department;
Division Director of International Business
Division; and General Manager ofInternational Business Department

Name

Katsuhito Ozawa

Akira Izumi

Responsible for Personnel Department,
Corporate Planning Department, General
Affairs Department, Market Research
Department, Solution Service Department(joint responsibility) and ICT and Digital
Strategy Promotion Department

Executive Managing Officer
and Director

Hisatoshi Kato

Division Director of Senior Business
Division and Leisure Business Division
President and CEO of Tokyo Tatemono
Senior Life Support Co., Ltd.

Executive Managing Officer
and Director

Hideshi Akita

Division Director of Residential
Development Division

Managing Officer

Masami Tashiro

General Manager of Project Development
Department

Managing Officer

Satoshi Eida

General Manager of Kansai Branch andGeneral Manager of Project Management(Kansai) Department

Managing Officer

Takeshi Jinbo

Vice Division Director of Residential
Development Division and General
Manager of Acquisitions Department

Managing Officer

Shinjiro Kobayashi

General Manager of Urban Development
Department

Managing Officer

Nobuyoshi Takahashi

General Manager of General Affairs
Department

Managing Officer

Masayuki Okubo

General Manager of Business Planning
Department of Residential Development
DivisionManaging Officer

Kazuki Sugise

President and Representative Director ofPrime Place Co., Ltd.

Managing Officer

Yusuke Mishima

General Manager of Accounting
Department

Managing Officer

Katsuhiko Tamai

President and Representative Director of
Nihon Parking Corporation

Executive Managing Officer
and Director-13-(2) Summary of the Liability Limitation Contract
In accordance with the provisions in Article 427, Paragraph 1 of the Companies Act, the Company has
concluded a contract with each Director (excluding Executive Directors, etc.) and each Audit and Supervisory
Board Member to limit their liability for damages specified in Article 423, Paragraph 1 of the Companies Act.
The amount of the limit for the liability for damages under this contract shall be the amount specified by laws
and regulations.
(3) Compensation to Directors and Audit and Supervisory Board Members

Category of officers

Number ofpayeesTotal amount by
category of compensation, etc.
Fixed
PerformanceShare-based
compensation
linkedcompensationcompensation

persons

million yen

Total amount
paid
million yen

million yen
million yen

Directors
16
286
183
33
504
[External, inclusive]
[6]
[28]
[-]
[-]
[28]
Audit and Supervisory
6
64
64
Board Members
[3]
[12]
[-]
[-]
[12]
[External, inclusive]
Total
22
351
183
33
569
[External, inclusive]
[9]
[40]
[-]
[-]
[40]
(Note) Compensation for Directors excluding External Directors (hereinafter referred to as “Internal Directors”)
of the Company consists of fixed compensation, performance-linked compensation and share-based
compensation and compensation for External Directors consists of fixed compensation.
Fixed compensation is limited to not more than ¥35 million a month as resolved at the 190th Ordinary
General Meeting of Shareholders held on March 28, 2008 and performance-linked compensation is limited
to not more than 1% of consolidated ordinary income and not more than 2% of consolidated net income(net income attributable to owners of the parent) for the previous fiscal year as resolved at the 195th
Ordinary General Meeting of Shareholders held on March 28, 2013. Compensation for each Internal
Director is determined by the Board of Directors based on the deliberation of theNomination/Compensation Advisory Committee which mainly consists of independent external directors.
Share-based compensation is a maximum of 40,000 points (equivalent to 40,000 shares) for each fiscal
year based on the Board Benefit Trust as resolved at the 200th Ordinary General Meeting of Shareholders
held on March 28, 2018.
Compensation for Audit and Supervisory Board Members is limited to not more than ¥8 million per month
as resolved at the 190th Ordinary General Meeting of Shareholders held on March 28, 2008.
== Reference == <Director compensation>

Not more than ¥35 million amonth

Not more than 1% ofconsolidated ordinary income
and not more than 2% of net
income attributable to ownersof the parent for the previous
fiscal year

A maximum of 40,000 points
for each fiscal year
(equivalent to 40,000 shares)

Internal Directors

Fixed compensation

Performance-linked
compensation

Share-based compensation

External Directors

Fixed compensation

—

—

-14-

(4) External Officers
1. Important concurrent positions
Category
External Director

External Director
External Director

External Audit andSupervisory Board Member

External Audit andSupervisory Board Member

Name

Concurrent office
OZ Corporation
NIHON CHOUZAI Co.,
Ltd.
United Foods International
Co., Ltd.
Hattori General Law Firm

Yoshimitsu Onji

Shuichi Hattori
Mitsuhiro Nagahama

Azbil Corporation
Kuraray Co., Ltd.
Japan Economic ResearchInstitute
Yamaguchi Certified Public
Accountant Office
SATO HOLDINGSCORPORATION

Takao Yamaguchi
KYORIN Holdings, Inc.
Lion Corporation
Sayaka Hieda

OMOTESANDO SOGOLAW OFFICE

Title
CEO
Outside Director
Audit and Supervisory
Board Member
LawyerOutside Director
Outside Company Auditor
Representative Director
Certified public accountant
External Audit &Supervisory Board
MemberOutside Corporate Auditor
External Audit &Supervisory Board
MemberLawyer(Notes) 1. The Company and Azbil Corporation have transactions, such as contracting of building facilities management services andthe amount of transactions with Azbil Corporation in the fiscal year ended December 31, 2019 accounted for less than 1%of the Company’s consolidated revenue from operations.
2. The Company is a member of the Japan Economic Research Institute but the total membership fee paid was less than ¥1
million in the fiscal year ended December 31, 2019.
3. There are no special relationships of interest between the Company and the concurrent offices listed above.

(5) Main activities in the fiscal year under review
Category
Name

Main activities

External Director

Yoshiyuki
Imai

Participated in all 15 meetings of the Board of Directors during the
fiscal year under review; provided opinions on agendas and issues byharnessing his knowledge and experience as necessary.

External Director

Yoshimitsu
Onji

Participated in all 15 meetings of the Board of Directors during the
fiscal year under review; provided opinions on agendas and issues byharnessing his knowledge and experience as necessary.

External Director

Shuichi
Hattori

External Director

Mitsuhiro
Nagahama

Participated in all 11 meetings of the Board of Directors during his
service as External Director in the fiscal year under review; provided
opinions on agendas and issues by harnessing his knowledge andexperience as necessary.
Participated in 10 out of 11 meetings of the Board of Directors
during his service as External Director in the fiscal year underreview; provided opinions on agendas and issues by harnessing his
knowledge and experience as necessary.

External Audit and Supervisory Takao
Board Member
Yamaguchi

Participated in all 15 meetings of the Board of Directors and all 15
meetings of the Audit and Supervisory Board during the fiscal year
under review; provided opinions on agendas and issues byharnessing his knowledge and experience as necessary.

External Audit and Supervisory
Sayaka Hieda
Board Member

Participated in all 11 meetings of the Board of Directors and all 11
meetings of the Audit and Supervisory Board during her service as
External Audit and Supervisory Board Member in the fiscal year
under review; provided opinions on agendas and issues byharnessing her knowledge and experience as necessary.
-15-

(Note) In addition to the above, Mr. Shuichi Hattori participated in all 4 meetings of the Board of Directors during his service as
External Audit and Supervisory Board Member in the fiscal year under review; provided opinions on agendas and issues byharnessing his knowledge and experience as necessary.

-16-Consolidated Balance Sheets(Millions of yen)
As of December 31, 2019 As of December 31, 2018

Item
AssetsCurrent assets
Cash and deposits
Notes and operating accounts receivable
Real estate for sale
Real estate for sale in progress
Real estate for development
Other current assets
Allowance for doubtful accounts
Fixed assets
Property and equipment
Buildings and structures
Land
Construction in progress
Other property and equipment
Intangible assets
Leaseholds
Other intangible assets
Investments and other assets
Investment securities
Investments in silent partnerships
Long-term loans
Deferred income taxes
Lease and guarantee deposits
Net defined benefit asset
Other investments and other assets
Allowance for doubtful accounts
Total Assets
Note: Figures less than a million are rounded down.

424,600
39,504
13,179151,004
98,216
88,104
34,635(45)
1,139,449
789,628
214,312550,565
13,928
10,822
113,076
110,7452,330
236,745
155,858
4,469
6
1,900
21,754
1,819
51,033(97)
1,564,049-17-353,358
31,716
11,876104,221
101,059
78,15726,369(43)
1,096,732
772,800
225,265
527,272
8,479
11,782
110,416
106,083
4,332
213,515
127,788
4,904
7
1,855
21,232858
56,966(98)
1,450,091

(Millions of yen)
As of December 31, 2019 As of December 31, 2018

Item
Liabilities
Current liabilities
Short-term borrowings
Commercial papers
Current portion of bonds
Accounts payable, trade
Accrued income taxes
Provision for compensation for completed construction
Provision for bonuses
Provision for bonuses to directors
Provision for environmental measures
Provision for loss on liquidation of subsidiaries andaffiliates
Deposits received under Real Estate Specified Joint
Enterprise Act
Other current liabilities
Long-term liabilities
Bonds
Long-term borrowings
Deferred income taxes
Deferred income taxes on land revaluation
Provision for board benefit trust
Provision for retirement benefits for directors
Provision for environmental measures
Guarantee deposits received
Net defined benefit liability
Deposits received under Real Estate Specified Joint
Enterprise Act
Other long-term liabilities
Total Liabilities
Net Assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Non-controlling interests
Total Net Assets
Total Liabilities and Net Assets
Note: Figures less than a million are rounded down.

-18-409,242
226,11985,00015,000
11,482
8,321
9
903
24
3

185,924
65,92533,00015,00011,193
5,835
10
929
43
-

280

-

8,991

8,042

53,107
770,595
210,000
385,932
26,65027,18788192
26
77,062
12,09945,944
907,588
145,000
594,449
20,29927,27753
169
30
75,245
11,477

15,091

18,60016,263
1,179,837

14,985
1,093,512

278,133
92,451
66,744
129,170(10,232)
96,87465,002
31,022
248
600
9,203
384,2111,564,049

266,404
92,451
66,722
107,468(237)
81,72649,85930,932872
61
8,447
356,578
1,450,091

Consolidated Statement of Income
From January 1, 2019 to
December 31, 2019
323,036

Item
Revenue from operations(Millions of yen)
From January 1, 2018 to
December 31, 2018273,302

Cost of revenue

233,342

192,134

Gross profit

89,694

81,16837,28334,402

Operating income

52,41046,765Non-operating income

3,537

3,593

2,883

2,420

-

408

Subsidy income

319

430

Other non-operating income

334

333

Non-operating expenses

11,3358,321Interest expenses

6,970

6,020

Borrowing fee
Share of loss of entities accounted for using equity
methodBond issuance cost
Dividends paid under Real Estate Specified Joint
Enterprise Act
Loss on investments in investment partnerships

1,159

1,156

742

-

728

206

213

351

1,207

47

313

538

Ordinary income

44,61142,036Extraordinary income

2,932

720

75

54

1,858

28

710

-

288

637

2,215

2,655

Loss on sales of fixed assets

00Loss on disposal of fixed assets

262

159

1,350

2,495

321

-

Selling, general and administrative expenses

Interest and dividend income
Equity in earnings of affiliated companies

Other non-operating expenses

Gain on sales of fixed assets
Gain on sale of investment securities
Gain on liquidation of subsidiaries and affiliates
Gain on sales of investments in subsidiaries andaffiliates
Extraordinary loss

Impairment loss
Loss on sales of investments in subsidiaries andaffiliates
Provision for loss on liquidation of subsidiaries andaffiliates
Income before income taxes

280-

45,32940,101

Current income taxes

15,244

13,266

Deferred income taxes(739)(1,321)

Net income

30,82428,155

Net income attributable to non-controlling interests

1,027

878

Net income attributable to owners of the parent
Note: Figures less than a million are rounded down.

29,79627,277-19-

Consolidated Statement of Changes in Shareholders’ Equity(From January 1, 2019 to December 31, 2019)(Millions of yen)
Shareholders’ equity

Balance at beginning of thecurrent term
Changes in items during
the term
Dividends from surplus
Net income attributable toowners of the parent
Acquisition of treasury
stock
Disposal of treasury stock
Change in ownershipinterest of parent due totransactions with noncontrolling interests
Net amount of changes in
items other thanshareholders’ equity
Total amount of changes
during the term
Balance at end of thecurrent term

Capital stock

Capital surplus

92,451

66,722Retainedearnings

Treasury stock

Total
shareholders’equity(237)

266,404

107,468(8,095)(8,095)29,796

29,7960(10,004)(10,004)

10

10

22

22

-

22

21,701(9,994)

11,72892,451

66,744

129,170(10,232)

278,133

Accumulated other comprehensive income
Valuation difference on
Revaluation
available-forreserve for landsale securities

Balance at beginning of the49,85930,932current term
Changes in items during theterm
Dividends from surplus
Net income attributable toowners of the parent
Acquisition of treasury
stock
Disposal of treasury stock
Change in ownershipinterest of parent due totransactions with noncontrolling interests
Net amount of changes in
items other than
15,14390
shareholders’ equity
Total amount of changes
15,14390
during the term
Balance at end of the current
65,002
31,022term
Note: Figures less than a million are rounded down.

-20-

Total
Foreign currency Remeasurements accumulated
otherof definedtranslation
comprehensive
benefit plansadjustments
income872

61

81,726

Noncontrollinginterests

Total net
assets

8,447

356,578(8,095)29,796(10,004)
10
22

(623)

538

15,148755

15,904(623)

538

15,148755

27,633248

600

96,874

9,203

384,211(From January 1, 2018 to December 31, 2018)(Millions of yen)
Shareholders’ equity

Balance at beginning of thecurrent term
Changes in items during
the term
Dividends from surplus
Net income attributable toowners of the parent
Acquisition of treasury
stock
Disposal of treasury stock
Change of scope of
consolidation
Net amount of changes in
items other thanshareholders’ equity
Total amount of changes
during the term
Balance at end of thecurrent term

Capital stock

Capital surplus

92,451

66,722Retainedearnings

Treasury stock

Total
shareholders’equity(32)

246,295

87,153(6,942)(6,942)

27,27727,277
(205)

(205)

0

0

(0)
(20)

(20)

-

(0)

20,314(205)

20,10992,451

66,722

107,468(237)

266,404

Accumulated other comprehensive income
Valuation difference on
Revaluation
available-forreserve for landsale securities

Balance at beginning of the62,50830,932current term
Changes in items during theterm
Dividends from surplus
Net income attributable toowners of the parent
Acquisition of treasury
stock
Disposal of treasury stock
Change of scope of
consolidation
Net amount of changes in
items other than
(12,649)
shareholders’ equity
Total amount of changes(12,649)
during the term
Balance at end of the current
49,85930,932term
Note: Figures less than a million are rounded down.

-21-

Total
Foreign currency Remeasurements accumulated
otherof definedtranslation
comprehensive
benefit plansadjustments
income4,530

664

98,636

Noncontrollinginterests

Total net
assets8,487

353,419(6,942)
27,277
(205)
0
(20)

(3,658)(602)(16,910)(40) (16,950)(3,658)(602)(16,910)

(40)

3,158

872

61

81,726

8,447

356,578

Non-Consolidated Balance Sheets(Millions of yen)
As of December 31, 2019 As of December 31, 2018

Item
AssetsCurrent assets
Cash and deposits
Accounts receivable, trade
Investments in leases
Real estate for sale
Real estate for sale in progress
Real estate for development
Advance payments, trade
Advance expenses
Short-term loans receivable
Other current assets
Allowance for doubtful accounts
Fixed assets
Property and equipment
Buildings
Structures
Machinery and equipment
VehiclesFurniture and equipment
Land
Construction in progress
Other property and equipment
Intangible assets
Leaseholds
Other intangible assets
Investments and other assets
Investment securities
Shares and investments in subsidiaries and affiliates
Investments in other securities of affiliated companies
Investments in silent partnerships
Investments in silent partnerships of subsidiaries andaffiliates
Long-term loans to subsidiaries and affiliates
Lease and guarantee deposits
Other investments and other assets
Allowance for doubtful accounts
Total Assets
Note: Figures less than a million are rounded down.

-22-353,997
17,176
7,230
3,691
102,524
95,51687,1872,303
1,819
16,227
21,242(921)
997,286
673,359
128,220
1,979
887
95
548
525,132
14,0282,466
19,85919,81940
304,067
113,223
94,965
13,845
1,741

283,972
12,041
6,142
60,492
101,401
77,996
2,800
1,950
6,582
15,530(963)
951,088
651,236
135,077
2,533
823
120
807
501,077
8,330
2,466
15,23815,163
74
284,613
92,16590,692
19,633
1,785

19,465

18,83528,27912,92019,706(78)
1,351,283

28,382
12,467
20,730(78)
1,235,060

As of December 31, 2019 As of December 31, 2018

Item
Liabilities
Current liabilities
Short-term borrowings
Commercial papers
Current portion of bonds
Accounts payable, trade
Accrued expenses
Accrued income taxes
Advances received
Deposits received
Provision for bonuses
Provision for environmental measures
Provision for loss on liquidation of subsidiaries andaffiliates
Deposits received under Real Estate Specified Joint
Enterprise Act
Other current liabilities
Long-term liabilities
Bonds
Long-term borrowings
Deferred income taxes
Deferred income taxes on land revaluation
Accrued severance indemnities
Provision for board benefit trust
Provision for environmental measures
Provision for loss on business of subsidiaries andaffiliates
Guarantee deposits received
Deposits received under Real Estate Specified Joint
Enterprise Act
Asset retirement obligations
Other long-term liabilities
Total Liabilities
Net Assets
Shareholders’ equity
Capital stock
Capital surplus
Legal capital reserve
Other capital surplus
Retained earnings
Other retained earnings(Reserve for reduction entry of property replacement)(Retained earnings brought forward)
Treasury stock
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Revaluation reserve for land
Total Net Assets
Total Liabilities and Net Assets-23-

235,274
70,01185,00015,000
6,269
8,455
5,632
15,762
19,648260
3177,523
70,97233,00015,00011,402
6,887
3,628
17,953
10,321
228
-

168

-

8,991
71
736,683
210,000
368,967
22,57027,187
7,685
88
26

8,042
87
698,615
145,000
401,036
17,26727,277
7,289
53
30

988

921

72,29870,72515,091

18,60036
11,741
971,958361
10,051
876,138

289,573
92,451
63,72963,7290
143,629
143,629
5,849
137,780(10,236)
89,75158,72931,022
379,325
1,351,283

281,692
92,451
63,72963,7290125,753
125,753
5,323
120,429(242)
77,22946,29630,932358,9211,235,060

Non-Consolidated Statement of Income
Item
Revenue from operations
Revenue from building business
Revenue from residential business
Revenue from other businesses
Cost of revenue
Cost of building business
Cost of residential business
Cost of other businesses
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest and dividend income
Other non-operating income
Non-operating expenses
Interest expenses
Borrowing fee
Bond issuance cost
Dividends paid under Real Estate Specified Joint
Enterprise Act
Loss on investments in investment partnerships
Provision of allowance for doubtful accounts
Other non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of fixed assets
Gain on sale of investment securities
Gain on sales of investments in subsidiaries andaffiliates
Gain on liquidation of subsidiaries and affiliates
Extraordinary loss
Loss on disposal of fixed assets
Impairment loss
Loss on sales of investments in subsidiaries andaffiliates
Loss on valuation of shares of subsidiaries andaffiliates
Provision for loss on business of subsidiaries andaffiliates
Provision for loss on liquidation of subsidiaries andaffiliates
Income before income taxes
Current income taxes
Deferred income taxes
Net income
Note: Figures less than a million are rounded down.
-24-

From January 1, 2019 to
December 31, 2019
199,931
83,664
113,355
2,911
138,499
52,07984,0802,339
61,432
23,04538,387
4,091
3,913
178
8,358
5,296
702
728

(Millions of yen)
From January 1, 2018 to
December 31, 2018
152,870
69,32080,804
2,745
100,486
41,86456,2472,374
52,38318,744
33,639
5,710
5,539
171
5,888
4,272
702
206

213

351

1,207
209
34,120
3,451
1
1,858

47
56
251
33,461
910
1
28

-

881

1,591
1,218
201
-

671
64
191

195

-

639

-

13

415

168

-

36,353
10,670(289)
25,971

33,701
9,171(1,141)
25,671

Non-Consolidated Statement of Changes in Shareholders’ Equity(From January 1, 2019 to December 31, 2019)(Millions of yen)
Shareholders’ equity
Capital surplus

Balance at beginning of thecurrent term
Changes in items during theterm
Dividends from surplus
Net income
Provision of reserve for
reduction entry of property
replacement
Reversal of reserve for
reduction entry of property
replacement
Acquisition of treasury
stock
Disposal of treasury stock
Net amount of changes in
items other thanshareholders’ equity
Total amount of changes
during the term
Balance at end of the current
term

Retained earnings

Capital
stock

Legal
capitalreserve

Other
Capitalsurplus

Total
Capitalsurplus92,451

63,729063,7290

0

Other retained earnings
Reserve for
Retained
reduction
earnings
entry ofbrought
property
forwardreplacement

5,323

Total
retainedearnings

120,429

125,753(8,095)25,971(8,095)25,971

531

(531)

(6)

6

-

-

0

0

525

17,35017,87592,451

63,729063,7295,849

137,780

143,629

Shareholders’ equity
Total
Treasury shareholders’stockequityValuation and translation adjustments
Valuation difference on
available-forsale securities

Balance at beginning of the(242)
281,692
current term
Changes in items during theterm
Dividends from surplus(8,095)
Net income
25,971
Provision of reserve for
reduction entry of property
replacement
Reversal of reserve for
reduction entry of property
replacement
Acquisition of treasury(10,004)(10,004)
stock
Disposal of treasury stock
10
10
Net amount of changes in
items other thanshareholders’ equity
Total amount of changes(9,994)
7,881
during the term
Balance at end of the current(10,236)
289,573term
Note: Figures less than a million are rounded down.

46,296

Revaluation Total valuation
reserve for and translation
land
adjustments

30,932

77,229Total net
assets358,921(8,095)25,971(10,004)10-25-

12,432

90

12,522

12,522

12,432

90

12,522

20,40358,72931,02289,751

379,325

(From January 1, 2018 to December 31, 2018)(Millions of yen)
Shareholders’ equity
Capital surplus

Balance at beginning of thecurrent term
Changes in items during theterm
Dividends from surplus
Net income
Reversal of reserve for
reduction entry of property
replacement
Acquisition of treasury
stock
Disposal of treasury stock
Net amount of changes in
items other thanshareholders’ equity
Total amount of changes
during the term
Balance at end of the current
term

Retained earnings

Capital
stock

Legal
capitalreserve

Other
Capitalsurplus

Total
Capitalsurplus92,451

63,729063,729(0)(0)

Other retained earnings
Reserve for
Retained
reduction
earnings
entry ofbrought
property
forwardreplacement

5,325

Total
retainedearnings

101,698

107,023(6,942)
25,671(6,942)
25,671

(1)

1

-

-

(0)

(0)

(1)

18,731

18,72992,451

63,729063,7295,323

120,429

125,753

Shareholders’ equity
Total
Treasury shareholders’stockequityValuation and translation adjustments
Valuation difference on
available-forsale securities

Balance at beginning of the(36)
263,168
current term
Changes in items during theterm
Dividends from surplus(6,942)
Net income
25,671
Reversal of reserve for
reduction entry of property
replacement
Acquisition of treasury
(205)
(205)
stock
Disposal of treasury stock00
Net amount of changes in
items other thanshareholders’ equity
Total amount of changes(205)
18,524during the term
Balance at end of the current(242)
281,692
term
Note: Figures less than a million are rounded down.

57,482

Revaluation Total valuation
reserve for and translation
land
adjustments

30,932

88,415

Total net
assets351,583(6,942)
25,671
(205)
0

-26-

(11,185)-(11,185)(11,185)(11,185)-(11,185)

7,338

46,29630,932

77,229358,921