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 ofdamages that may arise from using this translation.
Securities Code: 8804
March 7, 2022

To Our Shareholders :Hitoshi Nomura
Representative Director,
President and Chief Executive Officer
Tokyo Tatemono Co., Ltd.
Head Office (commercial registration):
9-9 Yaesu 1-Chome, Chuo-ku, Tokyo
Head Office:4-16 Yaesu 1-Chome, Chuo-ku, TokyoNOTICE OF THE 204th ORDINARY GENERAL MEETING OF SHAREHOLDERS
The 204th Ordinary General Meeting of Shareholders of Tokyo Tatemono Co., Ltd. (hereinafter “theCompany”) will be held as described below.
From the standpoint of preventing the spread of COVID-19, we respectfully ask shareholders to refrain from
attending the venue for the General Meeting of Shareholders. Please review the Reference Documents for the
General Meeting of Shareholders and exercise your voting rights by 5:30 p.m., Monday, March 28, 2022, either
through “Exercise of voting rights by electromagnetic means (via the Internet, etc.)” or “Exercise of voting rights
in writing (by postal mail)” as described on the following page.
Date and Time:

10:00 a.m., Tuesday, March 29, 2022 (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 204th Fiscal Term (from January 1,
2021 to December 31, 2021), 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
Partial Amendments to the Articles of Incorporation
Proposal No. 2• Any major changes to the administration of the General Meeting of Shareholders due to future
circumstances will be announced on our website (https://www.tatemono.com/ir/stock/meeting.html).

-1-

Guide to Exercise of Voting Rights
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., Monday, March 28, 2022

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., Monday, March 28, 2022

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., Tuesday, March 29, 2022

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.
“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.
- 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.

-2-

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.
You can confirm the details of each proposal on the voting rights exercise screen.
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)*“QR Code” is a registered trademark of DENSO WAVE INCORPORATED.
(Reference) Institutional investors may use the platform operated by ICJ, Inc. to electronically exercise the voting rights for this
General Meeting of Shareholders.

-3-Reference Documents for the General Meeting of Shareholders
Proposals and matters for reference
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, theCompany’s baseline dividend payout ratio for the period covered by the medium-term business plan (the fiscal
years 2020 through 2024) is at least 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.
Year-end dividends:(1)
Type of dividend property: Cash
(2)
Details of the allotment of dividend property: ¥27 per share of the Company’s common stock
Total amount: ¥5,646,582,090
The Company paid an interim dividend of ¥24 per share. As a result, the annual dividend for the term
shall be ¥51 per share.
(3)
Date on which dividends from surplus become effective: March 30, 2022

-4-

Proposal No. 2:

Partial Amendments to the Articles of Incorporation

1. Reasons for amendments
The amended provisions stipulated in the proviso of Article 1 of the supplementary provisions of the “ActPartially Amending the Companies Act” (Act No. 70 of 2019) will come into force on September 1, 2022. In orderto prepare for the introduction of a system for providing materials for General Meetings of Shareholders in anelectronic format, it is proposed that the Articles of Incorporation of the Company be amended as follows.
(1) Establish provisions stipulating that information contained in the reference documents for General Meetingsof Shareholders, etc. shall be provided electronically (proposed Article 16, Paragraph 1)(2) Establish a provision to limit the scope of matters to be included in the paper copy to be sent to shareholders
who have requested it (proposed Article 16, Paragraph 2)(3) Delete the provisions related to the internet disclosure and deemed provision of the reference documents for
the General Meeting of Shareholders, etc. (Article 16 of the current Articles of Incorporation), as they will
become unnecessary(4) Establish supplementary provisions related to the effective date, etc. in line with the above establishment anddeletion of the provisions
1. Details of amendments
The details of the amendments are as follows.
(Amended parts are underlined.)
Proposed Amendments

Current Articles of Incorporation(Internet Disclosure and Deemed Provision ofReference Documents for the General Meetingof Shareholders, Etc.)
Article 16 The Company may, whenconvening a General Meeting of
Shareholders, deem that it has provided
information to shareholders pertaining tomatters to be described or indicated in thereference documents for the General
Meeting of Shareholders, business report,
non-consolidated financial statements, andconsolidated financial statements, bydisclosing such information through theinternet in accordance with the provisions
provided in the Ordinance of the Ministry ofJustice.
<Newly established><Deleted>(Measures for Electronic Provision, Etc.)
Article 16 The Company shall, whenconvening a General Meeting of
Shareholders, electronically provide
information contained in the reference
documents for the General Meeting of
Shareholders, etc.
2. Among the matters to be provided
electronically, the Company may choose
not to include all or part of the matters
stipulated in the Ordinance of the Ministryof Justice in the paper copy to be sent toshareholders who have requested it by therecord date for voting rights.

-5-Supplementary provisions<Newly established>

1. The deletion of Article 16 (Internet
Disclosure and Deemed Provision ofReference Materials for the General
Meeting of Shareholders, Etc.) of thecurrent Articles of Incorporation and theestablishment of the proposed Article 16(Measures for Electronic Provision, Etc.)
shall come into effect on the date ofenforcement of the amended provisions
stipulated in the proviso of Article 1 of the
supplementary provisions of the Act
Partially Amending the Companies Act(Act No. 70 of 2019) (the “EffectiveDate”).
2. Notwithstanding the provisions of thepreceding paragraph, Article 16 of thecurrent Articles of Incorporation shallremain in force with respect to a General
Meeting of Shareholders to be held on adate within six months from the EffectiveDate.
3. These supplementary provisions shall bedeleted after the lapse of six months fromthe Effective Date or the lapse of threemonths from the date of the General
Meeting of Shareholders set forth in thepreceding paragraph, whichever is later.

-6-

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

Business Report (from January 1, 2021 to December 31, 2021)
1. Shares of the Company(1) The number of shares
Total number of shares authorized to be issued

400,000,000 shares

Total number of shares outstanding

209,167,674 shares(including 35,004 sharesof treasury stock)(Note) The number of shares of treasury stock does not include 241,100 shares owned by the Board Benefit Trust.

(2) Number of shareholders
Number of shareholders

12,711 persons(3) Major shareholders
Shareholder name

Number of shares

Shareholding ratio

thousand shares%

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

34,862

16.67

Custody Bank of Japan, Ltd. (Trust Account)

16,601

7.94

STICHTING PENSIOENFONDS ZORG EN WELZIJN

10,163

4.86

Sompo Japan Insurance Inc.

4,744

2.27

Meiji Yasuda Life Insurance Company

4,729

2.26

THE BANK OF NEW YORK MELLON 140051

4,519

2.16

JP MORGAN CHASE BANK 385632

4,494

2.15

JAPAN SECURITIES FINANCE CO., LTD.

3,661

1.75

JPMorgan Securities Japan Co., Ltd.

3,485

1.67

SSBTC CLIENT OMNIBUS ACCOUNT

2,674

1.28

(Note) The Company’s treasury shares (35,004 shares) were excluded in the calculation of the shareholding ratio.

(4) Status of shares provided to Company officers as consideration for the execution of duties during the fiscal
year under review
Number of recipient
Number of shares
officers
Directors (excluding External Directors)
7,550
1
External Directors
Audit and Supervisory Board Members(Note) Details of the Company’s share-based compensation are described in “2 (4) Compensation to
Directors and Audit and Supervisory Board Members pertaining to the fiscal year under review”
below.
-7-

2. Company Officers(1) Directors and Audit and Supervisory Board Members (as of December 31, 2021)
Areas of responsibility and important
PositionName
concurrent positions
Representative Director andMakio Tanehashi
Chairman of the Board
Representative Director,
President and Chief
Executive Officer

Hitoshi Nomura

Kengo Fukui

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

Katsuhito Ozawa

Division Director of Commercial
Properties Division responsible for
Acquisitions & Sales Department (joint
responsibility), Kansai Branch, Kyushu
Branch and Nagoya Branch

Akira Izumi

Responsible for Corporate
Communications Department, Personnel
Department, Corporate Planning
Department, General Affairs Department,
Finance Department, Accounting
Department, Market Research Department,
ICT and Digital Strategy Promotion
Department, and Acquisitions & Sales
Department (joint responsibility)

Managing Executive Officer
and Director

Hisatoshi Kato

Division Director of Leisure, Child Care &Staffing Business Division
President & Chief Executive Officer ofTokyo Tatemono Resort Co., Ltd.

Managing Executive Officer
and Director

Hideshi Akita

Division Director of Residential
Development Division

Managing Executive Officer
and Director

Takeshi Jinbo

Vice Division Director of Residential
Development Division responsible for
Solution Service Department (joint
responsibility), Acquisitions Department,
and Project Development Department

Director

Shuichi Hattori

Director

Yoshimitsu Onji

Director

Takeo Nakano

Director

Yumiko Kinoshita

Audit and Supervisory
Board Member(full-time)

Kouji Kawakubo

Audit and Supervisory
Board Member(full-time)

Takashi Yoshino

Representative Director,
Executive Vice President
and Executive Officer

Senior Managing Executive
Officer and Director

Senior Managing Executive
Officer and Director-8-Position
Audit and Supervisory
Board Member

Takao Yamaguchi

Audit and Supervisory
Board Member

Sayaka Hieda(Notes)Areas of responsibility and importantconcurrent positions

Name

1.

Mr. Shuichi Hattori, Mr. Yoshimitsu Onji, Mr. Takeo Nakano, and Ms. Yumiko Kinoshita are External Directors
stipulated in Article 2, Item 15 of the Companies Act. The Company has notified the TSE of their status 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 “(5) External Officers” below.
4. Mr. Takao Yamaguchi is a certified public accountant and has considerable financial and accounting knowledge.
5. At the 203rd Ordinary General Meeting of Shareholders held on March 25, 2021, Mr. Takeshi Jinbo, Mr. Takeo
Nakano, and Ms. Yumiko Kinoshita were newly elected and assumed office as Directors.
6. Upon the conclusion of the 203rd Ordinary General Meeting of Shareholders held on March 25, 2021, Mr.
Masami Kamo, Mr. Yoshiyuki Imai, and Mr. Mitsuhiro Nagahama retired from their positions as Directors.
7. The term of office of each Director shall be from the conclusion of the 203rd Ordinary General Meeting of
Shareholders held on March 25, 2021 to the conclusion of the Ordinary General Meeting of Shareholders for the
205th Fiscal Term from January 1, 2022 to December 31, 2022.
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 Members Mr. Takashi Yoshino and Ms. Sayaka Hieda shallbe from the conclusion of the 202nd Ordinary General Meeting of Shareholders held on March 25, 2020 to theconclusion of the Ordinary General Meeting of Shareholders for the 206th Fiscal Term from January 1, 2023 to
December 31, 2023.
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, 2022, are as follows.

Directors (excluding External Directors) and Managing Officers (as of January 1, 2022)
Position
Representative Director andChairman of the Board

Makio Tanehashi

Representative Director,
President and Chief
Executive Officer

Hitoshi Nomura

Representative Director,
Executive Vice President
and Executive Officer

Senior Managing Executive
Officer and Director

Areas of responsibility and importantconcurrent positions

Name

Kengo Fukui

Assistant to President; Division Director ofReal Estate Solution Service Division
President & Chief Executive Officer ofTokyo Tatemono Real Estate Sales Co.,
Ltd.

Katsuhito Ozawa

Division Director of Commercial
Properties Division responsible forInternational Business, Acquisitions &Sales Department (joint responsibility),
Kansai Branch, Kyushu Branch andNagoya Branch-9-Position

Senior Managing Executive
Officer and Director

Areas of responsibility and importantconcurrent positions
Responsible for Corporate
Communications Department, Personnel
Department, Corporate Planning
Department, Sustainability Management
Department, General Affairs Department,
Finance Department, Accounting
Department, Market & Policy Research
Department, DX Promotion Department
and Acquisitions & Sales Department(joint responsibility)

Name

Akira Izumi

Managing Executive Officer
and Director

Hisatoshi Kato

Division Director of Leisure, Child Care &Staffing Business Division
President & Chief Executive Officer ofTokyo Tatemono Resort Co., Ltd.

Managing Executive Officer
and Director

Hideshi Akita

Division Director of Residential
Development Division

Managing Executive Officer
and Director

Takeshi Jinbo

Vice Division Director of Residential
Development Division responsible for
Business Development Department,
Acquisitions Department and Project
Development Department

Senior Managing Executive
Officer

Hisayoshi Kato

In charge of Policy & Environment

Managing Officer

Satoshi Eida

President & Chief Executive Officer andRepresentative Director of Tokyo
Tatemono Amenity Support Co., Ltd.

Managing Officer

Shinjiro Kobayashi

Responsible for Urban Development
Department (2); General Manager ofUrban Development Department (1)Managing Officer

Nobuyoshi Takahashi

General Manager of Kansai BranchManaging Officer

Masayuki Okubo

General Manager of Business Planning
Department of Residential Development
DivisionManaging Officer

Kazuki Sugise

President and Representative Director ofTokyo Tatemono Investment Advisors Co.,Ltd.

Managing Officer

Yusuke Mishima

General Manager of Accounting
Department

Managing Officer

Katsuhiko Tamai

President and Representative Director of
Nihon Parking Corporation

Managing Officer

Hiroshi Takahashi

Responsible for Logistics Properties
Development & Management Department;
General Manager of Retail Properties
Development & Management Department
and Hotel Development & Management
Department

Managing Officer

Fumio Tajima

Division Director of International Business
Division

Shigeru Sabayashi

General Manager of Project Management
Department (2) of Residential
Development Division

Managing Officer-10-Position
Managing Officer

Managing Officer

Areas of responsibility and importantconcurrent positions
General Manager of Business Planning
Department of Commercial Properties
Division

Name
Hiroto Fukui

Managing Executive Officer and Directorof Tokyo Tatemono Real Estate Sales Co.,Ltd.

Kenji Sugaya-11-

(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) Summary of the Directors and Officers Liability Insurance Contract
The Company has entered into a Directors and Officers Liability Insurance contract with an insurancecompany pursuant to Paragraph 1, Article 430-3 of the Companies Act. The insurance covers litigation expenses
and legal damages to be borne by the insured arising from the execution of his or her duties. As a measure toprevent impairment of the appropriateness of the execution of the duties of the insured, the insurance contract
does not cover damages, etc. arising from the insured’s criminal acts.
The parties insured under the Directors and Officers Liability Insurance contract are Directors, Audit andSupervisory Board Members, and Executive Officers of the Company, and the premiums for all insured shall beborne by the Company. However, premiums for a portion of special clauses (11.0% of the entire premium) shallbe borne by the insured.
(4) Compensation to Directors and Audit and Supervisory Board Members pertaining to the fiscal year underreview
1) Policy, etc. on determining details of compensation for officers
At the meeting of the Board of Directors held on March 10, 2021, the Company passed a resolution on thedecision policy pertaining to details of compensation for individual Directors (hereinafter, “the decisionmaking policy”). Compensation for Audit and Supervisory Board Members is determined by deliberation
among Audit and Supervisory Board Members.
Based on its corporate philosophy, “Trust beyond the era,” the Company aims to achieve sustainable growth
and the enhancement of corporate value over the medium to long term. Regarding compensation for
Directors (excluding External Directors), we have created a compensation system that links a certain ratio ofcompensation with the business performance and stock price with the aim of raising awareness with respect
to increasing corporate value not only in the short term but also in the medium to long term.
Compensation for Directors (excluding External Directors) consists of fixed compensation, performancelinked compensation, and share-based compensation, and the payment ratios are set appropriately based on
the policy shown below. The amount of compensation for each Director is determined by the Board of
Directors following consultation with the Nomination/Compensation Advisory Committee. Determination ofdetails of compensation for individual Directors is delegated by resolution of the Board of Directors, as
described in (3) below.
Compensation for External Directors and Audit and Supervisory Board Members consists solely of fixedcompensation in consideration of their duties.
Policy regarding the determination of payment ratios by type of compensation for Directors (excluding
External Directors)
Performance-linked
compensation
Short-term incentives
Linked to single-year
performance

Share-based
compensation
Long-term incentives

50-60%

30-40%

5-10%

MonthlyMonthly

In principle, uponretirement

Category

Fixed compensation

Positioning

Basic compensation

Variability-

Ratio to compensation(target)Timing of compensation
payment-12-

Linked to stock priceWith regard to the details of compensation for individual Directors pertaining to the fiscal year under review,
a compensation plan was prepared based on the decision-making policy and the resolution of the General
Meeting of Shareholders as described in (2) below, and compensation was determined following consultation
with the Nomination/Compensation Advisory Committee. Therefore, the Board of Directors has deemed thatthe details of compensation for individual Directors pertaining to the fiscal year under review are inaccordance with the decision-making policy.
2) Matters regarding resolutions of the General Meeting of Shareholders concerning details of compensation for
Directors and Audit and Supervisory Board Members
1. Fixed compensation
The 190th Ordinary General Meeting of Shareholders held on March 28, 2008 passed a resolution to limit
compensation for Directors to not more than ¥35 million a month, and to limit compensation for Audit andSupervisory Board Members to not more than ¥8 million a month. At the conclusion of said Ordinary
General Meeting of Shareholders, the number of Directors was eighteen and the number of Audit andSupervisory Board Members was four.
2. Performance-linked compensation
The 195th Ordinary General Meeting of Shareholders held on March 28, 2013 passed a resolution to
introduce a performance-linked compensation system for Directors (excluding External Directors) toincrease motivation and morale of Directors for improving business performance for each fiscal year, and tolimit performance-linked compensation to not more than 1% of consolidated ordinary income and not morethan 2% of consolidated net income (net income attributable to owners of the parent) for the previous fiscal
year. This index was selected for the reason that the Company believes that it appropriately represents theCompany’s business performance in light of the characteristics and description of the Company’s business.
The number of Directors (excluding External Directors) at the conclusion of said Ordinary General Meetingof Shareholders was seven.
3. Share-based compensation
The 200th Ordinary General Meeting of Shareholders held on March 28, 2018 passed a resolution to
introduce the Board Benefit Trust (BBT), a share-based compensation plan for the Company’s Directors(excluding External Directors) with the aim of more strongly motivating Directors, etc. to contribute toenhancing the Company’s corporate value in the medium to long term. The number of Directors (excluding
External Directors) at the conclusion of said Ordinary General Meeting of Shareholders was eight.
The summary of the share-based compensation plan is as follows.
• The share-based compensation plan is one in which shares of the Company are acquired through atrust, funded by money to be contributed by the Company; and shares of the Company and money
equivalent in value to the market value of the shares of the Company are delivered through the trust
pursuant to the Rules for Share Delivery to Officers. The establishment of these Rules has been
resolved by the Board of Directors following consultation with the Nomination/Compensation
Advisory Committee.
• Specifically, a number of points are granted to each Director each fiscal year, determined inconsideration of the position held, to a maximum of 40,000 shares (40,000 points) for each fiscal year,
and shares of the Company and money equivalent in value to the market value of the shares of theCompany are delivered in accordance with the number of points accumulated at the time of retirementfrom office.
3) Matters regarding delegation pertaining to determining the details of compensation for individual Directors
Based on delegation by resolution of the Board of Directors, the person in the office of Representative Director,
President and Chief Executive Officer, compiles a draft for fixed compensation and performance-linked
compensation for individual Directors in accordance with their positions and responsibilities each fiscal term
based on the decision-making policy and the resolutions of the General Meeting of Shareholders described in-13-(2) above, and determines specific details of compensation for individual Directors following consultation with
the Nomination/Compensation Advisory Committee (consisting of seven members, the majority of which (4)are External Directors and the remainder of whom (3) are Directors (excluding External Directors). The reason
for delegating the Representative Director, President and Chief Executive Officer is that the person in the officeis the most suitable person to conduct an evaluation that comprehensively takes into account the businessperformance of the Company and the responsibilities, etc. of Directors.
The person to whom the Board of Directors delegated the determination of specific details of compensation for
individual Directors for the fiscal year under review is Representative Director, President and Chief Executive
Officer, Mr. Hitoshi Nomura.
4) Total amount of compensation to Directors and Audit and Supervisory Board Members

Category of officers

Number ofpayeespersons

Total amount by
category of compensation, etc.
Fixed
PerformanceShare-based
compensation
linkedcompensationcompensation(Nonmillion yen
monetary
million yen compensation)
million yen

Total amount
paid
million yen

Directors
15
302
174
41
517
[External, inclusive]
[6]
[38]
[-]
[-]
[38]
Audit and Supervisory
4
67
[-]
[-]
67
Board Members
[2]
[15]
[-]
[-]
[15]
[External, inclusive]
Total
19
370
174
41
585
[External, inclusive]
[8]
[54]
[-]
[-]
[54]
(Notes) 1. The abovementioned personnel and amount of compensation include three Directors (two of whom areExternal Directors) who retired at the conclusion of the 203rd Ordinary General Meeting of
Shareholders held on March 25, 2021.
2. Performance-linked compensation for the fiscal year under review is limited to not more than 1% ofconsolidated ordinary income and not more than 2% of consolidated net income (net income
attributable to owners of the parent) for the previous fiscal year. The actual results of these indicators
were consolidated ordinary income of ¥47,072 million and consolidated net income of ¥31,795 million.
3. Share-based compensation falls under “non-monetary compensation.”
4. The amount of share-based compensation is the provision for share awards for directors (and otherofficers) based on the Board Benefit Trust (BBT) for the fiscal year under review. The basis forcalculating the provision for share awards for directors (and other officers) is the book value of theCompany’s shares acquired through a trust, funded by money to be contributed by the Company.

-14-(5) External Officers
1. Important concurrent positions
Category
External Director

External Director

Name

Concurrent office

Shuichi Hattori

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

Yoshimitsu Onji

Sotetsu Holdings Co., Ltd.
Sanyu Appraisal
Corporation

External Audit andSupervisory Board Member

External Audit andSupervisory Board Member

Takeo Nakano

Outside Audit andSupervisory Board
MemberOutside Director
Outside Director

Shouohkai Foundation

Chairman

Lion Corporation
OMOTESANDO SOGOLAW OFFICE
Institution for a Global
Society Corporation

Sayaka Hieda

Outside Director

FUJIYA CO., LTD.
Yamaguchi Certified Public
Accountant Office
KYORIN Holdings, Inc.

Takao Yamaguchi

Title

External Audit &Supervisory Board
MemberExternal Director

Sompo Japan Insurance Inc.
External Director

LawyerCEO

Certified public accountant
Outside Corporate Auditor
External Audit &Supervisory Board
MemberLawyerAudit & Supervisory Board
Member (Independent)(Notes) 1. The Company and Sanyu Appraisal Corporation have real estate research transactions, and the amount of transactions with
Sanyu Appraisal Corporation in the fiscal year ended December 31, 2021 accounted for less than ¥1 million.
2. The Company and Sompo Japan Insurance Inc. have transactions, such as building leasing, and the amount of transactions
with Sompo Japan Insurance Inc. in the fiscal year ended December 31, 2021 accounted for less than 1% of theCompany’s consolidated revenue from operations.
3. Shouohkai Foundation is the entrusted provider of medical examination services, etc. to the Company but the annual
amount of payment was less than ¥11 million in the fiscal year ended December 31, 2021. The Company donates toShouohkai Foundation, but the amount donated annually was less than ¥1 million in the fiscal year ended December 31,
2021.
4. There are no special relationships of interest between the Company and the concurrent offices listed above.

2. Main activities in the fiscal year under review
Category

NameExternal Director

Shuichi
Hattori

External Director

Yoshimitsu
Onji

Summary of attendance of meetings, remarks, and duties
performed regarding expected roles

Participated in all 15 meetings of the Board of Directors during the
fiscal year under review. He is expected to contribute to thestrengthening of the Company’s governance system through theenhancement of supervisory functions over the execution of duties byDirectors from an independent point of view, leveraging his
specialized knowledge and experience as a lawyer. He provided
opinions on agendas and issues at meetings of the Board of Directors
by harnessing his knowledge and experience as necessary. In
addition, he served as a member of the Nomination/Compensation
Advisory Committee.
Participated in all 15 meetings of the Board of Directors during the
fiscal year under review. He is expected to contribute to thestrengthening of the Company’s governance system through theenhancement of supervisory functions over the execution of duties byDirectors from an independent point of view, leveraging his
considerable management experience and wide-ranging insight. He
provided opinions on agendas and issues at meetings of the Board of-15-

Category

Name

Summary of attendance of meetings, remarks, and duties
performed regarding expected roles

Directors by harnessing his knowledge and experience as necessary.
In addition, he served as a member of the Nomination/Compensation
Advisory Committee.

External Director

Takeo
NakanoExternal Director

YumikoKinoshita

Category

Participated in all 11 meetings of the Board of Directors held during
his service as External Director in the fiscal year under review. He is
expected to contribute to the strengthening of the Company’s
governance system through the enhancement of supervisory
functions over the execution of duties by Directors from an
independent point of view, leveraging his considerable management
experience and wide-ranging insight. He provided opinions on
agendas and issues at meetings of the Board of Directors byharnessing his knowledge and experience as necessary. In addition,
he served as a member of the Nomination/Compensation Advisory
Committee.
Participated in all 11 meetings of the Board of Directors held during
her service as External Director in the fiscal year under review. She
is expected to contribute to the strengthening of the Company’s
governance system through the enhancement of supervisory
functions over the execution of duties by Directors from an
independent point of view, leveraging her international perspective
gained by working overseas, and her extensive management andwork experience at public-service corporations. She provided
opinions on agendas and issues at meetings of the Board of Directors
by harnessing her knowledge and experience as necessary. In
addition, she served as a member of the Nomination/Compensation
Advisory Committee.

Name

External Audit and Supervisory Takao
Board Member
Yamaguchi

External Audit and Supervisory
Sayaka Hieda
Board Member

Main activities
Participated in all 15 meetings of the Board of Directors and all 14
meetings of the Audit and Supervisory Board during the fiscal year
under review. He provided opinions on agendas and issues byharnessing his specialized knowledge and experience as a certified
public accountant for the auditing duties of the Company asnecessary from an independent point of view.
Participated in all 15 meetings of the Board of Directors and all 14
meetings of the Audit and Supervisory Board during the fiscal year
under review. She provided opinions on agendas and issues byharnessing her specialized knowledge and experience as a lawyer forthe auditing duties of the Company as necessary from an independent
point of view.

-16-Consolidated Balance Sheets(Millions of yen)
As of December 31, 2021 As of December 31, 2020

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.

481,21787,01014,041
133,251
139,389
71,57936,004(58)
1,169,553
813,251
223,618
539,786
38,536
11,309130,880
128,730
2,149
225,421
128,586
8,128
8
2,148
21,261
2,215
63,170(97)
1,650,770-17-

447,757
54,647
13,730164,578
112,485
71,50830,857(49)
1,176,882
806,281
224,844
530,963
39,042
11,431
130,552
128,991
1,560
240,049
139,308
8,829
8
2,278
21,594
1,217
66,906(94)
1,624,640

(Millions of yen)
As of December 31, 2021 As of December 31, 2020

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 loss on guarantees
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
Deferred gains or losses on hedges
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-

212,50283,72640,00013,849
11,094
10
945
2
30
26

219,869
68,31455,00020,000
9,784
10,203
11
944
24
1

-

275

4,500

5,083

58,316
1,010,607
255,000
575,676
19,861
23,663190
94
78,381
12,95550,2281,005,640
205,000
625,944
20,351
23,66613976
26
78,975
12,634

19,07615,80025,7081,223,109

23,026
1,225,510

324,955
92,451
66,587
166,356(439)
92,09954,276(17)
34,9592,144
736
10,605
427,661
1,650,770

300,242
92,451
66,587
141,422(219)
89,122
54,928(42)
34,965
(850)
120
9,765
399,129
1,624,640

Consolidated Statement of Income
From January 1, 2021 to
December 31, 2021
340,477

Item
Revenue from operations(Millions of yen)
From January 1, 2020 to
December 31, 2020
334,980

Cost of revenue

247,933

251,954

Gross profit

92,54383,02533,75933,393Operating income

58,784

49,631Non-operating income

6,881

5,691

5,358

3,321

-

215

1,523

2,154

Non-operating expenses

19,3958,250

Interest expenses

6,667

6,725

Borrowing fee

1,012

998

Share of loss of entities accounted for using equity method

10,804-

Bond issuance cost
Dividends paid under Real Estate Specified Joint
Enterprise Act
Provision for loss on guarantees

443

197

75

116

30

-

Other non-operating expenses

361

212

Ordinary income

46,27047,072Extraordinary income

10,719

4,730

7

628

8,804

1,911

Gain on sales of shares of subsidiaries and affiliates

-

2,014

Gain on sales of investments in subsidiaries and affiliates

1,538

-

367

5

-

5

-

165

754

4,879

Loss on sales of fixed assets

3

23

Loss on disposal of fixed assets

208

263

Impairment loss

273

899

2

128

138

2,013

Loss on redemption of bonds-

814

Loss on COVID-19 outbreak

129

736

56,234
20,231
64

46,923
16,639(2,556)35,938972
34,96532,8391,044
31,795

Selling, general and administrative expenses

Interest and dividend income
Equity in earnings of affiliated companies
Other non-operating income

Gain on sales of fixed assets
Gain on sale of investment securities

Gain on liquidation of subsidiaries and affiliates
Reversal of provision for loss on liquidation ofsubsidiaries and affiliates
Compensation income
Extraordinary loss

Loss on sales of investment securities
Loss on valuation of investment securities

Income before income taxes
Current income taxes
Deferred income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of the parent
Note: Figures less than a million are rounded down.
-19-Consolidated Statement of Changes in Shareholders’ Equity(From January 1, 2021 to December 31, 2021)(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
Reversal of revaluation
reserve for land
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 thecurrent term

Capital stock

Capital surplus

92,451

66,587Retainedearnings

Treasury stock

Total
shareholders’equity(219)

300,242

141,422(10,038)(10,038)

34,96534,965

6

6

0

(234)

(234)

15

15

-

0

24,933(219)

24,71392,451

66,587

166,356(439)

324,955

Accumulated other comprehensive income
Valuation difference on
available-forsale securities

Deferred
gains orlosses onhedgesBalance at beginning of the54,928(42)
current term
Changes in items during
the term
Dividends from surplus
Net income attributable toowners of the parent
Reversal of revaluation
reserve for land
Acquisition of treasury
stock
Disposal of treasury stock
Net amount of changes in
items other than(652)
24
shareholders’ equity
Total amount of changes(652)
24
during the term
Balance at end of the(17)
54,276current term
Note: Figures less than a million are rounded down.

Revaluation
reserve for land

34,965

Foreign currencytranslation
adjustments(850)

Remeasurementsof defined benefit
plans

120

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total net
assets89,122

9,765

399,129(10,038)
34,965
6
(234)
15

(6)

2,994

616

2,977

840

3,818

(6)

2,994

616

2,977

840

28,531

34,9592,144

736

92,09910,605

427,661-20-

(From January 1, 2020 to December 31, 2020)(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
Reversal of revaluation
reserve for land
Acquisition of treasury
stock
Disposal of treasury stock
Cancelation of treasury
stock
Change in ownershipinterest of parent due totransactions with noncontrolling interests
Transfer from retained
earnings to capital surplus
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

66,744Retainedearnings

Treasury stock

Total
shareholders’equity(10,232)

278,133

129,170(9,202)(9,202)

31,79531,795

(331)

(331)
(2)

(2)

(0)

6

6

(10,008)

10,008

-

(157)

(157)

10,008(10,008)

-

-

(157)

12,252

10,013

22,10892,451

66,587

141,422(219)

300,242

Accumulated other comprehensive income
Valuation difference on
available-forsale securities

Deferred
gains orlosses onhedges

Revaluation
reserve for land

Balance at beginning of the
65,002
31,022current term
Changes in items during
the term
Dividends from surplus
Net income attributable toowners of the parent
Reversal of revaluation
reserve for land
Acquisition of treasury
stock
Disposal of treasury stock
Cancelation of treasury
stock
Change in ownershipinterest of parent due totransactions with noncontrolling interests
Transfer from retained
earnings to capital surplus
Net amount of changes in
items other than
(10,074)
3,942(42)
shareholders’ equity
Total amount of changes(10,074)
3,942(42)
during the term
Balance at end of the(42)
54,92834,965current term
Note: Figures less than a million are rounded down.
-21-

Foreign currencytranslation
adjustments

248

Remeasurementsof defined benefit
plans

600

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total net
assets

96,874

9,203

384,211(9,202)
31,795
(331)
(2)
6
(157)
-

(1,099)(479)(7,752)561(7,190)(1,099)(479)(7,752)561

14,917(850)

120

89,122

9,765

399,129

Non-Consolidated Balance Sheets(Millions of yen)
As of December 31, 2021 As of December 31, 2020

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
Leased assets
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.

-22-413,320
66,547
7,718
3,625
80,514
139,384
71,7382,084
2,292
17,66821,776(30)
1,061,664
699,109
139,514
2,295
1,056
113
1,152
514,2582
38,2902,425
37,89037,84842324,664
94,75582,176
14,246
1,277

380,542
32,545
7,798
3,646
114,871
111,726
71,712
1,695
2,118
17,734
16,720(26)
1,075,786
692,254
142,420
2,384
1,082
74
1,230
505,411
3
37,221
2,425
38,12338,08636
345,408
96,238100,991
14,407
1,694

63,77863,786

27,697
11,944
28,867(80)
1,474,985

26,53012,78329,052(77)
1,456,329

(Millions of yen)
As of December 31, 2021 As of December 31, 2020

Item
Liabilities
Current liabilities
Short-term borrowings
Commercial papers
Current portion of bonds
Lease obligations
Accounts payable, trade
Accrued expenses
Accrued income taxes
Advances received
Deposits received
Provision for bonuses
Provision for loss on guarantees
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
Lease obligations
Deferred income taxes
Deferred income taxes on land revaluation
Accrued severance indemnities
Provision for board benefit trust
Provision for loss on guarantees
Provision for environmental measures
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)(Reserve for open innovation promotion)(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
Note: Figures less than a million are rounded down.
-23-

198,957
89,82840,000
14
7,619
9,648
8,826
23,051
13,820280
30
26216,568
80,99455,00020,000
14
4,930
8,540
8,312
16,174
15,610
278
1

-

131

4,500
1,312
869,071
255,000
452,824
39
14,677
23,663
8,286
190
2,228
74,1075,083
1,497
847,442
205,000
486,034
52
14,951
23,6668,018
139
26
75,162

19,07615,8002,333
16,642
1,068,029

1,621
16,9691,064,011

325,381
92,451
63,72963,7290
169,644
169,644
5,817
75
163,751(443)
81,574
46,61434,959406,956
1,474,985

310,069
92,451
63,72963,729154,112
154,112
5,833
148,278(223)
82,24847,282
34,965392,317
1,456,329

Non-Consolidated Statement of Income(Millions of yen)
From January 1, 2021 to From January 1, 2020 to
December 31, 2021
December 31, 2020
219,005
210,283
117,376
106,181
100,194
80,723
1,434
23,378Item
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

151,107
77,21072,742
1,154

148,92970,57162,546
15,811Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest and dividend income
Reversal of allowance for doubtful accounts
Other non-operating income
Non-operating expenses
Interest expenses
Borrowing fee
Bond issuance cost
Dividends paid under Real Estate Specified Joint
Enterprise Act
Provision for loss on guarantees
Other non-operating expenses

67,897
21,113
46,784
8,037
7,115
921
7,370
5,868
757
443

61,35321,51339,840
8,617
6,119
898
1,600
6,763
5,717
721
197

75

116

30
194

10

Ordinary income
Extraordinary income
Gain on sales of fixed assets
Gain on sale of investment securities
Gain on sales of shares of subsidiaries and affiliates
Gain on sale of investments in capital of subsidiaries
and associates
Gain on liquidation of subsidiaries and affiliates
Reversal of provision for loss on business of
subsidiaries and affiliates
Reversal of provision for loss on liquidation ofsubsidiaries and affiliates
Compensation income
Extraordinary loss
Loss on sales of fixed assets
Loss on disposal of fixed assets
Impairment loss
Loss on sales of investment securities
Loss on liquidation of subsidiaries and affiliates
Loss on valuation of investment securities
Loss on valuation of shares of subsidiaries andaffiliates

47,45010,931
2
8,729-

41,694
3,579
438
1,911
32

1,816

-

383

7

-

988

-

37

16,239
0
95
29
2
0
110

165
4,265
23
64
634
128
2,013

13,757

424

2,228

-

Provision for loss on guarantees-24-Loss on redemption of bonds
Loss on COVID-19 outbreak

15

814
162

Income before income taxes
Current income taxes
Deferred income taxes

42,142
16,511
66

41,008
13,574(2,591)

Net income
Note: Figures less than a million are rounded down.

25,56430,025-25-

Non-Consolidated Statement of Changes in Shareholders’ Equity(From January 1, 2021 to December 31, 2021)(Millions of yen)

Shareholders’ equity
Capital surplus

Retained earnings
Other retained earnings

Balance at beginning of thecurrent term
Changes in items during theterm
Dividends from surplus
Net income
Reversal of revaluation
reserve for land
Reversal of reserve for
reduction entry of property
replacement
Provision of reserve foropen innovation promotion
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

Capital
stock

Legal
capitalreserve

92,451

63,729Other
Capitalsurplus-Reservefor openinnovationpromotion

Retainedearnings
brought
forwardTotal
retainedearnings

5,833-

148,278

154,112(10,038)
25,564
6(10,038)
25,564
6

15

-

75

(75)

-

63,729

(15)

0

0

-

-

0

0

(15)

75

15,472

15,532

92,451

63,729063,7295,817

75

163,751

169,644

Shareholders’ equity
Total
Treasury shareholders’stockequityBalance at beginning of thecurrent term
Changes in items during theterm
Dividends from surplus
Net income
Reversal of revaluation
reserve for land
Reversal of reserve for
reduction entry of property
replacement
Provision of reserve foropen innovation promotion
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

Total
CapitalsurplusReserveforreduction entryofproperty
replace
ment

(223)

Valuation and translation adjustments
Valuation difference on
available-forsale securities

310,069

47,282

Revaluation Total valuation
reserve for and translation
land
adjustments

34,96582,248

Total net
assets392,317(10,038)
25,564
6(10,038)
25,564
6

-

-

-

-

(234)
15

(234)
15

(234)
15

(667)

(6)

(673)

(673)

(219)

15,312

(667)

(6)

(673)

14,638(443)

325,381

46,61434,95981,574

406,956

Note: Figures less than a million are rounded down.

-26-

(From January 1, 2020 to December 31, 2020)(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 revaluation
reserve for land
Reversal of reserve for
reduction entry of property
replacement
Acquisition of treasury
stock
Disposal of treasury stock
Cancelation of treasury
stock
Transfer from retained
earnings to capital surplus
Net amount of changes in
items other thanshareholders’ equity
Total amount of changes
during the term
Balance at end of the current
term

Capital
stock

Legal
capitalreserve

Other
Capitalsurplus

Total
Capitalsurplus92,451

63,729063,729Other retained earnings
Reserve for
Retained
reduction
earnings
entry ofbrought
property
forwardreplacement

5,849

(0)
(10,008)(0)(10,008)

10,00810,008

Total
retainedearnings

137,780

143,629(9,202)30,025(331)(9,202)30,025
(331)

15

-

(10,008)(10,008)

(15)

-

-

(0)

(0)

(15)

10,498

10,48392,451

63,729-63,7295,833

148,278

154,112

Shareholders’ equity
Total
Treasury shareholders’stockequityBalance at beginning of thecurrent term
Changes in items during theterm
Dividends from surplus
Net income
Reversal of revaluation
reserve for land
Reversal of reserve for
reduction entry of property
replacement
Acquisition of treasury
stock
Disposal of treasury stock
Cancelation of treasury
stock
Transfer from retained
earnings to capital surplus
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(10,236)

Valuation and translation adjustments
Valuation difference on
available-forsale securities

289,573

58,729

Revaluation Total valuation
reserve for and translation
land
adjustments

31,02289,751

Total net
assets379,325(9,202)30,025(331)(9,202)30,025
(331)

-

-

(2)
6
-

(2)
6
-

-

-

(2)
6
10,008(11,446)

3,942(7,503)(7,503)

10,013

20,496(11,446)

3,942(7,503)

12,992(223)

310,069

47,282

34,96582,248392,317

Note: Figures less than a million are rounded down.

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