2005
Semiannual Report
For the six-month period ended September 30, 2004

TONAMI TRANSPORTATION CO., LTD.

A

M E S S A G E

F R O MT H E

P R E S I D E N T

Performancebusiness plan initiated in March 2002.
Specifically, the Company concentrated onmarketing business proposals, such as system
distribution or joint delivery systems, that meetthe increasingly sophisticated needs of its
customers. Moreover, to preserve sales levels,
Tonami initiated measures to improve thequality of its information-system-basedtransportation services system and the precisionof its work processes.

During the interim period ended September 30,
2004, the Japanese economy continued its mild
recovery driven by firm exports and private
sector capital investment and signs of a reboundin personal consumption. On the other hand,the business climate remained difficult due tothe continued deflationary trend and theunpredictability brought about by rising oil
prices, appreciation of the yen, and a poor
employment environment.

Despite these efforts, service sales were held to¥49,294 million, up ¥194 million, or 0.4%, year
on year. The limited sales growth was partially
due to the many typhoons that hit Japan during
the period and a long Obon summer holiday.

In the transportation industry, amid expectations
that total annual road haulage in Japan would
decline for the fifth consecutive year, Tonami’sroad haulage stayed in an upward trend for thesecond consecutive year. Despite this growth,haulage prices continued to decline, resulting inan operating environment not conducive to
profitability.

Looking at divisional performance, in ourtransportation business, revenues from road
haulage services decreased 0.2% while revenues
from removal services declined 0.3%. Revenues
from rail forwarding, however, advanced 3.5%.
Among other businesses, warehousing revenuesrose 5.5% while revenues from other services
fell 4.0%.

Under these circumstances, Tonami focused onpractical implementation of the various
strategies laid out in the three-year medium-term

UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTSTONAMI TRANSPORTATION CO., LTD. AND CONSOLIDATED SUBSIDIARIESSix months ended September 30, 2004 and 2003

Millions of yen
2004
2003

Thousands of
U.S. dollars
2004

For the period:
Operating revenues ................................................................... ¥ 63,764
Operating income ......................................................................
1,360
Net income .................................................................................
1,102¥ 58,775
1,347
489$ 574,192
12,2479,923

Per share (yen and U.S. dollars):
Net income ................................................................................ ¥

¥

$

12.09

At period-end:
Total assets ................................................................................ ¥126,548
Total shareholders’ equity .........................................................
51,246

5.19¥ 120,350
50,0930.1089$1,139,559
461,468

Notes: 1. U.S. dollar amounts presented herein are included solely for convenience. The rate of ¥111.05 = U.S.$1, prevailing on
September 30, 2004, has been used for the translation into U.S. dollar amounts.
2. The computation of net income per share of common stock is based on the weighted average number of shares outstanding(which represents the number of issued shares less treasury stock.) during each period.

1

In the second half, we expect management
conditions to become even more difficult as thetransportation industry continues to face amultitude of issues, such as strengthening
corporate social responsibility systems andcoping with higher fuel prices.

The Company also strove to increase operating
efficiency by raising productivity and cutting
costs. However, because of soaring fuel prices
and the introduction of a pro forma standard tax
system, operating income declined to ¥500
million, down ¥351 million, or 41.1%, from theprevious interim period. In contrast, net income
rose ¥81 million, or 31.6%, to ¥339 million.

Amid this environment, we are completing thefinal year of our three-year medium-termbusiness plan, focusing on reaching its targets
while also maintaining earnings levels andimproving profitability. Working together as aGroup, we are continuing with business reform.

Among capital expenditures made during theperiod, the Company began construction of the
Yahata Logistics Center in Kyoto, which isscheduled for completion and start up of
operations in December 2004.

In consideration of our earnings forecast for thecurrent fiscal year, we plan to pay total annual
cash dividends of ¥6.00 per share. We havealready paid interim cash dividends of ¥3.00 per
share.

Tonami registered growth in consolidated
revenues and profits in the interim period underreview. In addition to the parent company, 28
subsidiaries and 8 affiliates were included in thescope of consolidation. Consolidated operating
revenues totaled ¥63,764 million, up 8.5% fromthe previous interim period. Operating income
amounted to ¥1,360 million, rising 1.0% year on
year, while net income posted a 125.2% gain,increasing to ¥1,102 million.

In meeting the challenges of the second half, welook forward to the continued support of ourshareholders.

December 2004
Strategies and Perspectives
For the full fiscal year, the Japanese economy isexpected to remain in a mild recovery phase
despite a continued overall deflationary trend
thanks to steady expansion in domestic demand.
Nevertheless, outstanding negative factors, suchas the impact of high oil prices domestically andinternationally and a slowdown in the global
economy make it difficult to be overly
optimistic.

Yoshihiro Minami
President and Representative Director

In addition, the continued hollowing out ofJapan’s manufacturing industry as they shift
production overseas, restraint in public works
investment, and a floundering housing market
indicate haulage volumes will remain flat or
decline.

2

UNAUDITED CONSOLIDATED BALANCE SHEETSTONAMI TRANSPORTATION CO., LTD. AND CONSOLIDATED SUBSIDIARIESAs of September 30, 2004 and 2003

Thousands of
U.S. dollars(Note 1)Millions of yen
2004

2003

2004

Cash and time deposits .....................................................................

¥ 15,341¥ 13,368$ 138,145

Marketable securities (Note 2) ..........................................................

1,096

1,187

9,869

21,72821,260195,660ASSETS
Current assets:

Trade receivables:
Notes and accounts ......................................................................
Less: allowance for doubtful accounts .......................................

(82)

(96)

(738)

Inventories .........................................................................................

814

759

7,330

Deferred tax assets ............................................................................

689

631

6,204

Other current assets ..........................................................................

2,214

2,642

19,937

Total current assets .............................................................

41,80039,751

376,407

Land ...................................................................................................

41,254

39,649371,490

Buildings and structures ...................................................................

24,704

21,787

222,459

Machinery and vehicles......................................................................

3,252

3,540

29,284

Construction in progress ...................................................................

—

985

—

Other ..................................................................................................

2,251

625

20,270Total property and equipment ...........................................

71,461

66,586

643,503

Investments in securities (Notes 2 and 3) ........................................

6,755

7,317

60,828Property and equipment (Notes 3):

Investments and other assets:
Deferred tax assets ............................................................................

1,510

1,844

13,598

Consolidation difference ...................................................................

—

14

—

Others ................................................................................................

5,022

4,838

45,223

Total investments and other assets ....................................

13,287

14,013

119,649

Total assets ..........................................................................

¥126,548¥120,350$1,139,559

The accompanying Notes are an integral part of these statements.

3

Thousands of
U.S. dollars(Note 1)Millions of yen
2004

2003

2004

LIABILITIES AND SHAREHOLDERS’ EQUITYCurrent liabilities:
Short-term bank loans (Note 3) ........................................................
Current portion of long-term debt (Note 3) ....................................
Current portion of bonds ..................................................................
Trade notes and accounts payable ...................................................
Income taxes payable .......................................................................
Other current liabilities .....................................................................
Total current liabilities ........................................................

¥ 15,900
900—
10,375720
7,233
35,128¥ 16,336
881—
10,093930
7,420
35,660$ 143,179
8,104—
93,426
6,484
65,133
316,326

Long-term liabilities:
Long-term debt, less current portion (Note 3) .................................
Deferred tax liabilities from revaluation reserve for land ...............
Employees’ severance and retirement benefits ...............................
Consolidation difference ...................................................................
Other long-term liabilities .................................................................
Total long-term liabilities ....................................................
Total liabilities .....................................................................

11,297
4,595
19,771565
3,224
39,45274,5809,450
5,089
19,261—
140
33,94069,600101,729
41,377
178,037
5,088
29,032355,263
671,589

Minority interests ................................................................................

722

657

6,502

14,183
14,687
16,681
6,768
862

14,183
14,687
14,5507,494
595

127,717132,256
150,21260,946
7,762(1,935)51,246¥126,548(1,417)50,093¥120,350(17,425)
461,468$1,139,559

Contingent liabilities
Shareholders’ equity:
Common stock:
Authorised: 299,200,000 shares in 2003
299,200,000 shares in 2004
Issued:97,610,118 shares in 2003
97,610,118 shares in 2004 .......................................
Capital surplus ...................................................................................
Retained earnings ..............................................................................
Revaluation reserve for land .............................................................
Unrealized gain on securities ...........................................................
Treasury stock, at cost: 5,039,640 shares in 2003 and
6,568,899 shares in 2004 .............................
Total shareholders’ equity ..................................................
Total liabilities, minority interests, and shareholders’ equity ...

4

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
TONAMI TRANSPORTATION CO., LTD. AND CONSOLIDATED SUBSIDIARIESFor the six months ended September 30, 2004 and 2003

Thousands of
U.S. dollars(Note 1)Millions of yen
2004

2003

2004

¥63,764¥58,775$574,192

63,764

58,775574,192

Operating cost (Note 6) ....................................................................

59,22854,683533,345

Selling, general and administrative expenses (Note 6) ...................

3,176

2,745

28,60062,40457,428561,945

1,360

1,347

12,247

Interest and dividend income ...........................................................

122

101

1,099

Equity in earnings of associated companies ....................................

106

93

954

Loss on sells of property and equipment, net .................................

(78)

(48)

(702)

Interest expenses ...............................................................................

(153)

(201)

(1,378)Others, net .........................................................................................

413

34

3,719

410

(21)

3,692

1,770

1,326

15,939Current ...............................................................................................

646

1,114

5,817

Deferred .............................................................................................

(8)

(307)

(72)

638

807

5,746

Minority interests ................................................................................

30

30

270

Net income ...........................................................................................

¥ 1,102

Operating revenues:
Operating revenues ...........................................................................

Operating costs and selling, general and administrative expenses:

Operating income ...............................................................................

Other income and expenses:

Income before income taxes and minority interests ...................
Income taxes:

The accompanying Notes are an integral part of these statements.

5

¥

489

$

9,923

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWSTONAMI TRANSPORTATION CO., LTD. AND CONSOLIDATED SUBSIDIARIESFor the six months ended September 30, 2004 and 2003

Thousands of
U.S. dollars(Note 1)Millions of yen
2004

2003

2004

Cash flows from operating activities:
Income before income taxes and minority interests .......................
Depreciation and amortization .........................................................
Gain on disposal of property and equipment .................................
Gain on sales of investments in securities .......................................
Loss on devaluation of investments in securities ............................
Loss on devaluation of golf club memberships ...............................
Bond issue expenses .........................................................................
Amortization of consolidation difference .........................................
Equity in earnings of associated companies ....................................
Decrease in allowance for doubtful accounts .................................
(Decrease) increase in employees’ severance and retirement benefits ...
Increase (decrease) in accrued bonuses to employees ..................
Interest and dividend income ...........................................................
Interest expenses ...............................................................................
Decrease in trade receivables ...........................................................
Increase in inventories ......................................................................
Decrease in accounts payable ..........................................................
(Decrease) increase in accrued consumption taxes ........................
Other, net ...........................................................................................
Subtotal .........................................................................................
Interest and dividends received .......................................................
Interest paid .......................................................................................
Income taxes paid .............................................................................
Net cash provided by operating activities ..............................

¥ 1,770
1,293
86
(16)
0
4
31
(83)
(106)
(120)
(339)
56
(121)
153
2,492
(238)
(2,140)
(23)
(276)
2,423
121
(153)
(886)
1,505

¥ 1,326
1,207
48
(1)
7
3
86
(3)
(93)
(32)
226
(94)
(101)
200
266
(28)
(513)
68
(450)
2,122
101
(201)
(1,429)593$ 15,939
11,643
775
(144)
0
36
279
(747)
(954)
(1,081)(3,053)504(1,090)1,378
22,440(2,143)(19,271)(207)(2,485)
21,8191,090(1,378)(7,978)13,553

Cash flows from investing activities:
Purchase of time deposits .................................................................
Proceeds from redemption of time deposits ...................................
Purchase of marketable securities ....................................................
Proceeds from sales of marketable securities ..................................
Purchase of property and equipment ..............................................
Proceeds from sales of property and equipment ............................
Purchase of investments in securities ..............................................
Proceeds from sales of investments in securities ............................
Proceeds from acquisition of subsidiaries resulting in changes in scope of consolidation ...
Investments in loans receivable .......................................................
Proceeds from collection of loans receivable ..................................
Other, net ...........................................................................................
Net cash used in investing activities .......................................

(61)
103
—
15
(2,571)
1
(10)
20
—
(45)
68
(98)
(2,578)

(84)
69
(0)
155
(2,870)
54
(932)
42
122
(300)
409
233
(3,102)

(549)
928
—
135
(23,152)
9
(90)
180
—
(405)
612
(883)
(23,215)

Cash flows from financing activities:
Net (decrease) increase in short-term loans ....................................
Proceeds from long-term debt ..........................................................
Repayment of long-term debt ...........................................................
Proceeds from issuance of bonds ....................................................
Payments for issuance of bonds .......................................................
Redemption of bonds .......................................................................
Purchase of treasury stock ................................................................
Dividends paid ..................................................................................
Dividends paid to minority interests ................................................
Net cash provided by (used in) financing activities ..............

(163)
82
(487)
2,469
—
—
(196)
(275)
(10)
1,420

223
165
(486)
7,000
(86)
(7,000)
(497)
(472)
(8)
(1,161)(1,468)738(4,385)22,233——(1,765)(2,476)(90)(12,787)

Effect of exchange rate change on cash and cash equivalents ...
Net increase (decrease) in cash and cash equivalents ..................
Cash and cash equivalents at beginning of year ...........................
Cash and cash equivalents at end of year ......................................

—
347
15,800¥16,147—(3,670)17,873¥14,203—
3,125
142,278$145,403

The accompanying Notes are an integral part of these statements.

6

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
TONAMI TRANSPORTATION CO., LTD. AND CONSOLIDATED SUBSIDIARIES

1.

Basis of presenting financial statements

The accompanying unaudited consolidated financial
statements of Tonami Transportation Co., Ltd. (the“Company”) and consolidated subsidiaries are prepared on
the basis of accounting principles generally accepted inJapan, which are different in certain respects as to theapplication and disclosure requirements of International
Financial Reporting Standards, and are compiled from theconsolidated financial statements prepared by the Company
as required by the Securities and Exchange Law of Japan.

2.

U.S. dollar amounts presented in the unaudited
financial statements are included solely for convenience andshould not be construed as representations that Japanese yenamounts have been or could in the future be converted into
U.S. dollars. The rate of ¥111.05 = U.S.$1, prevailing on
September 30, 2004, has been used for the translation into
U.S. dollar amounts in the unaudited financial statements.

Fair Value of Securities

No trading securities or held-to-maturity securities were heldat September 30, 2004 or 2003. Securities classified as othersecurities are included in “marketable securities” and“investments in securities” in the accompanying unaudited
consolidated balance sheets.

The components of unrealized gain or loss onmarketable securities classified as other securities at
September 30, 2004 and 2003 are summarized as follows:—

Unrealized gain:
Stocks ....................................................................................................................
Bonds
Corporate bonds ................................................................................................
Other ...................................................................................................................
Other .....................................................................................................................
Unrealized loss:
Stocks ....................................................................................................................
Bonds
Corporate bonds ................................................................................................
Other ...................................................................................................................
Other .....................................................................................................................
Total ..........................................................................................................................

Unrealized gain:
Stocks ....................................................................................................................
Bonds
Corporate bonds ................................................................................................
Other ...................................................................................................................
Other .....................................................................................................................
Unrealized loss:
Stocks ....................................................................................................................
Bonds
Corporate bonds ................................................................................................
Other ...................................................................................................................
Other .....................................................................................................................
Total ..........................................................................................................................

Unrealized gain:
Stocks ....................................................................................................................
Bonds
Corporate bonds ................................................................................................
Other ...................................................................................................................
Other .....................................................................................................................
Unrealized loss:
Stocks ....................................................................................................................
Bonds
Corporate bonds ................................................................................................
Other ...................................................................................................................
Other .....................................................................................................................
Total ..........................................................................................................................

7

Acquisition
costs

Millions of yen
2004
Carrying
value

Unrealizedgain(loss)¥2,277¥3,745¥1,468

90
—
—

91
—
—

1
—
—

151

134

(17)

25
—
60
¥2,60325—
59¥4,054(0)—(1)¥1,451

Acquisition
costs

Millions of yen
2003
Carrying
value

Unrealizedgain(loss)¥1,962¥2,995¥1,033

178
100
—

179
100
—

1
0
—

453

422

(31)

25
—
10
¥2,72825—
8¥3,729(0)—(2)¥1,001

Acquisition
costs

Thousands of U.S. dollars
2004
Carrying
value

Unrealizedgain(loss)$20,505$33,724$13,219

810
—
—

819
—
—

9
—
—

1,360

1,207

(153)

225
—
540
$23,440

225—
531$36,506(0)—(9)$13,066

3. Short-term bank loans and long-term debt(a) Short-term bank loans

Short-term bank loans as at September 30, 2004 and 2003 were as follows:—

Secured ....................................................................................................................
Unsecured ................................................................................................................

Millions of yen
2004
2003
¥ 3,751¥ 4,118
12,14912,218

Thousands of
U.S. dollars
2004$ 33,778
109,401

Millions of yen
2004
2003
¥ 6,400¥ 6,400
600
600

Thousands of
U.S. dollars
2004$ 57,632
5,403Interest rates range from 0.6% to 4.0%.

(b) Long-term debt

Long-term debt as at September 30, 2004 and 2003 was as follows:—

0.89% ¥6.4 billion unsecured straight bonds due 2008 ........................................
0.52% ¥0.6 billion unsecured straight bonds due 2008 ........................................
0.00% 2.5 billion unsecured convertible bond type–bonds
with stock acquisition rights due 2009 ................................................................
0.6%–3.6% loans from financial institutions due 2005 to 2009 and thereafter
Secured ..............................................................................................................
Unsecured...........................................................................................................
Total .............................................................................................................
Less: amount due within one year .........................................................................

The maturity date of the ¥6.4 billion 0.89% unsecured straightbonds, issued in June 2003, is June 30, 2008.
The maturity date of the ¥0.6 billion 0.52% unsecured
straight bonds, issued in June 2003, is June 30, 2008.

—

22,512

1,939
1,392
10,331881¥ 9,450

15,641
8,645
109,833
8,113$101,720

The maturity of the ¥2.5 billion 0.00% unsecured
convertible bond type-bonds with stock acquisition rights,
issued in July 2004, is September 30, 2009.

(c) Pledged assets

Property and equipment having a net value of ¥19,042 million($171,472 thousand) was pledged as collateral for short-termbank loans and long-term debt, and investment in securities

4.

2,500
1,737
960
12,197901¥11,296of ¥13 million ($117 thousand) was pledged as collateral for
short-term bank loans as at September 30, 2004.

Amounts per share

Net income per share has been computed using theweighted-average number of shares of common stock
outstanding during each period.
In computing diluted net income per share, theweighted-average number of shares has been increased by
the number of shares that would have been outstanding
assuming the conversion of all convertible bond type-bonds
with stock acquisition rights at the beginning of each period.

Net income has been adjusted for interest expense on suchbonds, net of applicable income taxes.
Net assets per share has been computed using thenumber of shares of common stock outstanding at eachbalance sheet date.
Amounts per share of common stock for the six months
ended September 30, 2004 and 2003 were as follows:—
Yen

Net income per share:
Basic ......................................................................................................................
Diluted ...................................................................................................................
Net assets per share ................................................................................................

2004

2003

U.S. dollars
2004¥ 12.0911.26¥562.88¥ 5.19—¥541.13$0.1089
0.1014$5.0687

Basis for the calculation of net income per share and diluted net income per share for the six months ended September 30, 2004
and 2003 was as follows:—
2003

Thousands of
U.S. dollars
2004¥1,102——¥1,102
91,132,931

¥489
—
—
¥489
94,270,521$9,923——$9,923
—

¥0
0
6,738
6,738

¥—
—
—
—

$0
0
—
—

—

—

—

Millions of yen
2004
Net income available to shareholders of common stock:
Net income ............................................................................................................
Net income not available to shareholders of common stock: .........................
Appropriation of bonuses to directors and statutory auditors..........................
Weighted-average number of shares of common stock outstanding ................
Diluted net income available to shareholders of common stock:
Adjustments to net income:...................................................................................
Commission for bonds ........................................................................................
Incremental number of shares of common stock: ...............................................
Stock acquisition rights .......................................................................................
Common stock equivalents not included computation of diluted net income
per share due to their anti-dilutive effect .........................................................

8

5.

Subsequent event

At a meeting held on November 12, 2004, the board of directors of the Company resolved the following interim cash dividends:—
Dividends (¥3.00 per share) .....................................................................................

6.

Thousands of
U.S. dollars$2,458Millions of yen¥273

Segment Information

The Company’s business segments consist of logistics related services classified as Logistics and non-logistics services classified as
Others.
A summary of segment information by industry segment for the six months ended September 30, 2004 and 2003 is asfollows:—
Logistics
Net Sales:
Outside customers .............................................................
Inter segment sales ............................................................
Total ..............................................................................
Costs and expenses ..................................................................
Operating income ....................................................................

¥58,925
10
58,93557,807¥ 1,128

Logistics
Net Sales:
Outside customers .............................................................
Inter segment sales ............................................................
Total ..............................................................................
Costs and expenses ..................................................................
Operating income ....................................................................

¥54,1288
54,13653,008¥ 1,128

Logistics
Net Sales:
Outside customers .............................................................
Inter segment sales ............................................................
Total ..............................................................................
Costs and expenses ..................................................................
Operating income ....................................................................

$530,61790
530,707
520,549$ 10,158

For the six months ended September 30, 2004
Millions of yen
OthersTotal
Eliminations(Notes 1 and 2)¥4,839
3,188
8,027
7,726
¥ 301

¥63,764
3,198
66,96265,533¥ 1,429¥—(3,198)(3,198)(3,129)¥ (69)For the six months ended September 30, 2003
Millions of yen
OthersTotal
Eliminations(Notes 1 and 2)¥4,647
2,692
7,339
7,058
¥ 281

¥58,775
2,700
61,47560,066¥ 1,409¥—(2,700)(2,700)(2,638)¥ (62)For the six months ended September 30, 2004
Thousands of U.S. dollars
OthersTotal
Eliminations(Notes 1 and 2)$43,575
28,70872,28369,573$ 2,710$574,192
28,798602,990590,122$ 12,868$—(28,798)(28,798)(28,177)$ (621)

Consolidated¥63,764—
63,76462,404¥ 1,360

Consolidated¥58,775—
58,77557,428¥ 1,347

Consolidated$574,192—
574,192
561,945$ 12,247

Note: Operating cost and expenses included in the column “Eliminations” mainly consist of those charged by the general affairs
and finance divisions of the Company, amounting to ¥97 million ($873 thousand) and ¥95 million for the six months ended
September 30, 2004 and 2003, respectively.
The two business segments mainly consist of the following services:
Logistics ...... Road haulage, freight forwarding, warehousing, and harbor transport and customs services
Others ......... Vehicle maintenance, casualty insurance, leasing, merchandising and commissioned sales and purchases,
travel services, mail order services, travel inn, and other businesses
Neither geographical segment information nor overseas sales have been presented because none of the Company’s
consolidated subsidiaries are domiciled outside Japan, and the Company and its consolidated subsidiaries had no overseas
sales for the six months ended September 30, 2004 and 2003.

9

BOARD OF DIRECTORSAND STATUTORYAUDITORSCORPORATE DATA

President andRepresentative
Director

Head Office

Consolidated Subsidiaries

2-12, Showa-machi 3-chome,
Takaoka,Toyama Prefecture 933-8566, Japan
Phone: (0766) 21-1073
Fax: (0766) 21-3640

Road haulage
Kanto Tonami Transportation Co., Ltd.

Yoshihiro Minami

Executive Vice Presidents
Yohsuke Konishi
Katsusuke Watanuki

Senior Managing Director
Akiyoshi Kunisada

Managing Directors
Tsutomu Chujoh
Noriaki Murata
Kohichi Kishida
Iwao Hamano

Directors
Shigeki Sakamoto
Takashi Suzuki

Gosei Tonami Transportation Co., Ltd.
Osaka Tonami Transportation Co., Ltd.
Shonan Tonami Transportation Co., Ltd.

Tokyo Office

Ibaraki Tonami Transportation Co., Ltd.

3-8, Higashinihonbashi 3-cyome,Chuo-ku,
Tokyo 103-0004, Japan
Phone: (03) 3664-5401
Fax: (03) 3664-5405

Fukui Tonami Transportation Co., Ltd.
Ishikawa Tonami Transportation Co., Ltd.
Kanagawa Tonami Transportation Co., Ltd.
Kansai Tonami Transportation Co., Ltd.

Date of Establishment
June 1943

Zento Transportation Co., Ltd.
Takefu Transportation Co., Ltd.

Common Stock

Kawai Transportation Co., Ltd.

¥14,183 million

Chukyo Tonami Transportation Co., Ltd.

Issued and Outstanding
SharesSaitama Tonami Transportation Co., Ltd.

97,610,118 shares

ATS Co., Ltd.
Niigata Tonami Transportation Co., Ltd.

Shareholders
Standing Statutory Auditors

8,307

Warehousing
Keishin Warehousing Co., Ltd.

Makoto Nagai
Nariyuki Aoki

Employees

Ocean-freight forwarder
Nihon Unyu Co., Ltd.

5,491

Statutory Auditors
Shinichiro Inujima
Toshio Yaeta
Yoji Ishiguro

Customs clearance service
Tonami Air Service Co., Ltd.

Terminals
84

Trading Company
Tonami Trading Co., Ltd.

Warehouses

Sale of tires
Toyo Gomu Hokuriku Hanbai Co., Ltd.

43
(As of 30th September, 2004)

Travel inns
Shogawa Kanko Co., Ltd.

Motor Vehicles
5,591

Sale of liquor
Toyama Jizake Hanbai Co., Ltd.

(As of 30th September, 2004)

Automobile technology R&D

Tonami Automobile Technology ResearchInstitute Co., Ltd.
Development and sale of software
Keishin System Research Co., Ltd.
Sale of tires
Toyo Tire Toyama shop Co., Ltd.
Sale of bed-clothes
Toyo Shinso Co., Ltd.
Financial service
Tonami Business Service Co., Ltd.

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TONAMI TRANSPORTATION CO., LTD.
URL:http://www.tonami.co.jp/