2016

Semiannual Report
For the six-month period ended September 30, 2015

TONAMI HOLDINGS CO., LTD.

Contents
1
4
6
		
7
8
10
11
11

A Message from the President
Unaudited Consolidated Balance Sheets
Unaudited Consolidated Statements of Income andConsolidated Statements of Comprehensive Income
Unaudited Consolidated Statements of Cash Flows
Notes to the Unaudited Consolidated Financial Statements
Consolidated Subsidiaries
Board of Directors and Corporate Auditors
Corporate Data

Forward-Looking Statements
This report includes forward-looking statements that represent Tonami Group’s assumptions and expectations in light of currently available information.
These statements reflect industry trends, clients’ situations and other factors, and involve risks and uncertainties which may cause actual performance
results to differ from those discussed in the forward-looking statements in accordance with changes in the business environment.

A Message from the President
I welcome this opportunity to report to our

In April 2015, the Group started its new Three-year

shareholders on our operating environment andMedium-Term Business Plan covering the period frombusiness results for the six-month period endedApril 1, 2015 to March 31, 2018, “Leading step up

September 30, 2015.

2017 — Aiming for even higher-quality management!”
Based on the progress of the structural reform of theInitiatives in and Performance for the First six-

business in accordance with the previous Three-year

month period

Medium-Term Business Plan, we continue to position

During the first six-month period, the Japanesethese three years as a period for further growth, and are

economy remained on a moderate recovery trend, as

committed to enhancing the quality andshown by the depreciation of the Japanese yen, rise incomprehensive strength of the Group as a whole instock prices, and improvement in corporate earnings

order to achieve expansion of earnings base by

and labor market due to the economic and monetary-

providing high-value-added services.

easing policies.

Unaudited Consolidated Financial Highlights
TONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIESSix months
ended
September 30,
2015

Six months
ended
September 30,
2014

Thousands of
U.S. dollars(Note 1)
Six months
ended
September 30,
2015¥60,325
55,575
1,479
2,929
340
2,344
1,589
1,885

¥59,710
55,290
1,441
2,646
331
1,891
1,422
1,761

$502,884
463,286
12,33524,422
2,841
19,54013,247
15,714¥17.52—
3.00¥15.68—2.50$0.1460—
0.0027

September 30,
2015

March 31,2015

September 30,
2015¥120,108
56,209¥120,887
54,647$1,001,237
468,567

Millions of yen

For the period:
Operating revenues .........................................................................
Logistics ......................................................................................
Information processing ...............................................................
Sales ...........................................................................................
Others ........................................................................................
Operating income ...........................................................................
Net income attributable to owners of the parent ..............................
Total comprehensive income ...........................................................
Per share (yen and U.S. dollars) (Note 2)
Net income, basic ...........................................................................
Net income, diluted (Note 3)...........................................................
Cash dividends ...............................................................................
At period-end:
Total assets ......................................................................................
Total net assets ................................................................................
Notes:

1. These financial statements are in principle presented in Japanese yen, and U.S. dollar amounts presented herein are included solely for convenience of readers outside Japan. The
rate of ¥119.96 = U.S.$1, prevailing on September 30, 2015, has been used for the translation into U.S. dollar amounts. Such translation should not be construed as
representations that the Japanese yen amount can be or have been converted into U.S. dollars at that rate.
2. The computation of profit 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.
3. Diluted profit per share is not presented for the six months ended September 30, 2015 and 2014, since there were no residual securities.

1

As a part of our initiatives, in June of this year, weInterim Dividend

implemented an organizational reform of our core

We have paid an interim dividend of ¥3.00 per share.

companies, whereby sales divisions of the “mainstay

We will continue making a concerted effort to raise

LTL business” and the “key 3PL business” werebusiness performance so as to meet the expectations ofintegrated and reorganized to strengthen the integrated

our shareholders. In all our endeavors, we will besales system enabling flexible “marketing development

grateful for your continued support.

and proposal-driven marketing.”
December 2015
Full-Year Outlook
The Group is pushing forward with theimplementation of our growth strategy aimed at

Katsusuke Watanuki
President and Representative Director

achieving the performance targets of the new Threeyear Medium-Term Business Plan. In particular, we
will strive to improve corporate value by working tostrengthen the growth potential of our businesses(promotion of proposal-driven marketing,
improvement of the Company’s competitive power,
integration of subsidiaries, restructuring of the Group’sbusinesses, etc.), enhance existing businesses(development of logistic bases, business and capitalalliances, M&As, etc.) and further strengthen
cooperation with business partners.

2

Overview of Operations

Results by Segment

Market Conditions

Logistics

In the logistics industry, the business climate

Handling volumes related to consumer goods as wellcontinued to change rapidly as shown by factors

as logistics and retail have gradually improved due toincluding a sharp increase in outsourcing costs

factors including recovery from the decline in demandassociated with an increasingly serious shortage offollowing the last-minute demand before thetruck drivers, a rise in freight charges and unit rates,

consumption tax increase in the previous fiscal year,

an increase in personnel costs, and further

and operating revenues from the logistics-related

diversification of customer needs associated withbusiness amounted to ¥55,575 million, an increase ofchanges in the logistics structure.

0.5% compared with the same period of the previous

In these circumstances, in the road haulage businessyear. Segment income was ¥2,027 million, an increase

and the freight forwarding business, we strove toof 29.4% due to factors including promotion of

secure stable revenues by expanding businesses withinitiatives to maintain freight charges at a reasonable

new customers while deepening relationships withlevel and lower fuel prices.

existing ones and endeavoring to maintain freightcharges at a reasonable level. At the same time, weInformation Processing Businessstrove to expand the businesses, including third-party

Operating revenues from the information processing

logistics (3PL).

business increased 2.6% to ¥1,479 million. Segment
income was ¥125 million, an increase of 21.6%.

Results of Operations
As a result, the Group’s operating revenues during theSales Businesses

six months ended September 30, 2015 amounted toOperating revenues from the sales business, which¥60,325 million, an increase of 1.0% compared withincludes merchandising, consignment sales, and athe same period of the previous year.

non-life insurance agency, amounted to ¥2,929

With regard to profits, amid cost increases from highmillion, an increase of 10.7%. Segment income wassubcontractor fees and rising raw material costs,¥117 million, a decrease of 0.8%.

operating income increased 23.9% to ¥2,344 million,
thanks to efforts such as cost management

Others Businesses

corresponding to business volume and continual

Operating revenues from other businesses, whichrevisions to freight charges and unit rates, and lower

include automobile repair and direct mail service,fuel prices.

amounted to ¥340 million, an increase of 2.8%.

Net income attributable to owners of the parent

Segment income decreased 1.9% to ¥59 million.

increased 11.7% to ¥1,589 million.

3

Unaudited Consolidated Balance Sheets

TONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIES
September 30, 2015 and March 31, 2015

Millions of yen
September 30,
March 31,
2015
2015

Thousands of
U.S. dollars(Note 1)
September 30,
2015¥11,641¥12,252$97,046

Notes and accounts .........................................................................

19,44020,530162,062

Less: allowance for doubtful accounts .............................................

(52)

(58)

(439)

ASSETS
Current assets:
Cash and time deposits .........................................................................
Trade receivables:

Inventories (Note 2) .............................................................................

872

574

7,272

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

698

714

5,822

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

2,339

2,063

19,505

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

34,94036,076291,268

Property and equipment:
Land ....................................................................................................

40,03440,294

333,731

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

20,891

21,273

174,150

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

2,331

2,196

19,435

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

8,011

7,404

66,782

Total property and equipment ...............................................

71,26871,168594,099

Investments in securities .......................................................................

8,840

8,453

73,692

Goodwill ..............................................................................................

9

10

76

Investments and other assets:

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

5,050

5,178

42,103

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

13,89913,642

115,871

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

¥120,108¥120,887$1,001,237

The accompanying Notes are an integral part of these statements.

4

LIABILITIESCurrent liabilities:
Short-term bank loans ..........................................................................
Current portion of long-term debt .......................................................
Current portion of bonds with subscription rights to shares .................
Trade notes and accounts payable ........................................................
Income taxes payable ............................................................................
Other current liabilities ........................................................................
Total current liabilities ...........................................................
Long-term liabilities:
Long-term debt, less current portion thereof ........................................
Deferred tax liability .............................................................................
Deferred tax liabilities from revaluation reserve for land .......................
Net defined benefit liability ..................................................................
Retirement benefits for directors and corporate auditors ......................
Other long-term liabilities ....................................................................
Total long-term liabilities .......................................................
Total liabilities .......................................................................

Millions of yen
September 30,
March 31,
2015
2015

Thousands of
U.S. dollars(Note 1)
September 30,
2015¥10,640
2,726
5,000
10,704971
8,676
38,718¥10,770
1,055
5,000
11,367
1,225
9,915
39,333$88,696
22,726
41,681
89,231
8,099
72,325
322,758

3,693
2,249
3,977
6,727
101
8,430
25,18063,899

5,908
2,119
3,977
6,747
130
8,022
26,906
66,24030,78618,75433,161
56,084847
70,279209,911532,669

NET ASSETS
Shareholders’ equity:
Common stock:
Authorised: 299,200,000 shares at September 30, 2015
299,200,000 shares at March 31, 2015
Issued: 97,610,118 shares at September 30, 2015
97,610,118 shares at March 31, 2015 .................................
Capital surplus .....................................................................................
Retained earnings .................................................................................
Treasury stock, at cost: 6,917,083 shares at September 30, 2015 and
6,896,199 shares at March 31, 2015 ................
Total shareholders’ equity .......................................................

14,182
11,682
23,59614,182
11,682
22,324

118,228
97,384
196,702(2,033)47,427(2,028)46,160(16,951)
395,363

Accumulated other comprehensive income:Unrealized gain on securities ................................................................
Revaluation reserve for land .................................................................
Remeasurements of defined benefit plans .............................................
Total accumulated other comprehensive income ....................

2,195
6,182
309
8,687

1,957
6,182
256
8,395

18,30351,5392,579
72,421

Non-controlling interests:
Non-controlling interests .....................................................................
Total net assets .......................................................................
Total liabilities and net assets .................................................

94
56,209¥120,10891
54,647¥120,887

784
468,567$1,001,237

5Unaudited Consolidated Statements of Income andConsolidated Statements of Comprehensive Income
TONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIESFor the six months ended September 30, 2015 and 2014

2014

Thousands of
U.S. dollars(Note 1)
2015

¥60,325
60,325¥59,71059,710$502,884
502,884

55,0452,936
57,981
2,344

54,9402,878
57,818
1,891

458,863
24,480483,344
19,540

179
33
55
(138)
41
170
2,514

174
37
21
(145)
188
275
2,166

1,499
278
460
(1,157)342
1,423
20,963

912
9
921
1,593
4
¥1,589
4
1,593

627
107
735
1,431
8
¥1,422
8
1,431

7,603
76
7,680
13,28336$13,247
36
13,283

238
53

274
55

1,987
443

0
291
1,885

0
330
1,761

1
2,431
15,714

1,880
4

1,753
8

15,67936

Millions of yen
2015

Operating revenues:
Operating revenues ..............................................................................
Operating costs and selling, general and administrative expenses:
Operating cost ......................................................................................
Selling, general and administrative expenses .........................................
Operating income
Other income and expenses:
Interest and dividend income ...............................................................
Equity in earnings of affiliates ..............................................................
Gain on disposal/sales of property and equipment, net .........................
Interest expenses ...................................................................................
Other, net ...........................................................................................
Income before income taxes ....................................................................
Income taxes:
Current ................................................................................................
Deferred ...............................................................................................
Net income ...............................................................................................
Net income attributable to non-controlling interests .............................
Net income attributable to owners of the parent ....................................
Net income attributable to non-controlling interests .............................
Net income ...............................................................................................
Other comprehensive income
Valuation difference on other securities ................................................
Remeasurements of defined benefit plans .............................................
Share of other comprehensive income of associates accounted
for using equity method ....................................................................
Total other comprehensive income ......................................................
Total comprehensive income ...................................................................
Total comprehensive income attributable to:
Owners of the parent ......................................................................
Non-controlling interests ................................................................
The accompanying Notes are an integral part of these statements.

6

Unaudited Consolidated Statements of Cash FlowsTONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIESFor the six months ended September 30, 2015 and 2014

2014

Thousands of
U.S. dollars(Note 1)2015

¥2,514
2,242
(55)
7
—
1
—
(33)
(22)
57
(28)
80
(179)
138
1,089
(297)
(663)
(1,162)
(827)
2,862
179
(140)
(1,057)1,843¥ 2,166
2,084
(21)
0
1
(36)
(37)
(37)
(62)
(305)
(7)
69
(174)
145
1,517
(256)
(1,078)
474
(258)
4,185
173
(143)
(832)
3,382

$20,963
18,690
(460)
64
—
16
—
(278)
(186)
475
(241)
672
(1,499)1,157
9,082(2,483)(5,528)(9,687)(6,895)23,861
1,499(1,175)(8,818)15,367

Cash flows from investing activities:
Purchase of time deposits ...................................................................................
Proceeds from redemption of time deposits ........................................................
Purchase of property and equipment ..................................................................
Proceeds from sales of property and equipment ..................................................
Purchase of investments in securities ...................................................................
Payment for purchase of investments in consolidated subsidiaries .......................
Investments in loans receivable ............................................................................
Proceeds from collection of loans receivable ........................................................
Other, net ...........................................................................................................
Net cash used in investing activities ...........................................................

(24)
34(1,080)
375
(28)
—
(214)
219
29
(689)

(37)
35
(1,351)
76
(24)
(141)
(264)
210
0
(1,496)(203)
283(9,007)
3,129
(237)
—
(1,785)
1,829
244(5,747)

Cash flows from financing activities:
Net decrease in short-term loans .........................................................................
Proceeds from long-term debt .............................................................................
Repayment of long-term debt .............................................................................
Repayments of lease obligations ..........................................................................
Purchase of treasury stock ...................................................................................
Dividends paid ...................................................................................................
Dividends paid to non-controlling interests ........................................................
Net cash used in financing activities ...........................................................

(130)
100
(645)
(756)
(4)
(317)
(1)
(1,755)(1,040)4,070(3,044)
(945)
(1)
(226)
(5)
(1,193)(1,084)834(5,378)(6,305)(38)(2,647)(12)(14,630)

Net increase (decrease) in cash and cash equivalents .............................................
Cash and cash equivalents at beginning of period .................................................
Cash and cash equivalents at end of period (Note 3) ............................................

(601)
12,185¥11,584692
9,238¥ 9,931(5,011)
101,578$96,566

Cash flows from operating activities:
Income before income taxes ................................................................................
Depreciation and amortization ...........................................................................
Gain on disposal/sales of property and equipment, net........................................
Loss on devaluation of investments in securities ..................................................
Loss on devaluation of golf club memberships ....................................................
Amortization of goodwill ....................................................................................
Gain on negative goodwill ..................................................................................
Equity in earnings of unconsolidated subsidiaries and affiliates ...........................
Decrease in allowance for doubtful accounts .......................................................
Increase (decrease) in net defined benefit liability ...................................................
Decrease in directors’ and corporate auditors’ retirement benefits .......................
Increase 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 ...................................................

The accompanying Notes are an integral part of these statements.

7

Millions of yen
2015Notes to the Unaudited Consolidated Financial Statements
TONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIES

1.

Basis of presenting financial statements

2.

Inventories

3.

Cash flow statements

The accompanying unaudited consolidated financial statements have been prepared based on the accounts maintained by Tonami Holdings Co.,
Ltd. (the “Company”) and consolidated subsidiaries in accordance with accounting principles generally accepted in Japan, which differ in certain
respects as to the application and disclosure requirements of International Financial Reporting Standards.
In preparing these unaudited consolidated financial statements, certain reclassifications and rearrangements have been made to theCompany’s consolidated financial statements issued domestically in order to present them in a format which is more familiar to readers outside
Japan.
The consolidated financial statements are stated in Japanese yen, the currency of the country in which the Company is incorporated andoperates. The translations of Japanese yen amounts into U.S. dollar amounts are included solely for the convenience of readers outside Japan andhave been made at the rate of ¥119.96 to U.S.$1, the approximate rate of exchange at September 30, 2015. Such translations should not be
construed as representations that the Japanese yen amounts could be converted into U.S. dollars at that or any other rate.

Inventories as at September 30, 2015 consisted of merchandise of ¥534 million ($4,452 thousand), raw materials and supplies of ¥194 million($1,624 thousand), and work in process of ¥143 million ($1,195 thousand).

Reconciliation of cash and time deposits shown in the unaudited consolidated balance sheets and cash and cash equivalents shown in theunaudited consolidated statements of cash flows as at September 30, 2015 and 2014 is as follows:—

Cash and time deposits ....................................................................................................
Time deposits with maturities exceeding three months ....................................................
Cash and cash equivalents ...............................................................................................

4.

Millions of yen
September 30,
September 30,
2015
2014
¥11,641¥10,006(57)(75)¥11,584¥ 9,931

Thousands of
U.S. dollars
September 30,
2015$97,046(480)$96,566

Amounts per share
Net income per share
Yen

Basic ................................................................................................................................
Diluted ............................................................................................................................
Cash dividends ................................................................................................................

Six months
ended
September 30,
2015¥17.52—3.00

Six months
ended
September 30,
2014¥15.68—
2.50

U.S. dollars
Six months
ended
September 30,
2015$0.1460—
0.0250Basis for the calculation of net income per share for the six months ended September 30, 2015 and 2014 was as follows:—

Net income per share:
Net income ...............................................................................................................
Net income not available to shareholders of common stock ......................................
Net income available to shareholders of common stock .............................................
Weighted-average number of shares of common stock outstanding (shares) ..............

Millions of yen
Six months
Six months
ended
ended
September 30,
September 30,
2015
2014
¥1,589—1,589
90,708,495¥1,422—
1,422
90,735,366

Thousands of
U.S. dollars
Six months
ended
September 30,
2015$13,248—
13,248

Diluted net income per share is not presented for the six months ended September 30, 2015 and 2014 since there were no outstanding
potentially dilutive securities.

85.

Subsequent events

At a meeting held on November 6, 2015, the board of directors of the Company resolved the following interim cash dividends:—
Cash dividends (¥3.00 per share) ....................................................................................

6.

Thousands of
U.S. dollars$2,269Millions of yen¥272

Segment information

Information on operating revenues and income/loss by reportable segment(a) For the six months ended September 30, 2014
Millions of yen

Operating revenues:
1. Revenues from outside customers .....................................
2. Intersegment revenues or transfers ....................................
Total ...............................................................................
Segment income ..........................................................................

Logistics

Reportable segment
Information
processing
Sales¥55,29010
55,301¥1,567¥1,441
143
1,585
¥103

¥2,646
2,383
5,029
¥118

Total
¥59,378
2,537
61,916¥1,788

Others
*1
¥331
184
516
¥60

Total
¥59,7102,721
62,432¥1,849

Adjustment Consolidated
*2
*3
¥ —
(2,721)(2,721)¥42

59,710—59,710¥1,891(b) For the six months ended September 30, 2015
Millions of yen

Operating revenues:
1. Revenues from outside customers .....................................
2. Intersegment revenues or transfers ....................................
Total ...............................................................................
Segment income ..........................................................................

Logistics

Reportable segment
Information
processing
Sales¥55,575
11
55,587¥2,027¥1,479
164
1,644
¥125

¥2,929
1,853
4,783
¥117

Total
¥59,9852,029
62,014¥2,269

Others
*1
¥340
134
475
¥59

Total
¥60,3252,164
62,490¥2,329

Adjustment Consolidated
*2
*3
¥—
(2,164)(2,164)¥14

60,325—60,325¥2,344

Thousands of U.S. dollars

Operating revenues:
1. Revenues from outside customers .....................................
2. Intersegment revenues or transfers ....................................
Total ...............................................................................
Segment income ..........................................................................

Logistics

Reportable segment
Information
processing
Sales$463,28694
463,380$16,899$12,335
1,373
13,707$1,048$24,422
15,45439,876
$976

Total

Others*1

Total$500,042
16,921
516,964$18,923$2,841
1,119
3,960
$497

$502,884
18,040520,924$19,420

Adjustment Consolidated
*2
*3
$—
(18,040)(18,040)$120$502,884—
502,884$19,540*1 “Others” corresponds to operating segments that are not included in the reported operating segments and includes automobile repair and direct
mail service.
*2 Adjustments are as follows:
Adjustments of segment income
For the six months ended September 30, 2015 and 2014, adjustments of segment income amounted to ¥14 million ($120 thousand) and¥42 million, respectively. Adjustments include intersegment eliminations and corporate expenses not allocated to any reportable segments.
For the six months ended September 30, 2015 and 2014, the above-mentioned intersegment eliminations amounted to ¥389 million($3,243 thousand) and ¥391 million, respectively, and corporate expenses not allocated to any reportable segments amounted to ¥(374)million ($(3,122) thousand) and ¥(349) million, respectively. Corporate expenses are mainly expenses of the Company’s operations that do
not belong to any reportable segments.
*3 Segment income is adjusted to operating income in the unaudited consolidated statements of income.

9

Consolidated Subsidiaries

Logistics
Company NameBusiness Line

Tonami Transportation Co., Ltd.

Road haulage

Tonami Transportation Shinetsu Co., Ltd.

Road haulage

Tonami Transportation Chugoku Co., Ltd.

Road haulage

Kanto Tonami Transportation Co., Ltd.

Road haulage

Gosei Tonami Transportation Co., Ltd.

Road haulage

Tonami Shutoken Logistics Co., Ltd.

Road haulage

Tonami Kinki Logistics Co., Ltd.

Road haulage

Zento Transportation Co., Ltd.

Road haulage

Ishikawa Tonami Transportation Co., Ltd.

Road haulage

Ibaraki Tonami Transportation Co., Ltd.

Road haulage

Chukyo Tonami Transportation Co., Ltd.

Road haulage

Fukui Tonami Transportation Co., Ltd.

Road haulage

Niigata Tonami Transportation Co., Ltd.

Road haulage

Takefu Transportation Co., Ltd.

Road haulage

Anan Transportation Co., Ltd.

Road haulage

Ryosei Logistics Co., Ltd.

Road haulage

Tonami Global Logistics Co., Ltd.

Harbor transport service

Keishin Warehouse Co., Ltd.

Warehousing

Daiichi Warehouse Co., Ltd.

Warehousing

Non-logistics
Company NameBusiness Line

Tonami Trading Co., Ltd.

Trading Company

Toyo Gomu Hokuriku Hanbai Co., Ltd.

Sale of tires

Keishin System Research Co., Ltd.

Development and sales of software

Client Focus Co., Ltd.

Development and sales of software

Tonami Business Service Co., Ltd.

Financial service

Tonami Automobile Technology Research Institute Co., Ltd.

Automobile technology R&D

10Board of Directors and Corporate
Auditors

Corporate Data

President and Representative Director

Head Office

Katsusuke Watanuki

2-12, Showa-machi 3-chome, Takaoka,
Toyama Prefecture 933-8788, Japan
Phone: +81-766-32-1073
Fax: +81-766-32-1077

Managing Director
Yasuo Terabayashi

Tokyo Headquarters

Directors

8-4, Nihonbashihoridome-cho 2-chome, Chuo-ku,
Tokyo 103-0012, Japan
Phone: +81-3-3664-5403
Fax: +81-3-3664-5405

Yoshimi Nagahara
Kazuo Takata
Shinichi Izumi
Takeshi Akamatsu
Mitsuharu Wadachi

Date of Establishment
June 1943

Outside Director

Common Stock

Shinichiro Inushima¥14,182 million

Issued and Outstanding SharesStanding Corporate Auditors

97,610,118 shares

Mitsuo Matsuda
Masafumi Takebe(As of September 30, 2015)

Corporate Auditors
Yohji Ishiguro
Toshio Kaido(As of September 30, 2015)11

TONAMI HOLDINGS CO., LTD.
URL:http://www.tonamiholdings.co.jp/