2013

Semiannual Report
For the six-month period ended September 30, 2012

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

M e s s a g e

f r o mt h e

P r e s i d e n t

I welcome this opportunity to report to ourshareholders on the operating environment andbusiness results for the six-month period ended
September 30, 2012.

In the distribution industry, whereas domestic freight
volumes are expected to trend upward, reflecting therecovery of production and on the rebound from thebig drop in the previous year, international freight isprojected to be lackluster as the strong yen and postearthquake shift of production sites overseas means
there is likely to be little growth in exports. The
challenging business environment is expected tocontinue in view of high fuel prices and intensifying
price competition.

During the first six-month period, the Japanese
economy showed signs of a modest recovery,
supported by demand associated with reconstructionin the aftermath of the Great East Japan Earthquake ofMarch 11, 2011. However, prospects for the Japanese
economy remained uncertain in view of the European
sovereign debt crisis, the persisting strength of the yen,
and constraints on electricity supply in Japan, as wellas concerns centering on the scheduled consumption
tax increase and the outlook for both employment andsocial security.

In these circumstances, the Tonami Group strove tosecure stable revenues from truck transport andfreight forwarding and to expand third-party logistics(3PL), the Group’s priority. At the same time, we
analyzed the profitability of transactions in order to

Unaudited Consolidated Financial Highlights
TONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIESSix months
ended
September 30,
2012

Six months
ended
September 30,
2011

Thousands of
U.S. dollars(Note 1)
Six months
ended
September 30,
2012¥56,848
52,597
1,105
2,752
394
1,269
856
587

¥58,566
53,656
1,254
3,189
467
354
204
102

$732,577
677,783
14,24035,464
5,090
16,353
11,031
7,565¥9.43—2.00¥2.25—2.00$0.1215—
0.0258September 30,
2012

March 31,2012

September 30,
2012¥114,358
46,449¥116,085
46,046$1,473,686
598,570

Millions of yen

For the period:
Operating revenues .........................................................................
Logistics ......................................................................................
Information processing ...............................................................
Sales ...........................................................................................
Others ........................................................................................
Operating income ...........................................................................
Net income ....................................................................................
Total comprehensive income (loss) ..................................................
Per share (yen and U.S. dollars) (Note 4)
Net income (loss), basic ..................................................................
Net income, diluted ........................................................................
Cash dividends ...............................................................................
At period-end:
Total assets ......................................................................................
Total net assets ................................................................................
Notes:

1. U.S. dollar amounts presented in the unaudited financial statements are included solely for convenience and should not be construed as representations that Japanese yen amounts havebeen or could in the future be converted into U.S. dollars. The rate of ¥77.60 = U.S.$1, prevailing on September 30, 2012, has been used for the translation into U.S. dollar amounts inthe unaudited financial statements.
2. The computation of net income (loss) per share of common stock is based on the weighted average number of shares outstanding (which represents the number of issued shares lesstreasury stock.) during each period.

1

improve margins. As a result, operating revenues
amounted to ¥56,848 million, a decrease of 2.9% or¥1,718 million compared with the same period of theprevious year.

transport and freight forwarding operations, despite
concerns about an increase in fuel costs.
Operating revenues from the information processing
business amounted to ¥1,105 million, a decrease of
11.9% or ¥149 million compared with the same
period of the previous year. Segment income was ¥70
million, an increase of 433.5% or ¥56 million.

With regard to profits, negative factors included
revisions to freight charges and unit rates and concerns
about the possibility of a rise in fuel costs.
Nevertheless, operating income increased 257.9% or¥915 million compared with the same period of theprevious year to ¥1,269 million, thanks to thestructural reform of our business in accordance with
the Three-year Medium-term Business Plan launchedin April 2012,

Operating revenues from the sales business, which
includes merchandising, consignment sales, and anon-life insurance agency, amounted to ¥2,752
million, a decrease of 13.7% or ¥437 million
compared with the same period of the previous year.
Segment income decreased 15.4% or ¥23 million to¥124 million.

Net income increased 319.5% or ¥652 million to¥856 million.

Operating revenues from other businesses, which
include automobile repair and direct mail service,amounted to ¥394 million, a decrease of 15.4% or¥73 million compared with the same period of theprevious year. Segment income decreased 2.8% or ¥1
million to ¥57 million.

We paid an interim dividend of ¥2.0 per share andplan to pay a year-end dividend also of ¥2.0 per share.
As a result, the annual dividends will amount to ¥4.0
per share for the fiscal year ending March 31, 2013.

Results by Segment
The Group strove to expand business with existingcustomers and cultivate new ones for truck transport,
freight forwarding, and 3PL services. The Group alsosought to minimize unprofitable transactions. Exportrelated logistics demand remained sluggish. As a result,operating revenues from the logistics-related businessdecreased 2.0% or ¥1,059 million compared with thesame period of the previous year to ¥52,597 million.
Segment income increased 863.6% or ¥879 million to¥981 million owing to improved profitability of the
key 3PL services and a reduction in costs throughenhanced operational efficiency of the mainstay truck

Full-Year Outlook
There are few grounds for optimism about Japan’s
economic prospects in view of a possible resurgence of
the European debt crisis and the slowdown of overseas
economies, in particular, the Chinese economy andother emerging economies, and concerns about
declines in production and exports due to thepersisting strength of the yen.
Although the Group maintained a robust financial
performance in terms of profit in the first six-month
period, prospects for the second half are unclear2

because of the strong yen and sluggishness of theJapanese economy.
In order to promote structural reform of our businesswith a view to expanding its scale, a key theme of theThree-year Medium-term Business Plan, we willcontinue to strengthen our competitiveness in themarketplace through further enhancement of logistic
services and quality and reinforcement of the profit
structure through thorough cost control according to
the volume of work .
We will continue making a concerted effort to raisebusiness performance so as to meet the expectations of
our shareholders. In all our endeavors, we will be
grateful for your continued support.

December 2012

Katsusuke Watanuki
President and Representative Director

3Unaudited Consolidated Balance Sheets

TONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIES

Millions of yen
September 30,
March 31,
2012
2012

Thousands of
U.S. dollars(Note 1)
September 30,
2012

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

¥8,430¥8,636$108,634

Marketable securities ............................................................................

—

—

—

18,97020,019244,459

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

(41)

(45)

(528)

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

964

606

12,422

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

460

511

5,928

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

2,757

3,318

35,528

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

31,54033,045

406,443

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

40,98141,304

528,106

Property and equipment:
Buildings and structures .......................................................................

20,866

21,341

268,892

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

2,220

2,050

28,608Construction in progress ......................................................................

—

92

—

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

7,928

6,810

102,165

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

71,99571,597927,771

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

5,302

5,631

68,325

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

205

298

2,642

Investments and other assets:

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

44

95

567

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

5,272

5,419

67,938

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

10,823

11,443

139,472

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

¥114,358¥116,085$1,473,686

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 stock acquisition rights ........................
Trade notes and accounts payable ........................................................
Income taxes payable ............................................................................
Other current liabilities ........................................................................
Total current liabilities ...........................................................
Long-term liabilities:
Long-term debt, less current portion ....................................................
Deferred tax liabilities from revaluation reserve for land .......................
Employees’ severance and retirement benefits .......................................
Retirement benefits for directors and corporate auditors ......................
Negative goodwill ................................................................................
Other long-term liabilities ....................................................................
Total long-term liabilities .......................................................
Total liabilities .......................................................................

Millions of yen
September 30,
March 31,
2012
2012

Thousands of
U.S. dollars(Note 1)
September 30,
2012¥14,477
1,158
3,000
9,698
477
7,852
36,662¥13,490
1,208
10,928416
8,180
34,222$186,559
14,92338,660124,974
6,147
101,185
472,448

6,922
4,696
13,440
119
192
5,878
31,247
67,90910,453
4,742
14,079
154
230
6,159
35,81770,03989,20160,516
173,196
1,534
2,474
75,747
402,668
875,116—

NET ASSETS
Shareholders’ equity:
Common stock:
Authorised: 299,200,000 shares at September 30, 2012
299,200,000 shares at March 31, 2012
Issued: 97,610,118 shares at September 30, 2012
97,610,118 shares at March 31, 2012 .................................
Capital surplus .....................................................................................
Retained earnings .................................................................................
Treasury stock, at cost: 6,851,085 shares at September 30, 2012 and
6,845,870 shares at March 31, 2012 ................
Total shareholders’ equity .......................................................

14,183
11,682
15,76614,183
11,682
15,007

182,771
150,541
203,170(2,017)39,614(2,016)38,856(25,992)
510,490

Accumulated other comprehensive income:Unrealized gain on securities ................................................................
Revaluation reserve for land .................................................................
Total accumulated other comprehensive income ....................

148
6,329
6,477

427
6,413
6,840

1,907
81,55983,466

Minority interest:
Minority interest ..................................................................................
Total net assets .......................................................................
Total liabilities and net assets .................................................

358
46,449¥114,358350
46,046¥116,085

4,614
598,570$1,473,686

5Unaudited Consolidated Statements of Income andConsolidated Statements of Comprehensive Income
TONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIESFor the six months ended September 30, 2012 and 2011

2011

Thousands of
U.S. dollars(Note 1)
2012

¥56,848
56,848¥58,566
58,566$732,577
732,577

52,5293,050
55,5791,269

55,026
3,186
58,212354

676,920
39,304
716,224
16,353

165
30
207
(238)
148
312
1,581

164
15
145
(255)
189
258
612

2,126
386
2,668
(3,067)
1,907
4,020
20,373

411
113
190
714
867
11
¥856
11
867

334
—
95
429
183
(21)
¥204
(21)
183

5,296
1,456
2,448
9,200
11,173142$11,031
142
11,173

(279)

(81)

(3,591)

(1)
(280)
587

0
(81)
102

(17)
(3,608)
7,565

577
10

123
(21)

7,437
128

Millions of yen
2012

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 ..............................................................
Income (loss) on sells of property and equipment, net ..........................
Interest expenses ...................................................................................
Other, net ...........................................................................................
Income before income taxes and minority interests ...............................
Income taxes:
Current ................................................................................................
Income taxes for prior periods ..............................................................
Deferred ...............................................................................................
Income before minority interests ............................................................
Minority interests ....................................................................................
Net income ...............................................................................................
Minority income ......................................................................................
Net income before minority interests ......................................................
Other comprehensive loss
Valuation difference on other securities ................................................
Share of other comprehensive income of associates accounted
for using equity method ....................................................................
Total other comprehensive loss ............................................................
Total comprehensive income/loss ............................................................
Total comprehensive income/loss attributable to:
Owners of the parent ......................................................................
Minority 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, 2012 and 2011

Cash flows from operating activities:
Income before income taxes and minority interests .............................................
Depreciation and amortization ...........................................................................
Loss on disposal/sales of property and equipment ...............................................
Loss on devaluation of investments in securities ..................................................
Loss on devaluation of golf club memberships ....................................................
Amortization of goodwill ....................................................................................
Equity in earnings of affiliates .............................................................................
Increase in allowance for doubtful accounts ........................................................
Decrease in employees’ severance and retirement benefits ...................................
Decrease in retirement benefits for directors and corporate auditors .........................
Increase in accrued bonuses to employees ...........................................................
Interest and dividend income .............................................................................
Interest expenses .................................................................................................
Decrease in trade receivables ...............................................................................
Increase in inventories ........................................................................................
Decrease in accounts payable ..............................................................................
Increase (decrease) Decrease in accrued consumption taxes .................................
Other, net ...........................................................................................................
Subtotal ........................................................................................................
Interest and dividends received ...........................................................................
Interest paid ........................................................................................................
Income taxes paid ...............................................................................................
Net cash provided by operating activities ...................................................
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 ...................................................................
Proceeds from sales of investments in securities ...................................................
Investments in loans receivable ...........................................................................
Proceeds from collection of loans receivable ........................................................
Other, net ...........................................................................................................
Net cash used in investing activities ...........................................................
Cash flows from financing activities:
Net increase (decrease) in short-term loans .........................................................
Proceeds from long-term debt .............................................................................
Repayment of long-term debt .............................................................................
Repayment of lease obligations............................................................................
Purchase of treasury stock ...................................................................................
Dividends paid ...................................................................................................
Dividends paid to minority interests ...................................................................
Net cash used in financing activities ...........................................................
Net decrease in cash and cash equivalents .............................................................
Cash and cash equivalents at beginning of period .................................................
Cash and cash equivalents at end of period (Note 3) ...........................................
The accompanying Notes are an integral part of these statements.

7

2011

Thousands of
U.S. dollars(Note 1)2012

¥1,581
2,029
(207)
10
1
13
(30)
16
(639)
(35)
32
(165)
238
1,049
(359)
(1,230)
169
(571)
1,902
165
(275)
(385)
1,407

¥612
1,842
(145)
13
3
13
(15)
21
(244)
(14)
24
(164)
255
1,297
(289)
(758)
(180)
(47)
2,224
164
(282)
(461)
1,645

$20,374
26,147(2,668)
129
13
168
(387)
206
(8,235)(451)
412(2,126)
3,067
13,518(4,626)(15,851)
2,178(7,358)24,5102,126(3,544)(4,961)
18,131(22)
22(1,453)
573
(37)
1
(118)
226
(15)
(823)

(22)
22
(2,080)
43
(13)
1
(152)
42
1
(2,158)(284)
284(18,737)
7,384
(477)
13
(1,521)
2,912(193)(10,619)

988
65
(645)
(1,013)

12,732838(8,312)(13,054)

(182)
(2)
(790)

(25)
—
(720)
(702)
(1)
(182)
(3)
(1,633)

(206)
8,591
¥8,385(2,146)
11,140¥8,994(2,668)110,722$108,054

Millions of yen
2012

(1)

(13)

(2,345)(26)(10,180)

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 the Company's
consolidated financial statements issued domestically in order to present them in a format which is more familiar to readers outside Japan.
U.S. dollar amounts presented in the unaudited financial statements are included solely for convenience and should not be construed as
representations that Japanese yen amounts have been or could in the future be converted into U.S. dollars. The rate of ¥77.60 = U.S.$1, prevailingon September 30, 2012, has been used for the translation into U.S. dollar amounts in the unaudited financial statements.

Inventories as at September 30, 2012 consisted of merchandise of ¥478 million ($6,160 thousand), raw materials and supplies of ¥235 million($3,027 thousand), and work in process of 251 million ($3,235 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, 2012 and 2011, is as follows:—

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

4.

Millions of yen
Six months
Six months
ended
ended
September 30,
September 30,
2012
2011
¥8,430¥9,028(45)(34)¥8,385¥8,994

Thousands of
U.S. dollars
Six months
ended
September 30,
2012$108,634(580)$108,054

Amounts per share
Net income per share
Yen

Net income per share:
Basic .........................................................................................................................
Diluted .....................................................................................................................
Cash dividends ................................................................................................................

Six months
ended
September 30,
2012

Six months
ended
September 30,
2011

U.S. dollars
Six months
ended
September 30,
2012

¥9.43
—
2.00

¥2.25
—
2.00

$0.1215—0.0258Basis for the calculation of basic and diluted net income per share for the six months ended September 30, 2012 and 2011, was as follows:—

Net income available to shareholders of common stock:
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,
2012
2011
¥856
—
856
90,762,020

¥204
—
204
90,771,063

Thousands of
U.S. dollars
Six months
ended
September 30,
2012$11,031—
11,031

Diluted net income per share for the six months ended September 30, 2012 and 2011, is not presented since there were no outstanding
potentially dilutive securities for the period.

85.

Subsequent event

At a meeting held on November 9, 2012, the board of directors of the Company resolved the following interim cash dividends:—
Dividends (¥2.00 per share) ............................................................................................

6.

Thousands of
U.S. dollars$2,339Millions of yen¥181

Segment information

Information on operating revenues and income/loss by reportable segment(a) For the six months ended September 30, 2011
Millions of yen

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

Logistics

Reportable segment
Information
processing
Sales¥53,656
13
53,669¥102¥1,254
129
1,383
¥14

¥3,189
2,788
5,977
¥147

Subtotal¥58,099
2,930
61,029¥263

Others
*1
¥467
345
812
¥58

Total
¥58,566
3,275
61,841¥321

Adjustment Consolidated
*2
*3
¥ —
(3,275)(3,275)¥33¥58,566—
58,566¥354(b) For the six months ended September 30, 2012
Millions of yen

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

Logistics

Reportable segment
Information
processing
Sales¥52,597
13
52,610¥981¥1,105
132
1,237
¥70

¥2,752
2,402
5,154
¥124

Subtotal¥56,4542,547
59,001¥1,175

Others
*1
¥394
398
792
¥57

Total
¥56,848
2,945
59,793¥1,232

Adjustment Consolidated
*2
*3
¥ —
(2,945)(2,945)¥37¥56,848—
56,848¥1,269

Thousands of U.S. dollars

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

Logistics

Reportable segment
Information
processing
Sales

Subtotal

Others*1

Total$677,796
168
677,964$12,642$14,240
1,701
15,941$902$727,500
32,823760,323$15,142$5,077
5,129
10,206$735$732,577
37,952
770,529$15,876

Notes:$35,464
30,954
66,418$1,598

Adjustment Consolidated
*2
*3
$ —
(37,952)(37,952)$477$732,577—
732,577$16,353

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, 2012 and 2011, adjustments of segment income amounted to ¥37 million ($477 thousand) and¥33 million, respectively. Adjustments include intersegment eliminations and corporate expenses not allocated to any reportable segments.
For the six months ended September 30, 2012 and 2011, the above-mentioned intersegment eliminations amounted to ¥356 million($4,584 thousand) and ¥359 million, respectively, and corporate expenses not allocated to any reportable segments amounted to ¥(319)million ($(4,107) thousand) and ¥(326) 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 quarterly consolidated statement of operations.

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

Osaka Tonami Transportation Co., Ltd.

Road haulage

Zento Transportation Co., Ltd.

Road haulage

Ishikawa Tonami Transportation Co., Ltd.

Road haulage

Ibaraki Tonami Transportation Co., Ltd.

Road haulage

Kansai 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

Nationwide Shirobo JSE Courier 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 sale of software

Tonami Business Service Co., Ltd.

Financial service

Tonami Staff Support Co., Ltd.

Temporary Staffing

Toyo Tire Toyama shop Co., Ltd.

Sale of tires

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: (0766) 32-1073
Fax: (0766) 32-1077

Managing Director
Yasuo Terabayashi

Tokyo Headquarters

Director and Senior Adviser

8-4, Nihonbashihoridome-cho 2-chome, Chuo-ku,
Tokyo 103-0012, Japan
Phone: (03) 3664-5403
Fax: (03) 3664-5405

Yoshihiro Minami

Directors
Shigeki Sakamoto
Shigeyuki Okada
Yoshimi Nagahara
Kazuo Takata
Mitsuharu Wadachi

Date of Establishment
June 1943

Common Stock¥14,183 million

Issued and Outstanding SharesStanding Corporate Auditors

97,610,118 shares

Mitsuo Matsuda
Masafumi Takebe(As of September 30, 2012)

Corporate Auditors
Shinichiro Inushima
Yohji Ishiguro
Toshio Kaido(As of September 30, 2012)11

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