The way of mutual progress

ANNUAL REVIEW 2013
For the Year Ended March 31, 2013

PRESIDENT’S MESSAGE

Yushiro Chemical Industry Co., Ltd. has contributed to theprogress and material development of Japan by supplying quality
oil-fat-wax (yu-shi-ro) products. We have succeeded in developing
and offering to virtually all industrial markets such auxiliary
products as metalworking oils and fluids, polishing agents forbuilding maintenance. To respond to the needs of the industry,
every technology we have acquired will be fed back to our R&D
process for the creation of newer technologies and products basedon our corporate ideal of “the way of mutual progress.”

Eiichi Ogo
PRESIDENT

Business summary
During this consolidated fiscal year, the global economy as a whole wasrecovering moderately, despite some uncertainties regarding the debt crisis in
European countries.
The automobile industry, which contains the main customers for our
products, performed strongly throughout the world, driven by the recoveryof the North American market and the expansion of the ASEAN market. In
Japan, while production was down, affected by the relationship between
Japan and China, the market was in a recovery trend triggered by the boost
provided by eco-car subsidies.
Meanwhile, in the photovoltaic cell industry, demand has struggled due tothe worsening of the debt crisis in European countries as well as continued
condition of excessive supply from Chinese manufacturers. Silicon wafer
cutter manufacturers that use our products have also been affected by suchconditions.
Under these circumstances, the Company continued to promote
globalization focused on the ASEAN region as an initiative for the second
year of the 16th Three-Year Medium-Term Plan. As a result, despite theeffect of decrease in domestic sales of cutting oils and fluids for photovoltaic
cells, thanks to the recovery of production in the automobile industry, net
sales increased 3.1% over the previous fiscal year to ¥24,217 million.
In terms of profit, operating income increased 0.4% year over year to ¥881
million, reflecting the robust performance of overseas subsidiaries. Ordinary
income increased 24.5% year over year to ¥1,615 million, due in part to asignificant increase in equity in earnings of affiliates. Net income increased
51.7% year over year to ¥1,052 million.

1

Business segment(

Previous Fiscal Year
April 1, 2011 throughMarch 31, 2012) (Current Fiscal Year
April 1, 2012 throughMarch 31, 2013

Increase/) Decrease

Million yen%

Million yen

%

%

Japan

16,364

69.7

15,85765.5

96.9

North and South America

2,703

11.5

3,277

13.5

121.2

China

2,900

12.4

3,125

12.9

107.8

Southeast Asia / India

1,514

6.4

1,957

8.1

129.3

Total

23,482100.0

24,217

100.0

103.1

M e d i u m - a n d L o n g - Te r m P l a n
The automobile industry, which is the main customer of our products, it isbelieved that the current production will be maintained domestically while
production capabilities will be further enhanced overseas. Our key products,
metalworking oils and fluids, are highly reliant on the automobile industry,
and we are actively planning and conducting investments in the overseas
bases. We also believe it is important to build systems for fostering humanresources who can actively work overseas and for the supply of high valueadded products and services.
Based on this understanding, we will follow the basic policies below with the16th Medium-Term Plan that started from April 2011 to deploy businesswith a global viewpoint throughout the world in addition to Japan.

1. Expand production and sales bases to develop markets in Southeast
Asia, India and Mexico. In addition, conduct investments to expand
production capabilities in America and Brazil.
2. Establish a branch office of the Technical Center in Nagoya to provide asystem for research and development which responds to the needs ofcustomers in Japan and overseas and promptly follows-up sales
activities. Also foster human resources that can actively work overseas,
integrating sales and technology.
3. Reorganize Technical Centers on a global basis, and organize R&D
system to provide specifications and services, including a review of raw
materials, that best match customers.
4. In the building maintenance chemicals business, launch projects to
expand the business and conduct product development and active sales
expansion in response to the market.
5. Build IT system that allows for the accurate and prompt communication ofcustomer, product, and service information through the construction of the
new core system.

Future Issues and Challenges
We believe that we will need to tackle the following issues in order to makethe business strategy outlined above viable and to transform the Company
into a truly global company.
1. Global expansion
2. Strategic designing and development of products
3. Strengthened coordination between sales and technology overseas andin Japan
4. Establishment of personnel education and training systems on a global
basis
5. Strengthened corporate governance for overseas subsidiaries andaffiliates

Basic policy for profit distribution
The Company’s basic policy for profit distribution is to provide shareholder
returns in consideration of our global business expansion and consolidated
business results. Shareholder returns are determined upon consideration of
the capital investments that are required to improve corporate value.

Yen in millions
Fiscal Years ended March 31,

Net sales
Operating income

U.S. dollars in thousands

2013

2012

2013

¥24,217¥23,482$294,657

881

878

10,727

Net income

1,052

693

12,807

Total assets

31,23428,962

332,108

Net assets

22,816

20,690242,595

Per Share Amounts
Net income per share
Cash dividends per share
Net assets per share

Yen

U.S. dollars¥75.97¥50.08$0.80

27.00

27.00

0.28

1,523.97

1,400.37

16.20

Notes : 1. U.S. dollar amounts, converted at the rate of ¥94.05 to US$1.00, are for convenience only.
2. Net income per share is based on the average number of shares outstanding at the end of each fiscal year.
3. Japanese yen amounts of less than one million have been excluded.

2

REVIEW OF OPERATIONSThe Yushiro Group consists of Yushiro Chemical Industry Co.,
Ltd., two domestic subsidiaries, ten overseas subsidiaries and three
affiliates, and its major businesses are the production and sales ofmetalworking oils and fluids, chemicals for building maintenance.
We have also expanded our business to include the purchaseand sale of products related to each business, logistics and otherservices.

R E V I E W O F O P E R AT I O N S B Y R E G I O N
1. JapanIn the metalworking oils and fluids business, net sales and operating income
decreased over the previous fiscal year, owing to a delay in recovery of production for
China as a result of hesitancy among the Chinese people to buy Japanese cars,brought about by the effects of the relationship between Japan and China, and an
expansion of overseas production in the automobile industry. In the building
maintenance chemicals business, we endeavored to improve income by expanding
sales of high value-added products.
As a result, net sales in Japan declined 3.1% over the previous fiscal year to ¥15,857
million. Segment income (operating income) was down by only 1.3% over theprevious fiscal year to ¥458 million, thanks to the efforts to reduce expenses.
2. North and South America
In the United States, net sales exceeded those of the previous fiscal year, backed bystrong automobile production as well as attainment of new customers and sales
expansion into Mexico. Meanwhile, in Brazil, net sales fell below those of theprevious fiscal year owing to a decline in production by automobile related customers
as the result of an economic downturn.
As a result, net sales increased 21.2% over the previous fiscal year to ¥3,277 million.
Segment income was up 41.6% over the previous fiscal year to ¥192 million despite
the soaring raw materials prices, mainly due to the strong results in the United Statesand efforts to cut costs.
3. China
In China, sales suffered as a result of overall stagnation in the export industry,
reduced production volumes among steel companies, our main customers, and a dropin the production volume by Japanese automobile manufacturers.
As a result, while net sales decreased on a local currency basis, net sales on a yen basis
were up 7.8% over the previous fiscal year to ¥3,125 million as a result of yen
depreciation. Segment income was up 4.8% over the previous fiscal year to ¥266
million, also due to yen depreciation.
4. Southeast Asia/India
In Thailand, backed by strong automobile production, net sales exceeded those of theprevious fiscal year. In Indonesia, where full-fledged production activities began, net
sales are growing due to robust demand for automobiles. Meanwhile, in Malaysia, net
sales fell below those of the previous fiscal year as a result of a reduction in exports toIndonesia that had been conducted previously, and weak HDD production in the IT
industry. In India, net sales grew over the previous fiscal year, thanks to aggressive
sales efforts focused on Japanese automobile manufacturers.
As a result, net sales for the entire segment increased 29.3% over the previous fiscal
year to ¥1,957 million. However, in terms of segment income, a loss of ¥33 million(compared to an income of ¥19 million during the previous fiscal year) was recorded,
mainly due to the effect of the soaring raw materials prices and increased expenses forthe full-fledged commencement of business activities in Indonesia.

3

Subsidiaries and Associated Companies
Overseas Subsidiaries
Yushiro Manufacturing America Inc.
783 West Mausoleum Road, P.O. Box 217
Shelbyville, Indiana 46176-9720 U.S.A.
Phone: (1) 317-398-9862 Fax: (1) 317-392-4818
URL: http://www.yushirousa.com/
Yushiro do Brasil Indústria Química Ltda.
Av. Henry Néstle, 3100 Caçapava, CEP 12281-970,
São Paulo, Brazil
Phone: (55) 12-3654-8100 Fax: (55) 12-3654-8101
URL: http://www.yushiro.com.br/
Shanghai Yushiro Chemical Industry Co., Ltd.
881 Fulian Road, Baoshan District,
Shanghai City, P.R. China 201906
Phone: (86) 21-3604-1188 Fax: (86) 21-3604-0666
Qidong Yushiro Chemical Industry Co., Ltd.
New Qidong Port North
Qidong City, Jiangsu, Province, P.R. China 226264
Phone: (86) 513-8369-9942 Fax: (86) 513-8369-9943
Yushiro-Jet Chemicals Sdn. Bhd.
14, Jalan Utama 2/28, Pusat Perindustrian Maju Jaya,
47100 Puchong, Selangor Darul Ehsan, Malaysia
Phone: (60) 3-8061-9737 Fax: (60) 3-8062-2731
URL: http://www.jetchem.com.my/
Yushiro (Thailand) Co., Ltd.
AMATA Nakorn Industrial Estate 700/533 Moo7,
Don Hua Roh, Muang, Chonburi 20000, Thailand
Phone: (66) 3845-4873 Fax: (66) 3845-4879
Yushiro India Company Private Limited
201, JMD Regent Square, M.G.Road,
Gurgaon-122002 (Haryana), India
Phone: (91)124-424-1650 Fax: (91)124-424-1652
PT. Yushiro Indonesia
JI. Maligi, Blok B-2B, Kawasan Industry KIIC,
Karawang 41361-West Java, Indonesia
Phone: (62)21-8911-4271 Fax: (62)26-7845-7934

Overseas Associated Companies
Buhmwoo Chemical Ind. Co., Ltd. & Buhmwoo Co., Ltd.
70-3, Yangjae-Dong, Seocho-gu, Seoul, Korea
Phone: (82) 2-571-6321 Fax: (82) 2-571-6329
URL: http://www.buhmwoo.com/
San-I Chemical Co., Ltd.
7th Fl. No.48 Ming Chuang W. Rd., Taipei, Taiwan R.O.C.
Phone: (886)-02-2522-1313 Fax: (886)-02-2522-1363

Business on metalworking oils and fluids
What is "metalworking oils and fluids"• Fluids used for processing steel and other metals into specific shapes.
• Important areas of fluid performance include lubricity, cooling ability, etc.
• Mainly used in the automotive, precision processing and semiconductor
processing industries.
Products• Cutting and Grinding Oils and Fluids• Aluminum Diecasting Lubricants• Cutting Oils and Fluids for Advanced-Material• Cleaners• Rust Preventives• Rolling Oils and Fluids• Drawing Oils and Fluids• Forming Oils and Fluids• Quenching Agents• Fire Resistant Hydraulic Lubricants• Other Oils and Fluids
Customers• Automobile companies• Precision machine processing companies• Steel companies• Electric equipment companies• Other machine processing companies

65
4

Automobile
56.7%

3

1

2

1. Automobile manufacturer andAutomobile related: 56.7%
2. Precision machinery: 12.8%
3. Photo Voltaic/semiconductor: 7.4%
4. Ball bearing manufacturer: 4.8%
5. Steel industry: 3.8%
6. Other: 14.5%

The Company’s advantages in the field of Cutting
and Grinding Oils and Fluids• Our overwhelming share in the automobile industry; morethan 60%
The Company features its production development capacities
and quick response to changes in the automobile industry
including rationalization, changes in materials and measures
to address environmental issues.
• Our wide human network interacts with users in different
industries at “The Society of Cutting Fluids & Cutting
Technology”
About the Society
The society was launched in 1954 as an on-site research group made up of
metal processing technology researchers, and has served as an officebridging academy and industry for 50 years.
Engineers with abundant on-site experience, beginning with those from
our automotive manufacturing customers, as well as those from machine
manufactures, tooling manufactures, etc., gather to exchange information
and work together to develop higher technologies and further nurture
their expertise. This group has served as a “training room” for theseexperts throughout the history of the industry. It is therefore no
exaggeration to say that this group is a national asset supporting productdevelopment, or monozukuri.

Note: Metalworking oils and fluids business: Metalworking oils and fluids are
manufactured and sold by Yushiro Chemical Industry Co., Ltd.
In overseas markets, metalworking oils and fluids are manufactured and sold by
the Company’s subsidiaries: Yushiro Manufacturing America Inc., in the UnitedStates; Yushiro do Brasil Ind. Quimica Ltda., in Brazil; Yushiro Mexico S.A. de
C.V. in Mexico; Shanghai Yushiro Chemical Industry Co., Ltd., Qidong Yushiro
Chemical Industry Co., Ltd., and Guangzhou Yushiro Oil & Fluids Co., Ltd., in
China; Yushiro-Jet Chemicals Sdn. Bhd., in Malaysia; Yushiro (Thailand) Co.,
Ltd., in Thailand; Yushiro India Company Private Limited, in India; and
P.T.Yushiro Indonesia in Indonesia; and our affiliates: Buhmwoo Chemical
Industry Co., Ltd., and Buhmwoo Co., Ltd., in South Korea and San-I ChemicalCo., Ltd., in Taiwan.

Shares of sales by customers for the fiscal year
ended March 2013.

6
5
4

3

Automobile
52.5%

1

1. Automobile manufacturer andAutomobile related: 52.5%
2. Photo Voltaic/semiconductor: 12.7%
3. Precision machinery: 12.8%
4. Ball bearing manufacturer: 4.6%
5. Steel industry: 3.8%
6. Other: 13.6%

4

Consolidated Balance Sheets(Unaudited)
As of March 31, 2013 and 2012

U.S. dollars
in thousands(Note 5)

Millions of yen

AssetsCurrent assets:
Cash and time deposits
Notes and accounts receivable–tradeMarketable securities
Inventories
Income taxes payable
Consumption tax receivable
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets

5

2013

2012

2013

¥6,027
5,074
340
2,795
60
9
206
198
(41)
14,670¥5,661
5,920
340
2,355
332
0
148
188
(33)
14,913$64,082
53,952
3,619
29,721
646
100
2,190
2,114
(438)
155,990

Fixed assets:
Buildings and structures
Machinery, equipment and vehicle
Tools, furnitures and fixtures
Land
Lease assets
Construction in progress(Total property, plant and equipment)(Total intangible fixed assets)

3,194
930
237
4,148
35
278
8,825
697

2,832
755
195
3,935
49
453
8,221
324

33,9659,896
2,526
44,113374
2,959
93,835
7,417

Investment in securities
Investments in subsidiaries and affiliates
Long-term loans receivable
Savings premiumLong-term time deposits
Deferred tax assets
Other assets
Allowance for doubtful accounts(Total investments and other assets)
Total fixed assets
Total assets

2,598
3,250
7
495
509
29
166
(15)
7,041
16,563¥31,234

2,334
2,495
9
473
–
56
150
(16)
5,503
14,049¥28,962

27,62434,566
75
5,265
5,413
317
1,765
(163)
74,864
176,117$332,108

U.S. dollars
in thousands(Note 5)

Millions of yen

Liabilities and net assets

2013

2012

2013

Current liabilities:¥3,320¥3,493$35,303

Short–term borrowings

1,356

1,280

14,418

Accounts payable-other

646

548

6,875

Accrued corporate taxes

173

78

1,845

Accrued bonuses

438

420

4,663

Notes and accounts payable–trade

Deferred tax liabilities

2

0

25

Other current liabilities

771

715

8,203

Total current liabilities

6,709

6,536

71,335Long-term debt

267

275

2,839

Accrued retirement benefits for employees

878

918

9,340

Accrued retirement allowances for directors

235

206

2,508

Deferred tax liabilities

118

44

1,257

Long-term liabilities:

Other long-term liabilities

209

292

2,230

Total long-term liabilities

1,709

1,735

18,177

8,418

8,272

89,513

Shareholders' equity

23,91423,236254,275

Common stock

4,249

4,249

45,182

Capital surplus

4,058

4,058

43,150Retained earnings

17,061

16,382

181,407

Treasury stock(1,454)(1,454)(15,464)

Accumulated other comprehensive income(2,801)(3,835)(29,791)

Total liabilities
Net assets:

Net unrealized gains on securities

446

262

4,752

Currency translation adjustments(3,248)(4,098)(34,543)(Total minority interests)
Total net assets
Total liabilities and net assets

1,703

1,290

18,11022,816

20,690242,595¥31,234¥28,962$332,1086

Consolidated Statements of Income(Unaudited)
For the Years Ended March 31, 2013 and 2012

U.S. dollars
in thousands(Note 5)

Millions of yen

2013

2012

2013

¥24,217¥23,482$257,500

Cost of sales

17,442

16,881

185,457

Gross profit

6,775

6,601

72,042

Net sales

5,893

5,723

62,668Operating income

881

878

9,374

Interest and dividend income

152

172

1,619

Equity in earnings of associated companies

494

252

2,682

Other income

154

98

1,643

Interest expenses

21

16

227

Selling, general and administrative expenses

Other expenses

45

86

488

Ordinary income

1,615

1,298

17,180Gain from sale of fixed assets

4

4

44

Other extraordinary income

6

0

73

Loss on disposal of fixed assets

6

13

66

Loss on revaluation of investments in securities

–

1

–

Loss on change in equity

40

–

435

Other extraordinary losses

0

0

9

1,578

1,286

16,787

390

343

4,151

Income before income taxes
Corporate, local income enterprise taxes
Deferred taxes

(18)

86

(198)

Total income taxes

371

429

3,952

1,207

857

12,834

Income before minority interests
Minority interests
Net income

(154)

(163)

(1,642)¥1,052¥693$11,192

Consolidated Statements of Cash Flows(Unaudited)
For the Years Ended March 31, 2013 and 2012

U.S. dollars
in thousands(Note 5)

Millions of yen

2013

2013

Cash flows from operating activities:¥2,220¥78$23,607

Cash flows from investing activities:(1,419)(1,361)(15,088)

Cash flows from financing activities:

(214)

132

(2,285)

Effect of exchange rate changes on cash and cash equivalents

199

(190)

2,116

Net increase (decrease) in cash and cash equivalents

785(1,341)

8,350

5,056

6,397

53,759¥5,841¥5,056$62,110

Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

7

2012

Important points forming the basis of
consolidated financial statements
1. Scope of Consolidation
The scope of consolidation includes all 12 consolidated subsidiaries: Yushiro
Unso Co., Ltd., Yushiro General Service Co., Ltd., Yushiro Manufacturing
America Inc., Yushiro do Brasil Indústria Química Ltda., Yushiro Mexico
S.A. de C.V., Shanghai Yushiro Chemical Industry Co., Ltd., Qidong
Yushiro Chemical Industry Co., Ltd., Guangzhou Yushiro Oil & Fluids Co.,
Ltd., Yushiro-Jet Chemicals Sdn. Bhd., Yushiro (Thailand) Co., Ltd., Yushiro
India Company Private Limited., and P.T. Yushiro Indonesia.
2. Application of the Equity Method
The three affiliates, Buhmwoo Chemical Industry Co., Ltd., Buhmwoo Co.,
Ltd. and San-I Chemical Co., Ltd., are included in the scope of application
for the equity method.
3. Fiscal Years of the Consolidated Subsidiaries
The fiscal year-end of all ten overseas subsidiaries is December 31. In
preparing the consolidated financial statements, results as of that date areused, provided that necessary adjustments are made regarding materialtransactions conducted between January 1 and March 31, the consolidation
closing date.
4. Significant Accounting Policies(1) Valuation standard and methods for securities
In other securities, quoted securities are stated at market value at the
fiscal year-end. Unrealized gains/losses are included in net assets, andthe cost of securities sold is computed using the moving-averagemethod.
Unquoted securities are accounted for on a cost basis using the moving
average method.
(2) Valuation standard and methods for inventories
The Cost method by the aggregate average cost method is adopted (i.e.,the book value reduction method based on declines in profitability).
(However, the last purchase price method is used for fuel out of
supplies.)(3) Depreciation method used for major depreciable assets
1. Tangible fixed assets (excluding leased assets)
The Company and its consolidated subsidiaries in Japan use thedeclining-balance method (however, the straight-line method isadopted for the Company’s technical research center, which
completed construction in 1997 and for buildings acquired on orafter April 1, 1998 (with the exception of annexed facilities)).
Overseas consolidated subsidiaries generally use the straight-line
method. The main terms of useful service life are 3 to 50 years forbuildings and structures and 2 to 20 years for other tangible fixed
assets. Inexpensive depreciable assets costing ¥100,000 to ¥200,000
are equally amortized over 3 years on a straight-line basis.
2. Intangible fixed assets (excluding leased assets)
The amortization of intangible fixed assets is conducted by thestraight-line method. Computer software for internal use isamortized by the straight-line method over the estimated useful life
(5 years).
3. Leased assets
Assets leased under finance lease transactions without a transfer ofownership
The straight-line method in which the lease term is deemed as theuseful life, with a zero residual value, is used.

4. Long-term prepaid expenses
The straight-line method is adopted.
(4) Standards for conversion of foreign currency denominated assets andliabilities to Japanese yen
Debts and credits denominated in foreign currencies are converted toyen at the actual market exchange rate on the closing date. The effect of
exchange rate changes is recorded as a gain or loss.
(5) Reserves
Allowance for doubtful accounts
The allowance for doubtful accounts is provided for possible bad
debt at the amount estimated based on the past bad debt experience
for normal receivables, plus uncollectible amounts determined byreference to the collectability of individual doubtful receivables.
Accrued bonuses
The accrued bonuses is provided at an estimated amount in order torecognize expenses for bonuses paid to employees over thecorresponding period.
Reserve for directors’ bonuses
At our subsidiaries Shanghai Yushiro Chemical Industry Co., Ltd.,and Qidong Yushiro Chemical Industry Co., Ltd., the reserve forbonuses to directors is provided at the amount estimated to be
accrued for the consolidated balance sheet date to prepare for suchpayments.
Accrued retirement benefits for employees
The accrued retirement benefits for employees are provided forpossible payment of employees’ retirement benefits at the amount tobe accrued at the balance sheet date, and are calculated based on theretirement benefit obligation and fair value of pension plan assets at
the end of this fiscal year. The actuarial gain or loss is amortized by
the straight-line method over a period of 10 years, which is shorter
than the average remaining service years for employees at the time ofrecognition, from the following year of recognition.
Accrued retirement allowances for directors
In order to prepare the reserve for retirement allowances for
directors, the Company and its subsidiaries Yushiro Unso Co., Ltd.
and Yushiro General Service Co., Ltd. recognized the retirement
allowances for directors by the estimated amount on the
consolidated balance sheet date based on the internal regulations.
(6) Scope of funds contained within the consolidated statements of cashflows
The funds (cash and cash equivalents) included in the consolidated
statements of cash flows consist of cash on hand, deposits that can bewithdrawn at any time, and short term investments with maturities
within three months from the acquisition date that can be easilyliquidated and are exposed to only a minimal value fluctuation risk.
(7) Other significant matters for the preparation of consolidated financial
statements
Accounting treatment of consumption tax, etc.
Consumption tax, etc. is recorded on tax exclusive basis.
5. The U.S. dollar amounts in the financial statements for the
fiscal year ended March 31, 2013, represent translation ofJapanese yen at the rate of ¥94.05=US$1.00.

Finance lease transactions without a transfer of ownership, with alease that begins prior to March 31, 2008, continue to be handledaccording to the methods relating to normal lease transactions.
8

FINANCIAL INDICATORS
Operating Income (yen in million)

Net Sales (yen in million)
2013

24,217

2013

881

2012

23,482

2012

878

23,135

2011

2011
2010

Total Assets, Net Assets (yen in million) , and ROE(%)

Net Income (yen in million)
1,052

2013

2013

693

2009

5.2

2012

1,435

2011

3.6

2011

452

2010

536

2009

23,493

2012

1,014

2010

19,911

2009

2,078

2010

319

2009

31,234

22,816

20,69028,962

20,71428,7807.7

28,685

18,6972.7

26,587

17,158

1.7
Total assets

Net assets

ROE

CORPORATE DATA (as of March 31, 2013)34-16, 2-chome, Chidori, Ota-ku, Tokyo 146-8510, Japan
Phone: (03) 3750-3100 Fax: (03) 3750-9915 URL: http://www.yushiro.co.jp¥4,249 million
328
July 24, 1944
Tokyo, Nagoya and Osaka
Hokkaido, Tohoku, Kitakanto, Hamamatsu, Hokuriku, Fukuyama, Hiroshima and Kyushu

Head Office
Capital
Employees
Established
Branch Offices
Sales Offices

Directors and Auditors (as of June 25, 2013)

Managing Directors

Yuji Kishi
Haruo Okamoto
Shinji Hamamoto
Yasuo Chiba
Satoshi Sasaki
Akitaka Nozue

Directors

Eiichi Ogo
Yoshiaki Nagai
Masahisa Hirobe
Tatsuharu Hyakusoku
Yoshihiro Sakaguchi

President
ChairmanStanding Auditors
Auditor (CPA)

Stock Information (as of March 31, 2013)
Number of shares issued
Trading unit
Total number of shareholders
Stock listing
Securities code
Transfer agent for common stock
Independent certified public accountants
Main underwriter

15,200,065
100
5,705
First section, Tokyo Stock Exchange
5013
Mitsubishi UFJ Trust and Banking Corporation
Ernst & Young ShinNihon LLC
Nomura Securities Co., Ltd.

(millionsof yen )Market value of shares

40,00030,00020,00010,0000

2007/3 2008/3 2009/3 2010/3 2011/3 2012/3 2013/3

Stock pricesTerm2012.42012.52012.62012.72012.82012.9

High

920

840

848

879

814

799

789

820

Low

835

725

731

750

735

736

706

2,321

1,790

2,665

1,434

1,314

1,351

1,307

(Yen/share)(Yen/share)

Trading volume(Hundred of shares)

2012.10 2012.11 2012.12

2013.1

2013.2

2013.3

926

928

897

995

742

814

878

833

861

1,727

2,997

2,021

2,766

4,058