Consolidated Financial Statements 2009

Consolidated Financial Statements 2009 (April 1, 2009 - March 31, 2010) Senkon Logistics Co., Ltd.

CONSOLIDATED BALANCE SHEET ASSETS (As of March 31,2009) (As of March 31,2010) Current assets Cash and time deposits 1,812,637 2,037,565 Notes and accounts receivable-trade 1,275,579 1,321,901 Oparating Loans 253,651 243,885 Securities 9,310 Marchandise 305,605 392,226 Supplies 12,987 14,972 Deferred tax assets 81,813 89,752 Other 172,239 139,353 Allowance for doubtful accounts -4,905-58,451 Total current assets 3,909,609 4,190,515 Fixed assets (Tangible fixed assets) Buildings and Structures 7,969,284 7,966,496 Accumulated depreciation -4,814,808-5,038,853 Buildings and Structures(Net) 3,154,475 2,927,642 Machinery equipment and delivery equipment 2,200,885 2,082,885 Accumulated depreciation -1,790,847-1,698,701 Machinery equipment and delivery equipment(net) 410,038 384,184 Land 4,520,982 4,520,982 Construction in progress - 8,085 Other 277,022 291,453 Accumulated depreciation -232,957-248,331 Other(Net) 44,064 43,121 Total tangible fixed assets 8,129,560 7,884,016 (Intangible fixed assets) 41,622 34,826 (Investments and other assets) Investment securities 401,033 385,693 Long-term loans receivable 203,771 191,009 Differed tax assets 622,012 500,691 Other 444,603 421,752 Allowance for doubtful accounts -79,559-40,728 Total Investments and other assets 1,591,862 1,458,418 Total fixed assets 9,763,045 9,377,261 Deferred assets Bond issuance cost 2,495 1,632 Total deferred assets 2,495 1,632 Total assets 13,675,150 13,569,409

CONSOLIDATED BALANCE SHEET (As of March 31,2009) (As of March 31,2010) LIABILITIES Current liabilities Notes and operating accounts payable-trade 1,258,585 1,529,139 Short-term loans payable 592,700 482,700 Current portion of bonds 40,000 40,000 Current portion of Long-term loans payable 1,520,925 1,663,928 Lease obligations 1,013 Income tax payable 24,094 80,057 Consumption tax payable 44,730 61,642 Provision for bonuses 69,241 74,952 Other 441,065 499,273 Total current liabilities 3,991,341 4,432,704 Fixed liabilities Corporate bonds 80,000 40,000 Long-term loans 4,135,815 3,646,889 Lease obligations 3,545 Provision for retirement benefits 349,287 354,824 Provision for directors' and corporate auditors' retirement benefits Long-term accounts payables 115,125 112,702 Deferred tax liabilities 8,546 8,546 Other 22,289 34,504 Total Long-term liabilities 4,865,820 4,322,377 Total liabilities 8,857,162 8,755,082 NET ASSETS Shareholders' equity Capital stock 1,262,736 1,262,736 Capital surplus 1,189,881 1,189,881 Retained earnings 2,572,103 2,629,173 Treasury stock -222,353-332,331 Total shareholders' equity 4,802,367 4,749,459 Valuation and translation adjustments Valuation difference on available -for-sale securities -51,847-24,032 Deferred gains or loses on hedges -15,914-4,348 Foreign currency translation adjustments -1,079-1,221 Total valuation and translation adjustments 154,757 121,366-68,841-29,602 Subscription rights to shares 11,643 11,967 Minority interests 72,818 82,501 Total net assets 4,817,987 4,814,326 Total liabilities and net assets 13,675,150 13,569,409

CONSOLIDATED STATEMENTS OF INCOME Operating revenues 11,541,655 11,636,317 Operating cost 9,903,057 9,983,207 Gross profit 1,638,598 1,653,109 Selling,general and administrative expenses 1,444,811 1,346,346 Operating income 193,787 306,763 Non-operating income Interest income 5,777 4,250 Dividend income 7,395 2,829 Gains on sales of investment securities 1,174 Commition fee 5,643 4,347 Rent income 21,600 21,600 Insurance income 117,672 Other 25,780 23,255 Total non-operating income 66,197 175,129 Non-operating expenses Interest expenses 113,242 117,044 Commission fee 6,631 6,428 Provision of allowance for doubtful accounts 5,727 Other 21,034 14,534 Total non-operating expenses 140,909 143,734 Ordinary income 119,074 338,158 Extraordinary income Gain on sales of fixed assets 1,768 1,864 Gain on sales of investment securities 5,776 Reversal of allowance for doubtful accounts 871 931 Gain on bad debt recovered 10,145 Gain on reversal subscription rights to shares 2,661 State subsidy 3,300 Other 3,750 301 Total extraordinary income 16,535 14,836 Extraordinary loss Loss on sales of fixed assets 1,172 1,016 Loss on retirement of fixed assets 12,241 14,511 Impairment Loss 3,145 Loss on business withdrawal 10,417 Loss on valuation of investment securities 25,815 10,000 Loss on valuation of golf club memberships 1,000 Loss on prior period adjustments 5,483 Loss on reduction of fixed assets 3,300 Other 1,491 2,912 Total extraordinary loss 55,283 37,224 Net income before income taxes 80,326 315,770 Income taxes-current 46,660 85,841 Income taxes-deferred -23,792 96,049 Total income taxes 22,868 181,891 Minority interests in income 3,929 10,370 Net income 53,528 123,508

CONSOLIDATED STATEMENTS OF CHARGES IN SHAREHOLDERS' EQUITY Shareholders' equity Capital stock Balance at end of previous year 1,262,736 1,262,736 Total changes of items during the period Balance at end of current year 1,262,736 1,262,736 Capital surplus Balance at end of previous year 1,191,447 1,189,881 Disposal of treasury stock -1,566 Total changes of items during the period -1,566 Balance at end of current year 1,189,881 1,189,881 Retained earnings Balance at end of previous year 2,585,943 2,572,103 Dividends from surplus -67,674-66,439 Other 306 Net income 53,528 123,508 Total changes of items during the period -13,839 57,069 Balance at end of current year 2,572,103 2,629,173 Treasury stock Balance at end of previous year -175,927-222,353 Purchase of treasury stock -66,946-109,977 Disposal of treasury stock 20,520 Total changes of items during the period -46,426-109,977 Balance at end of current year -222,353-332,331 Total shareholders' equity Balance at end of previous year 4,864,199 4,802,367 Dividends from surplus -67,674-66,439 Other 306 Net income 53,528 123,508 Purchase of treasury stock -66,946-109,977 Disposal of treasury stock 18,954 Total changes of items during the period -61,831-52,907 Balance at end of current year 4,802,367 4,749,459

CONSOLIDATED STATEMENTS OF CHARGES IN SHAREHOLDERS' EQUITY Valuation and translation adjustments Valuation difference on available-for-sale securities Balance at end of previous year 6,245-51,847 equity(net) -58,093 27,815 Total changes of items during the period -58,093 27,815 Balance at end of current year -51,847-24,032 Deferred gains or losses on hedges Balance at end of previous year 17,964-15,914-33,878 11,565 Total equitychanges of items during the period -33,878 11,565 Balance at end of current year -15,914-4,348 Foreign currency translation adjustment Balance at end of previous year 5,386-1,079-6,465-142 Total equitychanges of items during the period -6,465-142 Balance at end of current year -1,079-1,221 Total valuation and translation adjustments Balance at end of previous year 29,596-68,841-98,438 39,238 Total equitychanges of items during the period -98,438 39,238 Balance at end of current year -68,841-29,602 Subscription rights to shares Balance at end of previous fiscal year 3,710 11,643 7,932 324 Total equitychanges of items during the period 7,932 324 Balance at end of current year 11,643 11,967 Minority interests Balance at end of previous year 68,888 72,818 3,929 9,683 Total equitychanges of items during the period 3,929 9,683 Balance at end of current year 72,818 82,501

CONSOLIDATED STATEMENTS OF CHARGES IN SHAREHOLDERS' EQUITY Total net assets Balance at end of previous year 4,966,395 4,817,987 Dividends from surplus -67,674-66,439 Other 306 Net income 53,528 123,508 Purchase of treasury stock -66,946-109,977 Disposal of treasury stock 18,954 equity -86,575 49,246 Total changes of items during the period -148,407-3,661 Balance at end of current year 4,817,987 4,814,326

CONSOLIDATED STATEMENT OF CASH FLOWS Net cash provided by operating activities: Income before income taxes and minority interests 80,326 315,770 Depreciation and amortization 417,179 424,510 Impairment loss 3,145 Loss on withdrawal from business 10,417 Increase or decrease (-) in provision for retirement benefits 1,190 5,536 Increase or decrease (-) in provision for directors' and corporate auditors' retirement benefits 14,990-33,390 Increase or decrease (-) in provision for bonuses -12,500 5,711 Increase or decrease (-) in provision for doubtful accounts 489 33,306 Interest and dividend income -13,173-7,079 Interest expenses 113,242 117,044 Insurance income -117,672 Loss or gain (-) on valuation of investment securities 25,815 10,000 Loss on valuation of golf club memberships 1,000 Loss or gain (-) on sales of investment securities 52-6,950 Loss or gain (-) on sales of property, plant and equipment 8,134 2,063 Loss or gain (-) on sales of intangible assets 3,511 11,600 Decrease or increase (-) in notes and accounts receivable-trade 192,110-46,137 Decrease or increase (-) in loans receivable 6,399 9,766 Decrease or increase (-) in inventories 118,194-42,945 Increase or Decrease (-) in notes and accounts payable-trade -418,805 270,553 Increase or Decrease (-) in accrued consumption taxes 3,883 60,908 Other -43,711 6,178 Subtotal 511,894 1,018,770 Interest and dividends income received 13,005 7,027 Interest expenses paid -110,500-117,489 Proceeds from insurance income 117,672 Income taxes paid -57,852-24,051 Net cash provided by operating activities 356,547 1,001,928

CONSOLIDATED STATEMENT OF CASH FLOWS Net cash provided by investing activities: Payment into time deposits -93,940-74,640 Proceeds from withdrawal of time deposits 72,000 75,600 Purchase of short-term investment securities -9,302 Purchase of property,plant and equipment -1,355,523-109,591 Proceeds from sales of property,plant and equipment 17,892 6,860 Purchases of intangible assets -20,080-10,543 Payments of loans receivable -30,164-10,894 Collection of loans receivable 40,059 26,687 Purchase of investment securities -6,009-115,871 Proceeds from sales of investment securities 415 166,547 Other -50 Net cash provided by investing activities -1,375,348-55,198 Net cash provided by financing activities: Increase in short-term loans payable 1,760,000 1,140,000 Decrease in short-term loans payable -1,785,000-1,250,000 Proceeds from long-term loans payable 3,095,000 1,300,000 Repayments of long-term loans payable -1,530,490-1,645,923 Redemption of bonds -290,000-40,000 Payment for installment payable-property and eqipment -49,416 Purchase of treasury stock -66,946-109,977 Proceeds from sales of treasury stock 18,954 Cash dividends paid -67,629-66,505 Cash dividends paid to minority shareholders -687 Net cash provided by investing activities 1,133,887-722,510 Net cash provided by financing activities: Effect of exchange rate change on cash and cash equivalents -6,465-142 Net increase(decrease)in cash and cash equivalents 108,620 224,078 Cash and cash equivalents,beginning of period 1,596,816 1,705,437 Cash and cash equivalents at end of period 1,705,437 1,929,515