Liabilities arising from the dissolution of the Employees’ Pension Fund

「The All Japan Valve Employees’ Pension Fund, a multi-employer fund in which the company participated, had been undergoing liquidation proceedings since prior fiscal years after receiving approval for dissolution from the Minister of Health, Labour and Welfare. The proceedings were completed during the consolidated fiscal year, and the company’s loss was finalized. As a result, because it was decided that part of the benefits previously paid by the Employees’ Pension Fund would be transferred to the company’s defined benefit pension plan, the ¥360 million provision for loss on dissolution of the Employees’ Pension Fund was transferred.」

「The All Japan Valve Employees’ Pension Fund, in which the company participates, received approval for dissolution from the Minister of Health, Labour and Welfare on 15 March 2016 and is currently undergoing liquidation proceedings.」

「The All Japan Valve Employees’ Pension Fund, in which the company participates, passed a resolution to dissolve at the meeting of its representatives held on 18 January 2016. Although the expenses associated with the dissolution had not been finalized as of the end of the consolidated fiscal year, they became reasonably estimable. Accordingly, ¥391 million was recognized as an extraordinary loss under provision for loss on dissolution of the Employees’ Pension Fund in the consolidated statement of income, and ¥376 million was recognized as provision for loss on dissolution of the Employees’ Pension Fund under non-current liabilities in the consolidated balance sheet.」