Flash Report for the Year Ended March 31, 2012 (Consolidated basis)

― All financial information has been prepared in accordance with generally accepted accounting principles in Japan ―

April 26, 2012 Name of the listed company: JFE Shoji Trade Corporation (Flash Report for JFE Shoji Holdings, Inc.) Code No.: 8110 Stock exchange: Tokyo Stock Exchange (1st section) URL: http://www.jfe-shoji.co.jp Representative: Mikio Fukushima, President and Chief Executive Officer Contact: Kunihiko Utata, General Manager of General Affairs Department Phone: +81-3-5203-5055 Scheduled date for submission of Securities Report: June 28, 2012 Date for initiation of dividend payments (subject to change): June 29, 2012 Prepared supplementary presentation material on financial results: Yes Held financial results briefing: No * All amounts are rounded down to the nearest million yen. 1. Results for the Year Ended March 31, 2012 (April 1, 2011 to March 31, 2012) (1) Operating results (¥ million)

Net sales Operating income Ordinary income Net income Year ended March 31, 2012 ¥2,086,595 3.7% ¥16,777 (28.2)% ¥17,283 (27.3)% ¥12,108 (11.3)%Year ended March 31, 2011 2,011,526 11.0 23,363 54.3 23,783 64.1 13,645 81.8 Note: Comprehensive income

As of March 31, 2012: ¥9,928 million (down 14.0%) As of March 31, 2011: ¥11,548 million (down 12.0%)

Earnings per share (¥)

Basic DilutedReturn on equity Ordinary income

to total assets Operating income

to net sales

Year ended March 31, 2012 ¥51.29 ¥ — 10.5% 3.0% 0.8% Year ended March 31, 2011 57.79 — 12.7 4.3 1.2 Notes: 1. Percentage figures for net sales, operating income, ordinary income and net income represent year-on-year comparisons.

2. Earnings from investments in equity-method affiliates Year ended March 31, 2012: ¥(653) million Year ended March 31, 2011: ¥996 million

(2) Financial position (¥ million)

Total assets Net assets Equity ratio Net assets per share (¥)As of March 31, 2012 ¥576,493 ¥123,692 20.6% ¥502.45 As of March 31, 2011 571,364 117,426 19.7 475.57 Note: Owners’ equity

As of March 31, 2012: ¥118,629 million As of March 31, 2011: ¥112,290 million (3) Cash flows (¥ million)

Cash flows from operating activities

Cash flows from investing activities

Cash flows from financing activities

Cash and cash equivalents at

year-end Year ended March 31, 2012 ¥(23,611) ¥(6,429) ¥ 26,123 ¥27,953 Year ended March 31, 2011 16,343 (7,069) (850) 31,501

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2. Dividends Cash dividends per share (¥)

Quarter-end

1st 2nd 3rd Year-end Annual

Total dividends(full term)(¥ million)

Payout ratio

(consolidated)

Dividends asa percentageof net assets

(consolidated)

Ordinary share: Year ended March 31, 2011 — ¥0.00 — ¥10.00 ¥10.00 ¥2,365 17.3% 2.2% Year ended March 31, 2012 — 5.00 — 5.00* 10.00 2,365 19.5 2.0 Note: * Plans are in place to pay the year-end dividend of ¥5 per share for fiscal 2011, the fiscal year ended March 31, 2012, declared by JFE

Shoji Holdings, Inc. to shareholders of record or registered shareholders of JFE Shoji Trade Corporation as of April 1, 2012. Note: (1) Changes in the scope of consolidation

Inclusion: none Exclusion: none

(2) Changes in accounting policies, accounting estimates and correction of errors Changes in accounting policies due to revision of the accounting standards: applicable Changes in accounting policies other than above: not applicable Changes in accounting estimates: not applicable Correction of errors: not applicable

(3) Number of ordinary shares issued at the end of the year As of March 31, 2012: 236,777,704 shares As of March 31, 2011: 236,777,704 shares

Number of shares in treasury at the end of the year As of March 31, 2012: 673,720 shares As of March 31, 2011: 659,985 shares

Average number of shares outstanding the year As of March 31, 2012: 236,109,991 shares As of March 31, 2011: 236,132,933 shares

(Reference) Non-consolidated Results for the Year Ended March 31, 2012 (April 1, 2011 to March 31, 2012) (1) Operating results (¥ million)

Operating revenue Operating income Ordinary income Net income Year ended March 31, 2012 ¥ 735 (76.6)% ¥ 89 (96.4)% ¥ 144 (94.4)% ¥ 90 (96.4)%Year ended March 31, 2011 3,135 1.5 2,499 2.4 2,592 (0.3) 2,519 0.6

Earnings per share (¥)

Basic DilutedYear ended March 31, 2012 ¥ 0.38 ¥ — Year ended March 31, 2011 10.65 — (2) Financial position (¥ million)

Total assets Net assets Equity ratio Net assets per share (¥)As of March 31, 2012 ¥48,578 ¥48,476 99.8% ¥204.97 As of March 31, 2011 52,912 51,938 98.2 219.60 Note: Owners’ equity

As of March 31, 2012: ¥48,476 million As of March 31, 2011: ¥51,938 million

* Disclosure of Implementation Status of Review Procedures Review procedures under the Financial Instruments and Exchange Law had not been completed as of the

release of this financial report.

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Operating Results (1) Analysis of Operating Results During fiscal 2011, global economic conditions had a debilitating effect on many parts of the real economy. In Europe, the financial unrest that emerged at the start of the year in such countries as Greece and Italy spread throughout the entire Eurozone. While Greece has made some measure of progress toward restructuring its debt, a significant number of risks remain unresolved. As a result, any recovery in the economy has been held to extremely modest levels. In the United States, the economy continued to stage a gradual recovery. Despite weak consumer spending, this was largely attributable to indications of an improvement in corporate-sector results and a decrease in the number of unemployed persons. Operating conditions in China were mixed. On the one hand, the pace of economic growth slowed due to the effects of financial instability in Europe, which placed downward pressure on exports particularly to developed countries as well as manufacturing sector production. On the other hand, China continued to post high rates of economic growth on the back of vigorous domestic demand. Turning to Japan, the nation continued to follow a steady path toward reconstruction in the aftermath of the Great East Japan Earthquake. The pace of economic recovery in the short term, however, has been slowed by growing anxieties surrounding financial conditions in Europe, particularly from the middle of the year, and such factors as the severe flooding in Thailand and prolonged appreciation in the value of the yen. On a more positive note, consumer spending remained entrenched in a mild recovery trajectory. This was mainly due to the improvement in consumer sentiment reflecting a variety of measures including extension of the eco-car subsidy program. In the steel industry, the Company’s core business field, Japan’s automobile industry witnessed a quicker than expected resumption in its supply chain, which had been severely disrupted by the earthquake. From the middle of the year, the industry was supported by the underlying strength of firm demand. While portions of the civil engineering sector experienced a positive turnaround owing mainly to reconstruction demand, this upswing failed to reach major proportions due to delays in the passage of the government’s supplementary budget. Turning to the nation’s export activities, Japan’s steelmakers continued to confront an extremely harsh environment. During the fiscal year under review, the intense competition triggered by increased production capacity and supply in neighboring countries throughout Asia including China and South Korea, as well as persistent appreciation in the value of the yen, more than offset any positive gains from ongoing firm demand in the newly emerging countries of Asia. Performance by segment was as follows.

Steel and Steel-Peripheral Businesses In the steel business, JFE Shoji Holdings worked actively to expand sales in newly emerging economies in Asia and the Middle East, which continue to exhibit marked growth. At the same time, the Company invested aggressively with a view to capturing a share of the projected upswing in demand for steel products over the medium and long term. Specifically, we established JFE Shoji Steel India Private Ltd., our 15th overseas steel processing center, in Maharashtra State, India, and decided to ramp up facilities at P.T. JFE Shoji Steel Indonesia through the introduction of a large slitter line as a part of efforts to address increased demand mainly from the automobile sector in Indonesia, which continues to enjoy remarkable economic growth. On the domestic front, we are working to rebuild and optimize our Group marketing network to gain a definitive share of demand. As a first step, building material businesses in the Kyushu area were consolidated and folded into JFE Shoji Trade Corporation. Under this new structure, we are harnessing the collective strengths of the Group to engage in marketing activities that better reflect the perspectives and requirements of customers. In the northeast region of Japan, we merged consolidated subsidiaries Tohsen Corporation and Tohoku Steel Corporation. This initiative is aimed at putting in place the marketing and logistics structure and systems that is capable of securing reconstruction demand throughout the area. In the raw materials field, the Company acquired new interests in the Codrilla mine in the Australia state of Queensland, allowing the Group to secure stable supplies of high-quality PCI coal, which is in high demand from steelmakers. With the aim of expanding the volume of our trilateral coal trading, we undertook energetic marketing activities to expand sales routes to Asian countries including China. In its coke operations, the Company constructed new imported coke unloading stations in western Japan to help capture new customers in the region. In addition, and as an outlet for surplus scrap following the earthquake disaster in the northeast region of Japan, we set up scrap yards and commenced shipments mainly to areas in western Japan. Looking

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ahead, JFE Shoji Holdings has identified India as a market of considerable promise. The Company placed considerable weight on expanding sales in the machinery and materials field while working diligently to secure its share of robust demand.

Taking into account each of the aforementioned factors, sales in the Steel and Steel-Peripheral Business increased by ¥75,076 million compared with the previous fiscal year to ¥2,047,462 million. From a profit perspective, ordinary income, on the other hand, declined by ¥3,001 million year on year to ¥19,575 million. Food Business In the Food Business, JFE Shoji Holdings recorded increased revenues in Japan thanks mainly to disaster-related demand for such products as South Korean-made (low malt) “third-category” beer and canned meat products following the Great East Japan Earthquake. Despite higher revenues from the canned seafood products marketed by MARUSHIN CANNERIES SDN. BHD. and KAWASHO FOODS (GULF) FZE, the year-on-year increase in overseas sales was held to ¥767 million for a total of ¥25,825 million. Ordinary income edged down by ¥2 million compared with the previous fiscal year to ¥700 million due largely to the sharp rise in procurement costs.

Electronics Business Sales in the Electronics Business declined by ¥2,102 million year on year to ¥11,591 million, while ordinary income fell ¥387 million to ¥238 million. During the fiscal year under review, results were impacted by the freezing or postponement of capital investment projects by customers of the mounting equipment division as a result of the Great East Japan Earthquake and floods in Thailand. Difficult conditions were exacerbated by production cutbacks by customers of the semiconductor division who were forced to delay their production plans.

. Real Estate Business In the Real Estate Business, we took positive steps toward streamlining our real estate holdings. While sales climbed by ¥1,353 million compared with the previous fiscal year to ¥1,781 million, the Company incurred an ordinary loss of ¥3,313 million.

As a result, sales on a consolidated basis improved by ¥75,069 million year on year to ¥2,086,595 million. In contrast, operating income declined by ¥6,586 million year on year to ¥16,777 million. Ordinary income also contracted by ¥6,500 million to ¥17,283 million while net income for the fiscal year under review decreased by ¥1,537 million year on year to ¥12,108 million.

(2) Analysis of Financial Conditions

[1] Assets, Liabilities and Net Assets Consolidated total assets stood at ¥576,493 million as of March 31, 2012, an increase of ¥5,129 million compared with the end of the previous fiscal year. After accounting for net income for the period of ¥12,108 million as well as the decrease in translation adjustments attributable to the strong yen and other factors, net assets stood at ¥123,692 million as of the end of the fiscal year under review, up by ¥6,266 million compared with March 31, 2011.

[2] Cash Flows Net cash used in operating activities totaled ¥23,611 million. This was mainly attributable to the increase in advanced funds in line with the upswing in steel and raw material prices. Net cash used in investing activities amounted to ¥6,429 million. This reflected the expansion in processing capacity and ongoing capital investments aimed at improving product quality and safety. Net cash provided by financing activities was ¥26,123 million. This was primarily due to the increase in working capital following the issuance of commercial paper.

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(Reference)

Major financial indicators FY2007 FY2008 FY2009 FY2010 FY2011 Equity ratio 17.0% 17.1% 19.4% 19.7% 20.6% Equity ratio (mark-to-market basis) 25.1% 9.7% 17.7% 14.9% 17.7% Debt redemption ratio 10.9 83.4 4.0 6.6 — Interest coverage ratio 2.8 0.6 10.6 9.0 —

Note: Calculated using consolidated financial figures Equity ratio: Owners’ equity (net assets – minority interests) / Total assets Equity ratio (mark-to-market basis): Market capitalization*1/ Total assets Debt redemption ratio: Interest-bearing liabilities*2/Cash flows from operating activities*3 Interest coverage ratio: Cash flows from operating activities*3/ Interest expenses*4

*1. Share price at the end of the fiscal year × the number of shares issued and outstanding at end of fiscal year *2. Total borrowings *3. Cash flows from operating activities appearing in the consolidated statement of cash flows *4. Interest expenses registered on the consolidated statement of cash flows

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Outline of the JFE Shoji Group The Group is comprised of the Company, its 100 subsidiaries, 23 affiliated and two associated companies. The Group is engaged in a wide range of diversified and comprehensive activities. Leveraging its domestic and overseas networks, the Group handles products across a variety of fields. In addition to fulfilling the function of an organizer of a broad spectrum of projects, the Group also invests in business active in the resources and energy development fields.

Steel and Steel-Peripheral Businesses Principal activities include the import, processing and sale of steel products as well as the purchase and sale of steel making materials.

[Major Products Handled] Shipbuilding steel, thick steel plates, processed steel for bridges, hot-rolled steel sheets, cold-rolled steel sheets, electrical steel sheets, surface-treated steel sheets, galvanized sheets, tin plates, steel pipes, special steel pipes, steel piles, H-beams, lightweight shaped steel plates, regular shaped steel plates, columns, wire rods, stainless steel, special steel, processed steel for ships, reinforced products, hot charges, treated steel pipes, iron powder, slabs, steel making materials, coal products, metal raw materials, chemical coal products, inorganic chemicals, plastic raw materials, compound products, functional chemical products, petroleum products, paper products, steel manufacturing machinery, steel manufacturing materials, ships and ship equipment. The Group is also engaged in civil engineering and construction and is a proponent of the Terre Armee method

[Principal Associated Companies] JFE Holdings, Inc., JFE Steel Corporation, JFE SHOJI TRADE CORPORATION, JFE Shoji Trade Steel Construction Materials Corporation, JFE SHOJI CONSTRUCTION MATERIALS SALES CORPORATION, JFE SHOJI PIPE & FITTING TRADE CORPORATION, TOHSEN CORPORATION, JFE SHOJI USUITAKENZAI CORPORATION, K&I Tubular Corporation, JFE SHOJI COIL CENTER CORPORATION, JFE SHOJI WIRE TRADE Co., Ltd, JFE SEIBU USUITAKENZAI CORPORATION, Mizushima Metal Products Corporation, JFE SHOJI OIL CO., LTD, JFE SHOJI KOHNAN STEEL CENTER CO., LTD, JFE SHOJI TERRE ONE CORPORATION, JFE SHOJI JUTAKU SHIZAI CORPORATION, NIIGATA STEEL CORPORATION, JFE SHOJI TRADE MATECH INC., JFE SHOJI OSAKA TINPLATE CENTER CORPORATION, TOCHIGI SHEARING Corporation, Naigai Steel Corporation, KADOTA KOZAI CORPORATION, HOKURIKU STEEL CO., LTD, JFE SHOJI MACHINERY & MATERIALS CORPORATION, JFE SHOJI ZOSEN KAKO CORPORATION, TOYO KINZOKU CORPORATION, OSAKA STEEL CORPORATION, HOSHI KINZOKU CORPORATION, JFE SHOJI IBARAKI-TEC CORPORATION, TAISEI KOGYO CORPORATION, MIZUSHIMA STEEL CO., JFE SHOJI TRADE AMERICA INC., RIVER SPRING, ZHEJIANG JFE SHOJI STEEL PRODUCTS CO., LTD., JFE SHOJI STEEL MALAYSIA SDN. BHD., CENTRAL METALS (THAILAND) LTD., VEST INC., JFE SHOJI STEEL AMERICA INC., DONGGUAN JFE SHOJI STEEL PRODUCTS CO., LTD., JIANGSU JFE SHOJI STEEL PRODUCTS CO., LTD., GUANGZHOU JFE SHOJI STEEL PRODUCTS CO., LTD., JFE SHOJI TRADE HONG KONG LTD., JFE SHOJI TRADE THAILAND, LTD., P.T. JFE SHOJI STEEL INDONESIA, JFE SHOJI STEEL PHILIPPINES, INC., JFE SHOJI TRADE MALAYSIA SDN. BHD., JFE SHOJI STEEL VIETNAM CO., LTD., JFE SHOJI TRADE AUSTRALIA PTY., LTD., QINGDAO JFE SHOJI STEEL PRODUCTS CO., LTD., JS Resources Pty Ltd, KC RESOURCES, MERIDIAN CAPITAL LIMITED, JFE SHOJI STEEL INDIA PVT. LTD., STEEL ALLIANCE SERVICE CENTER CO., LTD., GECOSS CORPORATION, HANWA KOZAI CO., LTD., OSAKA KOATSU, COLOMBO POWER (PRIVATE) LTD. and KAWARIN ENTERPRISE PTE. LTD.

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Food Business Principal activities include the import and sale of beverages as well as the purchase, manufacture, processing and sale of canned meat and seafood products.

[Major Products Handled] Canned products, seafood products, processed foods, agricultural products, animal products and beverages

[Principal Associated Company] KAWASHO FOODS CORPORATION, JFE SHOJI TRADE AMERICA INC., KAWASHO FOODS (GULF) FZE and MARUSHIN CANNERIES (M) SDN. BHD.

Electronics Business Principal activities include the purchase and sale of semiconductor products as well as the sale, installation and maintenance of machinery and peripheral equipment including the mounting, assembly and inspection of electronic components.

[Major Products Handled] Semiconductor products and mounting equipment

[Principal Associated Company] JFE SHOJI ELECTRONICS CORPORATION

Real Estate Business Principal activities include the sale of real estate.

[Major Product Handled] Real estate

[Principal Associated Company] JFE Shoji Trade Corporation

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(Schematic Diagram of Business)

Note: Companies identified with a “○” and “※”are consolidated subsidiaries and affiliated companies accounted for by the equity method.

JFE Shoji Trade Corporation is active in the Steel and Steel-Peripheral as well as Real Estate businesses. JFE SHOJI TRADE AMERICA INC. is active in the Steel and Steel-Peripheral as well as Food businesses.

“ ” indicates equity interests. “ ” indicates the flow of products and services.

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Consolidated Balance Sheets Millions of yen

As of March 31 2012 2011

Assets Current assets:

Cash and deposits ¥ 27,998 ¥ 31,551 Trade notes and accounts receivable 334,374 322,108 Merchandise and finished products 57,779 59,522 Work in process 629 552 Raw materials and supplies 21,177 17,428 Other current assets 28,805 33,421 Allowance for doubtful receivables (687) (1,847)

Total current assets 470,077 462,737

Non-current assets: Tangible fixed assets:

Buildings and structures 24,238 23,752 Accumulated depreciation (13,592) (13,140)

Net buildings and structures 10,646 10,611 Machinery, equipment and vehicles 27,589 27,141 Accumulated depreciation (19,955) (19,616)

Net machinery, equipment and vehicles 7,633 7,525 Land 16,715 17,141 Other 7,951 9,686 Accumulated depreciation (5,352) (6,903)

Net other 2,598 2,783 Total tangible fixed assets 37,594 38,061

Intangible assets 4,018 5,503

Investments and other assets: Investments in securities 45,018 48,347 Other 22,473 18,931 Allowance for doubtful receivables (2,689) (2,217) Total investments and other assets 64,802 65,062 Total non-current assets 106,416 108,627 Total assets ¥576,493 ¥571,364

Note: Amounts under one million yen are omitted.

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Millions of yen

As of March 31 2012 2011

Liabilities Current liabilities:

Trade notes and accounts payable ¥283,783 ¥304,539 Short-term borrowings 90,717 78,105 Commercial paper 33,997 14,991 Accrued income taxes 1,452 6,020 Other reserve 25 1,067 Other current liabilities 23,618 24,951

Total current liabilities 433,593 429,676

Non-current liabilities: Long-term debt 10,388 14,000 Accrued retirement benefits for employees 5,133 4,802 Accrued retirement benefits for directors 626 647 Other reserve 18 2 Other 3,040 4,809

Total non-current liabilities 19,207 24,262 Total liabilities 452,801 453,938

Net assets Shareholders’ equity:

Share capital 20,000 20,000 Capital surplus 17,428 17,428 Retained earnings 92,310 83,742 Treasury stock (361) (356)

Total shareholders’ equity 129,377 120,814

Accumulated other comprehensive income (loss) Net unrealized holding gain on securities 2,933 3,829 Net deferred gain on hedges 50 0 Land revaluation reserve (273) (322) Translation adjustments (13,457) (12,031)

Total accumulated other comprehensive loss (10,747) (8,523)

Minority interests 5,062 5,136 Total net assets 123,692 117,426 Total liabilities and net assets ¥576,493 ¥571,364

Note: Amounts under one million yen are omitted.

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Consolidated Statements of Income Millions of yen Years ended March 31 2012 2011Net sales ¥2,086,595 ¥2,011,526Cost of sales 2,020,266 1,938,329

Gross profit 66,328 73,196 Selling, general and administrative expenses 49,551 49,833

Operating income 16,777 23,363 Non-operating income:

Interest income 439 408Dividend received 756 598Equity in earnings of unconsolidated subsidiaries and affiliates — 996Foreign exchange gains 850 — Other 2,452 2,121

Total non-operating income 4,499 4,125 Non-operating expenses:

Interest expense 1,789 1,753Equity in loss of unconsolidated subsidiaries and affiliates 653 —Other 1,550 1,951

Total non-operating expenses 3,993 3,705Ordinary income 17,283 23,783

Extraordinary income:

Reversal of allowance for loss on disaster 411 —Total extraordinary income 411 —

Extraordinary losses:

Impairment loss 269 —Loss due to disaster — 1,623Loss on adjustment for changes of accounting standard for asset — 54

Total extraordinary losses 269 1,677Income before income taxes and minority interests 17,425 22,105 Income taxes:

Current 4,536 8,772Deferred 616 (619)

Total income taxes 5,152 8,152 Income before minority interests 12,273 13,952Minority interests 164 307Net income ¥ 12,108 ¥ 13,645Note: Amounts under one million yen are omitted.

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Consolidated Statements of Comprehensive Income Millions of yen

Years ended March 31 2012 2011

Income before minority interests ¥12,273 ¥13,952 Other comprehensive income

Net unrealized holding gain (loss) on securities (867) (96) Net deferred gain (loss) on hedges 50 (28) Translation adjustments (1,490) (2,182) Share of other comprehensive income of associates accounted

for using equity method (36) (95)

Total other comprehensive income (2,345) (2,404) Comprehensive income 9,928 11,548

(Breakdown) Comprehensive income attributable to shareholders of the parent 9,886 11,315

Comprehensive income attributable to minority interests 41 233 Note: Amounts under one million yen are omitted.

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Consolidated Statements of Changes in Net Assets Millions of yen

Shareholders’ equity

Year ended March 31, 2012 Share capital

Capital surplus

Retained earnings

Treasury stock

Total shareholders’

equity

Balance at April 1, 2011 ¥20,000 ¥17,428 ¥83,742 ¥(356) ¥120,814Changes during year:

Cash dividends (3,541) (3,541)Net income 12,108 12,108Purchases of treasury stock (4) (4)Reversal of land revaluation reserve 0 0Net changes in items other than shareholders’ equity

Total changes during year — — 8,568 (4) 8,563Balance at March 31, 2012 ¥20,000 ¥17,428 ¥92,310 ¥(361) ¥129,377

Accumulated other comprehensive income (loss)

Net unrealizedholding gain

(loss) on securities

Net unrealizeddeferred

gain on hedges

Land revaluation

reserveTranslationadjustments

Total accumulated

other comprehensive

loss

Minority interests

Total net assets

Balance at April 1, 2011 ¥3,829 ¥ 0 ¥(322) ¥ (12,031) ¥(8,523) ¥5,136 ¥117,426Changes during year:

Cash dividends (3,541)Net income 12,108Purchases of treasury stock (4)Reversal of land revaluation reserve 0Net changes in items other than shareholders’ equity (896) 50 48 (1,425) (2,223) (73) (2,297)

Total changes during year (896) 50 48 (1,425) (2,223) (73) 6,266Balance at March 31, 2012 ¥2,933 ¥50 ¥(273) ¥(13,457) ¥(10,747) ¥5,062 ¥123,692Note: Amounts under one million yen are omitted.

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Millions of yen

Shareholders’ equity

Year ended March 31, 2011 Share capital

Capital surplus

Retained earnings

Treasury stock

Total shareholders’

equity

Balance at April 1, 2010 ¥20,000 ¥17,428 ¥71,364 ¥(347) ¥108,446 Changes during year:

Cash dividends (1,180) (1,180)Net income 13,645 13,645 Purchases of treasury stock (9) (9)Reversal of land revaluation reserve (86) (86)Net changes in items other than shareholders’ equity

Total changes during year — — 12,377 (9) 12,367 Balance at March 31, 2011 ¥20,000 ¥17,428 ¥83,742 ¥(356) ¥120,814

Accumulated other comprehensive income (loss)

Net unrealizedholding gain

(loss) on securities

Net unrealizeddeferred

gain (loss)on hedges

Land revaluation

reserveTranslationadjustments

Total accumulated

other comprehensive

loss

Minority interests

Total net assets

Balance at March 31, 2010 ¥3,903 ¥28 ¥(408) ¥ (9,803) ¥(6,279) ¥4,894 ¥107,060Changes during year:

Cash dividends (1,180)Net income 13,645Purchases of treasury stock (9)Reversal of land revaluation reserve (86)Net changes in items other than shareholders’ equity (73) (28) 86 (2,227) (2,243) 241 (2,001)

Total changes during year (73) ( 8) 2 86 (2,227) (2,243) 241 10,366Balance at March 31, 2011 ¥3,829 ¥ 0 ¥(322) ¥(12,031) ¥(8,523) ¥5,136 ¥117,426Note: Amounts under one million yen are omitted.

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Consolidated Statements of Cash Flows Millions of yen

Years ended March 31 2012 2011 Cash flows from operating activities Income before income taxes and minority interests ¥17,425 ¥22,105 Depreciation and amortization 5,368 5,621 Impairment loss 269 — Loss due to disaster — 1,623 Reversal of allowance for loss on disaster (411) — Decrease in allowance for doubtful receivables (649) (2,447) Increase in accrued retirement benefits for employees 353 567 Decrease in accrued retirement benefits for directors (7) (46) Interest and dividend income (1,196) (1,007) Interest expense 1,789 1,753 Equity in loss (earnings) of unconsolidated subsidiaries and affiliates 653 (996) Increase in trade notes and accounts receivable (13,397) (25,487) Increase in inventories (3,700) (13,869) Increase (decrease) in trade notes and accounts payable (19,929) 31,892 Other, net 245 971

Subtotal (13,188) 20,681 Interest and dividend received 1,497 1,255 Interest paid (1,793) (1,807) Income taxes paid (10,700) (5,623) Income taxes refunded 572 1,836

Net cash provided by (used in) operating activities (23,611) 16,343

Cash flows from investing activities Increase in time deposits (5) (14) Proceeds from withdrawal of time deposits 7 199 Purchases of tangible fixed assets (4,272) (2,414) Proceeds from sale of tangible fixed assets 233 245 Purchases of intangible assets (1,009) (995) Purchases of investments in securities (86) (127) Proceeds from sale of investments in securities 86 159 Purchase of investments in subsidiaries resulting in changes in scope of consolidation — (4,206)

Proceeds from sale of shares of subsidiaries that are excluded from consolidation 32 —

Increase in loans receivable (1,698) (159) Collection of loans receivable 188 319 Other, net 93 (76)

Net cash used in investing activities (6,429) (7,069) Cash flows from financing activities Increase (decrease) in short-term borrowings 19,737 (10,673) Increase in commercial paper 19,005 14,991 Repayment of finance lease obligations (302) (554) Proceeds from long-term debt 27,391 6,000 Repayment of long-term debt (36,039) (9,462) Proceeds from minority shareholders 32 240 Cash dividends paid (3,540) (1,181) Cash dividends paid to minority shareholders (156) (199) Other, net (4) (9)

Net cash provided by (used in) financing activities 26,123 (850) Effect of exchange rate changes on cash and cash equivalents 417 (925) Net increase (decrease) in cash and cash equivalents (3,500) 7,498 Cash and cash equivalents at beginning of year 31,501 24,231 Decrease in cash and cash equivalents due to exclusion from consolidation (47) (229) Cash and cash equivalents at end of year ¥27,953 ¥31,501 Note: Amounts under one million yen are omitted.

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Notes on Premise of Going Concern Not applicable

Changes in accounting policies (Application of the Accounting Standard for Earnings Per Share) Effective from the fiscal year ended March 31, 2012, JFE Shoji Holdings, Inc. has adopted the Accounting Standard for Earnings Per Share (Accounting Standards Board of Japan (ASBJ) Statement No. 2 issued in June 30, 2010), the Guidance on Accounting Standard for Earnings Per Share (ASBJ Guidance No. 4 issued on June 30, 2010 and the Practical Solution on Accounting for Earnings Per Share (ASBJ Practical Issue Task Force (PITF) No. 9 issued on June 30, 2010).

Additional information (Application of the Accounting Standard for Accounting Changes and Error Corrections) Effective from the fiscal year ended March 31, 2012, JFE Shoji Holdings, Inc. has adopted the Accounting Standard for Accounting Changes and Error Corrections (ASBJ Statement No. 24 issued on December 4, 2009) and the Guidance on Accounting Standard for Accounting Changes and Error Corrections (ASBJ Guidance No. 24 issued on December 4, 2009) Notes concerning consolidated financial statements Business combinations Transactions under common control, etc. (Merger between consolidated subsidiaries JFE Shoji Trade Corporation and Kawasho Real Estate Corporation) JFE Shoji Trade Corporation (“JFE Shoji Trade”) and Kawasho Real Estate Corporation (“Kawasho Real Estate”), wholly owned subsidiaries of JFE Shoji Holdings, Inc. (“JFE Shoji Holdings”) concluded a merger agreement on April 27, 2011. In accordance with this agreement, Kawasho Real Estate was absorbed by and merged into JFE Shoji Trade on October 1, 2011.

1. Summary of the merger

(1) Name and nature of business concerned Business: Real estate Nature of business: Real estate ownership, management, trading, leasing/rental and brokerage services

(2) Date of business combination October 1, 2011

(3) Legal format of business combination Absorption-type merger, with JFE Shoji Trade Corporation as the surviving entity. Kawasho Real Estate Corporation was dissolved through liquidation.

(4) Name of the company after the combination JFE Shoji Trade Corporation

(5) Other matters relating to this merger The reporting fiscal year has been the final year of the Group’s second medium-term management plan launched in April 2009. So far, the Group has strengthened its earnings base, primarily in the steel business, improved its financial standing, strengthened human resource training, streamlined business operations and fortified its business structure.

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The JFE Shoji Group has formulated its Third Medium-Term Management Plan, which covers the three-year period from April 2012 to March 2015. Under this Plan, the Group has identified the overarching vision of “pioneering new markets, while consistently taking up the challenge of becoming a Value Creating Company.” In order to realize this goal, the Group has put forward three key action guidelines. Moving ahead, the JFE Shoji Group will break “New Ground,” create “New Value” and promote “New Synergy.” Building on this significant leap forward, the Group will at the same time undertake a review of its holding company structure, with JFE Shoji Trade at its core, to put in place a more efficient framework that is capable of speedy and agile Group management.

2. Summary of accounting treatment This merger is treated as a transaction under common control as defined in the Accounting Standard for Business Combinations (ASBJ Statement No. 21, issued December 26, 2008), and the “Revised Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures” (ASBJ Guidance No. 10, issued December 26, 2008).

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Segment Information Business segment information 1. Overview of Segment Information The Company’s reporting segments are constituent units for which separate financial information is available and can be examined on a regular basis by the Board of Directors and other relevant groups to determine the allocation of management resources and evaluate business performance. The Group consists of a holding company, beneath which are the operating companies that manage separate businesses: JFE Shoji Trade Corporation, which manages the Steel and Steel-Peripherals Business as well as the Real Estate Business; Kawasho Foods Corporation, which manages the Food Business; and JFE Shoji Electronics Corporation, which manages the Electronics Business. Each operating company formulates the general strategies for its respective products and services, and engages in business activities that reflect these strategies. The Company oversees and supervises operating companies. The segments of the Company therefore mainly consist of products and services that are fundamental to each operating company and its affiliates. On this basis, the four reporting segments are the Steel and Steel-Peripherals Business, Food Business, Electronics Business and Real Estate Business. The main operations of the Steel and Steel-Peripherals Business involve the domestic trade as well as import and export of steel products, steel raw materials, non-ferrous metals, chemicals, and other products. The principal operations of the Real Estate Business involve the sale and leasing of real estate. The Food Business primarily entails the domestic trade as well as import and export of various kinds of food products. The core operations of the Electronics Business involve the domestic trade as well as import and export of various types of semiconductor products, and the domestic and overseas sale, installation and maintenance of machinery and peripheral equipment including the mounting, assembly and inspection of electronic components. 2. Method of Calculating the Amount of Sales, Profits, Losses, Assets and Other Items for Each

Reporting Segment Segment profit figures for reporting segments are on an ordinary income basis. Intersegment sales are based on transaction prices between third parties.

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3. Information on Sales, Profits, Losses, Assets and Other Items for Each Reporting Segment Millions of yen

Year ended March 31, 2012

Reporting Segment

Steel and Steel Peripherals Food Electronics Real

Estate Total Adjustments

Amount Booked to the Consolidated

Financial Statements

Net sales:

Outside customers ¥2,047,446 ¥25,813 ¥11,553 ¥ 1,781 ¥2,086,595 ¥ — ¥2,086,595

Intersegment 16 11 37 — 65 (65) —Total 2,047,462 25,825 11,591 1,781 2,086,660 (65) 2,086,595

Segment profits (losses) 19,575 700 238 (3,313) 17,199 84 17,283Segment assets ¥ 552,418 ¥ 9,491 ¥ 6,178 ¥10,973 ¥ 579,061 ¥(2,567) ¥ 576,493

Other items Depreciation and

amortization 5,233 90 31 1 5,357 10 5,368

Interest income 415 10 18 0 445 (5) 439Interest expense 1,813 0 8 20 1,842 (53) 1,789

Equity in profit or loss of unconsolidated subsidiaries and affiliates

(637) (9) — — (647) (5) (653)

Investment in equity-method affiliates 18,290 167 — — 18,457 — 18,457

Increase from tangible fixed assets and intangible assets 5,223 30 27 — 5,281 — 5,281

Millions of yen

Year ended March 31, 2011

Reporting Segment

Steel and Steel Peripherals Food Electronics Real

Estate Total Adjustments

Amount Booked to the Consolidated

Financial Statements

Net sales:

Outside customers ¥1,972,379 ¥25,043 ¥13,675 ¥ 427 ¥2,011,526 ¥ — ¥2,011,526

Intersegment 6 15 17 1 40 (40) —Total 1,972,386 25,058 13,693 428 2,011,567 (40) 2,011,526

Segment profits (losses) 22,576 702 625 (261) 23,643 140 23,783Segment assets ¥ 541,389 ¥ 8,539 ¥ 5,701 ¥15,861 ¥ 571,492 ¥(127) ¥ 571,364

Other items Depreciation and

amortization 5,485 91 31 2 5,610 11 5,621

Interest income 386 9 24 0 419 (11) 408Interest expense 1,769 0 13 53 1,836 (82) 1,753

Equity in profit or loss of unconsolidated subsidiaries and affiliates

1,032 (34) — 0 998 (1) 996

Investment in equity-method affiliates 19,100 192 — 12 19,305 — 19,305

Increase from tangible fixed assets and intangible assets 3,300 24 48 0 3,403 5 3,409

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4. Total Amount of Profits or Losses for Segments Reported, Amount Booked on the Consolidated Financial Statements, as well as the Difference between These and Reasons for That Difference (Information concerning adjustments for differences)

Millions of yen Year ended March 31, 2012 Year ended March 31, 2011 Profits

Total of reporting segment ¥17,199 ¥23,643 Elimination of intersegment transactions 664 692 Total unallocatable company profits (losses) * (580) (552)

Ordinary income on the consolidated financial statement ¥17,283 ¥23,783 Note: * Total unallocatable company profits (losses) mainly consist of corporate, general and administrative expenses and non-operating

profits and losses of the Company not attributable to the reporting segments.

Millions of yen Year ended March 31, 2012 Year ended March 31, 2011 Assets

Total of reporting segment ¥579,061 ¥571,492 Elimination of intersegment transactions (2,742) (1,150) Total unallocatable corporate assets * 174 1,022

Total assets on the consolidated financial statement ¥576,493 ¥571,364 Note: * Total unallocatable corporate assets mainly consist of the cash and deposits of the Company and its subsidiaries not attributable to the

reporting segments. 5. Items Related to Changes in Reportable Segments Segment classification methods were reviewed following the merger between Kawasho Semiconductor Corporation and Kawasho Electronics Corporation. As a result, from the first quarter, the Semiconductor Business was reclassified as the Electronics Business. Amounts for sales, profit and loss in each reporting segment for the corresponding period of the previous fiscal year have been revised to reflect the new business segment classifications. Related Information Year ended March 31, 2012 (April 1, 2011 to March 31, 2012) 1. Information about Each Product and Service Because the same information is contained in segment information, it has been omitted. 2. Geographic Information Millions of yen

Japan South Korea Other Total

Net sales ¥1,458,837 ¥182,148 ¥445,609 ¥2,086,595 Millions of yen

Japan China Other Total

Tangible fixed assets ¥27,618 ¥4,639 ¥5,337 ¥37,594 3. Information about Major Customers Millions of yen

Names of customers Net sales Names of related segments

JFE Steel Corporation ¥459,312 Steel and Steel Peripheral Business

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Year ended March 31, 2011 (April 1, 2010 to March 31, 2011) 1. Information about Each Product and Service Because the same information is contained in segment information, it has been omitted. 2. Geographic Information Millions of yen

Japan South Korea Other Total

Net sales ¥1,377,204 ¥230,043 ¥404,277 ¥2,011,526 Millions of yen

Japan China Other Total

Tangible fixed assets ¥28,915 ¥4,122 ¥5,024 ¥38,061 3. Information about Major Customers Millions of yen

Names of customers Net sales Names of related segments

JFE Steel Corporation ¥412,469 Steel and Steel Peripheral Business Information about impairment losses of non-current assets for each segment Year ended March 31, 2012 (April 1, 2011 to March 31, 2012) Millions of yen

Reporting segment

Steel and

Steel Peripherals

Food Electronics Real Estate Subtotal

Elimination and

Corporate Total

Impairment loss ¥269 — — — ¥269 — ¥269

Year ended March 31, 2011 (April 1, 2010 to March 31, 2011) Not applicable

Information about amortization of goodwill for each segment Year ended March 31, 2012 (April 1, 2011 to March 31, 2012)

Not applicable

Year ended March 31, 2011 (April 1, 2010 to March 31, 2011) Not applicable

Information about gain on negative goodwill for each segment Year ended March 31, 2012 (April 1, 2011 to March 31, 2012)

Not applicable

Year ended March 31, 2011 (April 1, 2010 to March 31, 2011) Not applicable

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Per Share Information Yen

Year ended March 31, 2012 Year ended March 31, 2011 Net assets per share ¥502.45 ¥475.57 Earnings per share 51.29 57.79

Note: Diluted earnings per share are not disclosed as there were no diluted shares.

Basis for calculating earnings per share

Millions of yen

Year ended March 31, 2012 Year ended March 31, 2011

Net income ¥ 12,108 ¥ 13,645 Amount not attributable to common stockholders ― ― Net income related to common stock 12,108 13,645 Average number of shares of common stock during

period (thousand shares) 236,109 236,132

Significant Subsequent Events Transaction under common control, etc. (Merger between the Company and JFE Shoji Trade Corporation, a wholly owned subsidiary) JFE Shoji Holdings, Inc. (“JFE Shoji Holdings”) and JFE Shoji Trade Corporation (“JFE Shoji Trade”) concluded a merger agreement on April 27, 2011. In accordance with this agreement, JFE Shoji Holdings was absorbed by and merged with JFE Shoji Trade on April 1, 2012. 1. Summary of the merger

(1) Type and nature of the business concerned Type of business: Business management Nature of the business: Formulating and managing Group business strategies and related operations

(2) Date of business combination April 1, 2012

(3) Legal format of business combination Absorption-type merger with JFE Shoji Trade as the surviving company; JFE Shoji Holdings was dissolved by way of liquidation

(4) Name of the company after combination JFE Shoji Trade Corporation

(5) Other matters relating to the merger The Group completed the final year of its second medium-term management plan that began in April 2009. To date, the Group has taken steps to strengthen its earnings base, primarily in the Steel Business, improve its financial position, bolster human resources development and training, streamline business operations and fortify its business structure and systems. The JFE Shoji Group has formulated its Third Medium-Term Management Plan, which covers the three-year period from April 2012 to March 2015. Under this Plan, the Group has identified the overarching vision of “pioneering new markets, while consistently taking up the challenge of becoming a Value Creating Company.” In order to realize this goal, the Group has put forward three key action guidelines. Moving ahead, the JFE Shoji Group will break “New Ground,” create “New Value” and promote “New Synergy.” Building on this significant leap forward, the Group will at the same time undertake a review of its holding company structure, with JFE Shoji Trade at its core, to put in place a more efficient framework that is capable of speedy and agile Group management.

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2. Summary of accounting treatment This merger is treated as a transaction under common control as defined in the Accounting Standard for Business Combinations (ASBJ Statement No. 21, issued December 26, 2008), and the “Revised Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures” (ASBJ Guidance No. 10, issued December 26, 2008).

Other Changes in Executive Officers With respect to changes in executive officers, details of were outlined in the press release “Notice Concerning Changes in the Representative Directors of JFE Shoji Trade Corporation, the Surviving Company following the Merger with JFE Shoji Holdings, Inc.,” issued on February 24, 2012. In connection with this disclosure, details of the directors and corporate auditors of JFE Shoji Holdings, Inc., who resigned effective March 31, 2012 in accordance with the company’s dissolution by way of liquidation following the merger with JFE Shoji Trade Corporation together with executive officer personnel of JFE Shoji Trade, effective April 1, 2012 and April 2, 2012, have been disclosed.

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