Annual Report2003 Financial Section
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JFE HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statement of Shareholders' Equity
Year Ended March 31, 2003


Consolidated Statement of Shareholders' Equity
As there are no accounting requirements for the financial statements to be restated for prior periods under Japanese GAAP, the opening balances of the fiscal year in the consolidated statement of shareholdersf equity are presented assuming the Company had existed as of April 1, 2002.
The accompanying notes are an integral part of these statements.