Policy for Responding to Large-Scale Purchase Actions

「If a large-scale purchase of our shares is made after the policy expires, we will request the purchaser and other relevant parties to provide the necessary and sufficient information, make timely and appropriate disclosures including disclosure of the opinion of our Board of Directors, and take appropriate measures within the scope permitted by laws and regulations and our Articles of Incorporation, including working to secure the time and information necessary for shareholders' consideration.」

「If a large-scale purchase of our shares is made after the policy expires, we will request the purchaser and other relevant parties to provide the necessary and sufficient information, make timely and appropriate disclosures including disclosure of the opinion of our Board of Directors, and take appropriate measures within the scope permitted by laws and regulations and our Articles of Incorporation, including working to secure the time and information necessary for shareholders' consideration.」

「If a large-scale purchase of our shares is made after the policy expires, we will request the purchaser and other relevant parties to provide the necessary and sufficient information, make timely and appropriate disclosures including disclosure of the opinion of our Board of Directors, and take appropriate measures within the scope permitted by laws and regulations and our Articles of Incorporation, including working to secure the time and information necessary for shareholders' consideration.」

「However, we determined that the necessity of this policy had relatively declined because regulations under the Financial Instruments and Exchange Act concerning large-scale acquisitions had become established, ensuring to a certain extent the purpose of introducing this policy, namely securing the information and time necessary for shareholders to make appropriate decisions, and because the external environment surrounding takeover defense measures had changed since the policy was introduced, including the spread of the Corporate Governance Code. Accordingly, at a meeting of the Board of Directors held on 23 May 2017, we resolved not to renew this policy upon expiry of its validity period on 31 July 2017 and to abolish it. If a large-scale purchase of our shares is made after the policy expires, we will request the purchaser and other relevant parties to provide the necessary and sufficient information, make timely and appropriate disclosures including disclosure of the opinion of our Board of Directors, and take appropriate measures within the scope permitted by laws and regulations and our Articles of Incorporation, including working to secure the time and information necessary for shareholders' consideration.」

「At a meeting of the Board of Directors held on 23 May 2017, the company resolved not to renew this policy upon expiry of its validity period on 31 July 2017 and to abolish it.」

「This is a "prior-warning" takeover defense measure. A large-scale purchaser of our shares whose purpose is to raise the voting rights ratio of a particular shareholder group to 20% or more is required to comply with the large-scale purchase rules, including providing us with sufficient information on the purchaser's profile, the purpose of the acquisition, the basis for calculating the purchase price, the funding for the acquisition and management policies after the acquisition.」

「This is a "prior-warning" takeover defense measure. A large-scale purchaser of our shares whose purpose is to raise the voting rights ratio of a particular shareholder group to 20% or more is required to comply with the large-scale purchase rules, including providing us with sufficient information on the purchaser's profile, the purpose of the acquisition, the basis for calculating the purchase price, the funding for the acquisition and management policies after the acquisition.」

「This is a "prior-warning" takeover defense measure. A large-scale purchaser of our shares whose purpose is to raise the voting rights ratio of a particular shareholder group to 20% or more is required to comply with the large-scale purchase rules, including providing us with sufficient information on the purchaser's profile, the purpose of the acquisition, the basis for calculating the purchase price, the funding for the acquisition and management policies after the acquisition.」

「With respect to the "Policy for Responding to Large-Scale Purchases of Our Shares" (takeover defense measure), updated in June 2015, we will continue to take appropriate measures, including reviewing its contents.」