Risk of Impairment to Corporate Value and the Common Interests of Shareholders from Large-Scale Purchases

「There were no material changes during the current interim consolidated accounting period to the basic policy regarding the person who controls decisions on the Company's financial and business policies.」

「There were no material changes during the current interim consolidated accounting period to the basic policy regarding the person who controls decisions on the Company's financial and business policies.」

「There were no material changes during the current interim consolidated accounting period to the basic policy regarding the person who controls decisions on the Company's financial and business policies.」

「There were no material changes during the first quarter of the current consolidated cumulative period to the basic policy concerning the proper form of control over decisions on the company's financial and business policies.」

「There were no material changes during the third quarter of the current consolidated cumulative period to the basic policy concerning the proper form of control over decisions on the company's financial and business policies.」

「There were no material changes during the second quarter of the current consolidated cumulative period to the basic policy concerning the proper form of control over decisions on the company's financial and business policies.」

「There were no material changes during the first quarter of the current consolidated cumulative period to the basic policy concerning the proper form of control over decisions on the company's financial and business policies.」

「There were no material changes during the first quarter of the current consolidated cumulative period to the basic policy concerning the proper form of control over decisions on the company's financial and business policies.」

「There were no material changes during the third quarter of the current consolidated cumulative period to the basic policy concerning the proper form of control over decisions on the company's financial and business policies.」

「There were no material changes during the second quarter of the current consolidated cumulative period to the basic policy concerning the proper form of control over decisions on the company's financial and business policies.」

「There were no material changes during the first quarter of the current consolidated cumulative period to the basic policy concerning the proper form of control over decisions on the company's financial and business policies.」

「Accordingly, if the acquisition of controlling shares by a person seeking to acquire shares carrying 20% or more of the company's total voting rights, or by that person's group, could impair the company's corporate value or the common interests of its shareholders, the company will adopt as its basic policy the implementation, to the extent permitted by law and the company's Articles of Incorporation, of appropriate measures to preserve and enhance corporate value and the common interests of shareholders, on the grounds that such acquirers would be inappropriate as persons controlling decisions on the company's financial and business policies.」

「Accordingly, if the acquisition of controlling shares by a person seeking to acquire shares carrying 20% or more of the company's total voting rights, or by that person's group, could impair the company's corporate value or the common interests of its shareholders, the company will adopt as its basic policy the implementation, to the extent permitted by law and the company's Articles of Incorporation, of appropriate measures to preserve and enhance corporate value and the common interests of shareholders, on the grounds that such acquirers would be inappropriate as persons controlling decisions on the company's financial and business policies.」

「Accordingly, if the acquisition of controlling shares by a person seeking to acquire shares carrying 20% or more of the company's total voting rights, or by that person's group, could impair the company's corporate value or the common interests of its shareholders, the company will adopt as its basic policy the implementation, to the extent permitted by law and the company's Articles of Incorporation, of appropriate measures to preserve and enhance corporate value and the common interests of shareholders, on the grounds that such acquirers would be inappropriate as persons controlling decisions on the company's financial and business policies.」

「Accordingly, if the acquisition of controlling shares by a person seeking to acquire shares carrying 20% or more of the company's total voting rights, or by that person's group, could impair the company's corporate value or the common interests of its shareholders, the company will adopt as its basic policy the implementation, to the extent permitted by law and the company's Articles of Incorporation, of appropriate measures to preserve and enhance corporate value and the common interests of shareholders, on the grounds that such acquirers would be inappropriate as persons controlling decisions on the company's financial and business policies.」

「However, some large-scale purchases of the company's shares may: i. in light of the purpose of the acquisition and the management policies after the acquisition, pose a risk of clearly harming corporate value or the common interests of the company's shareholders; ii. effectively force the company's shareholders to sell their shares; iii. be carried out without allowing the company a reasonably necessary period to present an alternative proposal; iv. be carried out without providing the company's shareholders with sufficient information reasonably necessary to assess the terms of the purchase; v. involve terms of purchase, including the value and type of consideration, timing of the purchase, legality of the purchase method and feasibility of execution, that are insufficient or inappropriate in light of the company's intrinsic value; or vi. destroy relationships with stakeholders essential to the company's sustainable growth in corporate value, including employees, business partners such as customers, and local communities where factories and production facilities are located, thereby having a material adverse effect on corporate value or the common interests of the company's shareholders.」

「However, some large-scale purchases of the company's shares may: i. in light of the purpose of the acquisition and the management policies after the acquisition, pose a risk of clearly harming corporate value or the common interests of the company's shareholders; ii. effectively force the company's shareholders to sell their shares; iii. be carried out without allowing the company a reasonably necessary period to present an alternative proposal; iv. be carried out without providing the company's shareholders with sufficient information reasonably necessary to assess the terms of the purchase; v. involve terms of purchase, including the value and type of consideration, timing of the purchase, legality of the purchase method and feasibility of execution, that are insufficient or inappropriate in light of the company's intrinsic value; or vi. destroy relationships with stakeholders essential to the company's sustainable growth in corporate value, including employees, business partners such as customers, and local communities where factories and production facilities are located, thereby having a material adverse effect on corporate value or the common interests of the company's shareholders.」

「However, some large-scale purchases of the company's shares may: i. in light of the purpose of the acquisition and the management policies after the acquisition, pose a risk of clearly harming corporate value or the common interests of the company's shareholders; ii. effectively force the company's shareholders to sell their shares; iii. be carried out without allowing the company a reasonably necessary period to present an alternative proposal; iv. be carried out without providing the company's shareholders with sufficient information reasonably necessary to assess the terms of the purchase; v. involve terms of purchase, including the value and type of consideration, timing of the purchase, legality of the purchase method and feasibility of execution, that are insufficient or inappropriate in light of the company's intrinsic value; or vi. destroy relationships with stakeholders essential to the company's sustainable growth in corporate value, including employees, business partners such as customers, and local communities where factories and production facilities are located, thereby having a material adverse effect on corporate value or the common interests of the company's shareholders.」

「Accordingly, if the acquisition of controlling shares by a person seeking to acquire shares carrying 20% or more of the company's total voting rights, or by that person's group, could impair the company's corporate value or the common interests of its shareholders, the company will adopt as its basic policy the implementation, to the extent permitted by law and the company's Articles of Incorporation, of appropriate measures to preserve and enhance corporate value and the common interests of shareholders, on the grounds that such acquirers would be inappropriate as persons controlling decisions on the company's financial and business policies.」

「Accordingly, if the acquisition of controlling shares by a person seeking to acquire shares carrying 20% or more of the company's total voting rights, or by that person's group, could impair the company's corporate value or the common interests of its shareholders, the company will adopt as its basic policy the implementation, to the extent permitted by law and the company's Articles of Incorporation, of appropriate measures to preserve and enhance corporate value and the common interests of shareholders, on the grounds that such acquirers would be inappropriate as persons controlling decisions on the company's financial and business policies.」

「Accordingly, if the acquisition of controlling shares by a person seeking to acquire shares carrying 20% or more of the company's total voting rights, or by that person's group, could impair the company's corporate value or the common interests of its shareholders, the company will adopt as its basic policy the implementation, to the extent permitted by law and the company's Articles of Incorporation, of appropriate measures to preserve and enhance corporate value and the common interests of shareholders, on the grounds that such acquirers would be inappropriate as persons controlling decisions on the company's financial and business policies.」

「If the acquisition of controlling shares by a person seeking to acquire shares carrying 20% or more of the company's total voting rights, or by that person's group, could impair the company's corporate value or the common interests of its shareholders, the company considers such acquirers inappropriate as persons who would control decisions on its financial and business policies.」

「Accordingly, if the acquisition of controlling shares by a person seeking to acquire shares carrying 20% or more of the company's total voting rights, or by that person's group, could impair the company's corporate value or the common interests of its shareholders, the company will adopt as its basic policy the implementation, to the extent permitted by law and the company's Articles of Incorporation, of appropriate measures to preserve and enhance corporate value and the common interests of shareholders, on the grounds that such acquirers would be inappropriate as persons controlling decisions on the company's financial and business policies.」

「Accordingly, if the acquisition of controlling shares by a person seeking to acquire shares carrying 20% or more of the company's total voting rights, or by that person's group, could impair the company's corporate value or the common interests of its shareholders, the company will adopt as its basic policy the implementation, to the extent permitted by law and the company's Articles of Incorporation, of appropriate measures to preserve and enhance corporate value and the common interests of shareholders, on the grounds that such acquirers would be inappropriate as persons controlling decisions on the company's financial and business policies.」

「Accordingly, if the acquisition of controlling shares by a person seeking to acquire shares carrying 20% or more of the company's total voting rights, or by that person's group, could impair the company's corporate value or the common interests of its shareholders, the company considers such acquirers inappropriate as persons who would control decisions on its financial and business policies.」