Anti-takeover Measures

Continuation of the Policy on the Large-scale Purchase of the Company’s Shares (Anti-takeover Measures)

To secure and improve corporate value of the Company and shared profits with shareholders, the Company adopted a policy on the large-scale purchase of the Company shares (Anti-takeover Measures) which was approved by the shareholders at the Company’s 70th Ordinary General Meeting of Shareholders held on August 23, 2007. The Anti-takeover Measures were resolved and continued at the 73rd Ordinary General Meeting of Shareholders held on August 20, 2010 and the 76th Ordinary General Meeting of Shareholders held on August 23, 2013. However, the resolution was only valid until the 79th Annual General Meeting of Shareholders held on August 26, 2016. In view of changes in the social and economic situations, as well as progress in various trends and debates revolving around anti-takeover measures, as one of the measures to secure and improve corporate value of the Company and shared profits with shareholders, we have deliberated on whether the measures should be continued and how they should be defined. As a result, it was decided at the Board of Directors meeting held on July 1, 2016 that the measures will be continued contingent upon the approval of our shareholders. Subsequently, the issue was presented as a proposal at the 79th Annual General Meeting of Shareholders held on August 26, 2016, where it was approved by our shareholders. Accordingly, the measures are being continued.