Takeover Defense Measures

The company's shares are listed on a financial instruments exchange and we believe they must be transacted in a free and open manner in the market, and thus we have no objection in principal to large-scale purchases, and are of the view that purchase or sale should ultimately be made at the discretion of shareholders. In addition, we will not refuse any large-scale purchase activity that contributes to corporate value or the profit of our shareholders.

However, depending on the nature of the party taking control of the company's financial resources and business policies, the company will block a party deemed inappropriate from taking control, and the company recognizes the necessity of maintaining corporate value and the profit of our shareholders.

The effective period of these policies will be until the close of the Annual meeting of stockholders scheduled in June 2024.