平成 19 年 4 月 9 日
各

位
会 社 名
代 表 者 名TEL

株式会社大丸代表取締役会長兼最高経営責任者
奥 田
務8234 東証、大証第 1 部
グループ本社 経営計画本部
広報・ＩＲ部長
福 山 一 郎(06) 6281-9002

会 社 名
代 表 者 名コ ー ド 番 号
問 合 せ先TEL

株式会社松坂屋ホールディングス
代表取締役社長 茶 村 俊 一3051 東証、名証第 1 部
広報・ＩＲ室長松 田 伸 治(052) 264-7025

コ ー ド 番 号
問 合 せ先株式移転計画書の作成及び最終契約書締結について
株式会社大丸（以下「大丸」という｡）と株式会社松坂屋ホールディングス（以下「松坂屋 HD」という｡）は、
本日開催のそれぞれの取締役会において「株式移転計画書」を作成し「経営統合に関する合意書」（以下、「最終契約書」という。）を締結することを決議いたしました。両社は、本年 5 月 24 日開催のそれぞれの株主総会による承認を前提として、平成 19 年 9 月 3 日に、株式移転により、Ｊ．フロント リテイリング株式会社（以下「持株会社」という。）を設立（以下「本株式移転」という。）することとなりましたので、お知らせいたします。

記
１．株式移転による経営統合の目的
大丸及び松坂屋 HD は、経営統合を通じた企業価値の最大化を目的として、品揃えやサービスの充実によるお客様満足の向上と、両社の経営資源の最適活用による収益力と業務効率の向上を実現させ、「百貨店事業を核とした質量ともに日本を代表する小売業界のリーディングカンパニー」の地位確立を目指してまいります。

2．株式移転要旨(1) 株式移転の日程
平成 19 年 2 月 28 日
平成 19 年 3 月 14 日
平成 19 年 4 月 9 日
平成 19 年 4 月 9 日
平成 19 年 5 月 24 日（予定）平成 19 年 8 月 28 日（予定）平成 19 年 9 月 3 日（予定）株主総会基準日（両社）
基本合意書締結（両社）
最終契約書及び株式移転計画書承認取締役会（両社）
最終契約書締結（両社）
株式移転計画書承認株主総会（両社）
上場廃止（両社）
株式移転の効力発生日
持株会社設立登記日1

平成 19 年 9 月 3 日（予定）平成 19 年 10 月下旬（予定）

持株会社株式上場日
持株会社株券交付日

但し、今後手続きを進める中で、両社協議の上、日程又は統合形態を変更する場合があります。

(2) 株式移転比率
持株会社は、普通株式 545,058,328 株の新株式を発行する予定（注 1）であり、大丸の普通株式 1株に対して持株会社の普通株式 1.4 株を、松坂屋 HD の普通株式 1 株に対して持株会社の普通株式
1 株をそれぞれ割り当て交付いたします。但し、上記株式移転比率は、算定の基礎となる諸条件に重大な変更が生じた場合は、両社協議の上、変更することがあります。
大丸及び松坂屋 HD は、本株式移転に用いられる株式移転比率の算定にあたって公正性を期すた
め、大丸は野村證券株式会社（以下「野村證券」という｡）を、松坂屋 HD は日興シティグループ証券株
式会社（以下「日興シティグループ」という｡）を今回の経営統合のためのファイナンシャル・アドバイザーとして任命しそれぞれ株式移転比率の算定を依頼し、株式移転比率算定書を受領いたしました。
大丸は、野村證券による株式移転比率の算定結果を参考に、松坂屋 HD は、日興シティグループによる株式移転比率の算定結果を参考に、それぞれ両社の財務の状況、資産の状況、将来の見通し等の要因を総合的に勘案し、両社で株式移転比率について慎重に協議を重ねた結果、最終的に上記株式移転比率が妥当であるとの判断に至り合意いたしました。

なお、株式移転比率の算定の基礎及び経緯につきましては、平成 19 年 3 月 14 日に公表いたしましたプレスリリースに記載されている内容に変更はございません。

（注 1）但し、持株会社設立の直前までに新株予約権の行使等がなされた場合は、持株会社が発行する株式数は変動することがあります。

(3) 算定機関との関係算定機関である野村證券は、大丸の関連当事者には該当いたしません。
また、日興シティグループは、松坂屋 HD の関連当事者には該当いたしません。

(4) 両社発行の新株予約権（ストックオプション）に関する取り扱い
大丸及び松坂屋 HD が発行している新株予約権は、全て持株会社の新株予約権として存続させる予定です。
(5) 経営統合の推進体制
基本合意締結後に大丸会長、松坂屋 HD 社長を委員長とする統合準備委員会と、具体的なテーマ毎の分科会を組織しております。本日以降も引き続きこれらの組織を中心として経営統合を推進いたします。
(6) 持株会社の上場申請に関する事項
大丸及び松坂屋 HD は、新たに設立する持株会社の株式について、東京証券取引所、大阪証券取引所及び名古屋証券取引所に新規上場申請を行う予定です。
2

3．株式移転の当事会社の概要(1) 商号大丸(2) 主な事業内容
百貨店業を中心とした小売業(3) 設立年月日(4) 本店所在地(5) 代表者役職・氏名(6) 資本金(7) 発行済株式総数(8) 純資産(9) 総資産(10) 決算期(11) 従業員数(12) 取引先(13) 大株主及び持株比率

大正 9 年 4 月 16 日
大阪市中央区心斎橋筋
一丁目 7 番 1 号
代表取締役会長兼最高経営責任者（ＣＥＯ）
奥田 務
20,283 百万円（H19.02 末）
270,830 千株（H19.02 末）
109,308 百万円（H19.02 末）
375,513 百万円（H19.02 末）
2 月末日
6,201 人（H19.02 末）
一般顧客（H19.02 末）
日 本 生 命 保 険 相 互 会 6.04%
社
日 本 マスタートラスト 信 6.00%
託銀行株式会社（信託口）
日本トラスティ・サービス 5.65%
信託銀行株式会社（信託口）
株式会社三菱東京 UFJ 3.54%
銀行
大丸共栄持株会
2.10%

松坂屋 HD
百貨店業を中心とする子会社の経 営 戦 略 ・管 理 並 びに それ らに付帯する業務
平成 18 年 9 月 1 日
名古屋市中区栄三丁目
16 番 1 号
代表取締役社長
茶村 俊一
9,765 百万円（H18.08 末）
165,895 千株（H18.08 末）
68,671 百万円（H18.08 末）
216,597 百万円（H18.08 末）
2 月末日
3,968 人（H18.08 末）
一般顧客(H18.08 末)
第 一 生 命 保 険 相 互 会 5.35%
社
エイチエスビーシーファ 3.76%
ンドジェイツー日本生命保険相互会
社

3.60%

松和会

3.15%

株式会社三菱東京 UFJ 2.69%
銀行（株）三菱東京 UFJ 銀行(14) 主要取引銀行（株）三菱東京 UFJ 銀行（株）みずほ銀行（株）三井住友銀行（株）りそな銀行
住友信託銀行（株）(15) 当事会社の関係
資本関係
該当事項はありません。
人的関係
該当事項はありません。
取引関係
該当事項はありません。
関連当事者への該当状況
該当事項はありません。
（注 2）上記松坂屋 HD の（6）〜（9）、（11）及び（13）の数値は、株式会社松坂屋の数値を使用
している。

3

(16) 最近の連結業績推移
大丸
H16/2
実績

H17/2
実績

H18/2
実績

H19/2
実績

H16/2
実績

松坂屋 HD
H17/2
実績

H18/2
実績

売上高
818,870
810,693
822,584
837,032
375,280
345,762
343,936（百万円）
営業利益
23,345
26,13630,67834,671
2,414
4,835
7,087
（百万円）
経常利益
22,24325,38730,17033,353
2,345
4,678
7,660
（百万円）
当期純損益
11,87914,49916,02517,304△8,462
2,506
5,519
（百万円）
１株当たり当期
44.12
53.99
60.11
65.65
△50.3814.82
32.21
純損益（円）
１株当たり年間
8.00
9.00
10.00
11.00
5.00
5.00
7.50
配当金（円）
１株当たり株主
289.82347.88400.29341.62353.41413.74242.97
資本（円）（注 3）上記松坂屋 HD の数値は、株式会社松坂屋の数値を使用している。なお、松坂屋ＨＤのH19/2 実績は 4 月 12 日に公表予定である。

4．株式移転により新たに設立する会社の状況（1）商号
Ｊ．フロント リテイリング株式会社
百貨店業等の事業を行う子会社及びグループ会社の経営計画・管理（2）事業内容
並びにそれに付帯する業務（3）本店所在地

東京都中央区銀座六丁目 10 番 1 号

代表取締役会長（4）代表者及び役
代表取締役社長兼員の就任予定最高経営責任者
（ＣＥＯ）

岡田 邦彦

現 松坂屋ＨＤ 代表取締役会長

奥田 務

現 大丸 代表取締役会長
兼最高経営責任者（ＣＥＯ）

取締役

山本 良一

現 大丸 代表取締役社長
兼最高執行責任者（ＣＯＯ）

取締役
取締役
取締役
取締役
取締役（社外）取締役（社外）
常勤監査役

茶村 俊一
都島 敏明
小島 喜代三
塚田 博人
安永 憲朗
髙山 剛
城戸 敏雄

常勤監査役

中村 順司
4

現 松坂屋ＨＤ 代表取締役社長
現 松坂屋ＨＤ 専務取締役
現 大丸 取締役兼常務執行役員
現 大丸 取締役兼執行役員
現 大丸 取締役（社外）
現 松坂屋ＨＤ 取締役（社外）
現 大丸 理事 内部監査室長
現 松坂屋 業務統括本部人事
総務部長代理監査役（社外）
監査役（社外）

古田 武
清水 定彦

現 大丸 監査役（社外）
現 松坂屋ＨＤ 監査役（社外）監査役（社外）

鶴田 六郎

現 弁護士

（5）資本金

300 億円（6）純資産未定（7）総資産未定（8）決算期

2 月末日（9）本株式移転に伴う会計処理の概要
本株式移転は、企業結合会計基準における「取得」に該当するため、パーチェス法を適用することとなり、被取得会社である松坂屋 HD 及びその子会社の資産及び負債は、持株会社の連結財務諸表上において時価で計上されることが見込まれています。これに伴い、持株会社は、連結決算において、現時点で試算すると負ののれんを約 70 億円計上することが見込まれます。金額
及び償却年数等については、確定次第お知らせいたします。
（10）本株式移転による業績への影響の見通し
今後両社にて設置した統合準備委員会及び分科会において、統合後の事業見通し等について検討していきますが、現時点では、平成 23 年 2 月期に連結営業利益 600 億円を達成することを目指しております。

5．その他
本株式移転の効力発生日以降に、持株会社及び松坂屋 HD は必要な諸手続きを経た上で、持株会社を存続会社とする吸収合併を行う予定です。
なお、本件経営統合は、今後の株主の承認、関係当局への届出、許認可の取得等株式移転に関する諸条件が充足されること、並びにその他株式移転に支障を来たす重要な事由が発生しないことを前提としま
す。
以 上

5

（ご参考）[Translation]

April 9, 2007
To whom it may concern:
Corporate Name: The Daimaru, Inc.
Representative:

Tsutomu Okuda
Chairman and Chief Executive Officer

Code No.:

8234, First Section of Tokyo Stock
Exchange and Osaka Securities Exchange

Contact:

Ichiro Fukuyama
General Manager of the PR & IR Division
Management Planning Headquarters

Tel:(06) 6281-9002

Corporate Name: Matsuzakaya Holdings Co., Ltd.
Representative:

Shunichi Samura
Representative Director and President

Code No.:

3051, First Section of Tokyo Stock
Exchange and Nagoya Stock Exchange

Contact:

Shinji Matsuda
Chief of PR & IR OfficeTel:(052) 264-7025

Rule 802 Legend
This exchange offer or business combination is made for the securities of a foreigncompany. The offer is subject to disclosure requirements of a foreign country that are
different from those of the United States. Financial statements included in the document,
if any, have been prepared in accordance with foreign accounting standards that may not
be comparable to the financial statements of United States companies.
It may be difficult for you to enforce your rights and any claim you may havearising under the federal securities laws, since the issuer is located in a foreign country,
and some or all of its officers and directors may be residents of a foreign country. You
may not be able to sue a foreign company or its officers or directors in a foreign court forviolations of the U.S. securities laws. It may be difficult to compel a foreign company andits affiliates to subject themselves to a U.S. court’s judgments.
You should be aware that the issuer may purchase securities otherwise than underthe exchange offer, such as in open market or privately negotiated purchases.

1Preparation of Stock-Transfer Plan and Execution of Definitive Agreement
The Daimaru, Inc. (“Daimaru”) and Matsuzakaya Holdings Co., Ltd. (“Matsuzakaya HD”) resolved atour respective board of directors meetings held today to prepare of the “Stock-Transfer Plan”and
execute the “Agreement Regarding Management Integration”(the “Definitive Agreement”). We arepleased to announce that we will jointly incorporate J． FRONT RETAILING Co.，Ltd. (the“Holding Company”) by means of stock-transfer (the “Stock-Transfer”) on September 3, 2007 on thecondition that our respective shareholders meetings to be held on May 24, 2007 approve the StockTransfer Plan.
Description
1.

Purpose of Management Integration by means of the Stock-Transfer

In order to maximize corporate value through management integration, Daimaru and Matsuzakaya HD
will strive to increase customer satisfaction by strengthening product lines and services, optimize bothcompanies’management resources and, thus, realize an increase in profitability and businessefficiency. With these efforts, we aim to establish a presence as “
the leading Japanese company, interms of quality and quantity, in the retail industry focusing on the department store business.€35
2.

Summary of Stock-Transfer(1)

Schedule of Stock-Transfer
February 28, 2007

Record date for shareholders meetings (bothcompanies).

March 14, 2007

Execution of the basic agreement (both companies).

April 9, 2007

Board of directors meetings to approve the Definitive
Agreement and the Stock-Transfer Plan (bothcompanies).

April 9, 2007

Execution of the Definitive Agreement (bothcompanies).

May 24, 2007 (planned)

Shareholders meetings to approve the Stock-Transfer
Plan (both companies).

August 28, 2007 (planned)

Delisting (both companies).

September 3, 2007 (planned)

Effective date of the Stock-Transfer.
Date of registration of incorporation of the Holding
Company.

September 3, 2007 (planned)

Date of listing of the Holding Company.

Late October 2007 (planned)

Date of delivery of share certificates of the Holding
Company.

Please note that, the schedule or form of integration may be changed through mutual consultation ofboth companies in the course of conduct of the procedures.

2

(2)

Stock-Transfer Ratio
The Holding Company will newly issue 545,058,328 shares of common stock. 1.4 share(s) ofcommon stock of the Holding Company will be allotted and delivered for each share ofcommon stock of Daimaru, and 1.0 share(s) of common stock of the Holding Company will beallotted and delivered for each share of common stock of Matsuzakaya HD. However, theabove-mentioned stock-transfer ratio may be changed through mutual consultation between
both companies if any underlying condition regarding the basis for the calculation materiallychanges.
In order to secure the fairness of calculation of the stock-transfer ratio to be used in the StockTransfer, Daimaru and Matsuzakaya HD appointed Nomura Securities Co., Ltd. (“Nomura”)
and Nikko Citigroup Limited (“Nikko Citigroup”), respectively, as financial advisors for the
proposed management integration and asked each of them to calculate the stock-transfer ratio.
Daimaru and Matsuzakaya HD received the calculation statements of the stock transfer ratio
from Nomura and Nikko Citigroup, respectively.
Daimaru (with reference to the stock-transfer ratio calculated by Nomura) and Matsuzakaya
HD (with reference to the stock transfer ratio calculated by Nikko Citigroup) comprehensively
examined each other’s financial condition, status of assets, future prospects and various otherfactors. After both companies carefully engaged in debate with respect to the stock-transfer
ratio, we ultimately determined that the above-mentioned stock-transfer ratio was appropriate
and reached an agreement regarding this ratio.
There has been no change with respect to the calculation basis and background of calculationof the stock-transfer ratio disclosed in our press release announced on March 14, 2007.
(Note 1)

(3)

Please note that, if any share purchase warrants are exercised or certain otherevents occur prior to the incorporation of the Holding Company, the numberof shares to be issued by the Holding Company may be changed.

Relationship with Calculation Agent
Nomura acting as calculation agent is not an affiliate of Daimaru.
Nikko Citigroup is not an affiliate of Matsuzakaya HD.

(4)

Treatment of Share Purchase Warrants (Stock Options) Issued by Both Companies
All of the share purchase warrants issued by Daimaru and Matsuzakaya HD will remain inexistence as those of the Holding Company.

(5)

Promotion System of Management Integration
After the execution of the basic agreement, the integration preparatory committee, which ischaired by the Daimaru Chairman and Matsuzakaya HD President, and the section committees
for specific areas, were organized. These committees will assume a leading role in continuing
to promote the management integration going forward.

(6)

Application for Listing of the Holding Company
Daimaru and Matsuzakaya HD will apply for listing of shares of the newly-incorporated
Holding Company on the Tokyo Stock Exchange, the Osaka Securities Exchange and the
Nagoya Stock Exchange.

33.

Outline of Parties to the Stock-Transfer(1)

Corporate Name

Daimaru

Matsuzakaya HD(2)

Principal Business

Retail business, focusing on
department store business.

Management strategy andadministration of subsidiaries,
focusing on the department store
business, and any businessincidental thereto.

(3)

Date of incorporation

April 16, 1920

September 1, 2006(4)

Location of head
office1-7-1, Shinsaibashisuji, Chuo-ku,
Osaka-shi

3-16-1, Sakae, Naka-ku,
Nagoyashi(5)

Title and Name ofRepresentative

Tsutomu Okuda, Chairman andChief Executive Officer (CEO)Shunichi Samura, Representative
Director and President(6)

Capital20,283 million yen (as of the endof February 2007)

9,765 million yen (as of the endof August 2006)(7)

Total Number of
Outstanding Shares

270,830 thousand shares (as of theend of February 2007)

165,895 thousand shares (as ofthe end of August 2006)(8)

Net Assets

109,308 million yen (as of the endof February 2007)

68,671 million yen (as of the endof August 2006)(9)

Total assets

375,513 million yen (as of the endof February 2007)

216,597 million yen (as of theend of August 2006)(10)

Account Settlement

End of February

End of February(11)

Number of Employees

6,201 (as of the end of February
2007)

3,968 (as of the end of August
2006)

(12)

Customers

General customers

General customers(13)

Major Shareholders
and Shareholding
Ratio(as of the end of February 2007)
Nippon Life Insurance
6.04%
Company(as of the end of August 2006)
5.35%
The Dai-Ichi MutualLife Insurance Company

The Master Trust Bank ofJapan, Ltd. (trust account)

6.00%

HSBC Fund J2

3.76%

5.65%

Nippon Life Insurance
Company

3.60%

Nippon Trustee Services
Bank, Ltd. (trust account)Showa-kai

3.15%

The Bank of TokyoMitsubishi UFJ, Ltd.

3.54%

The Bank of TokyoMitsubishi UFJ, Ltd.

2.69%

Daimaru Kyoei
Employees’Shareholding
Association

2.10%

(14)

Main Financing Banks

The Bank of Tokyo-Mitsubishi
UFJ, Ltd.

The Bank of Tokyo-Mitsubishi
UFJ, Ltd.

Sumitomo Mitsui Banking
Corporation

Mizuho Bank, Ltd.
Resona Bank, Ltd.

The Sumitomo & Trust Banking
Co., Ltd.
(15)

Relationships between
Parties(Note 2)

Capital Relationship

Not applicable.

Personnel Relationship

Not applicable.

Business Relationship

Not applicable.

Relationship of the affiliatedparties

Not applicable.

The figures of Matsuzakaya Co., Ltd. are used for those of Matsuzakaya HD
in rows (6) to (9), (11) and (13).
4

(16)

Recent Trends of Consolidated Business Performance
Daimaru
Ended
Feb.
2004
actual

Ended
Feb.
2005
actual

Ended
Feb.
2006
actual

Ended
Feb.
2007
actual

Ended
Feb.
2004
actual

Ended
Feb.
2005
actual

Ended
Feb.
2006
actualSales (million yen)

818,870

810,693

822,584

837,032

375,280

345,762

343,936

Operating income (million
yen)

23,345

26,13630,67834,671

2,414

4,835

7,087

Current income (million yen)

22,24325,38730,17033,353

2,345

4,678

7,660

Net income (loss) (million
yen)11,87914,49916,02517,304(8,462)

2,506

5,519

Net income (loss) per share
(yen)

44.12

53.99

60.11

65.65

(50.38)

14.82

32.21

Annual dividends per share
(yen)

8.00

9.00

10.00

11.00

5.00

5.00

7.50

Shareholders’equity pershare (yen)242.97289.82347.88400.29341.62353.41413.74(Note 3)

4.

Matsuzakaya HD

The figures of Matsuzakaya Co., Ltd. are used for those of Matsuzakaya HD
shown above. The actual figures of Matsuzakaya HD ended Feb 2007 are
expected to be disclosed on April 12, 2007.

Status of Company to be Newly Incorporated upon Stock-Transfer (planned)(1)

Corporate NameJ．FRONT RETAILING Co.，Ltd.

(2)

Contents ofBusiness

Management planning and administration of subsidiaries and group companies
engaging in the department store business and any business incidental thereto.

(3)

Location of Head
Office6-10-1, Ginza, Chuo-ku, Tokyo(4)

Assumption of
Office ofRepresentatives
and Other Officers

Representative Director
and Chairman

Kunihiko Okada

Currently, Representative
Director and Chairman ofMatsuzakaya HD

Representative Director
and President, and Chief
Executive Officer (CEO)Tsutomu Okuda

Currently, Chairman andChief Executive Officer(CEO) of Daimaru

Director

Ryoichi Yamamoto

Currently, President andChief Operating Officer(COO) of Daimaru

Director

Shunichi Samura

Currently, Representative
Director and President of
Matsuzakaya HD

Director

Toshiaki Tsushima

Currently, Senior
Managing Director of
Matsuzakaya HD

Director

Kiyozo Kojima

Currently, Director andCorporate Officer of
Daimaru

Director

Hiroto Tsukada

Currently, Director andCorporate Officer of
Daimaru

Director (outside)

Norio Yasunaga

Currently, Director(outside) of Daimaru

5Director (outside)

Tsuyoshi Takayama

Currently, Director(outside) of MatsuzakayaHD

Full-time Corporate
AuditorToshio Kido

Currently, Associate
Director General Manager
Internal Audit Division of
Daimaru

Full-time Corporate
AuditorJunji Nakamura

Deputy Manager of
Personnel and General
Affairs Department of
Business Supervising
Division of Matsuzakaya

Corporate Auditor(outside)

Takeshi Furuta

Currently, Corporate
Auditor (outside) of
Daimaru

Corporate Auditor(outside)

Sadahiko Shimizu

Currently, Corporate
Auditor (outside) of
Matsuzakaya HD

Corporate Auditor(outside)

Rokuro Tsuruta

Currently, Attorney at
Law

(5)

Capital30 billion yen(6)

Net Assets

Not yet determined.

(7)

Total Assets

Not yet determined.

(8)

Account
Settlement

End of February(9)Outline of Accounting Treatment in Conjunction with the Stock-Transfer
The Stock-Transfer will be treated as “purchase”under the accounting standard for business combinations
and the purchase method will apply. The assets and liabilities of Matsuzakaya HD (the purchased company)
and its subsidiaries are expected to be recorded at their current value appearing on the consolidated financial
statements of the Holding Company. As a result, the Holding Company will record negative goodwill of
approximately 7 billion yen (tentative estimate) on the consolidated financial statements. We will announce
the amount, the amortization period of such negative goodwill, and other items as soon as they are
determined.

(10)

Forecast of Business Impact of the Stock-Transfer
The integration preparatory committee and section committees established by us consider the business
forecast after integration and other subjects. At present, we aim to achieve consolidated operating income of
60 billion yen in the fiscal year ending February 2011.

5.

Other Matters
On or after the effective date of the Stock-Transfer, the Holding Company and Matsuzakaya
HD will conduct a merger under which the Holding Company will be the surviving company
after the following necessary procedures.
The management integration is subject to the condition that certain requirements concerning
the Stock-Transfer (including, without limitation, shareholders’approval, and notification toand acquisition of necessary licenses and permits from the competent authorities) are satisfied
and that no material event occurs which might affect the Stock-Transfer.

6（ご参考）[Translation]

March 14, 2007
To whom it may concern:
Corporate Name: The Daimaru, Inc.
Representative:

Tsutomu Okuda
Chairman and Chief Executive Officer

Code No.:

8234, First Section of Tokyo Stock
Exchange and Osaka Securities Exchange

Contact:

Ichiro Fukuyama
General Manager of the PR & IR Division
Management Planning Headquarters

Tel:(06) 6281-9002

Corporate Name: Matsuzakaya Holdings Co., Ltd.
Representative:

Shunichi Samura
Representative Director and President

Code No.:

3051, First Section of Tokyo Stock
Exchange and Nagoya Stock Exchange

Contact:

Shinji Matsuda
Chief of PR & IR OfficeTel:(052) 264-7025

Rule 802 Legend
This exchange offer or business combination is made for the securities of a foreigncompany. The offer is subject to disclosure requirements of a foreign country that are
different from those of the United States. Financial statements included in the document,
if any, have been prepared in accordance with foreign accounting standards that may not
be comparable to the financial statements of United States companies.
It may be difficult for you to enforce your rights and any claim you may havearising under the federal securities laws, since the issuer is located in a foreign country,
and some or all of its officers and directors may be residents of a foreign country. You
may not be able to sue a foreign company or its officers or directors in a foreign court forviolations of the U.S. securities laws. It may be difficult to compel a foreign company andits affiliates to subject themselves to a U.S. court’s judgments.
You should be aware that the issuer may purchase securities otherwise than underthe exchange offer, such as in open market or privately negotiated purchases.

1Basic Agreement Regarding Management Integration
The Daimaru, Inc. (“Daimaru”) and Matsuzakaya Holdings Co., Ltd. (“Matsuzakaya HD”) are pleased
to announce that we reached a basic agreement to jointly incorporate a holding company by means ofstock-transfer, and that we approved a resolution at our respective board of directors meetings held
today and entered into the “Basic Agreement Regarding Management Integration”(the “
BasicAgreement”) as described below.
Description
1.

Background and Purpose of Management Integration by Means of Stock-Transfer

The volume of sales of department stores in Japan as a whole indicates a downward trend due to,amongst other causes, increasing competition transcending the sector and specific business category,and further industry consolidation will be inevitable. In addition, as the consumption market is
expected to shrink due to a decrease in population, further corporate restructuring and integration is
expected to occur, creating a small number of corporate groups with strong competitiveness.
Under these difficult circumstances, Daimaru and Matsuzakaya HD determined that it is best for us to
integrate the management of our companies, so as to increase our corporate value through the effective
utilization of our respective management resources and know-how.
In order to best utilize our respective community-based businesses, we will promote the management
integration with a spirit of equality, respecting each other’s history and corporate culture while
maintaining the trade name of each department store.
The store locations of both companies’department stores do not conflict. The combination of
Daimaru and Matsuzakaya HD is indeed optimal because Daimaru possesses top market share fromthe Kansai area to the west and Matsuzakaya HD possesses top market share of the Chubu area. This
integration will create a nation-wide network, with stores in major cities. We will further increasecustomer satisfaction by strengthening product lines and services supported by the reinforced
operational basis.
In order to maximize corporate value, we will optimize management resources, including personnel,
know-how, assets and financial strength of both companies, and quickly further increase profitability
and business efficiency.
Both companies will together make efforts to increase corporate value, realize the synergies ofintegration at an early stage, and establish a presence as the leading Japanese company, in quality andquantity, in the retail industry focusing on the department store business.
2.

Effect of Integration(1)

Improvement of management efficiency by mutually introducing each other’s superior knowhow and systems(2)

Improvement of management efficiency by sharing low-cost and cost-efficient
operating know-how for the entire operation, such as the operation of department
stores, related-businesses and back offices.



Improvement of investment efficiency, such as efficiencies with respect to the
opening, development and refurbishment of stores.

Realization of reinforced sales capabilities in department store businessImprovement of operating efficiency by sharing superior know-how and systems forinventory purchases and sales.
2

(3)



Improvement of the ability to purchase inventory through a common system and scale
expansion.

Enhancement of business opportunities by expanding the customer base, includingcard membership.

Improvement of business efficiency and profitability by co-hosting events andcollaborating on sales promotions.

Strengthening of Tokyo metropolitan area business strategy
Strengthening of sales force and improvement of brand value through relocation andexpansion of Daimaru’s Tokyo store, completion of Matsuzakaya’s Ginza project, andother projects in the Tokyo metropolitan area, the largest market in Japan.

(4)

Reinforcement of growth potential by increasing cash flow and building a strong financial
position(5)

Operating efficiency and cost reduction(6)

Improvement of operating efficiency and reduction of investment expenses byintegrating IT and card systems.



Efficient back-office operation supported by reinforced shared service functions.



Reduction of unit price and procurement costs through expansion of joint
procurement.

Improvement of human productivity and corporate vitality

Efficient human resources management based on fair personnel evaluation andtreatment by putting the right person in the right place based on his/her ability andperformance.

Promotion of transfer of know-how through active personnel exchanges between bothcompanies.

(7)

Improvement of management efficiency through restructuring and integration of affiliatedcompanies

3.

Summary of Stock-Transfer(1)

Schedule of Stock-Transfer
February 28, 2007

Record date for shareholders meeting (bothcompanies).

March 14, 2007

Board of directors meetings to approve the Basic
Agreement (both companies).

March 14, 2007

Execution of the Basic Agreement (both companies).

April 9, 2007 (planned)

Board of directors meetings to approve the definitive
agreement and the stock-transfer plan (bothcompanies).

April 9, 2007 (planned)

Execution of the definitive agreement (bothcompanies).

May 24, 2007 (planned)

Shareholders meetings to approve the stock-transfer
plan (both companies).

August 28, 2007 (planned)

Delisting (both companies).

3September 3, 2007 (planned)

Effective date of stock-transfer.
Date of registration of incorporation of the holding
company.

September 3, 2007 (planned)

Date of listing of the holding company.

Late October 2007 (planned)

Date of delivery of share certificates of the holding
company.

Please note that, the schedule or form of integration may be changed through mutual consultation ofboth companies in the course of conduct of the procedures.
(2)

Stock-Transfer Ratio
Company Name

Daimaru

Matsuzakaya HD

Stock-Transfer Ratio

1.4

1.0

(Note 1)

1.4 share(s) of common stock of the holding company will be allotted anddelivered for each share of common stock of Daimaru, and 1.0 share(s) ofcommon stock of the holding company will be allotted and delivered for eachshare of common stock of Matsuzakaya HD.
However, the above-mentioned stock-transfer ratio may be changed throughmutual consultation between both companies if any underlying condition
regarding the basis for the calculation materially changes.

(Note 2)

Number of new shares to be issued by the holding company (tentative)
545,058,328 shares of common stock
However, if any share purchase warrants are exercised or certain other eventsoccur prior to the incorporation of the holding company, the number of shares
to be issued by the holding company may be changed.

(3)

Calculation Basis of Stock-Transfer Ratio, and Other Matters
1)

Calculation Basis

In order to secure the fairness of calculation of the stock-transfer ratio to be used in the stocktransfer, Daimaru and Matsuzakaya HD appointed Nomura Securities Co., Ltd. (“Nomura”)
and Nikko Citigroup Limited (“Nikko Citigroup”), respectively, as financial advisors for the
proposed management integration and asked each of them to calculate the stock-transfer ratio.
Daimaru and Matsuzakaya HD received the calculation statements of the stock transfer ratio
from Nomura and Nikko Citigroup, respectively.
Daimaru (with reference to the stock-transfer ratio calculated by Nomura) and Matsuzakaya
HD (with reference to the stock transfer ratio calculated by Nikko Citigroup) examined theadequacy of the above-mentioned stock-transfer ratio.

4

2)

Background of Calculation

Nomura used DCF (discounted cash flow) methods, the market share price averaging method(shijo kabuka heikin-ho), the comparable companies method, and other methods with respect
to both companies. The results of analysis under each method are as follows:

Method Used

Calculation Range of StockTransfer Ratio(1)

DCF method

1.28 ~ 1.52

(2)

Market share price averaging method

1.69 ~ 1.79

(3)Comparable companies method

1.76 ~ 2.14
1.40

Stock-transfer ratio(Number of shares of the holding company to be allotted foreach share of Daimaru)

The market share price averaging method designated February 16, 2007 as the reference date,
which is the business day immediately preceding February 17, 2007 (the date on which theproposed management integration was reported by the news media), and used the averageclosing share prices for the periods of one (1) week and one (1) month immediately preceding
the reference date, and for the period from the business day immediately following theannouncement of the third quarter financial results in the fiscal year ended February 2007
(Daimaru: December 22, 2006; Matsuzakaya HD: January 9, 2007) to the reference date.
In calculating the stock-transfer ratio, Nomura generally utilized the information provided byboth companies, information available to the public, and other information, and assumed that
all of the materials and information used by it were accurate and complete and did not verify
the correctness and completeness thereof. Nomura did not independently value, appraise orassess the assets and liabilities (including any contingency liability) of both companies andtheir affiliates, including analysis and valuation of each asset and liability, and did not ask any
third party institution for appraisal or assessment. In addition, Nomura assumed that the
information regarding the financial forecast and expected synergy of both companies was
reasonably prepared based on the best predictions and determinations currently available to the
management of both companies. Nomura’s valuation reflected the information and economic
conditions as of March 13, 2007.
In calculating the stock-transfer ratio, Nikko Citigroup mainly used DCF analysis and market
share price analysis, and also used the market net asst value analysis (jika junshisan bunseki),comparable public companies analysis, and other analysis methods for the purpose ofmultidimensional valuation. Under the DCF method, Matsuzakaya’s Ginza project and otherinformation was comprehensively considered and analyzed. The results of analysis undereach method are as follows (for the stock-transfer ratio calculated by Nikko Citigroup, seeNote 3 below together with the results of analysis below):
Analysis Method

Calculation Range of StockTransfer Ratio (Note 4)

1

DCF analysis

1.22 ~ 1.77

2

Market share price analysis

1.55 ~ 1.73

(Note 4)The stock-transfer ratio means the number of shares of common stock of theholding company to be allotted for each share of common stock of Daimaru,
when one (1) share of common stock of the holding company is allotted foreach share of common stock of Matsuzakaya HD.
5

The market share price analysis used the share price on or after February 3, 2007, the date on
which Matsuzakaya’s Ginza project was reported by the news media.
Daimaru (with reference to the stock-transfer ratio calculated by Nomura) and Matsuzakaya
HD (with reference to the stock-transfer ratio calculated by Nikko Citigroup) comprehensively
examined each other’s financial conditions, status of assets and future prospects and various
other factors. After both companies carefully engaged in debate about the stock-transfer ratio
from the middle of February 2007, we determined that the above-mentioned stock-transfer
ratio was adequate and reached an agreement regarding this ratio.
3)

Relationship with Calculation Agent

Nomura acting as calculation agent is not an affiliate of Daimaru.
Nikko Citigroup is not an affiliate of Matsuzakaya HD.
(4)

Treatment of Share Purchase Warrants (Stock Options) Issued by Both Companies
All of the share purchase warrants issued by Daimaru and Matsuzakaya HD will remain inexistence as those of the holding company.

(5)

Promotion System of Management Integration
The integration preparatory committee, which will be chaired by the Daimaru Chairman andMatsuzakaya HD President, and the section committees for specific areas, will be organized topromote the management integration.

(6)

Application for Listing of the Holding Company
Daimaru and Matsuzakaya HD will apply for listing of shares of the newly-incorporated
holding company on the Tokyo Stock Exchange, the Osaka Securities Exchange and the
Nagoya Stock Exchange.

4.

Outline of Parties to the Stock-Transfer(1)

Corporate Name

Daimaru

Matsuzakaya HD(2)

Principal Business

Retail business, focusing on
department store business.

Management strategy andadministration of subsidiaries,
focusing on the department store
business, and any businessincidental thereto.

(3)

Date of incorporation

April 16, 1920

September 1, 2006(4)

Location of head office

1-7-1, Shinsaibashisuji, Chuo-ku,
Osaka-shi

3-16-1, Sakae, Naka-ku, Nagoyashi(5)

Title and Name ofRepresentative

Tsutomu Okuda, Chairman andChief Executive Officer

Shunichi Samura, Representative
Director and President(6)

Capital20,283 million yen (as of the endof August 2006)

9,765 million yen (as of the endof August 2006)(7)

Total Number of
Outstanding Shares

270,830 thousand shares (as of theend of August 2006)

165,895 thousand shares (as ofthe end of August 2006)(8)

Net Assets

99,657 million yen (as of the endof August 2006)

68,671 million yen (as of the endof August 2006)(9)

Total assets

371,454 million yen (as of the endof August 2006)

216,597 million yen (as of theend of August 2006)(10)

Account Settlement

End of February

End of February(11)

Number of Employees

6,329 (as of the end of August
2006)

3,968 (as of the end of August
2006)

6

(12)

Customers

General customers(13)

Major Shareholders
and Shareholding
Ratio

Nippon Life Insurance
Company

6.04% The Dai-Ichi MutualLife Insurance Company

5.35%

Nippon Trustee Services
Bank, Ltd. (trust account)

5.57%

HSBC Fund J2

3.76%

3.64%

Nippon Life Insurance
Company

3.60%

The Master Trust Bank ofJapan, Ltd. (trust account)Showa-kai

3.15%

3.54% The Bank of TokyoMitsubishi UFJ, Ltd.

2.69%

(as of the end of
August 2006)

General customers

The Bank of TokyoMitsubishi UFJ, Ltd.
Nomura Securities Co.,
Ltd.
(14)

Main Financing Banks

2.70%

The Bank of Tokyo-Mitsubishi
UFJ, Ltd.

The Bank of Tokyo-Mitsubishi
UFJ, Ltd.

Sumitomo Mitsui Banking
Corporation

Mizuho Bank, Ltd.
Resona Bank, Ltd.

The Sumitomo & Trust Banking
Co., Ltd.
(15)

Relationships between
Parties(Note 5)(16)

Capital Relationship

Not applicable.

Personnel Relationship

Not applicable.

Business Relationship

Not applicable.

Relationship of the affiliatedparties

Not applicable.

The figures of Matsuzakaya Co., Ltd. are used for those of Matsuzakaya HD
in rows (6) to (9), (11) and (13).

Consolidated Business Performance for the Latest Three Fiscal Years
Daimaru

Matsuzakaya HD

Ended
Feb. 2004
actualEnded
Feb. 2005
actualEnded
Feb. 2006
actualEnded
Feb. 2004
actualEnded
Feb. 2005
actualEnded
Feb. 2006
actualSales (million yen)

818,870

810,693

822,584

375,280

345,762

343,936

Operating income (million yen)

23,345

26,13630,678

2,414

4,835

7,087

Current income (million yen)

22,24325,38730,170

2,345

4,678

7,660

Net income (loss) (million yen)

11,87914,49916,025(8,462)

2,506

5,519

Net income (loss) per share (yen)

44.12

53.99

60.11

(50.38)

14.82

32.21

Annual dividends per share (yen)

8.00

9.00

10.00

5.00

5.00

7.50

Shareholders’equity per share(yen)

242.97289.82347.88341.62353.41413.74(Note 6)

The figures of Matsuzakaya Co., Ltd. are used for those of Matsuzakaya HD
shown above.

7

5.

Status of Company to be Newly Incorporated upon Stock-Transfer (planned)(1)

Corporate Name
Daimaru-Matsuzakaya Holding K.K. (tentative)(2)

Contents of Business
Management planning and administration of subsidiaries and group companies engaging in thedepartment store business and any business incidental thereto.

(3)

Location of Head Office
6-10-1, Ginza, Chuo-ku, Tokyo(4)

Assumption of Office of Representatives and Other Officers (planned)
Representative Director and Chairman: Kunihiko Okada (currently, Chairman of Matsuzakaya
HD)
Representative Director and President, and Chief Executive Officer (CEO):Tsutomu Okuda (currently, Chairman and Chief
Executive Officer (CEO) of Daimaru)
The officers of the holding company as of the effective date of the stock-transfer will consistof nine (9) directors (including the two persons as mentioned above) and five (5) corporate
auditors, and from among these, there will be two (2) outside directors and three (3) outside
corporate auditors. Daimaru will recommend five (5) directors (including one (1) outside
director) and two (2) corporate auditors (including one (1) outside corporate auditor), andMatsuzakaya HD will recommend four (4) directors (including one (1) outside director) andtwo (2) corporate auditors (including one (1) outside corporate auditor). The remaining one(1) outside corporate auditor will be determined through consultation between bothcompanies.

(5)

Capital:30 billion yen(6)

Net Assets:

Not yet determined.

(7)

Total Assets:

Not yet determined.

(8)

Account Settlement:(9)Outline of Accounting Treatment in Conjunction with the Stock-Transfer

End of February

The stock-transfer will be treated as “purchase”under the accounting standard for businesscombinations and the purchase method will apply. The assets and liabilities of Matsuzakaya
HD (the purchased company) and its subsidiaries are expected to be recorded at their current
value appearing on the consolidated financial statements of the holding company. As a result,the holding company will record negative goodwill of approximately 7 billion yen (tentative
estimate) on the consolidated financial statements. We will announce the amount, theamortization period of such negative goodwill, and other items as soon as they are determined.
(10)

Forecast of Business Impact of the Stock-Transfer
Both companies will establish the integration preparatory committee and section committees
to consider the business forecast after integration and other subjects. At present, we aim toachieve consolidated operating income of 60 billion yen in the fiscal year ending February
2011.

8

6.

Other Matters
On or after the effective date of the stock-transfer, the holding company and Matsuzakaya HD
will conduct a merger under which the holding company will be the surviving company after
the following necessary procedures.
The management integration is subject to the condition that certain requirements concerning
the stock-transfer (including, without limitation, the execution of a definitive agreement,
shareholders’approval, and notification to and acquisition of necessary licenses and permits
from the competent authorities) are satisfied and that no material event occurs which might
affect the stock-transfer.

(Note 3)
In calculating the stock-transfer ratio for the proposed management integration (the “Management
Integration”), Nikko Citigroup assumes that the publicly available information, financial information
provided to it, and any other information that it examined is correct and complete. Nikko Citigrouprelies on the correctness and completeness of such information and did not independently verify thecorrectness and completeness thereof. Nikko Citigroup also assumes that there is no information
undisclosed to it which might materially affect the Management Integration. Nikko Citigroup did not
independently value, appraise, assess, or verify the existence of, any asset or liability (contingent
liability or otherwise) of Matsuzakaya HD, Daimaru, their respective affiliates and others.
Furthermore, Nikko Citigroup assumes that the financial forecasts and other future information of
Matsuzakaya HD and Daimaru provided to it were reasonably prepared and based on the best current
predictions and determinations of the management of Matsuzakaya HD and Daimaru, and that thefinancial conditions of Matsuzakaya HD and Daimaru will follow such predictions anddeterminations.
In rendering the calculation statement (the “Calculation Statement”) concerning the stock-transfer
ratio, Nikko Citigroup relied on these predictions and determinations and any related materials without
conducting any independent investigation or verification. Since Nikko Citigroup is not a legal expert,
it did not independently assess the lawfulness and validity of the Management Integration, and the
Calculation Statement assumes that the Management Integration will be lawfully and validly
implemented after duly following all procedures for legal, accounting and taxation purposes. In
addition, the Calculation Statement assumes that neither Matsuzakaya HD nor Daimaru currently
intends to conduct any capital contribution, credit enhancement or other investment or financing whichmight have a material adverse effect on the stock-transfer ratio, and that their intentions will notchange.
The Calculation Statement assumes that the acquisition, timing, conditions, and any other matters of
any agreement, approval, license or permits from any government, supervisory agency or any
concerned party necessary for the consummation of the Management Integration will not cause any
negative impact on the expected income of Matsuzakaya HD and Daimaru if the Management
Integration is consummated, and that any such agreement, approval, license or permits will beobtained. The Calculation Statement is based upon the financial, market, economic and otherconditions as of the date of its submission (March 13, 2007) and on the information provided to or
acquired by Nikko Citigroup as of such date. Although all contents of the Calculation Statement are
subject to any future change in circumstances, Nikko Citigroup is not obligated to modify, amend or
supplement the content of the Calculation Statement.
The purpose of the Calculation Statement is solely to provide Matsuzakaya HD with reference
information for their examination of the stock-exchange ratio.

9