# EDGAR Filing Document

**Accession Number:** 0002037949
**File Stem:** 0000947871-25-000916
**Filing Date:** 2025-10
**Character Count:** 59443
**Document Hash:** 8ca050165795baa3ec1da67cf6d9c5cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000947871-25-000916.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0000947871-25-000916

**CONFORMED SUBMISSION TYPE**: CB

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hino Motors, Ltd.
- **CENTRAL INDEX KEY:** 0002037949

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** CB
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95073
- **FILM NUMBER:** 251405304

**BUSINESS ADDRESS:**
- **STREET 1:** 3-1-1 HINO-DAI, HINO-SHI
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 191-8660
- **BUSINESS PHONE:** 81-42-586-5011

**MAIL ADDRESS:**
- **STREET 1:** 3-1-1 HINO-DAI, HINO-SHI
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 191-8660
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mitsubishi Fuso Truck & Bus Corp
- **CENTRAL INDEX KEY:** 0002039570

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** CB

**BUSINESS ADDRESS:**
- **STREET 1:** 10 OHKURA-CHO, NAKAHARA-KU, KAWASAKI-SHI
- **CITY:** KANAGAWA
- **STATE:** M0
- **ZIP:** 211-8522
- **BUSINESS PHONE:** 81-070-4260-8000

**MAIL ADDRESS:**
- **STREET 1:** 10 OHKURA-CHO, NAKAHARA-KU, KAWASAKI-SHI
- **CITY:** KANAGAWA
- **STATE:** M0
- **ZIP:** 211-8522

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549** 

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FORM CB<br> TENDER OFFER/RIGHTS OFFERING NOTIFICATION FORM

Please place an X in the box(es) to designate the appropriate rule provision(s) relied upon to file this Form:

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| | |
|:---|:---|
| Securities Act Rule 801 (Rights Offering) | ☐ |
| Securities Act Rule 802 (Exchange Offer) | ☒ |
| Exchange Act Rule 13e-4(h)(8) (Issuer Tender Offer) | ☐ |
| Exchange Act Rule 14d-1(c) (Third Party Tender Offer) | ☐ |
| Exchange Act Rule 14e-2(d) (Subject Company Response) | ☐ |

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| |
|:---|
| <br> **Hino Jidousha Kabushiki Kaisha**<br> **Mitsubishi Fuso Truck/Bus Kabushiki Kaisha**<br>|
| (Name of Subject Company)<br>|
| **Hino Motors, Ltd.** <br> **Mitsubishi Fuso Truck and Bus Corporation**<br>|
| (Translation of Subject Company's Name into English (if applicable)) |
| **Japan** |
| (Jurisdiction of Subject Company's Incorporation or Organization) |
| **Hino Motors, Ltd.** <br> **Mitsubishi Fuso Truck and Bus Corporation**<br>|
| (Name of Person(s) Furnishing Form) |
| **Common Stock** |
| (Title of Class of Subject Securities) |
| **N/A** |
| (CUSIP Number of Class of Securities (if applicable)) |
| <br> **Hino Motors, Ltd.** <br> **Attn: Takao Kemmochi**<br> **3-1-1, Hino-dai, Hino-shi, Tokyo 191-8660, Japan**<br> **+81-70-7485-2003**<br>**Mitsubishi Fuso Truck and Bus Corporation**<br> **Attn: Markward Schemitsch**<br> **10 Ohkura-cho, Nakahara-ku, Kawasaki-shi, Kanagawa, 211-8522 Japan**<br> **+81-70-4260-8000**<br>|
| (Name, Address (including zip code) and Telephone Number (including area code)<br> of Person(s) Authorized to Receive Notices and Communications on Behalf of Subject Company)<br>|
| **N/A** |
| (Date Tender Offer/Rights Offering Commenced) |

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**PART I – INFORMATION SENT TO SECURITY HOLDERS**

**Item 1. Home Jurisdiction Documents** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit**<br> **<u>Number</u>** |  |
| &nbsp;&nbsp;99.1 | &nbsp;&nbsp;[(Disclosure Update) Notice Concerning Execution of Share Exchange Agreement Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation, dated October 20, 2025 (English Translation).](ss5482738_ex9901.htm) |
| &nbsp;&nbsp;99.2 | &nbsp;&nbsp;[Notice Regarding Convocation of Extraordinary General Meeting of Shareholders and Partial Amendment to the Articles of Incorporation, dated October 20, 2025 (English Translation).](ss5482738_ex9902.htm) |

---

**Item 2. Informational Legends**

The required legend is prominently included in the document(s) referred to in Item 1.

**PART II – INFORMATION NOT REQUIRED TO BE SENT TO SECURITY HOLDERS** 

N/A

**PART III – CONSENT TO SERVICE OF PROCESS**

Hino Motors, Ltd. submitted to the Securities and Exchange Commission a written irrevocable consent and power of attorney on Form F-X dated June 11, 2025.<br> Mitsubishi Fuso Truck and Bus Corporation submitted to the Securities and Exchange Commission a written irrevocable consent and power of attorney on Form F-X dated June 11, 2025.<br>

**SIGNATURES** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
|  | **Hino Motors, Ltd.**<br>/s/ Yasushi Nakano |
|  | Name: Yasushi Nakano |
|  | Title: Chief Financial Officer |
| Date: October 21, 2025 |  |

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**SIGNATURES** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
|  | **Mitsubishi Fuso Truck and Bus Corporation**<br>/s/ Hetal Laligi |
|  | Name: Hetal Laligi |
|  | Title: Senior Vice President CFO |
| Date: October 21, 2025 |  |

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| | |
|:---|:---|
|  | **Mitsubishi Fuso Truck and Bus Corporation**<br>/s/ Markward Schemitsch |
|  | Name: Markward Schemitsch |
|  | Title: General Counsel |
| Date: October 21, 2025 |  |

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## Exhibit 99.1

The business integration described in this press release involve securities of a Japanese company. The business integration is subject to disclosure requirements of Japan that are different from those of the United States. Financial information included in this document, if any, was excerpted from financial statements prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.<br>It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in Japan and some or all of its officers and directors reside outside of the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court for violations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject themselves to a U.S. court's judgment. You should be aware that the issuer may purchase securities otherwise than under the business integration, such as in the open market or through privately negotiated purchases.<br>This document has been translated from the Japanese-language original for reference purposes only. In the event of any conflict or discrepancy between this document and the Japanese-language original, the Japanese-language original shall prevail in all respects.<br>

![](image_001.jpg)

October 20, 2025

To Whom It May Concern

Company name: Hino Motors, Ltd.

Representative: Satoshi Ogiso, President & CEO,<br> Member of the Board of Directors,

(Code Number: 7205 TSE, Prime, NSE, Premier)

Contact Person: Makoto Iijima, General Manager, Corporate Communications Dept, Public Affairs Div.<br> Phone: (042)586-5494

**(Disclosure Update) Notice Concerning Execution of Share Exchange Agreement Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation**

Hino Motors, Ltd. (the "Company"), as stated in its press releases titled "Notice Concerning Execution of Business Integration Agreement Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation" dated June 10, 2025 (the "Press Release dated June 10, 2025"), entered into a business integration agreement (the "Business Integration Agreement") with Mitsubishi Fuso Truck and Bus Corporation ("MFTBC"), Toyota Motor Corporation (the parent company of the Company; "Toyota"), and Daimler Truck AG (the parent company of MFTBC; "Daimler Truck") regarding the business integration (the "Business Integration") between the Company and MFTBC.

The Company hereby announces that, at its Board of Directors meeting held today, the Board of Directors passed a resolution to execute a share exchange agreement regarding the Business Integration, wherein the holding company (name after the Business Integration: ARCHION Corporation) will become the wholly-owning parent company, and the Company will become the wholly-owned subsidiary, by way of a share exchange. In line with this, the Company hereby also announces that it has entered into the share exchange agreement today, as follows.

The item numbers and defined terms are as specified in the Press Release dated June 10, 2025, and any newly determined or changed matters among the previously undetermined matters are underlined.

2. Summary of the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;(2) Schedule for the Business Integration

The schedule for the Business Integration shall be as below. Such schedule is based on current expectations and may change in the future depending on the progress of obtaining necessary clearances and regulatory approvals under competition and other laws and regulations in relation to the Business Integration, investigations by authorities or litigation and the like, surrounding the issues regarding the certification on gas emission and fuel efficiency of the Company's engines (the "Engine Issues"), the status of satisfaction of the conditions precedent in respect of the Business Integration, as provided for in the Business Integration Agreement (including the implementation of the Third-party Allotment and the withdrawal of the Company's business from certain sanctioned countries) or other reasons.

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| | |
|:---|:---|
| &nbsp;&nbsp;Execution of the MOU | &nbsp;&nbsp;May 30, 2023 |
| &nbsp;&nbsp;Resolution of a meeting of the Company's Board of Directors regarding the execution of the Business Integration Agreement | &nbsp;&nbsp;<u>June 10, 2025</u> |
| &nbsp;&nbsp;Execution of the Business Integration Agreement | &nbsp;&nbsp;<u>June 10, 2025</u> |
| &nbsp;&nbsp; Date of public announcement of the record date for the general meeting of shareholders of the Company to approve the share exchange agreement (the "Share Exchange Agreement") pertaining to the Share Exchange<br>| &nbsp;&nbsp;<u>September 11, 2025</u> |
| &nbsp;&nbsp;Record date for the general meeting of shareholders of the Company to approve the Share Exchange Agreement | &nbsp;&nbsp;<u>September 30, 2025</u> |
| &nbsp;&nbsp; Execution of the Share Exchange Agreement<br>| &nbsp;&nbsp;<u>Today</u> |
| &nbsp;&nbsp;Preparation of the share delivery plan for the Share Delivery (the "Share Delivery Plan") | &nbsp;&nbsp;<u>November 2025 (scheduled)</u> |
| &nbsp;&nbsp;General meeting of shareholders of the Company to approve the Share Exchange Agreement | &nbsp;&nbsp;<u>November 28, 2025 (scheduled)</u> |
| &nbsp;&nbsp;General meeting of shareholders of the Integrated Company to approve the Share Exchange Agreement | &nbsp;&nbsp;<u>November 2025 (scheduled)</u> |
| &nbsp;&nbsp;General meeting of shareholders of the Integrated Company to approve the Share Delivery Plan | &nbsp;&nbsp;<u>November 2025 (scheduled)</u> |
| &nbsp;&nbsp;Date of application for transfer of the shares of MFTBC in connection with the Share Delivery | &nbsp;&nbsp;Undetermined |
| &nbsp;&nbsp;Effective date of the Business Integration (effective date of the Share Exchange and the Share Delivery) | &nbsp;&nbsp;April 1, 2026 (scheduled) |

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3. Share Exchange

&nbsp;&nbsp;&nbsp;&nbsp;(2) Method of the Share Exchange

As described in "(1) Method of the Business Integration" in "2. Summary of the Business Integration" above, this is a share exchange in which the Integrated Company is the wholly-owning parent company resulting from the Share Exchange and the Company is the wholly-owned subsidiary resulting from the Share Exchange. <u>The Share Exchange is scheduled to be implemented subject to the effectuation of the Third-Party Allotment, following the approval of the Share Exchange Agreement at the respective general meetings of shareholders of the Company and the Integrated Company</u>.

End

## Exhibit 99.2

The business integration described in this press release involve securities of a Japanese company. The business integration is subject to disclosure requirements of Japan that are different from those of the United States. Financial information included in this document, if any, was excerpted from financial statements prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.<br>It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in Japan and some or all of its officers and directors reside outside of the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court for violations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject themselves to a U.S. court's judgment. You should be aware that the issuer may purchase securities otherwise than under the business integration, such as in the open market or through privately negotiated purchases.<br>This document has been translated from the Japanese-language original for reference purposes only. In the event of any conflict or discrepancy between this document and the Japanese-language original, the Japanese-language original shall prevail in all respects.<br>

![](image_001.jpg)

October 20, 2025

To Whom It May Concern

Company name: Hino Motors, Ltd.

Representative: Satoshi Ogiso, President & CEO,<br> Member of the Board of Directors,

(Code Number: 7205 TSE, Prime, NSE, Premier)

Contact Person: Makoto Iijima, General Manager, Corporate Communications Dept, Public Affairs Div.<br> Phone: (042)586-5494

**Notice Regarding Convocation of Extraordinary General Meeting of Shareholders and<br> Partial Amendment to the Articles of Incorporation**

Hino Motors, Ltd. (the "Company"), in its notice dated September 2, 2025 and titled "Notice Regarding Establishment of Record Date for Convocation of Extraordinary General Meeting of Shareholders", announced that the record date for an extraordinary general meeting of shareholders (the "Extraordinary General Shareholders' Meeting") scheduled to be held in November 2025 was established as September 30, 2025. The Company hereby announces that, at its Board of Directors meeting held today, the Company has resolved to convene the Extraordinary General Shareholders' Meeting, to submit proposed resolutions to the meeting and to submit a proposal for a partial amendment to the Articles of Incorporation as follows.

1. Date and Time, Venue, Proposed Resolutions for Extraordinary General Shareholders' Meeting

&nbsp;&nbsp;&nbsp;&nbsp;(1) Date and Time: 10:00 a.m., November 28, 2025 (Friday)

&nbsp;&nbsp;&nbsp;&nbsp;(2) Venue: Tokyo Metropolitan Tama Business Activation Center (Tokyo Tama Mirai Messe) 3-19-2, Myojincho, Hachioji-city, Tokyo

&nbsp;&nbsp;&nbsp;&nbsp;(3) Proposed Resolutions:

(Extraordinary General Meeting of Shareholders)

Proposed Resolution 1: Partial Amendment to the Articles of Incorporation

Proposed Resolution 2: Issuance of Common Shares and Class A Shares by Way of Third-Party Allotment

Proposed Resolution 3: Approval of the Share Exchange Agreement between the Company and AIB, LTD. (Note)

(Meeting of Class Shareholders by Common Shareholders)

Proposed Resolution: Approval of the Share Exchange Agreement between the Company and AIB, LTD. (Note)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) Company name after the name change as of April 1, 2026 (the scheduled effective date of the business integration between the Company and Mitsubishi Fuso Truck and Bus Corporation): ARCHION Corporation

2. Partial Amendment to the Articles of Incorporation

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reason for amendment

In order to allow class A shares to be issued, class A shares will be added as a new class of shares, and provisions concerning such class A shares will be newly established, and further, necessary amendments related to becoming a company with class shares will be made.

This partial amendment to the Articles of Incorporation shall be effective subject to Proposed Resolution 2 of the Extraordinary General Shareholders' Meeting being approved as originally proposed.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Details of amendment

The details of amendment are as follows.

(Underlined part indicates amendments)

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| | |
|:---|:---|
| Current Articles of Incorporation | Proposed Amendments |
| CHAPTER I GENERAL PROVISIONS<br>Article 1 to Article 4 (Omitted)<br>CHAPTER II SHARES<br> Article 5 (Total Number of Authorized Shares)<br> The total number of shares which the Company is authorized to issue shall be 1.4 billion (1400000000) shares.<br>Article 6 (Number of Shares Constituting One Unit and Rights with respect to Shares Constituting less than One Unit)<br> The number of shares of the Company constituting one unit of shares shall be one hundred (100).<br> 2. (Omitted)<br>Article 7 to Article 10 (Omitted) | CHAPTER I GENERAL PROVISIONS<br>Article 1 to Article 4 (The same as the current provision)<br>CHAPTER II SHARES<br> Article 5 (Total Number of Authorized Shares <u>and Total Number of Authorized Class Shares</u>)<br> The total number of shares which the Company is authorized to issue shall be 1.4 billion (1400000000) shares <u>and the total number of authorized class shares of the Company shall be as follows:</u><br> <u>Common Shares: 1.1 billion (1100000000) shares</u><br> <u>Class A Shares: 0.3 billion (300000000) shares</u><br>Article 6 (Number of Shares Constituting One Unit and Rights with respect to Shares Constituting less than One Unit)<br> The number of shares of the Company constituting one unit of shares shall be one hundred (100) <u>for each type of the shares</u>.<br> 2. (The same as the current provision)<br>Article 7 to Article 10 (The same as the current provision) |

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|:---|:---|
| (Newly established) | <u>CHAPTER II-2 CLASS SHARES</u><br> <u>Article 10-2 (Dividends of Surplus)</u><br> <u>If the Company distributes dividends of surplus, it shall pay in cash, for each share of Class A Shares, to the shareholders holding the shares of Class A Shares (the "Class A Shareholders") or the registered Class A Shares pledgees (the "Registered Class A Shares Pledgees") who are listed or digitally recorded in the final shareholders register as of the record date for such dividends, the amount of money obtained by multiplying the dividend per share of Common Shares by the Acquisition Ratio in effect at that time (as defined in Article 10-4, Paragraph 2; hereinafter the same) (with any fractional amount less than one yen being rounded down to the nearest whole yen), on a pari passu basis with the shareholders holding the shares of Common Shares (the "Common Shareholders") or the registered Common Shares pledgees (the "Registered Common Shares Pledgees").</u><br><u>Article 10-3 (Distribution of Residual Assets)</u><br> <u>If the Company distributes residual assets, it shall distribute in cash, for each share of Class A Shares, to the Class A Shareholders or Registered Class A Shares Pledgees, the amount obtained by multiplying the residual asset per share of Common Shares by the Acquisition Ratio in effect at that time (with any fractional amount less than one yen being rounded down to the nearest whole yen), on a pari passu basis with the Common Shareholders or the Registered Common Shares Pledgees.</u><br><u>Article 10-4 (Put Option for Shares of Common Shares)</u> |

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|:---|:---|:---|:---|
| <u>1. The Class A Shareholders may at any time request the Company to deliver shares of Common Shares in exchange for the acquisition of Class A Shares by the Company. The number of shares of Common Shares of the Company to be delivered per share of Class A Shares in exchange for the acquisition of Class A Shares shall be equal to the number of shares corresponding to the Acquisition Ratio on the date of the request for acquisition. In addition, when calculating the number of Common Shares to be delivered in exchange for the acquisition of Class A Shares, any fraction less than one (1) share shall be rounded down, and no cash payment shall be made as provided in Article 167, Paragraph 3 of the Companies Act.</u><br><u>2. The Acquisition Ratio shall be one (1) to one (1). However, if any of the following events occurs, the Acquisition Ratio shall be adjusted in accordance with the following provisions:</u><br> <u>(a) Share split or consolidation</u><br> <u>In the event that the Company splits or consolidates its shares of Common Shares, the Acquisition Ratio shall be adjusted in accordance with the following formula:</u> | <u>1. The Class A Shareholders may at any time request the Company to deliver shares of Common Shares in exchange for the acquisition of Class A Shares by the Company. The number of shares of Common Shares of the Company to be delivered per share of Class A Shares in exchange for the acquisition of Class A Shares shall be equal to the number of shares corresponding to the Acquisition Ratio on the date of the request for acquisition. In addition, when calculating the number of Common Shares to be delivered in exchange for the acquisition of Class A Shares, any fraction less than one (1) share shall be rounded down, and no cash payment shall be made as provided in Article 167, Paragraph 3 of the Companies Act.</u><br><u>2. The Acquisition Ratio shall be one (1) to one (1). However, if any of the following events occurs, the Acquisition Ratio shall be adjusted in accordance with the following provisions:</u><br> <u>(a) Share split or consolidation</u><br> <u>In the event that the Company splits or consolidates its shares of Common Shares, the Acquisition Ratio shall be adjusted in accordance with the following formula:</u> | <u>1. The Class A Shareholders may at any time request the Company to deliver shares of Common Shares in exchange for the acquisition of Class A Shares by the Company. The number of shares of Common Shares of the Company to be delivered per share of Class A Shares in exchange for the acquisition of Class A Shares shall be equal to the number of shares corresponding to the Acquisition Ratio on the date of the request for acquisition. In addition, when calculating the number of Common Shares to be delivered in exchange for the acquisition of Class A Shares, any fraction less than one (1) share shall be rounded down, and no cash payment shall be made as provided in Article 167, Paragraph 3 of the Companies Act.</u><br><u>2. The Acquisition Ratio shall be one (1) to one (1). However, if any of the following events occurs, the Acquisition Ratio shall be adjusted in accordance with the following provisions:</u><br> <u>(a) Share split or consolidation</u><br> <u>In the event that the Company splits or consolidates its shares of Common Shares, the Acquisition Ratio shall be adjusted in accordance with the following formula:</u> | <u>1. The Class A Shareholders may at any time request the Company to deliver shares of Common Shares in exchange for the acquisition of Class A Shares by the Company. The number of shares of Common Shares of the Company to be delivered per share of Class A Shares in exchange for the acquisition of Class A Shares shall be equal to the number of shares corresponding to the Acquisition Ratio on the date of the request for acquisition. In addition, when calculating the number of Common Shares to be delivered in exchange for the acquisition of Class A Shares, any fraction less than one (1) share shall be rounded down, and no cash payment shall be made as provided in Article 167, Paragraph 3 of the Companies Act.</u><br><u>2. The Acquisition Ratio shall be one (1) to one (1). However, if any of the following events occurs, the Acquisition Ratio shall be adjusted in accordance with the following provisions:</u><br> <u>(a) Share split or consolidation</u><br> <u>In the event that the Company splits or consolidates its shares of Common Shares, the Acquisition Ratio shall be adjusted in accordance with the following formula:</u> |
|  |  |  | <u>Number of shares of Common Shares issued immediately</u> |
| <u>Acquisition Ratio after Adjustment</u> | <u>=</u> | <u>Acquisition Ratio before Adjustment</u><br> <u>x</u> | <u>after the effective date of a share split or consolidation</u> |
|  |  |  | <u>Number of shares of Common Shares issued immediately before the effective date of a share split or consolidation</u> |
| <u>The effective date of the Acquisition Ratio after Adjustment shall be (i) the day following the record date in the case of a share split, or (ii) the effective date of the share consolidation in the case of a share consolidation.</u><br> <u>(b) Issuance of Shares of Common Shares</u> | <u>The effective date of the Acquisition Ratio after Adjustment shall be (i) the day following the record date in the case of a share split, or (ii) the effective date of the share consolidation in the case of a share consolidation.</u><br> <u>(b) Issuance of Shares of Common Shares</u> | <u>The effective date of the Acquisition Ratio after Adjustment shall be (i) the day following the record date in the case of a share split, or (ii) the effective date of the share consolidation in the case of a share consolidation.</u><br> <u>(b) Issuance of Shares of Common Shares</u> | <u>The effective date of the Acquisition Ratio after Adjustment shall be (i) the day following the record date in the case of a share split, or (ii) the effective date of the share consolidation in the case of a share consolidation.</u><br> <u>(b) Issuance of Shares of Common Shares</u> |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <u>If the Company issues shares of Common Shares or disposes of treasury shares of Common Shares held by the Company (including share allotment without consideration, but excluding (i) issuance or disposal upon the acquisition of shares or stock acquisition rights (including those attached to bonds with stock acquisition rights; the same applies hereinafter in this paragraph 2.) in exchange for the delivery of shares of Common Shares, (ii) issuance or disposal upon the exercise of stock acquisition rights under which shares of Common Shares may be issued, or (iii) the delivery of shares of Common Shares through merger, share exchange, company split, or share delivery; hereinafter referred to as the "Issuance of Common Shares"), at a payment amount less than the market value per share of Common Shares of the Company, the Acquisition Ratio shall be adjusted according to the following formula:</u> | <u>If the Company issues shares of Common Shares or disposes of treasury shares of Common Shares held by the Company (including share allotment without consideration, but excluding (i) issuance or disposal upon the acquisition of shares or stock acquisition rights (including those attached to bonds with stock acquisition rights; the same applies hereinafter in this paragraph 2.) in exchange for the delivery of shares of Common Shares, (ii) issuance or disposal upon the exercise of stock acquisition rights under which shares of Common Shares may be issued, or (iii) the delivery of shares of Common Shares through merger, share exchange, company split, or share delivery; hereinafter referred to as the "Issuance of Common Shares"), at a payment amount less than the market value per share of Common Shares of the Company, the Acquisition Ratio shall be adjusted according to the following formula:</u> | <u>If the Company issues shares of Common Shares or disposes of treasury shares of Common Shares held by the Company (including share allotment without consideration, but excluding (i) issuance or disposal upon the acquisition of shares or stock acquisition rights (including those attached to bonds with stock acquisition rights; the same applies hereinafter in this paragraph 2.) in exchange for the delivery of shares of Common Shares, (ii) issuance or disposal upon the exercise of stock acquisition rights under which shares of Common Shares may be issued, or (iii) the delivery of shares of Common Shares through merger, share exchange, company split, or share delivery; hereinafter referred to as the "Issuance of Common Shares"), at a payment amount less than the market value per share of Common Shares of the Company, the Acquisition Ratio shall be adjusted according to the following formula:</u> | <u>If the Company issues shares of Common Shares or disposes of treasury shares of Common Shares held by the Company (including share allotment without consideration, but excluding (i) issuance or disposal upon the acquisition of shares or stock acquisition rights (including those attached to bonds with stock acquisition rights; the same applies hereinafter in this paragraph 2.) in exchange for the delivery of shares of Common Shares, (ii) issuance or disposal upon the exercise of stock acquisition rights under which shares of Common Shares may be issued, or (iii) the delivery of shares of Common Shares through merger, share exchange, company split, or share delivery; hereinafter referred to as the "Issuance of Common Shares"), at a payment amount less than the market value per share of Common Shares of the Company, the Acquisition Ratio shall be adjusted according to the following formula:</u> | <u>If the Company issues shares of Common Shares or disposes of treasury shares of Common Shares held by the Company (including share allotment without consideration, but excluding (i) issuance or disposal upon the acquisition of shares or stock acquisition rights (including those attached to bonds with stock acquisition rights; the same applies hereinafter in this paragraph 2.) in exchange for the delivery of shares of Common Shares, (ii) issuance or disposal upon the exercise of stock acquisition rights under which shares of Common Shares may be issued, or (iii) the delivery of shares of Common Shares through merger, share exchange, company split, or share delivery; hereinafter referred to as the "Issuance of Common Shares"), at a payment amount less than the market value per share of Common Shares of the Company, the Acquisition Ratio shall be adjusted according to the following formula:</u> | <u>If the Company issues shares of Common Shares or disposes of treasury shares of Common Shares held by the Company (including share allotment without consideration, but excluding (i) issuance or disposal upon the acquisition of shares or stock acquisition rights (including those attached to bonds with stock acquisition rights; the same applies hereinafter in this paragraph 2.) in exchange for the delivery of shares of Common Shares, (ii) issuance or disposal upon the exercise of stock acquisition rights under which shares of Common Shares may be issued, or (iii) the delivery of shares of Common Shares through merger, share exchange, company split, or share delivery; hereinafter referred to as the "Issuance of Common Shares"), at a payment amount less than the market value per share of Common Shares of the Company, the Acquisition Ratio shall be adjusted according to the following formula:</u> | <u>If the Company issues shares of Common Shares or disposes of treasury shares of Common Shares held by the Company (including share allotment without consideration, but excluding (i) issuance or disposal upon the acquisition of shares or stock acquisition rights (including those attached to bonds with stock acquisition rights; the same applies hereinafter in this paragraph 2.) in exchange for the delivery of shares of Common Shares, (ii) issuance or disposal upon the exercise of stock acquisition rights under which shares of Common Shares may be issued, or (iii) the delivery of shares of Common Shares through merger, share exchange, company split, or share delivery; hereinafter referred to as the "Issuance of Common Shares"), at a payment amount less than the market value per share of Common Shares of the Company, the Acquisition Ratio shall be adjusted according to the following formula:</u> | <u>If the Company issues shares of Common Shares or disposes of treasury shares of Common Shares held by the Company (including share allotment without consideration, but excluding (i) issuance or disposal upon the acquisition of shares or stock acquisition rights (including those attached to bonds with stock acquisition rights; the same applies hereinafter in this paragraph 2.) in exchange for the delivery of shares of Common Shares, (ii) issuance or disposal upon the exercise of stock acquisition rights under which shares of Common Shares may be issued, or (iii) the delivery of shares of Common Shares through merger, share exchange, company split, or share delivery; hereinafter referred to as the "Issuance of Common Shares"), at a payment amount less than the market value per share of Common Shares of the Company, the Acquisition Ratio shall be adjusted according to the following formula:</u> |
|  |  |  |  | <u>Market value per</u> | <u>Number of shares of common Shares issued</u> | <u>Number of shares of common Shares issued</u> | <u>Number of shares of common Shares issued</u> | <u>Number of shares of common Shares issued</u> |
| <u> </u> | <u>Acquisition Ratio after Adjustment</u> | <u>=</u> | <u>Acquisition Ratio before Adjustment</u> <u>x</u> | <u>share of Common Shares</u> | <u>(excluding treasury shares) after the Issuance of Common Shares</u> | <u>(excluding treasury shares) after the Issuance of Common Shares</u> | <u>(excluding treasury shares) after the Issuance of Common Shares</u> | <u>(excluding treasury shares) after the Issuance of Common Shares</u> |
|  |  |  |  | <u>Market value per share of Common Shares</u> <u>x</u> | <u>Number of shares of Common Shares issued (excluding treasury shares) before the Issuance of Common Shares</u> | <u>+</u> | <u>Paid-in amount per share of the Common Shares newly delivered upon the issuance of Common Shares</u> <u>x</u> | <u>Number of shares of Common Shares newly delivered upon the Issuance of Common Shares</u> |
|  | <u>In this (b), the term "Market value per share of Common Shares" shall mean: (i) in the event that the Common Shares is listed as of the relevant record date of the Issuance of Common Shares (or in the absence of such record date, the payment date for issuance or disposal of shares of the Common Shares (if a payment period is specified, the last day of such payment period), or, in the case of allotment without consideration, the effective date thereof; the "Adjustment Record Date"), the price equivalent to the average of the daily volume-weighted average price of the Company's shares of Common Shares in the regular trading on the Tokyo Stock Exchange, Inc. over a period of 30 trading days beginning on the 45th trading day prior to the Adjustment Record Date (fractions less than one (1) yen shall be calculated to the second decimal place and rounded off at the second decimal place); and (ii) in the event that the Common Shares is not listed as of the Adjustment Record Date, the book value per share of the Company's Common Shares (on a consolidated basis) calculated as of the Adjustment Record Date according to the following formula:</u> | <u>In this (b), the term "Market value per share of Common Shares" shall mean: (i) in the event that the Common Shares is listed as of the relevant record date of the Issuance of Common Shares (or in the absence of such record date, the payment date for issuance or disposal of shares of the Common Shares (if a payment period is specified, the last day of such payment period), or, in the case of allotment without consideration, the effective date thereof; the "Adjustment Record Date"), the price equivalent to the average of the daily volume-weighted average price of the Company's shares of Common Shares in the regular trading on the Tokyo Stock Exchange, Inc. over a period of 30 trading days beginning on the 45th trading day prior to the Adjustment Record Date (fractions less than one (1) yen shall be calculated to the second decimal place and rounded off at the second decimal place); and (ii) in the event that the Common Shares is not listed as of the Adjustment Record Date, the book value per share of the Company's Common Shares (on a consolidated basis) calculated as of the Adjustment Record Date according to the following formula:</u> | <u>In this (b), the term "Market value per share of Common Shares" shall mean: (i) in the event that the Common Shares is listed as of the relevant record date of the Issuance of Common Shares (or in the absence of such record date, the payment date for issuance or disposal of shares of the Common Shares (if a payment period is specified, the last day of such payment period), or, in the case of allotment without consideration, the effective date thereof; the "Adjustment Record Date"), the price equivalent to the average of the daily volume-weighted average price of the Company's shares of Common Shares in the regular trading on the Tokyo Stock Exchange, Inc. over a period of 30 trading days beginning on the 45th trading day prior to the Adjustment Record Date (fractions less than one (1) yen shall be calculated to the second decimal place and rounded off at the second decimal place); and (ii) in the event that the Common Shares is not listed as of the Adjustment Record Date, the book value per share of the Company's Common Shares (on a consolidated basis) calculated as of the Adjustment Record Date according to the following formula:</u> | <u>In this (b), the term "Market value per share of Common Shares" shall mean: (i) in the event that the Common Shares is listed as of the relevant record date of the Issuance of Common Shares (or in the absence of such record date, the payment date for issuance or disposal of shares of the Common Shares (if a payment period is specified, the last day of such payment period), or, in the case of allotment without consideration, the effective date thereof; the "Adjustment Record Date"), the price equivalent to the average of the daily volume-weighted average price of the Company's shares of Common Shares in the regular trading on the Tokyo Stock Exchange, Inc. over a period of 30 trading days beginning on the 45th trading day prior to the Adjustment Record Date (fractions less than one (1) yen shall be calculated to the second decimal place and rounded off at the second decimal place); and (ii) in the event that the Common Shares is not listed as of the Adjustment Record Date, the book value per share of the Company's Common Shares (on a consolidated basis) calculated as of the Adjustment Record Date according to the following formula:</u> | <u>In this (b), the term "Market value per share of Common Shares" shall mean: (i) in the event that the Common Shares is listed as of the relevant record date of the Issuance of Common Shares (or in the absence of such record date, the payment date for issuance or disposal of shares of the Common Shares (if a payment period is specified, the last day of such payment period), or, in the case of allotment without consideration, the effective date thereof; the "Adjustment Record Date"), the price equivalent to the average of the daily volume-weighted average price of the Company's shares of Common Shares in the regular trading on the Tokyo Stock Exchange, Inc. over a period of 30 trading days beginning on the 45th trading day prior to the Adjustment Record Date (fractions less than one (1) yen shall be calculated to the second decimal place and rounded off at the second decimal place); and (ii) in the event that the Common Shares is not listed as of the Adjustment Record Date, the book value per share of the Company's Common Shares (on a consolidated basis) calculated as of the Adjustment Record Date according to the following formula:</u> | <u>In this (b), the term "Market value per share of Common Shares" shall mean: (i) in the event that the Common Shares is listed as of the relevant record date of the Issuance of Common Shares (or in the absence of such record date, the payment date for issuance or disposal of shares of the Common Shares (if a payment period is specified, the last day of such payment period), or, in the case of allotment without consideration, the effective date thereof; the "Adjustment Record Date"), the price equivalent to the average of the daily volume-weighted average price of the Company's shares of Common Shares in the regular trading on the Tokyo Stock Exchange, Inc. over a period of 30 trading days beginning on the 45th trading day prior to the Adjustment Record Date (fractions less than one (1) yen shall be calculated to the second decimal place and rounded off at the second decimal place); and (ii) in the event that the Common Shares is not listed as of the Adjustment Record Date, the book value per share of the Company's Common Shares (on a consolidated basis) calculated as of the Adjustment Record Date according to the following formula:</u> | <u>In this (b), the term "Market value per share of Common Shares" shall mean: (i) in the event that the Common Shares is listed as of the relevant record date of the Issuance of Common Shares (or in the absence of such record date, the payment date for issuance or disposal of shares of the Common Shares (if a payment period is specified, the last day of such payment period), or, in the case of allotment without consideration, the effective date thereof; the "Adjustment Record Date"), the price equivalent to the average of the daily volume-weighted average price of the Company's shares of Common Shares in the regular trading on the Tokyo Stock Exchange, Inc. over a period of 30 trading days beginning on the 45th trading day prior to the Adjustment Record Date (fractions less than one (1) yen shall be calculated to the second decimal place and rounded off at the second decimal place); and (ii) in the event that the Common Shares is not listed as of the Adjustment Record Date, the book value per share of the Company's Common Shares (on a consolidated basis) calculated as of the Adjustment Record Date according to the following formula:</u> | <u>In this (b), the term "Market value per share of Common Shares" shall mean: (i) in the event that the Common Shares is listed as of the relevant record date of the Issuance of Common Shares (or in the absence of such record date, the payment date for issuance or disposal of shares of the Common Shares (if a payment period is specified, the last day of such payment period), or, in the case of allotment without consideration, the effective date thereof; the "Adjustment Record Date"), the price equivalent to the average of the daily volume-weighted average price of the Company's shares of Common Shares in the regular trading on the Tokyo Stock Exchange, Inc. over a period of 30 trading days beginning on the 45th trading day prior to the Adjustment Record Date (fractions less than one (1) yen shall be calculated to the second decimal place and rounded off at the second decimal place); and (ii) in the event that the Common Shares is not listed as of the Adjustment Record Date, the book value per share of the Company's Common Shares (on a consolidated basis) calculated as of the Adjustment Record Date according to the following formula:</u> |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <u>Book value per share of the company's Common Shares (on a consolidated basis)</u> | <u>=</u> | <u>Book value based on the final consolidated balance sheet</u> | <u>- (</u> | <u>The amount of money paid-out after the end of the accounting period of the consolidated balance sheet due to the distribution from surplus or the acquisition of treasury shares</u> | <u>+</u> | <u>Deposit for subscription of new shares and deposit for subscription of treasury shares</u> | <u>Stock Acquisition Rights</u> | <u>+</u> | <u>Minority interest</u> |
|  |  | <u>Number of shares of Common Shares issued (excluding treasury shares)</u> | <u>Number of shares of Common Shares issued (excluding treasury shares)</u> | <u>Number of shares of Common Shares issued (excluding treasury shares)</u> | <u>+</u> | <u>Number of shares of Class A Shares issued (excluding treasury shares)</u> <u>x</u> | <u>Acquisition Ratio</u> | <u>Acquisition Ratio</u> | <u>Acquisition Ratio</u> |
| <u>The effective date for the Acquisition Ratio after Adjustment shall be the day following the Adjustment Record Date.</u><br> <u>(c) In addition to the cases referred to in (a) and (b) above, if it becomes necessary to adjust the Acquisition Ratio due to an issuance or disposal of shares in a merger, a company split, a share exchange or share delivery, an issuance of stock acquisition rights or an allotment without consideration, or other reasons similar to those referred to in (a) and (b) above, the subsequent Acquisition Ratio shall be reasonably adjusted.</u><br> <u>(d) The "Acquisition Ratio before Adjustment" used in (a) and (b) above shall be the Acquisition Ratio effective immediately prior to the application of the Acquisition Ratio after Adjustment.</u><br><u>Article 10-5 (Voting Rights)</u><br> <u>The Class A Shareholders shall not be entitled to vote at any General Shareholders Meeting of the Company.</u><br><u>Article 10-6 (General Meetings of Class Shareholders)</u><br> <u>1. In the event that the Company takes any of the actions listed in each item of Article 322, Paragraph 1 of the Companies Act, a resolution of the General Meeting of Class Shareholders consisting of the Class A Shareholders shall not be required, except as required by laws and regulations.</u> | <u>The effective date for the Acquisition Ratio after Adjustment shall be the day following the Adjustment Record Date.</u><br> <u>(c) In addition to the cases referred to in (a) and (b) above, if it becomes necessary to adjust the Acquisition Ratio due to an issuance or disposal of shares in a merger, a company split, a share exchange or share delivery, an issuance of stock acquisition rights or an allotment without consideration, or other reasons similar to those referred to in (a) and (b) above, the subsequent Acquisition Ratio shall be reasonably adjusted.</u><br> <u>(d) The "Acquisition Ratio before Adjustment" used in (a) and (b) above shall be the Acquisition Ratio effective immediately prior to the application of the Acquisition Ratio after Adjustment.</u><br><u>Article 10-5 (Voting Rights)</u><br> <u>The Class A Shareholders shall not be entitled to vote at any General Shareholders Meeting of the Company.</u><br><u>Article 10-6 (General Meetings of Class Shareholders)</u><br> <u>1. In the event that the Company takes any of the actions listed in each item of Article 322, Paragraph 1 of the Companies Act, a resolution of the General Meeting of Class Shareholders consisting of the Class A Shareholders shall not be required, except as required by laws and regulations.</u> | <u>The effective date for the Acquisition Ratio after Adjustment shall be the day following the Adjustment Record Date.</u><br> <u>(c) In addition to the cases referred to in (a) and (b) above, if it becomes necessary to adjust the Acquisition Ratio due to an issuance or disposal of shares in a merger, a company split, a share exchange or share delivery, an issuance of stock acquisition rights or an allotment without consideration, or other reasons similar to those referred to in (a) and (b) above, the subsequent Acquisition Ratio shall be reasonably adjusted.</u><br> <u>(d) The "Acquisition Ratio before Adjustment" used in (a) and (b) above shall be the Acquisition Ratio effective immediately prior to the application of the Acquisition Ratio after Adjustment.</u><br><u>Article 10-5 (Voting Rights)</u><br> <u>The Class A Shareholders shall not be entitled to vote at any General Shareholders Meeting of the Company.</u><br><u>Article 10-6 (General Meetings of Class Shareholders)</u><br> <u>1. In the event that the Company takes any of the actions listed in each item of Article 322, Paragraph 1 of the Companies Act, a resolution of the General Meeting of Class Shareholders consisting of the Class A Shareholders shall not be required, except as required by laws and regulations.</u> | <u>The effective date for the Acquisition Ratio after Adjustment shall be the day following the Adjustment Record Date.</u><br> <u>(c) In addition to the cases referred to in (a) and (b) above, if it becomes necessary to adjust the Acquisition Ratio due to an issuance or disposal of shares in a merger, a company split, a share exchange or share delivery, an issuance of stock acquisition rights or an allotment without consideration, or other reasons similar to those referred to in (a) and (b) above, the subsequent Acquisition Ratio shall be reasonably adjusted.</u><br> <u>(d) The "Acquisition Ratio before Adjustment" used in (a) and (b) above shall be the Acquisition Ratio effective immediately prior to the application of the Acquisition Ratio after Adjustment.</u><br><u>Article 10-5 (Voting Rights)</u><br> <u>The Class A Shareholders shall not be entitled to vote at any General Shareholders Meeting of the Company.</u><br><u>Article 10-6 (General Meetings of Class Shareholders)</u><br> <u>1. In the event that the Company takes any of the actions listed in each item of Article 322, Paragraph 1 of the Companies Act, a resolution of the General Meeting of Class Shareholders consisting of the Class A Shareholders shall not be required, except as required by laws and regulations.</u> | <u>The effective date for the Acquisition Ratio after Adjustment shall be the day following the Adjustment Record Date.</u><br> <u>(c) In addition to the cases referred to in (a) and (b) above, if it becomes necessary to adjust the Acquisition Ratio due to an issuance or disposal of shares in a merger, a company split, a share exchange or share delivery, an issuance of stock acquisition rights or an allotment without consideration, or other reasons similar to those referred to in (a) and (b) above, the subsequent Acquisition Ratio shall be reasonably adjusted.</u><br> <u>(d) The "Acquisition Ratio before Adjustment" used in (a) and (b) above shall be the Acquisition Ratio effective immediately prior to the application of the Acquisition Ratio after Adjustment.</u><br><u>Article 10-5 (Voting Rights)</u><br> <u>The Class A Shareholders shall not be entitled to vote at any General Shareholders Meeting of the Company.</u><br><u>Article 10-6 (General Meetings of Class Shareholders)</u><br> <u>1. In the event that the Company takes any of the actions listed in each item of Article 322, Paragraph 1 of the Companies Act, a resolution of the General Meeting of Class Shareholders consisting of the Class A Shareholders shall not be required, except as required by laws and regulations.</u> | <u>The effective date for the Acquisition Ratio after Adjustment shall be the day following the Adjustment Record Date.</u><br> <u>(c) In addition to the cases referred to in (a) and (b) above, if it becomes necessary to adjust the Acquisition Ratio due to an issuance or disposal of shares in a merger, a company split, a share exchange or share delivery, an issuance of stock acquisition rights or an allotment without consideration, or other reasons similar to those referred to in (a) and (b) above, the subsequent Acquisition Ratio shall be reasonably adjusted.</u><br> <u>(d) The "Acquisition Ratio before Adjustment" used in (a) and (b) above shall be the Acquisition Ratio effective immediately prior to the application of the Acquisition Ratio after Adjustment.</u><br><u>Article 10-5 (Voting Rights)</u><br> <u>The Class A Shareholders shall not be entitled to vote at any General Shareholders Meeting of the Company.</u><br><u>Article 10-6 (General Meetings of Class Shareholders)</u><br> <u>1. In the event that the Company takes any of the actions listed in each item of Article 322, Paragraph 1 of the Companies Act, a resolution of the General Meeting of Class Shareholders consisting of the Class A Shareholders shall not be required, except as required by laws and regulations.</u> | <u>The effective date for the Acquisition Ratio after Adjustment shall be the day following the Adjustment Record Date.</u><br> <u>(c) In addition to the cases referred to in (a) and (b) above, if it becomes necessary to adjust the Acquisition Ratio due to an issuance or disposal of shares in a merger, a company split, a share exchange or share delivery, an issuance of stock acquisition rights or an allotment without consideration, or other reasons similar to those referred to in (a) and (b) above, the subsequent Acquisition Ratio shall be reasonably adjusted.</u><br> <u>(d) The "Acquisition Ratio before Adjustment" used in (a) and (b) above shall be the Acquisition Ratio effective immediately prior to the application of the Acquisition Ratio after Adjustment.</u><br><u>Article 10-5 (Voting Rights)</u><br> <u>The Class A Shareholders shall not be entitled to vote at any General Shareholders Meeting of the Company.</u><br><u>Article 10-6 (General Meetings of Class Shareholders)</u><br> <u>1. In the event that the Company takes any of the actions listed in each item of Article 322, Paragraph 1 of the Companies Act, a resolution of the General Meeting of Class Shareholders consisting of the Class A Shareholders shall not be required, except as required by laws and regulations.</u> | <u>The effective date for the Acquisition Ratio after Adjustment shall be the day following the Adjustment Record Date.</u><br> <u>(c) In addition to the cases referred to in (a) and (b) above, if it becomes necessary to adjust the Acquisition Ratio due to an issuance or disposal of shares in a merger, a company split, a share exchange or share delivery, an issuance of stock acquisition rights or an allotment without consideration, or other reasons similar to those referred to in (a) and (b) above, the subsequent Acquisition Ratio shall be reasonably adjusted.</u><br> <u>(d) The "Acquisition Ratio before Adjustment" used in (a) and (b) above shall be the Acquisition Ratio effective immediately prior to the application of the Acquisition Ratio after Adjustment.</u><br><u>Article 10-5 (Voting Rights)</u><br> <u>The Class A Shareholders shall not be entitled to vote at any General Shareholders Meeting of the Company.</u><br><u>Article 10-6 (General Meetings of Class Shareholders)</u><br> <u>1. In the event that the Company takes any of the actions listed in each item of Article 322, Paragraph 1 of the Companies Act, a resolution of the General Meeting of Class Shareholders consisting of the Class A Shareholders shall not be required, except as required by laws and regulations.</u> | <u>The effective date for the Acquisition Ratio after Adjustment shall be the day following the Adjustment Record Date.</u><br> <u>(c) In addition to the cases referred to in (a) and (b) above, if it becomes necessary to adjust the Acquisition Ratio due to an issuance or disposal of shares in a merger, a company split, a share exchange or share delivery, an issuance of stock acquisition rights or an allotment without consideration, or other reasons similar to those referred to in (a) and (b) above, the subsequent Acquisition Ratio shall be reasonably adjusted.</u><br> <u>(d) The "Acquisition Ratio before Adjustment" used in (a) and (b) above shall be the Acquisition Ratio effective immediately prior to the application of the Acquisition Ratio after Adjustment.</u><br><u>Article 10-5 (Voting Rights)</u><br> <u>The Class A Shareholders shall not be entitled to vote at any General Shareholders Meeting of the Company.</u><br><u>Article 10-6 (General Meetings of Class Shareholders)</u><br> <u>1. In the event that the Company takes any of the actions listed in each item of Article 322, Paragraph 1 of the Companies Act, a resolution of the General Meeting of Class Shareholders consisting of the Class A Shareholders shall not be required, except as required by laws and regulations.</u> | <u>The effective date for the Acquisition Ratio after Adjustment shall be the day following the Adjustment Record Date.</u><br> <u>(c) In addition to the cases referred to in (a) and (b) above, if it becomes necessary to adjust the Acquisition Ratio due to an issuance or disposal of shares in a merger, a company split, a share exchange or share delivery, an issuance of stock acquisition rights or an allotment without consideration, or other reasons similar to those referred to in (a) and (b) above, the subsequent Acquisition Ratio shall be reasonably adjusted.</u><br> <u>(d) The "Acquisition Ratio before Adjustment" used in (a) and (b) above shall be the Acquisition Ratio effective immediately prior to the application of the Acquisition Ratio after Adjustment.</u><br><u>Article 10-5 (Voting Rights)</u><br> <u>The Class A Shareholders shall not be entitled to vote at any General Shareholders Meeting of the Company.</u><br><u>Article 10-6 (General Meetings of Class Shareholders)</u><br> <u>1. In the event that the Company takes any of the actions listed in each item of Article 322, Paragraph 1 of the Companies Act, a resolution of the General Meeting of Class Shareholders consisting of the Class A Shareholders shall not be required, except as required by laws and regulations.</u> |

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|:---|:---|
|  | <u>2. The provisions of Article 10, Paragraph 1 shall apply *mutatis mutandis* to General Meeting of Class Shareholders held on the same day as the annual General Shareholders Meeting.</u><br> <u>3. Shareholders who are entitled to exercise their rights at the General Meeting of Class Shareholders held on the same day as the extraordinary General Shareholders Meeting shall be those shareholders who are listed or digitally recorded in the final shareholders register as of the record date set for determining the shareholders entitled to exercise their rights at such extraordinary General Shareholders Meeting.</u><br> <u>4. The provisions of Articles 11 through 15 shall apply *mutatis mutandis* to General Meeting of Class Shareholders.</u><br><u>Article 10-7 (Consolidation and Splitting of Shares, Allocation of Shares to be Offered, etc.)</u><br> <u>The Company shall not consolidate or split any shares of Class A Shares, unless otherwise provided by laws and regulations. The Company shall not grant the Class A Shareholders the right to receive an allotment of shares to be offered or the right to receive an allotment of share acquisition rights to be offered, nor shall it make any allotment of shares or share acquisition rights to the Class A Shareholders without consideration.</u><br><u>Article 10-8 (Restrictions on Transfer)</u><br> <u>The acquisition of shares of Class A Shares of the Company by transfer shall be subject to the approval of the Board of Directors.</u> |
| Article 11 to Article 34 (Omitted) | Article 11 to Article 34 (The same as the current provision) |

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