Central Securities Custody & Book-Entry Transfer System Merits for Investors Guide to use of JASDEC Important Notice to Investors

Handling of Fractional Shares under New Share Unit System Under the new share unit system, effective as of October 1, 2001 in accordance with amended Commercial Code, fractional shares, less than one share unit, are handled in the JASDEC system as follows; provided, however, issues to which new share unit system is not adopted are not applicable. Names of beneficial shareholders who have only fractional shares will be recorded on the beneficial shareholders list and be notified to the issuing companies. Accordingly, dividends are paid directly to those beneficial shareholders by the issuing companies. Share certificates of fractional shares may be deposited and be transferred between participants' accounts at JASDEC. In the event of a consolidation or a split of stock, the corresponding number of shares will be recorded in the customers' accounts with participants of JASDEC. In case there arises fractional shares less than one share resulting from a consolidation or a split of stock, its sales proceeds will be directly paid to the shareholders by the issuing companies. Beneficial shareholders, who deposit the fractional shares with JASDEC, may request issuing companies to buy those fractional shares through JASDEC. (It may take longer time in some cases to complete such request than outside of JASDEC system.) Please note: In the case that an issuing company stipulates not to issue certificates of fractional shares, less than one share unit, in its articles of association, fractional shares deposited with JASDEC cannot be withdrawn, or be consolidated with fractional shares registered in the record book of shareholders. Temporary Restrictions on Minority Shareholder's Rights Once a shareholder deposits his/her stock certificates registered in his/her name with JASDEC, those stock certificates will be registered in the name of JASDEC. Accordingly, the name of the shareholder will disappear from the register of the issuer until the next record date, when the issuer prepares the list of beneficial shareholders based on the beneficial shareholders list provided by the participants by way of JASDEC. Some of the shareholder's rights such as the right to file shareholder class action and other minority shareholder's rights are granted to shareholders, who satisfy the requirement to own the shares continuously for more than six months. Exercise of such rights by beneficial shareholders may be temporally restricted due to such disruption of the period as a shareholder. Handling of Changes of Custodians A customer of the participant may change the custodian of his stock certificates by transferring them to the account of another participant of JASDEC. In this case, the period as a shareholder is disrupted, and accordingly, exercise of some of the shareholders' rights, which are granted with the requirement of the continuous ownership for more than six months, may be restricted. Handling of Shareholder Premiums In cases where the shareholder premiums are distributed to the shareholders on a specific date, other than the record dates, on which the list of beneficial shareholders are prepared based on the beneficial shareholders list provided by participants by way of JASDEC, the beneficial shareholders may not be able to receive such shareholder premiums under some circumstances. (In case the name of a customer is not registered in the list of beneficial shareholders maintained by an issuer, it is necessary for such customer to withdraw the stock certificates via a participant and undertake the necessary registration procedures outside the system.) Handling of Stock Certificates Subject to Foreign Ownership Restriction JASDEC requests participants to withdraw the stock certificates, which are issued by a company subject to foreign ownership restriction by laws, prior to the record date, when a foreign investor deposits such stock certificates with JASDEC, in accordance with its Operation Manual. In order for a foreign investor to exercise the shareholder's rights of such stock certificates, the stock certificates withdrawn from JASDEC have to be directly registered in the book of the company in the name of the foreign investor before the record date. TOP

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