Our firm held a seminar regarding takeover defenses as described below at the Imperial Hotel on May 31, 2005.

Part I “Appropriate measures for takeover defenses” - panel discussion
   Seiji Sato              Vice President of Strategic Advisory Department, Daiwa Securities SMBC
                               Co. Ltd.
   Nobuo Sayama      Managing Partner, GCA Co., Ltd. / Professor of  Financial Strategy,
                               Hitotsubashi University
   Nobumichi Hattori   Associate Professor of Financial Strategy, Hitotsubashi University
   Masatake Yone       Partner, Mori Hamada & Matsumoto

Part II “Recent trends regarding takeover defense measures”
    Gaku Ishiwata       Partner, Mori Hamada & Matsumoto