Our firm held a seminar titled “Recent trends and future direction of takeover defenses“ on July 28, 2005 at Tokyo Prince Hotel Park Tower. Tomotaka Fujita, who is a professor of the University of Tokyo, Graduate School of Law and Politics, and Nami Matsuko, who is the Executive Director of the Investment Banking Consulting Department of Nomura Securities, Co., Ltd., were the panelists as well as Satoshi Nakamura, Hajime Tanahashi and Gaku Ishiwata, who are partners of our firm. We thank the nearly 1,000 guests for attending the seminar.