8. Rights of shareholders under Japanese law may be more limited than under the laws of other jurisdictions
The Company's Articles of Incorporation, Regulations of the Board of Directors, Regulations of the
Board of Corporate Auditors and the Company Law of Japan (the “Company Law”) govern corporate
affairs of the Company. Legal principles relating to such matters as the validity of corporate procedures, directors' and officers' fiduciary duties, and shareholders' rights may be different from those
that would apply if the Company were a US company. Shareholders' rights under Japanese law
may not be as extensive as shareholders' rights under the laws of the United States. An ADS holder
may have more difficulty in asserting his/her rights as a shareholder than such an ADS holder would
as a shareholder of a US corporation. In addition, Japanese courts may not be willing to enforce
liabilities against the Company in actions brought in Japan that are based upon the securities laws of
the United States or any US state.