Changes of control and defense measures

The Articles of Incorporation contain no waiver of the duty to make a public offer under the terms of Art. 32 and 52 of the Stock Exchange Act (“opting out”). The result is that a shareholder who directly, indirectly or in concert with third parties acquires shares in the company and, together with the shares he already possesses, thereby exceeds the 3313 percent threshold of voting rights in the company must make an offer for all listed shares of the company.

There are no clauses relating to changes of control.